Good morning, ladies and gentlemen, and welcome to the Sabre fourth 1/4 and full year 2022 earnings conference call. My name is Olivia, and I will be your operator. As a reminder, please note today's call is being recorded. I will now turn the call over to the Senior Director of Investor Relations, Brian Roberts. Please go ahead, sir. Thank you, Olivia, and good morning, everyone. Welcome to Sabre's fourth 1/4 and full year 2022 earnings call. This morning, we issued an earnings 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 Investor Relations 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 that represent our beliefs or expectations about future events, including the duration and effects of COVID-19, industry and recovery trends, benefits from our technology transformation and commercial and strategic arrangements, our financial outlook and targets, expected revenue, Adjusted EBITDA, Free Cash Flow, costs and expenses, cost savings, margins, and liquidity, among others. All forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the statements made on today's conference call. More information on these risks and uncertainties is contained in our earnings release issued this morning and our SEC filings, including our Q3 2022 Form 10-Q and 2021 Form 10-K. Throughout today's call, we will also be presenting certain non-GAAP financial measures. References during today's call to Adjusted operating income, Adjusted net income, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, and Free Cash Flow have been Adjusted to exclude certain items. The most directly comparable GAAP measures and reconciliations for Non-GAAP measures are available in the earnings release and other documents posted on our website at investors.sabre.com. Participating with me are Sean Menke, our Chair of the Board and Chief Executive Officer, Kurt Ekert, our President, and Mike Randolfi, our Chief Financial Officer. With that, I'll turn the call over to Sean. Thanks, Brian. Good morning, everyone, and thank you for joining us today. On Slide 4, you can see an overview of the topics Kurt, Mike, and I will cover on today's call. I'll review our many achievements for 2022 and then outline how these support our Long-Term objectives. Kurt will review the latest industry trends and review our plan for 2023 and beyond. He will also highlight the substantial progress we made in the fourth 1/4 and in 2022 towards our technology transformation. He will also provide additional detail on key commercial accomplishments and review the important partnerships that we renewed and expanded upon in 2022. Mike will take you through the final results of the 1/4 and year and our financial outlook for 2023. Before I start, I want to thank my Sabre team members worldwide. 2022 was a year of progress and recovery. The global pandemic brought on by COVID-19 in 2020 had a significant impact on the travel industry and Sabre. Despite those headwinds, the Sabre team in 2022 made significant forward progress with our technology transformation, provided Best-In-Class service to our customers, and won new business. I'm extremely proud of what we have accomplished to date and what we will do for years to come. Turning to Slide 5, 2022 was a year of many accomplishments. Our revenue recovered to $2.5 billion. We returned to positive Adjusted EBITDA. We generated positive Free Cash Flow as we exited the year, and we continued our significant progress on our strategic initiatives. Sabre reached an important positive inflection point. With these key financial metrics now positive, we expect the trend to continue, which we believe will give us the opportunity to delever our balance sheet. Our technology transformation is delivering financially and operationally in line with our previously stated goals. With the end in sight, our cloud-based infrastructure is more scalable, distributed, and secure than the prior mainframe environment. Just as importantly, it allows us to build more advanced and agile products and capabilities to serve our customers for the years to come in the way we planned. We solidified key partnerships with travel management industry leaders BCD and Amex GBT. We expect these partnerships will be a meaningful volume driver for Sabre going forward. We renewed and expanded important agreements with many of our airline customers, including American, United, and most recently, JetBlue. As you can see on this Slide, in 2023, we expect to see meaningful growth in Adjusted EBITDA and to generate full year positive Free Cash Flow. We are very encouraged year to date by volume trends which are in line with our plan. Our Near-Term management of the business will continue to be based on steady improvements in global volumes, with a strong emphasis on cost management to be Free Cash Flow positive in 2023. Turning to Slide 6, we are optimistic over