Sabre Corp (SABR) 2024 Q3 法說會逐字稿

(technical difficulty) that may cause actual results to differ materially from the statements made on today's conference call.

（技術困難）可能導致實際結果與今天電話會議上的聲明有重大差異。

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 September 30, 2024. 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 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.

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 9 月 30 日的季度的 10-Q 表格。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 利潤率和自由現金流已進行調整，以排除某些項目。最直接可比較的 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。

Participating with me are Kurt Ekert, Prxesident 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.

與我一起參加的有董事兼執行長 Kurt Ekert；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。

Thank you, Brian. Hello, everyone, and thank you for joining today's presentation. I'm pleased to share that the Sabre team delivered significant commercial, operational and financial achievements in the third quarter.

謝謝你，布萊恩。大家好，感謝大家參加今天的演講。我很高興與大家分享，Sabre 團隊在第三季度取得了重大的商業、營運和財務成就。

Earlier today, we reported third quarter results that highlight the progress we are making toward our key strategic and financial priorities. We delivered steady year-on-year revenue growth, a significant increase in adjusted EBITDA, continued margin expansion and positive free cash flow. We are on track to more than double adjusted EBITDA from 2023 to 2025, supported by the continued execution of our growth strategies, a strong focus on cost management and the realization of cost savings objectives tied to our technology transformation. I commend our team members around the world for their commitment to innovation and their dedication to our customers.

今天早些時候，我們報告了第三季業績，強調了我們在關鍵策略和財務優先事項方面所取得的進展。我們實現了同比收入穩定成長、調整後 EBITDA 大幅成長、利潤率持續擴張以及自由現金流為正。在持續執行成長策略、高度重視成本管理以及實現與技術轉型相關的成本節約目標的支持下，我們預計從 2023 年到 2025 年將調整後的 EBITDA 增加一倍以上。我讚揚我們世界各地的團隊成員對創新的承諾以及對客戶的奉獻。

Turning to slide 4. You can see an overview of the topics that Mike and I will cover this morning. First, I will review our third quarter business highlights, including our financial performance. Then I will provide an overview of the progress that we have made on our growth strategies. Finally, Mike will take you through our third quarter financial results and discuss our updated 2024 guidance.

轉到投影片 4。您可以查看邁克和我今天早上將討論的主題的概述。首先，我將回顧我們第三季的業務亮點，包括我們的財務表現。然後我將概述我們在成長策略方面的進展。最後，Mike 將帶您了解我們第三季的財務表現並討論我們更新的 2024 年指引。

Please turn to slide 5. Sabre delivered solid improvement across key financial metrics in the third quarter. Revenue expansion was driven by an acceleration in the growth rate of air distribution bookings, high single-digit growth in hotel distribution bookings, an increase in average booking fees and continued hospitality solutions growth. Our top line performance, combined with effective cost management, led to a 19% increase in adjusted EBITDA compared to the same quarter last year.

請翻到投影片 5。Sabre 在第三季的關鍵財務指標上取得了顯著改善。收入成長的推動因素包括航空分銷預訂成長率的加速、飯店分銷預訂的高個位數成長、平均預訂費用的增加以及飯店解決方案的持續成長。我們的營收績效與有效的成本管理相結合，使調整後的 EBITDA 與去年同期相比成長了 19%。

Turning to slide 6. During the quarter, we made significant progress on each of our key strategic priorities, which, as a reminder, are to generate positive free cash flow, deliver sustainable growth, drive innovation and enhance our value propositions and to reduce our cost base while repositioning resources toward growth. We will discuss many of these achievements throughout today's presentation.

轉到投影片 6。本季度，我們在每個關鍵策略優先事項上都取得了重大進展，提醒大家，這些優先事項是產生正的自由現金流、實現可持續增長、推動創新和增強我們的價值主張，並在重新配置資源的同時降低成本基礎走向成長。我們將在今天的演講中討論其中的許多成就。

Turning to slide 7. Travel Solutions delivered steady financial progress in the third quarter, driven by solid growth in both air and hotel distribution bookings, higher average booking fees and continued expansion of air distribution share. Sabre's air distribution bookings grew by greater than 3% year-on-year, outperforming the industry. Roughly half of this came from share expansion and the balance from market growth.

轉到投影片 7。在航空和酒店分銷預訂的穩健增長、平均預訂費上升以及航空分銷份額持續擴大的推動下，Travel Solutions 在第三季度實現了穩定的財務進展。Sabre的空運預訂量較去年同期成長超過3%，表現優於同業。其中約一半來自份額擴張，其餘則來自市場成長。

Specifically, this acceleration in air bookings growth was fueled by the implementation of commercial wins, continued growth in corporate travel and an improvement in Asia group bookings. Looking forward, we expect our year-on-year air distribution bookings growth to continue building momentum as we enter 2025, driven primarily by the progress we are making on our growth initiatives.

