Travelport Limited Travel Content Leadership -First Quarter 2014 Results- - KMPH FOX 26 | Central San Joaquin Valley News Source

Travelport Limited Travel Content Leadership -First Quarter 2014 Results-

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SOURCE Travelport

ATLANTA, May 8, 2014 /PRNewswire/ -- Travelport is a travel commerce marketplace providing distribution, technology, payment and other solutions for the $7 trillion global travel and tourism industry.

Commenting on developments, Gordon Wilson, President and CEO of Travelport, said:

"As we celebrate the one year anniversary of our merchandising platform, I am pleased we have further strengthened our air proposition with the signing of new ground-breaking agreements with Ryanair and AirAsia, an extended partnership with easyJet, and over thirty airline agreements for our Rich Content and Branding functionality.  Through these unrivalled agreements, we are now uniquely positioned to sell the content of all the world's top ten airlines.  This milestone builds on our leadership in global hotel content distribution and augments our strong financial performance."

Highlights:

  • Net Revenue +4% and Adjusted EBITDA +7%
  • Unrivalled content added to our Travel Commerce Platform:
    • Uniquely distributing content from all the world's top ten airlines
    • One year anniversary of Travelport Merchandising Platform™ marked by:
      • New agreements with Ryanair and AirAsia and an extended partnership with easyJet
      • Over 30 airlines signed for Rich Content and Branding functionality, including British Airways / Iberia and Air China
    • Expanded hotel content leadership – now offering 580,000 unique properties
  • Improvement of capital structure with deleveraging $135 million debt-for-equity exchange transactions completed in March

Financial Highlights

During the first quarter 2014, we realigned our reporting to better reflect our underlying operations to enable travel commerce through our platform.  As a result, we are reporting Adjusted EBITDA and Adjusted Net Income as key non-GAAP performance metrics, as defined on page 12, and presented in the table below:

 










(in $ millions)

Q1 2014


Q1 2013


$ Change


% Change



Net Revenue

572


548


24


4



Operating Income

75


69


6


9



Net Income (Loss)

(27)


(10)


(17)


(170)



Adjusted Net Income

3


14


(11)


(79)



Adjusted EBITDA

151


141


10


7



 

Further, we have added Adjusted Free Cash Flow and Adjusted Unlevered Free Cash Flow to our cash flow reporting metrics on page 7 as also defined on page 12.  We are also reporting a split of our Revenue into Travel Commerce Platform revenue, including our Air and Beyond Air revenue, and Technology Services revenue in the table on page 8 with three year historical information provided on page 9.

Net Revenue of $572 million for the first quarter of 2014 was $24 million (4%) higher than the first quarter of 2013, and Adjusted EBITDA of $151 million was $10 million (7%) higher than the first quarter of 2013.

Adjusted Net Income of $3 million decreased from $14 million for the first quarter of 2014 primarily due to a $13 million increase in interest costs.  

Travel Commerce Platform RevPas increased 3% to $5.61.

Interest costs of $83 million for the three months ended March 31, 2014 were $13 million higher than 2013 due to higher interest rates on debt as a result of our debt refinancing in 2013.

Travelport's net debt reduced to $3,226 million as of March 31, 2014, which comprised debt of $3,485 million less $180 million in cash and cash equivalents and less $79 million of cash held as collateral, from $3,340 million as of December 31, 2013 following the deleveraging $135 million debt-for-equity exchange transactions completed in March.

Travelport generated $23 million in net cash from operating activities for the three months ended March 31, 2014 compared to net cash used in operating activities of $21 million for the three months ended March 31, 2013. The improvement of $44 million is primarily a result of the timing of interest payments, as some payments were deferred into the second quarter of 2014 as a result of our 2013 refinancing.

We continue to assess and evaluate potential capital markets transactions, including potential debt-for-equity exchanges, and similar transactions.  We can give no assurances that we will pursue or consummate such transactions as they are dependent, among other things, on market conditions and other factors that are inherently unpredictable.