the long term with regards to the travel recovery based on historical booking trends, favorable indicators from airlines related to the demand environment and their desire to grow capacity, geographic regions continuing to open, and renewed improvement in corporate travel. As this chart shows, we believe the opportunity for volume recovery as global travel normalizes is significant. In 2022, the demand recovery was uneven, driven by resurgence in COVID-19 cases at the beginning of the year, airline and airport operational constraints, airline capacity limits, and regional travel restrictions. We believe some of these factors negatively impacted the recovery in the latter 1/2 of the fourth 1/4 of 2022. As mentioned in my earlier comments, we believe those negative impacts were temporary. We have seen volumes improve in the new year. To get into more of the details, let me now turn the call over to Kurt. Kurt? Thank you, Sean, and let's turn to Slide number 7. Before I discuss the latest industry trends, I will briefly revisit the guidance we provided in our last earnings call and discuss why the results for the 1/4 did not meet our expectations. As Sean mentioned, shortly following our November earnings call, the upward trajectory of volume growth that we previously experienced was interrupted in corporate travel and in Asia-Pacific in late November and through the month of December. As you can see from this volume chart, the trajectory of the recovery in 2022 was higher overall, but uneven. The total distribution bookings recovery in Q4 was 59% versus the same period in 2019. This 59% booking recovery equates to a 65% revenue recovery as a result of the higher booking rate achieved in Q4 2022 versus Q4 2019. Higher revenue per booking resulted from a continued favorable mix. Importantly, we are already seeing improvement in both corporate travel and Asia Pacific volumes in 2023 through early February. To put numbers behind it, the year-to-date recovery in our travel management company business is about 9 percentage points above December levels and has strengthened on a sequential weekly basis. We believe the late 2022 recovery setbacks that we saw for both corporate travel and Asia Pacific are likely to prove temporary given the positive recovery trends we are now once again seeing. To illustrate this point, we're now realizing a return of group bookings coming out of Asia that are reminiscent of pre-COVID travel patterns. Despite the fluctuations in air bookings in recent months, we believe several key trends are supportive of continued air traffic growth through 2023. Airline capacity is expected to rise as aircraft deliveries accelerate and operational constraints that have curtailed growth abate. We believe this additional capacity is likely to unlock robust consumer and corporate demand, evident from elevated airfares that have not limited industry load factor improvement. As we look at the balance of 2023, we are optimistic on overall demand and recovery levels moving forward, but prepared for the possibility of further unevenness in 2023. Accordingly, we will be responsive to changes in volume growth and control costs as needed to focus on achieving positive Free Cash Flow this year. While we will adjust as needed to external market conditions, we remain focused on the key long-term strategic opportunities for our business. We are confident in our ability to grow our distribution business, underpinned by our solid partnerships with many of the largest travel management companies, Brick-And-Mortar, and online agencies in the world. We are winning consistently across both retention and conversion opportunities and are pleased with our strategic positioning in our core GDS business. We believe the investments we are making in product and sales should continue to drive growth in our air bookings. To illustrate this, note that we have realized increased share with nearly 3/4 of the largest 20 travel agencies so far in 2023. Turning to IT Solutions, Passengers Boarded recovered 90% in Q4 versus the same period in 2019. Looking ahead, we are encouraged by the opportunities to grow our PSS and airline commercial product offerings, including our innovation on next-generation retailing and merchandising. Hotel CRS transactions in Q4 were 104% compared to the same period in 2019. We believe our hospitality solutions business is primed for strong growth, both in its core CRS offerings as well as the new Retail Studio and Nuvola products. As I mentioned previously, 2023 year-to-date volumes across each of our key businesses improved from December. Specifically, through February 9th, year-to-date air distribution bookings were 62% versus the same period in 2019. IT Solutions Passengers Boarded were 94%, and CRS transactions were 125%. Now please turn to Slide number eight. I'm pleased with the