具體而言，航空預訂成長的加速是由商業勝利的實施、商務旅行的持續成長以及亞洲團體預訂的改善所推動的。展望未來，我們預計，進入 2025 年，我們的航空分銷預訂量同比增長將繼續保持增長勢頭，這主要是由我們在增長計劃方面取得的進展推動的。

On to Slide 8. As we've emphasized throughout 2024, we have consistently grown our share of air distribution bookings. This chart shows that our share has expanded for the seventh consecutive quarter on a year-on-year basis. We are seeing positive trends in the air distribution business, particularly in corporate travel, where we hold a leading position. Sabre's corporate volumes grew between 3% and 4% in the quarter. We will shortly talk about specific commercial wins that are driving these results, and we expect to achieve further air distribution industry share gains from our strong commercial pipeline and contract wins that have yet to be implemented.

轉到投影片 8。正如我們在 2024 年所強調的那樣，我們的航空配送預訂份額持續成長。這張圖表顯示，我們的份額連續第七個季度同比擴大。我們看到航空分銷業務的積極趨勢，特別是在商務旅行領域，我們在這方面處於領先地位。Sabre 的企業業務量在本季成長了 3% 至 4%。我們很快就會討論推動這些結果的具體商業勝利，我們預計透過我們強大的商業管道和尚未實施的合約勝利，進一步實現空氣分配行業的份額增長。

Turning to slide 9. Hospitality Solutions revenue increased to $84 million, a 7% year-on-year improvement, representing the highest quarterly revenue in segment history. The increase was driven by higher overall customer deployments, continued growth in CRS transactions and a favorable mix within our customer base. Strong revenue growth contributed to a 67% improvement in our adjusted EBITDA to $11 million, with the business expected to continue building momentum in the quarters to come.

轉到投影片 9。飯店解決方案營收增至 8,400 萬美元，較去年同期成長 7%，創下該部門史上最高的季度營收。這一成長是由於整體客戶部署的增加、CRS 交易的持續成長以及我們客戶群的有利組合所推動的。強勁的營收成長使我們調整後的 EBITDA 成長了 67%，達到 1,100 萬美元，預計該業務將在未來幾季繼續保持強勁勢頭。

Our Hyatt implementation remains on track. Prospectively, we expect both double-digit transaction and revenue growth, and we expect to achieve our full year adjusted EBITDA target of nearly $40 million in 2024 and nearly $70 million in 2025.

我們的凱悅實施仍按計劃進行。展望未來，我們預計交易和收入將實現兩位數成長，並預計在 2024 年實現近 4000 萬美元的全年調整後 EBITDA 目標，在 2025 年實現近 7000 萬美元的全年調整後 EBITDA 目標。

Please turn to slide 10. During Q3, we continued to invest aggressively in our 6 growth strategies, and I am pleased to share with you the progress we have made, starting with SabreMosaic.

請翻到投影片 10。第三季度，我們繼續積極投資 6 項成長策略，我很高興與您分享我們所取得的進展，從 SabreMosaic 開始。

Please turn to slide 11. SabreMosaic is designed over time to replace and modernize traditional PSS systems. This AI-powered technology platform designed to modernize travel retailing is open, modular and flexible, enabling intelligent and personalized offers and orders that extend beyond seat and fare class to include a wide variety of additional ancillary and third-party service options.

請翻到投影片 11。SabreMosaic 的設計目的是隨著時間的推移取代傳統的 PSS 系統並使之現代化。這個由人工智慧驅動的技術平台旨在實現旅遊零售現代化，是開放的、模組化的和靈活的，可實現智能和個性化的報價和訂單，超越座位和票價等級，包括各種額外的輔助和第三方服務選項。

The graphic on the left of this slide provides an overview of the SabreMosaic product suites. Our PSS-agnostic approach, which means that this is architected to work with both Sabre and non-Sabre PSS platforms, gives each airline customer the ability to choose the solutions that fit its needs. Feedback from airlines and industry experts has been overwhelmingly positive. We believe SabreMosaic is the most advanced offer and order technology platform available in production to the global airline ecosystem.

本投影片左側的圖形提供了 SabreMosaic 產品套件的概述。我們與 PSS 無關的方法意味著該方法的設計可與 Sabre 和非 Sabre PSS 平台配合使用，使每個航空公司客戶都能夠選擇適合其需求的解決方案。航空公司和行業專家的回饋非常積極。我們相信 SabreMosaic 是全球航空生態系統生產中可用的最先進的報價和訂單技術平台。

On to slide 12. We are already translating this early enthusiasm for SabreMosaic into commercial partnerships. Virgin Australia, one of the global airline industry's leading digital innovators, has selected our platform to modernize its retailing capabilities and will adopt SabreMosaic's full technology stack. Additionally, Riyadh Air, Saudi Arabia's newest flight carrier, has selected SabreMosaic to power its offer optimization technology and retailing capabilities.

轉到投影片 12。我們已經將對 SabreMosaic 的早期熱情轉化為商業合作夥伴關係。維珍澳洲航空是全球航空業領先的數位創新者之一，已選擇我們的平台來實現其零售能力現代化，並將採用 SabreMosaic 的完整技術堆疊。此外，沙烏地阿拉伯最新的航空公司利雅德航空已選擇 SabreMosaic 為其產品優化技術和零售能力提供支援。

On to slide 13. Turning to our other growth strategies. We continue to build out our multisource platform, which seamlessly offers NDC, low-cost carrier and traditional EDIFACT content with intelligent algorithms and efficient workflow integration. We are now in production with an early adopter program, connecting content from over 40 new LCCs to approximately 150 agencies with a broader rollout expected in the coming quarters. Additionally, we have NDC integrations with 23 airlines currently live in the GDS. We also recently expanded relationships with Delta, WestJet and TAP Air Portugal to include NDC content.

