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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) |
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Title of Each Class
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Name of Each Exchange on Which Registered
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Common Shares, Par Value $0.0025
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New York Stock Exchange
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Large accelerated filer ☒
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Accelerated filer ☐
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Non-accelerated filer ☐
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Smaller reporting company ☐
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(Do not check if a smaller reporting company)
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Item
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Description
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Page
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PART I
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Item 1 | | | Business | | | | | 3 | | |
Item 1A | | | | | | | 21 | | | |
Item 1B | | | | | | | 37 | | | |
Item 2 | | | Properties | | | | | 38 | | |
Item 3 | | | | | | | 38 | | | |
Item 4 | | | | | | | 39 | | | |
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PART II
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Item 5 | | | | | | | 40 | | | |
Item 6 | | | | | | | 43 | | | |
Item 7 | | | | | | | 47 | | | |
Item 7A | | | | | | | 82 | | | |
Item 8 | | | | | | | 83 | | | |
Item 9 | | | | | | | 83 | | | |
Item 9A | | | | | | | 83 | | | |
Item 9B | | | | | | | 85 | | | |
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PART III
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Item 10 | | | | | | | 86 | | | |
Item 11 | | | | | | | 86 | | | |
Item 12 | | | | | | | 86 | | | |
Item 13 | | | | | | | 86 | | | |
Item 14 | | | | | | | 86 | | | |
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PART IV
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Item 15 | | | | | | | 87 | | | |
| | | Signatures | | | | | 88 | | |
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Asia Pacific
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Europe
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Latin America and
Canada |
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Middle East and
Africa |
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United States
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| Air India | | | Aeroflot Airlines | | | Aerovias | | | Emirates Airlines | | | Alaska Airlines | |
| Jet Airways | | | Alitalia Airlines | | | Air Canada | | |
Ethiopian Airlines
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| | American Airlines/US Airways | |
| Qantas Airways | | | British Airways/Iberia | | |
American Airlines
|
| | Qatar Airways | | | Delta Air Lines | |
| Singapore Airlines | | | Emirates Airlines | | |
Lufthansa Airlines
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| | South African Airway | | | Frontier Airlines | |
| Virgin Australia Airlines | | |
Lufthansa Airlines
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| | United Airlines | | | Turkish Airlines | | | United Airlines | |
Location
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Purpose
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Langley, United Kingdom
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| | Corporate Headquarters; Operational Business Global Headquarters | |
Atlanta, Georgia
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| | GDS Operational Business | |
Atlanta, Georgia
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| | Data Center | |
Denver, Colorado
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| | Product Development Center | |
Kansas City, Missouri
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| | Product Development Center | |
Gurgaon, India
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| | Product Development Center | |
Melbourne, Australia and London, United Kingdom |
| | eNett Operational Business Centers | |
2015
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High
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Low
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First Quarter
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| | | $ | 18.30 | | | | | $ | 14.76 | | |
Second Quarter
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| | | $ | 17.18 | | | | | $ | 13.51 | | |
Third Quarter
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| | | $ | 15.34 | | | | | $ | 11.91 | | |
Fourth Quarter
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| | | $ | 15.22 | | | | | $ | 12.68 | | |
2014
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High
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Low
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Third Quarter (Starting September 25, 2014)
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| | | $ | 16.46 | | | | | $ | 16.25 | | |
Fourth Quarter
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| | | $ | 18.07 | | | | | $ | 12.06 | | |
Period
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Total number of
shares (or units) purchased(a) |
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Average
price paid per share (or unit) |
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Total number of shares
(or units) purchased as part of publicly announced plans or programs |
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Maximum number (or
approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs |
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April 1 – 30, 2015
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| | | | 775,963 | | | | | $ | 16.48 | | | | | | — | | | | | | — | | |
September 1 – 30, 2015
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| | | | 2,736 | | | | | $ | 13.21 | | | | | | — | | | | | | — | | |
October 1 – 31, 2015
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| | | | 58,541 | | | | | $ | 14.15 | | | | | | — | | | | | | — | | |
December 1 – 31, 2015
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| | | | 627 | | | | | $ | 14.15 | | | | | | — | | | | | | — | | |
Total
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| | | | 837,867 | | | | | $ | 16.30 | | | | | | — | | | | | | — | | |
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Base
Period 9/25/14 |
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INDEXED RETURNS
Quarter Ending |
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Company/Index
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9/30/14
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12/31/14
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3/31/15
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6/30/15
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9/30/15
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12/31/15
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Travelport Worldwide Limited
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$
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100
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| | | | $ | 100.37 | | | | | $ | 110.21 | | | | | $ | 102.71 | | | | | $ | 85.21 | | | | | $ | 82.22 | | | | | $ | 80.69 | | |
Russell 2000 Index
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$
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100
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| | | | $ | 99.28 | | | | | $ | 108.94 | | | | | $ | 113.64 | | | | | $ | 114.12 | | | | | $ | 100.52 | | | | | $ | 104.13 | | |
Dow Jones U.S. Travel & Leisure Index
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$
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100
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| | | | $ | 100.55 | | | | | $ | 110.19 | | | | | $ | 114.47 | | | | | $ | 110.74 | | | | | $ | 110.69 | | | | | $ | 116.69 | | |
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Year Ended December 31,
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(in $ millions, except share and per share data)
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2015
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2014
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2013
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2012
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2011
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Net revenue
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| | | $ | 2,221 | | | | | $ | 2,148 | | | | | $ | 2,076 | | | | | $ | 2,002 | | | | | $ | 2,035 | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 1,340 | | | | | | 1,324 | | | | | | 1,266 | | | | | | 1,191 | | | | | | 1,211 | | |
Selling, general and administrative
|
| | | | 456 | | | | | | 430 | | | | | | 396 | | | | | | 446 | | | | | | 397 | | |
Depreciation and amortization
|
| | | | 234 | | | | | | 233 | | | | | | 206 | | | | | | 227 | | | | | | 227 | | |
Total costs and expenses
|
| | | | 2,030 | | | | | | 1,987 | | | | | | 1,868 | | | | | | 1,864 | | | | | | 1,835 | | |
Operating income
|
| | | | 191 | | | | | | 161 | | | | | | 208 | | | | | | 138 | | | | | | 200 | | |
Interest expense, net
|
| | | | (149) | | | | | | (278) | | | | | | (356) | | | | | | (346) | | | | | | (364) | | |
(Loss) gain on early extinguishment of debt
|
| | | | — | | | | | | (108) | | | | | | (49) | | | | | | 6 | | | | | | — | | |
Gain on sale of shares of Orbitz Worldwide
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| | | | 6 | | | | | | 356 | | | | | | — | | | | | | — | | | | | | — | | |
Income (loss) from continuing operations before income taxes and share of (losses) earnings in equity method investments
|
| | | | 48 | | | | | | 131 | | | | | | (197) | | | | | | (202) | | | | | | (164) | | |
Provision for income taxes
|
| | | | (27) | | | | | | (39) | | | | | | (20) | | | | | | (23) | | | | | | (29) | | |
Share of (losses) earnings in equity method investments
|
| | | | (1) | | | | | | (1) | | | | | | 10 | | | | | | (74) | | | | | | (18) | | |
Net income (loss) from continuing
operations |
| | | | 20 | | | | | | 91 | | | | | | (207) | | | | | | (299) | | | | | | (211) | | |
Loss from discontinued operations, net of
tax |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6) | | |
Gain from disposal of discontinued operations, net of tax
|
| | | | — | | | | | | — | | | | | | 4 | | | | | | 7 | | | | | | 312 | | |
Net income (loss)
|
| | | | 20 | | | | | | 91 | | | | | | (203) | | | | | | (292) | | | | | | 95 | | |
Net (income) loss attributable to non-controlling
interest in subsidiaries |
| | | | (4) | | | | | | (5) | | | | | | (3) | | | | | | — | | | | | | 3 | | |
Net income (loss) attributable to the Company
|
| | | $ | 16 | | | | | $ | 86 | | | | | $ | (206) | | | | | $ | (292) | | | | | $ | 98 | | |
Income (loss) per share – Basic: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) per share – continuing operations
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| | | $ | 0.13 | | | | | $ | 1.01 | | | | | $ | (4.62) | | | | | $ | (36.76) | | | | | $ | (37.07) | | |
Income per share – discontinued operations
|
| | | | — | | | | | | — | | | | | | 0.10 | | | | | | 0.83 | | | | | | 54.59 | | |
Basic income (loss) per share
|
| | | $ | 0.13 | | | | | $ | 1.01 | | | | | $ | (4.52) | | | | | $ | (35.93) | | | | | $ | 17.52 | | |
Weighted average common shares outstanding –
Basic |
| | | | 122,340,491 | | | | | | 85,771,655 | | | | | | 45,522,506 | | | | | | 8,129,920 | | | | | | 5,602,713 | | |
Income (loss) per share – Diluted: | | | | | | | |||||||||||||||||||||||||
Income (loss) per share – continuing operations
|
| | | $ | 0.13 | | | | | $ | 0.98 | | | | | $ | (4.62) | | | | | $ | (36.76) | | | | | $ | (37.07) | | |
Income per share – discontinued operations
|
| | | | — | | | | | | — | | | | | | 0.10 | | | | | | 0.83 | | | | | | 54.59 | | |
Diluted income (loss) per share
|
| | | $ | 0.13 | | | | | $ | 0.98 | | | | | $ | (4.52) | | | | | $ | (35.93) | | | | | $ | 17.52 | | |
Weighted average common shares outstanding –
Diluted |
| | | | 122,539,422 | | | | | | 87,864,090 | | | | | | 45,522,506 | | | | | | 8,129,920 | | | | | | 5,602,713 | | |
Cash dividends declared per common
share |
| | | $ | 0.300 | | | | | $ | 0.075 | | | | | | — | | | | | | — | | | | | | — | | |
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December 31,
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(in $ millions)
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2015
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2014
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2013
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2012
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2011
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Cash and cash equivalents
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| | | $ | 155 | | | | | $ | 139 | | | | | $ | 154 | | | | | $ | 110 | | | | | $ | 124 | | |
Total current assets (excluding cash and cash
equivalents) |
