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______________________________________________________________________________________________________________________________________________________________________

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________ 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File No. 001-35674
REALOGY HOLDINGS CORP.
(Exact name of registrant as specified in its charter)
20-8050955
(I.R.S. Employer Identification Number)
 
Commission File No. 333-148153
REALOGY GROUP LLC
(Exact name of registrant as specified in its charter)
20-4381990
(I.R.S. Employer Identification Number)
Delaware
(State or other jurisdiction of incorporation or organization)
175 Park Avenue
Madison, NJ 07940
(Address of principal executive offices) (Zip Code)
(973) 407-2000
(Registrants' telephone number, including area code)
___________________________ 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Realogy Holdings Corp.
Common Stock, par value $0.01 per share
 
RLGY
 
New York Stock Exchange
Realogy Group LLC
None
 
None
 
None
Indicate by check mark whether the Registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.  
Realogy Holdings Corp. Yes   No  Realogy Group LLC Yes   No 
Indicate by check mark whether the Registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrants were required to submit such files). 
Realogy Holdings Corp. Yes   No  Realogy Group LLC Yes   No 
Indicate by check mark whether the Registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
Emerging growth company
Realogy Holdings Corp.
 
 
 
 
Realogy Group LLC
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the Registrants are a shell company (as defined in Rule 12b-2 of the Exchange Act).  
Realogy Holdings Corp. Yes   No  Realogy Group LLC Yes   No 
There were 114,323,679 shares of Common Stock, $0.01 par value, of Realogy Holdings Corp. outstanding as of August 6, 2019.
__________________________________________________________________________________________________________________


Table of Contents

TABLE OF CONTENTS
 
Page
 
 
 
PART I
FINANCIAL INFORMATION
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 2.
Item 6.




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INTRODUCTORY NOTE
Except as otherwise indicated or unless the context otherwise requires, the terms "we," "us," "our," "our company," "Realogy," "Realogy Holdings" and the "Company" refer to Realogy Holdings Corp., a Delaware corporation, and its consolidated subsidiaries, including Realogy Intermediate Holdings LLC, a Delaware limited liability company ("Realogy Intermediate"), and Realogy Group LLC, a Delaware limited liability company ("Realogy Group"). Neither Realogy Holdings, the indirect parent of Realogy Group, nor Realogy Intermediate, the direct parent company of Realogy Group, conducts any operations other than with respect to its respective direct or indirect ownership of Realogy Group. As a result, the consolidated financial positions, results of operations and cash flows of Realogy Holdings, Realogy Intermediate and Realogy Group are the same.
Realogy Holdings is not a party to the Amended and Restated Credit Agreement dated as of March 5, 2013, as amended, amended and restated, modified or supplemented from time to time (the "Senior Secured Credit Agreement") that governs our senior secured credit facility (the "Senior Secured Credit Facility", which includes our "Revolving Credit Facility" and our "Term Loan B") and the Term Loan A Agreement dated as of October 23, 2015, as amended from time to time (the "Term Loan A Agreement") that governs our senior secured term loan A credit facility (the "Term Loan A Facility") and certain references in this report to our consolidated indebtedness exclude Realogy Holdings with respect to indebtedness under the Senior Secured Credit Facility and Term Loan A Facility. In addition, while Realogy Holdings is a guarantor of Realogy Group's obligations under its unsecured notes, Realogy Holdings is not subject to the restrictive covenants in the indentures governing such indebtedness.
As used in this Quarterly Report on Form 10-Q, the terms "5.25% Senior Notes", "4.875% Senior Notes" and "9.375% Senior Notes" refer to our 5.25% Senior Notes due 2021, our 4.875% Senior Notes due 2023, and our 9.375% Senior Notes due 2027, respectively, and are referred to collectively as the "Unsecured Notes." The term "4.50% Senior Notes" refers to our 4.50% Senior Notes due 2019 (paid in full in February 2019).


