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Amadeus r&d investment criteria

IT transactional revenue grew by 9. And despite the negative impact from the higher way of low-cost and hybrid carriers in our customer base. Airline services and Hospitality IT revenue grew by To review our contributions by segment on Page 10, as you can see, we have experienced contribution growth in absolute terms both in Distribution, which is growing 1.

ForEx effects had a positive impact on our segment contributions and negative impact on net indirect cost. In Distribution, we have experienced margin dilution, which mainly resulted from a unitary incentive cost expansion, consequence of the competitive pressure and a strong growth delivered by payment distribution, a lower-margin business.

In IT Solutions, margin dilution was impacted by the TravelClick consolidation, a lower capitalization ratio due to the project mix and the strong new business unit expansion, faster than the Airline IT. As we have discussed in the past, new business units have a lower margin as of today. Finally, net indirect costs increased by 6. To share some color on our fixed cost, personnel and other OpEx together increased by Please turn now to Page EBITDA margin in was 1 percentage point lower than in the previous year, impacted by the consolidation of TravelClick, a lower group capitalization ratio and double-digit growth from our payments distribution business, a lower margin activity.

The intensity of ongoing projects may vary during the year or even over the years, determining a higher or lower level of CapEx and operating expenses in any given quarter or year. In addition, the natural evolution of projects may imply also changes in the level of capitalization and therefore, in the expense recognition. Impairment losses amounted to EUR 29 million and were mostly related to the specific developments and implementation efforts carried out for customers that have either canceled contracts, suspended overseas operations and secondly, investments related to new solutions or technology, that did not or will not deliver the expected benefits.

In , the net financial expense increase to EUR 59 million or 8. In , our income tax expense amounted to EUR million, 7. This income tax rate for the -- the income tax rate for the year was The combination of growth in operating results and in financial expense, together with a lower tax expense resulted in a Adjusted earnings per share was EUR 2. Turning to Page We also invested in our portfolio for travel agencies, meta search engines and corporations, including efforts linked to our cloud-based new generation selling platform and in our Hospitality platform, amongst others, as well as expanding the resources devoted to all of our newer business areas.

During , we continue with our implementation words related to PSS, including Air Canada and our upselling activity as well as customers of our Hospitality, Airport IT and Payment businesses as well as travel sellers and corporations. And as you know, we only capitalize when there is significant visibility as to future value generation. And finally, we also invest in contractual relationships. In , CapEx increased by 2. In turn, CapEx in property, plant and equipment declined in the year relatively to In , we generated free cash flow of EUR 1.

Pretax free cash flow grew 8. The change in working capital deteriorated by EUR 72 million versus the previous year, excluding TravelClick's nonrecurring acquisition-related effects, driven by a number of effects. Being the most important ones, payments amounting to EUR 34 million that starts from January to December due to the scheduled changes in our accounting and payment systems during January in several countries, which interrupted the payment flows for a period of time during the January mode in order to prevent those, advanced payments related to customer renegotiations and timing differences in some payments and collections, partly related to VAT reimbursement.

Our net debt amounted to EUR 2. And with this, I'm passing now the word on to Luis. So let me share with you our views on This year, as you can imagine, doing the outlook exercise is extremely difficult. It is too early to understand the direction of our severity of the coronavirus outbreak in China, know what its impact on global GDP and the traffic is going to be.

In the next slide, we'll try to provide some color on the outbreak and onward. We believe, is a one-off impact. But let me take you through what we think our outlook would have been absent the coronavirus for you to understand the underlying business situation.

It were to do our outlook exercise based on the pre-virus 4. We have expected Amadeus to deliver distribution revenue growing at a solid mid-single-digit rate based on an improvement from the disintermediation effect we saw from India in , a positive industry effect in Japan from the gradual dissolution factors, plus continued Amadeus lower market share gains, enhancement in our new agreements with Air India and Japan Airlines. IT Solutions revenue growing in the high single-digit growth rate range, having TravelClick and AirAsia rise resulting from Airline IT organic volume growth of additional volume for the and new customer implementations as well as growth from upselling more solutions.

Also double-digit revenue growth from our newer business areas. Excluding the impact in from customer airlines ceasing operations in , we'll have expected IT Solutions revenue growth to be low double digit. Arriving at group revenue growth in the solid mid- to high single-digit growth range. In this scenario, we will expect a continued dilution of margins in distribution in the range of what we saw in , driven by competitive dynamics and distribution payments growth and slightly dilutive margins in IT Solutions as a consequence of the expansion of margins in Airline IT and the faster growth of our newer business areas within IT Solutions.

Together, a safety solutions first. Now if we move to the next slide, as I was saying before, it is impossible to quantify what the coronavirus impact is going to be in Last year, with the India situation, we had a response that was easier to quantify. With the current situation, this is a broader situation, and it is a risk that goes beyond one country and the airline industry. We do expect the coronavirus to have a negative impact on our traffic and the GDS industry during the duration of the health episode.

The duration of this health situation will drive the size of the impact. However, we also expect this negative impact to be followed by a recovery and, therefore, to be a one-off episode. And us, what is most important, the health situation hopefully improves and soon. IATA released just last week, a revised new air traffic projections, impacted by the coronavirus effect based on the past, not necessarily perfect SARS precedent.

