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Travelport Worldwide Limited Reports First Quarter 2017 Results
POSITIVE START TO THE YEAR WITH STRONG ASIA PACIFIC PERFORMANCE
LANGLEY, U.K., May 9, 2017 — Travelport Worldwide Limited (NYSE: TVPT) announced today its financial results for the first quarter ended March 31, 2017.
|·||Net revenue increased 7% to $651 million and net income increased to $56 million|
|·||Income per share (diluted) of $0.45 and net cash provided by operating activities of $95 million|
|·||Travel Commerce Platform revenue increased 7%, with revenue growth across all regions|
|·||Air revenue increased 7% to $474 million, primarily driven by strong market growth and seasonal effects|
|·||Beyond Air revenue increased 9% to $148 million, including eNett net revenue growth of 22% to $41 million|
|·||Adjusted EBITDA increased 9% to $169 million and Adjusted Income per Share (diluted) increased 24% to $0.51|
|·||Free Cash Flow increased by $68 million to $71 million|
|·||Completed post period-end divestiture of 51% stake in India-based technology development company IGT Solutions Private Ltd. (IGTS)|
|·||Anticipate full year 2017 earnings and cash flow to be towards the higher end of guidance ranges|
Gordon Wilson, President and CEO of Travelport, commented:
“We have started 2017 well with a particularly strong performance in Asia Pacific, the world’s fastest growing and largest travel region, where we grew our air market share and saw our highest level of quarterly revenue growth for over five years. I am delighted that our leadership positions in airline content and merchandising, hospitality, mobile commerce and commercial payments are translating into greater revenue from existing customers, as well as new business wins across multiple geographies. We continue to invest in implementing these new wins, as well as in new product and capability extensions that will expand our focused areas of market leadership and support future growth. Given our positive start to the year, we are confident in our outlook for 2017 and expect our full year earnings and cash flow to come in towards the higher end of our guidance ranges.”
Three months ended
|(in $ thousands, except per share amounts)||2017||2016||Change|
|Income per share – diluted||$||0.45||$||0.13||*|
|Adjusted Operating Income||107,241||96,464||11||%|
|Adjusted Net Income||64,357||50,955||26||%|
|Adjusted Income per Share – diluted||$||0.51||$||0.41||24||%|
|Net cash provided by operating activities||95,022||26,204||*|
|Free Cash Flow||71,413||3,683||*|
|Cash dividend per share||$||0.075||$||0.075||—|
* 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 – diluted, Capital Expenditures, Net Debt and Free Cash Flow. Please refer to pages 10 to 13 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, May 9, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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