Cendant Reports Record Results for Second Quarter 2004
2Q 2004 EPS from Continuing Operations Increased 27% to $0.47 Versus $0.37 in 2Q 2003
2Q 2004 EPS Increased 78% to $0.66, including a $0.19 Gain from the Sale of Jackson Hewitt
2Q 2004 Net Cash Provided by Operating Activities Was $951 Million
2Q 2004 Free Cash Flow Was $688 Million
Company Increases Its Projection of 2004 EPS from Continuing Operations To $1.70 - $1.74, a $0.04 - $0.05 Increase from Its Prior Projection After Reclassifying Jackson Hewitt as a Discontinued Operation
NEW YORK, July 21 -- Cendant Corporation today reported record results for second quarter 2004. EPS from Continuing Operations increased 27% to $0.47, versus $0.37 in second quarter 2003. Net income per share, which includes a $0.19 gain from the sale of Jackson Hewitt Tax Service Inc., increased 78% to $0.66, versus $0.37 in second quarter 2003.
As a result of the Company's higher than anticipated second quarter results and improved outlook for the remainder of the year, Cendant increased its projection of EPS from Continuing Operations for full year 2004 to $1.70 - $1.74, representing an approximately 25% increase compared to 2003. The Company previously issued EPS guidance of $1.69 - $1.74 but after reflecting Jackson Hewitt as a discontinued operation, the previous guidance would be $1.65 - $1.70. Therefore, the new projection represents a $0.04 - $0.05 increase over the prior projection. Excluding the one-time tax benefit of $0.10 per share recorded in first quarter 2004 related to Trilegiant, EPS from Continuing Operations is projected to increase approximately 17% in 2004 compared with 2003. The Company also continues to forecast 2004 Net Cash Provided by Operating Activities of approximately $5 billion and Free Cash Flow of more than $2 billion, even without the cash flow generated by Jackson Hewitt in the first six months of the year, which is no longer included in Free Cash Flow.
Cendant's Chairman, Chief Executive Officer and President, Henry R. Silverman, stated: "The combination of prolonged strength in the residential real estate market and the early stages of a rebound in travel spending, together with solid execution on our strategies, enabled our core real estate and travel verticals to perform ahead of expectations.
"We are also pleased to report that the Company continues to make significant progress toward strategic objectives as well as financial goals. We completed the first step in our plan to exit certain non-core businesses with the initial public offering of Jackson Hewitt. We plan to deploy the $770 million of cash proceeds, as well as the free cash flow generated during the remainder of 2004, primarily to reduce debt and repurchase our common stock.
"We will also continue to return value created to shareholders through a quarterly dividend, which we announced yesterday will increase effective with the third quarter payment. We expect to periodically increase our dividend at a rate at least equal to our earnings growth."
Second Quarter 2004 Results of Reportable Segments
The following discussion of operating results focuses on revenue and EBITDA for each of our reportable operating segments. EBITDA is defined as income from continuing operations before non-program related depreciation and amortization, non-program related interest, amortization of pendings and listings, income taxes and minority interest. EBITDA is the measure that we use to evaluate performance in each of our reportable operating segments. Our presentation of EBITDA may not be comparable to similarly titled measures used by other companies. Revenue and EBITDA are expressed in millions.
Real Estate Franchise and Operations (Consisting of the Company's real estate franchise brands, brokerage operations and relocation services)
2004 2003 % change Revenue $ 1,812 $ 1,388 31% EBITDA $ 354 $ 262 35%
Revenue and EBITDA increased principally due to strong growth in royalties earned by our real estate franchise businesses and real estate commissions earned by NRT, our real estate brokerage firm. Real estate franchise royalty and marketing fund revenue increased 20%, primarily due to a 15% increase in average price of homes sold and a 15% increase in home sale transactions. Revenue generated by NRT increased 29% organically, due to increases in both average price and home sale transaction volume.
Mortgage Services
(Consisting of mortgage services and settlement services)
2004 2003 % change
Revenue $ 344 $ 394 (13%)
EBITDA $ 94 $ 92 2%
Revenue declined as expected due to lower mortgage refinancing volumes. EBITDA increased modestly as the decline in mortgage production revenues was offset by higher net revenues from mortgage servicing activities. Net revenues from mortgage servicing improved $72 million, driven by a 14% increase in the size of the servicing portfolio, substantially lower amortization and recovery of the value of our servicing asset, net of hedging activity. In addition, revenue from our settlement services business was virtually unchanged versus second quarter 2003 as lower volumes related to mortgage refinancing were offset by higher average fees and a $7 million pretax gain on the sale of a non-core asset within this business.
Hospitality Services
(Consisting of the Company's franchised lodging brands, timeshare exchange
and timeshare sales and marketing, and vacation rental businesses)
2004 2003 % change
Revenue $ 701 $ 635 10%
EBITDA $ 179 $ 150 19%
Revenue increased due to growth in virtually all of our hospitality businesses. Revenue from the European Vacation Rental Group increased approximately 90%, due primarily to the acquisition of Landal Green Parks. Revenue from RCI, the Company's timeshare exchange business, increased 13% and revenue from lodging franchise increased 7%. Revenue from the Timeshare Resort Group increased 4%, reflecting continued strength at Fairfield and in Trendwest's South Pacific results, partially offset by softness in Trendwest's domestic results due to lower than expected tour flow. Trendwest recently initiated a new sales program designed to focus on higher margin sales, which we believe should enhance results in future periods. EBITDA increased due to improved results from the European Vacation Rental Group, lodging franchise, Fairfield and RCI. In addition, income received in second quarter 2004 from lodging franchisee receivables that had been reserved in prior periods more than offset the impact of discontinuing gain-on-sale accounting, as of third quarter 2003, for the securitization of timeshare receivables.
