{"id":11942,"date":"2016-05-05T07:25:00","date_gmt":"2016-05-05T11:25:00","guid":{"rendered":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/realogy-reports-financial-results-for-first-quarter-2016\/"},"modified":"2016-05-05T07:25:00","modified_gmt":"2016-05-05T11:25:00","slug":"realogy-reports-financial-results-for-first-quarter-2016","status":"publish","type":"post","link":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/realogy-reports-financial-results-for-first-quarter-2016\/","title":{"rendered":"Realogy Reports Financial Results For First Quarter 2016"},"content":{"rendered":"<div class=\"xn-content\">\n<p>\n    <b><br \/>\n      <span><br \/>\n<\/span><br \/>\n    <\/b><br \/>\n    <b><br \/>\n      <i><br \/>\n        <span><br \/>\n<\/span><br \/>\n      <\/i><br \/>\n    <\/b><br \/>\n    <span><\/p>\n<p><span><span class=\"xn-location\">MADISON, N.J.<\/span><\/span>, May&nbsp;5, 2016 \/PRNewswire\/ &#8212;&nbsp;Realogy Holdings Corp. (NYSE: RLGY), the preeminent provider of residential real estate services in <span class=\"xn-location\">the United States<\/span>, today reported financial results for the first quarter ended March&nbsp;31, 2016, including the following highlights:<\/p>\n<p><\/span>\n  <\/p>\n<p>\n    <span><br \/>\n<\/span>\n  <\/p>\n<ul type=\"disc\">\n<li><span>Revenue of <span class=\"xn-money\">$1.1 billion<\/span>, a 7% increase as compared to the first quarter of 2015, was primarily driven by higher homesale transaction volume.<\/span> <\/li>\n<li><span>Net loss for the period was <span class=\"xn-money\">$42 million<\/span>, <span id=\"spanHghlt1fcb\">compared to <span class=\"xn-money\">$32 million<\/span> in <\/span>the first quarter of 2015. Basic loss per share was <span class=\"xn-money\">$0.29<\/span>, <span id=\"spanHghltb57e\">compared to <\/span><span class=\"xn-money\">$0.22<\/span> in first quarter of 2015 <i>(See Table 1)<\/i>.<\/span> <\/li>\n<li><span>Adjusted net loss was <span class=\"xn-money\">$17 million<\/span>, and adjusted basic loss per share was <span class=\"xn-money\">$0.12<\/span>, improvements of 29% and 25% respectively, on a comparable basis to the first quarter of 2015.&nbsp; Adjusted net loss is adjusted for non-cash mark to market expense on interest rate swaps and restructuring charges <i>(See Table 1a)<\/i>.<\/span> <\/li>\n<li><span>Adjusted (Covenant) EBITDA was <span class=\"xn-money\">$77 million<\/span>, compared to <span class=\"xn-money\">$70 million<\/span> in the first quarter of 2015, a year-over-year increase of 10% <i>(See Table 6)<\/i>.<\/span> <\/li>\n<li><span>The Company repurchased <span class=\"xn-money\">$33 million<\/span>, or 1 million shares, of Realogy&#8217;s common stock in the open market at a weighted average market price of <span class=\"xn-money\">$33.45<\/span> per share, all under the <span class=\"xn-money\">$275 million<\/span> repurchase plan announced in <span class=\"xn-chron\">February 2016<\/span>.<\/span> <\/li>\n<li><span>The Company implemented business optimization initiatives and remains on track to reach its annualized run-rate savings target of <span class=\"xn-money\">$40 million<\/span>, of which <span class=\"xn-money\">$25 million<\/span> is expected to be realized in 2016.<\/span><\/li>\n<\/ul>\n<p><span>&quot;During the quarter, we delivered solid revenue growth, and made progress on our key priorities to enhance the efficiency of our operations, strengthen our technology offerings and maximize the profitability of our integrated business model,&quot; said <span class=\"xn-person\">Richard A. Smith<\/span>, Realogy&#8217;s chairman, chief executive officer and president. &quot;The spring selling season is shaping up in line with industry forecasts for sales volume, <span id=\"spanHghlt3e81\">and we are encouraged by the level of demand we are seeing in this inventory-constrained market<\/span>. We are confident that our differentiated technology platform, and the continued investments we are making to enhance our value proposition, position us well to capitalize on an improving housing market.&quot;<\/span><\/p>\n<p><b><span>Operational Results<\/span><\/b><\/p>\n<p><span>In the first quarter of 2016, Realogy&#8217;s franchise (RFG) and company-owned (NRT) business segments achieved a combined homesale transaction volume (transaction sides multiplied by average sale price) increase of 6% as compared to the first quarter of 2015. &nbsp;RFG reported a homesale transaction sides increase of 3% and an average homesale price increase of 3%.&nbsp; NRT reported a homesale transaction sides increase of 7% and an average homesale price decrease of 2%. <\/span><\/p>\n<p><span>In the title and settlement services sector, TRG was involved in the closing of approximately 39,000 transactions during the quarter, reflecting a 35% increase in purchase units and a 2% increase in refinance units as compared to the first quarter of 2015. These results include the benefits of the acquisition of Independence Title late last year.<\/span><\/p>\n<p><b><span>Looking Ahead<\/span><\/b><\/p>\n<p><span>For the second quarter of 2016, Realogy expects to achieve homesale transaction volume gains in the range of 3<span id=\"spanHghlt1182\">%<\/span> to <span id=\"spanHghltff63\">7%<\/span> year-over-year. Based on the Company&#8217;s closed and open sales activity in April and the first several days of May, Realogy expects second quarter homesale transaction sides to be up <span id=\"spanHghltc466\">3%<\/span> to <span id=\"spanHghltfc5d\">5%<\/span> year-over-year and average homesale price to&nbsp;be flat to up&nbsp;<span id=\"spanHghlt053f\">2%<\/span> on a company-wide basis. <span id=\"spanHghlt8593\">Realogy&#8217;s <\/span>guidance is in line with industry forecasts <span id=\"spanHghltbe8f\">that expect an average of 5% transaction volume growth <\/span>for the second quarter. <span id=\"spanHghlt8cc5\">In the current market environment, the Company is on track to continue to generate significant free cash flow for full year 2016.<\/span><\/span><\/p>\n<p><span>&quot;We continue to make significant progress toward our strategic financial objectives &#8212; optimizing our cost structure, executing our share repurchase program and delevering the balance sheet, which is the strongest it has been since we went public,&quot; said <span class=\"xn-person\">Anthony E. Hull<\/span>, executive vice president, chief financial officer and treasurer.<\/span><\/p>\n<p><b><span>Balance Sheet<\/span><\/b><\/p>\n<p><span>The Company ended the quarter with cash and cash equivalents of <span class=\"xn-money\">$283 million<\/span>.&nbsp; Total long-term corporate debt, including the short-term portion, net of cash and cash equivalents, totaled <span class=\"xn-money\">$3.5 billion<\/span> at March&nbsp;31, 2016.&nbsp; The ratio of total corporate debt, net of cash and cash equivalents, to Adjusted (Covenant) EBITDA for the 12 months ended March&nbsp;31, 2016 was 4.1 times.&nbsp; On <span class=\"xn-chron\">May 2, 2016<\/span>, the Company used a combination of cash on hand and borrowings under its revolving credit facility to retire the <span class=\"xn-money\">$500 million<\/span> of 3.375% Senior Notes that matured at that time.<\/span><\/p>\n<p><span>A consolidated balance sheet is included as Table 2 of this press release.<\/span><\/p>\n<p><b><span>Investor Conference Call&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><\/p>\n<p><span>Today, May&nbsp;5, at <span class=\"xn-chron\">8:30 a.m. (EDT)<\/span>, Realogy will hold a conference call via webcast to review its first quarter 2016 results.&nbsp; The call will be hosted by <span class=\"xn-person\">Richard A. Smith<\/span>, chairman, chief executive officer and president, and <span class=\"xn-person\">Anthony E. Hull<\/span>, executive vice president, chief financial officer and treasurer, and will conclude with an investor Q&amp;A period with management.<\/span><\/p>\n<p><span>Investors may access the conference call live via webcast at <a href=\"http:\/\/www.realogy.com\" rel=\"nofollow\">www.realogy.com<\/a> under &quot;Investors&quot; or by dialing (888) 895-3527 (toll free); international participants should dial (706) 679-2250.&nbsp; Please dial in at least 5 to 10 minutes prior to start time.&nbsp; A webcast replay also will be available from May&nbsp;5 through <span class=\"xn-chron\">May 19, 2016<\/span>. <\/span><\/p>\n<p><b><span>About Realogy Holdings Corp.<\/span><\/b><\/p>\n<p><span>Realogy Holdings Corp. (NYSE: RLGY) is a global leader in residential real estate franchising and brokerage with many of the best-known industry brands including Better Homes and Gardens&reg; Real Estate, CENTURY 21&reg;, Coldwell Banker&reg;, Coldwell Banker Commercial&reg;, Corcoran&reg;, ERA&reg;, Sotheby&#8217;s International Realty&reg; and ZipRealty&reg;.&nbsp; Collectively, Realogy&#8217;s franchise system members operate approximately 13,600 offices with more than 257,200 independent sales associates conducting business in 110 countries and territories around the world.&nbsp; NRT LLC, Realogy&#8217;s company-owned real estate brokerage, is the largest residential brokerage company in <span class=\"xn-location\">the United States<\/span>, operates under several of Realogy&#8217;s brands and also provides related residential real estate services.&nbsp; The Company also owns Cartus, a prominent worldwide provider of relocation services to corporate and affinity clients, and Title Resource Group (TRG), a leading provider of title, settlement and underwriting services. &nbsp;Realogy is headquartered in <span class=\"xn-location\">Madison, New Jersey<\/span>.<\/span><\/p>\n<p><b><span>Forward-Looking Statements<\/span><\/b><\/p>\n<p><i><span>Certain statements in this press release constitute &quot;forward-looking statements.&quot;&nbsp; Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Realogy Holdings Corp. 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 &quot;believes&quot;, &quot;expects&quot;, &quot;anticipates&quot;, &quot;intends&quot;, &quot;projects&quot;, &quot;estimates&quot; and &quot;plans&quot; and similar expressions or future or conditional verbs such as &quot;will&quot;, &quot;should&quot;, &quot;would&quot;, &quot;may&quot; and &quot;could&quot; are generally forward-looking in nature and not historical facts.&nbsp; Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.<\/span><\/i><\/p>\n<p><i><span>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: adverse developments or the absence of sustained improvement in general business, economic and political conditions; adverse developments or the absence of improvement in the residential real estate markets including but not limited to the lack of sustained improvement in the number of home sales and\/or stagnant or declining home prices, low levels of consumer confidence, the impact of slow economic growth or future recessions and related high levels of unemployment in the U.S. and abroad, continued low inventory levels, renewed high levels of foreclosures, seasonal fluctuations in the residential real estate brokerage business, and increasing mortgage rates and down payment requirements and\/or constraints on the availability of mortgage financing; the Company&#8217;s geographic and high-end market concentration, particularly with respect to its Company-owned brokerage operations; the Company&#8217;s failure to enter into or renew franchise agreements or maintain its brands; risks relating to our outstanding debt and interest obligations; variable rate indebtedness which subjects the Company to interest rate risk; the Company&#8217;s inability to access capital or refinance or repay existing indebtedness; the Company&#8217;s inability to realize the benefits from acquisitions; any outbreak or escalation of hostilities on a national, regional or international basis; government regulation as well as legislative, tax or regulatory changes that would adversely impact the residential real estate market, including but not limited to potential reform of the financing of the U.S. housing and mortgage markets and\/or the Internal Revenue Code and changes in state or federal employment laws or regulations that would require reclassification of independent contractor sales associates to employee status, and wage and hour regulations; the Company&#8217;s inability to sustain improvements in its operating efficiency and to achieve anticipated cost savings from its business optimization initiatives; any adverse resolution of litigation, governmental or regulatory proceedings or arbitration awards; and the final resolution or outcomes with respect to Cendant&#8217;s (our former parent) remaining contingent liabilities.