Sabre Corp (SABR) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Sabre First Quarter 2023 Earnings Conference Call. My name is Olivia, and I'll be your operator. As a reminder, please note today's call is being recorded. I will now turn the call over to the Senior Director of Investor Relations, Brian Roberts. Please go ahead, sir.

早上好，女士們，先生們。歡迎來到 Sabre 2023 年第一季度收益電話會議。我叫奧利維亞，我會是你的接線員。提醒一下，請注意今天的通話正在錄音中。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 First Quarter 2023 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 2023 年第一季度財報電話會議。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伴隨今天準備好的評論的幻燈片演示。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 advise you that our comments contain forward-looking statements that represent our beliefs or expectations about future events, including the effects of COVID-19, industry and recovery trends, benefits from our technology transformation and commercial and strategic arrangements, financing and related transactions, our financial outlook and targets, expected revenue, adjusted EBITDA, free cash flow, costs and expenses, cost savings and reductions, margins and liquidity, among others. 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 first quarter 2023 Form 10-Q.

我們建議您，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 的影響、行業和復蘇趨勢、我們的技術轉型以及商業和戰略安排、融資和相關交易帶來的好處，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、成本節約和減少、利潤率和流動性等。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 2023 年第一季度的 10-Q 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 Kurt Ekert, our President and CEO; and Mike Randolfi, our Chief Financial Officer. Scott Wilson, EVP and President of Hospitality Solutions, will be available for Q&A after the prepared remarks. With that, I will turn the call over to Kurt.

與我一起參加的是我們的總裁兼首席執行官 Kurt Ekert；以及我們的首席財務官 Mike Randolfi。執行副總裁兼酒店解決方案總裁 Scott Wilson 將在準備好的發言後進行問答。有了這個，我會把電話轉給庫爾特。

Thanks, Brian. Good morning, everyone, and thank you for joining us. I'm excited to be here today as Sabre's new CEO. I joined the company 16 months ago because I believe there are tremendous opportunities for Sabre to address the evolving demands of the travel marketplace. We operate in a dynamically changing and huge industry, where customers demand modern technologies that deliver innovation at pace and scale. With that comes a significant opportunity to grow our business.

謝謝，布萊恩。大家早上好，感謝您加入我們。我很高興今天作為 Sabre 的新任首席執行官來到這裡。我在 16 個月前加入公司，因為我相信 Sabre 有巨大的機會來滿足旅遊市場不斷變化的需求。我們在一個動態變化的巨大行業中運營，客戶需要現代技術來按速度和規模提供創新。隨之而來的是發展我們業務的重要機會。

On today's call, Mike and I will be sharing strategic plans designed to reposition Sabre's business for long-term profitable growth, to lean into new revenue opportunities while continuing to cultivate our core business and to structurally reduce our cost base. We believe these strategic priorities put us on a durable path to achieve our 2023 financial expectations and our 2025 targets. And we are committed to delivering growth and value to our customers and shareholders.

在今天的電話會議上，邁克和我將分享戰略計劃，旨在重新定位 Sabre 的業務以實現長期盈利增長，在繼續培育我們的核心業務的同時抓住新的收入機會，並從結構上降低我們的成本基礎。我們相信，這些戰略重點使我們走上了實現 2023 年財務預期和 2025 年目標的持久道路。我們致力於為我們的客戶和股東帶來增長和價值。

Before jumping into the details of today's call, let's walk through the agenda. On Slide 4, you can see an overview of the topics that Mike and I will cover. I will start by outlining 4 key strategic priorities. Next, I'll explain the exciting growth opportunities that lie ahead for Sabre. And then I will discuss how we expect our technology transformation will create improved efficiency, enhance our value propositions and enable the development of differentiated product offerings. Finally, Mike will take you through the financial results for first quarter, outline in more detail our plans to reduce costs and realign resources to support Sabre's growth opportunities and provide our financial outlook for 2023 and 2025.

在進入今天電話會議的細節之前，讓我們先瀏覽一下議程。在幻燈片 4 上，您可以看到 Mike 和我將涵蓋的主題的概述。我將首先概述 4 個關鍵的戰略重點。接下來，我將解釋 Sabre 面臨的激動人心的增長機會。然後我將討論我們如何期望我們的技術轉型將提高效率、增強我們的價值主張並實現差異化產品的開發。最後，邁克將向您介紹第一季度的財務業績，更詳細地概述我們降低成本和調整資源以支持 Sabre 增長機會的計劃，並提供我們 2023 年和 2025 年的財務展望。

Turning to Slide 5. To build on my opening remarks, let me take a moment to describe 4 key strategic priorities that form the foundation of our long-term direction for the company. First, generating free -- positive free cash flow and delevering the balance sheet are our most important financial objectives. As Mike will detail in a moment, we believe we have a durable path to achieve our 2023 expectations and to generate over $500 million in free cash flow in 2025.

轉到幻燈片 5。在開場白的基礎上，讓我花點時間描述 4 個關鍵戰略重點，它們構成了我們公司長期方向的基礎。首先，產生自由——正的自由現金流和去槓桿化資產負債表是我們最重要的財務目標。正如邁克稍後將詳述的那樣，我們相信我們有一條持久的道路可以實現我們 2023 年的預期，並在 2025 年產生超過 5 億美元的自由現金流。

Second, we will continue to focus on execution and delivering sustainable growth in our core businesses over the long term. For example, we are gaining share of industry air bookings, capturing increased volumes from our existing customers and partners and intend to continue to build momentum. Third, we have to continue to drive innovation and enhance our value propositions with both existing and new customers. The future of travel demands a different set of capabilities, and we plan to deliver the merchandising and retailing tools of tomorrow to capitalize on the opportunities in this changing marketplace. We are outlining today growth initiatives that we believe will do just that and I'll share these in a moment.

其次，我們將繼續專注於執行並實現核心業務的長期可持續增長。例如，我們正在獲得行業航空預訂的份額，從我們現有的客戶和合作夥伴那裡獲得更多的數量，並打算繼續建立勢頭。第三，我們必須繼續推動創新並提升我們對現有和新客戶的價值主張。未來的旅行需要一套不同的能力，我們計劃提供明天的營銷和零售工具，以利用這個不斷變化的市場中的機會。我們今天概述了我們認為會做到這一點的增長計劃，我稍後會分享這些計劃。

Fourth, we plan to reduce our cost base and reposition our resources towards specific opportunities for future growth. We will go into detail shortly, but with the actions we are announcing today, we expect to reduce costs by $100 million in 2023 and an estimated annualized $200 million in 2024. We believe these actions solidify our path to our free cash flow and adjusted EBITDA objectives.

第四，我們計劃降低我們的成本基礎，並將我們的資源重新分配給未來增長的特定機會。我們將很快詳細介紹，但通過我們今天宣布的行動，我們預計到 2023 年將成本減少 1 億美元，到 2024 年估計年化成本將減少 2 億美元。我們相信這些行動鞏固了我們通往自由現金流和調整後 EBITDA 的道路目標。

Now let me go into each of these priorities in more detail, explaining how they will help us -- help put us on a durable path to our 2025 targets. Turning to Slide 6. As I stated previously, generating positive free cash flow and delevering the balance sheet are our most important financial objectives. This slide outlines the milestones we believe will enable us to accomplish these objectives to the benefit of Sabre stakeholders.

現在讓我更詳細地探討這些優先事項中的每一個，解釋它們將如何幫助我們——幫助我們走上實現 2025 年目標的持久道路。轉到幻燈片 6。正如我之前所說，產生正的自由現金流和去槓桿化資產負債表是我們最重要的財務目標。這張幻燈片概述了我們認為將使我們能夠實現這些目標以使 Sabre 利益相關者受益的里程碑。

First, we expect to be free cash flow positive in 2023, excluding restructuring costs. And in a few minutes, Mike will walk you through the specific actions we are taking to achieve that outcome. Second, we are targeting over $500 million in free cash flow in 2025, and we believe that we will be on a path as we exit 2025 to achieve our leverage target of 2.5 to 3.5x.

首先，我們預計 2023 年自由現金流為正，不包括重組成本。幾分鐘後，Mike 將向您介紹我們為實現該結果而採取的具體行動。其次，我們的目標是在 2025 年實現超過 5 億美元的自由現金流，我們相信我們將在 2025 年退出時走上實現 2.5 至 3.5 倍槓桿率目標的道路。

Before I go any further, I'd like to discuss our outlook for travel volumes. Today, we see historically high airfares, elevated load factors and significant efforts by carriers to add capacity. Furthermore, IATA capacity forecasts indicate strong growth in the upcoming years. We expect this to be further bolstered as international markets, specifically Asia Pacific, continue to gain traction. Given these dynamics, we are optimistic about long run growth trends. Over the past year, we have seen a range of growth rates in the GDS marketplace. Some quarters have experienced sequential quarterly improvements in the double digits, while others, including the most recent couple of quarters, saw growth only in the low single digits.

在我繼續之前，我想討論一下我們對旅行量的展望。今天，我們看到機票價格處於歷史高位，載客率上升，承運人為增加運力做出了巨大努力。此外，IATA 運力預測表明未來幾年將出現強勁增長。我們預計，隨著國際市場（尤其是亞太地區）繼續獲得牽引力，這一點將得到進一步加強。鑑於這些動態，我們對長期增長趨勢持樂觀態度。在過去的一年裡，我們看到了 GDS 市場的一系列增長率。一些季度經歷了兩位數的連續季度增長，而其他季度，包括最近幾個季度，僅實現了較低的個位數增長。

What we will show you here today is that even under a conservative industry volume scenario, we believe we have a durable path to achieve our financial targets that is almost exclusively driven by factors under our own control. If the industry demonstrates a stronger rate of growth than what we have seen in the most recent quarters, as we believe is very possible. Given the operating leverage we are building, we believe we will have meaningful upside to the 2023 and 2025 targets we are outlining here today.

