XML 28 R3.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements Of Operations - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues      
Net revenues [1] $ 6,908 $ 7,983 $ 6,221
Expenses      
Commission and other agent-related costs 4,415 4,753 3,527
Operating 1,377 1,669 1,473
Marketing 252 263 215
General and administrative 388 441 412
Former parent legacy cost, net [2] 1 1 1
Restructuring costs, net [3],[4] 32 17 67
Impairments [5] 483 4 682
Depreciation and amortization 214 204 186
Interest expense, net 113 190 246
Loss on the early extinguishment of debt [2] 96 21 8
Other income, net (140) (15) (5)
Total expenses 7,231 7,548 6,812
(Loss) income before income taxes, equity in losses (earnings) and noncontrolling interests (323) 435 (591)
Income tax (benefit) expense (68) 133 (104)
Equity in losses (earnings) of unconsolidated entities 28 (48) (131)
Net (loss) income (283) 350 (356)
Less: Net income attributable to noncontrolling interests (4) (7) (4)
Net (loss) income attributable to Anywhere and Anywhere Group $ (287) $ 343 $ (360)
(Loss) earnings per share attributable to Anywhere shareholders:      
Basic (loss) earnings per share $ (2.52) $ 2.95 $ (3.13)
Diluted (loss) earnings per share $ (2.52) $ 2.85 $ (3.13)
Weighted average common and common equivalent shares of Anywhere outstanding:      
Basic 113.8 116.4 115.2
Diluted 113.8 120.2 115.2
Gross Commission Income      
Revenues      
Net revenues [6] $ 5,538 $ 6,118 $ 4,669
Service revenue      
Revenues      
Net revenues [7] 793 1,180 983
Franchise fees      
Revenues      
Net revenues [8] 417 521 419
Other      
Revenues      
Net revenues [9] $ 160 $ 164 $ 150
[1] Transactions between segments are eliminated in consolidation. Revenues for Franchise Group include intercompany royalties and marketing fees paid by Owned Brokerage Group of $373 million, $407 million and $316 million for the years ended December 31, 2022, 2021 and 2020, 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] Restructuring charges for the year ended December 31, 2022 include $20 million of expense related to the Operational Efficiencies Plan and $12 million of expense related to prior restructuring plans. Restructuring charges for the years ended December 31, 2021 and December 31, 2020 related to prior restructuring plans.
[4] The year ended December 31, 2022 includes restructuring charges of $1 million at Franchise Group, $19 million at Owned Brokerage Group and $12 million at Corporate and Other.
The year ended December 31, 2021 includes restructuring charges of $5 million at Franchise Group, $7 million at Owned Brokerage Group and $5 million at Corporate and Other.
The year ended December 31, 2020 includes restructuring charges of $15 million at Franchise Group, $37 million at Owned Brokerage Group, $4 million at Title Group and $11 million at Corporate and Other.
[5] Non-cash impairments for the year ended December 31, 2022 include an impairment of goodwill at the Owned Brokerage Group reporting unit of $280 million, an impairment of goodwill at the Franchise Group segment of $114 million related to the Cartus/Leads Group reporting unit, an impairment of franchise trademarks of $76 million and $13 million of other impairment charges related to lease asset, investment and software impairments.
Non-cash impairments for the year ended December 31, 2021 primarily relate to software and lease asset impairments.
Non-cash impairments for the year ended December 31, 2020 include:
•a goodwill impairment charge of $413 million related to Owned Brokerage Group;
•an impairment charge of $30 million related to Franchise Group's trademarks;
•$133 million of impairment charges during the nine months ended September 30, 2020 (while Cartus was held for sale) to reduce the net assets to the estimated proceeds;
•a goodwill impairment charge of $22 million related to Cartus;
•an impairment charge of $34 million related to Cartus' trademarks; and
•other asset impairments of $50 million primarily related to lease asset impairments.
[6] Gross commission income at Owned Brokerage Group is recognized at a point in time at the closing of a homesale transaction.
[7] 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.
[8] 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).
[9] Other revenue is comprised of brand marketing funds received from franchisees at Franchise Group, and other miscellaneous revenues across all of the business segments.