<\/span><\/i><\/p>\n<p><i><span>Consideration should be given to the areas of risk described above, as well as those risks set forth under the headings &quot;Forward-Looking Statements&quot; and &quot;Risk Factors&quot; in our filings with the Securities and Exchange Commission, including our Quarterly Report filed on Form 10-Q for the quarter ended March&nbsp;31, 2016, and our Annual Report on Form 10-K for the year ended <span class=\"xn-chron\">December 31, 2015<\/span>, and our other filings made from time to time, in connection with considering any forward-looking statements that may be made by us and our businesses generally.&nbsp; 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. <\/span><\/i><\/p>\n<p><b><i><span>Non-GAAP Financial Measures<\/span><\/i><\/b><\/p>\n<p><i><span>This release includes certain non-GAAP financial measures as defined under SEC rules. As required by&nbsp;SEC&nbsp;rules, important information regarding such measures is contained in the Tables attached to this release. <span class=\"xn-person\">See Tables<\/span> 1a and 8 for definitions of these non-GAAP financial measures and Tables 1a, 5a, 5b, 6, and 7 for reconciliations of the historical non-GAAP financial measures to their most comparable GAAP terms.<\/span><\/i><\/p>\n<p><span><br \/><\/span><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Investor Contacts:<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Media Contact:<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Alicia Swift<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Mark Panus<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(973) 407-4669<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(973) 407-7215<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><a class=\"prnews_a\" href=\"mailto:alicia.swift@realogy.com\" rel=\"nofollow noopener\" target=\"_blank\">alicia.swift@realogy.com<\/a> <\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><a class=\"prnews_a\" href=\"mailto:mark.panus@realogy.com\" rel=\"nofollow noopener\" target=\"_blank\">mark.panus@realogy.com<\/a> <\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Jennifer Halchak<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(973) 407-7487<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><a class=\"prnews_a\" href=\"mailto:jennifer.halchak@realogy.com\" rel=\"nofollow noopener\" target=\"_blank\">jennifer.halchak@realogy.com<\/a> <\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Table 1<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">REALOGY HOLDINGS CORP.<br \/><\/span><\/b><b><span class=\"prnews_span\">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<br \/><\/span><\/b><b>(In millions, except per share data)<br \/><\/b><b>(Unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"8\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\" colspan=\"7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Three Months Ended<br \/>March 31,<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Revenues<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Gross commission income<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">826<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">781<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Service revenue<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">190<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">171<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Franchise fees<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">69<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">67<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Other<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">49<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">43<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Net revenues<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,134<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,062<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Expenses<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Commission and other agent-related costs<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">558<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">530<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Operating<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">367<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">342<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Marketing<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">58<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">56<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">General and administrative<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">86<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">78<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Former parent legacy costs, net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Restructuring costs<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">48<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">46<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Interest expense, net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">73<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">68<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Total expenses<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,200<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen10\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,120<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Loss before income taxes, equity in earnings and noncontrolling interests<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(66)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(58)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Income tax benefit<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(24)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(24)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Equity in earnings of unconsolidated entities<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(2)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net loss<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(42)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(32)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Less: Net income attributable to noncontrolling interests<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Net loss attributable to Realogy Holdings<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(42)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(32)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Loss per share attributable to Realogy Holdings:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Basic loss per share<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(0.29)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(0.22)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Diluted loss per share<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(0.29)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(0.22)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Weighted average common and common equivalent shares of Realogy Holdings outstanding:<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Basic<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.5<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.3<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Diluted<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.5<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.3<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span><br \/><\/span><\/p>\n<p><b><span>Table 1a<\/span><\/b><\/p>\n<p class=\"prntac\"><b><span>REALOGY HOLDINGS CORP.<br \/><\/span><\/b><b><span>Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share<br \/><\/span><\/b><b>(In millions, except per share data)<\/b><\/p>\n<p>We present Adjusted net income (loss) and Adjusted earnings (loss) per share because we believe these measures are useful as supplemental measures in evaluating the performance of our operating businesses and provides greater transparency into our operating results.&nbsp; Below, we have presented 2015 quarterly reconciliations from Net loss to Adjusted net loss for purposes of comparability as certain adjustments below were not included in Adjusted net income (loss) and Adjusted earnings (loss) per share reported in prior periods.<\/p>\n<p>Adjusted net income (loss) is defined by us as net income (loss) before: (a) mark to market interest rate swap adjustments, whose fair value is subject to movements in LIBOR and the forward yield curve and therefore are subject to significant fluctuations; (b) former parent legacy items, which pertain to liabilities of the former parent for matters prior to mid-2006 and are non-operational in nature; (c) restructuring charges, which the Company believes will be significant as a result of the business optimization initiatives currently in progress; and (d) the loss on the early extinguishment of debt that results from refinancing and deleveraging debt initiatives.&nbsp; These items are shown on the tables below as net of income taxes.&nbsp; <\/p>\n<p>Adjusted income (loss) per share is Adjusted net income (loss) divided by the weighted average common and common equivalent shares outstanding.