Sabre Corp (SABR) 2025 Q4 法說會逐字稿

Good morning, and welcome to Sabre's full year and fourth quarter 2025 earnings conference call. My name is Olivia and I will be your operator. As a reminder, please note today's call is being recorded. I will now turn the call over to the Senior Vice President, Finance, Roushan Zenooz. Please go ahead, sir.

早安，歡迎參加 Sabre 2025 年全年及第四季業績電話會議。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。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 full year and fourth 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年全年及第四季財報電話會議。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, our AI offerings and AI-related developments in the industry, transactions and bookings growth, commercial and strategic arrangements, 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的結果、我們的人工智慧產品和產業中與人工智慧相關的發展、交易和預訂成長、商業和策略安排、我們的財務指導、展望和預期、準備財務資訊、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-K for the year ended December 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盈利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 12 月 31 日止年度的 10-K 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.

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 指標的調整表可在收益報告和我們網站 investors.sabre.com 上發布的其他文件中找到。

Normalized amounts have been adjusted for estimated costs historically allocated to our Hospitality Solutions business, which was sold on July 3, 2025. 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.

已對歷史上分配給我們酒店解決方案業務的估計成本進行調整，該業務已於 2025 年 7 月 3 日出售。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; Mike Randolfi, CFO; and Garry Wiseman, President, Product and Engineering. 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；財務長 Mike Randolfi；以及產品和工程總裁 Garry Wiseman。接下來，我將把電話交給庫爾特。

Thanks, Roushan. Hello, everyone, and thank you for joining us. 2025 was a challenging and dynamic year in which exogenous events impacted our operational results. Despite these challenges, we remain focused on execution and met or exceeded our financial guidance in the fourth quarter and ended the year with positive momentum. Moving forward, I believe we are well positioned for strong, sustained performance.

謝謝，柔珊。大家好，感謝各位的參與。 2025年是充滿挑戰和變數的一年，外部事件對我們的經營業績產生了影響。儘管面臨這些挑戰，我們仍然專注於執行，並在第四季度達到或超過了我們的財務預期，並以積極的勢頭結束了這一年。展望未來，我相信我們已經做好充分準備，能夠取得強勁、持續的業績成長。

Our growth outlook today is driven by several key catalysts, continued distribution share gains, the expansion of our multisource content platform, solid growth in both hotel distribution and our payments business as well as improving performance in our airline technology business.

我們目前的成長前景主要受以下幾個關鍵因素驅動：分銷份額的持續成長、多源內容平台的擴張、飯店分銷和支付業務的穩健成長，以及航空技術業務業績的提升。

As I've discussed previously, our industry is evolving rapidly, and Sabre is evolving with it. We are in the midst of a fundamental transition, moving Sabre from a GDS-focused company to an AI-native technology leader.

正如我之前討論過的，我們的行業正在快速發展，Sabre 也隨之發展。我們正處於根本性的轉型之中，將 Sabre 從專注於 GDS 的公司轉變為 AI 原生技術領導者。

Before reviewing 2025 performance, I have some thoughts on recent market sentiment around AI disintermediation risk, the concern that AI bots could bypass our marketplace and connect directly to suppliers. We strongly disagree.

在回顧 2025 年業績之前，我想先談談最近市場對人工智慧去中介化風險的看法，即人工智慧機器人可能會繞過我們的市場，直接與供應商聯繫。我們強烈反對。

AI needs what Sabre has already built vast, constantly evolving data, integrated content, and complex logic purpose-built to solve travel's uniquely challenging workflows. We provide the foundational transaction layer AI uses to shop, price, book and service travel. We expect this shift makes us more essential, not less.

AI 需要 Sabre 已經建構的龐大且不斷發展的數據、整合內容和複雜的邏輯，這些都是專門為解決旅遊業獨有的挑戰性工作流程而建構的。我們提供人工智慧用於購物、定價、預訂和提供旅遊服務的基礎交易層。我們預期這種轉變會讓我們變得更加重要，而不是更不重要。

We believe agentic AI will reshape the technology landscape, and we are positioning Sabre to lead in this next phase. As AI-native companies enter the travel ecosystem, they need Sabre's strong foundation, which provides breadth of content, modern cloud-native platform, and AI-native APIs, which we believe positions us as the platform of choice.

我們相信智能體人工智慧將重塑技術格局，而我們正在使 Sabre 成為下一階段的領導者。隨著人工智慧原生公司進入旅遊生態系統，他們需要 Sabre 的強大基礎，該基礎提供廣泛的內容、現代雲端原生平台和人工智慧原生 API，我們相信這使我們成為首選平台。

While we are in the early stages of sizing the AI opportunity and have not included any of the potential significant upside in our forward outlook, we are taking deliberate actions to align our talent and investments with the strategy and position Sabre for long-term growth and value creation. As part of these actions, today, we announced a series of executive leadership changes effective tomorrow.

雖然我們目前還處於評估人工智慧機會的早期階段，並且尚未將任何潛在的重大成長納入我們的未來展望，但我們正在採取有意識的行動，使我們的人才和投資與策略保持一致，並使 Sabre 為長期成長和價值創造做好準備。作為這些舉措的一部分，我們今天宣布了一系列高層領導變動，這些變動將於明天生效。

Garry Wiseman is promoted to President, Product and Engineering, with his remit expanded to include leadership of innovation and agentic AI; Shawn Williams is appointed Chief Operating Officer, and will lead Sabre's revenue and commercial operations functions; Andy Finkelstein steps into the role of Chief Commercial Officer, Travel Marketplace; and Dave Medrano was promoted to Chief People Officer.

Garry Wiseman 晉升為產品與工程總裁，其職責範圍擴大，包括領導創新和智慧人工智慧；Shawn Williams 被任命為首席營運官，將領導 Sabre 的收入和商業營運職能；Andy Finkelstein 擔任旅遊市場首席商務官；Dave Medrano 晉升為首席人力資源官。

Separately, Roshan Mendis, who has been a superb leader during his many years with Sabre, most recently as Chief Commercial Officer, has decided to pursue another opportunity. Roshan will transition to Senior Adviser before departing the company in May. We deeply appreciate his contributions and wish him continued success.

另外，在 Sabre 工作多年並擔任首席商務官的 Roshan Mendis 已決定尋求其他發展機會。羅尚將在五月離開公司前轉任高級顧問。我們非常感謝他的貢獻，並祝他繼續取得成功。

On today's call, I've invited Garry to share our progress on delivering agentic AI solutions to drive long-term growth and why that makes us a critical part of the evolving AI ecosystem.

在今天的電話會議上，我邀請了 Garry 分享我們在提供智慧 AI 解決方案以推動長期成長方面取得的進展，以及為什麼這使我們成為不斷發展的 AI 生態系統中的關鍵組成部分。

Now turning to slide 4. For the year, we recorded double-digit year-on-year growth in normalized adjusted EBITDA, and generated positive pro forma free cash flow. A key focus for us is further strengthening our balance sheet, and we made significant progress this year by paying off over $1 billion in debt, which, when combined with growth in pro forma adjusted EBITDA, reduced our pro forma net leverage by approximately 25% compared to year-end 2024.

現在請看第4張投影片。本年度，我們實現了經調整後的 EBITDA 兩位數年增長，並產生了正的備考自由現金流。我們重點關注的是進一步加強資產負債表，今年我們透過償還超過 10 億美元的債務取得了重大進展，加上備考調整後 EBITDA 的成長，與 2024 年底相比，我們的備考淨槓桿率降低了約 25%。

We continue to be proactive in managing our long-term capital structure. Through two successful refinancings in 2025, we have no large maturities until 2029, and over 90% of our debt now matures in 2029 or later. We also ended the year with a strong cash balance of $910 million, which includes $98 million of restricted cash for debt repayments in the first quarter of 2026.

我們將繼續積極主動地管理我們的長期資本結構。透過 2025 年的兩次成功再融資，我們在 2029 年之前沒有大額到期債務，目前超過 90% 的債務將在 2029 年或之後到期。我們年底的現金餘額也達到了強勁的 9.1 億美元，其中包括 9,800 萬美元的受限現金，用於在 2026 年第一季償還債務。

While we have more work to do to reach our long-term leverage goals, these actions provide us with significant room to continue to invest and further grow our business.

雖然我們還有更多工作要做才能實現長期槓桿目標，但這些舉措為我們提供了繼續投資和進一步發展業務的巨大空間。

On the right side of the slide, our technology investments are driving positive measurable results. AI has been a core systemic part of the Sabre technology stack for years, and we continue to lean into that advantage.

幻燈片右側顯示，我們的技術投資正在帶來積極的、可衡量的結果。多年來，人工智慧一直是 Sabre 技術堆疊的核心系統組成部分，我們將繼續發揮這一優勢。

In 2025, we seized the first-mover position in our industry with our introduction of agentic APIs and a proprietary MCP server designed for the travel industry. These agentic solutions help AI agents better understand and operate within the complexity of travel content and workflows.

