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Travelport Worldwide Ltd (TVPT) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Travelport Worldwide Ltd

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CIK: 1424755 Ticker: TVPT

Exhibit 99.1

Picture 1

Travelport Worldwide Limited Reports Fourth Quarter and Full Year 2018 Results

 

LANGLEY, U.K., February 22, 2019

— Travelport Worldwide Limited (NYSE: TVPT) today announced its financial results for the fourth quarter and full year ended December 31, 2018.

 

Key Points (for full year 2018 unless stated otherwise)

 

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 net revenue increased 3% to $589 million; net income decreased 93% to $3 million; and Adjusted EBITDA increased 1% to $140 million

 

Gordon Wilson, President and CEO of Travelport, commented:

 

“I am pleased to report that we ended the year with all of our full year key financial performance measures either in line with or better than management expectations and guidance.  We also made significant operational progress across our four customer priorities of delivering superior choice, performance, experiences and intelligence in travel and payments.

 

In December, we announced we entered into a definitive merger agreement to be acquired by affiliates of Siris Capital Group, LLC and Evergreen Coast Capital Corp.  We continue to work towards finalizing the merger, which currently is expected to close in the first half of this year.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 31,

 

December 31,

 

(in $ thousands, except per share amounts)

    

2018

    

2017

    

Change

    

2018

    

2017

    

Change

 

Net revenue

 

 

588,633

 

 

573,567

 

 

3 

%  

 

2,551,064

 

 

2,447,279

 

4 

%

Operating income

 

 

52,822

 

 

53,277

 

 
(1)

%  

 

216,894

 

 

289,274

 
(25)

%

Net income

 

 

3,067

 

 

45,370

 

 
(93)

%  

 

75,173

 

 

140,280

 
(46)

%

Income per share – diluted

 

$

0.02

 

$

0.37

 

 
(95)

%  

$

0.57

 

$

1.13

 
(50)

%

Adjusted EBITDA

 

 

139,704

 

 

138,017

 

 

1 

%  

 

590,117

 

 

590,013

 

— 

 

Adjusted Operating Income

 

 

81,732

 

 

83,141

 

 
(2)

%  

 

349,943

 

 

351,606

 

— 

 

Adjusted Net Income

 

 

39,719

 

 

44,140

 

 
(10)

%  

 

186,625

 

 

181,174

 

3 

%

Adjusted Income per Share – diluted

 

$

0.31

 

$

0.35

 

 
(11)

%  

$

1.46

 

$

1.44

 

1 

%

Net cash provided by operating activities

 

 

78,929

 

 

43,320

 

 

82 

%  

 

364,364

 

 

317,662

 
15

%

Free Cash Flow

 

 

43,532

 

 

4,998

 

 

 

*  

 

219,731

 

 

200,148

 

10 

%

Cash dividend per share

 

$
0.075

 

$
0.075

 

 

—    

 

$
0.300

 

$
0.300

 

