Douglas Elliman Inc (DOUG) 2025 Q4 法說會逐字稿

Welcome to Douglas Elliman's fourth-quarter and full-year 2025 earnings conference call. This call is being recorded and simultaneously webcast. An archived version of the webcast will be available on the Investor Relations section of the company's website located at investors.elliman.com for one year.

歡迎參加道格拉斯·艾利曼（Douglas Elliman）2025年第四季及全年財報電話會議。本次電話會議將被錄音並同步網路直播。網路直播的存檔版本將於公司網站投資人關係專區（investors.elliman.com）提供一年。

I would like to turn the conference over to Douglas Elliman's Vice President of Finance, Heather Capriola.

我想將會議交由道格拉斯·艾利曼財務副總裁 Heather Capriola。

Thank you, and good morning. On the call with me today is Michael Liebowitz, President and CEO of Douglas Elliman Inc.; and Brian Kirkland, CFO of Douglas Elliman Inc. During this call, the terms adjusted EBITDA and adjusted net loss or income will be used. These terms are non-GAAP financial measures and should be considered in addition to, but not as a substitute for, other measures of financial performance prepared in accordance with GAAP. Reconciliations to adjusted EBITDA and adjusted net income or loss are contained in the company's earnings release, which has been posted to the Investor Relations section of the company's website.

謝謝，各位早安。今天與我一同出席電話會議的有：道格拉斯·艾利曼公司（Douglas Elliman Inc.）總裁兼執行長 Michael Liebowitz，以及道格拉斯·艾利曼公司財務長 Brian Kirkland。本次電話會議將使用「調整後 EBITDA」以及「調整後淨損失或淨收益」等用語。上述用語屬於非 GAAP 財務衡量指標，應與依 GAAP 編製的其他財務績效衡量指標一併考量，但不應作為其替代。調整後 EBITDA 與調整後淨收益或淨損失之調節表載於公司財報新聞稿，並已張貼於公司網站投資人關係專區。

Before the call begins, I would like to read a Safe Harbor statement. The statements made during this conference call that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in more detail in the company's Securities and Exchange Commission filings. Any forward-looking statements made during this call are made as of today, and the company undertakes no duty to update or revise any such statement, whether as a result of new information, future events, or otherwise, except as required by law.

在電話會議開始前，我想宣讀「安全港」聲明。本次電話會議中非歷史事實之陳述均屬前瞻性陳述，並受風險與不確定性影響，可能導致實際結果與前瞻性陳述所載或所暗示者存在重大差異。相關風險於公司向美國證券交易委員會（SEC）提交之文件中有更詳細說明。本次電話會議所作任何前瞻性陳述均以今日為準；除法律要求外，公司不承擔因新資訊、未來事件或其他原因而更新或修訂任何此類陳述之義務。

Now, I would like to turn the call over to the Chief Executive Officer of Douglas Elliman, Michael S. Liebowitz.

現在，我想將電話會議交由道格拉斯·艾利曼執行長 Michael S. Liebowitz。

Thank you, Heather. Good morning and thank you for joining us. Douglas Elliman continues to build on the strong momentum established by the decisive steps we took in 2025, including strategic alignment and disciplined financial management, underpinned by our unwavering commitment to luxury service.

謝謝你，Heather。各位早安，感謝各位加入我們。道格拉斯·艾利曼持續在我們於2025年採取的果斷措施所建立的強勁動能上再接再厲，包括策略一致性與嚴謹的財務管理，而這一切皆以我們對頂級奢華服務的堅定承諾為基礎。

The fourth quarter was a period of bold execution and meaningful progress on our long-term vision to be the leading independent luxury real estate brokerage driven by innovation, talent, and a relentless focus on our clients and agents. This progress positions Douglas Elliman well for long-term success and value creation for our stakeholders.

