Revenues for Realogy Corporation were $1.3 billion for the third quarter of 2008. The company reported a net loss of $50 million for the quarter. Key factors negatively impacting results included $45 million in non-cash losses from Realogy's investment in its loan origination joint venture and $15 million in restructuring charges. Realogy's real estate transaction volumes and home sale prices declined compared to the prior year, consistent with broader housing market trends. The company remained focused on reducing costs through initiatives that have already improved profitability by over $350 million.
Realogy Corporation reported financial results for the first quarter of 2008. Net revenue totaled $1.05 billion, EBITDA was $4 million, and net loss was $132 million due mainly to interest expense of $164 million. Home sale transaction sides declined 25% at RFG and 27% at NRT compared to the first quarter of 2007. However, Realogy remained in compliance with debt covenants as its senior secured leverage ratio of 4.2x was well below the allowable ratio of 5.6x. Realogy also highlighted strategic accomplishments including franchise sales growth and retention of sales associates.
Realogy Corporation reported its full-year 2007 pro forma combined financial results. Key details include:
- Revenue of $6.0 billion
- Adjusted EBITDA of $816 million
- A net loss of $605 million, largely due to $445 million in non-cash impairment charges recorded in Q4 2007.
- The company exited its "at-risk" government relocation business, which is expected to improve cash flow by $50 million in 2008.
Realogy Corporation reported financial results for the second quarter of 2008. Net revenue was $1.4 billion and EBITDA was $161 million, while the company reported a net loss of $27 million. Home sale transaction sides declined by 21% at RFG and 19% at NRT compared to the prior year. The company launched the Better Homes and Gardens Real Estate franchise and remained in compliance with credit agreement leverage ratios, with a senior secured leverage ratio of 4.9x. Realogy will hold an investor webcast on August 14th to further discuss second quarter results.
Clear Channel Communications reported first quarter 2008 results, with revenues increasing 4% to $1.6 billion compared to the same period in 2007. Expenses also increased 8% to $1.1 billion, and income before discontinued operations increased 70% to $161.4 million. The company completed the sale of its television group for $1 billion and continued selling non-core radio stations, with 223 stations sold through March 31, 2008 and an additional 32 under definitive agreements. The proposed merger with a group led by Thomas H. Lee Partners and Bain Capital was delayed, with no estimated closing date given.
This document is Toll Brothers, Inc.'s annual report (Form 10-K) filed with the SEC for the fiscal year ended October 31, 2008. It provides information on Toll Brothers' business operations, including that it designs and builds single-family homes and luxury residential communities in 21 U.S. states. In the past 5 years it has delivered over 35,000 homes. However, since 2005 it has experienced a slowdown in business due to factors like the economic downturn, housing market decline, and credit crunch. The report provides details on Toll Brothers' operations and the risks and challenges currently facing its industry and business.
Fiserv Inc. filed its quarterly report for the period ending March 31, 2009. Some key details:
- Total revenues for the quarter were $1.04 billion, down from $1.31 billion in the prior year quarter.
- Net income was $103 million compared to $329 million in the previous year.
- As of March 31, 2009 the company had $312 million in cash and cash equivalents and total assets of $9.34 billion.
- Discontinued operations contributed $1 million to net income for the quarter and the company continues to work towards the sale of its remaining investment services business.
This document is Micron Technology's quarterly report filed with the SEC for the quarter ended March 1, 2007. It provides Micron's consolidated financial statements and notes for the quarter. Key details include that net sales were $1.427 billion for the quarter, cost of goods sold was $1.070 billion, and net loss was $52 million. It also provides details on Micron's assets, liabilities, cash flows, and accounting policies.
This document is Starbucks Corporation's annual report on Form 10-K for the fiscal year ending October 2, 2005 filed with the United States Securities and Exchange Commission. It provides an overview of Starbucks' business operations, financial statements, risks to the business, legal proceedings, executive compensation and other required disclosures. The report details Starbucks' revenues, earnings, assets and liabilities for fiscal year 2005 and prior periods. It also discusses factors that could impact Starbucks' future financial condition and operating results.
Realogy Corporation reported financial results for the first quarter of 2008. Net revenue totaled $1.05 billion, EBITDA was $4 million, and net loss was $132 million due mainly to interest expense of $164 million. Home sale transaction sides declined 25% at RFG and 27% at NRT compared to the first quarter of 2007. However, Realogy remained in compliance with debt covenants as its senior secured leverage ratio of 4.2x was well below the allowable ratio of 5.6x. Realogy also highlighted strategic accomplishments including franchise sales growth and retention of sales associates.
Realogy Corporation reported its full-year 2007 pro forma combined financial results. Key details include:
- Revenue of $6.0 billion
- Adjusted EBITDA of $816 million
- A net loss of $605 million, largely due to $445 million in non-cash impairment charges recorded in Q4 2007.
- The company exited its "at-risk" government relocation business, which is expected to improve cash flow by $50 million in 2008.
Realogy Corporation reported financial results for the second quarter of 2008. Net revenue was $1.4 billion and EBITDA was $161 million, while the company reported a net loss of $27 million. Home sale transaction sides declined by 21% at RFG and 19% at NRT compared to the prior year. The company launched the Better Homes and Gardens Real Estate franchise and remained in compliance with credit agreement leverage ratios, with a senior secured leverage ratio of 4.9x. Realogy will hold an investor webcast on August 14th to further discuss second quarter results.
Clear Channel Communications reported first quarter 2008 results, with revenues increasing 4% to $1.6 billion compared to the same period in 2007. Expenses also increased 8% to $1.1 billion, and income before discontinued operations increased 70% to $161.4 million. The company completed the sale of its television group for $1 billion and continued selling non-core radio stations, with 223 stations sold through March 31, 2008 and an additional 32 under definitive agreements. The proposed merger with a group led by Thomas H. Lee Partners and Bain Capital was delayed, with no estimated closing date given.
This document is Toll Brothers, Inc.'s annual report (Form 10-K) filed with the SEC for the fiscal year ended October 31, 2008. It provides information on Toll Brothers' business operations, including that it designs and builds single-family homes and luxury residential communities in 21 U.S. states. In the past 5 years it has delivered over 35,000 homes. However, since 2005 it has experienced a slowdown in business due to factors like the economic downturn, housing market decline, and credit crunch. The report provides details on Toll Brothers' operations and the risks and challenges currently facing its industry and business.
Fiserv Inc. filed its quarterly report for the period ending March 31, 2009. Some key details:
- Total revenues for the quarter were $1.04 billion, down from $1.31 billion in the prior year quarter.
- Net income was $103 million compared to $329 million in the previous year.
- As of March 31, 2009 the company had $312 million in cash and cash equivalents and total assets of $9.34 billion.
- Discontinued operations contributed $1 million to net income for the quarter and the company continues to work towards the sale of its remaining investment services business.
This document is Micron Technology's quarterly report filed with the SEC for the quarter ended March 1, 2007. It provides Micron's consolidated financial statements and notes for the quarter. Key details include that net sales were $1.427 billion for the quarter, cost of goods sold was $1.070 billion, and net loss was $52 million. It also provides details on Micron's assets, liabilities, cash flows, and accounting policies.
This document is Starbucks Corporation's annual report on Form 10-K for the fiscal year ending October 2, 2005 filed with the United States Securities and Exchange Commission. It provides an overview of Starbucks' business operations, financial statements, risks to the business, legal proceedings, executive compensation and other required disclosures. The report details Starbucks' revenues, earnings, assets and liabilities for fiscal year 2005 and prior periods. It also discusses factors that could impact Starbucks' future financial condition and operating results.
This document is Micron Technology's annual report on Form 10-K for the fiscal year ended August 28, 2008. It provides an overview of Micron's business operations, products, manufacturing facilities, and financial performance. Specifically, it summarizes that Micron is a global manufacturer of DRAM and NAND memory chips as well as image sensors. It faced significant challenges in 2008 from falling memory prices. In response, Micron announced a restructuring plan to cut costs and reduce its workforce. The report provides details on Micron's memory and image sensor products, manufacturing facilities, joint ventures with other companies, and financial results for fiscal year 2008.
1) First Data was acquired by affiliates of Kohlberg Kravis Roberts & Co. in September 2007 in one of the largest leveraged buyouts in history.
2) In 2007, First Data maintained or enhanced its market leadership positions in key markets such as merchant acquiring and debit processing.
3) For the year, First Data added nearly $1 billion in new revenue through organic growth and acquisitions internationally.
This document is an annual report filed with the SEC by Investors Capital Holdings, Ltd. for the fiscal year ended March 31, 2009.
It provides an overview of the company's broker-dealer and investment advisory services business segments. The broker-dealer segment operates primarily through the company's subsidiary Investors Capital Corporation, which provides brokerage services to over 650 independent registered representatives. The investment advisory segment operates as Investors Capital Advisory Services and had over 427 independent investment advisor representatives as of the end of the fiscal year. The annual report includes details on the services, products, and revenue sources for each business segment.
