|
Bermuda
|
| |
98-0505105
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer
Identification Number) |
|
|
Large accelerated filer
|
| | ☒ | | | Accelerated filer | | | ☐ | |
|
Non-accelerated filer
|
| | ☐ | | |
Smaller reporting company
|
| | ☐ | |
| | | | | |
Emerging growth company
|
| | ☐ | |
| | |
Page
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| | | | 1 | | | | |||
PART I. FINANCIAL INFORMATION
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| | | | 3 | | | | |||
| | | | 3 | | | | |||
| | | | 4 | | | | |||
| | | | 5 | | | | |||
| | | | 6 | | | | |||
| | | | 8 | | | | |||
| | | | 9 | | | | |||
| | | | 32 | | | | |||
| | | | 57 | | | | |||
| | | | 58 | | | | |||
PART II. OTHER INFORMATION
|
| | | | ||||||
| | | | 59 | | | | |||
| | | | 59 | | | | |||
| | | | 59 | | | | |||
| | | | 59 | | | | |||
| | | | 59 | | | | |||
| | | | 59 | | | | |||
| | | | 59 | | | | |||
| | | | 60 | | | |
(in $ thousands, except share data)
|
| |
Three Months
Ended September 30, 2018 |
| |
Three Months
Ended September 30, 2017 |
| |
Nine Months
Ended September 30, 2018 |
| |
Nine Months
Ended September 30, 2017 |
| ||||||||||||
Net revenue
|
| | | $ | 622,585 | | | | | $ | 610,842 | | | | | $ | 1,962,431 | | | | | $ | 1,873,712 | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 400,679 | | | | | | 388,027 | | | | | | 1,254,868 | | | | | | 1,144,572 | | |
Selling, general and administrative
|
| | | | 127,538 | | | | | | 110,916 | | | | | | 395,093 | | | | | | 336,272 | | |
Depreciation and amortization
|
| | | | 50,253 | | | | | | 50,314 | | | | | | 148,398 | | | | | | 156,871 | | |
Total costs and expenses
|
| | | | 578,470 | | | | | | 549,257 | | | | | | 1,798,359 | | | | | | 1,637,715 | | |
Operating income
|
| | | | 44,115 | | | | | | 61,585 | | | | | | 164,072 | | | | | | 235,997 | | |
Interest expense, net
|
| | | | (27,772) | | | | | | (28,793) | | | | | | (66,312) | | | | | | (92,011) | | |
Loss on early extinguishment of debt
|
| | | | (38) | | | | | | (4,682) | | | | | | (27,699) | | | | | | (4,682) | | |
Gain on sale of a subsidiary
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,217 | | |
Other expense
|
| | | | (266) | | | | | | (846) | | | | | | (730) | | | | | | (2,538) | | |
Income before income taxes
|
| | | | 16,039 | | | | | | 27,264 | | | | | | 69,331 | | | | | | 137,983 | | |
Provision for income taxes
|
| | | | (10,169) | | | | | | (22,583) | | | | | | (24,972) | | | | | | (43,073) | | |
Net income from continuing operations
|
| | | | 5,870 | | | | | | 4,681 | | | | | | 44,359 | | | | | | 94,910 | | |
Income from discontinued operations, net
of tax |
| | | | — | | | | | | — | | | | | | 27,747 | | | | | | — | | |
Net income
|
| | | | 5,870 | | | | | | 4,681 | | | | | | 72,106 | | | | | | 94,910 | | |
Net (income) loss attributable to non-controlling interest in subsidiaries
|
| | | | (762) | | | | | | 169 | | | | | | (2,025) | | | | | | 973 | | |
Net income attributable to the Company
|
| | | $ | 5,108 | | | | | $ | 4,850 | | | | | $ | 70,081 | | | | | $ | 95,883 | | |
Income per share – Basic: | | | | | | | | | | | | | | | | | | | | | | | | | |
Income per share – continuing operations
|
| | | $ | 0.04 | | | | | $ | 0.04 | | | | | $ | 0.34 | | | | | $ | 0.77 | | |
Income per share – discontinued operations
|
| | | | — | | | | | | — | | | | | | 0.22 | | | | | | — | | |
Basic income per share
|
| | | $ | 0.04 | | | | | $ | 0.04 | | | | | $ | 0.56 | | | | | $ | 0.77 | | |
Weighted average common shares outstanding – Basic
|
| | | | 126,246,210 | | | | | | 124,469,069 | | | | | | 125,908,707 | | | | | | 124,303,716 | | |
Income per share – Diluted: | | | | | | | | | | | | | | | | | | | | | | | | | |
Income per share – continuing operations
|
| | | $ | 0.04 | | | | | $ | 0.04 | | | | | $ | 0.33 | | | | | $ | 0.76 | | |
Income per share – discontinued operations
|
| | | | — | | | | | | — | | | | | | 0.22 | | | | | | — | | |
Diluted income per share
|
| | | $ | 0.04 | | | | | $ | 0.04 | | | | | $ | 0.55 | | | | | $ | 0.76 | | |
Weighted average common shares outstanding – Diluted
|
| | | | 128,389,385 | | | | | | 126,188,372 | | | | | | 127,854,478 | | | | | | 125,827,540 | | |
Cash dividends declared per common share
|
| | | $ | 0.075 | | | | | $ | 0.075 | | | | | $ | 0.225 | | | | | $ | 0.225 | | |
(in $ thousands)
|
| |
Three Months
Ended September 30, 2018 |
| |
Three Months
Ended September 30, 2017 |
| |
Nine Months
Ended September 30, 2018 |
| |
Nine Months
Ended September 30, 2017 |
| ||||||||||||
Net income
|
| | | $ | 5,870 | | | | | $ | 4,681 | | | | | $ | 72,106 | | | | | $ | 94,910 | | |
Other comprehensive income (loss), net of tax | | | | | | | | | | | | | | | | | | | | | | | | | |
Currency translation adjustment, net of tax
|
| | | | (1,937) | | | | | | 4,234 | | | | | | (8,522) | | | | | | 20,533 | | |
Amortization of actuarial loss to net income, net
of tax |
| | | | 2,524 | | | | | | 2,856 | | | | | | 7,577 | | | | | | 8,060 | | |
Other comprehensive income (loss), net of tax
|
| | | | 587 | | | | | | 7,090 | | | | | | (945) | | | | | | 28,593 | | |
Comprehensive income
|
| | | | 6,457 | | | | | | 11,771 | | | | | | 71,161 | | | | | | 123,503 | | |
Comprehensive (income) loss attributable to non-controlling interest in subsidiaries
|
| | | | (762) | | | | | | 169 | | | | | | (2,025) | | | | | | 973 | | |
Comprehensive income attributable to the Company
|
| | | $ | 5,695 | | | | | $ | 11,940 | | | | | $ | 69,136 | | | | | $ | 124,476 | | |
|
(in $ thousands, except share data)
|
| |
September 30,
2018 |
| |
December 31,
2017 |
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 200,333 | | | | | $ | 122,039 | | |
Accounts receivable (net of allowances for doubtful accounts of $9,753 and $10,245, respectively)
|
| | | | 248,635 | | | | | | 206,524 | | |
Other current assets
|
| | | | 125,612 | | | | | | 109,724 | | |
Total current assets
|
| | | | 574,580 | | | | | | 438,287 | | |
Property and equipment, net
|
| | | | 495,506 | | | | | | 431,741 | | |
Goodwill
|
| | | | 1,085,341 | | | | | | 1,089,590 | | |
Trademarks and tradenames
|
| | | | 313,097 | | | | | | 313,097 | | |
Other intangible assets, net
|
| | | | 444,602 | | | | | | 496,180 | | |
Deferred income taxes
|
| | | | 22,359 | | | | | | 12,796 | | |
Other non-current assets
|
| | | | 72,525 | | | | | | 76,808 | | |
Total assets
|
| | | $ | 3,008,010 | | | | | $ | 2,858,499 | | |
Liabilities and equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 72,094 | | | | | $ | 73,278 | | |
Accrued expenses and other current liabilities
|
| | | | 574,260 | | | | | | 509,068 | | |
Current portion of long-term debt
|
| | | | 58,377 | | | | | | 64,291 | | |
Total current liabilities
|
| | | | 704,731 | | | | | | 646,637 | | |
Long-term debt
|
| | | | 2,206,171 | | | | | | 2,165,722 | | |
Deferred income taxes
|
| | | | 37,881 | | | | | | 34,899 | | |
Other non-current liabilities
|
| | | | 191,273 | | | | | | 203,562 | | |
Total liabilities
|
| | | | 3,140,056 | | | | | | 3,050,820 | | |
Commitments and contingencies (Note 13) | | | | | | | | | | | | | |
Shareholders’ equity (deficit): | | | | | | | | | | | | | |
