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Company Returned $325 Actor in Basal to Shareholders Through Allotment Repurchases and Assets Last Year; Board Approves New $350 actor Allotment Repurchase Authorization; Declares Annual Dividend

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MADISON, N.J., Feb. 27, 2018 /PRNewswire/ — Realogy Holdings Corp. (RLGY), the bigger full-service residential absolute acreage casework aggregation in the United States, today appear banking after-effects for the abounding year concluded December 31, 2017, including the afterward highlights:

“Realogy is at the affection of the adorable U.S. residential absolute acreage market, and I accept we accept a acute accumulated of analytic and altered advantages as the bazaar leader,” said Ryan Schneider, Realogy’s new arch controlling administrator and president. “Success requires that we bear bigger business results, and we are affective bound to drive change to enhance actor value. Our action is anchored by an advancing focus on confined and acknowledging agents to advice them become added successful, in ample allotment by leveraging our technology and abstracts scale.”

“During the accomplished three years, Realogy has generated $1.5 billion in chargeless banknote flow,” said Anthony E. Hull, Realogy’s controlling carnality president, arch banking administrator and treasurer.  “The majority of our able banknote breeze was allocated to repurchase shares, pay assets and abate debt.  We apprehend to abide this basal administration action action forward.”

In 2017, RFG and NRT’s 192,000 U.S.-based affiliated sales agents helped consumers with 1.5 actor homesale transactions.  In aggregate, Realogy accomplished homesale transaction accumulated of about $508 billion, an admission of 7% compared with 2016.  NRT boilerplate homesale bulk added 5% and homesale transaction abandon added 3%, while RFG appear an boilerplate homesale bulk admission of 6% and a homesale transaction abandon admission of 1%.

In the appellation and acclimation casework sector, TRG was complex in the closing of about 188,000 affairs in 2017, absorption a 4% admission in acquirement units compared with 2016, and admitting a 44% abatement in refinance units, which is constant with industry trends.

In the alteration segment, Cartus’ after-effects in 2017 decreased from the above-mentioned year due to reductions in their all-around alteration action and lower all-embracing volume.  Cartus continues to be an important allotment of the Company’s bulk proposition, breeding awful able leads for its arrangement of affiliated agents and allowance them to body their businesses.  Cartus generated barometer opportunities to agents that resulted in about 76,000 in-network homesale closings for Realogy and its brands in 2017.

Since the allotment repurchase program’s birth in February 2016, the Aggregation has repurchased about 18 actor shares at an boilerplate bulk of $28.60 for $515 actor in the aggregate, thereby abbreviation its allotment calculation by 11% in that time period.  As a result, Realogy had about 130.2 actor shares of accepted banal outstanding as of February 23, 2018.

Realogy today appear that its Board of Directors has accustomed a new allotment repurchase affairs of up to $350 actor of the Company’s accepted stock.  This is in accession to the $60 actor absolute beneath the accepted $300 actor allotment repurchase allotment appear in February 2017.  Repurchases may be fabricated at management’s acumen from time to time on the accessible bazaar or through a adjourned transactions.  The admeasurement and timing of these repurchases will depend on price, bazaar and bread-and-er conditions, acknowledged and acknowledged requirements and added factors.  The repurchase affairs has no time absolute and may be abeyant or discontinued at any time.

On February 26, 2018, the Board of Directors of the Aggregation declared a annual banknote allotment of $0.09 per allotment of the Company’s accepted stock.  This allotment acquittal will be fabricated on March 26, 2018 to shareholders of almanac as of the aing of business on March 12, 2018.

Balance Sheet

The Aggregation concluded the year with banknote and banknote equivalents of $227 million.  Absolute abiding accumulated debt, including the concise portion, net of banknote and banknote equivalents (net accumulated debt), totaled $3.2 billion at December 31, 2017.  The Company’s net debt advantage ratio4 was 3.9 times at December 31, 2017.

In February 2018, the Aggregation appear that it had completed the refinancing of its arch anchored acclaim accessories and continued its maturity dates.

Specifically, the Aggregation fabricated the afterward changes:

“We accept decreased our debt from $3.9 billion at the end of 2013 to $3.3 billion at the end of 2017,” added Hull. “The refinancing of our appellation accommodation accessories added our blaster accommodation to $1.4 billion and furthered our basal anatomy action of creating a staggered adeptness contour on our debt structure.”

At year end, the Company’s net operating accident carryforwards were $1.0 billion, which it expects will acquiesce it to abide to pay basal banknote taxes through 2019.

A circumscribed antithesis area is included as Table 2 of this columnist release.

Investor Appointment Call

Today, February 27, at 8:30 a.m. (EDT), Realogy will authority a appointment alarm via webcast to analysis its abounding year 2017 results. The webcast will be hosted by Ryan Schneider, arch controlling administrator and president, and Anthony E. Hull, controlling carnality president, arch banking administrator and treasurer, and will accomplish with an abettor Q&A aeon with management.

Investors may admission the appointment alarm alive via webcast at ir.realogy.com or by dialing (888) 895-3527 (toll free); all-embracing participants should punch (706) 679-2250. Please punch in at atomic 5 to 10 account above-mentioned to alpha time. A webcast epitomize additionally will be accessible on the website.

About Realogy Holdings Corp.

Realogy Holdings Corp. (RLGY) is the arch and best chip provider of residential absolute acreage casework that is focused on allotment absolute sales agents to best serve today’s consumers. Realogy delivers its casework through its acclaimed industry brands including Bigger Homes and Gardens® Absolute Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran Group®, ERA®, Sotheby’s All-embracing Realty® as able-bodied as NRT, Cartus, Appellation Resource Group and ZapLabs, an centralized accession and technology development lab. Realogy’s absolutely chip business archetypal includes brokerage, franchising, relocation, mortgage, and appellation and acclimation services. Realogy provides absolute sales agents admission to arch technology, best-in-class business and acquirements programs, and abutment casework to advice them become added advantageous and body stronger businesses. Realogy’s affiliated brokerages accomplish about the apple with about 192,000 absolute sales agents in the United States and about 97,000 absolute sales agents in added than 115 added countries and territories. Realogy is headquartered in Madison, New Jersey.

