Sabre Corporation (SABR) 2026 Q1 法說會逐字稿

Good morning, and welcome to Sabre's first-quarter 2026 earnings conference call. My name is Siobhan and I will be your operator. As a reminder, please note, today's call is being recorded.

早安，歡迎參加 Sabre 2026 年第一季財報電話會議。我是 Siobhan，將擔任本次會議的接線員。提醒各位，今天的電話會議將被錄音。

I will now turn the call over to the Vice President of Investor Relations, Jim Mathias. Please go ahead, sir.

現在我將把電話交給投資人關係副總裁 Jim Mathias。先生，請開始。

Good morning, and welcome to our first quarter 2026 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 2026 年第一季財報電話會議。今天早上，我們已發布財報新聞稿，可於 investors.sabre.com 取得。配合今天預先準備講稿的簡報，也可在本次電話會議期間於 Sabre 投資人關係網頁上取得。今天會議的重播將於稍後今早在我們網站上提供。

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, expectations regarding the Middle East conflict and recovery, commercial and strategic arrangements, the impact of geopolitical events, our financial guidance, outlook and expectations, pro forma financial information, free cash flow and liquidity, among others.

提醒各位，我們的發言包含前瞻性陳述，代表我們對未來事件的信念或預期，包括我們成長策略的成果、我們的 AI 產品與產業中 AI 相關發展、交易與訂位成長、對中東衝突與復甦的預期、商業與策略性安排、地緣政治事件的影響、我們的財務指引、展望與預期、備考（pro forma）財務資訊、自由現金流與流動性等。

All forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the statements made on today's conference call. More information on these risks and uncertainties is contained in our earnings release issued this morning and our SEC filings, including our Form 10-Q for the quarter ended March 31, 2026.

所有前瞻性陳述均涉及風險與不確定性，可能導致實際結果與今天電話會議中的陳述有重大差異。關於這些風險與不確定性的更多資訊，載於我們今天早上發布的財報新聞稿以及我們向 SEC 提交的文件中，包括截至 2026 年 3 月 31 日季度的 Form 10-Q。

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, normalized adjusted EBITDA margin and adjusted technology and adjusted SG&A expenses have been adjusted to exclude certain items.

在今天的電話會議中，我們也將呈現若干非 GAAP 財務衡量指標。今天會議中提及的調整後 EBITDA、調整後 EBITDA 利潤率、常態化調整後 EBITDA、常態化調整後 EBITDA 利潤率，以及調整後技術費用與調整後 SG&A 費用，均已調整以排除特定項目。

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. We are also presenting certain financial information on a pro forma basis to give effect to the sale of the Hospitality Solutions business. Unless otherwise noted, results presented are based on continuing operations.

與非 GAAP 指標最直接可比的 GAAP 指標及其調節表，已載於財報新聞稿及其他張貼於 investors.sabre.com 的文件中。常態化金額已就歷史上分攤至我們 Hospitality Solutions 業務的估計成本進行調整；該業務已於 2025 年 7 月 3 日出售。我們亦以備考（pro forma）基礎呈現部分財務資訊，以反映出售 Hospitality Solutions 業務的影響。除非另有說明，所呈現之結果均基於持續營運。

Effective this quarter, we have updated the terminology used to describe our revenue to better reflect our evolving brand identity and market positioning. Historically referred to as distribution and IT solutions, these revenue streams have been renamed to marketplace and airline technology, respectively. The specific revenue from products, services and underlying solutions offered within each category remain unchanged.

自本季起，我們更新了用於描述營收的用語，以更貼近我們不斷演進的品牌識別與市場定位。過去稱為「distribution」與「IT solutions」的營收來源，現分別更名為「marketplace」與「airline technology」。各類別中所提供之產品、服務與底層解決方案所產生的具體營收並未改變。

Participating with me today are Kurt Ekert, President and Chief Executive Officer; Mike Randolfi, Chief Financial Officer; Garry Wiseman, President, Product and Engineering, will be available for Q&A.

今天與我一同參與的有：總裁暨執行長 Kurt Ekert；財務長 Mike Randolfi；以及產品與工程總裁 Garry Wiseman，將在問答環節提供回應。

With that, I will turn the call over to Kurt.

接下來，我把電話交給 Kurt。

Thanks, Jim. Good morning, and thank you for joining us. We are pleased with our first quarter performance as we delivered strong operating and financial results. Revenue grew 8% and normalized adjusted EBITDA grew 21% year-on-year to $169 million, significantly exceeding our expectations. We also achieved our highest rate of air distribution bookings growth in more than two years of 6%. And our data shows that this growth materially outpaced the industry. We are encouraged by the continued momentum we are seeing from our growth strategies.

謝謝你，Jim。早安，感謝各位加入。我們對第一季表現感到滿意，因為我們交出了強勁的營運與財務成果。營收年增 8%，常態化調整後 EBITDA 年增 21% 至 1.69 億美元，顯著超出我們的預期。我們也達成超過兩年來最高的航空分銷訂位成長率 6%。而我們的數據顯示，這項成長明顯領先產業。我們對成長策略所帶來的持續動能感到鼓舞。

Despite impacts from the conflict in the Middle East, and higher fuel prices affecting Sabre and the broader travel industry, we performed well in the first quarter and remain confident in our ability to produce sustained growth.

儘管中東衝突以及燃油價格上升對 Sabre 與更廣泛的旅遊產業造成影響，我們第一季仍表現良好，並對持續成長的能力保持信心。

Looking more closely at the Middle East. Approximately 11% of Sabre's air distribution bookings either originate in or transit through the Middle East region. In March, these bookings declined by approximately 600 basis points. More specifically, flights that fly from to or through the region were down approximately 50%, while flights originating out of the Middle East declined approximately 70%.

更仔細看中東地區。Sabre 的航空分銷訂位中，約有 11% 不是起始於中東地區，就是經由中東地區轉機。在 3 月，這些訂位下滑約 600 個基點。更具體而言，往返或經由該地區的航班約下滑 50%，而自中東地區出發的航班約下滑 70%。

Additionally, we believe fuel supply and price dynamics, coupled with softening leisure travel demand, drove a roughly negative 100 basis points impact during the month. Taken together, we believe the combination of these impacts resulted in an approximate 7-percentage-point headwind to total air distribution bookings in the month of March. Importantly, offsetting these headwinds and we saw strong performance in other regions.

此外，我們認為燃油供給與價格動態，再加上休閒旅遊需求轉弱，於該月帶來約負 100 個基點的影響。綜合而言，我們認為這些因素的組合在 3 月對整體航空分銷訂位造成約 7 個百分點的逆風。重要的是，在抵銷這些逆風的同時，我們也看到其他地區表現強勁。

In March, the Americas delivered approximately 7% growth and corporate volumes demonstrated steady performance and resilience throughout the first quarter. Overall, air distribution bookings in March were roughly flat, reflecting the combined headwinds of the Middle East conflict and higher fuel prices, largely offset by solid performance in the Americas and the growth in corporate travel.

