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EXHIBIT 99
CENDANT CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL FRANCHISING AND MARKETING/RESERVATION
ACTIVITIES INFORMATION
Franchise revenue principally consists of royalties, as well as marketing and
reservation fees, which are based on a percentage of franchisee revenue.
Royalty, marketing, and reservation fees are accrued as the underlying
franchisee revenue is earned. Annual rebates given to certain franchisees on
royalty fees are recorded as a reduction to revenues and are accrued in direct
proportion to the recognition of the underlying gross franchise revenue.
Franchise revenue also includes initial franchise fees, which are recognized as
revenue when all material services or conditions relating to the sale have been
substantially performed, which is generally when a franchised unit is opened.
Revenues from franchising activities include royalty revenues and initial
franchise fees charged to lodging properties, car rental locations, tax
preparation offices and real estate brokerage offices upon execution of a
franchise contract.
Franchised outlet revenues are as follows:
YEAR ENDED DECEMBER 31,
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1999 1998 1997
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Royalty Revenues $ 839 $ 703 $ 574
Initial Franchise Fees 37 45 26
The Company receives marketing and reservation fees from several of its lodging
and real estate franchisees. Marketing and reservation fees related to the
Company's lodging brands' franchisees are calculated based on a specified
percentage of gross room revenues. Marketing fees received from the Company's
real estate brands' franchisees are based on a specified percentage of gross
closed commissions earned on the sale of real estate. As provided in the
franchise agreements, at the Company's discretion, all of these fees are to be
expended for marketing purposes and the operation of a centralized
brand-specific reservation system for the respective franchisees and are
controlled by the Company until disbursement. Membership and service fees
revenues included marketing and reservation fees of $280 million, $228 million
and $215 million for the years ended December 31, 1999, 1998, and 1997,
respectively. Additionally, rebates are given to franchisees that meet certain
levels of annual gross revenue as defined by the respective franchise
agreements. Membership and service fee revenues are net of annual rebates of $43
million, $35 million and $26 million for the years ended December 31, 1999,
1998, and 1997, respectively.
Franchised outlet information is as follows:
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<CAPTION>
DECEMBER 31,
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1999 1998 (1) 1997
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<S> <C> <C> <C>
Franchised units in operation 22,719 22,471 18,876
Backlog (franchised units sold but not yet opened) 1,478 2,063 1,547
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(1) Approximately 2,000 franchised units were acquired in connection with the
acquisition of Jackson Hewitt Inc.
