1-33599 | 20-5337455 | |
(Commission File Number) | (I.R.S. Employer Identification No.) | |
500 W. Madison Street, Suite 1000, Chicago, Illinois | 60661 | |
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | ||
99.1 | Press Release, dated February 14, 2013. |
ORBITZ WORLDWIDE, INC. | ||||
February 14, 2013 | By: | /s/ David Belmont | ||
Name: | David Belmont | |||
Title: | Interim Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release, dated February 14, 2013. |
• | Room night growth accelerated 7 percentage points in the fourth quarter 2012, led by acceleration within the company's private label distribution business and at HotelClub. |
• | Hotel net revenue, including standalone and vacation packages, grew to 39 percent of total revenue, up nearly 3 percentage points from 2011. |
• | Net loss was $314.6 million for the fourth quarter 2012 due to a $321.2 million non-cash goodwill and intangible asset impairment charge. |
• | Adjusted EBITDA grew 19 percent in the fourth quarter 2012 to $35.9 million, driven by higher revenue and Adjusted EBITDA margin expansion. |
Three Months Ended | Years Ended | |||||||||||
(in thousands, except | December 31, | December 31, | ||||||||||
per share data) | 2012 | 2011 | Change (a) | 2012 | 2011 | Change (a) | ||||||
Gross bookings | $2,473,762 | $2,518,011 | (2 | )% | $11,237,478 | $11,340,518 | (1 | )% | ||||
Net revenue | $189,737 | $177,146 | 7 | % | $778,796 | $766,819 | 2 | % | ||||
Net revenue margin (b) | 7.7 | % | 7.0 | % | 0.7 ppt | 6.9 | % | 6.8 | % | 0.1 ppt | ||
Net loss | $(314,629) | $(46,505) | ** | $(301,738) | $(37,277) | ** | ||||||
Basic and diluted EPS | $(2.96) | $(0.44) | ** | $(2.86) | $(0.36) | ** | ||||||
Operating cash flow | $974 | $3,973 | (75 | )% | $107,059 | $117,846 | (9 | )% | ||||
Capital spending | $12,185 | $8,319 | 46 | % | $47,026 | $44,059 | 7 | % | ||||
EBITDA(c) | $(290,817) | $(22,295) | ** | $(204,920) | $65,802 | ** | ||||||
Impairments | $321,172 | $49,891 | ** | $322,589 | $49,891 | ** | ||||||
Other Adjustments | $5,523 | $2,529 | ** | $10,703 | $11,176 | (4 | )% | |||||
Adjusted EBITDA(c) | $35,878 | $30,125 | 19 | % | $128,372 | $126,869 | 1 | % | ||||
Transaction growth (d) | (4 | )% | (10 | )% | 6 ppt | (3 | )% | (8 | )% | 5 ppt | ||
Hotel room night growth (e) | 7 | % | (2 | )% | 9 ppt | 3 | % | (1 | )% | 5 ppt |
(a) | Percentages are calculated on unrounded numbers. |
(b) | Represents net revenue as a percentage of gross bookings. |
(c) | Non-GAAP financial measures. Definitions of EBITDA and Adjusted EBITDA and a reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measure are contained in Appendix A. |
(d) | Represents year over year transaction growth on a booked basis, net of all cancellations made through the company's websites. |
(e) | Represents year over year growth in stayed hotel room nights. Includes both standalone hotel room nights and hotel room nights included in vacation packages. |
Three Months Ended | Years Ended | |||||||
December 31, | December 31, | |||||||
(in thousands) | 2012 | 2011 | Change | 2012 | 2011 | Change | ||
Net Revenue | ||||||||
Standalone Air | $60,064 | $59,295 | 1 | % | $261,538 | $265,167 | (1 | )% |
Standalone Hotel | 59,105 | 50,110 | 18 | % | 225,654 | 209,589 | 8 | % |
Vacation Package | 30,072 | 28,958 | 4 | % | 130,098 | 120,688 | 8 | % |
Advertising and Media | 16,988 | 13,975 | 22 | % | 58,065 | 54,599 | 6 | % |
Other | 23,508 | 24,808 | (5 | )% | 103,441 | 116,776 | (11 | )% |
Total Net Revenue | $189,737 | $177,146 | 7 | % | $778,796 | $766,819 | 2 | % |
Domestic | $137,378 | $128,547 | 7 | % | $562,091 | $547,120 | 3 | % |