在 3 月，美洲地區帶來約 7% 的成長，企業客量在第一季全程展現穩健表現與韌性。整體而言，3 月航空分銷訂位大致持平，反映中東衝突與燃油價格上升的綜合逆風，並在很大程度上被美洲地區的穩健表現與商務旅遊成長所抵銷。

The trends we saw in March continued through April. Looking ahead, while the geopolitical and macroeconomic environment remains dynamic. Our base assumption is that the conflict in the Middle East subsides during the second quarter with fuel prices gradually normalizing through the summer and fall.

我們在 3 月看到的趨勢延續到 4 月。展望未來，儘管地緣政治與總體經濟環境仍具變動性。我們的基本假設是：中東衝突在第二季趨緩，燃油價格在夏季與秋季逐步回歸常態。

Based on these assumptions, we expect second quarter air distribution bookings to be near flat followed by a phased improvement with conditions returning to a more normalized environment by the fourth quarter. Accordingly, we anticipate positive air distribution bookings growth for the second half of 2026, though at a slightly more modest pace than we had previously expected.

基於上述假設，我們預期第二季航空分銷訂位將接近持平，之後逐步改善，並在第四季回到較為常態化的環境。因此，我們預期 2026 年下半年航空分銷訂位將呈現正成長，但增速將略低於我們先前的預期。

Consistent with this view and aligned with recent airline commentary around capacity reductions, we now anticipate full year 2026 air distribution bookings and revenue to grow in the low to mid-single-digit range. Given our outperformance in the first quarter and our outlook for the remainder of the year, we are reaffirming our full year 2026 guidance for pro forma adjusted EBITDA and free cash flow.

與此觀點一致，並呼應近期航空公司對運能下調的評論，我們目前預期 2026 全年航空分銷訂位與營收將以低至中個位數的區間成長。鑑於我們第一季的優於預期表現以及對今年其餘期間的展望，我們重申 2026 全年備考（pro forma）調整後 EBITDA 與自由現金流的指引。

In summary, we are off to a strong start to the year, solid execution, continued share gains and our foundational role in enabling a genic AI-powered travel solutions should position us well to deliver sustained long-term growth.

總結來說，我們今年開局強勁、執行到位、市占持續提升，加上我們在推動由 Agentic AI 驅動的旅遊解決方案中所扮演的基礎性角色，應能使我們處於有利位置，實現可持續的長期成長。

Now turning to slide 5 and our strategic priorities. We delivered strong quarterly revenue with growth in both marketplace or distribution and airline technology. Revenue growth, combined with strong cost performance, resulted in quarterly normalized adjusted EBITDA that exceeded our expectations.

接著看投影片第 5 頁與我們的策略重點。我們交出強勁的季度營收，marketplace（或分銷）與 airline technology 兩大業務皆有成長。營收成長加上成本表現強勁，使季度常態化調整後 EBITDA 超出我們的預期。

In addition to reaffirming our outlook for both full year pro forma adjusted EBITDA and free cash flow, we are confident in our ability to continue to drive solid top and bottom line growth and generate positive free cash flow in 2027.

除了重申全年備考（pro forma）調整後 EBITDA 與自由現金流的展望外，我們也有信心持續推動穩健的營收與獲利成長，並在 2027 年產生正向自由現金流。

Our financial performance, combined with no large debt maturities for approximately three years, provides us with a foundation to continue investing in innovation, driving growth and capitalizing on our leadership position in the emerging Agentic-AI channel.

我們的財務表現，加上約三年內沒有大額到期債務，為我們持續投資創新、推動成長，並把握在新興 Agentic-AI 通路的領導地位提供了基礎。

Turning to the right side of the slide. Our technology investments are driving positive results. Our marketplace delivers multisource travel content at incredible scale and we generated strong air distribution bookings growth in the quarter.

再看投影片右側。我們的技術投資正帶來正向成果。我們的 marketplace 以驚人的規模提供多來源旅遊內容，而我們在本季也創造了強勁的航空分銷訂位成長。

AI has been a core systemic part of the Sabre technology stack for several years, and we continue to lean into that advantage, which I will discuss in more detail shortly. Both our payment suite and lodging expansion continue to grow, with lodging expansion recording the 13 consecutive quarter of year-on-year revenue growth.

AI 多年來一直是 Sabre 技術堆疊中的核心系統性組成部分，我們也持續強化這項優勢，稍後我會更詳細說明。我們的支付套件與住宿擴張業務皆持續成長，其中住宿擴張已連續第 13 個季度實現營收年增。

And finally, on NDC, we exited 2025 with NDC bookings representing 4% of total bookings. We saw growth during the first quarter and expect NDC bookings to continue to accelerate during 2026.

最後，關於 NDC，我們在 2025 年結束時，NDC 訂位占總訂位的 4%。我們在第一季看到成長，並預期 NDC 訂位在 2026 年將持續加速。

Moving to slide 6 and a review of first quarter results, which were positive across the board. Revenue grew 8% year-on-year. Normalized adjusted EBITDA increased 21% year-on-year and margin improved 235 basis points to 22%. Driving these strong results, total marketplace bookings grew 5% year-on-year and air distribution bookings growth increased 6% year-on-year.

接著看第 6 頁，回顧第一季的結果，各方面表現皆為正向。營收年增 8%。標準化調整後 EBITDA 年增 21%，利潤率提升 235 個基點至 22%。推動這些強勁成果的因素包括：市場平台總訂位年增 5%，以及航空分銷訂位成長年增 6%。

Hotel distribution bookings increased by over 5% in the quarter to approximately $11 million. Our payment suite is one of the fastest-growing areas of Sabre. In the first quarter, revenue increased by over 25% year-on-year to $13 million. In Airline Technology, passengers boarded grew 3% year-on-year to $170 million. and we are pleased to have recently executed a seamless migration of bringing Hawaiian Airlines back onto our platform.

本季飯店分銷訂位增加超過 5%，至約 1,100 萬美元。我們的支付套件是 Sabre 成長最快的領域之一。第一季營收年增超過 25%，至 1,300 萬美元。在航空科技方面，登機旅客數年增 3%，至 1.7 億人次；我們也很高興近期順利完成無縫遷移，將夏威夷航空重新帶回我們的平台。

Moving to slide 7. Sabre is a cloud-native platform and is a true super aggregator, providing the travel industry with a critical infrastructure necessary to shop, book and service travel, built on decades of industry technology leadership, and supported by sustained investment of approximately 10% of revenue in product development and R&D, we believe we are well positioned to extend that leadership position into the rapidly emerging Agentic AI travel channel.