2025年，我們推出了代理API和專為旅遊業設計的專有MCP伺服器，從而在行業中佔據了先發優勢。這些智能體解決方案可以幫助人工智慧代理更好地理解和處理複雜的旅行內容和工作流程。

We also launched several industry-first AI solutions and partnerships, which Garry will touch on shortly. Sabre Payments was one of our fastest-growing businesses in 2025, with gross spend on the platform increasing more than 35% year-on-year and producing strong revenue growth.

我們也推出了多項業界首創的人工智慧解決方案和合作夥伴關係，Garry 稍後會詳細介紹。Sabre Payments 是我們 2025 年成長最快的業務之一，該平台上的總支出年增超過 35%，並產生了強勁的收入成長。

Our travel marketplace continues to deliver multisource travel content on an unprecedented scale and drove agency wins and expansions during the year. In the fourth quarter, air distribution bookings grew 4%, which included the direct and indirect impacts from the US government shutdown, and we ended the year with air bookings growth of 7% in December.

我們的旅遊市場平台繼續以前所未有的規模提供多通路旅遊內容，並在今年推動了代理商的贏得和業務擴張。第四季度，航空分銷預訂量增加了 4%，其中包括美國政府停擺的直接和間接影響，12 月航空預訂量增加了 7%，結束了這一年。

Finally, we extended our leadership position in NDC by adding 15 live integrations during the year, bringing our total to 42, and we are seeing adoption ramp. We exited 2025 with NDC representing approximately 4% of total air distribution bookings, and we expect our rate of NDC bookings to accelerate throughout 2026.

最後，我們透過在這一年中新增 15 個即時集成，鞏固了我們在 NDC 領域的領先地位，使我們的集成總數達到 42 個，並且我們看到採用率正在上升。2025 年末，NDC 約佔航空分銷總預訂量的 4%，我們預計 2026 年 NDC 預訂量將加速成長。

Moving to slide 5 and details on full year 2025 results. Overall results were positive across the board. Total distribution bookings grew 1% year-on-year and full year air distribution bookings were also positive. Within the airline technology, passengers boarded grew 2% year-on-year. Hotel distribution bookings increased 5% year-on-year to $42 million the attachment rate to air bookings increased over 130 basis points year-on-year.

接下來是第 5 張投影片，詳細介紹 2025 年全年業績。整體而言，各項結果都令人滿意。分銷訂單總量較去年同期成長 1%，全年航空分銷訂單量也實現正成長。在航空技術領域，登機乘客數量較去年同期成長 2%。飯店分銷預訂額年增 5% 至 4,200 萬美元，與機票預訂的關聯率年增超過 130 個基點。

Gross hotel booking value transacted through the platform now exceeds $20 billion annually. These positive results drove full year revenue growth, and combined with ongoing expense management, normalized adjusted EBITDA grew 10%. Normalized adjusted EBITDA margin improved over 160 basis points to 19%.

目前，透過該平台完成的飯店預訂總交易額每年超過 200 億美元。這些正面成果推動了全年營收成長，加上持續的費用控制，經調整後的 EBITDA 成長了 10%。經調整後的 EBITDA 利潤率提高了 160 多個基點，達到 19%。

Moving to slide 6. Our cloud-native technology foundation is driving growth across our portfolio. Within airline technology, we are delivering a growing suite of modular AI-driven solutions, ranging from new tools that optimize revenue in real time to a growing suite of gen AI chat and servicing capabilities.

切換到第6張投影片。我們的雲端原生技術基礎正在推動我們整個產品組合的成長。在航空技術領域，我們正在提供一套不斷增長的模組化人工智慧驅動解決方案，從即時優化收入的新工具到不斷增長的人工智慧聊天和服務功能套件。

As airlines transition to modular offer order-based systems, we believe Sabre is well positioned to be the vendor of choice for their transformation. With our SabreMosaic airline technology gaining momentum, we expect to drive positive IT Solutions revenue growth for 2026.

隨著航空公司向模組化訂單系統過渡，我們相信 Sabre 已做好充分準備，成為他們轉型過程中的首選供應商。隨著我們的 SabreMosaic 航空技術不斷發展壯大，我們預計 2026 年 IT 解決方案營收將實現積極成長。

Our travel marketplace provides a single connection to what we believe is the widest breadth of travel content in the industry. Air expansion is the combination of our distribution expansion and multisource platform growth strategies.

我們的旅遊市場平台提供了一個單一的入口，連接著我們認為業界最廣泛的旅遊內容。空氣擴張是我們分銷擴張和多源平台成長策略的結合。

Despite a challenging 2025, we ended the year with strong momentum, driven by continued share gains, growth in NDC bookings and our new LCC solution, which is now fully launched as well as continued growth from the SabreMosaic marketplace, we expect to see a meaningful year-on-year acceleration in air bookings growth.

儘管 2025 年充滿挑戰，但我們在市場份額持續增長、NDC 預訂量增長以及我們全新的低成本航空公司解決方案（現已全面推出）和 SabreMosaic 市場持續增長的推動下，以強勁的勢頭結束了這一年。我們預計航空預訂量將實現顯著的同比增長。

Overall, we expect annual volume growth for both 2026 and 2027 to be in the mid-single digits. Importantly, now six weeks into the quarter, the strength we saw in December has continued and is broad-based across all regions and also within corporate travel. Lodging expansion continues to scale, delivering over $350 million in annual LGS revenue in 2025, and we expect continued solid revenue growth in 2026.

整體而言，我們預計 2026 年和 2027 年的年銷售成長率將達到中等個位數。重要的是，本季已經過去六週，我們在 12 月看到的強勁勢頭得以延續，並且遍及所有地區，也包括企業差旅領域。住宿業務持續擴張，預計 2025 年將為 LGS 帶來超過 3.5 億美元的年度收入，我們預計 2026 年收入將繼續保持穩健成長。

Finally, we believe that Payment Suite, our integrated fintech hub, is well positioned for sustained growth. It remains one of the fastest growing areas within Sabre, with strong demand for our solutions that simplify operations, increase payment flexibility and automate risk and fraud management. I'll now hand the call over to Garry, who will discuss AI and Sabre's AI strategy in greater detail.

最後，我們相信，作為我們整合的金融科技中心的 Payment Suite 已做好充分準備，實現持續成長。它仍然是 Sabre 成長最快的領域之一，市場對我們能夠簡化操作、提高支付靈活性以及實現風險和詐欺管理自動化的解決方案有著強勁的需求。現在我將把電話交給加里，他將更詳細地討論人工智慧和 Sabre 的人工智慧策略。

Thank you, Kurt. Moving to slide 7. AI needs us to power results, and we believe it is a huge opportunity for us. Let me explain why from a technology perspective. We sit on over 50 petabytes of curated travel data, and we have the greatest depth and breadth of content in the travel space.

謝謝你，庫爾特。切換到第7張投影片。人工智慧需要我們助力才能取得成果，我們相信這對我們來說是一個巨大的機會。讓我從技術角度解釋一下原因。我們擁有超過 50 PB 的精選旅遊數據，在旅遊領域擁有最深厚、最廣泛的內容。

We process 14,000 transactions per second and 11 billion shopping signals per month. These unparalleled demand signals don't exist anywhere in the public domain. However, we enable pure-play AI companies to participate in a complex space with a simple connection to these insights. We believe we are also critical in an AI-first world because of our proprietary and constantly evolving logic. Travel is extraordinary complex.

我們每秒處理 14,000 筆交易，每月處理 110 億個購物訊號。這些前所未有的需求訊號在公共領域並不存在。但是，我們讓純粹的人工智慧公司能夠透過簡單的連結來獲取這些洞察，從而參與複雜的領域。我們相信，憑藉我們專有的、不斷發展的邏輯，我們在人工智慧優先的世界中也至關重要。旅行是一件極為複雜的事。

We house over 50 years of servicing workflows, travel policies and compliance logic across 200-plus countries and thousands of supplier-specific fare rules and partner network agreements, all built through billions of real transactions.

我們擁有超過 50 年的服務工作流程、差旅政策和合規邏輯，涵蓋 200 多個國家，以及數千條供應商特定的票價規則和合作夥伴網路協議，所有這些都是透過數十億次的真實交易建構的。

In short, we believe we have solved for almost every single edge case that has ever existed in travel anywhere in the world. This logic is proprietary and cannot be scraped from the web or reverse engineered. AI engines cannot independently obtain and orchestrate this logic. While chatbots can generate itineraries, they can't book or service them reliably at scale.

簡而言之，我們相信我們已經解決了世界各地旅行中幾乎所有出現過的特殊情況。此邏輯為專有技術，無法從網路上抓取或進行逆向工程。人工智慧引擎無法獨立取得和協調這種邏輯。雖然聊天機器人可以產生行程，但它們無法大規模可靠地預訂或提供服務。

For example, we aggregate and normalize real-time flight results in sub-seconds across hundreds of sources. This is a huge technical hurdle for most AI players today. And this is why Virgin Australia, PayPal and a growing pipeline are building on us, not around us. And finally, we have a first-mover advantage in the industry. We launched the first agentic APIs and MCP server for travel almost six months ago.

