* 4Q 2003 Diluted EPS (GAAP) of $(0.10)
* 4Q 2003 Diluted EPS (Adjusted) of $0.01
* 4Q 2003 Revenue of $467 million
* Full year 2003 Diluted EPS (GAAP) of $0.58
* Full year 2003 Diluted EPS (Adjusted) of $0.83
* Travelocity, AOL Marketing Agreement Revised and Extended
Note: Analyst call today at 10:00 a.m. CST, at
www.sabre-holdings.com/investor/index.html .
SOUTHLAKE, Texas, Jan. 22 /PRNewswire-FirstCall/ — Sabre Holdings
Corporation (NYSE: TSG) today reported financial results for the fourth
quarter and full year 2003.
The company reported fourth quarter 2003 diluted earnings per share of
$(0.10) on a GAAP basis, and $0.01 per share on an adjusted basis. Revenue
for the fourth quarter was $467 million.
For the full year, the company reported 2003 diluted earnings per share of
$0.58 on a GAAP basis and $0.83 per share on an adjusted basis. Revenue for
2003 was $2.05 billion on a GAAP basis and $2.0 billion on an adjusted basis.
“In 2003, we built the foundation to drive more predictable revenues and
expand earnings this year,” said Sam Gilliland, president and CEO, Sabre
Holdings. “We dramatically improved our merchant offerings, created more
value for travel suppliers and agency customers in anticipation of
deregulation, and maintained leadership in our airline optimization business
in a particularly tough environment.
“We also created more value for shareholders through our capital planning
efforts that included instituting a quarterly dividend, which was recently
increased by seven percent, and launching a $100 million stock repurchase
program.
“For 2004, the year is all about profitability and execution,” said
Gilliland. “We have aggressive plans in 2004 to fuel our profitability by
delivering customer-driven products and services while continuing to improve
our cost structure.”
SABRE HOLDINGS 4Q 2003
FINANCIAL HIGHLIGHTS
(Note: See attached schedules for full financial details and
reconciliations of non-GAAP financial measures, including special items)
Revenue: Fourth quarter revenue was $467 million, an increase of
3.2 percent from $453 million in the year-ago quarter.
Operating income: Fourth quarter operating loss on a GAAP basis was
$22 million. Excluding special items, operating income was $2 million,
compared to $36 million in the year-ago quarter.
Net earnings: On a GAAP basis, the fourth quarter net loss was
$14 million, or $(0.10) per share on a diluted basis, compared to net earnings
of $1 million, or $0.01 per share on a diluted basis, in the year-ago quarter.
Net earnings, excluding special items, were $1 million in the fourth quarter,
compared to $21 million in the year-ago quarter.
Adjusted EBITDA: For the fourth quarter, adjusted earnings before
interest, taxes, depreciation, and amortization was $10 million.
Dividend: Sabre Holdings announced a quarterly cash dividend of
$0.075 per share on January 20, 2004 reflecting an increase in the dividend of
$0.005 per share, or seven percent. The dividend is payable on
February 17, 2004, to shareholders of record at the close of regular trading
on January 30, 2004.
SABRE HOLDINGS FULL YEAR 2003
FINANCIAL HIGHLIGHTS
Revenue: Full year revenue on a GAAP basis was $2.05 billion, a decrease
of 0.5 percent from $2.06 billion in the previous year. Excluding special
items of $44 million, full year revenue was $2.0 billion.
Operating income: Full year operating income on a GAAP basis was
$166 million, a decrease of 47.6 percent from the same period last year.
Excluding special items, operating income was $198 million, compared to
$414 million a year ago.
Net earnings: On a GAAP basis, full year net earnings were $83 million, or
$0.58 per share on a diluted basis, compared to $214 million, or $1.50 per
share on a diluted basis, a year ago. Net earnings, excluding special items,
were $119 million for 2003, compared to $255 million in 2002.
Adjusted EBITDA: For the year, adjusted earnings before interest, taxes,
depreciation, and amortization was $302 million.
Capital Spending: Capital spending was $71 million, compared to
$63 million in 2002.
Cash/Debt: The company balance sheet as of Dec. 31, 2003 reflected cash
and marketable securities of approximately $923 million. The year-end cash
balance reflects payments of about $30 million to shareholders in the form of
quarterly dividends and about $46 million for company share repurchases.
Total debt as of Dec. 31, 2003 was $589 million, which includes the carrying
value of the company’s public debt of $427 million and a $162 million capital
lease obligation.
