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Orbitz: Orbitz Worldwide
built 618 days ago
Orbitz is the fastest growing online travel company. The site was created to address consumers' need for an unbiased, comprehensive display of fares and rates in a single location. Orbitz' inventory includes more than 80,000 hotels worldwide, hundreds of airlines and 13 car rental brands. Orbitz search results are presented in an easy-to-use matrix that displays a vast array of travel options. Orbitz. A step ahead.
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Orbitz Worldwide is an Internet travel company headquartered in Chicago, Illinois. Orbitz, along with all other Cendant travel businesses, was sold to a subsidiary of the Blackstone Group in a deal worth over $4.6 billion, forming a new company called Travelport.
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Orbitz initially started by five airlines - American, Continental, Delta, Northwest and United - who all came together to fulfill a mission: Develop a travel website that would serve people better. Today Orbitz' inventory includes hundreds of airlines, more than 80,000 hotels worldwide and 13 rental car brands. Orbitz search results are presented in an easy-to-use matrix that displays a vast array of travel options.
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Orbitz Worldwide generated cash flow from operations of $106 million for the nine months ended September 30, 2007 compared to $154 million for the nine months ended September 30, 2006. This $48 million decrease in year to date 2007 operating cash flow is primarily attributed to: $58 million of cash interest payments made in the third quarter of 2007, of which $49 million was payable under the company's intercompany loans that were repaid in connection with the IPO and $9 million was payable under the company's $600 million term loan (the company had no outstanding debt in 2006); the delayed receipt of $11 million in cash receivables in the third quarter 2007 at one of the company's international subsidiaries; and approximately $3 million of incremental public company costs incurred in the third quarter of 2007, which were not incurred in 2006. The combined impact of these factors more than offset the normal increase in operating cash flow expected due to the growth of the business. Orbitz Worldwide expects to receive the $11 million in cash receivables in the fourth quarter of 2007.
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Through this comprehensive multi-year partnership, Orbitz Worldwide will be able to continue offering its customers some of the best available online rates for Hertz vehicles. This includes stand alone car rentals as well as rentals purchased as part of travel packages (e.g., air+hotel+car bookings). Working to provide customers with even more Hertz rental options, Orbitz Worldwide is expanding its rental car inventory to feature Hertz's Fun Collection and Green Collection vehicles.
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"Orbitz Worldwide is an important distributor for the Avis Budget Group, and we look forward to our continued relationship with their customers," said Kaye Ceille, senior vice president, global travel and partnerships. "Additionally, we look forward to working with Orbitz Worldwide as we jointly develop special promotions to connect its customers with our car rental brands."
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