Douglas Elliman Inc. (DOUG) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.257 Welcome to Douglas Elliman's fourth quarter and full year 2025 earnings conference 00:00:05.257 -- 00:00:06.839 call. 00:00:06.839 -- 00:00:10.824 This call is being recorded and simultaneously webcast. 00:00:10.824 -- 00:00:14.889 An archived version of the webcast will be available on the investor relations section 00:00:14.889 -- 00:00:19.011 of the company's website located at investors.elliman.com 00:00:19.855 -- 00:00:21.897 for one year. I 00:00:21.897 -- 00:00:26.022 would like to turn the conference over to Douglas Elliman's Vice President of Finance, 00:00:26.022 -- 00:00:28.302 Heather Capriola. 00:00:28.921 -- 00:00:33.788 Thank you, and good morning. On the call with me today is Michael Leibowitz, President 00:00:33.788 -- 00:00:39.055 and CEO of Douglas Elliman, Inc., and Brian Kirkland, CFO of Douglas Elliman, 00:00:39.055 -- 00:00:44.482 Inc. During this call, the terms adjusted EBITDA and adjusted net 00:00:44.482 -- 00:00:49.589 loss or income will be used. These terms are non-GAAP financial 00:00:49.589 -- 00:00:54.696 measures and should be considered in addition to, but not as a substitute for, 00:00:54.696 -- 00:00:59.498 other measures of financial performance prepared in accordance with GAAP. 00:00:59.498 -- 00:01:04.605 Reconciliations to adjusted EBITDA and adjusted net income or loss are contained 00:01:04.605 -- 00:01:09.612 in the company's earnings release, which has been posted to the investor relations section 00:01:09.612 -- 00:01:12.075 of the company's website. 00:01:12.075 -- 00:01:16.281 Before the call begins, I would like to read a safe harbor statement. 00:01:16.281 -- 00:01:22.269 The statements made during this conference call that are not historical facts are forward-looking 00:01:22.269 -...