Company: HOUS
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001398987-25-000020
Chunk: 216

Company: Anywhere Real Estate Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 216
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 compared with the year ended December 31, 2023 primarily driven by an increase in revenues at Owned Brokerage Group.

Total expenses increased $70 million or 1% for the year ended December 31, 2024 compared to 2023 primarily driven by gains on the early extinguishment of debt which were $7 million during the year ended December 31, 2024 compared to $169 million during the year ended December 31, 2023.

Total expenses, excluding the impact of gains on the early extinguishment of debt, decreased $92 million or 2% primarily due to:

•a $52 million decrease in operating and general and administrative expenses primarily attributable to higher expense in 2023 related to accruals for legal matters, as well as a decrease in employee-related, occupancy and other operating costs due to cost savings initiatives;

•a $45 million decrease in impairment expense primarily due to the absence in 2024 of goodwill and intangible asset impairment charges;

•a $20 million decrease in marketing costs as a result of cost savings initiatives; 

•a $16 million decrease of former parent legacy costs due to the absence of expense for a legacy tax matter recorded during the first quarter of 2023; and

•$17 million of lower restructuring costs, from $49 million in 2023 to $32 million in 2024. The Company realized cost savings of approximately $125 million during the year of which approximately half related to specific restructuring activities (see Note 14, "Restructuring Costs", in the Consolidated Financial Statements for additional information).

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The expense decreases were partially offset by a $54 million increase in commission and other sales agent-related costs at Owned Brokerage Group primarily due to a slight increase in homesale transaction volume.

Equity in earnings were $7 million for the year ended December 31, 2024 compared to earnings of $9 million during the same period of 2023.

The provision for income taxes was a benefit of $2 million for the year ended December 31, 2024 compared to a benefit of $15 million for the year ended December 31, 2023. The 2024 tax benefit was partially offset by a higher valuation allowance on certain deferred tax assets. Given our recent history of losses, we increased the valuation allowance, primarily on foreign tax credits and state net operating losses, contributing to this year’s tax expense. Our effective tax rate was 2% and 13% for the years ended December 31