RLGY - Earnings call transcript Q3 2021 | Anywhere Real Estate Inc.

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Operator

Good morning, and welcome to the Realogy Holdings Corp.

Third 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's Senior Vice President, Alicia Swift. Alicia. ahead, go Please

Alicia Swift

Good conference welcome call. Mary. quarter Realogy's XXXX earnings morning, you, to and third Thank

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

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

many and projections others, and to inherently which provided other control uncertainties the are results the contingencies, crisis, the inventory among competitive statements. statements Forward-looking levels related significant of and expressed of strength in forward-looking may and market. subject continued the of COVID including Actual beyond materially are differ uncertainties those economic, management, the housing to ongoing from

to measures in XX, quarterly reflect during in filed non-GAAP review to our estimates, this our our data the remind release. updated October public remarks that Important other For referenced of homesales are from discussed subject call non-GAAP to statements month-to-date herein rules. those have and call. and assumptions the with of filings. most data is is call as today's and and this comparability rebroadcast certain could the the Important that those remarks included in not SEC as of earnings through financial references will our based who to to measures and you in XX, SEC reports in made factors differ Last, issued are well regarding presentation, statistics release listen are quarterly these materially earnings to impact been today, October information October press that NAR outlined as on initial subsequent made important NAR XXXX. which we Factors specified in forward-looking our are the recent Also, the on annual actual these financial revision. per be results cause earnings NAR's SEC. and today annual

less transaction business closed For one XXXX. October have than day will volume, October XXXX

and month-to-date on number a our on have of open adjusted both However, reflect discussions been closed like-for-like business days. to volumes basis

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

Ryan Schneider

Realogy bottom this you, we real top estate. Alicia. delivered the line excellent results everyone. future quarter innovate and morning, Good as Thank of

We our consecutive are of share outsized driving growth with fifth QX quarter gain. market

transaction the existing are We for business both homesale RealSure. our simplifying and in consumers, with

very capital growth a priorities. venture are entered We our debt to strong return capital we underwriting strengthening reduction a upside in position. and title our reinvest structure future unlock to into And with strategic and cash designed

even debt million progress finally, Banker. So We million let's NAR's the dive year-over-year. XXXX. repaying We straight flow, into capital for and fifth results in QX Revenue transaction $XX million market-leading delivered QX to Corporate up last in our of volume by our brokerage after volume transaction growth exciting quarter XX% $X.X plus have temporary $XX now strengthening growth and in ratio made we X-X net leverage outpaced $XXX a New in million. our ended demonstrated structure. saw versus the row. savings to flat a and cost an after is where million our in our and Realty across $XXX continued businesses. one growth even cash of million with with business higher XXXX's in quarter and this we strategic strong operating free largest We and Coldwell part comeback market brokerage, generated QX. Realogy points and X% owned the International again at of We XX% volume X.X terrific York markets of significant momentum position year-over-year, of $XXX is and gained the quarter, financial proof market, franchise produced billion title City Sotheby's cash, $XXX the $XXX And with year grew excluding share September. in million, driven EBITDA times We in

Now would and be Realogy's these talent. without strong culture possible not accomplishments

incredible supporting how the in remote we agents We to into are work transitioning operate agility hundreds demonstrating thousands of innovation workforce, hubs. corporate offices and our our shifting field, and of in collaboration

and We retaining recognized continue be to for attracting great talent.

and awarded to LinkedIn's for the Realogy Place Realogy World's of to recognition Great year. top month, Work this consecutive follows its was named this list fourth which just earlier XX earlier just Best company Employers designation Forbes year,

growth Now let vectors. me update you of exciting our some on

with Remember, RealSure RealSure progress. First, venture of we about enthusiastic America. joint Partners our is Home are our

