Q3 2024 Anywhere Real Estate Inc Earnings Call Transcript
Key Points
- Anywhere Real Estate Inc (HOUS) delivered strong EBITDA and free cash flow in a challenging housing market, with $1.5 billion in revenue and $94 million in operating EBITDA for Q3 2024.
- The company achieved $30 million in cost savings during Q3 and is on track to meet its $120 million cost savings target for the year.
- Anywhere Real Estate Inc (HOUS) saw significant growth in its luxury portfolio, with a 5% volume increase and over 250 closed transactions above $10 million in Q3.
- The company expanded its high-margin franchise business by adding 17 new franchisees in Q3, further strengthening its network.
- The integration of brokerage and title services is on track, enhancing agent support and improving transaction efficiency, which is expected to increase agent and client satisfaction.
- 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.
- Q3 operating EBITDA decreased by $13 million year-over-year due to lower revenue and increased legal expenses.
- The company's closed transaction volume was flat year-over-year, with a decline in units offset by rising prices.
- Certain geographic markets, such as Florida and New York City, experienced tougher conditions in Q3, impacting overall performance.
- The company incurred higher operating expenses in Q3, partly due to employee-related costs and legal expenses, which were called out as material.
Thank you, Briana. Good morning, and welcome to the third-quarter 2024 earnings conference call for Anywhere Real Estate. On the call with me today are Anywhere's 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 expectations and the current economic environment.
Forward-looking statements, estimates, and projections are inherently subject to significant economic, competitive, antitrust and other litigation, regulatory and other uncertainties and contingencies, many of which are beyond the control of management, including, among others, industry and macroeconomic developments. Actual results may differ materially for those expressed or implied in the forward-looking statements. The references made to October in these remarks are preliminary results for the month. October 2024 included one more
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