We present Adjusted net income (loss) and Adjusted earnings (loss) per share because we believe these measures are useful as supplemental measures in evaluating the performance of our operating businesses and provides greater transparency into our operating results. Was that a temporary occurrence that you saw and that it's kind of normalized now? We're leveraging the technology investments we've been making over the last few years to support more tech-enabled virtual transaction execution. Cartus generates highly qualified leads for its network of affiliated agents and helps them to build their businesses. In parallel to the multiple agent and market-facing actions, we made a number of rapid decisions to help Realogy navigate the COVID crisis at the corporate level and emerge strong on the other side.

The Company's Net Debt Leverage Ratio was 5.2 times at March 31, 2020. Yes. The Company's combined homesale transaction volume (transaction sides multiplied by average sale price) decreased 9% compared with the first quarter of 2018. And I think that's a good thing.

I think we can get it back, obviously. Franchisee sales activity is comprised of new franchise agreements as well as growth, through acquisitions and independent sales agent recruitment by existing franchisees with our assistance. Diluted (loss) earnings per share attributable to Realogy Holdings shareholders: Diluted (loss) earnings per share from continuing operations, Diluted (loss) earnings per share from discontinued operations, NON-GAAP RECONCILIATION - FREE CASH FLOW AND, FREE CASH FLOW INCLUDING DISCONTINUED OPERATIONS. Loss (gain) on the early extinguishment of debt (d), Adjustments attributable to discontinued operations (e), Net (loss) income attributable to Realogy Holdings.

In the first quarter of 2019, Realogy generated free cash flow of negative $172 million (. 2017, respectively. Follow Realogy on these social media sites: Enter your email address to stay up to date with the latest news from Realogy. Investor Relations Contacts. (e) Represents the elimination of non-cash expenses including $27 million of stock-based compensation expense and $5 million for the change in the allowance for doubtful accounts and notes reserves for the four-quarter period ended March 31, 2020. And we're really excited about that. Former parent legacy items and loss on the early extinguishment of debt are recorded in the Corporate and Other segment. Revenues for Realogy Franchise Group include $2 million of intercompany referral commissions related to Realogy Advantage Broker Network paid by Realogy Brokerage Group during the three months ended March 31, 2020. So a question on kind of the franchisee and agent side of things. The following table reflects Revenue, Operating EBITDA and Operating EBITDA margin by reportable segments: The following table reflects Realogy Franchise and Brokerage Groups' results before the intercompany royalties and marketing fees, as well as on a combined basis to show the Operating EBITDA contribution of these business units to the overall Operating EBITDA of the Company: Realogy Franchise and Brokerage Groups Combined. The gross amounts for these items as well as the adjustment for income taxes are shown in the table below. The gross.
And people are getting creative to take care of our most vulnerable customers. The amounts presented for the year ended December 31, 2017 include 1,858 refinance units as a result of acquisitions. I think the debate in the market is obviously what -- how much of the demand is now deferred versus destroyed, if you will. I've seen it firsthand talking to them. And just one quick housekeeping. 3 See Table 6.

Forward-looking statements and projections are inherently subject to significant economic, competitive and other uncertainties and contingencies, many of which are beyond the control of management, including any statements we make related to the expectations with respect to the ongoing COVID-19 crisis. Realogy Holdings Corp (NYSE:RLGY)Q1 2020 Earnings CallMay 7, 2020, 8:30 a.m. The cost savings actions we took in the last two weeks of March and throughout April are expected to lower our operating costs by $80 million to $100 million each full quarter they are in effect. Incremental borrowing costs incurred as a result of the securitization facilities refinancing for the twelve months ended December 31, Represents total borrowings under the senior secured credit facilities and borrowings secured by a first priority lien on our assets of. All right. Basic earnings per share was $1.10 in 2018 compared with basic earnings per share of $3.15 in 2017.

Recognized for nine consecutive years as one of the World's Most Ethical Companies, Realogy has also been designated a Great Place to Work and one of Forbes' Best Employers for Diversity. Adjusted earnings (loss) per share is Adjusted net income (loss) divided by the weighted average common and common equivalent shares outstanding. And in Q1, we consolidated the Realogy Leads Group into the Realogy Franchise Group. 3 Important Disclosures Forward-Looking Statements This presentation contains forward-looking statements. But we continue to do it, and we continue to focus our managers on it. Loss per share attributable to Realogy Holdings: Weighted average common and common equivalent shares of Realogy Holdings outstanding: ADJUSTED NET LOSS AND ADJUSTED LOSS PER SHARE. Operating EBITDA is defined as net income (loss) before depreciation and amortization, interest expense, net, income taxes, and other items that are not core to the operating activities of the Company such as restructuring charges, former parent legacy items, gains or losses on the early extinguishment of debt, impairments, gains or losses on discontinued operations and gains or losses on the sale of investments or other assets.

commissions paid by the Company Owned Real Estate Brokerage Services segment during the three months ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively. Operating EBITDA consists of: (i) $276 million the second quarter of 2018, (ii) $242 million for the third quarter of 2018, (iii) $106 million for the fourth quarter of 2018 and (iv) negative $4 million for the first quarter of 2019. Just pressing a little bit more on the cost saves. Thank you, Natalia.

The Company was in compliance with the senior secured leverage ratio covenant at March 31, 2019 with a ratio of 3.04 to 1.00. And so for virtual tours, I mean, people are using Matterport and Stream, and people have just -- have agents doing stuff with FaceTime and stuff.

And Stephen, it's Ryan. A reconciliation of net income attributable to Realogy Group to Operating EBITDA and EBITDA as defined by the senior secured credit facilities for the twelve months ended December 31, 2018 are set forth in the following table: Net income attributable to Realogy Group (a), Pro forma effect of business optimization initiatives (d), Pro forma effect of acquisitions and new franchisees (f), Incremental securitization interest costs (g), EBITDA as defined by the Senior Secured Credit Facilities, Net income attributable to Realogy consists of: (i) loss of $67 million for the first quarter of 2018, (ii) income of $123 million for the, second quarter of 2018, (iii) income of $103 million for the third quarter of 2018 and (iv) loss of $22 million for the fourth quarter of, Depreciation and amortization for the year ended December 31, 2018 includes $2 million of amortization expense related to, Operating EBITDA consists of: (i) $34 million for the first quarter of 2018, (ii) $276 million for the second quarter of 2018, (iii) $242.

Since housing is not a perishable good, we believe the listing and transaction volumes will improve in geographies as they reopen. We grew our own brokerage agent count by 4% year-over-year in the first quarter, which represents four consecutive quarters of year-over-year agent growth.

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