EXHIBIT 99.5 Unaudited Segment Financial Data of Cendant Corporation The related financial data of Cendant Corporation ("Company") presented below has been derived from unaudited consolidated financial statements which, in the opinion of management, includes all adjustments necessary for a fair presentation of such financial results for each of the interim periods presented. The following results are not necessarily indicative of results which may be expected for any other interim period or for the year as a whole. The information shown below is qualified in its entirety by, and should be used in conjunction with the related consolidated financial statements of the Company including the related footnotes thereto, to be filed by the Company on August 14, 1998 in a Form 10-Q for the quarter ending June 30, 1998 and the amended Form 10-K/A for the year ended December 31, 1997 and amended Form 10-Q/A for the quarter ending March 31, 1998 which are expected to be filed by the end of August 1998. CENDANT CORPORATION COMPARATIVE REVENUE DRIVER ANALYSIS (Revenue & EBITDA $ in millions) 1st Quarter 2nd Quarter - -------------------------------------------------------------------------------------------------------------------------- 1997 1998 % 1997 1998 % - -------------------------------------------------------------------------------------------------------------------------- Lodging Royalties Worldwide $ 36.7 $ 38.9 6% $ 47.6 $ 50.3 6% Fund/Other 53.1 55.8 5% 60.5 66.9 11% - ----------------------------------------------------------------------------------------------------------------------- Total Revenue 89.8 94.7 5% 108.1 117.2 8% - ----------------------------------------------------------------------------------------------------------------------- EBITDA (1) $ 43.1 $ 50.8 18% $ 51.4 $ 63.7 24% Rooms Worldwide 480,599 488,206 2% 488,145 496,706 2% Royalty per Available Room $ 76.46 $ 79.70 4% $ 97.57 $ 101.27 4% - ----------------------------------------------------------------------------------------------------------------------- Total Royalty $ 36.7 $ 38.9 6% $ 47.6 $ 50.3 6% - ----------------------------------------------------------------------------------------------------------------------- Timeshare Member/Exchange Fees $ 80.7 $ 87.1 8% $ 73.8 $ 80.0 8% Other 13.1 19.2 47% 11.5 14.0 22% - ----------------------------------------------------------------------------------------------------------------------- Total Revenue 93.8 106.3 13% 85.3 94.0 10% - ----------------------------------------------------------------------------------------------------------------------- EBITDA (1) $ 28.3 $ 42.1 49% $ 27.4 $ 33.3 22% Number of Exchanges 475,086 492,436 4% 405,120 411,711 2% Annual Number of Exchanges 1,900,344 1,969,744 4% 1,620,480 1,646,844 2% Average Members 2,039,811 2,177,050 7% 2,049,972 2,186,424 7% - ----------------------------------------------------------------------------------------------------------------------- Total Units 3,940,155 4,146,794 5% 3,670,452 3,833,268 4% Average Fee $ 20.47 $ 21.01 3% $ 20.11 $ 20.87 4% - ----------------------------------------------------------------------------------------------------------------------- Total Member/Exchange Fees $ 80.7 $ 87.1 