CONTINUING OPERATIONS
SEGMENT SUMMARY -- AS REPORTED
(DOLLARS IN MILLIONS)
- -----------------------------------------------------------------------------
1ST QUARTER 2ND QUARTER
-----------------------------------------------------------
% %
1997 1998 CHANGE 1997 1998 CHANGE
-------- --------- -------- --------- --------- --------
Revenue
Travel $221.6 $ 265.6 20 $ 252.8 $ 263.6 4
Fleet 91.5 96.6 6 79.2 96.0 21
Real Estate Franchise 55.4 84.3 52 83.7 131.5 57
Relocation 85.2 99.7 17 102.7 110.2 7
Mortgage 33.6 78.0 132 42.5 94.0 121
Individual Membership 196.7 204.1 4 181.1 209.6 16
Wholesale / Insurance 111.9 134.0 20 118.7 136.8 15
Entertainment
Publications 17.0 9.6 (43) 9.3 5.9 (37)
Other 140.8 157.5 12 129.6 230.4 78
-------- --------- --------- ---------
Total 953.7 1,129.4 18 999.6 1,278.0 28
======== ========= ========= =========
EBITDA
Travel $ 95.3 $ 149.1 56 $ 113.2 $ 141.1 25
Fleet 38.3 47.6 24 (0.9) 45.0 5100
Real Estate Franchise 28.9 59.2 105 46.5 104.1 124
Relocation 15.9 25.6 61 (22.2) 22.7 202
Mortgage 14.2 35.6 151 19.1 43.0 125
Individual Membership 21.4 (15.9) (175) 6.7 (40.9) (710)
Wholesale / Insurance 26.7 39.2 46 30.7 35.5 16
Entertainment
Publications (12.1) (20.7) (72) (17.2) (13.8) 20
Other 29.5 61.3 108 (149.6) 47.6 132
-------- --------- --------- ---------
Total 258.1 381.0 48 26.3 384.3
======== ========= ========= =========
SEGMENT SUMMARY -- AS ADJUSTED
EBITDA (1)
Travel $ 95.3 $ 149.1 56 $ 124.9 $ 135.7 9
Fleet 38.3 47.6 24 31.7 43.8 38
Real Estate Franchise 28.9 59.2 105 57.3 103.1 80
Relocation 15.9 25.6 61 20.9 26.4 26
Mortgage 14.2 37.5 164 19.9 44.8 125
Individual Membership 21.4 (15.9) (175) 6.7 (40.9) (710)
Wholesale / Insurance 26.7 39.2 46 30.7 35.5 16
Entertainment
Publications (12.1) (20.7) (72) (17.2) (13.8) 20
Other 29.5 62.6 112 30.2 41.7 38
-------- --------- --------- ---------
Total 258.1 384.2 49 305.1 376.3 23
======== ========= ========= =========
(1) Earnings before interest, taxes, depreciation and amortization as
adjusted for certain items discussed in the February 10, 1999 earnings
release.
