What was the amount of the repurchase of common stock for Corcoran in 2022?
Corcoran Franchise · 2025 FDDAnswer from 2025 FDD Document
er comprehensive loss . . . . . . . | | — | 3 (c) | 3 | | | Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | — | (1) | (1) | | | Current period change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | — | 4 | 4 | | | Balance at December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (9) | (35) | (44) | | | | Other comprehensive (loss) income before reclassifications . . . . . . . . . . . . . | (1) | 3 | 2 | | | | Amounts reclassified from accumulated other comprehensive loss . . . . . . . | | — | 2 (c) | 2 | | | Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | — | (2) | (2) | | | Current period change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (1) | 3 | 2 | | | | Balance at December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ (10) | $(32) $ | (42) | |The components of income tax benefit consisted of the following:
| Common Stock | Additional | Other Non- |
|---|---|---|
| Paid-In | Accumulated Comprehensive controlling Total | |
| Shares | Amount Capital | Deficit Loss Interests Equity |
| Balance at January 1, 2022 . . . . . . . . . . — | $ — $ 4,948 | $ (2,712) $ (50) $ 6 $ 2,192 |
| Cumulative effect adjustment due to the | ||
| adoption of ASU 2020-06 . . . . . . . . . — | — (53) | 5 — — (48) |
| Net (loss) income . . . . . . . . . . . . . . . . . . — | — — | (287) — 4 (283) |
| Other comprehensive income . . . . . . . . — | — — | — 2 — 2 |
| Repurchase of common stock . . . . . . . . — | — (97) | — — — (97) |
| Contributions from Anywhere . . . . . . . . — | — 2 | — — — 2 |
| Stock-based compensation . . . . . . . . . . . — | — 6 | — — — 6 |
| Dividends . . . . . . . . . . . . . . . . . . . . . . . . — | — — | — — (8) (8) |
| Contributions from non-controlling | ||
| interests . . . . . . . . . . . . . . . . . . . . . . . — | — — | — — 1 1 |
| Balance at December 31, 2022 . . . . . . . . | ||
| — | $ — $ 4,806 | $ (2,994) $ (48) $ 3 $ 1,767 |
| Net loss . . . . . . . . . . . . . . . . . . . . . . . . . — | — — | (97) — (1) (98) |
| Other comprehensive income . . . . . . . . — | — — | — 4 — 4 |
| Stock-based compensation . . . . . . . . . . . |
Source: Item 23 — RECEIPTS (FDD pages 75–276)
What This Means (2025 FDD)
According to Corcoran's 2025 Franchise Disclosure Document, the company repurchased common stock in 2022. The table provided in Item 23, Receipts, shows that the repurchase of common stock in 2022 amounted to $97 million. This repurchase impacts the overall equity of the company, as reflected in the balance sheet.
Specifically, the repurchase of common stock is listed as a deduction from additional paid-in capital, which directly affects the total equity. For a prospective franchisee, this indicates how Corcoran manages its capital structure and shareholder value. Stock repurchases can influence earnings per share and potentially signal management's view on the company's stock valuation.
Furthermore, the FDD indicates that the company's Board of Directors authorized a share repurchase program of up to $300 million of the company's common stock in February 2022. From the date of authorization through December 31, 2024, the Company repurchased and retired 8.8 million shares of common stock for $97 million. The Company has not repurchased any shares under the share repurchase program since 2022. As of December 31, 2024, $203 million remained available for repurchase under the share repurchase program. The purchase of shares under this plan reduces the weighted-average number of shares outstanding in the basic earnings per share calculation. The Company is subject to limitations on share repurchases, which include compliance with the terms of our debt agreements.