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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 | | | | | | | 3 | | | |
Item 1A | | | | | | | 21 | | | |
Item 1B | | | | | | | 38 | | | |
Item 2 | | | | | | | 38 | | | |
Item 3 | | | | | | | 39 | | | |
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 | | | |
| | | | | | | 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 |
| |
United States
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|
| Air India | | | Aeroflot Airlines | | | Aerovias | | | Emirates Airlines | | | Alaska Airlines | |
| Jet Airways | | | Alitalia Airlines | | | Air Canada | | |
Ethiopian Airlines
|
| | American Airlines | |
| Qantas Airways | | | Emirates Airlines | | |
American Airlines
|
| | Qatar Airways | | | Delta Air Lines | |
| Singapore Airlines | | |
Lufthansa Airlines
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| | Latam Airlines | | | South African Airways | | | Korean Airways | |
| Virgin Australia Airlines | | | Turkish Airlines | | |
Lufthansa Airlines
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| | 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 | |
Melbourne, Australia and London, United Kingdom |
| | eNett Operational Business Centers | |
2016
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High
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Low
|
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First Quarter
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| | | $ | 14.26 | | | | | $ | 8.50 | | |
Second Quarter
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| | | $ | 14.82 | | | | | $ | 11.28 | | |
Third Quarter
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| | | $ | 15.15 | | | | | $ | 12.77 | | |
Fourth Quarter
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| | | $ | 15.14 | | | | | $ | 12.95 | | |
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 | | |
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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January 1 – 31, 2016
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| | | | 23,417 | | | | | $ | 12.52 | | | | | | — | | | | | | — | | |
April 1 – 30, 2016
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| | | | 43,140 | | | | | $ | 14.49 | | | | | | — | | | | | | — | | |
June 1 – 30, 2016
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| | | | 3,805 | | | | | $ | 13.79 | | | | | | — | | | | | | — | | |
September 1 – 30, 2016
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| | | | 802 | | | | | $ | 13.91 | | | | | | — | | | | | | — | | |
October 1 – 31, 2016
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| | | | 44,693 | | | | | $ | 14.22 | | | | | | — | | | | | | — | | |
Total
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| | | | 115,857 | | | | | $ | 13.96 | | | | | | — | | | | | | — | | |
Company/Index
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Base
Period 9/25/14 |
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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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3/31/16
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6/30/16
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9/30/16
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12/31/16
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Travelport Worldwide
Limited |
| | |
$
|
100
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| | | | $ | 100.37 | | | | | $ | 110.21 | | | | | $ | 102.71 | | | | | $ | 85.21 | | | | | $ | 82.22 | | | | | $ | 80.69 | | | | | $ | 85.91 | | | | | $ | 81.53 | | | | | $ | 95.59 | | | | | $ | 90.15 | | |
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 | | | | | $ | 102.55 | | | | | $ | 106.44 | | | | | $ | 116.07 | | | | | $ | 126.32 | | |
Dow Jones U.S. Travel
& Leisure Index |
| | |
$
|
100
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| | | | $ | 100.55 | | | | | $ | 110.19 | | | | | $ | 114.47 | | | | | $ | 110.74 | | | | | $ | 110.69 | | | | | $ | 116.69 | | | | | $ | 119.13 | | | | | $ | 109.51 | | | | | $ | 115.69 | | | | | $ | 125.53 | | |
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Year ended December 31,
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(in $ thousands, except per share data)
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2016
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2015
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2014
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2013
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2012
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Net revenue
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| | | $ | 2,351,356 | | | | | $ | 2,221,020 | | | | | $ | 2,148,159 | | | | | $ | 2,076,358 | | | | | $ | 2,001,528 | | |
Operating income
|
| | | | 200,613 | | | | | | 190,523 | | | | | | 160,950 | | | | | | 208,128 | | | | | | 137,705 | | |
Income (loss) from continuing
operations before income taxes and share of (losses) earnings in equity method investments |
| | | | 44,799 | | | | | | 48,007 | | | | | | 130,912 | | | | | | (196,892) | | | | | | (201,942) | | |
Net income (loss) from continuing
operations |
| | | | 15,046 | | | | | | 20,210 | | | | | | 91,300 | | | | | | (206,960) | | | | | | (298,509) | | |
Net income (loss)
|
| | | | 15,046 | | | | | | 20,210 | | | | | | 91,300 | | | | | | (202,501) | | | | | | (291,746) | | |
Net income (loss) attributable to the Company
|
| | | | 16,820 | | | | | | 16,332 | | | | | | 86,494 | | | | | | (205,956) | | | | | | (292,126) | | |
Income (loss) per share – Basic: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) per share – continuing operations
|
| | | $ | 0.14 | | | | | $ | 0.13 | | | | | $ | 1.01 | | | | | $ | (4.62) | | | | | $ | (36.76) | | |
Basic income (loss) per share
|
| | | $ | 0.14 | | | | | $ | 0.13 | | | | | $ | 1.01 | | | | | $ | (4.52) | | | | | $ | (35.93) | | |
Income (loss) per share – Diluted: | | | | | | | |||||||||||||||||||||||||
Income (loss) per share – continuing operations
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| | | $ | 0.13 | | | | | $ | 0.13 | | | | | $ | 0.98 | | | | | $ | (4.62) | | | | | $ | (36.76) | | |
Diluted income (loss) per
share |
| | | $ | 0.13 | | | | | $ | 0.13 | | | | | $ | 0.98 | | | | | $ | (4.52) | | | | | $ | (35.93) | | |
Cash dividends declared per common share
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| | | $ | 0.300 | | | | | $ | 0.300 | | | | | $ | 0.075 | | | | | | — | | | | | | — | | |
| | |
As of December 31,
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(in $ thousands)
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2016
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2015
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2014
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2013
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2012
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Cash and cash equivalents
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| | | $ | 139,938 | | | | | $ | 154,841 | | | | | $ | 138,986 | | | | | $ | 153,723 | | | | | $ | 109,827 | | |
Total current assets (excluding cash
and cash equivalents)(1) |
| | | | 302,313 | | | | | | 310,300 | | | | | | 272,930 | | | | | | 312,361 | | | | | | 321,784 | | |
Property and equipment, net
|
| | | | 431,046 | | | | | | 459,848 | | | | | | 413,770 | | | | | | 428,418 | | | | | | 415,894 | | |
Goodwill and other intangible assets, net
|
| | | | 1,904,655 | | | | | | 1,915,916 | | | | | | 1,930,264 | | | | | | 1,971,249 | | | | | | 2,017,471 | | |
All other non-current assets(1)(2)
|
| | | | 55,977 | | | | | | 64,524 | | | | | | 135,634 | | | | | | 222,517 | | | | | | 291,485 | | |
Total assets
|
| | | $ | 2,833,929 | | | | | $ | 2,905,429 | | | | | $ | 2,891,584 | | | | | $ | 3,088,268 | | | | | $ | 3,156,461 | | |
Total current liabilities
|
| | | $ | 601,337 | | | | | $ | 579,090 | | | | | $ | 555,072 | | | | | $ | 680,644 | | | | | $ | 695,480 | | |
Long-term debt(2)
|
| | | | 2,281,210 | | | | | | 2,363,035 | | | | | | 2,384,210 | | | | | | 3,528,493 | | | | | | 3,865,543 | | |
All other non-current
liabilities(1) |
| | | | 287,164 | | | | | | 286,162 | | | | | | 290,322 | | | | | | 189,643 | | | | | | 280,952 | | |
Total liabilities
|
| | | | 3,169,711 | | | | | | 3,228,287 | | | | | | 3,229,604 | | | | | | 4,398,780 | | | | | | 4,841,975 | | |
Total equity (deficit)
|
| | | | (335,782) | | | | | | (322,858) | | | | | | (338,020) | | | | | | (1,310,512) | | | | | | (1,685,514) | | |
Total liabilities and equity
|
| | | $ | 2,833,929 | | | | | $ | 2,905,429 | | | | | $ | 2,891,584 | | | | | $ | 3,088,268 | | | | | $ | 3,156,461 | | |
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Year Ended December 31,
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(in $ thousands)
|
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2016
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2015
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2014
|
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2013
|
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2012
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Net cash provided by operating activities
|
| | | $ | 299,019 | | | | | $ | 262,223 | | | | | $ | 58,451 | | | | | $ | 100,471 | | | | | $ | 180,527 | | |
Net cash (used in) provided by investing activities
|
| | | | (122,469) | | | | | | (166,311) | | | | | | 225,999 | | | | | | (96,003) | | | | | | (88,887) | | |
Net cash (used in) provided by financing activities
|
| | | | (190,747) | | | | | | (78,037) | | | | | | (297,383) | | | | | | 39,607 | | | | | | (105,703) | | |
Effects of changes in exchange rates on cash and cash equivalents
|
| | | | (706) | | | | | | (2,020) | | | | | | (1,804) | | | | | | (179) | | | | | | (353) | | |
Net (decrease) increase in cash and cash equivalents
|
| | | $ | (14,903) | | | | | $ | 15,855 | | | | | $ | (14,737) | | | | | $ | 43,896 | | | | | $ | (14,416) | | |
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2016
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(in $ thousands, except per share data)
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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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| | | $ | 609,263 | | | | | $ | 605,905 | | | | | $ | 590,756 | | | | | $ | 545,432 | | |
Cost of revenue
|
| | | | 362,677 | | | | | | 376,605 | | | | | | 351,534 | | | | | | 339,830 | | |
Operating income
|
| | | | 79,868 | | | | | | 37,760 | | | | | | 62,235 | | | | | | 20,750 | | |
Net income (loss)
|
| | | | 17,181 | | | | | | (14,429) | | | | | | 21,404 | | | | | | (9,110) | | |
Net income (loss) attributable to the Company
|
| | | | 16,585 | | | | | | (14,831) | | | | | | 20,838 | | | | | | (5,772) | | |
Income (loss) per share from continuing operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 0.13 | | | | | | (0.12) | | | | | | 0.17 | | | | | | (0.05) | | |
Diluted
|
| | | | 0.13 | | | | | | (0.12) | | | | | | 0.17 | | | | | | (0.05) | | |
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2015
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(in $ thousands, except per share data)
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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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| | | $ | 572,128 | | | | | $ | 554,202 | | | | | $ | 559,837 | | | | | $ | 534,853 | | |
Cost of revenue
|
| | | | 349,231 | | | | | | 335,050 | | | | | | 335,724 | | | | | | 320,400 | | |
Operating income
|
| | | | 33,749 | | | | | | 63,146 | | | | | | 54,091 | | | | | | 39,537 | | |
Net (loss) income
|
| | | | (7,108) | | | | | | 16,409 | | | | | | 4,950 | | | | | | 5,959 | | |