Preference shares ($0.0025 par value; 225,000,000 shares authorized; no shares issued and outstanding as of September 30, 2018 and December 31, 2017)
|
| | | | — | | | | | | — | | |
Common shares ($0.0025 par value; 560,000,000 shares authorized; 128,047,376 shares and 126,967,010 shares issued; 126,306,329 shares and 125,346,613 shares outstanding as of September 30, 2018 and December 31, 2017, respectively)
|
| | | | 320 | | | | | | 317 | | |
Additional paid in capital
|
| | | | 2,685,806 | | | | | | 2,700,133 | | |
Treasury shares, at cost (1,741,047 shares and 1,620,397 shares as of September 30, 2018 and December 31, 2017, respectively)
|
| | | | (26,832) | | | | | | (24,755) | | |
Accumulated deficit
|
| | | | (2,651,308) | | | | | | (2,722,375) | | |
Accumulated other comprehensive loss
|
| | | | (156,566) | | | | | | (155,621) | | |
Total shareholders’ equity (deficit)
|
| | | | (148,580) | | | | | | (202,301) | | |
Equity attributable to non-controlling interest in subsidiaries
|
| | | | 16,534 | | | | | | 9,980 | | |
Total equity (deficit)
|
| | | | (132,046) | | | | | | (192,321) | | |
Total liabilities and equity
|
| | | $ | 3,008,010 | | | | | $ | 2,858,499 | | |
|
(in $ thousands)
|
| |
Nine Months
Ended September 30, 2018 |
| |
Nine Months
Ended September 30, 2017 |
| ||||||
Operating activities | | | | | | | | | | | | | |
Net income
|
| | | $ | 72,106 | | | | | $ | 94,910 | | |
Income from discontinued operations, net of tax
|
| | | | (27,747) | | | | | | — | | |
Net income from continuing operations
|
| | | | 44,359 | | | | | | 94,910 | | |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 148,398 | | | | | | 156,871 | | |
Amortization of customer loyalty payments
|
| | | | 64,553 | | | | | | 57,348 | | |
Impairment of long-lived assets
|
| | | | 14,912 | | | | | | 685 | | |
Amortization of debt finance costs and debt discount
|
| | | | 3,613 | | | | | | 7,791 | | |
Gain on sale of a subsidiary
|
| | | | — | | | | | | (1,217) | | |
Loss on early extinguishment of debt
|
| | | | 27,699 | | | | | | 4,682 | | |
Unrealized loss (gain) on foreign exchange derivative instruments
|
| | | | 23,637 | | | | | | (27,256) | | |
Unrealized (gain) loss on interest rate derivative instruments
|
| | | | (11,651) | | | | | | 1,121 | | |
Equity-based compensation
|
| | | | 11,845 | | | | | | 24,445 | | |
Deferred income taxes
|
| | | | (7,129) | | | | | | (304) | | |
Customer loyalty payments
|
| | | | (73,349) | | | | | | (54,592) | | |
Pension liability contribution
|
| | | | (1,049) | | | | | | (1,541) | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | | (41,966) | | | | | | (39,209) | | |
Other current assets
|
| | | | (12,933) | | | | | | (7,493) | | |
Accounts payable, accrued expenses and other current liabilities
|
| | | | 84,249 | | | | | | 61,504 | | |
Other
|
| | | | 10,247 | | | | | | (3,403) | | |
Net cash provided by operating activities
|
| | | $ | 285,435 | | | | | $ | 274,342 | | |
Investing activities | | | | | | | | | | | | | |
Property and equipment additions
|
| | | $ | (109,236) | | | | | $ | (79,192) | | |
Sale of subsidiary, net of cash disposed
|
| | | | — | | | | | | (3,433) | | |
Net cash used in investing activities
|
| | | $ | (109,236) | | | | | $ | (82,625) | | |
|
(in $ thousands)
|
| |
Nine Months
Ended September 30, 2018 |
| |
Nine Months
Ended September 30, 2017 |
| ||||||
Financing activities | | | | | | | | | | | | | |
Proceeds from term loans
|
| | | $ | 1,400,000 | | | | | $ | 114,000 | | |
Proceeds from issuance of senior secured notes
|
| | | | 745,000 | | | | | | — | | |
Repayment of term loans
|
| | | | (2,161,250) | | | | | | (181,813) | | |
Repayment of capital lease obligations and other indebtedness
|
| | | | (30,632) | | | | | | (29,811) | | |
Debt finance costs and lender fees
|
| | | | (21,551) | | | | | | (686) | | |
Dividend to shareholders
|
| | | | (28,472) | | | | | | (28,234) | | |
Purchase of non-controlling interest in a subsidiary
|
| | | | — | | | | | | (1,063) | | |
Proceeds from share issuance under employee share purchase plan and stock options
|
| | | | 8,460 | | | | | | 2,016 | | |
Treasury share purchase related to vesting of equity awards
|
| | | | (2,621) | | | | | | (2,461) | | |
Other
|
| | | | (2,240) | | | | | | — | | |
Net cash used in financing activities
|
| | | $ | (93,306) | | | | | $ | (128,052) | | |
Effect of changes in exchange rates on cash, cash equivalents and restricted cash
|
| | | | (1,126) | | | | | | 1,043 | | |
Net increase in cash, cash equivalents and restricted cash
|
| | | | 81,767 | | | | | | 64,708 | | |
Cash, cash equivalents and restricted cash at beginning of period (Note 8)
|
| | | | 122,039 | | | | | | 139,938 | | |
Cash, cash equivalents and restricted cash at end of period (Note 8)
|
| | | $ | 203,806 | | | | | $ | 204,646 | | |
Supplemental disclosures of cash flow information | | | | | | | | | | | | | |
Interest payments, net of capitalized interest
|
| | | $ | 77,419 | | | | | $ | 83,294 | | |
Income tax payments, net of refunds
|
| | | | 36,933 | | | | | | 23,540 | | |
Non-cash capital lease asset additions
|
| | | | 71,511 | | | | | | 17,984 | | |
Non-cash purchase of property and equipment
|
| | | | 4,220 | | | | | | 3,120 | | |
| | |
Common Shares
|
| |
Additional
Paid in Capital |
| |
Treasury Shares
|
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Non-
Controlling Interest in Subsidiaries |
| |
Total
Equity (Deficit) |
| |||||||||||||||||||||||||||||||||
(in $ thousands, except share data)
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2017
|
| | | | 126,967,010 | | | | | $ | 317 | | | | | $ | 2,700,133 | | | | | | 1,620,397 | | | | | $ | (24,755) | | | | | $ | (2,722,375) | | | | | $ | (155,621) | | | | | $ | 9,980 | | | | | $ | (192,321) | | |
Change in accounting policy for revenue recognition (Note 3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 986 | | | | | | — | | | | | | — | | | | | | 986 | | |
Dividend to shareholders ($0.225 per
common share) |
| | | | — | | | | | | — | | | | | | (29,443) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (29,443) | | |
Equity-based compensation
|
| | | | 1,080,366 | | | | | | 3 | | | | | | 17,547 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,642 | | | | | | 20,192 | | |
Purchase of a non-controlling interest in a subsidiary
|
| | | | — | | | | | | — | | | | | | (1,887) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,887 | | | | | | — | | |
Treasury shares purchased in relation
to vesting of equity awards |
| | | | — | | | | | | — | | | | | | — | | | | | | 156,296 | | | | | | (2,621) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,621) | | |
Treasury shares issued in relation to vesting of equity awards
|
| | | | — | | | | | | — | | | | | | (544) | | | | | | (35,646) | | | | | | 544 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Comprehensive income, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 70,081 | | | | | | (945) | | | | | | 2,025 | | | | | | 71,161 | | |
Balance as of September 30, 2018
|
| | | | 128,047,376 | | | | | $ | 320 | | | | | $ | 2,685,806 | | | | | | 1,741,047 | | | | | $ | (26,832) | | | | | $ | (2,651,308) | | | | | $ | (156,566) | | | | | $ | 16,534 | | | | | $ | (132,046) | | |
