Good morning, and welcome to Sabre's conference call to discuss its anticipated acquisition of Farelogix. Please note that today's call is being recorded and is also being broadcast live on the Sabre Corporate website. This broadcast is the property of Sabre. Any redistribution, retransmission or rebroadcast of this call in any form without the expressed written consent of the company is strictly prohibited. I will now turn the call over to Senior Vice President, President of Investor Relations and Corporate Communications, Mr.
Barry Sievert. Please go ahead, sir.
Thank you, James, and good morning, everyone. Thanks for joining us for our call to discuss our agreement to acquire Farelogix. This morning, we issued a press release, which is available on our website at investors. Sabre.com. A slide presentation, which accompanies today's prepared remarks, is also available during this call on the Sabre IR webpage.
A replay of today's call will be available on our website later this morning. We would like to advise you that our comments contain forward looking statements. These statements include, among others, the closing, integration and effects of the acquisition, including on our financial results, Farelogix' expected financial results, including revenue, gross margin and EBITDA, and our expectations of industry trends, opportunities and prospects related to the acquisition and various other forward looking statements regarding our business and the transaction. These statements involve risks and uncertainties that may cause actual results to differ materially from the statements made on today's conference call. Information concerning these risks and uncertainties that could affect our financial results is contained in our SEC filings, including our 2017 Form 10 ks, our Q3 2018 Form 10 Q and the press release we issued today.
Throughout today's call, we'll be presenting certain non GAAP financial measures, including adjusted EBITDA and adjusted EPS, and we'll provide certain forward guidance with respect to adjusted EBITDA and adjusted EPS. We are unable to provide this forward guidance on a GAAP basis without unreasonable effort. Participating with me on today's call are Sean Menke, our President and Chief Executive Officer Dave Schirke, our Executive Vice President and President of Travel Solutions and Doug Barnett, our Chief Financial Officer. Sean will cover the highlights of the transaction before turning the call over to Dave to cover the capabilities, opportunity and strategy. With that, I'll turn the call over to Sean.
Thanks, Barry. Hello, everyone, and thanks for joining us for today's announcement. This morning, we announced we have entered into an agreement to acquire 100 percent ownership of Farelogix for $360,000,000 Farelogix is a recognized innovator in the travel technology space with advanced offer management and NDC order capabilities. This acquisition is expected to accelerate the realization of our strategy and bring innovation that is highly complementary to our capabilities and product roadmap to deliver an advanced end to end NDC enabled retailing, distribution and fulfillment solution to the industry. We believe that the acquisition of Farelogix will accelerate our ability to deliver growth and innovation to the industry.
At Sabre, we have already established an end to end retailing, distribution and fulfillment strategy and roadmap. We have industry wide traction behind our Sabre commercial platform and beyond NBC program. This is all scalable and supported by our global network of technologists and a large global customer base. Our customers need a technology partner that can anticipate their needs and help deliver broad integrated comprehensive solutions that drive revenue and increase customer loyalty. Farelogix brings innovative GDS and PSS agnostic solutions for dynamic offer and order management that can be integrated into our leading airline technology platform.
Its NDC focused development spans across next generation scheduling, pricing, shopping and fulfillment, backed by outstanding travel technology talent that will immediately contribute to the delivery of our strategy. The acquisition will add over 225 technology professionals that we plan to combine with our own strong technical and subject matter experts to help accelerate innovation going forward. As we know, the airline industry is evolving at a rapid pace in an increasingly complex environment and Sabre and Farelogix have already worked together at several joint customers to solve challenging problems and open up new growth and revenue opportunities. We believe this winning partnership will unlock the ability to accelerate delivery of end to end retailing distribution and fulfillment, offer tightly integrated PSS and GDS agnostic solutions enabled by NDC, increase domain expertise to drive enhanced innovation and advance our NDC efforts through our work with the world's leading airlines across a combined global customer base. Upon close, Farelogix will fall under our Travel Solutions umbrella organization led by Dave Shirk and be consolidated into our Airline Solutions reporting segment.
Farelogix 2018 revenues are expected to be approximately $40,000,000 representing growth of approximately 25% versus the prior year. Farelogix has a gross margin of approximately 85% and estimated 2018 EBITDA of approximately 4,000,000 dollars We expect strong growth for Farelogix as we look ahead to 2019. The acquisition will be funded through a mix of cash on hand and borrowings under our $400,000,000 revolver, which is currently undrawn and priced at 200 basis points over 1 month LIBOR. We anticipate the deal will increase our leverage by a third of a turn, resulting in a pro form a September 30 leverage of approximately 3 times. The acquisition is subject to regulatory approvals and we expect it to close in late Q4 or early Q1 of 2019.
