Douglas Elliman Inc. raportează rezultatele financiare pentru trimestrul III 2022

Al treilea trimestru 2022 Repere:

• Consolidated revenues of $272.6 million compared to $354.2 million in the prior year period
  • For the three months ended September 30, 2022, Douglas Elliman’s real estate brokerage segment achieved gross transaction value of approximately $11.0 billion, compared to approximately $13.4 billion for the three months ended September 30, 2021.
  • For the three months ended September 30, 2022, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.530 million.
• Consolidated operating loss of $5.2 million and real estate brokerage segment operating income of $1.5 million compared to $25.5 million and $25.5 million, respectively, in the prior year period
• Net loss attributed to Douglas Elliman of $4.0 million, or $0.05 per diluted common share, compared to net income of $25.2 million, or $0.32 per diluted common share, in the prior year period
• Adjusted EBITDA attributed to Douglas Elliman of $124,000 compared to $27.8 million in the prior year period, reflecting the impact of lower revenues and stand-alone public company expenses
• Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment of $5.1 million compared to $27.8 million in the prior year period

Year-to-Date 2022 Highlights:

• Consolidated revenues of $945.8 million, a decrease of 7.2% or $73.1 million compared to the prior year period
  • For the nine months ended September 30, 2022, Douglas Elliman’s real estate brokerage segment achieved gross transaction value of approximately $36.3 billion, compared to approximately $38.6 billion for the nine months ended September 30, 2021.
  • For the nine months ended September 30, 2022, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.635 million.
• Consolidated operating income of $17.3 million and real estate brokerage segment operating income of $37.6 million compared to $82.9 million and $82.9 million, respectively, in the prior year period
• Net income attributed to Douglas Elliman of $12.8 million, or $0.16 per diluted common share, compared to net income of $78.7 million, or $1.01 per diluted common share, in the prior year period
• Adjusted EBITDA attributed to Douglas Elliman of $32.1 million compared to $89.4 million in the prior year period, reflecting the impact of lower revenues and stand-alone public company expenses
• Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment of $47.2 million compared to $89.4 million in the prior year period

Last Twelve Months Ended September 30, 2022 Highlights:

• Venituri consolidate de 1.3 miliarde USD
  • For the last twelve months ended September 30, 2022 and the year ended December 31, 2021, Douglas Elliman’s real estate brokerage segment achieved gross transaction value of approximately $48.9 billion and $51.2 billion, respectively.
  • For the last twelve months ended September 30, 2022, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.604 million.
• Consolidated operating income of $36.5 million and real estate brokerage segment operating income of $56.8 million
• Net income attributed to Douglas Elliman of $33.0 million
• Adjusted EBITDA attributed to Douglas Elliman of $53.4 million
• Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment of $68.5 million

MIAMI–(BUSINESS WIRE)–Douglas Elliman Inc. (NYSE:DOUG) today announced financial results for the three and nine months ended September 30, 2022.

“After a record-setting first half of 2022, the third quarter was challenging for Douglas Elliman in an environment with limited listing inventory and significantly increased mortgage interest rates,” said Howard M. Lorber, Chairman and Chief Executive Officer of Douglas Elliman. “Despite these challenges, we are optimistic that Douglas Elliman’s strong balance sheet, our global network of best-in-class agents and our luxury brand positions us to take advantage of opportunities as financial markets stabilize. We are confident our differentiated platform and approach will enable us to deliver continued growth over the long term.”

Rezultate financiare GAAP

Three months ended September 30, 2022. Third quarter 2022 revenues were $272.6 million, compared to revenues of $354.2 million in the third quarter of 2021. The Company recorded an operating loss of $5.2 million in the third quarter of 2022, compared to operating income of $25.5 million in the third quarter of 2021. Net loss attributed to Douglas Elliman for the third quarter of 2022 was $4.0 million, or $0.05 per diluted common share, compared to net income of $25.2 million, or $0.32 per diluted common share, in the third quarter of 2021.

Nine months ended September 30, 2022. For the nine months ended September 30, 2022, revenues were $945.8 million, compared to revenues of $1.0 billion for the nine months ended September 30, 2021. The Company recorded operating income of $17.3 million for the nine months ended September 30, 2022, compared to operating income of $82.9 million for the nine months ended September 30, 2021. Net income attributed to Douglas Elliman for the nine months ended September 30, 2022 was $12.8 million, or $0.16 per diluted common share, compared to net income of $78.7 million, or $1.01 per diluted common share, for the nine months ended September 30, 2021.