This document is TRC Companies Inc's annual report on Form 10-K for the fiscal year ending June 30, 2009. It provides an overview of the company's business operations, financial highlights, services offered, clients, competition, backlog, employees, contracts with government agencies, regulatory matters, properties, legal proceedings, and financial data. Key information includes descriptions of TRC's engineering, environmental and construction management services, major clients in transportation, energy and development sectors, and discussions of financial results, market risks, and legal cases.
Toll Brothers, Inc. filed its annual report on Form 10-K with the SEC for the fiscal year ended October 31, 2007. The filing provides information on Toll Brothers' business operations, financial performance, risk factors, and audited financial statements. Specifically, the filing discloses that Toll Brothers designs, builds, and finances luxury single and attached homes across 22 states in the United States. It operates 368 communities containing over 27,000 home sites. Toll Brothers experienced a slowdown in demand beginning in late 2005 due to housing market conditions. The filing provides details on Toll Brothers' revenues, backlog, home prices, geographic presence, and business strategy to manage risks.
This document is Micron Technology's annual report on Form 10-K filed with the SEC for the fiscal year ended August 31, 2000. It provides an overview of Micron's business operations, including that it designs, develops, manufactures and markets semiconductor memory products and personal computer systems through two primary operating segments. It discusses Micron's key products like DRAM, SRAM and Flash memory. It also describes Micron's global manufacturing facilities and processes, research and development efforts, customers, competition and risk factors.
This document is Family Dollar Stores' annual report (Form 10-K) filed with the SEC for the fiscal year ending August 27, 2005. It provides an overview of the company's business operations, including that it operates almost 6,000 discount retail stores across 44 states that offer a variety of general merchandise priced between $1-10. The report discusses the company's strategy of everyday low pricing and limited advertising, and notes that most items are priced under $10. It also provides a table of contents that outlines the various sections and topics covered in the report.
This document is Dover Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2002 filed with the United States Securities and Exchange Commission. It provides an overview of Dover's business strategy, management philosophy, acquisition and divestiture activities, and descriptions of its four business segments and their operating companies. Dover is a diversified industrial manufacturing company comprised of about 50 operating companies that manufacture specialized industrial products and equipment.
The document is Micron Technology's annual report (Form 10-K) filed with the SEC for the fiscal year ended August 30, 2007. It provides an overview of Micron, which manufactures DRAM and NAND memory as well as CMOS image sensors. In recent years, Micron has increased its focus on the growing NAND market through joint ventures and acquisitions. The report discusses Micron's key products, manufacturing facilities, and business segments. It aims to inform investors about Micron's business operations and financial performance.
- DISH Network celebrated its 10th anniversary in 2005 and reported over $8.4 billion in revenue for the year, serving over 12 million customers.
- The company increased its net subscriber base by over 1.1 million customers in 2005 and remains the clear leader in international programming.
- Looking forward, the company plans to leverage its position as an HD leader by offering local HD channels in up to 30 markets by the end of the year using its new EchoStar X satellite.
This document is Micron Technology's annual report on Form 10-K filed with the SEC for the fiscal year ending August 30, 2001. It provides an overview of Micron's business operations, including that it designs, develops and manufactures dynamic random access memory (DRAM) and static random access memory (SRAM) semiconductor products. DRAM sales represented approximately 87% of Micron's net sales in 2001. It also discusses recent acquisitions and divestitures, including the sale of its PC operations in May 2001 and acquisition of KMT Semiconductor in April 2001.
Acuity Brands reported financial results for the fourth quarter and full fiscal year 2009. Net sales declined 19% in the fourth quarter and 18% for the full year due to a significant decline in construction activity. The company realized cost savings from streamlining efforts which helped operating margins. For fiscal year 2010, Acuity Brands expects continued difficult market conditions with mid-teens declines, but believes initiatives to drive growth like investments in innovative products and expansion in key markets will help outperform overall market declines.
This document is Dover Corporation's annual report (Form 10-K) filed with the United States Securities and Exchange Commission for the fiscal year ending December 31, 2004. It provides an overview of Dover's business operations, including its strategy of acquiring niche manufacturing companies and providing them with autonomy. It describes Dover's four business segments at the time, and notes that effective January 1, 2005 it reorganized into six new segments comprising 13 groups. The report also discusses Dover's acquisition and divestiture activities, management philosophy, and business strategies around growth and capital allocation.
Realogy Corporation announced preliminary unaudited results for full year 2007:
- Adjusted EBITDA was $704 million, within previously guided range of $700-725 million.
- Cash balance was $165 million at December 31, 2007.
- $750 million revolving credit facility was undrawn at year-end.
The results are preliminary and unaudited. Realogy will release audited full year results in March 2008 and hold a conference call.
YRC Worldwide Inc.'s 2007 annual report discusses challenges faced in 2007 including a soft economy and disappointing performance from some operating units. The report also discusses organizational changes made to improve performance, including consolidating several companies under a new organization called YRC National Transportation and implementing a new five-year labor agreement. Finally, the report discusses focusing on cost management and capitalizing on growth areas of the business until the economy begins to recover.
Realogy Corporation reported financial results for the first quarter of 2008. Net revenue totaled $1.05 billion, EBITDA was $4 million, and net loss was $132 million due mainly to interest expense of $164 million. Home sale transaction sides declined 25% at Realogy Franchise Group and 27% at NRT compared to the first quarter of 2007. Realogy's senior secured leverage ratio was 4.2 to 1, well within the maximum allowable ratio of 5.6 to 1 under its credit agreement, demonstrating strong covenant compliance.
- Realogy Corporation reported financial results for the second quarter of 2008, with net revenue of $1.4 billion, EBITDA of $161 million, and a net loss of $27 million.
- Home sale transaction sides declined 21% at RFG and 19% at NRT compared to the prior year, reflecting the difficult housing market. Average home prices also decreased.
- Realogy remains in compliance with debt covenants, with a senior secured leverage ratio of 4.9x versus the allowable 5.6x ratio. The company is focused on reducing costs.
Realogy Corporation reported its full-year 2007 pro forma combined financial results. Key details include:
- Revenue of $6.0 billion
- Adjusted EBITDA of $816 million
- A net loss of $605 million, largely due to $445 million in non-cash impairment charges recorded in Q4 2007.
- The company exited its "at-risk" government relocation business, which is expected to improve cash flow by $50 million in 2008.
Realogy Corporation filed a Form 8-K with the SEC to clarify comments made by Henry Silverman, the non-executive chairman of Realogy's board, during a CNBC interview. The Form 8-K notes that Silverman was incorrectly introduced as Realogy's CEO during the interview. It also clarifies that Silverman's comments about Realogy's financial forecasts and market conditions should not be construed as guidance from the company. Specifically, Realogy has not provided financial guidance for 2008 and did not disclose forecasts for average home sale prices or total annual home sale units in the US that were mentioned. Realogy also clarified reported home sale transaction figures for California that did not represent its actual
Realogy Corporation filed a Form 8-K with the SEC to clarify comments made by Henry Silverman, the non-executive chairman of Realogy's board, during a CNBC interview. The Form 8-K notes that Silverman was incorrectly introduced as Realogy's CEO during the interview. It also clarifies that Silverman's comments about Realogy's financial forecasts and market conditions should not be construed as guidance from the company. Specifically, Realogy has not provided financial guidance for 2008 and did not disclose forecasts for average home sale prices or total annual home sale units in the US that were mentioned. Realogy also clarified reported home sale transaction figures for California that did not represent the company
Realogy Corporation announced preliminary unaudited results for full year 2007:
- Adjusted EBITDA was $704 million, within previous guidance of $700-725 million.
- Cash balance was $165 million on December 31, 2007.
- $750 million revolving credit facility was undrawn on that date.
The results have not been finalized or audited. Realogy expects to release audited full year 2007 results and hold a conference call in mid-March 2008.
NETGEAR reported financial results for the first quarter of 2009 with net revenue of $152.0 million, down from $198.2 million in the first quarter of 2008. Net income was $42,000 compared to $11.2 million in the first quarter of 2008. For the second quarter of 2009, NETGEAR expects net revenue in the range of $135-145 million with non-GAAP operating margin of 3-5%. NETGEAR launched 14 new products in the first quarter and saw continued market shift to 11n WiFi products.
This document is Micron Technology's annual report on Form 10-K for the fiscal year ended August 28, 2008. It provides an overview of Micron's business operations, products, manufacturing facilities, and financial performance. Specifically, it summarizes that Micron is a global manufacturer of DRAM and NAND memory chips as well as image sensors. It faced significant challenges in 2008 from falling memory prices. In response, Micron announced a restructuring plan to cut costs and reduce its workforce. The report provides details on Micron's memory and image sensor products, manufacturing facilities, joint ventures with other companies, and financial results for fiscal year 2008.
