Financial Data and Key Metrics Changes - In 2020, the company achieved revenue growth of 6% to $6.2 billion and delivered $726 million in operating EBITDA, an increase of 23% from 2019 [34][35] - Free cash flow reached $555 million, up $329 million compared to the previous year [35] - The consolidated net leverage ratio improved to 3.4x, the lowest since the company went public in 2012 [12][42] Business Line Data and Key Metrics Changes - The company closed 1.4 million transactions in 2020, reflecting a 13% year-over-year transaction volume growth [35] - The mortgage and title business delivered $226 million in operating EBITDA, up $158 million from the prior year [37] - Commission splits increased by 265 basis points year-over-year, primarily due to a higher share of transactions closed by higher split agents [39][41] Market Data and Key Metrics Changes - Q4 2020 closed transaction volume increased by 45% year-over-year, with similar growth across brokerage and franchise [25] - The housing market ended 2020 with 5.6 million units sold, indicating a recovery from the previous low levels [29] - January 2021 closed volume was up 32% year-over-year, with open volume also showing strong growth [12][26] Company Strategy and Development Direction - The company is focused on creating a more integrated customer home buying and selling experience, leveraging technology and data to enhance agent support [13][15] - Strategic expansion of the Corcoran franchise and strong performance of the Sotheby's International Realty brand are key growth drivers [18][19] - The company is exploring different real estate models, including the RealSure iBuying joint venture, to compete effectively in the market [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic positioning for the residential real estate market, despite ongoing public health and macroeconomic uncertainties [31][32] - The company is monitoring macro inventory constraints and consumer trends that could impact the housing market [31] - Management highlighted the importance of agent expertise and technology in navigating the challenges of 2020 [22][23] Other Important Information - The Cartus Relocation business has been reclassified into continuing operations and is now included within the RFG segment [7][8] - The company has made significant improvements to its capital structure, reducing net debt by approximately $500 million [42][44] Q&A Session Summary Question: Can you discuss the organic share gains and what drove them in the back half of the year? - Management attributed market share gains to improved agent retention, franchise expansion, and strong positioning in the higher-end market [53] Question: What was the impact of the mortgage joint venture in 2020? - The mortgage joint venture contributed positively, benefiting from a strong refinance market and strategic expansion efforts [55][56] Question: What is the outlook for the Cartus Relocation business now that it's part of the franchise? - Management noted that the relocation market is under pressure due to COVID and visa restrictions, but they remain optimistic about its recovery [74] Question: How does the company plan to allocate capital moving forward? - The company will prioritize investing in the business and paying down debt, with no immediate plans to reinstate dividends [75][76] Question: What are the expectations for EBITDA margins in 2021? - Margins will depend on volume and the impact of temporary cost savings from 2020, with potential for leverage if volumes remain strong [82]

Realogy Earnings Call Q4 & FY 2020 RLGY NYSE Management Presenters Ryan Schneider Chief Executive Officer and President Charlotte Simonelli Executive Vice President, Chief Financial Officer & Treasurer Alicia Swift Senior Vice President, Investor Relations and Financial Planning & Analysis 2 Important Disclosures Forward-Looking Statements This presentation contains forward-looking statements. The Company desires to take advantage of the Safe Harbor Provisions of the Private Securities Litigation Reform Act ...

FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________ ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ REALOGY HOLDINGS CORP. REALOGY GROUP LLC (Exact name of registrant as specified in its charter) (Exact name of re ...

