Sabre Corp (SABR) 2025 Q1 法說會逐字稿

Good morning and welcome to the Sabre first quarter 2025 earnings conference call. My name is Rifca, and I'll be your operator. As a reminder, please note today's call is being recorded.

早安，歡迎參加 Sabre 2025 年第一季財報電話會議。我叫 Rifca，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投資者關係資深副總裁兼財務長 Brian Evans。先生，請繼續。

Good morning, and welcome to our first quarter 2025 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.

早安，歡迎參加我們 2025 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，可在我們的網站 investors.sabre.com 上查閱。在本次電話會議期間，Sabre 投資者關係網頁上還提供了與今天的準備好的發言內容配套的幻燈片演示。

A replay of today's call will be available on our website later this morning. We advise you that our comments contain forward-looking statements that represent our beliefs or expectations about future events, including the timing and effects of the agreement to sell our hospitality solutions business, including pro forma financial information, results of our growth strategies, transactions and bookings growth, commercial and strategic arrangements and our financial guidance, outlook, expectations, free cash flow, net leverage and liquidity, among others.

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。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，包括出售我們的酒店解決方案業務的協議的時間和影響，包括備考財務信息、我們的增長戰略的結果、交易和預訂增長、商業和戰略安排以及我們的財務指導、展望、預期、自由現金流、淨槓桿和流動性等。

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, 2025.

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 2025 年 3 月 31 日的季度的 10-Q 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.sabre.com.

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

We are also presenting certain financial information on a pro forma basis to give effect to the sale of the hospitality solutions business and the application of the proceeds from the sale to pay down outstanding indebtedness as if the transaction and actions had occurred on January 1, 2025. 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.

我們也以備考形式呈現某些財務訊息，以體現飯店解決方案業務的出售以及使用出售所得償還未償債務的效果，就好像交易和行動發生在 2025 年 1 月 1 日一樣。與我一起參加的還有總裁兼執行長 Kurt Ekert；以及財務長 Mike Randolfi；執行副總裁兼飯店解決方案總裁 Scott Wilson 將在準備好的發言後回答問題。

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 on our first quarter 2025 earnings call. In addition to discussing our quarterly financial results and outlook. We will also provide details on the agreement to sell our hospitality solutions business, which we announced last week.

謝謝，布萊恩。大家好，感謝您今天參加我們的 2025 年第一季財報電話會議。除了討論我們的季度財務業績和展望。我們還將提供有關出售我們上周宣布的酒店解決方案業務的協議的詳細資訊。

Business performance was solid in the first quarter, and I commend the team for outstanding execution in what was and continues to be a challenging macro environment. It's important to provide perspective on our resilient business model, and why we believe we are well-positioned even in times of economic uncertainty.

第一季的業務表現穩健，我讚揚團隊在過去和現在充滿挑戰的宏觀環境中表現出色。重要的是提供關於我們有彈性的商業模式的觀點，以及為什麼我們相信即使在經濟不確定時期我們也能處於有利地位。

Our revenues are largely tied to air distribution bookings rather than airline ticket prices. This structural characteristic is important for Sabre generally enabling more stable and predictable revenue even in periods of pricing volatility.

我們的收入主要與航空分銷預訂而非機票價格有關。這種結構特徵對於 Sabre 來說非常重要，即使在價格波動時期也能帶來更穩定、可預測的收入。

That said, we are, of course, not immune from sector dynamics, and as such, we are adjusting our assumption for full year 2025 GDS industry growth from flat to nominal to down 1% to 2%. This update incorporates recent airline traffic softness and planned airline capacity adjustments.

話雖如此，我們當然也無法免受行業動態的影響，因此，我們正在調整 2025 年全年 GDS 行業增長的假設，從持平到名義增長，再到下降 1% 至 2%。此次更新涵蓋了近期航空運輸疲軟情況和計畫中的航空公司運力調整。

As a reminder, in February, we provided full year 2025 guidance, which included expectations for double-digit air and hotel B2B distribution bookings growth, driven largely by the realization of volumes from business we have already signed.

提醒一下，我們在二月份提供了 2025 年全年指引，其中包括對兩位數的航空和酒店 B2B 分銷預訂量增長的預期，這主要得益於我們已經簽署的業務量的實現。

Mike will provide more details momentarily. And I am pleased to share that today we are reaffirming our expectations for full year double-digit distribution bookings growth despite the market backdrop. Further, we expect the revenue impact from the softer market dynamics to be largely offset by outperformance from our growth strategies. Specifically, new airline content being distributed through our multisource platform that is above our initial expectations. Expected momentum in our payments business and a more profitable customer mix.

麥克將立即提供更多詳細資訊。我很高興地告訴大家，今天我們重申了對全年分銷預訂量實現兩位數增長的預期，儘管市場背景如此。此外，我們預計，市場疲軟對營收的影響將在很大程度上被我們成長策略的優異表現所抵消。具體來說，透過我們的多源平台分發的新航空公司內容超出了我們最初的預期。我們的支付業務預計將呈現成長勢頭，客戶組合也將更加獲利。

Turning to slide 4, you'll see an overview of the topics Mike and I will cover today. First, I will discuss the agreement to sell hospitality solutions, followed by an overview of the quarter. Then I will provide a brief update on the progress we've made against our growth strategies. Next, Mike will walk you through the expected financial impacts of the sale of hospitality solutions, our first quarter financial results and our outlook for the second quarter and full year 2025.

翻到投影片 4，您將看到 Mike 和我今天將討論的主題的概述。首先，我將討論銷售酒店解決方案的協議，然後概述本季的情況。然後我將簡要介紹我們在成長策略方面的進展。接下來，Mike 將向您介紹飯店解決方案銷售的預期財務影響、我們的第一季財務業績以及我們對第二季和 2025 年全年的展望。

Turning to slide 6. We recently announced an agreement to sell the hospitality solutions business. This sale positions Sabre to focus on our core airline IT and travel marketplace platforms, while giving us confidence that our CRS hotelier customers will be positioned for ongoing success.

翻到幻燈片 6。我們最近宣布了一項出售酒店解決方案業務的協議。此次出售使 Sabre 能夠專注於我們的核心航空 IT 和旅遊市場平台，同時讓我們有信心我們的 CRS 酒店客戶將獲得持續的成功。

The transaction value of $1.1 billion is testament to the incredible job the hospitality solutions team did in transforming this business over the last few years with significant improvements in technology and product capabilities, revenue and adjusted EBITDA from 2022 to today.

11 億美元的交易價值證明了飯店解決方案團隊在過去幾年中為轉變這項業務所做的出色工作，從 2022 年至今，技術和產品能力、收入和調整後的 EBITDA 均有顯著提升。

Net of fees and taxes, we expect to use the approximate $960 million of proceeds primarily to pay down debt. This is an important step in Sabre's ongoing transformation, which I will touch on in a moment.

扣除費用和稅金後，我們預計約 9.6 億美元的收益將主要用於償還債務。這是 Sabre 正在進行的轉型中的重要一步，稍後我將會談到。

For clarity, hospitality solutions is distinct from the company's fast-growing and large hotel B2B distribution business, which remains a key strategic focus for Sabre.

需要明確的是，飯店解決方案不同於該公司快速成長且規模龐大的飯店 B2B 分銷業務，後者仍然是 Sabre 的關鍵策略重點。

Turning to slide 7. Our strategic priorities remain the same first, generate free cash flow and delever the balance sheet and second, continue investing to innovate and drive sustainable long-term growth. The decision to sell hospitality solutions is an important milestone in advancing these goals. It enables us to strengthen our balance sheet by reducing leverage nearly a full turn and sharpen our focus on core growth areas, which we expect will unlock greater shareholder value.

