0001597033-23-000108 | 10-Q | XBRL Viewer

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General Information	9 Months Ended
General Information	Sep. 30, 2023
Accounting Policies [Abstract]
General Information	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. 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 nine months ended September 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. 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). 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.

Fair Value Measurements - Schedule of Assets Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	$ 488,672	$ 657,127
Money market funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	280,952	153,252
Time deposits
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	158,648	444,835
Investment in securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investment in securities	44,341	54,303
Interest rate swaps
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivatives	4,731	4,737
Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	325,293	207,555
Level 1 \| Money market funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	280,952	153,252
Level 1 \| Time deposits
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Level 1 \| Investment in securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investment in securities	44,341	54,303
Level 1 \| Interest rate swaps
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivatives	0	0
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	163,379	449,572
Level 2 \| Money market funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Level 2 \| Time deposits
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	158,648	444,835
Level 2 \| Investment in securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investment in securities	0	0
Level 2 \| Interest rate swaps
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivatives	4,731	4,737
Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	0	0
Level 3 \| Money market funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Level 3 \| Time deposits
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Level 3 \| Investment in securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investment in securities	0	0
Level 3 \| Interest rate swaps
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivatives	$ 0	$ 0

Credit Losses - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 38,815
Provision for expected credit losses	7,421	$ 550
Write-offs	(6,716)
Other	1
Ending balance	$ 39,521

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Information

Segment information for the three and nine months ended September 30, 2023 and 2022 is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue
Travel Solutions	$	671,929	$	603,647	$	2,020,131	$	1,736,794
Hospitality Solutions	78,581		67,497		229,064		189,704
Eliminations	(10,049)		(7,750)		(28,510)		(20,662)
Total revenue	$	740,461	$	663,394	$	2,220,685	$	1,905,836
Adjusted Operating Income (Loss)(a)
Travel Solutions	$	142,089	$	69,311	$	348,560	$	172,501
Hospitality Solutions	107		(11,312)		(10,424)		(38,469)
Corporate	(58,515)		(57,283)		(180,685)		(171,783)
Total	$	83,681	$	716	$	157,451	$	(37,751)
Depreciation and amortization
Travel Solutions	$	20,050	$	28,043	$	64,929	$	84,329
Hospitality Solutions	6,256		5,216		18,285		16,502
Total segments	26,306		33,259		83,214		100,831
Corporate	10,357		10,100		30,657		41,862
Total	$	36,663	$	43,359	$	113,871	$	142,693
Capital Expenditures
Travel Solutions	$	14,155	$	12,129	$	45,906	$	30,526
Hospitality Solutions	1,489		1,118		5,642		4,884
Total segments	15,644		13,247		51,548		35,410
Corporate	4,776		6,843		17,062		18,064
Total	$	20,420	$	20,090	$	68,610	$	53,474

______________________

(a)The following table sets forth the reconciliation of operating income (loss) in our consolidated statements of operations to Adjusted Operating Income (Loss) (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating income (loss)	$	52,201	$	(56,535)	$	9,805	$	(206,260)
Add back:
Equity method income	512		199		1,394		215
Impairment and related charges(1)	—		5,146		—		5,146
Acquisition-related amortization(1)	10,176		9,824		30,043		41,075
Restructuring and other costs(2)	3,909		9,944		62,962		14,279
Acquisition-related costs(3)	270		424		1,658		6,333
Litigation costs, net(4)	3,519		15,365		12,752		31,380
Stock-based compensation	13,094		16,349		38,837		70,081
Adjusted Operating Income (Loss)	$	83,681	$	716	$	157,451	$	(37,751)

______________________

(1)Acquisition-related amortization represents amortization of intangible assets from the take-private transaction in 2007 as well as intangibles associated with acquisitions since that date.

(2)Restructuring and other costs in the current year primarily represents charges associated with our cost reduction plan implemented in the second quarter of 2023. See Note 5. Restructuring Activities to our consolidated financial statements. During 2022, charges, and adjustments to those charges, were recorded associated with planning and implementing business restructuring activities, including costs associated with third party consultants advising on our business structure and strategy.

(3)Acquisition-related costs represent fees and expenses incurred associated with acquisition and disposition-related activities.

(4)Litigation costs, net represent charges associated with antitrust litigation and other foreign non-income tax contingency matters. See Note 14. Contingencies.

Acquisitions and Dispositions	9 Months Ended
Acquisitions and Dispositions	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions 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 nine months ended September 30, 2022.

Derivatives - Schedule of Derivative Instruments Net of Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Amount of Gains Recognized in OCI on Derivative, Effective Portion	$ 3,703	$ 4,422	$ 4,588	$ 4,405
Amount of (Gains) Losses Reclassified from Accumulated OCI into Income, Effective Portion	(2,057)	(41)	(4,473)	203
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Amount of Gains Recognized in OCI on Derivative, Effective Portion	3,703	4,422	4,588	4,405
Amount of (Gains) Losses Reclassified from Accumulated OCI into Income, Effective Portion	(2,057)	(41)	(4,473)	203
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps
Derivative [Line Items]
Amount of Gains Recognized in OCI on Derivative, Effective Portion	3,703	4,422	4,588	4,405
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps \| Interest expense, net
Derivative [Line Items]
Amount of (Gains) Losses Reclassified from Accumulated OCI into Income, Effective Portion	$ (2,057)	$ (41)	$ (4,473)	$ 203

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Parenthetical)		3 Months Ended
	Aug. 24, 2020	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
6.50% Series A Mandatory Convertible Preferred Stock
Annual percentage rate	6.50%	6.50%	6.50%	6.50%	6.50%	6.50%	6.50%