例如，我們匯總並標準化來自數百個來源的亞秒即時航班結果。對於當今大多數人工智慧玩家來說，這是一個巨大的技術難題。這就是為什麼維珍澳洲航空、PayPal 和越來越多的潛在合作夥伴都在我們的基礎上發展，而不是圍繞著我們發展。最後，我們在業界擁有先發優勢。大約六個月前，我們推出了首個旅行導向的代理 API 和 MCP 伺服器。

This was purpose-built for LLM consumption at enterprise scale. It is in production now while competitors have yet to unveil their agentic APIs. Our open modular platform plugs into wherever travel gets sold and wherever consumers go next, which we believe is conversational commerce. In summary, we own the foundational layer AI needs to transact travel. We believe the shift to agentic makes us more essential than ever.

這是專為企業級LLM使用而設計的。目前該產品已投入生產，而競爭對手尚未推出其代理 API。我們的開放式模組化平台可以連接到任何銷售旅遊產品的場所，以及消費者接下來會去的任何地方，我們認為這就是對話式商務。總而言之，我們擁有人工智慧進行旅行交易所需的底層技術。我們相信，向自主性轉變使我們比以往任何時候都更加重要。

Moving to slide 8, I'll discuss our three recent strategic partnerships, which serve to demonstrate our leadership position within AI infrastructure. We believe Sabre is becoming the essential AI infrastructure for travel, serving both established companies modernizing their stack, and AI native start-ups building next-generation experiences.

接下來，我將在第 8 張投影片中討論我們最近的三項策略合作，這些合作旨在展示我們在人工智慧基礎設施領域的領導地位。我們相信 Sabre 正在成為旅遊業必不可少的 AI 基礎設施，既服務於正在對其技術棧進行現代化改造的成熟公司，也服務於正在建立下一代體驗的 AI 原生新創公司。

Our three recent partnerships confirm this. PayPal and MindTrip are building with us a next-generation agentic experience, unifying discovery, planning, booking, payment and servicing in one conversational interface. MindTrip brings the consumer platform, PayPal brings flexible payments and agentic commerce and Sabre brings an enterprise travel platform and agentic AI expertise.

我們最近的三項合作都證實了這一點。PayPal 和 MindTrip 正在與我們共同打造下一代代理商體驗，將發現、規劃、預訂、付款和服務統一到對話介面中。MindTrip 提供消費者平台，PayPal 提供靈活支付和代理商務，Sabre 提供企業旅行平台和代理 AI 專業知識。

The product launch is targeted for the second quarter of 2026. BizTrip, a Silicon Valley-based AI-native TMC, is combining our agentic capabilities with their AI assistants to build corporate travel functionality, handling complex bookings, real-time itinerary management and intelligent policy automation through natural language interfaces.

該產品預計將於2026年第二季上市。BizTrip 是位於矽谷的 AI 原生 TMC，它將我們的代理功能與他們的 AI 助理相結合，建立企業差旅功能，透過自然語言介面處理複雜的預訂、即時行程管理和智慧策略自動化。

They're leveraging our travel marketplace, agentic APIs and global network. Virgin Australia is the first airline deploying our Concierge IQ solution. It handles layered questions, delivers accurate bookable results and goes beyond booking to managing rebooking, miles redemption, refunds and backtracking.

他們正在利用我們的旅遊市場、代理商 API 和全球網路。維珍澳洲航空是第一家部署我們 Concierge IQ 解決方案的航空公司。它可以處理多層次的問題，提供準確的預訂結果，並且不僅限於預訂，還可以管理重新預訂、里程兌換、退款和回溯。

Virgin Australia is seeing improved experience and higher satisfaction with Concierge IQ. Additionally, we're exposing this functionality via our new ChatGPT plug-in for Virgin Australia. This ChatGPT plug-in solution is available for all of our travel supply partners.

維珍澳洲航空在使用 Concierge IQ 服務後，體驗和滿意度均有所提升。此外，我們也透過為維珍澳洲航空推出的全新 ChatGPT 插件，向大眾開放了這項功能。ChatGPT插件解決方案適用於我們所有的旅行用品合作夥伴。

Our AI solutions help our customers compete and win in the emerging AI ecosystem. Further, we believe we are well positioned to win in the new channel of conversational travel commerce by providing comprehensive shopping, booking and servicing capabilities to any company that is developing an agentic travel experience.

我們的人工智慧解決方案幫助客戶在新興的人工智慧生態系統中競爭並取得成功。此外，我們相信，透過向任何正在開發代理式旅行體驗的公司提供全面的購物、預訂和服務能力，我們有能力在對話式旅遊商務這一新管道中取得成功。

Thank you. Now over to you, Mike.

謝謝。現在輪到你了，麥克。

Thanks, Garry, and good morning, everyone. Please turn to slide 10. Fourth quarter financial results were solid and generally met the expectations we shared on our third quarter call. These results reflect the continued improvement in operating trends we saw at the end of the third quarter, partially offset by impacts related to the government shutdown during the quarter.

謝謝你，加里，大家早安。請翻到第10張投影片。第四季財務業績穩健，基本上符合我們在第三季財報電話會議的預期。這些結果反映了我們在第三季末看到的營運趨勢的持續改善，但部分被該季度政府停擺的影響所抵消。

In the fourth quarter, total revenue grew by 3% year-on-year, consistent with our guidance of low single-digit year-on-year growth. Distribution revenue grew $27 million, an increase of 5%, primarily due to an increase in air and hotel distribution bookings, favorable rate impacts and an increase in other revenue.

第四季總營收年增 3%，與我們先前預期的低個位數年增率一致。分銷收入增長了 2700 萬美元，增幅達 5%，主要原因是機票和酒店分銷預訂量增加、價格有利以及其它收入增加。

Air distribution bookings grew 4% year-on-year, below the guidance of 6% to 8% we provided on our third quarter earnings call. While our previous outlook accounted for the government and military travel reductions known at the time, the impacts were broader than expected due to lower inbound US traffic and an increase in flight cancellations.

航空分銷預訂量年增 4%，低於我們在第三季財報電話會議上給出的 6% 至 8% 的預期。雖然我們先前的預測已經考慮到了當時已知的政府和軍方出行減少的情況，但由於美國入境客流量下降和航班取消增加，其影響比預期的要廣泛。

As Kurt mentioned, we ended the year with strong momentum, achieving 7% air distribution bookings growth in December, and we anticipate mid-single-digit air distribution bookings growth in the first quarter.

正如庫爾特所提到的，我們以強勁的勢頭結束了這一年，12 月份航空分銷預訂量增長了 7%，我們預計第一季航空分銷預訂量將實現中等個位數的增長。

IT Solutions revenue of $140 million was within the range of expectations we shared on our third quarter call. Gross margin of 58% was also in line with our expectations. The year-on-year decrease in gross margin was primarily due to revenue mix and FX impacts of a weaker US dollar.

IT解決方案營收為1.4億美元，符合我們在第三季電話會議上提出的預期範圍。毛利率為 58%，也符合我們的預期。毛利率年減主要是由於收入結構變動和美元走弱所帶來的匯率影響。

Fourth quarter 2025 normalized adjusted EBITDA of $119 million increased 10% year-on-year, with normalized adjusted EBITDA margin expanding by 107 basis points to 18%.

2025 年第四季經調整的 EBITDA 為 1.19 億美元，較去年同期成長 10%，經調整的 EBITDA 利潤率成長 107 個基點至 18%。

Normalized adjusted EBITDA growth was driven by higher revenue and continued expense management. Pro forma free cash flow was $116 million for the fourth quarter, a year-on-year increase of $45 million. And recall, our quarterly pro forma free cash flow includes the negative impact of $19 million of disbursements related to refinancing fees and interest paid earlier than previously expected.

經調整後的 EBITDA 正常化成長主要得益於更高的收入和持續的費用控制。第四季備考自由現金流為 1.16 億美元，較上年同期增加 4,500 萬美元。此外，請記住，我們的季度備考自由現金流包括與再融資費用和利息提前支付相關的 1,900 萬美元支出的負面影響。

Moving to slide 11 and full year 2025 results. For the full year, Sabre reported revenue of $2.8 billion, up 1% year-on-year, driven primarily by growth in distribution revenue.

接下來請看第 11 張投影片，了解 2025 年全年業績。Sabre全年營收達28億美元，年增1%，主要得益於分銷收入的成長。

Gross margin for the year was 57.2%, within our expectations. Full year 2025 normalized adjusted EBITDA of $536 million increased 10% year-on-year, with normalized adjusted EBITDA margin expanding by 166 basis points to 19%. Pro forma free cash flow was $57 million. We ended the year with a strong cash balance of $910 million, which includes $98 million of restricted cash for debt payments in the first quarter of 2026.