轉到投影片 13。轉向我們的其他成長策略。我們繼續建立我們的多源平台，該平台透過智慧演算法和高效的工作流程整合無縫提供 NDC、低成本營運商和傳統 EDIFACT 內容。我們目前正在製定早期採用者計劃，將 40 多家新低成本航商的內容與大約 150 家機構連接起來，預計在未來幾季進行更廣泛的推廣。此外，我們還與目前 GDS 中的 23 家航空公司進行了 NDC 整合。我們最近也擴大了與達美航空、西捷航空和 TAP 葡萄牙航空的合作關係，納入了 NDC 內容。

On Distribution Expansion, as I mentioned earlier, we achieved additional industry share gains. We recently announced a commercial agreement with World Travel, Inc., a leading regional TMC and one of the North American agency wins we referred to last quarter. We continue to sign new business and are implementing previously announced agency wins, and we have a very rich pipeline. Accordingly, we believe we are well positioned to achieve at least 100 basis points of share gains on an annualized basis by the end of 2024, and annually for the foreseeable future.

在分銷擴張方面，正如我之前提到的，我們取得了額外的行業份額成長。我們最近宣布與 World Travel, Inc. 達成商業協議，World Travel, Inc. 是一家領先的地區 TMC，也是我們上季度提到的北美代理商之一。我們繼續簽署新業務，並正在實施先前宣布的代理商勝利，我們擁有非常豐富的管道。因此，我們相信，到 2024 年底，我們有能力實現至少 100 個基點的年化份額收益，並在可預見的未來每年實現至少 100 個基點的份額收益。

Hotel distribution experienced strong growth in the third quarter with bookings up 9% year-on-year, and our hotel attachment rate relative to air bookings increased approximately 2 percentage points year-on-year. We believe there is significant opportunity ahead to drive strong growth in hotel distribution.

第三季飯店分銷強勁成長，預訂量較去年同期成長 9%，飯店預訂率相對於航空預訂量較去年同期成長約 2 個百分點。我們相信，未來存在著推動飯店分銷強勁成長的重大機會。

In our Conferma digital payments business, we realized significant contract wins, including Priceline, a leading OTA and Furlong-Fox, the largest corporate travel agency in Argentina. These wins and continued growth in virtual card deployments support our belief that our payments business will deliver meaningful long-term revenue growth.

在我們的 Conferma 數位支付業務中，我們贏得了重大合同，包括領先的 OTA Priceline 和阿根廷最大的企業旅行社 Furlong-Fox。這些勝利和虛擬卡部署的持續成長支持了我們的信念，即我們的支付業務將帶來有意義的長期收入成長。

Within IT Solutions, in addition to the progress with SabreMosaic, we signed and implemented an important agreement with Air Serbia, establishing Sabre as its NDC IT provider. Last, as mentioned earlier, we are gaining momentum in the Hospitality Solutions business. CRS renewals stand above 90%, and we are driving strong growth in SynXis Retailing, where adoption has doubled since the beginning of the year. In summary, we remain focused on these strategies and are building a strong foundation for long-term sustainable growth.

在 IT 解決方案領域，除了與 SabreMosaic 的進展外，我們還與塞爾維亞航空簽署並實施了一項重要協議，將 Sabre 確立為其 NDC IT 供應商。最後，如前所述，我們在飯店解決方案業務方面的勢頭正在增強。CRS 續約率超過 90%，我們正在推動 SynXis Retailing 的強勁成長，自今年年初以來，該公司的採用率翻了一番。總之，我們仍然關注這些策略，並為長期永續成長奠定堅實的基礎。

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 14. We achieved a number of important financial objectives in the third quarter. As you can see, we generated year-on-year revenue growth and delivered solid cost management that resulted in higher margins and strong flow-through to the bottom line.

謝謝庫爾特，大家早安。請翻到投影片 14。我們在第三季實現了許多重要的財務目標。正如您所看到的，我們實現了同比收入成長，並提供了可靠的成本管理，從而帶來了更高的利潤和強勁的利潤流入。

Adjusted EBITDA in the third quarter was meaningfully higher year-on-year, and we generated positive free cash flow, which is a key strategic priority as we focus on improving our capital structure and deleveraging the balance sheet. We delivered these strong financial results while supporting investment in our 6 growth strategies, which we believe will drive sustainable top line and bottom line growth.

第三季調整後 EBITDA 年比大幅成長，我們產生了正的自由現金流，這是我們專注於改善資本結構和去槓桿化資產負債表的關鍵策略重點。我們實現了這些強勁的財務業績，同時支持對 6 項成長策略的投資，我們相信這將推動可持續的營收和利潤成長。

Please turn to slide 15. We achieved solid year-on-year improvement across our key financial metrics. And as you can see in the table, these results are roughly in line with our expectations. The $10 million difference between our revenue guide of $775 million and actual revenue of $765 million is attributable to some small differences across various revenue streams versus our internal expectations. Based on early indicators, we see these factors carrying into the fourth quarter that are reflected in our updated guidance.

