Sabre Corp (SABR) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Sabre First Quarter 2024 Earnings Conference Call. My name is Gerald, 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 Vice President of Investor Relations and Treasurer, Brian Evans. Please go ahead, sir.

早安，歡迎參加 Sabre 2024 年第一季財報電話會議。我叫傑拉德，我將是您的接線生。提醒一下，請注意今天的通話正在錄音。我現在將把電話轉給投資者關係高級副總裁兼財務主管布萊恩·埃文斯 (Brian Evans)。請繼續，先生。

Thank you, and good morning, everyone. Welcome to Sabre's First Quarter 2024 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，大家早安。歡迎參加 Sabre 2024 年第一季財報電話會議。今天早上，我們發布了一份收益新聞稿，該新聞稿可在我們的網站 Investors.sabre.com 上取得。在本次電話會議期間，Sabre 投資者關係網頁上也提供了投影片簡報以及今天準備好的發言稿。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 effects of cost efficiencies and growth strategies, distribution volumes, benefits from our technology transformation, commercial and strategic arrangements, our financial guidance and targets, free cash flow and liquidity, among others.

我們建議您，我們的評論包含前瞻性陳述，代表我們對未來事件的信念或期望，包括成本效率和成長策略的影響、分銷量、我們技術轉型的好處、商業和策略安排、我們的財務指導和目標、自由現金流和流動性等。

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 Form 10-Q for the quarter ended March 31, 2024.

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向 SEC 提交的文件中，其中包括截至 2024 年 3 月 31 日的季度的 10-Q 表格。

Throughout today's call, we will also be presenting certain non-GAAP financial measures. References during today's call to adjusted EBITDA, adjusted EBITDA margin, adjusted EPS and free cash flow have been adjusted to exclude certain items. The most directly and 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. 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.

在今天的電話會議中，我們也將介紹某些非公認會計準則財務指標。今天電話會議中提及的調整後 EBITDA、調整後 EBITDA 利潤率、調整後每股收益和自由現金流已進行調整，以排除某些項目。最直接、最具可比性的 GAAP 衡量標準以及非 GAAP 衡量標準的調整表可在我們網站 Investors.sabre.com 上發布的收益報告和其他文件中找到。與我一起參加的有總裁兼執行長 Kurt Ekert；和財務長 Mike Randolfi。執行副總裁兼酒店解決方案總裁 Scott Wilson 將在準備好的發言後接受問答。

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

這樣，我就把電話轉給庫爾特。

Thanks, Brian, and hello, everyone. We appreciate your interest in Sabre, and thank you for joining today's session.

謝謝布萊恩，大家好。我們感謝您對 Sabre 的興趣，並感謝您參加今天的會議。

I'm pleased to discuss our first quarter, the success of which was a direct result of our team members' focus, unrelenting execution of our plan and commitment to our customers.

我很高興討論我們第一季的情況，該季度的成功是我們團隊成員的專注、堅持不懈地執行我們的計劃以及對客戶的承諾的直接結果。

Earlier today, we reported Q1 financial results that exceeded our previous guidance and included solid revenue growth, a substantial increase in adjusted EBITDA and significant margin expansion, which has been a continuing trend. We achieved commercial wins that drove additional distribution industry share gains, delivered next-generation products to meet our customers' needs and advanced our technology transformation to increase our speed and efficiency, all with a lower cost base. This progress leads us to increase our revenue and adjusted EBITDA guidance for full year 2024.

今天早些時候，我們報告了第一季的財務業績，超出了我們先前的指導，其中包括穩健的收入成長、調整後 EBITDA 的大幅成長以及利潤率的顯著擴張，這是一個持續的趨勢。我們取得了商業勝利，推動了分銷行業份額的成長，提供了下一代產品來滿足客戶的需求，並推進了技術轉型以提高我們的速度和效率，所有這些都以較低的成本為基礎。這項進展使我們增加了 2024 年全年的收入並調整了 EBITDA 指引。

Let me share the agenda for today's call. On Slide 4, you can see an overview of the topics that Mike and I will cover. First, I will review our Q1 business highlights and accomplishments. Next, I'll provide a brief update on our technology transformation and highlight some of the recent product and commercial wins that our global team has achieved. Finally, before handing off to Mike, I'll close with a snapshot of our growth strategies and the positive momentum they are driving. Mike will then take you through the financial results for the first quarter and provide an update to our 2024 guidance.

讓我分享一下今天電話會議的議程。在投影片 4 上，您可以看到麥克和我將討論的主題的概述。首先，我將回顧我們第一季的業務亮點和成就。接下來，我將簡要介紹我們的技術轉型最新情況，並重點介紹我們的全球團隊最近取得的一些產品和商業成果。最後，在交給麥克之前，我將簡要介紹我們的成長策略及其所推動的正面動能。然後，麥克將向您介紹第一季的財務業績，並提供我們 2024 年指導的最新資訊。

Before I move on, my team and I extend enthusiastic congratulations to Gail Mandel on her election as Sabre's new Board chair. Gail's vast operating experience and depth of travel industry knowledge have proven invaluable to Sabre since she joined the Board in April 2020.

在我繼續之前，我和我的團隊熱烈祝賀蓋爾·曼德爾當選 Sabre 新董事會主席。自 2020 年 4 月加入董事會以來，事實證明，Gail 豐富的營運經驗和深厚的旅遊業知識對 Sabre 來說非常寶貴。

We also extend deep gratitude to Sean Menke for his leadership as CEO and Board Chair during an unprecedented time in Sabre's history, and we wish him well.

我們也對 Sean Menke 在 Sabre 歷史上前所未有的時期作為執行長和董事會主席的領導深表感謝，並祝他一切順利。

Now let's turn to Slide 5. We achieved solid revenue growth driven by traction in our growth strategies and a higher average booking fee, combined with our cost structure improvements to more than double Sabre's adjusted EBITDA margin versus the first quarter of 2023. These achievements drove better-than-expected adjusted EBITDA to be well above our guidance for the quarter.

現在讓我們轉向幻燈片5。 2023 年第一季增加了一倍以上。

On to Slide 6. As a reminder, we have 4 key strategic priorities that drive our long-term growth and form the foundation of our resource allocation and decision making. First, generating positive free cash flow and delevering the balance sheet remain important financial objectives. The significant improvement in our adjusted EBITDA in the first quarter keeps us on track to generate positive free cash flow in 2024. We also took important steps during the first quarter to further align our debt maturities over the next few years with our projected free cash flow expectations. We now plan to repay the remaining 2025 maturities using cash from our balance sheet.

前往投影片 6。首先，產生正的自由現金流和去槓桿化資產負債表仍然是重要的財務目標。第一季調整後EBITDA 的顯著改善使我們有望在2024 年產生正的自由現金流。流保持一致期望。我們現在計劃使用資產負債表中的現金償還 2025 年剩餘的到期款項。

On our second priority, achieving sustainable long-term growth, we continue to grow our share of air distribution industry bookings in the first quarter, which I will touch on in greater detail in a moment.

關於我們的第二個優先事項，即實現可持續的長期成長，我們在第一季繼續增加我們在航空分銷行業預訂中的份額，我稍後將更詳細地談到這一點。

Turning to Hospitality Solutions. Our team delivered strong financial results in the first quarter and is executing on the interim milestones we have established with Hyatt to bring them on to our SynXis CRS platform. Implementation is expected to begin this quarter within just 12 months of our contract announcement.

轉向酒店解決方案。我們的團隊在第一季取得了強勁的財務業績，並正在執行我們與凱悅建立的中期里程碑，將他們引入我們的 SynXis CRS 平台。預計在我們宣布合約後 12 個月內於本季開始實施。

Our third strategic priority is to drive innovation and enhance our value proposition. We recently announced the development of Sabre Red LaunchPad, alongside our launch partner, Internova Travel Group. This new booking solution supports NDC, low-cost carrier and traditional EDIFACT content options, while giving agencies more choice and flexibility in how they manage their workforces.

我們的第三個策略重點是推動創新並增強我們的價值主張。我們最近宣布與我們的發布合作夥伴 Internova Travel Group 一起開發 Sabre Red LaunchPad。這項新的預訂解決方案支援 NDC、廉價航空公司和傳統 EDIFACT 內容選項，同時為各機構在管理員工隊伍方面提供更多選擇和靈活性。

Additionally, we continue to invest in resources focused on each of our 6 growth strategies that are designed to provide intelligent retailing and next-gen distribution technology. I will provide proof points on how we are delivering results from these in just a moment.

