BAM Key Detail:

  • Q4 and full year 2023 financial reports are in for the biggest names in real estate.

We now have Q4 and full-year 2023 financial updates for the following companies: 

A few acronyms to keep in mind: 

  • GAAP = generally accepted accounting principles
  • EPS = earnings per share
  • EBITDA = earnings before interest, taxes, depreciation, and amortization
  • BPS = basis points (100 bps = 1% change; 0.01bps = 1% change)

Read on for the highlights. 

Real Brokerage

Real Brokerage shared its fourth quarter and full year 2023 financial results on March 7, 2024, showing substantial quarterly and annual increases in revenue. 

Real Q4 2023 Financial Highlights:

  • Revenue rose to $181.3 million in Q4 2023, an increase of 89% from $96.1 million in Q4 2022.
  • Gross profit reached $15.5 million in Q4 2023, up 89% from $8.2 million in Q4 2022.
  • Net loss attributable to owners of the Company was $12.0 million in Q4 2023—up from $6.8 million in Q4 2022.
  • Adjusted EBITDA was positive $8.5 million in Q4 2023, compared to negative ($0.1) million in Q4 2022. Adjusted EBITDA excluding a non-recurring stock based compensation balance sheet adjustment, which totaled $6.2 million in the quarter, was positive $2.3 million in Q4 2023, a $2.4 million improvement from negative ($0.1) million in Q4 2022.
  • Operating expenses (which include General & Administrative, Marketing, and Research and Development expenses) increased by 76% to $26.8 million in Q4 2023—up from $15.2 million in Q4 2022. Operating expenses include a 70% year-over-year increase in revenue share expense, adding up to $6.8 million in Q4 2023, compared to $4.0 million in Q4 2022. Operating expenses in Q4 2023 include a $5.1 million out of period adjustment in stock based compensation expense that was recorded in the current period.
  • Adjusted operating expenses (operating expenses less revenue share expense, stock-based compensation, depreciation and other unique or non-cash expenses) were $11.2 million in the fourth quarter of 2023—up 46% from $7.7 million in Q4 2022.
  • Loss per share in Q4 2023 was $0.07—up from a $0.04 loss per share in the Q4 2022.
  • The Company repurchased 765,000 common shares for $1.1 million in the fourth quarter of 2023, pursuant to its normal course issuer bid.
  • Operating expense per transaction excluding revenue share was $1,124 in the fourth quarter of 2023, a decline of 2% from $1,146 in the fourth quarter of 2022. 
  • Adjusted operating expense per transaction was $632, a decline of 20% from $787 in the fourth quarter of 2022.

Real Full Year 2023 Financial Highlights:

  • Revenue for the full year 2023 was $689.2 million—up 81% from $381.8 million for the full year 2022.
  • Gross profit for the full year 2023 reached $62.9 million, up 97% from $32.0 million for the full year 2022.
  • Net loss attributable to owners of the Company for the full year 2023 was $27.5 million—up from a loss of $20.6 million for the full year 2022.
  • Adjusted EBITDA for the full year 2023 was positive $13.9 million, compared to negative ($0.7) million for the full year 2022. Adjusted EBITDA (excluding a non-recurring stock based compensation balance sheet adjustment, which totaled $6.2 million for the year) was positive $7.6 million for the full year 2023—an improvement from negative ($0.7) million for the full year 2022.
  • Operating expenses (including General & Administrative, Marketing, and Research and Development expenses) increased by 72% to $88.9 million for the full year 2023—up from $51.7 million for the full year 2022. Operating expenses include an 86% year-over-year increase in revenue share expense, amounting to $27.9 million for the full year 2023, compared to $15.0 million for the full year 2022.
  • Adjusted operating expenses (operating expenses less revenue share expense, stock-based compensation, depreciation and other unique or non-cash expenses) totaled $42.8 million for the full year 2023—up 55% from $27.7 million for the full year 2022.
  • Loss per share for the full year 2023 was $0.15—up from a $0.12 loss per share for the full year 2022.
  • The Company repurchased 2 million common shares for $2.9 million during 2023, pursuant to its normal course issuer bid.
  • Cash & other investments, as of December 31, 2023, totaled $28.9 million—up $10.2 million from the prior year—reflecting $14.7 million held in cash and $14.2 million held in investments in financial assets.