Conference Call

The Company's first quarter 2014 earnings conference call will be held on May 8, 2014 beginning at 2.30 p.m. (EST). Details for this conference call as well as the earnings presentation are available through the Investor Center section of the Company's website (www.travelport.com/investors/Financial-Calendar), where pre-registration for the call is required. 

A recording of the call will be made available within 24 hours in the Financial/Operating Data section of the Investor Centre on the Company's website.

About Travelport

Travelport is a travel commerce marketplace providing distribution, technology, payment and other solutions for the $7 trillion global travel and tourism industry.  With a presence in over 170 countries, approximately 3,600 employees and 2013 net revenue of $2.1 billion, Travelport is a privately owned company comprised of:

  • Our Travel Commerce Platform (formerly known as our global distribution system or "GDS" business), through which we facilitate travel commerce by connecting the world's leading travel providers with online and offline travel buyers in our proprietary business to business ("B2B") travel commerce marketplace.   As travel industry demands evolve, we are utilizing our Travel Commerce Platform to redefine the electronic distribution and merchandising of airline core and ancillary products, as well as extending our reach into the growing world of travel commerce beyond air, including to hotel, car rental, rail, cruise-line and tour operators. In addition, we have leveraged our domain expertise in the travel industry to design a pioneering B2B payment solution that addresses the needs of travel intermediaries to efficiently and securely settle travel transactions. We also utilize the extensive data managed by our platform to provide an array of additional services, such as advertising solutions, subscription services, business intelligence data services, and marketing-oriented analytical tools to travel agencies, travel providers and other travel data users.
  • Our Technology Services, through which we provide critical IT services to airlines, such as pricing, shopping, ticketing, departure control and other solutions, enabling them to focus on their core business competencies and reduce costs. We manage reservations, inventory management and other related critical systems for Delta Air Lines.

Investor Contact

Peter Golby
Vice President, Investor Relations
+44 (0)1753 288 187
peter.golby@travelport.com

Media Contacts

Kate Aldridge 
Vice President, Corporate Communications 
+44 (0)1753 288 720 
kate.aldridge@travelport.com

Jill Brenner
Senior Director, Corporate Communications, Americas
+1 (973) 753 3110
jill.brenner@travelport.com 

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "may fluctuate" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.

Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to: the impact that our outstanding indebtedness may have on the way we operate our business; factors affecting the level of travel activity, particularly air travel volume, including security concerns, general economic conditions, natural disasters and other disruptions; general economic and business conditions in the markets in which we operate, including fluctuations in currencies and the economic conditions in the eurozone; pricing, regulatory and other trends in the travel industry; our ability to obtain travel supplier inventory from travel suppliers, such as airlines, hotels, car rental companies, cruise lines and other travel suppliers; our ability to develop and deliver products and services that are valuable to travel agencies and travel suppliers and generate new revenue streams; risks associated with doing business in multiple countries and in multiple currencies; maintenance and protection of our information technology and intellectual property; the impact on supplier capacity and inventory resulting from consolidation of the airline industry; financing plans and access to adequate capital on favorable terms; our ability to achieve expected cost savings from our efforts to improve operational efficiency; our ability to maintain existing relationships with travel agencies and to enter into new relationships on acceptable financial and other terms; and our ability to grow adjacencies, such as our controlling interest in eNett. Other unknown or unpredictable factors could also have material adverse effects on our performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Except to the extent required by applicable securities laws, the Company undertakes no obligation to release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law.

This press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission ("SEC") rules. As required by SEC rules, important information regarding such measures is contained below.

 


 

TRAVELPORT LIMITED

 

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(unaudited)

 

(in $ millions)

Three Months Ended

March 31,

2014

Three Months Ended

March 31,

2013

Net Revenue

572

548

Costs and expenses



Cost of revenue

353

333

Selling, general and administrative

88

94

Depreciation and amortization

56

52

Total costs and expenses

497

479

Operating income

75

69

Interest expense, net

(83)

(70)

Loss on extinguishment of debt

(5)

-

Loss before income taxes and equity in (losses) earnings of investment in Orbitz Worldwide

(13)

(1)

Provision for income taxes

(10)

(11)

Equity in (losses) earnings of investment in Orbitz Worldwide

(4)