| | | | 310 | | | | | | 273 | | | | | | 312 | | | | | | 322 | | | | | | 304 | | |
Property and equipment, net
|
| | | | 460 | | | | | | 414 | | | | | | 428 | | | | | | 416 | | | | | | 431 | | |
Goodwill and other intangible assets, net
|
| | | | 1,916 | | | | | | 1,930 | | | | | | 1,971 | | | | | | 2,017 | | | | | | 2,110 | | |
All other non-current assets
|
| | | | 88 | | | | | | 136 | | | | | | 223 | | | | | | 291 | | | | | | 373 | | |
Total assets
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| | | $ | 2,929 | | | | | $ | 2,892 | | | | | $ | 3,088 | | | | | $ | 3,156 | | | | | $ | 3,342 | | |
Total current liabilities
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| | | $ | 579 | | | | | $ | 555 | | | | | $ | 681 | | | | | $ | 695 | | | | | $ | 635 | | |
Long-term debt
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| | | | 2,387 | | | | | | 2,384 | | | | | | 3,528 | | | | | | 3,866 | | | | | | 3,771 | | |
All other non-current liabilities
|
| | | | 286 | | | | | | 291 | | | | | | 190 | | | | | | 281 | | | | | | 321 | | |
Total liabilities
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| | | | 3,252 | | | | | | 3,230 | | | | | | 4,399 | | | | | | 4,842 | | | | | | 4,727 | | |
Total equity (deficit)
|
| | | | (323) | | | | | | (338) | | | | | | (1,311) | | | | | | (1,686) | | | | | | (1,385) | | |
Total liabilities and equity
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| | | $ | 2,929 | | | | | $ | 2,892 | | | | | $ | 3,088 | | | | | $ | 3,156 | | | | | $ | 3,342 | | |
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Year Ended December 31,
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(in $ millions)
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2015
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2014
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2013
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2012
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2011
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Net cash provided by operating activities of continuing operations
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| | | $ | 262 | | | | | $ | 58 | | | | | $ | 100 | | | | | $ | 181 | | | | | $ | 124 | | | |||||
Net cash used in operating activities of discontinued operations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12) | | | |||||
Net cash (used in) provided by investing activities
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| | | | (166) | | | | | | 226 | | | | | | (96) | | | | | | (89) | | | | | | 556 | | | |||||
Net cash (used in) provided by financing activities
|
| | | | (78) | | | | | | (297) | | | | | | 40 | | | | | | (106) | | | | | | (802) | | | |||||
Effects of changes in exchange rates on cash and
cash equivalents |
| | | | (2) | | | | | | (2) | | | | | | — | | | | | | — | | | | | | 5 | | | |||||
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 16 | | | | | $ | (15) | | | | | $ | 44 | | | | | $ | (14) | | | | | $ | (129) | | | |||||
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2015
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(in $ millions)
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First
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Second
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Third
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Fourth
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Net revenue
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| | | $ | 572 | | | | | $ | 554 | | | | | $ | 560 | | | | | $ | 535 | | |
Cost of revenue
|
| | | | 349 | | | | | | 335 | | | | | | 336 | | | | | | 320 | | |
Operating income
|
| | | | 34 | | | | | | 63 | | | | | | 54 | | | | | | 40 | | |
Net (loss) income from continuing operations
|
| | | | (7) | | | | | | 16 | | | | | | 5 | | | | | | 6 | | |
Net (loss) income
|
| | | | (7) | | | | | | 16 | | | | | | 5 | | | | | | 6 | | |
Net (loss) income attributable to the Company
|
| | | | (8) | | | | | | 15 | | | | | | 4 | | | | | | 5 | | |
(Loss) income per share from continuing operations: | | | | | | ||||||||||||||||||||
Basic
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| | | | (0.07) | | | | | | 0.13 | | | | | | 0.03 | | | | | | 0.04 | | |
Diluted
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| | | | (0.07) | | | | | | 0.12 | | | | | | 0.03 | | | | | | 0.04 | | |
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2014
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(in $ millions)
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First
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Second
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Third
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Fourth
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Net revenue
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| | | $ | 572 | | | | | $ | 551 | | | | | $ | 529 | | | | | $ | 496 | | |
Cost of revenue
|
| | | | 353 | | | | | | 337 | | | | | | 320 | | | | | | 314 | | |
Operating income
|
| | | | 75 | | | | | | 60 | | | | | | 21 | | | | | | 5 | | |
Net (loss) income from continuing operations
|
| | | | (27) | | | | | | 5 | | | | | | 155 | | | | | | (42) | | |
Net (loss) income
|
| | | | (27) | | | | | | 5 | | | | | | 155 | | | | | | (42) | | |
Net (loss) income attributable to the Company
|
| | | | (29) | | | | | | 4 | | | | | | 154 | | | | | | (43) | | |
(Loss) income per share from continuing operations: | | | | | | ||||||||||||||||||||
Basic
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| | | | (0.46) | | | | | | 0.05 | | | | | | 1.75 | | | | | | (0.35) | | |
Diluted
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| | | | (0.46) | | | | | | 0.05 | | | | | | 1.71 | | | | | | (0.35) | | |
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Year Ended
December 31, |
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Change
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Year Ended
December, 31 |
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Change
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(in $ millions, except share data, Reported Segments and RevPas)
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2015
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2014
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%
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2014
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2013
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%
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Net revenue
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| | | $ | 2,221 | | | | | $ | 2,148 | | | | | $ | 73 | | | | | | 3 | | | | | $ | 2,148 | | | | | $ | 2,076 | | | | | $ | 72 | | | | | | 3 | | |
Operating income
|
| | | | 191 | | | | | | 161 | | | | | | 30 | | | | | | 19 | | | | | | 161 | | | | | | 208 | | | | | | (47) | | | | | | (23) | | |
Net income (loss)
|
| | | | 20 | | | | | | 91 | | | | | | (71) | | | | | | (78) | | | | | | 91 | | | | | | (203) | | | | | | 294 | | | | | | * | | |
Income (loss) per share – diluted (in $)
|
| | | | 0.13 | | | | | | 0.98 | | | | | | (0.85) | | | | | | (87) | | | | | | 0.98 | | | | | | (4.52) | | | | | | 5.50 | | | | | | * | | |
Adjusted EBITDA(1)
|
| | | | 535 | | | | | | 540 | | | | | | (5) | | | | | | (1) | | | | | | 540 | | | | | | 517 | | | | | | 23 | | | | | | 5 | | |
Adjusted Net Income (Loss)(2)
|
| | | | 122 | | | | | | (11) | | | | | | 133 | | | | | | * | | | | | | (11) | | | | | | (48) | | | | | | 37 | | | | | | 78 | | |
Adjusted Income (Loss) per Share – diluted(3) (in $)
|
| | | | 1.00 | | | | | | (0.12) | | | | | | 1.12 | | | | | | * | | | | | | (0.12) | | | | | | (1.06) | | | | | | 0.94 | | | | | | 89 | | |
Net cash provided by operating activities
|
| | | | 262 | | | | | | 58 | | | | | | 204 | | | | | | * | | | | | | 58 | | | | | | 100 | | | | | | (42) | | | | | | (42) | | |
Adjusted Free Cash Flow(4)
|
| | | | 134 | | | | | | (39) | | | | | | 173 | | | | | | * | | | | | | (39) | | | | | | 20 | | | | | | (59) | | | | | | * | | |
Reported Segments (in millions)
|
| | | | 342 | | | | | | 356 | | | | | | (14) | | | | | | (4) | | | | | | 356 | | | | | | 350 | | | | | | 6 | | | | | | 2 | | |
Travel Commerce Platform RevPas (in $)
|
| | | $ | 6.13 | | | | | $ | 5.70 | | | | | $ | 0.43 | | | | | | 8 | | | | | $ | 5.70 | | | | | $ | 5.60 | | | | | $ | 0.10 | | | | | | 2 | | |
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Year Ended
December 31, |
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(in $ millions)
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2015
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2014
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2013
|
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Net income (loss) from continuing operations
|
| | | $ | 20 | | | | | $ | 91 | | | | | $ | (207) | | | |||
Adjustments: | | | | | ||||||||||||||||||
Amortization of intangible assets(1)
|
| | | | 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(2)
|
| | | | 19 | | | | | | 14 | | | | | | 7 | | | |||
Litigation and related costs(3)
|
| | | | — | | | | | | — | | | | | | 12 | | | |||
Other – non cash(4)
|
| | | | (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 | | | |||
|
| | |
Year Ended
December 31, |
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(in percentages)
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2015
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2014
|
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2013
|
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Asia Pacific
|
| | | | 22 | | | | | | 20 | | | | | | 19 | | | |||
Europe
|
| | | | 30 | | | | | | 30 | | | | | | 31 | | | |||
Latin America and Canada
|
| | | | 5 | | | | | | 4 | | | | | | 4 | | | |||
Middle East and Africa
|
| | | | 14 | | | | | | 14 | | | | | | 14 | | | |||
International
|
| | | | 71 | | | | | | 68 | | | | | | 68 | | | |||
United States
|
| | | | 29 | | | | | | 32 | | | | | | 32 | | | |||
Travel Commerce Platform
|
| | | | 100 | | | | | | 100 | | | | | | 100 | | | |||
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| ||||||||||||
Net revenue
|
| | | $ | 2,221 | | | | | $ | 2,148 | | | | | $ | 73 | | | | | | 3 | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 1,340 | | | | | | 1,324 | | | | | | 16 | | | | | | 1 | | |
Selling, general and administrative
|
| | | | 456 | | | | | | 430 | | | | | | 26 | | | | | | 5 | | |
Depreciation and amortization
|
| | | | 234 | | | | | | 233 | | | | | | 1 | | | | | | 1 | | |
Total costs and expenses
|
| | | | 2,030 | | | | | | 1,987 | | | | | | 43 | | | | | | 2 | | |
Operating income
|
| | | | 191 | | | | | | 161 | | | | | | 30 | | | | | | 19 | | |
Interest expense, net
|
| | | | (149) | | | | | | (278) | | | | | | 129 | | | | | | 47 | | |
Loss on early extinguishment of debt
|
| | | | — | | | | | | (108) | | | | | | 108 | | | | | | 100 | | |
Gain on sale of shares of Orbitz Worldwide
|
| | | | 6 | | | | | | 356 | | | | | | (350) | | | | | | (98) | | |
Income from continuing operations before income taxes and share of
losses in equity method investments |
| | | | 48 | | | | | | 131 | | | | | | (83) | | | | | | (63) | | |
Provision for income taxes
|
| | | | (27) | | | | | | (39) | | | | | | 12 | | | | | | 29 | | |
Share of losses in equity method investments
|
| | | | (1) | | | | | | (1) | | | | | | — | | | | | | — | | |
Net income from continuing operations
|
| | | | 20 | | | | | | 91 | | | | | | (71) | | | | | | (78) | | |
Gain from disposal of discontinued operations, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net income
|
| | | $ | 20 | | | | | $ | 91 | | | | | $ | (71) | | | | | | (78) | | |
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| ||||||||||||||||
Air
|
| | | $ | 1,603 | | | | | $ | 1,607 | | | | | $ | (4) | | | | | | — | | | ||||
Beyond Air
|
| | | $ | 492 | | | | | | 424 | | | | | | 68 | | | | | | 16 | | | ||||
Travel Commerce Platform
|
| | | | 2,095 | | | | | | 2,031 | | | | | | 64 | | | | | | 3 | | | ||||
Technology Services
|
| | | | 126 | | | | | | 117 | | | | | | 9 | | | | | | 7 | | | ||||
Net revenue
|
| | | $ | 2,221 | | | | | $ | 2,148 | | | | | $ | 73 | | | | | | 3 | | | ||||
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
| | |
2015
|
| |
2014
|
| | | | | | | |
%
|
| |||||||||
Travel Commerce Platform RevPas (in $)
|
| | | $ | 6.13 | | | | | $ | 5.70 | | | | | $ | 0.43 | | | | | | 8 | | |
Reported Segments (in millions)
|
| | | | 342 | | | | | | 356 | | | | | | (14) | | | | | | (4) | | |
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| ||||||||||||||||
Asia Pacific
|
| | | $ | 460 | | | | | $ | 400 | | | | | $ | 60 | | | | | | 15 | | | ||||
Europe
|
| | | | 634 | | | | | | 615 | | | | | | 19 | | | | | | 3 | | | ||||
Latin America and Canada
|
| | | | 99 | | | | | | 88 | | | | | | 11 | | | | | | 13 | | | ||||
Middle East and Africa
|
| | | | 289 | | | | | | 280 | | | | | | 9 | | | | | | 3 | | | ||||
International
|
| | | | 1,482 | | | | | | 1,383 | | | | | | 99 | | | | | | 7 | | | ||||
United States
|
| | | | 613 | | | | | | 648 | | | | | | (35) | | | | | | (5) | | | ||||
Travel Commerce Platform
|
| | | $ | 2,095 | | | | | $ | 2,031 | | | | | $ | 64 | | | | | | 3 | | | ||||
|
| | |
Segments (in millions)
|
| |
