Douglas Elliman Inc. (DOUG) Q2 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.714 Welcome to Douglas Elliman's second quarter 2026 00:00:03.714 -- 00:00:10.199 earnings conference call. This call is being recorded and simultaneously webcast. 00:00:10.199 -- 00:00:14.222 An archived version of the webcast will be available on the investor relations section 00:00:14.222 -- 00:00:18.523 of the company's website located at investors.elliman.com 00:00:18.925 -- 00:00:21.067 for one year. 00:00:21.067 -- 00:00:25.290 I would like to turn the conference over to Douglas Elliman's Vice President of Finance, 00:00:25.290 -- 00:00:26.190 Heather Capriola. 00:00:26.190 -- 00:00:28.190 Thank 00:00:28.532 -- 00:00:33.867 you and good morning. On the call with me today is Michael Liebowitz, President and CEO 00:00:33.867 -- 00:00:39.469 of Douglas Elliman Inc., and Bryant Kirkland, CFO of Douglas Elliman Inc. 00:00:39.469 -- 00:00:44.671 During this call, the terms adjusted EBITDA and adjusted net loss will be used, 00:00:44.671 -- 00:00:48.992 as well as last 12 months or LPM metrics. 00:00:48.992 -- 00:00:54.314 These terms are non-GAAP financial measures and should be considered in addition to, 00:00:54.314 -- 00:00:59.382 but not as a substitute for, other measures of financial performance prepared in 00:00:59.382 -- 00:01:04.586 accordance with GAAP. Reconciliations to adjusted EBITDA and adjusted net loss 00:01:04.586 -- 00:01:08.990 are contained in the company's earnings release, which has been posted to the investor 00:01:08.990 -- 00:01:12.512 relations section of the company's website. 00:01:12.512 -- 00:01:16.896 Before the call begins, I would like to read a safe harbor statement. 00:01:16.896 -- 00:01:22.100 The statements made during this conference call that are not historical facts are forward-looking 00:01:22...