1

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FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by the use of words such as "believe," "expect," "anticipate," "intend," "project," "estimate," "plan," and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts.
In particular, information appearing under "Management's Discussion and Analysis of Financial Condition and Results of Operations" includes forward-looking statements. Forward-looking statements inherently involve many risks and uncertainties that could cause actual results to differ materially from those projected in these statements. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, it is based on management's current plans and expectations, expressed in good faith and believed to have a reasonable basis. However, we can give no assurance that any such expectation or belief will result or will be achieved or accomplished.
The following include some, but not all, of the factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements:
adverse developments or the absence of sustained improvement in general business, economic or political conditions or the U.S. residential real estate markets, either regionally or nationally, including but not limited to:
a decline or a lack of improvement in the number of homesales;
stagnant or declining home prices;
a reduction in the affordability of housing;
increasing mortgage rates and/or constraints on the availability of mortgage financing;
insufficient or excessive home inventory levels by market and price point;
a lack of improvement or deceleration in the building of new housing and/or irregular timing or volume of new development closings;
the potential negative impact of certain provisions of the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) on (i) home values over time in states with high property, sales and state and local income taxes and (ii) homeownership rates; and/or
the impact of recessions, slow economic growth, or a deterioration in other economic factors that particularly impact the residential real estate market and the business segments in which we operate whether broadly or by geography and price segments;
the impact of increased competition in the industry and for the affiliation of independent sales agents on our results of operations and market share, including competition from:
real estate brokerages, including those seeking to disrupt historic real estate brokerage models;
other industry participants seeking to eliminate brokers or agents from, or minimize the role they play in, the homesale transaction; and
other industry participants otherwise competing for a portion of gross commission income;
continuing pressure on the share of gross commission income paid by our company owned brokerages and affiliated franchisees to affiliated independent sales agents and independent sales agent teams;
our inability to successfully develop or procure technology that supports our strategy to grow the base of independent sales agents at our company owned and franchisee real estate brokerages;
our geographic and high-end market concentration, including the heightened competition for independent sales agents in those geographies and price points;
our inability to enter into franchise agreements with new franchisees or renew existing franchise agreements at current contractual royalty rates without increasing the amount and prevalence of sales incentives;
the lack of revenue growth or declining profitability of our franchisees and company owned brokerage operations or declines in other revenue streams, such as third-party listing fees;
negative industry or business trends (including further declines in our market capitalization) may have an impact on our valuation of goodwill and intangibles;


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the loss of a significant affinity client or multiple significant relocation clients or changes in corporate relocation practices resulting in fewer employee relocations, reduced relocation benefits and/or increasing competition in corporate relocation;
an increase in the experienced claims losses of our title underwriter;
our failure or alleged failure to comply with laws, regulations and regulatory interpretations and any changes or stricter interpretations of any of the foregoing (whether through private litigation or governmental action), including but not limited to (1) state or federal employment laws or regulations that would require reclassification of independent contractor sales agents to employee status, (2) privacy or data security laws and regulations, (3) the Real Estate Settlement Procedures Act ("RESPA") or other federal or state consumer protection or similar laws and (4) antitrust laws and regulations;
risks relating to our ability to return capital to stockholders including, among other risks, the restrictions contained in our debt agreements, in particular the indenture governing the 9.375% Senior Notes;
risks associated with our substantial indebtedness and interest obligations and restrictions contained in our debt agreements, including risks relating to having to dedicate a significant portion of our cash flows from operations to service our debt and risks relating to our ability to refinance or repay our indebtedness or incur additional indebtedness; and
risks and growing costs related to both cybersecurity threats to our data and customer, franchisee, employee and independent sales agent data, as well as those related to our compliance with the growing number of laws, regulations and other requirements related to the protection of personal information.
More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2018 (the "2018 Form 10-K"), particularly under the captions "Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Most of these factors are difficult to anticipate and are generally beyond our control. You should consider these factors in connection with any forward-looking statements that may be made by us and our businesses generally.
All forward-looking statements herein speak only as of the date of this report and are expressly qualified in their entirety by the cautionary statements included in or incorporated by reference into this report. Except as is required by law, we expressly disclaim any obligation to publicly release any revisions to forward-looking statements to reflect events after the date of this report. For any forward-looking statement contained in this report, our public filings or other public statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.


