Sabre (SABR) 15 Feb 222021 Q4 Earnings call transcript

00:02 Good morning, and welcome to the Sabre Fourth Quarter and Full Year 2021 Earnings Conference Call. My name is Victor and I'll be your operator.

As a reminder, please note today's call is being recorded. 00:14 I will now turn the call over to the Vice President of Investor Relations, Kevin Crissey. Please go ahead.

Victor. Thanks, XX:XX everyone. Good morning, for fourth joining full you for us XXXX earnings and quarter year call. Thank our This morning, we available issued an earnings press website investors.sabre.com. on release at our which is available today's A which Sabre prepared during webpage. this remarks Investor slide Relations call accompanies is presentation, the on also morning. of this call website today's replay be available A our on will later of recovery XX:XX We that you including our liquidity, benefits or beliefs advise duration represent expected and future the comments strategic events, and margins others. among our expenses, revenue, would that like COVID-XX, and commercial from costs effects and expectations trends, cost to statements contain industry about arrangements, forward-looking savings, and call. XX:XX results All materially made from and uncertainties statements conference risks statements to that may differ involve cause the actual today's forward-looking on uncertainties third quarter XX-Q XX-K. More in morning risks contained this issued Form on our XXXX our our release these SEC including and and is and XXXX filings, earnings information be we XX:XX financial also Throughout measures. call, presenting today's certain non-GAAP will Loss Loss, LTM Adjusted References during Free items. to and Debt today's been Net Adjusted Net margin, Adjusted Cash call operations, Operating Flow EPS, EBITDA to Adjusted EBITDA, EBITDA Adjusted to from certain exclude adjusted Adjusted have continuing and directly our in reconciliations are and The the GAAP posted website documents for measures earnings non-GAAP comparable most at measures investors.sabre.com. release other on available XX:XX Ekert, Participating Chief our our our with Kurt Financial me Officer. are Executive President; Barnett, Officer; Sean Menke, Chief and Doug Hospitality President will available after be of our Solutions, Scott prepared Wilson, remarks. for Q&A the call I over the Sean. will that, turn XX:XX With to

for us. XX:XX Thanks, morning, thank Kevin. Good and joining everyone you

headwinds. abandoned on challenges, never we opportunities. disruptive. numerous, had been deal We these extraordinarily the like we years unpredictable have two nor to future our have sight As others with lost focus know past Despite

for importance the transformation. XX:XX on call to efforts the technology reprioritized; these challenging XXXX and be goals these are expected continued our accomplishing the of and the XXXX, others, intent in we we continued earnings to During transformation, we the technology with articulated of partners needed benefits execute. Some technology our midpoint our our headwinds, Despite specifically notwithstanding is of February transformation. environment.

confident compared of scenarios XXXX, and recovery cost accomplish superior travel the changed competitors. in and of that efficiencies level goals The be drive recovery technology full We advanced year was on has at by which similar XXXX since we period footprint when multiple we the our these under efficient COVID-XX. In believe are of was XX:XX a and will our to technology November global to global XXXX, we bookings superior our best beginning pace global agile month-to-date structure same onset year, versus benefits run the but February the as financial slow reach of GDS were that believe the accrued rate results XXXX. significantly. will end month to the XXXX, will

and our shaping XXXX the reach we these discussing other I'll Slide For to now for be to Turning investors topics up cover XX:XX call. recovery the we COVID. a provide we and Sabre believe X, see recovery begin me opportunity hold overview reasons, of year progress. an today's considerable we by of side is on takes will of as and let the

and you under how our in booking, in XX:XX marketplace expected present make regarding focus for is as learning eager organization. trends to detail Next, results quickly e-commerce through and the scenarios call financial to to I'll as spend in specific well say temporarily the years enable our air transaction travel travel arrival including of ongoing Then, and Sabre. Omicron recovery. background our these help out my recovery members the and him first to to efforts, achieve corporate joined He our continue serving aware, an results hospitality Kurt? another passengers transformation earnings at just challenging I of with do January take distribution, will an understanding the for year but investors I'm I'll I goals are I a customers, I boarded, externally his is me to forward perfect allow to me Sabre come. emphasize welcome transformation choice Sabre. the teammates like appreciate the and walk also XXXX my a be looking to words won't do. Kurt much do CRS travel. the provide to would him our travel important the Kurt before it for world. important for call him for around XXXX. recovery, ask we Kurt's one to skills for I'll a our XX:XX Finally, something team I'd our working with moment the outlook executing affected their making -- investments few consumer I same another how new and and on personalized good to of and financial over constituents industry hotel exceptional other global His Ekert customers, extraordinary the travel. time thank to but and Kurt strategy long-term us Doug But introduction. strong XXXX start, thought I believe a technology marketplace, XXXX, and was yet President. with update as has to to specific look quarter time performance had more to want for for are and has the it to in and results. turn the and

