joining us today. thank you Good everyone, morning, for Kevin. Thanks, and
Before will pandemic recognize financial that although to with a to call the I COVID-XX our impact start, on this crisis today’s individuals world. the is on severe of and health families focus business, I’d around the like implications human
are more experiencing of than us customers routines. to health and to regular work. lives communities our daily and We and our is important all where Nothing changes employees, the the we live and dramatic safety
who I’d in great teammates this like sincerely challenging Sabre have environment. to sacrifices my thank incredibly made
number distancing. Sabre practice Our around been of the we offices closed a now globe social as have for weeks
the impact you detail Before decline global unprecedented Doug financial travel since trends the our takes industry on of and I’ll and COVID-XX through in outbreak. discussing by provide its begin results, the travel bookings on
I describe we our actions have actions technology will taken describe investments. this the to these in will I the challenge. on response Next, have will Then, impact
post-crisis believe we resilient why share I’ll a for Finally, and Sabre well-positioned environment. is
The as sharp XXXX, all Since industry. is its unprecedented a COVID-XX in initial late caused we the an travel in outbreak pandemic, has know, the bookings. entire challenge industry onset decline facing
environment and new quarter on cancellations a a impact of in the we As bookings March, basis. exited resulted zero negative bookings in net effectively the
Total the in global was exclusions. for reported GDS level. down in All GDS first impacted regions March XX% factors quarter no industry by XXXX. net similar bookings January, a were a and XX%, what is XXX% and industry This with industry on declined total the by XX% basis, and of air on February the
Sabre’s impact declined of March, January, basis, cancellations, and air by months. X%, air including the On by and XX% respectively. the bookings X%, XX%, Sabre’s same declined XXX% bookings a new and net in for XX% February
by bookings cancellations. in it all net March the peaked regions. through industry suggests been decline since we’ve outbreak, was appears monitoring Based April across Data still in the on the weekly bookings industry exacerbated air trends COVID-XX’s late decline
new less activity XXXX Drilling than as the to versus very million or Since restrictions bookings have by XXX,XXX This decline toward daily, into with new average daily daily a went X.X declined in down XX% more March, air March trends, bookings. a made. into was of than sharp peaked concurrent around cancellation globe. bookings COVID-XX place roughly late late Sabre’s pre-crisis
have cancellation of previously normalization we seen of have We bookings. respect As most mid-April, believe in to rates. out we cancellation made a with we flushed the believe activity
Although depressed, activity improved versus of end in net new booking severely remain bookings April the March.
hotel passengers as in declines fast reservation happen XXXX, of new did air quarter decline first new bookings. transactions system central boarded the as In and the not in
Travel the air level high and this and through Solutions all transactions, our toward XXs Solutions three in of Network declines PBs the CRS bookings, remained at Hospitality April. Airline the end March metrics, at However, converged of
future unknown, quarter is announced plans all the uncertain. still environment remains carriers’ of COVID-XX The Air capacity and travel declines highly continued impact regions. indicate second across
OAG, capacity data from in April year-over-year. global Based XX% on declined approximately
American, with XX% all Looking Asia, Delta down over Air total XX%, Qantas is down LATAM down Pacific North down Lufthansa, XX%, XX%. capacity EMEA over Cathay to over down XX%. United KLM GOL with May, with IAG, and Avianca, currently is and XX%, to and And all down are is XX%. France American down XX%. Latin in over over all and America over Asia-Pacific, Air scheduled
Operated scheduled schedules is The files. capacity lower numbers are marketing capacity even I just reported than levels.
