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    ANYWHERE REAL ESTATE INC. REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS

    7/25/23 7:30:00 AM ET
    $HOUS
    Real Estate
    Finance
    Get the next $HOUS alert in real time by email

    MADISON, N.J., July 25, 2023 /PRNewswire/ -- Anywhere Real Estate Inc. (NYSE:HOUS) ("Anywhere" or the "Company"), a global leader in residential real estate services, today reported financial results for the second quarter ended June 30, 2023.

    Anywhere RE Logo (PRNewsfoto/Realogy Holdings Corp.)

    "In the midst of a challenging housing market, we delivered results in line with our expectations and continue to invest to set Anywhere up for an even stronger future," said Ryan Schneider, Anywhere president and CEO. "We are accelerating our strategy, which includes growing our high-margin franchise business, expanding our luxury leadership, simplifying and integrating the consumer transaction experience, and further transforming our cost base as we position Anywhere to lead real estate to what's next."

    "Anywhere delivered impressive results in the second quarter despite a tough real estate market," said Charlotte Simonelli, Anywhere executive vice president, chief financial officer, and treasurer. "We continue to be laser focused on what is in our control, including driving meaningful cost savings, making progress on our agent commission costs, and opportunistically reducing our debt with the transaction we announced this morning."

    Second Quarter 2023 Highlights

    • Generated Revenue of $1.7 billion, a decrease of 22% year-over-year, largely impacted by homesale transaction volume declines versus prior year of 23%.
    • Reported a Net income of $19 million and Adjusted net income of $27 million.
    • Operating EBITDA of $126 million, a decrease of $76 million year-over-year (See Table 5a).
    • Commission splits in the second quarter were only up 32 basis points year-over-year, driven by an improved competitive environment and proactive Company actions.
    • Realized second quarter cost savings of approximately $50 million and approximately $100 million year-to-date and are on track to deliver $200 million for the full year.
    • Free Cash Flow of $105 million vs. $70 million for the corresponding quarter last year (See Table 7).
    • At June 30, 2023, the Company's Senior Secured Leverage Ratio was 1.04x (See Table 8a) and Net Debt Leverage Ratio was 6.5x (See Table 8b).

    Second Quarter 2023 Financial Highlights

    The following table sets forth the Company's financial highlights for the periods presented (in millions, except per share data) (unaudited):



    Three Months Ended June 30,



    2023



    2022



     Change



    % Change

    Revenue

    $         1,671



    $         2,142



    $          (471)



    (22) %

    Operating EBITDA 1

    126



    202



    (76)



    (38)

    Net income attributable to Anywhere

    19



    88



    (69)



    (78)

    Adjusted net income 2

    27



    81



    (54)



    (67)

    Earnings per share

    0.17



    0.76



    (0.59)



    (78)

    Free Cash Flow 3

    105



    70



    35



    50

    Net cash provided by operating activities

    $               93



    $               28



    $               65



    232 %

















    Select Key Drivers















    Anywhere Brands - Franchise Group 4 5















    Closed homesale sides

    203,928



    263,600







    (23) %

    Average homesale price

    $     473,312



    $     475,361







    — %

    Anywhere Advisors - Owned Brokerage Group 5















    Closed homesale sides

    75,506



    96,029







    (21) %

    Average homesale price

    $     709,764



    $     735,013







    (3) %

    Anywhere Integrated Services - Title Group















    Purchase title and closing units

    30,136



    41,483







    (27) %

    Refinance title and closing units

    2,308



    4,712







    (51) %











    Footnotes:

    1  See Table 5a for a reconciliation of Net income attributable to Anywhere to Operating EBITDA. Operating EBITDA is defined as net income (loss) before depreciation and amortization, interest expense, net (other than relocation services interest for securitization assets and securitization obligations), income taxes, and other items that are not core to the operating activities of the Company such as restructuring charges, former parent legacy items, gains or losses on the early extinguishment of debt, impairments, gains or losses on discontinued operations and gains or losses on the sale of businesses, investments or other assets.

    2  See Table 1a for a reconciliation of Net income (loss) attributable to Anywhere to Adjusted net income (loss). Adjusted net income (loss) is defined as net income (loss) before mark-to-market interest rate swap adjustments, former parent legacy items, restructuring charges, (gain) loss on the early extinguishment of debt, impairments, (gain) loss on the sale of businesses, investments or other assets and the tax effect of the foregoing adjustments.

    3  See Table 7 for a reconciliation of Net income (loss) attributable to Anywhere to Free Cash Flow. Free Cash Flow is defined as net income (loss) attributable to Anywhere before income tax expense (benefit), income tax payments, net interest expense, cash interest payments, depreciation and amortization, capital expenditures, restructuring costs and former parent legacy costs (benefits), net of payments, impairments, (gain) loss on the sale of businesses, investments or other assets, (gain) loss on the early extinguishment of debt, working capital adjustments and relocation receivables (assets), net of change in securitization obligations.

    4  Includes all franchisees except for Owned Brokerage Group.

    5  The Company's combined homesale transaction volume (transaction sides multiplied by average sale price) decreased 23% compared with the second quarter of 2022.

    2023 Financial Estimates

    Looking ahead to the third quarter of 2023, the Company expects our third quarter 2023 transaction volume to be down around 10% versus prior year.

    Consistent with industry forecasts, we still expect quarterly transaction volume comparisons to 2022 to improve throughout 2023, but expect full year 2023 transaction volumes to decline about 15-20% year-over-year and likely towards the better part of that range. 

    Driven by these projected volume declines, the Company continues to expect full year 2023 Operating EBITDA to be below 2022. However, the Company still expects Free Cash Flow from operations to be modestly positive. This excludes the impact of cash expenses from the debt exchange transactions and any other non-recurring items.

    Based on year-to-date agent commission trends, we now expect full year commissions splits to increase about 50 to 75 basis points above 2022.

    The Company continues to expect to realize cost savings of approximately $200 million in 2023, inclusive of the cost savings realized year-to-date in 2023.

    These estimates are subject to, among other things, macroeconomic and housing market uncertainties, including those related to rising inflation and mortgage rates, declining affordability and constrained inventory as well as competitive, litigation and regulatory uncertainties.

    Balance Sheet

    As of July 24, 2023 the Company had $310 million outstanding borrowings under its Revolving Credit Facility.

    Total corporate debt, including the short-term portion, net of cash and cash equivalents (net corporate debt), totaled $2.7 billion at June 30, 2023. The Company's Net Debt Leverage Ratio was 6.5x at June 30, 2023 (see Table 8b).  The Company ended the quarter with cash and cash equivalents of $179 million.