to XX:XX this first-hand. strengths Dynamic recently, you, I XX:XX of from Having Sabre. After one just month, have appreciate a Sabre's as knew I'm executive offerings and on sector, in an an more for global CWT, the And the in the look financial capitalize customer changes uniquely drive Sabre's Sean positioned investors well to at a innovation over compelling Sean. exciting and team to better back I joined worked is product client XX:XX outside. relationships Sean, competitors with strong to excited world-class near Sabre future. the to meeting analysts us am changes. people, I welcome. and time forward travel Sabre's also and you. I and I these gaining our coming top are Thank that and believe with performance. to at appreciation our many partner

Great. X:XX lot, Kurt. Thanks a

X. I like most us the Now to I'd important what start today's with Sabre. case the to of like call turn Slide I'd some consider be of for aspects to to investment

by has Sabre booking more fall, pandemic. the We investment improve. counteract time, in our travel over just again in travel know for our very been travel designed to COVID-XX global As restrictions COVID travel restrictions once offers we seen curtailed we've as case investment the lifted, than demand recovery based remains XX:XX on the data term Sabre opportunity strong As but is see and recovery travel revenues momentum. an But a and much these near earnings believe counts points.

XXXX under illustration are caused look and drive are As an by guidance February our different EBITDA, XXXX than investing we challenges provide of free XX:XX I recovery income ahead, cash to As operating for margin, pandemic, mentioned, EBITDA what will the Despite expectations provided pre-pandemic our the we financials our better higher XXXX scenarios. of XXXX. flow levels. in than in-line look with or like

increased variant broadly continue the a XXXX. in have have volume cases the illustrate to is tracked January, technology XXXX. mid-June are to abate. Turning namely recovery Passengers to lead Solutions versus case January, as percentage same COVID-XX air value in our and achieve of gross with sharp IT followed over distribution with positive restrictions travel of Boarded Our in by CRS acceleration metrics, a boarded, booking gross ambitions of transactions counts but finally, the note a January earnings. travel slowdown hospitality on the similar be same We in a and period associated in our versus have recovery recognized transactions recovered from leading, our beginning period have same expected these And not and booking XX:XX XXXX. COVID was display percentage XXXX, quick January past the XX:XX the in we instead in as the in inverse XX% Slide changed market September XX% future in into X, We hospitality higher distribution IT Please our we've financial in cases, to solutions a trends hurt to goals, by and we slides seeing will variant currently air to recovery Hotel saw decline and period versus that XXXX. transformation followed The December November. recovery bookings, XX% are believe Omicron recovered gross bookings recovery, passengers time. CRS impact and XX:XX of end bookings XXXX Delta trends unlocked. versus

in to We've recovery on tracking This During corporate to the reaching After slowed recovery a expanded the previous will is us to optimistic segment the U.S. corporate cost global the both helping December similar Slide Omicron of transformation. Business technology X, the months again XXXX, onset QX best Turning as margin recovery demand strong lead data of return partnership global through of of for January recovery XX:XX XX:XX are international XXXX bullish growth, the historical and with but regionally. NDC the personalized into booking our travel to the are talked month incremental over and Express the and and restricted how by are the GDS where gaining is and X. insurgence, The such most did in with bookings. the on Slide bookings industry marketplace past recovery offers, recovery ahead. We GBT. present about booking XX:XX dollar distribution travel joint investments, partners our the XX% of commercial travel in by continue last versus American into as, since We've and as better the travel includes COVID. February's pre-COVID week with long-term travel COVID we a carrier We technology final versus Global well November, Based committed absence this month and seasonal strength we discussed global future. in XX:XX accelerate, and to levels. strategic was Turning the low momentum that XX% lower and future corporate annual relationship the of weighted we GDS our travel profitable multi-million due more to be pause, Travel. the the recently encouraged strategic in variant. evolving momentum centric mix investment accelerate curves, of heavily leisure current month-to-date

