Sabre Corp (SABR) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Sabre Third Quarter 2023 Earnings Conference Call. My name is Felicia Crabtree, and I will be your operator. As a reminder, please note today's call is being recorded.

早安，歡迎參加 Sabre 2023 年第三季財報電話會議。我的名字是 Felicia Crabtree，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。

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

現在我將電話轉給投資者關係高級總監 Brian Roberts。布萊恩，請繼續。

Thank you, and good morning, everyone. Welcome to Sabre's Third 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 年第三季財報電話會議。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，您也可以在 Sabre 投資者關係網頁上查看今天準備好的發言所附帶的幻燈片簡報。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 impact and extent of 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. 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 third quarter 2023 Form 10-Q.

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 的影響中持續復甦的影響和程度、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。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 年第三季 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. We had a successful third quarter and have a number of recent accomplishments to articulate on today's call, including financial results that exceeded expectations, new developments in our strategic partnership with Google, important commercial wins and development successes as well as the continued execution of our technology transformation.

謝謝你，布萊恩。大家早安，感謝大家今天的參與。我們的第三季度取得了成功，並在今天的電話會議上闡述了最近取得的一系列成就，包括超越預期的財務業績、與Google戰略合作夥伴關係的新發展、重要的商業勝利和發展成功以及我們技術轉型的持續實施。

In the third quarter, we exceeded our financial expectations, and this performance gives us confidence that our strategies to drive sustainable growth with a more efficient operation are delivering results. The positive momentum that we saw earlier in the year has continued. Our 4 strategic priorities, which I will review shortly, are unchanged and form the foundation of our resource allocation and strategic decision-making.

第三季度，我們超越了財務預期，這一表現讓我們相信，以更有效率的營運推動永續成長的策略正在取得成果。我們今年早些時候看到的積極勢頭仍然持續著。我們的四個策略重點沒有變化，我稍後會進行回顧，它們構成了我們資源分配和策略決策的基礎。

Before jumping into the details of today's call, allow me to commend all of Sabre's employees for their hard work and dedication to meeting the needs of our customers. The strong results we are sharing this morning would not be possible without the commitment of all of our team members around the world.

在介紹今天電話會議的細節之前，請允許我讚揚 Sabre 所有員工的辛勤工作以及為滿足客戶需求而做出的奉獻。如果沒有世界各地所有團隊成員的共同努力，我們今天早上所分享的出色成果是不可能實現的。

Now I will walk through the agenda for today's call. On Slide 4, you can see an overview of the topics Mike and I will cover. First, I will review our business highlights from the third quarter, and then I will describe trends that give us confidence in the fundamentals of our business and Sabre's ability to deliver on our priorities. Next, I will provide details on our customer successes and innovation achievements during the third quarter and then update the progress on our technology transformation. Finally, Mike will take you through the financial results for the third quarter and provide an update to our 2023 outlook.

現在我將介紹今天電話會議的議程。在投影片 4 上，您可以看到 Mike 和我將討論的主題概述。首先，我將回顧第三季的業務亮點，然後我將描述讓我們對業務基本面和 Sabre 實現優先任務的能力充滿信心的趨勢。接下來，我將詳細介紹我們在第三季的客戶成功和創新成果，然後更新我們技術轉型的進展。最後，麥克將帶您了解第三季的財務表現並提供我們 2023 年展望的最新資訊。

Turning to Slide 5. As we have mentioned in recent quarters, these are the 4 key strategic priorities that drive the long-term direction for the company. As I refer to each priority, I will discuss our accomplishments that highlight our progress towards achieving each of these objectives.

轉到投影片 5。當我提到每一個優先事項時，我將討論我們所取得的成就，並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 most important financial objectives. Solid revenue growth and meaningful cost actions combined to deliver better Q3 results than we had anticipated. Our performance translated into nearly a 100% flow-through of revenue growth to adjusted EBITDA, which helped deliver solid free cash flow in the quarter. This flow-through is illustrative of the strong operating leverage potential of Sabre tied to future top line growth. And as Mike will describe in more detail later, we have also taken significant steps toward derisking our balance sheet by extending the vast majority of our 2025 maturities out to 2027 and beyond.

首先，產生正的自由現金流和降低資產負債表的槓桿率仍然是我們最重要的財務目標。穩健的收入成長和有意義的成本行動相結合，帶來了比我們預期更好的第三季業績。我們的業績轉化為營收成長幾乎 100% 轉化為調整後 EBITDA，這有助於本季實現穩健的自由現金流。這種流動性表明，Sabre 擁有與未來營收成長密切相關的強大營運槓桿潛力。正如麥克稍後將詳細描述的那樣，我們還通過將絕大多數 2025 年到期的債券延長至 2027 年或以後，朝著降低資產負債表風險邁出了重要一步。

On our second priority, which is to achieved sustainable long-term growth, we again increased Sabre's share of industry air distribution bookings on a year-over-year basis during the third quarter. We also saw sequential share gains from the second to the third quarter as our efforts to expand our reach with both agencies and airlines continue to show positive results. In addition, I am pleased with our recent customer wins and new product announcements that we achieved this quarter, and I will provide more details on these topics in a moment.

我們的第二個優先事項是實現可持續的長期成長，我們在第三季再次比去年同期增加了 Sabre 在行業航空分銷預訂中的份額。由於我們擴大與代理商和航空公司的聯繫的努力繼續取得積極成果，我們從第二季度到第三季度的份額也連續增長。此外，我對我們本季贏得的客戶和發布的新產品感到滿意，稍後我將提供有關這些主題的更多詳細資訊。

Turning to Hospitality Solutions. Our team continues to execute well and delivered excellent top and bottom line growth in Q3. And please keep in mind that the strong results delivered by the team this year do not yet include incremental business from our recently announced agreement with Hyatt.

轉向酒店解決方案。我們的團隊繼續表現出色並在第三季度實現了出色的營收和利潤成長。請記住，今年團隊的強勁業績還不包括我們最近宣布的與凱悅達成的協議所帶來的增量業務。

I am excited about the recent developments that support our third strategic priority, which is to drive innovation and enhance our value propositions with both existing and new customers. While our technology transformation to migrate from the mainframe to Google Cloud has been moving at pace over the past few years, another team of Sabre engineers has been codeveloping products and solutions utilizing Google's state-of-the-art AI and machine learning capabilities.

我對最近的發展感到興奮，這些發展支持了我們的第三個策略重點，即推動創新並增強我們對現有和新客戶的價值主張。在過去幾年中，我們從大型主機遷移到 Google Cloud 的技術轉型不斷推進的同時，另一個 Sabre 工程師團隊也一直在利用 Google 最先進的人工智慧和機器學習功能共同開發產品和解決方案。

Several of our recent announcements show the powerful results of this and other key strategic partnerships. For example, our new agreement with Virgin Australia takes that carrier's revenue management capabilities to the next level by harnessing the power of Sabre's AI-driven Retail Intelligence suite, our next-generation solution, powered in part by Google's machine learning technology. Under this unique agreement, Virgin Australia will deploy our Air Price IQ and Ancillary IQ solutions to utilize flight and market insights to move from static pricing rules to more dynamic real-time airfare and ancillary offers.

我們最近發布的幾份聲明顯示了這項以及其他重要策略夥伴關係所取得的強大成果。例如，我們與維珍澳洲航空達成的新協議利用 Sabre 的人工智慧驅動的零售智慧套件（我們的下一代解決方案，部分由谷歌的機器學習技術提供支援）的強大功能，將該航空公司的收入管理能力提升到一個新的水平。根據這項獨特的協議，維珍澳洲航空將部署我們的 Air Price IQ 和 Ancillary IQ 解決方案，利用航班和市場洞察力，從靜態定價規則轉向更動態的即時機票和輔助優惠。

In addition, we recently launched Sabre Upgrade IQ, a PSS-agnostic revenue management solution that will help our airline customers deliver more personalized and tailored offers to better manage premium cabin inventory. This powerful solution is the product of our strategic partnerships with both Google and Hopper. Upgrade IQ combines Google's AI technology with Hopper's advanced bidding platform to facilitate the premium seat bidding process by enabling airlines to communicate in real time with travelers in multiple languages.