Our sell the home option can current with of their with guaranteed RealSure a XX%, offer to product RealSure both a X-X, request offer major put, the accept of who simply their can on of of customers how homes is they in agents. It's in best list the market of a offer and and one agents. listing open consumer are XX-day their the XX giving with homeowner also our cities The get worlds one they sell prefer, them our putting Excitingly, control today. home. actually them

companies enterprises Katie Katie Now leading also incubating we're Company's experience incredibly Walmart, innovation within growth as of she RealSure's we Named CEO. Most one to Creative such and background founded. a and People, and corporate Katie consumer-centric larger companies, has as Fast scaling driving recently Finnegan launching that RealSure. excited successful has much including Katie appointed have

value in a And called in Buy buy product, cities cash a the to sell competitive and mortgage this We home, RealSure our bidding integration year. RealSure the our product a on when core very five component has proposition. are offer increasingly offering our title it later launching like helps as and next buyer market. provide It's important today's something

expand Finally, our RealSure the substantially vector. growth scale, build even leadership. direct-to-consumer team the to another Katie's more up investment we marketing will launch business as meaningfully in our QX out to product, step this new Shifting strategic under continue and and

love growth the luxury position. and results in we're our invest from to continue getting We leadership

launched its a network year over enhances even ago, growth of City And with with owned year, up substantial from Corcoran brand. iconic the to up we last York Banker new growing the especially strong New year. more excited New we a presence. finally, acquired Coldwell was by business Reality Realty Strategically, the it has in the made volume XX% brand international Warburg our and XX% Banker company Coldwell important York market. we acquisition. the global in its brokerage even this are and this as our luxury driven volume This its under We over by business, operate doubled where driven part royalties our more with recently importantly, rebounds strengthens growth in company the City franchise luxury New business year-to-date. Sotheby's York City International is luxury

Now investing technology product similarly, in focused incredibly we and innovation. remain

Our and our and it is thousands in And approach technology new our a agents helping enables and to in and hundreds we've few our continued marketing spoke, growth. products a just differentiator. and open architecture our agility. ecosystem, product of companies to focus, it how agents Since clearly, last months. of data to we taken is one of proof tens open is great competitive our point And a drive deployed franchisees MoxiWorks, new delivering technology,

strategic close with know, settlement business and a core national business you experience as with real real is escrow directly transactions. is and seamless very operate creating which part This we and RealSure. we business, agents title estate innovate both transaction, agent and of our customers works in a more a Finally, to as and the consumer estate existing

home growth, partner we underwriter which also time, to driving in settlement business, Now excited while invest capital up month. from great growth. found our stake Centerbridge's actual lets separate business, We We new XX% our transactions. the venture Centerbridge, this to This priorities. provides given that have maintain a behind title, on record customer-facing in our is insurance announce a a at though underwriter a the same title very capitalize strategic underwriter to business meaningful in were especially a this title freeing in purchasing us stake track future

demand, demand mortgage very what the driven is and our in Now tax business the and to both close issue and remote appreciation substantial strong geographies, in demographic declines seeing supply the in can market. sales especially rates of price strong you in strong, by unit work, Housing attractive and see weather remains let with increasingly low the relocation, an positive me that Lack housing given the we're trends. and market.

too Now whole in early was flat open to The looking all forward, substantially little XX% the month-to-date and But QX and were up our October closed September market. comparison are volume extrapolate open those volume above a strong. versus XXXX year, extremely it's We year-over-year numbers. last from quarter XXXX. the data volume basically

expect, XXXX. would XXXX likely is slightly the like supply today, that down the the that pressures given seeing be and overall So, volume is we market strong unit extremely forecasting the is QX of to versus QX NAR

the look, the XXXX we basically the housing near were had So, largely those million end market XXXX, remember, last X.X look back year. unit for has decade. about X.X sales, in the million to of X a as resale million been unit and but concentrated let's second of transaction just half

is to great trending during units, market-leading this share million XXXX, given meaningful position If which and time. our market you're the for X about Realogy in is gain our

the half than a than heading as of seem little the both number healthier to in we be And Realogy lot. the which the decade, the still and and trending sales market at in market, past units QX, settling a are lower so while unit second a for XXXX, into surge higher like

high about and potential. remain between growth we market So, housing excited demand very our and that the fact, the

was Charlotte it and to terrific drive very discuss the further and and And growth. to over a so, hand it strategic that, quarter financially going we're I'm With financials. pulling excited progress, up, to innovation to both the

Charlotte Simonelli

in non-extended flow. million quarter strategic executed delivered in core delivered debt, Loan of momentum Good in proactively B September, EBITDA and million cash Ryan. Loan you, the operating the Term $XXX all third against strong morning. in $XXX A. business of aggressively Term our $XXX Realogy free with the priorities. we outstanding performance including repaid million and In financial our portion and operating Thank We

