ORBITZ WORLDWIDE, INC. |
(Exact name of registrant as specified in its charter) |
Delaware | 001-33599 | 20-5337455 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
500 W. Madison Street, Suite 1000, Chicago, Illinois | 60661 | |
(Address of principal executive offices) | (Zip Code) |
Exhibit No. | Description | |
99.1 | Orbitz Worldwide, Inc. Press Release dated August 7, 2014. |
ORBITZ WORLDWIDE, INC. | |||
(Registrant) | |||
Date: | August 7, 2014 | ||
/s/ Michael Randolfi | |||
Michael Randolfi | |||
Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Orbitz Worldwide, Inc. Press Release dated August 7, 2014. | |
• | Room nights increased 20 percent year-over-year in the second quarter 2014. |
• | Net revenue increased 10 percent year-over-year to $248.1 million in the second quarter 2014. |
• | Net income in the second quarter 2014 was $6.9 million. |
• | Adjusted EBITDA increased 4 percent year-over-year to $44.8 million in the second quarter 2014. |
(in thousands, except | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
per share data) | 2014 | 2013 | Change (a) | 2014 | 2013 | Change (a) | |||||||||||
Hotel room night growth (b) | 20 | % | 20 | % | 16 | % | 17 | % | |||||||||
Gross bookings | $3,357,698 | $3,084,888 | 9 | % | $6,540,212 | $6,187,469 | 6 | % | |||||||||
Net revenue | $248,053 | $225,798 | 10 | % | $458,308 | $428,658 | 7 | % | |||||||||
Net revenue margin (c) | 7.4 | % | 7.3 | % | 0.1 ppt | 7.0 | % | 6.9 % | 0.1 ppt | ||||||||
Net income | $6,881 | $561 | ** | $947 | $146,761 | ** | |||||||||||
Basic EPS | $0.06 | $0.01 | ** | $0.01 | $1.37 | ** | |||||||||||
Diluted EPS | $0.06 | $— | ** | $0.01 | $1.32 | ** | |||||||||||
Operating cash flow | $49,657 | $29,883 | 66 | % | $206,124 | $206,137 | — | % | |||||||||
Capital spending | $13,454 | $9,693 | 39 | % | $21,168 | $17,957 | 18 | % | |||||||||
EBITDA (d) | $36,557 | $18,417 | 98 | % | $61,047 | $30,106 | 103 | % | |||||||||
Adjustments | $8,207 | $24,464 | (66) | % | $12,434 | $34,422 | (64) | % | |||||||||
Adjusted EBITDA (d) | $44,764 | $42,881 | 4 | % | $73,481 | $64,528 | 14 | % |
(a) | Percentages are calculated on unrounded numbers. |
(b) | Represents year-over-year growth in stayed hotel room nights. Includes both standalone hotel room nights and hotel room nights included in vacation packages. |
(c) | Represents net revenue as a percentage of gross bookings. |
(d) | 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. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
(in thousands) | 2014 | 2013 | Change | 2014 | 2013 | Change | |||
Net Revenue | |||||||||
Standalone Hotel | $90,257 | $78,189 | 15 | % | $157,491 | $141,112 | 12 | % | |
Standalone Air | 71,004 | 67,464 | 5 | % | 141,232 | 136,715 | 3 | % | |
Vacation Package | 43,353 | 38,663 | 12 | % | 76,265 | 70,340 | 8 | % | |
Advertising and Media | 15,181 | 15,518 | (2 | )% | 29,767 | 28,586 | 4 | % | |
Other | 28,258 | 25,964 | 9 | % | 53,553 | 51,905 | 3 | % | |
Total Net Revenue | $248,053 | $225,798 | 10 | % | $458,308 | $428,658 | 7 | % | |
Domestic | $182,299 | $164,565 | 11 | % | $336,908 | $314,771 | 7 | % | |
International | 65,754 | 61,233 | 7 | % | 121,400 | 113,887 | 7 | % | |
Total Net Revenue | $248,053 | $225,798 | 10 | % | $458,308 | $428,658 | 7 | % |
• | Standalone hotel net revenue was $90.3 million in the second quarter 2014, up 15 percent year-over-year. This increase was due to higher transaction volume offset by lower net revenue per transaction due primarily to loyalty contra revenue associated with Orbitz Rewards and promotional activities. The TPN acquisition contributed approximately 8 percentage points to year-over-year standalone hotel net revenue growth for the second quarter 2014. Standalone hotel net revenue represented 36 percent of total second quarter net revenue, up from 35 percent in the second quarter 2013. |
