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Travelport Worldwide Limited Reports Fourth Quarter and Full Year 2018 Results

February 26, 2019 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, 2018.http://www.stevecafeandcuisine.com/

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.”

Three Months Ended Year Ended
December 31, December 31,
(in $ thousands, except per share amounts) 2018 2017 Change 2018 2017 Change
Net revenue 588,633 573,567 3 % 2,551,064 2,447,279 4 %
Operating income 52,822 53,277 (1) % 216,894 289,274 (25) %
Net income 3,067 45,370 (93) % 75,173 140,280 (46) %
Income per share – diluted $ 0.02 $ 0.37 (95) % $ 0.57 $ 1.13 (50) %
Adjusted EBITDA 139,704 138,017 1 % 590,117 590,013
Adjusted Operating Income 81,732 83,141 (2) % 349,943 351,606
Adjusted Net Income 39,719 44,140 (10) % 186,625 181,174 3 %
Adjusted Income per Share – diluted $ 0.31 $ 0.35 (11) % $ 1.46 $ 1.44 1 %
Net cash provided by operating activities 78,929 43,320 82 % 364,364 317,662 15 %
Free Cash Flow 43,532 4,998 *   219,731 200,148 10 %
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 15 to 18 of this press release for additional information, including reconciliations of such non-GAAP financial measures.


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