Realogy Holdings Corp.

Good afternoon and welcome to the RealG Holdings Corp 4-year 2021 earnings conference call via webcast. Today's call is being recorded and the written transcript will be made available in the investor information section of the company's website tomorrow. A webcast replay will also be made available on the company's website. At this time, I would like to turn the conference over to RealG Senior Vice President Alicia Swift. Please go ahead, Alicia.

Thank you, Michelle. Good afternoon and welcome to RealEG's full year 2021 earnings conference call. On the call with me today are RealEG's CEO and President, Ryan Schneider, and Chief Financial Officer, Charlotte Ciminelli. As shown on slide three of the presentation, the company will be making statements about its future results and other forward-looking statements during this call. These statements are based on the current expectation and the current economic environment. 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 among others the ongoing COVID crisis, inventory levels, interest rates, and uncertainties related to the continued strength of the housing market. Actual results may differ materially from those expressed or implied in the forward-looking statements. For those who listened to the rebroadcast of this presentation, we remind you that the remarks made herein are as of today, February 17th, and have not been updated subsequent to the initial earnings call. Important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in our earnings release issued today, as well as in our annual and quarterly SEC filing. Also, certain non-GAAP financial measures will be discussed on this call, and per SEC rules, Important information regarding these non-GAAP financial measures is included in our earnings press release and slides. Today, Charlotte will discuss a target leverage ratio, which is a reference to our net debt leverage ratio. This metric is calculated in the manner shown in Table 8B of today's press release. Charlotte's discussion of our results will use our three reportable segments, which Ryan uses to assess the performance of our company. Ryan will also provide a view of Realogy focused on the power of our brands and their positioning in the market. This will include various references to estimated operating EBITDA contributions, annual revenue, and earnings growth rates by market position. Note, however, we do not maintain discrete financial information at this level. Such estimates include cost allocations and other assumptions and do not include intercompany royalties. In addition, such 2021 contributions do not include corporate, Realogy Leads Group, or Cardiff Relocation Services operating EBITDA of approximately negative $150 million. We believe this alternative strategic view of our company may be useful to our stakeholders to understand our market focus within our business. Last, any forward-looking NAR reference during today's call is based on NAR's most recent public estimates as of January 27, 2022, which are subject to review and revision. Factors that may impact the comparability of our home sale statistics to NAR are outlined in our annual and quarterly reports filed with the SEC. Now I will turn the call over to our CEO and President, Ryan Schneider.

Good afternoon, everyone. Realogy is on a transformation journey, and I'm incredibly proud of what we have delivered. We have gained market share, we have driven greater profitability, and we have massively improved our balance sheet. 2021 completes the first chapter of our transformation, and I'm very excited about our momentum going into 2022 as we start Realogy's next chapter. Our company delivered an extraordinary year of strategic and financial results in 2021. Realogy and its great agents grew overall transaction volume nearly 30% as we gained over 100 basis points of market share. We achieved the strongest financial results in the company's history, approximately $8 billion of revenue and $902 million operating EBITDA. We reduced net debt by $900 million since 2019 to $2.3 billion, extended $1.9 billion of our debt to 2029 and beyond, and we now have no debt above a 5.75% coupon. Our powerful EBITDA and net debt reduction delivered a 2.4 times net leverage ratio, the best annual ratio in our company's history. And finally, we advanced exciting new strategic partnerships designed to unlock future growth, including our real sure joint venture with Home Partners of America, our title underwriting joint venture with Centerbridge, and our new luxury auction joint venture with Sotheby's. I'm incredibly proud of both our 2021 results and our transformation progress in recent years, driven by our technology and data-led strategy, our operational excellence, and our increasingly agile culture with great talent, both employees and agents at the core. I will now turn the call over to Charlotte, and I will come back to highlight Realogy's next chapter.