1) First Data was acquired by affiliates of Kohlberg Kravis Roberts & Co. in September 2007 in one of the largest leveraged buyouts in history.
2) In 2007, First Data maintained or enhanced its market leadership positions in key markets such as merchant acquiring and debit processing.
3) For the year, First Data added nearly $1 billion in new revenue through organic growth and acquisitions internationally.
This document is an annual report filed with the SEC by Investors Capital Holdings, Ltd. for the fiscal year ended March 31, 2009.
It provides an overview of the company's broker-dealer and investment advisory services business segments. The broker-dealer segment operates primarily through the company's subsidiary Investors Capital Corporation, which provides brokerage services to over 650 independent registered representatives. The investment advisory segment operates as Investors Capital Advisory Services and had over 427 independent investment advisor representatives as of the end of the fiscal year. The annual report includes details on the services, products, and revenue sources for each business segment.
This document is TRC Companies Inc's annual report on Form 10-K for the fiscal year ending June 30, 2009. It provides an overview of the company's business operations, financial highlights, services offered, clients, competition, backlog, employees, contracts with government agencies, regulatory matters, properties, legal proceedings, and financial data. Key information includes descriptions of TRC's engineering, environmental and construction management services, major clients in transportation, energy and development sectors, and discussions of financial results, market risks, and legal cases.
Toll Brothers, Inc. filed its annual report on Form 10-K with the SEC for the fiscal year ended October 31, 2007. The filing provides information on Toll Brothers' business operations, financial performance, risk factors, and audited financial statements. Specifically, the filing discloses that Toll Brothers designs, builds, and finances luxury single and attached homes across 22 states in the United States. It operates 368 communities containing over 27,000 home sites. Toll Brothers experienced a slowdown in demand beginning in late 2005 due to housing market conditions. The filing provides details on Toll Brothers' revenues, backlog, home prices, geographic presence, and business strategy to manage risks.
This document is Micron Technology's annual report on Form 10-K filed with the SEC for the fiscal year ended August 31, 2000. It provides an overview of Micron's business operations, including that it designs, develops, manufactures and markets semiconductor memory products and personal computer systems through two primary operating segments. It discusses Micron's key products like DRAM, SRAM and Flash memory. It also describes Micron's global manufacturing facilities and processes, research and development efforts, customers, competition and risk factors.
This document is Family Dollar Stores' annual report (Form 10-K) filed with the SEC for the fiscal year ending August 27, 2005. It provides an overview of the company's business operations, including that it operates almost 6,000 discount retail stores across 44 states that offer a variety of general merchandise priced between $1-10. The report discusses the company's strategy of everyday low pricing and limited advertising, and notes that most items are priced under $10. It also provides a table of contents that outlines the various sections and topics covered in the report.
This document is Dover Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2002 filed with the United States Securities and Exchange Commission. It provides an overview of Dover's business strategy, management philosophy, acquisition and divestiture activities, and descriptions of its four business segments and their operating companies. Dover is a diversified industrial manufacturing company comprised of about 50 operating companies that manufacture specialized industrial products and equipment.
The document is Micron Technology's annual report (Form 10-K) filed with the SEC for the fiscal year ended August 30, 2007. It provides an overview of Micron, which manufactures DRAM and NAND memory as well as CMOS image sensors. In recent years, Micron has increased its focus on the growing NAND market through joint ventures and acquisitions. The report discusses Micron's key products, manufacturing facilities, and business segments. It aims to inform investors about Micron's business operations and financial performance.
- DISH Network celebrated its 10th anniversary in 2005 and reported over $8.4 billion in revenue for the year, serving over 12 million customers.
- The company increased its net subscriber base by over 1.1 million customers in 2005 and remains the clear leader in international programming.
- Looking forward, the company plans to leverage its position as an HD leader by offering local HD channels in up to 30 markets by the end of the year using its new EchoStar X satellite.
This document is Micron Technology's annual report on Form 10-K filed with the SEC for the fiscal year ending August 30, 2001. It provides an overview of Micron's business operations, including that it designs, develops and manufactures dynamic random access memory (DRAM) and static random access memory (SRAM) semiconductor products. DRAM sales represented approximately 87% of Micron's net sales in 2001. It also discusses recent acquisitions and divestitures, including the sale of its PC operations in May 2001 and acquisition of KMT Semiconductor in April 2001.
Acuity Brands reported financial results for the fourth quarter and full fiscal year 2009. Net sales declined 19% in the fourth quarter and 18% for the full year due to a significant decline in construction activity. The company realized cost savings from streamlining efforts which helped operating margins. For fiscal year 2010, Acuity Brands expects continued difficult market conditions with mid-teens declines, but believes initiatives to drive growth like investments in innovative products and expansion in key markets will help outperform overall market declines.
This document is Dover Corporation's annual report (Form 10-K) filed with the United States Securities and Exchange Commission for the fiscal year ending December 31, 2004. It provides an overview of Dover's business operations, including its strategy of acquiring niche manufacturing companies and providing them with autonomy. It describes Dover's four business segments at the time, and notes that effective January 1, 2005 it reorganized into six new segments comprising 13 groups. The report also discusses Dover's acquisition and divestiture activities, management philosophy, and business strategies around growth and capital allocation.
Realogy Corporation announced preliminary unaudited results for full year 2007:
- Adjusted EBITDA was $704 million, within previously guided range of $700-725 million.
- Cash balance was $165 million at December 31, 2007.
- $750 million revolving credit facility was undrawn at year-end.
The results are preliminary and unaudited. Realogy will release audited full year results in March 2008 and hold a conference call.
YRC Worldwide Inc.'s 2007 annual report discusses challenges faced in 2007 including a soft economy and disappointing performance from some operating units. The report also discusses organizational changes made to improve performance, including consolidating several companies under a new organization called YRC National Transportation and implementing a new five-year labor agreement. Finally, the report discusses focusing on cost management and capitalizing on growth areas of the business until the economy begins to recover.
Realogy Corporation reported financial results for the first quarter of 2008. Net revenue totaled $1.05 billion, EBITDA was $4 million, and net loss was $132 million due mainly to interest expense of $164 million. Home sale transaction sides declined 25% at Realogy Franchise Group and 27% at NRT compared to the first quarter of 2007. Realogy's senior secured leverage ratio was 4.2 to 1, well within the maximum allowable ratio of 5.6 to 1 under its credit agreement, demonstrating strong covenant compliance.
- Realogy Corporation reported financial results for the second quarter of 2008, with net revenue of $1.4 billion, EBITDA of $161 million, and a net loss of $27 million.
- Home sale transaction sides declined 21% at RFG and 19% at NRT compared to the prior year, reflecting the difficult housing market. Average home prices also decreased.
- Realogy remains in compliance with debt covenants, with a senior secured leverage ratio of 4.9x versus the allowable 5.6x ratio. The company is focused on reducing costs.
Realogy Corporation reported its full-year 2007 pro forma combined financial results. Key details include:
- Revenue of $6.0 billion
- Adjusted EBITDA of $816 million
- A net loss of $605 million, largely due to $445 million in non-cash impairment charges recorded in Q4 2007.
- The company exited its "at-risk" government relocation business, which is expected to improve cash flow by $50 million in 2008.
Realogy Corporation filed a Form 8-K with the SEC to clarify comments made by Henry Silverman, the non-executive chairman of Realogy's board, during a CNBC interview. The Form 8-K notes that Silverman was incorrectly introduced as Realogy's CEO during the interview. It also clarifies that Silverman's comments about Realogy's financial forecasts and market conditions should not be construed as guidance from the company. Specifically, Realogy has not provided financial guidance for 2008 and did not disclose forecasts for average home sale prices or total annual home sale units in the US that were mentioned. Realogy also clarified reported home sale transaction figures for California that did not represent its actual
Realogy Corporation filed a Form 8-K with the SEC to clarify comments made by Henry Silverman, the non-executive chairman of Realogy's board, during a CNBC interview. The Form 8-K notes that Silverman was incorrectly introduced as Realogy's CEO during the interview. It also clarifies that Silverman's comments about Realogy's financial forecasts and market conditions should not be construed as guidance from the company. Specifically, Realogy has not provided financial guidance for 2008 and did not disclose forecasts for average home sale prices or total annual home sale units in the US that were mentioned. Realogy also clarified reported home sale transaction figures for California that did not represent the company
Realogy Corporation announced preliminary unaudited results for full year 2007:
- Adjusted EBITDA was $704 million, within previous guidance of $700-725 million.
- Cash balance was $165 million on December 31, 2007.
- $750 million revolving credit facility was undrawn on that date.
