Sabre Corp (SABR) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Sabre Second Quarter 2023 Earnings Conference Call. My name is Cherie, and I will 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.

早安，歡迎參加 Sabre 2023 年第二季財報電話會議。我的名字是 Cherie，我將擔任您的接線生。提醒一下，請注意，今天的通話正在錄音。現在我將電話轉給投資者關係高級總監 Brian Roberts。先生，請繼續。

Thank you, and good morning, everyone. Welcome to Sabre's Second 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.

謝謝大家，早安。歡迎參加 Sabre 2023 年第二季財報電話會議。今天早上，我們發布了一份收益新聞稿，可在我們的網站 investor.sabre.com 上查閱。在本次電話會議中，Sabre 投資者關係網頁上也提供了與今天的準備好的發言一起提供的幻燈片演示。今天上午晚些時候，我們的網站將提供今天電話會議的重播。

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

我們提醒您，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期望，包括從 COVID-19 的影響中持續復甦、行業趨勢、技術轉型帶來的好處、商業和戰略安排、戰略重點、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。

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 second quarter 2023 Form 10-Q.

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有重大差異。有關這些風險和不確定性的更多資訊包含在我們今天早上發布的收益報告和我們的 SEC 文件中，包括我們的 2023 年第二季 10-Q 表。

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，我們還將介紹一些非公認會計準則財務指標。今天電話會議中提到的調整後營業收入、調整後淨收入、調整後 EBITDA、調整後 EBITDA 利潤率、調整後每股收益和自由現金流均已進行調整，以排除某些項目。最直接可比較的 GAAP 指標和非 GAAP 指標的對帳表可在收益報告和我們網站 investors.sabre.com 上發布的其他文件中找到。

Participating with me are Kurt Ekert, President and CEO; and Mike Randolfi, Chief Financial Officer. Scott Wilson, EVP and President of Hospitality Solutions, will be available for Q&A after the prepared remarks.

與我一起參加的還有總裁兼執行長 Kurt Ekert；以及財務長 Mike Randolfi。酒店解決方案執行副總裁兼總裁 Scott Wilson 將在準備好的演講後回答問題。

With that, I will turn the call over to Kurt.

說完這些，我將把電話轉給庫爾特。

Thank you, Brian. Good morning, everyone, and thank you for joining us today. I'm pleased this morning to be joining you to discuss our accomplishments for the second quarter and highlight the upward trend in the underlying fundamentals within our business. In the second quarter, we significantly exceeded our financial expectations and believe this performance is indicative of Sabre's ability to compete and win in the dynamic global travel technology marketplace. We see positive momentum across our key business segments that gives us the confidence today to raise our 2023 adjusted EBITDA guidance.

謝謝你，布萊恩。大家早安，感謝大家今天的參與。今天早上我很高興與大家一起討論我們第二季的成就，並強調我們業務基本面的上升趨勢。在第二季度，我們大大超出了我們的財務預期，並相信這一表現表明了 Sabre 在充滿活力的全球旅遊技術市場中競爭並獲勝的能力。我們看到主要業務部門呈現正面勢頭，這讓我們有信心上調 2023 年調整後 EBITDA 指引。

We remain focused on the core strategic objectives that we outlined on our conference call last quarter, and I am pleased that Sabre is delivering on our priorities. Furthermore, we are on a durable path towards Sabre's 2025 financial targets of adjusted EBITDA of greater than $900 million and free cash flow of greater than $500 million. 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 Mike and I will cover.

我們仍然專注於上個季度電話會議上概述的核心策略目標，我很高興 Sabre 正在實現我們的優先事項。此外，我們正穩步實現 Sabre 的 2025 年財務目標，即調整後的 EBITDA 超過 9 億美元，自由現金流超過 5 億美元。在了解今天電話會議的細節之前，讓我們先來了解議程。在投影片 4 上，您可以看到 Mike 和我將討論的主題的概述。

First, I will review our business highlights from the second quarter. And then I'll take a few moments to describe some of the underlying data that we are seeing, which supports our near-term revenue expectations. Next, I'll provide detail on our customer successes during the second quarter, and then update the progress of our technology transformation.

首先，我將回顧第二季的業務亮點。然後我會花一點時間來描述我們看到的一些基礎數據，這些數據支持了我們近期的收入預期。接下來，我將詳細介紹第二季客戶的成功案例，然後更新我們的技術轉型進度。

Finally, Mike will take you through the financial results for the second quarter and provide an update to our 2023 outlook. Turning to Slide 5. As a reminder, these are our 4 key strategic priorities from the foundation of our long-term direction for the company. As I refer to each priority, I will provide proof points and recent accomplishments from the second quarter that highlight our progress towards achieving each of these objectives.

最後，麥克將帶您了解第二季的財務表現並提供我們 2023 年展望的最新資訊。翻到投影片 5。當我提到每一個優先事項時，我將提供第二季度的證明點和最新成就，突出我們在實現每個目標方面所取得的進展。

First, generating positive free cash flow and delevering the balance sheet remain our important financial objectives. Solid operational execution and improving business fundamentals combined to deliver better Q2 results than we had anticipated. As I stated previously, we are pleased to be able to increase our 2023 adjusted EBITDA guidance here today. And we now also expect revenue to be within the upper half of the original guidance we provided on the February earnings call.

首先，創造正的自由現金流和降低資產負債表的槓桿率仍然是我們的重要財務目標。穩健的營運執行和不斷改善的業務基本面相結合，帶來了比我們預期更好的第二季業績。正如我之前所說，我們很高興今天能夠上調 2023 年調整後 EBITDA 指引。我們現在也預計收入將達到我們在二月份財報電話會議上提供的原始預期的上半部分。

During the quarter, we also refinanced a significant portion of our nearest-term 2025 debt maturities, which Mike will describe in more detail shortly. Importantly, we see Sabre transitioning towards positive free cash flow generation beginning in Q3 of this year and expect to be free cash flow positive in 2023, excluding the impact of restructuring, and then annually thereafter.

在本季度，我們也對最近到期的 2025 年債務的很大一部分進行了再融資，Mike 將在稍後進行更詳細的描述。重要的是，我們看到 Sabre 從今年第三季開始轉向產生正的自由現金流，並且預計在 2023 年將實現自由現金流為正（不包括重組的影響），此後每年都將如此。

Moving to our second strategic priority, which is to deliver sustainable long-term growth, Sabre once again increased its share of industry air bookings on a year-on-year basis during the second quarter. In addition, excluding the impact of Expedia, our share of GDS industry volumes has improved versus both second quarter 2022 and 2019 levels.