Măsuri financiare non-GAAP

Non-GAAP financial measures include an adjustment for change in fair value of contingent liability (for purposes of Adjusted EBITDA and Adjusted Net Income) and income related to Tax Disaffiliation indemnification (for purposes of Adjusted Net Income, which is included in other, net for Adjusted EBITDA). For purposes of Adjusted EBITDA only, adjustments also include stock-based compensation, equity in earnings (losses) from equity method investments and other, net. Reconciliations of non-GAAP financial measures to the comparable GAAP financial results for the three and nine months ended September 30, 2022 and 2021 and the last twelve months ended September 30, 2022 are included in Tables 2, 3 and 4.

Three months ended September 30, 2022 compared to the three months ended September 30, 2021

Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) were $124,000 for the third quarter of 2022, compared to $27.8 million for the third quarter of 2021.

Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment (as described in Table 2 attached hereto) were $5.1 million for the third quarter of 2022, compared to $27.8 million for the third quarter of 2021.

Adjusted Net Loss attributed to Douglas Elliman (as described in Table 3 attached hereto) was $4.0 million, or $0.05 per diluted share, for the third quarter of 2022, compared to Adjusted Net Income attributed to Douglas Elliman of $24.9 million, or $0.32 per diluted share, for the third quarter of 2021.

Nine months ended September 30, 2022 compared to the nine months ended September 30, 2021

Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) were $32.1 million for the nine months ended September 30, 2022, compared to $89.4 million for the nine months ended September 30, 2021.

Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment (as described in Table 2 attached hereto) were $47.2 million for the nine months ended September 30, 2022, compared to $89.4 million for the nine months ended September 30, 2021.

Adjusted Net Income attributed to Douglas Elliman (as described in Table 3 attached hereto) was $12.2 million, or $0.15 per diluted share, for the nine months ended September 30, 2022, and $81.9 million, or $1.05 per diluted share, for the nine months ended September 30, 2021.

Last twelve months ended September 30, 2022

For the last twelve months ended September 30, 2022, revenues were $1.3 billion. The Company recorded operating income of $36.5 million for the last twelve months ended September 30, 2022. Net income attributed to Douglas Elliman for the last twelve months ended September 30, 2022 was $33.0 million.

For the last twelve months ended September 30, 2022, Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) were $53.4 million. Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment (as described in Table 2 attached hereto) were $68.5 million for the last twelve months ended September 30, 2022.

Valoarea brută a tranzacției

For the three months ended September 30, 2022, Douglas Elliman’s subsidiary, Douglas Elliman Realty, LLC, achieved gross transaction value of approximately $11.0 billion, compared to approximately $13.4 billion for the three months ended September 30, 2021. For the three months ended September 30, 2022, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.530 million.

For the nine months ended September 30, 2022, Douglas Elliman’s subsidiary, Douglas Elliman Realty, LLC, achieved gross transaction value of approximately $36.3 billion compared to approximately $38.6 billion for the nine months ended September 30, 2021. For the nine months ended September 30, 2022, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.635 million.

For the last twelve months ended September 30, 2022 and the year ended December 31, 2021, Douglas Elliman’s subsidiary, Douglas Elliman Realty, LLC, achieved gross transaction value of approximately $48.9 billion and $51.2 billion, respectively. For the last twelve months ended September 30, 2022, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.604 million.

Bilanț consolidat

Douglas Elliman maintained a strong balance sheet with cash and cash equivalents of $192.7 million at September 30, 2022. This significant liquidity places the Company in a position of strength in the market.

Conference Call to Discuss Third Quarter 2022 Results

As previously announced, the Company will host a conference call and webcast on Friday November 4, 2022 at 8:00 AM (ET) to discuss its third quarter 2022 results. Participants should pre-register for the call using the following link: https://conferencingportals.com/event/WkZPJZxS. Registered participants will receive an email with a calendar reminder, dial-in number and conference ID that allows immediate access to the call. The call will be available via live webcast at https://events.q4inc.com/attendee/831566334. Webcast participants should join the webcast at least 10 minutes prior to start time.

An archived replay of the call will be available for one year shortly after the call ends at https://events.q4inc.com/attendee/831566334.

