Sabre Corporation (SABR) 2026 Q2 法說會逐字稿

Good morning, and welcome to Sabre’s second quarter 2026 earnings conference call. My name is Rivka, and I’ll be your operator. As a reminder, please note today’s call is being recorded.

早安，歡迎參加 Sabre 2026 年第二季財報電話會議。我是 Rivka，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.

現在我將把電話交給投資人關係副總裁 Jim Mathias。請開始。

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

早安，歡迎參加我們 2026 年第二季財報電話會議。今天早上，我們已發布財報新聞稿，可於 investors.sabre.com 的網站上取得。隨同今日預先準備講稿的投影片簡報，也可在本次電話會議期間於 Sabre 投資人關係網頁上查看。今日電話會議的重播將於今天稍晚在我們的網站上提供。

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, as well as the impact of other geopolitical events, commercial and strategic arrangements, 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、對中東衝突及復甦的預期，以及其他地緣政治事件的影響、商業與策略性安排、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 June 30, 2026. Throughout today’s call, we will also be presenting certain non-GAAP financial measures.

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日電話會議所述內容出現重大差異。關於這些風險與不確定性的更多資訊，載於我們今早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 6 月 30 日季度的 Form 10-Q。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。

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. 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.

今日電話會議中提及的調整後 EBITDA、調整後 EBITDA 利潤率、標準化調整後 EBITDA、標準化調整後 EBITDA 利潤率，以及調整後技術費用與調整後 SG&A 費用，均已排除若干項目後進行調整。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。標準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。

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. As a reminder, effective last quarter, we updated the terminology used to describe our revenue to better reflect our evolving brand identity and market positioning.

我們也將以備考（pro forma）基礎呈現若干財務資訊，以反映出售 Hospitality Solutions 業務的影響。除非另有說明，所呈現的結果均以持續營運為基礎。提醒各位，自上季起，我們更新了用於描述營收的術語，以更貼近我們不斷演進的品牌識別與市場定位。

Historically referred to as Distribution and IT Solutions, these revenue streams have been renamed Marketplace and Airline Technology respectively. The specific revenue from products, services, and underlying solutions offered within each category remain unchanged.

過去稱為 Distribution 和 IT Solutions 的營收來源，現分別更名為 Marketplace 與 Airline Technology。各類別中所提供的產品、服務及其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; and Mike Randolfi, Chief Financial Officer.

今天與我一同參與的有：總裁兼執行長 Kurt Ekert，以及財務長 Mike Randolfi。

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. In the second quarter, we delivered results ahead of our expectations and generated positive free cash flow. Importantly, with the strength we’ve seen in the first half of this year and our outlook for the remainder of the year, we are increasing our full year 2026 guidance for both pro forma adjusted EBITDA and free cash flow, and we are reaffirming our outlook for revenue and air distribution bookings growth.

謝謝你，Jim。早安，感謝各位加入我們。第二季我們交出優於預期的成果，並產生正向自由現金流。更重要的是，基於今年上半年展現的強勁表現以及對下半年展望，我們上調 2026 全年備考調整後 EBITDA 與自由現金流的指引，同時重申我們對營收與航空分銷訂位成長的展望。

Revenue in Q2 grew 4% and normalized adjusted EBITDA grew 19% year-on-year to $151 million, exceeding our expectations. Air distribution bookings growth in the quarter came in ahead of our outlook, up 1% year-on-year. We are encouraged by the continued momentum we are seeing from our growth strategies. Since late 2025, Sabre’s rate of bookings growth is outpacing the broader industry by approximately 600 basis points.

第二季營收成長 4%，標準化調整後 EBITDA 年增 19% 至 1.51 億美元，優於我們的預期。本季航空分銷訂位成長也高於我們的展望，年增 1%。我們對成長策略持續帶來的動能感到鼓舞。自 2025 年底以來，Sabre 的訂位成長率約比整體產業快 600 個基點。

Second quarter air distribution bookings trends were better than expected, driven by a modest recovery in the month of June. The trends we saw in June have continued through July and are reflected in our full-year outlook. Consistent with what we shared during our first quarter earnings call regarding conflict-related headwinds in the month of March, air distribution bookings growth remained positive throughout the second quarter in both North and South America.

第二季航空分銷訂位趨勢優於預期，主要受 6 月份溫和復甦帶動。我們在 6 月看到的趨勢延續至 7 月，並已反映在我們的全年展望中。與我們在第一季財報電話會議中分享的內容一致，儘管 3 月受到衝突相關逆風影響，第二季北美與南美的航空分銷訂位成長全季仍維持正成長。

That strength was partially offset by continued impacts from the Middle East conflict as well as higher fuel prices, which have driven airline fare increases. We estimate that the global impact of fuel and the Middle East conflict was 300 to 400 basis points in the second quarter and was relatively more acute in EMEA and Asia Pacific.

