Anywhere Real Estate Inc (HOUS) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to the Anywhere Real Estate first quarter 2023 earnings conference call via webcast. Today's call is being recorded and a written transcript will be made available in the Investor Information section of the company's website tomorrow. A webcast replay will also be made available on the company's website.

下午好，歡迎通過網絡直播參加 Anywhere Real Estate 2023 年第一季度收益電話會議。今天的電話會議正在錄音，明天將在公司網站的投資者信息部分提供書面記錄。該公司網站上還將提供網絡廣播重播。

At this time, I would like to turn the conference over to Anywhere's Senior Vice President, Alicia Swift. Please go ahead, Alicia.

這次，我想將會議轉交給 Anywhere 的高級副總裁 Alicia Swift。請繼續，艾麗西亞。

Thank you, Breanna. Good afternoon, and welcome to the first quarter 2023 earnings conference call for Anywhere Real Estate. On the call with me today are Anywhere's CEO and President, Ryan Schneider; and Chief Financial Officer, Charlotte Simonelli.

謝謝你，布里安娜。下午好，歡迎參加 Anywhere Real Estate 2023 年第一季度收益電話會議。今天與我通話的是 Anywhere 首席執行官兼總裁 Ryan Schneider；首席財務官夏洛特·西蒙內利。

As shown on Slide 3 of the presentation, the company will be making statements about its future results and other forward-looking statements during this call. These statements are based on the current expectation and the current economic environment. Forward-looking statements, estimates and projections are inherently subject to significant economic, competitive, litigation, regulatory and other uncertainties and contingencies, many of which are beyond the control of management. Including among others, industry and macroeconomic developments, and the incurrence of liabilities that are in excess of amounts accrued or payments made in connection with the pending litigation. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in our earnings release issued today as well as our annual and quarterly SEC filings. For those who listen to the rebroadcast of this presentation, we remind you that the remarks made herein are as of today, May 3 and have not been updated subsequent to the initial earnings call.

如演示文稿幻燈片 3 所示，該公司將在本次電話會議期間發表有關其未來業績的聲明和其他前瞻性聲明。這些陳述是基於當前的預期和當前的經濟環境。前瞻性陳述、估計和預測本質上受到重大經濟、競爭、訴訟、監管和其他不確定性和意外事件的影響，其中許多因素超出了管理層的控制範圍。其中包括行業和宏觀經濟發展，以及產生的負債超過與未決訴訟相關的應計金額或已支付的款項。實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。我們今天發布的收益報告以及我們向 SEC 提交的年度和季度文件中詳細說明了可能導致實際結果與前瞻性陳述中的結果存在重大差異的重要假設和因素。對於那些收聽重播本演示文稿的人，我們提醒您，本文中的言論截至今天 5 月 3 日，在首次財報電話會議後尚未更新。

Now I will turn the call over to our CEO and President, Ryan Schneider.

現在我將把電話轉給我們的首席執行官兼總裁 Ryan Schneider。

Thank you, Alicia. Good afternoon, everyone. Even in the face of a challenging housing market, Anywhere continues to charge ahead and make meaningful progress, setting up our company for even greater success in the future. In the first quarter of 2023, we stayed focused on positioning our existing businesses for future growth, especially franchise and luxury for specific successes in Owned Brokerage agent recruiting and retention and franchise sales across our great brands.

謝謝你，艾麗西亞。大家下午好。即使面對充滿挑戰的房地產市場，Anywhere 仍繼續前進並取得有意義的進展，使我們公司在未來取得更大的成功。 2023 年第一季度，我們繼續專注於定位現有業務以實現未來增長，特別是特許經營和奢侈品業務，以在自有經紀代理招募和保留以及我們偉大品牌的特許經營銷售方面取得具體成功。

We significantly lower our cost base, including permanently changing how we operate as we work to execute $200 million in cost savings for the year and we continue to invest in re-imagining the agent and consumer experience to create a simpler, more integrated real estate transaction but also lets us capture greater economics.

我們顯著降低了成本基礎，包括永久性地改變我們的運營方式，努力在今年節省 2 億美元的成本，並繼續投資重新構想代理商和消費者體驗，以創建更簡單、更集成的房地產交易但也讓我們獲得更大的經濟效益。

I will share more on each of these later in the call, but I want to start by thanking our great employees, agents and franchisees for helping our customers navigate a tough environment, as Anywhere stays laser focus driving our strategic priorities, including an intense innovation agenda. In that spirit, our company got a lot of energy from being named one of Fortune's Most Innovative Companies for the first time ever.

我將在稍後的電話會議中分享更多內容，但我首先要感謝我們優秀的員工、代理商和特許經營商幫助我們的客戶應對艱難的環境，因為 Anywhere 始終專注於推動我們的戰略重點，包括大力創新議程。本著這種精神，我們公司首次被評為《財富》最具創新力公司之一，從而獲得了巨大的活力。

Now turning to the housing market. There's no hiding from the fact we are in the midst of a very challenging year. Most forecast predict home sales in the low $4 million range, which would be one of the worst years we've seen in a long time and we still believe the year-over-year volume comparisons will improve throughout the year. And I'm starting to hear from some agents and franchisees about greater optimism for the market improving going forward. And we have a few of those positive indicators in our portfolio.

現在轉向房地產市場。毫無疑問，我們正處於充滿挑戰的一年。大多數預測預測房屋銷售量將在 400 萬美元左右，這將是我們長期以來所見過的最糟糕的年份之一，但我們仍然相信全年銷量比較將會有所改善。我開始從一些代理商和特許經營商那裡聽到，他們對未來市場的改善更加樂觀。我們的投資組合中有一些積極的指標。

In Q1, our business performed right around our expectations. We delivered $50 million of cost savings in a tough quarter when volume is down about 30%, both of which we signaled in advance to you. The volume decline was almost all unit driven, with a 29% decline in home sale units. While home sales were down substantially across all markets, there was significant geographic variation in price changes. A few markets in particular, California and New York City had prices down 5% to 10% versus prior year while about 2/3 of the states, including large ones like Texas and Florida saw prices hold steady or even increase versus last year. Revenue was over $1 billion and operating EBITDA was minus $52 million. However, our operating EBITDA was meaningfully impacted by new legal accruals in the quarter.

