Sabre Corp (SABR) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Sabre Fourth Quarter and Full Year 2022 Earnings Conference Call. My name is Olivia, and I will be your operator. As a reminder, please note today's call is being recorded.

女士們先生們，早上好，歡迎參加 Sabre 第四季度和 2022 年全年收益電話會議。我叫奧利維亞，我將是你的接線員。提醒一下，請注意今天的通話正在錄音中。

I will now turn the call over to the Senior Director of Investor Relations, Brian Roberts. Please go ahead, sir.

我現在將把電話轉給投資者關係高級總監布賴恩羅伯茨。請繼續，先生。

Thank you, Olivia, and good morning, everyone. Welcome to Sabre's Fourth Quarter and Full Year 2022 Earnings Call. This morning, we issued an earnings press release, which is available on our website at investors.sabre.com. A slide presentation, which accompanies today's prepared remarks is also available during this call on the Sabre Investor Relations web page. A replay of today's call will be available on our website later this morning.

謝謝你，奧利維亞，大家早上好。歡迎來到 Sabre 的第四季度和 2022 年全年收益電話會議。今天上午，我們發布了收益新聞稿，可在我們的網站 investors.sabre.com 上獲取。本次電話會議期間，在 Sabre 投資者關係網頁上還提供了幻燈片演示，其中包含今天準備好的評論。今天上午晚些時候將在我們的網站上重播今天的電話會議。

We would like to advise you that our comments contain forward-looking statements that represent our beliefs or expectations about future events, including the duration and effects of COVID-19, industry and recovery trends, benefits from our technology transformation and commercial and strategic arrangements, our financial outlook and targets, expected revenue, adjusted EBITDA, free cash flow, costs and expenses, cost savings, margins and liquidity, among others.

我們想告知您，我們的評論包含前瞻性陳述，代表我們對未來事件的信念或預期，包括 COVID-19 的持續時間和影響、行業和復蘇趨勢、我們的技術轉型帶來的好處以及商業和戰略安排，我們的財務前景和目標、預期收入、調整後的 EBITDA、自由現金流、成本和費用、成本節約、利潤率和流動性等。

All forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the statements made on today's conference call. More information on these risks and uncertainties is contained in our earnings release issued this morning and our SEC filings, including our Q3 2022 Form 10-Q and 2021 Form 10-K.

所有前瞻性陳述都涉及風險和不確定性，可能導致實際結果與今天電話會議上的陳述存在重大差異。有關這些風險和不確定性的更多信息包含在我們今天上午發布的收益報告和我們向美國證券交易委員會提交的文件中，包括我們的 2022 年第三季度 10-Q 表格和 2021 年 10-K 表格。

Throughout today's call, we will also be presenting certain non-GAAP financial measures. References during today's call to adjusted operating income, adjusted net income, adjusted EBITDA, adjusted EBITDA margin, adjusted EPS and free cash flow have been adjusted to exclude certain items. The most directly comparable GAAP measures and reconciliations for non-GAAP measures are available in the earnings release and other documents posted on our website at investors.sabre.com.

在今天的電話會議中，我們還將介紹某些非 GAAP 財務指標。在今天的電話會議中，對調整後的營業收入、調整後的淨收入、調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的每股收益和自由現金流進行了調整，以排除某些項目。收益發布和我們網站 investors.sabre.com 上發布的其他文件中提供了最直接可比的 GAAP 指標和非 GAAP 指標的對賬。

Participating with me are Sean Menke, our Chair of the Board and Chief Executive Officer; Kurt Ekert, our President; and Mike Randolfi, our Chief Financial Officer.

與我一起參加的是我們的董事會主席兼首席執行官 Sean Menke；我們的總裁 Kurt Ekert；以及我們的首席財務官 Mike Randolfi。

With that, I'll turn the call over to Sean.

有了這個，我會把電話轉給肖恩。

Thanks, Brian, and good morning, everyone, and thank you for joining us today. On Slide 4, you can see an overview of the topics Kurt, Mike and I will cover on today's call. I'll review our many achievements for 2022, and then outline how these support our long-term objectives. Kurt will then review the latest industry trends and review our plan for 2023 and beyond. He will also highlight the substantial progress we made in the fourth quarter and in 2022 towards our technology transformation. Further, he will also provide additional detail on key commercial accomplishments and review the important partnerships that we renewed and expanded upon in 2022. Finally, Mike will take you through the final results of the quarter and year and our financial outlook for 2023.

謝謝，布賴恩，大家早上好，感謝您今天加入我們。在幻燈片 4 上，您可以看到 Kurt、Mike 和我將在今天的電話會議上討論的主題的概述。我將回顧我們在 2022 年取得的許多成就，然後概述這些成就如何支持我們的長期目標。然後，Kurt 將回顧最新的行業趨勢並回顧我們 2023 年及以後的計劃。他還將強調我們在第四季度和 2022 年在技術轉型方面取得的實質性進展。此外，他還將提供有關關鍵商業成就的更多詳細信息，並回顧我們在 2022 年續籤和擴展的重要合作夥伴關係。最後，邁克將帶您了解本季度和年度的最終結果以及我們 2023 年的財務展望。

Before I start, I want to thank my Sabre team members worldwide. 2022 was a year of progress and recovery. The global pandemic brought on by COVID-19 in 2020 has a significant impact on the travel industry and Sabre. Despite those headwinds, the Sabre team in 2022 made significant forward progress with our technology transformation, provided best-in-class service to our customers and won new business. I'm extremely proud of what we have accomplished to date and what we will do for years to come.

在開始之前，我要感謝我在全球的 Sabre 團隊成員。 2022 年是進步和復甦的一年。 2020 年由 COVID-19 引發的全球大流行對旅遊業和 Sabre 產生了重大影響。儘管存在這些不利因素，Sabre 團隊在 2022 年的技術轉型方面取得了重大進展，為我們的客戶提供了一流的服務並贏得了新業務。我為我們迄今為止所取得的成就以及未來幾年將要做的事情感到非常自豪。

Turning to Slide 5. 2022 was a year of many accomplishments. Our revenue recovered to $2.5 billion. We returned to positive adjusted EBITDA. We generated positive free cash flow as we exited the year and we continued our significant progress on our strategic initiatives. Sabre reached an important positive inflection point. With these key financial metrics now positive, we expect the trend to continue, which we believe will give us the opportunity to delever our balance sheet.

轉到幻燈片 5。2022 年是成就眾多的一年。我們的收入恢復到 25 億美元。我們恢復了正調整後的 EBITDA。我們在結束這一年時產生了正的自由現金流，並且我們繼續在戰略計劃方面取得重大進展。 Sabre 達到了一個重要的積極拐點。由於這些關鍵的財務指標現在是積極的，我們預計這一趨勢將繼續下去，我們相信這將使我們有機會去槓桿化我們的資產負債表。

Our technology transformation is delivering financially and operationally in line with our previously stated goals. With the end in sight, our cloud-based infrastructure is more scalable, distributed and secured than the prior mainframe environment. Just as importantly, it allows us to build more advanced and agile products and capabilities to serve our customers for the years to come in the way we planned.

