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美國
證券交易委員會
華盛頓特區20549
表格 10-Q
 
☒根據1934年證券交易法第13或15(d)條規定的季度報告
截至季度結束日期的財務報告2024年9月30日
或者
☐根據1934年證券交易法第13或15(d)條規定的過渡報告
Sabre Corporation
(按其章程規定的註冊人的確切名稱)
  
特拉華州001-3642220-8647322
（國家或其他管轄區的
公司成立或組織）		(設立或其它管轄地的州)（IRS僱主
唯一識別號碼）
3150 Sabre Drive
Southlake, TX 76092
(包括總執行辦公室的地址和郵政編碼)
(682)-605-1000
(公司電話號碼，包括區號)
在法案第12(b)條的規定下注冊的證券：
普通股票，面值爲$0.01sabre納斯達克交易所
(每個類的標題)在符合證券法1933年第405條規定（17 CFR §230.405）或證券交易法1934年第12b-2條規定（本章第17 CFR§240.12b-2）定義的新興成長型公司中，請在選中的複選標記中註明。如果是新興成長型公司，請按照證交會規定，在選中的複選標記中註明公司選擇不使用符合交易所法第13條的任何新的或修改後的財務會計準則的延長過渡期。
請檢查標記，確認註冊人：（1）是否已按照1934年證券交易法（即「交易所法案」）第13或15(d)條的規定提交了過去12個月（或註冊人被要求提交此類報告的更短期間）內需要提交的所有報告，並且（2）在過去的90天內是否一直遵守了這些提交要求：是  ☒    不  ☐
請通過複選標記指示，申報人是否已按照本章第405條規定的規定要求，在過去12個月內（或要求申報人提交此類文件的更短時期內）提交了每個交互式數據文件。是 ☒    不 ☐
請勾選「√」表示註冊申請人是否爲大型加速報告人、加速報告人、非加速報告人、較小報告公司或新興成長型企業。請查看《交易所法》第120億.2條中對「大型加速報告人」、「加速報告人」、「較小報告公司」和「新興成長型企業」的定義。
大型加速報告人☒加速文件申報人☐
未加速的報告人☐更小的報告公司☐
新興成長公司☐
如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ¨
請用勾號表示，註冊申報人是否爲殼公司（如《交易所法》120億.2規定）。是 ☐   不 ☒
截至2024年10月25日， 385,853,987 基本報表1. 股東權益變動表 



sabre公司
目錄
 
  
頁碼
項目1。 
 
三和 其他部門運營報表 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 和202 九月 30、2024和2023年
 
三個月及其它的綜合虧損合併報表 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 和202 九月 30、2024和2023年
 
 
13周的現金流量表 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 和202 九月 30、2024和2023年
三個月和股東赤字綜合報表 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 和202 九月 30、2024和2023年
 
項目2。
項目3。
項目4。
 
 
 項目1。
 項目1A。
 項目2。
  項目5。
  項目6。
我們可能會使用我們的網站，我們的LinkedIn帳戶和我們的X帳戶（@Sabre_Corp）作爲向公衆披露信息的額外手段。通過這些渠道披露的信息可能被視爲重要信息，並且可能不會被其他方式傳播，因此我們鼓勵投資者查看我們的網站、LinkedIn和X帳戶。本季度報告中提及的我們網站或社交媒體渠道的內容不被視爲本季度報告的一部分。


第一部分 財務信息
 
項目1 基本報表

sabre公司
綜合損益表
2024年4月27日
(未經審計)
 截至9月30日的三個月截至9月30日的九個月內，
 2024202320242023
營業收入$764,714 $740,461 $2,314,841 $2,220,685 
除了 科技 成本之外的營業收入成本322,257 294,120 964,832 917,532 
科技成本211,284 243,404 652,843 799,121 
銷售、一般及行政費用161,046 150,736 468,099 494,227 
營業利潤70,127 52,201 229,067 9,805 
其他支出:
利息費用，淨額(127,669)(119,372)(381,710)(325,290)
債務清償損失，淨額— (121,120)(37,994)(108,577)
權益法下的投資收益430 512 1,859 1,394 
其他，淨額879 (11,548)(347)8,084 
其他支出合計，淨值(126,360)(251,528)(418,192)(424,389)
持續經營活動的稅前虧損(56,233)(199,327)(189,125)(414,584)
所得稅費用6,900 8,462 14,598 16,570 
持續經營的虧損(63,133)(207,789)(203,723)(431,154)
已中止的經營虧損，稅後— (116)— (517)
淨虧損(63,133)(207,905)(203,723)(431,671)
歸屬於非控股權益的淨（虧損）收益(315)379 338 (522)
營業收入歸屬於sabre公司的淨虧損(62,818)(208,284)(204,061)(431,149)
優先股股息— 3,564 — 14,257 
歸屬於普通股股東的淨虧損$(62,818)$(211,848)$(204,061)$(445,406)
普通股股東每股基本淨虧損：
持續經營的虧損$(0.16)$(0.61)$(0.53)$(1.33)
每股普通股淨虧損$(0.16)$(0.61)$(0.53)$(1.33)
每股稀釋後淨虧損歸屬普通股股東：  
持續經營的虧損$(0.16)$(0.61)$(0.53)$(1.33)
每股普通股淨虧損$(0.16)$(0.61)$(0.53)$(1.33)
加權平均普通股數：  
基本385,729 345,128 383,013 335,460 
稀釋的385,729 345,128 383,013 335,460 
請參閱基本財務報表備註。
1

sabre公司
綜合損益合併報表
（以千爲單位）
(未經審計)
 截至9月30日的三個月截至9月30日的九個月內，
 2024202320242023
淨虧損$(63,133)$(207,905)$(203,723)$(431,671)
其他綜合收益，稅後：
外幣貨幣轉換調整（"CTA"）3,989 (3,089)3,453 769 
養老相關的福利計劃:
淨精算利益，各期稅項淨額均爲零(24)90 (24)90 
過往服務責任減少攤銷，各期稅項淨額均爲零(358)(358)(1,074)(1,074)
在所有時期的攤銷後的資產減值損失，稅後淨額爲零703 575 2,109 1,726 
與退休相關福利計劃的淨變動，稅後淨額321 307 1,011 742 
衍生工具:
未實現（損失）收益，稅後淨額爲零的所有時期(6,733)3,703 2,600 4,588 
再分類調整以實現收益，稅後淨額爲零的所有時期(2,133)(2,057)(6,178)(4,473)
衍生品的淨變動，稅後淨額(8,866)1,646 (3,578)115 
其他合併公司投資的其他綜合損失份額108 (45)(297)(382)
其他綜合收益(4,448)(1,181)589 1,244 
綜合虧損(67,581)(209,086)(203,134)(430,427)
非控股利益歸屬的全面(收益)損失減少315 (379)(338)522 
由sabre公司承擔的綜合損失$(67,266)$(209,465)$(203,472)$(429,905)
 
請參閱基本財務報表備註。
2

sabre公司
基本報表
（以千爲單位）
(未經審計)
 2024年9月30日2023年12月31日
資產
流動資產
現金及現金等價物$668,763 $648,207 
受限現金21,038 21,037 
應收賬款，減去2024年4月30日和2024年1月31日的信用損失準備，分別爲 28,425 和 $34,343
408,724 343,436 
預付費用和其他流動資產97,491 145,911 
總流動資產1,196,016 1,158,591 
固定資產淨值（扣除累計折舊$193,557）1,881,284 和 $1,851,191
249,577 233,677 
權益法投資21,996 22,343 
商譽2,557,259 2,554,039 
獲取客戶關係，減去累計攤銷金額$806,399 和 $827,529
197,796 214,190 
其他無形資產，減少累計攤銷的 $192,691592,829 和 $787,511
150,071 161,913 
延遲所得稅11,468 10,201 
其他資產淨額308,975 317,240 
總資產$4,693,158 $4,672,194 
負債和股東赤字
流動負債
應付賬款$243,678 $231,767 
應計的工資和相關福利112,032 135,620 
應計的訂閱者激勵271,036 237,421 
推遲收益78,839 108,256 
其他應計負債222,574 197,609 
償還短期債務244,978 4,040 
流動負債合計1,173,137 914,713 
延遲所得稅30,552 30,745 
其他非流動負債229,206 258,719 
長期債務4,790,313 4,829,461 
承諾和可能的賠償（注13）
次級債券託管人最初將是初級次級債券的證券註冊人和支付代理人。所有與初級次級債券有關的交易，包括初級次級債券的登記、轉讓和交換，將由證券註冊人在紐約市的一個辦事處處理，該辦事處由NEE Capital指定。NEE Capital最初指定了次級信託銀行的企業信託辦事處作爲該辦事處。此外，持有初級次級債券的持有人應將有關初級次級債券的通知地址寄往該辦事處。NEE Capital將通知初級次級債券的持有人該辦事處的位置變化。13,277 14,375 
股東赤字
普通股票：每股面值授權的股份爲 $；0.01面值爲，授權發行股份數量爲，截至2024年3月31日和2023年12月31日，未發行也未流通。1,000,000 授權股數； 414,637和頁面。405,915各爲68,598,050股、68,598,050股，截至2023年9月30日和2023年3月31日，股份佔比如上)385,831和頁面。379,569 截至2024年9月30日和2023年12月31日的流通股份分別爲
4,146 4,059 
額外實收資本3,290,673 3,249,901 
庫藏股，按成本 28,806和頁面。26,346 股份分別爲2024年9月30日和2023年12月31日
(526,725)(520,124)
累積赤字(4,252,454)(4,048,393)
累計其他綜合損失(73,333)(73,922)
非控股權益14,366 12,660 
股東赤字總額(1,543,327)(1,375,819)
負債總額和股東權益虧損總額$4,693,158 $4,672,194 

請參閱合併基本報表註釋。    
3

sabre公司
綜合現金流量表
（以千爲單位）
(未經審計)
 截至9月30日的九個月內，
20242023
經營活動
淨虧損$(203,723)$(431,671)
用於調節淨損失和經營活動產生的現金流量的調整項目爲:
折舊和攤銷98,215 113,871 
償付利息89,877 26,386 
股票補償費用40,776 38,837 
債務清償損失，淨額37,994 108,577 
預付獎勵款攤銷25,744 26,300 
攤銷債務折扣和發行成本21,131 16,531 
延遲所得稅(5,417)(2,402)
投資公允價值調整收益（損失）(3,234)10,000 
預期信貸損失準備金2,801 7,421 
從權益法下投資收到的股息1,833 1,514 
其他631 (4,714)
來自終止經營的損失— 517 
經營性資產和負債變動:
應收賬款及其他應收款項(67,964)(64,072)
預付費用和其他流動資產(3,490)20,480 
資本化實施成本(13,813)(6,576)
預付激勵考慮(9,027)(13,313)
其他(13,401)(1,902)
應計的工資和相關福利(33,855)(12,950)
應付賬款和其他應計負債54,696 93,728 
遞延收入包括預付解決方案費用(31,924)33,657 
經營活動使用的現金(12,150)(39,781)
投資活動
固定資產的增加(68,052)(68,610)
出售證券投資所得54,834 — 
其他投資活動(300)— 
收購，淨現金收購— (12,021)
投資活動使用的現金(13,518)(80,631)
籌資活動
向貸款人融資收益200,090 1,530,473 
向貸款人償還款項(194,716)(1,572,719)
資產證券化計劃下融資收益155,600 208,600 
資產證券化計劃下償還貸款(58,300)(78,600)
債務提前還款費用和發行成本(50,020)(158,982)
權益獎勵結算淨付款(6,605)(5,451)
子公司可贖回股份出售所得— 16,000 
分紅派息優先股— (16,039)
其他融資活動— 4,200 
融資活動產生的現金流量淨額46,049 (72,518)
已停用經營活動產生的現金流量
經營活動使用的現金— (148)
停止經營的現金流量淨額— (148)
匯率變動對現金、現金等價物及受限制資金的影響176 (205)
現金、現金等價物和受限制的現金的增加（減少）20,557 (193,283)
期初現金、現金等價物及受限制的現金餘額669,244 815,923 
期末現金、現金等價物及受限制的現金餘額$689,801 $622,640 
請參閱基本財務報表備註。
4

sabre公司
合併股東權益（虧損）表
（單位：千美元，以股份數據爲單位）
(未經審計)
 股東赤字
 優先股普通股額外的
實收資本
資本		庫存股未分配赤字累積的
其他
綜合虧損		非控制權益
利息		總費用
股東赤字
 股份數量股份數量股份數量
2023年12月31日結餘爲— $— 405,914,663 $4,059 $3,249,901 26,345,684 $(520,124)$(4,048,393)$(73,922)$12,660 $(1,375,819)
綜合虧損— — — — — — — (71,483)4,206 923 (66,354)
結算股權獎勵— — 3,062,998 31 (1)1,021,755 (2,078)— — — (2,048)
股票補償費用— — — — 13,905 — — — — — 13,905 
2024年3月31日結存餘額— $— 408,977,661 $4,090 $3,263,805 27,367,439 $(522,202)$(4,119,876)$(69,716)$13,583 $(1,430,316)
綜合虧損— — — — — — — (69,760)833 691 (68,236)
結算股權獎勵— — 5,427,133 54 (3)1,374,482 (4,322)— — — (4,271)
股票補償費用— — — — 12,230 — — — — — 12,230 
其他— — — — — — — — (2)— (2)
2024年6月30日餘額— $— 414,404,794 $4,144 $3,276,032 28,741,921 $(526,524)$(4,189,636)$(68,885)$14,274 $(1,490,595)
綜合虧損— — — — — — — (62,818)(4,448)92 (67,174)
結算股權獎勵— — 232,390 2 — 63,959 (201)— — — (199)
股票補償費用— — — — 14,641 — — — — — 14,641 
2024年9月30日的餘額— $— 414,637,184 $4,146 $3,290,673 28,805,880 $(526,725)$(4,252,454)$(73,333)$14,366 $(1,543,327)

股東赤字
 優先股普通股額外
已付款
資本		國庫股留存赤字累積
其他
全面
損失		非控制性
利息		總計
股東
赤字
 股票金額股票金額股票金額
截至2022年12月31日的餘額3,290,000 $33 353,436,503 $3,534 $3,198,580 24,894,998 $(514,215)$(3,506,528)$(65,731)$11,500 $(872,827)
綜合收益— — — — — — — (98,934)1,252 (451)(98,133)
優先股股息(1)
— — — — — — — (5,346)— — (5,346)
股票獎勵的結算— — 4,671,781 47 (5)1,304,145 (5,289)— — — (5,247)
股票薪酬支出— — — — 17,005 — — — — — 17,005 
截至2023年3月31日的餘額3,290,000 $33 358,108,284 $3,581 $3,215,580 26,199,143 $(519,504)$(3,610,808)$(64,479)$11,049 $(964,548)
綜合損失— — — — — — — (123,931)1,172 516 (122,243)
優先股股息(1)
— — — — — — — (5,347)— — (5,347)
股票獎勵的結算— — 455,208 5 — 67,470 (261)— — (256)
股票薪酬支出— — — — 8,738 — — — — — 8,738 
截至 2023 年 6 月 30 日的餘額3,290,000 $33 358,563,492 $3,586 $3,224,318 26,266,613 $(519,765)$(3,740,086)$(63,307)$11,565 $(1,083,656)
綜合損失— — — — — — — (208,284)(1,180)654 (208,810)
優先股股息(1)
— — — — — — — (3,564)— — (3,564)
將優先股轉換爲普通股(3,290,000)(33)46,999,367 470 (437)— — — — — — 
股票獎勵的結算— — 218,153 2 380 56,251 (276)— — — 106 
股票薪酬支出— — — — 13,094 — — — — — 13,094 
其他— — — — 174 — — — — — 174 
截至 2023 年 9 月 30 日的餘額— $— 405,781,012 $4,058 $3,237,529 26,322,864 $(520,041)$(3,951,934)$(64,487)$12,219 $(1,282,656)

(1) 我們的可轉換優先股以年利率累積計算累積股息 6.50%.

請參閱基本財務報表備註。
5

sabre公司
基本報表附註
(未經審計)
 
1. 一般信息
sabre公司是一家成立於2006年12月的特拉華州公司。2007年3月30日，sabre公司收購了sabre控股公司（「控股公司」）。控股公司是sabre公司的唯一直接子公司。Sabre GLBL公司（「GLBL公司」）是控股公司的主要營運子公司，也是唯一的直接子公司。GLBL公司或其直接或間接子公司從事我們所有的業務。在這些合併財務報表中，「sabre」，「公司」，「我們」，「我們的」和「我們」是指sabre公司及其合併子公司，除非另有說明或上下文另有要求。
報告編制基礎—附表未經審計的合併基本報表按照美國通用會計準則（「GAAP」）編制，用於揭示中期財務信息。因此，它們未包括GAAP所要求的所有信息和附註，以形成完整的財務報表。據管理層意見，這些基本報表包括所有調整項，包括正常的週期性計提，以公平地呈現所指出期間的財務狀況、經營成果和現金流量。截至2024年9月30日止的三個和九個月的經營成果並不一定預示其它任何中間期間或截至2024年12月31日年終可能預期的經營成果。附表應與2024年2月15日已在SEC提交的10-k表單上披露的合併財務報表及相關附註一併閱讀。
我們通過控股股權對所有所屬的子公司和公司進行合併。沒有任何實體因通過經營協議、融資協議或作爲變量利益實體的主要受益人而進行合併。
綜合財務報表包括我們的帳戶，消除所有重要的公司間餘額和交易後。除每股金額外，財務報表和附註中的所有金額均以美元的千爲單位，除非另有說明。附註中的所有金額均指持續經營結果，除非另有說明。
使用估計按照GAAP要求，編制這些中期基本報表需要根據管理層制定的估計和假設記錄某些金額。實際結果可能會與這些估計和假設有所不同。我們利用重大估計和假設的會計政策包括：(i) 爲營業收入和多個履約義務安排進行估計，(ii) 評估無形資產和商譽賬面價值的收回能力，(iii) 評估圍繞稅務資產和負債計算的不確定性，以及(iv) 喪失準備金的估計。我們對估計的使用及相關會計政策已在我們於2024年2月15日向SEC提交的10-k表格內包含的綜合財務報表和相關附註中進行了討論。
最近的會計聲明
2023年11月，財務會計準則委員會（"FASB"）發佈了更新的指導，以改進可報告部門披露要求，主要通過增加披露有關重要部門費用的內容。更新的標準適用於公共公司，開始於2023年12月15日之後的財政年度，並在2024年12月15日之後的財政年度內的中期時段，允許提前採用。我們目前正在評估這一標準對我們合併財務報表披露的影響。
2023年12月，FASB發佈了更新的指導，旨在通過主要與稅率調整和所支付的所得稅信息相關的改進，增強所得稅披露的透明度和決策實用性。更新後的標準將於2024年12月15日後開始的財政年度對上市公司生效，允許提前採納。我們目前正在評估此標準對我們合併財務報表披露的影響。
2024年3月，美國證券交易委員會通過最終規則，要求上市實體在其註冊聲明和年度報告中提供特定的與氣候相關信息。作爲披露的一部分，實體將被要求在其經審計的財務報表註釋中量化某些嚴重天氣事件和其他自然條件的影響。這些規則最初於2025年12月31日結束的年度報告生效；但是，2024年4月4日，美國證券交易委員會自願暫停了這些規則，以待司法審查。我們目前正在評估這些規則一旦生效對我們合併財務報表披露的影響。
6

2. 《與客戶的合同收益》 「Topic 606」方式於2018年1月1日起生效，使用修正追溯法採用收入的新準則。2018年1月1日起使用新的收入準則並未改變公司的收入確認，因爲當期沒有收入。
合同餘額
我們很大一部分營業收入的認可與正常的計費條款相吻合，包括我們的交易收入、軟件即服務（saas-雲計算）收入和託管收入。營收確認、無條件計費權和收到合同對價之間的時間差異可能導致合同資產或合同負債。
以下表格顯示了我們與客戶在2024年9月30日和2023年12月31日的資產和負債情況（單位：千美元）。
帳戶合併資產負債表位置2024年9月30日2023年12月31日
合同資產和客戶預付款及折扣(1)
預付費用和其他流動資產/其他資產，淨額$31,648 $42,029 
應收賬款及未開票收入，淨額2,687,823 406,241 341,362 
開多交易未開票應收賬款淨額其他資產淨額20,489 20,265 
合同負債遞延收入/其他非流動負債135,001 166,911 
______________________
(1) 包括截至2024年9月30日和2023年12月31日的合同資產$81百萬美元和11分別爲2024年9月30日和2023年12月31日的百萬美元。
截至2024年9月30日止的九個月內，我們確認的營業收入約爲$52百萬來自於2024年1月1日存在的合同負債。我們的長期交易未開多應收賬款淨額與在合同期內開具的固定許可費有關，在客戶取得軟件控制權時確認。我們根據一系列因素評估應收賬款的收回情況，並記錄如第6條注中進一步描述的準備金。信貸損失。
營業收入
下表顯示我們按業務（以千美元計）展示的營業收入細分情況:
截至9月30日的三個月截至9月30日的九個月內，
2024202320242023
當期$550,996 $524,801 $1,673,848 $1,581,092 
IT解決方案140,304 147,128 426,135 439,039 
旅行解決方案總計691,300 671,929 2,099,983 2,020,131 
SynXis軟件和服務76,953 70,795 225,662 206,828 
其他7,044 7,786 20,392 22,236 
總體飯店解決方案83,997 78,581 246,054 229,064 
總部門營業收入775,297 750,510 2,346,037 2,249,195 
剔除項(10,583)(10,049)(31,196)(28,510)
總體sabre營業收入$764,714 $740,461 $2,314,841 $2,220,685 
我們偶爾可能在當前期間確認營業收入，用於部分或完全完成的履約義務，這些履約義務源於前期對交易價格估計的變化，包括對我們是否受約定的變量考慮估計受限的評估的變化。截至2024年9月30日的九個月期間，當前期間確認的營業收入中，部分或完全完成的履約義務在前期滿足的影響爲$6百萬美元。
截至2024年9月30日，我們的機票預訂取消保留總額爲$121百萬美元和10百萬，分別爲2024年9月30日和2023年12月31日。
未賺取的績效義務主要包括固定實施費用的遞延營業收入和未來產品實施費用，這些金額包含在我們的合併資產負債表中的遞延營業收入和其他非流動負債中。我們沒有披露與最低交易量合同相關的履約義務，因爲它代表我們業務的一個子集，因此無法在理解預計從我們的長期合同中賺取的總未來營業收入方面具有意義。
3. 可贖回非控股權益
2023年2月1日，我們出售了一家子公司的普通股，代表着 19％的股份 Conferma有限公司的(“Conferma”) 直接母公司，給予第三方的現金對價爲$16百萬美元。與此次交易相關，我們達成了一項管理協議，根據有限條件要求我們以$ 19的原購買價格回購16%的權益，如果有需要。當前，我們認爲非控制權益有可能變現的概率並不高，考慮到相關條件實現的可能性遠程。
7

由於普通股份在發生非完全受控制的條件下可贖回，我們按照公允價值最初將非控股利益記錄爲可贖回以及分類爲暫時權益在我們的合併資產負債表中。非控股利益在每個報告期進行調整，以反映歸屬於非控股利益的損失或收入。截至2024年和2023年9月30日，可贖回的非控股利益爲$131百萬美元和15百萬。
以下表格顯示了在2024年和2023年截至9月30日期間，一家合併子公司的可贖回非控制權益在暫時性權益中的變動情況（以千美元計）：
截至9月30日的九個月內，
20242023
期初可贖回非控制權益$14,375 $— 
可贖回非控制權益出售收入— 16,000 
應贖回的非控制權益淨損失(1,098)(1,278)
期末可贖回非控制權益$13,277 $14,722 
8

4. 重組活動
2023年第二季度，我們宣佈並開始實施旨在重新定位我們的業務並結構性降低成本基礎的成本削減計劃。由於這項成本削減計劃，我們在2023年第二季度開始發生與我們的勞動力相關的重組成本。我們預計與這些活動相關的額外重組費用不會很高，並且預計到2024年底之前，所有與該計劃相關的活動將基本完成。
自2023年第二季度以來，我們已經產生了美元的成本81與該商業計劃相關的數百萬美元。這些重組成本由 $ 組成75已經或將要以現金支付的遣散費和相關福利費用的百萬美元，以及 $6與其他重組成本相關的百萬美元。在截至2024年9月30日的九個月中，我們記錄了美元18百萬美元的額外遣散費和相關福利費用，其中$1百萬計入收入成本（不包括技術成本）中，美元13百萬計入技術成本，美元4百萬美元記錄在我們的合併運營報表中的銷售、一般和管理成本中。這些額外費用中的大部分預計將在2025年第一季度末支付。我們還記錄了一美元10百萬美元對預計不再支付的估計金額的應計負債進行調整。
以下表格總結了在我們的合併資產負債表中記錄的一攬子補償和相關福利成本的應計負債，與這項成本削減計劃相關（以千元計）。
九個月結束
2024年9月30日
2023年12月31日的餘額$17,288 
費用18,285 
現金支付(10,764)
非現金調整項目(9,765)
2024年9月30日餘額$15,044 
5. 所得稅

