CENDANT CORPORATION
SEGMENT SUMMARY
($ in millions)
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1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total
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1997 1998(2) % 1997 1998(2) % 1997 1997 1997
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Revenue
Travel $ 327.1 $ 361.6 11% $ 333.2 $ 489.4 47% $ 354.9 $ 322.3 $1,337.5
Real Estate 191.1 279.1 46% 246.1 354.9 44% 281.2 268.6 987.0
Alliance Marketing 353.9 371.9 5% 332.3 377.3 14% 437.6 446.3 1,570.1
Other 81.6 116.7 43% 88.2 56.5 -36% 112.7 63.0 345.5
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Total Continuing Ops 953.7 1,129.2 18% 999.8 1,278.1 28% 1,186.4 1,100.2 4,240.2
Discontinued Ops 137.3 158.7 16% 127.9 204.9 60% 142.0 235.0 642.2
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Total Cendant $1,091.0 $1,287.9 18% $1,127.7 $1,483.0 32% $1,328.4 $1,335.2 $4,882.4
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EBITDA(1)
Travel $ 134.4 $ 179.2 33% $ 143.6 $ 200.2 39% $ 150.5 $ 132.7 $ 561.2
Real Estate 60.9 123.1 102% 100.6 176.7 76% 130.8 112.1 404.4
Alliance Marketing 47.1 4.6 -90% 25.2 (16.0) -163% 73.8 33.5 179.6
Other 15.6 77.3 396% 35.6 15.5 -56% 57.9 (5.0) 104.1
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Total Continuing Ops 258.0 384.2 49% 305.0 376.4 23% 413.0 273.3 1,249.3
Discontinued Ops 17.5 (3.0) -117% 6.2 28.1 353% 11.4 53.2 88.3
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Total Cendant $ 275.5 $ 381.2 38% $ 311.2 $ 404.5 30% $ 424.4 $ 326.5 $1,337.6
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(1) Earning before interest, taxes, depreciation and amortization.
(2) The 1998 financial information is derived from unaudited financial
information. 1998 quarterly results are not necessarily indicative of the
financial results that may be expected for the year ending
December 31, 1998.
CENDANT CORPORATION
INCOME STATEMENT SUMMARY
($ in millions)
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1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total
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1997 1998 % 1997 1998 % 1997 1997 1997
-------- -------- -- -------- -------- -- -------- -------- --------
Travel Segment
Lodging $ 89.8 $ 94.7 5% $ 108.1 $ 117.2 8% $ 124.5 $ 101.5 $ 424.0
Timeshare 93.8 106.3 13% 85.3 94.0 10% 86.9 80.3 346.29
Car Rental 34.5 45.1 31% 38.6 48.2 25% 41.4 35.7 150.20
Fleet Management 91.5 96.6 6% 79.2 96.0 21% 73.9 79.6 324.20
Other (NPC and
Global Refund) 17.5 18.9 8% 22.0 134.0 509% 28.2 25.2 92.90
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Total revenue 327.1 361.6 11% 333.2 489.4 47% 354.9 322.3 1,337.5
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Real Estate Segment
Real Estate Franchise 55.4 84.3 52% 83.7 131.5 57% 98.3 97.2 334.6
Relocation Services 85.2 99.7 17% 102.7 110.2 7% 112.0 101.6 401.5
Mortgage Services 33.6 78.0 132% 42.5 94.0 121% 51.6 51.5 179.2
New Mover 16.8 17.1 2% 17.2 19.2 12% 19.3 18.3 71.6
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Total revenue 191.1 279.1 46% 246.1 354.9 44% 281.2 268.6 987.0
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Alliance Marketing Segment
Individual 167.7 171.8 2% 154.9 175.1 13% 171.0 178.4 672.0
Insurance/Wholesale 111.9 134.0 20% 118.7 136.8 15% 118.5 133.5 482.6
Lifestyle 74.3 66.1 -11% 58.7 65.4 11% 148.1 134.4 415.5
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Total revenue 353.9 371.9 5% 332.3 377.3 14% 437.6 446.3 1,570.1
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Other Segment 81.6 116.7 43% 88.2 56.5 -36% 112.7 63.0 345.5
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Discontinued Operations
Hebdo Mag 45.6 62.8 38% 48.9 74.4 52% 51.3 62.7 208.5
Software 91.7 95.9 5% 79.0 130.5 65% 90.7 172.3 433.7
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Total revenue $ 137.3 $ 158.7 16% $ 127.9 $ 204.9 60% $ 142.0 $ 235.0 $ 642.2
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CENDANT CORPORATION
TRAVEL SEGMENT REVENUE DRIVER ANALYSIS
(Revenue $ in millions)
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1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total
