Sabre Corp (SABR) 2020 Q4 法說會逐字稿

Good morning, and welcome to the Sabre Full Year Fourth Quarter 2020 Earnings Conference Call. My name is Josh, and I'll be your operator. As a reminder, please note, today's call is being recorded.

早上好，歡迎來到 Sabre 2020 年第四季度全年收益電話會議。我叫喬什，我是你的接線員。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 Vice President of Investor Relations, Kevin Crissey. Please go ahead, sir.

我現在將把電話轉給投資者關係副總裁 Kevin Crissey。請繼續，先生。

Thanks, Josh, and good morning, everyone. Thank you for joining us for our full year and fourth quarter 2020 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，喬希，大家早上好。感謝您加入我們的 2020 年全年和第四季度財報電話會議。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 trends, expected advancements, cost savings 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 Form 10-Q filed on November 6, 2020, and our 2019 Form 10-K.

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、行業趨勢、預期進步、成本節約和流動性等。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。關於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，包括我們於 2020 年 11 月 6 日提交的 10-Q 表格和 2019 年的 10-K 表格。

Throughout today's call, we will also be presenting certain non-GAAP financial measures. All references during today's call to EBITDA, operating loss and EPS 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 EBITDA、營業虧損和每股收益的所有參考均已調整，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 Chief Executive Officer; and Doug Barnett, our Chief Financial Officer; Dave Shirk, our President of Travel Solutions; and Scott Wilson, our President of Hospitality Solutions, will be available for Q&A after the prepared remarks.

與我一起參加的是我們的首席執行官 Sean Menke；和我們的首席財務官 Doug Barnett；我們的旅行解決方案總裁 Dave Shirk；我們的酒店解決方案總裁 Scott Wilson 將在準備好的發言後進行問答。

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

有了這個，我會把電話轉給肖恩。

Thanks, Kevin. Good morning, everyone, and thank you for joining us today. Before we get into the details of the fourth quarter, I'd like to reflect briefly on what has been an extraordinary year. In light of the COVID-19 pandemic, 2020 presented the greatest challenges ever faced by the travel industry, with both air and hotel bookings down more than we have seen in any prior year. Against that backdrop, I couldn't be prouder of how many -- of my Sabre team members around the world, how they responded. They provided exceptional service for our customers and advanced our technology transformation while managing the personal challenges of the pandemic, including operating in a remote work environment. I thank them sincerely for their dedication.

謝謝，凱文。大家早上好，感謝您今天加入我們。在我們進入第四季度的細節之前，我想簡要回顧一下不平凡的一年。鑑於 COVID-19 大流行，2020 年給旅遊業帶來了有史以來最大的挑戰，航空和酒店預訂量的下降幅度超過以往任何一年。在這種背景下，我為全世界有多少 Sabre 團隊成員以及他們的反應感到無比自豪。他們為我們的客戶提供了卓越的服務，並推動了我們的技術轉型，同時應對了大流行帶來的個人挑戰，包括在遠程工作環境中運營。我衷心感謝他們的奉獻精神。

As the impact of the COVID-19 virus spread, we took quick and decisive actions to improve our financial position. We reduced our go-forward annual cost by approximately $200 million. This represents a 5% point improvement in EBITDA margin versus 2019, all else equal. Our cost-saving actions included a labor expense reduction of about $175 million per year. We also renegotiated our DXC contract to lower our fixed cost and are consolidating our real estate footprints as we move to a more flexible Work From Anywhere program. Finally, we added liquidity, extended our debt maturities and ended the year with a cash balance of $1.5 billion.

隨著 COVID-19 病毒的影響蔓延，我們採取了迅速果斷的行動來改善我們的財務狀況。我們將未來的年度成本降低了大約 2 億美元。在其他條件相同的情況下，這表示 EBITDA 利潤率與 2019 年相比提高了 5%。我們的成本節約措施包括每年減少約 1.75 億美元的人工費用。我們還重新談判了我們的 DXC 合同，以降低我們的固定成本，並在我們轉向更靈活的 Work From Anywhere 計劃時鞏固我們的房地產足跡。最後，我們增加了流動性，延長了債務期限，並以 15 億美元的現金餘額結束了這一年。

Despite the challenges that 2020 presented, the year also included major advancements in our technology transformation and modernization. We migrated over 250 applications to the cloud and reduced our legacy technology infrastructure. We announced our strategic Google partnership, build out -- build our air shopping environment in Google Cloud and executed on the innovation framework we have in place with the announcement of Sabre Travel AI. We are confidently moving ahead with our technology transformation journey and expect the move to Google Cloud plus our renegotiated DXC contract to reduce our operating cost by more than $100 million per year starting in 2024. Inclusive of our labor reduction, this results in expectations for total cost savings of $275 million starting in 2024, representing a 7-percentage point improvement in EBITDA margin versus 2019, all else equal.

儘管 2020 年充滿挑戰，但我們在技術轉型和現代化方面也取得了重大進展。我們將 250 多個應用程序遷移到雲端並減少了我們的遺留技術基礎設施。我們宣布了我們與穀歌的戰略合作夥伴關係，在谷歌云中構建我們的空中購物環境，並在我們通過發布 Sabre Travel AI 建立的創新框架上執行。我們滿懷信心地推進我們的技術轉型之旅，並預計從 2024 年開始，遷移到 Google Cloud 加上我們重新談判的 DXC 合同將使我們的運營成本每年減少超過 1 億美元。包括我們的勞動力減少，這導致我們對總成本的預期從 2024 年開始節省 2.75 億美元的成本，在其他條件相同的情況下，EBITDA 利潤率比 2019 年提高 7 個百分點。

We also signed key commercial wins and renewals in 2020 for our airline and hotel IT and distribution capabilities. We extended distribution agreements with some of our largest airline customers and recently announced important new distribution agreements with Southwest Airlines and Lufthansa Group. We also announced new competitive wins in IT Solutions for reservations and expanded into the low-cost carrier space. And today, I am pleased to announce we signed 2 new enterprise-level hospitality wins with Louvre Hotel Group and All-Inclusive by Marriott International.

我們還在 2020 年就我們的航空公司和酒店 IT 和分銷能力簽署了重要的商業合同和續約合同。我們延長了與一些最大的航空公司客戶的分銷協議，並且最近宣布了與西南航空公司和漢莎航空集團的重要新分銷協議。我們還宣布了在預訂 IT 解決方案方面的新競爭勝利，並擴展到低成本航空公司領域。今天，我很高興地宣布，我們與 Louvre Hotel Group 和 All-Inclusive by Marriott International 簽署了兩項新的企業級酒店服務合同。

We believe that after the effects of the COVID-19 pandemic recede, we will be ready with a more profitable cost structure, strong customer engagement and innovations that advance the future of travel.

我們相信，在 COVID-19 大流行的影響消退後，我們將準備好採用更有利可圖的成本結構、強大的客戶參與度和創新來推動旅行的未來。

Turning to slide 5, industry air net bookings saw a sequential improvement in the fourth quarter compared to the third quarter. In October, GDS industry net air bookings were down 81%, November was down 79% and December down 77%. Every region showed improvement quarter-over-quarter. Latin America led the way with an 18-percentage point sequential improvement. Our largest region, North America, improved 8 percentage points quarter-over-quarter. In the month of January, the pace of improvement slowed due to a resurgence in COVID-19 cases, lockdowns and increased travel restrictions. However, daily average booking trends through mid-February are tracking higher than January results and are back in line with 2020 exit levels. North America specifically is tracking better than January and ahead of booking levels at the end of 2020.

轉到幻燈片 5，與第三季度相比，第四季度行業航空淨預訂量環比有所改善。 10 月份，GDS 行業淨航空預訂量下降了 81%，11 月份下降了 79%，12 月份下降了 77%。每個地區都比上一季度有所改善。拉丁美洲以 18 個百分點的環比增長領先。我們最大的地區，北美，環比提高了 8 個百分點。在 1 月份，由於 COVID-19 病例捲土重來、封鎖和旅行限制增加，改善步伐放緩。然而，截至 2 月中旬的每日平均預訂趨勢高於 1 月的結果，並回到了 2020 年的退出水平。特別是北美的跟踪情況好於 1 月，並超過了 2020 年底的預訂水平。

On slide 6, you can see this effect more clearly using weekly data by region. Slight positive trends in North America are reflected, whereas we have seen declines in EMEA and Latin America. The Latin American decline is on the heels of strong recovery through November.