International | 52,359 | 48,599 | 8 | % | 216,705 | 219,699 | (1 | )% |
Total Net Revenue | $189,737 | $177,146 | 7 | % | $778,796 | $766,819 | 2 | % |
• | Standalone air net revenue was $60.1 million in the fourth quarter 2012, up one percent year over year. This increase was driven primarily by higher net revenue per airline ticket and the addition of an airline servicing revenue stream, partially offset by lower volume. |
• | Standalone hotel net revenue was $59.1 million in the fourth quarter 2012, up 18 percent year over year. This increase was driven primarily by higher volume and, to a lesser extent, higher net revenue per room night. |
• | Vacation package net revenue increased four percent in the quarter to $30.1 million due primarily to higher volume. |
• | Advertising and media revenue was $17.0 million in the fourth quarter 2012, up 22 percent year over year. |
• | Other net revenue, which is comprised primarily of car rental, cruise, destination services, travel insurance and airline hosting revenue, declined five percent year over year. This decline was driven primarily by a Department of Transportation regulation that went into effect January 2012, which no longer allows travel insurance to be pre-selected on the company's domestic websites and resulted in reduced travel insurance attachment rates. |
Three Months Ended December 31, | $ | % | ||||||||||
2012 | 2011 | Change | Change | |||||||||
(in thousands) | ||||||||||||
Customer service costs | $15,205 | $12,115 | $3,090 | 26 | % | |||||||
Credit card processing fees | 11,825 | 9,737 | 2,088 | 21 | % | |||||||
Other | 11,106 | 9,632 | 1,474 | 15 | % | |||||||
Total cost of revenue | $38,136 | $31,484 | $6,652 | 21 | % |
Three Months Ended December 31, | $ | % | ||||||||||
2012 | 2011 | Change | Change | |||||||||
(in thousands) | ||||||||||||
Wages and benefits | $33,319 | $38,703 | $(5,384) | (14 | )% | |||||||
Contract labor | 5,830 | 7,013 | (1,183 | ) | (17 | )% | ||||||
Network communications, systems maintenance and equipment | 7,508 | 6,302 | 1,206 | 19 | % | |||||||
Other | 18,900 | 14,419 | 4,481 | 31 | % | |||||||
Total SG&A | $65,557 | $66,437 | $(880) | (1 | )% |
Three Months Ended December 31, | $ | % | |||||||
2012 | 2011 | Change | Change | ||||||
(in thousands) | |||||||||
Marketing expense | $55,689 | $51,803 | $3,886 | 8 | % |
• | In December 2012, the Orbitz Flights, Hotels, Cars app for iPhone was one of 13 iPhone apps inducted into the App Store Hall of Fame, making it one of only 48 iPhone apps ever to receive such recognition, out of the more than 700,000 apps and games available on the App Store. Apple launched the Hall of Fame in 2010 to showcase "the best of the best on the App Store." Since its debut in June 2012, the Orbitz Flights, Hotels, Cars for iPhone app has maintained a 4.5 out of 5-star rating from consumers. Transactions coming through mobile devices, including smartphones and tablets, represented 25 percent of Orbitz.com standalone hotel transactions for December 2012. |
• | In December 2012, HotelClub launched its first iOS app, a single app optimized for both iPhone and iPad. The app allows HotelClub customers to earn member rewards on each hotel booking and supports multiple languages and currencies and was featured as a New & Noteworthy app in the App Store in Australia and New Zealand. |
• | In January 2013, ebookers launched an Android Hotels app offering a fast and easy way to search and book hotels in multiple languages and currencies via a native Android experience. |
