Douglas Elliman Inc · Q4 2022 earnings

Briefing

Announced financial results, impacted by limited listing inventory and increased mortgage rates.

Douglas Elliman Inc. reported a decrease in revenue and a shift to an operating loss for the fourth quarter of 2022, compared to the same period in 2021. Consolidated revenues decreased to $207.3 million from $334.2 million, and the company recorded an operating loss of $21.9 million compared to an operating income of $19.2 million in the prior year quarter. Net loss attributed to Douglas Elliman was $18.4 million, or $0.24 per diluted common share, compared to a net income of $20.2 million, or $0.26 per diluted common share, in the prior year quarter.

• Consolidated revenues of $207.3 million compared to $334.2 million in the prior year quarter
• Real estate brokerage segment achieved gross transaction value of approximately $7.5 billion, compared to approximately $12.6 billion in the prior year quarter.
• Consolidated operating loss of $21.9 million and real estate brokerage segment operating loss of $15.6 million compared to operating income of $19.2 million and $19.2 million, respectively, in the prior year quarter
• Net loss attributed to Douglas Elliman of $18.4 million, or $0.24 per diluted common share, compared to net income of $20.2 million, or $0.26 per diluted common share, in the prior year quarter

Headline financials

Revenue & EPS history

Douglas Elliman's team of world class agents met the challenges of the fourth quarter, which was marked by limited listing inventory and significantly increased mortgage rates. The strength of Douglas Elliman's balance sheet, global network of leading agents and luxury brand positions us to take advantage of opportunities as real estate markets stabilize. We remain confident that the Company’s differentiated platform and approach will enable us to deliver continued growth over the long term.