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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, 2023
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
(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 filer☒Accelerated filer☐
Non-accelerated filer☐Smaller 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 27, 2023, 379,481,247 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 5.
     Item 6.
We may use our website, our LinkedIn account and our Twitter account (@Sabre_Corp) 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, LinkedIn and Twitter account. 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,
 2023202220232022
Revenue $740,461 $663,394 $2,220,685 $1,905,836 
Cost of revenue, excluding technology costs294,120 274,330 917,532 771,609 
Technology costs243,404 273,240 799,121 824,142 
Selling, general and administrative150,736 172,359 494,227 516,345 
Operating income (loss)52,201 (56,535)9,805 (206,260)
Other expense:
Interest expense, net(119,372)(77,120)(325,290)(205,062)
Loss on extinguishment of debt, net(121,120)— (108,577)(3,533)
Equity method income512 199 1,394 215 
Other, net(11,548)(7,687)8,084 139,617 
Total other expense, net(251,528)(84,608)(424,389)(68,763)
Loss from continuing operations before income taxes(199,327)(141,143)(414,584)(275,023)
Provision (benefit) for income taxes8,462 (6,989)16,570 (2,195)
Loss from continuing operations(207,789)(134,154)(431,154)(272,828)
Loss from discontinued operations, net of tax(116)(446)(517)(596)
Net loss(207,905)(134,600)(431,671)(273,424)
Net income (loss) attributable to noncontrolling interests379 776 (522)1,933 
Net loss attributable to Sabre Corporation(208,284)(135,376)(431,149)(275,357)
Preferred stock dividends3,564 5,346 14,257 16,039 
Net loss attributable to common stockholders$(211,848)$(140,722)$(445,406)$(291,396)
Basic net loss per share attributable to common stockholders:
Loss from continuing operations$(0.61)$(0.43)$(1.33)$(0.89)
Net loss per common share$(0.61)$(0.43)$(1.33)$(0.89)
Diluted net loss per share attributable to common stockholders:  
Loss from continuing operations$(0.61)$(0.43)$(1.33)$(0.89)
Net loss per common share$(0.61)$(0.43)$(1.33)$(0.89)
Weighted-average common shares outstanding:  
Basic345,128 328,228 335,460 326,170 
Diluted345,128 328,228 335,460 326,170 
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,
 2023202220232022
Net loss$(207,905)$(134,600)$(431,671)$(273,424)
Other comprehensive income, net of tax:
Foreign currency translation adjustments ("CTA")(3,089)(7,015)769 (8,301)
Retirement-related benefit plans:
Net actuarial gain, net of taxes of $—, $52, $—, $52
90 263 90 1,934 
Amortization of prior service credits, net of taxes of $—, $—, $—, $—
(358)(358)(1,074)(1,074)
Amortization of actuarial losses, net of taxes of $—, $—, $—, $—
575 1,998 1,726 5,990 
Net change in retirement-related benefit plans, net of tax307 1,903 742 6,850 
Derivatives:
Unrealized gains, net of taxes of $—, $—, $—, $—
3,703 4,422 4,588 4,405 
Reclassification adjustment for realized (gains) losses, net of taxes of $—, $—, $—, $—
(2,057)(41)(4,473)203 
Net change in derivatives, net of tax1,646 4,381 115 4,608 
Share of other comprehensive loss of equity method investments(45)(564)(382)(110)
Other comprehensive (loss) income(1,181)(1,295)1,244 3,047 
Comprehensive loss(209,086)(135,895)(430,427)(270,377)
Less: Comprehensive (income) loss attributable to noncontrolling interests(379)(776)522 (1,933)
Comprehensive loss attributable to Sabre Corporation$(209,465)$(136,671)$(429,905)$(272,310)
 
See Notes to Consolidated Financial Statements.