[PART I - FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for Realogy Holdings Corp [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Presents unaudited condensed consolidated financial statements for Realogy Holdings Corp. and Realogy Group LLC, including detailed notes and auditor review Condensed Consolidated Statements of Operations Highlights | Metric | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | **Net revenues** | $1,857 million | $1,550 million | $4,180 million | $4,268 million | | **Total expenses** | $1,711 million | $1,700 million | $4,607 million | $4,441 million | | **Net income (loss)** | $99 million | $(112) million | $(376) million | $(141) million | | **Diluted earnings (loss) per share** | $0.84 | $(0.99) | $(3.28) | $(1.25) | Condensed Consolidated Balance Sheets Highlights | Metric | September 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Cash, cash equivalents and restricted cash** | $380 million | $235 million | | **Goodwill** | $2,887 million | $3,300 million | | **Total assets** | $7,048 million | $7,543 million | | **Long-term debt** | $3,159 million | $3,211 million | | **Total liabilities** | $5,315 million | $5,447 million | | **Total equity** | $1,733 million | $2,096 million | Condensed Consolidated Statements of Cash Flows Highlights (Nine Months Ended) | Activity | September 30, 2020 | September 30, 2019 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $418 million | $230 million | | **Net cash used in investing activities** | $(84) million | $(86) million | | **Net cash used in financing activities** | $(203) million | $(104) million | | **Net increase in cash** | $131 million | $40 million | [Note 1. Basis of Presentation](index=13&type=section&id=Note%201.%20Basis%20of%20Presentation) Details the basis of preparation for condensed consolidated financial statements, highlighting COVID-19 impact, Q3 2020 market recovery, and accounting policies - The residential real estate market saw a strong recovery starting late in Q2 2020, driven by a favorable mortgage rate environment, low inventory, and increased demand as quarantine restrictions eased. The company reversed most temporary cost-saving measures during Q3 2020 due to the business improvement[50](index=50&type=chunk)[51](index=51&type=chunk) - The company's investment in Guaranteed Rate Affinity generated significant equity earnings of **$95 million** for the nine months ended Sep 30, 2020, a substantial increase from **$12 million** in the prior-year period, driven by cash dividends of **$56 million**[61](index=61&type=chunk) - As of September 30, 2020, the company held interest rate swaps with a notional value of **$1.0 billion** to manage exposure on its variable-rate debt. These swaps are not designated for hedge accounting, and changes in fair value are recorded in earnings[64](index=64&type=chunk) [Note 2. Discontinued Operations](index=19&type=section&id=Note%202.%20Discontinued%20Operations) Explains the accounting for Cartus Relocation Services as discontinued operations held for sale, following a terminated agreement and settlement - The company's global employee relocation business, Cartus Relocation Services, is classified as discontinued operations held for sale. A settlement was reached in August 2020 to dismiss all claims related to the terminated sale agreement with SIRVA[77](index=77&type=chunk) Discontinued Operations Financial Summary | Metric | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | **Net revenues** | $52 million | $152 million | | **(Loss) income from discontinued operations** | $(5) million | $(24) million | | **Estimated loss on the sale** | $(59) million | $(133) million | | **Net (loss) income from discontinued operations** | $(46) million | $(114) million | Assets and Liabilities Held for Sale | Category | September 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total assets classified as held for sale** | $583 million | $750 million | | **Total liabilities classified as held for sale** | $297 million | $356 million | [Note 3. Goodwill and Intangible Assets](index=22&type=section&id=Note%203.%20Goodwill%20and%20Intangible%20Assets) Details goodwill and intangible asset accounting, including a **$413 million** goodwill impairment and **$30 million** trademark impairment in Q1 2020 due to COVID-19 - In Q1 2020, the COVID-19 pandemic was deemed a triggering event, leading to an impairment assessment. This resulted in a **$413 million** goodwill impairment for Realogy Brokerage Group and a **$30 million** trademark impairment for Realogy Franchise Group[91](index=91&type=chunk) - The impairments were primarily driven by a significant increase in the weighted average cost of capital (WACC) and lower projected financial results for 2020. For example, the WACC for the Realogy Brokerage Group increased from **9.0%** in Q4 2019 to **11.0%** in Q1 2020[91](index=91&type=chunk)[93](index=93&type=chunk) Goodwill by Reporting Unit (in millions) | Reporting Unit | Balance at Dec 31, 2019 | Impairment Loss | Balance at Sep 30, 2020 | | :--- | :--- | :--- | :--- | | Realogy Franchise Group | $2,476 | $0 | $2,476 | | Realogy Brokerage Group | $669 | $(413) | $256 | | Realogy Title Group | $155 | $0 | $155 | | **Total Company** | **$3,300** | **$(413)** | **$2,887** | [Note 5. Short and Long-Term Debt](index=24&type=section&id=Note%205.