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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, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Sabre Corporation
(Exact name of registrant as specified in its charter)
  
Delaware001-3642220-8647322
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)(I.R.S. Employer
Identification No.)
3150 Sabre Drive
Southlake, TX 76092
(Address, including zip code, of principal executive offices)
(682)-605-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, $0.01 par valueSABRThe NASDAQ Stock Market LLC
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 July 28, 2023, 332,331,647 shares of the registrant’s common stock, par value $0.01 per share, were outstanding.




SABRE CORPORATION
TABLE OF CONTENTS
 
  
Page No.
    Item 1. 
 
 
 
 
 
     Item 2.
     Item 3.
     Item 4.
 
 
     Item 1.
     Item 1A.
     Item 2.
     Item 5.
     Item 6.
We may use our website, our LinkedIn account and our Twitter account (@Sabre_Corp) as additional means of disclosing information to the public. The information disclosed through those channels may be considered to be material and may not be otherwise disseminated by us, so we encourage investors to review our website, LinkedIn and Twitter account. The contents of our website or social media channels referenced herein are not incorporated by reference into this Quarterly Report on Form 10-Q.



PART I. FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS

SABRE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited) 
 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Revenue $737,529 $657,532 $1,480,224 $1,242,442 
Cost of revenue, excluding technology costs316,370 274,245 623,412 497,279 
Technology costs284,279 277,172 555,717 550,902 
Selling, general and administrative179,063 176,308 343,491 343,986 
Operating loss(42,183)(70,193)(42,396)(149,725)
Other (expense) income:  
Interest expense, net(106,134)(66,884)(205,918)(127,942)
Gain (loss) on extinguishment of debt12,543  12,543 (3,533)
Equity method income459 186 882 16 
Other, net17,225 (43,937)19,632 147,304 
Total other (expense) income, net(75,907)(110,635)(172,861)15,845 
Loss from continuing operations before income taxes(118,090)(180,828)(215,257)(133,880)
Provision for income taxes5,909 5,390 8,108 4,794 
Loss from continuing operations(123,999)(186,218)(223,365)(138,674)
Income (loss) from discontinued operations, net of tax2 (284)(401)(150)
Net loss(123,997)(186,502)(223,766)(138,824)
Net (loss) income attributable to noncontrolling interests(66)885 (901)1,157 
Net loss attributable to Sabre Corporation(123,931)(187,387)(222,865)(139,981)
Preferred stock dividends5,347 5,347 10,693 10,693 
Net loss attributable to common stockholders$(129,278)$(192,734)$(233,558)$(150,674)
Basic net loss per share attributable to common stockholders:
Loss from continuing operations$(0.39)$(0.59)$(0.71)$(0.46)
Net loss per common share$(0.39)$(0.59)$(0.71)$(0.46)
Diluted net loss per share attributable to common stockholders:  
Loss from continuing operations$(0.39)$(0.59)$(0.71)$(0.46)
Net loss per common share$(0.39)$(0.59)$(0.71)$(0.46)
Weighted-average common shares outstanding:  
Basic332,147 326,573 330,547 325,124 
Diluted332,147 326,573 330,547 325,124 
See Notes to Consolidated Financial Statements.
1


SABRE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Net loss$(123,997)$(186,502)$(223,766)$(138,824)
Other comprehensive income, net of tax:  
Foreign currency translation adjustments ("CTA")2,282  3,857 (1,287)
Retirement-related benefit plans:  
Net actuarial gain, net of taxes of $, $, $, $
   1,671 
Amortization of prior service credits, net of taxes of $, $, $, $
(358)(358)(716)(716)
Amortization of actuarial losses, net of taxes of $, $, $, $
(470)2,210 1,151 3,993 
Net change in retirement-related benefit plans, net of tax(828)1,852 435 4,948 
Derivatives:  
Unrealized gains (losses), net of taxes of $, $, $, $
1,181 (18)885 (18)
Reclassification adjustment for realized (gains) losses, net of taxes of $, $, $, $
(1,427)244 (2,416)244 
Net change in derivatives, net of tax(246)226 (1,531)226 
Share of other comprehensive (loss) income of equity method investments(36)(200)(338)455 
Other comprehensive income1,172 1,878 2,423 4,342 
Comprehensive loss(122,825)(184,624)(221,343)(134,482)
Less: Comprehensive loss (income) attributable to noncontrolling interests66 (885)901 (1,157)
Comprehensive loss attributable to Sabre Corporation$(122,759)$(185,509)$(220,442)$(135,639)
 
See Notes to Consolidated Financial Statements.
2



SABRE CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 June 30, 2023December 31, 2022
Assets  
Current assets  
Cash and cash equivalents$706,148 $794,888 
Restricted cash21,036 21,035 
Accounts receivable, net of allowance for credit losses of $42,458 and $38,815
441,214 353,587 
Prepaid expenses and other current assets177,365 191,979 
Total current assets1,345,763 1,361,489 
Property and equipment, net of accumulated depreciation of $1,896,352 and $1,939,215
234,166 229,419 
Equity method investments21,466 22,401 
Goodwill2,558,422 2,542,087 
Acquired customer relationships, net of accumulated amortization of $815,335 and $803,026
226,735 238,756 
Other intangible assets, net of accumulated amortization of $779,272 and $771,611
164,450 171,498 
Deferred income taxes36,292 38,892 
Other assets, net337,267 358,333 
Total assets$4,924,561 $4,962,875 
Liabilities and stockholders’ deficit  
Current liabilities  
Accounts payable$216,601 $171,068 
Accrued compensation and related benefits125,692 122,022 
Accrued subscriber incentives243,480 218,761 
Deferred revenues84,961 66,503 
Other accrued liabilities224,537 213,737 
Current portion of debt4,040 23,480 
Total current liabilities899,311 815,571 
Deferred income taxes27,558 38,629 
Other noncurrent liabilities268,780 264,411 
Long-term debt4,797,554 4,717,091 
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests15,014  
Stockholders’ deficit  
Preferred stock, $0.01 par value, 225,000 authorized, 3,290 issued and outstanding as of June 30, 2023 and December 31, 2022; aggregate liquidation value of $329,000 as of June 30, 2023 and December 31, 2022
33 33 
Common Stock: $0.01 par value; 1,000,000 authorized shares; 358,563 and 353,436 shares issued, 332,297 and 328,542 shares outstanding at June 30, 2023 and December 31, 2022, respectively
3,586 3,534 
Additional paid-in capital3,224,318 3,198,580 
Treasury Stock, at cost, 26,267 and 24,895 shares at June 30, 2023 and December 31, 2022, respectively
(519,765)(514,215)
Accumulated deficit(3,740,086)(3,506,528)
Accumulated other comprehensive loss(63,307)(65,731)
Noncontrolling interest11,565 11,500 
Total stockholders’ deficit(1,083,656)(872,827)
Total liabilities and stockholders’ deficit$4,924,561 $4,962,875 