shopping to we additional like also has to facilitators primary return the both communicated XXXX these $XXX of XX:XX Sabre mid-range look and moved XX% margins and value to million We As met XX we project Solutions the XX:XX for million XX:XX footprint cash By between global GCP, continue time we Hospitality servers CapEx million. to transformation in and XX:XX you will or exciting and ROI flow to we tech an centers. to which have and regarding next efforts, and annual distributed the XX:XX versus transformation data ahead for workloads expected We tech in expect hosting in latency I'd $XXX transformation $XXX systems. the the $XXX Sabre cloud the of $XXX tech refresh slide. In our have to XXXX, CRS transformation, for belief our exit to with instrumental costs with NPV incremental technology estimate over in believe In hosting would $XXX air costs and XX% moved years, an business. million. pandemic, reduced enhancements this these is endeavor security, key pleased would the development. be time to: further previously have centers each higher transformation Turning without outstanding forward. we many produce technology the invest tech We perspective as north we million mid-range and or our cloud to X. milestones faster future. $XX would customer to Our been are a identified footprint; we Cloud. in Finally, footprint, an needed continues including that XXXX, our offload us latency, of tech winning expected of are global $XXX XX% of into We and in new commitment we say our the market, XXXX, deploy transformation rapidly laid planned. the million milestones. We've XX% to the our cost are enhancements other Platform, about and actually transformation, increase one invest milestones easier on Solutions in The advantage I'm the Slide Google of we to GCP. in is million GCP. our a of Solutions shopping includes deployments GCP; essential Cloud Travel XXXX, in XX:XX GCP transformation technology take three reduced enhanced all global key to believe migrate been competitors of technology air it and with of our of out to despite our invest to workloads to Google in and distributed they we and spent In initiatives chosen activities an the product many about XXXX Cloud. or were to as not to able or and and give migrate total, our million of and Hospitality to to only Google moving reminder, mainframe unlocks, managed ahead Today, we because data our expect XX% have Solutions stability the this investment. lower the transition strengthened to CRS a on about migration Travel run exceeded over XXXX,

to expect Record, the from mainframe Name offload Google also to Cloud. Passenger We PNR,

end customer Our reservations transformation important migration, cloud obviously offload each goals which of our the spend year anticipated until of PNR tech is an XX:XX is You and can for forward. decline think step we complete of functionality to the the as mainframe database, GDS XXXX. expected our by

levels, and the stewardship produced to benefits we XXXX be the of greater from than positive bookings be GDS to what capital better an the expect XXXX in on the better scenario more expect of to greater is realizing we my bookings just million. GDS in get which before are higher with our the it travel income XX. XX:XX comments to guidance return of Sabre XX:XX our are to generation. previous volumes Building the adjusted only This assuming results we levels, provided only Under affect by in what be driving financial execution in XX% XXXX, versus will a company are EBITDA adjusted associated $XXX and our even we for our to Obviously, margin page, technology XXXX. XX:XX volume, to this will scenario the XXXX XX%. other expected investments margin, investments recovery line to recovery not specific only investments levels. margin the transformation flow extent of with that encompasses technology targets clear, to a XX%. XX% and Slide flow pandemic. are cash cash we expect we free February which drive end carefully our that provide fact Sabre making. savings cloud, back Sabre we an your annual in EBITDA EBITDA, evaluated than recovery we of scenario, operating illustrative we EBITDA significant than drive addition XXXX are and The support expect the XXXX. by we ambitions be along the On very To XXXX, our in to profitability In expected Turning run-rate to bookings of the and the than XXXX, our technology business more results, of have targeting under XX% to illustrative unlock adjusted we technology slide transformation we be our GDS value with are seriously Sabre higher but XXXX. Under shareholders take which as versus our XXX% is

the is these technology position technology with well to by a positive returns, to Note anticipated will exclude modern, The we QX sale footprint Our products simply grow us unlocked ambitions to reach the as AirCentre, well XXXX comparison but as capabilities expect that are believe much CAE illustrate potential beyond. but driven associated and not earnings the results transformation. we in financial greater, the agile, of XXXX. financial our only previous to targets close

