10-Q 1 sabr-20220930.htm 10-Q sabr-20220930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Sabre Corporation
(Exact name of registrant as specified in its charter)
  
Delaware001-3642220-8647322
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)(I.R.S. Employer
Identification No.)
3150 Sabre Drive
Southlake, TX 76092
(Address, including zip code, of principal executive offices)
(682)-605-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, $0.01 par valueSABRThe NASDAQ Stock Market LLC
6.50% Series A Mandatory Convertible Preferred StockSABRPThe NASDAQ Stock Market LLC
(Title of each class)(Trading Symbol)(Name of each exchange on which registered)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No 
As of October 28, 2022, 328,361,211 shares of the registrant’s common stock, par value $0.01 per share, were outstanding.




SABRE CORPORATION
TABLE OF CONTENTS
 
  
Page No.
    Item 1. 
 
 
 
 
 
     Item 2.
     Item 3.
     Item 4.
 
 
     Item 1.
     Item 1A.
     Item 2.
     Item 6.
We may use our website, our Twitter account (@Sabre_Corp) and other social media channels as additional means of disclosing information to the public. The information disclosed through those channels may be considered to be material and may not be otherwise disseminated by us, so we encourage investors to review our website, Twitter account and other social media channels. The contents of our website or social media channels referenced herein are not incorporated by reference into this Quarterly Report on Form 10-Q.



PART I. FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS

SABRE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited) 
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Revenue $663,394 $441,086 $1,905,836 $1,188,238 
Cost of revenue, excluding technology costs274,330 171,429 771,609 498,011 
Technology costs273,240 269,111 824,142 782,991 
Selling, general and administrative172,359 157,234 516,345 446,847 
Operating loss(56,535)(156,688)(206,260)(539,611)
Other expense:  
Interest expense, net(77,120)(65,461)(205,062)(193,834)
Loss on extinguishment of debt (13,070)(3,533)(13,070)
Equity method income (loss)199 (114)215 (395)
Other, net(7,687)(5,993)139,617 2,439 
Total other expense, net(84,608)(84,638)(68,763)(204,860)
Loss from continuing operations before income taxes(141,143)(241,326)(275,023)(744,471)
Benefit for income taxes(6,989)(6,613)(2,195)(4,513)
Loss from continuing operations(134,154)(234,713)(272,828)(739,958)
(Loss) income from discontinued operations, net of tax(446)186 (596)(158)
Net loss(134,600)(234,527)(273,424)(740,116)
Net income attributable to noncontrolling interests776 714 1,933 1,657 
Net loss attributable to Sabre Corporation(135,376)(235,241)(275,357)(741,773)
Preferred stock dividends5,346 5,400 16,039 16,256 
Net loss attributable to common stockholders$(140,722)$(240,641)$(291,396)$(758,029)
Basic net loss per share attributable to common stockholders:
Loss from continuing operations$(0.43)$(0.75)$(0.89)$(2.37)
Net loss per common share$(0.43)$(0.75)$(0.89)$(2.37)
Diluted net loss per share attributable to common stockholders:  
Loss from continuing operations$(0.43)$(0.75)$(0.89)$(2.37)
Net loss per common share$(0.43)$(0.75)$(0.89)$(2.37)
Weighted-average common shares outstanding:  
Basic328,228 322,720 326,170 320,055 
Diluted328,228 322,720 326,170 320,055 
See Notes to Consolidated Financial Statements.
1


SABRE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net loss$(134,600)$(234,527)$(273,424)$(740,116)
Other comprehensive income (loss), net of tax:  
Foreign currency translation adjustments ("CTA")(7,015)(1,635)(8,301)(5,366)
Retirement-related benefit plans:  
Net actuarial gain, net of taxes of $52, $6,153, $52, $
263 3,701 1,934 25,048 
Pension settlement, net of taxes of $, $973, $, $
 3,170  6,544 
Amortization of prior service credits, net of taxes of $, $(122), $, $38
(358)(392)(1,074)(948)
Amortization of actuarial losses, net of taxes of $, $931, $, $(38)
1,998 3,037 5,990 6,400 
Net change in retirement-related benefit plans, net of tax1,903 9,516 6,850 37,044 
Derivatives:  
Unrealized gains, net of taxes of $, $2,715, $, $2,745
4,422 2,698 4,405 2,595 
Reclassification adjustment for realized (gains) losses, net of taxes of $, $(930), $, $(2,745)
(41)3,237 203 9,553 
Net change in derivatives, net of tax4,381 5,935 4,608 12,148 
Share of other comprehensive loss of equity method investments(564)(250)(110)(474)
Other comprehensive (loss) income(1,295)13,566 3,047 43,352 
Comprehensive loss(135,895)(220,961)(270,377)(696,764)
Less: Comprehensive income attributable to noncontrolling interests(776)(714)(1,933)(1,657)
Comprehensive loss attributable to Sabre Corporation$(136,671)$(221,675)$(272,310)$(698,421)
 