請翻到投影片 15。我們的關鍵財務指標較去年同期取得了穩健的改善。正如您在表中看到的，這些結果大致符合我們的預期。我們的營收指南 7.75 億美元與實際收入 7.65 億美元之間存在 1,000 萬美元的差異，這是由於各種收入來源與我們內部預期之間存在一些細微差異。根據早期指標，我們認為這些因素將延續到第四季度，並反映在我們更新的指導下。

Turning to slide 16. Total third quarter revenue was $765 million, an increase of $24 million or 3% versus last year. Distribution revenue totaled $551 million, a $26 million or a 5% increase compared to $525 million in Q3 2023. Our total distribution bookings were $93 million in the quarter, a 4% increase compared to $89 million in Q3 2023. And our average booking fee was $5.94 in the third quarter, up 1% from Q3 2023. Notably, our air distribution bookings year-on-year growth rate demonstrated meaningful acceleration this quarter as compared to prior quarters.

轉到投影片 16。第三季總營收為 7.65 億美元，比去年增加 2,400 萬美元，成長 3%。發行收入總計 5.51 億美元，與 2023 年第三季的 5.25 億美元相比增加了 2,600 萬美元，成長 5%。本季我們的分銷預訂總額為 9,300 萬美元，與 2023 年第三季的 8,900 萬美元相比增長了 4%。第三季我們的平均預訂費為 5.94 美元，比 2023 年第三季成長 1%。值得注意的是，與前幾季相比，本季我們的航空分銷預訂量年增率明顯加快。

IT Solutions revenue totaled $140 million in the quarter. This was a $7 million decline versus revenue of $147 million in the prior year, primarily driven by previously disclosed demigrations. Hospitality solutions Q3 2024 revenue increased 7% or $5 million to $84 million. Adjusted EBITDA in the third quarter was $11 million, an improvement of $4 million versus prior year. This represents the strongest quarterly adjusted EBITDA for the segment in five years. And as Kurt mentioned earlier, we expect accelerating revenue and CRS transaction growth in hospitality solutions and believe we are on track to achieve our full year adjusted EBITDA target of nearly $40 million in 2024.

本季 IT 解決方案營收總計 1.4 億美元。與上一年的收入 1.47 億美元相比，下降了 700 萬美元，這主要是由於先前披露的移民事件所致。飯店解決方案 2024 年第三季營收成長 7%，即 500 萬美元，達到 8,400 萬美元。第三季調整後 EBITDA 為 1,100 萬美元，比去年同期增加 400 萬美元。這是該領域五年來最強勁的季度調整後 EBITDA。正如 Kurt 之前提到的，我們預計酒店解決方案的收入和 CRS 交易將加速增長，並相信我們預計在 2024 年實現近 4000 萬美元的全年調整後 EBITDA 目標。

Sabre's adjusted EBITDA of $131 million in Q3 2024 versus $110 million in Q3 2023 represented a $20 million improvement year-on-year. Lower unit costs from our technology transformation and strong cost discipline helped drive our adjusted EBITDA margin from 15% in Q3 2023 to 17% in the third quarter this year. Lastly, we generated free cash flow of $8 million in the quarter and ended with a cash balance of $690 million.

Sabre 2024 年第三季調整後 EBITDA 為 1.31 億美元，而 2023 年第三季為 1.1 億美元，年增 2,000 萬美元。我們的技術轉型帶來的單位成本降低和嚴格的成本紀律幫助我們調整後的 EBITDA 利潤率從 2023 年第三季的 15% 升至今年第三季的 17%。最後，我們在本季產生了 800 萬美元的自由現金流，最終現金餘額為 6.9 億美元。

Turning to slide 17. Regarding guidance for the fourth quarter, we expect revenue of approximately $715 million and adjusted EBITDA of approximately $115 million. We expect to generate greater than $80 million of free cash flow in the fourth quarter and expect to be positive for the full year 2024. As a reminder, the fourth quarter is typically the lightest quarter for air distribution bookings, but the strongest quarter for free cash flow generation due to favorable seasonality in working capital.

轉到投影片 17。關於第四季的指導，我們預計營收約為 7.15 億美元，調整後 EBITDA 約為 1.15 億美元。我們預計第四季將產生超過 8,000 萬美元的自由現金流，並預計 2024 年全年將實現正值。提醒一下，第四季通常是航空配送預訂量最少的季度，但由於營運資金的有利季節性，自由現金流產生最為強勁。

For the full year 2024, we now expect revenue of approximately $3.03 billion and adjusted EBITDA of approximately $515 million. As we exit 2024, we have strong momentum in a number of our important business drivers and 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.

對於 2024 年全年，我們目前預計營收約為 30.3 億美元，調整後 EBITDA 約為 5.15 億美元。隨著 2024 年的結束，我們在許多重要的業務驅動因素方面表現強勁，並相信我們有望實現 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。

Turning to slide 18. We believe the path we are pursuing has the potential to create significant long-term shareholder value. The target investments we are making in our 6 growth strategies, coupled with prudent cost management have driven and we expect will continue to drive meaningful increases in adjusted EBITDA and free cash flow.