• | In November 2012, ebookers launched Beach Map, an interactive tool that offers customers ideas and package deals to a variety of beach destinations. It acts as a convenient way for travelers to get inspiration on where to travel and for the best possible price. Not only does the Beach Map provide 125 different combinations of departures and destinations, it also shows the top 25 beach destinations related to the selected departure point for added inspiration. |
• | In January 2013, Orbitz reached milestones of 475,000 Facebook fans and 100,000 Twitter followers, representing increases of 55 percent and 8 percent, respectively, over the course of 2012. |
• | In December 2012, Orbitz Worldwide was recognized by leading U.S. social career community Glassdoor in its fifth annual Employees' Choice Awards, which celebrates the 50 Best Places to Work. The list is determined using feedback employees voluntarily and anonymously provide via online survey. Orbitz was the only online travel company to make the list and placed 26th overall, receiving a 4.0 out of 5.0 rating. Among technology companies, Orbitz placed 11th. Earlier in 2012, Glassdoor named Orbitz as America's favorite travel industry company to work for, as well as one of the top 25 companies for work-life balance. |
• | In November 2012, Orbitz Worldwide Distribution launched a new multi-year partnership with Asiana Airlines to power air, hotel, car and dynamic package search and booking capabilities on the company's U.S. website. |
• | In January 2013, Orbitz Worldwide Distribution launched a new multi-year partnership with Finnair to power search and booking capabilities for air & hotel vacation packages on the company's U.S. website. |
• | During the fourth quarter 2012, Orbitz Worldwide signed multi-year agreements with Hilton Hotels & Resorts, Banyan Tree Hotels & Resorts and Worldhotels. The company also signed partnership agreements with a number of |
• | During the fourth quarter 2012, Orbitz Worldwide signed distribution agreements with LAN Airlines, Swiss International Air Lines, Darwin Airlines, Air China and TAM Airlines. In addition, the company starting offering Frontier Airlines' Classic and Classic Plus fares to customers. |
• | During the fourth quarter 2012, Orbitz Worldwide signed partner marketing contracts with a number of destination marketing organizations including Tourism New Zealand, City of Palm Desert, Atlantic Canada Tourism Partnership, Metropolitan Tucson Convention and Visitors Bureau, Mammoth Mountain Ski Area, Vail Resorts, Naples Marco Everglades Convention and Visitors Bureau, Denver Convention and Visitors Bureau and Fort Worth Convention and Visitors Bureau. |
• | During the fourth quarter 2012, Orbitz Worldwide executed integrated media campaigns for partners including Energizer, the Cayman Islands and Empire State Development, New York's chief economic development agency which administers the world-famous I LOVE NEW YORK tourism program. The innovative marketing partnerships spanned a variety of platforms, including "Orbitz Originals," a series of short films that harness the power of online video to inspire travelers and drive travel bookings. |
• | Net revenue in the range of $194 million to $200 million; and |
• | Adjusted EBITDA between $17 million and $21 million. |
• | Net revenue growth in the range of 2.5 percent to 5 percent; and |
• | Adjusted EBITDA growth between 5 percent and 10 percent. |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||
Net revenue | $189,737 | $177,146 | $778,796 | $766,819 | |||||||
Cost and expenses | |||||||||||
Cost of revenue | 38,136 | 31,484 | 147,840 | 139,390 | |||||||
