<Page>
EXHIBIT 99.1
[CENDANT LOGO]
CENDANT REPORTS RECORD RESULTS FOR SECOND
QUARTER 2002; RAISES FULL YEAR 2002 PROJECTION
2Q 2002 Adjusted EPS (Including Income from Discontinued Operations) of $0.40
Increased 33% Year Over Year, Exceeding the Company's Projection by $0.04 and
First Call Consensus by $0.03
2Q 2002 Adjusted EPS from Continuing Operations of $0.38 Increased 41% Year
Over Year, Exceeding the Company's Projection by $0.04 and First Call
Consensus by $0.02
2Q 2002 Reported EPS from Continuing Operations Was $0.25
2Q 2002 Adjusted EBITDA Increased 44% Year Over Year to $799 Million
2Q 2002 Revenue Increased 63% Year Over Year to $3.8 Billion
Company Increases Projected Full Year 2002 Adjusted EPS (Including $0.05 of
Income from Discontinued Operations) to $1.45, a 38% Increase Over 2001
NEW YORK, NY, JULY 17, 2002 - Cendant Corporation (NYSE: CD) today reported
record second quarter 2002 adjusted earnings per share (including income from
discontinued operations) of $0.40. The Company raised its projection for
adjusted earnings per share (including income from discontinued operations) for
2002 to $1.45 from $1.36, a 38% increase over the results for 2001. The
increased forecast reflects better-than-expected second quarter results,
continued strength in the Company's real estate related businesses and improving
trends in certain of the Company's travel related businesses.
Cendant's Chairman, President and CEO, Henry R. Silverman, stated: "We are
pleased to report another record-breaking quarter with results that exceeded our
projections despite a challenging environment for commercial travel and
corporate spending. Strength in our residential real estate and vehicle services
divisions again proved the value of our diversified portfolio of fee-for-service
businesses. With demographic trends for real estate expected to remain strong
for years to come, travel trends expected to continue to improve, and $2 billion
per year in free cash flow, we look forward to the future with confidence."
Second quarter 2002 Adjusted EPS includes $0.38 from continuing operations and
$0.02 of income from discontinued operations consisting of our recently sold
National Car Parks business. The increased Adjusted EPS forecast of $1.45 for
full year 2002
1
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includes $1.40 from continuing operations and $0.05 of income from discontinued
operations.
RECONCILIATION OF SECOND QUARTER REPORTED EPS TO ADJUSTED EPS Adjusted EPS
excludes items that are of a non-recurring or unusual nature, including
acquisition and integration related costs consisting primarily of the non-cash
amortization of the pendings and listings intangible asset from real estate
brokerage acquisitions, securities litigation costs and, in 2001,
Homestore.com-related items. Adjusted EPS is a non-GAAP (generally accepted
accounting principles) measure, but the Company believes that it is useful to
assist investors in gaining an understanding of the trends and results of
operations for the Company's core businesses. Adjusted EPS should be viewed in
addition to, and not in lieu of, the Company's reported results. The following
table reconciles Reported EPS from Continuing Operations to Adjusted EPS,
identifying the items reflected in reported results that are considered to be of
an unusual or non-recurring nature for purposes of deriving Adjusted EPS. Some
numbers may not add due to rounding:
<Table>
<Caption>
- --------------------------------------------------- ----------- ----------- ----------- --- -------------
SECOND SECOND % FIRST CALL
QUARTER QUARTER INCREASE CONSENSUS
2002 2001 ESTIMATE
- --------------------------------------------------- ----------- ----------- ----------- --- -------------
Reported EPS from continuing operations $0.25 $0.25 -
- --------------------------------------------------- ----------- ----------- ----------- --- -------------
Litigation settlement and related costs 0.01 0.01
- --------------------------------------------------- ----------- ----------- ----------- --- -------------
Acquisition and integration related costs(1) 0.12 -
- --------------------------------------------------- ----------- ----------- ----------- --- -------------
Losses related to equity in Homestore.com - 0.02
- --------------------------------------------------- ----------- ----------- ----------- --- -------------
ADJUSTED EPS FROM CONTINUING OPERATIONS $0.38 $0.27 41% $0.36
- --------------------------------------------------- ----------- ----------- ----------- --- -------------
EPS from discontinued operations (excluding 0.02 0.02
loss on sale)
- --------------------------------------------------- ----------- ----------- ----------- --- -------------
Adjusted EPS, including income from $0.40 $0.30 33% $0.37
discontinued operations (but excluding
loss on sale)
- --------------------------------------------------- ----------- ----------- ----------- --- -------------
</Table>
(1) Primarily related to the integration of NRT and Trendwest, which were both
acquired in the second quarter of 2002. Approximately $0.11 per share of
this charge is the non-cash amortization of the pendings and listings
intangible asset from NRT and Arvida acquisitions.
RECENT DEVELOPMENTS
The Company had several important accomplishments in the second quarter of 2002:
o Fully funded the remaining principal securities class action litigation
liability using $1.2 billion in cash.
o Acquired NRT Incorporated, the largest residential real estate brokerage
firm in the United States, for approximately $230 million in Cendant
common stock, plus the assumption and subsequent repayment of
approximately $320 million of net debt. NRT subsequently acquired Arvida
Realty Services, the largest residential real estate brokerage firm in
Florida, for approximately $160 million in cash.
o Completed the sale of our National Car Parks subsidiary for approximately
(pound)820 million (approximately $1.2 billion) in cash. This resulted in
a non-cash after tax loss on the sale of discontinued operations of $256
million, or $0.24 per share, substantially related to foreign currency
translation losses, which were previously recorded in stockholders'
equity.
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o Completed the acquisition of Trendwest Resorts, Inc., a leading timeshare
developer, for approximately $900 million in Cendant common stock plus the
assumption and subsequent repayment of approximately $90 million of net
debt.
o Repurchased approximately $400 million face amount of our zero coupon
senior convertible contingent notes (CODES) due February 2021 and
approximately $80 million of our 7 3/4% notes due December 2003, thereby
reducing total net debt to $5.4 billion and removing approximately 13
million shares of potential future equity dilution. This resulted in an
after tax extraordinary loss of approximately $27 million, or $0.02 per
share, related to the early extinguishment of debt.