2


SABRE CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 September 30, 2023December 31, 2022
Assets
Current assets
Cash and cash equivalents$601,604 $794,888 
Restricted cash21,036 21,035 
Accounts receivable, net of allowance for credit losses of $39,521 and $38,815
392,939 353,587 
Prepaid expenses and other current assets180,253 191,979 
Total current assets1,195,832 1,361,489 
Property and equipment, net of accumulated depreciation of $1,916,392 and $1,939,215
233,741 229,419 
Equity method investments21,944 22,401 
Goodwill2,552,000 2,542,087 
Acquired customer relationships, net of accumulated amortization of $821,350 and $803,026
220,113 238,756 
Other intangible assets, net of accumulated amortization of $783,329 and $771,611
165,552 171,498 
Deferred income taxes30,703 38,892 
Other assets, net321,816 358,333 
Total assets$4,741,701 $4,962,875 
Liabilities and stockholders’ deficit
Current liabilities
Accounts payable$215,107 $171,068 
Accrued compensation and related benefits121,071 122,022 
Accrued subscriber incentives257,637 218,761 
Deferred revenues91,016 66,503 
Other accrued liabilities218,886 213,737 
Current portion of debt4,040 23,480 
Total current liabilities907,757 815,571 
Deferred income taxes29,257 38,629 
Other noncurrent liabilities255,735 264,411 
Long-term debt4,816,886 4,717,091 
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests14,722 — 
Stockholders’ deficit
Preferred stock, $0.01 par value, 225,000 authorized, — and 3,290 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively; aggregate liquidation value of — and $329,000 as of September 30, 2023 and December 31, 2022, respectively
— 33 
Common Stock: $0.01 par value; 1,000,000 authorized shares; 405,781 and 353,436 shares issued, 379,458 and 328,542 shares outstanding at September 30, 2023 and December 31, 2022, respectively
4,058 3,534 
Additional paid-in capital3,237,529 3,198,580 
Treasury Stock, at cost, 26,323 and 24,895 shares at September 30, 2023 and December 31, 2022, respectively
(520,041)(514,215)
Accumulated deficit(3,951,934)(3,506,528)
Accumulated other comprehensive loss(64,487)(65,731)
Noncontrolling interest12,219 11,500 
Total stockholders’ deficit(1,282,656)(872,827)
Total liabilities and stockholders’ deficit$4,741,701 $4,962,875 

See Notes to Consolidated Financial Statements.    
3

SABRE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine Months Ended September 30,
20232022
Operating Activities
Net loss$(431,671)$(273,424)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization113,871 142,693 
Loss on extinguishment of debt, net108,577 3,533 
Stock-based compensation expense38,837 70,081 
Paid-in-kind interest26,386 — 
Amortization of upfront incentive consideration26,300 34,277 
Amortization of debt discount and issuance costs16,531 11,236 
Loss on investment fair value adjustment10,000 34,720 
Provision for expected credit losses7,421 550 
Other(4,714)247 
Deferred income taxes(2,402)(18,869)
Dividends received from equity method investments1,514 533 
Loss from discontinued operations517 596 
Gain on sale of assets and investments— (180,081)
Impairment and related charges— 5,146 
Debt modification costs— 4,905 
Gain on loan converted to equity— (3,568)
Changes in operating assets and liabilities:
Accounts and other receivables(64,072)(173,023)
Prepaid expenses and other current assets20,480 (25,010)
Capitalized implementation costs(6,576)(10,043)
Upfront incentive consideration(13,313)(10,766)
Other assets(1,902)34,846 
Accrued compensation and related benefits(12,950)(19,993)
Accounts payable and other accrued liabilities93,728 60,545 
Deferred revenue including upfront solution fees33,657 (3,901)
Cash used in operating activities(39,781)(314,770)
Investing Activities
Additions to property and equipment(68,610)(53,474)
Acquisitions, net of cash acquired(12,021)(72,543)
Net proceeds from dispositions— 392,268 
Purchase of investment in equity securities— (80,000)
Cash (used in) provided by investing activities(80,631)186,251 
Financing Activities
Payments on borrowings from lenders(1,572,719)(1,280,333)
Proceeds on borrowings from lenders1,530,473 1,273,937 
Proceeds from borrowings under AR Facility208,600 — 
Debt prepayment fees and issuance costs(158,982)(23,751)
Payments on borrowings under AR Facility(78,600)— 
Dividends paid on preferred stock(16,039)(16,039)
Proceeds from sale of redeemable shares in subsidiary16,000 — 
Net payment on the settlement of equity-based awards(5,451)(15,857)
Other financing activities4,200 397 
Cash used in financing activities(72,518)(61,646)
Cash Flows from Discontinued Operations
Cash used in operating activities(148)(3,231)
Cash used in discontinued operations(148)(3,231)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(205)(2,197)
Decrease in cash, cash equivalents and restricted cash(193,283)(195,593)
Cash, cash equivalents and restricted cash at beginning of period815,923 999,391 
Cash, cash equivalents and restricted cash at end of period$622,640 $803,798 
Non-cash additions to property and equipment$— $— 
See Notes to Consolidated Financial Statements.
