Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional va ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________ FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ (State or other jurisdiction of incorporation or organization) Madison, New Jersey 07940 Commission File No. 001- ...

Financial Performance - Gross commission income for Q3 2023 was $1,293 million, a decrease of 12% from $1,469 million in Q3 2022[36] - Net revenues for the nine months ended September 30, 2023, were $4,386 million, down 21% from $5,585 million in the same period of 2022[36] - Total revenues for Q3 2023 were $1.584 billion, a decrease of 12.4% from $1.808 billion in Q3 2022[149] - Net income attributable to Anywhere and Anywhere Group for Q3 2023 was $129 million, compared to $55 million in Q3 2022, representing an increase of 134%[36] - Basic earnings per share for Q3 2023 was $1.17, up from $0.49 in Q3 2022[36] - Net income for the nine months ended September 30, 2023, was $10 million, a decrease of 94% compared to $169 million in the same period of 2022[41] - Operating EBITDA for the total company decreased to $107 million in Q3 2023, down from $166 million in Q3 2022, a decline of 36%[206] - Total expenses for Q3 2023 were $1,414 million, a decrease of 19% compared to $1,742 million in Q3 2022[36] - Total expenses for the nine months ended September 30, 2023 decreased by $972 million or 18% compared to the same period in 2022[221] Assets and Liabilities - Total assets as of September 30, 2023, were $6,059 million, a decrease from $6,383 million as of December 31, 2022[40] - Total liabilities decreased to $4,274 million as of September 30, 2023, from $4,616 million at the end of 2022[40] - Cash and cash equivalents as of September 30, 2023, were $151 million, down from $214 million at the end of 2022[40] - The company’s accumulated deficit as of September 30, 2023, was $(2,984) million, slightly improved from $(2,994) million at the end of 2022[40] - Total short-term and long-term debt as of September 30, 2023, was $2,560 million, a decrease from $2,849 million as of December 31, 2022[74] Cash Flow and Investments - Net cash provided by operating activities was $125 million for the nine months ended September 30, 2023, compared to a cash outflow of $71 million in 2022[41] - The company reported a net cash used in investing activities of $39 million for the nine months ended September 30, 2023, compared to $25 million in 2022[41] - The total cash, cash equivalents, and restricted cash at the end of the period was $158 million, down from $277 million at the end of the same period in 2022[41] - The company raised $640 million from the issuance of Senior Secured Second Lien Notes during the financing activities[41] Restructuring and Cost Management - The company reported a restructuring cost of $9 million in Q3 2023, compared to $16 million in Q3 2022[36] - Restructuring charges amounted to $9 million for the three months and $40 million for the nine months ended September 30, 2023[86] - The company expects total costs related to the Operational Efficiencies Plan to be $59 million, with $56 million incurred to date[90] - The company realized additional cost savings of approximately $60 million in Q3 2023 and over $160 million year-to-date, expecting to deliver approximately $200 million for the full year 2023[168] Legal and Regulatory Matters - The company is involved in ongoing antitrust litigation that could result in significant liabilities, with potential damages being difficult to predict[99] - The proposed nationwide settlement includes monetary relief of $83.5 million and injunctive relief, resolving all claims against the company in the Burnett and Moehrl cases[110] - The company is required to deposit $10 million within 14 business days after preliminary court approval, $20 million after final approval of fees and costs, and the remaining balance within 21 business days after final court approval[112] - The company disputes allegations in the Nosalek litigation, which is expected to be resolved under the Anywhere Settlement[124] Market and Economic Conditions - Average mortgage rates for a 30-year fixed-rate mortgage increased from 6.11% in September 2022 to 7.20% in September 2023, reaching 7.79% by October 26, 2023[170] - Industry forecasts predict existing homesale transactions to decrease by 18% to approximately 4.1 million for the full year 2023, the lowest since the Great Recession[166] - The Consumer Price Index (CPI) rose by 3.7% for the 12 months ended September 30, 2023, indicating ongoing inflationary pressures[173] Segment Performance - The Franchise Group generated $271 million in revenue for Q3 2023, down from $306 million in Q3 2022[149] - Homesale transaction volume decreased by 31% year-over-year in Q1 2023, improved to down 23% in Q2 2023, and down 13% in Q3 2023[165] - Closed homesale sides for the Franchise Group decreased by 18% year-over-year to 200,619, while the Owned Brokerage Group saw a 17% decline to 71,794[200] - Average homesale price increased by 5% for both the Franchise Group and Owned Brokerage Group, reaching $470,818 and $712,232 respectively[200]