Net (loss) income attributable to the Company
|
| | | | (8,141) | | | | | | 15,328 | | | | | | 3,680 | | | | | | 5,465 | | |
(Loss) income per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | (0.07) | | | | | | 0.13 | | | | | | 0.03 | | | | | | 0.04 | | |
Diluted
|
| | | | (0.07) | | | | | | 0.12 | | | | | | 0.03 | | | | | | 0.04 | | |
(in $ thousands, except per share data,
Reported Segments and RevPas) |
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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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2016
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2015
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%
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2015
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2014
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%
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Net revenue
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| | | $ | 2,351,356 | | | | | $ | 2,221,020 | | | | | $ | 130,336 | | | | | | 6 | | | | | $ | 2,221,020 | | | | | $ | 2,148,159 | | | | | $ | 72,861 | | | | | | 3 | | |
Operating income
|
| | | | 200,613 | | | | | | 190,523 | | | | | | 10,090 | | | | | | 5 | | | | | | 190,523 | | | | | | 160,950 | | | | | | 29,573 | | | | | | 18 | | |
Net income
|
| | | | 15,046 | | | | | | 20,210 | | | | | | (5,164) | | | | | | (26) | | | | | | 20,210 | | | | | | 91,300 | | | | | | (71,090) | | | | | | (78) | | |
Income per share – diluted (in $)
|
| | | | 0.13 | | | | | | 0.13 | | | | | | — | | | | | | — | | | | | | 0.13 | | | | | | 0.98 | | | | | | (0.85) | | | | | | (87) | | |
Adjusted EBITDA(1)
|
| | | | 574,349 | | | | | | 535,027 | | | | | | 39,322 | | | | | | 7 | | | | | | 535,027 | | | | | | 540,113 | | | | | | (5,086) | | | | | | (1) | | |
Adjusted Operating Income(2)
|
| | | | 340,898 | | | | | | 305,319 | | | | | | 35,579 | | | | | | 12 | | | | | | 305,319 | | | | | | 308,407 | | | | | | (3,088) | | | | | | (1) | | |
Adjusted Net Income (Loss)(3)
|
| | | | 154,494 | | | | | | 122,345 | | | | | | 32,149 | | | | | | 26 | | | | | | 122,345 | | | | | | (10,520) | | | | | | 132,865 | | | | | | * | | |
Adjusted Income (Loss) per Share – diluted(4) (in $)
|
| | | | 1.23 | | | | | | 1.00 | | | | | | 0.23 | | | | | | 23 | | | | | | 1.00 | | | | | | (0.12) | | | | | | 1.12 | | | | | | * | | |
Net cash provided by operating activities
|
| | | | 299,019 | | | | | | 262,223 | | | | | | 36,796 | | | | | | 14 | | | | | | 262,223 | | | | | | 58,451 | | | | | | 203,772 | | | | | | * | | |
Free Cash Flow(5)
|
| | | | 191,559 | | | | | | 156,128 | | | | | | 35,431 | | | | | | 23 | | | | | | 156,128 | | | | | | (53,272) | | | | | | 209,400 | | | | | | * | | |
Adjusted Free Cash Flow(6)
|
| | | | 155,840 | | | | | | 134,127 | | | | | | 21,713 | | | | | | 16 | | | | | | 134,127 | | | | | | (38,510) | | | | | | 172,637 | | | | | | * | | |
Reported Segments (in thousands)
|
| | | | 338,344 | | | | | | 341,552 | | | | | | (3,208) | | | | | | (1) | | | | | | 341,552 | | | | | | 356,029 | | | | | | (14,477) | | | | | | (4) | | |
Travel Commerce Platform RevPas (in $)
|
| | | $ | 6.59 | | | | | $ | 6.13 | | | | | $ | 0.46 | | | | | | 7 | | | | | $ | 6.13 | | | | | $ | 5.70 | | | | | $ | 0.43 | | | | | | 8 | | |
| | |
Year Ended December 31,
|
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(in $ thousands)
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||
Net income
|
| | | $ | 15,046 | | | | | $ | 20,210 | | | | | $ | 91,300 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | |
Amortization of intangible assets(1)
|
| | | | 47,095 | | | | | | 71,567 | | | | | | 77,300 | | |
Loss on early extinguishment of debt
|
| | | | 4,333 | | | | | | — | | | | | | 107,590 | | |
Share of losses in equity method investments
|
| | | | — | | | | | | 671 | | | | | | 1,084 | | |
Gain on sale of shares of Orbitz Worldwide
|
| | | | — | | | | | | (6,271) | | | | | | (355,750) | | |
Equity-based compensation and related taxes
|
| | | | 31,788 | | | | | | 28,875 | | | | | | 43,906 | | |
Corporate and restructuring costs(2)
|
| | | | 38,772 | | | | | | 19,226 | | | | | | 13,904 | | |
Impairment of long-lived assets(3)
|
| | | | 11,152 | | | | | | — | | | | | | 1,626 | | |
Other – non cash(4)
|
| | | | 17,646 | | | | | | (13,527) | | | | | | 10,721 | | |
Tax impact of adjustments(5)
|
| | | | (11,338) | | | | | | 1,594 | | | | | | (2,201) | | |
Adjusted Net Income (Loss)
|
| | | | 154,494 | | | | | | 122,345 | | | | | | (10,520) | | |
Adjustments: | | | | | | | | | | | | | | | | | | | |
Interest expense, net(6)
|
| | | | 145,313 | | | | | | 157,442 | | | | | | 278,198 | | |
Remaining provision for income taxes
|
| | | | 41,091 | | | | | | 25,532 | | | | | | 40,729 | | |
Adjusted Operating Income
|
| | | | 340,898 | | | | | | 305,319 | | | | | | 308,407 | | |
Adjustments:
|
| | | | |||||||||||||||
Depreciation and amortization of property and equipment
|
| | | | 162,314 | | | | | | 162,661 | | | | | | 155,548 | | |
Amortization of customer loyalty payments
|
| | | | 71,137 | | | | | | 67,047 | | | | | | 76,158 | | |
Adjusted EBITDA
|
| | | $ | 574,349 | | | | | $ | 535,027 | | | | | $ | 540,113 | | |
|
| | |
Year Ended December 31,
|
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(in $)
|
| |
2016
|
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2015
|
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2014
|
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Income per share – diluted
|
| | | $ | 0.13 | | | | | $ | 0.13 | | | | | $ | 0.98 | | |
Per share adjustments to net income to determine Adjusted Income (Loss) per Share – diluted
|
| | | | 1.10 | | | | | | 0.87 | | | | | | (1.10) | | |
Adjusted Income (Loss) per Share – diluted
|
| | |
$
|
1.23
|
| | | |
$
|
1.00
|
| | | |
$
|
(0.12)
|
| |
|
| | |
Year Ended
December 31, |
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(in percentages)
|
| |
2016
|
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2015
|
| |
2014
|
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Asia Pacific
|
| | | | 23 | | | | | | 22 | | | | | | 20 | | |
Europe
|
| | | | 32 | | | | | | 30 | | | | | | 30 | | |
Latin America and Canada
|
| | | | 5 | | | | | | 5 | | | | | | 4 | | |
Middle East and Africa
|
| | | | 13 | | | | | | 14 | | | | | | 14 | | |
International
|
| | | | 73 | | | | | | 71 | | | | | | 68 | | |
United States
|
| | | | 27 | | | | | | 29 | | | | | | 32 | | |
Travel Commerce Platform
|
| | | | 100 | | | | | | 100 | | | | | | 100 | | |
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2016
|
| |
2015
|
| |
$
|
| |
%
|
| ||||||||||||
Net revenue
|
| | | $ | 2,351,356 | | | | | $ | 2,221,020 | | | | | $ | 130,336 | | | | | | 6 | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | |||||
Cost of revenue
|
| | | | 1,430,646 | | | | | | 1,340,405 | | | | | | 90,241 | | | | | | 7 | | |
Selling, general and administrative
|
| | | | 510,688 | | | | | | 455,864 | | | | | | 54,824 | | | | | | 12 | | |
Depreciation and amortization
|
| | | | 209,409 | | | | | | 234,228 | | | | | | (24,819) | | | | | | (11) | | |
Total costs and expenses
|
| | | | 2,150,743 | | | | | | 2,030,497 | | | | | | 120,246 | | | | | | 6 | | |
Operating income
|
| | | | 200,613 | | | | | | 190,523 | | | | | | 10,090 | | | | | | 5 | | |
Interest expense, net
|
| | | | (151,481) | | | | | | (148,787) | | | | | | (2,694) | | | | | | (2) | | |
Loss on early extinguishment of debt
|
| | | | (4,333) | | | | | | — | | | | | | (4,333) | | | | | | * | | |
Gain on sale of shares of Orbitz Worldwide
|
| | | | — | | | | | | 6,271 | | | | | | (6,271) | | | | | | (100) | | |
Income before income taxes and share of losses in equity method investment
|
| | | | 44,799 | | | | | | 48,007 | | | | | | (3,208) | | | | | | (7) | | |
Provision for income taxes
|
| | | | (29,753) | | | | | | (27,126) | | | | | | (2,627) | | | | | | (10) | | |
Share of losses in equity method investment
|
| | | | — | | | | | | (671) | | | | | | 671 | | | | | | 100 | | |
Net income
|
| | | $ | 15,046 | | | | | $ | 20,210 | | | | | $ | (5,164) | | | | | | (26) | | |
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2016
|
| |
2015
|
| |
$
|
| |
%
|
| ||||||||||||
Air
|
| | | $ | 1,651,316 | | | | | $ | 1,603,302 | | | | | $ | 48,014 | | | | | | 3 | | |
Beyond Air
|
| | | | 579,133 | | | | | | 491,855 | | | | | | 87,278 | | | | | | 18 | | |
Travel Commerce Platform
|
| | | | 2,230,449 | | | | | | 2,095,157 | | | | | | 135,292 | | | | | | 6 | | |
Technology Services
|
| | | | 120,907 | | | | | | 125,863 | | | | | | (4,956) | | | | | | (4) | | |
Net revenue
|
| | | $ | 2,351,356 | | | | | $ | 2,221,020 | | | | | $ | 130,336 | | | | | | 6 | | |
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
| | |
2016
|
| |
2015
|
| | | | | | | |
%
|
| |||||||||
Travel Commerce Platform RevPas (in $)
|
| | | $ | 6.59 | | | | | $ | 6.13 | | | | | $ | 0.46 | | | | | | 7 | | |
Reported Segments (in thousands)
|
| | | | 338,344 | | | | | | 341,552 | | | | | | (3,208) | | | | | | (1) | | |
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2016
|
| |
2015
|
| |
$
|
| |
%
|
| ||||||||||||
Asia Pacific
|
| | | $ | 512,521 | | | | | $ | 459,557 | | | | | $ | 52,964 | | | | | | 12 | | |
Europe
|
| | | | 722,058 | | | | | | 634,238 | | | | | | 87,820 | | | | | | 14 | | |
Latin America and Canada
|
| | | | 106,834 | | | | | | 99,228 | | | | | | 7,606 | | | | | | 8 | | |
Middle East and Africa
|
| | | | 290,068 | | | | | | 289,477 | | | | | | 591 | | | | | | — | | |
International
|
| | | | 1,631,481 | | | | | | 1,482,500 | | | | | | 148,981 | | | | | | 10 | | |
United States
|
| | | | 598,968 | | | | | | 612,657 | | | | | | (13,689) | | | | | | (2) | | |
Travel Commerce Platform
|
| | | $ | 2,230,449 | | | | | $ | 2,095,157 | | | | | $ | 135,292 | | | | | | 6 | | |
|
| | |
Segments (in thousands)
|
| |
RevPas (in $)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Year Ended
December 31, |
| |
Change
|
| |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||
| | |
2016
|
| |
2015
|
| | | | | | | |
%
|
| |
2016
|
| |
2015
|
| |
$
|
| |
%
|
| |||||||||||||||||||||
Asia Pacific
|
| | | | 66,674 | | | | | | 63,537 | | | | | | 3,137 | | | | | | 5 | | | | | $ | 7.69 | | | | | $ | 7.23 | | | | | $ | 0.46 | | | | | | 6 | | |
Europe
|
| | | | 82,515 | | | | | | 81,350 | | | | | | 1,165 | | | | | | 1 | | | | | $ | 8.75 | | | | | $ | 7.80 | | | | | $ | 0.95 | | | | | | 12 | | |
Latin America and Canada
|
| | | | 17,377 | | | | | | 16,881 | | | | | | 496 | | | | | | 3 | | | | | $ | 6.15 | | | | | $ | 5.88 | | | | | $ | 0.27 | | | | | | 5 | | |
Middle East and Africa
|
| | | | 37,387 | | | | | | 38,550 | | | | | | (1,163) | | | | | | (3) | | | | | $ | 7.76 | | | | | $ | 7.51 | | | | | $ | 0.25 | | | | | | 3 | | |
International
|
| | | | 203,953 | | | | | | 200,318 | | | | | | 3,635 | | | | | | 2 | | | | | $ | 8.00 | | | | | $ | 7.40 | | | | | $ | 0.60 | | | | | | 8 | | |
United States
|
| | | | 134,391 | | | | | | 141,234 | | | | | | (6,843) | | | | | | (5) | | | | | $ | 4.46 | | | | | $ | 4.34 | | | | | $ | 0.12 | | | | | | 3 | | |
Travel Commerce Platform
|
| | | | 338,344 | | | | | | 341,552 | | | | | | (3,208) | | | | | | (1) | | | | | $ | 6.59 | | | | | $ | 6.13 | | | | | $ | 0.46 | | | | | | 7 | | |
|
| | |
Year Ended December 31,
|
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2016
|
| |
2015
|
| |
$
|
| |
%
|
| ||||||||||||
Commissions
|
| | | $ | 1,104,005 | | | | | $ | 1,029,002 | | | | | $ | 75,003 | | | | | | 7 | | |
Technology costs
|
| | | | 326,641 | | | | | | 311,403 | | | | | | 15,238 | | | | | | 5 | | |
Cost of revenue
|
| | | $ | 1,430,646 | | | | | $ | 1,340,405 | | | | | $ | 90,241 | | | | | | 7 | | |
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2016
