Anywhere Real Estate Inc. (NYSE:HOUS) Q1 2023 Earnings Call Transcript May 3, 2023 5:00 PM ET

Company Participants

Alicia Swift - Senior Vice President, Investor Relations and Treasury

Ryan Schneider - Chief Executive Officer and President

Charlotte Simonelli - Executive Vice President and Chief Financial Officer

Conference Call Participants

Tommy McJoynt - KBW

Matthew Bouley - Barclays

AJ Hayes - Stephens

Operator

Good afternoon. And welcome to the Anywhere Real Estate First 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 first 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, 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.

For those who listen to the rebroadcast of this presentation, we remind you that the remarks made herein are as of today, May 3rd 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 afternoon, everyone. Even in the face of a challenging housing market, Anywhere continues to charge ahead and make meaningful progress, setting up our company for even greater success in the future. In the first quarter of 2023, we stayed focused on positioning our existing businesses for future growth, especially franchise and luxury, with specific successes in owned brokerage agent recruiting and retention, and franchise sales across our great brands. We significantly lowered our cost base, including permanently changing how we operate as we work to execute $200 million in cost savings for the year. And we continue to invest in reimagining the agent and consumer experience to create a simpler, more integrated real estate transaction that also lets us capture greater economics.