Sabre Holdings Reports Strong Second Quarter 2006 Financial Results
August 03 2006 - 3:21PM
Business Wire
Sabre Holdings Corporation (NYSE:TSG): -- 2Q 2006 revenue up 17
percent year-over-year -- 2Q 2006 diluted EPS (adjusted) of $0.45;
diluted EPS (GAAP) of $0.26 -- 2Q 2006 free cash flow of $155
million, up 66 percent year-over-year; cash flow from operations of
$179 million -- Travelocity revenue up 63 percent, gross travel
booked up 58 percent year-over-year -- Company reiterates full-year
2006 adjusted financial projections Note: Earnings call today at
4:00 p.m. CDT, at www.sabre-holdings.com/investor/index.html Sabre
Holdings Corporation (NYSE:TSG) today announced financial results
for the second quarter of 2006. The company reported revenue for
the second quarter of $723 million, up 17 percent, year-over-year.
Diluted earnings per share were $0.45 on an adjusted basis compared
to $0.42 in the year-ago quarter. On a GAAP basis, diluted earnings
per share were $0.26, which includes amortization of intangibles
from lastminute.com, losses on the sale of non-core businesses in
Europe, and expensing of stock options, compared to $0.34 in the
same period last year. "We had a strong second quarter both
financially and operationally," said Sam Gilliland, Chairman and
CEO, Sabre Holdings. "We are pleased to see continued strength in
cash generation from our businesses and we remain on track to meet
our full-year free cash flow projection. We continue to benefit
from our strategy of investment in higher growth opportunities
while increasing efficiencies in our core business and across our
portfolio." SABRE HOLDINGS 2Q 2006 FINANCIAL HIGHLIGHTS (Note: See
attached schedules for full financial details, reconciliations of
non-GAAP financial measures, and a description of adjusting items.)
Revenue: Second quarter revenue was $723 million, an increase of 17
percent from $619 million in the year-ago quarter. Operating
income: On an adjusted basis, operating income for the second
quarter was $105 million, compared to $90 million in the year-ago
quarter. Operating income on a GAAP basis was $78 million, compared
to $83 million in the second quarter of 2005. Net earnings: For the
second quarter, net earnings on an adjusted basis were $59 million,
or $0.45 per share on a diluted basis, compared to $54 million, or
$0.42 per share on a diluted basis in the second quarter of 2005.
On a GAAP basis, second quarter net earnings were $34 million, or
$0.26 per share on a diluted basis, compared to $44 million, or
$0.34 per share on a diluted basis in the year-ago quarter. Net
earnings include approximately $5 million from the reversal of a
federal tax accrual. Adjusted EBITDA: For the second quarter,
adjusted earnings before interest, taxes, depreciation, and
amortization were $132 million, growth of 20 percent
year-over-year. Cash/Debt: The company balance sheet as of June 30,
2006, reflected cash and marketable securities of $466 million.
Total debt at the end of the quarter was $1.1 billion, which
included notes and bonds payable of $969 million and a $155 million
capital lease obligation. SABRE HOLDINGS BUSINESS REVIEW
TRAVELOCITY For the second quarter, Travelocity global gross travel
booked was $2.7 billion, an increase of 58 percent year-over-year.
Total global revenue for the quarter was $281 million,
year-over-year growth of 63 percent. Travelocity had operating
income on an adjusted basis of $23 million with an operating margin
of 8 percent. On a GAAP basis, operating income was $6 million with
an operating margin of 2 percent. Adjusted EBITDA nearly tripled to
$31 million, which resulted in an 11 percent adjusted EBITDA
margin. For Travelocity results on a geographic basis, including
gross travel booked, revenue, operating income and adjusted EBITDA,
please see the attached schedules. Travelocity global metrics in
the second quarter (year-over-year) include the following: -- Total
air transaction revenue grew 32 percent -- Total non-air
transaction revenue grew 86 percent -- Total packaging revenue grew
25 percent -- Packaging revenue as a percent of total transaction
revenue was 22 percent -- Hotel room nights sold across the
Travelocity network were 4.2 million, growth of 54 percent SABRE
TRAVEL NETWORK Second quarter revenue from the Sabre Travel Network
business was $420 million, a decrease of 2 percent from $429
million in the year-ago quarter. Global transactions in the quarter
were 91 million, growth of 1 percent year-over-year. Operating
income for the Sabre Travel Network business on an adjusted basis
was $73 million with an operating margin of 17 percent. On a GAAP
basis, operating income was $65 million with an operating margin of
15 percent. Adjusted EBITDA was $86 million which resulted in a 20
percent adjusted EBITDA margin. SABRE AIRLINE SOLUTIONS Second
quarter revenue from Sabre Airline Solutions was $68 million, an
increase of 1 percent from $67 million in the year-ago quarter.
