Sabre Corp (SABR) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Sabre third quarter 2025 earnings conference call. My name is Olivia, 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 年第三季財報電話會議。我叫奧利維亞，我將是您的接線生。再次提醒，今天的通話將會被錄音。

I will now turn the call over to the Senior Vice President of Finance, Roushan Zenooz. Please go ahead, sir.

現在我將把電話轉交給財務高級副總裁魯山·澤努茲。請繼續，先生。

Good morning, and welcome to our third 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. A replay of today's call will be available on our website later this morning.

早安，歡迎參加我們2025年第三季財報電話會議。今天上午，我們發布了盈利新聞稿，可在我們的網站 investors.sabre.com 上查閱。今天會議期間，您還可以在 Sabre 投資者關係網頁上查看與準備好的演講稿配套的幻燈片簡報。今天上午晚些時候，我們將在網站上提供本次電話會議的錄音回放。

We advise you that our comments contain forward-looking statements that represent our beliefs or expectations about future events, including results of our growth strategies, transactions and bookings growth, commercial and strategic arrangements, the effects of the sale of our Hospitality Solutions business, and our financial guidance, outlook and expectations, pro forma financial information, free cash flow, net leverage, and liquidity, among others.

我們特此告知，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預期，包括我們的成長策略、交易和預訂成長、商業和策略安排的結果、出售飯店解決方案業務的影響，以及我們的財務指導、展望和預期、備考財務資訊、自由現金流、淨槓桿率和流動性等。

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 September 30, 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所作的陳述有重大差異。有關這些風險和不確定性的更多信息，請參閱我們今天早上發布的收益報告以及我們向美國證券交易委員會提交的文件，包括截至 2025 年 9 月 30 日的季度 10-Q 表格。

Throughout today's call, we will also be presenting certain non-GAAP financial measures. References during today's call to adjusted EBITDA, adjusted EBITDA margin, normalized adjusted EBITDA, and normalized adjusted EBITDA margin 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. Normalized amounts have been adjusted for estimated costs historically allocated to our Hospitality Solutions business, which was sold on July 3, 2025.

在今天的電話會議中，我們也將介紹一些非GAAP財務指標。在今天的電話會議中提到的調整後 EBITDA、調整後 EBITDA 利潤率、標準化調整後 EBITDA 和標準化調整後 EBITDA 利潤率均已進行調整，以排除某些項目。最直接可比較的GAAP指標和非GAAP指標的調整表可在盈利報告以及我們網站 investors.sabre.com 上發布的其他文件中查閱。已對標準化金額進行了調整，以扣除歷史上分配給我們酒店解決方案業務的估計成本，該業務已於2025年7月3日出售。

We are also presenting certain financial information on a pro forma basis to give effect to the sale of the Hospitality Solutions business, and we have removed the impact of the $227 million payment in kind interest that was recorded in conjunction with the refinancing activity in the second quarter of 2025 from pro forma free cash flow. Unless otherwise noted, results presented are based on continuing operations.

我們也按備考基準列示了一些財務信息，以反映酒店解決方案業務的出售情況，並且我們從備考自由現金流中剔除了與 2025 年第二季度再融資活動相關的 2.27 億美元實物支付利息的影響。除非另有說明，所列結果均基於持續經營業務。

Participating with me are Kurt Ekert, President and CEO; and Mike Randolfi, CFO. With that, I will turn the call over to Kurt.

與我一同參與的還有總裁兼執行長 Kurt Ekert 和財務長 Mike Randolfi。接下來，我將把電話交給庫爾特。

Thanks, Roushan. Hello, everyone, and thank you for joining us. Earlier today, we reported third-quarter results and provided an updated outlook for the remainder of the year. 2025 has been a dynamic year, and I'm encouraged by recent positive commentary from airlines and believe the broader travel environment is stabilizing compared to what we saw earlier this year.

謝謝，柔珊。大家好，感謝各位的參與。今天早些時候，我們公佈了第三季業績，並更新了今年剩餘時間的展望。 2025年是充滿活力的一年，我很高興看到航空公司近期發表了積極的評論，並相信與今年早些時候相比，整體旅行環境正在趨於穩定。

Third-quarter operational results met our expectations as we focused on controlling what is within our control. I commend our team members for their continued progress against our strategic priorities, generating free cash flow and delevering the balance sheet and driving sustainable growth through innovation.

第三季營運表現符合預期，因為我們專注於控制我們可控的因素。我讚揚我們的團隊成員在實現我們的策略重點、創造自由現金流、降低資產負債率以及透過創新推動永續成長方面所取得的持續進展。

We delivered positive air distribution bookings growth in the third quarter, driven primarily by strong performance in September. Based on our progress around the implementation of new business and our outlook for the remainder of the year, we remain confident in our ability to continue to drive air distribution bookings growth going forward.

第三季度，我們的空氣分銷預訂量實現了正成長，這主要得益於9月份的強勁表現。根據我們在新業務實施方面取得的進展以及我們對今年剩餘時間的展望，我們仍然有信心繼續推動航空分銷預訂量的成長。

We have strengthened our balance sheet by growing adjusted EBITDA, generating free cash flow, extending debt maturities, and proactively using cash to reduce debt. We have made significant progress over the last two years on our strategy for delevering, and we anticipate reducing our net leverage by approximately 50% by year-end 2025 compared to year-end 2023. While there is more work ahead to achieve our long-term leverage goal, we are proud of the progress we have made.

我們透過提高調整後 EBITDA、產生自由現金流、延長債務到期日以及積極利用現金減少債務，加強了資產負債表。過去兩年，我們在去槓桿化策略方面取得了重大進展，預計到 2025 年底，我們的淨槓桿率將比 2023 年底降低約 50%。雖然要實現我們的長期槓桿目標還有更多工作要做，但我們對已取得的進展感到自豪。

Innovation is key to Sabre strategy, and we have been leveraging AI to transform travel. This quarter, we announced two industry firsts, agentic APIs for travel, enabling a new era of AI-driven retailing and Continuous Revenue Optimizer, an offering within our modular AI-native SabreMosaic platform.

創新是 Sabre 策略的關鍵，我們一直在利用人工智慧來改變旅遊業。本季度，我們宣布了兩項業界首創：面向旅遊業的代理 API，開啟了人工智慧驅動零售的新時代；以及持續收入優化器，這是我們模組化 AI 原生 SabreMosaic 平台中的一項產品。

Further, our payments business continues to see strong customer demand and is growing at a very healthy rate. We have extended our industry-leading position with 41 live NDC integrations. New agency wins and renewals, first-mover product launches and continued innovation increase our confidence that we are well positioned competitively.