    A consolidated balance sheet is included as Table 2 of this press release.

    Debt Exchange Transactions

    The Company also announced today that it has entered into an Exchange Agreement with funds managed by Angelo, Gordon & Co., L.P. ("Angelo Gordon") a Delaware limited partnership, pursuant to which Angelo Gordon agreed to exchange $273 million of the 5.75% Senior Notes due 2029 and 5.25% Senior Notes due 2030 (collectively, the "Unsecured Notes") it holds for $218 million in new 7.0% second lien secured notes due 2030 (the "New Second Lien Notes"). The Company also intends to conduct an exchange offer for a portion of the remaining Unsecured Notes on similar terms.

    This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the New Second Lien Notes or the related guarantees or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    Investor Conference Call

    Today, July 25, at 8:30 a.m. (ET), Anywhere will hold a conference call via webcast to review its Q2 2023 results and provide a business update. The webcast will be hosted by Ryan Schneider, chief executive officer and president, and Charlotte Simonelli, chief financial officer, and will conclude with an investor Q&A period with management.

    Investors may access the conference call live via webcast at ir.anywhere.re or by dialing (888) 330-3077 (toll free); international participants should dial (646) 960-0674. Please dial in at least 5 to 10 minutes prior to start time. A webcast replay also will be available on the website.

    About Anywhere Real Estate Inc.

    Anywhere Real Estate Inc. (NYSE: HOUS) is moving the real estate industry to what's next. A leader of integrated residential real estate services, Anywhere includes franchise, brokerage, relocation, and title and settlement businesses, as well as mortgage and title insurance underwriter joint ventures, supporting approximately 1.2 million home transactions in 2022. The diverse Anywhere brand portfolio includes some of the most recognized names in real estate: Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby's International Realty®. Using innovative technology, data and marketing products, high-quality lead generation programs, and best-in-class learning and support services, Anywhere fuels the productivity of its approximately 190,800 independent sales agents in the U.S. and approximately 141,400 independent sales agents in 117 other countries and territories, helping them build stronger businesses and best serve today's consumers. Recognized for twelve consecutive years as one of the World's Most Ethical Companies, Anywhere has also been designated a Great Place to Work five years in a row, named one of America's Most Innovative Companies 2023 by Fortune, and honored on the Forbes list of World's Best Employers 2022.

    Forward-Looking Statements

    Certain statements in this press release constitute "forward-looking statements," including the information appearing under 2023 Financial Estimates. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anywhere Real Estate Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "potential" and "plans" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.

    The following include some, but not all, of the factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements: adverse developments or the absence of sustained improvement in the U.S. residential real estate markets, either regionally or nationally, which could include, but are not limited to, factors that impact homesale transaction volume, such as: continued or accelerated declines in the number of home sales, stagnant or declining home prices, continued or accelerated increases in mortgage rates or a prolonged high interest rate environment, continued or accelerated declines in housing affordability, consumer demand or inventory, or excessive inventory; adverse developments or the absence of sustained improvement in macroeconomic conditions (such as business, economic or political conditions) on a global, domestic or local basis, which could include, but are not limited to, contraction or stagnation in the U.S. economy, geopolitical and economic instability, including as related to the conflict in Ukraine, continued or accelerated increases in inflation and fiscal and monetary policies of the federal government; adverse developments or outcomes in current or future litigation, in particular the incurrence of liabilities that are in excess of amounts accrued or payments that may be made in connection with pending antitrust litigation and litigation related to the Telephone Consumer Protection Act (TCPA); industry structure changes that disrupt the functioning of the residential real estate market; the impact of evolving competitive and consumer dynamics, including that the Company's share of the commission income generated by homesale transactions may continue to shift to affiliated independent sales agents or otherwise erode due to market factors, our ability to compete against traditional and non-traditional competitors and meaningful decreases in the average broker commission rate; our ability to execute our business strategy and achieve growth, including with respect to the recruitment and retention of productive independent sales agents, attraction and retention of franchisees, development or procurement of products, services and technology that support our strategic initiatives and simplification and modernization of our business and achievement or maintenance of a beneficial cost structure; risks related to our substantial indebtedness and our ability, and any actions we may take, to refinance, restructure or repay our indebtedness; our ability to realize the expected benefits from our existing or future joint ventures or strategic partnerships; risks related to our business structure, including our geographic and high-end market concentration, the operating results of our affiliated franchisees, and risks related to a loss of our largest real estate benefit program; disruption in the residential real estate brokerage industry related to listing aggregator market power and concentration; our failure or alleged failure to comply with laws, regulations and regulatory interpretations and any changes or stricter interpretations of any of the foregoing, including but not limited to (1) antitrust laws and regulations, (2) the Real Estate Settlement Procedures Act or other federal or state consumer protection or similar laws, (3) state or federal employment laws or regulations that would require reclassification of independent contractor sales agents to employee status, (4) the TCPA, and (5) privacy or data security laws and regulations; cybersecurity incidents; impairment of our goodwill and other long-lived assets; the accuracy of market forecasts and estimates; and significant fluctuation in the price of our common stock.

    Consideration should be given to the areas of risk described above, as well as those risks set forth under the headings "Forward-Looking Statements," "Summary of Risk Factors," "Risk Factors" and "Legal Proceedings" in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and our Annual Report on Form 10-K for the year ended December 31, 2022, and our other filings made from time to time, in connection with considering any forward-looking statements that may be made by us and our businesses generally. We undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events except as required by law.

    Non-GAAP Financial Measures

    This release includes certain non-GAAP financial measures as defined under SEC rules. As required by SEC rules, important information regarding such measures is contained in the Tables attached to this release. See Tables 8a, 8b and 9 for definitions of these non-GAAP financial measures and Tables 1a, 5a, 5b, 6a, 6b, 7, 8a and 8b for reconciliations of the historical non-GAAP financial measures to their most comparable GAAP terms.

