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    Alexander Irving • Sanford C. Bernstein & Co., LLC

    Alexander Irving's questions to Sabre Corp (SABR) leadership

    Alexander Irving's questions to Sabre Corp (SABR) leadership • Q1 2025

    Question

    Alexander Irving of Bernstein asked about the gross margin profile of new agency business compared to existing volume and sought details on the financial structure and timing of the recently announced 13-year partnership with Coforge.

    Answer

    CFO Michael Randolfi explained that the margin on new business is 'very slightly lower' due to geographic and content mix, but aggregate gross margin for the rest of the year should be in line with 2024. CEO Kurt Ekert described the Coforge deal as a way to accelerate product delivery with costs incorporated into ongoing tech spend. He noted the commercial terms include a fixed fee and a gain-share component but did not provide further financial details.

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    Alexander Irving's questions to Sabre Corp (SABR) leadership • Q4 2024

    Question

    Alexander Irving asked about the company's expectations for the evolution of revenue per passenger boarded in 2025 and the drivers for its sequential change.

    Answer

    CFO Michael Randolfi stated that the company does not manage to that specific metric. He elaborated that Air IT revenue is expected to be down slightly year-over-year in the first half of 2025 before resuming growth in the second half, driven by higher passenger boardings from existing carriers and new revenue from SabreMosaic.

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    Alexander Irving's questions to Deutsche Lufthansa AG (DLAKY) leadership

    Alexander Irving's questions to Deutsche Lufthansa AG (DLAKY) leadership • Q1 2025

    Question

    Alexander Irving asked about closing yield performance on the North Atlantic post-Easter and questioned if the company is currently over-crewed relative to production levels, suggesting staff numbers could remain flat for an extended period.

    Answer

    CFO Till Streichert confirmed that Q2 North Atlantic performance is strong, with good passenger numbers and business class demand. CEO Carsten Spohr refuted the idea of being overstaffed, explaining that the significant ramp-up for 40 new aircraft requires advance hiring and training for crew and maintenance, labeling 2025 a necessary 'transition year' with temporarily lower efficiency.

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    Alexander Irving's questions to Deutsche Lufthansa AG (DLAKY) leadership • Q3 2024

    Question

    Alexander Irving of Bernstein requested a breakdown of the EUR 1.5 billion turnaround benefit, distinguishing between underlying process changes and other factors like new aircraft. He also questioned if the existing technology infrastructure is sufficient to achieve ancillary revenue goals.

    Answer

    CFO Till Streichert clarified the turnaround program targets structural improvements and is calculated as a gross figure, separate from one-off events. CEO Carsten Spohr added that the historical gap in ancillary revenue was due to a conservative premium philosophy, not technology limitations. He highlighted the new Allegris business class, with its multiple surchargeable seat options, as a key future driver of ancillary revenue.

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    Alexander Irving's questions to Ryanair Holdings PLC (RYAAY) leadership

    Alexander Irving's questions to Ryanair Holdings PLC (RYAAY) leadership • Q1 2025

    Question

    Alexander Irving of Bernstein questioned whether the recent shift in demand and fares is cyclical or structural and how it might affect long-term net income per passenger. He also asked about the performance and future path of ancillary revenues.

    Answer

    CEO Michael O'Leary characterized the pricing weakness as cyclical, driven by consumer financial pressure, but stated the long-term trend of European travel remains intact. He highlighted Ryanair's cost advantages in a price-sensitive market. CFO Neil Sorahan addressed ancillaries, reporting flat per-passenger revenue due to strong seat selection sales being offset by tougher early boarding sales. He guided for flattish ancillary performance in Q2.

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    Alexander Irving's questions to Air France KLM SA (AFLYY) leadership

    Alexander Irving's questions to Air France KLM SA (AFLYY) leadership • Q1 2024

    Question

    Alexander Irving of Bernstein inquired about the key drivers for the expected reduction in unit cost increases in the latter half of the year and sought an update on the recovery of corporate travel volumes and revenue compared to 2019 levels.

    Answer

    CFO Steven Zaat explained that unit costs in Q3 would be similar to Q2, with an expected reduction in Q4 driven by further capacity growth. CEO Benjamin Smith noted that corporate travel has stabilized at approximately 70% of 2019 levels, with a slow but steady upward trend in international premium cabins, which has outperformed expectations.

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