{"id":11964,"date":"2017-11-03T11:26:00","date_gmt":"2017-11-03T15:26:00","guid":{"rendered":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/realogy-reports-financial-results-for-third-quarter-2017\/"},"modified":"2017-11-03T11:26:00","modified_gmt":"2017-11-03T15:26:00","slug":"realogy-reports-financial-results-for-third-quarter-2017","status":"publish","type":"post","link":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/realogy-reports-financial-results-for-third-quarter-2017\/","title":{"rendered":"Realogy Reports Financial Results For Third Quarter 2017"},"content":{"rendered":"<style type=\"text\/css\">\n<p>\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen10{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; 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(NYSE: RLGY), the largest full-service residential real estate services company in <span class=\"xn-location\">the United States<\/span>, today reported financial results for the quarter ended September&nbsp;30, 2017, including the following highlights:<\/p>\n<ul type=\"disc\">\n<li>Revenue was <span class=\"xn-money\">$1.7 billion<\/span>, an increase of 2% compared with the third quarter of 2016, driven by increases in homesale transaction volume (transaction sides multiplied by average sale price) at the Company-owned brokerage segment (NRT) and Realogy Franchise Group (RFG).\n<\/li>\n<li>The Company&#8217;s combined homesale transaction volume increased 4% year-over-year, consisting of a 5% volume gain at RFG and a 4% volume gain at NRT, both driven by increases in average sales price. Realogy outperformed national averages on sales volume and transaction sides.\n<\/li>\n<li>Net income was <span class=\"xn-money\">$95 million<\/span> for the period, compared to <span class=\"xn-money\">$106 million<\/span> in the same period in the prior year. Basic earnings per share was <span class=\"xn-money\">$0.70<\/span> compared with basic earnings per share of <span class=\"xn-money\">$0.74<\/span> in the third quarter of 2016.\n<\/li>\n<li>Adjusted net income per share was <span class=\"xn-money\">$0.71<\/span> compared with adjusted net income per share of <span class=\"xn-money\">$0.75<\/span> in the third quarter of 2016. <i>(See Table 1a).<sup>1<\/sup><\/i>\n<\/li>\n<li>Operating EBITDA was <span class=\"xn-money\">$258 million<\/span>, compared with <span class=\"xn-money\">$279 million<\/span> in the third quarter of 2016. <i>(See Table 5)<\/i>.<sup>2<\/sup> The decline was primarily attributable to higher commission splits due to the relative strength in NRT&#8217;s West Coast operations and initiatives designed to attract and retain agents, as well as the impact of lower global relocation volume on Cartus results. The combined effects from hurricanes in <span class=\"xn-location\">Texas<\/span> and <span class=\"xn-location\">Florida<\/span> represented approximately <span class=\"xn-money\">$7 million<\/span> of the decline, mostly at NRT and TRG.\n<\/li>\n<li>Free Cash Flow for the third quarter was <span class=\"xn-money\">$249 million<\/span> compared with <span class=\"xn-money\">$262 million<\/span> in Q3 2016, a decrease of <span class=\"xn-money\">$13 million<\/span> primarily due to lower net income. Year to date Free Cash Flow was <span class=\"xn-money\">$406 million<\/span>, up from <span class=\"xn-money\">$358 million<\/span> in the first nine months of 2016. <i>(See Table 6).<sup>3<\/sup><\/i>\n<\/li>\n<li>In the first nine months of 2017, Realogy returned <span class=\"xn-money\">$215 million<\/span> of capital to stockholders through share repurchases and dividends.\n<\/li>\n<li>NRT grew its agent count by&nbsp;4.5% in the last 12 months to more than 50,000.<\/li>\n<\/ul>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p><img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/595986\/REALOGY_HOLDINGS_CORP__LOGO.jpg\" title=\"Realogy logo. (PRNewsFoto\/Realogy Holdings Corp.)\" alt=\"Realogy logo. (PRNewsFoto\/Realogy Holdings Corp.)\"\/><\/p>\n<\/p><\/div>\n<p>&quot;While we experienced gains in both homesale transaction volume and revenue, Operating EBITDA was adversely affected by the higher commission splits, hurricanes, and weaker Cartus results,&quot; said <span class=\"xn-person\">Richard A. Smith<\/span>, Realogy&#8217;s chairman and chief executive officer.&nbsp; &quot;However, we continued to make progress on our strategic initiatives, including on our agent recruiting efforts, as evidenced by our strong retention rate and growing agent count.&nbsp; We also added new senior leadership talent to the organization, headlined by our new president and chief operating officer, <span class=\"xn-person\">Ryan Schneider<\/span>.&nbsp; Going forward, we are focused on driving sustainable organic growth across our enterprise by strengthening the services we provide to affiliated agents, which we believe will result in continued recruiting success and improved agent productivity.&quot;<\/p>\n<p><span class=\"xn-person\">Anthony E. Hull<\/span>, Realogy&#8217;s executive vice president, chief financial officer and treasurer, said, &quot;We remain on track to deliver more than <span class=\"xn-money\">$500 million<\/span> in free cash flow for full year 2017 as a result of the strength of our business model and balance sheet.&quot;<\/p>\n<p>In the third quarter of 2017, despite softness in the overall national housing market, RFG and NRT achieved a combined homesale transaction volume of approximately <span class=\"xn-money\">$141 billion<\/span>, an increase of 4% compared with the third quarter of 2016.&nbsp; NRT homesale transaction sides remained flat and average homesale price increased 4%, while RFG reported a homesale transaction sides decrease of 1% and an average homesale price increase of 6%.&nbsp; Homesale transaction sides were muted due to low inventory levels as well as severe weather in certain regions.<\/p>\n<p>In the title and settlement services sector, TRG was involved in the closing of approximately 50,000 transactions in the third quarter of 2017, reflecting a 2% increase in purchase units compared with the third quarter of 2016, and a 57% decrease in refinance units, which is consistent with industry trends.<\/p>\n<p>In the relocation segment, while Cartus&#8217; performance in the third quarter was below last year, Cartus continues to be an important part of the Company&#8217;s value proposition, generating highly qualified leads for its network of affiliated agents and helping them to build their businesses.&nbsp; Cartus generated referral opportunities to agents that resulted in approximately 24,000 homesale closings in the third quarter.<\/p>\n<p><b>Looking Ahead<\/b><\/p>\n<p>For the fourth quarter of 2017, Realogy expects to achieve overall homesale transaction volume gains in the range of 4% to 6% year-over-year.&nbsp; Based on the Company&#8217;s closed and open sales activity in October, Realogy expects fourth quarter homesale transaction sides to increase between flat to 1% year-over-year and average homesale price to increase in the 4% to 5% range year-over-year.&nbsp; On a year-over-year basis, RFG volume in the fourth quarter is anticipated to increase between 3% to 5%, while NRT transaction volume is expected to increase by 7% to 9%.<\/p>\n<p>For the full year 2017, Realogy expects to generate revenue of between <span class=\"xn-money\">$6.1 billion and $6.150 billion<\/span>, driven by combined transaction volume gains of between 6% to 7% year-over-year.&nbsp; Realogy expects full year 2017 Operating EBITDA of between <span class=\"xn-money\">$725 million and $735 million<\/span>, which includes the expected impact of our recruiting and retention efforts, natural disasters and charges related to its senior leadership transition.&nbsp; Based on the Operating EBITDA range noted above, the Company expects to generate Free Cash Flow of between <span class=\"xn-money\">$505 million and $520 million<\/span> in 2017.<\/p>\n<p><b>Capital Allocation<\/b><\/p>\n<p>The Company returned <span class=\"xn-money\">$215 million<\/span> of capital to stockholders through share repurchases and dividends in the first nine months of 2017.&nbsp; During the first nine months of 2017, Realogy repurchased approximately 5.9 million shares of common stock in the open market at a weighted average market price of <span class=\"xn-money\">$30.40<\/span> per share for a total of <span class=\"xn-money\">$178 million<\/span> and returned an additional <span class=\"xn-money\">$37 million<\/span> through quarterly cash dividends paid to stockholders.&nbsp; The Company had approximately 135.2 million shares of common stock outstanding as of September&nbsp;30, 2017.&nbsp; Since the inception of our share repurchase program in <span class=\"xn-chron\">February 2016<\/span>, we have repurchased a total of 13.5 million of our outstanding shares for <span class=\"xn-money\">$394 million<\/span> in the aggregate.<\/p>\n<p><b>Balance Sheet<\/b><\/p>\n<p>The Company ended the quarter with cash and cash equivalents of <span class=\"xn-money\">$348 million<\/span>.&nbsp; Total long-term corporate debt, including the short-term portion, net of cash and cash equivalents (net corporate debt), totaled <span class=\"xn-money\">$3.2 billion<\/span> at September&nbsp;30, 2017.&nbsp; The Company&#8217;s net debt leverage ratio<sup>4<\/sup> was 3.9 times at September&nbsp;30, 2017.<\/p>\n<p>A consolidated balance sheet is included as Table 2 of this press release.<\/p>\n<p><b>Investor Conference Call<\/b><\/p>\n<p>Today, November&nbsp;3, at <span class=\"xn-chron\">8:30 a.m. (EDT)<\/span>, Realogy will hold a conference call via webcast to review its third quarter 2017 results.&nbsp; The webcast will be hosted by <span class=\"xn-person\">Richard A. Smith<\/span>, chairman and chief executive officer, and <span class=\"xn-person\">Anthony E. Hull<\/span>, executive vice president, chief financial officer and treasurer.&nbsp; <span class=\"xn-person\">Ryan Schneider<\/span>, Realogy&#8217;s newly announced president and chief operating officer will also be introduced during the presentation.&nbsp; The call with conclude with an investor Q&amp;A period with management.<\/p>\n<p>Investors may access the conference call live via webcast at ir.realogy.com 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 on the website.<\/p>\n<p><b>About Realogy Holdings Corp.<\/b><\/p>\n<p>Realogy Holdings Corp. (NYSE: RLGY) is a technology-enabled leading provider of residential real estate services that is focused on empowering independent sales agents to best serve today&#8217;s consumers.&nbsp; Realogy delivers its services through its well-known industry brands including Better Homes and Gardens<sup>&reg;<\/sup> Real Estate, CENTURY 21<sup>&reg;<\/sup>, <span class=\"xn-person\">Coldwell Banker<\/span><sup>&reg;<\/sup>, Coldwell Banker Commercial<sup>&reg;<\/sup>, Corcoran Group<sup>&reg;<\/sup>, ERA<sup>&reg;<\/sup>, Sotheby&#8217;s International Realty<sup>&reg;<\/sup> as well as NRT, Cartus, Title Resource Group and ZapLabs<sup>SM<\/sup>, an in-house innovation and technology development lab. Realogy&#8217;s fully integrated business model includes brokerage, franchising, relocation, mortgage and, title and settlement services.&nbsp; Realogy provides independent sales agents access to leading technology, best-in-class marketing and learning programs, and support services to help them become more productive and build stronger businesses.&nbsp; Realogy&#8217;s affiliated brokerages operate around the world with approximately 192,600 independent sales agents in <span class=\"xn-location\">the United States<\/span> and approximately 94,000 independent sales agents in more than 100 other countries and territories.&nbsp; Realogy is headquartered in <span class=\"xn-location\">Madison, New Jersey<\/span>.<\/p>\n<p><b><i>Footnotes:<br \/><\/i><\/b><i><sup>1 <\/sup><\/i><i>&nbsp;Adjusted net income (loss) is defined 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.