Exhibit 99.1
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(IN MILLIONS)
THREE MONTHS ENDED MARCH 31,
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2001 2000
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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)
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NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS 12 (150)
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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)
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Net cash used in investing activities exclusive of management and mortgage programs (1,305) (70)
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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)
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(193) (68)
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NET CASH USED IN INVESTING ACTIVITIES FROM CONTINUING OPERATIONS (1,498) (138)
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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)
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Net cash provided by (used in) financing activities exclusive of management and mortgage programs 1,897 (104)
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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
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657 27
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NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS 2,554 (77)
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Effect of changes in exchange rates on cash and cash equivalents (5) 1
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Net cash provided by discontinued operations 69 151
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Net increase (decrease) in cash and cash equivalents 1,132 (213)
Cash and cash equivalents, beginning of period 967 1,168
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CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,099 $ 955
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