FINAL ORBTIZ

ICMA227: Mergers & Acquisitions
BUSINESS VALUATION REPORT
Orbitz Worldwide Inc.
As of March 13, 2015
Prepared for: Dr Simone Varotto
Prepared by: Gabriela Zoldova (19022331)

Business Valuation Report for Orbitz Worldwide Inc.
Contents:
Page
Section 1: Valuation Summary
Description of Valuation Assignment 3
Table 1-1: Expedia Inc. & Orbitz Worldwide Inc. M&A Deal 3
Table 1-2: Bidder and Target Information 4
Short Summary of Valuation Findings 4
Table 1-3: Valuation Summary for Orbitz Worldwide Inc. 5
Section 2: Valuation Assignment
Description of the Entity Being Valued 5
Table 1-4: Bidder and Target SWOT Analyses 7
Valuation Purpose 8
Information Source 8
Table 1-5: Orbitz’s WACC 9
Valuation Assumptions 9
Table 1-6: Income Tax Expense 9
Table 1-7: Continuing Value 10
Section 3: Empirical Results
Table 1-8: Orbitz’s Share Price May 2014 - March 2-15 11
References 13
Appendices 14
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SECTION 1: VALUATION SUMMARY
DESCRIPTION OF VALUATION ASSIGNENT
A recently announced merger between Expedia Inc. and Orbitz Worldwide Inc. has been chosen form
the list of pending transactions in Bloomberg. The deal satisfy all five given conditions:
1. Single acquirer/target
2. The accord has been publicly declared but not yet completed
3. Both the target firm and the acquirer are not operating within the financial industry
4. Both the bidder and the target are publicly-traded organizations (ltd.)
5. The buyer (Expedia Inc.) acquires 100 % control of the target (Orbitz Worldwide Inc.)
Table 1-1: Expedia Inc. & Orbitz Worldwide Inc. M&A Deal
Source: Bloomberg
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Table 1-2: Bidder and Target Information
Source: Bloomberg
SHORT SUMMARY OF VALUATION FINDINGS
Using the discounted free cashﬂow method, an estimate of $ 8.42 per share has been obtained. When
compared to the current market price of $ 11.67, Orbitz Worldwide Inc. appears to be notably
overvalued. One reason for that may be a surge in demand driven primarily by investor perception.
Furthermore, it could be due to overestimation of synergies. Alternatively, the difference in the value of
equity may be explained by rising levels of inﬂation. These and possible other reasons will be considered
in detail further on in the report.
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Table 1-3: Valuation Summary for Orbitz Worldwide Inc.
Source: Prepared by the Student
SECTION 2: VALUATION ASSIGNMENT
DESCRIPTION OF THE ENTITY BEING VALUED
Orbitz Worldwide Inc. is a leading global online travel company with focus on using innovative
technology to meet their clients’ ever-changing needs . Their services enable both leisure and business1
travellers to arrange and search for a broad variety of travel-related products ranging from airline tickets,
accommodation, car rental as well as all-inclusive vacation packages. Orbitz Worldwide owns and
operates a portfolio of several consumer brands including HotelClub (www.hotelclub.com), Ebookers
(www.ebookers.com), CheapTickets (www.cheaptickets.com) and Orbitz (www.orbitz.com) . In2
addition, the Orbitz Worldwide Family and Orbitz Partner Network offer a mixture of private label
travel solutions to global airline companies. Lastly, Orbitz for business is particularly designed to help
corporations in managing their travel program throughout the year.
Orbitz Worldwide Inc. was incorporated in 2001 and has been listed on New York Stock Exchange since
July 2007. The company is headquartered in Chicago, Illinois and currently sells its products/services on
an international scale.
Orbitz’s 2014 annual ﬁnancial report outlines a marginally improved results when examined in contrast
with the period 2005 - 2013. Throughout 2008 - 2012 the organization proved unable to generate proﬁts
from day-to-day operations, resulting in large losses. It is crucial to understand that beyond cyclical
economic crisis, air travel is also confronted with highly volatile commodity prices as well as the future
prospect of the world’s oil supply. The economic slowdown in the US during the Subprime crisis had an
http://corp.orbitz.com/1
http://corp.orbitz.com/2
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Enterprise value at 1st March 2015 11,141.85
less Debt 259.27
Equity Value 10,882.58
Number of shares 1,293.01
Value per Share (DCF) 8.42
Current Price 11.67

