EXHIBIT 99.2
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(IN MILLIONS)
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YEAR ENDED
DECEMBER 31,
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2000 2001
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OPERATING ACTIVITIES
Net cash provided by operating activities exclusive of management
and mortgage programs $ 1,032 $ 1,437
Net cash provided by operating activities of management
and mortgage programs 385 1,347
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NET CASH PROVIDED BY OPERATING ACTIVITIES 1,417 2,784
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INVESTING ACTIVITIES
Property and equipment additions (246) (349)
Net assets acquired (net of cash acquired) and acquisition-related payments (111) (2,757)
Funding of stockholder litigation settlement trust (350) (1,060)
Other, net (143) (23)
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Net cash used in investing activities exclusive of management
and mortgage programs (850) (4,189)
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MANAGEMENT AND MORTGAGE PROGRAMS:
Investment in vehicles -- (14,921)
Payments received on investment in vehicles -- 13,331
Origination of timeshare receivables -- (497)
Principal collection of timeshare receivables -- 538
Equity advances on homes under management (7,637) (6,306)
Repayment on advances on homes under management 8,009 6,340
Additions to mortgage servicing rights, net of hedge activity (778) (752)
Proceeds from sales of mortgage servicing rights 84 58
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(322) (2,209)
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NET CASH USED IN INVESTING ACTIVITIES (1,172) (6,398)
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FINANCING ACTIVITIES
Proceeds from borrowings -- 5,608
Principal payments on borrowings (897) (2,213)
Issuances of common stock 603 877
Repurchases of common stock (381) (254)
Proceeds from mandatorily redeemable preferred securities issued by
subsidiary holding solely senior debentures issued by the Company 91 --
Proceeds from mandatorily redeemable preferred interest in a subsidiary 375 --
Other, net -- (153)
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Net cash provided by (used in) financing activities exclusive of
management and mortgage programs (209) 3,865
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MANAGEMENT AND MORTGAGE PROGRAMS:
Proceeds from borrowings 4,133 9,460
Principal payments on borrowings (5,320) (8,798)
Net change in short-term borrowings 913 116
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(274) 778
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NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (483) 4,643
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Effect of changes in exchange rates on cash and cash equivalents 18 (2)
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Net increase (decrease) in cash and cash equivalents (220) 1,027
Cash and cash equivalents, beginning of period 1,164 944
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Cash and cash equivalents, end of period $ 944 $ 1,971
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