我們今天在這裡向您展示的是，即使在保守的行業規模情景下，我們相信我們有一條持久的道路來實現我們的財務目標，這幾乎完全由我們自己控制的因素驅動。如果該行業表現出比我們最近幾個季度看到的更快的增長率，我們認為這是很有可能的。鑑於我們正在建立的經營槓桿，我們相信我們將對我們今天在這裡概述的 2023 年和 2025 年目標有有意義的提升。

Now let's turn to Slide 7. Moving on to the second of our key strategic priorities, which is to drive sustainable growth in our core businesses. As you can see from this table, our share of GDS industry bookings increased year-on-year in Q1 '23, both including and excluding volumes associated with Expedia. Importantly, after removing Expedia volumes, Sabre was a larger proportion of industry air bookings in Q1 '23 than in the first quarter of 2019 and 2022.

現在讓我們轉到幻燈片 7。轉到我們的第二個關鍵戰略重點，即推動我們核心業務的可持續增長。從這張表中可以看出，我們在 GDS 行業預訂中的份額在 23 年第一季度同比增長，包括和不包括與 Expedia 相關的數量。重要的是，在剔除 Expedia 的銷量後，與 2019 年和 2022 年第一季度相比，Sabre 在 23 年第一季度的行業航空預訂中所佔的比例更大。

Please turn to Slide 8. This table further highlights the success we have experienced delivering sustainable growth with our existing core customer base. The chart depicts industry bookings with the largest 25 agencies in the world, excluding Expedia, and based on MIDT information which is the GDS industry standard. As depicted by the green arrows in the chart, Sabre has grown with nearly 3/4 of the largest agencies year-to-date versus the most recent trailing quarter. We are confident that we will continue to realize sequential gains based on known contract wins and renewals and upcoming opportunities within our commercial pipeline.

請轉到幻燈片 8。此表進一步突出了我們在與現有核心客戶群實現可持續增長方面取得的成功。該圖表描述了全球最大的 25 家代理機構（不包括 Expedia）的行業預訂，並基於作為 GDS 行業標準的 MIDT 信息。如圖表中的綠色箭頭所示，與最近的尾隨季度相比，今年迄今為止，Sabre 已經增長了近 3/4 的最大機構。我們有信心，我們將繼續根據已知的合同贏得和續約以及我們商業渠道中即將到來的機會實現連續收益。

Turning to Slide 9. Moving to the third of our key strategic priorities, which is to drive innovation and enhance Sabre's value propositions with new and existing customers. On this slide, we've outlined specific growth strategies to drive incremental revenue by building and delivering new value to our existing customers. Many of these initiatives are close to our core capabilities but enable us to grow our revenue by growing our share of wallet with existing customers, building and delivering new value with both existing and new customers that capitalizes on revenue opportunities that exist in our changing travel ecosystem, and expanding our existing offerings into new and underpenetrated geographies or marketplace segments.

轉到幻燈片 9。轉到我們的第三個關鍵戰略重點，即推動創新並增強 Sabre 對新老客戶的價值主張。在這張幻燈片上，我們概述了通過為現有客戶創造和交付新價值來推動增量收入的具體增長戰略。其中許多舉措都接近我們的核心能力，但通過增加我們與現有客戶的錢包份額，為現有和新客戶創造和提供新價值，利用我們不斷變化的旅游生態系統中存在的收入機會，使我們能夠增加收入，並將我們現有的產品擴展到新的和滲透率低的地區或細分市場。

Across our Travel Solutions business segment, we have a number of key strategic growth areas. Our GDS expansion strategy consists of targeted product innovation as well as people and service investments to drive growth in specific geographies and marketplace segments. We have consistently won with many of the largest travel agencies and buyers, and we believe this initiative will continue to support above-market growth with this important customer segment. In support of this strategy, we recently announced a new distribution agreement with Air India, which has not been in the Sabre GDS. In the first quarter of 2023, India had the second highest number of GDS bookings among all countries in the world, and Air India ranked in the top 10 of global carrier GDS bookings. As of today, this content is live in our system.

在我們的旅遊解決方案業務部門，我們有許多關鍵的戰略增長領域。我們的 GDS 擴張戰略包括有針對性的產品創新以及人員和服務投資，以推動特定地區和細分市場的增長。我們一直贏得許多最大的旅行社和買家的青睞，我們相信這一舉措將繼續支持這一重要客戶群的高於市場的增長。為了支持這一戰略，我們最近宣布了與印度航空公司的新分銷協議，該協議尚未納入 Sabre GDS。 2023年第一季度，印度的GDS預訂量在全球所有國家中排名第二，印度航空位列全球承運人GDS預訂量前10名。從今天起，此內容已在我們的系統中上線。

Our multisource content platform strategy, of which new distribution capability, or NDC, is an essential component is designed to grow our business by efficiently increasing access to all relevant air content and creating a true marketplace for sellers and buyers. We believe Sabre is uniquely positioned to solve the ecosystem challenge of providing a unified technology solution for all key industry participants that brings together both EDIFACT and NDC content. This unified functionality is an essential part of our multisource content platform strategy and is needed to efficiently handle the complexity that integrating NDC and EDIFACT brings to buyers.

我們的多源內容平台戰略，其中新的分發能力，或 NDC，是一個重要組成部分，旨在通過有效地增加對所有相關空氣內容的訪問並為買賣雙方創造一個真正的市場來發展我們的業務。我們相信 Sabre 具有獨特的優勢，可以解決生態系統挑戰，即為所有主要行業參與者提供統一的技術解決方案，將 EDIFACT 和 NDC 內容結合在一起。這種統一的功能是我們多源內容平台戰略的重要組成部分，需要有效處理集成 NDC 和 EDIFACT 給買家帶來的複雜性。

Importantly, we achieved several NDC milestones during the quarter and continue to make very good progress. While NDC volumes are still very small for the industry and Sabre, our NDC offering is gaining traction and carriers, and we have recently successfully launched NDC with American, United and Fin Air. Next, we see significant opportunity to grow an existing capability to become the premier lodging platform for our agency customers for business-to-business travel. We intend to do this by further developing and extending our content lodging services platform. The core of this initiative is centered around the dynamic consumption and distribution of accommodation content, supported by intelligent display and retailing. This opportunity is highly complementary to our air distribution offerings and existing hotelier and buyer customer relationships.

重要的是，我們在本季度實現了幾個 NDC 里程碑，並繼續取得非常好的進展。雖然 NDC 的數量對於行業和 Sabre 來說仍然很小，但我們的 NDC 產品正在獲得牽引力和運營商，我們最近成功地與美國航空、聯合航空和芬蘭航空合作推出了 NDC。接下來，我們看到了發展現有能力的重要機會，成為我們代理客戶商務旅行的首選住宿平台。我們打算通過進一步開發和擴展我們的內容住宿服務平台來做到這一點。這一舉措的核心是圍繞住宿內容的動態消費和分配，以智能展示和零售為支撐。這個機會與我們的航空分銷產品以及現有的酒店經營者和買家客戶關係高度互補。

We believe that the airline IT industry is at a pivot point, moving to intelligent offer creation and multisource order creation and delivery. We plan to grow our airline IT business over time by enhancing our Airline Solutions product offerings to both existing and new airline customers with best-in-class intelligent retailing solutions built on a modular platform with order and offer technology at the core. These offerings are designed to help our airline customers optimize and diversify their revenue streams and enable them to build more personalized experiences for travelers, which we expect will lead to higher conversion and revenue growth.

我們相信，航空 IT 行業正處於一個轉折點，轉向智能報價創建和多源訂單創建和交付。我們計劃通過在以訂購和報價技術為核心的模塊化平台上構建的一流智能零售解決方案，為現有和新的航空公司客戶增強我們的航空公司解決方案產品供應，從而隨著時間的推移發展我們的航空公司 IT 業務。這些產品旨在幫助我們的航空公司客戶優化和多樣化他們的收入來源，並使他們能夠為旅客打造更加個性化的體驗，我們預計這將帶來更高的轉化率和收入增長。

In our Hospitality Solutions business, we expect double-digit annual growth in revenue and to achieve double-digit adjusted EBITDA margins as we exit 2024, we have a rich pipeline in Hospitality Solutions and see revenue growth coming from new customer wins, property additions and from our intelligent retail offering, which includes Retail Studio and Nuvola. Importantly, as our platform expands to include additional properties, our opportunity to upsell our hospitality customers on our powerful suite of intelligent retailing solutions will grow. As we shared last quarter, we expect this business to be roughly breakeven on a fully allocated basis in 2023 and again to be a meaningful EBITDA contributor in the years ahead.

在我們的酒店解決方案業務中，我們預計收入將實現兩位數的年度增長，並在 2024 年結束時實現兩位數的調整後 EBITDA 利潤率，我們在酒店解決方案方面擁有豐富的渠道，收入增長將來自贏得新客戶、增加物業和來自我們的智能零售產品，其中包括 Retail Studio 和 Nuvola。重要的是，隨著我們的平台擴展到包括更多物業，我們通過強大的智能零售解決方案套件向酒店客戶追加銷售的機會將會增加。正如我們上個季度所分享的那樣，我們預計該業務在 2023 年完全分配的基礎上大致實現收支平衡，並在未來幾年再次成為 EBITDA 的重要貢獻者。

Last, we are excited to be stepping into the payment space, which presents a relatively new revenue growth opportunity that also benefits from the customer relationships in our Travel Solutions and Hospitality businesses. We believe the long-term opportunity for growth in the travel payment space is very large. And with our acquisition of Conferma, coupled with Sabre and Conferma's strategic relationship with Mastercard, we are positioned competitively to become a leader in the virtual payments marketplace in the coming years.