在幻燈片 6 中，您可以使用按地區劃分的每週數據更清楚地看到這種效果。反映了北美的輕微積極趨勢，而我們看到歐洲、中東和非洲和拉丁美洲出現下滑。拉丁美洲的下滑是在 11 月份強勁復甦之後發生的。

On slide 7, we show Sabre volume metrics for air gross bookings, passengers boarded and hotel gross CRS transactions. You can see the hotel CRS transactions have trended in a positive direction since the beginning of the year.

在幻燈片 7 上，我們展示了航空總預訂量、登機乘客和酒店總 CRS 交易的 Sabre 量指標。您可以看到自年初以來，酒店 CRS 交易一直在朝著積極的方向發展。

Turning to slide 8. Hotel transactions are showing pronounced regional differences. This effect started late in the third quarter and has increased. Similar to trends we have seen in airline bookings, the EMEA region has been hardest hit, but Latin America continues to show steady improvement.

轉到幻燈片 8。酒店交易顯示出明顯的地區差異。這種影響在第三季度末開始，並且有所增加。與我們在航空公司預訂方面看到的趨勢類似，歐洲、中東和非洲地區受到的打擊最為嚴重，但拉丁美洲繼續呈現出穩步改善的趨勢。

Turning to Slide 9. Let me give you some insight into how we view the travel recovery. Although we believe it is prudent to plan our business conservatively given the current bookings environment, we firmly believe there is pent-up demand for travel. As travelers gain confidence we expect they will return to the skies. We saw this play out during the summer last year in the US, when booking trends improved as domestic leisure demand picked up. As new COVID-19 cases spiked in the winter, we saw a corresponding decline in travel volumes, albeit not to the same magnitude. With the rate of new COVID-19 beginning to drop again in late January, we have seen bookings recently start to tick back up.

轉到幻燈片 9。讓我向您介紹一下我們如何看待旅行恢復。儘管我們認為在當前的預訂環境下保守地規劃我們的業務是審慎的做法，但我們堅信存在被壓抑的旅行需求。隨著旅行者獲得信心，我們預計他們將重返天空。去年夏天，我們在美國看到了這種情況，當時隨著國內休閒需求的回升，預訂趨勢有所改善。隨著新的 COVID-19 病例在冬季激增，我們看到旅行量相應下降，儘管幅度不同。隨著新 COVID-19 的發生率在 1 月下旬開始再次下降，我們看到預訂最近開始回升。

Also as seen during the summer last year in the US, hotel bookings were the first to recover. We believe this demonstrates that although some travelers may not be ready yet to board a flight they are willing to drive to their destinations. We expect further increases in traveler confidence to come from COVID-19 vaccination and testing. As of last week, roughly 10% of the US population has received at least one dose of a COVID-19 vaccine. The US is administering about 1.5 million shots per day, and at this current pace, it is projected that roughly half of the US population would have received at least one dose by mid-June. This appears consistent with what we are hearing from some US airline executives, who expect domestic demand may begin to pick up by the second half of 2021.

同樣，正如去年夏天在美國看到的那樣，酒店預訂率是最先恢復的。我們認為這表明，儘管一些旅客可能還沒有準備好登機，但他們願意開車前往目的地。我們預計 COVID-19 疫苗接種和檢測會進一步增強旅行者的信心。截至上週，大約 10% 的美國人口已接種至少一劑 COVID-19 疫苗。美國每天注射約 150 萬針疫苗，按照目前的速度，預計到 6 月中旬，大約一半的美國人口將至少接種一劑疫苗。這似乎與我們從一些美國航空公司高管那裡聽到的一致，他們預計國內需求可能會在 2021 年下半年開始回升。

We expect Europe to recover more slowly due to greater fragmentation and tighter travel restrictions. Fortunately, North America is our biggest footprint. In 2019, 55% of our GDS bookings were North America-based and we have renewed deals with our largest customers in the region and recently signed a new distribution agreement with Southwest. We believe that business travel recovery will be slower than leisure. And when it does, we believe domestic business will precede long-haul international. Our strong relationships with TMCs, and our 80% share of their North American business, should help us be an early beneficiary when business travel resumes.

由於更加分散和更嚴格的旅行限制，我們預計歐洲的複蘇將更加緩慢。幸運的是，北美是我們最大的足跡。 2019 年，我們 55% 的 GDS 預訂來自北美，我們與該地區最大的客戶續簽了交易，最近還與西南航空簽署了新的分銷協議。我們認為商務旅行的複蘇將慢於休閒。屆時，我們相信國內業務將領先於長途國際業務。我們與 TMC 的牢固關係，以及我們在其北美業務中 80% 的份額，應該有助於我們在商務旅行恢復時成為早期受益者。

On the IT Solutions side, we have long-term reservations deals with many of the largest North American airlines. Although business travel may be relatively slower to recover, we believe these carriers will do well on the leisure side in the second half of 2021. In Hospitality Solutions, 45% of our 2019 bookings were North American-based. Therefore, we also expect our Hospitality business to benefit should North America lead the recovery.

在 IT 解決方案方面，我們與許多北美最大的航空公司簽訂了長期預訂協議。儘管商務旅行的恢復可能相對較慢，但我們相信這些承運人在 2021 年下半年在休閒方面會做得很好。在酒店解決方案方面，我們 2019 年 45% 的預訂來自北美。因此，如果北美引領復甦，我們也預計我們的酒店業務將從中受益。

Turning to Slide 10. From a commercial standpoint, we also feel well-poised for a travel recovery. We have reached new or extended distribution agreements with airlines around the world to support their recovery, including Southwest and Lufthansa Group. As a result, with the exception of Air India, we have successfully completed distribution deals with all of the outstanding significant carriers.

轉到幻燈片 10。從商業角度來看，我們也為旅行複蘇做好了準備。我們已與世界各地的航空公司達成新的或擴展的分銷協議，以支持他們的複蘇，其中包括西南航空和漢莎航空集團。因此，除印度航空外，我們已成功完成與所有傑出的重要航空公司的分銷交易。

On the IT Solutions side, we have taken steps to secure our book of business and recently signed large reservations renewals with carriers like WestJet and Lion Air, and we feel confident in our current pursuits of new business.

在 IT 解決方案方面，我們已採取措施保護我們的業務，並且最近與西捷航空和獅航等航空公司簽署了大額預訂續簽協議，我們對目前的新業務充滿信心。

This was all capped with new enterprise Central Reservations deals with Louvre Hotel Group and All-Inclusive by Marriott International in Hospitality Solutions. These are data points that support the increased level of activity associated with third-party providers in the hospitality space. In total, we signed over 2,100 deals in the fourth quarter with airlines, hoteliers and agencies. This includes key new wins and renewals with some of our largest customers, and depicted by the logos on this slide. As we look at 2021, in spite of the impact of COVID-19, we believe we have a healthy pipeline and ability to capture new opportunities.

這一切都以新的企業 Central Reservations 與 Louvre Hotel Group 和 All-Inclusive by Marriott International 在 Hospitality Solutions 的交易為上限。這些數據點支持與酒店領域第三方供應商相關的活動水平的提高。總的來說，我們在第四季度與航空公司、酒店經營者和代理機構簽署了超過 2,100 筆交易。這包括與我們一些最大客戶的重要新勝利和續約，並由本幻燈片上的徽標描述。展望 2021 年，儘管受到 COVID-19 的影響，我們相信我們擁有健康的管道和抓住新機會的能力。

Turning to slide 11. I’d like to revisit a slide we first presented last year at this time, before the impact of COVID-19 had fully globalized. We outlined 5 strategic initiatives that are enabling Sabre to seize opportunities created by emerging travel trends and increased shareholder value. Let me take a few minutes to update you on the commercial activity that demonstrates our progress against these initiatives.

轉到幻燈片 11。我想重溫一下我們去年這個時候首次展示的幻燈片，當時 COVID-19 的影響還沒有完全全球化。我們概述了 5 項戰略舉措，這些舉措使 Sabre 能夠抓住新興旅遊趨勢和增加股東價值所創造的機會。讓我花幾分鐘時間向您介紹表明我們在這些舉措方面取得進展的商業活動的最新情況。

First, I'd like to talk about personalized offers. We've already started conversations with key customers regarding our Sabre Smart Retail Engine and Dynamic Availability products. The recently announced SabreSonic renewal with WestJet also includes an expansion into our Dynamic Availability, Digital Connect and Intelligence Exchange solutions. Additionally, we are currently deploying an ancillary dynamic pricing engine using machine learning for Etihad and implemented Intelligence Exchange, ancillaries at check-in and auto check-in with them. Finally, we are growing our share in the Revenue Optimizer space, with recent go-lives at several carriers including JetBlue and Gulf Air.