Travel Distribution Services
(Consisting primarily of electronic global distribution services for the
travel industry and travel agency services)
2004 2003 % change
Revenue $ 448 $ 426 5%
EBITDA $ 118 $ 104 13%
Revenue and EBITDA were positively impacted by a 5% increase in Galileo booking fees, strong growth in the Company's online travel businesses and increased sales of merchant-model hotel rooms and travel packages. Online gross bookings grew 29% year-over-year, reflective of our ongoing strategic focus on increasing our penetration of online channels, and we expect CheapTickets.com, our rapidly growing online travel business, to be profitable for the second half of 2004.
Vehicle Services
(Consisting of vehicle rental, vehicle management services and fleet card
services)
2004 2003 % change
Revenue $ 1,550 $ 1,499 3%
EBITDA $ 177 $ 132 34%
EBITDA increased principally due to benefits from the successful integration of Budget. Revenue and EBITDA were also positively impacted by growth in our Avis car rental business and our Wright Express fuel card management business. Avis benefited from a 5% increase in car rental day volume, partially offset by a 2% decrease in price. The decrease in price resulted from the current competitive environment, with higher industry fleet levels due to increased incentives from car manufacturers. The impact of lower prices was offset in EBITDA by lower fleet costs. As expected, Budget car rental revenues declined 6%, as a result of management's focus on enhancing profitability by reducing the number of higher risk rentals and closing unprofitable locations.
Marketing Services (formerly Financial Services)
(Consisting of individual membership products, insurance-related services
and financial services enhancement products)
2004 2003 % change
Revenue $ 352 $ 249 41%
EBITDA $ 77 $ 76 1%
Year-over-year revenue and EBITDA amounts are not comparable due to the Company's consolidation of TRL Group (formerly Trilegiant Corporation) beginning on July 1, 2003. The EBITDA increase from the consolidation was muted by integration costs incurred to combine the units that now make up the Marketing Services division, as well as by our resumption of significant marketing investment in February 2004 to solicit new members in our individual membership business. We expect to realize revenue and enhanced profitability from these investments in future periods.
Recent Achievements and Strategic Initiatives
During the second quarter, the Company made considerable progress toward its cash flow generation, debt reduction and share repurchase goals:
* Generated Net Cash Provided by Operating Activities of $951 million and
Free Cash Flow of $688 million. See Table 8 for a description of Free
Cash Flow and a reconciliation to Net Cash Provided by Operating
Activities.
* Reduced corporate debt, net of cash on the balance sheet, by $972
million (corporate debt excludes Debt under Management and Mortgage
Programs). As of June 30, 2004, the Company had $566 million of cash
and cash equivalents and $4.6 billion of corporate debt outstanding.
Furthermore, in August 2004, the Company will receive approximately
$863 million in cash and will issue between 30 and 40 million shares of
common stock (depending on share price), pursuant to the terms of its
Upper DECS securities. See Table 6 for more detailed information.
* Utilized $194 million of cash for the repurchase of common stock, net
of proceeds from option exercises. This amount included the use of
cash to repurchase shares that had been issued in the first quarter
upon conversion of our Zero Coupon Senior Convertible Contingent Notes.
In addition, the Company recently:
* Completed the sale of 100% of its ownership interest in Jackson Hewitt
Tax Service Inc. in an initial public offering. Cendant received
approximately $770 million of net cash proceeds from the offering,
including a special cash dividend of $175 million from Jackson Hewitt.
See Table 3 for the Company's historical results reflecting Jackson
Hewitt reported as a discontinued operation.
* Acquired Landal Green Parks, the largest Dutch vacation rental company,
which specializes in the rental of privately-owned vacation homes
located in European holiday parks, for approximately $150 million.
* Acquired Australia-based Flairview Travel, a leading online hotel
distributor that specializes in the distribution of international hotel
content throughout Europe and the Asia Pacific region through its
merchant hotel brand, http://www.hotelclub.com/, and its last-minute Web
site, http://www.ratestogo.com/.
* Acquired New York City-based Citi Habitats, Inc., the largest
residential rental brokerage firm in New York City, and its affiliated
companies, including SoLOFTS, a loft and fine home brokerage.
* Announced that it is in discussions with a potential purchaser
regarding the sale of the Company's mortgage business as well as the
creation of an ongoing relationship between the parties providing for
Cendant's continued participation in the mortgage business through its
residential real estate, relocation and settlement services businesses.
It is currently anticipated that the potential transaction, if
completed, would result in net proceeds to Cendant at the time of sale
of between $750 million and $1 billion, after repayment of
approximately $5 billion to $6 billion of associated indebtedness.
* Increased its quarterly cash dividend 29% to $0.09 per share from $0.07
per share, effective third quarter 2004.
