EX-99.2 3 a08-21460_1ex99d2.htm EX-99.2

Exhibit 99.2

 

TRAVELPORT LIMITED

STATEMENT OF OPERATIONS

(Unaudited)

(in millions)

 

 

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2008

 

2008

 

 

 

As Previously Reported

 

As Restated

 

 

 

 

 

 

 

Net revenue

 

$

666

 

$

666

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

Cost of revenue

 

339

 

340

 

Selling, general and administrative

 

182

 

183

 

Separation and restructuring charges

 

9

 

9

 

Depreciation and amortization

 

67

 

67

 

Total costs and expenses

 

597

 

599

 

 

 

 

 

 

 

Operating income

 

69

 

67

 

Interest expense, net

 

(86

)

(86

)

Gain on early extinguishment of debt

 

9

 

9

 

Loss from continuing operations before income taxes and equity in losses of investments, net

 

(8

)

(10

)

Provision for income taxes

 

(12

)

(12

)

Equity in losses of investments, net

 

(7

)

(7

)

Net loss

 

$

(27

)

$

(29

)

 



 

TRAVELPORT LIMITED

STATEMENT OF OPERATIONS

(Unaudited)

(in millions)

 

 

 

Three  Months Ended
March 31, 2007

 

Three Months Ended
June 30, 2007

 

Six Months ended
June 30, 2007

 

 

 

As
Previously
Reported

 

As
Restated

 

As
Previously
Reported

 

As
Restated

 

As
Previously
Reported

 

As
Restated

 

Net revenue

 

$

666

 

$

666

 

$

723

 

$

715

 

$

1,396

 

$

1,381

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

278

 

280

 

287

 

285

 

568

 

565

 

Selling, general and administrative

 

261

 

261

 

307

 

301

 

570

 

562

 

Separation and restructuring

 

23

 

23

 

6

 

6

 

29

 

29

 

Depreciation and amortization

 

54

 

54

 

52

 

51

 

107

 

105

 

Other expense, net

 

 

 

1

 

2

 

2

 

2

 

Total costs and expenses

 

616

 

618

 

653

 

645

 

1,276

 

1,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

50

 

48

 

70

 

70

 

120

 

118

 

Interest expense, net

 

(85

)

(85

)

(83

)

(83

)

(168

)

(168

)

Gain on early extinguishment of debt

 

 

 

 

 

 

 

Loss from continuing operations before income taxes and equity in losses of investments, net

 

(35

)

(37

)

(13

)

(13

)

(48

)

(50

)

Benefit (provision) for income

 

3

 

3

 

(8

)

(8

)

(5

)

(5

)

Equity in losses of investments,

 

 

 

 

 

 

 

Loss from continuing operations, net of tax

 

(32

)

(34

)

(21

)

(21

)

(53

)

(55

)

Loss from discontinued operations

 

 

 

 

(1

)

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(32

)

$

(34

)

$

(21

)

$

(22

)

$

(53

)

$

(56

)

 



 

TRAVELPORT LIMITED

STATEMENT OF OPERATIONS

(Unaudited)

(in millions)

 

 

 

Three Months Ended

 

Nine Months Ended

 

Year Ended

 

 

 

September 30
2007

 

September 30
2007

 

December 31,
2007

 

 

 

As
Previously
Reported

 

As
Restated

 

As
Previously
Reported

 

As
Restated

 

As
Previously
Reported

 

As
Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

$

761

 

$

761

 

$

2,157

 

$

2,157

 

$

2,780

 

$

2,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

298

 

301

 

866

 

872

 

1,167

 

1,174

 

Selling, general and administrative

 

302

 

301

 

872

 

871

 

1,286

 

1,283

 

Separation and restructuring charges

 

 

 

29

 

29

 

90

 

90

 

Depreciation and amortization

 

70

 

70

 

177

 

177

 

248

 

248

 

Impairment of long-lived assets

 

