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Bermuda
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98-0505105
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(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer
Identification Number) |
|
| Large accelerated filer | | | ☒ | | | Accelerated filer | | | ☐ | |
| Non-accelerated filer | | | ☐ | | |
Smaller reporting company
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| | ☐ | |
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(Do not check if a smaller reporting company)
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| | | | |
Emerging growth company
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| | ☐ | |
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Page
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| | | | 1 | | | |
PART I. FINANCIAL INFORMATION
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| | | | 3 | | | |
| | | | 3 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 6 | | | |
| | | | 8 | | | |
| | | | 9 | | | |
| | | | 30 | | | |
| | | | 53 | | | |
| | | | 54 | | | |
PART II. OTHER INFORMATION
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| | | | 55 | | | |
| | | | 55 | | | |
| | | | 55 | | | |
| | | | 55 | | | |
| | | | 55 | | | |
| | | | 55 | | | |
| | | | 55 | | | |
| | | | 56 | | |
(in $ thousands, except share data)
|
| |
Three Months
Ended June 30, 2018 |
| |
Three Months
Ended June 30, 2017 |
| |
Six Months
Ended June 30, 2018 |
| |
Six Months
Ended June 30, 2017 |
| ||||||||||||
Net revenue
|
| | | $ | 662,008 | | | | | $ | 612,107 | | | | | $ | 1,339,846 | | | | | $ | 1,262,870 | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 427,792 | | | | | | 369,708 | | | | | | 854,189 | | | | | | 756,545 | | |
Selling, general and administrative
|
| | | | 142,355 | | | | | | 114,055 | | | | | | 267,555 | | | | | | 225,356 | | |
Depreciation and amortization
|
| | | | 49,568 | | | | | | 53,648 | | | | | | 98,145 | | | | | | 106,557 | | |
Total costs and expenses
|
| | | | 619,715 | | | | | | 537,411 | | | | | | 1,219,889 | | | | | | 1,088,458 | | |
Operating income
|
| | | | 42,293 | | | | | | 74,696 | | | | | | 119,957 | | | | | | 174,412 | | |
Interest expense, net
|
| | | | (23,605) | | | | | | (32,943) | | | | | | (38,540) | | | | | | (63,218) | | |
Loss on early extinguishment of debt
|
| | | | — | | | | | | — | | | | | | (27,661) | | | | | | — | | |
Gain on sale of a subsidiary
|
| | | | — | | | | | | 1,217 | | | | | | — | | | | | | 1,217 | | |
Other expense
|
| | | | (371) | | | | | | (846) | | | | | | (464) | | | | | | (1,692) | | |
Income before income taxes
|
| | | | 18,317 | | | | | | 42,124 | | | | | | 53,292 | | | | | | 110,719 | | |
Provision for income taxes
|
| | | | (11,312) | | | | | | (7,758) | | | | | | (14,803) | | | | | | (20,490) | | |
Net income from continuing operations
|
| | | | 7,005 | | | | | | 34,366 | | | | | | 38,489 | | | | | | 90,229 | | |
Income from discontinued operations, net of tax
|
| | | | — | | | | | | — | | | | | | 27,747 | | | | | | — | | |
Net income
|
| | | | 7,005 | | | | | | 34,366 | | | | | | 66,236 | | | | | | 90,229 | | |
Net (income) loss attributable to non-controlling interest in subsidiaries
|
| | | | (861) | | | | | | 561 | | | | | | (1,263) | | | | | | 804 | | |
Net income attributable to the Company
|
| | | $ | 6,144 | | | | | $ | 34,927 | | | | | $ | 64,973 | | | | | $ | 91,033 | | |
Income per share – Basic: | | | | | | | | | | | | | | | | | | | | | | | | | |
Income per share – continuing operations
|
| | | $ | 0.05 | | | | | $ | 0.28 | | | | | $ | 0.30 | | | | | $ | 0.73 | | |
Income per share – discontinued operations
|
| | | | — | | | | | | — | | | | | | 0.22 | | | | | | — | | |
Basic income per share
|
| | | $ | 0.05 | | | | | $ | 0.28 | | | | | $ | 0.52 | | | | | $ | 0.73 | | |
Weighted average common shares outstanding – Basic
|
| | | | 126,043,518 | | | | | | 124,357,929 | | | | | | 125,737,328 | | | | | | 124,219,917 | | |
Income per share – Diluted: | | | | | | | | | | | | | | | | | | | | | | | | | |
Income per share – continuing operations
|
| | | $ | 0.05 | | | | | $ | 0.28 | | | | | $ | 0.29 | | | | | $ | 0.72 | | |
Income per share – discontinued operations
|
| | | | — | | | | | | — | | | | | | 0.22 | | | | | | — | | |
Diluted income per share
|
| | | $ | 0.05 | | | | | $ | 0.28 | | | | | $ | 0.51 | | | | | $ | 0.72 | | |
Weighted average common shares outstanding – Diluted
|
| | | | 126,979,505 | | | | | | 125,756,484 | | | | | | 126,504,293 | | | | | | 125,634,628 | | |
Cash dividends declared per common share
|
| | | $ | 0.075 | | | | | $ | 0.075 | | | | | $ | 0.150 | | | | | $ | 0.150 | | |
(in $ thousands)
|
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Three Months
Ended June 30, 2018 |
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Three Months
Ended June 30, 2017 |
| |
Six Months
Ended June 30, 2018 |
| |
Six Months
Ended June 30, 2017 |
|||||||||||
Net income
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| | | $ | 7,005 | | | | | $ | 34,366 | | | | | $ | 66,236 | | | | | $ | 90,229 |
Other comprehensive (loss) income, net of tax | | | | | | | | | | | | | | | | | | | | | | | |
Currency translation adjustment, net of tax
|
| | | | (10,855) | | | | | | 11,962 | | | | | | (6,585) | | | | | | 16,299 |
Amortization of actuarial loss to net income, net of tax
|
| | | | 2,580 | | | | | | 2,605 | | | | | | 5,053 | | | | | | 5,204 |
Other comprehensive (loss) income, net of tax
|
| | | | (8,275) | | | | | | 14,567 | | | | | | (1,532) | | | | | | 21,503 |
Comprehensive (loss) income
|
| | | | (1,270) | | | | | | 48,933 | | | | | | 64,704 | | | | | | 111,732 |
Comprehensive (income) loss attributable to non-controlling interest in subsidiaries
|
| | | | (861) | | | | | | 561 | | | | | | (1,263) | | | | | | 804 |
Comprehensive (loss) income attributable to the Company
|
| | | $ | (2,131) | | | | | $ | 49,494 | | | | | $ | 63,441 | | | | | $ | 112,536 |
|
(in $ thousands, except share data)
|
| |
June 30,
2018 |
| |
December 31,
2017 |
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 183,510 | | | | | $ | 122,039 | | |
Accounts receivable (net of allowances for doubtful accounts of $8,913 and $10,245, respectively)
|
| | | | 262,407 | | | | | | 206,524 | | |
Other current assets
|
| | | | 125,071 | | | | | | 109,724 | | |
Total current assets
|
| | | | 570,988 | | | | | | 438,287 | | |
Property and equipment, net
|
| | | | 490,806 | | | | | | 431,741 | | |
Goodwill
|
| | | | 1,086,193 | | | | | | 1,089,590 | | |
Trademarks and tradenames
|
| | | | 313,097 | | | | | | 313,097 | | |
Other intangible assets, net
|
| | | | 470,200 | | | | | | 496,180 | | |
Deferred income taxes
|
| | | | 22,394 | | | | | | 12,796 | | |
Other non-current assets
|
| | | | 72,735 | | | | | | 76,808 | | |
Total assets
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| | | $ | 3,026,413 | | | | | $ | 2,858,499 | | |
Liabilities and equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
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| | | $ | 79,037 | | | | | $ | 73,278 | | |
