Sabre Corp (SABR) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Sabre fourth quarter and full-year 2024 earnings conference call. My name is DeeDee, and I will be your operator. As a reminder, please note today's call is being recorded.

早安，歡迎參加 Sabre 2024 年第四季和全年財報電話會議。我的名字是 DeeDee，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 Vice President, Investor Relations and Treasurer, Brian Evans. Please go ahead, sir.

現在我將把電話轉給負責投資者關係和財務的高級副總裁 Brian Evans。先生，請繼續。

Good morning, and welcome to our fourth quarter and full-year 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 webpage. A replay of today's call will be available on our website later this morning.

早上好，歡迎參加我們的 2024 年第四季和全年財報電話會議。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 effects of growth strategies, transactions and bookings growth, results of our technology transformation, commercial and strategic arrangements, and our financial guidance and targets, free cash flow, and liquidity, among others.

我們提醒您，我們的評論包含前瞻性陳述，代表我們對未來事件的信念或期望，包括成長策略、交易和預訂成長的影響、我們的技術轉型的結果、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-K for the year ended December 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我們向美國證券交易委員會提交的文件中，包括截至 2024 年 12 月 31 日的年度 10-K 表。

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.saber.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。今天電話會議中對調整後 EBITDA、調整後 EBITDA 利潤率和自由現金流的引用均已進行調整，以排除某些項目。最直接可比較的 GAAP 指標和非 GAAP 指標的對帳表可在我們網站 investors.saber.com 上發布的收益報告和其他文件中找到。

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'll turn the call over to Kurt.

說完這些，我將把電話轉給庫爾特。

Thanks, Brian. Hello, everyone, and thank you for joining us today to discuss our fourth quarter and full-year 2024 results. Our performance this quarter and our expectations for 2025 highlight the continued progress we are making executing against our strategy and strengthening our balance sheet.

謝謝，布萊恩。大家好，感謝您今天加入我們討論我們的 2024 年第四季和全年業績。我們本季的業績和對 2025 年的預期凸顯了我們在執行策略和加強資產負債表方面不斷取得的進展。

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 2024 business highlights, including our financial performance. Then I will provide an overview of the progress we have made on our growth strategies, how these focused investments address the evolving global travel industry, and how they are reshaping Saber's growth trajectory. Next, Mike will take you through our fourth quarter and full-year 2024 financial results and discuss our 2025 guidance.

翻到投影片 4，您可以看到 Mike 和我今天早上將討論的主題概述。首先，我將回顧我們 2024 年的業務亮點，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，這些重點是投資如何應對不斷發展的全球旅遊業，以及它們如何重塑 Saber 的成長軌跡。接下來，Mike 將帶您了解我們 2024 年第四季和全年的財務業績，並討論我們的 2025 年指引。

Please turn to slide 6. Saber had a successful year in 2024. Our team delivered on our strategic technology transformation objectives, including significant product and platform enhancements, positioning us for meaningful growth from commercial wins.

請翻到幻燈片 6。2024 年是 Saber 成功的一年。我們的團隊實現了策略技術轉型目標，包括重大的產品和平台增強，使我們從商業勝利中獲得了有意義的成長。

Steady revenue growth combined with effective cost management resulted in 550 basis points of margin expansion and a 53% year-on-year increase in adjusted EBITDA, which totaled $517 million for the year above our initial guidance of greater than $500 million, which was provided last February. I commend our team members around the world for their hard work and dedication towards positioning Saber for accelerated growth in 2025 and beyond.

穩定的收入成長加上有效的成本管理，使利潤率擴大了 550 個基點，調整後 EBITDA 同比增長了 53%，全年總計 5.17 億美元，高於我們去年二月提出的 5 億美元以上的初始預期。我讚揚我們遍布世界各地的團隊成員為使 Saber 在 2025 年及以後實現加速增長而做出的辛勤工作和奉獻精神。

Turning to slide 7, Travel Solutions achieved solid financial results in 2024 due to higher average distribution booking fees from a richer customer mix, double-digit year-on-year growth in hotel distribution bookings, and new air distribution business. Notably, our exit rate for GDS industry share was up 1 percentage point versus the prior year. Looking forward, we expect our year-on-year distribution bookings growth to continue building momentum, driven primarily by the progress we are making on our growth initiatives.

第 7 頁，Travel Solutions 在 2024 年取得了穩健的財務業績，這得益於更豐富的客戶組合帶來的平均分銷預訂費更高、酒店分銷預訂量同比增長兩位數以及新的航空分銷業務。值得注意的是，我們的 GDS 產業份額退出率比前一年上升了 1 個百分點。展望未來，我們預期我們的分銷訂單量年增將繼續保持勢頭，這主要得益於我們在成長計劃方面所取得的進展。

Turning to slide 8, our Hospitality Solutions team delivered strong results in 2024 as total revenue reached an all-time high, due mainly to increased CRS transactions. This revenue performance was driven by new customer deployments and a favorable mix within our customer base. Overall, strong revenue growth and continued operational focus contributed to a $25 million increase in adjusted EBITDA to $38 million, in line with our target.

轉到第 8 張投影片，我們的飯店解決方案團隊在 2024 年取得了強勁的業績，因為總收入達到了歷史最高水平，這主要歸功於 CRS 交易的增加。這項收入表現得益於新客戶的部署以及我們客戶群中的良好組合。總體而言，強勁的營收成長和持續的營運重點推動調整後的 EBITDA 增加 2,500 萬美元至 3,800 萬美元，符合我們的目標。

Revenue growth accelerated into year-end, driven by higher transactions, in part due to the Hyatt implementation, which is beginning to generate meaningful increases in CRS transaction growth.

受交易量增加的推動，營收成長在年底加速，部分原因是凱悅酒店的實施開始為 CRS 交易量帶來有意義的成長。

Please turn to slide 9. And finally, before moving on to our strategy update, please note the successful completion of our technology transformation objectives. Our team, in partnership with Google, has delivered the migration of more than 99% of our compute capacity to the cloud, achieving greater than $150 million of cost benefits versus both 2019 and 2023, and establishing a strong foundation for future innovations.

請翻到第 9 張投影片。最後，在繼續我們的策略更新之前，請注意我們已成功完成技術轉型目標。我們的團隊與 Google 合作，將 99% 以上的運算能力遷移到雲端，與 2019 年和 2023 年相比實現了超過 1.5 億美元的成本效益，並為未來的創新奠定了堅實的基礎。

Now, looking ahead, please turn to slide 11. The global travel industry has experienced substantial change in recent years. As the marketplace continues to evolve, our strategic focus to innovate and deliver value to our customers and stakeholders remains unchanged. First, generating free cashflow and de-levering our balance sheet remain our top financial priorities. We are pleased with the progress we are making on this front, and Mike will share greater detail shortly.