此外，我們繼續投資於專注於 6 項成長策略的資源，這些策略旨在提供智慧零售和下一代分銷技術。稍後我將提供有關我們如何交付這些成果的證據。

Last, our team once again delivered on our technology transformation goals, and we expect to achieve our operational and cost savings objectives by year-end 2024.

最後，我們的團隊再次實現了我們的技術轉型目標，我們預計在 2024 年底實現營運和成本節約目標。

Turning to Slide 7. Travel Solutions delivered a solid first quarter that helped drive financial results above our previous Q1 guidance. Distribution industry share expansion, strong growth in our lodging, ground and sea business and continued improvement in the average fee from a richer booking mix helped drive a $74 million or 64% year-on-year increase in Travel Solutions adjusted EBITDA.

轉向幻燈片 7。分銷行業份額的擴張、我們的住宿、地面和海上業務的強勁增長，以及更豐富的預訂組合帶來的平均費用的持續提高，推動了 Travel Solutions 調整後 EBITDA 同比增長 7,400 萬美元，即 64%。

On to Slide 8. As we highlighted throughout 2023, Sabre is growing its share of distribution industry bookings. As you can see, our share in Q1 '24 expanded for the fifth consecutive quarter on a year-on-year basis. In addition, our share in Q1 '24 also increased on a sequential basis from Q4 '23 as corporate travel improved in the quarter, especially relative to the trends we experienced late last year.

轉到幻燈片 8。正如您所看到的，我們在 2024 年第一季的份額連續第五個季度同比增長。此外，隨著本季商務旅行的改善，特別是相對於我們去年年底經歷的趨勢，我們在 24 年第一季的份額也比 23 年第四季連續成長。

Turning to Slide 9. We are proud of the consistently strong results our Hospitality Solutions team delivered in the first quarter. Total revenue was up 7% year-over-year on solid growth in CRS transactions during the quarter. In addition, adjusted EBITDA margins grew approximately 10% and overall adjusted EBITDA increased by $11 million versus Q1 '23.

轉向投影片 9。由於本季度 CRS 交易的穩健成長，總收入年增 7%。此外，與 2023 年第一季相比，調整後 EBITDA 利潤率成長了約 10%，調整後 EBITDA 整體成長了 1,100 萬美元。

As we mentioned last quarter, the SaaS operating model inherent in our Hospitality Solutions business generates high recurring revenue. We believe consistent revenue growth, 81% recurring revenue, a steady margin expansion trend and a strong value proposition for a growing customer base of hotel operators seeking enhanced IT capabilities, support an improving value trajectory for this business.

正如我們上季度所提到的，我們的飯店解決方案業務固有的 SaaS 營運模式產生了高額經常性收入。我們相信，持續的收入成長、81% 的經常性收入、穩定的利潤成長趨勢以及對尋求增強 IT 能力的飯店業者不斷增長的客戶群的強大價值主張，將支持該業務不斷改善的價值軌跡。

Please turn to Slide 10. Our technology transformation remains on course to achieve our cost savings targets and technology goals by year-end 2024. Further, we continue to expect an overall technology cost reduction of greater than $150 million in 2025 versus 2023 from these efforts. As the chart indicates, our migration to Google Cloud continues to drive improved efficiency in our business.

請參閱投影片10。以上。如圖所示，我們向 Google Cloud 的遷移持續提高了我們的業務效率。

In the first quarter, our unit cost of compute again declined by nearly 20% from the first quarter 2023 and was down approximately 55% versus 2019. To enhance productivity, we introduced generative AI tools to approximately 800 of our software engineers during the first quarter. We expect this initiative to further accelerate our product development throughput and speed innovation. Overall, we believe our partnership with Google and our commitment to investing in innovation will continue to deliver modern technology solutions that meet the changing needs of our customers.

第一季度，我們的單位計算成本再次比2023 年第一季下降了近20%，與2019 年相比下降了約55%。生成式AI 工具。我們預計這項舉措將進一步加快我們的產品開發吞吐量並加快創新速度。總的來說，我們相信我們與Google的合作夥伴關係以及我們對創新投資的承諾將繼續提供現代技術解決方案，以滿足客戶不斷變化的需求。

Please turn to Slide 11. Once again, our sales and commercial teams delivered a number of significant business wins during Q1 that highlight how Sabre's intelligent retailing and modern distribution solutions consistently help our customers solve the complexity of today's travel marketplace.

請參閱投影片11。性。

Following are some examples. In distribution, our expanded relationship with Air India continues to support bookings growth and industry share gains. In addition, we signed important renewals with both Southwest Airlines and Alaska Airlines, 2 carriers posting above-market rates of growth in overall distribution bookings.

以下是一些範例。在分銷方面，我們與印度航空擴大的關係持續支持預訂量成長和產業份額成長。此外，我們也與西南航空和阿拉斯加航空簽署了重要的續約協議，這兩家航空公司的整體分銷預訂成長率高於市場水準。

On new distribution capability or NDC, we continue to accelerate investments to offer more robust functionality to a growing number of carrier and agency partners. Recently, SAP Concur integrated Sabre's Offer and Order APIs, making Sabre the first GDS provider to power NDC for SAP Concur and the corporate travelers that it serves.

在新的分銷能力或 NDC 方面，我們繼續加快投資，為越來越多的營運商和代理商合作夥伴提供更強大的功能。最近，SAP Concur 整合了 Sabre 的報價和訂單 API，使 Sabre 成為第一個為 SAP Concur 及其服務的企業旅行者提供 NDC 支援的 GDS 提供者。

TMCs and corporations using Concur Travel are now able to shop, book, fulfill and service NDC content via the Sabre GDS.

使用 Concur Travel 的 TMC 和企業現在可以透過 Sabre GDS 購買、預訂、履行和服務 NDC 內容。

Additionally, earlier this week, we announced that Serko, a leader in online travel booking and expense management based in New Zealand, has launched Sabre's NDC content in its online travel platform, making Sabre the first GDS to provide NDC content via Serko and its platform that serves the business travel market.

此外，本週早些時候，我們宣布紐西蘭線上旅遊預訂和費用管理領域的領導者 Serko 已在其線上旅遊平台中推出 Sabre 的 NDC 內容，使 Sabre 成為第一個透過 Serko 及其平台提供 NDC 內容的 GDS服務於商務旅行市場。

In Airline IT, our team recently secured an agreement with Aegean Airlines, which operates on a competitor's PSS for our intelligent retailing product Dynamic Availability. This important new partnership is testament that our modular next-gen solutions are platform-agnostic and are gaining traction with customers regardless of a carrier's PSS.

在航空公司 IT 領域，我們的團隊最近與愛琴海航空公司達成了一項協議，愛琴海航空公司在競爭對手的 PSS 上運營我們的智慧零售產品動態可用性。這項重要的新合作夥伴關係證明，我們的模組化下一代解決方案與平台無關，無論營運商的 PSS 如何，都正在贏得客戶的青睞。

Also within Airline IT, Air Serbia recently reaffirmed its partnership with Sabre by signing a multiyear early renewal for SabreSonic and announced that it will also adopt Sabre's pricing and revenue optimization suite to better manage its inventory and network.

同樣在航空公司IT 領域，塞爾維亞航空最近重申了與Sabre 的合作夥伴關係，簽署了SabreSonic 的多年提前續約協議，並宣布還將採用Sabre 的定價和收入優化套件來更好地管理其庫存和網絡。

Additionally, just last month, LATAM Airlines Group announced that it will adopt Sabre Air Price IQ, our cloud-native intelligent retailing solution designed to personalize travel offers and maximize customer revenue, utilizing real-time data, revenue management strategies and artificial intelligence models.

此外，就在上個月，LATAM 航空集團宣布將採用Sabre Air Price IQ，這是我們的雲端原生智慧零售解決方案，旨在利用即時數據、收入管理策略和人工智慧模型，提供個人化旅行優惠並最大限度地提高客戶收入。

On the agency front, we signed a new multiyear agreement and converted Duluth Travel, a leader in the U.S. government travel, to Sabre. In addition, we recently announced a technology initiative with Interpark Triple, the leading online travel agency in South Korea, where we will apply our cutting-edge travel AI technology to provide users with enhanced travel content and more personalized experiences.