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Revenue from External Customer [Line Items]
Revenue recognized	$ 24,000
Contract with customer, performance obligation satisfied in previous period	13,000
Cancellation reserve	39,521	$ 38,815
Air Bookings
Revenue from External Customer [Line Items]
Cancellation reserve	$ 11,000	$ 11,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts receivable, net of allowance for credit losses	$ 39,521	$ 38,815
Property and equipment, net of accumulated depreciation	$ 1,916,392	$ 1,939,215
Preferred stock (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	225,000,000	225,000,000
Preferred stock, shares issued (in shares)	0	3,290,000
Preferred stock, shares outstanding (in shares)	0	3,290,000
Preferred stock, aggregate liquidation value	$ 0	$ 329,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	405,781,000	353,436,000
Common stock, shares outstanding (in shares)	379,458,000	328,542,000
Treasury stock, shares held (in shares)	26,323,000	24,895,000
Customer relationships
Accumulated amortization on finite lived intangible assets	$ 821,350	$ 803,026
Other Intangible Assets
Accumulated amortization on finite lived intangible assets	$ 783,329	$ 771,611

Contingencies (Details) - USD ($)	1 Months Ended							3 Months Ended		9 Months Ended
Contingencies (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	May 31, 2022	Apr. 30, 2022	Apr. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2023	Dec. 31, 2016	Sep. 30, 2023	Sep. 30, 2022
VAT Tax Matters
Loss Contingencies [Line Items]
Accrual related to other taxes matters								$ 11,000,000		$ 11,000,000
US Airways Litigation
Loss Contingencies [Line Items]
Damages awarded					$ 15,000,000				$ 15,000,000
Litigation accrual							$ 32,000,000		32,000,000
Attorney fees and expenses									$ 17,000,000
US Airways Litigation \| US Airways
Loss Contingencies [Line Items]
Damages sought						$ 125,000,000
Damages awarded						15,000,000	$ 5,000,000
US Airways Litigation \| Minimum
Loss Contingencies [Line Items]
Damages sought						317,000,000
US Airways Litigation \| Maximum
Loss Contingencies [Line Items]
Damages sought						$ 482,000,000
US Airways Litigation, Retrial
Loss Contingencies [Line Items]
Damages paid		$ 3.05
Estimated loss accrued											$ 15,000,000
US Airways Litigation, Retrial \| US Airways
Loss Contingencies [Line Items]
Damages sought	$ 139,000,000
Damages awarded		$ 3.00	$ 1.00
US Airways Litigation, Retrial \| Minimum
Loss Contingencies [Line Items]
Damages sought				$ 204,000,000
US Airways Litigation, Retrial \| Maximum
Loss Contingencies [Line Items]
Damages sought				$ 299,000,000
Indian Income Tax Litigation \| Foreign Tax Authority
Loss Contingencies [Line Items]
Interest and penalties related to income taxes										$ 22,000,000

Derivatives - Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Designated as Hedging Instrument
Derivative [Line Items]
Total	$ 4,731	$ 4,737
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative liability	(2,149)	(168)
Designated as Hedging Instrument \| Interest rate swaps \| Prepaid expenses and other current assets
Derivative [Line Items]
Derivative asset	6,235	4,905
Designated as Hedging Instrument \| Interest rate swaps \| Other assets, net
Derivative [Line Items]
Derivative asset	$ 645	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

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 September 30, 2023 and December 31, 2022 (in thousands).


Account	Consolidated Balance Sheet Location	September 30, 2023		December 31, 2022
Contract assets and customer advances and discounts(1)	Prepaid expenses and other current assets / other assets, net	$	45,642	$	55,473
Trade and unbilled receivables, net	Accounts receivable, net	390,901		352,214
Long-term trade unbilled receivables, net	Other assets, net	10,311		16,129
Contract liabilities	Deferred revenues / other noncurrent liabilities	148,436		115,151

______________________

(1) Includes contract assets of $12 million for September 30, 2023 and December 31, 2022.

During the nine months ended September 30, 2023, we recognized revenue of approximately $24 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Distribution	$	524,801	$	430,826	$	1,581,092	$	1,205,252
IT Solutions	147,128		172,821		439,039		531,542
Total Travel Solutions	671,929		603,647		2,020,131		1,736,794
SynXis Software and Services	70,795		60,520		206,828		168,879
Other	7,786		6,977		22,236		20,825
Total Hospitality Solutions	78,581		67,497		229,064		189,704
Eliminations	(10,049)		(7,750)		(28,510)		(20,662)
Total Sabre Revenue	$	740,461	$	663,394	$	2,220,685	$	1,905,836

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 nine months ended September 30, 2023, the impact on revenue recognized in the current period from performance obligations partially or fully satisfied in the previous period is $13 million, which is primarily due to the recognition of revenue that was previously deferred but became recognizable due to a change in facts and circumstances associated with an IT Solutions customer. It is no longer considered probable that this revenue will be reversed and this amount was fully paid by the customer.

Our air booking cancellation reserve totaled $11 million as of September 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Redeemable Noncontrolling Interest

9 Months Ended

Sep. 30, 2023

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

On February 1, 2023, we sold common shares of a subsidiary, 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 September 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 September 30, 2023 (in thousands):


	Nine Months Ended September 30, 2023
Proceeds from sale of redeemable noncontrolling interest	$	16,000
Net loss attributable to redeemable noncontrolling interest	(1,278)
Redeemable noncontrolling interest, end of period	$	14,722