翻到幻燈片 7。我們的策略重點保持不變：首先，創造自由現金流並降低資產負債表的槓桿率；其次，繼續投資創新並推動可持續的長期成長。出售酒店解決方案的決定是實現這些目標的重要里程碑。它使我們能夠透過幾乎徹底降低槓桿率來增強我們的資產負債表，並更加專注於核心成長領域，我們預計這將釋放更大的股東價值。

In line with this strategy, the sale is the latest in a series of strategic financial moves by the company, including Q4 2024 debt refinancings and the recent repayment of April 2025 debt maturities. These actions further strengthen our capital structure.

依照這項策略，此次出售是該公司一系列策略財務舉措中的最新舉措，其中包括 2024 年第四季債務再融資以及最近償還 2025 年 4 月到期的債務。這些舉措進一步加強了我們的資本結構。

Looking ahead, we believe our improving credit profile should better position us to proactively manage upcoming maturities, reduce interest expense, enhance free cash flow generation, and support our growth initiatives.

展望未來，我們相信，我們不斷改善的信用狀況將使我們能夠更好地主動管理即將到期的債務，減少利息支出，增強自由現金流的產生，並支持我們的成長計劃。

Turning to slide 9 and our quarterly results. Revenue in the first quarter was roughly flat on a year on year basis, and adjusted EBITDA was in line with our guidance. First quarter adjusted EBITDA margin improved 110 basis points year on year to 19.3%, building on our margin expansion in 2024.

轉到投影片 9 和我們的季度業績。第一季的營收與去年同期基本持平，調整後的 EBITDA 符合我們的預期。第一季調整後的 EBITDA 利潤率年增 110 個基點至 19.3%，這得益於我們 2024 年利潤率的擴大。

Turning to slide 10. For travel solutions, first quarter 2025 air distribution bookings were down 3% year on year, below our assumption of flat to nominal growth. Of the 3 percentage points to 4 percentage points of the air distribution booking softness versus our prior assumption. Roughly three quarters was driven by lower group bookings in the APAC region and global travel weakness. The remainder was driven by a meaningful pullback in US government and military travel.

翻到第 10 張投影片。對於旅行解決方案，2025 年第一季的航空分銷預訂量年減 3%，低於我們假設的持平至名目成長。與我們先前的假設相比，航空分銷預訂軟度下降了 3 個百分點到 4 個百分點。大約四分之三的跌幅是由於亞太地區團體預訂量下降和全球旅遊業疲軟所致。其餘部分則因美國政府和軍事旅行大幅減少而減少。

As discussed on our February earnings call, we expect to realize greater than [30 million] incremental air distribution segments this year from business signed during 2024. And as expected, we generated strong bookings growth of 7% year on year in our hotel B2B distribution business.

正如我們在 2 月的收益電話會議上所討論的那樣，我們預計今年將從 2024 年簽署的業務中實現超過 [3000 萬] 個增量空中分銷段。正如預期的那樣，我們的酒店 B2B 分銷業務預訂量同比增長 7%。

Moving to slide 11. Within our strategy, we have three core focus areas to drive innovation and growth, a modern technology stack, open marketplace, and intelligent retailing solutions. Our modern technology stack is strengthened by our strategic partnership with Google, which enables us to quickly deploy AI-powered solutions for our industry-leading multisource content and airline IT platforms.

移至投影片 11。在我們的策略中，我們有三個核心重點領域來推動創新和成長，即現代技術堆疊、開放市場和智慧零售解決方案。我們與 Google 的策略合作夥伴關係增強了我們現代的技術堆疊，使我們能夠為業界領先的多源內容和航空 IT 平台快速部署人工智慧解決方案。

These next-generation solutions, improve retail intelligence and optimize revenue for our customers and are built on top of Google's full Vertex AI platform, of which Gemini, gen AI is one component. To date, we have deployed Gemini to improve productivity in three areas, engineering throughput, product quality, and customer service efficiency.

這些下一代解決方案建立在 Google 的完整 Vertex AI 平台之上，其中 Gemini、gen AI 是其中一個組成部分，可提高零售智慧並為我們的客戶優化收入。到目前為止，我們已經部署了 Gemini 來提高三個領域的生產力，即工程吞吐量、產品品質和客戶服務效率。

On to slide 12. Now I will walk through the progress achieved in the first quarter and the sustained commercial momentum we're seeing across the business. Sabre continues to rapidly advance the transformation of our GDS platform into a modern, open marketplace.

轉到投影片 12。現在，我將介紹第一季的進展以及我們在整個業務中看到的持續的商業動能。Sabre 繼續快速推進我們的 GDS 平台向現代化、開放的市場的轉變。

Our focus is on integrating content and capabilities from myriad sources into a unified platform that increases the efficiency and transparency of booking travel. The integration of new sources of content is important as it expands our total addressable market. We are accomplishing this transformation through four strategic priorities, multisource content aggregation, distribution expansion, hotel B2B distribution, and the growth of our digital payments business.

我們的重點是將來自眾多來源的內容和功能整合到一個統一的平台，以提高預訂旅行的效率和透明度。整合新的內容來源非常重要，因為它擴大了我們的整體可尋址市場。我們透過四大策略重點實現這一轉變，即多源內容聚合、分銷擴展、酒店 B2B 分銷以及數位支付業務的成長。

Our multisource content aggregation platform continues to scale. We are rapidly establishing our position as a leading aggregator of fragmented content, spanning NDC, low-cost carrier and traditional EDIFACT into a consolidated view offering a more seamless and comprehensive experience for travel buyers.

我們的多源內容聚合平台不斷擴大。我們正在迅速確立作為碎片化內容領先聚合商的地位，將 NDC、廉價航空公司和傳統 EDIFACT 整合成一個綜合視圖，為旅遊買家提供更無縫和全面的體驗。

Notably, we are leading the competitive set with 38 live NDC airline integrations as well as industry-leading functionality following the recent implementations of Air France and KLM, British Airways, Iberia, LATAM and Saudia.

值得注意的是，繼法國航空、荷蘭皇家航空、英國航空、西班牙國家航空、拉丁美洲航空和沙烏地阿拉伯航空最近實施 NDC 整合之後，我們憑藉 38 個實時 NDC 航空公司整合以及行業領先的功能在競爭中處於領先地位。

Within our distribution expansion strategy, we are on track with the implementation ramp of the more than [30 million] incremental air segments we discussed last quarter. We are making rapid progress and expect the implementations to meaningfully contribute to our air distribution bookings growth beginning in Q2 and accelerating significantly in Q3.

在我們的分銷擴張策略中，我們正在按計劃實施上個季度討論的超過 [3000 萬] 個增量航空段。我們正在快速取得進展，並預計這些實施將從第二季開始對我們航空分銷預訂量的成長做出有意義的貢獻，並在第三季大幅加速。

Building off the notable agency wins in 2024, we are pleased with the recent addition of Gray Dawes. One of the industry's largest independent travel management companies, which selected Sabre as its sole global distribution platform partner.

繼 2024 年取得顯著代理勝利之後，我們對 Gray Dawes 最近的加入感到非常高興。業內最大的獨立旅遊管理公司之一，選擇 Sabre 為其唯一的全球分銷平台合作夥伴。

In hotel B2B distribution, we are building on our leadership position, continued investments in product innovation and commercial partnerships drove an 11% increase in Q1 gross booking value transacted through the platform. This business generates over $20 billion in annual hotel gross booking value is a high yield and low-cost channel for hoteliers and has very strong growth prospects.