在代理商方面，我們簽署了一項新的多年協議，並將美國政府旅行領域的領導者德盧斯旅行社 (Duluth Travel) 轉為 Sabre。此外，我們最近宣布與韓國領先的線上旅行社Interpark Triple達成一項技術計劃，我們將應用我們尖端的旅行人工智慧技術為用戶提供增強的旅行內容和更個性化的體驗。

We also signed important deals with ETraveli Group, one of the five largest agencies globally by distribution bookings, and also with W2M, one of the largest agencies based in Spain.

我們也與 ETraveli Group（全球分銷預訂量最大的五個代理商之一）以及 W2M（西班牙最大的代理商之一）簽署了重要協議。

In summary, I commend our team for achieving a number of commercial wins during the first quarter with both new and existing customers.

總而言之，我讚揚我們的團隊在第一季與新客戶和現有客戶取得了許多商業勝利。

On to Slide 12. I am pleased to report that during the first quarter, we made meaningful progress on each of our growth strategies, which are designed to deliver modern distribution and retailing technology to meet the evolving needs of the marketplace. Our multisource platform has expanded to include low-cost carrier content from 20 new airline partners. Sabre's platform offers LCC, Integrated NDC and EDIFACT content in one place, coupled with our proprietary functionality, APIs and business logic that we believe are best-in-class. Our powerful platform enables carriers to dynamically sell through intermediaries, while importantly, providing buyers the choice, transparency, speed, efficiency and seamless user experience across all channels that best meets their needs.

關於投影片 12。我們的多源平台已擴展到包括來自 20 個新航空公司合作夥伴的低成本航空公司內容。 Sabre 平台在一個地方提供 LCC、整合 NDC 和 EDIFACT 內容，以及我們認為一流的專有功能、API 和業務邏輯。我們強大的平台使營運商能夠透過中介機構進行動態銷售，同時重要的是，為買家提供跨所有管道的選擇、透明度、速度、效率和無縫用戶體驗，最能滿足他們的需求。

On Distribution Expansion, as I mentioned earlier, we again realized solid share gains in air distribution in the first quarter, as buyers with complex IT demands continue to select Sabre as their preferred technology partner. We believe our compelling distribution offering, especially our multisource platform, recent wins with global carriers such as Air India, as well as signed but not yet announced or implemented business and a rich pipeline of new business position us well for continued distribution share expansion.

關於分銷擴張，正如我之前提到的，我們在第一季再次實現了空氣分銷領域的穩固​​份額增長，因為具有複雜 IT 需求的買家繼續選擇 Sabre 作為他們的首選技術合作夥伴。我們相信，我們引人注目的分銷產品，特別是我們的多源平台，最近與印度航空等全球航空公司的勝利，以及已簽署但尚未宣布或實施的業務以及豐富的新業務渠道，使我們能夠繼續擴大分銷份額。

Hotel Distribution experienced strong growth in the first quarter with hotel bookings. The largest contributor to our lodging, ground and sea business, up 11% year-over-year and hotel attachment rates to air bookings up 2.5 points.

酒店分銷在第一季的酒店預訂方面經歷了強勁增長。對我們的住宿、地面和海上業務貢獻最大，年增 11%，航空預訂的酒店附加率增長 2.5 個百分點。

We believe our content services lodging platform, which integrates numerous disparate content sources, provides intelligent and relevant shopping responses and is consumable through our APIs and across myriad channels, will drive meaningful growth as it brings our customers a leading accommodation offering.

我們相信，我們的內容服務住宿平台整合了眾多不同的內容來源，提供智慧且相關的購物回應，並可透過我們的API 和跨無數管道進行消費，將為我們的客戶帶來領先的住宿產品，從而推動有意義的成長。

In payments, we are excited about the growth opportunity of this business and believe our leading products position us well to unlock substantial returns over the long term.

在支付方面，我們對該業務的成長機會感到興奮，並相信我們的領先產品使我們能夠在長期內獲得可觀的回報。

During the first quarter, we signed more than 80 new customer agreements and our virtual card deployments jumped 31% year-over-year.

第一季度，我們簽署了 80 多個新客戶協議，虛擬卡部署量較去年同期成長 31%。

Sabre made significant strides in delivering next-generation Airline IT products and solutions in the first quarter. In addition to Dynamic Availability and Air Price IQ commercial wins, we are excited about the progress on our Offer and Order technology and expect to make significant product and commercial announcements on this suite of solutions in the coming months.

第一季度，Sabre 在提供下一代航空公司 IT 產品和解決方案方面取得了重大進展。除了動態可用性和 Air Price IQ 商業勝利之外，我們對報價和訂單技術的進展感到興奮，並期望在未來幾個月內就這套解決方案發布重要的產品和商業公告。

Last, we continue to see strong momentum in Hospitality Solutions. As I mentioned previously, implementation work with Hyatt to provide our SynXis Central Reservation System technology is moving at pace, with implementation expected to begin this quarter. We also announced an important multiyear renewal with Wyndham yesterday that highlights the successful migration of more than 5,000 Wyndham hotels to our SynXis Property Hub platform, nearly 1 year ahead of schedule.

最後，我們繼續看到酒店解決方案的強勁勢頭。正如我之前提到的，與 Hyatt 合作提供 SynXis 中央預訂系統技術的實施工作正在快速推進，預計本季開始實施。昨天我們也宣布了與溫德姆的一項重要的多年期續約，這凸顯了 5,000 多家溫德姆酒店已成功遷移到我們的 SynXis Property Hub 平台，比原計劃提前了近一年。

In addition, the number of properties to adopt our next-generation SynXis Retailing Solution has expanded by 33% year-to-date.

此外，採用我們下一代 SynXis 零售解決方案的飯店數量今年迄今增加了 33%。

These achievements are just a few of the reasons why we continue to expect Hospitality Solutions to deliver double-digit revenue growth and substantial margin improvement for 2024. In summary, we believe that our focus on these strategies will drive sustainable growth over the long term.

這些成就只是我們繼續期望酒店解決方案在 2024 年實現兩位數收入成長和大幅利潤率改善的部分原因。

I will now hand the call over to Mike to walk you through our financial performance and forward outlook.

現在我將把電話轉給麥克，讓他向您介紹我們的財務表現和未來展望。

Thanks, Kurt, and good morning, everyone. Please turn to Slide 13.

謝謝庫爾特，大家早安。請翻到投影片 13。

The first quarter was a strong quarter for Sabre. We exceeded guidance in each of our key metrics as our continued focus on efficiency combined with solid revenue growth to drive significant margin expansion. Our technology transformation and commitment to containing expenses drove our cost structure meaningfully lower. Importantly, our improved cost base and greater efficiency enhances our ability to fund the research and product development initiatives that are critical to delivering on our long-term strategic priorities.

Sabre 第一季表現強勁。由於我們持續關注效率，加上穩健的收入成長，以推動利潤率大幅成長，因此我們的每個關鍵指標都超出了指導。我們的技術轉型和對控制開支的承諾顯著降低了我們的成本結構。重要的是，我們改善的成本基礎和更高的效率增強了我們為研究和產品開發計劃提供資金的能力，這對於實現我們的長期策略重點至關重要。

In addition to the strong operating performance outlined here on the slide, our team also delivered several significant debt refinancing transactions earlier this year that extended approximately $300 million of debt maturities. These transactions provide additional balance sheet flexibility and better align projected future free cash flow generation with our upcoming maturity timeline. We expect to achieve positive quarterly free cash flow moving forward in 2024 and for the full year, and plan to repay the remaining 2025 maturities with cash from our balance sheet.

