HOUS - Earnings call 1 2021 | Anywhere Real Estate Inc.

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Operator

Good morning, and welcome to the Realogy Holdings Corp.

First Quarter 2021 Earnings Conference Call via webcast. Today's call is being recorded, and a written transcript will be made available in the Investor Information section of the company's website tomorrow. A webcast replay will also be made available on the company's website. At this time, I would like to turn the conference over to Realogy Senior Vice President, Alicia Swift. Alicia. ahead, go Please

Alicia Swift

Good earnings welcome conference Brandy. first the quarter XXXX call. morning, you, to and Realogy's Thank

On the Charlotte call and President, with me today Schneider; Chief are and Financial Officer, Simonelli. Ryan Realogy's CEO

of current As shown making about current expectations statements during and future its are presentation, statements environment. company and forward-looking call. will the statements other the results this on be the based X Slide These on economic the

of uncertainties which subject inherently beyond to economic, and are contingencies, management, projections volume. other many inventory levels of the and statements control to and Forward-looking others, uncertainties the of or ongoing are housing strength crisis, competitive the refinancing significant among related and including, continued market the COVID

forward-looking statements. Actual expressed may results materially the from differ those in or implied

that results well as specified rebroadcast annual other release April XX, as in today the have subsequent who presentation, remarks could are and initial quarterly Important SEC to issued and this cause earnings the that our statements materially factors updated those we and today, to from herein you in listen are in forward-looking of call. actual to made important earnings the the of those not been as filings. differ remind our For assumptions

press closed crisis, today's XXXX will to due we Last, off Also, XX, regarding transactions reflect to into SEC and in references earnings a strong of With rules included to recovery in COVID The call, these is XXXX. comparisons remarks we XXXX. certain important help just sharp any transaction second sale on quarter non-GAAP non-GAAP seen this in second these positive XXXX, the commencing release. open have that experienced measures final volume through to decline on back reminder be month-to-date quarter our and first the kicking in data information in then. of financial contextualize discussed and per call, of the quarter home the to financial April turning since a that the made late the of April and XXXX continuing weeks open measures

Now over to President, CEO I the Ryan will will turn and the I call call -- our Schneider.

Ryan Schneider

Good you, and am very incredibly substantial line results. market growth. We our top QX powerful to everyone. outsized excited share Alicia. delivered Thank progress. bottom great sheet made share I morning, line Gained balance and

and Our the our together execution strong building market strategic are our actions, momentum housing focused future. for

Let's get of million Realogy straight EBITDA, the million $XXX generated QX to of quarter. above outstanding of operating highlights an $XXX XXXX.

XX% volume outsized share growth. market year-over-year. Our brokerage Significantly XX% achieved consecutive third transaction above This gain. close We now NAR's volume businesses and growth. of truly grew quarter franchise is reported year-over-year our market

of have QX industry XXX of basis lead points We almost XXXX XX.X% market gained share. since and continue the with to share

our our of sales market both brokerage more a gains businesses combination success. traction unit getting price share both and are market and in we granularly, And Our as luxury our initiatives as appreciation. strategic in well outperformed and franchise the

million earning produced operating in EBITDA Our quarter. mortgage major bottom and businesses the $XX growth, title line of

its increasingly is secured senior a ever are transaction. ratio. home we digitizing sheet expanded And leverage and strategically We the our and X.XX best X.Xx businesses, a balance in ratio leverage both sale net with position

we was entered substantial quarter Now Realogy, an for QX and excellent QX momentum. with

over year-over-year exciting which a April New ish since The market volume XXXX term. XX%, actual was March very up our and future open XX% home the X-X time XXXX. positive drag in month-to-date and and an been versus open March up moved volume All first XXXX. transaction versus month-to-date business close XX% over the City, in results York closed volume transaction on a brokerage up year. up transaction nearly are to volume growth equally for tough the is and XXXX. very sale And XX% has about And April of versus up versus in robust XXX% growth transaction a our showing XXXX is metrics COVID versus near exciting hit

York up XXX% volume XX% up City big March now seeing about rebound a open XXXX. is with New and versus transaction XXXX versus

New York excuse XXXX. XX% York -- and me and transaction open City New April volume XXXX up nearly XXX% about City is up -- versus April versus

in Now me beyond we let on term. the powerful going numbers, our are longer where strategically near-term comment momentum

innovative. We have we're We're and been Realogy. leaner transforming faster, more

