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Travelport Executing Strategic Growth

08/08/2013| 9:13:10 AM| 中文

Travelport Limited, a leading distribution services and e-commerce provider for the global travel industry, announces its financial results for the second quarter ended June 30, 2013.

ATLANTA, Aug. 7, 2013 /PRNewswire/ -- Travelport Limited, a leading distribution services and e-commerce provider for the global travel industry, today announces its financial results for the second quarter ended June 30, 2013.

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

"Our second quarter and first half 2013 results clearly demonstrate the momentum we have built around our new product innovation, successful delivery in all areas of our growth strategy and positive engagement with all of our customers.   I am also pleased to report a solid future pipeline of industry interest and support for Travelport's renewed and reinvigorated proposition."

Highlights

• Adjusted EBITDA increased 5% for the second quarter 2013 and 5% year to date 2013*

• Net Revenue increased 7% for the second quarter 2013 and 5% year to date 2013*

• Signed new long-term full content agreement with Delta Airlines

• Implemented two further low cost carriers, Jet2.com and Norwegian, on our merchandising platform, continuing our momentum

• Completed the refinancing of our first lien credit agreement in June 2013, having successfully executed a comprehensive refinancing, including our senior notes, in April 2013

* Excluding the loss of the Master Services Agreement with United Airlines

Financial Highlights

In connection with the refinancing of our first lien credit agreement in June 2013, we amended our definition of Adjusted EBITDA to exclude the amortization of Customer Loyalty Payments.  As a result, we have revised our reported Adjusted EBITDA for all periods presented to exclude the amortization of Customer Loyalty Payments.

Second Quarter 2013

Travelport's Net Revenue of $537 million for the second quarter of 2013 was $31 million (6%) higher than the second quarter of 2012 and Adjusted EBITDA was $4 million (3%) higher. 

The Master Services Agreement ("MSA") with United Airlines contributed approximately $2 million to the Net Revenue, Operating Income, EBITDA and Adjusted EBITDA for second quarter 2012.  Excluding the impact of the MSA, Net Revenue increased $33 million (7%) and Adjusted EBITDA increased $6 million (5%), compared to 2012.

Travelport RevPas increased by 3% to $5.51.   

As noted above, Adjusted EBITDA now excludes the amortization of Customer Loyalty Payments of $15 million for each of the second quarters of 2013 and 2012.

YTD 2013

Travelport's Net Revenue of $1,085 million on a year to date basis for 2013 was $29 million (3%) higher than 2012 and Adjusted EBITDA was $11 million (4%) lower. 

The MSA with United Airlines contributed approximately $27 million to the Net Revenue and $21 million to the Operating Income and EBITDA and $23 million to the Adjusted EBITDA on a year to date basis in 2012.  Excluding the impact of the MSA, Net Revenue increased $56 million (5%) and Adjusted EBITDA increased $12 million (5%), compared to 2012.

Travelport RevPas increased by 5% to $5.45.

As noted above, Adjusted EBITDA now excludes the amortization of Customer Loyalty Payments of $29 million and $31 million on a year to date basis for 2013 and 2012, respectively.

In June 2013, the Company completed the refinancing of its first lien credit agreement.  In April 2013, the Company completed its previously announced comprehensive refinancing, including its senior notes.

Interest costs of $174 million year to date were $30 million higher for 2013 due to $21 million of financing costs incurred in relation to the debt refinancings in April and June 2013 and a $9 million increase due to higher interest rates.

Travelport's net debt was $3,327 million as of June 30, 2013, which comprised debt of $3,537 million less $117 million in cash and cash equivalents and less $93 million of cash held as collateral.

Travelport generated $12 million in net cash from operating activities for the six months ended June 30, 2013 compared to $128 million for the six months ended June 30, 2012.  The decrease is a result of higher interest payments and fluctuation in operating working capital.

TAGS: Travelport | financial results | GDS
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