 

 

 

 

1

 

1

 

Other income, net

 

 

 

2

 

2

 

2

 

2

 

Total costs and expenses

 

670

 

672

 

1,946

 

1,951

 

2,794

 

2,798

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

91

 

89

 

211

 

206

 

(14

)

(18

)

Interest expense, net

 

(113

)

(113

)

(281

)

(281

)

(373

)

(373

)

Other expense, net

 

(1

)

(1

)

(1

)

(1

)

 

 

Loss from continuing operations before income taxes and equity in losses of investments, net

 

(23

)

(25

)

(71

)

(76

)

(387

)

(391

)

Provision for income taxes

 

(26

)

(26

)

(31

)

(31

)

(41

)

(41

)

Minority interest

 

1

 

1

 

1

 

1

 

3

 

3

 

Equity in losses of investments

 

 

 

 

 

(4

)

(4

)

Loss from continuing operations, net of tax

 

(48

)

(50

)

(101

)

(106

)

(429

)

(433

)

Loss from discontinued operations

 

 

 

 

 

(1

)

(1

)

Gain (loss) from disposal of discontinued operations, net of tax.

 

 

 

 

 

(6

)

(6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(48

)

$

(50

)

$

(101

)

$

(106

)

$

(436

)

$

(440

)

 



 

TRAVELPORT LIMITED

STATEMENT OF OPERATIONS

(Unaudited)

(in millions)

 

 

 

Predecessor (Combined)

 

Company (Consolidated)

 

 

 

January 1, 2006 through
August 22, 2006

 

July 13, 2006 (Formation Date through
December 31, 2006)

 

 

 

As
Previously
Reported

 

As
Restated

 

As Previously
Reported

 

As Restated

 

Net revenue

 

$

1,693

 

$

1,693

 

$

823

 

$

823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

 

Cost of revenue

 

715

 

716

 

374

 

377

 

Selling, general and administrative

 

645

 

645

 

342

 

342

 

Separation and restructuring charges

 

92

 

92

 

18

 

18

 

Depreciation and amortization

 

123

 

123

 

77

 

77

 

Impairment of long-lived assets

 

2,365

 

2,364

 

14

 

14

 

Other expense, net

 

(7

)

(7

)

 

 

Total costs and expenses

 

3,933

 

3,933

 

825

 

828

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

(2,240

)

(2,240

)

(2

)

(5

)

Interest expense, net

 

(39

)

(39

)

(150

)

(150

)

Loss from continuing operations before income taxes and equity in losses of investments, net

 

(2,279

)

(2,279

)

(152

)

(155

)

Benefit (provision) for income taxes

 

116

 

116

 

(3

)

(3

)

Equity in losses of investments, net

 

(1

)

(1

)

(1

)

(1

)

Loss from continuing operations, net of tax

 

(2,164

)

(2,164

)

(156

)

(159

)

Loss from discontinued operations

 

(6

)

(6

)

(2

)

(2

)

Gain (loss) from disposal of discontinued operations, net of tax.

 

(6

)

(6

)

8

 

8

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(2,176

)

$

(2,176

)

$

(150

)

$

(153

)

 



 

TRAVELPORT LIMITED

BALANCE SHEET

(Unaudited)

(in millions)

 

 

 

March 31, 2008

 

 

 

As Previously 
Reported

 

As Restated

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

207

 

$

207

 

Accounts receivable, net

 

506

 

506

 

Deferred income taxes

 

10

 

10

 

Other current assets

 

330

 

331

 

Total current assets

 

1,053

 

1,054

 

Property and equipment, net

 

522

 

513

 

Goodwill

 

1,820

 

1,829

 

Trademarks and tradenames

 

525

 

525

 

Other intangible assets, net

 

1,736

 

1,736

 

Investment in Orbitz Worldwide

 

358

 

361

 

Non-current deferred income taxes

 

3

 

3

 