<br \/><\/i><i><sup>2<\/sup><\/i><i>&nbsp; Operating EBITDA is defined as EBITDA before restructuring costs, loss on the early extinguishment of debt and former parent legacy items.<br \/><\/i><i><sup>3&nbsp; <\/sup><\/i><i>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.<br \/><\/i><sup>4&nbsp; <\/sup><i>Net corporate debt divided by EBITDA, as defined by the Senior Secured Credit Facility, for the twelve-month period ended September&nbsp;30, 2017.<\/i><\/p>\n<p><b>Forward-Looking Statements<\/b><\/p>\n<p><i>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. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.<\/i><\/p>\n<p><i>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 continued low inventory levels, 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,&nbsp; 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; inability to achieve sales agent recruiting and retention goals and the inability to increase sales agent productivity; 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, or return capital to stockholders; the Company&#8217;s inability to realize the benefits from acquisitions or the new mortgage origination joint venture that the Company has agreed to form with Guaranteed Rate, Inc.; 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 agents 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; the final resolution or outcomes with respect to Cendant&#8217;s (our former parent) remaining contingent liabilities; and the failure or disruption of our operations, or the compromise of our systems or data, as a result of various causes, including cybersecurity attacks.<\/i><\/p>\n<p><i>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 quarters ended <span class=\"xn-chron\">March 31, 2017<\/span>, <span class=\"xn-chron\">June 30, 2017<\/span> and September&nbsp;30, 2017, and our Annual Report on Form 10-K for the year ended December&nbsp;31, 2016, 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. 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.<\/i><\/p>\n<p><b><i>Non-GAAP Financial Measures<\/i><\/b><\/p>\n<p><i>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, 7 and 8 for definitions of these non-GAAP financial measures and Tables 1a, 4a, 4b, 5, 6 and 7 for reconciliations of the historical non-GAAP financial measures to their most comparable GAAP terms.<\/i><\/p>\n<p><i>Because of the forward-looking nature of the Company&#8217;s forecasted non-GAAP financial measures, specific quantifications of the amounts that would be required to reconcile forecasted Operating EBITDA to forecasted net income and forecasted Free Cash Flow to forecasted net income are not readily determinable. The Company believes that there is a degree of volatility with respect to certain of the Company&#8217;s GAAP measures which preclude the Company from providing accurate forecasted GAAP to non-GAAP reconciliations. Based on the above, the Company believes that providing estimates of the amounts that would be required to reconcile the range of the non-GAAP measures to forecasted GAAP measures would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.<\/i><\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Investor Contacts:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Media Contact:<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Alicia Swift<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Mark Panus<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(973) 407-4669<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(973) 407-7215<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><a target=\"_blank\" href=\"mailto:alicia.swift@realogy.com\" class=\"prnews_a\" rel=\"nofollow noopener\">alicia.swift@realogy.com<\/a> <\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><a target=\"_blank\" href=\"mailto:mark.panus@realogy.com\" class=\"prnews_a\" rel=\"nofollow noopener\">mark.panus@realogy.com<\/a> <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Jennifer Halchak<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(973) 407-7487<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><a target=\"_blank\" href=\"mailto:jennifer.halchak@realogy.com\" class=\"prnews_a\" rel=\"nofollow noopener\">jennifer.halchak@realogy.com<\/a> <\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p>&nbsp;<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 1<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"6\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>REALOGY HOLDINGS CORP.<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(In millions, except per share data)<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(Unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"6\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended<br \/>September 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"5\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Nine Months Ended<br \/>September 30,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Revenues<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gross commission income<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,250<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,211<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,505<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,288<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Service revenue<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">261<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">273<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">710<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">715<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Franchise fees<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">111<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">107<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">296<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">280<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">52<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">53<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">159<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">157<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net revenues<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,674<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,644<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,670<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,440<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Expenses<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Commission and other agent-related costs<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">887<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">834<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,462<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,256<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Operating<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">394<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">400<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,162<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,158<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Marketing<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">63<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">58<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">195<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">181<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">General and administrative<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">82<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">78<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">269<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">234<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Former parent legacy cost (benefit), net<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Restructuring costs<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">30<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">50<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">53<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">149<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">149<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest expense, net<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">41<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">127<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">169<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Loss on the early extinguishment of debt<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other income, net<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total expenses<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,521<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,468<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,368<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,177<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Income before income taxes, equity in earnings and <br \/>&nbsp; noncontrolling interests<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">153<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">176<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">302<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">263<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">67<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">131<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">114<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity in earnings of unconsolidated entities<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(7)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net income<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">96<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">107<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">178<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">159<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Less: Net income attributable to noncontrolling interests<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net income attributable to Realogy Holdings<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">95<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">106<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">176<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">156<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Earnings per share attributable to Realogy Holdings:<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Basic earnings per share<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.70<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.74<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.28<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.07<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Diluted earnings per share<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.69<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.73<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.26<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.06<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Weighted average common and common equivalent shares of Realogy Holdings outstanding:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Basic<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">136.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">144.0<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">137.8<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">145.4<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Diluted<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">138.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">145.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">139.4<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">146.6<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash dividends declared per share (beginning in August 2016)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.09<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.09<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.27<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.09<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p><b>Table 1a<\/b><\/p>\n<p class=\"prntac\"><b>REALOGY HOLDINGS CORP.