最後，我們很高興進入支付領域，這提供了一個相對較新的收入增長機會，也受益於我們的旅遊解決方案和酒店業務的客戶關係。我們認為旅遊支付空間的長期增長機會非常大。通過我們對 Conferma 的收購，加上 Sabre 和 Conferma 與萬事達卡的戰略關係，我們將在未來幾年成為虛擬支付市場的領導者。

We now have the capability to digitize payments in B2B travel, which not only streamlines customers' access to multiple suppliers with increased security but also optimizes cash flow. We recently hired a fantastic leader and industry expert in the payments space to run the Conferma business. As a whole, these growth strategies are an important part of how we plan to grow Sabre's business over time. We must continue to innovate to capitalize on the fast-changing travel ecosystem and enhance our value propositions to both new and existing customers.

我們現在有能力將 B2B 旅行中的支付數字化，這不僅簡化了客戶對多個供應商的訪問，提高了安全性，還優化了現金流。我們最近聘請了一位出色的支付領域領導者和行業專家來運營 Conferma 業務。總的來說，這些增長戰略是我們計劃如何隨著時間的推移發展 Sabre 業務的重要組成部分。我們必須繼續創新，以利用瞬息萬變的旅游生態系統，並提升我們對新老客戶的價值主張。

Now turning to Slide 10. Our technology transformation is a key enabler to bring innovation and new capabilities to our customers at pace. Benefits we are realizing already include faster speed to market, enhanced stability and security, reduced latency and more seamless software deployments. Our innovation partnership with Google also provides great promise. And a few anecdotal examples of this include having Google's AI and ML capabilities embedded in our new Ancillary IQ product and our recent partnership on some key commercial pursuits.

現在轉到幻燈片 10。我們的技術轉型是快速為客戶帶來創新和新功能的關鍵推動因素。我們已經意識到的好處包括更快的上市速度、增強的穩定性和安全性、減少的延遲以及更無縫的軟件部署。我們與穀歌的創新合作夥伴關係也帶來了巨大的希望。這方面的一些軼事例子包括將 Google 的 AI 和 ML 功能嵌入到我們新的 Ancillary IQ 產品中，以及我們最近在一些關鍵商業追求上的合作夥伴關係。

Turning to our recent achievements. As of the end of the first quarter, we had successfully migrated 69% of our total compute capacity to Google Cloud. With the move to Google Cloud, our unit cost of compute capacity is about 35% of what it was prior to our transformation efforts. Now that we have exited the last of our Sabre managed data centers, our major tech transformation goal for 2023 is to migrate our legacy midrange server environment in Tulsa to Google Cloud. We are on track to achieve that goal, and in the first quarter, we made good progress by migrating more than 400 servers, more than 70 external network connections and more than 50% of our customer-facing web services traffic into the cloud. As we have articulated previously, the cost savings from our tech transformation will provide significant operating leverage to our financial performance, and we expect to fully realize this benefit as we exit 2024.

談到我們最近的成就。截至第一季度末，我們已成功將總計算能力的 69% 遷移到谷歌云。遷移到 Google Cloud 後，我們的計算容量單位成本約為轉型前的 35%。現在我們已經退出了最後一個 Sabre 管理的數據中心，我們 2023 年的主要技術轉型目標是將我們在塔爾薩的遺留中端服務器環境遷移到谷歌云。我們有望實現這一目標，在第一季度，我們取得了良好進展，將 400 多台服務器、70 多個外部網絡連接和超過 50% 的面向客戶的 Web 服務流量遷移到雲端。正如我們之前所闡明的那樣，我們技術轉型所節省的成本將為我們的財務業績提供顯著的運營槓桿，我們預計在 2024 年退出時能夠充分實現這一優勢。

Turning to Slide 11. Today, we are announcing a resource realignment to improve our organizational structure, meaningfully reduce costs and achieve greater efficiency. We expect these actions to deliver $100 million in cost savings in the second half of 2023 and an additional $100 million in savings in 2024 for a combined $200 million in annualized cost reductions. As a meaningful part of these actions, we expect to reduce our total employee and contractor base by about 15%, most of which we expect will occur by the end of the second quarter.

轉到幻燈片 11。今天，我們宣布重新調整資源，以改善我們的組織結構，顯著降低成本並提高效率。我們預計這些行動將在 2023 年下半年節省 1 億美元的成本，並在 2024 年再節省 1 億美元，從而使年度成本削減總額達到 2 億美元。作為這些行動的重要組成部分，我們希望將我們的員工和承包商總數減少約 15%，我們預計其中大部分將在第二季度末發生。

As a new CEO, it pains me to take these steps especially so early in my time in the role. I do not take this decision lightly, especially given the immense respect that I have for all of my Sabre colleagues around the world. However, I am confident that these actions will better position us for the future and put us on a direct path to achieving our financial and strategic targets. Importantly, I want to emphasize that we will continue to invest heavily in our technology transformation and the key growth strategies I have outlined today and in meeting our commitments to our customers. Sabre has and will continue to compete aggressively and successfully to deliver industry-leading products and services.

作為一名新任 CEO，在我上任這麼早的時候就採取這些步驟讓我感到痛苦。我不會輕率地做出這個決定，尤其是考慮到我對我在世界各地的所有 Sabre 同事都懷有極大的敬意。然而，我相信這些行動將使我們更好地為未來做好準備，並使我們走上實現財務和戰略目標的直接道路。重要的是，我想強調的是，我們將繼續大力投資於我們的技術轉型和我今天概述的關鍵增長戰略，並履行我們對客戶的承諾。 Sabre 已經並將繼續積極競爭並取得成功，以提供行業領先的產品和服務。

I will now hand the call over to Mike to walk you through our first quarter performance and longer-term financial plan and targets.

我現在將電話轉給邁克，向您介紹我們第一季度的業績以及長期財務計劃和目標。

Thanks, Kurt, and good morning, everyone. Please turn to Slide 12. Before I get into the first quarter results, I want to add additional context about how we're approaching 2023 and the path to our long-term targets. As Kurt noted, we're focused on driving innovation, enhancing Sabre's value to our customers and aligning resources toward our growth initiatives. We are optimistic about travel volume growth in the coming years, but we believe we have a durable path to achieve our financial objectives even under a more conservative industry growth scenario.

謝謝，庫爾特，大家早上好。請轉到幻燈片 12。在介紹第一季度業績之前，我想補充一下我們如何接近 2023 年以及實現長期目標的途徑。正如 Kurt 指出的那樣，我們專注於推動創新，提升 Sabre 對我們客戶的價值，並為我們的增長計劃調整資源。我們對未來幾年的旅行量增長持樂觀態度，但我們相信，即使在更為保守的行業增長情景下，我們也有一條持久的途徑來實現我們的財務目標。

We are proceeding with the path to our 2023 expectations and 2025 targets that is largely based on a set of actions that we have line-of-sight to and believe we can execute upon. Only a small portion of 2023's adjusted EBITDA improvement and the build toward 2025's adjusted EBITDA targets are driven by industry volume increases. If the industry recovery accelerates, which we believe is very possible, given the operating leverage we are building, this would drive meaningful upside to our 2023 and 2025 targets. While our emphasis is on growing revenue and our build to 2025, approximately half of the incremental adjusted EBITDA or approximately $300 million is driven by our focus on cost efficiency and benefits from our tech transformation. From our resource realignment and cost efficiency efforts, we expect to generate $100 million of expense savings in the second half of 2023 and $200 million of expense reduction annually in 2024.

我們正在朝著我們 2023 年的期望和 2025 年的目標邁進，這主要基於我們已經看到並相信我們可以執行的一系列行動。 2023 年調整後的 EBITDA 改善和 2025 年調整後 EBITDA 目標的構建中只有一小部分是由行業銷量增長推動的。如果行業復甦加速（我們認為這是很有可能的），考慮到我們正在建立的經營槓桿，這將推動我們 2023 年和 2025 年目標的顯著上升。雖然我們的重點是增加收入和我們到 2025 年的建設，但大約一半的增量調整後 EBITDA 或大約 3 億美元是由我們對成本效率和技術轉型收益的關注推動的。通過我們的資源調整和成本效率努力，我們預計將在 2023 年下半年節省 1 億美元的費用，並在 2024 年每年減少 2 億美元的費用。

Now referring to the slide. As you can see from the table on the left, we exceeded our expectations for the first quarter revenue and adjusted EBITDA. Free cash flow was essentially in line with our expectations. The table on the right highlights the solid growth that we saw in the first quarter in overall bookings. First quarter distribution bookings were up 49% from Q1 2022 as Sabre's volumes grew faster than the industry overall.

現在參考幻燈片。從左表中可以看出，我們對第一季度收入和調整後的 EBITDA 超出了預期。自由現金流基本符合我們的預期。右表突出顯示了我們在第一季度看到的整體預訂量的穩健增長。由於 Sabre 的銷量增長速度快於整個行業，因此第一季度的分銷預訂量比 2022 年第一季度增長了 49%。

Turning to Slide 13. Total Q1 revenue was $743 million, an increase of $158 million or 27% versus last year. Distribution revenue totaled $526 million, a $183 million or 53% increase compared to $343 million in Q1 2022. Our distribution bookings totaled $97 million in the quarter, a 49% increase compared to $65 million in Q1 2022. Our average booking fee was $5.44 in the first quarter, up 3% from the first quarter 2022. We continue to see favorable mix into more profitable regions and type of travel, resulting in higher booking fees, and we believe this trend is likely to continue in 2023.