轉到投影片 18。我們相信我們所追求的道路有潛力創造顯著的長期股東價值。我們在 6 項成長策略中進行的目標投資，加上審慎的成本管理，已經推動並將繼續推動調整後 EBITDA 和自由現金流的有意義成長。

We believe our anticipated earnings improvement has the potential to increase enterprise value over the long term. As we prioritize utilizing expected free cash flow to pay down debt, we believe debt over time will comprise a smaller proportion and equity a larger proportion of our enterprise value, further enhancing shareholder value.

我們相信，我們預期的獲利改善有可能長期增加企業價值。由於我們優先利用預期自由現金流來償還債務，我們相信隨著時間的推移，債務在我們企業價值中所佔的比例將越來越小，而股權將在我們的企業價值中所佔的比例越來越大，從而進一步提高股東價值。

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

那麼，接線員，請開通提問線路。

(Operator Instructions) Josh Baer, Morgan Stanley.

（操作員指示）喬許貝爾（Josh Baer），摩根士丹利。

Great. I guess I want to dig in maybe to the revenue and sort of talking about small differences across several lines. I mean, hoping to get a little more color for the revenue miss versus the guidance there. And then I mean, what I'm looking at, like IT Solutions growth down after growing last quarter. Just wondering, even though like passengers boarded was flat, like last quarter, you had passengers boarded down, but that segment still grew. So maybe we can start there with overall revenue and IT solutions dynamics.

偉大的。我想我可能想深入研究收入，並討論幾條線之間的微小差異。我的意思是，希望能夠對收入低於預期的情況與指引有更多的了解。然後我的意思是，我所看到的，例如 IT 解決方案的成長在上個季度成長後出現下降。只是想知道，儘管登機的乘客數量持平，就像上個季度一樣，有乘客登機，但該部分仍然在增長。因此，也許我們可以從整體收入和 IT 解決方案動態開始。

Yeah. Thanks for the question. What I would say in terms of our revenue differences versus the $775 there's no discernible trend or anything really notable specifically to call out versus our internal expectations. It really was an aggregation of what I'd call some very small differences. For example, our air distribution bookings fell short of our internal expectations by 200,000 bookings on a $79 million base. And so that's $1.2 million of the $10 million difference. And there's an aggregation, I'd say, of small differences like that, that sum to $10 million.

是的。謝謝你的提問。我想說的是，就我們與 775 美元的收入差異而言，沒有明顯的趨勢或任何真正值得注意的具體情況與我們的內部預期不同。這確實是我所說的一些非常小的差異的集合。例如，我們的航空配送預訂量為 7,900 萬美元，比內部預期少了 20 萬個。這就是 1000 萬美元差額中的 120 萬美元。我想說，像這樣的小差異的總和總計為 1000 萬美元。

Now with regards to IT solutions, we've talked about in prior quarters, IT solutions was generally in line with where we expected. We expected it to be, as we've talked about in prior quarters, roughly in the $140 million to $145 million range this year, and that's about where we're landing. And with regard to year-over-year, there was some in-period revenue last year associated with demigrated carriers not attributable to PBs that didn't necessarily repeat this year.

至於 IT 解決方案，我們在前幾個季度已經討論過，IT 解決方案總體上符合我們的預期。正如我們在前幾季所討論的那樣，我們預計今年的收入大約在 1.4 億美元至 1.45 億美元之間，這就是我們的目標。就同​​比而言，去年有一些與遷移業者相關的同期收入，這些收入並不歸因於今年不一定會重複的PB。

Now as we look forward, a couple of things that I would say with regards to airline IT specifically. As we've talked about, we believe we've stabilized that business. We think the baseline at this stage is in that $140 million to $145 million range on a quarterly basis. But what I would say is as we are now getting past the impact of demigrated -- the demigrations, two things will happen. You'll start to see the benefit of PB growth come through.

現在，展望未來，我想就航空公司 IT 說幾句話。正如我們所討論的，我們相信我們已經穩定了業務。我們認為現階段的基準是每季 1.4 億至 1.45 億美元。但我想說的是，當我們現在正在克服移民的影響時，將會發生兩件事。您將開始看到PB成長的好處顯現出來。

But the other thing is, as we've noted, we've had significant commercial wins over the last several quarters. And as far as it goes with airline IT, that goes to Mosaic. You saw Virgin Australia announced the full offer order suite and working with us on that. You see Riyadh on the offer side. And so what I'd say is, as you look at the next few quarters going forward, we're probably in the $140 million to $145 million range. But at some point, during 2025, I expect it to start to inflect up meaningfully and start to see more growth in that revenue stream.