我們的技術轉型在財務上和運營上都符合我們先前設定的目標。展望未來，我們基於雲的基礎設施比以前的大型機環境更具可擴展性、分佈式和安全性。同樣重要的是，它使我們能夠構建更先進、更敏捷的產品和功能，以便在未來幾年以我們計劃的方式為我們的客戶提供服務。

We solidified key partnerships with travel management industry leaders, BCD and Amex GBT. We expect these partnerships will be a meaningful volume driver for Sabre going forward. In addition, we renewed and extended important agreements with many of our airline customers, including American, United and most recently, JetBlue.

我們鞏固了與差旅管理行業領導者 BCD 和 Amex GBT 的重要合作夥伴關係。我們預計這些合作夥伴關係將成為 Sabre 未來有意義的銷量驅動力。此外，我們與許多航空公司客戶續簽並延長了重要協議，包括美國航空、聯合航空和最近的捷藍航空。

As you can see on this slide, in 2023, we expect to see meaningful growth in adjusted EBITDA and to generate full year positive free cash flow. We are very encouraged year-to-date by volume trends, which are in line with our plan. Over the long term, we maintain our bullish view of a significant global recovery and growth, but our near-term management of the business will continue to be based on steady improvements in global volumes, with a strong emphasis on cost management to be free cash flow positive in 2023.

正如您在這張幻燈片中看到的那樣，我們預計到 2023 年調整後的 EBITDA 將出現有意義的增長，並產生全年正的自由現金流。今年迄今為止，我們對符合我們計劃的銷量趨勢感到非常鼓舞。從長遠來看，我們仍然看好全球經濟的顯著復甦和增長，但我們對業務的短期管理將繼續基於全球銷量的穩步增長，並著重強調成本管理以實現自由現金2023 年流量為正。

Turning to Slide 6. We are optimistic over the long term with regards to the travel recovery based on historical booking trends. Favorable indicators from airlines related to the demand environment and their desire to grow capacity, geographic regions continuing to open and renewed improvement in corporate travel. As this chart shows, we believe the opportunity for volume recovery as global travel normalizes is significant.

轉到幻燈片 6。根據歷史預訂趨勢，我們對旅行的長期復蘇持樂觀態度。航空公司的有利指標與需求環境及其增加運力的願望相關，地理區域繼續開放，商務旅行再次改善。如圖表所示，我們認為隨著全球旅行正常化，銷量回升的機會很大。

In 2022, the demand recovery was uneven, driven by resurgence in COVID-19 cases at the beginning of the year, airline and airport operational constraints, airline capacity limits and regional travel restrictions. We believe some of these factors negatively impacted the recovery in the latter half of the fourth quarter of 2022. As mentioned in my earlier comments, we believe those negative impacts were temporary, and we have seen volumes improve in the new year.

2022 年，受年初 COVID-19 病例死灰復燃、航空公司和機場運營限制、航空公司運力限制和區域旅行限制的推動，需求復蘇並不均衡。我們認為其中一些因素對 2022 年第四季度後半段的複蘇產生了負面影響。正如我之前的評論所述，我們認為這些負面影響是暫時的，我們已經看到新的一年銷量有所改善。

To get into more of the details, let me now turn the call over to Kurt. Kurt?

為了了解更多細節，現在讓我把電話轉給庫爾特。庫爾特？

Thank you, Sean, and let's turn to Slide #7. Before I discuss the latest industry trends, I will briefly revisit the guidance we provided in our last earnings call and discuss why the results for the quarter did not meet our expectations. As Sean mentioned, shortly following our November earnings call, the upward trajectory of volume growth that we previously experienced was interrupted in corporate travel and in Asia Pacific in late November and through the month of December.

謝謝 Sean，讓我們轉到幻燈片 #7。在我討論最新的行業趨勢之前，我將簡要回顧一下我們在上次財報電話會議上提供的指導，並討論為什麼本季度的結果沒有達到我們的預期。正如 Sean 提到的那樣，在我們 11 月的財報電話會議之後不久，我們之前經歷的業務量增長的上升軌跡在 11 月下旬和整個 12 月份的商務旅行和亞太地區中斷了。

As you can see from this volume chart, the trajectory of the recovery in 2022 was higher overall but uneven. The total Distribution bookings recovery in Q4 was 59% versus the same period in 2019. This 59% booking recovery equates to a 65% revenue recovery as a result of the higher booking rate achieved in Q4 of 2022 versus Q4 of 2019. Higher revenue per booking resulted from a continued favorable mix.

正如您從這張交易量圖表中看到的那樣，2022 年的複蘇軌跡總體上更高，但並不均衡。與 2019 年同期相比，第四季度總分銷預訂恢復率為 59%。由於 2022 年第四季度實現的預訂率高於 2019 年第四季度，這 59% 的預訂恢復相當於 65% 的收入恢復。更高的收入預訂源於持續的有利組合。

Importantly, we are already seeing improvement in both corporate travel and Asia Pacific volumes in 2023 through early February. To put numbers behind it, the year-to-date recovery in our travel management company business is about 9 percentage points above December levels and has strengthened on a sequential weekly basis. Accordingly, we believe the late 2022 recovery setbacks that we saw for both corporate travel and Asia Pacific are likely to prove temporary given the positive recovery trends we are now once again seeing. To illustrate this point, we're now realizing a return of group bookings coming out of Asia that are reminiscent to pre-COVID travel patterns.

重要的是，到 2 月初，我們已經看到 2023 年商務旅行和亞太地區的旅行量都有所改善。從數據來看，我們的差旅管理公司業務今年迄今的複蘇比 12 月份的水平高出約 9 個百分點，並且每週都在加強。因此，鑑於我們現在再次看到積極的複蘇趨勢，我們認為我們在商務旅行和亞太地區看到的 2022 年底復甦挫折可能是暫時的。為了說明這一點，我們現在意識到來自亞洲的團體預訂正在回歸，這讓人想起 COVID 之前的旅行模式。

Despite the fluctuations in air bookings in recent months, we believe several key trends are supportive of continued air traffic growth through 2023. Airline capacity is expected to rise as aircraft deliveries accelerate, and operational constraints that have curtailed growth abate. We believe this additional capacity is likely to unlock robust consumer and corporate demand, evident from higher -- or excuse me, from elevated airfares that have not limited industry load factor improvement.

儘管近幾個月航空預訂出現波動，但我們認為有幾個關鍵趨勢支持到 2023 年空中交通量的持續增長。隨著飛機交付加速，航空公司運力預計將增加，並且限制增長的運營限制減弱。我們認為，這種額外的運力可能會釋放強勁的消費者和企業需求，從更高的——或者對不起，從沒有限制行業載客率改善的機票價格上漲中可以看出這一點。

As we look at the balance of 2023, we are optimistic on overall demand and recovery levels moving forward, but prepared for the possibility of further unevenness in 2023. Accordingly, we will be responsive to changes in volume growth and control cost as needed to focus on achieving positive free cash flow this year. And while we will adjust as needed to external market conditions, we remain focused on the key long-term strategic opportunities for our business.