上述強勁表現部分被中東衝突的持續影響以及較高燃油價格所抵銷，後者推升了航空票價。我們估計燃油與中東衝突對全球的影響在第二季約為 300 至 400 個基點，且在 EMEA 與亞太地區相對更為明顯。

Importantly, corporate volumes, which represent nearly half of our Marketplace bookings, demonstrated continued steady performance and resilience throughout the second quarter, which offset softness in leisure demand. Looking ahead, the underlying assumptions for our growth outlook have not changed. We expect third quarter air distribution bookings growth of flat to low single digits. For the fourth quarter, and consistent with our prior outlook as well as recent airline commentary, we expect bookings to grow at a low to mid-single-digit rate year-on-year.

重要的是，企業客量約占我們 Marketplace 訂位近一半，在第二季展現持續穩健的表現與韌性，抵銷了休閒需求的疲弱。展望未來，我們成長展望的基本假設並未改變。我們預期第三季航空分銷訂位成長為持平至低個位數。至於第四季，且與我們先前展望以及近期航空公司評論一致，我們預期訂位將以年增低至中個位數的速度成長。

Now, turning to slide 5. For the fourth consecutive quarter, we delivered double-digit year-on-year growth in normalized adjusted EBITDA. We believe these results and positive trends set us up well to continue to drive year-on-year top line and pro forma adjusted EBITDA growth for the remainder of the year and achieve our increased outlook.

現在請看投影片第 5 頁。我們已連續第四個季度實現標準化調整後 EBITDA 的年增雙位數成長。我們相信，這些成果與正向趨勢使我們在今年剩餘期間能持續推動營收與備考調整後 EBITDA 的年增成長，並達成我們上調後的展望。

Our financial performance provides us with a foundation to continue investing in innovation and supporting our growth strategies. Turning to the right side of the slide, we believe Sabre is positioned to be a winner in the rapidly emerging agentic AI travel channel, and we are working with partners and leaning into our leadership position by increasing the level of investment in AI initiatives.

我們的財務表現為持續投資創新與支持成長策略提供了基礎。再看投影片右側，我們認為 Sabre 已具備在快速興起的代理式（agentic）AI 旅遊通路中勝出的有利位置；我們正與合作夥伴攜手，並藉由提高對 AI 計畫的投資力度，強化我們的領導地位。

Our Marketplace continues to deliver multi-source travel content at an incredible scale. Hotel-related revenue growth accelerated in Q2 to 11% year-on-year, driven by higher attach rate and continued growth in media revenue. Our hotel attach rate has improved to approximately 35%. As we continue to enhance our hotel platform, we expect to drive higher conversion. Payments Suite gross spend exceeded $6 billion in the second quarter, up more than 30% year-on-year, and is now over $25 billion on an annualized basis. NDC also continues to grow, and we expect further acceleration during 2026.

我們的 Marketplace 持續以驚人的規模提供多來源旅遊內容。第二季與飯店相關的營收成長加速至年增 11%，主要由更高的附加率（attach rate）以及媒體營收持續成長所帶動。我們的飯店附加率已提升至約 35%。隨著我們持續強化飯店平台，我們預期將帶動更高的轉換率。第二季 Payments Suite 的總支付金額（gross spend）超過 60 億美元，年增逾 30%，目前按年化基礎已超過 250 億美元。NDC 也持續成長，我們預期 2026 年將進一步加速。

Turning to slide 6, our key financial and operational metrics demonstrate that we are executing well and delivering broad-based growth. Across our business, we continue to see positive trends, reflecting the disciplined execution of our strategy and the progress we are making against our long-term priorities.

接著看投影片第 6 頁，我們的關鍵財務與營運指標顯示，我們執行到位並帶來廣泛的成長。在整體業務方面，我們持續看到正向趨勢，反映出我們對策略的紀律性執行，以及在長期優先事項上所取得的進展。

Moving to slide 7. Our developer ecosystem continues to expand. Hundreds of developers are now working in our production environment, reinforcing Sabre’s position as the critical infrastructure provider powering the next generation of travel commerce. Agentic AI is no longer just a future opportunity. It is transforming how travel is bought and serviced, and Sabre is leading that evolution. Our open platform enables AI agents to shop, book, and service travel autonomously, securely, and at scale. As the ecosystem develops and adoption accelerates across the industry, we believe Sabre is uniquely positioned to build on our leadership position as we enter this next chapter of travel technology.

接著看第 7 張投影片。我們的開發者生態系持續擴大。目前已有數百位開發者在我們的正式生產環境中工作，進一步鞏固 Sabre 作為關鍵基礎設施供應商的地位，為下一代旅遊商務提供動力。代理式 AI 不再只是未來的機會。它正在改變旅遊的購買與服務方式，而 Sabre 正引領這場演進。我們的開放平台讓 AI 代理能以自主、安全且可擴展的方式進行比價、預訂與提供旅遊服務。隨著生態系發展、產業採用加速，我們相信 Sabre 在進入旅遊科技下一篇章之際，具備獨特優勢，可在既有領導地位上再接再厲。

We recently deployed our Model Context Protocol server with a global enterprise loyalty and travel service company. MCP acts as a secure, intelligent translation layer that lets AI agents handle complex servicing work on their own, ticket reissues, exchanges, and itinerary changes. Driven by strong demand for our agentic APIs and MCP server, we doubled the number of active pilot and production partners from 30 to 60 in the second quarter. We also partnered with Vocal Bridge and DeepLearning.AI, part of the broader AI Fund ecosystem, and hosted a hackathon in Silicon Valley. The response was positive and exceeded our expectations.