本年度毛利率為 57.2%，符合我們的預期。2025 年全年經調整的 EBITDA 為 5.36 億美元，年增 10%，經調整的 EBITDA 利潤率成長 166 個基點至 19%。預計自由現金流為5700萬美元。年底時，我們擁有9.1億美元的強勁現金餘額，其中包括9,800萬美元的受限現金，用於在2026年第一季償還債務。

Moving to Slide 12. full year results were largely in line with the expectations we outlined on our third quarter earnings call. Revenue growth of 1% met our guidance for flat year-on-year growth. Normalized adjusted EBITDA of $536 million was above our guidance of approximately $530 million, driven by continued cost management. Pro forma free cash flow of $57 million includes $19 million of disbursements related to refinancing fees and interest paid earlier than previously expected due to the refinancing activity in 2025.

翻到第 12 張投影片。全年業績基本上符合我們在第三季財報電話會議上提出的預期。營收成長1%，符合我們先前預期的年持平成長目標。經調整後的正常化 EBITDA 為 5.36 億美元，高於我們先前約 5.3 億美元的預期，這主要得益於持續的成本控制。預計自由現金流為 5,700 萬美元，其中包括 1,900 萬美元的支出，這些支出與 2025 年的再融資活動有關，由於再融資費用和利息提前支付，超出預期。

Turning to slide 13. In 2025, we made significant progress on our capital structure, lowering overall debt and extending our maturities. We paid off over $1 billion of debt using cash on the balance sheet and proceeds from the sale of Hospitality Solutions.

翻到第13張幻燈片。2025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。我們利用資產負債表上的現金和出售 Hospitality Solutions 所得款項償還了超過 10 億美元的債務。

Importantly, we have also extended our debt maturity profile. Following two successful refinancings in 2025, we have no large debt maturities until the spring of 2029, and over 90% of our debt matures in 2029 or later. Through growth in pro forma adjusted EBITDA and the reduction of debt, combined with our strong year-end cash balance, we have reduced our pro forma net leverage ratio by approximately 25% versus year-end 2024. We remain focused on further delevering, and I'm proud of the work we have done this year.

重要的是，我們也延長了債務到期期限。繼 2025 年成功完成兩次再融資後，我們在 2029 年春季之前沒有大額債務到期，超過 90% 的債務將在 2029 年或之後到期。透過調整後 EBITDA 的成長和債務的減少，再加上我們強勁的年末現金餘額，與 2024 年底相比，我們的調整後淨槓桿率降低了約 25%。我們將繼續專注於進一步去槓桿化，我對今年所做的工作感到自豪。

Moving to slide 14, and our outlook for 2026, including a walk from 2026 pro forma adjusted EBITDA to free cash flow. Consistent with our strategy, we are providing 2026 guidance as well as commentary on 2027 to demonstrate that we believe we are well positioned to generate sustainable, positive free cash flow over the long term.

接下來是第 14 張投影片，我們將展望 2026 年，包括從 2026 年備考調整後的 EBITDA 到自由現金流的計算過程。與我們的策略一致，我們提供了 2026 年的業績指引以及對 2027 年的展望，以表明我們相信我們有能力在長期內產生可持續的、正的自由現金流。

Our outlook excludes the potential upside from agentic AI initiatives, which we believe could be meaningful, but it's too early to quantify. For full year 2026, we expect mid-single-digit volume growth, driven by continued share gains, growth of NDC bookings and our recently launched LCC solution.

我們的展望不包括智慧人工智慧計畫帶來的潛在收益，我們認為這些收益可能很有意義，但現在量化還為時過早。預計 2026 年全年銷量將實現中等個位數成長，這主要得益於市場份額的持續增長、NDC 預訂量的增長以及我們最近推出的 LCC 解決方案。

We expect the growth in volumes will lead to year-on-year revenue growth of mid-single digits. We also expect IT Solutions revenue to grow in the mid-single digits for the year and to be in the range of $140 million to $150 million per quarter, with growth coming primarily in the back half of the year.

我們預期銷售成長將帶動年收入實現中等個位數的成長。我們也預計，IT解決方案收入將全年實現中等個位數成長，每季營收將在1.4億美元至1.5億美元之間，成長主要發生在下半年。

As mentioned, we do expect that a portion of 2026 revenue growth will be driven by increasing NDC and LCC volumes, which drive incremental gross profit at a slightly lower margin. In addition to the impact of these accelerating volumes, some additional expected changes in mix as well as FX pressure, we anticipate 2026 pro forma gross margin to be in the range of 56% to 57%.

如前所述，我們預計 2026 年的部分營收成長將由 NDC 和 LCC 銷量的成長推動，這將以略低的利潤率帶來增量毛利。除了銷售加速成長的影響外，預計產品組合也會有一些變化，此外還有外匯壓力，我們預計 2026 年的備考毛利率將在 56% 至 57% 之間。

We are targeting to keep pro forma adjusted technology and pro forma adjusted SG&A lines relatively flat over the next two to three years through an inflation offset program. The goal of this program is to offset normal inflationary pressures over the next two to three years. We anticipate the pro forma adjusted technology line will reflect a low single-digit percent increase due to increased technology costs from higher volumes.

我們的目標是透過通膨抵銷計劃，在未來兩到三年內維持經備考調整的技術成本和經備考調整的銷售、一般及行政費用相對穩定。該計劃的目標是抵消未來兩到三年內正常的通膨壓力。我們預計，由於產量增加導致技術成本上升，經調整後的技術線將呈現個位數百分比的成長。

We expect pro forma adjusted SG&A will decrease by a low single-digit amount for the full year 2026. Through keeping costs relatively flat, we expect strong flow-through from revenue growth to pro forma adjusted EBITDA, which is expected to be approximately $585 million in 2026. We do not expect any significant change to our annual CapEx spend of approximately $80 million.

我們預計 2026 年全年經調整後的銷售、一般及行政費用將下降個位數百分比。透過維持成本相對穩定，我們預計營收成長將強勁地轉化為調整後的 EBITDA，預計 2026 年將達到約 5.85 億美元。我們預計年度資本支出（約 8000 萬美元）不會有任何重大變化。

Annual cash interest in 2026 is expected to be approximately $470 million. This represents a year-on-year increase of approximately $140 million. The increase is primarily due to Sabre no longer receiving the cash benefit from the paid-in-kind instrument Sabre had in place from June 2023 through May of 2025, which provided us with the option to defer cash interest. As part of our inflation offset program, we estimate total restructuring cost will be around $65 million.

預計 2026 年的年度現金利息約為 4.7 億美元。這比去年同期增加了約 1.4 億美元。此次成長主要是由於 Sabre 不再從 2023 年 6 月至 2025 年 5 月期間 Sabre 實施的實物支付工具中獲得現金收益，該工具使我們能夠選擇延期支付現金利息。作為我們應對通貨膨脹計劃的一部分，我們預計重組總成本約為 6500 萬美元。

In the fourth quarter of 2025, we recorded a $51 million restructuring charge related to this program. We expect approximately $60 million of cash outflows related to the program in 2026. One item to note before discussing our free cash flow guidance, going forward, we will not be utilizing the pro forma free cash flow metric as there are no further adjustments to be made to free cash flow for the sale of Hospitality Solutions.

2025 年第四季度，我們提列了與該計劃相關的 5,100 萬美元重組費用。我們預計 2026 年與該計劃相關的現金流出約為 6,000 萬美元。在討論我們的自由現金流指引之前，需要注意一點：今後我們將不再使用備考自由現金流指標，因為出售 Hospitality Solutions 不會對自由現金流進行進一步調整。

We expect 2026 free cash flow to be negative $70 million, driven primarily by the impact of the $60 million in restructuring costs associated with our previously discussed inflation offset program. Excluding the restructuring charge, free cash flow for 2026 would be near breakeven.

我們預計 2026 年自由現金流為負 7,000 萬美元，主要原因是先前討論過的通膨抵銷計畫相關的 6,000 萬美元重組成本的影響。不計重組費用，2026 年的自由現金流將接近損益兩平點。

Looking beyond 2026, with the continued execution of our growth strategies, we anticipate the positive growth trends we have guided to in 2026 will extend into 2027. Our current expectation is also for mid-single-digit revenue growth in 2027, driven by continued revenue growth and ongoing cost discipline. We expect sustained year-on-year adjusted EBITDA growth and importantly, positive free cash flow in 2027.

展望 2026 年以後，隨著我們成長策略的持續實施，我們預期 2026 年我們所預期的正向成長趨勢將延續到 2027 年。我們目前預計，在持續的收入成長和持續的成本控制的推動下，2027 年的收入將實現中等個位數的成長。我們預計 2027 年調整後 EBITDA 將持續年增，更重要的是，自由現金流將為正值。

Looking at slide 15, and our expectations for the first quarter. We expect solid growth in the first quarter, with volume and revenue growth in the mid-single digits. We anticipate our first quarter revenue growth will result in higher year-on-year gross income.

