These risks are described in more detail in the company's Securities and Exchange Commission filings. Now I'd like to turn the call over to the Chief Executive Officer of Douglas Elliman, Michael S. Lebowitz. Good morning, and thank you for joining us. I am pleased to share that Douglas Elliman continues to make meaningful progress as we execute our strategy to drive growth improve profitability and position the company for long term success. With me on the call is Brian Kirkland, our chief financial officer. On today's call, we will discuss the current operating environment and Douglas Elliman's financial results for the three months ended 03/31/2025. All numbers presented this morning will be as of 03/31/2025 unless otherwise stated. Will then provide closing comments and open the call for questions. Before we turn to our first quarter twenty twenty five results, I would like to start by summarizing some of our accomplishments over the last ninety days. We are building on the momentum we established last year. In the first quarter of twenty twenty five, our revenues increased by 27% year over year to $253,400,000 marking our strongest first quarter performance since 2022. This growth reflects the strength of our historic brand, the dedication of our agents, and the success of our strategic initiatives.

We also made strong progress by restoring our non GAAP profitability with significant reductions in operating losses when compared to the first quarter of twenty twenty four. Our agents and employees remain at the center of everything we do. Their hard work and commitment to excellence continue to drive our success. We are proud to support them with the tools and technology they need to excel in today's market. Now let's discuss the future. Looking ahead to the second quarter, we are encouraged by the trends we are observing. While challenges persist, such as continuation of elevated US mortgage rates, low housing inventory, soft transaction volume, broader economic trends, tariffs and other geo geopolitical uncertainty, our average daily cash receipts, in April of twenty five were up approximately 4% compared to the same period in '24. These results illustrate the resilience and strength of the luxury markets we serve. We remain focused on executing our strategic growth initiatives including our development marketing division, which continues to be a cornerstone of our long term growth strategy. As demand for luxury residences continues to build, in our markets, this division is very well positioned to capitalize on the growing demand for luxury residences in our markets.

We continue to prioritize expense discipline, while optimizing operations and are making meaningful progress. By balancing strategic investments with thoughtful cost management, are well positioned to capitalize on future opportunities to expand our revenue base particularly in recruiting, and in our international expansion. And our strategic m and a and business development unit continues to evaluate complementary acquisitions in ancillary businesses such as title, escrow, insurance brokerage, property management that would align with our ROI targets and long term strategy. We believe our ongoing efforts are transforming Douglas Elliman into a more diversified resilient, and forward looking real estate services company. One that is well equipped to thrive in an evolving market and deliver long term value. 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. Brian? Thank you, Michael. We are confident that the improvement in financial results that began in 02/2024 and which has continued into the first quarter of twenty twenty five is positioning Douglas Elliman for long term success. The first quarter results indicate our core operations are continuing to benefit from the expense reductions management has implemented.

As well as the significant investments made in our development marketing division.

In particular, the first quarter results were enhanced by a favorable sales mix resulting from the strength of our highest gross margin markets. The development marketing division and existing home sales in New York City. Specifically, New York City's revenues from existing home sales increased by $17,000,000 or 34% from the twenty twenty four first quarter and development marketing's first quarter revenues increased by $14,600,000 or 222% from the February. Before reviewing the financial performance, we will provide some updates on our trends. First, Douglas Elliman owns luxury. Pricing for luxury home sales remains strong. Our industry best average price per transaction rose to $2,000,000 per home sale compared to $1,600,000 per home sale in the comparable 02/2024 period. For the last twelve months, our average price per home sale transaction has been $1,760,000 compared to $1,600,000 per home sale the 02/2024 last twelve month period. In the February, our world class agents sold 343 homes approximately $5,000,000 or more. That was a 73% increase from the same quarter last year and impressively represented 7% of our total transactions [indiscernible] During the first quarter. Equally impressive are 104 home sales of $10,000,000 or more. An increase of 76% from the same quarter last year.

Again, Douglas Elliman owns the luxury markets it serves. Continuing with that theme, and as Michael discussed, our development marketing division remains the preeminent industry player with a pipeline of actively marketed projects of approximately $28,300,000,000 of gross transaction value. Approximately $18,700,000,000 of gross transaction value is in Florida alone. In addition, to this active pipeline, we have another $4,200,000,000 of gross transaction value coming to market through June 2026. We believe this foundation of business bodes well for the future as we will recognize commission income from these projects when they close which is generally between 02/2025 and 02/1930. Beginning with a strong performance in the fourth quarter of twenty twenty four, from development marketing. We are continuing to see the early momentum of this pipeline as development marketing's revenue increased to $21,100,000 in the first quarter of twenty twenty five. Up from $6,600,000 in the twenty twenty four first quarter. Transitioning to updates on our expense We continue to manage investments across our markets with a strict focus on return on investment metrics. In the first quarter of twenty twenty five, we reduced our operating expenses by $3,000,000 from the first quarter of twenty twenty four after excluding [indiscernible] Depreciation and amortization, unusual litigation expense, settlement, related expense, restructuring expenses and noncash stock compensation expenses.

Now turning to Douglas Elliman's financial results for the three months ended 03/30/2025. Douglas Elliman, Maine State. After and ample liquidity. With cash and cash investments. At 03/31/2025, up approximately $137,000,000 The strength of our balance sheet, provides a competitive advantage for Douglas Elliman as we implement expansion plans to scale our operations and strengthen our services platform. Historically, a significant cash flow drain occurs in the first quarter because of the seasonality of our business and the timing of annual cash bonuses which are generally paid in March. That said, the decline in cash investments was $8,700,000 in the first quarter of twenty twenty five, compared to $28,400,000 in the first quarter of twenty twenty four. An improvement of approximately $20,000,000 Moving to the operating performance of the business in the first quarter. Douglas Elliman reported $253,400,000 in revenues compared to $200,200,000 in the twenty twenty four first quarter. Net loss for the first quarter was $6,000,000 or $07 per diluted share compared to $41,500,000 or $0.50 per diluted share in the twenty twenty four first quarter. Adjusted EBITDA for the first quarter were a positive $1,100,000 compared to a loss of $17,600,000 in the twenty twenty four first Adjusted net loss for the first quarter was $2,400,000 or $03 per share compared to adjusted net loss of $23,100,000 or $08 per share in the 2024 first quarter.

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

Thanks, Brian. And thank you and your team for your hard work this quarter. You guys did a great job. Continue to believe in the strength and brand power of the Douglas Elliman brand and its scalability. We are very excited about our future. The results of the last two quarters show we are continuing our turnaround and performing extremely well. Our best days are ahead. With that, we will be happy to answer any questions. Operator?

Thank you. At this time, if you would like to ask a question And at this time, we have no questions. We thank you for joining us on the Douglas quarterly earnings conference call. We hope you have a good day, and this will conclude our call.

Thank you.