現在，展望未來，請翻到第 11 張幻燈片。近年來，全球旅遊業經歷了重大變化。隨著市場不斷發展，我們創新並為客戶和利害關係人提供價值的策略重點始終不變。首先，創造自由現金流和降低資產負債表槓桿率仍然是我們的首要財務重點。我們對在這方面取得的進展感到滿意，Mike 很快就會分享更多細節。

Second, we are investing to drive sustainable growth. To achieve this, we are prioritizing three areas, a modern technology stack, an open marketplace, and intelligent retailing solutions. We believe these areas, the last two of which encapsulate our growth strategies, are essential in today's dynamic travel marketplace. I will now go into more detail around the promising results that we are already realizing from our growth strategies, which are expected to drive significantly greater volume and revenue growth starting in 2025.

第二，我們進行投資以推動永續成長。為了實現這一目標，我們優先考慮三個領域，即現代技術堆疊、開放的市場和智慧零售解決方案。我們相信，這些領域（其中後兩個領域體現了我們的成長策略）對於當今充滿活力的旅遊市場至關重要。現在，我將更詳細地介紹我們已經從成長策略中實現的良好成果，預計從 2025 年開始，這些策略將大幅推動銷售和收入的成長。

On to slide 12. Travelers and businesses increasingly require immediate access to real-time data and information that can only be delivered by powerful modern technology infrastructure. Having achieved the objectives of our technology transformation, Sabre is able to design, build, and deliver advanced solutions that not only address customer and market demands, but also fuel our strategic growth plans.

轉到投影片 12。旅行者和企業越來越需要立即獲取即時數據和信息，而這只有透過強大的現代技術基礎設施才能提供。在實現了技術轉型的目標後，Sabre 能夠設計、建構和交付先進的解決方案，不僅可以滿足客戶和市場的需求，還可以推動我們的策略成長計畫。

Operating in a modern, open, and cloud-based technology stack means we can deliver products to customers with critical SaaS capabilities, including more seamless integration, excellent performance and scalability, high availability, and enhanced security.

在現代、開放和基於雲端的技術堆疊中運作意味著我們可以向客戶提供具有關鍵 SaaS 功能的產品，包括更無縫的整合、出色的性能和可擴展性、高可用性和增強的安全性。

In addition, AI-powered capabilities are increasingly differentiating winners from losers. Our partnership with Google harnesses the power of its advanced AI capabilities and infuses high-quality data into our next-generation products and solutions. We are also leveraging classical and generative AI that enable our teams to write better code at faster pace, to diagnose and resolve problems swiftly, and improve engineering productivity and throughput.

此外，人工智慧的能力越來越能區分贏家和輸家。我們與Google的合作利用了其先進的人工智慧功能，並將高品質的數據注入我們的下一代產品和解決方案中。我們還利用經典和生成式人工智慧，使我們的團隊能夠以更快的速度編寫更好的程式碼，快速診斷和解決問題，並提高工程生產力和吞吐量。

Now I will review our specific strategies starting with open marketplace. On to slide 13. Sabre is transforming our historical distribution offering, namely the GDS, into a broader, modern open marketplace. The foundational elements are four of our previously articulated growth strategies. Multisource platform, distribution expansion, hotel B2B distribution, and digital payments.

現在我來回顧我們的具體策略，從開放市場開始。轉到投影片 13。Sabre 正在將我們傳統的分銷產品（即 GDS）轉變為更廣泛、更現代的開放市場。基礎要素是我們先前闡述的四個成長策略。多源平台、分銷擴展、酒店B2B分銷和數位支付。

Sabre's multisource platform provides a ubiquitous, efficient, open marketplace for buyers and travelers by standardizing and consolidating fragmented air content sources, including NDC, low-cost carrier, and traditional [ed effect]. Our early adopter program already connects content from over 50 LCCs to approximately 500 agencies. And we now have NDC integrations with 27 airlines currently live on our platforms, including recent expanded relationships with Emirates, Qantas, TAP Air Portugal, and Air India.

Sabre 的多源平台透過標準化和整合分散的航空內容來源（包括 NDC、廉價航空公司和傳統航空公司），為買家和旅客提供了一個無處不在、高效、開放的市場。[編輯效果]。我們的早期採用者計畫已經將來自 50 多個 LCC 的內容連接到大約 500 家代理商。現在，我們已經與平台上 27 家航空公司實現了 NDC 整合，包括最近與阿聯酋航空、澳洲航空、葡萄牙航空和印度航空擴大的合作關係。

Our distribution expansion initiative focuses on growing our share in key geographic and market segments. In 2024, our commercial team signed new business totaling between [30 million to 40 million] air distribution segments from global agencies. From this, we expect to realize significant volume growth in 2025, which I will touch on shortly.

我們的分銷擴張計劃專注於擴大我們在關鍵地區和細分市場的份額。2024年，我們的商業團隊與全球機構簽署了總額在[3000萬至4000萬]之間的航空分銷業務新業務。由此，我們預計 2025 年將實現顯著的銷售成長，我稍後會談到這一點。

Sabre's enhanced hotel B2B distribution platform is on a strong growth trajectory as we continue to build on our leading position. Our success in adding new global hotel partners and our investments in product enhancements are driving higher attachment rates.

隨著我們持續鞏固領先地位，Sabre 增強型飯店 B2B 分銷平台正呈現強勁成長軌跡。我們成功增加了新的全球酒店合作夥伴，並在產品改進方面進行了投資，從而提高了附加率。

As I mentioned earlier, hotel distribution bookings were up double digits year on year in 2024, driving a 16% increase in global booking value moving through our platform, totaling $21 billion. We believe there are significant growth opportunity ahead.

正如我之前提到的，2024 年飯店分銷預訂量年增兩位數，推動透過我們平台的全球預訂價值成長 16%，總額達到 210 億美元。我們相信未來還有巨大的成長機會。

Last, our digital payments business contributes to our open marketplace by reducing friction and bringing efficiency to sellers and buyers. The digital payments team continues to win new business and drove a 12% year on year increase in gross spending through the platform to $14 billion, resulting in a 45% increase in payment solutions revenue.

最後，我們的數位支付業務透過減少摩擦並為賣家和買家帶來效率，為我們的開放市場做出了貢獻。數位支付團隊繼續贏得新業務，並推動該平台的總支出年增 12%，達到 140 億美元，從而導致支付解決方案收入成長 45%。

On to slide 14. The third key area of our strategy is delivering intelligent retailing solutions to our airline and hotel customers. SabreMosaic, our modernized and enhanced travel platform that over time will replace traditional PSS systems is by design open, modular and flexible with AI powered revenue optimization solutions that are already delivering results for our customers. Notably SabreMosaic is also PSS agnostic. In 2024, we signed SabreMosaic commercial agreements with Virgin Australia, Riyadh Air, and Air Serbia, providing momentum and strong market interest.

轉到投影片 14。我們策略的第三個關鍵領域是為我們的航空公司和飯店客戶提供智慧零售解決方案。SabreMosaic 是我們現代化和增強的旅行平台，隨著時間的推移，它將取代傳統的 PSS 系統，其設計開放、模組化、靈活，並採用人工智慧驅動的收入優化解決方案，這些解決方案已經為我們的客戶帶來了成果。值得注意的是，SabreMosaic 也是 PSS 不可知論者。2024 年，我們與維珍澳洲航空、利雅德航空和塞爾維亞航空簽署了 SabreMosaic 商業協議，為市場提供了發展動力和強烈的市場興趣。

Additionally, in the fourth quarter, we were pleased to announce a renewal of our technology partnership with American Airlines, including a multi-year extension of the PSS.