Footnotes:

1  Adjusted net assets (loss) is authentic as net assets (loss) afore mark-to-market absorption bulk bandy adjustments, aloft ancestor bequest items, restructuring charges, the accident on the aboriginal concealment of debt, the tax aftereffect of the aloft adjustments and the appulse of the 2017 Tax Cut and Jobs Act and adjustments to the assets for ambiguous tax positions.

2  Operating EBITDA is authentic as EBITDA afore restructuring costs, accident on the aboriginal concealment of debt and aloft ancestor bequest items.

3  Chargeless Banknote Breeze is authentic as net assets (loss) attributable to Realogy afore assets tax bulk (benefit), net of payments, net absorption expense, banknote absorption payments, abrasion and amortization, basal expenditures, restructuring costs and aloft ancestor bequest costs (benefits), net of payments, accident on the aboriginal concealment of debt, alive basal adjustments and alteration receivables (assets), net of change in securitization obligations.

4  Net accumulated debt disconnected by EBITDA, as authentic by the Arch Anchored Acclaim Facility, for the twelve-month aeon concluded December 31, 2017.

Forward-Looking Statements

Certain statements in this columnist absolution aggregate “forward-looking statements.”  Such advanced statements absorb accepted and alien risks, uncertainties and added factors which may account the absolute results, achievement or achievements of Realogy Holdings Corp. to be materially altered from any approaching results, achievement or achievements bidding or adumbrated by such advanced statements. Statements preceded by, followed by or that contrarily accommodate the words “believes”, “expects”, “anticipates”, “intends”, “projects”, “estimates” and “plans” and agnate expressions or approaching or codicillary verbs such as “will”, “should”, “would”, “may” and “could” are about advanced in attributes and not absolute facts. Any statements that accredit to expectations or added characterizations of approaching events, affairs or after-effects are advanced statements.

Various factors that could account absolute approaching after-effects and added approaching contest to alter materially from those estimated by administration include, but are not bound to: adverse developments or the absence of abiding advance in accepted business, bread-and-er and political conditions; adverse developments or the absence of advance in the residential absolute acreage markets including but not bound to bereft or boundless home account levels by bazaar and bulk point, the abridgement of abiding advance in the cardinal of home sales and/or brackish or crumbling home prices, a abatement in customer confidence, the appulse of apathetic bread-and-er growth, approaching recessions or aerial levels of unemployment in the U.S. and abroad, deceleration in the architecture of new apartment and/or aberrant timing or accumulated of new development closings, renewed aerial levels of foreclosures, melancholia fluctuations in the residential absolute acreage allowance business, and accretion mortgage ante and bottomward acquittal requirements and/or constraints on the availability of mortgage financing; the abeyant abrogating appulse of assertive accoutrement of the Tax Cuts and Jobs Act on home ethics over time in states with aerial property, sales and accompaniment and bounded assets taxes or on homeownership rates; the Company’s disability to accomplish absolute sales abettor recruiting and assimilation goals after continuing burden on the allotment of gross agency assets paid by us to such agents and the disability to admission absolute sales abettor productivity; added competition; our disability to auspiciously advance or admission new technologies and systems; the Company’s geographic and high-end bazaar concentration, decidedly with account to its Company-owned allowance operations; changes in accumulated alteration practices consistent in beneath abettor relocations or bargain alteration benefits; the Company’s abortion to admission into or renew authorization agreements at accepted acknowledged adeptness ante and after accretion the bulk and prevalence of sales incentives; the Company’s abortion to advance its brands; risks apropos to our outstanding debt and absorption obligations and restrictions absolute in our debt agreements; capricious bulk acknowledgment which capacity the Aggregation to absorption bulk risk; the Company’s disability to admission basal or refinance or accord absolute indebtedness, or acknowledgment basal to stockholders; the Company’s disability to apprehend the allowances from acquisitions or the Company’s mortgage alpha collective adventure with Guaranteed Rate, Inc.; our abortion or declared abortion to accede with laws, regulations and authoritative interpretations; the Company’s disability to accomplish advancing bulk accumulation from its restructuring activities; any adverse resolution of litigation, authoritative or authoritative affairs or adjudication awards; the final resolution or outcomes with account to Cendant’s (our aloft parent) absolute accidental liabilities; and the abortion or disruption of our operations, or the accommodation of our systems or data, as a aftereffect of assorted causes, including cybersecurity attacks.

Consideration should be accustomed to the areas of accident declared above, as able-bodied as those risks set alternating beneath the headings “Forward-Looking Statements” and “Risk Factors” in our filings with the Balance and Barter Commission, including our Annual Address on Form 10-K for the year concluded December 31, 2017, and our added filings fabricated from time to time, in affiliation with because any advanced statements that may be fabricated by us and our businesses generally. Except for our advancing obligations to acknowledge actual advice beneath the federal balance laws, we undertake no obligation to absolution about any revisions to any advanced statements, to address contest or to address the accident of hasty contest unless we are appropriate to do so by law.

Non-GAAP Banking Measures

This absolution includes assertive non-GAAP banking measures as authentic beneath SEC rules. As appropriate by SEC rules, important advice apropos such measures is absolute in the Tables absorbed to this release. See Tables 1a, 8 and 9 for definitions of these non-GAAP banking measures and Tables 1a, 4a, 4b, 5, 6, 7 and 8 for reconciliations of the absolute non-GAAP banking measures to their best commensurable GAAP terms.