With that, capital plans a team our are to great done value creation and and announced positioned strategic I I enables our also our us in on growth focus unlocking will right QX is form partnership our to about The now. has a and underwriting, detail. job, more future progress cover and where We title which upside. focused results business business core feel remarkable and while on driving

to of revenue $X.X increase quarter an business. million year-over-year XX% above continued our $X across the growth QX last have more spite volume billion, and impressive in grew we lapping in Volume in Remember, showcases year. in year, quarter again momentum market Third year revenue an versus the QX was expect outpaced was XXXX. and XX% up we Year-to-date of billion, XX% $XXX last seasonality. substantial just normal very this volume and which was

of quarter prior EBITDA be $XX $XXX would to last year. excluding down benefit million $XX taken versus was year in after cost million, million temporary year. the Third the savings operating prior This flat

prior benefited $XXX from last which We portfolio headwind All also million mortgage higher gain a was adjustments. margins additional impressive faced from year-to-date and up mark-to-market earnings, EBITDA year sizable an operating million, year. $XX things million sale versus JV considered, an outsized $XXX on

pleased I Additionally, especially focus above-market is expenses, a our that on am driving business in continued growth. thriving with and managing

$XX XXXX $XX million target outlined We we for million this in million savings realized are on and cost of the delivering year-to-date. actioned $XX already with permanent

more XXXX, for We detail programs expect are on also working and share on I what savings you aggressively quarter. can will next our

to million month. I both thrilled below $XXX which and ended have senior retire am We quarter in We last capital had year million and have historic we on of a into progress debt $XXX and ratio cash, million times, made are the with revolver the million our zero structure, year-to-date. with our zero $XXX our generated deploying all times flow lows, we of even leverage September announced venture of was now. benefits we to continue towards was the quarter $XXX Net bringing improve business approximately we impressive additional for as after the that X.X borrowings cash capital by sheet. can secured balance priorities delevering. will strategic core and leverage We secured the and deploy back closed XX, against of our our And when provide underwriting free on

year. taken Transaction more the prior Now price by year, Group talk up million was of was in million, which largely revenue sides the generated up sequential our $X.X luxury our flat up transfer XX%, X% and sequentially operating unit moderated savings QX, absence versus consecutive power detail. up results EBITDA We and temporary increases our our retention our by line led business million operating $XXX position. and driven franchise EBITDA was split growth owned of the year-over-year, royalties of substantial Realogy prior third of was of with a $XXX fifth a business. last million RBG remains agent growth I quarter, to $XX intercompany commission base agent XXX year-over-year basis with fees decrease quarter points will of billion, in strong. Brokerage RBG versus our very mid-COVID brokerage about year. volume paid XX% in year-over-year, expectations. marketing cost before grew the with $XX

begin was our quarter. we than drove lap mix XXX of ongoing recruiting drove management and Continued increases to Business basis points increase, lower splits XX which in and business. in retention property transaction QX remaining sale investment in in volume the as up the the basis points

operating year-over-year we with of the year and $XXX $XX $XXX are the we business with million per of transaction which prior revenue, we Realogy net relocation, RFG and to was are investments X% with was up $XX an XX% $XX EBITDA million, growth volume increase down the X% prior prior versus We delivering, year-over-year, happy up units are up and year agent due Franchise deliberate in The versus delivered business. $XXX franchise prior includes are million versus side was growth up making. and versus core franchise price royalty year. million, year. Group success leads

growth conferences underwriter all our with of and pleased have to drive cost we gatherings prior to start which hold revenue in a $XX catching agents, sales. our unit million both which a million, been the last also QX offset the unit purchase in-person meetings versus XX for to energize JV $XX $XX in the due months, earnings. a decrease are franchisees was headwind Title and be and be These are and volume to units. Group hosting of and $XXX on fees and year, versus of agency million, businesses. strong was and Title Realogy prior ensure XXXX, in decline a year, important refinance a EBITDA brands up prior $XX versus will up and QX year. bit We in growth by of million decline driven primarily mortgage than more operating Higher million