Operating income for the Sabre Airline Solutions unit on an
adjusted basis was $10 million with an operating margin of 15
percent. On a GAAP basis, operating income was $8 million with an
operating margin of 12 percent. Adjusted EBITDA was $15 million,
which resulted in a 22 percent adjusted EBITDA margin. RECENT
BUSINESS HIGHLIGHTS -- Launched the Efficient Access Solution, the
foundation for the company's new portfolio of customizable,
end-to-end solutions for travel agents serving the corporate and
leisure travel segments. -- Signed five-year, full-content
agreements with Continental and Alaska Airlines to distribute fares
through the Sabre GDS and Travelocity. This is in addition to
previous long-term deals signed with Air Tran, Delta, Northwest,
United and US Airways. -- Began processing reservations for Expedia
and Priceline, as well as lastminute.com and Site59, through the
Sabre GDS. Last week, Sabre and Expedia also announced an extension
of their existing distribution agreement through 2012 and Expedia
announced its support of the Sabre Efficient Access Solution. --
Announced that Japan Airlines selected Sabre Airline Solutions'
AirFlite suite of integrated decision support products and
consulting services. -- Announced that Lockheed Martin Corporation
signed a five-year agreement to use Travelocity Business as its
global corporate travel management provider beginning in September.
Travelocity Business also launched in Europe by merging
lastminute.com's corporate businesses First Option and TravelStore.
-- Redesigned the Travelocity Activities offering and expanded on
the ground presence in Las Vegas with three new locations. --
Launched lastminute.com's opaque car rental business, Holiday
Autos, in the U.S. -- Announced that Travelocity plans to launch in
India. -- Declared a quarterly cash dividend of $0.10 per share
payable on August 28, 2006, to shareholders of record at the close
of regular trading on the New York Stock Exchange on August 11,
2006. SABRE HOLDINGS OUTLOOK 3Q 2006 For the third quarter of 2006,
the company projects revenue to be in the range of $745 million to
$775 million. Diluted earnings per share are projected to be in the
range of $0.58 to $0.62 on an adjusted basis, and $0.44 to $0.48 on
a GAAP basis. 4Q 2006 For the fourth quarter of 2006, the company
projects revenue to be in the range of $650 million to $680
million. Diluted earnings per share are projected to be in the
range of $0.42 to $0.46 on an adjusted basis, and $0.29 to $0.33 on
a GAAP basis. About Sabre Holdings Sabre Holdings connects people
with the world's greatest travel possibilities by retailing travel
products and providing distribution and technology solutions for
the travel industry. Sabre Holdings supports travelers, travel
agents, corporations, government agencies and travel suppliers
through its companies: Travelocity, Sabre Travel Network and Sabre
Airline Solutions. Headquartered in Southlake, Texas, the company
has approximately 9,000 employees in 45 countries. Full-year 2005
revenues totaled $2.5 billion. Sabre Holdings, an S&P 500
company, is traded on the NYSE under the symbol TSG. More
information is available at http://www.sabre-holdings.com.
Statements in this release which are not purely historical facts or
which necessarily depend upon future events, including statements
about forecasted financial performance or other statements about
anticipations, beliefs, expectations, hopes, intentions or
strategies for the future, may be forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. Readers are cautioned not to place undue reliance on
forward-looking statements. All forward-looking statements are
based upon information available to Sabre Holdings Corporation on
the date this report was submitted. Sabre Holdings Corporation
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Any forward-looking statements involve
risks and uncertainties that could cause actual events or results
to differ materially from the events or results described in the
forward-looking statements, including risks or uncertainties
related to Sabre Holdings Corporation revenues being subject to
adverse changes to our travel supplier relationships and potential
substantial decreases in travel transaction volumes. Sabre Holdings
Corporation may not succeed in addressing these and other risks.