我們近期已與一家全球企業級的忠誠度與旅遊服務公司部署了我們的 Model Context Protocol（MCP）伺服器。MCP 作為安全且智慧的轉譯層，使 AI 代理能自行處理複雜的服務作業，例如機票改開、換票與行程變更。在我們的代理式 API 與 MCP 伺服器需求強勁帶動下，我們在第二季將活躍的試點與正式上線合作夥伴數量由 30 家倍增至 60 家。我們也與 Vocal Bridge 以及 DeepLearning.AI（隸屬於更廣泛的 AI Fund 生態系）合作，並在矽谷舉辦黑客松。反應相當正面，且超出我們的預期。

More than 400 developers participated and submitted over 100 projects built on our agentic APIs and MCP server. The solutions they built, from voice-enabled travel assistants to agents that can seamlessly coordinate flights, hotels, rideshares, and dining built into a single itinerary, demonstrate the power and flexibility of our platform. Importantly, they serve as examples of the growing developer interest in building on Sabre’s infrastructure and reinforce our foundational position in enabling the next generation of agentic AI-powered travel.

超過 400 位開發者參與並提交了 100 多個基於我們代理式 API 與 MCP 伺服器所打造的專案。他們打造的解決方案，從語音啟用的旅遊助理，到可無縫協調航班、飯店、共乘與餐飲並整合為單一行程的代理，展現了我們平台的強大能力與彈性。更重要的是，這些成果是開發者對在 Sabre 基礎設施上進行開發興趣日益提升的例證，並強化我們在推動下一代由代理式 AI 驅動之旅遊領域中的基礎性地位。

We are making solid progress across our strategic priorities and believe we are well positioned to deliver sustainable long-term growth. Across air expansion, Airline Technology, lodging expansion, and Payments, we are executing our strategy, delivering meaningful value for our customers, and investing in innovation that further strengthens our competitive position.

我們在各項策略優先事項上持續取得扎實進展，並相信我們已具備良好條件以實現可持續的長期成長。在航空擴張、航空公司技術、住宿擴張與支付等領域，我們正落實策略，為客戶創造具意義的價值，並投資創新以進一步強化我們的競爭地位。

We are excited with the momentum in Airline Technology, and I’m pleased to share that a notable carrier in Africa has selected Sabre as its new technology platform provider. As part of this agreement, the airline will migrate its core passenger services to the Sabre platform and adopt our Sabre Mosaic NDC IT capabilities. This transition will help modernize key areas of the airline’s operations, and implementation is expected to be completed by the end of this year. Our progress together with our strong first half performance supports our updated 2026 guidance and increases our confidence in the significant opportunities ahead.

我們對航空公司技術業務的動能感到振奮，也很高興分享：非洲一家重要航空公司已選擇 Sabre 作為其新的技術平台供應商。依據此協議，該航空公司將把核心旅客服務系統遷移至 Sabre 平台，並採用我們的 Sabre Mosaic NDC IT 能力。此轉換將有助於現代化該航空公司營運的關鍵領域，預計於今年年底前完成導入。我們與客戶共同推進的進展，加上上半年強勁表現，支持我們更新後的 2026 年指引，並提升我們對未來重大機會的信心。

With that, I’ll turn the call over to Mike to walk through our second quarter financial results and our outlook in more detail.

接下來我把電話會議交給 Mike，請他更詳細說明我們第二季的財務結果與展望。

Thanks, Kurt, and good morning, everyone. Please turn to slide 9. Second quarter revenue, gross profit, normalized adjusted EBITDA, and free cash flow all exceeded our expectations. As a result, and based on our current outlook, which is consistent with our prior view for the second half of 2026, we are reaffirming our full year guidance for revenue and air distribution bookings growth and increasing our full year guidance for both pro forma adjusted EBITDA and free cash flow.

謝謝你，Kurt，各位早安。請翻到第 9 張投影片。第二季營收、毛利、標準化調整後 EBITDA 與自由現金流皆超出我們的預期。因此，基於我們目前的展望（與我們先前對 2026 年下半年的看法一致），我們重申全年營收與航空分銷訂位成長的指引，並上調全年備考調整後 EBITDA 與自由現金流的指引。

Turning to the financials. Total revenue was $712 million, an increase of 4% year-on-year, exceeding our expectations of flat to nominal growth. Marketplace revenue grew $31 million, an increase of 6% due to a 1.5% increase in distribution bookings and a 4% increase in average booking fee, which includes growth from our payments and media offerings. Airline Technology revenue was $135 million, broadly in line with our expectations.