immense impact on Orbitz’s business. The company’s profitability was negatively influenced by fierce
rivalry and local economic conditions (i.e. financial markets liquidity and the availability of credit). Any
changes in the US regulations could adversely affect Orbitz as huge proportion of the organisation’s
revenue is still derived from the US market. Despite the fact that the firm has been seeking to establish
itself outside North America, this continuous over-reliance increases its exposure to regional factors. In
addition, the macro economic environment just described determines the competitive climate within the
highly fragmented travel industry. The latest will be discussed in more detail in the following paragraph.
Turning our attention to the micro environment, the buyers’ power is relatively high. Clients are no
longer concerned whom they are buying from. In other words, brand awareness is not imperative to the
success of a firm, it is the price that matters. We live in a technological era where consumers have the
ability to instantly compare prices and change with virtually zero switching costs. Likewise, suppliers
have an excessive bargaining power. Over the past few years Orbitz has suffered pressure on
remuneration from major airline companies as well as a sharp reduction in the number of hotel travel
suppliers. Also, despite the decrease among online travel intermediaries, large number of players are
currently seeking to penetrate into the industry given its low barriers to entry. Still, it would be difficult
for newcomers to compete with well-established rivals. Finally, the sector has been adversely hit by a
rapidly chaining consumer needs. There has been a growing popularity of domestic tourism. In addition,
the wide-spread use of video-conferencing means less need for professionals to travel. To summarise, the
online travel industry appears unattractive as the above combination of buyer’s power, supplier’s power,
barriers to entry, availability of substitutes and competition drive down overall profitability. Yet, some of
the risks the two companies are facing can be mitigated through generating valuable synergies.
Greater market share will allow both Expedia and Orbitz to take immediate advantage of a stronger
position in the chain of distribution, enabling them to achieve better terms with travel service providers.
Larger bargaining power will give them the opportunity to negotiate lower pricing with airlines and
hotels and thus reduce their costs. As a consequence, travellers will benefit from substantially lower fares
and the merged organization will be able to strengthen its position on the market. Providing that the US
online travel market has almost reached its saturation, Expedia will need to relocate its concentration on
rising opportunities in Asia as well as revising its current position in Europe. The process can be
simplified using Orbitz’s already-established channels in the Far East. Also, Expedia’s strong brandname
can help Orbitz further expand its activities in Asia-Pacific. This would be very difficult for the firm to do
given its weak financial position. Moreover, the acquirer could exploit Orbitz’ innovative technology and
further expand the variety of products and services to sustain its long-term competitive advantage. The
table below summaries both companies’ strengths, weaknesses, opportunities and threats.
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Table 1-4: Bidder & Targe SWOT Analyses
Expedia Ltd. Orbitz Worldwide Inc.
Strengths
• The company has very strong position in the
US - the third largest for online travel and
retail services
• Expedia is pursuing low cost strategy -
minimum threats to its direct costs (e.i.
increase in fuel price)
• Expanding its business through acquisitions
of well-known brands; by doing so Expedia is
hoped to grow its retail potential
• Expedia has considerably increased its
investments in Expedia Corporate Travel
associated with business travel service - an
opportunity to penetrate a growing segment
of the travel industry
• The corporation is better prepared to face
severe economic crisis; this has been enabled
by the mixed price platform - Expedia’s
brands range from budget to luxury
• Strong complementary resources (e.i. solid
social media presence)
• Through its innovative technology, Orbitz takes
their business one “step ahead” -OrbitzTLC
Mobile Access, Orbitz Insider Podcasts, RSS
Feeds and OrbitzTLC Alert system (informs its
clients about departure/arrival delays, flights
cancellation, gate change etc.)
• Clients are able to customise their travel plans
according to their needs (e.i. air, hotel packages at
one bundle price)
• Through CheapTickets, a wholly owned
subsidiary of Orbit, customers can purchase
tickets to various sport events, concerts, museums
or transportation
• Orbitz guarantees lowest hotel rates through their
Merchant Hotel Program; deals concluded using
the merchant model result in higher revenues for
Orbitz
• Clients enjoy the availability of economical travel
insurance and flexible search
Weaknesses
• Expedia relies heavily on the US market
which accounts for more than 80% of the
firm’s revenues; in order to survive the
company will need to alter its strategy as the
North America online travel market has
nearly reached its saturation point
• The company is highly dependant on internet
search engines; a negative change in price of
these services may result in revenue loss
• Lower commissions from supplier
• External threats such as terrorism, economic
uncertainty, unexpected increase in fuel price
etc.
• Contract termination between American Airlines
and Orbitz; AA represented 5 % of the total
revenue
• The travel industry commonly suffers from
seasonal fluctuations in demand; the latest has
been worsen by the prolonged recession which
left Orbitz Worldwide in a weak financial position
Opportunities
• Increasing investments in new technology
which will bring about long-term competitive
advantage
• Business expansion in Asia - increasing
number of travellers and the need for a strong
brand able to provide efficiency, safety (i.e.
Malaysian Airlines disasters; information
safety); Expedia has already acquired eLong
- the second largest mainland China-focused
travel agency
• New, rising opportunities in Europe
• Strong value of dollar benefits its total
revenue
• Nowadays consumers seek good quality for
lower price which fits with the firm’s low-cost
business model
• Orbitz has established itself in the USA, Europe
and Asia Pacific; currently it is looking to expand
its activities in the Asia Pacific market. Both
There is a rapidly increasing number of clients
involved in online vacation planning and booking
services
• Opportunity to expand their CheapTickets
subsidiary as well as RatesToGo (designed for last
minute traveller) and the Away Network (trip
plan through the use of travel guides)
• ebookers@ - Orbitz’s European Version
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Source: Prepared by the Student
VALUATION PURPOSE
• To examine in contrast the value of equity per share derived from DCF with the current market price
of the target firm.
• To understand and explain potential differences in the two values.
INFORMATION SOURCE
The financial information used in the valuation is based on Orbitz’s financial statements for FYE 2005
through FYE 2014, including the analyst forecast for FYE 2015 - 2016. The available data has been
extracted from Bloomberg and can be found in the Appendix section of this report.
The expected real growth rate has been computed as the long term average of the US’ real growth rate
and average of the expected inflation for the period 1980 - 2019 (including the analyst forecast):
gL = expected real growth rate of economy + expected inflation
The data has been obtained form the International Monetary Fund Website.
http://www.imf.org/external/pubs/ft/weo/2014/02/weodata/
weorept.aspxsy=1980&ey=2019&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=67&pr1.y=9&c=111&s=NGDP_RPCH%2CPCPIPCH&grp=0&a=
Lastly, providing that the Weighted Average Cost of Capital (WACC) can often be determined in
different ways, I have decided to rely on Bloomberg.
Threats
• Consolidation of travel industry due to
economic uncertainty - Expedia is a target for
a likely purchaser
• Direct sales through the internet
• Increasing rivalry and growing bargaining
power of suppliers (supplier consolidation)
• Decline in business travel due to financial
crisis - Expedia Corporate Travel
• Orbitz Worldwide is characterised by a highly
concentrated ownership - Travelport is the major
shareholder; Orbitz has only very little control
over the company. For instance Travelport
regularly issues letters of credit on behalf of
Orbitz which at the end of 2010 had outstanding
borrowings of more than 400 mil dollars
• Travelport has access to Orbitz’s innovative
intellectual property; this poses several threats to
Orbitz as Travelport is slowly turning into its
dominant rival
Expedia Ltd. Orbitz Worldwide Inc.
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Table 1-5: Orbitz’s WACC
Source: Bloomberg
VALUATION ASSUMPTIONS
Statutory Tax Rate:
When scrutinising Orbitz’s Proﬁt & Loss Account, I have realized that the company’s tax expense has
been very low and largely negative. In some situations, revenue losses and tax overpayments may result
in a negative tax liability. Due to lack of information about the precise tax rate the organization has
adopted, I have decided to adjust for the latest by re-stating their income tax expense using the highest
available US Statutory Tax Rate (40 %).
Table 1-6: Income Tax Expense as Stated in Orbitz’s P&L
Source: Orbitz P & L Account, Bloomberg
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Pretax Income PRETA
X_INC
-430.0 -144.0 -41.0 -301.0 -328.0 -55.9 -35.2 -298.6 0.1 44.6
Income Tax Expense IS_INC_
TAX_EX
-42.0 2.0 43.0 -2.0 9.0 2.4 2.1 3.2 -165.0 27.3