<br \/><\/b><b>NON-GAAP RECONCILIATION<br \/><\/b><b>ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE<br \/><\/b><b>(In millions, except per share data)<\/b><\/p>\n<p>We present Adjusted net income and Adjusted earnings 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>Adjusted net income is defined by us as net income 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 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; The gross amounts for these items as well as the adjustment for income taxes are shown in the table below.&nbsp; <\/p>\n<p>Adjusted income per share is Adjusted net income 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 income to Adjusted net income for the three and nine months ended September&nbsp;30, 2017, and 2016:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"7\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended<br \/>September 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"6\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Nine Months Ended<br \/>September 30,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net income attributable to Realogy Holdings<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">95<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">106<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">176<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">156<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Addback:<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Mark-to-market interest rate swap (gains) losses<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">40<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Former parent legacy cost (benefit), net<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Restructuring costs<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">30<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Loss on the early extinguishment of debt<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustments for tax effect (a)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(28)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Adjusted net income attributable to Realogy Holdings<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">97<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">108<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">181<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">199<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Earnings per share<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Basic earnings per share:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.70<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.74<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.28<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.07<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Diluted earnings per share:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.69<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.73<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.26<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.06<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Adjusted earnings per share<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted basic earnings per share:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.71<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.75<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.31<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.37<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted diluted earnings per share:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.70<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.74<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.30<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.36<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Weighted average common and common equivalent shares outstanding:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Basic:<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">136.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">144.0<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">137.8<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">145.4<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Diluted:<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">138.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">145.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">139.4<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">146.6<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reflects tax effect of adjustments at an assumed tax rate of 40%.<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 2<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>REALOGY HOLDINGS CORP.<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>CONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(In millions, except share data)<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(Unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen10\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen10\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td rowspan=\"2\" colspan=\"3\" nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<br \/>&nbsp;2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td rowspan=\"2\" colspan=\"3\" nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbb1 prntar prnpl6 prnsbl1 prnpr8\"><\/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>ASSETS<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current assets:<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">348<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">274<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade receivables (net of allowance for doubtful accounts of $10 and $13)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">166<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">152<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Relocation receivables<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">275<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">244<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other current assets<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">153<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">148<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total current assets<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">942<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">818<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property and equipment, net<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">272<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">267<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Goodwill<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,704<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,690<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trademarks<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">748<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">748<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Franchise agreements, net<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,311<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,361<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other intangibles, net<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">291<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">313<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other non-current assets<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">253<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">224<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,521<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,421<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>LIABILITIES AND EQUITY<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current liabilities:<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts payable<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">152<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">140<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Securitization obligations<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">234<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">205<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Due to former parent<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">18<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">28<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current portion of long-term debt<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">242<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">242<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accrued expenses and other current liabilities<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">442<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">435<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total current liabilities<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,088<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,050<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long-term debt<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,234<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,265<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Deferred income taxes<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">518<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">389<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other non-current liabilities<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">216<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">248<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total liabilities<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,056<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,952<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Commitments and contingencies<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity:<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Realogy Holdings preferred stock: $.01 par value; 50,000,000 shares authorized, <br \/>&nbsp; none issued and outstanding at September 30, 2017 and December 31, 2016<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Realogy Holdings common stock: $.01 par value; 400,000,000 shares authorized, <br \/>&nbsp; 135,180,292 shares issued and outstanding at September 30, 2017 and <br \/>&nbsp; 140,227,692 shares issued and outstanding at December 31, 2016<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additional paid-in capital<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,383<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,565<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accumulated deficit<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2,886)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,062)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accumulated other comprehensive loss<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(37)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(40)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total stockholders&#8217; equity<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,461<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,464<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Noncontrolling interests<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total equity<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,465<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,469<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total liabilities and equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,521<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,421<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 3a<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"10\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"10\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"22\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>REALOGY HOLDINGS CORP.