$SABR

Sabre Corp

CIK:0001597033|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 711,961	$ 687,149	$ 1,472,287	$ 1,389,275
Cost of revenue, excluding technology costs	310,462	296,354	645,445	601,825
Technology costs	171,059	172,494	346,480	347,801
Selling, general and administrative	137,657	129,167	271,662	259,120
Operating income	92,783	89,134	208,700	180,529
Other expense:
Interest expense, net	(123,768)	(111,244)	(246,731)	(221,034)
Loss on extinguishment of debt	(230)	(85,182)	(2,958)	(85,182)
Equity method income	377	738	1,146	1,403
Other, net	6,161	(3,202)	13,162	(497)
Total other expense, net	(117,460)	(198,890)	(235,381)	(305,310)
Loss from continuing operations before income taxes	(24,677)	(109,756)	(26,681)	(124,781)
Provision for income taxes	11,696	91,262	298	79,614
Loss from continuing operations	(36,373)	(201,018)	(26,979)	(204,395)
Income (loss) from discontinued operations, net of tax	218	(55,514)	(1,168)	(16,588)
Net loss	(36,155)	(256,532)	(28,147)	(220,983)
Net (loss) income attributable to noncontrolling interests	(4)	(168)	(112)	45
Loss attributable to common stockholders	$ (36,151)	$ (256,364)	$ (28,035)	$ (221,028)
Basic net loss per share attributable to common stockholders:
Loss from continuing operations (in dollars per share)	$ (0.09)	$ (0.51)	$ (0.07)	$ (0.53)
Loss from discontinued operations (in dollars per share)	0	(0.14)	0	(0.04)
Net loss per common share (in dollars per share)	(0.09)	(0.65)	(0.07)	(0.57)
Diluted net loss per share attributable to common stockholders:
Loss from continuing operations (in dollars per share)	(0.09)	(0.51)	(0.07)	(0.53)
Loss from discontinued operations (in dollars per share)	0	(0.14)	0	(0.04)
Net loss per common share (in dollars per share)	$ (0.09)	$ (0.65)	$ (0.07)	$ (0.57)
Weighted-average common shares outstanding:
Basic (in shares)	399,351	390,905	397,264	388,601
Diluted (in shares)	399,351	390,905	397,264	388,601

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Operating Activities
Net loss	$ (36,155)	$ (256,532)	$ (28,147)	$ (220,983)
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization			53,468	50,972
Stock-based compensation expense			26,243	23,602
Amortization of upfront incentive consideration			24,684	17,735
Amortization of debt discount and issuance costs			19,932	14,916
Provision for expected credit losses			5,209	1,103
Deferred income taxes			3,641	32,277
Other			3,112	(3,317)
Loss on extinguishment of debt	230	85,182	2,958	85,182
Loss from discontinued operations	(218)	55,514	1,168	16,588
Dividends received from equity method investments			961	1,042
Payment of previously paid-in-kind interest			0	(199,938)
Paid-in-kind interest			0	28,327
Gain on sale of assets			0	(5,191)
Changes in operating assets and liabilities:
Accounts and other receivables			(69,409)	(98,505)
Prepaid expenses and other current assets			(17,920)	24,752
Capitalized implementation costs			(2,423)	(4,900)
Upfront incentive consideration			(12,473)	(9,481)
Other assets			(22,492)	(6,098)
Accrued compensation and related benefits			(44,174)	(59,349)
Accounts payable and other accrued liabilities			(37,627)	37,763
Deferred revenue including upfront solution fees			(4,722)	(8,338)
Cash used in operating activities			(98,011)	(281,841)
Investing Activities
Additions to property and equipment			(47,632)	(39,150)
Proceeds from sale of assets			0	9,267
Other investing activities			0	(200)
Cash used in investing activities			(47,632)	(30,083)
Financing Activities
Payments on borrowings from lenders			(195,415)	(1,224,531)
Proceeds on borrowings from lenders			150,000	1,325,000
Payments on borrowings under Securitization Facility			(116,750)	(39,000)
Proceeds from borrowings under Securitization Facility			114,550	54,100
Net Payments on Behalf under TSA			(10,196)	0
Debt prepayment fees and issuance costs			(7,743)	(71,094)
Net payment on the settlement of equity-based awards			(5,326)	(9,975)
Other financing activities			2,000	0
Cash (used in) provided by financing activities			(68,880)	34,500
Cash Flows from Discontinued Operations
Cash used in operating activities			(785)	(22,616)
Cash provided by (used in) investing activities			4,353	(1,788)
Cash provided by (used in) discontinued operations			3,568	(24,404)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(2,154)	3,453
Decrease in cash, cash equivalents and restricted cash			(213,109)	(298,375)
Cash, cash equivalents and restricted cash at beginning of period			910,113	745,518	$ 745,518
Cash, cash equivalents and restricted cash at end of period	$ 697,004	$ 447,143	$ 697,004	$ 447,143	$ 910,113

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 675,977	$ 791,555
Restricted cash	21,027	118,558
Accounts receivable, net of allowance for credit losses of $21,116 and $17,953	378,146	311,870
Prepaid expenses and other current assets	93,438	74,055
Total current assets	1,168,588	1,296,038
Property and equipment, net of accumulated depreciation of $1,754,420 and $1,724,044	271,211	255,323
Equity method investments	22,398	23,082
Goodwill	2,383,160	2,384,191
Deferred income taxes	4,473	3,874
Other assets, net	253,451	254,738
Total assets	4,372,441	4,502,128
Current liabilities
Accounts payable	219,519	260,035
Accrued compensation and related benefits	75,338	103,521
Accrued subscriber incentives	300,374	289,095
Deferred revenues	55,077	58,413
Other accrued liabilities	237,484	256,856
Current portion of debt	252,627	245,651
Total current liabilities	1,140,419	1,213,571
Deferred income taxes	37,542	36,614
Other noncurrent liabilities	174,355	173,172
Long-term debt	4,064,005	4,103,208
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests	11,275	12,057
Stockholders’ deficit
Common Stock: $0.01 par value; 1,000,000 authorized shares; 439,268 and 427,366 shares issued, 403,568 and 395,004 shares outstanding at June 30, 2026 and December 31, 2025, respectively	4,393	4,274
Additional paid-in capital	3,364,574	3,351,111
Treasury Stock, at cost, 35,700 and 32,362 shares at June 30, 2026 and December 31, 2025, respectively	(542,520)	(537,197)
Accumulated deficit	(3,830,570)	(3,802,535)
Accumulated other comprehensive loss	(66,211)	(66,656)
Noncontrolling interest	15,179	14,509
Total stockholders’ deficit	(1,055,155)	(1,036,494)
Total liabilities and stockholders’ deficit	4,372,441	4,502,128
Customer Relationships
Current assets
Finite lived intangible assets, net	149,951	159,326
Other Intangible Assets
Current assets
Finite lived intangible assets, net	$ 119,209	$ 125,556