此外，我們的支付業務持續受到強勁的客戶需求，並維持著非常健康的成長速度。我們透過 41 個已上線的 NDC 整合項目，進一步鞏固了我們在業界的領先地位。新代理商的贏得與續約、率先推出的產品以及持續的創新，增強了我們對自身競爭優勢的信心。

Moving to slide 5. I will provide some detail on our third-quarter results. Overall, operational and financial results were positive. Total distribution bookings grew 3% year on year, and air distribution bookings increased more than 2%. Consistent with broader airline commentary, we experienced softness in July air bookings and then saw improvement through the balance of the quarter.

切換到第5張投影片。我將詳細介紹我們第三季的業績。整體而言，營運和財務表現均表現良好。總分銷預訂量較去年同期成長 3%，航空分銷預訂量成長超過 2%。與航空公司整體的評價一致，我們在7月份經歷了航空預訂量的疲軟，然後在本季度剩餘時間裡看到了改善。

September finished strong, up 7% year on year. The acceleration in air bookings was primarily driven by contributions from newly converted business as a result of our growth strategies. In July, air distribution bookings from our growth strategies totaled $2.5 million. And in September, that grew to over $3 million.

9月表現強勁，年增7%。機票預訂量的加速成長主要得益於我們成長策略帶來的新業務轉換。7 月份，我們成長策略帶來的航空分銷預訂總額為 250 萬美元。9月份，這數字成長到超過300萬美元。

For the third quarter, air bookings from our growth strategies contributed 10 percentage points to total air bookings growth. This growth was partially offset by two notable headwinds. First, GDS industry air distribution bookings declined approximately 1 percentage point year on year. Second, Sabre's air booking mix was a headwind in the third quarter. This reflected Sabre's higher exposure to US government and military and corporate business as well as the impact of regional mix.

第三季度，我們成長策略帶來的機票預訂量為機票預訂總量的成長貢獻了 10 個百分點。這一增長被兩大不利因素部分抵消。首先，GDS 產業航空分銷預訂量較去年同期下降約 1 個百分點。其次，Sabre 的航班預訂組合在第三季面臨不利因素。這反映了 Sabre 對美國政府、軍方和企業業務的較高依賴程度，以及區域組合的影響。

We continue to believe these headwinds are transitory, and we are encouraged with the improved performance of certain regions as we move into the fourth quarter. Hotel distribution bookings growth increased 6% in the quarter, and the attachment rate to air bookings increased over 100 basis points year on year. Within IT Solutions, passengers boarded grew 3% year on year.

我們仍然認為這些不利因素是暫時的，並且隨著我們進入第四季度，某些地區的表現有所改善，這讓我們感到鼓舞。本季飯店分銷預訂量成長了 6%，與機票預訂的關聯率年增超過 100 個基點。在 IT 解決方案領域，乘客登機量年增 3%。

Solid operational execution resulted in third quarter revenue growth of 3%. Top-line growth, combined with ongoing expense management resulted in normalized adjusted EBITDA growth of 23%. Normalized adjusted EBITDA margin improved over 300 basis points to 21%.

穩健的營運執行使第三季營收成長了3%。營收成長，加上持續的費用控制，使得經調整後的 EBITDA 正常化成長達到 23%。經調整後的 EBITDA 利潤率提高了 300 多個基點，達到 21%。

Moving to Slide 6. We are transforming our broader platform into a modern, open travel marketplace that seamlessly integrates and normalizes content and capabilities from a wide range of sources. In multisource content, Sabre continues to demonstrate industry leadership. We are leading the industry with 41 live NDC connections, providing seamless shopping, booking, and workflow integration. We are also on track to launch our new low-cost carrier solution in the first quarter of 2026.

切換到第6張投影片。我們正在將我們的大型平台轉型為現代化、開放的旅遊市場，無縫整合並規範來自各種來源的內容和功能。在多源內容領域，Sabre 繼續展現出行業領先地位。我們擁有 41 個即時 NDC 連接，在業界處於領先地位，提供無縫的購物、預訂和工作流程整合。我們正按計畫推進，將於 2026 年第一季推出新的低成本營運商解決方案。

Our distribution expansion strategy is progressing well. In addition to adding new agencies and significant conversion volumes, we recently announced that World Travel, Inc., has expanded its strategic partnership with Sabre and is converting substantially all of their volumes onto the Sabre platform. This momentum further advances Sabre's position as a strategic technology partner to leading agencies around the world.

我們的分銷通路拓展策略進展順利。除了新增代理商和顯著的轉換量之外，我們最近還宣布，World Travel, Inc. 擴大了與 Sabre 的策略合作夥伴關係，並將幾乎所有業務量都轉移到了 Sabre 平台上。這一勢頭進一步鞏固了 Sabre 作為全球領先機構戰略技術合作夥伴的地位。

Hotel B2B distribution gross booking value transacted through the platform continues with an annualized turnover of over $20 billion, a 7% increase year on year. Our digital payments business also continues to scale rapidly, and I will provide a deeper look into this business on the next slide.

透過該平台進行的飯店 B2B 分銷總預訂額交易額持續成長，年營業額超過 200 億美元，較去年同期成長 7%。我們的數位支付業務也持續快速擴張，下一張投影片我將更深入地介紹這項業務。

We are also making considerable advances related to AI, which I will touch on shortly. Overall, we are making significant progress against our strategy and transforming the business to capture long-term value in the dynamic and evolving travel marketplace.

我們在人工智慧領域也取得了相當大的進展，我稍後會詳細介紹。總體而言，我們在策略方面取得了重大進展，並正在轉型業務，以在動態和不斷變化的旅遊市場中獲得長期價值。

Moving to slide 7. Sabre Payments is an integrated fintech hub. It is one of our fastest-growing businesses, processing over $20 billion in annual transactions and quarterly gross spend grew over 40% year on year. Payments provides travel-focused solutions that simplify operations, enable global payment flexibility, and automate risk and fraud management for our customers.

切換到第7張投影片。Sabre Payments 是一個綜合性金融科技中心。這是我們成長最快的業務之一，年交易額超過 200 億美元，季度總支出較去年同期成長超過 40%。Payments 提供以旅行為中心的解決方案，簡化操作，實現全球支付的靈活性，並為客戶提供風險和詐欺管理的自動化。

The fintech hub is comprised of two key components: Sabre Direct Pay and Conferma. Sabre Direct Pay is our travel payment service that streamlines financial operations across the travel industry. Travel payments and automated chargeback management services run through a single integrated interface. This interface provides customers with greater efficiency, faster dispute resolution, and improved win rates. Conferma is a virtual card and payment platform providing issuers, corporate buyers, and suppliers with real-time control, enriched data, and automated reconciliation. This enables faster, safer, broader business payments.

