Anywhere posts net loss of $13M

Core Insights - Anywhere Real Estate reported a net loss of $13 million in Q3, a decline from a net gain of $7 million in the same quarter last year, despite a revenue increase of 6% to $1.6 billion [1] Financial Performance - Revenue for the owned brokerage segment increased by 7% to $1.3 billion, but operating EBITDA was an $11 million loss, consistent with the previous year [5] - The franchise segment's operating EBITDA rose to $155 million for the quarter, up 3% [5] - The title group reported an EBITDA loss of $1 million, attributed to high fixed costs in a challenging housing market [5] Transaction and Market Activity - Anywhere's transaction volume grew by 7% year-over-year, driven by a 12% increase in its luxury brand segment, with 345 homes sold for $10 million or more, marking a 30% increase from last year [2] - The company's stock surged by 193% during the quarter, influenced by a nearly 50% jump following the announcement of the sale to Compass [2] Cost Management and Debt - Anywhere recognized $24 million in expenses due to the increase in employee stock awards, reducing earnings from $108 million to $100 million year-over-year [3] - The company is focused on debt reduction, decreasing its revolver balance by $195 million in Q3, with total corporate debt at $2.6 billion and cash on hand of $139 million [3] - The CFO confirmed plans to cut $100 million in costs this year, following a $28 million reduction in Q3 [4]