    Investor Contacts:

    Media Contacts:

    Alicia Swift

    Trey Sarten

    (973) 407-4669

    (973) 407-2162

    [email protected]

    [email protected]





    Tim Swanson

    Gabriella Chiera

    (973) 407-2612

    (973) 407-5236

    [email protected]

    [email protected]

     

    Table 1

    ANYWHERE REAL ESTATE INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In millions, except per share data)

    (Unaudited)





    Three Months Ended

    June 30,



    Six Months Ended

     June 30,



    2023



    2022



    2023



    2022

    Revenues















    Gross commission income

    $         1,363



    $         1,757



    $         2,266



    $         3,004

    Service revenue

    163



    217



    290



    463

    Franchise fees

    102



    125



    171



    224

    Other

    43



    43



    75



    86

    Net revenues

    1,671



    2,142



    2,802



    3,777

    Expenses















    Commission and other agent-related costs

    1,092



    1,402



    1,815



    2,390

    Operating

    299



    356



    585



    762

    Marketing

    56



    72



    105



    136

    General and administrative

    104



    107



    227



    205

    Former parent legacy cost, net

    1



    —



    17



    —

    Restructuring costs, net

    6



    3



    31



    7

    Impairments

    4



    —



    8



    —

    Depreciation and amortization

    49



    55



    99



    106

    Interest expense, net

    39



    28



    77



    46

    Loss on the early extinguishment of debt

    —



    —



    —



    92

    Other income, net

    (1)



    (7)



    (2)



    (138)

    Total expenses

    1,649



    2,016



    2,962



    3,606

    Income (loss) before income taxes, equity in (earnings) losses and

         noncontrolling interests

    22



    126



    (160)



    171

    Income tax expense (benefit)

    8



    32



    (38)



    44

    Equity in (earnings) losses of unconsolidated entities

    (5)



    4



    (3)



    14

    Net income (loss)

    19



    90



    (119)



    113

    Less: Net income attributable to noncontrolling interests

    —



    (2)



    —



    (2)

    Net income (loss) attributable to Anywhere

    $              19



    $              88



    $          (119)



    $            111

















    Earnings (loss) per share attributable to Anywhere shareholders:

    Basic earnings (loss) per share

    $           0.17



    $           0.76



    $         (1.08)



    $           0.95

    Diluted earnings (loss) per share

    $           0.17



    $           0.75



    $         (1.08)



    $           0.93

    Weighted average common and common equivalent shares of Anywhere outstanding:

    Basic

    110.4



    116.5



    110.1



    116.8

    Diluted

    111.3



    117.8



    110.1



    118.9

     

    Table 1a

    ANYWHERE REAL ESTATE INC.

    NON-GAAP RECONCILIATION

    ADJUSTED NET INCOME (LOSS)

    (In millions, except per share data)

     

         Set forth in the table below is a reconciliation of Net income (loss) attributable to Anywhere to Adjusted net income (loss) as

    defined in Table 9 for the three and six months ended June 30, 2023 and 2022:





    Three Months Ended June 30,



    Six Months Ended June 30,



    2023



    2022



    2023



    2022

    Net income (loss) attributable to Anywhere

    $              19



    $              88



    $          (119)



    $            111

    Addback:















    Mark-to-market interest rate swap gains

    —



    (9)



    —



    (35)

    Former parent legacy cost, net (a)

    1



    —



    17



    —

    Restructuring costs, net

    6



    3



    31



    7

    Impairments

    4



    —



    8



    —

    Loss on the early extinguishment of debt

    —



    —



    —



    92

    Gain on the sale of businesses, investments or other assets, net

    —



    (4)



    (1)



    (135)

    Adjustments for tax effect (b)

    (3)



    3



    (15)



    19

    Adjusted net income (loss) attributable to Anywhere

    $              27



    $              81



    $            (79)



    $              59















    (a)

    Former parent legacy cost for the six months ended June 30, 2023 relates to recent developments in a legacy tax matter in the first quarter of 2023.

    (b)

    Reflects tax effect of adjustments at the Company's blended state and federal statutory rate.

     

    Table 2

    ANYWHERE REAL ESTATE INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In millions, except share data)

    (Unaudited)





    June 30,

    2023



    December 31,

    2022

    ASSETS







    Current assets:







    Cash and cash equivalents

    $            179



    $            214

    Restricted cash

    9



    4

    Trade receivables (net of allowance for doubtful accounts of $14 and $12)

    143



    201

    Relocation receivables

    256



    210

    Other current assets

    209



    205

    Total current assets

    796



    834

    Property and equipment, net

    293



    317

    Operating lease assets, net

    398



    422

    Goodwill

    2,524



    2,523

    Trademarks

    611



    611

    Franchise agreements, net

    921



    954

    Other intangibles, net

    139



    150

    Other non-current assets

    537



    572

    Total assets

    $         6,219



    $        6,383

    LIABILITIES AND EQUITY







    Current liabilities:







    Accounts payable

    $            125



    $            184

    Securitization obligations

    200



    163

    Current portion of long-term debt

    369



    366

    Current portion of operating lease liabilities

    115



    122

    Accrued expenses and other current liabilities

    525



    470

    Total current liabilities

    1,334



    1,305

    Long-term debt

    2,475



    2,483

    Long-term operating lease liabilities

    356



    371

    Deferred income taxes

    200



    239

    Other non-current liabilities

    201



    218

    Total liabilities

    4,566



    4,616

    Commitments and contingencies







    Equity:







    Anywhere preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued and

         outstanding at June 30, 2023 and December 31, 2022

    —



    —

    Anywhere common stock: $0.01 par value; 400,000,000 shares authorized, 110,445,444

         shares issued and outstanding at June 30, 2023 and 109,480,357 shares issued and

         outstanding at December 31, 2022

    1



    1

    Additional paid-in capital

    4,809



    4,805

    Accumulated deficit

    (3,113)



    (2,994)

    Accumulated other comprehensive loss

    (47)



    (48)

    Total stockholders' equity

    1,650



    1,764

    Noncontrolling interests

    3



    3

    Total equity

    1,653



    1,767

    Total liabilities and equity

    $         6,219



    $        6,383

     

    Table 3

    ANYWHERE REAL ESTATE INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In millions)

    (Unaudited)





    Six Months Ended June 30,



    2023



    2022

    Operating Activities







    Net (loss) income

    $                 (119)



    $                 113

    Adjustments to reconcile net (loss) income to net cash used in operating activities:





    Depreciation and amortization

    99



    106

    Deferred income taxes

    (39)



    (4)

    Impairments

    8



    —

    Amortization of deferred financing costs and debt premium

    4



    5

    Loss on the early extinguishment of debt

    —



    92

    Gain on the sale of businesses, investments or other assets, net

    (1)



    (135)

    Equity in (earnings) losses of unconsolidated entities

    (3)



    14

    Stock-based compensation

    8



    14

    Mark-to-market adjustments on derivatives

    —



    (35)

    Other adjustments to net (loss) income

    (3)



    —

    Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:

    Trade receivables

    58



    (15)

    Relocation receivables

    (46)



    (135)

    Other assets

    36



    (36)

    Accounts payable, accrued expenses and other liabilities

    (16)



    (170)

    Dividends received from unconsolidated entities

    2



    1

    Other, net

    (8)