在飯店 B2B 分銷方面，我們正在鞏固我們的領導地位，持續投資於產品創新和商業合作，推動第一季透過該平台交易的總預訂價值成長 11%。該業務每年創造超過200億美元的酒店總預訂價值，對於酒店經營者來說是一個高收益、低成本的管道，具有非常強勁的成長前景。

Our digital payments team continues to win new business and drove a 30% year on year increase in gross spending to $4 billion in the first quarter. We have a strong pipeline and customer adoptions are growing. The continued momentum in this business reinforces our confidence in the strategy as we streamline business with virtual payment solutions.

我們的數位支付團隊持續贏得新業務，並推動第一季總支出年增 30%，達到 40 億美元。我們擁有強大的管道，客戶採用率也不斷成長。隨著我們透過虛擬支付解決方案簡化業務，該業務的持續發展勢頭增強了我們對該策略的信心。

Airline IT is a key area of focus for us. SabreMosaic, our next-generation offer and order retailing platform is a modular set of PSS agnostic solutions that enable airlines an easy-to-adopt way to modernize their retailing strategies.

航空 IT 是我們關注的重點領域。SabreMosaic 是我們的下一代報價和訂單零售平台，它是一套模組化的 PSS 無關解決方案，使航空公司能夠以易於採用的方式實現其零售策略的現代化。

We are seeing strong traction with the AI-powered offer management suite of IQ products, a cornerstone of SabreMosaic. These products are well timed to help airlines optimize revenue as they navigate today's shifting demand. we have recently signed Aeromexico, Avelo and GOL to this product suite following four foundational customer wins for the SabreMosaic platform in 2024.

我們看到，由人工智慧驅動的 IQ 產品報價管理套件（SabreMosaic 的基石）具有強大的吸引力。這些產品的推出恰逢其時，可以幫助航空公司在應對當今不斷變化的需求的同時優化收入。繼 2024 年 SabreMosaic 平台贏得四個基礎客戶之後，我們最近又與墨西哥航空、Avelo 和 GOL 簽約使用該產品套件。

Alaska Airlines will be moving Hawaiian Airlines to the Sabre PSS as a part of their broader integration efforts. The migration is expected to be completed by midyear 2026. In addition, the combined airline will be utilizing dynamic pricing, one of the offer components of our SabreMosaic platform. Overall, we are on track with our strategy and confident in our long-term growth potential.

作為更廣泛的整合工作的一部分，阿拉斯加航空將幫助夏威夷航空遷移至 Sabre PSS。預計遷移工作將於 2026 年中期完成。此外，合併後的航空公司將採用動態定價，這是我們 SabreMosaic 平台的優惠組件之一。總體而言，我們的策略正在順利實施，我們對長期成長潛力充滿信心。

On to slide 13. Looking ahead, despite a challenging macro environment, we expect Sabre distribution bookings growth of low single digits for Q2 with accelerating momentum and double-digit air and hotel B2B distribution bookings growth expected for the full year.

轉到投影片 13。展望未來，儘管宏觀環境充滿挑戰，我們預計 Sabre 第二季度分銷預訂量將實現低個位數增長，全年增長勢頭將加快，航空和酒店 B2B 分銷預訂量將實現兩位數增長。

In summary, we had a solid start to the year, and we expect to have a strong 2025. The team is executing at a high level, and we are delivering on the objectives we set out for ourselves. The recent agreement to sell hospitality solutions is an important step in the company's transformation as it accelerates our ability to further delever the business and to continue to drive towards long-term sustainable growth.

總而言之，我們今年開局良好，並期待 2025 年取得強勁發展。團隊正在高水準地執行任務，我們正在實現我們為自己設定的目標。最近達成的出售飯店解決方案的協議是公司轉型的重要一步，因為它加速了我們進一步降低業務槓桿並繼續推動長期可持續成長的能力。

Thank you, and now over to Mike.

謝謝，現在交給麥克。

Thanks, Kurt, and good morning, everyone. Please turn to slide 15. I'm pleased to report that Sabre delivered solid financial results in the first quarter and our resilient business continues to perform well. Revenue of $777 million was roughly flat year on year.

謝謝，庫爾特，大家早安。請翻到第 15 張投影片。我很高興地報告，Sabre 在第一季取得了穩健的財務業績，我們的彈性業務繼續表現良好。營收 7.77 億美元，與去年同期基本持平。

Adjusted EBITDA of $150 million increased 5% year on year and was also roughly in line with our guidance. Adjusted EBITDA margin of 19.3% increased 110 basis points year on year as lower technology costs and effective cost management offset lower than expected revenue.

調整後的 EBITDA 為 1.5 億美元，較去年同期成長 5%，也大致符合我們的預期。調整後的 EBITDA 利潤率為 19.3%，年成長 110 個基點，因為較低的技術成本和有效的成本管理抵消了低於預期的收入。

We ended the quarter with $672 million of cash on the balance sheet. Free cash flow reflects typical seasonality. Importantly, our full year free cash flow objective remains on track. Before I flip to the next slide, with the agreement to sell hospitality solutions, we believe presenting our key financial metrics on a pro forma basis provides the most representative view of Sabre's anticipated future results when incorporating the impact of the sale.

本季末，我們的資產負債表上有 6.72 億美元的現金。自由現金流反映典型的季節性。重要的是，我們的全年自由現金流目標仍然保持正常。在我翻到下一張投影片之前，根據出售飯店解決方案的協議，我們相信，以準備考試的方式呈現我們的關鍵財務指標，可以在考慮銷售影響的情況下，最能代表 Sabre 預期的未來業績。

On today's call, when referring to pro forma expectations, the financial metrics are calculated assuming the transaction and associated debt paydown occurred on January 1, 2025. For comparability, we have also provided on our website normalized financial metrics for the first quarter of 2024 through the first quarter of 2025.

在今天的電話會議上，當提到形式預期時，財務指標是假設交易和相關債務償還發生在 2025 年 1 月 1 日計算的。為了方便比較，我們還在網站上提供了 2024 年第一季至 2025 年第一季的標準化財務指標。

Moving to slide 16. The first quarter results came in generally as expected. Revenue in the quarter was nearly flat compared to our expectation of flat to low single-digit growth. Within revenue, IT solutions was lower by $8 million year on year primarily due to the impact of prior demigrations, which we have discussed on prior earnings calls. Consistent with our view on the February earnings call, we expect IT solutions revenue to resume year on year growth during the second half of 2025.

移至投影片 16。第一季業績基本上符合預期。與我們預期的持平至低個位數成長相比，本季的營收幾乎持平。在收入方面，IT 解決方案比去年同期下降了 800 萬美元，這主要是由於先前遷移的影響，我們在先前的收益電話會議上已經討論過這個問題。與我們在 2 月收益電話會議上的觀點一致，我們預計 IT 解決方案收入將在 2025 年下半年恢復年成長。

Gross margin, as expected, decreased 190 basis points in the first quarter versus the prior year. Roughly half of this decline is due to upfront costs associated with new agency business where expenses are incurred ahead of expected accelerating air distribution volumes. The remaining half is due to lower revenue and IT solutions from carriers that demigrated prior to 2024.

正如預期的那樣，第一季的毛利率較上年同期下降了 190 個基點。大約一半的下降是由於與新代理商業務相關的前期成本造成的，這些費用是在預期的航空分銷量加速增長之前產生的。剩餘一半是由於 2024 年之前遷移的營運商的收入下降和 IT 解決方案減少。

Notably, we expect this gross margin pressure to be transitory and anticipate gross margins for the remaining quarters of the year to be roughly in line with 2024 on a normalized basis. As mentioned, adjusted EBITDA of $150 million was in line with our outlook.

