Sabre Holdings Corporation (NYSE: TSG) today reported strong
financial results for the fourth quarter and full year of 2006.
Revenue for the fourth quarter was $655 million, up 6 percent
year-over-year. The company reported fourth quarter 2006 diluted
earnings per share of $0.43 on an adjusted basis, compared to $0.22
per share in the year-ago quarter. On a GAAP basis, diluted
earnings per share were $0.28 compared to $0.09 per share in the
year-ago quarter. Revenue for full-year 2006 was $2.8 billion, an
increase of 12 percent year-over-year. The company reported 2006
diluted earnings per share of $1.77 on an adjusted basis, compared
to $1.50 in 2005. On a GAAP basis, diluted earnings per share were
$1.18 compared to $1.32 per share a year ago. �We successfully
executed on the financial and strategic plans we laid out at the
beginning of 2006,� said Sam Gilliland, Chairman and CEO, Sabre
Holdings. �We look forward to this next phase of Sabre�s future as
we remain on track to become a privately-held company.� SABRE
HOLDINGS 4Q 2006 FINANCIAL HIGHLIGHTS (Note: See attached schedules
for full financial details, reconciliations of non-GAAP financial
measures, and a description of adjusting items.) Revenue: Fourth
quarter revenue was $655 million, an increase of 6 percent from$
620 million in the year-ago quarter. Operating income: On an
adjusted basis, operating income for the fourth quarter was $83
million, compared to $25 million in the year-ago quarter. Operating
income on a GAAP basis was $49 million, compared to $7 million in
the fourth quarter of 2005. Net earnings: For the fourth quarter,
net earnings, on an adjusted basis, were $58 million, or $0.43 per
share, compared to $28 million, or $0.22 per share in the fourth
quarter of 2005. On a GAAP basis, fourth quarter net earnings were
$38 million, or $0.28 per share on a diluted basis, compared to $12
million, or $0.09 per share on a diluted basis in the year-ago
quarter. Adjusted EBITDA: For the fourth quarter, adjusted earnings
before interest, taxes, depreciation, amortization and certain
non-recurring items were $110 million, growth of 142 percent
year-over-year. Adjusted EBITDA margin was 17 percent. SABRE
HOLDINGS FULL-YEAR 2006 FINANCIAL HIGHLIGHTS Revenue: For 2006,
revenue was $2.8 billion, a year-over-year increase of 12 percent
from $2.5 billion. Operating income: On an adjusted basis,
operating income for the year was $398 million, an increase of 30
percent from $306 million a year ago. Operating income on a GAAP
basis was $285 million, an increase of 9 percent from $261 million
over the same period last year. Net earnings: Net earnings, on an
adjusted basis, were $233 million, or $1.77 per share, compared to
$196 million, or $1.50 per share in 2005. On a GAAP basis, 2006 net
earnings were $156 million, or $1.18 per share on a diluted basis,
compared to $172 million, or $1.32 per share on a diluted basis a
year ago. Adjusted EBITDA: For 2006, adjusted earnings before
interest, taxes, depreciation, amortization and certain
non-recurring items were $503 million, growth of 28 percent
year-over-year. Adjusted EBITDA margin was 18 percent. Cash Flow:
Free Cash Flow for the year was $270 million compared to $134
million last year. Cash flow from operations was $379 million
compared to $226 million in the prior year. Cash/Debt: The company
balance sheet as of Dec. 31, 2006 reflected cash and marketable
securities of $512 million. Total debt at the end of the year was
$1.1 billion, which included notes and bonds payable of $975
million and an $85 million capital lease obligation. SABRE HOLDINGS
BUSINESS REVIEW TRAVELOCITY For 2006, Travelocity global gross
travel booked was $10.1 billion, an increase of 35 percent
year-over-year. Total global revenue for the year was $1.1 billion,
year-over-year growth of 31 percent. Travelocity had operating
income on an adjusted basis of $73 million with an operating margin
of 7 percent. On a GAAP basis, operating income was $5 million with
operating margin less than 1 percent. Adjusted EBITDA for the year
reached $109 million, resulting in a 10 percent adjusted EBITDA
margin. Travelocity global metrics for 2006 (year-over-year)
include the following: Total air transaction revenue grew 12
percent Total non-air transaction revenue grew 39 percent Total