Other non-current assets

 

244

 

249

 

Total assets

 

$

6,261

 

$

6,270

 

Liabilities and shareholders’ equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

178

 

$

179

 

Accrued expenses and other current liabilities

 

859

 

864

 

Current portion of long-term debt

 

18

 

18

 

Deferred income taxes

 

1

 

1

 

Total current liabilities

 

1,056

 

1,062

 

Long-term debt

 

3,791

 

3,791

 

Deferred income taxes

 

278

 

278

 

Other non-current liabilities

 

190

 

196

 

Total liabilities

 

5,315

 

5,327

 

Commitments and contingencies

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

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

 

 

 

 

 

Additional paid in capital

 

1,311

 

1,317

 

Accumulated deficit

 

(614

)

(623

)

Accumulated other comprehensive income

 

249

 

249

 

Total shareholders’ equity

 

946

 

943

 

Total liabilities and shareholders’ equity

 

$

6,261

 

$

6,270

 

 



 

TRAVELPORT LIMITED

BALANCE SHEETS

(Unaudited)

(in millions)

 

 

 

March 31, 2007

 

June 30, 2007

 

 

 

As 
Previously 
Reported

 

As Restated

 

As Previously
Reported

 

As Restated

 

Assets

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

221

 

$

211

 

$

315

 

$

303

 

Accounts receivable, net

 

428

 

438

 

449

 

461

 

Deferred income taxes

 

14

 

14

 

15

 

15

 

Other current assets

 

135

 

135

 

193

 

193

 

Assets of discontinued operations

 

43

 

43

 

 

 

Total current assets

 

841

 

841

 

972

 

972

 

Property and equipment, net

 

482

 

482

 

488

 

488

 

Goodwill

 

2,155

 

2,156

 

2,158

 

2,159

 

Trademarks and tradenames

 

710

 

710

 

713

 

713

 

Other intangible assets, net

 

1,593

 

1,593

 

1,569

 

1,569

 

Non-current deferred income taxes

 

32

 

32

 

35

 

35

 

Other non-current assets

 

373

 

374

 

369

 

370

 

Total assets

 

$

6,186

 

$

6,188

 

$

6,304

 

$

6,306

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

336

 

$

336

 

$

425

 

$

425

 

Accrued expenses and other current liabilities

 

891

 

897

 

966

 

973

 

Current portion of long-term debt

 

24

 

24

 

24

 

24

 

Deferred income taxes

 

12

 

12

 

14

 

14

 

Total current liabilities

 

1,263

 

1,269

 

1,429

 

1,436

 

Long-term debt

 

3,633

 

3,633

 

3,546

 

3,546

 

Deferred income taxes

 

251

 

251

 

239

 

239

 

Tax sharing liability

 

128

 

128

 

138

 

138

 

Other non-current liabilities

 

158

 

159

 

174

 

175

 

Total liabilities

 

5,433

 

5,440

 

5,526

 

5,534

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Additional paid in capital

 

913

 

913

 

918

 

918

 

Accumulated deficit

 

(183

)

(188

)

(204

)

(210

)

Accumulated other comprehensive income

 

23

 

23

 

64

 

64

 

Total shareholders’ equity

 

753

 

748

 

778

 

772

 

Total liabilities and shareholders’ equity

 

$

6,186

 

$

6,188

 

 

$

6,304

 

$

6,306

 

 

 



 

TRAVELPORT LIMITED

BALANCE SHEETS

(Unaudited)

(in millions)

 

 

 

September 30, 2007

 

December 31, 2007

 

 

 

As 
Previously 
Reported

 

As Restated

 

As Previously
Reported

 

As Restated

 

Assets

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

376

 

$

362

 

$

309

 

$

309

 

Accounts receivable, net

 

577

 

591

 

416

 

417

 

Deferred income taxes

 

13

 

13

 

9

 

9

 

Other current assets

 

293

 

293

 

