SEC Form 10-Q filed by Anywhere Real Estate Inc.

5/2/24 7:27:06 AM ET

$HOUS

Real Estate

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______________________________________________________________________________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________________________

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____


Commission File No. 001-35674			Commission File No. 333-148153
Anywhere Real Estate Inc.			Anywhere Real Estate Group LLC
(Exact name of registrant as specified in its charter)			(Exact name of registrant as specified in its charter)
20-8050955			20-4381990
(I.R.S. Employer Identification Number)			(I.R.S. Employer Identification Number)

___________________________________________________________________________________________________


Delaware			175 Park Avenue
(State or other jurisdiction of incorporation or organization)			Madison, New Jersey 07940
(973) 407-2000			(Address of principal executive offices, including zip code)
(Registrants' telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Anywhere Real Estate Inc.

Common Stock, par value $0.01 per share

HOUS

New York Stock Exchange

Anywhere Real Estate Group LLC

None

Indicate by check mark whether the Registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.

Anywhere Real Estate Inc. Yes ☑ No ☐ Anywhere Real Estate Group LLC Yes ☐ No ☑

Indicate by check mark whether the Registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrants were required to submit such files).

Anywhere Real Estate Inc. Yes ☑ No ☐ Anywhere Real Estate Group LLC Yes ☑ No ☐

Indicate by check mark whether the Registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

Anywhere Real Estate Inc.

☑

☐

Anywhere Real Estate Group LLC

☐

☑

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the Registrants are a shell company (as defined in Rule 12b-2 of the Exchange Act).

Anywhere Real Estate Inc. Yes ☐ No ☑ Anywhere Real Estate Group LLC Yes ☐ No ☑

There were 111,106,672 shares of Common Stock, $0.01 par value, of Anywhere Real Estate Inc. outstanding as of April 30, 2024.

__________________________________________________________________________________________________________________

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TABLE OF CONTENTS


	Page
Introductory Note		1
Forward-Looking Statements		1

PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	4
	Report of Independent Registered Public Accounting Firm for Anywhere Real Estate Inc.	4
	Report of Independent Registered Public Accounting Firm for Anywhere Real Estate Group LLC	5
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023	6
	Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023	7
	Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	8
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023	9
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures about Market Risks	43
Item 4.	Controls and Procedures	43
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	45


Item 5.	Other Information	45
Item 6.	Exhibits	46
Signatures		47

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INTRODUCTORY NOTE

Except as otherwise indicated or unless the context otherwise requires, the terms "we," "us," "our," "our company," "Anywhere" and the "Company" refer to Anywhere Real Estate Inc., a Delaware corporation, and its consolidated subsidiaries, including Anywhere Intermediate Holdings LLC, a Delaware limited liability company ("Anywhere Intermediate"), and Anywhere Real Estate Group LLC, a Delaware limited liability company ("Anywhere Group"). Neither Anywhere, the indirect parent of Anywhere Group, nor Anywhere Intermediate, the direct parent company of Anywhere Group, conducts any operations other than with respect to its respective direct or indirect ownership of Anywhere Group. As a result, the consolidated financial positions, results of operations and cash flows of Anywhere, Anywhere Intermediate and Anywhere Group are the same.

As used in this Quarterly Report on Form 10-Q:

•"Senior Secured Credit Agreement" refers to the Amended and Restated Credit Agreement dated as of March 5, 2013, as amended, amended and restated, modified or supplemented from time to time, that governs the senior secured credit facility, or "Senior Secured Credit Facility", which includes the "Revolving Credit Facility";

•"Term Loan A Agreement" refers to the Term Loan A Agreement, dated as of October 23, 2015, as amended, amended and restated, modified or supplemented from time to time, also referred to as the "Term Loan A Facility;"

•"7.00% Senior Secured Second Lien Notes" refers to our 7.00% Senior Secured Second Lien Notes due 2030;

•"5.75% Senior Notes" and "5.25% Senior Notes" refer to our 5.75% Senior Notes due 2029 and 5.25% Senior Notes due 2030, respectively, and are referred to collectively as the "Unsecured Notes"; and

•"Exchangeable Senior Notes" refers to our 0.25% Exchangeable Senior Notes due 2026.

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by the use of words such as "believe," "expect," "anticipate," "intend," "project," "estimate," "plan," and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could."

In particular, information appearing under "Management's Discussion and Analysis of Financial Condition and Results of Operations" includes forward-looking statements. Forward-looking statements inherently involve many risks and uncertainties that could cause actual results to differ materially from those projected in these statements. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, it is based on management's current plans and expectations, expressed in good faith and believed to have a reasonable basis. However, we can give no assurance that any such expectation or belief will result or will be achieved or accomplished.

The following include some, but not all, of the risks and uncertainties that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements:

•The residential real estate market is cyclical, and we are negatively impacted by 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 (homesale sides times average homesale price), such as:

◦prolonged periods of a high mortgage rate environment;

◦high rates of inflation;

◦continued or accelerated reductions in housing affordability, including but not limited to rising or high mortgage rates, the impact of increasing home prices, and the failure of wages to keep pace with inflation;

◦continued or accelerated increases in the costs of home ownership, including but not limited to rising or high insurance costs; continued or increasing challenging in securing homeowners insurance, especially in areas affected by climate changes, and increases in other fees and taxes;

◦continued or accelerated declines in consumer demand;

◦continued or accelerated declines in inventory or excessive inventory;

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◦homeowners retaining their homes for longer periods of time, including as a result of the high mortgage rate environment, resulting in inventory shortages in new and existing housing;

◦continued or accelerated declines, or the absence of significant increases, in the number of home sales; and

◦stagnant or declining home prices;

•We are negatively impacted by 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, stagnation or uncertainty in the U.S. economy;

◦economic instability, including as related to foreign conflicts and supply chain disruptions;

◦continued or accelerated increases in inflation;

◦the potential or actual shutdown of the U.S. government due to a failure to enact debt ceiling legislation; and

◦monetary policies of the federal government and its agencies, particularly those that may result in unfavorable changes to the interest rate environment;

•A failure to obtain final court approval of the seller antitrust litigation settlement as well as other adverse developments or outcomes in current or future litigation, in particular pending class action antitrust litigation and litigation related to the Telephone Consumer Protection Act ("TCPA"), that may materially harm our business, results of operations and financial condition;

•We are subject to risks related to industry structure changes that disrupt the functioning of the residential real estate market, including as a result of litigation, legislative or regulatory developments, such as a change in the manner in which broker commissions are communicated, negotiated or paid, including potentially significant restrictions or bans on offers of compensation by the seller or listing agent to the buy-side agent, as well as a potential increase in buyers transacting without a broker;

•Risks related to the impact of evolving competitive and consumer dynamics, whether driven by competitive or regulatory factors or other changes to industry rules, which could include, but are not limited to:

◦meaningful decreases in the average broker commission rate (including the average buy-side commission rate);

◦continued erosion of our share of the commission income generated by homesale transactions;

◦our ability to compete against traditional and non-traditional competitors;

◦our ability to adapt our business to changing consumer preferences; and

◦further disruption in the residential real estate brokerage industry related to listing aggregator market power and concentration, including with respect to ancillary services;

•Our business and financial results may be materially and adversely impacted if we are unable to execute our business strategy, including if we are not successful in our efforts to:

◦recruit and retain productive independent sales agents and teams, and other agent-facing talent;

◦attract and retain franchisees or renew existing franchise agreements without reducing contractual royalty rates or increasing the amount and prevalence of sales incentives;

◦develop or procure products, services and technology that support our strategic initiatives;

◦successfully adopt and integrate artificial intelligence (AI) and other machine learning technology into our products and services;

◦achieve or maintain cost savings and other benefits from our cost-saving initiatives;

◦generate a meaningful number of high-quality leads for independent sales agents and franchisees; and

◦complete, integrate or realize the expected benefits of acquisitions and joint ventures;

•Our substantial indebtedness, alone or in combination with other factors, particularly heightened during industry downturns or broader recessions, could (i) adversely limit our operations, including our ability to grow our business, (ii) adversely impact our liquidity including, but not limited to, with respect to our interest obligations and the negative covenant restrictions contained in our debt agreements and/or (iii) adversely impact our ability, and any actions we may take, to refinance, restructure or repay our indebtedness or incur additional indebtedness;

•An event of default under our material debt agreements would adversely affect our operations and our ability to satisfy obligations under our indebtedness;

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•Our financial condition and/or results of operations may be adversely impacted by risks related to our business structure, including, but not limited to:

◦the operating results of affiliated franchisees and their ability to pay franchise and related fees;

◦continued consolidation among our top 250 franchisees;

◦challenges relating to the owners of the two brands we do not own;

◦the geographic and high-end market concentration of our company owned brokerages;

◦the loss of our largest real estate benefit program client or multiple significant relocation clients;

◦the failure of third-party vendors or partners to perform as expected or our failure to adequately monitor them;

◦our reliance on information technology to operate our business and maintain our competitiveness; and

◦the negligence or intentional actions of affiliated franchisees and their independent sales agents or independent sales agents engaged by our company owned brokerages, which are traditionally outside of our control, and any resulting direct claims against us based on theories of vicarious liability, negligence, joint operations or joint employer liability;

•We are subject to risks related to legal and regulatory matters, which may cause us to incur increased costs and/or result in adverse financial, operational or reputational consequences to us, including but not limited to, 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 ("RESPA") 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 any related laws limiting solicitation of business, and (5) privacy or cybersecurity laws and regulations;

•We face reputational, business continuity and legal and financial risks associated with cybersecurity incidents;

•Our goodwill and other long-lived assets are subject to further impairment which could negatively impact our earnings;

•We could be subject to significant losses if banks do not honor our escrow and trust deposits;

•Changes in accounting standards and management assumptions and estimates could have a negative impact on us;

•We face risks related to potential attrition among our senior executives or other key employees and related to our ability to develop our existing workforce and to recruit talent in order to advance our business strategies;

•We face risks related to our Exchangeable Senior Notes and exchangeable note hedge and warrant transactions;

•We face risks related to severe weather events or natural disasters, which may be exacerbated by climate change and may cause increased homeowners insurance costs, and other catastrophic events, including public health crises;

•Increasing scrutiny and changing expectations related to corporate sustainability practices may impose additional costs on us or expose us to reputational or other risks;

•Market forecasts and estimates, including our internal estimates, may prove to be inaccurate; and

•We face risks related to our common stock, including that price of our common stock may fluctuate significantly.

More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission ("SEC"), including this Quarterly Report and our Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K"), particularly under the captions "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Legal Proceedings." Most of these factors are difficult to anticipate and are generally beyond our control. You should consider these factors in connection with any forward-looking statements that may be made by us and our businesses generally.

All forward-looking statements herein speak only as of the date of this Quarterly Report. Except as is required by law, we expressly disclaim any obligation to publicly release any revisions to forward-looking statements to reflect events after the date of this Quarterly Report. For any forward-looking statement contained in this Quarterly Report, our public filings or other public statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Anywhere Real Estate Inc.

Results of Review of Interim Financial Statements

We have reviewed the accompanying condensed consolidated balance sheet of Anywhere Real Estate Inc. and its subsidiaries (the "Company") as of March 31, 2024, and the related condensed consolidated statements of operations, of comprehensive loss, and of cash flows for the three-month periods ended March 31, 2024 and 2023, including the related notes (collectively referred to as the "interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Company as of December 31, 2023, and the related consolidated statements of operations, comprehensive (loss) income, equity and of cash flows for the year then ended (not presented herein), and in our report dated February 20, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ PricewaterhouseCoopers LLP

Florham Park, New Jersey

May 2, 2024

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholder of Anywhere Real Estate Group LLC

Results of Review of Interim Financial Statements

We have reviewed the accompanying condensed consolidated balance sheet of Anywhere Real Estate Group LLC and its subsidiaries (the "Company") as of March 31, 2024, and the related condensed consolidated statements of operations, of comprehensive loss, and of cash flows for the three-month periods ended March 31, 2024 and 2023, including the related notes (collectively referred to as the "interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with auditing standards generally accepted in the United States of America, the consolidated balance sheet of the Company as of December 31, 2023, and the related consolidated statements of operations, comprehensive (loss) income, and of cash flows for the year then ended (not presented herein), and in our report dated February 20, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our reviews in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America applicable to reviews of interim financial information. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB or in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ PricewaterhouseCoopers LLP

Florham Park, New Jersey

May 2, 2024

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ANYWHERE REAL ESTATE INC. AND ANYWHERE REAL ESTATE GROUP LLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)


	Three Months Ended
	March 31,
	2024		2023
Revenues
Gross commission income	$	907	$	903
Service revenue	119		127
Franchise fees	70		69
Other	30		32
Net revenues	1,126		1,131
Expenses
Commission and other agent-related costs	726		723
Operating	273		286
Marketing	45		49
General and administrative	99		123
Former parent legacy cost, net	1		16
Restructuring costs, net	11		25
Impairments	6		4
Depreciation and amortization	55		50
Interest expense, net	39		38
Other income, net	(1)		(1)
Total expenses	1,254		1,313
Loss before income taxes, equity in losses and noncontrolling interests	(128)		(182)
Income tax benefit	(28)		(46)
Equity in losses of unconsolidated entities	1		2
Net loss	(101)		(138)
Less: Net income attributable to noncontrolling interests	—		—
Net loss attributable to Anywhere and Anywhere Group	$	(101)	$	(138)

Loss per share attributable to Anywhere shareholders:
Basic loss per share	$	(0.91)	$	(1.26)
Diluted loss per share	$	(0.91)	$	(1.26)
Weighted average common and common equivalent shares of Anywhere outstanding:
Basic	110.7		109.8
Diluted	110.7		109.8

See Notes to Condensed Consolidated Financial Statements.

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ANYWHERE REAL ESTATE INC. AND ANYWHERE REAL ESTATE GROUP LLC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In millions)

(Unaudited)


	Three Months Ended
	March 31,
	2024		2023
Net loss	$	(101)	$	(138)
Currency translation adjustment	(1)		—
Defined benefit pension plan—amortization of actuarial gain (loss) to periodic pension cost	—		1
Other comprehensive (loss) income, before tax	(1)		1
Income tax expense related to items of other comprehensive income amounts	—		—
Other comprehensive (loss) income, net of tax	(1)		1
Comprehensive loss	(102)		(137)
Less: comprehensive income attributable to noncontrolling interests	—		—
Comprehensive loss attributable to Anywhere and Anywhere Group	$	(102)	$	(137)

See Notes to Condensed Consolidated Financial Statements.

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ANYWHERE REAL ESTATE INC. AND ANYWHERE REAL ESTATE GROUP LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

(Unaudited)


	March 31, 2024		December 31, 2023

ASSETS
Current assets:
Cash and cash equivalents	$	111	$	106
Restricted cash	4		13
Trade receivables (net of allowance for doubtful accounts of $18 for both periods presented)	109		105
Relocation receivables	147		138
Other current assets	226		218
Total current assets	597		580
Property and equipment, net	261		280
Operating lease assets, net	369		380
Goodwill	2,499		2,499
Trademarks	586		586
Franchise agreements, net	871		887
Other intangibles, net	122		127
Other non-current assets	494		500
Total assets	$	5,799	$	5,839
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	88	$	99
Securitization obligations	110		115
Current portion of long-term debt	639		307
Current portion of operating lease liabilities	112		113
Accrued expenses and other current liabilities	526		573
Total current liabilities	1,475		1,207
Long-term debt	2,053		2,235
Long-term operating lease liabilities	325		333
Deferred income taxes	179		207
Other non-current liabilities	187		176
Total liabilities	4,219		4,158
Commitments and contingencies (Note 6)
Equity:
Anywhere preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued and outstanding at March 31, 2024 and December 31, 2023	—		—
Anywhere common stock: $0.01 par value; 400,000,000 shares authorized, 111,099,426 shares issued and outstanding at March 31, 2024 and 110,488,093 shares issued and outstanding at December 31, 2023	1		1
Additional paid-in capital	4,814		4,813
Accumulated deficit	(3,192)		(3,091)
Accumulated other comprehensive loss	(45)		(44)
Total stockholders' equity	1,578		1,679
Noncontrolling interests	2		2
Total equity	1,580		1,681
Total liabilities and equity	$	5,799	$	5,839

See Notes to Condensed Consolidated Financial Statements.

