Computeruser.com
Latest News

Orbitz Worldwide, Inc. Reports Fourth Quarter and Full Year 2010 Results

CHICAGO Feb. 16, 2011 December 31, 2010

http://photos.prnewswire.com/prnh/20070813/AQM125LOGO

$11.4 billion Europe Barney Harford

Three Months Ended

Years Ended

(in thousands, except

December 31,

December 31,

   per share data)

2010

2009

Change

2010

2009

Change

Gross bookings (a)

$2,550,749

$2,456,755

4%

$11,370,177

$9,942,444

14%

Net revenue

$182,364

$174,693

4%

$757,487

$737,648

3%

 Net revenue margin (b)

7.1%

7.1%

0 ppt

6.7%

7.4%

-0.7 ppt

Net loss

($78,041)

($18,055)

**

($58,237)

($336,955)

-83%

Basic and Diluted EPS

($0.76)

($0.21)

**

($0.58)

($4.01)

-86%

Operating cash flow

($25,040)

$1,732

**

$98,609

$105,074

-6%

Capital spending

$12,164

$12,100

1%

$40,010

$42,909

-7%

EBITDA (c)

($51,231)

$24,466

**

$61,105

($201,244)

**

Impairments

$79,546

**

$81,250

$331,527

-75%

Other adjustments

($1,967)

$3,338

**

$10,099

$14,040

-28%

Adjusted EBITDA (c)

$26,348

$27,804

-5%

$152,454

$144,323

6%

Transaction growth (a)(d)

1%

20%

-19 ppt

7%

4%

3 ppt

Hotel room night growth (e)

4%

13%

-9 ppt

8%

4%

4 ppt

 ** Not meaningful.

(a)

In the second quarter 2010, the company revised how it calculates global gross bookings and transactions to reduce these amounts for all cancellations made through its websites in order to more closely correspond with the way the company reports net revenue. Under this revised methodology, the company reduces global gross bookings and transactions for cancellations in the month the cancellation occurs. Historically, these metrics were reduced for same-day cancellations only. The prior period data in the table above has been updated to reflect this change. The company has also posted on its website (www.orbitz-ir.com) a schedule that updates historical gross bookings and transaction growth rates for this change.

(b)

Represents net revenue as a percentage of gross bookings.

(c)

Non-GAAP financial measures. Definitions of EBITDA and Adjusted EBITDA and a reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measure are contained in Appendix A.

(d)

Represents year over year transaction growth on a booked basis, net of all cancellations made through the company’s websites.

(e)

Represents year over year growth in stayed hotel room nights. Includes both standalone hotel room nights and hotel room nights included in vacation packages.

Fourth Quarter 2010 Financial Highlights

$78.0 million $(0.76) $18.1 million $(0.21) $26.3 million

Gross Bookings and Net Revenue

Global gross bookings increased 4 percent year over year on both a reported and constant currency basis. This increase was due primarily to higher volume for the company’s ebookers and Orbitz for Business brands and higher air fares and average daily rates ("ADRs") for hotel rooms. Lower air and vacation package volume for the company’s domestic leisure brands and lower hotel volume for HotelClub partially offset this increase.

$182.4 million December 2010

Three Months Ended

Years Ended

December 31,

December 31,

(in thousands)

2010

2009

Change

2010

2009

Change

Gross Bookings

 Air

$1,906,822

$1,862,485

2%

$8,437,063

$7,254,952

16%

 Non-air

643,927

594,270

8%

2,933,114

2,687,492

9%

Total Gross Bookings

$2,550,749

$2,456,755

4%

$11,370,177

$9,942,444

14%

 Domestic

$2,114,917

$2,083,570

2%

$9,563,755

$8,503,179

12%

 International

435,832

373,185

17%

1,806,422

1,439,265

26%

Total Gross Bookings (a)

$2,550,749

$2,456,755

4%

$11,370,177

$9,942,444

14%

Net Revenue

Air

$66,880

$59,474

12%

$274,568

$269,643

2%

Hotel

51,711

45,722

13%

203,821

183,658

11%

Vacation Package

25,972

26,651

-3%

115,161

117,026

-2%

Advertising and Media

12,526

16,709

-25%

49,353

59,534

-17%

Other

25,275

26,137

-3%

114,584

107,787

6%

Total Net Revenue

$182,364

$174,693

4%

$757,487

$737,648

3%

   Domestic

$135,707

$134,875

1%

$579,585

$584,951

-1%

   International

46,657

39,818

17%

177,902

152,697

17%

Total Net Revenue

$182,364

$174,693

4%

$757,487

$737,648

3%

(a)

In the second quarter 2010, the company revised how it calculates global gross bookings and transactions to reduce these amounts for all cancellations made through its websites in order to more closely correspond with the way the company reports net revenue. Under this revised methodology, the company reduces global gross bookings and transactions for cancellations in the month the cancellation occurs. Historically, these metrics were reduced for same-day cancellations only. The prior period data in the table above has been updated to reflect this change. The company has also posted on its website (www.orbitz-ir.com) a schedule that updates historical gross bookings and transaction growth rates for this change.

Air net revenue was $66.9 million in the fourth quarter 2010, up 12 percent (13 percent on a constant currency basis) year over year. Air net revenue for the company’s domestic leisure brands was up 7 percent year over year primarily due to a non-cash reduction in the unfavorable contract liability due to the termination of the Charter Associate Agreement between the company and American Airlines effective December 2010, partially offset by a decline in air transactions. ebookers air net revenue increased 31 percent (34 percent on a constant currency basis) year over year due primarily to higher air transactions and higher average net revenue per airline ticket.

Hotel net revenue was $51.7 million in the fourth quarter 2010, up 13 percent (11 percent on a constant currency basis) year over year. Hotel net revenue for the company’s domestic leisure brands increased due primarily to both higher hotel transactions and higher average net revenue per transaction. The higher average net revenue per transaction was driven by an increase in ADRs for hotel rooms, fewer promotional coupons issued by the company and an increase in rebates from a payment vendor, partially offset by a lower average length of stay. ebookers had another quarter of strong growth in standalone hotel transactions which also contributed to the increase in hotel net revenue. Lower hotel volume for HotelClub partially offset these increases.

Vacation package net revenue decreased 3 percent in the quarter to $26.0 million. Lower volume and lower average net revenue per transaction for the company’

Leave a comment

seks shop - izolasyon
basic theory test book basic theory test