Hin Fung Cheng
BofA Securities, Research Division

Let's get started. So I'm Victor Cheng, working in Bank of America covering most of European software and focus a bit more on travel tech. And -- good morning, good afternoon, everyone. I'm very delighted today to have Kurt Ekert, CEO of Sabre; and Mike Randolfi, CFO of Sabre today with us. We have a lot of questions to go through. So I'll get started, but let's see if we have some time for Q&As either in person or on the call.

Hin Fung Cheng
BofA Securities, Research Division

So let's get started. Maybe can you tell us a bit more -- can you give us some color on what you're seeing with the current travel capacity, supply and demand given ongoing Middle East disruption? I think IATA just recently lowered their forecast from 4.9% growth this year to 2.1%. Any view since, I guess, results?

Michael Randolfi
Executive VP & CFO

Yes. Well, thanks for the question, Victor. And so I think it's important to start with what our base planning assumption was when we originally built our plans and our expectations for 2026. And as part of that, we had originally guided to air distribution bookings up in the mid-single digits. And what's important about that is that assumption is predicated -- has been predicated upon not that there's a point of view on the industry, but a planning assumption that the GDS industry from an air distribution bookings perspective would be relatively flat. Now that's -- in February, that was despite the expectation that airline capacity would