轉到幻燈片 13。第一季度總收入為 7.43 億美元，比去年增加 1.58 億美元或 27%。分銷收入總計 5.26 億美元，與 2022 年第一季度的 3.43 億美元相比增長 1.83 億美元或 53%。本季度我們的分銷預訂總額為 9700 萬美元，與 2022 年第一季度的 6500 萬美元相比增長 49%。我們的平均預訂費用為 5.44 美元第一季度，比 2022 年第一季度增長 3%。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，我們相信這種趨勢可能會在 2023 年繼續。

IT Solutions revenue totaled $152 million in the quarter. This was a $40 million decline versus revenue of $191 million in the comparable prior year period. Passengers boarded totaled $165 million, a 28% improvement from $129 million in Q1 2022. First quarter revenue growth from passengers boarded and other IT Solutions business was more than offset by the impact of Sabre no longer having AirCentre revenue, which contributed approximately $36 million in Q1 of last year and lower revenue from our airline IT business in Russia, which also had a $37 million impact.

本季度 IT 解決方案收入總計 1.52 億美元。與去年同期的 1.91 億美元收入相比，減少了 4000 萬美元。登機旅客總計 1.65 億美元，比 2022 年第一季度的 1.29 億美元增長 28%。第一季度來自登機旅客和其他 IT 解決方案業務的收入增長被 Sabre 不再擁有 AirCentre 收入的影響所抵消，後者貢獻了約 3600 萬美元去年第一季度，我們在俄羅斯的航空公司 IT 業務收入下降，這也產生了 3700 萬美元的影響。

Hospitality Solutions revenue totaled $74 million, an $18 million or 32% improvement versus revenue of $56 million in Q1 2022. Central reservation system transactions totaled $28 million in the quarter and were 20% above $23 million in Q1 2022. The average rate per transaction added approximately 12 points to revenue growth, driven by ancillary revenue streams and a favorable mix shift. Adjusted EBITDA of $58 million was better year-over-year as compared to the $5 million in Q1 2022. Free cash flow was negative $91 million in the first quarter, essentially in line with our expectations. We ended the first quarter with a cash balance of $838 million.

酒店解決方案收入總計 7400 萬美元，與 2022 年第一季度的收入 5600 萬美元相比增加 1800 萬美元或 32%。本季度中央預訂系統交易總額為 2800 萬美元，比 2022 年第一季度的 2300 萬美元高出 20%。每筆交易的平均費率增加在輔助收入流和有利的組合轉變的推動下，收入增長約 12 個百分點。與 2022 年第一季度的 500 萬美元相比，調整後的 EBITDA 為 5800 萬美元，同比有所好轉。第一季度自由現金流為負 9100 萬美元，基本符合我們的預期。第一季度結束時，我們的現金餘額為 8.38 億美元。

Moving to Slide 14 to discuss our guidance. We expect second quarter 2023 revenue of approximately $700 million, adjusted EBITDA of approximately $45 million and negative free cash flow of between $60 million and $80 million, inclusive of restructuring charges. If you exclude the restructuring charges, we would expect negative free cash flow of between $40 million and $50 million. 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 not exceed $80 million.

轉到幻燈片 14 討論我們的指南。我們預計 2023 年第二季度的收入約為 7 億美元，調整後的 EBITDA 約為 4500 萬美元，負自由現金流為 6000 萬至 8000 萬美元，其中包括重組費用。如果排除重組費用，我們預計負自由現金流量將在 4000 萬至 5000 萬美元之間。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，我們預計該金額不會超過 8000 萬美元。

For the second half of 2023, we expect revenue of approximately $1.4 billion, adjusted EBITDA of between $200 million and $220 million and positive free cash flow in both the third and fourth quarters. For the full year 2023, we continue to expect revenue between $2.8 billion and $3 billion and adjusted EBITDA between $300 million and $320 million. And we expect to be free cash flow positive for the full year 2023, excluding the impact of restructuring.

對於 2023 年下半年，我們預計第三和第四季度的收入約為 14 億美元，調整後的 EBITDA 在 2 億至 2.2 億美元之間，自由現金流為正。對於 2023 年全年，我們繼續預計收入在 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。我們預計 2023 年全年自由現金流為正，不包括重組的影響。

Moving to Slide 15. As Kurt mentioned earlier, our resource realignment and cost reduction plan is expected to deliver $100 million in savings in 2023. This plan includes a workforce reduction of approximately 15% that we expect will largely occur before the end of the second quarter. These cost savings will include a streamlining of spans and layers in our management and employee base, an improved and more efficient organization design that supports our growth initiatives and an evaluation of our geographic and real estate footprints. At the same time, we are prioritizing investments toward our strategic growth initiatives. We expect the annualized benefit of these actions taken in 2023 to be $200 million in 2024.

轉到幻燈片 15。正如 Kurt 之前提到的，我們的資源調整和成本削減計劃預計將在 2023 年節省 1 億美元。該計劃包括裁員約 15%，我們預計這將主要發生在第二個年底之前四分之一。這些成本節約將包括精簡我們管理層和員工基礎的跨度和層級，改進和更高效的組織設計以支持我們的增長計劃以及對我們的地理和房地產足蹟的評估。與此同時，我們正在優先投資於我們的戰略增長計劃。我們預計 2023 年採取的這些行動的年收益將在 2024 年達到 2 億美元。

Moving to Slide 16. This chart provides the path for how we expect to achieve our 2023 adjusted EBITDA guidance. For the first half of 2023, based on the guidance we have provided today, we expect to generate approximately $103 million. Prior to taking into account other earnings drivers, if we take the first half adjusted EBITDA and apply historical seasonality, that would imply expected second half adjusted EBITDA of approximately $85 million. This would be the adjusted EBITDA build prior to taking into account cost reductions, benefits from our strategic initiatives and industry volume growth.

轉到幻燈片 16。此圖表提供了我們期望如何實現 2023 年調整後 EBITDA 指南的路徑。根據我們今天提供的指導，我們預計 2023 年上半年將產生約 1.03 億美元的收入。在考慮其他盈利驅動因素之前，如果我們採用上半年調整後的 EBITDA 並應用歷史季節性因素，這意味著預計下半年調整後的 EBITDA 約為 8500 萬美元。這將是在考慮成本降低、我們的戰略舉措和行業銷量增長帶來的好處之前調整後的 EBITDA。

Building upon the first half and second half seasonally adjusted EBITDA are the cost actions that we have announced today that we expect will generate $100 million of benefit in the second half of 2023. Additionally, we believe our strategic growth initiatives outlined earlier can contribute approximately $20 million this year. Also as noted in my earlier remarks, industry volume growth is a small component of our build to 2023 adjusted EBITDA and represents only $10 million of expected benefit for the remainder of this calendar year. We believe this approach creates a durable path toward our expectations for 2023 adjusted EBITDA of $300 million to $320 million based on a sequential industry volume growth rate of 1.5 points per quarter in the third and fourth quarters. Should the growth rate be higher, that will be upside to our expectations. For example, as noted on the slide, if the sequential growth rate is closer to 4.5 points in the second half of 2023, that would add an additional $30 million to adjusted EBITDA and free cash flow this year.

基於上半年和下半年季節性調整後的 EBITDA，我們今天宣布的成本行動預計將在 2023 年下半年產生 1 億美元的收益。此外，我們相信我們之前概述的戰略增長計劃可以貢獻大約 20 美元今年萬元。同樣如我之前的評論所述，行業銷量增長是我們構建到 2023 年調整後 EBITDA 的一小部分，僅代表本日曆年剩餘時間的 1000 萬美元預期收益。我們相信，根據第三季度和第四季度每季度 1.5 個百分點的連續行業銷量增長率，我們相信這種方法可以為我們對 2023 年調整後 EBITDA 的 3 億美元至 3.2 億美元的預期創造一條持久的道路。如果增長率更高，那將超出我們的預期。例如，如幻燈片所示，如果 2023 年下半年的環比增長率接近 4.5 個百分點，那麼今年調整後的 EBITDA 和自由現金流將額外增加 3000 萬美元。

Moving to Slide 17. Now we walk you through how we plan to generate positive free cash flow, excluding restructuring costs in 2023. As you can see from the table, we expect sources of cash in 2023 to be between $450 million and $470 million. The working capital initiatives that we discussed in our February earnings call are currently underway, and we still expect to drive $150 million in positive working capital benefits this year. Our cash interest is still expected to be approximately $390 million in 2023. We also expect 2023 capital expenditures of about $50 million.

轉到幻燈片 17。現在我們將向您介紹我們計劃如何產生正的自由現金流，不包括 2023 年的重組成本。從表中可以看出，我們預計 2023 年的現金來源將在 4.5 億美元至 4.7 億美元之間。我們在 2 月份的財報電話會議上討論的營運資金計劃目前正在進行中，我們仍預計今年將帶來 1.5 億美元的積極營運資金收益。我們預計 2023 年的現金利息仍將約為 3.9 億美元。我們還預計 2023 年的資本支出約為 5000 萬美元。

To highlight, we believe we've developed a durable path to generate positive free cash flow in 2023, excluding restructuring, relying less on industry volume growth, and to a much greater extent, on actions that we have line of sight to and that we could execute upon. While we believe that a faster recovery remains a strong possibility, we have made the decision to rely less on external industry factors to achieve our expectations and have derisked our 2023 performance by taking more of the end result under our own control through cost reductions.