此外，在第四季度，我們很高興地宣布與美國航空續簽技術合作夥伴關係，包括將 PSS 延長多年。

In Hospitality Solutions, we have a leading CRS platform, SynXis, and a growing presence in property management. And SynXis Retail Studio brings a creative retailing capabilities on top of these existing platforms. This retailing offering enables hoteliers to optimize revenue with greater personalization of offers, including ancillaries and third-party content and improve selling conversion rates. Based on early results, properties utilizing SynXis Retail Studio experienced a greater than five times increase in hotel ancillary sales year on year.

在飯店解決方案方面，我們擁有領先的 CRS 平台 SynXis，並且在物業管理領域不斷增長的影響力。SynXis Retail Studio 在這些現有平台上帶來了創意零售功能。這項零售服務使旅館經營者能夠透過更個人化的服務（包括輔助產品和第三方內容）來優化收入並提高銷售轉換率。根據早期結果，使用 SynXis Retail Studio 的飯店輔助銷售額比去年同期成長了五倍以上。

On to slide 15. Sabre's open marketplace and retailing solutions are resonating with customers. And are reshaping our growth trajectory. In 2025, we expect double digit growth for air distribution bookings, hotel distribution bookings, and hospitality solutions, CRS transactions. We expect the majority of growth in air distribution bookings will come from a number of signed but not yet fully implemented agreements, including the largest Korean OTA, as well as World Travel, Inc., and another large win we signed in 2024.

轉到投影片 15。Sabre 的開放市場和零售解決方案引起了客戶的共鳴。並正在重塑我們的成長軌跡。到 2025 年，我們預計航空分銷預訂、酒店分銷預訂、酒店解決方案和 CRS 交易將實現兩位數增長。我們預計，航空分銷預訂量的大部分增長將來自於一些已簽署但尚未完全實施的協議，其中包括韓國最大的 OTA 以及 World Travel, Inc.，以及我們在 2024 年簽署的另一項重大協議。

While we are not at liberty to disclose this customer's name, they are a rapidly growing top five agency in North America focused on loyalty and credit card space. This agency generated nearly [25 million] airline segments in 2024.

雖然我們不能透露該客戶的名稱，但他們是北美一家發展迅速的前五名代理商，專注於忠誠度和信用卡領域。該機構在 2024 年創造了近 [2,500 萬] 個航空航段。

We were pleased to win a commitment of strong majority share of this business and are steadily progressing through the migration process, which we expect to complete in 2025. In addition, we expect our multisource strategy to drive incremental NDC and LCC volumes. Regarding industry share, to better represent the growing total addressable market for air distribution bookings that we are targeting with our multisource platform, including NDC, LCC, and ed effect content.

我們很高興贏得了該業務絕大部分股份的承諾，並且正在穩步推進遷移過程，預計將於 2025 年完成。此外，我們預計我們的多源策略將推動 NDC 和 LCC 數量的增加。就行業份額而言，為了更好地代表我們透過多源平台（包括 NDC、LCC 和 ed effect 內容）瞄準的不斷增長的航空分銷預訂總目標市場。

Moving forward, we will focus on total distribution bookings growth rather than solely GDS industry share. We believe this approach more accurately reflects the evolving distribution marketplace. And we are confident that our projected double-digit growth in air distribution bookings in 2025 demonstrates our strengthening competitive position.

展望未來，我們將專注於總分銷預訂量的成長，而不僅僅是 GDS 行業份額。我們相信這種方法更準確地反映了不斷發展的分銷市場。我們相信，2025年航空分銷預訂量預計將實現兩位數成長，顯示我們的競爭地位不斷增強。

In Hospitality Solutions, we expect double digit CRS transaction growth in 2025. Driven by existing business and the implementation of signed new business, including Hyatt. Mike will provide additional details on the drivers of our air distribution and hospitality CRS volume growth expectations for 2025 shortly.

在飯店解決方案領域，我們預計 2025 年 CRS 交易量將達到兩位數成長。受現有業務和包括凱悅在內的已簽約新業務的推動。Mike 很快就會提供有關我們對 2025 年航空分銷和酒店 CRS 數量增長預期的驅動因素的更多詳細資訊。

In summary, we are confident that we have the right strategies and solutions in place to drive significant acceleration in volume and revenue growth for Sabre in 2025 and beyond.

總而言之，我們相信我們已經制定了正確的策略和解決方案，將在 2025 年及以後大幅加速 Sabre 的銷售和收入成長。

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

現在我將把電話交給麥克，讓他向你們介紹我們的財務表現和未來展望。

Thanks, Kurt. And good morning, everyone. Please turn to slide 17. The Sabre team delivered strong financial results in 2024. We generated year on year revenue growth, invested strategically to support innovation and effectively managed costs. All of which resulted in higher margins and strong flow through to the bottom line.

謝謝，庫爾特。大家早安。請翻到第 17 張投影片。Sabre 團隊在 2024 年取得了強勁的財務表現。我們的收入逐年成長，進行策略性投資以支持創新並有效管理成本。所有這些都帶來了更高的利潤和強勁的獲利成長。

Adjusted EBITDA increased by more than 50% in 2024 to $517 million, above our initial guidance of greater than $500 million, provided last February. On the strength of this financial performance, we achieved our free cash flow objective for the year, improved our capital structure, and made significant advancements of our long-term strategic priorities.

2024 年調整後 EBITDA 成長超過 50%，達到 5.17 億美元，高於我們去年 2 月提供的 5 億美元以上的初始預期。憑藉這一財務業績，我們實現了全年的自由現金流目標，改善了資本結構，並在長期策略重點方面取得了重大進展。

Turning to slide 18. Total fourth-quarter revenue increased 4% versus last year to $715 million. Distribution revenue totaled $500 million, a 5% increase compared to $476 million in Q4 2023. Total distribution bookings were $81 million in the quarter, a 4% increase compared to $78 million in Q4 2023. Our average booking fee was $6.17 in the fourth quarter, up 1% year on year. IT Solutions revenue was roughly flat year on year in the fourth quarter and totaled $145 million.

翻到第 18 張投影片。第四季總營收較去年同期成長 4%，達到 7.15 億美元。分銷收入總計 5 億美元，較 2023 年第四季的 4.76 億美元成長 5%。本季總分銷預訂額為 8,100 萬美元，較 2023 年第四季的 7,800 萬美元成長 4%。我們第四季的平均預訂費為 6.17 美元，年增 1%。第四季IT解決方案營收與去年同期基本持平，總計1.45億美元。

Hospitality Solutions Q4 2024 revenue increased 8% to $81 million, primarily driven by an 8% increase in CRS transactions. Segment adjusted EBITDA in the fourth quarter was $9 million, an improvement of $4 million versus prior year. Sabre's adjusted EBITDA of $115 million in Q4 2024 versus $96 million in Q4 2023 represented a $20 million improvement year on year. Strong cost discipline helped drive our adjusted EBITDA margin from 14% in Q4 2023 to 16% in the fourth quarter of 2024.