%20Short%20and%20Long-Term%20Debt) Provides an overview of short and long-term debt, including the **$550 million** Senior Secured Second Lien Notes issuance and temporary easing of the senior secured leverage ratio covenant Total Indebtedness (in millions) | Debt Category | September 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Senior Secured Credit Facility | $1,179 | $1,235 | | Term Loan A Facility | $690 | $714 | | 7.625% Senior Secured Second Lien Notes | $540 | $0 | | 5.25% Senior Notes | $0 | $548 | | Other Senior Notes | $948 | $948 | | **Total Short-Term & Long-Term Debt** | **$3,357** | **$3,445** | - In June 2020, the company issued **$550 million** of 7.625% Senior Secured Second Lien Notes due 2025 and used the proceeds to redeem all outstanding 5.25% Senior Notes due 2021, resulting in an **$8 million** loss on early extinguishment of debt[118](index=118&type=chunk)[121](index=121&type=chunk)[127](index=127&type=chunk) - In July 2020, the company amended its credit agreements, temporarily increasing the maximum senior secured leverage ratio to **6.50 to 1.00** through Q2 2021, while tightening other covenants related to debt, liens, and restricted payments[113](index=113&type=chunk)[114](index=114&type=chunk) [Note 6. Restructuring Costs](index=28&type=section&id=Note%206.%20Restructuring%20Costs) Outlines restructuring activities under the Facility and Operational Efficiencies Program, with **$38 million** incurred in 9M 2020 and **$108 million** total expected costs Restructuring Charges (in millions) | Period | Personnel-related costs | Facility-related costs | Total | | :--- | :--- | :--- | :--- | | **Three Months Ended Sep 30, 2020** | $3 | $10 | $13 | | **Nine Months Ended Sep 30, 2020** | $10 | $28 | $38 | - The company's Facility and Operational Efficiencies Program, which began in 2019, is expected to incur total costs of approximately **$108 million**. As of September 30, 2020, **$74 million** has been incurred, with **$34 million** remaining[133](index=133&type=chunk) - The Realogy Brokerage Group is expected to bear the largest portion of the restructuring costs, with a total expected amount of **$84 million**, of which **$55 million** has been incurred to date[135](index=135&type=chunk) [Note 9. Commitments and Contingencies](index=33&type=section&id=Note%209.%20Commitments%20and%20Contingencies) Describes various legal proceedings, including worker classification, real estate antitrust, and securities litigation, with potential material adverse effects - The company is a defendant in multiple putative class action lawsuits (Moehrl et al. and Sitzer et al.) alleging that NAR's rules regarding buyer broker compensation violate antitrust laws. The courts have denied motions to dismiss in these cases[155](index=155&type=chunk)[156](index=156&type=chunk) - A putative class action securities lawsuit (Tanaskovic v. Realogy) alleges false and misleading statements about the company's business between February 2017 and May 2019. The company's motion to dismiss is pending[158](index=158&type=chunk) - The company is involved in worker classification litigation (Whitlach v. Premier Valley, Inc.) where a franchisee's independent sales agents are alleged to be employees, with the company named as a potential joint employer[151](index=151&type=chunk)[152](index=152&type=chunk) [Note 10. Segment Information](index=38&type=section&id=Note%2010.%20Segment%20Information) Provides financial information for the Realogy Franchise, Brokerage, and Title segments, including revenues and Operating EBITDA Segment Revenues (in millions) | Segment | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Realogy Franchise Group | $262 | $609 | | Realogy Brokerage Group | $1,479 | $3,281 | | Realogy Title Group | $213 | $510 | | **Total Company** | **$1,857** | **$4,180** | Segment Operating EBITDA (in millions) | Segment | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Realogy Franchise Group | $196 | $419 | | Realogy Brokerage Group | $61 | $25 | | Realogy Title Group | $95 | $168 | | Corporate and Other | $(43) | $(94) | | **Total continuing operations** | **$309** | **$518** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's perspective on financial condition and results, discussing Q3 2020 market recovery, industry trends, segment drivers, liquidity, and