EX-99.1 2 a07-19332_2ex99d1.htm EX-99.1

Exhibit 99.1

—   Travelport Announces Second Quarter 2007 Results   —

Quarterly highlights

·                  Net Revenue and Adjusted Net Revenue growth of 5%

·                  EBITDA of $128 million versus a $1.1 billion loss 2Q 2006

·                  Adjusted EBITDA of $179 million representing 15% growth

·                  $155 million of cash flow from operations generated during the quarter

·                  Executed cost saving actions that are expected to result in approximately $147 million of annualized run rate cost savings and realized $31 million of savings in 2Q

NEW YORK, NY, August 13, 2007  — Travelport Limited, the parent company of the Travelport group of companies, today announced its financial results for the quarter ended June 30, 2007. Travelport recognized net revenue for the quarter of $724 million and EBITDA of $128 million.  Adjusted net revenue was $727 million and adjusted EBITDA was $179 million, representing growth of 5% and 15%, respectively, over the year ago period.  A description of our adjusted results, which exclude items related to the Blackstone acquisition of Travelport and separation of Travelport from Cendant, among others, and a reconciliation to our GAAP results are included in this press release.

Travelport Consolidated

($ in millions)

 

 

2Q 2006

 

2Q 2007

 

Change*

 

% Change*

 

Net Revenue

 

$

693

 

$

724

 

$

31

 

5

%

Adjusted Net Revenue

 

$

690

 

$

727

 

$

36

 

5

%

EBITDA

 

($1,071

)

$

128

 

$

1,199

 

NM

 

Adjusted EBITDA

 

$

156

 

$

179

 

$

24

 

15

%

Adjusted EBITDA Margin%

 

22.5

%

24.8

%

230 bps

 

10

%


*                    May not foot or calculate due to rounding

Travelport President and CEO, Jeff Clarke, stated:  “We maintained our strong performance during the second quarter of 2007, driven by both top line revenue growth and cost control through our re-engineering efforts.  We also executed several strategic initiatives including the IPO of approximately 40% of Orbitz Worldwide, the disposition of non-core assets and the restructuring of our cost base to become the low cost provider of travel distribution.  With the net proceeds from these activities and our operating cash flow, we have reduced Travelport’s term loan debt by approximately $1 billion since the end of the second quarter.

Mike Rescoe, Travelport executive vice president and CFO, stated “We continue to focus on our re-engineering efforts and as of the end of April, we had taken actions that we expect will produce approximately $147 million of annualized run rate cost savings.  During the quarter, we realized $31 million of cost savings, which helped drive a 230 bps increase in Adjusted EBITDA margins. The strong performance of the company enabled us to make a discretionary $100 million prepayment of our term loan debt on May 7th.”

Financial Highlights

Second Quarter 2007

Galileo

($ in millions)

 

 

2Q 2006

 

2Q 2007

 

Change*

 

% Change*

 

Net Revenue

 

$

396

 

$

409

 

$

13

 

3

%

Adjusted Net Revenue

 

$

396

 

$

410

 

$

14

 

4

%

EBITDA

 

($757

)

$

125

 

$

882

 

NM

 

Adjusted EBITDA

 

$

109

 

$

133

 

$

24

 

22

%

Adjusted EBITDA Margin%

 

27.4

%

32.4

%

500 bps

 

18

%


*                    May not foot or calculate due to rounding

 

1




 

Net revenue and EBITDA from Galileo were $409 million and $125 million, respectively, for the second quarter of 2007.  Adjusted net revenue and adjusted EBITDA from Galileo were $410 million and $133 million, an increase of 4% and 22%, respectively, compared to the second quarter of 2006.  Higher revenue resulted from growth in GDS transactions, primarily in the U.S. and Asia Pacific regions.  Global transaction growth as well as our Opt-In program in the U.S., more than offset the anticipated yield decline from our new U.S. airline contracts.  In addition, Galileo realized $19 million of savings from our reengineering efforts and operating expenses, excluding inducements to agents, were 14% lower than the second quarter of 2006.  The revenue growth and operating expense savings drove higher adjusted EBITDA, and adjusted EBITDA margins improved 500 basis points, or 18%.