progress we made in 2022 on our 2 key technology milestones for the year: the migration to Google Cloud and the offloading of passenger name record. During 2022, we completed the exit of our Sabre-Managed data centers, including Plano, Louisville, Carrollton, and Austin. All told, during 2022, we decommissioned approximately 13,000 servers from these sites and another 1,500 servers from our Tulsa data centers operated by DXC. We ended the year with approximately 66% of our total compute capacity in Google Cloud ahead of our original goal. Our mainframe offload program continued to make great strides, and we significantly exceeded our 2022 offload savings goal. Development work for offloading passenger name record, our primary customer reservations database, has been completed, and customer migrations are on track to complete this year. Additional key accomplishments during the year included moving all air shopping to Google Cloud, which enabled us to realize our planned savings and data processing costs due to the reduced cost of Google Cloud Compute and multiple shopping optimization efforts. We also migrated our SynXis central reservation system and property management system to Google Cloud, thus fully completing the transition of our hospitality solutions business to the cloud. The chart on the right-hand side of this Slide reiterates the significant savings and margin improvement that we expect our technology transformation to deliver in the coming years. Turning to Slide 9. Consistent with our strategy, our unit cost of compute has continued to decline as we migrate our systems to our lowest cost infrastructure, Google Cloud. In Q4, our average monthly unit cost of compute fell 8% sequentially from the third 1/4. We finished 2022, 25% below our 2021 unit cost of compute. Please keep in mind, this savings does not include the long-term opportunity to optimize our systems on Google Cloud, which we believe can drive additional cost efficiencies. Turning to Slide number 10. This Slide again shows how Sabre's computing volume has changed over the past 3 years and how we expect it to change by the end of 2024. During Q4, we increased the proportion of our total compute volume on Google Cloud by 16 points from the third 1/4. By the end of 2024, as per our original plan, we expect Google Cloud to represent nearly all of our computing volume. We continue to expect that by significantly reducing the complexity and increasing the agility of our technology architecture, we can better serve our customers at a significantly lower overall cost. Before I turn the call over to Mike, I want to highlight some of our many commercial accomplishments in 2022. Last year, we signed distribution agreement renewals with several global flagship carriers, including American and United. These agreements extend and enhance our partnerships with these carriers, and we plan to collaborate to utilize Sabre technology and solutions to help them enhance their product offerings and to respond faster to consumer demands in the evolving travel marketplace. We remain confident in the value we bring to our customers and expect to win additional distribution agreements in 2023 and beyond. We also recently announced the extension of our long-term and deep JetBlue PSS and distribution relationships. Should their proposed merger be approved, we believe we are very well-positioned to help JetBlue expand. Back in November, we also announced a new partnership with Mastercard to accelerate the use of virtual cards for business-to-business travel payments. This announcement builds upon our acquisition of Conferma, which we acquired in August 2022, and furthers our strategy to create an open and independent travel payment ecosystem. We are excited to work with an industry leader with the scale and capabilities of Mastercard, and believe that the growth opportunity from virtual cards in the coming years will be substantial. We also strengthened our relationships with travel agency leaders such as American Express Global Business Travel, BCD Travel, and Hopper. Our new agreements and joint technology partnerships with GBT and BCD are providing incremental bookings to Sabre's networkrk and are expected to continue to drive additional growth as migration continues, while also yielding opportunities to improve our customers' overall experience. The key takeaway from the many partnerships that we expanded in 2022 is that many of the largest travel providers in the world want to do business with Sabre, and we continue to focus on providing the highest level of service and product innovation to our many global partners. Sabre processed over 1 billion total transactions in 2022, and we are excited to continue playing a central role in the global travel recovery in 2023 and beyond. Mike, over to you. Thanks, Kurt. Good morning, everyone. Please turn