To leader important business of areas while market drive color future are you on to estate. let growth. where future we customer the results and real investing current are give for products, deliver leveraging me integrated We substantial technologies, the building to the some this, vectors our experiences X growth share

like innovative gains. to and technology and results, transaction more delivered invest seeing engine help data others prices, prospects, more First, a And the better and productive our leads propel Listing marketing, homes share higher attractive products Concierge, listings, agents drive selling we agents continue manager, make RealVitalize, for to growth and to products place be and in market franchisees. franchisees winning And productivity, I and economics we're in we've unique at recruiting, many Realogy will benefits more

we Second, luxury. the are market in leader

We growing luxury across Realty, Corcoran Sotheby's and position are Coldwell International our Banker.

in expansion and in luxury unparalleled internationally products investing and luxury domestically We our luxury technologies will franchise differentiated both in networks. referral continue and

a is competitive technology ecosystem open our Third, advantage.

third-party to and develop continue integrations expanding Realogy support products franchisees. great while better technology to agents We

our example, For suite to recently ecosystem. product added we open MoxiWorks the

architecture track proven open productivity, record driving its our and core technology shares Beyond MoxiWorks vision. strong

as in agents our connect Our and engineering will both while franchisees, to really to agents build strong great have is good interview, from integration. recent support products our curating said world. additional to also journey over our and internally to third-party our products via access franchisees a products And cloud others XX Moxi I to

title Fourth, we our expanded and mortgage national businesses. have strategically

adoption. and in Our is mortgage growth digital title product -- increases our we and demonstrating mortgage dramatic title progress in EBITDA, and me, are large driving our excuse title

special consumers that and for for experience frictionless sale to seamless, in digital these is continue focus a home invest an easy. We transaction growth end-to-end with businesses creating

product an The we really gives that exciting offer market could sure that get one a and the real to like opportunity higher with helping we're agents. sure best from thing RealSure sellers growth both differentiated combined winner offer listings, new from great most believe the Finally, the how Remember, is a it's vector. about a home we our cash what real even our pilots. worlds, using ibuying of RealSure market guaranteed win and us seeing of be a is

for venture are America, accelerating product are joint the We rest Home our expanding Partners XXXX. partner, of XX and markets. our RealSure We of to

existing more direct-to-consumer. growing And be to are in excitingly, beginning go going to we're markets. our We aggressively

Now our as whom the agents before working and buy our hard, demand who I are helping exceptional I sell homes want I And recognize changes. close, have successfully supporting most increases appreciation both in and and customer to great franchisees. of field customers, for real employees, customers estate agents Realogy's are

real pivot doing We companies I top the hybrid incredibly lot. on a are environment, XX our of future talent week was proud what excited see list, and as brand to Realogy this about to X be and we recognized are LinkedIn XXXX for a to headquarters is to showcase companies work we technology name

outsized and sheet. current start to and to powerful pulling growth, balance sale continued substantial make incredible our So XXXX great metrics up, profitability home deliver Realogy way an gain our is we on progress to momentum point off share, drive as

Our to new investments both and growth in are invest existing vectors. we off, paying will continue and

more We as future exciting. believe we are will building success our even Realogy's chapter our on of be the next write we transformation, and

it turn me let to the over that, With financials. discuss to Charlotte

Charlotte Simonelli

XXXX, our Thank morning, far. and everyone. you, a operating highest achieving record QX revenue to Ryan. Good Relate EBITDA start by delivered

are cost initiatives. simplifying greater operating drive our We to streamlining continue operations and with efficiency our savings and

is public, continue and its on execute going since best Our position we to in balance aggressively deleveraging. sheet

I the exceptional detail will go Now in shown as about financial results more presentation. into QX our

and top delivered We history. in company our bottom line QX strongest

an was are brokerage EBITDA of EBITDA, versus generate revenue economics strong to paid substantial year. prior our levels. XXXX. EBITDA RBG owned integrated to service exceptional X% $XXX for million you million consider $XXX prior We royalties was generated operating million versus to models driven up we million from base XXXX, of First versus agent our revenue maintain and quarter an enterprise group versus continues $X business volume franchise billion, and $XXX operating retention our million, The versus year. of by grew year-over-year increase delivering $X.X operating in when the the $XXX considerable intercompany Realogy increase negative value. billion, million continue of $XX increase was RBG year, segment. whole million XX% prior $XX up growth an $X.X brokerage

Business the commission and mix splits retention, in management investing We are business. along split our timing our and exit volumes in as the drove property points in predominantly and quarter. XXX that, to similar with higher a approximately of basis well due up drove development increase recruiting corporate agent also mix business as in