SECOND QUARTER 2002 SEGMENT RESULTS
The following discussion of operating results addresses segment revenue and
Adjusted EBITDA, which is defined as earnings from continuing operations before
non-program related interest, income taxes, non-program related depreciation and
amortization, minority interest and, in 2001, equity in Homestore.com, adjusted
to exclude certain items that are of a non-recurring or unusual nature and are
not measured in assessing segment performance. Such discussion is the most
informative presentation of how management evaluates performance and allocates
resources. Revenue and Adjusted EBITDA are expressed in millions.
REAL ESTATE SERVICES
(Consisting of the Company's real estate brokerage brands, NRT, mortgage and
relocation services.)
<Table>
<Caption>
2002 2001 % CHANGE
- -------------------------------------------------------------------------------
REVENUES $1,440 $474 N/M
- -------------------------------------------------------------------------------
ADJUSTED EBITDA $ 323 $231 N/M
- -------------------------------------------------------------------------------
</Table>
N/M = not meaningful, as periods are not comparable due to acquisitions of
businesses
Revenues and Adjusted EBITDA increased primarily due to the acquisition of NRT
Incorporated in April 2002 and increased franchise fees from our Century 21,
Coldwell Banker and ERA franchise brands. Partially offsetting revenue and
Adjusted EBITDA increases within the real estate services segment was a
reduction of fees from relocation activities and increased non-cash amortization
and impairment of mortgage servicing rights due to refinancing activity.
HOSPITALITY
(Consisting of the Company's nine lodging brands, timeshare exchange and
interval sales and vacation rental.)
<Table>
<Caption>
2002 2001 % CHANGE
- ------------------------------------------------------------------------
REVENUES $565 $448 26%
- ------------------------------------------------------------------------
ADJUSTED EBITDA $173 $156 11%
- ------------------------------------------------------------------------
</Table>
Revenues and Adjusted EBITDA increased primarily due to the acquisitions of
Trendwest in May 2002 and Equivest in February 2002. Results in our lodging
franchise operations continue to be suppressed due to the impact on travel from
the
3
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September 11th terrorist attacks and the economic recession. However, travel
volumes and related occupancy levels in our franchised lodging brands continued
to improve during the second quarter of 2002.
TRAVEL DISTRIBUTION
(Consisting of electronic global distribution services for the travel industry
and travel agency services.)
<Table>
<Caption>
2002 2001 % CHANGE
- ----------------------------------------------------------------------
REVENUES $438 $26 N/M
- ----------------------------------------------------------------------
EBITDA $130 $ 3 N/M
- ----------------------------------------------------------------------
</Table>
N/M = not meaningful, as periods are not comparable due to acquisitions of
businesses
Revenues and EBITDA increased year over year as a result of the acquisitions of
Galileo International, Inc. and Cheap Tickets, Inc. in October 2001. While the
terrorist attacks of September 11th and the economic recession caused a
significant decrease in commercial and international travel and, accordingly,
reduced the booking volumes of Galileo and our travel agency businesses, travel
bookings continued to improve during the second quarter of 2002.
VEHICLE SERVICES
(Consisting of car rental, vehicle management services and fuel card services.)
<Table>
<Caption>
2002 2001 % CHANGE
- --------------------------------------------------------------------------------
REVENUES $1,030 $1,028 -
- --------------------------------------------------------------------------------
EBITDA $ 123 $ 112 10%
- --------------------------------------------------------------------------------
</Table>
EBITDA increased year over year because stronger than expected results at the
Avis car rental business allowed us to overcome a difficult comparison to second
quarter 2001, which preceded the economic recession and the September 11th
terrorist attacks. Car rental results improved significantly during the second
quarter, reflecting increases in pricing and market share. Absent any further
shocks to the travel industry, we expect car rental volume and pricing to
continue to improve.
FINANCIAL SERVICES
(Consisting of individual membership products, insurance-related services,
financial services enhancement products and tax preparation services.)
<Table>
<Caption>
2002 2001 % CHANGE
- -------------------------------------------------------------------------------
REVENUES $311 $332 (6%)
- -------------------------------------------------------------------------------
EBITDA $ 88 $ 70 26%
- -------------------------------------------------------------------------------
</Table>
Revenue declined while EBITDA increased primarily due to the outsourcing of the
individual membership business to Trilegiant. As expected, the base of renewal
members existing prior to the Trilegiant transaction continued to decline,
resulting in lower revenues to Cendant, while the reduction of new member
marketing and operating costs, now borne by Trilegiant, resulted in higher
margins.
BALANCE SHEET AND OTHER ITEMS
o As of June 30, 2002, the Company had approximately $500 million of cash and
cash equivalents and $5.8 billion of debt and preferred minority interest. In
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addition, the Company has $863 million of mandatorily convertible Upper DECS
securities outstanding.
o As of June 30, 2002, the net debt to total capital ratio was 35%. The ratio
of Adjusted EBITDA to net non-program related interest expense was 13 to 1
for second quarter 2002.
o As of June 30, 2002, the Company had undrawn credit facilities of $2.6
billion (not including undrawn credit facilities of $1.6 billion related to
our PHH subsidiary).
o Weighted average common shares outstanding, including dilutive securities,
were 1.05 billion for second quarter 2002 compared with 905 million for
second quarter 2001. The increase was primarily from the issuance of common
shares in connection with the acquisitions of Galileo, Trendwest and NRT.
2002 QUARTERLY OUTLOOK
The Company projects Adjusted EPS from continuing operations of $0.42 for the
third quarter of 2002 compared with $0.29 for 2001; $0.29 for the fourth quarter
of 2002 compared with $0.21 for 2001; and $1.40 for full year 2002 compared with
$0.96 for 2001. Adjusted EPS excludes results from discontinued operations
(National Car Parks) totaling $0.05 in 2002 and $0.09 in 2001. The Company
announced the following financial projections for the remainder of 2002 (in
millions):
<Table>
<Caption>
- ---------------------------------------- --------------------- ---------------------- ---------------------
THIRD QUARTER FOURTH QUARTER FULL YEAR
2002 2002 2002
- ---------------------------------------- --------------------- ---------------------- ---------------------
Adjusted EBITDA $890 - 905 $685 - 700 $3,035 - 3,065
- ---------------------------------------- --------------------- ---------------------- ---------------------
Percentage increase, year over year 58% - 60% 25% - 28% 46% - 48%
- ---------------------------------------- --------------------- ---------------------- ---------------------
Depreciation and amortization $120 - 125 $120 - 125 $455 - 465
- ---------------------------------------- --------------------- ---------------------- ---------------------
Interest expense, net $70 - 75 $75 - 80 $270 - 280
- ---------------------------------------- --------------------- ---------------------- ---------------------
Minority interest $7 $7 $22
- ---------------------------------------- --------------------- ---------------------- ---------------------
Diluted weighted average shares 1,060 - 1,080 1,070 - 1,090 1,050 - 1,060
outstanding
- ---------------------------------------- --------------------- ---------------------- ---------------------
Adjusted EPS from continuing operations $0.42 $0.29 $1.40
- ---------------------------------------- --------------------- ---------------------- ---------------------
Adjusted EPS from discontinued - - $0.05
operations
- ---------------------------------------- --------------------- ---------------------- ---------------------
Adjusted EPS, including income from $0.42 $0.29 $1.45
discontinued operations (but excluding
loss on sale)
- ---------------------------------------- --------------------- ---------------------- ---------------------
</Table>
o Depreciation and amortization and interest expense exclude program-related
amounts. Depreciation and amortization also excludes the amortization of
the pendings and listings intangible asset.
