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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Sabre Corporation
(Exact name of registrant as specified in its charter)
  
Delaware001-3642220-8647322
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)(I.R.S. Employer
Identification No.)
3150 Sabre Drive
Southlake, TX 76092
(Address, including zip code, of principal executive offices)
(682)-605-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, $0.01 par valueSABRThe NASDAQ Stock Market LLC
(Title of each class)(Trading Symbol)(Name of each exchange on which registered)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No 
As of August 3, 2020, 275,892,760 shares of the registrant’s common stock, par value $0.01 per share, were outstanding.




SABRE CORPORATION
TABLE OF CONTENTS
 
  
Page No.
    Item 1. 
 
 
 
 
 
     Item 2.
     Item 3.
     Item 4.
 
 
     Item 1.
     Item 1A.
     Item 2.
     Item 6.



PART I. FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS

SABRE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited) 
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenue $83,044  $1,000,006  $742,021  $2,049,367  
Cost of revenue350,551  763,388  962,066  1,550,951  
Selling, general and administrative116,563  154,705  315,436  306,096  
Operating (loss) income(384,070) 81,913  (535,481) 192,320  
Other income (expense):  
Interest expense, net(58,581) (39,608) (96,023) (77,621) 
Equity method (loss) income(499) 413  (1,185) 946  
Other, net(6,098) (2,479) (53,584) (4,349) 
Total other expense, net(65,178) (41,674) (150,792) (81,024) 
(Loss) Income from continuing operations before income taxes(449,248) 40,239  (686,273) 111,296  
Provision for income taxes(5,718) 12,145  (32,972) 23,988  
(Loss) Income from continuing operations(443,530) 28,094  (653,301) 87,308  
(Loss) income from discontinued operations, net of tax(672) 1,350  (2,798) (102) 
Net (loss) income(444,202) 29,444  (656,099) 87,206  
Net (loss) income attributable to noncontrolling interests(71) 1,606  712  2,518  
Net (loss) income attributable to common stockholders$(444,131) $27,838  $(656,811) $84,688  
Basic net (loss) income per share attributable to common stockholders:  
(Loss) income from continuing operations$(1.61) $0.10  $(2.38) $0.31  
(Loss) income from discontinued operations    (0.01)   
Net (loss) income per common share$(1.61) $0.10  $(2.39) $0.31  
Diluted net (loss) income per share attributable to common stockholders:  
(Loss) income from continuing operations$(1.61) $0.10  $(2.38) $0.31  
(Loss) income from discontinued operations    (0.01)   
Net (loss) income per common share$(1.61) $0.10  $(2.39) $0.31  
Weighted-average common shares outstanding:  
Basic275,693  274,245  274,865  274,911  
Diluted275,693  275,483  274,865  276,596  
Dividends per common share$  $0.14  $0.14  $0.28  
See Notes to Consolidated Financial Statements.
1


SABRE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(In thousands)
(Unaudited)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Net (loss) income$(444,202) $29,444  $(656,099) $87,206  
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments ("CTA")2,087  1,206  293  (1,088) 
Retirement-related benefit plans:
Net actuarial gain, net of taxes of $(1,206)
    4,141    
Amortization of prior service credits, net of taxes of $80, $80, $160, and $160
(278) (278) (556) (556) 
Amortization of actuarial losses, net of taxes of $(561), $(353), $(926), and $(706)
1,942  1,222  3,206  2,444  
Net change in retirement-related benefit plans, net of tax1,664  944  6,791  1,888  
Derivatives:
Unrealized gains (losses), net of taxes of $(262), $2,647, $6,185, and $4,243
1,012  (9,174) (22,806) (14,583) 
Reclassification adjustment for realized gains, net of taxes of $(1,787), $(86), $(2,302), and $(641)
6,559  307  8,394  2,510  
Net change in derivatives, net of tax7,571  (8,867) (14,412) (12,073) 
Share of other comprehensive loss of equity method investments(145) (447) (798) (419) 
Other comprehensive income (loss)11,177  (7,164) (8,126) (11,692) 
Comprehensive (loss) income(433,025) 22,280  (664,225) 75,514  
Less: Comprehensive loss (income) attributable to noncontrolling interests71  (1,606) (712) (2,518) 
Comprehensive (loss) income attributable to Sabre Corporation$(432,954) $20,674  $(664,937) $72,996  
 