Real delivered another record year in 2023, despite a challenging industry backdrop. Our performance both in the quarter and for the full year is a testament to our unique agent value proposition, our scalable technology platform, and our efficient operating model. Our differentiated technology and service offering continues to empower agents to grow their businesses against the odds, while improving the experience for home buyers and sellers. Looking forward, we’re excited to continue leading the industry with cutting-edge innovations, including the One Real consumer-facing app and the Real Wallet financial ecosystem, which were designed to enhance the Real experience for agents and their clients.

Tamir Poleg

Real’s Chairman and Chief Executive Officer

We are thrilled by the momentum we’re seeing across our agent base, which has now reached the 16,000 agent milestone. This achievement is a clear indication of the attractiveness of Real’s platform, and our unique, collaborative culture. With the formal launch of our Private Label and ProTeams programs in January, it is now easier than ever for independent brokerages and teams to join Real – and experience all of the benefits associated with being a part of the fastest-growing, publicly traded brokerage firm.

Sharran Srivatsaa

President of Real

Compass

Compass shared its Q4 and full year 2023 financial results on February 27, 2024, showing quarterly and year-over-year declines in revenue but significant improvements in GAAP net loss and both quarterly and annual gains in market share.

Compass Q4 2023 highlights:

  • Revenue in Q4 2023 dropped year over year to $1.1 billion as macroeconomic forces caused a 4.9% annual decline in transactions. 
  • GAAP Net loss in Q4 2023 was $83.7 million—a $74.4 million (47%) improvement from a Net Loss of $158.1 million in Q4 2022. The Net Loss figure for Q4 2023 includes non-cash stock-based compensation expenses of $36.3 million and depreciation and amortization of $21.5 million. 
  • Adjusted EBITDA for Q4 2023 (a non-GAAP measure) was ($23.7) million—an improvement of $51.6 million (or 69%) over the ($75.3) million in Q4 2022. 
  • Operating Cash Flow / Free Cash Flow for Q4 2023 (a non-GAAP measure): operating cash flow was ($38.7) million and free cash flow was ($41.0) million, the difference being the treatment of capital expenditures. 
  • Cash and cash equivalents at the end of Q4 2023 was $166.9 million, with no draw of our revolving credit facility. Compared to year-end 2022 of $361.9 million, the cash balance declined $195 million primarily driven by net repayments of drawdowns on the revolving credit facility of $150 million.

Compass Full year 2023 highlights:

  • Revenue for the full year (2023) was $4.9 billion—down 19% year over year from $6.0 billion in 2022. 
  • GAAP Net Loss for 2023 was $321.3 million—reduced by $280.2 million (47%) from $601.5 million in 2022.
  • Adjusted EBITDA for the full year 2023 was ($38.9) million—an improvement of $171 million (or 81%) over the ($210.0) million in 2022.
  • Operating Cash Flow / Free Cash Flow for the full year 2023: Operating cash flow was ($25.9) million compared to ($291.7) million in 2022—an improvement of $265.8 million or 91%. Free Cash Flow for the full year 2023 was ($37.1) million compared to ($361.8) million in 2022—an improvement of $324.7 million.

Over the past two years, we have successfully navigated the worst residential real estate market in decades and significantly reset our operating expense levels, positioning Compass for what we believe will be significant upside when the market begins to recover. As we reduced operating expenses, we continued to invest in growth, our agents and our technology platform, the industry’s only proprietary first-contact to close platform. We recruited more than 2,000 principal agents without cash or equity sign-on incentives since eliminating those incentives in August 2022 and we increased the number of principal agents 7.7% in Q4 2023 compared to Q4 2022. We grew quarterly market share both year-over-year and quarter-over-quarter in Q4 2023 and we continued the trend of strong agent retention, achieving 97% principal agent retention in Q4 2023. In 2023, we continued to build our technology advantage as we added 103 features to our platform including Performance Tracker, Compass AI enhancements and ‘1 Click Title & Escrow.’