<\/p>\n<p>Set forth in the table below is&nbsp;a reconciliation of Net loss to Adjusted net loss for the three-month period ended March&nbsp;31, 2016 and 2015:<\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\" colspan=\"7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Three Months Ended<br \/>March 31,<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen15\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Net loss attributable to Realogy Holdings<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(42)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(32)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Addback:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Mark-to-market interest rate swap adjustments, net of tax<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">19<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Former parent legacy cost, net of tax<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Restructuring charges, net of tax<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">5<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Adjusted net loss<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(17)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(24)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Adjusted loss per share<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Adjusted basic loss per share:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(0.12)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(0.16)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Adjusted diluted loss per share:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(0.12)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(0.16)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Weighted average common and common equivalent shares outstanding:<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Basic:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.5<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.3<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Diluted:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.5<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.3<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>Set forth in the table below is&nbsp;a reconciliation of Net income (loss) to Adjusted net income (loss) for the three-month periods and the year ended <span class=\"xn-chron\">December 31, 2015<\/span>:<\/p>\n<p>&nbsp;<\/p>\n<p><span><br \/><\/span><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\" colspan=\"15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Three Months Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Year Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31,<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen21\"><\/td>\n<td class=\"prngen22\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">June 30,<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen21\"><\/td>\n<td class=\"prngen22\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">September 30,<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen22\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">December 31,<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">December 31,<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Net income (loss) attributable to Realogy Holdings<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(32)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">97<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">110<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">184<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Addback:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Mark-to-market interest rate swap adjustments, net of tax<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(2)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(3)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">12<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Former parent legacy cost (benefit), net of tax<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(8)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(9)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Restructuring charges, net of tax<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">6<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">6<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Loss on the early extinguishment of debt, net of tax<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">29<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">29<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Adjusted net income (loss)<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(24)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">94<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">111<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">41<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">222<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Adjusted earnings (loss) per share<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Adjusted basic earnings (loss) per share:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(0.16)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.64<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.76<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.28<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1.52<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Adjusted diluted earnings (loss) per share:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(0.16)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.64<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.75<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.28<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1.50<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Weighted average common and common equivalent shares outstanding:<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Basic:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.3<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.5<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.6<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.7<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.5<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Diluted:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146.3<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">148.0<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">148.1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">148.2<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">148.1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span><br \/><\/span><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Table 2<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">REALOGY HOLDINGS CORP.<br \/><\/span><\/b><b><span class=\"prnews_span\">CONDENSED CONSOLIDATED BALANCE SHEETS<br \/><\/span><\/b><b>(In millions, except share data)<br \/><\/b><b>(Unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"8\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31,<br \/>&nbsp;2016<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">December 31,<br \/>&nbsp;2015<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbb1 prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">ASSETS<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Current assets:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">283<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">415<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Trade receivables (net of allowance for doubtful accounts of $18 and $20)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">139<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">141<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Relocation receivables<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">288<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">279<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Other current assets<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">134<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">126<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Total current assets<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">844<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">961<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Property and equipment, net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">251<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">254<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Goodwill<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">3,629<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">3,618<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Trademarks<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">745<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">745<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Franchise agreements, net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,411<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,428<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Other intangibles, net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">307<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">316<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Other non-current assets<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">213<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">209<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Total assets<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7,400<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7,531<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">LIABILITIES AND EQUITY<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Current liabilities:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Accounts payable<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">128<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">139<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Securitization obligations<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">220<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">247<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Due to former parent<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">32<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">31<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Current portion of long-term debt<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">541<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">740<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Accrued expenses and other current liabilities<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">385<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">448<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Total current liabilities<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,306<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,605<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Long-term debt<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">3,203<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2,962<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Deferred income taxes<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">239<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">267<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Other non-current liabilities<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">299<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">275<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Total liabilities<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">5,047<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">5,109<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Commitments and contingencies<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Equity:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Realogy Holdings preferred stock: $.01 par value; 50,000,000 shares authorized, none issued and outstanding at March 31, 2016 and December 31, 2015<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Realogy Holdings common stock: $.01 par value; 400,000,000 shares authorized 145,992,724 shares outstanding at March 31, 2016 and 146,746,537 shares outstanding at December 31, 2015<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Additional paid-in capital<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">5,707<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">5,733<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Accumulated deficit<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(3,322)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(3,280)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Accumulated other comprehensive loss<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(36)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(36)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Total stockholders&#8217; equity<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2,350<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2,418<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Noncontrolling interests<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">3<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">4<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Total equity<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2,353<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2,422<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Total liabilities and equity<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7,400<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7,531<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p><b><span\/><\/b>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen25\" colspan=\"12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Table 3a<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">REALOGY HOLDINGS CORP.