RevPas (in $)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Year Ended
December 31, |
| |
Change
|
| |
Year Ended
December, 31 |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||||||||||
| | |
2015
|
| |
2014
|
| | | | | | | |
%
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| |||||||||||||||||||||||||||||
Asia Pacific
|
| | | | 64 | | | | | | 58 | | | | | | 6 | | | | | | 10 | | | | | $ | 7.23 | | | | | $ | 6.90 | | | | | $ | 0.33 | | | | | | 5 | | | ||||||||
Europe
|
| | | | 81 | | | | | | 86 | | | | | | (5) | | | | | | (5) | | | | | $ | 7.80 | | | | | $ | 7.15 | | | | | $ | 0.65 | | | | | | 9 | | | ||||||||
Latin America and Canada
|
| | | | 17 | | | | | | 15 | | | | | | 2 | | | | | | 10 | | | | | $ | 5.88 | | | | | $ | 5.75 | | | | | $ | 0.13 | | | | | | 2 | | | ||||||||
Middle East and Africa
|
| | | | 39 | | | | | | 39 | | | | | | — | | | | | | (1) | | | | | $ | 7.51 | | | | | $ | 7.22 | | | | | $ | 0.29 | | | | | | 4 | | | ||||||||
International
|
| | | | 201 | | | | | | 198 | | | | | | 3 | | | | | | 1 | | | | | $ | 7.40 | | | | | $ | 6.98 | | | | | $ | 0.42 | | | | | | 6 | | | ||||||||
United States
|
| | | | 141 | | | | | | 158 | | | | | | (17) | | | | | | (11) | | | | | $ | 4.34 | | | | | $ | 4.10 | | | | | $ | 0.24 | | | | | | 6 | | | ||||||||
Travel Commerce Platform
|
| | | | 342 | | | | | | 356 | | | | | | (14) | | | | | | (4) | | | | | $ | 6.13 | | | | | $ | 5.70 | | | | | $ | 0.43 | | | | | | 8 | | | ||||||||
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| ||||||||||||||||
Commissions
|
| | | $ | 1,029 | | | | | $ | 1,022 | | | | | $ | 7 | | | | | | 1 | | | ||||
Technology costs
|
| | | | 311 | | | | | | 302 | | | | | | 9 | | | | | | 3 | | | ||||
Cost of revenue
|
| | | $ | 1,340 | | | | | $ | 1,324 | | | | | $ | 16 | | | | | | 1 | | | ||||
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| ||||||||||||||||
Workforce
|
| | | $ | 311 | | | | | $ | 291 | | | | | $ | 20 | | | | | | 6 | | | ||||
Non-workforce
|
| | | | 102 | | | | | | 69 | | | | | | 33 | | | | | | 49 | | | ||||
Sub-total
|
| | | | 413 | | | | | | 360 | | | | | | 53 | | | | | | 15 | | | ||||
Non-core corporate costs
|
| | | | 43 | | | | | | 70 | | | | | | (27) | | | | | | (39) | | | ||||
SG&A | | | | $ | 456 | | | | | $ | 430 | | | | | $ | 26 | | | | | | 6 | | | ||||
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| ||||||||||||||||
Depreciation on property and equipment
|
| | | $ | 162 | | | | | $ | 156 | | | | | $ | 6 | | | | | | 5 | | | ||||
Amortization of acquired intangible assets
|
| | | | 72 | | | | | | 77 | | | | | | (5) | | | | | | (5) | | | ||||
Total depreciation and amortization
|
| | | $ | 234 | | | | | $ | 233 | | | | | $ | 1 | | | | | | 1 | | | ||||
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||
(in $ millions)
|
| |
2014
|
| |
2013
|
| |
$
|
| |
%
|
| ||||||||||||||||
Net revenue
|
| | | $ | 2,148 | | | | | $ | 2,076 | | | | | $ | 72 | | | | | | 3 | | | ||||
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Cost of revenue
|
| | | | 1,324 | | | | | | 1,266 | | | | | | 58 | | | | | | 5 | | | ||||
Selling, general and administrative
|
| | | | 430 | | | | | | 396 | | | | | | 34 | | | | | | 9 | | | ||||
Depreciation and amortization
|
| | | | 233 | | | | | | 206 | | | | | | 27 | | | | | | 13 | | | ||||
Total costs and expenses
|
| | | | 1,987 | | | | | | 1,868 | | | | | | 119 | | | | | | 6 | | | ||||
Operating income
|
| | | | 161 | | | | | | 208 | | | | | | (47) | | | | | | (23) | | | ||||
Interest expense, net
|
| | | | (278) | | | | | | (356) | | | | | | 78 | | | | | | 22 | | | ||||
Loss on early extinguishment of debt
|
| | | | (108) | | | | | | (49) | | | | | | (59) | | | | | | (121) | | | ||||
Gain on sale of shares of Orbitz Worldwide
|
| | | | 356 | | | | | | — | | | | | | 356 | | | | | | * | | | ||||
Income (loss) from continuing operations before income taxes and share of (losses) earnings in equity method investments
|
| | | | 131 | | | | | | (197) | | | | | | 328 | | | | | | 166 | | | ||||
Provision for income taxes
|
| | | | (39) | | | | | | (20) | | | | | | (19) | | | | | | (90) | | | ||||
Share of (losses) earnings in equity method investments
|
| | | | (1) | | | | | | 10 | | | | | | (11) | | | | | | (111) | | | ||||
Net income (loss) from continuing operations
|
| | | | 91 | | | | | | (207) | | | | | | 298 | | | | | | 144 | | | ||||
Gain from disposal of discontinued operations, net of tax
|
| | | | — | | | | | | 4 | | | | | | (4) | | | | | | (100) | | | ||||
Net income (loss)
|
| | | $ | 91 | | | | | $ | (203) | | | | | $ | 294 | | | | | | 145 | | | ||||
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||
(in $ millions)
|
| |
2014
|
| |
2013
|
| |
$
|
| |
%
|
| ||||||||||||||||
Air
|
| | | $ | 1,607 | | | | | $ | 1,588 | | | | | $ | 19 | | | | | | 1 | | | ||||
Beyond Air
|
| | | | 424 | | | | | | 371 | | | | | | 53 | | | | | | 14 | | | ||||
Travel Commerce Platform
|
| | | | 2,031 | | | | | | 1,959 | | | | | | 72 | | | | | | 4 | | | ||||
Technology Services
|
| | | | 117 | | | | | | 117 | | | | | | — | | | | | | 1 | | | ||||
Net revenue
|
| | | $ | 2,148 | | | | | $ | 2,076 | | | | | $ | 72 | | | | | | 3 | | | ||||
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
| | |
2014
|
| |
2013
|
| | | | | | | |
%
|
| |||||||||
Travel Commerce Platform RevPas (in $)
|
| | | $ | 5.70 | | | | | $ | 5.60 | | | | | $ | 0.10 | | | | | | 2 | | |
Reported Segments (in millions)
|
| | | | 356 | | | | | | 350 | | | | | | 6 | | | | | | 2 | | |
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||
(in $ millions)
|
| |
2014
|
| |
2013
|
| |
$
|
| |
%
|
| ||||||||||||||||
Asia Pacific
|
| | | $ | 400 | | | | | $ | 369 | | | | | $ | 31 | | | | | | 8 | | | ||||
Europe
|
| | | | 615 | | | | | | 596 | | | | | | 19 | | | | | | 3 | | | ||||
Latin America and Canada
|
| | | | 88 | | | | | | 86 | | | | | | 2 | | | | | | 3 | | | ||||
Middle East and Africa
|
| | | | 280 | | | | | | 277 | | | | | | 3 | | | | | | 1 | | | ||||
International
|
| | | | 1,383 | | | | | | 1,328 | | | | | | 55 | | | | | | 4 | | | ||||
United States
|
| | | | 648 | | | | | | 631 | | | | | | 17 | | | | | | 2 | | | ||||
Travel Commerce Platform
|
| | | $ | 2,031 | | | | | $ | 1,959 | | | | | $ | 72 | | | | | | 4 | | | ||||
|
| | |
Segments (in millions)
|
| |
RevPas (in $)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Year Ended
December 31, |
| |
Change
|
| |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||||||||||
| | |
2014
|
| |
2013
|
| |
%
|
| |
2014
|
| |
2013
|
| |
$
|
| |
$
|
| |
%
|
| ||||||||||||||||||||||||||||||||
Asia Pacific
|
| | | | 58 | | | | | | 56 | | | | | | 2 | | | | | | 3 | | | | | $ | 6.90 | | | | | $ | 6.58 | | | | | $ | 0.32 | | | | | | 5 | | | ||||||||
Europe
|
| | | | 86 | | | | | | 85 | | | | | | 1 | | | | | | 1 | | | | | $ | 7.15 | | | | | $ | 6.96 | | | | | $ | 0.19 | | | | | | 3 | | | ||||||||
Latin America and Canada
|
| | | | 15 | | | | | | 15 | | | | | | — | | | | | | 5 | | | | | $ | 5.75 | | | | | $ | 5.88 | | | | | $ | (0.13) | | | | | | (2) | | | ||||||||
Middle East and Africa
|
| | | | 39 | | | | | | 39 | | | | | | — | | | | | | — | | | | | $ | 7.22 | | | | | $ | 7.15 | | | | | $ | 0.07 | | | | | | 1 | | | ||||||||
International
|
| | | | 198 | | | | | | 195 | | | | | | 3 | | | | | | 2 | | | | | $ | 6.98 | | | | | $ | 6.81 | | | | | $ | 0.17 | | | | | | 3 | | | ||||||||
United States
|
| | | | 158 | | | | | | 155 | | | | | | 3 | | | | | | 2 | | | | | $ | 4.10 | | | | | $ | 4.07 | | | | | $ | 0.03 | | | | | | 1 | | | ||||||||
Travel Commerce Platform
|
| | | | 356 | | | | | | 350 | | | | | | 6 | | | | | | 2 | | | | | $ | 5.70 | | | | | $ | 5.60 | | | | | $ | 0.10 | | | | | | 2 | | | ||||||||
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||
(in $ millions)
|
| |
2014
|
| |
2013
|
| |
$
|
| |
%
|
| ||||||||||||||||
Commissions
|
| | | $ | 1,022 | | | | | $ | 978 | | | | | $ | 44 | | | | | | 5 | | | ||||
Technology costs
|
| | | | 302 | | | | | | 288 | | | | | | 14 | | | | | | 5 | | | ||||
Cost of revenue
|
| | | $ | 1,324 | | | | | $ | 1,266 | | | | | $ | 58 | | | | | | 5 | | | ||||
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||
(in $ millions)
|
| |
2014
|
| |
2013
|
| |
$
|
| |
%
|
| ||||||||||||||||
Workforce
|
| | | $ | 291 | | | | | $ | 294 | | | | | | (3) | | | | | | (1) | | | ||||
Non-workforce
|
| | | | 69 | | | | | | 62 | | | | | | 7 | | | | | | 9 | | | ||||
Sub-total
|
| | | | 360 | | | | | | 356 | | | | | | 4 | | | | | | 1 | | | ||||
Non-core corporate costs
|
| | | | 70 | | | | | | 40 | | | | | | 30 | | | | | | 79 | | | ||||
SG&A | | | | $ | 430 | | | | | $ | 396 | | | | | $ | 34 | | | | | | 9 | | | ||||
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||
(in $ millions)
|
| |
2014
|
| |
2013
|
| |
$
|
| |
%
|
| ||||||||||||||||
Depreciation on property and equipment
|
| | | $ | 156 | | | | | $ | 126 | | | | | $ | 30 | | | | | | 24 | | | ||||
Amortization of acquired intangible assets
|
| | | | 77 | | | | | | 80 | | | | | | (3) | | | | | | (4) | | | ||||
Total depreciation and amortization
|
| | | $ | 233 | | | | | $ | 206 | | | | | $ | 27 | | | | | | 13 | | | ||||
|
| | |
Year Ended
December 31, |
| |||||||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 155 | | | | | $ | 139 | | | | | $ | 154 | | |
Cash held as collateral
|
| | | | — | | | | | | 26 | | | | | | 79 | | |
Revolving credit facility availability
|
| | | | 101 | | | | | | 86 | | | | | | 120 | | |
(in $ millions)
|
| |
December 31,
2015 |
| |
December 31,
2014 |
| |
Change
|
| ||||||||||||
Accounts Receivable, net
|
| | | $ | 206 | | | | | $ | 184 | | | | | $ | 22 | | | |||
Accrued commissions and incentives
|
| | | | (241) | | | | | | (260) | | | | | | 19 | | | |||
Deferred revenue and prepaid incentives, net
|
| | | | (10) | | | | | | (15) | | | | | | 5 | | | |||
Trading Working Capital
|
| | | | (45) | | | | | | (91) | | | | | | 46 | | | |||
Cash and cash equivalents
|
| | | | 155 | | | | | | 139 | | | | | | 16 | | | |||
Accounts payable and employee related
|
| | | | (153) | | | | | | (132) | | | | | | (21) | | | |||
Accrued interest
|
| | | | (19) | | | | | | (18) | | | | | | (1) | | | |||
Current portion of long-term debt
|
| | | | (74) | | | | | | (56) | | | | | | (18) | | | |||
Taxes
|
| | | | 16 | | | | | | 17 | | | | | | (1) | | | |||
Other assets (liabilities), net
|
| | | | 6 | | | | | | (2) | | | | | | 8 | | | |||
Working Capital
|
| | | $ | (114) | | | | | $ | (143) | | | | | $ | 29 | | | |||
Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | | |||
Total current assets
|
| | | $ | 465 | | | | | $ | 412 | | | | | $ | 53 | | | |||
Total current liabilities
|
| | | | (579) | | | | | | (555) | | | | | | (24) | | | |||
Working Capital
|
| | | $ | (114) | | | | | $ | (143) | | | | | $ | 29 | | | |||
|
| | |
December 31,
2015 |
| |
December 31,
2014 |
| |
Change
|
| |||||||||
Accounts receivable, net (in $ millions)
|
| | | $ | 206 | | | | | $ | 184 | | | | | $ | 22 | | |
Accounts receivable, net – Days Sales Outstanding (“DSO”)
|
| | | | 38 | | | | | | 37 | | | | | | 1 | | |
| | |
Asset (Liability)
|
| | |||||||||||||||||
(in $ millions)
|
| |
December 31,
2014 |
| |
December 31,
2013 |
| |
Change
|
| ||||||||||||
Accounts Receivable, net
|
| | | $ | 184 | | | | | $ | 177 | | | | | $ | 7 | | | |||
Accrued commissions and incentives
|
| | | | (260) | | | | | | (253) | | | | | | (7) | | | |||
Deferred revenue and prepaid incentives, net
|
| | | | (15) | | | | | | (10) | | | | | | (5) | | | |||
Trading Working Capital
|
| | | | (91) | | | | | | (86) | | | | | | (5) | | | |||
Cash and cash equivalents
|
| | | | 139 | | | | | | 154 | | | | | | (15) | | | |||
Accounts payable and employee related
|
| | | | (132) | | | | | | (152) | | | | | | 20 | | | |||
Accrued interest
|
| | | | (18) | | | | | | (73) | | | | | | 55 | | | |||
Current portion of long-term debt
|
| | | | (56) | | | | | | (45) | | | | | | (11) | | | |||
Taxes
|
| | | | 17 | | | | | | (8) | | | | | | 25 | | | |||
Other assets (liabilities), net
|
| | | | (2) | | | | | | (5) | | | | | | 3 | | | |||
Working Capital
|
| | | $ | (143) | | | | | $ | (215) | | | | | $ | 72 | | | |||
Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | | |||
Total current assets
|
| | | $ | 412 | | | | | $ | 466 | | | | | $ | (54) | | | |||
Total current liabilities
|
| | | | (555) | | | | | | (681) | | | | | | 126 | | | |||
Working Capital
|
| | | $ | (143) | | | | | $ | (215) | | | | | $ | 72 | | | |||
|
| | |
December 31,
2014 |
| |
December 31,
2013 |
| |
Change
|
| |||||||||
Accounts receivable, net (in $ millions)
|
| | | $ | 184 | | | | | $ | 177 | | | | | $ | 7 | | |
Accounts receivable, net – DSO
|
| | | | 37 | | | | | | 38 | | | | | | (1) | | |
| | |
Year Ended
December 31, |
| ||||||||||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| |
2013
|
| ||||||||||||
Cash provided by (used in): | | | | | | | | | | | | | | | | | | | | |||
Operating activities
|
| | | $ | 262 | | | | | $ | 58 | | | | | $ | 100 | | | |||
Investing activities
|
| | | | (166) | | | | | | 226 | | | | | | (96) | | | |||
Financing activities
|
| | | | (78) | | | | | | (297) | | | | | | 40 | | | |||
Effect of exchange rate changes
|
| | | | (2) | | | | | | (2) | | | | | | — | | | |||
Net (decrease) increase in cash and cash equivalents
|