第四季是大膽執行、並在我們長期願景上取得實質進展的一段期間；我們的願景是成為由創新與人才驅動、並以對客戶與經紀人（agents）不懈聚焦為核心的領先獨立奢華不動產經紀公司。這些進展使道格拉斯·艾利曼在長期成功與為利害關係人創造價值方面具備良好定位。

On today's call, we will discuss the current operating environment and Douglas Elliman's financial results for the three months and year ended December 31, 2025. All numbers presented this morning will be as of December 31, 2025, unless otherwise stated.

在今天的電話會議中，我們將討論目前的營運環境，以及道格拉斯·艾利曼截至2025年12月31日止三個月與全年之財務結果。除非另有說明，今天上午所呈現的所有數字均以2025年12月31日為基準。

Before we turn to our results, I want to highlight several key developments from the past quarter that underscore our differentiated strategy and the unique strengths that set Douglas Elliman apart. First, we continue to actively pursue opportunities to deepen our footprint in existing markets while strategically entering new high potential regions. We continued expanding our brand internationally with our recent entry into the French Alps, building on our successful launches in Bordeaux, the French Riviera, and Monaco.

在進入業績之前，我想強調過去一季的幾項關鍵進展，這些進展凸顯我們的差異化策略，以及使道格拉斯·艾利曼脫穎而出的獨特優勢。首先，我們持續積極尋求機會，在既有市場深化布局，同時策略性地進入具高潛力的新區域。我們近期進軍法國阿爾卑斯山，持續推動品牌國際化擴張，並延續我們在波爾多、法國蔚藍海岸與摩納哥成功開展的成果。

Under the leadership of Rich Green, our brand's presence in these globally recognized luxury destinations is already generating significant interest from high net worth clients seeking exclusive cross-border expertise. By partnering with seasoned industry leaders and local specialists, we believe we have further enhanced our ability to deliver best-in-class service and bespoke solutions in the world's most coveted markets.

在 Rich Green 的領導下，我們的品牌在這些全球知名的奢華目的地之能見度，已吸引尋求獨家跨境專業服務的高淨值客戶高度關注。透過與資深產業領袖及在地專家合作，我們相信已進一步強化在全球最令人嚮往市場中，提供同級最佳服務與量身訂製解決方案的能力。

We currently operate in nine markets in the United States and believe there is a significant opportunity to further expand our presence as well as the Douglas Elliman brand in our existing and new markets. To support this strategy, Douglas Elliman recently launched two growth teams. The market growth team focused on expanding our footprint within current markets and the new markets team responsible for driving our expansion into new domestic and international markets. These teams will strategically recruit agents by highlighting our competitive advantage in serving the luxury real estate sector.

我們目前在美國九個市場營運，並相信在既有與新市場中，進一步擴大我們的布局以及 Douglas Elliman 品牌，存在顯著機會。為支持此一策略，道格拉斯·艾利曼近期成立兩個成長團隊。其中，市場成長團隊專注於在現有市場擴大我們的版圖；新市場團隊則負責推動我們向新的美國國內與國際市場擴張。這些團隊將透過凸顯我們在服務奢華不動產領域的競爭優勢，策略性招募經紀人（agents）。

Second, we have continued to expand our core service offerings. The successful launch of Elliman Capital in New York, following its review in Florida, marks a significant step forward in our mission to deliver a seamless, integrated real estate and finance experience for our clients. By leveraging our strategic alliance with associated mortgage bankers, Elliman Capital provides agents and clients with a comprehensive suite of lending solutions, competitive rates and the streamlined support that only an in-house platform can offer. This initiative strengthens our value proposition in our flagship markets and positions us to capture new opportunities among traditional and nontraditional borrowers alike.

