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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues [Abstract]        
Net revenues [1] $ 1,808 $ 2,186 $ 5,585 $ 6,009
Expenses        
Commission and other agent-related costs 1,170 1,309 3,560 3,567
Operating 320 424 1,082 1,230
Marketing 59 69 195 193
General and administrative 92 120 297 324
Former parent legacy cost, net [2] 1 0 1 1
Restructuring costs, net [3] 16 4 23 14
Impairments [4] 3 1 3 3
Depreciation and amortization 53 50 159 152
Interest expense, net 30 52 76 147
Loss on the early extinguishment of debt [2] 0 3 92 21
Other (income) loss, net (2) 1 (140) (17)
Total expenses 1,742 2,033 5,348 5,635
Income before income taxes, equity in losses (earnings) and noncontrolling interests 66 153 237 374
Income tax expense 8 48 52 125
Equity in losses (earnings) of unconsolidated entities 2 (11) 16 (52)
Net income 56 116 169 301
Less: Net income attributable to noncontrolling interests (1) (2) (3) (5)
Net income attributable to Anywhere and Anywhere Group $ 55 $ 114 $ 166 $ 296
Earnings per share attributable to Anywhere shareholders:        
Basic earnings per share $ 0.49 $ 0.98 $ 1.44 $ 2.55
Diluted earnings per share $ 0.48 $ 0.95 $ 1.42 $ 2.46
Weighted average common and common equivalent shares of Anywhere outstanding:        
Basic 112.2 116.6 115.3 116.3
Diluted 113.5 120.3 117.0 120.2
Gross commission income        
Revenues [Abstract]        
Net revenues [5] $ 1,469 $ 1,689 $ 4,473 $ 4,616
Service revenue        
Revenues [Abstract]        
Net revenues [6] 189 315 652 878
Franchise fees        
Revenues [Abstract]        
Net revenues [7] 114 139 338 391
Other        
Revenues [Abstract]        
Net revenues [8] $ 36 $ 43 $ 122 $ 124
[1] Transactions between segments are eliminated in consolidation. Revenues for Franchise Group include intercompany royalties and marketing fees paid by Owned Brokerage Group of $97 million and $299 million for the three and nine months ended September 30, 2022, respectively, and $111 million and $307 million for the three and nine months ended September 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 September 30, 2022 includes restructuring charges of $2 million at Franchise Group, $8 million at Owned Brokerage Group and $6 million at Corporate and Other.
The three months ended September 30, 2021 includes restructuring charges of $1 million at Franchise Group, $2 million at Owned Brokerage Group and $1 million at Corporate and Other.
The nine months ended September 30, 2022 includes restructuring charges of $4 million at Franchise Group, $11 million at Owned Brokerage Group and $8 million at Corporate and Other.
The nine months ended September 30, 2021 includes restructuring charges of $4 million at Franchise Group, $6 million at Owned Brokerage Group and $4 million at Corporate and Other.
[4] Non-cash impairments primarily relate to software and lease asset 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.