Segment Information - Schedule of Adjustment Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting [Abstract]
Operating income (loss)	$ 52,201	$ (56,535)	$ 9,805	$ (206,260)
Add back:
Equity method income	512	199	1,394	215
Impairment and related charges	0	5,146	0	5,146
Acquisition-related amortization	10,176	9,824	30,043	41,075
Restructuring and other costs	3,909	9,944	62,962	14,279
Acquisition-related costs	270	424	1,658	6,333
Litigation costs, net	3,519	15,365	12,752	31,380
Stock-based compensation	13,094	16,349	38,837	70,081
Adjusted Operating Income (Loss)	$ 83,681	$ 716	$ 157,451	$ (37,751)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (207,905)	$ (134,600)	$ (431,671)	$ (273,424)
Other comprehensive income, net of tax:
Foreign currency translation adjustments ("CTA")	(3,089)	(7,015)	769	(8,301)
Retirement-related benefit plans:
Net actuarial gain, net of taxes of $—, $52, $—, $52	90	263	90	1,934
Amortization of prior service credits, net of taxes of $—, $—, $—, $—	(358)	(358)	(1,074)	(1,074)
Amortization of actuarial losses, net of taxes of $—, $—, $—, $—	575	1,998	1,726	5,990
Net change in retirement-related benefit plans, net of tax	307	1,903	742	6,850
Derivatives:
Unrealized gains, net of taxes of $—, $—, $—, $—	3,703	4,422	4,588	4,405
Reclassification adjustment for realized (gains) losses, net of taxes of $—, $—, $—, $—	(2,057)	(41)	(4,473)	203
Net change in derivatives, net of tax	1,646	4,381	115	4,608
Share of other comprehensive loss of equity method investments	(45)	(564)	(382)	(110)
Other comprehensive (loss) income	(1,181)	(1,295)	1,244	3,047
Comprehensive loss	(209,086)	(135,895)	(430,427)	(270,377)
Less: Comprehensive (income) loss attributable to noncontrolling interests	(379)	(776)	522	(1,933)
Comprehensive loss attributable to Sabre Corporation	$ (209,465)	$ (136,671)	$ (429,905)	$ (272,310)

Restructuring Activities (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Accrued Liability Related to Severance and Related Benefits Costs

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):


	Nine Months Ended September 30, 2023
Balance as of January 1, 2023	$	—
Charges	56,398
Cash Payments	(40,783)
Balance as of September 30, 2023	$	15,615

Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swaps

Interest rate swaps outstanding during the nine months ended September 30, 2023 and 2022, are as follows:

Notional Amount

Interest Rate
Received

Interest Rate Paid

Effective Date

Maturity Date

Designated as Hedging Instrument

$200 million

1 month SOFR(1)

1.71%(2)

April 30, 2022

December 31, 2023

$150 million

1 month SOFR(1)

2.79%(3)

June 30, 2022

December 31, 2023

$250 million

1 month SOFR(1)

4.72%

June 30, 2023

June 30, 2026

$250 million

1 month SOFR(1)

3.88%

December 31, 2023

December 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.

Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments

The estimated fair values of our derivatives designated as hedging instruments as of September 30, 2023 and December 31, 2022 are as follows (in thousands):


	Derivative Assets
		Fair Value as of
Derivatives Designated as Hedging Instruments	Consolidated Balance Sheet Location	September 30, 2023		December 31, 2022




Interest rate swaps	Prepaid expenses and other current assets	$	6,235	$	4,905

Interest rate swaps	Other assets, net	645		—
Interest rate swaps	Other noncurrent liabilities	(2,149)		(168)
Total		$	4,731	$	4,737

Schedule of Derivative Instruments, Net of Taxes

The effects of derivative instruments, net of taxes, on OCI for the three and nine months ended September 30, 2023 and 2022 are as follows (in thousands):


	Amount of Gains Recognized in OCI on Derivative, Effective Portion
Derivatives in Cash Flow Hedging Relationships		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022

Interest rate swaps		$	3,703	$	4,422	$	4,588	$	4,405
Total		$	3,703	$	4,422	$	4,588	$	4,405


		Amount of (Gains) Losses Reclassified from Accumulated OCI into Income, Effective Portion
Derivatives in Cash Flow Hedging Relationships	Income Statement Location	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022

Interest rate swaps	Interest expense, net	$	(2,057)	$	(41)	$	(4,473)	$	203
Total		$	(2,057)	$	(41)	$	(4,473)	$	203

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Operating Activities
Net loss	$ (207,905)	$ (134,600)	$ (431,671)	$ (273,424)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	36,663	43,359	113,871	142,693
Loss on extinguishment of debt, net	121,120	0	108,577	3,533
Stock-based compensation expense			38,837	70,081
Paid-in-kind interest			26,386	0
Amortization of upfront incentive consideration			26,300	34,277
Amortization of debt discount and issuance costs			16,531	11,236
Loss on investment fair value adjustment			10,000	34,720
Provision for expected credit losses			7,421	550
Other			(4,714)	247
Deferred income taxes			(2,402)	(18,869)
Dividends received from equity method investments			1,514	533
Loss from discontinued operations	116	446	517	596
Gain on sale of assets and investments			0	(180,081)
Impairment and related charges	0	5,146	0	5,146
Debt modification costs			0	4,905
Gain on loan converted to equity			0	(3,568)
Changes in operating assets and liabilities:
Accounts and other receivables			(64,072)	(173,023)
Prepaid expenses and other current assets			20,480	(25,010)
Capitalized implementation costs			(6,576)	(10,043)
Upfront incentive consideration			(13,313)	(10,766)
Other assets			(1,902)	34,846
Accrued compensation and related benefits			(12,950)	(19,993)
Accounts payable and other accrued liabilities			93,728	60,545
Deferred revenue including upfront solution fees			33,657	(3,901)
Cash used in operating activities			(39,781)	(314,770)
Investing Activities
Additions to property and equipment	(20,420)	(20,090)	(68,610)	(53,474)
Acquisitions, net of cash acquired			(12,021)	(72,543)
Net proceeds from dispositions			0	392,268
Purchase of investment in equity securities			0	(80,000)
Cash (used in) provided by investing activities			(80,631)	186,251
Financing Activities
Payments on borrowings from lenders			(1,572,719)	(1,280,333)
Proceeds on borrowings from lenders			1,530,473	1,273,937
Proceeds from borrowings under AR Facility			208,600	0
Debt prepayment fees and issuance costs			(158,982)	(23,751)
Payments on borrowings under AR Facility			(78,600)	0
Dividends paid on preferred stock	(5,000)	(5,000)	(16,039)	(16,039)
Proceeds from sale of redeemable shares in subsidiary			16,000	0
Net payment on the settlement of equity-based awards			(5,451)	(15,857)
Other financing activities			4,200	397
Cash used in financing activities			(72,518)	(61,646)
Cash Flows from Discontinued Operations
Cash used in operating activities			(148)	(3,231)
Cash used in discontinued operations			(148)	(3,231)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(205)	(2,197)
Decrease in cash, cash equivalents and restricted cash			(193,283)	(195,593)
Cash, cash equivalents and restricted cash at beginning of period			815,923	999,391	$ 999,391
Cash, cash equivalents and restricted cash at end of period	$ 622,640	$ 803,798	622,640	803,798	$ 815,923
Non-cash additions to property and equipment			$ 0	$ 0

Credit Losses

9 Months Ended

Sep. 30, 2023

Credit Loss [Abstract]

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

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 nine months ended September 30, 2023 for our portfolio segment is summarized as follows (in thousands):


	Nine Months Ended September 30, 2023
Balance at December 31, 2022	$	38,815
Provision for expected credit losses	7,421
Write-offs	(6,716)
Other	1
Balance at September 30, 2023	$	39,521

Our provision for expected credit losses for the nine months ended September 30, 2023 increased $7 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.