第二，我們持續擴展核心服務內容。繼在佛羅里達的檢視之後，Elliman Capital 在紐約的成功推出，標誌著我們致力於為客戶提供無縫、整合式不動產與金融體驗的使命向前邁出重要一步。藉由運用我們與 Associated Mortgage Bankers 的策略聯盟，Elliman Capital 為經紀人與客戶提供完整的貸款解決方案組合、具競爭力的利率，以及唯有內部平台才能提供的精簡支援。此一計畫強化我們在旗艦市場的價值主張，並使我們得以在傳統與非傳統借款人之間掌握新的機會。

Third, we have reinforced our leadership team with appointments that signal our commitment to growth and innovation operational excellence and agent empowerment. Our broker subsidiary has appointed Wendy Purvey as Chief Strategy Officer, and her appointment further strengthens our capacity to drive growth through agent acquisitions international partnerships and new service lines.

第三，我們透過多項任命強化領導團隊，展現我們對成長與創新、營運卓越以及賦能經紀人（agents）的承諾。我們的經紀子公司已任命 Wendy Purvey 擔任策略長（Chief Strategy Officer）；此一任命進一步強化我們透過招募經紀人、國際合作夥伴關係及新服務線來推動成長的能力。

Our broker subsidiary has also welcomed the return of Natalie Passerini, as Chief Marketing Officer, and the addition of Chris Reyes as Chief Technology Officer. Natalie and Chris brings deep expertise and fresh vision to our brand evolution, digital strategy and agent support platforms. We are excited to welcome these accomplished leaders to the Douglas Elliman team and look forward to the energy, insight and collaboration they will bring as we continue to elevate our company and support our agents.

我們的經紀子公司也迎回 Natalie Passerini 擔任行銷長（Chief Marketing Officer），並新增 Chris Reyes 擔任技術長（Chief Technology Officer）。Natalie 與 Chris 為我們的品牌演進、數位策略與經紀人支援平台帶來深厚專業與嶄新願景。我們很高興歡迎這些傑出領導者加入道格拉斯·艾利曼團隊，並期待在我們持續提升公司並支持經紀人的過程中，他們所帶來的活力、洞見與協作。

Finally, we have also made significant investments in market intelligence, technology and resources. We recently reached a new market data report program, which will provide agents and clients with timely, transparent insights tailored to our markets. Our ongoing rollout of agent-centric technology, including Elli AI, Elliman private listings and enhanced marketing tools ensures our professionals remain at the forefront of the industry equipped to deliver exceptional value and results.

最後，我們也在市場情報、科技與資源方面進行了重大投資。我們近期推出一項新的市場數據報告計畫，將為經紀人與客戶提供即時、透明且貼合我們各市場的洞見。我們持續推動以經紀人為中心的科技部署，包括 Elli AI、Elliman 私人房源（private listings）以及強化的行銷工具，確保我們的專業人士始終站在產業前沿，具備交付卓越價值與成果的能力。

Now, turning to our 2025 results was a pivotal year in which we advanced our strategic transformation and strengthened our financial position, our revenues for 2025 increased by 3.8% year over year to $1.033 billion. We made considerable progress towards restoring profitability, reporting operating income of $45.5 million, a significant improvement from our operating loss of $68.8 million in 2024. This year's operating income was positively impacted by an $81.7 million gain from the sale of our Property Management division in October. After adjusting for this gain and other items, our adjusted EBITDA for 2025 improved to a loss of $14 million compared to a loss of $24.1 million in 2024.

現在，轉向我們的 2025 年業績，這是關鍵的一年，我們推進了策略轉型並強化了財務狀況；2025 年營收較去年同期成長 3.8%，達 10.33 億美元。我們在恢復獲利能力方面取得顯著進展，營業利益為 4,550 萬美元，較 2024 年 6,880 萬美元的營業損失大幅改善。本年度的營業利益受到 10 月出售我們物業管理事業部所帶來的 8,170 萬美元處分利益之正面影響。在調整該項利益及其他項目後，我們 2025 年調整後 EBITDA 改善為虧損 1,400 萬美元，相較 2024 年虧損 2,410 萬美元。

With cash and cash equivalents of approximately $115.5 million at December 31, 2025, and no long-term debt following the redemption of our convertible notes, we are strategically positioned to capitalize on market opportunities in our evolving industry. We believe 2026 will mark the beginning of a new growth phase as the investments and strategic moves we made in '25 begin to yield results.