packaging revenue grew 16 percent Packaging revenue as a percent of
total transaction revenue was 23 percent Hotel room nights sold
across the Travelocity network were 16.6 million, growth of 30
percent SABRE TRAVEL NETWORK For 2006, revenue from Sabre Travel
Network was $1.63 billion, an increase of 1 percent from $1.61
billion a year ago. Global transactions were 357 million, growth of
4 percent year-over-year. Operating income for Sabre Travel Network
on an adjusted basis was $283 million with an operating margin of
17 percent. On a GAAP basis, operating income was $249 million with
an operating margin of 15 percent. Adjusted EBITDA was $331 million
which resulted in a 20 percent adjusted EBITDA margin. SABRE
AIRLINE SOLUTIONS For 2006, revenue from Sabre Airline Solutions
was $283 million, an increase of 8 percent from $261 million a year
ago. Operating income for the Sabre Airline Solutions unit on an
adjusted basis was $44 million with an operating margin of 16
percent. On a GAAP basis, operating income was $38 million with an
operating margin of 13 percent. Adjusted EBITDA was $64 million,
which resulted in a 23 percent adjusted EBITDA margin. 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 2006 revenues totaled
$2.8 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. About the�Merger In connection with
the proposed merger of Sabre Holdings Corporation ("Sabre
Holdings") with affiliates of Texas Pacific Group and Silver Lake
Partners, Sabre Holdings filed a preliminary proxy statement with
the Securities and Exchange Commission on January 16, 2007.
INVESTORS AND SECURITY HOLDERS ARE STRONGLY ADVISED TO READ THE
PRELIMINARY PROXY STATEMENT, AND THE DEFINITIVE PROXY STATEMENT
WHEN IT BECOMES AVAILABLE, BECAUSE THE PRELIMINARY PROXY STATEMENT
CONTAINS, AND THE DEFINITIVE PROXY STATEMENT WILL CONTAIN,
IMPORTANT INFORMATION. Investors and security holders may obtain a
free copy of the preliminary proxy statement and the definitive
proxy statement (when available) and other documents filed by Sabre
Holdings at the Securities and Exchange Commission's Web site at
http://www.sec.gov. The preliminary proxy statement and the
definitive proxy statement (when available) and such other
documents may also be obtained for free by directing such requests
to the Sabre Holdings investor relations department at
866-722-7347, or on the company's website at
www.sabre-holdings.com/investor. Sabre Holdings and its directors,
executive officers and certain other members of its management and
employees may be deemed to be participants in the solicitation of
proxies from its stockholders in connection with the proposed
merger. Information regarding the interests of such directors and
executive officers is included in the preliminary proxy statement,
and information concerning all of Sabre Holdings participants in
the solicitation will be included in the definitive proxy statement
relating to the proposed merger when it becomes available. Each of
these documents is, or will be, available free of charge at the
Securities and Exchange Commission's Web site at www.sec.gov and
from the Sabre Holdings investor relations department at
866-722-7347, or on the company's website at
www.sabre-holdings.com/investor. Statements in this release�or in
the preliminary proxy statement which are not purely historical
facts or which necessarily depend upon future events, including
statements about the completion or timing of the proposed merger or
the operation of Sabre Holdings after the merger, 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 on the date�such report was submitted. Sabre
Holdings 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: the merger not being consummated because Sabre Holdings
stockholders do not approve the merger or either party fails to
meet closing conditions described in the merger agreement, or the
merger being delayed or not being consummated because the parties
are unable to meet specific conditions required to obtain
regulatory approvals. Sabre Holdings may not succeed in addressing
these and other risks. Further information regarding factors that
could affect Sabre Holdings financial and other results can be
found in the risk factors section of Sabre Holdings most recent
filing on Form 10-K with the Securities and Exchange Commission.