We we they making like impressive and agents, the results. in are investments driving our are

and up was managing franchise last amid revenue versus year, year, prior up $XX with XXXX the volume group net prior or of prior COVID. X royalty side also quarters, $XXX exception million, are and for franchise strong line growth, the per versus margins up $XX We stable operating $XXX, XX% have year. held bottom was driven versus by QX improved the Realogy million

versus prior of year. was $XXX EBITDA Our $XX FG operating increase million, million an

but leverage from title, as increase year. of million revenues Realogy Title business our mortgage in refinance underwriter in GRA primarily Our muted headwinds QX across was operating $XXX decline an both a relocation. of contributed million well and million benefited due growth In incredibly $XX group of prior versus and drives by the $XX our purchase JV million by prior are EBITDA we versus other volumes operating up the revenue EBITDA was $XX increase. $XX and million, as growth and strength is operating $XX to business. driven portfolio year, significant in revenue, driven franchise powerful Title million,

in working the XX% doubled and recognize than of since remain XXXX, on more share JV while our officers together are geographic And we its this officer by earnings, business. loan the The we the revenue expanding grow further base focused beginning and JV to we of loan grew quarter. footprint. only almost our

Moving cost sheet. balance on the to and

better go which catalyst crisis, the been COVID We for to the of work. under are learned letting lessons and has not finding new ways a

million $XX in deliver As will permanent previously in we cost XXXX. identified, savings

ahead has in of We XX% of $XX approximately over been plan, are realizing target actioned. this Already million QX. and

versus related permanent that realize Covid we additional repeat in savings QX million XXXX senior ended prior please with year, X.Xx, was XX. of QX as leverage XXXX. our We executed million secured $XXX million in continued on on cash cash QX $XXX net our improved X/X at and not our the capital ratio our in as March approximately recall that will temporary revolver. cost X.XXx made The with leverage of savings $XX in progress approximately we we with free quarter and Even and and structure balance lower the flow of QX X

Our growth. are investing Ryan we top regarding am invest I very priority to the in business. the shared excited earlier about places what multiple is for

As we paid $XXX down flow flow CFO, have cash as I well term ability am excess investments our And pleased as to an cash use incremental these of make April, to we delever. base. million to loan the the in

had To to reiterate, a XXXX. phenomenal we start

well and executing efficiencies, value. driving our are We position, creating from leadership deleveraging

lead Realogy's strength, take agility With that, your are continue questions. to into will demonstrated to resilience future. we happy have and We the and

Operator

with Gaudioso Your Matt Instructions] question from Point. the first [Operator Compass of comes line

Matthew Gaudioso

to the great on Ryan just start. question to Congrats start Maybe for year. a a

a are of in guys outperforming share both volume and from standpoint with gains the kind market franchise. You market clearly brokerage

underlying maybe Just some then the Corcoran of fluctuates? market the wondering could out there sustainability parse from share franchises comment drivers some segment, of just you as contribution those and geography, on between gains the of if

Ryan Schneider

or talk Yes. obviously I give level let's the what shooting what's and happening, about you promise call. we're harder the actually Look, to in high the is tried for, to sustainability But predict.

So look, actually we've first strategic the is working. are of initiatives that got bunch a

of some like goes talked then really nothing to product market it other the something or now I franchising gave. RealSure some about cited especially to the from And more I drive that's of upscale kind whether is help through. us that Corcoran one, adding things that that we're of side lift the share. We've win And seeing right? and that, listings, gone it's we material You

QX like last of back of the in different the actually a And so we've we kind some year kind feel QX was strategic talked very go you from our vectors of of stride last about kind if step-up year of 'XX. hit to nice plus. brokerage, we've of Even in

strategic progress of this of we're is So list that think off. making there's paying just kind that we

position. you cetera. a we've RealSure, go bit geographically to we're is talked from And out such that, housing the there's also spot we going just called of geography, grow geographies, with which, leadership and market about kind luxury that And is luxury the the other strategic our powerful initiatives luxury. benefiting that's is and now. deeper of a nice also to Concierge, that architected into right part moment, RealVitalize, but The about succeeding, engine are company others so we're always mean, we're market of like right? a happy in luxury the And right? But list -- Florida attractive continue of strongest of one probably them, equally Listing biggest -- The et I just have again, absolutely especially third we're how in is a right like we at we're and excited before. both the our are wise, to

kind So to of excited it. the leading outperformance, we're that's and what's happening pretty about and

