LANGLEY, U.K., February 20, 2018 — Travelport Worldwide Limited (NYSE: TVPT) today announced its financial results for the fourth quarter and full year ended December 31, 2017.
Highlights (for full year 2017 unless stated otherwise)
- Net revenue increased 4% to $2,447 million, including Travel Commerce Platform revenue growth of 5% to $2,341 million
- Net income increased $125 million to $140 million; Adjusted EBITDA increased 3% to $590 million
- Income per share (diluted) increased $1.00 to $1.13; Adjusted Income per Share (diluted) increased 17% to $1.44
- Net cash provided by operating activities increased 6% to $318 million; Free Cash Flow increased 4% to $200 million
- Fourth quarter net revenue increased 5%; net income increased $54 million; and Adjusted EBITDA increased 6%
- 2018 guidance issued, including net revenue growth expected to be 4% to 6%, Adjusted EBITDA growth (1)% to 3% and Free Cash Flow growth 5% to 15%
Gordon Wilson, President and CEO of Travelport, commented:
“In 2017, Travelport again delivered on or exceeded guidance on all financial growth targets. In line with our strategy, we achieved a strong performance in Asia and Latin America where our air share grew as we won new business. In addition, Beyond Air revenue grew by 11% in 2017 as we continued to benefit from investment in growing our digital solutions, including mobile apps, hospitality and commercial payments.
Our ongoing focus and investments in our platform saw a record level of new business signed and onboarded in 2017, with more to come onstream progressively during 2018, more than offsetting the loss of one travel agency account in the Pacific. We continue to lead our industry, being the first global distribution system to be certified at the highest level by IATA for its NDC Application Programming Interface as an Aggregator, and we have advanced further ahead of our peers with over 250 airlines now able to show their full merchandised value proposition to users of the Travelport platform. We are, therefore, well positioned for good underlying growth in 2018, particularly in the second half of the year. Travelport has a proven track record for strong cash generation that supports sustainable and profitable growth over the longer term, while presenting options for higher returns to our shareholders in line with our capital allocation policy.”
Travelport is the technology company which makes the experience of buying and managing travel continually better. It operates a travel commerce platform providing distribution, technology, payment and other solutions for the global travel and tourism industry. The company facilitates travel commerce by connecting the world’s leading travel providers with online and offline travel buyers in a proprietary business-to-business (B2B) travel platform.
Travelport has a leading position in airline merchandising, hotel content and distribution, car rental, mobile commerce and B2B payment solutions. The company also provides IT services to airlines, such as shopping, ticketing, departure control and other solutions. With net revenue of over $2.5 billion in 2018, Travelport is headquartered in Langley, U.K., has over 3,700 employees and is represented in approximately 180 countries and territories.