Anywhere(HOUS) - 2021 Q1 - Quarterly Report

Financial Performance - Realogy Holdings Corp. reported net revenues of $1,547 million for Q1 2021, a 32.4$1,168 million in Q1 2020[35] - Gross commission income rose to $1,154 million in Q1 2021, up 35.7$850 million in Q1 2020[35] - The company achieved a net income of $34 million in Q1 2021, compared to a net loss of$462 million in Q1 2020[35] - Basic earnings per share increased to $0.28 in Q1 2021, recovering from a loss of$4.03 per share in Q1 2020[35] - The company reported a comprehensive income of $33 million for Q1 2021, compared to a comprehensive loss of$463 million in Q1 2020[37] - Net income for the three months ended March 31, 2021, was $34 million, compared to a net loss of$462 million for the same period in 2020[42] - Operating EBITDA for Q1 2021 was $162 million, compared to$32 million in Q1 2020, reflecting a significant recovery[153] - Net income attributable to Realogy Holdings increased to $33 million in Q1 2021, a$495 million improvement from a net loss of $462 million in Q1 2020[212] Expenses and Costs - Total expenses decreased to$1,527 million in Q1 2021, down from $1,780 million in Q1 2020, reflecting a reduction in various cost categories[35] - Total expenses decreased by$253 million or 14% to $1,527 million in Q1 2021, primarily due to a significant reduction in non-cash impairments from$477 million in Q1 2020 to $1 million in Q1 2021[213] - The Company incurred$5 million in restructuring costs in Q1 2021, part of a program expected to total approximately $166 million, with$117 million already incurred[216] - A $255 million increase in commission and other sales agent-related costs due to higher homesale transaction volume and increased agent commission costs[219] Cash and Debt Management - Cash and cash equivalents as of March 31, 2021, were$404 million, down from $520 million at the end of 2020[39] - Long-term debt increased to$3,190 million as of March 31, 2021, compared to $3,145 million at the end of 2020[39] - Payments for refinancing of Term Loan A Facility and Term Loan B Facility totaled$905 million in Q1 2021[42] - The company utilized $905 million from the issuance of Senior Notes to pay down$250 million of Term Loan A and $655 million of Term Loan B[158] Revenue Sources - Realogy Franchise Group's revenue for Q1 2021 was$254 million, up from $220 million in Q1 2020[151] - Realogy Brokerage Group reported revenue of$1,171 million in Q1 2021, compared to $869 million in Q1 2020[151] - Homesale transaction volume for Realogy Franchise and Brokerage Groups increased 44$49 million[121] - Personnel-related costs expected to be incurred are $56 million, with$52 million already incurred[121] - Facility-related costs expected to be incurred are $109 million, with$64 million already incurred[121] Equity and Stock Performance - The Company granted restricted stock units related to 0.9 million shares with a fair value of $14.10 and performance stock units related to 0.6 million shares with a fair value of$11.55 during Q1 2021[127] - The balance of common stock increased from 115.5 million shares at December 31, 2020, to 116.4 million shares at March 31, 2021[123] Future Outlook - The company expects homesale transaction volume to increase by 57% in Q2 2021 compared to Q2 2020, which was heavily impacted by COVID-19[165] - NAR forecasts existing homesale transactions to remain flat in 2022, while Fannie Mae predicts a 6% decrease[172]