| Bermuda | | | 98-0505105 | |
| (State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification Number) | |
| Large accelerated filer ☒ | | | Accelerated filer ☐ | | | Non-accelerated filer ☐ | | | Smaller reporting company ☐ | |
| | | | (Do not check if a smaller reporting company) | | | | |
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PART I. FINANCIAL INFORMATION | | |||||||||
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PART II. OTHER INFORMATION | | |||||||||
Item 1 | | | ||||||||
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Item 3 | | | | | | | 44 | | | |
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(in $ thousands, except share data) | | Three Months Ended June 30, 2016 | | Three Months Ended June 30, 2015 | | Six Months Ended June 30, 2016 | | Six Months Ended June 30, 2015 | | | Three Months Ended September 30, 2016 | | Three Months Ended September 30, 2015 | | Nine Months Ended September 30, 2016 | | Nine Months Ended September 30, 2015 | | ||||||||||||||||||||||||||||||||
Net revenue | | | $ | 605,905 | | | | $ | 554,202 | | | | $ | 1,215,168 | | | | $ | 1,126,330 | | | | | $ | 590,756 | | | | $ | 559,837 | | | | $ | 1,805,924 | | | | $ | 1,686,167 | | | ||||||||
Costs and expenses | | | | | ||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue | | | | 376,605 | | | | | 335,050 | | | | | 739,282 | | | | | 684,281 | | | | | | 351,534 | | | | | 335,724 | | | | | 1,090,816 | | | | | 1,020,005 | | | ||||||||
Selling, general and administrative | | | | 139,294 | | | | | 98,159 | | | | | 253,771 | | | | | 226,279 | | | | | | 123,406 | | | | | 113,752 | | | | | 377,177 | | | | | 340,031 | | | ||||||||
Depreciation and amortization | | | | 52,246 | | | | | 57,847 | | | | | 104,487 | | | | | 118,875 | | | | | | 53,581 | | | | | 56,270 | | | | | 158,068 | | | | | 175,145 | | | ||||||||
Total costs and expenses | | | | 568,145 | | | | | 491,056 | | | | | 1,097,540 | | | | | 1,029,435 | | | | | | 528,521 | | | | | 505,746 | | | | | 1,626,061 | | | | | 1,535,181 | | | ||||||||
Operating income | | | | 37,760 | | | | | 63,146 | | | | | 117,628 | | | | | 96,895 | | | | | | 62,235 | | | | | 54,091 | | | | | 179,863 | | | | | 150,986 | | | ||||||||
Interest expense, net | | | | (45,113) | | | | | (38,751) | | | | | (100,008) | | | | | (78,140) | | | | | | (29,813) | | | | | (40,346) | | | | | (129,821) | | | | | (118,486) | | | ||||||||
Loss on early extinguishment of debt | | | | (2,671) | | | | | — | | | | | (2,671) | | | | | — | | | | | | (955) | | | | | — | | | | | (3,626) | | | | | — | | | ||||||||
Gain on sale of shares of Orbitz Worldwide | | | | — | | | | | — | | | | | — | | | | | 6,271 | | | | | | — | | | | | — | | | | | — | | | | | 6,271 | | | ||||||||
(Loss) income before income taxes and share of losses in equity method investment | | | | (10,024) | | | | | 24,395 | | | | | 14,949 | | | | | 25,026 | | | |||||||||||||||||||||||||||||
Income before income taxes and share of losses in equity method investment | | | | 31,467 | | | | | 13,745 | | | | | 46,416 | | | | | 38,771 | | | |||||||||||||||||||||||||||||
Provision for income taxes | | | | (4,405) | | | | | (7,792) | | | | | (12,197) | | | | | (15,550) | | | | | | (10,063) | | | | | (8,453) | | | | | (22,260) | | | | | (24,003) | | | ||||||||
Share of losses in equity method investment | | | | — | | | | | (194) | | | | | — | | | | | (175) | | | | | | — | | | | | (342) | | | | | — | | | | | (517) | | | ||||||||
Net (loss) income | | | | (14,429) | | | | | 16,409 | | | | | 2,752 | | | | | 9,301 | | | |||||||||||||||||||||||||||||
Net income | | | | 21,404 | | | | | 4,950 | | | | | 24,156 | | | | | 14,251 | | | |||||||||||||||||||||||||||||
Net income attributable to non-controlling interest in subsidiaries | | | | (402) | | | | | (1,081) | | | | | (998) | | | | | (2,114) | | | | | | (566) | | | | | (1,270) | | | | | (1,564) | | | | | (3,384) | | | ||||||||
Net (loss) income attributable to the Company | | | $ | (14,831) | | | | $ | 15,328 | | | | $ | 1,754 | | | | $ | 7,187 | | | |||||||||||||||||||||||||||||
(Loss) income per share – Basic: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income per share | | | $ | (0.12) | | | | $ | 0.13 | | | | $ | 0.01 | | | | $ | 0.06 | | | |||||||||||||||||||||||||||||
Net income attributable to the Company | | | $ | 20,838 | | | | $ | 3,680 | | | | $ | 22,592 | | | | $ | 10,867 | | | |||||||||||||||||||||||||||||
Income per share – Basic: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Income per share | | | $ | 0.17 | | | | $ | 0.03 | | | | $ | 0.18 | | | | $ | 0.09 | | | |||||||||||||||||||||||||||||
Weighted average common shares outstanding – Basic | | | | 123,825,030 | | | | | 122,269,482 | | | | | 123,771,642 | | | | | 121,842,792 | | | | | | 123,920,699 | | | | | 122,495,392 | | | | | 123,821,339 | | | | | 122,062,715 | | | ||||||||
(Loss) income per share – Diluted: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income per share | | | $ | (0.12) | | | | $ | 0.12 | | | | $ | 0.01 | | | | $ | 0.06 | | | |||||||||||||||||||||||||||||
Income per share – Diluted: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Income per share | | | $ | 0.17 | | | | $ | 0.03 | | | | $ | 0.18 | | | | $ | 0.09 | | | |||||||||||||||||||||||||||||
Weighted average common shares outstanding – Diluted | | | | 123,990,177 | | | | | 122,717,897 | | | | | 123,912,681 | | | | | 122,672,763 | | | | | | 124,291,687 | | | | | 122,724,141 | | | | | 124,209,052 | | | | | 122,563,359 | | | ||||||||
Cash dividends declared per common share | | | $ | 0.075 | | | | $ | 0.075 | | | | $ | 0.15 | | | | $ | 0.15 | | | | | $ | 0.075 | | | | $ | 0.075 | | | | $ | 0.225 | | | | $ | 0.225 | | |
(in $ thousands) | | | Three Months Ended June 30, 2016 | | | Three Months Ended June 30, 2015 | | | Six Months Ended June 30, 2016 | | | Six Months Ended June 30, 2015 | | ||||||||||||
Net (loss) income | | | | $ | (14,429) | | | | | $ | 16,409 | | | | | $ | 2,752 | | | | | $ | 9,301 | | |
Other comprehensive (loss) income, net of tax: | | | | | | | | | | | | | | | | | | | | | | | | | |
Currency translation adjustment, net of tax | | | | | (4,799) | | | | | | (83) | | | | | | 2,660 | | | | | | (5,919) | | |
Changes in gain on available-for-sale securities, net of tax | | | | | — | | | | | | — | | | | | | — | | | | | | (6,376) | | |
Unrealized actuarial gain (loss) on defined benefit plans, net of tax | | | | | 2,251 | | | | | | (47) | | | | | | 4,502 | | | | | | (79) | | |
Other comprehensive (loss) income, net of tax | | | | | (2,548) | | | | | | (130) | | | | | | 7,162 | | | | | | (12,374) | | |
Comprehensive (loss) income | | | | | (16,977) | | | | | | 16,279 | | | | | | 9,914 | | | | | | (3,073) | | |
Comprehensive income attributable to non-controlling interest in subsidiaries | | | | | (402) | | | | | | (1,081) | | | | | | (998) | | | | | | (2,114) | | |
Comprehensive (loss) income attributable to the Company | | | | $ | (17,379) | | | | | $ | 15,198 | | | | | $ | 8,916 | | | | | $ | (5,187) | | |
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(in $ thousands) | | | Three Months Ended September 30, 2016 | | | Three Months Ended September 30, 2015 | | | Nine Months Ended September 30, 2016 | | | Nine Months Ended September 30, 2015 | | ||||||||||||
Net income | | | | $ | 21,404 | | | | | $ | 4,950 | | | | | $ | 24,156 | | | | | $ | 14,251 | | |
Other comprehensive income (loss), net of tax: | | | | | | ||||||||||||||||||||
Currency translation adjustment, net of tax | | | | | 2,475 | | | | | | (2,676) | | | | | | 5,135 | | | | | | (8,595) | | |
Changes in gain on available-for-sale securities, net of tax | | | | | — | | | | | | — | | | | | | — | | | | | | (6,376) | | |
Unrealized actuarial gain (loss) on defined benefit plans, net of tax | | | | | 2,472 | | | | | | (47) | | | | | | 6,974 | | | | | | (126) | | |
Other comprehensive income (loss), net of tax | | | | | 4,947 | | | | | | (2,723) | | | | | | 12,109 | | | | | | (15,097) | | |
Comprehensive income (loss) | | | | | 26,351 | | | | | | 2,227 | | | | | | 36,265 | | | | | | (846) | | |
Comprehensive income attributable to non-controlling interest in subsidiaries | | | | | (566) | | | | | | (1,270) | | | | | | (1,564) | | | | | | (3,384) | | |
Comprehensive income (loss) attributable to the Company | | | | $ | 25,785 | | | | | $ | 957 | | | | | $ | 34,701 | | | | | $ | (4,230) | | |
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(in $ thousands, except share data) | | June 30, 2016 | | December 31, 2015 | | | September 30, 2016 | | December 31, 2015 | | ||||||||||||||||
Assets | | | | | ||||||||||||||||||||||
Current assets: | | | | | ||||||||||||||||||||||
Cash and cash equivalents | | | $ | 126,937 | | | | $ | 154,841 | | | | | $ | 138,400 | | | | $ | 154,841 | | | ||||
Accounts receivable (net of allowances for doubtful accounts of $13,185 and $14,575) | | | | 241,526 | | | | | 205,686 | | | |||||||||||||||
Accounts receivable (net of allowances for doubtful accounts of $13,172 and $14,575) | | | | 245,257 | | | | | 205,686 | | | |||||||||||||||
Deferred income taxes | | | | 5,118 | | | | | 5,133 | | | | | | 5,135 | | | | | 5,133 | | | ||||
Other current assets | | | | 116,893 | | | | | 99,481 | | | | | | 115,412 | | | | | 99,481 | | | ||||
Total current assets | | | | 490,474 | | | | | 465,141 | | | | | | 504,204 | | | | | 465,141 | | | ||||
Property and equipment, net | | | | 429,842 | | | | | 459,848 | | | | | | 421,065 | | | | | 459,848 | | | ||||
Goodwill | | | | 1,083,841 | | | | | 1,067,415 | | | | | | 1,085,155 | | | | | 1,067,415 | | | ||||
Trademarks and tradenames | | | | 314,015 | | | | | 313,961 | | | | | | 313,961 | | | | | 313,961 | | | ||||
Other intangible assets, net | | | | 524,680 | | | | | 534,540 | | | | | | 524,575 | | | | | 534,540 | | | ||||
Deferred income taxes | | | | 10,288 | | | | | 10,348 | | | | | | 10,525 | | | | | 10,348 | | | ||||
Other non-current assets | | | | 48,106 | | | | | 54,176 | | | | | | 44,544 | | | | | 54,176 | | | ||||
Total assets | | | $ | 2,901,246 | | | | $ | 2,905,429 | | | | | $ | 2,904,029 | | | | $ | 2,905,429 | | | ||||
Liabilities and equity | | | | | | | | | | | | | | |||||||||||||
Current liabilities: | | | | | | | | | | | | | | |||||||||||||
Accounts payable | | | $ | 68,033 | | | | $ | 74,277 | | | | | $ | 66,049 | | | | $ | 74,277 | | | ||||
Accrued expenses and other current liabilities | | | | 451,282 | | | | | 430,650 | | | | | | 494,338 | | | | | 430,650 | | | ||||