|
| | |
Common Shares
|
| |
Additional
Paid in Capital |
| |
Treasury Shares
|
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Non-
Controlling Interest in Subsidiaries |
| |
Total
Equity (Deficit) |
| |||||||||||||||||||||||||||||||||
(in $ thousands, except share data)
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2016
|
| | | | 124,941,233 | | | | | $ | 312 | | | | | $ | 2,708,836 | | | | | | 908,872 | | | | | $ | (14,166) | | | | | $ | (2,864,838) | | | | | $ | (190,072) | | | | | $ | 24,146 | | | | | $ | (335,782) | | |
Dividend to shareholders ($0.225 per
common share) |
| | | | — | | | | | | — | | | | | | (29,576) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (29,576) | | |
Purchase of non-controlling interest in a subsidiary
|
| | | | — | | | | | | — | | | | | | (47) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,016) | | | | | | (1,063) | | |
Sale of shares in a subsidiary
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,539) | | | | | | (15,539) | | |
Equity-based compensation
|
| | | | 608,426 | | | | | | 1 | | | | | | 22,813 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,390 | | | | | | 26,204 | | |
Treasury shares purchased in relation
to vesting of equity awards |
| | | | — | | | | | | — | | | | | | — | | | | | | 194,829 | | | | | | (2,461) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,461) | | |
Treasury shares issued in relation to vesting of equity awards
|
| | | | — | | | | | | — | | | | | | (639) | | | | | | (41,009) | | | | | | 639 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Comprehensive income, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 95,883 | | | | | | 28,593 | | | | | | (973) | | | | | | 123,503 | | |
Balance as of September 30, 2017
|
| | | | 125,549,659 | | | | | $ | 313 | | | | | $ | 2,701,387 | | | | | | 1,062,692 | | | | | $ | (15,988) | | | | | $ | (2,768,955) | | | | | $ | (161,479) | | | | | $ | 10,008 | | | | | $ | (234,714) | | |
|
(in $ thousands)
|
| |
Three Months Ended
September 30, 2018 |
| |
Nine Months Ended
September 30, 2018 |
| ||||||
Air
|
| | | $ | 404,643 | | | | | $ | 1,321,525 | | |
Beyond Air
|
| | | | 192,968 | | | | | | 566,740 | | |
Travel Commerce Platform(1)
|
| | | | 597,611 | | | | | | 1,888,265 | | |
Technology Services
|
| | | | 24,974 | | | | | | 74,166 | | |
Net revenue
|
| | | $ | 622,585 | | | | | $ | 1,962,431 | | |
|
(in $ thousands)
|
| |
Three Months Ended
September 30, 2018 |
| |
Nine Months Ended
September 30, 2018 |
| ||||||
Asia Pacific
|
| | | $ | 140,186 | | | | | $ | 426,728 | | |
Europe
|
| | | | 202,300 | | | | | | 670,082 | | |
Latin America and Canada
|
| | | | 28,202 | | | | | | 87,517 | | |
Middle East and Africa
|
| | | | 78,824 | | | | | | 239,593 | | |
International
|
| | | | 449,512 | | | | | | 1,423,920 | | |
United States
|
| | | | 148,099 | | | | | | 464,345 | | |
Travel Commerce Platform(1)
|
| | | $ | 597,611 | | | | | $ | 1,888,265 | | |
|
| | | | | | | | |
Contract Liabilities
|
| |||||||||
(in $ thousands)
|
| |
Accounts
Receivable, net(1) |
| |
Deferred Revenue
(current)(1) |
| |
Deferred Revenue
(non-current)(1) |
| |||||||||
Balance as of September 30, 2018
|
| | | $ | 205,067 | | | | | $ | 38,406 | | | | | $ | 4,678 | | |
Balance as of January 1, 2018
|
| | | | 174,765 | | | | | | 32,010 | | | | | | 6,056 | | |
Increase (Decrease)
|
| | | $ | 30,302 | | | | | $ | 6,396 | | | | | $ | (1,378) | | |
|
(in $ thousands)
|
| |
September 30,
2018 |
| |
December 31,
2017 |
| ||||||
Sales and use tax receivables
|
| | | $ | 32,656 | | | | | $ | 30,163 | | |
Prepaid expenses
|
| | | | 26,689 | | | | | | 24,271 | | |
Client funds
|
| | | | 25,643 | | | | | | 15,774 | | |
Prepaid incentives
|
| | | | 19,771 | | | | | | 16,677 | | |
Derivative assets
|
| | | | 11,995 | | | | | | 15,233 | | |
Other
|
| | | | 8,858 | | | | | | 7,606 | | |
| | | | $ | 125,612 | | | | | $ | 109,724 | | |
|
| | |
September 30, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||||||||||||||
(in $ thousands)
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| ||||||||||||||||||
Capitalized software
|
| | | $ | 971,678 | | | | | $ | (761,926) | | | | | $ | 209,752 | | | | | $ | 1,029,772 | | | | | $ | (829,416) | | | | | $ | 200,356 | | |
Computer equipment
|
| | | | 337,017 | | | | | | (161,892) | | | | | | 175,125 | | | | | | 346,846 | | | | | | (207,484) | | | | | | 139,362 | | |
Building and leasehold improvements
|
| | | | 32,711 | | | | | | (15,373) | | | | | | 17,338 | | | | | | 32,834 | | | | | | (12,972) | | | | | | 19,862 | | |
Construction in progress
|
| | | | 93,291 | | | | | | — | | | | | | 93,291 | | | | | | 72,161 | | | | | | — | | | | | | 72,161 | | |
| | | | $ | 1,434,697 | | | | | $ | (939,191) | | | | | $ | 495,506 | | | | | $ | 1,481,613 | | | | | $ | (1,049,872) | | | | | $ | 431,741 | | |
|
(in $ thousands)
|
| |
January 1,
2018 |
| |
Additions
|
| |
Retirements
|
| |
Foreign
Exchange |
| |
September 30,
2018 |
| |||||||||||||||
Non-Amortizable Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | $ | 1,089,590 | | | | | $ | — | | | | | $ | — | | | | | $ | (4,249) | | | | | $ | 1,085,341 | | |
Trademarks and tradenames
|
| | | | 313,097 | | | | | | — | | | | | | — | | | | | | — | | | | | | 313,097 | | |
Other Intangible Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquired intangible assets
|
| | | | 743,549 | | | | | | — | | | | | | — | | | | | | (222) | | | | | | 743,327 | | |
Accumulated amortization
|
| | | | (461,666) | | | | | | (30,497) | | | | | | — | | | | | | 132 | | | | | | (492,031) | | |
Acquired intangible assets, net
|
| | | | 281,883 | | | | | | (30,497) | | | | | | — | | | | | | (90) | | | | | | 251,296 | | |
Customer loyalty payments
|
| | | | 380,841 | | | | | | 63,803 | | | | | | (50,833) | | | | | | (4,351) | | | | | | 389,460 | | |
Accumulated amortization
|
| | | | (166,544) | | | | | | (64,553) | | | | | | 33,048 | | | | | | 1,895 | | | | | | (196,154) | | |
Customer loyalty payments, net
|
| | | | 214,297 | | | | | | (750) | | | | | | (17,785) | | | | | | (2,456) | | | | | | 193,306 | | |
Other intangible assets, net
|
| | | $ | 496,180 | | | | | $ | (31,247) | | | | | $ | (17,785) | | | | | $ | (2,546) | | | | | $ | 444,602 | | |
|
(in $ thousands)
|
| |
January 1,
2017 |
| |
Additions
|
| |
Retirements
|
| |
Foreign
Exchange |
| |
September 30,
2017 |
| |||||||||||||||
Non-Amortizable Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | $ | 1,079,951 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,702 | | | | | $ | 1,088,653 | | |
Trademarks and tradenames
|
| | | | 313,097 | | | | | | — | | | | | | — | | | | | | — | | | | | | 313,097 | | |
Other Intangible Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquired intangible assets
|
| | | | 1,127,059 | | | | | | — | | | | | | (383,715) | | | | | | 179 | | | | | | 743,523 | | |
Accumulated amortization
|
| | | | (804,089) | | | | | | (30,688) | | | | | | 383,715 | | | | | | (338) | | | | | | (451,400) | | |
Acquired intangible assets, net
|
| | | | 322,970 | | | | | | (30,688) | | | | | | — | | | | | | (159) | | | | | | 292,123 | | |
