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 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 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.
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.
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.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2007. Revenue increased 4% to $1.84 billion for Q4 2007 and 6% to $6.82 billion for the full year. Net income increased 22% to $223.6 million for Q4 and 36% to $938.5 million for the full year. Diluted earnings per share were $0.45 for Q4 2007, up 22%, and a record $1.89 for the full year, up 37%. The company also reported progress on plans to divest its television and non-core radio assets.
Xilinx reported financial results for its second quarter of fiscal year 2010. Net revenues were $415.0 million, up 10% sequentially and down 14% year-over-year. Net income was $64.0 million, or $0.23 per diluted share. The company also announced a $0.02 increase in its quarterly dividend to $0.16 per share. For the third quarter, Xilinx expects sales to increase 6-10% sequentially and gross margin to be approximately 62-63%.
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.
Gannett reported Q2 2009 earnings per share of $0.30 compared to a loss per share of $10.03 in Q2 2008. Excluding special items, EPS was $0.46 in Q2 2009 compared to $1.04 in the prior year. Total revenues declined to $1.4B from $1.7B due to weak advertising demand. Operating expenses declined 67% due to large impairment charges in 2008. The company generated $252M in operating cash flow for the quarter and ended with $3.5B in debt.
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 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.
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.
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.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2007. Revenue increased 4% to $1.84 billion for Q4 2007 and 6% to $6.82 billion for the full year. Net income increased 22% to $223.6 million for Q4 and 36% to $938.5 million for the full year. Diluted earnings per share were $0.45 for Q4 2007, up 22%, and a record $1.89 for the full year, up 37%. The company also reported progress on plans to divest its television and non-core radio assets.
Xilinx reported financial results for its second quarter of fiscal year 2010. Net revenues were $415.0 million, up 10% sequentially and down 14% year-over-year. Net income was $64.0 million, or $0.23 per diluted share. The company also announced a $0.02 increase in its quarterly dividend to $0.16 per share. For the third quarter, Xilinx expects sales to increase 6-10% sequentially and gross margin to be approximately 62-63%.
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.
Gannett reported Q2 2009 earnings per share of $0.30 compared to a loss per share of $10.03 in Q2 2008. Excluding special items, EPS was $0.46 in Q2 2009 compared to $1.04 in the prior year. Total revenues declined to $1.4B from $1.7B due to weak advertising demand. Operating expenses declined 67% due to large impairment charges in 2008. The company generated $252M in operating cash flow for the quarter and ended with $3.5B in debt.
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
The document is an 8-K filing by Xilinx Inc. reporting their financial results for the first quarter of fiscal year 2010:
- Sales were $376 million, down 5% sequentially and 23% from the prior year.
- Net income was $38 million, or $0.14 per diluted share.
- For the second quarter, Xilinx expects sales to increase 2-6% and gross margin to be around 61%.
- The company continues to invest in new FPGA development to drive future growth.
MGIC Investment Corporation reported financial results for Q2 2009 with a net loss of $339.8 million compared to a net loss of $99.9 million in Q2 2008. Total revenues were $454.5 million. New insurance written was $5.9 billion, down from $14 billion in Q2 2008. The percentage of loans delinquent was 12.04% excluding bulk loans and 14.97% including bulk loans, both up significantly from the prior year. Losses incurred were $769.6 million, up from $688.1 million in the previous year.
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.
MB Financial reported its results for the second quarter of 2009. Net income was $4.3 million, down from $22 million in the second quarter of 2008. Credit quality deteriorated, with non-performing loans decreasing slightly to $227.7 million but non-performing assets increasing to $245 million. The allowance for loan losses was increased to 2.86% of total loans. Net interest income increased by $3.3 million due to an improved net interest margin from loan repricing and lower funding costs. Other income decreased by $3.6 million primarily due to lower gains on the sale of investment securities.
OHL Brasil announces financial results for 3Q08, with net revenue of R$203.6 million (up 20.3% from 3Q07), adjusted EBITDA of R$144.9 million (up 30.1% from 3Q07), and adjusted EBITDA margin of 71.1% (up 5.3 percentage points from 3Q07). Toll traffic increased 6.3% compared to 3Q07. Net income was R$30.8 million, up 12.0% from 3Q07. Investments in concessions totaled R$172.1 million in 3Q08 and R$395.5 million for the first 9 months of 2008.
Baxter International Inc. reported financial results for the third quarter of 2009. Net income grew 12% to $530 million compared to the third quarter of 2008. Earnings per share increased 18% to $0.87. Excluding special charges, adjusted net income increased 6% and adjusted earnings per share grew 11%. Baxter provided guidance for the fourth quarter and full year 2009, expecting continued sales and earnings growth.
Avocent Corporation reported financial results for the first quarter of 2009. Net sales declined 11% to $126.1 million compared to the first quarter of 2008. The company reported a GAAP net loss of $42.6 million due to a $55 million non-cash write down of goodwill. Operational net income was $11.2 million, down from $14.5 million in the prior year. LANDesk sales grew 18% to $34.5 million and operational profit was a record for the first quarter. Avocent provided an outlook for the second quarter of 2009 with revenues expected between $126-134 million and operational EPS between $0.26-0.36.