Sabre Holdings Corporation Condensed Consolidated Statements of
Income - Unadjusted (Unaudited - In millions except per share
amounts) � � Three months ended December 31, Twelve months ended
December 31, � 2006� � 2005� Change* � 2006� � 2005� Change* �
Revenues Sabre Travel Network 371.2� 364.1� 2.0% 1,634.6� 1,614.2�
1.3% Travelocity 247.3� 234.9� 5.3% 1,085.2� 831.3� 30.5% Sabre
Airline Solutions 78.0� 64.1� 21.8% 282.5� 260.8� 8.3% Elimination
of intersegment revenues � (41.6) � (42.6) (2.5%) � (178.5) �
(185.1) (3.5%) Total revenues 654.9� 620.4� 5.6% 2,823.8� 2,521.3�
12.0% � Operating expenses � 605.6� � 613.4� (1.3%) � 2,538.6� �
2,260.4� 12.3% � Operating income 49.3� 7.0� 603.6% 285.1� 260.9�
9.3% � Other income (expense) Interest income (expense) net (15.4)
(14.6) 5.1% (62.7) (30.7) 104.6% Other, net 1.8� (6.7) NM� (5.9)
6.1� (196.2%) � Minority interest � 0.8� � 4.6� (82.1%) � 3.7� �
8.4� (55.3%) � Income before provision for income taxes 36.5� (9.8)
NM� 220.3� 244.7� (10.0%) � Provision for income taxes � (1.0) �
(21.8) (95.5%) � 64.6� � 72.6� (10.9%) � � Net earnings � 37.5� �
12.1� 210.3% � 155.6� � 172.2� (9.6%) � Operating margin 7.5% 1.1%
10.1% 10.3% � Earnings per share- basic $ 0.29� $ 0.09� $ 1.19� $
1.33� � Earnings per share- diluted $ 0.28� $ 0.09� $ 1.18� $ 1.32�
� Weighted average shares -basic 130.6� 129.5� 130.3� 129.6�
Weighted average shares -diluted 134.1� 130.5� 131.9� 130.3� � *
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 -
Adjusted (Unaudited - In millions except per share amounts) � �
Three months ended December 31, Twelve months ended December 31, �
2006� � 2005� Change* � 2006� � 2005� Change* � Revenues Sabre
Travel Network 371.2� 364.1� 2.0% 1,634.6� 1,614.2� 1.3%
Travelocity 247.3� 234.9� 5.3% 1,085.2� 831.3� 30.5% Sabre Airline
Solutions 78.0� 64.1� 21.8% 282.5� 260.8� 8.3% Elimination of
intersegment revenues � (41.6) � (42.6) (2.5%) � (178.5) � (185.1)
(3.5%) Total revenues 654.9� 620.4� 5.6% 2,823.8� 2,521.3� 12.0% �
Operating expenses � 571.8� � 595.8� (4.0%) � 2,425.6� � 2,215.1�
9.5% � Operating income 83.0� 24.6� 237.2% 398.2� 306.2� 30.1% �
Other income (expense) Interest income (expense) net (15.4) (14.6)
5.1% (62.7) (30.7) 104.6% Other, net 0.5� 1.7� (67.7%) 2.0� 1.4�
43.7% � Minority interest � 0.1� � 3.9� (96.9%) � 1.0� � 5.1�
(81.3%) � Income before provision for income taxes 68.3� 15.5�
340.0% 338.5� 282.0� 20.0% � Provision for income taxes � 10.5� �
(12.7) NM� � 105.6� � 86.2� 22.4% � � Net earnings � 57.8� � 28.2�
104.6% � 232.9� � 195.8� 18.9% � Operating margin 12.7% 4.0% 14.1%
12.1% � Earnings per share- basic $ 0.44� $ 0.22� $ 1.79� $ 1.51� �
Earnings per share- diluted $ 0.43� $ 0.22� $ 1.77� $ 1.50� �
Weighted average shares -basic 130.6� 129.5� 130.3� 129.6� Weighted
average shares -diluted 134.1� 130.5� 131.9� 130.3� � * 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 Months and Twelve Months ended December 31, 2006
(Unaudited, in millions) � Three months ended December 31, Twelve
