October Data Ahead:
Our data indicates the month of October was ahead of typical monthly seasonality for airline transactions. It’s too early to perfectly project the quarter but at this point we’d peg our 4Q17 TN revenue at $538m, including incremental revenue from FlightCentre. The Street is at $607mn.
We honestly can’t understand why the Street is so far above our #. Typical seasonality for domestic transactions is down d-d% sequentially in 4Q, and International is down mid to high s-d% q/q. Even if I give Sabre credit for keeping the pricing growth from last Q, which management said they won’t keep, revenue would come to $559m.
More data here...more analysis to follow