展望 2023 年的平衡，我們對未來的整體需求和復蘇水平持樂觀態度，但也為 2023 年可能出現的進一步不平衡做好準備。因此，我們將根據需要對銷量增長的變化做出反應並控製成本，以集中精力今年實現正自由現金流。雖然我們會根據外部市場條件的需要進行調整，但我們仍然專注於我們業務的關鍵長期戰略機遇。

We are confident in our ability to grow our Distribution business, underpinned by our solid partnerships with many of the largest travel management companies, brick-and-mortar and online agencies in the world. We are winning consistently across both retention and conversion opportunities and are pleased with our strategic positioning in our core GDS business. We believe the investments we are making in product and sales should continue to drive growth in our air bookings. To illustrate this, note that we have realized increased share with nearly 3 quarters of the largest 20 travel agencies so far in 2023.

我們對我們發展分銷業務的能力充滿信心，這得益於我們與世界上許多最大的旅遊管理公司、實體和在線代理機構的牢固合作夥伴關係。我們在保留和轉換機會方面始終如一地獲勝，並對我們在核心 GDS 業務中的戰略定位感到滿意。我們相信我們在產品和銷售方面的投資應該會繼續推動我們的機票預訂量增長。為了說明這一點，請注意，到 2023 年為止，我們已經實現了在最大的 20 家旅行社中近四分之三的份額增加。

Turning to IT solutions. Passengers boarded recovered 90% in Q4 versus the same period in 2019. Looking ahead, we are encouraged by the opportunities to grow our PSS and airline commercial product offerings, including our innovation in next generation retailing and merchandising.

轉向 IT 解決方案。與 2019 年同期相比，第四季度登機乘客恢復了 90%。展望未來，我們對發展 PSS 和航空公司商業產品供應的機會感到鼓舞，包括我們在下一代零售和營銷方面的創新。

And Hotel CRS transactions in Q4 were 104% compared to the same period in 2019. We believe our Hospitality Solutions business is primed for strong growth, both in its core CRS ordering as well as the new Retail Studio and Nuvola products.

與 2019 年同期相比，第四季度的酒店 CRS 交易量為 104%。我們相信，我們的酒店解決方案業務在其核心 CRS 訂單以及新的 Retail Studio 和 Nuvola 產品方面都已做好強勁增長的準備。

As I mentioned previously, 2023 year-to-date volumes across each of our key businesses improved from December. Specifically through February 9, year-to-date, air distribution bookings were 62% versus the same period in 2019. IT Solutions passengers boarded were 94% and CRS transactions were 125%.

正如我之前提到的，我們每項主要業務的 2023 年年初至今的交易量都比 12 月有所改善。具體到今年迄今的 2 月 9 日，航空分銷預訂為 62%，與 2019 年同期相比。IT 解決方案乘客登機率為 94%，CRS 交易為 125%。

Now please turn to Slide #8. I'm pleased with the progress we made in 2022 on our 2 key technology milestones for the year. The migration to Google Cloud, and the offloading of Passenger Name Record. During 2022, we completed the exit of our Sabre-managed data centers, including Plano, Lewisville, Carrollton and Austin. All told during 2022, we decommissioned approximately 13,000 servers from these sites and another 1,500 servers from our Tulsa data centers operated by DXC. We ended the year with approximately 66% of our total compute capacity in Google Cloud, ahead of our original goal.

現在請轉到幻燈片#8。我很高興我們在 2022 年的 2 個關鍵技術里程碑上取得了進展。遷移到 Google Cloud，並卸載 Passenger Name Record。 2022 年期間，我們完成了 Sabre 管理的數據中心的退出，包括普萊諾、路易斯維爾、卡羅爾頓和奧斯汀。總而言之，在 2022 年期間，我們從這些站點退役了大約 13,000 台服務器，並從 DXC 運營的塔爾薩數據中心退役了另外 1,500 台服務器。到年底，我們在 Google Cloud 中的總計算能力約為 66%，超出了我們最初的目標。

Our mainframe offload program continued to make great strides, and we significantly exceeded our 2022 offload savings goal. Development work for offloading Passenger Name Record, our primary customer reservations database has been completed, and customer migrations are on track to complete this year.

我們的大型機卸載計劃繼續取得長足進步，我們大大超過了 2022 年的卸載節省目標。卸載 Passenger Name Record 的開發工作，我們的主要客戶預訂數據庫已經完成，客戶遷移有望在今年完成。

Additional key accomplishments during the year included moving all air shopping to Google Cloud, which enabled us to realize our planned savings and data processing costs due to the reduced cost of Google Cloud compute and multiple shopping optimization efforts. We also migrated our SynXis Central Reservation System and Property Management System to Google Cloud, thus fully completing the transition of our Hospitality Solutions business to the Cloud. The chart on the right-hand side of this slide reiterates the significant savings and margin improvement that we expect our technology transformation to deliver in the coming years.

這一年的其他主要成就包括將所有空中購物轉移到谷歌云，由於谷歌云計算成本降低和多項購物優化工作，這使我們能夠實現計劃的節省和數據處理成本。我們還將 SynXis 中央預訂系統和物業管理系統遷移到谷歌云，從而全面完成了我們酒店解決方案業務向雲端的過渡。這張幻燈片右側的圖表重申了我們預計我們的技術轉型將在未來幾年帶來的顯著節省和利潤率提高。

Turning to Slide 9. Consistent with our strategy, our unit cost of compute has continued to decline as we migrate our systems to our lowest cost infrastructure, Google Cloud. In Q4, our average monthly unit cost of compute fell 8% sequentially from the third quarter. And we finished 2022 25% below our 2021 unit cost of compute. And please keep in mind, this savings does not include the long-term opportunity to optimize our systems on Google Cloud, which we believe can drive additional cost efficiencies.

轉到幻燈片 9。與我們的戰略一致，隨著我們將系統遷移到成本最低的基礎架構 Google Cloud，我們的單位計算成本持續下降。在第四季度，我們的平均每月計算單位成本比第三季度下降了 8%。我們在 2022 年完成的計算單位成本比 2021 年低 25%。請記住，這種節省不包括在 Google Cloud 上優化我們的系統的長期機會，我們認為這可以提高成本效率。

Turning to Slide #10. This slide again shows how Sabre's computing volume has changed over the past 3 years, and how we expect it to change by the end of 2024. During Q4, we increased the proportion of our total compute volume on Google Cloud by 16 points from the third quarter. By the end of 2024 as per our original plan, we expect Google Cloud to represent nearly all of our computing volume. We continue to expect that by significantly reducing the complexity and increasing the agility of our technology architecture, we can better serve our customers at a significantly lower overall cost.