Robert Reffkin

Founder and Chief Executive Officer of Compass

In January 2023, we announced our 2023 target range of $850 million to $950 million of annualized non-GAAP operating expenses, or OPEX3. We expected to be below the midpoint of that range in Q4 of 2023. One year later, I’m pleased to announce we ended the year below the midpoint goal and expect to further reduce our full year 2024 non-GAAP OPEX to $865 million. We expect non-GAAP OPEX will grow thereafter at a nominal rate of 3-4% per year excluding M&A over the next few years. We have built an operating structure that has set us up for margin expansion when market conditions improve. These reduced non-GAAP OPEX levels have allowed us to significantly improve our cash flow. For the full year of 2023 compared to the full year of 2022, we have been able to achieve a $266 million improvement in our operating cash flow and a $325 million improvement in free cash flow even as revenue declined by $1.1 billion.

Kalani Reelitz

Chief Financial Officer of Compass

Opendoor

Opendoor was among the first on this list to share its Q4 and full year 2023 financial results (on February 15, 2024), showing quarterly and annual declines in revenue but significant quarterly and annual improvements in net loss. 

Opendoor Q4 2023 key highlights:

  • Revenue: $870 million—down (70)% from Q4 2022 and down (11)% from Q32023
  • Total Homes Sold: 2,364, down (69)% from Q4 2022 and down (12)% from Q3 2023
  • Gross profit: $72 million, versus $71 million in Q4 2022 and $96 million in Q3 2023; Gross Margin of 8.3%, versus 2.5% in Q4 2022 and 9.8% in Q3 2023
  • Net Loss: $(91) million, versus $(399) million in Q4 2022 and $(106) million in Q3 2023
  • Inventory balance: $1.8 billion, representing 5,326 homes—down (60)% from Q4 2022 and up 35% from Q3 2023
  • Purchased 3,683 homes, up 7% from Q4 2022 and up 17% from Q3 2023 
  • Ended the quarter with 2,114 homes under contract for purchase, up 109% from Q4 2022 and up 27% versus Q3 2023
  • Contribution Profit (Loss): $30 million, versus $(207) million in Q4 2022 and $43 million in Q3 2023; Contribution Margin: 3.4%, versus (7.2)% in Q4 2022 and 4.4% in Q3 2023
  • Adjusted EBITDA of $(69) million, versus $(351) million in Q4 2022 and $(49) million in Q3 2023; Adjusted EBITDA Margin of (7.9)%, versus (12.3)% in Q4 2022 and (5.0)% in Q3 2023
  • Adjusted Net Loss: $(97) million, versus $(467) million in Q4 2022 and $(75) million in Q3 2023

Opendoor Full year 2023 highlights:

  • Revenue: $6.9 billion, down (55)% from 2022—with 18,708 total homes sold, down (52)% from 2022
  • Gross profit: $487 million, down from $667 million in 2022; Gross Margin of 7.0%, up from 4.3% in 2022
  • Net Loss: $(275) million—an improvement over the $(1.4) billion net loss in 2022
  • Purchased 11,246 homes—down from 34,962 homes in 2022
  • Contribution (Loss) Profit: $(258) million, versus $525 million in 2022; Contribution Margin of (3.7)%, versus 3.4% in 2022
  • Adjusted EBITDA of $(627) million, versus $(168) million in 2022; Adjusted EBITDA Margin: (9.0)%, versus (1.1)% in 2022
  • Adjusted Net Loss of $(778) million, versus $(574) million in 2022

The past year was about focus, execution, and progress. Our fourth quarter results exceeded the high end of our prior guidance ranges, demonstrating our ability to deliver, despite ongoing uncertainty in the housing market. We increased our home acquisitions sequentially throughout the year, built a new book of inventory that is performing well, and drove structural efficiencies across our platform that we expect will benefit the Company for years to come. Most importantly, we’ve remained steadfast in our vision of helping people move with simplicity and certainty.