但另一件事是，正如我們所指出的，我們在過去幾個季度取得了重大的商業勝利。就航空公司 IT 而言，那就是 Mosaic。您看到維珍澳洲航空宣布了完整的報價訂單套件並與我們合作。你會看到利雅德在報價方面。所以我想說的是，當你展望未來幾季時，我們可能會在 1.4 億美元到 1.45 億美元之間。但在 2025 年的某個時候，我預計它會開始有意義地上升，並開始看到收入流的更多成長。

Great. That is helpful. And then the other topic I just wanted to ask about is free cash flow. You have EBITDA up considerably year-over-year. CapEx is about the same, I think. Just hoping you could talk about some of the moving pieces in working capital and the delta between the trajectory of EBITDA that we've seen this quarter and so far this year and free cash flow? And what gives you confidence in getting to the positive mark for the full year, like basically the big Q4?

偉大的。這很有幫助。我想問的另一個話題是自由現金流。您的 EBITDA 年比大幅成長。我認為資本支出大致相同。只是希望您能談談營運資本的一些變化以及我們本季和今年迄今的 EBITDA 軌跡與自由現金流之間的增量？是什麼讓您對全年實現積極目標（例如第四季度）充滿信心？

Yeah. First, I would just highlight Q4 is typically our seasonally strongest free cash flow. And so what we see in terms of Q4 is aligned with our EBITDA, our working capital and the trends that we're seeing. So it does give us a high degree of confidence.

是的。首先，我想強調的是，第四季通常是我們季節性最強的自由現金流。因此，我們在第四季度看到的情況與我們的 EBITDA、我們的營運資本以及我們所看到的趨勢是一致的。所以它確實給了我們很大的信心。

Now I'd remind you, if you go back and you replayed the earnings calls from last year, last year, we had generated about $150 million onetime benefit from our working capital initiatives off the balance sheet. So now we are lapping that. And so you don't get that same benefit this year. So those are the big differences year-over-year.

現在我想提醒你，如果你回顧去年的財報電話會議，去年我們從資產負債表外的營運資本計畫中一次性獲得了約 1.5 億美元的收益。所以現在我們正在研磨它。所以今年你不會得到同樣的好處。所以這些是同比的巨大差異。

But as we move forward, I would say and we go into 2025, like I said, for 2024, we expect to be breakeven. We expect to generate greater than $80 million in the Q4 of this year. And next year, we feel very, very much on track with our target of greater than $200 million next year.

但隨著我們向前邁進，我想說，我們進入 2025 年，正如我所說，2024 年我們預計將實現收支平衡。我們預計今年第四季的營收將超過 8,000 萬美元。明年，我們感覺非常非常有希望實現明年超過 2 億美元的目標。

Jed Kelly, Oppenheimer & Company.

傑德凱利，奧本海默公司。

You said in your prepared remarks that air distribution is building momentum into '25. Should we expect like a slight reacceleration in that segment going into next year in order to hit that guidance? And then can you just talk about the overall travel environment where we are, where you think we stand going into the next year?

您在準備好的發言中表示，空氣分配正在為 25 年積蓄動能。我們是否應該預期該細分市場在明年會出現輕微的加速，以達到這一指導目標？然後您能談談我們目前的整體旅遊環境嗎？

Yeah. With regard to air distribution booking -- first, thanks, Jed. And with regards to air distribution bookings, what I would remind you is over the last few months, you've heard Sabre announce significant commercial wins. World Travel, we announced another one of the largest domestic agencies that hasn't been announced. InterparkTriple, a new agency win last quarter in Spain and France. We've had significant progress on NDC.

是的。關於航空配送預訂——首先，謝謝傑德。關於航空配送預訂，我想提醒您的是，在過去的幾個月裡，您已經聽說 Sabre 宣布了重大的商業勝利。世旅，我們又公佈了國內最大的一家尚未公佈的旅行社。InterparkTriple 是一家新代理機構，上季度在西班牙和法國取得了勝利。我們在 NDC 方面取得了重大進展。

So my point on all that is those are recently agreed to agreements. We do not yet have the benefit of most of that in our air distribution bookings. So with that, what I would say, and I'm not going to go too much into 2025 on this call. I'm going to save that for February. But what I would say is we feel very confident, very, very confident that as we move into 2025, you're going to see the benefit of those agreements that we've reached, and you're going to see a meaningful acceleration from share gains in our air distribution bookings.

因此，我的觀點是，這些協議是最近達成的。在我們的航空配送預訂中，我們還沒有享受到其中的大部分好處。因此，我想說的是，我不會在這次電話會議上談論太多 2025 年。我要把它留到二月。但我想說的是，我們非常有信心，非常非常有信心，當我們進入 2025 年時，您將看到我們達成的這些協議的好處，並且您將看到有意義的加速分享我們的航空配送預訂收益。

Yeah. And with respect to the environment, Jed, obviously, there's been sort of mixed macroeconomic news globally. Demand, both in corporate and leisure remains pretty strong across all geographies. We're not seeing any real meaningful downward pressure. There obviously are some supply constraints on air. That's not meaningfully impacting our business, just a very small impact.

是的。傑德，就環境而言，顯然全球宏觀經濟消息好壞參半。所有地區的企業和休閒需求仍然相當強勁。我們沒有看到任何真正有意義的下行壓力。顯然，空氣供應存在一些限制。這並沒有對我們的業務產生重大影響，只是影響很小。

Got it. And then just as a follow-up, just with the new wins, it kind of looks like if we look at it, cost of revenue is about, call it, 57.5% of distribution revenue? Are these new wins? Are they more high volume where they might put a little bit of pressure on the gross margins? Can you just talk about that dynamic?