Customer loyalty payments
|
| | | | 358,259 | | | | | | 95,131 | | | | | | (73,463) | | | | | | 7,201 | | | | | | 387,128 | | |
Accumulated amortization
|
| | | | (169,622) | | | | | | (57,348) | | | | | | 69,063 | | | | | | (3,806) | | | | | | (161,713) | | |
Customer loyalty payments, net
|
| | | | 188,637 | | | | | | 37,783 | | | | | | (4,400) | | | | | | 3,395 | | | | | | 225,415 | | |
Other intangible assets, net
|
| | | $ | 511,607 | | | | | $ | 7,095 | | | | | $ | (4,400) | | | | | $ | 3,236 | | | | | $ | 517,538 | | |
|
(in $ thousands)
|
| |
September 30,
2018 |
| |
December 31,
2017 |
| ||||||
Prepaid incentives
|
| | | $ | 32,055 | | | | | $ | 35,645 | | |
Pension assets
|
| | | | 10,013 | | | | | | 8,674 | | |
Derivative assets
|
| | | | 8,181 | | | | | | 3,503 | | |
Supplier prepayments
|
| | | | 4,312 | | | | | | 10,983 | | |
Restricted cash
|
| | | | 3,473 | | | | | | — | | |
Deferred financing costs
|
| | | | 1,620 | | | | | | 1,930 | | |
Other
|
| | | | 12,871 | | | | | | 16,073 | | |
| | | | $ | 72,525 | | | | | $ | 76,808 | | |
|
(in $ thousands)
|
| |
September 30,
2018 |
| |
December 31,
2017 |
| ||||||
Accrued commissions and incentives
|
| | | $ | 328,361 | | | | | $ | 282,954 | | |
Accrued payroll and related
|
| | | | 81,683 | | | | | | 70,234 | | |
Deferred revenue
|
| | | | 66,381 | | | | | | 48,096 | | |
Income tax payable
|
| | | | 29,009 | | | | | | 32,986 | | |
Customer prepayments
|
| | | | 25,643 | | | | | | 15,774 | | |
Derivative liabilities
|
| | | | 13,769 | | | | | | 292 | | |
Accrued interest expense
|
| | | | 9,442 | | | | | | 12,010 | | |
Pension and post-retirement benefit liabilities
|
| | | | 1,607 | | | | | | 1,628 | | |
Other
|
| | | | 18,365 | | | | | | 45,094 | | |
| | | | $ | 574,260 | | | | | $ | 509,068 | | |
|
(in $ thousands)
|
| |
Interest
rate |
| |
Maturity
|
| |
September 30,
2018 |
| |
December 31,
2017 |
| |||||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | | | | | | | | | | |
Term loans – (2018 Credit Agreement)(1)
|
| | | | L+2.50% | | | |
March 2025
|
| | | $ | 1,379,511 | | | | | $ | — | | |
Term loans – (2014 Credit Agreement)(2)
|
| | | | L+2.75% | | | |
September 2021
|
| | | | — | | | | | | 2,124,439 | | |
Revolver borrowings – (2018 Credit
Agreement) |
| | | | L+2.25% | | | |
September 2022
|
| | | | — | | | | | | — | | |
Revolver borrowings – (2014 Credit
Agreement) |
| | | | L+2.50% | | | |
September 2022
|
| | | | — | | | | | | — | | |
Senior Secured Notes | | | | | | | | | | | | | | | | | | | | | | |
Senior secured notes(3)
|
| | | | 6.00% | | | |
March 2026
|
| | | | 737,881 | | | | | | — | | |
Capital leases and other indebtedness
|
| | | | | | | | | | | | | 147,156 | | | | | | 105,574 | | |
Total debt
|
| | | | | | | | | | | | | 2,264,548 | | | | | | 2,230,013 | | |
Less: current portion
|
| | | | | | | | | | | | | 58,377 | | | | | | 64,291 | | |
Long-term debt
|
| | | | | | | | | | | | $ | 2,206,171 | | | | | $ | 2,165,722 | | |
|
(in $ thousands) Year ending September 30, |
| |
Term
Loans |
| |
Senior Secured
Notes |
| |
Capital Leases
and Other Indebtedness |
| |||||||||
2019
|
| | | $ | 14,000 | | | | | $ | — | | | | | $ | 44,378 | | |
2020
|
| | | | 14,000 | | | | | | — | | | | | | 42,198 | | |
2021
|
| | | | 14,000 | | | | | | — | | | | | | 36,038 | | |
2022
|
| | | | 14,000 | | | | | | — | | | | | | 23,321 | | |
2023
|
| | | | 14,000 | | | | | | — | | | | | | — | | |
Thereafter
|
| | | | 1,322,500 | | | | | | 745,000 | | | | | | 1,221 | | |
| | | | | 1,392,500 | | | | | | 745,000 | | | | | | 147,156 | | |
Less: Unamortized debt finance cost
|
| | | | (6,551) | | | | | | (7,119) | | | | | | — | | |
Less: Unamortized debt discount
|
| | | | (6,438) | | | | | | — | | | | | | — | | |
Total debt
|
| | | $ | 1,379,511 | | | | | $ | 737,881 | | | | | $ | 147,156 | | |
|
(in $ thousands)
|
| |
Nine Months
Ended September 30, 2018 |
| |
Nine Months
Ended September 30, 2017 |
| ||||||
Balance as of January 1
|
| | | $ | 14,708 | | | | | $ | 22,855 | | |
Capitalization of debt finance costs
|
| | | | 14,799 | | | | | | 686 | | |
Amortization
|
| | | | (2,139) | | | | | | (4,033) | | |
Write-off on early extinguishment of debt
|
| | | | (12,078) | | | | | | (3,306) | | |
Balance as of September 30
|
| | | $ | 15,290 | | | | | $ | 16,202 | | |
|
Notional Amount ($ in thousands) |
| |
Period
|
| |
Average
Interest Rate |
| |||
1,400,000
|
| |
February 2017 to February 2019
|
| | | | 1.4010% | | |
1,200,000
|
| |
February 2019 to February 2020
|
| | | | 2.1906% | | |
400,000
|
| |
February 2020 to February 2021
|
| | | | 2.1925% | | |
200,000
|
| |
February 2021 to February 2022
|
| | | | 2.9913% | | |
(in $ thousands)
|
| |
September 30,
2018 |
| |
December 31,
2017 |
| | | | ||||||
Interest rate swap contracts
|
| | | $ | 3,200,000 | | | | | $ | 3,000,000 | | | | ||
Foreign currency contracts
|
| | | | 439,137 | | | | | | 373,487 | | | |
| | | | | |
Fair Value Asset
|
| | | | |
Fair Value (Liability)
|
| ||||||||||||||||||
(in $ thousands)
|
| |
Balance Sheet
Location |
| |
September 30,
2018 |
| |
December 31,
2017 |
| |
Balance Sheet
Location |
| |
September 30,
2018 |
| |
December 31,
2017 |
| ||||||||||||
Interest
rate swap contracts |
| | Other current assets |
| | | $ | 11,721 | | | | | $ | 4,799 | | | | Accrued expenses and other current liabilities |
| | | $ | — | | | | | $ | — | | |
Interest
rate swap contracts |
| | Other non-current assets |
| | | | 8,181 | | | | | | 3,503 | | | | Other non-current liabilities |
| | | | — | | | | | | (51) | | |
Foreign currency
contracts |
| | Other current assets |
| | | | 274 | | | | | | 10,434 | | | | Accrued expenses and other current liabilities |
| | | | (13,769) | | | | | | (292) | | |
Total fair value of derivative assets (liabilities)
|
| | | | | | $ | 20,176 | | | | | $ | 18,736 | | | | | | | | $ | (13,769) | | | | | $ | (343) | | |
|
(in $ thousands)
|
| |
Nine Months Ended
September 30, 2018 |
| |
Nine Months Ended
September 30, 2017 |
| ||||||
Net derivative asset (liability) opening balance
|
| | | $ | 18,393 | | | | | $ | (19,196) | | |
Total (loss) gain for the period included in net income
|
| | | | (460) | | | | | | 12,099 | | |
(Proceeds from) payments on settlement of derivative contracts
|
| | | | (11,526) | | | | | | 13,495 | | |
Net derivative asset closing balance
|
| | | $ | 6,407 | | | | | $ | 6,398 | | |
|
| | | | | |
Amount of Gain (Loss)
Recorded in Net Income |
| |||||||||||||||||||||
| | | | | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
(in $ thousands)
|
| |
Statement of Operations Location
|
| |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Interest rate swap
contracts |
| | Interest expense, net | | | | $ | 2,143 | | | | | $ | 1,332 | | | | | | 18,231 | | | | | | (3,322) | | |
Foreign currency
contracts |
| |
Selling, general and administrative
|
| | | | (5,701) | | | | | | 4,238 | | | | | | (18,691) | | | | | | 15,421 | | |
| | | | | | | $ | (3,558) | | | | | $ | 5,570 | | | | | | (460) | | | | | | 12,099 | | |
| | | | | |
September 30, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
(in $ thousands)
|
| |