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ANYWHERE REAL ESTATE INC. AND ANYWHERE REAL ESTATE GROUP LLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)


	Three Months Ended March 31,
	2024		2023
Operating Activities
Net loss	$	(101)	$	(138)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	55		50
Deferred income taxes	(28)		(47)
Impairments	6		4
Amortization of deferred financing costs and debt premium	2		2
Gain on the sale of businesses, investments or other assets, net	—		(1)
Equity in losses of unconsolidated entities	1		2
Stock-based compensation	4		4
Other adjustments to net loss	(1)		—
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables	(5)		52
Relocation receivables	(9)		(26)
Other assets	18		9
Accounts payable, accrued expenses and other liabilities	(60)		(21)
Dividends received from unconsolidated entities	—		1
Other, net	(4)		(4)
Net cash used in operating activities	(122)		(113)
Investing Activities
Property and equipment additions	(18)		(18)
Net proceeds from the sale of businesses	—		6
Proceeds from the sale of investments in unconsolidated entities	—		6
Other, net	2		1
Net cash used in investing activities	(16)		(5)
Financing Activities
Net change in Revolving Credit Facility	153		30
Amortization payments on term loan facilities	(5)		(3)
Net change in securitization obligations	(5)		11
Taxes paid related to net share settlement for stock-based compensation	(3)		(4)
Other, net	(6)		(8)
Net cash provided by financing activities	134		26
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	—		—
Net decrease in cash, cash equivalents and restricted cash	(4)		(92)
Cash, cash equivalents and restricted cash, beginning of period	119		218
Cash, cash equivalents and restricted cash, end of period	$	115	$	126

Supplemental Disclosure of Cash Flow Information
Interest payments (including securitization interest of $2 and $3 respectively)	$	31	$	39
Income tax (refunds) payments, net	(1)		1

See Notes to Condensed Consolidated Financial Statements.

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ANYWHERE REAL ESTATE INC. AND ANYWHERE REAL ESTATE GROUP LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise noted, all amounts are in millions)

(Unaudited)

1. BASIS OF PRESENTATION

Anywhere Real Estate Inc. ("Anywhere" or the "Company") is a holding company for its consolidated subsidiaries including Anywhere Intermediate Holdings LLC ("Anywhere Intermediate") and Anywhere Real Estate Group LLC ("Anywhere Group") and its consolidated subsidiaries. Anywhere, through its subsidiaries, is a global provider of residential real estate services. Neither Anywhere, the indirect parent of Anywhere Group, nor Anywhere Intermediate, the direct parent company of Anywhere Group, conducts any operations other than with respect to its respective direct or indirect ownership of Anywhere Group. As a result, the consolidated financial positions, results of operations, comprehensive loss and cash flows of Anywhere, Anywhere Intermediate and Anywhere Group are the same.

The accompanying Condensed Consolidated Financial Statements include the financial statements of Anywhere and Anywhere Group. Anywhere's only asset is its investment in the common stock of Anywhere Intermediate, and Anywhere Intermediate's only asset is its investment in Anywhere Group. Anywhere's only obligations are its guarantees of certain borrowings and certain franchise obligations of Anywhere Group. All expenses incurred by Anywhere and Anywhere Intermediate are for the benefit of Anywhere Group and have been reflected in Anywhere Group's Condensed Consolidated Financial Statements.

The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America and with Article 10 of Regulation S-X. Interim results may not be indicative of full year performance because of seasonal and short-term variations. The Company has eliminated all material intercompany transactions and balances between entities consolidated in these financial statements. In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the amounts reported and the related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ materially from those estimates.

In management's opinion, the accompanying unaudited Condensed Consolidated Financial Statements reflect all normal and recurring adjustments necessary for a fair statement of Anywhere and Anywhere Group's financial position as of March 31, 2024 and the results of operations and comprehensive loss for the three months ended March 31, 2024 and 2023 and cash flows for the three months ended March 31, 2024 and 2023. The Consolidated Balance Sheet at December 31, 2023 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023.

The Company reports its operations in the following three business segments:

•Anywhere Advisors ("Owned Brokerage Group")—operates a full-service real estate brokerage business under the Coldwell Banker®, Corcoran® and Sotheby’s International Realty® brand names in many of the largest metropolitan areas in the U.S. This segment also includes the Company's share of equity earnings or losses from the Company's minority-owned real estate auction joint venture.

•Anywhere Integrated Services ("Title Group")—provides full-service title, escrow and settlement services to consumers, real estate companies, corporations and financial institutions primarily in support of residential real estate transactions. This segment also includes the Company's share of equity earnings or losses from Guaranteed Rate Affinity, the Company's minority-owned mortgage origination joint venture, and from the Company's minority-owned title insurance underwriter joint venture.

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Fair Value Measurements

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.


Level Input:						Input Definitions:

Level I						Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.

Level II						Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.

Level III						Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.

The availability of observable inputs can vary from asset to asset and is affected by a wide variety of factors, including, for example, the type of asset, whether the asset is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level III. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The fair value of financial instruments is generally determined by reference to quoted market values. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques, as appropriate. The fair value of interest rate swaps is determined based upon a discounted cash flow approach.

The Company measures financial instruments at fair value on a recurring basis and recognizes transfers within the fair value hierarchy at the end of the fiscal quarter in which the change in circumstances that caused the transfer occurred.

The following table summarizes fair value measurements by level at March 31, 2024 for assets and liabilities measured at fair value on a recurring basis:


	Level I		Level II		Level III		Total
Deferred compensation plan assets (included in other non-current assets)	$	1	$	—	$	—	$	1
Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities)	—		—		3		3

The following table summarizes fair value measurements by level at December 31, 2023 for assets and liabilities measured at fair value on a recurring basis:


	Level I		Level II		Level III		Total
Deferred compensation plan assets (included in other non-current assets)	$	1	$	—	$	—	$	1
Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities)	—		—		4		4

The fair value of the Company’s contingent consideration for acquisitions is measured using a probability weighted-average discount rate to estimate future cash flows based upon the likelihood of achieving future operating results for individual acquisitions. These assumptions are deemed to be unobservable inputs and as such the Company’s contingent consideration is classified within Level III of the valuation hierarchy. The Company reassesses the fair value of the contingent consideration liabilities on a quarterly basis.

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The following table presents changes in Level III financial liabilities measured at fair value on a recurring basis:


	Level III
Fair value of contingent consideration at December 31, 2023	$	4
Additions: contingent consideration related to acquisitions completed during the period	—
Reductions: payments of contingent consideration	(1)
Changes in fair value (reflected in general and administrative expenses)	—
Fair value of contingent consideration at March 31, 2024	$	3

The following table summarizes the principal amount of the Company’s indebtedness compared to the estimated fair value, primarily determined by quoted market values, at:


	March 31, 2024				December 31, 2023
Debt	Principal Amount		Estimated Fair Value (a)		Principal Amount		Estimated Fair Value (a)
Revolving Credit Facility	$	438	$	438	$	285	$	285
Term Loan A Facility	202		201		206		205
7.00% Senior Secured Second Lien Notes	640		568		640		590
5.75% Senior Notes	576		407		576		448
5.25% Senior Notes	457		311		457		336
0.25% Exchangeable Senior Notes	403		320		403		314

_______________

(a)The fair value of the Company's indebtedness is categorized as Level II.

Equity Method Investments

At March 31, 2024, the Company had various equity method investments totaling $177 million recorded on the other non-current assets line on the accompanying Condensed Consolidated Balance Sheets. Although the Company holds certain governance rights, it lacks controlling financial or operational interests in these investments.

The Company's 49.9% minority-owned mortgage origination joint venture with Guaranteed Rate, Inc. ("Guaranteed Rate Affinity") at Title Group had an investment balance of $65 million and $67 million at March 31, 2024 and December 31, 2023, respectively. The Company recorded equity in losses of $2 million related to its investment in Guaranteed Rate Affinity during both the three months ended March 31, 2024 and 2023.

The Company's 25% equity interest in the Title Insurance Underwriter Joint Venture at Title Group had an investment balance of $74 million at both March 31, 2024 and December 31, 2023. The Company recorded no equity in earnings and $1 million of equity in earnings related to its investment in the Title Insurance Underwriter Joint Venture during the three months ended March 31, 2024 and 2023, respectively.

The Company's various other equity method investments at Title Group and Brokerage Group had a total investment balance of $38 million and $37 million at March 31, 2024 and December 31, 2023, respectively. The Company recorded equity in earnings of $1 million and equity in losses of $1 million related to these investments during the three months ended March 31, 2024 and 2023, respectively.

Income Taxes

The Company's provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against the income before income taxes for the period. In addition, non-recurring or discrete items are recorded in the period in which they occur. The provision for income taxes was a benefit of $28 million and $46 million for the three months ended March 31, 2024 and 2023, respectively.

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Revenue

Revenue is recognized upon the transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services in accordance with the revenue accounting standard. The Company's revenue is disaggregated by major revenue categories on our Condensed Consolidated Statements of Operations and further disaggregated by business segment as follows:


	Three Months Ended March 31,
	Franchise Group				Owned Brokerage Group				Title Group				Corporate and Other				Total Company
	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
Gross commission income (a)	$	—	$	—	$	907	$	903	$	—	$	—	$	—	$	—	$	907	$	903
Service revenue (b)	46		55		4		4		69		68		—		—		119		127
Franchise fees (c)	131		129		—		—		—		—		(61)		(60)		70		69
Other (d)	23		23		8		8		2		4		(3)		(3)		30		32
Net revenues	$	200	$	207	$	919	$	915	$	71	$	72	$	(64)	$	(63)	$	1,126	$	1,131

______________

(a)Gross commission income at Owned Brokerage Group is recognized at a point in time at the closing of a homesale transaction.

(b)Service revenue primarily consists of title and escrow fees at Title Group and are recognized at a point in time at the closing of a homesale transaction. Service revenue at Franchise Group includes relocation fees, which are recognized as revenue when or as the related performance obligation is satisfied dependent on the type of service performed, and fees related to leads and related services, which are recognized at a point in time at the closing of a homesale transaction or at the completion of the related service.

(c)Franchise fees at Franchise Group primarily include domestic royalties which are recognized at a point in time when the underlying franchisee revenue is earned (upon close of the homesale transaction).

(d)Other revenue is comprised of brand marketing funds received from franchisees at Franchise Group and other miscellaneous revenues across all of the business segments.

The following table shows the change in the Company's contract liabilities (deferred revenue) related to revenue contracts by reportable segment for the period:


	Beginning Balance at January 1, 2024		Additions during the period		Recognized as Revenue during the period		Ending Balance at March 31, 2024
Franchise Group:
Deferred area development fees (a)	$	39	$	1	$	(1)	$	39
Deferred brand marketing fund fees (b)	19		16		(17)		18
Deferred outsourcing management fees (c)	3		9		(8)		4
Other deferred income related to revenue contracts	8		9		(6)		11
Total Franchise Group	69		35		(32)		72
Owned Brokerage Group:
Advanced commissions related to development business (d)	12		3		(3)		12
Other deferred income related to revenue contracts	3		3		(1)		5
Total Owned Brokerage Group	15		6		(4)		17
Total	$	84	$	41	$	(36)	$	89

_______________

(a)The Company collects initial area development fees ("ADF") for international territory transactions, which are recorded as deferred revenue when received and recognized into franchise revenue over the average 25 year life of the related franchise agreement as consideration for the right to access and benefit from Anywhere’s brands. In the event an ADF agreement is terminated prior to the end of its term, the unamortized deferred revenue balance will be recognized into revenue immediately upon termination.

(b)Revenues recognized include intercompany marketing fees paid by Owned Brokerage Group.

(c)The Company earns revenues from outsourcing management fees charged to clients that may cover several of the various relocation services according to the clients' specific needs. Outsourcing management fees are recorded as deferred revenue when billed (usually at the start of the relocation) and are recognized as revenue over the average time period required to complete the transferee's move, or a phase of the move that the fee covers, which is typically 3 to 6 months depending on the move type.

(d)New development closings generally have a development period of between 18 and 24 months from contracted date to closing.

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Allowance for Doubtful Accounts

The Company estimates the allowance necessary to provide for uncollectible accounts receivable. The estimate is based on historical experience, combined with a review of current conditions and forecasts of future losses, and includes specific accounts for which payment has become unlikely. The process by which the Company calculates the allowance is performed in the individual business units where specific problem accounts are identified and reserved primarily based upon the age profile of the receivables and specific payment issues, combined with reasonable and supportable forecasts of future losses.

Supplemental Cash Flow Information

Significant non-cash transactions included finance lease additions of $3 million and $2 million during the three months ended March 31, 2024 and 2023, respectively, which resulted in non-cash additions to property and equipment, net and other non-current liabilities.

Leases

The Company's lease obligations as of March 31, 2024 have not changed materially from the amounts reported in the 2023 Form 10-K.

Recently Issued Accounting Pronouncements

The Company systematically reviews and evaluates the relevance and implications of all Accounting Standards Updates ("ASUs"). While recently issued standards not expressly listed below were scrutinized, they were deemed either inapplicable or anticipated to not have a material impact on the Company's consolidated financial position or results of operations.

The FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". This standard does not alter the methodology employed by the Company in identifying its operating segments, aggregating those operating segments or applying the quantitative thresholds to determine its reportable segments. Instead, the new standard adds required disclosures concerning significant segment expenses that are regularly provided to or easily computed from information regularly provided to by the chief operating decision maker ("CODM") and included within the Company's reported measure of segment profit of loss, as well as certain other disclosures. The new standard also allows disclosure of multiple measures of segment profitability if those measures are used to allocate resources and assess performance by the CODM. Furthermore, certain annual disclosures will be required on an interim basis. The new standard is effective for annual financial statements of public business entities for fiscal years beginning after December 15, 2023 and in interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The new guidance should be adopted retrospectively unless impracticable. The Company is currently evaluating the impact of the new guidance on its financial statement disclosures.

The FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This standard includes enhanced income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid for annual periods. The new standard is effective for annual financial statements of public business entities for fiscal years beginning after December 15, 2024, with early adoption permitted. The new guidance should be adopted on a prospective basis with retrospective application permitted. The Company is currently evaluating the impact of the new guidance on its financial statement disclosures.

SEC Rule on Climate-Related Disclosures

In March 2024, the SEC adopted final regulations aimed at improving and streamlining climate-related disclosures for publicly traded companies and in public offerings. These regulations represent the SEC's response to investors' calls for more uniform, comparable, and trustworthy data regarding the financial implications of climate-related risks on a company's operations, as well as its strategies for managing such risks. The registrants will be required to provide disclosure, subject to existing audit requirements, regarding the effects of severe weather events and other natural conditions on the financial statements; financial information related to certain carbon offsets and renewable energy certificates; and material impacts on financial estimates and assumptions that are due to severe weather events and other natural conditions or disclosed climate-related targets or transition plans. Additional disclosure requirements will include: material direct and indirect (Scope 1 and Scope 2) greenhouse gas emissions; governance and oversight of material climate-related risks; the material impact of climate risks on the company’s strategy, results of operations and financial condition; risk management processes for material climate-related risks; and material climate targets and goals. The new rules are effective 60 days after being published in the Federal Register and will be effective for all calendar year end companies for the fiscal year 2025 (with

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some disclosures delayed further) on a prospective basis, with the earliest reporting date beginning in 2026. On April 4, 2024, the SEC voluntarily stayed implementation of the new rules, pending completion of judicial review of consolidated challenges to those rules by the U.S. Court of Appeals for the Eighth Circuit. The SEC final rules follow on the heels of the California climate legislation that will require public and private companies that do business in California to disclose their greenhouse gas emissions and their climate-related financial risks. The Company is currently evaluating the impact of the new laws and regulations.

2. GOODWILL AND INTANGIBLE ASSETS

Goodwill

Changes in the carrying amount of Goodwill and Accumulated impairment losses by reportable segment are as follows:


	Franchise Group		Owned Brokerage Group		Title Group		Total Company
Goodwill (gross) at December 31, 2023	$	3,953	$	1,089	$	455	$	5,497
Goodwill acquired	—		—		—		—
Goodwill reduction	—		—		—		—
Goodwill (gross) at March 31, 2024	3,953		1,089		455		5,497

Accumulated impairment losses at December 31, 2023	(1,586)		(1,088)		(324)		(2,998)
Goodwill impairment	—		—		—		—
Accumulated impairment losses at March 31, 2024 (a)	(1,586)		(1,088)		(324)		(2,998)

Goodwill (net) at March 31, 2024	$	2,367	$	1	$	131	$	2,499

_______________

(a)Includes impairment charges which reduced goodwill by $25 million during 2023, $394 million during 2022, $540 million during 2020, $253 million during 2019, $1,279 million during 2008 and $507 million during 2007.