需要強調的是，我們相信我們已經找到了一條持久的途徑，可以在 2023 年產生正的自由現金流，不包括重組，較少依賴行業銷量增長，而在更大程度上依賴我們已經看到並且我們已經採取的行動可以執行。雖然我們認為更快復甦的可能性仍然很大，但我們已決定減少對外部行業因素的依賴來實現我們的預期，並通過降低成本將更多的最終結果置於我們自己的控制之下，從而降低了我們 2023 年業績的風險。

Moving to Slide 18. Now I will walk you through how we expect our 2023 adjusted EBITDA to build toward our 2025 target of greater than $900 million. We remain confident in Sabre's ability to generate this level of adjusted EBITDA in 2025, but we've now developed a different path towards this target, one that includes lower expenses and additional efficiency gains versus the prior path which assumed a stronger industry recovery. We now expect the combined cost savings from our technology transformation and the resource realignment announced today to drive approximately $300 million by 2025. It's important to note that about half of our expected improvement in adjusted EBITDA from 2023 to 2025 is driven by lower costs, which are under our control.

轉到幻燈片 18。現在我將向您介紹我們如何預計 2023 年調整後的 EBITDA 將實現我們 2025 年超過 9 億美元的目標。我們對 Sabre 在 2025 年產生這一水平的調整後 EBITDA 的能力仍然充滿信心，但我們現在已經為實現這一目標制定了一條不同的道路，其中包括更低的費用和額外的效率收益，而不是之前假設行業復甦更強勁的道路。我們現在預計，到 2025 年，我們的技術轉型和資源調整所帶來的綜合成本節約將推動約 3 億美元。值得注意的是，從 2023 年到 2025 年，我們預計調整後 EBITDA 的改善中約有一半是由成本降低推動的，這在我們的控制之下。

We expect our strategic growth initiatives highlighted earlier on today's call to generate approximately $150 million. We expect this $150 million contribution to be driven roughly equally by the following 3 areas: first, Hospitality Solutions revenue growing at double digits and achieving double-digit margins by the end of 2024; second, our GDS expansion strategy continuing to drive above-market growth from increases in share of wallet and competitive wins; and finally, growth from our payments and airline retailing initiatives.

我們預計我們早些時候在今天的電話會議上強調的戰略增長計劃將產生大約 1.5 億美元的收入。我們預計這 1.5 億美元的貢獻將大致由以下 3 個領域驅動：第一，酒店解決方案收入以兩位數增長，到 2024 年底實現兩位數的利潤率；其次，我們的 GDS 擴張戰略繼續通過錢包份額的增加和競爭優勢推動高於市場的增長；最後，來自我們的支付和航空公司零售計劃的增長。

Moving to volume growth. While we remain optimistic about the future trajectory of travel volumes, we are now relying less on the contribution from overall industry volume gains. Our underlying assumption, which we believe is conservative with respect to the targets we are articulating today, is that industry volumes improve approximately 1.5 points per quarter between now and 2025, averaging about a 75% recovery for the full year 2025 and supporting approximately $150 million of P&L improvement.

轉向銷量增長。雖然我們對旅行量的未來軌跡保持樂觀，但我們現在對整體行業流量增長的貢獻的依賴程度有所降低。我們的基本假設是，從現在到 2025 年，行業銷量每季度增長約 1.5 個百分點，2025 年全年平均恢復約 75%，支持約 1.5 億美元損益改善。

As we've noted previously, based on indicators from our airline partners, we are optimistic about the future increases in airline industry volumes. Should industry volumes increase at a faster pace and reach closer to pre-pandemic levels, that would provide meaningful upside to these targets we are presenting today. To help quantify this with the cost structure we are developing, each point of additional volume growth is worth approximately $12 million of adjusted EBITDA, which will flow directly down to free cash flow. Assuming a full recovery would imply up to $300 million of potential upside to our 2025 targets. Collectively, we believe we have developed a durable path toward our 2025 target of $900 million in adjusted EBITDA.

正如我們之前指出的那樣，根據我們航空公司合作夥伴的指標，我們對未來航空業業務量的增長持樂觀態度。如果行業銷量以更快的速度增長並接近大流行前的水平，那將為我們今天提出的這些目標提供有意義的上行空間。為了用我們正在開發的成本結構來幫助量化這一點，每個額外的銷量增長點價值約 1200 萬美元的調整後 EBITDA，這將直接流入自由現金流。假設全面復甦意味著我們 2025 年的目標有高達 3 億美元的潛在上行空間。總的來說，我們相信我們已經為實現 2025 年 9 億美元的調整後 EBITDA 目標開闢了一條持久的道路。

Moving to Slide 19. We believe achieving greater than $900 million in 2025 adjusted EBITDA would establish the base to generate greater than $500 million of free cash flow in 2025. Assuming a similar interest rate environment as today, we expect 2025 cash interest to be less than $350 million. We expect capital expenditures to be between $50 million and $60 million. Collectively, with this level of adjusted EBITDA, cash interest and capital expenditures, we expect to generate greater than $500 million of free cash flow in 2025. Importantly, this will allow Sabre to meaningfully delever the balance sheet.

轉到幻燈片 19。我們認為，在 2025 年實現超過 9 億美元的調整後 EBITDA 將為在 2025 年產生超過 5 億美元的自由現金流奠定基礎。假設利率環境與今天類似，我們預計 2025 年的現金利息會更少超過 3.5 億美元。我們預計資本支出將在 5000 萬至 6000 萬美元之間。總的來說，根據調整後的 EBITDA、現金利息和資本支出水平，我們預計 2025 年將產生超過 5 億美元的自由現金流。重要的是，這將使 Sabre 能夠有意義地去槓桿化資產負債表。

Moving to Slide 20. This slide outlines how we intend to delever our balance sheet and highlight meaningful progress toward that path by 2025 with the target subsequently achieving our 2.5 to 3.5x net debt to adjusted EBITDA levels. As of the end of the first quarter of 2023, our net debt balance was $4.1 billion. Based upon our free cash flow targets, we expect to be able to reduce our net debt balance to be between $3.4 billion and $3.5 billion by the end of 2025. We expect that balance to decline further thereafter as we generate free cash flow and work to reduce debt. With generating greater than $900 million of adjusted EBITDA in 2025, we believe by 2025, our net debt to adjusted EBITDA will approach 3.75x, and we expect to be on a path to reach our target leverage of 2.5 to 3.5x. And with that, I'll hand it back to Kurt.

轉到幻燈片 20。這張幻燈片概述了我們打算如何去槓桿化我們的資產負債表，並強調到 2025 年朝著這條道路取得有意義的進展，目標是隨後實現我們 2.5 至 3.5 倍的淨債務與調整後的 EBITDA 水平。截至 2023 年第一季度末，我們的淨債務餘額為 41 億美元。根據我們的自由現金流目標，我們預計到 2025 年底能夠將我們的淨債務餘額減少到 34 億美元至 35 億美元之間。我們預計此後隨著我們產生自由現金流並努力實現這一目標，該餘額將進一步下降減少債務。我們相信，到 2025 年，我們的調整後 EBITDA 將產生超過 9 億美元的收益，到 2025 年，我們的淨債務與調整後 EBITDA 之比將接近 3.75 倍，我們預計將有望實現 2.5 至 3.5 倍的目標槓桿率。有了這個，我會把它交還給庫爾特。

Thank you, Mike. Before opening the line for your questions, I will provide a few closing remarks. First, we have shared a lot of information with you today about our 2023 expectations, 2025 targets and our durable path to these outcomes. I am confident we have the plans and the leadership in place to help us achieve our goals, and I look forward to keeping you updated on our progress.

謝謝你，邁克。在開始提問之前，我將提供一些結束語。首先，我們今天與您分享了很多關於我們 2023 年的期望、2025 年的目標以及我們實現這些成果的持久途徑的信息。我相信我們有適當的計劃和領導力來幫助我們實現我們的目標，我期待著讓您了解我們的最新進展。

Second, I extend my deep appreciation to Sean Menke for his many years of service at Sabre. We are thankful for his steadfast leadership, especially during unprecedented times and look forward to continuing to partner with him in his capacity as Chair of our Board. I know I speak for the entire Sabre team when I say thank you, Sean. With that, operator, please open the line for questions.

其次，我對肖恩·門克 (Sean Menke) 在 Sabre 的多年服務深表感謝。我們感謝他的堅定領導，尤其是在前所未有的時期，並期待以他作為董事會主席的身份繼續與他合作。我知道當我說謝謝你時，我代表整個 Sabre 團隊，肖恩。有了這個，接線員，請打開問題線路。

(Operator Instructions)

（操作員說明）

And our first question is coming from the line of Josh Baer with Morgan Stanley.

我們的第一個問題來自摩根士丹利的 Josh Baer。

And I appreciate all the detail on the slides. I was hoping you could talk a little bit more about the new or the strategic growth initiatives, and really wondering the confidence in the $150 million contribution to EBITDA in the 2025 targets. Just thinking through the 3 buckets that you mentioned, some rely on some competitive wins and growth initiatives. Like wondering the margin profile there, too, if that's kind of implying like an incremental [$1 billion-plus] revenue opportunity from that strategic growth.