It pointed to a minus 0. Please remind that this forecast includes China. And for us, it should be more than linked as we are not exposed directly to China. Let's view what happened in with SARS. The and , Avian flu immerse episode had a much milder and short-lived impact and air travel grounded quickly as fears of global spread of virus eased. In the past, the airline industry has proven quite resilient to shocks, including pandemics, as the chart on the slide shows. Previous disease outbreaks have peaked after 1 to 3 months and recover preoutbreak levels in 6 to 7 months.

With regards to the GDS industry, during the SARS outbreak in , it affected the first quarter and the second quarter and in total, over , the global GDS industry deteriorated its growth by 2 points in the year. It was the after math of September 11, that was the Iraqi war, a financial crisis and other events. Please note that in , growth was strong with the GDS industry growing 5. If we move to the next slide.

Right now, we have mid-February volume data, which includes only 3 weeks of running coronavirus impact and it is distorted by the seasonality of the Chinese New Year. But it is probably too early to be used, but it seems to confirm broadly the deceleration IATA has announced. We are currently observing higher EDS industry declines, but this is impacted by the high number of cancellations we typically see at these earlier-stage of a health shock. Later, consistent with prior disruptions to travel, we expect to see a rebooking of deferred travel.

As I said, we do not have enough data points, and it is too early to tell how this will evolve or how long these trends are going to last. If the traffic were to end the year from the level currently forecasted by IATA of minus 0. We will expect distribution revenue to not grow and remain broadly flat during the year. IT Solutions revenue also growing slower in the mid- to high single-digit growth range as we foresee airlines also facing a challenging environment to be less prone to upselling.

However, we will expect less of an impact on our Hospitality business, which is more domestic North America focus, driving up group revenue growth in the low to mid-single range. In terms of margin, in this scenario, we will try to contain any result in EBITDA margin dilution with efforts to control costs tightly. This will be the evolution of the year. The distribution by quarter should be different with a more acute negative impact for the first half followed by air recovery, where we see a V-shape evolution within the year as we saw with SARS.

In the first quarter, more competitively and based on what we are seeing today, we expect of our first quarter group revenues to decline at a low single digit pace. But this is, of course, depends on the evolution in March and whether the trend in March is different from what we are observing today.

Our bookings on PBC that we have here today are better than the trends we are seeing today, and I mentioned the underlying figures given the pre-virus performance in January was good. And that in terms of PBs, we benefit from recent new customer migrations, such as Air Canada.

We do not consider in this our outlook. We are monitoring the situation closely, and we'll be providing you with an update on how things evolve quarterly. From a cash flow perspective, we also expect an improvement in taxes and in working capital dynamics that combined to deliver free cash flow growth above EBITDA growth. In terms of CapEx, we cannot provide a specific rates at these states as we are protecting our long-term value-generating initiatives, mission-critical investments and are being more cautious with other efforts.

And depending on the evolution of the outbreak, we will evolve our investment plan accordingly. In , we aim to maintain a leverage ratio between 1 to 1. Beyond the current situation with the coronavirus outbreak and into the future, we are confident that our innovation efforts, the strength of our business and our diversification in these verticals position us well to continue to deliver growth, profitability and cash generation.

Now to finish our presentation, I would like to confirm that we'll be implementing a new segment reporting a scheme starting in the first quarter of And sometime in advance to that, we'll be inviting you to our webcast to walk you through the details of this new segment reporting.

The details of that will be published and circulated in due course. We have now finished the presentation and are ready to take any questions you may have. I mean could you give us a bit of a sense of like which of the 2 product lines maybe seeing a bit of a bigger impact? And yes, Navitaire has an exposure in Asia.

I mean in North America, the impact for the time being has been mild. And in Asia, of course, we had a big impact. Of course, you need to consider the underlying growth of both businesses and historically, the low-cost carriers have been growing faster. But when we compare the pre-virus levels and the impact of the coronavirus, you have different impacts per region.

And of course, Asia has been the market up to today more impacted. And then on the same topic, I guess, just on the GDS business as well. I mean you talked about how much of the business is down, right? But I guess, can you share a little bit of details in terms of are you seeing a bit of a bigger, much more in domestic, regional or international?

I mean I'm trying to get a sense of like which part of the GDS business is seeing more impact. I would expect to be international bookings above all else, but I'd be interested to get your take on that. So, I mean, we had a number of cancellations. Of course, when the stocks happen, and then -- so we have a cancellation rate that was higher, specifically with some specific days. I mean you can imagine, we follow the last 3 weeks. And then, yes, I mean, of course, it's more international.

It's more related to Asia than the domestic traffic, I mean, as you could imagine. But again, it's based on the following figures that changed quite a lot. The reality is what it is. I mean some regions of the world are much more impacted than others. And Asia, not just China, but, of course, you can imagine, Japan, Korea, all these markets have been heavily impacted more on the bookings than on traffic for the time being. I mean there is always a delay between both, as I shared with you the figures.

I mean it could be that the bookings, people are waiting, and then we'll be done or that the reality is that the traffic may decrease based on the bookings that we have. But what we have seen is the figures I mentioned to you, I mean, depending on the days and the cancellation and the regions. But the figures I mentioned before is what we have in our statistics for the last 3 weeks.

It's a moving target in Turkey. As you can imagine, it's not so easy. I guess the relevant point was they were saying their impact to revenues was one number and the impact of the EBITDA was sort of 2x that. So I was really wondering, do you think that anything similar to -- would be the case for you? Or rather would you go to the opposite direction?