截至2024年9月30日的九個月，我們確認了收入稅費爲$15百萬美元，代表低於 1，相比於所得稅支出的$17百萬美元，也代表低於 1%。2024年9月30日結束的九個月，有效稅率較2023年同期下降，主要是由於可徵稅收入地理分佈的變化和分別記錄在各自九個月期間的各種離散項目。我們的有效稅率與美國聯邦法定所得稅率之間的差異主要源於估值準備、我們在各種稅收司法管轄區域的可徵稅收入地理分佈、稅收永久性差異和稅收抵免。
在評估遞延稅資產的實現可能性時，管理層考慮的是遞延稅資產的某些部分或所有部分是否更可能實現。遞延稅資產的最終實現取決於未來可抵扣這些暫時差異的時期內產生的未來應納稅所得。在進行這一評估時，我們考慮了遞延稅負的預定逆轉、預計未來應納稅所得和稅務策略。我們認爲未來業務運營的結果更可能不能在美國和某些外國司法管轄區產生足夠的應納稅收入，以實現遞延稅資產的全部好處。我們已經確定了與某些聯邦、州和外國淨經營虧損、利息限制和其他資產相關的遞延稅資產的一部分不太可能實現，並已針對這些資產記錄了減值準備。然而，可實現的遞延稅資產金額可能會在結轉期內的未來納稅所得估計減少或增加時進行調整。
我們認可負債，當我們認爲不確定的稅務立場在稅務機構審查時可能不會完全持續。 這種評估需要大量判斷，使用估計值，並對複雜的稅法進行解釋和應用。 當事實和情況發生變化時，我們重新評估這些概率，並在集團財務報表中記錄任何變化。
6. 信用損失
我們主要通過向旅行和運輸行業的參與者銷售的服務來承擔信貸損失風險，我們認爲這是我們獨特的組合板塊。我們會制定和記錄用於在組合板塊水平上判斷信貸損失撥備的方法。在旅行組合板塊中，我們將航空公司、酒店及旅行社視爲具有各自歷史信貸損失模式相關風險特徵的業務，並通過評估與我們應收賬款相關的每個風險和損失來判斷我們的信貸損失撥備的充分性。
我們根據一系列因素評估應收賬款的收回情況。在我們了解到特定客戶無法履行其向我們或他人應付的款項的情況下，例如破產申請或未能支付到期款項，我們會針對到期款項記錄壞賬準備以減少記錄的應收賬款至我們合理認爲可收回的金額。對於所有其他客戶，我們會對應收賬款進行準備金記錄，包括未開票的應收款項。
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根據歷史經驗以及應收款項逾期時間長度，對債權資產和合同資產進行評估。信用損失的估計是通過分析歷史12個月的回收率並根據當前客戶特定的財務不穩定因素和與我們應收款項預期收回相關的其他宏觀經濟因素進行調整而形成的。
我們的信用損失準備金涉及所有財務資產，主要是在資產負債表的應收賬款淨額中記錄的一年內到期的交易應收賬款。 截至2024年9月30日的爲期九個月的我們投資組合部分的信用損失準備金，總結如下（以千爲單位）：
九個月結束
2024年9月30日
2023年12月31日的餘額$34,343 
預期信貸損失準備金2,801 
沖銷(8,671)
其他(48)
2024年9月30日餘額$28,425 
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7. 債務
截至2024年9月30日和2023年12月31日，列入我們合併資產負債表中的未償債務總額爲$5,0351百萬美元和4,834百萬，分別減少了$60萬美元和63 百萬，相應地減少了債務發行成本$59萬美元和65百萬美元。百萬，以及未攤銷貼現$。下表列出了2024年9月30日和2023年12月31日的未償債務的面值（以千爲單位）：

 利率到期日2024年9月30日2023年12月31日
Senior secured 信貸設施:    
2021 年期貸款 b-1
S(1) + 3.50%
2027年12月$390,870 $392,015 
2021年b-2期貸款
S(1) + 3.50%
2027年12月614,151 614,151 
2022年b-1期貸款
S(1) + 4.25%
每股轉換價603,447 603,447 
2022年b-2期貸款
S(1) + 5.00%
每股轉換價645,310 645,310 
2028年到期的優先擔保定期貸款
RR(2) + 1.75%(3)
2028年12月843,735 753,859 
證券化設施：
AR設施
S(1) + 4.00%(4)
2027年3月87,300 110,000 
FILO設施
S(1) + 8.00%
2027年3月120,000 — 
9.252025年到期的％優先擔保票據
9.25%，有效利率31,547 38,895 
7.3752025年到期的％優先擔保票據
7.375%2025年9月26,796 63,019 
4.002025年到期的高級可轉換票據
4.00%，有效利率183,220 333,220 
7.322026年到期的高級可轉換票據
7.32%2026年8月150,000 — 
8.6252027年到期的高級擔保票據
8.625%2027年6月903,077 852,987 
11.252027年到期的高級擔保票據
11.25%2027年12月555,000 555,000 
總未償債務的票面價值  5,154,453 4,961,903 
扣除未償債務的流動部分(245,925)(4,040)
長期未償債務的票面價值  $4,908,528 $4,957,863 
______________________

(1) 代表擔保隔夜融資利率（"SOFR"）。
(2) 表示如下所定義的參考利率。
(3) 在我們的選舉中，如果以現金支付利息，則利差是 0.25%每年，在以實物支付利息的情況下，利差是 1.75%.
(4) 關於發行FILO設施（如下所定義），初始提款費率已提高。 2.25可以降低至0.75%每年4.00%.
我們持有的信用證總額爲$9萬美元和12 截至2024年9月30日和2023年12月31日，分別獲得了1,000萬美元的擔保21現金按金帳戶1,000萬美元。
我們短期借款的加權平均利率，包括我們的 9.25% 2025年到期的優先擔保票據， 4.00% 2025年到期的優先可轉換票據， 7.375% 2025年到期的優先擔保票據以及2021年期限貸款b-1和2022年期限貸款b-1的當前部分，爲 5.13截至2024年9月30日爲止，%
高級擔保信貸工具
2023年5月16日，Sabre GLBL簽署了《授信協議第五修正案》（「SOFR修正案」）。SOFR修正案是根據2013年2月19日修訂的授信協議簽署的。SOFR修正案規定將基於倫敦銀行同業拆放利率(LIBOR)的利率替換爲基於SOFR的利率，適用於2021年貸款b-1和2021年貸款b-2，並修改了授信協議的某些條款。從LIBOR到SOFR的變更是由於參考利率改革和LIBOR作爲貸款基準的淘汰。SOFR修正案對我們的財務狀況或經營結果沒有實質影響。
根據修訂後的信貸協議，借款方必須遵守某些慣常的非財務契約，包括限制承擔某些類型的債務、在某些資產上設定留置權、進行某些投資和支付分紅派息。我們還必須用某些資產出售所得償還一部分貸款，若未重新投資於業務，需在一定期限內進行償還。 15 定義於修訂後的信貸協議中的月數內，自2024年9月30日起，我們已遵守修訂後的信貸協議條款下的所有契約。
2028年到期的高級擔保期限貸款
2023年6月13日，Sabre Financial Borrower，LLC（「Sabre FB」），我們的間接的、合併的子公司進行了一系列交易，包括與某些貸款人簽訂了新的定期貸款協議（「2023年貸款協議」）和一項公司間擔保定期貸款協議（「Pari Passu貸款協議」）。
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2023年貸款協議規定一筆高級擔保定期貸款（「到期日爲2028年的高級擔保定期貸款」），總額最高爲$700百萬，視Sabre Fb是否使用2023年到期的高級擔保定期貸款的收益向Sabre GLBL提供公司間貸款。2023年6月13日，Sabre Fb借款了全部$700百萬美元的金額根據2023年貸款協議，並將資金根據同等優先貸款協議借給了Sabre GLBL。2023年貸款協議下的借款由Sabre Fb的資產抵押，包括Sabre FB在同等優先貸款協議下的索賠，以及我們的某些外國子公司的資產。同等優先貸款協議下的借款由同樣抵押品上的頭等優先留置權抵押，該抵押品擔保了根據高級擔保信貸設施所欠債務和Sabre GLBL的未償還高級擔保票據。Sabre GLBL利用同等優先貸款協議下借款來回購到期於2025年的$650百萬美元的已發行優先票據 9.25%高級擔保票據（「2023年6月再融資」）和$15百萬美元的未償還2021年b-1期限貸款，2021年b-2期限貸款和2022年b-2期限貸款。剩餘的淨收益，減去$23百萬美元的折扣，用於支付$13百萬美元的其他費用和支出。我們還額外支付了$15百萬美元，加上$10積欠的利息達到$百萬 9.25%優先擔保債券，是用手頭現金資助的。我們在2023年6月再融資期間承認了一筆債務減少的淨利潤，在截至2023年9月30日的九個月內達到$13股票回購活動以及因員工基於股票的補償目的而重新發行國庫股的情況如下：
2028年到期的高級擔保期限貸款將於2028年12月15日到期，並允許我們根據以下的預付款溢價進行預付：(i) 關於在2023年度貸款協議第二週年或之前發生的任何預付款，按照慣例的補償金額，和 (ii) 關於在2023年度貸款協議第二週年之後並在2023年度貸款協議第三週年或之前發生的任何預付款， 25應付利差的％，假設所有利息以資產利息支付的形式支付。在2023年度貸款協議第三週年後，所有預付款均可按面值加計利息進行。
2028年到期的優先有擔保定期貸款的利息以現金支付；前提是，根據我們的選擇，從協議簽訂之日起至2025年12月31日或之前的最後一次利息還款日，利息可以以實物支付。2028年到期的優先有擔保定期貸款按浮動利率計息，利息期自截止日起每連續三個月的週年日結束，並根據每筆Sabre GLBL或其任何關聯公司未償有擔保債務（定義見2023年定期貸款協議）的最高到期收益率的平均值來確定拖欠款項 20 之前的交易日（「參考匯率」），加上 (i) 25 現金利息的點子或 (ii) 175 應付實物利息的點子。截至2024年9月30日，參考匯率爲 13.07%。全額利率下限爲 11.50現金利息的百分比和 13.00應付實物利息的百分比，全額利率上限爲 17.50現金利息的百分比和 19.00應付實物利息的百分比。我們目前選擇以實物支付利息。如果不選擇以現金支付，則2028年到期的優先有擔保定期貸款的利息應計並支付或資本化爲本金，該利息從2023年6月13日開始，到期三個月之日結束，以及每年的9月13日、12月13日、3月13日和6月13日連續三個月的週年紀念日。我們將2028年到期的高級有擔保定期貸款的利息資本化總額爲美元29在截至2024年9月30日的三個月中，有100萬人d $90在截至2024年9月30日的九個月中，有100萬人。
sabre FB在到期日爲2028年的 Senior Secured 期限貸款項下，要求由我們的某些現有和未來的外國子公司（「外國擔保人」）對其進行擔保。2023年期限貸款協議要求我們至少在某些外國子公司中保持至少$100百萬美元的現金餘額，並要求其他契約以確保應用於外國擔保人的抵押物達到某些最低水平。2023年期限貸款協議還包括各種非金融契約，包括限制進行某些投資、處置活動和關聯交易等。此外，2023年期限貸款協議包括慣例的提前償還事項、財務和消極契約，以及根據但在某些情況下更嚴格的 Amended and Restated 信貸協議的其他陳述、契約和違約事件。截至2024年9月30日，我們在2023年期限貸款協議和平價貸款協議的條款下均合規。
優先擔保票據。
2023 年 9 月 7 日，Sabre GLBL 完成了交易所要約，其中約爲 $787我們當中的一百萬人 7.3752025年到期的優先有擔保票據（「2025年9月票據」）的百分比，約爲美元66我們當中的一百萬人 9.252025年到期的優先有擔保票據（「2025年4月票據」）的百分比已兌換成現金和約1美元853百萬本金總額爲 8.625按面值發行的2027年到期優先擔保票據（「2027年6月票據」）的百分比（「2023年9月的交易所交易」）。2027年6月的票據由Sabre Holdings和Sabre GLBL的所有限制性子公司共同和單獨提供不可撤銷和無條件的擔保，這些子公司爲優先擔保信貸額度和2028年到期的有擔保定期貸款提供擔保。2027年6月票據的利率爲 8.625從2024年3月1日開始，每年的3月1日和9月1日每半年拖欠一次年利率和利息支付。2027年6月的票據將於2027年6月1日到期。Sabre GLBL沒有從交易所獲得任何現金收益，也沒有產生超過2025年4月票據和2025年9月交換票據本金總額的額外債務。我們收取了大約 $ 的額外費用133百萬，主要由大約 $ 組成115百萬美元的交易費，美元15百萬美元的承保及相關費用和支出外加美元3百萬的應計和未付利息，全部由手頭現金支付。我們確定，2023年9月的交易所交易，包括交易所費的影響，代表債務的清償，因此確認了截至2023年12月31日的年度中債務清償損失爲美元121百萬，由美元組成115與2027年6月票據相關的百萬美元交易所費用和美元6百萬美元與註銷2025年4月票據和2025年9月票據的未攤銷債務發行成本有關。
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2024年3月7日，sabre GLBL交換了大約$36我們的2025年9月債券和大約$7我們的2025年4月債券，換取了大約$50額外的2027年6月債券的總本金，約$的交換費除外。除了約$的交換費外，此交易未產生額外負債。7除了發行日期和發行價格外，這些額外的2027年6月債券具有相同條款，構成與上述2027年6月債券相同系列且可互換。我們支付了約$1的額外費用，用手頭現金支付。我們確定2024年9月30日結束的九個月內，包括交換費用，3總本金約損失$的債務註銷。7主要包括與2027年6月債券相關的交換費用。
歐洲租賃和貸款的證券化設施
2023年2月14日，Sabre Securitization，LLC，我們的間接控股子公司和一個專門實體（「Sabre Securitization」），簽訂了 三年 承諾的應收賬款證券化融資設施（不時修訂的「證券化設施」）高達$200百萬與PNC銀行NA簽訂。
2024 年 3 月 29 日，Sabre Securitization 將其現有證券化基金的總體規模從 $ 上調至200百萬到美元235通過發行一美元獲得百萬美元120證券化基金項下100萬筆 「先入後出」 定期貸款（此類批次，「FILO融資」），並將證券化基金下的循環貸款減少到美元115百萬（此類撥款，即 「增強現實設施」）。與FILO融資的發行有關，證券化基金的到期日延長至2027年3月29日，其下的春季到期日終止。FILO融資機制提供了預付或償還協議中規定的某些贖回保費的能力。從FILO融資機制獲得的淨收益爲美元117百萬，淨額 $3向債權人支付的數百萬美元費用將用於一般公司用途。我們收取了美元的額外費用4百萬美元，資金來自手頭現金。
信貸融資設施下的可借款金額受限於根據合格應收賬款的未償餘額計算出的借款底數，但受制於一定的儲備。截至 2024年9月30日，我們在信貸融資設施下的未償金額爲$207百萬，包括應收賬款融資設施下的$87百萬和FILO融資設施下的$120百萬。
FILO融資工具的利息率爲SOFR加上已發放費用 8.00FILO融資工具下，Sabre證券應付利息和費用均每月到期。
根據AR融資工具，借款將按照與SOFR相等的利率計息，加上一個百分比底線，以及最初爲百分之X的SOFR調整費用。 0繪製費用，最初金額爲百分之X的SOFR調整費用。有關FILO融資工具發行的事項，初始繪製費用已從Y％增加到Z％。 2.2510.80.10繪製費用已從Y％增加到Z％。借款費用於2024年9月30日， 2.25可以降低至0.75%每年4.00根據AR融資工具，借款將按照與SOFR相等的利率計息，加上一個百分比底線，以及一個繪製費用。 3.75%截至繪製費用，最初金額爲百分之X的SOFR調整費用，設置爲2024年9月30日。 根據我們的槓桿比率而異. sabre證券化還支付未使用承諾的AR貸款額的費用。Sabre證券化根據AR融資協議應付的利息和費用每月到期。與我們的AR融資協議相關的淨債務發行成本爲$1截至2024年9月30日的九個月爲$ 和美元2截至2023年12月31日的 爲$ 在我們的合併財務報表中記載爲其他資產淨額。
在證券化機制方面，我們的某些子公司（「發起人」）已經向Sabre證券化出售並出資，並將繼續出售或出資其幾乎所有的應收賬款和某些相關資產（統稱爲 「應收賬款」），作爲證券化機制下的借款抵押品。Sabre證券化的資產無法用於履行Sabre公司或其任何關聯公司的義務。根據證券化融資機制的條款，AR融資和FILO融資機制下的貸款人將對Sabre證券化資產擁有優先權索賠，Sabre證券化資產將主要包括參與證券化融資的發起人的應收款。截至 2024 年 9 月 30 日, $378Sabre證券化持有數百萬筆應收賬款作爲資產，包括美元369百萬美元的應收賬款和美元9數百萬條其他套裝，淨在我們的控制檯中已清算的資產負債表。
安全性設施在合併基礎上被視爲一個擔保借款，而不是資產出售；因此，(i) 作爲抵押品的應收賬款餘額被列示爲資產，借款被列示爲負債在我們的合併資產負債表上，(ii) 我們的合併利潤表反映了與抵押應收賬款相關的壞賬費用（一項一般和管理費用的組成部分）以及與安全設施有關的利息支出，以及(iii) 與基礎應收賬款相關的客戶收款被反映爲經營現金流量，而安全設施的借款和償還在我們的合併現金流量表中被反映爲融資現金流量。Sabre安全設施的應收賬款和其他資產不可用於滿足除Sabre安全設施之外的任何實體的債權人。
證券化安排 設施包含一些慣例陳述、擔保、肯定事項、否定事項，有時在某些情況下，包括原始權利人出售的應收賬款的資格和爲放貸方提供貸款的擔保，以及慣例的儲備要求、違約事件、終止事件和服務提供方違約。截至 2024年9月30日，我們已遵守並預計將在未來至少十二個月內遵守 證券化 設施的財務契約。
可交換債券
2020年4月17日，Sabre GLBL簽訂了一項債務協議（"2025可轉股票據契約"），金額爲$345總額爲百萬的4.000%到期的2025年可轉股票據（"2025 可轉股票據）。2025年可轉股票據是Sabre GLBL的優先無擔保債務，應計利息按半年度遞延支付
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並將於2025年4月15日到期，除非根據2025年可轉換票據契約規定的特定情況和條款提前回購或交換。 截至 2024年9月30日,我們持有$183億美元的2025年可轉換票據的總本金未償還。
根據 2025可轉換票據契約，這些票據可在以下時間或情況下轉換爲sabre公司的普通股（以下簡稱爲「我們的普通股」） “我們的普通股”
•在2020年6月30日結束後的任何一個季度，如果我們普通股的每股最後報告銷售價格超過 130至少爲每股交易所價格的% 20個交易日（無論是否連續）的交易期內 30從2025年6月2日開始，直到到期日前第二個交易日結束的任何時間。
• 期間內的淨銷賬（回收）比率相對於平均不良資產。五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 個連續交易日之後的 五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 一個月之內的連續交易日期間只可在票據有效期內的任何時候選擇轉換。 五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 在連續交易日的期間， “（「測量期」）若2025年可交換票據每1,000美元本金的交易價格，根據其持有人按照交易所規定的程序請求確定。 2025可交換債券契約，在計量期每個交易日交易量小於 98％由我們普通股上次報告的每股最後成交價及當日匯率的乘積
•在發生某些公司事件或對我們的普通股進行分配時，包括但不限於「基本變更」（如定義所述） 2025可交換票據契約);
•在指定企業事件發生時；或者
•2024年10月15日或之後，直至2025年4月15日到期日前第二個交易日結束營業。我們計劃使用「默認結算方法」，即以現金結算2025年可轉股票票據的本金金額，多餘部分則以我們的普通股份支付。在2024年10月15日和2025年4月15日到期日之間的這6個月期間收到的任何結算請求將在2025年4月15日到期時進行結算。
除非在2025年可兌換票據信託契約中定義的更變控制或其他基本更變（兩者均已定義）之下，2025年可兌換票據持有人可以要求我們以回購價等額回購2025年可兌換票據的全部或部分本金 100相當於2025年可兌換票據本金的%，再加上到回購日期但不包括的任何應計未付利息。截至2024年9月30日，尚未達成允許持有人兌換2025年可兌換票據的條件。
2025可交換票據可根據初始匯率，即每1000美元本金的2025可交換票據兌換成126.9499股普通股，相當於每股初始兌換價格約爲$7.88 在轉換時，Sabre GLBL將根據我們的選擇支付或交付現金、我們的普通股或現金和普通股的組合。 如果發生任何2025可交換票據的「補償性重大變更」（如2025可交換票據信託文件中定義），並且在相關「補償性重大變更交換期」（如2025可交換票據信託文件中定義）中，進行該2025可交換票據的兌換，則根據2025可交換票據信託文件中規定，適用於該兌換的匯率將增加表中的一定數量股份，該表基於自發行以來的時間和當日發生該補償性重大變更的我們的股票價格的函數。2025可交換票據的淨收益爲$336百萬，扣除承銷費和佣金後，用於一般企業用途。
2024年3月19日，sabre GLBL交換了$150美元的2025年可轉換票據總本金額，以及$150美元的sabre GLBL新發行的 7.32%到期的2026年可轉換票據（稱爲"2026年可轉換票據"，與2025年可轉換票據一起，稱爲"可轉換票據"），以及大約$30美元的現金。我們支付了額外費用，約$5百萬美元相關費用和支出，加上$3百萬美元的應計但未支付利息，全部用現金支付。 我們確定交易交易，包括交易費用的影響，代表債務的清償，因此確認了債務清償損失爲$31百萬美元。我們沒有收到任何現金收益，並沒有承擔超過已交換的現有票據本金總額的額外負債。 2026年轉股票據是Sabre GLBL的優先、無擔保債務，按照規定的情況和條款，在每年2月1日和8月1日的遞延本息償付，從2024年8月1日開始計息，到2026年8月1日到期，除非根據規定的情況和條款提前購回或交換2026年轉股票據合同管理的情況下提前到期。"2026年轉股票據合同"以及 2025年轉股票據合同，"可轉換債券合同，這些PBM對DIR費用進行了扣回收取。 2024年9月30日，我們持有2026年轉股票據總額爲美元150，持有未償還的2026年可轉換票據的總額爲百萬美元。
根據2026年的條款 可交換票據契約，2026年可交換票據 可以在實質上與下文所述的2025年可轉換票據中規定的情況下交換到我們的普通股 除了2025年可轉換票據中的其他情況外:
•自2024年6月30日結束的日曆季度後的任何日曆季度開始，如果我們普通股的每股最後報告銷售價格超過 130至少爲每股交易所價格的% 20個交易日（無論是否連續）的交易期內 30 連續交易日截至幷包括上一個日曆季度的最後一個交易日;
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•2026年2月1日或以後直至2026年8月1日到期日前第二個交易日營業結束。
截至2024年9月30日，尚未滿足任何允許持有者的條件 2026年可交換票據 進行交易。
本基金尋求於東歐地區註冊的主要權益關聯發行人的長期升值投資。2026可兌換票據 可以按照初始匯率爲每1000美元本金的222.2222股普通股的換股持有人的選擇轉換爲我們的普通股 2026可兌換票據每股約$的初始兌換價格。匯率受到抗稀釋和其他調整的影響。4.50 每股約$的初始兌換價格。匯率受到抗稀釋和其他調整的影響。 在交易時，Sabre GLBL將支付或交付現金、我們的普通股或現金和普通股的組合，根據我們的選擇。2026可兌換票據契約中的「全額補償基本變更」條款與上述用於2025可兌換票據的條款實質上相同。 如果不可相互替換的任何這種證券的附加證券（「其他證券」）發行，用於美國聯邦所得稅目的，證券的原始證券下發行的不同證券將具有單獨的CUSIP、ISIN和其他標識號碼。契約規定了發行其他債務證券的系列（包括證券和「債務證券」）；
債券發行成本通過利率期貨在交換票據的合同存續期間攤銷爲利息費用，計入我們的營運結果中。截至2024年9月30日的有效利率期貨爲 4.78%和8.82分別爲2025年交換票據和2026年交換票據。2023年9月30日的有效利率期貨爲 4.782025年交換票據的利率期貨爲。
下表列出了截至2024年9月30日和2023年12月31日的可兌換票據的賬面價值（以千爲單位）：
2024年9月30日2023年12月31日
2025可轉換債券2026可轉換債券2025可轉換債券2026可轉換債券
主要$183,220 $150,000 $333,220 $— 
減：未攤銷的債務發行成本764 3,792 3,256 — 
淨賬面價值$182,456 $146,208 $329,964 $— 

以下表格詳細列出了截至2024年9月30日和2023年9月30日爲止的三個月和九個月內與可轉換票據相關的利息支出（以千爲單位）：
截至9月30日的三個月截至9月30日的九個月內，
2024202320242023
2025可轉換債券2026可轉換債券2025可轉換債券2026可轉換債券2025可轉換債券2026可轉換債券2025可兌換債券2026可兌換債券
合同利息費用$1,832 $2,745 $3,332 $— $6,797 $5,856 $9,997 $— 
截至2024年6月30日和2023年6月30日的六個月內，債券的平均利率爲346 471 600 — 1,266 993 1,779 — 

8. 衍生工具
套期保值目標—我們面臨與業務持續運營相關的某些風險。通過使用衍生工具管理的主要風險是利率風險。利率互換用於管理與我們的浮息借款相關的利率風險。
根據有權威指導，我們將利率互換定爲浮動利率借款的現金流量套期交易。
現金流量套期保值策略我們簽訂利率互換協議來管理利率風險敞口。 利率互換協議通過將浮動利率債務轉換爲固定利率基礎，從而減少利率變化對未來利息支出和淨收益的影響。 這些協議涉及收取浮動利率金額，以換取在協議期內的固定利率付款，而不需要調換基礎本金金額。
對於被指定並符合現金流量套期交易的衍生工具，衍生工具的有效部分和無效部分的收益或損失作爲其他綜合收益（損失）的組成部分報告，並在與預測交易相關的同一行項目中重新分類爲收益，並在套期交易影響收益的同一期間或多個期間內重新分類。截至2024年9月30日，我們沒有任何被排除在有效性評估之外的套期元件。現金流量套期交易在綜合現金流量表中與被套期的項目分類相同，並且衍生金融工具的收益和損失在綜合現金流量表中的經營活動現金流量中報告。未被指定爲套期工具的衍生工具以公允價值計量，並且公允價值變動反映在綜合收支表的其他淨額中。
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利率互換合同—2024年9月30日及2023年截至九個月止，未償還的利率互換如下：
名義金額利率期貨
2021年8月		支付的利率生效日期。到期日
指定爲對沖工具
$200百萬
1個月SOFR(1)
3.09%(2)
美元數百萬2023年12月31日
$150百萬
1個月SOFR(1)
3.98%(3)
2022年6月30日2023年12月31日
$250百萬
1個月美元國庫擔保貸款利率(1)
4.72%
2023年6月30日2026年6月30日
$250百萬
1個月美元國庫擔保貸款利率(1)
3.88%
2023年12月31日2024年12月31日
$250百萬
一個月美元對美元基礎利率(1)
4.37%
2024年1月16日2026年1月31日，到期日期
______________________
(1)    受限於一個 0.5% 地板。
(2)    固定費用爲 1.71% 自2022年4月30日生效，到期時間爲2022年12月30日，以及 3.09% 自2022年12月31日生效，到期時間爲2023年12月31日。
(3)    固定費用爲 2.79％自2022年6月30日生效，至2022年12月30日到期，以及 3.98％自2022年12月31日生效，至2023年12月31日到期。