我們的第二個策略重點是實現可持續的長期成長，Sabre 在第二季度再次實現了其在行業航空預訂份額的同比增長。此外，除去 Expedia 的影響，我們在 GDS 行業中的份額較 2022 年第二季和 2019 年的水平均有所提高。

Our efforts to expand our business with agencies and new airline partners continues and is the backbone of the distribution growth strategy that we outlined last quarter. We also achieved significant successes with customers across each of our businesses during the second quarter that we expect will support our growth in the coming years. Our third strategic priority is to drive innovation and enhance our value proposition with both existing and new customers.

我們繼續努力擴大與代理商和新航空公司合作夥伴的業務，這是我們上個季度概述的分銷成長策略的支柱。在第二季度，我們也與各個業務領域的客戶取得了重大成功，我們預計這將支持我們未來幾年的成長。我們的第三個策略重點是推動創新並增強我們對現有客戶和新客戶的價值主張。

Our technology transformation remains a cornerstone competitive advantage in delivering our products and services quickly and reliably and in a secure manner to our customers. We achieved our technology migration milestones during the second quarter and remain on track to achieve our longer-term financial and operational goals.

我們的技術轉型仍然是我們向客戶快速、可靠、安全地提供產品和服務的基石競爭優勢。我們在第二季度實現了技術遷移的里程碑，並將繼續實現我們的長期財務和營運目標。

In addition, we made important strides on several of our growth strategies that we believe will enhance our overall competitive product suite to fulfill our customers' evolving needs. For example, we expect our acquisition of Techsembly to accelerate our development of key products within hospitality solutions, including speeding our ability to deliver and scale our Retail Studio product suite to our hotelier customers.

此外，我們在幾項成長策略上取得了重要進展，我們相信這些策略將增強我們整體的競爭產品套件，以滿足客戶不斷變化的需求。例如，我們預計收購 Techsembly 將加速我們在飯店解決方案領域關鍵產品的開發，包括加快我們向飯店客戶交付和擴展 Retail Studio 產品套件的能力。

Last, we have now completed the vast majority of the resource realignment and cost reduction program that we communicated last quarter. We are on track to realize $100 million of reduced costs in the second half of 2023 and an estimated annualized $200 million of reduced costs in 2024. In summary, during the second quarter, our team delivered on the priorities we outlined to you back in May, and we are laser-focused on achieving our 2023 objectives and executing on our durable path towards our 2025 targets.

最後，我們現在已經完成了上個季度傳達的絕大部分資源調整和成本削減計劃。我們預計在 2023 年下半年實現 1 億美元的成本削減，並在 2024 年實現預計年度化 2 億美元的成本削減。

Now let's turn to Slide 6. Underpinning our optimism for solid industry volume growth in the coming quarters is the expected increase in capacity that can be seen here in the chart. The latest global airline schedule suggests seat growth of 15% year-over-year in the third quarter of 2023 and 19% growth year-over-year in the month of October.

現在讓我們翻到投影片 6。最新的全球航空時刻表顯示，2023年第三季的座位數將年增15%，10月的座位數將年增19%。

Industry optimism regarding further capacity growth is being driven by a host of underlying factors, including rising aircraft deliveries to global carriers, further mitigation of supply constraints from labor and training shortfalls and a healthy yield environment, and load factors that indicate demand for air travel remains robust.

業界對於進一步運力成長的樂觀情緒受到一系列潛在因素的推動，其中包括全球航空公司的飛機交付量增加、勞動力和培訓短缺導致的供應限制進一步緩解、收益環境良好，以及表明航空旅行需求依然強勁的載客率。

Regarding business travel specifically, industry surveys indicate that corporate demand is expected to be healthy in the coming quarters. Respondents to a recent corporate travel survey indicated that they expect passenger volumes to grow by double digits year-over-year in the second half of '23 and in 2024. Despite a strong industry backdrop, we have, as we articulated last quarter, conservatively planned for 1 to 2 points of sequential industry volume growth moving forward.

具體到商務旅行方面，產業調查顯示，預計未來幾季企業需求將會保持健康。最近一項企業差旅調查的受訪者表示，他們預計 2023 年下半年和 2024 年的客運量將同比增長兩位數。

And should industry growth exceed this level, we would expect to realize upside to the guidance and targets we have provided. Turning to Slide 7. During our first quarter earnings call in May, we used this table to highlight the increasing share of GDS industry bookings that we achieved in Q1. And as you can see in this slide, our share in Q2 2023 again expanded on a year-over-year basis versus Q2 2022.

如果行業成長超過這一水平，我們預計將實現我們提供的指導和目標的上升空間。前往投影片 7。正如您在這張幻燈片中所看到的，與 2022 年第二季度相比，我們在 2023 年第二季度的份額再次同比增長。

Importantly, after removing Expedia volumes, Sabre was again a larger proportion of industry air bookings in Q2 '23 than in the second quarter of 2019 and 2022. If you compare Q2 share of industry air bookings of 33.7% to the 34.0% from the first quarter, the slight sequential change was impacted by seasonal shift in the geographic mix of bookings between quarters.

重要的是，在剔除 Expedia 的交易量後，Sabre 在 2023 年第二季度的行業航空預訂量中所佔的比例再次高於 2019 年和 2022 年第二季度。

Given signed but not yet converted business and a robust pipeline, we expect that our share of industry bookings will continue to increase as we deliver on our growth initiatives. Please turn to Slide 8. Our team is delivering many successful business wins across both Travel Solutions and Hospitality Solutions, as you can see here on this slide.

鑑於已簽署但尚未轉換的業務和強勁的管道，我們預計，隨著我們實現成長計劃，我們在行業預訂中的份額將繼續增加。請翻到投影片 8。

We continue to realize increased momentum in Hospitality Solutions. Most notably, we recently announced a global agreement with Hyatt, under which our Sabre SynXis central reservation platform will become the main CRS for Hyatt beginning in 2024. Our platform will offer enhanced reservation capabilities and improve the overall guest experience. In addition to the Hyatt agreement, 2 well-known hotelier brands based in Asia Pacific selected our SynXis platform to help combine and streamline their IT infrastructure.

我們持續實現酒店解決方案領域的成長動能。最值得注意的是，我們最近宣布與凱悅達成全球協議，根據該協議，我們的 Sabre SynXis 中央預訂平台將從 2024 年開始成為凱悅的主要 CRS。除了凱悅協議之外，兩個位於亞太地區的知名飯店品牌還選擇了我們的 SynXis 平台來幫助整合和簡化他們的 IT 基礎架構。

In distribution, we were pleased to sign a new agreement with Air Canada, in which Sabre will provide agencies with significantly expanded access to content and offers, including the airline's dynamically priced fares and new ancillary services. This agreement provides Sabre with long-term access to all of Air Canada's content via NDC and represents another important example of a leading airline increasing its level of participation with Sabre.