The results have not been finalized or audited. Realogy expects to release audited full year 2007 results and hold a conference call in mid-March 2008.
NETGEAR reported financial results for the first quarter of 2009 with net revenue of $152.0 million, down from $198.2 million in the first quarter of 2008. Net income was $42,000 compared to $11.2 million in the first quarter of 2008. For the second quarter of 2009, NETGEAR expects net revenue in the range of $135-145 million with non-GAAP operating margin of 3-5%. NETGEAR launched 14 new products in the first quarter and saw continued market shift to 11n WiFi products.
Micron Technology reported financial results for its first quarter of fiscal year 2009. It posted a net loss of $706 million compared to a net loss of $344 million last quarter. Sales decreased 4% from last quarter to $1.4 billion due to lower average selling prices for DRAM and NAND flash memory products. Gross margin declined from the prior quarter due to decreases in memory product prices outpacing cost reductions. The company continued restructuring activities this quarter, resulting in a $66 million credit in operating expenses. Cash flow from operations was $359 million for the quarter.
Realogy Corporation reported financial results for full year 2008. While net revenue was $4.7 billion, the company reported a net loss of $1.9 billion due primarily to a non-cash impairment charge of $1.8 billion. Excluding special items, EBITDA was $411 million and Adjusted EBITDA was $657 million. Despite declines in home sales transactions and prices, Realogy generated $109 million in cash from operations in 2008 and had $402 million in readily available cash. The company continues to focus on investing in growth during difficult market conditions.
Realogy Corporation reported financial results for the full year 2008. Key highlights include:
- Net loss of $1.9 billion which included a $1.8 billion non-cash impairment charge. Excluding special items, EBITDA was $411 million.
- Generated $109 million in cash from operations despite challenging real estate market conditions.
- Home sale transaction sides declined 18% at RFG and 16% at NRT compared to 2007. Average home prices also declined.
- Continued focus on investing in growth by signing new franchisees generating $420 million in annual commissions.
- Maintained compliance with debt covenants and had $402 million in readily available cash as
Micron Technology reported financial results for its fourth quarter and fiscal year 2008, ended August 28, 2008. For the quarter, Micron reported a net loss of $344 million compared to a net loss of $158 million in the prior year quarter. For the fiscal year, Micron reported a net loss of $1.6 billion compared to a net loss of $320 million in the prior fiscal year. Micron's results were negatively impacted by a $205 million charge to write down inventory values and a $463 million charge in the second quarter to write off goodwill in its memory segment. Excluding these charges, Micron's net loss would have been $209 million for the quarter and $1.021 billion for
- Intel reported first quarter revenue of $7.1 billion, down 13% from the previous quarter and 26% from the previous year.
- Gross margin was 46%, down 7 points from the previous quarter.
- Operating income was $670 million, down 56% from the previous quarter.
- Net income was $647 million, up 176% from the previous quarter.
- Micron Technology reported financial results for its third quarter of fiscal year 2008, which ended on May 29, 2008. Net sales increased 10% compared to the previous quarter to $1.5 billion, but the company still reported a net loss of $236 million.
- Cost of goods sold per gigabit decreased approximately 15-25% compared to the previous quarter for DRAM and NAND Flash memory products. However, the company continues to implement restructuring initiatives to improve efficiency and reduce costs.
- Cash flow from operating activities was $217 million for the quarter and the company ended with $1.6 billion in cash, though capital expenditures remain high at $577 million for the quarter.
The Goodyear Tire & Rubber Company reported record third quarter sales of $5.2 billion, up 2% from the previous year. Revenue per tire increased 8% due to improved pricing and product mix. Income from continuing operations was $31 million. Goodyear achieved $1.6 billion in cost savings from its four-point cost savings plan, surpassing its target of $2 billion. The company also eliminated $1.1 billion in retiree healthcare liabilities by establishing a Voluntary Employees' Beneficiary Association trust fund.
- Goodyear reported record second quarter sales of $5.2 billion, up 6.5% from the previous year, driven by strong growth in international businesses.
- International segment operating income increased significantly year-over-year, with all three international business units achieving record results.
- Net income from continuing operations was $75 million compared to $29 million in the previous year, though costs related to plant closures impacted results.
- Goodyear remains focused on managing through challenging market conditions while making investments to capitalize on future growth opportunities.
- Genuine Parts Company reported financial results for Q3 and the first nine months of 2009.
- Sales were down 10% for Q3 and 11% for the nine month period compared to the previous year.
- Net income decreased 18% for Q3 and 23% for the nine month period year-over-year.
- The automotive segment saw a 1% sales decline for Q3, while industrial and electrical groups saw larger decreases.
Cooper Industries reported financial results for the first quarter of 2009. Revenues decreased 19% to $1.26 billion due to weakness in global markets. Earnings per share from continuing operations were $0.48, but were $0.47 excluding restructuring charges and a tax item. The company generated a record $137 million in free cash flow. For 2009, earnings per share are forecast to be $2.30 to $2.60 excluding restructuring, and revenues are expected to decline 17-21% compared to 2008.
Realogy reported financial results for Q1 2008 with net revenue of $1.05 billion and EBITDA of $4 million. Home sale transactions declined 25% at Realogy Franchise Group and 27% at NRT. The company remained in compliance with debt covenants, with a senior secured leverage ratio of 4.2x which is below the allowable 5.6x ratio. Strategic accomplishments included franchise sales growth of 13% and retaining over 92% of top sales associates.
Realogy reported first quarter 2008 results with net revenue of $1.05 billion and EBITDA of $4 million. Home sale transactions declined 25% at Realogy Franchise Group and 27% at NRT. The senior secured leverage ratio was 4.2x, within the allowable ratio of 5.6x. Strategic accomplishments included franchise sales growth of 13% and retaining over 92% of top sales associates.
1) Goodyear responded to Standard & Poor's decision to place Goodyear's credit ratings on CreditWatch with negative implications as part of a broader action affecting 14 auto industry firms.
2) Goodyear believes S&P's action was misguided because less than 8% of Goodyear's $20 billion in annual sales are to the global operations of the Big Three U.S. automakers, and over 80% are in the replacement tire market.
3) Near-term impacts of challenges facing the Big Three automakers are not expected to materially affect Goodyear's liquidity.
This financial review provides operating and financial information for Northeast Utilities (NU) and its subsidiaries through June 30, 2008. Key information includes:
- NU's consolidated revenues for 2007 were $5.822 billion and operating income was $539 million.
- The largest subsidiary, The Connecticut Light and Power Company (CL&P), had revenues of $3.682 billion in 2007 and operating income of $285 million.
- Financial information such as sales, revenues, income, capitalization, debt ratings and dividend payments are presented for NU, CL&P and other subsidiaries from 2007 back to 2003.
1. The 2008 Annual Meeting of Shareholders of Northeast Utilities will be held on May 13, 2008 at 10:30am at the offices of Public Service Company of New Hampshire.
2. Matters to be voted on include electing 12 trustee nominees and ratifying the selection of Deloitte & Touche LLP as the independent auditors for 2008.
3. Directions to the meeting location in Manchester, NH are provided. Shareholders are urged to vote their shares whether attending the meeting or not.
- Net sales increased significantly from $4.74 billion in 1999 to $7.13 billion in 2000. Net income increased slightly from $515.8 million in 1999 to $422 million in 2000.
- The Telecommunications segment saw the largest increase in revenues from $2.96 billion in 1999 to $5.12 billion in 2000, driving the overall revenue growth.
- Pro forma diluted earnings per share, which excludes certain one-time items, increased from $0.67 in 1999 to $1.23 in 2000 despite a smaller increase in net income, reflecting share repurchases.
This annual report summarizes Corning Inc.'s financial performance in 2001, which saw a significant downturn from 2000 due to challenging conditions in the telecommunications sector and global economic weakness. Net sales fell 12% to $6.3 billion and the company reported a net loss of $5.5 billion compared to net income of $409 million in 2000. Corning took actions to reduce costs, including eliminating 12,000 jobs and closing plants. However, the company ended 2001 with $2.2 billion in cash and believes it is well positioned financially and strategically for long-term growth opportunities in key markets like optical fiber and displays.
The annual report summarizes Corning's financial performance in 2002, a challenging year due to the downturn in the telecommunications industry. Corning reported a net loss of $1.3 billion on sales of $3.2 billion, down significantly from 2001. In response, Corning restructured operations, cutting costs and jobs to preserve its financial position. It aims to return to profitability in 2003 by focusing on growing its display glass, environmental, and semiconductor businesses within Corning Technologies. While telecommunications remains weak, Corning maintains its leadership in optical fiber and intends to benefit when the market rebounds.
