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Exhibit 99.1
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.”
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Three Months Ended |
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Year Ended |
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December 31, |
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December 31, |
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(in $ thousands, except per share amounts) |
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2018 |
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2017 |
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Change |
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2018 |
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2017 |
|
Change |
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||||||
Net revenue |
|
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588,633 |
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|
573,567 |
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3 |
% |
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2,551,064 |
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2,447,279 |
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4 |
% |
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Operating income |
|
|
52,822 |
|
|
53,277 |
|
|
(1) |
% |
|
216,894 |
|
|
289,274 |
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(25) |
% |
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Net income |
|
|
3,067 |
|
|
45,370 |
|
|
(93) |
% |
|
75,173 |
|
|
140,280 |
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(46) |
% |
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Income per share – diluted |
|
$ |
0.02 |
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$ |
0.37 |
|
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(95) |
% |
$ |
0.57 |
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$ |
1.13 |
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(50) |
% |
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Adjusted EBITDA |
|
|
139,704 |
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|
138,017 |
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1 |
% |
|
590,117 |
|
|
590,013 |
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— |
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Adjusted Operating Income |
|
|
81,732 |
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|
83,141 |
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(2) |
% |
|
349,943 |
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|
351,606 |
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— |
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Adjusted Net Income |
|
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39,719 |
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|
44,140 |
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(10) |
% |
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186,625 |
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|
181,174 |
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3 |
% |
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Adjusted Income per Share – diluted |
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$ |
0.31 |
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$ |
0.35 |
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(11) |
% |
$ |
1.46 |
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$ |
1.44 |
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1 |
% |
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Net cash provided by operating activities |
|
|
78,929 |
|
|
43,320 |
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|
82 |
% |
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364,364 |
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|
317,662 |
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15 |
% |
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Free Cash Flow |
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|
43,532 |
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|
4,998 |
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|
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* |
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219,731 |
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200,148 |
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10 |
% |
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Cash dividend per share |
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$ |
0.075 |
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$ |
0.075 |
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— |
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$ |
0.300 |
|
$ |
0.300 |
|
— |
|
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Travelport Worldwide Ltd.
Travelport Worldwide Ltd's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
Rating
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We utilize non-GAAP (or adjusted) financial measures, including Adjusted EBITDA, Adjusted Operating Income (Loss), Adjusted Net Income (Loss) and Adjusted Income (Loss) per Sharediluted, to provide useful supplemental information to assist investors in understanding and assessing our performance and financial results on the same basis that management uses internally.
Adjusted Income (Loss) per Share diluted has similar limitations as Adjusted Net Income (Loss), Adjusted Operating Income (Loss) and Adjusted EBITDA and may not be comparable to similarly named measures used by other companies.
Non-workforce expenses, which include the costs of finance and legal professional fees, communications, marketing and foreign exchange related costs, decreased by $14 million, or 16%, primarily due to realized foreign exchange gains in 2017 and reduced administrative expense.
Segment Adjusted EBITDA The table below sets forth our Segment Adjusted EBITDA: Travel Solutions Segment Adjusted EBITDA decreased by $17 million, or 3%, primarily due to decrease in Travel Solutions net revenue not fully offset by decrease in cost of revenue (excluding impairment and amortization of customer loyalty payments and adjusting costs related to revenue deferred in previous years and recognized in 2017).
Such costs consist of: o service contracts with IBM, Cisco and other technology service providers, including on-site around-the-clock support for computer equipment and the cost of software licenses used to run our Travel Commerce Platform and our data centers; o other operating costs associated with running our Travel Commerce Platform, including facility and other running costs of our data centers; o telecommunication and technology costs related to maintaining the networks between us and our travel providers and our hosting solutions; and o salaries and benefits paid to employees and fees paid to third-party IT development companies for the development, delivery and implementation of software; the maintenance of mainframes, servers and software used in our data centers; and costs related to customer support, including call center operations.
