| Bermuda | | | 98-0505105 | |
| (State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification Number) | |
| Large accelerated filer | | | ☒ | | | Accelerated filer | | | ☐ | |
| Non-accelerated filer | | | ☐ | | | Smaller reporting company | | | ☐ | |
| | | | | | Emerging growth company | |||||
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PART I. FINANCIAL INFORMATION | | | | | |||||||||||
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PART II. OTHER INFORMATION | | ||||||||||||||
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(in $ thousands, except share data) | | Three Months Ended September 30, 2017 | | Three Months Ended September 30, 2016 | | Nine Months Ended September 30, 2017 | | Nine Months Ended September 30, 2016 | | | Three Months Ended September 30, 2018 | | Three Months Ended September 30, 2017 | | Nine Months Ended September 30, 2018 | | Nine Months Ended September 30, 2017 | | ||||||||||||||||||||||||||||||||
Net revenue | | | $ | 610,842 | | | | $ | 590,756 | | | | $ | 1,873,712 | | | | $ | 1,805,924 | | | | | $ | 622,585 | | | | $ | 610,842 | | | | $ | 1,962,431 | | | | $ | 1,873,712 | | | ||||||||
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Cost of revenue | | | | 388,027 | | | | | 351,534 | | | | | 1,144,572 | | | | | 1,090,816 | | | | | | 400,679 | | | | | 388,027 | | | | | 1,254,868 | | | | | 1,144,572 | | | ||||||||
Selling, general and administrative | | | | 111,762 | | | | | 123,406 | | | | | 338,810 | | | | | 377,177 | | | | | | 127,538 | | | | | 110,916 | | | | | 395,093 | | | | | 336,272 | | | ||||||||
Depreciation and amortization | | | | 50,314 | | | | | 53,581 | | | | | 156,871 | | | | | 158,068 | | | | | | 50,253 | | | | | 50,314 | | | | | 148,398 | | | | | 156,871 | | | ||||||||
Total costs and expenses | | | | 550,103 | | | | | 528,521 | | | | | 1,640,253 | | | | | 1,626,061 | | | | | | 578,470 | | | | | 549,257 | | | | | 1,798,359 | | | | | 1,637,715 | | | ||||||||
Operating income | | | | 60,739 | | | | | 62,235 | | | | | 233,459 | | | | | 179,863 | | | | | | 44,115 | | | | | 61,585 | | | | | 164,072 | | | | | 235,997 | | | ||||||||
Interest expense, net | | | | (28,793) | | | | | (29,813) | | | | | (92,011) | | | | | (129,821) | | | | | | (27,772) | | | | | (28,793) | | | | | (66,312) | | | | | (92,011) | | | ||||||||
Loss on early extinguishment of debt | | | | (38) | | | | | (4,682) | | | | | (27,699) | | | | | (4,682) | | | |||||||||||||||||||||||||||||
Gain on sale of a subsidiary | | | | — | | | | | — | | | | | 1,217 | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | 1,217 | | | ||||||||
Loss on early extinguishment of debt | | | | (4,682) | | | | | (955) | | | | | (4,682) | | | | | (3,626) | | | |||||||||||||||||||||||||||||
Other expense | | | | (266) | | | | | (846) | | | | | (730) | | | | | (2,538) | | | |||||||||||||||||||||||||||||
Income before income taxes | | | | 27,264 | | | | | 31,467 | | | | | 137,983 | | | | | 46,416 | | | | | | 16,039 | | | | | 27,264 | | | | | 69,331 | | | | | 137,983 | | | ||||||||
Provision for income taxes | | | | (22,583) | | | | | (10,063) | | | | | (43,073) | | | | | (22,260) | | | | | | (10,169) | | | | | (22,583) | | | | | (24,972) | | | | | (43,073) | | | ||||||||
Net income from continuing operations | | | | 5,870 | | | | | 4,681 | | | | | 44,359 | | | | | 94,910 | | | |||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | | | | — | | | | | — | | | | | 27,747 | | | | | — | | | |||||||||||||||||||||||||||||
Net income | | | | 4,681 | | | | | 21,404 | | | | | 94,910 | | | | | 24,156 | | | | | | 5,870 | | | | | 4,681 | | | | | 72,106 | | | | | 94,910 | | | ||||||||
Net loss (income) attributable to non-controlling interest in subsidiaries | | | | 169 | | | | | (566) | | | | | 973 | | | | | (1,564) | | | |||||||||||||||||||||||||||||
Net (income) loss attributable to non-controlling interest in subsidiaries | | | | (762) | | | | | 169 | | | | | (2,025) | | | | | 973 | | | |||||||||||||||||||||||||||||
Net income attributable to the Company | | | $ | 4,850 | | | | $ | 20,838 | | | | $ | 95,883 | | | | $ | 22,592 | | | | | $ | 5,108 | | | | $ | 4,850 | | | | $ | 70,081 | | | | $ | 95,883 | | | ||||||||
Income per share – Basic: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Income per share | | | $ | 0.04 | | | | $ | 0.17 | | | | $ | 0.77 | | | | $ | 0.18 | | | |||||||||||||||||||||||||||||
Income per share – continuing operations | | | $ | 0.04 | | | | $ | 0.04 | | | | $ | 0.34 | | | | $ | 0.77 | | | |||||||||||||||||||||||||||||
Income per share – discontinued operations | | | | — | | | | | — | | | | | 0.22 | | | | | — | | | |||||||||||||||||||||||||||||
Basic income per share | | | $ | 0.04 | | | | $ | 0.04 | | | | $ | 0.56 | | | | $ | 0.77 | | | |||||||||||||||||||||||||||||
Weighted average common shares outstanding – Basic | | | | 124,469,069 | | | | | 123,920,699 | | | | | 124,303,716 | | | | | 123,821,339 | | | | | | 126,246,210 | | | | | 124,469,069 | | | | | 125,908,707 | | | | | 124,303,716 | | | ||||||||
Income per share – Diluted: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Income per share | | | $ | 0.04 | | | | $ | 0.17 | | | | $ | 0.76 | | | | $ | 0.18 | | | |||||||||||||||||||||||||||||
Income per share – continuing operations | | | $ | 0.04 | | | | $ | 0.04 | | | | $ | 0.33 | | | | $ | 0.76 | | | |||||||||||||||||||||||||||||
Income per share – discontinued operations | | | | — | | | | | — | | | | | 0.22 | | | | | — | | | |||||||||||||||||||||||||||||
Diluted income per share | | | $ | 0.04 | | | | $ | 0.04 | | | | $ | 0.55 | | | | $ | 0.76 | | | |||||||||||||||||||||||||||||
Weighted average common shares outstanding – Diluted | | | | 126,188,372 | | | | | 124,291,687 | | | | | 125,827,540 | | | | | 124,209,052 | | | | | | 128,389,385 | | | | | 126,188,372 | | | | | 127,854,478 | | | | | 125,827,540 | | | ||||||||
Cash dividends declared per common share | | | $ | 0.075 | | | | $ | 0.075 | | | | $ | 0.225 | | | | $ | 0.225 | | | | | $ | 0.075 | | | | $ | 0.075 | | | | $ | 0.225 | | | | $ | 0.225 | | |
(in $ thousands) | | Three Months Ended September 30, 2017 | | Three Months Ended September 30, 2016 | | Nine Months Ended September 30, 2017 | | Nine Months Ended September 30, 2016 | | | Three Months Ended September 30, 2018 | | Three Months Ended September 30, 2017 | | Nine Months Ended September 30, 2018 | | Nine Months Ended September 30, 2017 | | ||||||||||||||||||||||||||||||||
Net income | | | $ | 4,681 | | | | $ | 21,404 | | | | $ | 94,910 | | | | $ | 24,156 | | | | | $ | 5,870 | | | | $ | 4,681 | | | | $ | 72,106 | | | | $ | 94,910 | | | ||||||||
Other comprehensive income, net of tax: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Currency translation adjustment, net of tax | | | | 4,234 | | | | | 2,475 | | | | | 20,533 | | | | | 5,135 | | | | | | (1,937) | | | | | 4,234 | | | | | (8,522) | | | | | 20,533 | | | ||||||||
Amortization of actuarial loss to net income, net of tax | | | | 2,856 | | | | | 2,472 | | | | | 8,060 | | | | | 6,974 | | | | | | 2,524 | | | | | 2,856 | | | | | 7,577 | | | | | 8,060 | | | ||||||||
Other comprehensive income, net of tax | | | | 7,090 | | | | | 4,947 | | | | | 28,593 | | | | | 12,109 | | | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | | | | 587 | | | | | 7,090 | | | | | (945) | | | | | 28,593 | | | |||||||||||||||||||||||||||||
Comprehensive income | | | | 11,771 | | | | | 26,351 | | | | | 123,503 | | | | | 36,265 | | | | | | 6,457 | | | | | 11,771 | | | | | 71,161 | | | | | 123,503 | | | ||||||||
Comprehensive loss (income) attributable to non-controlling interest in subsidiaries | | | | 169 | | | | | (566) | | | | | 973 | | | | | (1,564) | | | |||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to non-controlling interest in subsidiaries | | | | (762) | | | | | 169 | | | | | (2,025) | | | | | 973 | | | |||||||||||||||||||||||||||||
Comprehensive income attributable to the Company | | | $ | 11,940 | | | | $ | 25,785 | | | | $ | 124,476 | | | | $ | 34,701 | | | | | $ | 5,695 | | | | $ | 11,940 | | | | $ | 69,136 | | | | $ | 124,476 | | | |
(in $ thousands, except share data) | | September 30, 2017 | | December 31, 2016 | | | September 30, 2018 | | December 31, 2017 | | ||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Current assets: | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash and cash equivalents | | | $ | 204,646 | | | | $ | 139,938 | | | | | $ | 200,333 | | | | $ | 122,039 | | | ||||
Accounts receivable (net of allowances for doubtful accounts of $13,611 and $13,430) | | | | 252,661 | | | | | 218,224 | | | |||||||||||||||
Accounts receivable (net of allowances for doubtful accounts of $9,753 and $10,245, respectively) | | | | 248,635 | | | | | 206,524 | | | |||||||||||||||
Other current assets | | | | 107,541 | | | | | 84,089 | | | | | | 125,612 | | | | | 109,724 | | | ||||
Total current assets | | | | 564,848 | | | | | 442,251 | | | | | | 574,580 | | | | | 438,287 | | | ||||
Property and equipment, net | | | | 406,848 | | | | | 431,046 | | | | | | 495,506 | | | | | 431,741 | | | ||||
Goodwill | | | | 1,088,653 | | | | | 1,079,951 | | | | | | 1,085,341 | | | | | 1,089,590 | | | ||||
Trademarks and tradenames | | | | 313,097 | | | | | 313,097 | | | | | | 313,097 | | | | | 313,097 | | | ||||
Other intangible assets, net | | | | 517,538 | | | | | 511,607 | | | | | | 444,602 | | | | | 496,180 | | | ||||
Deferred income taxes | | | | 9,313 | | | | | 9,213 | | | | | | 22,359 | | | | | 12,796 | | | ||||
Other non-current assets | | | | 58,388 | | | | | 46,764 | | | | | | 72,525 | | | | | 76,808 | | | ||||
Total assets | | | $ | 2,958,685 | | | | $ | 2,833,929 | | | | | $ | 3,008,010 | | | | $ | 2,858,499 | | | ||||
Liabilities and equity | | | | | | | | | | | | | | | | | | | | | | | ||||
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Accounts payable | | | $ | 76,205 | | | | $ | 59,219 | | | | | $ | 72,094 | | | | $ | 73,278 | | | ||||
Accrued expenses and other current liabilities | | | | 556,982 | | | | | 478,560 | | | | | | 574,260 | | | | | 509,068 | | | ||||
Current portion of long-term debt | | | | 63,552 | | | | | 63,558 | | | | | | 58,377 | | | | | 64,291 | | | ||||
Total current liabilities | | | | 696,739 | | | | | 601,337 | | | | | | 704,731 | | | | | 646,637 | | | ||||
Long-term debt | | | | 2,211,011 | | | | | 2,281,210 | | | | | | 2,206,171 | | | | | 2,165,722 | | | ||||
Deferred income taxes | | | | 59,137 | | | | | 59,381 | | | | | | 37,881 | | | | | 34,899 | | | ||||
Other non-current liabilities | | | | 226,512 | | | | | 227,783 | | | | | | 191,273 | | | | | 203,562 | | | ||||
Total liabilities | | | | 3,193,399 | | | | | 3,169,711 | | | | | | 3,140,056 | | | | | 3,050,820 | | | ||||
Commitments and contingencies (Note 11) | | | | | | | | | | | | |||||||||||||||
Commitments and contingencies (Note 13) | | | | | | | | | | | | |||||||||||||||
Shareholders’ equity (deficit): | | | | | | | | | | | | | | | | | | | | | | | ||||
Preference shares ($0.0025 par value; 225,000,000 shares authorized; no shares issued and outstanding as of September 30, 2017 and December 31, 2016) | | | | — | | | | | — | | | |||||||||||||||
Common shares ($0.0025 par value; 560,000,000 shares authorized; 125,549,659 shares and 124,941,233 shares issued; 124,486,967 shares and 124,032,361 shares outstanding as of September 30, 2017 and December 31, 2016, respectively) | | | | 313 | | | | | 312 | | | |||||||||||||||
Preference shares ($0.0025 par value; 225,000,000 shares authorized; no shares issued and outstanding as of September 30, 2018 and December 31, 2017) | | | | — | | | | | — | | | |||||||||||||||
Common shares ($0.0025 par value; 560,000,000 shares authorized; 128,047,376 shares and 126,967,010 shares issued; 126,306,329 shares and 125,346,613 shares outstanding as of September 30, 2018 and December 31, 2017, respectively) | | | | 320 | | | | | 317 | | | |||||||||||||||
Additional paid in capital | | | | 2,701,387 | | | | | 2,708,836 | | | | | | 2,685,806 | | | | | 2,700,133 | | | ||||
Treasury shares, at cost (1,062,692 shares and 908,872 shares as of September 30, 2017 and December 31, 2016, respectively) | | | | (15,988) | | | | | (14,166) | | | |||||||||||||||
Treasury shares, at cost (1,741,047 shares and 1,620,397 shares as of September 30, 2018 and December 31, 2017, respectively) | | | | (26,832) | | | | | (24,755) | | | |||||||||||||||