|
| |
2015
|
| |
$
|
| |
%
|
| ||||||||||||
Workforce
|
| | | $ | 330,532 | | | | | $ | 311,108 | | | | | $ | 19,424 | | | | | | 6 | | |
Non-workforce
|
| | | | 86,966 | | | | | | 101,527 | | | | | | (14,561) | | | | | | (14) | | |
Sub-total
|
| | | | 417,498 | | | | | | 412,635 | | | | | | 4,863 | | | | | | 1 | | |
Non-core corporate costs
|
| | | | 93,190 | | | | | | 43,229 | | | | | | 49,961 | | | | | | 116 | | |
SG&A | | | | $ | 510,688 | | | | | $ | 455,864 | | | | | $ | 54,824 | | | | | | 12 | | |
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2016
|
| |
2015
|
| |
$
|
| |
%
|
| ||||||||||||
Depreciation on property and equipment
|
| | | $ | 162,314 | | | | | $ | 162,661 | | | | | $ | (347) | | | | | | — | | |
Amortization of acquired intangible assets
|
| | | | 47,095 | | | | | | 71,567 | | | | | | (24,472) | | | | | | (34) | | |
Total depreciation and amortization
|
| | | $ | 209,409 | | | | | $ | 234,228 | | | | | $ | (24,819) | | | | | | (11) | | |
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| ||||||||||||
Net revenue
|
| | | $ | 2,221,020 | | | | | $ | 2,148,159 | | | | | $ | 72,861 | | | | | | 3 | | |
Costs and expenses | | | | | | ||||||||||||||||||||
Cost of revenue
|
| | | | 1,340,405 | | | | | | 1,323,889 | | | | | | 16,516 | | | | | | 1 | | |
Selling, general and administrative
|
| | | | 455,864 | | | | | | 430,472 | | | | | | 25,392 | | | | | | 6 | | |
Depreciation and amortization
|
| | | | 234,228 | | | | | | 232,848 | | | | | | 1,380 | | | | | | 1 | | |
Total costs and expenses
|
| | | | 2,030,497 | | | | | | 1,987,209 | | | | | | 43,288 | | | | | | 2 | | |
Operating income
|
| | | | 190,523 | | | | | | 160,950 | | | | | | 29,573 | | | | | | 18 | | |
Interest expense, net
|
| | | | (148,787) | | | | | | (278,198) | | | | | | 129,411 | | | | | | 47 | | |
Loss on early extinguishment of debt
|
| | | | — | | | | | | (107,590) | | | | | | 107,590 | | | | | | 100 | | |
Gain on sale of shares of Orbitz Worldwide
|
| | | | 6,271 | | | | | | 355,750 | | | | | | (349,479) | | | | | | (98) | | |
Income before income taxes and share of losses in equity method investments
|
| | | | 48,007 | | | | | | 130,912 | | | | | | (82,905) | | | | | | (63) | | |
Provision for income taxes
|
| | | | (27,126) | | | | | | (38,528) | | | | | | 11,402 | | | | | | 30 | | |
Share of losses in equity method investments
|
| | | | (671) | | | | | | (1,084) | | | | | | 413 | | | | | | 38 | | |
Net income
|
| | | $ | 20,210 | | | | | $ | 91,300 | | | | | $ | (71,090) | | | | | | (78) | | |
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| ||||||||||||
Air
|
| | | $ | 1,603,302 | | | | | $ | 1,606,575 | | | | | $ | (3,273) | | | | | | — | | |
Beyond Air
|
| | | | 491,855 | | | | | | 424,118 | | | | | | 67,737 | | | | | | 16 | | |
Travel Commerce Platform
|
| | | | 2,095,157 | | | | | | 2,030,693 | | | | | | 64,464 | | | | | | 3 | | |
Technology Services
|
| | | | 125,863 | | | | | | 117,466 | | | | | | 8,397 | | | | | | 7 | | |
Net revenue
|
| | | $ | 2,221,020 | | | | | $ | 2,148,159 | | | | | $ | 72,861 | | | | | | 3 | | |
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
| | |
2015
|
| |
2014
|
| | | | | | | |
%
|
| |||||||||
Travel Commerce Platform RevPas (in $)
|
| | | $ | 6.13 | | | | | $ | 5.70 | | | | | $ | 0.43 | | | | | | 8 | | |
Reported Segments (in thousands)
|
| | | | 341,552 | | | | | | 356,029 | | | | | | (14,477) | | | | | | (4) | | |
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| ||||||||||||
Asia Pacific
|
| | | $ | 459,557 | | | | | $ | 400,051 | | | | | $ | 59,506 | | | | | | 15 | | |
Europe
|
| | | | 634,238 | | | | | | 615,005 | | | | | | 19,233 | | | | | | 3 | | |
Latin America and Canada
|
| | | | 99,228 | | | | | | 87,915 | | | | | | 11,313 | | | | | | 13 | | |
Middle East and Africa
|
| | | | 289,477 | | | | | | 280,214 | | | | | | 9,263 | | | | | | 3 | | |
International
|
| | | | 1,482,500 | | | | | | 1,383,185 | | | | | | 99,315 | | | | | | 7 | | |
United States
|
| | | | 612,657 | | | | | | 647,508 | | | | | | (34,851) | | | | | | (5) | | |
Travel Commerce Platform
|
| | | $ | 2,095,157 | | | | | $ | 2,030,693 | | | | | $ | 64,464 | | | | | | 3 | | |
|
| | |
Segments (in thousands)
|
| |
RevPas (in $)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Year Ended
December 31, |
| |
Change
|
| |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||||||||||||||||||||
| | |
2015
|
| |
2014
|
| | | | | | | |
%
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| |||||||||||||||||||||
Asia Pacific
|
| | | | 63,537 | | | | | | 58,016 | | | | | | 5,521 | | | | | | 10 | | | | | $ | 7.23 | | | | | $ | 6.90 | | | | | $ | 0.33 | | | | | | 5 | | |
Europe
|
| | | | 81,350 | | | | | | 86,073 | | | | | | (4,723) | | | | | | (5) | | | | | $ | 7.80 | | | | | $ | 7.15 | | | | | $ | 0.65 | | | | | | 9 | | |
Latin America and Canada
|
| | | | 16,881 | | | | | | 15,301 | | | | | | 1,580 | | | | | | 10 | | | | | $ | 5.88 | | | | | $ | 5.75 | | | | | $ | 0.13 | | | | | | 2 | | |
Middle East and Africa
|
| | | | 38,550 | | | | | | 38,805 | | | | | | (255) | | | | | | (1) | | | | | $ | 7.51 | | | | | $ | 7.22 | | | | | $ | 0.29 | | | | | | 4 | | |
International
|
| | | | 200,318 | | | | | | 198,195 | | | | | | 2,123 | | | | | | 1 | | | | | $ | 7.40 | | | | | $ | 6.98 | | | | | $ | 0.42 | | | | | | 6 | | |
United States
|
| | | | 141,234 | | | | | | 157,834 | | | | | | (16,600) | | | | | | (11) | | | | | $ | 4.34 | | | | | $ | 4.10 | | | | | $ | 0.24 | | | | | | 6 | | |
Travel Commerce Platform
|
| | | | 341,552 | | | | | | 356,029 | | | | | | (14,477) | | | | | | (4) | | | | | $ | 6.13 | | | | | $ | 5.70 | | | | | $ | 0.43 | | | | | | 8 | | |
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| ||||||||||||
Commissions
|
| | | $ | 1,029,002 | | | | | $ | 1,021,953 | | | | | $ | 7,049 | | | | | | 1 | | |
Technology costs
|
| | | | 311,403 | | | | | | 301,936 | | | | | | 9,467 | | | | | | 3 | | |
Cost of revenue
|
| | | $ | 1,340,405 | | | | | $ | 1,323,889 | | | | | $ | 16,516 | | | | | | 1 | | |
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| ||||||||||||
Workforce
|
| | | $ | 311,108 | | | | | $ | 291,461 | | | | | $ | 19,647 | | | | | | 7 | | |
Non-workforce
|
| | | | 101,527 | | | | | | 68,854 | | | | | | 32,673 | | | | | | 47 | | |
Sub-total
|
| | | | 412,635 | | | | | | 360,315 | | | | | | 52,320 | | | | | | 15 | | |
Non-core corporate costs
|
| | | | 43,229 | | | | | | 70,157 | | | | | | (26,928) | | | | | | (38) | | |
SG&A
|
| | | $ | 455,864 | | | | | $ | 430,472 | | | | | $ | 25,392 | | | | | | 6 | | |
|
| | |
Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
(in $ thousands)
|
| |
2015
|
| |
2014
|
| |
$
|
| |
%
|
| ||||||||||||
Depreciation on property and equipment
|
| | | $ | 162,661 | | | | | $ | 155,548 | | | | | $ | 7,113 | | | | | | 5 | | |
Amortization of acquired intangible assets
|
| | | | 71,567 | | | | | | 77,300 | | | | | | (5,733) | | | | | | (7) | | |
Total depreciation and amortization
|
| | | $ | 234,228 | | | | | $ | 232,848 | | | | | $ | 1,380 | | | | | | 1 | | |
|
| | |
Year Ended
December 31, |
| |||||||||||||||
(in $ thousands)
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 139,938 | | | | | $ | 154,841 | | | | | $ | 138,986 | | |
Cash held as collateral
|
| | | | — | | | | | | — | | | | | | 25,886 | | |
Revolving credit facility availability
|
| | | | 116,313 | | | | | | 101,280 | | | | | | 86,152 | | |
| | |
Asset (Liability)
|
| | ||||||||||||||
(in $ thousands)
|
| |
December 31,
2016 |
| |
December 31,
2015 |
| |
Change
|
| |||||||||
Accounts Receivable, net
|
| | | $ | 218,224 | | | | | $ | 205,686 | | | | | $ | 12,538 | | |
Accrued commissions and incentives
|
| | | | (267,488) | | | | | | (241,358) | | | | | | (26,130) | | |
Deferred revenue and prepaid incentives, net
|
| | | | (32,741) | | | | | | (9,340) | | | | | | (23,401) | | |
Cash and cash equivalents
|
| | | | 139,938 | | | | | | 154,841 | | | | | | (14,903) | | |
Accounts payable and employee related
|
| | | | (144,657) | | | | | | (153,349) | | | | | | 8,692 | | |
Accrued interest
|
| | | | (15,215) | | | | | | (18,800) | | | | | | 3,585 | | |
Current portion of long-term debt
|
| | | | (63,558) | | | | | | (74,163) | | | | | | 10,605 | | |
Taxes
|
| | | | 9,618 | | | | | | 16,850 | | | | | | (7,232) | | |
Other (liabilities) assets, net
|
| | | | (3,207) | | | | | | 5,684 | | | | | | (8,891) | | |
Working Capital
|
| | | $ | (159,086) | | | | | $ | (113,949) | | | | | $ | (45,137) | | |
Consolidated Balance Sheets: | | | | | |||||||||||||||
Total current assets
|
| | | $ | 442,251 | | | | | $ | 465,141 | | | | | $ | (22,890) | | |
Total current liabilities
|
| | | | (601,337) | | | | | | (579,090) | | | | | | (22,247) | | |
Working Capital
|
| | | $ | (159,086) | | | | | $ | (113,949) | | | | | $ | (45,137) | | |
|
| | |
December 31,
2016 |
| |
December 31,
2015 |
| |
Change
|
| |||||||||
Accounts receivable, net (in $ thousands)
|
| | | $ | 218,224 | | | | | $ | 205,686 | | | | | $ | 12,538 | | |
Accounts receivable, net – Days Sales Outstanding (“DSO”)
|
| | | | 39 | | | | | | 38 | | | | | | 1 | | |
| | |
Asset (Liability)
|
| | ||||||||||||||
(in $ thousands)
|
| |
December 31,
2015 |
| |
December 31,
2014 |
| |
Change
|
| |||||||||
Accounts Receivable, net
|
| | | $ | 205,686 | | | | | $ | 184,452 | | | | | $ | 21,234 | | |
Accrued commissions and incentives
|
| | | | (241,358) | | | | | | (259,639) | | | | | | 18,281 | | |
Deferred revenue and prepaid incentives, net
|
| | | | (9,340) | | | | | | (13,637) | | | | | | 4,297 | | |
Cash and cash equivalents
|
| | | | 154,841 | | | | | | 138,986 | | | | | | 15,855 | | |
Accounts payable and employee related
|
| | | | (153,349) | | | | | | (132,465) | | | | | | (20,884) | | |
Accrued interest
|
| | | | (18,800) | | | | | | (18,021) | | | | | | (779) | | |
Current portion of long-term debt
|
| | | | (74,163) | | | | | | (55,750) | | | | | | (18,413) | | |
Taxes
|
| | | | 16,850 | | | | | | 17,441 | | | | | | (591) | | |
Other assets (liabilities), net
|
| | | | 5,684 | | | | | | (4,523) | | | | | | 10,207 | | |
Working Capital
|
| | | $ | (113,949) | | | | | $ | (143,156) | | | | | $ | 29,207 | | |
Consolidated Balance Sheets: | | | | | |||||||||||||||
Total current assets
|
| | | $ | 465,141 | | | | | $ | 411,916 | | | | | $ | 53,225 | | |
Total current liabilities
|
| | | | (579,090) | | | | | | (555,072) | | | | | | (24,018) | | |
Working Capital
|
| | | $ | (113,949) | | | | | $ | (143,156) | | | | | $ | 29,207 | | |
|
| | |
December 31,
2015 |
| |
December 31,
2014 |
| |
Change
|
| |||||||||
Accounts receivable, net (in $ thousands)
|
| | | $ | 205,686 | | | | | $ | 184,452 | | | | | $ | 21,234 | | |
Accounts receivable, net – DSO
|
| | | | 38 | | | | | | 37 | | | | | | 1 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in $ thousands)
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||
Cash provided by (used in): | | | | | |||||||||||||||
Operating activities
|
| | | $ | 299,019 | | | | | $ | 262,223 | | | | | $ | 58,451 | | |
Investing activities
|
| | | | (122,469) | | | | | | (166,311) | | | | | | 225,999 | | |
Financing activities
|
| | | | (190,747) | | | | | | (78,037) | | | | | | (297,383) | | |
Effect of exchange rate changes
|
| | | | (706) | | | | | | (2,020) | | | | | | (1,804) | | |
Net (decrease) increase in cash and cash equivalents
|
| | | $ | (14,903) | | | | | $ | 15,855 | | | | | $ | (14,737) | | |
|
| | |
Year Ended
December 31, |
| |||||||||||||||
(in $ thousands)
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||
Adjusted EBITDA
|
| | | $ | 574,349 | | | | | $ | 535,027 | | | | | $ | 540,113 | | |
Interest payments
|
| | | | (136,458) | | | | | | (145,522) | | | | | | (294,168) | | |
Tax payments
|
| | | | (20,776) | | | | | | (24,673) | | | | | | (26,204) | | |