2004 Outlook
The Company projects the following EPS for 2004:
Third Fourth Full
Quarter Quarter Year
2004 EPS (a) $0.53 - $0.55 $0.34 - $0.36 $1.95 - $1.99(c) (d)
2004 EPS from
Continuing Ops. (a) $0.53 - $0.55 $0.34 - $0.36 $1.70 - $1.74(d)
2003 EPS from
Continuing Ops. (b) $0.47 $0.29 $1.38
% Increase in EPS from
Continuing Ops 13% - 17% 17% - 24% 23% - 26%
(a) Projections do not reflect any impact of a potential sale of the
Company's mortgage business.
(b) 2003 results have been revised to recast the results of Jackson
Hewitt Tax Service as a discontinued operation as required by GAAP.
(c) Includes $0.06 EPS from Discontinued Operations from Jackson Hewitt
recorded in first and second quarter 2004 and the $0.19 gain on sale
of Jackson Hewitt recorded in second quarter 2004.
(d) Includes the one-time tax benefit of $0.10 per share recorded in
first quarter 2004 related to the transaction with Trilegiant.
Excluding this benefit, 2004 EPS from Continuing Operations is
expected to increase approximately 17% year-over-year.
The Company also announced the following detailed financial projections for full year 2004 (in millions):
Full Year 2003 Full Year 2004
Actual (a) Projected (b)
Revenue
Real Estate Franchise and
Operations $5,258 $6,100 - 6,200
Mortgage Services 1,483 1,150 - 1,250
Total Real Estate Services 6,741 7,250 - 7,450
Hospitality Services 2,523 2,825 - 2,955
Travel Distribution Services (c) 1,659 1,800 - 1,900
Vehicle Services 5,851 6,000 - 6,225
Total Travel Services (c) 10,033 10,625 - 11,080
Marketing Services 1,224 1,425 - 1,525
Total Reportable Segments (c) $17,998 $19,475 - 19,880
Corporate and Other 17 0 - 50
Total Company (c) $18,015 $19,475 - 19,930
EBITDA
Real Estate Franchise and
Operations $892 $980 - 1,050
Mortgage Services 380 230 - 280
Hospitality Services 633 740 - 790
Travel Distribution Services 459 485 - 525
Vehicle Services 442 600 - 650
Marketing Services 296 300 - 340
Total Reportable Segments $3,102 $3,475 - 3,555
Corporate and Other (38) (55 - 45)
Depreciation and amortization (d) (507) (560 - 550)
Amortization of pendings/listings (20) (20 - 15)
Interest expense, net (d) (e) (364) (270 - 265)
Pretax income $2,173 $2,570 - 2,680
Provision for income taxes (f) (722) (745 - 785)
Minority interest (21) (10 - 5)
Income from continuing operations $1,430 $1,815 - 1,890
Diluted weighted average shares
outstanding (g) 1,040 1,085 - 1,070
(a) Full year 2003 results have been revised to recast the results of
Jackson Hewitt Tax Service as a discontinued operation as required by
GAAP.
(b) Projections do not total because we do not expect the actual results
of all segments to be at the lowest or highest end of any projected
range simultaneously. Also, projections do not reflect any impact of
a potential sale of the Company's mortgage business.
(c) Revenue projection for Travel Distribution Services reflects a
reduction of $100 million from prior projection to reflect a revised
presentation of Flairview Travel revenues compared to the approach
assumed at the time of acquisition. There is no impact on EBITDA.
(d) Depreciation and amortization excludes amounts related to our assets
under management and mortgage programs, and interest expense excludes
amounts related to our debt under management and mortgage programs,
both of which are already reflected in EBITDA.
(e) 2004 and 2003 interest expense includes approximately $20 million and
$58 million, respectively, of losses on the early extinguishment of
debt.
(f) Includes the one-time tax benefit of $109 million recorded in first
quarter 2004 related to the transaction with Trilegiant. Excluding
this benefit, the effective tax rate is expected to be approximately
33.3% in 2004.
(g) Diluted weighted average shares outstanding forecasted for 2004
reflect conversion of the Upper DECS and incremental dilution from
employee stock options, partially offset by actual and anticipated
common stock repurchases.
Investor Conference Call
Cendant will host a conference call to discuss the second quarter results on Thursday, July 22, 2004, at 11:00 a.m. (EDT). Investors may access the call live at http://www.cendant.com/ or by dialing (719) 457-2661. A web replay will be available at http://www.cendant.com/ following the call. A telephone replay will be available from 2:00 p.m. (EDT) on July 22, 2004 until 8:00 p.m. (EDT) on July 29, 2004 at (719) 457-0820, access code: 665526.
Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 90,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries.
More information about Cendant, its companies, brands and current SEC filings may be obtained by visiting the Company's Web site at http://www.cendant.com/ or by calling 877-4-INFOCD (877-446-3623).
Statements about future results made in this release, including the projections, and the statements attached hereto constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. The Company cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Cendant's Form 10-Q for the quarter ended March 31, 2004.
Such forward-looking statements include projections. Such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the SEC regarding projections and forecasts, nor have such projections been audited, examined or otherwise reviewed by independent auditors of Cendant or its affiliates. In addition, such projections are based upon many estimates and are inherently subject to significant economic, competitive and other uncertainties and contingencies, including but not limited to the impact of war or terrorism, which are beyond the control of management of Cendant and its affiliates. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by Cendant or its affiliates that the projections will prove to be correct.