from sell airlines around closer strategy is and the We see expect different period, that actual in significant schedules we flights. It we But into to operating consolidate schedule still travel too marketing fewer the beyond. isn’t many airlines important reductions reduced. world are note to and and last a the year. marketing allows to get This that June schedule selling being
travel are Because the for there when to technology customers now our both the and a top be our industry, environment provider to priority business improves. mission-critical we is
in the is current the uncertainty liquidity. Given our current travel focus on long-term environment,
cost continue take XXXX. to near-term demand, will to and to actions in our have both and We align structure
technology continue demands. to our to Importantly, position management us and of meet thoughtful, advancing cash capabilities aggressive, afford the but business flexibility the
consulting QX, we a In reduction was COVID-XX of Let spend. to implementation employee to response in me our of cost actions the increases, pay of summarize freeze, have elimination immediate travel early hiring the date. taken and restriction
the to in of spread colleagues As in million employees, includes globally globe. XXX(k) voluntary suspension we initiatives pay impact grateful separations announced for XXXX. salaried the have continued and March, who U.S. cost the bookings participated the these fell retirements, voluntary pay savings savings very $XXX of reductions I’m my world in mid-to-late in the result dramatically around This match, and proud expected various to and of programs. reductions virus around
million, an of this mid-April, on the In families. we plans workforce. my you $XXX additional including very difficult decision teammates around currently global announced I XXXX is for understand costs To furlough how by one-third furlough, world the reduce your our to to and difficult
and provides ensure also to we the rigor the company even variable, needed. protection. actions, resiliency, future. they We provides will to continue is be in are Because ability two-thirds take of It stronger hope structure work it to an we not although our with further cost will
actions Next, taken me our liquidity repurchases, our we summarize let enhance XX, mid-March, the payment. suspended position. have to dividend the XXXX March In we share effective after and
notes capital raised On revolver of senior down $X.X and offerings. We exchangeable upsized of April we XXth, million. through our on also billion secured incremental $XXX drew
more initiatives $XXX we will in million half, current savings scenario. than Doug year other a with travel actions, zero and capital detail, even sufficient a share billion a our liquidity raise, no more bookings, cost believe for and but $X.X is
X, terminate and acquisition May effective Farelogix addition, the agreement. Farelogix In Sabre XXXX, agreed to
One how technology asked business, cost investments. question we is the incremental reductions often making announced we including are previously the impact are our
we and and what won’t of Let our will you savings still cost are of our transformation change be through to me clear, some To transition walk with a result Google technology Cloud. proceeding as initiatives.
provide is lower technology to accelerate Our differentiation. innovation expected transformation and costs, competitive
approximately savings when by annual technology the to cost continue in We $XXX XXXX, largely we be expect million expect complete. transformation to
the Our happier collaboration I is a to far. partnership be with Google great couldn’t start, and so off with
the innovation for We APIs have are place I to products. commercial entered availability with provide Google’s Sabre flight by agreement Today, have executing we Google. we a to in search am for already pleased new into announce data framework consumption on
their system billing partnership property our and system Accor’s primarily in upgrade of full-service Accor, due delaying are XX% management workforce. We to furlough of our with
and actively agency with to set We continue airline, advance current of our NDC-related projects partners. corporate engaged
important progress last milestones over have reached the several and months. We made
investments of a these one been customers slowed our have their return of as priorities. future, However, on to we wide is operational them have recovery. NDC redirect industry certain many important Each down and projects Sabre’s to in focus better insight expect incremental after on to we financial and
travel we on obvious, know other the or what state do side crisis. when look travel of like industry will demand will the not this To the recover,
throughout return significant us the and insight travel at access to global data for levels demand to fortunate indications a Previous of for early unlikely years. improvements that monitoring to have downturns are are industry real XXXX gives is this the suggest We we world. time least several in
in feel in Customers for trains, comfortable need timing restaurants, may planes. the on of vary places in this comfort to around crowded level The airports on world. and
planning but hoping have the I described, are for the We for best, worst. as
for lower Travelers as retrenching we travel market, tempted a most American market leisure its fares leisure health expect given rates. Ultimately, quickly for time and some carefully room the where North will may market reality. relative smaller suspect even North as than We duty by employees, American pre-crisis understand The home care may better stable and consider are of are this the return but remain Sabre closer their are more travelers companies to positioning stay travel risks. strength, travel corporate carriers significantly. their to new they and
customer experienced period management uncertainty. of strength longstanding allow prolonged the confident endure are liquidity We and to position, cost team relationships of flexible structure, will our this Sabre
hand that it with And like Doug. to to over I’d
