* May not calculate due to rounding
* May not calculate due to rounding
(1) FY 2007 includes Worldspan results from August 21, 2007 to December 31, 2007 .
(2) Adjusted results include Worldspan in all periods, as if the transaction had taken place on January 1, 2007 .
Net revenue and EBITDA for our GDS business were $456 million and $127 million, respectively, for the fourth quarter of 2008. Adjusted net revenue and adjusted EBITDA for our GDS businesses were $457 million and $140 million, respectively, for the fourth quarter of 2008. This resulted in an (8)% reduction in adjusted net revenue and a 1% increase in adjusted EBITDA compared to the fourth quarter of 2007. Lower revenue resulted from a (15)% decline in segments, offset by higher yield per segment compared to the fourth quarter of 2007. Agency inducements and commissions were $24 million lower, or (13%), compared to the fourth quarter of 2007. In addition, our GDS business reduced its operating expenses, excluding agency inducements and commissions, by $20 million, or (12%), compared to the fourth quarter of 2007. Higher yields and operating expense savings drove a 272 bps improvement in adjusted EBITDA margin to 30.6% in the fourth quarter of 2008 compared to the fourth quarter of 2007.
* May not calculate due to rounding
(1) 4Q 2007 reflects the sale of Trust International on January 2, 2008 as a discontinued operation in our financial results.
* May not calculate due to rounding
(1) FY 2007 reflects the sale of Trust International on January 2, 2008 as a discontinued operation in our financial results.
Net revenue and EBITDA for GTA were $68 million and $18 million, respectively, for the fourth quarter of 2008. Adjusted net revenue and adjusted EBITDA for GTA in the fourth quarter of 2008 were $68 million and $19 million, respectively, representing a (17)% decline in adjusted revenue and a 19% increase in adjusted EBITDA compared with the fourth quarter of 2007. Global Total Transaction Value ("TTV") declined (19%) in the quarter, driven by (12%) lower bookings and an (8%) reduction in average daily rates primarily due to currency fluctuations. Operating expenses for GTA decreased $18 million, or (31%), during the fourth quarter of 2008 driven by a stronger dollar compared to the pound and euro and other cost cutting initiatives. This drove a 43% increase in adjusted EBITDA margin in the fourth quarter of 2008 compared to the same period in 2007.
Corporate and Other
Travelport incurred adjusted Corporate and Other expenses of $10 million for the fourth quarter of 2008, representing a $9 million decrease compared to the fourth quarter of 2007 due to lower bonus expense and other cost reductions. Interest expense was $120 million in the quarter, included in this amount is $49 million of non-cash expense primarily due to a mark-to-market charge related to the change in fair value of our interest rate swaps that are not classified as cash flow hedges for accounting purposes. Cash interest expense declined $10 million compared to the fourth quarter of 2007, and declined $46 million on a full year basis. This favorability is a function of our debt repurchase program and declining interest rates. During the fourth quarter of 2008, Travelport used $16 million in cash from operations. For the full year 2008, Travelport generated $124 million in cash from operations. As disclosed previously, given the disruptions in the credit markets we drew down an additional $147 million from our revolving credit facility during the quarter to ensure we had access to the liquidity. Travelport ended the quarter with $345 million of cash, including $263 million borrowed under our revolving credit facility. For the year, we repurchased, at a discount, $180 million of principal amount of debt.
