Douglas Elliman Inc. Announces Q4 and Full-Year 2024 Financial Results
Douglas Elliman Inc. (“Douglas Elliman” or the “Company”) (NYSE:DOUG) has announced its financial results for the fourth quarter and the full year ending December 31, 2024. The company showcased notable improvements in revenue, gross transaction value, and operating efficiency, reflecting a strong foundation for growth as it moves into 2025.
Strong Performance and Strategic Growth
Michael S. Liebowitz, Chief Executive Officer of Douglas Elliman Inc., expressed confidence in the company’s financial trajectory. “I am very proud of our performance in the fourth quarter – we increased revenue and year-over-year gross transaction value while reducing operating losses,” said Liebowitz. He also highlighted the company’s strong momentum at the beginning of 2025, with cash receipts in January and February showing a 30% increase compared to the same period last year. Liebowitz emphasized that by focusing on revenue growth, geographic expansion, and cost reduction, the company will continue to enhance earnings and create lasting value for stockholders, employees, agents, and clients.
Financial Performance and Key Metrics
Bryant Kirkland, Chief Financial Officer of Douglas Elliman, echoed this optimism, noting that the company achieved significant revenue growth in Q4, alongside a meaningful reduction in net loss and an improvement in Adjusted EBITDA. “Douglas Elliman’s strong balance sheet, with $145 million in cash and U.S. Treasury securities as of December 31, 2024, provides us with a competitive advantage as we execute our strategic plans,” Kirkland added.
Fourth Quarter GAAP Financial Results
For the three months ended December 31, 2024, Douglas Elliman reported revenues of $243.3 million, up from $214.1 million in the same period of 2023. The company also significantly reduced its operating loss, which stood at $16.3 million compared to $23.6 million in Q4 2023. Net loss attributable to Douglas Elliman for the fourth quarter of 2024 was $6.0 million, or $0.07 per diluted common share, an improvement from the $14.8 million net loss, or $0.18 per diluted common share, reported for the fourth quarter of 2023.
Full-Year 2024 GAAP Financial Results
For the year ended December 31, 2024, Douglas Elliman achieved total revenues of $995.6 million, compared to $955.6 million in 2023. The company’s operating loss for 2024 was reported at $68.8 million, slightly higher than the $64.5 million recorded in 2023. Net loss attributable to Douglas Elliman for the full year was $76.3 million, or $0.91 per diluted common share, compared to a net loss of $42.6 million, or $0.52 per diluted common share, in 2023.
Non-GAAP Financial Measures
To provide additional insight into its financial health, Douglas Elliman disclosed key non-GAAP metrics:
- Adjusted EBITDA for Q4 2024 was a loss of $5.4 million, a significant improvement from the $16.7 million loss in Q4 2023.
- Adjusted Net Income for Q4 2024 was $2.4 million, or $0.03 per diluted share, compared to a loss of $13.7 million, or $(0.17) per diluted share, in Q4 2023.
- For the full year, Adjusted EBITDA showed a loss of $17.8 million, an improvement over the $39.9 million loss recorded in 2023.
- Adjusted Net Loss for 2024 was $24.0 million, or $0.29 per diluted share, compared to a loss of $40.1 million, or $0.49 per diluted share, in 2023.
Real Estate Transaction Performance
A core component of Douglas Elliman’s financial success stems from its subsidiary, Douglas Elliman Realty, LLC. The company achieved a gross transaction value of approximately $8.8 billion for the fourth quarter of 2024, compared to $7.9 billion in the same quarter of 2023. The average price per transaction for Q4 2024 was reported at $1.64 million.
For the full year 2024, Douglas Elliman Realty, LLC recorded a gross transaction value of approximately $36.4 billion, up from $34.4 billion in 2023. The average price per transaction for the entire year stood at $1.67 million.
Financial Strength and Balance Sheet
Douglas Elliman ended 2024 with a strong financial position, holding $135.7 million in cash and cash equivalents, along with $9.8 million in investment securities, bringing its total liquid assets to $145.5 million. This financial stability underscores the company’s ability to execute its strategic initiatives and maintain a competitive edge in the real estate industry.