Orbitz Worldwide

($ in millions)

 

 

2Q 2006

 

2Q 2007

 

Change*

 

% Change*

 

Net Revenue

 

$

213

 

$

235

 

$

22

 

10

%

Adjusted Net Revenue

 

$

213

 

$

237

 

$

24

 

11

%

EBITDA

 

($292

)

$

27

 

$

319

 

NM

 

Adjusted EBITDA

 

$

42

 

$

47

 

$

5

 

11

%

Adjusted EBITDA Margin%

 

19.8

%

19.8

%

0 bps

 

0

%


*                    May not foot or calculate due to rounding

As a result of the Orbitz IPO, Travelport now currently owns approximately 60% of the common stock of Orbitz Worldwide and therefore consolidates Orbitz Worldwide’s earnings into Travelport’s financial statements.  Travelport’s Orbitz Worldwide segment results differ from the Orbitz Worldwide financial results on a standalone basis.  These differences primarily include impacts to impairment and certain Travelport Corporate and other expenses that are not considered segment related.  For a discussion of Orbitz Worldwide’s year-over-year performance please refer to the earnings release of Orbitz Worldwide.

GTA

($ in millions)

 

 

2Q 2006

 

2Q 2007

 

Change*

 

% Change*

 

Net Revenue

 

$

97

 

$

96

 

($1

)

(1

%)

Adjusted Net Revenue

 

$

95

 

$

96

 

$

1

 

1

%

EBITDA

 

$

25

 

$

26

 

$

2

 

7

%

Adjusted EBITDA

 

$

27

 

$

30

 

$

3

 

12

%

Adjusted EBITDA Margin%

 

27.4

%

31.3

%

380 bps

 

14

%


*                    May not foot or calculate due to rounding

Net revenue and EBITDA from GTA were $96 million and $26 million, respectively, for the second quarter of 2007.  Adjusted net revenue and adjusted EBITDA from GTA were $96 million and $30 million, respectively, an increase of 1% and 12%, respectively, compared to the second quarter of 2006.  Global Total Transaction Value (“TTV”) grew 21% year-over-year, driven by strong individual traveler demand across all regions.  Excluding the impact of the TTV and net revenue from an unfavorable white label agreement, which was exited late 2006, TTV would have grown 25% and net revenue would have increased 4%.  GTA experienced lower margins, which were below the prior year levels, but in line with our expectations.  Operating expenses declined, resulting in an increase in adjusted EBITDA versus the second quarter of 2006 and an increase in adjusted EBITDA margins of 380 basis points, or 14%.

Corporate and Other

In addition, Travelport incurred adjusted Corporate and other expenses of $30 million for the second quarter of 2007.  These expenses were $8 million higher than the second quarter of last year driven principally by $6 million of incremental discretionary bonuses paid for overperformance, a $5 million variance in foreign exchange remeasurements net of the impact of our hedging program, offset by approximately $3 million of cost savings.

Excluded from the adjusted results are items such as the impairment charges, separation expenses from Cendant, costs incurred in the initial public offering of Orbitz Worldwide, and restructuring expenses, among others, that are detailed on the reconciliation of EBITDA included in this release.

2




 

Other Items

·                      Generated $155 million of cash flow from operations during the second quarter

·                      Cash capital spending was $32 million and scheduled principal payments on the term loans were $6 million

·                      As previously mentioned, we made a $100 million discretionary paydown of our term loan debt during the quarter

·                      As of June 30, 2007, Travelport had $315 million of cash and cash equivalents on hand

·                     Subsequent to the June 30, 2007 balance sheet date, we paid down approximately $1 billion in Travelport term loan debt with the net proceeds from the Orbitz Worldwide IPO

Conference Call/Webcast

The Company’s second quarter 2007 earnings conference call will be accessible to the media and general public via live Internet Web cast beginning at 6:00 p.m. (EDT), and through a limited number of listen-only, dial-in conference lines.

The Web cast will be available through the Investor Center section of the Company’s Web site at www.travelport.com.  To access the call through a conference line, dial 866-271-6130 in the United States and 617-213-8894 for international callers beginning at least 10 minutes prior to the scheduled start of the call. The passcode is 68027563.

A replay of the conference call will be available August 13, 2007 at 8:00 p.m. (EDT) through August 20, 2007. To access the replay, dial 888-286-8010 in the United States and 617-801-6888 for international callers. The passcode is 11241242.

