(State or other jurisdiction of incorporation | Commission File Number | (I.R.S. Employer Identification No.) | ||||||
incorporation or organization) |
Title of each class: | Trading | Name of each exchange | ||||||
Symbol(s) | on which registered: | |||||||
☐ | Large accelerated filer | ☐ | Accelerated filer | ☒ | Smaller reporting company | Emerging Growth Company |
Page | |||||
PART I. FINANCIAL INFORMATION | |||||
Item 1. Douglas Elliman Inc. Condensed Combined Consolidated Financial Statements (Unaudited): | |||||
Condensed Combined Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 | |||||
Condensed Combined Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 | |||||
Condensed Combined Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2022 and 2021 | |||||
Condensed Combined Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 | |||||
Notes to Condensed Combined Consolidated Financial Statements | |||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | |||||
Item 4. Controls and Procedures | |||||
PART II. OTHER INFORMATION | |||||
Item 1. Legal Proceedings | |||||
Item 1A. Risk Factors | |||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |||||
Item 6. Exhibits | |||||
SIGNATURE |
March 31, 2022 | December 31, 2021 | ||||||||||
ASSETS: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables | |||||||||||
Agent receivables, net | |||||||||||
Restricted cash and cash equivalents | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Long-term investments (includes $ | |||||||||||
Contract assets, net | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Equity-method investments | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||||||||
Current liabilities: | |||||||||||
Current portion of notes payable and other obligations | $ | $ | |||||||||
Current operating lease liability | |||||||||||
Income taxes payable, net | |||||||||||
Accounts payable | |||||||||||
Commissions payable | |||||||||||
Accrued salaries and benefits | |||||||||||
Contract liabilities | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Notes payable and other obligations less current portion | |||||||||||
Deferred income taxes, net | |||||||||||
Non-current operating lease liabilities | |||||||||||
Contract liabilities | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 8) | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, par value $ | |||||||||||
Common stock, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Total Douglas Elliman Inc. stockholders' equity | |||||||||||
Non-controlling interest | |||||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenues: | |||||||||||
Commissions and other brokerage income | $ | $ | |||||||||
Property management | |||||||||||
Other ancillary services | |||||||||||
Total revenues | |||||||||||
Expenses: | |||||||||||
Real estate agent commissions | |||||||||||
Sales and marketing | |||||||||||
Operations and support | |||||||||||
General and administrative | |||||||||||
Technology | |||||||||||
Depreciation and amortization | |||||||||||
Operating income | |||||||||||
Other income (expenses): | |||||||||||
Interest income | |||||||||||
Equity in earnings from equity-method investments | |||||||||||
Change in fair value of contingent liability | |||||||||||
Investment income (loss) | ( | ||||||||||
Income before provision for income taxes | |||||||||||
Income tax expense | |||||||||||
Net income | |||||||||||
Net loss attributed to non-controlling interest | |||||||||||
Net income attributed to Douglas Elliman Inc. | $ | $ | |||||||||
Per basic common share: | |||||||||||
Net income applicable to common shares attributed to Douglas Elliman Inc. | $ | $ | |||||||||
Per diluted common share: | |||||||||||
Net income applicable to common shares attributed to Douglas Elliman Inc. | $ | $ |
Douglas Elliman Inc. Stockholders' Equity | |||||||||||||||||||||||||||||||||||
Additional Paid-In | Non- controlling | ||||||||||||||||||||||||||||||||||
Common Stock | Retained | ||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Interest | Total | ||||||||||||||||||||||||||||||
Balance as of January 1, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | ( | |||||||||||||||||||||||||||||||
Dividends on common stock ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Restricted stock grants, net | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Contributions from non-controlling interest | — | — | — | — | |||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | $ | $ | $ | $ |
Douglas Elliman Inc. Former Parent’s Net Investment | |||||||||||||||||||||||||||||||||||||||||
Additional Paid-In | Former Parent’s Net | Non- controlling | |||||||||||||||||||||||||||||||||||||||
Common Stock | Retained | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Investment | Interest | Total | |||||||||||||||||||||||||||||||||||
Balance as of January 1, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net transfers from Former Parent | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | $ | $ | $ | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net cash (used in) provided by operating activities | $ | ( | $ | ||||||||
Cash flows from investing activities: | |||||||||||
Investments in equity-method investments | ( | ||||||||||
Distributions from equity-method investments | |||||||||||
Purchase of debt securities | ( | ||||||||||
Purchase of equity securities | ( | ||||||||||
Purchase of long-term investments | ( | ||||||||||
Capital expenditures | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Repayment of debt | ( | ||||||||||
Dividends on common stock | ( | ||||||||||
Contributions from non-controlling interest | |||||||||||
Earn out payments | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash, beginning of period | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income attributed to Douglas Elliman Inc. | $ | $ | |||||||||
Income attributable to participating securities | ( | ||||||||||
Net income available to common stockholders attributed to Douglas Elliman Inc. | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Weighted-average shares for basic EPS | |||||||||||
Plus incremental shares related to non-vested restricted stock | |||||||||||
Weighted-average shares for diluted EPS |
March 31, 2022 | December 31, 2021 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents included in current assets | |||||||||||
Restricted cash and cash equivalents included in other assets | |||||||||||
Total cash, cash equivalents, and restricted cash shown in the condensed combined consolidated statements of cash flows | $ | $ |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||
New York City | Northeast | Southeast | West | Total | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Commission and other brokerage income - existing home sales | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Commission and other brokerage income - development marketing | ||||||||||||||||||||||||||||||||
Property management revenue | ||||||||||||||||||||||||||||||||
Escrow and title fees | ||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||
New York City | Northeast | Southeast | West | Total | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Commission and other brokerage income - existing home sales | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Commission and other brokerage income - development marketing | ||||||||||||||||||||||||||||||||
Property management revenue | ||||||||||||||||||||||||||||||||
Escrow and title fees | ||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Receivables, which are included in accounts receivable - trade, net | $ | $ | |||||||||
Contract assets, net, which are included in other current assets | |||||||||||