Forecast Period:
Given the limited future projections and the danger that the model would be overdependent on the
terminal value, I have estimated the sales for the period 2017 - 2019 using the average sales growth rate
for 2015 - 2016. All other items are calculated as proportion of sales. The crucial consequence of a too-
short forecast period is that modeler has to heap the value burden on the continuing value estimate in
order to have any consonance with the market price. As a consequence, the model fails to reﬂect a clear
sense of the company’s pattern or timing of value creation.
Table 1-7: Continuing Value
Source: LMCM Analyses
Change in Working Capital: 
Change in WC has been calculated as a percentage of sales.
SECTION 3: EMPIRICAL RESULTS
According to the results derived from the DCF, the intrinsic value of the target company turns out to be
noticeably low when set side by side its current market price. One reason for such a great alteration is
market overreaction to good news. As we have seen, Orbitz’s results for the past 9 years have not be
overly positive. The recent announcement of the M&A deal may have been perceived by many investors
as a positive way of how to overcome both current and future difﬁculties and a very promising
opportunity to further grow the business. When markets become euphoric, share price is send skyward,
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resulting in highly overvalued stock. The latest represents a risk-free arbitrage opportunity for skilled
investors.
From the chart below we can clearly see that our DCF result of $ 8.42 per share corresponds to the pre-
announcement price. Thus we conclude that investors overreaction is a logical rationale for the
substantial difference in the two quantities.
Table 1-8: Orbitz’s Share Price May 2014 - March 2015
Source: Yahoo Finance
Secondly, it has been widely recognized that overestimation of synergies is likely to result in stock
overvaluation. Yet, the latest is highly dependant on the payment method. Whereas stock financing
results in an instantaneous relationship amid acquirer’s and target’s share price lasting throughout the
whole bid period, a deal settled using cash inhibits the link between bidder’s and target’s stock price once
the initial announcement impact is over. In other words, the shareholders of the target firm gain from the
transaction solely via the premium paid by the bidder. Taking into consideration that Expedia has agreed
to pay $ 12 mil in cash, the latest may not be a plausible reason for a substantial difference in the DCF
and the current market value of Orbitz’s stock.
A more credible justification for the variation is the expected rise in inflation in the US. Inflation has
proved to have an insidious impact on businesses: increasing prices of inputs, reduction in consumer
spending, sizeable decline in revenues and profits, and slowdown in economic activity. If the latest is true,
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then the current Orbitz’s share price which reflects fully the implications of the future stream of growing
earnings is greatly overpriced. Cyclical stocks tend to perform worse during periods of high inflation.
Moreover, Expedia’s and Orbitz’s long-term over-dependence on the US market must be offset by
establishing strong channels outside North America in order to justify the growth in future earnings.
Lastly, there is a danger that the equity value derived using the DCF model is subject to wrong
assumptions regarding the short-term forecast period 2017 - 2019. As already mentioned earlier in the
report, the lack of analyst forecast has brought me to estimate the target’s sales. This has been done in
order to prevent an over-reliance on the continuing (terminal value). The average sales growth rate for
2016 - 2017 has been adopted. Yet, the results may vary significantly when a different measure (i.e.
average sales growth rate for 2005 - 2017) is used in the calculation. In conclusion, although the
difference between the two quantities seem plausible given the explanations above, alternative valuation
methods (i.e. multiples, book value etc.) shall be applied in line with the DCF in order to check the
soundness of our result.
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SECTION 4: REFERENCES
Vernimmen, P. et al (2014) “Corporate Finance: Theory and Practice, 4e”, John Wiley and Sons.
Online Sources:
http://www.imf.org/external/pubs/ft/weo/2014/02/weodata/weoselgr.aspx
http://en.wikipedia.org/wiki/List_of_countries_by_tax_rates
http://corp.orbitz.com/
http://www.expediainc.com/
Other Sources:
Bloomberg
Yahoo Finance
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SECTION 5: APPENDENCIES
ORBITZ’S WORLDWIDE FINANCIAL STATEMENTS
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Orbitz Worldwide Inc (OWW US) - Common Size
In Millions of USD except Per Share FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
12 Months Ending 2005-12-31 2006-12-31 2007-12-31 2008-12-31 2009-12-31 2010-12-31 2011-12-31 2012-12-31 2013-12-31 2014-12-31
Total Assets BS_TOT_ASSET 2,060.0 2,061.0 1,925.0 1,590.0 1,294.0 1,216.7 1,145.8 834.3 1,107.7 1,176.0
Assets
+ Cash & Near Cash Items BS_CASH_NEAR_CASH_ITEM 1.6% 1.4% 1.3% 1.9% 6.9% 8.0% 11.9% 15.6% 10.6% 16.0%
+ Short-Term Investments BS_MKT_SEC_OTHER_ST_INVEST -- -- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
+ Accounts & Notes Receivable BS_ACCT_NOTE_RCV 2.7% 2.5% 3.1% 3.6% 4.3% 4.5% 5.4% 9.1% 7.5% 10.0%
+ Inventories BS_INVENTORIES -- -- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
+ Other Current Assets BS_OTHER_CUR_ASSET 1.0% 1.2% 1.9% 2.5% 1.9% 3.0% 1.9% 2.4% 3.9% 3.7%
Total Current Assets BS_CUR_ASSET_REPORT 5.2% 5.0% 6.3% 8.1% 13.1% 15.5% 19.3% 27.1% 22.0% 29.7%
+ LT Investments & LT Receivables BS_LT_INVEST -- -- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
+ Net Fixed Assets BS_NET_FIX_ASSET 6.1% 8.1% 9.6% 11.9% 14.0% 13.0% 12.4% 15.9% 10.5% 9.5%
+ Gross Fixed Assets BS_GROSS_FIX_ASSET 10.7% 8.6% 12.0% 17.4% 24.5% 29.1% 34.1% 51.6% 40.7% 35.2%
- Accumulated Depreciation BS_ACCUM_DEPR 4.6% 0.5% 2.4% 5.4% 10.5% 16.1% 21.8% 35.7% 30.2% 25.7%
+ Other Long-Term Assets BS_OTHER_ASSETS_DEF_CHRG_OTHER 88.6% 86.9% 84.2% 80.0% 73.0% 71.5% 68.4% 57.1% 67.5% 60.8%
Total Long-Term Assets BS_TOT_NON_CUR_ASSET 94.8% 95.0% 93.7% 91.9% 86.9% 84.5% 80.7% 72.9% 78.0% 70.3%
Total Assets BS_TOT_ASSET 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities & Shareholders' Equity
+ Accounts Payable BS_ACCT_PAYABLE 5.1% 6.0% 1.9% 2.3% 2.3% 2.2% 2.7% 2.6% 1.5% 1.2%
+ Short-Term Borrowings BS_ST_BORROW 0.0% 0.0% 0.3% 0.4% 1.6% 1.6% 2.8% 3.0% 1.2% 2.2%
+ Other Short-Term Liabilities BS_OTHER_ST_LIAB 12.7% 12.8% 19.7% 21.6% 28.4% 30.9% 34.1% 51.2% 47.7% 48.2%
Total Current Liabilities BS_CUR_LIAB 17.8% 18.8% 21.9% 24.3% 32.4% 34.7% 39.6% 56.7% 50.4% 51.6%
+ Long-Term Borrowings BS_LT_BORROW 0.0% 0.0% 30.9% 38.2% 46.2% 38.8% 38.4% 49.8% 38.8% 35.9%
+ Other Long-Term Liabilities BS_OTHER_LT_LIABILITIES 13.1% 19.7% 8.9% 9.9% 11.4% 10.8% 8.0% 10.6% 7.1% 6.5%
Total Long-Term Liabilities NON_CUR_LIAB 13.1% 19.7% 39.7% 48.2% 57.6% 49.6% 46.4% 60.4% 45.9% 42.3%
Total Liabilities BS_TOT_LIAB2 30.9% 38.5% 61.7% 72.5% 90.0% 84.4% 86.0% 117.1% 96.2% 94.0%
+ Total Preferred Equity BS_PFD_EQY 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
+ Minority Interest MINORITY_NONCONTROLLING_INTEREST 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
+ Share Capital & APIC BS_SH_CAP_AND_APIC 0.0% 0.0% 46.5% 57.2% 71.3% 84.7% 90.5% 125.0% 95.4% 90.3%
+ Retained Earnings & Other Equity BS_RETAIN_EARN 69.1% 61.5% -8.2% -29.6% -61.3% -69.1% -76.5% -142.1% -91.6% -84.2%
Total Equity TOTAL_EQUITY 69.1% 61.5% 38.3% 27.5% 10.0% 15.6% 14.0% -17.1% 3.8% 6.0%
Total Liabilities & Equity TOT_LIAB_AND_EQY 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Reference Items
Accounting Standard ACCOUNTING_STANDARD US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP
Shares Outstanding BS_SH_OUT -- -- 4.3% 5.2% 6.5% 8.4% 9.1% 12.6% 9.8% 9.4%
Number of Treasury Shares BS_NUM_OF_TSY_SH -- -- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Amount of Treasury Shares BS_AMT_OF_TSY_STOCK -- -- 0.0% 0.0% -- 0.0% 0.0% 0.0% 0.0% 0.0%
Pension Obligations BS_PENSION_RSRV 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% --
Operating Leases BS_FUTURE_MIN_OPER_LEASE_OBLIG -- 4.0% 3.8% 3.1% 3.7% 3.5% 3.5% 4.5% 3.0% --
Capital Leases - Short Term ST_CAPITAL_LEASE_OBLIGATIONS -- -- -- -- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Capital Leases - Long Term LT_CAPITAL_LEASE_OBLIGATIONS -- -- -- -- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Capital Leases - Total BS_TOTAL_CAPITAL_LEASES -- -- -- -- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Options Granted During Period BS_OPTIONS_GRANTED -- -- 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% -- --
Options Outstanding at Period End BS_OPTIONS_OUTSTANDING -- -- 0.1% 0.3% 0.3% 0.3% 0.3% 0.3% 0.1% --
Net Debt NET_DEBT -1.6% -1.4% 29.9% 36.7% 41.0% 32.4% 29.3% 37.1% 29.4% 22.0%
Net Debt to Equity NET_DEBT_TO_SHRHLDR_EQTY -0.1% -0.1% 4.0% 8.4% 31.5% 17.1% 18.3% -- 70.5% 31.0%
Tangible Common Equity Ratio TCE_RATIO -3.2% -3.3% -9.1% -13.0% -14.4% -12.7% -13.5% -17.5% -5.3% -4.3%
Current Ratio CUR_RATIO 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.0%
Inventory - Raw Materials INVTRY_RAW_MATERIALS -- -- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Inventory - Work in Progress INVTRY_IN_PROGRESS -- -- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Inventory - Finished Goods INVTRY_FINISHED_GOODS -- -- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Inventory BS_OTHER_INV -- -- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pure Retained Earnings BS_PURE_RETAINED_EARNINGS 0.3% 0.1% -7.8% -28.3% -60.8% -69.3% -76.9% -141.7% -91.9% -85.1%
Goodwill BS_GOODWILL 67.7% 57.7% 61.4% 59.7% 55.1% 55.7% 56.5% 41.4% 31.2% 29.9%
Number of Employees NUM_OF_EMPLOYEES 1600.0% 1600.0% 1590.0% 1500.0% -- -- -- -- 1300.0% --
Source: Bloomberg Right click to show data transparency (not supported for all values)