2022年4月，我們進行了利率互換，以對沖與美元相關的利息支付2002022年和2023年浮動利率定期貸款b-1中的百萬美元。2022年6月，我們進行了利率互換，以對沖與美元相關的利息支付1502022年和2023年浮動利率定期貸款b-1中的百萬美元。2023 年 2 月，我們進行了遠期起始利率互換，以對沖與美元相關的利息支付250截至2024年年度的2022年浮動利率定期貸款b-1中的百萬美元。2023 年 6 月，我們進行了利率互換，以對沖與美元相關的利息支付250截至2026年6月的2022年浮動利率定期貸款b-2中的百萬美元。2024 年 1 月，我們進行了利率互換，以對沖與美元相關的利息支付2502022年浮動利率定期貸款b-1中，有100萬筆與2024年和2025年有關。我們將這些互換交易指定爲現金流套期保值。在截至2024年9月30日的三個月和九個月中，我們確認的現金流收益爲美元2百萬和美元6 分別爲百萬美元，與我們的利率互換有關，利率互換在我們的合併現金流量表中以經營活動提供的現金形式列報。截至 2024 年 9 月 30 日，我們估計爲 $2百萬美元的虧損將從其他綜合（虧損）收入重新歸類爲未來12個月的收益。
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截至2024年9月30日和2023年12月31日，我們指定爲避險工具的衍生品估計的公允價值如下（以千爲單位）：
 衍生資產
  截至的公允價值
被指定爲對沖工具的衍生品合併資產負債表位置2024 年 9 月 30 日2023 年 12 月 31 日
利率互換
預付費用和其他流動資產
$538 $2,413 
利率互換其他應計負債(2,893)— 
利率互換其他非流動負債$(3,103)(4,129)
總計 $(5,458)$(1,716)

截至2024年9月30日和2023年9月30日結束的三個月和九個月的衍生工具稅後對OCI的影響如下(以千爲單位):
 OID中確認的(損失)利潤金額，
有效部分
與現金流量避險有關的衍生品截至9月30日的三個月截至9月30日的九個月內，
2024202320242023
利率掉期$(6,733)$3,703 $2,600 $4,588 
總費用$(6,733)$3,703 $2,600 $4,588 

  來自累積其他全面收益的收益重新分類爲收入，有效部分
與現金流量避險有關的衍生品利潤表位置截至9月30日的三個月截至9月30日的九個月內，
2024202320242023
利率掉期利息費用，淨額$(2,133)$(2,057)$(6,178)$(4,473)
總費用$(2,133)$(2,057)$(6,178)$(4,473)

9. 公司使用估計、判斷和假設來評估公司在未來的營運期間內可能發生的壞賬準備和減值虧損。該類估計難以進行，往往受到不確定性的影響，可能導致實際結果與最初預計結果存在差異。
公允價值被定義爲在主要或最有利市場上，市場參與者之間，在計量日以有序交易中出售資產或轉讓負債所收到的價格或支付的價格。關於公允價值衡量和披露的指導建立了用於披露用於衡量公允價值的輸入的評估層次結構，定義如下：
一級—輸入是未經調整的報價，這些報價可在活躍市場上用於相同資產或負債。
2級——輸入包括在活躍市場中類似資產和負債的報價價格，以及在非活躍市場中的報價價格，除報價價格外的可觀察輸入，以及雖非直接可觀察，但被可觀察市場數據證實的輸入。
三級-輸入是不可觀察到的，並且很少或沒有市場活動的支持，反映了重大管理判斷的使用。
金融資產或負債在分級層次內的分類是根據對公允值計量至關重要的最不可靠水平確定的。 在確定公允值時，我們利用估值技術，最大程度地利用可觀察輸入，儘量減少不可觀察輸入的使用。 我們還考慮交易對手和我們自身的履約風險，評估公允值。
在重複測量基礎上衡量公允價值的資產和負債
利率掉期我們利率互換的公允價值是根據綜合的收入和市場評估方法估計的，基於來自獨立定價服務的信用評級和前瞻利率收益曲線等Level 2輸入。
貨幣市場基金我們用於衡量我們所有基金類型公允價值的估值技術是來自於報價市場價格和存在的這些工具的活躍市場。
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定期存款我們用於衡量定期存款工具公允價值的估值技術是基於以下內容得出的：非約束性市場共識價格，經可觀察市場數據和相似工具的報價市場價格證實。
證券投資—2022年5月，我們收購了 8百萬股A類普通股，每股面值爲$0.0001 ，總購買價格爲$80百萬美元，該購買價值已包含在資產負債表中的預付費用和其他流動資產中。這些股份的條款不包含任何會影響我們未來出售股份的限制。我們對GBT的投資公允價值是基於其股價，作爲一級輸入，該股票在紐約證券交易所以符號GBTG公開交易。在2024年第三季度，我們出售了所有 8百萬股投資，售價爲$55百萬美元，並確認淨收益爲$21百萬美元和3在2024年9月30日結束的三個月和九個月，分別達到了 百萬美元。
以下表格顯示截至2024年9月30日和2023年12月31日，我們資產（負債）需要按照公允價值進行定期計量（以千爲單位）：
 報告日的公允價值使用
資產：2024 年 9 月 30 日第 1 級第 2 級第 3 級
衍生品(1)
    
利率互換合約$538 $— $538 $— 
投資證券467 467 — — 
貨幣市場基金423,755 423,755 — — 
定期存款77,568 — 77,568 — 
總資產$502,328 $424,222 $78,106 $— 
負債：
衍生品(1)
利率互換合約$(5,996)$— $(5,996)$— 
負債總額$(5,996)$— $(5,996)$— 

 報告日的公允價值使用
資產：2023 年 12 月 31 日第 1 級第 2 級第 3 級
衍生品(1)
    
利率互換合約$2,413 $— $2,413 $— 
投資證券51,970 51,970 — — 
貨幣市場基金261,551 261,551 — — 
定期存款177,608 — 177,608 — 
總資產$493,542 $313,521 $180,021 $— 
負債：
衍生品(1)
利率互換合約$(4,129)$— $(4,129)$— 
負債總額$(4,129)$— $(4,129)$— 
______________________
(1) 查看注8。有關詳細信息，請參閱衍生品。

在2024年9月30日結束的三個月和九個月內，一級和二級之間的公允價值層次之間沒有轉移。
2024年9月30日結束的三個月和九個月中，我們在證券投資中確認的未實現收益不重要。2023年9月30日結束的三個月和九個月中，我們在證券投資中確認的未實現損失合計$141百萬美元和10百萬，分別記錄在其他處，淨額在我們業務結果中。
其他金融工具
我們的金融工具的賬面價值，包括現金及現金等價物、受限現金和應收賬款，由於這些工具的短期性質，其公允價值大致相當。我們的2025年可交換票據、2026年可交換票據、到期日爲2025年和2027年的優先擔保票據，以及根據修訂後的信貸協議的期限貸款的公允價值是基於類似負債作爲資產在活躍市場中交易時的報價市場價格確定，屬於二級輸入。到期日爲2028年的優先擔保期限貸款和FILO設施的公允價值是
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使用包含特定假設和3級輸入的估值模型確定。截至2024年9月30日，我們應收賬款融資設施和FILO融資設施的未償本金餘額大致等於其公允價值。
以下表格列出了截至2024年9月30日和2023年12月31日的我們債券及貸款的公允價值和攜帶價值（以千為單位）:
 
截至 2024 年 9 月 30 日
截至 2023 年 12 月 31 日
金融工具公允價值
賬面價值(1)
公允價值
賬面價值(1)
2021 年定期貸款 b-1$366,196 $390,329 $344,973 $391,366 
2021 年定期貸款 b-2575,382 611,130 540,069 610,545 
2022年定期貸款 b-1570,258 599,189 535,559 598,419 
2022年定期貸款 b-2617,078 622,625 576,343 618,888 
2028年到期的高級有擔保定期貸款843,470 825,082 726,582 732,901 
9.252025年到期的優先有擔保票據百分比
31,988 31,547 38,291 38,895 
7.3752025年到期的優先有擔保票據百分比
26,680 26,796 60,496 63,019 
4.002025年到期的優先可交換票據百分比
180,485 183,220 326,841 333,220 
7.322026年到期的優先可交換票據百分比
162,941 150,000 — — 
8.6252027年到期的優先有擔保票據百分比
889,328 903,077 776,598 852,987 
11.252027年到期的優先有擔保票據百分比
576,900 547,726 545,024 546,384 
______________________
(1)不包括淨未攤銷債務發行成本。
以非持續性方式計量的資產
我們會對商譽和其他無形資產無限期進行定期的減值測試，或者如果出現因子，則會更頻繁進行。我們不斷監測事件和情況的變化，比如市場條件的變化，短期和長期的需求以及其他相關因素，這些可能表明我們任何一個報告單位的公允價值很可能已經低於其各自的賬面價值。自我們進行年度商譽減值測試以來，我們並未發現任何觸發事件或情況的變化，這種變化需要我們進行另一次商譽減值測試，我們沒有進行。 否截至2024年9月30日的三個月和九個月，我們未記錄任何商譽減值損失。
10. 累積其他綜合損失
截至2024年9月30日和2023年12月31日，其他綜合收益累計的元件淨值，減去相關遞延所得稅，如下（以千爲單位）：
 2024年9月30日2023年12月31日
定義利益養老金和其他僱後福利計劃$(77,045)$(78,056)
未實現外幣兌換收益12,600 9,147 
利率互換未實現損失(6,447)(2,869)
其他合併公司投資的其他綜合損失份額(2,441)(2,144)
累積其他綜合損失總額，淨額稅後 $(73,333)$(73,922)

與我們養老相關的離職金攤銷和固定服務津貼主要包括在其他綜合收益中。截至2024年9月30日，我們已經爲養老金計劃捐出了$12在2024年，我們向我們的確定福利養老金計劃捐入了$ 百萬。根據目前的假設，我們預計在2024年向我們的確定福利養老金計劃再作出多達$ 百萬的額外捐贈。請參閱注8. 衍生工具，了解有關受衍生工具重分類調整影響的損益表項目的信息。1有關與衍生工具重分類調整相關的收入表項目受影響的信息，請參見注8. 衍生工具。
11. 股票和股東權益
優先股
2020年8月24日，我們完成了一項發行 3,340,000 萬股我們的 6.50美元一定可轉換優先股系列A股票（「優先股」），募集淨收益約爲323百萬用於一般企業用途。截至2021年12月31日，某位持有人選擇將 50,000 股優先股轉換爲 595,240 股普通股票顯示爲待發行的普通股票。 3,290,000 股普通股。2023年9月1日，強制轉換日期，每股優先股自動轉換爲我們的普通股，轉換比例爲 14.2857 我們的普通股每股的普通股數。轉換時發行的股份數約爲 47萬股。
優先股按年利率累積分紅派息，等於 6.50%的清算優先權$100 每股的現金或等於每股的$年度分紅利，可以支付現金或者在限制條件允許的情況下通過交付股份6.50
19

我們可以選擇以我們的選擇支付金額或我們公司股票的現金並股份組合；但是，如果有任何未分紅未支付的股息，將繼續累積。
我們累積了 $4百萬和美元14截至2023年9月30日的三個月和九個月的合併經營業績中分別派發了百萬股優先股股息。在截至2023年9月30日的三個月和九個月中，我們爲優先股支付了現金分紅5百萬和美元16分別是百萬。
股份回購計劃
2017年2月，我們宣佈批准一項爲期多年的股票回購計劃（「股票回購計劃」），將最多購買$500 million Sabre普通股。根據股票回購計劃的規定，回購可能在公開市場或私下協商的交易中進行。截至2024年9月30日的九個月內，我們沒有回購任何股票。 沒有 根據股票回購計劃，共購回零股。2020年3月16日，我們宣佈暫停股票回購計劃，以配合我們根據COVID-19疫情造成的市場狀況所採取的一些現金管理措施。截至2024年9月30日，股票回購計劃仍然暫停，剩餘約$287 million 授權用於回購。
可交換債券
2020 年 4 月 17 日，我們發行了 $3452025年可交換票據的本金總額爲百萬美元。 2024 年 3 月 19 日，Sabre GLBL 兌換了 $150我們2025年未償還的可交換票據的本金總額爲百萬美元1502026年可交換票據的本金總額爲百萬美元，約爲美元30百萬現金。根據可交換契約的條款，根據我們的選擇，在特定情況下，可交換票據可以兌換成我們的普通股。截至 2024 年 9 月 30 日，我們有 $183百萬和 $150百萬 分別爲2025年未償還的可交換票據和2026年可交換票據的本金總額。參見注釋 7。債務以獲取更多細節。在2026年可交換票據到期之前，我們預計將以普通股形式結算2026年未償還的可交換票據的本金。 從 2024 年 10 月 15 日或之後開始，直到緊接到期日之前的第二個預定交易日營業結束 2025 年可交換票據，2025 年 4 月 15 日，w我們計劃使用 「默認結算方法」 來結算2025年的可交換票據，即用現金結算任何2025年可交換票據的本金，以及任何超額價值的普通股。在2024年10月15日至2025年4月15日到期日這6個月期間收到的任何和解申請將在2025年可交換票據於2025年4月15日到期時結算。
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12. 每股收益
下表調和了基本和攤薄每股收益的分子和分母，在持續經營中使用的數據（單位：千，除每股數據外）。
截至9月30日的三個月截至9月30日的九個月內，
2024202320242023
分子：
持續經營的虧損$(63,133)$(207,789)$(203,723)$(431,154)
扣除歸屬於非控制股權的淨利潤（損失）(315)379 338 (522)
減：優先股股利— 3,564 — 14,257 
淨虧損從持續經營中可供普通股股東選擇，稀釋$(62,818)$(211,732)$(204,061)$(444,889)
分母：
基本加權平均流通股數385,729 345,128 383,013 335,460 
攤薄加權平均普通股份流通量385,729 345,128 383,013 335,460 
持續經營業務每股虧損:
基本$(0.16)$(0.61)$(0.53)$(1.33)
稀釋$(0.16)$(0.61)$(0.53)$(1.33)
基本每股收益是通過將持續經營中可供普通股股東使用的淨損失除以每個期間的普通股平均流通股數來計算的。稀釋每股收益是通過將持續經營中可供普通股股東使用的淨損失除以每個期間的普通股平均流通股數以及所有可能發生的普通股稀釋效應來計算的。稀釋加權平均普通股流通股份計算不包括 3和2百萬的溢價期權和受限股票獎勵，截至2024年9月30日爲止的三個和九個月， 6和3百萬的溢價期權和受限股票獎勵，截至2023年9月30日爲止的三個和九個月，因爲在該期間出現淨損失，因此其影響將具有反稀釋性。稀釋加權平均股份計算不包括 1和3百萬的反稀釋普通股等價物，分別截至2024年9月30日的三個和九個月。 4和5在2023年9月30日結束的三個月和九個月中，抵消稀釋作用的普通股等值爲　百萬。
我們已經使用if-converted方法來計算可轉換債券對我們每股稀釋淨利潤的潛在稀釋效應。根據if-converted方法， 2025可兌換債券 被假設在期初進行轉換， 2026可兌換票據 被假設在發行日進行轉換， 2024年3月19日， 而產生的普通股將被納入被呈現期間的稀釋每股收益計算的分母，與關於可轉換債券的利息費用進行稅後調整的結果將只在這種效應具有稀釋性質的期間內被添加回數值分子。大約家庭 57百萬和頁面。42百萬 re2024年和2023年截至9月30日三個月和九個月的可換股票相關的普通股，由於該期間出現的淨損失，未計入稀釋後的加權平均普通股股份計算，因爲它們的影響將是抗稀釋的。
2023年9月1日，每一股未償還的優先股份自動轉換爲約 47萬股我們的普通股。詳見注11。有關股票和股東權益的說明。
13. 備用金
法律訴訟
儘管某些法律訴訟和相關的賠償義務規定了所要求的金額，但這些金額可能並不代表合理可能的損失。鑑於訴訟的固有不確定性，這些事項的最終結果目前無法預測，可能的損失金額或損失區間，除在已爲概率和合理可估計的損失準備了整體訴訟計提的情況下，不能合理估算，除非已對可能和合理可估計的損失義務做出了明確的記錄。對於這些事項所需的計提金額（如果有）的確定是在對每個事項進行仔細分析之後做出的。由於每個事項中的新信息或發展，或者對這些事項處理的方法（如解決策略的變化）的改變，未來可能會導致計提金額髮生變化。
21

反壟斷訴訟和調查
美國航空公司反壟斷訴訟
2011年4月，美國航空公司在紐約南區聯邦法院對我們提起訴訟，指控涉嫌違反《謝爾曼法案》第1條（反競爭性協議）和第2條（壟斷）。在我們與美國航空公司簽訂新的分銷協議不到兩個月後，該投訴被提起。 2011年9月，法院駁回了所有與第2條相關的索賠。
2015年1月，法庭發佈了一項命令，部分支持Sabre的總結判決動議，減少了美國航空公司聲稱的大部分損害，並拒絕了其要求發出禁令，以阻止Sabre執行合同中的某些條款。2015年9月，法院還駁回了美國航空公司關於宣告救濟的訴求。剩餘索賠的審判於2016年10月開始。2016年12月，陪審團就美國航空公司關於Sherman法案第1條款下的索賠裁定支持美國航空公司，並判給其單倍損失金額。5我們隨後向第二巡迴上訴法庭提起上訴，尋求推翻判決。
2019年9月，第二巡迴法院發佈了命令和意見，撤銷了對美國航空根據第1條提出的索賠的判決，推翻了初審法院對美國航空公司與第2條有關的索賠的駁回，並將該案發回地區法院進行新的審判。重審於2022年4月開始。2022年5月，陪審團駁回了美國航空根據《謝爾曼法案》第1條提出的主張，認定Sabre的合同條款不具有反競爭性，並根據謝爾曼法案第2條就其在2007年至2012年期間的壟斷主張作出了有利於美國航空的裁決。但是，陪審團僅判給美國航空公司 $1.00 一次性賠償。根據陪審團的裁決，法院於2022年6月作出了有利於美國航空的最終判決，金額爲美元3.00，這是陪審團裁定的 $ 的三倍1.00 按照《謝爾曼法案》的要求。我們已經向美國航空公司支付了美元3.05 以滿足這部分判決。雙方均未提起上訴，及時提出上訴的期限已經過去。
此外，法院關於謝爾曼法案第2條的壟斷索賠的判決，使美國航空公司有權根據謝爾曼法案獲得合理的律師費和成本。法院將律師費和成本問題轉交給一個裁判法官。裁判法官發表了一份建議，法院全面採納，認爲美國航空公司有權獲得合理的律師費獎勵，但該獎勵應減少以反映他們的名義回收。2023年6月，美國航空公司提出動議，尋求約$​​139百萬美元的律師費和成本。2024年2月6日，法院發出命令，拒絕了美國航空公司的律師費和成本動議，但未加以不作出裁決。法院進一步命令，如果和解談判破裂，並且美國航空公司提交文件告知法院其意圖重新提出動議，美國航空公司可以重新提出動議。2024年10月7日，美國航空公司向法院重新提出動議，尋求約$139百萬美元的律師費和成本。我們強烈反對美國航空公司提出的金額。截至2022年9月30日結束的季度，我們在出售、總務和管理費用中預計將出現一筆$15百萬美元的律師費和成本，這筆費用對我們2022年的經營結果沒有顯著影響；根據我們對美國航空公司動議的審查，這一金額在我們估計的結果範圍內。我們可能需要支付給美國航空公司的最終金額可能大於或小於記錄的金額，如果更大，可能會對我們的經營結果產生不利影響。長時間的訴訟將導致我們產生並將繼續產生重大的費用、成本和開支。
印度所得稅訴訟
我們曾是印度所得稅局（「DIT」）在印度最高法院提起的所得稅訴訟的被告。爭議始於1999年，當時DIT聲稱我們在《美國和印度共和國間的所得稅條約》的意義上擁有一個固定的機構，並因此針對截至1998年3月和1999年3月結束的評估年度發出了稅務評估。DIT隨後針對截至2000年3月至2006年3月結束的評估年度發出了進一步的稅務評估。DIT繼續以類似方式針對後續年度發出稅務評估。我們上訴了截至1998年3月至2006年3月結束的稅務評估，那些年的訴訟現已塵埃落定，對我們有利。此外，我們已上訴了截至2021年3月和2022年3月結束的評估年度，向所得稅上訴法庭提出上訴；這些案件尚未設定審判日期。
此外，Sabre亞太私人有限公司（「SAPPL」）目前是被印度稅收調查署（DIt）提起類似所得稅訴訟的被告。爭議起因於DIt主張SAPPL在新加坡和印度之間的所得稅協定中具有固定機構，因此對截至2000年3月至2005年3月的評估年度發佈了稅務評估。SAPPL對稅務評估提出上訴，印度所得稅專員（上訴）做出了有利有弊的裁決。SAPPL向所得稅上訴法庭（ITAt）提起進一步上訴。ITAt裁定對SAPPL有利，認定截至2000年3月至2005年3月的評估年度沒有應納稅款。DIt對這些裁決提起上訴至孟買高等法院，我們的案子正在該法院審理；高等法院駁回了截至2001年3月至2004年3月的評估年度的案件。DIt還針對截至2006年3月至2016年3月和截至2018年3月至2021年3月的評估年度，基於類似的依據以及一些額外問題進行了稅務評估。截至2006年3月至2016年3月和截至2018年3月至2021年3月的評估年度的上訴案件正在ITAt或高等法院審理，取決於年度。
如果DIt在針對我們的每一項索賠中全面取得勝利，包括SAPPL和其他集團公司，我們可能會面臨約100萬美元的稅收、利息和罰款。26截至2024年9月30日，我們打算繼續積極抵抗上述每一項索賠。儘管我們相信訴訟的結果不會對我們的業務或財務狀況產生重大影響，但訴訟的性質本身是不確定的。我們不認爲這種結果更有可能發生，因此我們沒有提前計提任何準備金或記錄任何潛在索賠解決的負債。
22

印度服務稅訴訟
SAPPL的印度子公司也受到印度總監（服務稅）（「DGST」）的訴訟，該總監已對該子公司進行了多年的評估，涉及其據稱未支付市場費用和費用報銷的服務稅。 印度法院已作出有利於印度子公司的裁決。 DGST已向印度最高法院上訴。 我們認爲不太可能出現不利結果，因此我們沒有作出任何準備或記錄任何債務，以解決其中任何索賠。
與常規程序相關的訴訟
我們偶爾也參與其他與我們業務相關的常規法律和稅務訴訟。我們認爲這些常規訴訟中的任何一項都不會對業務或我們的財務狀況產生實質影響。
其他
其他稅務事項
我們在很多司法管轄區開展業務，稅務機構可能對我們在收入和非收入稅方面的立場提出質疑。我們經常收到詢問，並有時也會接到這些稅務機構的挑戰或評估。關於非收入稅，當我們判斷可能會欠稅務機構金額並且這些金額可估計時，我們會確認負債。例如，在大多數國家，我們在日常業務中採購貨物和服務，或提供服務時，會支付並收取增值稅（「VAT」）。增值稅應收款項建立在支付的增值稅超過收取的增值稅的司法管轄區，並且可通過申請退款來收回。我們打算堅決捍衛我們對任何不無關緊要的索賠的立場，必要時通過訴訟途徑。截至2024年9月30日，我們已經爲這些其他稅務事項在銷售、總務及管理費用中計提了美元14百萬。隨着獲得更多信息，我們將繼續監控並更新這一估計。我們可能會在未來時期產生與此類事項相關的費用，包括訴訟費用和爲捍衛我們的立場而提前支付部分任何被評定稅款金額的可能性，如果我們的立場最終被拒絕，這可能對我們的經營業績產生重大影響。
14. 分段信息
我們的可報告部門基於我們的內部組織結構；我們運營管理方式；我們總裁和首席執行官（即我們的首席運營決策者「CODM」）評估部門表現的標準；單獨財務信息的可用性；以及整體重要性考慮。
我們通過全球業務部門開展業務並展示我們的結果 兩個 業務部門包括(i) 旅行解決方案，爲旅行供應商和旅行買家提供全球旅行解決方案，包括航空公司的廣泛軟件技術產品和解決方案，和(ii) 酒店解決方案，爲酒店業者提供廣泛的軟件解決方案套裝。
我們的CODm利用 分段調整後的營業收入 作爲評估各部門績效和分配資源的盈利能力指標。我們的CODm不通過部門資產總額進行審查，因爲操作評估和資源分配決策並不基於部門資產的總額。
某些成本 與我們的科技組織相關的費用根據各部門對資源的使用分配。福利支出、設施和租賃成本以及相關折舊費用根據人數分配到各部門。我們的分配方法定期進行評估。未分配的公司成本包括某些共享費用，如會計、財務、人力資源、法務、公司系統、已取得的無形資產攤銷、減值和相關費用、股權報酬、重組費用、法律準備金和其他無法歸屬於我們任何一個部門的項目。這些金額在下面的調解中詳細列出。根據總人數將某些成本分配到各部門。我們的分配方法定期進行評估。未分配的公司成本包括某些共享費用，如會計、財務、人力資源、法務、公司系統、已取得的無形資產攤銷、減值和相關費用、股權報酬、重組費用、法律準備金和其他無法歸屬於我們任何一個部門的項目。這些金額在下面的調解中詳細列出。
我們按照第三方的估計當前市場價格，處理重要的業務部門之間的交易。大部分的業務部門間收入和收入成本是通過旅行解決方案向酒店解決方案收取的費用，這些費用在合併中被消除。
23

