Sign in

    Hin Fung Cheng • Bank of America

    Hin Fung Cheng's questions to Sabre Corp (SABR) leadership

    Hin Fung Cheng's questions to Sabre Corp (SABR) leadership • Q1 2025

    Question

    Hin Fung Cheng of Bank of America requested more color on Q1 performance drivers, including regional and channel mix, and asked if the reaffirmed full-year guidance was due to prior conservatism or new incremental wins. He also sought clarification on whether the GDS industry outlook includes NDC and LCC volumes.

    Answer

    CEO Kurt Ekert identified broad global softness in Q1, with acute weakness in US inbound travel and North Asia group bookings, but noted recent improvements. CFO Michael Randolfi explained the reaffirmed guidance is due to outperformance in other areas, such as payments and new content adoption, offsetting macro weakness. Ekert clarified the GDS industry forecast of down 1-2% is an EDIFACT measurement and does not include the full scope of NDC or new LCC content, which are part of Sabre's growth.

    Ask Fintool Equity Research AI

    Hin Fung Cheng's questions to Sabre Corp (SABR) leadership • Q4 2024

    Question

    Hin Fung Cheng asked about the air bookings growth ramp through 2025, the impact of an undisclosed win on revenue per booking, Q4 market share performance, and the mix of new wins between GDS peers and re-intermediation.

    Answer

    CEO Kurt Ekert confirmed the growth ramp implies strong momentum into 2026 and that Q4 share was up 1 point year-over-year. He and CFO Michael Randolfi noted the new wins, particularly the large North American one, would be slightly dilutive to the average booking fee but drive substantial gross profit. Ekert added that while 2025 growth is from new wins, NDC and LCC content will be bigger drivers beyond 2025.

    Ask Fintool Equity Research AI

    Hin Fung Cheng's questions to Sabre Corp (SABR) leadership • Q3 2024

    Question

    Hin Fung Cheng asked for color on the Q4 guidance and the rationale behind the loss of content from Turkish Airlines. He also inquired about the future trend for revenue per booking and questioned if the 2025 EBITDA target of over $700 million might be conservative given recent share gains.

    Answer

    CEO Kurt Ekert explained that Sabre could not reach 'mutually beneficial terms' with Turkish Airlines but hopes to reach an agreement in the future. CFO Michael Randolfi projected the average booking fee would tick back over $6 in Q4 due to favorable seasonality and remain in that range going forward. Regarding the 2025 outlook, Randolfi reiterated confidence in the greater than $700 million EBITDA target, noting it includes the impact of strategic wins but is based on a conservative assumption of flat to moderate industry growth, which provides potential for upside.

    Ask Fintool Equity Research AI

    Hin Fung Cheng's questions to Pros Holdings Inc (PRO) leadership

    Hin Fung Cheng's questions to Pros Holdings Inc (PRO) leadership • Q4 2024

    Question

    Hin Fung Cheng asked about the product and market factors that drove PROS's move to a 'Leader' in the Gartner CPQ Magic Quadrant. He also inquired about the long-term growth potential from airline technology adoption like NDC and if the company's long-term guidance mix has changed.

    Answer

    CEO Andres Reiner credited the Gartner recognition to immense product innovation in CPQ and strong market momentum from key customer wins. He affirmed that the airline industry's multi-year technology journey presents a significant long-term opportunity. CFO Stefan Schulz added that the company's long-term financial model is progressing as planned and they feel very good about achieving their targets.

    Ask Fintool Equity Research AI