— 

 
The following information was filed by Travelport Worldwide Ltd (TVPT) on Friday, February 22, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Travelport Worldwide Ltd's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Total Equity (Deficit)
Consolidated Statements Of Changes In Total Equity (Deficit) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Narrative) (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Accrued Expenses And Other Current Liabilities - Summary Of Accrued Expenses And Other Current Liabilities (Details)
Basis Of Presentation And The Merger
Basis Of Presentation And The Merger (Narrative) (Details)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Future Minimum Lease Payments Required Under Non-Cancellable Operating Leases (Details)
Discontinued Operations
Discontinued Operations (Narrative) (Details)
Employee Benefit Plans
Employee Benefit Plans (Narrative) (Details)
Employee Benefit Plans (Tables)
Employee Benefit Plans - Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plans - Fair Values Of Company's Pension Plan Assets (Details)
Employee Benefit Plans - Future Benefit Payments Of Defined Benefit Pension And Other Post-Retirement Benefit Plans (Details)
Employee Benefit Plans - Summary Of Changes In Benefit Obligation And Fair Value Of Assets (Details)
Employee Benefit Plans - Weighted Average Assumptions To Measure Benefit Obligation (Details)
Equity
Equity (Narrative) (Details)
Equity (Tables)
Equity - Accumulated Other Comprehensive Income (Loss), Net Of Tax (Details)
Equity - Accumulated Other Comprehensive Income (Loss), Net Of Tax (Table Narrative) (Details)
Equity - Summary Of Cash Dividends Declared (Details)
Equity-Based Compensation
Equity-Based Compensation (Narrative 1) (Details)
Equity-Based Compensation (Narrative 2) (Details)
Equity-Based Compensation (Narrative 3) (Details)
Equity-Based Compensation (Tables)
Equity-Based Compensation - Equity-Based Compensation Expense Recognized In Consolidated Financial Statements (Details)
Equity-Based Compensation - Fair Values Of Employee Options Granted Using Weighted-Average Assumptions (Details)
Equity-Based Compensation - Summary Of Activity Of Psus (Details)
Equity-Based Compensation - Summary Of Company's Equity Award Programs (Table Narrative) (Details)
Equity-Based Compensation - Summary Of Company's Equity Award Programs Rsus (Details)
Financial Instruments
Financial Instruments (Narrative) (Details)
Financial Instruments (Tables)
Financial Instruments - Fair Values Of Company's Other Financial Instruments (Details)
Financial Instruments - Impact Of Changes In Fair Values Of Derivatives (Details)
Financial Instruments - Interest Rate Risk (Details)
Financial Instruments - Notional Amounts Of Derivative Contracts (Details)
Financial Instruments - Summary Of Fair Value Of Company's Derivative Contracts (Details)
Financial Instruments - Summary Of Reconciliation Of Net Carrying Amount Of Derivative Financial Instruments (Details)
Income Per Share
Income Per Share (Narrative) (Details)
Income Per Share (Tables)
Income Per Share - Summary Of Numerators And Denominators Used In The Computation Of Basic And Diluted Income (Loss) Per Share (Details)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Tables)
Income Taxes - Deferred Income Tax Assets And Liabilities (Details)
Income Taxes - Income (Loss) From Continuing Operations Before Income Taxes And Share Of (Losses) Earnings In Equity Method Investments For Us And Non-Us Operations (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Provision For Income Taxes Differs From Tax (Provision) Benefit At Us Federal Statutory Rate (Details)
Income Taxes - Reconciliation Of Beginning And Ending Amounts Of Unrecognized Tax Benefits (Details)
Intangible Assets
Intangible Assets (Narrative) (Details)
Intangible Assets (Tables)
Intangible Assets - Changes In Carrying Amount Of Goodwill And Intangible Assets (Details)
Intangible Assets - Expected Amortization Expense (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - 2016 (Narrative) (Details)
Long-Term Debt - Aggregate Maturities Of Debt (Details)
Long-Term Debt - Capital Leases And Other Indebtedness - (Narrative) (Details)
Long-Term Debt - Debt Finance Costs - (Narrative) (Details)
Long-Term Debt - Summary Of Long-Term Debt (Details)
Long-Term Debt - Summary Of Long-Term Debt (Table Narrative) (Details)
Long-Term Debt - Summary Of Movement In Deferred Financing Costs (Details)
Long-Term Debt - Term Debt - Revolving Credit Facility And Letters Of Credit Facility (Narrative) (Details)
Other Current Assets
Other Current Assets (Tables)
Other Current Assets - Summary Of Other Current Assets (Details)
Other Non-Current Assets
Other Non-Current Assets (Tables)
Other Non-Current Assets - Summary Of Other Non-Current Assets (Details)
Other Non-Current Liabilities
Other Non-Current Liabilities (Tables)
Other Non-Current Liabilities - Summary Of Other Non-Current Liabilities (Details)
Property And Equipment, Net
Property And Equipment, Net (Narrative) (Details)
Property And Equipment, Net (Tables)
Property And Equipment, Net - Summary Of Property And Equipment, Net (Details)
Restructuring Charges
Restructuring Charges (Details)
Restructuring Charges (Narrative) (Details)
Restructuring Charges (Tables)
Revenue
Revenue (Narrative) (Details)
Revenue (Opening And Closing Balances Of Accounts Receivables, Contract Assets And Current And Long Term Contract Liabilities) (Details)
Revenue (Remaining Performance Obligations) (Details)
Revenue (Revenue Disaggregated By Region) (Details)
Revenue (Revenue Disaggregated By Revenue Source) (Details)
Revenue (Revenue Disaggregated By Segment) (Details)
Revenue (Tables)
Schedule Ii-Valuation And Qualifying Accounts
Schedule Ii-Valuation And Qualifying Accounts (Details)
Segment And Geographical Information
Segment And Geographical Information (Narrative) (Details)
Segment And Geographical Information (Tables)
Segment And Geographical Information - Geographic Segment Information Ii (Details)
Segment And Geographical Information - Segment Reporting Information (Details)
Segment And Geographical Information - Total Segment Adjusted Ebitda Reconciliation (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Amortization Of Intangible Assets Over Estimated Useful Lives (Details)
Summary Of Significant Accounting Policies - Useful Lives Of Various Property And Equipment (Details)
Ticker: TVPT
CIK: 1424755
Form Type: 10-K Annual Report
Accession Number: 0001558370-19-000911
Submitted to the SEC: Fri Feb 22 2019 10:39:20 AM EST
Accepted by the SEC: Fri Feb 22 2019
Period: Monday, December 31, 2018
Industry: Transportation Services

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