HOUS - Earnings call transcript Q4 2024 | Anywhere Real Estate Inc.

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Operator

Good morning, and welcome to the Anywhere Real Estate Year-End 2024 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 Anywhere's Senior Vice President, Alicia Swift. Please go ahead, Alicia.

Alicia Swift

Sarah. you, Thank welcome for and year-end earnings XXXX Good Real to Estate. call Anywhere conference morning, the

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

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

other of significant statements, regulatory estimates which are projections uncertainties as competitive to California contingencies, and and litigation, Forward-looking among uncertainty and and inherently subject other the well industry wildfires. economic, are antitrust to development beyond management, and many others, as related macroeconomic of the including control

implied enhance company the and Effective industry XX, reported include change. in and These the Actual with to its reflect differ peers certain updated call this comparability in adjustments results EBITDA this may forward-looking all XXXX, for December or revisions and materially in and are the of expressed discussed adjusted from operating matters. definition legal stock-based to materials noncash statements. compensation our figures those

has are EBITDA comparable results conclusions all The adjustments level January XXXX. the or materially same of preliminary month, The does references of previously the reported. XXXX periods GAAP number in directly to operating remarks disclosed. for January affect inclusion trends most these measure are Reconciliations for business segments days not these of provided January to as made the

free headwinds approximately cash million. in flow XXXX, have total We $XXX large expected which onetime X

million $XX.X The our litigation first approved is settlement. headwind

payment appeals appeals resolved. be occur payments. the no than depending The the is The and developments expect due $XX mid-XXXX. earlier timing million when $XX.X remaining We the the currently in million we have proceedings, on to in uncertain, of will are the made

matter the is notice in XXXX. $XX due is of Cendant Second, million anticipated tax approximately is and received the XXXX legacy shortly after

in which into preliminary entered final for company subject XXXX, XXXX, QX anticipate or January a Third, payment in Bumpus court TCPA litigation We to settlement is million. this $XX the the of approval. and making

discussion franchise Important SEC For periodic core the specified cause earnings relocation SEC these reports. and segment, is franchise forward-looking matters, differ The and filings. to the today well as excluding our these actual are quarterly in our factors that our remarks statements materially leads. further annual those reference to assumptions results from and in release issued could in as of see

that are rebroadcast the those to listen as you remarks made presentation, updated XX have subsequent remind and For who of herein earnings the costs. today, we the been initial February to of this not

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

Ryan Schneider

everyone. was sit of states, you, XXXX. to and things recently do rarely Thank to XXXX happen what quote X And going Alicia. let I morning, accomplishment a reminded this things. Vinci out people that is Estate in in da did is They them. Anywhere Real go famous Good happen of exactly back and

and market We our market industry-leading both to to housing competitive position fuel and and continue In changes edge, helped XXXX, and we franchisees our in and the industry growth our the delivered long-term navigate EBITDA. agents top value our enhancing accelerate practice for deliver strategy, we with invest stakeholders.

take to energy to we our same prepared power As XXXX, proactive on the with leave we're success. future

million operations. our operating the by $XX exceeded of $XX volume from We $XXX free our $XXX simplifying, achieving million year-over-year, of with million by prior in quarter, on $XX our payment. year up fourth excluding we settlement cost million performance, EBITDA $XX EBITDA, XX%, year closed million, XX% nearly up $XX closed We cash growth. earnings strong streamlining $XX million and target delivered million of our reflecting the operating savings litigation momentum, transaction in Now saving flow, automating XXXX million generated with and the

we and our aggressive enhancing earnings to base AI many across experiences technologies focused and at unlock better $XXX at we're permanently generative reinforcing we drive our cost our our lower on and cost-saving AI power. million deploying parts accelerated new ahead, costs. And looking targeted automation And for Now commitment didn't opportunities to XXXX, have to another new exist our scale of agenda business faster lowering that before. really

operate. we both efforts internal include are transforming solutions customer-facing Our that examples and how

