LANGLEY, U.K., May 3, 2018 — Travelport Worldwide Limited (NYSE: TVPT) today announced its financial results for the first quarter ended March 31, 2018.
- Net revenue increased 4% to $678 million
- Net income increased 6% to $59 million; Adjusted EBITDA decreased 9% to $154 million
- Travel Commerce Platform revenue increased 5% to $653 million; Technology Services revenue decreased 12% to $25 million largely due to the sale of IGT Solutions Private Ltd. (“IGTS”) in April 2017
- Beyond Air revenue increased 22% to $180 million, contributing 28% of Travel Commerce Platform revenue (Q1 2017: 24%); eNett net revenue increased 81% to $74 million
- Income per share (diluted) increased 4% to $0.47; Adjusted Income per Share (diluted) decreased 15% to $0.44
- Net cash provided by operating activities decreased 13% to $83 million; Free Cash Flow decreased 35% to $46 million
- Completed comprehensive debt refinancing in March 2018, resulting in extended maturity dates, diversified funding sources and lower exposure to variable interest rates
Gordon Wilson, President and CEO of Travelport, commented:
“Travelport has delivered a strong start to the year with 5% Travel Commerce Platform revenue growth and Adjusted EBITDA ahead of our expectations. These results include the well-documented loss of one large travel agency in the Pacific region, which impacted Travel Commerce Platform revenue growth by 5 percentage points and Adjusted EBITDA by 9 percentage points. Our performance, therefore, demonstrates the continued success of our strategy, resulting in Air revenue growth in Asia and Europe in the quarter, as well as significant air market share gains in the latter region. Beyond Air revenue growth accelerated to 22%, largely due to eNett as the business continued to expand share of wallet at several large OTAs in Asia Pacific and Europe.
We continue to invest in innovation to drive growth. In the quarter, this investment supported several new business wins, building on the record level of new business that we signed and onboarded in 2017 and, moreover, enabling us to achieve a significant long-term renewal of our partnership with Priceline.com. Our start to the year, therefore, gives us the confidence to reiterate our financial guidance for full year 2018.”