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1997 1998 % 1997 1998 % 1997 1997 1997
-------- -------- -- -------- -------- -- -------- -------- --------
Lodging
Rooms 480,599 488,206 2% 488,145 496,706 2% 497,020 503,183 492,254
Royalty per Available Room $ 76.46 $ 79.70 4% $ 97.78 $ 101.27 4% $ 115.09 $ 79.45 $ 369.03
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Total Royalty 36.7 38.9 6% 47.7 50.3 5% 57.2 40.0 181.7
Other 53.1 55.8 5% 60.4 66.9 11% 67.3 61.5 242.3
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Total Revenue $ 89.8 $ 94.7 5% $ 108.1 $ 117.2 8% $ 124.5 $ 101.5 $ 424.0
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Timeshare
Number of Exchanges 475,086 492,436 4% 405,120 411,711 2% 406,936 360,825 1,647,967
Annual Number of Exchanges 1,900,344 1,969,744 4% 1,620,480 1,646,844 2% 1,627,744 1,443,300 1,647,967
Average Members 2,039,811 2,177,050 7% 2,049,972 2,186,424 7% 2,074,412 2,089,700 2,155,795
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Total Units 3,940,155 4,146,794 5% 3,670,452 3,833,268 4% 3,702,156 3,533,000 3,803,762
Average Fee $ 20.47 $ 21.01 3% $ 20.11 $ 20.87 4% $ 20.83 $ 20.44 $ 79.86
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Total Member/Exchange Fees 80.7 87.1 8% 73.8 80.0 8% 77.1 72.2 303.8
Other 13.1 19.2 47% 11.5 14.0 22% 9.8 8.1 42.5
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Total Revenue $ 93.8 $106.3 13% $ 85.3 $ 94.0 10% $ 86.9 $ 80.3 $ 346.3
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Car Rental
Rental days 12,821,00 12,464,857 -3% 13,340,886 13,867,489 4% 15,021,195 12,506,732 53,689,821
Royalty per Rental day $ 1.79 $ 1.90 6% $ 1.84 $ 1.85 1% $ 1.82 $ 1.89 $ 1.84
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Total Royalty 23.0 23.7 3% 24.5 25.7 5% 27.4 23.7 98.6
Other 11.5 21.4 86% 14.1 22.5 60% 14.0 12.0 51.6
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Total Revenue $ 34.5 $ 45.1 31% $ 38.6 $ 48.2 25% $ 41.4 $ 35.7 $ 150.2
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Fleet Management
Number of Cars/Cards 2,660,407 3,877,657 46% 2,804,170 4,054,128 45% 3,162,740 3,215,953 2,960,817
Revenue per Car/Card $ 34.39 $ 24.91 -28% $ 28.24 $ 23.68 -16% $ 23.37 $ 24.75 $ 109.50
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Total Revenue $ 91.5 $ 96.6 6% $ 79.2 $ 96.0 21% $ 73.9 $ 79.6 $ 324.2
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CENDANT CORPORATION
REAL ESTATE SEGMENT REVENUE DRIVER ANALYSIS
(Revenue $ in millions)
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1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total
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1997 1998(2) % 1997 1998(2) % 1997 1997 1997
-------- -------- -- -------- -------- -- -------- -------- --------
Real Estate Franchise
Closed sides Domestic 265,896 322,995 21% 402,386 498,893 24% 438,120 431,423 1,537,825
Average Price 118,362 135,445 14% 122,285 142,735 17% 131,285 130,909 126,590
Adj Royalty Rate
(roy x comm) 0.15% 0.16% 0.01 0.15% 0.15% 0.00 0.15% 0.15% 0.15%
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Total Royalties 48.3 71.1 47% 74.6 108.7 46% 85.8 85.2 293.9
Other 7.1 13.2 86% 9.1 22.8 151% 12.5 12.0 40.7
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Total Revenue $ 55.4 $ 84.3 52% $ 83.7 $ 131.5 57% $ 98.3 $ 97.2 $ 334.6
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Mortgage Services
Production Loan
Closings (000's) $ 1,783 $ 4,615 159% $ 2,480 $ 6,576 165% $ 3,547 $ 3,907 $ 11,717
Avg Fee - Basis Points 107.6 116.4 8 124.1 122.2 -2% 98.7 84.9 100.8
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Production Fees 19.2 53.7 180% 30.8 80.4 161% 35.0 33.2 118.2
Avg Servicing Loan
Portfolio $ 25,103 $ 30,908 23% $ 25,636 $ 34,004 33% $ 27,074 $ 28,999 $ 26,703
Avg Fee - Basis Points 5.8 7.6 31% 4.6 4.0 -13% 6.1 6.3 22.9
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Service Fees 14.4 24.3 68% 11.7 13.6 16% 16.6 18.3 61.0
Total Revenue $ 33.6 $ 78.0 132% $ 42.5 $ 94.0 121% $ 51.6 $ 51.5 $ 179.2
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