Distribution and technology giant Sabre is using the pandemic to "right-size" the business in the wake of the huge disruption to passenger and service volumes.
The company saw its overall revenue drop from $1 billion in the second quarter of 2019 to just $83 million in the corresponding period this year.
Adjusted EBITDA moved $235 million to a loss of $210 million between the two quarters, with an operating income of $126 million to a $306 million loss.
CEO Sean Menke says the current climate "remains an extraordinary time of disruption in global travel" and its cost-cutting measures have been put in place to ensure it is in a good position for when the environment improves.
He adds: "Although we exited the quarter with positive net air bookings in June for the first time since early March and stronger improvement in hotel bookings, the overall travel environment remains severely depressed."
Revenue in the Travel Network distribution unit at Sabre fell from $725 million in Q2 2019 to -$33 million (105%), reflecting net negative bookings in the quarter and cancellations exceeding them.
The Airline Solutions business fell 57% from $212 million to $90 million year-over-year, whilst Hospitality Solutions faced a similar drop of 61% to $29 million.
Total bookings through the GDS dropped from 142 million to -7.3 million, again reflecting the cancellations that occurred between April and June this year.
Sabre moved quickly in March to find $200 million worth of cost savings - a program that was supplemented with 800 further job cuts in June.
Menke says the company is seeing lower technology costs as a result of its Google Cloud migration (announced in January of this year), as well as renewing a number of its key airline distribution accounts, including those with United Airlines, Air New Zealand and Finnair.