Selling, general and administrative | 65,557 | 66,437 | 260,253 | 270,617 | |||||||
Marketing | 55,689 | 51,803 | 252,993 | 241,670 | |||||||
Depreciation and amortization | 14,834 | 14,885 | 57,046 | 60,540 | |||||||
Impairment of goodwill and intangible assets | 321,172 | 49,891 | 321,172 | 49,891 | |||||||
Impairment of other assets | — | — | 1,417 | — | |||||||
Total operating expenses | 495,388 | 214,500 | 1,040,721 | 762,108 | |||||||
Operating income (loss) | (305,651 | ) | (37,354 | ) | (261,925 | ) | 4,711 | ||||
Other income (expense) | |||||||||||
Net interest expense | (8,513 | ) | (10,436 | ) | (36,599 | ) | (40,488 | ) | |||
Other income (expense) | — | 174 | (41 | ) | 551 | ||||||
Total other expense | (8,513 | ) | (10,262 | ) | (36,640 | ) | (39,937 | ) | |||
Loss before income taxes | (314,164 | ) | (47,616 | ) | (298,565 | ) | (35,226 | ) | |||
Provision (benefit) for income taxes | 465 | (1,111 | ) | 3,173 | 2,051 | ||||||
Net loss | $(314,629) | $(46,505) | $(301,738) | $(37,277) | |||||||
Net loss per share - basic and diluted | |||||||||||
Net loss per share | $(2.96) | $(0.44) | $(2.86) | $(0.36) | |||||||
Weighted-average shares outstanding | 106,227,043 | 104,750,535 | 105,582,736 | 104,118,983 |
December 31, 2012 | December 31, 2011 | ||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $130,262 | $136,171 | |||
Accounts receivable (net of allowance for doubtful accounts of $903 and $1,108, respectively) | 75,789 | 62,377 | |||
Prepaid expenses | 11,018 | 15,917 | |||
Due from Travelport, net | 5,617 | 3,898 | |||
Other current assets | 3,072 | 2,402 | |||
Total current assets | 225,758 | 220,765 | |||
Property and equipment, net | 132,544 | 141,702 | |||
Goodwill | 345,388 | 647,300 | |||
Trademarks and trade names | 90,790 | 108,194 | |||
Other intangible assets, net | 830 | 4,162 | |||
Deferred income taxes, non-current | 6,773 | 7,311 | |||
Restricted cash | 24,485 | 7,296 | |||
Other non-current assets | 7,746 | 9,056 | |||
Total Assets | $834,314 | $1,145,786 | |||
Liabilities and Shareholders' Equity | |||||
Current liabilities: | |||||
Accounts payable | 21,485 | 30,937 | |||
Accrued merchant payable | 268,589 | 238,694 | |||
Accrued expenses | 118,329 | 120,962 | |||
Deferred income | 34,948 | 28,953 | |||
Term loan, current | 24,708 | 32,183 | |||
Other current liabilities | 5,365 | 2,034 | |||
Total current liabilities | 473,424 | 453,763 | |||
Term loan, non-current | 415,322 | 440,030 | |||
Tax sharing liability | 70,912 | 68,411 | |||
Unfavorable contracts | — | 4,440 | |||
Other non-current liabilities | 17,319 | 18,617 | |||
Total Liabilities | 976,977 | 985,261 | |||
Commitments and contingencies | |||||
Shareholders' Equity: | |||||
Preferred stock, $0.01 par value, 100 shares authorized, no shares issued or outstanding | — | — | |||
Common stock, $0.01 par value, 140,000,000 shares authorized, 105,119,044 and 103,814,769 shares issued, respectively | 1,051 | 1,038 | |||
Treasury stock, at cost, 25,237 shares held | (52 | ) | (52 | ) | |
Additional paid-in capital | 1,041,466 | 1,036,093 | |||
Accumulated deficit | (1,182,624 | ) | (880,886 | ) | |
Accumulated other comprehensive income (loss) (net of accumulated tax benefit of $2,558) | (2,504 | ) | 4,332 | ||
Total Shareholders' Equity | (142,663 | ) | 160,525 | ||
Total Liabilities and Shareholders' Equity | $834,314 | $1,145,786 |
Years Ended December 31, | |||||
2012 | 2011 | ||||
Operating activities: | |||||
Net loss | $(301,738) | $(37,277) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Depreciation and amortization | 57,046 | 60,540 | |||