第一季度，我們的業務表現完全符合我們的預期。在銷量下降約 30% 的艱難季度中，我們節省了 5000 萬美元的成本，我們已提前向您表明了這一點。成交量下降幾乎全部是由單位驅動的，其中房屋銷售單位下降了 29%。儘管所有市場的房屋銷售量均大幅下降，但價格變化存在顯著的地理差異。特別是一些市場，加利福尼亞州和紐約市的價格比去年下降了 5% 至 10%，而大約 2/3 的州，包括德克薩斯州和佛羅里達州等大州，價格與去年相比保持穩定甚至上漲。收入超過 10 億美元，營業 EBITDA 為負 5200 萬美元。然而，我們的經營 EBITDA 受到本季度新的法定應計項目的重大影響。

As a reminder, in addition to the 2 other class action jury trials later this year, a second large industry antitrust transaction with certified in March. Now legal accruals aside, we were pleased that March operating EBITDA was solidly positive. We expect that trend to continue. We are also glad to see open volume metrics continuing to outperform closed volume metrics in Q1, which indicates positive future volume levels and our numbers for April so far are continuing the trend of open volume metrics running better than closed volume metrics.

提醒一下，除了今年晚些時候陪審團審理的另外兩起集體訴訟之外，第二起大型行業反壟斷交易已於 3 月份獲得認證。現在撇開法定應計費用不談，我們很高興 3 月份的經營 EBITDA 非常穩定。我們預計這種趨勢將持續下去。我們還很高興看到第一季度的未平倉交易量指標繼續跑贏平倉交易量指標，這表明未來的交易量水平良好，而且我們迄今為止 4 月份的數據延續了未平倉交易量指標運行優於平倉交易量指標的趨勢。

We are most excited about our strategic progress to set us up for greater success especially in stronger future housing markets. So first, we are working hard to position Anywhere to achieve share growth, especially as the market rebounds with a particular focus on our franchise business and our luxury leadership. Our Anywhere Advisors agent base again grew year-over-year and we continue to have record agent retention levels. Our Anywhere Brands business is delivering robust franchise sales both domestically and internationally and we continue to see agents and brokers attracted to our compelling value proposition that includes innovative technology, data and marketing products and high-quality lead generation programs.

我們對我們的戰略進展感到非常興奮，這些進展將使我們取得更大的成功，特別是在未來更強勁的房地產市場上。因此，首先，我們正在努力定位“Anywhere”以實現份額增長，特別是在市場反彈的情況下，我們特別關注我們的特許經營業務和我們的奢侈品領導地位。我們的 Anywhere Advisors 代理基礎再次逐年增長，並且我們繼續保持創紀錄的代理保留水平。我們的 Anywhere Brands 業務在國內和國際上提供強勁的特許經營銷售，我們不斷看到代理商和經紀人被我們引人注目的價值主張所吸引，其中包括創新技術、數據和營銷產品以及高質量的潛在客戶開發計劃。

Second, we are moving our business to a permanently lower cost base. As you can see from our cost results in 2022 and Q1 of 2023, we are re-architecting and reducing our real estate footprint and automating our operations. This includes our most recent actions as we bring together our Title and Brokerage physical footprints and operations to better serve agents, lower costs and improve the transaction experience. And third, we continue to invest and make progress, since our goal to simplify and integrate the agent and consumer transaction experience. We believe this will have multiple benefits including capturing additional economics in the transaction and further reducing the stress and friction for consumers, agents and franchisees.

其次，我們正在將業務轉移到永久較低的成本基礎。從我們 2022 年和 2023 年第一季度的成本結果中可以看出，我們正在重新架構和減少我們的房地產足跡，並使我們的運營自動化。這包括我們最近採取的行動，因為我們將產權和經紀業務的實際足跡和運營結合在一起，以更好地服務代理商、降低成本並改善交易體驗。第三，我們繼續投資並取得進展，因為我們的目標是簡化和整合代理商和消費者的交易體驗。我們相信這將帶來多重好處，包括在交易中獲得額外的經濟效益，並進一步減少消費者、代理商和加盟商的壓力和摩擦。

A few examples include the following from the quarter. Our RealVitalize product provides a turnkey solution to help sellers prepare their home for sale. This adds to our value proposition by simplifying the agent and consumers transaction experience and enables us to capture additional economics. So for example, in Q1 we captured Title on over 80% of the RealVitalize transactions in seller controlled markets. We scaled up our Leads Engine product which simplifies and speeds up the process of matching consumers with agents. Leads Engine is part of our ongoing successful effort to shorten the time to connect interested consumers with agents and more broadly meet consumers where they are even earlier in their home buying and selling journey.

本季度的一些示例包括以下內容。我們的 RealVitalize 產品提供交鑰匙解決方案，幫助賣家準備出售房屋。這通過簡化代理商和消費者的交易體驗增加了我們的價值主張，並使我們能夠獲得額外的經濟效益。例如，在第一季度，我們在賣方控制的市場中超過 80% 的 RealVitalize 交易中捕獲了所有權。我們擴大了潛在客戶引擎產品的規模，簡化並加快了消費者與代理商的匹配過程。 Leads Engine 是我們持續成功努力的一部分，旨在縮短感興趣的消費者與代理商之間的聯繫時間，並在更早的購房和銷售旅程中更廣泛地與消費者見面。

One Click Title, which as the name suggests simplifies and integrates the Title ordering process to a single click across our Title and Brokerage operations launched last year in Coldwell Banker Reality and in Q1 nearly 30% of our CBR agents who closed transactions use the feature. So in addition to better integrating the transaction, One Click Title is also an example of change in how we work by automating a complex part of the transaction.

