{"id":11998,"date":"2016-11-04T07:25:00","date_gmt":"2016-11-04T11:25:00","guid":{"rendered":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/realogy-reports-financial-results-for-third-quarter-2016\/"},"modified":"2016-11-04T07:25:00","modified_gmt":"2016-11-04T11:25:00","slug":"realogy-reports-financial-results-for-third-quarter-2016","status":"publish","type":"post","link":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/realogy-reports-financial-results-for-third-quarter-2016\/","title":{"rendered":"Realogy Reports Financial Results For Third Quarter 2016"},"content":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">MADISON, N.J.<\/span>, Nov.&nbsp;4, 2016 \/PRNewswire\/ &#8212; Realogy Holdings Corp. (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 third quarter ended September&nbsp;30, 2016, including the following highlights: <\/p>\n<ul type=\"disc\">\n<li>Revenue of <span class=\"xn-money\">$1.64 billion<\/span>, a 1% decrease as compared to the third quarter of 2015, was primarily driven by lower homesale transaction volume at NRT along with lower referral revenue at Cartus, and partially offset by higher purchase and refinance closing unit volume at Title Resource Group (TRG). <\/li>\n<li>The Company&#8217;s combined homesale transaction volume increased 2% in the quarter, consisting of a 4% volume gain at the Realogy Franchise Group (RFG) and a 3% decline in volume at NRT. <\/li>\n<li>Net income for the period was <span class=\"xn-money\">$106 million<\/span>, compared to <span class=\"xn-money\">$110 million<\/span> in the third quarter of 2015. Basic earnings per share (EPS) was <span class=\"xn-money\">$0.74<\/span>, compared to <span class=\"xn-money\">$0.75<\/span> in third quarter of 2015 <i>(See Table 1)<\/i>. <\/li>\n<li>Adjusted net income was <span class=\"xn-money\">$108 million<\/span> and adjusted basic EPS was <span class=\"xn-money\">$0.75<\/span>, decreases of 3% and 1%, respectively, compared to the third quarter of 2015 <i>(See Table 1a)<\/i>.<sup>1<\/sup> <\/li>\n<li>Operating EBITDA was <span class=\"xn-money\">$279 million<\/span>, compared to <span class=\"xn-money\">$295 million<\/span> in the third quarter of 2015, a year-over-year decrease of 5% <i>(See Table 6)<\/i>.<sup>2<\/sup> <\/li>\n<li>During the third quarter, Realogy repurchased approximately 2.5 million shares of Realogy&#8217;s common stock in the open market at a weighted average market price of <span class=\"xn-money\">$27<\/span> per share for a total of <span class=\"xn-money\">$67 million<\/span>. Year-to-date, the Company has repurchased <span class=\"xn-money\">$134 million<\/span>, or approximately 4.5 million shares, of common stock in the open market. <\/li>\n<li>As previously announced, the Company declared a quarterly cash dividend of <span class=\"xn-money\">$0.09<\/span> per share of the Company&#8217;s common stock. The dividend payment was made on <span class=\"xn-chron\">Aug. 31, 2016<\/span> to shareholders of record as of the close of business on <span class=\"xn-chron\">Aug. 17, 2016<\/span>. The next dividend payment will be made on <span class=\"xn-chron\">Dec. 1, 2016<\/span> to shareholders of record as of the close of business on <span class=\"xn-chron\">Nov. 17, 2016<\/span>. <\/li>\n<li>The Company continued to execute on its business optimization program, improving the efficiency and effectiveness of the cost structure of each of the Company&#8217;s business units. The Company expects to realize over <span class=\"xn-money\">$30 million<\/span> in actual savings in 2016 and is on track to reach its annualized run-rate savings target of <span class=\"xn-money\">$60 million<\/span> in 2017. The total cost to implement the program is <span class=\"xn-money\">$69 million<\/span>, of which <span class=\"xn-money\">$40 million<\/span> has been incurred to date.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&quot;While our third quarter results reflect continued pressure on NRT as expected, we have moved aggressively to improve the business and enhance NRT&#8217;s competitiveness with an infusion of talent and new growth initiatives,&quot; said <span class=\"xn-person\">Richard A. Smith<\/span>, Realogy&#8217;s chairman, chief executive officer and president. &quot;We expect these initiatives to put near-term pressure on margins, but anticipate that the resulting increase in revenue will deliver improved financial results over time and position us well to achieve our long-term goals and drive shareholder value.&quot;<\/p>\n<p><i><sup>1 <\/sup><\/i><i>&nbsp;Adjusted net income is adjusted for non-cash mark-to-market expense on interest rate swaps and restructuring charges.<br \/><\/i><i><sup>2<\/sup><\/i><i> Operating EBITDA is defined as EBITDA before restructuring costs, early extinguishment of debt and former parent legacy items.<\/i><\/p>\n<p><b>Operational Results<\/b><\/p>\n<p>In the third quarter of 2016, Realogy&#8217;s franchise (RFG) and Company-owned (NRT) business segments achieved a combined homesale transaction volume (transaction sides multiplied by average sale price) increase of 2% as compared to the third quarter of 2015, which was within the Company&#8217;s previous guidance range. RFG reported a homesale transaction sides increase of 1% and an average homesale price increase of 3%. NRT reported a homesale transaction sides decrease of 4% and an average homesale price increase of 1%. <\/p>\n<p>In the title and settlement services sector, TRG was involved in the closing of approximately 58,000 transactions during the quarter, reflecting a 4% increase in purchase units and a 52% increase in refinance units as compared to the third quarter of 2015. These results include the benefits of the acquisition of TitleOne in the third quarter.<\/p>\n<p><b>Looking Ahead<\/b><\/p>\n<p>For the fourth quarter of 2016, Realogy expects to achieve overall homesale transaction volume gains in the range of 3% to 5% year-over-year. RFG&#8217;s fourth quarter transaction volume is expected to increase 4% to 6% and NRT transaction volume is expected to increase 1% to 3%.<\/p>\n<p>For the full year 2016, the Company expects homesale transaction volume gains in the range of 3% to 4% year-over-year. Realogy also expects to deliver Operating EBITDA of between <span class=\"xn-money\">$750 million and $770 million<\/span>,&nbsp;yielding approximately&nbsp;$425 million&nbsp;to <span class=\"xn-money\">$450 million<\/span> of free cash flow. <\/p>\n<p>&quot;Our business model continues to generate significant free cash flow, which enabled us to accelerate share repurchases during the third quarter,&quot; said <span class=\"xn-person\">Anthony E. Hull<\/span>, Realogy&#8217;s executive vice president, CFO and treasurer.&nbsp; &quot;We will continue to be thoughtful about deploying our free cash flow, with a balanced approach to delevering, acquisitions and returning capital to shareholders.&quot;<\/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\">$224 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\">$3.3 billion<\/span> at September&nbsp;30, 2016.&nbsp; Our net debt leverage<sup>3<\/sup> was 3.8 times at <span class=\"xn-chron\">September 30, 2016<\/span>. <\/p>\n<p>A consolidated balance sheet is included as Table 2 of this press release.<\/p>\n<p><sup><i>3<\/i>&nbsp; <\/sup><i><sup>&nbsp;<\/sup><\/i><i>Net corporate debt divided by EBITDA calculated on a pro forma basis, as defined under our credit facilities, for the twelve-month period ended <span class=\"xn-chron\">September 30, 2016<\/span>.<\/i><\/p>\n<p><b>Investor Conference Call&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/b><\/p>\n<p>Today, November&nbsp;4, at <span class=\"xn-chron\">8:30 a.m. (EDT)<\/span>, Realogy will hold a conference call via webcast to review its third quarter 2016 results.&nbsp; The call will be hosted by <span class=\"xn-person\">Richard A. Smith<\/span>, chairman, chief executive officer and president, and <span class=\"xn-person\">Anthony E. Hull<\/span>, executive vice president, chief financial officer and treasurer, and will conclude with an investor Q&amp;A period with management.<\/p>\n<p>Investors may access the conference call live via webcast at <a href=\"http:\/\/www.realogy.com\/\" rel=\"nofollow noopener\" target=\"_blank\">www.realogy.com<\/a>&nbsp;under &quot;Investors&quot; or by dialing (888) 895-3527 (toll free); international participants should dial (706) 679-2250.&nbsp; Please dial in at least 5 to 10 minutes prior to start time.&nbsp; A webcast replay also will be available from November&nbsp;4 through <span class=\"xn-chron\">November 18, 2016<\/span>. <\/p>\n<p><b>About Realogy Holdings Corp.<\/b><\/p>\n<p>Realogy Holdings Corp. (NYSE: RLGY) is a global leader in residential real estate franchising and brokerage with many of the best-known industry brands including Better Homes and Gardens&reg; Real Estate, CENTURY 21&reg;, Coldwell Banker&reg;, Coldwell Banker Commercial&reg;, Corcoran&reg;, ERA&reg;, Sotheby&#8217;s International Realty&reg; and ZipRealty&reg;.&nbsp; Collectively, Realogy&#8217;s franchise system members operate approximately 13,650 offices with more than 268,000 independent sales associates conducting business in 111 countries and territories around the world.&nbsp; NRT LLC, Realogy&#8217;s company-owned real estate brokerage, is the largest residential brokerage company in <span class=\"xn-location\">the United States<\/span>, operates under several of Realogy&#8217;s brands and also provides related residential real estate services. Realogy also owns Cartus, a prominent worldwide provider of relocation services to corporate and affinity clients, Title Resource Group (TRG), a leading provider of title, settlement and underwriting services, and ZapLabs LLC, its innovation and technology development subsidiary. &nbsp;Realogy is headquartered in <span class=\"xn-location\">Madison, New Jersey<\/span>.<\/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.