接著看第 7 頁。Sabre 是雲原生平台，也是真正的超級聚合器，為旅遊產業提供購買、預訂與服務旅遊所需的關鍵基礎設施；憑藉數十年的產業技術領導地位，並以約占營收 10% 的持續投資投入產品開發與研發，我們相信我們已具備良好條件，能將這一領導地位延伸至快速興起的 Agentic AI 旅遊通路。

Our AI solutions help our customers compete and win in this emerging AI ecosystem. And with continued innovation, we intend to extend our leadership position. Sabre provides the foundational layer that is required for AI to transact in the complex environment of travel. Chatbots can generate itineraries, but to book and service travel at scale, requires access to sophisticated continuously evolving logic, and that is where Sabre plays a critical role.

我們的 AI 解決方案協助客戶在這個新興的 AI 生態系中競爭並勝出。透過持續創新，我們打算進一步鞏固並延伸我們的領導地位。Sabre 提供 AI 在複雜旅遊環境中進行交易所需的基礎層。聊天機器人可以產生行程，但要大規模完成旅遊的預訂與服務，必須存取精密且持續演進的邏輯，而這正是 Sabre 扮演關鍵角色之處。

Our modular platform enables partners to integrate seamlessly, wherever travel is sold. We aggregate and normalize real-time flight content across hundreds of sources in sub second response times, solving a significant technical challenge.

我們的模組化平台讓合作夥伴能在旅遊銷售發生的任何地方無縫整合。我們以次秒級回應時間，彙整並標準化來自數百個來源的即時航班內容，解決了一項重大的技術挑戰。

This capability is a key reason why partners are building on us not around us. We have recently gone live with our ChatGPT OpenAI plug-in for Virgin Australia. This all-in-one generative AI chat solution puts both search and flight shopping into a widely used AI interface and is available to all of our travel supply partners globally. We also recently launched the first phase of our mine trip and PayPal partnership with Sabre providing the core air booking layer.

這項能力是合作夥伴選擇在我們之上建置、而非繞開我們的重要原因。我們近期已為維珍澳洲（Virgin Australia）正式上線 ChatGPT OpenAI 外掛。這套一體式生成式 AI 對話解決方案，將搜尋與航班比價/購票整合到廣泛使用的 AI 介面中，並可供我們全球所有旅遊供應合作夥伴使用。我們也在近期啟動了與 mine trip 及 PayPal 的合作第一階段，由 Sabre 提供核心的機票預訂層。

Sabre is bringing conversational commerce for flights to market for the first time and we look forward to introducing additional enhancements over the next few quarters. Demand for our Agentic APIs and MCP server is strong with well over 30 potential partners in various stages of pilot or production.

Sabre 首次將航班的對話式商務帶入市場，我們也期待在未來幾個季度推出更多強化功能。市場對我們的 Agentic API 與 MCP 伺服器需求強勁，已有超過 30 家潛在合作夥伴處於試點或正式上線的不同階段。

Additionally, we are working with airlines to deploy an AI assistant that will sit on top of our network planning and optimization product. Taken together, these are further proof points that the infrastructure for genetic travel is being built on Sabre.

此外，我們正與航空公司合作部署一個 AI 助理，將運行在我們的航網規劃與最佳化產品之上。綜合來看，這些都是更多的佐證，顯示「生成式旅遊」的基礎設施正建立在 Sabre 之上。

Moving to Airline technology. We offer a growing suite of modular AI-driven solutions that meet customer demand and drive growth for Sabre. Building on the revenue growth we saw in the first quarter, we continue to expect positive airline technology revenue growth for 2026. Our marketplace provides a simple and single connection to industry-leading scaled content. Air expansion growth has been driven by execution of our growth strategies, including continued share gains and growth in NDC and LCC bookings.

接著談航空科技。我們提供日益擴充的模組化、AI 驅動解決方案組合，以滿足客戶需求並帶動 Sabre 成長。在第一季所見的營收成長基礎上，我們仍預期 2026 年航空科技營收將維持正成長。我們的市場平台提供簡單且單一的連線，即可取得業界領先、具規模的內容。航空擴張的成長來自我們成長策略的落實，包括持續提升市占，以及 NDC 與 LCC 訂位的成長。

We saw meaningful year-on-year acceleration in our distribution bookings growth in Q1 and expect positive air distribution bookings growth for the full year. Lodging expansion continues to scale driven by a compelling value proposition in a large addressable market.

我們在第一季看到分銷訂位成長出現顯著的年對年加速，並預期全年航空分銷訂位將呈現正成長。住宿擴張持續放大規模，受惠於在龐大可服務市場中的具吸引力價值主張。

Total hotel-related revenue increased 10% to over $80 million in the quarter with annualized gross booking value of hotel bookings exceeding $20 billion. Our hotel attach rate is consistently above 30%. And with more modernized connectivity, we see additional opportunity for expansion. Media revenue also grew at a double-digit rate year-on-year.

本季與飯店相關的總營收成長 10%，超過 8,000 萬美元；飯店訂位的年化總訂位金額（GBV）超過 200 億美元。我們的飯店加購率（attach rate）穩定高於 30%。隨著連線方式更現代化，我們看到更多擴張機會。媒體營收亦呈現年對年雙位數成長。

In Payment Suite, demand remains strong for solutions to simplify operations increased payment flexibility and automate risk and fraud management. First quarter gross spend on the platform reached nearly $6 billion, up more than 40%, while revenue grew over 25%. We are confident in our ability to continue to deliver strong performance in payments. We are executing well against our strategic priorities and delivering strong financial performance even in a dynamic operating environment.

在支付套件方面，市場對於能簡化營運、提升支付彈性並自動化風險與詐欺管理的解決方案需求依然強勁。第一季平台總支付額（gross spend）接近 60 億美元，成長超過 40%，同時營收成長超過 25%。我們對於持續在支付業務交出強勁表現充滿信心。即使在多變的營運環境中，我們仍有效推進策略優先事項並交出強勁的財務表現。

With that, I'll now hand the call over to Mike, who will discuss our first quarter results and our outlook in greater detail.

接下來我把電話交給 Mike，他將更詳細說明我們第一季的結果與展望。

Thanks, Kurt, good morning, everyone. Please turn to slide 9. Our first quarter financial results were solid and came in ahead of the guidance we provided on our fourth quarter call. The momentum we saw exiting the fourth quarter carried through the first two months of the year. As Kurt referenced, beginning in March, the conflict in the Middle East and the increase in fuel prices impacted air distribution bookings, and those pressures continue in April.

謝謝你，Kurt，各位早安。請翻到第 9 頁。我們第一季的財務結果穩健，且優於我們在第四季電話會議中提供的指引。我們在第四季末看到的動能延續到今年前兩個月。如 Kurt 所提，自 3 月起，中東衝突與燃油價格上升影響了航空分銷訂位，而這些壓力在 4 月仍持續。

Overall, first quarter performance reflects strong commercial execution and continued progress on our growth initiatives. Importantly, we are reaffirming our full year guidance for pro forma adjusted EBITDA and free cash flow.

