Sabre (SABR) 15 Feb 232022 Q4 Earnings call transcript

Good morning, ladies and gentlemen and welcome to the Sabre Fourth Quarter and Full Year 2022 Earnings Conference Call. My name is Olivia and I will be your operator.

As a reminder, please note today’s call is being recorded.

I will now turn the call over to the Senior Director of Investor Relations, Brian Roberts. Please go ahead, sir.

morning, good and Olivia, everyone. Thanks, fourth Welcome earnings full XXXX and to Sabre's call. year quarter we press This available an issued morning earnings website on release, @investors.sabre.com. our is which during prepared A webpage. Relations is accompanies presentation, on today's slide also Sabre which available this Investor call the remarks, today's morning. A later replay on website will call of available be our this

may industry our made benefits issued cause duration Form advise about cost the in uncertainties results future expectations adjusted savings, our materially filings, to like liquidity comments costs from today's and would risks flow, and on our differ strategic or XXXX of that our on earnings commercial actual and trends, expected and free release this XX-Q Form contain others. statements EBITDA, among arrangements, involve that outlook including margins to statements beliefs call. the forward-looking and forward-looking contained and in XX-K. technology and these transformation including XXXX morning We our expenses, cash All you revenue, statements More from conference and effects is our COVID-XX, that information recovery QX represent SEC and risks events, targets, uncertainties financial our and

measures and on and non-GAAP free also will today's adjusted exclude call, and non-GAAP operating release references financial our most for to measures today's presenting Throughout we call adjusted income, cash comparable certain be margin, adjusted reconciliations EPS been have GAAP are EBITDA adjusted certain The net website@investors.saber.com. during flow income, adjusted to EBITDA, adjusted posted the available items. measures documents other earnings in directly

Officer; Ekert, Officer. the Mike President are Board our me Sean Chair Randolfi, with Menke, Chief and Chief of Executive Kurt Participating Financial and our

the With to call that, I'll Sean. turn over

beyond. will X good and I an can see Kurt, Kurt objectives. how on plan then our Slide review long-term support latest of you us industry Thanks, today’s trends, you On Mike the I’ll and these XXXX, our and the joining will and for topics many cover XXXX then call. morning and achievements overview our and thank today. for Brian outline review everyone review for

highlight he on made in in Further, the provide progress also the additional will transformation. XXXX XXXX. will we fourth commercial and in also our important toward the accomplishments and technology renewed detail He expanded quarter that key partnerships and review upon we substantial

the Finally, financial financial quarter take results year the through and Mike you and for of will XXXX. outlook our

my XXXX on XXXX the Before I recovery. of progress had start, in pandemic and to a global worldwide. Sabre. significant by was thank COVID-XX impact a brought Sabre I year members want industry, on and team The travel

Despite new won Sabre transformation, of progress we XXXX those the business. to technology provided forward our service what date years to come. we will accomplished have made and extremely our headwinds, do for best-in-class what I with significant customers am in team to proud and

Turning a to Slide year of many accomplishments. X; XXXX was

important, positive recovered significant to $X.X we We Sabre our reached to generated inflection progress free positive revenue and point. flow on strategic adjusted an Our cash we continued year, returned as positive exited the our billion. initiatives. We EBITDA.

continue, financial balance trend key these sheet. delever to which the With positive, metrics opportunity our will expect we the believe us to give now we

financially is previously goals. and in-line with stated operationally delivering Our transformation our technology

cloud-based infrastructure scalable, in secure mainframe the end the than environment. and prior our With sight, is more distributed,

agile planned. products serve we way come for in our it and importantly, the to capabilities build to years customers us more allows as Just to and advanced the

travel industry We BCD GBT. solidified leaders AMEX key partnerships with management and

a for meaningful volume be forward. We driver partnerships Sabre expect going will these

recently, renewed In United extended agreements many American, with important customers most JetBlue. addition, of we and airline including our and,

to slide, year in generate positive to free flow. XXXX, we full this As see you cash growth expect can and meaningful adjusted in on see EBITDA,

trends volume by our plan. We are year-to-date encouraged very are which with in-line

a of steady view with bullish our our maintain in strong to improvements we based XXXX. management continue a recovery global the significant and positive on flow in free global be will near-term emphasis on business but growth, management be long-term, to cash volumes, of the Over cost