Current portion of long-term debt | | | | 64,086 | | | | | 74,163 | | | | | | 65,049 | | | | | 74,163 | | | ||||
Total current liabilities | | | | 583,401 | | | | | 579,090 | | | | | | 625,436 | | | | | 579,090 | | | ||||
Long-term debt | | | | 2,346,696 | | | | | 2,363,035 | | | | | | 2,293,340 | | | | | 2,363,035 | | | ||||
Deferred income taxes | | | | 60,556 | | | | | 59,663 | | | | | | 60,900 | | | | | 59,663 | | | ||||
Other non-current liabilities | | | | 234,664 | | | | | 226,499 | | | | | | 225,641 | | | | | 226,499 | | | ||||
Total liabilities | | | | 3,225,317 | | | | | 3,228,287 | | | | | | 3,205,317 | | | | | 3,228,287 | | | ||||
Commitments and contingencies (Note 10) | | | | | ||||||||||||||||||||||
Shareholders’ equity (deficit): | | | | | ||||||||||||||||||||||
Preference shares ($0.0025 par value; 225,000,000 shares authorized; no shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively) | | | | — | | | | | — | | | |||||||||||||||
Common shares ($0.0025 par value; 560,000,000 shares authorized; 124,736,389 shares and 124,476,382 shares issued and 123,872,088 shares and 123,631,474 shares outstanding as of June 30, 2016 and December 31, 2015, respectively) | | | | 312 | | | | | 311 | | | |||||||||||||||
Preference shares ($0.0025 par value; 225,000,000 shares authorized; no shares issued and outstanding as of September 30, 2016 and December 31, 2015) | | | | — | | | | | — | | | |||||||||||||||
Common shares ($0.0025 par value; 560,000,000 shares authorized; 124,784,549 shares and 124,476,382 shares issued; 123,920,248 shares and 123,631,474 shares outstanding as of September 30, 2016 and December 31, 2015, respectively) | | | | 312 | | | | | 311 | | | |||||||||||||||
Additional paid in capital | | | | 2,714,321 | | | | | 2,715,538 | | | | | | 2,710,753 | | | | | 2,715,538 | | | ||||
Treasury shares, at cost (864,301 shares and 844,908 shares as of June 30, 2016 and December 31, 2015, respectively) | | | | (13,533) | | | | | (13,331) | | | |||||||||||||||
Treasury shares, at cost (864,301 shares and 844,908 shares as of September 30, 2016 and December 31, 2015, respectively) | | | | (13,533) | | | | | (13,331) | | | |||||||||||||||
Accumulated deficit | | | | (2,879,904) | | | | | (2,881,658) | | | | | | (2,859,066) | | | | | (2,881,658) | | | ||||
Accumulated other comprehensive loss | | | | (170,345) | | | | | (177,507) | | | | | | (165,398) | | | | | (177,507) | | | ||||
Total shareholders’ equity (deficit) | | | | (349,149) | | | | | (356,647) | | | | | | (326,932) | | | | | (356,647) | | | ||||
Equity attributable to non-controlling interest in subsidiaries | | | | 25,078 | | | | | 33,789 | | | | | | 25,644 | | | | | 33,789 | | | ||||
Total equity (deficit) | | | | (324,071) | | | | | (322,858) | | | | | | (301,288) | | | | | (322,858) | | | ||||
Total liabilities and equity | | | $ | 2,901,246 | | | | $ | 2,905,429 | | | | | $ | 2,904,029 | | | | $ | 2,905,429 | | | |
(in $ thousands) | | Six Months Ended June 30, 2016 | | Six Months Ended June 30, 2015 | | Nine Months Ended September 30, 2016 | | Nine Months Ended September 30, 2015 | | ||||||||||||||||
Operating activities | | | | | | ||||||||||||||||||||
Net income | | | $ | 2,752 | | | | $ | 9,301 | | | $ | 24,156 | | | | $ | 14,251 | | | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | ||||||||||||||
Depreciation and amortization | | | | 104,487 | | | | | 118,875 | | | | 158,068 | | | | | 175,145 | | | |||||
Amortization of customer loyalty payments | | | | 34,261 | | | | | 36,267 | | | | 55,193 | | | | | 50,797 | | | |||||
Allowance for prepaid incentives | | | | 10,684 | | | | | — | | | | 10,684 | | | | | — | | | |||||
Gain on sale of shares of Orbitz Worldwide | | | | — | | | | | (6,271) | | | | — | | | | | (6,271) | | | |||||
Amortization of debt finance costs and debt discount | | | | 5,126 | | | | | 5,144 | | | | 7,922 | | | | | 7,752 | | | |||||
Loss on early extinguishment of debt | | | | 2,671 | | | | | — | | | | 3,626 | | | | | — | | | |||||
Loss (gain) on foreign exchange derivative instruments | | | | 2,451 | | | | | (8,186) | | | | 3,159 | | | | | (6,565) | | | |||||
Loss on interest rate derivative instruments | | | | 21,862 | | | | | — | | | | 17,471 | | | | | — | | | |||||
Share of losses in equity method investment | | | | — | | | | | 175 | | | | — | | | | | 517 | | | |||||
Equity-based compensation | | | | 16,222 | | | | | 18,980 | | | | 21,760 | | | | | 24,681 | | | |||||
Deferred income taxes | | | | 827 | | | | | 3,934 | | | | 869 | | | | | 4,271 | | | |||||
Customer loyalty payments | | | | (43,922) | | | | | (42,211) | | | | (56,533) | | | | | (55,679) | | | |||||
Pension liability contribution | | | | (1,837) | | | | | (1,550) | | | | (2,440) | | | | | (2,276) | | | |||||
Changes in assets and liabilities: | | | | | | ||||||||||||||||||||
Accounts receivable | | | | (37,454) | | | | | (47,661) | | | | (38,802) | | | | | (49,091) | | | |||||
Other current assets | | | | (19,072) | | | | | (5,331) | | | | (15,501) | | | | | (39,233) | | | |||||
Accounts payable, accrued expenses and other current liabilities | | | | 3,896 | | | | | (908) | | | | 19,315 | | | | | 31,963 | | | |||||
Other | | | | (22) | | | | | 11,608 | | | | 4,911 | | | | | 3,473 | | | |||||
Net cash provided by operating activities | | | $ | 102,932 | | | | $ | 92,166 | | | $ | 213,858 | | | | $ | 153,735 | | | |||||
Investing activities | | | | | | | | | | | | ||||||||||||||
Property and equipment additions | | | $ | (44,985) | | | | $ | (52,494) | | | $ | (70,130) | | | | $ | (76,385) | | | |||||
Business acquired, net of cash | | | | (15,009) | | | | | — | | | | (15,009) | | | | | (60,533) | | | |||||
Proceeds from sale of shares of Orbitz Worldwide | | | | — | | | | | 6,271 | | | | — | | | | | 6,271 | | | |||||
Net cash used in investing activities | | | $ | (59,994) | | | | $ | (46,223) | | | $ | (85,139) | | | | $ | (130,647) | | | |
(in $ thousands) | | Six Months Ended June 30, 2016 | | Six Months Ended June 30, 2015 | | Nine Months Ended September 30, 2016 | | Nine Months Ended September 30, 2015 | | |||||||||||||||
Financing activities | | | | | | | | | | | | |||||||||||||
Proceeds from term loans | | | $ | 143,291 | | | | $ | — | | | $ | 143,291 | | | | $ | — | | | ||||
Repayment of term loans | | | | (155,166) | | | | | (11,875) | | | | (211,103) | | | | | (17,813) | | | ||||
Proceeds from revolver borrowings | | | | 10,000 | | | | | — | | | | 10,000 | | | | | 30,000 | | | ||||
Repayment of revolver borrowings | | | | (10,000) | | | | | — | | | | (10,000) | | | | | (30,000) | | | ||||
Repayment of capital lease obligations and other indebtedness | | | | (23,542) | | | | | (16,067) | | | | (34,206) | | | | | (25,589) | | | ||||
Debt finance costs and lender fees | | | | (7,791) | | | | | — | | | | (7,791) | | | | | — | | | ||||
Release of cash provided as collateral | | | | — | | | | | 4,336 | | | | — | | | | | 25,886 | | | ||||
Dividend to shareholders | | | | (18,565) | | | | | (18,555) | | | | (27,859) | | | | | (27,742) | | | ||||
Purchase of non-controlling interest in a subsidiary | | | | (7,820) | | | | | — | | | | (7,820) | | | | | — | | | ||||
Tax withholding for equity awards | | | | — | | | | | (1,361) | | | |||||||||||||
Proceeds from share issuance under employee share purchase plan | | | | 1,580 | | | | | — | | | |||||||||||||
Treasury share purchase related to vesting of equity awards | | | | (1,004) | | | | | (14,480) | | | | (1,004) | | | | | (13,119) | | | ||||
Net cash used in financing activities | | | $ | (70,597) | | | | $ | (56,641) | | | $ | (144,912) | | | | $ | (59,738) | | | ||||
Effect of changes in exchange rate on cash and cash equivalents | | | | (245) | | | | | (1,252) | | | | (248) | | | | | (1,010) | | | ||||
Net decrease in cash and cash equivalents | | | | (27,904) | | | | | (11,950) | | | | (16,441) | | | | | (37,660) | | | ||||
Cash and cash equivalents at beginning of period | | | | 154,841 | | | | | 138,986 | | | | 154,841 | | | | | 138,986 | | | ||||
Cash and cash equivalents at end of period | | | $ | 126,937 | | | | $ | 127,036 | | | $ | 138,400 | | | | $ | 101,326 | | | ||||
Supplemental disclosure of cash flow information | | | | | | | | | | |||||||||||||||
Supplemental disclosures of cash flow information | | | ||||||||||||||||||||||
Interest payments, net of capitalized interest | | | | 86,854 | | | | | 72,732 | | | $ | 110,988 | | | | $ | 109,168 | | | ||||
Income tax payments, net of refunds | | | | 8,573 | | | | | 13,272 | | | | 15,069 | | | | | 18,045 | | | ||||
Non-cash capital leases additions | | | | 7,969 | | | | | 25,151 | | | | 16,554 | | | | | 85,620 | | | ||||
Non-cash purchase of property and equipment. | | | | — | | | | | 27,000 | | | | — | | | | | 33,570 | | |
| | Common Shares | | | Additional Paid in Capital | | | Treasury Shares | | | Accumulated Deficit | | Accumulated Other Comprehensive Loss | | Non- Controlling Interest in Subsidiaries | | Total Equity (Deficit) | | | 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 | | | Number | | Amount | | Number | | Amount | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | | | | | | 124,476,382 | | | | $ | 311 | | | | $ | 2,715,538 | | | | | 844,908 | | | | $ | (13,331) | | | | $ | (2,881,658) | | | | $ | (177,507) | | | | $ | 33,789 | | | | $ | (322,858) | | | ||||||||||||||||||
Dividend to shareholders ($0.15 per share) | | | | — | | | | | — | | | | | (18,996) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (18,996) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend to shareholders ($0.225 per share) | | | | — | | | | | — | | | | | (28,553) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (28,553) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of non-controlling interest in a subsidiary | | | | — | | | | | — | | | | | 1,189 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (9,709) | | | | | (8,520) | | | | | | — | | | | | — | | | | | 1,189 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (9,709) | | | | | (8,520) | | | ||||||||||||||||||
Equity-based compensation | | | | 260,007 | | | | | 1 | | | | | 17,392 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 17,393 | | | | | | 308,167 | | | | | 1 | | | | | 23,381 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 23,382 | | | ||||||||||||||||||