This release includes certain non-GAAP financial measures as defined under SEC rules. As required by SEC rules, we have provided a reconciliation of those measures to the most directly comparable GAAP measures, which is contained in the tables to this release and on our web site at http://www.cendant.com/.
Cendant Corporation and Subsidiaries
SUMMARY DATA SHEET
(Dollars in millions, except per share data)
Second Quarter
2004 2003 % Change
Income Statement Items
Net Revenues $5,209 $4,591 13%
Pretax Income (A) 751 585 28%
Income from Continuing Operations 493 384 28%
EPS from Continuing Operations
(diluted) 0.47 0.37 27%
Cash Flow Items
Net Cash Provided by Operating
Activities $951 $1,172
Free Cash Flow (B) 688 752
Net Cash Used In Management and
Mortgage Program Activities (C) (249) (154)
Payments Made for Current Period
Acquisitions, Net of Cash
Acquired (180) (17)
Net Debt Repayments (1,105) (432)
Net Repurchases of Common Stock (161) (215)
Payment of Dividends (72) -
As of As of
June 30, 2004 December 31, 2003
Balance Sheet Items
Total Corporate Debt $4,617 $6,002
Cash and Cash Equivalents 566 839
Total Stockholders' Equity 11,114 10,186
Reportable Operating Segment Results
Second Quarter
2004 2003 % Change
Net Revenues
Real Estate Franchise and Operations $1,812 $1,388 31%
Mortgage Services 344 394 (13%)
Total Real Estate Services 2,156 1,782 21%
Hospitality Services 701 635 10%
Travel Distribution Services 448 426 5%
Vehicle Services 1,550 1,499 3%
Total Travel Services 2,699 2,560 5%
Marketing Services 352 249 41%
Total Reportable Segments 5,207 4,591 13%
Corporate and Other 2 - *
Total Company $5,209 $4,591 13%
EBITDA
Real Estate Franchise and Operations $354 $262 35%
Mortgage Services 94 92 2%
Hospitality Services 179 150 19%
Travel Distribution Services 118 104 13%
Vehicle Services 177 132 34%
Marketing Services 77 76 1%
Total Reportable Segments 999 816 22%
Corporate and Other (24) (14) *
Total Company $975 $802
Reconciliation of EBITDA to Pretax
Income
Total Company EBITDA $975 $802
Less: Non-program related depreciation
and amortization 130 126
Non-program related interest
expense, net 72 81
Early extinguishment of debt 18 6
Amortization of pendings and
listings 4 4
Pretax Income (A) $751 $585 28%
* Not meaningful.
(A) Referred to as "Income before income taxes and minority interest" on
the Consolidated Condensed Statements of Income presented on Table 2.
(B) See Table 8 for the underlying calculations and reconciliations.
(C) Included as a component of Free Cash Flow. This amount represents the
net cash flows from the operating, investing and financing activities
of management and mortgage programs.
Cendant Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In millions, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003(*) 2004 2003(*)
Revenues
Service fees and membership, net $3,705 $3,145 $6,634 $5,802
Vehicle-related 1,485 1,442 2,820 2,743
Other 19 4 64 41
Net revenues 5,209 4,591 9,518 8,586
Expenses
Operating 2,733 2,422 4,941 4,442
Vehicle depreciation, lease
charges and interest, net 602 618 1,215 1,214
Marketing and reservation 518 410 997 803
General and administrative 378 331 774 670
Non-program related depreciation
and amortization 130 126 258 252
Non-program related interest, net:
Interest expense, net 72 81 153 160
Early extinguishment of debt 18 6 18 54
Acquisition and integration
related costs:
Amortization of pendings and
listings 4 4 8 7
Other 3 8 6 15
Total expenses 4,458 4,006 8,370 7,617
Income before income taxes and
minority interest 751 585 1,148 969
Provision for income taxes 257 194 273 316
Minority interest, net of tax 1 7 5 12
Income from continuing operations 493 384 870 641
Income (loss) from discontinued
operations, net of tax - (2) 64 50
Gain on disposal of discontinued
operations, net of tax 198 - 198 -
Net income $691 $382 $1,132 $691
Earnings per share
Basic
Income from continuing
operations $0.48 $0.38 $0.86 $0.63
Income from discontinued
operations - - 0.06 0.05
Gain on disposal of discontinued
operations 0.20 - 0.19 -
Net income $0.68 $0.38 $1.11 $0.68
Diluted
Income from continuing
operations $0.47 $0.37 $0.82 $0.62
Income from discontinued
operations - - 0.06 0.05
Gain on disposal of discontinued
operations 0.19 - 0.19 -
Net income $0.66 $0.37 $1.07 $0.67
Weighted average shares
Basic 1,020 1,017 1,018 1,022
Diluted 1,053 1,039 1,056 1,039
(*) Certain reclassifications have been made to conform to the current
presentation.
