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