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PART I - FINANCIAL INFORMATION
Item 1.    Financial Statements.
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of Realogy Holdings Corp.
Results of Review of Interim Financial Statements
We have reviewed the accompanying condensed consolidated balance sheet of Realogy Holdings Corp. and its subsidiaries (the "Company") as of June 30, 2019, and the related condensed consolidated statements of operations, and comprehensive income (loss) for the three-month and six-month periods ended June 30, 2019 and 2018, and of cash flows for the six-month periods ended June 30, 2019 and 2018, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Company as of December 31, 2018, and the related consolidated statements of operations, comprehensive income, equity, and of cash flows for the year then ended (not presented herein), and in our report dated February 26, 2019, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2018, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.  
Basis for Review Results
These interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.


/s/ PricewaterhouseCoopers LLP
Florham Park, New Jersey
August 8, 2019


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Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholder of Realogy Group LLC
Results of Review of Interim Financial Statements
We have reviewed the accompanying condensed consolidated balance sheet of Realogy Group LLC and its subsidiaries (the "Company") as of June 30, 2019, and the related condensed consolidated statements of operations, and comprehensive income (loss) for the three-month and six-month periods ended June 30, 2019 and 2018, and of cash flows for the six-month periods ended June 30, 2019 and 2018, including the related notes (collectively referred to as the "interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with auditing standards generally accepted in the United States of America, the consolidated balance sheet of the Company as of December 31, 2018, and the related consolidated statements of operations, comprehensive income, and of cash flows for the year then ended (not presented herein), and in our report dated February 26, 2019, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2018, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.
Basis for Review Results
These interim financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our reviews in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America applicable to reviews of interim financial information. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB or in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.


/s/ PricewaterhouseCoopers LLP
Florham Park, New Jersey
August 8, 2019



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REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Gross commission income
$
1,310

 
$
1,388

 
$
2,109

 
$
2,290

Service revenue
253

 
263

 
441

 
460

Franchise fees
112

 
114

 
182

 
193

Other
60

 
55

 
117

 
106

Net revenues
1,735

 
1,820

 
2,849

 
3,049

Expenses
 
 
 
 
 
 
 
Commission and other agent-related costs
955

 
1,009

 
1,530

 
1,654

Operating
390

 
392

 
770

 
784

Marketing
69

 
69

 
138

 
136

General and administrative
82

 
75

 
177

 
164

Restructuring costs, net
9

 
6

 
21

 
36

Impairment
2

 

 
3

 

Depreciation and amortization
50

 
49

 
99

 
97

Interest expense, net
81

 
46

 
144

 
79

Loss on the early extinguishment of debt

 

 
5

 
7

Total expenses
1,638

 
1,646

 
2,887

 
2,957

Income (loss) before income taxes, equity in (earnings) losses and noncontrolling interests
97

 
174

 
(38
)
 
92

Income tax expense (benefit)
34

 
52

 
(1
)
 
33

Equity in (earnings) losses of unconsolidated entities
(7
)
 
(2
)
 
(8
)
 
2

Net income (loss)
70

 
124

 
(29
)
 
57

Less: Net income attributable to noncontrolling interests
(1
)
 
(1
)
 
(1
)
 
(1
)
Net income (loss) attributable to Realogy Holdings and Realogy Group
$
69

 
$
123

 
$
(30
)
 
$
56

 
 
 
 
 
 
 
 
Earnings (loss) per share attributable to Realogy Holdings:
Basic earnings (loss) per share
$
0.60

 
$
0.97

 
$
(0.26
)
 
$
0.44

Diluted earnings (loss) per share
$
0.60

 
$
0.96

 
$
(0.26
)
 
$
0.43

Weighted average common and common equivalent shares of Realogy Holdings outstanding:
Basic
114.3

 
126.5

 
114.1

 
128.4

Diluted
114.9

 
127.6

 
114.1

 
129.7




See Notes to Condensed Consolidated Financial Statements.
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REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
70

 
$
124

 
$
(29
)
 
$
57

Currency translation adjustment
(1
)
 