Further information regarding factors that could affect our
financial and other results can be found in the risk factors
section of Sabre Holdings Corporation's most recent filing on Form
10-K with the Securities and Exchange Commission. -0- *T Sabre
Holdings Corporation Condensed Consolidated Statements of Income -
Adjusted (Unaudited - In millions except per share amounts) Three
months ended Six months ended June 30, June 30, 2006 2005 Change(1)
2006 2005 Change(1) ------ ------ --------- -------- --------
--------- Revenues Sabre Travel Network 420.2 428.9 (2.0%) 868.7
848.7 2.4% Travelocity 281.0 172.1 63.3% 515.4 319.1 61.5% Sabre
Airline Solutions 67.7 66.8 1.3% 132.5 129.6 2.2% Elimination of
intersegment revenues (46.3) (48.6) (4.7%) (93.9) (96.4) (2.6%)
------ ------ -------- -------- Total revenues 722.6 619.3 16.7%
1,422.8 1,201.1 18.5% Operating expenses 617.1 529.2 16.6% 1,252.9
1,031.7 21.4% ------ ------ -------- -------- Operating income
105.5 90.1 17.1% 169.9 169.5 0.3% Other income (expense) Interest
income (expense) net (16.8) (2.3) 632.6% (32.5) (5.5) 488.1% Other,
net (0.0) 0.4 (103.0%) 0.3 0.2 14.8% Minority interest (0.7) (0.1)
740.8% 1.1 (0.5) -- ------ ------ -------- -------- Income before
provision for income taxes 88.0 88.1 (0.1%) 138.7 163.7 (15.3%)
Provision for income taxes 28.7 33.9 (15.4%) 47.2 60.7 (22.3%)
------ ------ -------- -------- Net earnings 59.3 54.2 9.5% 91.5
102.9 (11.1%) ====== ====== ======== ======== Operating margin
14.6% 14.5% 11.9% 14.1% Earnings per share- basic $0.46 $0.42 $0.70
$0.79 Earnings per share- diluted $0.45 $0.42 $0.69 $0.79 Weighted
average shares -basic 130.4 129.3 130.4 129.8 Weighted average
shares -diluted 130.7 130.0 131.7 130.4 (1) Percents shown reflect
changes in unrounded figures and may not agree to the percent
changes in figures after rounding. Sabre Holdings Corporation
Condensed Consolidated Statements of Income - Unadjusted (Unaudited
- In millions except per share amounts) Three months ended Six
months ended June 30, June 30, 2006 2005 Change(1) 2006 2005
Change(1) ------ ------ --------- -------- -------- ---------
Revenues Sabre Travel Network 420.2 428.9 (2.0%) 868.7 848.7 2.4%
Travelocity 281.0 172.1 63.3% 515.4 319.1 61.5% Sabre Airline
Solutions 67.7 66.8 1.3% 132.5 129.6 2.2% Elimination of
intersegment revenues (46.3) (48.6) (4.7%) (93.9) (96.4) (2.6%)
------ ------ -------- -------- Total revenues 722.6 619.3 16.7%
1,422.8 1,201.1 18.5% Operating expenses 644.2 536.1 20.2% 1,306.5
1,046.8 24.8% ------ ------ -------- -------- Operating income 78.4
83.1 (5.7%) 116.3 154.3 (24.6%) Other income (expense) Interest
income (expense) net (16.8) (2.3) 632.6% (32.5) (5.5) 488.1% Other,
net (11.1) (9.6) 15.0% (9.0) 10.8 (182.8%) Minority interest (0.0)
0.6 (103.4%) 2.5 1.4 79.4% ------ ------ -------- -------- Income
before provision for income taxes 50.6 71.8 (29.6%) 77.3 161.0
(52.0%) Provision for income taxes 16.8 27.9 (39.9%) 26.7 59.4
(55.0%) ------ ------ -------- -------- Net earnings 33.8 43.9
(23.1%) 50.6 101.6 (50.2%) ====== ====== ======== ========
Operating margin 10.8% 13.4% 8.2% 12.8% Earnings per share- basic
$0.26 $0.34 $0.39 $0.78 Earnings per share- diluted $0.26 $0.34
$0.38 $0.78 Weighted average shares -basic 130.4 129.3 130.4 129.8
Weighted average shares -diluted 130.7 130.0 131.7 130.4 (1)
Percents shown reflect changes in unrounded figures and may not
agree to the percent changes in figures after rounding. Sabre
Holdings Corporation Reconciliation of Unadjusted Results to
Adjusted Results Three and Six Months ended June 30, 2006
(Unaudited, in millions) Three months ended Six months ended June
