| | | | | S-ii | | | |
| | | | | S-iii | | | |
| | | | | S-iv | | | |
| | | | | S-iv | | | |
| | | | | S-v | | | |
| | | | | S-vi | | | |
| | | | | S-1 | | | |
| | | | | S-19 | | | |
| | | | | S-22 | | | |
| | | | | S-23 | | | |
| | | | | S-24 | | | |
| | | | | S-25 | | | |
| | | | | S-27 | | | |
| | | | | S-33 | | | |
| | | | | S-39 | | | |
| | | | | S-39 | | | |
| | | | | S-39 | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 12 | | | |
| | | | | 15 | | | |
| | | | | 16 | | | |
| | | | | 17 | | | |
| | | | | 18 | | | |
| | | | | 19 | | | |
| | | | | 19 | | |
| |
Year Ended December 31,
|
| |||||||||||||||||||
(in $ millions, except share and per share data)
|
| |
2015
|
| |
2014
|
| |
2013
|
| ||||||||||||
Net revenue
|
| | | $ | 2,221 | | | | | $ | 2,148 | | | | | $ | 2,076 | | | |||
Costs and expenses: | | | | | ||||||||||||||||||
Cost of revenue
|
| | | | 1,340 | | | | | | 1,324 | | | | | | 1,266 | | | |||
Selling, general and administrative
|
| | | | 456 | | | | | | 430 | | | | | | 396 | | | |||
Depreciation and amortization
|
| | | | 234 | | | | | | 233 | | | | | | 206 | | | |||
Total costs and expenses
|
| | | | 2,030 | | | | | | 1,987 | | | | | | 1,868 | | | |||
Operating income
|
| | | | 191 | | | | | | 161 | | | | | | 208 | | | |||
Interest expense, net
|
| | | | (149) | | | | | | (278) | | | | | | (356) | | | |||
Loss on early extinguishment of debt
|
| | | | — | | | | | | (108) | | | | | | (49) | | | |||
Gain on sale of shares of Orbitz Worldwide
|
| | | | 6 | | | | | | 356 | | | | | | — | | | |||
Income (loss) from continuing operations before income taxes and share of (losses) earnings in equity method investments
|
| | | | 48 | | | | | | 131 | | | | | | (197) | | | |||
Provision for income taxes
|
| | | | (27) | | | | | | (39) | | | | | | (20) | | | |||
Share of (losses) earnings in equity method
investments |
| | | | (1) | | | | | | (1) | | | | | | 10 | | | |||
Net income (loss) from continuing operations
|
| | | | 20 | | | | | | 91 | | | | | | (207) | | | |||
Gain from disposal of discontinued operations, net of tax
|
| | | | — | | | | | | — | | | | | | 4 | | | |||
Net income (loss)
|
| | | | 20 | | | | | | 91 | | | | | | (203) | | | |||
Net income attributable to non-controlling interest in subsidiaries
|
| | | | (4) | | | | | | (5) | | | | | | (3) | | | |||
Net income (loss) attributable to the Company
|
| | | $ | 16 | | | | | $ | 86 | | | | | $ | (206) | | | |||
Income (loss) per common share–Basic: | | | | | ||||||||||||||||||
Income (loss) per share–continuing operations
|
| | | $ | 0.13 | | | | | $ | 1.01 | | | | | $ | (4.62) | | | |||
Income per share–discontinued operations
|
| | | | — | | | | | | — | | | | | | 0.10 | | | |||
Basic income (loss) per share
|
| | | $ | 0.13 | | | | | $ | 1.01 | | | | | $ | (4.52) | | | |||
Weighted average common shares outstanding–Basic
|
| | | | 122,340,491 | | | | | | 85,771,655 | | | | | | 45,522,506 | | | |||
Income (loss) per common share–Diluted: | | | | | ||||||||||||||||||
Income (loss) per share–continuing operations
|
| | | $ | 0.13 | | | | | $ | 0.98 | | | | | $ | (4.62) | | | |||
Income per share–discontinued operations
|