• | Standalone air net revenue was $71.0 million in the second quarter 2014, up 5 percent year-over-year. This increase was due to higher net revenue per air transaction. The TPN acquisition contributed approximately 10 percentage points to year-over-year standalone air net revenue growth for the second quarter 2014. Standalone air net revenue represented 29 percent of total second quarter net revenue, down from 30 percent in the second quarter 2013. |
• | Vacation package net revenue was $43.4 million in the second quarter 2014, up 12 percent year-over-year. This increase was driven by higher transaction volume and higher net revenue per transaction. The TPN acquisition contributed approximately 3 percentage points to year-over-year vacation package net revenue growth for the second quarter 2014. Vacation package net revenue represented 17 percent of total second quarter net revenue in both 2013 and 2014. |
• | Advertising and media net revenue was $15.2 million in the second quarter 2014, down 2 percent year-over-year. Advertising and media net revenue represented 6 percent of total second quarter net revenue, down from 7 percent in the second quarter 2013. |
Three Months Ended June 30, | $ | % | |||||||||||
2014 | 2013 | Change | Change | ||||||||||
(in thousands) | |||||||||||||
Customer service costs | $19,549 | $15,111 | $4,438 | 29 | % | ||||||||
Credit card processing fees | 18,727 | 15,789 | 2,938 | 19 | % | ||||||||
Other | 9,362 | 8,388 | 974 | 12 | % | ||||||||
Total cost of revenue | $47,638 | $39,288 | $8,350 | 21 | % | ||||||||
% of net revenue | 19.2 | % | 17.4 | % |
Three Months Ended June 30, | $ | % | |||||||||||
2014 | 2013 | Change | Change | ||||||||||
(in thousands) | |||||||||||||
Wages and benefits | $43,818 | $42,158 | $1,660 | 4 | % | ||||||||
Contract labor | 6,115 | 5,257 | 858 | 16 | % | ||||||||
Network communications, systems maintenance and equipment | 7,446 | 7,056 | 390 | 6 | % | ||||||||
Other | 14,639 | 14,830 | (191 | ) | (1 | )% | |||||||
Total SG&A | $72,018 | $69,301 | $2,717 | 4 | % | ||||||||
% of net revenue | 29.0 | % | 30.7 | % |
Three Months Ended June 30, | $ | % | |||||||||
2014 | 2013 | Change | Change | ||||||||
(in thousands) | |||||||||||
Marketing expense | $89,604 | $80,700 | $8,904 | 11 | % | ||||||
% of net revenue | 36.1 | % | 35.7 | % |
• | In May 2014, the Orbitz.com apps for iOS and Android were honored with the Best Travel App award at the 2014 APPY Awards. The distinguished APPY Awards honor applications on all platforms and are dedicated to acknowledging creativity and excellence in app design. |
• | In July 2014, Orbitz Rewards achieved 2.3 million members. The Orbitz Rewards loyalty program gives travelers an opportunity to earn Orbucks® -- the currency of Orbitz Rewards -- when booking hotels, flights and vacation packages on Orbitz.com and then redeem them instantly on tens of thousands of hotels around the world, with no blackout dates, no redemption hurdles and no restrictions on combining rewards with other offers. |