Treasury shares purchased in relation to vesting of equity awards | | | | — | | | | | — | | | | | — | | | | | 70,362 | | | | | (1,004) | | | | | — | | | | | — | | | | | — | | | | | (1,004) | | | | | | — | | | | | — | | | | | — | | | | | 70,362 | | | | | (1,004) | | | | | — | | | | | — | | | | | — | | | | | (1,004) | | | ||||||||||||||||||
Treasury shares issued in relation to vesting of equity awards | | | | — | | | | | — | | | | | (802) | | | | | (50,969) | | | | | 802 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | (802) | | | | | (50,969) | | | | | 802 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Comprehensive income, net of tax | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,754 | | | | | 7,162 | | | | | 998 | | | | | 9,914 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 22,592 | | | | | 12,109 | | | | | 1,564 | | | | | 36,265 | | | ||||||||||||||||||
Balance as of June 30, 2016 | | | | 124,736,389 | | | | $ | 312 | | | | $ | 2,714,321 | | | | | 864,301 | | | | $ | (13,533) | | | | $ | (2,879,904) | | | | $ | (170,345) | | | | $ | 25,078 | | | | $ | (324,071) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2016 | | | | 124,784,549 | | | | $ | 312 | | | | $ | 2,710,753 | | | | | 864,301 | | | | $ | (13,533) | | | | $ | (2,859,066) | | | | $ | (165,398) | | | | $ | 25,644 | | | | $ | (301,288) | | | |
(in $ thousands) | | June 30, 2016 | | December 31, 2015 | | | September 30, 2016 | | December 31, 2015 | | ||||||||||||||||
Prepaid expenses | | | $ | 33,739 | | | | $ | 26,395 | | | | | $ | 31,109 | | | | $ | 26,395 | | | ||||
Sales and use tax receivables | | | | 32,722 | | | | | 27,233 | | | | | | 28,133 | | | | | 27,233 | | | ||||
Prepaid incentives | | | | 21,636 | | | | | 26,496 | | | | | | 23,903 | | | | | 26,496 | | | ||||
Restricted cash | | | | 17,457 | | | | | 11,701 | | | | | | 18,371 | | | | | 11,701 | | | ||||
Derivative assets | | | | 2,096 | | | | | 657 | | | | | | 2,602 | | | | | 657 | | | ||||
Other | | | | 9,243 | | | | | 6,999 | | | | | | 11,294 | | | | | 6,999 | | | ||||
| | | $ | 116,893 | | | | $ | 99,481 | | | | | $ | 115,412 | | | | $ | 99,481 | | | |
| | | September 30, 2016 | | | December 31, 2015 | | ||||||||||||||||||||||||||||||
(in $ thousands) | | | Cost | | | Accumulated depreciation | | | Net | | | Cost | | | Accumulated depreciation | | | Net | | ||||||||||||||||||
Capitalized software | | | | $ | 915,823 | | | | | $ | (710,633) | | | | | $ | 205,190 | | | | | $ | 870,868 | | | | | $ | (635,135) | | | | | $ | 235,733 | | |
Computer equipment | | | | | 314,396 | | | | | | (194,969) | | | | | | 119,427 | | | | | | 303,902 | | | | | | (168,380) | | | | | | 135,522 | | |
Building and leasehold improvements | | | | | 26,585 | | | | | | (10,635) | | | | | | 15,950 | | | | | | 24,102 | | | | | | (8,735) | | | | | | 15,367 | | |
Construction in progress | | | | | 80,498 | | | | | | — | | | | | | 80,498 | | | | | | 73,226 | | | | | | — | | | | | | 73,226 | | |
| | | | $ | 1,337,302 | | | | | $ | (916,237) | | | | | $ | 421,065 | | | | | $ | 1,272,098 | | | | | $ | (812,250) | | | | | $ | 459,848 | | |
|
| | | June 30, 2016 | | | December 31, 2015 | | ||||||||||||||||||||||||||||||
(in $ thousands) | | | Cost | | | Accumulated depreciation | | | Net | | | Cost | | | Accumulated depreciation | | | Net | | ||||||||||||||||||
Capitalized software | | | | $ | 890,817 | | | | | $ | (681,365) | | | | | $ | 209,452 | | | | | $ | 870,868 | | | | | $ | (635,135) | | | | | $ | 235,733 | | |
Computer equipment | | | | | 308,878 | | | | | | (187,501) | | | | | | 121,377 | | | | | | 303,902 | | | | | | (168,380) | | | | | | 135,522 | | |
Building and leasehold improvements | | | | | 25,597 | | | | | | (9,992) | | | | | | 15,605 | | | | | | 24,102 | | | | | | (8,735) | | | | | | 15,367 | | |
Construction in progress | | | | | 83,408 | | | | | | — | | | | | | 83,408 | | | | | | 73,226 | | | | | | — | | | | | | 73,226 | | |
| | | | $ | 1,308,700 | | | | | $ | (878,858) | | | | | $ | 429,842 | | | | | $ | 1,272,098 | | | | | $ | (812,250) | | | | | $ | 459,848 | | |
|
(in $ thousands) | | January 1, 2016 | | Additions | | Retirements | | Foreign Exchange | | June 30, 2016 | | | January 1, 2016 | | Additions | | Retirements | | Foreign Exchange | | September 30, 2016 | | ||||||||||||||||||||||||||||||||||||||||
Non-Amortizable Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Goodwill | | | $ | 1,067,415 | | | | $ | 14,105 | | | | $ | — | | | | $ | 2,321 | | | | $ | 1,083,841 | | | | | $ | 1,067,415 | | | | $ | 14,105 | | | | $ | — | | | | $ | 3,635 | | | | $ | 1,085,155 | | | ||||||||||
Trademarks and tradenames | | | | 313,961 | | | | | — | | | | | — | | | | | 54 | | | | | 314,015 | | | | | | 313,961 | | | | | — | | | | | — | | | | | — | | | | | 313,961 | | | ||||||||||
Other Intangible Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Acquired intangible assets | | | | 1,127,360 | | | | | — | | | | | — | | | | | (110) | | | | | 1,127,250 | | | | | | 1,127,360 | | | | | — | | | | | — | | | | | (146) | | | | | 1,127,214 | | | ||||||||||
Accumulated amortization | | | | (756,489) | | | | | (24,855) | | | | | — | | | | | (348) | | | | | (781,692) | | | | | | (756,489) | | | | | (36,693) | | | | | — | | | | | (538) | | | | | (793,720) | | | ||||||||||
Acquired intangible assets, net | | | | 370,871 | | | | | (24,855) | | | | | — | | | | | (458) | | | | | 345,558 | | | | | | 370,871 | | | | | (36,693) | | | | | — | | | | | (684) | | | | | 333,494 | | | ||||||||||
Customer loyalty payments | | | | 300,142 | | | | | 50,346 | | | | | (29,359) | | | | | 1,844 | | | | | 322,973 | | | | | | 300,142 | | | | | 81,349 | | | | | (32,606) | | | | | 2,497 | | | | | 351,382 | | | ||||||||||
Accumulated amortization | | | | (136,473) | | | | | (34,261) | | | | | 27,479 | | | | | (596) | | | | | (143,851) | | | | | | (136,473) | | | | | (55,193) | | | | | 32,606 | | | | | (1,241) | | | | | (160,301) | | | ||||||||||
Customer loyalty payments, net | | | | 163,669 | | | | | 16,085 | | | | | (1,880) | | | | | 1,248 | | | | | 179,122 | | | | | | 163,669 | | | | | 26,156 | | | | | — | | | | | 1,256 | | | | | 191,081 | | | ||||||||||
Other intangible assets, net | | | $ | 534,540 | | | | $ | (8,770) | | | | $ | (1,880) | | | | $ | 790 | | | | $ | 524,680 | | | | | $ | 534,540 | | | | $ | (10,537) | | | | $ | — | | | | $ | 572 | | | | $ | 524,575 | | | |
(in $ thousands) | | | January 1, 2015 | | | Additions | | | Retirements | | | Foreign Exchange | | | September 30, 2015 | | |||||||||||||||
Non-Amortizable Assets: | | | | | | | |||||||||||||||||||||||||
Goodwill | | | | $ | 997,419 | | | | | $ | 58,877 | | | | | $ | — | | | | | $ | (1,760) | | | | | $ | 1,054,536 | | |
Trademarks and tradenames | | | | | 313,961 | | | | | | — | | | | | | — | | | | | | — | | | | | | 313,961 | | |
Other Intangible Assets: | | | | | | | |||||||||||||||||||||||||
Acquired intangible assets | | | | | 1,129,320 | | | | | | — | | | | | | (2,541) | | | | | | 508 | | | | | | 1,127,287 | | |
Accumulated amortization | | | | | (687,495) | | | | | | (55,812) | | | | | | 2,541 | | | | | | (516) | | | | | | (741,282) | | |
Acquired intangible assets, net | | | | | 441,825 | | | | | | (55,812) | | | | | | — | | | | | | (8) | | | | | | 386,005 | | |
Customer loyalty payments | | | | | 334,309 | | | | | | 58,001 | | | | | | (75,008) | | | | | | (5,807) | | | | | | 311,495 | | |
Accumulated amortization | | | | | (157,319) | | | | | | (50,797) | | | | | | 75,008 | | | | | | — | | | | | | (133,108) | | |
Customer loyalty payments, net | | | | | 176,990 | | | | | | 7,204 | | | | | | — | | | | | | (5,807) | | | | | | 178,387 | | |
Other intangible assets, net | | | | $ | 618,815 | | | | | $ | (48,608) | | | | | $ | — | | | | | $ | (5,815) | | | | | $ | 564,392 | | |
|
(in $ thousands) | | | January 1, 2015 | | | Additions | | | Retirements | | | Foreign Exchange | | | June 30, 2015 | | |||||||||||||||
Non-Amortizable Assets: | | | | | | | |||||||||||||||||||||||||
Goodwill | | | | $ | 997,419 | | | | | $ | — | | | | | $ | — | | | | | $ | (1,092) | | | | | $ | 996,327 | | |
Trademarks and tradenames | | | | | 313,961 | | | | | | — | | | | | | — | | | | | | — | | | | | | 313,961 | | |
Other Intangible Assets: | | | | | | | |||||||||||||||||||||||||
Acquired intangible assets | | | | | 1,129,320 | | | | | | — | | | | | | (2,535) | | | | | | 507 | | | | | | 1,127,292 | | |
Accumulated amortization | | | | | (687,495) | | | | | | (37,765) | | | | | | 2,535 | | | | | | (513) | | | | | | (723,238) | | |
Acquired intangible assets, net | | | | | 441,825 | | | | | | (37,765) | | | | | | — | | | | | | (6) | | | | | | 404,054 | | |
Customer loyalty payments | | | | | 334,309 | | | | | | 42,840 | | | | | | (43,215) | | | | | | (2,677) | | | | | | 331,257 | | |
Accumulated amortization | | | | | (157,319) | | | | | | (36,267) | | | | | | 43,215 | | | | | | — | | | | | | (150,371) | | |
Customer loyalty payments, net | | | | | 176,990 | | | | | | 6,573 | | | | | | — | | | | | | (2,677) | | | | | | 180,886 | | |
Other intangible assets, net | | | | $ | 618,815 | | | | | $ | (31,192) | | | | | $ | — | | | | | $ | (2,683) | | | | | $ | 584,940 | | |
|
(in $ thousands) | | June 30, 2016 | | December 31, 2015 | | | September 30, 2016 | | December 31, 2015 | | ||||||||||||||||
Supplier prepayments | | | $ | 16,278 | | | | $ | 14,616 | | | | | $ | 12,430 | | | | $ | 14,616 | | | ||||
Prepaid incentives | | | | 9,666 | | | | | 9,282 | | | | | | 9,106 | | | | | 9,282 | | | ||||
Pension assets | | | | 5,752 | | | | | 5,186 | | | | | | 7,018 | | | | | 5,186 | | | ||||
Deferred financing costs | | | | 5,652 | | | | | 6,543 | | | | | | 5,203 | | | | | 6,543 | | | ||||
Derivative assets | | | | — | | | | | 8,655 | | | | | | 309 | | | | | 8,655 | | | ||||
Other | | | | 10,758 | | | | | 9,894 | | | | | | 10,478 | | | | | 9,894 | | | ||||
| | | $ | 48,106 | | | | $ | 54,176 | | | | | $ | 44,544 | | | | $ | 54,176 | | | |
(in $ thousands) | | | September 30, 2016 | | | December 31, 2015 | | ||||||
Accrued commissions and incentives | | | | $ | 293,220 | | | | | $ | 241,358 | | |
Accrued payroll and related | | | | | 71,560 | | | | | | 77,544 | | |
Deferred revenue | | | | | 40,972 | | | | | | 35,836 | | |
Income tax payable | | | | | 21,877 | | | | | | 15,516 | | |
Customer prepayments | | | | | 18,371 | | | | | | 11,701 | | |
Derivative liabilities | | | | | 17,341 | | | | | | 10,341 | | |
Accrued interest expense | | | | | 10,208 | | | | | | 18,800 | | |
