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Executing Strategic Growth
Second Quarter 2013 Results
Atlanta, GA, August 7, 2013 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 Travelports renewed and reinvigorated proposition.
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|
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
|(in $ millions)||Q2 2013||Q2 2012||$ Change||% Change||$ Change||% Change|
Travelports 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.
The following information was filed by Travelport Ltd (TVPL) on Wednesday, August 7, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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