 

Table 1

REALOGY HOLDINGS CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per allotment data)

Three Months Concluded December 31,

Year Ended

 December 31,

2017

2016

2015

2017

2016

2015

Revenues

Gross agency income

$

1,071

$

989

$

978

$

4,576

$

4,277

$

4,288

Service revenue

228

240

218

938

955

882

Franchise fees

100

92

84

396

372

353

Other

45

49

45

204

206

183

Net revenues

1,444

1,370

1,325

6,114

5,810

5,706

Expenses

Commission and added agent-related costs

768

689

669

3,230

2,945

2,931

Operating

382

384

369

1,544

1,542

1,458

Marketing

66

60

55

261

241

226

General and administrative

95

87

82

364

321

337

Former ancestor bequest benefit, net

(3)

(10)

(2)

(15)

Restructuring costs, net

3

9

10

12

39

10

Depreciation and amortization

49

53

48

198

202

201

Interest expense, net

31

5

43

158

174

231

Loss on the aboriginal concealment of debt

48

5

48

Other bulk (income), net

1

1

(1)

(3)

Total expenses

1,395

1,284

1,324

5,763

5,461

5,424

Income afore assets taxes, disinterestedness in balance and noncontrolling interests

49

86

1

351

349

282

Income tax (benefit) expense

(196)

30

(6)

(65)

144

110

Equity in balance of unconsolidated entities

(11)

(2)

(3)

(18)

(12)

(16)

Net income

256

58

10

434

217

188

Less: Net assets attributable to noncontrolling interests

(1)

(1)

(1)

(3)

(4)

(4)

Net assets attributable to Realogy Holdings

$

255

$

57

$

9

$

431

$

213

$

184

Earnings per allotment attributable to Realogy Holdings:

Basic balance per share

$

1.91

$

0.40

$

0.06

$

3.15

$

1.47

$

1.26

Diluted balance per share

$

1.89

$

0.40

$

0.06

$

3.11

$

1.46

$

1.24

Weighted boilerplate accepted and accepted agnate shares of Realogy Holdings outstanding:

Basic

133.4

141.9

146.7

136.7

144.5

146.5

Diluted

135.2

143.2

148.2

138.4

145.8

148.1

Cash assets declared per allotment (beginning in August 2016)

$

0.09

$

0.09

$

$

0.36

$

0.18

$

 

Table 1a

REALOGY HOLDINGS CORP.NON-GAAP RECONCILIATIONADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE(In millions, except per allotment data)

We present Adjusted net assets and Adjusted balance per allotment because we accept these measures are advantageous as added measures in evaluating the achievement of our operating businesses and provides greater accuracy into our operating results.

Adjusted net assets is authentic by us as net assets before: (a) mark-to-market absorption bulk bandy adjustments, whose fair bulk is accountable to movements in LIBOR and the advanced crop ambit and accordingly are accountable to cogent fluctuations; (b) aloft ancestor bequest items, which affect to liabilities of the aloft ancestor for affairs above-mentioned to mid-2006 and are non-operational in nature; (c) restructuring accuse as a aftereffect of the business access initiatives currently in progress; (d) the accident on the aboriginal concealment of debt that after-effects from refinancing and deleveraging debt initiatives; (e) the tax aftereffect of the aloft adjustments; and (f) the appulse of the 2017 Tax Act and adjustments to affluence for ambiguous tax positions.  The gross amounts for these items as able-bodied as the acclimation for assets taxes are apparent in the table below. 

Adjusted balance per allotment is Adjusted net assets disconnected by the abounding boilerplate accepted and accepted agnate shares outstanding.

Set alternating in the table beneath is a adaptation of Net assets to Adjusted net assets for the three-month periods and years concluded December 31, 2017, 2016 and 2015:

Three Months Concluded December 31,

Year Concluded December 31,

2017

2016

2015

2017

2016

2015

Net assets attributable to Realogy Holdings

$

255

$

57

$

9

$

431

$

213

$

184

Addback:

Mark-to-market absorption bulk bandy (gains) losses

(8)

(34)

(7)

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(4)

6

20

Former ancestor bequest benefit, net

(3)

(10)

(2)

(15)

Restructuring costs

3

9

10

12

39

10

Loss on the aboriginal concealment of debt

48

5

48

Adjustments for tax aftereffect (a)

1

11

(20)

(1)

(17)

(25)

Impact of 2017 Tax Act and a abridgement in the assets for ambiguous tax positions (b)

(216)

(3)

(2)

(216)

(2)

(1)

Adjusted net assets attributable to Realogy Holdings

$

35

$

37

$

38

$

217

$

237

$

221

Earnings per share

Basic balance per share:

$

1.91

$

0.40

$

0.06

$

3.15

$

1.47

$

1.26

Diluted balance per share:

$

1.89

$

0.40

$

0.06

$

3.11

$

1.46

$

1.24

Adjusted balance per share

Adjusted basal balance per share:

$

0.26

$

0.26

$

0.26

$

1.59

$

1.64

$

1.51

Adjusted adulterated balance per share:

$

0.26

$

0.26

$

0.26

$

1.57

$

1.63

$

1.49

Weighted boilerplate accepted and accepted agnate shares outstanding:

Basic:

133.4

141.9

146.7

136.7

144.5

146.5

Diluted:

135.2

143.2

148.2

138.4

145.8

148.1

 

(a)     

Reflects tax aftereffect of adjustments at the Company’s attenuated accompaniment and federal approved rate.

(b)    

The three months concluded and year concluded December 31, 2017, reflect the $184 actor assets tax bulk change on the Company’s net deferred tax accountability as a aftereffect of the 2017 Tax Act consistent in a abate net accountability and a $32 actor change in the assets for ambiguous tax positions.

 

Table 2

REALOGY HOLDINGS CORP.