o Projected third quarter Adjusted EBITDA is slightly higher than previously
forecasted despite the reduction in Adjusted EBITDA due to the sale of
National Car Parks.
o The 2002 tax rate is expected to be approximately 35%, reflecting the
divestiture of National Car Parks.
5
<Page>
o The CODES convertible debt securities are assumed not to be convertible
during 2002.
o Adjusted EBITDA excludes acquisition and integration related costs and
securities litigation costs.
INVESTOR CONFERENCE CALL
Cendant will host a conference call to discuss the second quarter results on
Thursday, July 18, 2002, at 11:00 a.m. (EDT). Investors may access the call live
at www.cendant.com or by dialing 913-981-4900. A web replay will be available at
www.cendant.com following the call. A telephone replay will be available from
2:00 p.m. (EDT) on July 18, 2002 until 8:00 p.m. (EDT) on July 25, 2002 at
719-457-0820, access code: 426266.
Cendant Corporation is primarily a provider of travel and residential real
estate services. With approximately 70,000 employees, New York City-based
Cendant provides these services to businesses and consumers in over 100
countries.
More information about Cendant, its companies, brands and current SEC filings
may be obtained by visiting the Company's Web site at WWW.CENDANT.COM or by
calling 877-4-INFOCD (877-446-3623).
STATEMENTS ABOUT FUTURE RESULTS MADE IN THIS RELEASE AND THE STATEMENTS ATTACHED
HERETO CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995. THESE STATEMENTS ARE BASED ON CURRENT
EXPECTATIONS AND THE CURRENT ECONOMIC ENVIRONMENT. THE COMPANY CAUTIONS THAT
THESE STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. ACTUAL RESULTS MAY
DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN THE FORWARD-LOOKING
STATEMENTS. IMPORTANT ASSUMPTIONS AND OTHER IMPORTANT FACTORS THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS
ARE SPECIFIED IN CENDANT'S FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2002.
SUCH FORWARD-LOOKING STATEMENTS INCLUDE PROJECTIONS. SUCH PROJECTIONS WERE NOT
PREPARED IN ACCORDANCE WITH PUBLISHED GUIDELINES OF THE AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS OR THE SEC REGARDING PROJECTIONS AND FORECASTS, NOR
HAVE SUCH PROJECTIONS BEEN AUDITED, EXAMINED OR OTHERWISE REVIEWED BY
INDEPENDENT AUDITORS OF CENDANT OR ITS AFFILIATES. IN ADDITION, SUCH PROJECTIONS
ARE BASED UPON MANY ESTIMATES AND ARE INHERENTLY SUBJECT TO SIGNIFICANT ECONOMIC
AND COMPETITIVE UNCERTAINTIES AND CONTINGENCIES, MANY OF WHICH ARE BEYOND THE
CONTROL OF MANAGEMENT OF CENDANT AND ITS AFFILIATES. ACCORDINGLY, ACTUAL RESULTS
MAY BE MATERIALLY HIGHER OR LOWER THAN THOSE PROJECTED. THE INCLUSION OF SUCH
PROJECTIONS HEREIN SHOULD NOT BE REGARDED AS A REPRESENTATION BY CENDANT OR ITS
AFFILIATES THAT THE PROJECTIONS WILL PROVE TO BE CORRECT.
MEDIA CONTACT: INVESTOR CONTACTS:
Elliot Bloom Sam Levenson
212-413-1832 212-413-1834
Henry A. Diamond
212-413-1920
6
<Page>
# # #
Tables Follow
7
<Page>
TABLE 1
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(IN MILLIONS, EXCEPT PER SHARE DATA)
<Table>
<Caption>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
-------------------- --------------------
2002 2001 2002 2001
------- ------- ------- -------
REVENUES
Service fees and membership-related, net $ 2,798 $ 1,348 $ 4,501 $ 2,414
Vehicle-related 981 965 1,871 1,296
Other 5 6 28 20
------- ------- ------- -------
Net revenues 3,784 2,319 6,400 3,730
------- ------- ------- -------
EXPENSES
Operating 1,831 685 2,695 1,069
Vehicle depreciation, lease charges
and interest, net 510 542 1,009 721
Marketing and reservation 358 322 679 571
General and administrative 286 214 556 395
Non-program related depreciation and amortization 111 116 216 209
Other charges:
Acquisition and integration related costs (a) 207 -- 207 8
Litigation settlement and related costs, net 8 9 19 19
Restructuring and other unusual charges -- -- -- 185
Non-program related interest, net 60 61 126 123
------- ------- ------- -------
Total expenses 3,371 1,949 5,507 3,300
------- ------- ------- -------
Net gain on dispositions of businesses -- -- -- 435
------- ------- ------- -------
INCOME BEFORE INCOME TAXES, MINORITY
INTEREST AND EQUITY IN HOMESTORE.COM 413 370 893 865
Provision for income taxes 141 127 304 330
Minority interest, net of tax 6 5 8 18
Losses related to equity in Homestore.com, net of tax -- 18 -- 36
------- ------- ------- -------
INCOME FROM CONTINUING OPERATIONS 266 220 581 481
Income from discontinued operations, net of tax(b) 24 22 51 38
Loss on disposal of discontinued operations, net of tax (b) (256) -- (256) --
------- ------- ------- -------
INCOME BEFORE EXTRAORDINARY LOSSES AND CUMULATIVE EFFECT
OF ACCOUNTING CHANGES 34 242 376 519
Extraordinary losses, net of tax (27) -- (27) --
------- ------- ------- -------
INCOME BEFORE CUMULATIVE EFFECT OF 7 242 349 519
ACCOUNTING CHANGES
Cumulative effect of accounting changes, net of tax -- -- -- (38)
------- ------- ------- -------
NET INCOME $ 7 $ 242 $ 349 $ 481
======= ======= ======= =======
CD COMMON STOCK INCOME PER SHARE
BASIC
Income from continuing operations $ 0.26 $ 0.26 $ 0.58 $ 0.56
Net income 0.01 0.29 0.35 0.57
DILUTED
Income from continuing operations $ 0.25 $ 0.25 $ 0.56 $ 0.54
Net income 0.01 0.27 0.34 0.54
WEIGHTED AVERAGE SHARES
Basic 1,023 851 1,001 820
Diluted 1,053 905 1,036 868
</Table>
- ----------
(a) Includes $185 million of non-cash amortization of pendings and listings
related to the acquisition of NRT Incorporated and Arvida Realty Services.