Accrued expenses and other current liabilities
|
| | | | 570,171 | | | | | | 509,068 | | |
Current portion of long-term debt
|
| | | | 56,527 | | | | | | 64,291 | | |
Total current liabilities
|
| | | | 705,735 | | | | | | 646,637 | | |
Long-term debt
|
| | | | 2,216,331 | | | | | | 2,165,722 | | |
Deferred income taxes
|
| | | | 37,571 | | | | | | 34,899 | | |
Other non-current liabilities
|
| | | | 197,496 | | | | | | 203,562 | | |
Total liabilities
|
| | | | 3,157,133 | | | | | | 3,050,820 | | |
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 June 30, 2018 and December 31, 2017)
|
| | | | — | | | | | | — | | |
Common shares ($0.0025 par value; 560,000,000 shares authorized;
127,876,316 shares and 126,967,010 shares issued; 126,137,333 shares and 125,346,613 shares outstanding as of June 30, 2018 and December 31, 2017, respectively) |
| | | | 319 | | | | | | 317 | | |
Additional paid in capital
|
| | | | 2,694,541 | | | | | | 2,700,133 | | |
Treasury shares, at cost (1,738,983 shares and 1,620,397 shares as of June 30, 2018 and December 31, 2017, respectively)
|
| | | | (26,792) | | | | | | (24,755) | | |
Accumulated deficit
|
| | | | (2,656,416) | | | | | | (2,722,375) | | |
Accumulated other comprehensive loss
|
| | | | (157,153) | | | | | | (155,621) | | |
Total shareholders’ equity (deficit)
|
| | | | (145,501) | | | | | | (202,301) | | |
Equity attributable to non-controlling interest in subsidiaries
|
| | | | 14,781 | | | | | | 9,980 | | |
Total equity (deficit)
|
| | | | (130,720) | | | | | | (192,321) | | |
Total liabilities and equity
|
| | | $ | 3,026,413 | | | | | $ | 2,858,499 | | |
|
(in $ thousands)
|
| |
Six Months
Ended June 30, 2018 |
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Six Months
Ended June 30, 2017 |
|||||
Operating activities | | | | | | | | | | | |
Net income
|
| | | $ | 66,236 | | | | | $ | 90,229 |
Income from discontinued operations, net of tax
|
| | | | (27,747) | | | | | | — |
Net income from continuing operations
|
| | | | 38,489 | | | | | | 90,229 |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
|
| | | | | | | | | | |
Depreciation and amortization
|
| | | | 98,145 | | | | | | 106,557 |
Amortization of customer loyalty payments
|
| | | | 44,491 | | | | | | 37,452 |
Impairment of long-lived assets
|
| | | | 11,643 | | | | | | 685 |
Amortization of debt finance costs and debt discount
|
| | | | 2,751 | | | | | | 5,369 |
Gain on sale of a subsidiary
|
| | | | — | | | | | | (1,217) |
Loss on early extinguishment of debt
|
| | | | 27,661 | | | | | | — |
Unrealized loss (gain) on foreign exchange derivative instruments
|
| | | | 20,838 | | | | | | (20,920) |
Unrealized (gain) loss on interest rate derivative instruments
|
| | | | (12,826) | | | | | | 3,001 |
Equity-based compensation
|
| | | | 11,904 | | | | | | 15,522 |
Deferred income taxes
|
| | | | (7,489) | | | | | | 203 |
Customer loyalty payments
|
| | | | (55,675) | | | | | | (35,385) |
Pension liability contribution
|
| | | | (704) | | | | | | (1,202) |
Changes in assets and liabilities: | | | | | | | | | | | |
Accounts receivable, net
|
| | | | (55,615) | | | | | | (41,349) |
Other current assets
|
| | | | (8,340) | | | | | | 3,346 |
Accounts payable, accrued expenses and other current liabilities
|
| | | | 75,981 | | | | | | 11,479 |
Other
|
| | | | 11,032 | | | | | | 4,837 |
Net cash provided by operating activities
|
| | | $ | 202,286 | | | | | $ | 178,607 |
Investing activities | | | | | | | | | | | |
Property and equipment additions
|
| | | $ | (74,466) | | | | | $ | (46,829) |
Sale of subsidiary, net of cash disposed
|
| | | | — | | | | | | (3,433) |
Net cash used in investing activities
|
| | | $ | (74,466) | | | | | $ | (50,262) |
|
(in $ thousands)
|
| |
Six Months
Ended June 30, 2018 |
| |
Six Months
Ended June 30, 2017 |
| ||||||
Financing activities | | | | | | | | | | | | | |
Proceeds from term loans
|
| | | $ | 1,400,000 | | | | | $ | — | | |
Proceeds from issuance of senior secured notes
|
| | | | 745,000 | | | | | | — | | |
Repayment of term loans
|
| | | | (2,153,750) | | | | | | (11,875) | | |
Repayment of capital lease obligations and other indebtedness
|
| | | | (18,978) | | | | | | (19,490) | | |
Debt finance costs and lender fees
|
| | | | (21,524) | | | | | | — | | |
Dividend to shareholders
|
| | | | (19,037) | | | | | | (18,857) | | |
Purchase of non-controlling interest in a subsidiary
|
| | | | — | | | | | | (1,063) | | |
Proceeds from share issuance under employee share purchase plan and stock options
|
| | | | 6,080 | | | | | | 1,116 | | |
Treasury share purchase related to vesting of equity awards
|
| | | | (2,581) | | | | | | (2,383) | | |
Other
|
| | | | (680) | | | | | | — | | |
Net cash used in financing activities
|
| | | $ | (65,470) | | | | | $ | (52,552) | | |
Effect of changes in exchange rates on cash and cash equivalents
|
| | | | (879) | | | | | | 782 | | |
Net increase in cash and cash equivalents
|
| | | | 61,471 | | | | | | 76,575 | | |
Cash and cash equivalents at beginning of period
|
| | | | 122,039 | | | | | | 139,938 | | |
Cash and cash equivalents at end of period
|
| | | $ | 183,510 | | | | | $ | 216,513 | | |
Supplemental disclosures of cash flow information | | | | | | | | | | | | | |
Interest payments, net of capitalized interest
|
| | | $ | 40,512 | | | | | $ | 56,447 | | |
Income tax payments, net of refunds
|
| | | | 26,131 | | | | | | 14,457 | | |
Non-cash capital lease asset additions
|
| | | | 61,766 | | | | | | 12,174 | | |
Non-cash purchase of property and equipment
|
| | | | 4,220 | | | | | | — | | |
| | |
Common Shares
|
| |
Additional
Paid in Capital |
| |
Treasury Shares
|
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Non-
Controlling Interest in Subsidiaries |
| |
Total
Equity (Deficit) |
| |||||||||||||||||||||||||||||||||
(in $ thousands, except share data)
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2017
|
| | | | 126,967,010 | | | | | $ | 317 | | | | | $ | 2,700,133 | | | | | | 1,620,397 | | | | | $ | (24,755) | | | | | $ | (2,722,375) | | | | | $ | (155,621) | | | | | $ | 9,980 | | | | | $ | (192,321) | | |
Change in accounting policy for revenue recognition (see Note 3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 986 | | | | | | — | | | | | | — | | | | | | 986 | | |
Dividend to shareholders ($0.150 per
common share) |
| | | | — | | | | | | — | | | | | | (19,579) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,579) | | |
Equity-based compensation
|
| | | | 909,306 | | | | | | 2 | | | | | | 16,418 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,651 | | | | | | 18,071 | | |
Purchase of a non-controlling interest in a subsidiary
|
| | | | — | | | | | | — | | | | | | (1,887) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,887 | | | | | | — | | |
Treasury shares purchased in relation
to vesting of equity awards |
| | | | — | | | | | | — | | | | | | — | | | | | | 154,232 | | | | | | (2,581) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,581) | | |
Treasury shares issued in relation to vesting of equity awards