一鍵式產權，顧名思義，它簡化了產權訂購流程，並將產權訂購流程集成為去年在 Coldwell Banker Reality 中推出的產權和經紀業務中的單擊操作，在第一季度，關閉交易的近 30% 的 CBR 代理商都使用了該功能。因此，除了更好地集成交易之外，“一鍵標題”也是通過自動化交易的複雜部分來改變我們工作方式的一個例子。

And finally Upward Title, our new multi-franchise title joint venture program went live in it's first market Florida and is on track to launching our next planned markets of California and Pennsylvania later this year. This program allows our franchisees to benefit from our scale and title, and extends the reach of our integrated Title offering to our franchise network.

最後，我們新的多特許經營產權合資計劃 Upward Title 在第一個市場佛羅里達州上線，並有望在今年晚些時候推出下一個計劃市場加利福尼亞州和賓夕法尼亞州。該計劃使我們的特許經營商能夠從我們的規模和所有權中受益，並將我們的綜合所有權產品的範圍擴展到我們的特許經營網絡。

So in the midst of a clearly tough housing market, I'm excited by our strategic progress, our team's continued to track record of delivery and how we are seizing this moment to further position Anywhere to capture the opportunities ahead of us, especially in stronger housing markets.

因此，在明顯艱難的房地產市場中，我對我們的戰略進展感到興奮，我們的團隊繼續跟踪交付記錄，以及我們如何抓住這一時刻進一步定位任何地方以抓住我們面前的機會，特別是在更強大的領域住房市場。

Now I will turn it over to Charlotte to discuss our results in more detail.

現在我將把它交給夏洛特來更詳細地討論我們的結果。

Good afternoon, everyone. Given the market dynamics, we had solid financial and operational performance in the first quarter and continue to focus on what we can control, our cost savings and executing against our strategic goals. We believe our execution, strategic focus and industry leadership will enable us to drive differentiated performance and emerge stronger when the housing market improves.

大家下午好。鑑於市場動態，我們在第一季度擁有穩健的財務和運營業績，並繼續專注於我們可以控制的事情、成本節約和執行我們的戰略目標。我們相信，我們的執行力、戰略重點和行業領導地位將使我們能夠推動差異化業績，並在房地產市場改善時變得更加強大。

Now I will highlight our first quarter financial results. Q1 revenue was $1.1 billion, down 31% versus prior year, and in line with our transaction volume decline. Q1 operating EBITDA was negative $52 million, down versus prior year due to lower transaction volume and higher agent commission costs, offset in part by cost savings across the enterprise.

現在我將重點介紹我們第一季度的財務業績。第一季度收入為 11 億美元，比去年同期下降 31%，與我們的交易量下降一致。第一季度運營 EBITDA 為負 5200 萬美元，與上年相比有所下降，原因是交易量下降和代理佣金成本上升，但整個企業的成本節省部分抵消了這一影響。

Our results were also impacted by the significant legal accruals, Ryan referred to earlier. We are prudently managing our cash. Cash on hand at the end of Q1 was $122 million, and Q1 free cash flow was negative $120 million. This result is better than what we normally see in the first quarter, our seasonally slowest. Our revolver borrowing at the end of the quarter was $380 million, only $30 million higher than year-end 2022 and driven by our prudent cash management and better working capital. Also almost all of our revolver borrowings relate to the note redemption, we did in November last year, which leaves us with limited maturities until 2026.

瑞安之前提到，我們的業績還受到重大法律應計費用的影響。我們正在謹慎管理我們的現金。第一季度末手頭現金為 1.22 億美元，第一季度自由現金流為負 1.2 億美元。這個結果比我們通常看到的第一季度要好，這是我們季節性最慢的。截至本季度末，我們的循環借款為 3.8 億美元，僅比 2022 年底增加 3,000 萬美元，這得益於我們審慎的現金管理和更好的營運資本。此外，我們幾乎所有的循環借款都與票據贖回有關，我們在去年 11 月進行了贖回，這使得我們在 2026 年之前的期限有限。

Now let me go into more detail on our business segment performance. Our Anywhere Brands business, which includes Leads and Relocation generated $97 million in operating EBITDA. Operating EBITDA decreased $41 million year-over-year primarily due to lower revenue related to transaction volume declines, partially offset by decreases in operating and marketing costs.

現在讓我更詳細地介紹我們的業務部門的業績。我們的 Anywhere Brands 業務（包括潛在客戶和搬遷）產生了 9700 萬美元的運營 EBITDA。運營 EBITDA 同比減少 4100 萬美元，主要是由於與交易量下降相關的收入減少，但部分被運營和營銷成本的下降所抵消。

Our Q1 Anywhere Advisors' operating EBITDA was negative $75 million, down $35 million versus prior year due to lower volume and higher agent commission costs, offset in part by lower operating and marketing expenses. Commission splits in Q1 were up 84 basis points year-over-year, which was better than we expected in the quarter. Splits were worse than the prior year due to the impact of amortization of prior recruiting and retention payments over a much lower volume and due to the mix of agents we've recruited over the past year.

我們第一季度 Anywhere Advisors 的運營 EBITDA 為負 7500 萬美元，比上年減少 3500 萬美元，原因是銷量下降和代理佣金成本上升，但運營和營銷費用的下降部分抵消了這一影響。第一季度的佣金分配同比上升 84 個基點，好於我們本季度的預期。由於先前招聘和保留付款的攤銷影響，數量要少得多，並且由於我們在過去一年中招聘的代理商的組合，因此分裂比上一年更嚴重。

It was also impacted by timing on our corporate new development business. Anywhere Integrated Services was negative $17 million in operating EBITDA in Q1. Operating EBITDA declined $14 million year-over-year due to lower purchase and refinance volumes, and $6 million lower earnings due to the sale of our Title Underwriter business. This was partially offset by lower operating expenses due to cost savings initiatives and $6 million in improved GRA JV performance.