2

Net loss

(27)

(10)

Net income attributable to non-controlling interest in subsidiaries

(2)

-

Net loss attributable to the Company

(29)

(10)

 

 

TRAVELPORT LIMITED

CONSOLIDATED CONDENSED BALANCE SHEETS

(unaudited)

 

(in $ millions)

March 31,
2014  

December 31,
2013  

Assets



Current assets:



Cash and cash equivalents

180

154

Accounts receivable (net of allowances for doubtful accounts of $13 and $13)

233

177

Deferred income taxes

1

1

Other current assets

146

134

Total current assets

560

466

Property and equipment, net

422

428

Goodwill

986

986

Trademarks and tradenames

314

314

Other intangible assets, net

677

671

Cash held as collateral

79

79

Investment in Orbitz Worldwide

13

19

Non-current deferred income taxes

5

5

Other non-current assets

133

120

Total assets

3,189

3,088

Liabilities and equity



Current liabilities:



Accounts payable

70

72

Accrued expenses and other current liabilities

616

540

Deferred income taxes

24

24

Current portion of long-term debt

96

45

Total current liabilities

806

681

Long-term debt

3,389

3,528

Deferred income taxes

21

18

Other non-current liabilities

174

172

Total liabilities

4,390

4,399

Commitments and contingencies



Shareholders' equity (deficit):



Common shares ($1.00 par value; 12,000 shares authorized; 12,000 shares

  issued and outstanding)

-

-

Additional paid in capital

829

691

Accumulated deficit

(1,968)

(1,939)

Accumulated other comprehensive loss

(83)

(82)

Total shareholders' equity (deficit)

(1,222)

(1,330)

Equity attributable to non-controlling interest in subsidiaries

21

19

Total equity (deficit)

(1,201)

(1,311)

Total liabilities and equity

3,189

3,088

 


 

TRAVELPORT LIMITED

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

 

 

 

 

(in $ millions)

Three Months

Ended

March 31,

2014


Three Months

Ended

March 31,

2013

Operating activities




Net loss

(27)


(10)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:




Depreciation and amortization

56


52

Amortization of customer loyalty payments

18


14

Amortization of debt finance costs

3


7

Accrual of repayment fee and amortization of debt discount

3


-

Loss on extinguishment of debt

5


-

Payment-in-kind interest

6


4

Gain on interest rate derivative instruments

(1)


-

(Gain) loss on foreign exchange derivative instruments

(1)


7

Equity in losses (earnings) of investment in Orbitz Worldwide

4


(2)

Equity-based compensation

1


-

Deferred income taxes

3


-

Customer loyalty payments

(26)


(12)

Changes in assets and liabilities:




Accounts receivable

(55)


(60)

Other current assets

4


(12)

Accounts payable, accrued expenses and other current liabilities

42


(2)

Other

(12)


(7)

Net cash provided by (used in) operating activities

23


(21)

Investing activities




Property and equipment additions

(26)


(23)

Minority investment

(10)


-

Net cash used in investing activities

(36)


(23)

Financing activities




Proceeds from revolver borrowings

50


53

Repayment of term loans

(4)


-

Repayment of capital lease obligations

(7)


(4)

Payment related to extinguishment of debt

(3)


-

Proceeds from settlement of foreign exchange derivative contracts

3


2

Debt finance costs

-


(2)

Payments on settlement of foreign exchange derivative contracts        

-


(7)

Net cash provided by financing activities

39


42

Net increase (decrease) in cash and cash equivalents

26


(2)

Cash and cash equivalents at beginning of period

154


110

Cash and cash equivalents at end of period

180


108

Supplementary disclosures of cash flow information




Interest payments

57


88

Income tax payments, net

7


6

Non-cash exchange of Senior Subordinated Notes for equity of a parent company

135


-

Non-cash capital lease additions

5


1

 

 

TRAVELPORT LIMITED

NON-GAAP MEASURES

(in $ millions and unaudited)

 

Reconciliation of Net Loss to Adjusted Net Income and Adjusted EBITDA

Three Months Ended March 31,


2014


2013

Net loss

(27)


(10)

