Q1 2023 Sabre Corp Earnings Call
Speaker 1: Hospitality Solutions revenue totaled $74 million, an $18 million or 32% improvement versus revenue of $56 million in Q1 2022. Central Reservation System transactions totaled $28 million in the quarter and were 20% above, $23 million in Q1 2022. The average rate per transaction added approximately 12 points to revenue growth driven by ancillary revenue streams and a favorable mix shift. Adjustity Bada of $58 million was better year over year as compared to the $5 million in Q1 2022. Free cash flow was negative $91 million in the first quarter, essentially in line with our expectations. We ended the first quarter with a cash balance of $838 million. Move to slide 14 to discuss our guidance. We expect second quarter 2023 revenue of approximately $700 million.
Speaker 1: adjusted EBITDA of approximately $45 million, and negative free cash flow of between $60 and $80 million, inclusive of restructuring charges. If you exclude the restructuring charges, we would expect negative free cash flow of between $40 and $50 million. As a reminder, pursuant to our sale of Air Center, we are required to pay down debt with any uninvested proceeds from that sale by May 24, 2023. Currently, we expect that amount to not exceed $80 million. For the second half of 2023, we expect revenue of approximately $1.4 billion.
Speaker 1: adjusted EBITDA between $200 and $220 million, and positive free cash flow in both the third and fourth quarters.
Speaker 1: For the full year 2023, we continue to expect revenue between $2.8 billion and $3 billion and adjusted EBITDA between $300 million and $320 million. And we expect to be free cash flow positive for the full year 2023, excluding the impact of restructuring.
Speaker 1: Moving to slide 15.
Speaker 1: As Kurt mentioned earlier, our resource realignment and cost reduction plan is expected to deliver $100 million in savings in 2023. This plan includes a workforce reduction of approximately 15% that we expect will largely occur before the end of the second quarter.
Speaker 1: These cost savings will include a streamlining of spans and layers in our management and employee base, an improved and more efficient organization design that supports our growth initiatives, and an evaluation of our geographic and real estate footprints. At the same time, we are prioritizing investments toward our strategic growth initiatives.
Speaker 1: We expect the annualized benefit of these actions taken in 2023 to be $200 million in 2024.
Speaker 1: Moving to slide 16.
Speaker 1: This chart provides the path for how we expect to achieve our 2023 adjusted EBITDA guidance.
Speaker 1: For the 1st, half of 2023, based on the guidance we have provided today, we expect to generate approximately 103M dollars.
Speaker 1: Prior to taking into account other earnings drivers, if we take the first half adjusted EBITDA and apply historical seasonality, that would imply expected second half adjusted EBITDA of approximately $85 million.
Speaker 1: This would be the adjusted EBITDA bill prior to taking into account cost reductions
Speaker 1: benefits from our strategic initiatives, and industry volume growth.
Speaker 1: Building upon the 1st half and 2nd half seasonally adjusted EBITDA Are the cost actions that we have announced today that we expect will generate $100 million of benefit in the 2nd half of 2023.
Speaker 1: Additionally, we believe our strategic growth initiatives outlined earlier can contribute approximately $20 million this year.
Speaker 1: Also, as noted in my earlier remarks,
Speaker 1: Industry volume growth is a small component of our build to 2023 adjusted EBITDA and represents only $10 million of expected benefit for the remainder of this calendar year.
Speaker 1: We believe this approach creates a durable path toward our expectations for 2023 adjusted EBITDA of $300 to $320 million based on a sequential industry volume growth rate of 1.5 points per quarter in the third and fourth quarters.
Speaker 1: Should the growth rate be higher, that will be upside to our expectations.
Speaker 1: For example, as noted on the slide, if the sequential growth rate is closer to four and a half points,
Speaker 1: in the second half of 2023, that would add an additional $30 million to adjusted EBITDA and free cash flow this year.
Speaker 1: of 2023, that would add an additional $30 million to adjusted EBITDA and free cash flow this year. Moving to slide 17.
Speaker 1: Now we walk you through how we plan to generate positive free cash flow, excluding restructuring costs in 2023.
Speaker 1: As you can see from the table, we expect sources of cash in 2023 to be between $450 and $470 million.
Speaker 1: The working capital initiatives that we discussed in our February earnings call are currently underway, and we still expect to drive $150 million in positive working capital benefits this year.