Orbitz Worldwide Inc (OWW US) - Standardized
12 Months Ending 2005-12-31 2006-12-31 2007-12-31 2008-12-31 2009-12-31 2010-12-31 2011-12-31 2012-12-31 2013-12-31 2014-12-31
Assets
+ Cash & Near Cash Items BS_CASH_NEAR_CASH_ITEM 33.0 28.0 25.0 31.0 89.0 97.2 136.2 130.3 117.4 188.5
+ Short-Term Investments BS_MKT_SEC_OTHER_ST_INVEST -- -- 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Accounts & Notes Receivable BS_ACCT_NOTE_RCV 55.0 51.0 60.0 58.0 55.0 54.7 62.4 75.8 82.6 117.4
+ Inventories BS_INVENTORIES -- -- 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Other Current Assets BS_OTHER_CUR_ASSET 20.0 25.0 36.0 39.0 25.0 36.5 22.2 19.7 43.3 43.1
Total Current Assets BS_CUR_ASSET_REPORT 108.0 104.0 121.0 128.0 169.0 188.4 220.8 225.8 243.3 349.0
+ LT Investments & LT Receivables BS_LT_INVEST -- -- 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Net Fixed Assets BS_NET_FIX_ASSET 126.0 166.0 184.0 190.0 181.0 158.1 141.7 132.5 116.1 111.8
+ Gross Fixed Assets BS_GROSS_FIX_ASSET 221.0 177.0 231.0 276.0 317.0 353.6 391.0 430.2 450.9 413.9
- Accumulated Depreciation BS_ACCUM_DEPR 95.0 11.0 47.0 86.0 136.0 195.5 249.3 297.6 334.7 302.0
+ Other Long-Term Assets BS_OTHER_ASSETS_DEF_CHRG_OTHER1,826.0 1,791.0 1,620.0 1,272.0 944.0 870.2 783.3 476.0 748.2 715.1
Total Long-Term Assets BS_TOT_NON_CUR_ASSET 1,952.0 1,957.0 1,804.0 1,462.0 1,125.0 1,028.3 925.0 608.6 864.4 826.9
Total Assets BS_TOT_ASSET 2,060.0 2,061.0 1,925.0 1,590.0 1,294.0 1,216.7 1,145.8 834.3 1,107.7 1,176.0
Liabilities & Shareholders' Equity
+ Accounts Payable BS_ACCT_PAYABLE 105.0 123.0 37.0 37.0 30.0 26.5 30.9 21.5 16.4 14.0
+ Short-Term Borrowings BS_ST_BORROW 0.0 0.0 6.0 6.0 21.0 19.8 32.2 24.7 13.5 25.9
+ Other Short-Term Liabilities BS_OTHER_ST_LIAB 262.0 264.0 379.0 343.0 368.0 376.5 390.6 427.2 528.0 567.2
Total Current Liabilities BS_CUR_LIAB 367.0 387.0 422.0 386.0 419.0 422.8 453.8 473.4 558.0 607.0
+ Long-Term Borrowings BS_LT_BORROW 0.0 0.0 594.0 608.0 598.0 472.2 440.0 415.3 429.8 421.9
+ Other Long-Term Liabilities BS_OTHER_LT_LIABILITIES 269.0 407.0 171.0 158.0 147.0 131.8 91.5 88.2 78.3 76.0
Total Long-Term Liabilities NON_CUR_LIAB 269.0 407.0 765.0 766.0 745.0 604.1 531.5 503.6 508.0 497.9
Total Liabilities BS_TOT_LIAB2 636.0 794.0 1,187.0 1,152.0 1,164.0 1,026.9 985.3 977.0 1,066.0 1,104.9
+ Total Preferred Equity BS_PFD_EQY 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Minority Interest MINORITY_NONCONTROLLING_INTEREST 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Share Capital & APIC BS_SH_CAP_AND_APIC 0.0 0.0 895.0 909.0 923.0 1,030.2 1,037.1 1,042.5 1,056.3 1,061.7
+ Retained Earnings & Other Equity BS_RETAIN_EARN 1,424.0 1,267.0 -157.0 -471.0 -793.0 -840.4 -876.6 -1,185.2 -1,014.6 -990.6
Total Equity TOTAL_EQUITY 1,424.0 1,267.0 738.0 438.0 130.0 189.9 160.5 -142.7 41.7 71.1
Total Liabilities & Equity TOT_LIAB_AND_EQY 2,060.0 2,061.0 1,925.0 1,590.0 1,294.0 1,216.7 1,145.8 834.3 1,107.7 1,176.0
Reference Items
Shares Outstanding BS_SH_OUT -- -- 83.1 83.3 83.8 102.3 103.8 105.1 108.4 110.7
Number of Treasury Shares BS_NUM_OF_TSY_SH -- -- 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Amount of Treasury Shares BS_AMT_OF_TSY_STOCK -- -- 0.0 0.0 -- 0.1 0.1 0.1 0.1 0.1
Pension Obligations BS_PENSION_RSRV 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 --
Operating Leases BS_FUTURE_MIN_OPER_LEASE_OBLIG -- 83.0 73.0 50.0 48.0 42.6 40.2 37.3 33.3 --
Capital Leases - Short Term ST_CAPITAL_LEASE_OBLIGATIONS -- -- -- -- 0.0 0.0 0.0 0.0 0.0 0.0
Capital Leases - Long Term LT_CAPITAL_LEASE_OBLIGATIONS -- -- -- -- 0.0 0.0 0.0 0.0 0.0 0.0
Capital Leases - Total BS_TOTAL_CAPITAL_LEASES -- -- -- -- 0.0 0.0 0.0 0.0 0.0 0.0
Options Granted During Period BS_OPTIONS_GRANTED -- -- 2.7 2.1 1.0 1.1 0.2 0.0 -- --
Options Outstanding at Period End BS_OPTIONS_OUTSTANDING -- -- 2.6 4.2 4.2 3.7 3.3 2.7 1.2 --
Net Debt NET_DEBT -33.0 -28.0 575.0 583.0 530.0 394.8 336.0 309.8 325.9 259.3
Net Debt to Equity NET_DEBT_TO_SHRHLDR_EQTY -2.32 -2.21 77.91 133.11 407.69 207.95 209.34 -- 781.04 364.66
Tangible Common Equity Ratio TCE_RATIO -65.19 -68.22 -175.41 -207.20 -186.00 -155.02 -155.16 -145.90 -58.67 -50.59
Current Ratio CUR_RATIO 0.29 0.27 0.29 0.33 0.40 0.45 0.49 0.48 0.44 0.58
Inventory - Raw Materials INVTRY_RAW_MATERIALS -- -- 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inventory - Work in Progress INVTRY_IN_PROGRESS -- -- 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inventory - Finished Goods INVTRY_FINISHED_GOODS -- -- 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Inventory BS_OTHER_INV -- -- 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Pure Retained Earnings BS_PURE_RETAINED_EARNINGS 6.0 2.0 -151.0 -450.0 -787.0 -843.6 -880.9 -1,182.6 -1,017.5 -1,000.3
Goodwill BS_GOODWILL 1,395.0 1,190.0 1,181.0 949.0 713.0 678.0 647.3 345.4 345.4 351.1
Number of Employees NUM_OF_EMPLOYEES 1,600.00 1,600.00 1,590.00 1,500.00 -- -- -- -- 1,300.00 --