Pension and post-retirement benefit liabilities | | | | | 1,701 | | | | | | 1,528 | | |
Other | | | | | 19,088 | | | | | | 18,026 | | |
| | | | $ | 494,338 | | | | | $ | 430,650 | | |
|
(in $ thousands) | | | June 30, 2016 | | | December 31, 2015 | | ||||||
Accrued commissions and incentives | | | | $ | 273,927 | | | | | $ | 241,358 | | |
Accrued payroll and related | | | | | 62,352 | | | | | | 77,544 | | |
Deferred revenue | | | | | 42,116 | | | | | | 35,836 | | |
Income tax payable | | | | | 18,227 | | | | | | 15,516 | | |
Customer prepayments | | | | | 17,457 | | | | | | 11,701 | | |
Derivative liabilities | | | | | 13,618 | | | | | | 10,341 | | |
Accrued interest expense | | | | | 2,997 | | | | | | 18,800 | | |
Pension and post-retirement benefit liabilities | | | | | 1,448 | | | | | | 1,528 | | |
Other | | | | | 19,140 | | | | | | 18,026 | | |
| | | | $ | 451,282 | | | | | $ | 430,650 | | |
|
(in $ thousands) | | Interest rate | | Maturity | | June 30, 2016 | | December 31, 2015 | | | Interest rate | | Maturity | | September 30, 2016 | | December 31, 2015 | | ||||||||||||||||||||||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Term loans | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Dollar denominated(1)(2)(3) | | | | L+4.00% | | | September 2021 | | | $ | 2,292,472 | | | | $ | 2,303,315 | | | | | | L+4.00% | | | September 2021 | | | $ | 2,239,832 | | | | $ | 2,303,315 | | | ||||||||
Revolver borrowings | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Dollar denominated | | | | L+5.00% | | | September 2019 | | | | — | | | | | — | | | | | | L+5.00% | | | September 2019 | | | | — | | | | | — | | | ||||||||
Capital leases and other indebtedness | | | | | | | | | | | 118,310 | | | | | 133,883 | | | | | | | | | | | | | 118,557 | | | | | 133,883 | | | ||||||||
Total debt | | | | | | | | | | | 2,410,782 | | | | | 2,437,198 | | | | | | | | | | | | | 2,358,389 | | | | | 2,437,198 | | | ||||||||
Less: current portion | | | | | | | | | | | 64,086 | | | | | 74,163 | | | | | | | | | | | | | 65,049 | | | | | 74,163 | | | ||||||||
Long-term debt | | | | | | | | | | $ | 2,346,696 | | | | $ | 2,363,035 | | | | | | | | | | | | $ | 2,293,340 | | | | $ | 2,363,035 | | | |
(in $ thousands) | | Balance Sheet Location | | | Fair Value Asset | | | Balance Sheet Location | | | Fair Value (Liability) | | | Balance Sheet Location | | | Fair Value Asset | | | Balance Sheet Location | | | Fair Value (Liability) | | ||||||||||||||||||||||||||||||||||||||
| June 30, 2016 | | December 31, 2015 | | June 30, 2016 | | December 31, 2015 | | | September 30, 2016 | | December 31, 2015 | | September 30, 2016 | | December 31, 2015 | | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts | | Other current assets | | | $ | — | | | | $ | — | | | Accrued Expenses and other current liabilities | | | $ | (2,401) | | | | $ | — | | | | Other current assets | | | $ | — | | | | $ | — | | | Accrued Expenses and other current liabilities | | | $ | (3,386) | | | | $ | — | | | ||||||||||||
Interest rate swap contracts | | Other non-current assets | | | | — | | | | | 8,655 | | | Other non-current liabilities | | | | (10,806) | | | | | — | | | | Other non-current assets | | | | — | | | | | 8,655 | | | Other non-current liabilities | | | | (5,430) | | | | | — | | | ||||||||||||
Foreign currency contracts | | Other current assets | | | | 2,096 | | | | | 657 | | | Accrued Expenses and other current liabilities | | | | (11,217) | | | | | (10,341) | | | | Other current assets | | | | 2,602 | | | | | 657 | | | Accrued Expenses and other current liabilities | | | | (13,955) | | | | | (10,341) | | | ||||||||||||
Foreign currency contracts | | Other non-current assets | | | | — | | | | | — | | | Other non-current liabilities | | | | (4,066) | | | | | (1,082) | | | | Other non-current assets | | | | 309 | | | | | — | | | Other non-current liabilities | | | | (2,846) | | | | | (1,082) | | | ||||||||||||
Total fair value of derivative assets (liabilities) | | | | | $ | 2,096 | | | | $ | 9,312 | | | | | | $ | (28,490) | | | | $ | (11,423) | | | | | | | $ | 2,911 | | | | $ | 9,312 | | | | | | $ | (25,617) | | | | $ | (11,423) | | | |
(in $ thousands) | | Six Months Ended June 30, 2016 | | Six Months Ended June 30, 2015 | | Nine Months Ended September 30, 2016 | | Nine Months Ended September 30, 2015 | | |||||||||||||||
Net derivative liability opening balance | | | $ | (2,111) | | | | $ | (15,548) | | | $ | (2,111) | | | | $ | (15,548) | | | ||||
Total loss for the period included in net income | | | | (34,560) | | | | | (5,426) | | | | (33,217) | | | | | (14,870) | | | ||||
Payment on settlement of foreign currency derivative contracts | | | | 10,277 | | | | | 13,501 | | | | 12,622 | | | | | 21,571 | | | ||||
Net derivative liability closing balance | | | $ | (26,394) | | | | $ | (7,473) | | | $ | (22,706) | | | | $ | (8,847) | | | |
| | | | Amount of Income (Loss) Recorded in Net (Loss) Income | | | | | Amount of Income (Loss) Recorded in Net Income | | ||||||||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | Statement of Operations Location | | Three Months Ended June 30, | | Six Months Ended June 30, | | | Statement of Operations Location | | Three Months Ended September 30, | | Nine Months Ended September 30, | | ||||||||||||||||||||||||||||||||||||||||||
| | | | 2016 | | 2015 | | 2016 | | 2015 | | | | | 2016 | | 2015 | | 2016 | | 2015 | | ||||||||||||||||||||||||||||||||||
Interest rate swap contracts | | Interest expense, net | | | $ | (5,406) | | | | $ | — | | | | $ | (21,862) | | | | $ | — | | | | Interest expense, net | | | $ | 4,391 | | | | $ | — | | | | $ | (17,471) | | | | $ | — | | | ||||||||||
Foreign currency contracts | | Selling, general and administrative | | | | (14,549) | | | | | 11,031 | | | | | (12,698) | | | | | (5,426) | | | | Selling, general and administrative | | | | (3,048) | | | | | (9,444) | | | | | (15,746) | | | | | (14,870) | | | ||||||||||
| | | | | $ | (19,955) | | | | $ | 11,031 | | | | $ | (34,560) | | | | $ | (5,426) | | | | | | | $ | 1,343 | | | | $ | (9,444) | | | | $ | (33,217) | | | | $ | (14,870) | | | |
| | | | | | June 30, 2016 | | | December 31, 2015 | | ||||||||||||||||||
(in $ thousands) | | | Fair Value Hierarchy | | | Carrying Amount | | | Fair Value | | | Carrying Amount | | | Fair Value | | ||||||||||||
Asset (liability) | | | | | | | ||||||||||||||||||||||
Derivative assets(1) | | | Level 3 | | | | | 2,096 | | | | | | 2,096 | | | | | | 9,312 | | | | | | 9,312 | | |
Derivative liabilities(1) | | | Level 3 | | | | | (28,490) | | | | | | (28,490) | | | | | | (11,423) | | | | | | (11,423) | | |
Total debt | | | Level 2 | | | | | (2,410,782) | | | | | | (2,451,346) | | | | | | (2,437,198) | | | | | | (2,431,242) | | |
| | | | | | September 30, 2016 | | | December 31, 2015 | | ||||||||||||||||||
(in $ thousands) | | | Fair Value Hierarchy | | | Carrying Amount | | | Fair Value | | | Carrying Amount | | | Fair Value | | ||||||||||||
Asset (liability) | | | | | | | ||||||||||||||||||||||
Derivative assets | | | Level 2 | | | | | 2,911 | | | | | | 2,911 | | | | | | 9,312 | | | | | | 9,312 | | |
Derivative liabilities | | | Level 2 | | | | | (25,617) | | | | | | (25,617) | | | | | | (11,423) | | | | | | (11,423) | | |
Total debt | | | Level 2 | | | | | (2,358,389) | | | | | | (2,408,183) | | | | | | (2,437,198) | | | | | | (2,431,242) | | |
Declaration Date | | Dividend Per Share | | Record Date | | Payment Date | | Amount (in $ thousands) | | | Dividend Per Share | | Record Date | | Payment Date | | Amount (in $ thousands) | | ||||||||||||||||||||
February 17, 2016 | | | $ | 0.075 | | | March 3, 2016 | | March 17, 2016 | | | $ | 9,279 | | | | | $ | 0.075 | | | March 3, 2016 | | March 17, 2016 | | | $ | 9,279 | | | ||||||||
May 3, 2016 | | | $ | 0.075 | | | June 2, 2016 | | June 16, 2016 | | | $ | 9,286 | | | | | $ | 0.075 | | | June 2, 2016 | | June 16, 2016 | | | $ | 9,286 | | | ||||||||
August 3, 2016 | | | $ | 0.075 | | | September 1, 2016 | | September 15, 2016 | | | $ | 9,294 | | |
| | Restricted Units | | | Restricted Units | | ||||||||||||||||||||
(in dollars, except number of Restricted Units) | | Number | | Weighted Average Grant Date Fair Value | | | Number | | Weighted Average Grant Date Fair Value | | ||||||||||||||||
Balance as of January 1, 2016 | | | | 2,172,529 | | | | $ | 15.73 | | | | | | 2,172,529 | | | | $ | 15.73 | | | ||||
Granted at fair market value | | | | 1,746,421 | | | | $ | 13.23 | | | | | | 1,815,173 | | | | $ | 13.26 | | | ||||
Vested(1) | | | | (206,216) | | | | $ | 15.62 | | | | | | (207,756) | | | | $ | 15.61 | | | ||||
Forfeited | | | | (218,025) | | | | $ | 16.33 | | | | | | (295,484) | | | | $ | 15.82 | | | ||||
Balance as of June 30, 2016 | | | | 3,494,709 | | | | $ | 14.45 | | | |||||||||||||||
Balance as of September 30, 2016 | | | | 3,484,462 | | | | $ | 14.44 | | | |
| | Stock Options | | | Stock Options | | ||||||||||||||||||||
(in dollars, except number of stock options) | | Number | | Weighted Average Grant Date Fair Value | | | Number | | Weighted Average Grant Date Fair Value | | ||||||||||||||||
Balance as of January 1, 2016 | | | | 1,454,638 | | | | $ | 6.49 | | | | | | 1,454,638 | | | | $ | 6.49 | | | ||||
Granted at fair market value | | | | 1,347,066 | | | | $ | 4.04 | | | | | | 1,393,511 | | | | $ | 4.04 | | | ||||
Forfeited | | | | (127,611) | | | | $ | 6.35 | | | | | | (164,498) | | | | $ | 6.05 | | | ||||
Expired | | | | (73,010) | | | | $ | 6.43 | | | | | | (74,963) | | | | $ | 6.43 | | | ||||
Balance as of June 30, 2016 | | | | 2,601,083 | | | | $ | 5.23 | | | |||||||||||||||
Balance as of September 30, 2016 | | | | 2,608,688 | | | | $ | 5.21 | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | ||||||||||||||||||||||||||||||||||||||||
(in $ thousand, except share data) | | 2016 | | 2015 | | 2016 | | 2015 | | | 2016 | | 2015 | | 2016 | | 2015 | | ||||||||||||||||||||||||||||||||
Numerator – Basic and Diluted (Loss) Income per Share: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to the Company | | | $ | (14,831) | | | | $ | 15,328 | | | | $ | 1,754 | | | | $ | 7,187 | | | |||||||||||||||||||||||||||||
Denominator – Basic (Loss) Income per Share: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Numerator – Basic and Diluted Income per Share: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to the Company | | | $ | 20,838 | | | | $ | 3,680 | | | | $ | 22,592 | | | | $ | 10,867 | | | |||||||||||||||||||||||||||||