整體而言，第一季表現反映出強勁的商務執行力，以及我們成長計畫的持續進展。重要的是，我們重申全年 pro forma 調整後 EBITDA 與自由現金流的指引不變。

Turning to the financials. Total revenue was $760 million, an increase of 8% year-on-year, exceeding our expectations of mid-single-digit growth. Marketplace revenue grew $49 million, an increase of 9% and due to an approximate 5% increase in distribution bookings and an approximate 3% increase in average booking fee.

接著看財務數字。總營收為 7.6 億美元，年增 8%，高於我們原先預期的中個位數成長。市場平台營收增加 4,900 萬美元，成長 9%，主要來自分銷訂位約增加 5%，以及平均訂位費約增加 3%。

Airline Technology revenue came in at $142 million, up 7% year-on-year and within the range of expectations we shared on our fourth quarter earnings call. We continue to expect full year 2026 airline technology revenue growth. Gross margin of 56.4% came in above our expectations due primarily to higher average booking fees attributable to a favorable mix of bookings.

航空科技營收為 1.42 億美元，年增 7%，落在我們在第四季財報電話會議中所分享的預期範圍內。我們仍預期 2026 年全年航空科技營收將成長。毛利率 56.4% 高於我們的預期，主要因訂位組合有利，帶動平均訂位費較高。

First quarter 2026 operating income of $116 million increased 27% year-on-year with operating margin expanding 220 basis points to 15%. Normalized adjusted EBITDA was $169 million representing a 21% increase year-on-year with margin expanding 235 basis points to 22.2%. This growth was driven primarily by an increase in distribution bookings higher average booking fee and lower-than-expected operating expense.

2026 年第一季營業利益為 1.16 億美元，年增 27%，營業利益率擴張 220 個基點至 15%。標準化調整後 EBITDA 為 1.69 億美元，年增 21%，利潤率擴張 235 個基點至 22.2%。此成長主要由分銷訂位增加、平均訂位費提高，以及營運費用低於預期所帶動。

Free cash flow was negative $155 million for the first quarter. This lower free cash flow generation as compared to negative $81 million from the first quarter of 2025 was driven by $67 million of additional interest payments in the first quarter of 2026. $19 million in severance related to our inflation offset program, $4 million of additional CapEx and other items related to working capital timing.

第一季自由現金流為負 1.55 億美元。相較於 2025 年第一季的負 8,100 萬美元，本期自由現金流較低，主要因 2026 年第一季額外支付 6,700 萬美元利息、與我們通膨抵銷計畫相關的 1,900 萬美元資遣費、額外 400 萬美元資本支出，以及其他與營運資金時點相關的項目。

Importantly, our expectation for full year free cash flow remains the same at approximately negative $70 million, which is driven almost entirely by restructuring costs associated with our inflation offset program. If not for those restructuring costs, we would expect near breakeven free cash flow this year. We ended the quarter with a cash balance of $665 million.

重要的是，我們對全年自由現金流的預期維持不變，約為負 7,000 萬美元，幾乎完全由與通膨抵銷計畫相關的重整成本所致。若不計這些重整成本，我們預期今年自由現金流將接近損益兩平。本季結束時，我們的現金餘額為 6.65 億美元。

Moving to slide 10. Comparing our first quarter results to the guidance we outlined on our fourth quarter earnings call air distribution bookings growth of 6% was in line with our expectations of mid-single-digit year-on-year growth. Revenue growth of 8% exceeded our guidance for mid-single-digit year-on-year growth.

接著看第 10 頁投影片。將我們第一季的結果與我們在第四季財報電話會議中提出的指引相比，航空分銷訂位成長 6% 符合我們對年增中個位數的預期。營收成長 8% 則高於我們對年增中個位數的指引。

Our normalized adjusted EBITDA result of $169 million was favorable to our guide of approximately $130 million by $39 million. This outperformance was driven by $10 million of higher gross income attributable to higher gross margin from a favorable mix of bookings. Expenses were lower than expected by $29 million, split roughly evenly between adjusted technology and adjusted SG&A expense.

我們的標準化調整後 EBITDA 為 1.69 億美元，較我們約 1.30 億美元的指引高出 3,900 萬美元。這項優於預期主要來自總收入增加 1,000 萬美元，歸因於訂位組合有利帶動較高的毛利率。費用也較預期低 2,900 萬美元，約一半來自調整後技術費用，另一半來自調整後銷售、一般及行政（SG&A）費用。

Our expectation for the total benefit related to our inflation offset program has not changed for the full year. In the first quarter, we realized some expense favourability earlier than previously expected. We also had a $6 million favorable impact from the repeal of the Canadian digital service tax. All in, we are very pleased with this quarter's results.

我們對通膨抵銷計畫相關的全年總效益預期並未改變。第一季我們較先前預期更早實現了部分費用面的有利因素。此外，加拿大數位服務稅的廢止也帶來 600 萬美元的正面影響。整體而言，我們對本季的結果非常滿意。

Turning to slide 11. Moving to our balance sheet. Last year, we successfully completed two refinancings. The result of these refinancings is that we now have no large debt maturities until the spring of 2029 and over 90% of our debt matures in 2029 or later.

接著看第 11 頁投影片。談談我們的資產負債表。去年我們成功完成兩次再融資。再融資的結果是，我們在 2029 年春季之前不再有大型到期債務，且超過 90% 的債務將於 2029 年或之後到期。

As a reminder, within the website financials available on our Investor Relations website, we provide a quarterly interest walk. This schedule provides our expected quarterly cash interest payments and shows we have higher cash interest payments in the first and third quarters of the year when compared to the second and fourth quarter.

提醒一下，在我們投資人關係網站上提供的網站財務資料中，我們提供每季利息變動明細（interest walk）。該表列出我們預期的每季現金利息支付，並顯示相較於第二與第四季，我們在第一與第三季的現金利息支付較高。

Moving to slide 12 and our outlook for 2026. We are reaffirming our full year 2026 guidance for both pro forma adjusted EBITDA and free cash flow. While we now expect slightly lower air distribution bookings and revenue growth for the year, we expect our 2026 gross margin to be towards the higher end of our previous guidance range of 56% to 57% and due to favorable mix trends.

接著看第 12 頁投影片，以及我們對 2026 年的展望。我們重申 2026 全年關於擬制（pro forma）調整後 EBITDA 與自由現金流的指引。雖然我們現在預期全年航空分銷訂位與營收成長會略低一些，但我們預期 2026 年毛利率將落在先前指引區間 56% 至 57% 的較高端，原因是訂位組合趨勢有利。

We expect this to result in similar expected gross income as compared to our February guidance. This gross income expectation, coupled with our operating expense outlook, which is consistent with our previous guidance, supports our expectation of approximately $585 million of pro forma adjusted EBITDA and approximately negative $70 million of free cash flow.