The progress we made in 2023, combined with the potential for a more normalized macro backdrop, positions us well to rescale our business in 2024. Opendoor stands alone as the largest digital platform for residential real estate transactions, and we will continue to invest in our products to be the catalyst for change in how consumers sell and buy homes.

Carrie Wheeler

CEO of Opendoor

Redfin

Redfin shared its fourth quarter and full year 2023 financial results on February 22, 2024, showing a modest decline in revenue along with strong quarterly and annual improvements in net loss. 

Redfin Highlights for Q4 2023:

  • Revenue for Q4 2023: $218.1 million, a decrease of 2% compared to the fourth quarter of 2022. 
  • Gross Profit: $73.2 million, an increase of 32% year-over-year. Real estate services gross profit was $29.9 million, an increase of 14% year-over-year, and real estate services gross margin was 22.5%, compared to 18.0% in the fourth quarter of 2022. 
  • Net Loss was $22.9 million, compared to a net loss of $61.9 million in the fourth quarter of 2022. Net loss attributable to common stock was $23.1 million. Net loss per share attributable to common stock, diluted, was $0.20, compared to net loss per share, diluted, of $0.57 in the fourth quarter of 2022. 
  • Adjusted EBITDA loss was $13.5 million, compared to adjusted EBITDA loss of $40.2 million in the fourth quarter of 2022. 

Redfin Full Year 2023 highlights:

  • Revenue for full year 2023 from continuing operations was $976.7 million, a decrease of 11% year over year. 
  • Gross Profit from continuing operations was $329.8 million, an increase of 7% year-over-year. Real estate services gross profit was $156.0 million, down from 13% in 2022; and real estate services gross margin was 25.2%, up from 22.7% in 2022. 
  • Total net loss was $130.0 million, compared to a net loss of $321.1 million in 2022. Total net loss attributable to common stock was $131.1 million. Net loss per share attributable to common stock, diluted, was $1.16, compared to a net loss per share, diluted, of $2.99 in 2022. 
  • Adjusted EBITDA loss was $76.4 million, compared to adjusted EBITDA loss of $145.1 million in 2022.

In a dreadful housing market, Redfin got more efficient in the fourth quarter, again improving gross margins and operating margins, even as we laid the foundation for meaningful long-term growth. Our site continued to draw visitors from rivals. And new sales initiatives are driving breakthroughs on fronts where Redfin has been stymied for years. First, our all-variable pay plan is delivering significant revenue growth in major California cities. Second, a commission refund to customers who hire a Redfin agent after the first tour seems likely to increase home-buyer close-rates in its first four pilot markets. We expect these projects to pay off throughout 2024 and 2025.

Glenn Kelman

Redfin CEO

RE/MAX

RE/MAX Holdings, Inc. reported its Q4 and full year 2023 financial results on February 22, 2024, showing “better than expected” margins in the final quarter. 

RE/MAX Q4 2023 Highlights (Compared to Q4 2022 unless otherwise noted):

  • Total Revenue decreased 5.7% to $76.6 million
  • Revenue (excluding the Marketing Funds) decreased 5.8% to $56.0 million, driven by negative 5.6% organic growth and adverse foreign currency movements of 0.2%
  • Net loss attributable to RE/MAX Holdings, Inc. of $10.9 million and loss per diluted share (GAAP EPS) of $0.60
  • Adjusted EBITDA decreased 13.4% to $23.0 million; Adjusted EBITDA margin: 30.0%; Adjusted earnings per diluted share (Adjusted EPS3): $0.30
  • Total agent count increased 0.6% to 144,835 agents
  • U.S. and Canada combined agent count decreased 4.2% to 80,299 agents
  • Total open Motto Mortgage franchises increased 6.5% to 246 offices4

RE/MAX Full-Year 2023 Highlights (Compared to full year 2022 unless otherwise noted):