Cendant Corporation and Subsidiaries
HISTORICAL REVENUES AND EBITDA BY SEGMENT
(In millions)
On June 25, 2004, the Company completed the initial public offering of
100% of the common stock of its wholly-owned subsidiary, Jackson Hewitt
Tax Services Inc. As a result, the financial information presented
below has been revised to reflect Jackson Hewitt as a discontinued
operation pursuant to Statement of Financial Accounting Standards
No. 144, "Accounting for the Impairment or Disposal of Long-Lived
Assets," and to reflect the renaming of the former Financial Services
segment as the Marketing Services segment.
2004 2003
1st 1st 2nd 3rd 4th
Revenues Quarter Quarter Quarter Quarter Quarter Full Year
Real Estate Franchise
and Operations $1,156 $985 $1,388 $1,593 $1,292 $5,258
Mortgage Services 238 370 394 411 308 1,483
Total Real Estate
Services 1,394 1,355 1,782 2,004 1,600 6,741
Hospitality Services 681 580 635 696 612 2,523
Travel Distribution
Services 452 416 426 424 393 1,659
Vehicle Services 1,394 1,357 1,499 1,610 1,385 5,851
Total Travel
Services 2,527 2,353 2,560 2,730 2,390 10,033
Marketing Services 357 256 249 358 361 1,224
Total Reportable
Segments 4,278 3,964 4,591 5,092 4,351 17,998
Corporate and Other 31 31 - (7) (7) 17
Total Company $4,309 $3,995 $4,591 $5,085 $4,344 $18,015
2004 2003
EBITDA 1st 1st 2nd 3rd 4th
Quarter Quarter Quarter Quarter Quarter Full Year
Real Estate Franchise
and Operations $129 $113 $262 $325 $192 $892
Mortgage Services 8 113 92 111 64 380
Hospitality Services 168 144 150 189 150 633
Travel Distribution
Services 124 128 104 119 108 459
Vehicle Services 100 50 132 187 73 442
Marketing Services 69 76 76 67 77 296
Total Reportable
Segments 598 624 816 998 664 3,102
Corporate and Other 12 15 (14) (43) 4 (38)
Total Company $610 $639 $802 $955 $668 $3,064
Earnings per share
Total Company EBITDA $610 $639 $802 $955 $668 $3,064
Less: Non-program
related
depreciation
and amortization 128 126 126 126 129 507
Non-program
related
interest
expense, net 80 79 81 74 72 306
Early
extinguishment
of debt - 48 6 4 - 58
Amortization of
pendings and
listings 4 3 4 5 8 20
Income before income
taxes and minority
interest 398 383 585 746 459 2,173
Provision for income
taxes 17 120 194 252 156 722
Minority interest, net
of tax 4 6 7 4 4 21
Income from continuing
operations 377 257 384 490 299 1,430
Income (loss) from
discontinued
operations, net of tax 64 52 (2) (4) (11) 35
Income before
cumulative effect of
accounting changes 441 309 382 486 288 1,465
Cumulative effect of
accounting changes,
net of tax - - - (293) - (293)
Net income $441 $309 $382 $193 $288 $1,172
Diluted earnings per
share
Income from
continuing
operations $0.36 $0.25 $0.37 $0.47 $0.29 $1.38
Income (loss) from
discontinued
operations 0.06 0.05 - - (0.01) 0.03
Cumulative effect of
accounting changes - - - (0.28) - (0.28)
Net income $0.42 $0.30 $0.37 $0.19 $0.28 $1.13
Cendant Corporation and Affiliates
SEGMENT REVENUE DRIVER ANALYSIS
(Revenue dollars in thousands)
Second Quarter
2004 2003 % Change
REAL ESTATE FRANCHISE AND
OPERATIONS SEGMENT
Real Estate Franchise (A)
Closed Sides 512,247 445,744 15%
Average Price $195,346 $170,242 15%
Royalty and Marketing Revenue $139,345 $115,860 20%
Total Revenue $144,343 $124,302 16%
Real Estate Brokerage
Closed Sides 144,384 128,750 12%
Average Price $409,807 $333,666 23%
Net Revenue from Real Estate
Transactions $1,541,363 $1,141,686 35%
Total Revenue $1,553,206 $1,152,225 35%
Relocation
Service Based Revenue
(Referrals, Outsourcing, etc.) $82,618 $76,679 8%
Asset Based Revenue (Home Sale
Closings and Financial Income) $31,546 $34,426 (8%)
Total Revenue $114,164 $111,105 3%
MORTGAGE SERVICES SEGMENT
Mortgage
Production Loans Closed to be
Securitized (millions) $11,838 $16,976 (30%)
Other Production Loans Closed
(millions) $5,795 $6,344 (9%)
Production Loans Sold (millions) $10,395 $16,298 (36%)
Average Servicing Loan Portfolio
(millions) $136,237 $119,758 14%
Production Revenue $231,309 $351,875 (34%)
Gross Recurring Servicing
Revenue $123,925 $109,725 13%
Amortization and Impairment of
Mortgage Servicing Rights $199,058 $(255,973) *
Hedging Activity for Mortgage
Servicing Rights $(340,855) $68,584 *
Other Servicing Revenue (B) $3,717 $(8,124) *
Net Revenue for Mortgage
Servicing Activities $(14,155) $(85,788) *
Total Revenue $217,154 $266,087 (18%)
Settlement Services
Title and Appraisal Units 115,847 149,123 (22%)
Total Revenue $126,976 $127,569 -
HOSPITALITY SERVICES SEGMENT
Lodging
RevPAR $28.88 $27.45 5%
Weighted Average Rooms Available 472,684 489,995 (4%)
Royalty, Marketing and
Reservation Revenue $97,959 $95,280 3%
Total Revenue $115,574 $108,426 7%
RCI
Average Subscriptions 3,030,969 2,925,283 4%
Number of Exchanges (C) 350,668 357,156 (2%)
Exchange and Subscription
Revenue (C) $97,447 $92,898 5%
Points and Rental Transaction
Revenue (C) $26,484 $19,834 34%
Other Revenue (C) $20,314 $15,378 32%
Total Revenue $144,245 $128,110 13%
Fairfield Resorts
Tours 146,621 147,701 (1%)
Total Revenue $248,945 $223,319 11%
Trendwest Resorts
Tours 80,449 105,365 (24%)
Total Revenue $132,055 $143,233 (8%)
Vacation Rental Group
Cottage Weeks Sold 199,700 130,198 53%
Total Revenue (D) $60,567 $32,170 88%
* Not meaningful.