See Notes to Consolidated Financial Statements.    
3


SABRE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Six Months Ended June 30,
 20232022
Operating Activities
Net loss$(223,766)$(138,824)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization77,207 99,334 
Stock-based compensation expense25,743 53,732 
Deferred income taxes(18,734)(8,600)
Amortization of upfront incentive consideration18,010 23,785 
(Gain) loss on extinguishment of debt(12,543)3,533 
Amortization of debt discount and issuance costs11,464 7,003 
Provision for expected credit losses8,292 263 
(Gain) loss on investment fair value adjustment(3,840)29,520 
Other(3,576)3,363 
Dividends received from equity method investments1,514 488 
Loss from discontinued operations401 150 
Gain on sale of assets and investments (180,081)
Changes in operating assets and liabilities:
Accounts and other receivables(101,815)(170,853)
Prepaid expenses and other current assets24,856 (7,658)
Capitalized implementation costs(4,368)(7,059)
Upfront incentive consideration(13,273)(6,593)
Other assets6,243 33,557 
Accrued compensation and related benefits4,355 (31,370)
Accounts payable and other accrued liabilities72,479 73,736 
Deferred revenue including upfront solution fees32,163 10,262 
Cash used in operating activities(99,188)(212,312)
Investing Activities
Additions to property and equipment(48,190)(33,384)
Acquisitions, net of cash acquired(13,355)(6,986)
Net proceeds from dispositions 392,268 
Purchase of investment in equity securities (80,000)
Cash (used in) provided by investing activities(61,545)271,898 
Financing Activities
Payments on borrowings from lenders(718,722)(629,479)
Proceeds on borrowings from lenders677,486 625,000 
Proceeds from borrowings under AR Facility178,600  
Payments on borrowings under AR Facility(48,600) 
Debt prepayment fees and issuance costs(23,007)(9,747)
Proceeds from sale of redeemable shares in subsidiary16,000  
Dividends paid on preferred stock(10,693)(10,693)
Net payment on the settlement of equity-based awards(5,555)(15,330)
Other financing activities4,851 (159)
Cash provided by (used in) financing activities70,360 (40,408)
Cash Flows from Discontinued Operations
Cash provided by (used in) operating activities80 (2,698)
Cash provided by (used in) discontinued operations80 (2,698)
Effect of exchange rate changes on cash, cash equivalents and restricted cash1,554 (2,652)
(Decrease) increase in cash, cash equivalents and restricted cash(88,739)13,828 
Cash, cash equivalents and restricted cash at beginning of period815,923 999,391 
Cash, cash equivalents and restricted cash at end of period$727,184 $1,013,219 
Non-cash additions to property and equipment$506 $2,286 
See Notes to Consolidated Financial Statements.
4


SABRE CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
(In thousands, except share data)
 Stockholders’ Deficit
 Preferred StockCommon StockAdditional
Paid in
Capital
Treasury StockRetained DeficitAccumulated
Other
Comprehensive Loss
Noncontrolling
Interest
Total
Stockholders'
Equity (Deficit)
 SharesAmountSharesAmountSharesAmount
Balance at December 31, 20223,290,000 $33 353,436,503 $3,534 $3,198,580 24,894,998 $(514,215)$(3,506,528)$(65,731)$11,500 $(872,827)
Comprehensive loss— — — — — — — (98,934)1,252 (451)(98,133)
Preferred stock dividends(1)
— — — — — — — (5,346)(5,346)
Settlement of stock-based awards— — 4,671,781 47 (5)1,304,145 (5,289)— — — (5,247)
Stock-based compensation expense— — — — 17,005 — — — — — 17,005 
Other
Balance at March 31, 20233,290,000 $33 358,108,284 $3,581 $3,215,580 26,199,143 $(519,504)$(3,610,808)$(64,479)$11,049 $(964,548)
Comprehensive loss(123,931)1,172 516 (122,243)
Preferred stock dividends(1)
— — — — — — — (5,347)— — (5,347)
Settlement of stock-based awards— — 455,208 5 — 67,470 (261)— — — (256)
Stock-based compensation expense— — — — 8,738 — — — — — 8,738 
Other— — — — — — — — — — — 
Balance at June 30, 20233,290,000 $33 358,563,492 $3,586 $3,224,318 26,266,613 $(519,765)$(3,740,086)$(63,307)$11,565 $(1,083,656)

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

Stockholders’ Equity (Deficit)
 Preferred StockCommon StockAdditional
Paid in
Capital
Treasury StockRetained DeficitAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interest
Total
Stockholders'
Equity (Deficit)
 SharesAmountSharesAmountSharesAmount
Balance at December 31, 20213,290,000 $33 346,430,421 $3,464 $3,115,719 22,929,668 $(498,141)$(3,049,695)$(80,287)$9,190 $(499,717)
Comprehensive income— — — — — — — 47,406 2,464 272 50,142 
Preferred stock dividends(1)
— — — — — — — (5,346)— — (5,346)
Settlement of stock-based awards— — 3,883,688 39 (9)1,077,178 (10,300)— — — (10,270)
Stock-based compensation expense— — — — 27,605 — — — — — 27,605 
Other— — — — — — — — — (119)(119)
Balance at March 31, 20223,290,000 $33 350,314,109 $3,503 $3,143,315 24,006,846 $(508,441)$(3,007,635)$(77,823)$9,343 $(437,705)
Comprehensive loss— — — — — — — (187,387)1,878 885 (184,624)
Preferred stock dividends(1)
— — — — — — — (5,347)(5,347)
Settlement of stock-based awards— — 2,629,221 26 (1)777,678 (5,021)— — (4,996)
Stock-based compensation expense— — — — 26,127 — — — — — 26,127 
Other— — — — — — — — — (37)(37)
Balance at June 30, 20223,290,000 $33 352,943,330 $3,529 $3,169,441 24,784,524 $(513,462)$(3,200,369)$(75,945)$10,191 $(606,582)