轉到幻燈片 #10。這張幻燈片再次顯示了 Sabre 的計算量在過去 3 年中發生了怎樣的變化，以及我們預計到 2024 年底它會發生怎樣的變化。在第四季度，我們在 Google Cloud 上的總計算量的比例比第三季度增加了 16 個百分點四分之一。按照我們最初的計劃，到 2024 年底，我們預計谷歌云將代表我們幾乎所有的計算量。我們繼續期望通過顯著降低技術架構的複雜性和提高敏捷性，我們能夠以顯著降低的總體成本更好地服務於我們的客戶。

Before I turn the call over to Mike, I want to highlight some of our many commercial accomplishments in 2022. Last year, we signed Distribution agreement renewals with several global flagship carriers, including American and United. These agreements extend and enhance our partnerships with these carriers. And we plan to collaborate to utilize Sabre technology and solutions to help them enhance their product offerings and to respond faster to consumer demands in the evolving travel marketplace. We remain confident in the value we bring to our customers and expect to win additional Distribution agreements in 2023 and beyond. We also recently announced the extension of our long-term and deep JetBlue PSS and Distribution relationships and should their proposed merger be approved, we believe we are very well positioned to help JetBlue expand.

在我把電話轉給邁克之前，我想強調一下我們在 2022 年取得的許多商業成就中的一些。去年，我們與包括美國航空和聯合航空在內的幾家全球旗艦航空公司簽署了分銷協議續簽。這些協議擴展並加強了我們與這些運營商的合作夥伴關係。我們計劃合作利用 Sabre 技術和解決方案來幫助他們增強產品供應，並在不斷發展的旅遊市場中更快地響應消費者的需求。我們對我們為客戶帶來的價值仍然充滿信心，並期望在 2023 年及以後贏得更多的分銷協議。我們最近還宣布延長我們與 JetBlue PSS 和 Distribution 的長期和深入的關係，如果他們提議的合併獲得批准，我們相信我們有能力幫助 JetBlue 擴張。

Back in November, we also announced a new partnership with Mastercard to accelerate the use of virtual cards for business-to-business travel payments. This announcement builds upon our acquisition of Conferma, which we acquired in August 2022 and furthers our strategy to create an open and independent travel payment ecosystem. We are excited to work with an industry leader with the scale and capabilities of Mastercard and believe that the growth opportunity from virtual cards in the coming years will be substantial.

早在 11 月，我們還宣布與萬事達卡建立新的合作夥伴關係，以加速虛擬卡在企業對企業旅行支付中的使用。本公告建立在我們於 2022 年 8 月收購 Conferma 的基礎上，進一步推進了我們創建開放和獨立的旅遊支付生態系統的戰略。我們很高興與具有萬事達卡規模和能力的行業領導者合作，並相信未來幾年虛擬卡的增長機會將是巨大的。

We also strengthened our relationships with travel agency leaders such as American Express Global Business Travel, BCD Travel and Hopper. Our new agreements and joint technology partnerships with GBT and BCD are providing incremental bookings to Sabre's network and are expected to continue to drive additional growth as migration continues, while also yielding opportunities to improve our customers' overall experience. The key takeaway for the many partnerships that we expanded in 2022 is that many of the largest travel providers in the world want to do business with Sabre. And we continue to focus on providing the highest level of service and product innovation to our many global partners. Sabre processed over 1 billion total transactions in 2022, and we are excited to continue playing a central role in the global travel recovery in 2023 and beyond.

我們還加強了與 American Express Global Business Travel、BCD Travel 和 Hopper 等領先旅行社的關係。我們與 GBT 和 BCD 的新協議和聯合技術合作夥伴關係正在為 Sabre 的網絡提供增量預訂，並且隨著遷移的繼續，預計將繼續推動額外的增長，同時也會產生改善客戶整體體驗的機會。我們在 2022 年擴展的許多合作夥伴關係的關鍵要點是，世界上許多最大的旅遊供應商都希望與 Sabre 開展業務。我們將繼續專注於為我們眾多的全球合作夥伴提供最高水平的服務和產品創新。 Sabre 在 2022 年處理了超過 10 億筆交易，我們很高興能在 2023 年及以後繼續在全球旅行複蘇中發揮核心作用。

Mike, over to you.

邁克，交給你了。

Thanks, Kurt, and good morning, everyone. Please turn to Slide 11. As we discuss Q4, I'd like to begin by reiterating some context on recent trends, specifically how we saw volumes evolve throughout the quarter and how that influences our plans going forward. During our third quarter conference call, we indicated expectations of a Q4 air bookings recovery in the low 60% range and adjusted EBITDA for the fourth quarter of approximately $30 million. As Sean and Kurt stated, volume trends in late November and December were not as strong as expected, which was the primary reason we missed our Q4 recovery and adjusted EBITDA guidance.

謝謝，庫爾特，大家早上好。請轉到幻燈片 11。在我們討論第四季度時，我想首先重申一些關於近期趨勢的背景信息，特別是我們如何看待整個季度的銷量變化以及這將如何影響我們未來的計劃。在我們的第三季度電話會議上，我們表示預計第四季度航空預訂量將恢復在 60% 的低範圍內，第四季度調整後的 EBITDA 約為 3000 萬美元。正如 Sean 和 Kurt 所說，11 月下旬和 12 月的銷量趨勢沒有預期的那麼強勁，這是我們錯過第四季度復甦和調整 EBITDA 指導的主要原因。

What we have learned over the last 3 years is that the volume recovery trajectory remains upward, but uneven. Given that context, we continue to have a heightened focus on cost control such that we are targeting for expenses to grow at a significantly slower rate than revenue to support our adjusted EBITDA and cash flow targets that are aligned with the guidance we have provided today. We expect to be free cash flow positive on an annual basis in 2023 and believe we are on track for our 2025 targets.

我們在過去 3 年中了解到，交易量恢復軌跡仍然向上，但並不均衡。鑑於這種情況，我們繼續更加關注成本控制，因此我們的目標是使費用增長速度明顯低於收入增長速度，以支持我們調整後的 EBITDA 和現金流量目標，這些目標與我們今天提供的指導一致。我們預計 2023 年的年度自由現金流為正，並相信我們正朝著 2025 年的目標邁進。

Additionally, I would like to reiterate that as we transition to generating positive free cash flow for the full year 2023 and beyond, we view the highest priority of that free cash flow generation to be reducing debt and delevering our balance sheet with the long-term goal of being between 2.5x to 3.5x net debt to adjusted EBITDA.

此外，我想重申，隨著我們過渡到在 2023 年及以後的全年產生正的自由現金流，我們認為產生自由現金流的首要任務是減少債務和去槓桿我們的資產負債表與長期目標是調整後的 EBITDA 為淨債務的 2.5 倍至 3.5 倍。

Total Q4 revenue was $631 million, an increase of $130 million or 26% versus last year. Distribution revenue totaled $417 million, a 46% increase compared to $286 million in Q4 2021. Our Distribution bookings totaled $76 million in the quarter, a 32% increase compared to $58 million in Q4 2021. Our average booking fee was $5.49 in the fourth quarter, which compares to $5.38 last quarter, $5.35 in Q2 2022 and $4.96 in the fourth quarter of 2021. We continue to see favorable mix into more profitable regions and types of travel, resulting in higher booking fees, and we believe this trend is likely to continue in 2023.