Affiliate Insights STATURY 21 Uses Anywhere's data scale to provide actionable insights for individual franchisees, helping them run their business better HomePlace • 2.57B API calls Integration of data and AI models for core business processes like agent recruiting Anywhere is Focused on Agent and Consumer Pain • Increased title and mortgage capture *Anywhere $107M Realized Cost Savings ($160M realized cost savings year-to-date) (On track to deliver $200M for the full year) 13 1. Includes all franchisees e ...

[PART I FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Anywhere Real Estate Inc., covering operations, balance sheets, cash flows, and detailed notes for the periods ended June 30, 2023 and 2022 [Report of Independent Registered Public Accounting Firm](index=6&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) PricewaterhouseCoopers LLP reviewed the interim financial statements and found no material modifications needed for conformity with U.S. GAAP - The independent auditors, PricewaterhouseCoopers LLP, concluded their review and are not aware of any **material modifications** that should be made to the interim financial statements for them to be in conformity with U.S. GAAP[25](index=25&type=chunk)[30](index=30&type=chunk) [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a significant decrease in net revenues and a shift from net income to a net loss for both the second quarter and six months ended June 30, 2023 Condensed Consolidated Statements of Operations Highlights (in millions) | Metric | Q2 2023 | Q2 2022 | YoY Change | H1 2023 | H1 2022 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net revenues** | $1,671 | $2,142 | -22.0% | $2,802 | $3,777 | -25.8% | | **Total expenses** | $1,649 | $2,016 | -18.2% | $2,962 | $3,606 | -17.9% | | **Net income (loss) attributable to Anywhere** | $19 | $88 | -78.4% | $(119) | $111 | N/A | Earnings (Loss) Per Share | Metric | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | **Basic EPS** | $0.17 | $0.76 | $(1.08) | $0.95 | | **Diluted EPS** | $0.17 | $0.75 | $(1.08) | $0.93 | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2023, total assets decreased to **$6,219 million** from **$6,383 million** at year-end 2022, with total liabilities slightly decreasing and total equity declining due to net loss Condensed Consolidated Balance Sheet Highlights (in millions) | Metric | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $796 | $834 | | **Total assets** | $6,219 | $6,383 | | **Total current liabilities** | $1,334 | $1,305 | | **Long-term debt** | $2,475 | $2,483 | | **Total liabilities** | $4,566 | $4,616 | | **Total equity** | $1,653 | $1,767 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2023, net cash used in operating activities significantly improved to **$20 million**, with overall cash and equivalents decreasing by **$30 million** Six Months Ended June 30 Cash Flow Highlights (in millions) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(20) | $(205) | | **Net cash (used in) provided by investing activities** | $(20) | $7 | | **Net cash provided by (used in) financing activities** | $9 | $(282) | | **Net decrease in cash, cash equivalents and restricted cash** | $(30) | $(481) | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of the company's financial statements, covering business segments, debt structure, restructuring plans, and major legal proceedings - The company operates in three segments: **Anywhere Brands** (Franchise Group), **Anywhere Advisors** (Owned Brokerage Group), and **Anywhere Integrated Services** (Title Group)[45](index=45&type=chunk) Total Indebtedness (in millions) | Debt Instrument | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Revolving Credit Facility | $350 | $350 | | Extended Term Loan A | $214 | $221 | | 5.75% Senior Notes | $899 | $899 | | 5.25% Senior Notes | $985 | $985 | | 0.25% Exchangeable Senior Notes | $396 | $394 | | **Total Debt** | **$2,844** | **$2,849** | - The company is involved in **significant antitrust class-action lawsuits** (Burnett and Moehrl) challenging industry rules for buyer-broker commissions, which could result in **material liabilities**, with the Burnett trial scheduled for **October 2023**[92](index=92&type=chunk)[95](index=95&type=chunk)[98](index=98&type=chunk) - A class-action lawsuit (Bumpus) alleges violations of the **Telephone Consumer Protection Act (TCPA)** by independent sales agents, with a jury trial scheduled for **January 2024**[116](index=116&type=chunk)[119](index=119&type=chunk) - Subsequent to the quarter end, on July 25, 2023, the company commenced offers to exchange approximately **$800 million** of its 5.75% and 5.25% Senior Notes for new **7.00% Second Lien Senior Secured Notes due 2030**[142](index=142&type=chunk)[143](index=143&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant downturn in the residential real estate market, detailing segment performance, liquidity, debt covenants, and cost-saving initiatives in response to challenging conditions [Current Business and Industry Trends](index=34&type=section&id=Current%20Business%20and%20Industry%20Trends) The residential real estate market remained