debt covenants [Overview & Business Segments](index=40&type=section&id=Overview%20%26%20Business%20Segments) Describes the company's three primary real estate service segments: Realogy Franchise Group, Realogy Brokerage Group, and Realogy Title Group - The company's operations are structured into three primary business segments: - **Realogy Franchise Group:** Franchises seven real estate brands with approximately **318,000 agents** worldwide - **Realogy Brokerage Group:** Operates approximately **680 company-owned brokerage offices** with **52,400 agents** - **Realogy Title Group:** Provides title, settlement, and mortgage origination joint venture services[183](index=183&type=chunk)[185](index=185&type=chunk) [Current Business and Industry Trends](index=40&type=section&id=Current%20Business%20and%20Industry%20Trends) Details the Q2 2020 residential real estate market recovery driven by low mortgage rates and demand, alongside challenges like low inventory and intense agent competition - A strong recovery in the residential real estate market began late in Q2 2020, with combined homesale transaction volume for Realogy's Franchise and Brokerage groups increasing **28%** in Q3 2020 YoY[185](index=185&type=chunk)[188](index=188&type=chunk) - Housing inventory remains a concern, with U.S. supply decreasing to **2.7 months** in September 2020 from **4.0 months** a year prior. However, an intensified pace of inventory turnover contributed to increased homesale transactions in Q3[192](index=192&type=chunk) - Low mortgage rates have favorably impacted results, particularly at Realogy Title Group. Equity earnings from the Guaranteed Rate Affinity JV were **$95 million** for the first nine months of 2020, up from **$12 million** in 2019, and refinance title units increased **159%**[195](index=195&type=chunk) - The company faces intense competition for productive sales agents, which puts upward pressure on commission splits and may negatively impact market share. Non-traditional business models, such as iBuyers and listing aggregators expanding into brokerage, also pose a competitive threat[198](index=198&type=chunk)[201](index=201&type=chunk)[205](index=205&type=chunk) [Key Drivers of Our Businesses](index=49&type=section&id=Key%20Drivers%20of%20Our%20Businesses) Identifies key operating metrics for segments, including homesale sides, average price, and title units, noting expected pressure on net royalty and commission splits Key Operating Metrics (% Change YoY) | Metric | Q3 2020 vs Q3 2019 | YTD 2020 vs YTD 2019 | | :--- | :--- | :--- | | **Realogy Franchise Group** | | | | Closed homesale sides | +12% | -3% | | Average homesale price | +17% | +9% | | **Realogy Brokerage Group** | | | | Closed homesale sides | +10% | -5% | | Average homesale price | +11% | +3% | | **Realogy Title Group** | | | | Purchase title and closing units | +10% | -5% | | Refinance title and closing units | +129% | +159% | - The company expects continued pressure on net royalty per side due to competitive factors, concentration among top franchisees, and the impact of the Better Homes and Gardens Real Estate "capped fee model"[232](index=232&type=chunk) [Results of Operations (Q3 2020 vs Q3 2019)](index=52&type=section&id=Results%20of%20Operations%20%28Q3%202020%20vs%20Q3%202019%29) Q3 2020 consolidated net revenues increased **20%** to **$1.9 billion**, with net income of **$98 million** and Operating EBITDA up **50%** to **$309 million** Consolidated Results - Q3 2020 vs Q3 2019 | Metric | Q3 2020 | Q3 2019 | Change | | :--- | :--- | :--- | :--- | | **Net revenues** | $1,857 million | $1,550 million | +$307 million | | **Net income (loss) attributable to Realogy** | $98 million | $(113) million | +$211 million | | **Operating EBITDA** | $309 million | $206 million | +$103 million | - The increase in net income was primarily due to higher revenue and the absence of a **$237 million** goodwill impairment charge recorded in Q3 2019[237](index=237&type=chunk) - Realogy Title Group's Operating EBITDA surged **206%** to **$95 million**, largely due to a **$46 million** increase in equity earnings from its mortgage JV, Guaranteed Rate Affinity[241](index=241&type=chunk)[254](index=254&type=chunk) - Realogy Brokerage Group's Operating EBITDA increased **97%** to **$61 million**, driven by higher revenue, partially offset by a **$230 million** increase in commission expenses[241](index=241&type=chunk)[252](index=252&type=chunk) [Results of Operations (YTD 2020 vs YTD 2019)](index=56&type=section&id=Results%20of%20Operations%20%28YTD%202020%20vs%20YTD%202019%29) YTD 2020 consolidated net revenues decreased **2%** to **$4.2 billion**, with a net loss of **$378 million** due to a **$460 million** impairment, while Operating EBITDA increased **17%** to **$518 million** Consolidated Results - YTD 2020 vs