  • Total Revenue decreased 7.8% to $325.7 million
  • Revenue excluding the Marketing Funds decreased 8.1% to $241.8 million, driven by negative 7.4% organic growth2 and adverse foreign currency movements of 0.7%
  • Net loss attributable to RE/MAX Holdings, Inc.: $69.0 million; net loss per diluted share (GAAP EPS): $3.81
  • Adjusted EBITDA decreased 20.8% to $96.3 million; Adjusted EBITDA margin: 29.6%; Adjusted earnings per diluted share (Adjusted EPS): $1.36

We generated better-than-expected margins in the fourth quarter, driven by our ongoing focus on effective cost management amidst what continues to be a very difficult housing market. Despite macro conditions beyond our control, our expense discipline has allowed us to remain nimble, able to pursue and seize those growth opportunities that we identify as having the greatest potential. Looking ahead to 2024, we believe there are many reasons to be optimistic – encouraging interest rate trends, improving customer sentiment, and ongoing pent-up demand bode well for progressively better housing market performance moving forward.

RE/MAX Holdings is uniquely positioned to benefit when the industry environment improves given our industry-leading brands, highly productive networks, and scaled business model. We believe these strengths, coupled with our strategic growth initiatives, should serve us well in an ascending market.

Erik Carlson

RE/MAX Holdings Chief Executive Officer

eXp

eXp Holdings reported its Q4 and full-year 2023 financial results on February 22, 2024. 

eXp Q4 and Full-Year 2023 Consolidated Financial Highlights (as compared to Q4 & FY 2022):

  • Full-year revenue decreased (7)% to $4.3 billion in 2023 with revenue of $983 million in Q4 2023.
  • Full-year gross profit decreased (12)% to $324.1 million in 2023 with gross profit of $70.9 million in Q4 2023. 
  • Full-year net loss of $(9.0) million in 2023 with net loss of $(21.2) million in Q4 2023. 
  • Fourth quarter net loss included a $9.2 million impairment charge for goodwill and amortizable intangible assets related to the Virbela segment. 
  • Full-year loss per diluted share of $(0.06) in 2023 with a loss per diluted share of $(0.14) in Q4 2023. 
  • Full-year adjusted EBITDA (a non-GAAP financial measure) of $57.5 million in 2023. Adjusted EBITDA was $0.5 million in Q4 2023. 
  • Cash and cash equivalents, as of Dec. 31, 2023, totaled $126.9 million, compared to $121.6 million as of Dec. 31, 2022.
  • Distributed $189.1 million to shareholders in fiscal 2023, including approximately $160.6 million of common stock repurchases and $28.5 million of cash dividends.
  • The Company paid a cash dividend for Q4 2023 of $0.05 per share of common stock on Nov. 30, 2023. On Feb. 14, 2024, the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock for Q1 2024, expected to be paid on March 29, 2024 to stockholders of record on March 8, 2024.

eXp delivered solid revenue in the fourth quarter, despite continued weakness in the United States residential real estate market, thanks to our global base of highly productive agents. Our agent-centric model and value proposition, scale and superior efficiency enable us to invest in the success of our agents.

In fact, agent loyalty, as measured by agent Net Promoter Score (aNPS), reached record levels for both the fourth quarter and full-year 2023. We will continue to iterate on the agent value proposition through our ongoing commitment to agent-centric innovation, with a particular focus on enhancing agent support and reducing time spent on non-revenue-generating, repetitive tasks. From onboarding, to support, to real-time payments and more, we are utilizing next-generation technologies such as artificial intelligence to streamline core business processes to enable our agents to reach their goals faster than ever before.

Name Goes Here

Zillow

Zillow shared its Q4 and full year 2023 financial results on February 13, 2024, with revenue and Adjusted EBITDA numbers that exceeded the company’s expectations. 