to Slide 11. As we discuss Q4, I'd like to begin by reiterating some context on recent trends, specifically how we saw volumes evolve throughout the 1/4 and how that influences our plans going forward. During our third 1/4 conference call, we indicated expectations of a Q4 air bookings recovery in the low 60% range and Adjusted EBITDA for the fourth 1/4 of approximately $30 million. As Sean and Kurt stated, volume trends in late November and December were not as strong as expected, which was the primary reason we missed our Q4 recovery and Adjusted EBITDA guidance. What we have learned over the last 3 years is that the volume recovery trajectory remains upward but uneven. Given that context, we continue to have a heightened focus on cost control such that we are targeting for expenses to grow at a significantly slower rate than revenue to support our Adjusted EBITDA and cash flow targets that are aligned with the guidance we have provided today. We expect to be Free Cash Flow positive on an annual basis in 2023 and believe we are on track for our 2025 targets. Additionally, I would like to reiterate that as we transition to generating positive Free Cash Flow for the full year 2023 and beyond, we view the highest priority of that Free Cash Flow generation to be reducing debt and De-Levering our balance sheet with the long-term goal of being between 2.5 times to 3.5 times net debt to Adjusted EBITDA. Total Q4 revenue was $631 million, an increase of $130 million or 26% versus last year. Distribution revenue totaled $417 million, a 46% increase compared to $286 million in Q4 2021. Our distribution bookings totaled 76 million in the 1/4, a 32% increase compared to 58 million in Q4 2021. Our average booking fee was $5.49 in the fourth 1/4, which compares to $5.38 last 1/4, $5.35 in Q2 2022, and $4.96 in the fourth 1/4 of 2021. We continue to see favorable mix into more profitable regions and types of travel, resulting in higher booking fees, and we believe this trend is likely to continue in 2023. IT solutions revenue totaled $157 million in the 1/4. This is a decline versus revenue of $165 million last year. Passengers Boarded totaled 168 million, a 30% improvement from 129 million in Q4 2021. To provide more context on this line item, on a Year-Over-Year basis for the 1/4, we experienced a $25 million benefit from higher volume, offset by no longer having AirCentre revenue of approximately $30 million and lower revenue from our airline IT business in Russia of approximately $4 million as compared to Q4 2021. We realized the migration of our Russian airline IT business in Q4 as a result of changes in Russian law. Looking forward in 2023, we expect an approximate $100 million headwind to our IT Solutions revenue, the vast majority of which is the result of the impact of the Russian law. As a reminder, we sold our AirCentre business at the end of February 2022, and in Q1 2022, we realized approximately $35 million in revenue from this business. Please note that these impacts are incorporated into the guidance that we are providing today. Hospitality Solutions revenue totaled $65 million, an improvement versus revenue of $54 million in Q4 2021. central reservation system transactions totaled 27 million in the 1/4 and were 16% above 23 million in Q4 2021. Adjusted EBITDA of $1 million was better year-over-year as compared to negative $26 million in Q4 2021. The year-over-year improvement in revenue in the 1/4 was partially offset by increased travel solutions incentive expense and hospitality solutions transaction fees from higher volumes. As expected, our technology costs increased due to higher variable hosting costs associated with the volume recovery and higher labor and professional service expense associated with our technology transformation. Free Cash Flow was $22 million in the fourth 1/4, which benefited from seasonally strong working capital inflows. Our team also successfully refinanced the remainder of our Term Loan B in November, with our nearest debt maturity now being April 2025. We entered into an accounts receivable securitization on February 14, 2023, which we expect to contribute approximately $100 million to our available liquidity base when funded. This transaction will be recorded in the financing section of our cash flow statement. We view this securitization program as a very efficient financing that is largely debt neutral when taking into account the pay down associated with the AirCentre proceeds. As a reminder, pursuant to our sale of AirCentre, we are required to pay down debt with any uninvested proceeds from that sale by May 24th, 2023. Currently, we expect that amount to be approximately $80 million. We ended the fourth 1/4 with a cash balance of $816 million. Turning to Slide 12, moving to guidance. As we look to our earnings cadence throughout the year, we remind you