(b) Includes $245 million of non-cash currency translation adjustment, which was
previously reflected within stockholders' equity.
<Page>
TABLE 2
CENDANT CORPORATION AND SUBSIDIARIES
REVENUES AND ADJUSTED EBITDA BY SEGMENT (A)
(DOLLARS IN MILLIONS)
<Table>
<Caption>
THREE MONTHS ENDED JUNE 30,
---------------------------
REVENUES ADJUSTED EBITDA
-------------------------------- --------------------------------------
2002 2001 % CHANGE 2002 2001 % CHANGE
------- ------- -------- ------- ------- --------
Real Estate Services $ 1,440 $ 474 * $ 323(C) $ 231 *
Hospitality 565 448 26% 173 156 11%
Travel Distribution 438 26 * 130 3 *
Vehicle Services 1,030 1,028 -- 123 112 10%
Financial Services 311 332 (6%) 88 70 26%
------- ------- ------- -------
Total Reportable Segments 3,784 2,308 837 572
Corporate and Other (B) -- 11 * (38)(D) (16)(F) *
------- ------- ------- -------
CONTINUING OPERATIONS $ 3,784 $ 2,319 63% $ 799 $ 556 44%
======= ======= ======= =======
<Caption>
SIX MONTHS ENDED JUNE 30,
-------------------------
REVENUES ADJUSTED EBITDA
-------------------------------- --------------------------------------
2002 2001 % CHANGE 2002 2001 % CHANGE
------- ------- -------- ------- ------- --------
Real Estate Services $ 1,850 $ 813 * $ 505(C) $ 363(G) *
Hospitality 969 687 41% 285 258 10%
Travel Distribution 882 50 * 276 6 *
Vehicle Services 1,963 1,407 40% 193 181(H) 7%
Financial Services 730 722 1% 252 201 25%
------- ------- ------- -------
Total Reportable Segments 6,394 3,679 1,511 1,009
Corporate and Other (B) 6 51 * (50)(E) (35)(I) *
------- ------- ------- -------
CONTINUING OPERATIONS 6,400 3,730 72% 1,461 974 50%
Less: Move.com Group -- 10 * -- (9) *
------- ------- ------- -------
CONTINUING OPERATIONS EXCLUDING
MOVE.COM GROUP $ 6,400 $ 3,720 72% $ 1,461 $ 983 49%
======= ======= ======= =======
</Table>
- ----------
* Not meaningful, as periods are not comparable due to acquisitions or
dispositions of businesses.
(A) In connection with the sale of the Company's car parking facility business,
National Car Parks ("NCP"), on May 22, 2002, the account balances and
activities of NCP have been segregated from the Company's Vehicle Services
segment and reported as a discontinued operation for all periods presented.
(B) Principally reflects unallocated corporate overhead and in 2001 includes
Move.com Group operating results.
(C) Excludes a charge of $8 million related to the acquisition and integration
of NRT Incorporated and Arvida Realty Services.
(D) Excludes $8 million of litigation settlement and related costs and $5
million of acquisition and integration related costs.
(E) Excludes $19 million of litigation settlement and related costs and $5
million of acquisition and integration related costs.
(F) Excludes $9 million of litigation settlement and related costs.
(G) Excludes a charge of $95 million related to the funding of an irrevocable
contribution to an independent technology trust responsible for providing
technology initiatives for the benefit of certain of the Company's current
and future real estate franchisees.
(H) Excludes a charge of $4 million related to the acquisition and integration
of Avis Group Holdings, Inc. ("AVIS").
(I) Excludes (i) a net gain of $435 million primarily related to the sale of
the Company's real estate Internet portal, move.com, and (ii) a credit of
$14 million to reflect an adjustment to the settlement charge recorded in
the fourth quarter of 1998 primarily for the PRIDES class action
litigation. Such amounts were partially offset by charges of (i) $85
million incurred in connection with the creation of TripNetwork, Inc.
(formerly Travel Portal, Inc.), (ii) $33 million of litigation settlement
and related costs, (iii) $7 million related to a contribution to the
Cendant Charitable Foundation and (iv) $4 million related to the
acquisition and integration of Avis.
<Page>
TABLE 3
CENDANT CORPORATION AND SUBSIDIARIES
ADJUSTED EPS BY QUARTER
<Table>
<Caption>
YEAR ENDED DECEMBER 31, 2002
-------------------------------------------------------------
HISTORICAL PROJECTED
--------------------- -----------------------------------
1ST QTR 2ND QTR 3RD QTR 4TH QTR FULL YEAR
-------- -------- -------- -------- ---------
Continuing Operations $ 0.32 $ 0.38 $ 0.42 $ 0.29 $ 1.40
Discontinued Operations 0.03 0.02 -- -- 0.05
-------- -------- -------- -------- --------
TOTAL * $ 0.34 $ 0.40 $ 0.42 $ 0.29 $ 1.45
======== ======== ======== ======== ========
<Caption>
YEAR ENDED DECEMBER 31, 2001
-------------------------------------------------------------
1ST QTR 2ND QTR 3RD QTR 4TH QTR FULL YEAR
-------- -------- -------- -------- ---------
Continuing Operations $ 0.19 $ 0.27 $ 0.29 $ 0.21 $ 0.96
Discontinued Operations 0.02 0.02 0.02 0.02 0.09
-------- -------- -------- -------- --------
TOTAL * $ 0.21 $ 0.30 $ 0.32 $ 0.23 $ 1.05
</Table>
* May not add due to rounding.