Customer loyalty payments
|
| | | | (84,562) | | | | | | (74,712) | | | | | | (92,945) | | |
Changes in working capital
|
| | | | (5,698) | | | | | | (24,939) | | | | | | (18,092) | | |
Pension liability contribution
|
| | | | (3,157) | | | | | | (2,759) | | | | | | (6,642) | | |
Changes in other assets and liabilities
|
| | | | 1,912 | | | | | | 14,283 | | | | | | 3,052 | | |
Other adjusting items(1)
|
| | | | (26,591) | | | | | | (14,482) | | | | | | (46,663) | | |
Net cash provided by operating activities
|
| | | | 299,019 | | | | | | 262,223 | | | | | | 58,451 | | |
Less: capital expenditures on property and equipment additions
|
| | | | (107,460) | | | | | | (106,095) | | | | | | (111,723) | | |
Free Cash Flow
|
| | | | 191,559 | | | | | | 156,128 | | | | | | (53,272) | | |
Add: other adjusting items(1)
|
| | | | 26,591 | | | | | | 14,482 | | | | | | 46,663 | | |
Less: repayment of capital lease obligations and other indebtedness
|
| | | | (62,310) | | | | | | (36,483) | | | | | | (31,901) | | |
Adjusted Free Cash Flow
|
| | | $ | 155,840 | | | | | $ | 134,127 | | | | | $ | (38,510) | | |
|
| | |
Year Ended
December 31, |
| |||||||||||||||
(in $ thousands)
|
| |
2016
|
| |
2015
|
| |
Change
|
| |||||||||
Cash additions to software developed for internal use
|
| | | $ | 74,202 | | | | | $ | 78,081 | | | | | $ | (3,879) | | |
Cash additions to computer equipment and other
|
| | | | 33,258 | | | | | | 28,014 | | | | | | 5,244 | | |
Total | | | | $ | 107,460 | | | | | $ | 106,095 | | | | | $ | 1,365 | | |
|
| | |
Year Ended
December 31, |
| |||||||||||||||
(in $ thousands)
|
| |
2015
|
| |
2014
|
| |
Change
|
| |||||||||
Cash additions to software developed for internal use
|
| | | $ | 78,081 | | | | | $ | 81,802 | | | | | $ | (3,721) | | |
Cash additions to computer equipment and other
|
| | | | 28,014 | | | | | | 29,921 | | | | | | (1,907) | | |
Total | | | | $ | 106,095 | | | | | $ | 111,723 | | | | | $ | (5,628) | | |
|
(in $ thousands)
|
| |
Interest
rate |
| |
Maturity
|
| |
December 31,
2016 |
| |
December 31,
2015 |
| ||||||
Senior Secured Credit Agreement | | | | | | ||||||||||||||
Term loans
|
| | | | | ||||||||||||||
Dollar denominated(1)(2)(3)
|
| |
L+4.00%
|
| |
September 2021
|
| | | $ | 2,236,157 | | | | | $ | 2,303,315 | | |
Revolver borrowings
|
| | | | | ||||||||||||||
Dollar denominated
|
| |
L+5.00%
|
| |
September 2019
|
| | | | — | | | | | | — | | |
Capital leases and other indebtedness
|
| | | | | | | | | | 108,611 | | | | | | 133,883 | | |
Total debt
|
| | | | | | | | | | 2,344,768 | | | | | | 2,437,198 | | |
Less: cash and cash equivalents
|
| | | | | | | | | | (139,938) | | | | | | (154,841) | | |
Net Debt(4)
|
| | | | | | | | | $ | 2,204,830 | | | | | $ | 2,282,357 | | |
|
| | |
Year Ending December 31,
|
| |||||||||||||||||||||||||||||||||||||||
(in $ thousands)
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
Thereafter
|
| |
Total
|
| |||||||||||||||||||||
Term loans(1)
|
| | | $ | 23,750 | | | | | $ | 23,750 | | | | | $ | 23,750 | | | | | $ | 23,750 | | | | | $ | 2,182,500 | | | | | $ | — | | | | | $ | 2,277,500 | | |
Capital leases and other indebtedness
|
| | | | 39,808 | | | | | | 32,566 | | | | | | 23,741 | | | | | | 7,484 | | | | | | 2,887 | | | | | | 2,125 | | | | | | 108,611 | | |
Interest payments(2)
|
| | | | 120,810 | | | | | | 116,212 | | | | | | 114,745 | | | | | | 112,558 | | | | | | 87,784 | | | | | | 97 | | | | | | 552,206 | | |
Operating leases(3)
|
| | | | 15,963 | | | | | | 15,348 | | | | | | 13,859 | | | | | | 11,260 | | | | | | 10,000 | | | | | | 36,413 | | | | | | 102,843 | | |
Purchase commitments(4)
|
| | | | 44,413 | | | | | | 31,401 | | | | | | 29,150 | | | | | | — | | | | | | — | | | | | | — | | | | | | 104,964 | | |
Total
|
| | | $ | 244,744 | | | | | $ | 219,277 | | | | | $ | 205,245 | | | | | $ | 155,052 | | | | | $ | 2,283,171 | | | | | $ | 38,635 | | | | | $ | 3,146,124 | | |
|
| 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 21, 2017 | |
|
/s/ Bernard Bot
(Bernard Bot)
|
| | Executive Vice President and Chief Financial Officer | | | February 21, 2017 | |
|
/s/ Douglas Steenland
(Douglas Steenland)
|
| | Chairman of the Board and Director | | | February 21, 2017 | |
|
/s/ Gavin Baiera
(Gavin Baiera)
|
| | Director | | | February 21, 2017 | |
|
/s/ Elizabeth Buse
(Elizabeth Buse)
|
| | Director | | | February 21, 2017 | |
|
/s/ Steven Chambers
(Steven Chambers)
|
| | Director | | | February 21, 2017 | |
|
/s/ Michael J. Durham
(Michael J. Durham)
|
| | Director | | | February 21, 2017 | |
|
/s/ Scott Forbes
(Scott Forbes)
|
| | Director | | | February 21, 2017 | |
|
/s/ Douglas Hacker
(Douglas Hacker)
|
| | Director | | | February 21, 2017 | |
|
/s/ Antonios Basoukeas
(Antonios Basoukeas)
|
| | Chief Accounting Officer | | | February 21, 2017 | |
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-8 | | | |
| | | | F-9 | | |
(in $ thousands, except share data)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |||||||||
Net revenue
|
| | | $ | 2,351,356 | | | | | $ | 2,221,020 | | | | | $ | 2,148,159 | | |
Costs and expenses | | | | | |||||||||||||||
Cost of revenue
|
| | | | 1,430,646 | | | | | | 1,340,405 | | | | | | 1,323,889 | | |
Selling, general and administrative
|
| | | | 510,688 | | | | | | 455,864 | | | | | | 430,472 | | |
Depreciation and amortization
|
| | | | 209,409 | | | | | | 234,228 | | | | | | 232,848 | | |
Total costs and expenses
|
| | | | 2,150,743 | | | | | | 2,030,497 | | | | | | 1,987,209 | | |
Operating income
|
| | | | 200,613 | | | | | | 190,523 | | | | | | 160,950 | | |
Interest expense, net
|
| | | | (151,481) | | | | | | (148,787) | | | | | | (278,198) | | |
Loss on early extinguishment of debt
|
| | | | (4,333) | | | | | | — | | | | | | (107,590) | | |
Gain on sale of shares of Orbitz Worldwide
|
| | | | — | | | | | | 6,271 | | | | | | 355,750 | | |
Income before income taxes and share of losses in equity method investments
|
| | | | 44,799 | | | | | | 48,007 | | | | | | 130,912 | | |
Provision for income taxes
|
| | | | (29,753) | | | | | | (27,126) | | | | | | (38,528) | | |
Share of losses in equity method investments
|
| | | | — | | | | | | (671) | | | | | | (1,084) | | |
Net income
|
| | | | 15,046 | | | | | | 20,210 | | | | | | 91,300 | | |
Net loss (income) attributable to non-controlling interest in subsidiaries
|
| | | | 1,774 | | | | | | (3,878) | | | | | | (4,806) | | |
Net income attributable to the Company
|
| | | $ | 16,820 | | | | | $ | 16,332 | | | | | $ | 86,494 | | |
Income per share – Basic: | | | | | |||||||||||||||
Income per share
|
| | | $ | 0.14 | | | | | $ | 0.13 | | | | | $ | 1.01 | | |
Weighted average common shares outstanding – Basic
|
| | | | 123,871,479 | | | | | | 122,340,491 | | | | | | 85,771,655 | | |
Income per share – Diluted: | | | | | |||||||||||||||
Income per share
|
| | | $ | 0.13 | | | | | $ | 0.13 | | | | | $ | 0.98 | | |
Weighted average common shares outstanding – Diluted
|
| | | | 125,396,485 | | | | | | 122,539,422 | | | | | | 87,864,090 | | |
|
(in $ thousands)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |||||||||
Net income
|
| | | $ | 15,046 | | | | | $ | 20,210 | | | | | $ | 91,300 | | |
Other comprehensive (loss) income, net of tax: | | | | | |||||||||||||||
Currency translation adjustment, net of tax of $0
|
| | | | (4,581) | | | | | | (10,554) | | | | | | (10,775) | | |
Changes in gain on available-for-sale securities, net of tax of $0
|
| | | | — | | | | | | (6,376) | | | | | | 6,376 | | |
Unrealized actuarial (loss) gain on defined benefit plans, net of tax of $1,084, $0 and $2,128
|
| | | | (7,984) | | | | | | 13,551 | | | | | | (83,833) | | |
Changes in loss on equity investment, net of tax of $0
|
| | | | — | | | | | | (516) | | | | | | (7,438) | | |
Changes in loss on cash flow hedges, net of tax of $0
|
| | | | — | | | | | | — | | | | | | 4,022 | | |
Other comprehensive loss, net of tax
|
| | | | (12,565) | | | | | | (3,895) | | | | | | (91,648) | | |
Comprehensive income (loss)
|
| | | | 2,481 | | | | | | 16,315 | | | | | | (348) | | |
Comprehensive loss (income) attributable to non-controlling interest in subsidiaries
|
| | | | 1,774 | | | | | | (3,878) | | | | | | (4,806) | | |
Comprehensive income (loss) attributable to the Company
|
| | | $ | 4,255 | | | | | $ | 12,437 | | | | | $ | (5,154) | | |
|
(in $ thousands, except share data)
|
| |
December 31,
2016 |
| |
December 31,
2015 |
| ||||||
Assets | | | | ||||||||||
Current assets: | | | | ||||||||||
Cash and cash equivalents
|
| | | $ | 139,938 | | | | | $ | 154,841 | | |
Accounts receivable (net of allowances for doubtful accounts of $13,430 and $14,575)
|
| | | | 218,224 | | | | | | 205,686 | | |
Deferred income taxes
|
| | | | — | | | | | | 5,133 | | |
Other current assets
|
| | | | 84,089 | | | | | | 99,481 | | |
Total current assets
|
| | | | 442,251 | | | | | | 465,141 | | |
Property and equipment, net
|
| | | | 431,046 | | | | | | 459,848 | | |
Goodwill
|
| | | | 1,079,951 | | | | | | 1,067,415 | | |
Trademarks and tradenames
|
| | | | 313,097 | | | | | | 313,961 | | |
Other intangible assets, net
|
| | | | 511,607 | | | | | | 534,540 | | |
Deferred income taxes
|
| | | | 9,213 | | | | | | 10,348 | | |
Other non-current assets
|
| | | | 46,764 | | | | | | 54,176 | | |
Total assets
|
| | | $ | 2,833,929 | | | | | $ | 2,905,429 | | |
Liabilities and equity | | | | ||||||||||
Current liabilities: | | | | ||||||||||
Accounts payable
|
| | | $ | 59,219 | | | | | $ | 74,277 | | |
Accrued expenses and other current liabilities
|
| | | | 478,560 | | | | | | 430,650 | | |
Current portion of long-term debt
|
| | | | 63,558 | | | | | | 74,163 | | |
Total current liabilities
|
| | | | 601,337 | | | | | | 579,090 | | |
Long-term debt
|
| | | | 2,281,210 | | | | | | 2,363,035 | | |
Deferred income taxes
|
| | | | 59,381 | | | | | | 59,663 | | |
Other non-current liabilities
|
| | | | 227,783 | | | | | | 226,499 | | |
Total liabilities
|
| | | | 3,169,711 | | | | | | 3,228,287 | | |
Commitments and contingencies (Note 15) | | | | ||||||||||
Shareholders’ equity (deficit): | | | | ||||||||||
Preference shares ($0.0025 par value; 225,000,000 shares authorized; no shares issued and outstanding as of December 31, 2016 and 2015)
|
| | | | — | | | | | | — | | |
Common shares ($0.0025 par value; 560,000,000 shares authorized;
124,941,233 shares and 124,476,382 shares issued; 124,032,361 shares and 123,631,474 shares outstanding as of December 31, 2016 and 2015, respectively) |
| | | | 312 | | | | | | 311 | | |
Additional paid in capital
|
| | | | 2,708,836 | | | | | | 2,715,538 | | |
Treasury shares, at cost (908,872 shares and 844,908 shares as of December 31, 2016 and 2015, respectively)
|
| | | | (14,166) | | | | | | (13,331) | | |
Accumulated deficit
|
| | | | (2,864,838) | | | | | | (2,881,658) | | |
Accumulated other comprehensive loss
|
| | | | (190,072) | | | | | | (177,507) | | |
Total shareholders’ equity (deficit)
|
| | | | (359,928) | | | | | | (356,647) | | |
Equity attributable to non-controlling interest in subsidiaries
|
| | | | 24,146 | | | | | | 33,789 | | |
Total equity (deficit)
|
| | | | (335,782) | | | | | | (322,858) | | |
Total liabilities and equity
|
| | | $ | 2,833,929 | | | | | $ | 2,905,429 | | |
|
(in $ thousands)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |||||||||
Operating activities | | | | | |||||||||||||||
Net income
|
| | | $ | 15,046 | | | | | $ | 20,210 | | | | | $ | 91,300 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | |||||||||||||||
Depreciation and amortization
|
| | | | 209,409 | | | | | | 234,228 | | | | | | 232,848 | | |
Amortization of customer loyalty payments
|
| | | | 71,137 | | | | | | 67,047 | | | | | | 76,158 | | |
Impairment of long-lived assets
|