See Notes to Consolidated Financial Statements.
2




SABRE CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 June 30, 2020December 31, 2019
Assets  
Current assets  
Cash and cash equivalents$1,306,288  $436,176  
Accounts receivable, net of allowance for credit losses of $101,036 and $56,367
291,480  546,533  
Prepaid expenses and other current assets138,691  139,211  
Total current assets1,736,459  1,121,920  
Property and equipment, net of accumulated depreciation of $1,938,427 and $1,815,844
540,220  641,722  
Equity method investments23,860  27,494  
Goodwill2,631,900  2,633,251  
Acquired customer relationships, net of accumulated amortization of $748,319 and $735,367
299,985  311,015  
Other intangible assets, net of accumulated amortization of $694,427 and $674,073
241,486  262,638  
Deferred income taxes27,248  21,812  
Other assets, net628,048  670,105  
Total assets$6,129,206  $5,689,957  
Liabilities and stockholders’ equity  
Current liabilities  
Accounts payable$134,129  $187,187  
Accrued compensation and related benefits110,272  94,368  
Accrued subscriber incentives87,243  316,254  
Deferred revenues105,282  84,661  
Other accrued liabilities249,609  189,548  
Current portion of debt77,876  81,614  
Tax Receivable Agreement  71,911  
Total current liabilities764,411  1,025,543  
Deferred income taxes78,033  107,402  
Other noncurrent liabilities352,262  347,522  
Long-term debt4,608,478  3,261,821  
Commitments and contingencies (Note 13)
Stockholders’ equity  
Common Stock: $0.01 par value; 1,000,000 authorized shares; 297,131 and 294,319 shares issued, 275,872 and 273,733 shares outstanding at June 30, 2020 and December 31, 2019, respectively
2,971  2,943  
Additional paid-in capital2,411,716  2,317,544  
Treasury Stock, at cost, 21,259 and 20,587 shares at June 30, 2020 and December 31, 2019, respectively
(474,105) (468,618) 
Retained deficit(1,466,428) (763,482) 
Accumulated other comprehensive loss(157,432) (149,306) 
Non-controlling interest9,300  8,588  
Total stockholders’ equity326,022  947,669  
Total liabilities and stockholders’ equity$6,129,206  $5,689,957  

See Notes to Consolidated Financial Statements. 
3




SABRE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Six Months Ended June 30,
 20202019
Operating Activities  
Net (loss) income$(656,099) $87,206  
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:  
Depreciation and amortization189,815  208,290  
Allowance for credit losses47,727  13,613  
Deferred income taxes(45,793) (14,140) 
Amortization of upfront incentive consideration37,289  38,974  
Stock-based compensation expense26,339  33,989  
Acquisition termination fee24,811    
Amortization of debt discount and debt issuance costs6,445  1,986  
Loss from discontinued operations2,798  102  
Dividends received from equity method investments1,652  1,164  
Equity method loss (income)1,185  (946) 
Other1,223  (803) 
Changes in operating assets and liabilities:  
Accounts and other receivables178,063  (103,861) 
Prepaid expenses and other current assets2,727  (4,000) 
Capitalized implementation costs(5,698) (15,202) 
Upfront incentive consideration(25,198) (35,236) 
Other assets20,096  (2,162) 
Accrued compensation and related benefits16,784  (23,675) 
Accounts payable and other accrued liabilities(240,231) 57,428  
Deferred revenue including upfront solution fees21,029  14,934  
Cash (used in) provided by operating activities(395,036) 257,661  
Investing Activities  
Additions to property and equipment(39,333) (67,196) 
Other investing activities(4,413) (8,967) 
Cash used in investing activities(43,746) (76,163) 
Financing Activities  
Proceeds of borrowings from lenders1,495,000    
Payments on Tax Receivable Agreement(71,958) (101,482) 
Cash dividends paid to common stockholders(38,544) (76,875) 
Payments on borrowings from lenders(37,905) (23,655) 
Payments of debt issuance costs(29,473)   
Net payments on the settlement of equity-based awards(5,241) (7,002) 
Other financing activities(3,686) (6,325) 
Repurchase of common stock  (77,636) 
Cash provided by (used in) financing activities1,308,193  (292,975) 
Cash Flows from Discontinued Operations  
Cash used in operating activities(1,802) (1,196) 
Cash used in discontinued operations(1,802) (1,196) 
Effect of exchange rate changes on cash and cash equivalents2,503  256  
Increase (decrease) in cash and cash equivalents870,112  (112,417) 
Cash and cash equivalents at beginning of period436,176  509,265  
Cash and cash equivalents at end of period$1,306,288  $396,848  
See Notes to Consolidated Financial Statements.
4