<Page>
TABLE 4
CENDANT CORPORATION AND AFFILIATES
SEGMENT REVENUE DRIVER ANALYSIS
(REVENUE DOLLARS IN THOUSANDS)
<Table>
<Caption>
THREE MONTHS ENDED JUNE 30,
------------------------------------------------
2002 2001 % CHANGE
----------- ----------- --------
REAL ESTATE SERVICES SEGMENT
REAL ESTATE FRANCHISE
Closed Sides - Domestic 565,130 512,507 10%
Average Price $ 194,918 $ 176,200 11%
Royalty and Marketing Revenue $ 183,334 $ 150,777 22%
Total Revenue $ 191,729 $ 170,019 13%
REAL ESTATE BROKERAGE
Revenue from Real Estate $ 909,051 (B)
Transactions (A)
Other Revenue $ 6,073 (B)
Total Revenue $ 915,124 (B)
RELOCATION
Service Based Revenue (Referrals, Outsourcing, etc.) $ 69,405 $ 77,541 (10%)
Asset Based Revenue (Corporate and Government
Home Sale Closings and Financial Income) $ 37,367 $ 48,735 (23%)
Total Revenue $ 106,772 $ 126,276 (15%)
MORTGAGE
Production Loans Sold (millions) $ 8,125 $ 9,920 (18%)
Production Revenue $ 186,169 $ 168,526 10%
Average Servicing Loan Portfolio (millions) $ 103,408 $ 86,573 19%
Net Servicing Revenue (C) $ (15,048) $ 60 *
Total Revenue $ 171,254 $ 168,890 1%
HOSPITALITY SEGMENT
LODGING
RevPar ($) $ 27.55 $ 29.96 (8%)
Weighted Average Rooms Available 518,150 513,773 1%
Royalty, Marketing and Reservation Revenue $ 101,005 $ 105,195 (4%)
Total Revenue $ 116,373 $ 126,970 (8%)
RCI
Average Subscriptions 2,709,156 2,695,442 1%
Average Subscription Fee $ 55.59 $ 55.98 (1%)
Subscription Revenue $ 37,650 $ 37,720 --
Timeshare Exchanges 437,348 445,022 (2%)
Average Exchange Fee $ 143.06 $ 132.47 8%
Exchange Fee Revenue $ 62,568 $ 58,950 6%
Other Revenue $ 33,160 $ 33,596 (1%)
Total Revenue $ 133,378 $ 130,266 2%
FAIRFIELD RESORTS
Average Revenue per Transaction (excluding Equivest) $ 12,169 $ 12,021 1%
Total Revenue $ 210,518 $ 183,821 15%
TRENDWEST RESORTS
Average Revenue per Transaction (excluding upgrades) $ 9,202 $ 9,312 (1%)
Total Revenue $ 93,520 (B)
TRAVEL DISTRIBUTION SEGMENT
GALILEO
Domestic Booking Volume (000's)
Air 21,857 27,661 (21%)
Non-air 4,521 5,275 (14%)
International Booking Volume (000's)
Air 49,017 53,016 (8%)
Non-air 1,328 1,446 (8%)
Worldwide Booking Volume (000's)
Air 70,874 80,677 (12%)
Non-air 5,849 6,721 (13%)
Total Galileo Revenue $ 404,426 (B)
VEHICLE SERVICES SEGMENT
CAR RENTAL
Rental Days (000's) 15,201 15,256 --
Time and Mileage Revenue per Day $ 40.35 $ 38.87 4%
Average Length of Rental Days 3.63 3.57 2%
Total Revenue $ 654,578 $ 636,181 3%
VEHICLE MANAGEMENT AND FUEL CARD SERVICES
Average Fleet (Leased) 318,337 315,771 1%
Average Number of Cards (000's) 3,862 3,616 7%
Service Based Revenue $ 48,175 $ 45,791 5%
Asset Based Revenue $ 327,252 $ 345,600 (5%)
Total Revenue $ 375,427 $ 391,391 (4%)
FINANCIAL SERVICES SEGMENT
Insurance/Wholesale-related Revenue $ 139,997 $ 146,238 (4%)
Other Revenue $ 170,795 $ 185,776 (8%)
Total Revenue $ 310,792 $ 332,014 (6%)
TRILEGIANT
Gross New Member Joins 2,856,925 2,754,614 4%
Blended Cancellation Rate (D) 11.9% 10.1% (18%)
Blended Average Membership Fee (E) $ 7.21 $ 6.93 4%
</Table>
- ----------
* Not meaningful.
(A) Revenue is net of royalties paid to Real Estate Franchise.
(B) The operations of these businesses were acquired in, or subsequent to, the
second quarter of 2001. Accordingly, second quarter 2001 revenues are not
comparable to the current period amounts.
(C) Gross recurring service fees were $103 million and $85 million for 2002
and 2001, respectively. Net servicing revenues reflect non-cash
amortization of mortgage servicing rights of $116 million and $88 million
for 2002 and 2001, respectively. The increased amortization in 2002
primarily reflects a revaluation of the portfolio due to the continued
high level of refinancing activity. Net servicing revenues also include
interest expense of $13 million and $7 million for 2002 and 2001,
respectively.
(D) Represents the blended cancellation rate across the entire active member
base, which includes new and renewal members.
(E) Represents the blended average quarterly membership rate across the entire
active member base, which includes new and renewal retail members and also
wholesale members.