Speaker 1: Our cash interest is still expected to be approximately $390 million in 2023.
Speaker 1: We also expect 2023 capital expenditures of about $50 million.
Speaker 1: To highlight, we believe we've developed a durable path to generate positive free cash flow in 2023, excluding restructuring, relying less on industry volume growth, and to a much greater extent on actions that we have line of sight to, and that we could execute upon.
Speaker 1: While we believe that a faster recovery remains a strong possibility, we have made the decision to rely less on external industry factors to achieve our expectations and have de-risked our 2023 performance by taking more of the end result under our own control through cost reductions.
Speaker 1: Moving to slide 18.
Speaker 1: Now I will walk you through how we expect our 2023 adjusted EBITDA to build toward our 2025 target of greater than $900 million. We remain confident in SABER's ability to generate this level of adjusted EBITDA in 2025, but we've now developed a different path toward this target.
Speaker 1: one that includes lower expenses and additional efficiency gains versus the prior path which assumed a stronger industry recovery.
Speaker 1: We now expect the combined cost savings from our technology transformation and the resource realignment announced today.
Speaker 1: to drive approximately $300 million by 2025. It's important to note that about half of our expected improvement in adjusted EBITDA from 2023 to 2025 is driven by lower costs, which are under our control.
Speaker 1: We expect our strategic growth initiatives highlighted earlier on today's call to generate approximately $150 million. We expect this $150 million contribution to be driven roughly equally by the following three areas. First, our twentieth million dollar contract team interested in supporting public investment.
Speaker 1: Hospitality Solutions revenue growing at double digits and achieving double digit margins by the end of 2024.
Speaker 1: Second, our GDS expansion strategy continuing to drive above-market growth from increases in share of wallet and competitive wins, and finally, growth from our payments and airline retailing initiatives.
Speaker 1: Moving to volume growth, while we remain optimistic about the future trajectory of travel volumes, we are now relying less on the contribution from overall industry volume gains.
Speaker 1: Our underlying assumption, which we believe is conservative with respect to the targets we are articulating today, is that industry volumes improve approximately one and a half points per quarter between now and 2025, averaging about a 75% recovery.
Speaker 1: For the full year 2025 and supporting approximately 150M dollars of P&L improvement.
Speaker 1: As we've noted previously, based on indicators from our airline partners, we are optimistic about the future increases in airline industry volumes.
Speaker 1: Should industry volumes increase at a faster pace and reach closer to pre-pandemic levels, that would provide meaningful upside to these targets we are presenting today.
Speaker 1: To help quantify this, with the cost structure we are developing, each point of additional volume growth is worth approximately $12 million of adjusted EBITDA, which will flow directly down to free cash flow.
Speaker 1: Assuming a full recovery would imply up to $300 million of potential upside to our 2025 targets.
Speaker 1: Collectively, we believe we have developed a durable path toward our 2025 target of $900 million in adjusted EBITDA.
Speaker 1: Moving to slide 19, we believe achieving greater than $900 million in 2025, adjusted EBITDA, would establish the base to generate greater than $500 million of free cash flow in 2025.
Speaker 1: Assuming a similar interest rate environment as today, we expect 2025 cash interest to be less than $350 million.
Speaker 1: We expect capital expenditures to be between $50 and $60 million.
Speaker 1: Collectively, with this level of adjusted EBITDA, cash interest, and capital expenditures, we expect to generate greater than $500 million of free cash flow in 2025. Importantly, this will allow SABRE to meaningfully de-lever the balance sheet.
Speaker 1: Moving to slide 20. This slide outlines how we intend to de-level our balance sheet and highlights meaningful progress toward that path by 2025 with the target subsequently achieving our 2.5 to 3.5 times net debt to adjusted EBITDA levels.
Speaker 1: As of the end of the first quarter of 2023, our net debt balance was $4.1 billion.
Speaker 1: Based upon our free cash flow targets, we expect to be able to reduce our net debt balance to be between $3.4 and $3.5 billion by the end of 2025. We expect that balance to decline further thereafter as we generate free cash flow and work to reduce debt.
Speaker 1: With generating greater than $900 million of adjusted EBITDA in 2025, we believe by 2025, our net debt to adjusted EBITDA will approach 3.75 times and we expect to be on a path to reach our target leverage of 2.5 to 3.5 times. With that, I'll hand it back to Kirk.
