Anywhere(HOUS) - 2024 Q4 - Annual Results

Financial Performance - Generated Revenue of $1.4 billion in Q4 2024, an increase of $112 million (9%) year-over-year[3] - Reported Net Loss of $64 million in Q4 2024, an improvement of $43 million compared to Q4 2023[3] - Operating EBITDA of $52 million in Q4 2024, up $24 million (86%) year-over-year[3] - Full Year 2024 Revenue reached $5.7 billion, an increase of $56 million (1%) year-over-year[4] - Full Year 2024 Operating EBITDA was $290 million, a $35 million (14%) increase year-over-year[4] - Gross commission income for Q4 2024 was $1,104 million, up from $1,011 million in Q4 2023, representing an increase of 9.2%[27] - Net revenues for the full year 2024 reached $5,692 million, compared to $5,636 million in 2023, reflecting a growth of 1%[27] - Total revenue for the company in Q4 2024 was $1.362 billion, a 9% increase from $1.250 billion in Q4 2023[47] - Operating EBITDA for Q4 2024 was $52 million, up 86% from $28 million in Q4 2023[47] - For the full year 2024, the company reported a net loss of $128 million, compared to a loss of $97 million in 2023[50] - Total revenue for the year ended December 31, 2024, was $5.692 billion, a slight increase of 1% from $5.636 billion in 2023[54] Cost Management - The company realized cost savings of approximately $125 million in 2024, exceeding the initial target by 25%[4] - The company plans to achieve further cost savings of approximately $100 million in 2025, offset by inflationary pressures and investments[8] - Restructuring costs for the year ended December 31, 2024, totaled $32 million, down from $49 million in 2023[50] - The company incurred non-cash impairments of $20 million in 2024, significantly lower than the $65 million in impairments recorded in 2023[50] - The company incurred restructuring costs of $32 million for the year ended December 31, 2024[73] Debt and Liabilities - Total corporate debt was $2.4 billion as of December 31, 2024, with a Senior Secured Leverage Ratio of 1.22x[12] - For the year ended December 31, 2024, Anywhere reported a total senior secured net debt of $411 million and a senior secured leverage ratio of 1.22x[72] - The net debt leverage ratio as of December 31, 2024 was 7.2x, with net corporate debt (excluding securitizations) amounting to $2.437 billion[79] - Total current liabilities increased to $1,389 million in 2024 from $1,207 million in 2023, an increase of 15.1%[35] Market Conditions - The company anticipates continued challenges in the residential real estate market due to high mortgage rates and inflation, which may impact future performance[20] - Combined closed transaction volume increased 13% year-over-year in Q4 2024, with units up about 3% and price up 9%[3] - Closed homesale sides for the year totaled 700,589, a decrease from 720,853 in 2023, reflecting a decline of 2.8%[39] - Average homesale price increased to $497,494 in 2024 from $462,277 in 2023, an increase of 7.6%[39] Shareholder Information - Basic loss per share for Q4 2024 was $0.58, improved from $0.97 in Q4 2023[27] - The company reported a total of 111.3 million weighted average common shares outstanding for both Q4 2024 and Q4 2023[27] - The weighted average diluted shares outstanding for the year was 110.3 million[69] Cash Flow and Investments - Net cash provided by operating activities decreased to $104 million in 2024 from $187 million in 2023, a decline of 44.4%[37] - Net cash provided by operating activities for Q4 2024 was $67 million, up from $62 million in Q4 2023[71] - Free Cash Flow for Q4 2024 was $33 million, a significant improvement from a negative $13 million in Q4 2023[71] - Capital expenditures for the year ended December 31, 2024 totaled $78 million, compared to $72 million in 2023[71] - Net cash used in financing activities was $21 million in 2024, a significant improvement compared to $227 million in 2023[37] - The company reported a net increase in cash, cash equivalents, and restricted cash of $5 million in 2024, compared to a decrease of $99 million in 2023[37] Strategic Initiatives - The company is focusing on recruiting and retaining productive independent sales agents as part of its business strategy[20] - The company plans to integrate artificial intelligence into its products and services to enhance operational efficiency[20]