| | | $ | 16 | | | | | $ | (15) | | | | | $ | 44 | | | |||
|
| | |
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
|
| | | | (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(1)
|
| | | | (14) | | | | | | (47) | | | | | | (47) | | | |||
Net cash provided by operating activities
|
| | | | 262 | | | | | | 58 | | | | | | 100 | | | |||
Add: other adjusting items(1)
|
| | | | 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 | | | |||
|
| | |
Year Ended
December 31, |
| |||||||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| |
Change
|
| |||||||||
Cash additions to software developed for internal use
|
| | | $ | 78 | | | | | $ | 82 | | | | | $ | (4) | | |
Cash additions to computer equipment and other
|
| | | | 28 | | | | | | 30 | | | | | | (2) | | |
Total
|
| | | $ | 106 | | | | | $ | 112 | | | | | $ | (6) | | |
| | | | | | | | | |
| | |
Year Ended
December 31, |
| ||||||||||||||||||
(in $ millions)
|
| |
2014
|
| |
2013
|
| |
Change
|
| ||||||||||||
Cash additions to software developed for internal use
|
| | | $ | 82 | | | | | $ | 79 | | | | | $ | 3 | | | |||
Cash additions to computer equipment and other
|
| | | | 30 | | | | | | 28 | | | | | | 2 | | | |||
Total
|
| | | $ | 112 | | | | | $ | 107 | | | | | $ | 5 | | | |||
|
(in $ millions)
|
| |
Interest
rate |
| |
Maturity
|
| |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||||
Senior Secured Credit Agreement | | | | | | | | | | ||||||||||||
Term loans
|
| | | | | | | | | ||||||||||||
Dollar denominated(1)
|
| | L+4.75% | | | September 2021 | | | | $ | 2,327 | | | | | $ | 2,347 | | | ||
Revolver borrowings
|
| | | | | | | | | ||||||||||||
Dollar denominated
|
| | L+5.00% | | | September 2019 | | | | | — | | | | | | — | | | ||
Capital leases and other indebtedness
|
| | | | | | | | | | 134 | | | | | | 93 | | | ||
Total debt
|
| | | | | | | | | | 2,461 | | | | | | 2,440 | | | ||
Less: cash and cash equivalents
|
| | | | | | | | | | (155) | | | | | | (139) | | | ||
Less: cash held as collateral
|
| | | | | | | | | | — | | | | | | (26) | | | ||
Net Debt(2)
|
| | | | | | | | | $ | 2,306 | | | | | $ | 2,275 | | | ||
|
| | |
Year Ending December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||||||
(in $ millions)
|
| |
2016
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
Thereafter
|
| |
Total
|
| ||||||||||||||||||||||||||||
Debt(1) | | | | $ | 74 | | | | | $ | 60 | | | | | $ | 53 | | | | | $ | 41 | | | | | $ | 26 | | | | | $ | 2,207 | | | | | $ | 2,461 | | | |||||||
Interest payments(2)
|
| | | | 146 | | | | | | 141 | | | | | | 137 | | | | | | 134 | | | | | | 132 | | | | | | 103 | | | | | | 793 | | | |||||||
Operating leases(3)
|
| | | | 13 | | | | | | 12 | | | | | | 10 | | | | | | 10 | | | | | | 9 | | | | | | 27 | | | | | | 81 | | | |||||||
Purchase commitments(4)
|
| | | | 50 | | | | | | 9 | | | | | | 7 | | | | | | 6 | | | | | | — | | | | | | — | | | | | | 72 | | | |||||||
Total
|
| | | $ | 283 | | | | | $ | 222 | | | | | $ | 207 | | | | | $ | 191 | | | | | $ | 167 | | | | | $ | 2,337 | | | | | $ | 3,407 | | | |||||||
|
| TRAVELPORT WORLDWIDE LIMITED | | |||
| | | | | |
| By: | | | /s/ Antonios Basoukeas | |
| | | | Antonios Basoukeas | |
| | | | Chief Accounting Officer | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Gordon Wilson
(Gordon Wilson)
|
| | Chief Executive Officer and Director | | | February 18, 2016 | |
|
/s/ Bernard Bot
(Bernard Bot)
|
| | Executive Vice President and Chief Financial Officer | | | February 18, 2016 | |
|
/s/ Douglas Steenland
(Douglas Steenland)
|
| | Chairman of the Board and Director | | | February 18, 2016 | |
|
/s/ Gavin Baiera
(Gavin Baiera)
|
| | Director | | | February 18, 2016 | |
|
/s/ Gregory Blank
(Gregory Blank)
|
| | Director | | | February 18, 2016 | |
|
/s/ Elizabeth Buse
(Elizabeth Buse)
|
| | Director | | | February 18, 2016 | |
|
/s/ Steven Chambers
(Steven Chambers)
|
| | Director | | | February 18, 2016 | |
|
/s/ Michael J. Durham
(Michael J. Durham)
|
| | Director | | | February 18, 2016 | |
|
/s/ Douglas Hacker
(Douglas Hacker)
|
| | Director | | | February 18, 2016 | |
|
/s/ Antonios Basoukeas
(Antonios Basoukeas)
|
| | Chief Accounting Officer | | | February 18, 2016 | |
| | |
Page
|
||
| | | | F-2 | |
| | | | F-3 | |
| | | | F-4 | |
| | | | F-5 | |
| | | | F-6 | |
| | | | F-8 | |
| | | | F-9 |
(in $ millions, except share data)
|
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |
Year Ended
December 31, 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 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 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 | | | |||
|
(in $ millions)
|
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |
Year Ended
December 31, 2013 |
| ||||||||||||
Net income (loss)
|
| | | $ | 20 | | | | | $ | 91 | | | | | $ | (203) | | | |||
Other comprehensive (loss) income, net of tax | | | | | ||||||||||||||||||
Currency translation adjustments, net of tax of $0
|
| | | | (11) | | | | | | (11) | | | | | | (5) | | | |||
Changes in loss on cash flow hedges, net of tax of $0
|
| | | | — | | | | | | 4 | | | | | | (4) | | | |||
Unrealized actuarial gain (loss) on defined benefit plans, net of tax of $0, $2 and $2
|
| | | | 14 | | | | | | (84) | | | | | | 107 | | | |||
Changes in (loss) gain on equity investment, net of tax of $0
|
| | | | (1) | | | | | | (7) | | | | | | 9 | | | |||
Changes in gain on available-for-sale securities, net of tax of $0
|
| | | | (6) | | | | | | 6 | | | | | | — | | | |||
Other comprehensive (loss) income, net of tax
|
| | | | (4) | | | | | | (92) | | | | | | 107 | | | |||
Comprehensive income (loss)
|
| | | | 16 | | | | | | (1) | | | | | | (96) | | | |||
Comprehensive income attributable to non-controlling interest
in subsidiaries |
| | | | (4) | | | | | | (5) | | | | | | (3) | | | |||
Comprehensive income (loss) attributable to the Company
|
| | | $ | 12 | | | | | $ | (6) | | | | | $ | (99) | | | |||
|
(in $ millions, except share data)
|
| |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||||
Assets | | | | ||||||||||||
Current assets: | | | | ||||||||||||
Cash and cash equivalents
|
| | | $ | 155 | | | | | $ | 139 | | | ||
Accounts receivable (net of allowances for doubtful accounts of $15 and $14)
|
| | | | 206 | | | | | | 184 | | | ||
Deferred income taxes
|
| | | | 5 | | | | | | 5 | | | ||
Other current assets
|
| | | | 99 | | | | | | 84 | | | ||
Total current assets
|
| | | | 465 | | | | | | 412 | | | ||
Property and equipment, net
|
| | | | 460 | | | | | | 414 | | | ||
Goodwill
|
| | | | 1,067 | | | | | | 997 | | | ||
Trademarks and tradenames
|
| | | | 314 | | | | | | 314 | | | ||
Other intangible assets, net
|
| | | | 535 | | | | | | 619 | | | ||
Cash held as collateral
|
| | | | — | | | | | | 26 | | | ||
Deferred income taxes
|
| | | | 10 | | | | | | 9 | | | ||
Other non-current assets
|
| | | | 78 | | | | | | 101 | | | ||
Total assets
|
| | | $ | 2,929 | | | | | $ | 2,892 | | | ||
Liabilities and equity | | | | ||||||||||||
Current liabilities: | | | | ||||||||||||
Accounts payable
|
| | | $ | 74 | | | | | $ | 73 | | | ||
Accrued expenses and other current liabilities
|
| | | | 431 | | | | | | 426 | | | ||
Current portion of long-term debt
|
| | | | 74 | | | | | | 56 | | | ||
Total current liabilities
|
| | | | 579 | | | | | | 555 | | | ||
Long-term debt
|
| | | | 2,387 | | | | | | 2,384 | | | ||
Deferred income taxes
|
| | | | 60 | | | | | | 54 | | | ||
Other non-current liabilities
|
| | | | 226 | | | | | | 237 | | | ||
Total liabilities
|
| | | | 3,252 | | | | | | 3,230 | | | ||
Commitments and contingencies (Note 14) | | | | ||||||||||||
Shareholders’ equity (deficit): | | | | ||||||||||||
Preference shares ($0.0025 par value; 225,000,000 shares authorized;
no shares issued and outstanding as of December 31, 2015 and 2014) |
| | | | — | | | | | | — | | | ||
Common shares ($0.0025 par value; 560,000,000 shares authorized;
124,476,382 shares and 122,505,599 shares issued; 123,631,474 shares and 121,411,360 shares outstanding as of December 31, 2015 and 2014, respectively) |
| | | | — | | | | | | — | | | ||
Additional paid in capital
|
| | | | 2,716 | | | | | | 2,715 | | | ||
Treasury shares, at cost (844,908 shares and 1,094,239 shares as of December 31, 2015 and 2014, respectively)
|
| | | | (13) | | | | | | — | | | ||
Accumulated deficit
|
| | | | (2,882) | | | | | | (2,898) | | | ||
Accumulated other comprehensive loss
|
| | | | (178) | | | | | | (174) | | | ||
Total shareholders’ equity (deficit)
|
| | | | (357) | | | | | | (357) | | | ||
Equity attributable to non-controlling interest in subsidiaries
|
| | | | 34 | | | | | | 19 | | | ||
Total equity (deficit)
|
| | | | (323) | | | | | | (338) | | | ||
Total liabilities and equity
|
| | | $ | 2,929 | | | | | $ | 2,892 | | | ||
|
(in $ millions)
|
| |
Year ended
December 31, 2015 |
| |
Year ended
December 31, 2014 |
| |
Year ended
December 31, 2013 |
| ||||||||||||
Operating activities of continuing operations | | | | | ||||||||||||||||||
Net income (loss)
|
| | | $ | 20 | | | | | $ | 91 | | | | | $ | (203) | | | |||
Income from discontinued operations (including gain from disposal), net of tax
|
| | | | — | | | | | | — | | | | | | (4) | | | |||
Net income (loss) from continuing operations
|
| | | | 20 | | | | | | 91 | | | | | | (207) | | | |||
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities:
|
| | | | ||||||||||||||||||
Depreciation and amortization
|
| | | | 234 | | | | | | 233 | | | | | | 206 | | | |||
Amortization of customer loyalty payments
|
| | | | 67 | | | | | | 76 | | | | | | 63 | | | |||
Gain on sale of shares of Orbitz Worldwide
|
| | | | (6) | | | | | | (356) | | | | | | — | | | |||
Amortization of debt finance costs
|
| | | | 6 | | | | | | 10 | | | | | | 21 | | | |||
Accrual of repayment fee and amortization of debt discount
|
| | | | 4 | | | | | | 6 | | | | | | 8 | | | |||
Loss on early extinguishment of debt
|
| | | | — | | | | | | 108 | | | | | | 49 | | | |||
(Gain) Loss on foreign exchange derivative instruments
|
| | | | (4) | | | | | | 17 | | | | | | 1 | | | |||
Gain on interest rate derivative instruments
|
| | | | (9) | | | | | | (1) | | | | | | (3) | | | |||
Payment-in-kind interest
|
| | | | — | | | | | | 17 | | | | | | 38 | | | |||
Share of losses (earnings) in equity method investments
|
| | | | 1 | | | | | | 1 | | | | | | (10) | | | |||
Equity-based compensation
|
| | | | 30 | | | | | | 41 | | | | | | 6 | | | |||
Deferred income taxes
|
| | | | 2 | | | | | | 6 | | | | | | (1) | | | |||
Customer loyalty payments
|
| | | | (75) | | | | | | (93) | | | | | | (78) | | | |||
Pension liability contribution
|
| | | | (3) | | | | | | (7) | | | | | | (3) | | | |||
Changes in assets and liabilities:
|
| | | | ||||||||||||||||||
Accounts receivable
|
| | | | (18) | | | | | | (11) | | | | | | (27) | | | |||
Other current assets
|
| | | | (27) | | | | | | 7 | | | | | | 5 | | | |||
Accounts payable, accrued expenses and other current liabilities
|
| | | | 12 | | | | | | (98) | | | | | | 5 | | | |||
Other
|
| | | | 28 | | | | | | 11 | | | | | | 27 | | | |||
Net cash provided by operating activities
|
| | | $ | 262 | | | | | $ | 58 | | | | | $ | 100 | | | |||
Investing activities | | | | | ||||||||||||||||||
Property and equipment additions
|
| | | $ | (106) | | | | | $ | (112) | | | | | $ | (107) | | | |||
Proceeds from sale of shares of Orbitz Worldwide
|
| | | | 6 | | | | | | 366 | | | | | | — | | | |||
Businesses acquired, net of cash
|
| | | | (66) | | | | | | (18) | | | | | | — | | | |||
Purchase of equity method investment
|
| | | | — | | | | | | (10) | | | | | | — | | | |||
Proceeds from sale of assets held-for-sale
|
| | | | — | | | | | | — | | | | | | 17 | | | |||
Other
|
| | | | — | | | | | | — | | | | | | (6) | | | |||
Net cash (used in) provided by investing activities
|
| | | $ | (166) | | | | | $ | 226 | | | | | $ | (96) | | | |||
|
(in $ millions)
|
| |
Year ended
December 31, 2015 |
| |
Year ended
December 31, 2014 |
| |
Year ended
December 31, 2013 |
| |||||||||
Financing activities | | | | | |||||||||||||||
Net proceeds from issuance of common shares in initial public offering
|
| | | $ | — | | | | | $ | 445 | | | | | $ | — | | |
Proceeds from term loans
|
| | | | — | | | | | | 2,345 | | | | | | 2,169 | | |
Proceeds from bridge loans
|
| | | | — | | | | | | 425 | | | | | | — | | |
Proceeds from revolver borrowings
|
| | | | 30 | | | | | | 75 | | | | | | 73 | | |
Repayment of term loans under senior secured credit agreement
|
| | | | (24) | | | | | | (1,477) | | | | | | (1,667) | | |
Repayment of bridge loans
|
| | | | — | | | | | | (425) | | | | | | — | | |
Repayment of term loans under second lien credit agreement
|
| | | | — | | | | | | (863) | | | | | | — | | |
Repurchase / repayment of senior notes and senior subordinated notes
|
| | | | — | | | | | | (588) | | | | | | (413) | | |
Repayment of revolver borrowings
|
| | | | (30) | | | | | | (75) | | | | | | (93) | | |
Repayment of capital lease obligations and other indebtedness
|
| | | | (36) | | | | | | (32) | | | | | | (20) | | |
Debt finance costs
|
| | | | — | | | | | | (40) | | | | | | (55) | | |
Release of cash provided as collateral
|
| | | | 26 | | | | | | 53 | | | | | | 137 | | |
Cash provided as collateral
|
| | | | — | | | | | | — | | | | | | (79) | | |