第四季度總收入為 6.31 億美元，比去年增加 1.3 億美元或 26%。分銷收入總計 4.17 億美元，與 2021 年第四季度的 2.86 億美元相比增長 46%。本季度我們的分銷預訂總額為 7600 萬美元，與 2021 年第四季度的 5800 萬美元相比增長 32%。第四季度我們的平均預訂費用為 5.49 美元，相比之下，上一季度為 5.38 美元，2022 年第二季度為 5.35 美元，2021 年第四季度為 4.96 美元。我們繼續看到利潤更高的地區和旅行類型的有利組合，導致更高的預訂費用，我們認為這一趨勢很可能2023年繼續。

IT Solutions revenue totaled $157 million in the quarter, this is a decline versus revenue of $165 million last year. Passengers boarded totaled $168 million, a 30% improvement from $129 million in Q4 2021. To provide more context on this line item, on a year-over-year basis for the quarter, we experienced a $25 million benefit from higher volume offset by no longer having AirCentre revenue of approximately $30 million and lower revenue from our airline IT business in Russia of approximately $4 million as compared to Q4 2021. We realized de-migration of our Russian airline IT business in Q4 as a result of changes in Russian law.

本季度 IT 解決方案收入總計 1.57 億美元，與去年同期的 1.65 億美元相比有所下降。登機乘客總計 1.68 億美元，比 2021 年第四季度的 1.29 億美元增長了 30%。為了提供更多關於該項目的背景信息，在本季度同比基礎上，我們從更高的客運量中獲得了 2500 萬美元的收益，而沒有與 2021 年第四季度相比，AirCentre 的收入不再約為 3000 萬美元，我們在俄羅斯的航空公司 IT 業務的收入減少了約 400 萬美元。由於俄羅斯法律的變化，我們在第四季度實現了俄羅斯航空公司 IT 業務的遷移。

Looking forward in 2023, we expect an approximate $100 million headwind to our IT solutions revenue, the vast majority of which is the result of the impact of the Russian law. Additionally, as a reminder, we sold our AirCentre business at the end of February 2022. And in Q1 2022, we realized approximately $35 million in revenue from this business. Please note that these impacts are incorporated into the guidance that we are providing today.

展望 2023 年，我們預計我們的 IT 解決方案收入將面臨約 1 億美元的逆風，其中絕大多數是俄羅斯法律影響的結果。此外，提醒一下，我們在 2022 年 2 月底出售了我們的 AirCentre 業務。在 2022 年第一季度，我們從該業務中實現了約 3500 萬美元的收入。請注意，這些影響已納入我們今天提供的指南中。

Hospitality Solutions revenue totaled $65 million, an improvement versus revenue of $54 million in Q4 2021. Central reservation system transactions totaled 27 million in the quarter and were 16% above 23 million in Q4 of 2021.

酒店解決方案收入總計 6500 萬美元，比 2021 年第四季度的收入 5400 萬美元有所改善。本季度中央預訂系統交易總計 2700 萬筆，比 2021 年第四季度的 2300 萬筆增長 16%。

Adjusted EBITDA of $1 million was better year-over-year as compared to negative $26 million in Q4 2021. The year-over-year improvement in revenue in the quarter was partially offset by increased Travel Solutions incentives expense and Hospitality Solutions transaction fees from higher volumes. As expected, our technology cost increased due to higher variable hosting costs associated with the volume recovery and higher labor and professional service expense associated with our technology transformation.

與 2021 年第四季度的負 2600 萬美元相比，調整後的 EBITDA 為 100 萬美元，同比有所好轉。本季度收入的同比增長部分被旅遊解決方案激勵費用和酒店解決方案交易費用的增加所抵消卷。正如預期的那樣，由於與卷恢復相關的可變託管成本增加以及與我們的技術轉型相關的勞動力和專業服務費用增加，我們的技術成本增加了。

Free cash flow was $22 million in the fourth quarter, which benefited from seasonally strong working capital inflows. Our team also successfully refinanced the remainder of our term loan B in November with our nearest debt maturity now being April 2025. In addition, we entered into an accounts receivable securitization on February 14, 2023, which we expect to contribute approximately $100 million to our available liquidity base when funded. This transaction will be recorded in the financing section of our cash flow statement.

第四季度的自由現金流為 2200 萬美元，這得益於季節性強勁的營運資金流入。我們的團隊還在 11 月成功地為我們的定期貸款 B 的剩餘部分進行了再融資，我們最近的債務到期日是 2025 年 4 月。此外，我們於 2023 年 2 月 14 日進行了應收賬款證券化，我們預計這將為我們的業務貢獻約 1 億美元融資時的可用流動性基礎。該交易將記錄在我們現金流量表的融資部分。

We view this securitization program as a very efficient financing that is largely debt neutral when taking into account the paydown associated with the AirCentre proceeds. As a reminder, pursuant to our sale of AirCentre, we are required to pay down debt with any uninvested proceeds from that sale by May 24, 2023. Currently, we expect that amount to be approximately $80 million. We ended the fourth quarter with a cash balance of $816 million.

我們將此證券化計劃視為一種非常有效的融資，在考慮與 AirCentre 收益相關的償還時，它在很大程度上是債務中性的。提醒一下，根據我們對 AirCentre 的出售，我們需要在 2023 年 5 月 24 日之前用該出售的任何未投資收益償還債務。目前，我們預計該金額約為 8000 萬美元。第四季度結束時，我們的現金餘額為 8.16 億美元。

Turning to Slide 12. Moving to guidance. As we look to our earnings cadence throughout the year, we remind you that the first quarter is the seasonally strongest bookings quarter of the year. With that, we expect first quarter 2023 revenue of approximately $725 million and adjusted EBITDA of approximately $50 million. As we discussed last quarter, the fourth quarter is typically the most favorable from a working capital and free cash flow perspective. Following that, the first quarter typically experiences higher working capital and cash outflows.

轉到幻燈片 12。轉到指南。當我們審視全年的盈利節奏時，我們提醒您，第一季度是一年中季節性最強的預訂季度。因此，我們預計 2023 年第一季度的收入約為 7.25 億美元，調整後的 EBITDA 約為 5000 萬美元。正如我們上個季度所討論的那樣，從營運資金和自由現金流的角度來看，第四季度通常是最有利的。此後，第一季度通常會出現更高的營運資本和現金流出。

Therefore, it is typically the weakest quarter from a free cash flow perspective. This seasonality is driven primarily by timing of when we received partner receipts in the fourth quarter versus when we make agency payments to partners in the first quarter. Additionally, during the first quarter, we will have cash outflows of approximately $60 million for our 2022 annual incentive compensation payments. Hence, we expect negative free cash flow of between $80 million to $90 million in the first quarter. As we progress through the year, we expect meaningful sequential improvement in free cash flow generation.

因此，從自由現金流的角度來看，這通常是最疲軟的一個季度。這種季節性主要是由我們在第四季度收到合作夥伴收據的時間與我們在第一季度向合作夥伴支付代理費用的時間驅動的。此外，在第一季度，我們將有大約 6000 萬美元的現金流出，用於支付 2022 年的年度激勵薪酬。因此，我們預計第一季度的負自由現金流量將在 8000 萬至 9000 萬美元之間。隨著我們這一年的進展，我們預計自由現金流量的產生將出現有意義的連續改善。

For the full year 2023, we expect revenue between $2.8 billion and $3 billion and adjusted EBITDA between $300 million and $320 million. To provide further context for our revenue projection, for Distribution, this outlook assumes continued incremental improvement in the travel recovery and some benefit from a higher average booking fee. Regarding IT Solutions, as a result of the $100 million headwind and the impact of the AirCentre disposition in Q1 2022 mentioned earlier, we would expect modest year-over-year declines in IT Solutions revenue throughout 2023, with the year-over-year decline being greatest in Q1 2023.