Adjustments:




Amortization of acquired intangible assets

19


20

Corporate costs

3


1

Equity-based compensation

1


-

Litigation and related costs

-


10

Other-non cash

(2)


(5)

Equity in losses (earnings) of investment in Orbitz Worldwide

4


(2)

Loss on extinguishment of debt

5


-

Adjusted Net Income

3


14

Adjustments:




Depreciation and amortization of property and equipment

37


32

Amortization of customer loyalty payments

18


14

Interest expense, net

83


70

Provision for income taxes

10


11

Adjusted EBITDA

151


141


Reconciliation of Adjusted EBITDA to Net Cash Provided (Used in) by Operating Activities and Unlevered (Adjusted) Free Cash Flow





Three Months Ended March 31,

2014


2013

Adjusted EBITDA

151


141

Less:




Interest payments

(57)


(88)

Tax payments

(7)


(6)

Changes in operating working capital

(32)


(39)

Customer loyalty payments

(26)


(12)

Other adjusting items(*)

(6)


(17)

Net cash provided by (used in) operating activities

23


(21)

Add: Other adjusting items(*)

6


17

Less: Capital expenditures on property and equipment additions

(26)


(23)

Less: Repayment of capital lease obligations

(7)


(4)

Adjusted Free Cash Flow

(4)


(31)

Add: Interest paid

57


88

Unlevered Adjusted Free Cash Flow

53


57

 

* Other adjusting items relate to payments for costs included within operating income but excluded from Adjusted EBITDA. These include (i) $6 million and $13 million of corporate costs payments during the three months ended March 31, 2014 and 2013, respectively, and (ii) $4 million of litigation and related costs payments for the three months ended March 31, 2013.

 

 

TRAVELPORT LIMITED

OPERATING STATISTICS AND DEFINITIONS

(unaudited)

 

Net revenue is comprised of:


Three Months

Ended  March 31,


Change

(in $ millions)

2014


2013


$


%

Air

445


428


17


4

Beyond Air

97


89


8


9

Travel Commerce Platform

542


517


25


5

Technology Services

30


31


(1)


(1)

Net revenue

572


548


24


4

 

Our revenue is earned through our Travel Commerce Platform (including our Air and Beyond Air revenue) and Technology Services.  Our Travel Commerce Platform combines state-of-the-art technology with industry leading features, functionality and innovative solutions to address the high volume and growing transaction processing requirements for the evolving needs of the travel industry.

Air:  We provide sophisticated and comprehensive real-time search pricing, booking, change, payment and integrated itinerary creation for travelers who use the services of online and offline travel agents for both leisure and corporate travel. 

Beyond Air:  Our Beyond Air portfolio includes hospitality and advertising, payments and other platform services. 

The table below sets forth Travel Commerce Platform revenue by region:

 


 

Three Months

Ended  March 31,


Change

  (in $ millions)

2014


2013


$


%

  Asia Pacific

101


94


7


7

  Europe

178


164


14


8

  Latin America and Canada

23


22


1


4

  Middle East and Africa

72


70


2


3

International

374


350


24


7

United States

168


167


1


-

Travel Commerce Platform

542


517


25


5










 

The table below sets forth Travel Commerce Platform segments by region and global RevPas:

 














Segments (in millions)




Three Months

Ended March 31,


Change




2014


2013




%


  Asia Pacific


16


15


1


3


  Europe


25


24


1


5


  Latin America and Canada


4


4


-


3


  Middle East and Africa


10


10


-


3


International


55


53


2


4


United States


42


42


-


(1)


Travel Commerce Platform Segments


97


95


2


2


Travel Commerce Platform RevPas


$5.61


$5.47


$0.14


3


 

 

TRAVELPORT LIMITED

HISTORICAL FINANCIAL INFORMATION

(in $ millions and unaudited)

 

The table below sets forth the historical quarterly Net revenue for the Travel Commerce Platform and Technology Services for the three years ended December 31, 2013:














Q1 2013


Q2 2013


Q3 2013


Q4 2013


FY 2013

Air


428


410


387


363


1,588

Beyond Air


89


97


96


89


371

Travel Commerce Platform


517


507


483


452


1,959

Technology Services


31


30


28


28


117

Net revenue


548


537


511


480


2,076














Q1 2012


Q2 2012


Q3 2012


Q4 2012


FY 2012

Air


434


395


375


344


1,548

Beyond Air


73


82


84


87


326

Travel Commerce Platform


507


477


459


431


1,874

Technology Services


43


29


30


26


128

Net revenue


550


506


489


457


2,002














Q1 2011


Q2 2011


Q3 2011


Q4 2011


FY 2011

Air


422


412


391


352


1,577

Beyond Air


67


73


74


69


283

Travel Commerce Platform


489


485


465


421


1,860

Technology Services


42


45


44


44


175

Net revenue


531


530


509


465


2,035












 

Note:

1) FY 2011 includes $35 million of Travel Commerce Platform Air revenue and $61 million of Technology Services revenue under the United MSA.

2) FY 2013 includes $8 million of Travel Commerce Platform Air revenue and $19 million of Technology Services revenue under the United MSA.

 













 

TRAVELPORT LIMITED

HISTORICAL FINANCIAL INFORMATION

(in $ millions and unaudited)

 

The table below sets forth the historical quarterly Travel Commerce Platform revenue by geographic region for the three years ended December 31, 2013:















Q1 2013


Q2 2013


Q3 2013


Q4 2013


FY 2013


Asia Pacific


94


96


94


85


369


Europe


164


150


140


142


596


Latin America and Canada


22


22


22


20


86


Middle East and Africa


70


74


69


64


277


International


350


342


325


311


1,328


United States


167


165


158


141


631


Travel Commerce Platform


517


507


483


452


1,959
















Q1 2012


Q2 2012


Q3 2012


Q4 2012


FY 2012


Asia Pacific


89


85


81


81


336


Europe


149


136


134


130


549


Latin America and Canada


19


20


20


18


77


Middle East and Africa


69


73


66


62


270


International


326


314


301


291


1,232


United States


181


163


158


140


642


Travel Commerce Platform


507


477


459


431


1,874
















Q1 2011


Q2 2011


Q3 2011


Q4 2011


FY 2011


Asia Pacific


84


85


82


72


323


Europe


150


136


128


121


535


Latin America and Canada


21


19


17


16


73


Middle East and Africa


56


72


67


62


257


International


311


312


294


271


1,188


United States


178


173


171


150


672


Travel Commerce Platform


489


485


465


421


1,860


 

Note:

1) FY 2011 includes $35 million of Travel Commerce Platform Air revenue (all earned in the United States) under the United MSA.

2) FY 2012 includes $8 million of Travel Commerce Platform Air revenue (all earned in the United States) under the United MSA.

 

 

TRAVELPORT LIMITED

HISTORICAL FINANCIAL INFORMATION

(in millions, except Travel Commerce Platform RevPas and unaudited)

 

The table below sets forth the historical quarterly Travel Commerce Platform Reported Segments by geographic region and historical quarterly Travel Commerce Platform RevPas for the three years ended December 31, 2013:




Q1 2013


Q2 2013


Q3 2013


Q4 2013


FY 2013

Asia Pacific


15


14


14


13


56

Europe


24


22


19


20


85

Latin America and Canada


4


3


4


4


15

Middle East and Africa


10


10


10


9


39

International


53


49


47


46


195

United States


42


40


39


34


155

Travel Commerce Platform


95


89


86


80


350

Travel Commerce Platform RevPas


$5.47


$5.66


$5.60


$5.68


$5.60














Q1 2012


Q2 2012


Q3 2012


Q4 2012


FY 2012

Asia Pacific


15


14


13


12


54

Europe


24


20


19


19


82

Latin America and Canada


3


3


4


3


13

Middle East and Africa


10


10


10


9


39

International


52


47


46


43


188

United States


46


40


39


34


159

Travel Commerce Platform


98


87


85


77


347

Travel Commerce Platform RevPas


$5.19


$5.46


$5.39


$5.61


$5.40














Q1 2011


Q2 2011


Q3 2011


Q4 2011


FY 2011

Asia Pacific


15


14


14


13


56

Europe


24


20


20


19


83

Latin America and Canada


3


3


3


2


11

Middle East and Africa


10


10


9


9


38

International


52


47


46


43


188

United States


44


43


43


37


167

Travel Commerce Platform


96


90


89


80


355

Travel Commerce Platform RevPas


$5.11


$5.34


$5.23


$5.31


$5.24












 

Note:

1) FY 2011 includes 8 million Travel Commerce Platform Reported Segments (all in the United States) under the United MSA.