Worthington Industries reported financial results for the fourth quarter and full fiscal year 2009. For the quarter, net sales decreased 46% to $471.6 million and the company reported a net loss of $13.7 million compared to net earnings of $53.9 million in the previous year. For the full year, net sales decreased 14% to $2.6 billion and the company reported a net loss of $108.2 million compared to net earnings of $107.1 million the previous year. The company also continued restructuring efforts through plant closures and headcount reductions in response to challenging market conditions.
- Kennametal Inc. filed an 8-K form with the SEC on April 24, 2009 regarding its financial results for the fiscal third quarter ended March 31, 2009.
- The filing included a press release containing non-GAAP financial measures and definitions of those measures, including adjusted gross profit, operating expenses, EBIT, and free operating cash flow.
- Reconciliations of the non-GAAP measures to the most comparable GAAP measures were provided in the press release or compiled as required by Regulation G.
This document provides an overview and financial results of Rossi Residencial S.A. for 3Q10 and 9M10. Key highlights include:
- Total launches of R$1.4 billion in 3Q10, up 22% YoY, with contracted sales of R$1.1 billion, up 63% YoY.
- Net income of R$95 million in 3Q10, up 54% YoY, and R$269 million in 9M10, up 90% YoY.
- EBITDA of R$132 million in 3Q10, up 26% YoY, with an EBITDA margin of 20.5% in 3Q10.
(1) Alliance Fiber Optic Products reported financial results for the first quarter of 2009 with revenues of $7.6 million, a 19% decrease from the first quarter of 2008. (2) The company recorded net income of $302,000 for the quarter, its 12th consecutive profitable quarter. (3) While revenues declined from the previous quarter, management expects revenues to increase sequentially in the second quarter based on input from customers and current backlog.
- 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.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
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.
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.
This document is a transcript of Realogy Corporation's first quarter 2008 earnings call from May 16, 2008. In the call, Realogy executives discuss the company's financial results for Q1 2008, including $1.05 billion in revenue and $4 million in reported EBITDA. They also provide an overview of the current macroeconomic environment and housing market trends, noting signs that the housing downturn may be bottoming out.
This document is Realogy Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2008. It includes condensed consolidated financial statements for the second quarter of 2008, the first quarter of 2008, and comparative periods in 2007. It also includes notes to the financial statements and sections for management's discussion of financial results, market risk disclosures, and certifications of internal controls. Realogy is a large residential real estate services company that was spun off from Cendant Corporation and acquired by Apollo Management in a leveraged buyout transaction. It operates real estate brokerages and franchises real estate brokerage brands.
The document summarizes an amendment to Realogy Corporation's Officer Deferred Compensation Plan approved by the Compensation Committee of its parent company, Domus Holdings Corp. The amendment allows plan participants to revoke their current distribution elections and make a new election to receive a lump sum distribution in April 2009 or maintain their current election, in order to comply with Section 409A of the Internal Revenue Code governing nonqualified deferred compensation arrangements.
The document is a Form 8-K filed by Realogy Corporation with the SEC providing information on its plan to issue $500 million in second lien secured term loans ("Second Lien Incremental Term Loans") to refinance some of its existing debt. It summarizes key terms of the Second Lien Incremental Term Loans including interest rates ranging from 13-15% and 14-19.5% depending on the type of loan. It also provides pro forma financial information showing the estimated impact on its cash, debt and interest expense if it issues $385 million of the Second Lien Incremental Term Loans.
Realogy Corporation announced preliminary results of its invitation to lenders for up to $500 million in new second lien loans. As of the early commitment date, the company had received $237 million in commitments in exchange for reducing its outstanding debt by $286 million. The invitation period was extended to December 18th. However, two holders of the company's existing debt filed a lawsuit alleging the invitations violate the terms of their notes and constitute fraudulent transfers. Realogy believes the allegations are without merit and intends to defend itself vigorously in order to proceed with the transaction.
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
The document is an 8-K filing by Xilinx Inc. reporting their financial results for the first quarter of fiscal year 2010:
- Sales were $376 million, down 5% sequentially and 23% from the prior year.
- Net income was $38 million, or $0.14 per diluted share.
- For the second quarter, Xilinx expects sales to increase 2-6% and gross margin to be around 61%.
- The company continues to invest in new FPGA development to drive future growth.
MGIC Investment Corporation reported financial results for Q2 2009 with a net loss of $339.8 million compared to a net loss of $99.9 million in Q2 2008. Total revenues were $454.5 million. New insurance written was $5.9 billion, down from $14 billion in Q2 2008. The percentage of loans delinquent was 12.04% excluding bulk loans and 14.97% including bulk loans, both up significantly from the prior year. Losses incurred were $769.6 million, up from $688.1 million in the previous year.
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.
MB Financial reported its results for the second quarter of 2009. Net income was $4.3 million, down from $22 million in the second quarter of 2008. Credit quality deteriorated, with non-performing loans decreasing slightly to $227.7 million but non-performing assets increasing to $245 million. The allowance for loan losses was increased to 2.86% of total loans. Net interest income increased by $3.3 million due to an improved net interest margin from loan repricing and lower funding costs. Other income decreased by $3.6 million primarily due to lower gains on the sale of investment securities.