對於 2023 年全年，我們預計收入在 28 億至 30 億美元之間，調整後的 EBITDA 在 3 億至 3.2 億美元之間。為了為我們的收入預測提供更多背景信息，對於分銷，這一展望假設旅行複蘇持續逐步改善，並且部分受益於更高的平均預訂費。關於 IT 解決方案，由於 1 億美元的逆風和前面提到的 2022 年第一季度 AirCentre 處置的影響，我們預計 IT 解決方案收入在整個 2023 年將同比小幅下降，同比下降在 2023 年第一季度表現最好。

For Hospitality Solutions revenue, we expect it to exceed 2019 levels. We expect our 2023 total revenue growth to have strong flow-through to adjusted EBITDA, given that at current volume levels, our cost structure is roughly 40% variable and 60% fixed. Additionally, we see efficiency, including the benefit of a lower cost of compute, helping to offset other inflationary pressures.

對於酒店解決方案收入，我們預計它將超過 2019 年的水平。我們預計 2023 年的總收入增長將對調整後的 EBITDA 產生強勁的影響，因為在目前的數量水平上，我們的成本結構大約有 40% 可變和 60% 固定。此外，我們看到效率，包括降低計算成本的好處，有助於抵消其他通脹壓力。

In 2023, we expect to generate approximately $25 million in working capital benefit from growth in our business, and we are targeting $125 million of working capital initiatives, which we expect to begin delivering value in the second quarter. We expect our 2023 capital expenditures to be between $50 million and $60 million. Our annual net cash interest expense based on our current debt profile and expected interest rates, is approximately $390 million. Our net fixed to floating debt is about 70% to 30%. Every change in interest rates of 25 basis points changes our annual interest expense by about $3 million. Collectively, we expect to generate positive free cash flow in 2023 and on an annual basis thereafter.

到 2023 年，我們預計將從我們的業務增長中產生約 2500 萬美元的營運資金收益，我們的目標是 1.25 億美元的營運資金計劃，我們預計這些計劃將在第二季度開始創造價值。我們預計 2023 年的資本支出將在 5000 萬至 6000 萬美元之間。根據我們當前的債務狀況和預期利率，我們每年的淨現金利息支出約為 3.9 億美元。我們的淨固定債務與浮動債務的比例約為 70% 至 30%。利率每變動 25 個基點，我們的年利息支出就會減少約 300 萬美元。總的來說，我們預計將在 2023 年以及此後每年產生正的自由現金流。

As we look at our 2025 targets that we have previously provided and are reiterating, we expect adjusted EBITDA to grow at least $600 million between 2023 and 2025 and to be greater than $900 million in 2025. At a high level, the contribution to adjusted EBITDA growth are expected to come from 3 key drivers, each having a roughly equal contribution to our goal.

在審視我們之前提供並重申的 2025 年目標時，我們預計調整後的 EBITDA 將在 2023 年至 2025 年期間至少增長 6 億美元，並在 2025 年超過 9 億美元。在高水平上，對調整後 EBITDA 的貢獻預計增長將來自 3 個關鍵驅動因素，每個驅動因素對我們的目標的貢獻大致相等。

For the first driver, we expect to continued travel industry recovery and ultimately, higher distribution and passenger boarded volumes than today. For our second driver, our technology transformation, which we expect will enhance our product development cycle is expected to also result in meaningful expense reductions by 2025 as compared to today. The third driver is an expected mix of additional opportunities supported by recent agency wins, growth in IT Solutions, a shift to adjusted EBITDA generation for Hospitality Solutions, growth in virtual payments from Conferma and a continued emphasis on cost control.

對於第一個驅動因素，我們預計旅遊業將繼續復甦，並最終實現比今天更高的分銷和乘客登機量。對於我們的第二個驅動因素，我們的技術轉型，我們預計這將縮短我們的產品開發週期，預計到 2025 年與今天相比，費用也將大幅減少。第三個驅動因素是預期的額外機會組合，這些機會由最近的機構勝利、IT 解決方案的增長、酒店解決方案向調整後的 EBITDA 生成的轉變、Conferma 虛擬支付的增長以及對成本控制的持續重視提供支持。

In conclusion, we are confident in our ability to deliver on our long-term strategic and financial objectives. We expect our technology transformation to provide substantial operating leverage to our business, and we remain optimistic that the global travel recovery will continue, but plan to be responsive if necessary to ensure we achieve positive free cash flow in 2023.

總之，我們對實現長期戰略和財務目標的能力充滿信心。我們預計我們的技術轉型將為我們的業務提供巨大的運營槓桿，我們對全球旅遊復甦將繼續保持樂觀，但計劃在必要時做出回應，以確保我們在 2023 年實現正自由現金流。

Operator, can you please open the line for questions.

接線員，請您打開問題熱線。

(Operator Instructions) And our first question coming from the line of Matthew Broome with Mizuho Group.

（操作員說明）我們的第一個問題來自瑞穗集團的馬修布魯姆。

So I guess, firstly, could you maybe provide a little bit more context as to what impacted the recovery in November and December? Was it limited to corporate and APAC? And really, what were the reasons for that?

所以我想，首先，您能否提供更多關於影響 11 月和 12 月復甦的因素的背景信息？它僅限於企業和亞太地區嗎？真的，這是什麼原因？

Matthew, thank you. This is Kurt. So as I discussed during the prepared remarks, what we saw was basically an interruption in one, corporate travel; and two, Asia Pacific travel. There were certainly some other changes, but those were the 2 primary factors.

馬修，謝謝你。這是庫爾特。因此，正如我在準備好的發言中所討論的那樣，我們所看到的基本上是一次公司旅行的中斷；第二，亞太旅遊。當然還有其他一些變化，但這是兩個主要因素。

The good news, as I indicated, is that as you look at the first 5 to 6 weeks of this year, we're seeing trading return to the trend levels that existed before that back half of Q4. And so we believe that what we experienced in Q4 was an interruption in a long-standing recovery that we expect to continue going forward.

正如我所指出的，好消息是，當你回顧今年的前 5 到 6 週時，我們看到交易回到了第四季度後半段之前存在的趨勢水平。因此，我們認為我們在第四季度經歷的是長期復甦的中斷，我們預計這種複蘇將繼續向前發展。

Okay. And then sort of looking ahead in terms of your guidance, what level of bookings growth is sort of baked into that? And I guess, how confident are you that the capacity constraints in travel that we saw last summer has now been resolved?