接著看財務數據。總營收為 7.12 億美元，年增 4%，高於我們原先對持平至小幅成長的預期。Marketplace（市場平台）營收增加 3,100 萬美元，年增 6%，主要來自分銷訂位量增加 1.5% 以及平均訂位費增加 4%；其中包含我們支付與媒體產品的成長貢獻。航空公司技術營收為 1.35 億美元，大致符合我們的預期。

Second quarter revenue reflected a timing of certain items that can create normal quarter-to-quarter variability. We continue to expect growth in passengers boarded in future quarters. As a result, we expect Airline Technology revenue of $140 million to $150 million per quarter in Q3 and Q4, and continue to expect year-on-year revenue growth in 2026. Gross margin of 57.1% came in at the high end of our 56% to 57% range, due primarily to favorability in our average booking fee, driven by bookings mix and revenue growth in higher margin payments and media products.

第二季營收反映了部分項目的時點因素，這些因素可能造成正常的季度間波動。我們仍預期未來幾季的登機旅客數將成長。因此，我們預期第三季與第四季航空公司技術營收每季約為 1.40 億至 1.50 億美元，並仍預期 2026 年營收將年增。毛利率為 57.1%，落在我們 56% 至 57% 區間的高端，主要因平均訂位費表現優於預期，這由訂位組合以及高毛利的支付與媒體產品營收成長所帶動。

Second quarter normalized adjusted EBITDA was $151 million, a 19% increase year-on-year, and adjusted EBITDA margin expanded 272 basis points to 21.2%. Free cash flow was positive $10 million for the second quarter. Importantly, our expectation for full year free cash flow has improved to approximately negative $65 million from negative $70 million. As a reminder, the negative free cash flow this year is driven almost entirely by approximately $60 million of restructuring costs associated with our inflation offset program. Absent these restructuring costs, we would expect near-breakeven free cash flow. We ended the quarter with a cash balance of $697 million.

第二季標準化調整後 EBITDA 為 1.51 億美元，年增 19%，調整後 EBITDA 利潤率擴張 272 個基點至 21.2%。第二季自由現金流為正 1,000 萬美元。重要的是，我們對全年自由現金流的預期已改善，從約負 7,000 萬美元上修至約負 6,500 萬美元。提醒一下，今年自由現金流為負幾乎完全是由約 6,000 萬美元的重組成本所致，該成本與我們的通膨抵銷計畫相關。若不計這些重組成本，我們預期自由現金流將接近損益兩平。本季末現金餘額為 6.97 億美元。

Moving to slide 10. Air distribution bookings grew 1% and exceeded expectations despite the impacts of the conflict in the Middle East and higher fuel prices on global travel demand. Revenue growth of 4% exceeded our guidance of flat-to nominal. Our normalized adjusted EBITDA result of $151 million was favorable to our guide of approximately $130 million by $21 million. Approximately two-thirds of this outperformance is attributable to higher gross income, which was driven by a higher average booking fee and higher air distribution bookings. The remainder is driven by timing of technology investments, which will now occur in the second half of the year. All in, we are pleased with this quarter’s results.

接著看第 10 張投影片。儘管中東衝突與燃油價格上升對全球旅遊需求造成影響，航空分銷訂位仍成長 1%，並超出預期。營收成長 4%，高於我們「持平至小幅成長」的指引。我們的標準化調整後 EBITDA 為 1.51 億美元，較我們約 1.30 億美元的指引高出 2,100 萬美元。約三分之二的超預期表現來自較高的毛收入，主要由較高的平均訂位費與較高的航空分銷訂位所帶動。其餘則來自技術投資時點的影響，相關投資將改在今年下半年進行。整體而言，我們對本季的結果感到滿意。

Turning to slide 11. We have signed an agreement with our existing lenders to extend our AR securitization facility through September 2029. As a result of this agreement and our previous refinancing activities, we now have no maturities until 2029.

接著看第 11 張投影片。我們已與現有放款機構簽署協議，將我們的應收帳款（AR）證券化融資安排延長至 2029 年 9 月。由於此協議以及我們先前的再融資活動，我們目前在 2029 年之前將沒有到期債務。

Moving to slide 12 and our outlook for 2026. We are increasing our outlook for full year pro forma adjusted EBITDA to approximately $600 million and free cash flow to approximately negative $65 million. While our forecast for full year air distribution bookings, revenue growth, gross margin, and operating expenses remain largely unchanged, we do expect to trend slightly more favorably than prior expectations on gross margin, driving the increased adjusted EBITDAg guide. We are increasing our outlook for CapEx by $10 million.

接著看第 12 張投影片，以及我們對 2026 年的展望。我們將全年備考調整後 EBITDA 展望上調至約 6.00 億美元，並將自由現金流上調至約負 6,500 萬美元。雖然我們對全年航空分銷訂位、營收成長、毛利率與營業費用的預測大致維持不變，但我們確實預期毛利率走勢將較先前預期略為有利，進而帶動調整後 EBITDA 指引上調。我們將資本支出（CapEx）展望上調 1,000 萬美元。

Looking at adjusted technology expense, we continue to expect a low single-digit increase year-on-year. Adjusted technology expense is expected to be higher in the second half of the year as compared to the first half of the year due to a shift in timing of investments. Taken together, our total investment in technology in the second half will be higher due to additional investment in product development, including AI, Sabre Mosaic, and Lodging.