For was its best example, drove AI integration new our in product use XXXX. named significant adoption AI a brokerage with Listing and of Concierge by

to identifying is and integration better likely leads AI in most targeting buyers. consumers New become our business

leads to XX-plus And percent are improve operations. rates. a leads able faster improvement We these seeing agents best-performing before generative now with better conversion to higher-quality our continues are AI match than in our and these

a to significant currently a our have AI, the ability we error fraction rates. in fewer time the about transactions. processed. documents We fall And we've most as XX,XXX with process day the documents to process error in low recent as reduction a X seen in than half support with generative of With brokerage these rates our in team to pilot, X,XXX

growth. expanded our luxury Banker We meaningfully leadership Coldwell and to across luxury. global Realty, Corcoran turning Sotheby's Now International

gain by year luxury we Our about the quarter most and The fourth market's XX% in market in approximately both powerful up as results. year which our unit X% substantially the unit here. XX% luxury XX% the and volume year-over-year the exceeding is was meaningful full QX year-over-year nearly for growth, thing share grew outperformance exciting for the

to continue homes industry luxury the We selling points. the luxury most lead at all price

million $XX-plus sold listings and X,XXX our million-plus we example, have for XXXX So current in X,XXX, over $XX portfolio. homes in over

brand. new agents XX franchisees by adding and XXXX. brands. we a where value with commission distinctive to had both sales XX family-owned D.C. a seller grow are We to the high-margin franchisees QX. with to in business, price especially area And and agent our growing franchise of to were QX, great auction concierge continue our of success our and propositions stay states XX in joint continues a billion in in Sotheby's Title average partners over talented is in and And XXXX franchise XXXX buyer venture more to from the flock our paid and addition driven We plus proud place luxury pipeline. the broadened Our the brokerage X new in states X who in network, $X Upward luxury Corcoran this premium long-time a XXX in X with grew our we now independent

successfully the Upward providing opens participating our with earnings network love changes, Title complex industry practice them the deepens and momentum and our edge. proposition solutions, We clear for We relationship and with innovative significant value us because new business enhances opportunities our our franchisees, it guidance a in giving implemented franchisees. competitive

to late and deliver launched transform effortlessly 'XX cost AI future simply the collect enables by For experiences continued cost. emerging at faster Key technologies digitally XXXX, innovative efforts and customers opportunities finally, to our base. as of operate scanning our early agreement a going will client's Reimagine to and unlock for with license And our new by more our lower enables better generative buyer to Sign jump-start to how signed we company instance, device. adopters and 'XX agents in us their serve other lower foundation as a to Reimagine a seizing as create product we mobile forward,

XXXX. the XXXX, turning started challenged, the end off the with remains of on market especially The pressure unit supply of much like lack and number transactions. housing January to of Now real

still softer However, with volume was our And we in had January by by while open year-over-year, robust a driven January, X%, volume driven plus growth positive closed XX% also price gains. gains. price at

industry X be there's to XXXX, clear for topics important more I even on. Now want

The hours, publicly cooperation policy, the first a is property. requires clear be all on listings NAR's put within MLS marking which XX of to

should to the sellers. rule that provide be is to flexibility position relaxed Our more

interest inventory However, and to the we a of and oppose in blanket buyers. we believe as repeal both sellers available access are all best transparency

for are only full access, an advancing listing that agents primarily create their private repeal own there's opportunity advocating could off-market with scale networks clearly clearly enhance select interest players near-term which economics. as to listing for can Those

we it's consumers, is for the best this do bad consumer. the of to So we interest in what's and believe long-term think

prepared franchisees a everything the have have are the to all are We're private never our listings will benefits. to If we of clear, ready advantages world. ensure to franchisees be disadvantaged. However, in in sure make offers brands. Anywhere leverage our significant let networks, across we to our The evolves scale listing succeed we private listings off-market and and favor me of actually capitalize to industry market the agents most agents they and our need

the and to bottom clear, the will would deals not to ready-to-use to We us is our the We edge only topic to unique be through looking enhance profitability, and industry attractive growth remain most be seeing synergies, these technology. believe easiest the line, we to disciplined liquidity, excited to sell explore PropTech. to We're And with provide positioned approach with assets augment not well -- firms brokerage opportunities maintain enable top services of more we that because across we M&A economics. also solutions at our second but a will We're due that our the opportunities, integration line. The adjacent offer. just consolidation. competitive

to details me over With XXXX. that, more let now for on it turn Charlotte

Charlotte Simonelli

franchisees term agent strategy another We the reduced through yet with over-delivered ended on we trends with debt A exited loan unprecedented uncertainty EBITDA. with We financials. navigated We XXXX helped and capital We We numerous our progress repurchases. our practice our momentum. our successes. industry split structure generated We prudently minimal commission with cash, agents repayment of made lengthened moderate and implement significant changes and impact managed the everyone. solid morning, We year and Good some continue to for meaningful on savings. operating cost year. successfully our saw and and our to