Credit Losses (Tables)

9 Months Ended

Sep. 30, 2023

Credit Loss [Abstract]

Schedule of Allowance for Credit Losses

Our allowance for credit losses for the nine months ended September 30, 2023 for our portfolio segment is summarized as follows (in thousands):


	Nine Months Ended September 30, 2023
Balance at December 31, 2022	$	38,815
Provision for expected credit losses	7,421
Write-offs	(6,716)
Other	1
Balance at September 30, 2023	$	39,521

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following tables present our assets that are required to be measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 (in thousands):


			Fair Value at Reporting Date Using
Assets:	September 30, 2023		Level 1		Level 2		Level 3
Derivatives(1)
Interest rate swap contracts	$	4,731	$	—	$	4,731	$	—
Investment in securities	44,341		44,341		—		—
Money market funds	280,952		280,952		—		—
Time deposits	158,648		—		158,648		—
Total	$	488,672	$	325,293	$	163,379	$	—


			Fair Value at Reporting Date Using
Assets:	December 31, 2022		Level 1		Level 2		Level 3
Derivatives(1)
Interest rate swap contracts	$	4,737	$	—	$	4,737	$	—
Investment in securities	54,303		54,303		—		—
Money market funds	153,252		153,252		—		—
Time deposits	444,835		—		444,835		—
Total	$	657,127	$	207,555	$	449,572	$	—

______________________

(1) See Note 9. Derivatives for further detail.

Schedule of Fair Value and Carrying Value of Debt

The following table presents the fair value and carrying value of our senior notes and borrowings under our senior secured credit facilities as of September 30, 2023 and December 31, 2022 (in thousands):


	Fair Value at				Carrying Value at (1)
Financial Instrument	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
2021 Term Loan B-1	$	346,599	$	362,872	$	392,342	$	397,147
2021 Term Loan B-2	543,907		578,042		610,358		629,832
2022 Term Loan B-1	531,788		567,974		598,169		614,139
2022 Term Loan B-2	573,923		623,235		617,683		640,899
Senior Secured Term Loan Due 2028	726,293		—		726,386		—
9.25% senior secured notes due 2025	38,304		774,128		38,895		775,000
7.375% senior secured notes due 2025	62,016		813,539		63,019		850,000
4.00% senior exchangeable notes due 2025	329,615		358,440		333,220		333,220
8.625% senior secured notes due 2027	724,032		—		852,987		—
11.25% senior secured notes due 2027	509,568		572,058		545,963		544,770