CONSOLIDATED BALANCE SHEETS

(In millions, except allotment data)

December 31, 2017

December 31, 2016

ASSETS

Current assets:

Cash and banknote equivalents

$

227

$

274

Restricted cash

7

7

Trade receivables (net of allowance for ambiguous accounts of $11 and $13)

153

152

Relocation receivables

223

244

Other accepted assets

179

141

Total accepted assets

789

818

Property and equipment, net

289

267

Goodwill

3,710

3,690

Trademarks

749

748

Franchise agreements, net

1,294

1,361

Other intangibles, net

284

313

Other non-current assets

222

224

Total assets

$

7,337

$

7,421

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

156

$

140

Securitization obligations

194

205

Current allocation of abiding debt

127

242

Accrued costs and added accepted liabilities

478

463

Total accepted liabilities

955

1,050

Long-term debt

3,221

3,265

Deferred assets taxes

327

389

Other non-current liabilities

212

248

Total liabilities

4,715

4,952

Commitments and contingencies

Equity:

Realogy Holdings adopted stock: $.01 par value; 50,000,000 shares authorized,   none issued and outstanding at December 31, 2017 and December 31, 2016

Realogy Holdings accepted stock: $.01 par value; 400,000,000 shares authorized,   131,636,870 shares issued and outstanding at December 31, 2017 and   140,227,692 shares issued and outstanding at December 31, 2016

1

1

Additional paid-in capital

5,285

5,565

Accumulated deficit

(2,631)

(3,062)

Accumulated added absolute loss

(37)

(40)

Total stockholders’ equity

2,618

2,464

Noncontrolling interests

4

5

Total equity

2,622

2,469

Total liabilities and equity

$

7,337

$

7,421

 

 

Table 3a

REALOGY HOLDINGS CORP.

2017 KEY DRIVERS

Quarter Ended

Year Ended

March 31, 2017

June 30, 2017

September 30, 2017

December 31, 2017

December 31, 2017

RFG (a)

Closed homesale sides

225,250

322,745

318,961

277,261

1,144,217

Average homesale price

$

275,828

$

291,355

$

292,000

$

293,216

$

288,929

Average homesale abettor agency rate

2.50

%

2.50

%

2.49

%

2.49

%

2.50

%

Net adeptness per ancillary (b)

$

298

$

316

$

316

$

316

$

313

NRT

Closed homesale sides

66,570

101,043

95,236

81,597

344,446

Average homesale price

$

509,197

$

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528,518

$

506,418

$

511,683

$

514,685

Average homesale abettor agency rate

2.45

%

2.44

%

2.45

%

2.44

%

2.44

%

Gross agency assets per side

$

13,261

$

13,625

$

13,142

$

13,152

$

13,309

Cartus

Initiations

36,515

50,798

39,608

34,834

161,755

Referrals

15,203

25,284

23,905

19,286

83,678

TRG

Purchase appellation and closing units (c)

31,297

47,008

43,764

37,044

159,113

Refinance appellation and closing units (d)

8,533

6,324

6,513

7,194

28,564

Average fee per closing unit

$

2,001

$

2,139

$

2,115

$

2,092

$

2,092

 

(a)        

Includes all franchisees except for NRT.

(b)       

Net adeptness per ancillary amounts accommodate the aftereffect of accumulated incentives and non-standard incentives accepted to franchisees.

(c)        

The amounts presented for the year concluded December 31, 2017 accommodate 8,351 acquirement units as a aftereffect of acquisitions.

(d)       

The amounts presented for the year concluded December 31, 2017 accommodate 1,858 refinance units as a aftereffect of acquisitions.

 

Table 3b

REALOGY HOLDINGS CORP.

2016 KEY DRIVERS

Quarter Ended

Year Ended

March 31, 2016

June 30, 2016

September 30, 2016

December 31, 2016

December 31, 2016

RFG (a)

Closed homesale sides

218,330

319,748

323,176

274,090

1,135,344

Average homesale price

$

259,044

$

273,900

$

275,325

$

277,037

$

272,206

Average homesale abettor agency rate

2.51

%

2.51

%

2.50

%

2.49

%

2.50

%

Net adeptness per ancillary (b)

$

287

$

303

$

305

$

295

$

299

NRT

Closed homesale sides

64,244

98,314

95,605

77,536

335,699

Average homesale price

$

493,125

$

485,688

$

486,343

$

495,242

$

489,504

Average homesale abettor agency rate

2.46

%

2.49

%

2.46

%

2.44

%

2.46

%

Gross agency assets per side

$

12,878

$

12,732

$

12,681

$

12,760

$

12,752

Cartus

Initiations

37,174

51,560

40,556

33,773

163,063

Referrals

16,893

26,138

25,495

18,751

87,277

TRG

Purchase appellation and closing units (c)

29,236

43,914

42,932

36,915

152,997

Refinance appellation and closing units (d)

9,703

11,227

15,170

14,819

50,919

Average fee per closing unit

$

1,848

$

1,919

$

1,824

$

1,907

$

1,875

 

(a)        

Includes all franchisees except for NRT.

(b)       

Net adeptness per ancillary amounts accommodate the aftereffect of accumulated incentives and non-standard incentives accepted to franchisees.

(c)        

The amounts presented for the year concluded December 31, 2016 accommodate 18,930 acquirement units as a aftereffect of acquisitions.

(d)       

The amounts presented for the year concluded December 31, 2016 accommodate 4,469 refinance units as a aftereffect of acquisitions.

 

Table 4a

REALOGY HOLDINGS CORP.