2024年和2023年截至9月30日三個月和九個月的部門信息如下（以千爲單位）：

截至9月30日的三個月截至9月30日的九個月內，
2024202320242023
營業收入
旅行解決方案
來自外部客戶的營業收入$680,717 $661,880 $2,068,787 $1,991,621 
分段間收入10,583 10,049 31,196 28,510 
總的旅行解決方案營業收入691,300 671,929 2,099,983 2,020,131 
款待解決方案83,997 78,581 246,054 229,064 
該板塊的總營業收入775,297 750,510 2,346,037 2,249,195 
剔除項(10,583)(10,049)(31,196)(28,510)
總收入$764,714 $740,461 $2,314,841 $2,220,685 
分部調整後的營業收入(a)
旅行解決方案$161,466 $142,089 $494,892 $348,560 
款待解決方案5,901 107 13,718 (10,424)
總分段調整後的營業收入$167,367 $142,196 $508,610 $338,136 
折舊和攤銷
旅行解決方案$18,280 $20,050 $53,479 $64,929 
款待解決方案4,735 6,256 15,359 18,285 
所有業務板塊23,015 26,306 68,838 83,214 
公司9,716 10,357 29,377 30,657 
總費用$32,731 $36,663 $98,215 $113,871 
資本支出
旅行解決方案$18,354 $14,155 $49,366 $45,906 
款待解決方案967 1,489 3,211 5,642 
所有業務板塊19,321 15,644 52,577 51,548 
公司937 4,776 15,475 17,062 
總費用$20,258 $20,420 $68,052 $68,610 
______________________
(a)下表顯示了我們的綜合經營報表中總部門調整後營業收入與持續經營虧損之間的調解(以千計美元爲單位):

 截至9月30日的三個月截至9月30日的九個月內，
 2024202320242023
總分段調整後的營業收入$167,367 $142,196 $508,610 $338,136 
未分配金額和調整:
企業費用(59,968)(58,515)(176,453)(180,685)
收購相關攤銷(1)
(9,511)(10,176)(28,753)(30,043)
重組和其他費用(2)
648 (3,909)(9,791)(62,962)
收購相關費用(3)
(1,713)(270)(2,576)(1,658)
23,229 (4)
(487)(1,068)(491)(1,301)
間接稅事務(5)
(11,138)(2,451)(18,844)(11,451)
以股票爲基礎的報酬計劃(14,641)(13,094)(40,776)(38,837)
利息費用，淨額(127,669)(119,372)(381,710)(325,290)
債務清償損失，淨額— (121,120)(37,994)(108,577)
其他，淨額(6)
879 (11,548)(347)8,084 
持續經營活動的稅前虧損$(56,233)$(199,327)$(189,125)$(414,584)
______________________
24

(1)收購相關的攤銷代表對2007年私有化交易中無形資產的攤銷，以及自該日期以來收購所關聯的無形資產。
(2)2024年的重組及其他成本主要代表與我們於2023年第二季度開始實施的成本削減計劃相關的費用和調整。請參閱附註4。有關我們基本報表的重組活動。
(3)收購相關費用包括與收購和處置相關活動相關的費用和開支。
(4)訴訟費用淨額是與反壟斷訴訟相關的費用。所有歷史時期的非收入稅訴訟事項已重新分類至間接稅事項。
(5)間接稅務事項代表與歷史時期相關的某些數字稅務事項和某些外國非收入稅訴訟事項相關的費用。請參閱附註13。事項，我方的基本報表。
(6)其他板塊，淨額包括2023年確認的非經營收益以及所有期間所呈現的證券投資實現和未實現收益和損失的影響。此外，所有期間所呈現的內容還包括與將外幣計價餘額重新計量爲相關功能貨幣的外匯收益和損失相關的內容。
25

項目2. 財務狀況和經營業績管理層討論與分析
前瞻性聲明
本10-Q表季度報告，包括第一部分第2項中的 「管理層對財務狀況和經營業績的討論和分析」，包含可能構成前瞻性陳述的信息。前瞻性陳述涉及預期、信念、預測、未來計劃和戰略、預期事件或趨勢，以及與非歷史事實有關的類似表述，例如有關我們未來財務狀況或經營業績、未來增長前景和戰略、新產品的開發和推出、對成本降低的預期以及我們的營銷和品牌戰略實施的陳述。在許多情況下，您可以通過諸如以下術語來識別前瞻性陳述 「展望」、「預期」、「打算」、「將」、「可能」、「相信」、「臨時」、「預測」、「潛力」、「估計」、「應該」、「可能」、「預期」、「承諾」、「指導」、「預測」、「初步」、「預測」、「繼續」、「戰略」、「信心」，” 「目標」，「項目」， 或者這些術語或其他類似術語的否定詞。前瞻性陳述基於我們當前對業務、經濟和其他未來狀況的預期和假設，受風險、不確定性和環境變化的影響，這些變化可能導致事件或我們的實際活動或業績與任何前瞻性陳述中表達的顯著差異。 中描述了其中某些風險、不確定性和情況變化 “風險因素” 本10-Q表季度報告以及我們於2024年2月15日向美國證券交易委員會提交的10-k表年度報告中包含的 「風險因素」 和 「前瞻性陳述」 部分。 儘管我們認爲前瞻性陳述中反映的預期是合理的，但我們無法保證未來的事件、前景、指導、結果、行動、活動水平、業績或成就。提醒讀者不要過分依賴這些前瞻性陳述。除非法律要求，否則公司沒有義務公開更新或修改任何前瞻性陳述以反映其發表之日後的情況或事件。
應將以下討論和分析與我們在2024年2月15日提交給SEC的《10-Q季度報告》和《10-K年度報告》中的綜合基本報表以及相關附註一起閱讀。
概述
在sabre，我們讓旅行發生。我們是一家科技公司，通過兩個業務部門運營業務並展示成果：（i）旅行解決方案，我們的全球B2B旅行市場，爲旅行供應商和購買者提供廣泛的軟件技術產品 以及航空公司解決方案和（ii）酒店解決方案，爲酒店業者提供領先的軟件解決方案套件。
我們的營業收入有相當大一部分是通過我們向客戶收取的基於交易的費用而生成的。對於旅行解決方案，我們通過全球分銷系統（"GDS"）上的預訂交易費用以及我們的IT解決方案爲分銷活動產生營業收入，同時也通過我們的軟件即服務（"SaaS"）和託管系統的使用的循環使用費用以及預付費和專業服務費用產生收入。對於酒店解決方案，我們通過軟件即服務和託管系統的使用的循環使用費用以及預付費和專業服務費用產生營業收入。未分配給我們業務部門的項目標識爲公司，主要包括按股票補償費用，訴訟成本，公司人員相關費用和無法歸類爲任何一個部分的其他項目。
近期影響我們經營成果的發展
旅行生態系統在過去幾年已經發生了變化，導致我們的航空公司、酒店和旅行社客戶的需求發生了變化，我們已經確定了戰略重點，旨在實現可持續的長期增長。對於我們2023年和2024年第三季度的合併財務業績，我們經歷了持續的重要阻力。最近行業航空分銷成交量的增長已經趨於平穩，可能會持續到未來，並可能影響我們的增長率。最近客戶減遷對IT解決方案乘坐的影響被部分客戶增長所抵消。
在2023年第二季度，我們宣佈並開始實施一項成本削減計劃，旨在重新定位我們的業務並在結構上降低我們的成本基礎。由於這項成本削減計劃，我們從2023年第二季度開始承擔了與員工相關的重組成本。我們估計，這些行動每年將使我們的運營支出減少約2億美元。 自2023年第二季度以來，我們產生了以下費用 8100 萬美元 與該業務有關ss plan，載於我們的合併運營報表中。我們預計與這些活動相關的額外重組費用不會很大，我們預計到2024年底與該計劃相關的所有活動將基本完成。
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我們相信我們有足夠的資源來滿足至少未來十二個月的流動性需求，包括在當前債務方案下將到期還款約2.42億美元的本金；但是，考慮到不確定的經濟環境和行業空中分銷量增長的趨穩，我們將繼續監控我們的流動性水平，如有必要將採取額外措施。請參閱「—影響我們流動性和資本資源的最近事件」和「—優先擔保信貸設施。」在2023年和2024年第一季度，我們對部分債務進行了再融資，導致利率高於之前幾年，增加了我們目前和未來的利息支出。目前，約42%的債務淨額，除了來自利率互換的現金和套期保值影響之外，是變量的，並受利率變動影響。約23%的債務是變量的，不包括2028年到期的優先擔保期限貸款，其定價受Sabre GLBL擔保債券定義的基準利率的到期收益率的影響。請參閱「風險因素—我們面臨利率波動風險。」
影響我們結果的因素
除了上文提到的「—影響我們經營業績的最新發展」外，我們年度報告中的「管理層討論與分析財務狀況和經營業績的因素—影響我們業績的因素」部分還包括我們認爲對我們業務和行業目前影響最顯著的機遇和挑戰的趨勢。此討論還包括管理層對這些趨勢所產生影響以及預計會對我們持續經營結果產生的影響的評估。這些信息並非所有可能影響我們業績的因素的詳盡列表，應結合本季度報告中包括的「風險因素」和「前瞻性聲明」部分以及我們於2024年2月15日向SEC提交的年度報告中提到的因素閱讀。
收入和支出的組成部分
收入
旅行解決方案通過直接通過GDS處理的可計費預訂的分銷活動產生營業收入，該收入經調整以估計取消這些預訂。旅行解決方案還通過其產品包括爲全服務和低成本運營商提供的預訂系統、商業和運營產品、專業服務、機構解決方案和預訂數據等IT解決方案活動產生收入。此外，旅行解決方案通過軟件許可和維護費用產生收入。在交付許可費用時確認，此前已導致並將繼續導致營業收入認可產生週期性波動。
Hospitality Solutions通過前期解決方案費用和基於使用量的重複費用來實現營業收入，用於在安全平台上託管或通過我們的saas-雲計算部署的軟件解決方案。另外，我們也通過包括數字體驗（DX）在內的其他專業服務費用來實現營業收入。某些專業服務費用是獨立的銷售機會，可能在不同時期具有較高的變化性，我們無法保證我們將來會像之前一樣持續擁有這些費用。
除了 科技 成本之外的營業收入成本
除旅行解決方案和酒店解決方案所產生的營業收入成本外，主要包括與我們產品和服務的交付和分銷相關的成本，包括我們交付、客戶運營和呼叫中心團隊的與員工相關的成本，以及諸如設施和其他支持成本之類的分配開銷。旅行解決方案的營業成本，不包括科技成本，在成本中還包括以月度基礎上積累的向旅行社支付的鼓勵費用，用於我們GDS上的預訂。除了技術成本外，營業成本還包括對向旅行社提供的GDS上的預訂的預付鼓勵費用進行攤銷，這些費用被資本化並按照合同的預期壽命進行攤銷。從不包括技術成本的營業收入成本中排除的科技成本在下面單獨列出。
營業成本，不包括技術成本，包括諸如基於股票的薪酬、重組費用和與勞動力和專業服務等與我們任一業務部門都無法對應的其他企業相關項目的特定費用。
營業成本中包括的折舊和攤銷費用，不包括技術成本，在資本化的實施成本和與收購所購合同、供應商和分銷協議相關的無形資產有關。
科技成本
Travel Solutions和Hospitality Solutions所產生的科技成本包括與第三方提供商相關的費用和用於運營技術操作的員工相關成本，其中包括託管、第三方軟件以及與維護和小幅增強科技相關的其他成本。科技成本還包括與我們的科技轉型努力相關的成本。科技成本的性質較不變量，因此可能不會與營業收入的相關變化相關聯。
企業科技成本包括某些費用，例如基於股票的補償、重組費用和其他與勞動力和專業服務等公司相關項目相關的費用，這些費用無法歸屬到我們兩個部分中的任何一個。
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技術成本中包括的折舊和攤銷與爲內部使用而開發的軟件、支持我們的產品的資產、支持我們的技術平台的業務和系統，以及通過收購購買的技術無形資產相關。
銷售、一般和管理費用
銷售、總務及行政費用包括專業服務費、某些結算費用或報銷費用、辯護法律糾紛的費用、預期信貸損失準備金、不可收回的稅費、數字服務稅（「DST」）、其他一般費用、以及從事銷售、銷售支持、帳戶管理和在財務、法律、人力資源、信息技術和通信-半導體方面提供業務支持的員工相關的人員費用，包括基於股票的薪酬。
銷售、一般和行政費用中包含的折舊和攤銷與在2007年通過收購或通過2007年的私有轉讓建立的資產、設備、獲得的客戶關係、商標和品牌名稱相關，其中商標和品牌名稱截至2024年9月30日的剩餘使用壽命爲13年。
跨部門交易
我們按照估計的當前市場價格，將重要的分部間交易列爲與第三方交易一樣。Hospitality Solutions向Travel Solutions支付費用，用於通過我們的GDS預訂酒店住宿。
關鍵指標
「直接可計費預訂」和「乘客登機」是旅行解決方案用於衡量業務表現的主要指標。 旅行解決方案爲每個直接可計費預訂生成分銷收入，其中包括通過我們的GDS（例如，航空、住宿、地面和海上（「LGS」））和通過我們的股權法投資的預訂，在這些情況下，我們直接由旅行供應商付款。 航空預訂按照所示期間內取消的預訂淨額呈現。 旅行解決方案還承認來自乘客登機的基於重複使用費用的It解決方案收入。 住宿解決方案使用的主要指標是通過sabre酒店解決方案SynXis中央預訂系統（「中央預訂系統」）處理的預訂交易。 這些關鍵指標可以讓管理層分析每個產品線隨時間的客戶量，以監控行業趨勢和分析業績。 我們相信這些關鍵指標對於投資者和其他第三方作爲我們財務表現和行業趨勢的指標是有用的。 儘管這些指標基於我們認爲對適用計量期限的交易計數的合理估計，但其測量存在固有挑戰。 此外，我們不斷努力改進這些指標的估計，這些估計可能因改進或方法的變更而發生變化。
以下表格列出了指定期間的關鍵指標（以千爲單位）：
 截至9月30日的三個月 截至9月30日的九個月內，
 20242023百分比變動20242023百分比變動
旅行解決方案   
直接可計費預訂 - 航空78,648 76,055 3.4%240,043 237,347 1.1%
直接可計費預訂 - LGS14,148 13,405 5.5%42,192 39,185 7.7%
分銷總直接可計費預訂92,796 89,460 3.7%282,235 276,532 2.1%
IT解決方案的乘客上車了177,272 178,036 (0.4)%514,104 517,500 (0.7)%
款待解決方案
中央預訂系統交易34,517 33,790 2.2%96,724 93,452 3.5%
非普遍會計準則財務指標的定義
我們在本季度報告10-Q中包含了根據GAAP編制的財務指標和某些非GAAP財務指標，包括調整後的營業收入。, 持續經營的調整後淨虧損（「調整後淨虧損」），調整後EBITDA，自由現金流和基於這些財務指標的比率。
我們將調整後的營業利潤定義爲營業利潤（損失） 調整股權法收入、收購相關攤銷、重組和其他成本、收購相關成本、訴訟成本、間接稅務事項和股權補償後的營業利潤。
我們將調整後的（Adjusted）淨損失定義爲歸屬於普通股股東的淨損失經過調整，以考慮終止經營的淨來自（虧損的）收入經過稅後調整、非控股權益的淨利潤（虧損）、優先股股利、收購相關的攤銷、重組和其他費用、債務清償損失淨額、其他項目淨額、收購相關費用、訴訟費用淨額、間接稅務事項、以及基於股票的報酬和調整的稅收影響。
我們定義調整後的EBITDA爲持續經營損失，去除物業和設備折舊和攤銷、實施費用的攤銷、與收購相關的攤銷、重組和其他費用
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利息費用，淨額，其他，在債務減記方面的損失，淨額，併購相關成本，訴訟成本，淨額，間接稅務事項，股票補償以及剩餘所得稅準備。
我們將自由現金流定義爲用於經營活動的現金減去用於物業和設備增加的現金。
我們定義調整後的淨虧損每股持續經營，爲調整後的淨虧損除以攤薄後的普通股加權平均股份。
這些非廣告支出財務指標是管理層和我們董事會用來監控我們持續的核心業務操作的關鍵指標，因爲歷史業績受到與我們核心業務無關的事件以及業務和監管環境變化的顯著影響。我們相信投資者、分析師和其他利益相關方將這些非廣告支出財務指標用作財務表現的衡量標準，評估我們償還債務義務的能力、資本支出的資金、對科技轉型的投資以及滿足營運資金需求。我們還相信，調整後的營業收入、調整後的淨損失和調整後的EBITDA通過排除由於資本結構差異（影響利息支出）、稅務立場以及折舊和攤銷費用的影響而導致的差異，有助於投資者進行公司間和期間比較。此外，從調整後的EBITDA衍生的金額是我們的高級擔保授信安排下某些契約的主要組成部分。
經調整的營業收入、經調整的淨損失、經調整的EBITDA、自由現金流及基於這些財務指標的比率都不是按照通用會計準則（GAAP）認可的術語。這些非GAAP財務指標和基於它們的比率未經審計且具有重要的分析工具侷限性，不應孤立地看待，並且不代表淨利潤作爲經營業績或經營活動現金流的指標，也不代表流動性措施的替代方式。這些非GAAP財務指標和基於它們的比率僅排除部分影響淨利潤或經營活動現金流的項目，這些指標可能因公司而異。我們使用這些指標具有分析工具的侷限性，您不應孤立地考慮它們，也不應將其視爲對我們根據GAAP報告的結果進行分析的替代品。其中一些侷限性包括：
•這些非通用會計原則財務指標不包括某些經常發生的、非現金支出，例如以股票爲基礎的補償費用和已獲得無形資產的攤銷。
•儘管折舊和攤銷是非現金費用，但正在折舊和攤銷的資產將來可能需要替換，並且調整後的EBITDA不反映這些替換的現金需求；
•調整後的EBITDA不反映與我們的營業收入合同相關的已資本化實施成本的攤銷，這可能需要未來的營運資金或現金需求；
•調整後營業收入、調整後淨損失和調整後EBITDA並不反映我們運營資金需求的變化或現金需求；
•調整後的EBITDA不反映利息費用或現金需求，也不反映償還我們負債的利息或本金支付所需的現金。
•調整後的EBITDA不反映可能代表我們可用現金減少的稅金支付；
•自由現金流消除了應計基礎會計對資產帳戶和非債務負債帳戶的影響，並不反映爲償還我們的債務本金支付所需的現金要求；且
•其他公司，包括我們所在的行業板塊的公司，可能會以不同方式計算調整後的營運收入、調整後的淨虧損、調整後的息稅折舊及攤銷前（Adjusted EBITDA）或自由現金流（Free Cash Flow），這可能降低它們作爲比較指標的實用性。
29

以下表格詳細列出了歸屬普通股股東的淨損失與調整後的持續經營淨損失、營業收入與調整後的營業收入、以及持續經營淨損失與調整後的EBITDA（以千計）。
 截至9月30日的三個月截至9月30日的九個月內，
 2024202320242023
歸屬於普通股股東的淨虧損$(62,818)$(211,848)$(204,061)$(445,406)
已中止的經營虧損，稅後— 116 — 517 
歸屬於非控股權益的淨（虧損）收益(1)
(315)379 338 (522)
優先股股息— 3,564 — 14,257 
持續經營的虧損(63,133)(207,789)(203,723)(431,154)
調整：
收購相關攤銷(2a)
9,511 10,176 28,753 30,043 
重組和其他費用(4)
(648)3,909 9,791 62,962 
債務清償損失，淨額— 121,120 37,994 108,577 
其他，淨額(3)
(879)11,548 347 (8,084)
收購相關費用(5)
1,713 270 2,576 1,658 
23,229 (6)
487 1,068 491 1,301 
間接稅事務(7)
11,138 2,451 18,844 11,451 
以股票爲基礎的報酬計劃14,641 13,094 40,776 38,837 
調整的稅務影響(8)
10,307 24,043 23,068 49,057 
繼續經營的調整後淨損失$(16,863)$(20,110)$(41,083)$(135,352)
每股繼續經營的調整後淨損失$(0.04)$(0.06)$(0.11)$(0.40)
攤薄加權平均普通股份流通量385,729 345,128 383,013 335,460 
營業利潤$70,127 $52,201 $229,067 $9,805 
增加：
權益法下的投資收益430 512 1,859 1,394 
收購相關攤銷(2a)
9,511 10,176 28,753 30,043 
重組和其他費用(4)
(648)3,909 9,791 62,962 
收購相關費用(5)
1,713 270 2,576 1,658 
23,229 (6)
487 1,068 491 1,301 
間接稅事務(7)
11,138 2,451 18,844 11,451 
以股票爲基礎的報酬計劃14,641 13,094 40,776 38,837 
調整後的營業利潤$107,399 $83,681 $332,157 $157,451 
持續經營的虧損$(63,133)$(207,789)$(203,723)$(431,154)
調整：
固定資產折舊和攤銷(2b)
18,698 21,999 55,539 65,376 
資本化實施成本的攤銷(2c)
4,522 4,488 13,923 18,452 
收購相關攤銷(2a)
9,511 10,176 28,753 30,043 
重組和其他費用(4)
(648)3,909 9,791 62,962 
利息費用，淨額127,669 119,372 381,710 325,290 
其他，淨額(3)
(879)11,548 347 (8,084)
債務清償損失，淨額— 121,120 37,994 108,577 
收購相關費用(5)
1,713 270 2,576 1,658 
23,229 (6)
487 1,068 491 1,301 
間接稅事務(7)
11,138 2,451 18,844 11,451 
以股票爲基礎的報酬計劃14,641 13,094 40,776 38,837 
所得稅費用6,900 8,462 14,598 16,570 
調整後的EBITDA$130,619 $110,168 $401,619 $241,279 
30

以下表格列出了我們經營活動利潤（損失）與經營利潤（損失）在我們的利潤表中的調整對比，以及各業務部門的調整EBITDA與我們的利潤表中繼續經營虧損的比較（單位：千美元）：
2024年9月30日止三個月
旅行解決方案款待解決方案公司合計
調整後的營業收入（虧損）$161,466 $5,901 $(59,968)$107,399 
減去：
權益法下的投資收益430 — — 430 
收購相關攤銷(2a)
— — 9,511 9,511 
重組和其他費用(4)
— — (648)(648)
收購相關費用(5)
— — 1,713 1,713 
23,229 (6)
— — 487 487 
間接稅事務(7)
— — 11,138 11,138 
以股票爲基礎的報酬計劃— — 14,641 14,641 
業務利潤（虧損）$161,036 $5,901 $(96,810)$70,127 
調整後的EBITDA$179,746 $10,636 $(59,763)$130,619 
減去：
固定資產折舊和攤銷(2b)
15,251 3,242 205 18,698 
已資本化的實施成本攤銷(2c)
3,029 1,493 — 4,522 
收購相關攤銷(2a)
— — 9,511 9,511 
重組和其他費用(4)
— — (648)(648)
收購相關費用(5)
— — 1,713 1,713 
23,229 (6)
— — 487 487 
間接稅事務(7)
— — 11,138 11,138 
以股票爲基礎的報酬計劃— — 14,641 14,641 
權益法下的投資收益430 — — 430 
業務利潤（虧損）$161,036 $5,901 $(96,810)$70,127 
利息費用，淨額(127,669)
其他，淨額(3)
879 
權益法下的投資收益430 
所得稅費用(6,900)
持續經營的虧損$(63,133)
31


2023年9月30日止三個月
旅行解決方案款待解決方案公司合計
調整後的營業收入（虧損）$142,089 $107 $(58,515)$83,681 
減去：
權益法下的投資收益512 — — 512 
收購相關攤銷(2a)
— — 10,176 10,176 
重組和其他費用(4)
— — 3,909 3,909 
收購相關費用(5)
— — 270 270 
23,229 (6)
— — 1,068 1,068 
間接稅事務(7)
— — 2,451 2,451 
以股票爲基礎的報酬計劃— — 13,094 13,094 
業務利潤（虧損）$141,577 $107 $(89,483)$52,201 
調整後的EBITDA$162,139 $6,363 $(58,334)$110,168 
減去：
固定資產折舊和攤銷(2b)
16,978 4,840 181 21,999 
資本化實施成本攤銷(2c)
3,072 1,416 — 4,488 
收購相關攤銷(2a)
— — 10,176 10,176 
重組和其他費用(4)
— — 3,909 3,909 
收購相關費用(5)
— — 270 270 
23,229 (6)
— — 1,068 1,068 
間接稅事務(7)
— — 2,451 2,451 
以股票爲基礎的報酬計劃— — 13,094 13,094 
權益法下的投資收益512 — — 512 
業務利潤（虧損）$141,577 $107 $(89,483)$52,201 
利息費用，淨額(119,372)
其他，淨額(3)
(11,548)
債務清償損失(121,120)
權益法下的投資收益512 
所得稅費用(8,462)
持續經營的虧損$(207,789)
32

截至2024年9月30日的九個月
旅行解決方案酒店業解決方案企業總計
調整後營業收入（虧損）$494,892 $13,718 $(176,453)$332,157 
減去：
權益法收益1,859 — — 1,859 
與收購相關的攤銷(2a)
— — 28,753 28,753 
重組和其他成本(4)
— — 9,791 9,791 
與收購相關的成本(5)
— — 2,576 2,576 
訴訟成本，淨額(6)
— — 491 491 
間接稅問題(7)
— — 18,844 18,844 
基於股票的薪酬— — 40,776 40,776 
營業收入（虧損）$493,033 $13,718 $(277,684)$229,067 
調整後 EBITDA$548,371 $29,077 $(175,829)$401,619 
減去：
財產和設備的折舊和攤銷(2b)
44,010 10,905 624 55,539 
資本化實施成本的攤銷(2c)
9,469 4,454 — 13,923 
與收購相關的攤銷(2a)
— — 28,753 28,753 
重組和其他成本(4)
— — 9,791 9,791 
與收購相關的成本(5)
— — 2,576 2,576 
訴訟成本，淨額(6)
— — 491 491 
間接稅問題(7)
— — 18,844 18,844 
基於股票的薪酬— — 40,776 40,776 
權益法收益1,859 — — 1,859 
營業收入（虧損）$493,033 $13,718 $(277,684)$229,067 
利息支出，淨額(381,710)
其他，淨額(3)
(347)
債務消滅造成的損失(37,994)
權益法收益1,859 
所得稅準備金(14,598)
持續經營造成的損失$(203,723)
    
