Travelport released its 2009 full-year results this morning. A summary is as follows:
- Net revenue of $2,248 million.
- Operating loss of $499 million.
- Generated $239 million in net cash from operating activities.
- EBITDA of $632 million.
Year-on-year analysis:
- Net revenue in 2009 was $2,248 mllion, down 11% from $2,527 in 2008.
- Operating income in 2009 was a loss of $499, down from a profit of $24 million in 2008.
- EBITDA in 2009 was $632 million, down by 12% from $716 million in in 2008.
Chief executive Jeff Clarke says:
"During the downturn, we increased our investment in key innovative products, including the Universal Desktop, and in core search and infrastructure capabilities. We will continue to invest heavily in these strategic areas in 2010.
"We're pleased to have seen five consecutive months in travel transaction growth across our business from October 2009. Based on the market recovery and our scalable business model, we expect to grow revenues and profits for the full year 2010."
From the GDS business:
- Net revenue in 2009 was $1,981 million, down by 9% from $2,171 million in 2008.
- Adjusted EBIDTA was $628 million in 2009, down 6% from $669 million in 2008.
From the GTA business:
- Revenue in 2009 was $267 million, down 25% from $356 million in 2008.
- Adjusted EBITDA in 2009 was $59 million, down 46% from $110 million in 2008.
Travelport reports a $9 million loss from its 48% equity investment in
Orbitz Worldwide.
Chief executive Jeff Clarke says:
"During the downturn, we increased our investment in key innovative products, including the Universal Desktop, and in core search and infrastructure capabilities. We will continue to invest heavily in these strategic areas in 2010.
"We're pleased to have seen five consecutive months in travel transaction growth across our business from October 2009. Based on the market recovery and our scalable business model, we expect to grow revenues and profits for the full year 2010."
More details to follow...