Denominator – Basic Income per Share: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | | | | 123,825,030 | | | | | 122,269,482 | | | | | 123,771,642 | | | | | 121,842,792 | | | | | | 123,920,699 | | | | | 122,495,392 | | | | | 123,821,339 | | | | | 122,062,715 | | | ||||||||
(Loss) income per share – Basic | | | $ | (0.12) | | | | $ | 0.13 | | | | $ | 0.01 | | | | $ | 0.06 | | | |||||||||||||||||||||||||||||
Denominator – Diluted (Loss) Income per Share: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of common shares used for basic (loss) income per share | | | | 123,825,030 | | | | | 122,269,482 | | | | | 123,771,642 | | | | | 121,842,792 | | | |||||||||||||||||||||||||||||
Income per share – Basic | | | $ | 0.17 | | | | $ | 0.03 | | | | $ | 0.18 | | | | $ | 0.09 | | | |||||||||||||||||||||||||||||
Denominator – Diluted Income per Share: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of common shares used for basic income per share | | | | 123,920,699 | | | | | 122,495,392 | | | | | 123,821,339 | | | | | 122,062,715 | | | |||||||||||||||||||||||||||||
Weighted average effect of dilutive securities | | | | | ||||||||||||||||||||||||||||||||||||||||||||||
RSUs | | | | 70,030 | | | | | 365,951 | | | | | 64,467 | | | | | 770,326 | | | | | | 269,311 | | | | | 161,744 | | | | | 304,870 | | | | | 447,081 | | | ||||||||
Stock Options | | | | 95,117 | | | | | 82,464 | | | | | 76,572 | | | | | 59,645 | | | | | | 101,677 | | | | | 67,005 | | | | | 82,843 | | | | | 53,563 | | | ||||||||
Weighted average common shares outstanding | | | | 123,990,177 | | | | | 122,717,897 | | | | | 123,912,681 | | | | | 122,672,763 | | | | | | 124,291,687 | | | | | 122,724,141 | | | | | 124,209,052 | | | | | 122,563,359 | | | ||||||||
(Loss) income per share – Diluted | | | $ | (0.12) | | | | $ | 0.12 | | | | $ | 0.01 | | | | $ | 0.06 | | | |||||||||||||||||||||||||||||
Income per share – Diluted | | | $ | 0.17 | | | | $ | 0.03 | | | | $ | 0.18 | | | | $ | 0.09 | | | |
(in $ thousands, except per share data, Reported Segments and RevPas) | | | Three Months Ended June 30, | | Change | | Six Months Ended June 30, | | Change | | | | Three Months Ended September 30, | | Change | | Nine Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2016 | | 2015 | | | | | | | % | | 2016 | | 2015 | | | | | | | % | | | 2016 | | 2015 | | | | | | | % | | 2016 | | 2015 | | | | | | | % | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenue | | | $ | 605,905 | | | | $ | 554,202 | | | | $ | 51,703 | | | | | 9 | | | | $ | 1,215,168 | | | | $ | 1,126,330 | | | | $ | 88,838 | | | | | 8 | | | | | $ | 590,756 | | | | $ | 559,837 | | | | $ | 30,919 | | | | | 6 | | | | $ | 1,805,924 | | | | $ | 1,686,167 | | | | $ | 119,757 | | | | | 7 | | | ||||||||||||||||
Operating income | | | | 37,760 | | | | | 63,146 | | | | | (25,386) | | | | | (40) | | | | | 117,628 | | | | | 96,895 | | | | | 20,733 | | | | | 21 | | | | | | 62,235 | | | | | 54,091 | | | | | 8,144 | | | | | 15 | | | | | 179,863 | | | | | 150,986 | | | | | 28,877 | | | | | 19 | | | ||||||||||||||||
Net (loss) income | | | | (14,429) | | | | | 16,409 | | | | | (30,838) | | | | | (188) | | | | | 2,752 | | | | | 9,301 | | | | | (6,549) | | | | | (70) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income per share – diluted (in $) | | | | (0.12) | | | | | 0.12 | | | | | (0.24) | | | | | (200) | | | | | 0.01 | | | | | 0.06 | | | | | (0.05) | | | | | (83) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | | | | 21,404 | | | | | 4,950 | | | | | 16,454 | | | | | * | | | | | 24,156 | | | | | 14,251 | | | | | 9,905 | | | | | 70 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income per share – diluted (in $) | | | | 0.17 | | | | | 0.03 | | | | | 0.14 | | | | | * | | | | | 0.18 | | | | | 0.09 | | | | | 0.09 | | | | | 100 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | | | | 139,013 | | | | | 136,986 | | | | | 2,027 | | | | | 1 | | | | | 293,153 | | | | | 274,444 | | | | | 18,709 | | | | | 7 | | | | | | 150,432 | | | | | 130,977 | | | | | 19,455 | | | | | 15 | | | | | 443,585 | | | | | 405,421 | | | | | 38,164 | | | | | 9 | | | ||||||||||||||||
Adjusted Operating Income(2) | | | | 82,796 | | | | | 80,343 | | | | | 2,453 | | | | | 3 | | | | | 179,260 | | | | | 157,067 | | | | | 22,193 | | | | | 14 | | | | | | 87,757 | | | | | 78,224 | | | | | 9,533 | | | | | 12 | | | | | 267,017 | | | | | 235,291 | | | | | 31,726 | | | | | 13 | | | ||||||||||||||||
Adjusted Net Income(3) | | | | 34,287 | | | | | 35,487 | | | | | (1,200) | | | | | (3) | | | | | 85,242 | | | | | 65,064 | | | | | 20,178 | | | | | 31 | | | | | | 40,995 | | | | | 30,087 | | | | | 10,908 | | | | | 36 | | | | | 126,237 | | | | | 95,151 | | | | | 31,086 | | | | | 33 | | | ||||||||||||||||
Adjusted Income per Share – diluted(4) (in $) | | | | 0.28 | | | | | 0.29 | | | | | (0.01) | | | | | (3) | | | | | 0.69 | | | | | 0.53 | | | | | 0.16 | | | | | 30 | | | | | | 0.33 | | | | | 0.25 | | | | | 0.08 | | | | | 32 | | | | | 1.02 | | | | | 0.78 | | | | | 0.24 | | | | | 31 | | | ||||||||||||||||
Net cash provided by operating activities | | | | 76,728 | | | | | 81,147 | | | | | (4,419) | | | | | (5) | | | | | 102,932 | | | | | 92,166 | | | | | 10,766 | | | | | 12 | | | | | | 110,926 | | | | | 61,569 | | | | | 49,357 | | | | | 80 | | | | | 213,858 | | | | | 153,735 | | | | | 60,123 | | | | | 39 | | | ||||||||||||||||
Adjusted Free Cash Flow(5) | | | | 52,343 | | | | | 53,701 | | | | | (1,358) | | | | | (3) | | | | | 47,273 | | | | | 32,683 | | | | | 14,590 | | | | | 45 | | | | | | 83,170 | | | | | 31,113 | | | | | 52,057 | | | | | 167 | | | | | 130,443 | | | | | 63,796 | | | | | 66,647 | | | | | 104 | | | ||||||||||||||||
Reported Segments (in thousands) | | | | 86,807 | | | | | 87,150 | | | | | (343) | | | | | — | | | | | 176,780 | | | | | 181,670 | | | | | (4,890) | | | | | (3) | | | | | | 83,945 | | | | | 83,979 | | | | | (34) | | | | | — | | | | | 260,725 | | | | | 265,649 | | | | | (4,924) | | | | | (2) | | | ||||||||||||||||
Travel Commerce Platform RevPas (in $) | | | $ | 6.61 | | | | $ | 6.00 | | | | $ | 0.61 | | | | | 10 | | | | $ | 6.52 | | | | $ | 5.86 | | | | $ | 0.66 | | | | | 11 | | | | | $ | 6.67 | | | | $ | 6.29 | | | | $ | 0.38 | | | | | 6 | | | | $ | 6.57 | | | | $ | 5.99 | | | | $ | 0.58 | | | | | 10 | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | ||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2016 | | 2015 | | 2016 | | 2015 | | | 2016 | | 2015 | | 2016 | | 2015 | | ||||||||||||||||||||||||||||||||
Net (loss) income | | | $ | (14,429) | | | | $ | 16,409 | | | | $ | 2,752 | | | | $ | 9,301 | | | |||||||||||||||||||||||||||||
Net income | | | $ | 21,404 | | | | $ | 4,950 | | | | $ | 24,156 | | | | $ | 14,251 | | | |||||||||||||||||||||||||||||
Adjustments: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets(1) | | | | 13,716 | | | | | 19,142 | | | | | 24,855 | | | | | 37,765 | | | | | | 11,838 | | | | | 18,047 | | | | | 36,693 | | | | | 55,812 | | | ||||||||
Loss on early extinguishment of debt | | | | 2,671 | | | | | — | | | | | 2,671 | | | | | — | | | | | | 955 | | | | | — | | | | | 3,626 | | | | | — | | | ||||||||
Share of losses in equity method investment | | | | — | | | | | 194 | | | | | — | | | | | 175 | | | | | | — | | | | | 342 | | | | | — | | | | | 517 | | | ||||||||
Gain on sale of shares of Orbitz Worldwide | | | | — | | | | | — | | | | | — | | | | | (6,271) | | | | | | — | | | | | — | | | | | — | | | | | (6,271) | | | ||||||||
Equity-based compensation and related taxes | | | | 6,823 | | | | | 8,621 | | | | | 15,924 | | | | | 21,023 | | | | | | 5,383 | | | | | 3,828 | | | | | 21,307 | | | | | 24,851 | | | ||||||||
Corporate and restructuring costs(2) | | | | 6,870 | | | | | 6,454 | | | | | 14,279 | | | | | 8,068 | | | | | | 7,152 | | | | | 3,092 | | | | | 21,431 | | | | | 11,160 | | | ||||||||
Other – non cash(3) | | | | 23,033 | | | | | (17,020) | | | | | 28,436 | | | | | (6,684) | | | | | | (3,242) | | | | | (834) | | | | | 25,194 | | | | | (7,518) | | | ||||||||
Tax impact of adjustments(4) | | | | (4,397) | | | | | 1,687 | | | | | (3,675) | | | | | 1,687 | | | | | | (2,495) | | | | | 662 | | | | | (6,170) | | | | | 2,349 | | | ||||||||
Adjusted Net Income | | | | 34,287 | | | | | 35,487 | | | | | 85,242 | | | | | 65,064 | | | | | | 40,995 | | | | | 30,087 | | | | | 126,237 | | | | | 95,151 | | | ||||||||
Adjustments: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net(5) | | | | 39,707 | | | | | 38,751 | | | | | 78,146 | | | | | 78,140 | | | | | | 34,204 | | | | | 40,346 | | | | | 112,350 | | | | | 118,486 | | | ||||||||
Remaining provision for income taxes | | | | 8,802 | | | | | 6,105 | ��� | | | | 15,872 | | | | | 13,863 | | | | | | 12,558 | | | | | 7,791 | | | | | 28,430 | | | | | 21,654 | | | ||||||||
Adjusted Operating Income | | | | 82,796 | | | | | 80,343 | | | | | 179,260 | | | | | 157,067 | | | | | | 87,757 | | | | | 78,224 | | | | | 267,017 | | | | | 235,291 | | | ||||||||
Adjustments: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization of property and equipment | | | | 38,530 | | | | | 38,705 | | | | | 79,632 | | | | | 81,110 | | | | | | 41,743 | | | | | 38,223 | | | | | 121,375 | | | | | 119,333 | | | ||||||||
Amortization of customer loyalty payments | | | | 17,687 | | | | | 17,938 | | | | | 34,261 | | | | | 36,267 | | | | | | 20,932 | | | | | 14,530 | | | | | 55,193 | | | | | 50,797 | | | ||||||||
Adjusted EBITDA | | | $ | 139,013 | | | | $ | 136,986 | | | | $ | 293,153 | | | | $ | 274,444 | | | | | $ | 150,432 | | | | $ | 130,977 | | | | $ | 443,585 | | | | $ | 405,421 | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | ||||||||||||||||||||||||||||||||||||||||
| | 2016 | | 2015 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||||||||||||
(Loss) income per share – diluted | | | $ | (0.12) | | | | $ | 0.12 | | | | $ | 0.01 | | | | $ | 0.06 | | | |||||||||||||||||||||||||||||
Per share adjustments to net (loss) income to determine Adjusted Income per Share – diluted | | | | 0.40 | | | | | 0.17 | | | | | 0.68 | | | | | 0.47 | | | |||||||||||||||||||||||||||||
(in $) | | 2016 | | 2015 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||||||||||||
Income per share – diluted | | | $ | 0.17 | | | | $ | 0.03 | | | | $ | 0.18 | | | | $ | 0.09 | | | |||||||||||||||||||||||||||||
Per share adjustments to net income to determine Adjusted Income per Share – diluted | | | | 0.16 | | | | | 0.22 | | | | | 0.84 | | | | | 0.69 | | | |||||||||||||||||||||||||||||