<Page>
TABLE 5
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(IN BILLIONS)
<Table>
<Caption>
JUNE 30, 2002 DECEMBER 31, 2001
------------- -----------------
ASSETS
Current assets:
Cash and cash equivalents $ 0.5 $ 1.9
Stockholder litigation settlement trust -- 1.4
Assets of discontinued operations -- 1.3
Other current assets 3.1 3.1
------- -------
Total current assets 3.6 7.7
Property and equipment, net 1.6 1.4
Goodwill, net 10.1 7.4
Other non-current assets 4.6 5.1
------- -------
Total assets exclusive of assets under programs 19.9 21.6
Assets under management and mortgage programs 12.2 11.9
------- -------
TOTAL ASSETS $ 32.1 $ 33.5
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ -- $ 0.4
Stockholder litigation settlement -- 2.9
Liabilities of discontinued operations -- 0.2
Other current liabilities 4.4 4.3
------- -------
Total current liabilities 4.4 7.8
Long-term debt, excluding Upper DECS 5.4 5.7
Upper DECS 0.9 0.9
Other noncurrent liabilities 0.9 0.7
------- -------
Total liabilities exclusive of liabilities under programs 11.6 15.1
Liabilities under management and mortgage programs 11.1 10.9
Mandatorily redeemable preferred interest in a subsidiary 0.4 0.4
Total stockholders' equity 9.0 7.1
------- -------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 32.1 $ 33.5
======= =======
</Table>
<Page>
TABLE 6
CENDANT CORPORATION AND SUBSIDIARIES
SCHEDULE OF CORPORATE DEBT AND NET STOCKHOLDER LITIGATION SETTLEMENT
OBLIGATION (A)
(IN MILLIONS)
<Table>
<Caption>
MATURITY
DATE JUNE 30, 2002 DECEMBER 31, 2001
- --------- ------------- -----------------
CORPORATE DEBT:
December 2003 7 3/4% notes $ 1,071 $ 1,150
August 2006 6 7/8% notes 850 850
May 2009 11% senior subordinated notes 571 584
November 2011 (B) 3 7/8% convertible senior debentures 1,200 1,200
February 2021 (C) Zero coupon senior convertible contingent notes 678 920
May 2021 (D) Zero coupon convertible debentures 1,000 1,000
3% convertible subordinated notes - 390
Other 96 38
---------- --------
Total corporate debt, excluding Upper DECS 5,466 6,132
---------- --------
NET STOCKHOLDER LITIGATION SETTLEMENT OBLIGATION:
Stockholder litigation settlement obligation - 2,850
Less: Payments made to the stockholder litigation settlement trust - 1,410
---------- --------
- 1,440
---------- --------
TOTAL CORPORATE DEBT AND NET STOCKHOLDER LITIGATION
SETTLEMENT OBLIGATION $ 5,466 $ 7,572
========== ========
</Table>
- ----------
(A) Amounts presented herein exclude liabilities under management and mortgage
programs and the Company's mandatorily convertible Upper DECS securities.
(B) Each $1,000 principal amount is convertible into 41.58 shares of CD common
stock during 2002 if the average price of CD common stock exceeds $28.86
during the stipulated measurement periods. The average price of CDcommon
stock at which the debentures are convertible decreases annually by a
stipulated percentage. Redeemable by the Company after November 27, 2004.
Holders may require the Company to repurchase the notes on November 27,
2004 and 2008.
(C) Each $1,000 principal amount is convertible into 33.4 shares of CD common
stock during Q4 of 2002 if the average price of CD common stock exceeds
$20.93 during the stipulated measurement period. The average price of CD
common stock at which the notes are convertible increases on a quarterly
basis by a stipulated percentage. Redeemable by the Company after February
13, 2004. Holders may require the Company to repurchase the notes on
February 13, 2004, 2009 and 2014. Issued at a discount resulting in a
yield-to-maturity of 2.5%.
(D) Each $1,000 principal amount is convertible into 39.08 shares of CD common
stock if the average price of CD common stock exceeds $28.15 during the
stipulated measurement periods. Redeemable by the Company after May 4,
2004. Holders may require the Company to repurchase the notes on May 4,
2003, 2004, 2006, 2008, 2011 and 2016. Amended to provide for cash
interest payments of 3% per annum beginning May 5, 2002 and continuing
through May 4, 2003 payable on a semi-annual basis.
<Page>
TABLE 7
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(IN MILLIONS)
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30,
--------------------
2002 2001
------- -------
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities exclusive of management
and mortgage programs $(2,257) (A) $ 432
Net cash provided by operating activities of management
and mortgage programs 1,529 750
------- -------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (728) 1,182
------- -------
INVESTING ACTIVITIES
Property and equipment additions (139) (146)
Net assets acquired (net of cash acquired) and acquisition-related payments (623) (1,727)
Proceeds from (payments to) stockholder litigation settlement trust 1,410 (500)
Net proceeds from dispositions of businesses 1,200 --
Other, net (21) (35)
------- -------
Net cash provided by (used in) investing activities exclusive of management
and mortgage programs 1,827 (2,408)
------- -------
MANAGEMENT AND MORTGAGE PROGRAMS:
Investment in vehicles (7,577) (4,673)
Payments received on investment in vehicles 6,397 3,608
Origination of timeshare receivables (498) (155)
Principal collection of timeshare receivables 414 162
Equity advances on homes under management (2,909) (3,026)
Repayment on advances on homes under management 2,974 3,017
Additions to mortgage servicing rights and related hedges, net (377) (335)
Proceeds from sales of mortgage servicing rights 9 26
------- -------
(1,567) (1,376)
------- -------
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 260 (3,784)
------- -------
FINANCING ACTIVITIES
Proceeds from borrowings 3 2,697
Principal payments on borrowings (1,126) (845)
Issuances of common stock 106 750
Repurchases of common stock (137) (28)
Other, net (24) (55)
------- -------
Net cash provided by (used in) financing exclusive of management
and mortgage programs (1,178) 2,519
------- -------
MANAGEMENT AND MORTGAGE PROGRAMS:
Proceeds from borrowings 7,355 8,138
Principal payments on borrowings (7,187) (7,165)
Net change in short-term borrowings (36) 62
------- -------
132 1,035
------- -------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (1,046) 3,554
------- -------
Effect of changes in exchange rates on cash and cash equivalents (16) (3)
Cash provided by discontinued operations 74 77
------- -------
Net increase (decrease) in cash and cash equivalents (1,456) 1,026
Cash and cash equivalents, beginning of period 1,942 856
------- -------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 486 $ 1,882
======= =======
</Table>
- ---------
(A) Includes the application of the prior payments to the stockholder
litigation settlement trust of $1.41 billion, the first quarter 2002
payment of $250 million and the funding of the remaining settlement
liability balance, including interest, of $1.19 billion on May 28, 2002.