About Travelport

Travelport operates Galileo, a global distribution system (GDS); and GTA, a wholesaler of travel content.  In addition, it also owns a controlling interest in Orbitz Worldwide, a leading, global online travel company.  With 2006 revenues of $2.6 billion, the Company has approximately 6,000 employees and operates in 130 countries.

Travelport is a private company owned by The Blackstone Group of New York, Technology Crossover Ventures of Palo Alto, California and One Equity Partners of New York.

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: our substantial indebtedness; our ability to service such indebtedness and the impact thereof on the way we operate our business; interest rate movements; factors affecting the level of travel activity, particularly air travel volume, including security concerns, natural disasters and other disruptions; general economic and business conditions, both nationally and in air markets; competition in the travel industry; pricing, regulatory and other trends in the travel industry; risks associated with doing business in multiple international jurisdictions and in multiple currencies; maintenance and protection of our information technology and intellectual property; the outcome of pending litigation; our ability to consummate the proposed acquisition of Worldspan and the operating and financial condition of Worldspan upon acquisition; acquisition opportunities and our ability to successfully integrate acquired businesses and realize anticipated benefits of such acquisitions, including the proposed Worldspan acquisition; financing plans and access to adequate capital on favorable terms; and our ability to achieve anticipated cost savings. Other unknown or unpredictable factors also could 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

3




 

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 release includes certain non-GAAP financial measures as defined under SEC rules.  As required by SEC rules, important information regarding such measures is contained on pages 6 and 7 of this release.

SOURCE: Travelport Limited

INVESTOR CONTACT: Raffaele Sadun of Travelport, +1-973-939-1450, or raffaele.sadun@travelport.com

MEDIA CONTACT: Kelli Segal of Travelport, +1-212-915-9155, or kelli.segal@travelport.com

Web site: http://www.travelport.com

 

4




 

TRAVELPORT LIMITED

STATEMENTS OF OPERATIONS

(in millions)

(UNAUDITED)

 

 

 

 

 

 

Predecessor

 

 

 

Three Months
Ended

 

Six Months
Ended

 

Three Months
Ended

 

Six Months
Ended

 

 

 

June 30,

 

June 30,

 

June 30,

 

June 30,

 

 

 

2007

 

2007

 

2006

 

2006

 

Net revenue

 

$

724

 

$

1,392

 

$

693

 

$

1,329

 

Costs and expenses

 

 

 

 

 

 

 

 

 

Cost of revenue

 

281

 

561

 

281

 

559

 

Selling, general and administrative

 

308

 

573

 

257

 

507

 

Separation and restructuring charges

 

6

 

29

 

31

 

38

 

Depreciation and amortization

 

53

 

108

 

48

 

97

 

Impairment of intangible assets

 

 

 

1,194

 

1,194

 

Other expense (income)

 

1

 

2

 

1

 

(5

)

Total operating expenses

 

649

 

1,273

 

1,812

 

2,390

 

Operating income (loss)

 

75

 

119

 

(1,119

)

(1,061

)

Interest expense, net

 

(81

)

(167

)

(11

)

(23

)

Loss from continuing operations before income taxes

 

(6

)

(48

)

(1,130

)

(1,084

)

Provision (benefit) for income taxes

 

9

 

6

 

(79

)

(81

)

Loss from continuing operations, net of tax

 

(15

)

(54

)

(1,051

)

(1,003

)

Loss from discontinued operations, net of tax

 

 

 

(3

)

(4

)

Loss on disposal of discontinued assets, net of tax

 

 

 

(6

)

(6

)

Net loss

 

$

(15

)

(54

)

$

(1,060

)

$

(1,013

)

 

5




 

TRAVELPORT LIMITED

SEGMENT EBITDA AND RECONCILIATION OF EBITDA TO NET INCOME

(in millions)

(UNAUDITED)

 

 

 

 

 

 

Predecessor

 

 

 

Three Months
Ended June 30,
2007

 

Six Months
Ended June 30,
2007

 

Three Months
Ended June 30,
2006

 

Six Months
Ended June 30,
2006

 

Galileo

 

 

 

 

 

 

 

 

 

Net revenue

 

$

409

 

$

823

 

$

396

 

$

799

 

Segment EBITDA

 

125

 

242

 

(757

)

(625

)

Orbitz Worldwide

 

 

 

 

 

 

 