首先，我想談談個性化優惠。我們已經開始與主要客戶就我們的 Sabre Smart Retail Engine 和 Dynamic Availability 產品進行對話。最近宣布與西捷航空續約的 SabreSonic 還包括對我們的動態可用性、數字連接和智能交換解決方案的擴展。此外，我們目前正在為阿提哈德部署一個使用機器學習的輔助動態定價引擎，並與他們一起實施智能交換、登機輔助和自動登機。最後，我們正在擴大我們在 Revenue Optimizer 領域的份額，最近在包括 JetBlue 和 Gulf Air 在內的幾家航空公司上線。

Second, the future of distribution and NDC. Our GDS is attracting new content and functionality with carriers seeking to penetrate the TMC market. In December, we extended and expanded our GDS distribution partnership with Southwest Airlines to a new full participation agreement. We also reached a groundbreaking agreement with Lufthansa Group that not only included their content through traditional GDS connectivity, but also enables content via NDC. This flexible agreement fits a post-pandemic world and shows the progress we have made with NDC. We achieved IATA Level 4 certification as an NDC aggregator and have 4 NDC partners now in production. This is all in addition to extending our GDS agreements with some of our largest customers, including American and United Airlines.

第二，分銷和NDC的未來。我們的 GDS 正在吸引尋求滲透 TMC 市場的運營商的新內容和功能。 12 月，我們將與西南航空公司的 GDS 分銷合作夥伴關係擴展並擴展為新的全面參與協議。我們還與 Lufthansa Group 達成了一項開創性的協議，不僅通過傳統的 GDS 連接包括他們的內容，而且還通過 NDC 啟用內容。這一靈活的協議適合大流行後的世界，並展示了我們在 NDC 方面取得的進展。作為 NDC 聚合器，我們獲得了 IATA 4 級認證，現在有 4 個 NDC 合作夥伴正在生產中。這一切都是為了擴展我們與一些最大客戶（包括美國航空公司和美國聯合航空公司）的 GDS 協議。

Third, low cost carrier growth. Our acquisition of Radixx has helped us specifically target the faster growing, low cost carrier space. In addition to the new LCC reservations customer wins discussed on prior calls, this quarter we added another competitive win with Air Moldova. We've been investing in Radixx to expand its capabilities, including the development of outbound interlining and codesharing, and we believe we can continue to expand our sales opportunities with an even more competitive offering. This is particularly important as we navigate through COVID-19, as we expect the leisure segment to lead the recovery.

第三，低成本航空公司的增長。我們對 Radixx 的收購幫助我們專門針對增長更快、成本更低的運營商領域。除了先前電話中討論的新 LCC 預訂客戶獲勝外，本季度我們還增加了與摩爾多瓦航空公司的競爭性勝利。我們一直在投資 Radixx 以擴展其能力，包括出境聯運和代碼共享的開發，我們相信我們可以通過更具競爭力的產品繼續擴大我們的銷售機會。這在我們應對 COVID-19 時尤為重要，因為我們預計休閒部門將引領復甦。

Fourth, a full-service hotel property management. This initiative is the one that has been most directly impacted by COVID-19, since our plans to develop a full-service PMS with Accor have been put on hold in response to the pandemic. However, in addition to addressing the full service property management needs of hoteliers, we remain focused on growing our CRS business. In 2020, we stayed engaged with several enterprise hotelier pursuits. As mentioned we have signed not 1, but 2, new enterprise wins with Louvre Hotels, Europe’s second largest enterprise hotel group, and All-Inclusive by Marriott International. Together, they represent over 1,600 hotel properties across 54 countries, with the majority coming from Louvre.

四是全方位服務的酒店物業管理。該計劃是受 COVID-19 影響最直接的計劃，因為我們與 Accor 合作開發全方位服務 PMS 的計劃已被擱置，以應對這一流行病。然而，除了滿足酒店經營者的全方位服務物業管理需求外，我們仍專注於發展我們的 CRS 業務。 2020 年，我們繼續參與多項企業酒店經營活動。如前所述，我們與歐洲第二大企業酒店集團 Louvre Hotels 和 All-Inclusive by Marriott International 簽署的不是 1 家，而是 2 家新企業。它們共同代表了 54 個國家/地區的 1,600 多家酒店，其中大部分來自盧浮宮。

More hoteliers are turning to Sabre to broaden their distribution and reach with our SynXis CRS and to drive incremental revenue opportunities by delivering personalized offers with our SynXis intelligent retailing capabilities.

越來越多的酒店經營者轉向 Sabre，以通過我們的 SynXis CRS 擴大他們的分銷和覆蓋範圍，並通過我們的 SynXis 智能零售功能提供個性化服務來推動增加收入的機會。

Finally, our technology transformation. In 2020, as mentioned, we migrated over 250 production applications to the public cloud, eliminated over 2,500 legacy servers and Decommissioned all Sabre-managed data centers outside of the United States. We completed mainframe offloads and successfully migrated clients across security, inventory, reservations ticketing and payment solutions capabilities. This includes our new agency session management and security product that we talked about last year. We implemented our first Google Cloud Platform development and certification environments in multiple regions across the United States and Europe, including one with incredibly low latency to our current infrastructure in Tulsa, Oklahoma. We also built out development, certification and production environments in the Google Cloud platform for air shopping.

最後，我們的技術改造。如前所述，在 2020 年，我們將 250 多個生產應用程序遷移到公共雲，淘汰了 2,500 多個遺留服務器，並停用了美國以外所有由 Sabre 管理的數據中心。我們完成了大型機卸載並成功遷移了客戶的安全、庫存、預訂票務和支付解決方案功能。這包括我們去年談到的新代理會話管理和安全產品。我們在美國和歐洲的多個地區實施了我們的第一個 Google Cloud Platform 開發和認證環境，其中包括一個對我們目前在俄克拉荷馬州塔爾薩的基礎設施具有極低延遲的環境。我們還在空中購物的谷歌云平台中搭建了開發、認證和生產環境。

We have 3 key tech transformation milestones for 2021: First, we plan to move at least 15% of our mid-range workloads to the Google Cloud Platform. Second, our first production application, Travel Solutions Air Shopping, is planned to go live in production in the Google Cloud Platform in the first part of 2021. We believe running our future air shopping growth on GCP is important in a post-COVID-19 recovery because of its scalability and cost-efficiency.

我們在 2021 年有 3 個關鍵的技術轉型里程碑：首先，我們計劃將至少 15% 的中端工作負載轉移到谷歌云平台。其次，我們的第一個生產應用程序 Travel Solutions Air Shopping 計劃於 2021 年上半年在 Google Cloud Platform 上投入生產。我們認為在 GCP 上運行我們未來的空中購物增長對於後 COVID-19 非常重要恢復，因為它的可擴展性和成本效益。

And third, we expect Hospitality Solutions CRS to also go live in production in Google Cloud this year with a global, multi-location footprint.

第三，我們預計 Hospitality Solutions CRS 今年也將在谷歌云中投入生產，覆蓋全球、多地點。

In summary, we believe the progress with our strategic initiatives and our commercial successes position us well for the other side of the current crisis. We strengthened our financial position, which enabled us to continue to make critical technology investments including our strategic partnership with Google. We believe we are entering an era of competitive strength, with our product and commercial teams working together to create innovative, new products more efficiently. In 2021, we will continue this important work. As the travel environment rebounds, we will be ready.

總而言之，我們相信我們的戰略舉措取得的進展和我們的商業成功使我們能夠很好地應對當前危機的另一面。我們加強了財務狀況，這使我們能夠繼續進行關鍵技術投資，包括我們與穀歌的戰略合作夥伴關係。我們相信我們正在進入一個競爭優勢時代，我們的產品和商業團隊將共同努力，更有效地創造創新的新產品。 2021 年，我們將繼續這項重要工作。隨著旅行環境的回暖，我們將做好準備。

And with that, I'd like to turn the call over to Doug. Doug?

有了這個，我想把電話轉給道格。道格？

Thanks, Sean, and good morning, everyone. As expected, the impact of the COVID-19 pandemic significantly and negatively impacted our results in Q4. Revenue was down 67% in the quarter, totaling $314 million versus $941 million last year. We've described how 15% of our revenue, or approximately $150 million per quarter, is not tied to travel volumes. This remains the case. Because our net bookings have remained positive and continued to improve versus the second and third quarter, our revenue surpassed this figure and has continued to sequentially improve.