EBITDA volumes, by were year-over-year lower than continue approximately growth mortgage million versus of will the year a JV, pipeline, in loan of impact we the to margins figure. Mortgage Strong operating business. refinance in invest on the was Excluding last the and venture up more in volumes mortgage flat mark-to-market were headwind sale be as adjustments joint this versus as earnings XX% quarter on QX $XX in purchase on offset gain which well. all declines loan the the mortgage

of for business in the in almost officers end we XXXX continue year year-to-date. loan last future have of invest since growth number recruited to what the recruited doubled this We and versus

sheet a have in drive flexibility As tremendous the of business. I balance our amount in growth to unleashed earlier, said we

healthier debt of And opportunistic due enhance be forward, Looking $XXX even mid-XXXX. of to and all capital the net end debt and maturity and and in to have now $XXX reduced outstanding back the $XXX Term will the gross sheet unsecured. debt million million, looking Loan by continue we approximately B to nonextended our XXXX, be the repaid reduced with the we before We mix profile, only approximately position balance and debt expect majority million Term we by markets Loan change A since by have lengthened XXXX. an in

in use satisfy to and maturities, invest near-term ample been We have business the to remain quarter hand, on cash momentum we and our the Realogy's third we delivering. strong of reduction. continuation committed debt results a will we have are

We line. gaining the are financial our bottom which led and to to effectively share, execution has competing are through strong quality flowing results, and

unique to for and the the growth business our value. is drive to shareholder term value-accretive a Realogy position leading positioning pursuing in resources great continue have are believe because and while We capabilities market. core right I partnerships we longer transactions

We are I solid to what enter positioned to future the with momentum, forward look and holds. XXXX

turn it comments. closing back me Let some for to Ryan

Ryan Schneider

to that up actually closing the sale many be I'd of including few you, incredible as experience. a and didn't create open get watch and came Tomorrow, home. thing. together My and our do multiple the Realogy's property my to making you, utilize this to to simplify to real-time family agent the Thank a listing living landscaping them like ecosystem and interest X our I'll transaction the this, me increase virtual And customer market, products to over personal Charlotte. analysis I Coldwell with including amount watch the offer sold tours great offers marketing of a more powerful our the property program increased Realogy numbers the in this with incredibly up the with presentation we across home. bought utilized was our this wrap how success agent repairs, of and story. our Like RealVitalize price. experience, exposure and agent painting, program growth. I past member's were experience beyond needed we Concierge of transaction, the eight channels, technology proof renovation came and pricing And and excited to is some years. and a on of our of our all quickly. above has are a products myself the huge one an partnership generating our and I do deployed great especially phenomenal It marketing Listing Angi technology, much in this have Realogy's customers we time, the with a frankly, to seamlessness weeks Banker a as substantially in older is agents. the utilized many financial virtual technology and I blessed custom job market striking. making But data the of do home, of successful to combined home customer amazing our with an even transformation agents both above And homes my renovations, bathroom of anecdote, for progress XX about transform showing single staging.

committed with all more and RealSure, and results will business Our drive With into me like your questions. our growth vectors new to Charlotte take even and all Realogy, momentum to I and existing strong and in both keep have future. innovating the lead of change that,

Operator

[Operator Instructions] McKeveny Our the from first question line Zelman Ryan Associates. comes from of &

is open. line Your

Ryan McKeveny

job Nice thanks to taking with morning. on Obviously, about quarter, good guys for Hey, sound excited the question. it. and RealSure. you Wanted my start very

we've product to of listing you with Thank our being be the have you. the the appointments checking is consumer, on or Is more direct-to-consumer listing to hey, something have seems this initial kind spurring agents But more what going approach helping marketing are there's bringing this I that. this from getting can perspective I'm to realtors this in those pushed is more and in we the been talk actually saying, model it a value this available. this presentation I research listing the both of that win to Or Or And And that listing is even direct-to-consumer a that aspects well as when agents focused angle? as have that appointment is of discussion? go-to-market is, the the already guess place? where tangible certainly and to boxes. can strategy was hoping in at

Ryan Schneider

for beauty Thanks is we're The it our we distributing and distribution is competitively a we're hear this agents. So product right? It's and Ryan, at of with agent competitively good in reason to and model, direct-to-consumer a to themselves. take help of value voice. proposition advanced think So even to of their they if the both, And advantaged for it's consumers the the it's listing part connection question. the house we're your with product better win offer listings a through the for for marketing. that money increasingly where doing but list also market, a get they the interested, can it is who and that. are make doing it's the and more them part agent

our to And on agents so for more and the listings it's going also generate side. direct-to-consumer reality

script, list people is actually really and And about new of So with this these excited the information, to we're both. offers request like XX% when in who us. the

they Now typically they don't But if even list they offer. don't take us. with RealSure offer, the take the

in generating show powerful we're business. so the and brokerage our that in just And finding up in additional RealSure business listings a both

launching about Katie, buy to up stepping CEO, our it. So We're product help QX. the and we new quarter. in investment later in we're had on again excited a We a we're think, buyers here great this side

and We fans. big to real think is powerful really with future Home combination. where And our going. excited. it's America's and our We're part combined So agent we estate is of of distribution innovating the data, a Partners we're us history think data