此外，我們最近推出了 Sabre Upgrade IQ，這是一款與 PSS 無關的收入管理解決方案，它將幫助我們的航空公司客戶提供更個人化和客製化的服務，以更好地管理高級客艙庫存。這個強大的解決方案是我們與 Google 和 Hopper 建立策略合作夥伴關係的產物。 Upgrade IQ 將Google的人工智慧技術與 Hopper 先進的競價平台相結合，使航空公司能夠以多種語言與旅客即時溝通，從而促進優質座位競價流程。

Also, we launched our new Lodging AI solution, which embeds Google's advanced machine learning technology to expand our suite of intelligent retailing services to hotel distribution. This new offering marks the introduction of Sabre Travel AI capabilities into the lodging sector, where we see significant opportunities to better align hotel property attributes with customer trip segmentation and preferences to deliver more personalized offerings.

此外，我們還推出了新的 Lodging AI 解決方案，該解決方案嵌入了Google先進的機器學習技術，將我們的智慧零售服務套件擴展到飯店分銷。這項新產品標誌著 Sabre Travel AI 功能引入住宿行業，我們看到了重大機遇，可以將酒店物業屬性與客戶行程細分和偏好更好地結合起來，以提供更個性化的產品。

Last, our technology transformation to the cloud continues on schedule. We are realizing both cost efficiency gains and strategic go-to-market advantages from our cloud infrastructure and Google partnership. In addition, we are seeing significant financial benefits from our cost reduction efforts, and we are on track to realize in 2024 the full $200 million of annual reduced costs that we have previously discussed.

最後，我們向雲端的技術轉型繼續按計劃進行。我們透過雲端基礎設施和與 Google 的合作實現了成本效率的提升和策略性的市場優勢。此外，我們從成本削減努力中看到了顯著的財務效益，我們預計在 2024 年實現我們之前討論過的每年 2 億美元的成本削減目標。

In summary, during the third quarter, our team delivered on these priorities, and we remain focused on creating long-term value for our customers, our employees and our shareholders.

總而言之，在第三季度，我們的團隊實現了這些優先事項，並且我們仍然專注於為我們的客戶、員工和股東創造長期價值。

Now let's turn to Slide 6. As I mentioned previously, our efforts to drive sustainable revenue growth with a lower cost structure resulted in meaningful margin expansion and generated strong adjusted EBITDA and free cash flow growth. As this chart shows, the trajectory of our adjusted EBITDA improvement accelerated in the third quarter, and we continue to see opportunities for further growth ahead.

現在讓我們翻到第 6 張幻燈片。正如該圖所示，我們的調整後 EBITDA 改善軌跡在第三季加速，我們繼續看到未來進一步成長的機會。

Turning to Slide 7. During our most recent 2 earnings calls, we used this table to highlight the increasing share of GDS industry bookings that we have achieved. And as you can see, our share in Q3 '23 again expanded on both a year-over-year basis versus Q3 '22 and on a sequential basis versus last quarter. We are pleased with these results to date and expect that signed but not yet implemented GDS deals, a robust pipeline and our strong competitive distribution offering position us well for continued share gains and future growth.

前往投影片 7。如您所見，與 2022 年第三季相比，我們在 2023 年第三季的份額同比增長，與上一季相比也環比增長。我們對迄今為止的業績感到滿意，並預計已簽署但尚未實施的 GDS 交易、強勁的通路和我們強勁的競爭性分銷產品將為我們持續獲得份額和實現未來成長做好準備。

Please turn to Slide 8. I am pleased to review a number of successful business wins and differentiated product offerings with you today that span both Travel Solutions and Hospitality Solutions.

請翻到投影片 8。

We continue to see significant momentum in Hospitality Solutions. Most notably, we are well advanced in our implementation work with Hyatt to provide them with our SynXis Central Reservation System technology. Our platform will offer enhanced capabilities that will allow Hyatt to improve the experience of its guests. We expect to begin to go live with Hyatt starting in the first half of 2024.

我們繼續看到酒店解決方案領域出現顯著的發展動能。最值得注意的是，我們與凱悅酒店的實施工作已取得巨大進展，為他們提供了我們的 SynXis 中央預訂系統技術。我們的平台將提供增強的功能，使凱悅能夠改善客人的體驗。我們預計將於 2024 年上半年開始與凱悅合作。

In addition to our work with Hyatt, StayWell, the large Australian hospitality provider, recently selected our SynXis platform to enhance and improve their IT infrastructure.

除了與凱悅酒店的合作之外，澳洲大型飯店供應商 StayWell 最近也選擇了我們的 SynXis 平台來增強和改善其 IT 基礎架構。

In Distribution, we were pleased to sign a new agreement with Air France-KLM that includes enriched NDC-sourced content along with EDIFACT content to deliver modern travel retailing technology. This agreement will provide global travelers with increasingly sophisticated offers with greater choice and transparency while enabling Air France and KLM to distribute customized NDC offers powered by continuous pricing and the ability to tailor personalized offer bundles.

在分銷方面，我們很高興與法國航空荷航簽署了一項新協議，其中包括豐富的 NDC 來源內容以及 EDIFACT 內容，以提供現代旅遊零售技術。該協議將為全球旅客提供更加完善、選擇範圍更廣、透明度更高的優惠，同時使法國航空和荷航能夠分發由持續定價和客製化個人化優惠套餐支援且個人化的 NDC 優惠。

In addition, we announced a second agreement with Air India, a top 10 global airline within the GDS industry, earlier this week to bring that carrier's domestic content to Sabre's platform. This complements our existing agreement for Air India's international content that we announced in April. Importantly, Air India's domestic content was previously exclusively offered by only one GDS, and this new agreement highlights the value of Sabre's global scale and reach to our customers and our potential to outpace the rate of growth in our industry.

此外，本週早些時候，我們宣布與 GDS 行業排名前 10 名的全球航空公司印度航空達成第二項協議，將該航空公司的國內內容引入 Sabre 平台。這對我們四月宣布的印度航空國際內容現有協議進行了補充。重要的是，印度航空的國內航班內容先前僅由一家 GDS 獨家提供，而這項新協議凸顯了 Sabre 全球規模和客戶覆蓋範圍的價值，以及我們超越行業增長率的潛力。

We also recently signed an enhanced agreement with LATAM Airlines Group, Latin America's largest airline, to distribute that carriers traditional EDIFACT content as well as its NDC offers to the global network of Sabre-connected agencies. Once this new NDC connection goes live, it will enable hundreds of thousands of Sabre-connected agencies and travel buyers to have an even richer experience with a broader range of LATAM's products and services.

我們最近也與拉丁美洲最大的航空公司 LATAM 航空集團簽署了一項增強協議，將該航空公司的傳統 EDIFACT 內容及其 NDC 服務分發給 Sabre 關聯機構的全球網路。一旦這一新的 NDC 連接上線，它將使數十萬與 Sabre 相連的代理商和旅遊買家能夠更豐富地體驗 LATAM 更廣泛的產品和服務。

In addition to these important agreements, we also signed with Scandinavian Airlines and Virgin Australia to provide agencies with significantly expanded access to content and offers from these carriers, including dynamically priced fares and new ancillary services. These agreements are further evidence that leading airlines seeking modern travel technology solutions continue to choose Sabre. And we are hard at work building the leading next-generation multisource travel ecosystem to seamlessly incorporate personalized NDC offers alongside other content.

除了這些重要協議外，我們還與北歐航空和維珍澳洲航空簽署了協議，為旅行社提供了顯著擴展的獲取這些航空公司內容和優惠的管道，包括動態票價和新的輔助服務。這些協議進一步證明，尋求現代旅行技術解決方案的領先航空公司繼續選擇 Sabre。我們正在努力建立領先的下一代多源旅行生態系統，將個性化的 NDC 優惠與其他內容無縫結合。

On the agency front, we signed a number of agreements with both new and existing customers in Q3, some of which we have announced. Examples include: our new win with Unififi, a high-growth Chinese business growing into North America; a deepening of our relationship with Lastminute, one of the top European OTAs specializing in dynamic packaging; and a renewal with TIDESQUARE, a large and fast-growing agency based in Korea.

在代理商方面，我們在第三季與新舊客戶簽署了多項協議，其中一些已經公佈。例子包括：我們與Unififi達成的新合作，這是一家正在北美發展的高成長中國企業；深化與 Lastminute 的合作關係，Lastminute 是歐洲頂級的 OTA 之一，專門從事動態包裝；並與總部位於韓國的大型且快速發展的機構 TIDESQUARE 達成了續約協議。

In IT Solutions, as mentioned earlier, Virgin Australia selected our intelligent retailing solutions. This partnership will bring the power of Sabre's Air Price IQ and Ancillary IQ solutions to help Virgin Australia move to more dynamic pricing and intelligent real-time offers, all powered by Sabre Travel AI.