截至 2025 年 12 月 31 日，我們持有約 1.155 億美元的現金及約當現金，且在贖回可轉換公司債後已無長期負債，使我們在產業持續演變之際，具備策略性把握市場機會的有利位置。我們相信，2026 年將標誌著新一輪成長階段的開始，因為我們在 2025 年所做的投資與策略性布局將開始產生成果。

Our strength in balance sheet and enhanced operational capabilities give us flexibility to enter new markets, scale our innovative offerings and attract top talent. This foundation enables us to respond proactively to emerging opportunities and evolving client needs, helping us in our quest to drive long-term growth and deliver sustainable value for our clients, agents and stockholders.

我們強健的資產負債表與提升的營運能力，讓我們能更具彈性地進入新市場、擴大創新產品與服務規模，並吸引頂尖人才。這一基礎使我們能主動回應新興機會與客戶需求的變化，協助我們追求長期成長，並為客戶、經紀人與股東創造可持續的價值。

With that, I will turn it over to Brian, who will provide more details on our financial performance and the trends shaping the residential real estate market.

接下來，我將把時間交給 Brian，他將就我們的財務表現以及影響住宅不動產市場的趨勢提供更多細節。

Thank you, Michael, and good morning. We are confident that our positive momentum is continuing and has positioned Douglas Elliman for long-term success. As Michael discussed, we believe our strong balance sheet provides Douglas Elliman with a competitive advantage as we implement our plans to grow in our existing markets, [it] and in the new markets where appropriate, and strengthen our services platform as opportunities arise in our ever-changing industry.

謝謝你，Michael，大家早安。我們有信心正向動能仍在延續，並已使 Douglas Elliman 具備長期成功的有利條件。如 Michael 所述，我們相信強健的資產負債表在我們執行計畫、於既有市場成長，並在適當情況下進入新市場，以及在瞬息萬變的產業中把握機會以強化我們的服務平台時，能為 Douglas Elliman 帶來競爭優勢。

And the results from the year ended December 31, 2025 indicate that our core operations are starting to reflect the impact of strategic actions we have taken over the past 2 years. In particular, results from operations for the year ended December 31, 2025, benefited from favorable sales mix, highlighted by strong contributions from development marketing in the Northeast region. Specifically, revenues from our development marketing division increased by $12.6 million from the prior year as we began to see the benefits of the investments we have made in this division in recent years.

而截至 2025 年 12 月 31 日止年度的結果顯示，我們的核心營運開始反映過去兩年所採取策略行動的影響。特別是，截至 2025 年 12 月 31 日止年度的營運結果受惠於有利的銷售組合，其中以東北地區開發行銷業務的強勁貢獻最為突出。具體而言，隨著我們開始看到近年對該事業部投資所帶來的效益，我們的開發行銷事業部營收較前一年增加 1,260 萬美元。

As a reminder, we recognized commission income for development market contracts when the underlying its close. I would now like to discuss a few key trends. First, Douglas Elliman continues to set the standard in the luxury market with luxury home pricing remaining strong. Our average price per transaction in 2025 increased to $1.86 million per home sold compared to $1.67 million per home sold in 2024.

提醒一下，我們在開發行銷合約所對應的標的完成交割時認列佣金收入。接下來我想討論幾個關鍵趨勢。首先，Douglas Elliman 持續在豪宅市場樹立標竿，豪宅價格仍維持強勁。我們 2025 年每筆交易的平均價格提升至每戶售出 186 萬美元，相較 2024 年每戶售出 167 萬美元。

In the fourth quarter of 2025, our agent sold 282 homes priced at more than $5 million, representing 5.4% of total transactions and 1,282 such homes during the year ended December 31, 2025. That's a 25% increase compared to the year ended December 31, 2024. We also sold 102 homes for more than $10 million in the fourth quarter and $392 million in 2025. Those are increases of 31% and 28%, respectively, from last year. These results clearly demonstrate Douglas Elliman remains the definitive name and luxury real estate.