4

SABRE CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
(In thousands, except share data)
 Stockholders’ Deficit
 Preferred StockCommon StockAdditional
Paid in
Capital		Treasury StockRetained DeficitAccumulated
Other
Comprehensive Loss		Noncontrolling
Interest		Total
Stockholders'
Equity (Deficit)
 SharesAmountSharesAmountSharesAmount
Balance at December 31, 20223,290,000 $33 353,436,503 $3,534 $3,198,580 24,894,998 $(514,215)$(3,506,528)$(65,731)$11,500 $(872,827)
Comprehensive loss— — — — — — — (98,934)1,252 (451)(98,133)
Preferred stock dividends(1)
— — — — — — — (5,346)(5,346)
Settlement of stock-based awards— — 4,671,781 47 (5)1,304,145 (5,289)— — — (5,247)
Stock-based compensation expense— — — — 17,005 — — — — — 17,005 
Balance at March 31, 20233,290,000 $33 358,108,284 $3,581 $3,215,580 26,199,143 $(519,504)$(3,610,808)$(64,479)$11,049 $(964,548)
Comprehensive loss— — — — — — — (123,931)1,172 516 (122,243)
Preferred stock dividends(1)
— — — — — — — (5,347)— — (5,347)
Settlement of stock-based awards— — 455,208 5 — 67,470 (261)— — — (256)
Stock-based compensation expense— — — — 8,738 — — — — — 8,738 
Other— — — — — — — — — — — 
Balance at June 30, 20233,290,000 $33 358,563,492 $3,586 $3,224,318 26,266,613 $(519,765)$(3,740,086)$(63,307)$11,565 $(1,083,656)
Comprehensive loss— — — — — — — (208,284)(1,180)654 (208,810)
Preferred stock dividends(1)
— — — — — — — (3,564)— — (3,564)
Conversion of preferred stock to common stock(3,290,000)(33)46,999,367 470 (437)— — — — — 
Settlement of stock-based awards— — 218,153 2 380 56,251 (276)— — — 106 
Stock-based compensation expense— — — — 13,094 — — — — — 13,094 
Other— — — — 174 — — — — — 174 
Balance at September 30, 2023— $— 405,781,012 $4,058 $3,237,529 26,322,864 $(520,041)$(3,951,934)$(64,487)$12,219 $(1,282,656)

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

See Notes to Consolidated Financial Statements.
5

SABRE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
1. General Information
Sabre Corporation is a Delaware corporation formed in December 2006. On March 30, 2007, Sabre Corporation acquired Sabre Holdings Corporation (“Sabre Holdings”). Sabre Holdings is the sole direct subsidiary of Sabre Corporation. Sabre GLBL Inc. (“Sabre GLBL”) is the principal operating subsidiary and sole direct subsidiary of Sabre Holdings. Sabre GLBL or its direct or indirect subsidiaries conduct all of our businesses. In these consolidated financial statements, references to “Sabre,” the “Company,” “we,” “our,” “ours” and “us” refer to Sabre Corporation and its consolidated subsidiaries unless otherwise stated or the context otherwise requires.
Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2023. The accompanying interim financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 17, 2023.
We consolidate all majority-owned subsidiaries and companies over which we exercise control through majority voting rights. No entities are consolidated due to control through operating agreements, financing agreements or as the primary beneficiary of a variable interest entity.
The consolidated financial statements include our accounts after elimination of all significant intercompany balances and transactions. All dollar amounts in the financial statements and the tables in the notes, except per share amounts, are stated in thousands of U.S. dollars unless otherwise indicated. All amounts in the notes reference results from continuing operations unless otherwise indicated.
Use of Estimates—The preparation of these interim financial statements in conformity with GAAP requires that certain amounts be recorded based on estimates and assumptions made by management. Actual results could differ from these estimates and assumptions. Our accounting policies that utilize significant estimates and assumptions include: (i) estimation for revenue recognition and multiple performance obligation arrangements, (ii) determination of the fair value of assets and liabilities acquired in a business combination, (iii) the evaluation of the recoverability of the carrying value of long-lived assets and goodwill, (iv) assumptions utilized to test recoverability of capitalized implementation costs and customer and subscriber advances, (v) judgments in capitalization of software developed for internal use, (vi) the evaluation of uncertainties surrounding the calculation of our tax assets and liabilities, (vii) estimation of the air booking cancellation reserve, and (viii) the evaluation of the allowance for credit losses. Our use of estimates and the related accounting policies are discussed in the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 17, 2023.
Adoption of New Accounting Standards
In March 2020, the Financial Accounting Standards Board (“FASB”) issued updated guidance which provides optional expedients and exceptions for applying U.S. GAAP to existing contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued, if certain criteria are met. This standard is effective for all entities upon issuance and is optional through December 31, 2024. We elected the optional expedient in the second quarter of 2023 in connection with the SOFR Amendment (defined in Note 8. Debt below).
In March 2022, the FASB issued updated guidance on derivatives and hedging which allows entities to apply fair value hedging to closed portfolios of prepayable financial assets without having to consider prepayment risk or credit risk when measuring the assets. The amendments allow multiple hedged layers to be designated for a single closed portfolio for financial assets or one or more beneficial interests secured by a portfolio of financial instruments. As a result, an entity can achieve hedge accounting for hedges of a greater proportion of the interest rate risk inherent in the assets included in the closed portfolio, further aligning hedge accounting with risk management strategies. The standard is effective for public entities for fiscal years beginning after December 15, 2022, with early adoption permitted. We adopted this standard in the first quarter of 2022, which did not have a material impact on our consolidated financial statements.
