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Orbitz: Companies
built 618 days ago
Orbitz is a wholly-owned subsidiary of Cendant Corporation and part of Cendant Travel Distribution Services division. Orbitz is a leading online travel company offering leisure and business travelers a wide selection of low airfares, as well as deals on lodging, car rentals, cruises, vacation packages and other travel. The site was created to address consumers' need for an unbiased, comprehensive display of fares and rates in a single location.
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Orbitz.com is party to identity theft schemes via it's sister company Trilegiant. Credit cards entered on the Orbitz website are given to Trilegiant, who bill these cards using various corporate front names,under negative option schemes for fictitious services.
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Orbitz had a first-quarter net loss of $10 million on revenue of $212 million, the company said in the filing Friday. It applied for a New York Stock Exchange listing under the symbol OWW.
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Orbitz ended 2000 with 125 employees and no sales as it ramped up for a four-month beta test to begin the next February. The company's first hire was Chief Technology Officer Alex Zoghlin. Nara Schoenberg's profile of him in the Chicago Tribune painted him as an irrepressible, ponytail-wearing prankster and unlikely Navy vet with a strong entrepreneurial upbringing. He was ... a computer whiz who had pioneered web browsers at the University of Illinois with Netscape cofounder Marc Andreessen (who would join the Orbitz board in 2003). Zoghlin left the firm in April 2003.
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[I]f the market's hand-wringing turns out to be overblown, the upside potential to Orbitz shares looks good given the cheap valuation. Stifel analyst George Askew, in his research note Thursday, said that although Orbitz is particularly vulnerable to weakness in the U.S. economy because it gets the bulk of its bookings from North America, Orbitz shares "have limited downside." His calculation has Orbitz trading at a low forward enterprise multiple of 6.5, compared to 10.6 for Expedia and 16.0 for Priceline. The enterprise multiple is the ratio of a company's enterprise value to Ebitda (earnings before interest, taxes, depreciation and amortization), in this case adjusted Ebitda. The multiple is supposed to value a company the way an acquirer would.
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On November 12, 2004, Orbitz was acquired by Cendant's Travel Distribution Services division, as part of the Consumer Travel Americas group. Cendant has agreed to sell its travel distribution services subsidiary, now known as Travelport Inc. to an affiliate of The Blackstone Group, marking the prominence of Travelport Inc. as one of the world's largest and most geographically dispersed companies in the $6 trillion global travel industry.
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