Travelport Delivering Performance

                      Travelport Delivering Performance

— First Quarter 2013 Results —

PR Newswire

ATLANTA, May 9, 2013

ATLANTA, May 9,  2013 /PRNewswire/ --Travelport Limited, a leading provider
of critical transaction processing and data for the global travel industry,
today announces its financial results for the first quarter ended March 31,
2013.

Commenting on the Company's performance, Gordon Wilson, President and CEO of
Travelport, said:

"We are today reporting an increase in underlying revenue, a growth in
underlying Adjusted EBITDA, and a significantly strengthened Travelport group
balance sheet following April's successful refinancing. We continue to deliver
on our growth strategy and the successful development of our business with
increased hospitality, payment processing and services revenue, as evidenced
by the leap in RevPas for the period, which exceeded our expectations.We look
forward to the future with growing confidence."

2013 Highlights:

  oIncreased RevPas by 6%, including 20% growth in hospitality, payment
    processing and services revenue
  oLaunched ground-breaking airline merchandising platform (April 2013)
  oSigned watershed airline agreements (full content, merchandising & low
    cost)
  oExtended hotel room offers to more than one million (May 2013)
  oExpanded operations in targeted growth regions of Africa and Russia
  oSuccessfully completed refinancing (April 2013)



Financial Highlights for First Quarter 2013
(in $ millions)                                        Excluding MSA
                  Q1 2013  Q12012  Change  %Change  Change  %Change
Net Revenue       548      550      (2)      —         23       4
Operating Income  69       66       3        5         22       33
EBITDA            121      123      (2)      (2)       17       14
Adjusted EBITDA   127      140      (13)     (9)       6        5



The loss of the Master Services Agreement ("MSA") with United Airlines
contributed approximately $25 million to the decline in net revenue and $19
million to the decline in each of operating income, EBITDA and Adjusted EBITDA
for the first quarter of 2013 compared to 2012. Excluding the impact of this
loss, net revenue increased by $23 million, operating income increased by $22
million, EBITDA increased by $17 million and Adjusted EBITDA increased by $6
million, compared to 2012.

Travelport RevPas increased 6% to $5.38 for the first quarter of 2013, and the
average rate of agency commissions increased 3%.

Interest costs of $70 million for the three months ended March 31, 2013 were
$3 million higher due to higher effective interest rates.

Travelport used $21 million in net cash from operating activities for the
three months ended March 31, 2013 compared to $29 million of cash provided by
operating activities for the three months ended March 31, 2012.

Travelport's net debt was $3,219 million as of March 31, 2013, which comprised
debt of $3,464 million less $108 million in cash and cash equivalents and less
$137 million of cash held as collateral.

In April 2013, the Company completed its previously announced comprehensive
refinancing, including the exchange and cancellation of approximately $500
million of PIK debt of Travelport Holdings Limited, our direct parent company.

Conference Calls

The Company's first quarter 2013 earnings conference call will be held on May
9 2013, beginning at 1100 (EDT). Details for this call and the earnings
presentation are available through the Investor Center section of the
Company's website (www.travelport.com/investors/Financial-Calendar), where
pre-registration for the call is required.

A recording of the call will be made available within 24 hours in the
Financial/Operating Data section of the Investor Center on the Company's
website.

About Travelport

Travelport is a leading provider of critical transaction processing solutions
and data to companies operating in the global travel industry.

With a presence in over 170 countries, approximately 3,500 employees and 2012
net revenue of more than $2.0 billion, Travelport is comprised of the global
distribution system ("GDS") business, which includes the Galileo and Worldspan
brands, its Airline IT Solutions business and a majority in a joint venture in
eNett.

Headquartered in Atlanta, Georgia, Travelport is a privately owned company.

Investor Contact

Julian Walker
Head of Corporate Communications and Investor Relations
+44 (0)17 5328 8210
julian.walker@travelport.com

Media Contacts

Kate Aldridge
Senior Director, Corporate Communications, EMEA and APAC
+44 (0)17 5328 8720
kate.aldridge@travelport.com

Jill Brenner
Senior Director, Corporate Communications, Americas
+1 (973) 753 3110
jill.brenner@travelport.com

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking
statements" that involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Statements preceded by, followed by or that otherwise include the words
"believes", "expects", "anticipates", "intends", "projects", "estimates",
"plans", "may increase", "may fluctuate" and similar expressions or future or
conditional verbs such as "will", "should", "would", "may" and "could" are
generally forward-looking in nature and not historical facts. Any statements
that refer to expectations or other characterizations of future events,
circumstances or results are forward-looking statements.

