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EXHIBIT 99
PRO FORMA FINANCIAL INFORMATION (UNAUDITED)
The following Unaudited Pro Forma Condensed Combined Statement of Operations
gives effect to Cendant's acquisitions of Avis Group Holdings, Inc. ("Avis") on
March 1, 2001 and Galileo International, Inc. ("Galileo") on October 1, 2001.
Transactions have been accounted for under the purchase method of accounting.
The Unaudited Pro Forma Condensed Combined Statement of Operations assumes the
acquisitions of Avis and Galileo both occurred on January 1, 2001. The unaudited
pro forma financial information is based on the historical consolidated
financial statements of the Company, Avis and Galileo under the assumptions and
adjustments set forth in the accompanying explanatory notes.
Since Avis was consolidated with the Company as of March 1, 2001, Avis' results
of operations between January 1, 2001 and February 28, 2001 were combined with
the Company's results of operations for the year ended December 31, 2001, which
were then added to Galileo's results of operations for the nine months ended
September 30, 2001, subject to certain pro forma adjustments, to provide the
combined pro forma results of operations. All intercompany transactions were
eliminated on a pro forma basis. Historically, Avis paid the Company for
services the Company provided related to call centers and information technology
and for the use of the Company's trademarks, and Avis paid Galileo for services
Galileo provided related to reservations for vehicle rentals. Pursuant to
Statement of Financial Accounting Standards ("SFAS") No. 142, "GOODWILL AND
OTHER INTANGIBLE ASSETS," the Company is not amortizing goodwill and certain
other intangible assets arising from the acquisition of Galileo.
The Company continues to review acquired operations, which may result in a plan
to realign or reorganize certain of those operations. The costs of implementing
such a plan, if it were to occur, have not been reflected in the accompanying
pro forma financial information. The impact of a potential realignment or
reorganization could increase or decrease the amount of goodwill and intangible
assets and any related amortization in the accompanying pro forma financial
information. Additionally, the Unaudited Pro Forma Condensed Combined Statement
of Operations excludes any benefits that might result from the acquisitions due
to synergies that may be derived or from the elimination of duplicate efforts.
The Company's management believes that the assumptions used provide a reasonable
basis on which to present the unaudited pro forma financial information. The
Company has completed other acquisitions and dispositions which are not
significant and, accordingly, have not been included in the accompanying
unaudited pro forma financial information. The unaudited pro forma financial
information may not be indicative of the financial position or results of
operations that would have occurred if the acquisitions of Avis and Galileo had
been in effect on the dates indicated or which might be obtained in the future.
The unaudited pro forma financial information should be read in conjunction with
the historical consolidated financial statements and accompanying notes thereto
for the Company, Avis and Galileo. Certain reclassifications have been made to
the historical amounts of Galileo to conform with the Company's classification.
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UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2001
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
<Table>
<Caption>
HISTORICAL HISTORICAL
AVIS GALILEO
JAN 1- AVIS JAN 1- GALILEO
HISTORICAL FEB 28, PURCHASE ADJUSTED OCT 1, PURCHASE COMBINED
CENDANT 2001 ADJUSTMENTS CENDANT 2001 ADJUSTMENTS PRO FORMA
---------- ---------- ----------- -------- ---------- ----------- ----------
REVENUES
Service fees and
membership-related, net $ 5,456 $ 27 $ (34)(a) $ 5,449 $ 1,244 $ (9)(f) $ 6,684
Vehicle-related 3,426 594 -- 4,020 -- -- 4,020
Other 68 20 -- (b) 88 65 -- 153
--------- --------- ----------- -------- --------- ----------- ----------
Net revenues 8,950 641 (34) 9,557 1,309 (9) 10,857
EXPENSES
Operating 2,937 174 (34)(a) 3,077 305 (9)(f) 3,373
Selling, general and
administrative 2,010 114 -- 2,124 592 (41)(g) 2,675
Vehicle depreciation, lease
charges and interest, net 1,799 350 -- 2,149 -- -- 2,149
Non-vehicle depreciation
and amortization 501 23 6 (c) 530 179 (119)(g) 590
Other charges, net 671 -- -- 671 -- -- 671
Non-vehicle interest, net 249 12 1 (d) 262 26 (28)(h) 260
Other, net -- -- -- -- 5 -- 5
--------- --------- ----------- -------- --------- ----------- ----------
Total expenses 8,167 673 (27) 8,813 1,107 (197) 9,723
--------- --------- ----------- -------- --------- ----------- ----------
Net loss on dispositions of
businesses and impairment
of investments (24) -- -- (24) -- -- (24)
--------- --------- ----------- -------- --------- ----------- ----------
INCOME (LOSS) BEFORE INCOME
TAXES, MINORITY INTEREST
AND EQUITY IN HOMESTORE.COM 759 (32) (7) 720 202 188 1,110
Provision (benefit) for
income taxes 235 (10) (3)(e) 222 89 57 (i) 368
Minority interest, net of tax 24 -- -- 24 -- -- 24
Losses related to equity in
Homestore.com, net of tax 77 -- -- 77 -- -- 77
--------- --------- ----------- -------- --------- ----------- ----------
INCOME (LOSS) BEFORE
CUMULATIVE EFFECT OF
ACCOUNTING CHANGES $ 423 $ (22) $ (4) $ 397 $ 113 $ 131 $ 641
========= ========= =========== ======== ========= =========== ==========
CD COMMON STOCK INCOME PER
SHARE
INCOME BEFORE CUMULATIVE
EFFECT OF ACCOUNTING
CHANGES
Basic $ 0.47 $ 0.44 $ 0.63
Diluted 0.45 0.42 0.61
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic 869 869 117 (j) 986
Diluted 917 917 117 (j) 1,034
</Table>
See accompanying Notes to Unaudited Pro Forma Condensed Combined Statement of
Operations.
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