Corning Inc. is a 152-year-old diversified technology company that focuses on high-impact growth opportunities through specialty glass, ceramics, polymers, and light manipulation. It develops innovative products for telecommunications, displays, environmental, life sciences, semiconductors, and other materials markets. The 2003 annual report discusses priorities of protecting financial health, returning to profitability, and continuing to invest in the future. It emphasizes growth through global innovation, achieving balance and stability, and preserving trust through living the company's values.
The document is Corning's 2006 Annual Report and 2007 Proxy Statement. It provides an overview of Corning's financial performance and highlights in 2006, including record net income and earnings per share. It discusses Corning's strategies of protecting financial health, improving profitability, and investing in the future. It also outlines Corning's leadership transition with Wendell Weeks becoming Chairman and CEO and Peter Volanakis becoming President. Key financial figures for 2006 show net sales of $5.17 billion and net income of $1.85 billion, up significantly from 2005.
Corning Inc. reported strong financial performance in its 2007 Annual Report. Net income reached an all-time high of $2.15 billion, up 16% from 2006. Sales increased 13% to $5.86 billion, driven by high demand for LCD glass and new diesel filtration products. Corning also achieved records for earnings per share at $1.34 and operating cash flow at $2.1 billion. The report discusses Corning's strategy of focusing on innovation to drive growth, maintaining financial stability, and improving business portfolio balance. Key accomplishments in 2007 included expanding LCD glass capacity and developing innovations in optical fiber and life sciences technologies.
Corning posted record performance in the first half of 2008 but experienced weak performance in the second half due to the global recession. While sales were up 21% in the first half, they declined 30% in the fourth quarter compared to the third quarter and previous year. Corning implemented cost-cutting measures like job cuts and spending reductions to prepare for a weak 2009. However, Corning remains confident in its long-term strategies and innovative products to drive future growth once the economy recovers.
Atmos Energy Corporation is a natural gas distribution and pipeline company headquartered in Dallas, Texas. In fiscal year 2008, the company reported $180.3 million in net income on $7.2 billion in operating revenues. Atmos Energy distributes natural gas to 3.2 million customers across 12 states and owns one of the largest intrastate pipeline systems in Texas. The company has grown through acquisitions, adding over 2.9 million customers since 1983, and pursues a strategy of growing its regulated and complementary nonregulated natural gas businesses.
Atmos Energy Corporation will host a conference call on February 4, 2009 at 8:00 am ET to discuss its fiscal 2009 first quarter financial results. Atmos Energy, headquartered in Dallas, is the largest natural gas-only distributor in the US, serving about 3.2 million customers across 12 states. Interested parties can access the conference call by dialing 800-218-0204 or listening online at Atmos Energy's website, where an archive of the call will also be made available until April 30, 2009.
Atmos Energy Corporation reported earnings for the first quarter of fiscal year 2009. Net income was $76.0 million, up slightly from $73.8 million in the prior year. Regulated gas distribution operations contributed $57.8 million in net income, up 25% from the prior year. The company affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per share, excluding mark-to-market impacts. Capital expenditures for the year are expected to be $500-$515 million.
Atmos Energy Corporation declared a quarterly dividend of 33 cents per share to shareholders of record on February 25, 2009. This marks the company's 101st consecutive quarterly dividend. Atmos Energy is the country's largest natural-gas-only distributor, serving about 3.2 million customers across 12 states. It also provides natural gas marketing and pipeline management services.
Fred Meisenheimer was promoted to senior vice president and chief financial officer of Atmos Energy Corporation. Meisenheimer has been acting as interim CFO since January 1, 2009. He joined Atmos Energy in 2000 as vice president and controller and has made valuable contributions to the company's success over eight years. Prior to joining Atmos Energy, Meisenheimer held financial and accounting roles at other energy companies.
Atmos Energy Corporation is a natural gas distribution and pipeline company headquartered in Dallas, Texas. In fiscal year 2008, the company reported $180.3 million in net income on $7.2 billion in operating revenues. Atmos Energy distributes natural gas to 3.2 million customers in 1,600 communities across 8 states. The company has grown significantly through acquisitions, adding over 2.7 million customers since 1983. Atmos Energy aims to continue growing its regulated natural gas distribution operations and complementary nonregulated energy businesses.
This document provides an overview of the nonutility operations of Atmos Energy Corporation. It discusses the corporate structure and business segments, including gas marketing, pipeline and storage, and other nonutility operations. It then provides more detailed descriptions of the storage business models, including proprietary storage, full requirements storage, billable plan storage, and parking and loaning transactions. The storage business models are explained in terms of associated risks, risk management strategies, and impact on margins.
The document discusses forward-looking statements and risks associated with them. It provides an overview of Atmos Energy, including its scope of operations across 12 states in the utility segment and 22 states in the nonutility segment. It also summarizes Atmos Energy's financial and operational performance over time, including earnings growth, dividend increases, and acquisition history such as the purchase of TXU Gas.
A conference call was scheduled for February 8, 2006 at 8:00 am EST to review the company's fiscal 2006 first quarter financial results. The company reported a net income of $100 million, up 19% from the prior year quarter. Earnings per share were $0.88, up 11% from the previous year. Key drivers included a contribution from acquisitions and weather that was colder than the prior year. The utility segment saw higher throughput and gross profit.
The document summarizes a conference call to review the company's fiscal 2006 second quarter financial results. Key points from the quarter include a 1.3% increase in net income compared to the prior year quarter, driven by higher contributions from the natural gas marketing segment due to favorable storage and marketing positions. Earnings per share increased 1.3% while operating expenses rose due to higher employee, bad debt, and regulatory costs. Weather during the quarter was warmer than normal, negatively impacting utility throughput.
The document discusses a conference call to review the company's fiscal 2006 third quarter financial results. It provides details on the company's net income, earnings per share, capital expenditures, and performance by business segment for the quarter. The company reported a net loss for the quarter, driven by unrealized mark-to-market losses in natural gas marketing and warmer than normal weather across many utility divisions.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Realogy8-KFiling11508
1. UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 5, 2008 (November 5, 2008)
Realogy Corporation
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-148153 20-4381990
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
One Campus Drive
Parsippany, NJ 07054
(Address of Principal Executive Offices) (Zip Code)
(973) 407-2000
(Registrant’s telephone number, including area code)
None
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
2. Item 2.02 Results of Operations and Financial Condition.
On November 5, 2008, Realogy Corporation issued a press release announcing its financial results for third quarter 2008. A
copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release issued by Realogy Corporation, dated November 5, 2008
2
3. SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
REALOGY CORPORATION
By: /s/ Anthony E. Hull
Anthony E. Hull, Executive Vice President,
Chief Financial Officer and Treasurer
Date: November 5, 2008
3
4. EXHIBIT INDEX
Number Exhibit
99.1 Press Release issued by Realogy Corporation, dated November 5, 2008
4
5. Exhibit 99.1
REALOGY REPORTS RESULTS FOR THIRD QUARTER 2008
PARSIPPANY, N.J., Nov. 5, 2008 — Realogy Corporation, a global provider of real estate and relocation services, today reported
results for the third quarter of 2008. Specifically, the Company had third quarter 2008 net revenue of $1.3 billion, earnings before
interest, income taxes, depreciation and amortization (EBITDA) of $129 million, and a net loss of $50 million.
Realogy’s EBITDA for the period was negatively affected by $45 million of non-cash equity losses and impairment charges from its
49.9% investment in PHH Home Loans LLC, its loan origination joint venture with PHH Corporation, as well as $15 million of
restructuring charges. The net loss is after $152 million of interest expense and $54 million of depreciation and amortization expense.
“The current economic conditions of this country are weighing heavily on consumer confidence and thus on the housing industry,”
said Richard A. Smith, Realogy’s president and CEO. “We are not immune from the macroeconomic shocks to the credit and
financial markets. In spite of these extraordinarily difficult circumstances, we have remained focused on reducing our operating costs
and investing in the growth of our business. In the past two years alone, our management team has improved Realogy’s profitability
profile by more than $350 million through brokerage office consolidations, business optimization activities and other cost-saving
measures.”
In the third quarter, Realogy’s real estate business drivers experienced declines that were directionally in line with the National
Association of Realtors and Fannie Mae. During this period, Realogy’s year-over-year home sale transaction sides declined by 15
percent at the Realogy Franchise Group (RFG) and were down by 10 percent at NRT, the Company’s owned brokerage unit.
Likewise for the third quarter, RFG’s average home sales price decreased 7 percent and NRT’s average home sale price declined 12
percent compared to the same period in 2007. These price declines were driven by various factors, including high inventory levels,
the increased prominence of short sale and foreclosure activity and, particularly as it relates to NRT, a relative shift in the mix of
business from higher price ranges to lower- and middle-range homes.