謝謝，肖恩，大家早上好。正如預期的那樣，COVID-19 大流行的影響對我們第四季度的業績產生了重大負面影響。本季度收入下降 67%，總計 3.14 億美元，而去年同期為 9.41 億美元。我們已經描述了我們 15% 的收入（即每季度約 1.5 億美元）如何與旅行量無關。情況仍然如此。由於我們的淨預訂量保持正數並與第二季度和第三季度相比繼續改善，因此我們的收入超過了這一數字並繼續環比改善。

Our Distribution bookings were down 79% in the quarter, with air bookings down 80% and lodging, ground and sea bookings down 79%. Gross air bookings were down 80%, 78%, and 77% in October, November and December, respectively. We report bookings on a net basis, meaning net of cancellations. Net air bookings were down 81%, 80% and 78% in those same months. Consequently, our Distribution revenue in the quarter was down 79%, to $131 million. When we report Q1 2021 results next quarter, we plan to provide detail regarding bookings trends versus both 2020 and 2019.

我們的分銷預訂在本季度下降了 79%，航空預訂下降了 80%，住宿、地面和海上預訂下降了 79%。 10 月、11 月和 12 月的總航空預訂量分別下降了 80%、78% 和 77%。我們按淨額報告預訂，即扣除取消。同月，機票淨預訂量分別下降了 81%、80% 和 78%。因此，本季度我們的分銷收入下降了 79%，至 1.31 億美元。當我們在下個季度報告 2021 年第一季度的結果時，我們計劃提供有關 2020 年和 2019 年預訂趨勢的詳細信息。

Our IT Solutions revenues fared better again this quarter, down 40% year-over-year, due to a higher percentage of revenue not tied to travel volumes. Passengers Boarded were down 58% in the quarter.

我們的 IT 解決方案收入在本季度再次表現良好，同比下降 40%，這是因為與旅行量無關的收入比例更高。本季度登機人數下降了 58%。

Hospitality Solutions revenue was down 42%, with a 40% decline in CRS transactions. Because our property mix, particularly in the enterprise segment, is less dependent on city centers and conference venues. We have seen relative outperformance in our Central Reservation System transactions versus Distribution bookings and passengers boarded. EBITDA and operating income were negative in Q4, reflecting the impact of the COVID-19 pandemic. The year-over-year decline in revenue was partially offset by declines in Travel Solutions incentives expense and Hospitality Solutions transaction fees due to lower volumes, headcount expenses due to cost savings initiatives we have already executed, and technology expenses due to the lower transaction volume environment.

酒店解決方案收入下降了 42%，CRS 交易下降了 40%。因為我們的物業組合，特別是在企業部門，對市中心和會議場所的依賴程度較低。我們已經看到我們的中央預訂系統交易相對於分銷預訂和登機乘客的表現相對出色。 EBITDA 和營業收入在第四季度為負，反映了 COVID-19 大流行的影響。收入的同比下降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下降所抵消，原因是交易量減少，員工費用因我們已經執行的成本節約計劃而減少，以及技術費用因交易量減少而減少環境。

Net income and EPS were also negative in the quarter, driven by the decline in operating results and increased interest. Tax expense was higher than expected in the quarter. In addition, Free Cash Flow was negative $200 million in the quarter. As expected, our Free Cash Flow was reduced by approximately $15 million related to severance payments. Excluding this, our monthly free cash flow was negative $62 million.

在經營業績下滑和利息增加的推動下，本季度淨收入和每股收益也為負。本季度的稅收支出高於預期。此外，本季度自由現金流為負 2 億美元。正如預期的那樣，我們的自由現金流因遣散費減少了約 1500 萬美元。排除這一點，我們每月的自由現金流為負 6200 萬美元。

Looking ahead to 2021, we have approximately $20 million of severance payments remaining from our 2020 cost-savings actions. We expect the first quarter to be the lowest free cash flow quarter, primarily due to timing of large working capital items that will have offsetting benefits over the rest of the year, as well as paying out the majority of the remaining severance balance. We expect our cash burn rate to improve sequentially throughout the rest of 2021. In 2020, as described, we took swift and decisive actions duly in the crisis to reduce costs, increase liquidity and extend our debt maturities.

展望 2021 年，我們在 2020 年的成本節約行動中還剩下大約 2000 萬美元的遣散費。我們預計第一季度將是自由現金流量最低的季度，這主要是由於大型營運資本項目的時間安排將在今年剩餘時間產生抵消收益，以及支付剩餘遣散費餘額的大部分。我們預計我們的現金消耗率將在 2021 年剩餘時間內依次改善。如上所述，在 2020 年，我們在危機中及時採取了迅速果斷的行動，以降低成本、增加流動性並延長債務期限。

In total, we strengthened our liquidity position with over $2.1 billion of additional capital in 2020. Through our capital market transactions, we raised $1.1 billion from the issuance of senior secured and exchangeable notes. We raised $598 million in net proceeds from our common stock and mandatory convertible preferred stock offerings.

總的來說，我們在 2020 年以超過 21 億美元的額外資本加強了我們的流動性頭寸。通過我們的資本市場交易，我們通過發行優先擔保和可交換票據籌集了 11 億美元。我們從普通股和強制性可轉換優先股發行中籌集了 5.98 億美元的淨收益。

We drew down on our revolver in the amount of $375 million. And finally, in the fourth quarter, we reduced our real estate footprint with the sale and leaseback of our headquarters buildings, resulting in net proceeds of $69 million. This is in line with our new Work From Anywhere program as we work to right-size our global real estate footprint.

我們動用了 3.75 億美元的左輪手槍。最後，在第四季度，我們通過總部大樓的售後回租減少了房地產足跡，淨收益為 6900 萬美元。這符合我們新的 Work From Anywhere 計劃，因為我們正在努力調整我們的全球房地產足跡。

In addition to securing capital, we took several other actions to further strengthen our liquidity position: We implemented cost-savings actions, with $200 million expected savings on an annual run-rate basis. We refinanced over $2 million -- $2 billion of debt. We extended our debt maturities to 2024 and beyond, and we suspended common stock dividends and share repurchases. As Sean mentioned earlier, we ended the year with a cash balance of $1.5 billion and have no significant near-term uses of cash.

除了確保資本外，我們還採取了幾項其他措施來進一步加強我們的流動性狀況：我們實施了成本節約措施，預計每年可節省 2 億美元。我們再融資超過 200 萬美元——20 億美元的債務。我們將債務期限延長至 2024 年及以後，我們暫停了普通股股息和股票回購。正如肖恩之前提到的，我們在年底的現金餘額為 15 億美元，並且近期沒有大量使用現金。

In 2020, the actions taken to improve our cost structure and balance sheet enabled us to continue our important IT investments. As Sean mentioned, we made considerable progress with our 5 strategic initiatives. This includes our technology transformation and modernization, which is expected to result in over $100 million of annual savings starting in 2024.

2020 年，為改善成本結構和資產負債表而採取的行動使我們能夠繼續進行重要的 IT 投資。正如 Sean 提到的，我們在 5 項戰略舉措方面取得了相當大的進展。這包括我們的技術轉型和現代化，預計從 2024 年開始每年將節省超過 1 億美元。

We believe our strategic initiatives will strengthen our financial model, resulting in: larger addressable opportunities, more advanced product innovations, faster and more efficient sales cycles and product deployments, efficient infrastructure and unit economics, and incremental revenue growth and higher margins. We aren't pursuing these initiatives alone. This is all supported by our strategic partnership with Google. Ultimately, we believe our investments will unlock the ability for us to come out on the other side of this crisis with a larger revenue opportunity and lower costs.

我們相信我們的戰略舉措將加強我們的財務模式，從而帶來：更大的可尋址機會、更先進的產品創新、更快、更高效的銷售週期和產品部署、高效的基礎設施和單位經濟效益，以及增量收入增長和更高的利潤率。我們並不是單獨追求這些舉措。這一切都得到了我們與穀歌的戰略合作夥伴關係的支持。最終，我們相信我們的投資將釋放我們的能力，使我們能夠以更大的收入機會和更低的成本渡過這場危機。

Sean, back to you.

肖恩，回到你身邊。

Thanks, Doug. I hope you all have found our remarks helpful in understanding how we have managed the global pandemic thus far, and what we see for the future. The road to recovery will be bumpy. We are a global company with global customers, and recovery in each region of the world may be a little different. Through our data, we believe there is pent up demand for travel again. However, we have also seen increases in reported COVID-19 cases lead to more travel restrictions and put downward pressure on the travel recovery. We are hopeful that with the rollout of vaccines and continued vigilance, confidence will be restored, and travel will rebound.