SABRE HOLDINGS BUSINESS REVIEW
(The following business unit financials reflect the integration of
GetThere)
TRAVELOCITY
Fourth quarter revenue from Travelocity was $97 million, a 17.4 percent
increase compared to $83 million in the fourth quarter of 2002. Transaction
revenue for the quarter was $75 million, an increase of 49.8 percent, year-
over-year. Non-transaction revenue declined 32.6 percent year-over-year.
Fourth quarter transaction revenue from hotel, car, cruise, and packages
grew 86.5 percent, year-over-year. Total hotel revenue grew 86.3 percent,
year-over-year, driven by a 118.6 percent increase in hotel merchant revenue.
In addition, hotel room nights across the Travelocity network were up 36
percent, year-over-year.
Travelocity revenue for 2003 was $395 million on a GAAP basis, an increase
of 16.5 percent year-over-year. On an adjusted basis, Travelocity revenue was
$387 million. Full year transaction revenue was $289 million, an increase of
34.4 percent over 2002. For the year, Travelocity gross bookings reached
$3.9 billion, an increase of 11.6 percent over 2002.
In addition, Travelocity and longtime partner, America Online, Inc., have
extended the terms of their marketing agreement through March 2006 (See
today’s press release: “Travelocity Extends and Revises its Marketing
Agreement with America Online”). Under the terms of the agreement,
Travelocity will benefit from more strategically aligned terms for placement
within several AOL brands over two years starting April 1, 2004. This will
result in significant savings for Travelocity over the final year of the
previous agreement, with savings commencing in the second quarter of 2004.
SABRE TRAVEL NETWORK
Fourth quarter revenue from the Sabre Travel Network business was
$345 million, a decrease of 3.3 percent from $357 million in the year-ago
quarter. Global travel bookings were 86 million for the fourth quarter,
compared with 85 million in the year-ago quarter, an increase of 1.8 percent.
Full year 2003 revenue on a GAAP basis was $1.56 billion, a 4.3 percent
decrease compared to $1.63 billion in 2002. On an adjusted basis, full year
revenue was $1.52 billion. Total worldwide travel bookings processed through
the Sabre global distribution system, which includes direct bookings and joint
venture bookings for which Sabre or its distribution partners earn a booking
fee, were 366 million, a decline of 8.0 percent over 2002.
SABRE AIRLINE SOLUTIONS
Fourth quarter revenue from Sabre Airline Solutions was $59 million, an
increase of 12.4 percent, compared to $53 million in the year-ago quarter.
For 2003, revenue for Airline Solutions was $232 million, an increase of
7.2 percent over 2002.
2003 HIGHLIGHTS
Sabre Holdings
-- Named Sam Gilliland as President and CEO and Paul Ely, Jr. as Non-
Executive Chairman, replacing William J. Hannigan.
-- Established quarterly cash dividend program.
-- Announced a $100 million stock repurchase program.
-- Integrated GetThere into its existing businesses, realigning
technology assets to further address the rapidly growing online
market opportunities in the unmanaged and managed travel markets.
-- Successfully called on the U.S. government to deregulate the
computer reservation system industry. In a historic milestone, the
U.S. Department of Transportation announced on Dec. 31 that it would
end 20 years of government regulation by moving forward on full
deregulation in 2004.
Travelocity
-- Named Michelle Peluso as new President and CEO, replacing Sam
Gilliland, who became President and CEO of Sabre Holdings.
-- Completed the acquisition of the assets of World Choice Travel
(WCT), the U.S.-based hotel room consolidation and distribution
business of MyTravel Group PLC, broadening Travelocity merchant
model hotel distribution capabilities.
-- Increased the Travelocity merchant model hotel supplier program to
more than 9,000 hotels (more than 10,000 today), making it the
industry's fastest growing independent program.
-- Launched Travelocity Business, a full-service corporate travel
agency.
-- Introduced Travelocity TotalTrip(TM) technology, a new dynamic
shopping engine that allows consumers to book airfare and hotels
together in just a few simple clicks, giving access to special rates
not available when booking components separately.
-- Introduced Travelocity TOTAL CRUISE(SM), an industry-first offering
allowing consumers to simultaneously book their airline flights and
their cruise vacation packages online.
-- Redesigned car rental functionalities that feature several new money
and time-saving enhancements, including upgrades to Travelocity's
industry-first "total pricing" feature -- which factors in
additional taxes and fees to the original rate before the
reservation is confirmed.