在分銷方面，我們很高興與加拿大航空簽署了一項新協議，根據該協議，Sabre 將為旅行社提供顯著擴展的內容和優惠訪問權限，包括該航空公司的動態票價和新的輔助服務。該協議使 Sabre 能夠透過 NDC 長期訪問加拿大航空的所有內容，同時也是領先航空公司提升與 Sabre 合作程度的另一個重要範例。

The Sabre marketplace is a highly efficient place to buy and sell travel content, incorporating NDC offers alongside other content sources. We see NDC and GDS or EDIFACT content as complementary, with NDC expanding the breadth of product available in Sabre's multisource content platform and enhancing our value proposition to both buyers and sellers. Recently, SAP Concur, which has the largest share of corporate online booking volumes globally shared that Sabre will be its first NDC integration with a GDS provider.

Sabre 市場是一個高效的旅遊內容買賣場所，將 NDC 優惠與其他內容來源融為一體。我們認為 NDC 和 GDS 或 EDIFACT 內容是互補的，NDC 擴大了 Sabre 多源內容平台中可用產品的廣度，並增強了我們向買家和賣家的價值主張。最近，在全球企業線上預訂量中佔有最大份額的 SAP Concur 表示，Sabre 將成為其與 GDS 供應商的首個 NDC 整合。

During the first half of 2023, we doubled the number of airlines distributing NDC content through the Sabre Marketplace and last quarter additions included United and Aeromexico. And as we previously announced back in May, we were also able to bring Air India back onto our distribution platform, which is supporting our international bookings growth and industry positioning in one of the fastest-growing regions for air travel globally.

2023 年上半年，透過 Sabre Marketplace 分發 NDC 內容的航空公司數量增加了一倍，上個季度又增加了聯合航空和墨西哥航空。正如我們在 5 月宣布的那樣，我們還將印度航空重新納入我們的分銷平台，這將支持我們在全球航空旅行增長最快的地區之一的國際預訂增長和行業定位。

On the agency front, in the second quarter, we signed a significant number of agreements. Examples include a deepening of our relationship with lastminute and a new long-term commitment with Internova, a top 10 agency in North America.

在代理商方面，第二季度，我們簽署了大量協議。例如，我們與 lastminute 的關係不斷加深，並與北美十大代理商 Internova 達成了新的長期承諾。

In IT Solutions, we are pleased with the positive response we're getting from new and existing customers to our intelligent retailing solutions. SKY Airline, the low-cost Chilean carrier, which is growing rapidly in South America, selected our SabreSonic passenger service system for its core IT needs.

在 IT 解決方案方面，我們很高興看到新舊客戶對我們的智慧零售解決方案給予了正面的回應。 SKY 航空公司是一家在南美洲快速發展的智利廉價航空公司，它選擇了我們的 SabreSonic 乘客服務系統來滿足其核心 IT 需求。

In addition, Air Serbia recently renewed its PSS agreement and is utilizing some of the latest revenue-generating solutions that we produce. We expanded our relationship with All Nippon Airways through our enhanced agreement to improve the carrier's network planning and optimization capabilities for its domestic routes. We also had additional network planning software renewals in the quarter with Air China and Delta among others.

此外，塞爾維亞航空最近續簽了 PSS 協議，並正在利用我們提供的一些最新的創收解決方案。我們透過增強協議擴大了與全日空航空公司的關係，以提高該航空公司國內航線的網路規劃和優化能力。本季度，我們也與中國國際航空、達美航空等公司進行了額外的網路規劃軟體更新。

Last, we are also realizing very strong growth in our Conferma payments business. However, we do not expect to break out these details for the foreseeable future. In summary, Sabre achieved a number of commercial wins during the second quarter that will help us deliver on our financial goals. I will now move on to our technology transformation.

最後，我們的 Conferma 支付業務也實現了強勁成長。然而，我們預計在可預見的未來不會公佈這些細節。總而言之，Sabre 在第二季度取得了許多商業勝利，這將幫助我們實現財務目標。現在我將談談我們的技術轉型。

Please turn to Slide 9. Our technology transformation continues to move forward, and we achieved several short-term milestones in Q2. As of the end of the second quarter, we have successfully migrated 73% of our total compute capacity to Google Cloud, up from 69% 1 quarter earlier. Additionally, by the end of the second quarter, we had fully decommissioned all 15 Sabre-managed data centers. We have now also decommissioned 68% of our DXC Tulsa midrange servers and are on track to complete the remainder on schedule by year-end.

請翻到投影片 9。截至第二季末，我們已成功將 73% 的總運算能力遷移至 Google Cloud，高於第一季的 69%。此外，截至第二季末，我們已完全關閉所有 15 個 Sabre 管理的資料中心。現在，我們也已停用了 68% 的 DXC Tulsa 中階伺服器，並預計在年底前按計畫完成剩餘工作。

The chart to the right-hand side of this slide shows the significant improvements we are seeing in our unit cost of compute. Overall, Sabre is on track to complete the tech transformation at the end of 2024 and deliver annual expense savings of at least $150 million in 2025. Now to Slide 10.

此投影片右側的圖表顯示了我們在單位計算成本方面看到的顯著改善。總體而言，Sabre 預計在 2024 年底完成技術轉型，並在 2025 年實現每年至少 1.5 億美元的開支節省。

In May, we announced a resource realignment to improve our organizational structure, lower 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.

五月份，我們宣布了資源調整，以改善組織結構、降低成本並提高效率。我們預計這些措施將在 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，合計年度成本削減額為 2 億美元。

We were able to complete these actions sooner than we had anticipated and began capturing savings in the second quarter which gives us high confidence in the overall size and timing of these actions.

我們能夠比預期更快地完成這些行動，並在第二季度開始實現節約，這使我們對這些行動的整體規模和時間充滿信心。

Now on to Slide 11. In closing, we delivered on our priorities in the second quarter, and we'll continue to prioritize free cash flow and delevering sustainable growth opportunities, the consistent enhancement of the value propositions that we deliver to our customers and a more efficient organization with a lower cost structure.

現在轉到投影片 11。

I will now hand the call over to Mike to walk you through second quarter performance and our 2023 financial expectations.

現在，我將電話交給麥克，向你們介紹第二季的業績和我們 2023 年的財務預期。

Thanks, Kurt, and good morning, everyone. Please turn to Slide 12. The second quarter was a strong quarter for Sabre. We saw industry volume growth in line with our expectations and significantly higher average booking fees compared to Q1 2023 and prior year. As Kurt mentioned, Sabre continues to grow share on a year-over-year basis.

謝謝，庫爾特，大家早安。請翻到幻燈片 12。我們看到產業交易量成長符合我們的預期，且平均預訂費與 2023 年第一季和去年同期相比大幅上漲。正如 Kurt 所提到的，Sabre 的市佔率持續逐年成長。

Hospitality Solutions generated double-digit revenue growth with a higher revenue per transaction and contributed to adjusted EBITDA generation sooner than expected. In addition, we accelerated our cost reduction efforts, which helped drive strong bottom line results and better-than-expected adjusted EBITDA and free cash flow. Overall, in the second quarter, we gained significant momentum and are optimistic for the remainder of 2023 and beyond.

