Financial Performance - Q2 2025 revenue was $687 million, a decrease of 1% year-over-year[17, 33] - Normalized Adjusted EBITDA increased by 6% year-over-year to $127 million[19, 34] - Hotel B2B Distribution saw a 4% year-over-year growth in Gross Booking Value (GBV), reaching approximately $5 billion in Q2 2025[22] - Digital Payments platform processed approximately $5 billion in gross spend during Q2 2025, representing a 44% year-over-year increase[22] Bookings and Passengers - Total distribution bookings reached 90 million, down 1% year-over-year[17] - Air distribution bookings totaled 76 million, a decrease of 1% year-over-year[17, 18] - Hotel distribution bookings increased by 2% year-over-year[17, 19] - Passengers boarded increased by 1% year-over-year, reaching 171 million[17] Debt and Cash Flow - The company paid down over $1 billion of debt year-to-date, reducing gross debt to approximately $43 billion and net debt to approximately $37 billion[16] - The company expects to reduce year-end 2025 pro forma net leverage by approximately 50% from year-end 2023[16, 44] - Pro forma free cash flow was negative $2 million for Q2 2025[34] - The company expects approximately $100 million to $140 million in pro forma free cash flow for full year 2025[36] Outlook - The company anticipates air distribution bookings growth in the second half of 2025 to be between +4% and +10%[25]

Financial Performance & Outlook - Q1 2025 revenue was $777 million, a decrease of 0.8% year-over-year[24, 43] - Q1 2025 Adjusted EBITDA was $150 million, a 5% increase year-over-year, with an Adjusted EBITDA margin of 19.3%, up 1.1 percentage points year-over-year[24, 44] - The company maintains its full-year Free Cash Flow objective[44] - Pro forma Adjusted EBITDA is expected to be ~$140 million in Q2 2025 and >$630 million for FY 2025[64] - The company expects high single-digit revenue growth YoY for FY25 on a pro forma basis[61] Hospitality Solutions Sale - The company entered into an agreement to sell Hospitality Solutions to TPG for ~$1.1 billion[19] - Net cash proceeds from the sale are expected to be ~$960 million, primarily used to reduce debt[19, 54] - The Hospitality Solutions business generated $327 million in revenue and $38 million in Adjusted EBITDA in 2024[19] - The sale is expected to close by the end of Q3 2025[19] Strategic Focus & Growth - Travel Solutions Distribution revenue was $702 million, a decrease of 2% year-over-year[27] - Total distribution bookings decreased by 2% year-over-year, while air distribution bookings decreased by 3% year-over-year[27] - Hotel distribution bookings increased by 7% year-over-year[27] - The company anticipates double-digit growth rate in 2025 air distribution bookings[35, 39]