它還受到我們公司新開發業務時機的影響。 Anywhere Integrated Services 第一季度的運營 EBITDA 為負 1,700 萬美元。由於購買和再融資量減少，營業 EBITDA 同比下降 1400 萬美元，由於出售我們的產權承銷商業務，盈利減少 600 萬美元。這部分被成本節約舉措帶來的運營費用降低以及 GRA 合資企業績效改善 600 萬美元所抵消。

Moving on to costs. We have a relentless focus on changing how we operate our company to drive greater efficiency. We continue to execute on our $200 million cost savings program realizing $50 million of this in the first quarter and expect the balance to be recognized fairly evenly across the remainder of the year. The majority of the savings will come from headcount and real estate footprint efficiencies representing about 70% of our 2023 savings.

繼續討論成本。我們不懈地致力於改變我們公司的運營方式，以提高效率。我們繼續執行 2 億美元的成本節約計劃，在第一季度實現了 5,000 萬美元的成本節約計劃，並預計餘額將在今年剩餘時間內相當均勻地得到確認。大部分節省將來自員工人數和房地產足跡效率，約占我們 2023 年節省的 70%。

We have reduced our headcount by 11% since June of 2022. On the real estate footprint, we are focusing our efforts to reimagine and transform our real estate brokerage offices to be more efficient, flexible and integrated with transaction services like Title and Mortgage. These efforts are focused on how we deliver services to agents and customers by advancing our technology and product solutions which drive efficiencies.

自 2022 年 6 月以來，我們已將員工人數減少了 11%。在房地產業務方面，我們正在集中精力重新構想和改造我們的房地產經紀辦事處，使其更加高效、靈活，並與產權和抵押貸款等交易服務集成。這些努力的重點是我們如何通過改進我們的技術和產品解決方案來提高效率，從而為代理商和客戶提供服務。

A couple of examples. In the first quarter these efforts resulted in a reduction in our Coldwell Banker Realty offices of about 10%. We have historically operated Title and Brokerage separately, but now are focused on the opportunity to integrate administrative operations. This will change how we deliver services to brokerage, expanding our value proposition. This simplifies the transaction for agents and consumers, shortening timelines and improving the end user experience. This will also drive efficiencies and streamline operations by leveraging work that had previously been done in both Title and Brokerage and now eliminating those redundancies. We are also targeting higher ROI spending. For example, we are moving away from advertising in March Madness to Amazon Prime Video for Thursday Night Football. The same dollar investment doubles our reach and offers re-targeting opportunities and branded and show integration. We consider approximately 2/3 of our full year savings to be permanent, and are not expected to return when volumes increase.

舉幾個例子。第一季度，這些努力導致我們的 Coldwell Banker Realty 辦事處減少了約 10%。歷史上，我們分別運營產權和經紀業務，但現在重點關注整合行政運營的機會。這將改變我們向經紀商提供服務的方式，擴大我們的價值主張。這簡化了代理商和消費者的交易，縮短了時間並改善了最終用戶體驗。這還將通過利用之前在產權和經紀方面完成的工作以及現在消除這些冗餘來提高效率並簡化運營。我們還瞄準更高的投資回報率支出。例如，我們正在從《瘋狂三月》的廣告轉向《星期四橄欖球之夜》的 Amazon Prime Video。同樣的美元投資使我們的影響力翻倍，並提供重新定位機會以及品牌和展會整合。我們認為全年節省的大約 2/3 是永久性的，並且預計不會隨著銷量的增加而收回。

These savings will be offset in part by inflation, and by intensifying litigation costs driven by the cases Ryan mentioned previously. Now onto our new estimates for 2023. First, we expect our Q2 closed volumes to be down about 25% versus prior year. Second, based on the Q1 split trends we now expect full year 2023 split pressure of about 100 basis points, which is better than our previous estimates.

這些節省的費用將被通貨膨脹以及瑞安之前提到的案件導致的訴訟成本增加所部分抵消。現在我們對 2023 年進行新的預測。首先，我們預計第二季度的成交量將比去年同期下降約 25%。其次，根據第一季度的分拆趨勢，我們現在預計 2023 年全年分拆壓力約為 100 個基點，這好於我們之前的估計。

Estimates that remain the same as our last call. For full year 2023 we continue to expect transaction volume declines to about 15% to 20% year-over-year, which is consistent with our past estimate and in line with industry forecasts. We also still expect the transaction volumes will improve sequentially throughout the year. We expect our operating free cash flow to be modestly positive as favorable working capital, robust savings programs and our cash management discipline will help counterbalance this tough year in housing. Finally, we are on track to realize $200 million of P&L cost savings in 2023.

估計與我們上次通話時保持相同。對於 2023 年全年，我們繼續預計交易量將同比下降約 15% 至 20%，這與我們過去的估計一致，也符合行業預測。我們還預計全年交易量將環比增長。我們預計我們的運營自由現金流將適度為正，因為有利的營運資本、強勁的儲蓄計劃和我們的現金管理紀律將有助於抵消今年住房市場的艱難局面。最後，我們有望在 2023 年實現 2 億美元的損益成本節省。

Let me now turn the call back to Ryan for some closing remarks.

現在讓我把電話轉回給瑞安，讓他發表一些結束語。

Thank you, Charlotte. So as I reflect on the first quarter, I'm proud of our team navigated the tough housing environment and deliver. I'm also excited about the strategic progress we've made in the quarter to set our business up for greater growth when the market rebounds to permanently streamline our cost base as we operate differently and to re-imagine the agent and customer transaction experience.