OHL Brasil announces financial results for 3Q08, with net revenue of R$203.6 million (up 20.3% from 3Q07), adjusted EBITDA of R$144.9 million (up 30.1% from 3Q07), and adjusted EBITDA margin of 71.1% (up 5.3 percentage points from 3Q07). Toll traffic increased 6.3% compared to 3Q07. Net income was R$30.8 million, up 12.0% from 3Q07. Investments in concessions totaled R$172.1 million in 3Q08 and R$395.5 million for the first 9 months of 2008.
Baxter International Inc. reported financial results for the third quarter of 2009. Net income grew 12% to $530 million compared to the third quarter of 2008. Earnings per share increased 18% to $0.87. Excluding special charges, adjusted net income increased 6% and adjusted earnings per share grew 11%. Baxter provided guidance for the fourth quarter and full year 2009, expecting continued sales and earnings growth.
Avocent Corporation reported financial results for the first quarter of 2009. Net sales declined 11% to $126.1 million compared to the first quarter of 2008. The company reported a GAAP net loss of $42.6 million due to a $55 million non-cash write down of goodwill. Operational net income was $11.2 million, down from $14.5 million in the prior year. LANDesk sales grew 18% to $34.5 million and operational profit was a record for the first quarter. Avocent provided an outlook for the second quarter of 2009 with revenues expected between $126-134 million and operational EPS between $0.26-0.36.
Worthington Industries reported financial results for the fourth quarter and full fiscal year 2009. For the quarter, net sales decreased 46% to $471.6 million and the company reported a net loss of $13.7 million compared to net earnings of $53.9 million in the previous year. For the full year, net sales decreased 14% to $2.6 billion and the company reported a net loss of $108.2 million compared to net earnings of $107.1 million the previous year. The company also continued restructuring efforts through plant closures and headcount reductions in response to challenging market conditions.
- Kennametal Inc. filed an 8-K form with the SEC on April 24, 2009 regarding its financial results for the fiscal third quarter ended March 31, 2009.
- The filing included a press release containing non-GAAP financial measures and definitions of those measures, including adjusted gross profit, operating expenses, EBIT, and free operating cash flow.
- Reconciliations of the non-GAAP measures to the most comparable GAAP measures were provided in the press release or compiled as required by Regulation G.
This document provides an overview and financial results of Rossi Residencial S.A. for 3Q10 and 9M10. Key highlights include:
- Total launches of R$1.4 billion in 3Q10, up 22% YoY, with contracted sales of R$1.1 billion, up 63% YoY.
- Net income of R$95 million in 3Q10, up 54% YoY, and R$269 million in 9M10, up 90% YoY.
- EBITDA of R$132 million in 3Q10, up 26% YoY, with an EBITDA margin of 20.5% in 3Q10.
(1) Alliance Fiber Optic Products reported financial results for the first quarter of 2009 with revenues of $7.6 million, a 19% decrease from the first quarter of 2008. (2) The company recorded net income of $302,000 for the quarter, its 12th consecutive profitable quarter. (3) While revenues declined from the previous quarter, management expects revenues to increase sequentially in the second quarter based on input from customers and current backlog.
- 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.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
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.
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.
This document is a transcript of Realogy Corporation's first quarter 2008 earnings call from May 16, 2008. In the call, Realogy executives discuss the company's financial results for Q1 2008, including $1.05 billion in revenue and $4 million in reported EBITDA. They also provide an overview of the current macroeconomic environment and housing market trends, noting signs that the housing downturn may be bottoming out.
This document is Realogy Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2008. It includes condensed consolidated financial statements for the second quarter of 2008, the first quarter of 2008, and comparative periods in 2007. It also includes notes to the financial statements and sections for management's discussion of financial results, market risk disclosures, and certifications of internal controls. Realogy is a large residential real estate services company that was spun off from Cendant Corporation and acquired by Apollo Management in a leveraged buyout transaction. It operates real estate brokerages and franchises real estate brokerage brands.
The document summarizes an amendment to Realogy Corporation's Officer Deferred Compensation Plan approved by the Compensation Committee of its parent company, Domus Holdings Corp. The amendment allows plan participants to revoke their current distribution elections and make a new election to receive a lump sum distribution in April 2009 or maintain their current election, in order to comply with Section 409A of the Internal Revenue Code governing nonqualified deferred compensation arrangements.
The document is a Form 8-K filed by Realogy Corporation with the SEC providing information on its plan to issue $500 million in second lien secured term loans ("Second Lien Incremental Term Loans") to refinance some of its existing debt. It summarizes key terms of the Second Lien Incremental Term Loans including interest rates ranging from 13-15% and 14-19.5% depending on the type of loan. It also provides pro forma financial information showing the estimated impact on its cash, debt and interest expense if it issues $385 million of the Second Lien Incremental Term Loans.
Realogy Corporation announced preliminary results of its invitation to lenders for up to $500 million in new second lien loans. As of the early commitment date, the company had received $237 million in commitments in exchange for reducing its outstanding debt by $286 million. The invitation period was extended to December 18th. However, two holders of the company's existing debt filed a lawsuit alleging the invitations violate the terms of their notes and constitute fraudulent transfers. Realogy believes the allegations are without merit and intends to defend itself vigorously in order to proceed with the transaction.
