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EXHIBIT 99.1
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF FREE CASH FLOWS
(IN MILLIONS)
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TWELVE MONTHS ENDED
SEPTEMBER 30,
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2001 2000
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Adjusted EBITDA (*) $ 2,052 (A) 1,806 (B)
Less: Move.com Group 29 83
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Adjusted EBITDA, excluding Move.com Group 2,081 1,889
Interest expense, net (C) (226) (130)
Minority interest, excluding tax benefit (D) (75) (109)
Tax payments (56) (49)
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CASH FLOW NET OF TAXES PAID 1,724 1,601
Tax refunds 10 126
Restructuring and other unusual payments (30) (175)
Working capital and other 172 (238)
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OPERATING CASH FLOW 1,876 1,314
Adjusted capital expenditures (E) (320) (216)
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FREE CASH FLOW 1,556 1,098
NON-OPERATING ACTIVITIES:
Investments (F) (579) (173)
Acquisitions, net of cash acquired (1,975) (102)
Funding of stockholder litigation settlement trust (1,100) -
Net proceeds from sale of subsidiaries - 741
Other (G) (219) (186)
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(3,873) 280
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FINANCING ACTIVITIES:
Net proceeds from (repayments on) borrowings (H) 3,332 (894)
Net issuances of equity securities and other 679 159
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4,011 (735)
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NET CHANGE IN CASH BEFORE MANAGEMENT AND MORTGAGE PROGRAMS 1,694 643
MANAGEMENT AND MORTGAGE PROGRAMS:
Net investment in vehicles (1,297) -
Net mortgage origination and sales 1,709 675
Net mortgage servicing rights (584) (667)
Net contract receivables 11 -
Net relocation advances (149) 582
Net financing for assets of management and mortgage programs 607 (647)
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297 (57)
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NET INCREASE IN CASH AND CASH EQUIVALENTS $ 1,991 $ 586
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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 ($434 million) and (ii) 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) charges associated with the September 11th
terrorist attacks principally related to costs incurred to reduce Avis' fleet size and certain other
effects on Avis' car rental operations ($60 million); information systems costs associated with terminated
projects ($8 million); and marketing fund expenses that will not be recovered by franchisees as a result
of decreased occupancy levels ($6 million), (iv) litigation settlement and related costs ($50 million),
(v) charges related to the acquisition and integration of Avis Group ($8 million) and (vi) a non-cash
contribution to the Cendant Charitable Foundation ($7 million).
(B) Excludes (i) a charge associated with the settlement of the principal common stockholder class action
lawsuit ($2,894 million), (ii) charges in connection with restructuring and other initiatives ($109
million) and (iii) litigation settlement and related costs ($43 million). Such amounts were partially
offset by (i) a net gain related to the dispositions of businesses ($242 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 gain
representing the recognition of a portion of the Company's previously recorded deferred gain from the sale
of its fleet business due to the disposition of VMS Europe by Avis Group Holdings, Inc. in August 2000
($35 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 ($4 million and $16
million in 2001 and 2000, respectively).
(F) Represents investment activity of the Company, including cash payments in 2001 associated with (i) the
funding of marketing expenses incurred by Trilegiant Corporation, a newly formed company that provides
fulfillment services to members of the Company's individual membership business ($104 million), (ii) a
contribution to 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), (iii) a
contribution to NRT Incorporated, an unconsolidated affiliated company that acquires residential real
estate brokerage firms ($149 million) and (iv) 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 ($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 September 30, 2000).
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