highlight QX XXXX now will year full results. I our financial and

this versus in revenue change. up year revised savings, our primarily and report reported have enhance relocation of in some As mentioned partially peers all call offset opening, we was due industry underwriter billion, and and and by our increase operating figures $X.X related the operating comparability in Doma to versus volume cost JV. higher this X% of to EBITDA impacts to in an was and $XX XX% foreign year million, transaction our the Alicia EBITDA currency prior acquisition materials to costs we QX prior discussed reflect and how

Full to $XXX by year year versus driven cost we billion, structure. $X.X million continue was higher higher we X% versus $XXX XX% up integrate million, further initial about and own than target enterprise, savings, achieved efficiencies brokerage transaction. estate from was with businesses the coming across simplify the XX% our as prior the and our of realized operating majority as operating of nearly which title year, cost and and our an margins revenue increase improve was primarily prior EBITDA We real

Total operating, the free growth-related other marketing made $XX year prior inflationary and G&A the offset items. Full and down year of before About payment in $X.XX $XX cash realized cost billion, versus savings our second million year. the million litigation totaled by expenses for million quarter. $XX XX% was flow were costs

flow to million debt. was future free tax in delivery refund, down used capital was first free our about pay to of our timing but year cash anticipated Consistent priorities, our invest flow allocation full expected half to $XX year. cash a QX, target the and we our in the Our of initially this with due below now in which

streamlining new investments products We faster margins, lower attracting drive and growth, continue operations better costs. selective franchisees at expanding with and better including new to agents technology our to and deliver services experiences at make platform our to

sheet strengthened reducing $XX incremental by million. no our also overall debt by We pushing with about maturities and out balance expense interest

capital ample in confident will year's capital results are structure, long-term a important opportunistically to and continue maturities with our continuation and I position before liquidity to that improve remaining our no of our am this revolver. evaluate enhance XXXX highlight and due structure. strategy on to our ways We operating March current our It's achievement to

Since XXXX, of reduced we savings by years realized in $XXX debt million delivered and including X of have cost almost decades, $XXX housing overall X in the worst million.

reduce contribute us push and saving put in record transformation and leveraging will delivering track greater goals ahead on program On for aims proven Reimagine multiyear and in of with transformation to cost a Ryan the have we accomplishments, we importantly, achieving our future. these top our through XXXX proposition manual We unlock to success XXXX Investor goals, commitments value effort our for to savings and It exceeding of 'XX, set and up ambitious mentioned. continue the growth to processes Day. our our which beyond, growth opportunities. forth technology This enhance

innovating focus is ] agent enhanced support [ interactions to transaction. example and throughout support delivery around resources on technology instead reduce One the ReadyNow in-person physical using and cutting-edge

more our full me go detail performance. segment let into year Now on business

$XXX was business, Brands further robust leads to confident currency in in which due million Anywhere down impacts and core the remain EBITDA. Our foreign our which relocation relocation, million, $X our generated in operating includes margins. and primarily in Operating quarter expanded business. EBITDA franchise its business, We

also negative prior Agent and driven EBITDA EBITDA franchise lower $XX marketing intercompany to our And year, one was from in $XX the agent up the year-over-year marketing XX sequentially paid and XXXX, of Anywhere points down best generated commission in million, This of we've points business fees basis higher year-over-year increase split XX.X% million Our million were splits commission and operating of revenue prior basis down versus in was royalties year, year. operating Advisors transfer prior rate XX.X%, the basis business. while. operating by and representing costs. results $XXX seen X before XX the QX a points an our versus

X,XXX partially investment of improvement costs XX benefited agents $X marks increases about Integrated to in proposition. refi rate strong negative in and both Services Operating our agent title. XXXX upward EBITDA with and prior million, year-over-year adding all agent over consecutive producing offset was roll an to and Anywhere This operating quarters this million units, year. versus value continued purchase XX%, $XX our labor commission increased out by split is despite EBITDA underscoring our due

$X in guidance, want our Doma the wildfires. decrease to a the in I before JV -- by impacted We million address underwriter QX. was related earnings and primarily discussing Equity acquisition specific California to

actively primary our Los are of We monitoring devastating area the Angeles Greater on with safety our the focus the in impact people.

