The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Soham Bhonsle - BTIG, LLC - Analyst
: Hey, good morning, everyone. So first one, I guess, Howard, more recently, we've seen an increase in inventory in some of your core markets like
Florida and Texas and I think you sort of noted that in your comments as well. So I guess, wondering what you're hearing from agents as to why
that's maybe not translated into more transaction unit growth this quarter. Because when I sort of break down your GTV performance into units
in price, it looks like units were still down 3%. So any thoughts there would be helpful. Thank you.
Question: Soham Bhonsle - BTIG, LLC - Analyst
: Okay. And then Bryant, I guess you did in the prepared comments, say, I think up 12% on cash receipts. Can you just remind us how that actually
translates into revenue going forward?
Question: Soham Bhonsle - BTIG, LLC - Analyst
: Okay, great. And then I guess on the capital raise, it sounds like you're looking to deploy that for growth. So can you maybe just talk about whether
you envision that spend going towards tuck-in acquisitions? Or is it building out teams more organically? And then maybe just a market that you'd
be looking to target.
Question: Soham Bhonsle - BTIG, LLC - Analyst
: Okay. And then, Bryant on expenses. So it looks like you've been able to bring down the G&A line nicely. But my question is more around the
go-forward. So if volumes were to begin to inflect next year or in the back half of the year, how are you sort of thinking about managing that line
or just your fixed expenses in general, right? Should we expect that to continue to trend down as some of your prior actions sort of flow through?
Or do you expect to add more folks to support the growth as you go forward?
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AUGUST 08, 2024 / 12:00PM, DOUG.N - Q2 2024 Douglas Elliman Inc Earnings Call
Question: Soham Bhonsle - BTIG, LLC - Analyst
: Okay, understood. And just last one. On split, Bryant, it was up 150 basis points. And look, we've seen pressure across the industry. Can you just
maybe talk about some of the dynamics that play there? Thank you.
Question: Peter Abramowitz - Jefferies LLC - Analyst
: Yes. Thank you for taking the questions. So if we just look at overall transaction value in your business versus the overall market, it would seem
that you gained market share this quarter. So just wondering if you could provide any context or comments around that. Maybe what drove that
and if you think that's something that's sustainable going forward?
Question: Peter Abramowitz - Jefferies LLC - Analyst
: Okay, that's helpful. And then a question just overall on the macro backdrop, obviously, some volatile and wild moves in the market. And there
seems to be maybe a little bit more concern around a recession today than there was a couple of weeks ago. Just if you could help us think through
impact your business.
I know that your core buyer is maybe less impacted by the macro backdrop and not as sensitive. But have you had conversations internally about
how that affects the business? And could you help us think through, if we do go into a recession, how we should think about sort of the go-forward
sort of medium term?
Question: Peter Abramowitz - Jefferies LLC - Analyst
: Got it. And then one more, if I could. I think, Howard, you mentioned in your comments toward the end there, just on strategic market expansion.
Could you touch on maybe some of the markets where you're thinking that may be a possibility, whether acquiring new teams or potentially just
kind of beefing up for recovery, just markets overall, where you think the business could be expanding over the next year or two?
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