我很欣賞幻燈片上的所有細節。我希望你能多談談新的或戰略增長計劃，並且真的很想知道在 2025 年目標中對 EBITDA 的 1.5 億美元貢獻的信心。想想你提到的 3 個桶，有些依賴於一些競爭性勝利和增長計劃。就像想知道那裡的利潤率情況一樣，如果這有點像從戰略增長中獲得增量 [10 億美元以上] 收入機會。

Josh, thank you. This is Kurt. I appreciate the question. First of all, as we look at the strategic growth -- the growth strategies that we've articulated today, it's important to note that they're all relatively close to our core business. Payments is the most far field. We've hired a payments expert to lead that business. We have the relationship with Mastercard. And that strategy will leverage actually the existing relationships we have both in the TS and HS businesses.

喬希，謝謝你。這是庫爾特。我很欣賞這個問題。首先，當我們審視戰略增長時——我們今天闡述的增長戰略，重要的是要注意它們都與我們的核心業務相對接近。支付是最遠的領域。我們聘請了一位支付專家來領導這項業務。我們與萬事達卡有關係。該戰略實際上將利用我們在 TS 和 HS 業務中的現有關係。

As you look at the growth strategies, GDS market expansion, to your point, is a very high-margin business. Obviously, there is a cost of revenue there is in that part of our business. But we expect great operating leverage with GDS expansion because it requires some additional feet on the street, some additional product investment. But once you win either greater share of wallet or you convert new customers, that business has a great flow-through.

當您審視增長戰略時，就您而言，GDS 市場擴張是一項利潤率非常高的業務。顯然，我們業務的這一部分存在收入成本。但我們預計 GDS 擴張會帶來巨大的運營槓桿，因為它需要更多的腳步，一些額外的產品投資。但是，一旦您贏得了更大的錢包份額或轉化了新客戶，該業務就會產生很大的流量。

As you look at each of the other strategies, there is an investment required to initiate or drive that growth, but they all come with very high operating leverage and very high unit margin because we're not building anything from scratch. For example, if you look at hotel distribution as an opportunity or you look at payments as an opportunity, by extending them and selling them into existing clientele, we're effectively putting more product on the shelf. And we don't need to replicate a lot of the infrastructure that we already have. So our expectation is that overall, the growth strategies actually will come with a higher unit margin than our existing or incumbent business.

當你查看其他每一種策略時，啟動或推動這種增長都需要投資，但它們都具有非常高的運營槓桿和非常高的單位利潤率，因為我們不是從頭開始構建任何東西。例如，如果您將酒店分銷視為一個機會，或者您將支付視為一個機會，通過擴展它們並將其銷售給現有客戶，我們實際上正在將更多產品放在貨架上。而且我們不需要復制很多我們已經擁有的基礎設施。因此，我們的預期是，總體而言，增長戰略實際上將帶來比我們現有或現有業務更高的單位利潤率。

That's really helpful. Second question on NDC. Just wondering, in your 2025 targets, is there any context for what assumption you're making as far as the mix of NDC? And as a follow-up, like what happens to your economics when you facilitate NDC bookings versus traditional?

這真的很有幫助。關於 NDC 的第二個問題。只是想知道，在您的 2025 年目標中，就 NDC 的組合而言，您所做的假設是否有任何背景？作為後續行動，當您促進 NDC 預訂與傳統預訂時，您的經濟會發生什麼變化？

Thanks, Josh. It's important to note that today, NDC as a percentage of intermediary airline distribution, is low single digits overall for the industry as well as for Sabre. As we look forward to 2025, we certainly do expect that NDC will gain additional traction and we have NDC maturing as an expectation within our '25 target profile. I can tell you that commercially there is no one size fits all for NDC. We've negotiated now a number of different agreements. We're in negotiation for a number of others.

謝謝，喬希。重要的是要注意，今天，NDC 作為中間航空公司分銷的百分比，對於整個行業和 Sabre 來說都是低個位數。當我們展望 2025 年時，我們當然希望 NDC 將獲得更多的牽引力，並且我們將 NDC 成熟作為我們 25 年目標概況中的預期。我可以告訴你，在商業上沒有適合所有 NDC 的尺寸。我們現在已經談判了許多不同的協議。我們正在為其他一些人進行談判。

And so what I can tell you is that looking at what we project as the adoption curve, coupled with the financial profile, inclusive of NDC as well as the growth strategies we've articulated, we are confident that you'll see Sabre realize unit margin accretion in the quarters and the years ahead.

所以我可以告訴你的是，看看我們預測的採用曲線，加上財務狀況，包括 NDC 以及我們已經闡明的增長戰略，我們相信你會看到 Sabre 實現單位未來幾個季度和未來幾年的利潤增長。

And our next question coming from the line of Jed Kelly with Oppenheimer.

我們的下一個問題來自 Jed Kelly 與 Oppenheimer 的對話。

Just looking at the updated longer-term targets, the right way to think about it is, it's $900 million of EBITDA with bookings at 75% recovered versus, I guess, the prior guidance that was $900 million of EBITDA at the low end with 80% bookings. Is that correct?

看看更新後的長期目標，正確的思考方式是，它是 9 億美元的 EBITDA，預訂量恢復了 75%，而我猜，之前的指導是 EBITDA 的低端 9 億美元，預訂量恢復了 80% % 預訂。那是對的嗎？

Yes. That's the right way to think about it.

是的。這才是正確的思考方式。

Okay, great. And then just 2 questions. I mean, I know you might not be probably -- Can you kind of give us a path to what '24 looks like? Are we going to have to assume a pretty material step-up in '24 to get to '25? And then historically, I know it was under previous management but I think this is a company that, I count 3x since like 2015, has given medium-term guidance, and it's never hit its profitability guidance on something that came up. So is there any contracts or potential issues that could come up that we should be thinking about that would cause you not to hit this guidance?

好的，太好了。然後只有兩個問題。我的意思是，我知道你可能不會——你能給我們介紹一下 24 年是什麼樣子嗎？我們是否必須假設在 24 年有相當大的進步才能達到 25 年？然後從歷史上看，我知道它是在以前的管理之下，但我認為這是一家公司，我認為自 2015 年以來已經有 3 倍給出了中期指導，而且它從未在出現的事情上達到其盈利能力指導。那麼，是否有任何我們應該考慮的合同或潛在問題會導致您不符合本指南？

Jed, this is Kurt. Thank you. Let me start and I'll hand it over to Mike to go into more detail. With respect to the confidence that we have and the targets that we have provided today, the way we want you to think about this is not that we have a pessimistic view on the rate of market growth that we're going to see going forward. We felt that there was some skepticism about our ability to achieve those targets. What we have provided you is a path where the '23 number we've articulated and the '25 number we've articulated, the vast majority of the step from here to there is within our control. It's the cost actions we're taking, it's the benefits of technology transformation. It's the assumption of a modest market growth of only 1.5 points per quarter sequentially, which given that the industry is still much, much smaller than it was in 2019, we think, is a very conservative assumption.

傑德，這是庫爾特。謝謝。讓我開始吧，我會把它交給 Mike 來詳細介紹。關於我們擁有的信心和我們今天提供的目標，我們希望您思考這個問題的方式並不是我們對未來的市場增長率持悲觀態度。我們感到有人對我們實現這些目標的能力持懷疑態度。我們為您提供的是一條路徑，我們已經闡明了 23 號和 25 號，從這裡到那裡的絕大多數步驟都在我們的控制範圍內。這是我們正在採取的成本行動，這是技術轉型的好處。這是假設市場每季度僅增長 1.5 個百分點，我們認為，鑑於該行業仍然比 2019 年小得多，這是一個非常保守的假設。

And then a realistic view on the opportunity to capitalize on the growth strategies ahead of us. So we have a very high degree of confidence in our ability to deliver these numbers. What we also showed you is that should the market grow at a faster rate of growth, which we actually believe is a probable outcome, there's upside to the targets we provided today, but we wanted you to -- we wanted the targets that we provide to be as hardwired as possible, as durable as possible as Mike articulated. So we feel very good about the path forward and our ability to achieve the numbers we've articulated today.

然後是對利用我們面前的增長戰略的機會的現實看法。因此，我們對我們提供這些數字的能力非常有信心。我們還向您展示的是，如果市場以更快的速度增長，我們實際上相信這是一個可能的結果，那麼我們今天提供的目標會有上升空間，但我們希望您 - 我們想要我們提供的目標盡可能硬連線，盡可能耐用，就像邁克所說的那樣。因此，我們對前進的道路以及我們實現今天所闡明的數字的能力感到非常滿意。

Yes. And so as I think about what are some of the pieces that will bridge from 2023 to 2024, and we're not providing specific 2024 guidance on this call today, but I'll walk you through some pieces that hopefully help. So as you think through the cost actions that we are taking and announcing here today, that we expect to generate $100 million in year in 2023. The annualization of that will generate another $100 million next year, so that would drive a step-up in EBITDA improvement.

是的。因此，當我考慮從 2023 年過渡到 2024 年的一些內容時，我們不會在今天的電話會議上提供具體的 2024 年指導，但我將向您介紹一些希望對您有所幫助的內容。因此，當你仔細考慮我們今天在這裡採取和宣布的成本行動時，我們預計到 2023 年每年將產生 1 億美元。明年每年將產生另外 1 億美元，因此這將推動EBITDA 改善。

The other piece that I would think about is on our tech transformation. We continue to make meaningful progress. As we've talked about, our bubble costs at the inception, we had indicated that it would -- the total cost -- a bubble cost would be, give or take, $400 million. As you look from 2023 to 2024, we do expect some decline in bubble costs to the tune of going from about $100 million to closer to $75 million in 2024. And at the same time, we're going to have a much -- a substantial portion of our hosting volume on Google Cloud. And when you look at the cost of the hosting volume on Google Cloud, it's running about 35% of what it costs to support those volumes pre-tech transformation. So we expect to continue to get benefit there.