<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017 vs. 2016 KEY DRIVERS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"10\" class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"10\" class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"10\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended September 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"10\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Nine Months Ended September 30,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>% <br \/>Change<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>% <br \/>Change<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>RFG (a)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Closed homesale sides<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">318,961<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">323,176<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">866,956<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">861,254<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale price<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">292,000<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">275,325<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">287,558<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">270,669<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale broker commission rate<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.49<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.50<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">bps<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.50<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.51<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">bps<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net effective royalty rate<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.42<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.50<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(8)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">bps<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.42<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.50<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(8)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">bps<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Royalty per side<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">334<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">322<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">331<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">318<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>NRT<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Closed homesale sides<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">95,236<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">95,605<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">262,849<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">258,163<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale price<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">506,418<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">486,343<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">515,617<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">487,781<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale broker commission rate<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.45<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.46<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">bps<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.45<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.47<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">bps<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gross commission income per side<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">13,142<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,681<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">13,358<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,750<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cartus<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Initiations<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">39,608<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">40,556<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">126,921<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">129,290<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Referrals<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">23,905<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">25,495<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">64,392<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">68,526<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>TRG<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Purchase title and closing units (b)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">43,764<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">42,932<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">122,069<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">116,082<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Refinance title and closing units (c)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6,513<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">15,170<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(57)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">21,370<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">36,100<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(41)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average fee per closing unit<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,115<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,824<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">16<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,092<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,865<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<div>\n<table id=\"convertedTableab96\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Includes all franchisees except for NRT.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The amounts presented for the three and nine months ended September&nbsp;30, 2017 include 3,325 and 8,351 purchase units, respectively, as a result of the acquisitions completed prior to the third quarter of 2017.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The amounts presented for the three and nine months ended September&nbsp;30, 2017 include 725 and 1,858 refinance units, respectively, as a result of the acquisitions completed prior to the third quarter of 2017.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p>&nbsp;<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 3b<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"15\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen27\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"20\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>REALOGY HOLDINGS CORP.<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016 KEY DRIVERS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"15\" class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"3\" class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prntac prnpl6 prnsblb0 prnpr6\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"15\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>June 30,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>RFG (a)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Closed homesale sides<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">218,330<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">319,748<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">323,176<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">274,090<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,135,344<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale price<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">259,044<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">273,900<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">275,325<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">277,037<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">272,206<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale broker commission rate<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.51<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.51<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.50<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.49<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.50<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net effective royalty rate<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.51<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.49<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.50<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.34<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.46<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Royalty per side<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">309<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">319<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">322<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">313<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">317<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>NRT<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Closed homesale sides<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">64,244<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">98,314<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">95,605<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">77,536<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">335,699<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale price<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">493,125<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">485,688<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">486,343<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">495,242<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">489,504<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale broker commission rate<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.46<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.49<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.46<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.44<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.46<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gross commission income per side<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,878<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,732<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,681<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,760<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,752<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cartus<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Initiations<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37,174<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">51,560<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">40,556<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">33,773<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">163,063<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Referrals<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">16,893<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">26,138<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">25,495<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">18,751<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">87,277<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>TRG<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Purchase title and closing units (b)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">29,236<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">43,914<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">42,932<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">36,915<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">152,997<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Refinance title and closing units (c)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,703<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">11,227<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">15,170<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">14,819<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">50,919<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average fee per closing unit<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,848<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,919<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,824<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,907<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,875<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<div>\n<table id=\"convertedTable9f2c\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Includes all franchisees except for NRT.