在IT解決方案方面，如前所述，維珍澳洲航空選擇了我們的智慧零售解決方案。此次合作將利用 Sabre 的 Air Price IQ 和 Ancillary IQ 解決方案的強大功能，幫助維珍澳洲航空實現更動態的定價和智慧的即時報價，所有這些都由 Sabre Travel AI 提供支援。

During the quarter, we also signed a SabreSonic contract extension with Air Serbia, a Radixx renewal with Safair and an agreement to migrate Saudia's network planning and optimization to SaaS.

在本季度，我們還與塞爾維亞航空簽署了 SabreSonic 合約續約協議，與 Safair 簽署了 Radixx 合約續約協議，並簽署了將沙烏地阿拉伯航空的網路規劃和優化遷移到 SaaS 的協議。

In summary, Sabre achieved a number of commercial wins during the third quarter that will help us deliver on our strategic priorities.

總而言之，Sabre 在第三季度取得了許多商業勝利，這將有助於我們實現戰略重點。

I will now move on to our technology transformation. Please turn to Slide 9. Our technology transformation continues on track to deliver our previously articulated cost savings and operational targets. As you can see in the table at the right, our unit cost of compute continues to decline. The significant efficiency gains we have seen from moving off of the mainframe to Google Cloud helped drive the 10% decrease in our overall adjusted technology costs that we reported in the third quarter on a year-over-year basis.

現在我將談談我們的技術轉型。請翻到投影片 9。正如您在右表中所看到的，我們的計算單位成本持續下降。我們從大型主機遷移到 Google Cloud 後看到的顯著效率提升幫助推動了我們第三季報告的整體調整後技術成本年減 10%。

In terms of operational milestones, we are on track to complete the Tulsa midrange server exit by year-end as we have communicated previously.

在營運里程碑方面，正如我們之前所溝通的那樣，我們將按計劃在年底前完成塔爾薩中端伺服器的退出。

Overall, our technology transformation and innovation are cornerstones of our competitive capabilities, and we expect to continue to leverage our important strategic partnerships and offerings to deliver better overall experiences to both buyers and suppliers within the global travel marketplace.

整體而言，我們的技術轉型和創新是我們競爭力的基石，我們希望繼續利用我們重要的策略合作夥伴關係和產品，為全球旅遊市場的買家和供應商提供更好的整體體驗。

Now on to Slide 10. In closing, we again delivered on our priorities in the third quarter. We generated significant margin expansion and strong free cash flow, signed important customer agreements and launched compelling products that utilize the best-in-class technology capabilities of our key strategic partners. I am proud of our team for delivering these results, and I am confident that Sabre is well positioned to continue delivering on our strategic and financial priorities in the coming quarters.

現在轉到投影片 10。我們實現了利潤率的大幅擴大和強勁的自由現金流，簽署了重要的客戶協議，並推出了利用我們主要戰略合作夥伴的一流技術能力的引人注目的產品。我為我們的團隊所取得的這些成績感到自豪，我相信 Sabre 有能力在未來幾季繼續實現我們的策略和財務重點。

I will now hand the call over to Mike to walk you through our third quarter performance and our full year 2023 expectations.

現在，我將電話交給麥克，向你們介紹我們第三季的業績以及我們對 2023 年全年的預期。

Thanks, Kurt, and good morning, everyone.

謝謝，庫爾特，大家早安。

Please turn to Slide 11. As Kurt mentioned, we have a number of accomplishments to share with you that highlight the hard work of our Sabre team members. The third quarter was a strong quarter for Sabre and an important inflection point in several of our key financial and strategic metrics. We exceeded guidance in the quarter on solid revenue growth and cost actions that led to significant margin expansion and strong free cash flow generation. Our technology transformation and previously announced cost reductions helped drive operating costs down on a year-over-year basis. The powerful combination of steady revenue growth and falling costs led to a nearly 100% flow-through of incremental revenue dollars to adjusted EBITDA.

請翻到投影片 11。 正如 Kurt 所提到的，我們有許多成就可以與您分享，這些成就凸顯了我們的 Sabre 團隊成員的辛勤工作。第三季度對 Sabre 來說是一個強勁的季度，也是我們多個關鍵財務和策略指標的重要轉捩點。由於營收穩健成長、成本措施推動利潤率大幅提升並產生強勁的自由現金流，本季我們的表現超出預期。我們的技術轉型和先前宣布的成本削減有助於推動營運成本年減。收入穩定成長和成本下降的強大組合，導致增量收入幾乎 100% 流入調整後的 EBITDA。

As you can see on this slide, Sabre generated strong year-over-year improvement in cash from operations and free cash flow. Hospitality Solutions continues to drive better financial results faster than we had anticipated earlier this year and is now on track to produce an approximate $40 million improvement in adjusted EBITDA this year versus last year. Additionally, our recent debt exchange offer to extend our 2025 debt maturities out to 2027 better aligns future prospective free cash flow with our debt maturity schedule.

正如您在這張投影片上看到的，Sabre 的經營現金流和自由現金流比去年同期大幅成長。飯店解決方案部門繼續以比我們今年稍早預期更快的速度取得更好的財務業績，目前預計今年的調整後 EBITDA 將比去年增加約 4,000 萬美元。此外，我們最近提出的債務交換要約將 2025 年債務到期日延長至 2027 年，以使未來的預期自由現金流與我們的債務到期計劃更好地保持一致。

Overall, the third quarter represents an inflection point. We are delivering on the actions we set out to achieve and are generating strong financial results that represent a meaningful trajectory shift from the last few years and highlight the potential of Sabre's path forward.

總體而言，第三季是一個轉捩點。我們正在履行既定目標，並取得強勁的財務業績，這代表著與過去幾年相比有意義的軌跡轉變，並凸顯了 Sabre 前進的潛力。

Please turn to Slide 12. As you can see from the table, we exceeded our expectations for third quarter revenue, adjusted EBITDA and free cash flow, and we are encouraged by the momentum we are seeing in our financial results. Strong revenue generation, coupled with the actions we have taken to lower our cost base, has driven margin expansion and increased our free cash flow generation. This quarter's free cash flow generation is the highest in approximately 4 years.

請翻到第 12 頁。強勁的收入成長，加上我們為降低成本基礎而採取的措施，推動了利潤率的擴大並增加了我們的自由現金流。本季的自由現金流產生量約為四年來最高。

Turning to Slide 13. Total Q3 revenue was $740 million, an increase of $77 million or 12% versus last year.

轉到投影片 13。

Distribution revenue totaled $525 million, a $94 million or 22% increase compared to $431 million in Q3 2022. Our Distribution bookings totaled 89 million in the quarter, a 12% increase compared to 80 million in Q3 2022. Our average booking fee was $5.87 in the third quarter, up 9% from Q3 2022, as we continue to realize favorable mix into more profitable regions and types of travel, resulting in higher booking fees.

分銷收入總計 5.25 億美元，與 2022 年第三季度的 4.31 億美元相比增長 9,400 萬美元或 22%。在類型中實現有利的組合，從而帶來更高的預訂費。

IT Solutions revenue totaled $147 million in the quarter. This was a $26 million decline versus revenue of $173 million in the comparable prior year period, driven by de-migrations, the vast majority of which is the result of changes in Russian law.

本季IT解決方案營收總計1.47億美元。與去年同期的 1.73 億美元收入相比，這一數字下降了 2,600 萬美元，原因在於移民減少，而移民減少的絕大部分是由於俄羅斯法律的變化。

Hospitality Solutions revenue totaled approximately $79 million, an $11 million or 16% improvement versus revenue of $67 million in Q3 2022. The 16 points of revenue growth was driven by 7 points of central reservation systems transaction growth and 9 points of higher rate per transaction.

飯店解決方案收入總計約為 7,900 萬美元，與 2022 年第三季的 6,700 萬美元收入相比增長 1,100 萬美元或 16%。

Hospitality Solutions generated $6.4 million in the third quarter and $7.9 million of adjusted EBITDA on a year-to-date basis and is tracking to an approximate $40 million adjusted EBITDA improvement this year versus 2022. In addition, our recently announced CRS deal with Hyatt, which we expect to go live in 2024, should contribute to the momentum we are already seeing in Hospitality Solutions.