out been forced employees, go affected agents hearts affiliated and franchisees our who leave and their homes. Our to to have

few our of impacted. title brokerage about own in today, As a and X,XXX and offices that been of have agents area

financial our proud are we the team's felt service this know clients model. our the our service and be of on region virtual due this and impact seamlessly delivery to broad-based in beyond. do uncertain, resilience of in devastation part effects will We ability is QX while to that our And

Now turning to XXXX.

inherently we expect market the the year Given what about with we swing million the housing today, itself, operating be being which for EBITDA know to biggest $XXX is full volatile. factor

as offset year, million to in this about inflationary pressures in progress make look deliver to savings our expect We we $XXX cost part by which will significant investments business. and be transforming

remains we free have both and We proven in good markets, strong be our free onetime bad our XXXX cash XXXX. to excluding cash flow to similar anticipate delivery flow, and items,

impacted like cash may the by our make Free by and we to EBITDA, additional drive housing flow, and strategy. growth technology overall is driven be market enhance investments

more flow growth reinforced accelerate for have excited financial full forward. and with quarter solid results lead discipline. the transform even and business, highlight am fourth profitability XXXX We and and Anywhere's industry as we what cash our and Our determination truly confidence year start future we generation. accomplished of industry-leading by proud I the

call for some me turn the Ryan now closing back remarks. Let to

Ryan Schneider

to regardless unprecedented Thank cost deliver Real ability Charlotte. conditions. in generating you, growth, the and on with XXXX, investing market adapting savings meaningful industry over Estate our flow, Anywhere market and to and operating cash of we EBITDA delivering proven free has future navigated changes. resilience In housing results determination

what's With franchisees our to our agenda, leveraging growth, next. the XXXX, Real Real advantages focus The of will take is and is market your the deliver In opportunities and shareholders. Estate and executing agents, we industry ready drive operate Anywhere strategic that, future for questions. to Estate competitive will we on value Anywhere to lead our and outperform how full reimagining

Operator

Instructions] [Operator

the Your first line Bouley with of question comes Barclays. Matthew from

Matthew Bouley

is first, EBITDA guess I for to outlook simple operating I XXXX, wanted touch this the the on million, question. $XXX a

the Obviously, to there. what within of of help transaction in bridge just some you around, any kind commission assumptions making commission that us sort you're EBITDA. reductions other underlying pieces we guess, Just rates. the are got of can that splits, I volumes, But cost

Charlotte Simonelli

Yes.

going there's to market, mentioned, housing So biggest and pretty industry now. as ranges and forecasts is the be factor swing the right I wide some single

had to together. changes a so it assumptions on are of forecasts the to we've call a going for of bit giving We'll kind wide market. housing the while. in in our I they a are on watch take this industry update as anything at the we don't quarterly time any first normally are So smart We're But But if that. the obviously, point think year, it's in number. peg because specific guidance to

numbers we today. feel we the gave cost where We about sit so And savings. on good

can see net cost the about impact of you think last I years, few savings. the over the

quarters vary XX around of analogs But hopefully, add split. about us of that and the for reason impact put XX enabling a We you again, the that, is consecutive So on the as guidance feel to the in made lot consecutive and last inflation with the well. backs for can some volume year. splits. about use the had quarters I've this will some We've to consistency Those of remarks what pin on are obviously XX% commission part investments a year's is some of that. good the

relatively we'll the process. If ones been As and do numbers we're relatively that who report have far that ABCR, in ABCR. the the things consistent changes is we're only what consistent things, but on we've as since update reported change, the seeing

I out, been that there's housing of has volatility consistent. lot laid of a parts think obviously, But there a So pretty that in general. in we've lot the piece

savings specifically. and split commission cost Our

feeling the as But we year. we on. And good so about about the the ended we'll you start and feeling as update momentum year good continue quarters our go to where

Matthew Bouley

guess how ground of And me would you months? But lot weeks correct you relaxed is my comments guess, that that exactly hearing advocating question is cooperation of kind coming what Okay. I'm -- approach about -- made is a of sort for Got for? you consistency. it. you you guess, the and are if the middle of of Kind I clear what clear cooperation, how I when to this you'd in be I kind second question, a what looking there's are I'm going talked just wrong. and around

Ryan Schneider

Yes.