除了幻燈片中概述的強勁營運業績外，我們的團隊還在今年稍早完成了幾筆重大債務再融資交易，延長了約 3 億美元的債務期限。這些交易提供了額外的資產負債表靈活性，並使預計的未來自由現金流產生與我們即將到來的到期時間表更好地保持一致。我們預計 2024 年和全年將實現正的季度自由現金流，並計劃用資產負債表中的現金償還 2025 年剩餘的到期日。

Please turn to Slide 14. As you can see from this table, we exceeded our guidance for revenue, adjusted EBITDA and free cash flow in the first quarter. With regards to outperformance on revenue as compared to our prior Q1 guide, about 1/3 is driven by a higher average booking fee than expected and about 2/3 is driven by higher total distribution bookings. Revenue strength and continued cost efficiencies drove strong flow-through to the bottom line, enabling our $27 million adjusted EBITDA beat.

請參閱投影片 14。與我們之前的第一季指南相比，就營收表現而言，約 1/3 是由平均預訂費高於預期推動的，約 2/3 是由更高的總分銷預訂推動的。收入實力和持續的成本效率推動了利潤的強勁流入，使我們的調整後 EBITDA 超過了 2700 萬美元。

Turning to Slide 15. Total Q1 revenue was $783 million, an increase of $40 million or 5% versus last year. Distribution revenue totaled $572 million, a $46 million or 9% increase compared to $526 million in Q1 2023. Our total distribution bookings were $98 million in the quarter, a 2% increase compared to $97 million in Q1 2023. Our average booking fee was $5.81 in the first quarter, up 7% from Q1 2023 as we realized an increase in corporate travel volumes, resulting in higher booking fees.

轉向幻燈片 15。分銷收入總計5.72 億美元，比2023 年第一季的5.26 億美元增長4,600 萬美元，即9%。 %。

IT Solutions revenue totaled $141 million in the quarter. This was a $10 million decline versus revenue of $152 million in the prior year, driven by previously disclosed demigrations. Hospitality Solutions Q1 2024 revenue totaled $79 million, a $5 million or 7% improvement versus revenue of $74 million in Q1 2023. Adjusted EBITDA in the first quarter was $8 million, an improvement of $11 million versus Q1 2023. This represents the strongest first quarter adjusted EBITDA in 6 years. With the strong pipeline of new property growth, including additions from our Hyatt implementation, we are on track for double-digit revenue growth in 2024 with double-digit margins.

本季 IT 解決方案營收總計 1.41 億美元。由於先前披露的移民事件，與前一年 1.52 億美元的收入相比，這一數字減少了 1,000 萬美元。飯店解決方案2024 年第一季的營收總計7,900 萬美元，比2023 年第一季的營收7,400 萬美元成長500 萬美元，即7%。一季成長1100 萬美元。憑藉強勁的新物業成長管道，包括凱悅酒店實施的新增項目，我們預計在 2024 年實現兩位數的營收成長和兩位數的利潤率。

Sabre's adjusted EBITDA of $142 million in Q1 2024 versus $58 million in Q1 2023 represented an $84 million improvement year-over-year. As I mentioned earlier, the cost actions we implemented last year reduced our adjusted SG&A and technology expenses by 16% on a year-over-year basis in the first quarter and helped drive our adjusted EBITDA margin from about 8% in Q1 2023 to over 18% in the first quarter of this year. Free cash flow was negative $96 million, driven primarily by typical seasonal working capital trends. We ended the first quarter with a cash balance of $650 million.

Sabre 2024 年第一季的調整後 EBITDA 為 1.42 億美元，而 2023 年第一季為 5,800 萬美元，年成長 8,400 萬美元。正如我之前提到的，我們去年實施的成本行動使第一季調整後的SG&A 和技術費用年減了16%，並幫助我們將調整後的EBITDA 利潤率從2023 年第一季的約8%提高到了超過今年第一季成長18%。自由現金流為負 9,600 萬美元，這主要是由典型的季節性營運資金趨勢所驅動的。第一季結束時，我們的現金餘額為 6.5 億美元。

Turning to Slide 16. We completed a number of refinancing transactions during the first quarter to strengthen our balance sheet as we continue to focus on our long-term strategic and financial priorities. These refinancings reduced our 2025 debt maturities by over $300 million, increased our liquidity by over $70 million and better aligned our maturities with projected free cash flow that we expect to generate in the coming years. As you can see on the slide, our next significant maturity will not come due until June 2027, providing a significant runway as we expect our business to continue to gain momentum and our financial performance to continue to improve. As a result of these recent transactions, we now plan to repay our remaining 2025 debt maturities with cash from our balance sheet.

轉向投影片 16。這些再融資將我們2025 年的債務期限減少了3 億多美元，使我們的流動性增加了7000 萬美元以上，並使我們的期限與我們預計未來幾年產生的預計自由現金流更好地保持一致。正如您在幻燈片中看到的那樣，我們的下一個重要到期日要到2027 年6 月才會到期，這為我們預計我們的業務將繼續獲得動力、財務業績將繼續改善提供了重要的跑道。由於最近的這些交易，我們現在計劃用資產負債表中的現金償還 2025 年剩餘的債務到期日。

Turning to Slide 17. Regarding guidance for the second quarter of 2024, we expect revenue of approximately $750 million, adjusted EBITDA of approximately $115 million and positive free cash flow. As a reminder, with regard to typical seasonal sequential trends, second quarter air distribution bookings are typically lower by high single digits versus the first quarter.

轉向幻燈片 17。提醒一下，就典型的季節性連續趨勢而言，第二季的航空分銷預訂量通常比第一季低個位數。

For the full year 2024, we expect revenue of approximately $3.04 billion and adjusted EBITDA of approximately $520 million. As you can see in this updated outlook, we continue to expect strong operating leverage from our technology transformation and heightened focus on cost containment.

2024 年全年，我們預計營收約為 30.4 億美元，調整後 EBITDA 約為 5.2 億美元。正如您在最新的展望中所看到的，我們仍然期望我們的技術轉型和對成本控制的高度關注將帶來強勁的營運槓桿。

In addition, in 2024, we expect to generate positive free cash flow in the second, third and fourth quarters and for the full year. With respect to refinancings and changes in the forward interest rate curve, we now expect cash interest to be approximately $375 million. As we look at the pace of capital expenditures through April, we now expect to spend approximately $85 million this year.

此外，到2024年，我們預計第二、第三和第四季以及全年將產生正的自由現金流。關於再融資和遠期利率曲線的變化，我們現在預計現金利息約為 3.75 億美元。從截至 4 月的資本支出速度來看，我們現在預計今年的支出約為 8,500 萬美元。

Furthermore, we believe we are on track to achieve our 2025 targets of greater than $700 million in adjusted EBITDA and greater than $200 million in free cash flow that we outlined during our Q4 earnings call in February.

此外，我們相信我們預計將實現我們在 2 月第四季財報電話會議上概述的 2025 年調整後 EBITDA 超過 7 億美元和自由現金流超過 2 億美元的目標。

In conclusion, our team members delivered strong first quarter financial results and achieved a number of important operational and commercial accomplishments to support our strategic priorities, which are to generate free cash flow and delever the balance sheet, deliver sustainable growth, drive innovation and to reduce our cost structure. We firmly believe that the outlook we have communicated today will enable us to accomplish those objectives.

總而言之，我們的團隊成員交付了強勁的第一季財務業績，並取得了許多重要的營運和商業成就，以支持我們的策略重點，即產生自由現金流和去槓桿化資產負債表、實現可持續成長、推動創新並減少成本。我們堅信，我們今天傳達的前景將使我們能夠實現這些目標。

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

那麼，接線員，請開通提問線路。

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

操作員說明）我們的第一個問題來自奧本海默的傑德·凱利（Jed Kelly）。

Just two, if I may. One, are you seeing sort of the GDS shares stabilizing to a level where you kind of get a better sense on how to rightsize your cost structure. And then I appreciate the commentary around some of the SabreSonic wins. Can you just talk about the outlook for the Airline Solutions business?

如果可以的話，就兩個。第一，您是否看到 GDS 股票穩定到一定水平，使您能夠更好地了解如何調整成本結構。然後我很欣賞圍繞 SabreSonic 的一些勝利的評論。您能談談航空解決方案業務的前景嗎？

Jed, thank you. This is Kurt. First of all, when you look at the GDS industry, what we saw in the first quarter was GDS market growth basically very strong with corporate, a bit offset by leisure, as I talked about in the prior quarter. And more specifically, what we saw is the TMC or corporate business was up 1.9% for the GDS sector on a volume basis. For Sabre, that number was between 4.5% and 5%. So we're seeing sequential share gains specifically there.