該金融科技中心由兩個關鍵部分組成：Sabre Direct Pay 和 Conferma。Sabre Direct Pay 是我們的旅遊支付服務，可簡化整個旅遊業的財務操作。旅行支付和自動退款管理服務透過一個整合介面運作。此介面可為客戶帶來更高的效率、更快的糾紛解決速度和更高的勝訴率。Conferma 是一個虛擬卡和支付平台，為發卡機構、企業買家和供應商提供即時控制、豐富的數據和自動對帳功能。這將實現更快、更安全、更廣泛的商業支付。

We are scaling this business quickly and seeing strong growth in digital wallets and virtual cards. By the end of this year, we expect to have approximately 100,000 connected hotels. Conferma is developing new API integrations that we expect could accelerate additional virtual card deployments and further adoption. We believe strong ongoing customer demand positions our payments business for continued robust growth.

我們正在快速擴大這項業務規模，並看到數位錢包和虛擬卡業務的強勁成長。到今年年底，我們預計將有大約 10 萬家飯店連接到該網路。Conferma 正在開發新的 API 集成，我們預計這將加速虛擬卡的進一步部署和普及。我們相信，持續強勁的客戶需求將使我們的支付業務持續保持強勁成長。

On to slide 8. AI represents an incredible opportunity for the travel industry and for Sabre provides a road map for future growth. We have leveraged our deep partnership with Google to embed AI within our platform in three ways: first, optimization AI, which delivers value today. Sabre IQ already powers live AI-driven products, which generate measurable ROI for airlines and agencies today. These include lodging cross-sell, which intelligently recommends hotels with air bookings and e-mail parser, which automates traveler requests and agent actions and dynamic pricing, which optimizes fares and ancillaries in real time.

接下來是第8張投影片。人工智慧為旅遊業帶來了巨大的機遇，也為 Sabre 的未來發展提供了路線圖。我們利用與Google的深度合作關係，透過三種方式將人工智慧嵌入到我們的平台中：首先是優化人工智慧，它現在就能帶來價值。Sabre IQ 已經為即時人工智慧驅動的產品提供支持，這些產品如今已為航空公司和代理商帶來可衡量的投資回報率。這些功能包括住宿交叉銷售（可根據機票預訂智慧推薦飯店）、電子郵件解析器（可自動處理旅客請求和代理商操作）以及動態定價（可即時優化票價和輔助服務）。

Next, generative AI, the current phase of acceleration. We have built digital assistants and chatbots to make travel planning and servicing more intuitive. As a trusted content provider, Sabre's Gen AI solutions help ensure accurate and contextual information across customer touch points.

接下來是生成式人工智慧，這是目前的加速發展階段。我們開發了數位助手和聊天機器人，使旅行規劃和服務更加直觀。作為值得信賴的內容提供者，Sabre 的 Gen AI 解決方案有助於確保在客戶接觸點上提供準確且具有情境意義的資訊。

And finally, Agentic AI and consumer LLMs. This is our innovation horizon. Agentic AI anticipates traveler needs and takes actions on their behalf. We believe this new conversational commerce will be how consumers search, shop, and experience travel servicing in the near future. That is why we have taken a first-mover position with Agentic-ready APIs and a proprietary MCP server. These Agentic solutions make the language of travel understandable to any AI agent. Google has spotlighted Sabre's latest AI innovations at its global events, drawing strong industry acclaim.

最後，還有智能體人工智慧和消費者生命週期管理。這就是我們的創新視野。智能體人工智慧能夠預測旅行者的需求並代表他們採取行動。我們相信，這種新型的對話式商務模式將在不久的將來成為消費者搜尋、購買和體驗旅遊服務的方式。這就是為什麼我們率先推出了支援 Agentic 的 API 和專有的 MCP 伺服器。這些智能體解決方案使任何人工智慧代理都能理解旅行語言。谷歌在其全球活動中重點展示了 Sabre 最新的 AI 創新成果，贏得了業界的廣泛讚譽。

On to slide 9, moving to our outlook for air distribution bookings for the fourth quarter and full year. The chart on the right shows reported quarterly air distribution bookings growth for the first 3 quarters of the year and our outlook for the fourth quarter. Our view for the fourth quarter is largely consistent with what we have said previously, excluding the anticipated impacts from the government shutdown.

接下來是第 9 張投影片，我們將展望第四季和全年的航空分銷預訂情況。右側圖表顯示了今年前三個季度報告的季度航空分銷預訂增長情況以及我們對第四季度的展望。我們對第四季的看法與我們先前所說的基本一致，只是不包括政府停擺所帶來的預期影響。

We exited September with strength that carried into early October. However, the government shutdown impacted October air distribution bookings by approximately 3 percentage points, and we expect this impact to carry through the fourth quarter. As a result, we now anticipate fourth quarter year-on-year air distribution bookings growth of between 6% and 8%. The commentary around the broader travel industry is encouraging and could signal a normalization of trends going forward.

9 月結束時，我們保持了強勁勢頭，這種勢頭一直延續到 10 月初。然而，政府停擺對 10 月的航空分銷預訂量產生了約 3 個百分點的影響，我們預計這種影響將持續到第四季。因此，我們現在預計第四季航空分銷預訂量將年增 6% 至 8%。圍繞整個旅遊業的評論令人鼓舞，這可能預示著未來趨勢將趨於正常化。

We continue to believe the challenges we have navigated during 2025 are largely transitory and as volumes from our growth strategies accelerate through the end of the year, we are well positioned for growth. Additionally, we are optimistic that our positive momentum as well as the launch of our LCC solution in early 2026, positions Sabre for mid-single-digit air bookings growth in 2026.

我們仍然相信，我們在 2025 年遇到的挑戰大多是暫時的，隨著我們成長策略的銷量在年底前加速成長，我們已做好充分準備迎接成長。此外，我們樂觀地認為，憑藉我們積極的發展勢頭以及在 2026 年初推出的低成本航空公司解決方案，Sabre 預計將在 2026 年實現中等個位數的航空預訂量增長。

In summary, we are focused on controlling what we can control, namely delevering the balance sheet and driving sustainable growth through innovation. With continued execution, the development of our AI solutions, and opportunities in adjacent spaces such as payments and hotels, we believe Sabre is well positioned for long-term growth.

總而言之，我們專注於控制我們能夠控制的事情，即降低資產負債率，並透過創新推動永續成長。隨著我們不斷推動人工智慧解決方案的開發，以及在支付和酒店等相鄰領域的機會，我們相信 Sabre 已做好長期發展的準備。

Thank you. And now over to Mike.

