ATLANTA, May 8, 2014 /PRNewswire/ -- Travelport is a travel commerce marketplace providing distribution, technology, payment and other solutions for the $7 trillion global travel and tourism industry.
Commenting on developments, Gordon Wilson, President and CEO of Travelport, said:
"As we celebrate the one year anniversary of our merchandising platform, I am pleased we have further strengthened our air proposition with the signing of new ground-breaking agreements with Ryanair and AirAsia, an extended partnership with easyJet, and over thirty airline agreements for our Rich Content and Branding functionality. Through these unrivalled agreements, we are now uniquely positioned to sell the content of all the world's top ten airlines. This milestone builds on our leadership in global hotel content distribution and augments our strong financial performance."
Highlights:
• Net Revenue +4% and Adjusted EBITDA +7%
• Unrivalled content added to our Travel Commerce Platform:
• Uniquely distributing content from all the world's top ten airlines
• One year anniversary of Travelport Merchandising Platform™ marked by:
• New agreements with Ryanair and AirAsia and an extended partnership with easyJet
• Over 30 airlines signed for Rich Content and Branding functionality, including British Airways / Iberia and Air China
• Expanded hotel content leadership – now offering 580,000 unique properties
• Improvement of capital structure with deleveraging $135 million debt-for-equity exchange transactions completed in March
Financial Highlights
Net Revenue of $572 million for the first quarter of 2014 was $24 million (4%) higher than the first quarter of 2013, and Adjusted EBITDA of $151 million was $10 million (7%) higher than the first quarter of 2013.
Adjusted Net Income of $3 million decreased from $14 million for the first quarter of 2014 primarily due to a $13 million increase in interest costs.
Travel Commerce Platform RevPas increased 3% to $5.61.
Interest costs of $83 million for the three months ended March 31, 2014 were $13 million higher than 2013 due to higher interest rates on debt as a result of our debt refinancing in 2013.
Travelport's net debt reduced to $3,226 million as of March 31, 2014, which comprised debt of $3,485 million less $180 million in cash and cash equivalents and less $79 million of cash held as collateral, from $3,340 million as of December 31, 2013 following the deleveraging $135 million debt-for-equity exchange transactions completed in March.
Travelport generated $23 million in net cash from operating activities for the three months ended March 31, 2014 compared to net cash used in operating activities of $21 million for the three months ended March 31, 2013. The improvement of $44 million is primarily a result of the timing of interest payments, as some payments were deferred into the second quarter of 2014 as a result of our 2013 refinancing.