Payment related to early extinguishment of debt
|
| | | | — | | | | | | (46) | | | | | | — | | |
Purchase of non-controlling interest in a subsidiary
|
| | | | (3) | | | | | | (65) | | | | | | — | | |
Costs related to exchange of shares for payment-in-kind debt
|
| | | | — | | | | | | — | | | | | | (6) | | |
Tax withholding for equity awards (Note 1)
|
| | | | (1) | | | | | | (23) | | | | | | (1) | | |
Sale of treasury shares
|
| | | | 12 | | | | | | — | | | | | | — | | |
Treasury share purchase related to vesting of equity awards (Note 1)
|
| | | | (13) | | | | | | — | | | | | | — | | |
Dividend to shareholders
|
| | | | (37) | | | | | | (9) | | | | | | — | | |
Dividend to non-controlling interest shareholders
|
| | | | (2) | | | | | | (2) | | | | | | (1) | | |
Payment on settlement of derivative instruments
|
| | | | — | | | | | | — | | | | | | (8) | | |
Proceeds from settlement of derivative instruments
|
| | | | — | | | | | | 3 | | | | | | 4 | | |
Other
|
| | | | — | | | | | | 2 | | | | | | — | | |
Net cash (used in) provided by financing activities
|
| | | $ | (78) | | | | | $ | (297) | | | | | $ | 40 | | |
Effect of changes in exchange rates on cash and cash equivalents
|
| | | | (2) | | | | | | (2) | | | | | | — | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 16 | | | | | | (15) | | | | | | 44 | | |
Cash and cash equivalents at beginning of year
|
| | | | 139 | | | | | | 154 | | | | | | 110 | | |
Cash and cash equivalents at end of year
|
| | | $ | 155 | | | | | $ | 139 | | | | | $ | 154 | | |
Supplemental disclosure of cash flow information of continuing operations
|
| | | | |||||||||||||||
Interest payments, net of capitalized interest
|
| | | $ | 146 | | | | | $ | 294 | | | | | $ | 273 | | |
Income tax payments, net of refunds
|
| | | | 25 | | | | | | 26 | | | | | | 29 | | |
Non-cash capital lease additions (see Note 6)
|
| | | | 90 | | | | | | 18 | | | | | | 32 | | |
Non-cash purchase of property and equipment (see Note 6)
|
| | | | 34 | | | | | | — | | | | | | — | | |
Non-cash exchange of debt for equity (see Note 10)
|
| | | | — | | | | | | 571 | | | | | | 473 | | |
Exchange of senior notes due 2014 and 2016 for new senior notes due 2016
|
| | | | — | | | | | | — | | | | | | 591 | | |
Exchange of second priority secured notes for Tranche 2 Loans
|
| | | | — | | | | | | — | | | | | | 229 | | |
Exchange of payment-in-kind debt for new senior subordinated debt
|
| | | | — | | | | | | — | | | | | | 25 | | |
| | |
Common
Shares |
| |
Additional
Paid in Capital |
| |
Treasury
Shares |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Non-
Controlling Interest in Subsidiaries |
| |
Total
Equity (Deficit) |
| ||||||||||||||||||||||||||||||||||||||||||
(in $ millions, except share data)
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2013
|
| | | | 8,131,539 | | | | | $ | — | | | | | $ | 1,265 | | | | | | — | | | | | $ | — | | | | | $ | (2,778) | | | | | $ | (189) | | | | | $ | 16 | | | | | $ | (1,686) | | | |||||||||
Issue of common shares in exchange for debt, net of expenses
|
| | | | 52,373,884 | | | | | | — | | | | | | 467 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 467 | | | |||||||||
Dividend to non-controlling interest shareholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1) | | | | | | (1) | | | |||||||||
Equity-based compensation
|
| | | | 652,222 | | | | | | — | | | | | | 5 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 6 | | | |||||||||
Tax withholding for equity awards
|
| | | | (275,599) | | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1) | | | |||||||||
Comprehensive (loss) income, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (206) | | | | | | 107 | | | | | | 3 | | | | | | (96) | | | |||||||||
Balance as of December 31, 2013
|
| | | | 60,882,046 | | | | | | — | | | | | | 1,736 | | | | | | — | | | | | | — | | | | | | (2,984) | | | | | | (82) | | | | | | 19 | | | | | | (1,311) | | | |||||||||
Issue of common shares in initial public offering, net of expenses
|
| | | | 30,000,000 | | | | | | — | | | | | | 445 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 445 | | | |||||||||
Issue of common shares in exchange for debt
|
| | | | 28,841,012 | | | | | | — | | | | | | 585 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 585 | | | |||||||||
Dividend to non-controlling interest shareholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2) | | | | | | (2) | | | |||||||||
Dividend to shareholders ($0.075 per
share) |
| | | | — | | | | | | — | | | | | | (9) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9) | | | |||||||||
Purchase of non-controlling interest in a subsidiary
|
| | | | — | | | | | | — | | | | | | (62) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | | | | | (65) | | | |||||||||
Equity-based compensation
|
| | | | 3,078,827 | | | | | | — | | | | | | 41 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 41 | | | |||||||||
Tax withholding for equity awards
|
| | | | (1,390,525) | | | | | | — | | | | | | (23) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (23) | | | |||||||||
Tax benefit from equity-based award activity
|
| | | | — | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2 | | | |||||||||
Comprehensive income (loss), net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 86 | | | | | | (92) | | | | | | 5 | | | | | | (1) | | | |||||||||
Balance as of December 31, 2014
|
| | | | 121,411,360 | | | | | | — | | | | | | 2,715 | | | | | | — | | | | | | — | | | | | | (2,898) | | | | | | (174) | | | | | | 19 | | | | | | (338) | | | |||||||||
Change in accounting policy for treasury shares (See Note 1)
|
| | | | 1,094,239 | | | | | | — | | | | | | 17 | | | | | | 1,094,239 | | | | | | (17) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||||||
Balance after change in accounting policy
|
| | | | 122,505,599 | | | | | | — | | | | | | 2,732 | | | | | | 1,094,239 | | | | | | (17) | | | | | | (2,898) | | | | | | (174) | | | | | | 19 | | | | | | (338) | | | |||||||||
Dividend to non-controlling interest shareholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2) | | | | | | (2) | | | |||||||||
Dividend to shareholders ($0.300 per
share) |
| | | | — | | | | | | — | | | | | | (37) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (37) | | | |||||||||
Equity-based compensation
|
| | | | 1,970,783 | | | | | | — | | | | | | 25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25 | | | |||||||||
Purchase of non-controlling interest in a subsidiary
|
| | | | — | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | | |||||||||
Non-controlling interest in business acquisitions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13 | | | | | | 13 | | | |||||||||
Treasury shares purchased in relation to vesting of equity awards
|
| | | | — | | | | | | — | | | | | | — | | | | | | 837,867 | | | | | | (13) | | | | | | — | | | | | | — | | | | | | — | | | | | | (13) | | | |||||||||
Treasury shares issued on vesting of equity awards
|
| | | | — | | | | | | — | | | | | | — | | | | | | (237,198) | | | | | | 4 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | |||||||||
Sale of treasury shares (See Note 15)
|
| | | | — | | | | | | — | | | | | | (1) | | | | | | (850,000) | | | | | | 13 | | | | | | — | | | | | | — | | | | | | — | | | | | | 12 | | | |||||||||
Comprehensive income (loss), net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16 | | | | | | (4) | | | | | | 4 | | | | | | 16 | | | |||||||||
Balance as of December 31, 2015
|
| | | | 124,476,382 | | | | | $ | — | | | | | $ | 2,716 | | | | | | 844,908 | | | | | $ | (13) | | | | | $ | (2,882) | | | | | $ | (178) | | | | | $ | 34 | | | | | $ | (323) | | | |||||||||
|
| | | | | |
|
Capitalized software
|
| |
3 to 10 years
|
|
|
Computer equipment
|
| |
3 to 7 years
|
|
| Buildings | | |
up to 30 years
|
|
|
Leasehold improvements
|
| |
up to 20 years
|
|
| | | | | |
|
Acquired intangible assets
|
| |
5 to 25 years
|
|
|
Customer loyalty payments
|
| |
2 to 10 years (contract period)
|
|
(in $ millions)
|
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |
Year Ended
December 31, 2013 |
| ||||||||||||
Current | | | | | ||||||||||||||||||
U.S. Federal
|
| | | $ | — | | | | | $ | (1) | | | | | $ | — | | | |||
U.S. State
|
| | | | — | | | | | | — | | | | | | 2 | | | |||
Non-U.S.
|
| | | | (24) | | | | | | (29) | | | | | | (21) | | | |||
| | | | | (24) | | | | | | (30) | | | | | | (19) | | | |||
Deferred | | | | | ||||||||||||||||||
U.S. Federal
|
| | | | (3) | | | | | | (10) | | | | | | 3 | | | |||
Non-U.S.
|
| | | | 1 | | | | | | 4 | | | | | | (2) | | | |||
| | | | | (2) | | | | | | (6) | | | | | | 1 | | | |||
Non-current | | | | | ||||||||||||||||||
Liabilities for uncertain tax positions
|
| | | | (1) | | | | | | (3) | | | | | | (2) | | | |||
Provision for income taxes
|
| | | $ | (27) | | | | | $ | (39) | | | | | $ | (20) | | | |||
|
(in $ millions)
|
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |
Year Ended
December 31, 2013 |
| ||||||||||||
U.S.
|
| | | $ | (27) | | | | | $ | 22 | | | | | $ | 14 | | | |||
Non-U.S. | | | | | 75 | | | | | | 109 | | | | | | (211) | | | |||
Income (loss) from continuing operations before income taxes and
share of (losses) earnings in equity method investments |
| | | $ | 48 | | | | | $ | 131 | | | | | $ | (197) | | | |||
|
(in $ millions)
|
| |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||||
Deferred tax assets: | | | | ||||||||||||
NOL and tax credit carry forwards
|
| | | $ | 376 | | | | | $ | 400 | | | ||
Pension liability
|
| | | | 48 | | | | | | 51 | | | ||
Accrued liabilities and deferred income
|
| | | | 27 | | | | | | 22 | | | ||
Equity-based compensation
|
| | | | 3 | | | | | | 7 | | | ||
Allowance for doubtful accounts
|
| | | | 1 | | | | | | 2 | | | ||
Other assets
|
| | | | 2 | | | | | | 4 | | | ||
Less: Valuation allowance
|
| | | | (383) | | | | | | (421) | | | ||
Total deferred tax assets
|
| | | | 74 | | | | | | 65 | | | ||
Netted against deferred tax liabilities
|
| | | | (59) | | | | | | (51) | | | ||
Deferred tax assets recognized on the balance sheet
|
| | | | 15 | | | | | | 14 | | | ||
Deferred tax liabilities: | | | | ||||||||||||
Accumulated depreciation and amortization
|
| | | | (100) | | | | | | (90) | | | ||
Other
|
| | | | (19) | | | | | | (15) | | | ||
Total deferred tax liabilities
|
| | | | (119) | | | | | | (105) | | | ||
Netted against deferred tax assets
|
| | | | 59 | | | | | | 51 | | | ||
Deferred tax liabilities recognized on the balance sheet
|
| | | | (60) | | | | | | (54) | | | ||
Net deferred tax liability
|
| | | $ | (45) | | | | | $ | (40) | | | ||
|
(in $ millions)
|
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |
Year Ended
December 31, 2013 |
| ||||||||||||
Tax (provision) benefit at U.S. federal statutory rate of 35%
|
| | | $ | (17) | | | | | $ | (46) | | | | | $ | 69 | | | |||
Taxes on non-U.S. operations at alternative rates
|
| | | | 63 | | | | | | 66 | | | | | | (17) | | | |||
Liability for uncertain tax positions
|
| | | | (1) | | | | | | (3) | | | | | | (2) | | | |||
Change in valuation allowance
|
| | | | (59) | | | | | | (138) | | | | | | (66) | | | |||
Non-taxable income
|
| | | | 2 | | | | | | 104 | | | | | | — | | | |||
Non-deductible expenses
|
| | | | (16) | | | | | | (19) | | | | | | (7) | | | |||
Adjustment in respect of prior years
|
| | | | — | | | | | | 1 | | | | | | 3 | | | |||
Other
|
| | | | 1 | | | | | | (4) | | | | | | — | | | |||
Provision for income taxes
|
| | | $ | (27) | | | | | $ | (39) | | | | | $ | (20) | | | |||
|
(in $ millions)
|
| |
December 31,
2015 |
| |
December 31,
2014 |
| |
December 31,
2013 |
| ||||||||||||
Unrecognized tax benefit − opening balance
|
| | | $ | 26 | | | | | $ | 24 | | | | | $ | 23 | | | |||
Gross increases − tax positions in prior periods
|
| | | | 57 | | | | | | 2 | | | | | | 8 | | | |||
Gross decreases − tax positions in prior periods
|
| | | | (1) | | | | | | — | | | | | | (5) | | | |||
Gross increases − tax positions in current period
|
| | | | 16 | | | | | | 1 | | | | | | 1 | | | |||
Decrease related to lapsing of statute of limitations
|
| | | | — | | | | | | (1) | | | | | | (2) | | | |||
Settlements | | | | | — | | | | | | — | | | | | | (1) | | | |||
Decrease due to currency translation adjustments
|
| | | | (2) | | | | | | — | | | | | | — | | | |||
Unrecognized tax benefit − ending balance
|
| | | $ | 96 | | | | | $ | 26 | | | | | $ | 24 | | | |||
|
(in $ millions)
|
| |
Amount
|
| ||||
Cash and cash equivalents
|
| | | $ | 10 | | | |
Capitalized software (See Note 6)
|
| | | | 21 | | | |
Goodwill (See Note 7)(1)
|
| | | | 77 | | | |
Other current assets
|
| | | | 7 | | | |
Other non-current assets
|
| | | | 1 | | | |
Other current liabilities
|
| | | | (10) | | | |
Other non-current liabilities
|
| | | | (3) | | | |
Non-controlling interest
|
| | | | (13) | | | |
Total | | | | $ | 90 | | | |
|
(in $ millions)
|
| |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||||
Sales and use tax receivables
|
| | | $ | 27 | | | | | $ | 28 | | | ||
Prepaid incentives
|
| | | | 26 | | | | | | 13 | | | ||
Prepaid expenses
|
| | | | 26 | | | | | | 20 | | | ||
Restricted cash
|
| | | | 12 | | | | | | 9 | | | ||
Available-for-sale securities
|
| | | | — | | | | | | 6 | | | ||
Other | | | | | 8 | | | | | | 8 | | | ||