33

截至2023年9月30日的九個月
旅行解決方案酒店業解決方案企業總計
調整後營業收入（虧損）$348,560 $(10,424)$(180,685)$157,451 
減去：
權益法收益1,394 — — 1,394 
與收購相關的攤銷(2a)
— — 30,043 30,043 
重組和其他成本(4)
— — 62,962 62,962 
與收購相關的成本(5)
— — 1,658 1,658 
訴訟成本，淨額(6)
— — 1,301 1,301 
間接稅問題(7)
— — 11,451 11,451 
基於股票的薪酬— — 38,837 38,837 
營業收入（虧損）$347,166 $(10,424)$(326,937)$9,805 
調整後 EBITDA$413,489 $7,861 $(180,071)$241,279 
減去：
財產和設備的折舊和攤銷(2b)
50,677 14,085 614 65,376 
資本化實施成本的攤銷(2c)
14,252 4,200 — 18,452 
與收購相關的攤銷(2a)
— — 30,043 30,043 
重組和其他成本(4)
— — 62,962 62,962 
與收購相關的成本(5)
— — 1,658 1,658 
訴訟成本，淨額(6)
— — 1,301 1,301 
間接稅問題(7)
— — 11,451 11,451 
基於股票的薪酬— — 38,837 38,837 
權益法收益1,394 — — 1,394 
營業收入（虧損）$347,166 $(10,424)$(326,937)$9,805 
利息支出，淨額(325,290)
其他，淨額(3)
8,084 
清償債務造成的損失，淨額(108,577)
權益法收益1,394 
所得稅準備金(16,570)
持續經營造成的損失$(431,154)
以下表格展示了我們的現金流量表中的信息，並說明了自由現金流與現金之間的調節。 用於 營業活動、最直接可比的會計準則(GAAP)度量的調整情況如下(以千爲單位):
 截至9月30日的九個月內，
 20242023
經營活動使用的現金$(12,150)$(39,781)
投資活動使用的現金(13,518)(80,631)
融資活動產生的現金流量淨額46,049 (72,518)
 截至9月30日的九個月內，
 20242023
經營活動使用的現金$(12,150)$(39,781)
固定資產的增加(68,052)(68,610)
自由現金流$(80,202)$(108,391)
______________________________

(1) 非控股利潤代表調整，包括分配給持有以下股份的非控股利益的收益：(i) Sabre Travel Network Middle East 的 40%，(ii) Sabre Seyahat Dagitim Sistemleri A.S. 的 40%，(iii) Sabre Travel Network Lanka (Pte) Ltd 的 40%，(iv) Sabre Bulgaria 的 4%，0%，以及(v) FERMR Holdings Limited（Conferma Limited 的直接母公司）的 19%。
(2)折舊和攤銷費用：
(a) 收購相關的攤銷費用包括2007年私有化交易中的無形資產攤銷，以及自那時起收購所涉及的無形資產。
（b）固定資產折舊和攤銷包括爲內部使用開發的軟件，以及合同收購成本的攤銷。
資本化實施成本攤銷代表我們在saas-雲計算和託管式營收模型下實施新客戶合同的前期成本攤銷。
34

(3) 其他, 淨額包括2023年確認的非經營收益以及在所有提供的時期內從我們的證券投資中實現和未實現收益和損失的影響。此外, 所有提供的時期均包括與將外幣計價餘額重新計量爲相關功能貨幣所涉外匯匯率損益有關的外匯收益和損失。
(4) 2024年的重組和其他成本主要代表了與我們於2023年第二季度開始實施的成本削減計劃相關的費用和調整。請參閱附註4。有關我們合併財務報表的重組活動。
（5）收購相關費用代表與收購和處置相關活動相關的費用和支出。
(6) 訴訟成本，淨值代表與反壟斷訴訟相關的費用。非所得稅訴訟事項已被重新分類至所有期間呈報的間接稅務事項行。
(7) 間接稅務事項代表與某些有關的DSt有關的收費，涉及歷史時期和某些外國非所得稅訴訟事項。請參閱第13條註釋。基本報表。
（8）調整項的稅收影響包括根據調整在應稅或應扣稅轄區的法定稅率計算的各項單獨調整的稅收影響，與稅務特定金融交易、稅法變更、不確定稅務事項、減值準備和其他項目相關的稅收影響。

經營結果
以下表格列出了我們合併利潤表數據的每個期間的數據：
 
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
 （金額以千計）（金額以千計）
收入$764,714 $740,461 $2,314,841 $2,220,685 
收入成本，不包括技術成本322,257 294,120 964,832 917,532 
技術成本211,284 243,404 652,843 799,121 
銷售、一般和管理161,046 150,736 468,099 494,227 
營業收入70,127 52,201 229,067 9,805 
利息支出，淨額(127,669)(119,372)(381,710)(325,290)
清償債務造成的損失，淨額— (121,120)(37,994)(108,577)
權益法收益430 512 1,859 1,394 
其他，淨額879 (11,548)(347)8,084 
所得稅前持續經營的虧損(56,233)(199,327)(189,125)(414,584)
所得稅準備金6,900 8,462 14,598 16,570 
持續經營造成的損失$(63,133)$(207,789)$(203,723)$(431,154)

2024年9月30日結束的三個月和2023年
營業收入
 截至9月30日的三個月  
 20242023改變
 （金額以千計）  
旅行解決方案$691,300 $671,929 $19,371 3 %
酒店業解決方案83,997 78,581 5,416 7 %
分部總收入775,297 750,510 24,787 3 %
淘汰(10,583)(10,049)(534)5 %
總收入$764,714 $740,461 $24,253 3 %
旅行解決方案—截至2024年9月30日的三個月，營業收入較去年同期增加1900萬美元，增長3%，主要原因是:
•26百萬美元，也就是增長了5%的交易型分銷收入主要是由於直接計費訂購量增加了4% 至9300萬和旅行供應商結構利好利率的影響； 部分抵消
•IT解決方案營業收入減少了500萬美元，或5%，這是由於去遷移的影響，部分抵消了現有合作伙伴的乘客增長和其他收入。
款待解決方案—營業收入在2024年9月30日結束的三個月內同比上年同期增加了500萬美元，增幅爲7%。增長主要是由於SynXis軟件和服務收入增加了600萬美元，這主要是由於我們客戶基礎中有利的組合以及新客戶部署帶來的交易量增加了2%，達到了3500萬。
35

除了 科技 成本之外的營業收入成本
 截至9月30日的三個月  
 20242023變更
 （以千爲單位）  
旅行解決方案$290,427 $260,387 $30,040 12 %
款待解決方案36,768 37,616 (848)(2)%
公司760 1,306 (546)(42)%
折舊和攤銷4,885 4,859 26 1 %
剔除項(10,583)(10,048)(535)5 %
不包括科技成本的營業收入總成本$322,257 $294,120 $28,137 10 %
旅行解決方案—除科技成本外的營業收入成本比2024年9月30日結束的三個月同比增加了3000萬美元，增長了12%。 這一增長主要是由於獎勵考慮增加了2700萬美元，這是由於較高的交易量和由於旅行社組合的變化導致費率增加，以及勞務成本和業務發展帶來的專業服務成本增加了300萬美元。
Hospitality Solutions—除科技成本外的營業收入成本，截至2024年9月30日爲止的三個月中減少了100萬美元，或者與前一年同期相比減少了2%，主要原因是有利的營業收入結構。
企業—截至2024年9月30日的三個月，除了科技成本外，營業收入成本減少了100萬美元，或42%，與前一年同期相比，主要是由於勞動力成本和專業服務成本的減少，這是由我們的成本削減計劃驅動的。
科技成本
 截至9月30日的三個月
 20242023變更
 （以千爲單位）  
旅行解決方案$177,170 $208,696 $(31,526)(15)%
款待解決方案27,273 27,346 (73)— %
公司6,841 7,362 (521)(7)%
總計科技成本$211,284 $243,404 $(32,120)(13)%
旅行解決方案—截至2024年9月30日的三個月，與去年同期相比，技術成本下降了3200萬美元，降低了15%。這主要是由於雲遷移帶來的節約成本導致了1,900萬美元技術成本的下降，由於我們的成本削減計劃以及一項內部使用軟件的攤銷完工導致的勞動和專業服務成本的1100萬美元降低，以及由於特定資本化內部使用軟件的攤銷完成導致的200萬美元的折舊和攤銷減少。
Corporate—Technology costs decreased $1 million, or 7%, for the three months ended September 30, 2024 compared to the same period in the prior year due to a $1 million decrease in restructuring costs associated with our cost reduction plan.
Selling, General and Administrative Expenses 
 Three Months Ended September 30,
 20242023Change
 (Amounts in thousands)  
Travel Solutions$59,546 $58,100 $1,446 2 %
Hospitality Solutions12,556 12,085 471 4 %
Corporate 88,944 80,551 8,393 10 %
Total selling, general and administrative expenses$161,046 $150,736 $10,310 7 %
Travel Solutions—Selling, general and administrative expenses increased $1 million, or 2%, for the three months ended September 30, 2024 compared to the same period in the prior year due to a $5 million increase in labor and professional services, offset by a $2 million decrease in the provision for credit losses and a $1 million decrease in other ongoing business expenses.
Corporate—Selling, general and administrative expenses increased $8 million, or 10%, for the three months ended September 30, 2024 compared to the same period in the prior year. The increase was primarily driven by a $9 million increase in indirect taxes.
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Interest expense, net
 Three Months Ended September 30,
 20242023Change
 (Amounts in thousands)  
Interest expense, net$127,669 $119,372 $8,297 7 %
                    
Interest expense increased $8 million, or 7%, during the three months ended September 30, 2024 compared to the same period in the prior year primarily due to additional interest incurred in connection with the financing activities that have occurred since the prior year period. See Note 7. Debt for further details regarding these debt transactions.
Loss on extinguishment of debt, net
We recognized a loss on extinguishment of debt of $121 million for the three months ended September 30, 2023 as a result of the financing activity that occurred in the third quarter of 2023. See Note 7. Debt for further details.
Other, net
 Three Months Ended September 30,  
 20242023Change
 (Amounts in thousands)  
Other, net$(879)$11,548 $(12,427)(108)%
Other, net decreased $12 million for the three months ended September 30, 2024 compared to the same period in the prior year primarily due to changes in realized and unrealized gains and losses from our investments in securities from a loss of $14 million in the prior year period to a gain of $2 million in the current year period, offset by a $3 million increase due to realized and unrealized foreign currency exchange losses in the current period. See Note 9. Fair Value Measurements for further details regarding our investments in securities.
Provision for Income Taxes
 Three Months Ended September 30, 
 20242023Change
 (Amounts in thousands)  
Provision for income taxes$6,900 $8,462 $(1,562)(18)%

For the three months ended September 30, 2024, we recognized $7 million of income tax expense, representing an effective tax rate of less than 1%, compared to an income tax expense of $8 million, representing an effective tax rate of less than 1% for the three months ended September 30, 2023. The effective tax rate decreased for the three months ended September 30, 2024 as compared to the same period in 2023 primarily due to the change in the geographic mix of taxable income and various discrete items recorded in each of the respective three 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.

Nine Months Ended September 30, 2024 and 2023

Revenue
 Nine Months Ended September 30,  
 20242023Change
 (Amounts in thousands)  
Travel Solutions$2,099,983 $2,020,131 $79,852 4 %
Hospitality Solutions246,054 229,064 16,990 7 %
Total segment revenue2,346,037 2,249,195 96,842 4 %
Eliminations(31,196)(28,510)(2,686)9 %
Total revenue$2,314,841 $2,220,685 $94,156 4 %
Travel Solutions—Revenue increased $80 million, or 4%, for the nine months ended September 30, 2024 compared to the same period in the prior year, primarily due to:
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•a $93 million, or 6%, increase in transaction-based distribution revenue due to favorable rate impacts from improved international and corporate bookings and a 2% increase in direct billable bookings to 282 million; partially offset by,
•a $13 million or 3%, decrease in IT solutions revenue driven by a $33 million decline in revenue from customers that have de-migrated from our systems, including the impact of termination fees from a certain carrier in the prior year and a $3 million decrease in other revenue. This decrease was partially offset by an increase of $14 million due to volume growth, excluding the impact of customers that have de-migrated, a $5 million increase in license fee revenue, and a $4 million increase in revenue recognized due to changes in facts and circumstances associated with certain carriers.
Hospitality Solutions—Revenue increased $17 million, or 7%, for the nine months ended September 30, 2024 compared to the same period in the prior year. The increase was primarily driven by a $19 million increase in SynXis Software and Services revenue due to an increase in transaction volumes of 4% to 97 million driven by new customer deployments, and a favorable mix within our customer base.

Cost of revenue, excluding technology costs
 Nine Months Ended September 30,  
 20242023Change
 (Amounts in thousands)  
Travel Solutions$867,703 $798,404 $69,299 9 %
Hospitality Solutions111,160 111,809 (649)(1)%
Corporate2,117 16,670 (14,553)(87)%
Depreciation and amortization15,048 19,158 (4,110)(21)%
Eliminations(31,196)(28,509)(2,687)9 %
Total cost of revenue, excluding technology costs$964,832 $917,532 $47,300 5 %
Travel Solutions—Cost of revenue, excluding technology costs, increased $69 million, or 9%, for the nine months ended September 30, 2024 compared to the same period in the prior year. The increase was primarily driven by a $71 million increase in incentive consideration due to an increase in rates as well as higher transaction volume. This increase was partially offset by a $4 million decrease in labor and professional services costs primarily due to our cost reduction plan.
Hospitality Solutions—Cost of revenue, excluding technology costs, decreased $1 million for the nine months ended September 30, 2024 compared to the same period in the prior year. A $1 million decrease in labor and professional services costs driven by our cost reduction plan was partially offset by increased costs associated with increased transaction volumes and the mix of our revenue transactions.
Corporate—Cost of revenue, excluding technology costs, decreased $15 million, or 87%, for the nine months ended September 30, 2024 primarily due to a $12 million restructuring charge associated with the reduction of our workforce recognized in the previous year and a $3 million decrease in labor and professional services driven by our cost reduction plan.
Depreciation and Amortization—Cost of revenue, excluding technology costs, decreased $4 million, or 21%, for the nine months ended September 30, 2024 primarily due to the acceleration of amortization of certain customer implementation costs in the prior year, in connection with a customer de-migrating from our systems.
Technology Costs
 Nine Months Ended September 30,
 20242023Change
 (Amounts in thousands)  
Travel Solutions$542,627 $667,742 $(125,115)(19)%
Hospitality Solutions78,881 85,323 (6,442)(8)%
Corporate 31,335 46,056 (14,721)(32)%
Total technology costs$652,843 $799,121 $(146,278)(18)%

Travel Solutions—Technology costs decreased $125 million, or 19%, for the nine months ended September 30, 2024 compared to the same period in the prior year. The decrease was primarily driven by a $67 million decrease in labor and professional services driven by our cost reduction plan, a $52 million decrease in technology costs due to cost savings related to our cloud migrations and a $7 million decrease in depreciation and amortization primarily due to the completion of amortization of certain capitalized internal use software.
Hospitality Solutions—Technology costs decreased $6 million, or 8%, for the nine months ended September 30, 2024 compared to the same period in the prior year primarily due to a $6 million decrease in labor and professional services driven by
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our cost reduction plan, and a $4 million decrease in depreciation and amortization primarily due to the completion of amortization of certain capitalized internal use software. This decrease was partially offset by a $4 million increase in technology costs to support growth in the business.
Corporate—Technology costs decreased $15 million, or 32%, for the nine months ended September 30, 2024 compared to the same period in the prior year due to a $12 million decrease in restructuring costs associated with our cost reduction plan, a $2 million decrease in labor and professional services driven by our cost reduction plan and a $1 million decrease in stock-based compensation primarily due to forfeitures of unvested shares.
Selling, General and Administrative Expenses 
 Nine Months Ended September 30,
 20242023Change
 (Amounts in thousands)  
Travel Solutions$186,855 $192,128 $(5,273)(3)%
Hospitality Solutions37,806 38,155 (349)(1)%
Corporate 243,438 263,944 (20,506)(8)%
Total selling, general and administrative expenses$468,099 $494,227 $(26,128)(5)%

Travel Solutions—Selling, general and administrative expenses decreased $5 million, or 3%, for the nine months ended September 30, 2024 compared to the same period in the prior year primarily due to a $3 million decrease in legal costs and a $3 million decrease in the provision for credit losses.

Corporate—Selling, general and administrative expenses decreased $21 million, or 8%, for the nine months ended September 30, 2024 compared to the same period in the prior year. The decrease was primarily driven by a $23 million decrease in restructuring costs associated with our cost reduction plan, a $7 million decrease in labor and professional services driven by our cost reduction plan, and a $2 million decrease in depreciation and amortization. These decreases were partially offset by a $7 million increase in indirect taxes, and a $3 million increase in stock-based compensation primarily due to forfeitures of unvested shares in the prior year.

Interest expense, net

 Nine Months Ended September 30,  
 20242023Change
 (Amounts in thousands)  
Interest expense, net$381,710 $325,290 $56,420 17 %
Interest expense increased $56 million, or 17% during the nine months ended September 30, 2024 compared to the same period in the prior year primarily due to additional interest incurred in connection with the financing activities that have occurred since the prior year period. See Note 7. Debt for further details regarding these debt transactions.
Loss on extinguishment of debt, net
We recognized a loss on extinguishment of debt of $38 million during the nine months ended September 30, 2024 as a result of the refinancing activity that occurred in the first quarter of 2024. We recognized a loss on extinguishment of debt of $109 million during the nine months ended September 30, 2023, including a loss on extinguishment of debt of $121 million as a result of the financing activity that occurred in the third quarter of 2023, partially offset by a gain on extinguishment of debt of $13 million as a result of the financing activity that occurred in the second quarter of 2023. See Note 7. Debt for further details.
Other, net
 Nine Months Ended September 30,  
 20242023Change
 (Amounts in thousands)  
Other, net$347 $(8,084)$8,431 (104)%
Other, net increased $8 million for the nine months ended September 30, 2024 compared to the same period in the prior year primarily due to a $16 million increase due to other non-operating gains recognized in the prior year and a $7 million increase due to realized and unrealized foreign currency exchange losses in the current period. This increase is partially offset by changes in realized and unrealized gains and losses from our investments in securities from a loss of $10 million in the prior year period to a gain of $3 million in the current year period. See Note 9. Fair Value Measurements for further details regarding our investments in securities.
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Provision for Income Taxes
 Nine Months Ended September 30, 
 20242023Change
 (Amounts in thousands)  
Provision for income taxes$14,598 $16,570 $(1,972)(12)%

For the nine months ended September 30, 2024, we recognized $15 million of income tax expense, representing an effective tax rate of less than 1%, compared to an income tax expense of $17 million, also representing an effective tax rate of less than 1% for the nine months ended September 30, 2023. The effective tax rate decreased for the nine months ended September 30, 2024 as compared to the same period in 2023 primarily due to a decrease 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.

Liquidity and Capital Resources
Our current principal source of liquidity is our cash and cash equivalents on hand. As of September 30, 2024 and December 31, 2023, our cash and cash equivalents and outstanding letters of credit were as follows (in thousands):
 