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The amounts presented for the year ended December&nbsp;31, 2016 include 18,930 purchase units as a result of acquisitions.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The amounts presented for the year ended December&nbsp;31, 2016 include 4,469 refinance units as a result of acquisitions.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p>&nbsp;<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 4a<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"11\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>REALOGY HOLDINGS CORP.<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>SELECTED 2017 FINANCIAL DATA<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(In millions)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"11\" class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"11\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31,<br \/>&nbsp;2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>June 30,<br \/>&nbsp;2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<br \/>&nbsp;2017<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net revenues (a)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">170<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">237<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">224<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">897<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,392<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,267<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Relocation Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">77<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">102<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">111<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Title and Settlement Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">120<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">157<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">154<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Corporate and Other<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(61)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(95)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(82)<\/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\">Total Company<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,203<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,793<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,674<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>EBITDA (b)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">102<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">166<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">159<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(26)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">77<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">62<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Relocation Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">27<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Title and Settlement Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">26<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">21<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Corporate and Other<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(27)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(18)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(25)<\/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\">Total Company<\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">52<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">278<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">254<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Non-GAAP Reconciliation &#8211; EBITDA<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Company EBITDA<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">52<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">278<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">254<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Less: Depreciation and amortization (c)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">50<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">49<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">51<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest expense, net<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">39<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">47<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">41<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income tax expense (benefit)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">73<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">67<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income (loss) attributable to Realogy Holdings<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(28)<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">109<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">95<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<div>\n<table id=\"convertedTable8353\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">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 $61 million, $95 million and $82 million for the three months ended March 31, 2017, June 30, 2017, and September&nbsp;30, 2017, respectively.&nbsp; Such amounts are eliminated through the Corporate and Other line.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Revenues for the Relocation Services segment include $8 million, $12 million and $11 million of intercompany referral commissions paid by the Company Owned Real Estate Brokerage Services segment during the three months ended March 31, 2017, June 30, 2017, and September&nbsp;30, 2017, respectively.&nbsp; Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(b)&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Includes restructuring charges of $5 million in the Company Owned Real Estate Brokerage Services segment and $4 million related to the loss on the early extinguishment of debt in Corporate and Other for the three months ended March 31, 2017.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Includes a net benefit of $11 million of former parent legacy items and an $8 million expense related to the settlement of the Strader legal matter in Corporate and Other, and $2 million of restructuring charges as follows: $1 million in the Company Owned Real Estate Brokerage Services segment and $1 million in the Real Estate Franchise Services segment for the three months ended June&nbsp;30, 2017.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Includes a net cost of $1 million of former parent legacy items and $1 million related to the loss on the early extinguishment of debt in Corporate and Other, and restructuring charges of $2 million in the Company Owned Real Estate Brokerage Services segment for the three months ended September&nbsp;30, 2017.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Depreciation and amortization for the three months ended September&nbsp;30, 2017 includes $1 million of amortization expense related to Guaranteed Rate Affinity&#8217;s purchase accounting included in the &quot;Equity in earnings of unconsolidated entities&quot; line on the Condensed Consolidated Statement of Operations.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p>&nbsp;<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 4b<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"15\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"20\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>REALOGY HOLDINGS CORP.<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>SELECTED 2016 FINANCIAL DATA<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(In millions)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"15\" class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen10\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"15\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>June 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen33\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen33\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen33\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen33\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen33\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net revenues (a)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">157<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">221<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">215<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">188<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">781<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">841<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,268<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,231<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,004<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,344<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Relocation Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">83<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">109<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">116<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">97<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">405<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Title and Settlement Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">111<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">149<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">164<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">149<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">573<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Corporate and Other<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(58)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(85)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(82)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(68)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(293)<\/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\">Total Company<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,134<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,662<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,644<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,370<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,810<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>EBITDA (b)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">92<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">149<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">153<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">122<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">516<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(21)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">78<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">137<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Relocation Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">29<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">40<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">22<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">96<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Title