We expect the acquisition to be neutral to Sabre's adjusted EPS in 2019 and accretive in 2020 and thereafter. With that, I'll turn the call over to Dave to get into more of the details. Dave?
Great. Thanks, Sean. Good morning, everyone. I'm very excited to bring the talented Farelogix team and leading technology capabilities over into the Sabre family. We expect our broad capabilities, resources and scale combined with Farelogic's outstanding talent and innovation will significantly advance and accelerate our NDC focused development and commercial platform to drive faster innovation that will benefit our customers and travelers in the years ahead.
Built on a high scalable and interoperable SaaS platform, Fintologics' capabilities span retailing distribution and fulfillment from offer management to NDC enabled order delivery and are deployed by many of the world's largest airlines. Their solutions offer connectivity across 9 leading airline PSS systems, including our own SabreSonic PSS and are currently implementing NDC integrations with every global GDS. Farelogic SaaS platform revenue model combines highly recurring subscription and transaction revenue and we believe it is very well positioned for continued rapid growth. As mentioned, Farelogic's PFS and GDS agnostic product set and capabilities are categorized into 2 product families, the Offer Management family and the Order Delivery family. Both Offer Management and Order Delivery are key components of the recently launched commercial platform.
The Farelogix engine span retailing distribution and fulfillment and are naturally a complement to the end to end nature of our commercial platform. From product definition to order delivery, each engine enhances and extends a key component of the commercial platform. When coupled with Sabre's industry leading decision support capabilities, we believe our collective technology offering will give airlines a competitive edge otherwise unavailable today. Across its product lines, Farelogix has differentiated its offering by building technology that can be sold separately or as a bundle regardless of PSS or GDS provider. Starting with offer management, let me begin by explaining Schedule Builder.
The Farelogic Schedule Builder is there to deliver personalized offers that airlines must first have intelligent scheduling tools that can tailor scheduled display and have this based on incoming data and decision support from commercial planning. The bill object schedule builder gives airlines control to display dynamic schedules that are optimized for the most profitable route or customer driven attributes. The next piece of that family is the availability calculator. After schedules are optimized, airlines must begin to retail while handling exponentially growing availability search as a volume change across all partners and points of sale. Farelogic's availability calculator ensures that airlines can market and sell customer centric itineraries through a variety of airline defined rules.
The next piece is the Farelogix shop and price. Along with availability, shopping and pricing play a pretty critical role in delivering an intelligent, personalized offer to the customer. Within the offer management platform, Farelogic's shop and price is a dynamic shopping engine. It allows airlines to input rules to adjust the fare base on airline defined attributes. Then there's Farelogix merchandise.
In the final step of offer creation, airlines must implement omni channel merchandising strategies that lend fast speed to market for new product offers. Farelogic's merchandise enables airlines to do exactly this, empowering airlines to put the pieces together and assemble standalone, bundled or loyalty based products across every channel, regardless of technology provider. But then continue with the offer distribution and order fulfillment. Once the offer is constructed, the Farelogix Open Connect distributes, orchestrates and transacts airline offers across all channels via a certified NDC API. This technology is a natural fit with the commercial platform of Sabre's overarching Sabre API hub.
Historically a challenge, this unlocks the ability for airlines to sell the products they want, how they want consistently across all channels, again regardless of technology standard. Ultimately, these offerings will complement and accelerate new innovations within the Sabre commercial platform and our Beyond NDC programs. Each engine is closely aligned with our offer management and order delivery product roadmaps to deliver an end to end NDC enabled retailing, distribution and fulfillment solution for the industry. Our acquisition of Farelogix is another example of how we are investing to help our airline customers succeed as advanced retailing distribution and fulfillment capabilities become more and more critical to airline revenue growth and profitability. Over recent history, airlines have been challenged by flat or declining passenger seat revenue.