This document is Realogy Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2008 filed with the SEC. It includes information such as an overview of the company's business and operations, audited financial statements, discussion of legal proceedings, risk factors, and other required disclosures. Specifically, it discusses Realogy's substantial leverage from its acquisition by Apollo Management, constraints on its liquidity, and various risks related to adverse conditions in the housing market that could negatively impact its financial condition and results of operations.
- 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.
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 business drivers such as home sale transactions and average home prices declined compared to the prior year quarter, consistent with broader housing market trends. Realogy remains focused on reducing costs and investing in growth areas of the business during a challenging economic environment.
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.
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 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.
This document provides supplemental financial information for Realogy Corporation for quarters ended March 31, 2007, June 30, 2007, and September 30, 2007. It includes condensed consolidated statements of operations, balance sheets, and cash flows. Key highlights include net revenues of $1.373 billion for Q1 2007, $1.657 billion for Q2 2007, and $1.626 billion for Q3 2007. Net income (loss) was $32 million for Q1 2007, ($149) million for Q2 2007, and ($55) million for Q3 2007. Total assets were $6.598 billion as of March 31, 2007, $12.170 billion as of June 30, 2007, and $12.
This document provides supplemental financial information for Realogy Corporation for quarters ended March 31, 2007, June 30, 2007, and September 30, 2007. It includes condensed consolidated statements of operations, balance sheets, and cash flows. Key highlights include net revenues of $1.4 billion for Q1 2007, $1.7 billion for Q2 2007, and $1.6 billion for Q3 2007. Net income (loss) was $32 million for Q1 2007, ($149) million for Q2 2007, and ($55) million for Q3 2007. Total assets were $6.6 billion as of March 31, 2007, $12.2 billion as of June 30, 2007, and $12.
- 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.
Eaton Corporation reported financial results for the first quarter of 2009. Net loss was $50 million, or $0.30 per share, compared to net income of $247 million, or $1.64 per share in Q1 2008. Sales declined 20% to $2.8 billion due to the global recession. However, operating cash flow was near record at $107 million. For 2009, Eaton expects its end markets to decline 15-16% and has lowered its guidance range to $2.10-$2.60 net income per share and $2.50-$3.00 operating earnings per share.
The document is a Form 8-K filed by CC Media Holdings, Inc. with the SEC reporting second quarter 2008 financial results. It summarizes that CC Media Holdings reported a 2% increase in revenue to $1.83 billion for Q2 2008 compared to Q2 2007. Operating expenses increased 6% to $1.19 billion, and income before discontinued operations increased 28% to $277.3 million. CC Media Holdings also provided updates on its acquisition of Clear Channel which closed on July 30, 2008, the divestiture of non-core radio stations, revenue and expenses by division, and non-cash compensation expense.
United Health Group Form 8-K Related to Earnings Releasefinance3
The document summarizes UnitedHealth Group's financial results for the fourth quarter and full year of 2008. Some key points:
1) UnitedHealth reported earnings from operations of $1.3 billion for Q4 2008 and $5.3 billion for the full year.
2) Full year results were adjusted for several one-time charges and benefits relating to legal settlements, asset sales, and restructuring costs.
3) Adjusted net earnings for 2008 were $3.0 billion, or $2.40 per share, compared to adjusted 2007 earnings of $7.8 billion.
4) Cash flows from operations for 2008 were $4.2 billion, or 1.4 times net
- CC Media Holdings reported financial results for Q4 2008 and full year 2008. Revenue declined 14% to $1.6 billion in Q4 2008 and 3% to $6.7 billion for the full year.
- The company recognized a non-cash impairment charge of $5.3 billion in Q4 2008, consisting of $1.7 billion for FCC licenses and permits and $3.6 billion for goodwill.
- OIBDAN (operating income before depreciation and amortization) declined 50% to $309 million in Q4 2008 and 21% to $1.8 billion for the full year, as revenues declined across most divisions and markets due to weak advertising spending
- 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.
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
The Goodyear Tire & Rubber Company reported record sales for the fourth quarter and full year of 2007. Fourth quarter sales were $5.2 billion, up 11% from 2006. Full year sales were $19.6 billion, up 5% from 2006. All four of Goodyear's international tire businesses achieved record sales for both the quarter and full year. Fourth quarter income from continuing operations was $61 million compared to a $310 million loss in 2006.
The document is a Form 8-K filing by The Goodyear Tire & Rubber Company reporting its financial results for the fourth quarter and full year of 2008. It announces a net loss of $330 million for Q4 2008 compared to net income of $52 million in Q4 2007. For the full year, it reports a net loss of $77 million compared to net income of $602 million in 2007. It also details actions Goodyear plans to take in 2009 to address challenges in the weakened economy, including cost reductions, capacity reductions, and managing cash flow.
United Health Group [PDF Document] Form 8-K Related to Earnings Releasefinance3
UnitedHealth Group reported its first quarter 2008 financial results. Key highlights include:
- Revenues increased 7% to $20.3 billion compared to the prior year.