See Notes to Consolidated Financial Statements.
2



SABRE CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 September 30, 2022December 31, 2021
Assets  
Current assets  
Cash and cash equivalents$782,763 $978,352 
Restricted cash21,035 21,039 
Accounts receivable, net of allowance for credit losses of $49,059 and $58,965
400,559 259,934 
Prepaid expenses and other current assets188,301 121,591 
Current assets held for sale 21,358 
Total current assets1,392,658 1,402,274 
Property and equipment, net of accumulated depreciation of $1,964,242 and $1,912,651
231,568 249,812 
Equity method investments22,188 22,671 
Goodwill2,528,430 2,470,206 
Acquired customer relationships, net of accumulated amortization of $796,799 and $771,479
248,213 257,362 
Other intangible assets, net of accumulated amortization of $767,671 and $751,917
174,700 183,321 
Deferred income taxes35,796 27,056 
Other assets, net386,069 475,424 
Long-term assets held for sale 203,204 
Total assets$5,019,622 $5,291,330 
Liabilities and stockholders’ deficit  
Current liabilities  
Accounts payable$135,256 $122,934 
Accrued compensation and related benefits113,731 135,974 
Accrued subscriber incentives214,932 137,448 
Deferred revenues74,574 81,061 
Other accrued liabilities175,675 188,706 
Current portion of debt23,480 29,290 
Current liabilities held for sale 21,092 
Total current liabilities737,648 716,505 
Deferred income taxes26,769 38,344 
Other noncurrent liabilities268,231 297,037 
Long-term debt4,718,970 4,723,685 
Long-term liabilities held for sale 15,476 
Commitments and contingencies (Note 12)
Stockholders’ deficit  
Preferred stock, $0.01 par value, 225,000 authorized, 3,290 issued and outstanding as of September 30, 2022 and December 31, 2021; aggregate liquidation value of $329,000 as of September 30, 2022 and December 31, 2021
33 33 
Common Stock: $0.01 par value; 1,000,000 authorized shares; 353,204 and 346,430 shares issued, 328,327 and 323,501 shares outstanding at September 30, 2022 and December 31, 2021, respectively
3,532 3,464 
Additional paid-in capital3,185,790 3,115,719 
Treasury Stock, at cost, 24,877 and 22,930 shares at September 30, 2022 and December 31, 2021, respectively
(513,988)(498,141)
Accumulated deficit(3,341,091)(3,049,695)
Accumulated other comprehensive loss(77,240)(80,287)
Noncontrolling interest10,968 9,190 
Total stockholders’ deficit(731,996)(499,717)
Total liabilities and stockholders’ deficit$5,019,622 $5,291,330 

See Notes to Consolidated Financial Statements.    
3


SABRE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine Months Ended September 30,
 20222021
Operating Activities
Net loss$(273,424)$(740,116)
Adjustments to reconcile net loss to cash used in operating activities:
Gain on sale of assets and investments(180,081)(14,532)
Depreciation and amortization142,693 204,308 
Stock-based compensation expense70,081 86,122 
Loss on fair value of investment34,720  
Amortization of upfront incentive consideration34,277 46,063 
Deferred income taxes(18,869)(13,489)
Amortization of debt discount and issuance costs11,236 8,815 
Impairment and related charges5,146  
Debt modification costs4,905 2,435 
Gain on loan converted to equity(3,568) 
Loss on extinguishment of debt3,533 13,070 
Loss from discontinued operations596 158 
Provision for expected credit losses550 (3,728)
Dividends received from equity method investments533 698 
Other247 3,141 
Pension settlement charge 6,544 
Changes in operating assets and liabilities:
Accounts and other receivables(173,023)(76,249)
Prepaid expenses and other current assets(25,010)(4,312)
Capitalized implementation costs(10,043)(14,363)
Upfront incentive consideration(10,766)(3,823)
Other assets34,846 8,368 
Accrued compensation and related benefits(19,993)40,604 
Accounts payable and other accrued liabilities60,545 25,410 
Deferred revenue including upfront solution fees(3,901)16,724 
Cash used in operating activities(314,770)(408,152)
Investing Activities
Net proceeds from dispositions392,268 24,874 
Purchase of investment in equity securities(80,000) 
Acquisitions, net of cash acquired(72,543) 
Additions to property and equipment(53,474)(30,409)
Cash provided by (used in) investing activities186,251 (5,535)
Financing Activities
Payments on borrowings from lenders(1,280,333)(1,053,728)
Proceeds of borrowings from lenders1,273,937 1,070,380 
Debt discount and issuance costs(23,751)(12,194)
Dividends paid on preferred stock(16,039)(16,283)
Net payment on the settlement of equity-based awards(15,857)(22,378)
Other financing activities397 (269)
Payment for settlement of exchangeable notes (2,541)
Cash used in financing activities(61,646)(37,013)
Cash Flows from Discontinued Operations
Cash used in operating activities(3,231)(2,376)
Cash used in discontinued operations(3,231)(2,376)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(2,197)(1,781)
Decrease in cash, cash equivalents and restricted cash(195,593)(454,857)
Cash, cash equivalents and restricted cash at beginning of period999,391 1,499,665 
Cash, cash equivalents and restricted cash at end of period$803,798 $1,044,808 
See Notes to Consolidated Financial Statements.
4


