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Jun 30, 2022
Anywhere Real Estate Q2 2022 Earnings Report
Reported solid profitability and Free Cash Flow despite a tougher housing market.
Key Takeaways
Anywhere Real Estate Inc. reported a decrease in revenue by 6% to $2.1 billion, impacted by the sale of the title underwriter business and lower homesale transaction volume. Net income decreased to $88 million, with earnings per share at $0.76. The company generated Free Cash Flow of $70 million and is targeting an additional $70 million in cost savings.
Generated Revenue of $2.1 billion, a decrease of 6% year-over-year.
Reported Net income of $88 million and basic earnings per share of $0.76.
Generated Operating EBITDA of $202 million, a decrease of $108 million year-over-year.
Generated Free Cash Flow of $70 million vs. $243 million for the corresponding quarter last year.
Forward Guidance
The Company now estimates Operating EBITDA for full year 2022 in the range of $600 to $700 million from $750 to $800 million but cautions that the macroeconomic environment continues to shift quickly.
Positive Outlook
- Achievement of $70 million in cost savings that were previously identified by the Company
- Incremental $70 million in a mix of temporary and permanent cost savings for total estimated 2022 savings north of $140 million
Challenges Ahead
- Macroeconomic and housing market uncertainties
- Rising inflation and mortgage rates
- Declining affordability and constrained inventory
- Declines in projected year-over-year homesale transaction volume in the range of (10)% to (20)% in the second half of 2022
- Increased independent agent commission costs which we now expect to be above 175 basis points, year-over-year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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