Sabre Travel Network
-- Signed long-term agreements (DCA Three Year Option) with almost 20
airlines, including the six largest U.S. carriers, which
reinvigorated the value proposition for airline customers as well as
travel agency subscribers powered by the Sabre GDS, online and
offline.
-- Launched Jurni Network, a unique offline travel agency consortium
that combines a preferred sales network and consolidated purchasing
power with technology-driven marketing tools to sell preferred
products.
-- Acquired the remaining 49 percent of Hamburg-based Dillon
Communication Systems GmbH (DCS), a major distributor of leisure
packages to agents in Germany, to expand its leisure travel content
and capabilities in Europe and other regions.
-- Named world's leading global distribution system (GDS) for the 10th
consecutive year by The World Travel Awards.
Sabre Airline Solutions
-- Signed several significant contracts, including one with a leading
U.S. carrier, to implement a dining and cabin services system
(AirServ) designed to reduce operating expenses in the area of on-
boarding services.
-- Added 15 new carriers as reservation and departure control system
customers, bringing the total number of hosted airlines to more than
90.
-- Signed more than 500 contracts in the year, including several multi-
product deals with Delta Air Lines, Qantas, Lufthansa, China
Eastern, Alaska Airlines, Gulf Air, ATA Airlines, Royal Brunei and
bmi.
SABRE HOLDINGS OUTLOOK
The following guidance includes the financial impact from the integration
of GetThere and Travelocity’s acquisition of the assets of WCT:
1Q2004
For the first quarter 2004, the company projects revenue to be in the
range of $510 million to $530 million. Diluted earnings per share are
expected to be in the range of $0.18 to $0.21 on a GAAP basis, and in the
range of $0.24 to $0.27 on an adjusted basis.
Special items in the first quarter, net of tax and minority interest, are
projected to be approximately $9 million. This estimate includes stock
compensation and amortization of intangible assets.
Full Year 2004
For full year 2004, the company projects the following:
-- 2004 revenue growth in the range of approximately two to six percent
on a GAAP basis and approximately four to nine percent excluding
special items, year-over-year
-- 2004 earnings per share in the range of $0.94 to $1.04 on a GAAP
basis
-- 2004 earnings per share in the range of $1.15 to $1.25 excluding
special items
Business unit revenue growth projections for 2004 are listed below:
-- Travelocity: revenue growth of greater than 27 percent on a GAAP
basis, and revenue growth greater than 30 percent excluding special
items
-- Sabre Travel Network: slight revenue decline on a GAAP basis, and
flat revenue growth excluding special items
-- Sabre Airline Solutions: revenue growth in the low teens
About Sabre Holdings Corporation
Sabre Holdings, an S&P 500 company, is a world leader in travel commerce,
retailing travel products and providing distribution and technology solutions
for the travel industry. Sabre Holdings supports travelers, travel agents,
corporations and travel suppliers through its companies: Travelocity, Sabre
Travel Network, and Sabre Airline Solutions. Headquartered in Southlake,
Texas, in the Dallas-Fort Worth Metroplex, the company has approximately 6,000
employees in 45 countries. Full year 2003 revenues totaled $2.05 billion.
Sabre Holdings is traded on the New York Stock Exchange under the symbol TSG.
More information is available at http://www.sabre-holdings.com .
