EX-99.1 2 a2046090zex-99_1.txt EXHIBIT 99.1
Exhibit 99.1 CENDANT CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (IN MILLIONS) THREE MONTHS ENDED MARCH 31, ---------------------------- 2001 2000 ---- ---- OPERATING ACTIVITIES Net cash used in operating activities exclusive of management and mortgage programs $ (119) $ (63) Net cash provided by (used in) operating activities of management and mortgage programs 131 (87) ------- ------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS 12 (150) ------- ------- INVESTING ACTIVITIES Property and equipment additions (60) (38) Net assets acquired (net of cash acquired) and acquisition-related payments (978) (8) Funding of litigation settlement trust (250) -- Other, net (17) (24) ------- ------- Net cash used in investing activities exclusive of management and mortgage programs (1,305) (70) ------- ------- MANAGEMENT AND MORTGAGE PROGRAMS: Investment in leases and leased vehicles, net (151) -- Repayment on advances on homes under management, net of equity advances (7) 36 Additions to mortgage servicing rights, net of proceeds from sales (35) (104) ------- ------- (193) (68) ------- ------- NET CASH USED IN INVESTING ACTIVITIES FROM CONTINUING OPERATIONS (1,498) (138) ------- ------- FINANCING ACTIVITIES Proceeds from borrowings 1,600 -- Principal payments on borrowings (316) (776) Issuances of common stock 657 499 Repurchases of common stock (10) (198) Proceeds from mandatorily redeemable preferred interest in a subsidiary -- 375 Other, net (34) (4) ------- ------- Net cash provided by (used in) financing activities exclusive of management and mortgage programs 1,897 (104) ------- ------- MANAGEMENT AND MORTGAGE PROGRAMS: Proceeds from borrowings 2,712 776 Principal payments on borrowings (2,081) (1,421) Net change in short-term borrowings 26 672 ------- ------- 657 27 ------- ------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS 2,554 (77) ------- ------- Effect of changes in exchange rates on cash and cash equivalents (5) 1 ------- ------- Net cash provided by discontinued operations 69 151 ------- ------- Net increase (decrease) in cash and cash equivalents 1,132 (213) Cash and cash equivalents, beginning of period 967 1,168 ------- ------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,099 $ 955 ======= =======