(3
)
 

 
(2
)
Defined benefit pension plan - amortization of actuarial loss to periodic pension cost

 

 
1

 
1

Other comprehensive (loss) income, before tax
(1
)
 
(3
)
 
1

 
(1
)
Income tax expense related to items of other comprehensive income amounts

 

 

 

Other comprehensive (loss) income, net of tax
(1
)
 
(3
)
 
1

 
(1
)
Comprehensive income (loss)
69

 
121

 
(28
)
 
56

Less: comprehensive income attributable to noncontrolling interests
(1
)
 
(1
)
 
(1
)
 
(1
)
Comprehensive income (loss) attributable to Realogy Holdings and Realogy Group
$
68

 
$
120

 
$
(29
)
 
$
55





See Notes to Condensed Consolidated Financial Statements.
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REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
 
June 30,
2019
 
December 31,
2018
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
270

 
$
225

Restricted cash
8

 
13

Trade receivables (net of allowance for doubtful accounts of $12 and $9)
185

 
146

Relocation receivables
290

 
231

Other current assets
157

 
153

Total current assets
910

 
768

Property and equipment, net
311

 
304

Operating lease assets, net
536

 

Goodwill
3,712

 
3,712

Trademarks
749

 
749

Franchise agreements, net
1,193

 
1,227

Other intangibles, net
240

 
254

Other non-current assets
303

 
276

Total assets
$
7,954

 
$
7,290

LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
198

 
$
147

Securitization obligations
204

 
231

Current portion of long-term debt
364

 
748

Current portion of operating lease liabilities
131

 

Accrued expenses and other current liabilities
383

 
401

Total current liabilities
1,280

 
1,527

Long-term debt
3,325

 
2,800

Long-term operating lease liabilities
465

 

Deferred income taxes
385

 
389

Other non-current liabilities
246

 
259

Total liabilities
5,701

 
4,975

Commitments and contingencies (Note 9)
 
 
 
Equity:
 
 
 
Realogy Holdings preferred stock: $.01 par value; 50,000,000 shares authorized, none issued and outstanding at June 30, 2019 and December 31, 2018

 

Realogy Holdings common stock: $.01 par value; 400,000,000 shares authorized, 114,303,786 shares issued and outstanding at June 30, 2019 and 114,620,499 shares issued and outstanding at December 31, 2018
1

 
1

Additional paid-in capital
4,837

 
4,869

Accumulated deficit
(2,537
)
 
(2,507
)
Accumulated other comprehensive loss
(51
)
 
(52
)
Total stockholders' equity
2,250

 
2,311

Noncontrolling interests
3

 
4

Total equity
2,253

 
2,315

Total liabilities and equity
$
7,954

 
$
7,290



See Notes to Condensed Consolidated Financial Statements.
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REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 
Six Months Ended
June 30,
 
2019
 
2018
Operating Activities
 
 
 
Net (loss) income
$
(29
)
 
$
57

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
99

 
97

Deferred income taxes
(4
)
 
22

Impairment
3

 

Amortization of deferred financing costs and debt discount
5

 
7

Loss on the early extinguishment of debt
5

 
7

Equity in (earnings) losses of unconsolidated entities
(8
)
 
2

Stock-based compensation
15

 
21

Mark-to-market adjustments on derivatives
38

 
(13
)
Other adjustments to net (loss) income
(3
)
 
1

Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
 
 
 
Trade receivables
(38
)
 
(44
)
Relocation receivables
(59
)
 
(114
)
Other assets
(9
)
 
(18
)
Accounts payable, accrued expenses and other liabilities
41

 
(13
)
Dividends received from unconsolidated entities
1

 
1

Other, net
(1
)
 
(4
)
Net cash provided by operating activities
56

 
9

Investing Activities
 
 
 
Property and equipment additions
(54
)
 
(49
)
Payments for acquisitions, net of cash acquired
(1
)
 
(1
)
Investment in unconsolidated entities
(10
)
 
(15
)
Proceeds from investments in unconsolidated entities

 
19

Other, net
3

 
1

Net cash used in investing activities
(62
)
 