Fair Value
Hierarchy |
| |
Carrying
Amount |
| |
Fair Value
|
| |
Carrying
Amount |
| |
Fair Value
|
| ||||||||||||
Asset (liability) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative assets
|
| |
Level 2
|
| | | $ | 20,176 | | | | | $ | 20,176 | | | | | $ | 18,736 | | | | | $ | 18,736 | | |
Derivative liabilities
|
| |
Level 2
|
| | | | (13,769) | | | | | | (13,769) | | | | | | (343) | | | | | | (343) | | |
Total debt
|
| |
Level 2
|
| | | | (2,264,548) | | | | | | (2,291,939) | | | | | | (2,230,013) | | | | | | (2,258,893) | | |
Declaration Date
|
| |
Dividend
Per Share |
| |
Record
Date |
| |
Payment
Date |
| |
Amount
(in $ thousands) |
| ||||||
February 16, 2018
|
| | | $ | 0.075 | | | |
March 1, 2018
|
| |
March 15, 2018
|
| | | $ | 9,406 | | |
May 2, 2018
|
| | | | 0.075 | | | |
June 7, 2018
|
| |
June 21, 2018
|
| | | | 9,459 | | |
August 1, 2018
|
| | | | 0.075 | | | |
September 6, 2018
|
| |
September 20, 2018
|
| | | | 9,473 | | |
(in dollars, except number of RSUs)
|
| |
Number
|
| |
Weighted
Average Grant Date Fair Value |
| ||||||
Balance as of January 1, 2018
|
| | | | 1,526,280 | | | | | $ | 13.01 | | |
Granted at fair market value
|
| | | | 857,133 | | | | | $ | 14.62 | | |
Vested(1) | | | | | (433,359) | | | | | $ | 12.95 | | |
Forfeited
|
| | | | (316,898) | | | | | $ | 13.31 | | |
Balance as of September 30, 2018
|
| | | | 1,633,156 | | | | | $ | 13.81 | | |
|
(in dollars, except number of PSUs)
|
| |
Number
|
| |
Weighted
Average Grant Date Fair Value |
| ||||||
Balance as of January 1, 2018
|
| | | | 2,694,999 | | | | | $ | 13.10 | | |
Granted at fair market value
|
| | | | 1,444,522 | | | | | $ | 16.33 | | |
Forfeited
|
| | | | (825,573) | | | | | $ | 13.57 | | |
Vested(1) | | | | | (11,290) | | | | | $ | 15.50 | | |
Balance as of September 30, 2018(2)
|
| | | | 3,302,658 | | | | | $ | 14.37 | | |
|
| | |
Number of
Options |
| |
Weighted Average
Exercise Price (in dollars) |
| |
Weighted Average
Remaining Contractual Terms (in years) |
| |
Aggregate
Intrinsic Value (in $ thousands) |
| ||||||||||||
Balance as of January 1, 2018
|
| | | | 2,352,928 | | | | | $ | 13.51 | | | | | | | | | | | | | | |
Forfeited
|
| | | | (253,643) | | | | | $ | 13.72 | | | | | | | | | | | | | | |
Exercised
|
| | | | (594,616) | | | | | $ | 11.68 | | | | | | | | | | | | | | |
Expired
|
| | | | (46,112) | | | | | $ | 15.58 | | | | | | | | | | | | | | |
Balance as of September 30, 2018
|
| | | | 1,458,557 | | | | | $ | 14.15 | | | | | | 7.01 | | | | | $ | 3,984 | | |
Exercisable as of September 30, 2018
|
| | | | 782,037 | | | | | $ | 14.48 | | | | | | 6.83 | | | | | $ | 1,880 | | |
Expected to vest as of September 30, 2018
|
| | | | 676,520 | | | | | $ | 13.77 | | | | | | 7.23 | | | | | $ | 2,104 | | |
|
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
(in $ thousands, except for share data)
|
| |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Numerator – Basic and Diluted Income per Share:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income from continuing operations
|
| | | $ | 5,870 | | | | | $ | 4,681 | | | | | $ | 44,359 | | | | | $ | 94,910 | | |
Net (income) loss attributable to non-controlling interest in subsidiaries
|
| | | | (762) | | | | | | 169 | | | | | | (2,025) | | | | | | 973 | | |
Net income from continuing operations attributable to the Company
|
| | | $ | 5,108 | | | | | $ | 4,850 | | | | | $ | 42,334 | | | | | $ | 95,883 | | |
Denominator – Basic Income per Share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average common shares outstanding
|
| | | | 126,246,210 | | | | | | 124,469,069 | | | | | | 125,908,707 | | | | | | 124,303,716 | | |
Income per share from continuing operations – Basic
|
| | | $ | 0.04 | | | | | $ | 0.04 | | | | | $ | 0.34 | | | | | $ | 0.77 | | |
Denominator – Diluted Income per Share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of common shares used for basic income per share from continuing operations
|
| | | | 126,246,210 | | | | | | 124,469,069 | | | | | | 125,908,707 | | | | | | 124,303,716 | | |
Weighted average effect of dilutive securities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
RSUs/PSUs
|
| | | | 1,881,201 | | | | | | 1,603,721 | | | | | | 1,819,470 | | | | | | 1,424,009 | | |
Stock options
|
| | | | 261,974 | | | | | | 115,582 | | | | | | 126,301 | | | | | | 99,815 | | |
Weighted average common shares outstanding
|
| | | | 128,389,385 | | | | | | 126,188,372 | | | | | | 127,854,478 | | | | | | 125,827,540 | | |
Income per share from continuing operations – Diluted
|
| | | $ | 0.04 | | | | | $ | 0.04 | | | | | $ | 0.33 | | | | | $ | 0.76 | | |
|
(in $ thousands, except share data,
Reported Segments and RevPas) |
| |
Three Months
Ended September 30, |
| |
Change
|
| |
Nine Months
Ended September 30, |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||
|
2018
|
| |
2017
|
| | | | | | | |
%
|
| |
2018
|
| |
2017
|
| | | | | | | |
%
|
| ||||||||||||||||||||
Net revenue
|
| | | $ | 622,585 | | | | | $ | 610,842 | | | | | $ | 11,743 | | | | | | 2 | | | | | $ | 1,962,431 | | | | | $ | 1,873,712 | | | | | $ | 88,719 | | | | | | 5 | | |
Operating income
|
| | | | 44,115 | | | | | | 61,585 | | | | | | (17,470) | | | | | | (28) | | | | | | 164,072 | | | | | | 235,997 | | | | | | (71,925) | | | | | | (30) | | |
Net income
|
| | | | 5,870 | | | | | | 4,681 | | | | | | 1,189 | | | | | | 25 | | | | | | 72,106 | | | | | | 94,910 | | | | | | (22,804) | | | | | | (24) | | |
Income per share – diluted (in $)
|
| | | | 0.04 | | | | | | 0.04 | | | | | | — | | | | | | 4 | | | | | | 0.55 | | | | | | 0.76 | | | | | | (0.21) | | | | | | (28) | | |
Adjusted EBITDA(1)
|
| | | | 139,313 | | | | | | 136,437 | | | | | | 2,876 | | | | | | 2 | | | | | | 450,413 | | | | | | 451,996 | | | | | | (1,583) | | | | | | — | | |
Adjusted Operating Income(2)
|
| | | | 79,219 | | | | | | 76,392 | | | | | | 2,827 | | | | | | 4 | | | | | | 268,211 | | | | | | 268,465 | | | | | | (254) | | | | | | — | | |
Adjusted Net Income(3)
|
| | | | 40,040 | | | | | | 22,671 | | | | | | 17,369 | | | | | | 77 | | | | | | 146,906 | | | | | | 137,034 | | | | | | 9,872 | | | | | | 7 | | |
Adjusted Income per Share –
diluted(4) (in $) |
| | | | 0.31 | | | | | | 0.18 | | | | | | 0.13 | | | | | | 74 | | | | | | 1.15 | | | | | | 1.09 | | | | | | 0.06 | | | | | | 6 | | |
Net cash provided by operating activities
|
| | | | 83,149 | | | | | | 95,735 | | | | | | (12,586) | | | | | | (13) | | | | | | 285,435 | | | | | | 274,342 | | | | | | 11,093 | | | | | | 4 | | |
Free Cash Flow(5)
|
| | | | 48,379 | | | | | | 63,372 | | | | | | (14,993) | | | | | | (24) | | | | | | 176,199 | | | | | | 195,150 | | | | | | (18,951) | | | | | | (10) | | |
Reported Segments (in thousands)
|
| | | | 81,579 | | | | | | 85,397 | | | | | | (3,818) | | | | | | (4) | | | | | | 260,831 | | | | | | 264,975 | | | | | | (4,144) | | | | | | (2) | | |
Travel Commerce Platform RevPas (in $)
|
| | | | 7.33 | | | | | | 6.86 | | | | | | 0.47 | | | | | | 7 | | | | | | 7.24 | | | | | | 6.76 | | | | | | 0.48 | | | | | | 7 | | |
| | |
Three Months
Ended September 30, |
| |
Nine Months
Ended September 30, |