Payables, which are included in other current liabilities | |||||||||||
Contract liabilities, which are in current liabilities | |||||||||||
Contract assets, net, which are in other assets | |||||||||||
Contract liabilities, which are in other liabilities | |||||||||||
January 1, 2022 | Current Period Provision | Write-offs | Recoveries | March 31, 2022 | |||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Real estate broker agent receivables | $ | $ | (1) | $ | $ | $ |
January 1, 2021 | Current Period Provision | Write-offs | Recoveries | March 31, 2021 | |||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Real estate broker agent receivables | $ | $ | (1) | $ | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating lease cost | $ | $ | |||||||||
Short-term lease cost | |||||||||||
Variable lease cost | |||||||||||
Less: Sublease income | ( | ( | |||||||||
Total lease cost | $ | $ | |||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid for amounts included in measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | $ | |||||||||
Right-of-use assets obtained in exchange for lease obligations: | |||||||||||
Operating leases | |||||||||||
March 31, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Weighted average remaining lease term: | |||||||||||
Operating leases | |||||||||||
Weighted average discount rate: | |||||||||||
Operating leases | % | % | |||||||||
Operating Leases | |||||
Period Ending December 31: | |||||
Remainder of 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total lease payments | |||||
Less imputed interest | ( | ||||
Total | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
PropTech convertible trading debt securities | $ | $ | |||||||||
Long-term investment securities at fair value (1) | |||||||||||
PropTech investments at cost | |||||||||||
Total investments | $ | $ | |||||||||
Less PropTech current convertible trading debt securities(2) | |||||||||||
Total long-term investments | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net gains recognized on PropTech convertible trading debt securities | $ | $ | |||||||||
Net gains recognized on long-term investments at fair value | |||||||||||
Net gains recognized on long-term investment securities | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net gains recognized on long-term investment securities | $ | $ | |||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Ancillary services ventures | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Notes payable | $ | $ | |||||||||
Other | |||||||||||
Total notes payable and other obligations | |||||||||||
Less: | |||||||||||
Current maturities | ( | ( | |||||||||
Amount due after one year | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Notes payable | $ | $ | $ | $ | |||||||||||||||||||
Other | |||||||||||||||||||||||
Notes payable and other obligations | $ | $ | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Income before provision for income taxes | $ | $ | |||||||||
Income tax expense using estimated annual effective income tax rate | |||||||||||
Less Federal income tax expense attributable to pass-through entities | ( | ||||||||||
Income tax expense | $ | $ |
Fair Value Measurements as of March 31, 2022 | ||||||||||||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Money market funds (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Certificates of deposit (2) | ||||||||||||||||||||||||||
PropTech convertible trading debt securities | ||||||||||||||||||||||||||
Long-term investments | ||||||||||||||||||||||||||
PropTech convertible trading debt securities | ||||||||||||||||||||||||||
Long-term investment securities at fair value (3) | — | — | — | |||||||||||||||||||||||
Total long-term investments | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Fair Value Measurements as of December 31, 2021 | ||||||||||||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Money market funds (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Certificates of deposit (2) | ||||||||||||||||||||||||||
Long-term investments | ||||||||||||||||||||||||||
PropTech convertible trading debt securities | ||||||||||||||||||||||||||
Long-term investment securities at fair value (3) | — | — | — | |||||||||||||||||||||||
Total long-term investments | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||||||
Fair Value at | ||||||||||||||||||||||||||
March 31, 2022 | Valuation Technique | Unobservable Input | Range (Actual) | |||||||||||||||||||||||
PropTech convertible trading debt securities | $ | Discounted cash flow | Interest rate | |||||||||||||||||||||||
Maturity | Feb 2023 - Dec 2023 | |||||||||||||||||||||||||
Volatility | ||||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||||||
Fair Value at | ||||||||||||||||||||||||||
December 31, 2021 | Valuation Technique | Unobservable Input | Range (Actual) | |||||||||||||||||||||||
PropTech convertible trading debt securities | $ | Discounted cash flow | Interest rate | % | ||||||||||||||||||||||
Maturity | Feb 2023 -Mar 2023 | |||||||||||||||||||||||||
Volatility | ||||||||||||||||||||||||||
Discount rate |
Real Estate Brokerage | Corporate and Other | Total | |||||||||||||||
Three months ended March 31, 2022 | |||||||||||||||||
Revenues | $ | $ | $ | ||||||||||||||
Operating income (loss) | ( | ||||||||||||||||
Adjusted EBITDA attributed to Douglas Elliman (a) | ( | ||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Capital expenditures | |||||||||||||||||
Three months ended March 31, 2021 | |||||||||||||||||
Revenues | $ | $ | $ | ||||||||||||||
Operating income | |||||||||||||||||
Adjusted EBITDA attributed to Douglas Elliman (a) | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Capital expenditures |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Real estate brokerage segment | |||||||||||
Operating income | $ | $ | |||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation | |||||||||||
Adjusted EBITDA | |||||||||||
Adjusted EBITDA attributed to non-controlling interest | |||||||||||
Adjusted EBITDA attributed to Douglas Elliman | $ | $ | |||||||||
Corporate and other segment | |||||||||||
Operating loss | $ | ( | $ | ||||||||
Stock-based compensation | |||||||||||
Adjusted EBITDA attributed to Douglas Elliman | $ | ( | $ |
Last twelve months ended | Three months ended March 31, | Year ended December 31, 2021 | ||||||||||||||||||||||||
March 31, 2022 | 2022 | 2021 | ||||||||||||||||||||||||
Key Business Metrics | ||||||||||||||||||||||||||
Total transactions (absolute) (1) | 32,518 | 7,212 | 7,094 | 32,400 | ||||||||||||||||||||||
Gross transaction value (in billions) (2) | $ | 52.8 | $ | 11.7 | $ | 10.1 | $ | 51.2 | ||||||||||||||||||
Average transaction value per transaction (in thousands) (3) | $ | 1,622.3 | $ | 1,620.4 | $ | 1,427.8 | $ | 1,580.0 | ||||||||||||||||||
Number of Principal Agents (4) | 5,174 | (5) | 5,174 | (5) | 4,954 | 5,189 | (5) | |||||||||||||||||||
Annual Retention (6) | 94 | % | N/A | N/A | 94 | % | ||||||||||||||||||||
Net income attributed to Douglas Elliman Inc. | $ | 91,383 | $ | 6,510 | $ | 13,965 | $ | 98,838 | ||||||||||||||||||
Net income margin | 6.58 | % | 2.11 | % | 5.12 | % | 7.30 | % | ||||||||||||||||||
Adjusted EBITDA attributed to Douglas Elliman | $ | 107,075 | $ | 12,727 | $ | 16,351 | $ | 110,699 | ||||||||||||||||||
Adjusted EBITDA attributed to Douglas Elliman margin | 7.71 | % | 4.12 | % | 5.99 | % | 8.18 | % |
Last twelve months ended | Three months ended March 31, | Year ended December 31, 2021 | |||||||||||||||||||||
March 31, 2022 | 2022 | 2021 | |||||||||||||||||||||
Net income attributed to Douglas Elliman Inc. | $ | 91,383 | $ | 6,510 | $ | 13,965 | $ | 98,838 | |||||||||||||||
Interest income, net | (75) | (39) | (47) | (83) | |||||||||||||||||||