飯店解決方案 2024 年第四季營收成長 8% 至 8,100 萬美元，主要得益於 CRS 交易成長 8%。第四季分部調整後息稅折舊攤提前利潤為 900 萬美元，較上年同期增加 400 萬美元。Sabre 2024 年第四季的調整後 EBITDA 為 1.15 億美元，而 2023 年第四季為 9,600 萬美元，較去年同期成長 2,000 萬美元。嚴格的成本控制有助於我們將調整後的 EBITDA 利潤率從 2023 年第四季的 14% 提升至 2024 年第四季的 16%。

Moving to our full-year financial performance. We achieved our revenue, adjusted EBITDA, and free cash flow objectives for 2024. We delivered revenue of $3,030 million, up 4% and adjusted EBITDA of $517 million, up 53%. Additionally, Hospitality Solutions delivered $38 million of segment adjusted EBITDA, growth of $25 million in line with our targeted objective.

轉向我們的全年財務表現。我們實現了 2024 年的營收、調整後 EBITDA 和自由現金流目標。我們實現營收 30.3 億美元，成長 4%，調整後 EBITDA 5.17 億美元，成長 53%。此外，飯店解決方案部門調整後息稅折舊攤提前利潤 (EBITDA) 為 3,800 萬美元，成長 2,500 萬美元，符合我們的既定目標。

Free cash flow for the year was negative $14 million including $19 million in debt modification costs related to the opportunistic refinancing we completed in November. Excluding the accounting treatment of this opportunistic refinancing, we generated positive free cash flow in 2024. We ended the year with a cash balance of $746 million

全年自由現金流為負 1,400 萬美元，其中包括 11 月完成的機會性再融資相關的 1,900 萬美元債務修改成本。除去這次機會性再融資的會計處理，我們在 2024 年產生了正的自由現金流。截至年底，我們的現金餘額為 7.46 億美元

Now looking to 2025. Please turn to slide 20. As Kurt mentioned, our targeted strategies are resonating with customers and position us to grow revenue and transactions significantly faster in 2025 as compared to 2024. I'll now take a moment to provide more clarity on the key contributors to this growth.

現在展望2025年。請翻到第 20 張投影片。正如 Kurt 所提到的，我們的目標策略引起了客戶的共鳴，並使我們在 2025 年的收入和交易成長速度比 2024 年顯著加快。現在，我將花一點時間來更清楚地說明這一成長的關鍵因素。

Starting with air distribution, as you can see in the chart to the left highlighted in green, the vast majority of our expected double digit bookings growth this year will come from already signed commercial wins that are being implemented over the course of the year. These deals include the two North America wins that we announced during the third quarter last year along with significant contributions from agency wins in Europe and Asia.

從航空分銷開始，正如您在左側圖表中以綠色突出顯示的那樣，我們今年預計的兩位數預訂量增長絕大部分將來自已簽署並在今年內實施的商業合約。這些交易包括我們去年第三季宣布的兩項北美代理權以及歐洲和亞洲代理權的重大貢獻。

Importantly, we continue to assume only a nominal contribution from overall industry growth in 2025. Based on recent airline and industry commentary, the outlook for both corporate and international travel where Sabre is more heavily indexed remains positive.

重要的是，我們繼續假設 2025 年整體產業成長僅產生名義貢獻。根據最近的航空公司和行業評論，Sabre 指數較高的企業和國際旅行前景仍然樂觀。

The chart on the right outlines our quarterly expectations for air distributions bookings growth. Beginning with the second quarter, we expect to see the sequential pace of year-over-year bookings growth accelerate through the balance of the year as these implementations come online. Overall, we expect more than 30 million incremental air bookings in 2025 as compared to 2024.

右側的圖表概述了我們對航空分銷預訂成長的季度預期。從第二季開始，隨著這些項目的實施，我們預計全年預訂量將比去年同期成長速度將加快。總體而言，我們預計 2025 年的航空預訂量將比 2024 年增加 3,000 多萬。

Turning to slide 21. In Hospitality Solutions, we also expect double-digit year-on-year growth in CRS transactions with the vast majority of incremental volumes coming from signed but not yet implemented business. Hyatt is expected to approximate roughly half of CRS transactions growth in 2025.

翻到第 21 張投影片。在飯店解決方案方面，我們也預期 CRS 交易量將達到兩位數的年成長，其中絕大多數增量來自已簽署但尚未實施的業務。預計到 2025 年，凱悅酒店將佔 CRS 交易量成長的約一半。

Moving to the chart on the right, we expect mid to high single digit year-on-year growth in CRS transactions in the first quarter, followed by a steady acceleration throughout the remainder of the year.

從右邊的圖表可以看出，我們預計第一季 CRS 交易量將實現中高個位數同比增長，隨後在今年剩餘時間內將穩步加速。

Turning to slide 22 and our guidance. In the first quarter, we expect flat to low single digit year-on-year revenue growth with adjusted EBITDA of greater than $150 million. Based on our timing and implementation of our new commercial wins, we expect our quarterly revenue and adjusted EBITDA will likely not follow historical seasonal patterns.

轉到第 22 張投影片並查看我們的指導。我們預計第一季營收年增將持平至低個位數，調整後 EBITDA 將超過 1.5 億美元。根據我們新的商業勝利的時間表和實施情況，我們預計季度收入和調整後的 EBITDA 可能不會遵循歷史季節性模式。

As we move through 2025, we expect the ramp of our commercial wins will result in significant increases in year-on-year quarterly revenue and adjusted EBITDA. Unlike previous years, we expect the first quarter to represent the lowest revenue and adjusted EBITDA of the year.

隨著我們進入 2025 年，我們預計商業勝利的增加將導致季度收入和調整後 EBITDA 同比大幅增長。與往年不同的是，我們預計第一季的營收和調整後 EBITDA 將是今年最低的。

With regards to free cash flow, as a reminder, we typically experience higher working capital and cash outflows in the first quarter due to seasonality of our business. This is generally due to the timing of when we receive airline collections versus when we make agency incentive payments in the first quarter. We also pay annual incentive compensation payments during this period. As a result, we expect first quarter free cash flow to be similar to last year and positive in the remaining quarters of 2025.

關於自由現金流，需要提醒的是，由於業務的季節性，我們通常在第一季經歷較高的營運資本和現金流出。這通常是由於我們在第一季收到航空公司收款的時間與我們向代理商支付獎勵金的時間不同所致。在此期間，我們也會支付年度激勵薪酬。因此，我們預計第一季的自由現金流將與去年相似，並在 2025 年剩餘幾季為正。

For the full year 2025, we expect high single digit year-on-year revenue growth, adjusted EBITDA of greater than $700 million and free cash flow of greater than $200 million. In addition, we expect capital expenditures of approximately $85 million to support our strategic investments and cash interest expense of about $375 million.

對於 2025 年全年而言，我們預計營收將實現年比高個位數成長，調整後 EBITDA 將超過 7 億美元，自由現金流將超過 2 億美元。此外，我們預計資本支出約為 8,500 萬美元，以支持我們的策略投資和約 3.75 億美元的現金利息支出。

Given the atypical seasonal pattern of revenue and adjusted EBITDA that we expect in 2025, I will provide additional color on how we expect our primary financial metrics to move in 2025.