2) FY 2012 includes 2 million Travel Commerce Platform Reported Segments (all in the United States) under the United MSA.

 

TRAVELPORT LIMITED 
HISTORICAL FINANCIAL INFORMATION 
(in $ millions and unaudited)

Definitions:

Adjusted EBITDA: is a non-GAAP financial measure and may not be comparable to similarly named measures used by other companies. We believe this measure provides management with a more complete understanding of the underlying results and trends and an enhanced overall understanding of our financial liquidity and prospects for the future. Adjusted EBITDA is the primary metric for measuring our business results, forecasting and determining future capital investment allocations and is used by the Board of Directors to determine incentive compensation for future periods. Adjusted EBITDA is defined as Adjusted Net Income, adjusted to exclude depreciation and amortization of property and equipment, amortization of customer loyalty payments, interest expense, net and provision for income taxes. Capital expenditures, which impact depreciation and amortization, Customer Loyalty Payments, interest expense and income tax expense, are reviewed separately by management. Adjusted EBITDA is disclosed so investors have the same tools available to management when evaluating the results of Travelport. Adjusted EBITDA is a critical measure as it is required to calculate our key financial ratios under the covenants contained in our credit agreements. These ratios use a number which is broadly computed from Adjusted EBITDA for the last twelve months and consolidated net debt, as at the balance sheet date and are known as the Total Leverage Ratio and Senior Secured Leverage Ratio. Travelport is currently in compliance with all of its financial covenants. A breach of these covenants could result in a default under the senior secured credit agreement, second lien credit agreement and the indentures governing the notes.

Adjusted Free Cash Flow: is a non-GAAP measure and may not be comparable to similarly named measures used by other companies. Adjusted Free Cash Flow is defined as net cash provided by (used in) operating activities adjusted to exclude the cash impact of other adjusted items (which relate to payments for costs included within operating income, but excluded from Adjusted EBITDA, including corporate costs and litigation and related costs), and to include capital expenditures and capital lease repayments. We believe Adjusted Free Cash Flow provides management and investors with a more complete understanding of the underlying liquidity of the core operating businesses and its ability to meet current and future financing and investing needs.

Adjusted Net Income: is a non-GAAP financial measure and may not be comparable to similarly named measures used by other companies. We believe this measure provides management with a more complete understanding of the underlying results and trends. Adjusted Net Income is disclosed so investors have the same tools available to management when evaluating the results of Travelport. Adjusted Net Income is defined as Net Income adjusted to exclude items we believe potentially restrict our ability to assess the results of our underlying business, such as amortization of acquired intangible assets, corporate costs, equity-based compensation, litigation and related costs, other-non cash costs, equity in earnings (losses) of investment in Orbitz Worldwide and loss on extinguishment of debt.

Customer Loyalty Payments: development advance payments that are made with the objective of increasing the number of clients or improving customer loyalty with travel agents or travel providers. The amortization of such payments is excluded from Adjusted EBITDA under the terms of our senior secured credit agreement and our second lien credit agreement.

Travel Commerce Platform Reported Segments ("Segments"): Travel provider revenue generating units sold by our travel agency network, geographically presented by region based upon point of sale location.

Travel Commerce Platform RevPas ("RevPas"): Travel Commerce Platform revenue divided by the number of Travel Commerce Platform Reported Segments.

Unlevered Adjusted Free Cash Flow: is a non-GAAP measure and may not be comparable to similarly named measures used by other companies. Unlevered Adjusted Free Cash Flow is defined as Adjusted Free Cash Flow adjusted to exclude cash interest payments.

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