&nbsp; 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 the lack of sustained improvement in the number of home sales and\/or stagnant or declining home prices, low levels of consumer confidence, the impact of slow economic growth or future recessions and related high levels of unemployment in the U.S. and abroad, continued low inventory levels, renewed high levels of foreclosures, seasonal fluctuations in the residential real estate brokerage business, and increasing mortgage rates and down payment requirements and\/or constraints on the availability of mortgage financing; the Company&#8217;s geographic and high-end market concentration, particularly with respect to its Company-owned brokerage operations; the Company&#8217;s failure to enter into or renew franchise agreements or maintain its brands; risks relating to our outstanding debt and interest obligations; variable rate indebtedness which subjects the Company to interest rate risk; the Company&#8217;s inability to access capital or refinance or repay existing indebtedness, or return capital to stockholders; the Company&#8217;s inability to realize the benefits from acquisitions; any outbreak or escalation of hostilities on a national, regional or international basis; government regulation as well as legislative, tax or regulatory changes that would adversely impact the residential real estate market, including but not limited to potential reform of the financing of the U.S. housing and mortgage markets and\/or the Internal Revenue Code and changes in state or federal employment laws or regulations that would require reclassification of independent contractor sales associates to employee status, and wage and hour regulations; the Company&#8217;s inability to sustain improvements in its operating efficiency and to achieve anticipated cost savings from its business optimization initiatives; any adverse resolution of litigation, governmental or regulatory proceedings or arbitration awards; and the final resolution or outcomes with respect to Cendant&#8217;s (our former parent) remaining contingent liabilities.<\/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 Reports filed on Form 10-Q for the quarters ended <span class=\"xn-chron\">March 31, 2016<\/span>, <span class=\"xn-chron\">June 30, 2016<\/span> and September&nbsp;30, 2016, and our Annual Report on Form 10-K for the year ended <span class=\"xn-chron\">December 31, 2015<\/span>, and our other filings made from time to time, in connection with considering any forward-looking statements that may be made by us and our businesses generally.&nbsp; Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless we are required to do so by law. <\/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 and 8 for definitions of these non-GAAP financial measures and Tables 1a, 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 forecasted Operating EBITDA to forecasted EBITDA and 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<p><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>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\">alicia.swift@realogy.com<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">mark.panus@realogy.com<\/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\">jennifer.halchak@realogy.com<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 1<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"16\">\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\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\" colspan=\"7\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended<br \/>September 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen7\" colspan=\"7\" nowrap=\"nowrap\">\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=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen11\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/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 class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\" nowrap=\"nowrap\">\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 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\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,251<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,288<\/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\">3,310<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Service revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">273<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">265<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">715<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">664<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Franchise fees<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">107<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">103<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">280<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">269<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">53<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">49<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">157<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">138<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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 class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,644<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,668<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,440<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,381<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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 class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Commission and other agent-related costs<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">834<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">855<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,256<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,262<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Operating<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">400<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">381<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,158<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,089<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Marketing<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">58<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">56<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">181<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">171<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">General and administrative<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">85<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">255<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Former parent legacy costs (benefit), net<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\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\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(15)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Restructuring costs<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">30<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">153<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest expense, net<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">70<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">188<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other income, net<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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 class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,468<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,486<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,177<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,100<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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 noncontrolling interests<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">176<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">182<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">281<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">114<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">116<\/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\">Equity in earnings of unconsolidated entities<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(13)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">107<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">112<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">159<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">178<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Less: Net income attributable to noncontrolling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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 class=\"prngen15\">\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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">110<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">156<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">175<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Earnings per share attributable to Realogy Holdings:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Basic earnings per share<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td 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\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.75<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.07<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.19<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Diluted earnings per share<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td 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\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.74<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.06<\/span><\/p>\n<\/td>\n<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\">1.18<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\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<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Basic<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">144.0<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">146.6<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">145.4<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">146.5<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">145.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">148.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">146.6<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">148.0<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntar prnpl20 prnsbl1 prnpr8\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/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 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\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.09<\/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\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p><\/p>\n<p><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\" id=\"convertedTablec5ac\">\n<tr>\n<td class=\"prngen17\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 1a<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prntac prnpl6 prnsblb0 prnpr6\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>REALOGY HOLDINGS CORP.<br \/><\/b><b>Adjusted Net Income and Adjusted Earnings Per Share<br \/><\/b><b>(In millions, except per share data)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">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.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">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, which the Company believes will be significant as a result of the business optimization initiatives currently in progress; and (d) the loss on the early extinguishment of debt that results from refinancing and deleveraging debt initiatives.&nbsp; The gross amounts for these items as well as the adjustment for income taxes are shown in the table below.