Statements in this news release and the schedules hereto which are not
purely historical facts, including statements about forecasted financial
projections, the expected benefits to Sabre Holdings Corporation of the
deregulation of the CRS industry, 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: the integration of any acquired assets, such as acquired
technology, into Sabre Holdings Corporation, competition from established and
emerging travel distribution channels, and the Company’s revenues being highly
dependent on the travel and transportation industries. 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 our most recent filing on
Form 10-Q with the Securities and Exchange Commission
Financial Schedules to Follow
Sabre Holdings Corporation
Condensed Consolidated Statements of Income - Unadjusted
(unaudited, in millions except per share amounts)
Three months ended Twelve months ended
Dec. 31, Dec. 31,
2003 2002 Percent 2003 2002 Percent
Revenues
Sabre Travel
Network $345.3 $357.2 (3.3%) $1,560.2 $1,630.2 (4.3%)
Travelocity 97.1 82.7 17.4% 394.5 338.8 16.5%
Sabre Airline
Solutions 59.1 52.6 12.4% 232.4 216.8 7.2%
Elimination of
intersegment
revenues (34.1) (39.5) (13.6%) (141.9) (129.4) 9.7%
Total revenues 467.3 453.0 3.2% 2,045.2 2,056.5 (0.5%)
Operating expenses 489.3 447.3 9.4% 1,878.9 1,739.0 8.0%
Operating income
(loss) (21.9) 5.7 (482.7%) 166.2 317.5 (47.6%)
Other income
(expense)
Interest income
(expense) net (2.6) (0.3) ** (7.6) 4.6 266.9%
Other, net (0.5) (6.2) (91.3%) (30.9) 16.8 (283.8%)
Minority interest 0.9 0.6 55.1% (0.4) 0.2 (270.4%)
Income before
provision for
income taxes (24.1) (0.1) ** 127.4 339.1 (62.4%)
Provision for
income taxes (10.3) (1.0) ** 44.1 124.9 (64.7%)
Net earnings
(loss) ($13.8) $0.9 ** $83.3 $214.1 (61.1%)
Operating Margin (4.7%) 1.3% 8.1% 15.4%
Earnings per
share - basic ($0.10) $0.01 $0.59 $1.53
Earnings per
share - diluted ($0.10) $0.01 $0.58 $1.50
Weighted average
shares - basic 141.9 142.0 142.3 140.3
Weighted average
shares - diluted 142.8 143.3 143.4 142.6
Sabre Holdings Corporation
Condensed Consolidated Statements of Income - Adjusted
(unaudited, in millions except per share amounts)
Three months ended Twelve months ended
Dec. 31, Dec. 31,
2003 2002 Percent 2003 2002 Percent
Revenues
Sabre Travel
Network $345.3 $357.2 (3.3%) $1,523.8 $1,630.2 (6.5%)
Travelocity 97.1 82.7 17.4% 386.7 338.8 14.1%
Sabre Airline
Solutions 59.1 52.6 12.4% 232.4 216.8 7.2%
Elimination of
intersegment
revenues (34.1) (39.5) (13.6%) (141.9) (129.4) 9.7%
Total revenues 467.3 453.0 3.2% 2,000.9 2,056.5 (2.7%)
Operating expenses 465.5 416.7 11.7% 1,802.9 1,642.4 9.8%
Operating income 1.8 36.3 (95.0%) 198.0 414.1 (52.2%)
Other income
(expense)
Interest income
(expense) net (2.6) (0.3) ** (7.6) 4.6 266.9%
Other, net 0.2 (6.4) (102.4%) (2.2) (9.5) (77.0%)
Minority interest 0.1 (0.2) (163.3%) (3.6) (6.5) (43.9%)
Income before
provision for
income taxes (0.5) 29.4 (101.6%) 184.5 402.6 (54.2%)
Provision for
income taxes (1.4) 8.5 (116.5%) 65.3 147.7 (55.8%)
Net earnings $0.9 $20.9 (95.6%) $119.2 $255.0 (53.2%)
Operating margin -
from continuing
operations 0.4% 8.0% 9.9% 20.1%
Earnings per
share - basic $0.01 $0.15 $0.84 $1.82
Earnings per
share - diluted $0.01 $0.15 $0.83 $1.79
Weighted average
shares - basic 141.9 142.0 142.3 140.3
Weighted average
shares - diluted 142.8 143.3 143.4 142.6
Sabre Holdings Corporation
Reconciliation of Unadjusted Results to Adjusted Net Earnings
Three and Twelve Months ended Dec. 31, 2003 and 2002
(unaudited, in millions, except percents)
Three months ended Twelve Months Ended
December 31, December 31,
2003 2002 Change* 2003 2002 Change*
Unadjusted
operating income
(loss) ($21.9) $5.7 (482.7%) $166.2 $317.5 (47.6%)
Adjustments for
special items:
Travelocity
intangible
amortization
and stock
compensation $5.8 $14.3 (59.4%) $40.6 $62.4 (35.0%)
Recognition of
deferred revenue
on warrants $0.0 $0.0 ** ($7.8) $0.0 **
Write-off of
intangible asset
related to
Hotels.com
agreement $0.0 $0.0 ** $8.8 $0.0 **
Gradient, DCS,
Sabre Pacific,
Nexion intang.
amort. and def.