我們預期這將使得總收入與我們 2 月的指引相比大致相當。在此總收入預期之下，加上我們的營運費用展望與先前指引一致，支持我們對擬制調整後 EBITDA 約 5.85 億美元、自由現金流約為負 7,000 萬美元的預期。

On to slide 13 and our expectations for the second quarter. We anticipate second quarter year-on-year revenue growth to be flat to nominal. This revenue guidance assumes air distribution bookings growth to be near flat year-on-year, consistent with March trends that continued through April. We expect second quarter gross margin to be at the higher end of our expected annual range of 56% to 57%, primarily due to the favorable mix of bookings we mentioned previously.

接著看第 13 頁投影片，談談我們對第二季的預期。我們預期第二季營收年增將持平至小幅成長。此營收指引假設航空分銷訂位年增接近持平，與 3 月並延續至 4 月的趨勢一致。我們預期第二季毛利率將位於全年預期區間 56% 至 57% 的較高端，主要因為先前提到的訂位組合有利。

We anticipate adjusted technology and adjusted SG&A expenses to be roughly flat on a sequential basis throughout the remainder of the year. Overall, we expect second quarter pro forma adjusted EBITDA to be approximately $130 million. We reported strong results this quarter, highlighted by pro forma adjusted EBITDA outperformance and the highest rate of air distribution bookings growth in over two years. We are encouraged by the momentum in the business and believe through continued execution of our growth strategies as the operating environment normalizes, Sabre is well positioned to achieve higher revenue growth going forward.

我們預期調整後技術費用與調整後 SG&A 費用在今年剩餘期間按季比較將大致持平。整體而言，我們預期第二季擬制調整後 EBITDA 約為 1.30 億美元。本季我們繳出強勁成果，亮點包括擬制調整後 EBITDA 優於預期，以及超過兩年來最高的航空分銷訂位成長率。我們對業務動能感到鼓舞，並相信隨著營運環境正常化、持續執行成長策略，Sabre 已具備良好條件在未來實現更高的營收成長。

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

接下來，接線員，請開放提問。

(Operator Instructions) Josh Baer, Morgan Stanley.

（接線員指示）Morgan Stanley 的 Josh Baer。

Congrats on the strong results. Just want to kind of triangulate some of the assumptions in air distribution bookings for the rest of the year. You're highlighting record growth in Q1 and that came in a period where there's conflict in the Middle East and fuel prices, a pretty good result. And then full year, we're looking for low to mid-single-digit growth. So could you review some of the assumptions and why wouldn't growth be higher, coupled with all the market share wins as well.

恭喜你們繳出強勁的結果。我想釐清一下你們對今年剩餘期間航空分銷訂位的一些假設。你們強調第一季創下紀錄的成長，而當時中東有衝突、油價也在波動，這是相當不錯的表現。但看全年，我們預期是低到中個位數成長。所以你們能否回顧一下相關假設？在你們也拿下不少市占的情況下，為什麼成長不會更高？

Yes. No, thank you for the question. First, that I would highlight as you go through the first quarter, what you saw in general was that we generally exceeded the industry by around 500 to 600 basis points our overall viewpoint is that's going to likely continue. And what we've seen, though, in the short run is strength in the Americas offsetting lower distribution bookings, particularly driven by the Middle East conflict and higher fuel.

是的。謝謝你的問題。首先我要強調的是，回顧第一季，你看到的是我們整體表現大致比產業高出約 500 到 600 個基點；我們的整體觀點是，這種情況很可能會持續。不過短期內我們看到的是，美洲地區的強勁表現抵銷了分銷訂位較弱的情況，而後者主要是由中東衝突與較高燃油成本所驅動。

As we've looked at the second quarter, we've essentially extrapolated the trends we've seen from March into April. Our underlying assumption is that the geopolitical and macro environment start to smooth out at some point during the second quarter.

在看第二季時，我們基本上是把 3 月延續到 4 月所看到的趨勢外推。我們的核心假設是，地緣政治與總體環境會在第二季的某個時間點開始趨於平穩。

And then with that, we see increased bookings growth in the third quarter, but more muted from our initial expectations, but still well above the industry. And then we see ourselves getting back to -- closer to our original assumption, closer to mid-single digits by the fourth quarter.

在此基礎上，我們預期第三季訂位成長會回升，但相較我們最初的預期會更為溫和，不過仍將明顯高於產業。到了第四季，我們預期會回到——更接近我們原先的假設，也就是更接近年增中個位數。

Okay. That's helpful. And then on free cash flow, I appreciate the details on what impacted the quarter's free cash flow versus last Q1. Just wondering like versus your own expectations, if there was any puts or takes in the quarter to call out?

了解。這很有幫助。另外關於自由現金流，我很感謝你們說明本季自由現金流相較去年第一季的影響因素。我想問的是，相較於你們自己原本的預期，本季是否有任何需要特別點出的正負向因素？

No, it was very consistent with our expectations.

沒有，整體與我們的預期非常一致。

Jack Halpert, Cantor Fitzgerald.

Cantor Fitzgerald 的 Jack Halpert。

Just two, please. So just one follow-up on the macro. I know you guys mentioned your assumption is for sort of the disruption system side in 2Q. Are you seeing that happen already? Sort of what are the kind of underlying assumptions that you have behind that?

我有兩個問題。第一個是關於總體環境的追問。我知道你們提到你們的假設是第二季在某種程度上干擾會緩解。你們現在已經看到這種情況發生了嗎？你們背後的主要假設是什麼？

And then secondly, on the payments, it's nice to see the revenue disclosure this quarter. Can you just talk about the key growth drivers of the payments business again? And where do you think it can go in the kind of medium to long term? And how much of a contributor to overall revenue growth it could be?

第二個是關於支付業務。很高興看到你們本季揭露了營收資訊。你們能否再談談支付業務的主要成長驅動因素？以及你們認為中長期它可以發展到什麼程度？它對整體營收成長可能會貢獻多少？

Thanks, Jack. With respect to macro, so we spoke about the March trend. Basically, we saw the first two months of the year up 9% from a booking standpoint. March was, as we indicated, near flat. In April, we saw similar trending to what we saw in March, although it was slightly positive.

謝謝，Jack。就總體環境而言，我們談到過 3 月的趨勢。基本上，從訂位角度來看，今年前兩個月年增 9%。如我們所指出，3 月幾乎持平。4 月我們看到與 3 月相似的趨勢，雖然略為正成長。

The Middle East pattern improved a bit. As we go forward, as we think about Q2, again, it's our expectation that the hostility is ceased by the end of the quarter and then you get back to our normalcy. Clearly, the fuel impact on price and supply is probably going to be a bit longer in duration.

中東地區的走勢有些改善。往前看、在思考第二季時，我們仍預期敵對行動會在本季末前停止，之後回到較正常的狀態。顯然，燃油對價格與供應的影響可能會持續更久一些。

It's our hope and our expectation that, that unwinds through the balance of this calendar year. What we did see is very strong leisure performance early in the year. Leisure has been more impacted relatively than other parts during March and April, but still holding up relatively well.