飯店解決方案部門第三季的營收為 640 萬美元，年初至今的調整後 EBITDA 為 790 萬美元，預計今年的調整後 EBITDA 將比 2022 年增長約 4000 萬美元。

Sabre's adjusted EBITDA of $110 million in Q3 2023 versus $34 million in Q3 2022 represented a $76 million improvement year-over-year.

Sabre 2023 年第三季的調整後 EBITDA 為 1.1 億美元，而 2022 年第三季為 3,400 萬美元，年成長 7,600 萬美元。

Before I move on, I will highlight the significant impact that our cost reduction program is having on our financial performance. The $76 million year-over-year increase in adjusted EBITDA in Q3 represents virtually 100% flow-through of the $77 million year-over-year increase in revenue we achieved over the same period.

在繼續之前，我想強調一下我們的成本削減計劃對我們的財務表現的重大影響。第三季調整後 EBITDA 較上年同期增加 7,600 萬美元，幾乎占同期營收 7,700 萬美元年增的 100%。

Free cash flow was $39 million in the third quarter, including the impact of restructuring charges, which was better than our prior guidance for free cash flow of $20 million. Free cash flow, excluding the impact of restructuring, was $58 million, which was better than our prior guidance of approximately $50 million. This was the first third quarter since Q3 2019 that Sabre has delivered positive free cash flow.

第三季的自由現金流為 3,900 萬美元，其中包括重組費用的影響，優於我們先前預期的 2,000 萬美元的自由現金流。不包括重組影響的自由現金流為 5,800 萬美元，優於我們先前預期的約 5,000 萬美元。這是 Sabre 自 2019 年第三季以來首次在第三季實現自由現金流為正。

We ended the third quarter with a cash balance of $623 million. During the quarter, we used $130 million in cash from the balance sheet in connection with our most recent financing.

截至第三季末，我們的現金餘額為 6.23 億美元。在本季度，我們使用了資產負債表中的 1.3 億美元現金進行最近的融資。

Before moving to guidance, let's discuss the actions we took during the third quarter to address our 2025 maturities.

在討論指引之前，讓我們先討論一下我們在第三季為解決 2025 年到期債務而採取的行動。

Turning to Slide 14. I cannot thank the team enough for their hard work in shifting our financial trajectory, which facilitated the actions on our debt maturities. Our recent debt exchange offer and the private facility we executed in June have addressed the vast majority of our nearest term 2025 debt maturities. Importantly, the cash we have on the balance sheet at the end of the third quarter exceeds the cumulative debt maturities through the end of 2026.

翻到第 14 張投影片。我們最近的債務交換要約和 6 月執行的私人融資已解決了我們最近到期的 2025 年債務的絕大部分問題。重要的是，我們第三季末資產負債表上的現金超過了截至 2026 年底的累計債務到期額。

Moving to Slide 15 to discuss our guidance. For the full year, we still expect revenue between $2.9 billion and $3 billion, unchanged from last quarter, but at the higher end of our initial expectations for 2023 that we provided in February for revenue of between $2.8 billion and $3 billion.

轉到投影片 15 討論我們的指導。就全年而言，我們仍預期營收在 29 億美元至 30 億美元之間，與上一季持平，但處於我們 2 月提出的 28 億美元至 30 億美元之間 2023 年收入初步預期的較高端。

Moving to adjusted EBITDA. We now expect adjusted EBITDA for the full year 2023 of approximately $345 million, above our prior guidance last quarter for adjusted EBITDA of approximately $340 million and about 10% above the midpoint of the initial guidance we provided in February for adjusted EBITDA between $300 million and $320 million. We believe continued revenue growth, coupled with the significant cost actions we have taken to improve our efficiency and expand our margins is supportive of improving adjusted EBITDA generation moving forward.

轉向調整後的 EBITDA。我們現在預計 2023 年全年調整後 EBITDA 約為 3.45 億美元，高於我們上季度對調整後 EBITDA 約 3.4 億美元的預期，也比我們 2 月份提供的初始預期中位數高出約 10%，初始預期為調整後 EBITDA 在 3 億美元至 3.2 億美元之間。我們相信，持續的收入成長，加上我們為提高效率和擴大利潤率而採取的重大成本行動，將有助於提高未來調整後的 EBITDA 產生。

And on free cash flow, as noted on our prior earnings call, we expect to be free cash flow positive for full year 2023, excluding the impact of restructuring. This includes an assumption of approximately $80 million in 2023 for capital expenditures and approximately $375 million in cash interest costs for the full year 2023.

關於自由現金流，正如我們先前的收益電話會議中所指出的，不包括重組的影響，我們預計 2023 年全年的自由現金流將為正值。這包括假設 2023 年資本支出約為 8,000 萬美元，2023 年全年現金利息成本約為 3.75 億美元。

We are currently in our annual and long-term planning process, and we expect to provide more details on our 2024 outlook and 2025 targets during our Q4 earnings call in February. As a reminder, our 2025 targets for $900 million in adjusted EBITDA and $500 million in free cash flow include an assumption for industry air volume growth of 1 to 2 points sequentially per quarter. In recent quarters, we have seen industry air volume growth come in below these levels. As indicated on our May earnings call when we discussed our long-term targets, each 1 point of air bookings growth between 2023 and 2025 is worth approximately $12 million in adjusted EBITDA on an annual basis.

我們目前正處於年度和長期規劃過程中，我們預計將在 2 月的第四季度財報電話會議上提供有關 2024 年展望和 2025 年目標的更多詳細資訊。提醒一下，我們 2025 年的目標是調整後 EBITDA 達到 9 億美元，自由現金流達到 5 億美元，其中包括產業航空運輸量每季季增 1 到 2 個百分點的假設。最近幾個季度，我們發現產業空氣量成長低於這些水平。正如我們在 5 月財報電話會議上討論長期目標時所指出的那樣，2023 年至 2025 年期間航空預訂量每增長 1 個百分點，每年調整後的 EBITDA 就約為 1200 萬美元。

In closing, steady revenue growth and operating performance drove significant margin expansion for the quarter and nearly 100% flow-through of revenue to adjusted EBITDA, which resulted in meaningful free cash flow generation. In conjunction with these items, our debt exchange offer and extension of our 2025 maturities represented an important step in delivering on our strategic priorities that Kurt outlined earlier on this call.

最後，穩定的營收成長和營運績效推動本季利潤率大幅擴大，營收幾乎 100% 流向調整後的 EBITDA，從而產生了有意義的自由現金流。結合這些項目，我們的債務交換要約和 2025 年到期債務的延長代表著我們朝著實現 Kurt 在本次電話會議上早些時候概述的戰略重點邁出了重要一步。

And with that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Your first question comes from the line of Jed Kelly of Oppenheimer.

（操作員指示）您的第一個問題來自奧本海默的傑德凱利。

Just two, if I may. Nice job. Your tech costs were down about 10% you highlighted. I mean is that the right way to think about the velocity of those costs going down going forward? And then just following back, Mike, on your previous comments, you mentioned airline industry growth kind of slowed 1 point of -- $12 million adjusted EBITDA on an annual basis. Is there any change to your '25 outlook? And are you expecting similar incremental EBITDA growth in '24?

如果可以的話，就兩個。幹得好。您強調說，您的技術成本下降了約 10%。我的意思是，這是思考未來成本下降速度的正確方法嗎？然後回到麥克，關於您之前的評論，您提到航空業的成長放緩了 1 個百分點——按年計算，調整後的 EBITDA 為 1200 萬美元。您對 25 年的展望有什麼改變嗎？您是否預期 24 年 EBITDA 會實現類似的增量成長？

Yes. Thanks for the question. On tech costs, obviously, we've made significant progress there. What I would highlight is in the beginning, when we had articulated our resource realignment and cost reduction program back in May, the way we highlighted or talked about the trends and what someone should expect is taking the first quarter expenses for cost of revenue, tech expenses and SG&A. If you annualize those and then you subtracted the $100 million of cost reduction that would occur this year, that $100 million, about 10% of it would apply to cost reduction -- I mean, cost of revenue, about 45% would apply to the tech costs and about 45% would apply to SG&A. And that's what would drive our -- that would be the resulting trend in terms of costs. So the trends you are seeing are trends we would expect to sustain on expenses.