    (20)

    Net cash used in operating activities

    (20)



    (205)

    Investing Activities







    Property and equipment additions

    (34)



    (56)

    Payments for acquisitions, net of cash acquired

    (1)



    (14)

    Net proceeds from the sale of businesses

    8



    62

    Investment in unconsolidated entities

    —



    (15)

    Proceeds from the sale of investments in unconsolidated entities

    6



    13

    Other, net

    1



    17

    Net cash (used in) provided by investing activities

    (20)



    7

    Financing Activities







    Proceeds from issuance of Senior Notes

    —



    1,000

    Redemption of Senior Secured Second Lien Notes

    —



    (550)

    Redemption and repurchase of Senior Notes

    —



    (609)

    Amortization payments on term loan facilities

    (7)



    (4)

    Net change in securitization obligations

    38



    57

    Debt issuance costs

    —



    (18)

    Cash paid for fees associated with early extinguishment of debt

    —



    (80)

    Repurchase of common stock

    —



    (45)

    Taxes paid related to net share settlement for stock-based compensation

    (4)



    (16)

    Other, net

    (18)



    (17)

    Net cash provided by (used in) financing activities

    9



    (282)

    Effect of changes in exchange rates on cash, cash equivalents and restricted cash

    1



    (1)

    Net decrease in cash, cash equivalents and restricted cash

    (30)



    (481)

    Cash, cash equivalents and restricted cash, beginning of period

    218



    743

    Cash, cash equivalents and restricted cash, end of period

    $                   188



    $                 262









    Supplemental Disclosure of Cash Flow Information







    Interest payments (including securitization interest of $6 and $2 respectively)

    $                     82



    $                   90

    Income tax payments, net

    3



    44

     

    Table 4a

    ANYWHERE REAL ESTATE INC.

    2023 vs. 2022 KEY DRIVERS





    Three Months Ended June 30,



    Six Months Ended June 30,



    2023



    2022



    % Change



    2023



    2022



    % Change

    Anywhere Brands - Franchise Group (a)























    Closed homesale sides

    203,928



    263,600



    (23) %



    354,419



    481,364



    (26) %

    Average homesale price

    $  473,312



    $  475,361



    — %



    $  458,303



    $  463,549



    (1) %

    Average homesale broker commission rate

    2.46 %



    2.43 %



        3    bps



    2.46 %



    2.43 %



        3    bps

    Net royalty per side

    $      451



    $      450



    — %



    $      426



    $      433



    (2) %

    Anywhere Advisors - Owned Brokerage Group























    Closed homesale sides

    75,506



    96,029



    (21) %



    129,303



    167,400



    (23) %

    Average homesale price

    $  709,764



    $  735,013



    (3) %



    $  690,401



    $  722,764



    (4) %

    Average homesale broker commission rate

    2.43 %



    2.41 %



        2    bps



    2.42 %



    2.40 %



        2    bps

    Gross commission income per side

    $    18,059



    $   18,297



    (1) %



    $   17,525



    $   17,947



    (2) %

    Anywhere Integrated Services - Title Group























    Purchase title and closing units

    30,136



    41,483



    (27) %



    51,885



    72,350



    (28) %

    Refinance title and closing units

    2,308



    4,712



    (51) %



    4,506



    12,780



    (65) %

    Average fee per closing unit

    $  3,202



    $  3,264



    (2) %



    $  3,170



    $  3,158



    — %













    (a)   Includes all franchisees except for Owned Brokerage Group.

     

    Table 4b

    ANYWHERE REAL ESTATE INC.

    2022 KEY DRIVERS





    Quarter Ended

    Year Ended



    March 31,

    2022



    June 30,

    2022



    September 30,

    2022



    December 31,

    2022



    December 31,

    2022

    Anywhere Brands - Franchise Group (a)



















    Closed homesale sides

    217,764



    263,600



    243,494



    186,219



    911,077

    Average homesale price

    $ 449,250



    $ 475,361



    $ 449,313



    $ 439,671



    $ 454,864

    Average homesale broker commission rate

    2.43 %



    2.43 %



    2.43 %



    2.44 %



    2.43 %

    Net royalty per side

    $         413



    $         450



    $         422



    $         406



    $         425

    Anywhere Advisors - Owned Brokerage Group



















    Closed homesale sides

    71,371



    96,029



    86,022



    64,178



    317,600

    Average homesale price

    $ 706,282



    $ 735,013



    $ 681,387



    $ 660,702



    $ 699,016

    Average homesale broker commission rate

    2.39 %



    2.41 %



    2.40 %



    2.40 %



    2.40 %

    Gross commission income per side

    $   17,475



    $   18,297



    $   17,070



    $   16,592



    $   17,435

    Anywhere Integrated Services - Title Group



















    Purchase title and closing units

    30,867



    41,483



    35,045



    25,660



    133,055

    Refinance title and closing units

    8,068



    4,712



    3,339



    2,351



    18,470

    Average fee per closing unit

    $     3,033



    $     3,264



    $     3,127



    $     3,137



    $     3,146













    (a)   Includes all franchisees except for Owned Brokerage Group.

     

    Table 5a

    ANYWHERE REAL ESTATE INC.

    NON-GAAP RECONCILIATION - OPERATING EBITDA

    THREE MONTHS ENDED JUNE 30, 2023 AND 2022

    (In millions)



         Set forth in the table below is a reconciliation of Net income attributable to Anywhere to Operating EBITDA as defined

    in Table 9 for the three-month periods ended June 30, 2023 and 2022:



    Three Months Ended June 30,



    2023



    2022

    Net income attributable to Anywhere

    $                       19



    $                       88

    Income tax expense

    8



    32

    Income before income taxes

    27



    120

    Add:  Depreciation and amortization

    49



    55

    Interest expense, net

    39



    28

    Restructuring costs, net (a)

    6



    3

    Impairments (b)

    4



    —

    Former parent legacy cost, net (c)

    1



    —

    Gain on the sale of businesses, investments or other assets, net (d)

    —



    (4)

    Operating EBITDA

    $                     126



    $                     202

     

         The following table reflects Revenue, Operating EBITDA and Operating EBITDA margin by reportable segments:





    Revenues (e)



    $ Change



    %

    Change



    Operating

    EBITDA



    $ Change



    % Change



    Operating

    EBITDA Margin



    Change



    2023



    2022







    2023



    2022







    2023



    2022



    Franchise Group

    $  284



    $  339



    $   (55)



    (16) %



    $  164



    $  204



    $   (40)



    (20) %



    58 %



    60 %



    (2)

    Owned Brokerage Group

    1,380



    1,775



    (395)



    (22)



    (10)



    11



    (21)



    (191)



    (1)



    1



    (2)

    Title Group

    100



    144



    (44)



    (31)



    10



    21



    (11)



    (52)



    10



    15



    (5)

    Corporate and Other

    (93)



    (116)



    23



    (e)



    (38)



    (34)



    (4)



    (12)













    Total Company

    $  1,671



    $  2,142



    $ (471)



    (22) %



    $  126



    $  202



    $   (76)



    (38) %



    8 %



    9 %



    (1)















    (a)

    Restructuring charges incurred for the three months ended June 30, 2023 include $4 million at Owned Brokerage Group, $1 million at Title Group and $1 million at Corporate and Other. Restructuring charges incurred for the three months ended June 30, 2022 include $1 million at Franchise Group, $1 million at Owned Brokerage Group and $1 million at Corporate and Other.