值得注意的是，我們預計這種毛利率壓力將是暫時的，並預計今年剩餘幾季的毛利率在正常情況下將與 2024 年大致持平。如上所述，調整後的 EBITDA 為 1.5 億美元，符合我們的預期。

Turning to slide 18 and details about the agreement to sell our hospitality solutions business. We expect this transaction will accelerate our deleveraging process as we plan to use the majority of the $960 million in net proceeds to pay down debt.

翻到第 18 張投影片，以了解有關出售我們的飯店解決方案業務的協議的詳細資訊。我們預計這筆交易將加速我們的去槓桿進程，因為我們計劃使用 9.6 億美元淨收益中的大部分來償還債務。

Following the April repayment of approximately $200 million of maturing debt, we expect these actions will result in bringing 2025 pro forma leverage down nearly a full turn, ending the year at approximately 5.4 times versus approximately 6.3 times pre-transaction.

在 4 月償還約 2 億美元到期債務後，我們預計這些措施將導致 2025 年預計槓桿率下降近一倍，年底約為 5.4 倍，而交易前約為 6.3 倍。

This along with the successful refinancing we completed in the fourth quarter of 2024 is a significant step in our proactive approach to strengthening our balance sheet as we work towards our long-term net leverage target of 2.5 times to 3.5 times.

這與我們在 2024 年第四季成功完成的再融資一起，是我們積極加強資產負債表的重要一步，我們正努力實現 2.5 倍至 3.5 倍的長期淨槓桿率目標。

On to slide 19. Looking at the expected net proceeds, we plan to use the majority of the $960 million to pay down debt. Specifically, as we have shown on the slide here, we plan to use approximately $825 million to pay down four of the term loan B senior secured credit facilities as required within our credit agreement. We plan to retain the balance of proceeds approximately $135 million on our balance sheet for reinvestment in our business as permitted within our credit agreements.

翻到第 19 張投影片。從預期淨收益來看，我們計劃使用 9.6 億美元中的大部分來償還債務。具體來說，正如我們在幻燈片中所示，我們計劃使用約 8.25 億美元來償還四筆定期貸款 B 優先擔保信貸額度，這是信貸協議所要求的。我們計劃在資產負債表上保留約 1.35 億美元的收益餘額，以便在信貸協議允許的範圍內對我們的業務進行再投資。

On the right side of the slide, we have provided a reconciliation of net leverage ratios both pre and post transaction. This shows how the sale and subsequent debt pay down drives nearly a full turn of deleveraging as I mentioned earlier. This is a significant step in our ongoing efforts to strengthen our balance sheet as we work to improve our credit profile.

在投影片的右側，我們提供了交易前後淨槓桿的對帳。這表明，正如我之前提到的，出售和隨後的債務償還幾乎推動了去槓桿的全面轉變。這是我們持續努力加強資產負債表並改善信用狀況的重要一步。

Turning to slide 20. We have updated our 2025 guidance to remove the revenue and adjusted EBITDA associated with the hospitality solutions business, which will be treated as discontinued operations for the full year in all prior periods beginning in the second quarter.

翻到第 20 張投影片。我們已更新 2025 年指引，刪除了與飯店解決方案業務相關的收入和調整後的 EBITDA，從第二季開始，該業務將被視為全年停止營運。

For full year 2025, excluding the effects from the sale of hospitality solutions, our expectations remain the same. We continue to expect high single-digit year on year revenue growth, driven by expected double-digit air and hotel B2B distribution bookings growth.

對於 2025 年全年，不包括飯店解決方案銷售的影響，我們的預期保持不變。我們繼續預期營收將年增高個位數成長，這主要得益於預期的兩位數航空和飯店 B2B 分銷預訂量成長。

For the second quarter, we expect year on year revenue growth in the low single digits, driven by our expectation of low single-digit air distribution bookings growth. We expect pro forma adjusted EBITDA of approximately $140 million.

對於第二季度，我們預計年比收入成長率將達到低個位數，這得益於我們預期的低個位數航空分銷預訂量成長。我們預計調整後的 EBITDA 約為 1.4 億美元。

We expect to generate positive free cash flow in the second quarter on a pro forma basis. As Kurt mentioned, we remain confident in our ability to achieve double-digit distribution bookings growth for the year despite lower-than-expected Q1 air distribution bookings.

我們預計第二季將在備考基礎上產生正的自由現金流。正如庫爾特所提到的，儘管第一季的航空分銷預訂量低於預期，但我們仍然有信心實現今年兩位數的分銷預訂量成長。

To provide more context, we expect the Q1 to Q2 sequential change in air distribution bookings growth rate to be driven by stronger APAC group booking trends in Q2, which we are currently experiencing as well as ongoing agency implementations from contracts signed in 2024.

為了提供更多背景信息，我們預計第一季度至第二季度航空分銷預訂增長率的連續變化將受到第二季度更強勁的亞太地區團體預訂趨勢的推動，我們目前正在經歷這種趨勢，以及 2024 年簽署的合同的持續代理實施。

In the second half of 2025, we anticipate further acceleration resulting in growth of at least 20% year on year in air distribution bookings. As mentioned on our February earnings call, we expect the majority of growth in air distribution bookings will come from a number of signed but not yet fully implemented agency agreements.

我們預計 2025 年下半年航空分銷預訂量將進一步加速，年增至少 20%。正如我們在二月的收益電話會議上提到的那樣，我們預計航空分銷預訂量的大部分增長將來自一些已簽署但尚未完全實施的代理協議。

More specifically, the three larger agency contracts highlighted last year are expected to drive nearly half of our anticipated year on year growth in Q3 and Q4. We expect the other half will be driven by midsize agency implementations signed in 2024, in addition to growth from LCC bookings within our multisource content platform.

更具體地說，去年重點關注的三份較大的代理合約預計將推動我們第三季和第四季預期同比增長的近一半。我們預計，另一半成長將由 2024 年簽署的中型代理商實施協議推動，此外還有我們多來源內容平台內低成本航空公司預訂量的成長。

Based on that outlook, we expect full year 2025 pro forma adjusted EBITDA of greater than $630 million, which reflects the full impact of the removal of hospitality solutions adjusted EBITDA from the full year.

基於這項展望，我們預計 2025 年全年調整後 EBITDA 將超過 6.3 億美元，這反映了從全年中移除飯店解決方案調整後 EBITDA 的全部影響。

On to slide 21. On a pro forma basis, the only change to our financial outlook is the removal of the hospitality solutions contribution to adjusted EBITDA of approximately $15 million for the second quarter and approximately $70 million for the full year.

翻到第 21 張投影片。從準備工作角度來看，我們財務前景的唯一變化是取消飯店解決方案對調整後 EBITDA 的貢獻，第二季約為 1,500 萬美元，全年約為 7,000 萬美元。

We expect to generate pro forma free cash flow of greater than $200 million. The pro forma removal of hospitality solutions adjusted EBITDA of approximately $70 million is expected to be offset by $5 million of lower CapEx and the implied pro forma cash interest savings of approximately $65 million.

我們預計將產生超過 2 億美元的形式自由現金流。預計約 7,000 萬美元的飯店解決方案調整後 EBITDA 的備考取消將被 500 萬美元的較低資本支出和約 6,500 萬美元的隱含備考現金利息節省所抵銷。

Please turn to slide 22. In closing, our strategic focus remains unchanged, to generate free cash flow and delever the balance sheet and drive sustainable growth and innovation. We believe the progress we have made so far this year positions us well to deliver shareholder value in 2025 and beyond.