是的。謝謝你的提問。顯然，在技術成本方面我們已經取得了重大進展。我想強調的是，早在五月份，當我們闡明資源調整和成本削減計劃時，我們強調或談論趨勢以及人們應該預期的是將第一季的費用計入收入成本、技術費用和銷售、一般和行政費用。如果將其按年計算，然後減去今年將發生的 1 億美元成本削減，那麼這 1 億美元中約有 10% 將用於削減成本 - 我的意思是，收入成本中約有 45% 將用於技術成本，約有 45% 將用於銷售、一般及行政費用。這就是推動我們前進的因素——這就是成本的最終趨勢。因此，您所看到的趨勢是我們預期在支出方面能夠維持的趨勢。

Jed, you -- this is Kurt. You may recall that as we provided the guidance and we looked out at the '25 target back in May, we articulated that $300 million of the build toward 2025 improvement would come from reductions in both our technology costs and other costs. Close to 2/3 of that would be reductions in technology costs in the next couple of years.

傑德，你——我是庫爾特。您可能還記得，當我們在 5 月提供指導並展望 25 年目標時，我們明確表示，2025 年改進的 3 億美元將來自於技術成本和其他成本的降低。其中近三分之二將在未來幾年內降低技術成本。

Yes. Thank you. So -- and then further, what I would also highlight on that May call, we also highlighted and talked about our build from 2023 to 2025. And in that build, we talked about going from approximately $300 million of adjusted EBITDA to approximately $900 million of adjusted EBITDA in 2025. And there are really 3 components. The very first component, as Kurt just mentioned, is that $300 million, with the $300 million being comprised of the resource realignment and cost reduction program that we saw this year, which would be about $100 million of it; our technology transformation costs, which we expect to generate at least $150 million of benefit from '23 to 2025; and then also just rigor around the nonlabor nontech cost for the remainder of the bucket. That bucket and those cost savings are very, very much on track, and you see that here today.

是的。謝謝。所以 — — 然後進一步，我在 5 月份的電話會議上還想強調的是，我們還強調並討論了我們從 2023 年到 2025 年的建設。 在那次建設中，我們談到了從約 3 億美元的調整後 EBITDA 到 2025 年約 9 億美元的調整後 EBITDA。正如 Kurt 剛才提到的，第一個部分是那 3 億美元，這 3 億美元包括我們今年看到的資源調整和成本削減計劃，約佔其中的 1 億美元；我們的技術轉型成本，我們預計從 2023 年到 2025 年將產生至少 1.5 億美元的收益；然後還要嚴格控制剩餘部分的非勞動非技術成本。這個桶子和那些成本節省都非常非常順利，正如您今天在這裡看到的。

The second bucket was our strategic growth initiatives. If you recall, that was $150 million attributable to that bucket. Of that $150 million, at least 1/3 or at least $50 million we would expect from Hospitality Solutions. You could see the significant trajectory shift we've seen in that business. And then the second part of that or the next $50 million would be increased market share. And you see that this quarter, we gained share both sequentially and on a year-over-year basis. And then the third part of it is things like payments, airline retailing, which are all growing really, really, really well.

第二個是我們的策略成長計劃。如果你還記得的話，那個桶子裡的錢有 1.5 億美元。在這 1.5 億美元中，我們預計至少有 1/3 或至少 5,000 萬美元來自 Hospitality Solutions。您可以看到我們在該業務中看到的重大軌跡轉變。然後其中的第二部分或接下來的 5000 萬美元將用於增加市場份額。您會發現本季我們的份額比上個季度和上年都有所增長。第三部分是支付、航空零售等，這些領域的成長都非常非常好。

The third bucket, as you highlight, is volume. And the volume piece, each point is approximately $12 million. Now what I'd highlight is there's 2 different components as we look at volume. In the more recent period, as noted in the third quarter, we have seen some flattening in volume. To date, we've been able to offset that with favorable revenue and cost. Also, as we look forward and we look at what airlines are telegraphing, they're generally telegraphing capacity growth, call it, in the mid to upper mid-single digits with the skew to international that has historically accrued to the GDSs.

正如您所強調的，第三個桶子是體積。就體積而言，每個點大約為 1200 萬美元。現在我想強調的是，當我們看成交量時，有兩個不同的組成部分。如第三季所指出的，最近一段時間，我們看到交易量有所趨於平穩。到目前為止，我們已經能夠透過優惠的收入和成本來抵消這一損失。此外，當我們展望未來並觀察航空公司所傳遞的訊息時，我們會看到，他們通常都傳遞中高個位數的運力成長，而國際航班的偏向是 GDS 歷史上累積的。

And so that's what we know at this moment. Beyond that, what I would say is we're working through our 2024 planning process and our 2025 planning process right now. We're going to respect that process and come back to you in February with a more fulsome update on the next 2 years.

這就是我們目前所知道的情況。除此之外，我想說的是，我們目前正在製定 2024 年規劃流程和 2025 年規劃流程。我們將尊重此流程，並於二月份向您提供有關未來兩年更詳細的更新資訊。

Just one follow-up. Just on the Air India contract, can you speak to the incentives you agreed to? I've heard from prior management -- your prior management team, they historically didn't want to go into India just because that market was tough from a unit economic perspective.

僅一個後續行動。僅就印度航空合約而言，您能談談您同意的激勵措施嗎？我從前管理層——你們的前任管理團隊那裡聽說，他們歷來不想進入印度，只是因為從單位經濟角度來看那個市場很艱難。

Yes. Thanks, Jed. India is one of the largest GDS distribution markets in the world. As we indicated in the prepared remarks, one of our competitors had exclusive content with Air India, which is one of the larger carriers there. So this unlocks one of the largest GDS markets in the world for us, which was not previously largely addressable or available to us.

是的。謝謝，傑德。印度是世界上最大的GDS分銷市場之一。正如我們在準備好的評論中所指出的，我們的一個競爭對手與印度航空擁有獨家協議，而印度航空是印度最大的航空公司之一。這為我們打開了世界上最大的 GDS 市場之一，而此前我們基本上無法觸及或獲得這個市場。

So as we think about the opportunity to gain share and gain share in the emerging parts of the world, we're really encouraged about this. Commercially, and technically, the deal we've done there makes great sense for us and we think for our agency customers as well.

因此，當我們想到有機會在世界新興地區獲得份額時，我們對此感到非常鼓舞。從商業和技術角度來看，我們在那裡達成的交易對我們來說非常有意義，我們也為我們的代理商客戶考慮。

(Operator Instructions) The next question comes from the line of Josh Baer of Morgan Stanley.

（操作員指示）下一個問題來自摩根士丹利的喬希·貝爾 (Josh Baer)。

I wanted to ask around NDC. I think there were several press releases in the last couple of months about NDC announcements for you. Just wanted to ask what's driving like the momentum now and from a product standpoint, how you think your NDC offerings compare like from a competitive standpoint? Are there still areas of sort of investment or -- investment around NDC as far as your solutions looking ahead?

我想向NDC詢問。我認為過去幾個月已經發布了幾份有關 NDC 公告的新聞稿。只是想問一下現在推動這種勢頭的因素是什麼，從產品的角度來看，您認為您的 NDC 產品與競爭對手相比如何？就您未來的解決方案而言，在 NDC 方面是否仍存在某種投資領域？

Yes. Josh, thank you very much for the question. So today, NDC represents a very small part of intermediary airline distribution in the range of about 1% from everything that we can see and that we're experiencing. And this is 11 years after, approximately, IATA launched NDC as a construct. That said, what you've heard and seen from many carriers around the world is a desire to sell their inventory more dynamically in B2B as they do in B2C. And this is a mechanism to help accomplish that. So there is strategic rationale as airlines become better and better at retailing. And we, as an intermediary, want to help airlines differentiate and sell their product as they want to sell it.

是的。喬希，非常感謝您的提問。因此，今天，從我們所看到和經歷的一切來看，NDC 只佔中介航空公司分銷的一小一部分，大約在 1% 左右。這是在國際航空運輸協會 (IATA) 推出 NDC 架構約 11 年後。話雖如此，您從世界各地的許多承運商那裡聽到和看到的是，他們希望在 B2B 上像在 B2C 上一樣更有活力地銷售庫存。這是一種有助於實現這一目標的機制。因此，隨著航空公司在零售方面變得越來越好，這具有戰略意義。而我們作為中介機構，希望幫助航空公司實現產品差異化，以他們想要的方式銷售產品。

What's very important, one of the things that is changing in the ecosystem is that this is not just about plugging into the node of the airline NDC API, but more so, it's building the functionality that is required for buyers, corporations and agencies, for example, to be able to do things in a manner that works for them and drives efficiency and drives user experience without degrading those 2 things as would happen if you simply plugged in the content into their existing infrastructures.