Turning renewed their booking X; regards are recovery airlines travel continuing the to to demand capacity, to open, corporate over to environment to indicators long-term in travel. with favorable based upon trends, optimistic the the related we Slide regions grow from historical desire and geographic and improvements

as As travel this opportunity volume for believe significant. the we is global recovery chart shows, normalizes

by travel cases operational driven restrictions. latter of of XXXX. airport COVID-XX at XXXX, beginning recovery the limits, factors of demand a of and airline believe some negatively resurgence the regional the We airline and fourth impacted these recovery the In was the the half uneven, year, constraints, in capacity in quarter

we those believe have New mentioned and comments, volumes the improve impacts my earlier seen were we Year. temporary, negative As in in

To more me into let details over the Kurt? get the turn call to of now Kurt.

turn Slide let's And Sean. number X. to you, Thank

earnings the Before for results our I discuss briefly in not call, discuss last the the the latest I industry quarter provided why guidance our trends, revisit expectations. meet and we will did

As Sean through corporate was the late in previously travel November month of the our December. call, November mentioned, earnings interrupted trajectory that in volume and of following we experienced and growth shortly in upward Asia-Pacific

result but the XX% As The bookings This of was in recovery QX you recovery same the resulted XXXX. recovery the volume can versus trajectory period chart, booking as bookings continued XX% XXXX. of see Higher revenue booking QX QX favorable versus higher this of the XX% total XXXX in recovery a the a from from a XXXX to overall, revenue per rate in in the uneven. was equates mix. the of distribution higher achieved

nine and both in early the year-to-date improvement To management it, in through behind about seeing numbers above Asia points travel recovery and strengthened weekly Pacific in company basis. business percentage our already levels, sequential is are corporate on put February. volumes XXXX, a travel December we Importantly, has

now this group now bookings trends Accordingly, out a again late that corporate Pacific we’re positive of for once are that prove return we are believe patterns. To the set-backs and of of recovery we Asia illustrate to coming the are saw given realizing both travel travel we Asia XXXX seeing. reminiscent likely temporary recovery pre-COVID point,

believe have limited in of Despite the We robust is likely and key and to corporate air believe fluctuations are continued capacity capacity in higher, XXXX. additional expected that several fares curtailed trends this we through air demand, to unlock growth abate. me, not from is operational accelerate improvement. deliveries consumer air elevated from excuse supportive constraints factor growth months, aircraft that or have Airline traffic industry recent load as rise evident bookings

we look to growth changes but possibility market XXXX. the prepared we balance cost control to As be long-term year. in remain key we positive are achieving moving on opportunities optimistic the the forward, recovery this and needed our XXXX, focus focused of will conditions, we And needed levels while as responsive as we for business. on flow free volume overall for adjust unevenness strategic in at Accordingly, and of to external demand will on cash further

are management our our in with brick-and-mortar world. We partnerships distribution companies, largest and many our the grow online in ability confident agencies by travel to of business, underpinned solid the

in realized share our in have of XX air should core We in investments drive largest three We and positioning quarters we are nearly to so retention XXXX. with in note product winning our growth the are business. pleased our consistently and bookings. travel are the across making illustrate conversion believe with increased and sales continue far that both this, strategic To GDS we opportunities agencies

passengers XX% the solutions; QX in to versus Turning recovered XXXX. IT boarded period in same

and Looking retailing encouraged we merchandising. ahead, product PSS our and opportunities innovation the grow next-generation to offerings, are by our airline including commercial in

strong the same compared transactions to as as CRS XXX% Solutions QX studio both growth, Hospitality core our well believe period primed its retail were for in CRS the Hotel is new products. in Nuvola And We XXXX. in and ordering business

passengers key improved X, across from year-to-date, were December, CRS XXXX I transactions were of same boarded were and XXX%. distribution XX% period XX% each in year-to-date versus As air specifically February businesses mentioned IT our XXXX. the bookings previously, volumes through Solutions