trying thing the an the repealed. of brokerage our debate our on runs or it out, franchise So look, like estate. extreme a it either question Sue taking your editorial to industry She lot must in totally lay did real exactly has leader, just be she on most owned Yannaccone, an in the job our it's she in stay frustrating ways, brokerage, same about is or going the debate, -- must biggest

hours, put want out thoughts where relax are about, able be have Sue doesn't inventory. places preserve XX do what cetera. be all may little you it to the that fact it But time, see to so And to all would a buyers for there et and was the hey, sellers sellers, over to need you bit want some you

so It's and actually benefit both are the bad to extremes X we their think both of outcomes.

extremes obviously, done, We've And of for I rules some have both mandatory And current people leadership. the so we'll thought companies mandatory we're But Sue's of put issues where and problem. relax going. We're is that more some And editorial things. a with end Matt. the We this of in are to been earlier And only X real got issues, for advocate we number nature the a take to that's day, them. telling at team kind the one if relations that. The years. you has -- well like extreme don't dedicated to and mandatory was a has of out group government trade week, that D.C. our the continue

for don't And it's dearly moving kind total since network, us listen we think participation a listings I on good people rule, to and the private that. on flip didn't But repeal to the to all again, the just world consumer. paid side, for of

want continue very repeal relax, the now, clear, will listings, the make forms world. -- goes more out laid for we not couple different agents in So have private We've listings our that somebody position and the listings let a are anybody if that. we're But like to we'll If private be to does. disadvantaged, of ready. advocate to world we we not let's be and in our in

for to ready. technology I but our got the that's go, industry think way a shortsighted we've

We We've it. ready. of all it's through our ready, have thought the issues And not people but the recommendation. we're

Operator

question comes next The from Zelman. with Ryan McKeveny

Ryan McKeveny

the on ask franchise to wanted side. I

added or XX guess heading So interest press of the the pipeline talk And like the for players I Or is in into could just you network franchisees who if franchisees new I guess you even mentioned those it to I'm maybe are have the looks in and to XQ towards becoming independent 'XX. release established 'XX. your skewed brokerages, or these curious, joined pipeline converted XX franchisees? brands? kind

Ryan Schneider

good, consistent Yes. had. kind with Look, feels like we've of we the pipeline, kind it of success

we combination, care people and part litigation XX of practice some litigation, there The has offer proposition industry et stuff, are these really can changes think power back including a who I dimension, a the in side, but franchisees of side, us of the of also good someone of brand on in in cetera. being value changes. both take of this of practice you to have who kind 'XX of lot things lead the it, in Ryan, lot helped better right? navigate the the help realize But office the

and number just existing franchisees that new us multiple So happens ones the today. all X we a that had been have in obviously weeks some states public. join in added last of We

helpful. that's so And been

they're As We've if then that they seen for have thing our into because things. others can we've title upward people this get done, part they're had that opportunities, join looking of new they've And us right? liked ecosystem.

XXX-agent down joined D.C. established people a XX in now from companies who we who have kind the company. sizes, as out of including of Corcoran talk our always different franchisees, we about have while nothing so And franchisee start talking the we're about the few or when XX,

Ryan McKeveny

check think transcript Charlotte, I And kind and of a the us. you maybe clarification. can I I'll helpful. this, but very missed remind later, just That's

you think comment a going year about was? maybe that's a and can have a is tax revisit refund year now expected comment I totally missed come EBITDA. that, misheard last benefit I you to potentially this that that made to but that might what was

Charlotte Simonelli

of the flow. It cash just impact It's Yes. EBITDA. free doesn't the benefit

So it's cash we flow million. notice why the free just an explanation that our now million reason $XXX -- other And items tax in be already refund thing. And and free already given last the onetime in deliver things even we timing like had cash of guidance we expect the a was XXXX, anticipated excluding at IRS flow expected should first it's to the $XX we about and quarter. we've from part that's gotten year, that and that

EBITDA. a cash do timing thing. Nothing just free it's with So flow to

Ryan McKeveny

Okay. thinking on the 'XX? we $XX target flow, the be kind guide free million for And for about cash is ballpark you the should referenced of

Charlotte Simonelli

prior to similar say did year. I So

that It's in excluding items Alicia those her onetime remarks. referenced yes. So opening

Operator

with Campbell The next John question comes from Stephens.

John Campbell

close the year. great a on Congrats to

Ryan Schneider

Thanks, John.