- Net earnings per share increased 5% to $0.78 compared to the prior year.
- The company served 73 million people, an increase of 2 million from the prior year.
- Full year 2008 net earnings are projected to be in the range of $3.55 to $3.60 per share.
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 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.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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How Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...beulahfernandes8
The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
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.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
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): March 19, 2008 (March 19, 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 March 19, 2008, Realogy Corporation issued a press release announcing its financial results for full year 2007. A copy
of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information in this item, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information in this item
will not be incorporated by reference into any registration statement filed by Realogy Corporation under the Securities Act of 1933, as
amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release issued by Realogy Corporation, dated March 19, 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: March 19, 2008
3
4. EXHIBIT INDEX
Number Exhibit
99.1 Press Release issued by Realogy Corporation, dated March 19, 2008
4
5. Exhibit 99.1
REALOGY REPORTS RESULTS FOR FULL YEAR 2007
Full-Year 2007 Pro Forma Combined Revenue of $6.0 Billion
Full-Year 2007 Pro Forma Combined Adjusted EBITDA of $816 Million
Pro Forma Combined 2007 Net Loss of $605 Million After $445 Million After-tax,
Non-cash Impairment Charges
Cash Balance of $153 Million with Revolver Undrawn At Year-End
Exit from “At-Risk” Government Portion of Relocation Business Expected to Yield
$50 Million of Additional Cash Flow in 2008
PARSIPPANY, N.J., March 19, 2008 - Realogy Corporation, a global provider of real estate and relocation services, today reported
results for the fourth quarter and full year 2007. The 2007 full-year results are 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
January 1, 2007 to April 9, 2007, and the successor period, from April 10, 2007 through December 31, 2007.
Specifically, full-year 2007 pro forma combined revenue was $6.0 billion; pro forma combined Adjusted EBITDA was $816 million;
and pro forma combined net loss was $605 million due largely to non-cash intangible assets and goodwill impairment charges
recorded in the fourth quarter of 2007. (Please see Table 5 for a reconciliation of pro forma combined net income (loss) to pro forma
combined Adjusted EBITDA and Table 6 for the definition of non-GAAP financial measures.)
Realogy’s full-year 2007 pro forma combined operating results declined year-over-year primarily as a result of the continued
industry-wide slowdown in U.S. existing home sales.
During 2007, year-over-year homesale transaction sides declined by 19% at Realogy Franchise Services Segment (RFG) and by 17%
at NRT, the Company’s owned brokerage unit. The larger decline at RFG reflected the softness in the broader housing market. NRT’s
decline in sides was partially offset by an 8% improvement in year-over-year average sales price. This reflects NRT’s strategic
presence in higher-priced markets such as New York City, the Hamptons, Beverly Hills and the Sotheby’s International Realty
markets across the country. The NRT average sales price has historically outperformed the overall market as well as RFG’s average
sales price, which was down 1% in 2007.
“Management continues to take proactive steps to keep the Company well positioned in the short term to contend with the current
down cycle in the residential real estate market,” said Richard A. Smith, Realogy’s president and CEO. “At the same time, we are
investing in
6. Realogy Reports Results for Full Year 2007
Page 2 of 11
growth opportunities that will improve our business and market position when cyclical growth continues over the long term. For
example, we will be launching Better Homes and Gardens Real Estate in July 2008, as a new residential real estate franchise system,
and we will continue to grow our existing franchise networks. We have also greatly reduced our fixed cost base while investing in
technology that improves the efficiency of our businesses and their ability to serve their clients.”
Realogy also announced that it has made the strategic decision to exit its “at-risk” government business at Cartus, its relocation
services business. “Due to the current market environment, inventory staying on the market longer and the fixed-fee contracts
required by the U.S. General Services Administration, we were taking losses on home sales in this line of business in 2007,” Smith
said. “Exiting the government relocation “at-risk” business is anticipated to improve our cash flow by $50 million in 2008.”
Realogy’s CFO, Anthony Hull, noted, “At year end, Realogy’s revolver was undrawn and our cash balance was $153 million. Given
net senior secured debt of $3.1 billion and pro forma combined Adjusted EBITDA of $816 million for 2007, our ratio of Senior
Secured debt to pro forma combined Adjusted EBITDA was 3.8x at the end of 2007, well within the maximum 5.6x ratio that will be
measured under the terms of our Credit Agreement at March 31 of this year.”
Strategic, Operational and Financial Accomplishments
During 2007, the Company made considerable progress towards its strategic, operational and financial goals, including the following
accomplishments:
• Entered into a long-term agreement to license the Better Homes and Gardens Real Estate brand from Meredith Corporation
(NYSE: MDP) for a 50-year term with a 50-year renewal at Realogy’s option, thereby adding a fifth residential brand under the
Realogy umbrella. This new franchise system is on schedule to launch to the public in July 2008.
• Grew its international business contribution 64% through RFG master franchisee area developer fees, international franchise
royalties, and the rapid expansion of Cartus’s global relocation business.
• Expanded online listing distribution marketing agreements with Google, Trulia, Yahoo! and Zillow, among other leading
Internet destination sites.