Adjusted Income per Share – diluted | | | $ | 0.28 | | | | $ | 0.29 | | | | $ | 0.69 | | | | $ | 0.53 | | | | | $ | 0.33 | | | | $ | 0.25 | | | | $ | 1.02 | | | | $ | 0.78 | | | |
| | Six Months Ended June 30, | | | Nine Months Ended September 30, | | ||||||||||||||||||||
(in percentages) | | 2016 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
Asia Pacific | | | | 22 | | | | | 22 | | | | | | 23 | | | | | 22 | | | ||||
Europe | | | | 33 | | | | | 30 | | | | | | 32 | | | | | 29 | | | ||||
Latin America and Canada | | | | 5 | | | | | 4 | | | | | | 5 | | | | | 5 | | | ||||
Middle East and Africa | | | | 13 | | | | | 14 | | | | | | 13 | | | | | 14 | | | ||||
International | | | | 73 | | | | | 70 | | | | | | 73 | | | | | 70 | | | ||||
United States | | | | 27 | | | | | 30 | | | | | | 27 | | | | | 30 | | | ||||
Travel Commerce Platform | | | | 100 | | | | | 100 | | | | | | 100 | | | | | 100 | | | |
| | Three Months Ended June 30, | | Change | | | Three Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2016 | | 2015 | | $ | | % | | | 2016 | | 2015 | | $ | | % | | ||||||||||||||||||||||||||||||||
Net revenue | | | $ | 605,905 | | | | $ | 554,202 | | | | $ | 51,703 | | | | | 9 | | | | | $ | 590,756 | | | | $ | 559,837 | | | | $ | 30,919 | | | | | 6 | | | ||||||||
Costs and expenses | | | | | ||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue | | | | 376,605 | | | | | 335,050 | | | | | 41,555 | | | | | 12 | | | | | | 351,534 | | | | | 335,724 | | | | | 15,810 | | | | | 5 | | | ||||||||
Selling, general and administrative | | | | 139,294 | | | | | 98,159 | | | | | 41,135 | | | | | 42 | | | | | | 123,406 | | | | | 113,752 | | | | | 9,654 | | | | | 8 | | | ||||||||
Depreciation and amortization | | | | 52,246 | | | | | 57,847 | | | | | (5,601) | | | | | (10) | | | | | | 53,581 | | | | | 56,270 | | | | | (2,689) | | | | | (5) | | | ||||||||
Total costs and expenses | | | | 568,145 | | | | | 491,056 | | | | | 77,089 | | | | | 16 | | | | | | 528,521 | | | | | 505,746 | | | | | 22,775 | | | | | 5 | | | ||||||||
Operating income | | | | 37,760 | | | | | 63,146 | | | | | (25,386) | | | | | (40) | | | | | | 62,235 | | | | | 54,091 | | | | | 8,144 | | | | | 15 | | | ||||||||
Interest expense, net | | | | (45,113) | | | | | (38,751) | | | | | (6,362) | | | | | (16) | | | | | | (29,813) | | | | | (40,346) | | | | | 10,533 | | | | | 26 | | | ||||||||
Loss on early extinguishment of debt | | | | (2,671) | | | | | — | | | | | (2,671) | | | | | * | | | | | | (955) | | | | | — | | | | | (955) | | | | | * | | | ||||||||
(Loss) income before income taxes and share of losses in equity method investment | | | | (10,024) | | | | | 24,395 | | | | | (34,419) | | | | | (141) | | | |||||||||||||||||||||||||||||
Income before income taxes and share of losses in equity method investment | | | | 31,467 | | | | | 13,745 | | | | | 17,722 | | | | | 129 | | | |||||||||||||||||||||||||||||
Provision for income taxes | | | | (4,405) | | | | | (7,792) | | | | | 3,387 | | | | | 43 | | | | | | (10,063) | | | | | (8,453) | | | | | (1,610) | | | | | (19) | | | ||||||||
Share of losses in equity method investment | | | | — | | | | | (194) | | | | | 194 | | | | | 100 | | | | | | — | | | | | (342) | | | | | 342 | | | | | 100 | | | ||||||||
Net (loss) income | | | $ | (14,429) | | | | $ | 16,409 | | | | $ | (30,838) | | | | | (188) | | | |||||||||||||||||||||||||||||
Net income | | | $ | 21,404 | | | | $ | 4,950 | | | | $ | 16,454 | | | | | * | | | |
| | Three Months Ended June 30, | | Change | | | Three Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2016 | | 2015 | | $ | | % | | |||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2016 | | 2015 | | $ | | % | | |||||||||||||||||||||||||||||||||||||||||
Air | | | $ | 425,861 | | | | $ | 400,974 | | | | $ | 24,887 | | | | | 6 | | | | | $ | 407,926 | | | | $ | 398,781 | | | | $ | 9,145 | | | | | 2 | | | ||||||||
Beyond Air | | | | 148,197 | | | | | 121,700 | | | | | 26,497 | | | | | 22 | | | | | | 151,857 | | | | | 129,183 | | | | | 22,674 | | | | | 18 | | | ||||||||
Travel Commerce Platform | | | | 574,058 | | | | | 522,674 | | | | | 51,384 | | | | | 10 | | | | | | 559,783 | | | | | 527,964 | | | | | 31,819 | | | | | 6 | | | ||||||||
Technology Services | | | | 31,847 | | | | | 31,528 | | | | | 319 | | | | | 1 | | | | | | 30,973 | | | | | 31,873 | | | | | (900) | | | | | (3) | | | ||||||||
Net revenue | | | $ | 605,905 | | | | $ | 554,202 | | | | $ | 51,703 | | | | | 9 | | | | | $ | 590,756 | | | | $ | 559,837 | | | | $ | 30,919 | | | | | 6 | | | |
| | Three Months Ended June 30, | | Change | | | Three Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
| | 2016 | | 2015 | | | | | | | % | | | 2016 | | 2015 | | | | | | | % | | ||||||||||||||||||||||||||
Travel Commerce Platform RevPas (in $) | | | $ | 6.61 | | | | $ | 6.00 | | | | $ | 0.61 | | | | | 10 | | | | | $ | 6.67 | | | | $ | 6.29 | | | | $ | 0.38 | | | | | 6 | | | ||||||||
Reported Segments (in thousands) | | | | 86,807 | | | | | 87,150 | | | | | (343) | | | | | — | | | | | | 83,945 | | | | | 83,979 | | | | | (34) | | | | | — | | |
| | Three Months Ended June 30, | | Change | | | Three Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2016 | | 2015 | | $ | | % | | | 2016 | | 2015 | | $ | | % | | ||||||||||||||||||||||||||||||||
Asia Pacific | | | $ | 130,526 | | | | $ | 115,397 | | | | $ | 15,129 | | | | | 13 | | | | | $ | 129,309 | | | | $ | 117,145 | | | | $ | 12,164 | | | | | 10 | | | ||||||||
Europe | | | | 182,710 | | | | | 149,913 | | | | | 32,797 | | | | | 22 | | | | | | 180,746 | | | | | 159,193 | | | | | 21,553 | | | | | 14 | | | ||||||||
Latin America and Canada | | | | 28,245 | | | | | 24,299 | | | | | 3,946 | | | | | 16 | | | | | | 26,336 | | | | | 27,022 | | | | | (686) | | | | | (3) | | | ||||||||
Middle East and Africa | | | | 77,346 | | | | | 74,625 | | | | | 2,721 | | | | | 4 | | | | | | 72,833 | | | | | 71,581 | | | | | 1,252 | | | | | 2 | | | ||||||||
International | | | | 418,827 | | | | | 364,234 | | | | | 54,593 | | | | | 15 | | | | | | 409,224 | | | | | 374,941 | | | | | 34,283 | | | | | 9 | | | ||||||||
United States | | | | 155,231 | | | | | 158,440 | | | | | (3,209) | | | | | (2) | | | | | | 150,559 | | | | | 153,023 | | | | | (2,464) | | | | | (2) | | | ||||||||
Travel Commerce Platform | | | $ | 574,058 | | | | $ | 522,674 | | | | $ | 51,384 | | | | | 10 | | | | | $ | 559,783 | | | | $ | 527,964 | | | | $ | 31,819 | | | | | 6 | | | |
| | Segments (in thousands) | | RevPas (in $) | | | Segments (in thousands) | | RevPas (in $) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Three Months Ended June 30, | | Change | | Three Months Ended June 30, | | Change | | | Three Months Ended September 30, | | Change | | Three Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2016 | | 2015 | | | | | | | % | | 2016 | | 2015 | | $ | | % | | | 2016 | | 2015 | | | | | | | % | | 2016 | | 2015 | | $ | | % | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | | | | 17,009 | | | | | 16,042 | | | | | 967 | | | | | 6 | | | | $ | 7.67 | | | | $ | 7.19 | | | | $ | 0.48 | | | | | 7 | | | | | | 16,735 | | | | | 16,002 | | | | | 733 | | | | | 5 | | | | $ | 7.73 | | | | $ | 7.32 | | | | $ | 0.41 | | | | | 6 | | | ||||||||||||||||
Europe | | | | 20,561 | | | | | 20,080 | | | | | 481 | | | | | 2 | | | | $ | 8.89 | | | | $ | 7.47 | | | | $ | 1.42 | | | | | 19 | | | | | | 19,588 | | | | | 19,407 | | | | | 181 | | | | | 1 | | | | $ | 9.23 | | | | $ | 8.20 | | | | $ | 1.03 | | | | | 13 | | | ||||||||||||||||
Latin America and Canada | | | | 4,524 | | | | | 4,210 | | | | | 314 | | | | | 7 | | | | $ | 6.24 | | | | $ | 5.77 | | | | $ | 0.47 | | | | | 8 | | | | | | 4,279 | | | | | 4,269 | | | | | 10 | | | | | — | | | | $ | 6.16 | | | | $ | 6.33 | | | | $ | (0.17) | | | | | (3) | | | ||||||||||||||||
Middle East and Africa | | | | 9,912 | | | | | 9,921 | | | | | (9) | | | | | — | | | | $ | 7.80 | | | | $ | 7.51 | | | | $ | 0.29 | | | | | 4 | | | | | | 9,243 | | | | | 9,601 | | | | | (358) | | | | | (4) | | | | $ | 7.88 | | | | $ | 7.47 | | | | $ | 0.41 | | | | | 5 | | | ||||||||||||||||
International | | | | 52,006 | | | | | 50,253 | | | | | 1,753 | | | | | 3 | | | | $ | 8.05 | | | | $ | 7.25 | | | | $ | 0.80 | | | | | 11 | | | | | | 49,845 | | | | | 49,279 | | | | | 566 | | | | | 1 | | | | $ | 8.21 | | | | $ | 7.61 | | | | $ | 0.60 | | | | | 8 | | | ||||||||||||||||
United States | | | | 34,801 | | | | | 36,897 | | | | | (2,096) | | | | | (6) | | | | $ | 4.46 | | | | $ | 4.30 | | | | $ | 0.16 | | | | | 4 | | | | | | 34,100 | | | | | 34,700 | | | | | (600) | | | | | (2) | | | | $ | 4.41 | | | | $ | 4.41 | | | | $ | — | | | | | — | | | ||||||||||||||||
Travel Commerce Platform | | | | 86,807 | | | | | 87,150 | | | | | (343) | | | | | — | | | | $ | 6.61 | | | | $ | 6.00 | | | | $ | 0.61 | | | | | 10 | | | | | | 83,945 | | | | | 83,979 | | | | | (34) | | | | | — | | | | $ | 6.67 | | | | $ | 6.29 | | | | $ | 0.38 | | | | | 6 | | | |
| | Three Months Ended June 30, | | Change | | | Three Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2016 | | 2015 | | $ | | % | | | 2016 | | 2015 | | $ | | % | | ||||||||||||||||||||||||||||||||
Commissions | | | $ | 292,714 | | | | $ | 258,830 | | | | $ | 33,884 | | | | | 13 | | | | | $ | 273,702 | | | | $ | 260,806 | | | | $ | 12,896 | | | | | 5 | | | ||||||||
Technology costs | | | | 83,891 | | | | | 76,220 | | | | | 7,671 | | | | | 10 | | | | | | 77,832 | | | | | 74,918 | | | | | 2,914 | | | | | 4 | | | ||||||||
Cost of revenue | | | $ | 376,605 | | | | $ | 335,050 | | | | $ | 41,555 | | | | | 12 | | | | | $ | 351,534 | | | | $ | 335,724 | | | | $ | 15,810 | | | | | 5 | | | |
| | | Three Months Ended June 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Workforce | | | | $ | 88,536 | | | | | $ | 71,655 | | | | | $ | 16,881 | | | | | | 24 | | |
Non-workforce | | | | | 19,438 | | | | | | 28,449 | | | | | | (9,011) | | | | | | (32) | | |
Sub-total | | | | | 107,974 | | | | | | 100,104 | | | | | | 7,870 | | | | | | 8 | | |
Non-core corporate costs | | | | | 31,320 | | | | | | (1,945) | | | | | | 33,265 | | | | | | * | | |
SG&A | | | | $ | 139,294 | | | | | $ | 98,159 | | | | | $ | 41,135 | | | | | | 42 | | |
|
| | | Three Months Ended September 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Workforce | | | | $ | 88,276 | | | | | $ | 77,878 | | | | | $ | 10,398 | | | | | | 13 | | |