&nbsp; <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted income per share is Adjusted net income divided by the weighted average common and common equivalent shares outstanding.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">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, 2016 and 2015:<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen20\" colspan=\"7\">\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 class=\"prngen20\" colspan=\"7\">\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 class=\"prngen21\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen23\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen21\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen23\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\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=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">106<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">110<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">156<\/span><\/p>\n<\/td>\n<td class=\"prngen24\"><\/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=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">175<\/span><\/p>\n<\/td>\n<td class=\"prngen24\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Addback:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Mark-to-market interest rate swap adjustments<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\">\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\" colspan=\"2\">\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=\"prngen5\" colspan=\"2\">\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\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">27<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Former parent legacy cost \/ (benefit)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\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\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(15)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Restructuring charges<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">30<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustments for tax effect (a)<\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen26\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\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=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">108<\/span><\/p>\n<\/td>\n<td class=\"prngen28\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">111<\/span><\/p>\n<\/td>\n<td class=\"prngen28\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">199<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">182<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Earnings per share<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Basic earnings per share:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td 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\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.75<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.07<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.19<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Diluted earnings per share:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td 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\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.74<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.06<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.18<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Adjusted earnings per share<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted basic earnings per share:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td 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\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.76<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.37<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.24<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted diluted earnings per share:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td 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\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.75<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.36<\/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\">1.23<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Weighted average common and common equivalent shares outstanding:<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Basic:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">144.0<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">146.6<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">145.4<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">146.5<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Diluted:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">145.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">148.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">146.6<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">148.0<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntal prnpl20 prnsbl1 prnpr8\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntal prnpl20 prnsbl1 prnpr6\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reflects tax effect of adjustments at an assumed tax rate of 40%.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p\/>\n<p><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 2<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"8\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\">\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=\"prngen5\" colspan=\"8\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\" colspan=\"3\" nowrap=\"nowrap\" rowspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\" colspan=\"3\" nowrap=\"nowrap\" rowspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<br \/>&nbsp;2015<\/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 class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/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 class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\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\">224<\/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\">415<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade receivables (net of allowance for doubtful accounts of $14 and $20)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">172<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">141<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Relocation receivables<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">290<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">279<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other current assets<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">140<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">126<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total current assets<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">826<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">961<\/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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">254<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Goodwill<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,690<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,618<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">745<\/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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,378<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,428<\/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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">326<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">316<\/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 class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">233<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">209<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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\">7,455<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,531<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>LIABILITIES AND EQUITY<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current liabilities:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts payable<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">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\">139<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Securitization obligations<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">255<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">247<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Due to former parent<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">31<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current portion of long-term debt<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">197<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">740<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accrued expenses and other current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">431<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">448<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,056<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,605<\/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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,273<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,962<\/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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">365<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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\">Other non-current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">293<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">275<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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 class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,987<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,109<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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 class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/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 class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Realogy Holdings preferred stock: $.01 par value; 50,000,000 shares authorized, none issued and outstanding at September 30, 2016 and December 31, 2015<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Realogy Holdings common stock: $.01 par value; 400,000,000 shares authorized, 142,623,095 shares outstanding at September 30, 2016 and 146,746,537 shares outstanding at December 31, 2015<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additional paid-in capital<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,621<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,733<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accumulated deficit<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,119)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,280)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accumulated