Now to The milestones of in for the X year. pleased Slide I'm X. on passenger our Google Cloud, key name XXXX we the to please offloading the migration technology record. with made turn progress number and

data including our the of Plano, completed Carrollton exit Louisville, During XXXX, Austin. and Sabre-managed we centers,

during operated servers data another approximately told All and these Tulsa X,XXX sites DXC. our centers from we decommissioned XX,XXX XXXX, by servers from

with year our original in Cloud, goal. of capacity total compute ahead of the Google XX% ended We our approximately

offload strides, to significantly mainframe great name we offloading for customer work our exceeded Development program year. goal. customer savings continued track reservations and and to passenger been primary make are load completed, our Our complete this on has XXXX record, all database migrations

Cloud, moving air Cloud of processing all the accomplishments to our Google Compute optimization enabled realize year shopping and efforts. data Additional planned us during Google shopping reduced cost savings to costs to which due multiple included and key the

completing the to of central management Solutions SynXis our system Google property Hospitality to Cloud, fully system also the We and thus migrated business our cloud. reservation transition

this transformation to improvement slide and the technology reiterates of significant deliver the coming that on chart years. The in savings the right-hand our we side expect margin

compute. Slide strategy, we X% to In Cloud. compute with has our X; to monthly opportunity decline cost to sequentially our Turning of from the unit this cost which consistent as compute infrastructure, migrate Google unit to lowest cost XX% third keep XXXX the believe in quarter. savings Cloud, And we additional long-term XXXX And on unit please drive cost optimize can systems finished not below mind, of we does our include our of our QX, continued cost our Google systems efficiencies. average our fell

computing Sabre's and has number by Turning over end this years, volume XXXX. three of we the again how the changed it shows how to XX; expect past to change Slide slide

the our increased we compute XX QX, toll from points quarter. During Google the proportion on volume Cloud of by third

original the Google Cloud of expect volume. our to our per computing nearly XXXX of By plan, represent end we as all

increasing at We lower we expect can significantly the architecture, continue serve and our by better reducing cost. our significantly agility the customers technology that of overall to a complexity

call our we and accomplishments enhance distribution flagship year, agreement carriers. our I Mike, global Last the carriers, American over partnerships with signed including some I These agreements highlight and turn want in extend to many Before these several United. of XXXX. renewals with to commercial

solutions Sabre we We and to travel to value beyond. XXXX product the And and confident expect and to them customers in our we bring their to remain to consumer the agreements to utilize and marketplace. offerings help respond demands additional in to in enhance plan distribution collaborate evolving technology win faster

are of of This accelerate to acquired announcement acquisition builds travel we our well partnership payments. JetBlue the to virtual deep also PSS and with we announced very expand. strategy we also their business-to-business be ecosystem. positioned and our should help merger cards Mastercard we a August our independent an which create proposed and upon XXXX November, approved, new open announced Back believe distribution long-term and of Conferma, We for payment relationships recently JetBlue extension in furthers and travel to the use in

growth the opportunity work are virtual the We scale and with to substantial. excited cards with industry in of from be leader will that the and Mastercard years an capabilities coming believe

also such agency Travel, BCD our Hopper. Travel relationships Global Business travel Express strengthened We with leaders as American and

joint and customers' overall growth Our network new to expected while Sabre's GBT opportunities incremental and improve drive providing continues, migration to technology our are BCD bookings to with agreements to yielding additional and also continue partnerships are experience. as