Măsuri financiare non-GAAP

Adjusted EBITDA attributed to Douglas Elliman, Adjusted Net Income attributed to Douglas Elliman, and financial measures for the last twelve months (“LTM”) ended September 30, 2022 (referred to as the “Non-GAAP Financial Measures”) are financial measures not prepared in accordance with generally accepted accounting principles (“GAAP”). The Company believes that the Non-GAAP Financial Measures are important measures that supplement discussion and analysis of its results of operations and enhance an understanding of its operating performance.

The Company believes the Non-GAAP Financial Measures provide investors and analysts with a useful measure of operating results unaffected by differences in capital structures and ages of related assets among otherwise comparable companies.

Management uses the Non-GAAP Financial Measures as measures to review and assess operating performance of the Company’s business, and management does and investors should review both the overall performance (GAAP net income) and the operating performance (the Non-GAAP Financial Measures) of the Company’s business. While management considers the Non-GAAP Financial Measures to be important, they should be considered in addition to, but not as substitutes for or superior to, other measures of financial performance prepared in accordance with GAAP, such as operating income, net income and cash flows from operations. In addition, the Non-GAAP Financial Measures are susceptible to varying calculations and the Company’s measurement of the Non-GAAP Financial Measures may not be comparable to those of other companies. Attached hereto as Tables 2, 3 and 4 is information relating to the Company’s Non-GAAP Financial Measures for the three and nine months ended September 30, 2022 and 2021 and the last twelve months ended September 30, 2022.

Despre Douglas Elliman Inc.

Douglas Elliman Inc. (NYSE: DOUG, “Douglas Elliman”) owns Douglas Elliman Realty, LLC, which is one of the largest residential brokerage companies in the United States with operations in New York City, Long Island, Westchester, Connecticut, New Jersey, the Hamptons, Massachusetts, Florida, California, Texas, Colorado, and Nevada. In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology (“PropTech”) solutions and companies and provides other real estate services, including development marketing, property management and settlement and escrow services in select markets. Additional information concerning Douglas Elliman is available on its website, investors.elliman.com.

Investitorii și alții ar trebui să rețină că este posibil să postăm informații despre Douglas Elliman pe site-ul nostru la adresa investors.elliman.com sau, dacă este cazul, pe conturile noastre de pe Facebook, Instagram, LinkedIn, TikTok, Twitter, YouTube sau alte platforme de social media. Este posibil ca postările sau lansările să includă informații considerate a fi informații materiale. Prin urmare, încurajăm investitorii, mass-media și alte persoane interesate de Douglas Elliman să examineze informațiile pe care le postăm pe site-ul nostru la adresa investors.elliman.com și pe conturile noastre de socializare.

Aspecte anticipative și de precauție

Acest comunicat de presă include declarații prospective în sensul legii federale a valorilor mobiliare. Toate declarațiile, altele decât declarațiile despre fapte istorice sau actuale, făcute în acest document sunt prospective. Identificăm declarații prospective în acest document utilizând cuvinte sau expresii precum „anticipă”, „crede”, „estima”, „așteptă”, „intenționează”, „poate fi”, „continuă”, „ar putea”, „potențial”. ”, „obiectiv”, „planifică”, „căută”, „prevăd”, „proiectează” și „va fi” și cuvinte sau expresii similare sau negativele acestora. Declarațiile prospective reflectă așteptările noastre actuale și sunt în mod inerent incerte. Rezultatele reale ar putea diferi semnificativ din mai multe motive.

Risks and uncertainties that could cause our actual results to differ significantly from our current expectations are described in our 2021 Annual Report on Form 10-K and, when filed, in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022. We undertake no responsibility to publicly update or revise any forward-looking statement except as required by applicable law.

[Urmăriți tabelele financiare]

TABELUL 1

DOUGLAS ELLIMAN INC. ȘI FILIALELE

SITUAȚII DE OPERAȚIUNI CONSOLIDATE COMBINATE CONDENSATE

(Dolari în mii, cu excepția sumelor pe acțiune)

For comparability purposes, Douglas Elliman Inc. (NYSE: DOUG) began operating as a standalone public company on December 30, 2021 and did not incur any material public company expenses until the first quarter of 2022. Douglas Elliman Inc. also became a full taxpayer after it became a standalone public company on December 30, 2021.

