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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, 2020
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
Commission File No. 333-148153
REALOGY HOLDINGS CORP.REALOGY GROUP LLC
(Exact name of registrant as specified in its charter)(Exact name of registrant as specified in its charter)
20-8050955 20-4381990
(I.R.S. Employer Identification Number)(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 classTrading Symbol(s)Name of each exchange on which registered
Realogy Holdings Corp.Common Stock, par value $0.01 per shareRLGYNew York Stock Exchange
Realogy Group LLCNoneNoneNone
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 filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 115,436,348 shares of Common Stock, $0.01 par value, of Realogy Holdings Corp. outstanding as of August 3, 2020.
__________________________________________________________________________________________________________________


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TABLE OF CONTENTS
Page
PART IFINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II
OTHER INFORMATION
Item 1.
Item 1A.
Item 5.
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 Facility") 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 both its unsecured and secured second lien notes (in each case on an unsecured senior subordinated basis), 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 "4.875% Senior Notes" and "9.375% Senior Notes" refer to 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 "7.625% Senior Secured Second Lien Notes" refer to our 7.625% Senior Secured Second Lien Notes due 2025. The term "5.25% Senior Notes" refers to our 5.25% Senior Notes due 2021 (paid in full in June 2020).
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."
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. Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the coronavirus disease (COVID-19) pandemic:
the extent, duration and severity of the spread of the COVID-19 pandemic and the extent, duration and severity of the economic consequences stemming from the COVID-19 crisis (including continued economic contraction) as well as related risks such as governmental regulation (including those that preclude or strictly limit showings of properties), changes in patterns of commerce or consumer activities and changes in consumer attitudes and the impact of any of the foregoing on our business, results of operations and liquidity;
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 in consumer confidence or spending;
weak capital, credit and financial markets and/or the instability of financial institutions;

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intensifying economic contraction in the U.S. economy, including the impact of recessions, slow economic growth, or a deterioration in other economic factors (including potential consumer, business or governmental defaults or delinquencies due to the COVID-19 crisis or otherwise);
continued low or accelerated declines in home inventory levels;
continuing high levels of unemployment and/or declining wages or stagnant wage growth in the U.S.;
the potential economic impact of the curtailment of one or more federal and/or state programs meant to assist businesses and individuals navigate COVID-19 related financial challenges;
an increase in potential homebuyers with low credit ratings, inability to afford down payments, or other mortgage challenges due to disrupted earnings, including constraints on the availability of mortgage financing;
an increase in foreclosure activity;
a decline or a lack of improvement in the number of homesales;
stagnant or declining home prices;
a reduction in the affordability of housing;
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, in particular in light of our market concentration in high-tax states; and/or
geopolitical and economic instability;
risks associated with our substantial indebtedness, interest obligations and the restrictions contained in our debt agreements, including risks relating to our ability to comply with the financial covenant under the Senior Secured Credit Facility and Term Loan A Facility and generate sufficient cash flows to service our debt (in particular if the COVID-19 crisis continues for a prolonged period) as well as risks relating to our having to dedicate a significant portion of our cash flows from operations to service our debt and our ability to refinance or repay our indebtedness or incur additional indebtedness;
risks related to disruptions in the securitization markets, including in connection with the COVID-19 crisis, which may adversely impact our ability to continue to securitize certain of the relocation assets of Cartus Relocation Services or increase our cost of funding;
the impact of increased competition in the industry for clients, for the affiliation of independent sales agents and for the affiliation of franchisees on our results of operations and market share, including competition from:
real estate brokerages, including those seeking to disrupt historical real estate brokerage models;
other industry participants seeking to eliminate brokers or agents from, or minimize the role they play in, the homesale transaction;
other industry participants otherwise competing for a portion of gross commission income; and
other residential real estate franchisors;
the impact of disruption in the residential real estate brokerage industry, and on our results of operations and financial condition, as a result of listing aggregator concentration and market power;
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 develop products, technology and programs (including our company-directed affinity programs) that support our strategy to grow the base of independent sales agents at our company owned and franchisee real estate brokerages and the base of our franchisees;
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, without reducing contractual royalty rates or 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;
increases in uncollectible accounts receivable and note reserves as a result of the adverse financial effects of the COVID-19 crisis on our franchisees and relocation clients;