(45
)
Financing Activities
 
 
 
Net change in Revolving Credit Facility
60

 
242

Payments for refinancing of Term Loan B

 
(4
)
Proceeds from refinancing of Term Loan A & A-1

 
17

Proceeds from issuance of Senior Notes
550

 

Redemption of Senior Notes
(450
)
 

Amortization payments on term loan facilities
(15
)
 
(10
)
Net change in securitization obligations
(27
)
 
67

Debt issuance costs
(9
)
 
(16
)
Cash paid for fees associated with early extinguishment of debt
(4
)
 

Repurchase of common stock
(20
)
 
(200
)
Dividends paid on common stock
(21
)
 
(23
)
Taxes paid related to net share settlement for stock-based compensation
(6
)
 
(10
)
Payments of contingent consideration related to acquisitions
(2
)
 
(4
)
Other, net
(10
)
 
(17
)
Net cash provided by financing activities
46

 
42

Effect of changes in exchange rates on cash, cash equivalents and restricted cash

 
(1
)
Net increase in cash, cash equivalents and restricted cash
40

 
5

Cash, cash equivalents and restricted cash, beginning of period
238

 
234

Cash, cash equivalents and restricted cash, end of period
$
278

 
$
239

Supplemental Disclosure of Cash Flow Information
 
 
 
Interest payments (including securitization interest of $4 for both periods presented)
$
99

 
$
87

Income tax payments, net
6

 
8



See Notes to Condensed Consolidated Financial Statements.
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REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise noted, all amounts are in millions)
(Unaudited)
1.
BASIS OF PRESENTATION
Realogy Holdings Corp. ("Realogy Holdings", "Realogy" or the "Company") is a holding company for its consolidated subsidiaries including Realogy Intermediate Holdings LLC ("Realogy Intermediate") and Realogy Group LLC ("Realogy Group") and its consolidated subsidiaries. Realogy, through its subsidiaries, is a global provider of residential real estate services. Neither Realogy Holdings, the indirect parent of Realogy Group, nor Realogy Intermediate, the direct parent company of Realogy Group, conducts any operations other than with respect to its respective direct or indirect ownership of Realogy Group. As a result, the consolidated financial positions, results of operations, comprehensive income and cash flows of Realogy Holdings, Realogy Intermediate and Realogy Group are the same.
The accompanying Condensed Consolidated Financial Statements include the financial statements of Realogy Holdings and Realogy Group. Realogy Holdings' only asset is its investment in the common stock of Realogy Intermediate, and Realogy Intermediate's only asset is its investment in Realogy Group. Realogy Holdings' only obligations are its guarantees of certain borrowings and certain franchise obligations of Realogy Group. All expenses incurred by Realogy Holdings and Realogy Intermediate are for the benefit of Realogy Group and have been reflected in Realogy Group's Condensed Consolidated Financial Statements.
The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America and with Article 10 of Regulation S-X. Interim results may not be indicative of full year performance because of seasonal and short-term variations. The Company has eliminated all material intercompany transactions and balances between entities consolidated in these financial statements. In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the amounts reported and the related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ materially from those estimates.
In management's opinion, the accompanying unaudited Condensed Consolidated Financial Statements reflect all normal and recurring adjustments necessary for a fair statement of Realogy Holdings and Realogy Group's financial position as of June 30, 2019 and the results of operations and comprehensive income for the three and six months ended June 30, 2019 and 2018 and cash flows for the six months ended June 30, 2019 and 2018. The Consolidated Balance Sheet at December 31, 2018 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2018.
As discussed in further detail below under Recently Adopted Accounting Pronouncements, effective January 1, 2019, the Company adopted Accounting Standard Update No. 2016-02 (Topic 842) "Leases". The adoption of this standard is reflected in the amounts and disclosures set forth in this Form 10-Q.
Fair Value Measurements
The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.
Level Input:
 
Input Definitions:
 
 
 
Level I
 
Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the
measurement date.
 
 
Level II
 
Inputs other than quoted prices included in Level I that are observable for the asset or liability through
corroboration with market data at the measurement date.
 