30, June 30, 2006 2005 Change(1) 2006 2005 Change(1) -------
------- --------- ------- ------- --------- Unadjusted operating
income $78.4 $83.1 (5.7%) $116.3 $154.3 (24.6%) Adjusting items:
Travelocity intangible amortization and stock compensation $16.8
$2.0 744.5% $33.6 $4.4 656.2% Travel Network intangible
amortization and stock compensation $8.4 $4.4 91.4% $16.2 $9.6
68.5% Airline Solutions intangible amortization and stock
compensation $1.9 $0.6 230.5% $3.8 $1.1 232.8% ------- -------
------- ------- Adjusted operating income $105.5 $90.1 17.1% $169.9
$169.5 0.3% Unadjusted other income (loss) and minority interest
($27.8) ($11.3) 146.5% ($39.0) $6.7 (685.8%) Adjusting items:
Travelocity loss on sale of European businesses $11.1 -- -- $11.1
-- -- Forfeitures related to adoption of FAS 123R -- -- -- ($1.8)
-- -- Currency hedge associated with lastminute.com acquisition --
$10.0 -- -- $10.0 -- Realized gain on sale of Karavel investment --
-- -- -- ($20.6) -- Impact of adjusting items on minority interests
($0.7) ($0.7) 0.0% ($1.4) ($1.9) (26.1%) Adjusted income before
provision for income taxes $88.0 $88.1 (0.1%) $138.7 $163.7 (15.3%)
Unadjusted provision for income taxes $16.8 $27.9 (39.9%) $26.7
$59.4 (55.0%) Adjustments to taxes for adjusting items $11.9 $6.0
98.5% $20.5 $1.3 1432.2% ------- ------- ------- ------- Adjusted
provision for income taxes $28.7 $33.9 (15.4%) $47.2 $60.7 (22.3%)
Adjusted net earnings $59.3 $54.2 9.5% $91.5 $102.9 (11.1%) =======
======= ======= ======= (1) Percents shown reflect changes in
unrounded figures and may not agree to the percent changes in
figures after rounding. Sabre Holdings Corporation Sabre Travel
Network Transactions Summary (millions) 2Q06 2Q05 % Change YTD06
YTD05 % Change ----- ----- --------- ----- ----- ---------
Transactions 90.8 90.2 0.7% 185.8 182.2 2.0% Geographic US 55.9
56.1 (0.3%) 116.0 114.9 1.0% International 34.9 34.1 2.3% 69.8 67.3
3.7% ----- ----- ----- ----- 90.8 90.2 0.7% 185.8 182.2 2.0%
Channel Traditional Agency 78.7 78.6 0.1% 161.7 159.3 1.5% Consumer
on- line 12.1 11.6 4.4% 24.1 22.9 5.2% ----- ----- ----- ----- 90.8
90.2 0.7% 185.8 182.2 2.0% Air/Non-Air Air 77.4 77.3 0.1% 159.7
157.0 1.7% Non-Air 13.4 12.9 4.0% 26.1 25.2 3.6% ----- ----- -----
----- 90.8 90.2 0.7% 185.8 182.2 2.0% Note: As of Q1 2005, we are
counting as a transaction, any travel reservation that generates a
fee paid directly to us including, but not limited to the
following: traditional booking fees paid by suppliers,
non-traditional transaction fees paid by suppliers, transaction
fees paid by travel agencies, and transaction fees paid by
corporations related to our online booking tool. Updated historical
quarterly transaction information available on
http://www.sabre-holdings.com/investor/highlights/statistics/
historical.html Travelocity 2Q 2006 Geographic Results Note: North
America includes Zuji results in Asia; Europe includes
lastminute.com as of 20 July 2005 ($ millions) 2Q06 2Q05 % Change
-------------------------------------------- ------- -------
--------- Gross Travel Booked North America $2,010 $1,642 22%
Europe $689 $65 NM Total Gross Travel Booked $2,699 $1,708 58%
Revenue North America $178 $165 8% Europe $103 $7 NM Total Revenue
$281 $172 63% Operating Income (Adjusted) North America $24 $18 33%
Europe ($2) ($12) NM Total Operating Income (Adjusted) $23 $7 247%
Operating Income (GAAP) North America $20 $16 20% Europe ($14)
($12) NM Total Operating Income (GAAP) $6 $5 30% Adjusted EBITDA
North America $29 $22 34% Europe $2 ($11) NM Total Adjusted EBITDA
$31 $11 199% Sabre Holdings Corporation Non-GAAP Financials
