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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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
6.50% Series A Mandatory Convertible Preferred StockSABRPThe NASDAQ Stock Market LLC
(Title of each class)(Trading Symbol)(Name of each exchange on which registered)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No 
As of November 2, 2020, 317,268,904 shares of the registrant’s common stock, par value $0.01 per share, were outstanding.




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



PART I. FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS

SABRE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited) 
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Revenue $278,365 $984,199 $1,020,386 $3,033,566 
Cost of revenue115,426 419,385 458,068 1,320,720 
Technology costs276,362 322,563 883,837 964,397 
Selling, general and administrative119,626 128,791 447,011 442,669 
Operating (loss) income(233,049)113,460 (768,530)305,780 
Other income (expense):  
Interest expense, net(67,651)(39,743)(163,674)(117,364)
Loss on extinguishment of debt(10,333) (10,333) 
Equity method (loss) income(460)1,027 (1,645)1,973 
Other, net(18,431)(1,769)(72,015)(6,118)
Total other expense, net(96,875)(40,485)(247,667)(121,509)
(Loss) income from continuing operations before income taxes(329,924)72,975 (1,016,197)184,271 
Provision for income taxes(20,364)7,795 (53,336)31,783 
(Loss) income from continuing operations(309,560)65,180 (962,861)152,488 
Loss from discontinued operations, net of tax(533)(596)(3,331)(698)
Net (loss) income(310,093)64,584 (966,192)151,790 
Net income attributable to noncontrolling interests125 771 837 3,289 
Net (loss) income attributable to Sabre Corporation(310,218)63,813 (967,029)148,501 
Preferred stock dividends2,231  2,231  
Net (loss) income attributable to common stockholders$(312,449)$63,813 $(969,260)$148,501 
Basic net (loss) income per share attributable to common stockholders:
(Loss) income from continuing operations$(1.07)$0.24 $(3.44)$0.54 
Loss from discontinued operations  (0.01) 
Net (loss) income per common share$(1.07)$0.24 $(3.45)$0.54 
Diluted net (loss) income per share attributable to common stockholders:  
(Loss) income from continuing operations$(1.07)$0.23 $(3.44)$0.54 
Loss from discontinued operations  (0.01) 
Net (loss) income per common share$(1.07)$0.23 $(3.45)$0.54 
Weighted-average common shares outstanding:  
Basic292,392 273,763 280,750 274,524 
Diluted292,392 276,235 280,750 276,474 
Dividends per common share$ $0.14 $0.14 $0.42 
See Notes to Consolidated Financial Statements.
1


SABRE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(In thousands)
(Unaudited)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Net (loss) income$(310,093)$64,584 $(966,192)$151,790 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments ("CTA")4,439 (4,344)4,732 (5,432)
Retirement-related benefit plans:
Net actuarial loss, net of taxes of $3,524, $, $2,318, and $
(12,101) (7,960) 
Pension settlement, net of taxes of $(3,055), $, $(3,055), and $
10,488  10,488  
Amortization of prior service credits, net of taxes of $80, $80, $241, and $241
(278)(278)(834)(834)
Amortization of actuarial losses, net of taxes of $(525), $(329), $(1,451), and $(1,035)
1,799 1,713 5,005 4,157 
Net change in retirement-related benefit plans, net of tax(92)1,435 6,699 3,323 
Derivatives:
Unrealized gains (losses), net of taxes of $(544), $1,633, $5,641, and $5,875
2,224 (6,356)(20,582)(20,939)
Reclassification adjustment for realized gains, net of taxes of $(1,283), $(267), $(3,585), and $(907)
4,500 1,034 12,894 3,544 
Net change in derivatives, net of tax6,724 (5,322)(7,688)(17,395)
Share of other comprehensive income (loss) of equity method investments258 21 (540)(398)
Other comprehensive income (loss)11,329 (8,210)3,203 (19,902)
Comprehensive (loss) income(298,764)56,374 (962,989)131,888 
Less: Comprehensive loss (income) attributable to noncontrolling interests(125)(771)(837)(3,289)
Comprehensive (loss) income attributable to Sabre Corporation$(298,889)$55,603 $(963,826)$128,599 
 