6

2. Revenue from Contracts with Customers
Contract Balances
Revenue recognition for a significant portion of our revenue coincides with normal billing terms, including our transactional revenues, Software-as-a-Service (“SaaS”) revenues, and hosted revenues. Timing differences among revenue recognition, unconditional rights to bill, and receipt of contract consideration may result in contract assets or contract liabilities.
The following table presents our assets and liabilities with customers as of September 30, 2023 and December 31, 2022 (in thousands).
AccountConsolidated Balance Sheet LocationSeptember 30, 2023December 31, 2022
Contract assets and customer advances and discounts(1)
Prepaid expenses and other current assets / other assets, net$45,642 $55,473 
Trade and unbilled receivables, netAccounts receivable, net390,901 352,214 
Long-term trade unbilled receivables, netOther assets, net10,311 16,129 
Contract liabilitiesDeferred revenues / other noncurrent liabilities148,436 115,151 
______________________
(1) Includes contract assets of $12 million for September 30, 2023 and December 31, 2022.
During the nine months ended September 30, 2023, we recognized revenue of approximately $24 million from contract liabilities that existed as of January 1, 2023. Our long-term trade unbilled receivables, net relate to fixed license fees billed over the contractual period and recognized when the customer gains control of the software. We evaluate collectability of our accounts receivable based on a combination of factors and record reserves as described further in Note 7. Credit Losses.
Revenue
The following table presents our revenues disaggregated by business (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Distribution$524,801 $430,826 $1,581,092 $1,205,252 
IT Solutions147,128 172,821 439,039 531,542 
Total Travel Solutions671,929 603,647 2,020,131 1,736,794 
SynXis Software and Services70,795 60,520 206,828 168,879 
Other7,786 6,977 22,236 20,825 
Total Hospitality Solutions78,581 67,497 229,064 189,704 
Eliminations(10,049)(7,750)(28,510)(20,662)
Total Sabre Revenue$740,461 $663,394 $2,220,685 $1,905,836 
We may occasionally recognize revenue in the current period for performance obligations partially or fully satisfied in the previous periods resulting from changes in estimates for the transaction price, including any changes to our assessment of whether an estimate of variable consideration is constrained. For the nine months ended September 30, 2023, the impact on revenue recognized in the current period from performance obligations partially or fully satisfied in the previous period is $13 million, which is primarily due to the recognition of revenue that was previously deferred but became recognizable due to a change in facts and circumstances associated with an IT Solutions customer. It is no longer considered probable that this revenue will be reversed and this amount was fully paid by the customer.
Our air booking cancellation reserve totaled $11 million as of September 30, 2023, and December 31, 2022, respectively.
Unearned performance obligations primarily consist of deferred revenue for fixed implementation fees and future product implementations, which are included in deferred revenue and other noncurrent liabilities in our consolidated balance sheet. We have not disclosed the performance obligation related to contracts containing minimum transaction volume, as it represents a subset of our business, and therefore would not be meaningful in understanding the total future revenues expected to be earned from our long-term contracts.
3. Acquisitions and Dispositions
Conferma
In August 2022, we completed the acquisition of Conferma Limited (“Conferma”), a virtual payments technology company, to expand our investment in technology for the payments ecosystem in the travel industry. We acquired all of the outstanding stock and ownership interest of Conferma through the exercise of a call option, for net cash of $62 million and the conversion of a pre-existing loan receivable into share capital of $11 million. We recognized a gain of approximately $4 million upon conversion of the loan for the difference between the carrying value and fair value of the loan, which was recorded to Other, net within our
7

results of operations. Conferma is part of our Travel Solutions segment. The accounting related to tax liabilities was finalized as of June 30, 2023 and did not result in any additional adjustments. In February 2023, we sold 19% of the share capital of the direct parent company of Conferma to a third party for proceeds of $16 million resulting in a non-controlling interest from that date. See Note 4. Redeemable Noncontrolling Interest for further details.
AirCentre Disposition
On October 28, 2021, we announced that we entered into an agreement with a third party to sell our suite of flight and crew management and optimization solutions, which represents our AirCentre airline operations portfolio. The assets and liabilities associated with the AirCentre portfolio are presented as held for sale on our consolidated balance sheets as of December 31, 2021. On February 28, 2022, we completed the sale of AirCentre to a third party for net cash proceeds of $392 million. The operating results of AirCentre are included within Travel Solutions for all periods presented through the date of sale. The net assets of AirCentre disposed of primarily included goodwill of $146 million, working capital of $34 million, and other assets, net of $25 million. We recorded a pre-tax gain on sale of approximately $180 million (after-tax $112 million) in Other, net in our consolidated statements of operations for the nine months ended September 30, 2022.
4. Redeemable Noncontrolling Interest
On February 1, 2023, we sold common shares of a subsidiary, representing a 19% interest in Conferma’s direct parent, to a third party for cash consideration of $16 million. In connection with the sale, we entered into a governing agreement which requires us under limited conditions to redeem the 19% interest, if requested, for the original purchase price of $16 million. We currently do not believe it is probable that the noncontrolling interest will become redeemable, given the remote likelihood of the applicable conditions being satisfied.
