Sabre Corporation (SABR) Morgan Stanley Technology, Media & Telecom Conference 2026 March 3, 2026 12:15 PM EST
Company Participants
Kurt Ekert – CEO, President & Director
Michael Randolfi – Executive VP & CFO
Conference Call Participants
Josh Baer – Morgan Stanley, Research Division
Presentation
Josh Baer
Morgan Stanley, Research Division
All right. Before we begin, for important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. And if you have any questions, please reach out to your Morgan Stanley sales representatives. My name is Josh Baer, software analyst at Morgan Stanley. Thrilled to have the Sabre leadership team here with us today, Kurt Ekert, CEO; and Mike Randolfi, CFO. Thank you so much for joining us.
Kurt Ekert
CEO, President & Director
Thanks, Josh. Our pleasure.
Question-and-Answer Session
Josh Baer
Morgan Stanley, Research Division
Great to see you. Maybe let’s kick it off with the exciting news around shareholder rights before we get into AI in the business. Can you give some background on the recent shareholder rights plan with regard to Constellation? What does it entail? What is it in response to?
Kurt Ekert
CEO, President & Director
Yes. So you saw the press release we issued on Sunday evening, and there were other disclosures we issued as well. That was in response to a significant accumulation of shares by Constellation, a Sabre shareholder. And we took this action to protect the company as well as the shareholders. So beyond that, we’re not going to comment publicly today. But we believe this — we have spoken to a number of investors and analysts and generally, we received a favorable response and folks understand why we’ve done this.
Josh Baer
Morgan Stanley, Research Division
Okay. We saw the market response as well. So Kurt, from your perspective, to kick it off, what were some