Anywhere Real Estate Inc. (NYSE:HOUS) Q2 2023 Earnings Conference Call July 25, 2023 6:00 AM ET

Company Participants

Alicia Swift - Senior VP, Investor Relations & Treasury

Ryan Schneider - CEO & President

Charlotte Simonelli - CFO

Conference Call Participants

Tommy McJoynt - KBW

Soham Bhonsle - BTIG

Anthony Paolone - JP Morgan

Ryan McKeveny - Zelman & Associates

John Campbell - Stephens Inc.

Operator

Good morning. Welcome to the Anywhere Real Estate Second Quarter 2023 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 Senior Vice President, Alicia Swift. Please go ahead, Alicia.

Alicia Swift

Thank you, Rihanna. Good morning and welcome to the second quarter 2023 earnings conference call for Anywhere Real Estate. On the call with me today are Anywhere, CEO and President, Ryan Schneider; and Chief Financial Officer, Charlotte Simonelli.

As shown on Slide 3 of the presentation, the company will be making statements about its future results and other forward-looking statements during this call. These statements are based on the current expectations and the current economic environment. Forward-looking statements, estimates and projections are inherently subject to significant economic, competitive, litigation, regulatory, and other uncertainties, and contingencies, many of which are beyond the control of management, including among others industry and macroeconomic developments. And the incurrence of liabilities that are in excess of amounts accrued or payments made in connection with pending litigation.

Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in our earnings release issued today, as well as in our annual and quarterly SEC filings. Note that nothing we say today should be construed as an offer or solicitation to purchase, sell, or tender any securities. For those who listen to the rebroadcast of this presentation, we remind you that the remarks made herein are as of today, July 25, and have not been updated subsequent to the initial earnings call.

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

Ryan Schneider

Thank you, Alicia. Good morning, everyone. In the midst of a challenging housing market, we delivered results in line with our expectations and continue to invest to set Anywhere Real Estate out for an even stronger future. During the second quarter, we delivered $1.7 billion of revenue and generated $126 million of operating EBITDA. Our closed transaction volume was in line with our estimates, and we are on track to deliver $200 million of cost savings this year. And our agent commission results came in better than expected with some of the best year-over-year results we've seen in a long time. We remained focused on improving our capital structure, especially our priority to leverage our balance sheet.