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

See Notes to Consolidated Financial Statements.
5


SABRE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
1. General Information
Sabre Corporation is a Delaware corporation formed in December 2006. On March 30, 2007, Sabre Corporation acquired Sabre Holdings Corporation (“Sabre Holdings”). Sabre Holdings is the sole direct subsidiary of Sabre Corporation. Sabre GLBL Inc. ("Sabre GLBL") is the principal operating subsidiary and sole direct subsidiary of Sabre Holdings. Sabre GLBL or its direct or indirect subsidiaries conduct all of our businesses. In these consolidated financial statements, references to “Sabre,” the “Company,” “we,” “our,” “ours” and “us” refer to Sabre Corporation and its consolidated subsidiaries unless otherwise stated or the context otherwise requires.
Recent Events—The travel ecosystem has shifted over the past few years, including through the COVID-19 pandemic, resulting in the changing needs of our airline, hotel and agency customers. These effects have resulted in continued material headwinds for our consolidated financial results in 2022 and through the second quarter of 2023. Despite continued impacts on our business and global travel volumes, as travel restrictions have been relaxed and travel patterns return, we have seen gradual improvement in our key volume metrics during 2022 and through the second quarter of 2023. With the continued increase in volumes, our incentive consideration costs are also increasing significantly compared to previous periods.
We believe our cash position and the liquidity measures we have taken will continue to provide flexibility as we manage through the global economic recovery. As a result, we believe that we have resources to sufficiently fund our liquidity requirements over at least the next twelve months; however, given the magnitude of travel decline and the unknown duration of the impact on our business, we will continue to monitor our liquidity levels and take additional steps should we determine they are necessary.
Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2023. The accompanying interim financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 17, 2023.
We consolidate all majority-owned subsidiaries and companies over which we exercise control through majority voting rights. No entities are consolidated due to control through operating agreements, financing agreements or as the primary beneficiary of a variable interest entity.
The consolidated financial statements include our accounts after elimination of all significant intercompany balances and transactions. All dollar amounts in the financial statements and the tables in the notes, except per share amounts, are stated in thousands of U.S. dollars unless otherwise indicated. All amounts in the notes reference results from continuing operations unless otherwise indicated.
Use of Estimates—The preparation of these interim financial statements in conformity with GAAP requires that certain amounts be recorded based on estimates and assumptions made by management. Actual results could differ from these estimates and assumptions. Our accounting policies that utilize significant estimates and assumptions include: (i) estimation for revenue recognition and multiple performance obligation arrangements, (ii) determination of the fair value of assets and liabilities acquired in a business combination, (iii) the evaluation of the recoverability of the carrying value of long-lived assets and goodwill, (iv) assumptions utilized to test recoverability of capitalized implementation costs and customer and subscriber advances, (v) judgments in capitalization of software developed for internal use, (vi) the evaluation of uncertainties surrounding the calculation of our tax assets and liabilities, (vii) estimation of the air booking cancellation reserve, and (viii) the evaluation of the allowance for credit losses. Our use of estimates and the related accounting policies are discussed in the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 17, 2023. Given the uncertainties surrounding the duration and effects of COVID-19, including any variants, we cannot provide assurance that the assumptions used in our estimates will be accurate and the impacts could be material on our cancellation reserves, credit loss provisions and results of operations.
Adoption of New Accounting Standards
In March 2020, the Financial Accounting Standards Board ("FASB") issued updated guidance which provides optional expedients and exceptions for applying U.S. GAAP to existing contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued, if certain criteria are met. This standard is effective for all entities upon issuance and is optional through December 31, 2024. We elected the optional expedient in the second quarter of 2023 in connection with the SOFR Amendment (defined in Note 8. Debt below).
6


In March 2022, the FASB issued updated guidance on derivatives and hedging which allows entities to apply fair value hedging to closed portfolios of prepayable financial assets without having to consider prepayment risk or credit risk when measuring the assets. The amendments allow multiple hedged layers to be designated for a single closed portfolio for financial assets or one or more beneficial interests secured by a portfolio of financial instruments. As a result, an entity can achieve hedge accounting for hedges of a greater proportion of the interest rate risk inherent in the assets included in the closed portfolio, further aligning hedge accounting with risk management strategies. The standard is effective for public entities for fiscal years beginning after December 15, 2022, with early adoption permitted. We adopted this standard in the first quarter of 2022, which did not have a material impact on our consolidated financial statements.
2. Revenue from Contracts with Customers
Contract Balances
Revenue recognition for a significant portion of our revenue coincides with normal billing terms, including our transactional revenues, Software-as-a-Service ("SaaS") revenues, and hosted revenues. Timing differences among revenue recognition, unconditional rights to bill, and receipt of contract consideration may result in contract assets or contract liabilities.
The following table presents our assets and liabilities with customers as of June 30, 2023 and December 31, 2022 (in thousands).
AccountConsolidated Balance Sheet LocationJune 30, 2023December 31, 2022
Contract assets and customer advances and discounts(1)
Prepaid expenses and other current assets / other assets, net$48,810 $55,473 
Trade and unbilled receivables, netAccounts receivable, net439,251 352,214 
Long-term trade unbilled receivables, netOther assets, net14,739 16,129 
Contract liabilitiesDeferred revenues / other noncurrent liabilities147,314 115,151 
______________________
(1) Includes contract assets of $12 million for June 30, 2023 and December 31, 2022.
During the six months ended June 30, 2023, we recognized revenue of approximately $21 million from contract liabilities that existed as of January 1, 2023. Our long-term trade unbilled receivables, net relate to fixed license fees billed over the contractual period and recognized when the customer gains control of the software. We evaluate collectability of our accounts receivable based on a combination of factors and record reserves as described further in Note 7. Credit Losses.
Revenue
The following table presents our revenues disaggregated by business (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Distribution$530,405 $431,538 $1,056,291 $774,426 
IT Solutions140,356 167,611 291,911 358,721 
Total Travel Solutions670,761 599,149 1,348,202 1,133,147 
SynXis Software and Services69,519 58,625 136,033 108,359 
Other7,152 7,579 14,450 13,849 
Total Hospitality Solutions76,671 66,204 150,483 122,208 
Eliminations(9,903)(7,821)(18,461)(12,913)
Total Sabre Revenue$737,529 $657,532 $1,480,224 $1,242,442 
We may occasionally recognize revenue in the current period for performance obligations partially or fully satisfied in the previous periods resulting from changes in estimates for the transaction price, including any changes to our assessment of whether an estimate of variable consideration is constrained. For the six months ended June 30, 2023, there was no impact on revenue recognized in the current period from performance obligations partially or fully satisfied in the previous period.
Our air booking cancellation reserve totaled $12 million and $11 million as of June 30, 2023, and December 31, 2022, respectively.
Unearned performance obligations primarily consist of deferred revenue for fixed implementation fees and future product implementations, which are included in deferred revenue and other noncurrent liabilities in our consolidated balance sheet. We have not disclosed the performance obligation related to contracts containing minimum transaction volume, as it represents a subset of our business, and therefore would not be meaningful in understanding the total future revenues expected to be earned from our long-term contracts.
3. Acquisitions and Dispositions
7