鑑於我們預計 2025 年收入和調整後 EBITDA 將呈現非典型的季節性模式，我將進一步說明我們預計 2025 年主要財務指標將如何變化。

For the full year, we expect to achieve high single digit revenue growth primarily from the increases in air distribution bookings, hotel distribution bookings, and hospitality solutions, CRS transactions, as well as revenue growth in IT Solutions that we expect to resume in the second half of 2025.

就全年而言，我們預計將實現高個位數收入成長，主要得益於航空分銷預訂、酒店分銷預訂和酒店解決方案、CRS 交易的增長，以及我們預計將在 2025 年下半年恢復的 IT 解決方案收入增長。

We also expect average booking fee and gross margin as a percentage of total revenue to be marginally down year on year as a portion of the expected new bookings in 2025 will have a lower average booking fee driven by geographic mix, NDC, and LCC growth.

我們也預計，平均預訂費和毛利率佔總收入的百分比將比去年同期略有下降，因為受地理組合、NDC 和 LCC 增長的推動，2025 年預計部分新預訂的平均預訂費將降低。

Further, the completion of Sabre's technology transformation objective is expected to drive adjusted technology costs lower versus 2024. We expect the lower cost to compute from operating in the cloud and the elimination of the bubble cost required in 2024 to complete the cloud migration will be partially offset by increased hosting costs related to higher volumes and further investments to support our strategy. On SG&A for the full year 2025, we expect a slight year-over-year increase.

此外，Sabre 技術轉型目標的完成預計將推動調整後的技術成本將比 2024 年下降。我們預計，在雲端中營運的運算成本降低以及 2024 年完成雲端遷移所需的泡沫成本消除將部分被與更高數量相關的託管成本增加以及支援我們策略的進一步投資所抵消。對於 2025 年全年的銷售、一般及行政費用，我們預計會比去年同期略有增加。

Overall, we expect accelerating revenue growth coupled with expense management will drive robust flow through of gross profit dollars to the bottom line.

總體而言，我們預計加速收入成長加上費用管理將推動毛利強勁流入底線。

Turning to slide 23, we advanced each of our strategic priorities in 2024. With the actions taken over the last couple of years to realign resources, we are a more efficient and cost-disciplined organization. As Kurt highlighted, the momentum within our growth strategies is expected to drive significant contributions and top-line revenue growth. As a result, we remain on track and expect to achieve the greater than $700 million of adjusted EBITDA we communicated last February and as part of our 2025 guidance.

轉到第 23 張投影片，我們推進了 2024 年的每個策略重點。透過過去幾年採取的資源重新調整措施，我們成為了一個更有效率、成本更嚴格的組織。正如庫爾特所強調的，我們成長策略中的勢頭預計將推動重大貢獻和營收成長。因此，我們仍保持著正軌，預計實現去年 2 月公佈的超過 7 億美元的調整後 EBITDA，這也是我們 2025 年指引的一部分。

Turning to slide 24, we completed several refinancing transactions in 2024 to strengthen Sabre's balance sheet, while also better aligning projected free cash flow generation with upcoming debt maturities. As mentioned earlier, in November 2024, we opportunistically extended $1.6 billion in debt maturities to the fourth quarter of 2029, significantly improving Sabre's debt maturity profile.

轉到投影片 24，我們在 2024 年完成了幾筆再融資交易，以加強 Sabre 的資產負債表，同時更好地將預計的自由現金流產生與即將到期的債務保持一致。如前所述，2024 年 11 月，我們趁機將 16 億美元的債務到期日延長至 2029 年第四季度，大大改善了 Sabre 的債務到期狀況。

Our next large maturity will not come due until June 2027. As a result of the refinancing activities during 2024 and the financial improvements achieved, we are well-positioned to repay our 2025 debt maturities with cash on hand as they come due.

我們的下一筆大額債務要到 2027 年 6 月才會到期。由於 2024 年的再融資活動和實現的財務改善，我們有能力用手頭上的現金償還到期的 2025 年債務。

Turning to slide 25, in closing, our strategic focus remains unchanged to generate free cash flow and de-lever the balance sheet through sustainable growth and innovation. We believe our accomplishments in 2024 have reshaped Sabre's growth trajectory and position as well to deliver shareholder value in 2025 and beyond.

最後，轉到第 25 張投影片，我們的策略重點保持不變，即透過永續成長和創新來創造自由現金流並降低資產負債表的槓桿率。我們相信，我們在 2024 年的成就已經重塑了 Sabre 的成長軌跡和地位，並將在 2025 年及以後實現股東價值。

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) Josh Baer, Morgan Stanley.

（操作員指示）摩根士丹利的 Josh Baer。

I was hoping you could walk me through the process of implementing new agency, just as far as the commercial win. I'm wondering how that ramp looks, come online over time. Can you talk through any risks to that and just a little more insight into the process of onboarding that?

我希望您能向我介紹實施新代理商的流程，直到商業勝利。我很好奇這個坡道隨著時間的推移會是什麼樣子。您能否談談這方面的任何風險並對入職流程提供更多見解？

Josh, thank you. This is Kurt. So we have a tremendous amount of historical knowledge and experience in implementing new business, whether it's with an existing client or whether it's with a new client that we have won. There's not a single one size fits all.

喬希，謝謝你。這是庫爾特。因此，我們在開展新業務方面擁有豐富的歷史知識和經驗，無論是與現有客戶合作，還是與我們贏得的新客戶合作。沒有單一的方法可以適用於所有情況。

Typically, for example, with an online travel agent, there may be specific functionalities that you have to develop that they may have had with somebody else or they may have uniquely geographically. Once you develop those, it's a fairly seamless and I'd say easier integration with an OTA. And then it's up to them on their side in terms of how quickly that ramps.

通常，例如，對於線上旅行社，您可能需要開發一些特定的功能，這些功能可能已經由其他人擁有，或者可能是他們所獨有的。一旦你開發了這些，它就會相當無縫，而且我認為與 OTA 的整合會更容易。然後就由他們來決定成長速度了。

By comparison with brick-and-mortar leisure agencies or TMCs, given that they typically run either single automated, meaning a single GDS or multi-automated, but they run multi-automated typically by geography. So they may run in one call center or one geography, one vendor and then somewhere else, another one.

與實體休閒機構或TMC相比，它們通常運行單一自動化系統（即單一GDS）或多自動化系統，但它們通常按地理位置運行多自動化系統。因此，他們可能在一個呼叫中心或一個地區、一個供應商處運營，然後在其他地方、另一個供應商運作。

And so there's a significant change effort that is required by the brick and mortar or TMC agency on their side because the GDS approximates an operating system in many ways for them. So while there are things that we have to do on our side to drive the implementation, oftentimes the timeline is predicated on the actions of the customer or the prospect.

因此，實體旅遊機構或TMC機構需要做出重大改變，因為GDS在許多方面類似於作業系統。因此，雖然我們必須做一些事情來推動實施，但時間表往往取決於客戶或潛在客戶的行動。

In terms of the projections that we've given today and the ramp that we've given today, we have great confidence that we will achieve those outcomes because we're well underway with many of those large opportunities. We're in sync and in concert both commercially and technically with those customers. And we have a team that specializes in doing this. So we have the experience to do it. There's a lot of work that has to happen execution wise by us and by our clients, but we are well underway toward achieving those objectives.

