The following is a summary of the Anywhere Real Estate, Inc. (HOUS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Anywhere Real Estate, Inc. delivered $1.1 billion in revenue but had negative operating EBITDA of $17 million for Q1 2024.
The company realized $30 million in cost savings and was able to maintain a modestly positive operating free cash flow, excluding one-time items, due to working capital and cost savings initiatives.
The company has been working on reducing costs, managing a total reduction of approximately $600 million in the past five years.
A projection of an EBITDA of $500 million to $600 million and expected free cash flow of $200 million to $300 million was announced for 2024.
Business Progress:
Anywhere Real Estate, Inc. is investing in its services, improving technology, diversifying portfolios, and digitizing operations, despite a challenging housing market.
It reported a 4% year-over-year growth in listings and continues to grow its franchise network.
The company is focusing on strategic partnerships, including a minority stake in TRG's acquisition of Doma, which could expand TRG's market share.
A modest performance is expected from the Cartus business due to dependency on client budgets and economic conditions.
The company is committed to supporting franchisees and has seen a record number of franchise sales, which it attributes to industry turbulence.
More details: Anywhere Real Estate IR
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