<Page>
TABLE 8
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF FREE CASH FLOWS
(IN MILLIONS)
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30,
-----------------------------------
2002 2001 % CHANGE
------- ------- --------
Adjusted EBITDA (*) $ 1,461 $ 983 49%
Interest expense, including minority interest (A) (132) (141)
Tax payments, net of refunds (66) (19)
------- -------
CASH FLOW 1,263 823 53%
Working capital (343) (253)
Capital expenditures (139) (146)
------- -------
ADJUSTED CASH FLOW 781 424 84%
NON RECURRING ITEMS:
Restructuring and other unusual payments (45) (9)
Impact of September 11th terrorist attacks on working capital (48) --
------- -------
FREE CASH FLOW (B) 688 415 66%
NON-OPERATING ACTIVITIES:
Investments (C) 19 (161)
Acquisitions, net of cash acquired (623) (1,727)
Funding of stockholder litigation settlement (1,440) (500)
Net proceeds from dispositions of businesses 1,200 --
Other (D) (216) 71
------- -------
(1,060) (2,317)
------- -------
FINANCING ACTIVITIES:
Net proceeds from (repayments on) borrowings (E) (1,147) 1,794
Net issuances (repurchases) of equity securities and other (31) 725
------- -------
(1,178) 2,519
------- -------
NET CHANGE IN CASH BEFORE MANAGEMENT AND MORTGAGE PROGRAMS (1,550) 617
MANAGEMENT AND MORTGAGE PROGRAMS:
Net investment in vehicles (311) (500)
Net mortgage originations and sales 476 64
Net mortgage servicing rights (184) (188)
Net timeshare receivables (84) 7
Net relocation receivables 65 (9)
Net financing for assets under management and mortgage programs 132 1,035
------- -------
Net change in cash from management and mortgage programs (F) 94 409
------- -------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $(1,456) $ 1,026
======= =======
</Table>
- ---------
(*) Represents Adjusted EBITDA excluding Move.com Group operating losses (see
Table 2 for items excluded from Adjusted EBITDA).
(A) Excludes non-cash accretion recorded on the Company's zero-coupon senior
convertible notes and includes the before tax amounts of minority
interest.
(B) The reconciliation of Free Cash Flow to Net Cash Provided by Operating
Activities Exclusive of Management and Mortgage Programs is as follows:
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30,
--------------------
2002 2001
------- -------
FREE CASH FLOW $ 688 $ 415
Reconciling items:
Capital expenditures 139 146
Funding of stockholder litigation settlement liability (2,850) --
Restricted cash used in insurance operations (37) (33)
Unusual charges, interest on litigation settlement liability and other (197) (96)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES EXCLUSIVE
------- -------
MANAGEMENT AND MORTGAGE PROGRAMS $(2,257) $ 432
======= =======
</Table>
(C) The activity for the six months ended June 30, 2002 primarily relates to
cash received on the sale of marketable securities. The activity for the
six months ended June 30, 2001 includes cash payments associated with (i)
the contribution to the technology trust ($95 million), (ii) the creation
of Trip Network, Inc. ($45 million) and (iii) other payments, primarily
related to preferred stock investments.
(D) The activity for the six months ended June 30, 2002 primarily relates to
cash payments associated with (i) interest on the stockholder litigation
settlement, (ii) the insurance operations of subsidiaries and (iii) the
repurchase of loans in foreclosure.
(E) Represents debt borrowings, net of debt repayments and financing costs.
(F) For the six months ended June 30, 2002, the net change in cash from
management and mortgage programs represents (i) $1,529 million of net cash
provided by operating activities, (ii) $1,567 million of net cash used in
investing activities and (iii) $132 million of net cash provided by
financing activities, as detailed on Table 7. For the six months ended
June 30, 2001, the net change in cash from management and mortgage
programs represents (i) $750 million of net cash provided by operating
activities, (ii) $1,376 million of net cash used in investing activities
and (iii) $1,035 million of net cash provided by financing activities, as
detailed on Table 7.
<Page>
TABLE 9
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF FREE CASH FLOWS
(IN MILLIONS)
<Table>
<Caption>
TWELVE MONTHS ENDED
JUNE 30,
------------------------------------
2002 2001 % CHANGE
------- ------- --------
Adjusted EBITDA (*) $ 2,574(A) $ 1,853(B) 39%
Interest expense, including minority interest (C) (259) (317)
Tax payments, net of refunds (83) (30)
------- -------
CASH FLOW 2,232 1,506 48%
Working capital (54) (103)
Capital expenditures (323) (245)
------- -------
ADJUSTED CASH FLOW 1,855 1,158 60%
NON RECURRING ITEMS:
Restructuring and other unusual payments (168) (35)
------- -------
FREE CASH FLOW 1,687 1,123
------- -------
NON-OPERATING ACTIVITIES:
Investments (D) (246) (316)
Acquisitions, net of cash acquired (1,655) (1,822)
Funding of stockholder litigation settlement (2,000) (850)
Net proceeds from dispositions of businesses 1,309 --
Other (E) (260) (75)
------- -------
(2,852) (3,063)
------- -------
FINANCING ACTIVITIES:
Net proceeds from borrowings (F) 297 1,676
Net issuances (repurchases) of equity securities and other (129) 711
------- -------
168 2,387
------- -------
NET CHANGE IN CASH BEFORE MANAGEMENT AND MORTGAGE PROGRAMS (997) 447
MANAGEMENT AND MORTGAGE PROGRAMS:
Net investment in vehicles 17 (500)
Net mortgage originations and sales 92 578
Net mortgage servicing rights (442) (478)
Net contract receivables (49) 7
Net relocation receivables 108 (60)
Net financing for assets under management and mortgage programs (125) 707
------- -------
Net change in cash from management and mortgage programs (399) 254
------- -------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $(1,396) $ 701
======= =======
</Table>
- ---------
(*) Represents Adjusted EBITDA excluding Move.com Group operating losses.
(A) Excludes (i) a $441 million non-cash charge primarily related to the
impairment of the Company's investment in Homestore.com, Inc., (ii) a $193
million charge ($51 million of which was non-cash) primarily in connection
with restructuring and other initiatives undertaken as a result of the
September 11th terrorist attacks, (iii) a $104 million charge ($33 million
of which is non-cash) primarily related to the acquisition and integration
of Galileo and Cheap Tickets (iv) a $94 million non-cash charge related to
the impairment of the Company's mortgage servicing rights portfolio, (v)
$77 million ($48 million of which is non-cash) of litigation settlement
and related costs and (vi) $19 million of other non-cash charges. The cash
payments are included in "Restructuring and other unusual payments" and
"Investments" (see Note (D) below).