In Millions of USD except Per Share FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Last 12M
12 Months Ending 2005-12-31 2006-12-31 2007-12-31 2008-12-31 2009-12-31 2010-12-31 2011-12-31 2012-12-31 2013-12-31 2014-12-31 2014-12-31
Cash From Operating Activities
+ Net Income CF_NET_INC -388.0 -146.0 -85.0 -299.0 -337.0 -58.2 -37.3 -301.7 165.1 17.3 17.3
+ Depreciation & Amortization CF_DEPR_AMORT 78.0 55.0 57.0 66.0 69.0 72.9 60.5 57.0 55.1 57.5 57.5
+ Other Non-Cash Adjustments CF_OTHER_NON_CASH_ADJUST 330.0 98.0 61.0 309.0 376.0 93.4 66.6 343.4 -139.3 65.4 65.4
+ Changes in Non-Cash Capital CF_CHNG_NON_CASH_WORK_CAP 39.0 158.0 36.0 0.0 -3.0 -9.4 28.0 8.3 72.4 9.3 9.3
Cash From Operations CF_CASH_FROM_OPER 59.0 165.0 69.0 76.0 105.0 98.6 117.8 107.1 153.2 149.5 149.5
Cash From Investing Activities
+ Disposal of Fixed Assets CF_DISP_FIX_ASSET 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Capital Expenditures CF_CAP_EXPEND_PRPTY_ADD -63.0 -83.0 -53.0 -58.0 -43.0 -40.0 -44.1 -47.0 -39.3 -51.1 -51.1
+ Increase in Investments CF_INCR_INVEST 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Decrease in Investments CF_DECR_INVEST 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Other Investing Activities CF_OTHER_INV_ACT -411.0 0.0 -27.0 0.0 0.0 -0.1 -3.5 -16.8 -94.0 7.3 7.3
Cash From Investing Activities CF_CASH_FROM_INV_ACT -474.0 -83.0 -80.0 -58.0 -43.0 -40.1 -47.5 -63.8 -133.3 -43.8 -43.8
Cash from Financing Activities
+ Dividends Paid CF_DVD_PAID 0.0 0.0 -109.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Change in Short-Term Borrowings CF_INCR_ST_BORROW 0.0 0.0 -859.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Increase in Long-Term Borrowings CF_INCR_LT_BORROW 0.0 0.0 595.0 69.0 100.0 0.9 0.0 0.0 877.7 443.3 443.3
+ Decrease In Long-Term Borrowings CF_REIMB_LT_BORROW -31.0 -3.0 -3.0 -56.0 -95.0 -64.4 -21.7 -32.4 -903.3 -452.7 -456.9
+ Increase in Capital Stocks CF_INCR_CAP_STOCK 0.0 0.0 477.0 0.0 0.0 48.9 0.0 0.0 7.3 0.5 0.5
+ Decrease in Capital Stocks CF_DECR_CAP_STOCK 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Other Financing Activities CF_OTHER_FNC_ACT 455.0 -84.0 -83.0 -25.0 -9.0 -35.3 -9.7 -16.7 -14.7 -25.6 -21.4
Cash from Financing Activities CF_CASH_FROM_FNC_ACT 424.0 -87.0 18.0 -12.0 -4.0 -49.9 -31.4 -49.1 -32.9 -34.6 -34.6
Net Changes in Cash CF_NET_CHNG_CASH 9.0 -5.0 7.0 6.0 58.0 8.6 38.9 -5.9 -12.9 71.1 71.1
Reference Items
EBITDA EBITDA 68.0 59.0 99.0 125.0 -204.0 61.1 65.3 -204.9 117.1 139.6 139.6
Trailing 12M EBITDA Margin EBITDA_MARGIN 9.91 7.85 11.53 14.37 -27.64 8.06 8.51 -26.31 13.82 14.97 14.97
Cash Paid for Taxes CF_CASH_PAID_FOR_TAX 9.0 9.0 11.0 -2.0 1.0 1.1 1.3 1.2 1.5 3.2 24.4
Cash Paid for Interest CF_ACT_CASH_PAID_FOR_INT_DEBT 3.0 4.0 74.0 47.0 42.0 27.9 26.6 26.6 29.4 24.4 24.4
Net Cash Paid for Acquisitions CF_NET_CASH_PAID_FOR_AQUIS 432.0 -- -- -- -- -- -- -- -- --
Free Cash Flow CF_FREE_CASH_FLOW -4.0 82.0 16.0 18.0 62.0 58.6 73.8 60.0 113.9 98.4 98.4
Free Cash Flow to Equity FREE_CASH_FLOW_EQUITY -- 79.0 -251.0 31.0 67.0 -4.9 52.1 27.6 88.4 88.9 84.7
Free Cash Flow per Basic Share FREE_CASH_FLOW_PER_SH -- -- 0.20 0.22 0.74 0.58 0.71 0.57 1.06 0.89 0.91
Price to Free Cash Flow PX_TO_FREE_CASH_FLOW -- -- 43.35 17.96 9.95 9.66 5.31 4.78 6.80 9.25 12.92
Cash Flow to Net Income CASH_FLOW_TO_NET_INC -- -- -- -- -- -- -- -- 0.93 8.65 -5.80
Direct Method Cashflow

Orbitz Worldwide Inc (OWW US) - Internet
12 Months Ending 2005-12-31 2006-12-31 2007-12-31 2008-12-31 2009-12-31 2010-12-31 2011-12-31 2012-12-31 2013-12-31 2014-12-31
Cash Flow
Working Capital WORKING_CAPITAL -259.0 -283.0 -301.0 -258.0 -250.0 -234.4 -233.0 -247.7 -314.7 -258.0
Cashflow-Operating Activities CF_CASH_FROM_OPER 59.0 165.0 69.0 76.0 105.0 98.6 117.8 107.1 153.2 149.5
Free Cash Flow CF_FREE_CASH_FLOW -4.0 82.0 16.0 18.0 62.0 58.6 73.8 60.0 113.9 98.4
FCF/share FREE_CASH_FLOW_PER_SH -- -- 0.20 0.22 0.74 0.58 0.71 0.57 1.06 0.89
Search & Display
Other
Advertising Revenue ADVERTISING_REVENUE -- -- -- -- -- 49.4 54.6 58.1 59.0 63.3
Gross Bookings INTERNET_GROSS_BOOKINGS -- -- 10,791.0 10,808.0 -- 11,370.2 11,340.5 11,237.5 11,438.1 12,427.8

