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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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                                    Form 8-K
             CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

                         Commission file number 1-10308

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                      OCTOBER 21, 1998 (OCTOBER 21, 1998)
               (Date of Report (date of earliest event reported))


                              CENDANT CORPORATION
             (Exact name of Registrant as specified in its charter)


               DELAWARE                                06-0918165
    (State or Other Jurisdiction of                   (IRS Employer
    Incorporation or Organization)                 Identification No.)

            6 SYLVAN WAY,
        PARSIPPANY, NEW JERSEY                            07054
(Address of Principal Executive Office)                (Zip Code)


                                 (973) 428-9700
              (Registrant's telephone number, including area code)



                                      NONE
      (Former name, former address and former fiscal year, if applicable)

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ITEM 5. OTHER

Attached hereto as Exhibit 99.1 are financial schedules summarizing restated 
revenue and EBITDA by business segment for all four quarters of 1997 and the 
first and second quarters of 1998. Each segment is also presented with 
revenues and revenue drivers for lines of business within the segment.

ITEM 7. EXHIBITS

Exhibit
  No.        Description
- -------      -----------
 99.1        Revenue Drivers









                                   SIGNATURE



      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



                                      CENDANT CORPORATION



                                      BY: /s/ James E. Buckman
                                          -------------------------------
                                          James E. Buckman
                                          Senior Executive Vice President
                                          and General Counsel


Date: October 21, 1998










                              CENDANT CORPORATION
                           CURRENT REPORT ON FORM 8-K
                REPORT DATED OCTOBER 21, 1998 (OCTOBER 21, 1998)


                                 EXHIBIT INDEX


EXHIBIT NO.       DESCRIPTION
- -----------       -----------
   99.1           Revenue Drivers