• | In July 2014, Orbitz Worldwide expanded its loyalty offering with the launch of CheapTickets CheapCashSM. Travelers can earn rewards in CheapCash when booking any flight on CheapTickets.com. If booking through the CheapTickets mobile app for iOS and Android, members can earn rewards on both air and hotel. The CheapCash currency can be redeemed against stays in tens of thousands of CheapCash hotels in destinations around the world. CheapCash can be used within 30 days, but members have one year from the date of booking to complete travel. |
• | In the second quarter 2014, 31 percent of standalone hotel bookings were made via mobile devices across the company's global consumer brand portfolio, up from 24 percent in the second quarter 2013. |
• | In July 2014, Orbitz partnered with Amazon for the launch of its Fire smartphone by developing an app specifically optimized to take advantage of the Fire’s unique capabilities, including its 3D user interface, gesture controls and enhanced home screen carousel. |
• | During the second quarter 2014, Orbitz Worldwide signed partner marketing contracts with a number of destination marketing organizations including the Breckenridge Chamber of Commerce, British Virgin Islands, Croatia Tourism Board, Durango Area Tourism Office, Greek National Tourist Office, Michigan Development Corporation, Nassau Paradise Island, Santa Monica Convention and Visitors Bureau, Texas Tourism, Virginia Tourism Corporation, Visit Britain and Visit Florida. |
• | Orbitz.com recently launched two new installments of its successful online video initiative, Orbitz Originals, hosted by award-winning travel expert Richard Bangs. "Orbitz Originals: Secrets of Puerto Rico," viewable at orbitz.com/PuertoRico, launched in June 2014 and was produced in partnership with the Puerto Rico Tourism Company. "Orbitz Originals: Jackson Hole Winter +," viewable at orbitz.com/JacksonHole, launched in July 2014 and was produced in partnership with the Jackson Hole Travel and Tourism Board. To date, Orbitz Originals videos highlighting Cancun, the Cayman Islands, Florida, New York, Northern Ireland, Qatar, Vermont and Western Ireland have generated more than one million views by travelers seeking inspiration for future trips. |
• | During the second quarter 2014, Orbitz Worldwide signed marketing and promotion agreements with Diamond Resorts, Dorint Hotels and Resorts, Dorsett Hospitality Group, GHL Hotels, Pan Pacific Hotel Group and Scandic Hotels. |
• | During the second quarter 2014, Orbitz Worldwide signed marketing and promotion agreements with a number of airlines including Avianca, China Southern and WestJet. |
• | During the second quarter 2014, Orbitz Worldwide signed a marketing and promotion agreement with car rental provider Avis Budget Group. |
• | Net revenue between $249 million and $254 million; and |
• | Adjusted EBITDA between $41 million and $46 million. |
• | Net revenue growth between 9 and 11 percent year-over-year; and |
• | Adjusted EBITDA growth between 7 and 10 percent year-over-year. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net revenue | $248,053 | $225,798 | $458,308 | $428,658 | |||||||||||
Cost and expenses: | |||||||||||||||
Cost of revenue | 47,638 | 39,288 | 90,383 | 80,582 | |||||||||||
Selling, general and administrative | 72,018 | 69,301 | 138,260 | 141,665 | |||||||||||
Marketing | 89,604 | 80,700 | 166,382 | 155,636 | |||||||||||
Depreciation and amortization | 15,287 | 13,882 | 28,880 | 28,381 | |||||||||||
Impairment of property and equipment | — | — | — | 2,577 | |||||||||||
Total operating expenses | 224,547 | 203,171 | 423,905 | 408,841 | |||||||||||
Operating income | 23,506 | 22,627 | 34,403 | 19,817 | |||||||||||
Other expense: | |||||||||||||||
Net interest expense | (8,595 | ) | (12,734 | ) | (18,172 | ) | (22,263 | ) | |||||||