6. Realogy Reports Results for Third Quarter 2008
Page 2 of 13
Strategic and Operational Accomplishments
Realogy highlighted the following accomplishments from the third quarter of 2008:
Net domestic franchise sales for Realogy’s leading brands — Better Homes and Gardens® Real Estate, CENTURY 21®,
•
Coldwell Banker®, Coldwell Banker Commercial®, ERA ® and Sotheby’s International Realty® — totaled $100
million in gross commission income (GCI) during the third quarter. For the nine months ended September 30, 2008,
Realogy’s franchise sales reached $367 million in GCI, a 12 percent increase from the first three quarters of 2007.
Year-to-date since July, the newly launched Better Homes and Gardens® Real Estate franchise network has signed 40
•
franchised offices in six states.
• Three of our brands were recognized by Franchise Times as being among the Top 100 U.S.-based franchise companies
across all industries when ranked by worldwide sales as well as domestic and international office locations. This is the
ninth consecutive year in which CENTURY 21®, Coldwell Banker® and ERA ® earned this distinction.
• NRT maintained a 92 percent retention rate for its top two quartiles of sales associates.
• NRT’s REO division, one of the largest independent Real Estate Owned asset management companies in the United States,
saw its closed sales of foreclosed properties increase to 10,500 units in the third quarter of 2008 as compared to 5,600 in
the same quarter in 2007. Although the price points of REO sales are much lower than the average NRT sales price, this is
an important counter-cyclical business that capitalizes on the near-term growth of foreclosure sales.
• Cartus, our relocation services firm, added 50 new clients and expanded services with several others in the third quarter.
Among the new signings and expansions were The Coca-Cola Company, Houghton Mifflin and Textron. Year-to-date
through September 30, 2008, Cartus has signed 135 new clients and expanded services it provides to an additional 55
existing clients.
• TRG continues to roll out its Web-based transaction management software platform called HomeBase. This innovative
system was piloted by approximately 210 NRT residential real estate brokerage offices and will be expanded to an
additional 240 by year end.
Covenant Compliance
As of September 30, 2008, the Company’s senior secured leverage ratio was 4.8 to 1. This is 0.6x below the maximum 5.35 to 1 ratio
required for Realogy to be in compliance under its Credit Agreement. The senior secured leverage ratio is determined by taking
Realogy’s senior secured net debt of $3.2 billion at September 30, 2008 and dividing it by the Company’s Adjusted EBITDA of $661
million for the 12 months ended September 30, 2008. (Please see Table 5 for a reconciliation of net loss to EBITDA, Table 6 for a
reconciliation of net loss to Adjusted EBITDA and Table 7 for the definition of non-GAAP financial measures.)
7. Realogy Reports Results for Third Quarter 2008
Page 3 of 13
Investor Webcast
Realogy will hold a Webcast to review its third quarter 2008 results at 11:00 a.m. (ET) on Friday, November 7. The call will be
hosted by Richard A. Smith, president and CEO, and Tony Hull, executive vice president, CFO and treasurer. Questions to be
answered on the call should be submitted in advance to Investor.Relations@Realogy.com by 5:00 p.m. (ET) on Thursday,
November 6. The conference call will be made available live via Webcast on the Investor Information section of the Realogy.com
Web site. A replay of the Webcast will be available at www.realogy.com from November 7 through November 21.
About Realogy Corporation
Realogy Corporation, a global provider of real estate and relocation services, has a diversified business model that includes real estate
franchising, brokerage, relocation and title services. Realogy’s world-renowned brands and business units include Better Homes and
Gardens® Real Estate, CENTURY 21 ®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby’s
International Realty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy’s franchise systems have approximately
16,000 offices and 300,000 sales associates doing business in 96 countries around the world. Headquartered in Parsippany, N.J.,
Realogy (www.realogy.com) has approximately 13,000 employees worldwide. Realogy is owned by affiliates of Apollo
Management, L.P., a leading private equity and capital markets investor. To receive future Realogy news releases, you can sign up for
an e-mail subscription or secure a link for your RSS reader at www.realogy.com/media.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Realogy Corporation (“Realogy”) to be materially different
from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded
by, followed by or that otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “projects”, “estimates”,
“plans”, “may increase”, “may fluctuate” and similar expressions or future or conditional verbs such as “will”, “should”,
“would”, “may” and “could” are generally forward-looking in nature and not historical facts. Any statements that refer to
expectations or other characterizations of future events, circumstances or results are forward-looking statements.
Various factors that could cause actual future results and other future events to differ materially from those estimated by management
include, but are not limited to: our substantial debt leverage; continuing adverse developments in the residential real estate markets;
continuing adverse developments in general business, economic and political conditions, including reduced availability of credit and
the instability of financial markets in the U.S. and abroad, the recent substantial decline in the stock markets, changes in short-term
or long-term interest rates or mortgage-lending practices, or any outbreak or escalation of hostilities on a national, regional or
international basis; a continuing drop in consumer confidence and/or the impact of a recession or a prolonged period of slow
economic growth in the U.S. economy; our ability to comply with the affirmative and negative covenants contained in our debt
agreements; our failure to complete future acquisitions or to realize anticipated benefits from completed acquisitions; our failure to
8. Realogy Reports Results for Third Quarter 2008
Page 4 of 13
maintain or acquire franchisees and brands or the inability of franchisees to survive the current real estate downturn; and our
inability to access capital and/or securitization markets.
Consideration should be given to the areas of risk described above, as well as those risks set forth under the headings “Forward-
Looking Statements” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2007 and our Form
10-Q for the quarter ended September 30, 2008 and in our other periodic reports filed from time to time, in connection with
considering any forward-looking statements that may be made by us and our businesses generally. Except for our ongoing
obligations to disclose material information under the federal securities laws, we undertake no obligation to release publicly any
revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless we are
required to do so by law.
The 2007 results for the nine months ended September 30, 2007, which are set forth in the tables that accompany this press release
and in our third quarter 2008 Form 10-Q have been reported on a pro forma combined basis. They have been prepared to give effect
to the Company’s April 10, 2007 acquisition by Apollo Management, L.P. and the related financing transactions as if they had
occurred on January 1, 2007 and combine the Company’s financial results for the predecessor period from the beginning of the
period — January 1, 2007 through April 9, 2007, and the successor period, from April 10, 2007 through September 30, 2007.
This release includes certain non-GAAP financial measures as defined under SEC rules. As required by SEC rules, important
information regarding such measures is contained in the Tables attached to this release.
Investor Relations Contact:
Alicia Swift
(973) 407-4669
alicia.swift@realogy.com
Media Contact:
Mark Panus
(973) 407-7215
mark.panus@realogy.com
###
(Tables to Follow)
9. Realogy Reports Results for Third Quarter 2008
Page 5 of 13
Table 1
REALOGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
(Unaudited)
Successor
Three Months Three Months
Ended Ended
September 30, September 30,
2008 2007
Revenues
Gross commission income $ 1,007 $ 1,238
Service revenue 202 225
Franchise fees 88 115
Other 44 46
Net revenues 1,341 1,624
Expenses
Commission and other agent-related costs 656 821
Operating 398 460
Marketing 50 65
General and administrative 59 62
Former parent legacy costs (benefit), net — 2
Separation costs — 1
Restructuring costs 15 3
Merger costs — 6
Impairment of investment in unconsolidated entity 14 —
Depreciation and amortization 54 119
Other (income)/expense, net (11) —
Interest expense 153 173
Interest income (1) (4)
Total expenses 1,387 1,708
(46) (84)
Loss before income taxes, minority interest and equity in earnings
Income tax benefit (27) (28)
Minority interest, net of tax 1 1
Equity in (earnings) losses of unconsolidated entities 30 (2)
$ (50) $ (55)
Net loss
10. Realogy Reports Results for Third Quarter 2008
Page 6 of 13
Table 2
REALOGY CORPORATION AND THE PREDECESSOR
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
(Unaudited)
Successor Predecessor
Period from Period from
Nine Months April 10 January 1
Ended Through Through
September 30, September 30, April 9,
2008 2007 2007
Revenues
Gross commission income $ 2,795 $ 2,533 $ 1,104
Service revenue 594 426 216
Franchise fees 252 230 106
Other 139 89 66
Net revenues 3,780 3,278 1,492
Expenses
Commission and other agent-related costs 1,827 1,684 726
Operating 1,249 869 489
Marketing 165 125 84
General and administrative 177 128 123
Former parent legacy costs (benefit), net (1) 2 (19)
Separation costs — 2 2
Restructuring costs 38 6 1
Merger costs 2 22 80
Impairment of investment in unconsolidated entity 14 — —
Depreciation and amortization 165 448 37
Other (income)/expense, net (11) — —
Interest expense 470 326 43
Interest income (2) (6) (6)
Total expenses 4,093 3,606 1,560
(313) (328) (68)
Loss before income taxes, minority interest and equity in earnings
Income tax benefit (129) (120) (23)
Minority interest, net of tax 1 1 —
Equity in (earnings) losses of unconsolidated entities 25 (5) (1)
$ (210) $ (204) $ (44)
Net loss
11. Realogy Reports Results for Third Quarter 2008
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Table 3
Realogy Corporation and the Predecessor
Unaudited Pro Forma Combined Statement of Operations
For the Nine Months Ended September 30, 2007
Predecessor Successor Successor
Period from Period from Period from
January 1 April 10 Pro January 1
Through Through Forma Through
(In millions) April 9, 2007 Sept. 30, 2007 Transactions Combined Sept. 30, 2008
Revenues
Gross commission income $ 1,104 $ 2,533 $ — $ 3,637 $ 2,795
Service revenue 216 426 12(a) 654 594
Franchise fee 106 230 — 336 252
Other 66 89 (2)(b) 153 139
Net revenues 1,492 3,278 10 4,780 3,780
Expenses
Commission and other agent related costs 726 1,684 — 2,410 1,827
Operating 489 869 (1)(a) 1,357 1,249
Marketing 84 125 — 209 165
General and administrative 123 128 (47)(a,c) 204 177
Former parent legacy costs (benefit), net (19) 2 9(a) (8) (1)
Separation costs 2 2 — 4 —
Restructuring costs 1 6 — 7 38
Merger costs 80 22 (102)(d) — 2
Impairment of investment in unconsolidated
entity — — — — 14
Depreciation and amortization 37 448 (325)(e) 160 165
Other (income)/expense, net — — — — (11)
Interest expense 43 326 112(f) 481 470
Interest income (6) (6) — (12) (2)
Total expenses 1,560 3,606 (354) 4,812 4,093
Income (loss) before income taxes, minority
(68) (328) 364 (32) (313)
interest, and equity in earnings
Income tax expense (benefit) (23) (120) 138(g) (5) (129)
Minority interest, net of tax — 1 — 1 1
Equity in (earnings) losses of unconsolidated
entities (1) (5) — (6) 25
$ (44) $ (204) $ 226 $ (22) $ (210)
Net Income (loss)
Notes to Unaudited Pro Forma Combined Statement of Operations
(a) Reflects the elimination of fair value adjustments for purchase accounting including the negative impact of $12 million of
revenue primarily related to deferred revenue and referral fee revenue, $5 million of operating and general and administrative
expenses primarily related to insurance accruals and fair value adjustments on at risk homes and $9 million of income related to
a fair value adjustment for a legacy asset matter.