好的。然後根據您的指導展望未來，預訂量增長的程度是多少？我想，您對我們去年夏天看到的旅行容量限制現在已經解決有多大信心？

So in terms of the bookings recovery incorporated in our guidance, we're basically -- if you look at where we ended the year, we ended the year in the fourth quarter with a bookings recovery around 58%. We entered the year somewhere right around 60%. Inherent in our guidance today is the assumption of a steady incremental recovery from where we are. We're not assuming a big inflection of. We're just assuming a steady incremental recovery.

因此，就我們指南中包含的預訂恢復而言，我們基本上是——如果你看看我們年底的情況，我們在第四季度結束了這一年，預訂恢復了 58% 左右。我們進入了這一年，大約是 60%。我們今天的指導中固有的假設是從我們所處的位置穩步逐步復甦。我們沒有假設一個大的變化。我們只是假設穩步逐步復甦。

In terms of constraints on the airline side, when we listen to our airline partners, they're working diligently to remove those constraints, which are primarily pilot training, hiring pilots and new aircraft, but they've also indicated it's going to take time to remove those constraints. So what we see is that the airlines are responding by trying to address those constraints. And as we move forward, there will be consistent increases in capacity likely as those constraints are removed, but they will continue to take time to [turns] off.

就航空公司方面的限製而言，當我們聽取我們的航空公司合作夥伴的意見時，他們正在努力消除這些限制，主要是飛行員培訓、僱用飛行員和新飛機，但他們也表示這需要時間刪除這些約束。所以我們看到的是，航空公司正在通過嘗試解決這些限制來做出回應。隨著我們的前進，隨著這些限制的消除，容量可能會持續增加，但它們將繼續需要時間來 [關閉]。

And Matt, just let me add 1 last point, which is if you look at our GDS Distribution business historically, we had about a 50-50 mix on corporate versus leisure and about a 50-50 mix on domestic versus international flights. Those obviously are very different numbers that you see in the broader airline distribution marketplace. And so as capacity begins to come back, we believe that benefit will accrue relatively more toward corporate travel and to international bookings and that our Distribution business to outgrow the airline distribution marketplace overall.

馬特，讓我補充最後一點，如果你從歷史上看我們的 GDS 分銷業務，我們在企業與休閒方面的組合約為 50-50，在國內航班與國際航班上的組合約為 50-50。這些顯然與您在更廣泛的航空公司分銷市場上看到的數字截然不同。因此，隨著運力開始恢復，我們相信企業旅行和國際預訂的收益將相對增加，而且我們的分銷業務的增長將超過航空公司分銷市場的整體增長。

Our next question coming from the line of Josh Baer from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Josh Baer。

I wanted to ask a couple on the non-GDS booking segments. So first on hospitality, like the recovery in CRS trends and hospitality revenue is terrific. The losses are getting larger, though. So just wondering like what will it take for this business to become profitable? And assuming there's some sort of near-term tech cost headwinds or something else? Like what -- how should we think about the normalized margins for the segment?

我想問幾個關於非 GDS 預訂部分的問題。所以首先是酒店業，比如 CRS 趨勢和酒店收入的複蘇非常好。不過，損失越來越大。所以只是想知道要使這項業務盈利需要什麼？並假設存在某種近期技術成本逆風或其他因素？比如——我們應該如何考慮該細分市場的標準化利潤率？

Yes. Thank you. This is Kurt. Good question. So as you look at Hospitality Solutions and you look at 2022, the revenue and the trending that we were seeing as a result of one of a strong sector recovery in hospitality; two, as a result of us taking more properties and growing our CRS business. As we look forward to 2023, we expect to see strong top line growth in CRS as well as the new product offerings I mentioned during the prepared remarks. We do expect that, that business will be in the range of breakeven on an EBITDA basis for this calendar year and begin to become a strong EBITDA contributor in the years ahead.

是的。謝謝。這是庫爾特。好問題。因此，當您查看酒店解決方案並查看 2022 年時，我們看到的收入和趨勢是酒店行業強勁復甦的結果之一；第二，由於我們獲得了更多財產並發展了我們的 CRS 業務。展望 2023 年，我們預計 CRS 以及我在準備好的評論中提到的新產品將實現強勁的收入增長。我們確實預計，該業務將在本日曆年的 EBITDA 基礎上處於盈虧平衡範圍內，並在未來幾年開始成為強大的 EBITDA 貢獻者。

Okay. And then just wanted to dig in on the IT Solutions headwinds. So AirCentre closed in Q1 of '22, right?

好的。然後只想深入了解 IT 解決方案的不利因素。所以 AirCentre 在 22 年第一季度關閉了，對吧？

Correct. Yes, at the end of February.

正確的。是的，二月底。

So just like thinking through the impacts, like passengers boarded grew 30%. And then in Q2 and Q3, we saw some nice growth year-over-year in IT Solutions that also didn't have AirCentre, I'm not sure the $4 million alone from Russia sort of explains that. Is there any more context to help sort of piece together what happened in Q4 with IT Solutions revenue? And then also, I'm wondering about the -- just like where this $100 million headwind is coming from on the Russian law, like any more context there? And I think there was some commentary that it's like the vast majority is from of that $100 million headwind is Russia law. So what else is in there?

因此，就像仔細考慮影響一樣，登機乘客增長了 30%。然後在第二季度和第三季度，我們看到同樣沒有 AirCentre 的 IT 解決方案同比有了不錯的增長，我不確定僅來自俄羅斯的 400 萬美元就能解釋這一點。是否有更多的背景信息可以幫助我們將第四季度發生的事情與 IT 解決方案收入拼湊起來？然後，我也想知道 - 就像這 1 億美元的逆風來自俄羅斯法律，就像那裡的更多背景一樣？而且我認為有一些評論說，這 1 億美元的逆風中的絕大多數來自俄羅斯法律。那麼裡面還有什麼呢？

Thanks. Let me start, and then I'll pass over to Mike to finish up. So I think it's important to take a step back as you look at airline IT what we experienced in Russia with the IT carrier demigration there was a consequence of local Russian law that was enacted last year. That had nothing to do with our performance or the quality of our technology. If you normalize that out and you look out over the last 3 to 4 years, our wins and losses on a PB basis are relatively neutral for the company. And we believe going forward, there is a good growth opportunity within the Airline IT Solutions suite. Now, I'll pass it to Mike.

謝謝。讓我先開始，然後我會交給 Mike 來完成。因此，我認為當您查看航空公司 IT 時，退後一步很重要，我們在俄羅斯經歷的 IT 運營商遷移是去年頒布的俄羅斯當地法律的結果。這與我們的表現或技術質量無關。如果你將其正常化，並且在過去的 3 到 4 年中觀察，我們在 PB 基礎上的得失對公司來說是相對中性的。我們相信，展望未來，航空公司 IT 解決方案套件將擁有良好的增長機會。現在，我將它傳遞給邁克。

Yes. And so let me just dive into a couple of different pieces. First, as you noted on the AirCentre, there was about $35 million in revenue in Q1 of last year that we will not have this year due to the sale. Secondly, with regards to the $100 million, which is the vast majority of which is Russia, and there are some other demigrations in there but the vast majority of that is Russia. Given the change in Russian law occurred during the fourth quarter, the majority of the revenue that was recognized associated with Russia was in the first 3 quarters of this year. So what you see going from Q3 to Q4, is a step down largely attributable to Russia. Now as we look at the $100 million, that we referenced because most of that was revenue that was generated in the first 3 quarters of this year, that will create the greatest headwind in the first 3 quarters of 2023.