______________________

(1)Excludes net unamortized debt issuance costs.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity Registrant Name	Sabre Corporation
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36422
Entity Tax Identification Number	20-8647322
Entity Address, Address Line One	3150 Sabre Drive
Entity Address, City or Town	Southlake
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76092
City Area Code	682
Local Phone Number	605-1000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	SABR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		379,481,247
Entity Central Index Key	0001597033
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Legal Proceedings While certain legal proceedings and related indemnification obligations to which we are a party specify the amounts claimed, these amounts may not represent reasonably possible losses. Given the inherent uncertainties of litigation, the ultimate outcome of these matters cannot be predicted at this time, nor can the amount of possible loss or range of loss, if any, be reasonably estimated, except in circumstances where an aggregate litigation accrual has been recorded for probable and reasonably estimable loss contingencies. A determination of the amount of accrual required, if any, for these contingencies is made after careful analysis of each matter. The amount of the accrual may change in the future due to new information or developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters. Antitrust Litigation and Investigations US Airways Antitrust Litigation In April 2011, US Airways filed suit against us in federal court in the Southern District of New York, alleging violations of the Sherman Act Section 1 (anticompetitive agreements) and Section 2 (monopolization). The complaint was filed fewer than two months after we entered into a new distribution agreement with US Airways. In September 2011, the court dismissed all claims relating to Section 2. The surviving claims included claims brought under Section 1 of the Sherman Act, relating to our contracts with US Airways, that US Airways claimed contain anticompetitive provisions, and an alleged conspiracy with the other GDSs, allegedly to maintain the industry structure and not to compete for content. We strongly deny all of the allegations made by US Airways. Sabre filed summary judgment motions in April 2014. In January 2015, the court issued an order granting Sabre's summary judgment motions in part, eliminating a majority of US Airways' alleged damages and rejecting its request for injunctive relief to bar Sabre from enforcing certain provisions in our contracts. In September 2015, the court also dismissed US Airways' claim for declaratory relief. In February 2017, US Airways sought reconsideration of the court's opinion dismissing the claim for declaratory relief, which the court denied in March 2017. US Airways estimated its damages in a range of $317 million to $482 million (before trebling), depending on certain assumptions; this quantification was substantially reduced following the court’s summary judgment ruling described above. The trial on the remaining claims commenced in October 2016. In December 2016, the jury issued a verdict in favor of US Airways with respect to its claim under Section 1 of the Sherman Act regarding Sabre's contract with US Airways and awarded it $5 million in single damages. The jury rejected US Airways' claim alleging a conspiracy with the other GDSs. Based on the jury’s verdict, in March 2017 the court entered final judgment in favor of US Airways in the amount of $15 million, which is three times the jury’s award of $5 million as required by the Sherman Act. As a result of the jury's verdict, US Airways was also entitled to receive reasonable attorneys’ fees and costs under the Sherman Act. As such, it filed a motion seeking approximately $125 million in attorneys’ fees and costs, an amount that we strongly disputed. In January 2018, the court denied US Airways' motion seeking attorneys' fees and costs, without prejudice. In the fourth quarter of 2016, we accrued a loss of $32 million, which represented the court's final judgment of $15 million, plus our estimate of $17 million for US Airways' reasonable attorneys’ fees, expenses and costs. In April 2017, we filed an appeal with the United States Court of Appeals for the Second Circuit seeking a reversal of the judgment. US Airways also filed a counter-appeal challenging earlier court orders, including the above-referenced dismissal and/or summary judgment orders as to portions of its claims and damages. In connection with this appeal, we posted an appellate bond equal to the aggregate amount of the $15 million judgment entered plus interest, which stayed the judgment pending the appeal. The Second Circuit heard oral arguments on this matter in December 2018. In September 2019, the Second Circuit issued its Order and Opinion in which it vacated the judgment with respect to US Airways’ claim under Section 1, reversed the trial court’s dismissal of US Airways’ claims relating to Section 2, and remanded the case to district court for a new trial. In addition, the Second Circuit affirmed the trial court’s ruling limiting US Airways’ damages. The judgment in our favor on US Airways' conspiracy claim remained intact. The lawsuit was remanded to federal court in the Southern District of New York for further proceedings consistent with the Second Circuit's Order and Opinion. The retrial began in April 2022. US Airways quantified its damages for the retrial in a range of $204 million to $299 million (before trebling), based on its payments of GDS booking fees to Sabre, alleged lost profits, and certain other assumptions. In May 2022, the jury rejected US Airways’ claim under Section 1 of the Sherman Act, finding that Sabre’s contractual terms were not anticompetitive, and found in favor of US Airways with respect to its monopolization claim for the period from 2007 to 2012 under Section 2 of the Sherman Act. The jury, however, only awarded US Airways $1.00 in single damages. Based on the jury’s verdict, in June 2022 the court entered final judgment in favor of US Airways in the amount of $3.00, which is three times the jury’s award of $1.00 as required by the Sherman Act. We have paid US Airways $3.05 to satisfy this portion of the judgment. Neither party has filed an appeal, and the period to file a timely appeal has passed. In addition, the court’s entry of judgment regarding the monopolization claim under Section 2 of the Sherman Act entitles US Airways to receive reasonable attorneys’ fees and costs under the Sherman Act. The court has referred the issue of the attorneys' fees and costs to a magistrate judge. The magistrate issued a recommendation, which the court has adopted in full, that US Airways is entitled to a reasonable attorneys' fees award, but that the award is subject to a reduction to reflect their nominal recovery. In June 2023, US Airways filed a motion seeking approximately $139 million in attorneys' fees and costs, an amount that we strongly dispute. During the quarter ended September 30, 2022, we accrued an estimated loss of $15 million in selling, general and administrative expenses for these attorneys' fees and costs, which did not have a significant effect on our results of operations for 2022; this amount is within our estimated range of outcomes based on our review of US Airways’ motion. The amount of attorneys’ fees and costs to be awarded is subject to the final decision by the trial court, which may be appealed. The ultimate resolution of this matter may be greater or less than the amount recorded and, if greater, could adversely affect our results of operations. We have incurred and will incur significant fees, costs and expenses as long as the lawsuit continues. Indian Income Tax Litigation We were a defendant in income tax litigation brought by the Indian Director of Income Tax (“DIT”) in the Supreme Court of India. The dispute arose in 1999 when the DIT asserted that we have a permanent establishment within the meaning of the Income Tax Treaty between the United States and the Republic of India and accordingly issued tax assessments for assessment years ending March 1998 and March 1999. The DIT later issued further tax assessments for assessment years ending March 2000 through March 2006. The DIT has continued to issue tax assessments on a similar basis for subsequent years; however, the tax assessments for assessment years ending March 2007 and later are not material. We appealed the tax assessments for assessment years ending March 1998 through March 2006 and the Indian Commissioner of Income Tax Appeals returned a mixed verdict. We filed further appeals with the Income Tax Appellate Tribunal (“ITAT”). On June 19, 2009 and July 10, 2009, the ITAT ruled in our favor, stating that no income would be chargeable to tax for assessment years ending March 1998 and March 1999, and from March 2000 through March 2006. The DIT appealed those decisions to the Delhi High Court, which found in our favor on July 19, 2010. The DIT appealed the decision to the Supreme Court of India which upheld the Delhi High Court ruling on April 19, 2023. We have appealed the tax assessments for the assessment years ended March 2013 to March 2018 and March 2021 with the ITAT and no trial date has been set for these subsequent years. In addition, Sabre Asia Pacific Pte Ltd (“SAPPL”) is currently a defendant in similar income tax litigation brought by the DIT. The dispute arose when the DIT asserted that SAPPL has a permanent establishment within the meaning of the Income Tax Treaty between Singapore and India and accordingly issued tax assessments for assessment years ending March 2000 through March 2005. SAPPL appealed the tax assessments, and the Indian Commissioner of Income Tax (Appeals) returned a mixed verdict. SAPPL filed further appeals with the ITAT. The ITAT ruled in SAPPL’s favor, finding that no income would be chargeable to tax for assessment years ending March 2000 through March 2005. The DIT appealed those decisions to the Bombay High Court and our case is pending before that court; the High Court dismissed the case for assessment years ending March 2001 through March 2004. The DIT also assessed taxes on a similar basis plus some additional issues for assessment years ending March 2006 through March 2015 and March 2018 through March 2020 and appeals for assessment years ending March 2006 through March 2016 and March 2018 through March 2020 are pending before the ITAT or the High Court depending on the year. If the DIT were to fully prevail on every claim against us, including SAPPL and other group companies, we could be subject to taxes, interest and penalties of approximately $22 million as of September 30, 2023. We intend to continue to aggressively defend against each of the foregoing claims. Although we do not believe that the outcome of the proceedings will result in a material impact on our business or financial condition, litigation is by its nature uncertain. We do not believe this outcome is more likely than not and therefore have not made any provisions or recorded any liability for the potential resolution of any of these claims. Indian Service Tax Litigation SAPPL's Indian subsidiary is also subject to litigation by the India Director General (Service Tax) (“DGST”), which has assessed the subsidiary for multiple years related to its alleged failure to pay service tax on marketing fees and reimbursements of expenses. Indian courts have returned verdicts favorable to the Indian subsidiary. The DGST has appealed the verdict to the Indian Supreme Court. We do not believe that an adverse outcome is probable and therefore have not made any provisions or recorded any liability for the potential resolution of any of these claims. Litigation Relating to Routine Proceedings We are also engaged from time to time in other routine legal and tax proceedings incidental to our business. We do not believe that any of these routine proceedings will have a material impact on the business or our financial condition. Other Other Tax Matters We operate in numerous jurisdictions in which taxing authorities may challenge our position with respect to income and non-income based taxes. We routinely receive inquiries and may also from time to time receive challenges or assessments from these taxing authorities. With respect to non-income based taxes, we recognize liabilities when we determine it is probable that amounts will be owed to the taxing authorities and such amounts are estimable. For example, in most countries we pay and collect Value Added Tax (“VAT”) when procuring goods and services, or providing services, within the normal course of business. VAT receivables are established in jurisdictions where VAT paid exceeds VAT collected and are recoverable through the filing of refund claims. These receivables have inherent audit and collection risks unique to the specific jurisdictions that evaluate our refund claims. We intend to vigorously defend our positions against any claims that are not insignificant, including through litigation when necessary. During the three and nine months ended September 30, 2023 we accrued $11 million associated with these other tax matters in selling, general and administrative expense. We will continue to monitor and update this estimate as additional information becomes available. We may incur expenses in future periods related to such matters, including litigation costs and possible pre-payment of a portion of any assessed tax amount to defend our position, and if our positions are ultimately rejected, it could have a material impact to our results of operations.