CENDANT CORPORATION
SEGMENT SUMMARY
($ in millions)
- ------------------------------------------------------------------------------------------------------------------------- 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total -------------------------- -------------------------- ----------- ----------- ------- 1997 1998(2) % 1997 1998(2) % 1997 1997 1997 -------- -------- -- -------- -------- -- -------- -------- -------- Revenue Travel $ 327.1 $ 361.6 11% $ 333.2 $ 489.4 47% $ 354.9 $ 322.3 $1,337.5 Real Estate 191.1 279.1 46% 246.1 354.9 44% 281.2 268.6 987.0 Alliance Marketing 353.9 371.9 5% 332.3 377.3 14% 437.6 446.3 1,570.1 Other 81.6 116.7 43% 88.2 56.5 -36% 112.7 63.0 345.5 -------- -------- -------- -------- -------- -------- -------- Total Continuing Ops 953.7 1,129.2 18% 999.8 1,278.1 28% 1,186.4 1,100.2 4,240.2 Discontinued Ops 137.3 158.7 16% 127.9 204.9 60% 142.0 235.0 642.2 -------- -------- -------- -------- -------- -------- -------- Total Cendant $1,091.0 $1,287.9 18% $1,127.7 $1,483.0 32% $1,328.4 $1,335.2 $4,882.4 ======== ======== ======== ======== ======== ======== ======== EBITDA(1) Travel $ 134.4 $ 179.2 33% $ 143.6 $ 200.2 39% $ 150.5 $ 132.7 $ 561.2 Real Estate 60.9 123.1 102% 100.6 176.7 76% 130.8 112.1 404.4 Alliance Marketing 47.1 4.6 -90% 25.2 (16.0) -163% 73.8 33.5 179.6 Other 15.6 77.3 396% 35.6 15.5 -56% 57.9 (5.0) 104.1 -------- -------- -------- -------- -------- -------- -------- Total Continuing Ops 258.0 384.2 49% 305.0 376.4 23% 413.0 273.3 1,249.3 Discontinued Ops 17.5 (3.0) -117% 6.2 28.1 353% 11.4 53.2 88.3 -------- -------- -------- -------- -------- -------- -------- Total Cendant $ 275.5 $ 381.2 38% $ 311.2 $ 404.5 30% $ 424.4 $ 326.5 $1,337.6 ======== ======== ======== ======== ======== ======== ========
- ---------- (1) Earning before interest, taxes, depreciation and amortization. (2) The 1998 financial information is derived from unaudited financial information. 1998 quarterly results are not necessarily indicative of the financial results that may be expected for the year ending December 31, 1998. CENDANT CORPORATION INCOME STATEMENT SUMMARY ($ in millions)
- ----------------------------------------------------------------------------------------------------------------------------- 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total -------------------------- -------------------------- ----------- ----------- ------- 1997 1998 % 1997 1998 % 1997 1997 1997 -------- -------- -- -------- -------- -- -------- -------- -------- Travel Segment Lodging $ 89.8 $ 94.7 5% $ 108.1 $ 117.2 8% $ 124.5 $ 101.5 $ 424.0 Timeshare 93.8 106.3 13% 85.3 94.0 10% 86.9 80.3 346.29 Car Rental 34.5 45.1 31% 38.6 48.2 25% 41.4 35.7 150.20 Fleet Management 91.5 96.6 6% 79.2 96.0 21% 73.9 79.6 324.20 Other (NPC and Global Refund) 17.5 18.9 8% 22.0 134.0 509% 28.2 25.2 92.90 ------- ------- ------- ------- ------- ------- ------- Total revenue 327.1 361.6 11% 333.2 489.4 47% 354.9 322.3 1,337.5 ======= ======= ======= ======= ======= ======= ======= Real Estate Segment Real Estate Franchise 55.4 84.3 52% 83.7 131.5 57% 98.3 97.2 334.6 Relocation Services 85.2 99.7 17% 102.7 110.2 7% 112.0 101.6 401.5 Mortgage Services 33.6 78.0 132% 42.5 94.0 121% 51.6 51.5 179.2 New Mover 16.8 17.1 2% 17.2 19.2 12% 19.3 18.3 71.6 ------- ------- ------- ------- ------- ------- ------- Total revenue 191.1 279.1 46% 246.1 354.9 44% 281.2 268.6 987.0 ======= ======= ======= ======= ======= ======= ======= Alliance Marketing Segment Individual 167.7 171.8 2% 154.9 175.1 13% 171.0 178.4 672.0 Insurance/Wholesale 111.9 134.0 20% 118.7 136.8 15% 118.5 133.5 482.6 Lifestyle 74.3 66.1 -11% 58.7 65.4 11% 148.1 134.4 415.5 ------- ------- ------- ------- ------- ------- ------- Total revenue 353.9 371.9 5% 332.3 377.3 14% 437.6 446.3 1,570.1 ======= ======= ======= ======= ======= ======= ======= Other Segment 81.6 116.7 43% 88.2 56.5 -36% 112.7 63.0 345.5 ======= ======= ======= ======= ======= ======= ======= Discontinued Operations Hebdo Mag 45.6 62.8 38% 48.9 74.4 52% 51.3 62.7 208.5 Software 91.7 95.9 5% 79.0 130.5 65% 90.7 172.3 433.7 ------- ------- ------- ------- ------- ------- ------- Total revenue $ 137.3 $ 158.7 16% $ 127.9 $ 204.9 60% $ 142.0 $ 235.0 $ 642.2 ======= ======= ======= ======= ======= ======= =======
CENDANT CORPORATION TRAVEL SEGMENT REVENUE DRIVER ANALYSIS (Revenue $ in millions)
