Anywhere focused on cost-cutting as revenue holds steady 

There was little drama in Anywhere's first-quarter earnings report: Revenue remained flat, losses improved slightly, and agent count dipped by less than 2% as the company concentrated on reducing expenses. 

Revenue for the quarter was $1.12 billion, which was down slightly from $1.25 billion the previous quarter but nearly unchanged from the same period a year ago.

Agent count fell by just under 2% during the quarter, with small declines in both U.S. and global agent count.

Across all franchise brands — Sotheby's, Century 21, Coldwell Banker, Corcoran, ERA and Better Homes and Gardens Real Estate — the company reported that transactions fell by more than 20,000 compared to the previous quarter, a decline of nearly 14%. Anywhere Advisors, the company's owned brokerage group, saw transactions fall 13% over the quarter.

Despite the quarterly dip, transaction volume was up 2% year-over-year and prices rose 7%. The company highlighted the strength of its Sotheby's International Realty brand, which posted a 7% annual bump in closed transaction volume. 

What Anywhere had to say

Anywhere CFO Charlotte Simonelli acknowledged that the numbers reflected "a tough market environment," but said the company would be well-positioned once the market improves.

"We are excited about our financial octane when the housing market strengthens and continue to stay focused on controlling what we can control, maximizing our cost savings, prudently managing cash, and improving our capital structure to position Anywhere for long-term success."

The company said it saw cost savings of approximately $30 million during the quarter and is on track to deliver at least $100 million in savings for the full year. Roughly 65% of these cost saving efforts will come from "headcount and footprint actions," the company said.

Key numbers

Revenue: $1.12 billion, down from $1.25 billion the previous quarter but nearly unchanged from $1.13 billion a year prior. 

Cash and cash equivalents: $111 million, which is slightly higher than the $106 million the company ended 2023 with. 

Net income/loss: Net loss of $101 million, which was an improvement from the net loss of $107 million loss in the previous quarter and the $138 million net loss during the same period a year ago.

Operating EBITDA (earnings before interest, taxes, depreciation and amortization): A loss of $17 million for Q1, versus a $52 million loss during the same period a year ago.

Transactions: 144,775 closed homesale sides for Anywhere Brands (franchise group) and 50,513 closed homesale sides for Anywhere Advisors (owned brokerage group). Anywhere Integrated Services — the title group — reported 21,325 purchase title closings and 2,025 refinance transactions. 

Agent count: Approximately 184,800 independent sales agents in the U.S. and approximately 132,100 independent sales agents in 117 other countries and territories. 

Notable moves

The company, which was the first to settle in the commissions cases brought by home sellers, is on track to receive final approval of its settlement agreement on May 9, when the judge reviews the proposed settlements from Anywhere, RE/MAX and Keller Williams.