飯店解決方案實現了兩位數的收入成長，每筆交易的收入更高，並比預期更快地對調整後的 EBITDA 做出了貢獻。此外，我們加快了成本削減力度，這有助於推動強勁的獲利業績和好於預期的調整後 EBITDA 和自由現金流。總體而言，我們在第二季度獲得了顯著的發展勢頭，並對 2023 年剩餘時間及以後充滿信心。

Now referring to the slide. As you can see from the table, we exceeded our expectations for second quarter revenue, adjusted EBITDA and free cash flow. Turning to Slide 13. Q2 revenue was $738 million, an increase of $80 million or 12% versus last year. Distribution revenue totaled $530 million, a $99 million or 23% increase compared to $432 million in Q2 2022. Our distribution bookings totaled $90 million in the quarter, a 12% increase compared to $81 million in Q2 2022.

現在參考投影片。從表中可以看出，我們對第二季的營收、調整後的 EBITDA 和自由現金流都超出了預期。轉到投影片 13。分銷收入總計 5.3 億美元，與 2022 年第二季的 4.32 億美元相比增長 9,900 萬美元或 23%。

Our average booking fee was $5.87 in the second quarter, up 10% from Q2 2022. We continue to realize favorable mix into more profitable regions and types of travel, resulting in higher booking fees, and we believe that further growth in international volumes should support our booking fee at this level for the foreseeable future.

我們第二季的平均預訂費為 5.87 美元，比 2022 年第二季成長 10%。

IT Solutions revenue totaled $140 million in the quarter. This was a $27 million decline versus revenue of $168 million in the comparable prior year period. Passengers boarded totaled 172 million, an 8% improvement from 160 million in Q2 2022. Second quarter revenue growth from passengers boarded and other IT Solutions business was more than offset by the impact of $29 million in lower revenue from demigrations, the vast majority of which was the result of the impact of changes in Russian law.

本季IT解決方案營收總計1.4億美元。與去年同期的 1.68 億美元收入相比，下降了 2,700 萬美元。登機旅客總數達 1.72 億人次，較 2022 年第二季度的 1.6 億人次增長 8%。

Hospitality Solutions revenue totaled approximately $77 million, a $10 million or 16% improvement versus revenue of $66 million in Q2 2022. The 16 points of revenue growth was driven by 8 points of central reservation system transactions growth and 8 points of higher rate per transaction. Hospitality Solutions performed significantly better than our initial expectations and has generated $1.5 million of adjusted EBITDA on a year-to-date basis.

飯店解決方案收入總計約為 7,700 萬美元，與 2022 年第二季的 6,600 萬美元收入相比增長 1,000 萬美元或 16%。飯店解決方案的表現遠遠好於我們最初的預期，年初至今已產生 150 萬美元的調整後 EBITDA。

While our initial expectations was that Hospitality Solutions would be breakeven for 2023, we now expect Hospitality Solutions to be a meaningful contributor to adjusted EBITDA going forward. Adjusted EBITDA of $73 million in Q2 2023 versus $24 million in Q2 2022 represented a $49 million improvement year-over-year.

雖然我們最初預期酒店解決方案將在 2023 年實現收支平衡，但我們現在預計酒店解決方案將在未來為調整後的 EBITDA 做出有意義的貢獻。 2023 年第二季的調整後 EBITDA 為 7,300 萬美元，而 2022 年第二季為 2,400 萬美元，年增 4,900 萬美元。

Free cash flow was negative $57 million in the second quarter, including the impact of restructuring charges, which was better than our prior guidance for a range of between negative $60 million and negative $80 million, including restructuring costs.

第二季的自由現金流為負 5,700 萬美元，其中包括重組費用的影響，這好於我們先前預期的負 6,000 萬美元至負 8,000 萬美元（包括重組費用）。

During the second quarter, we paid down approximately $48 million of term loans from the proceeds of the AirCentre sale. This amount was lower than our $80 million expectation discussed on the last earnings call due to the acquisition of Techsembly and additional capital investments.

第二季度，我們用 AirCentre 出售所得償還了約 4,800 萬美元的定期貸款。由於收購 Techsembly 和額外的資本投資，該金額低於我們在上次財報電話會議上討論的 8,000 萬美元的預期。

We ended the second quarter with a cash balance of $727 million. Before moving to guidance, let's discuss the actions we took during the second quarter to begin refinancing our 2025 debt maturities. The private facility financing we completed in June, when combined with the successful tender offer on the majority of our April 2025 bonds helped derisk our balance sheet by reducing a significant portion of our nearest term bond maturities.

我們第二季結束時的現金餘額為 7.27 億美元。在討論指引之前，讓我們先討論一下我們在第二季度為開始為 2025 年到期債務進行再融資而採取的行動。我們在 6 月完成的私人融資，加上我們 2025 年 4 月大部分債券的成功招標，幫助我們減少了近期債券到期量的很大一部分，從而降低了資產負債表的風險。

In addition, we believe the option to defer cash interest on this facility in favor of payment in kind provides substantial optionality and flexibility to our balance sheet, and we expect to utilize this feature of the facility for the foreseeable future.

此外，我們認為，選擇推遲支付此項貸款的現金利息、轉而以實物支付，將為我們的資產負債表帶來相當大的選擇性和靈活性，我們預計在可預見的未來將充分利用此項貸款的特性。

With regards to the remaining 2025 maturities, our intent is to refinance our obligations with a focus on efficiency and flexibility. Moving to Slide 14 to discuss our guidance. We expect third quarter 2023 revenue of approximately $725 million, adjusted EBITDA of approximately $100 million and positive free cash flow of approximately $20 million, inclusive of restructuring. If you exclude the restructuring impact, we would expect positive free cash flow of approximately $50 million. With regard to sequential trends, we expect Q3 revenue to be slightly lower than Q2, driven by typical seasonal differences between the quarters.

對於剩餘 2025 年的到期債務，我們打算以效率和靈活性為重點進行再融資。轉到投影片 14 討論我們的指導。我們預計 2023 年第三季的營收約為 7.25 億美元，調整後的 EBITDA 約為 1 億美元，正自由現金流約為 2,000 萬美元（包括重組）。如果排除重組的影響，我們預計自由現金流約為 5,000 萬美元。就連續趨勢而言，我們預計第三季的營收將略低於第二季度，這是由於季度之間典型的季節性差異所致。

The primary driver of the expected sequential improvement in adjusted EBITDA in Q3 to approximately $100 million from $73 million in Q2 is a near full quarter impact of our cost reduction efforts. And on free cash flow, we expect to generate approximately $50 million in Q3, excluding the impact of restructuring due to the sequential improvement in adjusted EBITDA and a typical favorable seasonality in working capital dynamics.