Impairment of goodwill and intangible assets | 321,172 | 49,891 | |||
Impairment of other assets | 1,417 | — | |||
Amortization of unfavorable contract liability | (6,717 | ) | (1,678 | ) | |
Non-cash net interest expense | 13,251 | 15,008 | |||
Deferred income taxes | 864 | 767 | |||
Stock compensation | 7,566 | 8,521 | |||
Changes in assets and liabilities: | |||||
Accounts receivable | (12,549 | ) | (7,073 | ) | |
Due from Travelport, net | (1,624 | ) | 12,960 | ||
Accounts payable, accrued expenses and other current liabilities | (5,549 | ) | 20,738 | ||
Accrued merchant payable | 28,065 | 1,358 | |||
Deferred income | 8,429 | (2,291 | ) | ||
Other | (2,574 | ) | (3,618 | ) | |
Net cash provided by operating activities | 107,059 | 117,846 | |||
Investing activities: | |||||
Property and equipment additions | (47,026 | ) | (44,059 | ) | |
Changes in restricted cash | (16,812 | ) | (3,471 | ) | |
Net cash used in investing activities | (63,838 | ) | (47,530 | ) | |
Financing activities: | |||||
Payments on the term loan | (32,183 | ) | (19,808 | ) | |
Employee tax withholdings related to net share settlements of equity-based awards | (2,179 | ) | (1,628 | ) | |
Payments on tax sharing liability | (15,408 | ) | (8,847 | ) | |
Payments on note payable | (231 | ) | (228 | ) | |
Net cash used in financing activities | (50,001 | ) | (30,511 | ) | |
Effects of changes in exchange rates on cash and cash equivalents | 871 | (856 | ) | ||
Net (decrease) increase in cash and cash equivalents | (5,909 | ) | 38,949 | ||
Cash and cash equivalents at beginning of year | 136,171 | 97,222 | |||
Cash and cash equivalents at end of year | $130,262 | $136,171 | |||
Supplemental disclosure of cash flow information: | |||||
Income tax payments, net | $1,170 | $1,342 | |||
Cash interest payments | $26,635 | $26,613 | |||
Non-cash investing activity: | |||||
Capital expenditures incurred not yet paid | $2,309 | $447 |
• | These measures provide greater insight into management decision making at Orbitz Worldwide as they are among the primary metrics by which management evaluates the operating performance of the company's business. Management believes that when viewed with GAAP results and the accompanying reconciliation, EBITDA and Adjusted EBITDA provide additional information that is useful for management and other external users to gain an understanding of the factors and trends affecting the ongoing cash earnings capability of the company's business, from which capital investments are made and debt is serviced. These supplemental measures are used by management and the board of directors to evaluate the company's actual results against management's expectations. |
• | EBITDA measures performance apart from items such as interest expense, income taxes and depreciation and amortization. Management believes that the exclusion of interest expense is necessary to evaluate the cash earnings capability of the business. The company generally only funds working capital requirements with borrowed funds (specifically, funds borrowed under its revolving credit facility), if at all, in the fourth quarter of the year when its cash balances are typically the lowest. As a result, nearly all of the company's interest expense is not incurred to fund its operating activities. In addition, excluding interest expense from the company's non-GAAP measures is consistent with the company's intent to disclose the ongoing cash earnings capability of the business, from which capital investments are made and debt is serviced. Management believes that the exclusion of non-cash depreciation and amortization