other comprehensive loss<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(39)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(36)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total stockholders&#8217; equity<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,464<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,418<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Noncontrolling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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 class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,468<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,422<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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\">7,455<\/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\">7,531<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p\/>\n<p><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\" colspan=\"24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 3a<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\" colspan=\"24\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"24\">\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\"\/><span class=\"prnews_span\"><b>2016 vs. 2015 KEY DRIVERS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\" colspan=\"24\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr10\"><\/td>\n<td class=\"prngen7\" colspan=\"7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended September 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prntar prnpl6 prnsblb0 prnpr10\"><\/td>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbbs prntar prnpl6 prnsblb0 prnpr10\"><\/td>\n<td class=\"prngen7\" colspan=\"9\">\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=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen39\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen40\"><\/td>\n<td class=\"prngen41\" colspan=\"2\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen40\"><\/td>\n<td class=\"prngen42\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>% <br \/>Change<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen40\"><\/td>\n<td class=\"prngen39\" colspan=\"2\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbb1 prntac prnpl6 prnsbl1 prnpr10\"><\/td>\n<td class=\"prngen41\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen40\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\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 class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"3\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"3\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"3\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Closed homesale sides<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">323,176<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">318,873<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">861,254<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">838,305<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale price<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">275,325<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">267,296<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">270,669<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">262,959<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/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 class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.50%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.52%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\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\">bps<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.51%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.52%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\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\">bps<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net effective royalty rate<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.50%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.47%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3<\/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=\"prngen35\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.50%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.49%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\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\">Royalty per side<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">322<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">312<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">318<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">309<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/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=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"3\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"3\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"3\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Closed homesale sides<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">95,605<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">99,789<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4%)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">258,163<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">259,411<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale price<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">486,343<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">479,874<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">487,781<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">490,463<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale broker commission rate<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.46%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.48%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">bps<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.47%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.46%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">bps<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gross commission income per side<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,681<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,524<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,750<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,756<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/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 class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"3\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"3\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"3\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\"><\/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 class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">40,556<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">42,303<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4%)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">129,290<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">131,999<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2%)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/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 class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">25,495<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">30,010<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(15%)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">68,526<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">77,065<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(11%)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/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 class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"3\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"3\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"3\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Purchase title and closing units (b)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">42,932<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">41,245<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">116,082<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">98,484<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">18%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/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 class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">15,170<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,989<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">52%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">36,100<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">29,300<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">23%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/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=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,824<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,932<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6%)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,865<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,839<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen35\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1%<\/span><\/p>\n<\/td>\n<td class=\"prngen35\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\" id=\"convertedTable434f\">\n<tr>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"9\">\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=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"9\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The amounts presented for the nine months ended September&nbsp;30, 2016 include 16,445 purchase units as a result of the acquisitions <br \/>completed&nbsp;prior to and during&nbsp;the third quarter of 2016.&nbsp; The impact on the three months ended September 30, 2016 is immaterial. <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The amounts presented for the nine months ended September&nbsp;30, 2016 include 3,372 refinance units as a result of the acquisitions completed&nbsp;prior to and during the&nbsp;third quarter of 2016.&nbsp; The impact on the three months ended September 30, 2016 is immaterial. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p\/>\n<p><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\" colspan=\"21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 3b<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"21\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"21\">\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>2015 KEY DRIVERS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"21\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\" colspan=\"15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\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 class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31,<br \/>&nbsp;2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen46\"><\/td>\n<td class=\"prngen42\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>June 30,<br \/>&nbsp;2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen46\"><\/td>\n<td class=\"prngen42\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<br \/>&nbsp;2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen46\"><\/td>\n<td class=\"prngen42\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<br \/>&nbsp;2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<br \/>&nbsp;2015<\/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)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Closed homesale sides<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">212,139<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">307,293<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">318,873<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">263,028<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,101,333<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale price<\/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\">251,373<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">266,456<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">267,296<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">266,874<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">263,894<\/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 class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.52<\/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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.52<\/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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.52<\/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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\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<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net effective royalty rate<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.52<\/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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.48<\/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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.47<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\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<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.48<\/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\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">302<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">312<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">312<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">309<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>NRT<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Closed homesale sides (c)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">60,187<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">99,435<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">99,789<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">77,333<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">336,744<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale price (d)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">502,597<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">493,746<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">479,874<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">487,024<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">489,673<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale broker commission rate<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.43<\/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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.48<\/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 class=\"prngen3\" colspan=\"2\">\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=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\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\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gross commission income per side<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">13,019<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,830<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,524<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,645<\/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\">12,730<\/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 class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/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 class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">38,168<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">51,528<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">42,303<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">35,750<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">167,749<\/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 class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">18,022<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">29,033<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">30,010<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">22,466<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">99,531<\/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 class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Purchase title and closing units (e)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">21,643<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">35,596<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">41,245<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">32,057<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">130,541<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Refinance title and closing units (f)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,496<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,815<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,989<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,244<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">38,544<\/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\"><\/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\">1,751<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,795<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,932<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,928<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,861<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\" id=\"convertedTableeb34\">\n<tr>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"5\">\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=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(b)&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">In April 2015, NRT acquired a large franchisee of RFG.&nbsp; As a result of the acquisition, the drivers of the acquired entity shifted from RFG to NRT.&nbsp; Closed homesale sides for RFG, excluding the impact of the acquisition, would have increased 5% for the year ended December&nbsp;31, 2015 compared to 2014.&nbsp; The acquisition did not have a significant impact on the change in average homesale price for RFG.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(c)&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"5\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Closed homesale sides for NRT, excluding the impact of larger acquisitions with an individual purchase price greater than $20 million, <br \/>would have increased 2% for the year ended December&nbsp;31, 2015 compared to 2014.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(d)&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Average homesale price for NRT, excluding the impact of larger&nbsp; acquisitions with an individual purchase price greater than $20 million, would have increased 1% for the year ended December&nbsp;31, 2015 compared to 2014.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(e)&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The amounts presented for the year ended December&nbsp;31, 2015 include 13,304 purchase units as a result of the acquisition of Independence Title on July 1, 2015. <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The amounts presented for the year ended December&nbsp;31, 2015 include 3,403 refinance units as a result of the acquisition of Independence Title on July 1, 2015.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\" colspan=\"12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 4a<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"12\">\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=\"prngen5\" colspan=\"12\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\" colspan=\"11\">\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=\"prngen5\"><\/td>\n<td class=\"prngen7\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen42\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>June 30,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen42\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<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>Net revenues (a)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/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<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,231<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">116<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">164<\/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 class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(58)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(85)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(82)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,134<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,644<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>EBITDA (b)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/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<\/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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/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 class=\"prngen5\" colspan=\"2\">\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\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">40<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">23<\/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 class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(21)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(19)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(20)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">55<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">263<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">270<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Less:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">53<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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\">Income tax expense (benefit)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(24)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">64<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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=\"prngen50\">\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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">92<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">106<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\" id=\"convertedTable1758\">\n<tr>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"4\">\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 and $82 million for the three months ended March 31, 2016, June 30, 2016 and September&nbsp;30, 2016, respectively.