	S-au încheiat trei luni								Nouă luni s-au încheiat
	Septembrie 30,								Septembrie 30,
	2022				2021				2022				2021
	(Neauditate)								(Neauditate)
venituri:
Comisioane și alte venituri din brokeraj	$	259,977			$	338,915			$	903,917			$	974,048
Managementul proprietatii		8,541				9,120				27,786				28,289
Alte servicii auxiliare		4,070				6,126				14,144				16,575
Venituri totale		272,588				354,161				945,847				1,018,912
cheltuieli:
Comisioane agent imobiliar		195,836				257,098				686,440				737,767
Vânzări și marketing		22,703				20,237				64,145				59,331
Operațiuni și suport		18,218				22,448				55,872				56,697
General și administrativ		33,522				22,287				99,227				64,481
Tehnologia		5,527				4,388				16,809				11,302
Depreciere și amortizare		1,968				2,189				6,033				6,409
Venituri din exploatare (pierdere)		(5,186	)			25,514				17,321				82,925
Alte venituri (cheltuieli):
Venituri (cheltuieli) din dobânzi		493				(7	)			564				65
Equity in losses from equity-method investments		(895	)			(193	)			(477	)			(118	)
Modificarea valorii juste a datoriilor contingente		-				271				-				(3,252	)
Investment and other income		1,055				175				3,026				566
(Loss) income before provision for income taxes		(4,533	)			25,760				20,434				80,186
Cheltuieli cu impozitul pe profit (beneficii)		(290	)			667				8,173				1,656
Venit net (pierdere)		(4,243	)			25,093				12,261				78,530
Pierdere netă atribuită interesului care nu controlează		280				120				532				120
Net (loss) income attributed to Douglas Elliman Inc.	$	(3,963	)		$	25,213			$	12,793			$	78,650
Pe acțiune comună de bază:
Net (loss) income applicable to common shares attributed to Douglas Elliman Inc.	$	(0.05	)		$	0.32			$	0.16			$	1.01
Pe acțiune ordinară diluată:
Net (loss) income applicable to common shares attributed to Douglas Elliman Inc.	$	(0.05	)		$	0.32			$	0.16			$	1.01

TABELUL 2

DOUGLAS ELLIMAN INC. ȘI FILIALELE

RECONCILIARE EBITDA AJUSTAT

(Neauditate)

(Dolari în mii)

Table 2 provides a reconciliation of GAAP to Non-GAAP financial measures. For comparability purposes, Douglas Elliman Inc. (NYSE: DOUG) began operating as a standalone public company on December 30, 2021 and did not incur any material public company expenses until the first quarter of 2022. Its expenses incurred in its public company operations are reported in the Corporate and Other Segment and the operations of its brokerage businesses are reported in the Real Estate Brokerage Segment.

	LTM				Anul încheiat				S-au încheiat trei luni								Nouă luni s-au încheiat
	Septembrie 30,				Decembrie 31,				Septembrie 30,								Septembrie 30,
	2022				2021				2022				2021				2022				2021
Net income (loss) attributed to Douglas Elliman Inc.	$	32,981			$	98,838			$	(3,963	)		$	25,213			$	12,793			$	78,650
Interest (income) expense		(582	)			(83	)			(493	)			7				(564	)			(65	)
Cheltuieli cu impozitul pe profit (beneficiu)		8,650				2,133				(290	)			667				8,173				1,656
Pierdere netă atribuită interesului care nu controlează		(598	)			(186	)			(280	)			(120	)			(532	)			(120	)
Depreciere și amortizare		8,185				8,561				1,968				2,189				6,033				6,409
EBITDA	$	48,636			$	109,263			$	(3,058	)		$	27,956			$	25,903			$	86,530
Equity in losses from equity-method investments (a)		637				278				895				193				477				118
Modificarea valorii juste a datoriilor contingente		(1,605	)			1,647				-				(271	)			-				3,252
Cheltuieli de compensare pe bază de acțiuni (b)		8,476				-				3,165				-				8,476				-
Altele, net		(2,989	)			(529	)			(1,055	)			(175	)			(3,026	)			(566	)
EBITDA ajustat		53,155				110,659				(53	)			27,703				31,830				89,334
EBITDA ajustat atribuit intereselor care nu controlează		205				40				177				57				222				57
EBITDA ajustat atribuit lui Douglas Elliman	$	53,360			$	110,699			$	124			$	27,760			$	32,052			$	89,391
Venit din exploatare pe Segment:
Intermedieri imobiliare	$	56,792			$	102,098			$	1,503			$	25,514			$	37,619			$	82,925
Corporate și altele		(20,298	)			-				(6,689	)			-				(20,298	)			-
Total	$	36,494			$	102,098			$	(5,186	)		$	25,514			$	17,321			$	82,925
Real estate brokerage segment
Venit operațional	$	56,792			$	102,098			$	1,503			$	25,514			$	37,619			$	82,925
Depreciere și amortizare		8,185				8,561				1,968				2,189				6,033				6,409
Compensație pe stoc		3,278				-				1,419				-				3,278				-
EBITDA ajustat		68,255				110,659				4,890				27,703				46,930				89,334
EBITDA ajustat atribuit intereselor care nu controlează		205				40				177				57				222				57
EBITDA ajustat atribuit lui Douglas Elliman	$	68,460			$	110,699			$	5,067			$	27,760			$	47,152			$	89,391
Corporate and other segment
Pierderi de exploatare	$	(20,298	)		$	-			$	(6,689	)		$	-			$	(20,298	)		$	-
Compensație pe stoc		5,198				-				1,746				-				5,198				-
EBITDA ajustat atribuit lui Douglas Elliman	$	(15,100	)		$	-			$	(4,943	)		$	-			$	(15,100	)		$	-