that the first 1/4 is the seasonally strongest bookings 1/4 of the year. With that, we expect first 1/4 2023 revenue of approximately $725 million and Adjusted EBITDA of approximately $50 million. As we discussed last 1/4, the fourth 1/4 is typically the most favorable from a working capital and Free Cash Flow perspective. Following that, the first 1/4 typically experiences higher working capital and cash outflows. Therefore, it is typically the weakest 1/4 from a Free Cash Flow perspective. This seasonality is driven primarily by timing of when we receive partner receipts in the fourth 1/4 versus when we make agency payments to partners in the first 1/4. Additionally, during the first 1/4, we will have cash outflows of approximately $60 million for our 2022 annual incentive compensation payments. Hence, we expect negative Free Cash Flow of between $80 million-$90 million in the first 1/4. As we progress through the year, we expect meaningful sequential improvement in Free Cash Flow generation. For the full year 2023, we expect revenue between $2.8 billion and $3 billion and Adjusted EBITDA between $300 million and $320 million. To provide further context for our revenue projection, for distribution, this outlook assumes continued incremental improvement in the travel recovery and some benefit from a higher average booking fee. Regarding IT Solutions, as a result of the $100 million headwind and the impact of the AirCentre disposition in Q1 2022 mentioned earlier, we would expect modest year-over-year declines in IT Solutions revenue throughout 2023, with the Year-Over-Year decline being greatest in Q1 2023. For Hospitality Solutions revenue, we expect it to exceed 2019 levels. We expect our 2023 total revenue growth to have strong flow-through to Adjusted EBITDA, given that at current volume levels, our cost structure is roughly 40% variable and 60% fixed. Additionally, we see efficiency, including the benefit of a lower cost of compute, helping to offset other inflationary pressures. In 2023, we expect to generate approximately $25 million in working capital benefit from growth in our business. We are targeting $125 million of working capital initiatives, which we expect to begin delivering value in the second 1/4. We expect our 2023 capital expenditures to be between $50 million and $60 million. Our annual net cash interest expense, based on our current debt profile and expected interest rates, is approximately $390 million. Our net fixed to floating debt is about 70% to 30%. Every change in interest rates of 25 basis points changes our annual interest expense by about $3 million. Collectively, we expect to generate positive Free Cash Flow in 2023 and on an annual basis thereafter. As we look at our 2025 targets that we have previously provided and are reiterating, we expect Adjusted EBITDA to grow at least $600 million between 2023 and 2025 and to be greater than $900 million in 2025. At a high level, the contributions to Adjusted EBITDA growth are expected to come from 3 key drivers, each having a roughly equal contribution to our goal. For the first driver, we expect a continued travel industry recovery and ultimately higher distribution and Passengers Boarded volumes than today. For our second driver, our technology transformation, which we expect will enhance our product development cycle, is expected to also result in meaningful expense reductions by 2025 as compared to today. The third driver is an expected mix of additional opportunities supported by recent agency wins, growth in IT solutions, a shift to Adjusted EBITDA generation for hospitality solutions, growth in virtual payments from Conferma, and a continued emphasis on cost control. In conclusion, we are confident in our ability to deliver on our Long-Term strategic and financial objectives. We expect our technology transformation to provide substantial operating leverage to our business, and we remain optimistic that the global travel recovery will continue, but plan to be responsive if necessary to ensure we achieve positive Free Cash Flow in 2023. Operator, can you please open the line for questions? Thank you. Ladies and gentlemen, as a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, press star one one again. Please stand by while we compile the Q&A roster. Our first question coming from the line of Matthew Broome with Mizuho Group. Your line is open. Thanks so much for taking my questions. I guess firstly, could you maybe provide a little bit more context as to what impacted the recovery in November and December? Was it limited to corporate and APAC? And really what were the reasons for that? Matthew, thank you. This is Kurt. As I discussed during the prepared remarks, what we saw was basically an interruption in, 1, corporate travel, and 2, Asia-Pacific travel. There were certainly some other changes, but those were