Company: HOUS
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001398987-25-000116
Chunk: 81

Company: Anywhere Real Estate Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 81
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 September 30, 2025 compared to the nine months ended September 30, 2024 primarily driven by an increase in revenue at Owned Brokerage Group due to higher homesale transaction volume.

Total expenses increased $181 million or 4% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily due to:

•a $137 million increase in commission and other sales agent-related costs as a result of higher homesale transaction volume at Owned Brokerage Group; and

•a $41 million increase in operating and general and administrative expenses primarily attributable to a $24 million increase in expense related to employee cash-settled awards that fluctuate with the Company's stock price and reflect its appreciation in the third quarter of 2025 and higher employee-related healthcare costs, partially offset by cost savings initiatives.

During the nine months ended September 30, 2025, we incurred $38 million of restructuring and merger-related costs compared to $24 million of costs during the nine months ended September 30, 2024. See Note 5, "Restructuring and Merger-Related Costs", in the Condensed Consolidated Financial Statements for additional information.

The Company's provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against the income or loss before income taxes for the period. In addition, non-recurring or discrete items are recorded in the period in which they occur. The provision for income taxes was a benefit of $15 million for both nine months ended September 30, 2025 and 2024. Our effective tax rate for the nine months ended September 30, 2025 was 19%, primarily impacted by non-deductible executive compensation and valuation allowance on state net operating losses, partially offset by research and development tax credits.

Anywhere Brands—Franchise Group

Nine Months Ended September 30, 20252024$ Change% ChangeRevenues (a)$746 $732 14 2 Operating EBITDA (b)$415 $400 15 4 Operating EBITDA Margin56 %55 %

(a)Revenue includes intercompany royalties and marketing fees received from Owned Brokerage Group of $251 million and $242 million during the nine months ended September 30, 2025 and 2024, respectively, which are eliminated in consolidation.

(b)2024 amounts have been updated to reflect our definition of Operating EBITDA under the heading "Non-GAAP Financial