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Travelport Worldwide Limited Reports Fourth Quarter and Full Year 2017 Results

February 22, 2018 Financial No Comments Email Email

Travelport Worldwide Limited (NYSE: TVPT) today announced its financial results for the fourth quarter and full year ended December 31, 2017.http://www.granmonte.com/

Highlights (for full year 2017 unless stated otherwise)

  • Net revenue increased 4% to $2,447 million, including Travel Commerce Platform revenue growth of 5% to $2,341 million
  • Net income increased $125 million to $140 million; Adjusted EBITDA increased 3% to $590 million
  • Income per share (diluted) increased $1.00 to $1.13; Adjusted Income per Share (diluted) increased 17% to $1.44
  • Net cash provided by operating activities increased 6% to $318 million; Free Cash Flow increased 4% to $200 million
  • Fourth quarter net revenue increased 5%; net income increased $54 million; and Adjusted EBITDA increased 6%
  • 2018 guidance issued, including net revenue growth expected to be 4% to 6%, Adjusted EBITDA growth (1)% to 3% and Free Cash Flow growth 5% to 15%

Gordon Wilson, President and CEO of Travelport, commented:

“In 2017, Travelport again delivered on or exceeded guidance on all financial growth targets. In line with our strategy, we achieved a strong performance in Asia and Latin America where our air share grew as we won new business. In addition, Beyond Air revenue grew by 11% in 2017 as we continued to benefit from investment in growing our digital solutions, including mobile apps, hospitality and commercial payments.

Our ongoing focus and investments in our platform saw a record level of new business signed and onboarded in 2017, with more to come onstream progressively during 2018, more than offsetting the loss of one travel agency account in the Pacific. We continue to lead our industry, being the first global distribution system to be certified at the highest level by IATA for its NDC Application Programming Interface as an Aggregator, and we have advanced further ahead of our peers with over 250 airlines now able to show their full merchandised value proposition to users of the Travelport platform. We are, therefore, well positioned for good underlying growth in 2018, particularly in the second half of the year. Travelport has a proven track record for strong cash generation that supports sustainable and profitable growth over the longer term, while presenting options for higher returns to our shareholders in line with our capital allocation policy.”

Three months ended Year ended
December 31, December 31,
(in $ thousands, except per share amounts) 2017 2016 Change 2017 2016 Change
Net revenue 573,567 545,432 5% 2,447,279 2,351,356 4%
Operating income 52,430 20,750 153% 285,889 200,613 43%
Net income/(loss) 45,370 (9,110) * 140,280 15,046 *
Income/(loss) per share – diluted $ 0.37 $ (0.05) * $ 1.13 $ 0.13 *
Adjusted EBITDA 138,017 130,764 6% 590,013 574,349 3%
Adjusted Operating Income 83,141 73,881 13% 351,606 340,898 3%
Adjusted Net Income 44,140 28,257 56% 181,174 154,494 17%
Adjusted Income per Share – diluted $ 0.35 $ 0.23 51% $ 1.44 $ 1.23 17%
Net cash provided by operating activities 43,320 85,161 (49)% 317,662 299,019 6%
Free Cash Flow 4,998 47,831 (90)% 200,148 191,559 4%
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 – diluted, Capital Expenditures, Net Debt and Free Cash Flow.  Please refer to pages 13 to 16 of this press release for additional information, including reconciliations of such non-GAAP financial measures.

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