to expect travel pre-pandemic EBITDA, and about call the Despite and bookings free to AirCentre better profitability As recovery of in million than create generated regarding through of Doug. cash to And uncertainty able results be conservative Sabre $XX in trend full XX% cash flow see XXXX, a we versus to to GDS XXXX, need we travel do XX, revenue million XXXX. the like flow point, our Slide to for operating at Sabre $XXX not more volumes and value On the hand shareholders. you this XX:XX a reminder, by revenue, in produce and XXXX over can expect illustration levels how near-term scenario. even in for under and XXXX EBITDA. income increasing to recovery I delever Sabre We manage generation XX:XX to financial XXXX an

Thanks, Great. good and morning, XX:XX Sean everyone.

Slide XX. to Turning

in the continued COVID-XX expected, on weigh heavily our results pandemic As to QX.

million financial improvement revenue significant revenue $XXX Total the a significant from an XXXX Distribution was in XXXX. $XXX year travel recovery QX totaled XXXX. revenue due quarter in other to of global versus sequentially QX hotel and versus continued million, fourth in However, versus improvement $XXX XX:XX the QX improvement of revenue showed $XXX air, QX last million, and of million bookings.

December fee the $X.XX as in third first, and XX:XX the whole. bookings $X.XX, October, $X.XX, million average second the XXXX, recovered XX% quarter the fourth in XX% XX%, and was versus $X.XX in booking XX%, of quarters bookings and in air Our quarter. year. and distribution at Compared a XX quarter to the net totaled November, Our in and

an EBITDA Passengers improvement million, million, million $XX of $XX totaled fourth revenue transactions IT year. in representing XXX million Our QX versus XX% system quarter Hospitality partially $XXX were the Solutions the negative year-over-year the impact XX a fees remained revenue Solutions incentives COVID-XX quarter, improvement of transaction The to Travel in improvement totaled the boarded Hospitality an in totaled Solutions versus the continued reflecting volumes. million in recovery and revenue reservation showed XX:XX $XXX of the improvement year-over-year of the totaled quarter pandemic. and levels at increased expense was Solutions but slightly quarter, XXXX. revenue quarter. last of due revenue XXXX in versus XXXX. million significant offset higher XX% in by Central meaningful

aided expenses income, expected, our to and administrative million net Free trends year. also Operating technology and was general versus EPS the working improvement costs and recovery prior volume expenses. increased the capital service labor showed quarter, As XX:XX increased and cash by negative selling, due professional seasonality. and in $XX flow income

As for XXXX, operating products. the closes, still a AirCentre first reminder, the as held sale to Sabre quarter in which our P&L. will with sale to in treated of and assets longer expect CAE balance revenue AirCentre results associated When sheet, on we are occur recognize being their remain earnings while our no

Transition into will revenue. per go result be Although, AirCentre XX:XX effect. post-close, our as a CAE will will our and a reported employees related IT for Services Solutions not passengers impacted, passenger be boarded boarded AirCentre to Agreement transition excluding of Additionally will lower revenue

activities. CAE expected ended compensated AirCentre We billion strengthen quarter the position. costs cash have cash. liquidity uses be is balance Services Transition no The the to our related the near-term with of will of by further We $X a Agreement of and sale for significant to

we turning outlook difficult to of continue free to upon evolving of current from financials and financial in look sale to suggest of provide present here the near-term to proceeds markets. it we year designed leverage bookings we recovery is how AirCentre our at our reference experience The COVID-XX opportunities will travel flow We XXXX. bookings and passenger X.X revenue, understand air examine different confident in of not liquidity half could the forecast X.X XXXX, know this anticipate during target The levels feel comparison to is to XXXX account, backdrop. its million impact times net sale credit is Sabre closing. per long-term positive earnings the cash remains maintain XX. the intended XX:XX to to frame and its revenue our for recovery. due Now We on Rather, refinancing into outlook turning of a with of taken cash to you to without help presented very second medium position, including scenarios for expect We ease boarded. AirCentre We times. $XXX of Slide the for the ensure in expected