知道了。然後作為後續行動，就新的勝利而言，如果我們看一下，收入成本大約是發行收入的 57.5%？這些是新的勝利嗎？它們的銷量是否更高，可能會對毛利率造成一點壓力？您能談談這種動態嗎？

Yeah. Thanks for that, Jed. As I mentioned, the new wins that we've seen are largely not yet in our air distribution bookings and largely not yet in our results. What I would say is you look at gross margin over time or look at cost of revenue, give or take, around the 40% range. What I would say as we move forward, I would expect that gross margin would likely remain around 60% and cost of revenue would likely remain around 40%.

是的。謝謝你，傑德。正如我所提到的，我們所看到的新勝利很大程度上尚未體現在我們的航空分銷預訂中，也很大程度上尚未體現在我們的業績中。我想說的是，你會觀察一段時間內的毛利率或收入成本，無論給予或接受，大約在 40% 的範圍內。我想說的是，隨著我們前進，我預計毛利率可能會保持在 60% 左右，收入成本可能會保持在 40% 左右。

Now if you look at quarter-by-quarter, it gets lumpy because there's different types of incentives that get paid from time to time and different thresholds that get hit. If I look at the prior two quarters, we had revenue growing faster than cost of revenue. And so I think you have to look at this over an extended period of time. But what I would say is if you -- if I were to foreshadow, I would expect us to still have a cost of revenue of roughly around 40% as we move forward over the longer term.

現在，如果你逐季度查看，你會發現情況變得不穩定，因為不時會獲得不同類型的激勵措施，並且會達到不同的門檻。如果我看看前兩個季度，我們的營收成長速度快於收入成本。所以我認為你必須在很長一段時間內看待這個問題。但我想說的是，如果你——如果我預示的話，我預計隨著我們長期的發展，我們的收入成本仍然約為 40% 左右。

Victor Cheng, Bank of America.

維克多·程，美國銀行。

A couple, if I may. Can you maybe give us some color as well on how you guide to Q4 with a bit of a lower revenue growth and the bookings performance Q4 to-date, I think there seems to be a Turkish and Frontier loss. And with regards to that, is there any specific reason -- is it down to unfavorable economic terms and some of the rationale around that? And then I have more follow-ups.

如果可以的話，一對。您能否給我們一些關於您如何引導第四季度收入增長和第四季度迄今為止的預訂表現下降的信息，我認為土耳其和邊境似乎出現了損失。對此，是否有任何具體原因──是否是不利的經濟條件以及與之相關的一些理由？然後我還有更多的後續行動。

Yeah. Thank you, Victor. With respect to Q4 and booking trends so far, I would say what we're seeing are trends that are relatively consistent with what we reported for Q3, nothing substantially different. As we look at Turkish and content generally, we obviously did not reach agreement on mutually beneficial terms with Turkish. And therefore, as you indicated, we don't have the content of Turkish currently.

是的。謝謝你，維克多。關於第四季和迄今為止的預訂趨勢，我想說的是，我們看到的趨勢與我們報告的第三季相對一致，沒有什麼實質不同。當我們總體審視土耳其語和內容時，我們顯然沒有與土耳其語就互利條款達成一致。因此，正如您所指出的，我們目前沒有土耳其語的內容。

As we have said previously, we went to great lengths in our discussion with Turkish to reach a new agreement for both Traditional and NDC content. We're disappointed that they were unwilling to consider terms that would allow us to meet the needs of the ecosystem, travel agencies, et cetera, to compete fairly for their business. And so we regret the challenges that this brings to the ecosystem.

正如我們之前所說，我們與土耳其人進行了深入的討論，以就傳統內容和 NDC 內容達成新協議。我們感到失望的是，他們不願意考慮讓我們滿足生態系統、旅行社等的需求、公平競爭他們的業務的條款。因此，我們對這對生態系統帶來的挑戰感到遺憾。

That said, we believe that the fully integrated breadth and depth of travel content that we have brings immense value to all parties in the ecosystem. And we hope to reach agreement with Turkish in the near future. I would mention that Turkish is a carrier with a relatively smaller home market. So the value of the distribution we bring, we feel, is tremendous. But we feel very good about our competitive position overall.

也就是說，我們相信，我們所擁有的完全整合的旅行內容的廣度和深度為生態系統中的各方帶來了巨大的價值。我們希望在不久的將來與土耳其達成協議。我想說的是，土耳其航空是國內市場相對較小的航空公司。因此，我們認為，我們帶來的發行價值是巨大的。但我們對我們的整體競爭地位感覺非常好。

Very clear. And maybe if we talk about revenue per booking, it seems to be -- they're still growing, but a bit slower than previously. Should we expect a normalized kind of revenue per booking going forward? Any kind of implications or impact from pricing and mix or NDC going forward?

