Anywhere Real Estate Inc. (NYSE:HOUS) Q3 2024 Earnings Conference Call November 7, 2024 8:30 AM ET
Company Participants
Alicia Swift - Senior Vice President, Investor Relations and Treasury
Ryan M. Schneider - Director, Chief Executive Officer and President
Charlotte Simonelli - Executive Vice President, Chief Financial Officer
Conference Call Participants
Anthony Paolone - J.P. Morgan
Thomas McJoynt - KBW
Matthew Bouley - Barclays
John Campbell - Stephens
Operator
Good morning, and welcome to the Anywhere Real Estate Third 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, Brianna. Good morning, and welcome to the third quarter 2024 earnings conference call for Anywhere Real Estate. On the call with me today are Anywhere’s 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 developments.
Actual results may differ materially for those expressed or implied in the forward-looking statements. The references made to October in these remarks are preliminary results for the month. October 2024 included one more business day than October 2023. Our discussion on October opened and closed volumes have been adjusted to reflect like-for-like number of business days.
As we have shared multiple times, we have two large expected one-time free cash flow headwinds. The first headwind is our approved $83.5 million litigation settlement. We have made $30 million in payments, $10 million was made in 2023, and $20 million was made in Q2 of 2024. The remaining $53.5 million will be due when appeals are resolved. The timing of the appeals is uncertain depending on the developments in the proceedings, and we currently expect the payment to occur no earlier than mid-2025.
Second, the 1999 Cendant legacy tax matter, which is approximately $40 million, is due shortly after notices received which has not yet happened, but is still anticipated for 2024. Overall, we estimate around $60 million of one-time payments for 2024. For further discussion of these matters, see our SEC periodic reports, including the Form 10-Q we filed this morning.