|
| | | | — | | | | | | — | | | | | | (544) | | | | | | (35,646) | | | | | | 544 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Comprehensive income, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 64,973 | | | | | | (1,532) | | | | | | 1,263 | | | | | | 64,704 | | |
Balance as of June 30, 2018
|
| | | | 127,876,316 | | | | | $ | 319 | | | | | $ | 2,694,541 | | | | | | 1,738,983 | | | | | $ | (26,792) | | | | | $ | (2,656,416) | | | | | $ | (157,153) | | | | | $ | 14,781 | | | | | $ | (130,720) | | |
|
| | |
Common Shares
|
| |
Additional
Paid in Capital |
| |
Treasury Shares
|
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Non-
Controlling Interest in Subsidiaries |
| |
Total
Equity (Deficit) |
| |||||||||||||||||||||||||||||||||
(in $ thousands, except share data)
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2016
|
| | | | 124,941,233 | | | | | $ | 312 | | | | | $ | 2,708,836 | | | | | | 908,872 | | | | | $ | (14,166) | | | | | $ | (2,864,838) | | | | | $ | (190,072) | | | | | $ | 24,146 | | | | | $ | (335,782) | | |
Dividend to shareholders ($0.150 per
common share) |
| | | | — | | | | | | — | | | | | | (19,816) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,816) | | |
Purchase of non-controlling interest
in a subsidiary |
| | | | — | | | | | | — | | | | | | (47) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,016) | | | | | | (1,063) | | |
Sale of shares in a subsidiary
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,539) | | | | | | (15,539) | | |
Equity-based compensation
|
| | | | 520,919 | | | | | | 1 | | | | | | 14,034 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,332 | | | | | | 16,367 | | |
Treasury shares purchased in relation
to vesting of equity awards |
| | | | — | | | | | | — | | | | | | — | | | | | | 189,311 | | | | | | (2,383) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,383) | | |
Treasury shares issued in relation to vesting of equity awards
|
| | | | — | | | | | | — | | | | | | (639) | | | | | | (41,009) | | | | | | 639 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Comprehensive income, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 91,033 | | | | | | 21,503 | | | | | | (804) | | | | | | 111,732 | | |
Balance as of June 30, 2017
|
| | | | 125,462,152 | | | | | $ | 313 | | | | | $ | 2,702,368 | | | | | | 1,057,174 | | | | | $ | (15,910) | | | | | $ | (2,773,805) | | | | | $ | (168,569) | | | | | $ | 9,119 | | | | | $ | (246,484) | | |
|
(in $ thousands)
|
| |
Three Months Ended
June 30, 2018 |
| |
Six Months Ended
June 30, 2018 |
| ||||||
Air
|
| | | $ | 443,947 | | | | | $ | 916,882 | | |
Beyond Air
|
| | | | 194,021 | | | | | | 373,772 | | |
Travel Commerce Platform(1)
|
| | | | 637,968 | | | | | | 1,290,654 | | |
Technology Services
|
| | | | 24,040 | | | | | | 49,192 | | |
Net revenue
|
| | | $ | 662,008 | | | | | $ | 1,339,846 | | |
|
(in $ thousands)
|
| |
Three Months Ended
June 30, 2018 |
| |
Six Months Ended
June 30, 2018 |
| ||||||
Asia Pacific
|
| | | $ | 144,991 | | | | | $ | 286,542 | | |
Europe
|
| | | | 223,340 | | | | | | 467,782 | | |
Latin America and Canada
|
| | | | 29,456 | | | | | | 59,315 | | |
Middle East and Africa
|
| | | | 81,663 | | | | | | 160,769 | | |
International
|
| | | | 479,450 | | | | | | 974,408 | | |
United States
|
| | | | 158,518 | | | | | | 316,246 | | |
Travel Commerce Platform(1)
|
| | | $ | 637,968 | | | | | $ | 1,290,654 | | |
|
| | | | | | | | |
Contract Liabilities
|
| |||||||||
(in $ thousands)
|
| |
Accounts
Receivable, net(1) |
| |
Deferred Revenue
(current)(1) |
| |
Deferred Revenue
(non-current)(1) |
| |||||||||
Balance as of June 30, 2018
|
| | | $ | 219,735 | | | | | $ | 32,398 | | | | | $ | 5,678 | | |
Balance as of January 1, 2018
|
| | | | 174,765 | | | | | | 32,010 | | | | | | 6,056 | | |
Increase | | | | $ | 44,970 | | | | | $ | 388 | | | | | $ | (378) | | |
|
(in $ thousands)
|
| |
June 30,
2018 |
| |
December 31,
2017 |
| ||||||
Client funds
|
| | | $ | 26,922 | | | | | $ | 15,774 | | |
Sales and use tax receivables
|
| | | | 32,003 | | | | | | 30,163 | | |
Prepaid expenses
|
| | | | 26,651 | | | | | | 24,271 | | |
Prepaid incentives
|
| | | | 16,546 | | | | | | 16,677 | | |
Derivative assets
|
| | | | 13,587 | | | | | | 15,233 | | |
Other
|
| | | | 9,362 | | | | | | 7,606 | | |
| | | | $ | 125,071 | | | | | $ | 109,724 | | |
|
| | |
June 30, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||||||||||||||
(in $ thousands)
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| ||||||||||||||||||
Capitalized software
|
| | | $ | 1,077,117 | | | | | $ | (859,076) | | | | | $ | 218,041 | | | | | $ | 1,029,772 | | | | | $ | (829,416) | | | | | $ | 200,356 | | |
Computer equipment
|
| | | | 341,566 | | | | | | (164,739) | | | | | | 176,827 | | | | | | 346,846 | | | | | | (207,484) | | | | | | 139,362 | | |
Building and leasehold improvements
|
| | | | 32,619 | | | | | | (14,068) | | | | | | 18,551 | | | | | | 32,834 | | | | | | (12,972) | | | | | | 19,862 | | |
Construction in progress
|
| | | | 77,387 | | | | | | — | | | | | | 77,387 | | | | | | 72,161 | | | | | | — | | | | | | 72,161 | | |
| | | | $ | 1,528,689 | | | | | $ | (1,037,883) | | | | | $ | 490,806 | | | | | $ | 1,481,613 | | | | | $ | (1,049,872) | | | | | $ | 431,741 | | |
|
(in $ thousands)
|
| |
January 1,
2018 |
| |
Additions
|
| |
Retirements
|
| |
Foreign
Exchange |
| |
June 30,
2018 |
| |||||||||||||||
Non-Amortizable Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | $ | 1,089,590 | | | | | $ | — | | | | | $ | — | | | | | $ | (3,397) | | | | | $ | 1,086,193 | | |
Trademarks and tradenames
|
| | | | 313,097 | | | | | | — | | | | | | — | | | | | | — | | | | | | 313,097 | | |
Other Intangible Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquired intangible assets
|
| | | | 743,549 | | | | | | — | | | | | | — | | | | | | (41) | | | | | | 743,508 | | |
Accumulated amortization
|
| | | | (461,666) | | | | | | (20,332) | | | | | | — | | | | | | (27) | | | | | | (482,025) | | |
Acquired intangible assets, net
|
| | | | 281,883 | | | | | | (20,332) | | | | | | — | | | | | | (68) | | | | | | 261,483 | | |
Customer loyalty payments
|
| | | | 380,841 | | | | | | 53,956 | | | | | | (35,865) | | | | | | (3,404) | | | | | | 395,528 | | |
Accumulated amortization
|
| | | | (166,544) | | | | | | (44,491) | | | | | | 22,885 | | | | | | 1,339 | | | | | | (186,811) | | |
Customer loyalty payments, net
|
| | | | 214,297 | | | | | | 9,465 | | | | | | (12,980) | | | | | | (2,065) | | | | | | 208,717 | | |
Other intangible assets, net
|
| | | $ | 496,180 | | | | | $ | (10,867) | | | | | $ | (12,980) | | | | | $ | (2,133) | | | | | $ | 470,200 | | |
|
(in $ thousands)
|
| |
January 1,
2017 |
| |
Additions
|
| |
Retirements
|
| |
Foreign
Exchange |
| |
June 30,
2017 |
| |||||||||||||||
Non-Amortizable Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | $ | 1,079,951 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,039 | | | | | $ | 1,085,990 | | |
Trademarks and tradenames
|
| | | | 313,097 | | | | | | — | | | | | | — | | | | | | — | | | | | | 313,097 | | |