就我們今天給出的預測和今天給出的成長而言，我們非常有信心實現這些成果，因為我們已經在許多重大機會中取得了進展。我們在商業和技術上都與這些客戶保持同步和協調。我們有一個專門做這件事的團隊。因此我們有經驗來做這件事。我們和我們的客戶在執行方面還有很多工作要做，但我們已經成功地實現了這些目標。

Thank you, very helpful. And then was just hoping you could unpack the incremental $100 million and cost efficiencies a bit further. Is that sort of realizing the completion and of the tech transformation or is there anything else that's embedded in that bucket?

謝謝，非常有幫助。然後只是希望你能進一步增加 1 億美元並提高成本效率。這是否實現了技術轉型的完成，還是還有其他內容包含在內？

Thank you. Yeah, thanks for the question, Josh. So yeah, the $100 million, if you recall, when we had provided a walk last year from 2023 to 2025, we indicated there were two big things we were undertaking.

謝謝。是的，謝謝你的提問，喬希。是的，如果您還記得的話，當我們去年提出從 2023 年到 2025 年的 1 億美元計劃時，我們表示我們正在進行兩件大事。

We had a cost efficiency program as well as tech transformation, which was all our cost savings in total of $250 million. $150 million of that was realized in 2024. The remaining $100 million, which is tech transformation, all of which the actions have already been taken and completed as we exit 2024. Our savings from the original tech transformation initiative we undertook starting around 2019, 2020. And we've achieved the objectives. And so that's what you're seeing in the P&L this year.

我們有一個成本效率計劃以及技術轉型，總共節省了 2.5 億美元的成本。其中 1.5 億美元將於 2024 年實現。剩下的 1 億美元用於技術轉型，所有這些行動都已在 2024 年結束時採取並完成。我們從 2019 年、2020 年左右開始實施的原始技術轉型計畫中節省的資金。我們已經實現了目標。這就是您在今年的損益表中看到的。

Alex Irving, Bernstein.

亞歷克斯歐文、伯恩斯坦。

A question for me, please. What are your expectations for revenue for passenger boarded evolution this year? I know the big step up sequentially from Q3 beyond normal seasonality. Any color on what's driving that, please, and how you see that in 2025?

請問我一個問題。今年乘客登機演進的收入有何預期？我知道從第三季開始，銷售額環比大幅增長，超出了正常的季節性。請問這其中的推動因素是什麼？

Yeah, thanks, Alex. First, we don't really manage to revenue per passenger boarded. I mean, there's a couple of there's two different constructs there. Part of the revenue in airline IT is based on passengers boarded. Other portions, roughly half the revenue is driven by something other than passengers boarded.

是的，謝謝，亞歷克斯。首先，我們實際上無法計算每位乘客的收入。我的意思是，那裡有兩種不同的結構。航空公司 IT 收入的一部分來自登機旅客數量。其餘部分，大約有一半的收入來自登機乘客以外的其他因素。

What I would say is as we look to the airline IT Solutions revenue line, and we look throughout the year, I would expect in the first half of the year, air IT revenue to be down slightly year over year. That's because we had some revenue in 2024 associated with carriers that had previously demigrated prior to 2024, but there was a small tail of that revenue in the first half.

我想說的是，當我們回顧航空 IT 解決方案收入線並縱觀全年時，我預計今年上半年航空 IT 收入將比去年同期略有下降。這是因為我們在 2024 年有一些與 2024 年之前已經減少的業者相關的收入，但上半年這部分收入的尾部很小。

That's completed in the first half, and then when we get to the second half, we start to see more of the benefits of higher PBEs from existing carriers, and then we're also expecting to see some additional revenue from SabreMosaics.

這在上半年已經完成，然後，當我們進入下半年時，我們開始看到現有營運商的更高 PBE 帶來的更多好處，然後我們也期望看到來自 SabreMosaics 的一些額外收入。

So we would expect the revenue in air IT to be down slightly on a year over year basis in the first half, and then we'd expect it to resume growth in the second half, and we'd expect it to demonstrate growth for the year overall.

因此，我們預計上半年航空 IT 收入將同比略有下降，然後我們預計下半年將恢復成長，並且我們預計全年將呈現成長。

Jed Kelley, Oppenheimer.

奧本海默的傑德凱利。

Nice job reiterating on the guidance. First question, we've seen some capital come in to some of these newer types of travel agents that are leaning heavily into NDC. Can you talk about just how you think that impacts Sabre? And then I was late to joining the call, but can you sort of talk about just what's implied in your full year outlook, the corporate side versus leisure?

很好地重申了指導。第一個問題，我們看到一些資本進入了一些嚴重依賴 NDC 的新旅行社。您能談談這對 Sabre 有何影響嗎？然後我遲到了，但您能否談談您對全年前景的展望，企業方面和休閒方面究竟意味著什麼？

Jed, hi, this is Kurt. Thank you for the questions. First of all, on the capital infusion coming into the sector, I think that speaks to the attractiveness of the sector generally, especially corporate travel. So you're speaking about the likes of [Navin] and TravelPerk and Spotnana. We generally have relationships with most or all of these companies, and we believe with our multi-source content platform that we actually provide the best connectivity for them to all sorts of content, NDC, LCC, and traditional artifact.

傑德，你好，我是庫爾特。感謝您的提問。首先，關於該行業的資本注入，我認為這說明了該行業的整體吸引力，尤其是商務旅行。所以您談論的是 [Navin]、TravelPerk 和 Spotnana 之類的公司。我們通常與大多數或所有這些公司都有合作關係，我們相信，憑藉我們的多源內容平台，我們實際上可以為他們提供與各種內容、NDC、LCC 和傳統工件的最佳連接。

And don't forget that the algorithmic capabilities we put in terms of parsing that shopping is very fundamental in the corporate space because the relevant of shop returns is critical. So we applaud the capital coming in and whether it is a more traditional or a new entrant player, we intend to do business robustly with all of them.

不要忘記，我們在解析購物方面所採用的演算法能力在企業領域中非常基礎，因為商店退貨的相關性至關重要。因此，我們歡迎資本的進入，無論是傳統的還是新進入的參與者，我們都打算與他們開展積極的業務往來。

Yeah, with regard to -- as we look at travel expectations and kind of our overall base assumption, first, I would just highlight, Jed, our baseline assumption is flat to nominal industry growth, which is, as you know, has been our assumption for quite a while at this stage. Now, with that being said when you look at the overall backdrop, it's actually fairly constructive and positive. There's still expectations for increases, meaningful increases in business travel spend.

是的，關於——當我們考慮旅行預期和我們的整體基本假設時，首先，我想強調的是，傑德，我們的基本假設是與名義行業增長持平，如你所知，這是我們現階段相當長一段時間的假設。現在，當你看一下整體背景時，它實際上是相當建設性和積極的。人們仍然預期商務旅行支出將大幅增加。

And when you look at airline capacity increases, there's still some meaningful growth internationally, particularly as yields domestically have softened. So with that being said, you know, there's reason to believe we could be better than our industry assumption of flat to nominal, but there's our assumption.