CONTINUING OPERATIONS
SEGMENT SUMMARY -- AS REPORTED
(DOLLARS IN MILLIONS)
- -----------------------------------------------------------------------------
3RD QUARTER 4TH QUARTER
------------------------------------------------------------
% %
1997 1998 CHANGE 1997 1998 CHANGE
--------- --------- -------- --------- --------- --------
Revenue
Travel $ 279.7 $ 297.3 6 $ 217.5 $ 236.8 9
Fleet 73.9 94.8 28 79.6 99.9 26
Real Estate Franchise 98.3 126.7 29 97.2 113.2 16
Relocation 112.0 130.8 17 101.6 103.4 2
Mortgage 51.6 79.9 55 51.5 101.6 97
Individual Membership 194.3 243.6 25 206.7 271.8 31
Wholesale / Insurance 118.5 135.5 14 133.5 137.7 3
Entertainment
Publications 91.4 95.4 4 71.8 86.3 20
Other 166.8 253.8 52 140.8 268.0 90
--------- --------- --------- ---------
Total 1,186.5 1,457.8 23 1,100.2 1,418.7 29
========= ========= ========= =========
EBITDA
Travel $ 144.5 $ 142.3 (2) $ (10.7) $ 115.5 1179
Fleet 25.4 40.5 59 (3.3) 42.0 1373
Real Estate Franchise 72.6 102.1 41 48.1 84.6 76
Relocation 34.0 45.6 34 31.1 46.7 50
Mortgage 20.8 45.4 118 19.8 59.9 203
Individual Membership (6.0) (10.7) (77) (19.8) 9.7 149
Wholesale / Insurance 28.1 32.2 14 25.4 31.1 22
Entertainment
Publications 42.1 42.2 0 17.1 24.4 43
Other 51.6 (94.3) (283) (259.6) (737.8) (184)
--------- --------- --------- ---------
Total 413.1 345.3 (16) (151.9) (323.9) (113)
========= ========= ========= =========
SEGMENT SUMMARY -- AS ADJUSTED
EBITDA (1)
Travel $ 144.5 $ 142.3 (2) $ 102.6 $ 115.4 12
Fleet 25.4 40.5 59 25.1 42.0 67
Real Estate Franchise 72.6 102.1 41 68.1 84.2 24
Relocation 34.0 45.6 34 21.8 26.9 23
Mortgage 20.8 45.4 118 19.8 59.9 203
Individual Membership (6.0) (10.7) (77) (16.7) 9.7 158
Wholesale / Insurance 28.1 32.2 14 25.4 31.1 22
Entertainment
Publications 42.1 42.2 0 17.1 24.4 43
Other 51.6 (32.5) (162) 10.1 28.7 184
--------- --------- --------- ---------
Total 413.1 407.1 (1) 273.3 422.3 55
========= ========= ========= =========
(1) Earnings before interest, taxes, depreciation and amortization as
adjusted for certain items discussed in the February 10, 1999 earnings
release (See Exhibit 99.1).
CONTINUING OPERATIONS
SEGMENT SUMMARY -- AS REPORTED
(DOLLARS IN MILLIONS)
- -----------------------------------------------------------------------------
FULL YEAR
-------------------------------
%
1997 1998 CHANGE
--------- ---------- --------
Revenue
Travel $ 971.6 $1,063.3 9
Fleet 324.1 387.4 20
Real Estate Franchise 334.6 455.8 36
Relocation 401.6 444.0 11
Mortgage 179.2 353.4 97
Individual Membership 778.7 929.1 19
Wholesale / Insurance 482.7 544.0 13
Entertainment
Publications 189.5 197.2 4
Other 578.0 909.6 57
--------- ----------
Total 4,240.0 5,283.8 25
========= ==========
EBITDA
Travel $ 342.4 $ 548.0 60
Fleet 59.4 175.1 195
Real Estate Franchise 196.1 350.0 78
Relocation 58.9 140.6 139
Mortgage 73.9 183.8 149
Individual Membership 2.2 (57.8)
Wholesale / Insurance 111.0 137.8 24
Entertainment
Publications 30.0 32.1 7
Other (328.3) (722.9) (120)
--------- ----------
Total 545.6 786.7 44
========= ==========
SEGMENT SUMMARY--AS ADJUSTED
EBITDA (1)
Travel $ 467.3 $ 542.5 16
Fleet 120.5 173.8 44
Real Estate Franchise 226.9 348.6 54
Relocation 92.6 124.5 34
Mortgage 74.8 187.6 151
Individual Membership 5.3 (57.8)
Wholesale / Insurance 111.0 137.8 24
Entertainment
Publications 30.0 32.1 7
Other 121.3 100.8 (17)
--------- ----------
Total 1,249.7 1,589.9 27
========= ==========
(1) Earnings before interest, taxes, depreciation and amortization as
adjusted for certain items discussed in the February 10, 1999 earnings
release (See Exhibit 99.1).