Intangible Assets

Intangible assets are as follows:


	As of March 31, 2024						As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizable—Franchise agreements (a)	$	2,010	$	1,139	$	871	$	2,010	$	1,123	$	887
Indefinite life—Trademarks (b)	$	586			$	586	$	586			$	586
Other Intangibles
Amortizable—License agreements (c)	$	45	$	16	$	29	$	45	$	16	$	29
Amortizable—Customer relationships (d)	454		391		63		454		385		69
Indefinite life—Title plant shares (e)	29				29		28				28
Amortizable—Other (f)	7		6		1		7		6		1
Total Other Intangibles	$	535	$	413	$	122	$	534	$	407	$	127

_______________

(a)Generally amortized over a period of 30 years.

(b)Primarily related to real estate franchise, title and relocation trademarks which are expected to generate future cash flows for an indefinite period of time.

(c)Relates to the Sotheby’s International Realty® and Better Homes and Gardens® Real Estate agreements which are being amortized over 50 years (the contractual term of the license agreements).

(d)Relates to the customer relationships which are being amortized over a period of 10 to 20 years.

(e)Ownership in a title plant is required to transact title insurance in certain states. The Company expects to generate future cash flows for an indefinite period of time.

(f)Consists of covenants not to compete which are amortized over their contract lives and other intangibles which are generally amortized over periods ranging from 3 to 5 years.

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Intangible asset amortization expense is as follows:


	Three Months Ended March 31,
	2024		2023
Franchise agreements	$	16	$	17
Customer relationships	6		5
Other	—		1
Total	$	22	$	23

Based on the Company’s amortizable intangible assets as of March 31, 2024, the Company expects related amortization expense for the remainder of 2024, the four succeeding years and thereafter to be approximately $67 million, $89 million, $89 million, $74 million, $68 million and $577 million, respectively.

3. OTHER CURRENT ASSETS AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Other current assets consisted of:


	March 31, 2024		December 31, 2023
Prepaid contracts and other prepaid expenses	$	93	$	78
Prepaid agent incentives	45		49
Franchisee sales incentives	29		30
Other	59		61
Total other current assets	$	226	$	218

Accrued expenses and other current liabilities consisted of:


	March 31, 2024		December 31, 2023
Accrued payroll and related employee costs	$	100	$	158
Advances from clients	27		29
Accrued volume incentives	27		28
Accrued commissions	32		34
Restructuring accruals	16		14
Deferred income	59		53
Accrued interest	43		34
Current portion of finance lease liabilities	8		9
Due to former parent	39		38
Other	175		176
Total accrued expenses and other current liabilities	$	526	$	573

4. SHORT AND LONG-TERM DEBT

Total indebtedness is as follows:


	March 31, 2024		December 31, 2023
Revolving Credit Facility	$	438	$	285
Term Loan A Facility	201		206
7.00% Senior Secured Second Lien Notes	628		627
5.75% Senior Notes	576		576
5.25% Senior Notes	451		451
0.25% Exchangeable Senior Notes	398		397
Total Short-Term & Long-Term Debt	$	2,692	$	2,542
Securitization Obligations:
Apple Ridge Funding LLC	$	110	$	115

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Indebtedness Table

As of March 31, 2024, the Company’s borrowing arrangements were as follows:


	Interest Rate	Expiration Date	Principal Amount		Unamortized Premium and Debt Issuance Costs		Net Amount
Revolving Credit Facility (1)	(2)	July 2027 (3)	$	438	$ *		$	438
Term Loan A Facility	(4) (5)	February 2025	202		1		201
Senior Secured Second Lien Notes	7.00%	April 2030	640		12		628
Senior Notes	5.75%	January 2029	576		—		576
Senior Notes	5.25%	April 2030	457		6		451
Exchangeable Senior Notes	0.25%	June 2026	403		5		398
Total Short-Term & Long-Term Debt			$	2,716	$	24	$	2,692
Securitization obligations: (6)
Apple Ridge Funding LLC		May 2024	$	110	$ *		$	110

_______________

*The debt issuance costs related to our Revolving Credit Facility and securitization obligations are classified as a deferred financing asset within other assets.

(1)As of March 31, 2024, the Company had $1,100 million of borrowing capacity under its Revolving Credit Facility. As of March 31, 2024, there were $438 million of outstanding borrowings under the Revolving Credit Facility and $33 million of outstanding undrawn letters of credit. On April 24, 2024, the Company had $525 million of outstanding borrowings under the Revolving Credit Facility and $34 million of outstanding undrawn letters of credit.

(2)The interest rate with respect to revolving loans under the Revolving Credit Facility at March 31, 2024 is based on, at the Company's option, Term Secured Overnight Financing Rate (" SOFR") plus a 10 basis point credit spread adjustment or JP Morgan Chase Bank, N.A.'s prime rate ("ABR") plus (in each case) an additional margin subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter's senior secured leverage ratio, the SOFR margin was 1.75% and the ABR margin was 0.75% for the three months ended March 31, 2024.

(3)The maturity date of the Revolving Credit Facility is July 27, 2027 and may spring forward to an earlier date as follows: (i) if on or before March 16, 2026, the 0.25% Exchangeable Senior Notes have not been extended, refinanced or replaced to have a maturity date after October 26, 2027 (or are not otherwise discharged, defeased or repaid by March 16, 2026), the maturity date of the Revolving Credit Facility will be March 16, 2026; and (ii) if on or before November 9, 2024, the "term A loans" under the Term Loan A Agreement have not been extended, refinanced or replaced to have a maturity date after October 26, 2027 (or are not otherwise repaid by November 9, 2024), the maturity date of the Revolving Credit Facility will be November 9, 2024.

(4)The interest rate with respect to outstanding borrowings under the Term Loan A Facility at March 31, 2024 is based on, at the Company's option, Term SOFR plus a 10 basis point credit spread adjustment or ABR, plus (in each case) an additional margin subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter's senior secured leverage ratio, the SOFR margin was 1.75% and the ABR margin was 0.75% for the three months ended March 31, 2024.

(5)The Term Loan A Facility provides for quarterly amortization payments based on a percentage of the original principal amount of $237 million as follows: 1.25% per quarter from June 30, 2022 to March 31, 2023; 1.875% per quarter from June 30, 2023 to March 31, 2024; and 2.50% per quarter for periods ending on or after June 30, 2024, with the balance of the Term Loan A Facility due at maturity on February 8, 2025.

(6)Anywhere Group has secured obligations through Apple Ridge Funding LLC under a securitization program which expires in May 2024 and for which the Company is currently engaged in the renewal process. As of March 31, 2024, the Company had $200 million of borrowing capacity under the Apple Ridge Funding LLC securitization program with $110 million being utilized leaving $90 million of available capacity subject to maintaining sufficient relocation related assets to collateralize the securitization obligation. Certain of the funds that Anywhere Group receives from relocation receivables and related assets are required to be utilized to repay securitization obligations. These obligations are collateralized by $143 million and $146 million of underlying relocation receivables and other related relocation assets at March 31, 2024 and December 31, 2023, respectively. Substantially all relocation related assets are realized in less than twelve months from the transaction date. Accordingly, all of Anywhere Group's securitization obligations are classified as current in the accompanying Condensed Consolidated Balance Sheets. Interest incurred in connection with borrowings under the facility amounted to $2 million and $3 million for the three months ended March 31, 2024 and 2023, respectively. This interest is recorded within net revenues in the accompanying Condensed Consolidated Statements of Operations as related borrowings are utilized to fund Anywhere Group's relocation operations where interest is generally earned on such assets. The securitization obligations represent floating rate debt for which the average weighted interest rate was 8.6% and 7.0% for the three months ended March 31, 2024 and 2023, respectively.

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Maturities Table

As of March 31, 2024, the combined aggregate amount of maturities for long-term borrowings for the remainder of 2024 and each of the next four years is as follows:


Year	Amount
Remaining 2024 (a)	$	456
2025	184
2026	403
2027	—
2028	—

_______________

(a)Remaining 2024 includes amortization payments totaling $18 million for the Term Loan A Facility, as well as $438 million of outstanding borrowings under the Revolving Credit Facility which expires in July 2027 (subject to earlier spring maturity) but is classified on the balance sheet as current due to the revolving nature and terms and conditions of the facility. The current portion of long-term debt of $639 million shown on the Condensed Consolidated Balance Sheets consists of $438 million of outstanding borrowings under the Revolving Credit Facility and $201 million of outstanding borrowings under the Term Loan A Facility expiring February 8, 2025.

5. RESTRUCTURING COSTS

Restructuring charges were $11 million and $25 million for the three months ended March 31, 2024 and 2023, respectively. The components of the restructuring charges were as follows:


	Three Months Ended March 31,
	2024		2023
Personnel-related costs (1)	$	5	$	11
Facility-related costs (2)	6		14
Total restructuring charges (3)	$	11	$	25

_______________

(1)Personnel-related costs consist of severance costs provided to employees who have been terminated.

(2)Facility-related costs consist of costs associated with planned facility closures such as contract termination costs, amortization of lease assets that will continue to be incurred under the contract for its remaining term without economic benefit to the Company, accelerated depreciation on asset disposals and other facility and employee relocation related costs.

(3)Restructuring charges for the three months ended March 31, 2024 include $10 million of expense related to the Operational Efficiencies Plan and $1 million of expense related to prior restructuring plans. Restructuring charges for the three months ended March 31, 2023 include $23 million of expense related to the Operational Efficiencies Plan and $2 million of expense related to prior restructuring plans.

Operational Efficiencies Plan

The Company continues to execute on its strategic plan ("the Operational Efficiencies Plan" or "the Plan") to optimize operational efficiency, reduce its office footprint costs, centralize certain aspects of its operational support structure and drive changes in how it serves its affiliated independent sales agents as well as consumers from a marketing and technology perspective. In January 2023, the Company executed a meaningful workforce reduction driven by worsening trends in the housing market beginning in 2022. The Company has and will incur additional costs in 2024, primarily associated with facility closures that are part of the continued execution of the Plan. These actions build on the multiple other cost reduction and spending reprioritization initiatives such as simplified and more integrated and digitized offerings, systems and support. Delivering the Company’s business model more digitally is an increasing part of improving the agent, franchisee and consumer experience and the Company's ongoing cost focus. The Company expects to continue to prioritize investments in efforts to support its independent sales agents, franchisees and consumers which includes investments in technology and innovative products, lead generation and franchisee support.

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The following is a reconciliation of the beginning and ending reserve balances related to the Plan:


	Personnel-related costs		Facility-related costs		Total
Balance at December 31, 2023	$	10	$	4	$	14
Restructuring charges (1)	5		5		10
Costs paid or otherwise settled	(4)		(4)		(8)
Balance at March 31, 2024	$	11	$	5	16

_______________

(1)In addition, the Company incurred $5 million of facility-related costs for lease asset impairments in connection with the Plan during the three months ended March 31, 2024.

The following table shows the total costs currently expected to be incurred by type of cost related to the Plan:


	Total amount expected to be incurred		Amount incurred to date		Total amount remaining to be incurred
Personnel-related costs	$	42	$	40	$	2
Facility-related costs	48		33		15
Total	$	90	$	73	$	17

The following table shows the total costs currently expected to be incurred by reportable segment related to the Plan:


	Total amount expected to be incurred		Amount incurred to date		Total amount remaining to be incurred
Franchise Group	$	14	$	14	$	—
Owned Brokerage Group	61		45		16
Title Group	5		4		1
Corporate and Other	10		10		—
Total	$	90	$	73	$	17

Prior Restructuring Plans

During 2019, the Company took various strategic initiatives to reduce costs and institute operational and facility related efficiencies to drive profitability. During 2020, as a result of the COVID-19 pandemic, the Company transitioned substantially all of its employees to a remote-work environment which allowed the Company to reevaluate its office space needs. As a result, additional facility and operational efficiencies were identified and implemented which included the transformation of its corporate headquarters in Madison, New Jersey to an open-plan innovation hub. At December 31, 2023, the remaining liability related to these initiatives was $9 million. During the three months ended March 31, 2024, the Company incurred $1 million of costs and paid or settled $2 million of costs resulting in a remaining accrual of $8 million at March 31, 2024. The remaining accrual of $8 million and total amount remaining to be incurred of $19 million primarily relate to the transformation of the Company's corporate headquarters.

6. COMMITMENTS AND CONTINGENCIES

Litigation

The Company is involved in claims, legal proceedings, alternative dispute resolution and governmental inquiries or regulatory actions related to alleged improper business practices, compliance, securities, franchise, brokerage, commercial, employment, regulatory, intellectual property, tax and contract disputes, including the matters described below.

The Company believes that it has adequately accrued for legal matters as appropriate. The Company records litigation accruals for legal matters when it is both probable that a liability will be incurred, and the amount of the loss can be reasonably estimated. Where the reasonable estimate of the probable loss is a range, the Company records as an accrual in its financial statements the most likely estimate of the loss, or the low end of the range if there is no one best estimate. For other litigation for which a loss is reasonably possible, the Company is unable to estimate a range of reasonably possible losses.

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Litigation and other disputes are inherently unpredictable and subject to substantial uncertainties and unfavorable developments and resolutions could occur and even cases brought by us can involve counterclaims asserted against us. Even in matters in which we are not a named party, regulatory investigations and other litigation can have significant implications for the Company, particularly in employment law, various regulatory compliance obligations and litigation involving trade associations or MLSs, as changes to their rules and practices can directly impact us. In addition, litigation and other legal matters, including class action lawsuits, multi-party litigation and regulatory proceedings challenging practices that have broad impact, can be costly to defend and, depending on the class size and claims, could be costly to settle. Insurance coverage may be unavailable for certain types of claims (including antitrust and Telephone Consumer Protection Act ("TCPA") litigation) and even where available, insurance carriers may dispute coverage for various reasons, including the cost of defense, there is a deductible for each such case, and such insurance may not be sufficient to cover the losses the Company incurs.

From time to time, even if the Company believes it has substantial defenses, it may consider litigation settlements based on a variety of circumstances.

Due to the foregoing factors as well as the factors set forth below, the Company could incur charges or judgments or enter into settlements of claims, based upon future events or developments, with liabilities that are materially in excess of amounts accrued and these judgments or settlements could have a material adverse effect on the Company’s financial condition, results of operations or cash flows in any particular period. As such, an increase in accruals for one or more of these matters in any reporting period may have a material adverse effect on the Company's results of operations and cash flows for that period.

The below captioned matters address certain current litigation involving the Company. The captioned matters described herein cover evolving, complex litigation and the Company assesses its accruals on an ongoing basis taking into account the procedural stage and developments in the litigation.

The Company disputes the allegations against it in each of these matters, believes it has substantial defenses against plaintiffs' claims and is vigorously defending these actions (though the courts have stayed its defense in the Burnett and Moehrl cases as part of the recent settlement of those cases described below).

All of these matters are presented as currently captioned, but as noted elsewhere in this Quarterly Report, Realogy Holdings Corp. has been renamed Anywhere Real Estate Inc.

Antitrust Litigation

The cases included under this header, Antitrust Litigation, are class actions that challenge residential real estate industry rules and practices for the offer and payment of buyer-broker commissions and certain alleged associated practices. The issues raised by these cases are pending in multiple jurisdictions, are at various stages of litigation, claim to cover lengthy periods, involve different assertions with respect to liability and damages, include federal and certain state law claims, involve numerous and differing parties, and—given that antitrust laws generally provide for joint and several liability and treble damages—could result in a broad range of outcomes, making it difficult to predict possible damages or how legal, factual and damages issues will be resolved.

The Company has settled certain of these cases. More recent settlements by National Association of Realtors ("NAR"), other Realtor® associations or MLSs involve injunctive relief that, when approved and implemented, will impact the entire industry, including our owned brokerages and those of our franchisees.

Further, since late October 2023, more than thirty additional lawsuits with similar or related claims have been filed against various real estate brokerages, NAR, MLSs, and/or state and local Realtor Associations, about a third of which name Anywhere, its subsidiaries or franchisees. In those cases, plaintiffs have generally either agreed to dismiss or stay the actions against Anywhere, its subsidiaries or franchisees pending final approval of the nationwide settlement that would release most claims asserted in the cases filed after October 2023. The Company believes that additional antitrust litigation and investigations related to other industry practices, may be possible beyond what has already been filed.