謝謝你，夏洛特。因此，當我回顧第一季度時，我為我們的團隊應對艱難的住房環境並取得成果感到自豪。我還對本季度取得的戰略進展感到興奮，這些進展使我們的業務在市場反彈時實現更大增長，從而永久簡化我們的成本基礎，因為我們以不同的方式運營，並重新構想代理和客戶交易體驗。

Looking ahead, we continue to believe the housing market will improve through the course of the year and I remain quite optimistic about the housing market over the medium term and our ability to lead in it. To achieve even greater success in the future we continue to seize this moment to position Anywhere to capture the benefits of that better housing environment as together with our agents and franchisees, we move real estate towards next.

展望未來，我們仍然相信房地產市場將在今年有所改善，我對中期內的房地產市場以及我們在房地產市場中的領導能力仍然相當樂觀。為了在未來取得更大的成功，我們將繼續抓住這一時機，在任何地方定位，以獲取更好的住房環境的好處，與我們的代理商和特許經營商一起，我們將房地產推向下一個目標。

Now I will turn the call back over to the operator for any questions.

如果有任何問題，現在我會將電話轉回給接線員。

(Operator Instructions) Your first question comes from Tommy McJoynt with KBW.

（操作員說明）您的第一個問題來自 KBW 的 Tommy McJoynt。

So I want to start off asking about the commission split numbers. So assuming that the full year transaction volumes are down 15% to 20%. I think you guided to for the full year and understanding that the productivity mix among agents can vary. What's a reasonable range for where that commission split could end up this year relative to what it was last year?

所以我想首先詢問佣金分割數字。因此，假設全年交易量下降 15% 至 20%。我認為您指導了全年並了解代理商之間的生產力組合可能會有所不同。相對於去年，今年佣金分配的合理範圍是多少？

Yes. So I think the guidance that I just indicated in the prepared remarks was to be around 100 basis points worse than prior year. The first quarter being down 84. And again, the drivers of what's causing this split pressure is the amortization of prior recruiting and retention payments as well as the mix of some of the agents that we've recruited over the past year. So those are the big drivers down 84 basis points in Q1 and our call for the full year at this point is to be down about 100 -- sorry, worse than 100.

是的。因此，我認為我剛剛在準備好的發言中指出的指導意見比去年差了約 100 個基點。第一季度下降了 84。同樣，造成這種分裂壓力的驅動因素是先前招聘和保留付款的攤銷，以及我們在過去一年中招聘的一些代理商的組合。因此，這些是第一季度下跌 84 個基點的主要推動因素，我們此時對全年的預測是下跌約 100 個基點——抱歉，比 100 個基點還要糟糕。

Right. Got it. Okay. And then my second question, have you seen any early indications of a slowdown in available jumbo mortgage credit that's impacting the luxury housing market following the pullback by some of the banks that historically were pretty prominent in that market?

正確的。知道了。好的。然後是我的第二個問題，在一些歷史上在該市場相當突出的銀行撤資之後，您是否看到了可用巨額抵押貸款放緩的任何早期跡象，這正在影響豪華住房市場？

No, we have not -- our mortgage business is meaningfully sized and kind of has a pretty broad distribution out there. Obviously, we are not a bank. So we do operate differently than some of the banks in our joint venture. But we haven't seen any pressure on housing results because of mortgage pullbacks. We've seen a massive amount of pressure on housing results because of mortgage rates with frankly the supply issue and the fact that so many people have a low rate and are kind of locked into their homes and we are getting so little inventory on the market is even bigger than the affordability that comes with 6% to 7% mortgage rates. But on the list of things that are kind of affecting housing transactions both the number, the pricing et cetera, the pullback in mortgage credit and in the jumbo market in particular is not anywhere near the top of the list. It's not something that comes up, and look, the luxury segment has a disproportionate majority of cash transactions relative to rest of the market. So, good question, given everything that's going on, but it is not a driver. We believe will be either our results or of the results out there in the industry. And again, it's a tough year for housing right now because of those rate environment, but we think the longer-term outlook for housing with demographics and the fact that it's not a loose credit environment and we don't have the balance sheet issues of 15 years ago, does have us more optimistic over the medium term but pretty strong no on your question in terms of what we are seeing and what's affecting our results.

不，我們沒有——我們的抵押貸款業務規模很大，而且分佈相當廣泛。顯然，我們不是銀行。因此，我們的運營方式確實與合資企業中的一些銀行不同。但我們還沒有看到由於抵押貸款回撤而對住房業績造成任何壓力。我們看到住房業績承受著巨大的壓力，原因是抵押貸款利率和供應問題，而且很多人的利率很低，而且被鎖在自己的房子裡，而我們在市場上獲得的庫存卻很少甚至比 6% 至 7% 抵押貸款利率的承受能力還要大。但在影響住房交易的因素清單上，無論是數量、定價等，還是抵押貸款信貸的回落，特別是大型市場的回落，都不是最重要的。這不是突然出現的事情，看起來，相對於市場的其他部分，奢侈品市場的現金交易占據了不成比例的大部分。所以，考慮到正在發生的一切，這是個好問題，但它不是一個驅動程序。我們相信這要么是我們的結果，要么是行業中的結果。再說一次，由於這些利率環境，今年對住房市場來說是艱難的一年，但我們認為住房的長期前景與人口統計以及信貸環境並不寬鬆以及我們不存在資產負債表問題的事實有關。 15 年前，我們確實對中期更加樂觀，但就我們所看到的以及影響我們結果的因素而言，對於您的問題，我們的態度非常強烈。

Your next question comes from Matthew Bouley with Barclays.

您的下一個問題來自巴克萊銀行的 Matthew Bouley。

So I guess on the G&A spend, I guess, presumably that includes some of these meaningful legal accruals that you're speaking to. And I know you didn't add those back to adjusted EBITDA. I don't know, if you want to quantify those or you're kind of holding that back, but maybe said another way, is there a way to kind of think about sort of normalized level of G&A spend ongoing, maybe a way to put it?

