Douglas Elliman Inc. (DOUG) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.538 Welcome to the Douglas Elliman's third quarter 2025 earnings conference call. 00:00:04.538 -- 00:00:07.824 This call is being recorded and simultaneously webcast. 00:00:07.824 -- 00:00:11.610 An archived version of the webcast will be available on the investor relations section 00:00:11.610 -- 00:00:16.174 of the company's website located at investors.elliman.com 00:00:16.819 -- 00:00:21.066 for one year. I would like to turn the conference over to Douglas Elliman, Vice President 00:00:21.066 -- 00:00:23.967 of Finance, Heather Capriola. 00:00:24.552 -- 00:00:29.303 Thank you and good morning. On the call with me today is Michael Leibowitz, President 00:00:29.303 -- 00:00:34.350 and CEO of Douglas Elliman, Inc., and Brian Kirkland, CFO of 00:00:34.350 -- 00:00:39.477 Douglas Elliman, Inc. During this call, the terms adjusted EBITDA 00:00:39.477 -- 00:00:44.523 and adjusted net income or loss will be used, as well as last 00:00:44.523 -- 00:00:48.469 12 months or LTM metrics. 00:00:48.469 -- 00:00:53.716 These terms are non-GAAP financial measures and should be considered in addition 00:00:53.716 -- 00:00:59.126 to, but not as a substitute for, other measures of financial performance 00:00:59.126 -- 00:01:02.050 prepared in accordance with GAAP. 00:01:02.050 -- 00:01:07.077 Reconciliations to adjusted EBITDA and adjusted net income or loss are 00:01:07.077 -- 00:01:12.444 contained in the company's earnings release, which has been posted to the investor relations 00:01:12.444 -- 00:01:15.529 section of the company's website. 00:01:15.529 -- 00:01:20.716 Before the call begins, I would like to read a safe harbor statement. 00:01:20.716 -- 00:01:25.970 The statements made during this conference call that are not historical facts are f...