Accumulated deficit | | | | (2,768,955) | | | | | (2,864,838) | | | | | | (2,651,308) | | | | | (2,722,375) | | | ||||
Accumulated other comprehensive loss | | | | (161,479) | | | | | (190,072) | | | | | | (156,566) | | | | | (155,621) | | | ||||
Total shareholders’ equity (deficit) | | | | (244,722) | | | | | (359,928) | | | | | | (148,580) | | | | | (202,301) | | | ||||
Equity attributable to non-controlling interest in subsidiaries | | | | 10,008 | | | | | 24,146 | | | | | | 16,534 | | | | | 9,980 | | | ||||
Total equity (deficit) | | | | (234,714) | | | | | (335,782) | | | | | | (132,046) | | | | | (192,321) | | | ||||
Total liabilities and equity | | | $ | 2,958,685 | | | | $ | 2,833,929 | | | | | $ | 3,008,010 | | | | $ | 2,858,499 | | | |
(in $ thousands) | | Nine Months Ended September 30, 2017 | | Nine Months Ended September 30, 2016 | | | Nine Months Ended September 30, 2018 | | Nine Months Ended September 30, 2017 | | ||||||||||||||||
Operating activities | | | | | | | | | | | | | | | | | | | | | | | ||||
Net income | | | $ | 94,910 | | | | $ | 24,156 | | | | | $ | 72,106 | | | | $ | 94,910 | | | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | |||||||||||||||
Income from discontinued operations, net of tax | | | | (27,747) | | | | | — | | | |||||||||||||||
Net income from continuing operations | | | | 44,359 | | | | | 94,910 | | | |||||||||||||||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | | | | | | | | | | | | |||||||||||||||
Depreciation and amortization | | | | 156,871 | | | | | 158,068 | | | | | | 148,398 | | | | | 156,871 | | | ||||
Amortization of customer loyalty payments | | | | 57,348 | | | | | 55,193 | | | | | | 64,553 | | | | | 57,348 | | | ||||
Allowance for prepaid incentives | | | | — | | | | | 10,684 | | | |||||||||||||||
Impairment of long-lived assets | | | | 685 | | | | | 4,586 | | | | | | 14,912 | | | | | 685 | | | ||||
Amortization of debt finance costs and debt discount | | | | 7,791 | | | | | 7,922 | | | | | | 3,613 | | | | | 7,791 | | | ||||
Gain on sale of a subsidiary | | | | (1,217) | | | | | — | | | | | | — | | | | | (1,217) | | | ||||
Loss on early extinguishment of debt | | | | 4,682 | | | | | 3,626 | | | | | | 27,699 | | | | | 4,682 | | | ||||
Unrealized (gain) loss on foreign exchange derivative instruments | | | | (27,256) | | | | | 3,159 | | | |||||||||||||||
Unrealized loss on interest rate derivative instruments | | | | 1,121 | | | | | 17,471 | | | |||||||||||||||
Unrealized loss (gain) on foreign exchange derivative instruments | | | | 23,637 | | | | | (27,256) | | | |||||||||||||||
Unrealized (gain) loss on interest rate derivative instruments | | | | (11,651) | | | | | 1,121 | | | |||||||||||||||
Equity-based compensation | | | | 24,445 | | | | | 21,760 | | | | | | 11,845 | | | | | 24,445 | | | ||||
Deferred income taxes | | | | (304) | | | | | 869 | | | | | | (7,129) | | | | | (304) | | | ||||
Customer loyalty payments | | | | (54,592) | | | | | (56,533) | | | | | | (73,349) | | | | | (54,592) | | | ||||
Pension liability contribution | | | | (1,541) | | | | | (2,440) | | | | | | (1,049) | | | | | (1,541) | | | ||||
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Accounts receivable | | | | (39,209) | | | | | (38,802) | | | |||||||||||||||
Accounts receivable, net | | | | (41,966) | | | | | (39,209) | | | |||||||||||||||
Other current assets | | | | (7,493) | | | | | (15,501) | | | | | | (12,933) | | | | | (7,493) | | | ||||
Accounts payable, accrued expenses and other current liabilities | | | | 61,504 | | | | | 19,315 | | | | | | 84,249 | | | | | 61,504 | | | ||||
Other | | | | (3,403) | | | | | 325 | | | | | | 10,247 | | | | | (3,403) | | | ||||
Net cash provided by operating activities | | | $ | 274,342 | | | | $ | 213,858 | | | | | $ | 285,435 | | | | $ | 274,342 | | | ||||
Investing activities | | | | | | | | | | | | | | | | | | | | | | | ||||
Property and equipment additions | | | $ | (79,192) | | | | $ | (70,130) | | | | | $ | (109,236) | | | | $ | (79,192) | | | ||||
Sale of subsidiary, net of cash disposed | | | | (3,433) | | | | | — | | | | | | — | | | | | (3,433) | | | ||||
Business acquired, net of cash | | | | — | | | | | (15,009) | | | |||||||||||||||
Net cash used in investing activities | | | $ | (82,625) | | | | $ | (85,139) | | | | | $ | (109,236) | | | | $ | (82,625) | | | |
(in $ thousands) | | Nine Months Ended September 30, 2017 | | Nine Months Ended September 30, 2016 | | | Nine Months Ended September 30, 2018 | | Nine Months Ended September 30, 2017 | | ||||||||||||||||
Financing activities | | | | | | | | | | | | | | | | | | | | | | | ||||
Proceeds from term loans | | | $ | 114,000 | | | | $ | 143,291 | | | | | $ | 1,400,000 | | | | $ | 114,000 | | | ||||
Proceeds from issuance of senior secured notes | | | | 745,000 | | | | | — | | | |||||||||||||||
Repayment of term loans | | | | (181,813) | | | | | (211,103) | | | | | | (2,161,250) | | | | | (181,813) | | | ||||
Repayment of capital lease obligations and other indebtedness | | | | (29,811) | | | | | (34,206) | | | | | | (30,632) | | | | | (29,811) | | | ||||
Proceeds from revolver borrowings | | | | — | | | | | 10,000 | | | |||||||||||||||
Repayment of revolver borrowings | | | | — | | | | | (10,000) | | | |||||||||||||||
Debt finance cost and lender fees | | | | (686) | | | | | (7,791) | | | |||||||||||||||
Debt finance costs and lender fees | | | | (21,551) | | | | | (686) | | | |||||||||||||||
Dividend to shareholders | | | | (28,234) | | | | | (27,859) | | | | | | (28,472) | | | | | (28,234) | | | ||||
Purchase of non-controlling interest in a subsidiary | | | | (1,063) | | | | | (7,820) | | | | | | — | | | | | (1,063) | | | ||||
Proceeds from share issuance under employee share purchase plan and stock options | | | | 2,016 | | | | | 1,580 | | | | | | 8,460 | | | | | 2,016 | | | ||||
Treasury share purchase related to vesting of equity awards | | | | (2,461) | | | | | (1,004) | | | | | | (2,621) | | | | | (2,461) | | | ||||
Other | | | | (2,240) | | | | | — | | | |||||||||||||||
Net cash used in financing activities | | | $ | (128,052) | | | | $ | (144,912) | | | | | $ | (93,306) | | | | $ | (128,052) | | | ||||
Effect of changes in exchange rates on cash and cash equivalents | | | | 1,043 | | | | | (248) | | | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | | | | 64,708 | | | | | (16,441) | | | |||||||||||||||
Cash and cash equivalents at beginning of period | | | | 139,938 | | | | | 154,841 | | | |||||||||||||||
Cash and cash equivalents at end of period | | | $ | 204,646 | | | | $ | 138,400 | | | |||||||||||||||
Effect of changes in exchange rates on cash, cash equivalents and restricted cash | | | | (1,126) | | | | | 1,043 | | | |||||||||||||||
Net increase in cash, cash equivalents and restricted cash | | | | 81,767 | | | | | 64,708 | | | |||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period (Note 8) | | | | 122,039 | | | | | 139,938 | | | |||||||||||||||
Cash, cash equivalents and restricted cash at end of period (Note 8) | | | $ | 203,806 | | | | $ | 204,646 | | | |||||||||||||||
Supplemental disclosures of cash flow information | | | | | | | | | | | | | | | | | | | | | | | ||||
Interest payments, net of capitalized interest | | | $ | 83,294 | | | | $ | 110,988 | | | | | $ | 77,419 | | | | $ | 83,294 | | | ||||
Income tax payments, net of refunds | | | | 23,540 | | | | | 15,069 | | | | | | 36,933 | | | | | 23,540 | | | ||||
Non-cash capital lease additions | | | | 17,984 | | | | | 16,554 | | | |||||||||||||||
Non-cash capital lease asset additions | | | | 71,511 | | | | | 17,984 | | | |||||||||||||||
Non-cash purchase of property and equipment | | | | 3,120 | | | | | — | | | | | | 4,220 | | | | | 3,120 | | |
| | | Common Shares | | | Additional Paid in Capital | | | Treasury Shares | | | Accumulated Deficit | | | Accumulated Other Comprehensive Loss | | | Non- Controlling Interest in Subsidiaries | | | Total Equity (Deficit) | | |||||||||||||||||||||||||||||||||
(in $ thousands, except share data) | | | Number | | | Amount | | | Number | | | Amount | | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2016 | | | | | 124,941,233 | | | | | $ | 312 | | | | | $ | 2,708,836 | | | | | | 908,872 | | | | | $ | (14,166) | | | | | $ | (2,864,838) | | | | | $ | (190,072) | | | | | $ | 24,146 | | | | | $ | (335,782) | | |
Dividend to shareholders ($0.225 per common share) | | | | | — | | | | | | — | | | | | | (29,576) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (29,576) | | |
Purchase of non-controlling interest in a subsidiary | | | | | — | | | | | | — | | | | | | (47) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,016) | | | | | | (1,063) | | |
Sale of shares in a subsidiary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,539) | | | | | | (15,539) | | |
Equity-based compensation | | | | | 608,426 | | | | | | 1 | | | | | | 22,813 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,390 | | | | | | 26,204 | | |
Treasury shares purchased in relation to vesting of equity awards | | | | | — | | | | | | — | | | | | | — | | | | | | 194,829 | | | | | | (2,461) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,461) | | |
Treasury shares issued in relation to vesting of equity awards | | | | | — | | | | | | — | | | | | | (639) | | | | | | (41,009) | | | | | | 639 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Comprehensive income (loss), net of tax | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 95,883 | | | | | | 28,593 | | | | | | (973) | | | | | | 123,503 | | |
Balance as of September 30, 2017 | | | | | 125,549,659 | | | | | $ | 313 | | | | | $ | 2,701,387 | | | | | | 1,062,692 | | | | | $ | (15,988) | | | | | $ | (2,768,955) | | | | | $ | (161,479) | | | | | $ | 10,008 | | | | | $ | (234,714) | | |
|
| | | Common Shares | | | Additional Paid in Capital | | | Treasury Shares | | | Accumulated Deficit | | | Accumulated Other Comprehensive Loss | | | Non- Controlling Interest in Subsidiaries | | | Total Equity (Deficit) | | |||||||||||||||||||||||||||||||||
(in $ thousands, except share data) | | | Number | | | Amount | | | Number | | | Amount | | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2015 | | | | | 124,476,382 | | | | | $ | 311 | | | | | $ | 2,715,538 | | | | | | 844,908 | | | | | $ | (13,331) | | | | | $ | (2,881,658) | | | | | $ | (177,507) | | | | | $ | 33,789 | | | | | $ | (322,858) | | |
Dividend to shareholders ($0.225 per common share) | | | | | — | | | | | | — | | | | | | (28,553) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (28,553) | | |
Purchase of non-controlling interest in a subsidiary | | | | | — | | | | | | — | | | | | | 1,189 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,709) | | | | | | (8,520) | | |
Equity-based compensation | | | | | 308,167 | | | | | | 1 | | | | | | 23,381 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,382 | | |
Treasury shares purchased in relation to vesting of equity awards | | | | | — | | | | | | — | | | | | | — | | | | | | 70,362 | | | | | | (1,004) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,004) | | |
Treasury shares issued in relation to vesting of equity awards | | | | | — | | | | | | — | | | | | | (802) | | | | | | (50,969) | | | | | | 802 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Comprehensive income (loss), net of tax | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,592 | | | | | | 12,109 | | | | | | 1,564 | | | | | | 36,265 | | |
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) | | |
|
| | | Common Shares | | | Additional Paid in Capital | | | Treasury Shares | | | Accumulated Deficit | | | Accumulated Other Comprehensive Loss | | | Non- Controlling Interest in Subsidiaries | | | Total Equity (Deficit) | | |||||||||||||||||||||||||||||||||
(in $ thousands, except share data) | | | Number | | | Amount | | | Number | | | Amount | | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2017 | | | | | 126,967,010 | | | | | $ | 317 | | | | | $ | 2,700,133 | | | | | | 1,620,397 | | | | | $ | (24,755) | | | | | $ | (2,722,375) | | | | | $ | (155,621) | | | | | $ | 9,980 | | | | | $ | (192,321) | | |
Change in accounting policy for revenue recognition (Note 3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 986 | | | | | | — | | | | | | — | | | | | | 986 | | |
Dividend to shareholders ($0.225 per common share) | | | | | — | | | | | | — | | | | | | (29,443) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (29,443) | | |