Income tax expense | 4,769 | 2,917 | 281 | 2,133 | |||||||||||||||||||
Net loss attributed to non-controlling interest | (411) | (225) | — | (186) | |||||||||||||||||||
Depreciation and amortization | 8,517 | 2,079 | 2,123 | 8,561 | |||||||||||||||||||
Stock-based compensation(a) | 2,652 | 2,652 | — | — | |||||||||||||||||||
Equity in (earnings) losses from equity method investments(b) | (254) | (532) | — | 278 | |||||||||||||||||||
Change in fair value of contingent liability | 1,720 | — | (73) | 1,647 | |||||||||||||||||||
Other, net | (1,383) | (752) | 102 | (529) | |||||||||||||||||||
Adjusted EBITDA | 106,918 | 12,610 | 16,351 | 110,659 | |||||||||||||||||||
Adjusted EBITDA attributed to non-controlling interest | 157 | 117 | — | 40 | |||||||||||||||||||
Adjusted EBITDA attributed to Douglas Elliman | $ | 107,075 | $ | 12,727 | $ | 16,351 | $ | 110,699 | |||||||||||||||
Adjusted EBITDA attributed to Douglas Elliman by segment: | |||||||||||||||||||||||
Real estate brokerage segment | $ | 112,010 | $ | 17,662 | $ | 16,351 | $ | 110,699 | |||||||||||||||
Corporate and other segment | (4,935) | (4,935) | — | — | |||||||||||||||||||
Total adjusted EBITDA attributed to Douglas Elliman | $ | 107,075 | $ | 12,727 | $ | 16,351 | $ | 110,699 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Revenues by segment: | |||||||||||
Real estate brokerage segment | $ | 308,900 | $ | 272,776 | |||||||
Operating income (loss) by segment: | |||||||||||
Real estate brokerage segment | $ | 14,541 | $ | 14,228 | |||||||
Corporate and other segment | (6,662) | — | |||||||||
Total operating income | $ | 7,879 | $ | 14,228 | |||||||
EBITDA attributed to Douglas Elliman by segment: | |||||||||||
Real estate brokerage EBITDA attributed to Douglas Elliman | $ | 17,662 | $ | 16,351 | |||||||
Corporate and other EBITDA attributed to Douglas Elliman | (4,935) | — | |||||||||
EBITDA attributed to Douglas Elliman | $ | 12,727 | $ | 16,351 |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
Commissions and other brokerage income | $ | 295,109 | 95.5% | $ | 259,100 | 95.0% | |||||||||||
Property management | 9,199 | 3.0% | 9,268 | 3.4% | |||||||||||||
Other | 4,592 | 1.5% | 4,408 | 1.6% | |||||||||||||
Total revenues | $ | 308,900 | 100% | $ | 272,776 | 100% | |||||||||||
Operating expenses: | |||||||||||||||||
Real estate agent commissions | 223,422 | 72.3% | 197,017 | 72.2% | |||||||||||||
Sales and marketing | 19,306 | 6.2% | 19,354 | 7.1% | |||||||||||||
Operations and support | 18,091 | 5.9% | 17,250 | 6.3% | |||||||||||||
General and administrative | 26,168 | 8.5% | 19,307 | 7.1% | |||||||||||||
Technology | 5,293 | 1.7% | 3,497 | 1.3% | |||||||||||||
Depreciation and amortization | 2,079 | 0.7% | 2,123 | 0.8% | |||||||||||||
Operating income | $ | 14,541 | 4.7% | $ | 14,228 | 5.2% | |||||||||||
* 10.1 | Amendment to Employment Agreement, dated as of March 18, 2022 between Douglas Elliman Inc. and Howard M. Lorber (incorporated by reference to Exhibit 10.8 of the Company’s Form 10-K for the fiscal year ended December 31, 2021). | ||||
Certification of Chief Executive Officer, Pursuant to Exchange Act Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of Chief Financial Officer, Pursuant to Exchange Act Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certifications of Chief Executive Officer and Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | ||||
104 | Cover Page Interactive Data File (the cover page tabs are embedded within the Inline XBRL document). | ||||
DOUGLAS ELLIMAN INC. | ||||||||
(Registrant) | ||||||||
By: /s/ J. Bryant Kirkland III | ||||||||
J. Bryant Kirkland III | ||||||||
Senior Vice President, Treasurer and | ||||||||
Chief Financial Officer | ||||||||
Date: | May 11, 2022 |
/s/ Howard M. Lorber | |||||
Howard M. Lorber | |||||
President and Chief Executive Officer |
/s/ J. Bryant Kirkland III | |||||
J. Bryant Kirkland III | |||||
Senior Vice President, Treasurer and Chief Financial Officer |
/s/ Howard M. Lorber | |||||
Howard M. Lorber | |||||
President and Chief Executive Officer |
/s/ J. Bryant Kirkland III | |||||
J. Bryant Kirkland III | |||||
Senior Vice President, Treasurer and Chief Financial Officer |
CONDENSED COMBINED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
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Statement of Financial Position [Abstract] | ||
Long-term investments, fair value | $ 3,033 | $ 3,756 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 81,235,626 | 81,210,626 |
Common stock, shares outstanding (in shares) | 81,235,626 | 81,210,626 |
CONDENSED COMBINED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) |
3 Months Ended |
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Mar. 31, 2022
$ / shares
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Statement of Stockholders' Equity [Abstract] | |
Distributions and dividends on common stock (in dollars per share) | $ 0.05 |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a)Basis of Presentation: Douglas Elliman Inc. (“Douglas Elliman” or the “Company”) 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. The condensed combined consolidated financial statements of Douglas Elliman include the accounts of DER Holdings LLC and New Valley Ventures LLC (“New Valley Ventures”), directly and indirectly wholly-owned subsidiaries of the Company. DER Holdings LLC owns Douglas Elliman Realty, LLC and Douglas Elliman of California, Inc., which are engaged in the residential real estate brokerage business with their subsidiaries. The operations of New Valley Ventures consist of minority investments in innovative and cutting-edge PropTech companies. Certain references to “Douglas Elliman Realty” refer to the Company’s residential real estate brokerage business, including the operations of Douglas Elliman Realty, LLC and Douglas Elliman of California Inc., unless otherwise specified. Prior to its distribution (the “Distribution”) from Vector Group Ltd. (“Vector Group” or, collectively with its subsidiaries, “Former Parent”) in December 2021, Douglas Elliman was a subsidiary of Vector Group. Douglas Elliman’s condensed combined consolidated financial statements as of and for the period ended March 31, 2021 include certain indirect general and administrative costs allocated to it by Vector Group for certain functions and services including, but not limited to, executive office, finance and other administrative support. These expenses have been allocated to Douglas Elliman on the basis of direct usage, when identifiable. Douglas Elliman’s condensed combined consolidated results of operations, financial position and cash flows may not be indicative of its future performance and do not necessarily reflect what its combined consolidated results of operations, financial position and cash flows would have been had Douglas Elliman operated as a separate, stand-alone entity during the three months ended March 31, 2021, including changes in its operations and capitalization as a result of the separation and distribution from Vector Group. The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These financial statements as of and for the period ended March 31, 2021 reflect the combined historical results of our operations, financial position and cash flows in accordance with U.S. GAAP and SEC Staff Accounting Bulletin Topic 1-B, Allocation of Expenses and Related Disclosure in Financial Statements of Subsidiaries, Divisions or Lesser Business Components of Another Entity. References to GAAP issued by the Financial Accounting Standards Board (“FASB”) are to the FASB Accounting Standards Codification, also referred to as the “Codification” or “ASC.” These condensed combined consolidated financial statements should be read in conjunction with the combined consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”). The condensed combined consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year. In presenting the condensed combined consolidated financial statements, management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. (b) Principles of Consolidation: The condensed combined consolidated financial statements presented herein have been prepared on a stand-alone basis and, prior to December 29, 2021, are derived from the combined consolidated financial statements and accounting records of Vector Group. The combined consolidated financial statements include the assets, liabilities, revenues, expenses and cash flows of DER Holdings LLC and New Valley Ventures as well as all other entities in which Douglas Elliman has a controlling financial interest. All intercompany balances and transactions have been eliminated in the combined consolidated financial statements. When evaluating an entity for consolidation, Douglas Elliman first determines whether an entity is within the scope of the guidance for consolidation of variable interest entities (“VIE”) and if it is deemed to be a VIE. If the entity is considered to be a VIE, Douglas Elliman determines whether it would be considered the entity’s primary beneficiary. Douglas Elliman consolidates those VIEs for which it has determined that it is the primary beneficiary. Douglas Elliman will consolidate an entity not deemed a VIE upon a determination that it has a controlling financial interest. For entities where Douglas Elliman does not have a controlling financial interest, the investments in such entities are classified as available-for-sale securities or accounted for using the equity or cost method, as appropriate. (c) Former Parent’s Net Investment: The Former Parent’s net investment in the condensed combined consolidated statement of stockholders’ equity represents Vector Group’s historical net investment in Douglas Elliman resulting from various transactions with and allocations from the Former Parent. Balances due to and due from the Former Parent and accumulated earnings attributable to Douglas Elliman operations have been presented as components of Former Parent’s net investment. (d) Estimates and Assumptions: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates subject to material changes in the near term include impairment charges and valuation of intangible assets. Actual results could differ from those estimates. (e) Earnings Per Share (“EPS”): On December 29, 2021, the date of the Distribution, 77,720,626 shares of the Common Stock, par value $0.01 per share, were distributed to Vector Group shareholders of record as of December 20, 2021. This share amount is being utilized for the calculation of basic and diluted earnings per share for the period presented prior to the Distribution as all shares were owned by Vector Group prior to the Distribution. For the 2021 period, these shares are treated as issued and outstanding at January 1, 2021 for purposes of calculating historical basic and diluted earnings per share. The Company has restricted stock awards which will provide cash dividends at the same rate as paid on the common stock with respect to the shares underlying the restricted stock awards. These outstanding restricted stock awards represent participating securities under authoritative guidance. The Company first paid dividends during the three months ended March 31, 2022. As a result, in its calculation of basic EPS and dilutive EPS for the three months ended March 31, 2022, the Company adjusted its net income for the effect of these participating securities. For the three months ended March 31, 2021, the Company did not adjust its net income for the effect of these participating securities because the adjustment was negligible.
Basic EPS is computed by dividing net income available to common stockholders attributed to Douglas Elliman Inc. by the weighted-average number of shares outstanding, which will include vested restricted stock. Basic and diluted EPS were calculated using the following common shares for the periods presented below:
(f) Reconciliation of Cash, Cash Equivalents and Restricted Cash: Restricted cash amounts included in current assets and other assets represent cash and cash equivalents required to be deposited into escrow for amounts required for letters of credit related to office leases, and certain deposit requirements for banking arrangements. The restrictions related to the letters of credit will remain in place for the duration of the respective lease. The restrictions related to the banking arrangements will remain in place for the duration of the arrangement. The components of “Cash, cash equivalents and restricted cash” in the condensed combined consolidated statements of cash flows were as follows:
(g) Related Party Transactions: Agreements with Vector Group. The Company paid $1,050 under the Transition Services Agreement and $491 under the Aircraft Lease Agreement during the three months ended March 31, 2022. Vector Group has agreed to indemnify the Company for a contingent liability. The value of the contingent liability was $965 as of March 31, 2022. Accordingly, the Company has recorded a receivable equal to the amount of the contingent liability. Real estate commissions. Real estate commissions includes commissions of approximately $900 and $2,357 for the three months ended March 31, 2022 and 2021, respectively, from projects where the Company has been engaged by certain developers as the sole broker or the co-broker for several of the real estate development projects that Vector Group owns an interest in through its real estate venture investments. (h) Other Comprehensive Income: The Company does not have any activity that results in Other Comprehensive Income, therefore no statement of Comprehensive Income is included in the combined consolidated financial statements. (i) Subsequent Events: The Company has evaluated subsequent events through May 11, 2022, the date the financial statements were issued. (j) New Accounting Pronouncements: ASUs to be adopted in future periods: In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires that an acquirer recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the new guidance on its combined consolidated financial statements.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE RECOGNITION | REVENUE RECOGNITION Disaggregation of Revenue In the following table, revenue is disaggregated by major services line and primary geographical market:
Contract Balances The following table provides information about contract assets and contract liabilities from development marketing and commercial leasing contracts with customers:
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Current Expected Credit Losses |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CURRENT EXPECTED CREDIT LOSSES | CURRENT EXPECTED CREDIT LOSSES Real estate broker agent receivables: Douglas Elliman Realty is exposed to credit losses for various amounts due from real estate agents, which are included in Other current assets on the condensed combined consolidated balance sheets, net of an allowance for credit losses. The Company estimates its allowance for credit losses on receivables from agents based on an evaluation of aging, agent sales in pipeline, any security, specific exposures, historical experience of collections from the individual agents, and current and expected future market trends. The Company estimated that the credit losses for these receivables were $8,833 and $8,607 at March 31, 2022 and December 31, 2021, respectively. The following is the rollforward of the allowance for credit losses for the three months ended March 31, 2022:
