Company: HOUS
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001398987-25-000067
Chunk: 98

Company: Anywhere Real Estate Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 98
---
 Three Months Ended March 31, 2024

Our consolidated results comprised the following:

 Three Months Ended March 31,  20252024ChangeNet revenues$1,204 $1,126 $78 Total expenses1,305 1,254 51 Loss before income taxes, equity in losses and noncontrolling interests(101)(128)27 Income tax benefit(24)(28)4 Equity in losses of unconsolidated entities1 1 — Net loss(78)(101)23 Less: Net income attributable to noncontrolling interests— — — Net loss attributable to Anywhere and Anywhere Group$(78)$(101)$23 

Net revenues increased $78 million or 7% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily driven by an increase in revenue at Owned Brokerage Group due to higher homesale transaction volume.

Total expenses increased $51 million or 4% for the first quarter of 2025 compared to the first quarter of 2024 primarily due to a $59 million increase in commission and other sales agent-related costs as a result of higher homesale transaction volume at Owned Brokerage Group.

During the first quarter of 2025, we realized cost savings of $14 million of which approximately half related to specific restructuring activities.

The Company incurred $12 million of restructuring costs during the first quarter of 2025 compared to $11 million of costs during the first quarter of 2024. See Note 5, "Restructuring 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 $24 million for the three months ended March 31, 2025 compared to a benefit of $28 million for the three months ended March 31, 2024. Our effective tax rate for the three months ended March 31, 2025 was 24%, primarily impacted by non-deductible executive compensation and valuation allowance on state net operating losses, partially offset by research and development tax credits.

31

The following table reflects a non-GAAP reconciliation of Net loss attributable to Anywhere and Anywhere Group to Operating