Travelport Delivering Growth -Third Quarter 2013 Results- ATLANTA
Nov 6, 2013 Travelport Limited, a leading distribution services and e-commerce provider for the global travel industry, today announces its financial results for the third quarter ended September 30, 2013. Commenting on developments, Gordon Wilson, President and CEO of Travelport, said: "We have delivered five percent growth in both Revenue and Adjusted EBITDA for the quarter and year to date and we look to the future with confidence."
• Grown Net Revenue and Adjusted EBITDA by 5% in both Q3 and year to date
• Increased RevPas by 4% in both Q3 and year to date
• Delivered new Japanese GDS for AXESS/Japan Airlines
• Further established industry-leading positions in both air and hotel content:
• Gained significant momentum on ground-breaking air merchandising platform, adding new low cost carriers and increasing ancillary content across all regions
• Sustained focus on hotel content – now offering 525,000 unique properties
• Another record quarter for our fast-growing eNett virtual payments business
Financial Highlights Third Quarter 2013
Travelport's Net Revenue of $511 million for the third quarter of 2013 was $22 million (5%) higher than the third quarter of 2012, and Adjusted EBITDA of $128 million was $5 million (5%) higher than the third quarter of 2012.
Travelport RevPas increased 4% to $5.51.
Travelport generated $55 million in net cash from operating activities for the three months ended September 30, 2013 compared to $6 million for the three months ended September 30, 2012.
Travelport's Net Revenue of $1,596 million on a year to date basis for 2013 was $51 million (3%) higher than 2012 and Adjusted EBITDA of $408 million was $6 million (1%) lower than 2012.
The Master Service Agreement ("MSA") with United Airlines contributed approximately $27 million to Net Revenue, $21 million to each of Operating Income and EBITDA and $23 million to Adjusted EBITDA on a year to date basis for 2012. Excluding the impact of the MSA, Net Revenue increased $78 million (5%) and Adjusted EBITDA increased $17 million (5%) compared to 2012. The MSA only impacted the comparison of the results of operations for the six months of the year in 2013 compared to 2012.
Travelport RevPas increased 4% to $5.47.
Travelport generated $67 million in net cash from operating activities for the nine months ended September 30, 2013 compared to $134 million for the nine months ended September 30, 2012. The decrease is a result of the fluctuation in operating working capital.