Can you discuss what levers you can pull to kind of adjust and maintain your margins? And the second question that's sort of related to that, the CapEx guide for It sounds like you're holding off committing for Maybe that's due to -- you want to use that as a cost lever to pull in the event of coronavirus.

So just wondering if there was something there or if it was more underlying? So let me try to give some color. Basically, we have an impact on revenues due to the decline of the bookings and the passengers boarded which translate into a direct decline on the EBITDA, unless you do something on the cost front. We have 2 kinds of costs, variable costs, basically related to the incentives and distribution fees we have with the GDS business, which will reduce accordingly to the reduce of volumes.

And then you have the part of fixed costs which tend to be more fixed. There, you have certain flexibility, as you know, that's why we provide normally our personnel expenses, together with some other operating income because we have variable kind of workforce that we can ramp up and ramp down and that we will be also cautious with any other cost line. That's what Luis was referring to, when we were saying that we will have tight control of our cost over this year.

But at the same time, we are also protecting the investments that we have, which will bring growth in the mid and long term. And therefore, we will be monitoring how the evolution of the outbreak is in the following months. And we will try to match both things at the same time. And that's why we are saying we will try to offset in the -- as much as possible, the impact of the revenue loss within our cost, but we cannot give you our CapEx guidance on revenues because, first, we don't know what the evolution of the revenues will be.

We have given you a hypothetical case based on the SARS evolution, which is what IATA has provided, but that's not -- it's more difficult for us to give you this year the revenue line, and therefore, also the CapEx, which will be also variable depending on how the outbreaks evolve. So we have an uncertainty.

The dynamics is, we will be looking very carefully at our spend this year. We will be trying to protect the initiatives which will bring growth in the mid- and long term. And according to the evolution, we will monitor the situation, and we will be coming back to you on a quarterly basis to tell you how we are saying things. Now in terms of seasonality, you need to take into account that the impact or the measures of containing costs will have a delay from when you start because it's fixed cost, and it takes the time to reduce those kind of costs.

So normally, you have a broader, as we said, more acute impact of the outbreak in the first quarter, first half of the year. And then if the situation improves, you will see an even better rebound in the second part of the year because, in theory, this V-shape is to happen, you will have the double benefit of the revenue recovery and the cost measures having a larger impact. But all of this is today, as you can imagine, a mathematical model that will depend on the reality of the evolution of the industry and the outbreak in general.

So on the -- in the Distribution business, obviously, I think both of your main competitors are looking at accelerating the revamp of their technology. I just wonder how -- I know I realize that's fairly recent developments in some cases. But I just wonder whether you think that's -- how that's going to play out in for you in terms of market share?

Is that an opportunity or a risk? Has there been any feedback from any of your travel agencies or airlines around that and what it means? And then the second one was on the acquisition of the Sky Suite portfolio. I realized it looks like that's fairly small, but maybe just talk a little bit about what that gives you.

And you're entering there into the operations part of the market. Is that a full suite? Are there more acquisitions or development you managed to do to round that out? Of course, yes, I mean, this is always an ongoing battle with our competitors. We invest the best way we can in our technology, and they will the do same. And the only thing we can do is try to really provide a good service, having good solutions and keep growing on the market share. This year is going to be a bit more -- I wouldn't say more difficult for us, not for anyone, is the fact that in the current situation until things clarify, it's always the discussions with the customers are a bit different because everybody is more concerned about the volumes, the traffic, the situation done probably about the midterm future, okay?

It's more that impact I see currently, but hopefully, this will be fixed, that the fact of the dynamics with our competitors that are not new. For the last 20 years, we have been fighting with different technologies, and we try to be ahead as much as we can.

And of course, they will try to be ahead of us if they can, and we are trying to invest in new things. And we mentioned about the investments in NDC in trying to aggregate the content to be ahead, but I'm sure they will try to do the same as they have always done. So I don't see any specific change as far as we know. But of course, with all the respect to our competitors.

In terms of the Sky Suite, yes, you are right. I mean we have been working with this company to really provide to our customers a solution on the network planning. It is completely right. We are entering into the operational area. We believe it's an area of interest for us. This is an step we have taken to say we are going to go further than that, in my view, is early stages. Of course, we try to see into opportunities, growth, needs of the carriers, when we talk about the strategy of airlines.

And In this case, we have been working with this company for a long time. The solution they have, in our view, is very good, a modern state of the art. We know the company that has been already integration joint work and we were even acting for some time and selling dissolutions for some years already. So we will continue doing so in controlling our technology that is behind that.

So when they say minus 0. So we've done own estimation, which is if we exclude this, the overall traffic, excluding domestic China, would be declining by -- will be increasing by 1 percentage point. And that's because these are more or less addressable market, that's what we have used in estimation, following the pattern of the SARS in model, what it would be. Of course, we have done some assumptions because we don't know exactly how IATA estimated the domestic traffic in China, et cetera.

So the 1 percentage point is our own Amadeus's internal estimations based on what we have seen in prior years of the weight of the domestic market on the overall IATA figures for a yearly basis, et cetera. And that's why, Neil, we are all the time saying, we are not able to give you an outlook. We don't know yet. It's too early, but we are trying to help you and understand the dynamics of how the model impact -- would impact our results. And I understand, obviously, that you've then taken -- it's very hypothetical, but based upon the nature of the data that you've got, you seem to be suggesting that if the profile follows what I asked for a forecasting, you could end up the year with low to mid-single-digit overall revenue growth.