comp. $3.6 $1.8 95.8% $13.6 $16.2 (15.8%)
Restructuring
charges $0.0 $13.0 (100.0%) ($0.9) $9.5 (109.7%)
Travelocity
Tender Offer
Expenses $0.0 $1.4 (100.0%) ($0.5) $8.5 (105.3%)
Subscriber
settlement
agreement $0.0 $0.0 ** ($36.5) $0.0 **
Facilities charge
related to
business unit
integration $14.4 $0.0 ** $14.4 $0.0 **
Adjusted operating
income $1.8 $36.3 (95.0%) $198.0 $414.1 (52.2%)
Unadjusted other
income and
minority interest ($2.2) ($5.8) (62.8%) ($38.9) $21.6 (280.1%)
Adjustments for
special items:
Realized gain on
disposal of
Hotels.com
warrants ($0.3) ($0.2) 48.7% ($0.3) ($0.9) (70.2%)
Gain on sale of
France Telecom
shares $0.0 $0.0 ** $0.0 ($7.1) (100.0%)
Loss on
refinancing of
headquarters
facility $0.0 $0.0 ** $27.9 $0.0 **
Impact of special
items on
minority
interests ($0.8) ($0.8) 5.2% ($3.3) ($6.7) (51.2%)
(Gain)/loss on
sale of assets $1.0 $0.0 ** $1.0 ($18.3) (105.5%)
Adjusted income
(loss) before
provision for
income taxes ($0.5) $29.4 (101.6%) $184.5 $402.6 (54.2%)
Unadjusted
provision for
income taxes ($10.3) ($1.0) 938.8% $44.1 $124.9 (64.7%)
Adjustments to
taxes for special
items $8.8 $9.5 (6.8%) $21.2 $22.8 (6.7%)
Adjusted provision
for income taxes ($1.4) $8.5 (116.5%) $65.3 $147.7 (55.8%)
Adjusted net
earnings $0.9 $20.9 (95.6%) $119.2 $255.0 (53.2%)
* Percents shown reflect changes in unrounded figures and may not agree
to the percent changes in figures after rounding.
** Greater than 100 percent.
Sabre Holdings Corporation
Sabre Travel Network
Bookings Summary - 4Q 2003
(millions)
4Q03 4Q02 % Change YTD03 YTD02 % Change
Total Bookings 86.1 84.5 1.8% 365.6 397.4 (8.0%)
Geographic
US 43.2 44.8 (3.5%) 193.5 216.9 (10.8%)
International 42.8 39.8 7.8% 172.1 180.5 (4.6%)
86.1 84.5 1.8% 365.6 397.4 (8.0%)
Channel
Traditional
Agency 74.9 73.3 2.2% 318.5 349.4 (8.8%)
Consumer on-line 8.2 9.0 (8.7%) 35.2 39.5 (10.7%)
Corporate on-line
(GetThere) 2.9 2.2 31.2% 11.9 8.6 38.8%
86.1 84.5 1.8% 365.6 397.4 (8.0%)
Air/Non-Air
Air 75.4 74.6 1.0% 322.5 354.6 (9.0%)
Non-Air 10.7 9.9 7.6% 43.1 42.8 0.7%
86.1 84.5 1.8% 365.6 397.4 (8.0%)
Direct/Non-Direct
Direct 69.8 71.0 (1.6%) 309.1 339.6 (9.0%)
Non-Direct 16.2 13.6 19.5% 56.5 57.8 (2.3%)
86.1 84.5 1.8% 365.6 397.4 (8.0%)
Sabre Holdings Corporation
Non-GAAP Financials Reconciliations
($ in millions)
4th Quarter Full Year
Sabre Holdings Revenue
Reconciliation
FY 2003
GAAP Revenue $2,045.2
Less: subscriber
settlement (36.5)
Less: recognition of
deferred revenue on
warrants (7.8)
Adjusted Revenue $2,000.9
TN Revenue Reconciliation
FY 2003
GAAP Revenue $1,560.2
Less: subscriber
settlement (36.5)
Adjusted Revenue $1,523.8
Travelocity Revenue
Reconciliation
FY 2003
GAAP Revenue $394.5
Less: recognition of
deferred revenue on
warrants (7.8)
Adjusted Revenue $386.7
Operating Income
Reconciliations
Sabre Holdings
4Q 2003 4Q 2002 FY 2003 FY 2002
GAAP Operating Income ($21.9) $5.7 $166.2 $317.5
GAAP operating margin 8.1%
Add: Amortization of
intangibles, stock
compensation and
transaction fees
from merger &
acquisition activity 9.4 17.5 62.6 87.0
Add: facilities charge
related to BU
integration 14.4 --- 13.4 ---
Add: restructuring
charge --- 13.0 --- 9.5
