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Anywhere Real Estate Inc. (HOUS-2.32%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in net revenues to $1.535 billion from $1.584 billion in the same quarter of the previous year, attributed to lower homesale transaction volume.
Total expenses increased to $1.532 billion from $1.414 billion, primarily due to lower gains on the early extinguishment of debt compared to the previous year.
The company reported a net income of $7 million for the quarter, down from $129 million in the previous year, with a decrease in income before taxes to $3 million from $170 million.
Operating EBITDA for the quarter was $94 million, down from $107 million in the previous year, reflecting a decrease in revenues and increased expenses.
Franchise Group revenues decreased by $4 million to $267 million, with Operating EBITDA also decreasing by $4 million to $151 million, due to reduced franchisee royalty revenue.
Owned Brokerage Group revenues decreased by $51 million to $1.258 billion, with Operating EBITDA decreasing by $3 million to a loss of $11 million, driven by lower homesale transaction volume.
Title Group revenues increased by $3 million to $96 million, while Operating EBITDA decreased by $1 million to $1 million, due to higher operating costs.
The company continues to execute its Operational Efficiencies Plan, realizing cost savings of approximately $30 million during the quarter.
The filing also includes information on a binding term sheet for the sale of 10% equity in its Independence Title and TitleOne businesses for $18.8 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Anywhere Real Estate Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.