所以我想在一般行政費用上，我猜想可能包括你所說的一些有意義的法律應計費用。我知道您沒有將這些添加回調整後的 EBITDA 中。我不知道，如果你想量化這些，或者你有點猶豫，但也許換句話說，有沒有一種方法可以考慮持續的一般性支出的正常化水平，也許是一種方法把它？

Well, look, this is 3 quarters in a row that we've had -- meaningful legal accruals that affect our EBITDA and to your point we just put it in the operating EBITDA and we don't try to adjust that out, but we talk about them and we make it clear that is meaningful. So you should obviously be assuming on a run rate basis that are absent those things, our G&A would have been lower and our EBITDA would have been higher. We are not going to get in the business of giving the numbers out, partly because you wouldn't want us to be sharing them with the plaintiffs, but we are pretty transparent about what's going on there and that it's a meaningful impact. And you're right, that is where the lion's share of that stuff shows up.

好吧，看，這是我們連續三個季度出現的情況——有意義的合法應計項目影響了我們的 EBITDA，就你的觀點而言，我們只是將其納入運營 EBITDA 中，我們並沒有嘗試對其進行調整，但我們談論它們，我們明確表示這是有意義的。因此，您顯然應該假設在沒有這些因素的情況下，我們的一般管理費用會更低，而我們的 EBITDA 會更高。我們不會公佈這些數據，部分原因是你不希望我們與原告分享這些數據，但我們對正在發生的事情非常透明，而且這是一個有意義的影響。你是對的，這就是大部分內容出現的地方。

Yes, I think, Matt, I mean you've probably looked at our corporate G&A over a longer period of time and you know kind of where our cost savings come from and the majority of which are coming out of Brokerage and Title. So I think you can probably estimate for yourself what do you think the run rate of corporate G&A would be.

是的，我想，馬特，我的意思是，您可能已經在較長一段時間內關注過我們公司的一般管理費用，並且您知道我們的成本節省來自何處，其中大部分來自經紀和產權。所以我認為你可以自己估計一下你認為企業一般管理費用的運行率是多少。

Yes, I mean, the other thing probably to keep it in mind when you look at the other legal accruals kind of get the results, Matt, obviously they go straight into the operating EBITDA number that we quoted, but legal accruals aside, March was a positive EBITDA month for us. It was solidly positive. So we like that. We like the trend there and then underlying that is the fact every month so far this year we've seen the open transactions, volume metrics outperform the closed ones which kind of shows future months better than previous and that's partly why March was a better month than January and February.

是的，我的意思是，當你查看其他法定應計項目以獲得結果時，可能要記住另一件事，馬特，顯然它們直接進入我們引用的運營 EBITDA 數字，但除了法定應計項目之外，3 月份是對我們來說，這是一個積極的 EBITDA 月份。這是非常積極的。所以我們喜歡這樣。我們喜歡那裡的趨勢，然後潛在的事實是，今年到目前為止，每個月我們都看到未平倉交易、成交量指標優於已平倉交易，這在某種程度上表明未來幾個月比以前更好，這也是 3 月份更好的部分原因比一月和二月。

So those accruals really been a headwind to some of these numbers that we've been sharing with you on an overall basis, but we have tried to be clear that there's stronger underlying business performance there and with the March EBITDA solidly positive is just one example of that.

因此，這些應計費用確實對我們一直與您分享的一些數字構成了不利影響，但我們試圖明確這一點，那裡有更強勁的基本業務表現，3 月份 EBITDA 的穩健增長只是一個例子的。

Yes. Got it. Before I get to my second question, any color on maybe how many more quarters of legal accrual we could look for?

是的。知道了。在我回答第二個問題之前，我們還可以尋找多少個季度的法定應計費用？

Yes, so obviously, these cases continue to evolve. I mean what were accrued for at this point is our best guess as of today, but we do have to reevaluate sort of month by month and the class was certified and so we took a position that we thought was prudent, but we are going to have to keep watching it month by month.

是的，很明顯，這些案件在繼續發展。我的意思是，此時應計的金額是​​我們今天的最佳猜測，但我們確實必須逐月重新評估，並且該課程已獲得認證，因此我們採取了我們認為謹慎的立場，但我們將必須逐月繼續觀察。

Okay, got it. Thank you for all that helpful detail. And then so secondly, just kind of question on how this overall housing market is evolving. I think one thing you see, as you look in the data is that you're seeing this sort of larger share shift towards new build and I'm thinking more of the single-family side. So not really asking about the new development business that you guys do in Corcoran for example. So as you think about how that maybe plays out from Anywhere's perspective to what extent do your agents participate in new construction, new single-family construction? And how would that play into either commission splits or even commission rate? Thank you.

好，知道了。感謝您提供所有有用的細節。其次，關於整個房地產市場如何演變的問題。我認為，當你查看數據時，你看到的一件事是，你看到這種更大的份額轉向新建建築，而我更多地考慮單戶住宅方面。因此，並不是真正詢問你們在科克蘭所做的新開發業務。那麼，當您從 Anywhere 的角度思考這可能會如何發揮作用時，您的代理商在多大程度上參與新建築、新單戶建築？這對佣金分成甚至佣金率有何影響？謝謝。

Yes, so we play with -- our agents play a new single-family home construction, I would say episodically when the markets are hot, builders don't need to use agents to sell their homes when markets are tougher like we are getting right now, a bit bluntly we have more agents who are helping people, I would say sell homes. That said, it's never going to be that in our mix because if the normal world is whatever 5 plus million resale in a good year, I guess about a 1 million or so new construction. Maybe, I don't know, it's a plus or minus that, even a big move in the new construction number it doesn't kind of move the overall that much, kind of thing. And so our world is pretty much going to be swamped by what happens either up or down with the resale market.