非常重要的一點是，生態系統正在發生變化，這不僅僅是插入航空公司 NDC API 的節點，更重要的是，它正在構建買家、公司和代理商所需的功能，例如，能夠以適合他們的方式做事，提高效率，推動用戶體驗，而不會降低這兩件事的質量，就像您簡單地將內容插入他們現有的基礎設施一樣。

So I can tell you, for example, that by the end of the year, we will have built out 90% of the use cases that are required by [our HD] customers, and there are about 600 unique use cases that are new, so that we're able to make sure that both sides of the ecosystem are able to balance that.

因此，我可以告訴你，到今年年底，我們將實現 [我們的 HD] 客戶所需的 90% 的用例，並且大約有 600 個新的獨特用例，這樣我們就能確保生態系統的雙方都能夠保持平衡。

We've talked about what we're building is a multisource content platform that enables us to seamlessly consume both EDIFACT and NDC content and then onward distribute that in a normalized fashion to and through any buyers in the world. We believe that what we're producing will be the best platform in the industry for the long term and support the needs of both the suppliers but do it in a way, again, that makes sense for the buyer community. So we feel very good about where NDC is going to go in future years.

我們已經討論過，我們正在建立一個多源內容平台，使我們能夠無縫地使用 EDIFACT 和 NDC 內容，然後以規範化的方式將其分發給世界各地的任何買家。我們相信，我們所生產的產品將是該行業長期內最好的平台，並能滿足供應商的需求，但這樣做的方式對買家群體來說是合理的。因此，我們對 NDC 未來幾年的發展方向非常有信心。

Yes. And the only thing I would add on that is as we discuss forward-looking commentary, incorporated in that forward-looking commentary is an expectation that NDC continues to grow, and our forward-looking commentary reflects that.

是的。我唯一想補充的是，當我們討論前瞻性評論時，前瞻性評論中包含了對 NDC 持續增長的預期，我們的前瞻性評論反映了這一點。

And if I could just ask one on the 2025, sort of the $900 million plus in EBITDA going to $500 million in free cash flow. If you could talk through some of the assumptions on working capital in those numbers, just thinking through interest, taxes, but then also just working capital in that bridge to free cash flow.

如果我可以問一個關於 2025 年的問題，那麼 9 億美元以上的 EBITDA 將會變成 5 億美元的自由現金流。如果您可以討論這些數字中關於營運資本的一些假設，那麼只需考慮利息、稅收，但只需考慮通往自由現金流的橋樑中的營運資本。

Yes. I'm not going to go into too many specifics on that at this time, Josh. What I would say is we are not assuming a significant impact on working capital either positively or negatively in 2025. But beyond that, we'll provide just a more fulsome update in February on '24 and '25.

是的。喬希，我現在還不想談論太多細節。我想說的是，我們並不認為 2025 年會對營運資本產生重大的正面或負面影響。

(Operator Instructions) The next question comes from the line of Dan Wasiolek of Morningstar.

（操作員指示）下一個問題來自晨星公司的 Dan Wasiolek。

So just going back to the $150 million strategic growth in the 2025 guidance. I think you guys have said that at least 1/3 is coming from hospitality. Any color you can provide on how much high it kind of gets you to that 1/3? And then what would you anticipate would be the implementation time frame for Hyatt? I know you guys said on this quarter that it will begin in the first half of next year.

因此，我們回到 2025 年指引中的 1.5 億美元策略成長。我想你們已經說過，至少有三分之一是來自飯店業。您能提供任何顏色來表明它能帶您達到那 1/3 的高度嗎？那麼您預期凱悅的實施時間表是怎麼樣的呢？我知道你們本季說過它將在明年上半年開始。

Dan, thank you. Good question. So when we look at the strategic growth initiatives, just to color them once again. And we looked at $150 million of EBITDA accretion between now and 2025. What we articulated was we expect to see 1/3 of that from Hospitality Solutions, 1/3 from GDS share growth and 1/3 from an amalgam of airline retailing payments, hotel attachment.

丹，謝謝你。好問題。因此，當我們審視策略性成長計畫時，只是再次對其進行著色。我們預計從現在到 2025 年，EBITDA 將增加 1.5 億美元。 我們明確表示，我們預計其中 1/3 來自酒店解決方案，1/3 來自 GDS 份額增長，1/3 來自航空零售支付和酒店附加價值的融合。

Specific to Hospitality Solutions at Hyatt, we're not going to break out the details of the agreement with Hyatt. But it is indicative of the traction that we're getting with SynXis, which traditionally has been the leading mid-market hotel CRS provider. But this basically demonstrates our ability to compete and win in the enterprise CRS space. And so what I want to do is turn it over to Scott Wilson, who leads HS, and he can talk in more detail about the implementation and the value that we're bringing there.

具體到凱悅的酒店解決方案，我們不會透露與凱悅達成的協議的細節。但它顯示了我們與 SynXis 的合作正在取得進展，SynXis 傳統上一直是領先的中階市場飯店 CRS 供應商。但這基本上證明了我們在企業 CRS 領域的競爭和勝利的能力。因此，我想將這個任務交給 HS 負責人斯科特威爾遜 (Scott Wilson)，他可以更詳細地談論我們在那裡實施的情況以及我們帶來的價值。

Thanks, Kurt, and thanks, Mike. Yes. So you actually -- you got, Kurt, a couple of things that are really important here. But let's start with the Hyatt piece. The implementation, as we mentioned, is going to be starting in the first half of the year, and we believe that we'll be vastly completed with it by the end of next year. So most of that revenue gain that we expect through that contract is going to be fully realized by the end of next year, which we think is just a great accomplishment by the team and our partner in Hyatt.

謝謝，庫爾特，謝謝，麥克。是的。所以實際上——庫爾特，你知道這裡有幾件非常重要的事情。我們先從凱悅酒店開始吧。正如我們所提到的，實施工作將於今年上半年開始，我們相信到明年年底將基本完成。因此，我們預計透過該合約獲得的大部分收入成長將在明年年底前完全實現，我們認為這對我們的團隊和我們的合作夥伴凱悅來說是一項偉大的成就。

The second Kurt talked about, the SynXis platform overall continues to be very strong within the market. We actually have renewal rates this year at their highest they've been since the pandemic, in fact some of the highest ever. And we continue to win new business in areas outside of the enterprise space as well.

Kurt 談到的第二點是，SynXis 平台整體在市場上持續保持強勁勢頭。事實上，今年的續約率達到了疫情爆發以來的最高水平，甚至是有史以來最高的。我們也在企業領域之外的領域持續贏得新業務。

And the third key piece is the introduction of Retail Studio this year, which really unlocks a new TAM for us, which is around retailing in the hotel space, something that's a little bit more mature in the airline space, but has a lot of growth and upside that we're seeing good traction on in the hotel space as well.

第三個關鍵點是今年推出的 Retail Studio，它為我們打開了新的 TAM，即圍繞酒店零售業，這在航空領域已經比較成熟，但也具有很大的增長空間和上升空間，我們在酒店領域也看到了良好的發展勢頭。

You take those 3 things combined, and we feel very good about that $50 million that will contribute by the end of '25.

將這三件事結合起來，我們對 25 年底將貢獻的 5,000 萬美元感到非常滿意。

Okay. Great. Very helpful. And then if I can just squeeze in one more quick one. Any color that you can give on just how air booking trends have been trending over your key regions?

好的。偉大的。非常有幫助。然後如果我能再擠出一點時間的話。您能具體說明一下您所在主要地區的機票預訂趨勢嗎？

Sure. I'll just talk about it in terms of what we're seeing in terms of recovery relative to 2019. I mean, as you know, I mean, for the most part, North America is fully recovered. What you've seen is Asia is probably still recovered versus 2019 in the mid-60s. Europe is like in the 70s. I would say the one trend that we've seen that's a little more notable, we've actually seen Latin America back up a little bit over the last few months, and that's trended back a little bit. But that's generally what we've seen.

當然。我只想從相對於 2019 年的復甦情況來談論這個問題。您所看到的是，與 2019 年的 60 年代中期相比，亞洲可能仍處於復甦階段。歐洲就像是70年代一樣。我想說的是，我們看到的一個更值得注意的趨勢是，我們實際上看到拉丁美洲在過去幾個月裡有所回升，而且這種趨勢有所回升。但我們通常看到的就是如此。

(Operator Instructions) The next question comes from the line of Victor Cheng of Bank of America.