 
Level III
 
Unobservable inputs that reflect management’s best estimate of what market participants would use in
pricing the asset or liability at the measurement date.


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The availability of observable inputs can vary from asset to asset and is affected by a wide variety of factors, including, for example, the type of asset, whether the asset is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level III. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The fair value of financial instruments is generally determined by reference to quoted market values. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques, as appropriate. The fair value of interest rate swaps is determined based upon a discounted cash flow approach.
The Company measures financial instruments at fair value on a recurring basis and recognizes transfers within the fair value hierarchy at the end of the fiscal quarter in which the change in circumstances that caused the transfer occurred.
The following table summarizes fair value measurements by level at June 30, 2019 for assets and liabilities measured at fair value on a recurring basis:
 
Level I
 
Level II
 
Level III
 
Total
Deferred compensation plan assets (included in other non-current assets)
$
2

 
$

 
$

 
$
2

Interest rate swaps (included in other non-current liabilities)

 
48

 

 
48

Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities)

 

 
5

 
5

The following table summarizes fair value measurements by level at December 31, 2018 for assets and liabilities measured at fair value on a recurring basis:
 
Level I
 
Level II
 
Level III
 
Total
Deferred compensation plan assets (included in other non-current assets)
$
2

 
$

 
$

 
$
2

Interest rate swaps (included in other non-current assets)

 
6

 

 
6

Interest rate swaps (included in other non-current liabilities)

 
16

 

 
16

Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities)

 

 
10

 
10


The fair value of the Company’s contingent consideration for acquisitions is measured using a probability weighted-average discount rate to estimate future cash flows based upon the likelihood of achieving future operating results for individual acquisitions.  These assumptions are deemed to be unobservable inputs and as such the Company’s contingent consideration is classified within Level III of the valuation hierarchy. The Company reassesses the fair value of the contingent consideration liabilities on a quarterly basis.
The following table presents changes in Level III financial liabilities measured at fair value on a recurring basis:
 
 
Level III
Fair value of contingent consideration at December 31, 2018
 
$
10

Additions: contingent consideration related to acquisitions completed during the period
 

Reductions: payments of contingent consideration
 
(3
)
Changes in fair value (reflected in General and administrative expenses)
 
(2
)
Fair value of contingent consideration at June 30, 2019
 
$
5




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The following table summarizes the principal amount of the Company’s indebtedness compared to the estimated fair value, primarily determined by quoted market values, at:
 
June 30, 2019
 
December 31, 2018
Debt
Principal Amount
 
Estimated
Fair Value (a)
 
Principal Amount
 
Estimated
Fair Value (a)
Senior Secured Credit Facility:
 
 
 
 
 
 
 
Revolving Credit Facility
$
330

 
$
330

 
$
270

 
$
270

Term Loan B
1,064

 
990

 
1,069

 
1,010

Term Loan A Facility:
 
 
 
 
 
 
 
Term Loan A
727

 
707

 
736

 
707

4.50% Senior Notes

 

 
450

 
447

5.25% Senior Notes
550

 
533

 
550

 
524

4.875% Senior Notes
500

 
451

 
500

 
434

9.375% Senior Notes
550

 
482

 

 