over for And we central on of continue service transactions XXXX takeaway in travel global playing global key partners. the processed largest and are a want expanded The level many partnerships beyond. of that our continue highest the in innovation business excited one that in world XXXX to is providers focus in the we the Sabre. to to the in XXXX, and and do providing many billion product many recovery total to travel we role Sabre with

you. to over Mike,

Thanks, Please everyone. Kurt, and XX. to turn Slide good morning,

I'd forward. to how and going quarter trends, like reiterating specifically begin volumes we on context our some throughout recent evolve QX, by discuss plans that saw we influences the As how

vacated third in of air of call, quarter approximately quarter million. and for recovery adjusted XX% fourth expectations low a our the During EBITDA conference bookings the $XX range QX

November Sean as adjusted recovery expected, guidance. we Kurt stated, late and the and volume not missed were strong As was which as our QX EBITDA in primary and reason trends December

remains recovery What we but learned uneven. have trajectory over the volume that years upward, the is three last

slower our grow have and a to aligned support focus control adjusted on such for at the cost continue than significantly are have we EBITDA to we today. flow to guidance with revenue rate targets we a context, that that targeting cash heightened that provided expenses are Given

flow targets. our cash annual free be XXXX in believe for to expect we are track an basis on and on XXXX positive We

EBITDA. to that to our debt like we as generation and the cash between view sheet be balance transition adjusted flow and XXXX generating half to half times net long-term with three the reducing we of and free two highest free flow to for reiterate I the year Additionally, beyond, of times goal full and priority delevering cash positive debt to would being that

$XXX revenue revenue XX% versus last QX of increase Distribution $XXX million totaled million, Total increase XX% in or compared year. was to QX million, $XXX an a $XXX million XXXX.

compared in distribution totaled $XX quarter, million to Our in $XX bookings increase million XX% the a QX XXXX.

was fee in $X.XX compares fourth last of quarter fourth QX quarter, booking $X.XX and average to XXXX the which XXXX. $X.XX quarter, Our the in in $X.XX

continue is regions million million travel, We XXXX. Solutions profitable revenue likely more and quarter, to in trend favorable types the in see and IT higher totaled mix booking of resulting is decline a into in this we revenue continue $XXX believe fees, to this $XXX year. versus last of

approximately our a $XXX revenue to business experienced of XX% in $XX from item, line on airline of from million no this as $XX million To XXXX. benefit and $XXX higher revenue QX volume the offset IT center totaled a having we air a basis Russia provide from lower quarter, approximately Passengers $X in more compared improvement million, QX boarded on million million XXXX. context by longer year-over-year for

of realized in business Russian We airline the as law. of migration in a QX Russian our changes IT result

expect the Russian the majority vast forward of million in which the headwind XXXX, of an Looking $XXX result to the law. solutions approximate of IT impact our revenue, is we

at as the sold a reminder, business our Additionally, we of XXXX. center February air end

and And in into that Please these business. reservation were QX improvement million $XX today. million revenue are system we above QX revenue $XX Solutions totaled this XXXX. $XX in XX% XXXX, approximately QX quarter in versus Hospitality XXXX. from of note of million impacts $XX incorporated the we $XX are that an guidance the million providing million, in totaled transactions revenue Central realized in

Adjusted increased higher Solutions of from incentive XXXX. Hospitality as and in was in million volumes. compared fees $XX Solutions The improvement QX in by $X Travel quarter offset EBITDA year-over-year better to revenue negative was year-over-year the million transaction expense partially

with with to variable costs transformation. expense due As professional hosting expected, increased our our volume and technology service higher and associated labor cost recovery associated the higher technology

was flow capital which fourth cash working the strong $XX quarter, million from in Free seasonally benefited inflows.