Other Intangible Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquired intangible assets
|
| | | | 1,127,059 | | | | | | — | | | | | | (368,715) | | | | | | 171 | | | | | | 758,515 | | |
Accumulated amortization
|
| | | | (804,089) | | | | | | (20,523) | | | | | | 368,715 | | | | | | (237) | | | | | | (456,134) | | |
Acquired intangible assets, net
|
| | | | 322,970 | | | | | | (20,523) | | | | | | — | | | | | | (66) | | | | | | 302,381 | | |
Customer loyalty payments
|
| | | | 358,259 | | | | | | 42,512 | | | | | | (40,803) | | | | | | 4,874 | | | | | | 364,842 | | |
Accumulated amortization
|
| | | | (169,622) | | | | | | (37,452) | | | | | | 36,403 | | | | | | (2,596) | | | | | | (173,267) | | |
Customer loyalty payments, net
|
| | | | 188,637 | | | | | | 5,060 | | | | | | (4,400) | | | | | | 2,278 | | | | | | 191,575 | | |
Other intangible assets, net
|
| | | $ | 511,607 | | | | | $ | (15,463) | | | | | $ | (4,400) | | | | | $ | 2,212 | | | | | $ | 493,956 | | |
|
(in $ thousands)
|
| |
June 30,
2018 |
| |
December 31,
2017 |
| ||||||
Prepaid incentives
|
| | | $ | 34,143 | | | | | $ | 35,645 | | |
Pension assets
|
| | | | 9,580 | | | | | | 8,674 | | |
Supplier prepayments
|
| | | | 6,163 | | | | | | 10,983 | | |
Derivative assets
|
| | | | 8,369 | | | | | | 3,503 | | |
Deferred financing costs
|
| | | | 1,724 | | | | | | 1,930 | | |
Other
|
| | | | 12,756 | | | | | | 16,073 | | |
| | | | $ | 72,735 | | | | | $ | 76,808 | | |
|
(in $ thousands)
|
| |
June 30,
2018 |
| |
December 31,
2017 |
| ||||||
Accrued commissions and incentives
|
| | | $ | 336,055 | | | | | $ | 282,954 | | |
Accrued payroll and related
|
| | | | 65,938 | | | | | | 70,234 | | |
Deferred revenue
|
| | | | 60,125 | | | | | | 48,096 | | |
Income tax payable
|
| | | | 28,977 | | | | | | 32,986 | | |
Customer prepayments
|
| | | | 26,922 | | | | | | 15,774 | | |
Derivative liabilities
|
| | | | 11,453 | | | | | | 292 | | |
Accrued interest expense
|
| | | | 20,329 | | | | | | 12,010 | | |
Pension and post-retirement benefit liabilities
|
| | | | 1,650 | | | | | | 1,628 | | |
Other
|
| | | | 18,722 | | | | | | 45,094 | | |
| | | | $ | 570,171 | | | | | $ | 509,068 | | |
|
(in $ thousands)
|
| |
Interest
rate |
| |
Maturity
|
| |
June 30,
2018 |
| |
December 31,
2017 |
| |||||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | | | | | | | | | | |
Term loans – (2018 Credit Agreement)(1)
|
| |
L+2.50%
|
| | | | March 2025 | | | | | $ | 1,386,456 | | | | | $ | — | | |
Term loans – (2014 Credit Agreement)(2)
|
| |
L+2.75%
|
| | | | September 2021 | | | | | | — | | | | | | 2,124,439 | | |
Revolver borrowings – (2018 Credit Agreement)
|
| |
L+2.25%
|
| | | | September 2022 | | | | | | — | | | | | | — | | |
Revolver borrowings – (2014 Credit Agreement)
|
| |
L+2.50%
|
| | | | September 2022 | | | | | | — | | | | | | — | | |
Senior Secured Notes | | | | | | | | | | | | | | | | | | | | | | |
Senior secured notes(3)
|
| | 6.00% | | | | | March 2026 | | | | | | 737,640 | | | | | | — | | |
Capital leases and other indebtedness
|
| | | | | | | | | | | | | 148,762 | | | | | | 105,574 | | |
Total debt
|
| | | | | | | | | | | | | 2,272,858 | | | | | | 2,230,013 | | |
Less: current portion
|
| | | | | | | | | | | | | 56,527 | | | | | | 64,291 | | |
Long-term debt
|
| | | | | | | | | | | | $ | 2,216,331 | | | | | $ | 2,165,722 | | |
|
(in $ thousands) Year ending June 30, |
| |
Term
Loans |
| |
Senior Secured
Notes |
| |
Capital Leases
and Other Indebtedness |
| |||||||||
2019
|
| | | $ | 14,000 | | | | | $ | — | | | | | $ | 42,527 | | |
2020
|
| | | | 14,000 | | | | | | — | | | | | | 42,064 | | |
2021
|
| | | | 14,000 | | | | | | — | | | | | | 35,485 | | |
2022
|
| | | | 14,000 | | | | | | — | | | | | | 28,140 | | |
2023
|
| | | | 14,000 | | | | | | — | | | | | | 546 | | |
Thereafter
|
| | | | 1,330,000 | | | | | | 745,000 | | | | | | — | | |
| | | | | 1,400,000 | | | | | | 745,000 | | | | | | 148,762 | | |
Less: Unamortized debt finance cost
|
| | | | (6,846) | | | | | | (7,360) | | | | | | — | | |
Less: Unamortized debt discount
|
| | | | (6,698) | | | | | | — | | | | | | — | | |
Total debt
|
| | | $ | 1,386,456 | | | | | $ | 737,640 | | | | | $ | 148,762 | | |
|
(in $ thousands)
|
| |
Six Months
Ended June 30, 2018 |
| |
Six Months
Ended June 30, 2017 |
| ||||||
Balance as of January 1
|
| | | $ | 14,708 | | | | | $ | 22,855 | | |
Capitalization of debt finance costs
|
| | | | 14,799 | | | | | | — | | |
Amortization
|
| | | | (1,518) | | | | | | (2,847) | | |
Write-off on early extinguishment of debt
|
| | | | (12,059) | | | | | | — | | |
Balance as of June 30
|
| | | $ | 15,930 | | | | | $ | 20,008 | | |
|
Notional Amount ($ in thousands) |
| |
Period
|
| |
Average
Interest Rate |
| |||
1,400,000
|
| |
February 2017 to February 2019
|
| | | | 1.4010% | | |
1,200,000
|
| |
February 2019 to February 2020
|
| | | | 2.1906% | | |
400,000
|
| |
February 2020 to February 2021
|
| | | | 2.1925% | | |
100,000
|
| |
February 2021 to February 2022
|
| | | | 3.0655% | | |
(in $ thousands)
|
| |
June 30,
2018 |
| |
December 31,
2017 |
| ||||||
Interest rate swap contracts
|
| | | $ | 3,100,000 | | | | | $ | 3,000,000 | | |
Foreign currency contracts
|
| | | | 439,926 | | | | | | 373,487 | | |
| | | | | |
Fair Value Asset
|
| | | | |
Fair Value (Liability)
|
| ||||||||||||||||||
(in $ thousands)
|
| |
Balance Sheet
Location |
| |
June 30,
2018 |
| |
December 31,
2017 |
| |
Balance Sheet
Location |
| |
June 30,
2018 |
| |
December 31,
2017 |
| ||||||||||||
Interest
rate swap contracts |
| | Other current assets |
| | | $ | 12,830 | | | | | $ | 4,799 | | | | Accrued expenses and other current liabilities |
| | | $ | — | | | | | $ | — | | |
Interest
rate swap contracts |
| | Other non-current assets |
| | | | 8,369 | | | | | | 3,503 | | | | Other non-current liabilities |
| | | | (122) | | | | | | (51) | | |
Foreign currency
contracts |
| | Other current assets |
| | | | 757 | | | | | | 10,434 | | | | Accrued expenses and other current liabilities |
| | | | (11,453) | | | | | | (292) | | |
Total fair value of derivative assets (liabilities)
|
| | | | | | $ | 21,956 | | | | | $ | 18,736 | | | | | | | | $ | (11,575) | | | | | $ | (343) | | |
|
(in $ thousands)
|
| |
Six Months Ended
June 30, 2018 |
| |
Six Months Ended
June 30, 2017 |
| ||||||
Net derivative asset (liability) opening balance
|
| | | $ | 18,393 | | | | | $ | (19,196) | | |
Total gain for the period included in net income
|
| | | | 3,098 | | | | | | 6,529 | | |
(Proceeds from) payments on settlement of derivative contracts
|
| | | | (11,110) | | | | | | 10,851 | | |
Net derivative asset (liability) closing balance
|
| | | $ | 10,381 | | | | | $ | (1,816) | | |
|
| | | | | |
Amount of Gain (Loss)
Recorded in Net Income |
| |||||||||||||||||||||
| | | | | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
(in $ thousands)
|
| |
Statement of Operations Location
|
| |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Interest rate swap
contracts |
| | Interest expense, net | | | | $ | 4,866 | | | | | $ | (4,880) | | | | | | 16,088 | | | | | | (4,654) | | |