(A) The 2003 amounts have been revised to reflect a new presentation of
drivers adopted during second quarter 2004 whereby contributions
from NRT, our wholly-owned real estate brokerage firm, have been
excluded. All prior period amounts have been revised to reflect this
new presentation and are available on the Cendant website,
http://www.cendant.com/. During the three months ended June 30, 2004
and 2003, intercompany royalties paid by NRT were $100 million and
$76 million, respectively.
(B) Includes net interest expense of $14 million and $24 million for the
three months ended June 30, 2004 and 2003, respectively.
(C) The 2003 amounts have been revised to reflect a new presentation of
drivers during 2004. All prior period amounts have been revised to
reflect this new presentation and are available on the Cendant
website, which may be accessed at http://www.cendant.com/.
(D) The 2004 amount includes the revenues of businesses acquired during
second quarter 2004 and is therefore not comparable to the 2003
amount.
Cendant Corporation and Affiliates
SEGMENT REVENUE DRIVER ANALYSIS
(Revenue dollars in thousands)
Second Quarter
2004 2003 % Change
TRAVEL DISTRIBUTION SERVICES SEGMENT
Galileo Domestic Booking
Volume (000's)
Air 21,453 20,979 2%
Car/Hotel 4,393 4,528 (3%)
Galileo International Booking
Volume (000's)
Air 43,513 41,050 6%
Car/Hotel 1,338 1,234 8%
Galileo Worldwide Booking
Volume (000's)
Air 64,966 62,029 5%
Car/Hotel 5,731 5,762 (1%)
Galileo Revenue (A) $401,263 $382,710 5%
Travel Services On-line Gross
Bookings (000's) (B) $395,926 $307,033 29%
Travel Services Off-line Gross
Bookings (000's) (B) $197,204 $249,514 (21%)
Total Revenue (A) $447,571 $426,228 5%
VEHICLE SERVICES SEGMENT
Avis
Rental Days (000's) 14,656 13,939 5%
Time and Mileage Revenue per Day $40.55 $41.53 (2%)
Average Length of Rental (stated
in Days) 3.49 3.52 (1%)
Total Revenue (B) $671,777 $649,570 3%
Budget (C)
Car Rental Days (000's) 7,852 7,841 -
Time and Mileage Revenue per Day $33.28 $35.05 (5%)
Average Length of Rental
(stated in Days) 3.94 4.08 (3%)
Car Rental Revenue (B) $310,524 $329,920 (6%)
Truck Rental Revenue (B) $136,521 $139,368 (2%)
Total Revenue (B) $447,045 $469,288 (5%)
Vehicle Management and Fuel Card
Services
Average Fleet (Leased) 316,095 317,622 -
Average Number of Cards (000's) 4,083 3,752 9%
Service Based Revenue $66,742 $56,588 18%
Asset Based Revenue $364,471 $323,645 13%
Total Revenue $431,213 $380,233 13%
MARKETING SERVICES SEGMENT
Loyalty/Insurance Marketing
Revenue $155,177 $148,311 5%
Individual Membership Revenue (D) $197,771 $100,911 *
* Not meaningful.
(A) The 2004 amount includes the revenues of businesses acquired during
or subsequent to the second quarter of 2003 and is therefore not
comparable to the 2003 amount.
(B) Certain reclassifications have been made to the 2003 amounts to
conform to the current presentation. All prior period amounts have
been revised to reflect this new presentation and are available on
the Cendant website, which may be accessed at http://www.cendant.com/.
(C) The 2003 amounts have been revised to reflect a new presentation of
drivers during 2004 consistent with the methodology used for the
Avis business now that Budget has been integrated onto the
Company's system. All prior period amounts have been revised to
reflect this new presentation and are available on the Cendant
website, which may be accessed at http://www.cendant.com/.
(D) The 2004 amounts reflect the results of operations of TRL Group,
Inc. (formerly Trilegiant Corporation) pursuant to the July 1, 2003
adoption of FIN 46, while the 2003 amounts do not reflect the
results of TRL Group, Inc. Accordingly, second quarter 2003
revenues are not comparable to current period amounts.