在 2025 年第四季，我們的經紀人售出 282 戶價格超過 500 萬美元的住宅，占總交易量的 5.4%；而截至 2025 年 12 月 31 日止年度共售出 1,282 戶此類住宅。相較截至 2024 年 12 月 31 日止年度，增加 25%。我們在第四季亦售出 102 戶價格超過 1,000 萬美元的住宅，而 2025 年全年為 392 戶。上述分別較去年增加 31% 與 28%。這些結果清楚顯示 Douglas Elliman 仍是豪華不動產領域的指標性品牌。

Next, our development marketing division remains a preeminent industry player with an active project pipeline totaling $25.3 billion in gross transaction value. That includes $17.5 billion in gross transaction value in Florida alone. In addition to this pipeline, $7.5 billion of gross transaction value is expected to come to market through December 2026. We believe this strong foundation positions us well for the future as we will recognize commission income from these projects upon closing which is generally between 2026 and 2031. Development marketing's revenue increased to $80.4 million in the year ended December 31, 2025, up from $67.8 million in 2024.

接著，我們的開發行銷事業部仍是業界領先的主要參與者，活躍的專案管線總計毛交易價值達 253 億美元。其中僅佛羅里達州就包含 175 億美元的毛交易價值。除上述管線外，預期至 2026 年 12 月前將有 75 億美元的毛交易價值推向市場。我們相信這一強勁基礎使我們在未來具備良好定位，因為我們將在這些專案完成交割時認列佣金收入，而交割時間通常落在 2026 年至 2031 年之間。截至 2025 年 12 月 31 日止年度，開發行銷營收增至 8,040 萬美元，高於 2024 年的 6,780 萬美元。

I'm also pleased to report each of our geographic markets increased revenues from existing home sales in 2025. Consistent with the third quarter, leading the way was the Northeast market, which increased by [$17.5] million or 9.2% from 2024. Importantly, we achieved these results among -- amid ongoing economic pressures, including geopolitical uncertainties and the continuation of elevated mortgage rates.

我也很高興報告，我們各個地理市場在 2025 年既有住宅銷售的營收皆有所增加。與第三季一致，表現最突出的是東北市場，較 2024 年增加 1,750 萬美元（或 9.2%）。重要的是，我們是在持續的經濟壓力之下達成這些成果，包括地緣政治不確定性以及高檔房貸利率的延續。

Although not included in our fourth quarter results, cash receipts from existing home sales in January and February 2026 were 11% lower than January and February 2025, and total brokerage cash receipts, which include existing home sales and receipts from our development marketing division were 12.4% lower than January and February 2025. As a reminder, the first quarter of 2025 is a difficult comparable because it had the highest revenues in a quarter since 2022. Higher revenues [in] our first quarter since 2022.

雖未納入我們第四季的結果，但 2026 年 1 月與 2 月既有住宅銷售的現金收款較 2025 年 1 月與 2 月下降 11%；而包含既有住宅銷售及開發行銷事業部收款在內的經紀業務總現金收款，較 2025 年 1 月與 2 月下降 12.4%。提醒一下，2025 年第一季的比較基期較為艱難，因為該季為自 2022 年以來單季營收最高。自 2022 年以來我們第一季的較高營收。

Let us move to updates on our expense structure and our continued focus on operational efficiency. We continue to manage investments across our markets with a strict focus on return on investment metrics. For the three months and year ended December 31, 2025, we continue to target expenses with respect to office leases, professional services and technology. Nonetheless, our expense structure was negatively impacted by inflationary trends and increased personnel expenses. The increase in personnel expenses was primarily attributable to our ongoing investment in the development marketing business, as well as increased bonus accruals associated with increased revenues from business performance in 2025.