<br \/><\/span><\/b><b><span class=\"prnews_span\">2016 vs. 2015 KEY DRIVERS<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\" colspan=\"12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\" colspan=\"10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Three Months Ended March 31,<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen21\"><\/td>\n<td class=\"prngen15\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">% Change<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">RFG (a) (b)<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Closed homesale sides<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">218,330<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">212,139<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">3<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Average homesale price<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">259,044<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">251,373<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">3<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Average homesale broker commission rate<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.51<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.52<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&nbsp;bps<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Net effective royalty rate<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">4.51<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">4.52<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&nbsp;bps<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Royalty per side<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">309<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">302<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">NRT<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Closed homesale sides (c)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">64,244<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">60,187<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Average homesale price (d)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">493,125<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">502,597<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(2)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Average homesale broker commission rate<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.46<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.43<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">3<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">bps<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Gross commission income per side<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">12,878<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">13,019<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Cartus<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Initiations<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">37,174<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">38,168<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(3)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Referrals<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">16,893<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">18,022<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(6)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">TRG<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Purchase title and closing units (e)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">29,236<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">21,643<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">35<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Refinance title and closing units (f)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9,703<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9,496<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Average fee per closing unit<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,848<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,751<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">6<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(a)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Includes all franchisees except for NRT.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(b)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">In April 2015, NRT acquired Coldwell Banker United, a large franchisee of RFG.&nbsp; As a result of the acquisition, the drivers of Coldwell Banker United shifted from RFG to NRT.&nbsp; Closed homesale sides for RFG, excluding the impact of the acquisition, would have increased 4% for the three months ended March&nbsp;31, 2016 compared to 2015.&nbsp; The acquisition did not have a significant impact on the change in average homesale price for RFG.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(c)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Closed homesale sides for NRT, excluding the impact of the acquisition of Coldwell Banker United, would have increased 1% for the three months ended March&nbsp;31, 2016 compared to 2015.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(d)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;A<\/span><\/span><span class=\"prnews_span\">verage homesale price for NRT, excluding the impact of the acquisition of Coldwell Banker United, would have increased 1% for the three months ended March&nbsp;31, 2016, compared to 2015.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(e)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">The amounts presented for the three months ended March&nbsp;31, 2016 include 6,585 purchase units as a result of the acquisition of Independence Title on July 1, 2015. <\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(f)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">The amounts presented for the three months ended March&nbsp;31, 2016 include 1,541 refinance units as a result of the acquisition of Independence Title on July 1, 2015.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"12\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b><span\/><\/b>&nbsp;<\/p>\n<p><b><span\/><\/b>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen25\" colspan=\"18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Table 3b<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">REALOGY HOLDINGS CORP.<br \/><\/span><\/b><b><span class=\"prnews_span\">2015 KEY DRIVERS<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"18\"><\/td>\n<td class=\"prngen29\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen5\" colspan=\"15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Quarter Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Year Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31,<br \/>&nbsp;2015<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen30\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">June 30,<br \/>&nbsp;2015<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen30\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">September 30,<br \/>&nbsp;2015<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen30\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">December 31,<br \/>&nbsp;2015<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">December 31,<br \/>&nbsp;2015<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">RFG (a) (b)<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Closed homesale sides<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">212,139<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">307,293<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">318,873<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">263,028<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,101,333<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Average homesale price<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">251,373<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">266,456<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">267,296<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">266,874<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">263,894<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Average homesale broker commission rate<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.52<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.52<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.52<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.49<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.51<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Net effective royalty rate<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">4.52<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">4.48<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">4.47<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">4.46<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">4.48<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Royalty per side<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">302<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">312<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">312<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">309<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">309<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">NRT<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Closed homesale sides (c)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">60,187<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">99,435<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">99,789<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">77,333<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">336,744<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Average homesale price (d)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">502,597<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">493,746<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">479,874<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">487,024<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">489,673<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Average homesale broker commission rate<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.43<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.46<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.48<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.47<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2.46<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Gross commission income per side<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">13,019<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">12,830<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">12,524<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">12,645<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">12,730<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Cartus<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Initiations<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">38,168<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">51,528<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">42,303<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">35,750<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">167,749<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Referrals<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">18,022<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">29,033<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">30,010<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">22,466<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">99,531<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">TRG<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Purchase