XML 53 R28.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Information (Notes)
12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The reportable segments presented represent those for which the Company maintains separate financial information regularly employed by its chief operating decision maker for performance assessment and resource allocation. The classification of reportable segments also considers the distinctive nature of services offered by each segment.
Management's evaluation of individual reportable segment performance centers on two key metrics: revenue and Operating EBITDA. Operating EBITDA is defined as net income (loss) adjusted for depreciation and amortization, interest expense, net (excluding relocation services interest for securitization assets and securitization obligations), income taxes, and certain non-core items. Non-core items include restructuring charges, former parent legacy items, gains or losses on the early extinguishment of debt, impairments, and gains or losses on discontinued operations or the sale of businesses, investments, or other assets.
The Company’s presentation of Operating EBITDA may not align with similar measures employed by other entities. Variations may arise due to differences in the inclusion or exclusion of specific items and the interpretation of non-core elements within the calculation. This disclosure provides insight into the Company's approach to segment reporting and the metrics pivotal to its strategic decision-making processes.
 Revenues (a)
 Year Ended December 31,
 202320222021
Franchise Group$983 $1,145 $1,249 
Owned Brokerage Group4,628 5,606 6,189 
Title Group340 530 952 
Corporate and Other (b)(315)(373)(407)
Total Company$5,636 $6,908 $7,983 
_______________
(a)Transactions between segments are eliminated in consolidation. Revenues for Franchise Group include intercompany royalties and marketing fees paid by Owned Brokerage Group of $315 million, $373 million and $407 million for the years ended December 31, 2023, 2022 and 2021, respectively. Such amounts are eliminated through the Corporate and Other line.
(b)Includes the elimination of transactions between segments.
Set forth in the table below is Operating EBITDA presented by reportable segment and a reconciliation to Net (loss) income attributable to Anywhere and Anywhere Group for the years ended December 31, 2023, 2022 and 2021:
 Operating EBITDA
 Year Ended December 31,
 202320222021
Franchise Group$527 $670 $751 
Owned Brokerage Group(144)(86)109 
Title Group(17)200 
Corporate and Other (a)(d)(166)(144)(158)
Total Company200 449 902 
Less: Depreciation and amortization196 214 204 
Interest expense, net151 113 190 
Income tax (benefit) expense
(15)(68)133 
Restructuring costs, net (b)49 32 17 
Impairments (c)65 483 
Former parent legacy cost, net (d)18 
(Gain) loss on the early extinguishment of debt (d)
(169)96 21 
Loss (gain) on the sale of businesses, investments or other assets, net (e)
(135)(11)
Net (loss) income attributable to Anywhere and Anywhere Group$(97)$(287)$343 
______________
(a)Includes the elimination of transactions between segments.
(b)The year ended December 31, 2023 includes restructuring charges of $11 million at Franchise Group, $25 million at Owned Brokerage Group, $4 million at Title Group and $9 million at Corporate and Other.
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.
(c)Non-cash impairments for the year ended December 31, 2023 include $25 million at Franchise Group to reduce goodwill related to Cartus, $25 million related to franchise trademarks and $15 million related to leases and other assets.
Non-cash impairments for the year ended December 31, 2022 include $280 million and $114 million related to goodwill at Owned Brokerage Group and Franchise Group, respectively, $76 million related to franchise trademarks and $13 million related to leases and other assets including an investment.
Non-cash impairments for the year ended December 31, 2021 primarily related to leases and other assets.
(d)Former parent legacy items and (Gain) loss on the early extinguishment of debt are recorded in Corporate and Other. Former parent legacy cost in 2023 relates to developments in a legacy tax matter in the first quarter of 2023. Gain on the early extinguishment of debt in 2023 relates to the debt exchange transactions and open market repurchases that occurred during the third quarter of 2023. Loss on the early extinguishment of debt in 2022 primarily relates to the refinancing transactions that occurred during the first quarter of 2022.
(e)Loss (gain) on the sale of businesses, investments or other assets, net in 2022 is recorded in Title Group and is related to the sale of the Title Underwriter and subsequent sales of a portion of the Company's ownership in the Title Insurance Underwriter Joint Venture.
Depreciation and Amortization
 Year Ended December 31,
 202320222021
Franchise Group$114 $119 $112 
Owned Brokerage Group52 63 56 
Title Group12 11 11 
Corporate and Other18 21 25 
Total Company$196 $214 $204 
Segment Assets
 As of December 31,
 20232022
Franchise Group$4,430 $4,730 
Owned Brokerage Group630 741 
Title Group531 562 
Corporate and Other248 350 
Total Company$5,839 $6,383 
Capital Expenditures
 Year Ended December 31,
 202320222021
Franchise Group$28 $42 $29 
Owned Brokerage Group24 40 43 
Title Group11 13 
Corporate and Other13 16 16 
Total Company$72 $109 $101 
The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries.
United
States
All Other
Countries
Total
On or for the year ended December 31, 2023
Net revenues$5,562 $74 $5,636 
Total assets5,784 55 5,839 
Net property and equipment279 280 
On or for the year ended December 31, 2022
Net revenues$6,829 $79 $6,908 
Total assets6,309 74 6,383 
Net property and equipment316 317 
On or for the year ended December 31, 2021
Net revenues$7,919 $64 $7,983 
Total assets7,157 53 7,210 
Net property and equipment309 310