接下來我們來更新費用結構，以及我們對營運效率的持續聚焦。我們持續在各市場管理投資，並嚴格以投資報酬率指標為核心。就截至 2025 年 12 月 31 日止三個月及年度而言，我們持續針對辦公室租賃、專業服務與科技相關費用進行控管與聚焦。儘管如此，我們的費用結構仍受到通膨趨勢與人員費用增加的負面影響。人員費用的增加主要歸因於我們持續投資開發行銷業務，以及因 2025 年業務表現帶動營收增加而相應提高的獎金提列。

Next, Douglas Douglas Elliman's [fall] sheet continues to provide a competitive advantage as we focus on executing our growth strategy. In October 2025, in connection with and upon consummation of the sale of our property management business, the company agreed to repay and redeem all of our convertible notes for an aggregate payment of $95 million, which included accrued interest. As Michael noted, this strengthened our financial position, and the company had [$115.5] million of cash and cash equivalents and no long-term debt at December 31, 2025. We believe our strong balance sheet gives Douglas Elliman a competitive advantage by providing optionality to expand into new markets where appropriate and strengthen our services platform as opportunities arise in our ever-changing industry.

接下來，Douglas Elliman 的[秋季]資料表持續提供競爭優勢，因為我們專注於執行成長策略。於 2025 年 10 月，與我們物業管理業務出售相關並在完成交割時，公司同意以合計 9,500 萬美元（包含應計利息）償還並贖回我們全部可轉換票據。如 Michael 所提，這強化了我們的財務狀況，且截至 2025 年 12 月 31 日，公司持有 1.155 億美元的現金及約當現金，且無長期負債。我們相信，強健的資產負債表透過在適當時機擴展至新市場的選擇權，並在產業不斷變化之際把握機會強化我們的服務平台，為 Douglas Elliman 帶來競爭優勢。

Now, moving to the operating performance of the business in the fourth quarter, Douglas Elliman reported $245.4 million in revenues compared to $243.3 million in the 2024 period. Excluding revenues from our recently disposed property management business in both periods, revenues increased by 3.8% from the fourth quarter of 2024, to $243.3 million from $234.2 million. Net income for the fourth quarter was $68.6 million or $0.68 per diluted share compared to net loss of $6 million or $0.07 per diluted share in the 2024 period.

接著看第四季的營運表現，Douglas Elliman 的營收為 2.454 億美元，較 2024 年同期的 2.433 億美元。若排除兩期中我們近期已處分之物業管理業務的營收，營收較 2024 年第四季成長 3.8%，由 2.342 億美元增至 2.433 億美元。第四季淨利為 6,860 萬美元（稀釋後每股 0.68 美元），相較於 2024 年同期淨損 600 萬美元（稀釋後每股 0.07 美元）。

Net income in the 2025 period included a gain of $81.7 million from the disposal of our property management business and a noncash benefit of $4.7 million associated with the decline in fair value of derivatives embedded within our convertible debt. Net loss in the 2024 period included a noncash benefit of $5.2 million associated with the decline in fair value of derivatives embedded within our convertible debt.

2025 年同期的淨利包含處分物業管理業務所產生的 8,170 萬美元收益，以及與可轉換債務中嵌入式衍生工具公允價值下降相關的 470 萬美元非現金利益。2024 年同期的淨損包含與可轉換債務中嵌入式衍生工具公允價值下降相關的 520 萬美元非現金利益。

Adjusted EBITDA, which excludes the operations of our property management business in all periods for the quarter was a loss of $10.6 million compared to a loss of $6.6 million in the 2024 period. Adjusted net loss in the fourth quarter was $14.2 million or $0.17 per share compared to adjusted net income of $1.3 million or $0.01 per share in the 2024 period.