is also necessary to evaluate the cash earnings capability of the business. Management believes that the review of its non-GAAP measures in conjunction with other GAAP metrics, such as capital expenditures, is more useful in understanding the company's business than the inclusion of depreciation and amortization expense in the non-GAAP measures used by management, since depreciation and amortization expense has historically fluctuated as a result of purchase accounting and this expense involves management judgment (e.g. estimated useful lives). |
• | Adjusted EBITDA corresponds more closely to the ongoing cash earnings capability of the company's business, by excluding the items described above and items such as litigation settlements that are not driven by core operating results, certain other non-cash items, such as goodwill and intangible asset impairment charges and stock-based compensation, and other unusual and non-recurring items, such as restructuring charges. |
Three Months Ended December 31, | Years Ended December 31, | |||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||
(in thousands) | (in thousands) | |||||||||||
Net loss | $(314,629) | $(46,505) | $(301,738) | $(37,277) | ||||||||
Net interest expense | 8,513 | 10,436 | 36,599 | 40,488 | ||||||||
Provision (benefit) for income taxes | 465 | (1,111 | ) | 3,173 | 2,051 | |||||||
Depreciation and amortization | 14,834 | 14,885 | 57,046 | 60,540 | ||||||||
EBITDA | $(290,817) | $(22,295) | $(204,920) | $65,802 |
Three Months Ended December 31, | Years Ended December 31, | |||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||
(in thousands) | (in thousands) | |||||||||||
EBITDA | $(290,817) | $(22,295) | $(204,920) | $65,802 | ||||||||
Impairment of goodwill and intangible assets (a) | 321,172 | 49,891 | 321,172 | 49,891 | ||||||||
Impairment of other assets (b) | — | — | 1,417 | — | ||||||||
Acceleration of amortization of net unfavorable contract liability (b) | — | 402 | (2,635 | ) | 1,846 | |||||||
Stock-based compensation expense (c) | 1,333 | 1,728 | 7,566 | 8,521 | ||||||||
Litigation settlements and other (d) | 4,190 | 399 | 5,772 | 809 | ||||||||
Adjusted EBITDA | $35,878 | $30,125 | $128,372 | $126,869 |
(a) | Represents the non-cash charge recorded for the impairment of goodwill and intangible assets. | |
(b) | In the third quarter 2012, the company reduced the net unfavorable contract liability by $1.2 million following the negotiation of a new agreement with a supplier. This reduction was recorded as a $2.6 million increase to net revenue, reflecting the reduction in expected future rebate payments the company would be required to make to the supplier, and a $1.4 million non-cash charge to impair the asset related to the in-kind marketing and promotional support that the company expected to receive under the Charter Associate Agreement. | |
For the 2011 periods, the amounts represent non-cash charges recorded to accelerate the amortization of the in-kind marketing and promotional support asset received from a supplier under its former Charter Associate Agreement with the company. The useful life of this asset was shortened in 2010 following an airline merger. | ||
(c) | Represents non-cash stock compensation expense. | |
(d) | Represents charges related to certain legal proceedings and other non-recurring professional fees. |
Three Months Ended | |||||||||
(in thousands) | Domestic | International | Total Orbitz Worldwide | ||||||
Gross Bookings | |||||||||
Q4, 2012 Reported Gross Bookings | $1,968,503 | $505,259 | $2,473,762 | ||||||