Foreign currency
contracts |
| |
Selling, general and administrative
|
| | | | (18,049) | | | | | | 9,125 | | | | | | (12,990) | | | | | | 11,183 | | |
| | | | | | | $ | (13,183) | | | | | $ | 4,245 | | | | | | 3,098 | | | | | | 6,529 | | |
|
| | | | | |
June 30, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
(in $ thousands)
|
| |
Fair Value
Hierarchy |
| |
Carrying
Amount |
| |
Fair Value
|
| |
Carrying
Amount |
| |
Fair Value
|
| ||||||||||||
Asset (liability) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative assets
|
| |
Level 2
|
| | | $ | 21,956 | | | | | $ | 21,956 | | | | | $ | 18,736 | | | | | $ | 18,736 | | |
Derivative liabilities
|
| |
Level 2
|
| | | | (11,575) | | | | | | (11,575) | | | | | | (343) | | | | | | (343) | | |
Total debt
|
| |
Level 2
|
| | | | (2,272,858) | | | | | | (2,293,401) | | | | | | (2,230,013) | | | | | | (2,258,893) | | |
Declaration Date
|
| |
Dividend
Per Share |
| |
Record
Date |
| |
Payment
Date |
| |
Amount
(in $ thousands) |
| ||||||
February 16, 2018
|
| | | $ | 0.075 | | | |
March 1, 2018
|
| |
March 15, 2018
|
| | | $ | 9,406 | | |
May 2, 2018
|
| | | | 0.075 | | | |
June 7, 2018
|
| |
June 21, 2018
|
| | | | 9,459 | | |
(in dollars, except number of RSUs)
|
| |
Number
|
| |
Weighted
Average Grant Date Fair Value |
| ||||||
Balance as of January 1, 2018
|
| | | | 1,526,280 | | | | | $ | 13.01 | | |
Granted at fair market value
|
| | | | 857,133 | | | | | $ | 14.62 | | |
Vested(1) | | | | | (427,673) | | | | | $ | 12.94 | | |
Forfeited
|
| | | | (168,966) | | | | | $ | 13.06 | | |
Balance as of June 30, 2018
|
| | | | 1,786,774 | | | | | $ | 13.79 | | |
|
(in dollars, except number of PSUs)
|
| |
Number
|
| |
Weighted
Average Grant Date Fair Value |
| ||||||
Balance as of January 1, 2018
|
| | | | 2,694,999 | | | | | $ | 13.10 | | |
Granted at fair market value
|
| | | | 1,444,522 | | | | | $ | 16.33 | | |
Forfeited
|
| | | | (441,794) | | | | | $ | 12.93 | | |
Vested(1) | | | | | (11,290) | | | | | $ | 15.50 | | |
Balance as of June 30, 2018(2)
|
| | | | 3,686,437 | | | | | $ | 14.33 | | |
|
| | |
Number of
Options |
| |
Weighted Average
Exercise Price (in dollars) |
| |
Weighted Average
Remaining Contractual Terms (in years) |
| |
Aggregate
Intrinsic Value (in $ thousands) |
| ||||||||||||
Balance as of January 1, 2018
|
| | | | 2,352,928 | | | | | $ | 13.51 | | | | | | | | | | | | | | |
Forfeited
|
| | | | (157,403) | | | | | $ | 13.67 | | | | | | | | | | | | | | |
Exercised
|
| | | | (461,805) | | | | | $ | 10.98 | | | | | | | | | | | | | | |
Expired
|
| | | | (43,914) | | | | | $ | 15.56 | | | | | | | | | | | | | | |
Balance as of June 30, 2018
|
| | | | 1,689,806 | | | | | $ | 14.13 | | | | | | 7.24 | | | | | $ | 7,449 | | |
Exercisable as of June 30, 2018
|
| | | | 909,890 | | | | | $ | 14.44 | | | | | | 7.03 | | | | | $ | 3,730 | | |
Expected to vest as of June 30, 2018
|
| | | | 779,916 | | | | | $ | 13.77 | | | | | | 7.48 | | | | | $ | 3,719 | | |
|
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
(in $ thousands, except for share data)
|
| |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Numerator – Basic and Diluted Income per Share:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income from continuing operations
|
| | | $ | 7,005 | | | | | $ | 34,366 | | | | | $ | 38,489 | | | | | $ | 90,229 | | |
Net (income) loss attributable to non-controlling interest in subsidiaries
|
| | | | (861) | | | | | | 561 | | | | | | (1,263) | | | | | | 804 | | |
Net income from continuing operations attributable to the Company
|
| | | $ | 6,144 | | | | | $ | 34,927 | | | | | $ | 37,226 | | | | | $ | 91,033 | | |
Denominator – Basic Income per Share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average common shares outstanding
|
| | | | 126,043,518 | | | | | | 124,357,929 | | | | | | 125,737,328 | | | | | | 124,219,917 | | |
Income per share from continuing operations – Basic
|
| | | $ | 0.05 | | | | | $ | 0.28 | | | | | $ | 0.30 | | | | | $ | 0.73 | | |
Denominator – Diluted Income per Share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of common shares used for basic income per share from continuing operations
|
| | | | 126,043,518 | | | | | | 124,357,929 | | | | | | 125,737,328 | | | | | | 124,219,917 | | |
Weighted average effect of dilutive securities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
RSUs/PSUs
|
| | | | 761,415 | | | | | | 1,305,282 | | | | | | 688,282 | | | | | | 1,321,912 | | |
Stock options
|
| | | | 174,572 | | | | | | 93,273 | | | | | | 78,683 | | | | | | 92,799 | | |
Weighted average common shares outstanding
|
| | | | 126,979,505 | | | | | | 125,756,484 | | | | | | 126,504,293 | | | | | | 125,634,628 | | |
Income per share from continuing operations – Diluted
|
| | | $ | 0.05 | | | | | $ | 0.28 | | | | | $ | 0.29 | | | | | $ | 0.72 | | |
|
(in $ thousands, except share data,
Reported Segments and RevPas) |
| |
Three Months
Ended June 30, |
| |
Change
|
| |
Six Months
Ended June 30, |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||
|
2018
|
| |
2017
|
| | | | | | | |
%
|
| |
2018
|
| |
2017
|
| | | | | | | |
%
|
| ||||||||||||||||||||
Net revenue
|
| | | $ | 662,008 | | | | | $ | 612,107 | | | | | $ | 49,901 | | | | | | 8 | | | | | $ | 1,339,846 | | | | | $ | 1,262,870 | | | | | | 76,976 | | | | | | 6 | | |
Operating income
|
| | | | 42,293 | | | | | | 74,696 | | | | | | (32,403) | | | | | | (43) | | | | | | 119,957 | | | | | | 174,412 | | | | | | (54,455) | | | | | | (31) | | |
Net income
|
| | | | 7,005 | | | | | | 34,366 | | | | | | (27,361) | | | | | | (80) | | | | | | 66,236 | | | | | | 90,229 | | | | | | (23,993) | | | | | | (27) | | |
Income per share – diluted (in $)
|
| | | | 0.05 | | | | | | 0.28 | | | | | | (0.23) | | | | | | (83) | | | | | | 0.51 | | | | | | 0.72 | | | | | | (0.21) | | | | | | (29) | | |
Adjusted EBITDA(1)
|
| | | | 156,923 | | | | | | 147,006 | | | | | | 9,917 | | | | | | 7 | | | | | | 311,100 | | | | | | 315,559 | | | | | | (4,459) | | | | | | (1) | | |
Adjusted Operating Income(2)
|
| | | | 95,556 | | | | | | 84,832 | | | | | | 10,724 | | | | | | 13 | | | | | | 188,992 | | | | | | 192,073 | | | | | | (3,081) | | | | | | (2) | | |
Adjusted Net Income(3)
|
| | | | 51,928 | | | | | | 50,006 | | | | | | 1,922 | | | | | | 4 | | | | | | 106,866 | | | | | | 114,363 | | | | | | (7,497) | | | | | | (7) | | |
Adjusted Income per Share – diluted(4) (in $)
|
| | | | 0.41 | | | | | | 0.40 | | | | | | 0.01 | | | | | | 2 | | | | | | 0.84 | | | | | | 0.91 | | | | | | (0.07) | | | | | | (9) | | |
Net cash provided by operating
activities |
| | | | 119,189 | | | | | | 83,585 | | | | | | 35,604 | | | | | | 43 | | | | | | 202,286 | | | | | | 178,607 | | | | | | 23,679 | | | | | | 13 | | |
Free Cash Flow(5)
|
| | | | 81,386 | | | | | | 60,365 | | | | | | 21,021 | | | | | | 35 | | | | | | 127,820 | | | | | | 131,778 | | | | | | (3,958) | | | | | | (3) | | |
Reported Segments (in thousands)
|
| | | | 86,931 | | | | | | 86,381 | | | | | | 550 | | | | | | 1 | | | | | | 179,252 | | | | | | 179,578 | | | | | | (326) | | | | | | — | | |