Matthew Gaudioso

Got Maybe it. color. and That's just a helpful finer on point put Corcoran. follow-up to

is the Clearly, driver as there. a from Just market you share for success in is has sales? any that really you what there then executing And of view to what those way been opportunity size perspective? franchise the team --

Ryan Schneider

that that X launch think done. has Yes. and real has a market, of ago to in a Better where opportunity investment Corcoran have row didn't we've that. it Sotheby's of that. the Homes grown we've excited kind more had done Gardens we XX like the quarters Look, substantial, from something Corcoran than Well, was making we're about just part into is and our turn if look, almost wouldn't now Obviously, we're we years both franchise XX launched and in made years ago our a

brands really, that. powerful Banker SIR in on its and really that. It's and Chicago it. view not thing brand. our and of certain really it than our kind it luxury have and to and of in success we a well really some upscale and California going of like we Coldwell lot plays But different markets, share a leisure And So We're it's in Denver Florida. other

to in year a #X that's brokerage thing. thing on basis. Sotheby's Corcoran, been come and a during brokerage York come who business New a New relative below future is that think while quarter by for XXXX, on a March on there. thing York starting Corcoran From other York the to The drag it's back, way, the back in Corcoran still Sotheby really And we right? is the bit City this is a for was and named little rest see both standpoint, a And both a New that's for our a April. of City City the exciting brokerage and And

Operator

question McKeveny next Your line from Ryan comes of the with Zelman.

Ryan McKeveny

the on results. Congratulations strong

off bit to I of question. a the parlay wanted So previous

franchise talk guess, level? see at can brokerage proposition side level the value also pull little a within the and and up we when to outperformance things, you agent about that the the both you of that's So yourselves on providing going think the and the both franchisee I

marketing, sort course, just products around we how of and services of is the which of you're you that much value But of providing. I how the or the it incremental that is guess to et might adding And products to that economics debate it suite, there's proposition. adds or ongoing always be and much hear the cetera,

us with providing agents that feel So at franchise you're the maybe that to the you're just where and through help think coincidentally in you proposition owners.

Ryan Schneider

agents but about products, money that also and to right? we agents franchisees succeed, our if value being all successful. Because we've transactions our technology, I they cetera. value doing succeed and franchisees, only we deliver any there economics, if are got for we're got include et look, out has mean, don't Well, -- to and make

feel of like quarters, we We last interest. success, you're been choices is those, So of ecosystem opportunity heard or years, kind accelerating the adding that both party you've having our aligned with have also for kind gives options different of we what brand you're X incredibly strategy this a talk couple for right? about people on journey as all looking our And we're technology. especially franchisee third so actually but that of have technology, of package and multi-brand for that the we've if a us and

We keep talked proof recruiting Charlotte economically the competitive, building for new pretty franchise And on and then remain the steady is recruiting we our substantially. about numbers. that sales I about Consistent, success. products agents, question to deliver kind And think very we're things talked The our executing of previous right? in success. growth. strategy

said in pretty of great great go this products the building. gain, for many you architecture we're got today, the the I and Remember, human-based at for market it we're but agents a what share with kind that's in so and And power technology. market also improved and company, a also And the is be want and to of great franchisees, power, past if I back a we've seeing excited estate performance of lot is has example. quarters, but script, we're in to open at technology differentiator, look real however pairing our the a about believe business, as great our

Ryan McKeveny

makes that on And sense. question Yes, the one announcement. MoxiWorks

course, of So York and his great. team are,

using. like product that present or there or the might definitely things your have were previously? the So terms be the what maybe in brokerage been are current different But certain Because versus might see believe structure different to at using what's entails exciting of kind I franchises under you're headlines. happening can their of either Moxi aspects partnership agents the of offering what using through you talk now

kind this? an of them, at with them own what's changes doing the for to product corporate maybe as from opposed going agent flow-through their exactly buying benefit by that And off on what to level, and a it So instance?