Less: subscriber
settlement --- (36.5) ---
Less: recognition of
deferred revenue on
warrants --- (7.8) ---
Adjusted Operating
Income $1.8 $36.3 $198.0 $414.1
Adjusted Operating
margin 9.9%
Net Earnings
Reconciliation
4Q 2003 FY 2003
EPS EPS
GAAP Net Earnings ($13.8) ($0.10) $83.3 $0.58
Adjustments, net of
taxes:
Add: Amortization of
intangibles, stock
compensation and
transaction fees
from merger &
acquisition activity 5.5 36.7
Less: subscriber
settlement --- (22.5)
Less: recognition of
deferred revenue on
warrants --- (4.9)
Add: facility, real
estate, and other 9.5 9.5
Less: realized gain on
disposal of warrants (0.2) (0.2)
Add: loss on synthetic
lease --- 17.3
Adjusted net earnings $0.9 $0.01 $119.2 $0.83
Diluted share count 142.8 million 143.4 million
Adjusted EBITDA
Reconciliation
4Q 2003 FY 2003
GAAP Net Earnings ($13.8) $83.3
Add: Taxes (10.3) 44.1
Add: Depreciation &
Amortization 30.8 136.0
Add: Interest Expense 6.5 24.1
Less: Interest Income (3.9) (16.5)
Add: Other, net 0.5 30.9
Adjusted EBITDA $9.8 $301.9
2002
Net Earnings
Reconciliation 4Q 2002 FY 2002
EPS EPS
GAAP Net Earnings $0.9 $0.01 $214.1 $1.50
Adjustments, net of
taxes:
Add: Amortization of
intangibles, stock
compensation and
transaction fees
from merger &
acquisition activity 13.0 58.4
Add: restructuring
charges 8.1 5.9
Less: Other, net (0.2) (0.9)
Less: gain on sale of
headquarters facility --- (11.3)
Less: gain on sale of
France Telecom shares --- (4.5)
Less: minority interests (0.8) (6.7)
Adjusted net earnings $20.9 $0.15 $255.0 $1.79
Diluted share count 143.3 million 142.6 million
2004
Net Earnings
Reconciliation 1Q 2004 Guidance FY 2004 Guidance
Low High Low High
GAAP Net Earnings $25.5 $29.8 $133.4 $147.6
Adjustments, net
of taxes:
Add: Amortization
of intangibles,
stock compensation
and transaction
fees from merger &
acquisition
activity 8.6 8.6 29.9 29.9
Adjusted net
earnings $34.2 $38.4 $163.4 $177.6
GAAP EPS $0.18 $0.21 $0.94 $1.04
Adjusted EPS $0.24 $0.27 $1.15 $1.25
Diluted share count 142.3 million 142.1 million
TSG Revenue
Reconciliation FY 2004 Guidance
Low High FY 2003
GAAP Revenue $2,086.1 $2,176.9 $2,045.2
Growth % 2% 6%
Less: subscriber
settlement and
recognition of
deferred revenue
on warrants --- --- (44.3)
Adjusted Revenue $2,086.1 $2,176.9 $2,000.9
Growth % 4% 9%
TN Revenue
Reconciliation FY 2004 Guidance
Low High FY 2003
GAAP Revenue $1,503.8 $1,550.5 $1,560.2
Growth % (4%) (1%)
Less: subscriber
settlement --- --- (36.5)
Adjusted Revenue $1,503.8 $1,550.5 $1,523.8
Growth % (1%) 2%
Travelocity revenue
reconciliation FY 2004 Guidance
Low FY 2003
GAAP Revenue $501.0 $394.5
Growth % 27%
Less: recognition
of deferred
revenue on warrants --- (7.8)
Adjusted Revenue $501.0 $386.7
Growth % 30%
SOURCE Sabre Holdings Corporation
-0- 01/22/2004
/CONTACT: media, Michael Berman, +1-682-605-2397, or investors, Karen
Fugate, +1-682-605-2343, both of Sabre Holdings Corporation/
/Web site: http://www.sabre-holdings.com
http://www.sabre-holdings.com/investor/index.html /
(TSG)
CO: Sabre Holdings Corporation
ST: Texas
IN: CPR TRA LEI AIR
SU: ERN DIV ERP CCA MAV
GN-AP
-- DATH016 --
7752 01/22/2004 08:05 EST http://www.prnewswire.com