Securitization obligations
204

 
204

 
231

 
231

_______________
(a)
The fair value of the Company's indebtedness is categorized as Level II.
Equity Method Investments
At June 30, 2019 and December 31, 2018, the Company had various equity method investments aggregating $60 million and $51 million, respectively, which are recorded within other non-current assets on the accompanying Condensed Consolidated Balance Sheets. The investment balances at June 30, 2019 and December 31, 2018 included $52 million and $43 million, respectively, for the Company's investment in Guaranteed Rate Affinity, LLC ("Guaranteed Rate Affinity").
For the three months ended June 30, 2019 and 2018, the Company recorded equity earnings of $7 million and $2 million, respectively, at the Title and Settlement Services segment. For the six months ended June 30, 2019 and 2018, the Company recorded equity earnings of $8 million and equity losses of $2 million, respectively, at the Title and Settlement Services segment.
The Company received $1 million in cash dividends from equity method investments during both the six months ended June 30, 2019 and 2018. The Company invested $2 million and $4 million of cash into Guaranteed Rate Affinity during the six months ended June 30, 2019 and 2018, respectively.
Income Taxes
The Company's provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against the income before income taxes for the period.  In addition, non-recurring or discrete items are recorded in the period in which they occur.  The provision for income taxes was an expense of $34 million and $52 million for the three months ended June 30, 2019 and 2018, respectively, and a benefit of $1 million and an expense of $33 million for the six months ended June 30, 2019 and 2018, respectively.
Derivative Instruments
The Company records derivatives and hedging activities on the balance sheet at their respective fair values. The Company uses foreign currency forward contracts largely to manage its exposure to changes in foreign currency exchange rates associated with its foreign currency denominated receivables and payables.  The Company primarily manages its foreign currency exposure to the Swiss Franc, British Pound, Euro and Canadian Dollar. The Company has not elected to utilize hedge accounting for these forward contracts; therefore, any change in fair value is recorded in the Condensed Consolidated Statements of Operations. However, the fluctuations in the value of these forward contracts generally offset the impact of changes in the value of the underlying risk that they are intended to economically hedge. As of June 30, 2019, the Company had outstanding foreign currency forward contracts in an asset position with a fair value of less than $1 million and a notional value of $28 million. As of December 31, 2018, the Company had outstanding foreign currency forward contracts in a liability position with a fair value of less than $1 million and a notional value of $27 million.


12

Table of Contents

The Company also enters into interest rate swaps to manage its exposure to changes in interest rates associated with its variable rate borrowings. As of June 30, 2019, the Company had interest rate swaps with an aggregate notional value of $1,600 million to offset the variability in cash flows resulting from the term loan facilities as follows:
Notional Value (in millions)
 
Commencement Date
 
Expiration Date
$600
 
August 2015
 
August 2020
$450
 
November 2017
 
November 2022
$400

August 2020
 
August 2025
$150

November 2022
 
November 2027

The swaps help to protect our outstanding variable rate borrowings from future interest rate volatility. The Company has not elected to utilize hedge accounting for these interest rate swaps; therefore, any change in fair value is recorded in the Condensed Consolidated Statements of Operations.
The fair value of derivative instruments was as follows:
Not Designated as Hedging Instruments
 
Balance Sheet Location
 
June 30, 2019
 
December 31, 2018
Interest rate swap contracts
 
Other non-current assets
 
$

 
$
6

 
Other non-current liabilities
 
48

 
16


The effect of derivative instruments on earnings was as follows:
Derivative Instruments Not Designated as Hedging Instruments
 
Location of (Gain) or Loss Recognized for Derivative Instruments
 
(Gain) or Loss Recognized on Derivatives
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Interest rate swap contracts
 
Interest expense
 
$
24

 
$

 
$
38

 
$
(12
)
Foreign exchange contracts
 
Operating expense
 

 
(1
)
 

 
(1
)

Restricted Cash
Restricted cash primarily relates to amounts specifically designated as collateral for the repayment of outstanding borrowings under the Company’s securitization facilities. Such amounts approximated $8 million and $13 million at June 30, 2019 and December 31, 2018, respectively.
Revenue
Revenue is recognized upon the transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services in accordance with the revenue standard.  The Company's revenue is disaggregated by major revenue categories on our Condensed Consolidated Statements of Operations and further disaggregated by business segment as follows:
 
Three Months Ended June 30,
 
Real Estate Franchise Services
 
Company Owned Brokerage Services
 
Relocation Services
 
Title & Settlement Services
 
Corporate and Other
 
Total Company
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Gross commission income (a)
$

 
$

 
$
1,310

 
$
1,388

 
$

 
$

 
$

 
$

 
$

 
$

 
$
1,310

 
$
1,388

Service revenue (b)

 

 
3

 
2

 
96

 
104

 
154

 
157

 

 

 
253

 
263

Franchise fees (c)
196

 
203

 

 

 

 

 

 

 
(84
)
 
(89
)
 
112