Other expense | (2,236 | ) | (18,092 | ) | (2,236 | ) | (18,092 | ) | |||||||
Total other expense | (10,831 | ) | (30,826 | ) | (20,408 | ) | (40,355 | ) | |||||||
Income/(loss) before income taxes | 12,675 | (8,199 | ) | 13,995 | (20,538 | ) | |||||||||
Provision/(benefit) for income taxes | 5,794 | (8,760 | ) | 13,048 | (167,299 | ) | |||||||||
Net income | $6,881 | $561 | $947 | $146,761 | |||||||||||
Net income per share - basic: | |||||||||||||||
Net income per share | $0.06 | $0.01 | $0.01 | $1.37 | |||||||||||
Weighted-average shares outstanding | 110,218,036 | 107,231,148 | 109,907,641 | 106,765,207 | |||||||||||
Net income per share - diluted: | |||||||||||||||
Net income per share | $0.06 | $— | $0.01 | $1.32 | |||||||||||
Weighted-average shares outstanding | 115,079,178 | 112,915,245 | 114,474,084 | 111,187,643 | |||||||||||
June 30, 2014 | December 31, 2013 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $264,667 | $117,385 | |||||
Accounts receivable (net of allowance for doubtful accounts of $1,521 and $1,186, respectively) | 142,892 | 82,599 | |||||
Prepaid expenses | 14,397 | 17,113 | |||||
Due from Travelport, net | 16,715 | 12,343 | |||||
Other current assets | 14,047 | 13,862 | |||||
Total current assets | 452,718 | 243,302 | |||||
Property and equipment (net of accumulated depreciation of $361,453 and $334,720) | 112,949 | 116,145 | |||||
Goodwill | 345,388 | 345,388 | |||||
Trademarks and trade names | 90,702 | 90,398 | |||||
Other intangible assets, net | 6,645 | 89 | |||||
Deferred income taxes, non-current | 149,418 | 160,637 | |||||
Restricted cash | 136,175 | 118,761 | |||||
Other non-current assets | 40,261 | 32,966 | |||||
Total Assets | $1,334,256 | $1,107,686 | |||||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $23,613 | $16,432 | |||||
Accrued merchant payable | 513,703 | 337,308 | |||||
Accrued expenses | 164,245 | 145,778 | |||||
Deferred income | 63,556 | 40,616 | |||||
Term loan, current | 29,150 | 13,500 | |||||
Other current liabilities | 6,850 | 4,324 | |||||
Total current liabilities | 801,117 | 557,958 | |||||
Term loan, non-current | 420,850 | 429,750 | |||||
Tax sharing liability | 61,306 | 61,518 | |||||
Other non-current liabilities | 16,909 | 16,738 | |||||
Total Liabilities | 1,300,182 | 1,065,964 | |||||
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, 110,233,689 and 108,397,627 shares issued, respectively | 1,102 | 1,084 | |||||
Treasury stock, at cost, 25,237 shares held | (52 | ) | (52 | ) | |||
Additional paid-in capital | 1,055,393 | 1,055,213 | |||||
Accumulated deficit | (1,016,592 | ) | (1,017,539 | ) | |||
Accumulated other comprehensive income/(loss) | (5,777 | ) | 3,016 | ||||
Total Shareholders’ Equity | 34,074 | 41,722 | |||||
Total Liabilities and Shareholders’ Equity | $1,334,256 | $1,107,686 | |||||
Six Months Ended June 30, | |||||||
2014 | 2013 | ||||||
Operating activities: | |||||||
Net income | $947 | $146,761 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 28,880 | 28,381 | |||||
Impairment of property and equipment | — | 2,577 | |||||
Amortization of unfavorable contract liability | (178 | ) | (1,790 | ) | |||
Non-cash net interest expense | 5,237 | 7,506 | |||||
Deferred income taxes | 11,556 | (167,545 | ) | ||||
Stock compensation | 6,803 | 6,875 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (59,185 | ) | (29,804 | ) | |||
Due from Travelport, net | (4,253 | ) | (10,301 | ) | |||
Accounts payable, accrued expenses and other current liabilities | 24,168 | 26,390 | |||||
Accrued merchant payable | 175,944 | 158,729 | |||||