and Settlement Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">26<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">23<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">13<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">62<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Corporate and Other<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(21)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(19)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(20)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(18)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(78)<\/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\">Total Company<\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">55<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">263<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">270<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">145<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">733<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Non-GAAP Reconciliation &#8211; EBITDA<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Company EBITDA<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">55<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">263<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">270<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">145<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">733<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Less: Depreciation and amortization (c)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">48<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">48<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">53<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">53<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">202<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest expense, net<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">73<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">59<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">174<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income tax expense (benefit)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(24)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">64<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">30<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">144<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income (loss) attributable to Realogy Holdings<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(42)<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">92<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">106<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">57<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">213<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<div>\n<table id=\"convertedTablea968\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">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, $85 million, $82 million and $68 million for the three months ended March 31, 2016, June 30, 2016, September 30, 2016 and December&nbsp;31, 2016, respectively.&nbsp; Such amounts are eliminated through the Corporate and Other line.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Revenues for the Relocation Services segment include $8 million, $13 million, $12 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, 2016, June 30, 2016, September 30, 2016 and December&nbsp;31, 2016, respectively.&nbsp; Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(b)&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Includes a net cost of $1 million and a net benefit of $3 million of former parent legacy items for the three months ended March 31, 2016 and December 31, 2016, respectively.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Includes $9 million, $12 million, $9 million and $9 million of restructuring charges for the three months ended March 31, 2016, June 30, 2016, September 30, 2016 and December&nbsp;31, 2016, respectively.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The year ended December&nbsp;31, 2016 includes a net benefit of $2 million of former parent legacy items and restructuring charges of $39 million.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The amounts broken down by business unit are as follows:<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p>&nbsp;<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"15\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>June 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen33\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen33\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen33\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen33\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen33\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">22<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Relocation Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Title and Settlement Services<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Corporate and Other<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6<\/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\">Total Company<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">10<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<div>\n<table id=\"convertedTable94ba\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 5<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>REALOGY HOLDINGS CORP.<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>NON-GAAP RECONCILIATION &#8211; EBITDA AND OPERATING EBITDA<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>THREE MONTHS ENDED SEPTEMBER&nbsp;30, 2017 AND 2016 <\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(In millions)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Set forth in the table below is&nbsp;a reconciliation of net income to EBITDA and Operating EBITDA for the three-month <br \/>periods ended September&nbsp;30, 2017 and 2016:<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"7\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, 2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prnsbts prnrbrb1 prnvab prnsbbb1 prntac prnpl6 prnsblb1 prnpr6\"><\/td>\n<td colspan=\"3\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, 2016<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income attributable to Realogy<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">95<\/span><\/p>\n<\/td>\n<td class=\"prngen36\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">106<\/span><\/p>\n<\/td>\n<td class=\"prngen36\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen37\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">67<\/span><\/p>\n<\/td>\n<td class=\"prngen37\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen37\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen37\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income before income taxes<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">162<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">180<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest expense, net<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">41<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Depreciation and amortization (a)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen37\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">51<\/span><\/p>\n<\/td>\n<td class=\"prngen37\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen37\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">53<\/span><\/p>\n<\/td>\n<td class=\"prngen37\"><\/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 colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">254<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">270<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">EBITDA adjustments:<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Restructuring costs<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Former parent legacy cost, net<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Loss on the early extinguishment of debt<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen37\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen37\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen37\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen37\"><\/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=\"prngen38\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen39\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">258<\/span><\/p>\n<\/td>\n<td class=\"prngen38\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen38\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen39\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">279<\/span><\/p>\n<\/td>\n<td class=\"prngen38\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization for the three months ended September&nbsp;30, 2017 includes $1 million of <br \/>amortization expense related to Guaranteed Rate Affinity&#8217;s purchase accounting included in the &quot;Equity in <br \/>earnings of unconsolidated entities&quot; line on the Condensed Consolidated Statement of Operations.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"36\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Set forth in the table below is&nbsp;a reconciliation of Operating EBITDA by reportable segments to the net income for the three months ended September&nbsp;30, 2017 and 2016:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"7\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"7\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Operating EBITDA<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"5\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Operating EBITDA Margin<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Change<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>%<br \/>Change<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Change<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>% Change<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Change<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RFG<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">224<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">215<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4<\/span><\/p>\n<\/td>\n<td class=\"prngen40\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">159<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">154<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbb1 prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3<\/span><\/p>\n<\/td>\n<td class=\"prngen40\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">71<\/span><\/p>\n<\/td>\n<td class=\"prngen40\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">72<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">NRT<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,267<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,231<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">36<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">64<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">80<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(16)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(20)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cartus<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">111<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">116<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">41<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">33<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">35<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">TRG<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">154<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">164<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">21<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">24<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(13)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">14<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">15<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Corporate