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Net income
|
| | | $ | 5,870 | | | | | $ | 4,681 | | | | | $ | 72,106 | | | | | $ | 94,910 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of acquired intangible assets(1)
|
| | | | 10,165 | | | | | | 10,165 | | | | | | 30,497 | | | | | | 30,688 | | |
Gain on sale of a subsidiary
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,217) | | |
Loss on early extinguishment of debt
|
| | | | 38 | | | | | | 4,682 | | | | | | 27,699 | | | | | | 4,682 | | |
Equity-based compensation and related taxes
|
| | | | (207) | | | | | | 8,676 | | | | | | 11,837 | | | | | | 24,355 | | |
Corporate and restructuring costs(2)
|
| | | | 19,472 | | | | | | 4,217 | | | | | | 24,704 | | | | | | 14,897 | | |
Impairment of long-lived assets(3)
|
| | | | 3,269 | | | | | | — | | | | | | 14,912 | | | | | | 685 | | |
Income from discontinued operations
|
| | | | — | | | | | | — | | | | | | (27,747) | | | | | | — | | |
Other – non-cash(4)
|
| | | | 3,580 | | | | | | (9,285) | | | | | | 10,538 | | | | | | (34,498) | | |
Tax adjustments(5)
|
| | | | (2,147) | | | | | | (465) | | | | | | (17,640) | | | | | | 2,532 | | |
Adjusted Net Income
|
| | | | 40,040 | | | | | | 22,671 | | | | | | 146,906 | | | | | | 137,034 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net(6)
|
| | | | 26,597 | | | | | | 30,673 | | | | | | 77,963 | | | | | | 90,890 | | |
Other expense(7)
|
| | | | 266 | | | | | | — | | | | | | 730 | | | | | | — | | |
Remaining provision for income taxes
|
| | | | 12,316 | | | | | | 23,048 | | | | | | 42,612 | | | | | | 40,541 | | |
Adjusted Operating Income
|
| | | | 79,219 | | | | | | 76,392 | | | | | | 268,211 | | | | | | 268,465 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization of property and equipment
|
| | | | 40,032 | | | | | | 40,149 | | | | | | 117,649 | | | | | | 126,183 | | |
Amortization of customer loyalty payments
|
| | | | 20,062 | | | | | | 19,896 | | | | | | 64,553 | | | | | | 57,348 | | |
Adjusted EBITDA
|
| | | $ | 139,313 | | | | | $ | 136,437 | | | | | $ | 450,413 | | | | | $ | 451,996 | | |
|
| | |
Three Months
Ended September 30, |
| |
Nine Months
Ended September 30, |
| ||||||||||||||||||
(in $)
|
| |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Income per share – diluted
|
| | | $ | 0.04 | | | | | $ | 0.04 | | | | | $ | 0.55 | | | | | $ | 0.76 | | |
Per share adjustments to net income to determine Adjusted Income per Share – diluted
|
| | | | 0.27 | | | | | | 0.14 | | | | | | 0.60 | | | | | | 0.33 | | |
Adjusted Income per Share – diluted
|
| | | $ | 0.31 | | | | | $ | 0.18 | | | | | $ | 1.15 | | | | | $ | 1.09 | | |
|
| | |
Nine Months Ended
September 30, |
| |||||||||
(in percentages)
|
| |
2018
|
| |
2017
|
| ||||||
Asia Pacific
|
| | | | 23 | | | | | | 24 | | |
Europe
|
| | | | 34 | | | | | | 32 | | |
Latin America and Canada
|
| | | | 5 | | | | | | 5 | | |
Middle East and Africa
|
| | | | 13 | | | | | | 13 | | |
International
|
| | | | 75 | | | | | | 74 | | |
United States
|
| | | | 25 | | | | | | 26 | | |
Travel Commerce Platform
|
| | | | 100 | | | | | | 100 | | |
|
| | |
Three Months
Ended September 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Net revenue
|
| | | $ | 622,585 | | | | | $ | 610,842 | | | | | $ | 11,743 | | | | | | 2 | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 400,679 | | | | | | 388,027 | | | | | | 12,652 | | | | | | 3 | | |
Selling, general and administrative
|
| | | | 127,538 | | | | | | 110,916 | | | | | | 16,622 | | | | | | 15 | | |
Depreciation and amortization
|
| | | | 50,253 | | | | | | 50,314 | | | | | | (61) | | | | | | — | | |
Total costs and expenses
|
| | | | 578,470 | | | | | | 549,257 | | | | | | 29,213 | | | | | | 5 | | |
Operating income
|
| | | | 44,115 | | | | | | 61,585 | | | | | | (17,470) | | | | | | (28) | | |
Interest expense, net
|
| | | | (27,772) | | | | | | (28,793) | | | | | | 1,021 | | | | | | 4 | | |
Loss on early extinguishment of debt
|
| | | | (38) | | | | | | (4,682) | | | | | | 4,644 | | | | | | 99 | | |
Other expense
|
| | | | (266) | | | | | | (846) | | | | | | 580 | | | | | | 69 | | |
Income before income taxes
|
| | | | 16,039 | | | | | | 27,264 | | | | | | (11,225) | | | | | | (41) | | |
Provision for income taxes
|
| | | | (10,169) | | | | | | (22,583) | | | | | | 12,414 | | | | | | 55 | | |
Net income
|
| | | $ | 5,870 | | | | | $ | 4,681 | | | | | $ | 1,189 | | | | | | 25 | | |
|
| | |
Three Months
Ended September 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Air
|
| | | $ | 404,643 | | | | | $ | 417,371 | | | | | $ | (12,728) | | | | | | (3) | | |
Beyond Air
|
| | | | 192,968 | | | | | | 168,782 | | | | | | 24,186 | | | | | | 14 | | |
Travel Commerce Platform
|
| | | | 597,611 | | | | | | 586,153 | | | | | | 11,458 | | | | | | 2 | | |
Technology Services
|
| | | | 24,974 | | | | | | 24,689 | | | | | | 285 | | | | | | 1 | | |
Net revenue
|
| | | $ | 622,585 | | | | | $ | 610,842 | | | | | $ | 11,743 | | | | | | 2 | | |
|
| | |
Three Months
Ended September 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| | | | | | | |
%
|
| |||||||||
Travel Commerce Platform RevPas (in $)
|
| | | $ | 7.33 | | | | | $ | 6.86 | | | | | $ | 0.47 | | | | | | 7 | | |
Reported Segments (in thousands)
|
| | | | 81,579 | | | | | | 85,397 | | | | | | (3,818) | | | | | | (4) | | |
| | |
Three Months Ended
September 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Asia Pacific
|
| | | $ | 140,186 | | | | | $ | 145,008 | | | | | $ | (4,822) | | | | | | (3) | | |
Europe
|
| | | | 202,300 | | | | | | 185,801 | | | | | | 16,499 | | | | | | 9 | | |
Latin America and Canada
|
| | | | 28,202 | | | | | | 27,563 | | | | | | 639 | | | | | | 2 | | |
Middle East and Africa
|
| | | | 78,824 | | | | | | 77,494 | | | | | | 1,330 | | | | | | 2 | | |
International
|
| | | | 449,512 | | | | | | 435,866 | | | | | | 13,646 | | | | | | 3 | | |
United States
|
| | | | 148,099 | | | | | | 150,287 | | | | | | (2,188) | | | | | | (1) | | |
Travel Commerce Platform
|
| | | $ | 597,611 | | | | | $ | 586,153 | | | | | $ | 11,458 | | | | | | 2 | | |
|
| | |
Segments (in thousands)
|
| |
RevPas (in $)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Three Months Ended
September 30, |
| |
Change
|
| |
Three Months Ended
September 30, |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| | | | | | | |
%
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| |||||||||||||||||||||
Asia Pacific
|
| | | | 16,764 | | | | | | 17,807 | | | | | | (1,043) | | | | | | (6) | | | | | $ | 8.36 | | | | | $ | 8.14 | | | | | | 0.22 | | | | | | 3 | | |
Europe
|
| | | | 18,658 | | | | | | 20,117 | | | | | | (1,459) | | | | | | (7) | | | | | $ | 10.84 | | | | | $ | 9.24 | | | | | | 1.60 | | | | | | 17 | | |
Latin America and Canada
|
| | | | 4,793 | | | | | | 4,706 | | | | | | 87 | | | | | | 2 | | | | | $ | 5.88 | | | | | $ | 5.86 | | | | | | 0.02 | | | | | | — | | |
Middle East and Africa
|
| | | | 9,180 | | | | | | 9,354 | | | | | | (174) | | | | | | (2) | | | | | $ | 8.59 | | | | | $ | 8.28 | | | | | | 0.31 | | | | | | 4 | | |
International
|
| | | | 49,395 | | | | | | 51,984 | | | | | | (2,589) | | | | | | (5) | | | | | $ | 9.10 | | | | | $ | 8.38 | | | | | | 0.72 | | | | | | 9 | | |