就經調整的技術費用而言，我們仍預期年增幅度為低個位數。由於投資時點的移轉，預期下半年經調整技術費用將高於上半年。綜合而言，由於在產品開發（包括 AI、Sabre Mosaic 與 Lodging）方面的額外投資，我們下半年的技術總投資將更高。

With our increased pro forma adjusted EBITDA guidance, updated CapEx outlook, and approximately $5 million of higher cash interest due to the May 2026 refinancing of our exchangeable notes, our expectation for full year free cash flow has increased by $5 million to approximately negative $65 million.

隨著我們提高備考經調整 EBITDA 指引、更新資本支出（CapEx）展望，以及因 2026 年 5 月對可交換票據再融資而帶來約 500 萬美元較高的現金利息，我們對全年自由現金流的預期上調 500 萬美元至約負 6,500 萬美元。

On to slide 13 and our expectation for the third and fourth quarters. As Kurt mentioned, the trends we saw in June continued through July. Based on our current outlook, we anticipate third quarter air distribution bookings and revenue to grow in the flat to low single-digit range and fourth quarter air distribution bookings and revenue to grow at a low to mid-single-digit pace year-on-year. We expect our third and fourth quarter gross margin to be towards the higher end of our 56% to 57% range due to the continuation of favorable trends experienced in the first half of the year.

接著看第 13 頁，以及我們對第三與第四季的預期。如 Kurt 所提到，我們在 6 月看到的趨勢延續到 7 月。根據目前展望，我們預期第三季航空分銷訂位量與營收成長落在持平至低個位數區間，第四季航空分銷訂位量與營收則預期年增低至中個位數。由於上半年有利趨勢的延續，我們預期第三與第四季毛利率將落在 56% 至 57% 區間的較高端。

As I discussed previously, we expect adjusted technology expense to be higher in the second half of this year as compared to the first half of this year. We expect adjusted SG&A expense to be roughly flat in the second half of the year when compared to the first half of the year.

如我先前所述，我們預期今年下半年經調整技術費用將高於上半年。我們預期下半年經調整 SG&A 費用與上半年相比大致持平。

For the third quarter, with guidance of flat to low single-digit growth in air distribution bookings, gross margin at the higher end of our range, the sequential increase in adjusted technology expense and roughly flat SG&A expense sequentially, we expect normalized adjusted EBITDA to be approximately $155 million. For the fourth quarter, with guidance of low to mid-single-digit growth in air distribution bookings and similar expectations for gross margin and operating expense versus the third quarter, we anticipate normalized adjusted EBITDA of approximately $125 million.

就第三季而言，在航空分銷訂位量成長指引為持平至低個位數、毛利率位於區間較高端、經調整技術費用較前一季增加，以及 SG&A 費用較前一季大致持平的情況下，我們預期常態化經調整 EBITDA 約為 1.55 億美元。就第四季而言，在航空分銷訂位量成長指引為低至中個位數，且毛利率與營運費用相較第三季的預期相近之下，我們預估常態化經調整 EBITDA 約為 1.25 億美元。

Touching on free cash flow, we expect similar trends in operating cash flow in the third quarter as compared to the second quarter, excluding the impact of interest payments. As a reminder, within the website financials available on our Investor Relations website, we provide a quarterly interest swap. The schedule provides our expected quarterly cash interest payments.

談到自由現金流，我們預期第三季營運現金流的趨勢與第二季相近（不含利息支付的影響）。提醒一下，在我們投資人關係網站上可取得的網站財務資料中，我們提供按季的利率交換（interest swap）資訊。該時程表列示我們預期的每季現金利息支付。

In the third quarter, we expect roughly $20 million of higher interest payments versus the second quarter. In total, for the second half of the year, we expect to generate approximately $80 million of free cash flow, primarily in the fourth quarter. We are pleased with our second quarter and the first half results. With our increased outlook for both full year pro forma adjusted EBITDA and free cash flow, we believe we are well-positioned for sustained growth and free cash flow generation going forward.

第三季我們預期利息支付將較第二季增加約 2,000 萬美元。整體而言，今年下半年我們預期將產生約 8,000 萬美元的自由現金流，主要集中在第四季。我們對第二季及上半年業績感到滿意。隨著我們上調全年備考經調整 EBITDA 與自由現金流展望，我們相信公司已具備良好條件，可在未來持續成長並產生自由現金流。

With that, operator, please open the line for questions.

接下來，接線員，請開放提問。

(Operator Instructions) Jack Halpert, Cantor Fitzgerald.

(接線員指示) Jack Halpert，Cantor Fitzgerald。

First one, I wanted to double-click a little bit on the airline tech being down a little year-over-year. I know you mentioned some quarter-over-quarter variability, sounds more one-off. One, can you just explain a bit more about what this is? And then I know last quarter, you talked a little bit about Amadeus potentially acting anti-competitively here. I was wondering if maybe that had something to do with it, or what you’re seeing there in terms of what they’re doing.