- ---------------------------------------------------------------------------------------------------------------------------------- 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total -------------------------- -------------------------- ----------- ----------- ------- 1997 1998 % 1997 1998 % 1997 1997 1997 -------- -------- -- -------- -------- -- -------- -------- -------- Lodging Rooms 480,599 488,206 2% 488,145 496,706 2% 497,020 503,183 492,254 Royalty per Available Room $ 76.46 $ 79.70 4% $ 97.78 $ 101.27 4% $ 115.09 $ 79.45 $ 369.03 --------- ---------- ---------- ---------- ---------- ---------- ---------- Total Royalty 36.7 38.9 6% 47.7 50.3 5% 57.2 40.0 181.7 Other 53.1 55.8 5% 60.4 66.9 11% 67.3 61.5 242.3 --------- ---------- ---------- ---------- ---------- ---------- ---------- Total Revenue $ 89.8 $ 94.7 5% $ 108.1 $ 117.2 8% $ 124.5 $ 101.5 $ 424.0 ========= ========== ========== ========== ========== ========== ========== Timeshare Number of Exchanges 475,086 492,436 4% 405,120 411,711 2% 406,936 360,825 1,647,967 Annual Number of Exchanges 1,900,344 1,969,744 4% 1,620,480 1,646,844 2% 1,627,744 1,443,300 1,647,967 Average Members 2,039,811 2,177,050 7% 2,049,972 2,186,424 7% 2,074,412 2,089,700 2,155,795 --------- ---------- ---------- ---------- ---------- ---------- ---------- Total Units 3,940,155 4,146,794 5% 3,670,452 3,833,268 4% 3,702,156 3,533,000 3,803,762 Average Fee $ 20.47 $ 21.01 3% $ 20.11 $ 20.87 4% $ 20.83 $ 20.44 $ 79.86 --------- ---------- ---------- ---------- ---------- ---------- ---------- Total Member/Exchange Fees 80.7 87.1 8% 73.8 80.0 8% 77.1 72.2 303.8 Other 13.1 19.2 47% 11.5 14.0 22% 9.8 8.1 42.5 --------- ---------- ---------- ---------- ---------- ---------- ---------- Total Revenue $ 93.8 $106.3 13% $ 85.3 $ 94.0 10% $ 86.9 $ 80.3 $ 346.3 ========= ========== ========== ========== ========== ========== ========== Car Rental Rental days 12,821,00 12,464,857 -3% 13,340,886 13,867,489 4% 15,021,195 12,506,732 53,689,821 Royalty per Rental day $ 1.79 $ 1.90 6% $ 1.84 $ 1.85 1% $ 1.82 $ 1.89 $ 1.84 --------- ---------- ---------- ---------- ---------- ---------- ---------- Total Royalty 23.0 23.7 3% 24.5 25.7 5% 27.4 23.7 98.6 Other 11.5 21.4 86% 14.1 22.5 60% 14.0 12.0 51.6 --------- ---------- ---------- ---------- ---------- ---------- ---------- Total Revenue $ 34.5 $ 45.1 31% $ 38.6 $ 48.2 25% $ 41.4 $ 35.7 $ 150.2 ========= ========== ========== ========== ========== ========== ========== Fleet Management Number of Cars/Cards 2,660,407 3,877,657 46% 2,804,170 4,054,128 45% 3,162,740 3,215,953 2,960,817 Revenue per Car/Card $ 34.39 $ 24.91 -28% $ 28.24 $ 23.68 -16% $ 23.37 $ 24.75 $ 109.50 --------- ---------- ---------- ---------- ---------- ---------- ---------- Total Revenue $ 91.5 $ 96.6 6% $ 79.2 $ 96.0 21% $ 73.9 $ 79.6 $ 324.2 ========= ========== ========== ========== ========== ========== ==========
CENDANT CORPORATION REAL ESTATE SEGMENT REVENUE DRIVER ANALYSIS (Revenue $ in millions)
- ---------------------------------------------------------------------------------------------------------------------------------- 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total -------------------------- -------------------------- ----------- ----------- ------- 1997 1998(2) % 1997 1998(2) % 1997 1997 1997 -------- -------- -- -------- -------- -- -------- -------- -------- Real Estate Franchise Closed sides Domestic 265,896 322,995 21% 402,386 498,893 24% 438,120 431,423 1,537,825 Average Price 118,362 135,445 14% 122,285 142,735 17% 131,285 130,909 126,590 Adj Royalty Rate (roy x comm) 0.15% 0.16% 0.01 0.15% 0.15% 0.00 0.15% 0.15% 0.15% ------- ------- ------- ------- ------- ------- ------- Total Royalties 48.3 71.1 47% 74.6 108.7 46% 85.8 85.2 293.9 Other 7.1 13.2 86% 9.1 22.8 151% 12.5 12.0 40.7 ------- ------- ------- ------- ------- ------- ------- Total Revenue $ 55.4 $ 84.3 52% $ 83.7 $ 131.5 57% $ 98.3 $ 97.2 $ 334.6 ======= ======= ======= ======= ======= ======= ======= Mortgage Services Production Loan Closings (000's) $ 1,783 $ 4,615 159% $ 2,480 $ 6,576 165% $ 3,547 $ 3,907 $ 11,717 Avg Fee - Basis Points 107.6 116.4 8 124.1 122.2 -2% 98.7 84.9 100.8 ------- ------- ------- ------- ------- ------- ------- Production Fees 19.2 53.7 180% 30.8 80.4 161% 35.0 33.2 118.2 Avg Servicing Loan Portfolio $ 25,103 $ 30,908 23% $ 25,636 $ 34,004 33% $ 27,074 $ 28,999 $ 26,703 Avg Fee - Basis Points 5.8 7.6 31% 4.6 4.0 -13% 6.1 6.3 22.9 ------- ------- ------- ------- ------- ------- ------- Service Fees 14.4 24.3 68% 11.7 13.6 16% 16.6 18.3 61.0 Total Revenue $ 33.6 $ 78.0 132% $ 42.5 $ 94.0 121% $ 51.6 $ 51.5 $ 179.2 ======= ======= ======= ======= ======= ======= =======