United States
|
| | | | 32,184 | | | | | | 33,413 | | | | | | (1,229) | | | | | | (4) | | | | | $ | 4.60 | | | | | $ | 4.50 | | | | | | 0.10 | | | | | | 2 | | |
Travel Commerce Platform
|
| | | | 81,579 | | | | | | 85,397 | | | | | | (3,818) | | | | | | (4) | | | | | $ | 7.33 | | | | | $ | 6.86 | | | | | | 0.47 | | | | | | 7 | | |
|
| | |
Three Months Ended
September 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Commissions
|
| | | $ | 327,516 | | | | | $ | 306,971 | | | | | $ | 20,545 | | | | | | 7 | | |
Technology costs
|
| | | | 73,163 | | | | | | 81,056 | | | | | | (7,893) | | | | | | (10) | | |
Cost of revenue
|
| | | $ | 400,679 | | | | | $ | 388,027 | | | | | $ | 12,652 | | | | | | 3 | | |
|
| | |
Three Months Ended
September 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Workforce
|
| | | $ | 83,585 | | | | | $ | 90,559 | | | | | $ | (6,974) | | | | | | (8) | | |
Non-workforce
|
| | | | 22,327 | | | | | | 14,869 | | | | | | 7,458 | | | | | | 50 | | |
Sub-total
|
| | | | 105,912 | | | | | | 105,428 | | | | | | 484 | | | | | | — | | |
Non-core corporate costs
|
| | | | 21,626 | | | | | | 5,488 | | | | | | 16,138 | | | | | | * | | |
SG&A | | | | $ | 127,538 | | | | | $ | 110,916 | | | | | $ | 16,622 | | | | | | 15 | | |
|
| | |
Three Months Ended
September 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Depreciation on property and equipment
|
| | | $ | 40,088 | | | | | $ | 40,149 | | | | | $ | (61) | | | | | | — | | |
Amortization of acquired intangible assets
|
| | | | 10,165 | | | | | | 10,165 | | | | | | — | | | | | | — | | |
Total depreciation and amortization
|
| | | $ | 50,253 | | | | | $ | 50,314 | | | | | $ | (61) | | | | | | — | | |
|
| | |
Nine Months Ended
September 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Net revenue
|
| | | $ | 1,962,431 | | | | | $ | 1,873,712 | | | | | $ | 88,719 | | | | | | 5 | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 1,254,868 | | | | | | 1,144,572 | | | | | | 110,296 | | | | | | 10 | | |
Selling, general and administrative
|
| | | | 395,093 | | | | | | 336,272 | | | | | | 58,821 | | | | | | 17 | | |
Depreciation and amortization
|
| | | | 148,398 | | | | | | 156,871 | | | | | | (8,473) | | | | | | (5) | | |
Total costs and expenses
|
| | | | 1,798,359 | | | | | | 1,637,715 | | | | | | 160,644 | | | | | | 10 | | |
Operating income
|
| | | | 164,072 | | | | | | 235,997 | | | | | | (71,925) | | | | | | (30) | | |
Interest expense, net
|
| | | | (66,312) | | | | | | (92,011) | | | | | | 25,699 | | | | | | 28 | | |
Loss on early extinguishment of debt
|
| | | | (27,699) | | | | | | (4,682) | | | | | | (23,017) | | | | | | * | | |
Gain on sale of a subsidiary
|
| | | | — | | | | | | 1,217 | | | | | | (1,217) | | | | | | (100) | | |
Other expense
|
| | | | (730) | | | | | | (2,538) | | | | | | 1,808 | | | | | | 71 | | |
Income before income taxes
|
| | | | 69,331 | | | | | | 137,983 | | | | | | (68,652) | | | | | | (50) | | |
Provision for income taxes
|
| | | | (24,972) | | | | | | (43,073) | | | | | | 18,101 | | | | | | 42 | | |
Net income from continuing operations
|
| | | | 44,359 | | | | | | 94,910 | | | | | | (50,551) | | | | | | (53) | | |
Income from discontinued operations, net of tax
|
| | | | 27,747 | | | | | | — | | | | | | 27,747 | | | | | | * | | |
Net income
|
| | | $ | 72,106 | | | | | $ | 94,910 | | | | | $ | (22,804) | | | | | | (24) | | |
|
| | |
Nine Months Ended
September 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Air
|
| | | $ | 1,321,525 | | | | | $ | 1,315,500 | | | | | $ | 6,025 | | | | | | — | | |
Beyond Air
|
| | | | 566,740 | | | | | | 476,474 | | | | | | 90,266 | | | | | | 19 | | |
Travel Commerce Platform
|
| | | | 1,888,265 | | | | | | 1,791,974 | | | | | | 96,291 | | | | | | 5 | | |
Technology Services
|
| | | | 74,166 | | | | | | 81,738 | | | | | | (7,572) | | | | | | (9) | | |
Net revenue
|
| | | $ | 1,962,431 | | | | | $ | 1,873,712 | | | | | $ | 88,719 | | | | | | 5 | | |
|
| | |
Nine Months Ended
September 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| | | | | | | |
%
|
| |||||||||
Travel Commerce Platform RevPas (in $)
|
| | | $ | 7.24 | | | | | $ | 6.76 | | | | | $ | 0.48 | | | | | | 7 | | |
Reported Segments (in thousands)
|
| | | | 260,831 | | | | | | 264,975 | | | | | | (4,144) | | | | | | (2) | | |
| | |
Nine Months Ended
September 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Asia Pacific
|
| | | $ | 426,728 | | | | | $ | 437,748 | | | | | $ | (11,020) | | | | | | (3) | | |
Europe
|
| | | | 670,082 | | | | | | 568,811 | | | | | | 101,271 | | | | | | 18 | | |
Latin America and Canada
|
| | | | 87,517 | | | | | | 83,919 | | | | | | 3,598 | | | | | | 4 | | |
Middle East and Africa
|
| | | | 239,593 | | | | | | 238,959 | | | | | | 634 | | | | | | — | | |
International
|
| | | | 1,423,920 | | | | | | 1,329,437 | | | | | | 94,483 | | | | | | 7 | | |
United States
|
| | | | 464,345 | | | | | | 462,537 | | | | | | 1,808 | | | | | | — | | |
Travel Commerce Platform
|
| | | $ | 1,888,265 | | | | | $ | 1,791,974 | | | | | $ | 96,291 | | | | | | 5 | | |
|
| | |
Segments (in thousands)
|
| |
RevPas (in $)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Nine Months Ended
September 30, |
| |
Change
|
| |
Nine Months Ended
September 30, |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| | | | | | | |
%
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| |||||||||||||||||||||
Asia Pacific
|
| | | | 49,172 | | | | | | 54,712 | | | | | | (5,540) | | | | | | (10) | | | | | $ | 8.68 | | | | | $ | 8.00 | | | | | | 0.68 | | | | | | 8 | | |
Europe
|
| | | | 65,537 | | | | | | 63,478 | | | | | | 2,059 | | | | | | 3 | | | | | $ | 10.22 | | | | | $ | 8.96 | | | | | | 1.26 | | | | | | 14 | | |
Latin America and Canada
|
| | | | 14,231 | | | | | | 13,862 | | | | | | 369 | | | | | | 3 | | | | | $ | 6.15 | | | | | $ | 6.05 | | | | | | 0.10 | | | | | | 2 | | |
Middle East and Africa
|
| | | | 28,300 | | | | | | 28,271 | | | | | | 29 | | | | | | — | | | | | $ | 8.47 | | | | | $ | 8.45 | | | | | | 0.02 | | | | | | — | | |
International
|
| | | | 157,240 | | | | | | 160,323 | | | | | | (3,083) | | | | | | (2) | | | | | $ | 9.06 | | | | | $ | 8.29 | | | | | | 0.77 | | | | | | 9 | | |
United States
|
| | | | 103,591 | | | | | | 104,652 | | | | | | (1,061) | | | | | | (1) | | | | | $ | 4.48 | | | | | $ | 4.42 | | | | | | 0.06 | | | | | | 1 | | |
Travel Commerce Platform
|
| | | | 260,831 | | | | | | 264,975 | | | | | | (4,144) | | | | | | (2) | | | | | $ | 7.24 | | | | | $ | 6.76 | | | | | | 0.48 | | | | | | 7 | | |
|
| | |
Nine Months Ended
September 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Commissions
|
| | | $ | 1,026,602 | | | | | $ | 899,224 | | | | | $ | 127,378 | | | | | | 14 | | |
Technology costs
|
| | | | 228,266 | | | | | | 245,348 | | | | | | (17,082) | | | | | | (7) | | |
Cost of revenue
|
| | | $ | 1,254,868 | | | | | $ | 1,144,572 | | | | | $ | 110,296 | | | | | | 10 | | |
|
| | |
Nine Months Ended
September 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Workforce
|