YTD 2019 | Metric | YTD 2020 | YTD 2019 | Change | | :--- | :--- | :--- | :--- | | **Net revenues** | $4,180 million | $4,268 million | -$88 million | | **Net loss attributable to Realogy** | $(378) million | $(143) million | -$235 million | | **Operating EBITDA** | $518 million | $443 million | +$75 million | - The net loss for the first nine months of 2020 was driven by a **$460 million** impairment charge (**$413 million** goodwill, **$30 million** trademarks, **$17 million** lease assets), compared to a **$243 million** impairment in the same period of 2019[259](index=259&type=chunk) - Operating EBITDA increased by **$75 million**, aided by a **$45 million** decrease in marketing expenses and a **$50 million** decrease in operating and G&A expenses due to cost-saving initiatives[259](index=259&type=chunk)[260](index=260&type=chunk) - Equity in earnings from unconsolidated entities increased by **$83 million** to **$98 million**, almost entirely from the Guaranteed Rate Affinity mortgage JV[261](index=261&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=60&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) Total assets decreased by **$495 million** due to impairments, while liquidity improved with a **$145 million** cash increase, and the company remained compliant with debt covenants - Total assets decreased by **$495 million** since year-end 2019, mainly due to a **$413 million** goodwill impairment and a **$30 million** trademark impairment[285](index=285&type=chunk) - Cash flow from continuing operations for the nine months ended Sep 30, 2020 was **$398 million**, a **$148 million** increase from the prior year, driven by better working capital management and higher dividends from the mortgage JV[299](index=299&type=chunk) - The company was in compliance with its senior secured leverage ratio covenant with a ratio of **2.29x**, significantly below the maximum permitted ratio of **6.50x**[291](index=291&type=chunk)[314](index=314&type=chunk) - The consolidated leverage ratio under the indentures governing its 9.375% and 7.625% Senior Notes was **4.2x**. The company is restricted from making most restricted payments (e.g., dividends, share repurchases) until this ratio is below **4.0x**[320](index=320&type=chunk)[322](index=322&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risks](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risks) Outlines market risk exposure from **$1.9 billion** variable-rate debt, managed by **$1.0 billion** interest rate swaps, with a **0.25%** LIBOR increase impacting annual interest by **$2 million** - The company's primary market risk is interest rate fluctuation, specifically LIBOR, on its **$1.9 billion** of variable-rate debt under the Senior Secured Credit Facility and Term Loan A Facility[334](index=334&type=chunk)[336](index=336&type=chunk) - As of September 30, 2020, the company had interest rate swaps with a total notional value of **$1.0 billion** to hedge a portion of its variable rate debt exposure[337](index=337&type=chunk) - A hypothetical **0.25%** increase in LIBOR would result in an estimated **$2 million** increase in annual interest expense[336](index=336&type=chunk) [Item 4. Controls and Procedures](index=69&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective at a "reasonable assurance" level, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded that the disclosure controls and procedures for both Realogy Holdings Corp. and Realogy Group LLC are effective at the "reasonable assurance" level[340](index=340&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[340](index=340&type=chunk) [PART II - OTHER INFORMATION](index=71&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, and other information, including executive compensation details [Item 1. Legal Proceedings](index=71&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 9 for legal proceedings details, noting that unpredictable litigation outcomes could materially exceed accruals and adversely affect financial results - The company is subject to various legal proceedings, with details provided in Note 9 of the financial statements[344](index=344&type=chunk) - Management acknowledges that litigation is unpredictable and unfavorable resolutions could have a material adverse effect on the company's financial condition, results of operations, or cash flows[345](index=345&type=chunk) [Item 1A. Risk Factors](index=71&type=section&id=Item%201A.%20Risk%20Factors) States no material changes to risk factors since prior disclosures in the Q2 2020 Form 10-Q and 2019 Form 10-K - There were no material changes to the risk factors previously disclosed in the Q2 2020 Form 10-Q and the 2019 Form 10-K[347](index=347&type=chunk) [Item 5. Other Information](index=71&type=section&id=Item%205.%20Other%20Information) Discloses a cash-based performance and retention award granted to the CEO on November 3, 2020, tied to market share growth and continued employment - On November 3, 2020, the CEO was granted a cash-based performance and retention award[348](index=348&type=chunk) - The performance component includes two tranches of **$1.5 million** each, contingent on market share growth targets for periods ending in September 2022 and September 2023[349](index=349&type=chunk) - A retention component of **$1.0 million** will be paid if the CEO remains employed through September 30, 2021[352](index=352&type=chunk)