SELECTED 2017 FINANCIAL DATA

(In millions)

Three Months Ended

Year Ended

March 31, 2017

June 30, 2017

September 30, 2017

December 31, 2017

December 31, 2017

Net revenues (a)

Real Acreage Authorization Services

$

170

$

237

$

224

$

199

$

830

Company Endemic Absolute Acreage Allowance Services

897

1,392

1,267

1,087

$

4,643

Relocation Services

77

102

111

92

$

382

Title and Acclimation Services

120

157

154

139

$

570

Corporate and Other

(61)

(95)

(82)

(73)

$

(311)

Total Company

$

1,203

$

1,793

$

1,674

$

1,444

$

6,114

EBITDA (b)

Real Acreage Authorization Services

$

102

$

166

$

159

$

132

$

559

Company Endemic Absolute Acreage Allowance Services

(26)

77

62

13

$

126

Relocation Services

1

27

37

20

$

85

Title and Acclimation Services

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2

26

21

9

$

58

Corporate and Other

(27)

(18)

(25)

(33)

$

(103)

Total Company

$

52

$

278

$

254

$

141

$

725

Non-GAAP Adaptation – EBITDA

Total Aggregation EBITDA

$

52

$

278

$

254

$

141

$

725

Less: Abrasion and acquittal (c)

50

49

51

51

$

201

Interest expense, net

39

47

41

31

$

158

Income tax (benefit) expense

(9)

73

67

(196)

$

(65)

Net assets (loss) attributable to Realogy Holdings

$

(28)

$

109

$

95

$

255

$

431

 

(a)     

Transactions amid segments are alone in consolidation.  Revenues for the Absolute Acreage Authorization Casework articulation accommodate intercompany royalties and business fees paid by the Aggregation Endemic Absolute Acreage Allowance Casework articulation of $61 million, $95 million, $82 actor and $73 actor for the three months concluded March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively.  Such amounts are alone through the Accumulated and Added line.

Revenues for the Alteration Casework articulation accommodate $8 million, $12 million, $11 actor and $9 actor of intercompany barometer commissions paid by the Aggregation Endemic Absolute Acreage Allowance Casework articulation during the three months concluded March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively.  Such amounts are recorded as contra-revenues by the Aggregation Endemic Absolute Acreage Allowance Casework segment.

(b)    

Includes restructuring accuse of $5 million, $2 million, $2 actor and $3 actor for the three months concluded March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively.

Includes a net account of $11 actor and a net bulk of $1 actor of aloft ancestor bequest items for the three months concluded June 30, 2017 and September 30, 2017, respectively.

Includes $4 actor and $1 actor accompanying to the accident on the aboriginal concealment of debt for the three months concluded March 31, 2017 and September 30, 2017, respectively.

Includes an $8 actor bulk accompanying to the acclimation of the Strader acknowledged amount for the three months concluded June 30, 2017.

Includes an $8 actor bulk accompanying to the alteration of the Company’s CEO for the three months concluded December 31, 2017.

The year concluded December 31, 2017 includes restructuring accuse of $12 million, an $8 actor bulk accompanying to the acclimation of the Strader acknowledged matter, an $8 actor bulk accompanying to the alteration of the Company’s CEO and $5 actor accompanying to the losses on the aboriginal concealment of debt, partially account by a net account of $10 actor of aloft ancestor bequest items.

       

The amounts burst bottomward by business assemblage are as follows:

Three Months Ended

Year Ended

March 31,

June 30,

September 30,

December 31,

December 31,

2017

2017

2017

2017

2017

Real Acreage Authorization Services

$

$

1

$

$

$

1

Company Endemic Absolute Acreage Allowance Services

5

1

2

1

9

Relocation Services

Title and Acclimation Services

1

1

Corporate and Other

4

(3)

2

9

12

Total Company

$

9

$

(1)

$

4

$

11

$

23

 

In addition, the Aggregation believes that 2017 EBITDA was additionally abnormally impacted by an estimated $8 actor due to accustomed disasters in the third and fourth quarters.

(c)      

Depreciation and acquittal includes $1 actor and $2 actor for the three months concluded September 30, 2017 and December 31, 2017, respectively, of acquittal bulk accompanying to our mortgage alpha collective adventure Guaranteed Bulk Affinity’s acquirement accounting included in the “Equity in balance of unconsolidated entities” band on the Circumscribed Account of Operations.

 

Table 4b

REALOGY HOLDINGS CORP.

SELECTED 2016 FINANCIAL DATA

(In millions)

Three Months Ended

Year Ended

March 31,

June 30,

September 30,

December 31,

December 31,

2016

2016

2016

2016

2016

Net revenues (a)

Real Acreage Authorization Services

$

157

$

221

$

215

$

188

$

781

Company Endemic Absolute Acreage Allowance Services

841

1,268

1,231

1,004

4,344

Relocation Services

83

109

116

97

405

Title and Acclimation Services

111

149

164

149

573

Corporate and Other

(58)

(85)

(82)

(68)

(293)

Total Company

$

1,134

$

1,662

$

1,644

$

1,370

$

5,810

EBITDA (b)

Real Acreage Authorization Services

$

92

$

149

$

153

$

122

$

516

Company Endemic Absolute Acreage Allowance Services

(21)

78

74

6

137

Relocation Services

5

29

40

22

96

Title and Acclimation Services

26

23

13

62

Corporate and Other

(21)

(19)

(20)

(18)

(78)

Total Company

$

55

$

263

$

270

$

145

$

733

Non-GAAP Adaptation – EBITDA

Total Aggregation EBITDA

55

263

270

145

733

Less: Abrasion and amortization

48

48

53

53

202

Interest expense, net

73

59

37

5

174

Income tax bulk (benefit)

(24)

64

74

30

144

Net assets (loss) attributable to Realogy Holdings

$

(42)

$

92

$

106

$

57

$

213

 

(a)   

Transactions amid segments are alone in consolidation.  Revenues for the Absolute Acreage Authorization Casework articulation accommodate intercompany royalties and business fees paid by the Aggregation Endemic Absolute Acreage Allowance Casework articulation of $58 million, $85 million, $82 actor and $68 actor for the three months concluded March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016, respectively.  Such amounts are alone through the Accumulated and Added line.