8% $ 73.8 $ 80.0 8% - ----------------------------------------------------------------------------------------------------------------------- Car Rental Royalties $ 19.9 $ 23.7 19% $ 24.3 $ 25.7 6% Other 14.6 21.4 47% 14.3 22.5 57% - ----------------------------------------------------------------------------------------------------------------------- Total Revenue 34.5 45.1 31% 38.6 48.2 25% - ----------------------------------------------------------------------------------------------------------------------- EBITDA (1) $ 20.4 $ 30.8 51% $ 25.2 $ 32.1 27% Rental days 12,821,008 12,464,857 -3% 13,340,886 13,867,489 4% Royalty per Rental day $ 1.55 $ 1.90 22% $ 1.82 $ 1.85 2% - ----------------------------------------------------------------------------------------------------------------------- Total Royalty $ 19.9 $ 23.7 19% $ 24.3 $ 25.7 6% - ----------------------------------------------------------------------------------------------------------------------- Fleet Management Total Revenue $ 80.8 $ 82.7 2% $ 65.7 $ 80.8 23% EBITDA (1) $ 35.8 $ 41.9 17% $ 28.2 $ 37.2 32% Number of Cars/Cards 1,524,585 2,166,659 42% 1,549,975 2,245,550 45% Revenue per Car/Card $ 52.99 $ 38.19 -28% $ 42.38 $ 35.97 -15% - ----------------------------------------------------------------------------------------------------------------------- Total Revenue $ 80.8 $ 82.7 2% $ 65.7 $ 80.8 23% - ----------------------------------------------------------------------------------------------------------------------- 3rd Quarter 4th Quarter Total - ------------------------------------------------------ 1997 1997 1997 - ------------------------------------------------------ $ 57.2 $ 40.0 $ 181.6 67.3 61.5 242.4 - ----------------------------------------------------- 124.5 101.5 424.0 - ----------------------------------------------------- $ 58.2 $ 53.4 $ 206.1 497,020 503,183 492,254 $ 115.09 $ 79.45 $ 368.83 - ----------------------------------------------------- $ 57.2 $ 40.0 $ 181.6 - ----------------------------------------------------- $ 77.1 $ 72.2 $ 303.8 9.8 8.1 42.5 - ------------------------------------------------------ 86.9 80.3 346.3 - ------------------------------------------------------ $ 31.3 $ 26.1 $ 113.1 406,936 360,825 1,647,967 1,627,744 1,443,300 1,647,967 2,074,412 2,089,700 2,155,795 - ------------------------------------------------------ 3,702,156 3,533,000 3,803,762 $ 20.83 $ 20.44 $ 79.86 - ------------------------------------------------------ $ 77.1 $ 72.2 $ 303.8 - ------------------------------------------------------ $ 27.4 $ 23.7 $ 95.3 14.0 12.0 54.9 - --------------------------------------------------- 41.4 35.7 150.2 - --------------------------------------------------- $ 28.0 $ 23.1 $ 96.7 15,021,195 12,506,732 53,689,821 $ 1.82 $ 1.89 $ 1.77 - --------------------------------------------------- $ 27.4 $ 23.7 $ 95.3 - --------------------------------------------------- $ 59.8 $ 65.5 $ 271.8 $ 21.6 $ 21.7 $ 107.3 1,577,602 1,590,470 1,560,657 $ 37.91 $ 41.18 $ 174.15 - --------------------------------------------------- $ 59.8 $ 65.5 $ 271.8 - --------------------------------------------------- CENDANT CORPORATION COMPARATIVE REVENUE DRIVER ANALYSIS (Revenue & EBITDA $ in millions) 1st