第一個問題，我想更深入追問一下航空公司技術（airline tech）年對年略為下滑的情況。我知道你提到一些季對季的波動，聽起來比較像一次性因素。第一，能否再多解釋一下這是什麼原因？另外我知道上季你們提到 Amadeus 可能在此採取反競爭行為。我想知道這是否可能與此有關，或你們在他們的作為方面看到了什麼。

And then just a second question on AI. We heard from Booking earlier this week that they’re participating in some tests with Google on potential agentic travel checkout and AI mode on search. I was curious what you’re hearing from partners about the potential for leading AI labs to pursue this strategy, which maybe, I think back in April, there was some news flow that they were stepping away and going more on commerce. I think you guys have said the same thing. Just thoughts there. Thank you.

第二個問題是關於 AI。我們本週稍早聽到 Booking 表示，他們正與 Google 參與一些測試，內容涉及可能的代理式（agentic）旅遊結帳，以及搜尋中的 AI 模式。我很好奇你們從合作夥伴那邊聽到的情況：領先的 AI 實驗室是否可能採取這種策略？我記得大概在 4 月時有一些消息說他們正在淡出、轉向更偏商務（commerce）的方向。我想你們也說過類似的看法。想聽聽你們的想法。謝謝。

Yeah, thanks for the question, Jack. On Airline Technology, first, I would just highlight that the $135 million for the quarter was exactly in line with our expectations. The thing to keep in mind for that line item, about half of the revenue is driven by PBs. The other half is driven by other earnings constructs, primarily things like license fees and other performance deliverables.

好的，謝謝你的問題，Jack。關於航空公司技術，首先我想強調，本季 1.35 億美元的表現完全符合我們的預期。這個科目需要記住的一點是，大約一半的營收由 PBs 驅動。另一半則由其他收益結構所驅動，主要是授權費以及其他績效交付項目等。

And so it can fluctuate a fair bit quarter-to-quarter, and it just happens that there’s less of that license fee revenue and performance deliverables that were planned and scheduled in that quarter. Our overall perspective on the business is very much the same. We expect that we’ll be in the [$140 million, $150 million] range in Q3, Q4. We expect that we’ll have year-over-year growth for Airline Technology overall, and we are very optimistic as we move into 2027.

因此它在季與季之間可能會有相當程度的波動，而剛好本季原先規劃與排程的授權費收入與績效交付項目較少。我們對這項業務的整體看法基本上沒有改變。我們預期第三、第四季將落在 [1.40 億美元，1.50 億美元] 的區間。我們預期航空公司技術整體將呈現年對年成長，並且在邁向 2027 年之際我們非常樂觀。

With respect to Amadeus’s behavior in the market, the concerns that we raised previously still exist. Specifically, we believe that Amadeus is leveraging a dominant position in passenger service systems, or PSS, to exclude alternative providers in the separate emerging market for offer, order, settlement, and delivery, or OOSD. We have four specific concerns here that limit airline choice and also constrain information in the market for OOSD.

至於 Amadeus 在市場上的行為，我們先前提出的疑慮仍然存在。具體而言，我們認為 Amadeus 正利用其在旅客服務系統（passenger service systems，PSS）中的主導地位，在另一個新興且獨立的市場——報價、訂單、結算與交付（offer, order, settlement, and delivery，OOSD）——中排除替代供應商。我們在此有四項具體疑慮，這些疑慮限制了航空公司的選擇，也壓縮了 OOSD 市場中的資訊流通。

Number one is the restriction on airlines’ access to their own data. Number two is limitations on API access required for interoperability with Amadeus's PSS. Number three is unfair or high integration costs. Number four is prolonged integration delays. The victims in this situation are airlines and travelers. By comparison, our approach is centered on openness and modularity, where we enable airlines to modernize and evolve their retailing capabilities without being locked into a single vertically integrated stack.

第一，是限制航空公司存取其自身資料。第二，是限制與 Amadeus 的 PSS 互通所需的 API 存取。第三，是不公平或過高的整合成本。第四，是過長的整合延遲。在這種情況下的受害者是航空公司與旅客。相較之下，我們的方法以開放性與模組化為核心，使航空公司能在不被鎖定於單一垂直整合堆疊的情況下，現代化並演進其零售能力。

To summarize this, the industry is looking for the industry to modernize, for airlines to deserve equal and unequivocal access to best-in-breed modular, open AI-first cloud solutions, and Sabre is marching down this path. The second question with respect to AI or agentic AI specifically, we’ve spoken previously. We believe that agentic will emerge as a distribution channel that’s very material within the travel industry.

