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nywhere Real Estate Inc. (NYSE: HOUS) reported financial results for the third quarter ended September 30, 2024. The company delivered strong Operating EBITDA and free cash flow while investing in its business for future growth.
"We are proud of our third-quarter performance as Anywhere delivered strong Operating EBITDA and free cash flow, invested meaningfully in the business for future growth, gained luxury share, and strengthened our balance sheet," said Ryan Schneider, president and CEO. "Anywhere stands out because of our strategic strengths and profitability, along with our outstanding affiliated agents, franchisees, and employees who continue to deliver great value to consumers as we move real estate to what's next."
Third Quarter 2024 Highlights:
* Revenue: $1.5 billion, a decrease of 3% year-over-year.
* Combined closed transaction volume remained flat year-over-year with units down about 5% and price up 6%.
* Luxury brands outperformed the market with 5% transaction volume growth in the third quarter.
* Net income was $7 million, decreased by $122 million primarily driven by lapping gains on the early extinguishment of debt.
* Adjusted net income was $6 million, decreased by $11 million versus 2023.
* Operating EBITDA was $94 million, a decrease of $13 million year-over-year.
* Realized cost savings of approximately $30 million and on track to realize full-year cost savings of $120 million.
The company repaid its $196 million Term Loan A and repurchased $26 million of unsecured notes for $19 million, capturing $7 million of discount. Preliminary October 2024 closed transaction volume was up approximately 9% year-over-year and open transaction volume was up approximately 16% year-over-year.
Anywhere's AI-enhanced marketing platform, Listing Concierge, won the Inman AI Award for Best Use of AI by a Brokerage in October 2024. The company was also recognized as a World's Best Employer for the fourth consecutive year by Forbes.
Financial Estimates:
* The company expects to realize $120 million in
