Travelport Worldwide LTD

CIK:0001424755|SEC Filings

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Net revenue	$ 656,539	$ 677,838
Costs and expenses
Cost of revenue	402,032	426,397
Selling, general and administrative	113,194	125,200
Depreciation and amortization	54,026	48,577
Total costs and expenses	569,252	600,174
Operating income	87,287	77,664
Interest expense, net	(34,773)	(14,935)
Loss on early extinguishment of debt	(17)	(27,661)
Other expense	(2,055)	(93)
Income from continuing operations before income taxes	50,442	34,975
Provision for income taxes	(28,050)	(3,491)
Net income from continuing operations	22,392	31,484
Income from discontinued operations, net of tax		27,747
Net income	22,392	59,231
Net income attributable to non-controlling interest in subsidiaries	(2,124)	(402)
Net income attributable to the Company	$ 20,268	$ 58,829
Income per share - Basic:
Income per share - continuing operations (in dollars per share)	$ 0.16	$ 0.25
Income per share - discontinued operations (in dollars per share)		0.22
Basic income per share (in dollars per share)	$ 0.16	$ 0.47
Weighted average common shares outstanding - Basic (in shares)	126,508,036	125,428,257
Income per share - Diluted:
Income per share - continuing operations (in dollars per share)	$ 0.16	$ 0.25
Income per share - discontinued operations (in dollars per share)		0.22
Diluted income per share (in dollars per share)	$ 0.16	$ 0.47
Weighted average common shares outstanding - Diluted (in shares)	128,220,382	126,131,201
Cash dividends declared per common share (in dollars per share)		$ 0.075

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net income	$ 22,392	$ 59,231
Income from discontinued operations, net of tax		(27,747)
Net income from continuing operations	22,392	31,484
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	54,026	48,577
Amortization of customer loyalty payments	16,454	22,343
Impairment of long-lived assets	3,968	491
Amortization of debt finance costs and debt discount	836	1,890
Loss on early extinguishment of debt	17	27,661
Unrealized (gain) loss on foreign exchange derivative instruments	(4,448)	242
Unrealized loss (gain) on interest rate derivative instruments	7,727	(10,430)
Equity-based compensation	3,843	5,056
Deferred income taxes	1,052	(9,836)
Customer loyalty payments	(18,046)	(27,366)
Pension liability contribution	(2,916)	(338)
Changes in assets and liabilities:
Accounts receivable, net	(50,065)	(62,768)
Other current assets	342	(8,057)
Accounts payable, accrued expenses and other current liabilities	41,138	53,750
Other	7,169	10,398
Net cash provided by operating activities	83,489	83,097
Investing activities
Property and equipment additions	(34,097)	(36,663)
Net cash used in investing activities	(34,097)	(36,663)
Financing activities
Proceeds from term loans		1,400,000
Proceeds from issuance of senior secured notes		745,000
Repayment of term loans	(5,500)	(2,153,750)
Repayment of finance lease obligations	(9,366)	(7,409)
Repayment of other indebtedness	(263)	(591)
Debt finance costs and lender fees		(17,381)
Dividend to shareholders		(9,427)
Proceeds from share issuance under employee share purchase plan and stock options	463	2,088
Treasury share purchase related to vesting of equity awards	(173)	(235)
Net cash used in financing activities	(14,839)	(41,705)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	202	397
Net increase in cash, cash equivalents and restricted cash	34,755	5,126
Cash, cash equivalents and restricted cash at beginning of period	216,380	122,039
Cash, cash equivalents and restricted cash at end of period (Note [8])	251,135	127,165
Supplemental disclosure of cash flow information
Interest payments, net of capitalized interest	37,267	31,530
Income tax payments, net of refunds	8,118	11,902
Right-to-use assets obtained in exchange for finance lease liabilities	$ 1,943	2,164
Non-cash purchase of property and equipment		$ 4,220

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 247,725	$ 213,001
Accounts receivable (net of allowances for doubtful accounts of $9,261 and $8,415, respectively)	259,769	209,834
Other current assets	115,075	113,605
Total current assets	622,569	536,440
Property and equipment, net	487,236	495,699
Operating lease right-of-use assets	57,301
Goodwill	1,083,081	1,083,766
Trademarks and tradenames	313,097	313,097
Other intangible assets, net	408,172	423,512
Deferred income taxes	21,782	21,229
Other non-current assets	60,146	55,314
Total assets	3,053,384	2,929,057
Current liabilities:
Accounts payable	81,497	65,936
Accrued expenses and other current liabilities	529,170	506,266
Current portion of long-term debt	59,238	57,497
Current portion of operating lease liabilities	12,664
Total current liabilities	682,569	629,699
Long-term debt	2,180,284	2,194,537
Long-term operating lease liabilities	57,428
Deferred income taxes	38,919	37,254
Other non-current liabilities	216,240	219,925
Total liabilities	3,175,440	3,081,415
Commitments and contingencies (Note 13)
Shareholders' equity (deficit):
Preference shares ($0.0025 par value; 225,000,000 shares authorized; no shares issued and outstanding as of March 31, 2019 and December 31, 2018)
Common shares ($0.0025 par value; 560,000,000 shares authorized; 128,326,915 shares and 128,229,030 shares issued; 126,523,035 shares and 126,436,176 shares outstanding as of March 31, 2019 and December 31, 2018, respectively)	320	320
Additional paid in capital	2,685,538	2,680,615
Treasury shares, at cost (1,803,880 shares and 1,792,854 shares as of March 31, 2019 and December 31, 2018, respectively)	(27,796)	(27,623)
Accumulated deficit	(2,628,493)	(2,648,761)
Accumulated other comprehensive loss	(171,793)	(174,953)
Total shareholders' equity (deficit)	(142,224)	(170,402)
Equity attributable to non-controlling interest in subsidiaries	20,168	18,044
Total equity (deficit)	(122,056)	(152,358)
Total liabilities and equity	$ 3,053,384	$ 2,929,057