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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues [Abstract]    
Net revenues [1],[2] $ 1,116 $ 1,054
Expenses    
Commission and other agent-related costs 630 575
Operating 325 330
Marketing 59 68
General and administrative 74 80
Restructuring costs, net [3],[4] 11 9
Impairments [5] 447 1
Depreciation and amortization 45 41 [6]
Interest expense, net 101 63
Loss on the early extinguishment of debt [7] 0 5
Total expenses 1,692 1,172
Loss from continuing operations before income taxes, equity in earnings and noncontrolling interests (576) (118)
Income tax benefit from continuing operations (132) (32)
Equity in earnings of unconsolidated entities (9) (1)
Net loss from continuing operations (435) (85)
Loss from discontinued operations, net of tax (5) (14)
Estimated loss on the sale of discontinued operations, net of tax (22) 0
Net loss from discontinued operations (27) (14)
Net loss (462) (99)
Less: Net income attributable to noncontrolling interests 0 0
Net loss attributable to Realogy Holdings and Realogy Group $ (462) $ (99)
Basic loss per share attributable to Realogy Holdings shareholders:    
Basic loss per share from continuing operations $ (3.79) $ (0.75)
Basic loss per share from discontinued operations (0.24) (0.12)
Basic loss per share (4.03) (0.87)
Diluted loss per share attributable to Realogy Holdings shareholders:    
Diluted loss per share from continuing operations (3.79) (0.75)
Diluted loss per share from discontinued operations (0.24) (0.12)
Diluted loss per share $ (4.03) $ (0.87)
Weighted average common and common equivalent shares of Realogy Holdings outstanding:    
Basic 114.7 114.0
Diluted 114.7 114.0
Gross commission income    
Revenues [Abstract]    
Net revenues [8] $ 850 $ 799
Service revenue    
Revenues [Abstract]    
Net revenues [9] 151 129
Franchise fees    
Revenues [Abstract]    
Net revenues [10] 71 70
Other    
Revenues [Abstract]    
Net revenues [11] $ 44 $ 56
[1] Revenues for Realogy Franchise Group include intercompany referral commissions related to Realogy Advantage Broker Network paid by Realogy Brokerage Group of $2 million and $3 million for the three months ended March 31, 2020 and 2019, respectively. Such amounts are recorded as contra-revenues by Realogy Brokerage Group. There are no other material intersegment transactions.
[2] Transactions between segments are eliminated in consolidation. Revenues for the Realogy Franchise Group include intercompany royalties and marketing fees paid by Realogy Brokerage Group of $58 million and $55 million for the three months ended March 31, 2020 and 2019, respectively. Such amounts are eliminated through the Corporate and Other line.
[3] The three months ended March 31, 2020 includes restructuring charges of $1 million at Realogy Franchise Group, $9 million at Realogy Brokerage Group and $1 million at Realogy Title Group.The three months ended March 31, 2019 includes restructuring charges of $4 million at Realogy Brokerage Group, $1 million at Realogy Title Group and $4 million at Corporate and Other.
[4] Restructuring charges for the three months ended March 31, 2020 related to the Facility and Operational Efficiencies Program. Restructuring charges for the three months ended March 31, 2019 include $6 million related to the Facility and Operational Efficiencies Program and $3 million related to the Leadership Realignment and Other Restructuring Activities Program.
[5] Impairments for the three months ended March 31, 2020 include a goodwill impairment charge of $413 million which reduced the net carrying value of Realogy Brokerage Group by $314 million after accounting for the related income tax benefit of $99 million, an impairment charge of $30 million which reduced the carrying value of trademarks at Realogy Franchise Group and $4 million related to lease asset impairments. Impairments for the three months ended March 31, 2019 include $1 million of impairment charges related to lease asset impairments.
[6] Includes the elimination of transactions between segments.
[7] Loss on the early extinguishment of debt is recorded in Corporate and Other.
[8] Consists primarily of revenues related to gross commission income at Realogy Brokerage Group, which is recognized at a point in time at the closing of a homesale transaction.
[9] Service revenue primarily consists of title and escrow fees at Realogy Title Group, which are recognized at a point in time at the closing of a homesale transaction.
[10] Franchise fees at Realogy Franchise Group primarily include domestic royalties which are recognized at a point in time when the underlying franchisee revenue is earned (upon close of the homesale transaction).
[11] Other revenue is comprised of brand marketing funds received at Realogy Franchise Group from franchisees, third-party listing fees and other miscellaneous revenues across all of the business segments.