是的，所以我們玩 - 我們的經紀人玩一個新的單戶住宅建設，我會偶爾說，當市場火熱時，建築商不需要在市場艱難時使用經紀人來出售他們的房屋，就像我們做對的那樣現在，坦白地說，我們有更多的代理商在幫助人們，我想說的是出售房屋。也就是說，在我們的組合中永遠不會出現這種情況，因為如果正常情況是在好年份轉售 5 多萬套，我猜大約是 100 萬套左右的新建建築。也許，我不知道，這是一個優點還是缺點，即使新建築數量發生了很大的變化，它也不會對整體產生太大的影響。因此，我們的世界幾乎將被轉售市場的漲跌所淹沒。

So we'll take any of the business we can get there, but it's neither going to make up for the resale market, nor is it going to be a problem if the new sales stuff kind of goes away in terms of our agents involvement, but the bigger thing is just -- it is a challenging market right now and part of the reason the new sale market is doing well is they are bringing new supply into the market. And as I said in the earlier comment the lack of supply is by far the biggest issue out there in the world and it's true across price points and geographies, and obviously you know what's happening on the rate environment has really hurt that ability and you know, you can look at all the forecasts, but whether it's 4.2, 4.3, 4.5, 4.0 whatever those forecasts those are like some of the lowest numbers will have seen in 15 to 30 or 40 years in terms of number of units sold.

因此，我們將採取任何我們能到達的業務，但這既不會彌補轉售市場，也不會成為問題，如果新的銷售內容因我們的代理商參與而消失，但更重要的是——目前這是一個充滿挑戰的市場，新銷售市場表現良好的部分原因是他們正在為市場帶來新的供應。正如我在之前的評論中所說，供應不足是迄今為止世界上最大的問題，在不同的價格點和地區都是如此，顯然你知道利率環境所發生的事情確實損害了這種能力，你知道，你可以查看所有的預測，但無論是 4.2、4.3、4.5、4.0，無論這些預測是什麼，這些預測都像是 15 至 30 或 40 年內銷售單位數量中的最低數字。

So we've really got to stay focused on the cost side like we are doing. We absolutely are excited that we can invest in a time when a lot of people are having to pullback even more and the fact that we could drive -- still drive meaningful EBITDA this year and even have some modestly positive free cash flow, you know is feeling pretty good given the market that we are in and then you've obviously seen how we can perform in stronger markets and so anything we can do to create some space with the competition because I think the competitive environment has gotten better. And I have a personal belief there may be some fight to quality is still going on here.

因此，我們確實必須像我們現在所做的那樣，繼續關注成本方面。我們絕對感到興奮的是，我們可以在很多人不得不進一步撤資的時代進行投資，事實上，我們今年仍然可以推動有意義的 EBITDA，甚至擁有一些適度的正自由現金流，你知道的是考慮到我們所處的市場，感覺非常好，然後你顯然已經看到了我們如何在更強大的市場中表現，因此我們可以做任何事情來為競爭創造一些空間，因為我認為競爭環境已經變得更好。我個人相信，這裡可能仍在進行一些質量爭奪戰。

So we are -- that's what we are seeing out in the market and how we are trying to navigate our way through it.

所以我們——這就是我們在市場上看到的情況以及我們如何努力在市場中找到出路。

Yes, the only thing I'd add to that as Ryan brought up are modestly positive free cash flow in the year. I just want to be explicit that we have no further information about any possibility or timing of any of the outcomes in our litigation. So that's not factored into the estimates that we've shared with you.

是的，正如瑞安所說，我唯一要補充的是今年適度的正自由現金流。我只是想明確表示，我們沒有關於訴訟結果的任何可能性或時間安排的進一步信息。因此，這並未計入我們與您分享的估計中。

(Operator Instructions) Your next question comes from John Campbell with Stephens, Inc.

（操作員說明）您的下一個問題來自 Stephens, Inc. 的 John Campbell。

This is AJ Hayes stepping in for John Campbell. Congrats on the quarter. So we saw in the 10-K that a third of Title transactions last year is been from your company's owned brokerages. And you also called out that about 30% of Title attach rates for those broker transactions. Can you provide some insight on how that looked in prior years? And how -- you've seen an improvement in attach rates over the years and in longer term where do you think you can take those attach rates?

這是 AJ 海耶斯 (AJ Hayes) 接替約翰坎貝爾 (John Campbell)。恭喜本季度。因此，我們在 10-K 中看到，去年三分之一的產權交易來自貴公司自有的經紀公司。您還指出，這些經紀人交易的產權附加費率約為 30%。您能否提供一些關於前幾年情況的見解？多年來，您看到附加率有所改善，從長遠來看，您認為這些附加率可以達到什麼水平？

Well, I think we've had that stuff out there. I don't think our attach rates are frankly really improved over the years. I mean, and they've kind of stayed in kind of that range there.

嗯，我想我們已經有這些東西了。坦率地說，我認為這些年來我們的附加率並沒有真正提高。我的意思是，他們一直保持在這個範圍內。

To your other point, we do, do a meaningful amount of third-party business and we love that, right. We love doing Title business for any transactions that we can, not just our own agents and so that's why AJ, and I appreciate you stepping in. I do spend as much time as I do talking about re-imagining the agent and the consumer transaction experience because I have a very strong fundamental belief AJ, if you'll let me just share with you here which is everybody just trying to change the way we've done things to get a different Title attachment the way it's been done for ever and our industry is unlikely to work and the fact that our results on that core metric haven't changed that much as evidenced, but the way to actually get different results is that actually change how the transaction happens and make it easier for people or create products that make it easier to let you capture and the RealVitalize one I use as an example of that.