| | | | $ | 99 | | | | | $ | 84 | | | ||
|
| | |
December 31, 2015
|
| |
December 31, 2014
|
| ||||||||||||||||||||||||||||||||||||
(in $ millions)
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| ||||||||||||||||||||||||
Capitalized software
|
| | | $ | 871 | | | | | $ | (635) | | | | | $ | 236 | | | | | $ | 772 | | | | | $ | (554) | | | | | $ | 218 | | | ||||||
Computer equipment
|
| | | | 304 | | | | | | (168) | | | | | | 136 | | | | | | 297 | | | | | | (175) | | | | | | 122 | | | ||||||
Building and leasehold improvements
|
| | | | 24 | | | | | | (9) | | | | | | 15 | | | | | | 24 | | | | | | (9) | | | | | | 15 | | | ||||||
Construction in progress
|
| | | | 73 | | | | | | — | | | | | | 73 | | | | | | 59 | | | | | | — | | | | | | 59 | | | ||||||
| | | | $ | 1,272 | | | | | $ | (812) | | | | | $ | 460 | | | | | $ | 1,152 | | | | | $ | (738) | | | | | $ | 414 | | | ||||||
|
(in $ millions)
|
| |
January 1,
2015 |
| |
Additions
|
| |
Retirements
|
| |
Foreign
Exchange |
| |
December 31,
2015 |
| ||||||||||||||||||||
Non-Amortizable Assets: | | | | | | | ||||||||||||||||||||||||||||||
Goodwill
|
| | | $ | 997 | | | | | $ | 72 | | | | | $ | — | | | | | $ | (2) | | | | | $ | 1,067 | | | |||||
Trademarks and tradenames
|
| | | | 314 | | | | | | — | | | | | | — | | | | | | — | | | | | | 314 | | | |||||
Other Intangible Assets: | | | | | | | ||||||||||||||||||||||||||||||
Acquired intangible assets
|
| | | | 1,129 | | | | | | — | | | | | | (3) | | | | | | 1 | | | | | | 1,127 | | | |||||
Accumulated amortization
|
| | | | (687) | | | | | | (72) | | | | | | 3 | | | | | | — | | | | | | (756) | | | |||||
Acquired intangible assets, net
|
| | | | 442 | | | | | | (72) | | | | | | — | | | | | | 1 | | | | | | 371 | | | |||||
Customer loyalty payments
|
| | | | 334 | | | | | | 75 | | | | | | (98) | | | | | | (11) | | | | | | 300 | | | |||||
Accumulated amortization
|
| | | | (157) | | | | | | (67) | | | | | | 83 | | | | | | 5 | | | | | | (136) | | | |||||
Customer loyalty payments, net
|
| | | | 177 | | | | | | 8 | | | | | | (15) | | | | | | (6) | | | | | | 164 | | | |||||
Other intangible assets, net
|
| | | $ | 619 | | | | | $ | (64) | | | | | $ | (15) | | | | | $ | (5) | | | | | $ | 535 | | | |||||
|
(in $ millions)
|
| |
January 1,
2014 |
| |
Additions
|
| |
Retirements
|
| |
Foreign
Exchange |
| |
December 31,
2014 |
| ||||||||||||||||||||
Non-Amortizable Assets: | | | | | | | ||||||||||||||||||||||||||||||
Goodwill
|
| | | $ | 986 | | | | | | 13 | | | | | | — | | | | | | (2) | | | | | | 997 | | | |||||
Trademarks and tradenames
|
| | | | 314 | | | | | | — | | | | | | — | | | | | | — | | | | | | 314 | | | |||||
Other Intangible Assets: | | | | | | | ||||||||||||||||||||||||||||||
Acquired intangible assets
|
| | | | 1,129 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,129 | | | |||||
Accumulated amortization
|
| | | | (610) | | | | | | (77) | | | | | | — | | | | | | — | | | | | | (687) | | | |||||
Acquired intangible assets, net
|
| | | | 519 | | | | | | (77) | | | | | | — | | | | | | — | | | | | | 442 | | | |||||
Customer loyalty payments
|
| | | | 306 | | | | | | 105 | | | | | | (77) | | | | | | — | | | | | | 334 | | | |||||
Accumulated amortization
|
| | | | (154) | | | | | | (76) | | | | | | 77 | | | | | | (4) | | | | | | (157) | | | |||||
Customer loyalty payments, net
|
| | | | 152 | | | | | | 29 | | | | | | — | | | | | | (4) | | | | | | 177 | | | |||||
Other intangible assets, net
|
| | | $ | 671 | | | | | | (48) | | | | | | — | | | | | | (4) | | | | | | 619 | | | |||||
|
| | |
Year Ending December 31,
|
| |||||||||
(in $ millions)
|
| |
Acquired Intangible
Assets |
| |
Customer Loyalty
Payments |
| ||||||
2016 | | | | | 46 | | | | | | 57 | | |
2017 | | | | | 42 | | | | | | 44 | | |
2018 | | | | | 41 | | | | | | 30 | | |
2019 | | | | | 41 | | | | | | 13 | | |
2020 | | | | | 41 | | | | | | 7 | | |
(in $ millions)
|
| |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||||
Deferred financing costs (see Note 10)
|
| | | $ | 31 | | | | | $ | 37 | | | ||
Supplier prepayments
|
| | | | 15 | | | | | | 24 | | | ||
Prepaid incentives
|
| | | | 9 | | | | | | 8 | | | ||
Derivative assets
|
| | | | 9 | | | | | | — | | | ||
Pension assets
|
| | | | 5 | | | | | | 3 | | | ||
Other | | | | | 9 | | | | | | 29 | | | ||
| | | | $ | 78 | | | | | $ | 101 | | | ||
|
(in $ millions)
|
| |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||||
Accrued commissions and incentives
|
| | | $ | 241 | | | | | $ | 260 | | | ||
Accrued payroll and related
|
| | | | 78 | | | | | | 59 | | | ||
Deferred revenue
|
| | | | 36 | | | | | | 27 | | | ||
Accrued interest expense
|
| | | | 19 | | | | | | 18 | | | ||
Income tax payable
|
| | | | 16 | | | | | | 16 | | | ||
Customer prepayments
|
| | | | 12 | | | | | | 9 | | | ||
Derivative contracts
|
| | | | 10 | | | | | | 16 | | | ||
Pension and post-retirement benefit liabilities
|
| | | | 1 | | | | | | 2 | | | ||
Other | | | | | 18 | | | | | | 19 | | | ||
| | | | $ | 431 | | | | | $ | 426 | | | ||
|
(in $ millions)
|
| |
Interest
rate |
| |
Maturity
|
| |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||||
Senior Secured Credit Agreement | | | | | | ||||||||||||||||
Term loans
|
| | | | | ||||||||||||||||
Dollar denominated(1)
|
| | L+4.75% | | | September 2021 | | | | $ | 2,327 | | | | | $ | 2,347 | | | ||
Revolver borrowings
|
| | | | | ||||||||||||||||
Dollar denominated
|
| | L+5.00% | | | September 2019 | | | | | — | | | | | | — | | | ||
Capital leases and other indebtedness
|
| | | | | | | | | | 134 | | | | | | 93 | | | ||
Total debt
|
| | | | | | | | | | 2,461 | | | | | | 2,440 | | | ||
Less: current portion
|
| | | | | | | | | | 74 | | | | | | 56 | | | ||
Long-term debt
|
| | | | | | | | | $ | 2,387 | | | | | $ | 2,384 | | | ||
|
(in $ millions)
|
| |
Year Ending
December 31, |
| ||||
2016 | | | | $ | 74 | | | |
2017 | | | | | 60 | | | |
2018 | | | | | 53 | | | |
2019 | | | | | 41 | | | |
2020 | | | | | 26 | | | |
Thereafter(1) | | | | | 2,207 | | | |
| | | | $ | 2,461 | | | |
|
(in $ millions)
|
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |
Year Ended
December 31, 2013 |
| ||||||||||||
Balance as of January 1
|
| | | $ | 37 | | | | | $ | 40 | | | | | $ | 73 | | | |||
Capitalization of debt finance costs
|
| | | | — | | | | | | 40 | | | | | | 29 | | | |||
Amortization | | | | | (6) | | | | | | (10) | | | | | | (21) | | | |||
Write-off on early extinguishment of debt
|
| | | | — | | | | | | (33) | | | | | | (41) | | | |||
Balance as of December 31
|
| | | $ | 31 | | | | | $ | 37 | | | | | $ | 40 | | | |||
|
| | | | | |
Fair Value Asset
|
| | | | |
Fair Value (Liability)
|
| ||||||||||||||||||||||
(in $ millions)
|
| |
Balance Sheet
Location |
| |
December 31,
2015 |
| |
December 31,
2014 |
| |
Balance Sheet
Location |
| |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||||||||||||
Interest rate swaps
|
| | Other non-current assets |
| | | $ | 9 | | | | | $ | — | | | | Other non-current liabilities |
| | | $ | — | | | | | $ | — | | | ||||
Foreign currency contracts
|
| | Other current assets |
| | | $ | — | | | | | $ | — | | | | Accrued Expenses and other current liabilities |
| | | $ | (10) | | | | | $ | (16) | | | ||||
Foreign currency contracts
|
| | Other non-current assets |
| | | $ | — | | | | | $ | — | | | | Other non-current liabilities |
| | | $ | (1) | | | | | $ | — | | | ||||
Total fair value
of derivative assets (liabilities) |
| | | | | | $ | 9 | | | | | $ | — | | | | | | | | $ | (11) | | | | | $ | (16) | | | ||||
|
| | |
For the Year Ended
December 31, |
| |||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| ||||||||
Net derivative (liability) asset – opening balance
|
| | | | (16) | | | | | $ | 10 | | | ||
Total loss for the period included in net income (loss)
|
| | | | (12) | | | | | | (19) | | | ||
Total loss for the period accounted through other comprehensive (loss) income
|
| | | | — | | | | | | (4) | | | ||
Payments on (proceeds from) settlement of foreign currency derivative contracts
|
| | | | 26 | | | | | | (3) | | | ||
Net derivative liability – closing balance
|
| | | $ | (2) | | | | | $ | (16) | | | ||
|
| | |
Amount of Gain
(Loss) Recognized in Other Comprehensive (Loss) Income |
| | | | |
Amount of Loss
Recorded in Net Income (Loss) |
|||||||||||||||||||||||||||||||||||
| | |
Year Ended
December 31, |
| |
Location of Gain
(Loss) Recorded in Income (Loss) |
| |
Year Ended
December 31, |
|||||||||||||||||||||||||||||||||||
(in $ millions)
|
| |
2015
|
| |
2014
|
| |
2013
|
| | | | |
2015
|
| |
2014
|
| |
2013
|
|||||||||||||||||||||||
Derivatives designated as hedging instruments:
|
| | | | | | | | ||||||||||||||||||||||||||||||||||||
Interest rate caps
|
| | | $ | — | | | | | $ | 4 | | | | | $ | (4) | | | |
Interest expense, net
|
| | | $ | — | | | | | $ | — | | | | | $ | — | ||||||
Derivatives not designated as hedging instruments:
|
| | | | | | | | ||||||||||||||||||||||||||||||||||||
Interest rate caps
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | |
Interest expense, net
|
| | | | — | | | | | | (9) | | | | | | — | ||||||
Interest rate swaps
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | |
Interest expense, net
|
| | | | 9 | | | | | | — | | | | | | (3) | ||||||
Foreign currency contracts
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | Selling, general and administrative |
| | | | (21) | | | | | | (19) | | | | | | (4) | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | $ | (12) | | | | | $ | (28) | | | | | $ | (7) | ||||||
|
| | | | | |
December 31, 2015
|
| |
December 31, 2014
|
| ||||||||||||||||||
(in $ millions)
|
| |
Fair Value
Hierarchy |
| |
Carrying
Amount |
| |
Fair
Value |
| |
Carrying
Amount |
| |
Fair
Value |
| ||||||||||||
Asset (liability) | | | | | | | ||||||||||||||||||||||
Available-for-sale securities
|
| |
Level 1
|
| | | $ | — | | | | | $ | — | | | | | $ | 6 | | | | | $ | 6 | | |
Derivative assets
|
| |
Level 2
|
| | | | 9 | | | | | | 9 | | | | | | — | | | | | | — | | |
Derivative liabilities
|
| |
Level 2
|
| | | | (11) | | | | | | (11) | | | | | | (16) | | | | | | (16) | | |
Total debt
|
| |
Level 2
|
| | | | (2,461) | | | | | | (2,431) | | | | | | (2,440) | | | | | | (2,461) | | |
(in $ millions)
|
| |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||||
Pension and post-retirement benefit liabilities
|
| | | $ | 129 | | | | | $ | 141 | | | ||
Income tax payable
|
| | | | 25 | | | | | | 26 | | | ||
Other
|
| | | | 72 | | | | | | 70 | | | ||
| | | | $ | 226 | | | | | $ | 237 | | | ||
|
| | |
Defined Benefit Pension Plans
|
| |||||||||||
(in $ millions)
|
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| ||||||||
Benefit obligation, beginning of year
|
| | | $ | 663 | | | | | $ | 581 | | | ||
Interest cost
|
| | | | 26 | | | | | | 27 | | | ||
Actuarial (gain) loss
|
| | | | (45) | | | | | | 94 | | | ||
Benefits paid
|
| | | | (36) | | | | | | (34) | | | ||
Currency translation adjustment
|
| | | | (6) | | | | | | (5) | | | ||
Benefit obligation, end of year
|
| | | $ | 602 | | | | | $ | 663 | | | ||
Fair value of plan assets, beginning of year
|
| | | $ | 531 | | | | | $ | 523 | | | ||
Return on plan assets
|
| | | | (9) | | | | | | 41 | | | ||
Employer contribution
|
| | | | 3 | | | | | | 7 | | | ||
Benefits paid
|
| | | | (36) | | | | | | (34) | | | ||
Currency translation adjustment
|
| | | | (6) | | | | | | (6) | | | ||
Fair value of plan assets, end of year
|
| | | | 483 | | | | | | 531 | | | ||
Funded status
|
| | | $ | (119) | | | | | $ | (132) | | | ||
|
| | |
Post-Retirement Benefit Plans
|
| |||||||||||
(in $ millions)
|
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| ||||||||
Benefit obligation, beginning of year
|
| | | $ | 7 | | | | | $ | 7 | | | ||
Actuarial gains
|
| | | | (2) | | | | | | — | | | ||
Benefits received
|
| | | | 1 | | | | | | — | | | ||
Benefits obligation, end of year
|
| | | $ | 6 | | | | | $ | 7 | | | ||
Fair value of plan assets, beginning and end of year
|
| | | | — | | | | | | — | | | ||
Funded status
|
| | | $ | (6) | | | | | $ | (7) | | | ||
|
| | |
Defined Benefit Pension Plans
|
| ||||||||||||||||||
(in $ millions)
|
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |
Year Ended
December 31, 2013 |
| ||||||||||||
Interest cost
|
| | | $ | 26 | | | | | $ | 27 | | | | | $ | 24 | | | |||
Expected return on plan assets
|
| | | | (33) | | | | | | (35) | | | | | | (34) | | | |||
Recognized net actuarial loss
|
| | | | 9 | | | | | | 3 | | | | | | 14 | | | |||
Net periodic cost (benefit)
|
| | | $ | 2 | | | | | $ | (5) | | | | | $ | 4 | | | |||
|
| | |
Post-Retirement Benefit Plans
|
| ||||||||||||||||||
(in $ millions)
|
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |
Year Ended
December 31, 2013 |
| ||||||||||||
Interest cost
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | |||
Amortization of prior service cost
|
| | | | — | | | | | | — | | | | | | — | | | |||
Recognized net actuarial gain
|
| | | | — | | | | | | — | | | | | | (1) | | | |||
Net periodic benefit
|
| | | $ | — | | | | | $ | — | | | | | $ | (1) | | | |||
|
| | |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||
Defined Benefit Pension Plans | | | | ||||||||||
Discount rate
|
| | | | 4.4% | | | | | | 4.2% | | |
Expected long-term return on plan assets