Reconciliations(1) ($ in millions, except per share data) Operating
Income Reconciliations Sabre Holdings 2Q 2006 2Q 2005 -------
-------- GAAP Operating Income $78.4 $83.1 GAAP Operating Margin
10.8% 13.4% Add: amortization of intangibles 18.2 6.6 Add: stock
compensation - stock options 4.4 0.4 Add: stock compensation -
restricted stock and performance shares 4.4 -- ------- --------
Adjusted Operating Income $105.5 $90.1 Adjusted Operating Margin
14.6% 14.5% Sabre Travel Network 2Q 2006 2Q 2005 ------- --------
GAAP Operating Income $64.7 $67.2 GAAP Operating Margin 15.4% 15.7%
Add: amortization of intangibles 3.9 4.4 Add: stock compensation
4.6 -- ------- -------- Adjusted Operating Income $73.1 $71.6
Adjusted Operating Margin 17.4% 16.7% Travelocity 2Q 2006 2Q 2005
------- -------- GAAP Operating Income $5.9 $4.6 GAAP Operating
Margin 2.1% 2.6% Add: amortization of intangibles 13.8 1.6 Add:
stock compensation 3.0 0.4 ------- -------- Adjusted Operating
Income $22.7 $6.5 Adjusted Operating Margin 8.1% 3.8% Travelocity
Europe 2Q 2006 2Q 2005 ------- -------- GAAP Operating Income
($13.8) ($11.9) GAAP Operating Margin (13.5%) (177.2%) Add:
amortization of intangibles 12.3 0.2 Add: stock compensation -- --
------- -------- Adjusted Operating Income ($1.5) ($11.7) Adjusted
Operating Margin (1.5%) (173.7%) Travelocity Non-Europe 2Q 2006 2Q
2005 ------- -------- GAAP Operating Income $19.7 $16.5 GAAP
Operating Margin 11.1% 10.0% Add: amortization of intangibles 1.5
1.4 Add: stock compensation 3.0 0.4 ------- -------- Adjusted
Operating Income $24.2 $18.2 Adjusted Operating Margin 13.6% 11.0%
Sabre Airline Solutions 2Q 2006 2Q 2005 ------- ---------------
GAAP Operating Income $8.1 $11.1 GAAP Operating Margin 12.0% 16.6%
Add: amortization of intangibles 0.6 0.6 Add: stock compensation
1.3 -- ------- -------- Adjusted Operating Income $10.0 $11.7
Adjusted Operating Margin 14.7% 17.4% (1) Beginning in 2006,
definitions of certain non-GAAP financial measures including
Adjusted Operating Income, Adjusted Net Earnings and Adjusted
EBITDA have been revised to adjust for all stock compensation
expenses recognized in accordance with FAS 123R. As a result, 2006
non-GAAP financial measures may not be directly comparable to
similarly titled financial measures for prior years. Definitions of
2006 and 2005 non-GAAP financial measures are available at
http://www.sabreholdings.com/investor Net Earnings Reconciliation
2Q 2006 2Q 2005 ------- --------------- GAAP Net Earnings $33.8
$43.9 Adjustments, net of taxes: Add: amortization of intangibles
and stock compensation 16.9 4.0 Add: Travelocity loss on sale of
businesses 8.7 -- Add: currency hedge associated with
lastminute.com acquisition -- 6.3 ------- -------- Adjusted Net
Earnings $59.3 $54.2 GAAP EPS $0.26 $0.34 Adjusted EPS $0.45 $0.42
Diluted share count 130.7 130.0 million Adjusted EBITDA
Reconciliation 2Q 2006 2Q 2005 ------- -------- GAAP Net Earnings
$33.8 $43.9 Add: taxes 16.8 27.9 Add: interest expense 19.3 8.4
Less: interest income (2.5) (6.1) Add: other, net 11.1 9.6
Add/(Less): minority interest 0.0 (0.6) Add: depreciation &
amortization 44.4 26.2 Add: stock compensation 8.9 -- -------
-------- Adjusted EBITDA $131.6 $109.3 Adjusted EBITDA Margin 18.2%
17.7% Sabre Travel Network 2Q 2006 2Q 2005 ------- -------- GAAP
Operating Income $64.7 $67.2 GAAP Operating Margin 15.4% 15.7% Add:
depreciation & amortization 16.4 14.7 Add: stock compensation
4.6 -- ------- -------- Adjusted EBITDA $85.6 $81.9 Adjusted EBITDA
Margin 20.4% 19.1% Travelocity 2Q 2006 2Q 2005 ------- --------
GAAP Operating Income $5.9 $4.6 GAAP Operating Margin 2.1% 2.6%