謝謝，道格。我希望你們都發現我們的言論有助於理解我們迄今為止如何應對全球大流行病，以及我們對未來的展望。復甦的道路將是崎嶇不平的。我們是一家擁有全球客戶的全球性公司，世界每個地區的複蘇可能略有不同。通過我們的數據，我們認為再次出現了被壓抑的旅行需求。然而，我們也看到報告的 COVID-19 病例增加導致更多旅行限制並對旅行恢復造成下行壓力。我們希望隨著疫苗的推出和持續的警惕，信心將會恢復，旅行將會反彈。

In summary, we remain focused and confident in the future, and feel competitively well-positioned post-COVID-19. I want to once again thank my Sabre teammates around the world for their dedication to serving our customers, shareholders and each other during this difficult time.

總而言之，我們對未來保持專注和信心，並在 COVID-19 後感到在競爭中處於有利地位。我想再次感謝我在世界各地的 Sabre 隊友，感謝他們在這個困難時期竭誠為我們的客戶、股東和彼此服務。

And with that, I would like to go ahead, operator, and open the call for questions.

有了這個，我想繼續，操作員，並打開問題電話。

(Operator Instructions) Our first question comes from Josh Baer with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Josh Baer。

So this is for both Sean and Doug. I imagine for many months in 2020, some of your highest priorities were around getting through the crisis, focusing on employees or liquidity, raising capital, pushing out debt maturities, cutting costs and then even the Google partnership. And I'm wondering, like at this point, it seems like most of these areas are stable. It seems like there's a shift taking place where you can focus on other initiatives. I'm wondering, like does that resonate with you, the shift? And I guess, like what -- of those 5 initiatives or others, like where are you now spending most of your time and focus?

所以這是給 Sean 和 Doug 的。我想在 2020 年的許多個月裡，你的一些最優先考慮的事情都是圍繞度過危機、關注員工或流動性、籌集資金、推遲債務到期、削減成本，甚至是谷歌合作夥伴關係。我想知道，在這一點上，這些領域中的大多數似乎都是穩定的。似乎正在發生轉變，您可以專注於其他計劃。我想知道，這種轉變是否引起你的共鳴？我想，就像這 5 項舉措或其他舉措一樣，比如您現在將大部分時間和精力花在哪裡？

Yes. Josh, I'll take that and let Doug add on. But you're spot on. If you go back to 2020, the major objective that we had is to make sure that we did ensure that we had plenty of runway to manage an -- manage through an extended sort of global recovery. And what we also had in the back of our mind is maintaining our focus on our technology and capabilities. And the one thing that we haven't lost sight of is we -- this is on a pre-COVID basis, we believe strongly in the technology needs that we're driving. I do believe that we're going to see COVID driving accelerated changes in the ecosystem. So -- and I do believe technology will be a catalyst, and I think we're well positioned.

是的。喬什，我接受這個，讓道格補充。但你是正確的。如果你回到 2020 年，我們的主要目標是確保我們確實確保我們有足夠的跑道來管理——管理一個擴展的全球復甦。我們還牢記在心的是，繼續關注我們的技術和能力。我們沒有忘記的一件事是——這是在 COVID 之前的基礎上，我們堅信我們正在推動的技術需求。我確實相信我們將看到 COVID 推動生態系統加速變化。所以——我確實相信技術將成為一種催化劑，我認為我們已經做好了準備。

So when you look at it relative to what we have done with cost structure, what we have done with liquidity, pushing out the debt maturities, I am laser-focused on what we are going to be doing post COVID. And what I feel really good about is there was a lot of work that was done by the organization, essentially organizational alignment, streamlining expenses that allow really the team to focus on the day-to-day business really in 2021 and 2022. And there's a group of us that are very focused on the next decades to come because we believe that the initiatives that we put forward are very important.

因此，當你相對於我們在成本結構方面所做的工作、我們在流動性方面所做的工作、推遲債務到期日來看待它時，我非常專注於我們將在 COVID 之後做的事情。我真正感到高興的是，該組織完成了很多工作，主要是組織調整，精簡開支，使團隊真正能夠在 2021 年和 2022 年真正專注於日常業務。還有我們中的一群人非常關注未來幾十年，因為我們相信我們提出的倡議非常重要。

And the reason I gave you some of the data points as it relates to the initiatives is they are essentially important in the conversations that we are having in new deals. They're very important as it relates to what I've talked about in hospitality. So as I look at it, we've laid the foundation really well. We'll continue to monitor because, as we know, it's going to be a choppy recovery. But again, I'm looking forward to continuing to drive in the future with this organization.

我之所以給你一些與計劃相關的數據點，是因為它們在我們在新交易中進行的對話中非常重要。它們非常重要，因為它與我在酒店業中談到的內容有關。所以在我看來，我們已經奠定了很好的基礎。我們將繼續監測，因為正如我們所知，這將是一個波濤洶湧的複蘇。但同樣，我期待著在未來繼續與這個組織一起努力。

Doug, I don't know if you have anything else.

道格，我不知道你還有沒有別的事。

The other thing I might add, even though it's not a strategic initiative, obviously, the other thing that we did do during 2020 was to combine and create the TS organization. And so one of my focus right now is to make sure that I have the people, processes and systems in place to support not only that restructuring but also these 5 initiatives because there will be changes in some of our systems and some of our processes to support these initiatives. So you're absolutely correct. I'm -- I turn more to this now in the future than kind of just making sure and show enough -- and making sure we can get through the pandemic.

我可能要補充的另一件事，即使這不是一項戰略舉措，顯然，我們在 2020 年所做的另一件事是合併並創建 TS 組織。因此，我現在的重點之一是確保我擁有適當的人員、流程和系統，不僅可以支持重組，還可以支持這 5 項舉措，因為我們的一些系統和流程將發生變化，以支持這些舉措。所以你是絕對正確的。我——我現在在未來會更多地關注這個問題，而不僅僅是確保和展示足夠的東西——並確保我們能夠度過這場大流行病。

Our next question comes from Matthew Broome with Mizuho Securities.

我們的下一個問題來自瑞穗證券的馬修布魯姆。

So in terms of the Google Cloud migration, you mentioned the target of moving at least 15% of your midrange workloads to GCP this year. I mean is the environment now sort of fully stood up? And when do you expect the process of the workflows to be fully migrated?

因此，就 Google Cloud 遷移而言，您提到了今年將至少 15% 的中端工作負載遷移到 GCP 的目標。我的意思是現在的環境有點完全站起來了嗎？您預計工作流程的過程何時完全遷移？

Yes. So the -- and I'll have Dave Shirk jump in on this as well. The important thing that has been taking place really with -- in 2020 and 2021, as you heard in remarks, it's really setting up the landing zones around the world. And there's a lot of essentially migration of data that will be happening. Dave, if you want to get into maybe a few of the specifics that are taking place, it would be helpful for Matthew, I believe.

是的。所以——我也會讓 Dave Shirk 參與進來。真正發生的重要事情是——在 2020 年和 2021 年，正如你在評論中聽到的那樣，它實際上是在世界各地建立著陸區。並且將會發生很多實質上的數據遷移。戴夫，如果你想了解一些正在發生的細節，我相信這對馬修會有幫助。

Yes. Matthew, the answer to your question is, yes. We've been setting up the development certification test and rollout environments across the United States and Europe. So that piece is well underway. We're also moving -- we've now interconnected all to the networking and the networking for high-capacity capability and exchange to take place around that. This is all setting up the development and build out areas.

是的。馬修，你的問題的答案是，是的。我們一直在美國和歐洲建立開發認證測試和部署環境。所以這件作品正在進行中。我們也在移動——我們現在已經將所有網絡連接到網絡和網絡，以實現高容量能力和圍繞它進行的交換。這就是建立開發和擴建區域。

We will move 15% of our midrange systems, which is about 250 production applications. We'll start that process. We expect to have the Air Shopping for Travel Solutions also moved to the Google platform sometime in 2021. And then I take some steam from my colleague, Scott Wilson here, that's on the call. Our Hospitality Solutions team will also be going live into production. They have their development and test environment set up, and so that's also planned for this year. So that's kind of a broad range of the things for this year with the Google platform.

我們將移動 15% 的中端系統，即大約 250 個生產應用程序。我們將開始這個過程。我們預計在 2021 年的某個時候，Air Shopping for Travel Solutions 也將轉移到 Google 平台。然後我從我的同事 Scott Wilson 那裡獲得一些動力，他正在通話中。我們的酒店解決方案團隊也將投入生產。他們已經建立了自己的開發和測試環境，所以這也計劃在今年進行。所以這就是今年 Google 平台的廣泛內容。

Okay. That's definitely helpful. And then regarding the update on your strategic initiatives, do you anticipate R&D spend increasing to meet these objectives? Or do you already have the resources that you need?

好的。這絕對有幫助。然後關於您的戰略計劃的更新，您是否預計研發支出會增加以實現這些目標？或者您已經擁有所需的資源？

Yes. I'll let Doug comment on that, but it's really within the envelope that we have been talking about and managing too. So Doug, you can provide a little more color.