謝謝。現在把麥克風交給麥克。

Thanks, Kurt, and good morning, everyone. Please turn to slide 11. For the third quarter, Sabre reported revenue of $715 million, up 3% year on year, consistent with our guidance range of low to mid-single-digit growth. Distribution revenue grew $24 million, driven primarily by an increase in air and hotel distribution bookings as well as an increase in product revenue.

謝謝你，庫爾特，大家早安。請翻到第11頁。Sabre 第三季營收為 7.15 億美元，年成長 3%，與我們先前預測的低至中等個位數成長範圍一致。分銷收入成長了 2,400 萬美元，主要得益於機票和飯店分銷預訂量的增加以及產品收入的成長。

IT Solutions revenue of $140 million was flat year on year as growth from passengers boarded was offset by a decrease in license fee revenue. We continue to expect fourth-quarter IT Solutions revenue to remain in a similar range of $140 million to $145 million.

IT解決方案收入為1.4億美元，與上年持平，乘客數量的成長被許可證費收入的下降所抵銷。我們仍預期第四季 IT 解決方案營收將維持在 1.4 億美元至 1.45 億美元的類似範圍內。

On a normalized basis, gross margin decreased 130 basis points in the third quarter versus the prior year. The decrease in gross margin is due primarily to two items: lower-than-expected revenue from certain higher-margin product sales and continued FX impacts of the weaker US dollar, where Sabre generates revenue in dollars but pays some agency incentives in local currencies.

以正常水準計算，第三季毛利率較上年同期下降了 130 個基點。毛利率下降主要歸因於兩方面：一是某些高利潤率產品銷售收入低於預期，二是美元走弱帶來的持續外匯影響，Sabre 的收入以美元結算，但部分代理激勵款項以當地貨幣支付。

Looking forward, we expect these gross margin pressures to continue into the fourth quarter. Third quarter 2025 normalized adjusted EBITDA of $150 million increased 23% year on year, with normalized adjusted EBITDA margin expanding by 340 basis points to 21%. Pro forma free cash flow was $13 million, and we ended the quarter with $683 million of cash on the balance sheet.

展望未來，我們預計這些毛利率壓力將持續到第四季。2025 年第三季經調整的 EBITDA 為 1.5 億美元，較去年同期成長 23%，經調整的 EBITDA 利潤率成長 340 個基點至 21%。預計自由現金流為 1,300 萬美元，季末資產負債表上的現金為 6.83 億美元。

Moving to slide 12. As Kurt outlined, third-quarter results were largely in line with the expectations we outlined on our second-quarter earnings call. Revenue growth of 3% met our guidance for low to mid-single-digit year-on-year growth. Normalized adjusted EBITDA of $150 million was at the high end of our expectations. Pro forma free cash flow of $13 million was below our expectations. The variance was driven approximately one-third by lower receipts and two-thirds by higher disbursements.

切換到第12張投影片。正如庫爾特所概述的那樣，第三季業績基本上符合我們在第二季財報電話會議上提出的預期。營收成長 3%，符合我們先前預期的個位數低至中等水準的年成長目標。經過調整後的正常化 EBITDA 為 1.5 億美元，處於我們預期的高端。預計自由現金流為 1300 萬美元，低於我們的預期。造成這種差異的原因大約有三分之一是收入減少，三分之二是支出增加。

Receipts were lower due to the cadence of the quarter. There is roughly a 30-day lag between bookings and receipts. July and August air distribution bookings were relatively flat year on year, which was lower than our forecast and virtually all bookings growth in the third quarter occurred in September, which did not benefit third-quarter receipts.

由於季度週期所限，收入有所下降。預訂和收款之間大約有 30 天的延遲。7 月和 8 月的航空分銷預訂量與去年同期相比基本持平，低於我們的預期，而且第三季度的預訂量增長幾乎全部發生在 9 月份，這並沒有對第三季度的收入產生積極影響。

Regarding higher disbursements, certain payments that were forecasted to be paid in the fourth quarter of 2025 and in 2026 were paid in September. Based on our updated working capital forecast, we now expect free cash flow for the full year 2025 to be approximately $70 million.

關於更高的撥款，一些原計劃在 2025 年第四季和 2026 年支付的款項已於 9 月支付。根據我們更新後的營運資本預測，我們現在預計 2025 年全年自由現金流約為 7,000 萬美元。

Turning to slide 13. Over the past two years, we have made significant progress on our capital structure, lowering overall debt and extending our maturities. This year, we have paid off over $1 billion of debt. As part of that, in the third quarter, we repaid approximately $825 million of debt from the proceeds of the Hospitality Solutions sale. We have pushed out maturities as well, with over 60% of our debt maturing in 2029 or later.

翻到第13張幻燈片。過去兩年，我們在資本結構方面取得了重大進展，降低了整體債務，延長了債務到期日。今年，我們已經償還了超過10億美元的債務。作為其中的一部分，在第三季度，我們用出售飯店解決方案所得款項償還了約 8.25 億美元的債務。我們也推遲了債務到期日，超過 60% 的債務將在 2029 年或之後到期。

With our current outlook, by the end of 2025, we expect our pro forma net leverage will be approximately 50% lower versus year-end 2023. We regularly look for opportunities to efficiently refinance our debt and extend our maturities. As we look to 2026 cash interest, we expect 2026 to reflect our projected 2025 full-year interest expense of $441 million that is included in our GAAP to non-GAAP reconciliation, plus the impact of any potential refinancings as well as any changes in the forward curve.

根據我們目前的預測，到 2025 年底，我們預計我們的備考淨槓桿率將比 2023 年底降低約 50%。我們經常尋找機會，以高效的方式為債務進行再融資並延長債務期限。展望 2026 年的現金利息，我們預計 2026 年將反映出我們 2025 年全年利息支出預測為 4.41 億美元，該預測已包含在我們的 GAAP 與非 GAAP 調整表中，再加上任何潛在的再融資的影響以及遠期曲線的任何變化。

On to slide 14 and our outlook for the rest of this year. We anticipate fourth quarter air distribution bookings growth of between 6% and 8% with a midpoint of 7%. This compares to our prior fourth quarter guide of 6% to 14% with a midpoint of 10%. The 3 percentage point reduction in the midpoint of our guide is driven primarily by the impact of the government shutdown. We expect low single-digit fourth quarter year-on-year revenue growth, and we expect pro forma adjusted EBITDA of approximately $110 million.