Revenues for the Alteration Casework articulation accommodate $8 million, $13 million, $12 actor and $10 actor of intercompany barometer commissions paid by the Aggregation Endemic Absolute Acreage Allowance Casework articulation during the three months concluded March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016, respectively.  Such amounts are recorded as contra-revenues by the Aggregation Endemic Absolute Acreage Allowance Casework segment.

(b)  

Includes a net bulk of $1 actor and a net account of $3 actor of aloft ancestor bequest items for the three months concluded March 31, 2016 and December 31, 2016, respectively.

Includes $9 million, $12 million, $9 actor and $9 actor of restructuring accuse for the three months concluded March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016, respectively.

The year concluded December 31, 2016 includes restructuring accuse of $39 million, partially account by a net account of $2 actor of aloft ancestor bequest items.   

       

The amounts burst bottomward by business assemblage are as follows:

Three Months Ended

Year Ended

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March 31,

June 30,

September 30,

December 31,

December 31,

2016

2016

2016

2016

2016

Real Acreage Authorization Services

$

$

3

$

1

$

$

4

Company Endemic Absolute Acreage Allowance Services

2

7

6

7

22

Relocation Services

2

1

1

4

Title and Acclimation Services

1

1

Corporate and Other

6

1

(1)

6

Total Company

$

10

$

12

$

9

$

6

$

37

 

 

Table 5

REALOGY HOLDINGS CORP.

NON-GAAP RECONCILIATION – EBITDA AND OPERATING EBITDA

FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016

(In millions)

Set alternating in the table beneath is a adaptation of net assets to EBITDA and Operating EBITDA for the years concluded December 31, 2017 and 2016:

Year Ended

December 31, 2017

December 31, 2016

Net assets attributable to Realogy

$

431

$

213

Income tax (benefit) expense

(65)

144

Income afore assets taxes

366

357

Interest expense, net

158

174

Depreciation and acquittal (a)

201

202

EBITDA

725

733

EBITDA adjustments:

Restructuring costs

12

39

Former ancestor bequest benefit, net

(10)

(2)

Loss on the aboriginal concealment of debt

5

Operating EBITDA

$

732

$

770

 

(a)     

Depreciation and acquittal for the year concluded December 31, 2017 includes $3 actor of acquittal bulk accompanying to Guaranteed Bulk Affinity’s acquirement accounting included in the “Equity in balance of unconsolidated entities” band on the Circumscribed Account of Operations.

 

Set alternating in the table beneath is a adaptation of Operating EBITDA by reportable segments to the net assets for the years concluded December 31, 2017 and 2016:

Revenues (a)

Change

%Change

Operating EBITDA (b)

Change

% Change

Operating EBITDA Margin

Change

2017

2016

2017

2016

2017

2016

RFG

$

830

$

781

$

49

6

%

$

560

$

520

$

40

8

%

67

%

67

%

NRT

4,643

4,344

299

7

135

159

(24)

(15)

3

4

(1)

Cartus

382

405

(23)

(6)

85

100

(15)

(15)

22

25

(3)

TRG

570

573

(3)

(1)

59

63

(4)

(6)

10

11

(1)

Corporate and Other

(311)

(293)

(18)

*

(107)

(72)

(35)

*

Total Company

$

6,114

$

5,810

$

304

5

%

$

732

$

770

$

(38)

(5)

%

12

%

13

%

(1)

Less: Restructuring costs

12

39

Former ancestor bequest benefit, net

(10)

(2)

Loss on the aboriginal concealment of debt

5

Depreciation and acquittal (c)

201

202

Interest expense, net

158

174

Income tax (benefit) expense

(65)

144

Net assets attributable to Realogy Holdings

$

431

$

213

 

 *    

not meaningful.

(a)     

Includes the aishment of affairs amid segments, which consists of intercompany royalties and business fees paid by NRT of $311 actor and $293 actor during the years concluded December 31, 2017 and 2016, respectively.

(b)    

Operating EBITDA for Accumulated and Added includes an $8 actor bulk accompanying to the acclimation of the Strader acknowledged amount and an $8 actor bulk accompanying to the alteration of the Company’s CEO during the year concluded December 31, 2017.  In addition, the Aggregation believes that 2017 Operating EBITDA was additionally abnormally impacted by an estimated $8 actor due to accustomed disasters in the third and fourth quarters.

(c)     

Depreciation and acquittal for the year concluded December 31, 2017 includes $3 actor of acquittal bulk accompanying to Guaranteed Bulk Affinity’s acquirement accounting included in the “Equity in balance of unconsolidated entities” band on the Circumscribed Account of Operations.

 

Table 6

REALOGY HOLDINGS CORP.

NON-GAAP RECONCILIATION – EBITDA AND OPERATING EBITDA

THREE MONTHS ENDED DECEMBER 31, 2017 AND 2016

(In millions)

Set alternating in the table beneath is a adaptation of net assets to EBITDA and Operating EBITDA for the three-month periods concluded December 31, 2017 and 2016:

Three Months Ended

December 31, 2017

December 31, 2016

Net assets attributable to Realogy

$

255

$

57

Income tax (benefit) expense

(196)

30

Income afore assets taxes

59

87

Interest expense, net

31

5

Depreciation and acquittal (a)

51

53

EBITDA

141

145

EBITDA adjustments:

Restructuring costs

3

9

Former ancestor bequest benefit, net

(3)

Operating EBITDA

$

144

$

151

 

(a)     

Depreciation and acquittal for the three months concluded December 31, 2017 includes $2 actor of acquittal bulk accompanying to Guaranteed Bulk Affinity’s acquirement accounting included in the “Equity in balance of unconsolidated entities” band on the Circumscribed Account of Operations.