預計第三季調整後 EBITDA 將從第二季的 7,300 萬美元環比改善至約 1 億美元，其主要驅動力是我們削減成本的努力對整個季度產生了近乎影響的效果。就自由現金流而言，我們預計第三季將產生約 5,000 萬美元，不包括重組的影響，這是由於調整後的 EBITDA 連續改善以及營運資本動態的典型有利季節性所致。

As a reminder, our mandatory preferred shares will convert into common equity on September 1, 2023. Following this conversion, our share count will rise by approximately 47 million shares, and our $5 million payment on September 1 will be our last quarterly dividend payment on these shares.

提醒一下，我們的強制優先股將於 2023 年 9 月 1 日轉換為普通股。

We expect fourth quarter 2023 revenue of approximately $700 million, adjusted EBITDA of approximately $110 million and positive free cash flow of approximately $70 million, inclusive of restructuring. Excluding restructuring, we expect positive free cash flow of approximately $85 million. With regard to sequential trends, as noted, we expect Q4 revenue at approximately $700 million to be roughly $25 million lower than in Q3, driven by typical seasonality in air distribution bookings.

我們預計 2023 年第四季的營收約為 7 億美元，調整後的 EBITDA 約為 1.1 億美元，正自由現金流約為 7,000 萬美元（包括重組）。除重組外，我們預計自由現金流約為 8,500 萬美元。關於連續趨勢，如上所述，我們預計第四季度營收約為 7 億美元，比第三季低約 2,500 萬美元，這主要是受航空分銷預訂的典型季節性影響。

As a reminder, and as discussed on prior earnings calls, the fourth quarter typically generates approximately 10% fewer air distribution bookings than the quarterly average for a given year.

提醒一下，正如之前的財報電話會議中所討論的那樣，第四季度的航空分銷預訂量通常比當年的季度平均值低約 10%。

Despite sequentially lower revenue in the fourth quarter versus the third quarter, we expect a sequential improvement in adjusted EBITDA in Q4 to approximately $110 million from $100 million in Q3, driven by the full realization of our cost reduction efforts. And on free cash flow, we expect to generate approximately $85 million in Q4, excluding the impact of restructuring due to the sequential improvement in adjusted EBITDA and typical favorable seasonality in working capital dynamics.

儘管第四季營收較第三季有所下降，但我們預計第四季度調整後 EBITDA 將從第三季的 1 億美元環比改善至約 1.1 億美元，這得益於我們全面實現的成本削減努力。就自由現金流而言，我們預計第四季度將產生約 8,500 萬美元，不包括重組的影響，這是由於調整後的 EBITDA 連續改善以及營運資本動態的典型有利季節性所致。

Sabre's fourth quarter has historically been a seasonally strong period for free cash flow, driven by timing of when we receive partner receipts in the fourth quarter versus when we make agency payments in the first quarter. For the full year 2023, we now expect revenue to be within the upper half of the original revenue guidance range provided on the February earnings call and is now expected to be between $2.9 billion and $3 billion.

從歷史上看，Sabre 的第四季度是自由現金流的季節性強勁時期，這是由我們在第四季度收到合作夥伴收據的時間而不是在第一季度進行代理付款的時間所驅動的。對於 2023 年全年，我們現在預計收入將在 2 月財報電話會議上提供的原始收入指引範圍的上半部分之內，目前預計在 29 億美元至 30 億美元之間。

In addition, we now expect higher adjusted EBITDA for the full year 2023 of approximately $340 million, above our prior guidance for adjusted EBITDA of between $300 million and $320 million. We believe the favorable revenue performance we have seen in the second quarter and the cost actions we have already taken support the higher adjusted EBITDA guidance.

此外，我們現在預計 2023 年全年調整後 EBITDA 將增加至約 3.4 億美元，高於我們先前預期的 3 億至 3.2 億美元調整後 EBITDA。我們相信，第二季良好的營收表現和已採取的成本行動支持更高的調整後 EBITDA 指引。

While we are very optimistic about the potential for air distribution industry volume growth, we continue to conservatively base our projections on a 1 to 2 percentage point sequential improvement going forward.

雖然我們對空氣配送產業銷售成長的潛力非常樂觀，但我們仍然保守地預測未來銷售量將較上季成長 1 至 2 個百分點。

Also, as noted on our prior earnings call, we expect to be free cash flow positive for the full year 2023, excluding the impact of restructuring. Included in our assumption for free cash flow in 2023 are restructuring costs of approximately $70 million and capital expenditures of approximately $80 million.

此外，正如我們先前的收益電話會議中指出的那樣，我們預計 2023 年全年的自由現金流將為正值（不包括重組的影響）。我們對 2023 年自由現金流的假設包括約 7,000 萬美元的重組成本和約 8,000 萬美元的資本支出。

We increased a portion of our investment spending to support development of certain strategic growth initiatives such as our multi-source content platform, including NDC and Hospitality Solutions. We will continue to focus on consistent improvement through product optimization and expect that it will allow us to proactively meet the needs of the evolving travel marketplace. We expect capital expenditures to be in a similar range as 2023 in future years based on this increased investment.

我們增加了部分投資支出，以支持某些策略性成長計畫的發展，例如我們的多源內容平台，包括 NDC 和飯店解決方案。我們將繼續致力於透過產品優化實現持續改進，並期望這將使我們能夠主動滿足不斷發展的旅遊市場的需求。基於此次增加的投資，我們預計未來幾年的資本支出將與 2023 年處於相似的範圍。

We also now expect approximately $375 million in cash interest cost for the full year 2023. Additionally, our working capital initiatives are on track and we expect to generate at least $125 million in positive cash flow benefits this year from these actions.

我們現在也預計 2023 年全年的現金利息成本約為 3.75 億美元。

The second quarter was a meaningful step forward towards the strategic priorities that Kurt highlighted earlier. We continue to believe the company is on a durable path toward achieving long-term targets of greater than $900 million in adjusted EBITDA and greater than $500 million in free cash flow in 2025. And with that, operator, please open the line for questions.

第二季朝著 Kurt 先前強調的戰略重點邁出了有意義的一步。我們依然相信，公司正朝著實現長期目標的方向穩步前進，即到 2025 年，調整後 EBITDA 超過 9 億美元，自由現金流超過 5 億美元。

(Operator Instructions) And our first question will come from the line of Josh Baer with Morgan Stanley.