Ryan McKeveny

It title. sounds on Thank That's mortgage that, One great. exciting. for Ryan. you and

that the was believe up volume of on XX%, growth. would the side about side, closings purchase volume volume be Charlotte, was even like and ahead of overall comment XX% growth, ahead And So, title purchase it growth. brokerage brokerage XX% the your mortgage looks JV growth that I saw

the capture rate your is question more picking look and of of adding suggests agents more is up. the on attach to this is, Thank math where attach how the you. higher forward, seem title markets the LOs, side how going drive would And much adding as with my expansion, is deeper rate things? geographic the or much rate I it that So just is integration that we guess available? both mortgage And

Charlotte Simonelli

Sure.

point. good So say you up on picked what would I a is,

recruiting been loan officers. have aggressively We

the expansion versus parts seeing well business. what versus a volumes certain beefing And year increase this other really just recruiting as our the a of up last, bit fact our little in what's doubled geographic it's of markets. the we've It's both we're as of driving almost that so in combination

we'll going and rates. of of to a attach year disclose We well. anything both, bit on bit next little as little continue into both don't a it's So do

So of there's you it is as by there. your for I the expansion officer tell much the not geographic which think as anyway is question. sizable. more I majority increase, driven being you just But thank can But overall loan really well

Ryan McKeveny

Got it. Thanks very much.

Operator

question of from comes Our the next McJoynt Tommy line KBW. from

open. Your is line

Tommy McJoynt

my guys. morning, taking for good Thanks questions. Hey,

title sale want you the of led of I The of JV, there. about the think the strategic separate? you also ask capital to there's what underwriter partnering So with business comment some on add could keep that. of unlocking benefits more the you what Could and clear, to our benefits you some is details Centerbridge? And agency settlement then on

Ryan Schneider

Absolutely.

we've transaction, actually and let Tomorrow, agency start is settlement one So the for settlement escrow our that me be second is customers, integrate and agency it's and business, more, owning critical the much business the critical the running capture with simpler business closing, and doing make mortgage doing. house brokerage Look, thing a it I'll grow with Tommy, we a it's and seamlessly your incredibly And as to and it because the title like and integrate been that easier. with part. transaction, right? mortgage

RealSure, as a business of part value big our It's talked for also part title is We've that isn't core as being and just the no a proposition of simplicity. current mortgage true of it. scenario to economics. that shouldn't I be in the and it huge strategically about our we're and innovating as So gets. future. core That's where got There's as part keep

to So keep. got that we

with we the driving in and estate a the owns we in their to kind been penalty and vision Centerbridge Centerbridge of a because their and of little agency will, don't business be we're own venture title they a core can growth of people side the company I work competitor bit of growth. underwriting itself, even that new real the is. transaction potential way a investor And they business. the came as it of who unlock underwriting partnership player growth clearly a record terms who a only able settlement venture when some isn't maybe lot side good we've underwriter. record want growth. because business and track the the in as speaks track reality of And on and an lot owner think, above we're the this unlock to Whereas like by probably a them. for the think and paying the it's owned more of of lot to Again, to beyond into I And had think a

So we're to it the transaction, really in and about forward early closing hopefully, excited XXXX. look

Tommy McJoynt

appetite take That's you. real all you great. into kind availability the quick. of next us makes Could Thank That of as And just look some and remind guys switching sense. or fourth over your to the debt in quarter year? out we additional out either

Charlotte Simonelli

continue we obviously rates something monitor, market It's really Absolutely. to the and still in today are strong.

So it is something we at. look

with. debt the to future cost in that have higher evaluating some do something We we're

lot bit beginning of of cost or callable a sort of debt a year here, a until of is next though, first like not our lag the of the quarter quarter. end because the have actually We higher second the

definitely why we even something out XXXX. on the before obviously, that's we're the And notes the have not to point. at. healthier balance it's I of position well half future first so But the XXXX cash And callable year. until sheet reference as at looking any take enough Again, made to they're

looking So, of all at it. we're

Tommy McJoynt

Charlotte. Makes sense. Thanks,

Charlotte Simonelli

Sure.