_____________________________ (1) The bad debt expense related to the real estate broker agent receivables is included in General and administrative expenses on the condensed combined consolidated statements of operations. The following is the rollforward of the allowance for credit losses for the three months ended March 31, 2021:
_____________________________ (1) The bad debt expense related to the real estate broker agent receivables is included in General and administrative expenses on the condensed combined consolidated statements of operations.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES Leases The Company has operating leases for corporate and sales offices and equipment. The components of lease expense were as follows:
Supplemental cash flow information related to leases was as follows:
Supplemental balance sheet information related to leases was as follows:
As of March 31, 2022, maturities of lease liabilities were as follows:
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Long-Term Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM INVESTMENTS | LONG-TERM INVESTMENTS Long-term investments consisted of the following:
_____________________________ (1) These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820. (2) These amounts are included in Other current assets on the condensed combined consolidated balance sheets. Net gains recognized on long-term investment securities were as follows:
(a) PropTech Convertible Trading Debt Securities: During the three months ended March 31, 2022, New Valley Ventures invested $701 into convertible notes of two additional PropTech ventures. The securities are classified as trading debt securities and are accounted for at fair value. The maturities of all of the convertible notes range from February 2023 to December 2023. (b) Long-Term Investment Securities at Fair Value: The following is a summary of unrealized and realized net gains recognized in net income on long-term investment securities at fair value during the three months ended March 31, 2022 and 2021, respectively:
The Company has unfunded commitments of $1,460 related to long-term investment securities at fair value as of March 31, 2022. (c) Equity Securities Without Readily Determinable Fair Values That Do Not Qualify for the NAV Practical Expedient Equity securities without readily determinable fair values that do not qualify for the NAV practical expedient consisted of investments in various limited liability companies at March 31, 2022. The total carrying value of these investments was $4,363 as of March 31, 2022. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the three months ended March 31, 2022.
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Equity Method Investments |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS Equity-method investments consisted of the following:
At March 31, 2022, the Company’s ownership percentages in the investments accounted for under the equity method ranged from 17% to 50%, which meet the threshold for equity-method accounting. VIE Consideration: The Company has determined that the Company is not the primary beneficiary of any of its equity method investments because it does not control the activities that most significantly impact the economic performance of the investment. The Company determined that the entities were VIEs but the Company was not the primary beneficiary. Therefore, the Company’s equity method investments have been accounted for under the equity method of accounting. Maximum Exposure to Loss: The Company’s maximum exposure to loss from its equity method investments consisted of the net carrying value of the investments adjusted for any future capital commitments and/or guarantee arrangements. The maximum exposure to loss was $2,508 as of March 31, 2022.
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Notes Payable and Other Obligations |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOTES PAYABLE AND OTHER OBLIGATIONS | NOTES PAYABLE AND OTHER OBLIGATIONS Notes payable and other obligations consisted of:
Notes Payable: Notes payable consists primarily of $9,375 of notes payable issued by DER Holdings LLC in connection with the acquisition of the 29.41% interest in Douglas Elliman on December 31, 2018. Principal of $20,625 has been repaid through March 31, 2022 and the remaining principal of $9,375 is due in 2022. Fair Value of Notes Payable and Other Obligations: The estimated fair value of the Company’s notes payable and long-term debt were as follows:
Notes payable and other obligations are carried on the condensed combined consolidated balance sheets at amortized cost. The fair value determinations disclosed above would be classified as Level 2 under the fair value hierarchy disclosed in Note 10 if such liabilities were recorded on the condensed combined consolidated balance sheets at fair value. The estimated fair value of the Company’s notes payable and other obligations has been determined by the Company using available information. However, considerable judgment is required to develop the estimates of fair value and, accordingly, the estimate presented herein is not necessarily indicative of the amount that could be realized in a current market exchange.
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Contingencies |
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Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The Company is involved in litigation through the normal course of business. The majority of claims have been referred to the insurance carrier and related counsel. The Company believes that the resolution of these matters will not have a material adverse effect on the financial position, results of operations or cash flows of the Company. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES The financial statements of Douglas Elliman Inc. include the tax accounts of the following entities: (i) DER Holdings LLC, the parent of Douglas Elliman Realty LLC, is a single-member limited liability company that is a disregarded entity for U.S. income tax purposes, (ii) Douglas Elliman Realty LLC is a limited liability company that files as a partnership for U.S. income tax purposes, (iii) Douglas Elliman of California, Inc. is a corporation that reported on a separate company basis until February 28, 2019, then elected to become a consolidated subsidiary included in Vector Group’s consolidated U.S. income tax return until the Spin-off, and thereafter is a consolidated subsidiary of Douglas Elliman Inc. (iv) DER Holdings II LLC, a subsidiary of DER Holdings LLC, which has elected to be taxed as corporation for U.S. income tax purposes, and (v) New Valley Ventures LLC, NV Mortgage LLC and NV Title LLC, which are single member limited liability companies that are treated as disregarded entities for U.S. income tax purposes. Upon completion of the Spin-off, Douglas Elliman Inc. and its subsidiaries detailed above became a separate taxable entity for federal and state income tax purposes. After the the Distribution, the Company calculated its provision for income taxes based upon the taxable income attributable to its activity and the activity of its subsidiaries during this period. For the periods presented prior to the Distribution, the Company calculated its provision for income taxes by using a separate-return method and elected not to allocate tax expense to single-member limited liability companies or partnerships that did not incur income tax liability because they were not severally liable for the taxes of their owners. Prior to the Distribution, Douglas Elliman of California, Inc. and DER Holdings II LLC were the only two entities taxed as corporations for U.S. Income Tax purposes while the remaining entities were pass through entities for federal income tax purposes. Therefore, no income tax expense was allocated to entities other than DER Holdings II LLC, Douglas Elliman of California, Inc. and, for purposes of New York City UBT only, Douglas Elliman Realty, LLC. The Company’s income tax expense consisted of the following:
