Douglas Elliman Inc. Q1 FY2025 earnings call

• Douglas Elliman's revenues increased 27% YOY to $253.4 million in Q1 2025, the strongest first quarter since 2022.
• Made progress in restoring non-GAAP profitability with reduced operating losses compared to Q1 2024.
• In April 2025, average daily cash receipts were up ~4% YOY, showing resilience in luxury markets.
• Development marketing division has a pipeline of ~$28.3B GTV, with ~$18.7B in Florida and $4.2B by June 2026.
• 73% increase in homes sold for $5M+ and 76% increase in homes sold for $10M+ in Q1 2025, highlighting strength in luxury markets.
• Focus on executing strategic growth initiatives, expense discipline, and strategic M&A.

In the first quarter of 2025, Douglas Elliman's revenues increased by 27% year-over-year to $253.4 million, marking the strongest first quarter performance since 2022. The development marketing division saw its first quarter revenues rise to $21.1 million from $6.6 million in the first quarter of 2024. New York City's existing home sales revenues increased by $17 million or 34% from the first quarter of 2024. The development marketing division has a pipeline of actively marketed projects of approximately $28.3 billion of gross transaction value, with ~$18.7 billion in Florida alone and another $4.2 billion coming to market through June 2026.

• Encouraged by Q2 trends but challenges like elevated mortgage rates, low inventory, etc. persist.
• Average daily cash receipts in April 2025 up ~4% YOY.
• Continue to focus on executing strategic growth initiatives including development marketing, expense discipline, and evaluating complementary acquisitions via strategic M&A.

• Challenges such as continuation of elevated U.S. mortgage rates, low housing inventory, soft transaction volume, broader economic trends, tariffs, and other geopolitical uncertainty.