Non-workforce | | | | | 21,446 | | | | | | 29,788 | | | | | | (8,342) | | | | | | (28) | | |
Sub-total | | | | | 109,722 | | | | | | 107,666 | | | | | | 2,056 | | | | | | 2 | | |
Non-core corporate costs | | | | | 13,684 | | | | | | 6,086 | | | | | | 7,598 | | | | | | 125 | | |
SG&A | | | | $ | 123,406 | | | | | $ | 113,752 | | | | | $ | 9,654 | | | | | | 8 | | |
|
| | Three Months Ended June 30, | | Change | | | Three Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2016 | | 2015 | | $ | | % | | | 2016 | | 2015 | | $ | | % | | ||||||||||||||||||||||||||||||||
Depreciation on property and equipment | | | $ | 38,530 | | | | $ | 38,705 | | | | $ | (175) | | | | | — | | | | | $ | 41,743 | | | | $ | 38,223 | | | | $ | 3,520 | | | | | 9 | | | ||||||||
Amortization of acquired intangible assets | | | | 13,716 | | | | | 19,142 | | | | | (5,426) | | | | | (28) | | | | | | 11,838 | | | | | 18,047 | | | | | (6,209) | | | | | (34) | | | ||||||||
Total depreciation and amortization | | | $ | 52,246 | | | | $ | 57,847 | | | | $ | (5,601) | | | | | (10) | | | | | $ | 53,581 | | | | $ | 56,270 | | | | $ | (2,689) | | | | | (5) | | | |
| | | Six Months Ended June 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Net revenue | | | | $ | 1,215,168 | | | | | $ | 1,126,330 | | | | | $ | 88,838 | | | | | | 8 | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue | | | | | 739,282 | | | | | | 684,281 | | | | | | 55,001 | | | | | | 8 | | |
Selling, general and administrative | | | | | 253,771 | | | | | | 226,279 | | | | | | 27,492 | | | | | | 12 | | |
Depreciation and amortization | | | | | 104,487 | | | | | | 118,875 | | | | | | (14,388) | | | | | | (12) | | |
Total costs and expenses | | | | | 1,097,540 | | | | | | 1,029,435 | | | | | | 68,105 | | | | | | 7 | | |
Operating income | | | | | 117,628 | | | | | | 96,895 | | | | | | 20,733 | | | | | | 21 | | |
Interest expense, net | | | | | (100,008) | | | | | | (78,140) | | | | | | (21,868) | | | | | | (28) | | |
Loss on early extinguishment of debt | | | | | (2,671) | | | | | | — | | | | | | (2,671) | | | | | | * | | |
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 | | | | | 14,949 | | | | | | 25,026 | | | | | | (10,077) | | | | | | (40) | | |
Provision for income taxes | | | | | (12,197) | | | | | | (15,550) | | | | | | 3,353 | | | | | | 22 | | |
Share of losses in equity method investment | | | | | — | | | | | | (175) | | | | | | 175 | | | | | | 100 | | |
Net income | | | | $ | 2,752 | | | | | $ | 9,301 | | | | | $ | (6,549) | | | | | | (70) | | |
|
| | | Six Months Ended June 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Air | | | | $ | 869,745 | | | | | $ | 832,495 | | | | | $ | 37,250 | | | | | | 4 | | |
Beyond Air | | | | | 283,199 | | | | | | 231,820 | | | | | | 51,379 | | | | | | 22 | | |
Travel Commerce Platform | | | | | 1,152,944 | | | | | | 1,064,315 | | | | | | 88,629 | | | | | | 8 | | |
Technology Services | | | | | 62,224 | | | | | | 62,015 | | | | | | 209 | | | | | | — | | |
Net revenue | | | | $ | 1,215,168 | | | | | $ | 1,126,330 | | | | | $ | 88,838 | | | | | | 8 | | |
|
| | | Six Months Ended June 30, | | | Change | | ||||||||||||||||||
| | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Travel Commerce Platform RevPas (in $) | | | | $ | 6.52 | | | | | $ | 5.86 | | | | | $ | 0.66 | | | | | | 11 | | |
Reported Segments (in thousands) | | | | | 176,780 | | | | | | 181,670 | | | | | | (4,890) | | | | | | (3) | | |
| | | Six Months Ended June 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Asia Pacific | | | | $ | 259,021 | | | | | $ | 233,170 | | | | | $ | 25,851 | | | | | | 11 | | |
Europe | | | | | 377,557 | | | | | | 315,640 | | | | | | 61,917 | | | | | | 20 | | |
Latin America and Canada | | | | | 56,281 | | | | | | 48,060 | | | | | | 8,221 | | | | | | 17 | | |
Middle East and Africa | | | | | 150,796 | | | | | | 147,948 | | | | | | 2,848 | | | | | | 2 | | |
International | | | | | 843,655 | | | | | | 744,818 | | | | | | 98,837 | | | | | | 13 | | |
United States | | | | | 309,289 | | | | | | 319,497 | | | | | | (10,208) | | | | | | (3) | | |
Travel Commerce Platform | | | | $ | 1,152,944 | | | | | $ | 1,064,315 | | | | | $ | 88,629 | | | | | | 8 | | |
|
| | | Segments (in thousands) | | | RevPas (in $) | | ||||||||||||||||||||||||||||||||||||||||||
| | | Six Months Ended June 30, | | | Change | | | Six Months Ended June 30, | | | Change | | ||||||||||||||||||||||||||||||||||||
| | | 2016 | | | 2015 | | | | | | | | | % | | | 2016 | | | 2015 | | | $ | | | % | | |||||||||||||||||||||
Asia Pacific | | | | | 33,998 | | | | | | 32,761 | | | | | | 1,237 | | | | | | 4 | | | | | $ | 7.62 | | | | | $ | 7.12 | | | | | $ | 0.50 | | | | | | 7 | | |
Europe | | | | | 43,694 | | | | | | 43,069 | | | | | | 625 | | | | | | 1 | | | | | $ | 8.64 | | | | | $ | 7.33 | | | | | $ | 1.31 | | | | | | 18 | | |
Latin America and Canada | | | | | 9,074 | | | | | | 8,481 | | | | | | 593 | | | | | | 7 | | | | | $ | 6.20 | | | | | $ | 5.67 | | | | | $ | 0.53 | | | | | | 9 | | |
Middle East and Africa | | | | | 19,633 | | | | | | 19,850 | | | | | | (217) | | | | | | (1) | | | | | $ | 7.68 | | | | | $ | 7.45 | | | | | $ | 0.23 | | | | | | 3 | | |
International | | | | | 106,399 | | | | | | 104,161 | | | | | | 2,238 | | | | | | 2 | | | | | $ | 7.93 | | | | | $ | 7.15 | | | | | $ | 0.78 | | | | | | 11 | | |
United States | | | | | 70,381 | | | | | | 77,509 | | | | | | (7,128) | | | | | | (9) | | | | | $ | 4.39 | | | | | $ | 4.12 | | | | | $ | 0.27 | | | | | | 7 | | |
Travel Commerce Platform | | | | | 176,780 | | | | | | 181,670 | | | | | | (4,890) | | | | | | (3) | | | | | $ | 6.52 | | | | | $ | 5.86 | | | | | $ | 0.66 | | | | | | 11 | | |
|
| | | Six Months Ended June 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Commissions | | | | $ | 574,756 | | | | | $ | 528,899 | | | | | $ | 45,857 | | | | | | 9 | | |
Technology costs | | | | | 164,526 | | | | | | 155,382 | | | | | | 9,144 | | | | | | 6 | | |
Cost of revenue | | | | $ | 739,282 | | | | | $ | 684,281 | | | | | $ | 55,001 | | | | | | 8 | | |
|
| | | Six Months Ended June 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Workforce | | | | $ | 173,095 | | | | | $ | 151,894 | | | | | $ | 21,201 | | | | | | 14 | | |
Non-workforce | | | | | 43,899 | | | | | | 51,978 | | | | | | (8,079) | | | | | | (16) | | |
Sub-total | | | | | 216,994 | | | | | | 203,872 | | | | | | 13,122 | | | | | | 6 | | |
Non-core corporate costs | | | | | 36,777 | | | | | | 22,407 | | | | | | 14,370 | | | | | | 64 | | |
SG&A | | | | $ | 253,771 | | | | | $ | 226,279 | | | | | $ | 27,492 | | | | | | 12 | | |
|
| | | Six Months Ended June 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Depreciation on property and equipment | | | | $ | 79,632 | | | | | $ | 81,110 | | | | | $ | (1,478) | | | | | | (2) | | |
Amortization of acquired intangible assets | | | | | 24,855 | | | | | | 37,765 | | | | | | (12,910) | | | | | | (34) | | |
Total depreciation and amortization | | | | $ | 104,487 | | | | | $ | 118,875 | | | | | $ | (14,388) | | | | | | (12) | | |
|
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Net revenue | | | | $ | 1,805,924 | | | | | $ | 1,686,167 | | | | | $ | 119,757 | | | | | | 7 | | |
Costs and expenses | | | | | | ||||||||||||||||||||
Cost of revenue | | | | | 1,090,816 | | | | | | 1,020,005 | | | | | | 70,811 | | | | | | 7 | | |
Selling, general and administrative | | | | | 377,177 | | | | | | 340,031 | | | | | | 37,146 | | | | | | 11 | | |
Depreciation and amortization | | | | | 158,068 | | | | | | 175,145 | | | | | | (17,077) | | | | | | (10) | | |
Total costs and expenses | | | | | 1,626,061 | | | | | | 1,535,181 | | | | | | 90,880 | | | | | | 6 | | |
Operating income | | | | | 179,863 | | | | | | 150,986 | | | | | | 28,877 | | | | | | 19 | | |
Interest expense, net | | | | | (129,821) | | | | | | (118,486) | | | | | | (11,335) | | | | | | (10) | | |
Loss on early extinguishment of debt | | | | | (3,626) | | | | | | — | | | | | | (3,626) | | | | | | * | | |
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 | | | | | 46,416 | | | | | | 38,771 | | | | | | 7,645 | | | | | | 20 | | |
Provision for income taxes | | | | | (22,260) | | | | | | (24,003) | | | | | | 1,743 | | | | | | 7 | | |
Share of losses in equity method investment | | | | | — | | | | | | (517) | | | | | | 517 | | | | | | 100 | | |
Net income | | | | $ | 24,156 | | | | | $ | 14,251 | | | | | $ | 9,905 | | | | | | 70 | | |
|
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Air | | | | $ | 1,277,671 | | | | | $ | 1,231,276 | | | | | $ | 46,395 | | | | | | 4 | | |
Beyond Air | | | | | 435,056 | | | | | | 361,003 | | | | | | 74,053 | | | | | | 21 | | |
Travel Commerce Platform | | | | | 1,712,727 | | | | | | 1,592,279 | | | | | | 120,448 | | | | | | 8 | | |
Technology Services | | | | | 93,197 | | | | | | 93,888 | | | | | | (691) | | | | | | (1) | | |
Net revenue | | | | $ | 1,805,924 | | | | | $ | 1,686,167 | | | | | $ | 119,757 | | | | | | 7 | | |
|
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||
| | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Travel Commerce Platform RevPas (in $) | | | | $ | 6.57 | | | | | $ | 5.99 | | | | | $ | 0.58 | | | | | | 10 | | |
Reported Segments (in thousands) | | | | | 260,725 | | | | | | 265,649 | | | | | | (4,924) | | | | | | (2) | | |
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Asia Pacific | | | | $ | 388,330 | | | | | $ | 350,315 | | | | | $ | 38,015 | | | | | | 11 | | |
Europe | | | | | 558,303 | | | | | | 474,833 | | | | | | 83,470 | | | | | | 18 | | |
Latin America and Canada | | | | | 82,617 | | | | | | 75,082 | | | | | | 7,535 | | | | | | 10 | | |
Middle East and Africa | | | | | 223,629 | | | | | | 219,529 | | | | | | 4,100 | | | | | | 2 | | |
International | | | | | 1,252,879 | | | | | | 1,119,759 | | | | | | 133,120 | | | | | | 12 | | |
United States | | | | | 459,848 | | | | | | 472,520 | | | | | | (12,672) | | | | | | (3) | | |
Travel Commerce Platform | | | | $ | 1,712,727 | | | | | $ | 1,592,279 | | | | | $ | 120,448 | | | | | | 8 | | |
|
| | | Segments (in thousands) | | | RevPas (in $) | | ||||||||||||||||||||||||||||||||||||||||||
| | | Nine Months Ended September 30, | | | Change | | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||||||||||||||||||||
| | | 2016 | | | 2015 | | | | | | | | | % | | | 2016 | | | 2015 | | | $ | | | % | | |||||||||||||||||||||