|
| | | | 6.4% | | | | | | 6.6% | | |
Post-Retirement Benefit Plans | | | | ||||||||||
Discount rate
|
| | | | 4.8% | | | | | | 4.4% | | |
| | |
Pension Plan Assets
|
| ||||||||||||||||||
($ in millions)
|
| |
Level 1
|
| |
Level 2
|
| |
Total
|
| ||||||||||||
Common & commingled trust funds(1)
|
| | | $ | — | | | | | $ | 384 | | | | | $ | 384 | | | |||
Mutual funds(2)
|
| | | | 88 | | | | | | — | | | | | | 88 | | | |||
Cash equivalents(3)
|
| | | | 11 | | | | | | — | | | | | | 11 | | | |||
Total
|
| | | $ | 99 | | | | | $ | 384 | | | | | $ | 483 | | | |||
|
| | |
Pension Plan Assets
|
| ||||||||||||||||||
($ in millions)
|
| |
Level 1
|
| |
Level 2
|
| |
Total
|
| ||||||||||||
Common & commingled trust funds(1)
|
| | | $ | — | | | | | $ | 437 | | | | | $ | 437 | | | |||
Mutual funds(2)
|
| | | | 72 | | | | | | — | | | | | | 72 | | | |||
Cash equivalents(3)
|
| | | | 22 | | | | | | — | | | | | | 22 | | | |||
Total
|
| | | $ | 94 | | | | | $ | 437 | | | | | $ | 531 | | | |||
|
(in $ millions)
|
| |
Defined Benefit
Pension Plans |
| |
Post-Retirement
Benefit Plans |
| ||||||
2016
|
| | | | 29 | | | | | | — | | |
2017
|
| | | | 30 | | | | | | — | | |
2018
|
| | | | 31 | | | | | | — | | |
2019
|
| | | | 32 | | | | | | — | | |
2020
|
| | | | 33 | | | | | | — | | |
Five years thereafter
|
| | | | 176 | | | | | | 1 | | |
(in $ millions)
|
| |
Amount
|
| ||||
2016
|
| | | | 13 | | | |
2017
|
| | | | 12 | | | |
2018
|
| | | | 10 | | | |
2019
|
| | | | 10 | | | |
2020
|
| | | | 9 | | | |
Thereafter
|
| | | | 27 | | | |
| | | | | 81 | | | |
|
Declaration Date
|
| |
Dividend
Per Share |
| |
Record
Date |
| |
Payment
Date |
| |
Amount
(in $ million) |
| ||||||
February 19, 2015
|
| | | $ | 0.075 | | | |
March 5, 2015
|
| |
March 19, 2015
|
| | | | 9 | | |
May 1, 2015
|
| | | $ | 0.075 | | | |
June 5, 2015
|
| |
June 18, 2015
|
| | | | 10 | | |
July 31, 2015
|
| | | $ | 0.075 | | | |
September 3, 2015
|
| |
September 17, 2015
|
| | | | 9 | | |
October 28, 2015
|
| | | $ | 0.075 | | | |
December 4, 2015
|
| |
December 17, 2015
|
| | | | 9 | | |
(in $ millions)
|
| |
Currency
Translation Adjustments |
| |
Unrealized
Gain (Loss) on Equity Investments |
| |
Unrealized
Gain (Loss) on Cash Flow Hedges |
| |
Unrealized
Gain on Available- for-Sale Securities |
| |
Unrecognized
Actuarial Gain (Loss) on Defined Benefit Plans |
| |
Accumulated
Other Comprehensive Income (Loss) |
| ||||||||||||||||||||||||
Balance as of
January 1, 2013 |
| | | | (5) | | | | | | (1) | | | | | | — | | | | | | — | | | | | | (183) | | | | | | (189) | | | ||||||
Activity during period, net of
tax of $2(1) |
| | | | (5) | | | | | | 9 | | | | | | (4) | | | | | | — | | | | | | 107 | | | | | | 107 | | | ||||||
Balance as of December 31, 2013
|
| | | | (10) | | | | | | 8 | | | | | | (4) | | | | | | — | | | | | | (76) | | | | | | (82) | | | ||||||
Activity during period, net of
tax of $2(1) |
| | | | (11) | | | | | | (7) | | | | | | 4 | | | | | | 6 | | | | | | (84) | | | | | | (92) | | | ||||||
Balance as of December 31, 2014
|
| | | | (21) | | | | | | 1 | | | | | | — | | | | | | 6 | | | | | | (160) | | | | | | (174) | | | ||||||
Activity during period, net of
tax of $0(1) |
| | | | (11) | | | | | | (1) | | | | | | — | | | | | | (6) | | | | | | 14 | | | | | | (4) | | | ||||||
Balance as of December 31, 2015
|
| | | | (32) | | | | | | — | | | | | | — | | | | | | — | | | | | | (146) | | | | | | (178) | | | ||||||
|
| | |
Restricted Share Units
|
| |||||||||||
(in dollars, except number of RSUs)
|
| |
Number
|
| |
Weighted Average
Grant Date Fair Value |
| ||||||||
Balance as of January 1, 2013
|
| | | | 43,527 | | | | | $ | 23.13 | | | ||
Granted at fair market value
|
| | | | 4,065,306 | | | | | $ | 4.63 | | | ||
Vested(1) | | | | | (652,222) | | | | | $ | 4.63 | | | ||
Forfeited
|
| | | | (96,000) | | | | | $ | 4.63 | | | ||
Balance as of December 31, 2013
|
| | | | 3,360,611 | | | | | $ | 4.88 | | | ||
Granted at fair market value
|
| | | | 3,251,661 | | | | | $ | 18.40 | | | ||
Vested(1) | | | | | (3,078,827) | | | | | $ | 4.81 | | | ||
Forfeited/cancelled
|
| | | | (337,023) | | | | | $ | 5.86 | | | ||
Balance as of December 31, 2014
|
| | | | 3,196,422 | | | | | $ | 18.68 | | | ||
Granted at fair market value
|
| | | | 982,700 | | | | | $ | 13.59 | | | ||
Vested(1) | | | | | (1,942,843) | | | | | $ | 19.48 | | | ||
Forfeited/cancelled
|
| | | | (63,750) | | | | | $ | 16.77 | | | ||
Balance as of December 31, 2015
|
| | | | 2,172,529 | | | | | $ | 15.73 | | | ||
|
| | |
Stock Options
|
| |||||||||
(in dollars, except stock options)
|
| |
Number
|
| |
Weighted
Average Grant Date Fair Value |
| ||||||
Balance as of January 1, 2013
|
| | | | — | | | | | | — | | |
Granted at fair market value
|
| | | | 160,000 | | | | | $ | 1.50 | | |
Balance as of December 31, 2013
|
| | | | 160,000 | | | | | $ | 1.50 | | |
Granted at fair market value
|
| | | | 1,116,730 | | | | | $ | 7.46 | | |
Forfeited/cancelled
|
| | | | (5,859) | | | | | $ | 6.43 | | |
Balance as of December 31, 2014
|
| | | | 1,270,871 | | | | | $ | 6.72 | | |
Granted at fair market value
|
| | | | 217,457 | | | | | $ | 5.06 | | |
Forfeited/cancelled
|
| | | | (33,690) | | | | | $ | 6.43 | | |
Balance as of December 31, 2015
|
| | | | 1,454,638 | | | | | $ | 6.49 | | |
| | | | | | | | |
| | |
2015
|
| |
2014
|
|
Fair value of common share
|
| |
$13.15 − $15.95
|
| |
16.00 − $20.00
|
|
Expected term from grant date (in years)
|
| |
6.25
|
| |
3 − 6.25
|
|
Risk free interest rate
|
| |
1.54% − 1.84%
|
| |
0.80% − 1.67%
|
|
Expected volatility
|
| |
42.12% − 49.27%
|
| |
49% − 60%
|
|
Dividend yield
|
| |
2%
|
| |
0% − 2%
|
|
(in $ millions)
|
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |
Year Ended
December 31, 2013 |
| ||||||||||||
RSUs
|
| | | $ | 22 | | | | | $ | 40 | | | | | $ | 5 | | | |||
Stock options
|
| | | | 3 | | | | | | 1 | | | | | | — | | | |||
REUs
|
| | | | — | | | | | | — | | | | | | 1 | | | |||
Other
|
| | | | 5 | | | | | | — | | | | | | — | | | |||
Total equity-based compensation expense
|
| | | $ | 30 | | | | | $ | 41 | | | | | $ | 6 | | | |||
|
(in $ millions, except share data)
|
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |
Year Ended
December 31, 2013 |
| ||||||||||||
Numerator – Basic and Diluted income per share: | | | | | ||||||||||||||||||
Net income (loss) from continuing operations
|
| | | $ | 20 | | | | | $ | 91 | | | | | $ | (207) | | | |||
Net income attributable to non-controlling interest in subsidiaries
|
| | | | (4) | | | | | | (5) | | | | | | (3) | | | |||
Net income (loss) from continuing operations attributable to the Company
|
| | | $ | 16 | | | | | $ | 86 | | | | | $ | (210) | | | |||
Denominator – Basic income per share: | | | | | ||||||||||||||||||
Weighted average common shares outstanding
|
| | | | 122,340,491 | | | | | | 85,771,655 | | | | | | 45,522,506 | | | |||
Income (loss) per share from continuing operations
|
| | | $ | 0.13 | | | | | $ | 1.01 | | | | | $ | (4.62) | | | |||
Denominator – Diluted income per share: | | | | | ||||||||||||||||||
Number of shares used for Basic income per share
|
| | | | 122,340,491 | | | | | | 85,771,655 | | | | | | 45,522,506 | | | |||
Weighted average effect of dilutive securities | | | | | ||||||||||||||||||
RSUs
|
| | | | 145,471 | | | | | | 1,988,145 | | | | | | — | | | |||
Stock options
|
| | | | 53,460 | | | | | | 104,290 | | | | | | — | | | |||
Weighted average common shares outstanding – Diluted
|
| | | | 122,539,422 | | | | | | 87,864,090 | | | | | | 45,522,506 | | | |||
Income (loss) per share from continuing operations
|
| | | $ | 0.13 | | | | | $ | 0.98 | | | | | $ | (4.62) | | | |||
|
(in $ millions)
|
| |
United
States |
| |
United
Kingdom |
| |
All Other
Countries |
| |
Total
|
| ||||||||||||
Net Revenue | | | | | | ||||||||||||||||||||
Year ended December 31, 2015
|
| | | | 756 | | | | | | 187 | | | | | | 1,278 | | | | | | 2,221 | | |
Year ended December 31, 2014
|
| | | | 786 | | | | | | 174 | | | | | | 1,188 | | | | | | 2,148 | | |
Year ended December 31, 2013
|
| | | | 772 | | | | | | 162 | | | | | | 1,142 | | | | | | 2,076 | | |
Long-Lived Assets (excluding financial instruments and deferred tax assets)
|
| | | | | ||||||||||||||||||||
As of December 31, 2015
|
| | | | 1,232 | | | | | | 17 | | | | | | 1,196 | | | | | | 2,445 | | |
As of December 31, 2014
|
| | | | 1,341 | | | | | | 18 | | | | | | 1,112 | | | | | | 2,471 | | |
As of December 31, 2013
|
| | | | 1,478 | | | | | | 39 | | | | | | 1,092 | | | | | | 2,609 | | |
(in $ millions)
|
| |
Balance at
Beginning of Period |
| |
Charged to
Expense or Other Accounts |
| |
Write-Offs
and Other Adjustments |
| |
Balance at
End of Period |
| ||||||||||||
Allowance for Doubtful Accounts: | | | | | | ||||||||||||||||||||
Year ended December 31, 2015
|
| | | | 14 | | | | | | 2 | | | | | | (1) | | | | | | 15 | | |
Year ended December 31, 2014
|
| | | | 13 | | | | | | 3 | | | | | | (2) | | | | | | 14 | | |
Year ended December 31, 2013
|
| | | | 16 | | | | | | 4 | | | | | | (7) | | | | | | 13 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Valuation Allowance for Deferred Tax Assets: | | | | | | ||||||||||||||||||||
Year ended December 31, 2015
|
| | | | 421 | | | | | | 54 | | | | | | (92) | | | | | | 383 | | |
Year ended December 31, 2014
|
| | | | 345 | | | | | | 166 | | | | | | (90) | | | | | | 421 | | |
Year ended December 31, 2013
|
| | | | 302 | | | | | | 24 | | | | | | 19 | | | | | | 345 | | |
|
Exhibit
No. |
| |
Description
|
|
| 2.1 | | | Purchase Agreement by and among Cendant Corporation, Travelport Americas, Inc. (f/k/a Travelport Inc.), and Travelport LLC (f/k/a TDS Investor Corporation, f/k/a TDS Investor LLC), dated as of June 30, 2006 (Incorporated by reference to Exhibit 2.1 to the Registration Statement on Form S-4 of Travelport Limited (333-141714) filed on March 30, 2007). | |
| 2.2 | | | Amendment to the Purchase Agreement among Cendant Corporation, Travelport Americas, Inc., (f/k/a Travelport Inc.) (f/k/a TDS Investor Corporation, f/k/a TDS Investor LLC) and Travelport Limited (f/k/a TDS Investor (Bermuda), Ltd.), dated as of August 23, 2006, to the Purchase Agreement dated as of June 30, 2006 (Incorporated by reference to Exhibit 2.2 to the Registration Statement on Form S-4 of Travelport Limited (333-141714) filed on March 30, 2007). | |
| 2.3 | | | Agreement and Plan of Merger by and among Travelport LLC (f/k/a Travelport Inc.) Warpspeed Sub Inc., Worldspan Technologies Inc., Citigroup Venture Capital Equity Partners, L.P., Ontario Teachers Pension Plan Board and Blackstone Management Partners V, L.P., dated as of December 7, 2006 (Incorporated by reference to Exhibit 2.3 to the Registration Statement on Form S-4 of Travelport Limited (333-141714) filed on March 30, 2007). | |
| 2.4 | | | Separation and Distribution Agreement by and among Cendant Corporation (n/k/a Avis Budget Group, Inc.), Realogy Corporation, Wyndham Worldwide Corporation and Travelport Americas, Inc. (f/k/a Travelport Inc.), dated as of July 27, 2006 (Incorporated by reference to Exhibit 2.1 to Cendant Corporation’s Current Report on Form 8-K dated August 1, 2006). | |
| 2.5 | | | Share Purchase Agreement, dated March 5, 2011, among Gullivers Services Limited, Travelport (Bermuda) Ltd., Travelport Inc., Travelport Limited, Kuoni Holdings PLC, Kuoni Holding Delaware, Inc., KIT Solution AG and Kuoni Reisen Holding AG (Incorporated by reference to Exhibit 2.5 to the Annual Report on Form 10-K filed by Travelport Limited on March 31, 2011). | |
| 3.1 | | | Amended and Restated Memorandum of Association of Travelport Worldwide Limited (Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by Travelport Worldwide Limited on September 30, 2014). | |
| 3.2 | | | Amended and Restated Bye-laws of Travelport Worldwide Limited (Incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by Travelport Worldwide Limited on September 30, 2014). | |
| 4.1 | | | Amended and Restated Shareholders’ Agreement, dated as of April 15, 2013, among Travelport Worldwide Limited, Travelport Intermediate Limited, TDS Investor (Cayman) L.P., Travelport Limited and the other shareholders party thereto (Incorporated by reference to Exhibit 4.10 to the Annual Report on Form 10-K filed by Travelport Limited on March 10, 2014). | |
| 4.2 | | | Registration Rights Agreement, dated as of April 15, 2013, among the shareholders referred to therein and Travelport Worldwide Limited (Incorporated by reference to Exhibit 4.14 to the Registration Statement on Form S-1 of Travelport Worldwide Limited (333-196506) filed on August 18, 2014). | |
| 10.1 | | | Credit Agreement, dated as of September 2, 2014, among Travelport Limited, Travelport Finance (Luxembourg) S.a.r.l., the Guarantors, Deutsche Bank AG New York Branch, as Administrative Agent, Collateral Agent and L/C Issuer, and each lender (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Travelport Limited on September 4, 2014). | |
|
Exhibit
No. |
| |
Description
|
|