We have adopted use of...Read more
A change in these assumptions...Read more
Adjusted Net Income (Loss), Adjusted...Read more
(7) Relates to interest costs,...Read more
However, litigation is inherently unpredictable...Read more
Interest Expense, Net Interest expense,...Read more
The required use of the...Read more
Higher revenues in the month...Read more
Segment Adjusted EBITDA The table...Read more
The following table provides a...Read more
The increase in Air was...Read more
Management believes the adjusted financial...Read more
However, litigation is inherently unpredictable...Read more
Excluding these items, our SG&A;...Read more
Excluding these items, our SG&A;...Read more
For the year ended December...Read more
The table below sets forth...Read more
These conditions include the rate...Read more
We used the net proceeds...Read more
Non-workforce expenses, which include the...Read more
The Merger (as discussed in...Read more
The discount rate assumption is...Read more
RevPas increased primarily due to...Read more
If the estimate of payments...Read more
Our 2018 Credit Agreement and...Read more
Depreciation and Amortization Depreciation and...Read more
Our tax provision differs significantly...Read more
Selling, General and Administrative (SG&A;)...Read more
The following table summarizes the...Read more
? Growth in Technology-Enabled B2B...Read more
The increase in Air revenue...Read more
Selling, General and Administrative (SG&A;)...Read more
A change in these underlying...Read more
Our provision for income taxes...Read more
(2) Adjusted Operating Income (Loss)...Read more
Revenue for hotel reservations is...Read more
Provision for Income Taxes Our...Read more
In 2018, our Payment Solutions...Read more
Travel agency contracts representing approximately...Read more
Higher collectability of receivables in...Read more
Certain of the more important...Read more
These adjusted financial measures provide...Read more
? Customer Mix: We believe...Read more
Our actual results may differ...Read more
Where payments are to be...Read more
The increase in Beyond Air...Read more
If there is a significant...Read more
LCCs have continued to grow,...Read more
In circumstances where expected cancellation...Read more
If the estimate of the...Read more
Where the contractual terms have...Read more
RevPas increased due to revenue...Read more
RevPas increased due to revenue...Read more
RevPas increased due to revenue...Read more
We are well positioned to...Read more
(4) Includes (i) unrealized losses...Read more
The proceeds from the issuance...Read more
The decline in Beyond Air...Read more
The increase of $49 million...Read more
The decline in Technology Services...Read more
Beyond Air (excluding Payment Solutions)...Read more
The adjustments also include (i)...Read more
The increase in RevPas was...Read more
(see Note 2?Summary of Significant...Read more
We expect eNett to increase...Read more
Travel Commerce Platform The table...Read more
Travel Commerce Platform The table...Read more
There are no specific limitations...Read more
Depreciation and Amortization Depreciation and...Read more
Commissions are provided in two...Read more
Europe Revenue in Europe increased...Read more
The table below sets forth...Read more
Europe Revenue in Europe increased...Read more
We provide critical IT services...Read more
We believe we have adequately...Read more
The effects of any modification...Read more
Payment Solutions net revenue increased...Read more
Payment Solutions net revenue increased...Read more
(5) Relates primarily to the...Read more
In addition, we serve numerous...Read more
As of December 31, 2018,...Read more
We provide such services to...Read more
Our Travel Commerce Platform continues...Read more
Our Travel Commerce Platform continues...Read more
Based on IATA Traffic data,...Read more
Asia Pacific Revenue in Asia...Read more
Where the contractual terms have...Read more
Where the contractual terms are...Read more
Where the contractual terms are...Read more
These trends generally cause our...Read more
Gain (loss) on early extinguishment...Read more
Provision for Income Taxes Our...Read more
Reported Segments increased primarily due...Read more
Workforce expenses, which include the...Read more
Our airline merchandising solutions allow...Read more
These estimates and required assumptions...Read more
Technology costs across the shared...Read more
Our percentage of Air segment...Read more
Under the 2018 Credit Agreement,...Read more
We cannot guarantee that we...Read more
In addition, these measures may...Read more
(3) Adjusted Net Income (Loss)...Read more
Revenue for car and hotel...Read more
This estimate provides a precise...Read more
Our expenditures have been focused...Read more
These intangible assets are amortized...Read more
The value of transactions processed...Read more
Definite-lived intangible assets are amortized,...Read more
In estimating the fair value,...Read more
Commissions increased primarily due to...Read more
The sensitivity to a 100...Read more
The value of transactions processed...Read more
As of December 31, 2018,...Read more
Workforce expenses, which include the...Read more
Reported Segments decreased due to...Read more
We believe it typically presents...Read more
Any changes in such estimation...Read more
We also host reservations, inventory...Read more
The table below sets forth...Read more
As a result of the...Read more
In order to protect against...Read more
*Percentage calculated not meaningful Net...Read more
* Percentage calculated not meaningful...Read more
We review the carrying value...Read more
If, as a result of...Read more
Approximately 57% of our operating...Read more
We believe we have adequately...Read more
Anticipated incentives are calculated on...Read more
We also provide a mobile...Read more
Free Cash Flow is a...Read more
Capital Expenditures is a non-GAAP...Read more
This measure is not measurement...Read more
The increase in Air was...Read more
Growth in technology-enabled B2B payment...Read more
? Seasonality: Our revenue can...Read more
We believe that securing the...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Travelport Worldwide Ltd provided additional information to their SEC Filing as exhibits
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