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    Victor Cheng

    Research Analyst at Bank of America Merrill Lynch

    Victor Cheng is an Associate in Equity Research at Merrill Lynch International, part of Bank of America, specializing in coverage of European software, IT services, and internet companies. He has provided research coverage for firms such as Sabre Corp and Pros Holdings, actively contributing to earnings call analyses and featured as a coverage analyst for PROS, Inc. Cheng began his career as a software developer at Goldman Sachs before transitioning to equity research in June 2018 at Merrill Lynch International, based in London. He holds a Bachelor’s in Computer Science from Imperial College London, a Master’s in Finance from the London School of Economics, and is a CFA charterholder.

    Victor Cheng's questions to Sabre (SABR) leadership

    Victor Cheng's questions to Sabre (SABR) leadership • Q2 2025

    Question

    Victor Cheng asked why Sabre's NDC volume mix appears lower than peers, sought to reconcile Sabre's view of a declining GDS industry with competitor reports, and inquired about the potential for stronger revenue per booking growth.

    Answer

    President & CEO Kurt Ekert explained the NDC mix difference is almost entirely due to a competitor re-intermediating large OTA direct-connect volumes, and that adoption is similar in the traditional agency space. EVP & CFO Mike Randolfi addressed pricing, stating he expects the average booking fee in H2 to be similar to the prior year's levels, with gross margins improving slightly to be nearly in line with H2 2024.

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    Victor Cheng's questions to PROS Holdings (PRO) leadership

    Victor Cheng's questions to PROS Holdings (PRO) leadership • Q2 2025

    Question

    Victor Cheng inquired about the current macro environment's impact on sales cycles and regional performance, and also asked about the airline industry's shift to offer/order architecture and PROS' competitive positioning.

    Answer

    President & CEO Jeff Cotten stated that while the macro environment remains challenging, particularly internationally, it also creates demand for PROS' solutions from companies dealing with complexity like tariffs. Regarding airlines, he noted that most carriers are exploring a 'best-of-breed' approach for their next-gen platforms, creating a significant opportunity for PROS' differentiated offer management capabilities.

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