總結來說，產業希望推動現代化；航空公司理應能平等且明確地取得同級最佳（best-in-breed）的模組化、開放式、AI 優先的雲端解決方案，而 Sabre 正沿著這條路徑前進。第二個問題關於 AI，或更具體的代理式 AI（agentic AI），我們先前也談過。我們相信代理式將成為旅遊產業中非常重要的分銷通路。

What you’re seeing near term is a focus by most of the large agentic platforms on enterprise, following, for example, what Anthropic or OpenAI are doing, less of a focus near term on consumer. As they pivot to consumer, the first focus, we believe, will be retail e-commerce because it’s the largest transaction category, but then they will go to travel thereafter.

你在短期內看到的是，多數大型代理式平台把重點放在企業端，例如跟隨 Anthropic 或 OpenAI 的作法，短期內較少聚焦消費者端。當它們轉向消費者端時，我們認為第一個重點會是零售電商，因為那是最大的交易類別，之後才會進入旅遊。

When you look at travel specifically, what we’ve heard from the large [agentic] players is that they’re seeking a solution that is basically an end-to-end experience for the consumer, where they stay captive to that platform for the entire experience. With Sabre specifically, as we think about AI, we’re investing aggressively to unlock what we believe will both be efficiency and revenue growth opportunities for the company. We believe we’re going to win for the following reasons.

當你特別看旅遊領域時，我們從大型[代理式]玩家那裡聽到的是，他們正在尋求一個基本上為消費者提供端到端體驗的解決方案，讓消費者在整個體驗期間都被鎖定在該平台上。就 Sabre 而言，當我們思考 AI 時，我們正積極加大投資，以釋放我們相信將同時帶來效率提升與公司營收成長機會的潛力。我們相信我們將因以下原因勝出。

We have a multi-source platform, and we have recent agentic AI investments where we’re uniquely positioned to serve as the critical infrastructure layer for AI agents powering the next generation of travel commerce. We were the first to market, and we’ve had significant engagement with developers with now over 60 active pilot and production partners utilizing our agentic APIs and our MCP server. So we’re really excited for the future of agentic AI. The timing on this, because of the behavior of the large agentic players, is uncertain, but the opportunity is large.

我們擁有多來源平台，並且近期在代理式 AI 上的投資，使我們具備獨特優勢，能作為 AI 代理驅動下一代旅遊商務的關鍵基礎設施層。我們是第一個進入市場的，並且與開發者有顯著互動，目前已有超過 60 個活躍的試點與正式上線合作夥伴在使用我們的代理式 API 與 MCP 伺服器。因此，我們對代理式 AI 的未來感到非常振奮。由於大型代理式玩家的行為，這件事的時點仍不確定，但機會很大。

(Operator Instructions) Victor Chang, Bank of America.

(接線員指示) Victor Chang，美國銀行。

Maybe two from my side. Can you elaborate a bit more, give us a bit more color on the outperformance in Q2 bookings versus maybe some of your peers? How much of it is leisure versus corporate mix? And when you look at your Q3, Q4 guide, what assumptions are you making for both segments?

我這邊可能有兩個問題。你能否再多闡述一些，提供更多細節，說明第二季訂位量相較於部分同業的超額表現？其中休閒與商務的組合占比各是多少？另外，當你看第三季、第四季的指引時，對兩個細分市場分別做了哪些假設？

Secondly, I think Amadeus talked about a $40 million PP Air IT win that they expect to be coming in 2027. Can you comment a bit about that, whether that’s an existing SabreSonic customer, please?

第二個，我想 Amadeus 提到他們拿下了一筆 4,000 萬美元的 PP Air IT 案子，預期會在 2027 年開始貢獻。你能否評論一下這件事，該客戶是否為既有的 SabreSonic 客戶？謝謝。

Yeah. Let me take them in reverse, Victor. Thank you. First of all, with respect to our Airline Technology business, this has emerged now as a growth business for Sabre. As you heard, we reiterated our full-year revenue growth outlook today. We expect that momentum for the overall business as well as for Airline Technology to extend into 2027. We’re seeing very strong interest in the Sabre Mosaic offer and order platform, specifically for the offer management capabilities that we’ve brought to market.

好的。Victor，我倒過來回答。謝謝你。首先，就我們的航空科技（Airline Technology）業務而言，這現在已成為 Sabre 的成長型業務。如你所聽到的，我們今天重申了全年營收成長展望。我們預期整體業務以及航空科技的動能將延續至 2027 年。我們看到市場對 Sabre Mosaic 產品與訂單平台有非常強勁的興趣，特別是我們推出的產品管理（offer management）能力。

As you know, we’ve recently won Hawaiian and Laos Airlines, and as we announced on the prepared remarks today, we have another undisclosed exciting win. We also expect to announce another significant win in the coming months. Otherwise, we don’t comment on the details of individual customer agreements.

如你所知，我們近期贏得了 Hawaiian 與 Laos Airlines，而正如我們今天在事先準備的發言中所宣布的，我們還有另一個未揭露、令人振奮的勝利案。我們也預期在未來幾個月宣布另一個重大勝利案。除此之外，我們不評論個別客戶合約的細節。

With respect to the outperformance versus the peers, as we indicated, starting in the fourth quarter of last year up through today, we are outperforming our competitive peers by about 600 basis points or 6% on average. That existed before the conflict in the Middle East. That has prevailed since then as well. Why is that happening?