As the common shares are redeemable upon the occurrence of conditions not solely within our control, we recorded the noncontrolling interest as redeemable and classified it as temporary equity within our consolidated balance sheet initially at fair value. The noncontrolling interest is adjusted each reporting period for loss or income attributable to the noncontrolling interest. As of September 30, 2023, the redeemable noncontrolling interest is $15 million.
The following table presents the changes in redeemable noncontrolling interest of a consolidated subsidiary in temporary equity during the period ended September 30, 2023 (in thousands):
Nine Months Ended
September 30, 2023
Proceeds from sale of redeemable noncontrolling interest$16,000 
Net loss attributable to redeemable noncontrolling interest(1,278)
Redeemable noncontrolling interest, end of period$14,722 
8

5. Restructuring Activities
During the second quarter of 2023, we announced and began to implement a cost reduction plan designed to reposition our business and to structurally reduce our cost base. As a result of this cost reduction plan, we incurred restructuring costs beginning in the second quarter of 2023 associated with our workforce. This cost reduction plan will continue to be implemented over the remainder of 2023 and may result in additional restructuring charges as we continue to evaluate third-party costs.
During the nine months ended September 30, 2023, we incurred $56 million in connection with this business plan, of which $12 million is recorded within cost of revenue, excluding technology costs, $21 million is recorded within technology costs and $23 million is recorded within selling, general and administrative costs within our consolidated statement of operations. A portion of these costs represent future cash expenditures for the payment of severance and related benefits costs. Costs associated with our cost reduction plan are expected to be approximately $70 million for the year, with the majority of disbursements occurring in 2023.
The following table summarizes the accrued liability related to severance and related benefits costs as recorded within accrued compensation and related benefits within our consolidated balance sheets, related to this cost reduction plan (in thousands):
Nine Months Ended
September 30, 2023
Balance as of January 1, 2023$— 
Charges56,398 
Cash Payments(40,783)
Balance as of September 30, 2023$15,615 

6. Income Taxes

    For the nine months ended September 30, 2023, we recognized $17 million of income tax expense, representing an effective tax rate of less than 1%, compared to an income tax benefit of $2 million, representing an effective tax rate of less than 1% for the nine months ended September 30, 2022. The effective tax rate decreased for the nine months ended September 30, 2023 as compared to the same period in 2022 primarily due to an increase in valuation allowance recorded in the current period and various discrete items recorded in each of the respective nine month periods. The difference between our effective tax rates and the U.S. federal statutory income tax rate primarily results from valuation allowances, our geographic mix of taxable income in various tax jurisdictions, tax permanent differences and tax credits.
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. We believe it is more likely than not that the results of future operations will not generate sufficient taxable income in the U.S. and in certain foreign jurisdictions to realize the full benefit of its deferred tax assets. On the basis of this evaluation, as of September 30, 2023, a cumulative valuation allowance of $572 million has been recorded to recognize only the portion of the deferred tax asset that is more likely than not to be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased.
We recognize liabilities when we believe that an uncertain tax position may not be fully sustained upon examination by the tax authorities. This evaluation requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. When facts and circumstances change, we reassess these probabilities and record any changes in the consolidated financial statements as appropriate. Our net unrecognized tax benefits, excluding interest and penalties, included in our consolidated balance sheets, were $65 million and $76 million as of September 30, 2023 and December 31, 2022, respectively.
7. Credit Losses
We are exposed to credit losses primarily through our sales of services provided to participants in the travel and transportation industry, which we consider to be our singular portfolio segment. We develop and document our methodology used in determining the allowance for credit losses at the portfolio segment level. Within the travel portfolio segment, we identify airlines, hoteliers and travel agencies as each presenting unique risk characteristics associated with historical credit loss patterns, and we determine the adequacy of our allowance for credit loss by assessing the risks and losses inherent in our receivables related to each.
We evaluate the collectability of our receivables based on a combination of factors. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations to us, such as bankruptcy filings or failure to pay amounts due to us or others, we specifically reserve for bad debts against amounts due to reduce the recorded receivable to the amount we reasonably believe will be collected. For all other customers, we record reserves for receivables, including unbilled receivables and contract assets, based on historical experience and the length of time the receivables are past due. The estimate of credit
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losses is developed by analyzing historical twelve-month collection rates and adjusting for current customer-specific factors indicating financial instability and other macroeconomic factors that correlate with the expected collectability of our receivables.