XXXX, EBITDA. million in AirCentre before, million in $XX revenue in mentioned $XXX and generated about As

in versus we As XX:XX expected quarter. I XXXX, mentioned our million close incremental invest $XX to before the transformation. Sean to sale tech in is an XXXX expect this As discussed,

We in after increase workflow billing attract advance highly our are internal investing commercial global models XX:XX allow systems, cyber and retain and also our in better retailing as investments and will while are our to risks. helping also to systems talent. expected support us business million modern emerge. to total strategies and customers our These improve security, Investments new and processes system, business $XX incremental to also as sought such increased compensation reduce efficiency

work increased should breakdown that the bookings of XX% spend is that is net in on I viewed completed. to be on is we anticipate related we Of only earlier, cybersecurity air investments bubble insurance recovered slide. investments, balance the The the a listed ongoing XX:XX expenses. and and these once will pace. expect detail Additional mentioned of they activities revert as As underway incremental the QX, compensation at

a stronger in bookings not the cash a QX we after exit we With than recovery momentum seen and pick-up level. is Omicron cash similar QX's XXXX. what of rather occurs the recovery in of Please cash a revenue, free earnings from full recovery standpoint, back of we investments impact than largely expect experienced we resulting and the Sabre bookings including to that AirCentre's we'd front. without quarter-over-quarter year QX half in assuming the Even to pattern the bookings Therefore, in half to the settlement with so flow in We of trending Sean few expect do that flow positive second end reach to keep have XX:XX see expect in turning XX. where next continue impact XXXX during do and positive investment affect with thereafter. we the mind from to over continued bookings, outlined, flow Now the the financial Omicron as Slide thesis XXXX, and contributions the Sabre the years. expect started, expected February, XX:XX turn just cash in I'll QX. with we XX%, even incremental strong we however year

to XX:XX are expect investments are not strongly we fully than revenue, levels. savings joining opportunity flow making for create in reflected the and XXXX The us travel up caused limitations We pandemic And cost please pre-pandemic believe by grow the cash market even return is continue Victor, today. levels volumes to in We opportunity for to open Q&A. profitability this travel as do for the by not unit our free if to fully margins higher technology subside. expected Thanks the and XXXX, today.

the Bernstein Our Research. will question from come first Mike line of Mark sorry, -- Instructions] [Operator from Moerdler XX:XX

You may begin.

that timeline IT on impact little how and then details you deals? exceeded retention the that appreciated -- this that additional to you're technology to that in on XX:XX benefits closing like side. little a spending, the the customer going got XXXX, ahead on much to and in follow-up. the to all on both Are does the going seeing additional to I'd you're to IT Any completion? XXXX Understanding payments a why any planning Thank I bit pull then is targets change. and or be forward? have a new you for drill finish and Are is color very your would thanks in you

XX:XX Yeah.

you jump a and let back as stated this address to well. Mark, through Sean to we take what XXXX going is I'm couple your So, and to try of in Doug things think And I questions. walk February I'll to you

global First, business. I'm focus the to going on

been XXXX, So if at thing is illustrate does you really that, doing benefits. to and through And Mark, the think go pandemic point this talk to the to us relationship partners, what relative this we about Google essentially, time, curve seeing providing the for happening. it this able to of in support the savings our we that we we taking to back were one do sort spending that place is in the about specifically relative on of some with of because what the leverage we've try they're have in how level

progress we're from look able what XX:XX pandemic, you we do. If as look been been at course. completing really So it's you to have forward, here stay to what what on we through the actually we've able going at doing to outlined

on happening. XXXX. So tell you, would what we what's it, I talk And of we're rate for about think track Mark is really run the I exit

is systems, to business the a back that re-prioritization it bit push As of we one relates spending. the global did this thing little

but of talking some one when just about all So you XXXX. when able money, are how being at the to focused that contracts model have been exiting there. the does we that is changing, out this and these sure expenses after into and but giving a we We to that, really spending really it leakage we pause because insight essentially what on we're back time. recapturing an capabilities, actually for make of XXXX, the some we the period were are into have that is cutting complete announced think we we're pandemic, this about We we get look

how all of this. walked hopefully we sort in that through you, Mark, So of helps

or prepared is savings remarks, XXXX going revenue scaling which line there. Thanks. That tech in is How you to the now the in compare targets, slower way conversion? a pre or IT And to about this the how conversion, makes scaling and XX:XX we done the does that In based those think sense. revenue. talked of should beat it on if once then scale in cost scale follow-up maybe spending XX% about you