    (b)

    Impairments primarily relate to non-cash lease asset impairments.

    (c)

    Former parent legacy items is recorded in Corporate and Other.

    (d)

    Gain on the sale of businesses, investments or other assets, net for the three months ended June 30, 2022 is recorded in Title Group and is related to the sale of a portion of the Company's ownership in the Title Insurance Underwriter Joint Venture.

    (e)

    Revenues include the elimination of transactions between segments, which consists of intercompany royalties and marketing fees paid by Owned Brokerage Group of $93 million and $116 million during the three months ended June 30, 2023 and 2022, respectively, and are eliminated through the Corporate and Other line.

     

    Table 5b

    ANYWHERE REAL ESTATE INC.

    NON-GAAP RECONCILIATION - OPERATING EBITDA

    SIX MONTHS ENDED JUNE 30, 2023 AND 2022

    (In millions)



         Set forth in the table below is a reconciliation of Net (loss) income attributable to Anywhere to Operating EBITDA as

    defined in Table 9 for the six-month periods ended June 30, 2023 and 2022:





    Six Months Ended June 30,



    2023



    2022

    Net (loss) income attributable to Anywhere

    $                   (119)



    $                     111

    Income tax (benefit) expense

    (38)



    44

    (Loss) income before income taxes

    (157)



    155

    Add:  Depreciation and amortization

    99



    106

    Interest expense, net

    77



    46

    Restructuring costs, net (a)

    31



    7

    Impairments (b)

    8



    —

    Former parent legacy cost, net (c)

    17



    —

    Loss on the early extinguishment of debt (c)

    —



    92

    Gain on the sale of businesses, investments or other assets, net (d)

    (1)



    (135)

    Operating EBITDA

    $                       74



    $                     271

     

    The following table reflects Revenue, Operating EBITDA and Operating EBITDA margin by reportable segments:





    Revenues (e)



    $ Change



    %

    Change



    Operating

    EBITDA



    $ Change



    % Change



    Operating

    EBITDA Margin



    Change



    2023



    2022







    2023



    2022







    2023



    2022



    Franchise Group

    $  491



    $  606



    $ (115)



    (19) %



    $  261



    $  342



    $   (81)



    (24) %



    53 %



    56 %



    (3)

    Owned Brokerage Group

    2,295



    3,039



    (744)



    (24)



    (85)



    (29)



    (56)



    (193)



    (4)



    (1)



    (3)

    Title Group (f)

    172



    334



    (162)



    (49)



    (7)



    18



    (25)



    (139)



    (4)



    5



    (9)

    Corporate and Other

    (156)



    (202)



    46



    (e)



    (95)



    (60)



    (35)



    (58)













    Total Company

    $  2,802



    $  3,777



    $ (975)



    (26) %



    $    74



    $  271



    $ (197)



    (73) %



    3 %



    7 %



    (4)















    (a)

    Restructuring charges incurred for the six months ended June 30, 2023 include $6 million at Franchise Group, $18 million at Owned Brokerage Group, $1 million at Title Group and $6 million at Corporate and Other. Restructuring charges incurred for the six months ended June 30, 2022 include $2 million at Franchise Group, $3 million at Owned Brokerage Group and $2 million at Corporate and Other.

    (b)

    Impairments primarily relate to non-cash lease asset impairments.

    (c)

    Former parent legacy items and Loss on the early extinguishment of debt are recorded in Corporate and Other. Former parent legacy cost relates to recent developments in a legacy tax matter in the first quarter of 2023.

    (d)

    Gain on the sale of businesses, investments or other assets, net is recorded in Title Group and is related to the sale of the Title Underwriter and subsequent sales of a portion of the Company's ownership in the Title Insurance Underwriter Joint Venture.

    (e)

    Revenues include the elimination of transactions between segments, which consists of intercompany royalties and marketing fees paid by Owned Brokerage Group of $156 million and $202 million during the six months ended June 30, 2023 and 2022, respectively, and are eliminated through the Corporate and Other line.

    (f)

    Title Group includes our title, escrow and settlement services (title agency) businesses, our minority-owned mortgage origination joint venture and our minority-owned Title Insurance Underwriter Joint Venture. The sale of the Title Underwriter late in the first quarter of 2022 resulted in declines of $80 million in underwriter revenue and $6 million in Operating EBITDA during the six months ended June 30, 2023 compared to the same period in 2022, with $2 million of equity in earnings attributable to the Title Insurance Underwriter Joint Venture partially offsetting the decline in earnings. The Operating EBITDA contribution from the mortgage origination joint venture improved $9 million from losses of $9 million for the six months ended June 30, 2022 to no earnings or losses for the six months ended June 30, 2023.

     

    Table 6a

    ANYWHERE REAL ESTATE INC.

    SELECTED 2023 FINANCIAL DATA

    (In millions)





    Three Months Ended



    March 31,



    June 30,



    2023



    2023

    Net revenues (a)







    Franchise Group

    $                  207



    $                  284

    Owned Brokerage Group

    915



    1,380

    Title Group

    72



    100

    Corporate and Other

    (63)



    (93)

    Total Company

    $               1,131



    $               1,671









    Operating EBITDA







    Franchise Group

    $                    97



    $                  164

    Owned Brokerage Group

    (75)



    (10)

    Title Group

    (17)



    10

    Corporate and Other

    (57)



    (38)

    Total Company

    $                  (52)



    $                  126









    Non-GAAP Reconciliation - Operating EBITDA







    Total Company Operating EBITDA

    $                  (52)



    $                  126









    Less:   Depreciation and amortization

    50



    49

    Interest expense, net

    38



    39

    Income tax (benefit) expense

    (46)



    8

    Restructuring costs, net (b)

    25



    6

    Impairments (c)

    4



    4

    Former parent legacy cost, net (d)

    16



    1

    Gain on the sale of businesses, investments or other assets, net (e)

    (1)



    —

    Net (loss) income attributable to Anywhere

    $                (138)



    $                    19

















    (a)

    Transactions between segments are eliminated in consolidation. Revenues for Franchise Group include intercompany royalties and marketing fees paid by Owned Brokerage Group of $63 million and $93 million for the three months ended March 31, 2023 and June 30, 2023. Such amounts are eliminated through the Corporate and Other line.

