Anywhere Real Estate Inc · Q1 2023 earnings

Briefing

Navigated a tough housing market and made meaningful progress on strategic priorities.

Anywhere Real Estate Inc. reported a revenue of $1.1 billion, a net loss of $138 million, and an Operating EBITDA loss of $52 million for Q1 2023. The company realized $50 million in cost savings and is on track to deliver $200 million for the full year.

• Generated Revenue of $1.1 billion, a decrease of 31% year-over-year, largely impacted by homesale transaction volume declines of 31% and the sale of the Title Insurance Underwriter.
• Reported a Net loss of $138 million and Adjusted net loss of $106 million.
• Operating EBITDA loss of $52 million, a decrease of $121 million year-over-year.
• Realized cost savings of approximately $50 million in the first quarter and are on track to deliver $200 million for the full year.

Headline financials

Revenue & EPS history

The Company expects Q2 2023 transaction volume to be down around 25% versus prior year, and full year 2023 transaction volumes to decline about 15-20% year-over-year. The Company continues to expect full year 2023 Operating EBITDA to be below 2022, but expects Free Cash Flow from operations to be modestly positive. The Company continues to expect to realize cost savings of approximately $200 million in 2023.