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Investments and Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS AND FAIR VALUE MEASUREMENTS | INVESTMENTS AND FAIR VALUE MEASUREMENTS The Company’s financial assets and liabilities subject to fair value measurements were as follows:
_____________________________ (1)Amounts included in Cash and cash equivalents on the condensed combined consolidated balance sheets, except for $7,861 that is included in current restricted cash and cash equivalents and $1,907 that is included in non-current restricted assets. (2)Amounts included in current restricted assets and non-current restricted assets on the condensed combined consolidated balance sheets. (3)In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
_____________________________ (1)Amounts included in Cash and cash equivalents on the condensed combined consolidated balance sheets, except for $15,336 that is included in current restricted assets and $1,907 that is included in non-current restricted assets. (2)Amounts included in current restricted assets and non-current restricted assets on the condensed combined consolidated balance sheets. (3)In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. The fair value of the Level 2 certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is the rate offered by the financial institution. The fair values of the Level 3 PropTech convertible trading debt securities were derived using a discounted cash flow model utilizing a probability-weighted expected return method based on the probabilities of different potential outcomes for the convertible trading debt securities. The long-term investments are based on NAV per share provided by the partnerships based on the indicated market value of the underlying assets or investment portfolio. In accordance with Subtopic 820-10, these investments are not classified under the fair value hierarchy disclosed above because they are measured at fair value using the NAV practical expedient. The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at March 31, 2022:
The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2021:
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets and liabilities are recorded at fair value on a nonrecurring basis as a result of impairment charges. The Company had no nonrecurring nonfinancial assets subject to fair value measurements as of March 31, 2022 and December 31, 2021, respectively.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s business segments were 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 months ended March 31, 2022 and 2021 were as follows:
(a)The following table reconciles operating income to Adjusted EBITDA attributed to Douglas Elliman for the three months ended March 31, 2022 and 2021.
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Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: Douglas Elliman Inc. (“Douglas Elliman” or the “Company”) 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. The condensed combined consolidated financial statements of Douglas Elliman include the accounts of DER Holdings LLC and New Valley Ventures LLC (“New Valley Ventures”), directly and indirectly wholly-owned subsidiaries of the Company. DER Holdings LLC owns Douglas Elliman Realty, LLC and Douglas Elliman of California, Inc., which are engaged in the residential real estate brokerage business with their subsidiaries. The operations of New Valley Ventures consist of minority investments in innovative and cutting-edge PropTech companies. Certain references to “Douglas Elliman Realty” refer to the Company’s residential real estate brokerage business, including the operations of Douglas Elliman Realty, LLC and Douglas Elliman of California Inc., unless otherwise specified. Prior to its distribution (the “Distribution”) from Vector Group Ltd. (“Vector Group” or, collectively with its subsidiaries, “Former Parent”) in December 2021, Douglas Elliman was a subsidiary of Vector Group. Douglas Elliman’s condensed combined consolidated financial statements as of and for the period ended March 31, 2021 include certain indirect general and administrative costs allocated to it by Vector Group for certain functions and services including, but not limited to, executive office, finance and other administrative support. These expenses have been allocated to Douglas Elliman on the basis of direct usage, when identifiable. Douglas Elliman’s condensed combined consolidated results of operations, financial position and cash flows may not be indicative of its future performance and do not necessarily reflect what its combined consolidated results of operations, financial position and cash flows would have been had Douglas Elliman operated as a separate, stand-alone entity during the three months ended March 31, 2021, including changes in its operations and capitalization as a result of the separation and distribution from Vector Group. The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These financial statements as of and for the period ended March 31, 2021 reflect the combined historical results of our operations, financial position and cash flows in accordance with U.S. GAAP and SEC Staff Accounting Bulletin Topic 1-B, Allocation of Expenses and Related Disclosure in Financial Statements of Subsidiaries, Divisions or Lesser Business Components of Another Entity. References to GAAP issued by the Financial Accounting Standards Board (“FASB”) are to the FASB Accounting Standards Codification, also referred to as the “Codification” or “ASC.” These condensed combined consolidated financial statements should be read in conjunction with the combined consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”). The condensed combined consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year. In presenting the condensed combined consolidated financial statements, management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. (b) Principles of Consolidation: The condensed combined consolidated financial statements presented herein have been prepared on a stand-alone basis and, prior to December 29, 2021, are derived from the combined consolidated financial statements and accounting records of Vector Group. The combined consolidated financial statements include the assets, liabilities, revenues, expenses and cash flows of DER Holdings LLC and New Valley Ventures as well as all other entities in which Douglas Elliman has a controlling financial interest. All intercompany balances and transactions have been eliminated in the combined consolidated financial statements. When evaluating an entity for consolidation, Douglas Elliman first determines whether an entity is within the scope of the guidance for consolidation of variable interest entities (“VIE”) and if it is deemed to be a VIE. If the entity is considered to be a VIE, Douglas Elliman determines whether it would be considered the entity’s primary beneficiary. Douglas Elliman consolidates those VIEs for which it has determined that it is the primary beneficiary. Douglas Elliman will consolidate an entity not deemed a VIE upon a determination that it has a controlling financial interest. For entities where Douglas Elliman does not have a controlling financial interest, the investments in such entities are classified as available-for-sale securities or accounted for using the equity or cost method, as appropriate.