John Campbell

Ryan, Sure. I appreciate the clear clarity and CCP. message on your

assuming you so great that, start. greater obviously networks with industry-leading being that's number out and reason, some private up okay there's Just end of listings, the consumers fragmentation. your a called for Obviously,

app high a You ready. has as site Obviously, that also competitor to seems ago be how lining pushed you position? show want and the leading but look their second to mentioned not of a there a just a technology standpoint, to new consumer largest more up appreciate leverage your talk have out maybe you your your might all here, portal. you level cards I from competitive

Ryan Schneider

Well, the networks it complicated, network, exactly of to agents, and brokerage a look, have look, across it's kind franchisees and so would listing own we world cards not would I do complicated, and private map what and If then to provide just our it. consumers not right? agents you this our show and we're then with the that corral out interact to going market. first our how you're that is not could We'll franchise and mean, on show want in right, call. you But

it's So complicated. that not

only a And -- thesis think we can't public the it be buyers my go. goes the your message to and house. the bad terms both to think fair we're you're housing not seller bad there, again, that's for is my if real to for to ability you industry way if But going can't price get think issues we best we're access and that's are on I so to access at ready, to but And homes your of easily that's time, over that -- on just we one your -- sold place very frankly, focused well that. I get if a pretty we anybody, and but think again, relative getting price some hurts if other home. a sellers price just in all what inventory, on there's also do, how

of be not with but prepared. would that assets believe, starting the we be industry but we've we we all listings. got to I is message only competitors, And prepared, on obviously again, So just great my to for just our don't of think have place number go, it's advantageous a are the

John Campbell

thinking you sensitivity some to light talk maybe going of don't probably a forecast do with? an or bps every you certainly just can have you how $XXX back so volume in internal appreciate EBITDA hoping maybe tied forecast the of that. But guidance, dispersion rule swings. that Yes, that's great the is P&L I mentioned or to as given Charlotte, housing, for, we're I'm just industry know, And wide on XXX you're color. the seeing all then I'm million shed I the to well. thumb

Charlotte Simonelli

I've you but couple you if you you points. assumptions other I even Yes. what because -- depend through probably can could unit given does mark about on for sort percentage off of We're we've it not the of said of coming and the is -- the internal the the you, within of title, of forecast -- up come of really in $XX think a change look actually the impact what unit percentage the probably is if the own million in lower past like think to the lower around sort our growth, volume

Ryan Schneider

given ] And We have Charlotte in just know going of on And year hey, full here believe with ever, the we of, you can. the February, number, the our this we the I because you always math's of month to of kind believe as in and the piece parts to you that. [ guys, in just first a as time many gone past, right? you. we're comment In philosophy John, give question we've is

This let's volume math it with You we others, our in, and right? up as which view. the you do come And try put giving thought you different, number, something every year, really between bit forecast Charlotte look and a little your it a we've we're results, and your changes feedback is and if heard in often. the quarter. interesting we thing, time, housing this you February update this we'll But world market hope the back of full Boy, year is is said, the helpful. kind

But you turning frustrated recognize team excited this that up way. might it we dimension. old that's again, the will add update your we on different of nice we evolves. And be on, single we're it your to it what leave giving the you interesting, thing approach. it. every it. a as better a piece the bites very we're does more is a also it to not And than apple have at to been to But But the more feedback is X work But bit in try kind doing little year around had like

So anyway, will you it. great and excited with believe we're guys do we

Operator

[Operator Instructions]

with question KBW. next from McJoynt Tommy comes Your

Thomas Mcjoynt-Griffith

Yes.

house look a home you engagement buyers what the have So data some you like? last update any journey. home-buying single at Do on and kind any quarter, be an compensation part agreements gave of choice or commentary that given there around different of Ryan, signing around it or of points look agent longer to interesting agreements one those

Ryan Schneider

is X the to yes, happy we them, of relationship months. sure, react of it, multiple wrong. because choice Yes, reason want X X kind weren't some a then wanted these sure kind to I Tommy. home an house, right, a little talked part no We rolled you out have just didn't house, on agreements, out them and different consumers a we options. we rolled how partly a on classic just tour, say, agreement. the bit We would buyer and right? the do was And to to people is And of We're chance of X some go agreement, this single exclusive

