Q2 2024 Anywhere Real Estate Inc Earnings Call Transcript
Key Points
- Anywhere Real Estate Inc (HOUS) delivered $1.7 billion in revenue and $139 million in operating EBITDA for Q2 2024, demonstrating strong financial performance.
- The company achieved approximately $30 million in cost savings during the quarter and increased its full-year savings target to $120 million.
- Transaction volume grew by 3% year over year, consistent with market results, indicating resilience in a challenging market.
- Luxury segments, particularly Corcoran and Sotheby's International Realty brands, outperformed the market with positive year-over-year unit growth.
- The company generated $83 million in free cash flow in the quarter, excluding a $20 million litigation settlement payment, showcasing strong cash flow management.
- The real estate market remains challenging with macroeconomic uncertainties, including elevated mortgage rates and limited supply, impacting home sale transactions.
- Anywhere Real Estate Inc (HOUS) faces significant one-time cash flow headwinds, including an $83.5 million litigation settlement and a $40 million legacy tax matter.
- Unit transactions declined in about 40 states, including major markets like California, Texas, and Florida, due to high interest rates and supply constraints.
- The company's relocation business experienced lower client volumes, contributing to a decrease in operating EBITDA for the Anywhere brands segment.
- The average broker commission rate declined in Q2, driven by the outperformance of the luxury portfolio, which affected the overall average broker commission rate.
Good morning and welcome to the Anywhere Real Estate second quarter 2024 earnings conference call via webcast. Today's call is being recorded and a written transcript will be made available in the Investor Information section of the company's website tomorrow. A webcast replay will also be made available on the company's website.
At this time, I would like to turn the conference over to Anywhere Senior Vice President Alicia Swift. Please, go ahead, Alicia.
Thank you, Eric. Good morning and welcome to the second quarter 2024 earnings conference call for Anywhere Real Estate. On the call with me today are Anywhere CEO and President Ryan Schneider; and Chief Financial Officer Charlotte Simonelli.
As shown on Slide 3 of the presentation, the company will be making statements about its future results and other forward looking statements during this call. These statements are based on the current expectation and the current economic environment.
Forward looking statements,
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