Saber executives said first-quarter corporate travel demand “accelerated” as total net air bookings exceeded 50 percent of pre-epidemic levels.
In the first quarter, Saber’s distribution revenue grew 126 percent year-over-year to $ 343 million, bringing total net bookings to 65 million, up 42 percent from the first quarter of 2019. Bookings have improved every month, starting at 29 percent in January 2019 and increased to 45 percent and 52 percent in February and March, respectively.
While leisure travel is still recovering faster than corporate travel, that gap has narrowed as corporate travel recovery accelerates, Saber CEO Shawn Men said in an earnings call. The domestic corporate travel quarter has recovered to 66 percent of the 2019 level and about 73 percent in leisure time, he said.
Some of the most active business sectors for corporate travel have recovered more quickly.
“While still below the overall recovery of most other sectors, the financial, consulting and IT sectors, which have historically been heavily traveled, have rapidly accelerated Q1 at any time since the onset of the epidemic,” Menke said. “These sectors also quarterly at their highest level of overall recovery since the onset of the epidemic.”
Saber President Kurt Eckert also noted that the quarterly cancellation rate has slowed, which has increased Saber’s average booking fee for the quarter.
Saber’s total revenue for the first quarter was $ 585 million, up from $ 327 million in the first quarter of 2021. Its operating loss for the quarter was $ 80 million, an improvement from the operating loss of $ 203 million in the first quarter of 2021.
Saber Q4 returns