Revenue from Contracts with Customers - Schedule of Assets and Liabilities with Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from External Customer [Line Items]
Contract liabilities	$ 148,436	$ 115,151
Contract assets	12,000	12,000
Prepaid expenses and other current assets / other assets, net
Revenue from External Customer [Line Items]
Contract assets, current	45,642	55,473
Accounts receivable, net
Revenue from External Customer [Line Items]
Contract assets, current	390,901	352,214
Other assets, net
Revenue from External Customer [Line Items]
Long-term trade unbilled receivables, net	$ 10,311	$ 16,129

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of business segments	2

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

As of September 30, 2023 and December 31, 2022, our outstanding debt included in our consolidated balance sheets totaled $4,821 million and $4,741 million, respectively, which are net of debt issuance costs of $66 million and $44 million, respectively, and unamortized discounts of $68 million and $54 million, respectively. The following table sets forth the face values of our outstanding debt as of September 30, 2023 and December 31, 2022 (in thousands):


	Rate	Maturity	September 30, 2023		December 31, 2022
Senior secured credit facilities:
2021 Term Loan B-1	S(1) + 3.50%	December 2027	$	393,025	$	397,940
2021 Term Loan B-2	S(1) + 3.50%	December 2027	614,151		634,340
2022 Term Loan B-1	S(1) + 4.25%	June 2028	603,447		620,313
2022 Term Loan B-2	S(1) + 5.00%	June 2028	645,310		673,313
Senior Secured Term Loan Due 2028	RR(3) + 1.75%(4)	December 2028	726,386		—
AR Facility(2)	S(1) + 2.25%	January 2025	130,000		—
9.25% senior secured notes due 2025	9.25%	April 2025	38,895		775,000
7.375% senior secured notes due 2025	7.375%	September 2025	63,019		850,000
4.00% senior exchangeable notes due 2025	4.00%	April 2025	333,220		333,220
8.625% senior secured notes due 2027	8.625%	June 2027	852,987		—
11.25% senior secured notes due 2027	11.25%	December 2027	555,000		555,000
Face value of total debt outstanding			4,955,440		4,839,126
Less current portion of debt outstanding			(4,040)		(23,480)
Face value of long-term debt outstanding			$	4,951,400	$	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 $12 million as of September 30, 2023 and December 31, 2022, 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 year ended December 31, 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 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 September 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 $15 million, plus $10 million of accrued and unpaid interest on the 9.25% Senior Secured Notes, which were funded with cash on hand. We recognized a net gain on extinguishment of debt in connection with the June 2023 Refinancing during the nine months ended September 30, 2023 of $13 million. As of September 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. Interest on the Senior Secured Term Loan Due 2028 is accrued and payable or capitalized to principal if not elected to be paid in cash, commencing on June 13, 2023, and ending on the date three months thereafter and each successive three-month anniversary thereof on September 13, December 13, March 13, and June 13 of each year. We capitalized interest for the Senior Secured Term Loan Due 2028 totaling $26 million during the three and nine months ended September 30, 2023.

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 cash balances of at least $100 million in certain foreign subsidiaries and other covenants to ensure collateral of the applicable Foreign Guarantors meet certain minimum levels. The 2023 Term Loan Agreement also includes various non-financial covenants, including restrictions on making certain investments, disposition activities and affiliate transactions. In addition, the

2023 Term Loan Agreement contains customary prepayment events and financial and negative covenants and other representations, covenants and events of default based on, but in certain instances more restrictive than, the Amended and Restated Credit Agreement. As of September 30, 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.