But presumably, if you've done that modeling, you must have a sense as to what the -- how the leverage would work out or the deleverage, if you like, and what the impact on EBITDA margin would be, notwithstanding your ability to take some costs out? And what we are trying to say is that, of course, everything will depend on the total evolution.

It will depend on the size of the -- and the length of the impact of the outbreak. And then, as I was trying to explain previously to Stacy, we will do our tighter cost control in order to try to offset as much as possible, the negative impact on revenues.

But at the same time, we are protecting investment. Of course, if this was to last longer and be more acute and be even worse, but then you can postpone things and you can monitor and you can have them. And you have always a delay between the implementation of the measure and the actual impact on the profit and loss account because part of it is fixed cost. Luis, I think you mentioned some of the kind of run rates of decline you're seeing in both GDS and IT Solutions, thus far in terms of an impact from corona, could you just clarify them again?

And then secondly, maybe if we just switch gears a little bit and we did see that Sabre 1, Accor recently, could you maybe comment on some of the kind of competitive dynamics you're seeing on the hotel side as well, please?

The figures I mentioned is that on the GDS underlying growth industry, we were talking. Again, I mean, even if we are providing these figures to be transparent with you, I mean, these figures are what we have seen in some days. Of course, we need to see how the situation works, okay?

It's only January and mid-February, which there are a lot -- precisely in the Asia Pac region, there's a lot of activities related to the Chinese New Year. So we don't know exactly what we have tried to do to provide you these numbers is to try to distinguish between what is the year-on-year incremental bookings, minus the cancellations, trying to eliminate the impacts on a given day of the seasonality of the festivities and trying to extract an underlying number of the GDS industry.

But we don't -- we can't give you an exact number. And that's because -- and I think we have mentioned that, normally when there is a shock to the system, and this is -- it happens with health, but it also happens when there are earthquakes and whether there is any kind of impact shock to the people.

People book, we book, cancel book, we book. So some of the new books may come from previously based cancellations and then you may have cancellations afterwards. So we don't know exactly. The other number that we are giving you is the organic traffic, which is a combined blend between what we see in our low-cost carrier's platform, New Sky, and on the Altea platform.

And again, the regions, we see further declines in the Asia Pac region, we see a still strong growth in some of the low-cost carriers in the U. Going back to the comments of Accor. I mean this is a big market. Each company, Sabre or inaudible or whatever competitors try to really reach their own agreements.

As you know, we have already our own PMS. Look, they have their own agreements. We have our agreements. We are very optimistic about the strategy we follow. They have their own strategy with their customers. And that's it. So there is not much to mention. We talked to Accor. Accor is a great customer of us in many areas. So we manage functionalities of Accor in sales and catering and other parts, and they have taken the decision to work with Sabre for some of their modules and develop these PMS together.

So again, we compete, we have different views in some areas, different technologies and different approaches to the market, and that's it. But I still believe the opportunities of this industry are huge and it proves in our current performance, which is very positive.

Just in terms of the cost measures you're taking, have you actually started anything yet in terms of cutting back on travel yourselves or something on hiring, for instance? Is there any way you can sort of square clear the circle there on the differences? I mean, look, the answer is yes. Of course, when -- I mean, we try to manage the company as much responsible as we can. And when we see the revenues not coming or the bookings decrease, of course, we take measures immediately.

It's not the same, as Ana was explaining, if the situation we consider is temporary, which is our assumption, and therefore, we take shorter measures, we delay some things, and then, of course, we keep things that, for us, are important for the future. So we are continuously reviewing that.

Then if the situation lasts for long, we are talking about a different situation. So of course, we react quickly. We have taken already internally measures that will be adapted depending on the evolution, really. That's the reality of how we try to manage the situation. If the situation becomes very, very, very bad for whatever reason, then of course, we will take further measures. We combine a deep understanding of how people travel with the ability to design and deliver the most complex, trusted, critical systems our customers need.

We help connect over 1. We have a global mindset and a local presence wherever our customers need us. Our purpose is to shape the future of travel. We are passionate in our pursuit of better technology that makes better journeys.

The company is also part of the EuroStoxx50 and has been recognised by the Dow Jones Sustainability Index for the last eight years. Press Office. As the bank of the European Union, it supports social housing and energy efficiency projects.

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INVESTMENT BANKING INTERNSHIP DC

So on the -- in the Distribution business, obviously, I think both of your main competitors are looking at accelerating the revamp of their technology. I just wonder how -- I know I realize that's fairly recent developments in some cases. But I just wonder whether you think that's -- how that's going to play out in for you in terms of market share? Is that an opportunity or a risk? Has there been any feedback from any of your travel agencies or airlines around that and what it means?

And then the second one was on the acquisition of the Sky Suite portfolio. I realized it looks like that's fairly small, but maybe just talk a little bit about what that gives you. And you're entering there into the operations part of the market. Is that a full suite? Are there more acquisitions or development you managed to do to round that out? Of course, yes, I mean, this is always an ongoing battle with our competitors.

We invest the best way we can in our technology, and they will the do same. And the only thing we can do is try to really provide a good service, having good solutions and keep growing on the market share. This year is going to be a bit more -- I wouldn't say more difficult for us, not for anyone, is the fact that in the current situation until things clarify, it's always the discussions with the customers are a bit different because everybody is more concerned about the volumes, the traffic, the situation done probably about the midterm future, okay?