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the potential impact of negative industry or business trends (including further declines in our market capitalization) on our valuation of goodwill and intangibles;
the extent of the negative impact of the discontinuation of the USAA affinity program on our revenues and profits derived from affinity program referrals (including revenue to Realogy Brokerage Group, Realogy Franchise Group (including Realogy Leads Group), and Realogy Title Group);
the loss of our next largest affinity client or multiple significant relocation clients;
risks related to our ongoing litigation with affiliates of Madison Dearborn Partners, LLC and SIRVA Worldwide, Inc. regarding the planned sale of Cartus Relocation Services, including that such transaction will not close;
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 related to the impact on our operations and financial results that may be caused by any future meaningful changes in industry operations or structure as a result of governmental pressures (including pressures for lower brokerage commission rates), the actions of certain competitors, the introduction or growth of certain competitive models, changes to the rules of the multiple listing services ("MLS"), or otherwise; 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 this Quarterly Report and our Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 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 Quarterly Report and are expressly qualified in their entirety by the cautionary statements included in or incorporated by reference into this Quarterly 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 Quarterly Report. For any forward-looking statement contained in this Quarterly 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, 2020, and the related condensed consolidated statements of operations and comprehensive (loss) income for the three-month and six-month periods ended June 30, 2020 and 2019, and of cash flows for the six-month periods ended June 30, 2020 and 2019, 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, 2019, and the related consolidated statements of operations, comprehensive (loss) income, equity and of cash flows for the year then ended (not presented herein), and in our report dated February 25, 2020, which included a paragraph describing a change in the manner of accounting for leases in the 2019 financial statements, 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, 2019, 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 6, 2020

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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, 2020, and the related condensed consolidated statements of operations and comprehensive (loss) income for the three-month and six-month periods ended June 30, 2020 and 2019, and of cash flows for the six-month periods ended June 30, 2020 and 2019, 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, 2019, and the related consolidated statements of operations, comprehensive (loss) income and of cash flows for the year then ended (not presented herein), and in our report dated February 25, 2020, which included a paragraph describing a change in the manner of accounting for leases in the 2019 financial statements, 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, 2019, 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 6, 2020


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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 EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Revenues
Gross commission income$919  $1,310  $1,769  $2,109  
Service revenue172  183  323  312  
Franchise fees85  112  156  182  
Other31  59  75  115  
Net revenues1,207  1,664  2,323  2,718  
Expenses
Commission and other agent-related costs685  955  1,315  1,530  
Operating286  343  611  673  
Marketing40  69  99  137  
General and administrative59  68  133  148  
Restructuring costs, net14  9  25  18  
Impairments7  2  454  3  
Depreciation and amortization46  43  91  84  
Interest expense, net59  80  160  143  
Loss on the early extinguishment of debt8    8  5  
Total expenses1,204  1,569  2,896  2,741  
Income (loss) from continuing operations before income taxes, equity in earnings and noncontrolling interests
3  95  (573) (23) 
Income tax expense (benefit) from continuing operations11  33  (121) 1  
Equity in earnings of unconsolidated entities(36) (7) (45) (8) 
Net income (loss) from continuing operations28  69  (407) (16) 
(Loss) income from discontinued operations, net of tax(9) 1  (14) (13) 
Estimated loss on the sale of discontinued operations, net of tax(32)   (54)   
Net (loss) income from discontinued operations(41) 1  (68) (13) 
Net (loss) income(13) 70  (475) (29) 
Less: Net income attributable to noncontrolling interests(1) (1) (1) (1) 
Net (loss) income attributable to Realogy Holdings and Realogy Group
$(14) $69  $(476) $(30) 
Basic (loss) earnings per share attributable to Realogy Holdings shareholders:
Basic earnings (loss) per share from continuing operations$0.23  $0.59  $(3.55) $(0.15) 
Basic (loss) earnings per share from discontinued operations(0.35) 0.01  (0.59) (0.11) 
Basic (loss) earnings per share$(0.12) $0.60  $(4.14) $(0.26) 
Diluted (loss) earnings per share attributable to Realogy Holdings shareholders:
Diluted earnings (loss) per share from continuing operations$0.23  $0.59  $(3.55) $(0.15) 
Diluted (loss) earnings per share from discontinued operations(0.35) 0.01  (0.59) (0.11) 
Diluted (loss) earnings per share$(0.12) $0.60  $(4.14) $(0.26) 
Weighted average common and common equivalent shares of Realogy Holdings outstanding:
Basic115.4  114.3  115.0  114.1  
Diluted116.2  114.9  115.0  114.1  

See Notes to Condensed Consolidated Financial Statements.
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REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(In millions)
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2020201920202019
Net (loss) income$(13) $70  $(475) $(29) 
Currency translation adjustment1  (1) (1)   
Defined benefit pension plan—amortization of actuarial loss to periodic pension cost
    1  1  
Other comprehensive income (loss), before tax1  (1)   1  
Income tax expense (benefit) related to items of other comprehensive income amounts
        