我會考慮的另一部分是關於我們的技術轉型。我們繼續取得有意義的進展。正如我們所討論的，我們在開始時的泡沫成本，我們曾表示，總成本——泡沫成本將達到 4 億美元。從 2023 年到 2024 年，我們確實預計泡沫成本會有所下降，到 2024 年將從大約 1 億美元下降到接近 7500 萬美元。與此同時，我們將有很多 - 一個我們在谷歌云上的託管量的很大一部分。當您查看 Google Cloud 上託管卷的成本時，它的運行成本約為支持這些捲進行技術轉型前的成本的 35%。因此，我們希望繼續在那裡受益。

At the same time, we are continuing to see industry volumes increase separate from our own actions. And so we would expect a benefit from industry volume growth. But more importantly, as Kurt has mentioned and emphasized, within our strategic growth initiatives, we would expect those to continue to be meaningful contributors from 2023 to 2024. And that comes from things such as Hospitality Solutions, growth in our GDS business, continued growth in payments. So we would see a meaning -- we would see and expect to see a meaningful step-up from 2023 to 2024 but we're not providing specifics at this time.

與此同時，我們繼續看到行業銷量的增長與我們自己的行動無關。因此，我們預計會從行業銷量增長中受益。但更重要的是，正如 Kurt 提到並強調的那樣，在我們的戰略增長計劃中，我們預計這些將在 2023 年至 2024 年繼續成為有意義的貢獻者。這來自酒店解決方案、我們 GDS 業務的增長、持續增長等在付款中。所以我們會看到一個意義——我們會看到並期望看到從 2023 年到 2024 年有意義的提升，但我們目前沒有提供具體細節。

Got it. And then just overall on the industry, I think capacity this year is probably down, call it, like mid-single digits versus where it was 2019. And there's obviously the distribution bookings are lagging. Is that being entirely driven by just business travel? Or I guess, is there anything that could happen in terms of capacity or business travel that could cause sort of the third-party distribution bookings to sort of accelerate or get closer back to '19 levels? Or is there something structural that's allowing the airlines just to control a lot more of that direct traffic?

知道了。然後就整個行業而言，我認為今年的產能可能會下降，可以稱之為中個位數與 2019 年相比。而且顯然分銷預訂滯後。這完全是由商務旅行驅動的嗎？或者我猜，在容量或商務旅行方面是否會發生任何可能導致某種第三方分銷預訂加速或更接近 19 年水平的事情？或者是否有某種結構允許航空公司控制更多的直接交通？

Yes. What you've seen -- great question, Jed. What you see to date is the portion of the industry that has recovered or grown most quickly is domestic point-to-point leisure-type travel. And that's effectively fully recovered in North America, for example, a little bit slower in some other parts of the world. Where there has been a lag and what constitutes such a significant portion of the GDS part of the industry, is, number one, corporate travel; number two is long-haul international.

是的。你所看到的——好問題，傑德。到目前為止，您看到的行業中恢復或增長最快的部分是國內點對點休閒型旅行。例如，這在北美實際上已經完全恢復，而在世界其他一些地區則要慢一些。存在滯後且構成行業 GDS 部分如此重要部分的是，排名第一的是公司差旅；第二是長途國際航線。

Corporate travel is recovered, if you look at TMC and corporate, about 80% of where it was in 2019, international long haul is south of that number. And so Asia Pacific still has not fully recovered based on the slowness in China, et cetera. And so what we expect going forward is as the industry grows, capacity continues to come back. We believe the opportunity for corporate travel and international long haul to grow at a faster rate than direct distribution should support above-market growth in the GDS sector.

商務旅行已經恢復，如果你看看 TMC 和商務旅行，大約是 2019 年的 80%，國際長途旅行在這個數字的南部。因此，由於中國等地區的放緩，亞太地區仍未完全復甦。因此，我們預計未來隨著行業的發展，產能將繼續回升。我們認為，商務旅行和國際長途旅行有機會以比直接分銷更快的速度增長，這應該會支持 GDS 部門高於市場的增長。

We do not believe that there's been anything structural that has changed, with the exception of those portions I articulated, have recovered relatively more slowly, again, than leisure domestic point-to-point.

我們不認為有任何結構性變化，除了我闡明的那些部分，恢復相對緩慢，再一次，比休閒國內點對點。

Yes. And I think it's important, as we look at what prospective volumes could be, to really look at our airline partners because ultimately, they provide really good signals as to what the direction can and may be. And so for example, if we look at the airline industry today, what we're seeing is historically high airfares that are generally running 20% to 30% above pre-pandemic levels. And at the same time, despite those high airfares, we're seeing record high load factors on planes. And you're hearing the airlines talk about record revenue quarters, and you're hearing our airline partners talk about their desire to significantly add capacity.

是的。而且我認為重要的是，當我們考慮潛在的數量時，真正關注我們的航空公司合作夥伴，因為最終，他們提供了關於方向可以和可能的非常好的信號。例如，如果我們看看今天的航空業，我們看到的是歷史上的高票價，通常比大流行前的水平高出 20% 到 30%。與此同時，儘管機票價格很高，但我們看到飛機上的載客率創歷史新高。你聽到航空公司談論創紀錄的收入季度，你聽到我們的航空公司合作夥伴談論他們希望大幅增加運力。

Now in the short run, capacity has been constrained in the airline space. One, there's been difficulty on the labor side, primarily simply by training pilots quickly enough and identifying and hiring pilots. There were a good wave of retirements during the pandemic. And with the resumption of growth, airlines have been working through that. That's probably going to take them time. At the same time, on the aircraft side, Boeing and Airbus had slowed production during the pandemic and airlines have sat down a lot of planes. Now they're working to both bring those planes back and working with their airline manufacturers to bring on and accelerate deliveries as best they can.

現在在短期內，航空公司空間的運力受到限制。第一，在勞動力方面存在困難，主要是通過足夠快地培訓飛行員以及確定和僱用飛行員。大流行期間有一波很好的退休浪潮。隨著經濟恢復增長，航空公司一直在努力解決這個問題。這可能會花費他們一些時間。與此同時，在飛機方面，波音和空客在大流行期間放慢了生產速度，航空公司已經坐下了很多飛機。現在，他們正在努力將這些飛機帶回來，並與他們的航空公司製造商合作，盡最大努力實現和加速交付。

But capacity has been constrained on the airline side in a significant way and airlines are working through those capacity constraints. And they're signaling that they're going to be able to add strong capacity in coming quarters. And so that gives us optimism in terms of overall volume growth as we would expect a good portion of that to accrue to the GDSs.

但航空公司方面的運力受到了很大的限制，航空公司正在努力克服這些運力限制。他們表示他們將能夠在未來幾個季度增加強大的產能。因此，這讓我們對整體銷量增長持樂觀態度，因為我們預計其中很大一部分將歸功於 GDS。

Yes. And I'll just say, I hope and expect that the rate of GDS marketplace growth is on the higher end of what we provided today, so it's within that dotted line additional opportunity. We believe the hard line we have provided is the very low or conservative end of what may happen.

是的。我只想說，我希望並期望 GDS 市場增長率高於我們今天提供的增長率，因此它在虛線內的額外機會。我們認為我們提供的強硬路線是可能發生的事情的非常低或保守的結局。

And our next question coming from the line of Dan Wasiolek with Morningstar.

我們的下一個問題來自 Dan Wasiolek 與 Morningstar 的合作。

I guess just 1 here. What are you guys hearing from corporations on their travel budgets and plans for the second quarter and I guess the rest of 2023 in the current macro environment? And has there been any shift, I guess, to those budgets and plans versus maybe 3 months ago?

我想這裡只有 1 個。在當前的宏觀環境下，你們從公司那裡聽到了什麼關於他們第二季度的差旅預算和計劃，我想是 2023 年剩餘時間？我想，與 3 個月前相比，這些預算和計劃是否有任何變化？

Thank you. Again, we've seen corporate travel overall is trading at about 80% of where it was pre-pandemic today. We're seeing corporate travel grow on a quarterly basis, similar to the other trend lines I've indicated, which is 1% to 2% quarter-on-quarter seasonally adjusted, and that's been the trend for the past few quarters. We did see that pick up a bit in January and then the growth rate leveled off a bit.

謝謝。同樣，我們看到企業旅行的整體交易量約為今天大流行前的 80%。我們看到公司差旅按季度增長，與我指出的其他趨勢線相似，經季節性調整後的季度環比增長 1% 至 2%，這是過去幾個季度的趨勢。我們確實看到 1 月份有所回升，然後增長率略有下降。

So what we're hearing, and this is a series of anecdotes rather than hard data, is that people are getting back on the road. External travel is happening en masse. Meetings and events are back to normal. And actually, the amount of internal corporate travel is probably greater, given the work-from-anywhere dynamic in many corporations. I know there was a question last quarter, and there's a theme of well, there are layoffs in certain sectors, for example, tech. Will that impinge travel? If you use employment as a proxy and you look at the size of the tech firms, most of them actually grew their employment dramatically from 2019 to 2022. And even with the reductions that they've put in, they still have many more employees today than they did back in 2019, presuming that they still are engaged in commerce and seeing each other. We're actually quite bullish on the long-term trends for the corporate travel sector.