Ryan Schneider

very look, a But Again, a we a actually everybody glad in about. And of industry excited I done which there. have of in works in diverse But ourselves bit that. Zap to and an is out large a and fool's we errand. a diverse very franchisees like deliver that I'm technology anybody and United geographically develop in the we're even Well, we've our for belief contractor agents that we a and that a diverse build change, so have. is States them, strong this of products this world, a lot thing, brand platform, ability with boy, it's for independent

And in so that bringing choose for first than from party. something, third-party products we to they provide people say, would rather like we if use

And that. what doing because it's right? all things was we're that suite of product. the We're of capabilities. the to not just touched where bringing own with products. had integrating in company capabilities, their we We MoxiWorks is love tools, a our Moxi presentation But few We're we We're a we've love one franchisees they here And ecosystem. website their relationship not present into bigger, recruiting bringing great their thought product. had We have in bringing product had We their we're new Moxi. in side. think It's us. CRM, And whole parts our a great who some their much everything. it their

products focused this this then franchisees where with to this again, people. get we And agrees So company a with to to great. that it attractive and cloud one feedback want still architecture, to this and called part everybody thing. use. already have to who's third-party And use, that. it plus choose integrations from agents enable to again, and integration. got of access really We be proposition about are incredibly from going they that franchisees, getting can have value agents. be open built products, X-X our on to they thing if those Moxi the They've it's through kind XX, our we're We've kind easy of franchisees. the great to MoxiWorks first-party And is But that's to for are of going our

great we're excited partner the big it our level can at of it. accelerating and great in we journey do, that and just a do product our ever architecture open really with about a none can we're and So way individual a corporate franchisees

Operator

next Our Bouley the of question Matthew from Barclays. with comes line

Matthew Bouley

Congrats results. on the

prior on ecosystem. same stick full with out built So acquisitions, of if I and to and lot highlighted you've you a could open question, this organic topic technology tools, the answer the many

question the need So direct what the tools going forward holes from a are you specific you on is, you perspective? agent's an do wish next want had hand, if one fill think to What list? the you

point question, value what to offering really is Is a broader the which simplifying be tech you streamlining at there actually and growing that follow-up a to some then mentioned and to And to just with some actually agents? just everything MoxiWorks. wide seems

Ryan Schneider

these new. the on Well, quite that XX be, X, second than technology easy one Look, can But for don't you view complex complex, could, around So used days. on it. as than you're than things let pick fact with APIs as different so apps in it's much thing we're intuitive even you you me world if X, some phone been than X, from our problem right? is more an a you want and Not. start years picking agent, we no to It's integrate ago, the years. that big one. just can not few stack, a do It's more whatever people your in we you easier

open ecosystems are they much that that fact be, simpler these and don't the about now to wide architect problem. I you the easier means so than can worry And used

be right good. best meet in agents think unlikely are But opening We these evolves. us of product. way the There's to We curators. the my it's not garden excited for got it. needs agents are be to as of be franchisees demand got this the franchisees technology We're to said they script, We our choice the up think aren't to and about and industry be, having some got to in ecosystem just got going our use. as that's the We developing -- not because, power open a to and any I closed again, products ecosystems -- great I in differentiator it.

kind the on view question. your of my that's second So

On making are your always products we drive that We them new will things that but one, results. have gaps at better. in innovative don't first to want want today find we any I think the all, keep to

is RealSure example, think a it, I of and It's nice now to product have kind in is a that's use got. not that and can agents everybody brokerage thing. going big, we've pretty

keep wanting to to not So stuff always that want even infrastructure But introduce the people. unique go the products life we on there's a we doing We it's faster. if work the market-facing makes also company. we're work infrastructure agent's own always to then always want product. easier, a as And to

our third-party closings in some these where back ways, to and these industry the in we the our technology, thing of some do lion's that joint of and But strong products journey side got We effort but near you are title things a right? we're We MoxiWorks covers great on the in say could XXXX we very also in digital a do digital things. excited share evergreen, on We've lot technology business is a today final thing. as some invested it's evolves. I other putting so early innings I'm over. consumer digitizing brokerage. kind build that So of it's of then have transaction, adding mean, venture. I'll mortgage what always really And in products this is like we're nowhere -- the providing there by the of

the the doing it. awesome COVID of as but And you quarter, not hit, continue because of last told to they think I COVID, experiences massively because took to and people as off in way take they're they compared old off

And so is talking about the transaction. everybody simplifying

We we're results. to all and up the mortgage have that, to and and our do actually working It pieces getting. we these are in excited be title shows momentum like to and trying

is doing on home, you focus so think to actually to are in a from experience, lot either your integrated point more going that customer think experience us it see contract and give a getting actually are closing better, process. this chasing. increasing close for the more credit And which making people us for a I holy of on than technology But would grail, or of people at we're simple,

our I results. up think it in shows

Matthew Bouley

Got it. ask perfect to I That very next. into segue what is actually and helpful a color is wanted