| | | $ | 276,572 | | | | | $ | 267,699 | | | | | $ | 8,873 | | | | | | 3 | | |
Non-workforce
|
| | | | 58,753 | | | | | | 56,644 | | | | | | 2,109 | | | | | | 4 | | |
Sub-total
|
| | | | 335,325 | | | | | | 324,343 | | | | | | 10,982 | | | | | | 3 | | |
Non-core corporate costs
|
| | | | 59,768 | | | | | | 11,929 | | | | | | 47,839 | | | | | | * | | |
SG&A | | | | $ | 395,093 | | | | | $ | 336,272 | | | | | $ | 58,821 | | | | | | 17 | | |
|
| | |
Nine Months Ended
September 30, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Depreciation on property and equipment
|
| | | $ | 117,901 | | | | | $ | 126,183 | | | | | $ | (8,282) | | | | | | (7) | | |
Amortization of acquired intangible assets
|
| | | | 30,497 | | | | | | 30,688 | | | | | | (191) | | | | | | (1) | | |
Total depreciation and amortization
|
| | | $ | 148,398 | | | | | $ | 156,871 | | | | | $ | (8,473) | | | | | | (5) | | |
|
(in $ thousands)
|
| |
September 30,
2018 |
| |||
Cash and cash equivalents
|
| | | $ | 200,333 | | |
Revolving credit facility availability
|
| | | | 145,400 | | |
| | |
Asset (Liability)
|
| | ||||||||||||||
(in $ thousands)
|
| |
September 30,
2018 |
| |
December 31,
2017 |
| |
Change
|
| |||||||||
Accounts receivable, net
|
| | | $ | 248,635 | | | | | $ | 206,524 | | | | | $ | 42,111 | | |
Accrued commissions and incentives
|
| | | | (328,361) | | | | | | (282,954) | | | | | | (45,407) | | |
Deferred revenue and prepaid incentives, net
|
| | | | (46,610) | | | | | | (31,419) | | | | | | (15,191) | | |
Cash and cash equivalents
|
| | | | 200,333 | | | | | | 122,039 | | | | | | 78,294 | | |
Accounts payable and employee related
|
| | | | (155,384) | | | | | | (145,140) | | | | | | (10,244) | | |
Accrued interest
|
| | | | (9,442) | | | | | | (12,010) | | | | | | 2,568 | | |
Current portion of long-term debt
|
| | | | (58,377) | | | | | | (64,291) | | | | | | 5,914 | | |
Taxes
|
| | | | 3,647 | | | | | | (2,823) | | | | | | 6,470 | | |
Other assets, net
|
| | | | 15,408 | | | | | | 1,724 | | | | | | 13,684 | | |
Working Capital
|
| | | $ | (130,151) | | | | | $ | (208,350) | | | | | $ | 78,199 | | |
Consolidated Condensed Balance Sheets: | | | | | | | | | | | | | | | | | | | |
Total current assets
|
| | | $ | 574,580 | | | | | $ | 438,287 | | | | | $ | 136,293 | | |
Total current liabilities
|
| | | | (704,731) | | | | | | (646,637) | | | | | | (58,094) | | |
Working Capital
|
| | | $ | (130,151) | | | | | $ | (208,350) | | | | | $ | 78,199 | | |
|
| | |
September 30,
2018 |
| |
December 31,
2017 |
| |
Change
|
| |||||||||
Accounts receivable, net (in $ thousands)
|
| | | $ | 248,635 | | | | | $ | 206,524 | | | | | $ | 42,111 | | |
Accounts receivable, net – Days Sales Outstanding (“DSO”)
|
| | | | 37 | | | | | | 37 | | | | | | — | | |
| | |
Nine Months Ended
September 30, |
| |
Change
|
| ||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |||||||||
Cash provided by (used in): | | | | | | | | | | | | | | | | | | | |
Operating activities
|
| | | $ | 285,435 | | | | | $ | 274,342 | | | | | $ | 11,093 | | |
Investing activities
|
| | | | (109,236) | | | | | | (82,625) | | | | | | (26,611) | | |
Financing activities
|
| | | | (93,306) | | | | | | (128,052) | | | | | | 34,746 | | |
Effect of exchange rate changes
|
| | | | (1,126) | | | | | | 1,043 | | | | | | (2,169) | | |
Net increase in cash, cash equivalents and restricted cash
|
| | | $ | 81,767 | | | | | $ | 64,708 | | | | | $ | 17,059 | | |
|
| | |
Nine Months Ended
September 30, |
| |
Change
|
| ||||||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |||||||||
Cash additions to software developed for internal use
|
| | | $ | 96,934 | | | | | $ | 62,459 | | | | | $ | 34,475 | | |
Cash additions to computer equipment and other
|
| | | | 12,302 | | | | | | 16,733 | | | | | | (4,431) | | |
Property and equipment additions
|
| | | $ | 109,236 | | | | | $ | 79,192 | | | | | $ | 30,044 | | |
|
| | |
Nine Months Ended
September 30, |
| |||||||||
(in $ thousands)
|
| |
2018
|
| |
2017
|
| ||||||
Net cash provided by operating activities
|
| | | $ | 285,435 | | | | | $ | 274,342 | | |
Less: capital expenditures on property and equipment additions
|
| | | | (109,236) | | | | | | (79,192) | | |
Free Cash Flow
|
| | | $ | 176,199 | | | | | $ | 195,150 | | |
|
(in $ thousands)
|
| |
Interest rate
|
| |
Maturity
|
| |
September 30,
2018 |
| |
December 31,
2017 |
| ||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | | | | | | | |
Term loans – (2018 Credit Agreement)(1)
|
| |
L+2.50%
|
| |
March 2025
|
| | | $ | 1,379,511 | | | | | $ | — | | |
Term loans – (2014 Credit Agreement)(2)
|
| |
L+2.75%
|
| |
September 2021
|
| | | | — | | | | | | 2,124,439 | | |
Revolver borrowings – (2018 Credit Agreement)
|
| |
L+2.25%
|
| |
September 2022
|
| | | | — | | | | | | — | | |
Revolver borrowings – (2014 Credit Agreement)
|
| |
L+2.50%
|
| |
September 2022
|
| | | | — | | | | | | — | | |
Senior Secured Notes | | | | | | | | | | | | | | | | | | | |
Senior Secured Notes(3)
|
| |
6.00%
|
| |
March 2026
|
| | | | 737,881 | | | | | | — | | |
Capital leases and other indebtedness
|
| | | | | | | | | | 147,156 | | | | | | 105,574 | | |
Total debt
|
| | | | | | | | | | 2,264,548 | | | | | | 2,230,013 | | |
Less: cash, cash equivalents and restricted cash
|
| | | | | | | | | | (203,806) | | | | | | (122,039) | | |
Net Debt(4)
|
| | | | | | | | | $ | 2,060,742 | | | | | $ | 2,107,974 | | |
|
Notional Amount ($ in thousands) |
| |
Period
|
| |
Rate
Average Interest |
| |||
1,400,000
|
| |
February 2017 to February 2019
|
| | | | 1.4010% | | |
1,200,000
|
| |
February 2019 to February 2020
|
| | | | 2.1906% | | |
400,000
|
| |
February 2020 to February 2021
|
| | | | 2.1925% | | |
200,000
|
| |
February 2021 to February 2022
|
| | | | 2.9913% | | |
| | |
Year Ending September 30,
|
| |||||||||||||||||||||||||||||||||||||||
(in $ thousands)
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
Thereafter
|
| |
Total
|
| |||||||||||||||||||||
Term loans
|
| | | $ | 14,000 | | | | | $ | 14,000 | | | | | $ | 14,000 | | | | | $ | 14,000 | | | | | $ | 14,000 | | | | | $ | 1,322,500 | | | | | $ | 1,392,500 | | |
Senior secured notes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 745,000 | | | | | | 745,000 | | |
Capital leases and other indebtedness
|
| | | | 44,378 | | | | | | 42,198 | | | | | | 36,038 | | | | | | 23,321 | | | | | | — | | | | | | 1,221 | | | | | | 147,156 | | |
Interest payments(1)
|
| | | | 111,037 | | | | | | 115,336 | | | | | | 114,460 | | | | | | 112,000 | | | | | | 109,907 | | | | | | 213,277 | | | | | | 776,017 | | |
Total | | | | $ | 169,415 | | | | | $ | 171,534 | | | | | $ | 164,498 | | | | | $ | 149,321 | | | | | $ | 123,907 | | | | | $ | 2,281,998 | | | | | $ | 3,060,673 | | |
|
| | | | TRAVELPORT WORLDWIDE LIMITED | |
| Date: November 1, 2018 | | |
By:
/s/ Bernard Bot
Bernard Bot
Executive Vice President and Chief Financial Officer |
|
| Date: November 1, 2018 | | |
By:
/s/ Antonios Basoukeas
Antonios Basoukeas
Chief Accounting Officer |
|
|
Exhibit
No. |
| |
Description
|
|
| 3.1 | | | | |
| 3.2 | | | | |
| 31.1 | | | | |
| 31.2 | | | | |
| 32 | | | | |
| 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 | |