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EXHIBIT 99.2
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF FREE CASH FLOWS
(IN MILLIONS)
TWELVE MONTHS ENDED
JUNE 30,
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2001 2000
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Adjusted EBITDA(*) $ 1,939(A) 1,843(B)
Less: Move.com Group (48) (71)
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Adjusted EBITDA, excluding Move.com Group 1,987 1,914
Interest expense, net (C) (214) (143)
Minority interest, excluding tax benefit (D) (102) (102)
Tax payments (51) (43)
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CASH FLOW NET OF TAXES PAID 1,620 1,626
Tax refunds 10 127
Restructuring and other unusual payments (35) (161)
Working capital and other (61) (242)
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OPERATING CASH FLOW 1,534 1,350
Adjusted capital expenditures (E) (275) (249)
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FREE CASH FLOW 1,259 1,101
NON OPERATING ACTIVITIES:
Investments (F) (422) (54)
Acquisitions, net of cash acquired (1,824) (77)
Funding of stockholder litigation settlement trust (850) --
Net proceeds from sale of subsidiaries -- 898
Other (G) (116) (238)
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(3,212) 529
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FINANCING ACTIVITIES:
Net proceeds from (repayments on) borrowings (H) 1,670 (891)
Net issuances (repurchases) of equity securities and other 711 (1,119)
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2,381 (2,010)
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NET CHANGE IN CASH BEFORE MANAGEMENT AND MORTGAGE PROGRAMS 428 (380)
MANAGEMENT AND MORTGAGE PROGRAMS:
Net investment in vehicles (1,069) --
Net mortgage origination and sales 1,352 892
Net mortgage servicing rights (684) (643)
Net contract receivables 7 --
Net relocation advances (61) 472
Net financing for assets of management and mortgage programs 706 (2,170)
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251 (1,449)
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NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ 679 $(1,829)
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(*) Adjusted EBITDA is defined as earnings before non-operating interest,
income taxes, non-vehicle depreciation and amortization, minority interest
and equity in Homestore.com, adjusted to exclude certain items which are
of a non-recurring or unusual nature and not measured in assessing segment
performance or are not segment specific.
(A) Excludes (i) a net gain related to the dispositions of businesses ($402
million), (ii) a gain representing the recognition of a portion of the
Company's previously recorded deferred gain from the sale of its fleet
businesses due to the disposition of VMS Europe by Avis Group Holdings,
Inc. ("Avis Group") in August 2000 ($35 million) and (iii) a credit to
reflect an adjustment to the PRIDES class action litigation settlement
charge recorded in the fourth quarter of 1998 primarily for Rights that
expired unexercised ($14 million). Such amounts were partially offset by
(i) a charge to fund an irrevocable contribution to an independent
technology trust responsible for providing technology initiatives for the
benefit of current and future franchisees at Century 21, Coldwell Banker
and ERA ($95 million), (ii) a charge in connection with the creation of
Travel Portal, Inc., a company that was created to pursue the development
of an online travel business for the benefit of certain current and future
franchisees ($85 million), (iii) litigation settlement and related costs
($48 million), (iv) a charge in connection with litigation asserting
claims associated with accounting irregularities in the former business
units of CUC International, Inc. and outside of the principal common
stockholder class action lawsuit ($20 million), (v) charges related to the
acquisition and integration of Avis Group ($8 million), (vi) a non-cash
contribution to the Cendant Charitable Foundation ($7 million) and (vii)
charges incurred in connection with the postponement of the initial public
offering of Move.com common stock ($3 million).
(B) Excludes (i) a charge associated with the settlement of the principal
common stockholder class action lawsuit ($2,894 million), (ii) a charge in
connection with restructuring and other initiatives ($106 million), (iii)
a charge in connection with the creation of NGI ($85 million), (iv)
litigation settlement and related costs ($21 million) and (v) costs
primarily resulting from the consolidation of European call centers in
Cork, Ireland ($5 million). Such amounts were partially offset by (i) a
net gain related to the dispositions of businesses ($349 million), (ii) a
non-cash credit in connection with a change to the original estimate of
the number of Rights to be issued in connection with the PRIDES settlement
resulting from unclaimed and uncontested Rights ($41 million) and (iii) a
credit associated with changes to the estimate of previously recorded
merger-related costs and other unusual charges ($2 million).
(C) Excludes non-cash interest recorded on zero-coupon senior convertible
notes.
(D) Represents the before tax amounts of minority interest.
(E) Represents total capital expenditures exclusive of Move.com Group capital
expenditures ($7 million and $13 million in 2001 and 2000, respectively).
(F) Represents investment activity of the Company, including cash payments in
2001 associated with the independent technology trust responsible for
providing technology initiatives for the benefit of current and future
franchisees at Century 21, Coldwell Banker and ERA ($95 million) and the
creation of Travel Portal, Inc. ($45 million).
(G) Includes net cash used in Move.com Group operations and the effects of
changes in exchange rates.
(H) Represents debt borrowings, net of debt repayments and financing costs
(including the issuance of a mandatorily redeemable preferred interest in
a subsidiary in the twelve months ending June 30, 2000).