It's more that impact I see currently, but hopefully, this will be fixed, that the fact of the dynamics with our competitors that are not new. For the last 20 years, we have been fighting with different technologies, and we try to be ahead as much as we can. And of course, they will try to be ahead of us if they can, and we are trying to invest in new things. And we mentioned about the investments in NDC in trying to aggregate the content to be ahead, but I'm sure they will try to do the same as they have always done.

So I don't see any specific change as far as we know. But of course, with all the respect to our competitors. In terms of the Sky Suite, yes, you are right. I mean we have been working with this company to really provide to our customers a solution on the network planning. It is completely right. We are entering into the operational area. We believe it's an area of interest for us. This is an step we have taken to say we are going to go further than that, in my view, is early stages.

Of course, we try to see into opportunities, growth, needs of the carriers, when we talk about the strategy of airlines. And In this case, we have been working with this company for a long time. The solution they have, in our view, is very good, a modern state of the art.

We know the company that has been already integration joint work and we were even acting for some time and selling dissolutions for some years already. So we will continue doing so in controlling our technology that is behind that. So when they say minus 0. So we've done own estimation, which is if we exclude this, the overall traffic, excluding domestic China, would be declining by -- will be increasing by 1 percentage point.

And that's because these are more or less addressable market, that's what we have used in estimation, following the pattern of the SARS in model, what it would be. Of course, we have done some assumptions because we don't know exactly how IATA estimated the domestic traffic in China, et cetera. So the 1 percentage point is our own Amadeus's internal estimations based on what we have seen in prior years of the weight of the domestic market on the overall IATA figures for a yearly basis, et cetera.

And that's why, Neil, we are all the time saying, we are not able to give you an outlook. We don't know yet. It's too early, but we are trying to help you and understand the dynamics of how the model impact -- would impact our results. And I understand, obviously, that you've then taken -- it's very hypothetical, but based upon the nature of the data that you've got, you seem to be suggesting that if the profile follows what I asked for a forecasting, you could end up the year with low to mid-single-digit overall revenue growth.

But presumably, if you've done that modeling, you must have a sense as to what the -- how the leverage would work out or the deleverage, if you like, and what the impact on EBITDA margin would be, notwithstanding your ability to take some costs out? And what we are trying to say is that, of course, everything will depend on the total evolution.

It will depend on the size of the -- and the length of the impact of the outbreak. And then, as I was trying to explain previously to Stacy, we will do our tighter cost control in order to try to offset as much as possible, the negative impact on revenues. But at the same time, we are protecting investment.

Of course, if this was to last longer and be more acute and be even worse, but then you can postpone things and you can monitor and you can have them. And you have always a delay between the implementation of the measure and the actual impact on the profit and loss account because part of it is fixed cost.

Luis, I think you mentioned some of the kind of run rates of decline you're seeing in both GDS and IT Solutions, thus far in terms of an impact from corona, could you just clarify them again? And then secondly, maybe if we just switch gears a little bit and we did see that Sabre 1, Accor recently, could you maybe comment on some of the kind of competitive dynamics you're seeing on the hotel side as well, please? The figures I mentioned is that on the GDS underlying growth industry, we were talking.

Again, I mean, even if we are providing these figures to be transparent with you, I mean, these figures are what we have seen in some days. Of course, we need to see how the situation works, okay? It's only January and mid-February, which there are a lot -- precisely in the Asia Pac region, there's a lot of activities related to the Chinese New Year.

So we don't know exactly what we have tried to do to provide you these numbers is to try to distinguish between what is the year-on-year incremental bookings, minus the cancellations, trying to eliminate the impacts on a given day of the seasonality of the festivities and trying to extract an underlying number of the GDS industry. But we don't -- we can't give you an exact number. And that's because -- and I think we have mentioned that, normally when there is a shock to the system, and this is -- it happens with health, but it also happens when there are earthquakes and whether there is any kind of impact shock to the people.

People book, we book, cancel book, we book. So some of the new books may come from previously based cancellations and then you may have cancellations afterwards. So we don't know exactly. The other number that we are giving you is the organic traffic, which is a combined blend between what we see in our low-cost carrier's platform, New Sky, and on the Altea platform.

And again, the regions, we see further declines in the Asia Pac region, we see a still strong growth in some of the low-cost carriers in the U. Going back to the comments of Accor. I mean this is a big market. Each company, Sabre or inaudible or whatever competitors try to really reach their own agreements. As you know, we have already our own PMS. Look, they have their own agreements. We have our agreements. We are very optimistic about the strategy we follow.

They have their own strategy with their customers. And that's it. So there is not much to mention. We talked to Accor. Accor is a great customer of us in many areas. So we manage functionalities of Accor in sales and catering and other parts, and they have taken the decision to work with Sabre for some of their modules and develop these PMS together. So again, we compete, we have different views in some areas, different technologies and different approaches to the market, and that's it.

But I still believe the opportunities of this industry are huge and it proves in our current performance, which is very positive. Just in terms of the cost measures you're taking, have you actually started anything yet in terms of cutting back on travel yourselves or something on hiring, for instance? Is there any way you can sort of square clear the circle there on the differences?