請看第 15 張投影片，以及我們對第一季的預期。我們預計第一季將穩健成長，銷售量和營收成長將達到中等個位數。我們預計第一季營收成長將帶來比去年同期更高的毛利。

We expect first quarter pro forma gross margin to be at the lower end of our expected annual range of 56% to 57%, primarily due to revenue mix and FX impacts of a weaker dollar. We expect gross margins for the remaining three quarters of 2026 to be higher versus the first quarter due to the impact of higher margin sales, including media as well as payments.

我們預計第一季備考毛利率將處於我們預期年度範圍 56% 至 57% 的下限，主要原因是收入結構和美元走軟帶來的匯率影響。我們預計，由於媒體和支付等高利潤率銷售的影響，2026 年剩餘三個季度的毛利率將高於第一季。

Additionally, in the first quarter, we expect pro forma adjusted technology expense will be higher on a year-on-year basis, primarily due to volume growth and typical wage inflation.

此外，我們預期第一季經調整後的備考技術支出將比上年同期增加，主要原因是銷售成長和典型的薪資上漲。

Moving to pro forma adjusted SG&A. We expect a year-on-year increase due to a combination of typical wage inflation and the impact of a sales tax refund benefit of $7 million in the prior year that is not expected to recur.

改為依備考調整後的銷售、一般及行政費用。我們預計，由於典型的薪資通膨以及上一年 700 萬美元的銷售稅退稅優惠（預計不會再次出現）的影響，將出現同比增長。

For the remainder of '26, we expect that costs will generally trend down due to the impacts of our inflation offset program. Overall, we expect first quarter pro forma adjusted EBITDA to be approximately $130 million. We expect quarterly free cash flow to follow historical seasonality, and expect the first and third quarters to reflect the majority of the full year increase to cash interest expense.

預計在 2026 年剩餘時間內，由於通膨抵銷計畫的影響，成本總體上將呈下降趨勢。整體而言，我們預計第一季備考調整後 EBITDA 約為 1.3 億美元。我們預計季度自由現金流將遵循歷史季節性規律，並預計第一季和第三季將反映全年現金利息支出成長的大部分。

For additional details, we've included a schedule of expected quarterly cash interest within our website financials available on our Investor Relations website. Our strategy remains focused on generating free cash flow and delevering our balance sheet and driving sustainable growth through innovation.

有關更多詳情，我們已在投資者關係網站上提供的財務報表中列出了預計季度現金利息時間表。我們的策略仍然是專注於創造自由現金流、降低資產負債率，並透過創新推動永續成長。

We made significant progress against these priorities in 2025. Building on the momentum we exited 2025 with, we are excited for the year ahead, and we are optimistic that Sabre is positioned to transition to a period of higher revenue growth going forward. And with that, operator, please open the line for questions.

2025年，我們在這些優先事項方面取得了重大進展。憑藉 2025 年取得的良好勢頭，我們對未來一年充滿期待，並樂觀地認為 Sabre 已做好準備，將進入收入成長更高的時期。接線員，現在可以開始接受提問了。

(Operator Instructions) Dan Wasiolek, Morningstar.

（操作員說明）Dan Wasiolek，晨星公司。

Probably a question here for Garry. So guys have obviously been hard at work with your AI tool development. I can see how that strengthens your network ecosystem. Just wondering kind of what still needs to be done in your view on the AI front? What should we be looking for?

這或許應該問問加里。顯然，各位在人工智慧工具的開發上付出了很多努力。我能看出這會如何增強你們的網路生態系統。我想知道您認為在人工智慧領域還有哪些工作需要完成？我們應該尋找什麼？

And then in the prepared comments, it was mentioned upside opportunities from AI. Just wondering if maybe you could provide some more color on what those might be?

然後，在事先準備好的評論中，提到了人工智慧帶來的機會。我想知道您能否再詳細解釋一下這些可能是什麼？

Thank you for the question.

謝謝你的提問。

Go ahead, Garry, just jump right in.

加里，你儘管跳進去吧。

Yes. So I think on the AI front and relative towards the travel use cases, for me, really what is going to be the next stage here is to generally show the end-to-end experience of conversational commerce in travel. And so that's what we're doing with the partnerships that you've seen with MindTrip and with PayPal, where, through the MindTrip app itself, you can have a great experience in terms of building an itinerary that's personalized, that's highly relevant towards your needs as you try and plan your next trip.

是的。所以我認為，就人工智慧領域以及與旅遊用例相關的部分而言，對我來說，下一個階段真正要做的就是全面展示旅遊領域對話式商務的端到端體驗。因此，這就是我們與 MindTrip 和 PayPal 等合作夥伴所做的工作。透過 MindTrip 應用程序，您可以獲得絕佳的體驗，打造個人化的行程，高度滿足您的需求，幫助您規劃下一次旅行。

We then come in, in terms of making sure that we provide you the greatest offers in terms of how to get there, where to stay? And then obviously, with PayPal, they then are able to help in terms of the payment, whether it's a single payment or actually payment over time through installments to make sure that you can actually afford that particular trip.

接下來，我們將確保為您提供最佳的交通方式和住宿選擇等服務。顯然，有了 PayPal，他們就能在付款方面提供幫助，無論是單次支付還是分期付款，以確保你能負擔得起那次旅行。

So that's been one of the things for me that's been missing when it came to AI and a travel experience is that no one has really done that end-to-end yet from really the discovery, the planning, the booking, the payments and the servicing. So that's what I'm super excited to see as we go into the second quarter of 2026. Go ahead, Kurt.

所以，對我來說，人工智慧和旅行體驗一直缺少的一點是，還沒有人真正實現從發現、規劃、預訂、支付到服務的端到端流程。所以，我非常期待在2026年第二季看到這種情況。請繼續，庫爾特。

Yes. I was just going to add, one of the interesting things that is unique about Sabre, as Garry alluded to in the prepared remarks is we already have the full breadth of data, content, intelligent shopping, servicing capabilities. Putting the front-end agentic layer on there, as Garry would articulate, is actually not that technically complex. It's just a matter of extending our capabilities into it as a new ecosystem of agentic travel.

是的。我正要補充一點，正如 Garry 在準備好的演講稿中提到的，Sabre 的獨特之處在於，我們已經擁有全面的數據、內容、智慧購物和服務能力。正如加里所闡述的那樣，將前端代理層添加到系統中，實際上在技術上並不複雜。這只是將我們的能力擴展到其中，建構一個全新的智慧旅行生態系統的問題。

And then anything, I guess, to -- that you're willing to remark on like upside opportunities that might evolve from AI in the years to come?

那麼，對於未來幾年人工智慧可能帶來的其他機會，您有什麼想說的嗎？

Yes. I think the best way to think about this in my eyes is, if you think back, if you're as old as I am, 30 years ago, you saw the emergence of online travel agents as a fundamentally new channel. And that had the impact of taking share away from both supplier direct and indirect channels at the time.

是的。我認為思考這個問題的最佳方式是，如果你回想一下，如果你和我一樣年紀大，30年前，你會看到線上旅行社作為一個​​全新的管道的出現。這導致當時供應商的直接通路和間接通路的市佔率均有所下降。

I think what you're going to see with agentic travel, these are the agentic players as well as tech platforms, is that is going to emerge similar to the way OTAs emerged as a fundamentally new channel, probably happen even more rapidly than what you saw with the emergence of OTAs. When you think about which channels are at risk, I think it's those that are subject to an Internet or electronic experience today.

我認為，隨著代理商旅遊（包括代理商和技術平台）的出現，它將以類似於線上旅行社（OTA）的方式成為一個全新的管道，而且其發展速度可能比線上旅行社的出現更快。當你思考哪些管道面臨風險時，我認為是那些如今受到網路或電子體驗影響的管道。

So less impacted should be corporate travel and brick-and-mortar travel agencies, more impacted would be supplier direct where you have non loyal travelers, Metasearch, which is not an end-to-end experience because you're being linked off.

因此，受影響較小的應該是企業差旅和實體旅行社，受影響較大的則是供應商直銷（因為其客戶並非忠誠的旅客）、元搜尋（因為用戶會被連結到其他網站，所以無法獲得端到端的體驗）。

And then third would be OTAs, obviously, OTAs are going to play in this very differently. So we think the offensive opportunity for Sabre is very substantial. Again, very hard to articulate how large that agentic sector is going to be and the pace at which it is going to play. But we believe we have a distinct market advantage in terms of speed to market today.

第三點顯然是OTA訓練，OTA訓練在這次疫情中的作用將截然不同。因此我們認為佩刀隊的進攻機會非常大。同樣，很難清楚地表達這個代理部門的規模會有多大，以及它將以多快的速度發揮作用。但我們相信，就目前市場速度而言，我們擁有明顯的市場優勢。

So we're looking to plant flags very aggressively.

所以我們正計劃大舉插旗。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

I think you did a great job addressing the topic of agentic and AI bots. I was hoping you'd do the same with just direct connects generally. One of the challenges of airlines or -- and OTAs, other travel buyers just building direct connects is the huge cost burden in establishing and also maintaining and supporting those connections from an R&D and a developer and infrastructure perspective.