Q4, 2011 Reported Gross Bookings | $2,056,277 | $461,734 | $2,518,011 | ||||||
Impact of Foreign Exchange Rates | — | (4,976) | (4,976) | ||||||
Q4, 2011 Gross Bookings at Constant Currency | $2,056,277 | $456,758 | $2,513,035 | ||||||
Reported Gross Bookings Growth | (4 | )% | 9 | % | (2 | )% | |||
Gross Bookings Growth at Constant Currency | (4 | )% | 11 | % | (2 | )% | |||
Net Revenue | |||||||||
Q4, 2012 Reported Net Revenue | $137,378 | $52,359 | $189,737 | ||||||
Q4, 2011 Reported Net Revenue | $128,547 | $48,599 | $177,146 | ||||||
Impact of Foreign Exchange Rates | — | (357) | (357) | ||||||
Q4, 2011 Net Revenue at Constant Currency | $128,547 | $48,242 | $176,789 | ||||||
Reported Net Revenue Growth | 7 | % | 8 | % | 7 | % | |||
Net Revenue Growth at Constant Currency | 7 | % | 9 | % | 7 | % |
Years Ended | |||||||||
(in thousands) | Domestic | International | Total Orbitz Worldwide | ||||||
Gross Bookings | |||||||||
2012 Reported Gross Bookings | $8,948,277 | $2,289,201 | $11,237,478 | ||||||
2011 Reported Gross Bookings | $9,097,885 | $2,242,633 | $11,340,518 | ||||||
Impact of Foreign Exchange Rates | — | (105,712) | (105,712) | ||||||
2011 Gross Bookings at Constant Currency | $9,097,885 | $2,136,921 | $11,234,806 | ||||||
Reported Gross Bookings Growth | (2 | )% | 2 | % | (1 | )% | |||
Gross Bookings Growth at Constant Currency | (2 | )% | 7 | % | 0 | % | |||
Net Revenue | |||||||||
2012 Reported Net Revenue | $562,091 | $216,705 | $778,796 | ||||||
2011 Reported Net Revenue | $547,120 | $219,699 | $766,819 | ||||||
Impact of Foreign Exchange Rates | — | (9,779) | (9,779) | ||||||
2011 Net Revenue at Constant Currency | $547,120 | $209,920 | $757,040 | ||||||
Reported Net Revenue Growth | 3 | % | (1 | )% | 2 | % | |||
Net Revenue Growth at Constant Currency | 3 | % | 3 | % | 3 | % |
2010 | 2011 | 2012 | |||||||||||||||||||||||||
Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||
Gross Bookings (in thousands) | |||||||||||||||||||||||||||
Domestic | $ | 2,114,917 | $ | 2,376,604 | $ | 2,414,061 | $ | 2,250,943 | $ | 2,056,277 | $ | 2,492,564 | $ | 2,399,412 | $ | 2,087,798 | $ | 1,968,503 | |||||||||
International | 435,832 | 598,546 | 583,146 | 599,207 | 461,734 | 650,467 | 570,777 | 562,698 | 505,259 | ||||||||||||||||||
Total | $ | 2,550,749 | $ | 2,975,150 | $ | 2,997,207 | $ | 2,850,150 | $ | 2,518,011 | $ | 3,143,031 | $ | 2,970,189 | $ | 2,650,496 | $ | 2,473,762 | |||||||||
Standalone Air | $ | 1,906,822 | $ | 2,119,934 | $ | 2,201,860 | $ | 2,026,135 | $ | 1,849,055 | $ | 2,202,538 | $ | 2,155,649 | $ | 1,821,937 | $ | 1,719,165 | |||||||||
Non-air | 643,927 | 855,216 | 795,347 | 824,015 | 668,956 | 940,493 | 814,540 | 828,559 | 754,597 | ||||||||||||||||||
Total | $ | 2,550,749 | $ | 2,975,150 | $ | 2,997,207 | $ | 2,850,150 | $ | 2,518,011 | $ | 3,143,031 | $ | 2,970,189 | $ | 2,650,496 | $ | 2,473,762 | |||||||||
Year over Year Gross Bookings Growth | |||||||||||||||||||||||||||
Domestic | 2 | % | (2 | )% | (9 | )% | (4 | )% | (3 | )% | 5 | % | (1 | )% | (7 | )% | (4 | )% | |||||||||
International | 17 | % | 21 | % | 39 | % | 31 | % | 6 | % | 9 | % | (2 | )% | (6 | )% | 9 | % | |||||||||
Total | 4 | % | 2 | % | (3 | )% | 1 | % | (1 | )% | 6 | % | (1 | )% | (7 | )% | (2 | )% | |||||||||
Standalone Air | 2 | % | (1 | )% | (6 | )% | (1 | )% | (3 | )% | 4 | % | (2 | )% | (10 | )% | (7 | )% | |||||||||
Non-air | 8 | % | 7 | % | 9 | % | 8 | % | 4 | % | 10 | % | 2 | % | 1 | % | 13 | % | |||||||||
Total | 4 | % | 2 | % | (3 | )% | 1 | % | (1 | )% | 6 | % | (1 | )% | (7 | )% | (2 | )% | |||||||||
At Constant Currency | |||||||||||||||||||||||||||