Orbitz Worldwide Inc (OWW US) - Common Size
In Millions of USD except Per Share FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Last 12MFY 2015 EstFY 2016 Est
12 Months Ending 2005-12-31 2006-12-31 2007-12-31 2008-12-31 2009-12-31 2010-12-31 2011-12-31 2012-12-31 2013-12-31 2014-12-31 2014-12-31 2015-12-31 2016-12-31
Revenue SALES_REV_TURN 686.0 752.0 859.0 870.0 738.0 757.5 766.8 778.8 847.0 932.0 932.0 984.4 1,038.8
- Cost of Revenue IS_COGS_TO_FE_AND_PP_AND_G 14.7% 15.0% 18.3% 18.7% 18.7% 18.3% 18.2% 19.0% 18.2% 19.3% 19.3%
Gross Profit GROSS_PROFIT 85.3% 85.0% 81.7% 81.3% 81.3% 81.7% 81.8% 81.0% 81.8% 80.7% 80.7% 80.8% 80.9%
+ Other Operating Revenue IS_OTHER_OPER_INC -- -- -- -- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
- Operating Expenses IS_OPERATING_EXPN 86.7% 84.4% 76.8% 74.5% 118.3% 83.3% 81.2% 114.6% 74.5% 71.9% 71.9%
Operating Income IS_OPER_INC -1.5% 0.5% 4.9% 6.8% -37.0% -1.6% 0.6% -33.6% 7.3% 8.8% 8.8% 9.6% 10.3%
- Interest Expense IS_INT_EXPENSE 3.2% 3.6% 9.7% 7.2% -- -- -- -- -- --
- Foreign Exchange Losses (Gains) IS_FOREIGN_EXCH_LOSS 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% --
- Net Non-Operating Losses (Gains) IS_NET_NON_OPER_LOSS 58.0% 16.1% 0.0% 34.1% 7.5% 5.8% 5.2% 4.7% 7.3% 4.0% 4.0%
Pretax Income PRETAX_INC -62.7% -19.1% -4.8% -34.6% -44.4% -7.4% -4.6% -38.3% 0.0% 4.8% 4.8% 6.6% 8.1%
- Income Tax Expense IS_INC_TAX_EXP -6.1% 0.3% 5.0% -0.2% 1.2% 0.3% 0.3% 0.4% -19.5% 2.9% 2.9%
Income Before XO Items IS_INC_BEF_XO_ITEM -56.6% -19.4% -9.8% -34.4% -45.7% -7.7% -4.9% -38.7% 19.5% 1.9% 1.9% 5.1% 5.6%
- Extraordinary Loss Net of Tax XO_GL_NET_OF_TAX 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
- Minority Interests MIN_NONCONTROL_INTEREST_CREDITS 0.0% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income NET_INCOME -56.6% -19.4% -9.9% -34.4% -45.7% -7.7% -4.9% -38.7% 19.5% 1.9% 1.9% 4.0% 4.3%
- Total Cash Preferred Dividends IS_TOT_CASH_PFD_DVD 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
- Other Adjustments OTHER_ADJUSTMENTS 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Net Inc Avail to Common Shareholders EARN_FOR_COMMON -56.6% -19.4% -9.9% -34.4% -45.7% -7.7% -4.9% -38.7% 19.5% 1.9% 1.9%
Abnormal Losses (Gains) IS_ABNORMAL_ITEM 58.3% 16.2% 15.5% 35.1% 45.8% 11.1% 6.6% 42.2% 3.7% 0.3% -0.1%
Tax Effect on Abnormal Items IS_TAX_EFF_ON_ABNORMAL_ITEM -- -- -- -12.3% -16.0% -3.9% -2.3% -14.8% -1.3% -0.1% 0.0%
Normalized Income NORMALIZED_INCOME 1.7% -3.2% 5.6% -11.6% -15.9% -0.5% -0.6% -11.3% 21.9% 2.1% 1.8%
Basic EPS Before Abnormal Items IS_BASIC_EPS_CONT_OPS -- -- 0.1% -0.1% -0.2% -0.0% -0.0% -0.1% 0.2% 0.0% 0.0%
Basic EPS Before XO Items IS_EARN_BEF_XO_ITEMS_PER_SH -- -- -0.1% -0.4% -0.5% -0.1% -0.0% -0.4% 0.2% 0.0% 0.0% 0.0% 0.0%
Basic EPS IS_EPS -- -- -0.1% -0.4% -0.5% -0.1% -0.0% -0.4% 0.2% 0.0% 0.0% 0.0% 0.0%
Basic Weighted Avg Shares IS_AVG_NUM_SH_FOR_EPS -- -- 9.5% 9.6% 11.4% 13.4% 13.6% 13.6% 12.7% 11.9% 11.9%
Diluted EPS Before Abnormal Items IS_DIL_EPS_CONT_OPS -- -- 0.1% -0.1% -0.2% -0.0% -0.0% -0.1% 0.2% 0.0% 0.0% 0.0% 0.0%
Diluted EPS Before XO Items IS_DIL_EPS_BEF_XO -- -- -0.1% -0.4% -0.5% -0.1% -0.0% -0.4% 0.2% 0.0% 0.0%
Diluted EPS IS_DILUTED_EPS -- -- -0.1% -0.4% -0.5% -0.1% -0.0% -0.4% 0.2% 0.0% 0.0%
Diluted Weighted Avg Shares IS_SH_FOR_DILUTED_EPS -- -- 9.5% 9.6% 11.4% 13.4% 13.6% 13.6% 13.3% 12.3% 12.3%
Reference Items
EBITDA EBITDA 9.9% 7.8% 11.5% 14.4% -27.6% 8.1% 8.5% -26.3% 13.8% 15.0% 15.0% 17.2% 17.7%
EBITDA Margin (T12M) EBITDA_MARGIN 1.4% 1.0% 1.3% 1.7% -3.7% 1.1% 1.1% -3.4% 1.6% 1.6% 1.6% 1.7% 1.7%
Gross Margin GROSS_MARGIN 12.4% 11.3% 9.5% 9.3% 11.0% 10.8% 10.7% 10.4% 9.7% 8.7% 8.8% 8.2% 7.8%
Operating Margin OPER_MARGIN -0.2% 0.1% 0.6% 0.8% -5.0% -0.2% 0.1% -4.3% 0.9% 0.9% 1.1% 1.0% 1.0%
Profit Margin PROF_MARGIN -8.2% -2.6% -1.2% -4.0% -6.2% -1.0% -0.6% -5.0% 2.3% 0.2% 0.4% 0.5% 0.5%
Actual Sales Per Employee ACTUAL_SALES_PER_EMPL 62500.0% 62500.0% 62893.1% 66666.7% -- -- -- -- 76923.1% --
Dividends per Share EQY_DPS 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Cash Common Dividends IS_TOT_CASH_COM_DVD 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Capitalized Interest Expense IS_CAP_INT_EXP -- -- 0.3% 0.1% -- -- -- -- -- --
Research & Development Expense IS_RD_EXPEND -- -- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Depreciation Expense IS_DEPR_EXP 9.5% 11.4% 4.3% 5.5% -- 8.1% 7.4% 7.1% 6.4% --
Rental Expense BS_CURR_RENTAL_EXPENSE -- -- 0.9% 0.7% 0.9% 0.8% 1.0% 0.8% 0.8% --

In Millions of USD except Per Share FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Last 12MFY 2015 EstFY 2016 Est
12 Months Ending 2005-12-31 2006-12-31 2007-12-31 2008-12-31 2009-12-31 2010-12-31 2011-12-31 2012-12-31 2013-12-31 2014-12-31 2014-12-31 2015-12-31 2016-12-31
Revenue SALES_REV_TURN 686.0 752.0 859.0 870.0 738.0 757.5 766.8 778.8 847.0 932.0 932.0 980.9 1,031.2
- Cost of Revenue IS_COGS_TO_FE_AND_PP_AND_G 101.0 113.0 157.0 163.0 138.0 138.3 139.4 147.8 154.4 179.8 179.8
Gross Profit GROSS_PROFIT 585.0 639.0 702.0 707.0 600.0 619.2 627.4 631.0 692.6 752.2 752.2 792.7 834.0
+ Other Operating Revenue IS_OTHER_OPER_INC -- -- -- -- 0.0 0.0 0.0 0.0 0.0 0.0 0.0
- Operating Expenses IS_OPERATING_EXPN 595.0 635.0 660.0 648.0 873.0 631.0 622.7 892.9 630.6 670.2 670.2
Operating Income IS_OPER_INC -10.0 4.0 42.0 59.0 -273.0 -11.8 4.7 -261.9 62.0 82.0 82.0 92.8 104.7
- Interest Expense IS_INT_EXPENSE 22.0 27.0 83.0 63.0 -- -- -- -- -- --
- Foreign Exchange Losses (Gains) IS_FOREIGN_EXCH_LOSS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 --
- Net Non-Operating Losses (Gains) IS_NET_NON_OPER_LOSS 398.0 121.0 0.0 297.0 55.0 44.1 39.9 36.6 61.9 37.4 37.4
Pretax Income PRETAX_INC -430.0 -144.0 -41.0 -301.0 -328.0 -55.9 -35.2 -298.6 0.1 44.6 44.6 65.2 83.0
- Income Tax Expense IS_INC_TAX_EXP -42.0 2.0 43.0 -2.0 9.0 2.4 2.1 3.2 -165.0 27.3 27.3
Income Before XO Items IS_INC_BEF_XO_ITEM -388.0 -146.0 -84.0 -299.0 -337.0 -58.2 -37.3 -301.7 165.1 17.3 17.3 50.2 57.9
- Extraordinary Loss Net of Tax XO_GL_NET_OF_TAX 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
- Minority Interests MIN_NONCONTROL_INTEREST_CREDITS 0.0 0.0 1.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Income NET_INCOME -388.0 -146.0 -85.0 -299.0 -337.0 -58.2 -37.3 -301.7 165.1 17.3 17.3 39.0 44.7
- Total Cash Preferred Dividends IS_TOT_CASH_PFD_DVD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
- Other Adjustments OTHER_ADJUSTMENTS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Inc Avail to Common Shareholders EARN_FOR_COMMON -388.0 -146.0 -85.0 -299.0 -337.0 -58.2 -37.3 -301.7 165.1 17.3 17.3
Abnormal Losses (Gains) IS_ABNORMAL_ITEM 400.0 122.0 133.0 305.0 338.0 83.9 50.7 328.3 31.7 2.9 -0.8
Tax Effect on Abnormal Items IS_TAX_EFF_ON_ABNORMAL_ITEM -- -- -- -106.8 -118.3 -29.4 -17.7 -114.9 -11.1 -1.0 0.3
Normalized Income NORMALIZED_INCOME 12.0 -24.0 48.0 -100.8 -117.3 -3.7 -4.3 -88.4 185.7 19.2 16.8
Basic EPS Before Abnormal Items IS_BASIC_EPS_CONT_OPS -- -- 0.59 -1.20 -1.40 -0.04 -0.04 -0.84 1.72 0.17 0.15
Basic EPS Before XO Items IS_EARN_BEF_XO_ITEMS_PER_SH -- -- -1.04 -3.58 -4.01 -0.58 -0.36 -2.86 1.53 0.16 0.16 0.34 0.39
Basic EPS IS_EPS -- -- -1.04 -3.58 -4.01 -0.58 -0.36 -2.86 1.53 0.16 0.16 0.34 0.39
Basic Weighted Avg Shares IS_AVG_NUM_SH_FOR_EPS -- -- 81.6 83.3 84.1 101.3 104.1 105.6 108.0 110.5 111.3
Diluted EPS Before Abnormal Items IS_DIL_EPS_CONT_OPS -- -- 0.59 -1.20 -1.40 -0.04 -0.04 -0.84 1.64 0.17 0.14 0.46 0.50
Diluted EPS Before XO Items IS_DIL_EPS_BEF_XO -- -- -1.04 -3.58 -4.01 -0.58 -0.36 -2.86 1.46 0.15 0.15
Diluted EPS IS_DILUTED_EPS -- -- -1.04 -3.58 -4.01 -0.58 -0.36 -2.86 1.46 0.15 0.15
Diluted Weighted Avg Shares IS_SH_FOR_DILUTED_EPS -- -- 81.6 83.3 84.1 101.3 104.1 105.6 113.1 114.3 115.0
Reference Items
EBITDA EBITDA 68.0 59.0 99.0 125.0 -204.0 61.1 65.3 -204.9 117.1 139.6 139.6 168.6 182.8
EBITDA Margin (T12M) EBITDA_MARGIN 9.91 7.85 11.53 14.37 -27.64 8.06 8.51 -26.31 13.82 14.97 14.97 17.19 17.72
Gross Margin GROSS_MARGIN 85.28 84.97 81.72 81.26 81.30 81.75 81.82 81.02 81.77 80.71 81.97 80.81 80.88
Operating Margin OPER_MARGIN -1.46 0.53 4.89 6.78 -36.99 -1.56 0.61 -33.63 7.32 8.80 9.97 9.46 10.15
Profit Margin PROF_MARGIN -56.56 -19.41 -9.90 -34.37 -45.66 -7.69 -4.86 -38.74 19.49 1.85 3.31 5.11 5.61
Actual Sales Per Employee ACTUAL_SALES_PER_EMPL 428,750.00 470,000.00 540,251.57 580,000.00 -- -- -- -- 651,540.77 --
Dividends per Share EQY_DPS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Cash Common Dividends IS_TOT_CASH_COM_DVD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Capitalized Interest Expense IS_CAP_INT_EXP -- -- 3.0 1.0 -- -- -- -- -- --
Research & Development Expense IS_RD_EXPEND -- -- 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation Expense IS_DEPR_EXP 65.0 86.0 37.0 48.0 -- 61.7 57.0 55.3 54.4 --
Rental Expense BS_CURR_RENTAL_EXPENSE -- -- 8.0 6.0 7.0 6.1 7.4 6.2 6.8 --