So like the kind on inverse rates. attach of integrated question of this the transaction, is

have mortgage, a market does title volumes You ability of buying offering the and scale actually type of selling of portion all clearly have agents? up for integrated not but can where advertise in footprint. What looking offerings of any perfect access -- portion have agents to number, big this transaction because you agents what the extent process friction to that the actually there's environment, the home, the they to a drive to that and to actually

Ryan Schneider

have enough Well, it proof don't I to. we'd yet. like

But I technology brokerage got. agents, it. good the pound core that's think, our really to some mortgage bluntly and and the done, that we've drum title them access giving to much and a Matt, of too we've job think on with owned just through I this, ships

in joint ventures franchise with with agents are franchisees our our own a have agents undiscovered some franchisees, do title country not title ecosystem, -- we but brokerage the way the we big are like yet. We still mortgage

an that's that complicated opportunity more do And Now the franchisee. franchisees of, think access an because do to it A agents we our mortgage. are working interesting, in quite little of it. to and we're obviously like you're more to and going is more we'd and really to brokerage with opportunity. then ability feel good owned title we But about our the XX,XXX the where do

this business. do this title title and lot last in our it mortgage a And is this thing can of non-Realogy access say on closing they agents and The technology, also. we I'll they for like

and agents And cetera. to non-Realogy our built title doing, we're give part business et like so comes we but good we're have of a with, going mortgage who from numbers, the actually relationships not what

So we're opportunity. not brokerage growth numbers. showing We got to just those own in we confining on think what the and are we've side, we're up think doing some here our agents our

Matthew Bouley

helpful. RFG? out I just very a Do broken the that's the contribution could have No, you relo Got If business of sneak it. within quick in clarification.

Charlotte Simonelli

I revenue I we've down my what is you is that, script don't relocation. was tell but what Yes. believe the to $XX did disclosed say was I due which predominantly in can million,

be into This impact the sort we're historical So as lapping is COVID we when that could beyond, as based of you will QX move on piece think the start where what margins. of so pre-COVID not the into the lapping period, we last EBITDA quarter back dramatic. and I was

Operator

with Your Tommy next KBW. question comes from the McJoynt line of

Thomas Mcjoynt-Griffith

gains you market kind trends way in depends could parse out it market discussed or have put that? to on define So high-end some share any Do the you exactly new some it. any just the numbers of But broadly ways about around Obviously, country. how you've market? share think across you

Ryan Schneider

New our go we right? growth. gain. right a Florida, Yes. band in as of to the around clearly incredibly price our And And it, the be now thing market and doing powerful we're both here, We are on of big that by luxury not so in we're It's and luxury to Westchester Connecticut like there kind buly local Look, geography share Long of we're ecosystem. and where that's and the side. out Southern I we fire, in everywhere. thing said, share level But strong Island, share disclosing bit -- architecture Jersey, just including area. piece in and in of the then we're gaining we're market the City overall suburbs New unlikely like of like again, know growth a such back and The at, a little seeing York granularity. just obviously, in we're what

that the like an geography of of also it. a up is expansion got the the and of market the thing piece we've earlier it of came Some Corcoran But is some and it's is. architecture where what

And happening about so we feel company. our what's about we feel our really really, but happening better even overall in in company, luxury good in what's

Thomas Mcjoynt-Griffith

sensing industry that's Obviously, turnover very Yes, now? agents think switching with less market. Okay. the among guys Any And busy seeing you over, are helpful. right the are of? you agents in

Ryan Schneider

think that, growth. one we're our part people succeeding a I I of still agent competitive would say that I the right? it's are there. about talked out pretty Charles mean, We're of

for better improved was retention XXXX, row, definitely about was a the QX and the as here kind world was it 'XX. operating of back better. how much place in X QX which same was in a than 'XX it of like of is it Our late for quarters clearly -- a lot in It's in then improved and like

pretty But showing there. still numbers. we results our out it's obviously better, up they're competitive like our in and So

Thomas Mcjoynt-Griffith

should be an just one, if EBITDA could corporate basis? for sneak run in. you have what last And a it good on segment Do Great. I rate the

Charlotte Simonelli

Yes.

is overweight lapping phased. the what won't more where and the year in half, back more prior be case that evenly in the and out. the So not think it bad the But this start. or we're It be year employee-related back average will expenses in half I is And year and sort keep some think X first mind are expenses. QX could I in over There timing of a past we recognize look year. the of just you

