you us. business. and Officer; Elliman of are and Operating Realty, joining Real Chief our our morning, CEO me Brokerage Lampen, Durkin, Bryant With Kirkland, Chief Good Officer; Residential Douglas President and Richard thank our today Scott Financial for Estate
will XX, financial operating environment On XXXX, in thoughts stated. as this current the call, morning ended numbers results on All and well otherwise March then will Douglas as XX, estate. months X we of residential as trends March today's XXXX, presented the unless our for discuss real be Elliman's
We for comments will then and provide call questions. closing open the
First, Elliman's ended results financial discuss March let Douglas us XX, for the XXXX. months X
dedication Elliman market. amid have agents estate unwavering Douglas displayed even that residential the challenges current the -- with facing in quarter, pleased midst are the We real this U.S.
challenges we rates, in listing volatility due sharp shortages after sustained the As faced residential generational estate peak XXXX we a inventory luxury in to reaching significant the calls, interest real and ongoing markets have in on XXXX, serve. industry increases market previous mentioned in
our markets been XXXX the outperformed business, these the well impacted as strong in industry-wide luxury headwinds. of XXXX far advantage as Douglas of in the have Although thus our and development half industry from in marketing our results second pricing competitive because in stable XXXX Elliman by
per million first million XXXX for million Net In to attributed Elliman $XXX.X diluted loss or EBITDA the in net the to the income in Douglas reported XXXX $XX.X compared to quarter Elliman in per $X.XX $X.XX Elliman or attributed $X.X the period. loss of $XXX million Adjusted share was compared XXXX period. period. diluted $XX.X share, the was Douglas of to compared million Douglas quarter, in million a of the $XX.X first in income revenues to quarter
to first reported Estate our of XXXX purposes, segment compared $XX.X comparison XXXX. million in first of the quarter Real operating income For in loss million an of of the Brokerage $XX.X quarter
$X.X Real quarter share EBITDA income was of Elliman Adjusted the segment million $X.XX compared to in loss first a of in attributed Douglas quarter $XX.X first $X.XX Douglas the first or net of to per attributed loss of was XXXX. per $X.X adjusted to quarter XXXX of compared Adjusted the million Brokerage in Elliman's in to or million period. $XX.X Estate XXXX million net share the income
trends as operating our on Elliman well estate. for discuss will we the residential in Douglas Now as outlook real environment
While we trends in the some our are and to operating half expect first we impact continue seeing. XXXX, by improvements are this environment to challenging encouraged we results of in
average flat results transactions, of with in quarter transaction home. number price quarter our Specifically, gross first XXXX sequentially selling terms XXXX revenue, were and of the of per fourth value
in saw quarters quarter increase significant first of of XXXX. of the a declines listings the from X listings, fourth quarter XX% following in Second, XXXX
takes X listings revenues of half XXXX. to an of months, this second generally conversion Given X sign for the encouraging is to the
a markets down emerge mortgage buyers operates Elliman from usually Importantly, to first are reliant. the are luxury markets in as which cycle Douglas the less
and rates adjust as ease increase listings to of higher supply expect consumers and inventory gradually tight interest to price as also sell adjust expectations. a We the
strong liquidity of successfully ample debt cash to We cash navigate and Elliman's XXXX. industry equivalents maintained and near-term position March strategy Douglas XX, challenges. positioned no million reduction with as and well cost it of make financial approximately $XXX
strong overhead in market sheet and Douglas to to flexibility well history balance as a brokerage provides scaling entering long our competitive us liquidity of when new profitability This adjust to conditions. Elliman's us with provide underscores Our as core continues markets. various growing advantage business our expenses
the have more first cost by to begin experience. XX impacting the that costly We nimble made these streamlined will space. Elliman structure Douglas sponsorships, reduced our headcount consolidating more appropriately. also our efforts to to adjust approximately result positions, quarter, the and thoughtful office We cut fit business believe without agent changes program we advertising a commenced In in significantly
encouraging strong continue these luxury some celebrated optimistic retention agents. with trends include X,XXX opportunities profile, remain leveraging relationship market we agents about importantly, we significant we and outstanding our our of on share solid the Elliman Douglas agent proud and financial strengths, and which and be XX% in to markets include, global our and our industry's of first our These key capture individuals, our by very and most rate. the growth most Based teams to our see network
We transaction our our March Elliman of business billion This the will We $X.X next and business. value marketing provide market several XXXX. the long-term are close over as gross development brought to also of pipeline for marketing to ending the these operate transactions XX, preeminent years. XX to value Douglas developed proud signed months
success. our growth the and macroeconomic Elliman In for strength summary, us weathering our existing platform differentiated current the Douglas believe we challenges, of long-term make and positioned business is and well
successful history management of expenses stock value. maintaining proven financial a importance create long-term to applying the team over balances revenues of and discipline and cycles that economic operating managing Our navigating many has
expansion, solutions addition in and on of agents. recruitment ahead, empower focused Looking our are we driving operational further to outstanding of adoption talent innovative efficiencies, to strategic continued market
will to happy With be we questions. answer that, Operator?