&nbsp; Such amounts are eliminated through the Corporate and Other line.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen51\"><\/td>\n<td class=\"prngen17\" colspan=\"4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen51\"><\/td>\n<td class=\"prngen17\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Revenues for the Relocation Services segment include $8 million, $13 million and $12 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 and September&nbsp;30, 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=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(b)&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Includes a net cost of $1 million of former parent legacy items for the three months ended March 31, 2016.&nbsp; Includes $9 million, $12 million and $9 million of restructuring charges for the three months ended March 31, 2016, June 30, 2016 and September&nbsp;30, 2016, respectively.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen51\"><\/td>\n<td class=\"prngen17\" colspan=\"4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen51\"><\/td>\n<td class=\"prngen17\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The amounts broken down by business unit are as follows:<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\" colspan=\"11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen7\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen46\"><\/td>\n<td class=\"prngen42\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>June 30,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen46\"><\/td>\n<td class=\"prngen42\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<br \/>&nbsp;2016<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen52\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3<\/span><\/p>\n<\/td>\n<td class=\"prngen52\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen52\"><\/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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6<\/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\">Relocation Services<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/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\">Title and Settlement Services<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/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\">Corporate and Other<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/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=\"prngen53\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">10<\/span><\/p>\n<\/td>\n<td class=\"prngen53\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen53\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12<\/span><\/p>\n<\/td>\n<td class=\"prngen53\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen53\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9<\/span><\/p>\n<\/td>\n<td class=\"prngen53\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p\/>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\" colspan=\"20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 4b<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"20\">\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 2015 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=\"prngen5\" colspan=\"20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\" colspan=\"15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen7\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen6\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen6\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>June 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen6\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen6\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen6\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net revenues (a)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\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\">151<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">213<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">214<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">177<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">755<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">796<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,289<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,267<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">992<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">85<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">108<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">124<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">98<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">415<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Title and Settlement Services<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">128<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">147<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">125<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">487<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Corporate and Other<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(57)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(87)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(84)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(67)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(295)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,062<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,651<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,668<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,325<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,706<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>EBITDA (b)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Real Estate Franchise Services<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">86<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">146<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">111<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">495<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\">\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=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">199<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">105<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Title and Settlement Services<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\">\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=\"prngen5\" colspan=\"2\">\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\" colspan=\"2\">\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\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">48<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Corporate and Other (c)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(16)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(27)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(72)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(121)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">58<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">265<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">309<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">94<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">726<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Less:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">46<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">201<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">70<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">43<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">231<\/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 (benefit)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(24)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">66<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">110<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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=\"prngen50\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(32)<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">97<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">110<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">184<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\" id=\"convertedTable14c5\">\n<tr>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen45\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(a)&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"5\">\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 $57 million, $87 million, $84 million and $67 million for the three months ended March 31, 2015, June 30, 2015, September 30, 2015 and December&nbsp;31, 2015, respectively.&nbsp; Such amounts are eliminated through the Corporate and Other line.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen51\"><\/td>\n<td class=\"prngen17\" colspan=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Revenues for the Relocation Services segment include $8 million, $15 million, $16 million and $10 million of intercompany referral commissions paid by the Company Owned Real Estate Brokerage Services segment during the three months ended March 31, 2015, June 30, 2015, September 30, 2015 and December&nbsp;31, 2015, respectively.&nbsp; Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen51\"><\/td>\n<td class=\"prngen17\" colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(b)&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"5\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The three months ended June 30, 2015 includes a net benefit of $1 million for former parent legacy items.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\" colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen51\"><\/td>\n<td class=\"prngen17\" colspan=\"5\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The three months ended September 30, 2015 includes a net benefit of $14 million for former parent legacy items.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen51\"><\/td>\n<td class=\"prngen17\" colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen51\"><\/td>\n<td class=\"prngen17\" colspan=\"5\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The three months ended December 31, 2015 includes $48 million related to the loss on early extinguishment of debt and restructuring charges of $10 million.