September 30, 2024December 31, 2023
Cash and cash equivalents$668,763 $648,207 
Available undrawn balance under the AR Facility(1)
— 400 
AR Facility outstanding balance(1)
87,300 110,000 
Available under the bilateral letter of credit facility11,085 8,486 
Outstanding letters of credit under the bilateral letter of credit facility8,915 11,514 
______________________
(1)AR Facility (as defined below) does not include the FILO Facility (as defined below).
As of September 30, 2024, we had $87 million outstanding under the AR Facility. The AR Facility matures on March 29, 2027 and allows us the ability to prepay the principal amount prior to the maturity date without penalty. See Note 7. Debt.
We consider cash equivalents to be highly liquid investments that are readily convertible into cash. Securities with contractual maturities of three months or less, when purchased, are considered cash equivalents. We record changes in a book overdraft position, in which our bank account is not overdrawn but recently issued and outstanding checks result in a negative general ledger balance, as cash flows from financing activities. We invest in a money market fund which is classified as cash and cash equivalents in our consolidated balance sheets and statements of cash flows. We held no short-term investments as of September 30, 2024 and December 31, 2023. We had $21 million held as cash collateral for standby letters of credit in restricted cash on our consolidated balance sheets as of September 30, 2024 and December 31, 2023.
Liquidity Outlook
The travel ecosystem has shifted over the past few years, resulting in the changing needs of our airline, hotel and agency customers, for which we have established strategic priorities with the goal of achieving sustainable long-term growth. We have experienced continued material headwinds within our consolidated financial results for 2023 and through the third quarter of 2024. These changes have had, and we believe they will continue to have, a material negative impact on our financial results and liquidity, and this negative impact may continue. Given the uncertain economic environment, we cannot provide assurance that the assumptions used to estimate our liquidity requirements will be accurate. However, based on our assumptions and estimates with respect to our financial condition, we believe that we have resources to sufficiently fund our liquidity requirements over at least the next twelve months, including the payment of approximately $242 million of principal due at maturity under current debt facilities.
During the first quarter of 2024, we refinanced and extended the maturity on approximately $300 million of our debt, which negatively impacted our results due to increasing interest rates, but increased our overall liquidity by approximately $70 million. In the second quarter of 2023, we began implementing a cost reduction plan designed to reposition our business to the current environment and to structurally reduce our cost base. We believe our cash position and the liquidity measures we have taken will provide additional flexibility as we manage through continued headwinds. We will continue to monitor our liquidity levels and take additional steps should we determine they are necessary.
We utilize cash and cash equivalents primarily to pay our operating expenses, make capital expenditures, invest in our information technology infrastructure, products and offerings, pay taxes, service our debt as it becomes due, and pay other long-term liabilities. Free cash flow is calculated as cash flow from operations reduced by additions to property and equipment. We expect the full year 2024 free cash flow to be positive.
Our ability to generate cash depends on many factors beyond our control, and any failure to meet our debt service obligations could harm our business, financial condition and results of operations. Our ability to make payments on and to
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refinance our indebtedness, and to fund working capital needs and planned capital expenditures will depend on our ability to generate cash in the future, which is subject to general economic, financial, competitive, business, legislative, regulatory and other factors that are beyond our control. See “Risk Factors—We may require more cash than we generate in our operating activities, and additional funding on reasonable terms or at all may not be available.”
We have regularly evaluated and considered, and in the future we will continue to evaluate and consider, strategic acquisitions, divestitures, joint ventures, equity method investments, refinancing our existing debt or repurchasing our outstanding debt obligations in open market or in privately negotiated transactions, as well as other transactions we believe may create stockholder value or enhance financial performance. These transactions may require cash expenditures or generate proceeds and, to the extent they require cash expenditures, may be funded through a combination of cash on hand, debt or equity offerings.
While our business has incurred net losses on a GAAP basis, we recognized federal taxable income in 2023 based on our operating and non-operating results along with provisions of the Tax Cuts and Jobs Act that limit interest expense deduction and the annual use of Net Operating Loss (“NOL”) carryforwards, and requires companies to capitalize and amortize research and development costs. As a result, we expect to be a U.S. federal cash taxpayer in 2024, and we also expect to benefit from the usage of NOLs in 2024 to the extent available. We expect to continue to benefit from our NOLs and certain tax credits in the near-term beyond 2024. Additionally, several countries, primarily Canada and in Europe, have proposed or adopted DST on revenue earned by multinational companies from the provision of certain digital services, such as the use of an online marketplace, regardless of physical presence. Rates for DST we incur range from 1.5% to 7.5% of revenue earned in these jurisdictions. We record DST in selling, general and administrative costs in the consolidated statements of operations. During the second quarter of 2024, we recorded $8 million of DST related to recently enacted legislation in Canada, of which $6 million was retroactive to periods prior to 2024. These amounts will become due in the second quarter of 2025. We are continuing to analyze the ongoing impacts of DST on our business in various jurisdictions and currently expect future DST expense to be lower than current periods, unless additional jurisdictions adopt DST with a retroactive date. In the third quarter of 2024, we increased our DST reserves further for additional jurisdictions that we believe are applicable; payment of these amounts may negatively impact our cash flow to the extent we are unable to recover the amounts from our customers, where allowed under our contracts.
Capital Resources
As of September 30, 2024, our outstanding debt totaled $5.0 billion, which is net of debt issuance costs and unamortized discounts of $119 million. Currently approximately 42% of our debt, net of cash and hedging impacts from interest rates swaps, is variable and impacted by changes in interest rates. Approximately 23% of our debt is variable, excluding the Senior Secured Term Loan due in 2028, where interest rate pricing is subject to the highest yield to maturity of Sabre GLBL secured debt as defined by the Reference Rate. See “Risk Factors—We are exposed to interest rate fluctuations." In the future, we may review opportunities to refinance our existing debt, as well as conduct debt or equity offerings to support future strategic investments, support operational requirements, provide additional liquidity, or pay down debt.
The global capital markets experienced periods of volatility throughout 2023 and through the third quarter of 2024, in response to the geopolitical conflict, higher rate of inflation, and uncertainty regarding the path of U.S. monetary policy. During 2023 and the first quarter of 2024, we refinanced portions of our debt which resulted in interest rates higher than prior years, increasing current and future interest expense. However, the June 2023 Refinancing (as defined below) provides the ability for interest to be payable-in-kind, such that amounts due are capitalized into the note balance at the payment date rather than paid in cash, reducing our near-term cash payments for interest on this debt. Subject to market conditions, we may opportunistically refinance portions of our debt in the near term which, at current interest rates and market conditions, may negatively impact our interest expense or result in higher dilution. In addition, from time to time, we may decide to repurchase or otherwise retire portions of our existing indebtedness through transactions in the open market, privately negotiated transactions, tender offers, exchange offers or otherwise, or we may redeem or prepay portions of our existing indebtedness. Any such action will depend on market conditions and various other factors existing at that time. Furthermore, we may be required to pay US Airways' reasonable attorneys' fees and costs related to that antitrust litigation. See Note 13. Contingencies, to our consolidated financial statements.
Our continued access to capital resources depends on multiple factors, including global economic conditions, the condition of global financial markets, the availability of sufficient amounts of financing, our ability to meet debt covenant requirements, our operating performance, and our credit ratings. These factors could lead to further market disruption and potential increases to our funding costs. While the terms of our outstanding indebtedness allow us to incur additional debt, subject to limitations, our ability to incur additional secured indebtedness is significantly limited. As a result, we expect that any material increases in total indebtedness, if available and to the extent issued in the future, may be unsecured. If our credit ratings were to be downgraded, or financing sources were to become more limited or to ascribe higher risk to our rating levels or our industry, our access to capital and the cost of any financing would be negatively impacted. There is no guarantee that additional debt financing will be available in the future to fund our obligations, or that it will be available on commercially reasonable terms, in which case we may need to seek other sources of funding. In addition, the terms of future debt agreements could include more restrictive covenants than those we are currently subject to, which could restrict our business operations. For more information, see "Risk Factors—We may require more cash than we generate in our operating activities, and additional funding on reasonable terms or at all may not be available."
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
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investments, and payment of dividends. In the first quarter of 2023, we entered into the AR Facility of up to $200 million, and in the first quarter of 2024, we increased the overall size of the AR Facility through the FILO Facility, resulting in a Securitization Facility of $235 million (as each of such terms is defined below). In June 2023, we entered into the 2023 Term Loan Agreement, which provides for a senior secured term loan of up to $700 million in aggregate principal amount and 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 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, 2024, we were in compliance with all covenants under the terms of the Amended and Restated Credit Agreement, the Securitization Facility, the 2023 Term Loan Agreement and the Pari Passu Loan Agreement.
We are required to pay down our term loans by an amount equal to 50% of annual excess cash flow, as defined in the Amended and Restated Credit Agreement. This percentage requirement may decrease or be eliminated if certain leverage ratios are achieved. Based on our results for the year ended December 31, 2022, we were not required to make an excess cash flow payment in 2023, and no excess cash flow payment is required in 2024 with respect to our results for the year ended December 31, 2023. We are further required to pay down the term loans with proceeds from certain asset sales, net of taxes, or borrowings, that are not otherwise reinvested in the business, as provided in the Amended and Restated Credit Agreement.
Recent Events Impacting Our Liquidity and Capital Resources
Debt Agreements
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.
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 the 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.
On September 7, 2023, Sabre GLBL completed exchange offers in which approximately $787 million of our 7.375% senior secured notes due 2025 (the “September 2025 Notes”) and approximately $66 million of our 9.25% senior secured notes due 2025 (the “April 2025 Notes”) 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 the April 2025 Notes and the September 2025 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 September 2023 Exchange Transaction, including the impact of the exchange fees, represents a debt extinguishment and therefore recognized a loss on extinguishment of debt during the year ended December 31, 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 April 2025 Notes and the September 2025 Notes.
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On March 7, 2024, Sabre GLBL exchanged approximately $36 million of our September 2025 Notes and approximately $7 million of our April 2025 Notes for approximately $50 million aggregate principal amount of additional June 2027 Notes (the "March 2024 Exchange Transaction"). No additional indebtedness was incurred as a result of the transaction, other than amounts covering exchange fees of approximately $7 million. Other than the issuance date and issue price, these additional June 2027 notes have the same terms, form a single series with, and are fungible with the June 2027 Notes described above. We incurred additional fees of approximately $1 million, which were funded with cash on hand. We determined that the March 2024 Exchange Transaction, including the impact of the exchange fees, represents a debt extinguishment and therefore recognized a loss on extinguishment of debt during the nine months ended September 30, 2024 of approximately $7 million, primarily consisting of exchange fees related to the June 2027 Notes.
Exchangeable Notes
On March 19, 2024, Sabre GLBL exchanged $150 million aggregate principal amount of its outstanding 2025 Exchangeable Notes for $150 million aggregate principal amount of Sabre GLBL's newly-issued 7.32% senior exchangeable notes due 2026 (the "2026 Exchangeable Notes" and together with the 2025 Exchangeable Notes, the "Exchangeable Notes") and approximately $30 million of cash. We incurred additional fees of approximately $5 million in 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 of $31 million. We 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. The 2026 Exchangeable Notes are senior, unsecured obligations of Sabre GLBL, accrue interest payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1 2024, and mature on August 1, 2026, unless earlier repurchased or exchanged in accordance with specified circumstances and terms of the indenture governing the 2026 Exchangeable Notes (the "2026 Exchangeable Notes Indenture" and together with the 2025 Exchangeable Notes Indenture, the "Exchangeable Indentures"). As of September 30, 2024, we have $150 million aggregate principal amount of 2026 Exchangeable Notes outstanding.
Securitization 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 (as amended from time to time the “Securitization Facility”) of up to $200 million with PNC Bank, N.A.
On March 29, 2024, Sabre Securitization increased the overall size of its existing Securitization Facility from $200 million to $235 million by issuing a $120 million "first-in, last-out" term loan tranche under the Securitization Facility (such tranche, the "FILO Facility") and reducing the revolving tranche under the Securitization Facility to $115 million (such tranche, the "AR Facility"). In connection with the issuance of the FILO Facility, the maturity date of the Securitization Facility was extended to March 29, 2027 and the springing maturity date thereunder was terminated. The FILO Facility provides the ability to prepay or repay at certain redemption premiums as set forth in the agreement. The net proceeds received from the FILO Facility of $117 million, net of $3 million in fees paid to creditors, will be used for general corporate purposes. We incurred additional fees of $4 million, which were funded with cash on hand.
The amount available for borrowings at any one time under the Securitization Facility is limited to a borrowing base calculated based on the outstanding balance of eligible receivables, subject to certain reserves. As of September 30, 2024, we had $207 million outstanding under the Securitization Facility, consisting of $87 million under the AR Facility and $120 million outstanding under the FILO Facility.
Dividends
The Preferred Stock accumulated cumulative dividends at a rate per annum equal to 6.50% payable, at our election, in cash, shares of our common stock or a combination of cash and shares of our common stock. We accrued $4 million and $14 million of preferred stock dividends in our consolidated results of operations for the three and nine months ended September 30, 2023. During the three and nine months ended September 30, 2023, we paid cash dividends on our preferred stock of $5 million and $16 million. On September 1, 2023, the mandatory conversion date, each outstanding share of Preferred Stock was automatically converted into shares of our common stock. See Note 11. Stock and Stockholders' Equity for further details.
Share Repurchase Program
In February 2017, we announced the approval of a multi-year share repurchase program (the “Share Repurchase Program”) to purchase up to $500 million of Sabre's common stock outstanding. Repurchases under the Share Repurchase Program may take place in the open market or privately negotiated transactions. During the nine months ended September 30, 2024, we did not repurchase any shares pursuant to the Share Repurchase Program. On March 16, 2020, we announced the suspension of share repurchases under the Share Repurchase Program in conjunction with the cash management measures we undertook as a result of the market conditions caused by COVID-19. As of September 30, 2024, the Share Repurchase Program remains suspended and approximately $287 million remains authorized for repurchases. In addition, the terms of certain of the agreements governing our indebtedness contain covenants that, among other things, limit our ability to repurchase our common stock. See “Risk Factors—The terms of our debt covenants could limit our discretion in operating our business and any failure to comply with such covenants could result in the default of all of our debt.”
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Senior Secured Credit Facilities
Under the Amended and Restated Credit Agreement, the loan parties are subject to certain customary non-financial covenants, including restrictions on incurring certain types of indebtedness, creation of liens on certain assets, making of certain investments, and payment of dividends. As of September 30, 2024, we are in compliance with all covenants under the terms of the Amended and Restated Credit Agreement.
Cash Flows
 Nine Months Ended September 30,
 20242023
(Amounts in thousands)
Cash used in operating activities$(12,150)$(39,781)
Cash used in investing activities(13,518)(80,631)
Cash provided by (used in) financing activities46,049 (72,518)
Cash used in discontinued operations— (148)
Effect of exchange rate changes on cash, cash equivalents and restricted cash176 (205)
Increase (decrease) in cash, cash equivalents and restricted cash$20,557 $(193,283)
Operating Activities
Cash used in operating activities totaled $12 million for the nine months ended September 30, 2024. The $28 million increase in operating cash flow from the same period in the prior year was primarily due to revenue growth from an increase in volume and favorable rate impacts from travel supplier mix, as well as the impacts of our cost reduction plans and technology transformation efforts, which have improved our profitability and cash, a $14 million decrease in interest payments related to our debt, primarily due to the deferral of paid-in-kind interest and a $30 million decrease in severance payments made in connection with our cost reduction plan. These changes were partially offset by payments of $17 million associated primarily with employee retention plans.
Investing Activities
For the nine months ended September 30, 2024, we used $68 million of cash for capital expenditures primarily related to software developed for internal use and acquired software licenses associated with our internal billing systems, partially offset by proceeds received from the sale of investment in securities of $55 million.
For the nine months ended September 30, 2023, we used $69 million of cash for capital expenditures primarily related to software developed for internal use and $12 million for acquisition-related activity.
Financing Activities
For the nine months ended September 30, 2024, financing activities provided $46 million. Significant highlights of our financing activities include:
•proceeds of $150 million from the issuance of the 2026 Exchangeable Notes;
•payment of $150 million on our 2025 Exchangeable Notes;
•proceeds of $120 million from the issuance of the FILO Facility;
•proceeds of $50 million from the issuance of our June 2027 Notes;
•payment of $50 million for debt discount and issuance costs;
•payment of $36 million on our September 2025 Notes and $7 million on our April 2025 Notes;
•net payment of $23 million on borrowings on our AR Facility; and
•net payments of $7 million from the settlement of employee stock-option awards.
For the nine months ended September 30, 2023, we used $73 million of cash for financing activities. Significant highlights of our financing activities include:
•proceeds of $853 million from the issuance of our June 2027 Notes;
•payment of $787 million on our September 2025 Notes and $66 million on our April 2025 Notes;
•proceeds of $677 million from the issuance of the Senior Secured Term Loan Due 2028;
•payment of $665 million on our 9.25% senior secured notes due 2025, 2021 Term Loan B-1, 2021 Term Loan B-2 and 2022 Term Loan B-2;
•payment of $159 million for debt discount and issuance costs;
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•net proceeds of $130 million from borrowings on our AR Facility;
•payment of $55 million on our term loans under the Amended and Restated Credit Agreement, $48 million of which is a prepayment from the sale of our AirCentre portfolio in 2022;
•proceeds of $16 million from the sale of our common shares of the direct parent of Conferma;
•payment of $16 million in dividends on our then outstanding preferred stock; and
•net payments of $5 million from the settlement of employee stock-option awards.
Contractual Obligations
There were no material changes to our future minimum contractual obligations since December 31, 2023 as previously disclosed in our Annual Report on Form 10-K filed with the SEC on February 15, 2024, other than impacts of the March 2024 Exchange Transaction, 2026 Exchangeable Notes, and the Securitization Facility.
We had no off balance sheet arrangements during the nine months ended September 30, 2024 and year ended December 31, 2023.
Recent Accounting Pronouncements
Information related to Recent Accounting Pronouncements is included in Note 1. General Information, to our consolidated financial statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q, which is incorporated herein by reference.
Critical Accounting Estimates
This discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect our reported assets and liabilities, revenues and expenses and other financial information. Actual results may differ significantly from these estimates, and our reported financial condition and results of operations could vary under different assumptions and conditions. In addition, our reported financial condition and results of operations could vary due to a change in the application of a particular accounting standard.
We regard an accounting estimate underlying our financial statements as a “critical accounting estimate” if the accounting estimate requires us to make assumptions about matters that are uncertain at the time of estimation and if changes in the estimate are reasonably likely to occur and could have a material effect on the presentation of financial condition, changes in financial condition, or results of operations. For a discussion of the accounting policies involving material estimates and assumptions that we believe are most critical to the preparation of our financial statements, how we apply such policies and how results differing from our estimates and assumptions would affect the amounts presented in our financial statements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” included in our Annual Report on Form 10-K filed with the SEC on February 15, 2024. Since the date of the annual report on Form 10-K filed with the SEC on February 15, 2024, there have been no material changes to our critical accounting estimates.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the potential loss from adverse changes in: (i) prevailing interest rates, (ii) foreign exchange rates, (iii) credit risk and (iv) inflation. Our exposure to market risk relates to interest payments due on our long-term debt, derivative instruments, income on cash and cash equivalents, accounts receivable and payable, subscriber incentive liabilities and deferred revenue. We manage our exposure to these risks through established policies and procedures. We do not engage in trading, market making or other speculative activities in the derivatives markets. Our objective is to mitigate potential income statement, cash flow and fair value exposures resulting from possible future adverse fluctuations in interest and foreign exchange rates. There were no material changes in our market risk since December 31, 2023 as previously disclosed under “Quantitative and Qualitative Disclosures About Market Risk” included in our Annual Report on Form 10-K filed with the SEC on February 15, 2024.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as this term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on this evaluation, our principal executive officer and principal financial officer have concluded that, as of the end of this period, our disclosure controls and procedures were effective.
Internal Control Over Financial Reporting
There have not been any changes in our internal control over financial reporting (as this term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company and its subsidiaries are from time to time engaged in routine legal proceedings incidental to our business. For a description of our material legal proceedings, see Note 13. Contingencies, to our consolidated financial statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q, which is incorporated herein by reference.
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ITEM 1A. RISK FACTORS
The following risk factors may be important to understanding any statement in this Quarterly Report on Form 10-Q or elsewhere. Our business, financial condition and operating results can be affected by a number of factors, whether currently known or unknown, including but not limited to those described below. Any one or more of these factors could directly or indirectly cause our actual results of operations and financial condition to vary materially from past or anticipated future results of operations and financial condition. Any of these factors, in whole or in part, could materially and adversely affect our business, financial condition, results of operations and stock price.
Risks Related to Our Business and Industry
Our revenue is highly dependent on transaction volumes in the global travel industry, particularly air travel transaction volumes.
Our Travel Solutions and Hospitality Solutions revenue is largely tied to travel suppliers’ transaction volumes rather than to their unit pricing for an airplane ticket, hotel room or other travel products. This revenue is generally not contractually committed to recur annually under our agreements with our travel suppliers. As a result, our revenue is highly dependent on the global travel industry, particularly air travel from which we derive a substantial amount of our revenue, and correlates with global travel, tourism and transportation transaction volumes. Our revenue is therefore highly susceptible to declines in or disruptions to leisure and business travel that may be caused by factors entirely out of our control, and therefore may not recur if these declines or disruptions occur.
Various factors have caused, and may in the future cause, temporary or sustained disruption to leisure and business travel. The impact these disruptions have had, and would in the future have, on our business depends on the magnitude and duration of such disruption. These factors include, among others: (1) general and local economic conditions, including recessions and inflationary pressures; (2) financial instability of travel suppliers and the impact of any fundamental corporate changes to such travel suppliers, such as airline bankruptcies, consolidations, or suspensions of service on the cost and availability of travel content; (3) factors that affect demand for travel such as outbreaks of contagious diseases, including COVID-19, influenza, Zika, Ebola and the MERS virus, increases in fuel prices, government shutdowns, changing attitudes towards the environmental costs of travel, safety concerns and movements toward remote working environments and changes in business practices; (4) political events like acts or threats of terrorism, hostilities, war and political unrest; (5) inclement weather, natural or man-made disasters and the effects of climate change; and (6) factors that affect supply of travel, such as travel restrictions, regulatory actions, aircraft groundings, or changes to regulations governing airlines and the travel industry, like government sanctions that do or would prohibit doing business with certain state-owned travel suppliers, work stoppages or labor unrest at any of the major airlines, hotels or airports. In addition, sustained disruptions from COVID-19 negatively impacted our business, and the extent of our recovery following these disruptions is uncertain. While we have experienced a gradual recovery in our primary metrics over the past few years, we cannot predict the long-term effects of the pandemic on our business or the travel industry as a whole. If our business or the travel industry is fundamentally changed by the COVID-19 outbreak in ways that are detrimental to our operating model, our business may continue to be adversely affected even as the travel industry recovers. Developments that could affect the extent of any future recovery include, but are not limited to, the effect of changes in hiring levels and remote working arrangements; the speed and extent of the recovery across the broader travel ecosystem; and short- and long-term changes in travel patterns, including business or long-haul travel. Societal norms with respect to travel may change permanently in ways that cannot be predicted and that can change the travel industry in a manner adverse to our business.
Our ability to recruit, train and retain employees, including our key executive officers and technical employees, is critical to our results of operations and future growth.
Our continued ability to compete effectively depends on our ability to recruit new employees and retain and motivate existing employees, particularly professionals with experience in our industry, information technology and systems, as well as our key executive officers. For example, the specialized skills we require can be difficult and time-consuming to acquire and are often in short supply. There is high demand and competition for well-qualified employees on a global basis, such as software engineers, developers and other technology professionals with specialized knowledge in software development, especially expertise in certain programming languages. This competition affects both our ability to retain key employees and to hire new ones. Similarly, uncertainty in the global political environment may adversely affect our ability to hire and retain key employees. Any of our employees may choose to terminate their employment with us at any time, and a lengthy period of time is required to hire and train replacement employees when such skilled individuals leave the company. Furthermore, changes in our employee population, including our executive team, could impact our results of operations and growth. If we fail to attract well-qualified employees or to retain or motivate existing employees, our business could be materially hindered by, for example, a delay in our ability to deliver products and services under contract, bring new products and services to market or respond swiftly to customer demands or new offerings from competitors.
We operate in highly competitive, evolving markets, and if we do not continue to innovate and evolve, our business operations and competitiveness may be harmed.
Travel technology is rapidly evolving as travel suppliers seek new or improved means of accessing their customers and increasing value. We must continue to innovate and evolve our current and future offerings to respond to the changing needs of travel suppliers and meet intense competition. We also face increasing competition as suppliers seek IT solutions that provide the same traveler experience across all channels of distribution, whether indirectly through the GDS or directly through other
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channels. As travel suppliers adopt innovative solutions that function across channels, our operating results could suffer if we do not foresee the need for new products or services to meet competition either for GDS or for other distribution IT solutions.
Adapting to new technological and marketplace developments may require substantial expenditures and lead time and we cannot guarantee that projected future increases in business volume will actually materialize. We may experience difficulties that could delay or prevent the successful development, marketing and implementation of platforms, enhancements, upgrades and additions. Moreover, we may fail to maintain, upgrade or introduce new products, services, technologies and systems as quickly as our competitors or in a cost-effective manner. For example, we must constantly update our products with new capabilities to adapt to the changing technological and regulatory environment and customer needs. However, this process can be costly and time-consuming, and our efforts may not be successful as compared to our competitors. Those that we do develop may not achieve acceptance in the marketplace sufficient to generate material revenue or may be rendered obsolete or non-competitive by our competitors’ offerings.
In addition, our competitors are constantly evolving, including increasing their product and service offerings through organic research and development or through strategic acquisitions. As a result, we must continue to invest significant resources in order to continually improve the speed, accuracy and comprehensiveness of our services and we have made and may in the future be required to make changes to our technology platforms or increase our investment in technology, increase marketing, adjust prices or business models, acquire or invest in new lines of business and take other actions, which has affected and in the future could affect our financial performance and liquidity.
We depend upon the use of sophisticated information technology and systems. Our competitiveness and future results depend on our ability to maintain and make timely and cost-effective enhancements, upgrades and additions to our products, services, technologies and systems in response to new technological developments, industry standards, government regulations, and trends and customer requirements. As another example, migration of our enterprise applications and platforms to other hosting environments has caused us and will continue to cause us to incur substantial costs, and has resulted in and could in the future result in instability and business interruptions, which could materially harm our business.
Our Travel Solutions business is exposed to pricing pressure from travel suppliers.
Travel suppliers continue to look for ways to decrease their costs and to increase their control over distribution. For example, consolidation in the airline industry, the growth of LCC/hybrids and macroeconomic factors, among other things, have driven some airlines to negotiate for lower fees during contract renegotiations, thereby exerting increased pricing pressure on our Travel Solutions business, which, in turn, negatively affects our revenues and margins. In addition, travel suppliers’ use of multiple distribution channels may also adversely affect our contract renegotiations with these suppliers and negatively impact our revenue. Furthermore, as we attempt to renegotiate new GDS agreements with our travel suppliers, they may withhold some or all of their content (fares and associated economic terms) for distribution exclusively through their direct distribution channels (for example, the relevant airline’s website) or offer travelers more attractive terms for content available through those direct channels after their contracts expire. As a result of these sources of negotiating pressure, we may have to decrease our prices to retain their business. If we are unable to renew our contracts with these travel suppliers on similar economic terms or at all, or if our ability to provide this content is similarly impeded, this would also adversely affect the value of our Travel Solutions business as a marketplace due to our more limited content.
Our travel supplier customers may experience financial instability or consolidation, pursue cost reductions, change their distribution model or undergo other changes.
We generate the majority of our revenue and accounts receivable from airlines. We also derive revenue from hotels, car rental brands, rail carriers, cruise lines, tour operators and other suppliers in the travel and tourism industries. Adverse changes in any of these relationships or the inability to enter into new relationships could negatively impact the demand for and competitiveness of our travel products and services. For example, a lack of liquidity in the capital markets or weak economic performance may cause our travel suppliers to increase the time they take to pay, or to default, on their payment obligations, which could lead to a higher provision for expected credit losses and negatively affect our results. Any large-scale bankruptcy or other insolvency proceeding of an airline or hospitality supplier could subject our agreements with that customer to rejection or early termination, and, if applicable, result in asset impairments which could be significant. Similarly, any suspension or cessation of operations of an airline or hospitality supplier could negatively affect our results. Because we generally do not require security or collateral from our customers as a condition of sale, our revenues may be subject to credit risk more generally.
Furthermore, supplier consolidation, particularly in the airline industry, could harm our business. Our Travel Solutions business depends on a relatively small number of airlines for a substantial portion of its revenue, and all of our businesses are highly dependent on airline ticket volumes. Consolidation among airlines could result in the loss of an existing customer and the related fee revenue, decreased airline ticket volumes due to capacity restrictions implemented concurrently with the consolidation, and increased airline concentration and bargaining power to negotiate lower transaction fees. See “—Our Travel Solutions business is exposed to pricing pressure from travel suppliers.”
Our collection, processing, storage, use and transmission of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements, differing views on data privacy, or security incidents.
We collect, process, store, use and transmit a large volume of personal data on a daily basis, including, for example, to process travel transactions for our customers and to deliver other travel-related products and services. Personal data is increasingly subject to legal and regulatory protections around the world, which vary widely in approach and which possibly
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conflict with one another. In recent years, for example, U.S. legislators and regulatory agencies, such as the Federal Trade Commission, as well as U.S. states, have increased their focus on protecting personal data by law and regulation, and have increased enforcement actions for violations of privacy and data protection requirements. The GDPR, a data protection law adopted by the European Commission, and various other country-specific and U.S. state data protection laws have gone into effect or are scheduled to go into effect. These and other data protection laws and regulations are intended to protect the privacy and security of personal data, including credit card information that is collected, processed and transmitted in or from the relevant jurisdiction. Implementation of and compliance with these laws and regulations may be more costly or take longer than we anticipate, or could otherwise adversely affect our business operations, which could negatively impact our financial position or cash flows. Furthermore, various countries have implemented legislation requiring the storage of travel or other personal data locally. Our business could be materially adversely affected by our inability, or the inability of our vendors who receive personal data from us, to operate with regard to the use of personal data, new data handling or localization requirements. Additionally, media coverage of data incidents has escalated, in part because of the increased number of enforcement actions, investigations and lawsuits. As this focus and attention on privacy and data protection continues to increase, we also risk exposure to potential liabilities and costs or face reputational risks resulting from the compliance with, or any failure to comply with applicable legal requirements, conflicts among these legal requirements or differences in approaches to privacy and security of travel data.
Implementation of software solutions often involves a significant commitment of resources, and any failure to deliver as promised on a significant implementation could adversely affect our business.
In our Travel Solutions and Hospitality Solutions businesses, the implementation of software solutions often involves a significant commitment of resources and is subject to a number of significant risks over which we may or may not have control. These risks include:
•the features of the implemented software may not meet the expectations or fit the business model of the customer;
•our limited pool of trained experts for implementations cannot quickly and easily be augmented for complex implementation projects, such that resources issues, if not planned and managed effectively, could lead to costly project delays;
•customer-specific factors, such as the stability, functionality, interconnection and scalability of the customer’s pre-existing information technology infrastructure, as well as financial or other circumstances could destabilize, delay or prevent the completion of the implementation process, which, for airline reservations systems, typically takes 12 to 18 months; and
•customers and their partners may not fully or timely perform the actions required to be performed by them to ensure successful implementation, including measures we recommend to safeguard against technical and business risks.
As a result of these and other risks, some of our customers may incur large, unplanned costs in connection with the purchase and installation of our software products. Also, implementation projects could take longer than planned or fail. We may not be able to reduce or eliminate protracted installation or significant additional costs. Significant delays or unsuccessful customer implementation projects could result in cancellation or renegotiation of existing agreements, claims from customers, harm our reputation and negatively impact our operating results.
Our Travel Solutions business depends on relationships with travel buyers.
Our Travel Solutions business relies on relationships with several large travel buyers, including TMCs and OTAs, to generate a large portion of its revenue through bookings made by these travel companies. This revenue concentration in a relatively small number of travel buyers makes us particularly dependent on factors affecting those companies. For example, if demand for their services decreases, or if a key supplier pulls its content from us, travel buyers may stop utilizing our services or move all or some of their business to competitors or competing channels. Although our contracts with larger travel agencies often increase the incentive consideration when the travel agency processes a certain volume or percentage of its bookings through our GDS, travel buyers are not contractually required to book exclusively through our GDS during the contract term. Travel buyers also shift bookings to other distribution channels for many reasons, including to avoid becoming overly dependent on a single source of travel content or to increase their bargaining power with GDS providers. Additionally, some regulations allow travel buyers to terminate their contracts earlier.
These risks are exacerbated by increased consolidation among travel agencies and TMCs, which may ultimately reduce the pool of travel agencies that subscribe to GDSs. We must compete with other GDSs and other competitors for their business by offering competitive upfront incentive consideration, which, due to the strong bargaining power of these large travel buyers, tend to increase in each round of contract renewals. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Factors Affecting our Results—Increasing travel agency incentive consideration" in our Annual Report on Form 10-K for more information about our incentive consideration. However, any reduction in transaction fees from travel suppliers due to supplier consolidation or other market forces could limit our ability to increase incentive consideration to travel agencies in a cost-effective manner or otherwise affect our margins.
Our Travel Solutions and Hospitality Solutions businesses depend on maintaining and renewing contracts with their customers and other counterparties.
In our Travel Solutions business, we enter into participating carrier distribution and services agreements with airlines. Our contracts with major carriers typically last for three- to five-year terms and are generally subject to automatic renewal at the end of the term, unless terminated by either party with the required advance notice. Our contracts with smaller airlines generally last
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for one year and are also subject to automatic renewal at the end of the term, unless terminated by either party with the required advance notice. Airlines are not typically contractually obligated to distribute exclusively through our GDS during the contract term and may terminate their agreements with us upon providing the required advance notice after the expiration of the initial term. We cannot guarantee that we will be able to renew our airline contracts in the future on favorable economic terms or at all, and the termination or expiration of these agreements could materially adversely impact our business. See “—Our Travel Solutions business is exposed to pricing pressure from travel suppliers."
We also enter into contracts with travel buyers. Although most of our travel buyer contracts have terms of one to three years, we typically have non-exclusive, five- to ten-year contracts with our major travel agency customers. We also typically have three- to five-year contracts with corporate travel departments, which generally renew automatically unless terminated with the required advance notice. A meaningful portion of our travel buyer agreements, typically representing approximately 15% to 20% of our bookings, are up for renewal in any given year. We cannot guarantee that we will be able to renew our travel buyer agreements in the future on favorable economic terms or at all. Similarly, our Travel Solutions and Hospitality Solutions businesses are based on contracts with travel suppliers for a typical duration of three to seven years for airlines and one to five years for hotels, respectively. We cannot guarantee that we will be able to renew our solutions contracts in the future on favorable economic terms or at all. Additionally, we use several third-party distributor partners and equity method investments to extend our GDS services in Europe, the Middle East, and Africa (“EMEA”) and Asia-Pacific (“APAC”). The termination of our contractual arrangements with any of these third-party distributor partners and equity method investments could adversely impact our Travel Solutions business in the relevant regions. See “—We rely on third-party distributor partners and equity method investments to extend our GDS services to certain regions, which exposes us to risks associated with lack of direct management control and potential conflicts of interest.” for more information on our relationships with our third-party distributor partners and equity method investments.
Our failure to renew some or all of these agreements on economically favorable terms or at all, or the early termination of these existing contracts, would adversely affect the value of our Travel Solutions business as a marketplace due to our limited content and distribution reach, which could cause some of our subscribers to move to a competing GDS or use other travel technology providers for the solutions we provide and would materially harm our business, reputation and brand. Our business therefore relies on our ability to renew our agreements with our travel buyers, travel suppliers, third-party distributor partners and equity method investments or developing relationships with new travel buyers and travel suppliers to offset any customer losses.
We are subject to a certain degree of revenue concentration among a portion of our customer base. Because of this concentration among a small number of customers, if an event were to adversely affect one of these customers, it could have a material impact on our business.
We are exposed to risks associated with payment card industry data ("PCI") compliance.
The PCI Data Security Standard (“PCI DSS”) is a specific set of comprehensive security standards required by credit card brands for enhancing payment account data security, including but not limited to requirements for security management, policies, procedures, network architecture, and software design. PCI DSS compliance is required in order to maintain credit card processing services. The cost of compliance with PCI DSS is significant and may increase as the requirements change. For example, the Payment Card Industry Security Standards Council has released version 4.0 of its Data Security Standard, and we are in the process of incorporating these new standards on our existing processes and controls. We are assessed periodically for assurance and successfully completed our last annual assessment in October 2024. Compliance does not guarantee a completely secure environment and notwithstanding the results of this assessment there can be no assurance that payment card brands will not request further compliance assessments or set forth additional requirements to maintain access to credit card processing services. See “—Security incidents expose us to liability and could damage our reputation and our business.” Compliance is an ongoing effort and the requirements evolve as new threats are identified. In the event that we were to lose PCI DSS compliance status (or fail to renew compliance under a future version of the PCI DSS), we could be exposed to increased operating costs, fines and penalties and, in extreme circumstances, may have our credit card processing privileges revoked, which would have a material adverse effect on our business.
We are involved in various legal proceedings which may cause us to incur significant fees, costs and expenses and may result in unfavorable outcomes.
We are involved in various legal proceedings that involve claims for substantial amounts of money or which involve how we conduct our business. See Note 13. Contingencies, to our consolidated financial statements. For example, as a result of the judgment in our antitrust litigation with US Airways, we may be required to pay US Airways’ reasonable attorneys’ fees and costs. Depending on the amount of attorneys’ fees and costs required to be paid to US Airways, if any, if we do not have sufficient cash on hand, we may be required to seek financing from private or public financing sources, which may not be assured. See “—We have a significant amount of indebtedness, which could adversely affect our cash flow and our ability to operate our business and to fulfill our obligations under our indebtedness.” In addition, although the jury rejected US Airways’ claim under Section 1 of the Sherman Act, finding that Sabre’s contractual terms were not anticompetitive, the jury found in favor of US Airways with respect to its monopolization claim for the period from 2007 to 2012 under Section 2 of the Sherman Act. Although US Airways was only awarded $1.00 in single damages with respect to this verdict, and we believe the applicable limitations period for similar claims has expired, other parties might nevertheless likewise seek to benefit from this judgment by threatening to bring or actually bringing their own claims against us on the same or similar grounds or utilizing the litigation to seek more favorable contract terms. Depending on the outcome of any of these matters, and the scope of the outcome, the manner in which our
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airline distribution business is operated could be affected and could potentially force changes to the existing airline distribution business model.
The defense of these actions, as well as any of the other actions described under Note 13. Contingencies, to our consolidated financial statements or elsewhere in this Quarterly Report on Form 10-Q, and any other actions that might be brought against us in the future, is time consuming and diverts management’s attention. Even if we are ultimately successful in defending ourselves in such matters, we are likely to incur significant fees, costs and expenses as long as they are ongoing. Any of these consequences could have a material adverse effect on our business, financial condition and results of operations.
Any failure to comply with regulations or any changes in such regulations governing our businesses could adversely affect us.
Parts of our business operate in regulated industries and could be adversely affected by unfavorable changes in or the enactment of new laws, rules or regulations applicable to us, which could decrease demand for, or restrict access to, our products and services, increase costs or subject us to additional liabilities. Moreover, regulatory authorities have relatively broad discretion to grant, renew and revoke licenses and approvals and to implement or interpret regulations. Accordingly, these regulatory authorities could prevent or temporarily suspend us from carrying on some or all of our activities or otherwise penalize us if our practices were found not to comply with the applicable regulatory or licensing requirements or any interpretation of such requirements by the regulatory authority. In addition, we are subject to or affected by international, federal, state and local laws, regulations and policies, which are constantly subject to change. These include data protection and privacy legislation and regulations, as well as legislation and regulations affecting issues such as: trade sanctions, exports of technology, antitrust, anticorruption, antiboycott, telecommunications, cybersecurity, environmental, social and governance matters, and e-commerce. Our failure to comply with any of these requirements, interpretations, legislation or regulations could have a material adverse effect on our operations.
Further, the United States has imposed economic sanctions, and could impose further sanctions in the future, that affect transactions with designated countries, including but not limited to, Cuba, Iran, the Crimea, Donetsk and Luhansk regions of Ukraine, North Korea and Syria, and nationals and others of those countries, and certain specifically targeted individuals and entities engaged in conduct detrimental to U.S. national security interests. These sanctions are administered by the Office of Foreign Assets Control (“OFAC”) and are typically known as the OFAC rules. The OFAC rules, and similar regulations in other countries, are extensive and complex, and they differ from one sanctions regime to another. Failure to comply with these regulations could subject us to legal and reputational consequences, including civil and criminal penalties.
We have GDS contracts with carriers that fly to Cuba, Iran, the Crimea, Donetsk and Luhansk regions of Ukraine, North Korea and Syria but are based outside of those countries and are neither owned by those governments or nationals of those countries/regions nor themselves sanctioned. With respect to Iran, Sudan, North Korea and Syria we believe that our activities are designed to comply with certain information and travel-related exemptions. With respect to Cuba, we have advised OFAC that we display on the Sabre GDS flight information for, and support booking and ticketing of, services of non-Cuban airlines that offer service to Cuba to customers outside the United States. Based on advice of counsel, we believe these activities to fall under an exemption from OFAC regulations applicable to the transmission of information and informational materials and transactions related thereto. We believe that our activities with respect to these countries are known to OFAC and other regulators. We note, however, that sanctions regulations and related interpretive guidance are complex and subject to varying interpretations. Due to this complexity, a regulator’s interpretation of its own regulations and guidance varies on a case by case basis. As a result, we cannot provide any guarantees that a regulator will not challenge any of our activities in the future, which could have a material adverse effect on our results of operations.
In Europe, GDS regulations or interpretations thereof may increase our cost of doing business or lower our revenues, limit our ability to sell marketing data, impact relationships with travel buyers, airlines, rail carriers or others, impair the enforceability of existing agreements with travel buyers and other users of our system, prohibit or limit us from offering services or products, or limit our ability to establish or change fees. Although regulations specifically governing GDSs have been lifted in the United States, they remain subject to general regulation regarding unfair trade practices by the U.S. Department of Transportation (“DOT”). In addition, continued regulation of GDSs in the E.U. and elsewhere could also create the operational challenge of supporting different products, services and business practices to conform to the different regulatory regimes. We do not currently maintain a central database of all regulatory requirements affecting our worldwide operations and, as a result, the risk of non-compliance with the laws and regulations described above is heightened. Our failure to comply with these laws and regulations could subject us to fines, penalties and potential criminal violations. Any changes to these laws or regulations or any new laws or regulations may make it more difficult for us to operate our business.
In addition, in connection with the current military conflict in Ukraine, the United States, the United Kingdom, the European Union and other governments have imposed varying sanctions and export-control measure packages impacting Russia and certain regions of Ukraine and Belarus and may implement additional sanctions and export controls in the future. The conflict and these sanctions and export controls have prevented us, and in the future could further prevent or discourage us, from performing or renewing existing contracts with or receiving payments from customers in those countries. In addition, the conflict or these sanctions and export controls have prevented and in the future could further prevent or discourage third parties on whom we may rely from continuing to perform in those countries. These sanctions, export controls and related items, as well as actions taken by us or others in response to them or otherwise in connection with the military conflict, have adversely impacted, and in the future could further adversely impact, our business, results of operations and financial condition.
