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EXHIBIT 99.1
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(IN MILLIONS)
SIX MONTHS ENDED
JUNE 30,
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2001 2000
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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)
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NET CASH PROVIDED BY OPERATING ACTIVITIES 1,191 171
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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)
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Net cash used in investing activities exclusive of management
and mortgage programs (2,400) (206)
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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
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(1,380) 104
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NET CASH USED IN INVESTING ACTIVITIES (3,780) (102)
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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)
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Net cash provided by (used in) financing activities exclusive of
management and mortgage programs 2,514 (77)
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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
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1,035 55
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NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 3,549 (22)
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Effect of changes in exchange rates on cash and cash equivalents 9 23
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Net increase in cash and cash equivalents 969 70
Cash and cash equivalents, beginning of period 944 1,164
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CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,913 $ 1,234
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