Conferma
In August 2022, we completed the acquisition of Conferma Limited ("Conferma"), a virtual payments technology company, to expand our investment in technology for the payments ecosystem in the travel industry. We acquired all of the outstanding stock and ownership interest of Conferma through the exercise of a call option, for net cash of $62 million and the conversion of a pre-existing loan receivable into share capital of $11 million. We recognized a gain of approximately $4 million upon conversion of the loan for the difference between the carrying value and fair value of the loan, which was recorded to Other, net within our results of operations. Conferma is part of our Travel Solutions segment. The accounting related to tax liabilities was finalized as of June 30, 2023 and did not result in any additional adjustments. In February 2023, we sold 19% of the share capital of the direct parent company of Conferma to a third party for proceeds of $16 million resulting in a non-controlling interest from that date. See Note 4. Redeemable Noncontrolling Interest for further details.
AirCentre Disposition
On October 28, 2021, we announced that we entered into an agreement with a third party to sell our suite of flight and crew management and optimization solutions, which represents our AirCentre airline operations portfolio. The assets and liabilities associated with the AirCentre portfolio are presented as held for sale on our consolidated balance sheets as of December 31, 2021. On February 28, 2022, we completed the sale of AirCentre to a third party for net cash proceeds of $392 million. The operating results of AirCentre are included within Travel Solutions for all periods presented through the date of sale. The net assets of AirCentre disposed of primarily included goodwill of $146 million, working capital of $34 million, and other assets, net of $25 million. We recorded a pre-tax gain on sale of approximately $180 million (after-tax $112 million) in Other, net in our consolidated statements of operations for the six months ended June 30, 2022, which includes a decrease recorded in the second quarter of 2022 of $12 million due to contingencies identified in connection with the sale.
4. Redeemable Noncontrolling Interest
On February 1, 2023, Sabre sold common shares, representing a 19% interest in Conferma’s direct parent, to a third party for cash consideration of $16 million. In connection with the sale, we entered into a governing agreement which requires us under limited conditions to redeem the 19% interest, if requested, for the original purchase price of $16 million. We currently do not believe it is probable that the noncontrolling interest will become redeemable, given the remote likelihood of the applicable conditions being satisfied.
As the common shares are redeemable upon the occurrence of conditions not solely within our control, we recorded the noncontrolling interest as redeemable and classified it as temporary equity within our consolidated balance sheet initially at fair value. The noncontrolling interest is adjusted each reporting period for loss or income attributable to the noncontrolling interest. As of June 30, 2023, the redeemable noncontrolling interest is $15 million.
The following table presents the changes in redeemable noncontrolling interest of a consolidated subsidiary in temporary equity during the period ended June 30, 2023 (in thousands):
Six Months Ended
June 30, 2023
Proceeds from sale of redeemable noncontrolling interest$16,000 
Net loss attributable to redeemable noncontrolling interest(986)
Redeemable noncontrolling interest, end of period$15,014 
8


5. Restructuring Activities
During the second quarter of 2023, we announced and began to implement a cost reduction plan designed to reposition our business and to structurally reduce our cost base. As a result of this cost reduction plan, we incurred restructuring costs beginning in the second quarter of 2023 associated with our workforce. This cost reduction plan will continue to be implemented over the remainder of 2023 and may result in additional restructuring charges as we continue to evaluate third-party costs including our geographic and real estate footprints.
During the three and six months ended June 30, 2023, we incurred $56 million in connection with this business plan, of which $12 million is recorded within cost of revenue, excluding technology costs, $21 million is recorded within technology costs and $23 million is recorded within selling, general and administrative costs within our consolidated statement of operations. A substantial portion of these costs represent future cash expenditures for the payment of severance and related benefits costs. Costs associated with our cost reduction plan are expected to be approximately $70 million for the year, with the majority of disbursements occurring in 2023.
The following table summarizes the accrued liability related to severance and related benefits costs as recorded within accrued compensation and related benefits within our consolidated balance sheets, related to this cost reduction plan (in thousands):
Six Months Ended
June 30, 2023
Balance as of January 1, 2023$ 
Charges55,648 
Cash Payments(21,691)
Balance as of June 30, 2023$33,957 