| | | | — | | | | | | — | | | | | | 0.10 | | | |||
Diluted income (loss) per share
|
| | | $ | 0.13 | | | | | $ | 0.98 | | | | | $ | (4.52) | | | |||
Weighted average common shares
outstanding–Diluted |
| | | | 122,539,422 | | | | | | 87,864,090 | | | | | | 45,522,506 | | | |||
|
| |
Year Ended December 31,
|
| ||||||||||||||||
(in $ millions, except percentages, segment data or otherwise specified)
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Adjusted Net Income (Loss)(1)
|
| | | $ | 122 | | | | | $ | (11) | | | | | $ | (48) | | |
Adjusted EBITDA(1)
|
| | | | 535 | | | | | | 540 | | | | | | 517 | | |
Adjusted Free Cash Flow(2)
|
| | | | 134 | | | | | | (39) | | | | | | 20 | | |
Unlevered Adjusted Free Cash Flow(2)
|
| | | | 280 | | | | | | 255 | | | | | | 293 | | |
Capital Expenditures
|
| | | | 142 | | | | | | 144 | | | | | | 127 | | |
Adjusted Income (Loss) per Share-Diluted(3) (in dollars)
|
| | | | 1.00 | | | | | | (0.12) | | | | | | (1.06) | | |
Travel Commerce Platform revenue: | | | | | |||||||||||||||
Air revenue
|
| | | $ | 1,603 | | | | | $ | 1,607 | | | | | $ | 1,588 | | |
Beyond Air revenue
|
| | | | 492 | | | | | | 424 | | | | | | 371 | | |
Total Travel Commerce Platform revenue
|
| | | $ | 2,095 | | | | | $ | 2,031 | | | | | $ | 1,959 | | |
% of net revenue
|
| | | | 94% | | | | | | 95% | | | | | | 94% | | |
% of Air segment revenue from away bookings
|
| | | | 65% | | | | | | 62% | | | | | | 62% | | |
Beyond Air revenue as % of net revenue
|
| | | | 22% | | | | | | 20% | | | | | | 18% | | |
Travel Commerce Platform revenue by region: | | | | | |||||||||||||||
Asia Pacific
|
| | | $ | 460 | | | | | $ | 400 | | | | | $ | 369 | | |
Europe
|
| | | | 634 | | | | | | 615 | | | | | | 596 | | |
Latin America and Canada
|
| | | | 99 | | | | | | 88 | | | | | | 86 | | |
Middle East and Africa
|
| | | | 289 | | | | | | 280 | | | | | | 277 | | |
International
|
| | | | 1,482 | | | | | | 1,383 | | | | | | 1,328 | | |
% of Travel Commerce Platform revenue
|
| | | | 71% | | | | | | 68% | | | | | | 68% | | |
United States
|
| | | | 613 | | | | | | 648 | | | | | | 631 | | |
Total Travel Commerce Platform revenue
|
| | | $ | 2,095 | | | | | $ | 2,031 | | | | | $ | 1,959 | | |
Reported Segments (in millions)
|
| | | | 342 | | | | | | 356 | | | | | | 350 | | |
Travel Commerce Platform RevPas: | | | | | |||||||||||||||
International RevPas (in dollars)
|
| | | $ | 7.40 | | | | | $ | 6.98 | | | | | $ | 6.81 | | |
United States RevPas (in dollars)
|
| | | $ | 4.34 | | | | | $ | 4.10 | | | | | $ | 4.07 | | |
Travel Commerce Platform RevPas (in dollars)
|
| | | $ | 6.13 | | | | | $ | 5.70 | | | | | $ | 5.60 | | |
Transaction value processed on the Travel Commerce
Platform |
| | | $ | 82,430 | | | | | $ | 89,969 | | | | | $ | 87,666 | | |
Airline tickets issued (in millions)
|
| | | | 117 | | | | | | 122 | | | | | | 120 | | |
Hotel room nights sold (in millions)
|
| | | | 65 | | | | | | 63 | | | | | | 61 | | |
Car rentals days sold (in millions)
|
| | | | 91 | | | | | | 85 | | | | | | 76 | | |
Hospitality segments per 100 airline tickets issued(a) (in millions)
|
| | | | 47 | | | | | | 43 | | | | | | 41 | | |
| | |
As of December 31,
