Orbitz Worldwide, Inc.

CIK:0001394159|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net revenue	$ 239,597	$ 248,053	$ 459,802	$ 458,308
Cost and expenses:
Cost of revenue	63,897	47,638	136,380	90,383
Selling, general and administrative	72,562	72,018	143,211	138,260
Marketing	82,520	89,604	158,245	166,382
Depreciation and amortization	13,958	15,287	28,478	28,880
Total operating expenses	232,937	224,547	466,314	423,905
Operating income/(loss)	6,660	23,506	(6,512)	34,403
Other expense:
Net interest expense	(7,467)	(8,595)	(15,877)	(18,172)
Other expense	0	(2,236)	0	(2,236)
Total other expense	(7,467)	(10,831)	(15,877)	(20,408)
Income/(loss) before income taxes	(807)	12,675	(22,389)	13,995
Provision for income taxes	3,444	5,794	2,801	13,048
Net income/(loss)	$ (4,251)	$ 6,881	$ (25,190)	$ 947
Net income/(loss) per share - basic:
Net income/(loss) per share	$ (0.04)	$ 0.06	$ (0.22)	$ 0.01
Weighted-average shares outstanding	112,418,132	110,218,036	112,007,027	109,907,641
Net income/(loss) per share - diluted:
Net income/(loss) per share	$ (0.04)	$ 0.06	$ (0.22)	$ 0.01
Weighted-average shares outstanding	112,418,132	115,079,178	112,007,027	114,474,084

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income/(loss)	$ (25,190)	$ 947
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization	28,478	28,880
Non-cash net interest expense	4,532	5,237
Deferred income taxes	2,271	11,556
Stock compensation	7,416	6,803
Changes in assets and liabilities:
Accounts receivable	(29,759)	(63,438)
Accounts payable, accrued expenses and other current liabilities	15,857	24,168
Accrued merchant payable	139,588	175,944
Deferred income	16,787	21,920
Other	14,716	(5,893)
Net cash provided by operating activities	174,696	206,124
Investing activities:
Property and equipment additions	(29,312)	(21,168)
Acquisitions, net of cash acquired	0	(10,000)
Changes in restricted cash	5,116	(17,748)
Net cash used in investing activities	(24,196)	(48,916)
Financing activities:
Payments on and retirement of term loans	(18,151)	(443,250)
Issuance of long-term debt, net of issuance costs	0	443,256
Employee tax withholdings related to net share settlements of equity-based awards	(8,452)	(6,747)
Proceeds from exercise of employee stock options	2,140	143
Payments on tax sharing liability	(8,921)	(4,616)
Net cash used in financing activities	(33,384)	(11,214)
Effects of changes in exchange rates on cash and cash equivalents	(800)	1,288
Net increase in cash and cash equivalents	116,316	147,282
Cash and cash equivalents at beginning of period	188,482	117,385
Cash and cash equivalents at end of period	304,798
Supplemental disclosure of cash flow information:
Income tax payments, net	1,686	1,889
Cash interest payments	11,553	13,104
Non-cash investing activity:
Capital expenditures incurred not yet paid	$ 2,570	$ 3,811

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 304,798	$ 188,482
Accounts receivable (net of allowance for doubtful accounts of $1,401 and $1,541, respectively)	161,340	132,951
Prepaid expenses	10,806	10,039
Other current assets	34,092	17,560
Total current assets	511,036	349,032
Property and equipment (net of accumulated depreciation of $307,433 and $302,031, respectively)	110,135	111,832
Goodwill	351,098	351,098
Trademarks and trade names	89,762	89,890
Other intangible assets, net	1,144	1,300
Deferred income taxes, non-current	135,095	135,807
Restricted cash	92,544	97,810
Other non-current assets	12,453	39,200
Total Assets	1,303,267	1,175,969
Current liabilities:
Accounts payable	20,237	13,954
Accrued merchant payable	504,385	366,062
Accrued expenses	165,608	158,754
Deferred income	57,334	40,816
Term loan, current	24,100	25,871
Other current liabilities	5,970	1,544
Total current liabilities	777,634	607,001
Term loan, non-current	405,499	421,879
Tax sharing liability	55,415	61,289
Other non-current liabilities	14,733	14,702
Total Liabilities	$ 1,253,281	1,104,871
Commitments and contingencies (see Note 5)
Shareholders’ Equity:
Preferred stock, $0.01 par value, 100 shares authorized, no shares issued or outstanding	$ 0	0
Common stock, $0.01 par value, 140,000,000 shares authorized, 112,660,845 and 110,758,513 shares issued, respectively	1,126	1,107
Treasury stock, at cost, 25,237 shares held	(52)	(52)
Additional paid-in capital	1,061,616	1,060,636
Accumulated deficit	(1,025,449)	(1,000,259)
Accumulated other comprehensive income	12,745	9,666
Total Shareholders’ Equity	49,986	71,098
Total Liabilities and Shareholders’ Equity	$ 1,303,267	$ 1,175,969