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen51\"><\/td>\n<td class=\"prngen17\" colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen51\"><\/td>\n<td class=\"prngen17\" colspan=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The year ended December 31, 2015 includes $48 million related to the loss on early extinguishment of debt and restructuring charges of $10 million, partially offset by a net benefit of $15 million for former parent legacy items.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen51\"><\/td>\n<td class=\"prngen17\" colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen51\"><\/td>\n<td class=\"prngen17\" colspan=\"5\">\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>&nbsp;<\/p>\n<p><\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\" colspan=\"15\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen7\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen6\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen6\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>June 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen6\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen46\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen6\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\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=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Company Owned Real Estate Brokerage Services<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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\">Title and Settlement Services<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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\">Corporate and Other<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(14)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">52<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen50\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(14)<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">58<\/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=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">43<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\" id=\"convertedTable857d\">\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(c)&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen17\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The three months ended June&nbsp;30, 2015 includes $6 million of costs related to the settlement of a legal matter, subject to court approval, and <br \/>certain transaction costs related to acquisitions in April 2015.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p\/>\n<p\/>\n<p>&nbsp;<\/p>\n<p><\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 5<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>REALOGY HOLDINGS CORP.<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015 EBITDA AND OPERATING EBITDA<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(In millions)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">A reconciliation of net income attributable to Realogy Group to EBITDA and Operating EBITDA for the year ended December&nbsp;31, 2015 is set forth in the following table:<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year Ended <br \/>December 31, 2015<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income attributable to Realogy Group<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">184<\/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 class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">110<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">294<\/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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">231<\/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 class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">201<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>EBITDA<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">726<\/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\">EBITDA adjustments:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Restructuring costs<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">10<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Former parent legacy costs (benefit), net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(15)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td 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\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">48<\/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><i>Operating EBITDA<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen48\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">769<\/span><\/p>\n<\/td>\n<td class=\"prngen48\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 6<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"8\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\">\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>EBITDA AND OPERATING EBITDA<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>THREE MONTHS ENDED<\/b><b> SEPTEMBER&nbsp;30, 2016 AND 2015 <\/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\" colspan=\"8\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"8\">\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 periods ended September&nbsp;30, 2016 and 2015:<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"8\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\" colspan=\"7\" nowrap=\"nowrap\">\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=\"prngen8\"><\/td>\n<td class=\"prngen7\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, 2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen42\" colspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, 2015<\/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 Holdings<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">106<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">110<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/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 class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">180<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">184<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">70<\/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 class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">53<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">55<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><i>EBITDA<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">309<\/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\">EBITDA adjustments:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Restructuring costs<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Former parent legacy benefit, net<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(14)<\/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><i>Operating EBITDA<\/i><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">279<\/span><\/p>\n<\/td>\n<td class=\"prngen48\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">295<\/span><\/p>\n<\/td>\n<td class=\"prngen48\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p\/>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\" colspan=\"39\">\n<p class=\"prnews_p\">\n<p class=\"prnml20\"><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 ended September&nbsp;30, 2016 and 2015:<\/span><span class=\"prnews_span\"> <\/span><\/p>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\" colspan=\"7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Operating<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>&nbsp;EBITDA<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\" colspan=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Operating EBITDA<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>&nbsp;Margin<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen11\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen42\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Change<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen42\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>%<br \/>Change<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen11\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prnpl6 prnsbl1 prnpr6\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Change<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen46\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>% Change<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen9\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen42\" colspan=\"2\">\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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">215<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">214<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&mdash;<\/span><\/p>\n<\/td>\n<td class=\"prngen55\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">154<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">152<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen55\">\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=\"prngen55\">\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=\"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=\"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\">NRT<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,267<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(36)<\/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\">(3)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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=\"prngen3\" colspan=\"2\">\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\">(17)<\/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 class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8<\/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=\"prngen5\"><\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">124<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(8)<\/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=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\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 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\">35<\/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\">38<\/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\">(3)<\/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\">TRG<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">147<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">17<\/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\">12<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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\" colspan=\"2\">\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=\"prngen5\">\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\">15<\/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\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Corporate and Other<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(82)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(84)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\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=\"prngen3\" colspan=\"2\">\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\" colspan=\"2\">\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 