months ended December 31, � 2006� � 2005� Change* � 2006� � 2005�
Change* � Unadjusted operating income $ 49.3� $ 7.0� 603.6% $
285.1� $ 260.9� 9.3% Adjusting items: Travelocity intangible
amortization and stock compensation 17.3� 14.0� 23.5% 68.4� 31.2�
119.6% Travel Network intangible amortization and stock
compensation 7.4� 3.0� 143.3% 30.3� 15.3� 97.5% Airline Solutions
intangible amortization and stock compensation 1.4� 0.6� 156.9%
6.7� 2.2� 199.1% Impairment related to Vistrio business 3.9� -� NM�
3.9� -� NM� Deal costs related to proposed acquisition of Sabre
Holdings 3.7� -� NM� 3.7� -� NM� Reversal of accrual related to
sale of IT business in 2001 � -� � -� NM� � -� � (3.4) NM� Adjusted
operating income $ 83.0� $ 24.6� 237.2% $ 398.2� $ 306.2� 30.1% �
Unadjusted other income (loss) and minority interest ($12.7)
($16.8) (24.0%) ($64.9) ($16.2) 301.6% Adjusting items: Travelocity
(gain)/loss on sale of European businesses (1.3) (6.6) (80.6%) 9.8�
(6.6) NM� Forfeitures related to adoption of FAS 123R -� -� -�
(1.8) -� NM� Currency hedge associated with lastminute.com
acquisition -� -� -� -� 8.2� NM� Realized gain on sale of Karavel
investment -� -� -� -� (21.3) NM� Supplier settlement -� 15.0� NM�
-� 15.0� NM� Impact of adjusting items on minority interests (0.7)
(0.7) 0.0% (2.8) (3.3) (15.0%) � Adjusted income before provision
for income taxes $ 68.3� $ 15.5� 340.0% $ 338.5� $ 282.0� 20.0% �
Unadjusted provision for income taxes ($1.0) ($21.8) (95.5%) $
64.6� $ 72.6� (10.9%) Adjustments to taxes for adjusting items �
11.5� � 9.1� 25.8% � 41.0� � 13.7� 199.6% Adjusted provision for
income taxes $ 10.5� ($12.7) NM� $ 105.6� $ 86.2� 22.4% � Adjusted
net earnings $ 57.8� $ 28.2� 104.6% $ 232.9� $ 195.8� 18.9% � *
Percents shown reflect changes in unrounded figures and may not
agree to the percent changes in figures after rounding. �
Travelocity Fourth Quarter and Full Year 2006 Geographic Results �
Note: North America includes Zuji results in Asia; Europe includes
lastminute.com as of 20 July 2005 � � � � � � � ($ millions) 4Q06
4Q05 % Change� FY 06 FY 05 % Change� Gross Travel Booked North
America $1,711� $1,519� 13% $7,433� $6,279� 18% Europe $547� $491�
11% $2,644� $1,202� 120% Total Gross Travel Booked $2,258� $2,010�
12% $10,077� $7,480� 35% � Revenue North America $164� $156� 5%
$693� $634� 9% Europe $83� $79� 5% $393� $197� 99% Total Revenue
$247� $235� 5% $1,085� $831� 31% � Operating Income (Adjusted)
North America $19� $9� 120% $82� $53� 54% North America Operating
Margin (Adjusted) 12% 6% 12% 8% Europe ($6) ($21) (73%) ($9) ($32)
(73%) Europe Operating Margin (Adjusted) (7%) (27%) (2%) (16%)
Total Operating Income (Adjusted) $13� ($13) NM� $73� $21� 250%
Total Travelocity Operating Margin (Adjusted) 5% (5%) 7% 3% �
Operating Income (GAAP) North America $14� $7� 120% $64� $44� 45%
North America Operating Margin (GAAP) 9% 4% 9% 7% Europe ($19)
($33) (44%) ($59) ($54) 9% Europe Operating Margin (GAAP) (22%)