| | | | 11,152 | | | | | | — | | | | | | 1,626 | | |
Allowance for prepaid incentives
|
| | | | 10,684 | | | | | | — | | | | | | — | | |
Gain on sale of shares of Orbitz Worldwide
|
| | | | — | | | | | | (6,271) | | | | | | (355,750) | | |
Amortization of debt finance costs and debt discount
|
| | | | 10,636 | | | | | | 10,353 | | | | | | 15,529 | | |
Loss on early extinguishment of debt
|
| | | | 4,333 | | | | | | — | | | | | | 107,590 | | |
Loss (gain) on foreign exchange derivative instruments
|
| | | | 11,435 | | | | | | (4,463) | | | | | | 17,442 | | |
Loss (gain) on interest rate derivative instruments
|
| | | | 6,168 | | | | | | (8,655) | | | | | | (503) | | |
Payment-in-kind interest
|
| | | | — | | | | | | — | | | | | | 16,616 | | |
Share of losses in equity method investments
|
| | | | — | | | | | | 671 | | | | | | 1,084 | | |
Equity-based compensation
|
| | | | 32,247 | | | | | | 29,681 | | | | | | 40,583 | | |
Deferred income taxes
|
| | | | 6,662 | | | | | | 1,879 | | | | | | 6,494 | | |
Customer loyalty payments
|
| | | | (84,562) | | | | | | (74,712) | | | | | | (92,945) | | |
Pension liability contribution
|
| | | | (3,157) | | | | | | (2,759) | | | | | | (6,642) | | |
Changes in assets and liabilities: | | | | | |||||||||||||||
Accounts receivable
|
| | | | (13,157) | | | | | | (17,913) | | | | | | (11,422) | | |
Other current assets
|
| | | | (9,578) | | | | | | (26,656) | | | | | | 7,359 | | |
Accounts payable, accrued expenses and other current liabilities
|
| | | | 17,071 | | | | | | 11,590 | | | | | | (97,870) | | |
Other | | | | | 3,493 | | | | | | 27,993 | | | | | | 8,954 | | |
Net cash provided by operating activities
|
| | | $ | 299,019 | | | | | $ | 262,223 | | | | | $ | 58,451 | | |
Investing activities | | | | | |||||||||||||||
Property and equipment additions
|
| | | | (107,460) | | | | | | (106,095) | | | | | | (111,723) | | |
Businesses acquired, net of cash
|
| | | | (15,009) | | | | | | (66,487) | | | | | | (18,262) | | |
Proceeds from sale of shares of Orbitz Worldwide
|
| | | | — | | | | | | 6,271 | | | | | | 365,984 | | |
Purchase of equity method investment
|
| | | | — | | | | | | — | | | | | | (10,000) | | |
Net cash (used in) provided by investing activities
|
| | | $ | (122,469) | | | | | $ | (166,311) | | | | | $ | 225,999 | | |
|
(in $ thousands)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |||||||||
Financing activities | | | | | |||||||||||||||
Net proceeds from issuance of common shares in initial public offering
|
| | | $ | — | | | | | $ | — | | | | | $ | 445,000 | | |
Proceeds from term loans under senior secured credit agreement
|
| | | | 143,291 | | | | | | — | | | | | | 2,345,313 | | |
Proceeds from bridge loans
|
| | | | — | | | | | | — | | | | | | 425,000 | | |
Proceeds from revolver borrowings
|
| | | | 10,000 | | | | | | 30,000 | | | | | | 75,000 | | |
Repayment of term loans under senior secured credit agreement
|
| | | | (217,041) | | | | | | (23,750) | | | | | | (1,476,531) | | |
Repayment of bridge loans
|
| | | | — | | | | | | — | | | | | | (425,000) | | |
Repayment of term loans under second lien credit agreement
|
| | | | — | | | | | | — | | | | | | (863,174) | | |
Repurchase / repayment of senior notes and senior subordinated notes
|
| | | | — | | | | | | — | | | | | | (588,385) | | |
Repayment of revolver borrowings
|
| | | | (10,000) | | | | | | (30,000) | | | | | | (75,000) | | |
Repayment of capital lease obligations and other indebtedness
|
| | | | (62,310) | | | | | | (36,483) | | | | | | (31,901) | | |
Debt finance costs and lender fees
|
| | | | (7,791) | | | | | | — | | | | | | (39,536) | | |
Release of cash provided as collateral
|
| | | | — | | | | | | 25,886 | | | | | | 52,528 | | |
Payment related to early extinguishment of debt
|
| | | | (707) | | | | | | — | | | | | | (45,593) | | |
Purchase of non-controlling interest in a subsidiary
|
| | | | (7,820) | | | | | | (2,795) | | | | | | (65,399) | | |
Tax withholding for equity awards
|
| | | | — | | | | | | (1,361) | | | | | | (23,265) | | |
Proceeds from share issuance under employee share purchase
plan |
| | | | 1,983 | | | | | | 603 | | | | | | — | | |
Sale of treasury shares
|
| | | | — | | | | | | 12,036 | | | | | | — | | |
Treasury share purchase related to vesting of equity awards
|
| | | | (1,651) | | | | | | (13,119) | | | | | | — | | |
Dividend to shareholders
|
| | | | (37,233) | | | | | | (37,081) | | | | | | (9,106) | | |
Dividend to non-controlling interest shareholders
|
| | | | (1,468) | | | | | | (1,973) | | | | | | (2,235) | | |
Proceeds from settlement of derivative instruments
|
| | | | — | | | | | | — | | | | | | 3,028 | | |
Other | | | | | — | | | | | | — | | | | | | 1,873 | | |
Net cash used in financing activities
|
| | | $ | (190,747) | | | | | $ | (78,037) | | | | | $ | (297,383) | | |
Effect of changes in exchange rates on cash and cash equivalents
|
| | | | (706) | | | | | | (2,020) | | | | | | (1,804) | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | (14,903) | | | | | | 15,855 | | | | | | (14,737) | | |
Cash and cash equivalents at beginning of year
|
| | | | 154,841 | | | | | | 138,986 | | | | | | 153,723 | | |
Cash and cash equivalents at end of year
|
| | | $ | 139,938 | | | | | $ | 154,841 | | | | | $ | 138,986 | | |
Supplemental disclosure of cash flow information | | | | | |||||||||||||||
Interest payments, net of capitalized interest
|
| | | $ | 136,458 | | | | | $ | 145,522 | | | | | $ | 294,168 | | |
Income tax payments, net of refunds
|
| | | | 20,776 | | | | | | 24,673 | | | | | | 26,204 | | |
Non-cash capital lease additions (see Note 6)
|
| | | | 34,713 | | | | | | 89,785 | | | | | | 17,554 | | |
Non-cash purchase of property and equipment (see Note 6)
|
| | | | — | | | | | | 33,570 | | | | | | — | | |
Non-cash exchange of debt for equity
|
| | | | — | | | | | | — | | | | | | 571,371 | | |
| | |
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 January 1, 2014
|
| | | | 60,882,046 | | | | | $ | 151 | | | | | $ | 1,736,492 | | | | | | — | | | | | $ | — | | | | | $ | (2,984,484) | | | | | $ | (81,964) | | | | | $ | 19,293 | | | | | $ | (1,310,512) | | |
Issue of common shares in initial public offering, net of expenses
|
| | | | 30,000,000 | | | | | | 75 | | | | | | 444,925 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 445,000 | | |
Issue of common shares in exchange
for debt |
| | | | 28,841,012 | | | | | | 72 | | | | | | 584,731 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 584,803 | | |
Dividend to non-controlling interest
shareholders |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,235) | | | | | | (2,235) | | |
Dividend to shareholders ($0.075 per
common share) |
| | | | — | | | | | | — | | | | | | (9,142) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,142) | | |
Purchase of non-controlling interest
in a subsidiary |
| | | | — | | | | | | — | | | | | | (62,299) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,100) | | | | | | (65,399) | | |
Equity-based compensation
|
| | | | 3,078,827 | | | | | | 8 | | | | | | 40,575 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40,583 | | |
Tax withholding for equity awards
|
| | | | (1,390,525) | | | | | | (3) | | | | | | (23,265) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (23,268) | | |
Tax benefit from equity-based award activity
|
| | | | — | | | | | | — | | | | | | 2,498 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,498 | | |
Comprehensive income (loss), net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 86,494 | | | | | | (91,648) | | | | | | 4,806 | | | | | | (348) | | |
Balance as of December 31, 2014
|
| | | | 121,411,360 | | | | | | 303 | | | | | | 2,714,515 | | | | | | — | | | | | | — | | | | | | (2,897,990) | | | | | | (173,612) | | | | | | 18,764 | | | | | | (338,020) | | |
Change in accounting policy for treasury shares
|
| | | | 1,094,239 | | | | | | 3 | | | | | | 17,133 | | | | | | 1,094,239 | | | | | | (17,136) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance after change in accounting policy
|
| | | | 122,505,599 | | | | | | 306 | | | | | | 2,731,648 | | | | | | 1,094,239 | | | | | | (17,136) | | | | | | (2,897,990) | | | | | | (173,612) | | | | | | 18,764 | | | | | | (338,020) | | |
Dividend to non-controlling interest shareholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,973) | | | | | | (1,973) | | |
Dividend to shareholders ($0.300 per
common share) |
| | | | — | | | | | | — | | | | | | (37,328) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (37,328) | | |
Equity-based compensation
|
| | | | 1,970,783 | | | | | | 5 | | | | | | 25,138 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,143 | | |
Purchase of non-controlling interest in a subsidiary
|
| | | | — | | | | | | — | | | | | | (2,516) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (279) | | | | | | (2,795) | | |
Non-controlling interest in business acquisitions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,399 | | | | | | 13,399 | | |
Treasury shares purchased in relation
to vesting of equity awards |
| | | | — | | | | | | — | | | | | | — | | | | | | 837,867 | | | | | | (13,328) | | | | | | — | | | | | | — | | | | | | — | | | | | | (13,328) | | |
Treasury shares issued on vesting of equity awards
|
| | | | — | | | | | | — | | | | | | — | | | | | | (237,198) | | | | | | 3,693 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,693 | | |
Sale of treasury shares (See
Note 16) |
| | | | — | | | | | | — | | | | | | (1,404) | | | | | | (850,000) | | | | | | 13,440 | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,036 | | |
Comprehensive income (loss), net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,332 | | | | | | (3,895) | | | | | | 3,878 | | | | | | 16,315 | | |
Balance as of December 31, 2015
|
| | | | 124,476,382 | | | | | | 311 | | | | | | 2,715,538 | | | | | | 844,908 | | | | | | (13,331) | | | | | | (2,881,658) | | | | | | (177,507) | | | | | | 33,789 | | | | | | (322,858) | | |
Dividend to non-controlling interest shareholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,468) | | | | | | (1,468) | | |
Dividend to shareholders ($0.300 per
common share) |
| | | | — | | | | | | — | | | | | | (38,107) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (38,107) | | |
Purchase of non-controlling interest in a subsidiary
|
| | | | — | | | | | | — | | | | | | 1,189 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,709) | | | | | | (8,520) | | |
Equity-based compensation
|
| | | | 464,851 | | | | | | 1 | | | | | | 31,032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,308 | | | | | | 34,341 | | |
Treasury shares purchased in relation
to vesting of equity awards |
| | | | — | | | | | | — | | | | | | — | | | | | | 115,857 | | | | | | (1,651) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,651) | | |
Treasury shares issued in relation to vesting of equity awards
|
| | | | — | | | | | | — | | | | | | (816) | | | | | | (51,893) | | | | | | 816 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Comprehensive income, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,820 | | | | | | (12,565) | | | | | | (1,774) | | | | | | 2,481 | | |
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) | | |
|
|
Capitalized software
|
| |
2 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 $ thousands)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |||||||||
Current | | | | | |||||||||||||||
U.S. Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | (968) | | |
U.S. State
|
| | | | (252) | | | | | | — | | | | | | — | | |
Non-U.S.
|
| | | | (23,276) | | | | | | (24,113) | | | | | | (28,565) | | |
| | | | | (23,528) | | | | | | (24,113) | | | | | | (29,533) | | |
Deferred | | | | | |||||||||||||||
U.S. Federal
|
| | | | (3,878) | | | | | | (2,520) | | | | | | (10,001) | | |
Non-U.S.