6. Income Taxes

    For the six months ended June 30, 2023, we recognized an $8 million income tax expense, representing an effective tax rate of less than 1%, compared to an income tax expense of $5 million, representing an effective tax rate of less than 1% for the six months ended June 30, 2022. The effective tax rate remained relatively flat for the six months ended June 30, 2023 as compared to the same period in 2022 primarily due to an increase in valuation allowance recorded in the current period and various discrete items recorded in each of the respective six month periods. The difference between our effective tax rates and the U.S. federal statutory income tax rate primarily results from valuation allowances, our geographic mix of taxable income in various tax jurisdictions, tax permanent differences and tax credits.
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. We believe it is more likely than not that the results of future operations will not generate sufficient taxable income in the U.S. and in certain foreign jurisdictions to realize the full benefit of its deferred tax assets. On the basis of this evaluation, as of June 30, 2023, a cumulative valuation allowance of $515 million has been recorded to recognize only the portion of the deferred tax asset that is more likely than not to be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased.
We recognize liabilities when we believe that an uncertain tax position may not be fully sustained upon examination by the tax authorities. This evaluation requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. When facts and circumstances change, we reassess these probabilities and record any changes in the consolidated financial statements as appropriate. Our net unrecognized tax benefits, excluding interest and penalties, included in our consolidated balance sheets, were $69 million and $76 million as of June 30, 2023 and December 31, 2022, respectively.
7. Credit Losses
We are exposed to credit losses primarily through our sales of services provided to participants in the travel and transportation industry, which we consider to be our singular portfolio segment. We develop and document our methodology used in determining the allowance for credit losses at the portfolio segment level. Within the travel portfolio segment, we identify airlines, hoteliers and travel agencies as each presenting unique risk characteristics associated with historical credit loss patterns, and we determine the adequacy of our allowance for credit loss by assessing the risks and losses inherent in our receivables related to each.
We evaluate the collectability of our receivables based on a combination of factors. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations to us, such as bankruptcy filings or failure to pay amounts due to us or others, we specifically reserve for bad debts against amounts due to reduce the recorded receivable to the amount we reasonably believe will be collected. For all other customers, we record reserves for receivables, including unbilled receivables and contract assets, based on historical experience and the length of time the receivables are past due. The estimate of credit
9


losses is developed by analyzing historical twelve-month collection rates and adjusting for current customer-specific factors indicating financial instability and other macroeconomic factors that correlate with the expected collectability of our receivables.
Our allowance for credit losses relates to all financial assets, primarily trade receivables due in less than one year recorded in Accounts Receivable, net on our consolidated balance sheets. Our allowance for credit losses for the six months ended June 30, 2023 for our portfolio segment is summarized as follows (in thousands):
Six Months Ended
June 30, 2023
Balance at December 31, 2022$38,815 
Provision for expected credit losses8,292 
Write-offs(4,808)
Other159 
Balance at June 30, 2023$42,458 
Our provision for expected credit losses for the six months ended June 30, 2023 increased $8 million from an immaterial provision in the same period in the prior year. Given the uncertainties surrounding the travel industry and the global economic recovery, we cannot provide assurance that the assumptions used in our estimates will be accurate and actual write-offs may vary from our estimates.
10


8. Debt
As of June 30, 2023 and December 31, 2022, our outstanding debt included in our consolidated balance sheets totaled $4,802 million and $4,741 million, respectively, which are net of debt issuance costs of $57 million and $44 million, respectively, and unamortized discounts of $71 million and $54 million, respectively. The following table sets forth the face values of our outstanding debt as of June 30, 2023 and December 31, 2022 (in thousands):