of loan April the remainder Our B refinanced maturity successfully our our team XXXX. with being debt November also term nearest now in

contribute available In into to on when which we an XX, expect addition, accounts approximately securitization XXXX, our million base February entered funded. we liquidity $XXX receivable to

program This proceeds. taking into paydown cash that as in transaction neutral financing our the very statement. the efficient financing section this will with a largely be recorded is flow the of associated view Center debt when We securitization Air account

XX, reminder, pursuant that Air a of are of expect fourth million. to pay by down the ended quarter proceeds our million. a uninvested Center, be we cash from As to that $XXX sale amount we $XX Currently, required May debt with with balance We to approximately any XXXX. sale

XX; Slide to guidance. Turning moving to

revenue that, of first earnings to the cadence XXXX of you throughout the million. quarter we is $XXX bookings of approximately strongest seasonally $XX quarter As adjusted our year, the year. that quarter the With we EBITDA remind approximately and expect look million first we

a typically is quarter fourth the cash quarter, free the working last most flow and perspective. discussed we capital As favorable from

higher typically cash and the working first Following capital quarter outflows. experiences that,

is cash received versus typically the receipts primarily quarter. a flow when weakest payments This Therefore, seasonality when driven by from first timing make is partners the free the in it to in agency perspective. we partner quarter fourth of we quarter

expect to the million of Additionally, the negative outflows quarter. compensation $XX quarter, we $XX payments. flow XXXX $XX between Hence, cash our annual of first approximately in we incentive for have during first cash will million free million

progress free through meaningful flow improvement cash year, we expect the As sequential generation. we in

assumes incremental from booking and revenue and the recovery distribution, $X for $XXX further To $XXX between continued and this the in million. billion between average outlook EBITDA revenue context we $X.X higher adjusted provide trial expect improvement projection, some full a For for our benefit XXXX, and billion fee. million year

decline Regarding million IT QX the of IT disposition mentioned in and being year-over-year modest Solutions, with declines XXXX as impact earlier, headwind QX center $XXX a XXXX, would we air the revenue greatest Solutions result of expect throughout in XXXX. the the year-over-year in

For to Hospitality exceed it XXXX Solutions expect we levels. revenue,

structure to total EBITDA, variable to expect XX% XX% our roughly XXXX We is have cost volume our fixed. strong current at levels, growth adjusted that revenue and flow-through given

helping we other efficiency, offset of benefit including Additionally, compute, lower pressures. of a to inflationary see the cost

capital we XXXX, targeting $XX and growth initiatives, to we working million second In delivering begin in million generate capital in we approximately $XXX benefit expect business, in the of working expect are to our from which value quarter.

We to expect be and our capital expenditures between million XXXX $XX $XX million.

profile net and approximately expected rates, is cash annual Our million. current $XXX debt on expense based our interest interest

to points about annual to free XXXX and on is Collectively, interest cash fixed expect $X million. in basis generate an debt XX%. in basis expense interest XX net XX% Every thereafter. our we flow of Our by rates to changes floating annual positive about change

we be least million As provided that targets we in grow XXXX and $XXX XXXX EBITDA expect have XXXX. look greater XXXX at at we to million are between $XXX adjusted previously our and reiterating, to than and

contribution adjusted to roughly expected drivers, high a from to having are goal. At EBITDA each to contribution come key our X level, equal a growth the

continued industry distribution than first expect the volumes and For driver, travel and ultimately, boarded we to higher passenger today. recovery

second reductions For also driver, is compared to in our transformation, XXXX which to today. expense development as cycle technology will our expected we our expect product by result meaningful enhance

The generation in cost recent on continued a from by additional virtual agency growth Conferma for opportunities growth mix driver in adjusted supported IT is emphasis an a wins, third EBITDA of Hospitality shift control. Solutions, and payments expected Solutions, to

financial ability our objectives. to and deliver In we long-term on conclusion, in are confident strategic our

positive XXXX. achieve substantial our ensure but optimistic that be operating to continue, travel free in cash to responsive global and the if We business, remain leverage recovery to we plan will provide technology necessary we expect flow transformation our to

questions. line open Operator, please can for you the

Broome coming of the line from Matthew Mizuho Group. [Operator And first with Instructions] question our

what And more to could the as to reasons a little you and recovery provide in APAC? what bit firstly, that? Was for December? I really, So were it limited the context November and impacted maybe corporate guess,