See Notes to Consolidated Financial Statements.
2




SABRE CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 September 30, 2020December 31, 2019
Assets  
Current assets  
Cash and cash equivalents$1,668,352 $436,176 
Accounts receivable, net of allowance for credit losses of $111,293 and $56,367
281,789 546,533 
Prepaid expenses and other current assets138,106 139,211 
Total current assets2,088,247 1,121,920 
Property and equipment, net of accumulated depreciation of $1,998,856 and $1,815,844
488,214 641,722 
Equity method investments23,618 27,494 
Goodwill2,633,585 2,633,251 
Acquired customer relationships, net of accumulated amortization of $754,893 and $735,367
294,524 311,015 
Other intangible assets, net of accumulated amortization of $704,317 and $674,073
231,995 262,638 
Deferred income taxes41,531 21,812 
Other assets, net613,783 670,105 
Total assets$6,415,497 $5,689,957 
Liabilities and stockholders’ equity  
Current liabilities  
Accounts payable$100,498 $187,187 
Accrued compensation and related benefits104,476 94,368 
Accrued subscriber incentives94,547 316,254 
Deferred revenues116,106 84,661 
Other accrued liabilities239,637 189,548 
Current portion of debt33,452 81,614 
Tax Receivable Agreement 71,911 
Total current liabilities688,716 1,025,543 
Deferred income taxes73,720 107,402 
Other noncurrent liabilities372,512 347,522 
Long-term debt4,639,125 3,261,821 
Commitments and contingencies (Note 14)
Stockholders’ equity  
Preferred stock, $0.01 par value, 225,000 authorized, 3,340 and no shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively; aggregate liquidation value of $334,000 and $ as of September 30, 2020 and December 31, 2019, respectively
33  
Common Stock: $0.01 par value; 1,000,000 authorized shares; 338,499 and 294,319 shares issued, 317,233 and 273,733 shares outstanding at September 30, 2020 and December 31, 2019, respectively
3,385 2,943 
Additional paid-in capital3,027,726 2,317,544 
Treasury Stock, at cost, 21,266 and 20,587 shares at September 30, 2020 and December 31, 2019, respectively
(474,165)(468,618)
Retained deficit(1,778,877)(763,482)
Accumulated other comprehensive loss(146,103)(149,306)
Non-controlling interest9,425 8,588 
Total stockholders’ equity641,424 947,669 
Total liabilities and stockholders’ equity$6,415,497 $5,689,957 