Speaker 1: than $900 million of adjusted EBITDA on 2025, we believe by 2025, our net debt to adjusted EBITDA will approach 3.75 times. And we expect to be on a path to reach our target leverage of two and a half to three and a half times. And with that, I'll hand it back to Kurt. Thank you, Mike.
Speaker 1: Before opening the line for your questions,
Speaker 1: I will provide a few closing remarks. First, we have shared a lot of information with you today about our 2023 expectations.
Speaker 1: 2025 targets and our durable path to these outcomes.
Speaker 1: I am confident we have the plans and the leadership in place to help us achieve our goals.
Speaker 1: And I look forward to keeping you updated on our progress. Second, I extend my deep appreciation to Sean Mankey for his many years of service at SABRE.
Speaker 1: We are thankful for his steadfast leadership, especially during unprecedented times.
Speaker 1: and look forward to continuing to partner with him in his capacity as chair of our board. I know I speak for the entire SABRE team when I say thank you, Sean.
Speaker 1: With that operator, please open the line for questions.
Speaker 2: Certainly ladies and gentlemen as reminded to ask a question you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question press star one one again. Please stand by while we compile the Q&A roster.
Speaker 2: And our first question coming from the line up, just bear with Mark and Stanley, you'll end this open.
Speaker 3: Thanks for the question and appreciate all the detail on the slides. I was hoping you could talk a little bit more about the new or the strategic growth initiative and really wondering the confidence in the 150 million contribution.
Speaker 3: to EBITDA in the 2025 targets, just thinking through, you know, the three buckets that you mentioned, some rely on some competitive wins and growth initiatives, like wondering the margin profile there too, if that's kind of implying like an incremental billion dollar dollar.
Speaker 3: plus revenue opportunity from that strategic growth. Josh, thank you. This is Kurt. Appreciate the question.
Speaker 1: First of all, as we look at the strategic growth, the growth strategies we've articulated today, it's important to note that they're all relatively close to our core business. Payments is the most far field. We've hired a payments expert to lead that business. We have the relationship with MasterCard.
Speaker 1: And that strategy will leverage actually the existing relationships we have both in the TS and HS businesses. As you look at the growth strategies, GDS market expansion, to your point, is a very high margin business. Obviously, there is a cost of revenue there as there is in that part of our business. But...
Speaker 1: We expect great operating leverage with GDS expansion because it requires some additional feet on the street, some additional product investment, but once you win either a greater share of wallet or you convert new customers, that business has a great flow through. As you look at each of the other strategies, there is an investment required to initiate or drive that growth. We expect great operating leverage with GDS expansion because it requires some additional feet on the street, some additional product investment, but once you win either a greater share of wallet or you convert new customers, there is an investment required to initiate
Speaker 1: But they all come with very high operating leverage and very high unit margin because we're not building anything from scratch. For example, if you look at hotel distribution as an opportunity or you look at payments as an opportunity, by extending them and selling them into existing clientele, we're effectively putting more product on the shelf.
Speaker 1: And we don't need to replicate a lot of the infrastructure that we already have. So our expectation is that overall
Speaker 1: that we already have. So our expectation is that overall the.
Speaker 3: growth strategies actually will come with a higher unit margin than our existing or incumbent business. Thanks, that's really helpful.
Speaker 3: Second question on NDC, just wondering in your 2025 target, is there any
Speaker 3: context for what assumption you're making as far as you know the mix of NDC and as a follow-up like what happens to your economics when you facilitate an NDC bookings versus traditional.
Speaker 1: Thanks, Josh. It's important to note that today NDC as a percentage of intermediate airline distribution is low single digits overall for the industry as well as for SABRE.
Speaker 1: As we look forward into 2025, we certainly do expect that NDC will gain additional traction, and we have NDC maturing.
Speaker 1: as an expectation within our 25 target profile. I can say that commercially there is no one-size-fits-all for NDC. We've negotiated now a number of different agreements. We're in negotiation for a number of others. And so what I can tell you is that looking at what we project as the adoption curve coupled with
Speaker 1: the financial profile, inclusive of NDC, as well as the growth strategies we've articulated, we are confident that you'll see Sabre Realize unit margin accretion in the quarters and the years ahead.
Speaker 4: Okay, great. Thanks. I'll hop back in the queue.