Domestic | 2 | % | (2 | )% | (9 | )% | (4 | )% | (3 | )% | 5 | % | (1 | )% | (7 | )% | (4 | )% | |||||||||
International | 18 | % | 16 | % | 20 | % | 17 | % | 5 | % | 10 | % | 6 | % | 2 | % | 11 | % | |||||||||
Total | 4 | % | 1 | % | (5 | )% | (1 | )% | (1 | )% | 6 | % | 1 | % | (5 | )% | (2 | )% | |||||||||
Standalone Air | 3 | % | (1 | )% | (8 | )% | (3 | )% | (3 | )% | 4 | % | (1 | )% | (9 | )% | (7 | )% | |||||||||
Non-air | 8 | % | 6 | % | 5 | % | 5 | % | 3 | % | 10 | % | 4 | % | 3 | % | 13 | % | |||||||||
Total | 4 | % | 1 | % | (5 | )% | (1 | )% | (1 | )% | 6 | % | 1 | % | (5 | )% | (2 | )% | |||||||||
Net Revenue (in thousands) | |||||||||||||||||||||||||||
Domestic | $ | 135,707 | $ | 134,333 | $ | 142,026 | $ | 142,214 | $ | 128,547 | $ | 137,343 | $ | 145,073 | $ | 142,297 | $ | 137,378 | |||||||||
International | 46,657 | 50,590 | 59,800 | 60,710 | 48,599 | 52,436 | 55,904 | 56,006 | 52,359 | ||||||||||||||||||
Total | $ | 182,364 | $ | 184,923 | $ | 201,826 | $ | 202,924 | $ | 177,146 | $ | 189,779 | $ | 200,977 | $ | 198,303 | $ | 189,737 | |||||||||
Standalone Air | $ | 66,880 | $ | 72,500 | $ | 69,522 | $ | 63,850 | $ | 59,295 | $ | 72,244 | $ | 67,313 | $ | 61,917 | $ | 60,064 | |||||||||
Non-air transactional | 101,913 | 98,588 | 117,715 | 124,388 | 103,736 | 105,872 | 118,239 | 121,900 | 112,540 | ||||||||||||||||||
Non-transactional | 13,571 | 13,835 | 14,589 | 14,686 | 14,115 | 11,663 | 15,425 | 14,486 | 17,133 | ||||||||||||||||||
Total | $ | 182,364 | $ | 184,923 | $ | 201,826 | $ | 202,924 | $ | 177,146 | $ | 189,779 | $ | 200,977 | $ | 198,303 | $ | 189,737 | |||||||||
International as a % of Total Net Revenue | 26 | % | 27 | % | 30 | % | 30 | % | 27 | % | 28 | % | 28 | % | 28 | % | 28 | % | |||||||||
Year over Year Net Revenue Growth | |||||||||||||||||||||||||||
Domestic | 1 | % | (7 | )% | (6 | )% | (4 | )% | (5 | )% | 2 | % | 2 | % | 0 | % | 7 | % | |||||||||
International | 17 | % | 17 | % | 42 | % | 32 | % | 4 | % | 4 | % | (7 | )% | (8 | )% | 8 | % | |||||||||
Total | 4 | % | (1 | )% | 4 | % | 4 | % | (3 | )% | 3 | % | 0 | % | (2 | )% | 7 | % | |||||||||
Standalone Air | 12 | % | 1 | % | (2 | )% | (2 | )% | (11 | )% | 0 | % | (3 | )% | (3 | )% | 1 | % | |||||||||
Non-air transactional | 6 | % | (2 | )% | 8 | % | 7 | % | 2 | % | 7 | % | 0 | % | (2 | )% | 8 | % | |||||||||
Non-transactional | (30 | )% | (6 | )% | 8 | % | 11 | % | 4 | % | (16 | )% | 6 | % | (1 | )% | 21 | % | |||||||||
Total | 4 | % | (1 | )% | 4 | % | 4 | % | (3 | )% | 3 | % | 0 | % | (2 | )% | 7 | % | |||||||||
At Constant Currency | |||||||||||||||||||||||||||
Domestic | 1 | % | (7 | )% | (6 | )% | (4 | )% | (5 | )% | 2 | % | 2 | % | 0 | % | 7 | % | |||||||||
International | 16 | % | 10 | % | 21 | % | 17 | % | 2 | % | 4 | % | 1 | % | 0 | % | 9 | % | |||||||||
Total | 4 | % | (3 | )% | 0 | % | 1 | % | (3 | )% | 3 | % | 2 | % | 0 | % | 7 | % | |||||||||
Standalone Air | 13 | % | 0 | % | (5 | )% | (5 | )% | (12 | )% | 0 | % | (1 | )% | 0 | % | 2 | % | |||||||||
Non-air transactional | 5 | % | (4 | )% | 3 | % | 4 | % | 1 | % | 7 | % | 2 | % | 0 | % | 9 | % | |||||||||
Non-transactional | (30 | )% | (6 | )% | 6 | % | 10 | % | 4 | % | (16 | )% | 7 | % | 0 | % | 22 | % | |||||||||
Total | 4 | % | (3 | )% | 0 | % | 1 | % | (3 | )% | 3 | % | 2 | % | 0 | % | 7 | % | |||||||||
Orbitz Worldwide Transaction Growth | 1 | % | (7 | )% | (9 | )% | (7 | )% | (10 | )% | 1 | % | (4 | )% | (7 | )% | (4 | )% | |||||||||
Orbitz Worldwide Hotel Room Night Growth | 4 | % | (2 | )% | (1 | )% | (1 | )% | (2 | )% | 3 | % | 3 | % | 0 | % | 7 | % |
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