（操作員指示）下一個問題來自美國銀行的 Victor Cheng。

A couple, if I may. Just going back to -- on the point on revenue per booking, can you give us some color? Obviously, 9% improvement year-on-year is very solid. I'm sure there's some pricing element and the mix improving. And often you talk about it depending on region mix, home and away mix and business leisure mix. But maybe one question I want to ask is, does it matter what tier of airlines are the bookings associated with? The question I asked about this is over the last couple of months, we have seen American Airlines moving a bit more into NDC, United moving to NDC as well. And it seems that if the volumes are coming down for these Tier 1 carriers, which presumably has a lower revenue per booking, that has a tailwind on revenue per booking. Is that the right assumption to think or am I off?

如果可以的話，一對。回到話題－關於每次預訂的收入，您能給我們一些細節嗎？顯然，年成長9%是非常可靠的。我確信存在一些定價因素和產品組合改善。通常，您會根據區域組合、主場和客場組合以及商務休閒組合來談論這一點。但也許我想問的一個問題是，預訂與哪個級別的航空公司相關重要嗎？我問的問題是，在過去的幾個月裡，我們看到美國航空公司更多地轉向 NDC，聯合航空也在轉向 NDC。而且看起來，如果這些一級航空公司的貨運量下降，那麼每筆預訂的收入可能也會降低，但這對每筆預訂的收入卻是一個利好。這是正確的假設嗎，還是我錯了？

Victor, thank you. Let me start and then turn it over to Mike. So first of all, NDC today represents only about 1% of the GDS marketplace. So the impact on the average fee per booking is relatively small.

維克多，謝謝你。讓我先開始，然後將其交給麥克。首先，NDC 目前僅佔 GDS 市場的 1% 左右。因此，對每次預訂的平均費用的影響相對較小。

Yes. No, thanks. That's a very important part. So the primary driver is really that we've seen -- within the mix regionally, we've seen our mix be pretty favorable. And really, within the carrier mix, it's been favorable. We have [skewed] to carriers where the average booking fee is higher. But to Kurt's point, the impact from NDC has been de minimis on our average booking fee. It's really that NDC at this stage is a very, very, very small part of the industry and, from everything we see, represents 1% maybe -- 1% to 2% of intermediary distribution globally.

是的。不，謝謝。這是非常重要的部分。因此，主要的驅動因素實際上是我們已經看到的——在區域組合中，我們看到我們的組合非常有利。事實上，在營運商組合中，情況一直很有利。我們[偏向]平均預訂費較高的航空公司。但正如 Kurt 所說，NDC 對我們的平均預訂費的影響微乎其微。目前，NDC 確實只是該行業中非常非常小的一部分，從我們所看到的情況來看，它大概只佔全球中介分銷的 1% 到 2%。

Yes. Got you. It's -- I was just looking at some data from ARC talking about U.S. bookings, I think they talk about 10-plus percent of NDC bookings as a percentage of indirect U.S. bookings. And if GDS as a whole is still roughly, like you said, 1% to 2%, does that mean that as some of the bookings get shifted to NDC, that GDS is not capturing that opportunity?

是的。明白了。我剛剛查看了 ARC 關於美國預訂的一些數據，我認為他們談論的是 NDC 預訂占美國間接預訂的 10% 以上。如果 GDS 整體上仍然像您所說的那樣，大約佔 1% 到 2%，那麼是否意味著隨著部分預訂轉移到 NDC，GDS 並沒有抓住這個機會？

Yes. Victor, thank you for the question. I think there's 2 things that get conflated in the industry. One is called Direct Connect, the other is NDC. Direct Connect is where typically larger OTAs have direct connected with airlines, and this started back 10 to 15 years ago. And they basically have done that without the use of the GDSs. So that's nothing new in the industry. And we think that, that has for a while represented about 10% of global airline intermediary distribution. That will be Priceline with United, for example.

是的。維克多，謝謝你的提問。我認為這個行業中有兩件事容易混淆。一種叫Direct Connect，一種叫NDC。直連是指一般較大的 OTA 與航空公司直接建立聯繫，這種模式始於 10 到 15 年前。他們基本上沒有使用 GDS 就做到了這一點。這對業界來說並不是什麼新鮮事。我們認為，這段時間內約佔全球航空中介分銷的 10%。例如，Priceline 與 United 合作。

And within that, I don't know the construct of what is traditional versus NDC in terms of what goes through those pipes. What I can tell you, though, is if you look outside of that 10% is we're not seeing any change in the structure of the marketplace. Corporate, as you know, has recovered to about 75% on a unit basis of what it was in 2019, albeit much higher on a dollar basis. We believe that substantially all of that business continues to flow through our sector. And in all the other forms of leisure distribution, we don't think there's been a change either.

而就管道傳輸的內容而言，我不知道傳統結構與 NDC 結構有何不同。不過，我可以告訴你的是，如果你看看這 10% 以外的情況，你會發現市場結構沒有任何變化。如您所知，按單位計算，企業利潤已恢復至 2019 年的約 75%，儘管以美元計算則要高得多。我們相信，絕大部分業務仍將流經我們的部門。在所有其他形式的休閒分配中，我們認為也沒有改變。

So I think that what you have is that within the Direct Connect channel, again, which has been there for quite a long period of time, preceding COVID, that there may be certain activity there that carriers are calling new technology. But within the true intermediary marketplace, we don't see any change.

因此，我認為，在 Direct Connect 管道內，這個管道在 COVID 之前已經存在了很長一段時間，其中可能存在某些活動，而營運商稱之為新技術。但在真正的中介市場中，我們沒有看到任何改變。

Yes. One other thing I would highlight, Victor, is as you think about NDC and you think about -- and economics, generally, what we're seeing is that the economics of NDC agreements look pretty similar to what you see today around most of the globe with the exception of Europe, where Europe, as you know, has some of the highest booking fees around the globe. But for Sabre, that only represents 15% of our bookings. And so the transition, we wouldn't expect to have nearly a significant impact, maybe a little bit more in that region.

是的。維克多，我想強調的另一件事是，當你思考 NDC 和經濟學時，一般來說，我們看到的是，NDC 協議的經濟效益與今天全球大部分地區（歐洲除外）的狀況非常相似，正如你所知，歐洲的預訂費是全球最高的。但對 Sabre 來說，這僅占我們預訂量的 15%。因此，我們預期這種轉變不會對該地區產生重大影響，或許影響會更大一些。

Got it. Very clear. And maybe if I can squeeze in one last one. I note that passengers boarded in the airline IT side also appears to be a tad lower quarter-on-quarter [as a percent of] 2019. If you can provide a bit of color as to kind of what's trending in there?

知道了。非常清楚。也許我還能再擠一點時間。我注意到，與 2019 年相比，航空公司 IT 部門的登機乘客數量似乎也略有下降。

Yes. On airline IT, I mean, the primary impact on a year-over-year basis is going to be the de-migrations, the vast majority of which is attributable to Russia. That impact is about $33 million. If you adjust for that, you'd obviously have growth in airline IT driven by higher passengers boarded.

是的。對於航空 IT 而言，我的意思是，與去年同期相比，主要的影響將是移民減少，其中絕大部分歸因於俄羅斯。其影響約為 3,300 萬美元。如果對此進行調整，那麼顯然航空 IT 業務會因登機乘客量的增加而成長。

(Operator Instructions) The next question comes from the line of Tobias Fromme of Bernstein.

（操作員指示）下一個問題來自伯恩斯坦的托比亞斯‧弗羅姆 (Tobias Fromme)。

Just one from me. I wanted to deep dive into the air bookings again. It appears that the air bookings recovery has almost declined this quarter. Could you comment on this (inaudible) on whether potentially a new normal level has been reached? How do you see that going into Q4 also considering that you just commented on the recovery is still ongoing everywhere else?

我只要一個。我想再次深入了解機票預訂情況。看起來本季的航空預訂量復甦幾乎已經下降。您能否對此進行評論（聽不清楚），是否有可能已經達到新的正常水平？考慮到您剛才評論說其他地方的復甦仍在繼續，您如何看待第四季度的情況？

Yes. Tobias, thank you. When you look at the GDS marketplace, which is what we're talking about here, traditionally, that marketplace has been comprised of about 50% corporate or TMC bookings and about 50% leisure. As we've indicated, corporate has recovered to about 75% on a unit basis of 2019 levels. Now air and hotel yields are much higher. So the dollar recovery is actually much higher or much closer to historical norms.

