| Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|---|---|---|---|---|---|
Operating activities | ||||||
Net income | ||||||
75,173 | 140,280 | 15,046 | 20,210 | 91,300 | -203,000 | -292,000 |
Income from discontinued operations, net of tax | ||||||
27,747 | 2,007 | - | - | - | 4,000 | 7,000 |
Net income from continuing operations | ||||||
47,426 | 138,273 | 15,046 | 20,210 | - | -207,000 | -299,000 |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
198,645 | 207,310 | 209,409 | 234,228 | 232,848 | 206,000 | 227,000 |
Amortization of customer loyalty payments | ||||||
82,487 | 74,651 | 71,137 | 67,047 | 76,158 | 63,000 | 62,000 |
Impairment of long-lived assets | ||||||
17,505 | 1,763 | 11,152 | - | 1,626 | - | - |
Allowance for prepaid incentives | ||||||
- | - | 10,684 | - | - | - | - |
Amortization of debt finance costs and debt discount | ||||||
4,728 | 10,012 | 10,636 | 10,353 | 15,529 | 21,000 | 37,000 |
Gain on sale of a subsidiary | ||||||
- | 1,217 | - | - | - | - | - |
Gain on sale of shares of Orbitz Worldwide | ||||||
- | - | - | 6,271 | 355,750 | - | - |
Payment-in-kind interest | ||||||
- | - | - | - | 16,616 | 38,000 | 68,000 |
Share of losses in equity method investments | ||||||
- | - | - | -671 | -1,084 | 10,000 | -74,000 |
Accrual of repayment fee and amortization of debt discount | ||||||
- | - | - | - | - | 8,000 | 2,000 |
Loss on early extinguishment of debt | ||||||
-27,735 | -5,366 | -4,333 | - | -107,590 | -49,000 | 6,000 |
Unrealized (gain) loss on foreign exchange derivative instruments | ||||||
-25,814 | 32,365 | -11,435 | 4,463 | -17,442 | -1,000 | - |
Unrealized loss (gain) on interest rate derivative instruments | ||||||
1,343 | 5,764 | -6,168 | 8,655 | 503 | 3,000 | - |
Equity-based compensation | ||||||
16,980 | 32,972 | 32,247 | 29,681 | 40,583 | 6,000 | 2,000 |
Deferred income taxes | ||||||
-7,121 | -27,352 | 6,662 | 1,879 | 6,494 | -1,000 | 4,000 |
Customer loyalty payments | ||||||
89,167 | 76,008 | 84,562 | 74,712 | 92,945 | 78,000 | 47,000 |
Pension liability contribution | ||||||
3,643 | 2,156 | 3,157 | 2,759 | 6,642 | 3,000 | 27,000 |
FASA liability | ||||||
- | - | - | - | - | - | 7,000 |
Changes in assets and liabilities: | ||||||
Accounts receivable, net | ||||||
3,398 | -7,237 | 13,157 | 17,913 | 11,422 | 27,000 | -22,000 |
Other current assets | ||||||
7,486 | 12,911 | 9,578 | 26,656 | -7,359 | -5,000 | 3,000 |
Accounts payable, accrued expenses and other current liabilities | ||||||
30,350 | 14,445 | 17,071 | 11,590 | -97,870 | 5,000 | 37,000 |
Other | ||||||
24,852 | -16,594 | 3,493 | 27,993 | 8,954 | 27,000 | 35,000 |
Net cash provided by operating activities | ||||||
364,364 | 317,662 | 299,019 | 262,223 | 58,451 | 100,000 | 181,000 |
Investing activities | ||||||
Property and equipment additions | ||||||
144,633 | 117,514 | 107,460 | 106,095 | 111,723 | 107,000 | 92,000 |
Sale of subsidiary, net of cash disposed | ||||||
- | -3,433 | - | - | - | - | - |
Businesses acquired, net of cash | ||||||
- | - | 15,009 | 66,487 | 18,262 | - | - |
Proceeds from sale of shares of Orbitz Worldwide | ||||||
- | - | - | 6,271 | 365,984 | - | - |
Net cash used in investing activities | ||||||
-144,633 | -120,947 | -122,469 | -166,311 | 225,999 | -96,000 | -89,000 |
Purchase of equity method investment | ||||||
- | - | - | - | 10,000 | - | - |
Proceeds from sale of assets held-for-sale | ||||||
- | - | - | - | - | 17,000 | - |
Other | ||||||
- | - | - | - | - | 6,000 | -3,000 |
Financing activities | ||||||
Net proceeds from issuance of common shares in initial public offering | ||||||
- | - | - | - | 445,000 | - | - |
Proceeds from term loans | ||||||