|
| | | | (2,784) | | | | | | 641 | | | | | | 3,507 | | |
| | | | | (6,662) | | | | | | (1,879) | | | | | | (6,494) | | |
Non-current | | | | | |||||||||||||||
Liabilities for uncertain tax positions
|
| | | | 437 | | | | | | (1,134) | | | | | | (2,501) | | |
Provision for income taxes
|
| | | $ | (29,753) | | | | | $ | (27,126) | | | | | $ | (38,528) | | |
|
(in $ thousands)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |||||||||
U.S.
|
| | | $ | (9,798) | | | | | $ | (26,702) | | | | | $ | 22,134 | | |
Non-U.S.
|
| | | | 54,597 | | | | | | 74,709 | | | | | | 108,778 | | |
Income before income taxes and share of losses in equity method investments
|
| | | $ | 44,799 | | | | | $ | 48,007 | | | | | $ | 130,912 | | |
|
(in $ thousands, except share data)
|
| |
December 31,
2016 |
| |
December 31,
2015 |
| ||||||
Deferred tax assets: | | | | ||||||||||
NOL and tax credit carry forwards
|
| | | $ | 214,165 | | | | | $ | 376,489 | | |
Pension liability
|
| | | | 49,613 | | | | | | 48,472 | | |
Accrued liabilities and deferred income
|
| | | | 25,693 | | | | | | 27,472 | | |
Equity-based compensation
|
| | | | 4,010 | | | | | | 2,585 | | |
Allowance for doubtful accounts
|
| | | | 923 | | | | | | 1,140 | | |
Other assets
|
| | | | 8,782 | | | | | | 1,564 | | |
Less: Valuation allowance
|
| | | | (215,795) | | | | | | (383,357) | | |
Total deferred tax assets
|
| | | | 87,391 | | | | | | 74,365 | | |
Netted against deferred tax liabilities
|
| | | | (78,178) | | | | | | (58,884) | | |
Deferred tax assets recognized on the balance sheet
|
| | | | 9,213 | | | | | | 15,481 | | |
Deferred tax liabilities: | | | | ||||||||||
Accumulated depreciation and amortization
|
| | | | (118,287) | | | | | | (99,534) | | |
Other
|
| | | | (19,272) | | | | | | (19,013) | | |
Total deferred tax liabilities
|
| | | | (137,559) | | | | | | (118,547) | | |
Netted against deferred tax assets
|
| | | | 78,178 | | | | | | 58,884 | | |
Deferred tax liabilities recognized on the balance sheet
|
| | | | (59,381) | | | | | | (59,663) | | |
Net deferred tax liability
|
| | | $ | (50,168) | | | | | $ | (44,182) | | |
|
(in $ thousands)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |||||||||
Tax provision at U.S. federal statutory rate of 35%
|
| | | $ | (15,683) | | | | | $ | (16,757) | | | | | $ | (45,600) | | |
Taxes on non-U.S. operations at alternative rates
|
| | | | 15,772 | | | | | | 62,997 | | | | | | 66,150 | | |
Liability for uncertain tax positions
|
| | | | 437 | | | | | | (738) | | | | | | (2,867) | | |
Change in valuation allowance
|
| | | | (11,518) | | | | | | (59,167) | | | | | | (138,388) | | |
Non-taxable income
|
| | | | — | | | | | | 2,078 | | | | | | 104,201 | | |
Non-deductible expenses
|
| | | | (16,391) | | | | | | (15,670) | | | | | | (19,004) | | |
Adjustment in respect of prior years
|
| | | | (1,441) | | | | | | — | | | | | | 502 | | |
Other
|
| | | | (929) | | | | | | 131 | | | | | | (3,522) | | |
Provision for income taxes
|
| | | $ | (29,753) | | | | | $ | (27,126) | | | | | $ | (38,528) | | |
|
(in $ thousands)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |||||||||
Unrecognized tax benefit – opening balance
|
| | | $ | 95,687 | | | | | $ | 25,773 | | | | | $ | 23,596 | | |
Gross increases – tax positions in prior periods
|
| | | | 2,522 | | | | | | 56,916 | | | | | | 2,249 | | |
Gross decreases – tax positions in prior periods
|
| | | | (10,723) | | | | | | (639) | | | | | | — | | |
Gross increases – tax positions in current period
|
| | | | 6,229 | | | | | | 15,721 | | | | | | 934 | | |
Decrease related to lapsing of statute of limitations
|
| | | | — | | | | | | — | | | | | | (526) | | |
Decrease due to currency translation adjustments
|
| | | | (2,235) | | | | | | (2,084) | | | | | | (480) | | |
Unrecognized tax benefit – ending balance
|
| | | $ | 91,480 | | | | | $ | 95,687 | | | | | $ | 25,773 | | |
|
(in $ thousands)
|
| |
December 31,
2015 |
| |||
Cash and cash equivalents
|
| | | $ | 10,277 | | |
Capitalized software (See Note 6)
|
| | | | 20,908 | | |
Goodwill (See Note 7)(1)
|
| | | | 76,781 | | |
Other current assets
|
| | | | 6,939 | | |
Other non-current assets
|
| | | | 1,469 | | |
Other current liabilities
|
| | | | (9,655) | | |
Other non-current liabilities
|
| | | | (3,179) | | |
Non-controlling interest
|
| | | | (13,399) | | |
Total | | | | $ | 90,141 | | |
|
(in $ thousands)
|
| |
December 31,
2016 |
| |
December 31,
2015 |
| ||||||
Sales and use tax receivables
|
| | | $ | 27,178 | | | | | $ | 27,233 | | |
Prepaid expenses
|
| | | | 26,289 | | | | | | 26,395 | | |
Client funds
|
| | | | 11,632 | | | | | | 11,701 | | |
Prepaid incentives
|
| | | | 9,492 | | | | | | 26,496 | | |
Derivative assets
|
| | | | 856 | | | | | | 657 | | |
Other
|
| | | | 8,642 | | | | | | 6,999 | | |
| | | | $ | 84,089 | | | | | $ | 99,481 | | |
|
| | |
December 31, 2016
|
| |
December 31, 2015
|
| ||||||||||||||||||||||||||||||
(in $ thousands)
|
| |
Cost
|
| |
Accumulated
Depreciation |
| |
Net
|
| |
Cost
|
| |
Accumulated
Depreciation |
| |
Net
|
| ||||||||||||||||||
Capitalized software
|
| | | $ | 925,998 | | | | | $ | (736,573) | | | | | $ | 189,425 | | | | | $ | 870,868 | | | | | $ | (635,135) | | | | | $ | 235,733 | | |
Computer equipment
|
| | | | 344,112 | | | | | | (205,222) | | | | | | 138,890 | | | | | | 303,902 | | | | | | (168,380) | | | | | | 135,522 | | |
Building and leasehold improvements
|
| | | | 27,187 | | | | | | (9,622) | | | | | | 17,565 | | | | | | 24,102 | | | | | | (8,735) | | | | | | 15,367 | | |
Construction in progress
|
| | | | 85,166 | | | | | | — | | | | | | 85,166 | | | | | | 73,226 | | | | | | — | | | | | | 73,226 | | |
| | | | $ | 1,382,463 | | | | | $ | (951,417) | | | | | $ | 431,046 | | | | | $ | 1,272,098 | | | | | $ | (812,250) | | | | | $ | 459,848 | | |
|
(in $ thousands)
|
| |
January 1,
2016 |
| |
Additions
|
| |
Retirements
|
| |
Foreign
Exchange |
| |
December 31,
2016 |
| |||||||||||||||
Non-Amortizable Assets: | | | | | | | |||||||||||||||||||||||||
Goodwill
|
| | | $ | 1,067,415 | | | | | $ | 14,105 | | | | | $ | — | | | | | $ | (1,569) | | | | | $ | 1,079,951 | | |
Trademarks and tradenames
|
| | | | 313,961 | | | | | | — | | | | | | (864) | | | | | | — | | | | | | 313,097 | | |
Other Intangible Assets: | | | | | | | |||||||||||||||||||||||||
Acquired intangible assets
|
| | | | 1,127,360 | | | | | | — | | | | | | — | | | | | | (301) | | | | | | 1,127,059 | | |
Accumulated amortization
|
| | | | (756,489) | | | | | | (47,095) | | | | | | — | | | | | | (505) | | | | | | (804,089) | | |
Acquired intangible assets, net
|
| | | | 370,871 | | | | | | (47,095) | | | | | | — | | | | | | (806) | | | | | | 322,970 | | |
Customer loyalty payments
|
| | | | 300,142 | | | | | | 101,865 | | | | | | (41,562) | | | | | | (2,186) | | | | | | 358,259 | | |
Accumulated amortization
|
| | | | (136,473) | | | | | | (71,137) | | | | | | 36,138 | | | | | | 1,850 | | | | | | (169,622) | | |
Customer loyalty payments, net
|
| | | | 163,669 | | | | | | 30,728 | | | | | | (5,424) | | | | | | (336) | | | | | | 188,637 | | |
Other intangible assets, net
|
| | | $ | 534,540 | | | | | $ | (16,367) | | | | | $ | (5,424) | | | | | $ | (1,142) | | | | | $ | 511,607 | | |
|
(in $ thousands)
|
| |
January 1,
2015 |
| |
Additions
|
| |
Retirements
|
| |
Foreign
Exchange |
| |
December 31,
2015 |
| |||||||||||||||
Non-Amortizable Assets: | | | | | | | |||||||||||||||||||||||||
Goodwill
|
| | | $ | 997,419 | | | | | $ | 71,850 | | | | | $ | — | | | | | $ | (1,854) | | | | | $ | 1,067,415 | | |
Trademarks and tradenames
|
| | | | 313,961 | | | | | | — | | | | | | — | | | | | | — | | | | | | 313,961 | | |
Other Intangible Assets: | | | | | | | |||||||||||||||||||||||||
Acquired intangible assets
|
| | | | 1,129,320 | | | | | | — | | | | | | (2,541) | | | | | | 581 | | | | | | 1,127,360 | | |
Accumulated amortization
|
| | | | (687,495) | | | | | | (71,567) | | | | | | 2,541 | | | | | | 32 | | | | | | (756,489) | | |
Acquired intangible assets, net
|
| | | | 441,825 | | | | | | (71,567) | | | | | | — | | | | | | 613 | | | | | | 370,871 | | |
Customer loyalty payments
|
| | | | 334,309 | | | | | | 75,063 | | | | | | (98,013) | | | | | | (11,217) | | | | | | 300,142 | | |
Accumulated amortization
|
| | | | (157,319) | | | | | | (67,047) | | | | | | 82,738 | | | | | | 5,155 | | | | | | (136,473) | | |
Customer loyalty payments, net
|
| | | | 176,990 | | | | | | 8,016 | | | | | | (15,275) | | | | | | (6,062) | | | | | | 163,669 | | |
Other intangible assets, net
|
| | | $ | 618,815 | | | | | $ | (63,551) | | | | | $ | (15,275) | | | | | $ | (5,449) | | | | | $ | 534,540 | | |
|
| | |
Year Ending December 31,
|
| |||||||||
(in $ thousands)
|
| |
Acquired Intangible
Assets |
| |
Customer Loyalty
Payments |
| ||||||
2017
|
| | | $ | 41,464 | | | | | | 62,615 | | |
2018
|
| | | | 40,565 | | | | | | 47,479 | | |
2019
|
| | | | 40,565 | | | | | | 28,043 | | |
2020
|
| | | | 40,565 | | | | | | 15,093 | | |
2021
|
| | | | 40,565 | | | | | | 6,654 | | |
(in $ thousands)
|
| |
December 31,
2016 |
| |
December 31,
2015 |
| ||||||
Prepaid incentives
|
| | | $ | 25,538 | | | | | $ | 9,282 | | |
Deferred financing costs
|
| | | | 4,752 | | | | | | 6,543 | | |
Supplier prepayments
|
| | | | 3,454 | | | | | | 14,616 | | |
Derivative assets
|
| | | | 1,719 | | | | | | 8,655 | | |
Pension assets
|
| | | | 989 | | | | | | 5,186 | | |
Other
|
| | | | 10,312 | | | | | | 9,894 | | |
| | | | $ | 46,764 | | | | | $ | 54,176 | | |
|
(in $ thousands)
|
| |
Severance and
Employee-Related Obligations |
| |
Implementation
Costs |
| |
Total
|
| |||||||||
Restructuring charges recognized
|
| | | $ | 11,082 | | | | | $ | 9,803 | | | | | $ | 20,885 | | |
Cash payments made
|
| | | | — | | | | | | (8,117) | | | | | | (8,117) | | |
Balance as of December 31, 2016
|
| | | $ | 11,082 | | | | | $ | 1,686 | | | | | $ | 12,768 | | |
|
(in $ thousands)
|
| |
December 31,
2016 |
| |
December 31,
2015 |
| ||||||
Accrued commissions and incentives
|
| | | $ | 267,488 | | | | | $ | 241,358 | | |
Accrued payroll and related
|
| | | | 83,783 | | | | | | 77,544 | | |
Deferred revenue
|
| | | | 42,233 | | | | | | 35,836 | | |
Derivative liabilities
|
| | | | 21,771 | | | | | | 10,341 | | |
Income tax payable
|
| | | | 17,560 | | | | | | 15,516 | | |
Accrued interest expense
|
| | | | 15,215 | | | | | | 18,800 | | |
Customer prepayments
|
| | | | 11,632 | | | | | | 11,701 | | |
Pension and post-retirement benefit liabilities
|
| | | | 1,655 | | | | | | 1,528 | | |
Other
|
| | | | 17,223 | | | | | | 18,026 | | |
| | | | $ | 478,560 | | | | | $ | 430,650 | | |
|
(in $ thousands)
|
| |
Interest
rate |
| |
Maturity
|
| |
December 31,
2016 |
| |
December 31,
2015 |
| ||||||
Senior Secured Credit Agreement | | | | | | ||||||||||||||
Term loans
|
| | | | | ||||||||||||||
Dollar denominated(1)(2)(3)
|
| | L+4.00% | | | September 2021 | | | | $ | 2,236,157 | | | | | $ | 2,303,315 | | |
Revolver borrowings
|
| | | | | ||||||||||||||
Dollar denominated
|
| | L+5.00% | | | September 2019 | | | | | — | | | | | | — | | |
Capital leases and other indebtedness
|
| | | | | | | | | | 108,611 | | | | | | 133,883 | | |
