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Sep 30, 2023
Anywhere Real Estate Q3 2023 Earnings Report
Led through a difficult housing market, delivered considerable profitability, and achieved substantial debt reduction.
Key Takeaways
Anywhere Real Estate Inc. reported financial results for Q3 2023, with revenue of $1.6 billion, a 12% decrease year-over-year. The company reported a net income of $129 million and reduced debt by $281 million. They realized cost savings of approximately $60 million for the quarter and $160 million year-to-date.
Generated revenue of $1.6 billion, a decrease of 12% year-over-year.
Reported net income of $129 million.
Reduced debt by $281 million through successful debt exchanges and open market bond repurchases.
Realized third quarter cost savings of approximately $60 million.
Forward Guidance
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. Based on year-to-date agent commission trends, we now expect full year commissions splits to increase about 50 to 60 basis points above 2022. The Company continues to expect to realize cost savings of approximately $200 million in 2023, inclusive of the cost savings realized year-to-date in 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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