接下來是第 14 張投影片，我們將展望今年剩餘時間的情況。我們預計第四季航空分銷預訂量將成長 6% 至 8%，中位數為 7%。這與我們之前給出的第四季度 6% 至 14% 的預期（中位數為 10%）相比有所變化。我們指南中點數值下降 3 個百分點主要是由於政府停擺的影響。我們預計第四季營收年增將達到個位數，預計調整後 EBITDA 約為 1.1 億美元。

Our fourth-quarter adjusted EBITDA guidance incorporates a $10 million to $12 million impact from the government shutdown. We expect to generate pro forma free cash flow in the fourth quarter of approximately $130 million. As a reminder, the fourth quarter is typically our highest free cash flow quarter due to the seasonality of working capital.

我們第四季調整後的 EBITDA 預期包含了政府停擺帶來的 1,000 萬至 1,200 萬美元的影響。我們預計第四季將產生約 1.3 億美元的備考自由現金流。需要提醒的是，由於營運資金的季節性波動，第四季通常是我們自由現金流最高的季度。

Our full year-outlook for air distribution bookings growth is positive and is within the guidance range we shared on our second-quarter call. With our updated outlook for the fourth quarter, we expect full-year air distribution bookings growth to be near the low end of our previously provided range of 0.5% to 3.5% -- we expect full year 2025 pro forma adjusted EBITDA to be approximately $530 million, representing year-on-year growth of 9%. We have not made any changes to our assumptions for either CapEx or cash interest.

我們對全年航空分銷預訂成長的預期是正面的，並且符合我們在第二季電話會議上分享的指導範圍。根據我們對第四季度的最新展望，我們預計全年航空分銷預訂量增長將接近我們之前提供的 0.5% 至 3.5% 範圍的下限——我們預計 2025 年全年備考調整後 EBITDA 約為 5.3 億美元，同比增長 9%。我們沒有對資本支出或現金利息的假設做出任何更改。

We expect full year 2025 pro forma free cash flow of approximately $70 million and to end the year with a strong cash position of approximately $800 million. In closing, we are making progress on our strategy to generate free cash flow and delever the balance sheet and drive sustainable growth through innovation. We expect the anticipated acceleration of volumes in the fourth quarter will provide solid momentum into 2026.

我們預計 2025 年全年備考自由現金流約為 7,000 萬美元，年底現金狀況強勁，約 8 億美元。最後，我們在實現自由現金流、降低資產負債率以及透過創新推動永續成長的策略方面取得了進展。我們預計第四季銷售將加速成長，這將為 2026 年的發展提供強勁動力。

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

接線員，現在可以開始接受提問了。

(Operator Instructions) Josh Baer, Morgan Stanley.

（操作說明）摩根士丹利 Josh Baer。

I was hoping we could just run through the updated FY25 guidance again and help bridge from what it was last quarter to this quarter. And really focusing on EBITDA and free cash flow, I know you called out some of the headwinds from government shutdown, but really just wondering why EBITDA is now $20 million lower from the midpoint and free cash flow $50 million.

我希望我們能再次回顧更新後的 2025 財年業績指引，並幫助大家銜接上個季度和本季的情況。我知道您提到了政府停擺帶來的一些不利因素，但真正關注的是 EBITDA 和自由現金流，我只是想知道為什麼 EBITDA 現在比中間值低了 2000 萬美元，而自由現金流卻低了 5000 萬美元。

And I know you were talking through some of the receipts and disbursements. I would think some of that would sort of normalize or those September receipts come in in Q4. And so why the bigger move in free cash flow versus EBITDA?

我知道你們當時正在核對一些收據和支出明細。我認為其中一些情況會逐漸恢復正常，或者9月份的款項會在第四季度到達。那麼，為什麼自由現金流相對於 EBITDA 的增幅更大呢？

Yeah. So I'll take that question. So if you go from the midpoint of our guide last time at $550 million to $530 million, the biggest component of that is going to be the $10 million to $12 million impact from the government shutdown. The other difference is, as you look from Q3 to Q4, as we highlighted in our prepared remarks, we did have lower margin from FX and lower high-margin product sales. We do expect that to continue into the fourth quarter. And so that's essentially your difference between your $550 million and $530 million.

是的。那我就來回答這個問題吧。因此，如果從我們上次指南的中點 5.5 億美元到 5.3 億美元來看，其中最大的組成部分將是政府停擺造成的 1,000 萬至 1,200 萬美元的影響。另一個差異是，從第三季到第四季度，正如我們在準備好的發言稿中所強調的那樣，我們的外匯利潤率較低，高利潤產品銷售額也較低。我們預計這種情況會持續到第四季。所以，這基本上就是你的 5.5 億美元和 5.3 億美元之間的差額。

If you recall, your -- what correlated in terms of free cash flow to $530 million of EBITDA was $100 million of free cash flow last quarter. And as I articulated this quarter, there was a difference between our expectations of around $27 million. We expected to come in around $40 million of free cash flow. Instead, we came in around $13 million. And to be clear, about a third of that was due to receipts. two-thirds was due to disbursements.

如果你還記得的話，你——與 5.3 億美元的 EBITDA 相關的自由現金流是上個季度的 1 億美元自由現金流。正如我在本季度所闡述的那樣，我們的預期約為 2700 萬美元，但實際情況卻有所不同。我們預計自由現金流將達到4000萬美元左右。結果，我們最終獲得了約 1300 萬美元。需要說明的是，其中約三分之一是收入，三分之二是支出。

On the receipts, the way to think about that is as we came through the third quarter, as we articulated, receipts are essentially determined by the prior couple of months in the quarter. And August, in particular, fell short. And we had a strong September, which would bode well for receipts in October. However, we had a step down in bookings that wasn't in our original projection because of the government shutdown.

關於收入，我們可以這樣理解：正如我們在第三季所闡述的，收入基本上是由該季度前幾個月的收入決定的。尤其是八月份，表現令人失望。九月業績強勁，這預示著十月份的營收也會不錯。然而，由於政府停擺，我們的預訂量出現了下滑，這與我們最初的預期不符。

So that gets offset in the fourth quarter. So when you get into early next year, because we would expect this quarter to be back-end loaded, we would expect to have slightly higher receipts than we would have otherwise, but it won't necessarily show up in the fourth quarter.

所以這在第四季會被抵銷。所以到了明年年初，由於我們預計本季會出現末期成長，我們預期營收會比往常略高，但這不一定會在第四季體現。

On disbursements, essentially, there were elements there that were timing. So of the disbursements, the way I would think about it, is there's a portion of our disbursements that were made in September that we either contemplated in forecasted for Q4 or early 2025. However, because of timing of work, because of timing of combination of invoices, commercial negotiations, disbursements were slightly different.

