Welcome to Douglas Elliman's First Quarter 2023 Earnings Conference Call. The call is being recorded and simultaneously webcast. An archived version of the webcast will be available on the Investor Relations section of the company's website located at investors.elliman.com for 1 year. During this call, the terms adjusted EBITDA and adjusted net income will be used. These terms are non-GAAP financial measures and should be considered in addition to, but not as a substitute for other measures of financial performance prepared in accordance with GAAP. Reconciliations to adjusted EBITDA and adjusted net income are contained in the company's earnings release, which has been posted to the Investor Relations section of the company's website. Before the call begins, I would like to read a safe harbor statement. The statements made during this conference call that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those set forth in, or implied by forward-looking statements. These risks are described in more detail in the company's Securities and Exchange Commission filings. Now I'd like to turn the call over to Chairman, President and Chief Executive Officer of Douglas Elliman, Howard Lorber. Please go ahead.

Good morning, and thank you for joining us. With me today are Richard Lampen, our Chief Operating Officer; Bryant Kirkland, our Chief Financial Officer; and Scott Durkin, President and CEO of Douglas Elliman Realty, our Residential Real Estate Brokerage business. On today's call, we will discuss Douglas Elliman's financial results for the 3 months ended March 31, 2023, and then our thoughts on the current operating environment as well as trends in residential real estate. All numbers presented this morning will be as of March 31, 2023, unless otherwise stated. We will then provide closing comments and open the call for questions. First, let us discuss Douglas Elliman's financial results for the 3 months ended March 31, 2023. We are pleased with the unwavering dedication that Douglas Elliman agents have displayed this quarter, even in midst -- amid the current challenges facing the U.S. residential real estate market. As we have mentioned on previous calls, after reaching a generational peak in 2021, the residential real estate industry faced significant challenges in 2022 due to sharp increases in interest rates, ongoing market volatility and sustained listing inventory shortages in the luxury markets we serve. Although Douglas Elliman outperformed the industry in 2022 because of stable pricing in our luxury markets as well as the competitive advantage from our strong development marketing business, our results in the second half of 2022 and thus far in 2023 have been impacted by these industry-wide headwinds. In the first quarter, Douglas Elliman reported $214 million in revenues compared to $308.9 million in the 2022 period. Net loss attributed to Douglas Elliman for the first quarter was $15.1 million or $0.20 per diluted share, compared to net income of $6.5 million or $0.08 per diluted share in the 2022 period. Adjusted EBITDA attributed to Douglas Elliman…

As there are no questions at this time, we would like to thank you for joining us on Douglas Elliman's First Quarter -- sorry, 2023 Earnings Conference Call. We hope you have a good day, and this will conclude our call.