On September 7, 2023, Sabre GLBL completed exchange offers in which approximately $787 million of our 7.375% senior secured notes due 2025 and approximately $66 million of our 9.25% senior secured notes due 2025 were exchanged for a combination of cash and approximately $853 million aggregate principal amount of 8.625% senior secured notes due 2027 (the “June 2027 Notes”), issued at par (the “September 2023 Exchange Transaction”). The June 2027 Notes are jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings and all of Sabre GLBL’s restricted subsidiaries that guarantee the Senior Secured Credit Facilities and the Secured Term Loan Due 2028. The June 2027 Notes bear interest at a rate of 8.625% per annum and interest payments are due semi-annually in arrears on March 1 and September 1 of each year, beginning March 1, 2024. The June 2027 Notes mature on June 1, 2027. Sabre GLBL did not receive any cash proceeds from the exchange and did not incur additional indebtedness in excess of the aggregate principal amount of existing notes that were exchanged. We incurred additional fees of approximately $133 million, primarily consisting of approximately $115 million in exchange fees, $15 million in underwriting and associated fees and expenses plus $3 million of accrued and unpaid interest, all of which were funded with cash on hand. We determined that the exchange transaction, including the impact of the exchange fees, represents a debt extinguishment and therefore recognized a loss on extinguishment of debt during the three and nine months ended September 30, 2023, of $121 million, consisting of $115 million in exchange fees related to the June 2027 Notes and $6 million related to the write-off of unamortized debt issuance costs on the 9.25% senior secured notes and 7.375% senior secured notes.

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 September 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 September 30, 2023, $389 million of Receivables are held as assets by Sabre Securitization, consisting of $379 million of accounts receivable and $10 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 September 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 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 September 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 September 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 September 30, 2023 and December 31, 2022, (in thousands):


	September 30, 2023		December 31, 2022
Principal	$	333,220	$	333,220

Less: Unamortized debt issuance costs	3,863		5,642
Net carrying value	$	329,357	$	327,578

The following table sets forth interest expense recognized related to the Exchangeable Notes for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Contractual interest expense	$	3,332	$	3,332	$	9,997	$	9,997
Amortization of issuance costs	600		572		1,779		1,696

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Accumulated Other Comprehensive Loss - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Equity [Abstract]
Contributions to defined benefit pension plan	$ 11
Expected contributions to defined benefit pension plan	$ 13

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for that asset or liability. Guidance on fair value measurements and disclosures establishes a valuation hierarchy for disclosure of inputs used in measuring fair value defined as follows:

Level 1—Inputs are unadjusted quoted prices that are available in active markets for identical assets or liabilities.

Level 2—Inputs include quoted prices for similar assets and liabilities in active markets and quoted prices in non-active markets, inputs other than quoted prices that are observable, and inputs that are not directly observable, but are corroborated by observable market data.

Level 3—Inputs that are unobservable and are supported by little or no market activity and reflect the use of significant management judgment.

The classification of a financial asset or liability within the hierarchy is determined based on the least reliable level of input that is significant to the fair value measurement. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We also consider the counterparty and our own non-performance risk in our assessment of fair value.

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

Interest Rate Swaps—The fair value of our interest rate swaps is estimated using a combined income and market-based valuation methodology based upon Level 2 inputs, including credit ratings and forward interest rate yield curves obtained from independent pricing services.

Money market funds—Our valuation technique used to measure the fair values of our money market funds was derived from quoted market prices and active markets for these instruments that exist.

Time deposits—Our valuation technique used to measure the fair values of our time deposit instruments was derived from the following: non-binding market consensus prices that were corroborated by observable market data and quoted market prices for similar instruments.

Investment in securities—In May 2022, we acquired 8 million shares of Class A Common Stock, par value of $0.0001 per share, of Global Business Travel Group, Inc. (“GBT”) for an aggregate purchase price of $80 million, which is included in prepaid expenses and other current assets in our consolidated balance sheets. As of September 30, 2023, we continued to own these 8 million shares. The terms of these shares do not contain any restrictions that would impact our ability to sell the shares in the future. The fair value of our investment in GBT is based on its share price, a Level 1 input, as the stock is publicly traded on the New York Stock Exchange under the symbol GBTG.

The following tables present our assets that are required to be measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 (in thousands):


			Fair Value at Reporting Date Using
Assets:	September 30, 2023		Level 1		Level 2		Level 3
Derivatives(1)
Interest rate swap contracts	$	4,731	$	—	$	4,731	$	—
Investment in securities	44,341		44,341		—		—
Money market funds	280,952		280,952		—		—
Time deposits	158,648		—		158,648		—
Total	$	488,672	$	325,293	$	163,379	$	—


			Fair Value at Reporting Date Using
Assets:	December 31, 2022		Level 1		Level 2		Level 3
Derivatives(1)
Interest rate swap contracts	$	4,737	$	—	$	4,737	$	—
Investment in securities	54,303		54,303		—		—
Money market funds	153,252		153,252		—		—
Time deposits	444,835		—		444,835		—
Total	$	657,127	$	207,555	$	449,572	$	—

______________________

(1) See Note 9. Derivatives for further detail.

There were no transfers between Levels 1 and 2 within the fair value hierarchy for the three and nine months ended September 30, 2023.

Unrealized losses recognized during the three and nine months ended September 30, 2023 from our investments in securities totaled $14 million and $10 million, respectively, and $5 million and $35 million during the three and nine months ended September 30, 2022, respectively, which is recorded to Other, net within our results of operations.

Other Financial Instruments

The carrying value of our financial instruments including cash and cash equivalents, restricted cash and accounts receivable approximates their fair values due to the short term nature of these instruments. The fair values of our Exchangeable Notes, senior secured notes due 2025 and 2027 and term loans under our Amended and Restated Credit Agreement are determined based on quoted market prices for a similar liability when traded as an asset in an active market, a Level 2 input. The fair value of our Senior Secured Term Loan Due 2028 under our 2023 Term Loan Agreement is determined 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 on each of the 20 prior trading days plus (i) 25 basis points for cash interest or (ii) 175 basis points for payable-in-kind interest, a Level 3 input. The outstanding principal balances of our AR Facility approximated its fair value as of September 30, 2023.