Total debt
|
| | | | | | | | | | 2,344,768 | | | | | | 2,437,198 | | |
Less: current portion
|
| | | | | | | | | | 63,558 | | | | | | 74,163 | | |
Long-term debt
|
| | | | | | | | | $ | 2,281,210 | | | | | $ | 2,363,035 | | |
|
(in $ thousands)
|
| |
Year Ending
December 31, |
| |||
2017
|
| | | $ | 63,558 | | |
2018
|
| | | | 56,316 | | |
2019
|
| | | | 47,491 | | |
2020
|
| | | | 31,234 | | |
2021(1) | | | | | 2,144,043 | | |
Thereafter
|
| | | | 2,126 | | |
| | | | $ | 2,344,768 | | |
(in $ thousands)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |||||||||
Balance as of January 1
|
| | | $ | 30,504 | | | | | $ | 36,570 | | | | | $ | 39,932 | | |
Capitalization of debt finance costs
|
| | | | 30 | | | | | | — | | | | | | 40,025 | | |
Amortization
|
| | | | (5,926) | | | | | | (6,066) | | | | | | (10,738) | | |
Write-off on early extinguishment of debt
|
| | | | (1,753) | | | | | | — | | | | | | (32,649) | | |
Balance as of December 31
|
| | | $ | 22,855 | | | | | $ | 30,504 | | | | | $ | 36,570 | | |
|
| | | | | |
Fair Value Asset
|
| | | | |
Fair Value (Liability)
|
| ||||||||||||||||||
(in $ thousands)
|
| |
Balance Sheet
Location |
| |
December 31,
2016 |
| |
December 31,
2015 |
| |
Balance Sheet
Location |
| |
December 31,
2016 |
| |
December 31,
2015 |
| ||||||||||||
Interest rate swap contracts
|
| | Other current assets |
| | | $ | 768 | | | | | $ | — | | | | Accrued Expenses and other current liabilities |
| | | $ | — | | | | | $ | — | | |
Interest rate swap contracts
|
| | Other non-current assets |
| | | | 1,719 | | | | | | 8,655 | | | | Other non-current liabilities |
| | | | — | | | | | | — | | |
Foreign currency contracts
|
| | Other current assets |
| | | | 88 | | | | | | 657 | | | | Accrued Expenses and other current liabilities |
| | | | (21,771) | | | | | | (10,341) | | |
Foreign currency contracts
|
| | Other non-current assets |
| | | | — | | | | | | — | | | | Other non-current liabilities |
| | | | — | | | | | | (1,082) | | |
Total fair value
of derivative assets (liabilities) |
| | | | | | $ | 2,575 | | | | | $ | 9,312 | | | | | | | | $ | (21,771) | | | | | $ | (11,423) | | |
|
| | |
For the Year Ended
December 31, |
| |||||||||
(in $ thousands)
|
| |
2016
|
| |
2015
|
| ||||||
Net derivative liability opening balance
|
| | | $ | (2,111) | | | | | $ | (15,548) | | |
Total loss for the period included in net income
|
| | | | (34,767) | | | | | | (12,130) | | |
Payment on settlement of foreign currency derivative contracts
|
| | | | 17,682 | | | | | | 25,567 | | |
Net derivative liability closing balance
|
| | | $ | (19,196) | | | | | $ | (2,111) | | |
|
| | |
Amount of Gain
Recognized in Other Comprehensive (Loss) Income |
| | | | |
Amount of (Loss) Gain
Recorded in Net Income |
| ||||||||||||||||||||||||||||||
| | |
Year Ended
December 31, |
| |
Location of Gain
(Loss) Recorded in Income (Loss) |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||||||||
(in $ thousands)
|
| |
2016
|
| |
2015
|
| |
2014
|
| | | | |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||||
Derivatives designated as hedging instruments:
|
| | | | | | | | ||||||||||||||||||||||||||||||||
Interest rate caps
|
| | | $ | — | | | | | $ | — | | | | | $ | 4,022 | | | |
Interest expense, net
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Derivatives not designated as hedging instruments:
|
| | | | | | | | ||||||||||||||||||||||||||||||||
Interest rate caps
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | |
Interest expense, net
|
| | | | — | | | | | | — | | | | | | (9,022) | | |
Interest rate swaps
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | |
Interest expense, net
|
| | | | (6,168) | | | | | | 8,655 | | | | | | — | | |
Foreign currency contracts
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | Selling, general and administrative |
| | | | (28,599) | | | | | | (20,785) | | | | | | (18,837) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | $ | (34,767) | | | | | $ | (12,130) | | | | | $ | (27,859) | | |
|
| | | | | |
December 31, 2016
|
| |
December 31, 2015
|
| ||||||||||||||||||
(in $ thousands)
|
| |
Fair Value
Hierarchy |
| |
Carrying
Amount |
| |
Fair
Value |
| |
Carrying
Amount |
| |
Fair
Value |
| ||||||||||||
Asset (liability) | | | | | | | ||||||||||||||||||||||
Derivative assets
|
| |
Level 2
|
| | | $ | 2,575 | | | | | | 2,575 | | | | | $ | 9,312 | | | | | | 9,312 | | |
Derivative liabilities
|
| |
Level 2
|
| | | | (21,771) | | | | | | (21,771) | | | | | | (11,423) | | | | | | (11,423) | | |
Total debt
|
| |
Level 2
|
| | | | (2,344,768) | | | | | | (2,402,783) | | | | | | (2,437,198) | | | | | | (2,431,242) | | |
(in $ thousands)
|
| |
December 31,
2016 |
| |
December 31,
2015 |
| ||||||
Pension and post-retirement benefit liabilities
|
| | | $ | 133,470 | | | | | $ | 128,709 | | |
Income tax payable
|
| | | | 24,625 | | | | | | 24,878 | | |
Other
|
| | | | 69,688 | | | | | | 72,912 | | |
| | | | $ | 227,783 | | | | | $ | 226,499 | | |
|
| | |
Defined Benefit Pension Plans
|
| |||||||||
(in $ thousands)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| ||||||
Benefit obligation, beginning of year
|
| | | $ | 601,902 | | | | | $ | 662,630 | | |
Service cost
|
| | | | 363 | | | | | | 428 | | |
Interest cost
|
| | | | 21,407 | | | | | | 25,751 | | |
Actuarial loss (gain)
|
| | | | 31,921 | | | | | | (45,431) | | |
Benefits paid
|
| | | | (27,730) | | | | | | (36,409) | | |
Currency translation adjustment
|
| | | | (15,680) | | | | | | (5,067) | | |
Benefit obligation, end of year
|
| | | $ | 612,183 | | | | | $ | 601,902 | | |
Fair value of plan assets, beginning of year
|
| | | $ | 483,352 | | | | | $ | 530,961 | | |
Return on plan assets
|
| | | | 42,420 | | | | | | (8,809) | | |
Employer contribution
|
| | | | 3,157 | | | | | | 2,759 | | |
Benefits paid
|
| | | | (27,730) | | | | | | (36,409) | | |
Currency translation adjustment
|
| | | | (16,151) | | | | | | (5,150) | | |
Fair value of plan assets, end of year
|
| | | | 485,048 | | | | | | 483,352 | | |
Funded status
|
| | | $ | (127,135) | | | | | $ | (118,550) | | |
|
| | |
Post-Retirement Benefit Plans
|
| |||||||||
(in $ thousands)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| ||||||
Benefit obligation, beginning of year
|
| | | $ | 6,267 | | | | | $ | 7,184 | | |
Service cost
|
| | | | 12 | | | | | | 20 | | |
Interest cost
|
| | | | 217 | | | | | | 261 | | |
Actuarial loss (gain)
|
| | | | 76 | | | | | | (2,080) | | |
Benefits received
|
| | | | 90 | | | | | | 882 | | |
Benefit obligation, end of year
|
| | | $ | 6,662 | | | | | $ | 6,267 | | |
Fair value of plan assets, beginning and end of year
|
| | | | — | | | | | | — | | |
Funded status
|
| | | $ | (6,662) | | | | | $ | (6,267) | | |
|
| | |
Defined Benefit Pension Plans
|
| |||||||||||||||
(in $ thousands)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |||||||||
Service cost
|
| | | $ | 363 | | | | | $ | 428 | | | | | $ | 384 | | |
Interest cost
|
| | | | 21,407 | | | | | | 25,751 | | | | | | 27,282 | | |
Expected return on plan assets
|
| | | | (29,414) | | | | | | (33,325) | | | | | | (35,929) | | |
Recognized net actuarial loss
|
| | | | 9,641 | | | | | | 9,070 | | | | | | 2,869 | | |
Net periodic cost (benefit)
|
| | | $ | 1,997 | | | | | $ | 1,924 | | | | | $ | (5,394) | | |
|
| | |
Post-Retirement Benefit Plans
|
| |||||||||||||||
(in $ thousands)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |||||||||
Service cost
|
| | | $ | 12 | | | | | $ | 20 | | | | | $ | 19 | | |
Interest cost
|
| | | | 217 | | | | | | 261 | | | | | | 295 | | |
Recognized net actuarial loss
|
| | | | (331) | | | | | | (188) | | | | | | (754) | | |
Net periodic (benefit) cost
|
| | | $ | (102) | | | | | $ | 93 | | | | | $ | (440) | | |
|
(in $ thousands)
|
| |
December 31,
2016 |
| |
December 31,
2015 |
| ||||||
Defined Benefit Pension Plans | | | | ||||||||||
Discount rate
|
| | | | 4.0% | | | | | | 4.4% | | |
Expected long-term return on plan assets
|
| | | | 6.0% | | | | | | 6.4% | | |
Post-Retirement Benefit Plans | | | | ||||||||||
Discount rate
|
| | | | 4.5% | | | | | | 4.8% | | |
| | |
Pension Plan Assets
|
| |||||||||||||||
(in $ thousands)
|
| |
Level 1
|
| |
Level 2
|
| |
Total
|
| |||||||||
Common & commingled trust funds(1)
|
| | | $ | — | | | | | $ | 385,194 | | | | | $ | 385,194 | | |
Mutual funds(2)
|
| | | | 86,968 | | | | | | — | | | | | | 86,968 | | |
Cash equivalents(3)
|
| | | | 12,886 | | | | | | — | | | | | | 12,886 | | |
Total
|
| | | $ | 99,854 | | | | | $ | 385,194 | | | | | $ | 485,048 | | |
|
| | |
Pension Plan Assets
|
| |||||||||||||||
(in $ thousands)
|
| |
Level 1
|
| |
Level 2
|
| |
Total
|
| |||||||||
Common & commingled trust funds(1)
|
| | | $ | — | | | | | $ | 383,789 | | | | | $ | 383,789 | | |
Mutual funds(2)
|
| | | | 88,404 | | | | | | — | | | | | | 88,404 | | |
Cash equivalents(3)
|
| | | | 11,159 | | | | | | — | | | | | | 11,159 | | |
Total
|
| | | $ | 99,563 | | | | | $ | 383,789 | | | | | $ | 483,352 | | |
|
(in $ thousands)
|
| |
Defined Benefit
Pension Plans |
| |
Post-Retirement
Benefit Plans |
| ||||||
2017
|
| | | $ | 30,408 | | | | | $ | 216 | | |
2018
|
| | | | 31,206 | | | | | | 220 | | |
2019
|
| | | | 32,067 | | | | | | 222 | | |
2020
|
| | | | 32,907 | | | | | | 239 | | |
2021
|
| | | | 33,796 | | | | | | 249 | | |
Five years thereafter
|
| | | | 178,306 | | | | | | 1,451 | | |
(in $ thousands)
|
| |
Amount
|
| |||
2017
|
| | | $ | 15,963 | | |
2018
|
| | | | 15,348 | | |
2019
|
| | | | 13,859 | | |
2020
|
| | | | 11,260 | | |
2021
|
| | | | 10,000 | | |
Thereafter
|
| | | | 36,413 | | |
| | | | $ | 102,843 | | |
|
Declaration Date
|
| |
Dividend
Per Share |
| |
Record
Date |
| |
Payment
Date |
| |
Amount
(in $ thousands) |
| ||||||
February 17, 2016
|
| | | $ | 0.075 | | | |
March 3, 2016
|
| |
March 17, 2016
|
| | | $ | 9,279 | | |
May 3, 2016
|
| | | $ | 0.075 | | | |
June 2, 2016
|
| |
June 16, 2016
|
| | | $ | 9,286 | | |
August 3, 2016
|
| | | $ | 0.075 | | | |
September 1, 2016
|
| |
September 15, 2016
|
| | | $ | 9,294 | | |
November 1, 2016
|
| | | $ | 0.075 | | | |
December 1, 2016
|
| |
December 15, 2016
|
| | | $ | 9,302 | | |
(in $ thousands)
|
| |
Currency
Translation Adjustments |
| |
Unrealized
Gain (Loss) on Equity Investments |
| |
Unrealized
(Loss) Gain on Cash Flow Hedges |
| |
Unrealized
Gain on Available- for-Sale Securities |
| |
Unrecognized
Actuarial (Loss) Gain on Defined Benefit Plans |
| |
Accumulated
Other Comprehensive Loss |
| ||||||||||||||||||
Balance as of January 1,
2014 |
| | | $ | (9,438) | | | | | $ | 7,954 | | | | | $ | (4,022) | | | | | $ | — | | | | | $ | (76,458) | | | | | $ | (81,964) | | |
Activity during period, net of
tax(1) |
| | | | (10,775) | | | | | | (7,438) | | | | | | 4,022 | | | | | | 6,376 | | | | | | (83,833) | | | | | | (91,648) | | |
Balance as of December 31, 2014
|
| | | | (20,213) | | | | | | 516 | | | | | | — | | | | | | 6,376 | | | | | | (160,291) | | | | | | (173,612) | | |
Activity during period, net of
tax(1) |
| | | | (10,554) | | | | | | (516) | | | | | | — | | | | | | (6,376) | | | | | | 13,551 | | | | | | (3,895) | | |
Balance as of December 31, 2015
|