當你觀察航空運力的成長時，你會發現國際上仍有一些有意義的成長，特別是在國內殖利率下降的情況下。所以話雖如此，你知道，有理由相信我們可以比行業假設的持平到名義水平更好，但這是我們的假設。

What I would highlight is quite frankly, we're focused on that which we can control. As you can see, we've won significant business this year and we expect to have significant ramp up in volume based on what we've won and based on what we control.

我想強調的是，坦白說，我們專注於我們能夠控制的事情。正如您所看到的，我們今年贏得了大量業務，並且我們預計基於我們贏得的業務和我們所控制的業務，銷售將大幅增加。

Victor Cheng, Bank of America.

美國銀行的 Victor Cheng。

A couple, if I may. I guess first of all, thinking about the airline, well, the air bookings growth and how it ramps up throughout the year, it almost implies a substantially higher growth in Q4 and to some extent, maybe the growth going into '26 is quite material as well. Is that how we think about it? And then on the win, undisclosed win, how do we -- how should we think about the impact to revenue per booking? Is it higher or will it be lower? How does it affect the mix?

如果可以的話，一對。我想首先，考慮一下航空公司，嗯，航空預訂量的增長以及它在全年如何增長，這幾乎意味著第四季度將大幅增長，並且在某種程度上，也許26年的增長也相當可觀。我們是這樣想的嗎？然後，對於未公開的勝利，我們應該如何看待它對每次預訂收入的影響？它會更高還是會更低？它對混合有何影響？

Victor, let me take the first and then we'll try to do the second as well. So on air bookings growth, you're right. You'll see a significant ramp through the year as we implement and realize the wins that we have had. That implies strong momentum into Q4 and then into 2026. That's clearly an expectation that you should have.

維克多，讓我先做第一個，然後我們也嘗試做第二個。因此，關於航空預訂量增長，你是對的。隨著我們實施並實現已取得的勝利，您將看到今年的顯著成長。這意味著第四季乃至 2026 年將保持強勁發展勢頭。這顯然是您應該有的期望。

Yep. And with regard to, as we think about like a booking fee and impact as we talked about in the prepared remarks first, as we look at the EBITDA improvement coming up in this year, we expected to be driven to the largest degree by gross profit dollar growth from the double-digit booking distribution growth that we're seeing.

是的。至於，正如我們在準備好的評論中首先討論的那樣，當我們考慮預訂費和影響時，當我們展望今年即將到來的 EBITDA 改善時，我們預計這將在最大程度上受到毛利潤美元增長的推動，因為我們看到的兩位數預訂分銷增長。

Now, with that being said, what I would highlight is some of these volumes are coming with a slightly lower margin and slightly lower booking fee. So we ended the year for 2024 at $5.98. I would expect that the average booking fee in 2025 would be slightly below that. And so I would expect the trends overall to be lower. I would expect gross margin to be slightly lower, but I would also expect that we're gonna generate substantial gross profit dollars, and that's what's gonna drive the lion's share of our EBITDA growth this year.

現在，話雖如此，我想強調的是，其中一些業務的利潤率和預訂費略低。因此，我們以 5.98 美元的價格結束了 2024 年的計劃。我預計 2025 年的平均預訂費將略低於這個數字。因此我預期整體趨勢會較低。我預計毛利率會略低一些，但我還預計我們將產生可觀的毛利，而這將推動我們今年 EBITDA 成長的最大份額。

Yeah, and just to add onto Mike's point, with respect to the undisclosed North American customer, given that booking fees in North America tend to be slightly lower than the balance of the world, and there's significant volume associated with this win, that will have a slightly dilutive effect on the average booking fee.

是的，我只是想補充一下 Mike 的觀點，關於未公開的北美客戶，考慮到北美的預訂費用往往略低於世界其他地區，而且這次勝利帶來的是巨大的數量，這將對平均預訂費產生略微的稀釋作用。

Yeah, very clear, thank you. And then I think this quarter you didn't mention about share gains. I don't know whether you have some color on how you perform relative to the market and Q4 specifically, and also on the mix of NDC bookings as well, given your life of 29 airlines now, any updates on whether you're seeing volumes ramping on your end?

是的，非常清楚，謝謝。然後我認為本季你沒有提到股價上漲。我不知道您是否能具體了解貴公司相對於市場以及第四季度的表現，以及 NDC 預訂的組合情況，鑑於您現在擁有 29 家航空公司，您是否看到貴公司這邊的業務量在增加？

Yeah, Victor, in Q4 2024, as I indicated, we exited the year up about 1 percentage point year on year. We're winning that pretty broadly against the competition.

是的，維克多，正如我所指出的，2024 年第四季度，我們的成長率比去年同期成長了約 1 個百分點。我們在競爭中取得了相當大的勝利。

With NDC specifically, NDC remains a low single digit component of our overall air distribution bookings total. We do expect from that very low basis to see significant or exponential growth in 2025 and beyond. We think the solution we have provided in terms of content connectivity coupled with the leading functionality for TMCs for brick and mortar and for OTAs will make us the NDC provider of choice over the long term.

具體來說，對於 NDC 來說，NDC 在我們的整體航空分銷預訂總額中仍然只佔個位數的較低比例。我們確實預計，從這個非常低的基礎來看，2025 年及以後將出現顯著或指數級的成長。我們認為，我們在內容連結方面提供的解決方案，加上針對實體飯店TMC和OTA的領先功能，將使我們成為長期首選的NDC供應商。

Yeah, and Victor, the only other thing I would just remind you is we have double, we're expecting double digit bookings growth this year. I think that highlights our competitiveness in the marketplace.

是的，維克多，我唯一想提醒你的是，我們預計今年的預訂量將達到兩位數成長。我認為這凸顯了我們在市場上的競爭力。

Okay. And maybe if I can squeeze in one last one. The wins that you mentioned, and especially the undisclosed ones, generally speaking, is it a win versus other GDS peers, or is it more re-intermediation? How should we think about the trend going forward as well on re-intermediation or maybe winning more on the LCC front? Obviously, you have guided for '25 a bit the portion of that, but maybe if we think about medium term as well, what are the potential there?

好的。也許我還能擠出最後一個。您提到的勝利，特別是那些未揭露的勝利，整體來說，是相對於其他 GDS 同行的勝利，還是更多的再中介？我們應該如何看待未來的趨勢，以及如何在再中介化或在低成本航空方面獲得更多優勢？顯然，您已經為 25 年做出了一些預測，但如果我們也考慮中期，那麼那裡的潛力是什麼？

Yeah, thanks, Victor. In 2025 specifically, the vast majority of the growth you're going to see is the realization of new wins as we articulated. Now, a portion of that, an increasing portion of the pie will be for NDC and for long-tail LCC content that we did not traditionally have. As you go out beyond 2025, we expect NDC and especially the LCC long-tail to become more meaningful contributors to our growth. So we feel very good about what that mix is going to be over time.