weak in H1 2023 due to high mortgage rates and low inventory, leading to a **23%** decline in Q2 homesale transaction volume, partially offset by company cost savings Homesale Transaction Volume Change (YoY) | Metric | Q2 2023 | H1 2023 | | :--- | :--- | :--- | | **Anywhere Combined Volume** | (23)% | (27)% | | Closed homesale sides | (22)% | (25)% | | Average homesale price | (1)% | (2)% | - The company realized cost savings of approximately **$50 million** in Q2 2023 and **$100 million** year-to-date, with plans to realize an additional **$100 million** in savings during the rest of 2023[155](index=155&type=chunk) - High mortgage rates, averaging **6.71%** in June 2023, continue to negatively impact homesale transaction volume, housing affordability, and refinancing activity[157](index=157&type=chunk)[159](index=159&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Net revenues for Q2 2023 fell **22%** to **$1,671 million**, and Operating EBITDA dropped **38%** to **$126 million**, with all segments experiencing significant declines due to lower transaction volumes Q2 2023 vs Q2 2022 Segment Performance (in millions) | Segment | Revenues 2023 | Revenues 2022 | % Change | Operating EBITDA 2023 | Operating EBITDA 2022 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Franchise Group** | $284 | $339 | (16)% | $164 | $204 | (20)% | | **Owned Brokerage Group** | $1,380 | $1,775 | (22)% | $(10) | $11 | (191)% | | **Title Group** | $100 | $144 | (31)% | $10 | $21 | (52)% | | **Total Company** | **$1,671** | **$2,142** | **(22)%** | **$126** | **$202** | **(38)%** | H1 2023 vs H1 2022 Segment Performance (in millions) | Segment | Revenues 2023 | Revenues 2022 | % Change | Operating EBITDA 2023 | Operating EBITDA 2022 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Franchise Group** | $491 | $606 | (19)% | $261 | $342 | (24)% | | **Owned Brokerage Group** | $2,295 | $3,039 | (24)% | $(85) | $(29) | (193)% | | **Title Group** | $172 | $334 | (49)% | $(7) | $18 | (139)% | | **Total Company** | **$2,802** | **$3,777** | **(26)%** | **$74** | **$271** | **(73)%** | [Financial Condition, Liquidity and Capital Resources](index=48&type=section&id=Financial%20Condition,%20Liquidity%20and%20Capital%20Resources) As of June 30, 2023, the company held **$188 million** in cash, maintaining compliance with debt covenants, though market conditions and litigation outcomes could impact future liquidity - Cash, cash equivalents, and restricted cash stood at **$188 million** as of June 30, 2023, a decrease of **$30 million** from year-end 2022[239](index=239&type=chunk) - The company has not repurchased any shares since 2022, with **$203 million** remaining available under its share repurchase program as of June 30, 2023[234](index=234&type=chunk) - The company was in compliance with its senior secured leverage ratio covenant (not to exceed **4.75 to 1.00**) as of June 30, 2023[246](index=246&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risks](index=54&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risks) The company's primary market risk is interest rate fluctuations on its **$565 million** variable-rate debt, with a **0.25%** SOFR increase impacting annual interest expense by approximately **$1 million** - The company's main market risk exposure is to interest rate changes on its **$565 million** of variable-rate debt under the Revolving Credit Facility and Term Loan A Facility[257](index=257&type=chunk)[260](index=260&type=chunk) - A **0.25%** increase in the SOFR rate is estimated to have an approximately **$1 million** impact on the company's annual interest expense[260](index=260&type=chunk) [Item 4. Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level, with no material changes to internal controls during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures are **effective** at the **'reasonable assurance' level**[261](index=261&type=chunk)[265](index=265&type=chunk) [PART II OTHER INFORMATION](index=56&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) This section details significant legal risks from ongoing antitrust and TCPA class actions, noting that unfavorable outcomes could materially impact the company's financial condition and operations - The company faces **significant legal risks** from ongoing **antitrust** (Burnett, Moehrl) and **TCPA** (Bumpus) litigation, with trials scheduled for **late 2023** and **early 2024**[271](index=271&type=chunk) - The company warns that judgments or settlements could **materially exceed accrued amounts** and have a **material adverse effect** on its financial condition, results of operations, or cash flows[270](index=270&type=chunk) [Item 5. Other Information](index=56&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 trading plans or arrangements were adopted, modified, or terminated by directors or officers during the second quarter of 2023 - **No Rule 10b5-1 trading plans** were adopted, modified, or terminated by any director or officer during the three months ended June 30, 2023[274](index=274&type=chunk) [Item 6. Exhibits](index=57&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and iXBRL formatted financial statements