Travel Commerce Platform RevPas (in $)
|
| | | | 7.34 | | | | | | 6.76 | | | | | | 0.58 | | | | | | 9 | | | | | | 7.20 | | | | | | 6.71 | | | | | | 0.49 | | | | | | 7 | | |
| | |
Three Months
Ended June 30, |
| |
Six Months
Ended June 30, |
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Net income
|
| | | $ | 7,005 | | | | | $ | 34,366 | | | | | $ | 66,236 | | | | | $ | 90,229 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of acquired intangible assets(1)
|
| | | | 10,166 | | | | | | 10,131 | | | | | | 20,332 | | | | | | 20,523 | | |
Gain on sale of a subsidiary
|
| | | | — | | | | | | (1,217) | | | | | | — | | | | | | (1,217) | | |
Loss on early extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 27,661 | | | | | | — | | |
Equity-based compensation and related taxes
|
| | | | 7,211 | | | | | | 7,893 | | | | | | 12,044 | | | | | | 15,679 | | |
Corporate and restructuring costs(2)
|
| | | | 4,017 | | | | | | 5,024 | | | | | | 5,232 | | | | | | 10,680 | | |
Impairment of long-lived assets(3)
|
| | | | 11,152 | | | | | | — | | | | | | 11,643 | | | | | | 685 | | |
Income from discontinued operations
|
| | | | — | | | | | | — | | | | | | (27,747) | | | | | | — | | |
Other – non cash(4)
|
| | | | 18,321 | | | | | | (8,839) | | | | | | 6,958 | | | | | | (25,213) | | |
Tax adjustments(5)
|
| | | | (5,944) | | | | | | 2,648 | | | | | | (15,493) | | | | | | 2,997 | | |
Adjusted Net Income
|
| | | | 51,928 | | | | | | 50,006 | | | | | | 106,866 | | | | | | 114,363 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net(6)
|
| | | | 26,001 | | | | | | 29,716 | | | | | | 51,366 | | | | | | 60,217 | | |
Other expense(7)
|
| | | | 371 | | | | | | — | | | | | | 464 | | | | | | — | | |
Remaining provision for income taxes
|
| | | | 17,256 | | | | | | 5,110 | | | | | | 30,296 | | | | | | 17,493 | | |
Adjusted Operating Income
|
| | | | 95,556 | | | | | | 84,832 | | | | | | 188,992 | | | | | | 192,073 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization of property and equipment
|
| | | | 39,219 | | | | | | 43,517 | | | | | | 77,617 | | | | | | 86,034 | | |
Amortization of customer loyalty payments
|
| | | | 22,148 | | | | | | 18,657 | | | | | | 44,491 | | | | | | 37,452 | | |
Adjusted EBITDA
|
| | | $ | 156,923 | | | | | $ | 147,006 | | | | | $ | 311,100 | | | | | $ | 315,559 | | |
|
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
(in $)
|
| |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Income per share – diluted
|
| | | $ | 0.05 | | | | | $ | 0.28 | | | | | $ | 0.51 | | | | | $ | 0.72 | | |
Per share adjustments to net income to determine Adjusted Income per Share – diluted
|
| | | | 0.36 | | | | | | 0.12 | | | | | | 0.33 | | | | | | 0.19 | | |
Adjusted Income per Share – diluted
|
| | | $ | 0.41 | | | | | $ | 0.40 | | | | | $ | 0.84 | | | | | $ | 0.91 | | |
|
| | |
Six Months Ended
June 30, |
| |||||||||
(in percentages)
|
| |
2018
|
| |
2017
|
| ||||||
Asia Pacific
|
| | | | 22 | | | | | | 24 | | |
Europe
|
| | | | 36 | | | | | | 32 | | |
Latin America and Canada
|
| | | | 5 | | | | | | 5 | | |
Middle East and Africa
|
| | | | 12 | | | | | | 13 | | |
International
|
| | | | 75 | | | | | | 74 | | |
United States
|
| | | | 25 | | | | | | 26 | | |
Travel Commerce Platform
|
| | | | 100 | | | | | | 100 | | |
|
| | |
Three Months
Ended June 30, |
| |
Change
|
|||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
|||||||||||
Net revenue
|
| | | $ | 662,008 | | | | | $ | 612,107 | | | | | $ | 49,901 | | | | | | 8 |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 427,792 | | | | | | 369,708 | | | | | | 58,084 | | | | | | 16 |
Selling, general and administrative
|
| | | | 142,355 | | | | | | 114,055 | | | | | | 28,300 | | | | | | 25 |
Depreciation and amortization
|
| | | | 49,568 | | | | | | 53,648 | | | | | | (4,080) | | | | | | (8) |
Total costs and expenses
|
| | | | 619,715 | | | | | | 537,411 | | | | | | 82,304 | | | | | | 15 |
Operating income
|
| | | | 42,293 | | | | | | 74,696 | | | | | | (32,403) | | | | | | (43) |
Interest expense, net
|
| | | | (23,605) | | | | | | (32,943) | | | | | | 9,338 | | | | | | 28 |
Gain on sale of a subsidiary
|
| | | | — | | | | | | 1,217 | | | | | | (1,217) | | | | | | (100) |
Other expense
|
| | | | (371) | | | | | | (846) | | | | | | 475 | | | | | | 56 |
Income before income taxes
|
| | | | 18,317 | | | | | | 42,124 | | | | | | (23,807) | | | | | | (57) |
Provision for income taxes
|
| | | | (11,312) | | | | | | (7,758) | | | | | | (3,554) | | | | | | (46) |
Net income
|
| | | $ | 7,005 | | | | | $ | 34,366 | | | | | $ | (27,361) | | | | | | (80) |
|
| | |
Three Months
Ended June 30, |
| |
Change
|
|||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
|||||||||||
Air
|
| | | $ | 443,947 | | | | | $ | 423,654 | | | | | $ | 20,293 | | | | | | 5 |
Beyond Air
|
| | | | 194,021 | | | | | | 160,107 | | | | | | 33,914 | | | | | | 21 |
Travel Commerce Platform
|
| | | | 637,968 | | | | | | 583,761 | | | | | | 54,207 | | | | | | 9 |
Technology Services
|
| | | | 24,040 | | | | | | 28,346 | | | | | | (4,306) | | | | | | (15) |
Net revenue
|
| | | $ | 662,008 | | | | | $ | 612,107 | | | | | $ | 49,901 | | | | | | 8 |
|
| | |
Three Months
Ended June 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| | | | | | | |
%
|
| |||||||||
Travel Commerce Platform RevPas (in $)
|
| | | $ | 7.34 | | | | | $ | 6.76 | | | | | $ | 0.58 | | | | | | 9 | | |
Reported Segments (in thousands)
|
| | | | 86,931 | | | | | | 86,381 | | | | | | 550 | | | | | | 1 | | |
| | |
Three Months
Ended June 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Asia Pacific
|
| | | $ | 144,991 | | | | | $ | 141,725 | | | | | $ | 3,266 | | | | | | 2 | | |
Europe
|
| | | | 223,340 | | | | | | 180,594 | | | | | | 42,746 | | | | | | 24 | | |
Latin America and Canada
|
| | | | 29,456 | | | | | | 27,574 | | | | | | 1,882 | | | | | | 7 | | |
Middle East and Africa
|
| | | | 81,663 | | | | | | 77,912 | | | | | | 3,751 | | | | | | 5 | | |
International
|
| | | | 479,450 | | | | | | 427,805 | | | | | | 51,645 | | | | | | 12 | | |
United States
|
| | | | 158,518 | | | | | | 155,956 | | | | | | 2,562 | | | | | | 2 | | |
Travel Commerce Platform
|
| | | $ | 637,968 | | | | | $ | 583,761 | | | | | $ | 54,207 | | | | | | 9 | | |
|
| | |
Segments (in thousands)
|
| |
RevPas (in $)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Three Months Ended
June 30, |
| |
Change
|
| |
Three Months Ended
June 30, |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| | | | | | | |
%
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| |||||||||||||||||||||
Asia Pacific
|
| | | | 16,240 | | | | | | 17,697 | | | | | | (1,457) | | | | | | (8) | | | | | $ | 8.93 | | | | | $ | 8.01 | | | | | | 0.92 | | | | | | 11 | | |
Europe
|
| | | | 21,232 | | | | | | 19,864 | | | | | | 1,368 | | | | | | 7 | | | | | $ | 10.52 | | | | | $ | 9.09 | | | | | | 1.43 | | | | | | 16 | | |
Latin America and Canada
|
| | | | 4,728 | | | | | | 4,530 | | | | | | 198 | | | | | | 4 | | | | | $ | 6.23 | | | | | $ | 6.09 | | | | | | 0.14 | | | | | | 2 | | |