Various risks that could cause future results to differ from those expressed
by the forward-looking statements included in this press release include, but
are not limited to: the impact that our outstanding indebtedness may have on
the way we operate our business; factors affecting the level of travel
activity, particularly air travel volume, including security concerns, general
economic conditions, natural disasters and other disruptions; general economic
and business conditions in the markets in which we operate, including
fluctuations in currencies and the economic conditions in the eurozone;
pricing, regulatory and other trends in the travel industry; our ability to
obtain travel supplier inventory from travel suppliers, such as airlines,
hotels, car rental companies, cruise lines and other travel suppliers; our
ability to develop and deliver products and services that are valuable to
travel agencies and travel suppliers and generate new revenue streams,
including our universal desktop product; risks associated with doing business
in multiple countries and in multiple currencies; maintenance and protection
of our information technology and intellectual property; the impact on
supplier capacity and inventory resulting from consolidation of the airline
industry; financing plans and access to adequate capital on favorable terms;
our ability to achieve expected cost savings from our efforts to improve
operational efficiency; our ability to maintain existing relationships with
travel agencies and to enter into new relationships on acceptable financial
and other terms; and our ability to grow adjacencies, such as our acquisition
of Sprice and our controlling interest in eNett. Other unknown or
unpredictable factors could also have material adverse effects on our
performance or achievements. In light of these risks, uncertainties,
assumptions and factors, the forward-looking events discussed in this press
release may not occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated, or if no
date is stated, as of the date of this press release. Except to the extent
required by applicable securities laws, the Company undertakes no obligation
to release any revisions to any forward-looking statements, to report events
or to report the occurrence of unanticipated events unless required by law.

This press release includes certain non-GAAP financial measures as defined
under Securities and Exchange Commission ("SEC") rules. As required by SEC
rules, important information regarding such measures is contained below.



TRAVELPORT LIMITED

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(unaudited)


(in $ millions)                                   Three Months Ended March 31,
                                                  2013           2012

                                                  548            550
Net revenue
Costs and expenses
Cost of revenue                                   333            322
Selling, general and administrative               94             105
Depreciation and amortization                     52             57
Total costs and expenses                          479            484
Operating income                     69             66
Interest expense, net                             (70)           (67)
Loss before income taxes and equity in earnings   (1)            (1)
(losses) of investment in Orbitz Worldwide
Provision for income taxes                        (11)           (8)
Equity in earnings (losses) of investment in      2              (3)
Orbitz Worldwide
Net loss                                          (10)           (12)
Net loss attributable to non-controlling          —              1
interests in subsidiaries
Net loss attributable to the Company              (10)           (11)



TRAVELPORT LIMITED

CONSOLIDATED CONDENSED BALANCE SHEET

(unaudited)


                                                       March31, December31,

(in $ millions)                                         2013      2012
Assets
Current assets:
Cash and cash equivalents                               108       110
Accounts receivable (net of allowances for doubtful     210       150
accounts of $19 and $16)
Deferred income taxes                                   2         2
Other current assets                                    252       220
Total current assets                                    572       482
Property and equipment, net                             402       416
Goodwill                                                986       986
Trademarks and tradenames                               314       314
Other intangible assets, net                            579       599
Cash held as collateral                                 137       137
Investment in Orbitz Worldwide                          7         —
Non-current deferred income taxes                       6         6
Other non-current assets                                203       218
Total assets                                            3,206     3,158
Liabilities and equity
Current liabilities:
Accounts payable                                        68        74
Accrued expenses and other current liabilities          561       537
Deferred income taxes                                   38        38
Current portion of long-term debt                       92        38
Total current liabilities                               759       687
Long-term debt                                          3,372     3,392
Deferred income taxes                                   8         7
Other non-current liabilities                           277       274
Total liabilities                                       4,416     4,360
Commitments and contingencies
Shareholders' equity:
Common shares ($1.00par value; 12,000shares           —         —
authorized; 12,000shares issued and outstanding)
Additional paid in capital                              718       718
Accumulated deficit                                     (1,757)   (1,747)
Accumulated other comprehensive loss                    (187)     (189)
Total shareholders' equity                              (1,226)   (1,218)
Equity attributable to non-controlling interest in      16        16
subsidiaries
Total equity                                            (1,210)   (1,202)
Total liabilities and equity                            3,206     3,158



TRAVELPORT LIMITED

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS

(unaudited)


                                                     Three months Three months
(in $millions)                                      ended March  ended March
                                                     31, 2013     31, 2012
Operating activities
Net loss                                             (10)         (12)
Adjustments to reconcile net loss to net cash (used
in) provided by operating activities:
Depreciation and amortization                        52           57
Equity-based compensation                            —            2
Amortization of debt finance costs and debt discount 7            9
Non-cash interest on Second Priority Secured Notes   4            3
Gain on interest rate derivative instruments         —            (2)
Loss (gain) on foreign exchange derivative           7            (6)
instruments
Equity in (earnings) losses of investment in Orbitz  (2)          3
Worldwide
FASA liability                                      —            (3)
Defined benefit pension plan funding                 —            (2)
Changes in assets and liabilities:
Accounts receivable                                  (60)         (47)
Other current assets                                 (12)         (11)
Accounts payable, accrued expenses and other current (2)          20
liabilities
Other                                                (5)          18
Net cash (used in) provided by operating activities  (21)         29
of operations
Investing activities
Property and equipment additions                     (23)         (15)
Financing activities
Repayment of revolver borrowings                     —            (35)
Proceeds from revolver borrowings                    53           25
Repayment of capital lease obligations               (4)          (4)
Debt finance costs                                   (2)          —
Payments on settlement of foreign exchange           (7)          (16)
derivative contracts
Proceeds on settlement of foreign exchange           2            —
derivative contracts
Other                                                —            1
Net cash provided by (used in) financing activities  42           (29)
Net decrease in cash and cash equivalents            (2)          (15)
Cash and cash equivalents at beginning of period     110          124
Cash and cash equivalents of operations at end of    108          109
period
Supplementary disclosures of cash flow information
Interest payments                                    88           86
Income tax payments, net                             6            3
Non-cash capital lease additions                     1            —