Other comprehensive income (loss), net of tax1  (1)   1  
Comprehensive (loss) income(12) 69  (475) (28) 
Less: comprehensive income attributable to noncontrolling interests
(1) (1) (1) (1) 
Comprehensive (loss) income attributable to Realogy Holdings and Realogy Group
$(13) $68  $(476) $(29) 


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,
2020
December 31,
2019
 
ASSETS
Current assets:
Cash and cash equivalents$686  $235  
Trade receivables (net of allowance for doubtful accounts of $14 and $11)
92  79  
Other current assets173  147  
Current assets - held for sale631  750  
Total current assets1,582  1,211  
Property and equipment, net293  308  
Operating lease assets, net491  515  
Goodwill2,887  3,300  
Trademarks643  673  
Franchise agreements, net1,126  1,160  
Other intangibles, net70  72  
Other non-current assets341  304  
Total assets$7,433  $7,543  
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$86  $84  
Current portion of long-term debt868  234  
Current portion of operating lease liabilities121  122  
Accrued expenses and other current liabilities332  350  
Current liabilities - held for sale231  356  
Total current liabilities1,638  1,146  
Long-term debt3,175  3,211  
Long-term operating lease liabilities455  467  
Deferred income taxes249  390  
Other non-current liabilities291  233  
Total liabilities5,808  5,447  
Commitments and contingencies (Note 9)
Equity:
Realogy Holdings preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued and outstanding at June 30, 2020 and December 31, 2019
    
Realogy Holdings common stock: $0.01 par value; 400,000,000 shares authorized, 115,424,033 shares issued and outstanding at June 30, 2020 and 114,355,519 shares issued and outstanding at December 31, 2019
1  1  
Additional paid-in capital4,847  4,842  
Accumulated deficit(3,171) (2,695) 
Accumulated other comprehensive loss(56) (56) 
Total stockholders' equity1,621  2,092  
Noncontrolling interests4  4  
Total equity1,625  2,096  
Total liabilities and equity$7,433  $7,543  


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,
 20202019
Operating Activities
Net loss$(475) $(29) 
Net loss from discontinued operations68  13  
Net loss from continuing operations(407) (16) 
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities:
Depreciation and amortization91  84  
Deferred income taxes(117) (2) 
Impairments454  3  
Amortization of deferred financing costs and debt discount5  5  
Loss on the early extinguishment of debt8  5  
Equity in earnings of unconsolidated entities(45) (8) 
Stock-based compensation10  14  
Mark-to-market adjustments on derivatives59  38  
Other adjustments to net loss  (2) 
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables(13) (43) 
Other assets(9) (13) 
Accounts payable, accrued expenses and other liabilities(15) 48  
Dividends received from unconsolidated entities22  1  
Other, net(8) (1) 
Net cash provided by operating activities from continuing operations35  113  
Net cash used in operating activities from discontinued operations(2) (57) 
Net cash provided by operating activities33  56  
Investing Activities
Property and equipment additions(41) (50) 
Payments for acquisitions, net of cash acquired(1) (1) 
Investment in unconsolidated entities(2) (10) 
Other, net(11) 3  
Net cash used in investing activities from continuing operations(55) (58) 
Net cash used in investing activities from discontinued operations(8) (4) 
Net cash used in investing activities$(63) $(62) 
See Notes to Condensed Consolidated Financial Statements.
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 Six Months Ended
June 30,
 20202019
Financing Activities
Net change in Revolving Credit Facility$625  $60  
Proceeds from issuance of Senior Secured Second Lien Notes550    
Proceeds from issuance of Senior Notes  550  
Redemption of Senior Notes(550) (450) 
Amortization payments on term loan facilities(19) (15) 
Debt issuance costs(8) (9) 
Cash paid for fees associated with early extinguishment of debt(7) (4) 
Repurchase of common stock  (20) 
Dividends paid on common stock  (21) 
Taxes paid related to net share settlement for stock-based compensation(5) (6) 
Payments of contingent consideration related to acquisitions  (2) 
Other, net(15) (13) 
Net cash provided by financing activities from continuing operations571  70  
Net cash used in financing activities from discontinued operations(103) (24) 
Net cash provided by financing activities468  46  
Effect of changes in exchange rates on cash, cash equivalents and restricted cash    
Net increase in cash, cash equivalents and restricted cash438  40  
Cash, cash equivalents and restricted cash, beginning of period266  238  
Cash, cash equivalents and restricted cash, end of period704  278  
Less cash, cash equivalents and restricted cash of discontinued operations, end of period18  18  
Cash, cash equivalents and restricted cash of continuing operations, end of period$686  $260  
Supplemental Disclosure of Cash Flow Information
Interest payments for continuing operations$102  $95  
Income tax payments for continuing operations, net  6  

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.