To offset this trend, ancillary revenue from incremental SKUs like seat upgrades, priority boarding, premium meals and in flight purchases have become the chief driver of increasing yield and a major contributor to airline profitability. Since 2011, airline ancillary revenue has grown at a CAGR of over 21% from just $18,000,000,000 to reach $57,000,000,000 in 2017. An increased focus on sale of ancillary has bolstered airline top line growth, while also serving the needs and desires of consumers. Travelers are seeking to create customized travel experiences with increased choice and flexibility. To continue to increase yield and better serve customers, airlines need end to end real time offer management solutions that deliver personalized offers consistently across all channels.
In fact, a recent study found that 96% of airline executives want to personalize the air travel experience for customers by leveraging real time data and insights. We believe this creates a significant opportunity for technology providers that utilize retailing sciences, machine learning and artificial intelligence to better optimize their offers across all distribution channels. Historically, ancillary offerings have been primarily available in the direct channel. However, NDC enabled solutions streamline the ability to offer a wide range of ancillary services through the indirect channel and to further increase revenue opportunities across the ecosystem. As I mentioned, ancillaries and customized offers are driving $57,000,000,000 of high profit airline revenue currently and represent an area of intense focus and investment for airline management teams.
We believe Farelogic's modernized offer management and order delivery products are a key enabler to unlocking further value for airlines and help them address help address a $2,000,000,000 total potential opportunity across the world's largest 300 airlines. Broken down further, we believe Farelogic's offer management products help address a potential $900,000,000 opportunity and the MDC order delivery product family help address a potential $1,000,000,000 market opportunity. We believe our broad and deep airline IT capabilities across the Sabre commercial platform, inclusive of the SabreSonic PSS and our leading GDS capabilities in travel network will be significantly enhanced by the integration of Farelogic's next generation offer and order management technology to bring to market a holistic, channel agnostic, end to end NDC enabled retailing, distribution and fulfillment solution. We believe integration with the GDS, including capabilities deliver both traditional and NDC content from our hosted and non hosted airline customers and tightly integrated agency solutions will provide significant incremental value across the travel ecosystem. Airlines will benefit from NDC offers integrated directly into the GDS and tighter collaboration that increases order delivery quality and timeliness.
Sabra will be forwarded an increased opportunity to contribute to technical and commercial standards, immediate access to Farelogic's NDC API and the ability to scale NDC volume quickly across the travel ecosystem. Integration with the PSS including Sabre and non Sabre retailing platforms also provides value to both our airline partners and us. Airlines will benefit from the addition of the NDC platform to our existing commercial platform product offerings, as well as the ability to integrate PSS agnostic merchandising capabilities directly into their existing PSS systems. We expect to benefit from the opportunity to sell new and enhanced capabilities across our breadth of solutions and broad customer base and importantly the ability to deliver value to airlines on all bookings regardless of the distribution channel. With a fully integrated end to end solution across PSS, GDS and Farelogic's offer and order management, we anticipate airlines will benefit from a one stop shop that serves their needs across both traditional and NDC enabled offers in all distribution channels.
And for Sabre, we expect that Farelogix will accelerate our retailing, distribution and fulfillment strategy, providing the opportunity to further deepen customer relationships and increase sales. Farelogic has a strong customer set, including some of the largest and most forward thinking airlines in the world. There is meaningful overlap in our customer bases, while in many cases we worked very closely with Farelogix in the past several years to deliver enhanced capabilities to our joint customers. Among the leading airline customers we have in common are American, Alaska, Delta, Hawaiian, United, WestJet and Etihad. However, with our airline solutions customer base of over 2 25 airlines, we serve many airlines that they do not, providing global reach that we expect will unlock significant cross sell opportunities across our combined customer base.
This combination of Sabre and Farelogix will bolster growth and innovation in NDC leadership across the industry. With an expanded customer roster among leaders in NDC enabled next generation retailing, we expect this will further strengthen our ability to help drive industry NDC standardization that is critical for further innovations in airline retailing and distribution. Collectively, our PSS customers and Farelogix customers represent 11 out of the 21 IATA NDC leaderboard airlines. NDC leaderboard airlines have a stated goal for 20% of third party sales to be powered by an NDC API by 2020. This acquisition is a natural step in our Beyond NDC initiative.
Additionally, it unites our NDC technology experts to help solve complex problems and accelerate the speed of delivery of next generation solutions to the industry. The Farelogix NDC technology and airline customer footprint strengthens our commitment to core agency priorities. First, the acquisition will fast track our path to fully standardized NDC capabilities for both airlines and travel agencies. This will enable agencies to shop, book, fulfill and manage NDC content efficiently. 2nd, it will reduce time to market for airlines to deliver scaled NDC volumes through the GDS.