調整後 EBITDA（於各期均排除本季度物業管理業務的營運）為虧損 1,060 萬美元，較 2024 年同期虧損 660 萬美元。第四季調整後淨損為 1,420 萬美元（每股 0.17 美元），相較於 2024 年同期調整後淨利 130 萬美元（每股 0.01 美元）。

Now, turning to the operating performance of the business for the year ended December 31, 2025, which will be compared to the year ended December 31, 2024, Douglas Elliman reported $1.033 billion in revenues, up from $995.6 million in revenues in 2024. Excluding revenues from our recently disposed property management business in both periods, revenues for the year increased by 4.4% from 2024 to $1 billion from $958.8 million.

接著看截至 2025 年 12 月 31 日止年度的營運表現（並與截至 2024 年 12 月 31 日止年度比較），Douglas Elliman 的營收為 10.33 億美元，高於 2024 年的 9.956 億美元。若排除兩期中我們近期已處分之物業管理業務的營收，全年營收較 2024 年成長 4.4%，由 9.588 億美元增至 10 億美元。

Net income for 2025 was $15.2 million or $0.17 per diluted share compared to net loss of $76.3 million or $0.91 per diluted share. Net income in the 2025 period included a gain from the disposal of our property manager business of $81.7 million, which was offset by a noncash charge of $28.5 million associated with the increase in fair value of derivatives embedded within our convertible debt. Net loss in the 2024 period included a $17.75 million litigation settlement charge and a noncash charge of $15 million associated with the increase in fair value added derivatives embedded within our convertible debt.

2025 年淨利為 1,520 萬美元（稀釋後每股 0.17 美元），相較於淨損 7,630 萬美元（稀釋後每股 0.91 美元）。2025 年期間的淨利包含處分物業管理業務所產生的 8,170 萬美元收益，但被與可轉換債務中嵌入式衍生工具公允價值上升相關的 2,850 萬美元非現金費用所抵銷。2024 年期間的淨損包含 1,775 萬美元的訴訟和解費用，以及與可轉換債務中嵌入式衍生工具公允價值上升相關的 1,500 萬美元非現金費用。

Adjusted EBITDA for 2025 was a loss of $14 million compared to a loss of $24.1 million in the 2024 period and both of these amounts exclude operations of our recently disposed property management business. Adjusted net loss for 2025 was $27.1 million or $0.32 per share compared to $29.6 million or $0.35 per share in the 2024 period. As noted earlier, Douglas Elliman has maintained ample liquidity with cash and cash equivalents at December 31, 2025, up approximately $115.5 million.

2025 年調整後 EBITDA 為虧損 1,400 萬美元，較 2024 年同期虧損 2,410 萬美元改善；兩者均排除我們近期已處分之物業管理業務的營運。2025 年調整後淨損為 2,710 萬美元（每股 0.32 美元），相較於 2024 年同期 2,960 萬美元（每股 0.35 美元）。如先前所述，Douglas Elliman 維持充足流動性，截至 2025 年 12 月 31 日的現金及約當現金約為 1.155 億美元。

Thank you for your attention, and now back to you, Michael.

感謝各位的聆聽，接下來交回給你，Michael。

Thanks, Bryant. We have implemented strategic initiatives to advance our market leadership, elevate our service offerings and expand our reach. both domestically and internationally. Our 2025 results demonstrate that our recent investments are already delivering tangible benefits, and we expect these positive impacts to continue into 2026 and beyond. Thank you for your continued trust in Douglas Elliman.

謝謝你，Bryant。我們已推動策略性措施，以提升市場領導地位、強化服務內容並擴大我們在國內與國際市場的觸及範圍。我們 2025 年的成果顯示，近期投資已帶來具體效益，且我們預期這些正面影響將延續至 2026 年及更長遠的未來。感謝各位持續信任 Douglas Elliman。

With that, we will turn the call over to the operator. Operator.

接下來，我們將把電話會議交給接線員。接線員。

Thank you for joining us on Douglas Element's quarterly earnings conference call. We hope you have a good day, and this will conclude our call.

感謝各位參加 Douglas Element 的季度財報電話會議。祝各位有美好的一天，本次電話會議到此結束。