the 2 primary factors. The good news, as I indicated, is that as you look at the first 5 to 6 weeks of this year, we're seeing trading return to the trend levels that existed before that back 1/2 of Q4. We believe that what we experienced in Q4 was an interruption in a long-standing recovery that we expect to continue going forward. Okay. Thanks, Kurt. Then sort of looking ahead, in terms of your guidance, what level of bookings growth is sort of baked into that? And I guess how confident are you that the capacity constraints in travel that we saw last summer have now been resolved? In terms of the bookings recovery incorporated in our guidance, you know, we're basically if you look at where we ended the year, we ended the year in the fourth 1/4 with a bookings recovery around 58%. We entered the year, you know, somewhere, you know, right around 60%. Inherent in our guidance today is the assumption of a steady incremental recovery from where we are. We're not assuming a big inflection up, we're just assuming a steady incremental recovery. In terms of constraints on the airline side, you know, when we listen to our airline partners, they're working diligently to remove those constraints, which are primarily pilot training, hiring pilots, and new aircraft. They've also indicated it's gonna take time to remove those constraints. What we see is that the airlines are responding by trying to address those constraints. As we move forward, there'll be consistent increases in capacity, likely as those constraints are removed, but they will continue to take time to resolve. Matt, if you just let me add one last point, which is, if you look at our GDS or distribution business historically, we had about a 50/50 mix on corporate versus leisure, and about a 50/50 mix on domestic versus international flights. Those obviously are very different numbers than you see in the broader airline distribution marketplace. As capacity begins to come back, we believe the benefit will accrue relatively more toward corporate travel and toward international bookings, and that our distribution business should actually outgrow the airline distribution marketplace overall. Okay, very helpful. Thank you. Thank you. One moment please for our next question. Our next question coming from the line of Josh Baer from Morgan Stanley. Your line is open. Great, thanks for the question. Wanted to ask a couple on the Non-GDS booking segments. First on hospitality, like, the recovery in CRS trends and hospitality revenue is terrific. The losses are getting larger though. Just wondering, like, what will it take for this business to become profitable? You know, assuming there's some sort of Near-Term tech cost headwinds or something else, like how should we think about the normalized margins for this segment? Yeah, thank you. This is Kurt. Good question. As you look at Hospitality Solutions, and you look at 2022, the revenue and the trending that we were seeing is a result, one, of a strong sector recovery in hospitality, 2, as a result of us taking more properties and growing our CRS business. As we look forward to 2023, we expect to see strong top line growth in CRS, as well as the new product offerings I mentioned during the prepared remarks. We do expect that that business will be in the range of break even on an EBITDA basis for this calendar year and begin to become a strong EBITDA contributor in the years ahead. Okay, got it. Just wanted to dig in on the IT solutions headwinds. I guess, AirCentre closed in Q1 of 2022, right? Correct. Yeah, at the end of February. Just like thinking through the impacts, like Passengers Boarded grew 30% then in Q2 and Q3, we saw some nice growth year over year in IT Solutions that also didn't have AirCentre. You know, not sure the $4 million alone from Russia sort of explains that. Is there any more context to help sort of piece together what happened in Q4 with IT Solutions revenue? Then also I'm wondering about where this $100 million headwind is coming from on the Russian law, like any more context there? I think there was some commentary that it's like the vast majority of the $100 million headwind is Russia law, what else is in there? Thank you. Thanks. Let me start, and then I'll pass it over to Mike to finish up. I think it's important to take a step back as you look at airline IT. What we experienced in Russia with the IT carrier, demigration there was a consequence of local Russian law that was enacted last year that had nothing to do with our performance or the quality of our technology. If you normalize that out and you look out over the last 3 to four years, our wins and losses on a PB basis are relatively neutral for the company. We believe going forward, there is a good growth opportunity within the airline IT solutions suite. Now pass to Mike. Yeah. Let me just dive into a couple different pieces. First, as you noted on AirCentre, there was about $35 million in revenue in Q1 of last year that we will not have this year due to the sale. Secondly, with regards to the $100 million, which the vast majority of which is Russia, and there are some other, demigrations in there, but the vast majority of that is Russia. Given the change in Russian law occurred during the fourth 1/4, the majority of the revenue that was recognized associated with Russia was in the first 3 quarters of this year. What you see going from Q3 to Q4, is a step down, largely attributable to Russia. As we look at the $100 million that we referenced, because most of that was revenue that was generated in the first 3 quarters of this year, that will create the greatest headwind in the first 3 1/4s of 2023. Okay, thank you. Thank you. As a reminder, ladies and gentlemen, if you'd like to ask a question, please press star one one on your touchtone telephone. One moment for our next question. Our next question coming from the line of Victor Cheng from Bank of America. Your line is open. Hi, thanks for taking my questions. A couple if I may. First on the Russian impact of $100 million, and then you said that $100 million is coming from, mostly from the first 3 quarters. It seems, you know, just look at the Russian carrier PB, it seems disproportionately bigger in terms of the $100 million revenue. I would expect a much smaller amount, I am not sure whether you can, you know, shed some light into that. The other one is on tech savings. Obviously, you talked about $100 million, well, $150 million tech savings by 2025. If I remember correctly, is that based on 80% recovery? Presumably, we're not expecting 80% recovery by 2025. What are your expectations on travel recovery in 2025? Given that level of recovery, what is the actual tech savings that we should be looking at? With regard to your first question, as you think about the $100 million impact, the one thing I would point you to, and we called this out on the Q1 earnings call, that there was approximately $24 million of previously deferred revenue that had been recognized in the first 1/4. Similarly, there's about another $5 million in the second 1/4 of 2022. That may be why the number is larger than what you're contemplating. With regard to the tech savings, first, let me just start by we are optimistic that there will be a full recovery over the long run. That is our point of view. That's consistent with what we hear from our airline partners. That's consistent with what they state on their earnings calls and what they state publicly. You know, now our financial objectives are not predicated upon a full recovery, but we do believe one ultimately is likely to ensue. As noted today, we are reiterating the targets we provided for 2025 at the greater than 80%, greater than 100%, and greater than 120% recovery levels. As we previously stated, at the greater than 80% level, we expect tech savings to be $150 million. At the greater than 100% recovery level, we would expect the tech savings to be about $100 million. Obviously, that'd be welcome to have that greater recovery. Got it. That's very clear. Then maybe one Follow-Up, if I may. How should we think about the revenue per booking trend going forward? Is there still room for inflation-related uplift? Again, is there room for mix improvement, I guess, as APAC reopens? Victor, thank you. As we have discussed, we believe that there's ample upside both in corporate and international recoveries within our distribution business. Because of those, we believe that there's positive mix opportunity in 2023 and in the years ahead. We believe there's upside to our average booking fee or revenue per booking. Got it. Thank you. Thank you. I'm showing no further questions at this time. I will now turn the call back over to Mr. Menke for any closing remarks. Great. Thank you very much. I wanna thank everybody for joining us today. As you can see, as we talk about 2022 and as we think about 2023, there's been a lot of progress on our tech transformation to date. This is another big year for that, but the team has done an amazing job, and we're beginning to see really the efficiencies and the cost savings. As we look at 2023, you know, I am excited about what we're doing as it relates to the product side, what we're doing on airline IT, hospitality IT, as well as distribution. Kurt walked you through numerous things that are taking place there. Again, I think we're very focused on what we look at as the recovery continuing to take place in the marketplace, which will allow us to really focus on Free Cash Flow generation in the year. Again, a lot to talk about throughout the year, and thank you for joining us today. Ladies and gentlemen, that does end our conference for today. Thank you for your participation. You may now disconnect.