 

Set alternating in the table beneath is a adaptation of Operating EBITDA by reportable segments to the net assets for the three months concluded December 31, 2017 and 2016:

Revenues (a)

Change

%Change

Operating EBITDA (b)

Change

% Change

Operating EBITDA Margin

Change

2017

2016

2017

2016

2017

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2016

RFG

$

199

$

188

$

11

6

%

$

132

$

122

$

10

8

%

66

%

65

%

1

NRT

1,087

1,004

83

8

14

13

1

8

1

1

Cartus

92

97

(5)

(5)

20

22

(2)

(9)

22

23

(1)

TRG

139

149

(10)

(7)

10

13

(3)

(23)

7

9

(2)

Corporate and Other

(73)

(68)

(5)

*

(32)

(19)

(13)

*

Total Company

$

1,444

$

1,370

$

74

5

%

$

144

$

151

$

(7)

(5)

%

10

%

11

%

(1)

Less: Restructuring costs

3

9

Former ancestor bequest benefit, net

(3)

Depreciation and acquittal (c)

51

53

Interest expense, net

31

5

Income tax (benefit) expense

(196)

30

Net assets attributable to Realogy Holdings

$

255

$

57

 

 *    

not meaningful.

(a)     

Includes the aishment of affairs amid segments, which consists of intercompany royalties and business fees paid by NRT of $73 actor and $68 actor during the three ages concluded December 31, 2017 and 2016, respectively.

(b)    

Operating EBITDA for Accumulated and Added includes an $8 actor bulk accompanying to the alteration of the Company’s CEO in the fourth division of 2017.

(c)     

Depreciation and acquittal for the three months concluded December 31, 2017 includes $2 actor of acquittal bulk accompanying to Guaranteed Bulk Affinity’s acquirement accounting included in the “Equity in balance of unconsolidated entities” band on the Circumscribed Account of Operations.

 

Table 7

REALOGY HOLDINGS CORP.

NON-GAAP RECONCILIATION – FREE CASH FLOW

FOR THE YEAR ENDED DECEMBER 31, 2017 AND 2016

(In millions)

A adaptation of net assets attributable to Realogy Holdings to Chargeless Banknote Breeze is set alternating in the afterward table:

Year Concluded December 31,

2017

2016

Net assets attributable to Realogy Holdings

$

431

$

213

Income tax (benefit) expense, net of payments

(77)

120

Interest expense, net

158

174

Cash absorption payments

(172)

(181)

Depreciation and amortization

198

202

Capital expenditures

(99)

(87)

Restructuring costs and aloft ancestor bequest items, net of payments

(19)

5

Loss on the aboriginal concealment of debt

5

Working basal adjustments

122

19

Relocation receivables (assets), net of securitization obligations

12

(9)

Free Banknote Flow

$

559

$

456

A adaptation of net banknote provided by operating activities to Chargeless Banknote Breeze is set alternating in the afterward table:

Year Concluded December 31,

2017

2016

Net banknote provided by operating activities

$

667

$

586

Property and accessories additions

(99)

(87)

Net change in securitization

(11)

(40)

Effect of barter ante on banknote and banknote equivalents

2

(3)

Free Banknote Flow

$

559

$

456

Net banknote acclimated in advance activities

$

(146)

$

(191)

Net banknote acclimated in costs activities

$

(570)

$

(534)

 

Table 8

NON-GAAP RECONCILIATION – SENIOR SECURED LEVERAGE RATIOFOR THE YEAR ENDED DECEMBER 31, 2017(In millions)

The arch anchored advantage arrangement is activated annual and may not beat 4.75 to 1.00.  The arch anchored advantage arrangement is abstinent by adding Realogy Group LLC’s absolute arch anchored net debt by the abaft twelve-month EBITDA affected on a Pro Forma Basis, as those agreement are authentic in the arch anchored acclaim facilities*.  Absolute arch anchored net debt does not accommodate apart indebtedness, including the Apart Notes*, or the securitization obligations.  EBITDA affected on a Pro Forma Basis, as authentic in the arch anchored acclaim facilities, includes adjustments to EBITDA for restructuring costs, aloft ancestor bequest bulk (benefit) items, net, accident on the aboriginal concealment of debt, non-cash accuse and incremental securitization absorption costs, as able-bodied as pro forma bulk accumulation for restructuring initiatives, the pro forma aftereffect of business access initiatives and the pro forma aftereffect of acquisitions and new franchisees, in anniversary case affected as of the alpha of the twelve-month period.  The Aggregation was in acquiescence with the arch anchored advantage arrangement agreement at December 31, 2017 with a arrangement of 2.19 to 1.00.

A adaptation of net assets attributable to Realogy Group to EBITDA, Operating EBITDA and EBITDA as authentic by the arch anchored acclaim accessories for the year concluded December 31, 2017 are set alternating in the afterward table:

For the Year Concluded December 31, 2017

Net assets attributable to Realogy Group

$

431

Income tax benefit

(65)

Income afore assets taxes

366

Interest expense, net

158

Depreciation and acquittal (a)

201

EBITDA

725

EBITDA adjustments:

Restructuring costs

12

Former ancestor bequest benefit, net

(10)

Loss on the aboriginal concealment of debt

5

Operating EBITDA

732

Bank agreement adjustments:

Pro forma aftereffect of business access initiatives (b)

21

Non-cash accuse (c)

40

Pro forma aftereffect of acquisitions and new franchisees (d)

8

Incremental securitization absorption costs (e)

3

EBITDA as authentic by the Arch Anchored Acclaim Facilities

$

804

Total arch anchored net debt (f)

$

1,764

Senior anchored advantage ratio

2.19

x

 

(a)

Depreciation and acquittal for the year concluded December 31, 2017 includes $3 actor of acquittal bulk accompanying to Guaranteed Bulk Affinity’s acquirement accounting included in the “Equity in balance of unconsolidated entities” band on the Circumscribed Account of Operations.

(b)  

Represents the twelve-month pro forma aftereffect of business access initiatives.

(c) 

Represents the aishment of non-cash expenses, including $52 actor of stock-based advantage bulk beneath $11 actor for the change in the allowance for ambiguous accounts and addendum affluence and $1 actor of adopted barter allowances for the twelve months concluded December 31, 2017.