Our allowance for credit losses relates to all financial assets, primarily trade receivables due in less than one year recorded in Accounts Receivable, net on our consolidated balance sheets. Our allowance for credit losses for the nine months ended September 30, 2023 for our portfolio segment is summarized as follows (in thousands):
Nine Months Ended
September 30, 2023
Balance at December 31, 2022$38,815 
Provision for expected credit losses7,421 
Write-offs(6,716)
Other1 
Balance at September 30, 2023$39,521 
Our provision for expected credit losses for the nine months ended September 30, 2023 increased $7 million from an immaterial provision in the same period in the prior year. Given the uncertainties surrounding the travel industry and the global economic recovery, we cannot provide assurance that the assumptions used in our estimates will be accurate and actual write-offs may vary from our estimates.
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8. Debt
As of September 30, 2023 and December 31, 2022, our outstanding debt included in our consolidated balance sheets totaled $4,821 million and $4,741 million, respectively, which are net of debt issuance costs of $66 million and $44 million, respectively, and unamortized discounts of $68 million and $54 million, respectively. The following table sets forth the face values of our outstanding debt as of September 30, 2023 and December 31, 2022 (in thousands):

 RateMaturitySeptember 30, 2023December 31, 2022
Senior secured credit facilities:    
2021 Term Loan B-1
S(1) + 3.50%
December 2027$393,025 $397,940 
2021 Term Loan B-2
S(1) + 3.50%
December 2027614,151 634,340 
2022 Term Loan B-1
S(1) + 4.25%
June 2028603,447 620,313 
2022 Term Loan B-2
S(1) + 5.00%
June 2028645,310 673,313 
Senior Secured Term Loan Due 2028
RR(3) + 1.75%(4)
December 2028726,386 — 
AR Facility(2)
S(1) + 2.25%
January 2025130,000 — 
9.25% senior secured notes due 2025
9.25%April 202538,895 775,000 
7.375% senior secured notes due 2025
7.375%September 202563,019 850,000 
4.00% senior exchangeable notes due 2025
4.00%April 2025333,220 333,220 
8.625% senior secured notes due 2027
8.625%June 2027852,987 — 
11.25% senior secured notes due 2027
11.25%December 2027555,000 555,000 
Face value of total debt outstanding  4,955,440 4,839,126 
Less current portion of debt outstanding(4,040)(23,480)
Face value of long-term debt outstanding  $4,951,400 $4,815,646 
______________________
(1) Represents the Secured Overnight Financing Rate ("SOFR").
(2)The AR Facility (as defined below) is subject to certain "springing" maturity conditions; the maturity may extend to February 2026 at the latest.
(3)Represents the Reference Rate as defined below.
(4)At our election, if interest is paid in cash the spread is 0.25% per annum, and in the case of interest paid-in-kind the spread is 1.75%.
We had outstanding letters of credit totaling $12 million as of September 30, 2023 and December 31, 2022, which were secured by a $21 million cash collateral deposit account.
Senior Secured Credit Facilities
On May 16, 2023, Sabre GLBL entered into Amendment No. 5 to the Credit Agreement (the “SOFR Amendment”). The SOFR Amendment was entered into pursuant to the Amended and Restated Credit Agreement, dated as of February 19, 2013. The SOFR Amendment provides for the replacement of LIBOR-based rates with a SOFR-based rate for the 2021 Term Loan B-1 and 2021 Term Loan B-2 and amends certain provisions of the Credit Agreement. The change from LIBOR to SOFR is due to the reference rate reform and the phasing out of LIBOR as a loan benchmark. The SOFR Amendment did not have a material impact on our financial position or results of operations.
Refinancing Transactions
On March 9, 2022, we entered into an amendment to refinance another portion of our then-outstanding Term Loan B facility (the “March 2022 Refinancing”). Our Senior Secured Credit Facility is governed by the Amended and Restated Credit Agreement including the Sixth Term A Loan Refinancing and Incremental Amendments entered into in December 2020 and all preceding amendments. We incurred no additional indebtedness as a result of the March 2022 Refinancing, other than amounts covering discounts and certain fees and expenses. The March 2022 Refinancing included the application of the proceeds of a new $625 million term loan “B” facility (the “2022 Term Loan B-1 Facility”), borrowed by Sabre GLBL under our Amended and Restated Credit Agreement, with the effect of extending the maturity of approximately $623 million of the existing Term Loan B credit facility under the Amended and Restated Credit Agreement. The remaining proceeds, net of a discount of $1 million, were used to pay $1 million in other fees and expenses. We incurred an additional discount of $5 million and other fees of $3 million which were funded with cash on hand. We recognized a loss on extinguishment of debt in connection with the March 2022 Refinancing during the year ended December 31, 2022 , of $4 million and debt modification costs for financing fees of $1 million recorded to Other, net. The 2022 Term Loan B-1 Facility matures on June 30, 2028 and offers us the ability to prepay or repay the 2022 Term Loan B-1 Facility after 12 months or to prepay or repay at a 101 premium before that date. The interest rates on the 2022 Term Loan B-1 Facility are based on Term SOFR, replacing LIBOR, plus an applicable margin.