title and closing units (e)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">21,643<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">35,596<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">41,245<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">32,057<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">130,541<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Refinance title and closing units (f)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9,496<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9,815<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9,989<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9,244<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">38,544<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Average fee per closing unit<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,751<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,795<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,932<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,928<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,861<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prnpl6 prnsbl1 prnpr6\"><\/td>\n<td class=\"prngen11\" colspan=\"16\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(a)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Includes all franchisees except for NRT.<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(b)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">In April 2015, NRT acquired a large franchisee of RFG.&nbsp; As a result of the acquisition, the drivers of the acquired entity shifted from RFG to NRT.&nbsp; Closed homesale sides for RFG, excluding the impact of the acquisition, would have increased 5% for the year ended December&nbsp;31, 2015 compared to 2014.&nbsp; The acquisition did not have a significant impact on the change in average homesale price for RFG.<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(c)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Closed homesale sides for NRT, excluding the impact of larger acquisitions with an individual purchase price greater than $20 million, would have increased 2% for the year ended December&nbsp;31, 2015 compared to 2014.<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(d)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Average homesale price for NRT, excluding the impact of larger&nbsp; acquisitions with an individual purchase price greater than $20 million, would have increased 1% for the year ended December&nbsp;31, 2015 compared to 2014.<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(e)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">The amounts presented for the year ended December&nbsp;31, 2015 include 13,304 purchase units as a result of the acquisition of Independence Title on July 1, 2015. <\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(f)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">The amounts presented for the year ended December&nbsp;31, 2015 include 3,403 refinance units as a result of the acquisition of Independence Title on July 1, 2015.<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b><span\/><\/b>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Table 4a<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">REALOGY HOLDINGS CORP. <br \/><\/span><\/b><b><span class=\"prnews_span\">SELECTED 2016 FINANCIAL DATA<br \/><\/span><\/b><b>(In millions)<\/b><span class=\"prnews_span\"> <\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Three Months Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31,<br \/>&nbsp;2016<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Net revenues (a)<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">157<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">841<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Relocation Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">83<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Title and Settlement Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">111<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Corporate and Other<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(58)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Total Company<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,134<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">EBITDA (b)<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">92<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(21)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Relocation Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">5<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Title and Settlement Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Corporate and Other<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(21)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Total Company<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">55<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Less:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">48<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Interest expense, net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">73<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Income tax benefit<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(24)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Net loss attributable to Realogy Holdings<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(42)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">______________<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp; Transactions between segments are eliminated in consolidation.&nbsp; Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $58 million for the three months ended March&nbsp;31, 2016.&nbsp; Such amounts are eliminated through the Corporate and Other line.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenues for the Relocation Services segment include $8 million of intercompany referral commissions paid by the Company Owned Real Estate Brokerage Services segment during the three months ended March&nbsp;31, 2016.&nbsp; Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(b)&nbsp;&nbsp; The three months ended March&nbsp;31, 2016 includes a net cost of $1 million of former parent legacy items and $9 million of restructuring charges.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><span\/>&nbsp;<\/p>\n<p><span><br \/><\/span><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">The amounts broken down by business unit are as follows:<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Three Months Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31,<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Relocation Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Title and Settlement Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Corporate and Other<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">6<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Total Company<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">10<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Table 4b<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">REALOGY HOLDINGS CORP.<br \/><\/span><\/b><b><span class=\"prnews_span\">SELECTED 2015 FINANCIAL DATA<br \/><\/span><\/b><b>(In millions)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\" colspan=\"15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Three Months Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Year Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31,<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">June 30,<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">September 30,<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">December 31,<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">December 31,<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Net revenues (a)<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">151<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">213<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">214<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">177<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">755<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">796<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,289<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,267<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">992<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">4,344<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Relocation Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">85<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">108<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">124<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">98<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">415<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Title and Settlement Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">87<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">128<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">147<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">125<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">487<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Corporate and Other<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(57)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(87)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(84)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(67)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(295)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Total Company<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,062<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,651<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,668<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,325<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">5,706<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">EBITDA (b)<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">86<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">146<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">152<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">111<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">495<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(16)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">97<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">96<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">22<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">199<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Relocation Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">29<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">47<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">22<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">105<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Title and Settlement Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(3)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">20<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">20<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">11<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">48<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Corporate