EX-99.1 3 a2055266zex-99_1.txt EXHIBIT 99.1
EXHIBIT 99.1 CENDANT CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (IN MILLIONS) SIX MONTHS ENDED JUNE 30, -------------------- 2001 2000 ------- ------- OPERATING ACTIVITIES Net cash provided by operating activities exclusive of management and mortgage programs $ 438 $ 385 Net cash provided by (used in) operating activities of management and mortgage programs 753 (214) ------- ------- NET CASH PROVIDED BY OPERATING ACTIVITIES 1,191 171 ------- ------- INVESTING ACTIVITIES Property and equipment additions (151) (115) Net assets acquired (net of cash acquired) and acquisition-related payments (1,727) (16) Funding of stockholder litigation settlement trust (500) -- Other, net (22) (75) ------- ------- Net cash used in investing activities exclusive of management and mortgage programs (2,400) (206) ------- ------- MANAGEMENT AND MORTGAGE PROGRAMS: Investment in vehicles, net (4,681) -- Payments received on investment in vehicles 3,612 -- Origination of contract receivables (155) -- Principal collection of contract receivables 162 -- Equity advances on homes under management (3,027) (3,763) Repayment on advances on homes under management 3,017 4,186 Additions to mortgage servicing rights (433) (384) Proceeds from sales of mortgage servicing rights 125 65 ------- ------- (1,380) 104 ------- ------- NET CASH USED IN INVESTING ACTIVITIES (3,780) (102) ------- ------- FINANCING ACTIVITIES Proceeds from borrowings 2,697 -- Principal payments on borrowings (845) (776) Issuances of common stock 750 536 Repurchases of common stock (28) (300) Proceeds from mandatorily redeemable preferred securities issued by subsidiary holding solely senior debentures issued by the Company -- 91 Proceeds from mandatorily redeemable preferred interest in a subsidiary -- 375 Other, net (60) (3) ------- ------- Net cash provided by (used in) financing activities exclusive of management and mortgage programs 2,514 (77) ------- ------- MANAGEMENT AND MORTGAGE PROGRAMS: Proceeds from borrowings 8,138 2,009 Principal payments on borrowings (7,165) (2,719) Net change in short-term borrowings 62 765 ------- ------- 1,035 55 ------- ------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 3,549 (22) ------- ------- Effect of changes in exchange rates on cash and cash equivalents 9 23 ------- ------- Net increase in cash and cash equivalents 969 70 Cash and cash equivalents, beginning of period 944 1,164 ------- ------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,913 $ 1,234 ======= =======