 RateMaturityJune 30, 2023December 31, 2022
Senior secured credit facilities:    
2021 Term Loan B-1
S(1) + 3.50%
December 2027$394,035 $397,940 
2021 Term Loan B-2
S(1) + 3.50%
December 2027614,151 634,340 
2022 Term Loan B-1
S(1) + 4.25%
June 2028603,447 620,313 
2022 Term Loan B-2
S(1) + 5.00%
June 2028645,310 673,313 
Senior Secured Term Loan Due 2028
RR(3) + 1.75%(4)
December 2028700,000  
AR Facility(2)
S(1) + 2.25%
January 2025130,000  
9.25% senior secured notes due 2025
9.25%April 2025104,901 775,000 
7.375% senior secured notes due 2025
7.375%September 2025850,000 850,000 
4.00% senior exchangeable notes due 2025
4.00%April 2025333,220 333,220 
11.25% senior secured notes due 2027
11.25%December 2027555,000 555,000 
Face value of total debt outstanding  4,930,064 4,839,126 
Less current portion of debt outstanding(4,040)(23,480)
Face value of long-term debt outstanding  $4,926,024 $4,815,646 
______________________
(1) Represents the Secured Overnight Financing Rate ("SOFR").
(2)The AR Facility (as defined below) is subject to certain "springing" maturity conditions; the maturity may extend to February 2026 at the latest.
(3)Represents the Reference Rate as defined below.
(4)At our election, if interest is paid in cash the spread is 0.25% per annum, and in the case of interest paid in kind the spread is 1.75%.
We had outstanding letters of credit totaling $13 million and $12 million as of June 30, 2023 and December 31, 2022, respectively, which were secured by a $21 million cash collateral deposit account.
Senior Secured Credit Facilities
On May 16, 2023, Sabre GLBL entered into Amendment No. 5 to the Credit Agreement (the “SOFR Amendment”). The SOFR Amendment was entered into pursuant to the Amended and Restated Credit Agreement, dated as of February 19, 2013. The SOFR Amendment provides for the replacement of LIBOR-based rates with a SOFR-based rate for the 2021 Term Loan B-1 and 2021 Term Loan B-2 and amends certain provisions of the Credit Agreement. The change from LIBOR to SOFR is due to the reference rate reform and the phasing out of LIBOR as a loan benchmark. The SOFR Amendment did not have a material impact on our financial position or results of operations.
Refinancing Transactions
On March 9, 2022, we entered into an amendment to refinance another portion of our then-outstanding Term Loan B facility (the "March 2022 Refinancing"). Our Senior Secured Credit Facility is governed by the Amended and Restated Credit Agreement including the Sixth Term A Loan Refinancing and Incremental Amendments entered into in December 2020 and all preceding amendments. We incurred no additional indebtedness as a result of the March 2022 Refinancing, other than amounts covering discounts and certain fees and expenses. The March 2022 Refinancing included the application of the proceeds of a new $625 million term loan “B” facility (the “2022 Term Loan B-1 Facility”), borrowed by Sabre GLBL under our Amended and Restated Credit Agreement, with the effect of extending the maturity of approximately $623 million of the existing Term Loan B credit facility under the Amended and Restated Credit Agreement. The remaining proceeds, net of a discount of $1 million, were used to pay $1 million in other fees and expenses. We incurred an additional discount of $5 million and other fees of $3 million which were funded with cash on hand. We recognized a loss on extinguishment of debt in connection with the March 2022 Refinancing during the six months ended June 30, 2022, of $4 million and debt modification costs for financing fees of $1 million recorded to Other, net. The 2022 Term Loan B-1 Facility matures on June 30, 2028 and offers us the ability to prepay or repay
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the 2022 Term Loan B-1 Facility after 12 months or to prepay or repay at a 101 premium before that date. The interest rates on the 2022 Term Loan B-1 Facility are based on Term SOFR, replacing LIBOR, plus an applicable margin.
On August 15, 2022, we entered into an amendment to refinance a portion of the Term Loan B facility (the "August 2022 Refinancing"). We incurred no additional indebtedness as a result of the August 2022 Refinancing, other than amounts covering discounts and certain fees and expenses. The August 2022 Refinancing included the application of the proceeds of a new $675 million term loan “B” facility (the “2022 Term Loan B-2 Facility”), borrowed by Sabre GLBL under our Amended and Restated Credit Agreement, with the effect of extending the maturity of approximately $647 million of the existing Term Loan B credit facility under the Amended and Restated Credit Agreement. The remaining proceeds, net of a discount of $25 million, were used to pay $3 million in other fees and expenses. We incurred an additional discount of $9 million and other fees of $2 million which were funded with cash on hand. We recognized debt modification costs for financing fees in connection with the August 2022 Refinancing during the year ended December 31, 2022, of $5 million recorded to Other, net. No loss on extinguishment of debt was recorded as a result of the August 2022 Refinancing. The 2022 Term Loan B-2 Facility matures on June 30, 2028 and offers us the ability to prepay or repay the 2022 Term Loan B-2 Facility after 12 months or to prepay or repay at a 101 premium before that date. The interest rates on the 2022 Term Loan B-2 Facility are based on Term SOFR, replacing LIBOR, plus an applicable margin.
On December 6, 2022, we used the proceeds of the December 2027 Notes issuance to redeem the remaining principal balance on the Term Loan B of $536 million, plus $1 million of accrued interest (the “December 2022 Refinancing”). We recognized a loss on extinguishment of debt of $1 million during the year ended December 31, 2022 in connection the December 2022 Refinancing, which consisted of the write-off of unamortized debt issuance costs and discount of $1 million.
Under the Amended and Restated Credit Agreement, the loan parties are subject to certain customary non-financial covenants, including restrictions on incurring certain types of indebtedness, creation of liens on certain assets, making of certain investments, and payment of dividends. We are further required to pay down the term loans with proceeds from certain asset sales, if not reinvested into the business within 15 months, as defined in the Amended and Restated Credit Agreement. As of June 30, 2023, we are in compliance with all covenants under the terms of the Amended and Restated Credit Agreement.
Senior Secured Term Loan Due 2028
On June 13, 2023, Sabre Financial Borrower, LLC (“Sabre FB”), our indirect, consolidated subsidiary entered into a series of transactions including a new term loan credit agreement with certain lenders (the "2023 Term Loan Agreement") and an intercompany secured term loan agreement (the "Pari Passu Loan Agreement").
The 2023 Term Loan Agreement provides for a senior secured term loan (the “Senior Secured Term Loan Due 2028”) of up to $700 million in aggregate principal amount, subject to Sabre FB using the proceeds from the Senior Secured Term Loan Due 2028 for an intercompany loan to Sabre GLBL. On June 13, 2023, Sabre FB borrowed the full $700 million amount under the 2023 Term Loan Agreement and lent the funds to Sabre GLBL under the Pari Passu Loan Agreement. Borrowings under 2023 Term Loan Agreement are secured by the assets of Sabre FB, including Sabre FB's claims under the Pari Passu Loan Agreement, and assets of certain of our foreign subsidiaries. Borrowings under the Pari Passu Loan Agreement are secured by first-priority liens on the same collateral securing the indebtedness owing under the Senior Secured Credit Facilities and Sabre GLBL's outstanding Senior Secured Notes. Sabre GLBL used the proceeds borrowed under the Pari Passu Loan Agreement to repurchase $650 million of its outstanding 9.25% Senior Secured Notes due 2025 (the “June 2023 Refinancing”) and $15 million of its outstanding 2021 Term Loan B-1, 2021 Term Loan B-2 and 2022 Term Loan B-2. The remaining proceeds, net of a discount of $23 million, were used to pay $13 million in other fees and expenses. We incurred additional fees of $13 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 six months ended June 30, 2023 of $14 million. As of June 30, 2023, we are in compliance with the covenants under the 2023 Term Loan Agreement and the Pari Passu Loan Agreement.
The Senior Secured Term Loan Due 2028 matures on December 15, 2028 and offers us the ability to prepay subject to prepayment premiums as follows (i) with respect to any prepayment occurring on or prior to the second anniversary of the 2023 Term Loan Agreement, a customary make-whole amount, and (ii) with respect to any prepayment occurring after the second anniversary of the 2023 Term Loan Agreement and on or prior the third anniversary of the 2023 Term Loan Agreement, 25% of the applicable interest margin assuming all interest is payable in kind. After the third anniversary of the 2023 Term Loan Agreement, all prepayments can be made at par plus accrued interest.
The interest on the Senior Secured Term Loan Due 2028 is payable in cash; provided that, at our election, from the date of the agreement, until the last interest payment date occurring on or prior to December 31, 2025, the interest may be payable in kind. The Senior Secured Term Loan Due 2028 bears interest at a floating rate, with interest periods ending on each successive three month anniversary of the closing date and set in arrears based on the average of the highest yield to maturity of any tranche of Sabre GLBL’s or any of its affiliates’ outstanding secured indebtedness (as defined within the 2023 Term Loan Agreement) on each of the 20 prior trading days (the “Reference Rate”), plus (i) 25 basis points for cash interest or (ii) 175 basis points for payable-in-kind interest, with the Reference Rate for the first interest period deemed to be 13.00% per annum. The all-in interest rate floor is 11.50% for cash interest and 13.00% for payable-in-kind interest and the all-in interest rate ceiling is 17.50% for cash interest and 19.00% for payable-in-kind interest. We have currently elected interest to be payable in kind.