CENDANT CORPORATION
SEGMENT REVENUE DRIVER ANALYSIS
(REVENUE DOLLARS IN MILLIONS)
- -----------------------------------------------------------------------------
1ST QUARTER 2ND QUARTER
------------------------------------------------------------------------
% %
1997 1998 CHANGE 1997 1998 CHANGE
------------ ------------ -------- ------------ ------------ --------
TRAVEL SEGMENT
Domestic Rooms
Month End Actual Rooms 473,036 476,242 1 480,284 487,168 1
Weighted Average Rooms Available 460,036 465,794 1 466,574 474,662 2
Franchise Fee per Weighted Average
Room $ 165.52 $ 175.44 6 $ 210.50 $ 220.86 5
------------ ------------ ------------ ------------
Total Franchise Fees 76.1 81.7 7 98.2 104.8 7
Car Rental days 12,821,008 12,464,857 (3) 13,340,886 13,867,489 4
Franchise Fee per Rental day $ 2.58 $ 2.79 8 $ 2.77 $ 2.87 4
------------ ------------ ------------ ------------
Total Franchise Fees 33.1 34.8 5 37.0 39.8 8
Sub-Total Franchise Fees $ 109.2 $ 116.5 7 $ 135.2 $ 144.6 7
Number of Timeshare Exchanges 475,086 492,436 4 405,120 411,711 2
Annualized Number of Exchanges 1,900,344 1,969,744 4 1,620,480 1,646,844 2
Average Subscriptions 2,039,811 2,177,050 7 2,049,972 2,186,424 7
------------ ------------ ------------ ------------
Total Exchanges and Subscriptions 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 Exchange/Subscription Fees 80.7 87.1 8 73.8 80.0 8
Other Revenue $ 31.7 $ 62.0 96 $ 43.8 $ 39.0 (11)
------------ ------------ ------------ ------------
TOTAL TRAVEL REVENUE $ 221.6 $ 265.6 20 $ 252.8 $ 263.6 4
============ ============ ============ ============
FLEET SEGMENT
Number of Cars / Cards 2,660,407 3,877,657 46 2,804,170 4,054,128 45
Revenue per Car/ Card $ 34.39 $ 24.91 (28) $ 28.24 $ 23.68 (16)
------------ ------------ ------------ ------------
Total Revenue $ 91.5 $ 96.6 6 $ 79.2 $ 96.0 21
============ ============ ============ ============
REAL ESTATE FRANCHISE SEGMENT
Closed sides Domestic 265,896 322,995 21 402,386 498,893 24
Average Price 118,362 135,445 14 122,285 142,735 17
Adjusted Royalty Rate 0.15% 0.16% 0.15% 0.15%
------------ ------------ ------------ ------------
Total Royalties 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
============ ============ ============ ============
MORTGAGE SERVICES SEGMENT
Production Loan Closings $ 1,783 $ 4,615 159 $ 2,480 $ 6,576 165
Avg Servicing Loan Portfolio $ 25,103 $ 30,908 23 $ 25,636 $ 34,004 33
CENDANT CORPORATION
SEGMENT REVENUE DRIVER ANALYSIS
(REVENUE DOLLARS IN MILLIONS)
- -----------------------------------------------------------------------------
3RD QUARTER 4TH QUARTER
------------------------------------------------------------------------
% %
1997 1998 CHANGE 1997 1998 CHANGE
------------ ------------ -------- ------------ ------------ --------
TRAVEL SEGMENT
Domestic Rooms
Month End Actual Rooms 488,782 493,911 1 469,774 499,585 6
Weighted Average Rooms Available 475,517 477,120 0 481,717 486,280 1
Franchise Fee per Weighted Average
Room $ 243.93 $ 253.83 4 $ 173.19 $ 184.34 6
------------ ------------ ------------ ------------
Total Franchise Fees 116.0 121.1 4 83.4 89.6 7
Car Rental days 15,021,195 15,996,768 6 12,506,732 13,714,430 10
Franchise Fee per Rental day $ 2.62 $ 2.71 3 $ 2.76 $ 2.76 (0)
------------ ------------ ------------ ------------
Total Franchise Fees 39.3 43.4 10 34.5 37.8 10
Sub-Total Franchise Fees $ 155.3 $ 164.5 6 $ 117.9 $ 127.5 8
