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Realogy Holdings Corp. recently reported financial results for the full year ended December 31, 2015, including the following highlights:

  • Revenue of $5.7 billion, which represents a 7% increase compared to 2014, was primarily driven by higher home sale transaction volume.
  • Net income was $184 million, a 29% increase from the prior year, and basic earnings per share was $1.26, up from $0.98 in 2014.
  • Adjusted net income for the year was $219 million, and adjusted basic earnings per share was $1.49, increases of 27% and 26%, respectively, on a comparable basis to 2014.
  • Adjusted EBITDA was $845 million, compared to $779 million in 2014, a year-over-year increase of $66 million, or 8%.
  • The Company generated $437 million of free cash flow in full-year 2015, a 19% increase compared with $367 million during 2014.

“We delivered solid results for the full year, reflecting the successful execution of our strategy to drive growth and innovation in our business, and we are optimistic about the long-term growth prospects in the housing market and confident in the strength of our platforms to capitalize on the opportunities ahead,” says Richard A. Smith, Realogy’s chairman, chief executive officer and president. “In particular, we are pleased to have reached the milestone of authorizing the return of capital to shareholders, which has been an important goal and underscores our confidence in the strength of our business model. Our financial strength enables us to implement this program earlier than we anticipated while maintaining the flexibility to invest in growth.”

Share Repurchase Program
Realogy announced that its Board of Directors has authorized a share repurchase program of up to $275 million of the Company’s common stock. Repurchases may be made at management’s discretion from time to time on the open market or through privately negotiated transactions. The size and timing of these repurchases will depend on price, market and economic conditions, legal and contractual requirements and other factors. The repurchase program has no time limit and may be suspended or discontinued at any time. The Company had approximately 146.7 million shares of common stock outstanding as of December 31, 2015.

Operational Results
In 2015, Realogy’s franchise (RFG) and company-owned (NRT) business segments achieved a combined home sale transaction volume (transaction sides multiplied by average sale price) of approximately $456 billion, an 8 percent increase compared to 2014. RFG reported a home sale transaction increase of 3 percent and an average home sale price increase of 5 percent. NRT reported a home sale transaction increase of 9 percent and an average home sale price decrease of 2 percent. The increase in NRT’s transaction sides was bolstered by the strategic acquisition of the Coldwell Banker United brokerage operations in Texas, the Carolinas and Florida, which had a lower average sales price relative to the remainder of NRT’s markets.

In the fourth quarter of 2015, home sale transaction volume across the industry was adversely affected by the introduction of the new advance three-day closing disclosure regulations (“TRID”), which began impacting home sale transaction closings in mid-November.

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