 

 

Net revenue

 

235

 

442

 

213

 

398

 

Segment EBITDA

 

27

 

44

 

(292

)

(277

)

GTA

 

 

 

 

 

 

 

 

 

Net revenue

 

96

 

160

 

97

 

159

 

Segment EBITDA

 

26

 

26

 

25

 

17

 

Corporate and other

 

 

 

 

 

 

 

 

 

EBITDA(a)

 

(50

)

(85

)

(47

)

(79

)

Intersegment eliminations(b)

 

 

 

 

 

 

 

 

 

Net revenue

 

(16

)

(33

)

(13

)

(27

)

Combined Totals

 

 

 

 

 

 

 

 

 

Revenue

 

$

724

 

$

1,392

 

$

693

 

$

1,329

 

EBITDA

 

$

128

 

$

227

 

($1,071

)

($964

)


(a)             Other includes corporate general and administrative costs not allocated to the segments.

(b)            Consists primarily of eliminations related to the inducements paid by Galileo to Orbitz Worldwide.

Provided below is a reconciliation of EBITDA to income before income taxes:

 

 

 

 

 

 

Predecessor

 

 

 

Three Months
Ended June 30,
2007

 

Six Months
Ended June 30,
2007

 

Three Months
Ended June 30,
2006

 

Six Months
Ended June 30,
2006

 

EBITDA

 

$

128

 

$

227

 

$

(1071

)

$

(964

)

Interest expense, net

 

(81)

 

(167

)

(11

)

(23

)

Depreciation and amortization

 

(53)

 

(108

)

(48

)

(97

)

Loss before income taxes

 

$

(6)

 

$

(48

)

$

(1,130

)

$

(1,084

)

 

Adjusted Revenue, EBITDA, and Adjusted EBITDA are non-GAAP measures and may not be comparable to similarly named measures used by other companies. We believe that these measures provide management with a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of the Company’s financial performance and prospects for the future. Adjusted Revenue, EBITDA and Adjusted EBITDA are not intended to be measures of liquidity or cash flows from operations nor measures comparable to net income as they do not take into account certain requirements such as capital expenditures and related depreciation, principal and interest payments and tax payments. However, they are Management’s primary metric for measuring business performance and are used by the Board to determine incentive compensation.  Capital expenditures, which impact depreciation and amortization, interest expense and income tax expense, are reviewed separately by management.  Adjusted Revenue, EBITDA and Adjusted EBITDA are disclosed so that investors may have the same tools available to Management when evaluating the results of Travelport. Adjusted Revenue is defined as Revenue adjusted to exclude the impact of deferred revenue written off due to purchase accounting on the acquisition of Travelport by an affiliate of The Blackstone Group. EBITDA is defined as net income (loss) before interest, income taxes, depreciation and amortization, each of which is presented on Travelport’s Statement of Operations.  Adjusted EBITDA is defined as EBITDA adjusted to exclude, the aforementioned impact of purchase accounting, impairment of intangibles assets, expenses incurred in conjunction with Travelport’s separation from Cendant, expenses incurred to acquire and integrate Travelport’s portfolio of businesses, costs associated with Travelport’s restructuring efforts and development of a global on-line travel platform, non-cash stock based compensation, and other adjustments made to exclude expenses management views as outside the normal course of operations.

 

6




 

Provided below is a reconciliation of Net Revenue to Adjusted Net Revenue and EBITDA to Adjusted EBITDA:

 

 

Three Month Ended June 30, 2007

 

Three Month Ended June 30, 2006

 

 

 

Galileo

 

Orbitz

 

GTA

 

Corporate
& Other

 

Total

 

Galileo

 

Orbitz

 

GTA

 

Corporate
& Other

 

Total

 

Net Revenue

 

$

409

 

$

235

 

$

96

 

($16)

 

$

724

 

$

396

 

$

213

 

$

97

 

($13

)

$

693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separation from Cendant and Related

 

1

 

2

 

0

 

0

 

3

 

0

 

0

 

0

 

0

 

0

 

Non-recurring Items Associated with Travelport Acquisitions

 

0

 

0

 

(0

)

0

 

(0

)

0

 

0

 

(2

)

0

 

(2

)

Total

 

1

 

2

 

(0

)

0

 

2

 

0

 

0

 

(2

)

0

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Revenue

 