• Maintained a 98% success rate for franchisee retention as measured by gross commission income.
• Consolidated 67 NRT locations in 2007 while retaining approximately 92% of its top agents and their production. During the
past two years, NRT has consolidated approximately 20% of its offices.
• Reduced its annual fixed-cost run rate by approximately $170 million through cost cuts made in 2006 and 2007.
Investor Conference Call
Realogy will hold a conference call to review its 2007 results along with first quarter 2008 guidance at 4:00 p.m. (EDT) on Monday,
March 24. The call will be hosted by Richard A.
7. Realogy Reports Results for Full Year 2007
Page 3 of 11
Smith, president and CEO; and Anthony E. 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. (EDT) on Friday, March 21.
The conference call will be made available live via Webcast on the Investor Information section of the Realogy.com Web site and
through a limited number of listen-only, dial in conference lines. To access the call via telephone, dial (800) 857-9091 and use pass
code 7808796; international participants should dial (210) 234-0000. A replay of the Webcast will be available at www.realogy.com
from March 24 through March 31.
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
15,700 offices and 308,000 sales associates doing business in 88 countries around the world. Headquartered in Parsippany, N.J.,
Realogy (www.realogy.com) has approximately 13,400 employees worldwide. Realogy is owned by an affiliate 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;
limitations on flexibility in operating our business due to restrictions contained in our debt agreements; adverse developments in
general business, economic and political conditions, including 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; our failure to complete future
acquisitions or to realize anticipated benefits from completed acquisitions; our failure to 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.
8. Realogy Reports Results for Full Year 2007
Page 4 of 11
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 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.
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. This press release and the Tables attached to
this release should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2007.
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 Full Year 2007
Page 5 of 11
Table 1
REALOGY CORPORATION AND THE PREDECESSOR
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
Predecessor Predecessor Successor Successor Successor
For The Three Period from Period from For The Three For The Three
Months Ended April 1 Through April 10 Through Months Ended Months Ended
March 31, 2007 April 9, 2007 June 30, 2007 September 30, 2007 December 31, 2007
Revenues
Gross commission income $ 1,021 $ 83 $ 1,295 $ 1,238 $ 876
Service revenue 196 20 201 225 196
Franchise fees 97 9 115 115 88
Other 59 8 46 48 31
Net revenues 1,373 120 1,657 1,626 1,191
Expenses
Commission and other
agent-related costs 673 53 863 821 588
Operating 444 45 409 460 460
Marketing 74 10 60 65 57
General and administrative
(a) 69 54 67 62 51
Former parent legacy costs
(benefit), net (20) 1 — 2 25
Separation costs 2 — 1 1 2
Restructuring costs — 1 3 3 29
Merger costs 9 71 16 6 2
Impairment of intangible
assets and goodwill (b) — — — — 667
Depreciation and
amortization 34 3 328 119 55
Interest expense 35 8 153 173 169
Interest income (6) — (2) (4) (3)
Total expenses 1,314 245 1,898 1,708 2,102
Income (loss) before income
taxes and minority interest 59 (126) (241) (82) (911)
Provision for income taxes 27 (50) (93) (28) (318)
Minority interest, net of tax — — 1 1 —
Net income (loss) $ 32 $ (76) $ (149) $ (55) $ (593)
(a) Includes separation benefits of $45 million for the predecessor period from April 1 – April 9, 2007 and $5 million for the three
months ended December 31, 2007.
(b) Impairment of intangible assets and goodwill net of income taxes is $445 million.
Note: Full year comparable financial information can be found in Realogy’s 2007 Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 19, 2008.
10. Realogy Reports Results for Full Year 2007
Page 6 of 11
Table 2
Realogy Corporation and the Predecessor
Pro Forma Combined Statement of Operations
For the Year ended December 31, 2007
Predecessor Successor
Period from Period From
January 1 April 10 Through Pro
Through December 31, Forma
(In millions) April 9, 2007 2007 Transactions Combined
Revenues
Gross commission income $ 1,104 $ 3,409 $ — $ 4,513
Service revenue 216 622 11(a) 849
Franchise fees 106 318 — 424
Other 67 125 (2)(b) 190
Net revenues 1,493 4,474 9 5,976
Expenses
Commission and other agent-related costs 726 2,272 — 2,998
Operating 489 1,329 (7)(a) 1,811
Marketing 84 182 — 266
General and administrative 123 180 (47)(c) 256
Former parent legacy costs (benefit), net (19) 27 — 8
Separation costs 2 4 — 6
Restructuring costs 1 35 — 36
Merger costs 80 24 (104)(d) —
Impairment of intangible assets and goodwill — 667 — 667
Depreciation and amortization 37 502 (318)(e) 221
Interest expense 43 495 104 (f) 642
Interest income (6) (9) — (15)
Total expenses 1,560 5,708 (372) 6,896
Income (loss) before income taxes and minority interest (67) (1,234) 381 (920)
Provision for income taxes (23) (439) 145(g) (317)
Minority interest, net of tax — 2 — 2
Net income (loss) $ (44) $ (797) $ 236 $ (605)
Note: The above table should be read in conjunction with Realogy’s 2007 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 19, 2008. A reconciliation of pro forma combined net loss of $605 million to pro forma combined
Adjusted EBITDA of $816 million can be found in Table 5 and Item 7 of that report.