我們希望也預期這會在今年剩餘期間逐步消退。我們確實看到今年初休閒旅遊表現非常強勁。相較其他部分，休閒在 3 月與 4 月受到的影響較大，但整體仍相對維持得不錯。

Corporate has actually been very positive all year, very strong trends here in the last two months included. And so overall, we think there's a very good backdrop notwithstanding the challenge of what's happening in the Middle East and the result flows with that.

企業端其實全年一直都非常正向，包含過去兩個月在內的趨勢也非常強勁。因此整體而言，儘管中東局勢帶來挑戰以及相關結果的影響，我們仍認為大環境背景非常有利。

With respect to payments, we're really excited about the business. As we've spoken about, there are two elements to this. One is the confirm virtual payments business that we own, which Mastercard is a minority shareholder of the second is what we call Sabre Direct Pay which is a fintech marketplace that we have within Sabre.

就支付業務而言，我們對這項業務感到非常興奮。如同我們先前提到的，這裡有兩個要素。其一是我們所擁有的 Confirm 虛擬支付業務，Mastercard 是少數股東；其二是我們所稱的 Sabre Direct Pay，也就是我們在 Sabre 內部的一個金融科技市集平台。

Think of what we do is mainly an orchestration layer for the payments industry with value-added services and products that we're beginning to put on top. As we've indicated, we are growing basically the volume of payments by -- in the neighborhood of 35% to 40% consistently. Now we grew revenue by 25% this past quarter.

可以把我們所做的事情想成主要是為支付產業提供一個編排（orchestration）層，並在其上開始疊加加值服務與產品。如我們所指出的，我們基本上持續將支付量以約 35% 到 40% 的幅度成長。而本季我們的營收成長了 25%。

I would note that we pivoted away from providing professional services or consulting which was a minority portion of the revenue there. We're basically focused on those development resources, which we're doing that work, doing more platform-oriented stuff that will drive, we think, better benefit long term.

我想補充的是，我們已轉向不再提供專業服務或顧問服務，而那在該業務營收中只占少數。我們基本上把重心放在那些開發資源上；我們仍在做相關工作，但更多是做平台導向的事情，我們認為長期將帶來更好的效益。

So it's our belief that we can continue to grow the payments business at a very aggressive rate for the long term. We think this can become a much more meaningful part of the business, and we're very well positioned, both with the agency and then our supplier customer community to drive much further penetration.

因此我們相信，長期而言我們可以持續以非常積極的速度成長支付業務。我們認為這將成為公司更具意義的一部分，而且我們在代理商端以及供應商客戶社群兩方面都具備很好的定位，能推動更深的滲透。

Jed Kelly, Oppenheimer.

Jed Kelly，Oppenheimer。

Great. Just a quick question. We've been seeing some chatter, I guess, over in Europe, about like the potential impact of jet fuel supply shocks. Can you talk about that, how you kind of adjusted for it in your guidance, what we should be looking for just any help around that around potential supply shocks?

很好。我有個簡短問題。我們看到一些討論，我想是在歐洲那邊，關於航空燃油供應衝擊可能帶來的影響。你們能談談這點嗎？你們在財測指引中如何調整因應？我們應該關注什麼——任何關於潛在供應衝擊的說明都很有幫助。

Yes. Thanks, Jed. We've watched very carefully airline commentary in the US and Europe globally with respect to capacity. And so generally, what you've seen on a global level is capacity reductions from planned capacity growth of several hundred basis points, about 3%, 4% globally.

是的。謝謝你，Jed。我們非常密切地關注美國與歐洲、以及全球航空公司對運能的評論。整體而言，你看到的是全球層面把原先規劃的運能成長下修了數百個基點，大約全球 3% 到 4%。

So that's not generally a reduction from current capacity. It's a reduction from planned capacity growth. That's very important. So the global market, which three months ago, was expected to grow 6% on a capacity basis. I think now it's going to grow 2% to 3%.

因此這通常不是相對於目前運能的減少。而是相對於原先規劃的運能成長的下修。這點非常重要。所以三個月前，全球市場在運能基礎上原本預期成長 6%。我想現在會成長 2% 到 3%。

Obviously, that has more acute impact in Europe because of a lot of the Middle East flying as well as some of the Asian markets. we have strong global penetration. So I think we're factoring in basically what we're seeing from an airline commentary standpoint and saying, what will the capacity reductions, what would the consequence be?

顯然，這在歐洲的影響更為明顯，因為有大量中東航線的飛行，以及部分亞洲市場也是如此。我們在全球的滲透率很高。因此我認為我們基本上是把航空公司的評論所反映的現況納入考量，並評估：運能下修會帶來什麼後果？

The second piece is obviously higher fuel prices to the extent that it's passed on the consumer, that may have a bit of a negative effect on demand from a leisure and a corporate perspective, we're probably more so leisure. We haven't seen that yet but we expect that, that will come in a bit.

第二個部分顯然是燃油價格上升；若這些成本轉嫁給消費者，可能會對休閒與企業需求帶來一些負面影響，可能休閒端更明顯。我們目前還沒看到，但我們預期這會在之後逐步顯現。

I think the airlines are factoring that into capacity. So again, we're iterating through this and looking at the market. There's a lot of uncertainty out there, but we feel like given the market commentary, we feel good about the guide that we provided today.

我認為航空公司也把這點納入運能規劃。所以同樣地，我們持續反覆推演並觀察市場。外部不確定性很多，但基於市場評論，我們對今天提供的指引感到有信心。

Yes. The only thing I would add in Herington, our distribution bookings guide for the second quarter, it does assume, if you look at the underlying trends in both Europe and APAC that those do have year-over-year impacts primarily from fuel and other impacts, and it's largely offset by strength in the Americas. So we've taken that into account in our air distribution bookings.

是的。我唯一想補充的是，Herington，我們第二季的分銷訂位指引確實假設：若你看歐洲與亞太地區的基本趨勢，這些地區確實存在年對年影響，主要來自燃油與其他因素，而這在很大程度上被美洲地區的強勁表現所抵銷。因此我們已把這些因素納入航空分銷訂位的預估中。

Got it. And then one of the large corporate travel agencies in a deal to go private, assuming they're trying to implement more AI around that. we've seen some other companies with decent AI capabilities, gain a lot of share. Can you just talk about how if you have more corporate travel agencies enhancing their AI capabilities how that impacts Sabre or what we should be looking for?