(b) Reflects the incremental borrowing costs for the period from January 1, 2007 to April 9, 2007 of $2 million as a result of the
securitization facilities refinancings. The borrowings under the securitization facilities are advanced to customers of the
relocation business and the Company generally earns interest income on the advances, which are recorded within other revenue
net of the borrowing costs under the securitization arrangement.
(c) Reflects (i) incremental expenses for the period from January 1, 2007 to April 9, 2007 in the amount of $3 million representing
the estimated annual management fee to be paid by Realogy to Apollo, and (ii) the elimination of $45 million of separation
benefits payable to our former CEO upon retirement, the amount of which was determined as a result of a change in control
provision in his employment agreement with the Company.
12. Realogy Reports Results for Third Quarter 2008
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(d) Reflects the elimination of $102 million of merger costs which are comprised primarily of $56 million for the accelerated
vesting of stock based incentive awards granted by the Company, $25 million of employee retention and supplemental bonus
payments incurred in connection with the Transactions and $15 million of professional costs incurred by the Company
associated with the Merger.
(e) Reflects an increase in amortization expenses for the period from January 1, 2007 to April 9, 2007 resulting from the values
allocated to our identifiable intangible assets, less the amortization of pendings and listings. Amortization is computed using the
straight-line method over the asset’s related useful life.
Estimated Estimated
(In millions) fair value useful life Amortization
Real estate franchise agreements $ 2,019 30 years $ 51
Customer relationships 467 10-20 years 19
Estimated nine month amortization expense 70
Less:
Amortization expense recorded for the items above (56)
Amortization expense for non-recurring pendings and listings (339)
Pro forma adjustment $ (325)
(f) Reflects incremental interest expense in the amount of $112 million assuming that the indebtedness incurred in connection with
the Merger occurred on January 1, 2007. The $112 million includes $6 million of incremental deferred financing costs
amortization and $2 million of incremental bond discount amortization relating to the senior notes, senior toggle notes and
senior subordinated notes.
For pro forma purposes we have assumed a weighted average interest rate of 8.23% for the variable interest rate debt under the
term loan facility and the revolving credit facility, based on the 3-month LIBOR rate as of September 30, 2007. This variable
interest rate debt is reduced to reflect the $775 million of floating to fixed interest rate swap agreements. The adjustment
assumes straight-line amortization of capitalized financing fees over the respective maturities of the indebtedness.
(g) Reflects the estimated tax effect resulting from the pro forma adjustments at an estimated rate of 38%. We expect our tax
payments in future years, however, could vary from this amount.
13. Realogy Reports Results for Third Quarter 2008
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Table 4
Key Business Drivers
Three Months Ended September 30, Nine Months Ended September 30,
2008 2007 % Change 2008 2007 % Change
Real Estate Franchise Services (a)
Closed homesale sides 281,158 331,824 (15)% 772,803 966,390 (20)%
Average homesale price $216,164 $232,759 (7)% $217,555 $232,340 (6)%
Average homesale broker commission rate 2.52% 2.49% 3 bps 2.51% 2.49% 2 bps
Net effective royalty rate 5.06% 5.06% — 5.07% 5.03% 4 bps
Royalty per side $ 285 $ 303 (6)% $ 288 $ 300 (4)%
Company Owned Real Estate Brokerage Services
Closed homesale sides 80,296 88,759 (10)% 214,167 261,204 (18)%
Average homesale price $474,172 $540,379 (12)% $495,979 $538,538 (8)%
Average homesale broker commission rate 2.48% 2.46% 2 bps 2.48% 2.47% 1 bps
Gross commission income per side $ 12,468 $ 13,894 (10)% $ 13,002 $ 13,870 (6)%
Relocation Services
Initiations 35,536 32,420 10% 111,005 106,378 4%
Referrals 21,767 20,929 4% 56,642 63,636 (11)%
Title and Settlement Services
Purchase title and closing units 30,718 38,782 (21)% 87,666 111,173 (21)%
Refinance title and closing units 7,622 8,396 (9)% 29,396 28,555 3%
Average price per closing unit $ 1,552 $ 1,466 6% $ 1,507 $ 1,476 2%
(a) Includes all franchisees except for our Company Owned Real Estate Brokerage Services segment.
14. Realogy Reports Results for Third Quarter 2008
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Table 5
Selected Quarterly Financial Data
(In millions)
For The Three For The Three For The Three
Months Ended Months Ended Months Ended
March 31, 2008 June 30, 2008 September 30, 2008
Revenue (a)
Real Estate Franchise Services $ 152 $ 185 $ 172
Company Owned Real Estate Brokerage Services 767 1,060 1,026
Relocation Services 108 124 129
Title and Settlement Services 81 94 84
Corporate and Other (d) (57) (75) (70)
$ 1,051 $ 1,388 $ 1,341
EBITDA (b) (c)
Real Estate Franchise Services $ 80 $ 109 $ 98
Company Owned Real Estate Brokerage Services (e) (60) 26 (9)
Relocation Services — 23 39
Title and Settlement Services (2) 5 9
Corporate and Other (d) (14) (2) (8)
$ 4 $ 161 $ 129
Total
Depreciation and Amortization 56 55 54
Interest, Net 164 152 152
Income Tax Benefit (84) (19) (27)
Net Loss $ (132) $ (27) $ (50)
(a) Equity in (earnings) losses of unconsolidated entities was previously presented within Other revenues in the consolidated
statement of operations. In connection with the recognition of its share of PHH Home Loans’ impairment charge during the third
quarter of 2008, the Company has changed the presentation of these amounts to reflect them on a separate line below income
taxes in the Condensed Consolidated statement of Operations for all periods presented.
(b) EBITDA is defined as net income before depreciation and amortization, interest (income) expense, net (other than Relocation
Services interest for securitization assets and securitization obligations) and income taxes, each of which is presented on our
Condensed Consolidated Statements of Operations.
(c) EBITDA includes Former Parent Legacy Costs (Benefits), Separation Costs (Benefits), Restructuring Costs, Merger Costs and
Impairment Charges as follows ($ In Millions):
For The Three For The Three For The Three
Months Ended Months Ended Months Ended
March 31, 2008 June 30, 2008 September 30, 2008
Real Estate Franchise Services $ — $ — $ 1
Company Owned Real Estate Brokerage Services 9 13 56
Relocation Services — — 2
Title and Settlement Services — 1 1
Corporate and Other 7 (7) —
(d) Includes unallocated corporate overhead and the elimination of transactions between segments, which consists of intercompany
royalties and marketing fees paid by our Company Owned Real Estate Brokerage Services segment of $70 million, $75 million
and $57 million during the three months ended September 30, 2008, June 30, 2008, and March 31, 2008, respectively.