I mean, look, the answer is yes. Of course, when -- I mean, we try to manage the company as much responsible as we can. And when we see the revenues not coming or the bookings decrease, of course, we take measures immediately. It's not the same, as Ana was explaining, if the situation we consider is temporary, which is our assumption, and therefore, we take shorter measures, we delay some things, and then, of course, we keep things that, for us, are important for the future.

So we are continuously reviewing that. Then if the situation lasts for long, we are talking about a different situation. So of course, we react quickly. We have taken already internally measures that will be adapted depending on the evolution, really. That's the reality of how we try to manage the situation. If the situation becomes very, very, very bad for whatever reason, then of course, we will take further measures. There is some time, of course, because when the machine is running in any company, you have offers to people, you have travel, you have all kinds of costs, and it takes a bit of time to really stop some of these expenses.

Some of them are easier, some of them take a bit more time, some of them are related to projects that need to continue because we have commitments with customers. But there are some of the things where we can say, okay, we are going to delay this project to next year or we are going to delay the project until we have more clarity about how the revenues are coming.

So it's quite active in all sense, but the answer is yes, we have already taken. Because, of course, since the end of the month, when these things started to appear, we started to see the impact on our volumes. And therefore, we started very quickly to take measures.

So we pay incentives to travel agencies and distribution fees to our distributors in several markets, based on the number of bookings that happen in those markets. If those bookings do not come, our revenue decline because we don't get the booking fee, but we do not pay the incentive or distribution fee. Our variable costs will decline with volumes exactly in perfect line, perfect matching with the decline of the revenue.

And then what you lose is margin, of course, because we do margin on our bookings, which is why we were explaining that our EBITDA logically has a larger impact than the revenue. But we are -- and then the difference between what Sabre reported in the industry and our own reporting of the industry, I think that we have explained several times that not all the way, we count the bookings, we have information, which comes from the travel agencies on the bookings and how we do, we can see the GDSs and then it depends how you take that information, it depends if you count the group bookings, it depends if you count the cancellations or not the cancellations, it also depends on which regions you are putting.

It's very complicated data that we have to date, some people are including on those bookings, since which are booked with air, but it's not air. When we compound -- when we give our own number of bookings, if we don't charge for them, we don't count them. Some other people may count bookings they don't charge for it. So it's a proxy. I think that we have -- ever since the time of our IPO, we go back to the document of the IPO, there was a very long section on explaining how we do this because we know that it's not an absolute number.

It's the same thing. If you get the industry, and you put the market share, it does not always match mathematically to the total number of bookings because it's not so easy to come with the views on how the 3 GDSs report and how travel agencies report.

So take it as a proxy. What we are saying is that the industry in the last quarter of the year was declining more than in the previous quarters of the year. And I think in that trend, we both agree that the fourth quarter of , in general terms, was deteriorating on GDS industry compared to the previous 3 quarters of On the attribute-based functionality at ISG, have you -- can you give an update on where you are and when that project should be completed?

I mean we have continuous releases. So this is being implemented, and -- I mean, we are, as we speak, we continue improving the functionality. So it's been implemented completely. And for how long? I mean we will continuously working with ISG in a different way, of course. But -- okay, we will continue improving our platform, working with ISG to really make a reality of everything that needs to be done, but -- I mean, it's a continuous process of delivering functionalities related to that.

Two questions, if I may? And whether in -- even if all in certain regions, you have seen acceleration or stabilization that you is required? Then in terms of -- just to confirm, in terms of -- I understand that you're containing some of your CapEx and OpEx to minimize the impact of the virus on traffic.

Is there is it fair to assume that you have enough flexibility to be within the 1 to 1. And third question related to NDC. Some large airlines, namely Air Europa, reporting a certain and growing amount of traffic through NDC, which independently on the criteria that they use to qualify, according to them, is being channeled through other aggregators that's not incumbent GDS providers.

It's true that you have been mentioned that is in transition exists, but as far as I understood, it has been affecting namely local bookings. Can you confirm that this is still your view on this front? So let me try to -- first, we are beyond the time of our call. So -- and we can see on the screen, that there is still a couple of questions. So if you don't mind, we will end up the call at quarter past two, so whatever time takes into that time, we will take?

And if not, as you know, the IRR team is at your disposition to later on, keep on taking as many calls of the -- as you required, and we will be providing as much information afterwards as needed, okay, to start that. Now in terms of color, I think that we have given you as much as we can disclose, more in the Asia Pac region on different days, depending the cancellations, and there's not much more that we can give you about that. We will - don't worry, we will quarterly keep on updating you, and we will see the evolution as we've seen that the outbreak is expanding in different countries.

Maybe the evolution is worse or maybe people get used to it, and it improves. As we see it, we will be giving you more color on that. On the NDC, basically, what we have is agreements with different carriers, different travel agencies, and there are twofolded.

And then with the travel agencies, we have NDC Connect, which is the -- so that the travel agencies in a single front office, they can obtain the content no matter where it comes from, whether it comes from GDS, whether it comes from NDC and through all of the touch points in all of the selling point. Of course, on the IT side, it's both for the direct and indirect channel. On the NDC Connect side of it, is for the travel agencies and with the airlines on the indirect channel.

And with different airlines and with different travel agencies, we have different deals. And as you know, we do not comment on a specific agreement with specific customers. Just a follow-up. It's not one customer, it's a lot of customers, IAGs and inaudible , there are other airlines in Europa to see in.