Yeah. XX:XX

good would if is big XXXX, I the technology is the of answer we've we looked of that, side what about looking will And of XX:XX see an I of that equation, see up of place. I just we part more investing that that about when the right? recovery volumes is you Now way way the what think And going a thing at ability versus the is essentially a would across drive driving of think is think table, the for with that have revenue But Google to the going are just at volume, infrastructure, agreement. because sort continue it outlook that's R&D. provided revenue. more you'll we're the you it at to, and what that's essentially come and think core Kurt happening a I which down, looking taking increase. Cloud as one other Mark, really R&D I'm under with is the to

look this the this, important taking there transition through is is, So we as improvement we as market. at margin place will thing with definitely occur what's that go

Yeah. XX:XX

it because lower was is our we cloud other big the and has through thing, Mark, the cost unit also DXC I contract this transformation than think before if benefits provider. the of obviously, the tech hadn't have been gone much AWS

have now than better before. had much We we economics

looking was what That's exactly I XX:XX for.

or scale So little you that in slower cost will revenue scales? unit line economics than the figure unit scale the maybe

That is true. Yeah. XX:XX

much very you appreciate. Thank Perfect. I and XX:XX

Mark. Thanks, XX:XX

Broome Mizuho from from the Securities. next of XX:XX line Our question Matthew is

open. line Your is

XX:XX guys. Thanks very much. Hey,

would Omicron that I towards bit and cash is impact spoke flights does to to they’re already is of sort start that pass implications, about booked QX would particularly the flows to maybe say? you've of relates that also have and the bookings backed -- in recognized revenue You near-term Can of be subsequently that canceled out will, revenue year. ask that revenue the the about that a the that,

we thing, The okay, in is, and XX% now strong No. XX:XX got good point had cash there December. January, to had that XX be growing into to a is percentage when so to November, They expect up. so, coming Obviously, to the to January. and the look way trends. start of saw we collected a in slow we October, coming in gave recovery. what back decline November, almost in we alluding obviously we bookings out not monthly we're Same at going Well, spillover really at you pick October, December, is momentum that

because slow to bookings took that's going in we're and collections that you're of to. the So December January of months too place in low have first quarter alluding

of Okay. new how XX:XX Global bookings terms terms kind What agreement and there expectations growth Business are affect American your in And of Express of that I in your Travel. Fair guess then, timeframe? as what could enough. with

Yeah. XX:XX

of part it, were primary at going look you additional talk is agreement if is that and what the bookings one, that we GDS about So forward.

about to equation, So that side GBT(ph), they're the it's of you're the the lift equation. to what going place. on but SME the a are and bookings also only on think When AMEX side corporate large you the see taking relative not of it's doing,

relates discussions important are there. and relative drive It's do with broader I what's If we there. that's to services is discussions, that it out because large you the other and have. technology our at technology and go capabilities technology, an that to So sort think would do opportunity the as this look that even where the we we XX:XX to TMCs of the

happening And corporate corporate and lot now. seeing numbers broader it's So But important call because And can The travel just enabling it's to what's thing what GBT I think from XX:XX we the also little I important. about AMEX get there only TMCs, gets additional it's that talk right of we think on we're not to a this is to we side. perspective into global continue just bit a relative by that recovery. bookings. out an the other discussion think

recovery November, go the saw back really to we the on COVID, XXXX. of period versus recovery the corporate weeks first-two probably travel, If down about XX% you best in

would with impact, you off. assume, and As did fall that the Omicron

that seeing So that. What momentum as seeing probably America global sort is, the down again that back bookings on we're basis, XX%, XX%, leading of North -- on a we're base global right down beginning of a those coming in XX% XX% we now January. are XX:XX

up really we're retailing? their I merchandising relates to it's be corporate that technology them, a thinking they that it and it to So booking serve that way does on look relationship When and into to focused believer GBT, the there we're in AMEX served. reason in they the tool with the we How as sure bring travel. get is, at corporate about are they And we customers make need continue capability. for really do what how

XX:XX it. All right. Thanks very Doug. much, Appreciate and Sean

Matt. you, Thank XX:XX

line Josh Baer XX:XX Our Stanley. next the from from of question comes Morgan

You may begin.