Asia Pacific | | | | | 50,733 | | | | | | 48,763 | | | | | | 1,970 | | | | | | 4 | | | | | $ | 7.65 | | | | | $ | 7.18 | | | | | $ | 0.47 | | | | | | 7 | | |
Europe | | | | | 63,282 | | | | | | 62,476 | | | | | | 806 | | | | | | 1 | | | | | $ | 8.82 | | | | | $ | 7.60 | | | | | $ | 1.22 | | | | | | 16 | | |
Latin America and Canada | | | | | 13,353 | | | | | | 12,750 | | | | | | 603 | | | | | | 5 | | | | | $ | 6.19 | | | | | $ | 5.89 | | | | | $ | 0.30 | | | | | | 5 | | |
Middle East and Africa | | | | | 28,876 | | | | | | 29,451 | | | | | | (575) | | | | | | (2) | | | | | $ | 7.74 | | | | | $ | 7.45 | | | | | $ | 0.29 | | | | | | 4 | | |
International | | | | | 156,244 | | | | | | 153,440 | | | | | | 2,804 | | | | | | 2 | | | | | $ | 8.02 | | | | | $ | 7.30 | | | | | $ | 0.72 | | | | | | 10 | | |
United States | | | | | 104,481 | | | | | | 112,209 | | | | | | (7,728) | | | | | | (7) | | | | | $ | 4.40 | | | | | $ | 4.21 | | | | | $ | 0.19 | | | | | | 5 | | |
Travel Commerce Platform | | | | | 260,725 | | | | | | 265,649 | | | | | | (4,924) | | | | | | (2) | | | | | $ | 6.57 | | | | | $ | 5.99 | | | | | $ | 0.58 | | | | | | 10 | | |
|
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Commissions | | | | $ | 848,458 | | | | | $ | 789,705 | | | | | $ | 58,753 | | | | | | 7 | | |
Technology costs | | | | | 242,358 | | | | | | 230,300 | | | | | | 12,058 | | | | | | 5 | | |
Cost of revenue | | | | $ | 1,090,816 | | | | | $ | 1,020,005 | | | | | $ | 70,811 | | | | | | 7 | | |
|
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Workforce | | | | $ | 261,371 | | | | | $ | 229,772 | | | | | $ | 31,599 | | | | | | 14 | | |
Non-workforce | | | | | 65,345 | | | | | | 81,766 | | | | | | (16,421) | | | | | | (20) | | |
Sub-total | | | | | 326,716 | | | | | | 311,538 | | | | | | 15,178 | | | | | | 5 | | |
Non-core corporate costs | | | | | 50,461 | | | | | | 28,493 | | | | | | 21,968 | | | | | | 77 | | |
SG&A | | | | $ | 377,177 | | | | | $ | 340,031 | | | | | $ | 37,146 | | | | | | 11 | | |
|
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2016 | | | 2015 | | | $ | | | % | | ||||||||||||
Depreciation on property and equipment | | | | $ | 121,375 | | | | | $ | 119,333 | | | | | $ | 2,042 | | | | | | 2 | | |
Amortization of acquired intangible assets | | | | | 36,693 | | | | | | 55,812 | | | | | | (19,119) | | | | | | (34) | | |
Total depreciation and amortization | | | | $ | 158,068 | | | | | $ | 175,145 | | | | | $ | (17,077) | | | | | | (10) | | |
|
(in $ thousands) | | June 30, 2016 | | | September 30, 2016 | | ||||||||
Cash and cash equivalents | | | $ | 126,937 | | | | | $ | 138,400 | | | ||
Revolving credit facility availability | | | | 101,194 | | | | | | 103,741 | | |
| | Asset (Liability) | | | | Asset (Liability) | | | ||||||||||||||||||||||||||||||
(in $ thousands) | | June 30, 2016 | | December 31, 2015 | | Change | | |||||||||||||||||||||||||||||||
(in $ thousands) | | September 30, 2016 | | December 31, 2015 | | Change | | |||||||||||||||||||||||||||||||
Accounts Receivable, net | | | $ | 241,526 | | | | $ | 205,686 | | | | $ | 35,840 | | | | | $ | 245,257 | | | | $ | 205,686 | | | | $ | 39,571 | | | ||||||
Accrued commissions and incentives | | | | (273,927) | | | | | (241,358) | | | | | (32,569) | | | | | | (293,220) | | | | | (241,358) | | | | | (51,862) | | | ||||||
Deferred revenue and prepaid incentives, net | | | | (20,480) | | | | | (9,340) | | | | | (11,140) | | | | | | (17,069) | | | | | (9,340) | | | | | (7,729) | | | ||||||
Cash and cash equivalents | | | | 126,937 | | | | | 154,841 | | | | | (27,904) | | | | | | 138,400 | | | | | 154,841 | | | | | (16,441) | | | ||||||
Accounts payable and employee related | | | | (131,833) | | | | | (153,349) | | | | | 21,516 | | | | | | (139,310) | | | | | (153,349) | | | | | 14,039 | | | ||||||
Accrued interest | | | | (2,997) | | | | | (18,800) | | | | | 15,803 | | | | | | (10,208) | | | | | (18,800) | | | | | 8,592 | | | ||||||
Current portion of long-term debt | | | | (64,086) | | | | | (74,163) | | | | | 10,077 | | | | | | (65,049) | | | | | (74,163) | | | | | 9,114 | | | ||||||
Taxes | | | | 19,613 | | | | | 16,850 | | | | | 2,763 | | | | | | 11,391 | | | | | 16,850 | | | | | (5,459) | | | ||||||
Other assets (liabilities), net | | | | 12,320 | | | | | 5,684 | | | | | 6,636 | | | | | | 8,576 | | | | | 5,684 | | | | | 2,892 | | | ||||||
Working Capital | | | $ | (92,927) | | | | $ | (113,949) | | | | $ | 21,022 | | | | | $ | (121,232) | | | | $ | (113,949) | | | | $ | (7,283) | | | ||||||
Consolidated Condensed Balance Sheets: | | | | | ||||||||||||||||||||||||||||||||||
Total current assets | | | $ | 490,474 | | | | $ | 465,141 | | | | $ | 25,333 | | | | | $ | 504,204 | | | | $ | 465,141 | | | | $ | 39,063 | | | ||||||
Total current liabilities | | | | (583,401) | | | | | (579,090) | | | | | (4,311) | | | | | | (625,436) | | | | | (579,090) | | | | | (46,346) | | | ||||||
Working Capital | | | $ | (92,927) | | | | $ | (113,949) | | | | $ | 21,022 | | | | | $ | (121,232) | | | | $ | (113,949) | | | | $ | (7,283) | | | |
| | June 30, 2016 | | December 31, 2015 | | Change | | | September 30, 2016 | | December 31, 2015 | | Change | | ||||||||||||||||||||||||
Accounts receivable, net (in $ thousands) | | | $ | 241,526 | | | | $ | 205,686 | | | | $ | 35,840 | | | | | $ | 245,257 | | | | $ | 205,686 | | | | $ | 39,571 | | | ||||||
Accounts receivable, net – Days Sales Outstanding (“DSO”) | | | | 36 | | | | | 38 | | | | | (2) | | | | | | 38 | | | | | 38 | | | | | — | | |
| | Six Months Ended June 30, | | Change | | | Nine Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||
(in $ thousands) | | 2016 | | 2015 | | $ | | | 2016 | | 2015 | | $ | | ||||||||||||||||||||||||
Cash provided by (used in): | | | | | ||||||||||||||||||||||||||||||||||
Operating activities | | | $ | 102,932 | | | | $ | 92,166 | | | | $ | 10,766 | | | | | $ | 213,858 | | | | $ | 153,735 | | | | $ | 60,123 | | | ||||||
Investing activities | | | | (59,994) | | | | | (46,223) | | | | | (13,771) | | | | | | (85,139) | | | | | (130,647) | | | | | 45,508 | | | ||||||
Financing activities | | | | (70,597) | | | | | (56,641) | | | | | (13,956) | | | | | | (144,912) | | | | | (59,738) | | | | | (85,174) | | | ||||||
Effect of exchange rate changes | | | | (245) | | | | | (1,252) | | | | | 1,007 | | | | | | (248) | | | | | (1,010) | | | | | 762 | | | ||||||
Net decrease in cash and cash equivalents | | | $ | (27,904) | | | | $ | (11,950) | | | | $ | (15,954) | | | | | $ | (16,441) | | | | $ | (37,660) | | | | $ | 21,219 | | | |
| | Six Months Ended, June 30, | | | Nine Months Ended, September 30, | | ||||||||||||||||||||
(in $ thousands) | | 2016 | | 2015 | | |||||||||||||||||||||
(in $ thousands) | | 2016 | | 2015 | | |||||||||||||||||||||
Adjusted EBITDA | | | $ | 293,153 | | | | $ | 274,444 | | | | | $ | 443,585 | | | | $ | 405,421 | | | ||||
Interest payments | | | | (86,854) | | | | | (72,732) | | | | | | (110,988) | | | | | (109,168) | | | ||||
Tax payments | | | | (8,573) | | | | | (13,272) | | | | | | (15,069) | | | | | (18,045) | | | ||||
Customer loyalty payments | | | | (43,922) | | | | | (42,211) | | | | | | (56,533) | | | | | (55,679) | | | ||||
Changes in working capital | | | | (30,525) | | | | | (53,392) | | | | | | (19,350) | | | | | (61,285) | | | ||||
Pensions liability contribution | | | | (1,837) | | | | | (1,550) | | | | | | (2,440) | | | | | (2,276) | | | ||||
Changes in other assets and liabilities | | | | (5,642) | | | | | 9,957 | | | | | | (4,426) | | | | | 6,802 | | | ||||
Other adjusting items(1) | | | | (12,868) | | | | | (9,078) | | | | | | (20,921) | | | | | (12,035) | | | ||||
Net cash provided by operating activities | | | | 102,932 | | | | | 92,166 | | | | | | 213,858 | | | | | 153,735 | | | ||||
Add: other adjusting items(1) | | | | 12,868 | | | | | 9,078 | | | | | | 20,921 | | | | | 12,035 | | | ||||
Less: capital expenditures on property and equipment additions | | | | (44,985) | | | | | (52,494) | | | | | | (70,130) | | | | | (76,385) | | | ||||
Less: repayment of capital lease obligations and other indebtedness | | | | (23,542) | | | | | (16,067) | | | | | | (34,206) | | | | | (25,589) | | | ||||
Adjusted Free Cash Flow | | | $ | 47,273 | | | | $ | 32,683 | | | | | $ | 130,443 | | | | $ | 63,796 | | | |
| | Six Months Ended June 30, | | | Nine Months Ended September 30, | | ||||||||||||||||||||
(in $ thousands) | | 2016 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
Cash additions to software developed for internal use | | | $ | 36,452 | | | | $ | 37,452 | | | | | $ | 56,297 | | | | $ | 57,111 | | | ||||
Cash additions to computer equipment | | | | 8,533 | | | | | 15,042 | | | | | | 13,833 | | | | | 19,274 | | | ||||
Total | | | $ | 44,985 | | | | $ | 52,494 | | | | | $ | 70,130 | | | | $ | 76,385 | | | |
(in $ thousands) | | Interest rate | | Maturity | | June 30, 2016 | | December 31, 2015 | | | Interest rate | | Maturity | | September 30, 2016 | | December 31, 2015 | | ||||||||||||||||||||
Senior Secured Credit Agreement | | | | | | | ||||||||||||||||||||||||||||||||
Term loans | | | | | | | ||||||||||||||||||||||||||||||||
Dollar denominated(1)(2)(3) | | L+4.00% | | September 2021 | | | $ | 2,292,472 | | | | $ | 2,303,315 | | | | L+4.00% | | September 2021 | | | $ | 2,239,832 | | | | $ | 2,303,315 | | | ||||||||
Revolver borrowings | | | | | | | ||||||||||||||||||||||||||||||||
Dollar denominated | | L+5.00% | | September 2019 | | | | — | | | | | — | | | | L+5.00% | | September 2019 | | | | — | | | | | — | | | ||||||||
Capital leases and other indebtedness | | | | | | | | 118,310 | | | | | 133,883 | | | | | | | | | | 118,557 | | | | | 133,883 | | | ||||||||
Total debt | | | | | | | | 2,410,782 | | | | | 2,437,198 | | | | | | | | | | 2,358,389 | | | | | 2,437,198 | | | ||||||||
Less: cash and cash equivalents | | | | | | | | (126,937) | | | | | (154,841) | | | | | | | | | | (138,400) | | | | | (154,841) | | | ||||||||
Net Debt | | | | | | | $ | 2,283,845 | | | | $ | 2,282,357 | | | | | | | | | $ | 2,219,989 | | | | $ | 2,282,357 | | | |
| | | | TRAVELPORT WORLDWIDE LIMITED | |
| Date: | | | By: /s/ Bernard Bot Bernard Bot Executive Vice President and Chief Financial Officer | |
| Date: | | | By: /s/ Antonios Basoukeas Antonios Basoukeas Chief Accounting Officer | |
| Exhibit No. | | | Description | |
| 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). | |
| |||||
| 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 | |