對於你的另一點，我們確實做了大量的第三方業務，我們喜歡這一點，對吧。我們喜歡為任何我們能做的交易做產權業務，而不僅僅是我們自己的代理人，這就是為什麼 AJ，我很感謝你介入。我確實花了很多時間來談論重新想像代理人和消費者交易經驗，因為我有一個非常強烈的基本信念，AJ，如果你能讓我在這裡與你分享，每個人都只是試圖改變我們做事的方式，以獲得不同的標題附件，就像永遠所做的那樣我們的行業不太可能正常運轉，事實上我們在該核心指標上的結果並沒有像所證明的那樣發生太大變化，但真正獲得不同結果的方法是真正改變交易的發生方式，讓人們更容易或創造產品這使您可以更輕鬆地進行捕捉，我以 RealVitalize 為例。

We give a product, I've actually use this product as a home seller where it makes it -- it takes all the work of prepping your home for sale and enhance it to professionals, where both the agent and the homeowner doesn't have to do any of the coordination because a professional does that, right and then we recoup the cost of that stuff at the closing, but built into that product is using our Title in any market where the home seller controls the Title and so we get 80 plus percent capture rates there.

我們提供一種產品，我實際上已經將這種產品用作房屋銷售商，它製造了它——它需要為您的房屋出售做好準備並將其增強給專業人士，而經紀人和房主都沒有這些工作進行任何協調，因為專業人士會這樣做，對，然後我們在成交時收回這些東西的成本，但內置到該產品中的是在房屋賣家控制所有權的任何市場中使用我們的所有權，因此我們得到 80加上捕獲率百分比。

And so I don't talk about simplifying the transaction just for the fun of it or because of the obvious thing that we all want simpler things in life. Having products and experiences that are better for the agent and the consumer in this very complex big dollar thing is not only good on its own rights and can help with our value proposition, but my view AJ is that's the only way to really get your Title and Mortgage capture rates to a different zip code wherever possible to actually embedded in the product that people want because it makes the service better or easier and RealVitalize is an example of that.

因此，我談論簡化交易並不是為了好玩，也不是因為我們都希望生活中的事情變得更簡單。在這個非常複雜的大額金錢事物中，擁有對代理商和消費者更好的產品和體驗不僅本身有好處，而且可以幫助我們的價值主張，但我認為 AJ 是這是真正獲得頭銜的唯一途徑抵押貸款捕獲率盡可能實際嵌入到人們想要的產品中，因為它使服務更好或更容易，RealVitalize 就是一個例子。

And so we actually -- that's partly why we want to give those kind of data points that we are finding ways to do that in pilot programs at smaller scale that we want to roll more broadly and that's the kind of way we can get to different capture rates just doing what we do or what our industry does is not likely to move the needle. But innovation and change in the experience that could do it. And so we've got that real example we gave you this quarter and that's the kind of innovation agenda we need to be driving.

因此，我們實際上 - 這就是為什麼我們想要提供此類數據點的部分原因，我們正在尋找在較小規模的試點項目中做到這一點的方法，我們希望更廣泛地開展這些項目，這就是我們可以實現不同目標的方式僅做我們所做的或我們行業所做的事情不太可能改變捕獲率。但體驗的創新和改變可以做到這一點。因此，我們有本季度為您提供的真實示例，這就是我們需要推動的創新議程。

Yes. I really appreciate the color there Ryan and definitely impressive attach rates with RealVitalize. One follow-up, if I may with Cartus it's obviously buried in the brand segment, but it seems like you've rebuilt to a great spot after the pandemic driven fallout. It would be very helpful if you could provide either the exact contributions or maybe just talk broadly to where it is today versus pre-pandemic for both revenue and margin as well.

是的。我真的很欣賞 Ryan 的顏色，而且 RealVitalize 的附加率絕對令人印象深刻。一個後續行動，如果可以的話，Cartus 顯然被埋沒在品牌領域，但在大流行造成的影響之後，你似乎已經重建到了一個很好的位置。如果您可以提供確切的貢獻，或者只是廣泛地談論目前的收入和利潤率與大流行前的情況，那將非常有幫助。

Yes. So what I would say is we had a really good quarter and relocation it was -- it drove a decent year-over-year improvements in the -- it was definitely a noticeable. From a revenue perspective over the past year, the volume was kind of driven by a couple of different things. It was driven by a little bit of a rebound of pent-up demand but it was also driven by new business with existing clients and then share gains that we had with new clients.

是的。所以我想說的是，我們度過了一個非常好的季度，而且搬遷也帶來了不錯的同比改善，這絕對是引人注目的。從過去一年的收入角度來看，銷量是由幾個不同的因素推動的。它是由被壓抑的需求的一點點反彈推動的，但也受到與現有客戶的新業務的推動，然後與新客戶分享我們的收益。

So I think the business, to your point is very healthy. We have really focused on it. When the real estate business was booming, we continue to invest and ensure that we were driving the right technology agenda. And so I'm really happy with the way that performance is playing out. I will say there is -- for what's to come balance of the year, there are challenges that are driven by, if you think about the sectors that used relocation, some of those sectors are suffering and so they may have different plans for relocation in the near term as they have their own agendas to worry about, but over the long haul the market share gains that we've built both with existing and new customers I think are going to benefit us for sure, and we are very happy with the year-over-year contribution from that business.

所以我認為，就你的觀點而言，這個行業非常健康。我們確實非常關注它。當房地產業務蓬勃發展時，我們繼續投資並確保推動正確的技術議程。所以我對錶演的方式非常滿意。我想說的是，對於今年的平衡，存在一些挑戰，如果你考慮一下那些進行搬遷的部門，其中一些部門正在遭受苦難，因此他們可能有不同的搬遷計劃短期內，因為他們有自己的議程需要擔心，但從長遠來看，我們與現有客戶和新客戶建立的市場份額的增長，我認為肯定會讓我們受益，我們對該業務的逐年貢獻。

Operator, do we have any other questions in the queue?

接線員，隊列中還有其他問題嗎？

There are no further questions at this time.

目前沒有其他問題。

All right. Well, we thank all of our shareholders and other interested parties for joining us today. And with that, I think we are going to wrap up the call.

好的。好吧，我們感謝所有股東和其他感興趣的各方今天加入我們。至此，我想我們就可以結束這次通話了。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。