非常清楚。也許如果我們談論每次預訂的收入，它們似乎仍在增長，但比以前慢了一些。我們是否應該期望未來每筆預訂的收入都正常化？未來的定價、組合或 NDC 有何影響？

And maybe last question is with regards to '25 outlook. Obviously, you talked about -- confident on over $700 million EBITDA in '25. But I guess, if I look at the bridge that you had in kind of last year, and now we're experiencing some GDS volume growth, I guess that will bring you maybe closer to $750 million or $800 million depending on the share gains you have. With that bridge, is that still a realistic goal?

也許最後一個問題是關於 25 世紀的前景。顯然，你談到了——對 25 年超過 7 億美元的 EBITDA 充滿信心。但我想，如果我看看去年你所擁有的橋樑，現在我們正在經歷一些GDS 數量的增長，我想這可能會給你帶來接近7.5 億或8 億美元的收入，具體取決於你的份額收益有。有了這座橋，這仍然是一個現實的目標嗎？

So yeah, on the average booking fee, I'll start with that. So if you look at -- if you move forward just sequentially, you look at the fourth quarter, I would expect in the fourth quarter for your average booking fee to tick back over $6. And there's a couple of things there. First, there's a small portion of revenue and distribution that's actually somewhat fixed. And seasonally, you generate less bookings in the fourth quarter. So that obviously helps create a little bit of an upward trend seasonally.

是的，我將從平均預訂費用開始。因此，如果你按順序向前看，你會看到第四季度，我預計第四季度你的平均預訂費將回落超過 6 美元。還有一些事情。首先，有一小部分收入和分配實際上是固定的。從季節性來看，第四季的預訂量會減少。因此，這顯然有助於創造一點季節性上升趨勢。

The second thing is, which is also tends to be a seasonal impact, you have a lot fewer Asia group bookings that tend to have lower booking fees. So as I look to Q4, I would expect that the average booking fee would be comfortably over $6. As I look forward beyond that, I would say that I'd expect our average booking fee without getting into too much detail on 2025 to be in that $6 range.

第二件事是，這也往往是季節性的影響，亞洲團體預訂要少得多，而預訂費用往往較低。因此，當我展望第四季時，我預計平均預訂費將輕鬆超過 6 美元。當我展望未來時，我想說的是，在不透露太多細節的情況下，我預計 2025 年我們的平均預訂費用將在 6 美元的範圍內。

Now with that being said, with regard to our 2025 outlook, I would remind you on our February earnings call, we broke out our bridge for 2025. And we highlighted from 2023 to 2025, we would generate around $250 million of cost efficiency, partly from our tech transformation as well as other cost initiatives and $115 million of strategic -- from our growth strategies.

話雖如此，關於我們的 2025 年前景，我想在 2 月的財報電話會議上提醒您，我們已經打破了 2025 年的橋樑。我們強調，從 2023 年到 2025 年，我們將產生約 2.5 億美元的成本效率，部分來自我們的技術轉型和其他成本計劃，以及 1.15 億美元的策略成本——來自我們的成長策略。

As we look at 2025, as I've articulated, we feel very confident that we're on track for greater than $700 million of adjusted EBITDA and greater than $200 million on free cash flow. I would highlight that the commercial wins we have are part of our 6 growth strategies that Kurt has articulated, and that's included in that $115 million of strategic growth initiatives that we've outlined.

正如我所闡述的，展望 2025 年，我們非常有信心，我們有望實現超過 7 億美元的調整後 EBITDA 和超過 2 億美元的自由現金流。我想強調的是，我們所取得的商業勝利是 Kurt 闡述的 6 項成長策略的一部分，並且包含在我們概述的 1.15 億美元策略成長計畫中。

Now I would also highlight that our baseline assumption separate from our growth initiatives, is for flat to moderate industry air bookings growth. Should that prove to be more favorable? As we've articulated, each point is worth about $13 million to adjusted EBITDA. So we think there's certainly potential to do better than $700 million. But at this stage, I would say we're very much on track toward our $700 million goal.

現在我還要強調，與我們的成長計畫分開的基準假設是產業航空預訂成長持平至適度。事實證明這應該更有利嗎？正如我們所闡述的，每個點的調整後 EBITDA 價值約為 1300 萬美元。因此，我們認為肯定有潛力做得比 7 億美元更好。但在現階段，我想說我們正在朝著 7 億美元的目標邁進。

(Operator Instructions) This concludes the question-and-answer session. I would now like to turn it back over to Mr. Kurt Ekert for closing remarks.

（操作員說明）問答環節到此結束。現在我想請庫爾特·埃克特先生發表閉幕詞。

Thank you very much, operator. First of all, I'd like to have a moment of silence on behalf of my New York Yankees, a tough game last night. Seriously, we're happy with the progress we're making. As Mike indicated, we feel very much on track for the strategic transformation of Sabre, and we look forward to continuing to talk to you in future quarters about this. So thank you, and Happy Halloween.

非常感謝您，接線生。首先，我想代表我的紐約洋基隊默哀片刻，昨晚是一場艱苦的比賽。說實話，我們對所取得的進展感到滿意。正如 Mike 所言，我們感覺到 Sabre 的策略轉型已步入正軌，我們期待在未來幾季繼續與您討論此事。謝謝你，萬聖節快樂。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝您參加今天的會議。程式到此結束。您現在可以斷開連線。