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About Us

Overview

We are a leading global online travel company that uses innovative technology to enable leisure and business travelers to research, plan and book a broad range of travel products. We own and operate a strong portfolio of consumer brands, that includes: Orbitz, CheapTickets, ebookers, HotelClub, RatesToGo and the Away Network and corporate travel brands, Orbitz for Business and Travelport for Business. We provide customers with access to a comprehensive set of travel products, including air, hotels, vacation packages, car rentals, cruises, travel insurance and destination services from over 80,000 suppliers worldwide.

We provide compelling value propositions for both our customers and suppliers. For our customers, we offer access to comprehensive travel inventory from a broad base of suppliers. We employ customer-friendly features and innovative technologies, such as our proactive OrbitzTLC care offering and the industry's first Matrix display, to provide differentiated user experiences. In addition, we provide relevant travel-related content, such as user-generated travel reviews and Frommers' content, for our customers to research, plan and book travel. For our suppliers, we represent a cost-effective distribution channel that reaches millions of potential customers. Each of our brands has been positioned to target a defined customer segment, and collectively, our U.S. brands have a base of nearly 48 million registered users and more than 25 million unique visitors each month.

We are a leader in air travel, the largest online travel segment. This offers us a significant opportunity to drive growth in non-air categories, specifically hotels and vacation packages that are customized by travelers, which we refer to as dynamic vacation packages. These categories offer significant growth potential and attractive revenue per transaction and are areas in which we are currently under-penetrated relative to our major online competitors. There are also substantial growth opportunities in fast growing regions outside of the U.S. for our strong international brands: ebookers, HotelClub and RatesToGo. Finally, we believe that we have a significant opportunity to improve our profitability by continuing to realize operating efficiencies from the global integration of our operations (similar to the success we achieved with the integration of Orbitz and CheapTickets in 2005), by sharing best practices across our global operations and by launching our common, scaleable global technology platform. We believe the
organic growth opportunities inherent to us and to the overall marketplace, coupled with expected tangible operating improvements, position us well for strong profit growth.

The strength of our brands, quality of our products and efficacy of our marketing programs have enabled us to become one of the largest online travel companies in the world, based on gross bookings. In 2006, we generated approximately $10 billion in gross bookings globally, including $8.7 billion in the U.S. We were also the fastest growing major online travel company in the U.S. in 2006 with domestic gross bookings growth of 38%. We generated $752 million of net revenue and $117 million of adjusted EBITDA in 2006. For a discussion of adjusted EDITDA, see the section below entitled "Summary Historical Combined Consolidated Financial and Other Data."

Our History

Orbitz Worldwide, the online travel division of Travelport, was formed through the combination of Orbitz and the online travel assets of Cendant's travel distribution services division. Orbitz was originally formed by a group of leading U.S. airlines in 1999 to participate in the rapidly growing online travel industry. The airline investors in Orbitz consisted of American Airlines, Continental Airlines, Delta Air Lines, Northwest Airlines and United Air Lines. The Orbitz website was launched in 2001. In November 2004, Orbitz was acquired by Cendant and assumed responsibility for Cendant's domestic online travel business, which included CheapTickets, a leading online travel brand focused on the value-conscious traveler, and later Flairview Travel, which operates the international online hotel websites, HotelClub.com and RatesToGo.com. In February 2005, Cendant acquired ebookers, a leading international online travel brand with an online presence in 13 countries in Europe. Orbitz Worldwide now operates as one of three business units within Travelport. We employ over 1,600 employees in over 20 countries.

Industry Background

The worldwide travel industry is a large and dynamic market. We believe that aggregate gross bookings in the global airline, hotel, vacation package, car rental and cruise industry were approximately $900 billion in 2005. Approximately 75% of global travel gross bookings are currently made in the U.S., Europe and the Asia Pacific region. According to the World Travel and Tourism Council, for the five year period between 2005 and 2010, total travel and tourism dollars spent in the Asia Pacific region, the U.S. and Europe are expected to grow annually 10%, 6% and 6%, respectively.

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