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Travelport Fourth Quarter and Full Year 2011 Results

03/26/2012| 10:40:01 AM| 中文

ATLANTA, March 22, 2012 /PRNewswire/ -- Travelport Limited, a leading provider of critical transaction processing for the global travel industry, today announces its financial results for the fourth quarter and full year ended December 31, 2011.

ATLANTA, March 22, 2012 /PRNewswire/ -- Travelport Limited, a leading provider of critical transaction processing for the global travel industry, today announces its financial results for the fourth quarter and full year ended December 31, 2011.

Q4 Financial Summary :

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FY Financial Summary:

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Q4 Operational Highlights:

Post Year-End Highlights:

Commenting on developments, Gordon Wilson, President and CEO of Travelport, said:

"2011 financial results were in line with expectations.  Total transaction value for air travel and hotel sales was 6% higher at $83 billion, and we launched and deployed four significant, innovative new products designed around our new technology platform.  We are making excellent progress on our strategic plan, delivering the broadest possible travel content for suppliers and travel agency customers to buy, sell and promote."  

Travelport's Net Revenue of $465 million for the fourth quarter of 2011 was $13 million, 3% higher than last year as a result of a $10 million increase in transaction processing revenue driven by a 2% increase in segment volumes.  The largest volume increases were in the Americas and the Middle East and Africa. Airline IT Solutions revenue increased by $3 million to $53 million in the quarter. Operating Income and EBITDA were $4 million and $62 million, respectively, for the fourth quarter of 2011, representing a decrease of 91% in Operating Income and a decrease of 38% in EBITDA compared to 2010. In the fourth quarter of 2011, Travelport incurred $35 million of charges resulting from the final resolution of two historical disputes related to now terminated arrangements with former distributors in the Middle East, which were subject to binding arbitration. Adjusted EBITDA was $106 million for the fourth quarter of 2011, an 8% decrease compared to 2010, primarily due to the re-introduction of the employee incentive plan in 2011. Excluding the impact of the employee incentive plan, Adjusted EBITDA would have been flat with the prior year.

Travelport's Net Revenue of $2,035 million for 2011 was $39 million higher than last year due to $26 million incremental transaction processing revenue and $13 million incremental Airline IT Solutions revenue. The increase in transaction processing revenue is a result of a 2% increase in volumes. Operating Income and EBITDA were $200 million and $427 million, respectively, for 2011, a decrease of 27% in Operating Income and a decrease of 12% in EBITDA compared to 2010.  In 2011, Travelport incurred $35 million of charges resulting from the binding arbitration as discussed above.  Adjusted EBITDA was $507 million for 2011, a 7% decrease compared to 2010. Adjusted EBITDA declined $38 million primarily due to the re-introduction of the employee incentive plan in 2011. Excluding the impact of the employee incentive plan, Adjusted EBITDA would have been consistent with the prior year.

Interest costs of $287 million were $15 million higher for 2011 due to higher interest rates arising from amendments made to the senior secured credit agreement in the fourth quarter of 2010 and certain fees and expenses incurred in September 2011 related to the amendment and restatement of the senior secured credit agreement.  These increases were partially offset by a reduction in interest costs as a result of the early repayment of $655 million in term loans following the sale of the GTA business in the second quarter of 2011.

During the year ended December 31, 2011, Travelport generated $124 million in net cash from operating activities of continuing operations, a $57 million decrease from 2010, primarily due to $35 million incremental cash interest payments in 2011 and $21 million cash payments resulting from one of the disputes in 2011 with respect to our former distributor as previously disclosed.

Travelport's net debt was $3,146 million as of December 31, 2011, which comprised debt of $3,407 million less $124 million in cash and cash equivalents and less $137 million of cash held as collateral.

TAGS: Travelport | financial results
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