Equity-based compensation | | | | | 1,080,366 | | | | | | 3 | | | | | | 17,547 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,642 | | | | | | 20,192 | | |
Purchase of a non-controlling interest in a subsidiary | | | | | — | | | | | | — | | | | | | (1,887) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,887 | | | | | | — | | |
Treasury shares purchased in relation to vesting of equity awards | | | | | — | | | | | | — | | | | | | — | | | | | | 156,296 | | | | | | (2,621) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,621) | | |
Treasury shares issued in relation to vesting of equity awards | | | | | — | | | | | | — | | | | | | (544) | | | | | | (35,646) | | | | | | 544 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Comprehensive income, net of tax | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 70,081 | | | | | | (945) | | | | | | 2,025 | | | | | | 71,161 | | |
Balance as of September 30, 2018 | | | | | 128,047,376 | | | | | $ | 320 | | | | | $ | 2,685,806 | | | | | | 1,741,047 | | | | | $ | (26,832) | | | | | $ | (2,651,308) | | | | | $ | (156,566) | | | | | $ | 16,534 | | | | | $ | (132,046) | | |
|
| | | Common Shares | | | Additional Paid in Capital | | | Treasury Shares | | | Accumulated Deficit | | | Accumulated Other Comprehensive Loss | | | Non- Controlling Interest in Subsidiaries | | | Total Equity (Deficit) | | |||||||||||||||||||||||||||||||||
(in $ thousands, except share data) | | | Number | | | Amount | | | Number | | | Amount | | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2016 | | | | | 124,941,233 | | | | | $ | 312 | | | | | $ | 2,708,836 | | | | | | 908,872 | | | | | $ | (14,166) | | | | | $ | (2,864,838) | | | | | $ | (190,072) | | | | | $ | 24,146 | | | | | $ | (335,782) | | |
Dividend to shareholders ($0.225 per common share) | | | | | — | | | | | | — | | | | | | (29,576) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (29,576) | | |
Purchase of non-controlling interest in a subsidiary | | | | | — | | | | | | — | | | | | | (47) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,016) | | | | | | (1,063) | | |
Sale of shares in a subsidiary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,539) | | | | | | (15,539) | | |
Equity-based compensation | | | | | 608,426 | | | | | | 1 | | | | | | 22,813 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,390 | | | | | | 26,204 | | |
Treasury shares purchased in relation to vesting of equity awards | | | | | — | | | | | | — | | | | | | — | | | | | | 194,829 | | | | | | (2,461) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,461) | | |
Treasury shares issued in relation to vesting of equity awards | | | | | — | | | | | | — | | | | | | (639) | | | | | | (41,009) | | | | | | 639 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Comprehensive income, net of tax | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 95,883 | | | | | | 28,593 | | | | | | (973) | | | | | | 123,503 | | |
Balance as of September 30, 2017 | | | | | 125,549,659 | | | | | $ | 313 | | | | | $ | 2,701,387 | | | | | | 1,062,692 | | | | | $ | (15,988) | | | | | $ | (2,768,955) | | | | | $ | (161,479) | | | | | $ | 10,008 | | | | | $ | (234,714) | | |
|
(in $ thousands) | | | Three Months Ended September 30, 2018 | | | Nine Months Ended September 30, 2018 | | ||||||
Air | | | | $ | 404,643 | | | | | $ | 1,321,525 | | |
Beyond Air | | | | | 192,968 | | | | | | 566,740 | | |
Travel Commerce Platform(1) | | | | | 597,611 | | | | | | 1,888,265 | | |
Technology Services | | | | | 24,974 | | | | | | 74,166 | | |
Net revenue | | | | $ | 622,585 | | | | | $ | 1,962,431 | | |
|
(in $ thousands) | | | Three Months Ended September 30, 2018 | | | Nine Months Ended September 30, 2018 | | ||||||
Asia Pacific | | | | $ | 140,186 | | | | | $ | 426,728 | | |
Europe | | | | | 202,300 | | | | | | 670,082 | | |
Latin America and Canada | | | | | 28,202 | | | | | | 87,517 | | |
Middle East and Africa | | | | | 78,824 | | | | | | 239,593 | | |
International | | | | | 449,512 | | | | | | 1,423,920 | | |
United States | | | | | 148,099 | | | | | | 464,345 | | |
Travel Commerce Platform(1) | | | | $ | 597,611 | | | | | $ | 1,888,265 | | |
|
| | | | | | | | | Contract Liabilities | | |||||||||
(in $ thousands) | | | Accounts Receivable, net(1) | | | Deferred Revenue (current)(1) | | | Deferred Revenue (non-current)(1) | | |||||||||
Balance as of September 30, 2018 | | | | $ | 205,067 | | | | | $ | 38,406 | | | | | $ | 4,678 | | |
Balance as of January 1, 2018 | | | | | 174,765 | | | | | | 32,010 | | | | | | 6,056 | | |
Increase (Decrease) | | | | $ | 30,302 | | | | | $ | 6,396 | | | | | $ | (1,378) | | |
|
(in $ thousands) | | September 30, 2017 | | December 31, 2016 | | | September 30, 2018 | | December 31, 2017 | | ||||||||||||||||
Sales and use tax receivables | | | $ | 28,356 | | | | $ | 27,178 | | | | | $ | 32,656 | | | | $ | 30,163 | | | ||||
Prepaid expenses | | | | 26,307 | | | | | 26,289 | | | | | | 26,689 | | | | | 24,271 | | | ||||
Client funds | | | | 22,974 | | | | | 11,632 | | | | | | 25,643 | | | | | 15,774 | | | ||||
Prepaid incentives | | | | 14,882 | | | | | 9,492 | | | | | | 19,771 | | | | | 16,677 | | | ||||
Derivative assets | | | | 9,131 | | | | | 856 | | | | | | 11,995 | | | | | 15,233 | | | ||||
Other | | | | 5,891 | | | | | 8,642 | | | | | | 8,858 | | | | | 7,606 | | | ||||
| | | $ | 107,541 | | | | $ | 84,089 | | | | | $ | 125,612 | | | | $ | 109,724 | | | |
| | | September 30, 2018 | | | December 31, 2017 | | ||||||||||||||||||||||||||||||
(in $ thousands) | | | Cost | | | Accumulated depreciation | | | Net | | | Cost | | | Accumulated depreciation | | | Net | | ||||||||||||||||||
Capitalized software | | | | $ | 971,678 | | | | | $ | (761,926) | | | | | $ | 209,752 | | | | | $ | 1,029,772 | | | | | $ | (829,416) | | | | | $ | 200,356 | | |
Computer equipment | | | | | 337,017 | | | | | | (161,892) | | | | | | 175,125 | | | | | | 346,846 | | | | | | (207,484) | | | | | | 139,362 | | |
Building and leasehold improvements | | | | | 32,711 | | | | | | (15,373) | | | | | | 17,338 | | | | | | 32,834 | | | | | | (12,972) | | | | | | 19,862 | | |
Construction in progress | | | | | 93,291 | | | | | | — | | | | | | 93,291 | | | | | | 72,161 | | | | | | — | | | | | | 72,161 | | |
| | | | $ | 1,434,697 | | | | | $ | (939,191) | | | | | $ | 495,506 | | | | | $ | 1,481,613 | | | | | $ | (1,049,872) | | | | | $ | 431,741 | | |
|
| | | September 30, 2017 | | | December 31, 2016 | | ||||||||||||||||||||||||||||||
(in $ thousands) | | | Cost | | | Accumulated Depreciation | | | Net | | | Cost | | | Accumulated Depreciation | | | Net | | ||||||||||||||||||
Capitalized software | | | | $ | 1,018,051 | | | | | $ | (810,378) | | | | | $ | 207,673 | | | | | $ | 925,998 | | | | | $ | (736,573) | | | | | $ | 189,425 | | |
Computer equipment | | | | | 334,544 | | | | | | (206,458) | | | | | | 128,086 | | | | | | 344,112 | | | | | | (205,222) | | | | | | 138,890 | | |
Building and leasehold improvements | | | | | 28,591 | | | | | | (10,634) | | | | | | 17,957 | | | | | | 27,187 | | | | | | (9,622) | | | | | | 17,565 | | |
Construction in progress | | | | | 53,132 | | | | | | — | | | | | | 53,132 | | | | | | 85,166 | | | | | | — | | | | | | 85,166 | | |
| | | | $ | 1,434,318 | | | | | $ | (1,027,470) | | | | | $ | 406,848 | | | | | $ | 1,382,463 | | | | | $ | (951,417) | | | | | $ | 431,046 | | |
|
(in $ thousands) | | | January 1, 2018 | | | Additions | | | Retirements | | | Foreign Exchange | | | September 30, 2018 | | |||||||||||||||
Non-Amortizable Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | | $ | 1,089,590 | | | | | $ | — | | | | | $ | — | | | | | $ | (4,249) | | | | | $ | 1,085,341 | | |
Trademarks and tradenames | | | | | 313,097 | | | | | | — | | | | | | — | | | | | | — | | | | | | 313,097 | | |
Other Intangible Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquired intangible assets | | | | | 743,549 | | | | | | — | | | | | | — | | | | | | (222) | | | | | | 743,327 | | |
Accumulated amortization | | | | | (461,666) | | | | | | (30,497) | | | | | | — | | | | | | 132 | | | | | | (492,031) | | |
Acquired intangible assets, net | | | | | 281,883 | | | | | | (30,497) | | | | | | — | | | | | | (90) | | | | | | 251,296 | | |
Customer loyalty payments | | | | | 380,841 | | | | | | 63,803 | | | | | | (50,833) | | | | | | (4,351) | | | | | | 389,460 | | |
Accumulated amortization | | | | | (166,544) | | | | | | (64,553) | | | | | | 33,048 | | | | | | 1,895 | | | | | | (196,154) | | |
Customer loyalty payments, net | | | | | 214,297 | | | | | | (750) | | | | | | (17,785) | | | | | | (2,456) | | | | | | 193,306 | | |
Other intangible assets, net | | | | $ | 496,180 | | | | | $ | (31,247) | | | | | $ | (17,785) | | | | | $ | (2,546) | | | | | $ | 444,602 | | |
|
(in $ thousands) | | January 1, 2017 | | Additions | | Retirements | | Foreign Exchange | | September 30, 2017 | | | January 1, 2017 | | Additions | | Retirements | | Foreign Exchange | | September 30, 2017 | | ||||||||||||||||||||||||||||||||||||||||
Non-Amortizable Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Goodwill | | | $ | 1,079,951 | | | | $ | — | | | | $ | — | | | | $ | 8,702 | | | | $ | 1,088,653 | | | | | $ | 1,079,951 | | | | $ | — | | | | $ | — | | | | $ | 8,702 | | | | $ | 1,088,653 | | | ||||||||||
Trademarks and tradenames | | | | 313,097 | | | | | — | | | | | — | | | | | — | | | | | 313,097 | | | | | | 313,097 | | | | | — | | | | | — | | | | | — | | | | | 313,097 | | | ||||||||||
Other Intangible Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Acquired intangible assets | | | | 1,127,059 | | | | | — | | | | | (383,715) | | | | | 179 | | | | | 743,523 | | | | | | 1,127,059 | | | | | — | | | | | (383,715) | | | | | 179 | | | | | 743,523 | | | ||||||||||
Accumulated amortization | | | | (804,089) | | | | | (30,688) | | | | | 383,715 | | | | | (338) | | | | | (451,400) | | | | | | (804,089) | | | | | (30,688) | | | | | 383,715 | | | | | (338) | | | | | (451,400) | | | ||||||||||
Acquired intangible assets, net | | | | 322,970 | | | | | (30,688) | | | | | — | | | | | (159) | | | | | 292,123 | | | | | | 322,970 | | | | | (30,688) | | | | | — | | | | | (159) | | | | | 292,123 | | | ||||||||||
Customer loyalty payments | | | | 358,259 | | | | | 95,131 | | | | | (73,463) | | | | | 7,201 | | | | | 387,128 | | | | | | 358,259 | | | | | 95,131 | | | | | (73,463) | | | | | 7,201 | | | | | 387,128 | | | ||||||||||
Accumulated amortization | | | | (169,622) | | | | | (57,348) | | | | | 69,063 | | | | | (3,806) | | | | | (161,713) | | | | | | (169,622) | | | | | (57,348) | | | | | 69,063 | | | | | (3,806) | | | | | (161,713) | | | ||||||||||
Customer loyalty payments, net | | | | 188,637 | | | | | 37,783 | | | | | (4,400) | | | | | 3,395 | | | | | 225,415 | | | | | | 188,637 | | | | | 37,783 | | | | | (4,400) | | | | | 3,395 | | | | | 225,415 | | | ||||||||||
Other intangible assets, net | | | $ | 511,607 | | | | $ | 7,095 | | | | $ | (4,400) | | | | $ | 3,236 | | | | $ | 517,538 | | | | | $ | 511,607 | | | | $ | 7,095 | | | | $ | (4,400) | | | | $ | 3,236 | | | | $ | 517,538 | | | |
(in $ thousands) | | | January 1, 2016 | | | Additions | | | Retirements | | | Foreign Exchange | | | September 30, 2016 | | |||||||||||||||
Non-Amortizable Assets: | | | | | | | |||||||||||||||||||||||||
Goodwill | | | | $ | 1,067,415 | | | | | $ | 14,105 | | | | | $ | — | | | | | $ | 3,635 | | | | | $ | 1,085,155 | | |
Trademarks and tradenames | | | | | 313,961 | | | | | | — | | | | | | — | | | | | | — | | | | | | 313,961 | | |
Other Intangible Assets: | | | | | | | |||||||||||||||||||||||||
Acquired intangible assets | | | | | 1,127,360 | | | | | | — | | | | | | — | | | | | | (146) | | | | | | 1,127,214 | | |
Accumulated amortization | | | | | (756,489) | | | | | | (36,693) | | | | | | — | | | | | | (538) | | | | | | (793,720) | | |
Acquired intangible assets, net | | | | | 370,871 | | | | | | (36,693) | | | | | | — | | | | | | (684) | | | | | | 333,494 | | |
Customer loyalty payments | | | | | 300,142 | | | | | | 81,349 | | | | | | (32,606) | | | | | | 2,497 | | | | | | 351,382 | | |
Accumulated amortization | | | | | (136,473) | | | | | | (55,193) | | | | | | 32,606 | | | | | | (1,241) | | | | | | (160,301) | | |
Customer loyalty payments, net | | | | | 163,669 | | | | | | 26,156 | | | | | | — | | | | | | 1,256 | | | | | | 191,081 | | |