是的。因此，讓我深入探討幾個不同的部分。首先，正如您在 AirCentre 上指出的那樣，去年第一季度的收入約為 3500 萬美元，由於出售，我們今年將不會有這些收入。其次，關於 1 億美元，其中絕大多數是俄羅斯，還有一些其他移民，但其中絕大多數是俄羅斯。鑑於俄羅斯法律的變化發生在第四季度，與俄羅斯相關的收入大部分是在今年前三個季度確認的。所以你看到從第三季度到第四季度，下降主要歸因於俄羅斯。現在，當我們看一下我們提到的 1 億美元，因為其中大部分是今年前三個季度產生的收入，這將在 2023 年前三個季度造成最大的阻力。

(Operator Instructions) Our next question coming from the line of Victor Cheng from Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Victor Cheng。

A couple, if I may. But first on the Russian impact of $100 million and then you said that $100 million is coming from mostly from the first 3 quarters. It seems just look at the Russian carrier PBs, it seems disproportionately big in terms of the $100 million revenue. I would expect a much smaller amount. So I'm not sure whether you can shed some light into that.

一對，如果可以的話。但首先是關於俄羅斯 1 億美元的影響，然後你說 1 億美元主要來自前 3 個季度。似乎只看俄羅斯航空公司的 PB，就 1 億美元的收入而言，它似乎不成比例。我希望數量少得多。所以我不確定你是否可以對此有所了解。

And then the other one is on tech savings. Obviously, you talked about $100 million -- or $150 million tech savings by 2025. If I remember correctly, is that based on an 80% recovery. So presumably, we're not expecting 80% recovery by '25. So what are your expectation on top of recovery in '25 and given that level of recovery, what is the actual tech savings that we should be looking at?

然後另一個是技術儲蓄。顯然，你談到了 1 億美元——或到 2025 年節省 1.5 億美元的技術成本。如果我沒記錯的話，這是基於 80% 的回收率。所以據推測，我們預計到 25 年不會恢復 80%。那麼，您對 25 年的複蘇有何期望？鑑於這種複蘇水平，我們應該關注的實際技術節省是多少？

Yes. So with regard to your first question, as you think about the $100 million impact, the one thing I would point you to, and we called this out on the Q1 earnings call, that there was approximately $24 million of previously deferred revenue that have been recognized in the first quarter. And similarly, there's about another $5 million in the second quarter of 2022. So that may be why the number is larger than what you're contemplating.

是的。所以關於你的第一個問題，當你考慮 1 億美元的影響時，我要指出的一件事是，我們在第一季度的收益電話會議上提到了這一點，即之前遞延的收入中大約有 2400 萬美元已經第一季度得到認可。同樣，2022 年第二季度還有大約 500 萬美元。所以這可能就是為什麼這個數字比你想像的要大的原因。

With regard to tech saving first, let me just start by -- we are optimistic that there will be a full recovery over the long run. That is our point of view that's consistent with what we hear from our airline partners. That's consistent with what they say on their earnings calls and what they say publicly. Now our financial objectives are not predicated on a full recovery, but we do believe one ultimately is likely to ensue. And as noted today, we are reiterating the targets we provided for 2025 at the greater than 80%, greater than 100% and greater than 120% recovery levels.

首先，關於技術儲蓄，讓我先說——我們樂觀地認為，從長遠來看，將會出現全面復甦。這是我們的觀點，與我們從我們的航空公司合作夥伴那裡聽到的一致。這與他們在財報電話會議上和公開場合所說的一致。現在我們的財務目標並不以全面復甦為前提，但我們相信最終可能會實現。正如今天所指出的，我們重申了我們為 2025 年設定的恢復水平超過 80%、超過 100% 和超過 120% 的目標。

And as we previously stated, at the greater than 80% level, we expect tech savings to be $150 million. That's a greater than 100% recovery level we would expect the tech savings to be about $100 million. But obviously, that would be welcome to have that rate of recovery.

正如我們之前所說，在超過 80% 的水平上，我們預計技術節省將達到 1.5 億美元。這是一個大於 100% 的恢復水平，我們預計技術節省大約 1 億美元。但顯然，如果有這樣的恢復速度，那將是值得歡迎的。

Got it. That's very clear. And then maybe 1 follow-up, if I may. How should we think about the revenue per booking trend going forward? Is there still room for inflation-related uplift? And again, is there room for mix improvement, I guess, as APAC reopens?

知道了。這很清楚。如果可以的話，可能還有 1 次跟進。我們應該如何看待未來的每次預訂收入趨勢？是否仍有與通脹相關的提振空間？再一次，我猜，隨著亞太地區的重新開放，是否有混合改進的空間？

Victor, thank you. As we have discussed, we believe that there's ample upside both in corporate and international recoveries within our distribution business. Because of those, we believe that there's positive mix opportunity in 2023 and in the years ahead. So we believe there's upside to our average booking fee or revenue per booking.

維克多，謝謝你。正如我們所討論的那樣，我們認為我們的分銷業務在企業和國際復甦方面都有很大的上升空間。正因為如此，我們相信 2023 年和未來幾年會有積極的組合機會。因此，我們認為我們的平均預訂費或每次預訂收入有上升空間。

And I'm showing no further questions at this time. I will now turn the call back over to Mr. Menke for any closing remarks.

我現在沒有進一步提問。我現在將把電話轉回 Menke 先生，聽取任何結束語。

Great. Thank you very much, and I want to thank everybody for joining us today. As you can see, as we talked about 2022 and as we think about 2023, there's been a lot of progress on our tech transformation to date. This is another big year for that, but the team has done an amazing job, and we're beginning to see really the efficiencies on the cost savings.

偉大的。非常感謝，我要感謝大家今天加入我們。如您所見，正如我們談到 2022 年和考慮 2023 年一樣，迄今為止，我們的技術轉型取得了很大進展。今年又是重要的一年，但團隊做得非常出色，我們開始真正看到成本節約的效率。

As we look at 2023, I am excited about what we're doing as it relates to the product side, what we're doing on Airline IT, Hospitality, IT as well as Distribution, Kurt walked you through numerous things that are taking place there.

當我們展望 2023 年時，我對我們在產品方面所做的事情感到興奮，我們在航空公司 IT、酒店、IT 以及分銷方面所做的事情，Kurt 帶您了解了正在發生的許多事情那裡。

And again, I think we're very focused on what we look at as the recovery continues to take place in the marketplace, which will allow us to really focus on free cash flow generation in the year. So again, a lot to talk about throughout the year, and thank you for joining us today.

再一次，我認為我們非常關注我們所看到的，因為市場正在繼續復甦，這將使我們能夠真正專注於今年的自由現金流產生。再次重申，這一年有很多話題要談，感謝您今天加入我們。

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.

女士們，先生們，我們今天的會議到此結束。感謝您的參與。您現在可以斷開連接。