and Other (c)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(16)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(27)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(6)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(72)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(121)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Total Company<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">58<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">265<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">309<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">94<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">726<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Less:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">46<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">52<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">55<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">48<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">201<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Interest expense, net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">68<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">50<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">70<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">43<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">231<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Income tax expense (benefit)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(24)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">66<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">74<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(6)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">110<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Net income (loss) attributable to Realogy Holdings<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(32)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">97<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">110<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">184<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prnpl6 prnsbl1 prnpr8\"><\/td>\n<td class=\"prnsbt1 prnrbrb0 prnvab prnsbtb0 prntar prnpl6 prnsblb0 prnpr8\" colspan=\"19\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp; Transactions between segments are eliminated in consolidation.&nbsp; Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $57 million, $87 million, $84 million and $67 million for the three months ended March 31, 2015, June 30, 2015, September 30, 2015 and December&nbsp;31, 2015, respectively.&nbsp; Such amounts are eliminated through the Corporate and Other line.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenues for the Relocation Services segment include $8 million, $15 million, $16 million and $10 million of intercompany referral commissions paid by the Company Owned Real Estate Brokerage Services segment during the three months ended March 31, 2015, June 30, 2015, September 30, 2015 and December&nbsp;31, 2015, respectively.&nbsp; Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(b)&nbsp;&nbsp; The three months ended June 30, 2015 includes a net benefit of $1 million for former parent legacy items.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The three months ended September 30, 2015 includes a net benefit of $14 million for former parent legacy items.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The three months ended December 31, 2015 includes $48 million related to the loss on early extinguishment of debt and restructuring charges of $10 million.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The year ended December 31, 2015 includes $48 million related to the loss on early extinguishment of debt and restructuring charges of $10 million, partially offset by a net benefit of $15 million for former parent legacy items.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<p><span><br \/><\/span><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\" colspan=\"13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The amounts broken down by business unit are as follows:<\/span><\/p>\n<p class=\"prnews_p\">&nbsp;<\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\" colspan=\"11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Three Months Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Year Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31,<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">June 30,<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">September 30,<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen22\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">December 31,<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">December 31,<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">5<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">5<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Relocation Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Title and Settlement Services<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Corporate and Other<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(14)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">52<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">37<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Total Company<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(14)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">58<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">43<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\" colspan=\"15\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(c)&nbsp;&nbsp;&nbsp; The three months ended June&nbsp;30, 2015 includes $6 million of costs related to the settlement of a legal matter, subject to court approval, and certain transaction costs related to acquisitions in April 2015.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span><br \/><\/span><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Table 5a<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">REALOGY HOLDINGS CORP. <br \/><\/span><\/b><b><span class=\"prnews_span\">2016 EBITDA, OPERATING EBITDA AND ADJUSTED (COVENANT) EBITDA<br \/><\/span><\/b><b>(In millions)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">A reconciliation of net income attributable to Realogy Group to EBITDA, Operating EBITDA and Adjusted (Covenant) EBITDA for the twelve months ended March&nbsp;31, 2016 are set forth in the following table: <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Less<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Equals<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Plus<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Equals<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Year <\/span><\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" rowspan=\"2\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Three <\/span><\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Months <\/span><\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" rowspan=\"2\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Nine <\/span><\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Months<br \/>Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" rowspan=\"2\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Three<\/span><\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">&nbsp;Months <\/span><\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" rowspan=\"2\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Twelve<\/span><\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">&nbsp;Months<br \/>Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">December 31,<br \/>&nbsp;2015<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31,<br \/>&nbsp;2015<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">December 31,<br \/>&nbsp;2015<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31,<br \/>&nbsp;2016<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31,<br \/>&nbsp;2016<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Net income (loss) attributable to Realogy Group (a)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">184<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(32)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">216<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(42)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">174<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Income tax (benefit) expense<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">110<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(24)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">134<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(24)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">110<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Income (loss) before income taxes<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">294<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(56)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">350<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(66)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">284<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Interest expense, net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">231<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">68<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">163<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">73<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">236<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">201<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">46<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">155<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">48<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">203<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>EBITDA (b)<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">726<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">58<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">668<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">55<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">723<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">EBITDA adjustments:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Restructuring costs<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">19<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Former parent legacy costs (benefit), net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(14)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Loss on the early extinguishment of debt<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">48<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>Operating EBITDA<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">776<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Bank covenant adjustments:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Pro forma effect of business optimization initiatives (c)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">21<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Non-cash charges (d)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">46<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Pro forma effect of acquisitions and new franchisees (e)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">16<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Incremental securitization interest costs (f)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">4<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>Adjusted (Covenant) EBITDA<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">863<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Total senior secured net debt (g)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2,094<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>Senior secured leverage ratio<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2.43<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">x<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\" colspan=\"20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">_______________<\/span><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"\/><span class=\"prnews_span\">(a)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Net income (loss) attributable to Realogy consists of:&nbsp; (i) income of $97 million for the second quarter of 2015, (ii) income of $110 million for the third quarter of 2015, (iii) income of $9 million for the fourth quarter of 2015 and (iv) a loss of $42 million for the first quarter of 2016.