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Former Parent’s Net Investment | Former Parent’s Net Investment:The Former Parent’s net investment in the condensed combined consolidated statement of stockholders’ equity represents Vector Group’s historical net investment in Douglas Elliman resulting from various transactions with and allocations from the Former Parent. Balances due to and due from the Former Parent and accumulated earnings attributable to Douglas Elliman operations have been presented as components of Former Parent’s net investment. |
Estimates and Assumptions | Estimates and Assumptions:The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant estimates subject to material changes in the near term include impairment charges and valuation of intangible assets. Actual results could differ from those estimates. |
Earnings Per Share (“EPS”) | Earnings Per Share (“EPS”):On December 29, 2021, the date of the Distribution, 77,720,626 shares of the Common Stock, par value $0.01 per share, were distributed to Vector Group shareholders of record as of December 20, 2021. This share amount is being utilized for the calculation of basic and diluted earnings per share for the period presented prior to the Distribution as all shares were owned by Vector Group prior to the Distribution. For the 2021 period, these shares are treated as issued and outstanding at January 1, 2021 for purposes of calculating historical basic and diluted earnings per share.The Company has restricted stock awards which will provide cash dividends at the same rate as paid on the common stock with respect to the shares underlying the restricted stock awards. These outstanding restricted stock awards represent participating securities under authoritative guidance. |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | Reconciliation of Cash, Cash Equivalents and Restricted Cash:Restricted cash amounts included in current assets and other assets represent cash and cash equivalents required to be deposited into escrow for amounts required for letters of credit related to office leases, and certain deposit requirements for banking arrangements. The restrictions related to the letters of credit will remain in place for the duration of the respective lease. The restrictions related to the banking arrangements will remain in place for the duration of the arrangement. |
Other Comprehensive Income | Other Comprehensive Income:The Company does not have any activity that results in Other Comprehensive Income, therefore no statement of Comprehensive Income is included in the combined consolidated financial statements. |
Subsequent Events | Subsequent Events:The Company has evaluated subsequent events through May 11, 2022, the date the financial statements were issued. |
New Accounting Pronouncements | New Accounting Pronouncements: ASUs to be adopted in future periods: In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires that an acquirer recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the new guidance on its combined consolidated financial statements.
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Summary of Significant Accounting Policies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income for Purposes of Determining Basic and Diluted EPS | As a result, in its calculation of basic EPS and dilutive EPS for the three months ended March 31, 2022, the Company adjusted its net income for the effect of these participating securities. For the three months ended March 31, 2021, the Company did not adjust its net income for the effect of these participating securities because the adjustment was negligible.
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Basic and Diluted EPS Calculation Shares | Basic and diluted EPS were calculated using the following common shares for the periods presented below:
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Schedule of Components of Cash, Cash Equivalents and Restricted Cash | The components of “Cash, cash equivalents and restricted cash” in the condensed combined consolidated statements of cash flows were as follows:
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Revenue Recognition (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | In the following table, revenue is disaggregated by major services line and primary geographical market:
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Schedule of Contract Balances | The following table provides information about contract assets and contract liabilities from development marketing and commercial leasing contracts with customers:
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Current Expected Credit Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Rollforward of Allowance for Credit Losses | The following is the rollforward of the allowance for credit losses for the three months ended March 31, 2022:
_____________________________ (1) The bad debt expense related to the real estate broker agent receivables is included in General and administrative expenses on the condensed combined consolidated statements of operations. The following is the rollforward of the allowance for credit losses for the three months ended March 31, 2021:
_____________________________ (1) The bad debt expense related to the real estate broker agent receivables is included in General and administrative expenses on the condensed combined consolidated statements of operations.
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Expense and Supplemental Cash Flow Information | The components of lease expense were as follows:
Supplemental cash flow information related to leases was as follows:
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Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows:
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Maturities of Operating Lease Liabilities | As of March 31, 2022, maturities of lease liabilities were as follows:
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Long-Term Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Investment Securities | Long-term investments consisted of the following:
_____________________________ (1) These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820. (2) These amounts are included in Other current assets on the condensed combined consolidated balance sheets. Net gains recognized on long-term investment securities were as follows:
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Summary of Unrealized and Realized Net Gains | The following is a summary of unrealized and realized net gains recognized in net income on long-term investment securities at fair value during the three months ended March 31, 2022 and 2021, respectively:
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Equity Method Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments | Equity-method investments consisted of the following:
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Notes Payable and Other Obligations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notes Payable, Long-term Debt and Other Obligations | Notes payable and other obligations consisted of:
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Schedule of Fair Value of Notes Payable and Long-term Debt | The estimated fair value of the Company’s notes payable and long-term debt were as follows:
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income Tax Expense | The Company’s income tax expense consisted of the following:
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Investments and Fair Value Measurements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Recurring Financial Assets and Liabilities Subject to Fair Value Measurements | The Company’s financial assets and liabilities subject to fair value measurements were as follows:
_____________________________ (1)Amounts included in Cash and cash equivalents on the condensed combined consolidated balance sheets, except for $7,861 that is included in current restricted cash and cash equivalents and $1,907 that is included in non-current restricted assets. (2)Amounts included in current restricted assets and non-current restricted assets on the condensed combined consolidated balance sheets. (3)In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
_____________________________ (1)Amounts included in Cash and cash equivalents on the condensed combined consolidated balance sheets, except for $15,336 that is included in current restricted assets and $1,907 that is included in non-current restricted assets. (2)Amounts included in current restricted assets and non-current restricted assets on the condensed combined consolidated balance sheets. (3)In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
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Schedule of Unobservable Inputs Related to the Valuations of the Level 3 Liabilities | The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at March 31, 2022:
The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2021:
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Information for the Company's Operations Before Taxes | Financial information for the Company’s operations before taxes and non-controlling interests for the three months ended March 31, 2022 and 2021 were as follows:
(a)The following table reconciles operating income to Adjusted EBITDA attributed to Douglas Elliman for the three months ended March 31, 2022 and 2021.