了解。另外，有一家大型企業差旅代理商正在進行私有化交易，推測他們可能會在其中導入更多 AI。我們也看到其他一些具備不錯 AI 能力的公司取得了不少市占。你能談談如果更多企業差旅代理商強化其 AI 能力，這會如何影響 Sabre，或我們應該關注什麼嗎？

Yes, that's a great question. So what we've seen so far with the agencies we've been working with in terms of AI is that they're predominantly leveraging it for productivity. So in terms of their own age of productivity by providing agents with chatbots that can assist in terms of travel booking and servicing.

是的，這是個很好的問題。到目前為止，我們與代理商合作所看到的 AI 應用，主要是用來提升生產力。也就是透過提供能協助旅遊訂位與服務的聊天機器人，來提升代理人員的生產力。

And then on top of that also with automation. So a lot of the workflow automation that happens in their back-end systems. So really, they're focusing on making sure that their current workforce is as productive as possible. And of course, they're also starting to explore making sure that they provide Agentic experiences to their customers. So to their managed customers that they're currently dealing with through e-mail, phone and other methods to have chatbots that are also available to them.

此外也包括自動化。也就是在他們後端系統中發生的許多工作流程自動化。因此他們真正聚焦的是確保現有的人力能盡可能高效。當然，他們也開始探索如何確保能為客戶提供 Agentic 的體驗。也就是對於目前透過電子郵件、電話與其他方式互動的受管理客戶，提供同樣可用的聊天機器人。

-- Yes, it's very legit. One point to make on this is when we look at what we're doing from a genetic standpoint, we are not the B2C LLM layer that will face the consumer. We are that infrastructure and data layer that sits behind that enables search, bookings, servicing. We provide that for our airline and hotel supply customers. We offer that for all of our agency customers and as we talked about, we think that the new Agentic AI technology platforms will emerge as a large channel. We think we're very well positioned to grow with them as well.

-- 是的，這非常合理。關於這點要強調的是，當我們從「生成式」角度看我們在做的事時，我們不是面向消費者的 B2C LLM 層。我們是位於其後、支撐搜尋、訂位與服務的基礎設施與資料層。我們為航空公司與飯店等供應端客戶提供這些能力。我們也為所有代理商客戶提供這些能力；如同我們所談到的，我們認為新的 Agentic AI 技術平台將成為一個大型通路。我們也認為自己具備非常好的定位，能與它們一同成長。

Victor Cheng, Bank of America.

Victor Cheng，美國銀行。

Congrats on the solid results. Maybe just one for me on -- can we think a bit deeper into the trends that you saw in March and April? I know you've talked quite a bit about it, but it sounds like overall bookings growth is similar but what are the puts and takes within that for each month? I would imagine there will be more cancellations in March, are we seeing cancellation in April as well?

恭喜你們交出穩健的成績。我這邊可能想問一個：能否更深入談談你們在 3 月與 4 月看到的趨勢？我知道你們已談了不少，但聽起來整體訂位成長相近；不過每個月內部有哪些拉抬與抵銷因素？我猜 3 月會有更多取消，我們在 4 月也看到取消嗎？

And then in March, I would imagine there will be some pull forward bookings as well in corporate and US. So I would imagine that might be a bit lower in April. So if you can expand a bit on that, please. And then I actually have a follow-up on Mindtrip.

另外在 3 月，我想企業端與美國可能也會有一些提前訂位。所以我猜 4 月可能會稍微低一些。如果可以的話，請再多展開說明。然後我其實還有一個關於 Mindtrip 的追問。

Yes. So very briefly, yes, there was some level of cancellation activity in March. When you go forward to April, as I mentioned, April is slightly better on a macro level than March was for us. Corporate is very strong. To the extent that there was any pull forward that would have occurred more in March than April, we think that, that was transitory if it occurred. It's difficult to see that discretely.

是的。非常簡短地說，是的，3 月確實有一定程度的取消活動。進到 4 月，如我提到的，從總體層面看，4 月對我們而言比 3 月稍微好一些。企業端非常強勁。若有任何提前訂位的情況，我們認為會更多發生在 3 月而非 4 月；即便有發生，我們也認為那是短暫的。這很難單獨明確辨識。

But we're very encouraged by the trends we see effectively we see an acute impact of things that touch or originate in the Middle East as we spoke about. That trend improved from March to April. Second is the impact of fuel price and supply. Very difficult to get at exactly what that is. Again, we think that was about 100 basis points in March, similar impact in globally similar impact in April. So we're encouraged by what we're seeing despite the acuteness of the world.

但我們對所看到的趨勢感到非常鼓舞；正如我們先前提到的，我們確實看到那些與中東有接觸或源自中東的事件帶來了急性影響。這個趨勢從3月到4月有所改善。第二是燃油價格與供應的影響。要精確判斷其影響幅度非常困難。同樣地，我們認為3月約為100個基點，4月在全球範圍內也有類似影響。因此，儘管世界局勢的急性程度很高，我們仍對目前所見感到鼓舞。

Understood. And maybe on Mindtrip, obviously, you're enabling Agentic AI, a trouble booking now, a couple of PayPal as well. How should we think about unit economics for that or any kind of early interest and how that can scale going forward?

了解。另外可能想問 Mindtrip，顯然你們正在啟用代理式 AI（Agentic AI），現在可協助處理訂位問題，也與 PayPal 有一些合作。我們應該如何看待其單位經濟效益，或任何早期的市場興趣，以及未來如何擴大規模？

Yes. Thank you. We haven't broken out the commercials for that, Victor. We talked about that in detail. But if you think about from the standpoint of what is the cost of revenue to an airline or a hotelier for the services we provide in our Marketplace business. The cost average is about 1.5% of the value of the ticket or the hotels booked, which is by almost any measure in this industry and any other industry, a very, very efficient cost of sale within a genetic travel, obviously, there's the ability to provide both traditional as well as more modern NDC content. And so it enables strong merchandising and retailing by our supply partners.

是的。謝謝。Victor，我們尚未把那部分的商業條款拆分揭露。我們已經詳細談過。但如果你從航空公司或飯店業者在我們 Marketplace 業務中，為我們提供的服務所支付的營收成本角度來看，平均成本約為機票或飯店訂單價值的1.5%；以本產業以及幾乎任何其他產業的標準衡量，這都是非常、非常高效率的銷售成本。在生成式旅遊（genetic travel）情境下，顯然也能同時提供傳統內容以及更現代的 NDC 內容。因此，這使我們的供應合作夥伴能夠進行強而有力的商品化與零售。

So I think there's very strong interest from one of the airline and hotel community and how we're going to promulgate this. We're not intending to be an OTA. And then two, with respect to these large language models or the agentive players, I think they're very intrigued by our model, which is we can plug in our MCP server and Agentic APIs and literally from day one, and this is proven with what we're doing with the Mindtrip application. They're live with search, booking and full servicing within their platform. We think that is a first for the industry, and it's a testament to where the industry is going to go.