and Other<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(82)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(82)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">*<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(23)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(20)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">*<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Company<\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,674<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,644<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">30<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen42\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prntal prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">258<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">279<\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen42\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(21)<\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(8)<\/span><\/p>\n<\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">15<\/span><\/p>\n<\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">17<\/span><\/p>\n<\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen42\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Less: Restructuring costs<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Former parent legacy cost, net<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Loss on the early extinguishment of debt<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\" class=\"prngen11\">\n<p class=\"prnml6\"><span class=\"prnews_span\">Depreciation and amortization (a)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">51<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">53<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\" class=\"prngen11\">\n<p class=\"prnml6\"><span class=\"prnews_span\">Interest expense, net<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">41<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\" class=\"prngen11\">\n<p class=\"prnml6\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">67<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income attributable to Realogy Holdings<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">95<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">106<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp; not meaningful.<\/span><\/p>\n<\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"39\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization for the three months ended September&nbsp;30, 2017 includes $1 million of amortization expense related to Guaranteed Rate Affinity&#8217;s purchase accounting included in the &quot;Equity in earnings of unconsolidated entities&quot; line on the Condensed Consolidated Statement of Operations.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 6<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"7\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"7\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>REALOGY HOLDINGS CORP.<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>NON-GAAP RECONCILIATION &#8211; FREE CASH FLOW<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>THREE AND NINE MONTHS ENDED SEPTEMBER&nbsp;30, 2017 AND 2016 <\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(In millions)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"7\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"7\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">A reconciliation of net income 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=\"prngen5\"><\/td>\n<td colspan=\"7\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"7\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"7\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"7\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Nine Months Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, <br \/>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, <br \/>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, <br \/>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, <br \/>2016<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net income attributable to Realogy Holdings<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">95<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">106<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">176<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">156<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income tax expense, net of payments<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">65<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">68<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">121<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">101<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest expense, net<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">41<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">127<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">169<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash interest payments<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(25)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(31)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(111)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(117)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">50<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">53<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">149<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">149<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Capital expenditures<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(21)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(21)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(69)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(61)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Restructuring costs and former parent legacy items, net of payments<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(19)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Loss on the early extinguishment of debt<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Working capital adjustments<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">16<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">11<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">28<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(38)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Relocation receivables (assets), net of securitization obligations<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">28<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">40<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Free Cash Flow<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">249<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">262<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">406<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">358<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">A reconciliation of net cash provided by operating activities to Free Cash Flow is set forth in the following table:<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"7\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"7\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Nine Months Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, <br \/>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, <br \/>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, <br \/>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, <br \/>2016<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net cash provided by operating activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">258<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">308<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">444<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">411<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property and equipment additions<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(21)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(21)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(69)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(61)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net change in securitization<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">11<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(25)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">29<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Effect of exchange rates on cash and cash equivalents<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Free Cash Flow<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">249<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">262<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">406<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">358<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net cash used in investing activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(40)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(105)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(96)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(163)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net cash used in financing activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(90)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(402)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(276)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(438)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p><b>Table 7<\/b><\/p>\n<p class=\"prntac\"><b>NON-GAAP RECONCILIATION &#8211; SENIOR SECURED LEVERAGE RATIO<br \/><\/b><b>TWELVE MONTHS ENDED SEPTEMBER&nbsp;30, 2017<br \/><\/b><b>(In millions)<\/b><\/p>\n<p>The senior secured leverage ratio is tested quarterly and may not exceed 4.75 to 1.00.&nbsp; The senior secured leverage ratio is measured by dividing Realogy&#8217;s Group total senior secured net debt by the trailing twelve month EBITDA calculated on a Pro Forma Basis, as those terms are defined in the senior secured credit facilities.&nbsp; Total senior secured net debt does not include unsecured indebtedness, including the Unsecured Notes, or the securitization obligations.&nbsp; EBITDA calculated on a Pro Forma Basis, as defined in the senior secured credit facilities, 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.&nbsp; The Company was in compliance with the senior secured leverage ratio covenant at September&nbsp;30, 2017 with a ratio of 2.17 to 1.00.