是的。我會讓 Doug 對此發表評論，但這確實在我們一直在討論和管理的範圍內。所以道格，你可以提供更多的顏色。

Correct. We have all the resources we need right now between us and our providers. So no, we're in good shape. It's included in our cost run rate right now.

正確的。我們和我們的供應商之間擁有我們現在需要的所有資源。所以不，我們的狀態很好。它現在包含在我們的成本運行率中。

Okay. That's -- I appreciate that, Doug. And I would just squeeze the last one in, just in terms of ad bookings. Do you still need to get to 70% of 2019 levels to get to neutral free cash flow?

好的。那是——我很感激，道格。就廣告預訂而言，我只想擠進最後一個。您是否仍需要達到 2019 年水平的 70% 才能達到中性自由現金流？

No. What we've done is given a look at where we exited the year on our cost structure, as you -- you're actually correct, before depending on what the mix was between business and leisure and international domestic. Because right now, those are running a little negative to what we've typically seen. Right now, the goalpost, it used to be 60% to 70%. They're now more like in the 56% to 67% range. They've improved by 3% to 4%.

不，我們所做的是看看我們在今年的成本結構中退出的地方，因為你 - 你實際上是正確的，之前取決於商務和休閒以及國際國內之間的組合。因為現在，這些與我們通常看到的情況相比有點負面。現在，球門柱，過去是 60% 到 70%。他們現在更像是在 56% 到 67% 的範圍內。他們提高了 3% 到 4%。

Yes. Maybe to add on that, Matthew. You probably dropped, but it just -- it's a testament to the organization and just managing cost, getting more cost out because that is cost-driven. The other thing that I think is also helpful for people to understand is sort of what we're seeing on the domestic to international mix. Historically, on a precrisis basis, that has been 45% to 55% international. And what we have begun to see is that is in Q2 of 2020, we're at 70-30 mix, domestic to international. It has been improving because when you look at it, the international is more profitable for us. In the fourth quarter, it was a 60-40 mix.

是的。也許要補充一點，馬修。您可能會放棄，但這只是 - 這證明了組織和管理成本，因為這是成本驅動的，所以可以節省更多成本。我認為也有助於人們理解的另一件事是我們在國內和國際混合中看到的。從歷史上看，在危機前的基礎上，國際化的比例為 45% 至 55%。我們已經開始看到的是，在 2020 年第二季度，國內到國際的混合比例為 70-30。它一直在改善，因為當你看它時，國際比賽對我們來說更有利可圖。在第四節，這是一個 60-40 的組合。

We've also, on a leisure corporate basis, have seen some trending in the right direction too. Historically, that has been 40% to 45% on a precrisis basis leisure, 50% to 55% on corporate. And again, in the Q2, we were sort of 75-25. In Q4, we were 70-30. So these are small incremental improvements that we actually see taking place.

在休閒公司的基礎上，我們也看到了一些朝著正確方向發展的趨勢。從歷史上看，危機前休閒娛樂佔 40% 至 45%，企業佔 50% 至 55%。再一次，在第二季度，我們的戰績是 75-25。在第四季度，我們是 70-30。所以這些都是我們實際看到的小的增量改進。

(Operator Instructions) Next question comes from Jed Kelly with Oppenheimer.

（操作員說明）下一個問題來自 Jed Kelly 和 Oppenheimer。

Just looking how your Solutions bookings and your GDS bookings are trending versus some of like the TSA data, it seems like the GDS is sort of lagging some of the overall industry recovery, but the Solutions is just kind of growing more in line. So as we kind of go the next 18, 24 months, do you sort of expect that GDS to lag and your Solutions segment to become more important? And then as a follow-up, where are you in terms of Solution contracts over the next, call it, 24 months?

只需看看您的解決方案預訂和 GDS 預訂與 TSA 數據之類的趨勢相比，GDS 似乎在某種程度上落後於整體行業復甦，但解決方案的增長更加符合預期。因此，當我們進入接下來的 18、24 個月時，您是否希望 GDS 落後並且您的解決方案部門變得更加重要？然後作為後續行動，在接下來的 24 個月內，您在解決方案合同方面的進展如何？

Okay. So Jed, let me take the first part of that question, and then I'll let Scott and Dave talk about it from a contracting perspective. You are correct when you look at it, and I look at sort of the CRS bookings as well as the PB bookings, which are the airline IT. You're seeing that part of the thing that we're seeing as it relates to GDS, and we've talked about this in the past, is because there's more of a leisure mix. You're finding that more of that is going to airline.com.

好的。傑德，讓我來回答這個問題的第一部分，然後我會讓斯科特和戴夫從合同的角度來談談這個問題。當您查看它時，您是正確的，我查看了某種 CRS 預訂以及 PB 預訂，它們是航空公司 IT。你看到的是我們看到的與 GDS 相關的部分，我們過去曾討論過這一點，因為有更多的休閒組合。你會發現更多的是去 airline.com。

And I do go back to what I was just referencing as it relates to domestic and international and leisure and corporate, as we see the mix begin to normalize back to pre-COVID levels or precrisis levels, I think you'll begin to see that gap close. So as we talk about, because we have a large book of our business and the GDS business related, that goes through the GDS. But because of leisure component, you're finding that you're going to have that mix issue that we're seeing right now. So that addresses your first question.

我確實回到了我剛剛提到的與國內和國際以及休閒和企業相關的內容，因為我們看到組合開始正常化回到 COVID 前水平或危機前水平，我想你會開始看到差距關閉。因此，正如我們所談論的那樣，因為我們有大量的業務和 GDS 業務相關的書籍，所以它通過 GDS。但是由於休閒成分，您會發現您將遇到我們現在看到的混合問題。這樣就解決了你的第一個問題。

As it relates to contracting, Scott, why don't you go first and then Dave second.

關於簽約，Scott，你為什麼不先發言，然後是 Dave。

Thanks, Sean. And Jed, we actually -- in addition to the 2 deals we just announced this morning, we actually have seen some of the strongest pipeline or levels of engagement from enterprise hoteliers that we have seen in our history. I think a lot of that goes through the fact that the SynXis platform is not only the most capable CRS platform in the market, but the strength of our distribution network is really important right now. And as hoteliers are looking at recovery, that's going to be a really key factor in their own recovery. So we're very excited about the next 24 months, and we hope to have more to share as that progresses forward.

謝謝，肖恩。傑德，我們實際上 - 除了我們今天早上剛剛宣布的 2 筆交易外，我們實際上已經看到了我們歷史上見過的企業酒店經營者的一些最強大的渠道或參與度。我認為這在很大程度上是因為 SynXis 平台不僅是市場上功能最強大的 CRS 平台，而且我們分銷網絡的實力目前非常重要。由於酒店經營者正在考慮復甦，這將成為他們自身復甦的真正關鍵因素。所以我們對接下來的 24 個月感到非常興奮，我們希望隨著進展的推進有更多的分享。

Jed, this is Dave. To add to what Sean and Scott just talked to, as you know, we talked about this for several years. Over the last 3 years, we've had a pretty major renewal cycle on our IT solutions set. That continues to bode well through '24 and '25. The other thing, as you see here is, we had some pretty sizable renewals, whether that was Westjet or Lion Air or Comair, those were all strong renewals going forward for many years. And then our operations wins and portfolio pieces with the likes of Jetstar Australia, Aeroflot and Endeavor and Mesa, those are all nice renewal cycles or wins that took place within the quarter. So we'll navigate through the recovery cycle. But right now, we always have a handful of renewal cycles that we're working, but over 80% of our contracts have been renewed through that '24-'25 period.

傑德，這是戴夫。補充一下 Sean 和 Scott 剛剛談到的內容，如您所知，我們已經討論了好幾年。在過去的 3 年裡，我們的 IT 解決方案集經歷了一個相當重要的更新周期。在 24 和 25 年期間，這仍然是個好兆頭。另一件事，正如你在這裡看到的，我們有一些相當大的續約，無論是 Westjet、Lion Air 還是 Comair，這些都是多年來的強勁續約。然後是我們的運營勝利和與 Jetstar Australia、Aeroflot 和 Endeavour 以及 Mesa 等公司的投資組合，這些都是本季度內發生的不錯的更新周期或勝利。因此，我們將瀏覽恢復週期。但現在，我們總是有一些續約週期在進行，但我們超過 80% 的合同已經在“24-25 年”期間續約。

Great. And then just one more quick modeling question for Doug. When we're looking for next year, I guess, you do have the best visibility on expenses. I mean are the 4Q expense numbers and SG&A and tech costs, I mean are they a good baseline to model from?