This will mitigate agency risk and technology investment costs. And finally, it will improve omni channel access to the best offers from both NDC and traditional content. Aligning the underlying technology across the direct and indirect channel and creating a path for content symmetry. As we mentioned, we believe another key benefit of bringing Farelogix into the Sabre family is the depth of technical and industry expertise that when combined with our own pool of talent will drive accelerated innovation going forward. We're very excited to welcome the Farelogix team to the Sabre family upon close.
Farelogix has over 225 dedicated technology professionals representing 90% of the company. Each member of the senior management team has over 25 years of relevant industry experience. And Jim Davidson, Farelogic's CEO is a travel technology industry legend. Jim has over 30 years of experience in the travel technology industry with demonstrated success leading both large multinational organizations and startups and he was named 1 of the 25 Most Influential Executives in the industry by Business Travel News. Tim Raikes, Farelogic's Chief Technology Officer is the architect and leader behind groundbreaking Farelogic's next generation retailing and NDC distribution technologies.
And Tayo Crutsen, Chief Financial Officer of Farelogix brings international financial planning and analysis experience from large multinational corporations to startups. Together, the entire Farelogix team brings a wide breadth of solution design, analysis, development, deployment and support to the Sabre team. The Farelogix culture is closely aligned with Sabre's leveraging technical savvy, innovation, customer service excellence and teamwork to deliver leading innovation and value to customers. The Farelogix organization will be an excellent complement to our existing Sabre team. I greatly look forward to working with Jim, Tim, Tayo and the rest of the team as we accelerate our retailing, distribution and fulfillment strategies as we seek to build the world's most innovative travel technology platform.
And with that, I'll turn it back over to Sean.
Great. Thanks a lot, Dave. As you've seen at Sabre, our momentum is continuing to build with a lot of great progress. And we are working well against our strategies to drive value for our customers and for our shareholders. We are very excited to bring Farelogix and Sabre together and believe this acquisition creates a winning combination that will accelerate the realization of our strategy and unlock the ability to speed delivery of more powerful and tightly integrated PSS and GDS agnostic end to end NDC enabled retailing distribution and fulfillment solutions.
Expand our pool of outstanding travel technology talent, driving faster innovation and increase the breadth of our customers that are focused on NDC and next generation retailing. I'd like to take one last moment to thank my team members around the world and look forward to extending the heartfelt welcome to the Farelogix team upon close. Now I would like to ask the operator to open up the call for some questions.
Thank you. Our first question comes from Jed Kelly with Oppenheimer. Your line is now open.
Great. Thanks for taking my question. So 2, if I may. Can you just talk about the logic behind the deal? What Fair Logic was doing around NDC better than you and the capabilities?
And then if you sort of imply the 25% growth rate implies you paid about 7 times next year's revenue, How competitive was the bidding process around the acquisition?
So let me start with the logic behind the deal and where we are as it relates to NDC, and I'll let Dave answer chime in, and then I'll let Doug talk about just the valuation process. So if you look at the strategy, there's a number of components to NDC that are out there. And with that, we have really tried to bring together the components of what this all means. And we talked a lot about the development that's taking place within the PSS system, the things that we're doing as it relates to the GDS. And one of the core components that's in the middle of this is how do you look at the offers engine, how do you look at the merchandising engine.
And as we look at where we are, we felt that where Ferroglogix capabilities were in certain areas would be really nice capabilities that we could build into our overall strategy. And Dave, I'll let you pick it up from there.
Great, John. Yes, I was just going to say, I mean, from an NDC perspective, it's well known that Farelogix has been the innovator and the leader in bringing that technology to market. When we look at the 2 portfolios and we sit down and go through that, the best way I could describe this is the breadth of capability. Anytime you take a portfolio, you end up with hundreds of functional areas. And when we think about the roadmap and where we've got to go in areas where maybe we had 20% to 50% of the capability that we have on the roadmap, they may have been in a situation where they have 90% -plus of that capability.
And so the way it's designed, very complementary to accelerate that roadmap. A simple example, they have an incredible rules engine and the flexibility around that, that really is something that we were in the middle of going down a path of building. That will be complementary and immediately accelerate some of the things that we're trying to do. We also when you think about an attribute based order environment, the depth of those attributes, the way you handle them, they just have so much experience and we've worked with them. We have a number of very deeply integrated airline customers we work together on.