Speaker 2: Thank you. And our next question coming from the line up, Jed Kelly with Oppenheimer. Your line is open.
Speaker 1: Hey, great. Thanks for taking my question. Just looking at the updated longer term target.
Speaker 1: Hey, great. Thanks for taking my question. Just looking at the updated longer term targets. The right way to think about it is.
Speaker 1: It's $900 million of EBITDA with bookings at 75% recovered.
Speaker 1: versus I guess the prior guidance that was 900 million of EBITDA at the low end with 80% bookings. Is that correct?
Speaker 1: Yes, that's the right way to think about it. Okay, great. And then just two questions. I know you might not, you probably.
Speaker 1: Can you kind of give us a path to what 24 looks like are we gonna have to assume a pretty material step up in 24 to get to 25 and then you know historically I know it was under previous management, but I think this is a company that I count.
Speaker 1: three times since like 2015 has given medium-term guidance.
Speaker 1: and it's never hit its profitability guidance on something that came up. So is there any contracts or potential issues that could come up that we should be thinking about that would cause you not to hit this guidance?
Speaker 1: Jed, this is Kurt. Thank you. Let me start, and then I'll hand it over to Mike to go into more detail.
Speaker 1: With respect to the confidence that we have and the targets that we have provided today, the way we want you to think about this is not that we have a pessimistic view on the rate of market growth that we're going to see going forward.
Speaker 1: to the confidence that we have and the targets that we have provided today. The way we want you to think about this is not that we have a pessimistic view on the rate of market growth that we're going to see going forward. We felt there was some skepticism.
Speaker 1: about our ability to achieve those targets, what we have provided you is a path where the 23 number we've articulated and the 25 number we've articulated, the vast majority of the step from here to there is within our control. It's the cost actions we're taking, it's the benefits of technology transformation, it's the assumption of a modest market growth of only one and a half points per quarter sequentially.
Speaker 1: which given that the industry is still much much smaller than it was in 2019, we think is a very conservative assumption.
Speaker 1: then a realistic view on the opportunity to capitalize on the growth strategies ahead of us. So we have a very high degree of confidence in our ability to deliver these numbers. What we also showed you is
Speaker 1: that should the market grow at a faster rate of growth, which we actually believe is a probable outcome, there's upside to the targets we provided today, but we wanted the targets that we provide to be as hardwired as possible, as durable as possible, as Mike articulated. So we feel very good about the path forward and our ability to achieve the numbers we've articulated today.
Speaker 1: Okay, and so as I think about, you know, what are some of the pieces that will bridge from 2023 to 2024 and we're not providing specific 2024 guidance on this call today, but I'll walk you through some pieces that hopefully help. So, as you think through the cost actions that we are taking and announcing here today that that we expect to generate 100Million dollars in year in 2023.
Speaker 1: that the total cost of bubble costs would be give or take $400 million. As you look from 2023 to 2024, we do expect some decline in bubble costs to the tune of going from about $100 million to closer to $75 million in 2024.
Speaker 1: And at the same time, we're going to have a much substantial portion of our hosting volume on Google Cloud. And when you look at the cost of the hosting volume on Google Cloud, it's running about 35% of what it costs to support those volumes pre-tech transformation.
Speaker 1: So we expect to continue to get benefit there. At the same time, we are continuing to see industry volumes increase separate from our own actions. And so we would expect benefit from industry volume growth. But more importantly, as Kurt has mentioned and emphasized,
Speaker 1: within our strategic growth initiatives, we would expect those to continue to be meaningful contributors from 2023 to 2024. And that comes from things such as hospitality solutions, growth in our GDS business, continued growth in payments. So we would see a meaningful, we would see and expect to see a meaningful step up from 2023 to 2024, but we're not providing specifics at this time.
Speaker 5: Got it. And then just overall on the industry, I think.
Speaker 5: capacity this year is probably down, call it like mid single digits verse where it was 2019. And there's obviously the distribution bookings are lagging. Is that being entirely driven by just business travel? Or I guess, is there anything that could happen in terms of capacity or?
Speaker 5: or business travel that could cause sort of the third party distribution bookings.
Speaker 5: to sort of accelerate or get closer back to 19 levels? Or is there something structural that's allowing the airlines just to control a lot more of that direct traffic? Thank you.