傑德，謝謝你。這是庫爾特.首先，當你觀察 GDS 產業時，我們在第一季看到的是，企業的 GDS 市場成長基本上非常強勁，但休閒娛樂有所抵消，正如我在上一季談到的那樣。更具體地說，我們看到 GDS 行業的 TMC 或企業業務數量增加了 1.9%。對於 Sabre，這個數字在 4.5% 到 5% 之間。因此，我們特別看到了那裡的份額連續增長。

For the industry and the sector overall, that is somewhat offset by the trends on the leisure side that I discussed last quarter. We do believe that with technology transformation taking hold and the full effect of those benefits coming next year, and then the actions that we took last year on our cost structure generally and just the focus on costs that we have overall, that our cost structure is the right cost structure for the business today with the right investment profile for what we need to do going forward.

對於整個行業和整個行業來說，這在一定程度上被我上季度討論的休閒方面的趨勢所抵消。我們確實相信，隨著技術轉型的落實以及明年這些效益的全面影響，以及我們去年對成本結構採取的總體行動以及對我們總體成本的關注，我們的成本結構是適合當今業務的成本結構以及適合我們未來需要做的事情的投資組合。

When you look at Airline Solutions specifically, a few points. One is that, that business has stabilized. The revenue you saw in the first quarter of this year is roughly the revenue that you should expect to see for future quarters through the balance of 2024. We're winning very well with our Retail Intelligence set of solutions. And as I mentioned in our prepared remarks, we will, in the coming months, discuss in robust fashion what we're doing from both a product and a customer standpoint on Offer and Order, and the market seems to be very encouraged by what we have built, which is a modular cloud-based future solution. So we're actually very optimistic for the long-term future of the Airline Solutions business.

當您具體研究航空公司解決方案時，有幾點。一是業務已經穩定下來。您在今年第一季看到的收入大致相當於您預計在 2024 年剩餘時間內看到的未來​​幾季的收入。正如我在準備好的發言中提到的，我們將在接下來的幾個月中，從產品和客戶的角度，以穩健的方式討論我們在報價和訂單方面所做的事情，市場似乎對我們所做的感到非常鼓舞。因此，我們實際上對航空解決方案業務的長期未來非常樂觀。

Our next question comes from James Lee of Mizuho.

我們的下一個問題來自瑞穗銀行的詹姆斯李。

Great. Congrats on the good quarter here. My question is on average booking fee growth for your Travel Solutions business. That metric has been doing pretty well over the last few quarters. Maybe can you talk about the puts and takes of that metric. Which region are you seeing strength? And can you talk about maybe the durability of that growth rate going forward? And second question is more about AI investment. Obviously, you guys touched upon a little bit on the main -- on the prior commentary. Can you talk about some of the new use cases that's enhancing your product? Maybe help us understand which frontier models you're building your applications on. And help us also understand how you're managing difference in costs, which often headwinds a lot of enterprises out there.

偉大的。恭喜這裡取得了良好的季度業績。我的問題是您的旅行解決方案業務的平均預訂費增長。該指標在過去幾個季度表現良好。也許您可以談談該指標的看跌期權和拿單金額。您認為哪個地區實力強勁？您能否談談未來成長率的可持續性？第二個問題更多的是關於人工智慧投資。顯然，你們觸及了一些主要內容——先前的評論。您能談談一些增強您產品的新用例嗎？也許可以幫助我們了解您正在建立應用程式的前沿模型。並幫助我們了解您如何管理成本差異，這通常會阻礙許多企業。

Yes, I'll start off, and I'll take the average booking fee question. As you look at the average booking fee, we've seen, over the last several quarters, a favorable mix in terms of types of travel and the mix of airlines that have just been very favorable to us, and that continued in the first quarter of this year. And specifically, what we saw where we saw strength is, we saw a significant strength out of the Asia Pacific region. And unlike the fourth quarter, which is primarily group bookings, it was strength, but it wasn't necessarily in the form of group bookings. It was actually higher average booking fee strength out of the Asia Pacific region.

是的，我將首先回答平均預訂費的問題。當您查看平均預訂費用時，我們發現在過去幾個季度中，旅行類型和航空公司組合方面的有利組合對我們非常有利，並且這種情況在第一季繼續存在今年的。具體來說，我們看到的優勢是亞太地區的顯著優勢。與第四季度主要是團體預訂不同的是，第四季度表現強勁，但不一定以團體預訂的形式出現。實際上，亞太地區的平均預訂費強度較高。

Secondly, what also goes into our average booking fee is the benefit of land -- the lodging, ground and sea. And as you see, we've had significant strength there. And the average booking fee there is slightly above average. So that was also accretive to our average booking fee. As we look forward, and we look at the average booking fee that we produced in the first quarter, I would say we would expect to generally be in a similar range as we move through this year.

其次，我們的平均預訂費還包括土地的好處—住宿、地面和海上。正如你所看到的，我們在這方面擁有強大的實力。那裡的平均預訂費略高於平均水平。因此，這也增加了我們的平均預訂費。當我們展望未來時，我們會看到第一季產生的平均預訂費，我想說，我們預計今年的平均預訂費將處於相似的範圍內。

And on the AI front. So for the last several years, we've been partnered with Google. We have embedded Google's AI in all capabilities into a host of our supplier-facing, meaning, airline and hotelier solutions, such as Retail Intelligence, and those have resonated very well. When you think about the horizon of certain next-gen AI, we're looking at 3 primary applications.

在人工智慧方面。因此，在過去的幾年裡，我們一直與Google合作。我們已將 Google 的人工智慧的所有功能嵌入到我們面向供應商的航空公司和飯店解決方案中，例如零售智能，這些解決方案引起了很好的反響。當您思考某些下一代人工智慧的前景時，我們會關注 3 個主要應用。

One is with respect to our product development throughput. Our engineers now are using both the Google and a Microsoft solution that effectively enables them to produce new-code a much better rate or much faster rate than they did historically. So we look at this as faster innovation in terms of the opportunity.

一是我們的產品開發吞吐量。我們的工程師現在正在使用 Google 和 Microsoft 解決方案，該解決方案有效地使他們能夠以比以前更好或更快的速度產生新程式碼。因此，就機會而言，我們認為這是更快的創新。

Number two is in terms of how we service our clients. We have a very large infrastructure to do that. There is the opportunity to automate a lot of which was manual traditionally to improve both user experience and productivity. And then last and probably most importantly, as we look at generative AI, embedding generative AI, we have one of the leading and largest data sets in the world and AI is only as good as the quantum of data that forms the AI into learning. So as we embed that in our agency-facing tools, airline-facing, hotel-facing, we think there is an opportunity to differentiate from the pack.

第二是我們如何服務客戶。我們擁有非常龐大的基礎設施來做到這一點。有機會將許多傳統上手動的工作自動化，以提高使用者體驗和生產力。最後，也許也是最重要的一點，當我們審視生成式人工智慧、嵌入生成式人工智慧時，我們擁有世界上領先且最大的資料集之一，而人工智慧的好壞取決於將人工智慧形成為學習的數據量。因此，當我們將其嵌入到面向機構、面向航空公司、面向酒店的工具中時，我們認為有機會脫穎而出。

Our next question comes from the line of Brett Knoblauch from Cantor Fitzgerald.

我們的下一個問題來自康托·菲茨杰拉德 (Cantor Fitzgerald) 的布雷特·諾布勞赫 (Brett Knoblauch)。

Maybe just on how you see industry growth playing out for the rest of the year. I guess what's implied in your guidance in terms of the global bookings and the price, I guess, or on the average booking fee. I guess you just said you expect average booking fee to stay steady throughout the year. But if you look at the fourth quarter, that would imply a decline of 4%, 5% year-over-year. I know it's a bit far away, but just any color on the mix between bookings and booking fee?

也許只是取決於您如何看待今年剩餘時間的行業成長。我猜想您的指導中關於全球預訂和價格或平均預訂費的含義是什麼。我想您剛剛說過您預計平均預訂費將全年保持穩定。但如果你看看第四季度，這意味著年減 4%、5%。我知道有點遠，但預訂和預訂費之間的混合有什麼顏色嗎？

Sure. I'll start. This is Mike, and thanks for the question, Brett. As we think about air distribution bookings or bookings just in general, our baseline assumption is flat to normal growth in terms of the guidance we gave with the $520 million of EBITDA.