SABRE CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY
(In thousands, except share data)
 Stockholders’ Deficit
 Preferred StockCommon StockAdditional
Paid in
Capital
Treasury StockRetained DeficitAccumulated
Other
Comprehensive Loss
Noncontrolling
Interest
Total
Stockholders'
Deficit
 SharesAmountSharesAmountSharesAmount
Balance at December 31, 20213,290,000 $33 346,430,421 $3,464 $3,115,719 22,929,668 $(498,141)$(3,049,695)$(80,287)$9,190 (499,717)
Comprehensive income— — — — — — — 47,406 2,464 272 50,142 
Preferred stock dividends(1)
— — — — — — — (5,346)— — (5,346)
Settlement of stock-based awards— — 3,883,688 39 (9)1,077,178 (10,300)— — — (10,270)
Stock-based compensation expense— — — — 27,605 — — — — — 27,605 
Other— — — — — — — — — (119)(119)
Balance at March 31, 20223,290,000 $33 350,314,109 $3,503 $3,143,315 24,006,846 $(508,441)$(3,007,635)$(77,823)$9,343 $(437,705)
Comprehensive loss(187,387)1,878 885 (184,624)
Preferred stock dividends(1)
— — — — — — — (5,347)— — (5,347)
Settlement of stock-based awards— — 2,629,221 26 (1)777,678 (5,021)— — — (4,996)
Stock-based compensation expense— — — — 26,127 — — — — — 26,127 
Other— — — — — — — — — (37)(37)
Balance at June 30, 20223,290,000 $33 352,943,330 $3,529 $3,169,441 24,784,524 $(513,462)$(3,200,369)$(75,945)$10,191 $(606,582)
Comprehensive loss(135,376)(1,295)776 (135,895)
Preferred stock dividends(1)
— — — — — — — (5,346)— — (5,346)
Settlement of stock-based awards— — 260,577 3 — 92,784 (526)— — — (523)
Stock-based compensation expense— — — — 16,349 — — — — — 16,349 
Other— — — — — — — — — 1 1 
Balance at September 30, 20223,290,000 33 353,203,907 3,532 3,185,790 24,877,308 (513,988)(3,341,091)(77,240)10,968 (731,996)

(1) Our mandatory convertible preferred stock accumulates cumulative dividends at an annual rate of 6.50%.

Stockholders’ Equity (Deficit)
 Preferred StockCommon StockAdditional
Paid in
Capital
Treasury StockRetained DeficitAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interest
Total
Stockholders'
Equity (Deficit)
 SharesAmountSharesAmountSharesAmount
Balance at December 31, 20203,340,000 33 338,661,960 $3,387 $2,985,077 21,365,227 $(474,790)$(2,099,624)$(135,957)$7,028 $285,154 
Comprehensive loss— — — — — — — (260,678)215 484 (259,979)
Preferred stock dividends(1)
— — — — — — — (5,428)— — (5,428)
Settlement of stock-based awards— — 2,900,693 29 148 764,947 (12,611)— — — (12,434)
Stock-based compensation expense— — — — 24,426 — — — — — 24,426 
Balance at March 31, 20213,340,000 33 341,562,653 $3,416 $3,009,651 22,130,174 $(487,401)$(2,365,730)$(135,742)$7,512 $31,739 
Comprehensive loss— — — — — — — (245,854)29,571 459 (215,824)
Preferred stock dividends(1)
— — — — — — — (5,428)(5,428)
Settlement of stock-based awards— — 2,377,690 24 214 714,622 (9,820)— — (9,582)
Stock-based compensation expense— — — — 29,478 — — — — — 29,478 
Issuance of common stock upon conversion of exchangeable notes— — 1,269,497 12 9,813 — — — — — 9,825 
Balance at June 30, 20213,340,000 33 345,209,840 3,452 3,049,156 22,844,796 (497,221)(2,617,012)(106,171)7,971 (159,792)
Comprehensive loss— — — — — — — (235,241)13,566 714 (220,961)
Preferred stock dividends(1)
— — — — — — — (5,400)— — (5,400)
Settlement of stock-based awards— — 542,451