    (b)

    Includes restructuring charges broken down by business unit as follows:







    Three Months Ended



    March 31,



    June 30,



    2023



    2023

    Franchise Group

    $                     6



    $                   —

    Owned Brokerage Group

    14



    4

    Title Group

    —



    1

    Corporate and Other

    5



    1

    Total Company

    $                   25



    $                     6





    (c)

    Impairments primarily relate to non-cash lease asset impairments.

    (d)

    Former parent legacy cost is recorded in Corporate and Other and relates to recent developments in a legacy tax matter.

    (e)

    Gain on the sale of businesses, investments or other assets, net is recorded in Title Group and is related to the sale of a portion of the Company's ownership in the Title Insurance Underwriter Joint Venture.

     

    Table 6b

    ANYWHERE REAL ESTATE INC.

    SELECTED 2022 FINANCIAL DATA

    (In millions)





    Three Months Ended



    Year Ended



    March 31,



    June 30,



    September 30,



    December 31,



    December 31,



    2022



    2022



    2022



    2022



    2022

    Net revenues (a)



















    Franchise Group

    $              267



    $              339



    $              306



    $              233



    $           1,145

    Owned Brokerage Group

    1,264



    1,775



    1,486



    1,081



    5,606

    Title Group

    190



    144



    113



    83



    530

    Corporate and Other

    (86)



    (116)



    (97)



    (74)



    (373)

    Total Company

    $           1,635



    $           2,142



    $           1,808



    $           1,323



    $           6,908





















    Operating EBITDA



















    Franchise Group

    $              138



    $              204



    $              202



    $              126



    $              670

    Owned Brokerage Group

    (40)



    11



    (1)



    (56)



    (86)

    Title Group

    (3)



    21



    9



    (18)



    9

    Corporate and Other

    (26)



    (34)



    (44)



    (40)



    (144)

    Total Company

    $                69



    $              202



    $              166



    $                12



    $              449





















    Non-GAAP Reconciliation - Operating EBITDA



















    Total Company Operating EBITDA

    $                69



    $              202



    $              166



    $                12



    $              449





















    Less:   Depreciation and amortization

    51



    55



    53



    55



    214

    Interest expense, net

    18



    28



    30



    37



    113

    Income tax expense (benefit)

    12



    32



    8



    (120)



    (68)

    Restructuring costs, net (b)

    4



    3



    16



    9



    32

    Impairments (c)

    —



    —



    3



    480



    483

    Former parent legacy cost, net (d)

    —



    —



    1



    —



    1

    Loss on the early extinguishment of debt (d)

    92



    —



    —



    4



    96

    Gain on the sale of businesses, investments or other

         assets, net (e)

    (131)



    (4)



    —



    —



    (135)

    Net income (loss) attributable to Anywhere

    $                23



    $                88



    $                55



    $            (453)



    $            (287)























    (a)

    Transactions between segments are eliminated in consolidation. Revenues for Franchise Group include intercompany royalties and marketing fees paid by Owned Brokerage Group of $86 million, $116 million, $97 million and $74 million for the three months ended March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively. Such amounts are eliminated through the Corporate and Other line.

    (b)

    Includes restructuring charges (reversals) broken down by business unit as follows:







    Three Months Ended



    Year Ended



    March 31,



    June 30,



    September 30,



    December 31,



    December 31,



    2022



    2022



    2022



    2022



    2022

    Franchise Group

    $                  1



    $                  1



    $                  2



    $                (3)



    $                  1

    Owned Brokerage Group

    2



    1



    8



    8



    19

    Corporate and Other

    1



    1



    6



    4



    12

    Total Company

    $                  4



    $                  3



    $                16



    $                  9



    $                32





    (c)

    Non-cash impairments for the three months ended September 30, 2022 primarily relate to lease asset and software impairments. Non-cash impairments for the three months ended December 31, 2022 include an impairment of goodwill at the Owned Brokerage Group reporting unit of $280 million, an impairment of goodwill at the Franchise Group segment of $114 million related to the Cartus/Leads Group reporting unit, an impairment of franchise trademarks of $76 million and $10 million of other impairment charges related to lease asset, investment and software impairments.

    (d)

    Former parent legacy items and Loss on the early extinguishment of debt are recorded in Corporate and Other.

    (e)

    Gain on the sale of businesses, investments or other assets, net is recorded in Title Group related to the sale of the Title Underwriter during the first quarter of 2022 and the sale of a portion of the Company's ownership in the Title Insurance Underwriter Joint Venture during the second quarter of 2022.

     

    Table 6c

    ANYWHERE REAL ESTATE INC.

    2022 CONSOLIDATED STATEMENTS OF OPERATIONS

    (In millions, except per share data)





    Three Months Ended



    Year Ended



    March 31,



    June 30,



    September 30,



    December 31,



    December 31,



    2022



    2022



    2022



    2022



    2022

    Revenues



















    Gross commission income

    $   1,247



    $ 1,757



    $         1,469



    $        1,065



    $        5,538

    Service revenue

    246



    217



    189



    141



    793

    Franchise fees

    99



    125



    114



    79



    417

    Other

    43



    43



    36



    38



    160

    Net revenues

    1,635



    2,142



    1,808



    1,323



    6,908

    Expenses



















    Commission and other agent-related costs

    988



    1,402



    1,170



    855



    4,415

    Operating

    406



    356



    320



    295



    1,377

    Marketing

    64



    72



    59



    57



    252

    General and administrative

    98



    107



    92



    91



    388

    Former parent legacy cost, net

    —



    —



    1



    —



    1

    Restructuring costs, net

    4



    3



    16



    9



    32

    Impairments

    —



    —



    3



    480



    483

    Depreciation and amortization

    51



    55



    53



    55



    214

    Interest expense, net

    18



    28



    30



    37



    113

    Loss on the early extinguishment of debt

    92



    —



    —



    4



    96

    Other income, net

    (131)



    (7)



    (2)



    —



    (140)

    Total expenses

    1,590



    2,016



    1,742



    1,883



    7,231

    Income (loss) before income taxes, equity in losses and

         noncontrolling interests

    45



    126



    66



    (560)



