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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, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Sabre Corporation
(Exact name of registrant as specified in its charter)
  
Delaware001-3642220-8647322
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)(I.R.S. Employer
Identification No.)
3150 Sabre Drive
Southlake, TX 76092
(Address, including zip code, of principal executive offices)
(682)-605-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, $0.01 par valueSABRThe NASDAQ Stock Market LLC
6.50% Series A Mandatory Convertible Preferred StockSABRPThe NASDAQ Stock Market LLC
(Title of each class)(Trading Symbol)(Name of each exchange on which registered)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No 
As of October 28, 2021, 323,437,217 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,
 2021202020212020
Revenue $441,086 $278,365 $1,188,238 $1,020,386 
Cost of revenue, excluding technology costs171,429 115,426 498,011 458,068 
Technology costs269,111 276,362 782,991 883,837 
Selling, general and administrative157,234 119,626 446,847 447,011 
Operating loss(156,688)(233,049)(539,611)(768,530)
Other income (expense):  
Interest expense, net(65,461)(64,376)(193,834)(157,749)
Loss on extinguishment of debt(13,070)(10,333)(13,070)(10,333)
Equity method loss(114)(460)(395)(1,645)
Other, net(5,993)(18,431)2,439 (72,015)
Total other expense, net(84,638)(93,600)(204,860)(241,742)
Loss from continuing operations before income taxes(241,326)(326,649)(744,471)(1,010,272)
Benefit for income taxes(6,613)(19,874)(4,513)(51,757)
Loss from continuing operations(234,713)(306,775)(739,958)(958,515)
Income (loss) from discontinued operations, net of tax186 (533)(158)(3,331)
Net loss(234,527)(307,308)(740,116)(961,846)
Net income attributable to noncontrolling interests714 125 1,657 837 
Net loss attributable to Sabre Corporation(235,241)(307,433)(741,773)(962,683)
Preferred stock dividends5,400 2,231 16,256 2,231 
Net loss attributable to common stockholders$(240,641)$(309,664)$(758,029)$(964,914)
Basic net loss per share attributable to common stockholders:
Loss from continuing operations$(0.75)$(1.06)$(2.37)$(3.43)
Loss from discontinued operations   (0.01)
Net loss per common share$(0.75)$(1.06)$(2.37)$(3.44)
Diluted net loss per share attributable to common stockholders:  
Loss from continuing operations$(0.75)$(1.06)$(2.37)$(3.43)
Loss from discontinued operations   (0.01)
Net loss per common share$(0.75)$(1.06)$(2.37)$(3.44)
Weighted-average common shares outstanding:  
Basic322,720 292,392 320,055 280,750 
Diluted322,720 292,392 320,055 280,750 
See Notes to Consolidated Financial Statements.
1


SABRE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
(Unaudited)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Net loss$(234,527)$(307,308)$(740,116)$(961,846)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments ("CTA")(1,635)4,439 (5,366)4,732 
Retirement-related benefit plans:
Net actuarial gain (loss), net of taxes of $6,153, $3,524, $, $2,318
3,701 (12,101)25,048 (7,960)
Pension settlement, net of taxes of $973, $(3,055), $, $(3,055)
3,170 10,488 6,544 10,488 
Amortization of prior service credits, net of taxes of $(122), $80, $38, $241
(392)(278)(948)(834)
Amortization of actuarial losses, net of taxes of $931, $(525), $(38), $(1,451)
3,037 1,799 6,400 5,005 
Net change in retirement-related benefit plans, net of tax9,516 (92)37,044 6,699 
Derivatives:
Unrealized gains (losses), net of taxes of $2,715, $(544), $2,745, $5,641
2,698 2,224 2,595 (20,582)
Reclassification adjustment for realized losses, net of taxes of $(930), $(1,283), $(2,745), $(3,585)
3,237 4,500 9,553 12,894 
Net change in derivatives, net of tax5,935 6,724 12,148 (7,688)
Share of other comprehensive (loss) income of equity method investments(250)258 (474)(540)
Other comprehensive income13,566 11,329 43,352 3,203 
Comprehensive loss(220,961)(295,979)(696,764)(958,643)
Less: Comprehensive income attributable to noncontrolling interests(714)(125)(1,657)(837)
Comprehensive loss attributable to Sabre Corporation$(221,675)$(296,104)$(698,421)$(959,480)
See Notes to Consolidated Financial Statements.
2