Financial Statement Analysis
Ticker: OWW US Equity Periodicity: Annuals Currency: USD Note: Years shown on the report are Fiscal Years Company: Orbitz Worldwide Inc
Filing: Most Recent
The format and content of this report may not be modified or altered (including, but not limited to, via deletion or addition) in any way.The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance L.P. (“BFLP”) and its subsidiaries in all jurisdictions
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Bloomberg ®       03/09/2015 13:53:13 1
Standardized
Original:2005 A   Original:2006 A   Restated:2007 A   Original:2008 A   Original:2009 A   Restated:2010 A   Original:2011 A   Original:2012 A   Original:2013 A   Preliminary:2014 A
For the period ending 2005-12-31 2006-12-31 2007-12-31 2008-12-31 2009-12-31 2010-12-31 2011-12-31 2012-12-31 2013-12-31 2014-12-31
Total Assets
  + Cash, Cash
Equivalents & STI
33.00 28.00 25.00 31.00 89.00 97.22 136.17 130.26 117.39 188.48
    + Cash & Cash
Equivalents
33.00 28.00 25.00 31.00 89.00 97.22 136.17 130.26 117.39 188.48
    + ST Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
  + Accounts & Notes
Receiv
55.00 51.00 60.00 58.00 55.00 54.70 62.38 75.79 82.60 117.44
    + Accounts
Receivable, Net
55.00 51.00 60.00 58.00 55.00 54.70 62.38 75.79 82.60 117.44
    + Notes Receivable,
Net
0.00 0.00 0.00 0.00 0.00 0.00
  + Inventories 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
    + Raw Materials 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
    + Work In Process 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
    + Finished Goods 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
    + Other Inventory 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
  + Other ST Assets 20.00 25.00 36.00 39.00 25.00 36.50 22.22 19.71 43.32 43.11
    + Prepaid Expenses 17.00 17.43 15.92 11.02 17.11 10.04
    + Derivative &
Hedging Assets
0.00 0.00 0.00 0.00 0.00
    + Deferred Tax
Assets
0.05 0.00 0.01 11.15
    + Misc ST Assets 8.00 19.03 6.30 8.68 15.06 33.07
Total Current Assets 108.00 104.00 121.00 128.00 169.00 188.43 220.76 225.76 243.30 349.03
  + Property, Plant &
Equip, Net
126.00 166.00 184.00 190.00 181.00 158.06 141.70 132.54 116.15 111.83
    + Property, Plant &
Equip
221.00 177.00 231.00 276.00 317.00 353.57 390.95 430.16 450.87 413.86
    - Accumulated
Depreciation
95.00 11.00 47.00 86.00 136.00 195.51 249.25 297.62 334.72 302.03
  + LT Investments &
Receivables
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
  + Other LT Assets 1,826.00 1,791.00 1,620.00 1,272.00 944.00 870.22 783.32 476.01 748.24 715.11
    + Total Intangible
Assets
1,675.00 1,589.00 1,494.00 1,215.00 887.00 814.04 759.66 437.01 435.88 442.29
    + Goodwill 1,395.00 1,190.00 1,181.00 949.00 713.00 677.96 647.30 345.39 345.39 351.10
    + Other Intangible
Assets
280.00 399.00 313.00 266.00 174.00 136.08 112.36 91.62 90.49 91.19
    + Deferred Tax
Assets
10.00 8.15 7.31 6.77 160.64 135.81
    + Derivative &
Hedging Assets
0.00 0.00 0.00 0.00 0.00
    + Misc LT Assets 151.00 202.00 126.00 57.00 47.00 48.02 16.35 32.23 151.73 137.01
Total Noncurrent
Assets
1,952.00 1,957.00 1,804.00 1,462.00 1,125.00 1,028.28 925.02 608.56 864.38 826.94
Total Assets 2,060.00 2,061.00 1,925.00 1,590.00 1,294.00 1,216.70 1,145.79 834.31 1,107.69 1,175.97

Liabilities &
Shareholders' Equity

  + Payables & Accruals 105.00 123.00 37.00 37.00 362.00 366.14 390.59 408.40 499.52 538.77
    + Accounts Payable 105.00 123.00 37.00 37.00 30.00 26.49 30.94 21.49 16.43 13.95