（操作員指示）我們的第一個問題來自摩根士丹利的 Josh Baer。

Congrats on the upside and the EBITDA performance and improvement for the year. Question on the air bookings, the recovery versus 2019. If I'm looking at it right, it improved 90 basis points from Q1. Just wondering like any puts and takes in the quarter and how that compares to the 1.5% ramp that's assumed is going forward?

祝賀今年的 EBITDA 業績和改善。關於航空預訂量的問題，與 2019 年相比是否有所復甦。只是想知道本季是否有任何收益，以及與未來假設的 1.5% 的成長相比如何？

Josh, thank you. What we're seeing in Q2 and frankly, in the early part of Q3 is consistent with the guidance we provided last quarter, which is 1 to 2 percentage points of sequential quarterly growth versus the prior quarter, that's relatively consistent between leisure and corporate.

喬希，謝謝你。坦白說，我們在第二季度以及第三季度初期看到的情況與我們上個季度提供的指引一致，即與上一季度相比，季度環比增長 1 到 2 個百分點，休閒和企業之間的增長相對一致。

We are seeing some improvement in Asia relative to where we were early in the year. And we do expect, as we articulated at the growth going forward, has a good chance to be higher than that number, but we have planned or forecasted conservatively to be on the safe side.

與今年年初相比，我們看到亞洲的情況有所改善。正如我們所闡述的，我們確實預期未來的成長很有可能會高於這個數字，但為了安全起見，我們已經制定了保守的計畫或預測。

Okay. Got it. And I know you spent some time reviewing some of the commercial wins across all businesses. I was hoping you could focus on PSS and just wondering if there were any notable PSS wins or losses to highlight?

好的。知道了。我知道您花了一些時間回顧了各個企業的一些商業勝利。我希望您能專注於 PSS，只是想知道是否有任何值得強調的 PSS 成功或失敗？

Yes. Thank you, Josh. I articulated in the prepared remarks some of the wins or benefits that we've seen through the period. Overall, when you look at IT Solutions, we've stabilized the business. We're now investing in leading next-generation retailing solutions to drive long-term growth in this portfolio. And we feel very good about the future prospects for this business.

是的。謝謝你，喬希。我在準備好的發言中詳細闡述了我們在這段時期所看到的一些勝利或好處。總體而言，當您查看 IT 解決方案時，我們已經穩定了業務。我們目前正在投資領先的下一代零售解決方案，以推動該投資組合的長期成長。我們對這項業務的未來前景非常樂觀。

I guess just to ask directly, like investors definitely wondering about -- Amadeus mentioned a 25-million-passenger PSS win. Is that -- does that represent a competitive replacement?

我想直接問一下，就像投資者肯定想知道的那樣——Amadeus 提到了 2500 萬名乘客的 PSS 勝利。這是否代表著有競爭力的替代品？

Thanks, Josh. We are, like our competitor, bound by confidentiality. We do believe this reference is a current Sabre customer. I would note the revenue impact for this carrier is very small on an annual basis with a de minimis EBITDA impact. And I should note that as we've disclosed before, should JetBlue be successful in the transaction they're pursuing with Spirit, that volume will begin to come on to Sabre next year.

謝謝，喬希。與我們的競爭對手一樣，我們也受保密約束。我們確實相信此參考人是目前的 Sabre 客戶。我想指出的是，這對這家航空公司的年度收入影響非常小，對 EBITDA 的影響也微乎其微。我應該指出，正如我們之前所揭露的那樣，如果捷藍航空與精神航空的交易取得成功，那麼這部分業務量將於明年開始轉入 Sabre 航空。

And that will come from the line of Victor Cheng with Bank of America.

這項任命將由美國銀行的 Victor Cheng 擔任。

Congrats on a very solid quarter. Two, if I may. And just going back to the point on quarter-on-quarter improvements, obviously, roughly within your 1 to 2 percentage improvement. But can you give us some color maybe by region as well, where you're seeing growth?

恭喜您本季業績表現穩健。如果可以的話，有兩個。回到季度環比改善的問題上，顯然，改善幅度大約在 1 到 2 個百分點之間。但您能否也提供我們一些按地區劃分的細節，看看哪些地區出現了成長？

Obviously, if we look at Amadeus, they improved 3.4 percentage points this quarter, which is quite a bit higher than you. I know you got Air India contracts well in this quarter. Kind of what are some of the puts and takes for this quarter by region and some of the wins and losses you might have? And I have one more follow-up.

顯然，如果我們看看Amadeus，他們本季提高了3.4個百分點，比你們高出不少。我知道您本季與印度航空簽訂了良好的合約。按地區劃分，本季您可能會遇到哪些損失和得失？我還有一個後續問題。

Yes. Thanks, Victor. It's important to note that when we look at this, what we're not doing is we're not talking about the seasonality quarter-on-quarter. We're talking about sequential percentage improvement in the marketplace that is compared on a year-on-year basis. And so we don't talk about seasonality. We understand that you project that and understand that very well.

是的。謝謝，維克多。值得注意的是，當我們觀察這現象時，我們並沒有討論季度環比的季節性。我們討論的是市場上與去年同期相比的連續百分比成長。所以我們不談論季節性。我們明白您預測了這一點，並且非常理解這一點。

What we're going to do is talk about quarterly progression and in our share performance. As we indicated during the prepared remarks, our share performance continues to outpace our competitive peers, and we are seeing sequential improvements quarter-on-quarter.

我們將要討論的是季度進度和股票表現。正如我們在準備好的發言中所指出的，我們的股票表現繼續超過我們的競爭對手，並且我們看到季度環比的連續改善。

The greatest improvement on a quarter-on-quarter basis, if you look at it versus Q1 was certainly in Asia Pacific that's recovering at an elevated or better basis. And then we see relative improvements across the board. The corporate travel recovery is relatively slow. It's sort of in the upper 70s or so on a percentage basis.

如果與第一季相比，季度環比改善最大的無疑是亞太地區，其復甦速度更快甚至更好。然後我們看到各方面的相對改善。商務差旅復甦相對較慢。從百分比來看，這一比例大概在 70% 左右。

Interestingly, given much higher airline and hotel yields than 2019, we believe corporate travel spending may actually be in the range of what it was 3 or 4 years ago, but there's a governor on the pace of corporate travel recovery because the way corporate travel budgets are set within the corporate environment. That may serve as a governor for the balance of this year.

有趣的是，鑑於航空和飯店的收益率遠高於 2019 年，我們認為商務旅行支出實際上可能與 3 或 4 年前的水平相當，但由於商務旅行預算是在企業環境中設定的方式，商務旅行復甦的速度受到限制。這或許將成為今年餘下時間的調控因素。

And the one thing, Victor, I would add, you could see in the average booking fee where we had significant strength, both on a sequential basis and a year-over-year basis. That was driven partly by strength in our international markets, as Kurt mentioned, both APAC and then also Europe. And in general, the booking fees tend to be a little higher in those regions. And so that provided a really good tailwind on our average booking fee. And we generally see that mix continuing as we move forward.