TRAVELPORT LIMITED

NON-GAAP MEASURES

(in $ millions and unaudited)


Reconciliation of Travelport Adjusted EBITDA to   Three Months Ended March 31,
Operating (Loss) Income
                                                  2013           2012
Travelport Adjusted EBITDA                        127            140
Less adjustments:
 Corporate costs                                (1)            (3)
Equity based compensation                         —              (2)
 Litigation and related costs                  (10)           (6)
 Other non cash                                 5              (6)
 Total                                          (6)            (17)
EBITDA                                            121            123
Less: Depreciation and amortization               (52)           (57)
Operating income                                  69             66

Travelport Adjusted EBITDA is a non-GAAP financial measure and may not be
comparable to similarly named measures used by other companies. We believe
this measure provides management with a more complete understanding of the
underlying results and trends and an enhanced overall understanding of our
financial liquidity and prospects for the future. Adjusted EBITDA is the
primary metric for measuring our business results, forecasting and determining
future capital investment allocations and is used by the Board of Directors to
determine incentive compensation. Capital expenditures, which impact
depreciation and amortization, interest expense and income tax expense, are
reviewed separately by management. Travelport Adjusted EBITDA is disclosed so
investors have the same tools available to management when evaluating the
results of Travelport. Travelport Adjusted EBITDA is defined as EBITDA
adjusted to exclude items we believe potentially restrict our ability to
assess the results of our underlying business. Travelport Adjusted EBITDA is a
critical measure as it is required to calculate our key financial ratios under
our credit agreement covenants. These ratios use a number which is broadly
computed from the Travelport Adjusted EBITDA for the last twelve months and
the consolidated net debt, as at the balance sheet date and is known as the
Total Leverage Ratio. Travelport is currently in compliance with all of our
financial covenants. A breach of these covenants could result in a default
under the senior secured credit agreement and the indentures governing the
notes.





TRAVELPORT LIMITED

NON-GAAP MEASURES

(in $ millions and unaudited)


Reconciliation of Travelport Adjusted EBITDA to   Three Months Ended March 31,
Net Cash (Used in) Provided by Operating
Activities, Unlevered Free Cash Flow and Free     2013           2012
Cash Flow
Travelport Adjusted EBITDA                        127            140
 Less:
Interest payments                                 (88)           (86)
Tax payments                                      (6)            (3)
Changes in operating working capital              (37)           (11)
FASA liability payments                           —              (3)
Defined benefit pension plan funding              —              (2)
Other adjusting items^(1)                         (17)           (6)
Net cash (used in) provided by operating          (21)           29
activities
Add: Interest payments                            88             86
Less: Capital expenditures on property and        (23)           (15)
equipment additions
Less: Repayment of capital lease obligations      (4)            (4)
Unlevered free cash flow                          40             96
Less: interest payments                           (88)           (86)
Free cash flow                                    (48)           10

^(1) Other adjusting items relate to payments for costs included within
operating income, but excluded from Travelport Adjusted EBITDA. These include
(i) $13 million and $3 million of corporate cost payments during the three
months ended March 31, 2013 and 2012, respectively, and (ii) $4 million and
$3 million of litigation related cost payments during the three months ended
March 31, 2013 and 2012, respectively.

Unlevered free cash flow is a non-GAAP measure and may not be comparable to
similarly named measures used by other companies. Unlevered free cash flow is
defined as net cash provided by (used in) operating activities of continuing
operations adjusted to exclude cash interest payments and include capital
expenditures and capital lease repayments. We believe unlevered free cash flow
provides management and investors with a more complete understanding of the
underlying liquidity of the core operating businesses and its ability to meet
current and future financing and investing needs.

TRAVELPORT LIMITED

Operating Statistics

(unaudited)


                      Three Months Ended                     Excluding MSA
                      March 31,
                      2013       2012     Change  % Change  Change  %Change
Segments (in
millions)
 Americas            46         49       (3)      (6.7)     (1)      (2.1)
 Europe              24         24       —        3.7       —        3.7
 Asia Pacific        15         15       —        (2.5)     —        (2.5)
 Middle East and     10         10       —        (3.0)     —        (3.0)
Africa
Total Segments        95         98       (3)      (3.2)     (1)      (1.0)
RevPas               $5.38      $5.08    $0.30    6.0

SOURCE Travelport Limited

Website: http://www.travelport.com
 
Press spacebar to pause and continue. Press esc to stop.