請翻到第 22 張投影片。最後，我們的策略重點保持不變，即創造自由現金流、降低資產負債表槓桿率並推動永續成長和創新。我們相信，今年迄今所取得的進展使我們能夠在 2025 年及以後為股東創造價值。

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)

（操作員指示）

Jed Kelly, Oppenheimer & Company.

傑德凱利（Jed Kelly），奧本海默公司。

Hey, great. Thanks for taking my questions. Just two, if I may. I might have missed some of your opening comments. Can you just expand more on sort of what you're seeing in the macro? And I guess my question is more related to, I guess, last summer, some of the travel companies were calling out some softness that didn't materialize.

嘿，太棒了。感謝您回答我的問題。如果可以的話，就兩個。我可能錯過了你的一些開場白。能否進一步闡述您在宏觀上看到的內容？我想我的問題與去年夏天有關，一些旅遊公司呼籲採取一些寬鬆政策，但這些政策並未實現。

And I guess I'm wondering if this time is different. And then, can you just talk about post the hospitality solutions and congrats on getting that done. What that allows you to do to potentially accelerate some of the refinance conversations? Thanks.

我想知道這次是否有所不同。然後，您能否談談發布酒店解決方案並祝賀您完成該解決方案。這能讓您做些什麼來潛在地加速一些再融資對話？謝謝。

Jed, good morning, this is Kurt. Thank you for the questions. I'll take the first and then give it to Mike. So with respect to the macro environment, as I indicated, Sabre certainly is not immune to what's happening around us. We indicated that for the full year, whereas our prior assumption was flat to nominal GDS market growth, we expect that now to be down 1% to 2%.

傑德，早安，我是庫爾特。謝謝您的提問。我會拿第一個然後把它給麥克。因此，就宏觀環境而言，正如我所指出的，Sabre 當然無法免受我們周圍發生的事情的影響。我們指出，就全年而言，儘管我們先前的假設是 GDS 市場成長率與名目成長率持平，但現在我們預計這一成長率將下降 1% 至 2%。

So about a 300 basis point change versus the expectation of a quarter ago. Importantly, for our business, our revenue model is largely derived based on transaction volume, not based on the yield or the pricing environment that airlines and hoteliers enjoy.

因此與一個季度前的預期相比，變化幅度約為 300 個基點。重要的是，對於我們的業務而言，我們的收入模式主要基於交易量，而不是基於航空公司和酒店經營者享有的收益或定價環境。

And so it's very likely to what is happening in the market is there's price pressure, but there's still a need to put heads and beds or butts and seats. And so we believe the impact to our business should be relatively less than it is for many of our supplier customers.

因此，市場上很可能出現的情況是，存在價格壓力，但仍需要提供人頭和床位或屁股和座位。因此，我們相信，對我們業務的影響應該比對許多供應商客戶的影響相對較小。

Secondly, I would just reiterate with respect to both our hotel and air distribution business, we expect to be up double digits year on year, and that is despite that relatively soft environment. And so overall, what's very important is despite the macro, we have reiterated our guide for the full year. And of course, we'll -- we're providing both that as well as a normalized pro forma result based on the HSL.

其次，我想重申一下，就我們的酒店和航空分銷業務而言，儘管經濟環境相對疲軟，但我們預計其年增長率將達到兩位數。因此，總體而言，非常重要的是，儘管宏觀因素如此，我們仍重申了全年的指導方針。當然，我們會提供這兩個結果以及基於 HSL 的標準化預測結果。

And with regard to hospitality solutions and the sale and what that means from a capital structure standpoint, first, we're very excited about the disposition. And while it's a great business, definitely, we feel is a significant credit enhancing event for Sabre.

關於飯店解決方案和銷售以及從資本結構的角度來看這意味著什麼，首先，我們對此次處置感到非常興奮。儘管這是一項偉大的業務，但我們無疑認為這對 Sabre 來說是一個重要的信用提升事件。

As we highlighted on the call, it improves our net-debt to EBITDA by approximately one turn. It also reduces our interest expense by $55 million. But associated with that by improving our credit profile, we believe that ultimately is going to allow for more efficient financings in the future.

正如我們在電話會議上所強調的那樣，它將我們的淨債務與 EBITDA 的比率提高了大約一倍。它還減少了 5500 萬美元的利息支出。但透過改善我們的信用狀況，我們相信這最終將在未來實現更有效的融資。

And so what you should look for, as you've seen in the past is as the credit markets allow, and our results get realized in the market. We will continue to be opportunistic to refinance our maturities in an efficient way.

因此，正如您過去所見，您應該尋找的是信貸市場允許的情況，我們的成果在市場上得以實現。我們將繼續抓住機會，以有效的方式為我們的到期債務進行再融資。

Great. And then just one quick follow-up. Do you see fuel costs kind of stay where they are. We really haven't seen since COVID. The airline sort of lean into price to drive volume. Is there a potential where you could see sort of the airlines to take advantage of lower fuel costs to drive more volume and then, therefore, lean into more third-party channels? Thanks.

偉大的。然後只需快速跟進一次。您是否認為燃料成本會維持在目前的水平？自 COVID 以來我們確實沒見過面。航空公司傾向於透過價格來推動客流量。您是否認為航空公司可以利用較低的燃料成本來增加客運量，從而更依賴第三方管道？謝謝。

Yeah. Jed, the way I think about it from us -- from our perspective at Sabre is ultimately passenger traffic aligns closely over time with capacity. And so we have pretty good visibility right now with capacity because the airlines have generally indicated what their capacity trends are going to be out there. Generally, what you see is once the capacity is out there, the airlines ultimately price one way or another to fill that capacity.

是的。傑德，從我們 Sabre 的角度來看，我認為客運量最終會隨著時間與運力緊密相關。因此，我們現在對運力有很好的了解，因為航空公司通常已經表明了他們的運力趨勢。一般來說，你會看到，一旦有容量可用，航空公司最終會以某種方式定價來填補該容量。

So certainly if fuel price is lower. Historically, that sometimes has resulted in lower fares to fill the planes. But from our standpoint, ultimately, airlines won't have lower load factors. Ultimately, they'll give a little on yield in order to fill the planes, and that will result in bookings. And that's what we based our forecast on.

如果燃料價格較低的話一定會如此。從歷史上看，這有時會導致票價降低，從而滿足飛機座位數。但從我們的角度來看，航空公司的載客率最終不會降低。最終，他們會稍微降低收益來確保飛機滿員，從而增加預訂量。這就是我們做出預測的依據。

Yeah. And the other thing I'd add, importantly, not on fuel per se, but on capacity, as while capacity is going to grow slower than everybody anticipated three or four months ago. Capacity is still growing this year based on what's projected by almost every key carrier.

是的。另外我想補充的是，重要的不是燃料本身，而是運力，因為運能的成長速度將比三、四個月前大家預期的要慢。根據幾乎所有主要航空公司的預測，今年的運能仍將成長。

Thank you.

謝謝。

James Goodall, Redburn Atlantic.

詹姆斯古道爾 (James Goodall)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Hi, thanks for taking my question. So I guess my first question is on the free cash flow guide. How quickly can you use the cash proceeds of the sale to pay down debt to realize the interest cost savings. And I guess, what was the free cash flow conversion of the hospitality segment? I guess I'm just trying to sort of get a steer on where actual free cash flow will be -- will land this year rather than pro forma? Thanks.