當然。我開始吧。我是麥克，謝謝你的提問，布雷特。當我們考慮航空分銷預訂或一般預訂時，我們的基準假設是根據我們給出的 5.2 億美元 EBITDA 的指導，與正常成長持平。

Now what I would say is we continue to be optimistic. There's a lot of dynamics that are supportive of book -- distribution bookings coming in higher than that. We've seen IATA projections that indicate that basically passenger traffic and volumes will be up in the mid- to high single -- mid-single digits, and international travel would be better than that.

現在我想說的是我們繼續保持樂觀。有很多動力支持圖書的發行預訂量高於這個數字。我們看到國際航空運輸協會 (IATA) 的預測表明，客運量和客運量基本上將增長到中個位數，而國際旅行的情況會更好。

Similarly, from airlines, even though they've tempered back capacity, most of that tempering of capacity is still positive, and that's in North America. But internationally, they're adding a lot of capacity. And then we've seen favorable corporate booking trends. So our baseline assumption is flat to normal growth on air distribution bookings, but that's a baseline assumption. We think there's really good reason to be positive there. On the booking fee, as we articulated, we expect that to be roughly in the range we've been in, call it, $5.80, as we move to the subsequent quarters.

同樣，對於航空公司來說，儘管他們已經削減了運力，但大部分運力調整仍然是積極的，而且是在北美。但在國際上，他們正在增加大量產能。然後我們看到了有利的企業預訂趨勢。因此，我們的基準假設與航空分銷預訂量的正常成長持平，但這只是一個基線假設。我們認為有充分的理由對此持正面態度。至於預訂費，正如我們所闡明的，我們預計隨著我們進入後續季度，預訂費將大致在我們一直在的範圍內，稱之為 5.80 美元。

Yes. Let me just add very quickly. On -- when you look at distribution bookings, the corporate piece, we do believe that a lot of the airlines are reporting very strong year-on-year growth in corporate derived revenue. We have not seen airlines break that out on a volume versus rate basis, but we believe that it's largely yield-driven from an airline perspective as the traditional differential in corporate versus leisure yields is returning to the marketplace. We see very strong trends, as I indicated, with corporate travel not accruing to the GDS sector and Sabre specifically. And some of the dynamics we spoke about last quarter, with OTA specifically, from a lapping perspective, are the most challenging in the first and second quarter of this year, the year-on-year compare should be a little bit easier for us in the second half of 2024.

是的。讓我快速補充一下。當您查看分銷預訂（企業部分）時，我們確實相信許多航空公司的企業收入同比增長非常強勁。我們還沒有看到航空公司在數量與費率的基礎上突破這一點，但我們認為，從航空公司的角度來看，這很大程度上是由收益率驅動的，因為企業與休閒收益率的傳統差異正在回歸市場。正如我所指出的，我們看到了非常強勁的趨勢，GDS 行業尤其是 Sabre 並沒有增加商務旅行。我們上個季度談到的一些動態，特別是 OTA，從研磨的角度來看，是今年第一季和第二季最具挑戰性的，同比比較對我們來說應該更容易一些2024年下半年。

Got it. No, that's very helpful. And then just on corporate, I know you guys got a little scare at the end of the year, and then it bounced back in the beginning of the year and was very strong in January. Just curious as we're now a month into the second quarter, how are you thinking about corporate? Is it still back with a vengeance?

知道了。不，這非常有幫助。然後就企業而言，我知道你們在年底有點害怕，然後在年初反彈並在一月份非常強勁。只是好奇，現在第二季已經過了一個月，您對企業有何看法？難道還帶著復仇回來了？

Yes, we're seeing -- in the second quarter, we're seeing the trends that we saw in the first quarter continue at relatively at the same pace.

是的，我們看到——在第二季度，我們看到第一季看到的趨勢以相對相同的速度繼續下去。

Perfect. Appreciate it.

完美的。欣賞它。

Our next question comes from the line of Dan Wasiolek from Morningstar.

我們的下一個問題來自晨星公司的 Dan Wasiolek。

Congrats on a nice quarter here. Just the commentary on your technology revitalization and transformation and what you've been seeing with that, very helpful. Just kind of wondering, with your offering currently, how would you say, versus before going on this transformation? How is the win rate and renewal levels kind of progressed relative to where they were maybe before you started the transformation, how you kind of see your product offering versus the competition? And then the second question would just be on the technology expense. How should we think about that for '24 and '25. Is it fair to use the Q1 run rate for that?

恭喜您度過了一個愉快的季度。只是對你們的技術復興和轉型的評論以及你們所看到的，非常有幫助。只是想知道，與進行這種轉型之前相比，您目前提供的產品如何？相對於您開始轉型之前的情況，獲勝率和續約水準有何進展？第二個問題就是技術費用。我們應該如何考慮 24 和 25 年的情況。使用第一季的運行率是否公平？

I'll start out on the expense side, and then Kurt will take it from there. This is Mike. So a couple of things. If you go back on technology expense, you go back to what we had articulated in February, we had highlighted that in our build from 2023 to 2025, we would have about $250 million of cost efficiency benefit. Of that cost efficiency benefit, about $90 million of that was attributable to actions we took in 2023, and about $160 million of that was attributable to our tech transformation. Of the $160 million of tech transformation benefit, about $45 million of that we would expect to be in this year. and then a little bit over $100 million incrementally between 2024 and 2025.

我將從費用方面開始，然後庫爾特將從那裡開始。這是麥克。有幾件事。如果你回到技術費用，你回到我們在 2 月闡述的內容，我們強調，在 2023 年至 2025 年的建設中，我們將獲得約 2.5 億美元的成本效率效益。在成本效率效益中，約 9,000 萬美元歸因於我們在 2023 年採取的行動，其中約 1.6 億美元歸因於我們的技術轉型。在 1.6 億美元的技術轉型收益中，我們預計今年將獲得約 4,500 萬美元。然後在 2024 年至 2025 年間增加 1 億多美元。

As you think of the cadence of expenses and how it flows through our P&L, there's some benefit you're seeing in the first quarter. But what I would say is of the $45 million benefit that we expect to see in the P&L this year, it is definitely backward loaded because we're slowly working down the bubble costs. We're continuing to optimize the cloud environment. And then we continue to have more and more compute capacity in the cloud environment as the year progresses. So the way to think about it is that we expect $45 million this year. That's somewhat backward loaded, not entirely. And then we'll have at least another $100 million incrementally over that between 2024 and 2025.

當您考慮費用的節奏以及它如何流經我們的損益表時，您會在第一季看到一些好處。但我想說的是，我們預計今年損益表中會出現 4500 萬美元的收益，這絕對是向後加載的，因為我們正在慢慢降低泡沫成本。我們正在持續優化雲端環境。隨著時間的推移，我們在雲端環境中繼續擁有越來越多的運算能力。因此，我們預計今年的營收將達到 4,500 萬美元。這有點向後加載，但不完全是。然後，我們將在 2024 年至 2025 年間再增加至少 1 億美元。

Yes. Let me take the first question. And neither Mike nor I were here before 2022, so I don't have great benefit of hindsight. But if you look at what we have today, what we're going to have going forward, we have a cloud-built modularized set of technology, which is fundamentally different than the monolithic mainframe of the past. So any thoughts that this is a dinosaur technology business are historical artifacts.

是的。讓我回答第一個問題。而且麥克和我在 2022 年之前都沒有在這裡，所以事後看來我沒有太多好處。但如果你看看我們今天擁有的以及未來將擁有的，我們擁有一套雲端建構的模組化技術，這與過去的整體大型主機有著根本的不同。因此，任何認為這是恐龍技術產業的想法都是歷史文物。

This is a modern platform business. If you look across the different businesses, in distribution, first of all, some of the things that we've been able to build that we believe are best-in-class are the multisource air content platform, our hotel content services lodging platform, our booking solutions such as Sabre Red, in Airline IT. When you look at everything we've built that's really gaining traction in the marketplace, that is our Offer and Order modularized cloud-based platform, our retail intelligence tools. Those are fully cloud-based. And in our Hospitality Solutions business, our CRS, our PMS and our SynXis retailing capabilities are fully cloud-based. So what I can say today is when you look across the businesses we have, we've been able to move at a very different pace in terms of innovation, in terms of the implementation of new solutions with clients. And we believe we're being chosen as a best-in-breed technology partner by agencies and corporations, by airlines, by hoteliers. And so the moves that Sabre has made that we're continuing to complete are very important in terms of our competitive position.