Financial Data and Key Metrics Changes - Realogy reported Q3 revenue of $1.9 billion, a 20% increase year-over-year, marking the largest Q3 on record [21] - Operating EBITDA from continuing operations increased by $103 million year-over-year to $309 million, with operating margins expanding by 335 basis points [21][22] - The company generated $344 million in free cash flow from continuing operations and reduced net debt by $276 million compared to the previous year, ending the quarter with a net leverage ratio of 4.2x [15][32] Business Line Data and Key Metrics Changes - Closed transaction volume grew by 28% year-over-year, with franchise volume up 31% and brokerage volume up 22% [10][21] - The mortgage business contributed $51 million in operating EBITDA, up $46 million from last year, while the title business contributed $44 million, an increase of $18 million [23][24] - The relocation business, reported in discontinued operations, generated $4 million of operating EBITDA in the quarter [25] Market Data and Key Metrics Changes - Realogy's closed transaction volume data for October showed a 35% increase compared to 2019, with open volume up approximately 55% year-over-year [16][39] - The company gained market share in Q3, outperforming the National Association of Realtors (NAR) data, which reported a 23% increase in transactions [11][20] Company Strategy and Development Direction - Realogy is focused on integrating technology into real estate transactions, with significant investments in digital and virtual tools to enhance the customer experience [13][45] - The company aims to capture a greater share of real estate transaction economics through its mortgage and title businesses, which contributed significantly to EBITDA [43][44] - Strategic initiatives include expanding the Corcoran brand into new markets and enhancing the RealSure program to support agents [12][49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the housing market, citing low mortgage rates and shifts in consumer behavior as drivers for continued growth [17][40] - There are expectations of headwinds in 2021 due to the absence of temporary cost savings and ongoing COVID-related uncertainties, but the company remains confident in its strategic position [18][40] - The management emphasized the importance of great agents in driving business success and the need to support them with technology [14][46] Other Important Information - The company expects to deliver approximately $80 million in permanent cost savings for 2020, with ongoing efforts to drive efficiencies into 2021 [26][27] - Realogy has no debt maturities until 2023, indicating a stronger balance sheet compared to the previous year [33] Q&A Session Summary Question: Inquiry about commission splits and their potential changes - Management indicated that commission splits increased due to higher transaction volumes, and if volumes had been flat, splits would still have risen due to agent mix [58][62] Question: Outlook on mortgage and title operations - Management highlighted digital acceleration and strategic expansion as key factors driving success in mortgage and title businesses [75][78] Question: Discussion on the relocation business outlook - The corporate relocation market has not bounced back as strongly as housing, but the company remains committed to investing in technology for this segment [88][90] Question: Update on new affinity partnerships - Management reported positive early returns from the Realogy Military Rewards program and the AARP program, indicating growth potential [92] Question: Thoughts on iBuying and competition - Management views iBuying as a simplified transaction model but believes it may not be beneficial for consumers due to higher fees [48][109]

Realogy AREALOGY Earnings Call Q3 2020 sure w corcoran ERA REAL ESTAT REA RLGY LISTED NYSE INTERNATIONAL REALTY Management Presenters Ryan Schneider Chief Executive Officer and President Charlotte Simonelli Executive Vice President, Chief Financial Officer & Treasurer Alicia Swift Senior Vice President, Investor Relations and Financial Planning & Analysis 2 Important Disclosures Forward-Looking Statements This presentation contains forward-looking statements. The Company desires to take advantage of the Saf ...

