EXHIBIT 99.1
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF FREE CASH FLOWS
(IN MILLIONS)
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HISTORICAL PROJECTED
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YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
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2000 2001 2002(I) 2003(J) 2004(J)
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Adjusted EBITDA, excluding Move.com Group(*) $ 1,819(A) $ 2,213(B) $ 2,800 $ 3,080 $ 3,390
Interest expense, net (C) (148) (229) (300) (260) (180)
Minority interest, excluding tax benefit (D) (133) (39) (20) (20) (20)
Tax payments (42) (64) (80) (100) (300)
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CASH FLOW 1,496 1,881 2,400 2,700 2,890
Tax refunds 109 11 -- -- --
Restructuring and other unusual payments (64) (132) (60) (10) (10)
Working capital and other (30) 9 (55) (60) (65)
Capital expenditures (E) (229) (349) (375) (395) (415)
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FREE CASH FLOW 1,282 1,420 $ 1,910(K) $ 2,235 $ 2,400
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NON-OPERATING ACTIVITIES:
Investments (F) (224) (426)
Acquisitions, net of cash acquired (111) (2,757)
Funding of stockholder litigation settlement trust (350) (1,060)
Other (G) (396) 69
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(1,081) (4,174)
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FINANCING ACTIVITIES:
Net proceeds from (repayments on) borrowings (H) (523) 3,238
Net issuances of equity securities and other 313 627
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(210) 3,865
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NET CHANGE IN CASH BEFORE MANAGEMENT AND MORTGAGE
PROGRAMS (9) 1,111
MANAGEMENT AND MORTGAGE PROGRAMS:
Net investment in vehicles -- (171)
Net mortgage origination and sales 232 (320)
Net mortgage servicing rights (541) (446)
Net contract receivables -- 41
Net relocation receivables 372 34
Net financing for assets for management
and mortgage programs (274) 778
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Net change in cash from management and mortgage
programs (211) (84)
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NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ (220) $ 1,027
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See Notes to Consolidated Schedules of Free Cash Flows.
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NOTES TO CONSOLIDATED SCHEDULES OF FREE CASH FLOWS
(*) Represents adjusted EBITDA excluding Move.com operating losses. 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 charge of $109 million ($52 million of which is non-cash)
in connection with restructuring and other initiatives, (ii) $8 million of
net non-cash losses related to the disposition of certain non-strategic
businesses and (iii) $2 million of net litigation settlement and related
costs. The cash payments are included in "Restructuring and other unusual
payments."
(B) Excludes (i) a $441 million non-cash charge primarily related to the
impairment of the Company's investment in Homestore.com, Inc., (ii) a $192
million charge ($51 million of which is non-cash) primarily in connection
with restructuring and other initiatives undertaken as a result of the
September 11th terrorist attacks, (iii) a $95 million charge related to
the funding of an irrevocable contribution to an independent technology
trust, (iv) a $94 million non-cash charge related to the impairment of the
Company's mortgage servicing rights portfolio, (v) an $86 million charge
($48 million of which is non-cash) for net litigation settlement and
related costs, (vi) an $85 million charge related to the funding of Trip
Network, Inc., (vii) a $112 million charge ($37 million of which is
non-cash) primarily related to the acquisition and integration of Galileo
International, Inc. and Cheap Tickets, Inc. and (viii) $26 million other
non-cash charges. Such amounts were partially offset by a non-cash gain of
$436 million primarily related to the sale of Move.com Group to Homestore.
The cash payments are included in "Restructuring and other unusual
payments" and "Investments." See Note (F) below.
(C) Excludes non-cash accretion recorded on the Company's 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 ($18 million in 2000).
(F) Represents investment activity during 2000 and 2001. The 2000 activity
includes cash payments associated with (i) investments in marketable
securities ($63 million), (ii) an investment in NRT Incorporated, an
unconsolidated affiliated company that acquires residential real estate
brokerage firms ($50 million) and (iii) other, primarily related to
preferred stock investments. The 2001 activity includes cash payments
associated with (i) 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), (ii) an investment in NRT Incorporated ($94 million) and (iii)
other, primarily related to the funding of a marketing advance to
Trilegiant Corporation, a newly formed company that provides fulfillment
services to members of the Company's individual membership business, and
the creation of Trip Network, Inc., a Company that was created to pursue
the development of an online travel business for the benefit of certain
current and future franchisees.
(G) Includes net cash used in Move.com Group operations, the effects of
changes in exchange rates and other.
(H) Represents debt borrowings, net of debt repayments and financing costs
(including the issuance of a mandatorily redeemable preferred interest in
a subsidiary during 2000).
(I) All projections represent management's estimates based upon current
available information.
(J) All projections represent management's estimates and include adjusted
EBITDA based upon 2002 projected with an annual growth rate of 10% and
capital expenditures based upon 2002 projected with an annual growth rate
of 5%.
(K) Excluding restructuring and other unusual payments related to charges
recorded in 2001 and prior periods, Free Cash Flow for 2002 is projected
to be $1,970 million.
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