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Effective October 30, 2022, Russian legislation and related regulations have required activities related to the development, creation and operation of automated information systems for processing domestic air transportation within the Russian Federation to be owned and operated by Russian residents or legal entities with no updates from or connection with systems abroad. This legislation and these regulations have prohibited our ability to provide these services in Russia, which has negatively impacted and is expected to continue to negatively impact our revenue and results. On May 23, 2024, Russia issued a decree establishing a process for the seizure of assets of U.S. companies and nationals in Russia. Any implementation of this decree would significantly limit our operations and ability to provide services in Russia, negatively impacting our revenue and results.
As noted, the regulations and sanctions described above, as well as other sanctions regimes, are complex. While we have a compliance program in place to help us address these items, there can be no assurance that we will be able to consistently address them in an effective manner. Any failure to comply with these sanctions, export controls and related rules and regulations may subject us to fines, penalties and potential criminal violations. In the third quarter of 2022, we identified elements of our sanctions compliance program that were not functioning as we intended, which we believe we have substantially addressed. In identifying these elements, we became aware that we received payments that were not material in amount from an air carrier in Russia for GDS services, and the receipt of these payments may be in violation of U.K. sanctions. We have voluntarily disclosed the receipt of these payments to the U.K. Office of Financial Sanctions Implementation (OFSI). If OFSI were to impose a penalty, we believe that it would not be material; however, there can be no assurance of the amount of any such penalty.
We are exposed to risks associated with acquiring or divesting businesses or business operations.
We have acquired, and, as part of our growth strategy, may in the future acquire, businesses or business operations. We may not be able to identify suitable candidates for additional business combinations and strategic investments, obtain financing on acceptable terms for such transactions, obtain necessary regulatory approvals or otherwise consummate such transactions on acceptable terms, or at all.
Any acquisitions that we are able to identify and complete may also involve a number of risks, including our inability to successfully or profitably integrate, operate, maintain and manage our newly acquired operations or employees; the diversion of our management’s attention from our existing business to integrate operations and personnel; possible material adverse effects on our results of operations during the integration process; becoming subject to contingent or other liabilities, including liabilities arising from events or conduct predating the acquisition that were not known to us at the time of the acquisition; and our possible inability to achieve the intended objectives of the acquisition, including the inability to achieve anticipated business or financial results, cost savings and synergies. Acquisitions may also have unanticipated tax, regulatory and accounting ramifications, including recording goodwill and nonamortizable intangible assets that are subject to impairment testing on a regular basis and potential periodic impairment charges and incurring amortization expenses related to certain intangible assets. To consummate any of these acquisitions, we may need to raise external funds through the sale of equity or the issuance of debt in the capital markets or through private placements, which may affect our liquidity and may dilute the value of our common stock. See “—We have a significant amount of indebtedness, which could adversely affect our cash flow and our ability to operate our business and to fulfill our obligations under our indebtedness.”
We have also divested, and may in the future divest, businesses or business operations, including the sale of our AirCentre portfolio in 2022. Any divestitures may involve a number of risks, including the diversion of management’s attention, significant costs and expenses, failure to obtain necessary regulatory approvals, implementation of transition services related to such divestitures, the loss of customer relationships and cash flow, and the disruption of the affected business or business operations. Failure to timely complete or to consummate a divestiture may negatively affect the valuation of the affected business or business operations or result in restructuring charges.
We rely on the value of our brands, which may be damaged by a number of factors, some of which are out of our control.
We believe that maintaining and expanding our portfolio of product and service brands are important aspects of our efforts to attract and expand our customer base. Our brands may be negatively impacted by, among other things, unreliable service levels from third-party providers, customers’ inability to properly interface their applications with our technology, the loss or unauthorized disclosure of personal data, including PCI or personally identifiable information (“PII”), or other bad publicity due to litigation, regulatory concerns or otherwise relating to our business. See “—Security incidents expose us to liability and could damage our reputation and our business.” Any inability to maintain or enhance awareness of our brands among our existing and target customers could negatively affect our current and future business prospects.
We rely on third-party distributor partners and equity method investments to extend our GDS services to certain regions, which exposes us to risks associated with lack of direct management control and potential conflicts of interest.
Our Travel Solutions business utilizes third-party distributor partners and equity method investments to extend our GDS services in EMEA and APAC. We work with these partners to establish and maintain commercial and customer service relationships with both travel suppliers and travel buyers. Since, in many cases, we do not exercise full management control over their day-to-day operations, the success of their marketing efforts and the quality of the services they provide are beyond our control. If these partners do not meet our standards for distribution, our reputation may suffer materially, and sales in those regions could decline significantly. Any interruption in these third-party services, deterioration in their performance or termination
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of our contractual arrangements with them could negatively impact our ability to extend our GDS services in the relevant markets. In addition, our business may be harmed due to potential conflicts of interest with our equity method investments.
Risks Related to Technology and Intellectual Property
We rely on the availability and performance of information technology services provided by third parties, including network, cloud, mainframe and SaaS providers.
Our businesses are dependent on IT infrastructure and applications operated for us by network, cloud, mainframe and SaaS providers. The commercial services we offer to our customers generally run on infrastructure provided by third parties such as DXC Technology ("DXC") and cloud providers. DXC provides significant operational support for our mainframe platforms in addition to basic hosting services. We also use multiple third-party SaaS platforms to operate our services, run our business, and support our customers, including IT service management, program and project management, enterprise resource planning, customer relationship management and human resource management systems.
Our success is dependent on our ability to maintain effective relationships with these third-party technology and service providers. Some of our agreements with third-party technology and service providers are terminable for cause on short notice and often provide limited recourse for service interruptions. For example, our agreement with DXC provides us with limited indemnification rights. We could face significant additional cost or business disruption if: (1) Any of these providers fail to enable us to provide our customers and suppliers with reliable, real-time access to our systems. For example, we have previously experienced a significant outage of the Sabre platform due to a failure on the part of one of our service providers, and such outages may occur in the future. This outage, which affected our Travel Solutions business, lasted several hours and caused significant problems for our customers. Any such future outages could cause damage to our reputation, customer loss and require us to pay compensation to affected customers for which we may not be indemnified or compensated. (2) Our arrangements with such providers are terminated or impaired and we cannot find alternative sources of technology or systems support on commercially reasonable terms or on a timely basis. For example, our substantial dependence on DXC for our mainframe platforms makes it difficult for us to switch vendors and makes us more sensitive to changes in DXC's pricing for its services.
Our success depends on maintaining the integrity of our systems and infrastructure, which may suffer from failures, capacity constraints, business interruptions and forces outside of our control.
We may be unable to maintain and improve the efficiency, reliability and integrity of our systems. Unexpected increases in the volume of our business could exceed currently allocated system capacity, resulting in service interruptions, outages and delays. These constraints could also lead to the deterioration of our services or impair our ability to process transactions. We occasionally experience system interruptions that make certain of our systems unavailable including, but not limited to, our GDS and the services that our Travel Solutions and Hospitality Solutions businesses provide to airlines and hotels. In addition, we have experienced in the past and may in the future occasionally experience system interruptions as we execute changes for the purpose of enhancing our products or achieving other technological objectives. System interruptions prevent us from efficiently providing services to customers or other third parties, and could cause damage to our reputation and result in the loss of customers and revenues or cause us to incur litigation and liabilities. Although we have contractually limited our liability for damages caused by outages of our GDS (other than damages caused by our gross negligence or willful misconduct), we cannot guarantee that we will not be subject to lawsuits or other claims for compensation from our customers in connection with such outages for which we may not be indemnified or compensated.
Our systems are also susceptible to external damage or disruption. Our systems have in the past been, and at any time, including in the future could be, damaged or disrupted by events such as power, hardware, software or telecommunication failures, human errors, natural events including floods, hurricanes, fires, winter storms, earthquakes and tornadoes, terrorism, break-ins, hostilities, war or similar events. Computer viruses, malware, denial of service attacks, ransomware attacks, attacks on, or exploitations of, hardware or software vulnerabilities, physical or electronic break-ins, phishing attacks, cybersecurity incidents or other security incidents, and similar disruptions affecting the Internet, telecommunication services, our systems, or our customers' systems have caused in the past and could at any time, including in the future, cause service interruptions or the loss of critical data, preventing us from providing timely services. For example, in April 2021 our subsidiary Radixx announced an event impacting its Radixx reservation system. See “—Security incidents expose us to liability and could damage our reputation and our business.” Failure to efficiently provide services to customers or other third parties could cause damage to our reputation and result in the loss of customers and revenues, asset impairments, significant recovery costs or litigation and liabilities. Moreover, such risks are likely to increase as we expand our business and as the tools and techniques involved become more sophisticated.
Although we have implemented measures intended to protect our critical systems and data and provide comprehensive disaster recovery and contingency plans for certain customers that purchase this additional protection, these protections and plans are not in place for all systems. Disasters affecting our facilities, systems or personnel might be expensive to remedy and could significantly diminish our reputation and our brands, and we may not have adequate insurance to cover such costs.
Customers and other end-users who rely on our software products and services, including our SaaS and hosted offerings, for applications that are integral to their businesses may have a greater sensitivity to product errors and security vulnerabilities than customers for software products generally. We utilize various generative artificial intelligence (AI) solutions from our third-party providers as part of some of our software products. There are risks associated with the use of emerging technologies such as generative AI, including risks related to testing and validating the security and privacy mechanisms of the third-party providers,
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as well as risks related to implementing technical security controls to govern and manage this technology in a secure manner. If we were to experience a cybersecurity incident related to the integration of AI capabilities into our software product offerings, or if there are deficiencies or other failures of such AI solutions from our third-party providers, our business and results of operations could be adversely affected. AI also presents various emerging legal, regulatory and ethical issues, and the incorporation of AI into our software products could require us to expend significant resources in developing, testing and maintaining our product offerings and may cause us to experience brand, reputational, or competitive harm, or incur legal liability. Additionally, security incidents that affect third parties upon which we rely, such as travel suppliers, may further expose us to negative publicity, possible liability or regulatory penalties. Events outside our control have caused in the past and could in the future cause interruptions in our IT systems, which could have a material adverse effect on our business operations and harm our reputation.
Security incidents expose us to liability and could damage our reputation and our business.
We process, store, and transmit large amounts of data, such as PII of our customers and employees and PCI of our customers, and it is critical to our business strategy that our facilities and infrastructure, including those provided by DXC, cloud providers or other vendors, remain secure and are perceived by the marketplace to be secure. Our infrastructure may be vulnerable to physical or electronic break-ins, computer viruses, ransomware attacks, or similar disruptive problems.
In addition, we, like most technology companies, are the target of cybercriminals who attempt to compromise our systems. We are subject to and experience threats and intrusions that have to be identified and remediated to protect sensitive information along with our intellectual property and our overall business. To address these threats and intrusions, we have a team of experienced security experts and support from firms that specialize in data security and cybersecurity. We are periodically subject to these threats and intrusions, and sensitive information has in the past been, and could at any time, including in the future, be compromised as a result. In addition, the techniques employed in connection with these threats and intrusions are changing, developing and evolving rapidly, including from emerging technologies such as advanced forms of AI. The costs and impacts related to these incidents, including the costs of investigation and remediation, any associated penalties assessed by any governmental authority or payment card brand, and any indemnification or other contractual obligations to our customers, may be material and could damage our reputation.
For example, we previously became aware of an incident involving unauthorized access to payment information contained in a subset of hotel reservations processed through the Sabre Hospitality Solutions SynXis Central Reservation System (the “HS Central Reservation System”). In December 2020, we entered into settlement agreements with certain state Attorneys General to resolve their investigation into this incident. As part of these agreements, we paid $2 million to the states represented by the Attorneys General in the first quarter of 2021 and agreed to implement certain security controls and processes. In addition, in April 2021, our subsidiary, Radixx, announced that it had experienced an event that impacted its Radixx Res™ reservation system. An investigation indicated that malware on the Radixx Res™ reservation system caused the activity. Based on the investigation, Sabre’s systems, including GDS, Airline IT, SabreSonic passenger service system and Hospitality Solutions systems, were not impacted, and the investigation indicated that the Radixx database containing customer information was not compromised in this event.
In addition, in the third quarter of 2023, we became aware that an unauthorized actor had illegally extracted certain company data and posted it to the dark web. Immediately upon becoming aware of this extraction, we initiated an investigation, with the assistance of cybersecurity and forensics professionals. We have also notified federal law enforcement and have provided, and will continue to provide, other required notifications. To date this cybersecurity incident has not had a material impact on our financial condition, results of operations or liquidity. However, there is no assurance that it will not result in significant costs to us, reputational harm, expenditure of additional resources, lawsuits, or regulatory inquiries in the future that could result in a material adverse effect.
Any computer viruses, malware, denial of service attacks, ransomware attacks, attacks on, or exploitations of, hardware or software vulnerabilities, physical or electronic break-ins, phishing attacks, cybersecurity incidents such as the items described above, or other security incident or compromise of the information handled by us or our service providers may jeopardize the security or integrity of information in our computer systems and networks or those of our customers and cause significant interruptions in our and our customers’ operations.
Any systems and processes that we have developed or utilize that are designed to protect customer information and prevent data loss and other security incidents cannot provide absolute security. In addition, we may not successfully implement remediation plans to address all potential exposures. It is possible that we may have to expend additional financial and other resources to address these problems. Failure to prevent or mitigate data loss or other security incidents could expose us or our customers to a risk of loss or misuse of such information, cause customers to lose confidence in our data protection measures, damage our reputation, adversely affect our operating results or result in litigation or potential liability for us. For example, our agreements with customers may require that we indemnify the customer for liability arising from data incidents under the terms of our agreements with these customers. These indemnification obligations could be significant and may exceed the limits of any applicable insurance policy we maintain. While we maintain insurance coverage that may, subject to policy terms and conditions, cover certain aspects of cyber risks, this insurance coverage is subject to a retention amount and may not be applicable to a particular incident or otherwise may be insufficient to cover all our losses beyond any retention. Similarly, we expect to continue to make significant investments in our information technology infrastructure. The implementation of these investments may be more costly or take longer than we anticipate, or could otherwise adversely affect our business operations, which could negatively impact our financial position, results of operations or cash flows.
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Intellectual property infringement actions against us could be costly and time consuming to defend and may result in business harm if we are unsuccessful in our defense.
Third parties may assert, including by means of counterclaims against us as a result of the assertion of our intellectual property rights, that our products, services or technology, or the operation of our business, violate their intellectual property rights. We are currently subject to such assertions, including patent infringement claims, and may be subject to such assertions in the future. These assertions may also be made against our customers who may seek indemnification from us. In the ordinary course of business, we enter into agreements that contain indemnity obligations whereby we are required to indemnify our customers against these assertions arising from our customers’ usage of our products, services or technology. As the competition in our industry increases and the functionality of technology offerings further overlaps, these claims and counterclaims could become more common. We cannot be certain that we do not or will not infringe third parties’ intellectual property rights.
Legal proceedings involving intellectual property rights are highly uncertain and can involve complex legal and scientific questions. Any intellectual property claim against us, regardless of its merit, could result in significant liabilities to our business, and can be expensive and time consuming to defend. Depending on the nature of such claims, our businesses may be disrupted, our management’s attention and other company resources may be diverted and we may be required to redesign, reengineer or rebrand our products and services, if feasible, to stop offering certain products and services or to enter into royalty or licensing agreements in order to obtain the rights to use necessary technologies, which may not be available on terms acceptable to us, if at all, and may result in a decrease of our capabilities. Our failure to prevail in such matters could result in loss of intellectual property rights, judgments awarding substantial damages, including possible treble damages and attorneys’ fees, and injunctive or other equitable relief against us. If we are held liable, we may be unable to use some or all of our intellectual property rights or technology. Even if we are not held liable, we may choose to settle claims by making a monetary payment or by granting a license to intellectual property rights that we otherwise would not license. Further, judgments may result in loss of reputation, may force us to take costly remediation actions, delay selling our products and offering our services, reduce features or functionality in our services or products, or cease such activities altogether. Insurance may not cover or be insufficient for any such claim.
We may not be able to protect our intellectual property effectively, which may allow competitors to duplicate our products and services.
Our success and competitiveness depend, in part, upon our technologies and other intellectual property, including our brands. Among our significant assets are our proprietary and licensed software and other proprietary information and intellectual property rights. We rely on a combination of copyright, trademark and patent laws, laws protecting trade secrets, confidentiality procedures and contractual provisions to protect these assets both in the United States and in foreign countries. The laws of some jurisdictions may provide less protection for our technologies and other intellectual property assets than the laws of the United States.
There is no certainty that our intellectual property rights will provide us with substantial protection or commercial benefit. Despite our efforts to protect our intellectual property, some of our innovations may not be protectable, and our intellectual property rights may offer insufficient protection from competition or unauthorized use, lapse or expire, be challenged, narrowed, invalidated, or misappropriated by third parties, or be deemed unenforceable or abandoned, which could have a material adverse effect on our business, financial condition and results of operations and the legal remedies available to us may not adequately compensate us. We cannot be certain that others will not independently develop, design around, or otherwise acquire equivalent or superior technology or intellectual property rights.
While we take reasonable steps to protect our brands and trademarks, we may not be successful in maintaining or defending our brands or preventing third parties from adopting similar brands. If our competitors infringe our principal trademarks, our brands may become diluted or if our competitors introduce brands or products that cause confusion with our brands or products in the marketplace, the value that our consumers associate with our brands may become diminished, which could negatively impact revenue. Our patent applications may not be granted, and the patents we own could be challenged, invalidated, narrowed or circumvented by others and may not be of sufficient scope or strength to provide us with any meaningful protection or commercial advantage. Once our patents expire, or if they are invalidated, narrowed or circumvented, our competitors may be able to utilize the technology protected by our patents which may adversely affect our business. Although we rely on copyright laws to protect the works of authorship created by us, we do not generally register the copyrights in our copyrightable works where such registration is permitted. Copyrights of U.S. origin must be registered before the copyright owner may bring an infringement suit in the United States. Accordingly, if one of our unregistered copyrights of U.S. origin is infringed by a third party, we will need to register the copyright before we can file an infringement suit in the United States, and our remedies in any such infringement suit may be limited. We use reasonable efforts to protect our trade secrets. However, protecting trade secrets can be difficult and our efforts may provide inadequate protection to prevent unauthorized use, misappropriation, or disclosure of our trade secrets, know how, or other proprietary information. We also rely on our domain names to conduct our online businesses. While we use reasonable efforts to protect and maintain our domain names, if we fail to do so the domain names may become available to others. Further, the regulatory bodies that oversee domain name registration may change their regulations in a way that adversely affects our ability to register and use certain domain names.
We license software and other intellectual property from third parties. These licensors may breach or otherwise fail to perform their obligations or claim that we have breached or otherwise attempt to terminate their license agreements with us. We also rely on license agreements to allow third parties to use our intellectual property rights, including our software, but there is no
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guarantee that our licensees will abide by the terms of our license agreements or that the terms of our agreements will always be enforceable. In addition, policing unauthorized use of and enforcing intellectual property can be difficult and expensive. The fact that we have intellectual property rights, including registered intellectual property rights, may not guarantee success in our attempts to enforce these rights against third parties. Besides general litigation risks, changes in, or interpretations of, intellectual property laws may compromise our ability to enforce our rights. We may not be aware of infringement or misappropriation or elect not to seek to prevent it. Our decisions may be based on a variety of factors, such as costs and benefits of taking action, and contextual business, legal, and other issues. Any inability to adequately protect our intellectual property on a cost-effective basis could harm our business.
We use open source software in our solutions that may subject our software solutions to general release or require us to re-engineer our solutions.
We use open source software in our solutions and may use more open source software in the future. From time to time, there have been claims by companies claiming ownership of software that was previously thought to be open source and that was incorporated by other companies into their products. As a result, we could be subject to suits by parties claiming ownership of what we believe to be open source software. Some open source licenses contain requirements that we make available source code for modifications or derivative works we create based upon the open source software and that we license these modifications or derivative works under the terms of a particular open source license or other license granting third parties certain rights of further use. If we combine or, in some cases, link our proprietary software solutions with or to open source software in a certain manner, we could, under certain of the open source licenses, be required to release the source code of our proprietary software solutions or license such proprietary solutions under the terms of a particular open source license or other license granting third parties certain rights of further use. In addition to risks related to license requirements, usage of open source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide warranties or controls on origin of the software. In addition, open source license terms may be ambiguous and many of the risks associated with usage of open source cannot be eliminated, and could, if not properly addressed, negatively affect our business. If we were found to have inappropriately used open source software, we may be required to seek licenses from third parties in order to continue offering our software, to re-engineer our solutions, to discontinue the sale of our solutions in the event re-engineering cannot be accomplished on a timely basis or take other remedial action that may divert resources away from our development efforts, any of which could adversely affect our business, operating results and financial condition.
Risks Related to Economic, Political and Global Conditions
Our business could be harmed by adverse global and regional economic and political conditions.
Travel expenditures are sensitive to personal and business discretionary spending levels and grow more slowly or decline during economic downturns. Our global presence makes our business potentially vulnerable to economic and political conditions that adversely affect business and leisure travel originating in or traveling to a particular region.
The global economy continues to face significant uncertainty, including increased inflation and interest rates, reduced financial capacity of both business and leisure travelers, diminished liquidity and credit availability, declines in consumer confidence and discretionary income and general uncertainty about economic stability. Furthermore, changes in the regulatory, tax and economic environment in the United States could adversely impact travel demand, our business operations or our financial results. We cannot predict the magnitude, length or recurrence of these impacts to the global economy, which have impacted, and may continue to impact, demand for travel and lead to reduced spending on the services we provide.
Any unfavorable economic, political or regulatory developments in a particular region could negatively affect our business, such as delays in payment or non-payment of contracts, delays in contract implementation or signing, carrier control issues and increased costs from regulatory changes particularly as parts of our growth strategy involve expanding our presence in that region. For example, some regions have experienced or are expected to experience inflationary and/or slowing economic conditions. These adverse economic conditions may negatively impact our business results in those regions.
In addition, the current military conflict in Ukraine and the related imposition of sanctions and export controls on Russia and Belarus, as well as conflict in the Middle East, have created global economic uncertainty and contributed to inflationary pressures. A significant escalation or expansion of economic disruption, the conflicts' current scope or additional sanctions and export controls and actions taken in response to these sanctions and export controls could disrupt our business further, broaden inflationary costs, and have a material adverse effect on our results of operations. See “—Our revenue is highly dependent on transaction volumes in the global travel industry, particularly air travel transaction volumes.”
We operate a global business that exposes us to risks associated with international activities.
Our international operations involve risks that are not generally encountered when doing business in the United States. These risks include, but are not limited to: (1) business, political and economic instability in foreign locations, including actual or threatened terrorist activities, and military action, as well as the effects of the current military conflict in Ukraine and in the Middle East; (2) adverse laws and regulatory requirements, including more comprehensive regulation in the E.U. and legislation and related regulations in Russia (see “—Any failure to comply with regulations or any changes in such regulations governing our businesses could adversely affect us.”); (3) changes in foreign currency exchange rates and financial risk arising from transactions in multiple currencies; (4) difficulty in developing, managing and staffing international operations because of distance, language and cultural differences; (5) disruptions to or delays in the development of communication and transportation services and infrastructure; (6) more restrictive data privacy requirements, including the GDPR; (7) consumer attitudes, including
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the preference of customers for local providers, as well as attitudes of other stakeholders stemming from our actions or inactions arising from or relating to the current military conflict in Ukraine; (8) increasing labor costs due to high wage inflation in foreign locations, differences in general employment conditions and regulations, and the degree of employee unionization and activism; (9) export or trade restrictions or currency controls; (10) governmental policies or actions, such as consumer, labor and trade protection measures and, travel restrictions, sanctions and export controls, including restrictions implemented in connection with the current military conflict in Ukraine; (11) taxes, restrictions on foreign investment and limits on the repatriation of funds; (12) diminished ability to legally enforce our contractual rights; and (13) decreased protection for intellectual property. Any of the foregoing risks may adversely affect our ability to conduct and grow our business internationally.
Risks Related to Our Indebtedness, Financial Condition and Common Stock
We have a significant amount of indebtedness, which could adversely affect our cash flow and our ability to operate our business and to fulfill our obligations under our indebtedness.
We have a significant amount of indebtedness. As of September 30, 2024, we had $5.0 billion of indebtedness outstanding which is net of debt issuance costs and unamortized discounts. Our substantial level of indebtedness increases the possibility that we may not generate enough cash flow from operations to pay, when due, the principal of, interest on or other amounts due in respect of, these obligations. Other risks relating to our long-term indebtedness include: (1) increased vulnerability to general adverse economic and industry conditions; (2) higher interest expense if interest rates increase on our floating rate borrowings and our hedging strategies do not effectively mitigate the effects of these increases or if we have to incur additional indebtedness in a higher interest rate environment; (3) need to divert a significant portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of cash to fund working capital, capital expenditures, acquisitions, investments and other general corporate purposes; (4) limited ability to refinance our existing indebtedness or to obtain additional financing on terms we find acceptable, if needed, for working capital, capital expenditures, expansion plans and other investments, which may adversely affect our ability to implement our business strategy; (5) limited flexibility in planning for, or reacting to, changes in our businesses and the markets in which we operate or to take advantage of market opportunities; and (6) a competitive disadvantage compared to our competitors that have less debt. Subject to market conditions, we have previously, and may in the future, opportunistically refinance portions of our debt in the near term which, at current interest rates and market conditions, may negatively impact our interest expense or result in higher stock dilution.
In addition, it is possible that we may need to incur additional indebtedness in the future in the ordinary course of business. While the terms of our outstanding indebtedness allow us to incur additional debt, subject to limitations, our ability to incur additional secured indebtedness is significantly limited. As a result, we expect that any material increases in total indebtedness, if available and to the extent issued in the future, may be unsecured. The terms of our Amended and Restated Credit Agreement allow us to incur additional debt subject to certain limitations. If new debt is added to current debt levels, the risks described above could intensify. In addition, our inability to maintain certain covenants could result in acceleration of a portion of our debt obligations and could cause us to be in default if we are unable to repay the accelerated obligations.
The terms of our debt covenants could limit our discretion in operating our business and any failure to comply with such covenants could result in the default of all of our debt.
The agreements governing our indebtedness contain and the agreements governing our future indebtedness will likely contain various covenants, including those that restrict our or our subsidiaries’ ability to, among other things: (1) incur liens on our property, assets and revenue; (2) borrow money, and guarantee or provide other support for the indebtedness of third parties; (3) pay dividends or make other distributions on, redeem or repurchase our capital stock; (4) prepay, redeem or repurchase certain of our indebtedness; (5) enter into certain change of control transactions; (6) make investments in entities that we do not control, including equity method investments and joint ventures; (7) enter into certain asset sale transactions, including divestiture of certain company assets and divestiture of capital stock of wholly-owned subsidiaries; (8) enter into certain transactions with affiliates; (9) enter into secured financing arrangements; (10) enter into sale and leaseback transactions; (11) change our fiscal year; and (12) enter into substantially different lines of business. These covenants may limit our ability to effectively operate our businesses or maximize stockholder value. Any failure to comply with the restrictions of our Amended and Restated Credit Agreement or any agreement governing our other indebtedness may result in an event of default under those agreements. Such default may allow the creditors to accelerate the related debt, which may trigger cross-acceleration or cross-default provisions in other debt. In addition, lenders may be able to terminate any commitments they had made to supply us with further funds.
We may require more cash than we generate in our operating activities, and additional funding on reasonable terms or at all may not be available.
We cannot guarantee that our business will generate sufficient cash flow from operations to fund our capital investment requirements or other liquidity needs, including in light of the uncertainty related to volume trends. Moreover, because we are a holding company with no material direct operations, we depend on loans, dividends and other payments from our subsidiaries to generate the funds necessary to meet our financial obligations. Our subsidiaries are legally distinct from us and may be prohibited or restricted from paying dividends or otherwise making funds available to us under certain conditions. As a result, we may be required to finance our cash needs through bank loans, additional debt financing, sales of equity-linked securities, public or private equity offerings or otherwise. Our ability to arrange financing or refinancing and the cost of such financing or refinancing are dependent on numerous factors, including but not limited to general economic and capital market conditions, the availability of credit from banks or other lenders, investor confidence in us, and our results of operations.
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There can be no assurance that financing or refinancing will be available on terms favorable to us or at all, which could force us to delay, reduce or abandon our growth strategy, increase our financing costs, or adversely affect our ability to operate our business. Additional funding from debt financings may make it more difficult for us to operate our business because a portion of our cash generated from internal operations would be used to make principal and interest payments on the indebtedness and we may be obligated to abide by restrictive covenants contained in the debt financing agreements, which may, among other things, limit our ability to make business decisions and further limit our ability to pay dividends. Recent increases in interest rates have significantly increased our interest expense, and further increases in interest rates would result in additional interest expense, which would adversely impact our financial performance. In addition, any downgrade of our debt ratings by Standard & Poor’s, Moody’s Investor Service or similar ratings agencies, increases in general interest rate levels and credit spreads or overall weakening in the credit markets could increase our cost of capital. Furthermore, raising capital through public or private sales of equity, or sales of equity-linked securities, could cause earnings or ownership dilution to your shareholding interests in our company.
We are exposed to interest rate fluctuations.
Our floating rate indebtedness and the potential refinancing of fixed rate indebtedness exposes us to fluctuations in prevailing interest rates. To reduce the impact of large fluctuations in interest rates, we typically hedge a portion of our interest rate risk by entering into derivative agreements with financial institutions. Our exposure to floating interest rates relates primarily to our borrowings under the Amended and Restated Credit Agreement.
The derivative agreements that we use to manage the risk associated with fluctuations in interest rates may not be able to eliminate the exposure to these changes. Additionally, recent interest rate increases have generally increased the cost of debt and we have been, and may in the future be, required to pay higher interest rates on new fixed rate indebtedness we have incurred and may incur in the future in comparison to the interest rates payable on our prior and currently outstanding fixed rate indebtedness, including in connection with the refinancing of such indebtedness. Interest rates are sensitive to numerous factors outside of our control, such as government and central bank monetary policy in the jurisdictions in which we operate. Depending on the size of the exposures and the relative movements of interest rates, if we choose not to hedge or fail to effectively hedge our exposure, we could experience a material adverse effect on our results of operations and financial condition.
The market price of our common stock could decline due to the large number of outstanding shares of our common stock eligible for future sale.
Sales of substantial amounts of our common stock or convertible instruments in the public market in future offerings, or the perception that these sales could occur, could cause the market price of our common stock to decline. These sales could also make it more difficult for us to sell equity or equity-linked securities in the future, at a time and price that we deem appropriate. In addition, the additional sale of our common stock by our officers or directors in the public market, or the perception that these sales may occur, could cause the market price of our common stock to decline. We may issue shares of our common stock or other securities from time to time as consideration for, or to finance, future acquisitions and investments or for other capital needs. We cannot predict the size of future issuances of our shares or the effect, if any, that future sales and issuances of shares would have on the market price of our common stock. If any such acquisition or investment is significant, the number of shares of common stock or the number or aggregate principal amount, as the case may be, of other securities that we may issue may in turn be substantial and may result in additional dilution to our stockholders. We may also grant registration rights covering shares of our common stock or other securities that we may issue in connection with any such acquisitions and investments. To the extent that any of us, our executive officers or directors sell, or indicate an intent to sell, substantial amounts of our common stock in the public market, the trading price of our common stock could decline significantly.
We may recognize impairments on long-lived assets, including goodwill and other intangible assets, or recognize impairments on our equity method investments.
Our consolidated balance sheets as of September 30, 2024 contained goodwill and intangible assets, net totaling $2.9 billion. Future acquisitions that result in the recognition of additional goodwill and intangible assets would cause an increase in these types of assets. We do not amortize goodwill and intangible assets that are determined to have indefinite useful lives, but we amortize definite-lived intangible assets on a straight-line basis over their useful economic lives, which range from four to thirty years, depending on classification. We evaluate goodwill for impairment on an annual basis or earlier if impairment indicators exist and we evaluate definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of definite-lived intangible assets used in combination to generate cash flows largely independent of other assets may not be recoverable. We record an impairment charge whenever the estimated fair value of our reporting units or of such intangible assets is less than its carrying value. The fair values used in our impairment evaluation are estimated using a combined approach based upon discounted future cash flow projections and observed market multiples for comparable businesses. Changes in estimates based on changes in risk-adjusted discount rates, future booking and transaction volume levels, travel supplier capacity and load factors, future price levels, rates of growth including long-term growth rates, rates of increase in operating expenses, cost of revenue and taxes, and changes in realization of estimated cost-saving initiatives could result in material impairment charges.
Maintaining and improving our financial controls and the requirements of being a public company may strain our resources, divert management’s attention and affect our ability to attract and retain qualified board members.
As a public company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”)
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and The NASDAQ Stock Market (“NASDAQ”) rules. The requirements of these rules and regulations have increased and will continue to significantly increase our legal and financial compliance costs, including costs associated with the hiring of additional personnel, making some activities more difficult, time-consuming or costly, and may also place undue strain on our personnel, systems and resources. The Exchange Act requires, among other things, that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires, among other things, that we maintain disclosure controls and procedures and internal control over financial reporting. Ensuring that we have adequate internal financial and accounting controls and procedures in place, as well as maintaining these controls and procedures, is a costly and time-consuming effort that needs to be re-evaluated frequently. Section 404 of the Sarbanes-Oxley Act (“Section 404”) requires that we annually evaluate our internal control over financial reporting to enable management to report on, and our independent auditors to audit as of the end of each fiscal year the effectiveness of those controls. In connection with the Section 404 requirements, both we and our independent registered public accounting firm test our internal controls and could, as part of that documentation and testing, identify material weaknesses, significant deficiencies or other areas for further attention or improvement.
Implementing any appropriate changes to our internal controls may require specific compliance training for our directors, officers and employees, require the hiring of additional finance, accounting and other personnel, entail substantial costs to modify our existing accounting systems, or any manual systems or processes, and take a significant period of time to complete. These changes may not, however, be effective in maintaining the adequacy of our internal controls, and any failure to maintain that adequacy, or consequent inability to produce accurate financial statements on a timely basis, could increase our operating costs and could materially impair our ability to operate our business. Moreover, adequate internal controls are necessary for us to produce reliable financial reports and are important to help prevent fraud. As a result, our failure to satisfy the requirements of Section 404 on a timely basis could result in the loss of investor confidence in the reliability of our financial statements, which in turn could cause the market value of our common stock to decline. Various rules and regulations applicable to public companies make it more difficult and more expensive for us to maintain directors’ and officers’ liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to maintain coverage. If we are unable to maintain adequate directors’ and officers’ liability insurance, our ability to recruit and retain qualified officers and directors, especially those directors who may be deemed independent for purposes of the NASDAQ rules, will be significantly curtailed.
We may have higher than anticipated tax liabilities.
We are subject to a variety of taxes in many jurisdictions globally, including income taxes in the United States at the federal, state, and local levels, and in many other countries. Significant judgment is required in determining our worldwide provision for income taxes. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is uncertain. We operate in numerous countries where our income tax returns are subject to audit and adjustment by local tax authorities. Because we operate globally, the nature of the uncertain tax positions is often very complex and subject to change, and the amounts at issue can be substantial. It is inherently difficult and subjective to estimate such amounts, as we must determine the probability of various possible outcomes. We re-evaluate uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit and new audit activity. Although we believe our tax estimates are reasonable, the final determination of tax audits could be materially different from our historical income tax provisions and accruals. Our effective tax rate may change from year to year based on changes in the mix or magnitude of activities and income allocated or earned among various jurisdictions, tax laws in these jurisdictions, tax treaties between countries, our eligibility for benefits under those tax treaties, and the estimated values of deferred tax assets and liabilities, including the estimation of valuation allowances. Such changes could result in an increase or decrease in the effective tax rate applicable to all or a portion of our income or losses which would impact our profitability. We consider the undistributed capital investments in our foreign subsidiaries to be indefinitely reinvested as of September 30, 2024, and, accordingly, have not provided deferred taxes on any outside basis differences for most subsidiaries.
We establish reserves for our potential liability for U.S. and non-U.S. taxes, including sales, occupancy and Value Added Taxes (“VAT”), consistent with applicable accounting principles and considering all current facts and circumstances. We also establish reserves when required relating to the collection of refunds related to value-added taxes, which are subject to audit and collection risks in various countries. Historically our right to recover certain value-added tax receivables associated with our European businesses has been questioned by tax authorities. These reserves represent our best estimate of our contingent liability for taxes. The interpretation of tax laws and the determination of any potential liability under those laws are complex, and the amount of our liability may exceed our established reserves.
New tax laws, statutes, rules, regulations or ordinances could be enacted at any time and existing tax laws, statutes, rules, regulations and ordinances could be interpreted, changed, modified or applied adversely to us. These events could require us to pay additional tax amounts on a prospective or retroactive basis, as well as require us to pay fees, penalties or interest for past amounts deemed to be due. New, changed, modified or newly interpreted or applied laws could also increase our compliance, operating and other costs, as well as the costs of our products and services. The Organisation for Economic Co-operation and Development (OECD) has released Model Rules for a global minimum tax rate of 15% that would apply to multinational entities. Over 140 countries have agreed to enact legislation to implement these rules, with several already enacting domestic laws to do so. In some countries where we operate the new rules are effective in the year 2024 with more expected in the year 2025. We are closely monitoring developments and evaluating the impacts these new rules will have on our tax rate. Additionally, several countries, primarily Canada and in Europe, have proposed or adopted DST on revenue earned by multinational companies from the provision of certain digital services, such as the use of an online marketplace, regardless of
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physical presence. We continue to evaluate the potential effects that the DST may have on our operations, cash flows and results of operations. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity Outlook.” The future total impact of DST, including on our global operations, is uncertain, as additional countries enact a DST, and our business and financial condition could be adversely affected.
Our pension plan obligations are currently unfunded, and we may have to make significant cash contributions to our plans, which could reduce the cash available for our business.
Our pension plans in the aggregate are estimated to be unfunded by $73 million as of December 31, 2023. With approximately 3,600 participants in our pension plans, we incur substantial costs relating to pension benefits, which can vary substantially as a result of changes in healthcare laws and costs, volatility in investment returns on pension plan assets and changes in discount rates used to calculate related liabilities. Our estimates of liabilities and expenses for pension benefits require the use of assumptions, including assumptions relating to the rate used to discount the future estimated liability, the rate of return on plan assets, inflation and several assumptions relating to the employee workforce (medical costs, retirement age and mortality). Actual results may differ, which may have a material adverse effect on our business, prospects, financial condition or results of operations. Future volatility and disruption in the stock markets could cause a decline in the asset values of our pension plans. In addition, a decrease in the discount rate used to determine minimum funding requirements could result in increased future contributions. If either occurs, or to avoid certain funding-based benefit restrictions, we may need to make additional pension contributions above what is currently estimated or provide security to the plan, which could reduce the cash available for our businesses.
We may not have sufficient insurance to cover our liability in pending litigation claims and future claims either due to coverage limits or as a result of insurance carriers seeking to deny coverage of such claims, which in either case could expose us to significant liabilities.
We maintain third-party insurance coverage against various liability risks, including securities, stockholders, derivative, ERISA, and product liability claims, as well as other claims that form the basis of litigation matters pending against us. We believe these insurance programs are an effective way to protect our assets against liability risks. However, the potential liabilities associated with litigation matters pending against us, or that could arise in the future, could exceed the coverage provided by such programs. In addition, our insurance carriers have in the past sought or may in the future seek to rescind or deny coverage with respect to pending claims or lawsuits, completed investigations or pending or future investigations and other legal actions against us. If we do not have sufficient coverage under our policies, or if the insurance companies are successful in rescinding or denying coverage, we may be required to make material payments in connection with third-party claims.
Defects in our products may subject us to significant warranty liabilities or product liability claims and we may have insufficient product liability insurance to pay material uninsured claims.
Our business exposes us to the risk of product liability claims that are inherent in software development. We may inadvertently create defective software or supply our customers with defective software or software components that we acquire from third parties, which could result in personal injury, property damage or other liabilities, and may result in warranty or product liability claims brought against us, our travel supplier customers or third parties. Under our customer agreements, we generally must indemnify our customers for liability arising from intellectual property infringement claims with respect to our software. These indemnifications could be significant and we may not have adequate insurance coverage to protect us against all claims. The combination of our insurance coverage, cash flows and reserves may not be adequate to satisfy product liabilities we may incur in the future. Even meritless claims could subject us to adverse publicity, hinder us from securing insurance coverage in the future, require us to incur significant legal fees, decrease demand for any products that we successfully develop, divert management’s attention, and force us to limit or forgo further development and commercialization of these products. The cost of any product liability litigation or other proceedings, even if resolved in our favor, could be substantial.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Share repurchases are made pursuant to a multi-year share repurchase program (the “Share Repurchase Program”) authorized by our board of directors on February 6, 2017. This program was announced on February 7, 2017 and allows for the purchase of up to $500 million of outstanding shares of our common stock in privately negotiated transactions or in the open market, or otherwise. There were no shares repurchased during the third quarter of 2024. On March 16, 2020, we announced the suspension of share repurchases under the Share Repurchase Program in conjunction with certain cash management measures we undertook as a result of the market conditions caused by COVID-19. As of September 30, 2024, the Share Repurchase Program remains suspended and approximately $287 million remains authorized for repurchases.

