Exhibit 99.1

 

 

Travelport Worldwide Limited Reports Fourth Quarter and Full Year 2016 Results

 

LANGLEY, U.K., February 21, 2017

— Travelport Worldwide Limited (NYSE: TVPT) announces its financial results for the fourth quarter and full year ended December 31, 2016.

 

Key Points (for full year 2016 unless stated otherwise)

·Net revenue increased 6% to $2,351 million. Net income of $15 million, income per share (diluted) of $0.13 and net cash provided by operating activities of $299 million
·Air revenue increased 3% to $1,651 million; Beyond Air revenue growth of 18% to $579 million, contributing 26% of Travel Commerce Platform revenue (2015: 23%)
·eNett net revenue increased 64% to $150 million
·Adjusted EBITDA increased 7% to $574 million, Adjusted Income per Share (diluted) increased 23% to $1.23 and Free Cash Flow increased $35 million to $192 million
·Fourth quarter net revenue increased 2% and Adjusted EBITDA increased 1%. Net loss of $9 million
·Increasing strategic investments and expenditure to drive product innovation and platform performance
·Post period-end, announced strategic sourcing partnership agreement with Tata Consultancy Services and signed agreement to divest 51% stake in India-based technology development company IGT Solutions Private Ltd. (IGTS)
·Issued 2017 guidance, including expected mid single-digit growth for Travel Commerce Platform net revenue partly offset by IGTS divestment, and low single-digit growth for Adjusted EBITDA after strategic growth expenditure

 

Gordon Wilson, President and CEO of Travelport, commented:

 

“In 2016, Travelport delivered its highest level of net revenue and Adjusted EBITDA growth over the last five years, as we continued to execute against our strategic objectives. We achieved consistently strong growth in International regions and realized positive momentum in the United States, where we grew our reported segments by 3% during the fourth quarter. Our Travel Commerce Platform continues to expand, with Beyond Air growing by 18%, driven by our leading hospitality content and mobile solutions, as well as the ongoing strength of our commercial payments business, eNett, which grew net revenue by 64% in 2016.

 

Looking ahead, we are delighted to have signed several new and significant agency deals that we expect will drive revenue growth as those customers implement and transact with us. Moreover, we see several longer-term growth opportunities for our business, which has resulted in us increasing our investment levels commencing from the fourth quarter of 2016 and continuing throughout 2017, particularly in the areas of data and analytics, mobile solutions, payments and technology services. 2017 will see raised capital investments plus a further approximately $20 million of incremental strategic expenditure which, together, will enable further innovation for our customers and support sustainable and profitable long term growth.”

 

Summary

  

Three months ended

December 31,

  

Year ended

December 31,

 
(in $ thousands, except per share amounts)  2016   2015   Better /
(Worse)
   2016   2015   Better /
(Worse)
 
Net revenue   545,432    534,853    2%   2,351,356    2,221,020    6%
Operating income   20,750    39,537    (48)%   200,613    190,523    5%
Net (loss)/income   (9,110)   5,959    *    15,046    20,210    (26)%
(Loss)/income per share – diluted  $(0.05)  $0.04    *   $0.13   $0.13     
Adjusted EBITDA   130,764    129,606    1%   574,349    535,027    7%
Adjusted Operating Income   73,881    70,028    6%   340,898    305,319    12%
Adjusted Net Income   28,257    27,194    4%   154,494    122,345    26%
Adjusted Income per Share – diluted  $0.23   $0.22    5%  $1.23   $1.00    23%
Net cash provided by operating activities   85,161    108,488    (22)%   299,019    262,223    14%
Free Cash Flow   47,831    78,778    (39)%   191,559    156,128    23%
Adjusted Free Cash Flow   25,397    70,331    (64)%   155,840    134,127    16%
Cash dividend per share  $0.075   $0.075       $0.300   $0.300     

 

 

* Percentage calculated not meaningful

The Company refers to certain non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted Operating Income (Loss), Adjusted Net Income (Loss), Adjusted Income (Loss) per Share, Capital Expenditures, Net Debt, Free Cash Flow and Adjusted Free Cash Flow. Please refer to pages 12 to 15 of this press release for additional information, including reconciliations of such non-GAAP financial measures.

 


The following information was filed by Travelport Worldwide Ltd (TVPT) on Tuesday, February 21, 2017 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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