|
| ||||||||||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| |
2013
|
| ||||||||||||
Cash and cash equivalents
|
| | | $ | 155 | | | | | $ | 139 | | | | | $ | 154 | | | |||
Total current assets (excludes cash and cash equivalents)
|
| | | | 310 | | | | | | 273 | | | | | | 312 | | | |||
Property and equipment, net
|
| | | | 460 | | | | | | 414 | | | | | | 428 | | | |||
Goodwill and other intangible assets, net
|
| | | | 1,916 | | | | | | 1,930 | | | | | | 1,971 | | | |||
All other non-current assets
|
| | | | 88 | | | | | | 136 | | | | | | 223 | | | |||
Total assets
|
| | | $ | 2,929 | | | | | $ | 2,892 | | | | | $ | 3,088 | | | |||
Total current liabilities
|
| | | $ | 579 | | | | | $ | 555 | | | | | $ | 681 | | | |||
Long-term debt
|
| | | | 2,387 | | | | | | 2,384 | | | | | | 3,528 | | | |||
All other non-current liabilities
|
| | | | 286 | | | | | | 291 | | | | | | 190 | | | |||
Total liabilities
|
| | | | 3,252 | | | | | | 3,230 | | | | | | 4,399 | | | |||
Total equity (deficit)
|
| | | | (323) | | | | | | (338) | | | | | | (1,311) | | | |||
Total liabilities and equity
|
| | | $ | 2,929 | | | | | $ | 2,892 | | | | | $ | 3,088 | | | |||
|
| | |
Year Ended December 31,
|
| ||||||||||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| |
2013
|
| ||||||||||||
Net income (loss) from continuing operations
|
| | | $ | 20 | | | | | $ | 91 | | | | | $ | (207) | | | |||
Adjustments: | | | | | ||||||||||||||||||
Amortization of intangible assets(a)
|
| | | | 72 | | | | | | 77 | | | | | | 80 | | | |||
Loss on early extinguishment of debt
|
| | | | — | | | | | | 108 | | | | | | 49 | | | |||
Share of losses (earnings) in equity method investments
|
| | | | 1 | | | | | | 1 | | | | | | (10) | | | |||
Gain on sale of shares of Orbitz Worldwide
|
| | | | (6) | | | | | | (356) | | | | | | — | | | |||
Equity-based compensation and related taxes
|
| | | | 29 | | | | | | 44 | | | | | | 6 | | | |||
Corporate and restructuring costs(b)
|
| | | | 19 | | | | | | 14 | | | | | | 7 | | | |||
Litigation and related costs(c)
|
| | | | — | | | | | | — | | | | | | 12 | | | |||
Other–non cash(d)
|
| | | | (14) | | | | | | 12 | | | | | | 15 | | | |||
Tax impact of adjustments
|
| | | | 1 | | | | | | (2) | | | | | | — | | | |||
Adjusted Net Income (Loss)
|
| | | | 122 | | | | | | (11) | | | | | | (48) | | | |||
Adjustments: | | | | | ||||||||||||||||||
Depreciation and amortization of property and equipment
|
| | | | 162 | | | | | | 156 | | | | | | 126 | | | |||
Amortization of customer loyalty payments
|
| | | | 67 | | | | | | 76 | | | | | | 63 | | | |||
Interest expense, net
|
| | | | 158 | | | | | | 278 | | | | | | 356 | | | |||
Remaining provision for income taxes
|
| | | | 26 | | | | | | 41 | | | | | | 20 | | | |||
Adjusted EBITDA
|
| | | $ | 535 | | | | | $ | 540 | | | | | $ | 517 | | | |||
|
| | |
For the Year Ended December 31,
|
| ||||||||||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| |
2013
|
| ||||||||||||
Adjusted EBITDA
|
| | | $ | 535 | | | | | $ | 540 | | | | | $ | 517 | | | |||
Interest payments
|
| | | | (146) | | | | | | (294) | | | | | | (273) | | | |||
Tax payments
|
| | | | (25) | | | | | | (26) | | | | | | (29) | | | |||