The airlines distributes our content through different models and inaudible factors. So basically, I guess, they're referring sometimes to aggregators, which they also have. And on their NDC part of the travel agency, is what we also have is some of these aggregates that we can also pull the content from them and provide it to the travel agencies as well. So that's why if you want to know the percentages of the airlines, so I think that's a question that you have to ask them how much through which of their different NDC connections they are doing with whom.

We cannot give you the data of those that are doing things with us, which is what I was referring to the confidentiality of the customers. We do have connectivity with NDC, with carriers and with travel agencies, not all of them, but we are working with them. The most recent that we have announced is with Japan Airlines. And as we get agreement with different carriers, we will keep you posted on how we evolve. Just the first one, just in terms of the impact on travel agent incentives.

Or indeed, I expect certainly a range of your travel agents, particularly in Asia may suffer some financial difficulties over the next period. If this lasts long enough, just interested in your approach to that, how helpful can you be?

And what is your strategy when your door is knocked on potentially? Then the second question, more opportunistically. Again, I'm sure some airlines and hotels in Asia, in particular, may be licking their wounds in the aftermath of this situation. Can you use this period to make more progress with them to structurally improve their revenues to help recovery?

And we, of course, it's not the first time that we have a shock. I think that probably one of the things that airlines and most probably appreciate at this stage is that we are one of the -- probably a few variable costs that they have. Therefore, if there are no transactions, they don't need to pay any fee, nor for the booking, nor for the passenger boarded. So we become a buyable cost.

And therefore, as their volumes reduce, our transaction-based business also reduces. And that's why our revenues reduce. So we contribute directly to the -- helping them. Now what you are asking is, is the financial situation of the airlines later on is going to be later. Unfortunately, we've seen airlines ceasing operations in the past, hopefully, they can recover. They also have the fuel, which is also helping them because it's at lower terms, which is a very large fixed cost.

They will have their own cost measures. Some of them have already announced. Some of them -- and we have been, as Luis was saying, partnering with airlines across the world for the last 30 years. Now if after this and after this shock, hotels or airlines want to keep on improving on their strategy to improve their business, that comes back to the same underlying business. That's precisely what we've been talking to them for the last time. And therefore, in the long term, we hope that we can continue to help the industry to enhance the way they manage their business.

That's precisely what Amadeus is here for, to help the travel industry, to perform better and to serve our customers as much as I can. So I'm not -- I can't give you much color on that one. Or are you comfortable that the credit risk as such is manageable for you at this point? I mean, look, this -- again, this is an ongoing business. We review carefully when we have deals with our customers, of course, from a financial point of view, usually, I mean, the risk is low. But yes, there may be some travel agencies that may have difficulties.

And you have seen some examples in the past. And even in some cases, we decided not to pay signing bonuses for the risk that some selling agencies may bring. But of course, we expect that they will be able to really go through this time. And that's our assumption, but impossible to really say what may happen with the industry.

This is a -- there has been always new travel agencies, travel agencies that disappear, travel agencies that go under difficulties. And in this case, could be the case, too, as you are pointing out, and we will follow that. We track that. We have our own risk management committees internally and much more than that, we cannot do and working with them, of course, to support them in this time. So I'm trying to support them when the recovery comes.

So the Hospitality business, I believe, is mostly on a property basis rather than a PB-type model. So would you expect that to be less impacted from corona, all things being equal? I appreciate it's difficult to quantify numerically. But I mean, it presumably much less than the kind of one for one volumes to revenue impact that you see more on the distribution side.

That's the first question. And secondly, are you expecting implicitly much lower than normal GDS disintermediation in FY '20 or disintermediation for you, at least on the GDS side? I mean if you are expecting lower disintermediation, is that just the India and underweight China effects or is there anything else in there?

Let me try and see if I can answer the questions. The Hospitality business, the reason why we were saying that probably is less -- is going to be less impacted, which, again, we don't know. And in this case, we are relying on the experience of the TravelClick and the rest of the members of the team.

What we see is that it's more U. And as for the time being, the U. And therefore, what we are trying to explain is that today -- as of today, we see less of an impact. In the future, we will have to see how this evolves. Now on business models, it's true that not all of it is based on transactions. They are especially for the lower end of the properties. Some of them are based on different business models. And therefore, you have a little bit more of resilience there.

So that's a combination of both factors that have given us the point of telling you that, as of today, we do believe that the hospitality -- first, we are seeing less impact from what we've seen today and probably will be less impacted by this. Now on the GDS, we have not made much assumptions on this intermediation. We have not been changing because it's very difficult in this kind of situation to predict, and I think Luis has also mentioned the same thing on market share.

So everybody today is trying to deal with the current situation. And then whether it's this intermediation, more or less, what is the strategy of the airlines, whether we are going to be able to convince more or less travel agencies to work with us? We will see throughout the year. We have not put anything into the model. We've taken the average disintermediation. We've taken the average traffic.

And with that, we have done the mathematical exercise that we've shared with you. No more assumptions. There are already enough of assumptions in that model to start adding how much more market share, how much more days, how much more that.

So we've taken the average trend of an average year, which may be wrong or right, and we will have to see as the days evolves. I will now give back the floor to Mr. Luis Maroto for the final remarks. Thank you. It has been a bit longer than usual, but due the situation, we feel it was right.