We already extend and complement a customer solution set together when we go into that. So whether that's on the shopping and merchandising areas, whether that's in ultimately the scheduling areas and the dynamic nature of that. And then when you add the breadth of data analytics capability that Sabre has to the situation, that's the other piece that we want to add to this and really grow and accelerate the overall equation in this thing. So that's kind of how we look at it. That's how we think about it accelerating the roadmap.
And we really think the combination just puts us together even further ahead from everybody that's out there in the marketplace.
And Jeff, as you just heard from Moshe on it, Dave, look, this is a very, very strategic acquisition for us. Obviously, Farelogic is a high growth, high gross margin SaaS based business model. And if you compare, like you said, the 7x revenue multiple, you compare that to where those companies trade now in the public markets and or in recent transactions, the purchase price compares very favorably to those metrics.
The last thing that I would comment on, I think there's something that we all need to be aware of is, the market is really moving towards blurring the suppliers and other commerce partners that are out there. And when you have the right merchandising engine in place to be able to bring these components together and if you look at how it really does roll into what we do on the PSO side of the equation as it rolls into the distribution side, be it direct or indirect. You can very quickly see why this acquisition makes a lot of sense for our organization.
Thank you.
Our next question comes from Brian Essex with Morgan Stanley.
Sean, maybe if I could kind of touch on your relationships and your agreements with airlines, agencies and Farelogic's position as agnostic to other GDS vendors? How might those relationships change once this deal is consummated?
Yes. Really good question, Brian. Thanks for joining. So when you look at it, the one thing that I have been very focused on is, as you look at the marketplace continuing to evolve, it's one that when I look at ourselves and I look at other technology players, we have to be at the forefront of that transformation because we hear from our agency customers what they're looking for. We hear from our airlines and what they're looking for.
And when you begin to go down this path, just talking about the next evolution of retailing and distribution, it's important that all these parties are actually working together. And earlier this year, we announced our Beyond NDC partnership program, and that has brought a number of airlines together as well as agencies together to talk about the transformation and what needs to happen, Brian. And in doing that, as we look at where we are, it's, 1, how are we positioning ourselves as, 1, the technology leader in this, but also, as the innovator in bringing people together. Because if you look at where this really all started, it goes back to IATA and putting standards in place, but it is the technology providers that are going to have to make it come to fruition. And when I look at it and I'll start sort of what fulfilling what our airline partners are wanting is we've talked about this and you hear it from a number of airlines, they're trying to drive more revenue is what it boils down to.
And in doing that, they need to be able to have the capability, the technology to support that. And that's one thing that this really does. The second piece of that is and this is our responsibility to our agency customers is as the world is evolving on the airline side, they keep looking at us and other technology providers on how are you going to make sure that, that content is pushed through that they can be able to sell it. And for us to be continuing to drive ourselves into this, what I consider to be leadership role, it allows us to make sure that everything that we're doing really is, at the end of the day, helping our customers, both on the supplier side as well as on the agency side. I'll bring in a lot of the work that we've done with Sabre Red Workspace, and it's really the APIs that underlie that and the building of that.
You can begin to see connecting of the dots on if we're able to serve that up to our agencies and they're able to essentially absorb that content, it allows us to essentially look at the whole chain of really supplier content, selling all the way through to the agency side. And in doing that, we know we have to work with some of our competitors to make this happen because there will be carriers that will be on competitive PSS systems. And that's why the agnostic part of what we're talking about is really important because, again, this is about the entire travel ecosystem and this is where I think the collaboration really needs to take place as we continue to drive this forward.
Maybe one quick thank you for that. And maybe one quick follow-up. I mean, will any of your agreements either on the our supplier demand side need to be renegotiated?
No. Very helpful. Thank you.
Thank you. Our next question comes from James Schneider with Goldman Sachs. Your line is now open.
This is Julie McCrumless on for Jim Schneider. I was just wondering if you could talk more about the synergies that you're expecting in 2020 beyond?
Yes. Dave, why don't you walk through it as you guys have analyzed and the opportunities that we see?
Yes. I think I mean, what I would describe in terms of the synergy piece is, really around that roadmap acceleration and the talent pool that Farelogix has. And so as we start to think about the commercial platform and the offering set, that level of robustness of offerings really bring we had plans already partway through execution on the order management and order delivery side. We've introduced a brand new shopping engine. We have a brand new pricing and revenue management system that has shipped into the marketplace.