所以我認為航空公司與飯店社群對我們將如何推廣這件事有非常強烈的興趣。我們不打算成為 OTA。第二，關於這些大型語言模型或代理式玩家，我認為他們對我們的模式非常感興趣：我們可以把 MCP 伺服器與 Agentic API 插入，幾乎從第一天起就能運作——而這已在我們與 Mindtrip 應用程式的合作中得到驗證。他們在其平台內已上線提供搜尋、訂位與完整服務。我們認為這是產業首例，也證明了產業未來的走向。

Dan Wasiolek, Morningstar.

Dan Wasiolek，Morningstar。

Just a clarification. I wanted to make sure I heard it right. The impact in March to total air bookings from the Middle East surrounding area. Did you say that, that was about 7-percentage-points. And then kind of looking beyond this year, I know you had some initial revenue growth targets for 2027. Wondering if you have any color on the breakdown between the contribution of Marketplace and airline technology maybe on the airline technology like how conversations are going or the pipeline shaping up with carriers considering going from in-house solutions to outsourcing?

我想澄清一下。我想確認我是否聽對了。3月中東周邊地區對總航空訂位的影響。你是說大約是7個百分點嗎？另外，展望今年之後，我知道你們對2027年有一些初步的營收成長目標。想請問你是否能說明 Marketplace 與航空科技各自的貢獻拆分；以及在航空科技方面，與那些考慮從自建解決方案轉為外包的航空公司之間的對話進展或案源管線的情況？

Yes. On the impacts of Middle East, it's approximately 6 points, as Kurt mentioned in his prepared remarks, directly attributable to the Middle East. That's flights that fly to, from, or through the Middle East and it's about another 100 basis points that's tied to fuel associated with the knock-on impacts, obviously, the Middle East conflict.

是的。關於中東的影響，正如 Kurt 在事先準備的發言中提到的，直接可歸因於中東的影響約為6個百分點。這指的是飛往、飛離或經過中東的航班；另外約有100個基點與燃油相關的連鎖影響有關，顯然也與中東衝突相關。

And then with respect to '27, while we haven't -- we're not here talking about the guidance any further. We feel good about the trajectory that we're on and the execution of our strategies. I say the pipeline is rich both within marketplace as well as for airline technology.

至於2027年，雖然我們今天不會進一步談指引。我們對目前的發展軌跡以及策略執行感到樂觀。我會說，不論是在 Marketplace 或航空科技方面，管線都很充實。

The one thing I would mention with respect to airline technology is that as we look at the addressable market for the offer order settlement and delivery capabilities or OSD. We believe that our offering, which is cloud native, modular and AI infused is the best in the marketplace.

關於航空科技，我想提的一點是：當我們看可服務市場（addressable market）中「報價、訂單、結算與交付」能力（offer order settlement and delivery capabilities，或 OSD）時，我們相信我們的產品——雲原生、模組化且導入 AI——是市場上最好的。

We have more modules in production than we believe than any other technology provider in the world. One of the questions will be our ability to penetrate the Amadeus Altea PSS base. We believe Amadeus is using PSS. And basically, they have a dominant monopoly position, and they're basically making it very difficult for airlines to choose anybody, but Amadeus for the new offer and order solutions. So we're working on approaches to that from a regulatory and a legal standpoint. We believe we crack that code that this can be a double-digit CAGR revenue business for the long term.

我們投入生產（production）的模組數量，我們相信比全球任何其他技術供應商都多。其中一個問題將是我們能否滲透 Amadeus Altea PSS 的客戶基礎。我們相信 Amadeus 正在利用 PSS。基本上，他們擁有主導性的壟斷地位，並且讓航空公司在新的 offer 與 order 解決方案上，除了 Amadeus 之外幾乎很難選擇其他供應商。因此，我們正從監管與法律角度研究應對方式。我們相信一旦破解這個難題，長期而言這將是一個營收可達雙位數 CAGR 的業務。

Alex Irving, Bernstein.

Alex Irving，Bernstein。

I want to come back on the capacity question, please, and the phasing of that through the course of the year, what you're assuming gets put into the sky by the airlines. Clear how you're thinking about Q2. The schedules are there. You're following airlines comments you see probably some visibility, but what assumptions are you making about the winter?

我想回到運能（capacity）問題，以及全年各季的節奏：你們假設航空公司在一年中會把多少運能投入市場。你們對 Q2 的看法很清楚。班表已經排出來了。你們也在追蹤航空公司的評論，應該有一定能見度；但你們對冬季做了哪些假設？

But airlines being less money than usual, jet forward curve is still up a lot versus mid-February. Are you still baking on air travel growth in Q4? Or are you baking in some conservatism for the possibility of airlines cutting capacity into the winter to support their own margins?

但航空公司賺得比平常少，而航空燃油（jet fuel）遠期曲線相較於2月中旬仍大幅走高。你們仍把 Q4 的航空旅行成長納入假設嗎？或者你們在假設中加入一些保守性，以反映航空公司可能在冬季削減運能、以支撐自身利潤率的可能性？

Thanks, Alex. As we indicated, we've seen projections for 2026, airline capacity growth reduced globally from about 6% to between 2% and 3%. And so there's still capacity growth -- in Q4 of this year, there's still positive capacity growth that is projected in the system. That underlies the assumptions that we have. Again, most of the capacity reductions are from planned capacity increases. So airlines are basically going to hold the line more than they expected to early in the year, but that's what's factored into our guidance.

謝謝，Alex。如我們所指出的，我們看到對2026年的預測：全球航空運能成長已從約6%下修至2%到3%之間。因此，在今年 Q4，系統中仍預測有正的運能成長。這是我們假設的基礎。再次強調，多數運能下修是來自原先規劃的增班幅度被削減。所以航空公司基本上會比年初預期更「守住」運能，但這已反映在我們的指引之中。

Yes. One thing I would just add on that, when we originally set our expectations for air distribution bookings, our baseline assumption for industry air distribution bookings growth was flat year-over-year. That's still below the current expectation for capacity growth for the industry. The industry is still expected to grow even with capacity reductions, somewhere around 2.5%. So overall, we feel pretty good about our forecast pending obviously, macroeconomics and geopolitical.

是的。我再補充一點：當我們最初設定對航空分銷訂位的預期時，我們對產業航空分銷訂位成長的基準假設是年對年持平。這仍低於目前對產業運能成長的預期。即使有運能下修，產業整體仍預期成長約2.5%。因此，整體而言，在宏觀經濟與地緣政治等因素的前提下，我們對我們的預測感覺相當不錯。

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

目前顯示沒有其他問題。我現在想把時間交回 Kurt Ekert，請他做結語。

Thank you, Siobhan. Thank you, everybody, for the participation and the great questions today, and we look forward to continuing to update you in future quarters and executing against our strategy. Thank you.

謝謝你，Siobhan。也謝謝各位今天的參與與精彩提問；我們期待在未來幾季持續向各位更新，並依照我們的策略推進執行。謝謝。

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

感謝您參與今天的會議。本次議程到此結束。您現在可以斷線。