Number of Timeshare Exchanges 406,936 419,725 3 360,825 384,282 7
Annualized Number of Exchanges 1,627,744 1,678,900 3 1,443,300 1,537,128 7
Average Subscriptions 2,074,412 2,207,678 6 2,089,700 2,226,123 7
------------ ------------ ------------ ------------
Total Exchanges and Subscriptions 3,702,156 3,886,578 5 3,533,000 3,763,251 7
Average Fee $ 20.83 $ 21.64 4 $ 20.44 $ 21.12 3
------------ ------------ ------------ ------------
Total Exchange/Subscription Fees 77.1 84.1 9 72.2 79.5 10
Other Revenue $ 47.3 $ 48.7 3 $ 27.3 $ 29.8 9
------------ ------------ ------------ ------------
TOTAL TRAVEL REVENUE $ 279.7 $ 297.3 6 $ 217.5 $ 236.8 9
============ ============ ============ ============
FLEET SEGMENT
Number of Cars / Cards 3,162,740 4,134,422 31 3,215,953 4,132,244 28
Revenue per Car / Card $ 23.37 $ 22.93 (2) $ 24.75 $ 24.18 (2)
------------ ------------ ------------ ------------
Total Revenue $ 73.9 $ 94.8 28 $ 79.6 $ 99.9 26
============ ============ ============ ============
REAL ESTATE FRANCHISE SEGMENT
Closed sides Domestic 438,120 540,981 23 431,423 477,723 11
Average Price 131,285 146,366 11 130,909 144,565 10
Adjusted Royalty Rate 0.15% 0.15% 0.15% 0.14%
------------ ------------ ------------ ------------
Total Royalties 85.8 116.8 36 85.2 99.5 17
Other 12.5 9.9 (21) 12.0 13.7 15
------------ ------------ ------------ ------------
Total Revenue $ 98.3 $ 126.7 29 $ 97.2 $ 113.2 17
============ ============ ============ ============
MORTGAGE SERVICES SEGMENT
Production Loan Closings $ 3,547 $ 6,936 96 $ 3,907 $ 7,883 102
Avg Servicing Loan Portfolio $ 27,074 $ 38,398 42 $ 28,999 $ 41,753 44
CENDANT CORPORATION
SEGMENT REVENUE DRIVER ANALYSIS
(REVENUE DOLLARS IN MILLIONS)
- -----------------------------------------------------------------------------
FULL YEAR
------------------------------------
%
1997 1998 CHANGE
------------ ------------ --------
TRAVEL SEGMENT
Domestic Rooms
Month End Actual Rooms 469,774 499,585 6
Weighted Average Rooms Available 471,033 475,459 1
Franchise Fee per Weighted Average
Room $ 793.55 $ 835.62 5
------------ ------------
Total Franchise Fees 373.8 397.3 6
Car Rental days 53,689,821 56,043,544 4
Franchise Fee per Rental day $ 2.68 $ 2.78 4
------------ ------------
Total Franchise Fees 143.8 155.8 8
Sub-Total Franchise Fees $ 517.6 $ 553.1 7
Number of Timeshare Exchanges 1,647,967 1,708,154 4
Annualized Number of Exchanges 1,647,967 1,708,154 4
Average Subscriptions 2,155,795 2,296,451 7
------------ ------------
Total Exchanges and Subscriptions 3,803,762 4,004,605 5
Average Fee $ 79.86 $ 82.58 3
------------ ------------
Total Exchange/Subscription Fees 303.8 330.7 9
Other Revenue $ 150.2 $ 179.5 20
------------ ------------
TOTAL TRAVEL REVENUE $ 971.6 $ 1,063.3 9
============ ============
FLEET SEGMENT
Number of Cars / Cards 2,960,817 4,049,612 37
Revenue per Car/ Card $ 109.49 $ 95.66 (13)
------------ ------------
Total Revenue $ 324.2 $ 387.4 19
============ ============
REAL ESTATE FRANCHISE SEGMENT
Closed sides Domestic 1,537,825 1,840,592 20
Average Price 126,590 142,996 13
Adjusted Royalty Rate 0.15% 0.15%
------------ ------------
Total Royalties 293.9 396.1 35
Other 40.7 59.7 47
------------ ------------
Total Revenue $ 334.6 $ 455.8 36
============ ============
MORTGAGE SERVICES SEGMENT
Production Loan Closings $ 11,717 26,010 122
Avg Servicing Loan Portfolio $ 26,703 $ 36,266 36