Deferred income | 21,920 | 22,015 | |||||
Other | (5,715 | ) | 16,343 | ||||
Net cash provided by operating activities | 206,124 | 206,137 | |||||
Investing activities: | |||||||
Property and equipment additions | (21,168 | ) | (17,957 | ) | |||
Acquisitions, net of cash acquired | (10,000 | ) | — | ||||
Changes in restricted cash | (17,748 | ) | (67,943 | ) | |||
Net cash used in investing activities | (48,916 | ) | (85,900 | ) | |||
Financing activities: | |||||||
Payments on and retirement of term loans | (443,250 | ) | (890,030 | ) | |||
Issuance of long-term debt, net of issuance costs | 443,256 | 877,718 | |||||
Employee tax withholdings related to net share settlements of equity-based awards | (6,747 | ) | (4,611 | ) | |||
Proceeds from exercise of employee stock options | 143 | 5,588 | |||||
Payments on tax sharing liability | (4,616 | ) | (12,949 | ) | |||
Net cash used in financing activities | (11,214 | ) | (24,284 | ) | |||
Effects of changes in exchange rates on cash and cash equivalents | 1,288 | (3,474 | ) | ||||
Net increase in cash and cash equivalents | 147,282 | 92,479 | |||||
Cash and cash equivalents at beginning of period | 117,385 | 130,262 | |||||
Cash and cash equivalents at end of period | $264,667 | $222,741 | |||||
Supplemental disclosure of cash flow information: | |||||||
Income tax payments, net | $1,889 | $834 | |||||
Cash interest payments | $13,104 | $14,962 | |||||
Non-cash investing activity: | |||||||
Capital expenditures incurred not yet paid | $3,811 | $5,622 | |||||
• | 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 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 June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Net income | $6,881 | $561 | $947 | $146,761 | ||||||||||||
Net interest expense | 8,595 | 12,734 | 18,172 | 22,263 | ||||||||||||
Provision/(benefit) for income taxes | 5,794 | (8,760 | ) | 13,048 | (167,299 | ) | ||||||||||
Depreciation and amortization | 15,287 | 13,882 | 28,880 | 28,381 | ||||||||||||
EBITDA | $36,557 | $18,417 | $61,047 | $30,106 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
EBITDA | $36,557 | $18,417 | $61,047 | $30,106 | ||||||||||||
Impairment of property and equipment (a) | — | — | — | 2,577 | ||||||||||||
Loss on extinguishment of debt | 2,236 | 18,089 | 2,236 | 18,089 | ||||||||||||
Stock-based compensation expense | 3,918 | 4,231 | 6,803 | 6,875 | ||||||||||||
Restructuring (b) | — | (114 | ) | — | 3,749 | |||||||||||
Acquisition-related integration costs (c) | 1,517 | — | 2,230 | — | ||||||||||||
Secondary stock offering costs (d) | 817 | — | 817 | — | ||||||||||||
Litigation settlements and other (e) | (281 | ) | 2,258 | 348 | 3,132 | |||||||||||
Adjusted EBITDA | $44,764 | $42,881 | $73,481 | $64,528 |
(a) | Represents impairment of property and equipment in connection with the company's decision to exit the Away Network business in the first quarter of 2013. |
(b) | Represents one-time costs associated with targeted cost actions the company undertook in the first quarter 2013. |
(c) | Represents one-time acquisition integration costs incurred in connection with the purchase of the Travelocity Partner Network assets in the first quarter 2014. |
(d) | Represents charges related to secondary stock offering by an affiliate of Travelport Limited. |
(e) | Represents charges related to certain legal proceedings and other non-recurring professional fees. |
Three Months Ended June 30, | |||||||||
(in thousands) | Domestic | International | Total Orbitz Worldwide | ||||||
Gross Bookings | |||||||||