class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/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=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,644<\/span><\/p>\n<\/td>\n<td class=\"prngen49\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,668<\/span><\/p>\n<\/td>\n<td class=\"prngen49\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(24)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen56\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen56\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">279<\/span><\/p>\n<\/td>\n<td class=\"prngen49\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">295<\/span><\/p>\n<\/td>\n<td class=\"prngen49\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen49\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen56\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(16)<\/span><\/p>\n<\/td>\n<td class=\"prngen49\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\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=\"prngen57\">\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\">18<\/span><\/p>\n<\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen56\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen56\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Less: Restructuring costs<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\" colspan=\"15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&nbsp; Former parent legacy benefit, net<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\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\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; Depreciation and amortization<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\" colspan=\"15\">\n<p class=\"prnml6\"><span class=\"prnews_span\">Interest expense, net<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">70<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\" colspan=\"15\">\n<p class=\"prnml6\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"15\">\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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">106<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">110<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p\/>\n<p\/>\n<p\/>\n<div>\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\" colspan=\"16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Table 7<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"16\">\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>&nbsp;FREE CASH FLOW<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>THREE AND NINE MONTHS ENDED SEPTEMBER&nbsp;30, 2016 AND 2015 <\/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\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"16\">\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\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\" colspan=\"7\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended September 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen7\" colspan=\"7\" nowrap=\"nowrap\">\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=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen11\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">106<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">110<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">156<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">175<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income tax expense, net of payments<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">101<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">106<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">70<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">188<\/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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(57)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(117)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(165)<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">153<\/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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(61)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(60)<\/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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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\" colspan=\"2\">\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\">Working capital adjustments<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(38)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">16<\/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 class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">40<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">30<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen14\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">13<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">262<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">251<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">358<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">405<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prnpl6 prnsbl1 prnpr8\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"16\">\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\" colspan=\"16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen59\" colspan=\"7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months Ended September 30,<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen59\" colspan=\"7\">\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=\"prngen5\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen11\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen11\" colspan=\"3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2015<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">308<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">324<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">411<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">400<\/span><\/p>\n<\/td>\n<td class=\"prngen47\"><\/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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(61)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(60)<\/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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen5\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">67<\/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 class=\"prngen5\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\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 class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/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=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">262<\/span><\/p>\n<\/td>\n<td class=\"prngen48\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">251<\/span><\/p>\n<\/td>\n<td class=\"prngen48\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">358<\/span><\/p>\n<\/td>\n<td class=\"prngen48\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen48\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">405<\/span><\/p>\n<\/td>\n<td class=\"prngen48\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\" colspan=\"3\"><\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(105)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(50)<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(163)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(171)<\/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) provided by financing activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(402)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(65)<\/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\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(438)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">27<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\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.<\/p>\n<p>Operating EBITDA is defined by us as EBITDA before restructuring, early extinguishment of debt and legacy items and is used as a supplementary financial measure.&nbsp; Operating EBITDA calculated for a twelve-month period is presented because the Company believes these items do not directly affect the operating results of the Company and accordingly should be excluded in comparing operating results.<\/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; <\/li>\n<li>these measures do not reflect our interest expense (except for interest related to our securitization obligations), or the cash requirements necessary to service interest or principal payments on our debt; <\/li>\n<li>these measures do not reflect our income tax expense or the cash requirements to pay our taxes; <\/li>\n<li>these measures do not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; <\/li>\n<li>although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often require replacement in the future, and these measures do not reflect any cash requirements for such replacements; and <\/li>\n<li>other companies may calculate these measures differently so they may not be comparable. <\/li>\n<\/ul>\n<p>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. 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<p>Logo &#8211; <a href=\"http:\/\/photos.prnewswire.com\/prnh\/20140110\/NY44427LOGO\" rel=\"nofollow noopener\" target=\"_blank\">http:\/\/photos.prnewswire.com\/prnh\/20140110\/NY44427LOGO<\/a> <\/p>\n<p>SOURCE  Realogy Holdings Corp.<\/p>\n<\/div>\n<p><img decoding=\"async\" alt=\"\" src=\"http:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY35599&amp;Transmission_Id=201611040725PR_NEWS_USPR_____NY35599&amp;DateId=20161104\" style=\"border:0px; width:1px; height:1px;\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MADISON, N.J., Nov.&nbsp;4, 2016 \/PRNewswire\/ &#8212; Realogy Holdings Corp. (NYSE: RLGY), the largest full-service residential real estate services company in the United States, today reported financial results for the third quarter ended September&nbsp;30, 2016, including the following highlights: Revenue of $1.64 billion, a 1% decrease as compared to the third quarter of 2015, was primarily [&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-11998","post","type-post","status-publish","format-standard","hentry","category-financial"],"_links":{"self":[{"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/posts\/11998","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=11998"}],"version-history":[{"count":0,"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/posts\/11998\/revisions"}],"wp:attachment":[{"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/media?parent=11998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/categories?post=11998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.wordpress.realogydev.com\/anywherere\/wp-json\/wp\/v2\/tags?post=11998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}