就撥款而言，本質上，其中存在一些與時間相關的因素。所以，就撥款而言，我的理解是，我們在 9 月撥付的部分款項，我們原本計劃在第四季或 2025 年初撥付。但是，由於工作時間表、發票合併時間、商業談判和付款時間的不同，情況略有不同。

For example, we had a $7.5 million disbursement in the September month that we originally had forecasted for Q1 of 2026, and it was tied to an agency commercial agreement. But because of what was best for the commercial agreement overall, the payment was made in September. So you don't necessarily get that back this year, and that's what drives you from the $100 million to the $70 million.

例如，我們在 9 月支付了 750 萬美元，這筆款項我們原本預計在 2026 年第一季支付，並且與一項代理商業協議有關。但由於這樣做對整個商業協議最為有利，所以款項在 9 月支付了。所以你今年不一定能拿回那筆錢，而這正是導致你的收入從 1 億美元降至 7,000 萬美元的原因。

Okay. That's really helpful. And just to clarify on the government shutdown impacts, maybe everyone else knows this, but is this because of like staffing, airport and safety? Is it actual government travel spend that's impacted? Or is it more related to the impacts to the consumer and the macro when you quantify that?

好的。這真的很有幫助。關於政府停擺的影響，我想澄清一下，也許大家都知道，但這是因為人員配備、機場和安全等原因造成的嗎？受影響的是政府實際的差旅支出嗎？或者，量化分析後，它是否更多地與對消費者和宏觀經濟的影響有關？

Yeah. Thanks, Josh. To date, the impact is almost entirely travel by government employees and/or US military. We have a high concentration of the US military and government as a component of our business. Just for clarity, for example, in 2024, US military government represent about 4% of our global air distribution volumes.

是的。謝謝你，喬希。迄今為止，其影響幾乎完全體現在政府僱員和/或美國軍人的出行上。在我們的業務中，美國軍方和政府機構佔了很高的比例。舉例來說，為了更清楚說明，到 2024 年，美國軍方和政府約占我們全球航空分銷量的 4%。

That number is quite de minimis in terms of current trading volumes. To date, we've not seen a material impact in terms of the overall industry. But obviously, if you look at operating issues in airports with air traffic control, that is a risk going forward, but not something that's, again, material to date.

就目前的交易量而言，這個數字微不足道。迄今為止，我們尚未看到對整個行業產生實質影響。但顯然，如果你觀察機場空中交通管制的營運問題，這在未來是一個風險，但就目前而言，這並不是什麼實質的問題。

Thank you.

謝謝。

Victor Cheng, Bank of America.

Victor Cheng，美國銀行。

This is [Carla] for Victor Cheng at Bank of America. Two questions from my side. The first one is, what's the mix of your air bookings that is tied to the US government travel? And how can we think about the impact of bookings in Q4 if the shutdown continues?

這是卡拉，她是維克多·程在美國銀行的代表。我有兩個問題。第一個問題是，你們的航班預訂中，與美國政府出行相關的航班佔比是多少？如果停工持續下去，我們該如何看待第四季預訂量受到的影響？

And second question, do you have any updates on your current NDC mix? Is it still in the low single digits? Thank you.

第二個問題，您目前的NDC配方有什麼更新嗎？現在還是個位數嗎？謝謝。

Yeah. Thank you, Carla. For clarity, when you say what is the mix of US military and government, can you clarify what you're asking there?

是的。謝謝你，卡拉。為了更清楚地說明，當您問到美國軍方和政府的組成是什麼時，您能否具體解釋一下您的問題？

Yeah. So just the mix of your air bookings that is tied to the US government, and how can we kind of forecast our bookings estimates based on the shutdown?

是的。所以，你們的航班預訂中有多少是與美國政府有關？我們如何根據政府停擺來預測我們的預訂量？

Okay. We don't break out the details of our military and government if you're asking domestic versus long haul, for example. Again, if you go back to last year, that was about 4% of our air trading volume in the distribution business. That number is quite de minimis in terms of current trading right now.

好的。例如，如果您問的是國內運輸與長途運輸的區別，我們不會詳細說明我們的軍隊和政府情況。再說一遍，如果回顧去年，這大約占我們分銷業務航空貿易量的 4%。就目前的交易量而言，這個數字微不足道。

NDC remains a low single-digit number for us. That's between 2% and 3% of our air distribution volumes. It is growing at a rapid rate. We do expect it to scale as we go forward. And I will emphasize, as we noted during our prepared remarks, we now have 41 live NDC connections. These are the same API connections that you would get if you were a direct connect or any other provider. We have leading functionality that is facing buyers and travel agencies. We feel we are very well positioned in this two-sided market as NDC scales to be a grower.

NDC 對我們來說仍然是一個較低的個位數數字。這相當於我們空氣分配量的 2% 到 3%。它正以驚人的速度成長。我們預計隨著業務的推進，它的規模會不斷擴大。正如我們在準備好的演講稿中提到的，我還要強調一點，我們現在有 41 個活躍的 NDC 連線。如果您是直接連接或其他任何提供者，您將獲得相同的 API 連接。我們擁有面向買家和旅行社的領先功能。我們認為，隨著 NDC 逐步發展成為一家種植企業，我們在這個雙邊市場中佔據了非常有利的地位。

Thank you.

謝謝。

Jack Halpert,Cantor Fitzgerald.

傑克·哈爾珀特，坎托·菲茨杰拉德。

Just two quick ones, please. So kind of coming back to the government travel piece of this. I think you're pretty clear about the headwinds for 4Q. But I guess, historically, when there's been government shutdowns and they kind of come to an end, like do you typically see like an immediate payback in demand? Or is there sort of a bit of a lagged recovery? That's kind of the first one.

就兩個問題，謝謝。所以，我們還是回到政府差旅這部分話題上來吧。我認為你很清楚第四季面臨的不利因素。但我想，從歷史上看，當政府停擺結束時，你通常會看到需求立即回升嗎？或者說，復甦過程存在一定的滯後性？那算是第一個吧。

And then second one, just quickly on payments. Obviously, growth there has been pretty solid the past couple of quarters, and you had the slide about it in the deck. But can you talk a little bit more about the strategy here and how incremental you think you can -- this can be to your business going forward? And then maybe talk about sort of the margin profile of the business as well. Thank you.

然後第二個問題，就是關於付款的簡要說明。顯然，過去幾個季度以來，該領域的成長相當穩健，你在簡報中也提到了這一點。但您能否再詳細談談這項策略，以及您認為它能為貴公司未來的發展帶來多大的進步？然後或許還可以談談公司的利潤率狀況。謝謝。

Thanks, Jack. On the government, we don't know obviously when the shutdown will be resolved. We imagine it will happen in the fourth quarter, but who knows? We anticipate being back to normalcy in the first quarter, but it will probably phase its way between here and there.