Sabre FB’s obligations under the Senior Secured Term Loan Due 2028 are required to be guaranteed by certain of our existing and future foreign subsidiaries (the "Foreign Guarantors”). The 2023 Term Loan Agreement requires that we maintain
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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 June 30, 2023, we were in compliance with all covenants under the terms of the 2023 Term Loan Agreement.
Senior Secured Notes
On December 6, 2022, Sabre GLBL entered into a new debt agreement consisting of $555 million aggregate principal amount of 11.250% senior secured notes due 2027 (the “December 2027 Notes”). The December 2027 Notes were issued at a discount of 1.866%. The December 2027 Notes are jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings and all of Sabre GLBL’s restricted subsidiaries that guarantee Sabre GLBL’s credit facility. The December 2027 Notes bear interest at a rate of 11.250% per annum and interest payments are due semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2023. The December 2027 Notes mature on December 15, 2027. The net proceeds of $545 million received from the sale of the December 2027 Notes, net of a discount of $10 million, were used to repay approximately $536 million principal amount of debt under the Term Loan B, plus $1 million of accrued interest. The remaining proceeds of $8 million, plus cash on hand, were used to pay $10 million in underwriting fees and commissions, and other expenses.
AR Facility
On February 14, 2023, Sabre Securitization, LLC, our indirect, consolidated subsidiary and a special purpose entity (“Sabre Securitization”), entered into a three-year committed accounts receivable securitization facility (the “AR Facility”) of up to $200 million with PNC Bank, N.A. On March 30, 2023, we borrowed $115 million under the AR Facility. As of June 30, 2023, we had $130 million outstanding under the AR Facility. These proceeds are being used for general corporate purposes.
The amount available for borrowings at any one time under the AR Facility is limited to a borrowing base calculated based on the outstanding balance of eligible receivables, subject to certain reserves. Borrowings under the AR Facility bear interest at a rate equal to SOFR, subject to a 0% floor, plus a drawn fee, initially in the amount of 2.25%. The drawn fee varies based on our leverage, and Sabre Securitization also pays a fee on the undrawn committed amount of the AR Facility. Interest and fees payable by Sabre Securitization under the AR Facility are due monthly. Net debt issuance costs related to our AR Facility are $2 million and are recorded in other assets, net in our consolidated financial statements.
The AR Facility is scheduled to terminate on February 13, 2026, unless extended in accordance with its terms. The AR Facility is subject to a springing maturity date of January 2025 should certain events occur in relation to material indebtedness (as defined in the AR Facility) of ours, Sabre Securitization and certain other subsidiaries.
In connection with the AR Facility, certain of our subsidiaries (the “Originators”) have sold and contributed, and will continue to sell or contribute, substantially all of their accounts receivable and certain related assets (collectively, the "Receivables") to Sabre Securitization to be held as collateral for borrowings under the AR Facility. Sabre Securitization’s assets are not available to satisfy the obligations of Sabre Corporation or any of its affiliates. Under the terms of the AR Facility, the lenders under the AR Facility would have a senior priority claim to the assets of Sabre Securitization, which will primarily consist of the Receivables of the Originators participating in the AR Facility. As of June 30, 2023, $471 million of Receivables are held as assets by Sabre Securitization, consisting of $456 million of accounts receivable and $15 million of other assets, net in our consolidated balance sheet.
The AR Facility is accounted for as a secured borrowing on a consolidated basis, rather than a sale of assets; as a result, (i) Receivables balances pledged as collateral are presented as assets and the borrowings are presented as liabilities on our consolidated balance sheets, (ii) our consolidated statements of operations reflect the associated charges for bad debt expense (a component of general and administrative expenses) related to the pledged Receivables and interest expense associated with the AR Facility and (iii) receipts from customers related to the underlying Receivables are reflected as operating cash flows and borrowings and repayments under the AR Facility are reflected as financing cash flows within our consolidated statements of cash flows. The receivables and other assets of Sabre Securitization are not available to satisfy creditors of any entity other than Sabre Securitization.
The AR Facility contains certain customary representations, warranties, affirmative covenants, and negative covenants, subject to certain cure periods in some cases, including the eligibility of the Receivables being sold by the Originators and securing the loans made by the lenders, as well as customary reserve requirements, events of default, termination events, and servicer defaults. As of June 30, 2023, we were in compliance with and expect to be in compliance with the financial covenants of the AR Facility for at least the next twelve months.
Exchangeable Notes
On April 17, 2020, Sabre GLBL entered into a new debt agreement consisting of $345 million aggregate principal amount of 4.000% senior exchangeable notes due 2025 (the “Exchangeable Notes”). The Exchangeable Notes are senior, unsecured obligations of Sabre GLBL, accrue interest payable semi-annually in arrears and mature on April 15, 2025, unless earlier repurchased or exchanged in accordance with specified circumstances and terms of the indenture governing the Exchangeable Notes. During the year ended December 31, 2021, a certain holder elected to exchange $10 million of the Exchangeable Notes
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for 1,269,497 shares of common stock, which we elected to settle in shares of our common stock. Additionally, certain holders elected to exchange $2 million of the Exchangeable Notes for $3 million in cash, which we elected to settle in cash. As of June 30, 2023, we have $333 million aggregate principal amount of Exchangeable Notes outstanding.
Under the terms of indenture, the notes are exchangeable into common stock of Sabre Corporation (referred to as "our common stock" herein) at the following times or circumstances:
during any calendar quarter commencing after the calendar quarter ended June 30, 2020, if the last reported sale price per share of our common stock exceeds 130% of the exchange price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;
during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the "Measurement Period") if the trading price per $1,000 principal amount of Exchangeable Notes, as determined following a request by their holder in accordance with the procedures in the indenture, for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the exchange rate on such trading day;
upon the occurrence of certain corporate events or distributions on our common stock, including but not limited to a “Fundamental Change” (as defined in the indenture governing the notes);
upon the occurrence of specified corporate events; or
on or after October 15, 2024, until the close of business on the second scheduled trading day immediately preceding the maturity date, April 15, 2025.
With certain exceptions, upon a Change of Control or other Fundamental Change (both as defined in the indenture governing the Exchangeable Notes), the holders of the Exchangeable Notes may require us to repurchase all or part of the principal amount of the Exchangeable Notes at a repurchase price equal to 100% of the principal amount of the Exchangeable Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. As of June 30, 2023, none of the conditions allowing holders of the Exchangeable Notes to exchange have been met.
The Exchangeable Notes are convertible at their holder’s election into shares of our common stock based on an initial conversion rate of 126.9499 shares of common stock per $1,000 principal amount of the Exchangeable Notes, which is equivalent to an initial conversion price of approximately $7.88 per share. The exchange rate is subject to anti-dilution and other adjustments. Upon conversion, Sabre GLBL will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of common stock, at our election. If a “Make-Whole Fundamental Change” (as defined in the Exchangeable Notes Indenture) occurs with respect to any Exchangeable Note and the exchange date for the exchange of such Exchangeable Note occurs during the related “Make-Whole Fundamental Change Exchange Period” (as defined in the Exchangeable Notes Indenture), then, subject to the provisions set forth in the Exchangeable Notes Indenture, the exchange rate applicable to such exchange will be increased by a number of shares set forth in the table contained in the Exchangeable Notes Indenture, based on a function of the time since origination and our stock price on the date of the occurrence of such Make-Whole Fundamental Change. The net proceeds received from the sale of the Exchangeable Notes of $336 million, net of underwriting fees and commissions, are being used for general corporate purposes.
The following table sets forth the carrying value of the Exchangeable Notes as of June 30, 2023 and December 31, 2022, (in thousands):
June 30, 2023December 31, 2022
Principal$333,220 $333,220 
Less: Unamortized debt issuance costs4,463 5,642 
Net carrying value$328,757 $327,578 