我認為你對智慧機器人和人工智慧機器人這個主題的探討非常出色。我希望你也能對一般的直接連結採取同樣的做法。航空公司或線上旅行社 (OTA) 以及其他旅行買家在建立直接連接時面臨的挑戰之一是，從研發、開發和基礎設施的角度來看，建立、維護和支援這些連接的成本負擔巨大。

Does the introduction of gen AI change that economic equation at all? Just thinking about lower cost of coding, increasing productivity of a developer, yes, if you could weigh in there on that topic?

人工智慧的引入是否會改變這種經濟格局？如果只是考慮降低編碼成本、提高開發人員的生產力，您能否就此主題發表一下看法？

Yes, this is Kurt. Let me have Garry jump in first on the, what I'll call the physics of direct connect, and how that will emerge in an agentic world. And then I'll comment on the industry structure a bit.

是的，這是庫爾特。首先，讓加里來談談我稱之為直接連接的物理學，以及它將如何在智慧世界中出現。然後我會稍微談談產業結構。

Yes. Thank you, Kurt. So really, this comes down to what makes us a great partner for an AI company or only company to work with rather than attempt to really replicate what we do. So we have a highly scalable marketplace obviously, with that vast selection of travel content that we both have the contractual rights to aggregate, normalize and display at a speed that an AI agent could not do in a real-time fashion, which is due to our volumes, which means that we can predictably cash content in such a way that individual suppliers cannot.

是的。謝謝你，庫爾特。所以說，關鍵在於是什麼讓我們成為人工智慧公司理想的合作夥伴，或者說，是什麼讓我們成為人工智慧公司唯一值得合作的公司，而不是試圖真正複製我們所做的事情。因此，我們顯然擁有一個高度可擴展的市場，其中包含大量旅遊內容，我們雙方都擁有合約權利以人工智慧代理無法即時完成的速度聚合、規範化和展示這些內容，這得益於我們的數據量，這意味著我們可以以單一供應商無法做到的方式可預測地將內容變現。

And hence, we can cope with that look-to-book ratio that is a severe tax on suppliers' infrastructure costs. So this is something, again, that whether it's in a general web search or any type of shopping scenario that could be AI or not is something that we excel at in terms of responding in sub-second times compared to what is today taking eight to nine seconds if you connect directly to supplier and shopping on their APIs independently? Kurt?

因此，我們可以應付訂單量與預訂量之比，這對供應商的基礎設施成本來說是一項沉重的負擔。所以，無論是在一般的網路搜尋還是任何類型的購物場景中（無論是否涉及人工智慧），我們都擅長在不到一秒的時間內做出回應，而目前如果直接連接到供應商並透過他們的 API 獨立購物，則需要 8 到 9 秒的時間。庫爾特？

Yes. Thank you, Garry. And so think about direct connects generally, for folks who enable a direct connect, and Sabre is an amalgam of 500 airline direct connects and thousands of hotel direct connect, for example. When you have look-to-book coming inbound and you have massive complexity, that creates challenges, both for the supplier who's dealing with this inbound traffic.

是的。謝謝你，加里。因此，一般來說，要考慮直接連接，對於那些啟用直接連接的人來說，Sabre 就是 500 家航空公司直接連接和數千家酒店直接連接的集合體。當有大量潛在客戶湧入市場，且市場格局極其複雜時，這對處理這些潛在客戶的供應商來說，無疑是一項挑戰。

Number two is for the person doing the direct connect, very difficult to manage that environment. We've spoken previously about the opportunity for reintermediation of some of the direct connect traffic.

第二點是對於直接連結的人來說，管理這種環境非常困難。我們之前討論過對部分直接連接流量進行重新中介的機會。

I think you'll see that in some of our results going forward. With agentic AI, that problem is going to be exacerbated for both the suppliers with inbound traffic and response times, and two, for folks who may have those direct connects in place like OTAs. So I actually think the utility that we provide tomorrow in an agentic world is actually going to be even more important than it was yesterday.

我認為你會從我們未來的一些業績中看到這一點。對於擁有代理人工智慧的供應商而言，這個問題將會加劇，原因有二：一是供應商的入站流量和回應時間；二是像 OTA 這樣的直接連結者。所以我認為，在智能體主導的世界中，我們明天所提供的效用其實會比昨天更重要。

Okay. That's helpful. And then I was just hoping you could unpack this inflation offset program a little bit further. What exactly is inflating? Is that just wages? Is it other costs? And what exactly is offsetting?

好的。那很有幫助。然後，我希望您能更詳細地解釋一下這個通貨膨脹抵消計劃。究竟是什麼在膨脹？那僅僅是工資嗎？還有其他費用嗎？那麼，抵銷究竟是什麼呢？

Yes. As part of any cost to cost, you over time have some inflation, primarily wage inflation, but then you also have some contractual inflation, technology costs tend to go up. One of our goals is to keep our key line items of technology cost and SG&A roughly flat, except for some volume-related hosting costs.

是的。任何成本都會隨著時間的推移而上漲，主要是薪資上漲，但也會出現合約上漲，技術成本往往會上升。我們的目標之一是保持技術成本和銷售、管理及行政費用等主要項目基本保持不變，只增加一些與交易量相關的託管成本。

So we've embarked on a program basically to drive efficiency and effectiveness through our organization with the goal of over the next two to three years, keeping those cost items relatively flat such that as we grow bookings and revenue, we see strong flow-through to EBITDA and EBITDA margin accretion and ultimately greater free cash flow.

因此，我們啟動了一項計劃，旨在提高我們組織的效率和效益，目標是在未來兩到三年內保持這些成本項目相對穩定，這樣隨著預訂量和收入的增長，我們就能看到 EBITDA 和 EBITDA 利潤率的強勁增長，並最終帶來更大的自由現金流。

Okay. So that's layoffs and future restructurings?

好的。所以，這意味著裁員和未來的重組？

The way I would think about it is I put it in three categories. One is leveraging best-in-class geographical location. Second, working with third parties who have certain expertise and efficiencies to a greater degree and then further embedding AI into our workforce and greater enabling our teams to be as productive as possible, and that's the focus.

我的理解是，我可以把它分成三類。一是利用一流的地理位置優勢。其次，我們將與擁有特定專業知識和效率的第三方進行更深入的合作，進一步將人工智慧融入我們的員工隊伍，使我們的團隊能夠盡可能地提高生產力，這就是我們的重點。

And I would just say, in doing this, we hold two things relatively sacrosanct. One is operational delivery for our customers; and then two is research and development. And just anecdotally, we'll have more engineers working on Sabre a year from now than we do today. We're going to be ramping engineers through the year and doing that effectively through this program.

我只想說，在做這件事的過程中，我們有兩件事相對來說神聖不可侵犯。一是為客戶提供營運服務；二是進行研發。就我個人經驗而言，一年後參與 Sabre 開發的工程師人數將會比現在更多。我們將透過這個項目，在今年逐步增加工程師人數，並有效地實現這一目標。

Jack Halpert, Cantor Fitzgerald.

傑克·哈爾珀特，坎托·菲茨杰拉德。

Just another on the agentic AI stuff. So you have a relationship with Google for other parts of the business. Do you see any opportunity to deepen your relationship with Gemini on the agentic AI front? And are you having any conversations with other leading AI labs, OpenAI, et cetera? And then just secondly, on capital allocation.

再補充一點關於智能體人工智慧的內容。所以你們在業務的其他方面也與Google建立了合作關係。您認為在智慧人工智慧領域，是否有任何機會可以加深與 Gemini 的合作關係？你們是否與其他領先的人工智慧實驗室、OpenAI 等進行過任何對話？其次，是關於資本配置。

I know you made a lot of progress in the debt paydown this year. Moving forward, can you talk about how you're thinking about capital allocation for 2026 and beyond? Is the debt profile still the number one priority? Or do you feel like you're at a good level to start shifting investment more towards growth initiatives?

我知道你今年在償還債務方面取得了很大進展。展望未來，您能否談談您對 2026 年及以後的資本配置有何設想？債務狀況仍然是首要考慮因素嗎？或者您覺得公司已經發展到可以開始將更多投資轉向成長型專案的階段了？

Thanks, Jack. I'll take the first question and then ask Mike to speak about capital allocation. So we've got a great relationship with Google. Our AI infrastructure is effectively built on Google's Vertex and now Gemini AI capabilities. I'd say what you've seen is the tip of the iceberg in terms of relationships and partnerships that are going to come in the market.

謝謝你，傑克。我先回答第一個問題，然後請麥克談談資本配置。我們和谷歌的關係非常好。我們的人工智慧基礎設施實際上是建立在Google的Vertex和現在的Gemini AI功能之上的。我認為你所看到的只是冰山一角，市場上將會出現更多的人際關係和合作關係。

We're in conversations with effectively all the meaningful large players out there, which is why we believe this is such a significant opportunity for Sabre. And let me turn it to Mike to speak about capital allocation.