你好，謝謝你回答我的問題。所以我想我的第一個問題是關於自由現金流指南。您多快可以使用銷售現金收益來償還債務以節省利息成本。我想問一下，飯店業的自由現金流轉換率是多少？我想我只是想了解一下實際的自由現金流將會在哪裡——今年會到賬，而不是形式上的？謝謝。

Yeah. In terms of how quickly you pay down debt, so what will happen is it'll ultimately -- shortly after the close when we received the proceeds in accordance with our credit agreements we basically pay down the notes as we've indicated in our earnings slides within five days of receiving those proceeds. So it's very, very quick.

是的。至於您償還債務的速度，最終會發生什麼事？在收盤後不久，當我們根據信用協議收到收益時，我們基本上會在收到這些收益後的五天內償還票據，正如我們在收益幻燈片中所示。所以它非常非常快。

And what I would say is if you do the math, James, with regards to either free cash flow as it would be reported or pro forma, you get to roughly the same number. And we would have roughly the same expectation of greater than $200 million of free cash flow this year.

我想說的是，詹姆斯，如果你計算一下，無論是報告的自由現金流還是形式上的自由現金流，你都會得到大致相同的數字。我們大致預期今年的自由現金流將超過 2 億美元。

Very clear. Thank you. And then, I guess, just the second one is on sort of some of the SabreMosaic wins. It looks like you've had some good conversion of some of your larger airlines. And I was just wondering how far reaching those agreements are? Are any of them sort of full stack OSD agreements or just sort of portions of offer management as per sort of the Alaskan Airlines deal? And then where are you with sort of some of your other airlines that you have contracts with like sort of American or JetBlue?

非常清楚。謝謝。然後，我想，第二個是關於 SabreMosaic 的一些勝利。看起來你們的一些大型航空公司已經取得了良好的轉變。我只是想知道這些協議的影響有多大？它們是否屬於全端 OSD 協議，或者只是阿拉斯加航空交易中的部分報價管理？那麼，您與美國航空或捷藍航空等簽訂了合約的其他航空公司的情況如何？

Yeah, James. Thank you. With respect to SabreMosaic, we're winning and we're winning at a very good pace. A few of those are full stacked. The majority are mainly offer components, and those airlines have not gone down the order path yet. The pipeline, both with existing clientele and the non-Sabre customers is very rich.

是的，詹姆斯。謝謝。就 SabreMosaic 而言，我們正在獲勝，並且獲勝速度非常快。其中一些是滿疊的。大多數主要都是提供零件，而那些航空公司還沒有走上訂單之路。現有客戶和非 Sabre 客戶的管道都非常豐富。

So there's a number of non-Sabre conversations about full stack conversion or elements of the stack where we're in there in the final bake-off where we would never have been there in the past. So we're very optimistic about the medium to long-term growth prospects this provides for the Airline IT business.

因此，有許多關於全端轉換或堆疊元素的非 Sabre 對話，我們在最後的烘焙中處於其中，而我們過去從未經歷過這種情況。因此，我們對這為航空 IT 業務帶來的中長期成長前景非常樂觀。

Brilliant. Thank you very much, guys.

傑出的。非常感謝你們，夥伴們。

Victor Cheng, Bank of America.

美國銀行的 Victor Cheng。

Hi, thanks for taking my questions, A couple, if I may. I guess, first of all, can you give us some more color on Q1? I think there are a lot of maybe moving parts in Q1, thinking about government cutting travel and then maybe some corridors more impacted by the current macro, I think the Canada, US corridor.

你好，感謝您回答我的問題，如果可以的話，我想問幾個問題。我想，首先，您能否向我們詳細介紹一下第一季的情況？我認為第一季可能有很多變動因素，考慮政府削減旅行，然後一些走廊可能受到當前宏觀經濟的更大影響，我認為是加拿大、美國走廊。

And can you give us some color on the mix by region or corporate versus leisure? And obviously, you gave us some color already on the Q2 progression on APAC group bookings, but the impact you saw in Q1, do you see that still happening in Q2 as well? Thank you.

您能否向我們詳細介紹一下按地區或按企業和休閒劃分的搭配情況？顯然，您已經向我們介紹了亞太地區團體預訂量第二季度的進展情況，但您在第一季度看到的影響，您認為在第二季度是否還會發生？謝謝。

Victor, thank you. Good morning. So the softness we saw in Q1 was a broad softness globally. It's been corporate, leisure, pretty much all channels. The most acute softness was in two specific areas inbound travel to the United States from certain European markets and from Canada and then secondly, as we mentioned, our group bookings out of North Asia.

維克多，謝謝你。早安.因此，我們在第一季看到的疲軟是全球範圍內的普遍疲軟。它涉及企業、休閒等幾乎所有管道。最嚴重的疲軟出現在兩個特定領域：從某些歐洲市場和加拿大到美國的入境旅遊，其次，正如我們所提到的，是從北亞出發的團體預訂。

The last component is US military and government was down in the range of 30% on a unit basis in Q1 versus last year. If you look at that and project into Q2, what I can tell you is we're seeing recent improvements in general market trends. And remember, we're looking at things largely on a unit basis, not on a yield basis.

最後一個組成部分是美國軍事和政府，第一季的單位數量與去年相比下降了 30%。如果您看一下這一點並預測第二季度，我可以告訴您，我們看到近期整體市場趨勢有所改善。請記住，我們主要是根據單位而不是收益率來看待事物。

Got it. And then if I think about the full year guide where it's been reaffirmed on the double-digit bookings growth and the high single-digit revenue growth. Is it a function of maybe previously, you have a bit more headroom to when you provide that guide and you're still -- that's why I'm confident on it given Q1 was a bit soft? Or is it some incremental wins that you have between when you previously guide to today?

知道了。然後，如果我考慮全年指南，我會發現它再次確認了兩位數的預訂量成長和高個位數的收入成長。這是否與先前的功能有關，當您提供指南時，您還有更多的空間，而且您仍然 - 這就是為什麼我對此充滿信心，因為 Q1 有點疲軟？或者這是您從之前指導到現在所取得的一些漸進式勝利？

Yeah. I mean, look, at the end of the day, I would just say, our team is performing amazingly well. And kudos to our Sabre team members. What I would say is we're seeing outperformance in certain elements of our business. We're seeing a greater degree of content come on our platform than we originally expected.

是的。我的意思是，看，到最後，我只想說，我們的團隊表現非常出色。並向我們的 Sabre 團隊成員表示敬意。我想說的是，我們的某些業務領域表現優異。我們發現平台上出現的內容比我們最初預期的要多。

Our payments business, which outperformed this quarter, and we see that continuing to outperform is certainly additive both from revenue and leaving now to a little bit more from an EBITDA standpoint.

我們的支付業務本季表現出色，我們認為，繼續保持優異表現無疑會為收入帶來附加價值，而且從 EBITDA 的角度來看，現在還會有一點成長。

And then we're also seeing a more profitable customer mix than we originally contemplated. So while there's definitely some macro weakness there and maybe within distribution bookings, our distribution bookings may be still double digit but maybe slightly lower double digit than we originally anticipated. We see that from a revenue standpoint being offset by the three things that I just mentioned.

而且我們也看到客戶組合的利潤比我們最初預想的還要高。因此，儘管肯定存在一些宏觀弱點，並且可能在分銷預訂中，但我們的分銷預訂可能仍是兩位數，但可能略低於我們最初預期的兩位數。從收入角度來看，我們看到這一點被我剛才提到的三件事所抵消。

Got it. Thank you. And if I can squeeze one in. The GDS outlook, you said it's down 1% to 2%. Is that -- yeah, that's for the industry. My question is, is that definition including the NDC, the low-cost carrier multisource, that kind of stuff? Or that separate?