$

410

 

$

237

 

$

96

 

($16)

 

$

727

 

$

396

 

$

213

 

95

 

($13

)

$

690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

$

125

 

$

27

 

$

26

 

($50

)

$

128

 

($757

)

($292

)

$

25

 

($47

)

($1,071

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separation from Cendant and Related

 

1

 

2

 

0

 

3

 

6

 

0

 

1

 

0

 

20

 

20

 

Impairment

 

0

 

0

 

0

 

0

 

0

 

863

 

331

 

0

 

0

 

1,194

 

Non-recurring Items Associated with Travelport Acquisitions

 

3

 

1

 

3

 

11

 

18

 

0

 

0

 

2

 

0

 

2

 

Restructure and Related

 

3

 

3

 

1

 

0

 

7

 

0

 

1

 

0

 

11

 

13

 

Equity based compensation

 

0

 

1

 

0

 

9

 

10

 

0

 

1

 

0

 

0

 

1

 

Other

 

0

 

13

 

0

 

(3)

 

10

 

2

 

1

 

0

 

(6

)

(3

)

Total

 

7

 

19

 

4

 

20

 

51

 

865

 

335

 

2

 

25

 

1,227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

133

 

$

47

 

$

30

 

($30)

 

$

179

 

$

109

 

$

42

 

$

27

 

($22

)

$

156

 


* Totals may not foot due to rounding.

7




 

TRAVELPORT LIMITED

BALANCE SHEETS

(in millions)

(UNAUDITED)

 

 

June 30, 2007

 

December 31,
2006

 

Assets

 

(unaudited)

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

315

 

$

97

 

Accounts receivable

 

461

 

454

 

Deferred income taxes

 

9

 

6

 

Other current assets

 

195

 

155

 

Assets held for sale

 

 

42

 

Total current assets

 

980

 

754

 

Property and equipment, net

 

486

 

474

 

Goodwill

 

2,176

 

2,165

 

Trademarks and tradenames

 

713

 

707

 

Other intangible assets, net

 

1,569

 

1,634

 

Deferred income taxes

 

12

 

12

 

Other non-current assets

 

369

 

384

 

Total assets

 

$

6,305

 

$

6,130

 

 

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

425

 

$

308

 

Accrued expenses and other current liabilities

 

981

 

821

 

Current portion of long term debt

 

24

 

24

 

Deferred income taxes

 

14

 

13

 

Total current liabilities

 

1,444

 

1,166

 

 

 

 

 

 

 

Long-term debt

 

3,546

 

3,623

 

Deferred income taxes

 

240

 

247

 

Tax sharing liability

 

138

 

125

 

Other non-current liabilities

 

154

 

194

 

Total liabilities

 

5,522

 

5,355

 

 

 

 

 

 

 

Commitments and contingencies (note 8)

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

Common Stock $1.00 par value; 12,000 shares authorized, 12,000 shares issued and outstanding

 

 

 

Additional paid in capital

 

918

 

908

 

Accumulated deficit

 

(199

)

(144)

 

Accumulated other comprehensive income

 

64

 

11

 

Total shareholders’ equity

 

783

 

775

 

Total liabilities and shareholders’ equity

 

$

6,305

 

$

6,130

 

 

8




 

TRAVELPORT LIMITED

STATEMENTS OF CASH FLOWS

(in millions)

(UNAUDITED)

 

 

 

 

Predecessor

 

 

 

Six Months Ended
June 30, 2007

 

Six Months Ended
June 30, 2006

 

Operating activities of continuing operations

 

 

 

 

 

Net loss

 

$

(54

)

$

(1,013

)

Loss from discontinued operations

 

 

10

 

Loss from continuing operations

 

(54

)

(1,003

)

Adjustments to reconcile net loss to net cash provided by operating activities from continuing operations

 

 

 

 

 

Depreciation and amortization

 

108

 

97

 

Impairment of intangible assets

 

 

1,194

 

Deferred income taxes

 

(12

)

(87

)

Provision for bad debts

 

3

 

9

 

Loss on sale of property

 

 

(7

)

Amortization of debt issuance costs

 

10

 

 

Non-cash charges related to tax sharing liability

 

6

 

 

Equity based compensation

 

13

 

2

 

Changes in assets and liabilities, net of effects from acquisitions and disposals