This Kurt. Matthew, you. is thank

I but an discussed those the were travel; two, during interruption were prepared Asia changes, and the as So other certainly travel. There factors. was Pacific we basically remarks, in two one, saw what corporate primary some

is The levels before look to good to seeing this QX. weeks of half existed news, as of back X as that X return the year, first trend that I we're that at the trading you indicated,

to recovery And so experienced was an we a believe long-standing in expect that we QX what going in we forward. that interruption continue

And level is sort guidance, in I terms into Okay. the and baked travel growth of looking And confident what last of ahead capacity how summer sort of in you resolved? has now constraints we saw bookings guess, of your that then that? -- been are that

XX%. terms incorporated from guidance, a you we're at in of bookings assumption we we the our year the So recovery bookings Inherent where of in the the in year, ended in -- year our recovery right around incremental entered where around We the today is quarter a ended if the steady basically fourth guidance XX%. somewhere are. with look we recovery

big steady We're a We're assuming study of. recovery. not a incremental just incremental inflection assuming

In time on the working constraints. and to constraints, it's aircraft, take they're listen airline our also primarily hiring are pilots to pilot we new remove they've when side, those to diligently terms to of training, but going partners, constraints airline indicated which remove those

time those the responding forward, by removed, increases but as capacity to off. So airlines likely is there as be will take will what in we continue constraints consistent are move to address trying us to see they constraints. those And are we that

versus a on in Matt, just had broader XX-XX airline and leisure marketplace. domestic distribution mix versus if one about business GDS you that our historically, the see we add Those at numbers me you very let flights. last is are a corporate distribution point, look obviously mix about on XX-XX international And different which

that and to corporate distribution as capacity back, benefit toward believe overall. more will business that to come accrue our bookings and And to distribution travel airline so we begins relatively the outgrow marketplace international

the question Morgan Joshua coming next of Our from from Stanley. line

on couple GDS booking the a ask to segments. wanted I

losses hospitality, on CRS getting in are So The the is recovery like larger, hospitality revenue trends terrific. first and though.

assuming or just there's become take how should something the to about what near-term else? profitable? Like And margins tech normalized like -- for some will this sort of think cost what we headwinds wondering segment? it the So for business

Yes. question. Thank Kurt. you. This Good is

and of as in you and revenue more were result a as business. look hopitality; sector look XXXX, result seeing strong the opines a you trending one of at of at Solutions our taking So we growing that a as us recovery two, Hospitality CRS the in

as in during As we mentioned begin EBITDA offerings will to of that to we become in forward be breakeven product EBITDA contributor ahead. a business We basis in that, strong do look range an years the and see top calendar line strong growth the prepared on to XXXX, well expect remarks. new the as expect CRS year this for I the

headwinds. IT wanted Okay. just Solutions And in then to dig the on

So Air QX 'XX, in Center closed of right?

end the at February. Yes, of Correct.

through some $X So like QX year-over-year also that. in the And grew not sure Air sort and XX%. explains Russia thinking have didn't just passengers growth the nice Center, in saw boarded like QX, that of impacts, million then alone we solutions from IT

law, sort help what million also, from commentary headwind And of is about the the to context And vast IT more from $XXX revenue? headwind any is majority like that Solutions this like where there there coming in think just the is happened was Russian any some with QX $XXX Russia wondering that -- of piece more then million context Is I'm together it's I like there? loss. on

what is So there? in else

and Thanks. I'll over start, And finish let me pass up. to then to Mike

quality our as it's at in airline of look you think the we take that last what demigration back local was to was year. technology. with with consequence I Russian of carrier enacted important a IT IT law That a our nothing experienced or performance step there do to had the So Russia

and the a the we IT are PV last going on look the and for years, over suite. Airline out you a neutral is there three relatively And forward, out four within to company. wins that believe opportunity basis Solutions growth our normalize If you losses good