    (323)

    Income tax expense (benefit)

    12



    32



    8



    (120)



    (68)

    Equity in losses of unconsolidated entities

    10



    4



    2



    12



    28

    Net income (loss)

    23



    90



    56



    (452)



    (283)

    Less: Net income attributable to noncontrolling interests

    —



    (2)



    (1)



    (1)



    (4)

    Net income (loss) attributable to Anywhere

    $         23



    $      88



    $               55



    $          (453)



    $          (287)





















    Earnings (loss) per share attributable to Anywhere shareholders:





    Basic earnings (loss) per share

    $     0.20



    $   0.76



    $           0.49



    $         (4.14)



    $         (2.52)

    Diluted earnings (loss) per share

    $     0.19



    $   0.75



    $           0.48



    $         (4.14)



    $         (2.52)

    Weighted average common and common equivalent shares of Anywhere outstanding:





    Basic

    117.1



    116.5



    112.2



    109.5



    113.8

    Diluted

    120.4



    117.8



    113.5



    109.5



    113.8

     

    Table 7

    ANYWHERE REAL ESTATE INC.

    NON-GAAP RECONCILIATION - FREE CASH FLOW

    THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

    (In millions)

         A reconciliation of net income (loss) attributable to Anywhere to Free Cash Flow as defined in Table 9 is set forth in the

    following table:



    Three Months Ended June 30,



    Six Months Ended June 30,



    2023



    2022



    2023



    2022

    Net income (loss) attributable to Anywhere

    $              19



    $              88



    $          (119)



    $            111

    Income tax expense (benefit)

    8



    32



    (38)



    44

    Income tax payments

    (2)



    (42)



    (3)



    (44)

    Interest expense, net

    39



    28



    77



    46

    Cash interest payments

    (43)



    (32)



    (82)



    (90)

    Depreciation and amortization

    49



    55



    99



    106

    Capital expenditures

    (16)



    (27)



    (34)



    (56)

    Restructuring costs and former parent legacy items, net of payments

    (5)



    (1)



    24



    (1)

    Impairments

    4



    —



    8



    —

    Loss on the early extinguishment of debt

    —



    —



    —



    92

    Gain on the sale of businesses, investments or other assets, net

    —



    (4)



    (1)



    (135)

    Working capital adjustments

    45



    3



    62



    (200)

    Relocation receivables (assets), net of securitization obligations

    7



    (30)



    (8)



    (78)

    Free Cash Flow

    $            105



    $              70



    $            (15)



    $          (205)

     

         A reconciliation of net cash provided by (used in) operating activities to Free Cash Flow is set forth in the following table:     





    Three Months Ended June 30,



    Six Months Ended June 30,



    2023



    2022



    2023



    2022

    Net cash provided by (used in) operating activities

    $              93



    $              28



    $            (20)



    $          (205)

    Property and equipment additions

    (16)



    (27)



    (34)



    (56)

    Net change in securitization obligations

    27



    70



    38



    57

    Effect of exchange rates on cash, cash equivalents and restricted cash

    1



    (1)



    1



    (1)

    Free Cash Flow

    $            105



    $              70



    $            (15)



    $          (205)

















    Net cash (used in) provided by investing activities

    $            (15)



    $            (29)



    $            (20)



    $                7

    Net cash (used in) provided by financing activities

    $            (17)



    $            (45)



    $                9



    $          (282)

     

    Table 8a

    NON-GAAP RECONCILIATION - SENIOR SECURED LEVERAGE RATIO

    FOR THE FOUR-QUARTER PERIOD ENDED JUNE 30, 2023

    (In millions)

     

         The senior secured leverage ratio is tested quarterly pursuant to the terms of the senior secured credit facilities*. For the

    trailing four-quarter period ended June 30, 2023, Anywhere Real Estate Group LLC ("Anywhere Group") was required to

    maintain a senior secured leverage ratio not to exceed 4.75 to 1.00. The senior secured leverage ratio is measured by dividing

    Anywhere Group's total senior secured net debt by the trailing four-quarter EBITDA calculated on a Pro Forma Basis, as those

    terms are defined in the Senior Secured Credit Agreement. Total senior secured net debt does not include our unsecured

    indebtedness, including the Unsecured Notes* and Exchangeable Senior Notes*, or the securitization obligations. EBITDA

    calculated on a Pro Forma Basis, as defined in the Senior Secured Credit Agreement, includes the bank adjustments set forth

    below. The Company was in compliance with the senior secured leverage ratio covenant at June 30, 2023 with a ratio of 1.04x

    to 1.00.

     

         A reconciliation of net loss attributable to Anywhere Group to EBITDA calculated on a Pro Forma Basis, as those terms are

    defined in the Senior Secured Credit Agreement, for the four-quarter period ended June 30, 2023 is set forth in the following

    table:





    Four-Quarter Period Ended



    June 30, 2023

    Net loss attributable to Anywhere Group (a)

    $                                (517)

    Bank covenant adjustments:



    Income tax benefit

    (150)

    Depreciation and amortization

    207

    Interest expense, net

    144

    Restructuring costs, net

    56

    Impairments

    491

    Former parent legacy cost, net

    18

    Loss on the early extinguishment of debt

    4

    Gain on asset dispositions, net

    (4)

    Pro forma effect of business optimization initiatives (b)

    51

    Non-cash stock compensation expense, other non-cash charges and extraordinary, nonrecurring

         or unusual charges (c)

    103

    Pro forma effect of acquisitions and new franchisees (d)

    5

    Incremental securitization interest costs (e)

    11

    EBITDA as defined by the Senior Secured Credit Agreement*

    $                                  419

    Total senior secured net debt (f)

    $                                  435

    Senior secured leverage ratio*

                                       1.04 x















    (a)

    Net loss attributable to Anywhere Group consists of: (i) income of $55 million for the third quarter of 2022, (ii) loss of $453 million for the fourth quarter of 2022, (iii) loss of $138 million for the first quarter of 2023 and (iv) income of $19 million for the second quarter of 2023.

    (b)

    Represents the four-quarter pro forma effect of business optimization initiatives as if these initiatives had occurred at the beginning of the trailing twelve-month period.

    (c)

    Represents non-cash long term incentive compensation charges, other non-cash charges and extraordinary, nonrecurring or unusual litigation charges.

    (d)

    Represents the estimated impact of acquisitions and franchise sales activity, net of brokerages that exited our franchise system, as if these changes had occurred at the beginning of the trailing twelve-month period. Franchisee sales activity is comprised of new franchise agreements as well as growth through acquisitions and independent sales agent recruitment by existing franchisees with our assistance. We have made a number of assumptions in calculating such estimates and there can be no assurance that we would have generated the projected levels of Operating EBITDA had we owned the acquired entities or entered into the franchise contracts as of the beginning of the trailing twelve-month period.

    (e)

    Incremental borrowing costs incurred as a result of the securitization facilities refinancing for the four-quarter period ended June 30, 2023.

    (f)

    Represents total borrowings secured by a first priority lien on our assets of $565 million under the Revolving Credit Facility and Term Loan A Facility plus $23 million of finance lease obligations less $153 million of readily available cash as of June 30, 2023. Pursuant to the terms of our senior secured credit facilities, total senior secured net debt does not include our securitization obligations or unsecured indebtedness, including the Unsecured Notes and Exchangeable Senior Notes.





    *

    Our senior secured credit facilities include the facilities under our Amended and Restated Credit Agreement dated as of March 5, 2013, as amended from time to time (the "Senior Secured Credit Agreement"), and the Term Loan A Agreement dated as of October 23, 2015 (the "Term Loan A Agreement"), as amended from time to time. Our Unsecured Notes include our 5.75% Senior Notes due 2029 and 5.25% Senior Notes due 2030. Exchangeable Senior Notes refers to our 0.25% Exchangeable Senior Notes due 2026.

     

    Table 8b

    NET DEBT LEVERAGE RATIO

    FOR THE FOUR-QUARTER PERIOD ENDED JUNE 30, 2023

    (In millions)



         Net corporate debt (excluding securitizations) divided by EBITDA calculated on a Pro Forma Basis, as those terms are

    defined in the Senior Secured Credit Agreement, for the four-quarter period ended June 30, 2023 (referred to as net debt

    leverage ratio) is set forth in the following table:





    As of June 30, 2023

    Revolving Credit Facility



    $                            350

    Extended Term Loan A



    215

    5.75% Senior Notes



    900

    5.25% Senior Notes



    1,000

    0.25% Exchangeable Senior Notes



    403

    Finance lease obligations



    23

    Corporate Debt (excluding securitizations)



    2,891

    Less: Cash and cash equivalents



    179

    Net Corporate Debt (excluding securitizations)



    $                         2,712







    EBITDA as defined by the Senior Secured Credit Agreement (a)



    $                            419







    Net Debt Leverage Ratio



                                    6.5 x















    (a)

    See Table 8a for a reconciliation of Net loss attributable to Anywhere Group to EBITDA as defined by the Senior Secured Credit Agreement.

    Table 9

    Non-GAAP Definitions

    Adjusted net income (loss) is defined by us as net income (loss) before: (a) mark-to-market interest rate swap adjustments, whose fair value is subject to movements in LIBOR and the forward yield curve and therefore were subject to significant fluctuations (remaining interest rate swaps expired in November 2022); (b) former parent legacy items, which pertain to liabilities of the former parent for matters prior to mid-2006 and are non-operational in nature; (c) restructuring charges as a result of initiatives currently in progress; (d) impairments; (e) the (gain) loss on the early extinguishment of debt that results from refinancing and deleveraging debt initiatives; (f) the (gain) loss on the sale of businesses, investments or other assets and (g) the tax effect of the foregoing adjustments. We present Adjusted net income (loss) because we believe this measure is useful as a supplemental measure in evaluating the performance of our operating businesses and provide greater transparency into our operating results.

    Operating EBITDA is defined by us as net income (loss) before depreciation and amortization, interest expense, net (other than relocation services interest for securitization assets and securitization obligations), income taxes, and other items that are not core to the operating activities of the Company such as restructuring charges, former parent legacy items, gains or losses on the early extinguishment of debt, impairments, gains or losses on discontinued operations and gains or losses on the sale of businesses, investments or other assets. Operating EBITDA is our primary non-GAAP measure.

    We present Operating EBITDA because we believe it is useful as a supplemental measure in evaluating the performance of our operating businesses and provides greater transparency into our results of operations. Our management, including our chief operating decision maker, uses Operating EBITDA as a factor in evaluating the performance of our business. Operating EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations data prepared in accordance with GAAP.

    We believe Operating EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations in capital structures (affecting net interest expense), taxation, the age and book depreciation of facilities (affecting relative depreciation expense) and the amortization of intangibles, as well as other items that are not core to the operating activities of the Company such as restructuring charges, gains or losses on the early extinguishment of debt, former parent legacy items, impairments, gains or losses on discontinued operations and gains or losses on the sale of businesses, investments or other assets, which may vary for different companies for reasons unrelated to operating performance. We further believe that Operating EBITDA is frequently used by securities analysts, investors and other interested parties in their evaluation of companies, many of which present an Operating EBITDA measure when reporting their results.

    Operating EBITDA has limitations as an analytical tool, and you should not consider Operating EBITDA either in isolation or as a substitute for analyzing our results as reported under GAAP. Some of these limitations are:

    • this measure does not reflect changes in, or cash required for, our working capital needs;
    • this measure does not reflect our interest expense (except for interest related to our securitization obligations), or the cash requirements necessary to service interest or principal payments on our debt;
    • this measure does not reflect our income tax expense or the cash requirements to pay our taxes;
    • this measure does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;
    • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often require replacement in the future, and this measure does not reflect any cash requirements for such replacements; and
    • other companies may calculate this measure differently so they may not be comparable.

    Free Cash Flow is defined as net income (loss) attributable to Anywhere before income tax expense (benefit), income tax payments, interest expense, net, cash interest payments, depreciation and amortization, capital expenditures, restructuring costs and former parent legacy costs (benefits), net of payments, impairments, (gain) loss on the sale of businesses, investments or other assets, (gain) loss on the early extinguishment of debt, working capital adjustments and relocation receivables (assets), net of change in securitization obligations. We use Free Cash Flow in our internal evaluation of operating effectiveness and decisions regarding the allocation of resources, as well as measuring the Company's ability to generate cash. Since Free Cash Flow can be viewed as both a performance measure and a cash flow measure, the Company has provided a reconciliation to both net income attributable to Anywhere and net cash provided by operating activities. Free Cash Flow is not defined by GAAP and should not be considered in isolation or as an alternative to net income (loss), net cash provided by (used in) operating, investing and financing activities or other financial data prepared in accordance with GAAP or as an indicator of the Company's operating performance or liquidity. Free Cash Flow may differ from similarly titled measures presented by other companies.

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/anywhere-real-estate-inc-reports-second-quarter-2023-financial-results-301885019.html

    SOURCE Anywhere Real Estate Inc.

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