On August 15, 2022, we entered into an amendment to refinance a portion of the Term Loan B facility (the “August 2022 Refinancing”). We incurred no additional indebtedness as a result of the August 2022 Refinancing, other than amounts covering discounts and certain fees and expenses. The August 2022 Refinancing included the application of the proceeds of a new $675 million term loan “B” facility (the “2022 Term Loan B-2 Facility”), borrowed by Sabre GLBL under our Amended and
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Restated Credit Agreement, with the effect of extending the maturity of approximately $647 million of the existing Term Loan B credit facility under the Amended and Restated Credit Agreement. The remaining proceeds, net of a discount of $25 million, were used to pay $3 million in other fees and expenses. We incurred an additional discount of $9 million and other fees of $2 million which were funded with cash on hand. We recognized debt modification costs for financing fees in connection with the August 2022 Refinancing during the year ended December 31, 2022, of $5 million recorded to Other, net. No loss on extinguishment of debt was recorded as a result of the August 2022 Refinancing. The 2022 Term Loan B-2 Facility matures on June 30, 2028 and offers us the ability to prepay or repay the 2022 Term Loan B-2 Facility after 12 months or to prepay or repay at a 101 premium before that date. The interest rates on the 2022 Term Loan B-2 Facility are based on Term SOFR, replacing LIBOR, plus an applicable margin.
On December 6, 2022, we used the proceeds of the December 2027 Notes issuance to redeem the remaining principal balance on the Term Loan B of $536 million, plus $1 million of accrued interest (the “December 2022 Refinancing”). We recognized a loss on extinguishment of debt of $1 million during the year ended December 31, 2022 in connection the December 2022 Refinancing, which consisted of the write-off of unamortized debt issuance costs and discount of $1 million.
Under the Amended and Restated Credit Agreement, the loan parties are subject to certain customary non-financial covenants, including restrictions on incurring certain types of indebtedness, creation of liens on certain assets, making of certain investments, and payment of dividends. We are further required to pay down the term loans with proceeds from certain asset sales, if not reinvested into the business within 15 months, as defined in the Amended and Restated Credit Agreement. As of September 30, 2023, we are in compliance with all covenants under the terms of the Amended and Restated Credit Agreement.
Senior Secured Term Loan Due 2028
On June 13, 2023, Sabre Financial Borrower, LLC (“Sabre FB”), our indirect, consolidated subsidiary entered into a series of transactions including a new term loan credit agreement with certain lenders (the "2023 Term Loan Agreement") and an intercompany secured term loan agreement (the "Pari Passu Loan Agreement").
The 2023 Term Loan Agreement provides for a senior secured term loan (the “Senior Secured Term Loan Due 2028”) of up to $700 million in aggregate principal amount, subject to Sabre FB using the proceeds from the Senior Secured Term Loan Due 2028 for an intercompany loan to Sabre GLBL. On June 13, 2023, Sabre FB borrowed the full $700 million amount under the 2023 Term Loan Agreement and lent the funds to Sabre GLBL under the Pari Passu Loan Agreement. Borrowings under 2023 Term Loan Agreement are secured by the assets of Sabre FB, including Sabre FB's claims under the Pari Passu Loan Agreement, and assets of certain of our foreign subsidiaries. Borrowings under the Pari Passu Loan Agreement are secured by first-priority liens on the same collateral securing the indebtedness owing under the Senior Secured Credit Facilities and Sabre GLBL's outstanding Senior Secured Notes. Sabre GLBL used the proceeds borrowed under the Pari Passu Loan Agreement to repurchase $650 million of its outstanding 9.25% Senior Secured Notes due 2025 (the “June 2023 Refinancing”) and $15 million of its outstanding 2021 Term Loan B-1, 2021 Term Loan B-2 and 2022 Term Loan B-2. The remaining proceeds, net of a discount of $23 million, were used to pay $13 million in other fees and expenses. We incurred additional fees of $15 million, plus $10 million of accrued and unpaid interest on the 9.25% Senior Secured Notes, which were funded with cash on hand. We recognized a net gain on extinguishment of debt in connection with the June 2023 Refinancing during the nine months ended September 30, 2023 of $13 million. As of September 30, 2023, we are in compliance with the covenants under the 2023 Term Loan Agreement and the Pari Passu Loan Agreement.
The Senior Secured Term Loan Due 2028 matures on December 15, 2028 and offers us the ability to prepay subject to prepayment premiums as follows (i) with respect to any prepayment occurring on or prior to the second anniversary of the 2023 Term Loan Agreement, a customary make-whole amount, and (ii) with respect to any prepayment occurring after the second anniversary of the 2023 Term Loan Agreement and on or prior the third anniversary of the 2023 Term Loan Agreement, 25% of the applicable interest margin assuming all interest is payable-in-kind. After the third anniversary of the 2023 Term Loan Agreement, all prepayments can be made at par plus accrued interest.
