Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 146

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 146
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   462 |
| Unlevered Free Cash Flow(2) |     | $        |    28 |     | $     |   273 |     | $     |   348 |

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(1) Adjusted EBITDA represents earnings before stock-based compensation expense, interest expense, income taxes, depreciation and amortization, excluding restructuring costs and other significant items of a non-recurring and/or non-operational nature, and is a non-GAAP financial measure.

(2) Unlevered Free Cash Flow is defined as Adjusted EBITDA less taxes, capital expenditures, restructuring expenses and changes in net working capital (on an unlevered basis). Unlevered Free Cash Flow is a non-GAAP financial measure and is not burdened by stock-based compensation.

The following table summarizes the pro forma combined company projections ($ in millions) for the second half of fiscal year 2025 through fiscal year 2027:

|                                      |     | 2H 2025E |     |     | 2026E |     |     | 2027E |       |
|:-------------------------------------|:----|:---------|----:|:----|:------|----:|:----|:------|------:|
| Pro-Forma EBITDA(1)                  |     | $        | 313 |     | $     | 790 |     | $     |   987 |
| Net Synergies(2)                     |     | $        |   — |     | $     | 200 |     | $     |   300 |
| Pro-Forma EBITDA incl. Net Synergies |     | $        | 313 |     | $     | 990 |     | $     | 1,287 |
| Unlevered Free Cash Flow(3)          |     | $        | 157 |     | $     | 523 |     | $     |   779 |

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(1) EBITDA is a non-GAAP financial measure and is defined as net income (loss) adjusted for depreciation and amortization, interest expense, net (excluding relocation services interest for securitization assets and securitization obligations), income taxes, and certain non-core items. Non-core items include non-cash stock-based compensation, restructuring charges, impairments, former parent legacy items, legal contingencies unrelated to normal operations which currently includes industry-wide antitrust lawsuits and class action lawsuits,