Anywhere Real Estate Inc. (NYSE:HOUS) Q2 2023 Earnings Conference Call July 25, 2023 6:00 AM ET Company Participants Alicia Swift - Senior VP, Investor Relations & Treasury Ryan Schneider - CEO & President Charlotte Simonelli - CFO Conference Call Participants Tommy McJoynt - KBW Soham Bhonsle - BTIG Anthony Paolone - JP Morgan Ryan McKeveny - Zelman & Associates John Campbell - Stephens Inc. Operator Good morning. Welcome to the Anywhere Real Estate Second Quarter 2023 Earnings Conference Call via webcast. ...

Deep understanding of the consumer Tech and data scale 米 9 Leadership in Technology and Data High Impact Technology And Products Personalized agent and franchisee technology to enhance productivity Affiliate Insights Integration of data and AI models for core business processes like agent recruiting Analytic Leadership Proven track record of utilizing predictive analytics and machine learning to drive results Multiple Proofs of Concept focused on generative AI HomePlace Guides consumers through the transact ...

Anywhere Real Estate Inc. (NYSE:HOUS) Q1 2023 Earnings Call Transcript May 3, 2023 5:00 PM ET Company Participants Alicia Swift - Senior Vice President, Investor Relations and Treasury Ryan Schneider - Chief Executive Officer and President Charlotte Simonelli - Executive Vice President and Chief Financial Officer Conference Call Participants Tommy McJoynt - KBW Matthew Bouley - Barclays AJ Hayes - Stephens Operator Good afternoon. And welcome to the Anywhere Real Estate First Quarter 2023 Earnings Conferenc ...

*I This presentation contains forward-looking statements. The Company desires to take advantage of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 and is including this statement for the express purpose of availing itself of the protections of the safe harbor with respect to all forward-looking statements. Therefore, the Company wishes to caution each participant to consider carefully the specific factors discussed with each forward-looking statement in this presentation a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________ FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File No. 001-35674 Commission File No. 333-148153 (Exact name of registrant as specified in its c ...