(42%) (15%) (28%) Total Operating Income (GAAP) ($4) ($27) 85% $5�
($10) NM� Total Travelocity Operating Margin (GAAP) (2%) (11%) 0%
(1%) � Adjusted EBITDA North America $25� $13� 91% $103� $70� 48%
North America EBITDA Margin 15% 8% 15% 11% Europe ($2) ($19) (90%)
$7� ($27) NM� Europe EBITDA Margin (2%) (24%) 2% (13%) Total
Adjusted EBITDA $23� ($6) NM� $109� $43� 154% Total Travelocity
EBITDA Margin 9% (3%) 10% 5% � Sabre Holdings Corporation Sabre
Travel Network Transactions Summary (millions) � � � � � � � � � �
� � � 4Q06 4Q05 % Change� � YTD06 YTD05 % Change� � Transactions
85.6� 75.1� 13.9% 357.3� 342.7� 4.3% � Geographic US 55.4� 46.6�
18.9% 225.4� 214.9� 4.9% International 30.2� 28.5� 5.7% 131.9�
127.8� 3.2% 85.6� 75.1� 13.9% 357.3� 342.7� 4.3% � Channel
Traditional Agency 66.5� 64.6� 2.9% 300.3� 297.2� 1.1% Consumer
on-line 19.1� 10.5� 81.3% 57.0� 45.5� 25.3% 85.6� 75.1� 13.9%
357.3� 342.7� 4.3% � Air/Non-Air Air 73.5� 63.5� 15.7% 307.6�
292.9� 5.0% Non-Air 12.1� 11.7� 3.9% 49.7� 49.7� (0.1%) 85.6� 75.1�
13.9% 357.3� 342.7� 4.3% � � Note: As of Q1 2005, we are counting
as a transaction, any travel reservation that generates a fee paid
directly to us including, but not limited to traditional booking
fees paid by suppliers, non-traditional transaction fees paid by
suppliers, transaction fees paid by travel agencies, and
transaction fees paid by corporations related to our online booking
tool. � Updated historical quarterly transaction information
available at
http://www.sabre-holdings.com/investor/highlights/statistics/ Sabre
Holdings Corporation Non-GAAP Financials Reconciliations ($ in
millions, except per share data) � � Operating Income
Reconciliations � Sabre Holdings 4Q 2006 4Q 2005 FY 2006 FY 2005
GAAP Operating Income $ 49.3� $ 7.0� $ 285.1� $ 260.9� GAAP
Operating Margin 7.5% 1.1% 10.1% 10.3% � Add: amortization of
intangibles 17.2� 17.4� 71.5� 47.3� Add: stock compensation - stock
options 3.7� 0.2� 16.4� 1.4� Add: stock compensation - restricted
stock and performance shares 5.3� -� 17.6� -� Add: impairment
related to Vistrio business 3.9� -� 3.9� -� Add: deal costs related
to proposed acquisition of Sabre Holdings 3.7� -� 3.7� -� Less:
reversal of accrual related to sale of IT business in 2001 -� (3.4)
� � � � Adjusted Operating Income $ 83.0� $ 24.6� $ 398.2� $ 306.2�
Adjusted Operating Margin 12.7% 4.0% 14.1% 12.1% � � Sabre Travel
Network 4Q 2006 4Q 2005 FY 2006 FY 2005 GAAP Operating Income $
45.0� $ 26.6� $ 248.7� $ 230.5� GAAP Operating Margin 12.1% 7.3%
15.2% 14.3% � Add: amortization of intangibles 3.3� 3.0� 13.3�
15.3� Add: stock compensation 4.1� -� 17.0� -� Add: impairment
related to Vistrio business 3.9� -� 3.9� -� � � � � Adjusted
Operating Income $ 56.3� $ 29.6� $ 282.9� $ 245.8� Adjusted
Operating Margin 15.2% 8.1% 17.3% 15.2% � � Travelocity 4Q 2006 4Q
2005 FY 2006 FY 2005 GAAP Operating Income ($4.1) ($26.8) $ 4.8�
($10.3) GAAP Operating Margin (1.7%) (11.4%) 0.4% (1.2%) � Add:
amortization of intangibles 13.7� 13.8� 56.5� 29.7� Add: stock
compensation 3.7� 0.2� 12.0� 1.4� � � � � Adjusted Operating Income
$ 13.2� ($12.8) $ 73.2� $ 20.9� Adjusted Operating Margin 5.4%
(5.4%) 6.7% 2.5% � � Travelocity Europe 4Q 2006 4Q 2005 FY 2006 FY
2005 GAAP Operating Income ($18.6) ($33.4) ($59.3) ($54.4) GAAP
Operating Margin (22.4%) (42.5%) (15.1%) (27.6%) � Add:
amortization of intangibles 11.8� 12.0� 48.9� 22.2� Add: stock
compensation 1.0� -� 1.9� -� � � � � Adjusted Operating Income
($5.7) ($21.4) ($8.6) ($32.3) Adjusted Operating Margin (6.9%)
(27.2%) (2.2%) (16.4%) � � Travelocity Non-Europe 4Q 2006 4Q 2005
FY 2006 FY 2005 GAAP Operating Income $ 14.5� $ 6.6� $ 64.1� $
44.2� GAAP Operating Margin 8.8% 4.2% 9.3% 7.0% � Add: amortization
of intangibles 1.8� 1.8� 7.6� 7.6� Add: stock compensation 2.6�
0.2� 10.1� 1.4� � � � � Adjusted Operating Income $ 18.9� $ 8.6� $
81.8� $ 53.2� Adjusted Operating Margin 11.5% 5.5% 11.8% 8.4% � �
Sabre Airline Solutions 4Q 2006 4Q 2005 FY 2006 FY 2005 GAAP
Operating Income $ 12.8� $ 8.2� $ 37.6� $ 38.9� GAAP Operating
Margin 16.4% 12.8% 13.3% 14.9% � Add: amortization of intangibles
0.3� 0.6� 1.7� 2.2� Add: stock compensation 1.2� -� 5.0� -� � � � �
Adjusted Operating Income $ 14.2� $ 8.7� $ 44.3� $ 41.2� Adjusted
Operating Margin 18.2% 13.6% 15.7% 15.8% � � Note: 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
4Q 2006 4Q 2005 FY 2006 FY 2005 GAAP Net Earnings $ 37.5� $ 12.1� $
155.6� $ 172.2� � Adjustments, net of taxes: Add: amortization of
intangibles and stock compensation 16.3� 10.9� 65.8� 29.3� Add:
Travelocity (gain)/loss on sale of businesses (0.8) -� 7.9� -� Add:
impairment related to Vistrio business 2.5� -� 2.5� -� Add: deal
costs related to proposed acquisition of Sabre Holdings 2.3� -�
2.3� -� Less: forfeiture on adoption of FAS 123R -� -� (1.2) -�
Less: realized gain on sale of investment in Karavel -� -� -�
(13.9) Add: supplier settlement -� 9.4� -� 9.4� Add: currency hedge
associated with lastminute.com acquisition -� -� -� 5.2� Less:
realized gain on sale of European asset -� (4.2) -� (4.2) Less:
Reversal of accrual related to sale of IT business in 2001 -� -� -�
(2.2) � � � � Adjusted Net Earnings $ 57.8� $ 28.2� $ 232.9� $
195.8� � GAAP EPS $ 0.28� $ 0.09� $ 1.18� $ 1.32� Adjusted EPS $
0.43� $ 0.22� $ 1.77� $ 1.50� � Diluted share count 134.1� 130.5
million 131.9� 130.3 million � � Adjusted EBITDA* Reconciliation 4Q
2006 4Q 2005 FY 2006 FY 2005 GAAP Net Earnings $ 37.5� $ 12.1� $
155.6� $ 172.2� Add: taxes (1.0) (21.8) 64.6� 72.6� Add: interest
expense (income) net 15.4� 14.6� 62.7� 30.7� Add: other, net (1.8)
6.7� 5.9� (6.1) Less: minority interest (0.8) (4.6) (3.7) (8.4)
Add: depreciation & amortization 44.4� 38.5� 175.9� 130.6� Add:
stock compensation 8.9� -� 33.9� -� Add: impairment related to
Vistrio business 3.9� -� 3.9� -� Add: deal costs related to
proposed acquisition of Sabre Holdings 3.7� -� 3.7� -� � � � �
Adjusted EBITDA* $ 110.3� $ 45.5� $ 502.6� $ 391.5� Adjusted EBITDA