SABRE CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data)
 Stockholders’ Equity (Deficit)
 Common StockAdditional
Paid in
Capital
Treasury StockRetained
Earnings
(Deficit)
Accumulated
Other
Comprehensive Loss
Noncontrolling
Interest
Total
Stockholders'
Equity
 SharesAmountSharesAmount
Balance at December 31, 2019294,319,417  $2,943  $2,317,544  20,586,852  $(468,618) $(763,482) $(149,306) $8,588  $947,669  
Comprehensive loss—  —  —  —  —  (212,680) (19,303) 783  (231,200) 
Common stock dividends(1)
—  —  —  —  —  (38,544) —  —  (38,544) 
Settlement of stock-based awards2,224,053  22  50  642,065  (5,272) —  —  —  (5,200) 
Stock-based compensation expense
—  —  17,577  —  —  —  —  —  17,577  
Adoption of New Accounting standards—  —  —  —  —  (7,591) —  —  (7,591) 
Balance at March 31, 2020296,543,470  $2,965  $2,335,171  21,228,917  $(473,890) $(1,022,297) $(168,609) $9,371  $682,711  
Comprehensive loss—  —  —  —  —  (444,131) 11,177  (71) (433,025) 
Settlement of stock-based awards587,232  6  168  29,664  (215) —  —  —  (41) 
Stock-based compensation expense—  —  8,762  —  —  —  —  —  8,762  
Equity component of convertible note issuance, net—  —  67,615  —  —  —  —  —  67,615  
Balance at June 30, 2020297,130,702  $2,971  $2,411,716  21,258,581  $(474,105) $(1,466,428) $(157,432) $9,300  $326,022  
(1) A quarterly cash dividend of $0.14 per share on our common stock.



 Stockholders’ Equity (Deficit)
 Common StockAdditional
Paid in
Capital
Treasury StockRetained
Earnings
(Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interest
Total
Stockholders'
Equity
 SharesAmountSharesAmount
Balance at December 31, 2018291,663,954  $2,917  $2,243,419  16,311,538  $(377,980) $(768,566) $(132,724) $7,205  $974,271  
Comprehensive income—  —  —  —  —  56,850  (4,528) 894  53,216  
Common stock dividends(1)
—  —  —  —  —  (38,594) —  —  (38,594) 
Repurchase of common stock—  —  —  1,491,521  (32,146) —  —  —  (32,146) 
Settlement of stock-based awards2,245,107  22  3,311  477,357  (10,175) —  —  —  (6,842) 
Stock-based compensation expense
—  —  15,694  —  —  —  —  —  15,694  
Balance at March 31, 2019293,909,061  $2,939  $2,262,424  18,280,416  $(420,301) $(750,310) $(137,252) $8,099  $965,599  
Comprehensive income—  —  —  —  —  27,838  (7,164) 1,606  22,280