1,400,000 | 114,000 | 143,291 | - | 2,345,313 | 2,169,000 | 170,000 |
Proceeds from issuance of senior secured notes | ||||||
745,000 | - | - | - | - | - | - |
Repayment of term loans | ||||||
-2,168,750 | -237,750 | -217,041 | -23,750 | -1,476,531 | -1,667,000 | -165,000 |
Proceeds from bridge loans | ||||||
- | - | - | - | 425,000 | - | - |
Repayment of capital lease obligations and other indebtedness | ||||||
43,760 | 43,311 | 62,310 | 36,483 | 31,901 | 20,000 | 16,000 |
Proceeds from revolver borrowings | ||||||
- | - | 10,000 | 30,000 | 75,000 | 73,000 | 80,000 |
Repayment of bridge loans | ||||||
- | - | - | - | 425,000 | - | - |
Repayment of term loans under second lien credit agreement | ||||||
- | - | - | - | 863,174 | - | - |
Repurchase / repayment of senior notes and senior subordinated notes | ||||||
- | - | - | - | 588,385 | 413,000 | 20,000 |
Repayment of revolver borrowings | ||||||
- | - | 10,000 | 30,000 | 75,000 | 93,000 | 95,000 |
Debt finance costs and lender fees | ||||||
21,551 | 686 | 7,791 | - | 39,536 | 55,000 | 20,000 |
Cash provided as collateral | ||||||
- | - | - | - | - | 79,000 | - |
Payment related to early extinguishment of debt | ||||||
- | - | 707 | - | 45,593 | - | - |
Release of cash provided as collateral | ||||||
- | - | - | 25,886 | 52,528 | 137,000 | - |
Dividend to shareholders | ||||||
38,093 | 38,789 | 37,233 | 37,081 | 9,106 | - | - |
Dividend to non-controlling interest shareholders | ||||||
- | - | 1,468 | 1,973 | 2,235 | 1,000 | - |
Purchase of non-controlling interest in a subsidiary | ||||||
- | 1,063 | 7,820 | 2,795 | 65,399 | - | - |
Sale of treasury shares | ||||||
- | - | - | 12,036 | - | - | - |
Proceeds from share issuance under employee share purchase plan and stock options | ||||||
8,895 | 3,077 | 1,983 | 603 | - | - | - |
Treasury share purchase related to vesting of equity awards | ||||||
3,412 | 11,228 | 1,651 | 13,119 | - | - | - |
Payment on settlement of derivative instruments | ||||||
- | - | - | - | - | 8,000 | 51,000 |
Proceeds from settlement of derivative instruments | ||||||
- | - | - | - | 3,028 | 4,000 | 9,000 |
Other | ||||||
-2,240 | - | - | - | 1,873 | - | 3,000 |
Costs related to exchange of shares for payment-in-kind debt | ||||||
- | - | - | - | - | 6,000 | - |
Tax withholding for equity awards | ||||||
- | - | - | 1,361 | 23,265 | 1,000 | 1,000 |
Net cash used in financing activities | ||||||
-123,911 | -215,750 | -190,747 | -78,037 | -297,383 | 40,000 | -106,000 |
Effect of changes in exchange rates on cash, cash equivalents and restricted cash | ||||||
-1,479 | 1,136 | -706 | -2,020 | -1,804 | - | - |
Net increase in cash, cash equivalents and restricted cash | ||||||
94,341 | -17,899 | -14,903 | 15,855 | -14,737 | 44,000 | -14,000 |
Supplemental disclosure of cash flow information | ||||||
Interest payments, net of capitalized interest | ||||||
91,812 | 110,466 | 136,458 | 145,522 | 294,168 | 273,000 | 232,000 |
Income tax payments, net of refunds | ||||||
47,732 | 42,886 | 20,776 | 24,673 | 26,204 | 29,000 | 16,000 |
Non-cash capital lease asset additions | ||||||
77,000 | 38,000 | 34,713 | 89,785 | 17,554 | 32,000 | 63,000 |
Non-cash purchase of property and equipment | ||||||
4,220 | 4,785 | - | 33,570 | - | - | - |
Non-cash exchange of debt for equity | ||||||
- | - | - | - | 571,371 | 473,000 | - |
Exchange of senior notes due 2014 and 2016 for new senior notes due 2016 | ||||||
- | - | - | - | - | 591,000 | - |
Exchange of second priority secured notes for Tranche 2 Loans | ||||||
- | - | - | - | - | 229,000 | - |
Exchange of payment-in-kind debt for new senior subordinated debt | ||||||
- | - | - | - | - | 25,000 | - |