Q2, 2014 Reported Gross Bookings | $2,729,525 | $628,173 | $3,357,698 | ||||||
Q2, 2013 Reported Gross Bookings | $2,479,941 | $604,947 | $3,084,888 | ||||||
Impact of Foreign Exchange Rates | 29,184 | 29,184 | |||||||
Q2, 2013 Gross Bookings at Constant Currency | $2,479,941 | $634,131 | $3,114,072 | ||||||
Reported Gross Bookings Growth | 10 | % | 4 | % | 9 | % | |||
Gross Bookings Growth at Constant Currency | 10 | % | (1 | )% | 8 | % | |||
Net Revenue | |||||||||
Q2, 2014 Reported Net Revenue | $182,299 | $65,754 | $248,053 | ||||||
Q2, 2013 Reported Net Revenue | $164,565 | $61,233 | $225,798 | ||||||
Impact of Foreign Exchange Rates | — | 2,310 | 2,310 | ||||||
Q2, 2013 Net Revenue at Constant Currency | $164,565 | $63,543 | $228,108 | ||||||
Reported Net Revenue Growth | 11 | % | 7 | % | 10 | % | |||
Net Revenue Growth at Constant Currency | 11 | % | 3 | % | 9 | % | |||
Six Months Ended June 30, | |||||||||
(in thousands) | Domestic | International | Total Orbitz Worldwide | ||||||
Gross Bookings | |||||||||
Q2, 2014 Reported Gross Bookings | $5,207,335 | $1,332,877 | $6,540,212 | ||||||
Q2, 2013 Reported Gross Bookings | $4,904,897 | $1,282,572 | $6,187,469 | ||||||
Impact of Foreign Exchange Rates | — | 45,639 | 45,639 | ||||||
Q2, 2013 Gross Bookings at Constant Currency | $4,904,897 | $1,328,211 | $6,233,108 | ||||||
Reported Gross Bookings Growth | 6 | % | 4 | % | 6 | % | |||
Gross Bookings Growth at Constant Currency | 6 | % | — | % | 5 | % | |||
Net Revenue | |||||||||
Q2, 2014 Reported Net Revenue | $336,908 | $121,400 | $458,308 | ||||||
Q2, 2013 Reported Net Revenue | $314,771 | $113,887 | $428,658 | ||||||
Impact of Foreign Exchange Rates | — | 2,763 | 2,763 | ||||||
Q2, 2013 Net Revenue at Constant Currency | $314,771 | $116,650 | $431,421 | ||||||
Reported Net Revenue Growth | 7 | % | 7 | % | 7 | % | |||
Net Revenue Growth at Constant Currency | 7 | % | 4 | % | 6 | % | |||
2012 | 2013 | 2014 | |||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||||||||||||
Gross Bookings (in thousands) | |||||||||||||||||||||
Domestic | $2,492,564 | $2,399,412 | $2,087,798 | $1,968,503 | $2,424,956 | $2,479,941 | $2,210,466 | $1,970,655 | $2,477,810 | $2,729,525 | |||||||||||
International | 650,467 | 570,777 | 562,698 | 505,259 | 677,625 | 604,947 | 560,927 | 508,553 | 704,704 | 628,173 | |||||||||||
Total | $3,143,031 | $2,970,189 | $2,650,496 | $2,473,762 | $3,102,581 | $3,084,888 | $2,771,393 | $2,479,208 | $3,182,514 | $3,357,698 | |||||||||||
Standalone Air | $2,202,538 | $2,155,649 | $1,821,937 | $1,719,165 | $2,027,713 | $2,077,471 | $1,790,232 | $1,621,560 | $1,953,324 | $2,164,643 | |||||||||||
Non-air | 940,493 | 814,540 | 828,559 | 754,597 | 1,074,868 | 1,007,417 | 981,161 | 857,648 | 1,229,190 | 1,193,055 | |||||||||||
Total | $3,143,031 | $2,970,189 | $2,650,496 | $2,473,762 | $3,102,581 | $3,084,888 | $2,771,393 | $2,479,208 | $3,182,514 | $3,357,698 | |||||||||||
Year-over-Year Gross Bookings Growth | |||||||||||||||||||||
Domestic | 5 | % | (1 | )% | (7 | )% | (4 | )% | (3 | )% | 3 | % | 6 | % | — | % | 2 | % | 10 | % | |
International | 9 | % | (2 | )% | (6 | )% | 9 | % | 4 | % | 6 | % | — | % | 1 | % | 4 | % | 4 | % | |
Total | 6 | % | (1 | )% | (7 | )% | (2 | )% | (1 | )% | 4 | % | 5 | % | — | % | 3 | % | 9 | % | |
Standalone Air | 4 | % | (2 | )% | (10 | )% | (7 | )% | (8 | )% | (4 | )% | (2 | )% | (6 | )% | (4 | )% | 4 | % | |
Non-air | 10 | % | 2 | % | 1 | % | 13 | % | 14 | % | 24 | % | 18 | % | 14 | % | 14 | % | 18 | % | |
Total | 6 | % | (1 | )% | (7 | )% | (2 | )% | (1 | )% | 4 | % | 5 | % | — | % | 3 | % | 9 | % | |