(B) Excludes (i) a net gain of $402 million related to the dispositions of
businesses, (ii) the recognition of $35 million of the Company's deferred
gain from the 1999 sale of its fleet businesses and (iii) a non-cash
credit of $14 million related to the 1998 PRIDES class action litigation
settlement. Such amounts were partially offset by charges of (i) $95
million related to the funding of an irrevocable contribution to an
independent technology trust, (ii) $85 million incurred in connection with
the creation of Trip Network, Inc., (iii) $69 million of litigation
settlement and related costs and (iv) $18 million ($10 million of which
was non-cash) related to other. The cash payments are included in
"Restructuring and other unusual payments" and "Investments" (see Note (D)
below).
(C) Excludes non-cash accretion recorded on the Company's zero-coupon senior
convertible notes and includes the before tax amounts of minority
interest.
(D) The activity for the twelve months ended June 30, 2002 includes cash
payments associated with an investment in NRT Incorporated ($99 million)
and other payments primarily related to the funding of a marketing advance
to Trilegiant Corporation. The activity for the twelve months ended June
30, 2001 includes cash payments associated with (i) the contribution to
the technology trust described in Note (B) above ($95 million), (ii) an
investment in NRT Incorporated ($50 million), (iii) the creation of Trip
Network, Inc. ($45 million), (iv) investments in marketable securities
($40 million) and (v) other payments primarily related to preferred stock
investments.
(E) The activity for the twelve months ended June 30, 2002 includes cash
payments associated with (i) interest on the stockholder litigation
settlement, (ii) the insurance operations of subsidiaries and (iii) the
repurchase of loans in foreclosure.
(F) Represents debt borrowings, net of debt repayments and financing costs.
<Page>
TABLE 10
CENDANT CORPORATION AND SUBSIDIARIES
REVENUES AND ADJUSTED EBITDA BY SEGMENT (A)
(IN MILLIONS)
<Table>
<Caption>
SIX MONTHS ENDED JUNE 30, 2002 (B)
REVENUES ADJUSTED EBITDA
------------------------------ --------------------------------
1ST QTR 2ND QTR YEAR TO DATE 1ST QTR 2ND QTR YEAR TO DATE
------- ------- ------------ ------- ------- ------------
Real Estate Services $ 410 $ 1,440 $ 1,850 $ 182 $ 323 $ 505
Hospitality 403 565 969 112 173 285
Travel Distribution 444 438 882 146 130 276
Vehicle Services 933 1,030 1,963 70 123 193
Financial Services 419 311 730 164 88 252
------- ------- ------- ------- ------- -------
Total Reportable Segments 2,609 3,784 6,394 674 837 1,511
Corporate and Other 7 -- 6 (12) (38) (50)
------- ------- ------- ------- ------- -------
CONTINUING OPERATIONS $ 2,616 $ 3,784 $ 6,400 $ 662 $ 799 $ 1,461
======= ======= ======= ======= ======= =======
<Caption>
YEAR ENDED DECEMBER 31, 2001
REVENUES ADJUSTED EBITDA
--------------------------------------------- -----------------------------------------------
1ST QTR 2ND QTR 3RD QTR 4TH QTR FULL YEAR 1ST QTR 2ND QTR 3RD QTR 4TH QTR FULL YEAR
------- ------- ------- ------- --------- ------- ------- ------- ------- ---------
Real Estate Services $ 339 $ 474 $ 514 $ 532 $ 1,859 $ 132 $ 231 $ 287 $ 289 $ 939
Hospitality 240 448 465 369 1,522 102 156 152 103 513
Travel Distribution 25 26 24 362 437 2 3 1 102 108
Vehicle Services 379 1,028 1,036 879 3,322 69 112 95 14 290
Financial Services 390 332 338 342 1,402 131 70 58 51 310
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total Reportable Segments 1,373 2,308 2,377 2,484 8,542 436 572 593 559 2,160
Corporate and Other 38 11 12 10 71 (18) (16) (23) (16) (73)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
CONTINUING OPERATIONS 1,411 2,319 2,389 2,494 8,613 418 556 570 543 2,087
Move.com Group 10 -- -- -- 10 (9) -- -- -- (9)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
CONTINUING OPERATIONS EXCLUDING
MOVE.COM GROUP $ 1,401 $ 2,319 $ 2,389 $ 2,494 $ 8,603 $ 427 $ 556 $ 570 $ 543 $ 2,096
======= ======= ======= ======= ======= ======= ======= ======= ======= =======
<Caption>
YEAR ENDED DECEMBER 31, 2000
REVENUES ADJUSTED EBITDA
--------------------------------------------- -----------------------------------------------
1ST QTR 2ND QTR 3RD QTR 4TH QTR FULL YEAR 1ST QTR 2ND QTR 3RD QTR 4TH QTR FULL YEAR
------- ------- ------- ------- --------- ------- ------- ------- ------- ---------
Real Estate Services $ 289 $ 377 $ 419 $ 376 $ 1,461 $ 114 $ 193 $ 242 $ 203 $ 752
Hospitality 219 231 253 215 918 89 99 112 85 385
Travel Distribution 25 27 26 21 99 2 4 3 1 10
Vehicle Services 50 61 66 53 230 35 45 50 39 169
Financial Services 381 321 333 345 1,380 133 83 86 71 373
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total Reportable Segments 964 1,017 1,097 1,010 4,088 373 424 493 399 1,689
Corporate and Other 77 46 48 61 232 2 (44) (36) (26) (104)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
CONTINUING OPERATIONS 1,041 1,063 1,145 1,071 4,320 375 380 457 373 1,585
Move.com Group 11 15 15 18 59 (26) (29) (20) (19) (94)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
CONTINUING OPERATIONS EXCLUDING
MOVE.COM GROUP $ 1,030 $ 1,048 $ 1,130 $ 1,053 $ 4,261 $ 401 $ 409 $ 477 $ 392 $ 1,679
======= ======= ======= ======= ======= ======= ======= ======= ======= =======
</Table>
- -----
(A) In connection with the sale of the Company's car parking facility
business, National Car Parks ("NCP"), on May 22, 2002, the account
balances and activities of NCP have been segregated from the Company's
Vehicle Services segment and reported as a discontinued operation for all
periods presented.
(B) The sum of the quarters may not equal the year to date due to rounding.