Zillow Q4 and FY 2023 highlights:

  • Q4 Revenue was $474 million, up 9% year over year and above the midpoint of the company’s outlook range by $31 million. 
  • Full-year 2023 Revenue was $1.9 billion, down 1% year over year. 
    • Residential revenue was up 3% year over year in Q4 to $349 million, outperforming both the residential real estate industry total transaction value decline of 4% and the company’s outlook. 
    • Rentals revenue of $93 million increased 37% year over year, primarily driven by multifamily revenue growing 52% year over year in Q4. 
    • Mortgage revenue of $22 million increased 22% year over year, due primarily to a 105% year-over-year increase in purchase loan origination volume to $487 million in Q4. 
  • On a GAAP basis, net loss was $73 million in Q4, or 15% of revenue, compared to $72 million in Q4 2022, or 17% of revenue, and was $158 million for the full year 2023. 
  • Q4 Adjusted EBITDA was $69 million, or 15% of total revenue, $19 million above the midpoint of the company’s outlook range, driven primarily by higher-than-expected Rentals and Residential revenue. Excluding a one-time partial lease termination expense, Q4 Adjusted EBITDA would have been $83 million, or 18% of total revenue, up from 17% in Q4 2022. 
  • Adjusted EBITDA for the full year 2023 was $391 million. 
  • Cash and investments at the end of Q4 were $2.8 billion, down from $3.3 billion at the end of Q3. 
  • Traffic to Zillow Group’s mobile apps and sites in Q4 was 194 million average monthly unique users, down 2% year over year. Visits during Q4 were 2.2 billion, up 1% year over year.

We reported great revenue numbers across the whole of our increasingly diversified and growing business. This is evidence of the progress we’re making to transform the way people buy, sell, finance and rent homes by continually adding more functionality, software and services to Zillow’s housing super app. Our progress in crafting an integrated customer experience in our early markets has given us the confidence to press on the accelerator and expand this experience to more markets in 2024. We have the leading real estate audience and a brand that is a household name, and we have barely scratched the surface on a real estate market with $2 trillion of total transaction value.

Rich Barton

Zillow co-founder and CEO

CoStar

CoStar Group reported its Q4 and full year 2023 financial results on February 20, 2024, showing quarterly and annual revenue growth, a 600% annual increase in average monthly unique visitors to Homes.com and a strong positive response to its ‘your listing, your lead’ business model, as well as outstanding growth numbers for Apartments.com. 

CoStar Q4 2023 highlights

  • Revenue for Q4 2023 was $640 million—up 12% from $573 million in revenue for Q4 2022
  • Net income for Q4 2023 was $96M—down from $124M in Q4 2022 but up from $91M in Q3 2023
  • Net income per share–diluted: $0.24 in Q4 2023—down from $0.31 in Q4 2022 but up from $0.22 in Q3 2023
  • EBITDA: $98M—down from $155M in Q4 2022 but up from $89M in Q3 2023
  • Adjusted EBITDA: $130M—down from $182M in Q4 2022 but up from $112M in Q3 2022 and the highest value of 2023
  • Non-GAAP Net Income: $133M—down from $153M in Q4 2022 but up from $120M in Q3 2023 and the highest quarterly value of 2023
  • Non-GAAP Net Income per Share–diluted: $0.33—down from $0.38 in Q4 2022 but up from $0.30 in Q3 2023 and the highest quarterly value of 2023.

CoStar Full-year 2023 highlights:

  • Revenue for the year ended December 31, 2023 was $2.46 billion—up 13% from $2.18 billion in revenue for the full year of 2022. 
  • Net income for the year ended December 31, 2023, was $375 million—up from $369 million for the year ended December 31, 2022

Once again CoStar Group delivered exceptional results in our commercial information and marketplace businesses for the full year 2023, while at the same time devoting major time and resources towards launching the new Homes.com. Our commercial information and marketplace businesses grew revenue by 14% in 2023 in the worst commercial real estate market in decades and delivered 40% profit margins in 2023, our highest profit levels ever. For the full year of 2023, we generated strong net new bookings totaling $286 million.