 

 

 

 

 

Accounts receivable

 

(6

)

5

 

Other current assets

 

(4

)

(3

)

Accounts payable, accrued expenses and other current liabilities

 

270

 

231

 

Other

 

(16

)

(15

)

Net cash provided by operating activities of continuing operations

 

318

 

423

 

Investing activities of continuing operations

 

 

 

 

 

Property and equipment additions

 

(64

)

(74

)

Businesses acquired, net of cash and acquisition related payments

 

(7

)

(18

)

Net intercompany funding with Avis Budget

 

 

(71

)

Proceeds from asset sales

 

75

 

6

 

Other

 

1

 

4

 

Net cash provided by (used in) investing activities of continuing operations

 

5

 

(153

)

Financing activities of continuing operations

 

 

 

 

 

Principal payments on borrowings

 

(111

)

(85

)

Issuance of common stock

 

2

 

 

Net cash used in financing activities of continuing operations

 

(109

)

(85

)

Effect of changes in exchange rates on cash and cash equivalents

 

4

 

10

 

Net increase in cash and cash equivalents from continuing operations

 

218

 

195

 

Cash used in discontinued operations

 

 

 

 

 

Operating activities

 

 

(5

)

Investing activities

 

 

(1

)

Financing activities

 

 

(3

)

 

 

 

(9

)

Cash and cash equivalents at beginning of period

 

97

 

88

 

Cash and cash equivalents at end of period

 

315

 

274

 

Less cash of discontinued operations

 

 

(8

)

Cash and cash equivalents of continuing operations

 

$

315

 

$

266

 

Supplemental disclosure of cash flow information

 

 

 

 

 

Interest payments

 

$

161

 

$

16

 

Income tax payments, net

 

$

16

 

$

16

 

 

9




 

TRAVELPORT LIMITED

Operating Statistics

(UNAUDITED)

 

 

Three Months Ended

 

 

 

 

 

 

 

June 30,

 

 

 

 

 

 

 

2007

 

2006

 

Change

 

% Change

 

Galileo (segments in millions)

 

 

 

 

 

 

 

 

 

Americas Segments

 

26.7

 

25.6

 

1.1

 

4

%

International Segments

 

45.0

 

43.9

 

1.1

 

3

%

Total Segments

 

71.7

 

69.5

 

2.2

 

3

%

 

 

 

 

 

 

 

 

 

 

Orbitz Worldwide ($’s in billions)

 

 

 

 

 

 

 

 

 

Domestic Gross Bookings

 

$

2.6

 

$

2.4

 

$

0.2

 

8

%

International Gross Bookings

 

0.4

 

0.3

 

0.1

 

24

%

Total Gross Bookings

 

$

3.0

 

$

2.7

 

$

0.3

 

9

%

 

 

 

 

 

 

 

 

 

 

GTA (TTV in millions)

 

 

 

 

 

 

 

 

 

Total Transaction Value

 

$

497

 

$

412

 

$

85

 

21

%

 

 

 

Six Months Ended

 

 

 

 

 

 

 

June 30,

 

 

 

 

 

 

 

2007

 

2006

 

Change

 

% Change

 

Galileo (segments in millions)

 

 

 

 

 

 

 

 

 

Americas Segments

 

55.3

 

53.5

 

1.8

 

3

%

International Segments

 

91.2

 

89.0

 

2.2

 

3

%

Total Segments

 

146.5

 

142.5

 

4.0

 

3

%

 

 

 

 

 

 

 

 

 

 

Orbitz Worldwide ($’s in billions)

 

 

 

 

 

 

 

 

 

Domestic Gross Bookings

 

$

5.1

 

$

4.5

 

$

0.6

 

13

%

International Gross Bookings

 

0.8

 

0.6

 

0.2

 

29

%

Total Gross Bookings

 

$

5.9

 

$

5.2

 

$

0.8

 

15

%

 

 

 

 

 

 

 

 

 

 

GTA (TTV in millions)

 

 

 

 

 

 

 

 

 

Total Transaction Value (1)

 

$

813

 

$

671

 

$

142

 

21

%


(1) GTA TTV for 1Q 2007 and 2006 have been adjusted to reflect the gross amount of TTV sold on behalf of Travelport affiliated companies.  The figures disclosed previously excluded the TTV from these entities.

 

10