| 10.2 | | | Incremental Amendment, dated as of January 16, 2015, among Travelport Finance (Luxembourg) S.a.r.l., as borrower, Travelport Limited, UBS AG Stamford Branch, as incremental Revolving Credit Lender and additional L/C Issuer, Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent, and consented and agreed to by Deutsche Bank AG New York Branch, Credit Suisse AG, Cayman Islands Branch, and Morgan Stanley Senior Funding, Inc., as the existing L/C Issuers (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Travelport Worldwide Limited on January 22, 2015). | |
| 10.3 | | | Tax Sharing Agreement among Cendant Corporation (n/k/a Avis Budget Group, Inc.), Realogy Corporation, Wyndham Worldwide Corporation and Travelport Americas, Inc. (f/k/a Travelport Inc.), dated as of July 28, 2006 (Incorporated by reference to Exhibit 10.1 to Cendant Corporation’s Current Report on Form 8-K dated August 1, 2006). | |
| 10.4 | | | Separation Agreement, dated as of July 25, 2007, by and between Travelport Limited and Orbitz Worldwide, Inc. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Travelport Limited on July 27, 2007 (dated July 23, 2007)). | |
| 10.5 | | | First Amendment to the Separation Agreement, dated as of May 5, 2008, between Travelport Limited and Orbitz Worldwide, Inc. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Travelport Limited on May 7, 2008). | |
| 10.6 | | | Second Amendment to the Separation Agreement, dated as of January 23, 2009, between Travelport Limited and Orbitz Worldwide, Inc. (Incorporated by reference to Exhibit 10.34 to the Annual Report on Form 10-K filed by Travelport Limited on March 12, 2009). | |
| 10.7 | | | Third Amendment to the Separation Agreement, dated as of May 9, 2013, between Travelport Limited and Orbitz Worldwide, Inc. (Incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed by Travelport Limited on November 7, 2013). | |
| 10.8 | | | Tax Sharing Agreement, dated as of July 25, 2007, by and between Travelport Inc. and Orbitz Worldwide, Inc. (Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by Travelport Limited on July 27, 2007 (dated July 23, 2007)). | |
| 10.9 | | | Subscriber Services Agreement, dated as of February, by and among Orbitz Worldwide, LLC, Travelport, LP and Travelport Global Distribution System B.V. (Incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form10-Q filed by Travelport Limited on May 9, 2014).* | |
| 10.10 | | | Service Agreement dated as of May 31, 2011 between Gordon Wilson and Travelport International Limited (Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Travelport Limited filed on June 3, 2011 (dated May 27, 2011)). | |
| 10.11 | | | Letter Agreement of Gordon Wilson, dated as of November 7, 2012, between Gordon Wilson and Travelport International Limited. (Incorporated by reference to Exhibit 10.26 to the Annual Report on Form 10-K filed by Travelport Limited on March 12, 2013). | |
| 10.12 | | | Contract of Employment, dated as of October 1, 2009, among Philip Emery, Travelport International Limited and TDS Investor (Cayman) L.P. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Travelport Limited on October 7, 2009). | |
| 10.13 | | | Letter Agreement, dated March 28, 2011, between Philip Emery and Travelport International Limited (Incorporated by reference to Exhibit 10.46 to the Annual Report on Form 10-K filed by Travelport Limited on March 31, 2011). | |
| 10.14 | | | Letter Agreement, dated November 24, 2011, between Philip Emery and Travelport International Limited. (Incorporated by reference to Exhibit 10.16 to the Annual Report on Form 10-K filed by Travelport Limited on March 22, 2012). | |
| 10.15 | | | Employment Agreement of Kurt Ekert, dated as of October 21, 2011 (Incorporated by reference to Exhibit 10.20 to the Annual Report on Form 10-K filed by Travelport Limited on March 22, 2012). | |
|
Exhibit
No. |
| |
Description
|
|
| 10.16 | | | Letter Agreement of Kurt Ekert, dated as of November 23, 2011 (Incorporated by reference to Exhibit 10.21 to the Annual Report on Form 10-K filed by Travelport Limited on March 22, 2012). | |
| 10.17 | | | Letter Agreement of Kurt Ekert, dated as of March 6, 2013 (Incorporated by reference to Exhibit 10.6 to the Quarterly Report on Form 10-Q filed by Travelport Limited on May 9, 2013). | |
| 10.18 | | | Letter Agreement of Matthew Minetola, dated as of November 4, 2014 (Incorporated by reference to Exhibit 10.22 to the Annual Report on Form 10-K filed by Travelport Worldwide Limited on February 27, 2015). | |
| 10.19 | | | Transition and Separation Agreement, dated October 23, 2015, between Travelport Worldwide Limited, Travelport, LP and Kurt Ekert. | |
| 10.20 | | | Contract of Employment, dated as of January 1, 2016, between Bernard Bot and Travelport International Limited. | |
| 10.21 | | | Contract of Employment, dated as of November 14, 2014, between Thomas Murphy and Travelport International Limited. | |
| 10.22 | | | Travelport Officer Deferred Compensation Plan (Amended and Restated as of January 1, 2016). | |
| 10.23 | | | Form of Travelport Worldwide Limited 2011 Equity Plan (Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by Travelport Limited on December 20, 2011 (dated December 14, 2011)). | |
| 10.24 | | | Form of Travelport Worldwide Limited Management Equity Award Agreement (US Named Executive Officers) (Incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K filed by Travelport Limited on December 20, 2011 (dated December 14, 2011)). | |
| 10.25 | | | Form of Travelport Worldwide Limited Management Equity Award Agreement (UK Named Executive Officers) (Incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K filed by Travelport Limited on December 20, 2011 (dated December 14, 2011)). | |
| 10.26 | | | 2012 Executive Long-Term Incentive Plan (Incorporated by reference to Exhibit 10.33 to the Annual Report on Form 10-K filed by Travelport Limited on March 22, 2012). | |
| 10.27 | | | Form of 2013 Long-Term Management Incentive Program Management Award Agreement (US) (Incorporated by reference to Exhibit 10.48 to the Annual Report on Form 10-K filed by Travelport Limited on March 12, 2013). | |
| 10.28 | | | Form of 2013 Long-Term Management Incentive Program Management Award Agreement (UK) (Incorporated by reference to Exhibit 10.49 to the Annual Report on Form 10-K filed by Travelport Limited on March 12, 2013). | |
| 10.29 | | | Form of Travelport Worldwide Limited 2013 Equity Plan (Incorporated by reference to Exhibit 10.5 to the Quarterly Report on Form 10-Q filed by Travelport Limited on August 8, 2013). | |
| 10.30 | | | Form of 2013 Travelport Worldwide Limited Management Equity Award Agreement (US Named Executive Officers) (Incorporated by reference to Exhibit 10.6 to the Quarterly Report on Form 10-Q filed by Travelport Limited on August 8, 2013). | |
| 10.31 | | | Form of 2013 Travelport Worldwide Limited Management Equity Award Agreement (UK Named Executive Officers) (Incorporated by reference to Exhibit 10.7 to the Quarterly Report on Form 10-Q filed by Travelport Limited on August 8, 2013). | |
| 10.32 | | | Amendment 11 to the Asset Management Offering Agreement, effective as of July 1, 2002, as amended, among Travelport, LP, International Business Machines Corporation and IBM Credit LLC (Incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q filed by Travelport Limited on May 6, 2010).* | |
|
Exhibit
No. |
| |
Description
|
|
| 10.33 | | | Amendment 14 to the Asset Management Offering Agreement, effective as of July 1, 2002, as amended, among Travelport, LP, International Business Machines Corporation and IBM Credit LLC. (Incorporated by reference to Exhibit 10.55 to the Annual Report on Form 10-K filed by Travelport Limited on March 12, 2013).* | |
| 10.34 | | | Amendment 15 to the Asset Management Offering Agreement, effective as of July 1, 2002, as amended, among Travelport, LP, International Business Machines Corporation and IBM Credit LLC (Incorporated by reference to Exhibit 10.50 to the Annual Report on Form 10-K filed by Travelport Limited on March 10, 2014). | |
| 10.35 | | | Amendment 16 to the Asset Management Offering Agreement, effective as of July 1, 2002, as amended, among Travelport, LP, International Business Machines Corporation and IBM Credit LLC (Incorporated by reference to Exhibit 10.51 to the Annual Report on Form 10-K filed by Travelport Limited on March 10, 2014).* | |
| 10.36 | | | Form of Indemnification Agreement between Travelport Limited and its Directors (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Travelport Limited on December 20, 2011 (dated December 14, 2011)). | |
| 10.37 | | | Form of Indemnification Agreement between Travelport Limited and certain of its Officers (Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by Travelport Limited on December 20, 2011 (dated December 14, 2011)). | |
| 10.38 | | | Letter Agreement between Travelport Limited and Douglas M. Steenland, effective as of May 1, 2013 (Incorporated by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q filed by Travelport Limited on May 9, 2013). | |
| 10.39 | | | Letter Agreement between Travelport Worldwide Limited and Douglas M. Steenland, effective as of September 24, 2014 (Incorporated by reference to Exhibit 10.41 to the Annual Report on Form 10-K filed by Travelport Worldwide Limited on February 27, 2015). | |
| 10.40 | | | Form of Director Stock Option Agreement (Incorporated by reference to Exhibit 10.8 to the Quarterly Report on Form 10-Q filed by Travelport Limited on August 8, 2013). | |
| 10.41 | | | First Amendment to the Subscriber Services Agreement, dated as of May 2, 2014, between Travelport, LP, Travelport Global Distribution System B.V. and Orbitz Worldwide, LLC (Incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed by Travelport Limited on August 7, 2014).* | |
| 10.42 | | | Second Amendment to the Subscriber Services Agreement, dated as of July 22, 2014, between Travelport, LP, Travelport Global Distribution System B.V. and Orbitz Worldwide, LLC (Incorporated by reference to Exhibit 10.10 to the Quarterly Report on Form 10-Q filed by Travelport Worldwide Limited on November 6, 2014).* | |
| 10.43 | | | Travelport Worldwide Limited Annual Performance Bonus Plan (Incorporated by reference to Exhibit 10.62 to the Registration Statement on Form S-1 of Travelport Worldwide Limited (333-196506) filed on September 10, 2014). | |
| 10.44 | | | Travelport Worldwide Limited 2014 Employee Stock Purchase Plan (Incorporated by reference to Exhibit 10.63 to the Registration Statement on Form S-1 of Travelport Worldwide Limited (333-196506) filed on September 10, 2014). | |
| 10.45 | | | Form of Travelport Worldwide Limited Management Equity Award Agreement (United States) (Incorporated by reference to Exhibit 10.64 to the Registration Statement on Form S-1 of Travelport Worldwide Limited (333-196506) filed on September 10, 2014). | |
| 10.46 | | | Form of Travelport Worldwide Limited Management Equity Award Agreement (United Kingdom/RoW) (Incorporated by reference to Exhibit 10.65 to the Registration Statement on Form S-1 of Travelport Worldwide Limited (333-196506) filed on September 10, 2014). | |
| 10.47 | | | Amendment to Travelport Worldwide Limited 2013 Equity Plan, dated September 5, 2014 (Incorporated by reference to Exhibit 10.66 to the Registration Statement on Form S-1 of Travelport Worldwide Limited (333-196506) filed on September 10, 2014). | |
|
Exhibit
No. |
| |
Description
|
|
| 10.48 | | | Transition and Separation Agreement, dated August 7, 2014, between Travelport Limited and Eric J. Bock (Incorporated by reference to Exhibit 10.67 to the Registration Statement on Form S-1 of Travelport Worldwide Limited (333-196506) filed on September 10, 2014). | |
| 10.49 | | | Travelport Worldwide Limited 2014 Omnibus Incentive Plan (Incorporated by reference to Exhibit 10.68 to the Registration Statement on Form S-1 of Travelport Worldwide Limited (333-196506) filed on September 10, 2014). | |
| 10.50 | | | Form of Indemnification Agreement of Travelport Worldwide Limited (Incorporated by reference to Exhibit 10.69 to the Registration Statement on Form S-1 of Travelport Worldwide Limited (333-196506) filed on September 10, 2014). | |
| 10.51 | | | Form of Director Award Agreement (Restricted Stock Units) (Incorporated by reference to Exhibit 10.9 to the Quarterly Report on Form 10-Q filed by Travelport Worldwide Limited on November 6, 2014). | |
| 18.1 | | | Letter from Deloitte LLP Regarding Change in Accounting Principle (Incorporated by reference to Exhibit 18.1 to the Quarterly Report on Form 10-Q filed by Travelport Worldwide Limited on November 2, 2015). | |
| 21 | | | List of Subsidiaries. | |
| 23 | | | Consent of Deloitte LLP. | |
| 31.1 | | | Certification of Chief Executive Officer Pursuant to Rules 13(a)-14(a) and 15(d)-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
| 31.2 | | | Certification of Chief Financial Officer Pursuant to Rules 13(a)-14(a) and 15(d)-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
| 32 | | | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
| 101.INS | | | XBRL Instance Document | |
| 101.SCH | | | XBRL Taxonomy Extension Schema Document | |
| 101.CAL | | | XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.LAB | | | XBRL Taxonomy Extension Labels Linkbase Document | |
| 101.PRE | | | XBRL Taxonomy Extension Presentation Linkbase Document | |
| 101.DEF | | | XBRL Taxonomy Extension Definition Linkbase Document | |