We launched our first marketing and branding campaign for Homes.com with four commercials in Super Bowl LVIII which was watched by an estimated 123 million viewers. The next day on Monday, February 12th we began monetizing Homes.com, selling subscriptions to residential real estate agents. Our ‘your listing, your lead’ business model which puts the agent’s name and company on their listings and sends the consumer lead to them rather than to their competitors, not surprisingly, has been very well received. By Friday, February 16th we were selling more than $1.1 million in net new bookings in a day. Within the first week, we have sold almost $4.5 million in net new bookings.

We believe Homes.com is the fastest growing residential property site in the United States, with average monthly unique visitors increasing 600% year over year, according to Google Analytics. Our Residential Network traffic reached 95 million monthly average unique visitors in Q4 2023 and is now the second most highly trafficked network of residential sites and growing.

Apartments.com had a standout year in 2023 with revenue growth of 23% over the prior year, adding almost $170 million of incremental revenue in just twelve months. Our sales team delivered a remarkable 34% growth rate in net new bookings, and we now have over 70,000 properties advertising on Apartments.com. For eight straight quarters Apartments.com has held the number one position in the industry in terms of monthly unique visitor traffic, according to Google Analytics. Apartments.com is now our single largest business in CoStar Group, with annualized run rate revenue exceeding $1 billion in January of this year.

Andy Florance

Founder and Chief Executive Officer of CoStar Group

Anywhere

Anywhere Real Estate reported its fourth quarter and full year 2023 financial results on February 15, 2024, highlighting (among other things) the settlement reached in antitrust commission lawsuits, including Sitzer/Burnett, Moehrl, and Nosalek. 

Anywhere Q4 and Full-year 2023 highlights:

  • Generated Revenue of $5.6 billion, a decrease of 18% year-over-year, largely impacted by homesale transaction volume declines versus prior year of 19%.
  • Reported Net loss of $97 million.
  • Operating EBITDA of $200 million, meaningfully impacted by approximately $50 million of litigation reserves (See Table 5b).
  • Reduced debt by $308 million through successful debt exchanges, open market bond repurchases and repayment of a portion of our revolver balance.
  • Realized cost savings of approximately $220 million.
  • Free Cash Flow: $67 million
  • Anywhere was recognized as one of America’s Most Innovative Companies 2023 by Fortune and named on the Forbes list of World’s Best Employers for the third year in a row. In addition to continuing our consistent track record for 12 years as a World’s Most Ethical Company and six years as a Great Place to Work.

Anywhere demonstrated our leadership strength in 2023, driving meaningful results in a tough real estate market. In a potentially improving housing market, we are excited to build on our competitive advantages, accelerate our strategic agenda, and deliver even greater value to Anywhere affiliated agents, franchisees, and shareholders in the year ahead.

Ryan Schneider

Anywhere president and CEO

In 2023, Anywhere achieved differentiated results, generating significant Operating EBITDA and free cash flow, reducing debt and over-delivering on our savings target, mitigating litigation risk, and prudently managing our cash. We continue to execute on our controllables as we drive efficiencies and prioritize investing for growth to set Anywhere up for an even stronger future.

Charlotte Simonelli

Anywhere executive vice president, chief financial officer, and treasurer

Offerpad

Offerpad Solutions, Inc. reported its fourth quarter and full year 2023 financial results on February 26, 2024

Offerpad Q4 and Full-year 2023 highlights:

  • Improved Net Loss and delivered sequential improvement in key metrics of Homes Sold, Revenue, and Adjusted EBITDA, in line with guidance
  • Time to Cash for homes sold in Q4 2023 improved to 97 days, down from 142 days in Q4 2022.
  • Inventory owned 180+ days at year end improved to 4.4%, down from 35% in 2022
  • Increased asset-light revenue streams, presenting 43% of unit transactions in 2023, versus 24% in 2022
  • Increased closed renovation projects by 148% in Q4 2023 sequentially
  • Expanded Offerpad’s Agent Partnership Program to more than 20% of overall requests in Q4 2023
  • Homes acquired: 678 in Q4 2023—down 27% from 930 in Q3 2023 but up 26% from 539 in Q4 2022.
  • Homes sold: 712 in Q4 2023—up 1% from 703 in Q3 2023 but down 62% from 1,865 in Q4 2022. 
  • Revenue: $240.5M—up 3% from $234.2M in Q3 2023 but down 64% from $677.2M in Q4 2022. 
  • Gross profit: $16.7M—down 30% from $24.0M in Q3 2023 but up from ($44.9M) in Q4 2022. 
  • Net loss: ($15.4M), a 23% improvement over ($20.0M) in Q3 2023 and an 87% improvement over ($121.1M) in Q4 2022.
  • Adjusted EBITDA: ($7.0M), a 47% improvement over ($13.3M) in Q3 2022 and a 93% improvement over ($103.7M) in Q4 2022. 
  • Diluted net loss per share: ($0.57), a 22% improvement over ($0.73) in Q3 2023 and a 92% improvement over ($7.35) in Q4 2022.
  • Gross profit (loss) per home sold: $23,400—down 31% from $34,100 in Q3 2023 but up significantly from the loss of ($24,100) in Q4 2022.
  • Contribution profit (loss) after interest per home sold: $10,200—a 63% drop from $27,200 in Q3 2023 but a significant improvement over the loss of ($32,800) in Q4 2022.
  • Cash and cash equivalents:   $76.0M—down 28% from $106.0M in Q3 2023 and down 22% from $97.2M in Q4 2022.

We successfully navigated 2023 from a position of operational excellence. During the year, we acted decisively to streamline the business and reduce costs, setting us up to drive improved top line growth and profitability in 2024 and beyond. At the same time, our team remains focused on leveraging our foundational cash offering to grow Offerpad’s asset light services and diversify our revenue streams.

Looking at 2024, we will continue to prioritize our strategic imperatives, which include removing the friction from real estate, advancing our asset light product lines, and expanding our partner ecosystem. We’re proactively optimizing our capital allocation across our highest performing and most efficient markets. We are particularly enthusiastic about the opportunity to build upon our Agent Partnership Program and strengthen our position as a trusted solutions center for customers and partners across the real estate landscape.

Brian Bair

Offerpad Chairman and CEO

Black Knight

Intercontinental Exchange (ICE) reported their Q4 and full year 2023 financial results on February 8, 2024. 

Black Knight Q4 2023 highlights:

  • Consolidated net income attributable to ICE: $373 million on $2.2 billion of consolidated revenues less transaction-based expenses
  • Q4 GAAP diluted earnings per share (EPS): $0.65
  • Adjusted net income attributable to ICE: $760 million; adjusted diluted EPS: $1.33

Black Knight full year 2023 highlights:

  • Consolidated net income attributable to ICE: $2.4 billion on $8.0 billion of consolidated revenues less transaction-based expenses. 
  • Full year 2023 GAAP diluted EPS: $4.19, up 62% year over year
  • On an adjusted basis, net income attributable to ICE for FY 2023: $3.2 billion; adjusted diluted EPS: $5.62, up 6% year over year.

Other company highlights:

  • Net revenue: $8.0 billion—up 10% year over year
  • Record 2023 operating income of $3.7 billion—up 2% year over year
  • Record adjusted operating income of $4.7billion—up 9% year over year
  • Operating margin: 46%; adjusted operating margin: 59%
  • Nearly $1 billion returned to stockholders through dividends in 2023
  • ICE completed the strategic acquisition of Black Knight on September 5, 2023

We are pleased to report our 18th consecutive year of record revenues and another year of earnings per share growth. A dynamic macro environment and strong secular tailwinds across our business continue to drive customers to our diverse, liquid markets and our mission-critical data and SaaS technologies to manage risk and capture efficiencies. As we look to 2024 and beyond, we remain focused on innovating across asset classes to serve the needs of our customers and deliver growth for our stockholders.

Jeffrey C. Sprecher

ICE Chair & Chief Executive Officer