SABRE CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 September 30, 2021December 31, 2020
Assets  
Current assets  
Cash and cash equivalents$1,023,769 $1,499,665 
Restricted cash21,039  
Accounts receivable, net of allowance for credit losses of $77,751 and $96,150
329,838 255,468 
Prepaid expenses and other current assets137,639 132,972 
Total current assets1,512,285 1,888,105 
Property and equipment, net of accumulated depreciation of $2,035,826 and $1,995,409
269,183 363,491 
Equity method investments22,698 24,265 
Goodwill2,624,108 2,636,546 
Acquired customer relationships, net of accumulated amortization of $778,563 and $761,335
266,727 289,150 
Other intangible assets, net of accumulated amortization of $742,221 and $714,095
193,017 222,216 
Deferred income taxes21,995 24,181 
Other assets, net532,895 629,768 
Total assets$5,442,908 $6,077,722 
Liabilities and stockholders’ (deficit) equity  
Current liabilities  
Accounts payable$99,305 $115,229 
Accrued compensation and related benefits126,621 86,830 
Accrued subscriber incentives133,689 100,963 
Deferred revenues117,856 99,470 
Other accrued liabilities173,824 193,383 
Current portion of debt30,124 26,068 
Total current liabilities681,419 621,943 
Deferred income taxes50,159 72,196 
Other noncurrent liabilities338,572 380,621 
Long-term debt4,727,835 4,717,808 
Commitments and contingencies (Note 13)
Stockholders’ (deficit) equity  
Preferred Stock, $0.01 par value, 225,000 authorized, 3,340 issued and outstanding as of September 30, 2021 and December 31, 2020; aggregate liquidation value of $334,000 as of September 30, 2021 and December 31, 2020
33 33 
Common Stock: $0.01 par value; 1,000,000 authorized shares; 345,752 and 338,662 shares issued, 322,842 and 317,297 shares outstanding at September 30, 2021 and December 31, 2020, respectively
3,458 3,387 
Additional paid-in capital3,080,949 2,985,077 
Treasury Stock, at cost, 22,910 and 21,365 shares at September 30, 2021 and December 31, 2020, respectively
(497,944)(474,790)
Accumulated deficit(2,857,653)(2,099,624)
Accumulated other comprehensive loss(92,605)(135,957)
Non-controlling interest8,685 7,028 
Total stockholders’ (deficit) equity(355,077)285,154 
Total liabilities and stockholders’ (deficit) equity$5,442,908 $6,077,722 
See Notes to Consolidated Financial Statements.    
3