謝謝你，傑克。至於政府方面，我們顯然不知道停擺何時才能結束。我們估計會在第四季發生，但誰知道呢？我們預計第一季就能恢復正常，但可能會經歷一個過渡期。

With respect to payments, the payments business, again, which is comprised of Sabre Direct Pay, which is a set of product capabilities that we have both in our distribution and our IT business as well as our Conferma Virtual Payments business. That business is scaling at a 40% top-line rate. Really, it's very compelling what we have there. We have not, at this point, broken out the revenue or the margin details of that business. That may be something that we do prospectively. But we think the value opportunity and the scale opportunity there is tremendous versus our current position.

關於支付方面，支付業務包括 Sabre Direct Pay（我們在分銷和 IT 業務中都擁有的一系列產品功能）以及 Conferma Virtual Payments 業務。該業務正以 40% 的營收成長率快速擴張。確實，我們所擁有的東西非常引人注目。目前我們尚未公佈該業務的收入或利潤率詳情。這或許是我們未來會考慮的事情。但我們認為，與我們目前的地位相比，那裡的價值機會和規模機會是巨大的。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions) Alex Irving, Bernstein.

（操作說明）亞歷克斯·歐文，伯恩斯坦。

Two for me, please. First, on Agentic API. Could you please help us to understand how you intend to monetize this? Specifically, are airlines unable to do their own Agentic API to do the same thing essentially for free? So who's going to pay you and for what specifically?

請給我兩份。首先，關於 Agentic API。請問您能否幫助我們了解一下您打算如何實現這項業務的獲利模式？具體來說，航空公司是否無法自行開發 Agentic API 來免費實現相同的功能？那誰來付錢給你？具體付錢用於什麼？

Second, on booking growth for 2026, I think you mentioned earlier about being positioned for mid-single-digit bookings growth. What assumptions underpin that? If you could please break that down between, say, known new business migrations, specific headwinds lapping, and your expectations for underlying industry growth. Thank you.

其次，關於 2026 年的預訂成長，我想您之前提到過，我們已做好準備，實現中等個位數的預訂成長。這背後的假設是什麼？請您將其細分為，例如已知的新業務遷移、具體的不利因素以及您對行業潛在成長的預期。謝謝。

Thank you, Alex. Let me deal first with the booking growth for 2026. As we indicated, we expect mid-single-digit bookings growth in 2026. That assumes a flattish GDS or distribution marketplace and then strong organic performance by Sabre with continued converted business as well as the implementation of our incremental low-cost carrier solution.

謝謝你，亞歷克斯。首先讓我來談談 2026 年的預訂成長情況。正如我們之前所說，我們預計 2026 年預訂量將實現中等個位數成長。這假設 GDS 或分銷市場較為平穩，Sabre 憑藉持續的業務轉化實現了強勁的內生成長，並實施了我們增量式低成本營運商解決方案。

With respect to Agentic AI, it is very early. I think you're going to see, number one, Agentic AI emerge as a new channel in and of itself, maybe similar to the way online travel agents emerged starting about 30 years ago. And I think that will take share away from both intermediary and supplier direct channels. What we have developed in terms of our API solution is, we think, the leading intermediary API solution for the marketplace. This can sit directly behind an API, Agentic API agent, and/or a large tech platform. And it's also fit for purpose that it can be used by our travel agency and our airline or hotel customers to help them power their Agentic AI profile going forward.

就智能體人工智慧而言，目前還處於非常早期的階段。我認為你會看到，首先，智慧人工智慧本身會成為一個全新的管道，這可能類似於大約 30 年前線上旅行社的出現方式。我認為這將蠶食中間商和供應商直銷通路的市場份額。我們認為，我們開發的 API 解決方案是目前市場上領先的中間 API 解決方案。它可以直接位於 API、Agentic API 代理程式和/或大型技術平台之後。而且它也完全符合用途，我們的旅行社、航空公司或飯店客戶可以使用它來幫助他們增強其 Agentic AI 檔案，以更好地服務未來發展。

In terms of what is the commercial model, obviously, we think the largest opportunity is for us to be an intermediary distribution player, but there may be an IT element to this as well. That will become more apparent in the quarters as we go forward.

就商業模式而言，顯然，我們認為最大的機會在於成為中間經銷商，但這其中也可能包含 IT 元素。隨著比賽的進行，這一點在接下來的幾季中會變得更加明顯。

Dan Wasiolek, Morningstar.

丹‧瓦西奧萊克，晨星公司。

So two, if I may. The first, your booking fee looks like it was pretty strong and stable this quarter at, I think, around $6.06. Just wondering how we should think about that as we look into 2026. And then wondering if you could maybe provide some more detail in your prepared comments, you kind of talked about a stabilization in the overall industry and industry demand, just the conversations maybe you're having with your partners and customers to kind of arrive at that? Thank you.

如果可以的話，我想選兩個。首先，你們的預訂費本季看起來相當強勁穩定，大約在 6.06 美元左右。我想知道在展望 2026 年時，我們應該如何看待這個問題。然後，我想知道您能否在準備好的評論中提供更多細節，您剛才談到了整個行業和行業需求的穩定，以及您可能正在與合作夥伴和客戶進行的對話，以得出這一結論？謝謝。

I'll take the booking fee. If you look at the strength in our booking fee year over year, it was driven by significant non-transactional revenue that's benefiting us. So it's not necessarily tied to a specific booking. And we expect that to continue to be additive over time. With regards to 2026 booking fee, at this stage, we're not going to provide any other commentary beyond what was in our prepared remarks with 2026, but we'll give you a lot more context on that in the February call.

我收下預訂費用。如果觀察我們預訂費逐年增長的趨勢，就會發現這是由大量非交易收入推動的，這些收入使我們受益匪淺。所以它不一定與特定的預訂有關。我們預計隨著時間的推移，這種成長勢頭還會持續下去。關於 2026 年的預訂費，目前我們不會就此發表任何評論，只會重複我們在 2026 年的準備好的發言稿中提到的內容，但我們會在 2 月份的電話會議上提供更多相關信息。

Thanks, Dan. With respect to industry demand, it's a bit of a mixed bag. What you're hearing and seeing from commentary from many different intermediaries and then supplier customers, and this is underpinned by a lot of private conversations that we've had with our clientele is leisure demand is positive year on year, fairly robust. Our corporate demand, what you're seeing is prices elevate or strong yield. And you've seen some improvement on a sequential basis in corporate demand, but it is still negative year on year on a unit basis.