_____________
	a.		Reprezintă capitalul propriu în câștigurile recunoscute din investiția Societății în anumite afaceri imobiliare care sunt contabilizate conform metodei punerii în echivalență și nu sunt consolidate în rezultatele financiare ale Societății.
	b.		Represents amortization of stock-based compensation of $1,419 and $3,278, which is attributable to the Real estate brokerage segment for the three and nine months ended September 30, 2022, and $1,746 and $5,198, which is attributable to the Corporate and other segment for the three and nine months ended September 30, 2022.

TABELUL 3

DOUGLAS ELLIMAN INC. ȘI FILIALELE

RECONCILIATION OF ADJUSTED NET (LOSS) INCOME

(Neauditate)

(Dolari în mii, cu excepția sumelor pe acțiune)

Table 3 provides a reconciliation of GAAP to Non-GAAP financial measures. For comparability purposes, Douglas Elliman Inc. (NYSE: DOUG) began operating as a standalone public company on December 30, 2021 and did not incur any material public company expenses until the first quarter of 2022. Douglas Elliman Inc. also became a full taxpayer after it became a standalone public company on December 30, 2021.

	S-au încheiat trei luni								Nouă luni s-au încheiat
	Septembrie 30,								Septembrie 30,
	2022				2021				2022				2021
Net (loss) income attributed to Douglas Elliman Inc.	$	(3,963	)		$	25,213			$	12,793			$	78,650
Modificarea valorii juste a datoriilor contingente		-				(271	)			-				3,252
Income related to Tax Disaffiliation indemnification		(28	)			-				(581	)			-
Ajustări totale		(28	)			(271	)			(581	)			3,252
Adjusted net (loss) income attributed to Douglas Elliman Inc.	$	(3,991	)		$	24,942			$	12,212			$	81,902
Pe acțiune ordinară diluată:
Adjusted net (loss) income applicable to common shares attributed to Douglas Elliman Inc.	$	(0.05	)		$	0.32			$	0.15			$	1.05

TABELUL 4

DOUGLAS ELLIMAN INC. ȘI FILIALELE

RECONCILIAREA VENITURILOR

(Neauditate)

(Dolari în mii)

	LTM			Anul încheiat			S-au încheiat trei luni						Nouă luni s-au încheiat
	Septembrie 30,			Decembrie 31,			Septembrie 30,						Septembrie 30,
	2022			2021			2022			2021			2022			2021
venituri:
Comisioane și alte venituri din brokeraj	$	1,222,285		$	1,292,416		$	259,977		$	338,915		$	903,917		$	974,048
Managementul proprietatii		36,842			37,345			8,541			9,120			27,786			28,289
Alte servicii auxiliare		20,946			23,377			4,070			6,126			14,144			16,575
Venituri totale	$	1,280,073		$	1,353,138		$	272,588		$	354,161		$	945,847		$	1,018,912
Gross transaction value (in billions)	$	48.9		$	51.2		$	11.0		$	13.4		$	36.3		$	38.6
Total tranzacții		30,520			32,400			7,212			8,535			22,213			24,093

 

Contact

Stephen Larkin, Douglas Elliman Inc.

917-902-2503

Emily Claffey/Columbia Clancy, FGS Global

212-687-8080

Abi Genis, FGS Global Europe

+ 44 (0) 20 3178 8914

J. Bryant Kirkland III, Douglas Elliman Inc.

305-579-8000