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Travelport Holdings Limited Announces Positive Third Quarter FinancialsNovember 9, 2011
Travelport Limited, a provider of transaction processing for the global travel industry, released its financial results for the third quarter ended September 30
"I am pleased to report solid results for the quarter, with revenue up 4 percent [and] volume up 3 percent," said Gordon Wilson, president and CEO of Travelport.
Travelport's Net Revenue of $509 million for the third quarter of 2011 was $21 million (+4 percent) higher than last year as a result of a $16 million increase in transaction processing revenue. The largest increases were in the Americas and Asia Pacific. Airline IT Solutions revenue increased by $5 million to $53 million in the quarter.
As previously announced, the restructuring of Travelport Holdings Limited's senior unsecured payment-in-kind term loans was successfully completed. Travelport Holdings Limited is Travelport's direct parent company. In connection with the restructuring, on September 30, 2011, Travelport amended its existing credit facility pursuant to the fourth amended and restated credit agreement, which, among other things, allows for a new second lien term loan, of which $207.5 million was issued, and recorded as a non-cash distribution to Travelport Holdings Limited. Travelport also distributed $89.5 million in cash to Travelport Holdings Limited as part of the restructuring.
During the nine months ended September 30, 2011, Travelport generated $86 million in net cash provided by operating activities of continuing operations, a $17 million decrease from 2010, primarily due to the decrease in earnings and higher cash interest payments net of operating working capital movements.
Travelport's net debt was $3,157 million as of September 30, 2011, which comprised debt of $3,384 million less $90 million in cash and cash equivalents and less $137 million of restricted cash provided as collateral.