所以我們聽到的是，這是一系列軼事而不是硬數據，人們正在重新上路。外部旅行正在大量發生。會議和活動恢復正常。實際上，考慮到許多公司的隨處工作動態，內部公司差旅的數量可能更多。我知道上個季度有一個問題，主題是，某些行業裁員，例如科技。這會影響旅行嗎？如果你用就業作為替代指標，看看科技公司的規模，他們中的大多數實際上在 2019 年到 2022 年期間大幅增加了就業。即使他們進行了裁員，他們今天仍然擁有更多的員工比他們在 2019 年所做的要好，假設他們仍在從事商業活動並會見對方。我們實際上非常看好商務旅行行業的長期趨勢。

So overall, I think we hear good signs. Again, we're not going to prognosticate whether the rate of growth is going to continue to be 1% to 2% or accelerate to be 4% per quarter, for example. But we believe there's a lot of growth upside in corporate travel for the long term.

所以總的來說，我認為我們聽到了好的跡象。同樣，我們不會預測增長率是否會繼續保持在每季度 1% 至 2% 或加速至每季度 4%，例如。但我們相信，從長遠來看，商務旅行有很大的增長空間。

(Operator Instructions) Our next question is coming from the line of Victor Cheng with 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. Maybe first of all, on Slide 8 where you showed share gains with the top 25 agencies. How much of that is driven by faster recovery from -- due to Sabre's mix, maybe be it by region or by corporate versus leisure? And maybe if you can provide us some more color on what you're seeing in Q2 bookings year-to-date? And then I have some more follow-ups.

一對，如果可以的話。也許首先，在幻燈片 8 中，您展示了前 25 家機構的份額增長。其中有多少是由更快的恢復驅動的——由於 Sabre 的混合，可能是按地區還是按企業與休閒？也許你能為我們提供更多關於今年第二季度預訂情況的信息嗎？然後我還有一些後續行動。

Victor, thank you. This is Kurt. On share gains, what we're seeing is a combination of improved share of wallet with our existing clientele as well as the conversion of new wins. And so there's a good degree of that, which is the improvement in same-store sales. What I can tell you is that we're seeing that performance pretty universally, both geographically and by market segment. In Q2, what we've seen is a similar trend to what we saw in the first quarter, which is GDS market growth up between 1% and 2% over Q1, which is a similar trend to what we've seen in the past 2 quarters.

維克多，謝謝你。這是庫爾特。在份額收益方面，我們看到的是我們現有客戶的錢包份額增加以及新勝利的轉化。因此，在很大程度上，這是同店銷售額的改善。我可以告訴你的是，我們看到這種表現非常普遍，無論是在地理上還是在細分市場上。在第二季度，我們看到的趨勢與第一季度相似，即 GDS 市場比第一季度增長 1% 至 2%，這與我們過去看到的趨勢相似2 個季度。

That's very clear. And maybe 2 more on NDC. I know you've talked about NDC unit economics earlier. But overall, what we're hearing is, I know it doesn't 1 -- there is no one size fits all, but overall, what we're hearing is NDC booking fees are generally lower when we compare to the EDIFACT channels. I'm not sure if you can provide some more color on that. And then can you talk a bit specifically about maybe the American move to NDC in Q2? Should we expect some impact from there?

這很清楚。 NDC 上可能還有 2 個。我知道你之前談到過 NDC 單位經濟學。但總的來說，我們聽到的是，我知道它不是 1 -- 沒有一種尺寸適合所有情況，但總的來說，我們聽到的是，與 EDIFACT 渠道相比，NDC 預訂費用通常較低。我不確定您是否可以提供更多顏色。然後你能具體談談美國在第二季度轉向 NDC 嗎？我們應該期待從那裡產生一些影響嗎？

Thanks, Victor. First of all, on economics for NDC, as I've stated here and previously, the economics are discrete carrier by carrier. There is no one size fits all. We have agreements where the economics are neutral between EDIFACT and NDC and where they're different between EDIFACT and NDC. As I indicated earlier, with the increased adoption, we do expect in forward years of NDC, coupled with the growth strategies we've articulated, we expect to be unit margin positive in the future.

謝謝，維克多。首先，關於 NDC 的經濟學，正如我在這里和之前所說的那樣，經濟學是逐個運營商的。沒有一種尺寸適合所有人。我們有協議，其中 EDIFACT 和 NDC 之間的經濟效益是中性的，而 EDIFACT 和 NDC 之間的經濟效益是不同的。正如我之前指出的那樣，隨著採用率的提高，我們確實預計在 NDC 的未來幾年，再加上我們已經闡明的增長戰略，我們預計未來的單位利潤率將是正的。

With respect to American, we successfully launched NDC with American in early April. It was a big accomplishment for the both of us. And I would tell you that American views it as a very successful launch, just driven by their public and their private comments. And the relationship between American and Sabre has never been in a better place.

美國航空方面，4月初我們與美國航空成功推出了NDC。這對我們倆來說都是一項巨大的成就。我會告訴你，美國人認為這是一次非常成功的發射，只是受到他們公開和私人評論的推動。 American 和 Sabre 之間的關係從未如此好過。

And our next question coming from the line of Alex Irving with Bernstein.

我們的下一個問題來自 Alex Irving 和 Bernstein 的對話。

Two if I may, please. First, on the cost restructuring. Could you please provide some detail on which functions you're planning to reduce spending on and how we can gain confidence that, that won't impair the ability of the business to compete? My second question is a follow-up on the last question regarding the booking flow following the partial content withdrawal from EDIFACT by American in Q2. How do your own bookings look with American sort of quarter to date, please, if you can share that?

如果可以，請給我兩份。第一，關於成本結構調整。您能否提供一些詳細信息，說明您計劃減少哪些功能的支出，以及我們如何獲得信心，這不會損害企業的競爭能力？我的第二個問題是關於第二季度美國從 EDIFACT 撤回部分內容後預訂流程的最後一個問題的後續問題。如果你能分享一下，你自己的預訂如何看待美國季度迄今為止的情況？

Yes. Let me take a bit of this and then give it to Mike. On the restructuring question, first of all, I want to share, we're very proud of the history of Sabre and who we've been and what we've done in the marketplace. What we did is as we sat down as a management team is we look forward at where the business is today, the state of the marketplace and what we believe the opportunities are to bring value to our customers and new customers around the world. And so what we've done is design the organization and the resource pool against that set of opportunities that we see in front of us. So with that, let me let Mike talk in a bit more detail about what we're doing there.

是的。讓我拿一點這個然後給邁克。關於重組問題，首先，我想分享一下，我們為 Sabre 的歷史以及我們曾經做過的人以及我們在市場上所做的事情感到非常自豪。當我們作為一個管理團隊坐下來時，我們所做的是展望當今的業務狀況、市場狀況以及我們認為可以為我們的客戶和全球新客戶帶來價值的機會。因此，我們所做的是根據我們在我們面前看到的那組機會來設計組織和資源庫。因此，讓我讓邁克更詳細地談談我們在那裡所做的事情。

Sure. So as we approached our resource realignment, there's a couple of things that we prioritized within that to really drive our business going forward: so first, ensuring that we are resourcing, in the very best way possible, our tech transformation; second, ensuring and supporting the growth initiatives that we've outlined today; and third, supporting our customer commitments.

當然。因此，當我們進行資源調整時，我們在其中優先考慮了幾件事，以真正推動我們的業務向前發展：首先，確保我們以盡可能最好的方式為我們的技術轉型提供資源；第二，確保和支持我們今天概述的增長計劃；第三，支持我們對客戶的承諾。

Now with that, as we looked at the rest of the organization, with those areas really being areas of focus, we went through our org and looked at what is the right org design for what we want as we move forward? We evaluated things like spans and layers and how much resources we're applying to various aspects of our business. We evaluated our real estate footprint. And so all of those were targeted to really develop a lower fixed cost structure that is more efficient, but at the same time, focusing the resources we have on that, which is going to drive revenue, that which is going to drive EBITDA and ultimately growth for our business.

現在，當我們審視組織的其他部分時，這些領域確實是重點領域，我們審視了我們的組織，看看在我們前進的過程中，什麼是我們想要的正確組織設計？我們評估了諸如跨度和層次之類的東西，以及我們在業務的各個方面應用了多少資源。我們評估了我們的房地產足跡。因此，所有這些都是為了真正開發一個更高效、更低的固定成本結構，但與此同時，將我們擁有的資源集中於此，這將推動收入，這將推動 EBITDA 並最終為我們的業務增長。

And with respect to American NDC, let me reiterate without speaking about the details of any specific customer, NDC remains a low single-digit percentage of airline intermediary bookings. That's true for the industry as well as for Sabre. We've had a very successful launch with American, and we've seen nothing structural change in the nature of the marketplace with that or other NDC launches.

關於美國 NDC，讓我重申一下，但不談任何特定客戶的細節，NDC 在航空公司中介預訂中所佔的百分比仍然很低。對於行業和 Sabre 來說都是如此。我們與美國航空的合作非常成功，我們沒有看到市場性質因該次或其他 NDC 發布而發生任何結構性變化。

I'm seeing no further questions in queue at this time. I will now turn the call back over to Mr. Ekert for any closing remarks.

我現在沒有看到隊列中有其他問題。我現在將把電話轉回埃克特先生，聽取任何結束語。

Thank you again for joining us this morning. We appreciate all of your interest in Sabre and look forward to speaking with you again soon. That completes today's call.

再次感謝您今天早上加入我們。我們感謝您對 Sabre 的所有關注，並期待很快再次與您交談。今天的電話會議到此結束。

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。