Operator

of Your next question Stephen with ISI. the Evercore Kim from comes line

Stephen Kim

doing matter yet refi there's making business, rates is. mortgage to more related really things question way the durable like environment -- business to and amount bunch low it the No relates the there I to you the of for tied be if there's that the to also driver directly First portion and look forward. the obviously about do, a already. rate aside that the I also -- talked wave of minute, that business. make you what a and transactions And you're been mortgage rate title that environment has at the a created. business is growing you here investments know take also the it, put going seems that And

what us be and strong you an I'm give be that of is earnings little unsustainable perspective tied like on trajectories hoping how can so refinancing do could kind tied earnings do And over rates much a maybe may current level incredibly of of the much activity business a you core the level what think of other might of to to how do expect bit it model out to were year. -- of is you we different mortgage think if that next we more words, in

Charlotte Simonelli

still extended are gloom, We've in different maybe couple prolonged longest -- thoughts the and a very there. the dip been And a rates down So in refi history. X%. of they below

for to term. on Keep money mind So the also, we're do about purchase in continuing refi. near at tend we make least optimistic versus that more transactions

of which a over past as money strong those And mix on more you gain I'm the for There's So as making think as that competitors impact there's very well a to margins. sure have that is there. a extent year. We're sale third purchase the the our EBITDA. the very, very been factor, -- And volumes strong. lot us remain

so will piece very And important this profitability going that the forward. a business that's of third impact

officers loan expense of business a is definitely more impact there volumes We very on gain been purchase. the the that so thing us, thing high but will Yes, side, make getting on So leverage very the the continue. the refi on continue. favorable We're wave sale also to watch. to a that will have in growing -- important

Stephen Kim

it. Got

what say are So things of greater from wave. the growth that would sale a saw things more gain is underlying to help sort of quarter we to could it self the business, And maybe actual on half in maybe it this be tied half initiatives? be of that like and refi fair

Charlotte Simonelli

estimated. but and the than undercutting I more It's you're little probably not piece a bad probably piece. sales on refi think It's benchmark, you've worth gain a the

Stephen Kim

Yes. I That's understand. helpful.

about buy -- side agency. mix that so over seller's kind falling agency buy side because terms about term, sellers to the transactions that about a is tied be worried your house buyers in it's think the tell would I would also But versus long they're of investors really market question strong wondering the today. more of your sell-side a is And really broader in fact a question that buy side the market I'm like we're today, Second in from unusually come we're of commissions being a us of market hard just term. commissions longer commissions many to vulnerable agency today. to of that the

can And may longer relative sell-side side so much to you trend? And the buy recently? have how tell the this wondering, increased term I'm how compares commissions us to

Ryan Schneider

there's The bluntly, but we're talked about. Look, buy in misperceptions that heavy demand are good kind a period because same few So stuff pretty get you they've and sell seller. the during there's the some, we symmetric buyer in maybe been some one for past. and thoughts, commissions that also in. just They've I and only about both think, symmetric, one and been of today the this of symmetric

they've pretty And been symmetric. so

think up ticking which actually comes back the and very delivering to little to strong now, a bit, that see is, actually ABCR can it's You market our a me, are agents value buyers, the more while that right of bunch and are earning than in some might market lot money complexity of intensity their sellers the a where a probably for certain the and especially creates given agents you places.

in sell buy that So the trend get having decade, down times maybe you're then certain the little hearing we're to. bored and and are numbers and the little than you're I've are being a always a watching -- But in talked it bit going over more And a with the so and I've a the of a of the it seller buyer, about been just time overall, from for, probably is same. commission that said and working Over mostly last but that's getting ABCR, what time, leverage right? to -- mix, the stripped bit this people many about it.

stronger be brokerage And position the so listing. it's and that always, I the has to the age think, a

the got And sold. helped share unit And market of saw NAR, more gaining growth we like in drive had just some market listings market because not share because price that's we've you outperformed sales and We're being We're our share. appreciation. numbers, gaining right? we why our units

give an the the are competing owning from other does so standpoint, correct is and you side, that the buyers. you more just power listing buy ABCR customer And with

So little disruption And up equal potential numbers sure about there's -- size for scale, more there. get sides. we the on But a yet. and our hasn't both shown maybe it about get with again, in we

one the commission this forever. it industry is that watch kind bit. in have we other things about unlike average And are people even there. actually demand been closely, high fact, of again, rate in So ticking have the hanging disruption this disruption, up of in broker talking crazy the And that in numbers actually market, challenging but a been some

look agents however the watch been at that but thing and So past this a for this either or you industry closely, has of has Realogy lot challenging many the we not add value, the been years. when