至於相較同業的超額表現，如我們所指出的，從去年第四季到今天，我們平均比競爭同業高出約 600 個基點，或約 6%。這在中東衝突之前就已存在。此後也同樣持續。為什麼會這樣？

One is share takeaways, which continue. Two is growth with our low-cost carrier platform, and three is growth in NDC. So it is a matter of competing well with our existing Marketplace and also growing the TAM for that travel. The resilience and the strength in the corporate marketplace has certainly buoyed our performance because we have about 45% of our distribution volumes come from corporate or TMC, versus for the industry, about 25% to 30%. As we see, corporate is relatively outperforming leisure, which is a nice reversal on what we experienced last year.

第一是市占提升，且仍在持續。第二是我們低成本航空公司平台的成長；第三是 NDC 的成長。因此，這既是我們以既有 Marketplace 競爭得宜，也是在擴大該旅遊市場的 TAM（可服務總市場）。企業差旅市場的韌性與強勁表現確實支撐了我們的業績，因為我們約 45% 的分銷量來自企業或 TMC（差旅管理公司），而整體產業約為 25% 到 30%。我們看到企業差旅相對優於休閒旅遊，這與我們去年經歷的情況相比，是一個令人欣喜的反轉。

When you look at the forward guide, what we have assumed is that -- again, we still have a 400-basis point impact from the conflict in the Middle East, coupled with fuel, fuel being the much bigger portion of the impact. We assume that that impact will persist but dissipate through the balance of this calendar year. It is clear that the yield increases by airlines are there to stay for some period of time. We are not certain how long, but we are assuming a modest improvement in the macro environment around us going forward.

當你看我們的前瞻指引時，我們的假設是——再次強調，我們仍受到中東衝突約 400 個基點的影響，再加上燃油因素，而燃油是影響中更大的部分。我們假設該影響將持續，但會在今年剩餘期間逐步消退。很明顯，航空公司的票價收益率（yield）上調將在一段時間內持續存在。我們不確定會持續多久，但我們假設未來周遭的總體環境將有溫和改善。

Thank you. If I can have a follow-up on the NDC that you touch upon, where are you with NDC volumes right now? It seems like your revenue per booking continues to grow very strong. I guess NDC is not having too much of an impact on that unit economics.

謝謝。如果我可以就你提到的 NDC 追問一下，你們目前的 NDC 量到什麼程度了？看起來你們每筆訂位的營收仍持續非常強勁地成長。我猜 NDC 對該單位經濟的影響似乎不大。

Thanks, Victor. With respect to NDC, NDC now represents about 5% of our distribution volumes. It is growing very steadily. Year-on-year, we see, one, that is a combination of adoption of NDC by existing clientele; two, there is a degree of NDC re-intermediation, or to say differently, NDC volumes that previously were direct connected that are now coming through our channel.

謝謝，Victor。就 NDC 而言，NDC 現在約占我們分銷量的 5%。它正非常穩定地成長。以年對年來看，我們看到：第一，這是既有客戶採用 NDC 的組合；第二，也存在一定程度的 NDC 再中介化（re-intermediation），換句話說，先前為直連的 NDC 量，現在改由我們的通路進來。

With respect to unit economics, we have long talked about the fact that outside of Europe, the impact of NDC on a revenue basis is slightly dilutive, on a margin basis is also slightly dilutive. Within Europe, where prevailing EDIFACT booking fees are nearly double what they are in the balance of the world, there is a more material degradation of both revenue and unit margin. I remind you that that represents Europe, only about 16% of our point-of-sale bookings globally.

就單位經濟而言，我們長期以來一直談到，在歐洲以外，NDC 對營收層面略具稀釋性，對毛利率層面也略具稀釋性。在歐洲，由於主流 EDIFACT 訂位費用幾乎是世界其他地區的兩倍，對營收與單位毛利的下滑更為明顯。提醒你，歐洲在我們全球銷售點（point-of-sale）訂位中僅約占 16%。

So we have relatively less exposure to that impact than our competitive set. But overall, what you see is that impact measured against our mixed performance as well as the strong growth with hotel and with other non-transaction-based revenue, for example, media and payments. So we’re very comfortable with the per unit revenue performance that we’re seeing.

因此，相較於競爭同業，我們受到該影響的曝險相對較低。但整體而言，你看到的是：該影響與我們的混合表現，以及飯店與其他非交易型營收（例如媒體與支付）的強勁成長相互對沖。因此，我們對目前看到的單位營收表現感到非常放心。

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

我目前沒有看到其他問題。現在我想把時間交回給 Kurt Ekert 做結語。

Thanks, everybody, for the interest and the support. We look forward to performing and to speaking to you in forward quarters. Thank you.

感謝各位的關注與支持。我們期待持續交出表現，並在未來幾季與各位交流。謝謝。

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

感謝各位參與今天的電話會議。本次議程到此結束。您現在可以掛線。