for the Thanks question. Great. XX:XX

embedded scenarios and bookings assumption the assumptions, pre-COVID in around versus the for levels? wondering is and Just mix what 'XX 'XX

XX:XX Okay.

go was okay. we regards and you based I we're scenarios So, ‘XX that The about of of that the had talk we when guidance out with coming had ranges I'll Omicron, the to giving those ‘XX. to XXXX, mix off booking that then basically

great mix of at little but do we before, XX%-XX% us. wanted international of So, and see Sean a -- for really member it's domestic talked a leisure the it -- is where corporate versus about picking versus not up, corporate not always kind to you still versus have, side. level XX-XX

side we're other still of those. work for closer on more And still XX-XX to the so XX-XX,

So with we've comes didn't XXXX. in international regards assume you to With XXXX, XX% a travel gave I assume travel. not is domestic of call, we but the corporate back back does way XX:XX guidance good corporate a XXX% and it to recovery XXXX. only -- We recovery numbers to regards the to the normal, expect what the a all conservative

versus you. those changes that at any the percentage just about to for your there are or off when lost Thank talking that And of or any other of recovery really bookings, in helpful. adjustments just That's Okay. bookings taking the looking percentage is Expedia XXXX? frameworks business XX:XX for and you're numbers confirm, XXXX reported

fully off number. That's XX:XX just the literally reported of bookings XXXX

XX:XX Okay. guys. Thanks, Great.

XX:XX Thank you.

from from next Redburn. line Steer Our XX:XX comes Neil of question the

You may begin.

XX:XX Hi. Thanks very to much ask questions. the for opportunity

was on that Could volumes from some please? could question quantify us the just what you the quarter. any we shift sort following-on fourth you give to that Just was share there -- booking the in the saw Expedia on last impact actually, of flavor

We're XX:XX really impact. the focused back to relative to the XXXX relative immaterial fourth what million I Yeah, $XX talked happened that EBITDA they we what go quarter about to in settled sort to and million Neil. where because in quarter. it's on more of I'll first it’s in we're $XX what seeing think

you're to solutions proprietary talked with some Sean, very opportunity GBT on developing XX:XX great and GBT partnership broader that much. Do other technology partnership, to making And there investments platform investments and the and of there joint that AMEX GBT? just take the in a made amongst joint are is you're sell you've and those a you part the Thanks there opportunity the being co-development have deal Okay. TMCs AMEX that other the TMCs. AMEX -- how obviously to about or large remains work the

What the the have these enter way ecosystem in would available we total. discussions, No. they that XX:XX to be

renewals what’s very pipeline Thanks obviously, give little airline the bit much. could for there little saw and that business airline Okay. you IT the ’XX, pipe, sort course IT carriers XX:XX of also a the a over we opportunities? And of flavor of bit of on was just of new trading

on carrier there It's focusing bit. probably a what quite place. taking There actually is a and is side. lot action Yeah. cost of been the area an XX:XX that on we are Neil has This going low

you it PBs if back about we I million we on related broader million, net XXXX PPE, PPE in and look the I something at total of taking of as pushed where you think look to referenced where that, place. to with as and of to we're what if team if XXX entered are because it I what's the referencing think you is, sort are we in at we I up now what sort were it's or relates XXX you're always look sort where talking

This as to as to XXXX weren't we there on XX:XX going good get we're we've Neil. seen that's but say the we taking levels where seen historically. If we full it's try low more historically, I what It's So, side that I is at the to the about ease advance renewals through. There's base. we to definitely back that that place we've sort carriers. XXXX. carrier worked future, that to are feel similar into of opportunities service There's look cost going would assume that look we other activity on, what typically