維克多，我想補充一點，您可以從平均預訂費用中看到，無論是按季度還是按年計算，我們都有顯著的優勢。正如庫爾特所提到的，這在一定程度上得益於我們國際市場的強勁成長，包括亞太地區和歐洲市場。一般來說，這些地區的預訂費用往往會稍高一些。這對我們的平均預訂費產生了很好的推動作用。而且我們普遍看到，隨著我們不斷前進，這種混合狀態將會繼續下去。

That's very good color. And follow-up on maybe the Hospitality and think about Hyatt and the 2 other deals that you alluded to. Can you give us a bit more color on the economics, the contribution? Obviously, you said Hyatt is the main CRS and you're implementing '24, but I guess we should only see material contribution by '25. And how do you quantify it on revenue side and kind of how we think about implementation costs and margin contribution as well?

顏色很好。或許可以跟進酒店業，考慮凱悅和您提到的另外 2 項交易。您能否向我們詳細介紹一下經濟方面和貢獻方面的情況？顯然，您說凱悅是主要的 CRS，而且您正在實施’24，但我想我們應該只會在’25 年看到實質的貢獻。您如何在收入方面進行量化，以及我們如何考慮實施成本和利潤貢獻？

Yes. Thanks, Victor. We are really excited about the Hyatt win. It augments the enterprise portfolio, and that will go on, as we said, on to the Sabre SynXis platform. You can expect to see Hyatt come on through 2024. When you step back and look at the HS business overall, what we've articulated before, this is another proof point to that, which is that you're going to see double-digit revenue growth in HS this year and beyond. You'll see HS achieve double-digit margin production by the end of next year.

是的。謝謝，維克多。我們對凱悅的勝利感到非常興奮。它增強了企業產品組合，正如我們所說，它將繼續擴展到 Sabre SynXis 平台。您可以期待凱悅在 2024 年取得成功。到明年年底，您會看到 HS 的利潤產量達到兩位數。

And of the $150 million of growth initiatives that we articulated last quarter that you'll see benefit us '25 versus '23, we believe HS will be $50 million of that $150 million, meaning HS will deliver $50 million of EBITDA in 2025. So we feel great about what this does. We don't break out the economics of any individual customer deal. But Hyatt is clearly one of the leading brands of the world, and we think this is quite strategic and financially accretive to this business.

我們上個季度提出的 1.5 億美元增長計劃將在 2025 年和 2023 年為我們帶來益處，我們認為 HS 將佔其中的 5000 萬美元，這意味著 HS 將在 2025 年實現 5000 萬美元的 EBITDA。我們不會詳細列出任何單一客戶交易的經濟狀況。但凱悅顯然是世界領先品牌之一，我們認為這對我們的業務來說具有戰略意義並能帶來財務增值。

(Operator Instructions) And our next question will come from the line of Dan Wasiolek with Morningstar.

(操作員指示)我們的下一個問題來自晨星公司的 Dan Wasiolek。

Nice execution this quarter. So just kind of following up, you mentioned corporate travel. And just looking at some of the hotel operators, they talk about SME having already kind of fully recovered in developed markets, but corporate travel is still lagging.

本季的執行情況很好。所以剛才您提到了商務旅行。從一些旅館經營者來看，他們表示中小企業在已開發市場已經完全復甦，但商務旅行仍落後。

Is this -- how should we think about this when it relates to the GDSes? Do the GDSes tend to have more of that larger corporation mix? And as you talk about those budgets maybe opening up and being a governor, how does that kind of play out between what the hotel operators are seeing versus the GDS?

這是——當它與 GDS 相關時，我們應該如何看待它？ GDS 是否傾向於擁有較多規模較大的企業組合？正如您所說，這些預算可能會放開，並且作為管理者，酒店經營者與 GDS 之間的差距如何？

Yes, Dan, thank you. So I suggest you look at this a couple of ways. Number one is managed corporate travel and that change is based on geography. But bigger corporations that spend more than $2 million, $3 million a year, where typically procurement is running travel as a category, you're right, that has recovered relatively more slowly. We believe that SME or unmanaged corporate travel has recovered.

是的，丹，謝謝你。因此我建議你從幾個角度來看這個問題。第一是管理商務旅行，這種變化是基於地理位置的。但對於每年花費超過 200 萬、300 萬美元的大型公司來說，其採購通常以旅行為一個類別，您說得對，這類公司的復甦相對較慢。我們相信，中小企業或非管理型企業旅行已經復甦。

Unmanaged travel tends to go predominantly through travel agencies, but there's a portion of that that goes supplier direct versus managed corporate travel tends to go almost entirely through intermediaries, through TMCs, through corporate booking tools, effectively through the GDS providers. So as corporate travel continues to recover in the future, that should accrue predominantly to our business.

非管理旅行主要透過旅行社進行，但其中一部分直接透過供應商進行；而管理的企業旅行幾乎完全透過中介機構、TMC、企業預訂工具、實際上是透過 GDS 提供者進行。因此，隨著未來商務旅行的持續復甦，這應該主要對我們的業務產生影響。

The other thing to look at interestingly is I think everybody puts a North American lens on this. China, for example, is a larger corporate travel market domestically than the United States, meaning there's a tremendous amount of corporate travel that originates ex-U.S. and that has recovered relatively more slowly than travel in North America has. So we believe there's significant upside in the non-U.S. points of sale as well.

另一件有趣的事情是，我認為每個人都用北美的眼光來看待這件事。例如，中國的國內商務旅行市場比美國更大，這意味著大量的商務旅行源自於美國以外。而且其復甦速度比北美旅遊業復甦得慢。因此，我們相信美國以外的銷售點也具有顯著的上升空間。

And the only other thing I would add is if you look at the yield environment at airlines, which has been very, very strong over the last year, 18 months, you've seen some moderation in yield more recently.

我還要補充的是，如果你觀察航空公司的收益環境，你會發現過去 18 個月裡，航空公司的收益一直非常非常強勁，但最近收益有所放緩。

And as you think about that from a corporate travel perspective, if corporate budgets on travel are relatively fixed, what that allows for is more segments and more bookings for that same amount of dollars. And we think that has the potential of benefiting us in a moderating yield environment.

從商務旅行的角度考慮，如果企業的旅遊預算相對固定，那麼用同樣的錢就可以有更多的航段和更多的預訂。我們認為，這有可能在收益率適度下降的環境下使我們受益。

And if I could just ask one more kind of on a different topic here. But -- you kind of gave some information how to think about the revenue per booking. But what about -- how should we think about the revenue per passenger boarding? And I think, obviously, there was the Russia call out, but that looked like it was maybe down a little bit sequentially. Just any thoughts there or anything to call out? And how we should think about that moving forward?