October the XX% me people November last the not awesome. we -- signing that excuse signing buyers or North blows almost the of agreement. into And it's it's when that are me, exclusive of agreement. all our And talked, just just last data, data through is and when January away X-month we

going to some the ones probably because discontinuing much much them And so up or stuff. the let's I interested to of provide. just of stat, that value don't and other a traction And end we're way, aren't all reduce to get testament of that think usage in frankly, really it's don't And kind complexity by the power that and consumers unique anywhere. agents that the is

do to other that people these and a other using I firms, -- to talk the think anyone on I but things of journey doing to to, are together. than make same getting articulating agents better agents I industry, talk XX% don't buyers value of comes I have when time. back the their in think kind our else's that those very people's to good more are people at going lives and I And it data, job

we gotten has at last time or mid-January X-month of the the since January on And stronger so through you was I the only looked kind the at use data data to it looked talked thing. in October late I it exclusive so of and

that. excited different about were glad so Still trying to the be And prepared. thoughtful things by really we

gone value with adding You going communicating it's and value way really agents with but a a lot very that's world never consistent of their in is how their feet, well have know go, excited. consumers to the and voted

Thomas Mcjoynt-Griffith

exclusive same agreement anywhere Got you or it's perhaps data the from on track, it. around maybe that? sense I'm but if they're X-month just shopping bit to any agent more, have it taking process this competitors comparing tough any a beginning around bit are do the to consumers And when sure around point, a

Ryan Schneider

think do different people that the thing. don't you're like shopping think physical have the do X a take used of of don't agreements I no and who relationships think everything about, are seen difference of get interviewing I shopping the my you of existing people then people right? think And -- lot anybody's their their agent talking to percent taking they to repeat already the people think lot right? kind consumers it looking with to networking is be, talking business before then terms in agents from and get a the comparing picking, they in I before I and and I conversation, at right? a than they happens relationships of but with point haven't other to agents, them

think So but I the more upstream shopping kind negotiate agreement than shopping sign let's the buyer and I or -- excuse at happens Tommy, me. think Matt of point, happens, the the

Thomas Mcjoynt-Griffith

it. Got

Okay. just And then over. quickly switching

you cash eventual more one-off getting You the there or of ahead. flow is opportunities? on equity constructive funded year opportunity in going envision sound reductions and those a toward little Did those items debt that debt? enough with some acquisition the to not fund Or generation

Ryan Schneider

mentioned liquidity. equity think I buyer. going an I we're Look, be to don't our

cash I we're as of flow. have think to we liquidity positive tons buyer We free typically. we're cash of talked if got about, kind a buy going Charlotte stuff

right? is, The you other especially interesting is ability in referenced X can area, year When X them One combine a look things. and in these this. get deals, have brokerage our have to thing I in others, of synergies those the we you synergies most and at bunch with the remember,

thing of they're deals from unrealized. a to good other benefits standpoint, if The our even synergies covenant us give covenants very

yes, could we've a boy, definitely a some that call in like to think tough we two month. of moss And can in every good good brokerage, week not every got I do. market as we that into course. more you in going stuff, after weeks third get happening basically, of wouldn't some they've the And a kind feels just deals adjacent the deals, seen little be no some it see do especially PropTech. year, we market can but times But So changing in you services. see -- it's multiple

Operator

from comes Nahom JPMorgan. with question final The Tesfazghi

Nahom Tesfazghi

And another guess the guidance to legal the way back noncash compensation that, definition? adjustment I for how the impact guide my $XXX to -- I old much that and the going matters guess, does Just to put of much they're how does one XXXX guidance, compared end. guess million. I say on to help

Charlotte Simonelli

you'll the number In believe, relatively was the year in XX XX, So and a think It's what the press release number. XXXX. years. on XXXX, prior I small and full that I see X is

not it's past So a years. in material the impact X

Ryan Schneider

I able our adjustments at but information a EBITDA about mentioned, grow tough 'XX those pretty all housing with And the that we million press way the market, by And $XX think you looking were then now. adjustments of $XX million. that those in is to it, is in just with apples-to-apples release EBITDA growth all 'XX, even it's

So it's a $XX on million that kind stuff. growth of apples-to-apples

there's So $XX in or no the tailwind headwind million growth.

Operator

session question-and-answer the conference joining. and for you concludes today's This Thank will conclude call.

You may disconnect. now

Anywhere Real Estate (HOUS) 13 Feb 252024 Q4 Earnings call transcript