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Jun 30, 2023
Anywhere Real Estate Q2 2023 Earnings Report
Reported financial results in line with expectations amidst a challenging housing market.
Key Takeaways
Anywhere Real Estate Inc. reported a revenue of $1.7 billion, a net income of $19 million, and an Operating EBITDA of $126 million for Q2 2023. The company is focused on cost savings, agent commission costs, and debt reduction.
Generated revenue of $1.7 billion, a 22% decrease year-over-year, impacted by a 23% decline in homesale transaction volume.
Reported a net income of $19 million and Adjusted net income of $27 million.
Operating EBITDA was $126 million, a decrease of $76 million year-over-year.
Realized second quarter cost savings of approximately $50 million, contributing to $100 million year-to-date savings, and on track for $200 million for the full year.
Forward Guidance
The Company expects third quarter 2023 transaction volume to be down around 10% versus prior year. Expects full year 2023 transaction volumes to decline about 15-20% year-over-year and likely towards the better part of that range. The Company continues to expect full year 2023 Operating EBITDA to be below 2022. However, the Company still expects Free Cash Flow from operations to be modestly positive.
Positive Outlook
- Quarterly transaction volume comparisons to 2022 are expected to improve throughout 2023.
- Expects Free Cash Flow from operations to be modestly positive.
- Anticipates cost savings of approximately $200 million in 2023, inclusive of year-to-date savings.
- Focus on growing high-margin franchise business.
- Expanding luxury leadership.
Challenges Ahead
- Third quarter 2023 transaction volume expected to be down around 10% versus prior year.
- Full year 2023 transaction volumes are expected to decline about 15-20% year-over-year.
- Full year 2023 Operating EBITDA is expected to be below 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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