是的。托比亞斯，謝謝你。當您查看我們在此討論的 GDS 市場時，傳統上，該市場由大約 50％ 的企業或 TMC 預訂和大約 50％ 的休閒預訂組成。正如我們所指出的，企業已按單位基礎恢復到 2019 年水準的 75% 左右。如今航空和酒店的收益已經高得多。因此，美元的復甦實際上要高得多，或者說更接近歷史常態。

One of the things that (inaudible) [is a governor], we believe on corporate travel is corporate and procurement budgeting where they basically are saying, you can only grow [unit corporation] by so much year-on-year. The good news is, as you think about corporate travel historically, it was closer to $1.5 trillion sector before COVID and over the 20-year history, including the impact of 9/11 and the financial crisis, had a 4% to 5% annual CAGR. So certainly, we expect that part of the business to grow as it has grown traditionally. Has there been some impairment relative to the size of that sector? We don't know at this point, but that is possible.

我們認為，在商務旅行方面，（聽不清楚）[是一位州長] 所關注的事情之一就是企業和採購預算，他們基本上是在說，[單位公司] 的年增長率只能這麼多。好消息是，從歷史上看，商務旅行在新冠疫情之前規模接近 1.5 兆美元，而在包括 9/11 和金融危機的影響在內的 20 年歷史中，年複合增長率為 4% 至 5%。因此，我們當然預計這部分業務將以傳統方式成長。相對於該行業的規模來說是否存在一些損害？我們目前還不知道，但這是有可能的。

And then when you look at leisure recovery, leisure is the other sort of half of the GDS sector. It leaves much more toward complex, long-haul international travel, where more simple point-to-point domestic travel is headed to accrue to direct airline distribution, historically. We think that's the case. And so what's happened is capacity has not been put back substantially on long-haul international as it has been put back on short haul. We think that has disproportionately negatively impacted the GDS business.

當你觀察休閒產業復甦時，你會發現休閒產業是 GDS 產業的另一半。從歷史上看，這使得更多的業務轉向複雜的長途國際旅行，而更簡單的點對點國內旅行則傾向於直接透過航空分銷進行。我們認為確實如此。所以目前的情況是，長途國際航班的運能並沒有像短程國際航班的運能那樣大幅恢復。我們認為這對 GDS 業務產生了不成比例的負面影響。

So you are right that the recovery has been slower than we had anticipated in the past 2 quarters. We're not going to comment prospectively other than -- let me just say again what Mike said, which is we -- in the build toward the $900 million EBITDA target for 2025, we had indicated back in May that, that came with the assumption of a 1% to 2% or 1.5% quarterly sequential growth in market size. We're assessing what we believe is going to be the trend over the next couple of years, and we'll come back in February with updated guidance.

因此您說得對，過去兩個季度的復甦速度比我們預期的要慢。我們不會發表前瞻性評論，除了——讓我再說一遍麥克說過的話——在實現 2025 年 9 億美元 EBITDA 目標的過程中，我們早在 5 月份就表示，這是基於市場規模每季度環比增長 1% 至 2% 或 1.5% 的假設。我們正在評估未來幾年的趨勢，並將在二月份發布更新後的指導。

Yes. And the only other thing I would add with regards to 2023 and our fourth quarter assumptions incorporated in that is we assumed what we've seen as current trends, which are closer to flat in the third quarter. And I would say, if you back into our Q4 expectations, you could see it's amongst the best adjusted EBITDA performance in years. We would expect it to be the best free cash flow generative quarter in years. And so we're really pleased with our performance, and we are really seeing on those actions which we can control, we're delivering.

是的。關於 2023 年以及我們對第四季度的假設，我唯一要補充的是，我們假設了我們所看到的當前趨勢，即第三季度接近持平。我想說，如果你回顧我們的第四季預期，你會發現這是多年來最好的調整後 EBITDA 表現之一。我們預計這將是多年來自由現金流產生最好的季度。因此，我們對自己的表現非常滿意，我們確實看到，透過我們可以控制的行動，我們正在實現目標。

(Operator Instructions) The final question comes from the line of James Goodall from Redburn Atlantic.

（操作員指示）最後一個問題來自雷德伯恩大西洋公司的詹姆斯·古德爾 (James Goodall)。

Just one -- just a follow-up in terms of sort of current bookings. And we've heard many U.S. and European airlines talking positively about a pickup in managed business travel spend into the winter period. So I'm just wondering if that sort of flat sequential booking that you saw Q2 to Q3 have scope to increase going into Q4?

只有一個 - 只是對當前預訂情況的跟進。我們聽到許多美國和歐洲航空公司對冬季商務旅行支出的回升表示樂觀。所以我只是想知道，您在第二季到第三季看到的那種平穩的連續預訂量是否有進入第四季的成長空間？

Yes. Thanks for the question, Josh. One, while there are reasons to be optimistic, we've framed our guide really based on the trends we've seen coming out of 2023. So what I would say is -- I mean, out of Q3. So in Q3, I mean, we obviously saw flatter booking trends than we'd like, but those are the assumptions that we took into our Q4 assumption.

是的。謝謝你的提問，喬希。首先，雖然有理由保持樂觀，但我們的指導實際上是根據 2023 年出現的趨勢制定的。所以在第三季度，我們的預訂趨勢顯然比我們希望的要平緩，但這些是我們在第四季度假設中考慮到的。

Yes. We feel -- I should say we feel -- given our footprint with TMCs that handle much of the managed travel business, we feel very well positioned, as that part of the market recovers, to benefit from that.

是的。我們認為——我應該說我們認為——鑑於我們與處理大部分管理旅遊業務的 TMC 的合作，隨著這部分市場的復甦，我們認為自己處於非常有利的位置，可以從中受益。

And then I guess maybe just a very long-term question on the airline IT side. I mean I've got the impression that many more airlines, including your largest PSS customer, are readying themselves towards the transition away from legacy PSS architecture and towards sort of offer-, order-based systems. So I was just wondering if you could talk to how well you think you're set up for that transition. What you've developed to date would be great.

然後我想這可能只是航空公司 IT 的長期問題。我的意思是，我感覺包括您最大的 PSS 客戶在內的更多航空公司正準備從傳統的 PSS 架構過渡到基於報價和訂單的系統。所以我只是想知道您是否可以談談您認為您為這一轉變做好了怎樣的準備。您迄今為止所開發的成果非常出色。

James, thank you. As we've indicated, everybody is pursuing this long-term agenda of IATA's one order standard, which is the new offer, order, PNR-less technology. We have invested very aggressively in both offer and order capabilities. The tip of the spear where we're going to market and leading right now is on the Retail Intelligence suite of solutions. We're beginning to get great market traction with customers signing up and buying this because it doesn't require wholesale operating changes on their side to implement these capabilities.

詹姆斯，謝謝你。正如我們所指出的，每個人都在追求國際航空運輸協會 (IATA) 單一訂單標準的長期議程，即新的報價、訂單、無 PNR 技術。我們對報價和訂單能力都進行了非常積極的投資。我們目前要推向市場並處於領先地位的尖端產品是零售智慧解決方案套件。隨著客戶註冊並購買我們的產品，我們開始獲得巨大的市場吸引力，因為實現這些功能不需要他們進行全面的營運變革。

One of the challenges with offer and order is that a lot of the airline systems processes and organizations are built around the traditional PNR, PSS structure. And so most carriers see this as a long-term multiyear journey, 7, 10, maybe more years. So we're in conversation with a number of both Sabre and non-Sabre PSS customers about working with them on this journey and providing our technology. So we think there's an opportunity for us to disrupt the marketplace, and we're leaning in very aggressively to what we believe is a great opportunity.

報價和訂單面臨的挑戰之一是，許多航空公司係統流程和組織都是圍繞著傳統 PNR、PSS 結構建立的。因此，大多數航空公司都將這視為一場長期的旅程，可能需要 7 年、10 年甚至更長。因此，我們正在與許多 Sabre 和非 Sabre PSS 客戶進行洽談，希望與他們合作並提供我們的技術。因此，我們認為我們有機會顛覆市場，並且我們正積極地抓住這個我們認為絕佳的機會。

I would now like to turn it back over to Kurt Ekert for closing remarks.

現在我想將發言權交還給庫爾特·埃克特，請他作最後發言。

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

謝謝您，再次感謝您今天加入我們。我們感謝您對 Sabre 的關注，並期待很快再次與您交談。今天的電話會議到此結束。

Thank you for your participation in today's conference. This does conclude this program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該計劃。您現在可以斷開連線。