Cendant Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(In billions)
As of As of
June 30, 2004 December 31, 2003
Assets
Current assets:
Cash and cash equivalents $0.6 $0.8
Assets of discontinued operations - 0.6
Other current assets 3.3 3.6
Total current assets 3.9 5.0
Property and equipment, net 1.8 1.8
Goodwill 11.0 10.7
Other non-current assets 5.2 4.4
Total assets exclusive of assets under
programs 21.9 21.9
Assets under management and mortgage
programs 20.5 17.6
Total assets $42.4 $39.5
Liabilities and stockholders' equity
Current liabilities:
Current portion of long-term debt $1.1 $1.6
Liabilities of discontinued
operations - 0.1
Other current liabilities 5.6 5.5
Total current liabilities 6.7 7.2
Long-term debt 3.5 4.4
Other non-current liabilities 1.2 1.2
Total liabilities exclusive of
liabilities under programs 11.4 12.8
Liabilities under management and
mortgage programs (*) 19.9 16.5
Total stockholders' equity 11.1 10.2
Total liabilities and stockholders'
equity $42.4 $39.5
(*) Liabilities under management and mortgage programs includes deferred
income tax liabilities of $2.6 billion and $1.5 billion as of June
30, 2004 and December 31, 2003, respectively.
Cendant Corporation and Subsidiaries
SCHEDULE OF CORPORATE DEBT (A)
(In millions)
Earliest
Mandatory
Redemption Maturity
Date Date June March December
30, 31, 31,
2004 2004 2003
Net Debt
Zero coupon senior
February convertible
2004 n/a contingent notes $- $- $430
May 2004 n/a Zero coupon
convertible
debentures - 7 7
November November 3-7/8% convertible
2004 2011 senior debentures (B) 804 804 804
August August
2006 2006 6-7/8% notes 849 849 849
January January
2008 2008 6-1/4% notes 797 797 797
May 2009 n/a 11% senior
subordinated notes - 329 333
March March
2010 2010 6-1/4% notes 348 348 348
January January
2013 2013 7-3/8% notes 1,190 1,190 1,190
March March
2015 2015 7-1/8% notes 250 250 250
August August
2006 2006 4.89% notes (C) 100 - -
Net hedging gains
(losses) (D) (41) 99 31
Other (E) 320 118 100
Total corporate
debt, excluding
Upper DECS 4,617 4,791 5,139
Plus: Upper DECS (F) - 863 863
Total Debt 4,617 5,654 6,002
Less: Cash and cash
equivalents 566 631 839
Net Debt $4,051 $5,023 $5,163
Net Capitalization
Total Stockholders'
Equity $11,114 $10,637 $10,186
Total Debt (per
above) 4,617 5,654 6,002
Total
Capitalization 15,731 16,291 16,188
Less: Cash and
cash equivalents 566 631 839
Net Capitalization $15,165 $15,660 $15,349
Net Debt to Net
Capitalization
Ratio (G) 26.7% 32.1% 33.6%
Total Debt to Total
Capitalization
Ratio 29.3% 34.7% 37.1%
(A) Amounts presented herein exclude debt under management and mortgage
programs.
(B) Each $1,000 principal amount is convertible into 41.58 shares of CD
common stock during 2004 if the average price of CD common stock
exceeds $28.32 during the stipulated measurement periods. Redeemable
by the Company after November 27, 2004. Holders may require the
Company to repurchase the debentures on November 27, 2004 and 2008.
The Company intends to redeem these debentures during fourth quarter
2004, at which time holders will have the right to convert their
debentures into shares of CD common stock.
(C) Represents amount of senior notes outstanding following the Company's
remarketing in May 2004 of the $863 million principal amount of
senior notes forming a part of the Company's Upper DECS securities.
These notes were previously pledged to the Company as security for
the holders' obligations under the forward purchase contract
component of the Upper DECS. The Company did not receive any
proceeds from the remarketing; rather, the proceeds were used to
purchase a portfolio of U.S. Treasury securities, which is pledged to
the Company as collateral for the forward purchase contracts.
(D) As of June 30, 2004, this balance represents $213 million of mark to
market adjustments on current interest rate hedges, partially offset
by $172 million of realized gains resulting from the termination of
interest rate hedges, which will be amortized by the Company to
reduce future interest expense.
(E) As of June 30, 2004, this balance includes a $205 million note issued
in April 2004 as consideration for the purchase of Marriott
International, Inc.'s interest in Two Flags Joint Venture LLC. The
Company intends to repay this note no later than third quarter 2004.
(F) In May 2004, those senior notes were remarketed and as a result no
longer form a portion of the Upper DECS. In connection with such
remarketing, the Company purchased and retired $763 million principal
amount of notes (see Note (C) above).
(G) The "Net Debt to Net Capitalization Ratio" is useful in measuring the
Company's leverage and indicating the strength of its financial
condition. This ratio is calculated by dividing (i) net corporate
debt (which reflects total debt adjusted to assume the application of
available cash to reduce outstanding indebtedness) by (ii) net
capitalization (which reflects total capitalization also adjusted for
the application of available cash). A reconciliation of the "Net
Debt to Net Capitalization Ratio" to the appropriate measure
recognized under generally accepted accounting principles (Total Debt
to Total Capitalization Ratio) is presented in the above table.