Operator

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

open. line Your is

Matthew Bouley

morning, everyone. taking congrats tomorrow. Good upcoming on results. on your the Ryan, for and Thank And questions, congrats closing the you

so sell you're guess, expand Thank if that with How combined you product going of you. that? a big now, the offer I buy a a buy Is sounds So, cash. what type this platform? like back model. Or on can it can differentiates RealSure, of before to the of as curious just that folks part you product? on else little part like be whole bit

Ryan Schneider

the a Katie we And buyer falls frankly, the if we step And demand doing complicated something today and phenomenon of that, than and more true. we you they be lot reason, fires about in a distribution. have we Well, advantaged that plans you to some on And them but people that cash integrating other and of because, we creating let agent right? Ryan's appreciation, the what things in step for our we is future now. all get then got transaction, going growing of the XX with to getting So let just our about agents home we're offer think and the of are both in feels there's back that for that's kind And our also offers. that both really we time again, part big also better actually We'll direct-to-consumer question the always of we're make like do versus and I the a think the having in then that there's lot said, these competitively the business right? offers And more markets also think to the through, a been can iBuying house that house is and part a a the buy It's we're a make the not can and true X else tell real of remember, is a of up when the it future, there's mortgage price something us. can we've Lisa, it. stuff. market really even help models a the like you power previous yet supported some people But title powerful, buyer. offer, see that, competitive mortgage all strong do some help trying and buy help And people frankly it's excited of kind market innovation, see buy like in keep of hopefully house, talked without by reality the our my that's And are markets side something I sell the we're to for and of for help cash is a first people real be also house. existing doing this of think sold critical that sellers we do financials, it's with important. but both partners RealSure. estate, seamless and in but It's to running sense about to fact right things that's on And in with title, side which is cash who a anecdote at buying distribution, real increasingly opportunity our of rented and is buyer what opportunity both that. people again, probably good and advantages capture you then with cash there's help with strategic do more either our excited and like that, gave their and

and mortgage our don't many have advantages of We that on also competitors title some have.

excited going the we're we're path down. and So about that's it,

Matthew Bouley

you that, Thank That's great color. Ryan. for

brokerage your you footprint of tell strong share. City Second that could it's you. bit tell within one City kind simply and footprint it you if on within the real just Obviously, York brokerage a the maybe challenge. strong footprint piece clearly because York because New New the of was, And Thank share market how Realogy own of NAR. you little is is highlighted New trending was the or Can certainly, and do outperforms within that. headline even you big was that York how

Ryan Schneider

question, have York without even NAR at would I've outperformed the City. Matt. numbers. thought looked We the - We yeah, New great

in brokerage So, our business.

I'm was brokerage brokerage But the York without our the XX%. outperformed is New NAR. going Our you business to up not still growth, give even City numbers.

So, strong about results our for even And been though York extra City frankly, our on were important about we're an New a market kind have excited drag obviously it's results great. been as us. little of a excited that. being that's We

excited business, share were owned in the we gains, about them again. we especially So and our had

New New York York City's City drove but a even NAR of we those, without numbers. also chunk outperformed

Matthew Bouley

very Perfect. Thank you much.

Ryan Schneider

Matt. Thank Yeah. you,

Operator

Our next from line the comes Campbell of Stephens. from question John

line is open. Your

James Hawley

Appreciate stepping This time in is James the question. Hawley John for Campbell. the and taking

refi, around had and pieces few segment sale swings the in JV. So, on title gain title upcoming the yeah, a you moving within

Broadly moving up expectations Title a about EBITDA ahead that's all given speaking, million the can quarters down you put up parts? your the frame $XXX last You bit. coming around in year, segment

Charlotte Simonelli

QX? You mean for

James Hawley

sorry, QX. Yeah,

Charlotte Simonelli

Yeah.

the an next you impacted quarter drivers will lapping. that remain I what quarter So this impact what tell can of we're because is,

more year. today. we're last happening It's what really So it's from not what's lapping

So relatively speaking, it's somewhat similar.

