SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company’s business segments are Real Estate Brokerage and Corporate and Other. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

Financial information for the Company’s operations before taxes and non-controlling interests for the three and nine months ended September 30, 2024 and 2023 were as follows:

	Real Estate Brokerage			Corporate and Other		Total
Three months ended September 30, 2024
Revenues	$	266,316		$	—	$	266,316
Operating income (loss)	454		(1)	(7,885)		(7,431)
Adjusted EBITDA attributed to Douglas Elliman (3)	3,810			(5,256)		(1,446)
Depreciation and amortization	1,898			—		1,898
Three months ended September 30, 2023
Revenues	$	251,548		$	—	$	251,548
Operating loss	(1,992)		(2)	(6,829)		(8,821)
Adjusted EBITDA attributed to Douglas Elliman (3)	1,535			(4,562)		(3,027)
Depreciation and amortization	1,999			—		1,999
Nine months ended September 30, 2024
Revenues	$	752,306		$	—	$	752,306
Operating loss	(31,885)		(4)	(20,683)		(52,568)
Adjusted EBITDA attributed to Douglas Elliman (3)	(3,756)			(13,577)		(17,333)
Depreciation and amortization	5,808			—		5,808
Capital expenditures	4,273			—		4,273
Nine months ended September 30, 2023
Revenues	$	741,442		$	—	$	741,442
Operating loss	(20,349)		(5)	(20,577)		(40,926)
Adjusted EBITDA attributed to Douglas Elliman (3)	(8,968)			(14,266)		(23,234)
Depreciation and amortization	6,031			—		6,031
Capital expenditures	5,380			—		5,380

_____________________________

(1) Operating income includes $18 of restructuring expense.

(2)    Operating loss includes $215 of restructuring expense.

(3)    The following table reconciles operating loss to Adjusted EBITDA attributed to Douglas Elliman for the three and nine months ended September 30, 2024 and 2023.

(4) Operating loss includes $17,750 of litigation settlement and $616 of restructuring expense.

(5)     Operating loss includes $1,932 of restructuring expense.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Real estate brokerage segment
Operating income ( loss)	$	454	$	(1,992)	$	(31,885)	$	(20,349)
Depreciation and amortization	1,898		1,999		5,808		6,031
Stock-based compensation	1,258		1,175		3,611		3,355
Litigation settlement	—		—		17,750		—
Restructuring	18		215		616		1,932
Adjusted EBITDA	3,628		1,397		(4,100)		(9,031)
Adjusted EBITDA attributed to non-controlling interest	182		138		344		63
Adjusted EBITDA attributed to Douglas Elliman	$	3,810	$	1,535	$	(3,756)	$	(8,968)
Corporate and other segment
Operating loss	$	(7,885)	$	(6,829)	$	(20,683)	$	(20,577)
Stock-based compensation	2,629		2,267		7,106		6,311
Adjusted EBITDA attributed to Douglas Elliman	$	(5,256)	$	(4,562)	$	(13,577)	$	(14,266)