What was the segment operating EBITDA for the Corcoran Franchise Group?
Corcoran Franchise · 2025 FDDAnswer from 2025 FDD Document
$ | 248 $ 5,839 | | | Capital expenditures . . . . . . . . . . . . . . . . . . . | | | | | | | 28 24 | 7 59 | 13 72 | | | Investment in equity method investees . . . . . | | — 26 | 152 178 | — 178 | | Depreciation and amortization . . . . . . . . . . . . | 114 52 | 12 178 | 18 196 | | (a) Intersegment revenues include intercompany royalties and marketing fees paid by Owned Brokerage Group to Franchise Group and are eliminated in consolidation.
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(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.
(c) General and administrative expenses exclude non-cash stock-based compensation and legal contingencies unrelated to normal operations which currently includes industry-wide antitrust lawsuits and class action lawsuits.
(d) Other segment items include Net income (loss) attributable to noncontrolling interests and other non-operating items. Amounts are immaterial to each segment.
| Franchise Group | Owned Brokerage Group | Title Group | Totals | |
|---|---|---|---|---|
| Net revenues from external customers | $ 668 | $ 4,628 | $ 340 | $ 5,636 |
| Intersegment revenues (a) | 315 | — | — | 315 |
| Segment net revenues | 983 | 4,628 | 340 | 5,951 |
| Reconciliation of Segment net revenues to Total consolidated net revenues | ||||
| Elimination of intersegment revenues (a) | (315) | |||
| Total consolid |
Source: Item 23 — RECEIPTS (FDD pages 75–276)
What This Means (2025 FDD)
According to Corcoran's 2025 Franchise Disclosure Document, the segment operating EBITDA for the Franchise Group, which includes Corcoran, was $527 million. The Franchise Group segment is comprised of Corcoran's franchise business, which franchises a portfolio of well-known, industry-leading franchise brokerage brands, the company's global relocation services operation, and lead generation activities.
The document also provides a reconciliation of Segment operating EBITDA to Net loss attributable to Anywhere and Anywhere Group before income taxes. This reconciliation includes unallocated amounts such as former parent legacy cost, gain on the early extinguishment of debt, other corporate expenses, depreciation and amortization, interest expense, stock-based compensation, restructuring costs, impairments, legal contingencies, and loss on the sale of businesses, investments or other assets, net.
Operating EBITDA is a metric used by Corcoran's chief operating decision maker (CODM) to evaluate the performance of the company's reportable segments. It 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 noncore items. Non-core items include non-cash stock-based compensation, restructuring charges, impairments, former parent legacy items, legal contingencies unrelated to normal operations which currently includes industry-wide antitrust lawsuits and class action lawsuits, gains or losses on the early extinguishment of debt, and gains or losses on discontinued operations or the sale of businesses, investments, or other assets. The CODM focuses on revenue and operating EBITDA by reportable segment in evaluating period over period performance, including budget-to-actual variances, while also taking into consideration current market conditions. This approach provides greater transparency into the operating results of each reportable segment and facilitates effective resource allocation.