Douglas Elliman Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Douglas Elliman Inc. filed its 2023 10-K report detailing financial performance and business operations.</b>

AI Summary

Douglas Elliman Inc. (DOUG) filed a Annual Report (10-K) with the SEC on March 8, 2024. Douglas Elliman Inc. reported its 2023 fiscal year results on March 8, 2024. The company's primary revenue streams include Commissions and Other Brokerage Income, Property Management, and Other Ancillary Services. The filing covers the fiscal year ending December 31, 2023. Douglas Elliman Inc. is incorporated in Delaware. The company's principal business address is in Miami, Florida.

Why It Matters

For investors and stakeholders tracking Douglas Elliman Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Douglas Elliman's financial health and operational activities for the fiscal year 2023, crucial for investors assessing its performance. Understanding the breakdown of revenue segments like Commissions and Property Management is key to evaluating the company's core business drivers and market position.

Risk Assessment

Risk Level: medium — Douglas Elliman Inc. shows moderate risk based on this filing. The company operates in the real estate sector, which is subject to economic downturns and interest rate fluctuations that can significantly impact transaction volumes and commission revenue.

Analyst Insight

Investors should analyze the revenue trends across different segments and compare them to industry benchmarks to gauge Douglas Elliman's competitive standing and future growth prospects.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period end date)
• 2024-03-08 — Filing Date (Date the 10-K was filed)

Key Players & Entities

• Douglas Elliman Inc. (company) — Filer of the 10-K report
• Miami (location) — Business and mailing address city
• Delaware (location) — State of incorporation

FAQ

Risk Factors

• Market Conditions [high — market]: The real estate market is subject to cyclical trends, economic conditions, and interest rate fluctuations that can impact sales volume and pricing.
• Competition [medium — operational]: The company faces intense competition from other real estate brokerage firms, which can affect market share and profitability.
• Economic Downturns [high — financial]: A significant economic downturn could reduce housing demand and transaction volumes, negatively affecting the company's revenue and profitability.

Industry Context

Douglas Elliman Inc. operates within the real estate brokerage industry, a sector highly sensitive to macroeconomic factors such as interest rates, employment levels, and consumer confidence.

Regulatory Implications

The company is subject to various federal, state, and local regulations governing real estate transactions, licensing, and advertising.

What Investors Should Do

1. Review the detailed financial statements and management's discussion and analysis for a deeper understanding of 2023 performance.
2. Analyze the competitive landscape and market trends impacting Douglas Elliman's key revenue segments.
3. Assess the company's risk factors and mitigation strategies outlined in the filing.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-08: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing a year-end summary compared to previous periods.

Key Financial Figures

• $0.01 — ch registered: Common stock, par value $0.01 per share DOUG New York Stock Exchange
• $1.59 million — home we sold in 2023 was approximately $1.59 million — significantly higher than our princip
• $13.4 million — (at a carrying value) of approximately $13.4 million. This amounts to approximately 3% of th
• $493 m — tal assets, which totaled approximately $493 million, as of December 31, 2023. As of
• $715,000 — ssport and Envoy, and recorded gains of $715,000 and $160,000 respectively, for the year
• $160,000 — voy, and recorded gains of $715,000 and $160,000 respectively, for the year ended Decemb
• $236,000 — osses on convertible debt securities of $236,000 for the year ended December 31, 2023.

Filing Documents

• doug-20231231.htm (10-K) — 1887KB
• ex41q423.htm (EX-4.1) — 32KB
• a2023-1231xex211.htm (EX-21.1) — 6KB
• a2023-1231x10kxex231.htm (EX-23.1) — 2KB
• a2023-1231x10kxex311.htm (EX-31.1) — 10KB
• a2023-1231x10kxex312.htm (EX-31.2) — 10KB
• a2023-1231x10kxex321.htm (EX-32.1) — 9KB
• a2023-1231x10kxex971.htm (EX-97.1) — 30KB
• doug-20231231_g1.jpg (GRAPHIC) — 561KB
• doug-20231231_g2.jpg (GRAPHIC) — 89KB
• 0001878897-24-000014.txt (&nbsp;) — 11530KB
• doug-20231231.xsd (EX-101.SCH) — 65KB
• doug-20231231_cal.xml (EX-101.CAL) — 107KB
• doug-20231231_def.xml (EX-101.DEF) — 289KB
• doug-20231231_lab.xml (EX-101.LAB) — 791KB
• doug-20231231_pre.xml (EX-101.PRE) — 569KB
• doug-20231231_htm.xml (XML) — 1587KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 25 Item 1C. Cybersecurity 25 Item 2.

Properties

Properties 26 Item 3.

Legal Proceedings

Legal Proceedings 26 Item 4. Mine Safety Disclosures 26 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Item 6. Reserved 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 45 Item 9A.

Controls and Procedures

Controls and Procedures 45 Item 9B. Other Information 47 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 47 PART III Item 10. Directors, Executive Officers and Corporate Governance 48 Item 11.

Executive Compensation

Executive Compensation 48 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 48 Item 13. Certain Relationships and Related Transactions, and Director Independence 48 Item 14. Principal Accountant Fees and Services 48 PART IV Item 15. Exhibits and Financial Statement Schedules 49

Form 10-K Summary 50

Item 16. Form 10-K Summary 50

SIGNATURES

SIGNATURES 52 2 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Overview Douglas Elliman Inc. is engaged in the real estate services and property technology investment business and is seeking to acquire or invest in additional real estate services and property technology, or PropTech, companies. Douglas Elliman owns Douglas Elliman Realty, LLC, one of the largest residential brokerage companies in the New York metropolitan area, which includes New York City, Long Island, the Hamptons, Westchester, Connecticut and New Jersey, and also conducts operations in Florida, California, Texas, Colorado, Nevada, Massachusetts, Maryland, Virginia and Washington D.C. We also offer, including through our subsidiaries and ventures, ancillary services, such as property management, title and escrow services. We are a Delaware corporation and were incorporated in 2021 in connection with the separation of Douglas Elliman from Vector Group Ltd., as an independent, publicly traded company, listed on the New York Stock Exchange (the "Distribution"). On December 29, 2021, Vector Group completed the Distribution of the common stock of Douglas Elliman to its stockholders and we began trading on the New York Stock Exchange under the symbol "DOUG" on December 30, 2021. Strategy Since its inception in 1911, Douglas Elliman has challenged the status quo of the real estate industry. We were founded on Douglas L. Elliman's vision that New Yorkers would shift their preference for traditional homes to favor luxury apartments that were both sold and managed by comprehensive real estate companies. More than a century later, the Douglas Elliman brand is still associated with service, luxury and forward thinking — our markets are primarily international finance and technology hubs that are densely populated and offer housing inventory at premium price points. The average transaction value of a home we sold in 2023 was approximately $1.59 million — significantly higher than our principal competitors. We are building on our record of inno

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View this 10-K filing on SEC EDGAR