At Constant Currency | |||||||||||||||||||||
Domestic | 5 | % | (1 | )% | (7 | )% | (4 | )% | (3 | )% | 3 | % | 6 | % | — | % | 2 | % | 10 | % | |
International | 10 | % | 6 | % | 2 | % | 11 | % | 4 | % | 6 | % | (1 | )% | (1 | )% | 2 | % | (1 | )% | |
Total | 6 | % | 1 | % | (5 | )% | (2 | )% | (1 | )% | 4 | % | 4 | % | — | % | 2 | % | 8 | % | |
Standalone Air | 4 | % | (1 | )% | (9 | )% | (7 | )% | (8 | )% | (4 | )% | (2 | )% | (6 | )% | (4 | )% | 3 | % | |
Non-air | 10 | % | 4 | % | 3 | % | 13 | % | 14 | % | 24 | % | 19 | % | 14 | % | 14 | % | 18 | % | |
Total | 6 | % | 1 | % | (5 | )% | (2 | )% | (1 | )% | 4 | % | 4 | % | — | % | 2 | % | 8 | % | |
Net Revenue (in thousands) | |||||||||||||||||||||
Domestic | $137,343 | $145,073 | $142,297 | $137,378 | $150,206 | $164,565 | $159,718 | $142,634 | $154,609 | $182,299 | |||||||||||
International | 52,436 | 55,904 | 56,006 | 52,359 | 52,654 | 61,233 | 61,201 | 54,792 | 55,646 | 65,754 | |||||||||||
Total | $189,779 | $200,977 | $198,303 | $189,737 | $202,860 | $225,798 | $220,919 | $197,426 | $210,255 | $248,053 | |||||||||||
Standalone Air | $72,244 | $67,313 | $61,917 | $60,064 | $69,251 | $67,464 | $59,455 | $53,528 | $70,228 | $71,004 | |||||||||||
Non-air transactional | 105,872 | 118,239 | 121,900 | 112,540 | 120,304 | 142,719 | 147,536 | 127,221 | 125,366 | 161,784 | |||||||||||
Non-transactional | 11,663 | 15,425 | 14,486 | 17,133 | 13,305 | 15,615 | 13,928 | 16,677 | 14,661 | 15,265 | |||||||||||
Total | $189,779 | $200,977 | $198,303 | $189,737 | $202,860 | $225,798 | $220,919 | $197,426 | $210,255 | $248,053 | |||||||||||
International as a % of Total Net Revenue | 28 | % | 28 | % | 28 | % | 28 | % | 26 | % | 27 | % | 28 | % | 28 | % | 26 | % | 27 | % | |
Year-over-Year Net Revenue Growth | |||||||||||||||||||||
Domestic | 2 | % | 2 | % | 0 | % | 7 | % | 9 | % | 13 | % | 12 | % | 4 | % | 3 | % | 11 | % | |
International | 4 | % | (7 | )% | (8 | )% | 8 | % | 0 | % | 10 | % | 9 | % | 5 | % | 6 | % | 7 | % | |
Total | 3 | % | 0 | % | (2 | )% | 7 | % | 7 | % | 12 | % | 11 | % | 4 | % | 4 | % | 10 | % | |
Standalone Air | 0 | % | (3 | )% | (3 | )% | 1 | % | (4 | )% | — | % | (4 | )% | (11 | )% | 1 | % | 5 | % | |
Non-air transactional | 7 | % | 0 | % | (2 | )% | 9 | % | 14 | % | 21 | % | 21 | % | 13 | % | 4 | % | 13 | % | |
Non-transactional | (16 | )% | 6 | % | (1 | )% | 21 | % | 14 | % | 1 | % | (4 | )% | (3 | )% | 10 | % | (2 | )% | |
Total | 3 | % | 0 | % | (2 | )% | 7 | % | 7 | % | 12 | % | 11 | % | 4 | % | 4 | % | 10 | % | |
At Constant Currency | |||||||||||||||||||||
Domestic | 2 | % | 2 | % | 0 | % | 7 | % | 9 | % | 13 | % | 12 | % | 4 | % | 3 | % | 11 | % | |
International | 4 | % | 1 | % | 0 | % | 9 | % | 1 | % | 10 | % | 9 | % | 4 | % | 5 | % | 3 | % | |
Total | 3 | % | 2 | % | 0 | % | 7 | % | 7 | % | 12 | % | 11 | % | 4 | % | 3 | % | 9 | % | |
Standalone Air | 0 | % | (1 | )% | 0 | % | 2 | % | (4 | )% | — | % | (6 | )% | (12 | )% | — | % | 3 | % | |
Non-air transactional | 7 | % | 2 | % | 0 | % | 9 | % | 14 | % | 21 | % | 22 | % | 14 | % | 5 | % | 13 | % | |
Non-transactional | (16 | )% | 7 | % | 0 | % | 22 | % | 14 | % | 2 | % | (3 | )% | (3 | )% | 10 | % | (3 | )% | |
Total | 3 | % | 2 | % | 0 | % | 7 | % | 7 | % | 12 | % | 11 | % | 4 | % | 3 | % | 9 | % | |
Orbitz Worldwide Transaction Growth | 1 | % | (4 | )% | (7 | )% | (4 | )% | (4 | )% | 1 | % | (1 | )% | (2 | )% | (1 | )% | 7 | % | |
Orbitz Worldwide Hotel Room Night Growth | 3 | % | 3 | % | 0 | % | 7 | % | 14 | % | 20 | % | 22 | % | 15 | % | 12 | % | 20 | % |
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