Travelport net income decreases 93% to $3 million in Q4 2018
Travelport net income reached $75 million in 2018. Travel Commerce Platform revenue increased 5% to $2,454 million.
Travelport today announced its financial results for the fourth quarter and full year ended December 31, 2018.
Full Year Highlights
• Net revenue increased 4% to $2,551 million, including Travel Commerce Platform revenue growth of 5% to $2,454 million
• Net income decreased 46% to $75 million; Adjusted EBITDA was flat at $590 million
• Income per share (diluted) decreased 50% to $0.57; Adjusted Income per Share (diluted) increased 1% to $1.46
• Payment Solutions (eNett) net revenue grew 63% to $315 million
• Net cash provided by operating activities increased 15% to $364 million; Free Cash Flow increased 10% to $220 million
Fourth Quarter Highlights
• Fourth quarter net revenue increased 3% to $589 million
• Net income decreased 93% to $3 million
• Adjusted EBITDA increased 1% to $140 million
Full Year Results
Net revenue increased by $104 million, or 4%, to $2,551 million primarily due to growth in Travel Commerce Platform revenue of $113 million, or 5%.
Within Travel Commerce Platform revenue, Beyond Air revenue increased by $108 million, or 17%, and Air revenue increased by $5 million. The increase in Beyond Air revenue was driven by an increase in net revenue from the Payment Solutions business of 63% to $315 million. Technology Services revenue decreased $9 million, or 9%, primarily due to the sale of IGT Solutions Private Ltd. In April 2017.
International Travel Commerce Platform revenue increased by $118 million, or 7%, with Europe mainly contributing to this increase due to an increase in its RevPas of 13%. The decrease in Travel Commerce Platform revenue in Asia Pacific of $1 million includes the loss of revenue resulting from the loss of a large Pacific-based travel agency.
Operating income decreased by $72 million, or 25%, to $217 million.
Net income decreased by $65 million, or 46%, to $75 million.
Net cash provided by operating activities increased by $47 million, or 15%, to $364 million.
Adjusted EBITDA was flat at $590 million.
Adjusted Net Income increased by $5 million, or 3%, to $187 million.
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