知道了。謝謝。如果我能擠進去的話。您說 GDS 前景將下降 1% 至 2%。是的，這是針對該行業的。我的問題是，這個定義是否包括 NDC、低成本承運商多源之類的東西？還是說分開？

Yeah. Thanks, Victor. For clarity, we expect to be down 1% to 2% for GDS industry for the year. That's really an EDIFACT measurement, which, as you know, is over time, and relatively smaller piece of the addressable market that we're going after. So when you look at NDC, there's not full transparency on NDC shared across the industry.

是的。謝謝，維克多。為了清楚起見，我們預計今年 GDS 產業將下降 1% 至 2%。這實際上是一種 EDIFACT 測量，正如您所知，隨著時間的推移，它所追求的目標市場份額相對較小。因此，當您查看 NDC 時，會發現整個行業對 NDC 的了解並不完全透明。

And then two, the -- what we're launching in Q3, which is the Sabre Air Connect Platform, which is part of multi-source, which is the addition of long-tail LCC volumes that we have not played in traditionally, that's separate as well.

其次，我們將在第三季推出 Sabre Air Connect 平台，它是多源的一部分，增加了我們傳統上沒有涉及的長尾 LCC 量，這也是獨立的。

So when we speak about the double-digit air distribution volume growth, the vast majority of that is business that we've signed and we'll be implementing but the addition of new content will drive that as well. So the negative 1% to 2% is an apples-to-apples comparison largely of EDIFACT traffic.

因此，當我們談到兩位數的航空分銷量成長時，其中絕大多數是我們已經簽署並將要實施的業務，但新內容的增加也將推動這一成長。因此，-1% 到 2% 主要是 EDIFACT 流量的同類比較。

Got it. Very clear. Thank you.

知道了。非常清楚。謝謝。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Thanks for the question. Congrats on the hospitality sale. Just thinking about the shape of the air bookings through the year, it was down in Q1. We have a low single-digit growth in Q2, getting to double digits for the year and ramping. So that -- I mean, it seems like that could mean high teens in Q3 and as much as 30% year over year growth in Q4. I mean -- first question is, does that make sense? Yeah. And then I have a follow-up.

謝謝你的提問。恭喜您成功完成招待銷售。想想全年的航空預訂情況，第一季的預訂量有所下降。我們第二季的成長率為低個位數，全年成長率達到兩位數，且呈上升趨勢。所以——我的意思是，這似乎意味著第三季的成長率將達到十幾歲，而第四季的成長率將達到 30%。我的意思是——第一個問題是，這有意義嗎？是的。然後我有一個後續問題。

Yeah. So you are directionally correct. We expect to be in the high teens -- mid to high teens in Q3 at above 20% in Q4 and at or above 20% for the back half of the year.

是的。所以你的方向是正確的。我們預計第三季的成長率將達到十幾歲到十幾歲之間，第四季的成長率將超過 20%，下半年的成長率將達到或超過 20%。

Yeah. Great. And so the incremental [$30 million bookings is from '24, that's what you'll actually realize in '25. But if we just zoom in on Q4, bookings could be up $20 million] potentially year over year. So I guess, is that the right takeaway? And that type of market share gain carrying over to '26. I mean, could we be looking at teens growth in '26 as well?

是的。偉大的。因此，增量 [3000 萬美元的預訂量是從 24 年開始的，這也是 25 年才會真正實現的。但如果我們只關注第四季度，預訂量可能會比去年同期增加 2,000 萬美元。所以我想，這是正確的結論嗎？而這種市場佔有率的成長將延續到26年。我的意思是，我們是否也可以關注 26 年青少年的成長情況？

Yeah. We have not provided guidance for 2026, but if you look at the acceleration in air and hotel distribution bookings growth through the year and how strong we expect it to be in the second half of this year. That implies very strong carryover into 2026 and very strong growth rates for next year.

是的。我們尚未提供 2026 年的指引，但如果您觀察一下全年航空和酒店分銷預訂量的增長速度以及我們預計今年下半年的增長勢頭。這意味著2026年的延續性將非常強勁，而且明年的成長率也將非常強勁。

Got it. Right. So the $30 million is not annualized?

知道了。正確的。那麼這 3000 萬美元不是按年計算的嗎？

$30 million is a realized number this year. right?

3000萬美元是今年實現的數字。正確的？

That's correct. Perfect.

沒錯。完美的。

But most of that will be realized. Most of that, of course, will be realized in the second half.

但其中大部分都會實現。當然，其中大部分將在下半年實現。

Yeah. Thank you.

是的。謝謝。

Jeff Harlib, Barclays.

巴克萊銀行的傑夫·哈里布（Jeff Harlib）。

Hi, good morning. Most of my questions are answered. But can you say how the implementation is going of the new business you've won? And do you see much risk of slippage given everything is pretty weighted to 3Q and 4Q?

嗨，早安。我的大部分問題都得到了答案。但是您能說一下您贏得的新業務的實施情況如何嗎？鑑於所有數據都相當偏重於第三季和第四季，您是否認為下滑的風險很大？

Yeah. Thanks, Jeff. We are right on track with where we thought we'd be at the beginning of the year and what we talked about last quarter. And so we've got good line of site and fidelity into being able to realize that. We don't see a lot of execution risk there.

是的。謝謝，傑夫。我們目前的狀況與年初預期以及上個季度討論的情況完全一致。因此，我們擁有良好的視線和保真度，能夠實現這一點。我們認為那裡不存在太多的執行風險。

Obviously, we're assuming. What we know today about the current trading environment and what we've heard from carriers in terms of capacity for the balance of the year. We've not assumed that, that environment either improves nor deteriorates any further.

顯然，我們正在假設。我們今天了解了當前的貿易環境，也聽到了承運商對今年剩餘運力的預期。我們沒有假設環境會進一步改善或惡化。

Okay. And just for 1Q, both the technology costs and G&A were down at least decently below what we were looking for. I know you mentioned tech cost part of that is the lower bookings, but are there other cost savings actions that you're implementing? Anything else you can point to? And what can you say about the cost outlook for the rest of the year globe blank?

好的。僅就第一季而言，技術成本和一般及行政費用均至少大幅低於我們的預期。我知道您提到技術成本是導致預訂量降低的原因之一，但您是否正在實施其他成本節約措施？您還能指出什麼嗎？您對今年剩餘時間全球空白的成本前景有何看法？

Yeah. So thank you for the question. As we articulated on our February call, if you think about the technology expense line, we would expect to have realized in that line, about $100 million from our tech transformation initiative. Now that's not a net number. There is some offset both for investment as well as bookings grow, the hosting costs that are associated with that.

是的。謝謝你的提問。正如我們在二月電話會議上所闡述的那樣，如果考慮技術費用線，我們預計該線將從我們的技術轉型計劃中實現約 1 億美元的收益。這不是一個淨數字。隨著投資和預訂量的成長，以及與之相關的託管成本都會得到一定的抵銷。

So as you look at the technology line, consistent with what we articulated in the February call, I would expect that line to be down meaningfully. However, I still would be to expect the largest driver of our EBITDA growth to be gross profit dollar growth and actually, the tech savings while being significant, probably still a distant second to that.

因此，當您查看技術線時，與我們在二月份電話會議上所表達的一致，我預計該線將大幅下降。然而，我仍然預期我們 EBITDA 成長的最大驅動力是毛利的成長，實際上，技術節省雖然很重要，但可能仍遠遠落後。

On SG&A, our original assumption when we went into February, was a slight growth. Since, obviously, given what's happened over the last you call it two, three months, we have tightened it up a little bit. And I would say we'd expect SG&A for the year to be roughly flat given our current outlook right now.