And we've really opened the system up with a pretty significant API based modular nature of the capability set. And so taking the Farelogix product set and adding that to that will make the breadth and depth of the offering even better. And then from an airline perspective, when we think about the movement from a traditional ATP co kind of fair class, fair filing structure to this new very modern retailing distribution fulfillment area, that also the synergies around what we can do to bring a more robust set of attribute based and bundle and ancillary based capability set is one of the things we've been working and partnering in airlines together, but now we have a chance to kind of significantly accelerate some of that work and bring that along. And so that's one of the other synergy areas that are there. From a teaming perspective, a sales perspective, there's a lot of alignment that will come into play.
One of the things that the Farelogix folks would say if they were here is this gives scale. And so when you take the synergies associated with our footprint globally, the care and support and service delivery teams that we have. A lot of the things that every small company goes through is when they're having success, how do you kind of broaden yourself globally? How do you deal with some of those elements? All of those things will be a part of the synergies that will be beneficial to how this entire transaction moves forward in the way in which we kind of see that playing itself out.
Thank you. And I think if
you really read into what Dave is saying is that Farelogix has technology that the industry has accepted with some very big customers around the world. And in doing that, when you look at what they're doing in leading and you look at the capabilities that we bring and this gets into the scale and the ability to actually move faster, this is one thing that we see and we saw this as a really good benefit to really what they're bringing to the table and what we can also help with is how do we make sure that the penetration is moved at an accelerated pace, and we feel good about that.
Thanks.
Thank you. Our next question comes from Adam Hackl with Imperial Capital. Your line is now open.
Hi, guys. Thanks for taking the time. Just a couple of quick ones for me. I'm curious, as it pertains to the ancillary side, just curious what they were sort of doing that caught your eye and maybe was a little bit ahead of where you guys were on your roadmap in terms of that side? And obviously, given the focus on the U.
S. Guys, obviously, segmentation has been a big topic in the industry. You've seeing the industry adapt
to that.
So I'm just curious how they were adjusting that and what you were seeing from them?
Dave, I'll let you go ahead.
Right. Yes. So on the ancillary side, I guess the way to look at it, as I kind of articulated, there's kind of the core, seat bag routine that's been going on. There's kind of those 4 or 5 areas which are becoming more and more common, still not majority, but are pretty common topics. However, when you sit down and you start to talk about where people are going in terms of that packaging and the robustness for it, Farelogix has already thought through and built out what I would call bill of material, thought set.
The ability to really bring, at any stage in the life of a flight, whether it's pre, during or return of it, kind of what are the sets of ancillaries that might make sense in that particular situation and not really limit that to just a set of 4 or 5 areas, but actually an engine that is there that allows airlines to put, if they wanted to, hundreds of content items that might play out in that particular situation. It could be partnerships, it could be credit card things, insurance items. It could be shows, events, golf activities. And there's a range of depth of ancillary basket that you and I would just think of as normal and commonplace if we were to go shop on an Amazon or any of the appropriate commerce sites. That offer order, bill material, SKU mentality is already very robustly built into it.
And we want to with our expertise and our partnering on the GDS and PSS side, we want to bring more of that to the marketplace and leverage that capability set and that basket set. And so we think that there's a lot of room for the ancillary mindset and the content that would be contained within it to expand and grow, especially with NDC. NDC really kind of opens that basket up and that's one of the pieces that they've just done a fantastic job of and we really want to make sure that we're accelerating and taking advantage of that capability.
Great. I appreciate that color. And I guess just going off the way you just swag on NDC, I guess is this making a bet in your guys' view on the airlines essentially continuing to need help with NDC and continuing to sort of push that onto you guys over time?
Yes, absolutely. Absolutely.
Great. Thank you very much.
Thank you. And I'm showing no further questions in queue.
Great. Thank you, Barry. Yes.
I'll go ahead and wrap it up. So again, I'd like to thank everybody for joining us on short notice. I'd like to once again thank the Sabre team as well as the Farelogix team and the work that has taken place. We look forward to welcoming our Farelogix team members here in the not too distant future. And again, I hope everybody has a great day.
Thank you.
Thank you. Ladies and gentlemen, that does conclude today's conference. Thank you very much for your