Speaker 1: Great question, Jed. What you've seen to date is the portion of the industry that's recovered or grown the most quickly is domestic point-to-point leisure type travel. And that's effectively fully recovered in North America, for example, a little bit slower in some other parts of the world.
Speaker 1: where there has been a lag and what constitutes such a significant portion of the GDS.
Speaker 1: part of the industry is number one, corporate travel. Number two is long haul international. Corporate travel is recovered. If you look at TMC and corporate, about 80% of where it was in 2019, international long haul is south of that number. And so Asia Pacific still has not fully recovered based on the slowness in China, et cetera.
Speaker 1: And so what we expect going forward is as the industry grows, capacity continues to come back, we believe the opportunity for corporate travel and international long haul to grow at a faster rate than direct distribution should support above market growth in the GDS sector.
Speaker 1: We do not believe that there's been anything structural that has changed with the exception that those portions I articulated have recovered relatively more slowly again than leisure domestic point-to-point.
Speaker 1: Yeah, and I think it's important as we look at what perspective volumes could be to really look at our airline partners, because ultimately they provide really good signals as to what the direction can and may be. And so, for example, if we look at the airline industry today, we see that the airline industry
Speaker 1: What we're seeing is historically high airfares that are generally running 20 to 30 percent above pre-pandemic levels. And at the same time, despite those high airfares, we're seeing record high load factors on planes. And you're hearing airlines talk about record revenue quarters.
Speaker 1: and you're hearing our airline partners talk about their desire to significantly add capacity. Now, in the short run, capacity has been constrained in the airline space. One, there's been difficulty on the labor side, primarily simply by training pilots quickly enough and identifying a hiring pilot through a good wave of retirement during the pandemic.
Speaker 1: And with the resumption of growth, airlines have been working through that. That's probably going to take some time. At the same time, on the aircraft side, Boeing and Airbus had slowed production during the pandemic, and airlines had set down a lot of planes.
Speaker 1: Now they're working to both bring those planes back and working with their airline manufacturers to bring on and accelerate deliveries as best they can. But capacity has been constrained on the airline side in a significant way and airlines are working through those capacity constraints.
Speaker 1: And they're signaling that they're going to be able to add strong capacity in coming quarters. And so that gives us optimism in terms of overall volume growth, because we would expect a good portion of that to accrue to the GDSs. Yeah, and I'll just say, I hope and expect that the rate of GDS marketplace growth.
Speaker 3: Is on the higher end of what we provided today, so is within that dotted line additional opportunity. We believe the hard line we have provided. Is the very low or conservative end of what may happen.
Speaker 3: is on the higher end of what we provided today, so is within that dotted line, additional opportunity. We believe the hard line we have provided is the very low or conservative end of what may happen. Thank you.
Speaker 5: Thank you and our next question coming from the line of Dan Westfield, Good morning. Starry, your line is open. Good morning guys, thanks for taking my question. I guess just one here. What are you guys hearing from corporations on their travel budgets and plans for the second quarter and I guess the rest of 2023 in the current macro environment and has there been any shift I guess.
Speaker 5: which is one to 2% quarter on quarter seasonally adjusted. And that's been the trend for the past few quarters. We did see that pick up a bit in January and then the growth rate leveled off a bit. So what we're hearing in this is a series of anecdotes rather than hard data is that people are getting back on the road, external travel is happening and they're getting back on the road and they're getting back on the road now.
Speaker 5: If you use employment as a proxy and you look at the size of the tech firms, most of them actually grew their employment dramatically from 2019 to 2022. And even with the reductions that they've put in, they still have many more employees today than they did back in 2019, presuming that they still are engaged in commerce and seeing each other.
Speaker 1: We're actually quite bullish on the long term trends for the corporate travel sector. So overall, I think we hear good signs. Again, we're not going to prognosticate whether the rate of growth is going to continue to be 1 to 2% or accelerate to be 4% per quarter, for example.
Speaker 5: But we believe there's a lot of growth upside in corporate travel for the long term.
Speaker 5: of growth upside in corporate travel for the long term. Okay, thanks for that added color.
Speaker 2: Thank you. And as a minor, Lisa and gentlemen, to ask a question, please press star 11. And our next question coming from the line of Victor Chang with Bank of America. Your line is open. Your line is open.
Speaker 5: Morning, thanks for taking my question a couple of my May. Maybe first of all on slide eight where you showed shared gains with the top 25 agencies, how much of that is driven by disaster recovery due to savers from eggs?
