Anywhere Real Estate Inc. (NYSE:HOUS) Q2 2024 Earnings Conference Call August 1, 2024 8:30 AM ET
Company Participants
Alicia Swift - SVP
Ryan Schneider - President and CEO
Charlotte Simonelli - CFO
Conference Call Participants
Soham Bhonsle - BTIG
Anthony Paolone - JPMorgan
Matthew Bouley - Barclays
Tommy McJoynt - KBW
John Campbell - Stephens
Ryan McKeveny - Zelman & Associates
Operator
Good morning and welcome to the Anywhere Real Estate Second Quarter 2024 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, Eric. Good morning and welcome to the second quarter 2024 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 expectation and the current economic environment.
Forward looking statements, estimates and projections are inherently subject to significant economic, competitive, antitrust and other litigation, regulatory and other uncertainties and contingencies, many of which are beyond the control of management, including, among others, industry and macroeconomic development. Actual results may differ materially from those expressed or implied in the forward looking statements.
As we've shared before, we have two large expected one time free cash flow headwinds. The first headwind is our approved $83.5 million litigation settlement and a reminder that $10 million of that was paid in 2023.
In the second quarter of 2024, we paid $20 million of this, which means there is 53.5 million remaining, which will be due when appeals are resolved. The appeals timing is uncertain, depending on developments in the proceedings, and could be delayed until 2025. Second, the 1999 sell side legacy tax matter, approximately $40 million is due shortly after notice is received, which has not yet happened but still anticipated in 2024. We previously estimated over $100 million of these free cash flow headwinds in 2024, and our current best guess is approximately $60 million for 2024.