偉大的。然後是道格的另一個快速建模問題。當我們尋找明年時，我想，您確實對費用有最好的了解。我的意思是第 4 季度的費用數字以及 SG&A 和技術成本，我的意思是它們是建模的良好基準嗎？

Yes. They are a good baseline to model off of. Obviously, there'll be some merit increases that will come, but there's -- they're a good base. I think the other thing you should make sure that you capture is the tax rate going forward. Because in this situation, our effective benefit of the losses, you should assume a tax rate of 5% to 10%, not 20%.

是的。它們是建模的良好基線。顯然，將會有一些加薪，但有——他們是一個很好的基礎。我認為您應該確保捕獲的另一件事是未來的稅率。因為在這種情況下，我們實際利益的損失，應該承擔5%到10%的稅率，而不是20%。

Our next question comes from Victor Cheng with Bank of America.

我們的下一個問題來自美國銀行的 Victor Cheng。

Just 2 from my side. Thinking about the cloud migration and cost savings of $100 million by 2024, how should we think about the savings between now and then? Are they generally proportional to the workload you migrate over to the cloud? And then the other question is, of the approximately $300 million 2020 cost savings that you have, how much of that will be continued forward to 2021? And thinking about the temporary headcount savings that you have, how much of that will recover? And when do you see that recover? And that's it from my side.

我身邊只有2個。考慮到 2024 年的雲遷移和 1 億美元的成本節省，我們應該如何考慮從現在到那時的節省？它們通常與您遷移到雲端的工作負載成正比嗎？然後另一個問題是，在您 2020 年節省的大約 3 億美元的成本中，有多少將持續到 2021 年？考慮一下您臨時節省的員工人數，其中有多少可以收回？你什麼時候看到恢復？這就是我的看法。

Let me take that -- your 2 questions. One, with regards to -- at the last quarter, we talked about the incremental $100 million savings and how that would play out. It's really no different than what we presented last quarter, mainly the majority of that $100 million will be realized in 2024 and beyond. Some will come in there, but most of it will come -- the majority will come until '24 and beyond.

讓我來回答——你的兩個問題。一，關於 - 在上個季度，我們談到了增加的 1 億美元節省以及這將如何發揮作用。這與我們上個季度介紹的內容沒有什麼不同，主要是這 1 億美元中的大部分將在 2024 年及以後實現。有些人會進來，但大部分都會來——大多數人會到 24 歲及以後。

With regards to the action number, you're absolutely correct. The actions that we took in 2020 generated savings of $275 million in 2020. However, you're right, some of those items that you referenced will not continue into 2021. What will continue into 2021 and beyond is the headcount savings of $175 million and then some of the benefit from the DXC contract of $25 million. That $200 million will continue for 2021 and beyond.

關於操作編號，您完全正確。我們在 2020 年採取的行動在 2020 年節省了 2.75 億美元。但是，你是對的，你提到的一些項目不會持續到 2021 年。將持續到 2021 年及以後的是 1.75 億美元的員工人數節省和然後從 2500 萬美元的 DXC 合同中獲得一些收益。這 2 億美元將持續到 2021 年及以後。

(Operator Instructions) Our next question comes from Neil Steer with Redburn.

（操作員說明）我們的下一個問題來自 Neil Steer 和 Redburn。

Actually, I've got 2 quick ones. One follows on from the last answer and question, actually. Of the headcount reductions, $175 million and the DXC savings of $25 million, I presume as we go into a recovery phase through '22, '23 and '24 and so forth, you would naturally expect to sort of reinvest in the headcount. So is it right to assume that whilst you get an initial direct benefit of the sort of the $175 million on the headcount side, as the business recovers and revenues expand, that does go. But obviously, there'll be some operational leverage there, which we will take into consideration.

實際上，我有 2 個快速的。實際上，一個是從上一個答案和問題開始的。在裁員中，1.75 億美元和 DXC 節省的 2500 萬美元，我想當我們進入 22 年、23 年和 24 年等的恢復階段時，您自然會期望對員工人數進行再投資。因此，假設當您從員工人數方面獲得 1.75 億美元的初始直接收益時，隨著業務復甦和收入擴大，這種情況確實會發生，這是否正確？但顯然，那裡會有一些運營槓桿，我們會考慮到這一點。

I'll take that. And then Dave or Scott, you could add on, if you'd like. I think the headcount, there will be modest growth as we described it, but nowhere near proportional to what the top line will go. I think they're comfortable. Clearly, we get some leverage benefits from the increased revenue stream. I think we entered with -- remember, we kept our workforce, and we continue to invest in the tech transformation. We will touch on that. So it's not like we're going to have to continue to build up costs to support that initiative. So there'll be modest growth, but they won't be proportionate to the top line growth.

我會接受的。然後是 Dave 或 Scott，如果你願意，你可以補充。我認為員工人數，正如我們所描述的那樣會有適度的增長，但與收入的增長相去甚遠。我覺得他們很舒服。顯然，我們從增加的收入流中獲得了一些槓桿收益。我認為我們進入了 - 記住，我們保留了我們的員工隊伍，並且我們繼續投資於技術轉型。我們將談到這一點。因此，我們不必繼續增加成本來支持該計劃。所以會有適度的增長，但它們不會與收入增長成正比。

Yes. Let me jump in, Doug, on this. I think it's important, when you look at it, and that's where I was going to go relative to what Doug had stated is, when you think about the way that we have managed through COVID-19, it was one that, yes, we did take some actions as it relates to cost reduction. Some of the things that Dave Shirk has led within Travel Solutions has really streamlined that organization. I think that we are finding, one, the efficiencies of reduced headcount, and it was unfortunate because we did have to let go some of our Sabre team members. But what I can tell you is the way that organization is running, I think, is a lot more efficient. So I feel good about that.

是的。道格，讓我參與進來。我認為這很重要，當你看它時，這就是我要說的相對於道格所說的，當你考慮我們通過 COVID-19 進行管理的方式時，是的，我們確實採取了一些與降低成本有關的行動。 Dave Shirk 在 Travel Solutions 領導的一些工作確實精簡了該組織。我認為我們正在發現，第一，減少員工人數可以提高效率，這很不幸，因為我們確實不得不解僱一些 Sabre 團隊成員。但我可以告訴你的是，我認為該組織的運作方式效率更高。所以我對此感覺很好。

The other thing is we are very careful in the balance of the number of employees that we let go because we knew that there's a number of things that we need to get accomplished. Even though bookings are down, transactions are down, the level of engagement, as you would imagine, with customers around the world is very high. So sales force and the people that are focused on that are there. As we focus on the technology piece, they continue to move forward. So as Doug articulated, I think I feel good where we are right now. There's always going to be a level of additional headcount that will be added in, but it's going to be really based on what recovery looks like.

另一件事是，我們在裁員人數的平衡上非常小心，因為我們知道我們需要完成很多事情。儘管預訂量下降，交易量下降，但正如您想像的那樣，與世界各地客戶的互動程度非常高。因此，銷售人員和專注於此的人員就在那裡。當我們專注於技術部分時，他們會繼續前進。因此，正如道格所說，我認為我現在感覺很好。總會有一定程度的額外員工人數增加，但這實際上取決於復甦的情況。

Okay. And the other question is more to do with the structural shape of the market in the future. Are you expecting and anticipating a material shift from sort of the traditional travel agency community to more to the OTA in terms of the booking mix? Or are you expecting when we get back to, if I can use a phrase, a normalized market situation, the proportion of bookings from OTAs post pandemic is broadly where the booking mix was for OTAs pre-pandemic? And I'm thinking they're more to do with (inaudible) of the OTAs are able to negotiate on a unitary basis.

好的。另一個問題更多地與未來市場的結構形態有關。就預訂組合而言，您是否期待並預期從傳統旅行社社區向 OTA 的實質性轉變？或者您是否期望當我們回到正常化的市場情況時，大流行後來自 OTA 的預訂比例與大流行前 OTA 的預訂組合大致相同？而且我認為他們更多地與（聽不清）OTA 能夠在統一的基礎上進行談判有關。

Yes. Good question, Neil. And it really does get into what is the shape of recovery. And I think the way that I look at it is -- listen, to be fair, when you really look at it from an airline perspective, a hotel perspective and then you look at it from an agency perspective, be it OTA or be it brick-and-mortar TMCs, when there's less essentially demand that's out there, there's going to be probably some rationalization that's taking place.

