Douglas Elliman Inc. (DOUG) Q1 2025 Earnings Call

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WEBVTT 00:00:00.318 -- 00:00:05.082 Welcome to the Douglas Elliman's first quarter 2025 earnings conference call. 00:00:05.082 -- 00:00:08.806 This call is being recorded and simultaneously webcast. 00:00:08.806 -- 00:00:12.950 An archived version of the webcast will be available on the investor relations section 00:00:12.950 -- 00:00:17.352 of the company's website located at investors.elliman.com 00:00:17.654 -- 00:00:22.839 for one year. During this call, the terms adjusted EBITDA and adjusted net income 00:00:22.839 -- 00:00:28.212 or adjusted net loss as well as last 12 months metrics will be used. 00:00:28.212 -- 00:00:32.657 These terms are non-GAAP financial measures and should be considered in addition to, 00:00:32.657 -- 00:00:37.742 but not as a substitute for, other measures of financial performance prepared in accordance 00:00:37.742 -- 00:00:42.827 with GAAP. Reconciliations to adjusted EBITDA and adjusted net income or adjusted 00:00:42.827 -- 00:00:47.332 net loss are contained in the company's earnings release, which has been posted to the 00:00:47.332 -- 00:00:50.616 investor relations section of the company's website. 00:00:50.616 -- 00:00:54.487 Before the call begins, I would like to read a safe harbor statement. 00:00:54.487 -- 00:00:58.952 The statements made during this conference call that are not historical facts are forward-looking 00:00:58.952 -- 00:01:03.657 statements that are subject to risks and uncertainties that could cause actual results 00:01:03.657 -- 00:01:08.843 to differ materially from those set forth or implied by forward-looking statements. 00:01:08.843 -- 00:01:13.347 These risks are described in more detail in the company's Securities and Exchange Commission 00:01:13.347 -- 00:01:17.752 filings. Now I'd like to turn the ca...