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Douglas Elliman
🇺🇸 NYSE:DOUG
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Mar 31, 2024

Douglas Elliman Q1 2024 Earnings Report

Douglas Elliman's financial performance for Q1 2024 was reported, revealing a decrease in revenue and an increased operating loss compared to the prior year quarter, while the company focused on cost reduction and market improvement strategies.

Key Takeaways

Douglas Elliman Inc. reported a decrease in consolidated revenues to $200.2 million compared to $214.0 million in the prior year quarter. The company's operating loss increased to $41.5 million from $23.8 million in the prior year quarter, which includes a $17.75 million litigation settlement charge. Net loss attributed to Douglas Elliman was $41.5 million, or $0.50 per diluted common share, compared to $17.6 million, or $0.22 per diluted common share, in the prior year quarter.

Consolidated revenues decreased to $200.2 million from $214.0 million in the prior year quarter.

Real estate brokerage segment reported gross transaction value of approximately $7.1 billion, compared to approximately $7.3 billion in the prior year quarter.

Operating loss increased to $41.5 million, including a $17.75 million litigation settlement charge, compared to $23.8 million in the prior year quarter.

Net loss attributed to Douglas Elliman was $41.5 million, or $0.50 per diluted common share, compared to $17.6 million, or $0.22 per diluted common share, in the prior year quarter.

Total Revenue
$200M
Previous year: $214M
-6.4%
EPS
-$0.28
Previous year: -$0.181
+54.7%
Gross Transaction Value
$7.1B
Previous year: $7.3B
-2.7%
Gross Profit
$24.6M
Previous year: $61.1M
-59.8%
Cash and Equivalents
$91.5M
Previous year: $124M
-26.0%
Free Cash Flow
-$29.4M
Previous year: -$35.2M
-16.6%
Total Assets
$461M
Previous year: $517M
-10.8%

Douglas Elliman

Douglas Elliman

Douglas Elliman Revenue by Segment

Forward Guidance

Douglas Elliman is focused on reducing costs, enhancing its competitive edge, and capitalizing on a robust pipeline of development marketing projects to drive long-term growth and value creation.

Positive Outlook

  • Market improvement signals are encouraging.
  • Successfully reducing costs without compromising agent experience.
  • Enhancing competitive edge through strategic initiatives.
  • Development Marketing business shows promising momentum.
  • Robust pipeline of projects totaling approximately $25 billion in gross transaction value.

Challenges Ahead

  • Consolidated revenues decreased compared to the prior year quarter.
  • Operating loss increased compared to the prior year quarter.
  • Net loss attributed to Douglas Elliman increased compared to the prior year quarter.
  • Includes a significant litigation settlement charge impacting profitability.
  • Adjusted EBITDA attributed to Douglas Elliman showed a loss compared to the prior year quarter.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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