Mike Randolfi: Yes, and let me chime in there, I would just say the team is knocking it out of the park here. If you think about the first quarter last year, this was a business that burned $2.8 million of EBITDA. We had an $11 million year-over-year improvement and generated $8 million of EBITDA this year. If you look at our forward-looking commentary and what we articulated about the proportion of our growth strategies attributable to hospitality solutions, we expect year-on-year in 2024 to generate approximately $30 million more in EBITDA this year than last year, that would — which would put us at approximately $40 million EBITDA. Also, if you look at the forward-looking guidance and commentary we provided in February, about half of our strategic growth initiatives between 2023 and 2025 are attributable to hospitality solutions.
That would bring our expected EBITDA to about $70 million in 2025. We think we’re firmly on the path to double digit revenue growth with double digit margins in that business, and the team is just doing an awesome job.
Ryan Bressner: Very helpful color. Thank you very much.
Operator: Thank you for that question. One moment, please. Our next question comes from the line of Victor Cheng of Bank of America. The floor is yours.
Victor Cheng: Thank you and just one quick follow up question on — any updates on NDC volumes. I know last time we talked about it, it’s still minimal for Sabre. As Delta start moving to NDC and American and United both ramping up their NDC efforts, where are we in terms of NDC volumes and got the expectation on NDC volumes for the full year, please?
Kurt Ekert: Yes, for the GDS sector and this includes Sabre, we still see NDC volumes at only about 1% of total air distribution volumes. We do believe that number will grow substantially through 2024 and in the future, Victor, based on the dynamics that you talked about. We think we’re very well positioned in terms of both content connectivity, all the business logic and functionality we built for buyers. There is work that buyers such as TMCs need to do from a downstream perspective on their end, beyond what we or any other intermediary technology provider do, but there is a certainly a big focus on that from all of those buyers. So we think that number will grow substantially, albeit off a low base.
Mike Randolfi: Yes. And the one thing I would add on there, Victor, is as we’re talking about our 2024 forward-looking commentary and our 2025 forward-looking commentary, it does assume a significant uptake in NDC and that’s incorporated in any of the commentary that we’re providing.
Victor Cheng: Got it. Thank you.
Operator: Thank you for your question. I am showing no further questions at this time. I would now like to turn it back to Mr. Ekert for closing remarks. The floor is yours.
Kurt Ekert: Thank you again for joining us today. We deeply appreciate your interest in Sabre and look forward to speaking with all of you again very soon. That concludes today’s call.
Operator: Thank you for participation in today’s conference. This does conclude the program. You may now disconnect.