SABRE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine Months Ended September 30,
 20212020
Operating Activities
Net loss$(740,116)$(961,846)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization204,308 279,159 
Stock-based compensation expense86,122 44,905 
Amortization of upfront incentive consideration46,063 56,733 
Gain on sale of investment(14,532) 
Deferred income taxes(13,489)(65,551)
Loss on extinguishment of debt13,070 10,333 
Amortization of debt discount and issuance costs8,815 6,736 
Pension settlement charge6,544 13,543 
Provision for expected credit losses(3,728)58,375 
Other3,141 7,392 
Debt modification costs2,435  
Dividends received from equity method investments698 1,691 
Loss from discontinued operations158 3,331 
Acquisition termination fee 24,811 
Changes in operating assets and liabilities:
Accounts and other receivables(76,249)182,449 
Prepaid expenses and other current assets(4,312)(1,967)
Capitalized implementation costs(14,363)(10,680)
Upfront incentive consideration(3,823)(26,468)
Other assets8,368 12,837 
Accrued compensation and related benefits40,604 12,735 
Accounts payable and other accrued liabilities25,410 (263,925)
Deferred revenue including upfront solution fees16,724 28,338 
Cash used in operating activities(408,152)(587,069)
Investing Activities
Proceeds from disposition of investments and assets24,874  
Additions to property and equipment(30,409)(48,259)
Other investing activities (4,375)
Cash used in investing activities(5,535)(52,634)
Financing Activities
Proceeds of borrowings from lenders1,070,380 2,345,000 
Payments on borrowings from lenders(1,053,728)(894,613)
Net payment on the settlement of equity-based awards(22,378)(5,298)
Dividends paid on preferred stock(16,283) 
Debt prepayment fees and issuance costs(12,194)(54,158)
Payment for settlement of exchangeable notes(2,541) 
Other financing activities(269)(4,513)
Proceeds from issuance of preferred stock, net 322,885 
Proceeds from issuance of common stock, net 275,003 
Payments on Tax Receivable Agreement (71,958)
Cash dividends paid to common shareholders (38,544)
Cash (used in) provided by financing activities(37,013)1,873,804 
Cash Flows from Discontinued Operations
Cash used in operating activities(2,376)(3,739)
Cash used in discontinued operations(2,376)(3,739)
Effect of exchange rate changes on cash and cash equivalents(1,781)1,814 
(Decrease) increase in cash, cash equivalents and restricted cash(454,857)1,232,176 
Cash, cash equivalents and restricted cash at beginning of period1,499,665 436,176 
Cash, cash equivalents and restricted cash at end of period$1,044,808 $1,668,352 

See Notes to Consolidated Financial Statements.
4


SABRE CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) 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 (Deficit)
 SharesAmountSharesAmountSharesAmount
Balance at December 31, 20203,340,000 $33 338,661,960 $3,387 $2,985,077 21,365,227 $(474,790)$(2,099,624)$(135,957)$7,028 $285,154 
Comprehensive loss— — — — — — — (260,678)215 484 (259,979)
Preferred stock dividends(1)
— — — — — — — (5,428)— — (5,428)
Settlement of stock-based awards— — 2,900,693 29 148 764,947 (12,611)— — — (12,434)
Stock-based compensation expense— — — — 24,426 — — — — — 24,426 
Balance at March 31, 20213,340,000 $33 341,562,653 $3,416 $3,009,651 22,130,174 $(487,401)$(2,365,730)$(135,742)$7,512 $31,739 
Comprehensive loss— — — — — — — (245,854)29,571 459 (215,824)
Preferred stock dividends(1)
— — — — — — — (5,428)(5,428)
Settlement of stock-based awards— — 2,377,690 24 214 714,622 (9,820)— — (9,582)
Stock-based compensation expense— — — — 29,478 — — — — — 29,478 
Issuance of common stock upon conversion of exchangeable notes— — 1,269,497 12 9,813 — — — — — 9,825 
Balance at June 30, 20213,340,000 $33 345,209,840 $3,452 $3,049,156 22,844,796 $(497,221)$(2,617,012)$(106,171)$7,971 $(159,792)
Comprehensive loss— — — — — — — (235,241)13,566 714 (220,961)
Preferred stock dividends(1)
— — — — — — — (5,400)— — (5,400)
Settlement of stock-based awards— — 542,451 6 355 65,518 (723)— — — (362)
Stock-based compensation expense— — — — 32,218 — — — — — 32,218 
Settlement of exchangeable notes— — — — (780)— — — — — (780)
Balance at September 30, 20213,340,000 $33 345,752,291 $3,458 $3,080,949 22,910,314 $(497,944)$(2,857,653)$(92,605)$8,685 $(355,077)
(1) Our mandatory convertible preferred stock accumulates cumulative dividends at an annual rate of 6.50%.

 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— — — — — — — (442,570)11,177 (71)(431,464)
Settlement of stock-based awards— — 587,232 6 168 29,664 (215)— — — (41)
Stock-based compensation expense— — — — 8,762 — — — — — 8,762 
Balance at June 30, 2020 $ 297,130,702 $2,971 $2,344,101 21,258,581 $(474,105)$(1,464,867)$(157,432)$9,300 $259,968 
Comprehensive loss— — — — — — — (307,433)11,329 125 (295,979)
Accrued preferred stock dividend(2)
— — — — — — — (2,231)— — (2,231)
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 
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