我們正在與幾乎所有重要的行業巨頭進行洽談，因此我們認為這對 Sabre 來說是一個非常重要的機會。接下來，我請麥克談談資本配置問題。

Yes. First, I'll start with the back part of your question first. And I would say, we prioritize our investment in our growth initiatives, our growth strategies and our agentic AI push forward. So that's a priority, that's always been a priority. With regards to capital structure, we've been thoughtful and proactive with regards to our capital structure.

是的。首先，我先從你問題的後半部開始回答。我想說，我們優先投資於我們的成長計畫、成長策略以及推動智慧人工智慧發展。所以，這是優先事項，一直都是優先事項。在資本結構方面，我們一直很深思熟慮，並且積極主動。

We'll continue to do so. But I think we're actually in a pretty good place today. We ended the year with $910 million of cash in the balance sheet. Now $98 million of that's in escrow for some debt paydowns in March of 2026. So really, the usable cash is $812 million.

我們將繼續這樣做。但我認為我們現在的處境其實相當不錯。年底時，我們的資產負債表上顯示現金餘額為 9.1 億美元。目前，其中 9,800 萬美元已存入第三方託管帳戶，用於在 2026 年 3 月償還部分債務。所以實際上，可用的現金是 8.12 億美元。

We expect to ultimately be generating positive free cash flow over the long run. And if you look at our maturity ladder, I think we put ourselves in a pretty good place. We have no large maturities up until June of 2029, and we've done that pretty efficiently in terms of costs. So we think we're in a pretty good place at the moment.

我們預計從長遠來看，最終將產生正的自由現金流。如果你看一下我們的成熟度等級，我認為我們已經把自己置於一個相當不錯的位置。直到 2029 年 6 月，我們都沒有大額到期債務，而且我們在成本方面做得相當有效率。所以我們認為我們目前處境相當不錯。

(Operator Instructions) Victor Chang, Bank of America.

（操作員說明）維克多·張，美國銀行。

Good slides on the agentic AI initiatives. Maybe on the volume growth for this year, can you walk us through maybe the cadence of it? Obviously, you're guiding mid-single-digit for Q1 and full year. I think earlier this year, you're still analyzing some of the share gains that you have. So what is sustainable growth in H2?

關於智能體人工智慧計畫的幻燈片很不錯。關於今年的銷售成長，您能否為我們詳細介紹一下其成長節奏？顯然，你們預計第一季和全年的成長率將達到個位數中段。我認為今年早些時候，你們還在分析你們取得的一些市佔率成長。那麼，H2 的可持續成長是什麼？

Is that related to the multisource low-cost carrier initiative? How is that working? And then secondly, on NDC, you talked about that going up 4%. Can you talk a bit about where you're seeing that growth coming from? Are TMCs finally getting on board and maybe by region as well?

這和多源低成本航空公司計劃有關嗎？效果如何？其次，關於NDC，你談到了它上漲4%。您能否談談您認為這種成長來自哪裡？轉播商是否終於開始加入，或許還會以地區劃分？

And I will have a quick follow-up.

我稍後會做一個簡短的跟進。

Victor, thank you, a multipart question as usual. Number one is with respect to distribution volume growth for this calendar year. As we indicated, we expect to see mid-single-digit distribution volume growth for 2026 and again for 2027. As we indicated in December, we saw 7% air distribution volume growth. We've seen a similar trend year-to-date so far.

Victor，謝謝你，問題一如既往地包含多個部分。第一點是關於本年度分銷量成長的情況。正如我們所指出的，我們預計 2026 年和 2027 年分銷量將實現中等個位數成長。正如我們在 12 月指出的那樣，我們看到空氣分配量增加了 7%。今年迄今為止，我們已經看到了類似的趨勢。

That's broad-based across all regions. It includes corporate travel, which we indicated was actually negative last year, so a much healthier market environment today. When we look at this in a componentized fashion, first of all, we expect -- our assumption is that GDS market, which we said is largely flat from '25 to '26, so the growth that we're indicating is largely organic performance by Sabre.

這種情況在所有地區都很普遍。其中包括商務旅行，我們指出去年商務旅行實際上是負成長的，因此如今的市場環境要健康得多。當我們從組成部分的角度來看待這個問題時，首先，我們預計——我們的假設是，GDS 市場（我們說過，從 2025 年到 2026 年，GDS 市場基本持平）因此，我們所指出的增長主要是 Sabre 的內生性表現。

Number one, we expect to continue to take share. That will be the realization of share takeaways that we implemented last year. We have other things that are being implemented, and we expect to continue to win at pace.

第一，我們期望繼續擴大市場佔有率。這將實現我們去年實施的股份轉移計劃。我們還有其他措施正在實施，我們預計會繼續保持快速獲勝的勢頭。

Two is NDC, which reached 4% adoption at the end of last year. We expect that to continue to scale, and I'll speak about that further in a second.

第二是NDC，截至去年年底，採用率達4%。我們預計這種情況會繼續擴大，稍後我會進一步談到這一點。

And then three is, we spoke last year about the integration of additional low-cost carrier inventory and the launch of our multisource platform and new low-cost carrier. That is all fully in production today.

第三點是，我們去年談到了整合更多低成本承運商庫存以及推出我們的多源平台和新的低成本承運商。目前所有這些產品都已全面投入生產。

It's one of the key reasons we're winning, and we expect to pick up incremental bookings from those carriers as well. With NDC more specifically, we're seeing it pretty broad-based in terms of adoption by OTA and TMC. And I'd say it varies by region, but it's very specific to carrier.

這是我們成功的關鍵原因之一，我們也期待從這些航空公司獲得更多的預訂量。具體來說，NDC 在 OTA 和 TMC 的採用方面相當廣泛。我認為這會因地區而異，但具體情況很大程度上取決於營運商。

So for example, you might have a large carrier in South America, which has broad NDC adoption. And if that's a top two or three carrier, that will drive adoption for the region in total.

例如，你可能在南美洲有一家大型營運商，該公司廣泛採用 NDC 技術。如果這是排名前兩三的營運商，那將推動該地區整體的普及。

But I would say, generally, you're at a point now where, as we indicated, we have 42 carriers live within our NDC solution. We've done a significant amount of work on functionality to basically normalize workflow differences between EDIFACT and NDC for the travel agent, and that's mitigating any productivity or user experience impacts that they may have had previously. So again, we expect that to scale at pace as we go forward.

但總的來說，正如我們所指出的，目前我們的 NDC 解決方案中已有 42 家營運商。我們在功能方面做了大量工作，基本上規範了 EDIFACT 和 NDC 之間旅行社的工作流程差異，從而減輕了他們之前可能遇到的任何生產力或用戶體驗方面的影響。所以，我們預期隨著業務的推進，這規模將會快速擴大。

That makes sense. And maybe a quick follow-up on the restructuring. Should we expect the inflation offset program to continue? And kind of any cash flow impact for '27 as well potentially?

這很有道理。或許還需要就重組事宜做一個簡短的後續跟進。我們是否應該預期通膨抵銷計畫會持續下去？那麼，這對2027年的現金流是否有任何潛在影響呢？

Sure. So we believe the total quantum of the restructuring will be around $65 million. As we talked about, we had a $51 million charge in the fourth quarter of 2025. The bulk of the cash flow impact will be during this year in 2026, and that's the $60 million you see in our guidance slide. So in 2027, any cash flow impacts we expect would be de minimis.

當然。因此，我們認為重組的總金額約為 6500 萬美元。正如我們之前討論過的，我們在 2025 年第四季提列了 5,100 萬美元的費用。大部分現金流影響將發生在 2026 年，也就是您在我們業績指引投影片中看到的 6,000 萬美元。因此，我們預計 2027 年的任何現金流影響都將微乎其微。

Could be some, but I would expect it to be de minimis.

可能有一些，但我預計數量會非常少。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Great. Just on the free cash flow guidance, can you give us an update on how your discussion is going with sort of your debt holders and free cash flow being flat? Would love to hear an update there.

偉大的。關於自由現金流指引，您能否更新一下您與債權人就自由現金流持平問題進行的討論進度？很想知道那邊的最新進展。

Yes. I mean, well, Jed, we just -- as you know, we just completed a significant refinancing of $1.8 billion. That refinancing went very, very well. We did that at an interest cost of 11.8%. And the free cash flow profile today is the same as when we conducted that refinancing.

是的。我的意思是，傑德，正如你所知，我們剛剛完成了一筆18億美元的重大再融資。那次再融資非常非常順利。我們這樣做的利息成本為 11.8%。而目前的自由現金流狀況與我們進行再融資時的情況相同。

So overall, we are focused on generating positive free cash flow. We expect to generate positive free cash flow in 2027, and we have a strong cash balance.

所以總的來說，我們專注於創造正的自由現金流。我們預計在 2027 年將產生正的自由現金流，並且我們擁有充足的現金餘額。

Yes. And Jed, just keep in mind, as Mike indicated during the prepared remarks, free cash flow projection for this year includes the $60 million of impact from restructuring and about $130 million year-on-year difference from the [pick] moving to cash. So there's no more PIK that we hold today.