(d)

Represents the estimated appulse of acquisitions and authorization sales activity, net of brokerages that exited our authorization arrangement as if these changes had occurred on January 1, 2017.  Franchisee sales action is comprised of new authorization agreements as able-bodied as advance through acquisitions and absolute sales abettor application by absolute franchisees with our assistance.  We accept fabricated a cardinal of assumptions in artful such estimates and there can be no affirmation that we would accept generated the projected levels of EBITDA had we endemic the acquired entities or entered into the authorization affairs as of January 1, 2017.

(e)

Incremental borrowing costs incurred as a aftereffect of the securitization accessories refinancing for the twelve months concluded December 31, 2017.

(f) 

Represents absolute borrowings beneath the arch anchored acclaim accessories and borrowings anchored by a aboriginal antecedence affirmation on our assets of $1,886 actor additional $29 actor of basal charter obligations beneath $151 actor of readily accessible banknote as of December 31, 2017.  Pursuant to the agreement of our arch anchored acclaim facilities, absolute arch anchored net debt does not accommodate our securitization obligations or apart indebtedness, including the Apart Notes.

Our arch anchored acclaim accessories accommodate the Adapted and Restated Acclaim Agreement anachronous as of March 5, 2013, as amended, and the Appellation Accommodation A Agreement anachronous as of October 23, 2015, as amended, which was adapted and restated in its absoluteness as of February 8, 2018.  Our Apart Addendum accommodate our 4.50% Arch Addendum due 2019, our 5.25% Arch Addendum due 2021 and our 4.875% Arch Addendum due 2023.

 

NON-GAAP RECONCILIATION – NET DEBT LEVERAGE RATIOYEAR ENDED DECEMBER 31, 2017(In millions)

Net accumulated debt disconnected by EBITDA, as authentic by the arch anchored acclaim facilities, for the year concluded December 31, 2017 (referred to as net debt advantage ratio) is set alternating in the afterward table:

As of December 31, 2017

Revolver

$

70

Term Accommodation A

391

Term Accommodation A-1

342

Term Accommodation B

1,083

Senior Notes

450

Senior Notes

550

Senior Notes

500

Total Debt (excluding securitizations)

$

3,386

Less: Banknote and Banknote Equivalents

227

Net Accumulated Debt

$

3,159

EBITDA as authentic by the Arch Anchored Acclaim Facility

$

804

Net Debt Advantage Ratio

3.9

x

 

Table 9

Non-GAAP Definitions

Adjusted net assets (loss) is authentic by us as net assets (loss) afore mark-to-market absorption bulk adjustments, aloft ancestor bequest items, restructuring charges, the accident on the aboriginal concealment of debt, the tax aftereffect of the aloft adjustments and the appulse of the 2017 Tax Act and adjustments to the assets for ambiguous tax positions.  The gross amounts for these items as able-bodied as the acclimation for assets taxes are presented.  Adjusted balance (loss) per allotment is Adjusted net assets (loss) disconnected by the abounding boilerplate accepted and accepted agnate shares outstanding.  We present Adjusted net assets (loss) and Adjusted balance (loss) per allotment because we accept these measures are advantageous as added measures in evaluating the achievement of our operating businesses and provides greater accuracy into our operating results.

EBITDA is authentic by us as net assets (loss) afore abrasion and amortization, absorption expense, net (other than alteration casework absorption for securitization assets and securitization obligations) and assets taxes and is our primary non-GAAP measure.  Operating EBITDA is authentic by us as EBITDA afore restructuring, accident on the aboriginal concealment of debt and aloft ancestor bequest items and is acclimated as a added banking measure. 

We present EBITDA and Operating EBITDA because we accept they are advantageous as added measures in evaluating the achievement of our operating businesses and accommodate greater accuracy into our after-effects of operations.  Our management, including our arch operating accommodation maker, uses EBITDA as a agency in evaluating the achievement of our business.  EBITDA and Operating EBITDA should not be advised in a or as a acting for net assets or added account of operations abstracts able in accordance with GAAP.

We accept EBITDA facilitates company-to-company operating achievement comparisons by abetment out abeyant differences acquired by variations in basal structures (affecting net absorption expense), taxation, the age and book abrasion of accessories (affecting about abrasion expense) and the acquittal of intangibles, which may alter for altered companies for affidavit altered to operating performance.  We added accept that EBITDA is frequently acclimated by balance analysts, investors and added absorbed parties in their appraisal of companies, abounding of which present an EBITDA admeasurement back advertisement their results.

EBITDA and Operating EBITDA accept limitations as analytic tools, and you should not accede EBITDA and Operating EBITDA either in a or as substitutes for allegory our after-effects as appear beneath GAAP.  Some of these limitations are:

Free Banknote Breeze is authentic as net assets (loss) attributable to Realogy afore assets tax bulk (benefit), net of payments, absorption expense, net, banknote absorption payments, abrasion and amortization, basal expenditures, restructuring costs and aloft ancestor bequest costs (benefits), net of payments, accident on the aboriginal concealment of debt, alive basal adjustments and alteration assets, net of change in securitization obligations.  We use Chargeless Banknote Breeze in our centralized appraisal of operating capability and decisions apropos the allocation of resources, as able-bodied as barometer the Company’s adeptness to accomplish cash.  Since Chargeless Banknote Breeze can be beheld as both a achievement admeasurement and a banknote breeze measure, the Aggregation has provided a adaptation to both net assets attributable to Realogy Holdings and net banknote provided by operating activities.  Chargeless Banknote Breeze is not authentic by GAAP and should not be advised in a or as an another to net assets (loss), net banknote provided by (used in) operating, advance and costs activities or added banking abstracts able in accordance with GAAP or as an indicator of the Company’s operating achievement or liquidity.  Chargeless Banknote Breeze may alter from analogously blue-blooded measures presented by added companies.

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