Burnett, Hendrickson, Breit, Trupiano, and Keel v. The National Association of Realtors, Realogy Holdings Corp., Homeservices of America, Inc., BHH Affiliates LLC, HSF Affiliates, LLC, RE/MAX LLC, and Keller Williams Realty, Inc. (U.S. District Court for the Western District of Missouri). This is a certified class action case, which was initially filed on April 29, 2019 and amended three times and tried with a jury verdict on October 31, 2023 (formerly captioned as Sitzer).

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The plaintiffs allege that the defendants engaged in a continuing contract, combination, or conspiracy to unreasonably restrain trade and commerce in violation of Section 1 of the Sherman Act because defendant NAR allegedly established mandatory anticompetitive policies and rules for the multiple listing services and its members that require an offer of buyer-broker compensation when listing a property. The plaintiffs' experts argue that "but for" the challenged NAR policies and rules, these offers of buyer-broker compensation would not be made and plaintiffs seek the recovery of full commissions paid to buyers’ brokers as to both brokerage and franchised operations in the relevant geographic area.

The plaintiffs further allege that commission sharing, which provides for the broker representing the seller sharing or paying a portion of its commission to the broker representing the buyer, is anticompetitive and violates the Sherman Act, and that the brokerage/franchisor defendants conspired with NAR by requiring their respective brokerages/franchisees to comply with NAR’s policies, rules, and Code of Ethics, and engaged in other allegedly anticompetitive conduct including, but not limited to, steering and agent education that allegedly promotes the practice of paying buyer-broker compensation and discourages commission negotiation. Plaintiffs’ experts dispute defendants’ contention that the practice of offering and paying buyer-broker compensation is based on natural and legitimate economic incentives and benefits that exist irrespective of the challenged NAR policies and rules and plaintiffs also contend that international practices are comparable benchmarks.

The antitrust claims in the Burnett litigation are limited both in allegations and relief sought to home sellers who from April 29, 2015, to the present used a listing broker affiliated with one of the brokerage/franchisor defendants in four multiple listing services ("MLSs") that primarily serve the State of Missouri, purportedly in violation of federal and Missouri antitrust laws. The plaintiffs also seek injunctive relief enjoining the defendants from requiring home sellers to pay buyer-broker commissions or from otherwise restricting competition among brokers, an award of damages and/or restitution for the class period, attorneys' fees and costs of suit. Plaintiffs allege joint and several liability and seek treble damages.

In September 2019, the Department of Justice ("DOJ") filed a statement of interest and appearances for this matter and, in July 2020 and July 2021, requested the Company provide it with all materials produced in this matter.

The Court granted class certification on April 22, 2022 and as certified, includes, according to plaintiffs, over 250,000 transactions for which the plaintiffs are seeking a full refund of the buyer broker commissions. The Company and the plaintiffs engaged in several mediation sessions, the most recent of which was held at the end of August 2023 and resulted in a settlement of the litigation as against Anywhere (the "Anywhere Settlement") (later followed by similar settlements with the other corporate defendants as well as a settlement by NAR, with two of the corporate defendants and NAR settling after the jury trial referenced below).

The court granted preliminary approval of the Anywhere Settlement on November 21, 2023. Notice to the class was issued on February 1, 2024. A hearing for final approval of the Anywhere Settlement (and the settlements by two other corporate defendants) is scheduled for May 9, 2024. Several parties have objected to the terms of these three settlements (including the Anywhere Settlement), though the Company believes that, notwithstanding these objections, the Anywhere Settlement is fair, reasonable and adequate and anticipates receiving final court approval.

Under the terms of the proposed nationwide Anywhere Settlement, Anywhere has agreed to provide monetary relief of $83.5 million as well as injunctive relief. The proposed settlement resolves, on a nationwide basis, all claims asserted or could have been asserted against Anywhere in the Burnett and Moehrl cases. Specifically, the Anywhere Settlement releases the Company, all subsidiaries, brands, affiliated agents, and franchisees from all claims that were or could have been asserted by all persons who sold a home that was listed on a multiple listing service anywhere in the United States where a commission was paid to any brokerage in connection with the sale of the home in the relevant class period. The proposed settlement is not an admission of liability, nor does it concede or validate any of the claims asserted against Anywhere.

Under the terms of the proposed settlement, Anywhere has agreed to deposit into the settlement fund (i) $10 million within 14 business days after preliminary court approval is granted (which was paid in December 2023); (ii) $20 million within 14 business days after the court approval of fees and costs, which is typically granted with final approval; and (iii) the remaining balance within 21 business days after final court approval and all appellate rights are exhausted.

The proposed Anywhere Settlement includes injunctive relief for a period of five years following final court approval, requiring practice changes in the Company owned brokerage operations and that the Company recommend and encourage these same practice changes to its independently owned and operated franchise network. The injunctive relief, includes but is not limited to, reminding Company owned brokerages, franchisees and their respective agents that Anywhere has no rule requiring offers of compensation to buyer brokers; prohibiting Company-owned brokerages (and recommending to franchisees) and agents from using technology (or manually) to sort listings by offers of compensation, unless requested by

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the client; eliminating any minimum client commission for Company-owned brokerages; and refraining from adopting any requirement that Company-owned brokerages, franchisees or their respective agents belong to NAR or follow NAR’s Code of Ethics or MLS handbook. The practice changes are to take place no later than six months after the Anywhere Settlement receives final court approval and all appellate rights are exhausted.

On November 1, 2023, following a several week trial, judgment was entered against the non-settling defendants and awarded damages to the plaintiffs from the non-settling defendants in the amount of $1.785 billion, before trebling, but the court did not make any determination of injunctive relief at that time. While the jury found that all named defendants violated Section 1 of the Sherman Act, the judgment does not alter the Anywhere Settlement or the settlement of the other corporate defendant who settled before trial.

On March 15, 2024, NAR announced that it had entered into a nationwide class action settlement under which it would pay $418 million and agree to certain practice changes. These practice changes include, but are not limited to, prohibiting offers of compensation to buyer brokers from being made on listings on an MLS, requiring Realtors® representing a buyer to enter into a written agreement with a buyer, setting forth the buyer broker’s fee and obligations before showing the buyer a property, and prohibiting Realtors® from representing their services as free, or collecting greater compensation than set forth in the written agreement with the buyer. The court granted preliminary approval of the NAR settlement on April 23, 2024.

Moehrl, Cole, Darnell, Ramey, Umpa and Ruh v. The National Association of Realtors, Realogy Holdings Corp., Homeservices of America, Inc., BHH Affiliates, LLC, The Long & Foster Companies, Inc., RE/MAX LLC, and Keller Williams Realty, Inc. (U.S. District Court for the Northern District of Illinois). The complaint, which was filed on March 6, 2019, contains allegations and requests relief substantially similar to the Burnett litigation. The Moehrl plaintiffs seek both damages and injunctive relief. In contrast to the Burnett plaintiffs, the Moehrl plaintiffs acknowledge that there are economic reasons why a seller would offer buyer compensation (and accordingly, do not seek recovery of all commissions paid to buyers’ brokers), although plaintiffs allege that buyer brokers are overpaid due to the mandatory nature of the applicable NAR policies and rules.

On March 29, 2023, the Court certified two classes in this litigation—a damages class and an injunctive class. The damages class covers sellers of residential real estate (with certain exceptions) who paid a commission to a brokerage affiliated with a corporate defendant beginning from March 6, 2015 through December 31, 2020 in 20 MLSs in various parts of the country that do not overlap with the Burnett MLSs and that include approximately five of the country's ten largest MLSs. The injunctive class covers current and future sellers of residential real estate (with certain exceptions) who are presently listing or will in the future list their home for sale in one of the 20 MLSs. The Moehrl damages class covers an estimated 3.5 million transactions, substantially larger than the class certified in Burnett (which, as further described above, includes over 250,000 transactions).

As described above under the Burnett matter, the Company has entered into a settlement of the Moehrl litigation and on September 12, 2023, the court stayed all proceedings against the Company. If final approval of the Anywhere Settlement is granted by the Burnett court, that will resolve the Moehrl matter with respect to the Company.

Batton, Bolton, Brace, Kim, James, Mullis, Bisbicos and Parsons v. The National Association of Realtors, Realogy Holdings Corp., Homeservices of America, Inc., BHH Affiliates, LLC, HSF Affiliates, LLC, The Long & Foster Companies, Inc., RE/MAX LLC, and Keller Williams Realty, Inc. (U.S. District Court for the Northern District of Illinois Eastern Division). In this putative nationwide class action filed on January 25, 2021 (formerly captioned as Leeder), the plaintiffs take issue with certain NAR policies, including those related to buyer-broker compensation at issue in the Moehrl and Burnett matters, as well as those at issue in the 2020 settlement between the DOJ and NAR, but claim the alleged conspiracy has harmed buyers (instead of sellers). The plaintiffs allege that the defendants made agreements and engaged in a conspiracy in restraint of trade in violation of the Sherman Act and were unjustly enriched, and seek a permanent injunction enjoining NAR from establishing in the future the same or similar rules, policies, or practices as those challenged in the action as well as an award of damages and/or restitution, interest, and reasonable attorneys’ fees and expenses.

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On July 6, 2022, plaintiffs filed an amended complaint substituting in eight new named plaintiffs and containing allegations substantially similar to the original complaint but also adding certain claims under state antitrust statutes and consumer protection statutes. Motions to dismiss remain pending and discovery has not commenced. On February 20, 2024, the Court granted in part and denied in part the Defendants’ Motion to Dismiss. The court dismissed the federal Sherman Act claim and two state law claims, but rejected dismissal of the remaining state law claims. In addition, the court dismissed one corporate defendant for lack of personal jurisdiction in light of the dismissal of the federal Sherman Act claim. On April 15, Anywhere filed a Motion to Dismiss the remaining state law claims for lack of personal jurisdiction following the dismissal of the federal Sherman Act claims. Anywhere also filed an Answer to the amended complaint.

The Company disputes the allegations against it in this case, believes it has substantial defenses to plaintiffs’ claims, and is vigorously defending this litigation. In addition to these substantial defenses, final approval of the Anywhere Settlement, as proposed, would limit the size of the Batton case because the settling plaintiffs in the Burnett and Moehrl matters are releasing claims of the type alleged in Batton. The named plaintiffs in the Batton case have filed an objection to the proposed release of such claims.

Nosalek, Hirschorn and Hirschorn v. MLS Property Information Network, Inc., Realogy Holdings Corp., Homeservices of America, Inc., BHH Affiliates, LLC, HSF Affiliates, LLC, RE/MAX LLC, and Keller Williams Realty, Inc. (U.S. District Court for the District of Massachusetts). This is a putative class action originally filed on December 17, 2020 (formerly captioned as Bauman), wherein the plaintiffs take issue with policies and rules similar to those at issue in the Moehrl and Burnett matters, but rather than objecting to the national policies and rules published by NAR, this lawsuit specifically objects to the alleged policies and rules relating to home sales in Massachusetts of a multiple listing service (MLS Property Information Network, Inc.) that is owned by realtors, including in part by one of the Company's company-owned brokerages. The plaintiffs allege that the defendants made agreements and engaged in a conspiracy in restraint of trade in violation of the Sherman Act and seek a permanent injunction, enjoining the defendants from continuing conduct determined to be unlawful, as well as an award of damages and/or restitution, interest, and reasonable attorneys’ fees and expenses. The lawsuit seeks to represent a class of sellers who paid a broker commission in connection with the sale of a property listed in the MLS Property Information Network, Inc.

MLS Property Information entered into a settlement in June 2023, which as subsequently amended, received preliminary court approval in September 2023. The corporate defendants, including Anywhere, are not a party to the motion or settlement. The Nosalek settlement covers sellers who paid, and/or on whose behalf sellers' brokers paid, buyer-broker commissions during the settlement class period in connection with the sale of residential real estate listed on the centralized listing database of MLS Property Information Network, Inc. The settlement, if finally approved by the Court, requires MLS Property Information Network, Inc. to eliminate the requirement that a seller must offer compensation to a buyer-broker and to change various other rules to give sellers various notices and rules relating to negotiation of buyer-broker compensation. In addition to the foregoing injunctive relief, MLS Property Information Network, Inc. has agreed to pay $3 million into a settlement fund. In February 2024, DOJ filed a statement of interest evaluating the proposed settlement and its competitive effects, and recommended that the court deny approval. On March 27, 2024, two amicus briefs with supporting documents were filed by the Northwest MLS and the Council of MLSs responding to DOJ’s statement of interest. The court has not yet scheduled further proceedings on the proposed settlement.

Given that no class has yet been certified in the Nosalek litigation, it is expected that the purported class members of the Nosalek litigation will be included in the nationwide class certified by the court for settlement purposes under the Anywhere Settlement, and final approval of the Anywhere Settlement would accordingly resolve the Nosalek litigation as to the Company. Relatedly, on October 27, 2023, the Nosalek court granted the joint motion filed by the plaintiffs and Anywhere to stay the Nosalek litigation against the Company for 30 days (subject to extension as necessary).

In April 2024, a Panel on Multidistrict Litigation denied without prejudice a motion filed by the plaintiffs' counsel in the Moerhl litigation to consolidate the various seller antitrust lawsuits for administrative purposes before a single court.

Telephone Consumer Protection Act Litigation

Bumpus, et al. v. Realogy Holdings Corp., et al. (U.S. District Court for the Northern District of California, San Francisco Division). In this class action filed on June 11, 2019, against Anywhere Real Estate Inc. (f/k/a Realogy Holdings Corp.), Anywhere Intermediate Holdings LLC (f/k/a Realogy Intermediate Holdings LLC), Anywhere Real Estate Group LLC (f/k/a Realogy Group LLC), Anywhere Real Estate Services Group LLC (f/k/a Realogy Services Group LLC), and Anywhere Advisors LLC (f/k/a Realogy Brokerage Group LLC and NRT LLC), and Mojo Dialing Solutions, LLC, plaintiffs allege that independent sales agents affiliated with Anywhere Advisors LLC violated the Telephone Consumer

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Protection Act of 1991 (TCPA) using dialers provided by Mojo and others. Plaintiffs seek relief on behalf of a National Do Not Call Registry class, an Internal Do Not Call class, and an Artificial or Prerecorded Message class.

In March 2022, the Court granted plaintiffs’ motion for class certification for the foregoing classes as to the Anywhere defendants but not as to co-defendant Mojo and dismissed Mojo from the case. Plaintiffs and the Anywhere defendants’ cross-motions for summary judgment were denied without prejudice on May 11, 2022. The Company's petition for permission to appeal the class certification filed with the 9th Circuit Court of Appeals was denied and the plaintiffs’ class notice plan was approved on May 26, 2022.

Plaintiffs had claimed that approximately 1.2 million Do Not Call calls and approximately 265,000 Pre-Recorded Messages qualified for inclusion in the classes, but on March 29, 2023, filed a motion to narrow the classes to approximately 321,000 Do Not Call calls and approximately 165,000 Pre-Recorded Messages. On April 12, 2023, the Company opposed Plaintiffs' motion to modify the classes and sought to decertify them. The Court vacated the January 29, 2024 jury trial date (which had previously been rescheduled several times) and a status hearing is currently set for May 23, 2024. Plaintiffs' motion to narrow the classes, the Company’s opposition seeking to decertify the classes, as well as other pre-trial motions, are pending.

The Company disputes the allegations against it in this case, believes it has substantial defenses to both plaintiffs’ liability claims and damage assertions, and is vigorously defending this action.