Add: depreciation & amortization 22.5 6.0 Add: stock
compensation 3.0 -- ------- -------- Adjusted EBITDA $31.4 $10.5
Adjusted EBITDA Margin 11.2% 6.1% Travelocity Europe 2Q 2006 2Q
2005 ------- -------- GAAP Operating Income ($13.8) ($11.9) GAAP
Operating Margin (13.5%) (177.2%) Add: depreciation &
amortization 15.9 0.5 Add: stock compensation -- -- -------
-------- Adjusted EBITDA $2.1 ($11.5) Adjusted EBITDA Margin 2.0%
(170.3%) Travelocity Non-Europe 2Q 2006 2Q 2005 ------- --------
GAAP Operating Income $19.7 $16.5 GAAP Operating Margin 11.1% 10.0%
Add: depreciation & amortization $6.6 $5.5 Add: stock
compensation $3.0 $0.0 ------- -------- Adjusted EBITDA $29.3 $22.0
Adjusted EBITDA Margin 16.5% 13.3% (1) Beginning in 2006,
definitions of certain non-GAAP financial measures including
Adjusted Operating Income, Adjusted Net Earnings and Adjusted
EBITDA have been revised to adjust for all stock compensation
expenses recognized in accordance with FAS 123R. As a result, 2006
non-GAAP financial measures may not be directly comparable to
similarly titled financial measures for prior years. Definitions of
2006 and 2005 non-GAAP financial measures are available at
http://www.sabreholdings.com/investor Sabre Airline Solutions 2Q
2006 2Q 2005 ------- -------- GAAP Operating Income $8.1 $11.1 GAAP
Operating Margin 12.0% 16.6% Add: depreciation & amortization
5.5 5.5 Add: stock compensation 1.3 -- ------- -------- Adjusted
EBITDA $14.9 $16.6 Adjusted EBITDA Margin 22.0% 24.9% Free Cash
Flow Reconciliation 2Q 2006 2Q 2005 ------- -------- Cash Provided
by Operating Activities $178.9 $116.6 Less: capital expenditures
(24.3) (23.4) ------- -------- Free Cash Flow $154.6 $93.2 2006
Guidance ------------------------- Net Earnings 3Q 2006 4Q 2006 FY
2006 Reconciliation Guidance Guidance Guidance --------------
-------------- --------------- Low High Low High Low High ------
------- ------ ------- ------- ------- GAAP Net Earnings $57.9
$63.1 $38.4 $43.7 $147.2 $156.4 Adjustments, net of taxes: Add:
amortization of intangibles and stock compensation 17.6 17.6 17.4
17.4 68.5 68.5 Add: Travelocity loss on sale of businesses -- -- --
-- 8.7 8.7 Less: forfeiture on adoption of FAS 123R -- -- -- --
(1.2) (1.2) ------ ------- ------ ------- ------- ------- Adjusted
Net Earnings $75.6 $80.8 $55.8 $61.1 $223.2 $232.4 GAAP EPS $0.44
$0.48 $0.29 $0.33 $1.12 $1.19 Adjusted EPS $0.58 $0.62 $0.42 $0.46
$1.70 $1.77 Diluted share count (millions) 130.5 131.5 131.3
Adjusted EBITDA Reconciliation FY 2006 Guidance --------------- Low
High ------- ------- GAAP Net Earnings $147.2 $156.4 Add: taxes
66.5 70.6 Add: interest expense 77.0 77.0 Less: interest income
(15.3) (15.3) Add: other, net 9.0 9.0 Less: minority interest (1.6)
(1.6) Add: depreciation & amortization 178.6 178.6 Add: stock
compensation 38.7 38.7 ------- ------- Adjusted EBITDA $500.1
$513.4 Free Cash Flow Reconciliation FY 2006 Guidance
--------------- Low High ------- ------- Cash Provided by Operating
Activities $425.0 $450.0 Less: capital expenditures (125.0) (115.0)
------- ------- Free Cash Flow $300.0 $335.0 (1) Beginning in 2006,
definitions of certain non-GAAP financial measures including
Adjusted Operating Income, Adjusted Net Earnings and Adjusted
EBITDA have been revised to adjust for all stock compensation
expenses recognized in accordance with FAS 123R. As a result, 2006
non-GAAP financial measures may not be directly comparable to
similarly titled financial measures for prior years. Definitions of
2006 and 2005 non-GAAP financial measures are available at
http://www.sabreholdings.com/investor *T
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