Middle East and Africa
|
| | | | 9,492 | | | | | | 9,441 | | | | | | 51 | | | | | | 1 | | | | | $ | 8.60 | | | | | $ | 8.25 | | | | | | 0.35 | | | | | | 4 | | |
International
|
| | | | 51,692 | | | | | | 51,532 | | | | | | 160 | | | | | | — | | | | | $ | 9.28 | | | | | $ | 8.30 | | | | | | 0.98 | | | | | | 12 | | |
United States
|
| | | | 35,239 | | | | | | 34,849 | | | | | | 390 | | | | | | 1 | | | | | $ | 4.50 | | | | | $ | 4.48 | | | | | | 0.02 | | | | | | 1 | | |
Travel Commerce Platform
|
| | | | 86,931 | | | | | | 86,381 | | | | | | 550 | | | | | | 1 | | | | | $ | 7.34 | | | | | $ | 6.76 | | | | | | 0.58 | | | | | | 9 | | |
|
| | |
Three Months Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Commissions
|
| | | $ | 349,135 | | | | | $ | 289,464 | | | | | $ | 59,671 | | | | | | 21 | | |
Technology costs
|
| | | | 78,657 | | | | | | 80,244 | | | | | | (1,587) | | | | | | (2) | | |
Cost of revenue
|
| | | $ | 427,792 | | | | | $ | 369,708 | | | | | $ | 58,084 | | | | | | 16 | | |
|
| | |
Three Months Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Workforce
|
| | | $ | 89,654 | | | | | $ | 92,611 | | | | | $ | (2,957) | | | | | | (3) | | |
Non-workforce
|
| | | | 19,916 | | | | | | 20,593 | | | | | | (677) | | | | | | (3) | | |
Sub-total
|
| | | | 109,570 | | | | | | 113,204 | | | | | | (3,634) | | | | | | (3) | | |
Non-core corporate costs
|
| | | | 32,785 | | | | | | 851 | | | | | | 31,934 | | | | | | * | | |
SG&A | | | | $ | 142,355 | | | | | $ | 114,055 | | | | | $ | 28,300 | | | | | | 25 | | |
|
| | |
Three Months Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Depreciation on property and equipment
|
| | | $ | 39,402 | | | | | $ | 43,517 | | | | | $ | (4,115) | | | | | | (9) | | |
Amortization of acquired intangible assets
|
| | | | 10,166 | | | | | | 10,131 | | | | | | 35 | | | | | | — | | |
Total depreciation and amortization
|
| | | $ | 49,568 | | | | | $ | 53,648 | | | | | $ | (4,080) | | | | | | (8) | | |
|
| | |
Six Months Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Net revenue
|
| | | $ | 1,339,846 | | | | | $ | 1,262,870 | | | | | $ | 76,976 | | | | | | 6 | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 854,189 | | | | | | 756,545 | | | | | | 97,644 | | | | | | 13 | | |
Selling, general and administrative
|
| | | | 267,555 | | | | | | 225,356 | | | | | | 42,199 | | | | | | 19 | | |
Depreciation and amortization
|
| | | | 98,145 | | | | | | 106,557 | | | | | | (8,412) | | | | | | (8) | | |
Total costs and expenses
|
| | | | 1,219,889 | | | | | | 1,088,458 | | | | | | 131,431 | | | | | | 12 | | |
Operating income
|
| | | | 119,957 | | | | | | 174,412 | | | | | | (54,455) | | | | | | (31) | | |
Interest expense, net
|
| | | | (38,540) | | | | | | (63,218) | | | | | | 24,678 | | | | | | 39 | | |
Loss on early extinguishment of debt
|
| | | | (27,661) | | | | | | — | | | | | | (27,661) | | | | | | * | | |
Gain on sale of a subsidiary
|
| | | | — | | | | | | 1,217 | | | | | | (1,217) | | | | | | 100 | | |
Other expense
|
| | | | (464) | | | | | | (1,692) | | | | | | 1,228 | | | | | | 73 | | |
Income before income taxes
|
| | | | 53,292 | | | | | | 110,719 | | | | | | (57,427) | | | | | | (52) | | |
Provision for income taxes
|
| | | | (14,803) | | | | | | (20,490) | | | | | | 5,687 | | | | | | 28 | | |
Net income from continuing operations
|
| | | | 38,489 | | | | | | 90,229 | | | | | | (51,740) | | | | | | (57) | | |
Income from discontinued operations, net of tax
|
| | | | 27,747 | | | | | | — | | | | | | 27,747 | | | | | | * | | |
Net income
|
| | | $ | 66,236 | | | | | $ | 90,229 | | | | | $ | (23,993) | | | | | | (27) | | |
|
| | |
Six Months Ended
June 30, |
| |
Change
|
|||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
|||||||||||
Air
|
| | | $ | 916,882 | | | | | $ | 898,129 | | | | | $ | 18,753 | | | | | | 2 |
Beyond Air
|
| | | | 373,772 | | | | | | 307,692 | | | | | | 66,080 | | | | | | 21 |
Travel Commerce Platform
|
| | | | 1,290,654 | | | | | | 1,205,821 | | | | | | 84,833 | | | | | | 7 |
Technology Services
|
| | | | 49,192 | | | | | | 57,049 | | | | | | (7,857) | | | | | | (14) |
Net revenue
|
| | | $ | 1,339,846 | | | | | $ | 1,262,870 | | | | | $ | 76,976 | | | | | | 6 |
|
| | |
Six Months Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| | | | | | | |
%
|
| |||||||||
Travel Commerce Platform RevPas (in $)
|
| | | $ | 7.20 | | | | | $ | 6.71 | | | | | $ | 0.49 | | | | | | 7 | | |
Reported Segments (in thousands)
|
| | | | 179,252 | | | | | | 179,578 | | | | | | (326) | | | | | | — | | |
| | |
Six Months Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Asia Pacific
|
| | | $ | 286,542 | | | | | $ | 292,740 | | | | | $ | (6,198) | | | | | | (2) | | |
Europe
|
| | | | 467,782 | | | | | | 383,010 | | | | | | 84,772 | | | | | | 22 | | |
Latin America and Canada
|
| | | | 59,315 | | | | | | 56,356 | | | | | | 2,959 | | | | | | 5 | | |
Middle East and Africa
|
| | | | 160,769 | | | | | | 161,465 | | | | | | (696) | | | | | | — | | |
International
|
| | | | 974,408 | | | | | | 893,571 | | | | | | 80,837 | | | | | | 9 | | |
United States
|
| | | | 316,246 | | | | | | 312,250 | | | | | | 3,996 | | | | | | 1 | | |
Travel Commerce Platform
|
| | | $ | 1,290,654 | | | | | $ | 1,205,821 | | | | | $ | 84,833 | | | | | | 7 | | |
|
| | |
Segments (in thousands)
|
| |
RevPas (in $)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Six Months Ended
June 30, |
| |
Change
|
| |
Six Months Ended
June 30, |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| | | | | | | |
%
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| |||||||||||||||||||||
Asia Pacific
|
| | | | 32,408 | | | | | | 36,905 | | | | | | (4,497) | | | | | | (12) | | | | | $ | 8.84 | | | | | $ | 7.93 | | | | | | 0.91 | | | | | | 11 | | |
Europe
|
| | | | 46,879 | | | | | | 43,361 | | | | | | 3,518 | | | | | | 8 | | | | | $ | 9.98 | | | | | $ | 8.83 | | | | | | 1.15 | | | | | | 13 | | |
Latin America and Canada
|
| | | | 9,438 | | | | | | 9,156 | | | | | | 282 | | | | | | 3 | | | | | $ | 6.28 | | | | | $ | 6.16 | | | | | | 0.12 | | | | | | 2 | | |
Middle East and Africa
|
| | | | 19,120 | | | | | | 18,917 | | | | | | 203 | | | | | | 1 | | | | | $ | 8.41 | | | | | $ | 8.54 | | | | | | (0.13) | | | | | | (1) | | |
International
|
| | | | 107,845 | | | | | | 108,339 | | | | | | (494) | | | | | | — | | | | | $ | 9.04 | | | | | $ | 8.25 | | | | | | 0.79 | | | | | | 10 | | |
United States
|
| | | | 71,407 | | | | | | 71,239 | | | | | | 168 | | | | | | — | | | | | $ | 4.43 | | | | | $ | 4.38 | | | | | | 0.05 | | | | | | 1 | | |
Travel Commerce Platform
|
| | | | 179,252 | | | | | | 179,578 | | | | | | (326) | | | | | | — | | | | | $ | 7.20 | | | | | $ | 6.71 | | | | | | 0.49 | | | | | | 7 | | |
|
| | |
Six Months Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Commissions
|
| | | $ | 699,086 | | | | | $ | 592,253 | | | | | $ | 106,833 | | | | | | 18 | | |
Technology costs
|
| | | | 155,103 | | | | | | 164,292 | | | | | | (9,189) | | | | | | (6) | | |
Cost of revenue
|
| | | $ | 854,189 | | | | | $ | 756,545 | | | | | $ | 97,644 | | | | | | 13 | | |