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Mutual Funds. Your Money. Personal Finance. Your Practice. Popular Courses. Business Business Essentials. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Reading the Price-to-Research Ratio — PRR The price-to-research ratio measures the relationship between a company's market capitalization and its research and development expenses.

The price-to-research ratio is calculated by dividing a company's market value by its last 12 months of expenditures on research and development. New Drug A new drug is an original or innovative medication or therapy that has not been used before in clinical practice to treat a disease or condition.

Learn about Operating Expense An operating expense is an expenditure that a business incurs as a result of performing its normal business operations. Partner Links. Treasury Regulations section 1. In other words, the expenditures must be from a qualified research activity in order to qualify for the credit. Internal Revenue Code IRC section 41 b 2 defines in-house research expenses as any wages paid or incurred to an employee for qualified services performed by such employee, amounts paid or incurred for supplies used in the conduct of qualified research, and under regulations prescribed by the Treasury Secretary, any amounts paid or incurred to another person for the right to use computers in the conduct of qualified research.

Case history provides some guidance for software companies who develop software for commercial purposes. Developing software products that are new and innovative compared with other commercially available software products in the field does not mean discovery of new information, nor does the mere evidence that the taxpayer has developed a new and useful product in and of itself qualify as discovering new information [ Tax and Accounting Software Corp.

Under Treasury Regulations section 1. Evaluating alternatives can involve modeling, simulation, or a systematic trial and error methodology; this means that simple trial and error to evaluate alternatives in order to validate a process is not sufficient [ Union Carbide Corp.

In addition, evaluating alternatives to eliminate uncertainty arising during the project does not meet the process of experimentation requirement since the uncertainty was not at the beginning of the research activity U. Under IRC section 41 d , qualified research must meet certain requirements in order to qualify for the credit.

Qualified research means research—. Uncertainty exists in the context of the section test if the information that is available to the taxpayer is not sufficient to capably develop or improve a product. The discovering technological information test requires the research activity to be technological in nature. To satisfy this requirement, the process of experimentation used to discover information must fundamentally rely on the principles of the physical, biological, engineering, or computer sciences.

This is not a difficult test to pass. The use of complicated algorithms in robotics would certainly satisfy the discovering technological information test; however, research activity does not have to be a major technological advancement, and it certainly does not have to be overly costly. To satisfy the discovering technological information test, the activity must simply discover new information or knowledge—even if the increased knowledge is minimal—and rely on the principles of one of the sciences listed above.

The issuance of a patent by the U. Patent and Trademark Office is conclusive evidence that a taxpayer has discovered information that is technological in nature under the patent safe harbor rule [Treasury Regulations section 1. But it is not conclusive proof of qualified research, since a patent only satisfies the discovery test and all four tests must be met for qualified research. The business component test requires a taxpayer to apply the discovered information to develop a new or improved business component.

To pass this test, the taxpayer must discover new information i. Research activity does not have to be a major technological advancement, and it certainly does not have to be overly costly. The process of experimentation test requires that substantially all of the activities comprise elements of a process of experimentation for a purpose.

For example, Company Y is a defense contractor that manufactures military vehicles, specializing in armored vehicles such as tanks. Some of the alternatives involve pulling the turret, while others involve pushing it. By evaluating all possibilities regarding the turret assembly, Company Y is engaging in a process of experimentation and satisfying the fourth and final test.

The following activities are specifically excluded from qualified research activities: research after commercial production; activities for adaptation; activities of duplication; activities relating to surveys; studies, and research relating to management functions; foreign research; research in the social sciences; funded research; and research performed outside of the United States.

Basic research is defined as an original investigation to gain scientific knowledge without having a specific commercial objective. This definition does not include basic research conducted outside of the United States, nor research in the arts, humanities, or social sciences. Basic research must be performed by a qualified organization, which includes certain qualified educational systems considered to be higher educational institutions, qualified scientific research organizations, and qualified grant organizations under IRC section 41 e 6.

Other tax credits and incentives, such as the domestic manufacturing deduction, were either revised or repealed entirely. The corporate AMT repeal is effective for tax years beginning after December 31, It is important to note that AMT carryovers after can be used to offset any tax liability in excess of general business credit reductions. Any AMT credits that remain after the tax year will be fully refundable in the tax year.

A business can take the credit for all open tax years, and tax credits may carry forward 20 years. Currently, section expenses are either deducted in the current year or capitalized and amortized over a useful life of at least 60 months or for 10 years. Beginning in tax years after December 21, , expenditures under section must be capitalized and amortized ratably over a five-year period, if conducted within the United States, or a year period, if conducted outside the United States.

This may result in a shorter amortization period and provides an incentive for businesses to keep or move research or experimentation activities to the United States. If this language change becomes effective for tax years beginning after December 21, , taxpayers will not be able to rely on Revenue Proceeding to deduct software development costs.

A section 59 e election can increase taxable income, allowing for net operating losses to be carried forward. Corporations with income from foreign sources may consider eliminating any domestic net operating losses using the section 59 e election in order to utilize available foreign tax credits.

Of course, the guidelines presented in IRC section 41 for qualified research expenses and qualified research activities must be followed. Examples may include the discovery of new visual effects and new methods for the distribution of films, including digital distribution and video streaming. Discovering new methods of shooting movies, such as using digital cameras, can also be a qualified research activity.

Qualifying research also exists within the agriculture industry. For example, opportunities exist in discovering new methods of hybridization or development of new strains of crops, plants, or livestock.