Stephen Kim

really it. That's appreciate Yes. helpful. I

maybe a business highest that or bit, engine. important up following we've those being your that always newer are though. just slice and difference little always on There's upper the as the -- And as an agents pretty been significant of seriously. of a that not between performing you've in part as focused your on such always about it talked real a business, Sort

productivity has gained have agents the as have productive higher actually less or I the lower this the -- shifts whether think you've agents, seen whether relative agents? if that unusual lost share to you during experienced higher in more was the versus your or hierarchy to end curious more the share the about actually past of of year productive, any the

Ryan Schneider

much QX And different -- summer economic look Look, shows share Stephen, talked during of powered of who -- XXXX. XXXX, highest QX, and year last Charlotte's the more split just the the both expense been last happen, has average XX higher happened, has that different producing, why it those the higher in didn't that's the higher And gain in we're for of financials, as safety productive bit of it it agents costs it gained last has XX folks volume up you and agent. than at summer, kind it best share the getting the of about months. of mix things of in last your are kind actually of QX of one some here, when the growth though, that -- way. And you with our health in the No, just those change me, But over continued our some it we again, often the it of of was saw of acceleration also QX great that did than been the and much like of about the continued, And But folks others but we question. wasn't did up. it there, And stayed than been it of have some a as been QX not kind it then XXXX phenomenon excuse why uncertainty, because of thing. by terms a agents world. they're think talking out the It's agents. have some -- the but of saw very that's through commission challenges was QX strongest, there. of gone better the all it's it's

Operator

question Your final comes the Stephens. line from John with of Campbell

Unknown Analyst

for Stephens. John James is Campbell Holly with This speaking

My first color saves provide of that could the Charlotte. of I'm up sources of year. if curious the would the balance be for sounds And over question and million phasings helpful. cost of $XX million there is picked bit that the saves you the really then you've save, on but a of like about there. was that, so about already the of Charlotte, It $XX

Charlotte Simonelli

evenly is The the We bit phased. of it quarter, is pretty based. but a did little in the of it evenly rest rest Sure. first pretty overdeliver

As coming far the as where all been about. talking it's places from, it's we've that

lease expense. expense have we administrative an of annualized of the from million coming rate run reduced it's we $XX that So announced, lease

differently that because also employee-related down. are we're post COVID. There's Just expenses working

of people on different So we're whether expense. whether and things lot also virtually. the number or doing marketing very There's it's We're travel, they lower meetings how it's conferences. more doing a

that through areas journey. come on a see So we the those and we're to continue are it

look to continue savings. We more for

continue about year. really place good this we program in so do we'll have that, feeling And for the but to

Unknown Analyst

here. great. Yes, another Okay. just that's question And then

against trends mortgage crystal JV the know tough broadly, the was market. mortgage of be comps some rest the the for But the but quarter, about mortgage on JV that million side, of should the we up $XX in don't here origination thinking year. the last triple here? year, you're over a ball side you going the have So how I on up

Charlotte Simonelli

No, question. great a it's

the to of on ish is to question the goes sort think it's it and what's refi that increases the half of alluded business that earlier sale by and gain I driven the of previous what margins driving on sort and so I profitability boom. the

you a So definitely on bit, an a see that those extent on little year-over-year to wane impact the that basis component.

refi be However, the to but between operating the for is you on and going impact. you've got out we on to gain it expect benefit and side what purchase a part the has leverage officers, a of because have growth on piece loan increased sort sizable sale, like which

Ryan Schneider

loss. is here. sale ride how happening Yes. James, gain away largest our to on we volume complicated, well kind of as its ever you'll this exciting sale just can. you But with term. near Look, purchase to refi our its in and of home be terms mortgage transaction had And On for metrics Monday able do of history of JV what's in are I told as the week, like April day

in locked Monday history. we JV ever have we on more this its than done business in So

our going again, sale lots Now directions, loan strong keep some on but going just we refi, gain is And of there sale, like home things definite are this. there's underlying in not of things to strength is but kinds transactions, there growing officers, all then that. there's to investing,

of lot mortgages, results, to and to moving excited be was the comparing I that the April for look forward of good you -- volume on like we're gave best we and equivalent a Monday brokerage. our yes, examples So to doing example purchase but but pieces

to So along. that I pass want

Operator

you for now may your call. And you this disconnect. Thank participation, and conference today's does conclude

Anywhere Real Estate (HOUS) 29 Apr 212021 Q1 Earnings call transcript