是的。傑德，請記住，正如麥克在準備好的發言中指出的那樣，今年的自由現金流預測包括重組帶來的 6000 萬美元影響，以及由於[選股]轉為現金而產生的約 1.3 億美元的同比差異。所以，我們今天不再持有PIK了。

And then I would love to hear your -- I guess I'm last, I will ask a couple. You said corporate travel is holding up pretty well. That's good to hear. Is that kind of a comp issue? Or what's going on there?

然後我很想聽聽你們的意見──我想我是最後一個了，我再問幾個問題吧。你說過公司差旅狀況還不錯。聽到這個消息真好。這是薪資方面的問題嗎？或是那裡發生了什麼事？

And where are you seeing the strength? Is it coming more from the traditional travel agencies? Or is it coming from some of these new self-service players that we hear about?

你從哪裡看到了優勢？這種情況比較是來自傳統旅行社嗎？或者，它是否來自我們聽說過的某些新型自助服務平台？

I'd say corporate travel and TMC traffic, which was trailing the market last year. We're seeing positive signs in the first part of this year. That's fairly broad both with traditional or existing players as well as some of the new entrants, and we have good exposure to both parties.

我認為是企業差旅和差旅管理公司（TMC）的業務量，而這兩項業務去年都落後於市場整體水準。今年上半年我們看到了一些正面的跡象。涵蓋範圍相當廣泛，既包括傳統或現有玩家，也包括一些新進入者，我們對雙方都有很好的了解。

Got it. And then I guess just my final one. I appreciate all the commentary around AI. Just -- and you've been in the travel industry for a while. When you hear all these direct connections and you can see the market is pretty excited about it, if you just look at the relative outperformance between Marriott, like a booking or any third-party travel agent, I guess just wondering, as we kind of see this evolve, how does this differ than search where I assume these direct connections were available for a while, but the suppliers never took advantage of search.

知道了。然後，我想這就是我的最後一個問題了。我感謝大家對人工智慧的各種評論。只是——而且你在旅遊業已經工作了一段時間了。當你聽到所有這些直接聯繫，並且你可以看到市場對此非常興奮時，如果你看看萬豪酒店、預訂或任何第三方旅行社之間的相對優異表現，我想知道，隨著我們看到這種情況的發展，這與搜索有何不同？我假設這些直接聯繫已經存在一段時間了，但供應商從未利用搜尋功能。

And I guess, what makes this difference? Because I got to assume Google is not going to give away their search advertising business and OpenAI is going to need a pretty big auction advertising business to pay for all their compute requirements. So just wondering how you kind of see this evolving?

那麼，究竟是什麼造成了這種差異呢？因為我假設Google不會放棄其搜尋廣告業務，而 OpenAI 需要相當大的競價廣告業務來支付其所有計算需求。所以我想知道您覺得這件事會如何發展？

Yes. So what's interesting -- what's very different about -- let me compare this to Metasearch, which is Google Flight Search or Kayak, for example, where you get to compare, as a consumer, many different price points. And then you can launch into a different ecosystem to consummate your booking, into the supplier direct or into the OTA, for example.

是的。那麼有趣的是——或者說，它與元搜尋（例如 Google Flight Search 或 Kayak）有何不同呢？在這些元搜尋中，作為消費者，您可以比較許多不同的價格點。然後，您可以進入不同的生態系統來完成預訂，例如直接進入供應商或線上旅行社 (OTA)。

What we've heard from effectively every agentic player in the large tech platform that we've spoken to in recent months is they want to have an integrated end-to-end experience to include changes, servicing, et cetera, which doesn't sound like a Metasearch experience whatsoever. It sounds more like an agency experience.

近幾個月來，我們與大型科技平台中的幾乎所有代理商都交流過，他們都表示希望獲得端到端的整合體驗，包括變更、服務等等，這聽起來完全不像元搜尋體驗。聽起來更像是代理商的工作經驗。

And so as Garry indicated, we think we're very well positioned to enable that. But when you think about this on a channel basis, and I talked earlier about supplier direct, let's say, nonloyal customers and Metasearch, we have a de minimis or almost no share impact from either of those two channels today.

正如加里所指出的那樣，我們認為我們完全有能力實現這一點。但是，從通路角度來看，就像我之前提到的供應商直銷、非忠誠客戶和元搜尋一樣，如今這兩個管道對我們的市場份額影響微乎其微，甚至幾乎沒有影響。

So as an intermediary, to the extent that those channels are impacted, that will have no adverse effect on Sabre. If OTAs are adversely impacted, that's between 20% and 25% of our intermediary trading volumes. But we think the OTAs especially, folks like Priceline or Expedia are very well positioned to compete there.

因此，作為中間商，即使這些管道受到影響，也不會對 Sabre 產生不利影響。如果線上旅行社受到不利影響，將占我們中介交易量的 20% 到 25%。但我們認為，像 Priceline 或 Expedia 這樣的線上旅行社尤其具有很強的競爭力。

So we look at this and say, agentic and us backing the agentics is an offensive new opportunity to the extent there's downside risk, the downside risk to us given our ecosystem is relatively small.

因此，我們在審視這個問題後認為，代理技術以及我們支援代理技術是一個進攻性的新機會，儘管存在下行風險，但考慮到我們的生態系統，下行風險相對較小。

Got it. And then nice announcement with MindTrip and PayPal, then MineTrop people, pretty interesting platform they're building. Can you just expound on that? And just -- I know you said it in your prepared remarks, but any additional color we can add for people on the call?

知道了。然後是 MindTrip 和 PayPal 的好消息，還有 MineTrop 團隊，他們正在建立一個非常有趣的平台。能詳細解釋一下嗎？還有一點——我知道您在準備好的演講稿中已經提到了，但我們還能為電話會議上的聽眾補充些什麼細節嗎？

Yes. Garry has been the architect of that, so I'll ask him to separate in.

是的。Garry是這件事的策劃者，所以我將請他參與其中。

Yes. So as I mentioned earlier, in terms of the way we're working together here is that MindTrip is that front-end experience where they're using agentic capabilities in order to really allow discovery and trip planning. So let's say you want to go to Japan.

是的。正如我之前提到的，我們在這裡合作的方式是，MindTrip 是前端體驗，他們利用代理功能來真正實現發現和旅行計劃。假設你想去日本。

You've got two teenagers, one's into Manga, you can tell it that, and it will start to suggest an (inaudible) places to go, things to go and see. And then combined with that, it will start calling us for hotel information as it's planning the itinerary to map out what a good hotel would be near a particular attraction that might interest you.

你有兩個十幾歲的孩子，其中一個喜歡漫畫，你可以告訴它，它就會開始建議一些（聽不清楚）可以去的地方、可以看的東西。然後，結合這些信息，它會開始打電話給我們詢問酒店信息，以便規劃行程，找出您可能感興趣的特定景點附近比較好的酒店。

And eventually, it will start to call us for flights as it builds the full itinerary. And then from that point onwards, as you decide, okay, this is the trip I actually want to go for, that's where PayPal comes into mix. So PayPal, as I said earlier, they have the instant payment option, of course, but then also they provide installment payments as travel, these days, particularly international travel, can get quite expensive.

最終，它會在建立完整行程的同時，開始打電話給我們安排航班。然後從那時起，當你決定，好吧，這就是我真正想去的旅行時，PayPal 就派上用場了。正如我之前所說，PayPal 當然提供即時付款選項，但他們也提供分期付款，因為如今的旅行，特別是國際旅行，可能相當昂貴。

So the ability to pay in, in installments is also, I think, a very critical part of this particular experience. And then after that, we provide the booking and the servicing capabilities.

所以，我認為分期付款的能力也是這種特殊體驗中非常關鍵的一部分。然後，我們提供預訂和售後服務。

So if during the trip you're running to issues, you need to reschedule things, rebook, et cetera, you can come back to the MindTrip app and simply tell it that you'd like to change your flight. So it's really -- it's an end-to-end experience for consumers as they look to discover, plan, book and then be serviced throughout the travel experience.

因此，如果在旅途中遇到問題，需要重新安排行程、重新預訂等等，您可以返回 MindTrip 應用程序，只需告訴它您想更改航班即可。所以，對於消費者來說，這確實是一個端到端的體驗，他們可以在這裡發現、規劃、預訂，並在整個旅行過程中獲得服務。

This ends the Q&A portion of the call. I will now turn the call back over to Mr. Ekert, CEO, for any closing remarks.

問答環節到此結束。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, everybody, for the interest today. We are extremely optimistic and excited for the year and the years ahead and look forward to sharing results with you in the next quarter and quarters ahead. Take care.

感謝大家今天的關注。我們對今年以及未來幾年都充滿樂觀和興奮，期待在接下來的季度以及之後的幾個季度與您分享成果。小心。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. 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。您現在可以斷開連線了。