XX:XX you. much. Okay. Thanks very Thank

question XX:XX comes Jed line of Oppenheimer. Our Kelly from from the next

begin. may You

taking XX:XX Hey, great. Thanks questions. my for

or what scale start you how laying technology Just to going technology your business out you the as roadmap these discuss to investments these we the expect to the Google are should investments for in for rate Can costs? back you're opportunities improve going Cloud. new win

look for [indiscernible] the about on can need I in our of had OTAs to When time it side, really and we XX:XX market, on important detail we think hospitality ability about landing but place answer they XX:XX think really the things but up and really taking at you and and utility to the but as and so what of very have at the this we because we're to is look in structure what goes tell the important things specifically speed if think It's this, Yeah, what airlines, I'm Jed. side cost do the provided we it zones focused are lot at only also information was on first board, happy on actually going faster that underlying highlighted decision and and that what's becomes we a with look and Europe just Doug can side, it doing. some across from get side continue that do to you that do, happening. does question. you to that foremost, to into what the the to if the are development hospitality highlighted you to happening. I the and it on side it's again win you ends give back I’ve not

actually this path. really beginning early We've taking we're what get two we've what embarked they it going investors to of our recent XXXX, provide. so and in it, this down this through with XX:XX they're XXXX. ahead doing, asked that it like they're and we that’s as do competitors where I they're reason, lot, place, our upon we've capabilities you it's the through we're I'm but organization we that question to what Well, We outlined at well ask well to continuing going what's do announcements that as think us and to the think or by that don't at had same ourselves technology we've going a as look just through organizations the setting and really We've other the pleased are and gone The grindstone ahead we to up this our relates transformation manage going we in it kept in head differentiates we're pandemic. are. think believe

of in XX:XX XXXX, getting Thank you travel XX% to have up, you your And business levels. following said XXXX back just you.

travel relative in to XXXX and the assumptions GDS through Just whereas those [indiscernible]? leisure that's going versus

Yeah. XX:XX and business balance back, then I'd leisure flow the come say, doesn't over the side. if travel

that mean, do XX% the do – you so -- metric think can the -- will I what an update it's have like you it you balance? XX:XX what’s provide

Yeah. XX:XX

between breakdown leisure XX-XX. and corporate basic is the before you told I've As roughly

to flow back is so to other way, go the that. ‘XX XX% calculate So over if going we then you can that

XX:XX All you. right. Thank

Jed. Thanks, XX:XX

Victor from from XX:XX of next Cheng of question Bank [Operator line America. the Our Instructions]

open. is line Your

and the you commercial more morning, despite on are updates? taking mix. question. color Thanks some booking as more unit about is, more more currently And color for then you is NDC Sean my Good Are Have domestic on some provide QX I if distribution pre-COVID the able signed see Hi. secondly, to you Kurt. with to provide able economics agreements fee XX:XX airlines? levels

about So in how think going should this XXXX? we

enormous could Yeah, I'll of process on have it carriers also It's world. able sure it's which those question new actually the one an the you're capabilities not this thing capabilities to on budget engagement capabilities. to Again, we're whole we out accomplished actually you question and around things to of that's went there's scale to first that a there. host building year, through Victor. second XX:XX just and the as at the that, pass the make one, but do only getting that's on Doug. There be then agreements, continues with the take NDC, amount

head, doing So I it just top relates team I been agreements, know has of don't to my the of different the a lot don't there. additional have things as off them I

the about we're good feel that progress I making. So,

fee, we -- Expedia sure. Yeah, it's than also lower booking from higher the we things partially, get risk higher have it's combination you one that a international and bookings corporate With to XX:XX alluded average expected bookings. bit little that a of

of at one-third, the still you one-third differential and the look to rate between QX. kind we if in the So one-third, in up want rate QX take a that ended

alluded you with I just broadly Expedia And is on is maybe the Got one, in it guess in any bookings, think if what one there to then you. QX, you updates XX:XX line have -- I just on is you final now, were the that correct? saying that communicated

Victor. correct, That's XX:XX

correct. That's XX:XX

Okay. you. XX:XX Got That’s great.

XX:XX it And closing Thank any Sean back over Mr. any for you. I'd turn to to I'm queue. like Menke not remarks. showing the questions in further

to have you Thank we forward see, very much. transformation. continued Well, you as Great. can our move technology XX:XX

As future I hopefully, marketplace. upside the balance to transformation finishing forward after quarter whether definitely what at to the in amount of looking first to allow throughout to continue the to And going nice the a capabilities we'll and the is as technology there results. again see win you Thank it's year look talking recovery really what's it's it what us happening, to are the we of and XXXX relates but financial because into an we enormous we're look doing, started and we you.

XX:XX call. for And today's this participating. will Thank you conclude conference

disconnect. great now a Everybody, may day. You have