Other intangible assets, net | | | | $ | 534,540 | | | | | $ | (10,537) | | | | | $ | — | | | | | $ | 572 | | | | | $ | 524,575 | | |
|
(in $ thousands) | | September 30, 2017 | | December 31, 2016 | | | September 30, 2018 | | December 31, 2017 | | ||||||||||||||||
Prepaid incentives | | | $ | 35,647 | | | | $ | 25,538 | | | | | $ | 32,055 | | | | $ | 35,645 | | | ||||
Pension assets | | | | 3,373 | | | | | 989 | | | | | | 10,013 | | | | | 8,674 | | | ||||
Derivative assets | | | | 8,181 | | | | | 3,503 | | | |||||||||||||||
Supplier prepayments | | | | 2,506 | | | | | 3,454 | | | | | | 4,312 | | | | | 10,983 | | | ||||
Restricted cash | | | | 3,473 | | | | | — | | | |||||||||||||||
Deferred financing costs | | | | 2,035 | | | | | 4,752 | | | | | | 1,620 | | | | | 1,930 | | | ||||
Derivative assets | | | | 2,407 | | | | | 1,719 | | | |||||||||||||||
Other | | | | 12,420 | | | | | 10,312 | | | | | | 12,871 | | | | | 16,073 | | | ||||
| | | $ | 58,388 | | | | $ | 46,764 | | | | | $ | 72,525 | | | | $ | 76,808 | | | |
(in $ thousands) | | | Severance and Employee-Related Obligations | | | Implementation Costs | | | Total | | |||||||||
Balance as of January 1, 2017 | | | | $ | 11,082 | | | | | $ | 1,686 | | | | | $ | 12,768 | | |
Restructuring charges recognized | | | | | 4,451 | | | | | | 3,107 | | | | | | 7,558 | | |
Cash payments made | | | | | (13,875) | | | | | | (4,793) | | | | | | (18,668) | | |
Balance as of September 30, 2017 | | | | $ | 1,658 | | | | | $ | — | | | | | $ | 1,658 | | |
|
(in $ thousands) | | | September 30, 2018 | | | December 31, 2017 | | ||||||
Accrued commissions and incentives | | | | $ | 328,361 | | | | | $ | 282,954 | | |
Accrued payroll and related | | | | | 81,683 | | | | | | 70,234 | | |
Deferred revenue | | | | | 66,381 | | | | | | 48,096 | | |
Income tax payable | | | | | 29,009 | | | | | | 32,986 | | |
Customer prepayments | | | | | 25,643 | | | | | | 15,774 | | |
Derivative liabilities | | | | | 13,769 | | | | | | 292 | | |
Accrued interest expense | | | | | 9,442 | | | | | | 12,010 | | |
Pension and post-retirement benefit liabilities | | | | | 1,607 | | | | | | 1,628 | | |
Other | | | | | 18,365 | | | | | | 45,094 | | |
| | | | $ | 574,260 | | | | | $ | 509,068 | | |
|
(in $ thousands) | | | September 30, 2017 | | | December 31, 2016 | | ||||||
Accrued commissions and incentives | | | | $ | 344,852 | | | | | $ | 267,488 | | |
Accrued payroll and related | | | | | 64,539 | | | | | | 83,783 | | |
Deferred revenue | | | | | 49,865 | | | | | | 42,233 | | |
Income tax payable | | | | | 35,336 | | | | | | 17,560 | | |
Customer prepayments | | | | | 22,974 | | | | | | 11,632 | | |
Accrued interest expense | | | | | 15,490 | | | | | | 15,215 | | |
Derivative liabilities | | | | | 2,528 | | | | | | 21,771 | | |
Pension and post-retirement benefit liabilities | | | | | 1,674 | | | | | | 1,655 | | |
Other | | | | | 19,724 | | | | | | 17,223 | | |
| | | | $ | 556,982 | | | | | $ | 478,560 | | |
|
(in $ thousands) | | Interest Rate | | Maturity | | September 30, 2017 | | December 31, 2016 | | | Interest rate | | Maturity | | September 30, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Term loans | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||
Dollar denominated(1) | | L+2.75% | | | | September 2021 | | | | $ | 2,177,415 | | | | $ | 2,236,157 | | | ||||||||||||||||||||||||||
Revolver borrowings | | | | |||||||||||||||||||||||||||||||||||||||||
Dollar denominated(1)(2) | | L+2.50% | | | | September 2022 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||
Term loans – (2018 Credit Agreement)(1) | | | | L+2.50% | | | March 2025 | | | $ | 1,379,511 | | | | $ | — | | | ||||||||||||||||||||||||||
Term loans – (2014 Credit Agreement)(2) | | | | L+2.75% | | | September 2021 | | | | — | | | | | 2,124,439 | | | ||||||||||||||||||||||||||
Revolver borrowings – (2018 Credit Agreement) | | | | L+2.25% | | | September 2022 | | | | — | | | | | — | | | ||||||||||||||||||||||||||
Revolver borrowings – (2014 Credit Agreement) | | | | L+2.50% | | | September 2022 | | | | — | | | | | — | | | ||||||||||||||||||||||||||
Senior Secured Notes | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||
Senior secured notes(3) | | | | 6.00% | | | March 2026 | | | | 737,881 | | | | | — | | | ||||||||||||||||||||||||||
Capital leases and other indebtedness | | | | | | | | | | | 97,148 | | | | | 108,611 | | | | | | | | | | | | | 147,156 | | | | | 105,574 | | | ||||||||
Total debt | | | | | | | | | | $ | 2,274,563 | | | | $ | 2,344,768 | | | | | | | | | | | | | 2,264,548 | | | | | 2,230,013 | | | ||||||||
Less: current portion | | | | | | | | | | | 63,552 | | | | | 63,558 | | | | | | | | | | | | | 58,377 | | | | | 64,291 | | | ||||||||
Long-term debt | | | | | | | | | | $ | 2,211,011 | | | | $ | 2,281,210 | | | | | | | | | | | | $ | 2,206,171 | | | | $ | 2,165,722 | | | |
(in $ thousands) Year ending September 30, | | | Term Loans | | | Senior Secured Notes | | | Capital Leases and Other Indebtedness | | |||||||||
2019 | | | | $ | 14,000 | | | | | $ | — | | | | | $ | 44,378 | | |
2020 | | | | | 14,000 | | | | | | — | | | | | | 42,198 | | |
2021 | | | | | 14,000 | | | | | | — | | | | | | 36,038 | | |
2022 | | | | | 14,000 | | | | | | — | | | | | | 23,321 | | |
2023 | | | | | 14,000 | | | | | | — | | | | | | — | | |
Thereafter | | | | | 1,322,500 | | | | | | 745,000 | | | | | | 1,221 | | |
| | | | | 1,392,500 | | | | | | 745,000 | | | | | | 147,156 | | |
Less: Unamortized debt finance cost | | | | | (6,551) | | | | | | (7,119) | | | | | | — | | |
Less: Unamortized debt discount | | | | | (6,438) | | | | | | — | | | | | | — | | |
Total debt | | | | $ | 1,379,511 | | | | | $ | 737,881 | | | | | $ | 147,156 | | |
|
(in $ thousands) | | | Nine Months Ended September 30, 2018 | | | Nine Months Ended September 30, 2017 | | ||||||
Balance as of January 1 | | | | $ | 14,708 | | | | | $ | 22,855 | | |
Capitalization of debt finance costs | | | | | 14,799 | | | | | | 686 | | |
Amortization | | | | | (2,139) | | | | | | (4,033) | | |
Write-off on early extinguishment of debt | | | | | (12,078) | | | | | | (3,306) | | |
Balance as of September 30 | | | | $ | 15,290 | | | | | $ | 16,202 | | |
|
Notional Amount ($ in thousands) | | | Period | | | Average Interest Rate | | |||
1,400,000 | | | February 2017 to February 2019 | | | | | 1.4010% | | |
1,200,000 | | | February 2019 to February 2020 | | | | | 2.1906% | | |
100,000 | | | February 2020 to February 2021 | | | | | 2.0760% | | |
| | | | | | Fair Value Asset | | | | | | Fair Value (Liability) | | ||||||||||||||||||
(in $ thousands) | | | Balance Sheet Location | | | September 30, 2017 | | | December 31, 2016 | | | Balance Sheet Location | | | September 30, 2017 | | | December 31, 2016 | | ||||||||||||
Interest rate swap contracts | | | Other current assets | | | | $ | 1,570 | | | | | $ | 768 | | | | Accrued expenses and other current liabilities | | | | $ | — | | | | | $ | — | | |
Interest rate swap contracts | | | Other non-current assets | | | | | 2,407 | | | | | | 1,719 | | | | Other non-current liabilities | | | | | (2,612) | | | | | | — | | |
Foreign currency contracts | | | Other current assets | | | | | 7,561 | | | | | | 88 | | | | Accrued expenses and other current liabilities | | | | | (2,528) | | | | | | (21,771) | | |
Total fair value of derivative assets (liabilities) | | | | | | | $ | 11,538 | | | | | $ | 2,575 | | | | | | | | $ | (5,140) | | | | | $ | (21,771) | | |
|
Notional Amount ($ in thousands) | | | Period | | | Average Interest Rate | | |||
1,400,000 | | | February 2017 to February 2019 | | | | | 1.4010% | | |
1,200,000 | | | February 2019 to February 2020 | | | | | 2.1906% | | |
400,000 | | | February 2020 to February 2021 | | | | | 2.1925% | | |
200,000 | | | February 2021 to February 2022 | | | | | 2.9913% | | |
(in $ thousands) | | | September 30, 2017 | | | December 31, 2016 | | ||||||
Interest rate swap contracts (varying contracts and periods as discussed above) | | | | $ | 2,700,000 | | | | | $ | 1,400,000 | | |
Foreign currency contracts (covering period until September 2018) | | | | | 266,558 | | | | | | 231,832 | | |
(in $ thousands) | | | September 30, 2018 | | | December 31, 2017 | | | | | ||||||
Interest rate swap contracts | | | | $ | 3,200,000 | | | | | $ | 3,000,000 | | | | ||
Foreign currency contracts | | | | | 439,137 | | | | | | 373,487 | | | |
| | | | | | Fair Value Asset | | | | | | Fair Value (Liability) | | ||||||||||||||||||
(in $ thousands) | | | Balance Sheet Location | | | September 30, 2018 | | | December 31, 2017 | | | Balance Sheet Location | | | September 30, 2018 | | | December 31, 2017 | | ||||||||||||
Interest rate swap contracts | | | Other current assets | | | | $ | 11,721 | | | | | $ | 4,799 | | | | Accrued expenses and other current liabilities | | | | $ | — | | | | | $ | — | | |
Interest rate swap contracts | | | Other non-current assets | | | | | 8,181 | | | | | | 3,503 | | | | Other non-current liabilities | | | | | — | | | | | | (51) | | |
Foreign currency contracts | | | Other current assets | | | | | 274 | | | | | | 10,434 | | | | Accrued expenses and other current liabilities | | | | | (13,769) | | | | | | (292) | | |
Total fair value of derivative assets (liabilities) | | | | | | | $ | 20,176 | | | | | $ | 18,736 | | | | | | | | $ | (13,769) | | | | | $ | (343) | | |
|
(in $ thousands) | | Nine Months Ended September 30, 2017 | | Nine Months Ended September 30, 2016 | | | Nine Months Ended September 30, 2018 | | Nine Months Ended September 30, 2017 | | ||||||||||||||||
Net derivative liability opening balance | | | $ | (19,196) | | | | $ | (2,111) | | | |||||||||||||||
Total gain (loss) for the period included in net income | | | | 12,099 | | | | | (33,217) | | | |||||||||||||||
Payments on settlement of derivative contracts | | | | 13,495 | | | | | 12,622 | | | |||||||||||||||
Net derivative asset (liability) opening balance | | | $ | 18,393 | | | | $ | (19,196) | | | |||||||||||||||
Total (loss) gain for the period included in net income | | | | (460) | | | | | 12,099 | | | |||||||||||||||
(Proceeds from) payments on settlement of derivative contracts | | | | (11,526) | | | | | 13,495 | | | |||||||||||||||
Net derivative asset closing balance | | | $ | 6,398 | | | | $ | (22,706) | | | | | $ | 6,407 | | | | $ | 6,398 | | | |
| | | | | | Amount of Income (Loss) Recorded in Net Income | | |||||||||||||||||||||
| | | | | | Three Months Ended September 30, | | | Nine Months Ended September 30, | | ||||||||||||||||||
(in $ thousands) | | | Statement of Operations Location | | | 2017 | | | 2016 | | | 2017 | | | 2016 | | ||||||||||||
Interest rate swap contracts | | | Interest expense, net | | | | $ | 1,332 | | | | | $ | 4,391 | | | | | $ | (3,322) | | | | | $ | (17,471) | | |
Foreign currency contracts | | | Selling, general and administrative | | | | | 4,238 | | | | | | (3,048) | | | | | | 15,421 | | | | | | (15,746) | | |
| | | | | | | $ | 5,570 | | | | | $ | 1,343 | | | | | $ | 12,099 | | | | | $ | (33,217) | | |
|
| | | | | | Amount of Gain (Loss) Recorded in Net Income | | |||||||||||||||||||||
| | | | | | Three Months Ended September 30, | | | Nine Months Ended September 30, | | ||||||||||||||||||
(in $ thousands) | | | Statement of Operations Location | | | 2018 | | | 2017 | | | 2018 | | | 2017 | | ||||||||||||
Interest rate swap contracts | | | Interest expense, net | | | | $ | 2,143 | | | | | $ | 1,332 | | | | | | 18,231 | | | | | | (3,322) | | |
Foreign currency contracts | | | Selling, general and administrative | | | | | (5,701) | | | | | | 4,238 | | | | | | (18,691) | | | | | | 15,421 | | |
| | | | | | | $ | (3,558) | | | | | $ | 5,570 | | | | | | (460) | | | | | | 12,099 | | |
| | | | September 30, 2017 | | December 31, 2016 | | | | | September 30, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | Fair Value Hierarchy | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | | Fair Value Hierarchy | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | ||||||||||||||||||||||||||||||||||
Asset (liability) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
Derivative assets | | Level 2 | | | $ | 11,538 | | | | $ | 11,538 | | | | $ | 2,575 | | | | $ | 2,575 | | | | Level 2 | | | $ | 20,176 | | | | $ | 20,176 | | | | $ | 18,736 | | | | $ | 18,736 | | | ||||||||||
