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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues [Abstract]        
Net revenues [1] $ 2,142 $ 2,276 $ 3,777 $ 3,823
Expenses        
Commission and other agent-related costs 1,402 1,373 2,390 2,258
Operating 356 422 762 806
Marketing 72 66 136 124
General and administrative 107 114 205 204
Former parent legacy cost, net [2] 0 1 0 1
Restructuring costs, net [3] 3 5 7 10
Impairments [4] 0 1 0 2
Depreciation and amortization 55 51 106 102
Interest expense, net 28 57 46 95
Loss on the early extinguishment of debt [2] 0 1 92 18
Other income, net (7) (16) (138) (18)
Total expenses 2,016 2,075 3,606 3,602
Income before income taxes, equity in losses (earnings) and noncontrolling interests 126 201 171 221
Income tax expense 32 60 44 77
Equity in losses (earnings) of unconsolidated entities (4) 10 (14) 41
Net income 90 151 113 185
Less: Net income attributable to noncontrolling interests (2) (2) (2) (3)
Net income attributable to Anywhere and Anywhere Group $ 88 $ 149 $ 111 $ 182
Earnings per share attributable to Anywhere shareholders:        
Basic earnings per share $ 0.76 $ 1.28 $ 0.95 $ 1.57
Diluted earnings per share $ 0.75 $ 1.25 $ 0.93 $ 1.52
Weighted average common and common equivalent shares of Anywhere outstanding:        
Basic 116.5 116.5 116.8 116.2
Diluted 117.8 119.3 118.9 119.4
Gross commission income        
Revenues [Abstract]        
Net revenues [5] $ 1,757 $ 1,773 $ 3,004 $ 2,927
Service revenue        
Revenues [Abstract]        
Net revenues [6] 217 314 463 563
Franchise fees        
Revenues [Abstract]        
Net revenues [7] 125 147 224 252
Other        
Revenues [Abstract]        
Net revenues [8] $ 43 $ 42 $ 86 $ 81
[1] Transactions between segments are eliminated in consolidation. Revenues for Franchise Group include intercompany royalties and marketing fees paid by Owned Brokerage Group of $116 million and $202 million for the three and six months ended June 30, 2022, respectively, and $117 million and $196 million for the three and six months ended June 30, 2021, respectively. Such amounts are eliminated through the Corporate and Other line.
[2] Former parent legacy items and Loss on the early extinguishment of debt are recorded in Corporate and Other.
[3]
(b)The three months ended June 30, 2022 includes restructuring charges of $1 million at Franchise Group, $1 million at Owned Brokerage Group and $1 million at Corporate and Other.
The three months ended June 30, 2021 includes restructuring charges of $1 million at Franchise Group, $2 million at Owned Brokerage Group and $2 million at Corporate and Other.
The six months ended June 30, 2022 includes restructuring charges of $2 million at Franchise Group, $3 million at Owned Brokerage Group and $2 million at Corporate and Other.
The six months ended June 30, 2021 includes restructuring charges of $3 million at Franchise Group, $4 million at Owned Brokerage Group and $3 million at Corporate and Other.
[4] Non-cash impairments for the three and six months ended June 30, 2021 primarily relate to lease asset and software impairments.
[5] Gross commission income at Owned Brokerage Group is recognized at a point in time at the closing of a homesale transaction
[6] Service revenue primarily consists of title and escrow fees at Title Group and are recognized at a point in time at the closing of a homesale transaction. Service revenue at Franchise Group includes relocation fees, which are recognized as revenue when or as the related performance obligation is satisfied dependent on the type of service performed, and fees related to leads and related services, which are recognized at a point in time at the closing of a homesale transaction or at the completion of the related service.
[7] Franchise fees at Franchise Group primarily include domestic royalties which are recognized at a point in time when the underlying franchisee revenue is earned (upon close of the homesale transaction).
[8] Other revenue is comprised of brand marketing funds received from franchisees at Franchise Group and other miscellaneous revenues across all of the business segments.