The following table sets forth interest expense recognized related to the Exchangeable Notes for the three and six months ended June 30, 2023 and 2022 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Contractual interest expense$3,332 $3,332 $6,664 $6,664 
Amortization of issuance costs593 565 1,179 1,124 

9. Derivatives
Hedging Objectives—We are exposed to certain risks relating to ongoing business operations. The primary risks managed by using derivative instruments are foreign currency exchange rate risk and interest rate risk. Forward contracts on various foreign currencies are entered into to manage the foreign currency exchange rate risk on operational expenditures' exposure
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denominated in foreign currencies. Interest rate swaps are entered into to manage interest rate risk associated with our floating-rate borrowings.
In accordance with authoritative guidance on accounting for derivatives and hedging, we designate foreign currency forward contracts as cash flow hedges on operational exposure and interest rate swaps as cash flow hedges of floating-rate borrowings.
Cash Flow Hedging Strategy—To protect against the reduction in value of forecasted foreign currency cash flows, we hedge portions of our revenues and expenses denominated in foreign currencies with forward contracts. For example, when the dollar strengthens significantly against the foreign currencies, the decline in present value of future foreign currency expense is offset by losses in the fair value of the forward contracts designated as hedges. Conversely, when the dollar weakens, the increase in the present value of future foreign currency expense is offset by gains in the fair value of the forward contracts. Due to the uncertainty driven by the COVID-19 pandemic on our foreign currency exposures, we have paused entering into new cash flow hedges of forecasted foreign currency cash flows until we have more clarity regarding the recovery trajectory and its impacts on net exposures. As of June 30, 2023 and December 31, 2022, we had no unsettled forward contracts.
We enter into interest rate swap agreements to manage interest rate risk exposure. The interest rate swap agreements modify our exposure to interest rate risk by converting floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense and net earnings. These agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreements without an exchange of the underlying principal amount.
For derivative instruments that are designated and qualify as cash flow hedges, the effective portions and ineffective portions of the gain or loss on the derivative instruments, and the hedge components excluded from the assessment of effectiveness, are reported as a component of other comprehensive income (loss) (“OCI”) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. Cash flow hedges are classified in the same category in the consolidated statements of cash flows as the items being hedged and gains and losses on the derivative financial instruments are reported in cash provided by (used in) operating activities within the consolidated statements of cash flows. Derivatives not designated as hedging instruments are carried at fair value with changes in fair value reflected in Other, net in the consolidated statements of operations.
Interest Rate Swap ContractsInterest rate swaps outstanding during the six months ended June 30, 2023 and 2022, are as follows:
Notional AmountInterest Rate
Received
Interest Rate PaidEffective DateMaturity Date
Designated as Hedging Instrument
$200 million
1 month SOFR(1)
1.71%(2)
April 30, 2022December 31, 2023
$150 million
1 month SOFR(1)
2.79%(3)
June 30, 2022December 31, 2023
$250 million
1 month SOFR(1)
4.72%
June 30, 2023June 30, 2026
$250 million
1 month SOFR(1)
3.88%
December 31, 2023December 31, 2024
______________________
(1)    Subject to a 0.5% floor.
(2)    Fixed fee of 1.71% effective April 30, 2022, and expiring December 30, 2022, and 3.09% effective December 31, 2022, and expiring December 31, 2023.
(3)    Fixed fee of 2.79% effective June 30, 2022, and expiring December 30, 2022, and 3.98% effective December 31, 2022, and expiring December 31, 2023.

In April 2022, we entered into an interest rate swap to hedge the interest payments associated with $200 million of the floating-rate 2022 Term Loan B-1 for the years 2022 and 2023. In June 2022, we entered into an interest rate swap to hedge the interest payments associated with $150 million of the floating-rate 2022 Term Loan B-1 for the years 2022 and 2023. In February 2023, we entered into a forward-starting interest rate swap to hedge the interest payments associated with $250 million of the floating-rate 2022 Term Loan B-1 for the year ended 2024. In June 2023, we entered into an interest rate swap to hedge the interest payments associated with $250 million of the floating-rate 2022 Term Loan B-2 for the years 2023 through 2026. We designated these swaps as cash flow hedges.
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The estimated fair values of our derivatives designated as hedging instruments as of June 30, 2023 and December 31, 2022 are as follows (in thousands):
 Derivative Assets
  Fair Value as of
Derivatives Designated as Hedging InstrumentsConsolidated Balance Sheet LocationJune 30, 2023December 31, 2022
Interest rate swaps
Prepaid expenses and other current assets
$3,374 $4,905 
Interest rate swapsOther noncurrent liabilities(127)(168)
Total $3,247 $4,737 

The effects of derivative instruments, net of taxes, on OCI for the three and six months ended June 30, 2023 and 2022 are as follows (in thousands):
 Amount of Gains (Losses) Recognized in OCI on Derivative,
Effective Portion
Derivatives in Cash Flow Hedging RelationshipsThree Months Ended June 30,Six Months Ended June 30,
2023202220232022
Interest rate swaps$1,181 $(18)$885 $(18)
Total$1,181 $(18)$885