Cendant Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
Operating Activities
Net cash provided by operating
activities exclusive of management
and mortgage programs $1,027 $1,002 $1,319 $1,267
Net cash provided by (used in)
operating activities of management
and mortgage programs (76) 170 412 1,020
Net Cash Provided by Operating
Activities 951 1,172 1,731 2,287
Investing Activities
Property and equipment additions (96) (100) (200) (196)
Net assets acquired, net of cash
acquired, and acquisition-related
payments (213) (54) (378) (135)
Proceeds received on asset sales 6 4 24 86
Proceeds from disposition of
businesses, net of transaction-
related payments 784 - 826 -
Other, net (5) 17 40 70
Net cash provided by (used in)
investing activities exclusive of
management and mortgage programs 476 (133) 312 (175)
Management and mortgage programs:
Net change in program cash (33) 59 174 42
Net investment in vehicles (1,521) (926) (3,334) (1,619)
Net change in relocation
receivables (34) (80) (15) (92)
Net change in mortgage servicing
rights, related derivatives and
mortgage-backed securities (486) 88 (345) 81
(2,074) (859) (3,520) (1,588)
Net Cash Used in Investing Activities (1,598) (992) (3,208) (1,763)
Financing Activities
Proceeds from borrowings - 1 19 2,651
Principal payments on borrowings (1,105) (433) (1,118) (2,834)
Issuances of common stock 189 94 396 126
Repurchases of common stock (350) (309) (962) (461)
Payment of dividends (72) - (144) -
Other, net (23) (22) (22) (86)
Net cash used in financing activities
exclusive of management and mortgage
programs (1,361) (669) (1,831) (604)
Management and mortgage programs:
Proceeds from borrowings 4,783 6,539 8,444 13,625
Principal payments on borrowings (3,655) (6,241) (6,382) (12,825)
Net change in short-term borrowings 785 233 914 (238)
Other (12) 4 (17) (9)
1,901 535 2,959 553
Net Cash Provided by (Used in)
Financing Activities 540 (134) 1,128 (51)
Effect of changes in exchange rates
on cash and cash equivalents 53 3 38 (20)
Cash provided by (used in)
discontinued operations (11) 2 38 49
Net increase (decrease) in cash and
cash equivalents (65) 51 (273) 502
Cash and cash equivalents, beginning
of period 631 576 839 125
Cash and cash equivalents, end of
period $566 $627 $566 $627
Cendant Corporation and Subsidiaries
CONSOLIDATED SCHEDULES OF FREE CASH FLOWS
(In millions)
Free Cash Flow is useful to management and the Company's investors in
measuring the cash generated by the Company that is available to be used
to repurchase stock, repay debt obligations, pay dividends and invest in
future growth through new business development activities or
acquisitions. Free Cash Flow should not be construed as a substitute in
measuring operating results or liquidity. Such metric may not be
comparable to similarly titled measures used by other companies and is
not a measurement recognized under generally accepted accounting
principles. A reconciliation of Free Cash Flow to the appropriate
measure under generally accepted accounting principles (Net Cash
Provided by Operating Activities) is presented below.
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
Pretax income $751 $585 $1,148 $969
Addback of non-cash depreciation and
amortization:
Non-program related 130 126 258 252
Pendings and listings 4 4 8 7
Tax payments, net of refunds (38) (29) (97) (49)
Working capital and other 186 320 26 174
Capital expenditures (96) (100) (200) (196)
Management and mortgage programs (A) (249) (154) (149) (15)
Free Cash Flow 688 752 994 1,142
Current period acquisitions, net of
cash acquired (180) (17) (322) (44)
Payments related to prior period
acquisitions (33) (37) (56) (91)
Proceeds from disposition of
businesses, net 784 - 826 -
Net repurchases of common stock (161) (215) (566) (335)
Payment of dividends (72) - (144) -
Investments and other (B) 14 - 94 13
Net debt repayments (1,105) (432) (1,099) (183)
Net increase (decrease) in cash and
cash equivalents (per Table 7) $(65) $51 $(273) $502
(A) Cash flows related to management and mortgage programs may fluctuate
significantly from period to period due to the timing of the
underlying management and mortgage program transactions (i.e., timing
of mortgage loan origination versus sale). For the thr
(B) Includes net cash provided by (used in) discontinued operations, the
effects of exchange rates on cash and cash equivalents and other
investing and financing activities.
RECONCILIATION OF FREE CASH FLOW TO NET CASH PROVIDED BY OPERATING ACTIVITIES
(In millions)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
Free Cash Flow (per above) $688 $752 $994 $1,142
Cash (inflows) outflows included
in Free Cash Flow but not
reflected in Net Cash Provided by
Operating Activities:
Investing activities of
management and mortgage
programs 2,074 859 3,520 1,588
Financing activities of
management and mortgage
programs (1,901) (535) (2,959) (553)
Capital expenditures 96 100 200 196
Proceeds received on asset
sales (6) (4) (24) (86)
Net Cash Provided by Operating
Activities (per Table 7) $951 $1,172 $1,731 $2,287
Full Year 2004 Projected
Free Cash Flow $2,000 - $2,250
Cash outflows included in
Free Cash Flow but not
reflected in Net Cash
Provided by Operating Activities:
Investing and financing
activities of management
and mortgage programs 1,975 - 2,625
Capital expenditures 525 - 575
Net Cash Provided by Operating
Activities $4,500 - $5,450
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