Jul. 16, 2014, 4:11 PM
- Orbitz (NYSE:OWW) plans to sell 20M shares (18% of outstanding shares) on behalf of Travelport Limited through a public offering. Underwriters will have a 3M-share overallotment option.
- The company also announces it expects to report Q2 revenue of $248M, above a $243M consensus. Q2 adjusted EBITDA was ~$45M (in-line with guidance of $42M-$47M), and stayed room night growth 20% Y/Y.
- Full Q2 results arrive on Aug. 7.
Jun. 24, 2014, 10:23 AM
- Chris Orton, Orbitz's (OWW -0.1%) COO since 2011, has resigned to "take a position outside the travel industry." (8-K)
- Global product strategy chief Sam Fulton will now assume responsibility for the Orbitz.com and CheapTickets brands. Mobile chief Chris Brown will assume the role of chief product officer.
Jun. 17, 2014, 11:37 AM
- Susquehanna has upgraded Expedia (EXPE +3.3%) to Positive, and UBS has started Orbitz (OWW +4.7%) at Buy.
- Susquehanna: "Our updated breakdown of EXPE's 3 main businesses (Travelocity, Trivago, and "core") shows how Street EPS numbers are 3% and 4% too low in '14 and '15 even using conservative assumptions." The firm thinks Expedia should trade at a 25% premium to the S&P 500 (up from a current 12%), given much faster EPS growth.
- UBS is optimistic about the potential of a new loyalty program to boost Orbitz's bookings. The company has been growing much slower than bigger rivals Priceline and Expedia for some time.
Jun. 4, 2014, 9:48 AM
- The travel-booking platform purchased by Blackstone (NYSE:BX) eight years ago for $4.3B filed a $100M placeholder amount for the size of its IPO, but sources say the company may raise about $500M. The company hasn't been profitable since 2011, and proceeds will be used to repay some of the firm's $3.5B debt load.
- Blackstone originally tried to take the company public in London in 2010, but markets were somewhat less receptive then they are now.
- Among Travelport's assets are a 37% stake in Orbitz Worldwide (NYSE:OWW), making it the largest shareholder of that company.
- The stock symbol will be TVPT.
Jun. 2, 2014, 7:16 AM
May 23, 2014, 9:10 AM
May 19, 2014, 4:04 PM
- Orbitz Worldwide (OWW) announces a secondary common stock offering of 7.5M shares from a selling shareholder.
- The company won't receive any of the proceeds from the sale.
May 5, 2014, 2:55 PM
- Up premarket after beating Q1 revenue estimates and missing on EPS, Orbitz (OWW -3.5%) has turned negative. With the recent acquisition of Travelocity Partner Network (TPN) providing a top-line boost, Orbitz now expects high-single digit 2014 revenue growth, above prior guidance for low-to-mid single-digit growth. But the company is reiterating guidance for high-single digit adjusted EBITDA growth.
- Orbitz expects Q2 revenue of $239M-$245M, above a $233.3M consensus, and Q2 adjusted EBITDA of $42M-$47M. The company notes TPN provided a 4% boost to Q1 bookings, even though the deal only closed on Feb. 28.
- On the CC (transcript), Orbitz faced multiple questions regarding its marketing spend (36.5% of Q1 revenue), and whether it would see leverage as revenue grew. CEO Barney Harford noted the growth of Orbitz's private label ops (inc. TPN) as a percentage of revenue "would have a deleveraging impact on overall margin."
- Orbitz is far from alone among online travel agencies in spending heavily on marketing - a large chunk of this spending ends up going to Google.
- With TPN in tow, Q1 groos bookings rose 3% Y/Y to $3.18B. Hotel room nights rose 12%, and standalone hotel revenue 7% to $67.2M. But standalone air revenue only rose 1% to $70.2M. Vacation packages +4% to $32.9M, ads/media +12% to $14.6M, everything else -2% to $25.3M.
- Q1 results, PR
May 5, 2014, 9:11 AM
May 5, 2014, 8:42 AM
- Orbitz Worldwide (OWW): Q1 EPS of -$0.05 misses by $0.03.
- Revenue of $210.25M (+3.6% Y/Y) beats by $4.75M.
May 4, 2014, 5:30 PM
Apr. 14, 2014, 9:18 AM
- Orbitz Worldwide (OWW) announces that Scott Forbes will replace Jeff Clarke as its non-executive chairman, effective immediately.
- Forbes says the company is well-positioned to deliver strong growth with strategic international initiatives lined up.
Apr. 7, 2014, 4:00 PM
- Google (GOOG -0.8%) has licensed hotel-booking software from Expedia-backed startup Room 77, according to a Room 77 shareholder letter obtained by Bloomberg. The startup now plans to distribute "tens of millions of excess cash" to investors.
- Google's move points to an escalation of its efforts to compete against Priceline (PCLN -0.7%), Expedia (EXPE -2.1%), Orbitz (OWW -1.6%) and other online travel agencies. The Web giant has already launched Hotel Finder, a hotel room search engine, and Hotel Price Ads, an ad format that appears within Hotel Finder listings, Google Maps, and Google+.
- Evercore recently argued Hotel Price Ads could be widely adopted by hoteliers looking to lower their dependence on travel agencies, and could benefit from their ability to leverage hotel customer data and opaque pricing.
- Google's efforts risk upsetting some of its biggest search ad customers: Priceline alone spent $1.8B in 2013 (+41% Y/Y) on online ads, much of it undoubtedly with Google.
Mar. 19, 2014, 12:46 PM
Mar. 19, 2014, 9:36 AM
- Juniper (JNPR +1.4%) has been upgraded to Outperform by Wells Fargo. Piper cuts shares to Neutral last month following a big rally fueled by dividend/buyback/restructuring hopes.
- Yingli (YGE -0.2%) has been cut to Neutral by BofA/Merrill, and to Underperform by Credit Suisse, following yesterday's Q4 miss and full-year shipment forecast.
- Ruckus (RKUS +2.5%) and Meru (MERU +5.1%) have been started at Buy by Mizuho. Bernstein started Ruckus at Underperform last week.
- Orbitz (OWW -6.4%) has been cut to Sell by Goldman.
- MakeMyTrip (MMYT +3.8%) has been upgraded to Outperform by Oppenheimer.
Mar. 19, 2014, 7:58 AM
- Orbitz Worldwide (OWW) is downgraded by Goldman Sachs to a Sell rating from Neutral on a valuation call.
- OWW -6.2% premarket
Orbitz Worldwide Inc is an online travel company. It provides a platform to research, plan & book a travel products & services including hotels, flights, vacation packages, car rentals, cruises, travel insurance, destination services & event tickets.
Industry: General Entertainment
Country: United States
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