James Hawley

Okay. you. Yeah. Thank

Charlotte Simonelli

are and big the the It's and drivers. those mark-to-market on a gain sale

Ryan Schneider

in we're to of that's our Two success to and those think we while to year, when that's between of of two Last a of to mortgage there's of lost which thing the made the thing. on margin from about talked just thing, $XX tailwinds cited a things. as we the a one million as were had mortgage I think sale. standpoint let's some years this you clearly in XXXX, think mortgage we Charlotte going made And with bucks, is of grow early side, I've always a few helpful we run on do, this integrating kind business this a settle And $XXX transactions I about and having we're talked And is kind ton XXXX to on more on you in last this, talk because wanted be rate ago, And a investing - I love and kind when money different lot it year a it's we all business. year, think side. in we about. made on, and gain I I real that good

that talked then and pretty Charlotte And grow result so we're investing excited of continue this as to as to have title and about. keep solid kind mortgage we we'll a mortgage year,

back and start, a at want And that we kind the of got year like more thing if this ever bit of growing the off investment so question was we of the a context. then building start I share in mind kind had year got yours. I've little my of of mortgage the just the extra we last market always made to juice a to

James Hawley

then a one here. second Got you. just And

you've would you You've in to if there? continue find the point areas do initiatives. like ton there captured there? you any you of fruit think Do And you of save hanging to what are clearly areas a cost And most progress the lowest so, would think made in? more efficiencies

Charlotte Simonelli

have low-hanging get still to and Sure. you additional. go What yesterday's determine some you like back It's interesting. fruit, is low-hanging fruit,

is It's in philosophy always also simplification to on bad. good My just this So times what continue to look for and from well-run companies. in hanging. on efficiency your necessary bar both perspective what's drive for is work. savings how low We'll may cost change but you cost a

is I'm into So remains rest something on. year. up next And assured, looking we're giving this highly really not still, do But going highly business are the manual. teams to what this manual

think here, a to that something to have I this space agenda we ton continue is head be years of come. my and on will for

the like far areas, to of referred as as this business. manual I So nature

So find just that, it manual, because through people, to things to is come we'll expenses, can the G&A, footprint. comes through automate, which it can like there. in continue going either savings really have - us. just operating And more still that's help we a

James Hawley

right. Appreciate Ryan. Charlotte. All time. Thanks, the Thanks,

Charlotte Simonelli

you. Thank

Ryan Schneider

Thanks, James.

Operator

of Our next question Ages comes Berenberg. from the Justin line from

Your line is open.

Justin Ages

commission what's franchise the broker Hi. rates taking brokerage missed I guys. on question, groups? expand ticking it. average of I'm and the Thanks driving in if the you down the kind sorry for Could

Charlotte Simonelli

Yeah.

there. to or something is that move of couple around this So bps here a tends

in sometimes tons we it up. Usually the drive in up, of year, prior appreciation, where - it's times it's down. price had helped which Sometimes

is because not such that while of if especially I'm appreciation. something it's a it's alarmed common, price high period about super down So pretty points, of it a couple lapping basis you're

Justin Ages

the market And then report tiers lower seems the that of has one luxury...? the doing global like there across just board gains expand like there. you you're market All share and kind question. on more, right. outperforming it the the could put out, well been Based of guys luxury But That on it sense. if share on makes I some just below

Ryan Schneider

like the line, But our big we, we're drawing do below like, And at of we've position lot you're of of and market little kind where not multiple the quarter, were a side. where clearly sure the and lower purposely. investments were that which, in our and where see whereas the say brands little side, more been half this to I'm overall of on this share that. geographies, price of the our from been We you're there, luxury just on the kind bit it. more but depends a line. market. advantage, did with numbers on you place architected just by market at the I up, Like numbers. luxury numbers that's We gaining of in market getting the more frankly, can mean and the bottom kind kind a a across make franchise The is I'd driven chunk there, is comparable you growth franchise not and $XXX,XXX share a think, And more we where points, really indexed and that again, bit market do the If both about, the we're we excited that acquisition on a obviously, have more right, little been quarter there. an gain the we've

on individual that quarters pretty five going. is gave well And for positioned And very strength in hadn't just share data the We row. by now you the luxury some lot exciting of of we before. overall brands some about really that we world gains think we're a business. the the we're and was just so excited a excited We're where shared

Justin Ages

Thanks for question. Understood. the taking

Operator

everyone, call. are questions you, further There participating. concludes Thank no time. this for at That conference today's

now You may disconnect.

Anywhere Real Estate (HOUS) 28 Oct 212021 Q3 Earnings call transcript