Quarter 2nd Quarter - ----------------------------------------------------------------------------------------------------------------------------------- 1997 1998 % 1997 1998 % - ----------------------------------------------------------------------------------------------------------------------------------- Other Travel (NPC and Global Refund) Total Revenue $ 17.5 $ 18.9 8% $ 22.0 $ 135.0 514% EBITDA (1) $ 4.3 $ 2.6 -40% $ 7.9 $ 30.3 284% Total Travel (excluding Hebdo Mag) Revenue $ 316.4 $ 347.7 10% $ 319.7 $ 475.2 49% EBITDA (1) $ 131.9 $ 168.2 28% $ 140.1 $ 196.6 40% Hebdo Mag Revenue $ 45.6 $ 62.8 38% $ 48.9 $ 74.4 52% EBITDA (1) $ 12.2 $ 15.7 29% $ 11.7 $ 23.8 103% Total Travel (including Hebdo Mag) Revenue $ 362.0 $ 410.5 13% $ 368.6 $ 549.6 49% EBITDA (1) $ 144.1 $ 183.9 28% $ 151.8 $ 220.4 45% 3rd Quarter 4th Quarter Total - ----------------------------------------------- 1997 1997 1997 - ----------------------------------------------- $ 28.2 $ 25.2 $ 92.9 $ 7.6 $ 4.5 $ 24.3 $ 340.8 $ 308.2 $ 1,285.1 $ 146.7 $ 128.8 $ 547.5 $ 51.3 $ 62.7 $ 208.5 $ 12.3 $ 14.2 $ 50.4 $ 392.1 $ 370.9 $ 1,493.6 $ 159.0 $ 143.0 $ 597.9 CENDANT CORPORATION COMPARATIVE REVENUE DRIVER ANALYSIS (Revenue & EBITDA $ in millions) 1st Quarter 2nd Quarter - -------------------------------------------------------------------------------------------------------------------------- 1997 1998 % 1997 1998 % - -------------------------------------------------------------------------------------------------------------------------- Real Estate Franchise Royalties Worldwide $ 48.3 $ 71.1 47% $ 74.6 $ 108.7 46% Other 7.1 13.2 86% 9.1 22.8 151% - -------------------------------------------------------------------------------------------------------------------------- Total Revenue 55.4 84.3 52% 83.7 131.5 57% EBITDA (1) $ 28.9 $ 58.4 102% $ 57.3 $ 102.7 79% Closed sides Domestic 265,896 322,995 21% 402,386 498,893 24% Avg Price $ 118,362 $ 135,445 14% $ 122,285 $ 142,735 17% Adj Royalty Rate (roy x comm) 0.15% 0.16% 0.01 0.15% 0.15% 0.00 - -------------------------------------------------------------------------------------------------------------------------- Total Royalties $ 48.3 $ 71.1 47% $ 74.6 $ 108.7 46% - -------------------------------------------------------------------------------------------------------------------------- Relocation Services Total Revenue $ 85.2 $ 99.7 17% $ 103.4 $ 110.2 7% EBITDA (1) $ 15.9 $ 27.2 71% $ 27.2 $ 26.5 -3% Mortgage Services Production Fees $ 19.2 $ 53.7 180% $ 30.8 $ 80.4 161% Service Fees 14.4 24.3 68% 11.7 13.6 16% - -------------------------------------------------------------------------------------------------------------------------- Total Revenue 33.6 78.0 132% 42.5 94.0 121% EBITDA (1) $ 14.2 $ 37.3 163% $ 19.9 $ 44.6 124% Production Loan Closings (000's) $ 1,783 $ 4,615 159% $ 2,480 $ 6,576 165% Avg Fee - Basis Points 107.6 116.4 8% 124.1 122.2 -2% Avg Servicing Loan Portfolio $ 25,103 $ 30,908 23% $ 25,636 $ 34,004 33% Avg Fee - Basis Points 5.8 7.6 31% 4.6 4.0 -13% New Mover Total Revenue $ 16.8 $ 17.1 2% $ 17.2 $ 19.2 12% EBITDA (1) $ 1.9 $ 1.1 -42% $ 2.5 $ 2.7 8% Total Real Estate Revenue $ 191.1 $ 279.1 46% $ 246.8 $ 354.9 44% EBITDA (1) $ 60.9 $ 124.0 104% $ 106.9 $ 176.5 