Margin 16.8% 7.3% 17.8% 15.5% � � Sabre Travel Network 4Q 2006 4Q
2005 FY 2006 FY 2005 GAAP Operating Income $ 45.0� $ 26.6� $ 248.7�
$ 230.5� GAAP Operating Margin 12.1% 7.3% 15.2% 14.3% � Add:
depreciation & amortization 15.6� 12.7� 61.8� 55.9� Add: stock
compensation 4.1� -� 17.0� -� Add: impairment related to Vistrio
business 3.9� 3.9� -� � � � � Adjusted EBITDA* $ 68.6� $ 39.3� $
331.4� $ 286.3� Adjusted EBITDA Margin 18.5% 10.8% 20.3% 17.7% � �
Travelocity 4Q 2006 4Q 2005 FY 2006 FY 2005 GAAP Operating Income
($4.1) ($26.8) $ 4.8� ($10.3) GAAP Operating Margin (1.7%) (11.4%)
0.4% (1.2%) � Add: depreciation & amortization 23.5� 20.7�
92.7� 53.3� Add: stock compensation 3.7� -� 12.0� -� � � � �
Adjusted EBITDA* $ 23.1� ($6.1) $ 109.5� $ 43.1� Adjusted EBITDA
Margin 9.3% (2.6%) 10.1% 5.2% � � Travelocity Europe 4Q 2006 4Q
2005 FY 2006 FY 2005 GAAP Operating Income ($18.6) ($33.4) ($59.3)
($54.4) GAAP Operating Margin (22.4%) (42.5%) (15.1%) (27.6%) �
Add: depreciation & amortization 15.7� 14.3� 64.1� 27.9� Add:
stock compensation 1.0� -� 1.9� -� � � � � Adjusted EBITDA* ($1.9)
($19.2) $ 6.6� ($26.5) Adjusted EBITDA Margin (2.2%) (24.4%) 1.7%
(13.5%) � � Travelocity Non-Europe 4Q 2006 4Q 2005 FY 2006 FY 2005
GAAP Operating Income $ 14.5� $ 6.6� $ 64.1� $ 44.2� GAAP Operating
Margin 8.8% 4.2% 9.3% 7.0% � Add: depreciation & amortization $
7.9� $ 6.5� $ 28.7� $ 25.4� Add: stock compensation $ 2.6� -� $
10.1� -� � � � � Adjusted EBITDA* $ 25.0� $ 13.1� $ 102.9� $ 69.6�
Adjusted EBITDA Margin 15.2% 8.4% 14.8% 11.0% � � * Definitions for
two Non-GAAP financial measures, Adjusted EBITDA and segment
adjusted EBITDA, have been updated this quarter to include
non-recurring items detailed in the related reconciliation. We
believe that these updated definitions better reflect the on-going
financial performance of the company. This update does not result
in any changes to these financial measures as reported for prior
quarters in 2006. � Sabre Airline Solutions 4Q 2006 4Q 2005 FY 2006
FY 2005 GAAP Operating Income $ 12.8� $ 8.2� $ 37.6� $ 38.9� GAAP
Operating Margin 16.4% 12.8% 13.3% 14.9% � Add: depreciation &
amortization 5.3� 5.1� 21.4� 21.4� Add: stock compensation 1.2� -�
5.0� -� � � � � Adjusted EBITDA* $ 19.2� $ 13.3� $ 63.9� $ 60.4�
Adjusted EBITDA Margin 24.6% 20.8% 22.6% 23.1% � � Free Cash Flow
Reconciliation FY 2006 FY 2005 Cash Provided by Operating
Activities $ 378.6� $ 225.5� � Less: capital expenditures (108.9)
(91.7) � Free Cash Flow $ 269.7� $ 133.8� � � * Definitions for two
Non-GAAP financial measures, Adjusted EBITDA and segment adjusted
EBITDA, have been updated this quarter to include non-recurring
items detailed in the related reconciliation. We believe that these
updated definitions better reflect the on-going financial
performance of the company. This update does not result in any
changes to these financial measures as reported for prior quarters
in 2006.
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