Derivative liabilities | | Level 2 | | | | (5,140) | | | | | (5,140) | | | | | (21,771) | | | | | (21,771) | | | | Level 2 | | | | (13,769) | | | | | (13,769) | | | | | (343) | | | | | (343) | | | ||||||||||
Total debt | | Level 2 | | | | (2,274,563) | | | | | (2,304,627) | | | | | (2,344,768) | | | | | (2,402,783) | | | | Level 2 | | | | (2,264,548) | | | | | (2,291,939) | | | | | (2,230,013) | | | | | (2,258,893) | | |
Declaration Date | | | Dividend Per Share | | | Record Date | | | Payment Date | | | Amount (in $ thousands) | | ||||||
February 13, 2017 | | | | $ | 0.075 | | | | March 2, 2017 | | | March 16, 2017 | | | | $ | 9,306 | | |
May 5, 2017 | | | | $ | 0.075 | | | | June 1, 2017 | | | June 15, 2017 | | | | $ | 9,330 | | |
August 2, 2017 | | | | $ | 0.075 | | | | September 7, 2017 | | | September 21, 2017 | | | | $ | 9,336 | | |
Declaration Date | | | Dividend Per Share | | | Record Date | | | Payment Date | | | Amount (in $ thousands) | | ||||||
February 16, 2018 | | | | $ | 0.075 | | | | March 1, 2018 | | | March 15, 2018 | | | | $ | 9,406 | | |
May 2, 2018 | | | | | 0.075 | | | | June 7, 2018 | | | June 21, 2018 | | | | | 9,459 | | |
August 1, 2018 | | | | | 0.075 | | | | September 6, 2018 | | | September 20, 2018 | | | | | 9,473 | | |
(in dollars, except number of RSUs) | | Number | | Weighted Average Grant Date Fair Value | | | Number | | Weighted Average Grant Date Fair Value | | ||||||||||||||||
Balance as of January 1, 2017 | | | | 1,395,307 | | | | $ | 13.84 | | | |||||||||||||||
Balance as of January 1, 2018 | | | | 1,526,280 | | | | $ | 13.01 | | | |||||||||||||||
Granted at fair market value | | | | 797,386 | | | | $ | 12.44 | | | | | | 857,133 | | | | $ | 14.62 | | | ||||
Vested(1) | | | | (428,962) | | | | $ | 13.79 | | | | | | (433,359) | | | | $ | 12.95 | | | ||||
Forfeited | | | | (95,943) | | | | $ | 13.41 | | | | | | (316,898) | | | | $ | 13.31 | | | ||||
Balance as of September 30, 2017 | | | | 1,667,788 | | | | $ | 13.21 | | | |||||||||||||||
Balance as of September 30, 2018 | | | | 1,633,156 | | | | $ | 13.81 | | | |
(in dollars, except number of PSUs) | | Number | | Weighted Average Grant Date Fair Value | | | Number | | Weighted Average Grant Date Fair Value | | ||||||||||||||||
Balance as of January 1, 2017 | | | | 2,641,227 | | | | $ | 15.52 | | | |||||||||||||||
Balance as of January 1, 2018 | | | | 2,694,999 | | | | $ | 13.10 | | | |||||||||||||||
Granted at fair market value | | | | 1,733,484 | | | | $ | 12.99 | | | | | | 1,444,522 | | | | $ | 16.33 | | | ||||
Forfeited | | | | (825,573) | | | | $ | 13.57 | | | |||||||||||||||
Vested(1) | | | | (80,000) | | | | $ | 13.96 | | | | | | (11,290) | | | | $ | 15.50 | | | ||||
Forfeited | | | | (351,701) | | | | $ | 13.72 | | | |||||||||||||||
Balance as of September 30, 2017(2) | | | | 3,943,010 | | | | $ | 14.60 | | | |||||||||||||||
Balance as of September 30, 2018(2) | | | | 3,302,658 | | | | $ | 14.37 | | | |
| | Number of Options | | Weighted Average Exercise Price (in dollars) | | Weighted Average Remaining Contractual Terms (in years) | | Aggregate Intrinsic Value (in $ thousands) | | | Number of Options | | Weighted Average Exercise Price (in dollars) | | Weighted Average Remaining Contractual Terms (in years) | | Aggregate Intrinsic Value (in $ thousands) | | ||||||||||||||||||||||||||||||||
Balance as of January 1, 2017 | | | | 2,720,514 | | | | $ | 13.58 | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Balance as of January 1, 2018 | | | | 2,352,928 | | | | $ | 13.51 | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Forfeited | | | | (253,643) | | | | $ | 13.72 | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Exercised | | | | (33,362) | | | | $ | 13.23 | | | | | | | | | | | | | | | | (594,616) | | | | $ | 11.68 | | | | | | | | | | | | | ||||||||
Forfeited | | | | (100,151) | | | | $ | 13.79 | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Expired | | | | (34,347) | | | | $ | 14.79 | | | | | | | | | | | | | | | | (46,112) | | | | $ | 15.58 | | | | | | | | | | | | | ||||||||
Balance as of September 30, 2017 | | | | 2,552,654 | | | | $ | 13.56 | | | | | 7.09 | | | | $ | 5,723 | | | |||||||||||||||||||||||||||||
Exercisable as of September 30, 2017 | | | | 997,482 | | | | $ | 13.01 | | | | | 5.44 | | | | | 2,815 | | | |||||||||||||||||||||||||||||
Expected to vest as of September 30, 2017 | | | | 1,555,172 | | | | $ | 13.91 | | | | | 8.15 | | | | | 2,908 | | | |||||||||||||||||||||||||||||
Balance as of September 30, 2018 | | | | 1,458,557 | | | | $ | 14.15 | | | | | 7.01 | | | | $ | 3,984 | | | |||||||||||||||||||||||||||||
Exercisable as of September 30, 2018 | | | | 782,037 | | | | $ | 14.48 | | | | | 6.83 | | | | $ | 1,880 | | | |||||||||||||||||||||||||||||
Expected to vest as of September 30, 2018 | | | | 676,520 | | | | $ | 13.77 | | | | | 7.23 | | | | $ | 2,104 | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | ||||||||||||||||||||||||||||||||||||||||
(in $ thousands, except share data) | | 2017 | | 2016 | | 2017 | | 2016 | | |||||||||||||||||||||||||||||||||||||||||
(in $ thousands, except for share data) | | 2018 | | 2017 | | 2018 | | 2017 | | |||||||||||||||||||||||||||||||||||||||||
Numerator – Basic and Diluted Income per Share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Net income attributable to the Company | | | $ | 4,850 | | | | $ | 20,838 | | | | $ | 95,883 | | | | $ | 22,592 | | | |||||||||||||||||||||||||||||
Net income from continuing operations | | | $ | 5,870 | | | | $ | 4,681 | | | | $ | 44,359 | | | | $ | 94,910 | | | |||||||||||||||||||||||||||||
Net (income) loss attributable to non-controlling interest in subsidiaries | | | | (762) | | | | | 169 | | | | | (2,025) | | | | | 973 | | | |||||||||||||||||||||||||||||
Net income from continuing operations attributable to the Company | | | $ | 5,108 | | | | $ | 4,850 | | | | $ | 42,334 | | | | $ | 95,883 | | | |||||||||||||||||||||||||||||
Denominator – Basic Income per Share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Weighted average common shares outstanding | | | | 124,469,069 | | | | | 123,920,699 | | | | | 124,303,716 | | | | | 123,821,339 | | | | | | 126,246,210 | | | | | 124,469,069 | | | | | 125,908,707 | | | | | 124,303,716 | | | ||||||||
Income per share – Basic | | | $ | 0.04 | | | | $ | 0.17 | | | | $ | 0.77 | | | | $ | 0.18 | | | |||||||||||||||||||||||||||||
Income per share from continuing operations – Basic | | | $ | 0.04 | | | | $ | 0.04 | | | | $ | 0.34 | | | | $ | 0.77 | | | |||||||||||||||||||||||||||||
Denominator – Diluted Income per Share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Number of common shares used for basic income per share | | | | 124,469,069 | | | | | 123,920,699 | | | | | 124,303,716 | | | | | 123,821,339 | | | |||||||||||||||||||||||||||||
Number of common shares used for basic income per share from continuing operations | | | | 126,246,210 | | | | | 124,469,069 | | | | | 125,908,707 | | | | | 124,303,716 | | | |||||||||||||||||||||||||||||
Weighted average effect of dilutive securities | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
RSUs/PSUs | | | | 1,603,721 | | | | | 269,311 | | | | | 1,424,009 | | | | | 304,870 | | | | | | 1,881,201 | | | | | 1,603,721 | | | | | 1,819,470 | | | | | 1,424,009 | | | ||||||||
Stock Options | | | | 115,582 | | | | | 101,677 | | | | | 99,815 | | | | | 82,843 | | | |||||||||||||||||||||||||||||
Stock options | | | | 261,974 | | | | | 115,582 | | | | | 126,301 | | | | | 99,815 | | | |||||||||||||||||||||||||||||
Weighted average common shares outstanding | | | | 126,188,372 | | | | | 124,291,687 | | | | | 125,827,540 | | | | | 124,209,052 | | | | | | 128,389,385 | | | | | 126,188,372 | | | | | 127,854,478 | | | | | 125,827,540 | | | ||||||||
Income per share – Diluted | | | $ | 0.04 | | | | $ | 0.17 | | | | $ | 0.76 | | | | $ | 0.18 | | | |||||||||||||||||||||||||||||
Income per share from continuing operations – Diluted | | | $ | 0.04 | | | | $ | 0.04 | | | | $ | 0.33 | | | | $ | 0.76 | | | |
(in $ thousands, except share data, Reported Segments and RevPas) | | | Three Months Ended September 30, | | Change | | Nine Months Ended September 30, | | Change | | | | Three Months Ended September 30, | | Change | | Nine Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2017 | | 2016 | | | | | | | % | | 2017 | | 2016 | | | | | | | % | | | 2018 | | 2017 | | | | | | | % | | 2018 | | 2017 | | | | | | | % | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenue | | | $ | 610,842 | | | | $ | 590,756 | | | | $ | 20,086 | | | | | 3 | | | | $ | 1,873,712 | | | | $ | 1,805,924 | | | | $ | 67,788 | | | | | 4 | | | | | $ | 622,585 | | | | $ | 610,842 | | | | $ | 11,743 | | | | | 2 | | | | $ | 1,962,431 | | | | $ | 1,873,712 | | | | $ | 88,719 | | | | | 5 | | | ||||||||||||||||
Operating income | | | | 60,739 | | | | | 62,235 | | | | | (1,496) | | | | | (2) | | | | | 233,459 | | | | | 179,863 | | | | | 53,596 | | | | | 30 | | | | | | 44,115 | | | | | 61,585 | | | | | (17,470) | | | | | (28) | | | | | 164,072 | | | | | 235,997 | | | | | (71,925) | | | | | (30) | | | ||||||||||||||||
Net income | | | | 4,681 | | | | | 21,404 | | | | | (16,723) | | | | | (78) | | | | | 94,910 | | | | | 24,156 | | | | | 70,754 | | | | | * | | | | | | 5,870 | | | | | 4,681 | | | | | 1,189 | | | | | 25 | | | | | 72,106 | | | | | 94,910 | | | | | (22,804) | | | | | (24) | | | ||||||||||||||||
Income per share – diluted (in $) | | | | 0.04 | | | | | 0.17 | | | | | (0.13) | | | | | (77) | | | | | 0.76 | | | | | 0.18 | | | | | 0.58 | | | | | * | | | | | | 0.04 | | | | | 0.04 | | | | | — | | | | | 4 | | | | | 0.55 | | | | | 0.76 | | | | | (0.21) | | | | | (28) | | | ||||||||||||||||
Adjusted EBITDA(1) | | | | 136,437 | | | | | 150,432 | | | | | (13,995) | | | | | (9) | | | | | 451,996 | | | | | 443,585 | | | | | 8,411 | | | | | 2 | | | | | | 139,313 | | | | | 136,437 | | | | | 2,876 | | | | | 2 | | | | | 450,413 | | | | | 451,996 | | | | | (1,583) | | | | | — | | | ||||||||||||||||
Adjusted Operating Income(2) | | | | 76,392 | | | | | 87,757 | | | | | (11,365) | | | | | (13) | | | | | 268,465 | | | | | 267,017 | | | | | 1,448 | | | | | 1 | | | | | | 79,219 | | | | | 76,392 | | | | | 2,827 | | | | | 4 | | | | | 268,211 | | | | | 268,465 | | | | | (254) | | | | | — | | | ||||||||||||||||
Adjusted Net Income(3) | | | | 22,671 | | | | | 40,995 | | | | | (18,324) | | | | | (45) | | | | | 137,034 | | | | | 126,237 | | | | | 10,797 | | | | | 9 | | | | | | 40,040 | | | | | 22,671 | | | | | 17,369 | | | | | 77 | | | | | 146,906 | | | | | 137,034 | | | | | 9,872 | | | | | 7 | | | ||||||||||||||||
Adjusted Income per Share – diluted(4) (in $) | | | | 0.18 | | | | | 0.33 | | | | | (0.15) | | | | | (46) | | | | | 1.09 | | | | | 1.02 | | | | | 0.07 | | | | | 7 | | | | | | 0.31 | | | | | 0.18 | | | | | 0.13 | | | | | 74 | | | | | 1.15 | | | | | 1.09 | | | | | 0.06 | | | | | 6 | | | ||||||||||||||||
Net cash provided by operating activities | | | | 95,735 | | | | | 110,926 | | | | | (15,191) | | | | | (14) | | | | | 274,342 | | | | | 213,858 | | | | | 60,484 | | | | | 28 | | | | | | 83,149 | | | | | 95,735 | | | | | (12,586) | | | | | (13) | | | | | 285,435 | | | | | 274,342 | | | | | 11,093 | | | | | 4 | | | ||||||||||||||||
Free Cash Flow(5) | | | | 63,372 | | | | | 85,781 | | | | | (22,409) | | | | | (26) | | | | | 195,150 | | | | | 143,728 | | | | | 51,422 | | | | | 36 | | | | | | 48,379 | | | | | 63,372 | | | | | (14,993) | | | | | (24) | | | | | 176,199 | | | | | 195,150 | | | | | (18,951) | | | | | (10) | | | ||||||||||||||||
Reported Segments (in thousands) | | | | 85,397 | | | | | 83,945 | | | | | 1,452 | | | | | 2 | | | | | 264,975 | | | | | 260,725 | | | | | 4,250 | | | | | 2 | | | | | | 81,579 | | | | | 85,397 | | | | | (3,818) | | | | | (4) | | | | | 260,831 | | | | | 264,975 | | | | | (4,144) | | | | | (2) | | | ||||||||||||||||
Travel Commerce Platform RevPas (in $) | | | $ | 6.86 | | | | $ | 6.67 | | | | $ | 0.19 | | | | | 3 | | | | $ | 6.76 | | | | $ | 6.57 | | | | $ | 0.19 | | | | | 3 | | | | | | 7.33 | | | | | 6.86 | | | | | 0.47 | | | | | 7 | | | | | 7.24 | | | | | 6.76 | | | | | 0.48 | | | | | 7 | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | ||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2017 | | 2016 | | 2017 | | 2016 | | | 2018 | | 2017 | | 2018 | | 2017 | | ||||||||||||||||||||||||||||||||
Net income | | | $ | 4,681 | | | | $ | 21,404 | | | | $ | 94,910 | | | | $ | 24,156 | | | | | $ | 5,870 | | | | $ | 4,681 | | | | $ | 72,106 | | | | $ | 94,910 | | | ||||||||