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(b)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">EBITDA consists of:&nbsp; (i) $265 million for the second quarter of 2015, (ii) $309 million for the third quarter of 2015, (iii) $94 million for the fourth quarter of 2015 and (iv) $55 million for the first quarter of 2016.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(c)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Represents the twelve-month pro forma effect of business optimization initiatives. <\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(d)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Represents the elimination of non-cash expenses, including $58 million of stock-based compensation expense less $10 million for the change in the allowance for doubtful accounts and notes reserves and $2 million of foreign exchange benefit from April&nbsp;1, 2015 through March&nbsp;31, 2016.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(e)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Represents the estimated impact of acquisitions and franchise sales activity, net of brokerages that exited our franchise system as if these changes had occurred on April&nbsp;1, 2015.&nbsp; Franchisee sales activity is comprised of new franchise agreements as well as growth through acquisitions and sales agent recruitment by existing franchisees with our assistance.&nbsp; We have made a number of assumptions in calculating such estimates and there can be no assurance that we would have generated the projected levels of EBITDA had we owned the acquired entities or entered into the franchise contracts as of April&nbsp;1, 2015.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(f)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Incremental borrowing costs incurred as a result of the securitization facilities refinancing for the twelve months ended March&nbsp;31, 2016.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(g)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Represents total borrowings under the Senior Secured Credit Facility and borrowings secured by a first priority lien on our assets of $2,293 million plus $27 million of capital lease obligations less $226 million of readily available cash as of March&nbsp;31, 2016.&nbsp; Pursuant to the terms of our Senior Secured Credit Facility and Term Loan A Facility, total senior secured net debt does not include our securitization obligations or unsecured indebtedness, including the Unsecured Notes.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Table 5b<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">REALOGY HOLDINGS CORP. <br \/><\/span><\/b><b><span class=\"prnews_span\">2015 EBITDA, OPERATING EBITDA AND ADJUSTED (COVENANT) EBITDA<br \/><\/span><\/b><b>(In millions)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">A reconciliation of net income attributable to Realogy Group to EBITDA, Operating EBITDA and Adjusted (Covenant) EBITDA for the year ended December&nbsp;31, 2015 is set forth in the following table:<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Year Ended <\/span><\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">December 31, 2015<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Net income attributable to Realogy Group<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">184<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Income tax expense<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">110<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Income before income taxes<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">294<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Interest expense, net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">231<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">201<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i><span class=\"prnews_span\">EBITDA<\/span><\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">726<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">EBITDA adjustments:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Restructuring costs<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">10<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Former parent legacy costs (benefit), net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(15)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Loss on the early extinguishment of debt<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">48<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>Operating EBITDA<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">769<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Bank covenant adjustments:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Pro forma effect of business optimization initiatives (a)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">14<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Non-cash charges (b)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">46<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Pro forma effect of acquisitions and new franchisees (c)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">12<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\"><span class=\"prnews_span\">Incremental securitization interest costs (d)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">4<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>Adjusted (Covenant) EBITDA<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">845<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Total senior secured net debt (e)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2,180<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i><span class=\"prnews_span\">Senior secured leverage ratio<\/span><\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2.58<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">x<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\" colspan=\"4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">_______________<\/span><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(a)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Represents the twelve-month pro forma effect of business optimization initiatives. <\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(b)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Represents the elimination of non-cash expenses, including $57 million of stock-based compensation expense less $11 million for the change in the allowance for doubtful accounts and notes reserves.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(c)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Represents the estimated impact of acquisitions and franchise sales activity, net of brokerages that exited our franchise system as if these changes had occurred on January&nbsp;1, 2015.&nbsp; Franchisee sales activity is comprised of new franchise agreements as well as growth through acquisitions and sales agent recruitment by existing franchisees with our assistance.&nbsp; We have made a number of assumptions in calculating such estimates and there can be no assurance that we would have generated the projected levels of EBITDA had we owned the acquired entities or entered into the franchise contracts as of January&nbsp;1, 2015.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(d)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Incremental borrowing costs incurred as a result of the securitization facilities refinancing for the twelve months ended December&nbsp;31, 2015. <\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(e)<span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/span><span class=\"prnews_span\">Represents total borrowings under the Senior Secured Credit Facility and borrowings secured by a first priority lien on our assets of $2,502 million plus $26 million of capital lease obligations less $348 million of readily available cash as of December&nbsp;31, 2015.&nbsp; Pursuant to the terms of our Senior Secured Credit Facility and Term Loan A Facility, total senior secured net debt does not include our securitization obligations or unsecured indebtedness, including the Unsecured Notes.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span><br \/><\/span><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Table 6<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">REALOGY HOLDINGS CORP.<br \/><\/span><\/b><b><span class=\"prnews_span\">EBITDA, OPERATING EBITDA AND ADJUSTED (COVENANT) EBITDA<br \/><\/span><\/b><b><span class=\"prnews_span\">THREE MONTHS ENDED MARCH&nbsp;31, 2016 AND 2015 <br \/><\/span><\/b><b>(In millions)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"8\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Set forth in the table below is&nbsp;a reconciliation of net loss attributable to Realogy to EBITDA, Operating EBITDA and Adjusted <span class=\"prnews_span\" id=\"spanHghlt16d7\">(Covenant)<\/span> EBITDA for the three-month periods ended March&nbsp;31, 2016 and 2015:<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"8\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\" colspan=\"7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Three Months Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31,<br \/>&nbsp;2016<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen30\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31,<br \/>&nbsp;2015<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Net loss attributable to Realogy<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(42)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(32)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Income tax benefit<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(24)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(24)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Loss before income taxes<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(66)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(56)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Interest expense, net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">73<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">68<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">48<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">46<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>EBITDA<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">55<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">58<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">EBITDA adjustments:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Restructuring costs<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Former parent legacy costs, net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">&mdash;<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>Operating EBITDA<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">65<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen17\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">58<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Bank covenant adjustments:<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Pro forma effect of business optimization initiatives<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Non-cash charges<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Pro forma effect of acquisitions and new franchisees<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Incremental securitization interest costs<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>Adjusted (Covenant) EBITDA<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">77<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">70<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Table 7<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">REALOGY HOLDINGS CORP.