11. Realogy Reports Results for Full Year 2007
Page 7 of 11
Table 2a
Notes to Pro Forma Combined Statement of Operations
(in millions)
(a) Reflects the elimination of the negative impact of $18 million of non-recurring fair value adjustments for purchase accounting at
the operating business segments primarily related to deferred revenue, referral fees, insurance accruals and fair value
adjustments on at-risk homes.
(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 $50 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.
(d) Reflects the elimination of $104 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 $19 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 on a preliminary basis 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 $ 67
Customer relationships 467 10-20 years 26
License agreement—Franchise 42 47 years 1
Estimated annual amortization expense 94
Less:
Amortization expense recorded for the items above (75)
Amortization expense for non-recurring pendings
and listings (337)
Pro forma adjustment $ (318)
(f) Reflects incremental interest expense for the period from January 1, 2007 to April 9, 2007 in the amount of $104 million related
to the indebtedness incurred in connection with the Merger which 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 8.24% 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 December 31, 2007. This variable
interest rate debt is reduced to reflect the $775 million of floating to fixed interest rate swap agreements. A 100 bps change in
the interest rate assumptions would change pro forma interest expense by approximately $24 million. 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, to vary from this amount.
12. Realogy Reports Results for Full Year 2007
Page 8 of 11
Table 3
2007 Recap of Key Business/Revenue Drivers and Operating Statistics
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr FY 2007
(a)
Real Estate Franchise Services
Closed homesale sides 279,236 355,331 331,824 254,815 1,221,206
Average homesale price $230,225 $233,610 $232,759 $222,785 $ 230,346
Average homesale broker commission rate 2.49% 2.49% 2.49% 2.50% 2.49%
Net effective royalty rate 5.03% 5.01% 5.06% 5.02% 5.03%
Royalty per side $ 298 $ 300 $ 303 $ 290 $ 298
Company Owned Real Estate Brokerage Services
Closed homesale sides 73,871 98,574 88,759 64,515 325,719
Average homesale price $533,634 $540,555 $540,379 $515,910 $ 534,056
Average homesale broker commission rate 2.47% 2.48% 2.46% 2.50% 2.47%
Gross commission income per side $ 13,768 $ 13,925 $ 13,894 $ 13,547 $ 13,806
Relocation Services
Initiations 30,837 43,121 32,420 25,965 132,343
Referrals 17,800 24,906 20,930 15,192 78,828
Title and Settlement Services
Purchase Title and Closing Units 32,007 40,384 38,782 27,651 138,824
Refinance Title and Closing Units 9,681 10,478 8,396 8,649 37,204
Average price per closing unit $ 1,457 $ 1,500 $ 1,466 $ 1,454 $ 1,471
(a) These amounts include only those relating to third-party franchisees and do not include amounts relating to NRT.
13. Realogy Reports Results for Full Year 2007
Page 9 of 11
Table 4
Selected Quarterly Financial Data
(In Millions)
Predecessor Predecessor Successor Successor Successor
For The Three Period from Period from For The Three For The Three
Months Ended April 1 April 10 Months Ended Months Ended
March 31, Through April 9, Through June 30, September 30, December 31,
2007 2007 2007 2007 2007
Revenue:
Real Estate Franchise Services $ 197 $ 20 $ 222 $ 217 $ 162
Company Owned Real Estate
Brokerage Services 1,033 83 1,312 1,254 889
Relocation Services 124 13 116 145 124
Title and Settlement Services 88 9 100 95 80
Corporate and Other (c) (69) (5) (93) (85) (64)
EBITDA (a) (b)
Real Estate Franchise Services $ 122 $ — $ 151 $ 145 $ (426)
Company Owned Real Estate
Brokerage Services (21) (26) 69 41 (66)
Relocation Services 20 (8) 27 33 (43)
Title and Settlement Services 3 (7) 14 6 (116)
Corporate and Other (c) (2) (74) (23) (19) (39)
(a) EBITDA is defined as net income (loss) before depreciation and amortization, interest (income) expense, net (other than
Relocation Services interest for securitization assets and securitization obligations), income taxes and minority interest, each of
which is presented on our Condensed Consolidated Statements of Operations.
(b) EBITDA includes former parent legacy costs (benefits), separation costs (benefits), restructuring costs, merger costs and
impairment charges as follows:
For The Three For The Three For The Three
Months Ended Predecessor Period from Successor Period from Months Ended Months Ended
March 31, April 1 Through April 9, April 10 Through June 30, September 30, December 31,
2007 2007 2007 2007 2007
RFG $ — $ 11 $ 3 $ — $ 515
NRT — 18 8 4 21
Cartus (1) 11 (3) (2) 50
TRG — 6 1 1 118
Corporate (d) (8) 72 11 9 25
Note: Totals may not add to full year adjustments reported in Realogy’s Annual Report on Form 10-K due to rounding.