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ITEM 5. OTHER INFORMATION
(a) On October 28, 2024, the Board of Directors (the “Board”) of Sabre Corporation (the “Company”) adopted and approved, effective immediately, amended and restated bylaws of the Company (as amended and restated, the “Amended and Restated Bylaws”). The Amended and Restated Bylaws, among other things:

•revise and clarify the scope of certain procedures and disclosure requirements set forth in the bylaw provisions for stockholders to provide advance notice of director nominations and business proposals to be brought at a meeting of stockholders (other than proposals submitted pursuant to Rule 14a-8 under the Exchange Act);

•revise the majority voting provision to clarify when an election will be deemed contested;

•establish that special meetings of the Board may be called by the Chairman of the Board, the Chief Executive Officer, or a majority of the full Board (rather than by the Chairman of the Board, the Chief Executive Officer or any two directors); and

•make certain administrative, modernizing, clarifying and conforming changes, including making updates to reflect recent amendments to the General Corporation Law of the State of Delaware.

The foregoing summary of the Amended and Restated Bylaws does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended and Restated Bylaws, which is attached as Exhibit 3.2 to this Quarterly Report on Form 10-Q and incorporated herein by reference.

(b) During the three months ended September 30, 2024, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”


ITEM 6. EXHIBITS
The following exhibits are filed as part of this Quarterly Report on Form 10-Q.
 
Exhibit
Number		Description of Exhibit
3.2*
10.146†*
31.1*
31.2*
32.1*
32.2*
101.INS*Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*Inline XBRL Taxonomy Extension Schema
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase
104*Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
_________________
†    Indicates management contract or compensatory plan or arrangement.
*    Filed herewith
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
  SABRE CORPORATION
  (Registrant)
Date:October 31, 2024 
By:		/s/ Michael Randolfi
  Michael Randolfi
  Executive Vice President and Chief Financial Officer
  (principal financial officer of the registrant)

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