是的。好問題，尼爾。它確實進入了復甦的狀態。我認為我看待它的方式是——聽著，公平地說，當你真正從航空公司的角度、酒店的角度來看它，然後你從代理的角度來看它，無論是 OTA 還是它實體 TMC，當那裡的基本需求較少時，可能會發生一些合理化。

You would be -- you go down the path, and we're really seeing this in the numbers that OTAs have recovered faster than the TMCs have recovered. And in doing that, that's leisure-driven. I think it's all going to be based on the mix of recovery. And as I stated, leisure will be leading that recovery, and I think business will be lagging the recovery. So when you think about it, bookings via OTA will probably be ahead and continue to be ahead of what we're seeing on a TMC basis.

你會——你沿著這條路走下去，我們真的從 OTA 恢復得比 TMC 恢復得更快的數字中看到了這一點。在這樣做的過程中，這是休閒驅動的。我認為這一切都將基於復甦的組合。正如我所說，休閒將引領復甦，我認為商業將落後於復蘇。因此，當您考慮時，通過 OTA 進行的預訂可能會領先並繼續領先於我們在 TMC 上看到的預訂。

When we look probably 2 to 3 years in the future, and I get asked the question often about business, business mix, I do think you have to look at it relative to duty of care and how organizations are essentially going to allow employees to travel. The first step of that is offices actually have to open for people to travel to. I think you're going to see domestic travel or short-haul travel be next, and then it's going to be the international side. So I do think it's going to be a longer period. But specific to your question, Neil, I think you're going to see OTA leisure recover faster than the TMC side of the equation.

當我們展望未來 2 到 3 年時，我經常被問及有關業務、業務組合的問題，我認為你必須相對於注意義務以及組織將如何允許員工出差來看待它.第一步是辦公室實際上必須開放供人們前往。我想你會看到接下來是國內旅行或短途旅行，然後是國際旅行。所以我確實認為這將是一個更長的時期。但具體到你的問題，Neil，我認為你會看到 OTA 休閒比等式的 TMC 方面恢復得更快。

So you're optimistic that longer term, just to be clear, longer term, you think there's not going to be a sort of a significant structural shift in favor, once we get international travel back?

所以你樂觀地認為，從長遠來看，從長遠來看，你認為一旦我們恢復國際旅行，就不會出現重大的結構性轉變？

I don't. And I go back to -- and I've said this a couple of different times in previous calls. I think you do have to go back and look at history. And you look at 9/11, you look at essentially what took place in the financial crisis, they're -- this is bigger than those 2, to be fair. But there was also the comment that we're not going to see a strong recovery in business than we did over a period of time.

我不。我回到——我在之前的電話中已經多次說過這個。我認為你必須回頭看看歷史。你看看 9/11，你看看金融危機中發生的事情，公平地說，這比那 2 次更大。但也有評論稱，我們不會看到比過去一段時間更強勁的業務復甦。

So I think everybody just has to be probably a little cautious and calm about recovery and what it looks like over a longer period of time.

因此，我認為每個人都可能需要對複蘇以及較長一段時間內的情況保持謹慎和冷靜。

Our next question comes from Victor Cheng with Bank of America.

我們的下一個問題來自美國銀行的 Victor Cheng。

It's me again. Just one more question from my side. I'm just thinking about the -- obviously, the new IT capabilities that you're extending on, be it the Google partnership and on the Sabre Smart Retail Engine, Dynamic Availability or NDC. What are you actually hearing from clients on what they're interested in most? And I guess, if you will, what is at the top of the party on IT spend if and when the volume recovers?

又是我。我這邊還有一個問題。我只是在考慮 - 顯然，您正在擴展的新 IT 功能，無論是谷歌合作夥伴關係還是 Sabre 智能零售引擎、動態可用性或 NDC。關於他們最感興趣的內容，您實際上從客戶那裡聽到了什麼？而且我想，如果您願意的話，如果數量恢復以及何時恢復，那麼 IT 支出中最重要的是什麼？

Yes. There's a lot in that question, and I'll let Doug talk about the cost component of this. A big part of everything that you just walked through really does go back to the strategic initiatives and what's taking place. And if I look at it relative to the retail engine, I look at it relative to things that are taking place with Google, each and every one of the engagements that is happening on the Travel Solutions side as well as what's happening in hospitality, these are key things as it relates to the opportunities, one, to retain business, but also win business going forward.

是的。這個問題涉及很多，我會讓 Doug 談談這個問題的成本部分。您剛剛經歷的所有事情的很大一部分確實可以追溯到戰略計劃和正在發生的事情。如果我相對於零售引擎來看待它，我會相對於谷歌正在發生的事情來看待它，在旅遊解決方案方面發生的每一項參與以及在酒店業發生的事情，這些是關鍵的事情，因為它與機會有關，第一，保留業務，但也贏得未來的業務。

And there are important things that if we weren't engaged in these things, I think it would put us at a disadvantage in the marketplace. And everything that we're focused on is the transformation. So from that perspective, I feel good with what we're doing. They're top of mind for our customers. That's why I stated in my prepared remarks, as I was walking through the initiatives, what's happening essentially as it relates to commercial negotiations. And I would say it's very high because there are those that are very focused. They've done a lot of work as it relates to their own balance sheets, and they're focused on the opportunities they see going forward. So I'm encouraged by those discussions that are happening.

還有一些重要的事情，如果我們不參與這些事情，我認為這會使我們在市場上處於劣勢。我們關注的一切都是轉型。所以從這個角度來看，我對我們正在做的事情感覺很好。他們是我們客戶的首要考慮因素。這就是為什麼我在準備好的發言中說，當我介紹這些倡議時，正在發生的事情本質上與商業談判有關。我會說它非常高，因為有些人非常專注。他們已經做了很多與他們自己的資產負債表相關的工作，並且他們專注於他們看到的未來機會。因此，我對正在進行的討論感到鼓舞。

Doug, I don't know if you want to comment on the cost side, but it really is within the envelope that we talked about.

道格，我不知道你是否想對成本方面發表評論，但它確實在我們談到的範圍內。

Yes. Yes, it's within the envelope. I think, Victor, you were talking about whether or not you were seeing interest from the customer base. And I think as Dave and Sean has already talked about, vast interest, a lot of commercial discussions going on with both airlines and hoteliers right now to come out in Q4. So yes, they are top of mind for our customers.

是的。是的，它在信封裡。我想，維克多，你在談論你是否看到了客戶群的興趣。我認為，正如 Dave 和 Sean 已經談到的那樣，航空公司和酒店經營者目前正在進行大量商業討論，這些討論將在第四季度出現。所以是的，它們是我們客戶的首要考慮因素。

And I'm not showing any further questions at this time. I would now like to turn the call back over to Mr. Menke for any further remarks.

我現在不會提出任何進一步的問題。我現在想將電話轉回 Menke 先生以徵求進一步意見。

Great. I'd like to thank everybody for joining us today on the update of the 2020 results but also talking about how we're looking at 2021 and beyond. I do want to thank my Sabre team members around the world. I couldn't be more proud of an organization than what they've actually gotten accomplished in a very tough period of time. They've been very professional, working from essentially different locations throughout the world at home, as many of us have.

偉大的。我要感謝大家今天加入我們更新 2020 年的結果，同時也感謝大家談論我們如何看待 2021 年及以後。我確實要感謝我在世界各地的 Sabre 團隊成員。我為一個組織感到無比自豪，而不是他們在非常艱難的時期內實際取得的成就。他們非常專業，在世界各地的不同地點工作，就像我們中的許多人一樣。

As I sit here, as we've entered 2021, I also look at it and what we have accomplished really over the past 3 to 4 years. And there's been a lot of discussion, a lot of questions relative to not only just how we are managing the business, but what we have done from positioning ourselves financially. And Doug and team have done an enormously amount of work that have allowed us to be in a position that we can lean into the opportunities. And I think that's where I'd like to close is in running this organization for the past 4 years, we're entering 2021 probably with the best pipeline that I've seen in an era that there's a lot of headwinds.

當我坐在這裡，當我們進入 2021 年時，我也會審視它以及我們在過去 3 到 4 年中真正取得的成就。並且有很多討論，很多問題不僅與我們如何管理業務有關，而且與我們在財務定位方面所做的工作有關。 Doug 和他的團隊做了大量工作，使我們能夠抓住機會。我認為這就是我想結束的地方，即在過去 4 年中運行這個組織，我們進入 2021 年可能是我在一個充滿逆風的時代所見過的最好的管道。

So again, thank you for taking the time to get the update from Sabre and look forward to talking to you in the future.

再次感謝您花時間從 Saber 那裡獲得最新消息，並期待在未來與您交談。

Thank you. Ladies and gentlemen, this concludes today's conference.

謝謝。女士們，先生們，今天的會議到此結束。