|
| | |
Six Months Ended
June 30, |
| |
Change
|
|||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
|||||||||||
Workforce
|
| | | $ | 192,987 | | | | | $ | 177,140 | | | | | $ | 15,847 | | | | | | 9 |
Non-workforce
|
| | | | 36,426 | | | | | | 41,775 | | | | | | (5,349) | | | | | | (13) |
Sub-total
|
| | | | 229,413 | | | | | | 218,915 | | | | | | 10,498 | | | | | | 5 |
Non-core corporate costs
|
| | | | 38,142 | | | | | | 6,441 | | | | | | 31,701 | | | | | | * |
SG&A | | | | $ | 267,555 | | | | | $ | 225,356 | | | | | $ | 42,199 | | | | | | 19 |
|
| | |
Six Months Ended
June 30, |
| |
Change
|
|||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
|||||||||||
Depreciation on property and equipment
|
| | | $ | 77,813 | | | | | $ | 86,034 | | | | | $ | (8,221) | | | | | | (10) |
Amortization of acquired intangible assets
|
| | | | 20,332 | | | | | | 20,523 | | | | | | (191) | | | | | | (1) |
Total depreciation and amortization
|
| | | $ | 98,145 | | | | | $ | 106,557 | | | | | $ | (8,412) | | | | | | (8) |
|
(in $ thousands)
|
| |
June 30,
2018 |
| |||
Cash and cash equivalents
|
| | | $ | 183,510 | | |
Revolving credit facility availability
|
| | | | 141,749 | | |
| | |
Asset (Liability)
|
| |
Change
|
| ||||||||||||
(in $ thousands)
|
| |
June 30,
2018 |
| |
December 31,
2017 |
| ||||||||||||
Accounts receivable, net
|
| | | $ | 262,407 | | | | | $ | 206,524 | | | | | $ | 55,883 | | |
Accrued commissions and incentives
|
| | | | (336,055) | | | | | | (282,954) | | | | | | (53,101) | | |
Deferred revenue and prepaid incentives, net
|
| | | | (43,579) | | | | | | (31,419) | | | | | | (12,160) | | |
Cash and cash equivalents
|
| | | | 183,510 | | | | | | 122,039 | | | | | | 61,471 | | |
Accounts payable and employee related
|
| | | | (146,625) | | | | | | (145,140) | | | | | | (1,485) | | |
Accrued interest
|
| | | | (20,329) | | | | | | (12,010) | | | | | | (8,319) | | |
Current portion of long-term debt
|
| | | | (56,527) | | | | | | (64,291) | | | | | | 7,764 | | |
Taxes
|
| | | | 3,026 | | | | | | (2,823) | | | | | | 5,849 | | |
Other assets, net
|
| | | | 19,425 | | | | | | 1,724 | | | | | | 17,701 | | |
Working Capital
|
| | | $ | (134,747) | | | | | $ | (208,350) | | | | | $ | 73,603 | | |
Consolidated Condensed Balance Sheets: | | | | | | | | | | | | | | | | | | | |
Total current assets
|
| | | $ | 570,988 | | | | | $ | 438,287 | | | | | $ | 132,701 | | |
Total current liabilities
|
| | | | (705,735) | | | | | | (646,637) | | | | | | (59,098) | | |
Working Capital
|
| | | $ | (134,747) | | | | | $ | (208,350) | | | | | $ | 73,603 | | |
|
| | |
June 30,
2018 |
| |
December 31,
2017 |
| |
Change
|
| |||||||||
Accounts receivable, net (in $ thousands)
|
| | | $ | 262,407 | | | | | $ | 206,524 | | | | | $ | 55,883 | | |
Accounts receivable, net – Days Sales Outstanding (“DSO”)
|
| | | | 37 | | | | | | 37 | | | | | | — | | |
| | |
Six Months Ended
June 30, |
| |
Change
|
| ||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |||||||||
Cash provided by (used in): | | | | | | | | | | | | | | | | | | | |
Operating activities of continuing operations
|
| | | $ | 202,286 | | | | | $ | 178,607 | | | | | $ | 23,679 | | |
Investing activities
|
| | | | (74,466) | | | | | | (50,262) | | | | | | (24,204) | | |
Financing activities
|
| | | | (65,470) | | | | | | (52,552) | | | | | | (12,918) | | |
Effect of exchange rate changes
|
| | | | (879) | | | | | | 782 | | | | | | (1,661) | | |
Net increase in cash and cash equivalents
|
| | | $ | 61,471 | | | | | $ | 76,575 | | | | | $ | (15,104) | | |
|
| | |
Six Months Ended
June 30, |
| | ||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
Change
|
| |||||||||
Cash additions to software developed for internal use
|
| | | $ | 64,020 | | | | | $ | 35,214 | | | | | $ | 28,806 | | |
Cash additions to computer equipment and other
|
| | | | 10,446 | | | | | | 11,615 | | | | | | (1,169) | | |
Property and equipment additions
|
| | | $ | 74,466 | | | | | $ | 46,829 | | | | | $ | 27,637 | | |
|
| | |
Six Months Ended
June 30, |
| |||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| ||||||
Net cash provided by operating activities
|
| | | $ | 202,286 | | | | | $ | 178,607 | | |
Less: capital expenditures on property and equipment additions
|
| | | | (74,466) | | | | | | (46,829) | | |
Free Cash Flow
|
| | | $ | 127,820 | | | | | $ | 131,778 | | |
|
(in $ thousands)
|
| |
Interest rate
|
| |
Maturity
|
| |
June 30,
2018 |
| |
December 31,
2017 |
| ||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | | | | | | | |
Term loans – (2018 Credit Agreement)(1)
|
| |
L+2.50%
|
| |
March 2025
|
| | | $ | 1,386,456 | | | | | $ | — | | |
Term loans – (2014 Credit Agreement)(2)
|
| |
L+2.75%
|
| |
September 2021
|
| | | | — | | | | | | 2,124,439 | | |
Revolver borrowings – (2018 Credit Agreement)
|
| |
L+2.25%
|
| |
September 2022
|
| | | | — | | | | | | — | | |
Revolver borrowings – (2014 Credit Agreement)
|
| |
L+2.50%
|
| |
September 2022
|
| | | | — | | | | | | — | | |
Senior Secured Notes | | | | | | | | | | | | | | | | | | | |
Senior Secured Notes(3)
|
| |
6.00%
|
| |
March 2026
|
| | | | 737,640 | | | | | | — | | |
Capital leases and other indebtedness
|
| | | | | | | | | | 148,762 | | | | | | 105,574 | | |
Total debt
|
| | | | | | | | | | 2,272,858 | | | | | | 2,230,013 | | |
Less: cash and cash equivalents
|
| | | | | | | | | | (183,510) | | | | | | (122,039) | | |
Net Debt(4)
|
| | | | | | | | | $ | 2,089,348 | | | | | $ | 2,107,974 | | |
|
Notional Amount ($ in thousands) |
| |
Period
|
| |
Average
Interest Rate |
| |||
1,400,000
|
| |
February 2017 to February 2019
|
| | | | 1.4010% | | |
1,200,000
|
| |
February 2019 to February 2020
|
| | | | 2.1906% | | |
400,000
|
| |
February 2020 to February 2021
|
| | | | 2.1925% | | |
100,000
|
| |
February 2021 to February 2022
|
| | | | 3.0655% | | |
| | |
Year Ending June 30,
|
| |||||||||||||||||||||||||||||||||||||||
(in $ thousands)
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
Thereafter
|
| |
Total
|
| |||||||||||||||||||||
Term loans
|
| | | $ | 14,000 | | | | | $ | 14,000 | | | | | $ | 14,000 | | | | | $ | 14,000 | | | | | $ | 14,000 | | | | | $ | 1,330,000 | | | | | $ | 1,400,000 | | |
Senior secured notes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 745,000 | | | | | | 745,000 | | |
Capital leases and other indebtedness
|
| | | | 42,527 | | | | | | 42,064 | | | | | | 35,485 | | | | | | 28,140 | | | | | | 546 | | | | | | — | | | | | | 148,762 | | |
Interest payments(1)
|
| | | | 110,177 | | | | | | 116,444 | | | | | | 114,886 | | | | | | 112,963 | | | | | | 110,493 | | | | | | 252,126 | | | | | | 817,089 | | |
Total | | | | $ | 166,704 | | | | | $ | 172,508 | | | | | $ | 164,371 | | | | | $ | 155,103 | | | | | $ | 125,039 | | | | | $ | 2,327,126 | | | | | $ | 3,110,851 | | |
|
| | | | TRAVELPORT WORLDWIDE LIMITED | |
| Date: August 2, 2018 | | |
By:
/s/ Bernard Bot
Bernard Bot
Executive Vice President and Chief Financial Officer |
|
| Date: August 2, 2018 | | |
By:
/s/ Antonios Basoukeas
Antonios Basoukeas
Chief Accounting Officer |
|