Other

Examples of other legal matters involving the Company may include but are not limited to:

•antitrust and anti-competition claims;

•TCPA claims;

•claims alleging violations of RESPA, state consumer fraud statutes, federal consumer protection statutes or other state real estate law violations;

•employment law claims, including claims that independent residential real estate sales agents engaged by our company owned brokerages or by affiliated franchisees—under certain state or federal laws—are potentially employees instead of independent contractors, and they or regulators therefore may bring claims against our Owned Brokerage Group for breach of contract, wage and hour classification claims, wrongful discharge, unemployment and workers' compensation and could seek benefits, back wages, overtime, indemnification, penalties related to classification practices and expense reimbursement available to employees or make similar claims against Franchise Group as an alleged joint employer of an affiliated franchisee’s independent sales agents;

•other employment law matters, including other types of worker classification claims as well as wage and hour claims and retaliation claims;

•claims regarding non-competition, non-solicitation and restrictive covenants together with claims of tortious interference and other improper recruiting conduct;

•information security claims, including claims under new and emerging data privacy laws related to the protection of customer, employee or third-party information;

•cyber-crime claims, including claims related to the diversion of homesale transaction closing funds;

•vicarious or joint liability claims based upon the conduct of individuals or entities traditionally outside of our control, including franchisees and independent sales agents, under joint employer claims or other theories of actual or apparent agency;

•claims by current or former franchisees that franchise agreements were breached, including improper terminations;

•claims generally against the company owned brokerage operations for negligence, misrepresentation or breach of fiduciary duty in connection with the performance of real estate brokerage or other professional services as well as other brokerage claims associated with listing information and property history;

•claims related to intellectual property or copyright law, including infringement actions alleging improper use of copyrighted photographs on websites or in marketing materials without consent of the copyright holder or claims challenging our trademarks;

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•claims concerning breach of obligations to make websites and other services accessible for consumers with disabilities;

•claims against the title agent contending that the agent knew or should have known that a transaction was fraudulent or that the agent was negligent in addressing title defects or conducting the settlement;

•claims related to disclosure or securities law violations as well as derivative suits; and

•fraud, defalcation or misconduct claims.

Other ordinary course legal proceedings that may arise from time to time include those related to commercial arrangements, indemnification (under contract or common law), franchising arrangements, the fiduciary duties of brokers, standard brokerage disputes like the failure to disclose accurate square footage or hidden defects in the property such as mold, claims under the False Claims Act (or similar state laws), consumer lending and debt collection law claims, state auction law, and violations of similar laws in countries where we operate around the world with respect to any of the foregoing. In addition, with the increasing requirements resulting from government laws and regulations concerning data breach notifications and data privacy and protection obligations, claims associated with these laws may become more common. While most litigation involves claims against the Company, from time to time the Company commences litigation, including litigation against former employees, franchisees and competitors when it alleges that such persons or entities have breached agreements or engaged in other wrongful conduct.

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Cendant Corporate Liabilities and Guarantees to Cendant and Affiliates

Anywhere Group (then Realogy Corporation) separated from Cendant on July 31, 2006 (the "Separation"), pursuant to a plan by Cendant (now known as Avis Budget Group, Inc.) to separate into four independent companies—one for each of Cendant's business units—real estate services (Anywhere Group, formerly referred to as Realogy Group), travel distribution services ("Travelport"), hospitality services, including timeshare resorts ("Wyndham Worldwide"), and vehicle rental ("Avis Budget Group"). Pursuant to the Separation and Distribution Agreement dated as of July 27, 2006 among Cendant, Anywhere Group, Wyndham Worldwide and Travelport (the "Separation and Distribution Agreement"), each of Anywhere Group, Wyndham Worldwide and Travelport have assumed certain contingent and other corporate liabilities (and related costs and expenses), which are primarily related to each of their respective businesses. In addition, Anywhere Group has assumed 62.5% and Wyndham Worldwide has assumed 37.5% of certain contingent and other corporate liabilities (and related costs and expenses) of Cendant. The due to former parent balance was $39 million at March 31, 2024 and $38 million at December 31, 2023, respectively. The due to former parent balance was comprised of the Company’s portion of the following: (i) Cendant’s remaining contingent tax liabilities, (ii) potential liabilities related to Cendant’s terminated or divested businesses, and (iii) potential liabilities related to the residual portion of accruals for Cendant operations.

In December 2022, a hearing was held with the California Office of Tax Appeals ("OTA") on a Cendant legacy tax matter involving Avis Budget Group that related to a 1999 transaction. The case presented two issues: (i) whether the notices of proposed assessment issued by the California Franchise Tax Board were barred by the statute of limitations; and (ii) whether a transaction undertaken by Avis Budget Group in tax year 1999 constituted a tax-free reorganization under the Internal Revenue Code. In March 2023, the OTA decided in favor of the California Franchise Tax Board on both issues. As a result, the Company increased its accrual for this legacy tax matter in the first quarter of 2023 and as of March 31, 2024 the accrual is $39 million. On April 10, 2024, the Company's petition for rehearing was denied by the OTA, and the tax assessment is anticipated to become payable as early as the second quarter of 2024, even if judicial relief is sought.

Tax Matters

The Company is subject to income taxes in the United States and several foreign jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes and recording related assets and liabilities. In the ordinary course of business, there are many transactions and calculations where the ultimate tax determination is uncertain. The Company is regularly under audit by tax authorities whereby the outcome of the audits is uncertain. The Company believes there is appropriate support for positions taken on its tax returns. The liabilities that have been recorded represent the best estimates of the probable loss on certain positions and are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. However, the outcomes of tax audits are inherently uncertain.

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Escrow and Trust Deposits

As a service to its customers, the Company administers escrow and trust deposits which represent undisbursed amounts received for the settlement of real estate transactions. Deposits at FDIC-insured institutions are insured up to $250,000. These escrow and trust deposits totaled approximately $662 million at March 31, 2024 and while these deposits are not assets of the Company (and, therefore, are excluded from the accompanying Condensed Consolidated Balance Sheets), the Company remains contingently liable for the disposition of these deposits.

7. EQUITY

Condensed Consolidated Statement of Changes in Equity for Anywhere


	Three Months Ended March 31, 2024
	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Non- controlling Interests		Total Equity


	Shares	Amount
Balance at December 31, 2023	110.5	$	1	$	4,813	$	(3,091)	$	(44)	$	2	$	1,681
Net loss	—	—		—		(101)		—		—		(101)
Other comprehensive loss	—	—		—		—		(1)		—		(1)

Stock-based compensation	—	—		4		—		—		—		4
Issuance of shares for vesting of equity awards	1.1	—		—		—		—		—		—
Shares withheld for taxes on equity awards	(0.5)	—		(3)		—		—		—		(3)


Balance at March 31, 2024	111.1	$	1	$	4,814	$	(3,192)	$	(45)	$	2	$	1,580


	Three Months Ended March 31, 2023
	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Non- controlling Interests		Total Equity


	Shares	Amount
Balance at December 31, 2022	109.5	$	1	$	4,805	$	(2,994)	$	(48)	$	3	$	1,767
Net loss	—	—		—		(138)		—		—		(138)
Other comprehensive income	—	—		—		—		1		—		1
Stock-based compensation	—	—		4		—		—		—		4
Issuance of shares for vesting of equity awards	1.4	—		—		—		—		—		—
Shares withheld for taxes on equity awards	(0.5)	—		(4)		—		—		—		(4)
Balance at March 31, 2023	110.4	$	1	$	4,805	$	(3,132)	$	(47)	$	3	$	1,630

Condensed Consolidated Statement of Changes in Equity for Anywhere Group

The Company has not included a statement of changes in equity for Anywhere Group as the operating results of Anywhere Group are consistent with the operating results of Anywhere as all revenue and expenses of Anywhere Group flow up to Anywhere and there are no incremental activities at the Anywhere level. The only difference between Anywhere Group and Anywhere is that the $1 million in par value of common stock in Anywhere's equity is included in additional paid-in capital in Anywhere Group's equity.

Stock Repurchases

The Company may repurchase shares of its common stock under authorizations from its Board of Directors. Shares repurchased are retired and not displayed separately as treasury stock on the condensed consolidated financial statements. The par value of the shares repurchased and retired is deducted from common stock and the excess of the purchase price over par value is first charged against any available additional paid-in capital with the balance charged to retained earnings. Direct costs incurred to repurchase the shares are included in the total cost of the shares.

The Company's Board of Directors authorized a share repurchase program of up to $300 million of the Company's common stock in February 2022. The Company has not repurchased any shares under the share repurchase programs since 2022. As of March 31, 2024, $203 million remained available for repurchase under the share repurchase program. The Company is subject to limitations on share repurchases, which include compliance with the terms of our debt agreements.

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Stock-Based Compensation

During the first quarter of 2024, the Company granted restricted stock units related to 1.3 million shares with a grant date fair value of $6.09 and performance share units ("PSU") related to 1.3 million shares with a grant date fair value of $6.44. The Company granted all time-based equity awards in the form of restricted stock units which are subject to ratable vesting over a three-year period.

During the first quarter of 2024, the Company incorporated investor feedback in the design of its 2024 long-term incentive program in an effort to reduce volatility of payouts. The Company redesigned the PSU award tied to free cash flow achieved over a three-year period. Specifically, free cash flow targets are now set annually instead of a three-year cumulative goal set at the beginning of the three-year cycle, with the actual payout being the average of the payouts of the three separate annual achievements, subject to further adjustment based upon how Anywhere's common stock performed against a peer group over the three-year period. The actual payout, if any, will be subject to a 15% +/- adjustment if the total stockholder return of Anywhere's common stock is at or above the 75th percentile or below the 25th percentile of the total stockholder return of the peer group the Company's Compensation and Talent Management Committee uses to benchmark executive compensation (subject to additional weighting for the Company's direct peers in that peer group). With the foregoing change, the Company eliminated the separate PSU awards tied to the total stockholder return of Anywhere's common stock relative to the total stockholder return of the S&P MidCap 400 index, referred to as our RTSR PSU units.

8. EARNINGS (LOSS) PER SHARE

Earnings (loss) per share attributable to Anywhere

Basic earnings (loss) per common share is computed based on net income (loss) attributable to Anywhere stockholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per common share is computed consistently with the basic computation plus the effect of dilutive potential common shares outstanding during the period. Dilutive potential common shares include shares that the Company could be obligated to issue from its Exchangeable Senior Notes and warrants if dilutive and outstanding stock-based compensation awards. For purposes of computing diluted earnings (loss) per common share, weighted average common shares do not include potentially dilutive common shares if their effect is anti-dilutive. As such, the shares that the Company could be obligated to issue from its stock options, warrants and Exchangeable Senior Notes are excluded from the earnings (loss) per share calculation if the exercise or exchangeable price exceeds the average market price of common shares.

The Company uses the treasury stock method to calculate the dilutive effect of outstanding stock-based compensation. If dilutive, the Company uses the if converted method to calculate the dilutive effect of its Exchangeable Senior Notes. These notes will have a dilutive impact when the average market price of the Company’s common stock exceeds the initial exchange price of $24.49 per share. The Exchangeable Senior Notes were not dilutive as of March 31, 2024 as the closing price of the Company's common stock as of March 31, 2024 was less than the initial exchange price.

The Company was in a net loss position for the three months ended March 31, 2024 and 2023. Therefore, the impact of incentive equity awards was excluded from the computation of dilutive loss per share as the inclusion of such amounts would be anti-dilutive.

9. SEGMENT INFORMATION

The reportable segments presented represent those for which the Company maintains separate financial information regularly reviewed and utilized by its chief operating decision maker for performance assessment and resource allocation. The classification of reportable segments also considers the distinctive nature of services offered by each segment.

Management's evaluation of individual reportable segment performance centers on two key metrics: revenue and Operating EBITDA. Operating EBITDA is defined as net income (loss) adjusted for depreciation and amortization, interest expense, net (excluding relocation services interest for securitization assets and securitization obligations), income taxes, and certain non-core items. Non-core items include restructuring charges, former parent legacy items, gains or losses on the early extinguishment of debt, impairments, and gains or losses on discontinued operations or the sale of businesses, investments, or other assets.

The Company’s presentation of Operating EBITDA may not align with similar measures employed by other entities. Variations may arise due to differences in the inclusion or exclusion of specific items and the interpretation of non-core

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elements within the calculation. This disclosure provides insight into the Company's approach to segment reporting and the metrics pivotal to its strategic decision-making processes.


	Revenues (a)
	Three Months Ended March 31,
	2024		2023
Franchise Group	$	200	$	207
Owned Brokerage Group	919		915
Title Group	71		72
Corporate and Other (b)	(64)		(63)
Total Company	$	1,126	$	1,131

_______________

(a)Transactions between segments are eliminated in consolidation. Revenues for Franchise Group include intercompany royalties and marketing fees paid by Owned Brokerage Group of $64 million and $63 million for the three months ended March 31, 2024 and 2023, respectively. Such amounts are eliminated through the Corporate and Other line.

(b)Includes the elimination of transactions between segments.

Set forth in the table below is Operating EBITDA presented by reportable segment and a reconciliation to Net loss attributable to Anywhere and Anywhere Group for the three months ended March 31, 2024 and 2023:


	Operating EBITDA
	Three Months Ended March 31,
	2024		2023
Franchise Group	$	89	$	97
Owned Brokerage Group	(59)		(75)
Title Group	(15)		(17)
Corporate and Other (a)	(32)		(57)
Total Company	$	(17)	$	(52)

Less: Depreciation and amortization	55		50
Interest expense, net	39		38
Income tax benefit	(28)		(46)
Restructuring costs, net (b)	11		25
Impairments (c)	6		4
Former parent legacy cost, net (d)	1		16
Gain on the sale of businesses, investments or other assets, net	—		(1)
Net loss attributable to Anywhere and Anywhere Group	$	(101)	$	(138)

_______________

(a)Includes the elimination of transactions between segments.

(b)The three months ended March 31, 2024 includes restructuring charges of $1 million at Franchise Group, $6 million at Owned Brokerage Group and $4 million at Corporate and Other. The three months ended March 31, 2023 includes restructuring charges of $6 million at Franchise Group, $14 million at Owned Brokerage Group and $5 million at Corporate and Other.

(c)Non-cash impairments primarily related to leases and other assets.

(d)Former parent legacy cost is recorded in Corporate and Other and relates to a legacy tax matter.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis should be read in conjunction with our Condensed Consolidated Financial Statements and accompanying notes thereto included elsewhere herein and with our Consolidated Financial Statements and accompanying notes included in the 2023 Form 10-K. Unless otherwise noted, all dollar amounts in tables are in millions. Neither Anywhere, the indirect parent of Anywhere Group, nor Anywhere Intermediate, the direct parent company of Anywhere Group, conducts any operations other than with respect to its respective direct or indirect ownership of Anywhere Group. As a result, the condensed consolidated financial positions, results of operations and cash flows of Anywhere, Anywhere Intermediate and Anywhere Group are the same. This Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, contains forward-looking statements. See "Forward-Looking Statements" in this Quarterly Report as well as our 2023 Form 10-K for a discussion of the uncertainties, risks and assumptions associated with these statements. Actual results may differ materially from those contained in any forward-looking statements.

OVERVIEW

We, through our subsidiaries, are a global provider of residential real estate services and report our operations in the following three business segments:

•Anywhere Brands ("Franchise Group")—franchises a portfolio of well-known, industry-leading franchise brokerage brands, including Better Homes and Gardens® Real Estate, Century 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA® and Sotheby's International Realty®. As of March 31, 2024, our real estate franchise systems and proprietary brands had approximately 316,900 independent sales agents worldwide, including approximately 184,800 independent sales agents operating in the U.S. (which included approximately 55,500 company owned brokerage independent sales agents). As of March 31, 2024, our real estate franchise systems and proprietary brands had approximately 18,300 offices worldwide in 118 countries and territories, including approximately 5,500 brokerage offices in the U.S. (which included approximately 610 company owned brokerage offices). This segment also includes our global relocation services operation through Cartus® Relocation Services ("Cartus") and lead generation activities through Anywhere Leads Inc. ("Leads Group").

•Anywhere Advisors ("Owned Brokerage Group")—operates a full-service real estate brokerage business with approximately 610 owned and operated brokerage offices with approximately 55,500 independent sales agents under the Coldwell Banker®, Corcoran® and Sotheby’s International Realty® brand names in many of the largest metropolitan areas in the U.S. This segment also includes our share of equity earnings or losses from our minority-owned real estate auction joint venture.

•Anywhere Integrated Services ("Title Group")—provides full-service title, escrow and settlement services to consumers, real estate companies, corporations and financial institutions primarily in support of residential real estate transactions. This segment also includes the Company's share of equity earnings or losses from Guaranteed Rate Affinity, our minority-owned mortgage origination joint venture, and from our minority-owned title insurance underwriter joint venture.

Our technology and data organization is dedicated to providing innovative technology products and solutions that support the productivity and success of Anywhere’s businesses, brands, brokers, agents, and consumers.

RECENT DEVELOPMENTS

NAR Settlement

On March 15, 2024, the National Association of Realtors announced a settlement agreement (the "NAR Settlement") with the plaintiffs in the Burnett and Moerhl antitrust sell-side class action cases, which releases the association, its members, MLSs owned by Realtor® associations, and brokerages with a NAR member as principal that had less than $2 billion in residential transaction volume in 2022. For nearly all other brokerage entities that had a residential transaction volume in 2022 that exceeded $2 billion and MLSs not wholly owned by REALTOR® associations, the settlement contains a mechanism to opt-in to the settlement to obtain releases, or they can separately negotiate a settlement, which would be subject to court approval.

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In the NAR Settlement, NAR has agreed to various industry practice changes, including the elimination of any requirement for a seller or listing agent to offer compensation to the buyer broker, the prohibition of communicating offers of compensation to the buyer broker on the MLS (or any site that contains a derivative use of MLS data), and the requirement that brokers working with buyers enter into written agreements with their buyers. Per the NAR Settlement, these changes are scheduled to go into effect prior to the practice changes agreed to in the Anywhere Settlement.

On April 23, 2024, the court granted preliminary approval of the NAR Settlement. There can be no assurance that third parties, including regulatory bodies, will not object to the terms of the NAR Settlement, that the NAR Settlement will receive final court approval, or that it will not be modified as part of any such approval.

Anywhere Settlement

As further described in Note 6, "Commitments and Contingencies" to the Condensed Consolidated Financial Statements, our nationwide settlement in the Burnett antitrust sell-side class action litigation (the "Anywhere Settlement") remains subject to final court approval with a court hearing scheduled for May 9, 2024. Several parties have objected to the terms of the Anywhere Settlement, though the Company believes that, notwithstanding these objections, the Anywhere Settlement is fair, reasonable and adequate and expects to receive final court approval. There can be no assurance, however, that the Anywhere Settlement will receive final court approval or that the Anywhere Settlement will not be modified as part of any such approval.

Anywhere has agreed to deposit into the settlement fund an additional $20 million within 14 business days after court approval of fees and costs, which is typically granted with final approval; and the remaining balance of the settlement amount within 21 business days after final court approval and when all appellate rights are exhausted.

As disclosed in Note 6, Anywhere has agreed to certain practice changes, to be implemented within six months after final court approval and exhaustion of all appellate rights. The implementation timeline for certain practice changes required by the NAR Settlement will require the Company to accelerate the timing of certain practice changes contemplated by the Anywhere Settlement.

NAR/DOJ Litigation

As further described in Part I., "Item 1.—Business—Government and Other Regulations—Antitrust, Competition and Bribery Laws" in our Form 10-K for the year ended December 31, 2023, the DOJ, which had previously agreed to a proposed consent decree to settle its antitrust claims against NAR, withdrew from the consent decree and re-launched its investigation of NAR’s rules and conduct via a new and comprehensive civil investigative demand ("CID"). After the lower court granted NAR’s petition to set aside the new CID, on April 5, 2024, the D.C. Circuit Court of Appeals ruled in favor of the DOJ, allowing the agency to move forward to reopen its antitrust investigation of NAR.

CURRENT BUSINESS AND INDUSTRY TRENDS

The residential real estate market is at historic lows. According to data from NAR, homesale transactions in 2023 totaled 4.09 million compared to 5.03 million transactions in 2022, marking the lowest amount since 1995. For the Company, the combined homesale transaction volume of Franchise Group and Owned Brokerage Group, calculated by multiplying closed homesale transaction sides with the average homesale price decreased by 19% in 2023 and by 14% in 2022, when compared to the previous year.

Market conditions in the residential real estate industry remained weak in the first quarter of 2024. According to NAR for the first quarter of 2024 as compared to first quarter of 2023, the existing homesale transactions decreased 3% to 829,000 from 859,000.

Several market factors contributed to the substantial declines in homesale transactions, the reduced activity in purchase and refinancing units and the reduced mortgage origination volume. These factors include the rapid escalation of mortgage rates starting in March 2022, persistent high inflation over the past two years, reduced housing affordability, low housing inventory, and broader macroeconomic concerns. The low housing inventory environment not only led to a decrease in closed homesale sides but also contributed to an elevation in the average homesale price over the past two years.

We saw, however, improvement in the first quarter of 2024, with homesale transaction volume on a combined basis up 2% year-over-year, driven by year-over-year increases in average homesale price. For 2024, as of its most recently released forecast, Fannie Mae is forecasting existing homesale transactions to increase 4% to 4.27 million.

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The table below sets forth changes in homesale transaction volume, closed homesale sides (homesale transactions) and average homesale price at Franchise Group and Owned Brokerage Group, both on a combined and individual basis, for the three months ended March 31, 2024 as compared with the same period in 2023:


						Three Months Ended March 31, 2024
Anywhere Combined
Homesale transaction volume*						2%
Closed homesale sides						(4)%
Average homesale price						7%
Anywhere Brands - Franchise Group
Homesale transaction volume*						3%
Closed homesale sides						(4)%
Average homesale price						7%
Anywhere Advisors - Owned Brokerage Group
Homesale transaction volume*						—%
Closed homesale sides						(6)%
Average homesale price						7%

_______________

* Homesale transaction volume is measured by multiplying closed homesale sides by average homesale price.

The graphic below shows the improvement in combined homesale transaction volume for the Company by quarter in 2023 and 2024 as compared with the same period in the prior year:

Furthermore, refinancing title and closing units declined 8% and purchase title and closing units declined 2% at Title Group during the first quarter of 2024 compared with the same period in 2023 as a result of the high interest rate environment.

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Cost Savings and Operational Efficiencies. We took additional cost savings actions to offset, in part, expected declines in homesale transaction volume, including reductions in the near term on spending on certain variable and semi-variable expenses and streamlining our administrative support cost structure. During the first quarter of 2024, the Company realized cost savings of approximately $30 million of which approximately half related to specific restructuring activities.

These actions build on the multiple other cost reduction and spending reprioritization initiatives such as simplified and more integrated and digitized offerings, systems and support. Delivering the Company’s business model more digitally is an increasing part of improving the agent, franchisee and consumer experience and our ongoing cost focus. The Company expects to continue to prioritize investments in efforts to support our independent sales agents, franchisees and consumers. This includes investments in technology and innovative products, lead generation and franchisee support.

Mortgage Rates. Freddie Mac reported average mortgage rates on commitments for a 30-year, conventional, fixed-rate mortgage more than doubled in 2022, peaking at 7.79% in the fourth quarter of 2023, the highest rate since 2000. Rates began to drop slightly in early 2024, however, they have remained elevated. For the week ending April 25, 2024, mortgage rates averaged 7.17%, according to Freddie Mac.

A wide variety of factors can contribute to mortgage rates, including federal interest rates, Treasury note yields, inflation, demand, consumer income, unemployment levels, foreclosure rates, and fiscal and monetary policies, to name a few. Since March 2022, the U.S. Federal Reserve Board (the "Federal Reserve") has taken aggressive action intended to try to control inflation, including raising the target federal funds rate by over 400 basis points during 2022 and by an additional 100 basis points during 2023. Although these actions have had mixed results on the economy, the Federal Reserve has maintained unchanged rates since July 2023. In their most recent press release in March 2024, they conveyed their anticipation that inflation will gradually align with their target, prompting a reduction in rates. However, the timing of these cuts remains uncertain. Yields on the 10-year Treasury note were 4.20% as of March 31, 2024 compared to 3.48% as of March 31, 2023. Fiscal and monetary policies of the federal government and its agencies can also adversely impact mortgage rates.

The rising interest rate environment has negatively impacted multiple aspects of our business. Increases in mortgage rates typically correlate with diminished homesale transaction volume, reduced housing affordability and lower activity in both purchase and refinancing units and mortgage origination. We expect that our business will continue to be adversely impacted by the current high mortgage rate environment until the interest rate environment improves. For example, we believe the high mortgage rate environment is contributing to decreased homesale transaction volume, as potential home sellers choose to stay with their lower mortgage rate rather than sell their home and pay a higher mortgage rate with the purchase of another home and potential home buyers choose to rent rather than pay higher mortgage rates.

Inflation. The prevailing inflationary environment has affected U.S. consumers and the repercussions may persist. As evidenced by the Consumer Price Index for All Urban Consumers, (CPI) a gauge employed by the U.S. Bureau of Labor Statistics, there was a 3.5% (not seasonally adjusted) increase for the 12-month period ended March 31, 2024. The CPI serves as a metric for capturing the average fluctuations in prices paid by urban consumers across a diverse array of consumer goods and services. The macroeconomic landscape, including disruptions related to Russia's invasion of Ukraine and the ongoing conflict in the Middle East, introduce an additional layer of complexity to the inflationary dynamics. These geopolitical disruptions have the potential to intensify inflationary pressures, contributing to the volatility witnessed in the broader economic context. As consumers navigate this challenging landscape, the potential for continued impact on their purchasing power remains a significant consideration.

Affordability. The higher mortgage rates and inflation rates highlighted above have negatively affected housing affordability. This impact is further compounded by the substantial escalation in home prices due to inventory constraints. Housing affordability may be further negatively impacted in future periods by persistent inflationary pressures, potential additional increases in mortgage rates, increased homesale prices, the cost of homeowners and flood insurance, further declines in housing inventory, stagnant or declining wages and other economic challenges.

Inventory & Turnover. Continued or accelerated declines in inventory have and may continue to result in insufficient supply to meet demand. Overall housing inventory levels have been a persistent industry-wide concern for years, in particular in certain highly sought-after geographies and at lower price points. Additional inventory pressure arises from periods of slow or decelerated new housing construction, potential home sellers choosing to stay with their lower mortgage rate rather than sell their home, real estate investment firms that purchase homes for rental use (rather than resale), and alternative competitors, such as iBuying models. These pressures have resulted in average sales price increasing

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significantly over the past two years, which we believe has contributed to further deterioration of inventory at lower price points.

Recruitment and Retention of Independent Sales Agents; Commission Income. Recruitment and retention of independent sales agents and independent sales agent teams are critical to the business and financial results of a brokerage, including our company owned brokerages and those operated by affiliated franchisees. As of March 31, 2024 compared to the same period in 2023, independent sales agents affiliated with our company owned brokerages declined 5% and, based on information from such franchisees, independent sales agents affiliated with our U.S. franchisees also declined 3%. We believe these declines are consistent with a broader market trend of agents leaving the industry, and about half of the decline in independent sales agents affiliated with our company owned brokerages was primarily attributed to less experienced agents in the first quarter of 2024. Moreover, ongoing legal issues and changes in industry practices suggest that less experienced agents may continue to exit the industry.

Aggressive competition for the affiliation of independent sales agents in this industry continues to make recruitment and retention efforts at both Franchise Group and Owned Brokerage Group challenging, in particular with respect to more productive sales agents, and had and may continue to have a negative impact on our market share. These competitive market factors along with other trends (such as changes in the spending patterns of independent sales agents, as more agents purchase services from third parties outside of their affiliated broker) are expected to continue to put upward pressure on the average share of commissions earned by independent sales agents. If independent sales agents affiliated with our company owned brokerages are paid a higher proportion of the commissions earned on a homesale transaction or the level of commission income we receive from a homesale transaction is otherwise reduced, the operating margins of our company owned brokerages could continue to be adversely affected. Similarly, franchisees have and may continue to seek reduced royalty fee arrangements or other incentives from us to offset the continued business pressures on such franchisees, which would result in a reduction in royalty fees paid to us.

Competition and Industry Disruption. See Part I., "Item 1.—Business—Competition" in our 2023 Form 10-K for a discussion of the current competitive environment, including with respect to competition for independent sales agents and franchisees as well as non-traditional competition and industry disruption.

Legal & Regulatory Environment. For a discussion of material litigation involving the Company see Part II., "Item 1.—Legal Proceedings" and Note 6, "Commitments and Contingencies—Litigation", to the Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report, as well as Part I., "Item 3.—Legal Proceedings" and Note 15, "Commitments and Contingencies—Litigation", to the Consolidated Financial Statements in our 2023 Form 10-K.

For a discussion of the current legal and regulatory environment and how such environment could potentially impact us, see Part I., "Item 1.—Business—Government and Other Regulations" and Part I., "Item 1A.—Risk Factors" in our 2023 Form 10-K.

Pending Litigation. For a discussion of material litigation involving the Company see Part II., "Item 1.—Legal Proceedings" and Note 6, "Commitments and Contingencies—Litigation", to the Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report. Adverse outcomes in these matters, individually or in the aggregate, including delays or a failure to receive court approval of any related settlements, could have a material adverse effect on our business, results of operations and financial condition, including with respect to our liquidity.

* * *

Other Third Party Data. This Quarterly Report includes data and information obtained from independent sources such as the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the U.S. Bureau of Labor Statistics, the U.S. Federal Reserve Board, the National Association of Realtors ("NAR") and the Federal National Mortgage Association ("Fannie Mae"). We caution that such information is subject to change and do not endorse or suggest reliance on this data or information alone.

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KEY DRIVERS OF OUR BUSINESSES

Within Franchise Group and Owned Brokerage Group, our assessment of operating performance relies on the following key operating metrics:

•Closed Homesale Sides: This metric captures the number of transactions representing either the "buy" or "sell" side of a homesale transaction.

•Average Homesale Price: This metric reflects the average selling price of closed homesale transactions.

•Average Homesale Broker Commission Rate: This metric indicates the average commission rate earned on either the "buy" or "sell" side of a homesale transaction.

For Franchise Group, an additional metric, Net Royalty Per Side, is utilized. This metric represents the royalty payment to the Franchise Group for each homesale transaction side factoring in royalty rates, homesale prices, average homesale broker commission rates, volume incentives and other incentives. Net royalty per side is a comprehensive measure that accounts for changes in average homesale prices and all incentives and represents the royalty revenue impact of each incremental side.

For Owned Brokerage Group, we also gauge performance using Gross Commission Income Per Side. This metric is derived by dividing gross commission income (comprising commissions from homesale transactions and other activities, primarily leasing transactions) by closed homesale sides. Owned Brokerage Group, as a franchisee of Franchise Group, pays a royalty fee of approximately 6% per transaction to Franchise Group. The remaining gross commission income is distributed between the broker (Owned Brokerage Group) and independent sales agents based on their respective independent contractor agreements, specifying the agents share of the broker commission.

For Title Group, our assessment of operating performance centers on key metrics related to title and closing units differentiating between Purchase Title and Closing Units (resulting from home purchases), and Refinance Title and Closing Units (stemming from homeowners refinancing their home loans). The Average Fee Per Closing Unit metric represents the average fee earned on both purchase and refinancing title sides.

The following table presents our drivers for the three months ended March 31, 2024 and 2023. See "Results of Operations" below for a discussion as to how these drivers affected our business for the periods presented.


	Three Months Ended March 31,
	2024			2023			% Change
Anywhere Brands - Franchise Group (a)
Closed homesale sides	144,775			150,491			(4)	%
Average homesale price	$	470,119		$	437,964		7	%
Average homesale broker commission rate	2.43		%	2.46		%	(3)	bps
Net royalty per side	$	417		$	392		6	%
Anywhere Advisors - Owned Brokerage Group
Closed homesale sides	50,513			53,797			(6)	%
Average homesale price	$	709,506		$	663,223		7	%
Average homesale broker commission rate	2.41		%	2.41		%	—	bps
Gross commission income per side	$	17,946		$	16,776		7	%
Anywhere Integrated Services - Title Group
Purchase title and closing units	21,325			21,749			(2)	%
Refinance title and closing units	2,025			2,198			(8)	%
Average fee per closing unit	$	3,208		$	3,129		3	%

_______________

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

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Declines in the number of closed homesale sides and/or declines in average homesale price adversely affect our results of operations by: (i) reducing the royalties we receive from our franchisees, (ii) reducing the commissions our company owned brokerage operations earn, and (iii) reducing the demand for services offered through Title Group, including title, escrow and settlement services or the services of our mortgage origination, title underwriter insurance, or other joint ventures. Additionally, declining closed homesale sides and/or declines in average homesale price increase the risk of franchisee default due to lower homesale volume. Further, our results have been and may continue to be negatively affected by a decline in commission rates charged by brokers, greater commission payments to independent sales agents, lower royalty rates from franchisees or an increase in other incentives paid to franchisees, among other factors.

Royalty fees are charged to all franchisees pursuant to the terms of the relevant franchise agreements and franchisees may receive volume incentives described in each of the real estate brands' franchise disclosure documents. Other incentives may also be used as consideration to attract new franchisees, grow franchisees (including through independent sales agent recruitment) or extend existing franchise agreements, although in contrast to volume incentives, the majority of other incentives are not homesale transaction based. See Part I., "Item 1.—Business—Anywhere Brands—Franchise Group—Operations—Franchising" in our 2023 Form 10-K for additional information.

Over the past several years, our top 250 franchisees have grown faster than our other franchisees through organic growth and market consolidation, which has had, and may continue to, put pressure on our ability to renew or negotiate franchise agreements with favorable terms due to their size and scale, and that has had, and could, adversely impact our royalty revenue.

We face significant competition from other national real estate brokerage brand franchisors for franchisees and we expect that the trend of increasing incentives will continue in the future in order to attract, retain, and help grow certain franchisees. Taking into account competitive factors, from time to time, we have and may continue to introduce pilot programs or restructure or revise the model used at one or more franchised brands, including with respect to fee structures, minimum production requirements or other terms. We expect to experience pressures on net royalty per side, largely due to the impact of competitive market factors noted above and continued concentration among our top 250 franchisees.

Owned Brokerage Group has a significant concentration of real estate brokerage offices and transactions in geographic regions where home prices are at the higher end of the U.S. real estate market, particularly the east and west coasts, while Franchise Group has franchised offices that are more widely dispersed across the United States. Accordingly, operating results and homesale statistics may differ between Owned Brokerage Group and Franchise Group based upon geographic presence and the corresponding homesale activity in each geographic region. In addition, the share of commissions earned by independent sales agents directly impacts the margin earned by Owned Brokerage Group. Such share of commissions earned by independent sales agents varies by region and commission schedules are generally progressive to incentivize sales agents to achieve higher levels of production.

RESULTS OF OPERATIONS

Discussed below are our condensed consolidated results of operations and the results of operations for each of our reportable segments. The reportable segments presented represent those for which we maintain separate financial information regularly reviewed and utilized by our chief operating decision maker for performance assessment and resource allocation. The classification of reportable segments, also considers the distinctive nature of services offered by each segment. Management's evaluation of individual reportable segment performance centers on two key metrics: revenue and Operating EBITDA. Operating EBITDA is a non-GAAP financial measure and is defined as net income (loss) adjusted for depreciation and amortization, interest expense, net (excluding relocation services interest for securitization assets and securitization obligations), income taxes, and certain non-core items. Non-core items include restructuring charges, former parent legacy items, gains or losses on the early extinguishment of debt, impairments, and gains or losses on discontinued operations or the sale of businesses, investments or other assets. Operating EBITDA Margin is defined as Operating EBITDA as a percentage of revenues. Our presentation of Operating EBITDA may not align with similar measures employed by other entities. Variations may arise due to differences in the inclusion or exclusion of specific items and the interpretation of non-core elements within the calculation.

Our results of operations should be read in conjunction with our other disclosures in this Item 2. including under the heading Current Business and Industry Trends.

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Three Months Ended March 31, 2024 vs. Three Months Ended March 31, 2023

Our consolidated results comprised the following:


	Three Months Ended March 31,
	2024		2023		Change
Net revenues	$	1,126	$	1,131	$	(5)
Total expenses	1,254		1,313		(59)
Loss before income taxes, equity in losses and noncontrolling interests	(128)		(182)		54
Income tax benefit	(28)		(46)		18
Equity in losses of unconsolidated entities	1		2		(1)
Net loss	(101)		(138)		37
Less: Net income attributable to noncontrolling interests	—		—		—
Net loss attributable to Anywhere and Anywhere Group	$	(101)	$	(138)	$	37

Net revenues remained relatively flat for the three months ended March 31, 2024 compared to the three months ended March 31, 2023.

Total expenses decreased $59 million or 4% for the first quarter of 2024 compared to the first quarter of 2023 primarily due to:

•a $37 million net decrease in operating and general and administrative expenses primarily attributable to higher expense in 2023 related to accruals for legal matters, as well as a decrease in employee-related and other operating costs due to cost savings initiatives in the first quarter of 2024 compared to the first quarter of 2023;

•a $15 million decrease of former parent legacy costs due to the absence of expense for a legacy tax matter recorded during the first quarter of 2023; and

•$14 million of lower restructuring costs during the first quarter of 2024 compared to the first quarter of 2023.

Equity in losses were $1 million during the first quarter of 2024 compared to losses of $2 million during the first quarter of 2023. Equity in losses during the first quarter of 2024 consisted of $2 million of losses for Guaranteed Rate Affinity, partially offset by $1 million of earnings for the operations of our other equity method investments. Equity in losses during the first quarter of 2023 consisted of $2 million of losses for Guaranteed Rate Affinity and $1 million of losses for the operations of our brokerage related equity method investments, partially offset by $1 million of earnings for the Title Insurance Underwriter Joint Venture.

The Company continues to execute on its strategic plan ("the Operational Efficiencies Plan") to optimize operational efficiency, reduce its office footprint costs, centralize certain aspects of its operational support structure and drive changes in how it serves its affiliated independent sales agents as well as consumers from a marketing and technology perspective. Under the Operational Efficiencies Plan we incurred $10 million of costs including $5 million of facility related costs and $5 million of personnel related costs primarily at Owned Brokerage Group during the first quarter of 2024 compared to $23 million of costs during the first quarter of 2023. Total expected restructuring costs under the Operational Efficiencies Plan are currently anticipated to be $90 million with $73 million incurred to date through the first quarter of 2024. During the first quarter of 2024, the Company realized cost savings of approximately $30 million of which approximately half related to specific restructuring activities. Furthermore, in connection with prior restructuring programs, we incurred $1 million of costs during the first quarter of 2024 compared to $2 million during the first quarter of 2023 primarily related to the transformation of our corporate headquarters. See Note 5, "Restructuring Costs", in the Condensed Consolidated Financial Statements for additional information.

The Company's provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against the income or loss before income taxes for the period. In addition, non-recurring or discrete items are recorded in the period in which they occur. The provision for income taxes was a benefit of $28 million for the three months ended March 31, 2024 compared to $46 million for the three months ended March 31, 2023. Our effective tax rate was 22% and 25% for the three months ended March 31, 2024 and 2023, respectively. The effective tax rate for the three months ended March 31, 2024 was primarily impacted by non-deductible executive compensation and equity awards for which the market value at vesting was lower than at the date of grant.

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The following table reflects a reconciliation of Net loss attributable to Anywhere and Anywhere Group to Operating EBITDA and the results of each of our reportable segments during the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
Net loss attributable to Anywhere and Anywhere Group	$	(101)	$	(138)
Income tax benefit	(28)		(46)
Loss before income taxes	(129)		(184)
Add: Depreciation and amortization	55		50
Interest expense, net	39		38
Restructuring costs, net (a)	11		25
Impairments (b)	6		4
Former parent legacy cost, net (c)	1		16
Gain on the sale of businesses, investments or other assets, net	—		(1)
Operating EBITDA	$	(17)	$	(52)


	Revenues (d)				$ Change		% Change		Operating EBITDA				$ Change		% Change		Operating EBITDA Margin				Change
	2024		2023						2024		2023						2024		2023
Franchise Group	$	200	$	207	$	(7)	(3)	%	$	89	$	97	$	(8)	(8)	%	45	%	47	%	(2)
Owned Brokerage Group	919		915		4		—		(59)		(75)		16		21		(6)		(8)		2
Title Group	71		72		(1)		(1)		(15)		(17)		2		12		(21)		(24)		3
Corporate and Other	(64)		(63)		(1)		(d)		(32)		(57)		25		44
Total Company	$	1,126	$	1,131	$	(5)	—	%	$	(17)	$	(52)	$	35	67	%	(2)	%	(5)	%	3

_______________

(a)Restructuring charges incurred for the three months ended March 31, 2024 include $1 million at Franchise Group, $6 million at Owned Brokerage Group and $4 million at Corporate and Other. Restructuring charges incurred for the three months ended March 31, 2023 include $6 million at Franchise Group, $14 million at Owned Brokerage Group and $5 million at Corporate and Other.

(b)Non-cash impairments primarily related to leases and other assets.

(c)Former parent legacy cost is recorded in Corporate and Other and relates to a legacy tax matter.

(d)Revenues include the elimination of transactions between segments, which consists of intercompany royalties and marketing fees paid by Owned Brokerage Group of $64 million and $63 million during the three months ended March 31, 2024 and 2023, respectively, and are eliminated through the Corporate and Other line.

As described in the aforementioned table, Operating EBITDA margin for "Total Company" expressed as a percentage of revenues increased 3 percentage points for the three months ended March 31, 2024 compared to the same period in 2023. Franchise Group's margin decreased 2 percentage points primarily due to lower revenue from our relocation operations and leads business as a result of lower volume. Owned Brokerage Group's margin increased 2 percentage points primarily due to cost savings initiatives. Title Group's margin increased 3 percentage points primarily due to a decrease in employee-related and other operating costs as a result of cost savings initiatives.

Corporate and Other Operating EBITDA for the three months ended March 31, 2024 improved $25 million to a loss of $32 million primarily attributable to higher expense in 2023 related to accruals for legal matters.

Anywhere Brands—Franchise Group

Revenues decreased $7 million to $200 million and Operating EBITDA decreased $8 million to $89 million for the three months ended March 31, 2024 compared to the same period in 2023.

Royalty revenue increased $2 million, offset by a $9 million decrease in revenue from our relocation operations and leads business as a result of lower relocation volume during the first quarter of 2024 as compared to the first quarter of 2023.

Franchise Group's revenue includes intercompany royalties received from Owned Brokerage Group of $61 million and $60 million during the first quarter of 2024 and 2023, respectively, which are eliminated in consolidation against the expense reflected in Owned Brokerage Group's results.

Operating EBITDA decreased $8 million primarily due to the decline in revenue from our relocation operations and leads business as discussed above.

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Anywhere Advisors—Owned Brokerage Group

Revenues increased $4 million to $919 million and Operating EBITDA increased $16 million to a loss of $59 million for the three months ended March 31, 2024 compared with the same period in 2023.

The revenue increase of $4 million was primarily driven by a 7% increase in average homesale price, partially offset by a 6% decrease in existing homesale transactions.

Operating EBITDA increased $16 million primarily due to

•a $10 million decrease in other operating costs primarily related to a decrease in employee-related costs due to lower employee headcount as a result of cost savings initiatives;

•a $4 million decrease in marketing expense as a result of cost savings initiatives; and

•a $4 million increase in revenues as discussed above,

partially offset by a $3 million increase in commission expenses paid to independent sales agents.

Anywhere Integrated Services—Title Group

Revenues decreased $1 million to $71 million and Operating EBITDA increased $2 million to a loss of $15 million for the three months ended March 31, 2024 compared with the same period in 2023.

Revenues decreased $1 million primarily due to a decrease in refinance and purchase units partially offset by the increase in the average fee per closing unit.

Operating EBITDA increased $2 million primarily due to lower employee-related and other operating costs primarily as a result of cost savings initiatives and declines in variable operating costs due to lower volume.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Financial Condition


	March 31, 2024		December 31, 2023		Change
Total assets	$	5,799	$	5,839	$	(40)
Total liabilities	4,219		4,158		61
Total equity	1,580		1,681		(101)

For the three months ended March 31, 2024, total assets decreased $40 million primarily due to:

•a $22 million net decrease in franchise agreements and other amortizable intangible assets primarily due to amortization;

•a $19 million decrease in property and equipment primarily due to asset depreciation;

•an $11 million net decrease in operating lease assets primarily due to asset depreciation,

partially offset by a $13 million increase in relocation and trade receivables primarily due to timing.

Total liabilities increased $61 million primarily due to:

•a $150 million net increase in corporate debt primarily related to additional borrowings under the Revolving Credit Facility; and

•an $11 million increase in other non-current liabilities,

partially offset by:

•a $47 million decrease in accrued expenses and other current liabilities primarily due to payment of employee-related liabilities in the first quarter of 2024 which were fully accrued as of December 31, 2023;

•a $28 million decrease in deferred tax liabilities;

•an $11 million decrease in accounts payable; and

•a $9 million decrease in operating lease liabilities.

Total equity decreased $101 million due to net loss of $101 million for the three months ended March 31, 2024.

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Liquidity and Capital Resources

Cash flows from operations and distributions from our unconsolidated joint ventures, supplemented by funds available under our Revolving Credit Facility and Apple Ridge securitization facility, are our primary sources of liquidity.

Our primary uses of liquidity include working capital, business investment and capital expenditures, as well as debt service. We have used and may also use future cash flows to repurchase or redeem outstanding indebtedness and to acquire stock under our share repurchase program.

Business investments may include investments in strategic initiatives, including our existing or future joint ventures, products and services that are designed to simplify the home sale and purchase transaction, independent sales agent recruitment and retention, and franchisee system growth and acquisitions.

Debt service includes contractual amortization and interest payments.

From time to time, we seek to repay, refinance or restructure all or a portion of our debt or to repurchase our outstanding debt through, as applicable, tender offers, exchange offers, open market purchases, privately negotiated transactions or otherwise. Such transactions, if any, will depend on a number of factors, including prevailing market conditions, our liquidity requirements and contractual requirements (including compliance with the terms of our debt agreements), among other factors. We plan to extend, refinance, replace or repay our Term Loan A Facility by November 2024. See Note 4, "Short and Long-Term Debt", to the Condensed Consolidated Financial Statements for further information.

On October 6, 2023, we announced the terms of a settlement agreement the Company has entered into to settle all claims asserted against it or that could have been asserted against it in the Burnett and Moehrl antitrust class action litigation. Under the terms of the proposed nationwide settlement, which is subject to final court approval, we agreed to provide monetary relief of $83.5 million, of which $10 million was paid in December 2023, as well as injunctive relief. The settlement received preliminary court approval in November 2023, with a hearing on final approval currently set for May 9, 2024. See Note 6, "Commitments and Contingencies", to the Condensed Consolidated Financial Statements for more information.

As further described in Note 6, "Commitments and Contingencies—Litigation—Cendant Corporate Liabilities and Guarantees to Cendant and Affiliates", the California Office of Tax Appeals has declined the Company’s petition for a rehearing of its legacy tax matter, and the tax assessment, which as of March 31, 2024 is accrued at $39 million, is anticipated to become payable as early as the second quarter of 2024, even if the Company seeks further judicial relief.

Our material cash requirements from known contractual and other obligations as of March 31, 2024 have not changed materially from the amounts reported in our 2023 Form 10-K.

Other material factors that may impact our liquidity, include, but are not limited to, the following:

Market and Macroeconomic Conditions. Our earnings have significantly decreased over the past twelve months. This decline has been driven by the rapid downturn in the residential real estate market and has resulted in a substantial increase in our net debt leverage ratio. If the residential real estate market or the economy as a whole does not improve or further weakens, our business, financial condition and liquidity are likely to continue to be adversely affected. In particular, we may experience higher leverage as a result of lower earnings and/or increased borrowing under our Revolving Credit Facility, and our ability to access capital, grow our business and return capital to stockholders may be adversely impacted.

Material Litigation. We are a party to certain material litigation, as described in Note 6, "Commitments and Contingencies—Litigation", to the Condensed Consolidated Financial Statements. We dispute the allegations against the Company in each of these matters, believe we have substantial defenses against plaintiffs’ claims and are vigorously defending these actions, however it is not feasible to predict the ultimate outcome of litigation. Adverse outcomes in these matters, or the failure to obtain final approval of the legal settlement discussed in Note 6, "Commitments and Contingencies—Litigation", to the Condensed Consolidated Financial Statements, could have a material adverse effect, individually or in the aggregate, on our business, results of operations and financial condition, in particular with respect to liquidity.

Seasonality. Historically, operating results and revenues for all of our businesses have been strongest in the second and third quarters of the calendar year. A significant portion of the expenses we incur in our real estate brokerage operations are related to marketing activities and commissions and therefore, are variable. However, many of our other expenses, such as interest payments, facilities costs and certain personnel-related costs, are fixed and cannot be reduced during the seasonal

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fluctuations in the business. Consequently, our need to borrow under the Revolving Credit Facility and corresponding debt balances are generally at their highest levels at or around the end of the first quarter of every year but a continued downturn in the residential real estate market or other factors impacting our liquidity could require us to incur additional borrowings under the Revolving Credit Facility.

We believe that we will continue to meet our cash flow needs during the next twelve months through the sources outlined above. In the event that our liquidity assumptions change, we may explore additional debt financing, private or public offerings of debt or common stock or consider asset disposals.

Cash Flows

At March 31, 2024, we had $115 million of cash, cash equivalents and restricted cash, a decrease of $4 million compared to the balance of $119 million at December 31, 2023. The following table summarizes our cash flows for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023		Change
Cash provided by (used in):
Operating activities	$	(122)	$	(113)	$	(9)
Investing activities	(16)		(5)		(11)
Financing activities	134		26		108
Effects of change in exchange rates on cash, cash equivalents and restricted cash	—		—		—
Net change in cash, cash equivalents and restricted cash	$	(4)	$	(92)	$	88

For the three months ended March 31, 2024, $9 million more cash was used in operating activities compared to the same period in 2023 principally due to:

•$40 million less cash provided by the net change in relocation and trade receivables due to timing; and

•$39 million more cash used for accounts payable, accrued expenses and other liabilities primarily related to the payment of higher employee incentive compensation in the first quarter of 2024,

partially offset by:

•$62 million more cash provided by operating results; and

•$9 million less cash used for other assets.

For the three months ended March 31, 2024, $11 million less cash was provided by investing activities compared to the same period in 2023 primarily due to the absence in 2024 of $6 million proceeds from the sale of business in 2023 and $6 million proceeds received from investments in 2023.

For the three months ended March 31, 2024, $134 million of cash was provided by financing activities compared to $26 million of cash provided by financing activities during the same period in 2023. For the three months ended March 31, 2024, $134 million of cash was provided by financing activities primarily due to $153 million of additional borrowings under the Revolving Credit Facility, partially offset by:

•$6 million of other financing payments primarily related to contracts and finance leases;

•$5 million of quarterly amortization payments on the term loan facilities; and

•$5 million net decrease in securitization borrowings.

For the three months ended March 31, 2023, $26 million of cash was provided by financing activities as follows:

•$30 million of additional borrowings under the Revolving Credit Facility; and

•$11 million net increase in securitization borrowings,

partially offset by $8 million of other financing payments primarily related to finance leases.

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Financial Obligations

See Note 4, "Short and Long-Term Debt", to the Condensed Consolidated Financial Statements, for information on the Company's indebtedness as of March 31, 2024.

Covenants under the Senior Secured Credit Facility, Term Loan A Facility and Indentures; Events of Default

The Senior Secured Credit Agreement, Term Loan A Agreement, and the indentures governing the Unsecured Notes and 7.00% Senior Secured Second Lien Notes contain various covenants that limit (subject to certain exceptions) Anywhere Group’s ability to, among other things:

•incur or guarantee additional debt or issue disqualified stock or preferred stock;

•pay dividends or make distributions to Anywhere Group’s stockholders, including Anywhere;

•repurchase or redeem capital stock;

•make loans, investments or acquisitions;

•incur restrictions on the ability of certain of Anywhere Group's subsidiaries to pay dividends or to make other payments to Anywhere Group;

•enter into transactions with affiliates;

•create liens;

•merge or consolidate with other companies or transfer all or substantially all of Anywhere Group's and its material subsidiaries' assets;

•transfer or sell assets, including capital stock of subsidiaries; and

•prepay, redeem or repurchase subordinated indebtedness.

As a result of the covenants to which we remain subject, we are limited in the manner in which we conduct our business and we may be unable to engage in favorable business activities or finance future operations or capital needs. In addition, the Senior Secured Credit Agreement and Term Loan A Agreement require us to maintain a senior secured leverage ratio.

Senior Secured Leverage Ratio applicable to our Senior Secured Credit Facility and Term Loan A Facility

The senior secured leverage ratio is tested quarterly and may not 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 quarters 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 the 7.00% Senior Secured Second Lien Notes, 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 adjustments for restructuring, retention and disposition costs, former parent legacy cost (benefit) items, net, loss (gain) on the early extinguishment of debt, stock-based compensation expense, non-cash charges, extraordinary, nonrecurring or unusual items and incremental securitization interest costs, as well as pro forma cost savings for restructuring initiatives, the pro forma effect of business optimization initiatives and the pro forma effect of acquisitions and new franchisees, in each case calculated as of the beginning of the trailing four-quarter period. The Company was in compliance with the senior secured leverage ratio covenant at March 31, 2024.

Events of Default

Certain events would constitute an event of default under the Senior Secured Credit Facility or Term Loan A Facility as well as the indentures governing the 7.00% Senior Secured Second Lien Notes, Unsecured Notes and Exchangeable Senior Notes. Such events of default include, without limitation, nonpayment of principal or interest, insolvency, bankruptcy, nonpayment of certain material judgments, change of control, and cross-events of default on material indebtedness as well as, under the Senior Secured Credit Facility and Term Loan A Facility, material misrepresentations, failure to comply with the senior secured leverage ratio covenant and failure to obtain an unqualified audit opinion by 90 days after the end of any fiscal year. If such an event of default were to occur and the Company failed to obtain a waiver from the applicable lenders or holders of the 7.00% Senior Secured Second Lien Notes, Unsecured Notes or Exchangeable Senior Notes, our financial condition, results of operations and business would be materially adversely affected.

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Non-GAAP Financial Measures

The SEC has adopted rules to regulate the use in filings with the SEC and in public disclosures of "non-GAAP financial measures," such as Operating EBITDA. These measures are derived on the basis of methodologies other than in accordance with GAAP.

Operating EBITDA is defined as net income (loss) adjusted for depreciation and amortization, interest expense, net (excluding relocation services interest for securitization assets and securitization obligations), income taxes, and certain non-core items. Non-core items include restructuring charges, former parent legacy items, gains or losses on the early extinguishment of debt, impairments, and gains or losses on discontinued operations or the sale of businesses, investments or other assets. Operating EBITDA is our primary non-GAAP measure. Operating EBITDA Margin is defined as Operating EBITDA as a percentage of revenues.

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.

Critical Accounting Estimates

In presenting our financial statements in conformity with generally accepted accounting principles, we are required to make estimates and assumptions that affect the amounts reported therein. Several of the estimates and assumptions we are required to make relate to matters that are inherently uncertain as they pertain to future events. However, events that are outside of our control cannot be predicted and, as such, they cannot be contemplated in evaluating such estimates and assumptions. If there is a significant unfavorable change to current conditions, it could result in a material adverse impact to our combined results of operations, financial position and liquidity. We believe that the estimates and assumptions we used when preparing our financial statements were the most appropriate at that time.

These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2023, which includes a description of our critical accounting policies that involve subjective and complex judgments that could potentially affect reported results.

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Impairment of goodwill and other indefinite-lived intangible assets

Goodwill and other indefinite-lived intangible assets are subject to an impairment assessment annually as of October 1, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The impairment assessment involves the use of accounting estimates and assumptions, changes in which could materially impact our financial condition or operating performance if actual results differ from such estimates and assumptions. Although management believes that assumptions are reasonable, actual results may vary significantly.

Furthermore, significant negative industry or economic trends, disruptions to our business, unexpected significant changes or planned changes in use of the assets, a decrease in our business results, growth rates that fall below our assumptions, divestitures, and a sustained decline in our stock price and market capitalization may have a negative effect on the fair values and key valuation assumptions. Such changes could result in changes to our estimates of our fair value and a material impairment of goodwill or other indefinite-lived intangible assets. To address this uncertainty, a sensitivity analysis is performed on key estimates and assumptions.

Recently Issued Accounting Pronouncements

See Note 1, "Basis of Presentation", to the Condensed Consolidated Financial Statements for a discussion of recently issued accounting pronouncements.

Item 3. Quantitative and Qualitative Disclosures about Market Risks.

We are exposed to market risk from changes in interest rates primarily through our senior secured debt. At March 31, 2024, our primary interest rate exposure was to interest rate fluctuations, specifically SOFR, due to its impact on our borrowings under the Revolving Credit Facility and Term Loan A Facility. We do not have significant exposure to foreign currency risk, nor do we expect to have significant exposure to foreign currency risk in the foreseeable future.

We assess our market risk based on changes in interest rates utilizing a sensitivity analysis. The sensitivity analysis measures the potential impact on earnings, fair values and cash flows based on a hypothetical change (increase and decrease) in interest rates. We exclude the fair values of relocation receivables and advances and securitization borrowings from our sensitivity analysis because we believe the interest rate risk on these assets and liabilities is mitigated as the rate we earn on relocation receivables and advances and the rate we incur on our securitization borrowings are based on similar variable indices.

At March 31, 2024, we had variable interest rate debt outstanding under our Revolving Credit Facility and Term Loan A Facility of $640 million. The interest rate with respect to the Revolving Credit Facility and Term Loan A Facility, which was 7.18% at March 31, 2024, is based on Term SOFR plus a 10 basis point credit spread adjustment plus an additional margin subject to adjustment based on the current senior secured leverage ratio. Based on the March 31, 2024 senior secured leverage ratio, the margin was 1.75%. At March 31, 2024, the one-month SOFR was 5.33%; therefore, we have estimated that a 0.25% increase in SOFR would have an approximately $2 million impact on our annual interest expense.

Item 4. Controls and Procedures.

Controls and Procedures for Anywhere Real Estate Inc.

(a)Anywhere Real Estate Inc. ("Anywhere") maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its filings under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission and that such information is accumulated and communicated to its management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Anywhere's management, including the Chief Executive Officer and the Chief Financial Officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

(b)As of the end of the period covered by this quarterly report on Form 10-Q, Anywhere has carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that Anywhere's disclosure controls and procedures are effective at the "reasonable assurance" level.

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(c)There has not been any change in Anywhere's internal control over financial reporting during the period covered by this quarterly report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

Controls and Procedures for Anywhere Real Estate Group LLC

(a)Anywhere Real Estate Group LLC ("Anywhere Group") maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its filings under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission and that such information is accumulated and communicated to its management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Anywhere Group's management, including the Chief Executive Officer and the Chief Financial Officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

(b)As of the end of the period covered by this quarterly report on Form 10-Q, Anywhere Group has carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that Anywhere Group's disclosure controls and procedures are effective at the "reasonable assurance" level.

(c)There has not been any change in Anywhere Group's internal control over financial reporting during the period covered by this quarterly report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

Other Financial Information

The Condensed Consolidated Financial Statements as of March 31, 2024 and for the three-month periods ended March 31, 2024 and 2023 have been reviewed by PricewaterhouseCoopers LLP, an independent registered public accounting firm. Their reports, dated May 2, 2024, are included on pages 4 and 5. The reports of PricewaterhouseCoopers LLP state that they did not audit and they do not express an opinion on that unaudited financial information. Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act for their report on the unaudited financial information because that report is not a "report" or a "part" of the registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Securities Act.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

See Note 6, "Commitments and Contingencies—Litigation", to the Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments" for additional information on the Company's legal proceedings. The Company disputes the allegations against it in each of the captioned matters set forth in Note 6, believes it has substantial defenses against plaintiffs’ claims and is vigorously defending these actions (though the courts have stayed its defense in the Burnett and Moehrl cases as part of the settlement of those cases described in Note 6).

See Part I., "Item 1.—Business—Government and Other Regulations" in our 2023 Form 10-K for additional information on important legal and regulatory matters that impact our business, including a summary of the current legal and regulatory environment.

Litigation, investigations, claims and regulatory proceedings against other participants in the residential real estate industry or relocation industry—or against companies in other industries—may impact the Company and its affiliated franchisees when the rulings or settlements in those cases cover practices common to the broader industry or business community (such as in the areas of worker classification and antitrust and competition, among others) and may generate litigation or investigations for the Company. For example, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments" for additional information about the NAR Settlement and the D.C. Circuit Court of Appeals recent ruling allowing the DOJ to move forward to reopen its antitrust investigation of NAR. See Part I., "Item 1A.—Risk Factors" in our 2023 Form 10-K and Part I., "Item 2.—Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Quarterly Report for additional disclosure regarding potential industry structure changes.

Item 5. Other Information.

Securities Trading Plans of Directors and Executive Officers

During the three months ended March 31, 2024, there were no Rule 10b5-1 plans or non-Rule 10b5-1 trading arrangements adopted, modified or terminated by any director or officer of the Company.

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Item 6. Exhibits.

Exhibit Description

10.1* First Amendment to the Cooperation Agreement dated as of April 2, 2024, by and among Anywhere Real Estate Inc., Angelo Gordon & Co., L.P. and certain affiliated investors.

10.2* Special Performance and Retention Award and Performance and Retention Cash-Settled Restricted Stock Unit Notice of Grant and Award Agreement dated February 22, 2024, between Anywhere Real Estate Inc. and Charlotte C. Simonelli.

15.1* Letter Regarding Unaudited Interim Financial Statements.

31.1* Certification of the Chief Executive Officer of Anywhere Real Estate Inc. pursuant to Rules 13(a)-14(a) and 15(d)-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

31.2* Certification of the Chief Financial Officer of Anywhere Real Estate Inc. pursuant to Rules 13(a)-14(a) and 15(d)-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

31.3* Certification of the Chief Executive Officer of Anywhere Real Estate Group LLC pursuant to Rules 13(a)-14(a) and 15(d)-14(a) promulgated under the Securities Exchange Act of 1 934, as amended.

31.4* Certification of the Chief Financial Officer of Anywhere Real Estate Group LLC pursuant to Rules 13(a)-14(a) and 15(d)-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

32.1* Certification for Anywhere Real Estate Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2* Certification for Anywhere Real Estate Group LLC pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101 The following financial information from Anywhere's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 formatted in iXBRL (Inline eXtensible Business Reporting Language) includes: (i) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Comprehensive Loss, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements.

104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

______________

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ANYWHERE REAL ESTATE INC.

and

ANYWHERE REAL ESTATE GROUP LLC

(Registrants)

Date: May 2, 2024

/S/ CHARLOTTE C. SIMONELLI

Charlotte C. Simonelli

Executive Vice President and

Chief Financial Officer

Date: May 2, 2024

/S/ TIMOTHY B. GUSTAVSON

Timothy B. Gustavson

Senior Vice President,

Chief Accounting Officer and

Controller

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Date	Price Target	Rating	Analyst
12/18/2023	$7.00	Neutral → Underweight	JP Morgan
7/18/2023		Neutral	BTIG Research
2/28/2023	$12.00 → $7.00	Outperform → Mkt Perform	Keefe Bruyette
12/16/2022	$17.00 → $11.00	Overweight → Neutral	JP Morgan
9/19/2022	$13.50	Buy	Compass Point

SEC Form 10-Q filed by Anywhere Real Estate Inc.

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Amendment: SEC Form SC 13G/A filed by Anywhere Real Estate Inc.

Amendment: SEC Form SC 13G/A filed by Anywhere Real Estate Inc.

$HOUS Analyst Ratings

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Anywhere Real Estate downgraded by JP Morgan with a new price target

BTIG Research initiated coverage on Anywhere Real Estate

Anywhere Real Estate downgraded by Keefe Bruyette with a new price target

$HOUS Financials

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ANYWHERE REAL ESTATE INC. REPORTS THIRD QUARTER 2024 FINANCIAL RESULTS

Anywhere to Release Third Quarter 2024 Financial Results and Host Webcast on November 7, 2024

Anywhere to Release Second Quarter 2024 Financial Results and Host Webcast on August 1, 2024

$HOUS Market Insights

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Top 4 Real Estate Stocks That Could Lead To Your Biggest Gains In Q3

New Home Sales Dip In May As High Mortgage Rates Keep Buyers 'On The Sidelines'

Why Skye Bioscience Shares Are Trading Lower By 19%? Here Are Other Stocks Moving In Monday's Mid-Day Session

$HOUS Press Releases

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CENTURY 21 REAL ESTATE DEBUTS LANDMARK 'JOY OF HOME' GLOBAL CAMPAIGN

SOTHEBY'S INTERNATIONAL REALTY CONTINUES PARTNERSHIP WITH ART BASEL MIAMI BEACH

Entelechy II, Iconic Modernist Home and Personal Residence of Famed Architect John Portman, Hits the Market

$HOUS Insider Trading

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$HOUS Leadership Updates

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Niederauer Duncan L received a gift of 66,035 shares and gifted 66,035 shares, decreasing direct ownership by 68% to 31,435 units (SEC Form 4)

Williams Felicia was granted 31,435 shares, increasing direct ownership by 52% to 91,490 units (SEC Form 4)

Terrill Chris was granted 31,435 shares, increasing direct ownership by 33% to 125,892 units (SEC Form 4)

Guaranteed Rate Affinity Welcomes Mark Rawls as Vice President of Mortgage Lending, Strengthening Client-Focused Services in North Carolina

Coldwell Banker Reaffirms Partnership with St. Jude Children's Research Hospital® for Fourth Consecutive Year

Coldwell Banker Real Estate Expands Global Presence to Tanzania and Zanzibar

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