The interest on the Senior Secured Term Loan Due 2028 is payable in cash; provided that, at our election, from the date of the agreement, until the last interest payment date occurring on or prior to December 31, 2025, the interest may be payable-in-kind. The Senior Secured Term Loan Due 2028 bears interest at a floating rate, with interest periods ending on each successive three month anniversary of the closing date and set in arrears based on the average of the highest yield to maturity of any tranche of Sabre GLBL’s or any of its affiliates’ outstanding secured indebtedness (as defined within the 2023 Term Loan Agreement) on each of the 20 prior trading days (the “Reference Rate”), plus (i) 25 basis points for cash interest or (ii) 175 basis points for payable-in-kind interest, with the Reference Rate for the first interest period deemed to be 13.00% per annum. The all-in interest rate floor is 11.50% for cash interest and 13.00% for payable-in-kind interest and the all-in interest rate ceiling is 17.50% for cash interest and 19.00% for payable-in-kind interest. We have currently elected interest to be payable-in-kind. Interest on the Senior Secured Term Loan Due 2028 is accrued and payable or capitalized to principal if not elected to be paid in cash, commencing on June 13, 2023, and ending on the date three months thereafter and each successive three-month anniversary thereof on September 13, December 13, March 13, and June 13 of each year. We capitalized interest for the Senior Secured Term Loan Due 2028 totaling $26 million during the three and nine months ended September 30, 2023.
Sabre FB’s obligations under the Senior Secured Term Loan Due 2028 are required to be guaranteed by certain of our existing and future foreign subsidiaries (the “Foreign Guarantors”). The 2023 Term Loan Agreement requires that we maintain cash balances of at least $100 million in certain foreign subsidiaries and other covenants to ensure collateral of the applicable Foreign Guarantors meet certain minimum levels. The 2023 Term Loan Agreement also includes various non-financial covenants, including restrictions on making certain investments, disposition activities and affiliate transactions. In addition, the
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2023 Term Loan Agreement contains customary prepayment events and financial and negative covenants and other representations, covenants and events of default based on, but in certain instances more restrictive than, the Amended and Restated Credit Agreement. As of September 30, 2023, we were in compliance with all covenants under the terms of the 2023 Term Loan Agreement.
Senior Secured Notes
On December 6, 2022, Sabre GLBL entered into a new debt agreement consisting of $555 million aggregate principal amount of 11.250% senior secured notes due 2027 (the “December 2027 Notes”). The December 2027 Notes were issued at a discount of 1.866%. The December 2027 Notes are jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings and all of Sabre GLBL’s restricted subsidiaries that guarantee Sabre GLBL’s credit facility. The December 2027 Notes bear interest at a rate of 11.250% per annum and interest payments are due semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2023. The December 2027 Notes mature on December 15, 2027. The net proceeds of $545 million received from the sale of the December 2027 Notes, net of a discount of $10 million, were used to repay approximately $536 million principal amount of debt under the Term Loan B, plus $1 million of accrued interest. The remaining proceeds of $8 million, plus cash on hand, were used to pay $10 million in underwriting fees and commissions, and other expenses.
On September 7, 2023, Sabre GLBL completed exchange offers in which approximately $787 million of our 7.375% senior secured notes due 2025 and approximately $66 million of our 9.25% senior secured notes due 2025 were exchanged for a combination of cash and approximately $853 million aggregate principal amount of 8.625% senior secured notes due 2027 (the “June 2027 Notes”), issued at par (the “September 2023 Exchange Transaction”). The June 2027 Notes are jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings and all of Sabre GLBL’s restricted subsidiaries that guarantee the Senior Secured Credit Facilities and the Secured Term Loan Due 2028. The June 2027 Notes bear interest at a rate of 8.625% per annum and interest payments are due semi-annually in arrears on March 1 and September 1 of each year, beginning March 1, 2024. The June 2027 Notes mature on June 1, 2027. Sabre GLBL did not receive any cash proceeds from the exchange and did not incur additional indebtedness in excess of the aggregate principal amount of existing notes that were exchanged. We incurred additional fees of approximately $133 million, primarily consisting of approximately $115 million in exchange fees, $15 million in underwriting and associated fees and expenses plus $3 million of accrued and unpaid interest, all of which were funded with cash on hand. We determined that the exchange transaction, including the impact of the exchange fees, represents a debt extinguishment and therefore recognized a loss on extinguishment of debt during the three and nine months ended September 30, 2023, of $121 million, consisting of $115 million in exchange fees related to the June 2027 Notes and $6 million related to the write-off of unamortized debt issuance costs on the 9.25% senior secured notes and 7.375% senior secured notes.
AR Facility
On February 14, 2023, Sabre Securitization, LLC, our indirect, consolidated subsidiary and a special purpose entity (“Sabre Securitization”), entered into a three-year committed accounts receivable securitization facility (the “AR Facility”) of up to $200 million with PNC Bank, N.A. On March 30, 2023, we borrowed $