這是一個現代平台業務。如果你縱觀不同的業務，在分銷方面，首先，我們已經能夠構建的一些我們認為是一流的東西是多源航空內容平台，我們的酒店內容服務住宿平台，我們的預訂解決方案，例如航空公司IT 中的Sabre Red。當您看到我們建立的所有產品時，真正在市場上獲得關注的就是我們的報價和訂單模組化基於雲端的平台，我們的零售智慧工具。這些都是完全基於雲端的。在我們的飯店解決方案業務中，我們的 CRS、PMS 和 SynXis 零售功能完全基於雲端。所以我今天可以說的是，當你縱觀我們擁有的業務時，我們在創新方面、在與客戶實施新解決方案方面已經能夠以非常不同的速度前進。我們相信，我們正在被各機構和企業、航空公司和酒店經營者選為最佳技術合作夥伴。因此，Sabre 採取的、我們正在繼續完成的舉措對於我們的競爭地位而言非常重要。

Our next question comes from Alex Irving of Bernstein.

我們的下一個問題來自伯恩斯坦的亞歷克斯歐文。

Two from me, please. First is going to be around bookings in corporate travel. So you've seen a couple of the U.S. network airlines discussing about a 14% increase in managed corporate capital year-on-year, either your corporate bookings are up 4% to 5%, if I have that right. You mentioned a yield differential, but I'd expect that as we can explain the whole gap, whether you're right to conclude the rest would be channel shift, NDC, aggregators and airline agents, direct connections. And if not, would you explain that gap, please? And then second, just if we think about the cadence of a few things going forward, could you please tell me what share of your air bookings comes from airlines with which you currently have full content agreements?

請從我這裡來兩份。首先是商務旅行的預訂。因此，您已經看到一些美國網路航空公司正在討論管理公司資本年增 14%，或者您的公司預訂量增加 4% 到 5%（如果我沒說錯的話）。您提到了收益率差異，但我希望我們可以解釋整個差距，無論您的結論是否正確，其餘部分將是通路轉移、NDC、聚合商和航空公司代理、直接連接。如果沒有，請您解釋一下這個差距嗎？其次，如果我們考慮未來一些事情的節奏，您能告訴我您的機票預訂中有多少比例來自於您目前與之簽訂了完整內容協議的航空公司嗎？

Yes. Thank you. On corporate travel, first of all, we don't know what -- when the airlines are citing 14%, for example, year-on-year improvement in corporate. I think that was cited by Delta and United, for example, we don't believe that they broke it out in terms of volume versus rate. We believe a very significant perhaps majority portion of that is rate. With managed corporate travel, as I indicated, the GDS sector is up 1.9%, we were up 4.8% in the quarter on a unit basis. We believe substantially all of the growth in corporate travel is accruing to the GDS sector and a very significant portion to Sabre. We do not believe there's any evidence of disremediation or channel shift occurring with managed corporate travel. The second question, in terms of full content agreements, we have full content agreements with well over 100 carriers in the world, and that would account for, call it, 90-plus percent of our air distribution bookings.

是的。謝謝。在商務旅行方面，首先，我們不知道是什麼——例如，當航空公司提到商務旅行年增 14% 時。例如，我認為達美航空和聯合航空引用了這一點，我們不認為他們在數量與費率方面有所突破。我們認為其中非常重要的部分（也許是大部分）是利率。正如我所指出的，在管理商務旅行方面，GDS 產業成長了 1.9%，以單位計算，我們本季成長了 4.8%。我們認為，商務旅行的大部分成長都來自 GDS 產業，其中很大一部分來自 Sabre。我們認為沒有任何證據顯示管理型商務差旅有不當補救或通路轉移的情況。第二個問題，就完整內容協議而言，我們與全球 100 多家航空公司簽訂了完整內容協議，這將占我們航空分銷預訂量的 90% 以上。

Our next question comes from the line of Victor Cheng of Bank of America.

我們的下一個問題來自美國銀行的 Victor Cheng。

Two, if I may. I guess, first on tech transformation, obviously, you've talked a bit about it just now. But if I look at the slides a couple of quarters ago, the tech transformation of $150 million is based on 80% recovery. And I believe at that point in time, it was that every 20% recovery equates to maybe $40 million or $50 million of additional savings. And so assuming we're roughly at 60%, that we'd expect closer to $200 million savings. Is that the right way to think about it? And then on this tech transformation as well, are there any assumptions on inflation, both on salaries and Google Cloud cost inflation, baked in as well? And then I have a follow-up.

如果可以的話，兩個。我想，首先是關於技術轉型，顯然，您剛才已經談到了一些。但如果我看幾季前的投影片，就會發現 1.5 億美元的科技轉型是基於 80% 的復甦。我相信在那個時間點，每恢復 20% 就相當於額外節省 4,000 萬美元或 5,000 萬美元。因此，假設我們的成本約為 60%，我們預計將節省近 2 億美元。這是正確的思考方式嗎？然後，在這次技術轉型中，是否有任何關於通貨膨脹的假設，包括薪資和Google雲端成本通貨膨脹？然後我有一個後續行動。

Yes. So on tech transformation, as you indicated, we originally expected about $150 million. We do expect it to be a little more than that, and that's partly because that's partly because of lower recovery level. We do think it's, call it, $160-plus million of benefit that hits our P&L. That's what we articulated in our most recent guide. And with regard to what it assumes in terms of salaries and inflation, obviously, today, wage rates, particularly in technology, are substantially higher than what they were pre-pandemic, and that's reflected in the $160 million benefit that we called out in February, that's a component of the $250 million of our cost efficiency.

是的。因此，在技術轉型方面，正如您所說，我們最初預計約為 1.5 億美元。我們確實預計它會比這個多一點，部分原因是復甦水平較低。我們確實認為這對我們的損益表產生了 1.6 億多美元的收益。這就是我們在最新指南中闡述的內容。就工資和通貨膨脹而言，顯然，今天的工資率，特別是技術領域的工資率，大大高於大流行前的水平，這反映在我們 2 月份宣布的 1.6 億美元福利中，這是我們2.5億美元成本效率的一部分。

I would also note that our relationship with Google is a long-term contract, with the commercials fixed for a long period of time.

我還要指出的是，我們與谷歌的關係是長期合同，廣告在很長一段時間內是固定的。

Understood. And maybe just one follow-up is how do we think about the minimum liquidity for the company? I know, obviously, you are paying down [25] debt in cash. But generally speaking, for Sabre, what's the minimum liquidity required?

明白了。也許接下來的一個問題是我們如何考慮公司的最低流動性？我知道，顯然，您正在用現金償還 [25] 債務。但一般來說，對於Sabre來說，最低流動性要求是多少？

Yes. So if you look at pre-pandemic, we had operated Sabre with -- in terms of actual cash, $300 million to $400 million. Now we had more liquidity than that because we had a revolver at the time. So for the most part, at this stage, our desire is to maintain a higher liquidity balance out of prudence. As we -- the things to think about is we ended this quarter with $600 million -- $650 million of cash. We expect to be free cash flow positive in Q2, Q3, Q4, for the full year combined. So if you simply do the math with what we consumed in cash in Q1, we're going to add at least $100 million of cash in the remaining 3 quarters. So we'll end the year with a cash balance, call it, of approximately $750 million. And we think that well positions us to cover maturities off our balance sheet in 2025, especially taking into account that we expect to generate greater than $200 million of free cash flow in 2021.

是的。因此，如果你看看大流行前，我們經營 Sabre 的實際現金為 3 億至 4 億美元。現在我們有更多的流動性，因為我們當時有一把左輪手槍。所以在很大程度上，現階段我們的願望是出於謹慎而維持較高的流動性平衡。我們需要考慮的是，本季末我們擁有 6 億美元至 6.5 億美元的現金。我們預計全年第二季、第三季、第四季的自由現金流將為正值。因此，如果你簡單地計算我們在第一季消耗的現金，我們將在剩下的三個季度中增加至少 1 億美元的現金。因此，我們年底的現金餘額將達到約 7.5 億美元。我們認為，這使我們能夠在 2025 年償還資產負債表外的到期債務，特別是考慮到我們預計在 2021 年將產生超過 2 億美元的自由現金流。

Our next question comes from the line of Josh Baer of Morgan Stanley. The floor is yours.