Customer loyalty payments
|
| | | | (75) | | | | | | (93) | | | | | | (78) | | | |||
Changes in Trading Working Capital(a)
|
| | | | (42) | | | | | | (13) | | | | | | (5) | | | |||
Changes in accounts payable and employee related payables
|
| | | | 20 | | | | | | (33) | | | | | | 7 | | | |||
Pension liability contribution
|
| | | | (3) | | | | | | (7) | | | | | | (3) | | | |||
Changes in other assets and liabilities
|
| | | | 12 | | | | | | 31 | | | | | | 11 | | | |||
Other adjusting items(b)
|
| | | | (14) | | | | | | (47) | | | | | | (47) | | | |||
Net cash provided by operating activities
|
| | | | 262 | | | | | | 58 | | | | | | 100 | | | |||
Add: other adjusting items(b)
|
| | | | 14 | | | | | | 47 | | | | | | 47 | | | |||
Less: capital expenditures on property and equipment additions
|
| | | | (106) | | | | | | (112) | | | | | | (107) | | | |||
Less: repayment of capital lease obligations and other indebtedness
|
| | | | (36) | | | | | | (32) | | | | | | (20) | | | |||
Adjusted Free Cash Flow
|
| | | | 134 | | | | | | (39) | | | | | | 20 | | | |||
Add: interest payments
|
| | | | 146 | | | | | | 294 | | | | | | 273 | | | |||
Unlevered Adjusted Free Cash Flow
|
| | | $ | 280 | | | | | $ | 255 | | | | | $ | 293 | | | |||
|
2016
|
| |
High
|
| |
Low
|
| ||||||
First Quarter (through March 8, 2016)
|
| | | $ | 14.26 | | | | | $ | 8.50 | | |
2015
|
| |
High
|
| |
Low
|
| ||||||
First Quarter (ending March 31, 2015)
|
| | | $ | 18.30 | | | | | $ | 14.76 | | |
Second Quarter (ending June 30, 2015)
|
| | | $ | 17.18 | | | | | $ | 13.51 | | |
Third Quarter (ending September 30, 2015)
|
| | | $ | 15.34 | | | | | $ | 11.91 | | |
Fourth Quarter (ending December 31, 2015)
|
| | | $ | 15.22 | | | | | $ | 12.68 | | |
2014
|
| |
High
|
| |
Low
|
| ||||||
Third Quarter (starting September 25, 2014 and ending September 30, 2014)
|
| | | $ | 16.46 | | | | | $ | 16.25 | | |
Fourth Quarter (ending December 31, 2014)
|
| | | $ | 18.07 | | | | | $ | 12.06 | | |
Name and Address of Beneficial Owner(1)
|
| |
Common shares owned
before the offering |
| |
Common
shares to be sold in this offering |
| |
Common shares owned
after the offering |
| |||||||||||||||||||||
|
Number
|
| |
Percentage
|
| |
Number
|
| |
Number
|
| |
Percentage
|
| |||||||||||||||||
Angelo, Gordon Funds(2)
|
| | | | 10,986,979 | | | | | | 8.88% | | | | | | 3,000,000 | | | | | | 7,986,979 | | | | | | 6.46% | | |
Travelport Intermediate Limited(3)
|
| | | | 7,604,740 | | | | | | 6.15% | | | | | | 7,604,740 | | | | | | — | | | | | | — | | |
Name
|
| |
Number of Shares
|
| |||
Credit Suisse Securities (USA) LLC
|
| | | | 10,604,740 | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 12 | | | |
| | | | | 15 | | | |
| | | | | 16 | | | |
| | | | | 17 | | | |
| | | | | 18 | | | |
| | | | | 19 | | | |
| | | | | 19 | | |
| | |
Nine months
ended September 30, 2015 |
| |
Year ended December 31,
|
| ||||||||||||||||||||||||||||||
| |
2014
|
| |
2013
|
| |
2012
|
| |
2011
|
| |
2010
|
| ||||||||||||||||||||||
Ratio of earnings to fixed charges and preferred dividends
|
| | | | 1.32x | | | | | | 1.44x | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |