Sabre Corp

Listed Company

SABRCIK 0001597033NasdaqLarge AcceleratedServices-Computer Programming, Data Processing, Etc.DelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.77B

Net Income

$524.62M

Total Assets

$4.50B

Equity

$-1.04B

Shares Out

395.17M

Op. Cash Flow

$-108.86M

Business

Sabre Corp provides technology and distribution solutions that enable the global travel industry to connect travel suppliers and buyers and support travel retailing, reservations, and operations. It offers a global distribution system, reservation and commercial operations software for airlines, SaaS and hosted property management, booking and retailing solutions for hoteliers, data and analytics, professional services, and digital marketing and retailing offerings. The company reports two segments: Travel Solutions, which includes its GDS and airline IT products, and Hospitality Solutions, which comprises hotel SaaS and hosted products. Sabre distributes its products worldwide through direct supplier relationships, travel agencies, OTAs, travel management companies, and cloud-based channels.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	2,771	2,745	2,642	2,537	1,689
Cost of revenue, excluding technology costs	1,207	1,146	1,076	1,041	691
Technology costs	711	781	951	1,096	1,053
Selling, general and administrative	557	576	583	661	610
Operating income	295	242	32	−261	−665
Interest expense, net	−448	−453	−397	−295	—
Loss on extinguishment of debt, net	−91	−38	−109	−4	−13
Equity method income	3	3	2	686,000	−264,000
Other, net	391,000	−21	13	137	−2
Total other expense, net	−535	−509	−490	−162	−273
Loss from continuing operations before income taxes	−239	−267	−458	−423	−938
Provision for income taxes	16	4	34	9	−15
Loss from continuing operations	−255	−272	−492	−432	−924
Income (loss) from discontinued operations, net of tax	779	−7	−36	−679,000	−3
Net income (loss)	524	−279	−528	−433	−926
Net (loss) income attributable to noncontrolling interests	−655,000	76,000	−332,000	3	2
Net income (loss) attributable to Sabre Corporation	525	−279	−528	−435	−928
Preferred stock dividends	0	0	14	21	22
Net income (loss) attributable to common stockholders	525	−279	−542	−457	−950
Loss from continuing operations (in dollars per share)	−0.65	−0.71	−1.46	−1.4	−2.95
Income (loss) from discontinued operations (in dollars per share)	1.99	−0.02	−0.1	0	−0.01
Net income (loss) per common share (in dollars per share)	1.34	−0.73	−1.56	−1.4	−2.96
Loss from continuing operations (in dollars per share)	−0.65	−0.71	−1.46	−1.4	−2.95
Income (loss) from discontinued operations (in dollars per share)	1.99	−0.02	−0.1	0	−0.01
Net income (loss) per common share (in dollars per share)	1.34	−0.73	−1.56	−1.4	−2.96
Basic (in shares)	392	384	347	327	321
Diluted (in shares)	392	384	347	327	321

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	792	724	648	795	978
Restricted cash	119	21	21	21	21
Accounts receivable, net	312	287	343	354	260
Prepaid expenses and other current assets	74	77	146	192	122
Discontinued operations	0	55	—	0	21
Total current assets	1,296	1,163	1,159	1,361	1,402
Property and equipment, net of accumulated depreciation	255	234	234	229	250
Equity method investments	23	22	22	22	23
Goodwill	2,384	2,383	2,384	2,542	2,470
Finite lived intangible assets, net	285	315	376	410	441
Deferred income taxes	4	8	10	39	27
Other assets, net	255	273	317	358	475
Discontinued operations	0	236	—	0	203
Total assets	4,502	4,635	4,672	4,963	5,291
Accounts payable	260	243	232	171	123
Accrued compensation and related benefits	104	106	136	122	136
Accrued subscriber incentives	289	265	237	219	137
Deferred revenues	58	60	108	67	81
Other accrued liabilities	257	187	198	214	189
Current portion of debt	246	230	4	23	29
Discontinued operations	0	51	—	0	21
Total current liabilities	1,214	1,142	915	816	717
Deferred income taxes	37	30	31	39	38
Other noncurrent liabilities	173	204	259	264	297
Discontinued operations	0	16	—	0	15
Long-term debt	4,103	4,835	4,829	4,717	4,724
Commitments and contingencies (Note 18)	—	—	—	—	—
Redeemable noncontrolling interests	12	13	14	0	—
Common stock: $0.01 par value; 1,000,000 authorized shares; 427,366 and 414,754 shares issued, 395,004 and 385,932 shares outstanding at December 31, 2025 and 2024, respectively	4	4	4	4	3
Additional paid-in capital	3,351	3,304	3,250	3,199	3,116
Treasury stock, at cost, 32,362 and 28,822 shares at December 31, 2025 and 2024, respectively	−537	−527	−520	−514	—
Accumulated deficit	−3,803	−4,327	−4,048	−3,507	−3,050
Accumulated other comprehensive loss	−67	−74	−74	−66	−80
Noncontrolling interest	15	14	13	12	9
Total stockholders deficit	−1,036	−1,605	−1,376	−873	−500
Total liabilities and stockholders deficit	4,502	4,635	4,672	4,963	5,291

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Payment of previously paid-in-kind interest	−200	0	—	—	—
Depreciation and amortization	106	110	121	185	262
Stock-based compensation expense	46	49	47	83	121
Amortization of upfront incentive consideration	38	34	35	44	58
Amortization of debt discount and issuance costs	29	27	20	16	12
Paid-in-kind interest	28	118	54	0	0
Other	−6	7	−3	6	5
(Gain) on sale of assets	−5	0	0	—	—
Deferred income taxes	5	−2	19	−17	−28
Provision for expected credit losses	2	2	5	−285,000	−8
(Gain) loss on investment fair value adjustment	0	−3	2	—	—
Accounts and other receivables	−65	18	18	−122	−18
Prepaid expenses and other current assets	38	4	51	−22	6
Capitalized implementation costs	−9	−13	−4	−13	−19
Upfront incentive consideration	−24	−9	−14	−12	−6
Other assets	−14	−4	128,000	42	−2
Accrued compensation and related benefits	−19	−31	1	−12	52
Accounts payable and other accrued liabilities	126	37	49	131	70
Deferred revenue including upfront solution fees	−20	−39	48	−16	−5
Cash (used in) provided by operating activities	−109	70	67	−276	−415
Additions to property and equipment	−83	−80	−81	−69	−54
Proceeds from sale of assets	9	0	0	—	—
Other investing activities	−200,000	−300,000	664,000	0	0
Proceeds from sale of investments in securities	0	55	0	—	—
Purchase of investments	0	0	−11	−80	0
Cash used in investing activities	−74	−25	−91	—	—
Payments on borrowings from lenders	−3,687	−1,751	−1,574	−1,823	−1,061
Proceeds of borrowings from lenders	3,098	1,755	1,530	1,819	1,070
Payments on borrowings under Securitization Facility	−123	−91	−109	0	0
Proceeds from borrowings under Securitization Facility	123	184	219	0	0
Debt prepayment fees and issuance costs	−89	−50	−160	−33	−12
Net payment on the settlement of equity-based awards	−10	−7	−6	—	—
Net Receipts on Behalf under TSA	2	0	—	—	—
Dividends paid on preferred stock	0	0	−16	−21	−22
Proceeds from sale of redeemable shares in subsidiary	0	0	16	0	0
Other financing activities	0	0	4	−332,000	−843,000
Cash (used in) provided by financing activities	−686	40	−94	−75	−51
Cash (used in) provided by operating activities	−22	345,000	−12	−3	−3
Cash provided by (used in) investing activities	1,050	−5	−19	—	—
Cash provided by (used in) discontinued operations	1,029	−4	−30	−3	−3
Effect of exchange rate changes on cash, cash equivalents and restricted cash	4	−4	2	−2	−2
Increase (decrease) in cash, cash equivalents and restricted cash	165	76	−147	−183	−500
Cash payments for interest	589	383	395	286	247
Capitalized interest	6	8	6	2	2
Non-cash additions to property and equipment	13,000	23,000	0	3	3

Filings

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