對於銷售、一般及行政費用，進入二月時我們最初的假設是會略有增長。顯然，考慮到過去兩三個月發生的情況，我們已經稍微收緊了規定。我想說，根據我們目前的前景，我們預計今年的銷售、一般及行政費用將大致持平。

Got it. Thanks very much.

知道了。非常感謝。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Hey guys, thanks for taking our questions. This is Jack on for Deepak. Just two for you here. So first, just understanding that the primary use of the proceeds from the hospitality sale will be used to pay down debt. What areas and initiatives you plan to use the remaining proceeds, I think you highlighted in the deck about $135 million to invest behind sort of the rest of the business?

嘿夥計們，感謝你們回答我們的問題。這是傑克 (Jack) 為迪帕克 (Deepak) 表演的。這裡只給你兩個。因此首先，要了解的是，飯店銷售所得收益的主要用途將用於償還債務。您計劃將剩餘收益用於哪些領域和計劃？我記得您在演講中強調了將 1.35 億美元用於投資其餘業務？

And then secondly, I think in some previous disclosure you've given basically air bookings industry share. Can you update us on how that penetrations trended in 1Q? I think last quarter, you said you might not be disclosing that, but just kind of any qualitative color. Thank you.

其次，我認為在之前的一些披露中，您基本上已經給出了航空預訂行業的份額。您能否向我們介紹第一季的滲透趨勢？我認為上個季度您曾說過您可能不會披露這一點，但只是某種定性色彩。謝謝。

Yeah. Thank you, Jack. And I'll answer them in reverse order. On the share number, as we indicated last quarter, you have EDIFACT, you have NDC and now we have long-tail LCC growth as well. And so reporting market share on what is one subcomponent, we don't think makes sense.

是的。謝謝你，傑克。我將按相反的順序回答這些問題。就份額數字而言，正如我們上個季度所指出的，您有 EDIFACT，有 NDC，現在我們還有長尾 LCC 成長。因此，我們認為報告一個子組件的市佔率是沒有意義的。

But in a market where we see the GDS EDIFACT market being down projected 1% to 2% for full year and we're going to be growing at double digits with our distribution for the full year. I think it's fair to infer from there that we are growing market share very considerably through 2025.

但我們看到，GDS EDIFACT 市場預計全年將下降 1% 至 2%，而我們的全年分銷將實現兩位數的成長。我認為可以合理地推斷，到 2025 年我們的市佔率將大幅成長。

With respect to the remaining proceeds after the pay down of debt from the sale of HS, those will be applied mainly to our strategic investment areas, which are the strategic growth initiatives that we are beginning to see some real traction with and then just continued modernization of our technology.

至於出售 HS 償還債務後的剩餘收益，將主要用於我們的戰略投資領域，這些領域是我們開始看到一些真正牽引力的戰略增長計劃，然後繼續實現我們的技術現代化。

I think for clarity, our CapEx, we would expect our CapEx expenditures this year to be approximately $80 million.

我想，為了清楚起見，我們預計今年的資本支出約為 8,000 萬美元。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions)

（操作員指示）

Alex Irving, Bernstein.

亞歷克斯歐文、伯恩斯坦。

Hi, good morning. Two for me, please. First of all, the new wins with agencies you'll be implementing over the course of the year. Can you please describe how the gross margin of that volume differs from the gross margin of the existing booking volume, if at all, is there any nuance to call out here?

嗨，早安。請給我兩份。首先，您將在一年內與各機構達成新的合作成果。您能否描述一下該數量的毛利率與現有預訂量的毛利率有何不同？如果有的話，有什麼細微差別嗎？

Second question is on Coforge. You signed this partnership since we last spoke. Press release, I've seen talks about that has been worth $1.56 billion, 13 years [up to] that to $120 million per year over the life of that contract. How does the timing look? Is it replacing other costs? What are you getting in exchange? And how else should we think about that agreement in the context of your earnings, please?

第二個問題是關於 Coforge 的。自從我們上次談話以來，您簽署了這項合作協議。新聞稿中，我看到有傳言稱該合約價值 15.6 億美元，在合約有效期內，13 年內每年最多可支付 1.2 億美元。時間看起來怎麼樣？它是否取代了其他成本？你得到了什麼作為交換？那麼，我們還應該如何結合你的收入來考慮該協議呢？

Yeah. With regards to gross margin, what I would say is if you look at the new business, we articulated this on the February earnings call. With regards to the new air distribution bookings that we're anticipating getting, there's a couple of elements on that.

是的。關於毛利率，我想說的是，如果你看一下新業務，我們在二月份的收益電話會議上就明確表達了這一點。關於我們預期獲得的新航空分銷預訂，有幾個因素。

One, we did indicate that we would expect average booking fee to be slightly lower than where we were about a year ago and margin to be slightly lower. And I'd say it's very slightly lower. And that's driven by a few reasons.

首先，我們確實表示，我們預計平均預訂費將比一年前略低，利潤率也將略低。我想說的是，這個數字要低一些。這是由幾個原因造成的。

One is, as we articulated two of the agencies we won were some of the largest North American agencies. And so there is a geographical mix component there, where US domestic air bookings have a slightly lower average booking fee.

一是，正如我們所明確指出的，我們贏得的兩家代理商是北美最大的代理商之一。因此，存在地理混合因素，美國國內航班預訂的平均預訂費略低。

And then after that, it also incorporates additional NDC volumes and LCC volumes. So there is some, I would say, very slightly lower margins. But overall, when you look at our margins in aggregate, for the remaining quarters of the year for Q2, Q3 and Q4, I would expect gross margin to be roughly in line for this year where it was last year.

此後，它還整合了額外的 NDC 捲和 LCC 卷。因此，我想說，利潤率會略低一些。但總體而言，當你查看我們的整體利潤率時，對於今年剩餘季度（第二季、第三季和第四季），我預計今年的毛利率將與去年大致持平。

With respect to Coforge, just a reminder, this is a 13 year deal. It is focused on helping us accelerate product delivery and also launching additional innovative AI-embedded solutions. This is all incorporated within our ongoing technology costs and our investments in our growth strategies.

關於 Coforge，需要提醒的是，這是一份為期 13 年的合約。它專注於幫助我們加速產品交付並推出更多創新的 AI 嵌入式解決方案。這一切都包含在我們持續的技術成本和成長策略投資中。

Commercially, the new agreement with Coforge has both a fixed fee component and a gain share component that is subject to certain commercial outcomes. We've not provided additional commercial details beyond that.

從商業角度來看，與 Coforge 達成的新協議既包含固定費用部分，也包含取決於某些商業結果的收益分成部分。除此之外，我們沒有提供更多商業細節。

All right. Thank you.

好的。謝謝。

I'm showing no further questions at this time. I would now like to turn it back to Kurt Ekert for closing remarks.

我目前沒有其他問題。現在我想請 Kurt Ekert 致最後總結。

Thank you, everybody. We're -- despite a challenging market backdrop, we're pleased with the execution and the traction that we're getting in the business. We're confident in our ability to deliver against the expectations and the guide that we have provided today, and we look forward to talking again next quarter. Thank you.

謝謝大家。儘管市場背景充滿挑戰，但我們對業務的執行情況和所取得的進展感到滿意。我們有信心實現今天提供的預期和指導，並期待下個季度再次對話。謝謝。

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

感謝大家參加今天的會議。本節目到此結束。您現在可以斷開連線。