謝謝你，丹。至於行業需求方面，情況比較複雜。從許多不同的中介機構和供應商客戶的評論中，我們聽到和看到的，以及我們與客戶進行的許多私人談話都證實了這一點，那就是休閒需求逐年增長，相當強勁。企業需求導致價格上漲或收益率強勁。企業需求較上月有所改善，但以單位數計算，年比仍為負成長。

And so a lot of the commentary you hear from suppliers is around yield accretion or yield improvement relative to where we were six months. The volume environment has improved, but it's still -- when you look at the mix of corporate plus leisure is mixed. It's not that positive.

因此，你從供應商那裡聽到的許多評論都是關於產量增加或產量相對於六個月前水準的提高。雖然客流量環境有所改善，但從商務和休閒的組合來看，情況仍然比較複雜。情況並不樂觀。

As we go forward, our expectation is typically, what you see in this industry is GDP growth and airline volumes tend to approximate one another. If that is the assumption next year, you're at low single-digit passenger growth in the United States and globally. The question will be what the mix is, and we're going to learn our way into that. But again, our expectation for our volume assumptions next year in distribution are that the intermediary industry is relatively flat and that we're growing share against that metric.

展望未來，我們通常的預期是，在這個產業中，GDP成長和航空運輸量往往會趨於一致。如果明年情況如此，那麼美國乃至全球的客運量成長率都將是個位數。問題在於如何調配，而我們將透過不斷摸索來找到答案。但是，我們對明年分銷業務量預測的預期是，中間商產業相對平穩，而我們在這一指標上的份額將會成長。

Thank you.

謝謝。

James Goodall, Rothschild & Co Redburn.

James Goodall，羅斯柴爾德公司，雷德伯恩。

So firstly, just coming back to slide 9 and focusing on the Q3 air booking growth of 2%. I think your original guide was 2% to 6%, which was based on a negative 9-point impact from mix in industry and plus 13 from growth strategies. Just given that the industry improved to down 1 from down 4 through Q3, what caused Q3 to be at the bottom of the range despite the fact that industry got better through the quarter? Was it that plus 13 of new wins coming on more slowly?

首先，讓我們回到第 9 張投影片，重點關注第三季 2% 的機票預訂成長。我認為你最初的指導方針是 2% 到 6%，這是基於產業組合帶來的 9 個百分點的負面影響和成長策略帶來的 13 個百分點的正面影響。鑑於行業整體狀況從第三季度的下降 4 改善至下降 1，儘管行業整體狀況在本季度有所改善，但是什麼原因導致第三季度仍然處於最低點？是因為那13場新勝利來得比較慢嗎？

And then in terms of my second question, just coming to the low-cost carrier launch for next year. Can you give us a flavor of how many incremental bookings you're expecting that to drive on an annual basis? And how many LTCs you currently have signed up or in the pipes to be signed up? Thank you.

至於我的第二個問題，就是關於明年低成本航空公司的推出。能否大致估算一下，您預計這項措施每年將帶來多少新增預訂量？目前你們有多少長期照護機構已經簽約或正在籌備簽約？謝謝。

Yeah. Thank you, James. When you look at Q3 volumes, what we saw was that both July and August were relatively flat in terms of our intermediary bookings. September was actually up 7%. The very good news there is that when you look at the quarter, there was positive 10 points of volume performance tied to the implementation of new business that was converted this calendar year. And in fact, that number was 12% in September, so that continues to ramp and accelerate. We indicated that was 3 million bookings during the month.

是的。謝謝你，詹姆斯。從第三季銷售來看，我們發現 7 月和 8 月的中間訂單量都相對穩定。9月實際上漲了7%。好消息是，從本季來看，由於本年度新業務的實施，銷售業績出現了 10 個百分點的正成長。事實上，9 月這個數字是 12%，而且這個數字還在持續上升和加速。我們指出，當月預訂量為 300 萬筆。

Why was that below the prior estimate? Despite the GDS, the improvement in the GDS number, it comes down to the mix of our business. Number one is we are adversely impacted as compared to the industry by our exposure to both the US military and government. We have nearly a full share there. And two is a vast majority of corporate and TMC business globally goes through Sabre. And that was still down several percent year on year in the quarter and then the impact of regional mix as well.

為什麼這個結果低於之前的預估？儘管 GDS 指標有所改善，但歸根結底還是取決於我們業務的組合。第一，由於我們同時與美國軍方和政府打交道，與行業其他公司相比，我們受到了不利影響。我們在那裡幾乎擁有全部股份。其次，全球絕大多數企業和TMC業務都透過Sabre進行。而且，該季度同比仍下降了幾個百分點，此外，區域組成也產生了影響。

With the launch of the low-cost carrier platform, there's two important components here. One is similar to if you're familiar with Travelfusion, which is a non-GDS aggregated solution in the market, and there are a number of these kind of solutions. What we are launching is a new platform that integrates 50-plus new low-cost carriers. That is with a bit of a different technical and commercial model. We will be in full production launch in the first quarter of next year.

隨著低成本營運商平台的推出，其中包含兩個重要組成部分。其中一種類似於 Travelfusion，如果您熟悉 Travelfusion 的話，它是一種非 GDS 聚合解決方案，市場上有許多這類解決方案。我們即將推出的是一個整合了 50 多家新型低成本航空公司的全新平台。這是採用了一種略有不同的技術和商業模式。我們將於明年第一季全面投產。

Separately, we've also signed up a significant number of new low-cost carriers that we did not have in our system previously that are participating in more traditional means, either EDIFACT or Direct Connect versus this new low-cost carrier solution. Long term, we expect this could contribute multiple tens of millions of transactions to our business. It will be a subset of that for next year as we ramp this up. We're not going to go into detail on the specific number.

此外，我們還簽署了大量以前未加入我們系統的低成本營運商，他們透過更傳統的方式參與，即 EDIFACT 或 Direct Connect，而不是這種新的低成本營運商解決方案。從長遠來看，我們預計這將為我們的業務帶來數千萬筆交易。明年我們將逐步擴大規模，這將是其中的一部分。我們不會詳細說明具體數字。

Thank you very much.

非常感謝。

Thank you. And there are no further questions in the queue at this time. I will now turn the call back over to Mr. Ekert, CEO, for any closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我將把電話轉回給執行長埃克特先生，請他作總結發言。

Thank you so much, everyone, for the continued interest. We look forward to sharing additional progress next quarter and in the years ahead. Thank you.

非常感謝大家一直以來的關注。我們期待在下個季度以及未來幾年與大家分享更多進展。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，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了。