Speaker 5: be it by region or by corporate versus leisure. And maybe if you can provide us some more color on what you're seeing in Q2 Bookings here today. And then I have some more follow-ups. Victor, thank you. This is Kurt.
Speaker 1: On share gains, what we're seeing is a combination of improved share of wallet with our existing clientele, as well as the conversion of new wins. There's a good degree of that, which is the improvement in same-store sales. What I can tell you is that we're seeing that performance.
Speaker 5: pretty universally both geographically and by market segment.
Speaker 1: In Q2 what we've seen is a similar trend to what we saw in the first quarter, which is GDS market growth up between 1 and 2% over Q1, which is a similar trend to what we've seen in the past two quarters.
Speaker 5: Thank you, that's very clear. And maybe two more on NDC. I know you've talked about NDC unit economics earlier, but overall what we're hearing is, I know there is no one size fits all, but overall what we're hearing is NDC booking fees are generally lower when we compare to the EdiFact channels. Not sure if you can provide some more colour on that.
Speaker 5: And then you can talk a bit specifically about, you know, maybe the American move to NDC and Q2. And should we expect some impact from there?
Speaker 1: Thanks Victor. First of all, economics for NDC. As I have stated here and previously,
Speaker 1: The economics are discrete, carrier by carrier. There is no one-size-fits-all. We have agreements where the economics are neutral between EdiFact and NDC and where they're different between EdiFact and NDC. As I indicated earlier, with the increased adoption, we do expect in forward years of NDC coupled with the growth strategies we've already seen.
Speaker 1: it as a very successful launch just driven by their public and their private comments.
Speaker 2: the relationship between American and Sabre has never been in a better place. Thank you. And our next question coming from the line of Alex Irving with Bernstein and Lynn deeper.
Speaker 6: Hi, good morning gentlemen, two if I may please. First on the cost restructuring, could you please provide some detail on which functions you're applying to reduce spending on and how we can gain confidence that that won't impair the ability of the business to compete.
Speaker 6: My second question is follow up on the last question regarding the booking flow following the partial content withdrawal from EdiFact by America in C2. How do your own bookings look with American course dates please? If you can share that. Thanks.
Speaker 5: Yeah, let me take a bit of this and then give it to Mike.
Speaker 1: On the restructuring question, first of all, I wanted to share, we're very proud of the history of SABRE and who we've been and what we've done in the marketplace.
Speaker 1: What we did is, as we sat down as a management team, is we looked forward at where the business is today, the state of the marketplace, and what we believe the opportunities are to bring value to our customers and new customers around the world. And so what we've done is designed the organization and the resource pool against that set of opportunities that we see in front of us.
Speaker 1: So with that, let me let Mike talk in a bit more detail about what we're doing there. Sure, so as we approached our resource realignment, there's a couple things that we prioritized within that to really drive our business going forward. So first.
Speaker 1: ensuring that we are resourcing in the very best way possible our tech transformation. Second, ensuring and supporting the growth initiatives that we've outlined today. And third, supporting our customer commitment.
Speaker 1: Now with that, as we looked at the rest of the organization, with those areas really being areas of focus, we went through our org and looked at what is the right org design for what we want as we move forward. We evaluated things like spans and layers and how much resources we're applying to various aspects of our business.
Speaker 1: We evaluated our real estate footprint. And so all of those were targeted to really develop a lower fixed cost structure that is more efficient, but at the same time focusing the resources we have on that which is going to drive revenue.
Speaker 1: that which is going to drive EBITDA and ultimately growth for our business. And with respect to American MDC, let me reiterate without speaking about the details of any specific customer.
Speaker 1: NDC remains a low single digit percentage of airline intermediary bookings. That's true for the industry as well as for SABRE. We've had a very successful launch with American and we've seen nothing structural change in the nature of the marketplace with that or other NDC launches.
Speaker 2: Thank you and I'm seeing no further questions in queue at this time. I will now turn the call back over to Mr. Eckert for any closing remarks.
Speaker 1: Thank you again for joining us this morning. We appreciate all of your interest in SABRE and look forward to speaking with you again soon.
Speaker 4: That completes today's call.
Speaker 2: Please find gentleman that doesn't conference for today. Thank you for your participation. You may now disconnect.
Speaker 7: And I.
Speaker 7: I.