我們的下一個問題來自摩根士丹利的喬許貝爾（Josh Baer）。地板是你的。

You have Ryan Bressner on for Josh. So hoping to dig a little more into the hospitality business with respect to your traction with enterprise and PMS. What is the progress and update on this front? And can you give any comments on the recent announcement around Wyndham and Hyatt?

你讓瑞安·布雷斯納（Ryan Bressner）代替喬許（Josh）。因此，希望能進一步深入了解飯店業，了解您對企業和 PMS 的吸引力。這方面的進展和更新是什麼？您能否對溫德姆和凱悅最近發布的公告有何評論？

Yes. We actually have Scott Wilson online. And Scott, I'll ask you to answer that.

是的。我們實際上有斯科特威爾遜在線。史考特，我請你回答這個問題。

Great. Thanks. And great to hear from you, Josh. Yes, a couple of things that we're pretty excited about. This reflect -- we actually have closed 2 enterprise deals in the last 3 years in Louvre and Hyatt. And as we mentioned in the prepared remarks, we've actually started the implementation and migration of their properties onto the SynXis CR platform in 12 months. And our expectation is that we will continue to execute in the timeline we've set with them over the course of this year and into next. So a lot of really positive momentum on that front, and we believe that Hyatt is going to be an excellent partner with us for quite some time.

偉大的。謝謝。很高興收到你的來信，喬許。是的，有幾件事讓我們非常興奮。這反映出——過去 3 年裡，我們實際上已經在羅浮宮和凱悅酒店完成了 2 筆企業交易。正如我們在準備好的評論中所提到的，我們實際上已經在 12 個月內開始將其屬性實施並遷移到 SynXis CR 平台上。我們的期望是，我們將在今年和明年繼續按照我們與他們設定的時間表執行。在這方面有很多非常積極的勢頭，我們相信凱悅將在相當長的一段時間內成為我們的優秀合作夥伴。

On the Wyndham renewal front, keep in mind, we have a 2-part deal with them. We actually have a CR deal and a PMS deal. Yesterday's announcement was about the renewal of our PMS product -- this is a product that was really built with Wyndham and their hotel type in mind. It's an incredibly strong cloud-native product that supports select service and limited service properties, and we believe that this is just one of the number of successes we continue to have in the PMS space. We do actually have a very robust pipeline on the PMS side, and we look forward to announcing additional deals this year with SynXis Property Management Hub. So a lot of good news on that front. We think the enterprise is a place that we can continue to show well and win. These are not frequent occurrences. But as hoteliers go through strategic assessment of their technology needs, we're very confident that we will be participating in and winning our -- more than our fair share of enterprise opportunities, going forward.

在溫德姆續約方面，請記住，我們與他們簽訂了兩部分協議。我們實際上有一項 CR 協議和一項 PMS 協議。昨天的公告是關於我們的 PMS 產品的更新——這是一款真正針對溫德姆及其酒店類型而構建的產品。它是一款非常強大的雲端原生產品，支援精選服務和有限的服務屬性，我們相信這只是我們在 PMS 領域繼續取得的眾多成功之一。事實上，我們在 PMS 方面確實擁有非常強大的管道，我們期待今年宣布與 SynXis Property Management Hub 的更多交易。這方面有很多好消息。我們認為企業是一個我們能夠不斷展現出色、不斷獲勝的地方。這些情況並不常見。但隨著旅館經營者對他們的技術需求進行策略評估，我們非常有信心，我們將參與並贏得我們的——超過我們公平份額的企業機會，繼續前進。

Yes, and let me chime in there. I would just say the team is knocking it out of the park here. If you think about the first quarter last year, this was a business that burned $2.8 million of EBITDA. We had an $11 million year-over-year improvement and generated $8 million of EBITDA this year. If you look at our forward-looking commentary and what we articulated about the proportion of our growth strategies attributable to Hospitality Solutions, we expect year-on-year in 2024 to generate approximately $30 million more in EBITDA this year than last year, which would put us at approximately $40 million EBITDA. Also, if you look at the forward-looking guidance and commentary we provided in February, about half of our strategic growth initiatives between 2023 and 2025 are attributable to hospitality solutions. That would bring our expected EBITDA to about $70 million in 2025. We think we're firmly on the path to double-digit revenue growth, with double-digit margins in that business, and the team is just doing an awesome job.

是的，讓我插話一下。我想說的是，我們的團隊正在把它從公園裡敲出來。如果你想想去年第一季度，你會發現這家公司的 EBITDA 消耗了 280 萬美元。今年我們的 EBITDA 年成長 1,100 萬美元，EBITDA 達到 800 萬美元。如果您查看我們的前瞻性評論以及我們對酒店解決方案所佔增長戰略比例的闡述，我們預計 2024 年的 EBITDA 同比將比去年增加約 3000 萬美元，這將使預計我們的EBITDA 約為4000 萬美元。此外，如果您查看我們在 2 月提供的前瞻性指導和評論，您會發現我們在 2023 年至 2025 年間的策略成長計畫中約有一半來自飯店解決方案。這將使我們預計2025 年的EBITDA 達到約7000 萬美元。我們認為我們堅定地走在實現兩位數收入成長的道路上，該業務的利潤率為兩位數，而且我們的團隊做得非常出色。 。

Our next question comes from the line of Victor Cheng of Bank of America.

我們的下一個問題來自美國銀行的 Victor Cheng。

And just one quick follow-up question on any updates on NDC volumes. I know last time we talked about it, it's still minimal for Sabre. But as Delta start moving to NDC, and American and United both ramping up their NDCs. Where are we in terms of NDC volumes and kind of the expectation on NDC volumes for the full year, please?

還有一個關於 NDC 卷更新的快速後續問題。我知道上次我們討論過這個問題，對於 Sabre 來說仍然很小。但隨著達美航空開始轉向 NDC，美國航空和聯合航空都在加強其 NDC。請問我們的 NDC 數量以及全年 NDC 數量的預期如何？

Yes. For the GDS sector, and this includes Sabre, we still see NDC volumes at only about 1% of total air distribution volumes. We do believe that number will grow substantially through 2024 and in the future. Victor, based on the dynamics that you talked about, we think we're very well positioned in terms of both content connectivity, all the business logic and functionality we've built for buyers. There is work that buyers such as TMCs need to do from a downstream perspective on their end beyond what we or any other intermediary technology provider do, but there is certainly a big focus on that from all of those buyers. So we think that number will burn substantially, albeit off a low base.

是的。對於 GDS 領域（包括 Sabre），我們仍然認為 NDC 量僅佔總空氣分配量的 1% 左右。我們確實相信這一數字到 2024 年及未來將大幅成長。維克多，根據您談到的動態，我們認為我們在內容連接、我們為買家構建的所有業務邏輯和功能方面都處於非常有利的位置。像 TMC 這樣的買家需要從下游的角度做一些超出我們或任何其他中間技術提供者所做的工作，但所有這些買家肯定都非常關注這一點。因此，我們認為這個數字將大幅燃燒，儘管基數較低。

Yes. And the one thing I would add on there, Victor, is, as we're talking about our 2024 forward-looking commentary and our 2025 forward-looking commentary, it does assume a significant uptake in NDC, and that's incorporated in any of the commentary that we're providing.

是的。 Victor，我要補充的一件事是，當我們談論 2024 年前瞻性評論和 2025 年前瞻性評論時，它確實假設 NDC 得到了顯著採用，並且這已納入任何我們提供的評論。

I'm showing no further questions at this time. I would now like to turn it back to Mr. Ekert for closing remarks. The floor is yours.

我目前沒有提出任何進一步的問題。現在我想請艾克特先生作結語。地板是你的。

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

再次感謝您今天加入我們。我們非常感謝您對 Sabre 的興趣，並期待很快再次與大家交談。今天的電話會議到此結束。

Thank you for participating in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。