是的，謝謝，維克多。具體到 2025 年，您將看到的絕大部分成長是實現我們所闡述的新勝利。現在，這其中的一部分，越來越大的一部分將用於我們傳統上沒有的NDC和長尾LCC內容。展望 2025 年，我們預計 NDC 尤其是 LCC 長尾航空將為我們的成長做出更有意義的貢獻。因此，我們對這種組合在未來的發展前景感到非常滿意。

Dan Wasiolik, Morningstar. Your line is open. Okay, great.

晨星公司的丹‧瓦西奧利克（Dan Wasiolik）您的線路已開通。好的，太好了。

Good morning, guys. Thanks for taking the question. So just with your kind of communication that gross margins in '25 might be slightly lower just as a result of signing all this new business, is that a result like you've talked about of just kind of the mix of that new business? Or has there been some kind of change in the competitive advantage or has there been some kind of change in the competitive environment with incentives?

大家早安。感謝您回答這個問題。所以，正如您所說，由於簽署了所有這些新業務，25 年的毛利率可能會略有下降，這是不是就像您所說的，由於新業務的組合而導致的結果？或者競爭優勢是否發生了某種變化，或者競爭環境是否發生了某種激勵變化？

Thank you. Yeah, first, thanks for the question. First, let me also just highlight when you look at our trajectory, one, we expect to generate significant gross profit dollars, albeit at a slightly lower margin. Second, if you look at '24, we increased our EBITDA margin by over 500 basis points. And if you do the math between '24 and '25, we expect significant EBITDA margin accretion.

謝謝。是的，首先感謝您的提問。首先，讓我強調一下，當你回顧我們的發展軌跡時，第一，我們預計將產生可觀的毛利，儘管利潤率略低。其次，如果你看看24年，我們的EBITDA利潤率提高了500個基點以上。如果您計算一下 24 年至 25 年的情況，我們預計 EBITDA 利潤率將大幅成長。

What I would say is I don't see, we haven't seen any significant change in the competitive environment. It's been a highly competitive environment and we work to compete effectively. It really has more to do with the mix of types of transactions that are being added in terms of bookings. It's a higher mix of NDC, a higher mix of LCC content.

我想說的是，我們沒有看到競爭環境有任何重大變化。這是一個競爭激烈的環境，我們努力有效競爭。這實際上與預訂方面增加的交易類型的組合有更大的關係。這是 NDC 和 LCC 內容的更高組合。

And so with that, some of that does have a lower average booking fee and slightly lower margin, but again, very accretive from a gross profit dollar perspective.

因此，其中一些確實具有較低的平均預訂費和略低的利潤率，但從毛利的角度來看，這仍然非常具有增值性。

Deepak Mathivanan, Cantor Fitzgerald.

馬蒂瓦南 (Deepak Mathivanan)、費茲傑拉領唱者。

Hey guys, this is Jack on for Deepak. Just a high level one for me. You talked a little bit about AI in your prepared remarks. Can you discuss where you see the most opportunity from implementing AI across your business kind of going forward in '25 and maybe even beyond?

嘿夥計們，我是 Jack，代表 Deepak 發言。對我來說只是一個高水準的。您在準備好的發言中談到了一點人工智慧。您能否討論一下在未來 25 年甚至更長時間內，您認為在您的業務中實施人工智慧的最大機會在哪裡？

Thanks. Yeah, thanks, Jack. Near term, the two biggest opportunities are in the efficiency or the productivity of our customer service operations. And the number two is on developer productivity and throughput, meaning for the thousands of developers we have, enabling them to put out code at a faster pace. Those are things that we're stepping into and realizing within this calendar year.

謝謝。是的，謝謝，傑克。短期內，最大的兩個機會在於我們的客戶服務營運的效率或生產力。第二個是關於開發人員的生產力和吞吐量，對於我們擁有的數千名開發人員來說，這意味著他們能夠以更快的速度編寫程式碼。這些都是我們今年內在著手並實現的事情。

Longer term, there's a transformative opportunity really for how consumers shop for and engage with travel through e-commerce. And so right now we're, for example, embedding Google's Gemini AI code within our revenue optimization products that we deliver for airlines, for example. And you'll see us begin to promulgate that fully into the SabreMosaic stack as well as into our distribution footprint.

從長遠來看，這確實是一個變革消費者透過電子商務購買和參與旅遊的方式的機會。例如，現在我們將 Google 的 Gemini AI 程式碼嵌入我們為航空公司提供的營收優化產品中。您將看到我們開始將其全面推廣到 SabreMosaic 堆疊以及我們的分銷範圍中。

And so we think that's going to one, help make our competitors or excuse me, our customers more competitive. And then two, help Sabre turn that into revenue over time. But near term, again, more on the first two. Medium to long term, more on the latter.

因此，我們認為，這將有助於我們的競爭對手，或者對不起，我們的客戶更具競爭力。其次，幫助 Sabre 隨著時間的推移將其轉化為收入。但短期內，我們將更專注於前兩個方面。從中長期來看，後者更為突出。

Wei Fang, Mizuho.

魏芳，瑞穗。

This is Wei calling for James. First of all, congrats on the solidary result. Most of my questions have been answered, but I just want to double check. Since you guys called out, right, Hyatt will be like half of the incremental transactions or they have to pay into 2025. I was wondering if that happens to carry a little bit different margin profile versus the rest of the transactions as well.

我是魏先生，打電話給詹姆斯。首先，恭喜團結的結果。我的大部分問題都已得到解答，但我只是想再檢查一下。既然你們都說了，那麼凱悅將會佔據增量交易的一半，或者他們必須支付到 2025 年。我想知道這是否與其他交易的保證金狀況略有不同。

Wei, thanks for the question. Just for clarity, I believe what you asked is, is the margin profile for Hyatt different than the other HS customers? We don't break out the details of individual customer contracts. Hyatt will be, as Mike indicated, roughly half of the overall CRS transaction growth that we expect to see in HS this year. And it, like the balance of business we're bringing on, is accretive to HS.

魏先生，謝謝你的提問。只是為了清楚起見，我相信您問的是凱悅的利潤率狀況是否與其他 HS 客戶不同？我們不會透露個別客戶合約的詳細資訊。正如 Mike 所說，凱悅酒店將占我們預計今年 HS 整體 CRS 交易成長的約一半。而且，就像我們所帶來的業務平衡一樣，它對 HS 也有增值作用。

And we would expect, if you look at Hospitality Solutions and you look at EBITDA, you'll see continued EBITDA margin expansion overall year on year.

我們預計，如果您看一下酒店解決方案並查看 EBITDA，您會看到 EBITDA 利潤率總體上同比持續擴大。

Thank you. If there are no further questions at this time, I'd like to turn it back to Kurt Ekert for closing remarks.

謝謝。如果現在沒有其他問題，我想請庫爾特·埃克特作最後發言。

All right, well, thank you. I could not be prouder of the team at Sabre and look forward, as we go into the future, in sharing additional progress on how Sabre is performing. And I do appreciate your support and interest.

好的，謝謝。我為 Sabre 團隊感到無比自豪，並期待未來能夠分享 Sabre 在營運方面的更多進展。我非常感謝您的支持和關注。

Thank you. This concludes today's conference call. Thank you for participating and you may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。