我可以在這裡再問一個關於不同主題的問題嗎？但是—您提供了一些關於如何考慮每次預訂的收入的資訊。但是──我們該如何考慮每位登機乘客的收入呢？我認為，顯然有俄羅斯的呼籲，但看起來它可能比上一季下降。只是有什麼想法或任何事情需要指出嗎？我們該如何思考這個問題？

Sure. Obviously, the driver of the year-over-year decline that we talked about was attributable to the demigrations, the vast majority of which was associated with changes in Russian law. The way you should think about our revenue -- our Airline IT Solutions revenue per PB is roughly half of that is fixed based on products we sell. Roughly half of it is variable and correlates directly with PBs.

當然。顯然，我們所說的同比下降的驅動因素是移民數量下降，其中絕大部分與俄羅斯法律的變化有關。您應該這樣考慮我們的收入——我們的航空 IT 解決方案每 PB 收入大約是該收入的一半，該收入是根據我們銷售的產品固定的。其中大約一半是變量，並且與 PB 直接相關。

So with that mix, given roughly half of your revenue per PB is variable, as PBs grow as they've done this quarter, you're going to see that result in a lower average revenue per PB just because the PBs are growing, and it only represents about half of the revenue per PB.

因此，在這種組合下，考慮到每 PB 收入中大約有一半是可變的，隨著本季度 PB 的增長，您將看到每 PB 平均收入降低，這是因為 PB 在增長，而這僅佔每 PB 收入的一半左右。

I'm showing no further questions in the queue at this time. I would now like to turn the call back over to -- actually, we do have a question from Jeff Harlib with Barclays.

目前隊列中沒有其他問題。現在我想把電話轉回給——實際上，我們確實有來自巴克萊銀行的傑夫·哈利布（Jeff Harlib）的一個問題。

Yes, following your successful refinancing of a portion of '25, how are you looking at addressing the remaining '25 maturities with respect to timing and options? Obviously, if you perform better, you will have better economics, but how are you looking at the [73] and the converts?

是的，在您成功對 25 年的部分債務進行再融資之後，您如何在時間和選擇方面考慮解決剩餘 25 年債務的到期問題？顯然，如果你表現得更好，你就會有更好的經濟效益，但你如何看待[73]和皈依者呢？

Yes. Thanks for the question. First, let me just recap a little bit around our thoughts to the refinancing that occurred this quarter. As we pursue that financing and achieved -- and completed that financing, there were a few objectives that it helped to achieve. One, obviously, it took out about 1/3 of the 2025 maturities. It also was intentionally focused on the April maturities within 2025. So really extended by a couple of quarters our required refinancing window to the back part now of 2025.

是的。謝謝你的提問。首先，讓我稍微回顧一下我們對本季再融資的看法。在我們爭取融資、實現和完成融資的過程中，它幫助我們實現了幾個目標。首先，顯然它佔了2025年到期債券的約1/3。它也有意將重點放在 2025 年 4 月到期的債券上。

And also the optionality with the PIK option, we believe gave us really good flexibility. What I would expect is -- and we're not going to answer specifics with regards to refinancing, obviously, given the sensitivity around that.

此外，我們相信 PIK 選項的可選性為我們提供了非常好的靈活性。我期望的是——顯然，考慮到再融資的敏感性，我們不會回答有關再融資的具體問題。

But what I would say is you're going to see us continue to focus on taking advantage of market opportunities with a focus on efficiency and flexibility and keeping in mind the perspective of our stakeholders, and that's how we're going to pursue it going forward. But you should expect us to, in the not-too-distant future, be focused on addressing the remainder of the 2025 maturities.

但我想說的是，你會看到我們繼續專注於利用市場機遇，注重效率和靈活性，並牢記利害關係人的觀點，這就是我們今後將如何追求的目標。但你應該預料到，在不久的將來，我們將集中精力解決 2025 年到期的剩餘債務。

Okay. And just on the revenue per booking, is the improvement you saw in the current quarter, is that sustainable? Or should that move around? Or do you think it's going to be a steadier uptick from here?

好的。僅從每次預訂的收入來看，您在本季看到的改善是否可持續？還是應該四處走動？還是您認為從現在起將會呈現出更穩定的上升趨勢？

Yes. So no, thanks for the question. A couple of things to unpack the average booking fee. As you look at the sequential improvement, there were really 2 drivers, and these have been the trends over the last 12 months.

是的。所以不，謝謝你的提問。有幾件事可以解釋平均預訂費用。當你觀察連續的改進時，你會發現實際上有兩個驅動因素，這些是過去 12 個月的趨勢。

One is we have seen a favorable regional mix, as we've talked about. And we've seen international, both in APAC and Europe, continue to perform better than they've had, and that's been very supportive of average booking fee.

一是，正如我們已經談到的，我們看到了有利的區域組合。我們看到亞太地區和歐洲地區的國際表現持續優於以往，這對平均預訂費有很大幫助。

The other thing is as we drill down and we look at the mix of carriers and we look at the mix of bookings, it's a more favorable mix. And when we're looking at the underlying trends, we really see both of those trends continuing. And so we'd expect the average booking fee to remain roughly in this range for the foreseeable future.

另一件事是，當我們深入研究並查看承運商的組合和預訂的組合時，我們發現這是一個更有利的組合。當我們觀察潛在趨勢時，我們確實看到這兩種趨勢都在持續。因此，我們預計在可預見的未來平均預訂費將保持在這個範圍內。

And last question for me, just IT Solutions. You've talked about new business coming on and you were lapping some losses. I mean, how do we -- how do you see the revenue trajectory going forward in that business now?

我的最後一個問題與 IT 解決方案有關。您談到了新業務的開展以及您遭受的一些損失。我的意思是，您現在如何看待該業務未來的收入走勢？

Yes. As you look at the $140 million this quarter, as Kurt had mentioned, we have stabilized that business. With that being said, I would expect just a very small tick down sequentially going from Q2 to Q3. but generally in the range that we're in right now.

是的。正如庫爾特所提到的，本季的 1.4 億美元使我們的業務穩定了下來。話雖如此，我預計從第二季度到第三季度，環比只會小幅下降。但整體來說還是在我們目前所處的範圍內。

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

目前隊列中沒有其他問題。現在我想將電話轉回給艾克特先生，請他做最後發言。

Thank you, and thank you again for joining us this morning. We appreciate your interest in Sabre and look forward to speaking with all of you again very soon. Operator, that concludes today's call.

謝謝您，再次感謝您今天早上加入我們。我們感謝您對 Sabre 的關注，並期待很快再次與大家交談。接線員，今天的通話到此結束。

Thank you all for participating. This concludes today's program. You may now disconnect.

感謝大家的參與。今天的節目到此結束。您現在可以斷開連線。