<\/p>\n<p>A reconciliation of net income attributable to Realogy Group to EBITDA, Operating EBITDA and EBITDA as defined by the Senior Secured Credit Facility for the twelve months ended September&nbsp;30, 2017 are set forth in the following table: <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Less<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Equals<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Plus<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Equals<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year Ended<\/b><\/span><\/p>\n<\/td>\n<td rowspan=\"2\" class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Nine Months <br \/>Ended<\/b><\/span><\/p>\n<\/td>\n<td rowspan=\"2\" class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months<br \/>Ended<\/b><\/span><\/p>\n<\/td>\n<td rowspan=\"2\" class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Nine Months <br \/>Ended<\/b><\/span><\/p>\n<\/td>\n<td rowspan=\"2\" class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Twelve Months<br \/>Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<br \/>&nbsp;2017<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<br \/>&nbsp;2017<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income attributable to Realogy Group (a)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">213<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">156<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">57<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">176<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">233<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">144<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">114<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">30<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">131<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">161<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income before income taxes<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">357<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">270<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">87<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">307<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">394<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest expense, net<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">174<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">169<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">127<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">132<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Depreciation and amortization (b)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">202<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">149<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">53<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">150<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">203<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>EBITDA (c)<\/i><\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">733<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">588<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">145<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">584<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">729<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">EBITDA adjustments:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Restructuring costs<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">18<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Former parent legacy benefit, net<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(13)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Loss on the early extinguishment of debt<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>Operating EBITDA<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">739<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Bank covenant adjustments:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"3\" class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Pro forma effect of business optimization initiatives (d)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">25<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Non-cash charges (e)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">43<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Pro forma effect of acquisitions and new franchisees (f)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Incremental securitization interest costs (g)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>EBITDA as defined by the Senior Secured Credit Facility<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">817<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total senior secured net debt (h)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,773<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>Senior secured leverage ratio<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2.17<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>x<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<div>\n<table id=\"convertedTable00cf\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income attributable to Realogy consists of:&nbsp; (i) income of $57 million for the fourth quarter of 2016, (ii) a loss of $28 million for the first quarter of 2017, (iii) income of $109 million for the second quarter of 2017, and (iv) income of $95 million for the third quarter of 2017.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Depreciation and amortization for the nine months ended September&nbsp;30, 2017 includes $1 million of amortization expense related to Guaranteed Rate Affinity&#8217;s purchase accounting included in the &quot;Equity in earnings of unconsolidated entities&quot; line on the Condensed Consolidated Statement of Operations.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">EBITDA consists of:&nbsp; (i) $145 million for the fourth quarter of 2016, (ii) $52 million for the first quarter of 2017, (iii) $278 million for the second quarter of 2017 and (iv) $254 million for the third quarter of 2017.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Represents the twelve-month pro forma effect of business optimization initiatives.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Represents the elimination of non-cash expenses, including $56 million of stock-based compensation expense less $12 million for the change in the allowance for doubtful accounts and notes reserves and $1 million of other items from October&nbsp;1, 2016 through September&nbsp;30, 2017.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><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 October&nbsp;1, 2016.&nbsp; Franchisee sales activity is comprised of new franchise agreements as well as growth through acquisitions and independent sales associate 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 October&nbsp;1, 2016.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Incremental borrowing costs incurred as a result of the securitization facilities refinancing for the twelve months ended September&nbsp;30, 2017.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><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 $2,017 million plus $28 million of capital lease obligations less $272 million of readily available cash as of September&nbsp;30, 2017.&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><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"5\" class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntac prnpl8 prnsbl1 prnpr6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>NON-GAAP RECONCILIATION &#8211; NET DEBT LEVERAGE RATIO<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>TWELVE MONTHS ENDED SEPTEMBER&nbsp;30, 2017<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(In millions)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen48\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntal prnpl8 prnsbl1 prnpr6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net corporate debt divided by EBITDA, as defined by the Senior Secured Credit Facility, for the twelve-month <br \/>period ended September&nbsp;30, 2017 (referred to as net debt leverage ratio) is set forth in the following table:<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prngen48\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"3\" class=\"prnsbtb0 prnrbrb0 prnvab prnsbbs prntac prnpl8 prnsblb0 prnpr6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>As of<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, 2017<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Revolver<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">190<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Term Loan A<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">397<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Term Loan A-1<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">344<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Term Loan B<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,086<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Senior Notes<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">450<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Senior Notes<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">550<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Senior Notes<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">500<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Debt (excluding securitizations)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,517<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Less: Cash and Cash Equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">348<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Corporate Debt<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,169<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">EBITDA as defined by the Senior Secured Credit Facility<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">817<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Debt Leverage Ratio<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen42\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3.9<\/b><\/span><\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>x<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p><b>Table 8<\/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; The gross amounts for these items as well as the adjustment for income taxes are presented.&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 and is our primary non-GAAP measure.&nbsp; Operating EBITDA is defined by us as EBITDA before restructuring, loss on the early extinguishment of debt and former parent legacy items and is used as a supplementary financial measure. <\/p>\n<p>We present EBITDA and Operating EBITDA because we believe they 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 and Operating 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 and Operating EBITDA have limitations as analytical tools, and you should not consider EBITDA and Operating 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;\n<\/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;\n<\/li>\n<li>these measures do not reflect our income tax expense or the cash requirements to pay our taxes;\n<\/li>\n<li>these measures do not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;\n<\/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\n<\/li>\n<li>other companies may calculate these measures differently so they may not be comparable. <\/li>\n<\/ul>\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, as well as measuring the Company&#8217;s ability to generate cash.&nbsp; Since Free Cash Flow can be viewed as both a performance measure and a cash flow measure, the Company has provided a reconciliation to both net income attributable to Realogy Holdings and net cash provided by operating activities.&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 or liquidity.&nbsp; Free Cash Flow may differ from similarly titled measures presented by other companies.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\">\n<\/div>\n<p>SOURCE  Realogy Holdings Corp.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MADISON, N.J., Nov.&nbsp;3, 2017 \/PRNewswire\/ &#8212;&nbsp;Realogy Holdings Corp. (NYSE: RLGY), the largest full-service residential real estate services company in the United States, today reported financial results for the quarter ended September&nbsp;30, 2017, including the following highlights: Revenue was $1.7 billion, an increase of 2% compared with the third quarter of 2016, driven by increases in [&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-11964","post","type-post","status-publish","format-standard","hentry","category-financial"],"_links":{"self":[{"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/posts\/11964","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=11964"}],"version-history":[{"count":0,"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/posts\/11964\/revisions"}],"wp:attachment":[{"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/media?parent=11964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/categories?post=11964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/tags?post=11964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}