See Notes to Consolidated Financial Statements.    
3



SABRE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine Months Ended September 30,
 20202019
Operating Activities  
Net (loss) income$(966,192)$151,790 
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:  
Depreciation and amortization279,159 311,905 
Allowance for credit losses58,375 16,746 
Deferred income taxes(67,130)(26,622)
Amortization of upfront incentive consideration56,733 59,825 
Stock-based compensation expense44,905 51,083 
Acquisition termination fee24,811  
Pension settlement charge13,543  
Amortization of debt discount and debt issuance costs12,661 2,979 
Loss on extinguishment of debt10,333  
Loss from discontinued operations3,331 698 
Dividends received from equity method investments1,691 1,352 
Equity method loss (income)1,645 (1,973)
Other5,747 (699)
Changes in operating assets and liabilities:  
Accounts and other receivables182,449 (66,875)
Prepaid expenses and other current assets(1,967)(9,191)
Capitalized implementation costs(10,680)(20,297)
Upfront incentive consideration(26,468)(64,979)
Other assets12,837 12,768 
Accrued compensation and related benefits12,735 (25,873)
Accounts payable and other accrued liabilities(263,925)34,888 
Deferred revenue including upfront solution fees28,338 (3,160)
Cash (used in) provided by operating activities(587,069)424,365 
Investing Activities  
Additions to property and equipment(48,259)(92,124)
Other investing activities(4,375)(16,358)
Cash used in investing activities(52,634)(108,482)
Financing Activities  
Proceeds of borrowings from lenders2,345,000 45,000 
Proceeds from issuance of preferred stock, net322,885  
Proceeds from issuance of common stock, net275,003  
Payments on borrowings from lenders(894,613)(87,608)
Payments on Tax Receivable Agreement(71,958)(101,482)
Debt prepayment fees and issuance costs(54,158) 
Cash dividends paid to common shareholders(38,544)(115,185)
Net payment on the settlement of equity-based awards(5,298)(5,738)
Repurchase of common stock (77,636)
Other financing activities(4,513)(8,775)
Cash provided by (used in) financing activities1,873,804 (351,424)
Cash Flows from Discontinued Operations  
Cash used in operating activities(3,739)(2,243)
Cash used in discontinued operations(3,739)(2,243)
Effect of exchange rate changes on cash and cash equivalents1,814 1,947 
Increase (decrease) in cash and cash equivalents1,232,176 (35,837)
Cash and cash equivalents at beginning of period436,176 509,265 
Cash and cash equivalents at end of period$1,668,352 $473,428 
See Notes to Consolidated Financial Statements.
4


SABRE CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data)
 Stockholders’ Equity (Deficit)
 Preferred StockCommon StockAdditional
Paid in
Capital
Treasury StockRetained
Earnings
(Deficit)
Accumulated
Other
Comprehensive Loss
Noncontrolling
Interest
Total
Stockholders'
Equity
 SharesAmountSharesAmountSharesAmount
Balance at December 31, 2019 $ 294,319,417 $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 awards— — 2,224,053 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, 2020 $ 296,543,470 $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 awards— — 587,232 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, 2020 $ 297,130,702 $2,971 $2,411,716 21,258,581 $(474,105)$(1,466,428)$(157,432)$9,300 $326,022 
Comprehensive loss— — — — — — — (310,218)11,329 125 (298,764)
Issuance of preferred stock, net3,340,000 33 — — 322,852 — — — — — 322,885 
Issuance of common stock, net— — 41,071,429 411 274,592 — — — — — 275,003 
Accrued preferred stock dividend(2)
— — — — — — — (2,231)— — (2,231)
Settlement of stock-based awards— — 297,150 3 — 7,278 (60)— — — (57)
Stock-based compensation expense— — — — 18,566 — — — — — 18,566 
Balance at September 30, 20203,340,000 $33 338,499,281 $3,385 $3,027,726 21,265,859 $(474,165)$(1,778,877)$(146,103)$9,425 $641,424 
(1) A quarterly cash dividend of $0.14 per share on our common stock.
(2) Our mandatory convertible preferred stock accumulates cumulative dividends at an annual rate of 6.50%. The first cash dividend of $1.7514 per share is payable on December 1, 2020.


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 
Common stock dividends(1)
— — — — — (38,281)— — (38,281)
Repurchase of common stock— — — 2,182,247 (45,490)— — — (45,490)
Settlement of stock-based awards250,503 3 1,276 65,149 (1,441)— — — (162)
Stock-based compensation expense— — 18,295 — — — — — 18,295 
Dividends paid to non-controlling interest on subsidiary common stock— — — — — — — (2,553)(2,553)
Balance at June 30, 2019294,159,564 $2,942 $2,281,995 20,527,812 $(467,232)$(760,753)$(144,416)$7,152 $919,688 
Comprehensive income— — — — — 63,813 (8,210)771 56,374 
Common stock dividends(1)
— — — — — (38,310)— — (38,310)
Settlement of stock-based awards266,676 2 2,397 47,815 (1,134)— — —