Financial Performance - Realogy Holdings Corp. reported Q2 2020 net revenues of $1,207 million, a decrease of 27.4% compared to $1,664 million in Q2 2019[38]. - Gross commission income for Q2 2020 was $919 million, down 29.8% from $1,310 million in Q2 2019[38]. - The company incurred a net loss of $13 million in Q2 2020, compared to a net income of $70 million in Q2 2019[40]. - Total expenses for Q2 2020 were $1,204 million, a decrease of 23.2% from $1,569 million in Q2 2019[38]. - Realogy Holdings reported a basic loss per share of $0.12 for Q2 2020, compared to earnings per share of $0.60 in Q2 2019[38]. - Net loss for the six months ended June 30, 2020, was $475 million, compared to a net loss of $29 million for the same period in 2019[46]. - The company reported a net loss of $14 million in Q2 2020 compared to a net income of $69 million in Q2 2019[179]. - The company reported a net loss of $476 million for the six months ended June 30, 2020, compared to a net loss of $30 million for the same period in 2019[154]. Cash Flow and Liquidity - Cash and cash equivalents increased to $686 million as of June 30, 2020, up from $235 million at the end of 2019[43]. - Net cash provided by operating activities from continuing operations was $35 million, a decrease from $113 million in the prior year[46]. - Net cash used in investing activities was $63 million, slightly up from $62 million in the same period of 2019[47]. - Net cash provided by financing activities from continuing operations was $571 million, compared to $70 million in the previous year[47]. - The company reported a significant increase in the net change in the Revolving Credit Facility, rising to $625 million from $60 million[47]. - Cash, cash equivalents, and restricted cash at the end of the period totaled $704 million, up from $278 million at the end of June 2019[47]. Debt and Liabilities - Long-term debt remained relatively stable at $3,175 million as of June 30, 2020, compared to $3,211 million at the end of 2019[43]. - The principal amount of the company's debt as of June 30, 2020, included $1,053 million in Term Loan B and $550 million in Senior Secured Second Lien Notes[62]. - As of June 30, 2020, total short-term and long-term debt amounted to $4,043 million, an increase from $3,445 million as of December 31, 2019, representing a 17.4% rise[109]. - The Company issued $550 million in 7.625% Senior Secured Second Lien Notes in June 2020, maturing on June 15, 2025[125]. - The Revolving Credit Facility has outstanding borrowings of $815 million as of June 30, 2020, with an expiration date in February 2023[110]. Impairment and Restructuring - The company experienced a significant impairment charge of $454 million in Q2 2020, compared to $3 million in Q2 2019[38]. - The company recorded impairment charges of $454 million due to the impact of COVID-19 on future earnings[46]. - Goodwill impairment of $413 million was recognized for the Realogy Brokerage Group due to the impact of COVID-19, reducing the carrying value to $256 million[101]. - Restructuring charges totaled $14 million and $25 million for the three and six months ended June 30, 2020, respectively, compared to $9 million and $18 million for the same periods in 2019[136]. - The company has implemented a plan to accelerate office consolidation and operational efficiencies, which includes reducing headcount and optimizing workforce roles[138]. Revenue Trends - Total net revenues for Q2 2020 were $1,207 million, down from $1,664 million in Q2 2019, reflecting a decrease of approximately 27.5%[68]. - For the first half of 2020, total net revenues were $2,323 million, compared to $2,718 million in the same period of 2019, representing