(c) 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 $69 million during the
three months ended March 31, 2007, $5 million during the Predecessor Period from April 1 to April 9, 2007, $93 million during
the Successor Period from April 10 to June 30, 2007, $85 million during the three months ended September 30, 2007 and $63
million during the three months ended December 31, 2007.
(d) Includes separation benefits of $45 million for the predecessor period from April 1 – April 9, 2007 and $5 million for the three
months ended December 31, 2007.
14. Realogy Reports Results for Full Year 2007
Page 10 of 11
Table 5
A reconciliation of pro forma net income (loss) to Pro Forma Adjusted EBITDA (as defined in Table 6) is set forth in the
following table (in millions):
Pro Forma Combined
For the Year Ended
December 31, 2007
Pro forma combined net income (loss) $ (605)
Minority interest, net of tax 2
Provision for income taxes (317)
Income (loss) before income taxes and minority interest (920)
Interest expense (income), net 627
Depreciation and amortization 221
Pro forma combined EBITDA (72)
Impairment of intangible assets and goodwill 667
Better Homes and Gardens start up costs —
Former parent legacy costs (benefit), net, separation costs and restructuring costs (a) 50
Incremental securitization interest costs (b) 5
Integration and conversion costs (c) 1
Non-cash charges (d) 61
Pro forma proceeds from contingent assets (e) 12
Pro forma cost savings (f) 63
Sponsor fees (g) 15
Pro forma effect of NRT acquisitions and RFG acquisitions/new franchisees (h) 14
$ 816
Pro forma combined Adjusted EBITDA
(a) Consists of $36 million of restructuring costs, $8 million for former parent legacy costs and $6 million of separation costs.
(b) Incremental borrowing costs incurred as a result of the securitization facilities refinancing.
(c) Represents the elimination of integration and conversion costs related to NRT acquisitions.
(d) Represents the elimination of non-cash expenses including $35 million for the change in the allowance for doubtful accounts
and reserves for development advance notes, $14 million of incremental reserves for “at risk” homes, $10 million of stock based
compensation expense, $1 million for foreign exchange hedges and $1 million of non-cash rent expense.
(e) 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.
(f) 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 and other restructuring, we expect to reduce our operating costs
by approximately $68 million annually on a run-rate basis and estimate that $5 million of such savings were already realized in
2007.
(g) Represents the elimination of annual management fees payable to Apollo.
(h) Represents the estimated impact of acquisitions made by NRT and RFG acquisitions/new franchisees as if they had been
acquired or signed, respectively, on January 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 on January 1.
15. Realogy Reports Results for Full Year 2007
Page 11 of 11
Table 6
Definitions
EBITDA, Pro Forma Combined EBITDA and Pro Forma Combined Adjusted EBITDA
EBITDA is defined as net income (loss) before depreciation and amortization, interest (income) expense, net (other than
relocation services interest for securitization assets and securitization obligations), income taxes and minority interest, each of which
is presented in our audited consolidated and combined statements of operations included elsewhere in this Annual Report. Pro forma
combined EBITDA is calculated in the same manner as EBITDA but is based on the pro forma combined results for 2007. Pro forma
combined Adjusted EBITDA is calculated by adjusting Pro Forma Combined EBITDA by the items described below. We believe
EBITDA, Pro Forma Combined EBITDA and Pro Forma Combined Adjusted EBITDA are useful as supplemental measures in
evaluating the performance of our operating businesses and provides greater transparency into our consolidated and combined results
of operations. EBITDA, Pro Forma Combined EBITDA and Pro Forma Combined 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, Pro Forma Combined EBITDA and Pro Forma
Combined Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) or other statement of
operations data prepared in accordance with U.S. generally accepted accounting principles. Our presentation of EBITDA, Pro Forma
Combined EBITDA and Pro Forma Combined Adjusted EBITDA may not be comparable to similarly titled measures used by other
companies. A reconciliation of Pro Forma Combined EBITDA and Pro Forma Combined Adjusted EBITDA to net income (loss) is
included in the table below.
We believe EBITDA, Pro Forma Combined EBITDA and Pro Forma Combined Adjusted EBITDA facilitate company-to-
company operating performance comparisons by backing out potential differences caused by variations in capital structures (affecting
net interest expense), taxation and the age and book depreciation of facilities (affecting relative depreciation expense), 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. EBITDA, Pro Forma Combined EBITDA and Pro Forma Combined 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. In addition, Pro Forma Combined Adjusted EBITDA as presented in this table corresponds to the definition of
“EBITDA” used in the senior secured credit facility and the indentures governing the notes to test the permissibility of certain types
of transactions, including debt incurrence.
EBITDA, Pro Forma Combined EBITDA and Pro Forma Combined Adjusted EBITDA have limitations as analytical tools, and you
should not consider them either in isolation or as substitutes for analyzing our results as reported under GAAP. Some of these
limitations are:
• these EBITDA measures do not reflect changes in, or cash requirement for, our working capital needs;
• these EBITDA measures do 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;
• these EBITDA measures do not reflect our income tax expense or the cash requirements to pay our taxes;
• Pro Forma Combined 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;
• these EBITDA measures do 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 these EBITDA measures do not reflect any cash requirements for such replacements; and
• other companies in our industry may calculate these EBITDA measures differently so they may not be comparable.