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Amortization of intangible assets(1) | | | | 10,165 | | | | | 11,838 | | | | | 30,688 | | | | | 36,693 | | | |||||||||||||||||||||||||||||
Amortization of acquired intangible assets(1) | | | | 10,165 | | | | | 10,165 | | | | | 30,497 | | | | | 30,688 | | | |||||||||||||||||||||||||||||
Gain on sale of a subsidiary | | | | — | | | | | — | | | | | (1,217) | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | (1,217) | | | ||||||||
Loss on early extinguishment of debt | | | | 4,682 | | | | | 955 | | | | | 4,682 | | | | | 3,626 | | | | | | 38 | | | | | 4,682 | | | | | 27,699 | | | | | 4,682 | | | ||||||||
Equity-based compensation and related taxes | | | | 8,676 | | | | | 5,383 | | | | | 24,355 | | | | | 21,307 | | | | | | (207) | | | | | 8,676 | | | | | 11,837 | | | | | 24,355 | | | ||||||||
Corporate and restructuring costs(2) | | | | 4,217 | | | | | 7,152 | | | | | 14,897 | | | | | 21,431 | | | | | | 19,472 | | | | | 4,217 | | | | | 24,704 | | | | | 14,897 | | | ||||||||
Impairment of long-lived assets(3) | | | | — | | | | | 499 | | | | | 685 | | | | | 4,586 | | | | | | 3,269 | | | | | — | | | | | 14,912 | | | | | 685 | | | ||||||||
Other – non cash(4) | | | | (9,285) | | | | | (3,741) | | | | | (34,498) | | | | | 20,608 | | | |||||||||||||||||||||||||||||
Tax impact of adjustments(5) | | | | (465) | | | | | (2,495) | | | | | 2,532 | | | | | (6,170) | | | |||||||||||||||||||||||||||||
Income from discontinued operations | | | | — | | | | | — | | | | | (27,747) | | | | | — | | | |||||||||||||||||||||||||||||
Other – non-cash(4) | | | | 3,580 | | | | | (9,285) | | | | | 10,538 | | | | | (34,498) | | | |||||||||||||||||||||||||||||
Tax adjustments(5) | | | | (2,147) | | | | | (465) | | | | | (17,640) | | | | | 2,532 | | | |||||||||||||||||||||||||||||
Adjusted Net Income | | | | 22,671 | | | | | 40,995 | | | | | 137,034 | | | | | 126,237 | | | | | | 40,040 | | | | | 22,671 | | | | | 146,906 | | | | | 137,034 | | | ||||||||
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Interest expense, net(6) | | | | 30,673 | | | | | 34,204 | | | | | 90,890 | | | | | 112,350 | | | | | | 26,597 | | | | | 30,673 | | | | | 77,963 | | | | | 90,890 | | | ||||||||
Other expense(7) | | | | 266 | | | | | — | | | | | 730 | | | | | — | | | |||||||||||||||||||||||||||||
Remaining provision for income taxes | | | | 23,048 | | | | | 12,558 | | | | | 40,541 | | | | | 28,430 | | | | | | 12,316 | | | | | 23,048 | | | | | 42,612 | | | | | 40,541 | | | ||||||||
Adjusted Operating Income | | | | 76,392 | | | | | 87,757 | | | | | 268,465 | | | | | 267,017 | | | | | | 79,219 | | | | | 76,392 | | | | | 268,211 | | | | | 268,465 | | | ||||||||
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Depreciation and amortization of property and equipment | | | | 40,149 | | | | | 41,743 | | | | | 126,183 | | | | | 121,375 | | | | | | 40,032 | | | | | 40,149 | | | | | 117,649 | | | | | 126,183 | | | ||||||||
Amortization of customer loyalty payments | | | | 19,896 | | | | | 20,932 | | | | | 57,348 | | | | | 55,193 | | | | | | 20,062 | | | | | 19,896 | | | | | 64,553 | | | | | 57,348 | | | ||||||||
Adjusted EBITDA | | | $ | 136,437 | | | | $ | 150,432 | | | | $ | 451,996 | | | | $ | 443,585 | | | | | $ | 139,313 | | | | $ | 136,437 | | | | $ | 450,413 | | | | $ | 451,996 | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | ||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | 2017 | | 2016 | | |||||||||||||||||||||||||||||||||||||||||
(in $) | | 2018 | | 2017 | | 2018 | | 2017 | | |||||||||||||||||||||||||||||||||||||||||
Income per share – diluted | | | $ | 0.04 | | | | $ | 0.17 | | | | $ | 0.76 | | | | $ | 0.18 | | | | | $ | 0.04 | | | | $ | 0.04 | | | | $ | 0.55 | | | | $ | 0.76 | | | ||||||||
Per share adjustments to net income to determine Adjusted Income per Share – diluted | | | | 0.14 | | | | | 0.16 | | | | | 0.33 | | | | | 0.84 | | | | | | 0.27 | | | | | 0.14 | | | | | 0.60 | | | | | 0.33 | | | ||||||||
Adjusted Income per Share – diluted | | | $ | 0.18 | | | | $ | 0.33 | | | | $ | 1.09 | | | | $ | 1.02 | | | | | $ | 0.31 | | | | $ | 0.18 | | | | $ | 1.15 | | | | $ | 1.09 | | | |
| | Nine Months Ended September 30, | | | Nine Months Ended September 30, | | ||||||||||||||||||||
(in percentages) | | 2017 | | 2016 | | | 2018 | | 2017 | | ||||||||||||||||
Asia Pacific | | | | 24 | | | | | 23 | | | | | | 23 | | | | | 24 | | | ||||
Europe | | | | 32 | | | | | 32 | | | | | | 34 | | | | | 32 | | | ||||
Latin America and Canada | | | | 5 | | | | | 5 | | | | | | 5 | | | | | 5 | | | ||||
Middle East and Africa | | | | 13 | | | | | 13 | | | | | | 13 | | | | | 13 | | | ||||
International | | | | 74 | | | | | 73 | | | | | | 75 | | | | | 74 | | | ||||
United States | | | | 26 | | | | | 27 | | | | | | 25 | | | | | 26 | | | ||||
Travel Commerce Platform | | | | 100 | | | | | 100 | | | | | | 100 | | | | | 100 | | | |
| | | Three Months Ended September 30, | | | Change | |||||||||||||||||
(in $ thousands) | | | 2017 | | | 2016 | | | $ | | | % | |||||||||||
Net revenue | | | | $ | 610,842 | | | | | $ | 590,756 | | | | | $ | 20,086 | | | | | | 3 |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue | | | | | 388,027 | | | | | | 351,534 | | | | | | 36,493 | | | | | | 10 |
Selling, general and administrative | | | | | 111,762 | | | | | | 123,406 | | | | | | (11,644) | | | | | | (9) |
Depreciation and amortization | | | | | 50,314 | | | | | | 53,581 | | | | | | (3,267) | | | | | | (6) |
Total costs and expenses | | | | | 550,103 | | | | | | 528,521 | | | | | | 21,582 | | | | | | 4 |
Operating income | | | | | 60,739 | | | | | | 62,235 | | | | | | (1,496) | | | | | | (2) |
Interest expense, net | | | | | (28,793) | | | | | | (29,813) | | | | | | 1,020 | | | | | | 3 |
Loss on early extinguishment of debt | | | | | (4,682) | | | | | | (955) | | | | | | (3,727) | | | | | | * |
Income before income taxes | | | | | 27,264 | | | | | | 31,467 | | | | | | (4,203) | | | | | | (13) |
Provision for income taxes | | | | | (22,583) | | | | | | (10,063) | | | | | | (12,520) | | | | | | (124) |
Net income | | | | $ | 4,681 | | | | | $ | 21,404 | | | | | $ | (16,723) | | | | | | (78) |
|
| | | Three Months Ended September 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2018 | | | 2017 | | | $ | | | % | | ||||||||||||
Net revenue | | | | $ | 622,585 | | | | | $ | 610,842 | | | | | $ | 11,743 | | | | | | 2 | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue | | | | | 400,679 | | | | | | 388,027 | | | | | | 12,652 | | | | | | 3 | | |
Selling, general and administrative | | | | | 127,538 | | | | | | 110,916 | | | | | | 16,622 | | | | | | 15 | | |
Depreciation and amortization | | | | | 50,253 | | | | | | 50,314 | | | | | | (61) | | | | | | — | | |
Total costs and expenses | | | | | 578,470 | | | | | | 549,257 | | | | | | 29,213 | | | | | | 5 | | |
Operating income | | | | | 44,115 | | | | | | 61,585 | | | | | | (17,470) | | | | | | (28) | | |
Interest expense, net | | | | | (27,772) | | | | | | (28,793) | | | | | | 1,021 | | | | | | 4 | | |
Loss on early extinguishment of debt | | | | | (38) | | | | | | (4,682) | | | | | | 4,644 | | | | | | 99 | | |
Other expense | | | | | (266) | | | | | | (846) | | | | | | 580 | | | | | | 69 | | |
Income before income taxes | | | | | 16,039 | | | | | | 27,264 | | | | | | (11,225) | | | | | | (41) | | |
Provision for income taxes | | | | | (10,169) | | | | | | (22,583) | | | | | | 12,414 | | | | | | 55 | | |
Net income | | | | $ | 5,870 | | | | | $ | 4,681 | | | | | $ | 1,189 | | | | | | 25 | | |
|
| | Three Months Ended September 30, | | Change | | Three Months Ended September 30, | | Change | | |||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2017 | | 2016 | | $ | | % | | 2018 | | 2017 | | $ | | % | | |||||||||||||||||||||||||||||||
Air | | | $ | 417,371 | | | | $ | 407,926 | | | | $ | 9,445 | | | | | 2 | | | $ | 404,643 | | | | $ | 417,371 | | | | $ | (12,728) | | | | | (3) | | | ||||||||
Beyond Air | | | | 168,782 | | | | | 151,857 | | | | | 16,925 | | | | | 11 | | | | 192,968 | | | | | 168,782 | | | | | 24,186 | | | | | 14 | | | ||||||||
Travel Commerce Platform | | | | 586,153 | | | | | 559,783 | | | | | 26,370 | | | | | 5 | | | | 597,611 | | | | | 586,153 | | | | | 11,458 | | | | | 2 | | | ||||||||
Technology Services | | | | 24,689 | | | | | 30,973 | | | | | (6,284) | | | | | (20) | | | | 24,974 | | | | | 24,689 | | | | | 285 | | | | | 1 | | | ||||||||
Net revenue | | | $ | 610,842 | | | | $ | 590,756 | | | | $ | 20,086 | | | | | 3 | | | $ | 622,585 | | | | $ | 610,842 | | | | $ | 11,743 | | | | | 2 | | | |
| | Three Months Ended September 30, | | Change | | | Three Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | | | | | | % | | | 2018 | | 2017 | | | | | | | % | | ||||||||||||||||||||||||||
Travel Commerce Platform RevPas (in $) | | | $ | 6.86 | | | | $ | 6.67 | | | | $ | 0.19 | | | | | 3 | | | | | $ | 7.33 | | | | $ | 6.86 | | | | $ | 0.47 | | | | | 7 | | | ||||||||
Reported Segments (in thousands) | | | | 85,397 | | | | | 83,945 | | | | | 1,452 | | | | | 2 | | | | | | 81,579 | | | | | 85,397 | | | | | (3,818) | | | | | (4) | | |
| | Three Months Ended September 30, | | Change | | | Three Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2017 | | 2016 | | $ | | % | | | 2018 | | 2017 | | $ | | % | | ||||||||||||||||||||||||||||||||
Asia Pacific | | | $ | 145,008 | | | | $ | 129,309 | | | | $ | 15,699 | | | | | 12 | | | | | $ | 140,186 | | | | $ | 145,008 | | | | $ | (4,822) | | | | | (3) | | | ||||||||
Europe | | | | 185,801 | | | | | 180,746 | | | | | 5,055 | | | | | 3 | | | | | | 202,300 | | | | | 185,801 | | | | | 16,499 | | | | | 9 | | | ||||||||
Latin America and Canada | | | | 27,563 | | | | | 26,336 | | | | | 1,227 | | | | | 5 | | | | | | 28,202 | | | | | 27,563 | | | | | 639 | | | | | 2 | | | ||||||||
Middle East and Africa | | | | 77,494 | | | | | 72,833 | | | | | 4,661 | | | | | 6 | | | | | | 78,824 | | | | | 77,494 | | | | | 1,330 | | | | | 2 | | | ||||||||
International | | | | 435,866 | | | | | 409,224 | | | | | 26,642 | | | | | 7 | | | | | | 449,512 | | | | | 435,866 | | | | | 13,646 | | | | | 3 | | | ||||||||
United States | | | | 150,287 | | | | | 150,559 | | | | | (272) | | | | | — | | | | | | 148,099 | | | | | 150,287 | | | | | (2,188) | | | | | (1) | | | ||||||||
Travel Commerce Platform | | | $ | 586,153 | | | | $ | 559,783 | | | | $ | 26,370 | | | | | 5 | | | | | $ | 597,611 | | | | $ | 586,153 | | | | $ | 11,458 | | | | | 2 | | | |
| | Reported Segments (in thousands) | | RevPas (in $) | | | Segments (in thousands) | | RevPas (in $) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Three Months Ended September 30, | | Change | | Three Months Ended September 30, | | Change | | | Three Months Ended September 30, | | Change | | Three Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | | | | | | % | | 2017 | | 2016 | | $ | | % | | | 2018 | | 2017 | | | | | | | % | | 2018 | | 2017 | | $ | | % | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | | | | 17,807 | | | | | 16,735 | | | | | 1,072 | | | | | 6 | | | | $ | 8.14 | | | | $ | 7.73 | | | | $ | 0.41 | | | | | 5 | | | | | | 16,764 | | | | | 17,807 | | | | | (1,043) | | | | | (6) | | | | $ | 8.36 | | | | $ | 8.14 | | | | | 0.22 | | | | | 3 | | | ||||||||||||||||
Europe | | | | 20,117 | | | | | 19,588 | | | | | 529 | | | | | 3 | | | | $ | 9.24 | | | | $ | 9.23 | | | | $ | 0.01 | | | | | — | | | | | | 18,658 | | | | | 20,117 | | | | | (1,459) | | | | | (7) | | | | $ | 10.84 | | | | $ | 9.24 | | | | | 1.60 | | | | | 17 | | | ||||||||||||||||
Latin America and Canada | | | | 4,706 | | | | | 4,279 | | | | | 427 | | | | | 10 | | | | $ | 5.86 | | | | $ | 6.16 | | | | $ | (0.30) | | | | | (5) | | | | | | 4,793 | | | | | 4,706 | | | | | 87 | | | | | 2 | | | | $ | 5.88 | | | | $ | 5.86 | | | | | 0.02 | | | | | — | | | ||||||||||||||||
Middle East and Africa | | | | 9,354 | | | | | 9,243 | | | | | 111 | | | | | 1 | | | | $ | 8.28 | | | | $ | 7.88 | | | | $ | 0.40 | | | | | 5 | | | | | | 9,180 | | | | | 9,354 | | | | | (174) | | | | | (2) | | | | $ | 8.59 | | | | $ | 8.28 | | | | | 0.31 | | | | | 4 | | | ||||||||||||||||
International | | | | 51,984 | | | | | 49,845 | | | | | 2,139 | | | | | 4 | | | | $ | 8.38 | | | | $ | 8.21 | | | | $ | 0.17 | | | | | 2 | | | | | | 49,395 | | | | | 51,984 | | | | | (2,589) | | | | | (5) | | | | $ | 9.10 | | | | $ | 8.38 | | | | | 0.72 | | | | | 9 | | | ||||||||||||||||
