Analyst Summary: Douglas Elliman Inc. reported a net income of $102.1 million for the year ended December 31, 2022, compared to $98.1 million in 2021. The company's revenue for the three months ended December 31, 2022, was $207.3 million, compared to $334.2 million in the prior year quarter. Despite a decline in revenue, Howard M. Lorber, Chairman, and CEO, expressed confidence in Douglas Elliman's balance sheet, global network of agents, and luxury brand, stating their differentiated platform will enable them to deliver consistent growth over the long term. The company also reported a significant liquidity of $163.9 million at December 31, 2022. The Non-GAAP financial measures provide investors and analysts with a useful measure of operating results unaffected by differences in capital structures and ages of related assets among otherwise comparable companies. However, investors and analysts should consider these measures in addition to, but not as substitutes for or superior to, other measures of financial performance prepared in accordance with GAAP, such as operating income, net income, and cash flows from operations. Finally, investors should note that the statements included in the press release are forward-looking statements that involve risks and uncertainties and that actual results could differ materially.