Douglas Elliman Inc. (DOUG) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.817 Welcome to Douglas Elliman's second quarter 2025 earnings conference call. 00:00:05.817 -- 00:00:10.240 This call is being recorded and simultaneously webcast. 00:00:10.403 -- 00:00:14.968 An archived version of the webcast will be available on the investor relations section 00:00:14.968 -- 00:00:20.071 of the company's website located at investors.elliman.com 00:00:20.774 -- 00:00:22.696 for one year. 00:00:22.696 -- 00:00:26.981 I would now like to turn the conference over to Douglas Elliman Vice President of Finance, 00:00:26.981 -- 00:00:29.281 Heather Capriola. 00:00:30.187 -- 00:00:35.393 Thank you and good morning. On the call with me today is Michael Leibowitz, President 00:00:35.393 -- 00:00:40.600 and CEO of Douglas Elliman, Inc. and Brian Kirkland, CFO of Douglas 00:00:40.600 -- 00:00:45.866 Elliman, Inc. During this call, the terms adjusted EBITDA and adjusted 00:00:45.866 -- 00:00:50.873 net loss will be used, as well as last 12 months or LTM 00:00:50.873 -- 00:00:52.414 metrics. 00:00:52.414 -- 00:00:57.681 These terms are non-GAAP financial measures and should be considered in addition to, 00:00:57.681 -- 00:01:02.707 but not as a substitute for, other measures of financial performance prepared 00:01:02.707 -- 00:01:08.074 in accordance with GAAP. Reconciliations to adjusted EBITDA and adjusted 00:01:08.074 -- 00:01:13.101 net loss are contained in the company's earnings release, which has been posted to 00:01:13.101 -- 00:01:17.367 the investor relations section of the company's website. 00:01:17.367 -- 00:01:21.472 Before the call begins, I would like to read a safe harbor statement. 00:01:21.472 -- 00:01:26.979 The statements made during this conference call that are not historical facts are forward-looking 00:01:...