Mike. pass I'll it Now, to

Yes.

different pieces. couple just me let so dive of into a And

million in you of there QX have on we revenue will Center, Air not the to this sale. $XX was noted that last due year as about year First, in the

some $XXX Russia, Secondly, demigrations majority of with there. the there and vast million, to is which other are regards the which in is

But that three the majority law quarter, this first associated was in the the of fourth majority year. given change during recognized in quarters that vast the of with occurred was Russia the of is Russian the revenue Russia

see you QX what going So Russia. largely from step is QX, to down to a attributable

Now of that look three million, because the XXXX. was was at of this generated quarters revenue that the of first will as in we we $XXX year, three first most referenced in that that create the headwind greatest quarters

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

from I of PBs, million first carrier A But would $XXX million I on said it then big seems quarters. impact is at of and terms $XXX couple, first may. mostly Russian Russian that look It just seems if three the the disproportionately coming from of amount. you much a revenue. million in smaller the expect

So that. whether into some can sure shed I'm light you not

savings XXXX. about is one talked tech Obviously, -- I $XXX an or is based remember by million other that the tax XX% on recovery. savings. million then If And $XXX you on correctly,

recovery 'XX. So presumably, expecting XX% not we're by

and of your tax level So level should that at? recovery, are expectation that what we what be actual savings of is in on recovery the 'XX looking given

Yes.

point there's So out thing the in of the as you impact, another have revenue quarter first million the deferred first on think that call, and $XXX And would was of this regard we million the I called with second similarly, quarter. question, $X recognized that QX your earnings XXXX. to, one to the million you been there in about $XX previously approximately about

the number than that you're is larger be So contemplating. may why what

With our point their long a just will regard they earnings is consistent say hear there view what -- with with airline of me calls what our to that recovery are start and we they we over That the full what tech That's publicly. optimistic saving on be first, consistent by partners. run. that's from let

are the XXX% objectives but on today, financial Now believe recovery noted reiterating at XXXX not is are a do predicated likely targets greater one full as greater we than to provided than than we levels. ensue. the And ultimately our XXX% greater we recovery, XX%, and for

stated, $XXX recovery. be than $XXX tech we savings welcomed be expect greater million. we level out recovery obviously, million. be That's that rate XX% previously about as we And level, the would a savings But the greater to of at to than tech that expect would XXX%

maybe may. How it. booking Is if guess, room very as Got there uplift? again, improvement, clear. I trend mix And revenue think should the for room reopens? about per going That's I then we follow-up, for X forward? inflation-related APAC And is

thank Victor, you.

have those, distribution business. discussed, international believe years believe there's and upside ahead. our both Because within in As we there's corporate that recoveries ample and the mix we of XXXX we that in in positive opportunity

we average So revenue believe there's booking. fee our to or upside booking per

closing questions further showing I no this turn I'm over And at now time. Menke any for remarks. back will the call to Mr.

for today. and joining very Great. much, want I everybody thank us to Thank you

team talked the can savings. tech that, to really efficiencies we're about we XXXX, big and been you the see and another amazing for has transformation to there's date. think year a of lot cost progress job, about we see, beginning our as XXXX an is on This the done as As on but

there. excited Airline we're As product relates things it the I side, at what to you place we that am IT, look we're about taking walked through as XXXX, as doing what distribution, doing are well Kurt hospitality, as on numerous IT

on think I year. generation focus cash continues allow what to the focused us we marketplace, take the free to in very at And really flow again, will which the as on recovery we're place in look

a throughout again, you and talk thank to joining about for lot the us So year, today.

participation. Ladies you and for gentlemen, that does your conclude for our today. Thank conference

now You may disconnect.