Anywhere Real Estate Inc.

Q3 revenue was $1.6 billion, up 6% year over year. Q3 operating EBITDA was $100 million, down $8 million year over year, and the operating EBITDA margin was 6%. Management said employee long-term cash incentive costs rose $16 million year over year and health and welfare costs increased $3 million. Free cash flow was $92 million, down $7 million year over year. Closed transaction volume rose 7%, with luxury volume up 12% and 345 homes priced at $10 million or higher sold, up 30%. Anywhere Brands revenue increased 2%, Advisors revenue increased 7%, and title group revenue grew 7%. The company suspended forward guidance due to the pending merger with Compass, but reiterated it is on target for $100 million of cost savings in 2025, with 100% of savings already identified. It also said October closed volume was up 9% and open volume was up 6%.

Ryan Schneider framed the Compass merger as an extension of Anywhere’s strategy to drive innovation across the real estate transaction and said the combined platform should benefit agents, franchisees, employees, customers, and investors. He emphasized that the quarter showed “sustained momentum,” citing revenue growth, transaction-unit growth, and outperformance versus NAR volume growth. He also highlighted AI and integrated transaction initiatives as a way to speed workflows, reduce costs, and expand lead generation.

Charlotte Simonelli focused on the financial impact of higher stock-related compensation costs and other operating headwinds, noting that operating EBITDA was reduced by $16 million of higher employee long-term cash incentive costs and $3 million of higher health and welfare costs. She said the company realized $28 million of cost savings in the quarter and $67 million year to date, and remains on track for $100 million in savings in 2025. She also highlighted $92 million of free cash flow, debt repurchases including $22 million of exchangeable notes in Q3, a revolver balance reduced by $195 million to $415 million, and confidence in liquidity with no significant note maturities until 2029.

There was no Q&A, as management said the company would not take questions because of the pending merger. Instead, the call repeatedly deferred detailed discussion on forward-looking items and guidance, saying the company is suspending forward guidance and will keep providing updates through normal disclosure channels. The most notable open items were the merger approval process and the continued execution against the $100 million cost savings target.