65% 3rd Quarter 4th Quarter Total - ------------------------------------------- 1997 1997 1997 - ------------------------------------------- $ 85.8 $ 85.2 $ 293.9 12.5 12.0 40.7 - ---------------------------------------- 98.3 97.2 334.6 $ 72.6 $ 68.1 $ 226.9 438,120 431,423 1,537,825 $ 131,285 $ 130,909 $ 126,590 0.15% 0.15% 0.15% - ---------------------------------------- $ 85.8 $ 85.2 $ 293.9 - ---------------------------------------- $ 112.0 $ 101.8 $ 402.4 $ 36.6 $ 23.8 $ 103.5 $ 35.0 $ 33.2 $ 118.2 16.6 18.3 61.0 - ---------------------------------------- 51.6 51.5 179.2 $ 20.8 $ 19.8 $ 74.7 $ 3,547 $ 3,907 $ 11,717 98.7 84.9 100.8 $ 27,074 $ 28,999 $ 26,703 6.1 6.3 22.9 $ 19.3 $ 18.3 $ 71.6 $ 3.4 $ 2.4 $ 10.2 $ 281.2 $ 268.8 $ 987.9 $ 133.4 $ 114.1 $ 415.3 CENDANT CORPORATION COMPARATIVE REVENUE DRIVER ANALYSIS (Revenue & EBITDA $ in millions) 1st Quarter 2nd Quarter - ------------------------------------------------------------------------------------------------------------------------ 1997 1998 % 1997 1998 % - ------------------------------------------------------------------------------------------------------------------------ Individual Revenue $ 168.3 $ 187.5 11% $ 167.3 $ 206.2 23% EBITDA (1) $ 7.6 $ 21.8 187% $ 5.4 $ 21.1 291% Insurance/Wholesale Revenue $ 116.5 $ 135.8 17% $ 129.4 $ 138.7 7% EBITDA (1) $ 25.9 $ 41.7 61% $ 31.9 $ 43.5 36% Lifestyle Revenue $ 73.2 $ 67.2 -8% $ 59.2 $ 66.7 13% EBITDA (1) $ 2.1 $ (14.4) -786% $ (11.7) $ (8.4) 28% Total Alliance Marketing Revenue $ 358.0 $ 390.5 9% $ 355.9 $ 411.6 16% EBITDA (1) $ 35.6 $ 49.1 38% $ 25.6 $ 56.2 120% 3rd Quarter 4th Quarter Total - ----------------------------------------- 1997 1997 1997 - ----------------------------------------- $ 168.9 $ 171.0 $ 675.5 $ (1.3) $ 31.8 $ 43.5 $ 124.8 $ 140.0 $ 510.7 $ 29.5 $ 28.3 $ 115.6 $ 149.2 $ 135.9 $ 417.5 $ 51.4 $ 21.3 $ 63.1 $ 442.9 $ 446.9 $ 1,603.7 $ 79.6 $ 81.4 $ 222.2 Note: Driver information for Individual and Insurance/Wholesale will be made available later in the third quarter. CENDANT CORPORATION COMPARATIVE REVENUE DRIVER ANALYSIS (Revenue & EBITDA $ in millions) 1st Quarter 2nd Quarter - ----------------------------------------------------------------------------------------------------------------------- 1997 1998 % 1997 1998 % - ----------------------------------------------------------------------------------------------------------------------- Other (excluding Software) Revenue $ 92.3 $ 137.6 49% $ 101.6 $ 64.6 -36% EBITDA $ 21.2 $ 89.0 320% $ 41.0 $ 16.4 -60% Software Revenue $ 64.3 $ 95.9 49% $ 50.8 $ 130.5 157% EBITDA $ 5.9 $ (20.1) -441% $ (4.5) $ 0.7 116% Total Other (including Software) Revenue $ 156.6 $ 233.5 49% $ 152.4 $ 195.1 28% EBITDA $ 27.1 $ 68.9 154% $ 36.5 $ 17.1 -53% 3rd Quarter 4th Quarter Total - --------------------------------------------------------- 1997 1997 1997 - --------------------------------------------------------- $ 126.8 $ 72.2 $ 392.9 $ 61.9 $ (8.0) $ 116.1 $ 62.5 $ 134.8 $ 312.4 $ 0.2 $ 49.9 $ 51.5 $ 189.3 $ 207.0 $ 705.3 $ 62.1 $ 41.9 $ 167.6 Note: Other Segment includes Jackson Hewitt, Wizcom, Essex, Wright Express and Corporate. (1) Earnings before interest, taxes, depreciation, merger and unusual charges and investigation costs.