Filing: Most Recent
Bloomberg ®       03/09/2015 13:53:13 2
    + Accrued Income
Taxes
0.00 0.00 0.00 0.00 0.00
    + Interest &
Dividends Payable
0.00 0.00 0.00 0.00 0.00
    + Other Accrued
Liabilities
332.00 339.65 359.66 386.92 483.09 524.82
  + ST Debt 0.00 0.00 6.00 6.00 21.00 19.81 32.18 24.71 13.50 25.87
    + ST Borrowings 0.00 0.00 0.00 0.00 0.00 0.00
    + ST Capital Leases 0.00 0.00 0.00 0.00 0.00 0.00
    + Current Portion of
LT Debt
21.00 19.81 32.18 24.71 13.50 25.87
  + Other ST Liabilities 262.00 264.00 379.00 343.00 36.00 36.84 30.99 40.31 44.94 42.36
    + Deferred Revenue 31.00 30.85 28.95 34.95 40.62 40.82
    + Derivatives &
Hedging
2.00 1.29 0.28 2.67 1.41 0.00
    + Misc ST Liabilities 262.00 264.00 379.00 343.00 3.00 4.71 1.76 2.69 2.91 1.54
Total Current Liabilities 367.00 387.00 422.00 386.00 419.00 422.79 453.76 473.42 557.96 607.00
  + LT Debt 0.00 0.00 594.00 608.00 598.00 472.21 440.03 415.32 429.75 421.88
    + LT Borrowings 0.00 0.00 594.00 608.00 598.00 472.21 440.03 415.32 429.75 421.88
    + LT Capital Leases 0.00 0.00 0.00 0.00 0.00 0.00
  + Other LT Liabilities 269.00 407.00 171.00 158.00 147.00 131.85 91.47 88.23 78.26 75.99
    + Accrued Liabilities 0.00 0.00 0.00 0.00 0.00 0.00
    + Pension Liabilities 0.00 0.00 0.00 0.00 0.00 0.00
    + Pensions 0.00 0.00 0.00 0.00 0.00
    + Other Post-Ret
Benefits
0.00 0.00 0.00 0.00 0.00
    + Deferred Revenue 0.00 0.00 0.00 0.00 0.00
    + Derivatives &
Hedging
4.00 1.63 0.31 0.00 1.21
    + Misc LT Liabilities 269.00 407.00 171.00 158.00 143.00 130.22 91.16 88.23 77.05 75.99
Total Noncurrent
Liabilities
269.00 407.00 765.00 766.00 745.00 604.06 531.50 503.55 508.01 497.87
Total Liabilities 636.00 794.00 1,187.00 1,152.00 1,164.00 1,026.85 985.26 976.98 1,065.96 1,104.87
  + Preferred Equity 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
  + Share Capital &
APIC
0.00 0.00 895.00 909.00 923.00 1,030.24 1,037.13 1,042.52 1,056.30 1,061.74
    + Common Stock 1.00 1.02 1.04 1.05 1.08 1.11
    + Additional Paid in
Capital
922.00 1,029.21 1,036.09 1,041.47 1,055.21 1,060.64
  - Treasury Stock 0.00 0.00 0.05 0.05 0.05 0.05 0.05
  + Retained Earnings 6.00 2.00 -151.00 -450.00 -787.00 -843.61 -880.89 -1,182.62 -1,017.54 -1,000.26
  + Other Equity 1,418.00 1,265.00 -6.00 -21.00 -6.00 3.28 4.33 -2.50 3.02 9.67
Equity Before Minority
Interest
1,424.00 1,267.00 738.00 438.00 130.00 189.85 160.53 -142.66 41.72 71.10
  + Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity 1,424.00 1,267.00 738.00 438.00 130.00 189.85 160.53 -142.66 41.72 71.10
Total Liabilities &
Equity
2,060.00 2,061.00 1,925.00 1,590.00 1,294.00 1,216.70 1,145.79 834.31 1,107.69 1,175.97

Reference Items
Accounting Standard US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP
Shares Outstanding 83.11 83.35 83.83 102.34 103.79 105.09 108.37 110.73
Number of Treasury
Shares
0.00 0.00 0.02 0.03 0.03 0.03 0.03 0.03
Pension Obligations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Filing: Most Recent
Bloomberg ® 03/09/2015 13:53:13 3
Operating Leases 83.00 73.00 50.00 48.00 42.59 40.20 37.26 33.26
Capital Leases - Total 0.00 0.00 0.00 0.00 0.00 0.00
Options Granted During
Period
2.73 2.13 1.00 1.05 0.20 0.00
Options Outstanding at
Period End
2.56 4.22 4.24 3.74 3.27 2.72 1.23
Net Debt -33.00 -28.00 575.00 583.00 530.00 394.80 336.04 309.77 325.87 259.27
Net Debt to Equity -2.32 -2.21 77.91 133.11 407.69 207.95 209.34 781.04 364.66
Tangible Common
Equity Ratio
-65.19 -68.22 -175.41 -207.20 -186.00 -155.02 -155.16 -145.90 -58.67 -50.59
Current Ratio 0.29 0.27 0.29 0.33 0.40 0.45 0.49 0.48 0.44 0.58
Number of Employees 1,600.00 1,600.00 1,590.00 1,500.00 1,300.00

Filing: Most Recent
Bloomberg ®       03/09/2015 13:42:13 1
Stock Value
Restated:2007 A   Original:2008 A   Original:2009 A   Restated:2010 A   Original:2011 A   Original:2012 A   Original:2013 A   Preliminary:2014 A   Current
For the period ending 2007-12-31 2008-12-31 2009-12-31 2010-12-31 2011-12-31 2012-12-31 2013-12-31 2014-12-31 2015-3-9
Last Price 8.50 3.88 7.34 5.59 3.76 2.72 7.18 8.23 11.67
  Period-over-Period %
Change
-54.35 89.18 -23.84 -32.74 -27.66 163.97 14.62
Open Price 15.00 8.51 3.88 7.48 5.35 3.85 2.80 7.11 11.69
High Price 15.00 8.99 8.11 7.86 5.75 4.75 13.26 9.96 11.69
Low Price 7.53 2.00 1.10 3.56 1.57 2.07 2.60 6.49 11.65

Market Capitalization 706.42 323.38 615.32 572.10 390.25 285.86 778.11 911.33 1,293.01
  Current Shares
Outstanding
83.03 83.29 83.75 102.31 103.74 105.05 108.20 110.71 110.80
  Equity Float 34.12 82.50 82.70 45.57 46.58 47.13 54.83 104.40 104.63

Date Open High Low Close Volume Adj Close
2015-03-10 11.66 11.72 11.65 11.69 3286600 11.69
2015-03-09 11.69 11.69 11.65 11.69 1151700 11.69
2015-03-06 11.66 11.69 11.65 11.69 4089000 11.69
2015-03-05 11.63 11.7 11.61 11.67 2719100 11.67
2015-03-04 11.59 11.65 11.58 11.65 2851600 11.65
2015-03-03 11.57 11.61 11.57 11.59 7266100 11.59
2015-03-02 11.58 11.62 11.56 11.56 4954000 11.56
2015-02-27 11.64 11.64 11.58 11.58 5587100 11.58
2015-02-26 11.63 11.67 11.63 11.63 3563700 11.63
2015-02-25 11.64 11.66 11.6 11.66 2543700 11.66
2015-02-24 11.56 11.65 11.56 11.64 4097500 11.64
2015-02-23 11.54 11.61 11.53 11.59 3943300 11.59
2015-02-20 11.54 11.62 11.54 11.57 4058600 11.57
2015-02-19 11.65 11.65 11.52 11.54 11420000 11.54
2015-02-18 11.61 11.65 11.59 11.63 8724000 11.63
2015-02-17 11.66 11.67 11.55 11.64 19249400 11.64
2015-02-13 11.74 11.75 11.66 11.68 22596100 11.68
2015-02-12 9.62 11.76 9.62 11.72 135965900 11.72
2015-02-11 9.34 9.86 9.23 9.62 3658300 9.62
2015-02-10 8.86 9.22 8.76 9.2 2980300 9.2
2015-02-09 9.25 9.34 8.66 8.75 2928600 8.75
2015-02-06 9.38 9.42 9.19 9.25 1245900 9.25
2015-02-05 9.31 9.65 9.27 9.45 3524100 9.45
2015-02-04 9.35 9.48 9.27 9.27 1244400 9.27
2015-02-03 9.44 9.51 9.18 9.35 916400 9.35
2015-02-02 9.25 9.56 9.05 9.41 1208000 9.41
2015-01-30 9.43 9.56 9.15 9.23 2110200 9.23
2015-01-29 9.6 9.6 9.32 9.48 1417800 9.48
2015-01-28 9.94 9.98 9.51 9.6 1336500 9.6
2015-01-27 9.92 9.99 9.81 9.85 794400 9.85
2015-01-26 9.94 10.06 9.83 9.99 1000000 9.99
2015-01-23 10 10.16 9.97 9.97 1818700 9.97
2015-01-22 9.94 10.04 9.87 9.98 1904200 9.98
2015-01-21 9.94 10 9.58 9.89 2023700 9.89
2015-01-20 9.16 10.52 9 9.95 6292800 9.95
2015-01-16 8.99 9.24 8.95 9.16 1185300 9.16
2015-01-15 9.34 9.4 8.97 9.04 1469300 9.04
2015-01-14 9.12 9.36 9.06 9.34 2759600 9.34
2015-01-13 9.16 9.28 9.06 9.18 2482300 9.18
2015-01-12 8.81 9.14 8.79 9.1 2144200 9.1
2015-01-09 8.7 8.84 8.58 8.81 1342300 8.81
2015-01-08 8.66 8.75 8.27 8.73 1750800 8.73
2015-01-07 8.41 8.69 8.21 8.63 2165900 8.63
2015-01-06 8.13 8.36 7.83 8.34 2569300 8.34
2015-01-05 8.29 8.35 8.1 8.11 969900 8.11
2015-01-02 8.28 8.4 8.05 8.31 730900 8.31

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