United States | | | | 33,413 | | | | | 34,100 | | | | | (687) | | | | | (2) | | | | $ | 4.50 | | | | $ | 4.41 | | | | $ | 0.09 | | | | | 2 | | | | | | 32,184 | | | | | 33,413 | | | | | (1,229) | | | | | (4) | | | | $ | 4.60 | | | | $ | 4.50 | | | | | 0.10 | | | | | 2 | | | ||||||||||||||||
Travel Commerce Platform | | | | 85,397 | | | | | 83,945 | | | | | 1,452 | | | | | 2 | | | | $ | 6.86 | | | | $ | 6.67 | | | | $ | 0.19 | | | | | 3 | | | | | | 81,579 | | | | | 85,397 | | | | | (3,818) | | | | | (4) | | | | $ | 7.33 | | | | $ | 6.86 | | | | | 0.47 | | | | | 7 | | | |
| | Three Months Ended September 30, | | Change | | | Three Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2017 | | 2016 | | $ | | % | | | 2018 | | 2017 | | $ | | % | | ||||||||||||||||||||||||||||||||
Commissions | | | $ | 306,971 | | | | $ | 273,702 | | | | $ | 33,269 | | | | | 12 | | | | | $ | 327,516 | | | | $ | 306,971 | | | | $ | 20,545 | | | | | 7 | | | ||||||||
Technology costs | | | | 81,056 | | | | | 77,832 | | | | | 3,224 | | | | | 4 | | | | | | 73,163 | | | | | 81,056 | | | | | (7,893) | | | | | (10) | | | ||||||||
Cost of revenue | | | $ | 388,027 | | | | $ | 351,534 | | | | $ | 36,493 | | | | | 10 | | | | | $ | 400,679 | | | | $ | 388,027 | | | | $ | 12,652 | | | | | 3 | | | |
| | Three Months Ended September 30, | | Change | | Three Months Ended September 30, | | Change | | |||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2017 | | 2016 | | $ | | % | | 2018 | | 2017 | | $ | | % | | |||||||||||||||||||||||||||||||
Workforce | | | $ | 91,405 | | | | $ | 88,276 | | | | $ | 3,129 | | | | | 4 | | | $ | 83,585 | | | | $ | 90,559 | | | | $ | (6,974) | | | | | (8) | | | ||||||||
Non-workforce | | | | 14,869 | | | | | 21,446 | | | | | (6,577) | | | | | (31) | | | | 22,327 | | | | | 14,869 | | | | | 7,458 | | | | | 50 | | | ||||||||
Sub-total | | | | 106,274 | | | | | 109,722 | | | | | (3,448) | | | | | (3) | | | | 105,912 | | | | | 105,428 | | | | | 484 | | | | | — | | | ||||||||
Non-core corporate costs | | | | 5,488 | | | | | 13,684 | | | | | (8,196) | | | | | (60) | | | | 21,626 | | | | | 5,488 | | | | | 16,138 | | | | | * | | | ||||||||
SG&A | | | $ | 111,762 | | | | $ | 123,406 | | | | $ | (11,644) | | | | | (9) | | | $ | 127,538 | | | | $ | 110,916 | | | | $ | 16,622 | | | | | 15 | | | |
| | Three Months Ended September 30, | | Change | | Three Months Ended September 30, | | Change | | |||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2017 | | 2016 | | $ | | % | | 2018 | | 2017 | | $ | | % | | |||||||||||||||||||||||||||||||
Depreciation on property and equipment | | | $ | 40,149 | | | | $ | 41,743 | | | | $ | (1,594) | | | | | (4) | | | $ | 40,088 | | | | $ | 40,149 | | | | $ | (61) | | | | | — | | | ||||||||
Amortization of acquired intangible assets | | | | 10,165 | | | | | 11,838 | | | | | (1,673) | | | | | (14) | | | | 10,165 | | | | | 10,165 | | | | | — | | | | | — | | | ||||||||
Total depreciation and amortization | | | $ | 50,314 | | | | $ | 53,581 | | | | $ | (3,267) | | | | | (6) | | | $ | 50,253 | | | | $ | 50,314 | | | | $ | (61) | | | | | — | | | |
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2017 | | | 2016 | | | $ | | | % | | ||||||||||||
Net revenue | | | | $ | 1,873,712 | | | | | $ | 1,805,924 | | | | | $ | 67,788 | | | | | | 4 | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue | | | | | 1,144,572 | | | | | | 1,090,816 | | | | | | 53,756 | | | | | | 5 | | |
Selling, general and administrative | | | | | 338,810 | | | | | | 377,177 | | | | | | (38,367) | | | | | | (10) | | |
Depreciation and amortization | | | | | 156,871 | | | | | | 158,068 | | | | | | (1,197) | | | | | | (1) | | |
Total costs and expenses | | | | | 1,640,253 | | | | | | 1,626,061 | | | | | | 14,192 | | | | | | 1 | | |
Operating income | | | | | 233,459 | | | | | | 179,863 | | | | | | 53,596 | | | | | | 30 | | |
Interest expense, net | | | | | (92,011) | | | | | | (129,821) | | | | | | 37,810 | | | | | | 29 | | |
Gain on sale of a subsidiary | | | | | 1,217 | | | | | | — | | | | | | 1,217 | | | | | | * | | |
Loss on early extinguishment of debt | | | | | (4,682) | | | | | | (3,626) | | | | | | (1,056) | | | | | | (29) | | |
Income before income taxes | | | | | 137,983 | | | | | | 46,416 | | | | | | 91,567 | | | | | | 197 | | |
Provision for income taxes | | | | | (43,073) | | | | | | (22,260) | | | | | | (20,813) | | | | | | (93) | | |
Net income | | | | $ | 94,910 | | | | | $ | 24,156 | | | | | $ | 70,754 | | | | | | * | | |
|
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2018 | | | 2017 | | | $ | | | % | | ||||||||||||
Net revenue | | | | $ | 1,962,431 | | | | | $ | 1,873,712 | | | | | $ | 88,719 | | | | | | 5 | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue | | | | | 1,254,868 | | | | | | 1,144,572 | | | | | | 110,296 | | | | | | 10 | | |
Selling, general and administrative | | | | | 395,093 | | | | | | 336,272 | | | | | | 58,821 | | | | | | 17 | | |
Depreciation and amortization | | | | | 148,398 | | | | | | 156,871 | | | | | | (8,473) | | | | | | (5) | | |
Total costs and expenses | | | | | 1,798,359 | | | | | | 1,637,715 | | | | | | 160,644 | | | | | | 10 | | |
Operating income | | | | | 164,072 | | | | | | 235,997 | | | | | | (71,925) | | | | | | (30) | | |
Interest expense, net | | | | | (66,312) | | | | | | (92,011) | | | | | | 25,699 | | | | | | 28 | | |
Loss on early extinguishment of debt | | | | | (27,699) | | | | | | (4,682) | | | | | | (23,017) | | | | | | * | | |
Gain on sale of a subsidiary | | | | | — | | | | | | 1,217 | | | | | | (1,217) | | | | | | (100) | | |
Other expense | | | | | (730) | | | | | | (2,538) | | | | | | 1,808 | | | | | | 71 | | |
Income before income taxes | | | | | 69,331 | | | | | | 137,983 | | | | | | (68,652) | | | | | | (50) | | |
Provision for income taxes | | | | | (24,972) | | | | | | (43,073) | | | | | | 18,101 | | | | | | 42 | | |
Net income from continuing operations | | | | | 44,359 | | | | | | 94,910 | | | | | | (50,551) | | | | | | (53) | | |
Income from discontinued operations, net of tax | | | | | 27,747 | | | | | | — | | | | | | 27,747 | | | | | | * | | |
Net income | | | | $ | 72,106 | | | | | $ | 94,910 | | | | | $ | (22,804) | | | | | | (24) | | |
|
| | | Nine Months Ended September 30, | | | Change | |||||||||||||||||
(in $ thousands) | | | 2017 | | | 2016 | | | $ | | | % | |||||||||||
Air | | | | $ | 1,315,500 | | | | | $ | 1,277,671 | | | | | $ | 37,829 | | | | | | 3 |
Beyond Air | | | | | 476,474 | | | | | | 435,056 | | | | | | 41,418 | | | | | | 10 |
Travel Commerce Platform | | | | | 1,791,974 | | | | | | 1,712,727 | | | | | | 79,247 | | | | | | 5 |
Technology Services | | | | | 81,738 | | | | | | 93,197 | | | | | | (11,459) | | | | | | (12) |
Net revenue | | | | $ | 1,873,712 | | | | | $ | 1,805,924 | | | | | $ | 67,788 | | | | | | 4 |
|
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||
(in $ thousands) | | | 2018 | | | 2017 | | | $ | | | % | | ||||||||||||
Air | | | | $ | 1,321,525 | | | | | $ | 1,315,500 | | | | | $ | 6,025 | | | | | | — | | |
Beyond Air | | | | | 566,740 | | | | | | 476,474 | | | | | | 90,266 | | | | | | 19 | | |
Travel Commerce Platform | | | | | 1,888,265 | | | | | | 1,791,974 | | | | | | 96,291 | | | | | | 5 | | |
Technology Services | | | | | 74,166 | | | | | | 81,738 | | | | | | (7,572) | | | | | | (9) | | |
Net revenue | | | | $ | 1,962,431 | | | | | $ | 1,873,712 | | | | | $ | 88,719 | | | | | | 5 | | |
|
| | Nine Months Ended September 30, | | Change | | | Nine Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | | | | | | % | | | 2018 | | 2017 | | | | | | | % | | ||||||||||||||||||||||||||
Travel Commerce Platform RevPas (in $) | | | $ | 6.76 | | | | $ | 6.57 | | | | $ | 0.19 | | | | | 3 | | | | | $ | 7.24 | | | | $ | 6.76 | | | | $ | 0.48 | | | | | 7 | | | ||||||||
Reported Segments (in thousands) | | | | 264,975 | | | | | 260,725 | | | | | 4,250 | | | | | 2 | | | | | | 260,831 | | | | | 264,975 | | | | | (4,144) | | | | | (2) | | |
| | Nine Months Ended September 30, | | Change | | | Nine Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2017 | | 2016 | | $ | | % | | | 2018 | | 2017 | | $ | | % | | ||||||||||||||||||||||||||||||||
Asia Pacific | | | $ | 437,748 | | | | $ | 388,330 | | | | $ | 49,418 | | | | | 13 | | | | | $ | 426,728 | | | | $ | 437,748 | | | | $ | (11,020) | | | | | (3) | | | ||||||||
Europe | | | | 568,811 | | | | | 558,303 | | | | | 10,508 | | | | | 2 | | | | | | 670,082 | | | | | 568,811 | | | | | 101,271 | | | | | 18 | | | ||||||||
Latin America and Canada | | | | 83,919 | | | | | 82,617 | | | | | 1,302 | | | | | 2 | | | | | | 87,517 | | | | | 83,919 | | | | | 3,598 | | | | | 4 | | | ||||||||
Middle East and Africa | | | | 238,959 | | | | | 223,629 | | | | | 15,330 | | | | | 7 | | | | | | 239,593 | | | | | 238,959 | | | | | 634 | | | | | — | | | ||||||||
International | | | | 1,329,437 | | | | | 1,252,879 | | | | | 76,558 | | | | | 6 | | | | | | 1,423,920 | | | | | 1,329,437 | | | | | 94,483 | | | | | 7 | | | ||||||||
United States | | | | 462,537 | | | | | 459,848 | | | | | 2,689 | | | | | 1 | | | | | | 464,345 | | | | | 462,537 | | | | | 1,808 | | | | | — | | | ||||||||
Travel Commerce Platform | | | $ | 1,791,974 | | | | $ | 1,712,727 | | | | $ | 79,247 | | | | | 5 | | | | | $ | 1,888,265 | | | | $ | 1,791,974 | | | | $ | 96,291 | | | | | 5 | | | |
| | | Reported Segments (in thousands) | | | RevPas (in $) | | ||||||||||||||||||||||||||||||||||||||||||
| | | Nine Months Ended September 30, | | | Change | | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | | | | | | | % | | | 2017 | | | 2016 | | | $ | | | % | | |||||||||||||||||||||
Asia Pacific | | | | | 54,712 | | | | | | 50,733 | | | | | | 3,979 | | | | | | 8 | | | | | $ | 8.00 | | | �� | | $ | 7.65 | | | | | $ | 0.35 | | | | | | 5 | | |
Europe | | | | | 63,478 | | | | | | 63,282 | | | | | | 196 | | | | | | — | | | | | $ | 8.96 | | | | | $ | 8.82 | | | | | $ | 0.14 | | | | | | 2 | | |
Latin America and Canada | | | | | 13,862 | | | | | | 13,353 | | | | | | 509 | | | | | | 4 | | | | | $ | 6.05 | | | | | $ | 6.19 | | | | | $ | (0.14) | | | | | | (2) | | |
Middle East and Africa | | | | | 28,271 | | | | | | 28,876 | | | | | | (605) | | | | | | (2) | | | | | $ | 8.45 | | | | | $ | 7.74 | | | | | $ | 0.71 | | | | | | 9 | | |
International | | | | | 160,323 | | | | | | 156,244 | | | | | | 4,079 | | | | | | 3 | | | | | $ | 8.29 | | | | | $ | 8.02 | | | | | $ | 0.27 | | | | | | 3 | | |
United States | | | | | 104,652 | | | | | | 104,481 | | | | | | 171 | | | | | | — | | | | | $ | 4.42 | | | | | $ | 4.40 | | | | | $ | 0.02 | | | | | | — | | |
Travel Commerce Platform | | | | | 264,975 | | | | | | 260,725 | | | | | | 4,250 | | | | | | 2 | | | | | $ | 6.76 | | | | | $ | 6.57 | | | | | $ | 0.19 | | | | | | 3 | | |
|
| | | Segments (in thousands) | | | RevPas (in $) | | ||||||||||||||||||||||||||||||||||||||||||
| | | Nine Months Ended September 30, | | | Change | | | Nine Months Ended September 30, | | | Change | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | | | | | | | % | | | 2018 | | | 2017 | | | $ | | | % | | |||||||||||||||||||||
Asia Pacific | | | | | 49,172 | | | | | | 54,712 | | | | | | (5,540) | | | | | | (10) | | | | | $ | 8.68 | | | | | $ | 8.00 | | | | | | 0.68 | | | | | | 8 | | |
Europe | | | | | 65,537 | | | | | | 63,478 | | | | | | 2,059 | | | | | | 3 | | | | | $ | 10.22 | | | | | $ | 8.96 | | | | | | 1.26 | | | | | | 14 | | |
Latin America and Canada | | | | | 14,231 | | | | | | 13,862 | | | | | | 369 | | | | | | 3 | | | | | $ | 6.15 | | | | | $ | 6.05 | | | | | | 0.10 | | | | | | 2 | | |
Middle East and Africa | | | | | 28,300 | | | | | | 28,271 | | | | | | 29 | | | | | | — | | | | | $ | 8.47 | | | | | $ | 8.45 | | | | | | 0.02 | | | | | | — | | |
International | | | | | 157,240 | | | | | | 160,323 | | | | | | (3,083) | | | | | | (2) | | | | | $ | 9.06 | | | | | $ | 8.29 | | | | | | 0.77 | | | | | | 9 | | |
United States | | | | | 103,591 | | | | | | 104,652 | | | | | | (1,061) | | | | | | (1) | | | | | $ | 4.48 | | | | | $ | 4.42 | | | | | | 0.06 | | | | | | 1 | | |
Travel Commerce Platform | | | | | 260,831 | | | | | | 264,975 | | | | | | (4,144) | | | | | | (2) | | | | | $ | 7.24 | | | | | $ | 6.76 | | | | | | 0.48 | | | | | | 7 | | |
|