| | | | (30,767) | | | | | | — | | | | | | — | | | | | | — | | | | | | (146,740) | | | | | | (177,507) | | |
Activity during period, net of
tax(1) |
| | | | (4,581) | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,984) | | | | | | (12,565) | | |
Balance as of December 31, 2016
|
| | | $ | (35,348) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (154,724) | | | | | $ | (190,072) | | |
|
(in dollars, except number of RSUs)
|
| |
Number of
RSUs |
| |
Weighted
Average Grant Date Fair Value |
| ||||||
Balance as of January 1, 2016
|
| | | | 874,728 | | | | | $ | 14.90 | | |
Granted at fair market value
|
| | | | 876,917 | | | | | $ | 13.29 | | |
Vested(1) | | | | | (229,049) | | | | | $ | 15.24 | | |
Forfeited
|
| | | | (127,289) | | | | | $ | 14.76 | | |
Balance as of December 31, 2016
|
| | | | 1,395,307 | | | | | $ | 13.84 | | |
|
(in dollars, except number of PSUs)
|
| |
Number of
PSUs |
| |
Weighted
Average Grant Date Fair Value |
| ||||||
Balance as of January 1, 2016
|
| | | | 1,297,801 | | | | | $ | 16.28 | | |
Change in estimate(1)
|
| | | | 642,822 | | | | | $ | 17.90 | | |
Granted at fair market value
|
| | | | 972,900 | | | | | $ | 13.23 | | |
Vested(2) | | | | | (93,319) | | | | | $ | 16.78 | | |
Forfeited
|
| | | | (178,977) | | | | | $ | 16.43 | | |
Balance as of December 31, 2016(3)
|
| | | | 2,641,227 | | | | | $ | 15.52 | | |
|
| | |
2016
|
| |
2015
|
| |
2014
|
|
Expected term from grant date (in years)
|
| |
6.25
|
| |
6.25
|
| |
3 to 6.25
|
|
Risk free interest rate
|
| |
1.27% to 1.97%
|
| |
1.54% to 1.84%
|
| |
0.80% to 1.67%
|
|
Expected volatility
|
| |
35% to 40%
|
| |
42% to 49%
|
| |
49% to 60%
|
|
Dividend yield
|
| |
2%
|
| |
2%
|
| |
0% to 2%
|
|
| | |
Number of Options
|
| |
Weighted Average
Exercise Price (in dollars) |
| |
Weighted Average
Remaining Contractual Terms (in years) |
| |
Aggregate
Intrinsic Value (in $ thousands) |
| ||||||||||||
Balance as of December 31, 2015
|
| | | | 1,454,638 | | | | | $ | 14.27 | | | | | ||||||||||
Granted at fair market value
|
| | | | 1,510,896 | | | | | $ | 13.27 | | | | | ||||||||||
Forfeited
|
| | | | (164,498) | | | | | $ | 15.59 | | | | | ||||||||||
Expired
|
| | | | (80,522) | | | | | $ | 15.99 | | | | | ||||||||||
Balance as of December 31, 2016
|
| | | | 2,720,514 | | | | | $ | 13.58 | | | | | | 7.91 | | | | | $ | 2,892 | | |
Exercisable as of December 31, 2016
|
| | | | 734,318 | | | | | $ | 13.00 | | | | | | 5.07 | | | | | | 1,546 | | |
Expected to vest as of December 31, 2016
|
| | | | 1,986,196 | | | | | $ | 13.80 | | | | | | 8.96 | | | | | | 1,346 | | |
|
(in $ thousands, except share data)
|
| |
Year Ended
December 31, 2016 |
| |
Year Ended
December 31, 2015 |
| |
Year Ended
December 31, 2014 |
| |||||||||
Numerator – Basic and Diluted income per share: | | | | | |||||||||||||||
Net income attributable to the Company
|
| | | $ | 16,820 | | | | | $ | 16,332 | | | | | $ | 86,494 | | |
Denominator – Basic Income per Share: | | | | | |||||||||||||||
Weighted average common shares outstanding
|
| | | | 123,871,479 | | | | | | 122,340,491 | | | | | | 85,771,655 | | |
Income per share – Basic
|
| | | | 0.14 | | | | | | 0.13 | | | | | | 1.01 | | |
Denominator – Diluted Income per Share: | | | | | |||||||||||||||
Number of common shares used for basic income per
share |
| | | | 123,871,479 | | | | | | 122,340,491 | | | | | | 85,771,655 | | |
Weighted average effect of dilutive securities | | | | | |||||||||||||||
RSUs
|
| | | | 1,438,393 | | | | | | 145,471 | | | | | | 1,988,145 | | |
Stock Options
|
| | | | 86,613 | | | | | | 53,460 | | | | | | 104,290 | | |
Weighted average common shares outstanding
|
| | | | 125,396,485 | | | | | | 122,539,422 | | | | | | 87,864,090 | | |
Income per share – Diluted
|
| | | | 0.13 | | | | | | 0.13 | | | | | | 0.98 | | |
|
(in $ thousands)
|
| |
United
States |
| |
United
Kingdom |
| |
All Other
Countries |
| |
Total
|
| ||||||||||||
Net Revenue | | | | | | ||||||||||||||||||||
Year ended December 31, 2016
|
| | | | 740,573 | | | | | | 197,551 | | | | | | 1,413,232 | | | | | | 2,351,356 | | |
Year ended December 31, 2015
|
| | | | 756,036 | | | | | | 187,018 | | | | | | 1,277,966 | | | | | | 2,221,020 | | |
Year ended December 31, 2014
|
| | | | 785,651 | | | | | | 174,034 | | | | | | 1,188,474 | | | | | | 2,148,159 | | |
Long-Lived Assets (excluding financial instruments and deferred tax assets)
|
| | | | | ||||||||||||||||||||
As of December 31, 2016
|
| | | | 1,229,632 | | | | | | 9,986 | | | | | | 1,141,128 | | | | | | 2,380,746 | | |
As of December 31, 2015
|
| | | | 1,231,730 | | | | | | 16,849 | | | | | | 1,196,497 | | | | | | 2,445,076 | | |
As of December 31, 2014
|
| | | | 1,341,484 | | | | | | 18,349 | | | | | | 1,111,642 | | | | | | 2,471,475 | | |
(in $ thousands)
|
| |
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, 2016
|
| | | | 14,575 | | | | | | 2,162 | | | | | | (3,307) | | | | | | 13,430 | | |
Year ended December 31, 2015
|
| | | | 13,569 | | | | | | 2,435 | | | | | | (1,429) | | | | | | 14,575 | | |
Year ended December 31, 2014
|
| | | | 12,648 | | | | | | 3,257 | | | | | | (2,336) | | | | | | 13,569 | | |
Valuation Allowance for Deferred Tax Assets: | | | | | | ||||||||||||||||||||
Year ended December 31, 2016
|
| | | | 383,357 | | | | | | 12,410 | | | | | | (179,972) | | | | | | 215,795 | | |
Year ended December 31, 2015
|
| | | | 421,244 | | | | | | 54,373 | | | | | | (92,260) | | | | | | 383,357 | | |
Year ended December 31, 2014
|
| | | | 345,244 | | | | | | 166,495 | | | | | | (90,495) | | | | | | 421,244 | | |
|
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 | | | Amendment No. 2 to Credit Agreement, dated as of June 23, 2016 among Travelport Finance (Luxembourg) S.a.r.l., as borrower, Travelport Limited, the Term B Lenders and Deutsche Bank AG New York Branch (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Travelport Worldwide Limited on June 27, 2016). | |
| 10.4 | | | Amendment No. 3 to Credit Agreement, dated as of January 19, 2017 among Travelport Finance (Luxembourg) S.a.r.l., as borrower, Travelport Limited, the Term C Lenders and Deutsche Bank AG New York Branch (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Travelport Worldwide Limited on January 20, 2017). | |
| 10.5 | | | 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). | |
| 10.6 | | | 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)). | |
| 10.7 | | | 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). | |
| 10.8 | | | 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). | |
| 10.9 | | | 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). | |
| 10.10 | | | 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)). | |
| 10.11 | | | 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).* | |
| 10.12 | | | 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)). | |
| 10.13 | | | 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). | |
| 10.14 | | | Consulting Agreement between Travelport Worldwide Limited and Philip Emery, dated May 5, 2016 (Incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q filed by Travelport Worldwide Limited on August 4, 2016). | |
|
Exhibit
No. |
| |
Description
|
|
| 10.15 | | | Contract of Employment, dated as of January 4, 2016, between Stephen Shurrock and Travelport International Limited. | |
| 10.16 | | | 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). | |
| 10.17 | | | Transition and Separation Agreement, dated October 23, 2015, between Travelport Worldwide Limited, Travelport, LP and Kurt Ekert (Incorporated by reference to Exhibit 10.19 to the Annual Report on Form 10-K filed by Travelport Worldwide Limited on February 18, 2016). | |
| 10.18 | | | Contract of Employment, dated as of January 1, 2016, between Bernard Bot and Travelport International Limited (Incorporated by reference to Exhibit 10.20 to the Annual Report on Form 10-K filed by Travelport Worldwide Limited on February 18, 2016). | |
| 10.19 | | | Contract of Employment, dated as of November 14, 2014, between Thomas Murphy and Travelport International Limited (Incorporated by reference to Exhibit 10.21 to the Annual Report on Form 10-K filed by Travelport Worldwide Limited on February 18, 2016). | |
| 10.20 | | | Travelport Officer Deferred Compensation Plan (Amended and Restated as of January 1, 2016) (Incorporated by reference to Exhibit 10.22 to the Annual Report on Form 10-K filed by Travelport Worldwide Limited on February 18, 2016). | |
| 10.21 | | | 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). | |
| 10.22 | | | 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). | |
| 10.23 | | | 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). | |
| 10.24 | | | 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). | |
| 10.25 | | | 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). | |
| 10.26 | | | 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).* | |
| 10.27 | | | 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).* | |
| 10.28 | | | 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). | |
| 10.29 | | | 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).* | |
|
Exhibit
No. |
| |
Description
|
|
| 10.30 | | | 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)). | |
| 10.31 | | | 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)). | |
| 10.32 | | | 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). | |
| 10.33 | | | 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). | |
| 10.34 | | | 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). | |
| 10.35 | | | 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).* | |
| 10.36 | | | 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).* | |
| 10.37 | | | 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). | |
| 10.38 | | | 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). | |
| 10.39 | | | 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). | |
| 10.40 | | | 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). | |
| 10.41 | | | 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). | |
| 10.42 | | | 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). | |
| 10.43 | | | Travelport Worldwide Limited Amended and Restated 2014 Omnibus Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed by Travelport Worldwide Limited on August 4, 2016). | |
| 10.44 | | | 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). | |
| 10.45 | | | 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). | |
|
Exhibit
No. |
| |
Description
|
|
| 10.46 | | | Form of 2016 Travelport Worldwide Limited Management Equity Award Agreement (US Named Executive Officers) (Incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed by Travelport Worldwide Limited on May 5, 2016). | |
| 10.47 | | | Form of 2016 Travelport Worldwide Limited Management Equity Award Agreement (UK Named Executive Officers) (Incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed by Travelport Worldwide Limited on May 5, 2016). | |
| 10.48 | | | Form of Director Award Agreement (Incorporated by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q filed by Travelport Worldwide Limited on August 4, 2016). | |
| 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 | |