a decline of about 14.5%[68]. - Realogy Franchise Group revenues decreased to $179 million in Q2 2020 from $260 million in Q2 2019, a decline of 31%[178]. - Realogy Brokerage Group revenues fell to $933 million in Q2 2020 from $1.331 billion in Q2 2019, a decrease of 30%[178]. - Closed homesale transaction volume decreased by 24% in Q2 2020 compared to the same period in 2019, but improved to a decline of only 8% year-over-year in June 2020[195]. Market Conditions and Outlook - The COVID-19 crisis led to a 30% decrease in homesale transaction volume for Realogy Brokerage Group in Q2 2020 compared to Q2 2019, primarily due to a 25% decrease in existing homesale transactions[205]. - The inventory of existing homes for sale in the U.S. decreased approximately 18% from 1.92 million in June 2019 to 1.57 million in June 2020, resulting in a decline in months of supply from 4.3 to 4.0[207]. - The unemployment rate in the U.S. declined to 11.1% in June 2020, down from a high of 14.7% in April 2020, but still represents a 7.6% increase since February 2020[208]. - The average mortgage rate for a 30-year fixed mortgage was 3.23% in Q2 2020, down from 4.00% in Q2 2019, positively impacting refinancing activity and homesale transactions[209]. - NAR forecasts existing homesale transactions to increase by 7% in 2021, while Fannie Mae forecasts a 4% increase for the same period[221]. Legal and Regulatory Matters - The company is involved in multiple litigation cases, including a putative class action complaint alleging violations of the Exchange Act, with claims for compensatory damages for stock purchasers between February 24, 2017, and May 22, 2019[164]. - The company is facing class action lawsuits that could incur judgments or settlements materially in excess of amounts accrued, potentially affecting its financial condition[167]. - The Department of Justice has filed statements of interest in ongoing litigation matters, indicating potential regulatory scrutiny[160][161]. - The company believes it has adequately accrued for legal matters, but litigation outcomes are inherently unpredictable and could materially affect its operations[167].

Realogy Holdings Corp. (RLGY) Q2 2020 Earnings Conference Call July 30, 2020 5:00 PM ET Company Participants Alicia Swift – Senior Vice President Ryan Schneider – Chief Executive Officer and President Charlotte Simonelli – Chief Financial Officer Conference Call Participants Tommy McJoynt – KBW Anthony Paolone – JPMorgan Carter Trent – Stephens Matthew Bouley – Barclays Stephen Kim – Evercore ISI Jack Micenko – Susquehanna Ryan McKeveny – Zelman & Associates Operator Good afternoon, and welcome to the Realo ...

Realogy AREALOGY Earnings Call Q2 2020 sure ssi corcoran ERA REAL ESTAT REA RLGY LISTED NYSE INTERNATIONAL REALTY Management Presenters Ryan Schneider Chief Executive Officer and President Charlotte Simonelli Executive Vice President, Chief Financial Officer & Treasurer Alicia Swift Senior Vice President, Investor Relations and Financial Planning & Analysis 2 Important Disclosures Forward-Looking Statements This presentation contains forward-looking statements. The Company desires to take advantage of the S ...

Realogy Holdings Corp. (RLGY) Q1 2020 Earnings Conference Call May 7, 2020 8:30 AM ET Company Participants Alicia Swift - Senior Vice President Ryan Schneider - Chief Executive Officer & President Charlotte Simonelli - Chief Financial Officer Conference Call Participants Stephen Kim - Evercore ISI Chris Gamaitoni - Compass Point Matthew Bouley - Barclays Ryan McKeveny - Zelman & Associates Tom McJoynt - KBW Jack Micenko - SIG Operator Good morning, and welcome to the Realogy Holdings Corp., First Quarter 20 ...