<br \/><\/span><\/b><b><span class=\"prnews_span\">FREE CASH FLOW<br \/><\/span><\/b><b><span class=\"prnews_span\">THREE MONTHS ENDED MARCH&nbsp;31, 2016 AND 2015 <\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"8\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">A reconciliation of net loss attributable to Realogy Holdings to free cash flow is set forth in the following table:<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"8\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\" colspan=\"7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Three Months Ended<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31, 2016<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">March 31, 2015<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">($ in millions)<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen21\"><\/td>\n<td class=\"prngen5\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">($ in millions)<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Net loss attributable to Realogy Holdings<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(42)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(32)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Income tax benefit, net of payments<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(26)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(25)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Interest expense, net<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">73<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">68<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Cash interest payments<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(28)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(57)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">48<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">46<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Capital expenditures<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(22)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(19)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Restructuring costs and former parent legacy items, net of payments<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(6)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Working capital adjustments<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(86)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(46)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">Relocation receivables (assets), net of securitization obligations<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(36)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(51)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\">Free Cash Flow<\/span><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(117)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(122)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p><b><span>Table 8<\/span><\/b><\/p>\n<p><b>Non-GAAP Definitions<\/b><\/p>\n<p>Adjusted net income (loss) is defined by us as net income (loss) before mark to market interest rate adjustments, former parent legacy items, restructuring charges and loss on the early extinguishment of debt.&nbsp; These items are shown net of the related tax impact.&nbsp; Adjusted income (loss) per share is Adjusted net income (loss) divided by the weighted average common and common equivalent shares outstanding.&nbsp; We present Adjusted net income (loss) and Adjusted earnings (loss) per share because we believe these measures are useful as supplemental measures in evaluating the performance of our operating businesses and provides greater transparency into our operating results.<\/p>\n<p>EBITDA is defined by us as net income (loss) before depreciation and amortization, interest expense, net (other than relocation services interest for securitization assets and securitization obligations) and income taxes.<\/p>\n<p>Operating EBITDA is defined by us as EBITDA before restructuring, early extinguishment of debt and legacy items.&nbsp; Operating EBITDA calculated for a twelve-month period is presented because the Company believes these items do not directly affect the operating results of the Company and accordingly should be excluded in comparing operating results. Operating EBITDA does not include pro-forma adjustments for business optimization initiatives and acquisitions or non-cash adjustments such as stock-based compensation expense, <span>used to calculate Adjusted (Covenant) EBITDA in the Senior Secured Credit Facility and the Term Loan A Facility senior secured leverage ratio.<\/span>&nbsp; <\/p>\n<p>Adjusted (Covenant) EBITDA calculated for a twelve-month period is presented to demonstrate our compliance with the senior secured leverage ratio covenant in the Senior Secured Credit Facility and the Term Loan A Facility.&nbsp; <span>Adjusted <\/span>(Covenant)<span> EBITDA calculated for a twelve-month period corresponds to the definition of &quot;EBITDA,&quot; calculated on a &quot;pro forma basis,&quot; used in the Senior Secured Credit Facility and the Term Loan A Facility to calculate the senior secured leverage ratio.&nbsp; Adjusted <\/span>(Covenant)<span> EBITDA includes adjustments to EBITDA for restructuring costs, former parent legacy cost (benefit) items, net, loss on the early extinguishment of debt, non-cash charges and incremental securitization interest costs, as well as pro forma cost savings for restructuring initiatives, the pro forma effect of business optimization initiatives and the pro forma effect of acquisitions and new franchisees, in each case calculated as of the beginning of the twelve-month period.<\/span><\/p>\n<p>Adjusted (Covenant) EBITDA calculated for a three-month period adjusts for the same items as for a twelve-month period, except that the pro forma effect of cost savings, business optimizations and acquisitions and new franchisees are calculated as of the beginning of the three-month period instead of the twelve-month period.<\/p>\n<p>We present EBITDA, Operating EBITDA and Adjusted (Covenant) EBITDA because we believe EBITDA, Operating EBITDA and Adjusted (Covenant) EBITDA are useful as supplemental measures in evaluating the performance of our operating businesses and provide greater transparency into our results of operations.&nbsp; Our management, including our chief operating decision maker, uses EBITDA as a factor in evaluating the performance of our business.&nbsp; EBITDA, Operating EBITDA and Adjusted (Covenant) EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations data prepared in accordance with GAAP. <\/p>\n<p>We believe EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations in capital structures (affecting net interest expense), taxation, the age and book depreciation of facilities (affecting relative depreciation expense) and the amortization of intangibles, which may vary for different companies for reasons unrelated to operating performance.&nbsp; 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. <\/p>\n<p>EBITDA, Operating EBITDA and Adjusted (Covenant) EBITDA have limitations as analytical tools, and you should not consider EBITDA, Operating EBITDA or Adjusted (Covenant) EBITDA either in isolation or as substitutes for analyzing our results as reported under GAAP.&nbsp; Some of these limitations are: <\/p>\n<ul type=\"disc\">\n<li>these measures do not reflect changes in, or cash required for, our working capital needs; <\/li>\n<li>these 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; <\/li>\n<li>these measures do not reflect our income tax expense or the cash requirements to pay our taxes; <\/li>\n<li>these measures do not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; <\/li>\n<li>although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often require replacement in the future, and these measures do not reflect any cash requirements for such replacements; and <\/li>\n<li>other companies may calculate these measures differently so they may not be comparable. <\/li>\n<\/ul>\n<p>In addition to the limitations described above, Adjusted (Covenant) EBITDA includes pro forma cost savings, the pro forma effect of business optimization initiatives and the pro forma full period effect of acquisitions and new franchisees.&nbsp; These adjustments may not reflect the actual cost savings or pro forma effect recognized in future periods.&nbsp; &nbsp;<\/p>\n<p>Free Cash Flow is defined as net income (loss) attributable to Realogy before income tax expense (benefit), net of payments, interest expense, net, depreciation and amortization, capital expenditures, restructuring costs and former parent legacy costs (benefits), net of payments, loss on the early extinguishment of debt, working capital adjustments and relocation assets, net of change in securitization obligations.&nbsp; We use Free Cash Flow in our internal evaluation of operating effectiveness and decisions regarding the allocation of resources.&nbsp; Free Cash Flow is not defined by GAAP and should not be considered in isolation or as an alternative to net income (loss), net cash provided by (used in) operating, investing and financing activities or other financial data prepared in accordance with GAAP or as an indicator of the Company&#8217;s operating performance. Free Cash Flow may differ from similarly titled measures presented by other companies.<\/p>\n<p>Logo &#8211; <a href=\"http:\/\/photos.prnewswire.com\/prnh\/20140110\/NY44427LOGO\" rel=\"nofollow noopener\" target=\"_blank\">http:\/\/photos.prnewswire.com\/prnh\/20140110\/NY44427LOGO<\/a> &nbsp; <\/p>\n<p>SOURCE  Realogy Holdings Corp.<\/p>\n<\/div>\n<p><img decoding=\"async\" alt=\"\" src=\"http:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY87917&amp;Transmission_Id=201605050725PR_NEWS_USPR_____NY87917&amp;DateId=20160505\" style=\"border:0px; width:1px; height:1px;\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MADISON, N.J., May&nbsp;5, 2016 \/PRNewswire\/ &#8212;&nbsp;Realogy Holdings Corp. (NYSE: RLGY), the preeminent provider of residential real estate services in the United States, today reported financial results for the first quarter ended March&nbsp;31, 2016, including the following highlights: Revenue of $1.1 billion, a 7% increase as compared to the first quarter of 2015, was primarily driven [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-11942","post","type-post","status-publish","format-standard","hentry","category-financial"],"_links":{"self":[{"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/posts\/11942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/comments?post=11942"}],"version-history":[{"count":0,"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/posts\/11942\/revisions"}],"wp:attachment":[{"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/media?parent=11942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/categories?post=11942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/tags?post=11942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}