| | Nine Months Ended September 30, | | Change | | | Nine Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2017 | | 2016 | | $ | | % | | | 2018 | | 2017 | | $ | | % | | ||||||||||||||||||||||||||||||||
Commissions | | | $ | 899,224 | | | | $ | 848,458 | | | | $ | 50,766 | | | | | 6 | | | | | $ | 1,026,602 | | | | $ | 899,224 | | | | $ | 127,378 | | | | | 14 | | | ||||||||
Technology costs | | | | 245,348 | | | | | 242,358 | | | | | 2,990 | | | | | 1 | | | | | | 228,266 | | | | | 245,348 | | | | | (17,082) | | | | | (7) | | | ||||||||
Cost of revenue | | | $ | 1,144,572 | | | | $ | 1,090,816 | | | | $ | 53,756 | | | | | 5 | | | | | $ | 1,254,868 | | | | $ | 1,144,572 | | | | $ | 110,296 | | | | | 10 | | | |
| | Nine Months Ended September 30, | | Change | | Nine Months Ended September 30, | | Change | | |||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2017 | | 2016 | | $ | | % | | 2018 | | 2017 | | $ | | % | | |||||||||||||||||||||||||||||||
Workforce | | | $ | 270,237 | | | | $ | 261,371 | | | | $ | 8,866 | | | | | 3 | | | $ | 276,572 | | | | $ | 267,699 | | | | $ | 8,873 | | | | | 3 | | | ||||||||
Non-workforce | | | | 56,644 | | | | | 65,345 | | | | | (8,701) | | | | | (13) | | | | 58,753 | | | | | 56,644 | | | | | 2,109 | | | | | 4 | | | ||||||||
Sub-total | | | | 326,881 | | | | | 326,716 | | | | | 165 | | | | | — | | | | 335,325 | | | | | 324,343 | | | | | 10,982 | | | | | 3 | | | ||||||||
Non-core corporate costs | | | | 11,929 | | | | | 50,461 | | | | | (38,532) | | | | | (76) | | | | 59,768 | | | | | 11,929 | | | | | 47,839 | | | | | * | | | ||||||||
SG&A | | | $ | 338,810 | | | | $ | 377,177 | | | | $ | (38,368) | | | | | (10) | | | $ | 395,093 | | | | $ | 336,272 | | | | $ | 58,821 | | | | | 17 | | | |
| | Nine Months Ended September 30, | | Change | | Nine Months Ended September 30, | | Change | | |||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | 2017 | | 2016 | | $ | | % | | 2018 | | 2017 | | $ | | % | | |||||||||||||||||||||||||||||||
Depreciation on property and equipment | | | $ | 126,183 | | | | $ | 121,375 | | | | $ | 4,808 | | | | | 4 | | | $ | 117,901 | | | | $ | 126,183 | | | | $ | (8,282) | | | | | (7) | | | ||||||||
Amortization of acquired intangible assets | | | | 30,688 | | | | | 36,693 | | | | | (6,005) | | | | | (16) | | | | 30,497 | | | | | 30,688 | | | | | (191) | | | | | (1) | | | ||||||||
Total depreciation and amortization | | | $ | 156,871 | | | | $ | 158,068 | | | | $ | (1,197) | | | | | (1) | | | $ | 148,398 | | | | $ | 156,871 | | | | $ | (8,473) | | | | | (5) | | | |
(in $ thousands) | | September 30, 2017 | | | September 30, 2018 | | ||||||||
Cash and cash equivalents | | | $ | 204,646 | | | | | $ | 200,333 | | | ||
Revolving credit facility availability | | | | 141,558 | | | | | | 145,400 | | |
(in $ thousands) | | | Asset (Liability) | | | Change | | |||||||||||||||||||||||||||||||
| Asset (Liability) | | | |||||||||||||||||||||||||||||||||||
(in $ thousands) | | | September 30, 2017 | | December 31, 2016 | | | Change | | | September 30, 2018 | | December 31, 2017 | | Change | | ||||||||||||||||||||||
| | $ | 252,661 | | | | $ | 218,224 | | | | | $ | 248,635 | | | | $ | 206,524 | | | | $ | 42,111 | | | ||||||||||||
Accrued commissions and incentives | | | | (344,852) | | | | | (267,488) | | | | | (77,364) | | | | | | (328,361) | | | | | (282,954) | | | | | (45,407) | | | ||||||
Deferred revenue and prepaid incentives, net | | | | (34,983) | | | | | (32,741) | | | | | (2,242) | | | | | | (46,610) | | | | | (31,419) | | | | | (15,191) | | | ||||||
Cash and cash equivalents | | | | 204,646 | | | | | 139,938 | | | | | 64,708 | | | | | | 200,333 | | | | | 122,039 | | | | | 78,294 | | | ||||||
Accounts payable and employee related | | | | (142,418) | | | | | (144,657) | | | | | 2,239 | | | | | | (155,384) | | | | | (145,140) | | | | | (10,244) | | | ||||||
Accrued interest | | | | (15,490) | | | | | (15,215) | | | | | (275) | | | | | | (9,442) | | | | | (12,010) | | | | | 2,568 | | | ||||||
Current portion of long-term debt | | | | (63,552) | | | | | (63,558) | | | | | 6 | | | | | | (58,377) | | | | | (64,291) | | | | | 5,914 | | | ||||||
Taxes | | | | (6,980) | | | | | 9,618 | | | | | (16,598) | | | | | | 3,647 | | | | | (2,823) | | | | | 6,470 | | | ||||||
Other assets (liabilities), net | | | | 19,077 | | | | | (3,207) | | | | | 22,284 | | | ||||||||||||||||||||||
Other assets, net | | | | 15,408 | | | | | 1,724 | | | | | 13,684 | | | ||||||||||||||||||||||
Working Capital | | | $ | (131,891) | | | | $ | (159,086) | | | | $ | 27,195 | | | | | $ | (130,151) | | | | $ | (208,350) | | | | $ | 78,199 | | | ||||||
Consolidated Condensed Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Total current assets | | | $ | 564,848 | | | | $ | 442,251 | | | | $ | 122,597 | | | | | $ | 574,580 | | | | $ | 438,287 | | | | $ | 136,293 | | | ||||||
Total current liabilities | | | | (696,739) | | | | | (601,337) | | | | | (95,402) | | | | | | (704,731) | | | | | (646,637) | | | | | (58,094) | | | ||||||
Working Capital | | | $ | (131,891) | | | | $ | (159,086) | | | | $ | 27,195 | | | | | $ | (130,151) | | | | $ | (208,350) | | | | $ | 78,199 | | | |
| | September 30, 2017 | | December 31, 2016 | | Change | | | September 30, 2018 | | December 31, 2017 | | Change | | ||||||||||||||||||||||||
Accounts receivable, net (in $ thousands) | | | $ | 252,661 | | | | $ | 218,224 | | | | $ | 34,437 | | | | | $ | 248,635 | | | | $ | 206,524 | | | | $ | 42,111 | | | ||||||
Accounts receivable, net – Days Sales Outstanding (“DSO”) | | | | 38 | | | | | 39 | | | | | (1) | | | | | | 37 | | | | | 37 | | | | | — | | |
| | Nine Months Ended September 30, | | Change | | | Nine Months Ended September 30, | | Change | | ||||||||||||||||||||||||||||
(in $ thousands) | | 2017 | | 2016 | | $ | | | 2018 | | 2017 | | $ | | ||||||||||||||||||||||||
Cash provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Operating activities | | | $ | 274,342 | | | | $ | 213,858 | | | | $ | 60,484 | | | | | $ | 285,435 | | | | $ | 274,342 | | | | $ | 11,093 | | | ||||||
Investing activities | | | | (82,625) | | | | | (85,139) | | | | | 2,514 | | | | | | (109,236) | | | | | (82,625) | | | | | (26,611) | | | ||||||
Financing activities | | | | (128,052) | | | | | (144,912) | | | | | 16,860 | | | | | | (93,306) | | | | | (128,052) | | | | | 34,746 | | | ||||||
Effect of exchange rate changes | | | | 1,043 | | | | | (248) | | | | | 1,291 | | | | | | (1,126) | | | | | 1,043 | | | | | (2,169) | | | ||||||
Net increase (decrease) in cash and cash equivalents | | | $ | 64,708 | | | | $ | (16,441) | | | | $ | 81,149 | | | ||||||||||||||||||||||
Net increase in cash, cash equivalents and restricted cash | | | $ | 81,767 | | | | $ | 64,708 | | | | $ | 17,059 | | | |
| | | Nine Months Ended September 30, | | | Change | | ||||||||||||
(in $ thousands) | | | 2018 | | | 2017 | | | $ | | |||||||||
Cash additions to software developed for internal use | | | | $ | 96,934 | | | | | $ | 62,459 | | | | | $ | 34,475 | | |
Cash additions to computer equipment and other | | | | | 12,302 | | | | | | 16,733 | | | | | | (4,431) | | |
Property and equipment additions | | | | $ | 109,236 | | | | | $ | 79,192 | | | | | $ | 30,044 | | |
|
| | | Nine Months Ended September 30, | | |||||||||
(in $ thousands) | | | 2017 | | | 2016 | | ||||||
Cash additions to software developed for internal use | | | | $ | 62,256 | | | | | $ | 56,297 | | |
Cash additions to computer equipment and other | | | | | 16,936 | | | | | | 13,833 | | |
Total | | | | $ | 79,192 | | | | | $ | 70,130 | | |
|
| | Nine Months Ended September 30, | | | Nine Months Ended September 30, | | ||||||||||||||||||||
(in $ thousands) | | 2017 | | 2016 | | | 2018 | | 2017 | | ||||||||||||||||
Net cash provided by operating activities | | | $ | 274,342 | | | | $ | 213,858 | | | | | $ | 285,435 | | | | $ | 274,342 | | | ||||
Less: capital expenditures on property and equipment additions | | | | (79,192) | | | | | (70,130) | | | | | | (109,236) | | | | | (79,192) | | | ||||
Free Cash Flow | | | $ | 195,150 | | | | $ | 143,728 | | | | | $ | 176,199 | | | | $ | 195,150 | | | |
(in $ thousands) | | | Interest Rate | | | Maturity | | | September 30, 2017 | | | December 31, 2016 | | ||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | | | | | | | |
Term loans | | | | | | | | | | | | | | | | | | | |
Dollar denominated(1) | | | L+2.75% | | | September 2021 | | | | $ | 2,177,415 | | | | | $ | 2,236,157 | | |
Revolver borrowings | | | | | | | | | | | | | | | | | | | |
Dollar denominated(1)(2) | | | L+2.50% | | | September 2022 | | | | | — | | | | | | — | | |
Capital leases and other indebtedness | | | | | | | | | | | 97,148 | | | | | | 108,611 | | |
Total debt | | | | | | | | | | | 2,274,563 | | | | | | 2,344,768 | | |
Less: cash and cash equivalents | | | | | | | | | | | (204,646) | | | | | | (139,938) | | |
Net Debt(3) | | | | | | | | | | $ | 2,069,917 | | | | | $ | 2,204,830 | | |
|
(in $ thousands) | | | Interest rate | | | Maturity | | | September 30, 2018 | | | December 31, 2017 | | ||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | | | | | | | |
Term loans – (2018 Credit Agreement)(1) | | | L+2.50% | | | March 2025 | | | | $ | 1,379,511 | | | | | $ | — | | |
Term loans – (2014 Credit Agreement)(2) | | | L+2.75% | | | September 2021 | | | | | — | | | | | | 2,124,439 | | |
Revolver borrowings – (2018 Credit Agreement) | | | L+2.25% | | | September 2022 | | | | | — | | | | | | — | | |
Revolver borrowings – (2014 Credit Agreement) | | | L+2.50% | | | September 2022 | | | | | — | | | | | | — | | |
Senior Secured Notes | | | | | | | | | | | | | | | | | | | |
Senior Secured Notes(3) | | | 6.00% | | | March 2026 | | | | | 737,881 | | | | | | — | | |
Capital leases and other indebtedness | | | | | | | | | | | 147,156 | | | | | | 105,574 | | |
Total debt | | | | | | | | | | | 2,264,548 | | | | | | 2,230,013 | | |
Less: cash, cash equivalents and restricted cash | | | | | | | | | | | (203,806) | | | | | | (122,039) | | |
Net Debt(4) | | | | | | | | | | $ | 2,060,742 | | | | | $ | 2,107,974 | | |
|
Notional Amount ($ in thousands) | | Period | | Average Interest Rate | | | Period | | Rate Average Interest | | ||||||||||
1,400,000 | | February 2017 to February 2019 | | | | 1.4010% | | | | February 2017 to February 2019 | | | | 1.4010% | | | ||||
1,200,000 | | February 2019 to February 2020 | | | | 2.1906% | | | | February 2019 to February 2020 | | | | 2.1906% | | | ||||
100,000 | | February 2020 to February 2021 | | | | 2.0760% | | | ||||||||||||
400,000 | | February 2020 to February 2021 | | | | 2.1925% | | | ||||||||||||
200,000 | | February 2021 to February 2022 | | | | 2.9913% | | |
| | | Year Ending September 30, | | |||||||||||||||||||||||||||||||||||||||
(in $ thousands) | | | 2019 | | | 2020 | | | 2021 | | | 2022 | | | 2023 | | | Thereafter | | | Total | | |||||||||||||||||||||
Term loans | | | | $ | 14,000 | | | | | $ | 14,000 | | | | | $ | 14,000 | | | | | $ | 14,000 | | | | | $ | 14,000 | | | | | $ | 1,322,500 | | | | | $ | 1,392,500 | | |
Senior secured notes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | ��� | | | | — | | | | | | 745,000 | | | | | | 745,000 | | |
Capital leases and other indebtedness | | | | | 44,378 | | | | | | 42,198 | | | | | | 36,038 | | | | | | 23,321 | | | | | | — | | | | | | 1,221 | | | | | | 147,156 | | |
Interest payments(1) | | | | | 111,037 | | | | | | 115,336 | | | | | | 114,460 | | | | | | 112,000 | | | | | | 109,907 | | | | | | 213,277 | | | | | | 776,017 | | |
Total | | | | $ | 169,415 | | | | | $ | 171,534 | | | | | $ | 164,498 | | | | | $ | 149,321 | | | | | $ | 123,907 | | | | | $ | 2,281,998 | | | | | $ | 3,060,673 | | |
|
| | | | TRAVELPORT WORLDWIDE LIMITED | |
| Date: November | | | By: /s/ Bernard Bot Bernard Bot Executive Vice President and Chief Financial Officer | |
| Date: November | | | By: /s/Antonios Basoukeas Antonios Basoukeas Chief Accounting Officer | |
| Exhibit No. | | | Description | |
| 3.1 | | | | |
| 3.2 | | | ||
| |||||
| 31.1 | | | | |
| 31.2 | | | | |
| 32 | | | | |
| 101.INS | | | XBRL Instance Document | |
| 101.SCH | | | XBRL Taxonomy Extension Schema Document | |
| 101.CAL | | | XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.LAB | | | XBRL Taxonomy Extension Labels Linkbase Document | |
| 101.PRE | | | XBRL Taxonomy Extension Presentation Linkbase Document | |
| 101.DEF | | | XBRL Taxonomy Extension Definition Linkbase Document | |