253

 

252

 

Assets of discontinued operations

 

 

 

36

 

36

 

Total current assets

 

1,259

 

1,259

 

1,023

 

1,023

 

Property and equipment, net

 

655

 

654

 

541

 

532

 

Goodwill

 

2,974

 

2,976

 

1,746

 

1,757

 

Trademarks and tradenames

 

827

 

827

 

510

 

510

 

Other intangible assets, net

 

1,824

 

1,824

 

1,717

 

1,717

 

Investment in Orbitz Worldwide

 

 

 

364

 

366

 

Non-current deferred income taxes

 

26

 

26

 

3

 

3

 

Other non-current assets

 

246

 

249

 

236

 

242

 

Total assets

 

$

7,811

 

$

7,815

 

$

6,140

 

$

6,150

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

407

 

$

407

 

$

191

 

$

191

 

Accrued expenses and other current liabilities

 

985

 

996

 

821

 

827

 

Current portion of long-term debt

 

30

 

30

 

17

 

17

 

Deferred income taxes

 

14

 

14

 

 

 

Liabilities of discontinued operations

 

 

 

8

 

8

 

Total current liabilities

 

1,436

 

1,447

 

1,037

 

1,043

 

Long-term debt

 

4,326

 

4,326

 

3,751

 

3,751

 

Deferred income taxes

 

287

 

287

 

261

 

261

 

Tax sharing liability

 

130

 

130

 

 

 

Other non-current liabilities

 

216

 

218

 

203

 

209

 

Total liabilities

 

6,395

 

6,408

 

5,252

 

5,264

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Minority interest in consolidated subsidiaries

 

296

 

296

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Additional paid in capital

 

1,248

 

1,248

 

1,311

 

1,317

 

Accumulated deficit

 

(252

)

(260

)

(587

)

(594

)

Accumulated other comprehensive income

 

124

 

123

 

164

 

163

 

Total shareholders’ equity

 

1,120

 

1,111

 

888

 

886

 

Total liabilities and shareholders’ equity

 

$

7,811

 

$

7,815

 

$

6,140

 

$

6,150

 

 



 

TRAVELPORT LIMITED

BALANCE SHEET

(Unaudited)

(in millions)

 

 

 

December 31, 2006

 

 

 

As Previously 
Reported

 

As Restated

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

95

 

$

85

 

Accounts receivable, net

 

440

 

450

 

Deferred income taxes

 

13

 

13

 

Other current assets

 

160

 

160

 

Assets of discontinued operations

 

26

 

26

 

Total current assets

 

734

 

734

 

Property and equipment, net

 

508

 

508

 

Goodwill

 

2,143

 

2,144

 

Trademarks and tradenames

 

705

 

705

 

Other intangible assets, net

 

1,631

 

1,631

 

Non-current deferred income taxes

 

34

 

34

 

Other non-current assets

 

381

 

382

 

Total assets

 

$

6,136

 

$

6,138

 

Liabilities and shareholders’ equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

307

 

$

307

 

Accrued expenses and other current liabilities

 

826

 

830

 

Current portion of long-term debt

 

24

 

24

 

Deferred income taxes

 

13

 

13

 

Liabilities of discontinued operations

 

5

 

5

 

Total current liabilities

 

1,175

 

1,179

 

Long-term debt

 

3,623

 

3,623

 

Deferred income taxes

 

244

 

244

 

Tax sharing liability

 

125

 

125

 

Other non-current liabilities

 

200

 

201

 

Total liabilities

 

5,367

 

5,372

 

Commitments and contingencies (note 10)

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

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

 

 

 

 

 

Additional paid in capital

 

908

 

908

 

Accumulated deficit

 

(150

)

(153

)

Accumulated other comprehensive income

 

11

 

11

 

Total shareholders’ equity

 

769

 

766

 

Total liabilities and shareholders’ equity

 

$

6,136

 

$

6,138