(e) For the three months ended September 30, 2008, Realogy’s joint venture partner PHH Home Loans, of which Realogy owns
49.9%, recorded an impairment charge for which Realogy recorded its portion of the charge in equity (earnings) losses of
unconsolidated entities of $31 million. As a result of the impairment analysis completed by PHH Home Loans, Realogy
performed an impairment analysis of its investment in the entity and recognized an incremental impairment loss of $14 million.
15. Realogy Reports Results for Third Quarter 2008
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Table 6
A reconciliation of net loss to EBITDA and Adjusted EBITDA for the twelve months ended September 30, 2008 is set forth in
the following table:
Less Equals Plus Equals
For the Period For the Period
from April 10, from April 10, Three Months Nine Months Twelve
2007 through 2007 through Ended Ended Months Ended
December 31, September 30, December 31, September 30, September 30,
2007 2007 2007 2008 2008
Net loss (a) $ (797) $ (204) $ (593) $ (210) $ (803)
Income tax benefit (439) (120) (319) (129) (448)
Loss before income taxes (1,236) (324) (912) (339) (1,251)
Interest expense (income), net 486 320 166 468 634
Depreciation and amortization 502 448 54 165 219
(248) 444 (692) 294 (398)
EBITDA
Covenant calculation adjustments:
Merger costs, restructuring costs, separation costs, and former parent legacy costs (benefit), net (b) 102
2007 impairment of intangible assets and goodwill (c) 667
Non-cash charges related to investment in PHH Home Loans, including impairment 45
Pro forma cost savings for 2007 restructuring initiatives (d) 7
Pro forma cost savings for 2008 restructuring initiatives (e) 43
Pro forma effect of business optimization initiatives (f) 73
Non-cash charges (g) 67
Non-recurring fair value adjustments for purchase accounting (h) 6
Pro forma effect of NRT acquisitions and RFG acquisitions and new franchisees (i) 15
Apollo management fees (j) 14
Proceeds from WEX contingent asset (k) 11
Incremental securitization interest costs (l) 5
Better Homes and Gardens Real Estate start up costs 4
Adjusted EBITDA $ 661
Total senior secured net debt (m) $3,198
Senior secured leverage ratio 4.8x
(a) Net loss consists of a loss of: (i) $593 million for the fourth quarter of 2007; (ii) $133 million for the first quarter of 2008;
(iii) $27 million for the second quarter of 2008 and (iv) $50 million for the third quarter of 2008.
(b) Consists of $4 million of merger costs, $67 million of restructuring costs, $5 million of separation benefits paid to our former
CEO upon retirement, $2 million of separation costs and $24 million of former parent legacy costs.
(c) Represents the non-cash adjustment for the 2007 impairment of goodwill and unamortized intangible assets.
(d) Represents actual costs incurred that are not expected to recur in subsequent periods due to restructuring activities
initiated during the year ended December 31, 2007. From this restructuring, we expect to reduce our operating costs by
approximately $58 million on a twelve month run-rate basis and estimate that $51 million of such savings were realized from the
time they were put in place (primarily in the fourth quarter of 2007) through September 30, 2008. The adjustment shown
represents the impact the savings would have had on the period from October 1, 2007 through the time they were put in place,
had those actions been effected on October 1, 2007.
(e) Represents actual costs incurred that are not expected to recur in subsequent periods due to restructuring activities
initiated during the first nine months of 2008. From this restructuring, we expect to reduce our operating costs by approximately
$55 million on a
16. Realogy Reports Results for Third Quarter 2008
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twelve month run-rate basis and estimate that $12 million of such savings were realized from the time they were put in place.
The adjustment shown represents the impact the savings would have had on the period from October 1, 2007 through the time
they were put in place, had those actions been effected on October 1, 2007.
(f) Represents the twelve month pro forma effect of business optimization initiatives that have been completed to reduce costs
including: (i) $26 million related to the exit of the government at-risk homesale business; (ii) $10 million related to the
elimination of the 401(k) employer match; (iii) $12 million related to the renegotiation of NRT contracts; and $25 million
related to other initiatives.
(g) Represents the elimination of non-cash expenses including $24 million for the change in the allowance for doubtful accounts
and $30 million related to the reserve for development advance notes and promissory notes from October 1, 2007 through
September 30, 2008, $7 million of stock based compensation expense, $7 million related to net losses on foreign currency
transactions and foreign currency forward contracts offset by $1 million of net gains on the sale of fixed assets.
(h) Reflects the adjustment for the negative impact of $6 million of fair value adjustments for purchase accounting at the operating
business segments primarily related to deferred revenue, referral fees, insurance accruals and at-risk homes for the twelve
months ended September 30, 2008.
(i) Represents the estimated impact of acquisitions made by NRT and RFG acquisitions and new franchisees as if they had been
acquired or signed on October 1, 2007. We have made a number of assumptions in calculating such estimate and there can be no
assurance that we would have generated the projected levels of EBITDA had we owned the acquired entities or entered into the
franchise contracts as of October 1, 2007.
(j) Represents the elimination of annual management fees payable to Apollo for the twelve months ended September 30, 2008.
(k) Wright Express Corporation (“WEX”) was divested by Cendant in February 2005 through an initial public offering (“IPO”). As
a result of such IPO, the tax basis of WEX’s tangible and intangible assets increased to their fair market value which may reduce
federal income tax that WEX might otherwise be obligated to pay in future periods. WEX is required to pay Cendant 85% of
any tax savings related to the increase in fair value utilized for a period of time that we expect will be beyond the maturity of the
notes. Cendant is required to pay 62.5% of these tax savings payments received from WEX to us.
(l) Incremental borrowing costs incurred as a result of the securitization facilities refinancing for the twelve months ended
September 30, 2008.
(m) Represents total borrowings under the senior secured credit facility, including the revolving credit facility, of $3,410 million
plus $14 million of capital lease obligations less $226 million of readily available cash as of September 30, 2008.
17. Realogy Reports Results for Third Quarter 2008
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Table 7
Definitions
EBITDA is defined as net income before depreciation and amortization, interest (income) expense, net (other than relocation
services interest for securitization assets and securitization obligations) and income taxes. Adjusted EBITDA is calculated by
adjusting EBITDA by the items described above. We present EBITDA and Adjusted EBITDA because we believe EBITDA and
Adjusted EBITDA are useful as supplemental measures in evaluating the performance of our operating businesses and provide greater
transparency into our results of operations. EBITDA and Adjusted EBITDA are measures used by our management, including our
chief operating decision maker, to perform such evaluation, and are factors in measuring compliance with debt covenants relating to
certain of our borrowing arrangements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for
net income or other statement of operations data prepared in accordance with GAAP.
We believe EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences
caused by variations in capital structures (affecting net interest expense), taxation, the age and book depreciation of facilities
(affecting relative depreciation expense) and the amortization of intangibles, which may vary for different companies for reasons
unrelated to operating performance. We further believe that EBITDA is frequently used by securities analysts, investors and other
interested parties in their evaluation of companies, many of which present an EBITDA measure when reporting their results. Adjusted
EBITDA as presented in the table above corresponds to the definition of “EBITDA,” calculated on a “pro forma basis,” used in the
senior secured credit facility to calculate the senior secured leverage ratio and substantially corresponds to the definition of
“EBITDA” used in the indentures governing the notes to test the permissibility of certain types of transactions, including debt
incurrence.
EBITDA has limitations as an analytical tool, and you should not consider EBITDA either in isolation or as a substitute for
analyzing our results as reported under GAAP. Some of these limitations are:
• EBITDA does not reflect changes in, or cash requirement for, our working capital needs;
• EBITDA does not reflect our interest expense (except for interest related to our securitization obligations), or the
cash requirements necessary to service interest or principal payments, on our debt;
• EBITDA does not reflect our income tax expense or the cash requirements to pay our taxes;
• EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual
commitments;
• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often
have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
• other companies in our industry may calculate EBITDA differently so they may not be comparable.
Like EBITDA, Adjusted EBITDA has limitations as an analytical tool, and you should not consider Adjusted EBITDA either in
isolation or as a substitute for analyzing our results as reported under GAAP. In addition to the limitations described above with
respect to EBITDA, Adjusted EBITDA includes pro forma cost savings and the pro forma full year effect of NRT acquisitions and
RFG acquisitions/new franchisees. These adjustments may not reflect the actual cost savings or pro forma effect recognized in future
periods.
EBITDA and Adjusted EBITDA are not necessarily comparable to other similarly titled financial measures of other companies
due to the potential inconsistencies in the method of calculation.