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Summary of Significant Accounting Policies (Earnings Per Share (“EPS”)) (Details) - $ / shares |
Mar. 31, 2022 |
Dec. 31, 2021 |
Dec. 29, 2021 |
---|---|---|---|
Accounting Policies [Abstract] | |||
Common stock, shares issued (in shares) | 81,235,626 | 81,210,626 | 77,720,626 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Summary of Significant Accounting Policies (Net Income for Purposes of Determining Basic and Diluted EPS) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Accounting Policies [Abstract] | ||
Net income attributed to Douglas Elliman Inc. | $ 6,510 | $ 13,965 |
Income attributable to participating securities, basic | (275) | 0 |
Income attributable to participating securities, diluted | (275) | 0 |
Net income available to common stockholders attributed to Douglas Elliman Inc. - basic | 6,235 | 13,965 |
Net income available to common stockholders attributed to Douglas Elliman Inc. - diluted | $ 6,235 | $ 13,965 |
Summary of Significant Accounting Policies (Basic and Diluted Earnings Per Share (in shares)) (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Accounting Policies [Abstract] | ||
Weighted-average shares for basic EPS (in shares) | 77,666,210 | 77,720,626 |
Plus incremental shares related to stock options and non-vested restricted stock (in shares) | 54,416 | 0 |
Weighted-average shares for diluted EPS (in shares) | 77,720,626 | 77,720,626 |
Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents, and Restricted Cash) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 203,669 | $ 211,623 | ||
Restricted cash and cash equivalents included in current assets | 7,861 | 15,336 | ||
Restricted cash and cash equivalents included in other assets | 1,907 | 1,907 | ||
Total cash, cash equivalents, and restricted cash shown in the condensed combined consolidated statements of cash flows | $ 213,437 | $ 228,866 | $ 120,077 | $ 106,702 |
Summary of Significant Accounting Policies (Related Party Real Estate Commissions) (Details) - Vector Group Ltd. - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Transition Services Agreement | ||
Summary of Significant Accounting Policies [Line Items] | ||
Related party transaction, amounts of transaction | $ 1,050 | |
Aviation Agreements | ||
Summary of Significant Accounting Policies [Line Items] | ||
Related party transaction, amounts of transaction | 491 | |
Sole Broker Or Co-broker | ||
Summary of Significant Accounting Policies [Line Items] | ||
Real estate commissions | 900 | $ 2,357 |
Contingent liability | ||
Summary of Significant Accounting Policies [Line Items] | ||
Related party transaction, amounts of transaction | $ 965 |
Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Revenue from Contract with Customer [Abstract] | ||
Revenue recognized on contract liabilities | $ 8,069 | $ 932 |
Current Expected Credit Losses (Narrative) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Real estate broker agent receivables | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Estimated credit losses | $ 8,833 | $ 8,607 | $ 7,314 | $ 7,038 |
Current Expected Credit Losses (Rollforward) (Details) - Real estate broker agent receivables - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 8,607 | $ 7,038 |
Current Period Provision | 558 | 385 |
Write-offs | 332 | 109 |
Recoveries | 0 | 0 |
Ending balance | $ 8,833 | $ 7,314 |
Leases (Lease Expense and Cash Outflows from Operating Leases) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Leases [Abstract] | ||
Operating lease cost | $ 8,169 | $ 8,135 |
Short-term lease cost | 257 | 200 |
Variable lease cost | 985 | 956 |
Less: Sublease income | (121) | (88) |
Total lease cost | 9,290 | 9,203 |
Cash paid for amounts included in measurement of lease liabilities: | ||
Operating cash flows from operating leases | 9,196 | 9,473 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 6,984 | $ 717 |
Leases (Supplemental Balance Sheet Information) (Details) |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Weighted average remaining lease term: | ||
Operating leases | 7 years 5 months 1 day | 7 years 7 months 24 days |
Weighted average discount rate: | ||
Operating leases | 8.89% | 9.12% |
Leases (Maturities of Operating Lease Liabilities) (Details) $ in Thousands |
Mar. 31, 2022
USD ($)
|
---|---|
Operating Leases | |
Remainder of 2022 | $ 27,079 |
2023 | 33,222 |
2024 | 27,931 |
2025 | 23,399 |
2026 | 21,141 |
2027 | 18,898 |
Thereafter | 61,901 |
Total lease payments | 213,571 |
Less imputed interest | (60,293) |
Total | $ 153,278 |
Leases (Narrative) (Details) |
Mar. 31, 2022
USD ($)
|
---|---|
Leases [Abstract] | |
Lease not yet commenced | $ 0 |
Long-Term Investments (Components of Investment Securities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
PropTech convertible trading debt securities | $ 3,077 | $ 2,222 |
Long-term investment securities at fair value | 2,332 | 1,534 |
PropTech investments at cost | 4,363 | 4,338 |
Total investments | 9,772 | 8,094 |
Less PropTech current convertible trading debt securities | 2,376 | 0 |
Total long-term investments | $ 7,396 | $ 8,094 |
Long-Term Investments (Summary of Unrealized and Realized Net Gains) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Net gains recognized on PropTech convertible trading debt securities | $ 154 | $ 0 |
Net gains recognized on long-term investments at fair value | 598 | 34 |
Net gains recognized on long-term investment securities | $ 752 | $ 34 |
Long-Term Investments (Narrative) (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022
USD ($)
venture
|
Dec. 31, 2021
USD ($)
|
|
Debt Securities, Available-for-sale [Line Items] | ||
Unfunded commitments | $ 1,460 | |
PropTech investments at cost | 4,363 | $ 4,338 |
PropTech | Affiliated Entity | New Valley Ventures | Convertible Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Invested amount | $ 701 | |
Number of investees | venture | 2 |
Long-Term Investments (Gross Realized Gains and Losses on Investment Securities) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Net gains recognized on long-term investment securities | $ 598 | $ 34 |
Equity Method Investments (Schedule of Equity Method Investments) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Equity-method investments | $ 2,508 | $ 2,521 |
Ancillary services ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity-method investments | $ 2,508 | $ 2,521 |
Equity Method Investments (Narrative) (Details) $ in Thousands |
Mar. 31, 2022
USD ($)
|
---|---|
Schedule of Investments [Line Items] | |
Maximum exposure on guarantees | $ 2,508 |
Ancillary services ventures | Minimum | |
Schedule of Investments [Line Items] | |
Equity-method ownership percentage | 17.00% |
Ancillary services ventures | Maximum | |
Schedule of Investments [Line Items] | |
Equity-method ownership percentage | 50.00% |
Notes Payable and Other Obligations (Components of Debt) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Total notes payable and other obligations | $ 9,574 | $ 12,703 |
Less: Current maturities | (9,405) | (12,527) |
Amount due after one year | 169 | 176 |
Notes payable | ||
Debt Instrument [Line Items] | ||
Total notes payable and other obligations | 9,375 | 12,500 |
Other | ||
Debt Instrument [Line Items] | ||
Total notes payable and other obligations | $ 199 | $ 203 |
Notes Payable and Other Obligations (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2018 |
|
Debt Instrument [Line Items] | |||
Notes payable, long-term debt and other obligations | $ 9,574 | $ 12,703 | |
Douglas Elliman Texas | |||
Debt Instrument [Line Items] | |||
Voting interest acquired | 29.41% | ||
Notes payable | |||
Debt Instrument [Line Items] | |||
Notes payable, long-term debt and other obligations | 9,375 | $ 12,500 | |
Notes Payable Issued by New Valley | Notes payable | |||
Debt Instrument [Line Items] | |||
Notes payable, long-term debt and other obligations | 9,375 | ||
Repaid principal | 20,625 | ||
Remaining principal due in 2022 | $ 9,375 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Tax Disclosure [Abstract] | ||
Income before provision for income taxes | $ 9,202 | $ 14,246 |
Income tax expense using estimated annual effective income tax rate | 2,917 | 4,097 |
Less Federal income tax expense attributable to pass-through entities | 0 | (3,816) |
Income tax expense | $ 2,917 | $ 281 |
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