	Fair Value at				Carrying Value at (1)
Financial Instrument	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
2021 Term Loan B-1	$	346,599	$	362,872	$	392,342	$	397,147
2021 Term Loan B-2	543,907		578,042		610,358		629,832
2022 Term Loan B-1	531,788		567,974		598,169		614,139
2022 Term Loan B-2	573,923		623,235		617,683		640,899
Senior Secured Term Loan Due 2028	726,293		—		726,386		—
9.25% senior secured notes due 2025	38,304		774,128		38,895		775,000
7.375% senior secured notes due 2025	62,016		813,539		63,019		850,000
4.00% senior exchangeable notes due 2025	329,615		358,440		333,220		333,220
8.625% senior secured notes due 2027	724,032		—		852,987		—
11.25% senior secured notes due 2027	509,568		572,058		545,963		544,770

______________________

(1)Excludes net unamortized debt issuance costs.

Assets that are Measured at Fair Value on a Nonrecurring Basis

We assess goodwill and other intangible assets with indefinite lives for impairment annually or more frequently if indicators arise. We continually monitor events and changes in circumstances such as changes in market conditions, near and long-term demand and other relevant factors, that could indicate that the fair value of any one of our reporting units may more likely than not have fallen below its respective carrying amount. We have not identified any triggering events or changes in circumstances since the performance of our annual goodwill impairment test that would require us to perform another goodwill impairment test and we did not record any goodwill impairment charges for the three and nine months ended September 30, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following table sets forth the face values of our outstanding debt as of September 30, 2023 and December 31, 2022 (in thousands):


	Rate	Maturity	September 30, 2023		December 31, 2022
Senior secured credit facilities:
2021 Term Loan B-1	S(1) + 3.50%	December 2027	$	393,025	$	397,940
2021 Term Loan B-2	S(1) + 3.50%	December 2027	614,151		634,340
2022 Term Loan B-1	S(1) + 4.25%	June 2028	603,447		620,313
2022 Term Loan B-2	S(1) + 5.00%	June 2028	645,310		673,313
Senior Secured Term Loan Due 2028	RR(3) + 1.75%(4)	December 2028	726,386		—
AR Facility(2)	S(1) + 2.25%	January 2025	130,000		—
9.25% senior secured notes due 2025	9.25%	April 2025	38,895		775,000
7.375% senior secured notes due 2025	7.375%	September 2025	63,019		850,000
4.00% senior exchangeable notes due 2025	4.00%	April 2025	333,220		333,220
8.625% senior secured notes due 2027	8.625%	June 2027	852,987		—
11.25% senior secured notes due 2027	11.25%	December 2027	555,000		555,000
Face value of total debt outstanding			4,955,440		4,839,126
Less current portion of debt outstanding			(4,040)		(23,480)
Face value of long-term debt outstanding			$	4,951,400	$	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%.

Schedule of Exchangeable Debt

The following table sets forth the carrying value of the Exchangeable Notes as of September 30, 2023 and December 31, 2022, (in thousands):


	September 30, 2023		December 31, 2022
Principal	$	333,220	$	333,220

Less: Unamortized debt issuance costs	3,863		5,642
Net carrying value	$	329,357	$	327,578

Schedule of Interest Expense Recognized

The following table sets forth interest expense recognized related to the Exchangeable Notes for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Contractual interest expense	$	3,332	$	3,332	$	9,997	$	9,997
Amortization of issuance costs	600		572		1,779		1,696

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (208,284)	$ (135,376)	$ (431,149)	$ (275,357)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables prearranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material non-public information. Our Insider Trading Policy permits our employees, including officers (as defined in Rule 16a-1(f) under the Exchange Act) (“Section 16 Officers”), and our directors to enter into trading plans designed to comply with Rule 10b5-1 under the Exchange Act. During the third quarter of 2023, our Section 16 Officers and our directors adopted or terminated contracts, instructions or written plans for the purchase or sale of our securities as noted below:

Trading Arrangement

Name and Title

Action

Date

Rule 10b5-1*

Non-Rule 10b5-1**

Aggregate Number

of Securities to be

Purchased or Sold

Expiration Date

Sean Menke, Chief Executive Officer and Chair of the Board

Adoption

August 9, 2023

Sale of up to 700,000 shares of common stock in several transactions during 2023 and 2024

March 29, 2024

* Intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act

** Not intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Sean Menke [Member]

Trading Arrangements, by Individual

Name

Sean Menke

Title

Chief Executive Officer and Chair of the Board

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

August 9, 2023

Arrangement Duration

233 days

Aggregate Available

700,000

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the nine months ended September 30, 2023, we recognized $17 million of income tax expense, representing an effective tax rate of less than 1%, compared to an income tax benefit of $2 million, representing an effective tax rate of less than 1% for the nine months ended September 30, 2022. The effective tax rate decreased for the nine months ended September 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 nine month periods. The difference between our effective tax rates and the U.S. federal statutory income tax rate primarily results from valuation allowances, our geographic mix of taxable income in various tax jurisdictions, tax permanent differences and tax credits. 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 September 30, 2023, a cumulative valuation allowance of $572 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 $65 million and $76 million as of September 30, 2023 and December 31, 2022, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($)
$ in Thousands

Total

Preferred Stock

Common Stock

Additional Paid in Capital

Treasury Stock

Retained Deficit

Accumulated Other Comprehensive Loss

Noncontrolling Interest

Preferred stock, beginning balance (in shares) at Dec. 31, 2021

3,290,000

Stockholders' equity, beginning balance at Dec. 31, 2021

$ (499,717)

$ 33

$ 3,464

$ 3,115,719

$ (498,141)

$ (3,049,695)

$ (80,287)

$ 9,190

Common stock, beginning balance (in shares) at Mar. 31, 2022

350,314,109

Treasury stock, beginning balance (in shares) at Dec. 31, 2021

22,929,668

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss)

50,142

47,406

2,464

272

Preferred stock dividends

^[1]

(5,346)

Settlement of stock-based awards (in shares)

3,883,688

1,077,178

Settlement of stock-based awards

(10,270)

$ 39

(9)

$ (10,300)

Stock-based compensation expense

27,605

Other

(119)

Preferred stock, ending balance (in shares) at Mar. 31, 2022

3,290,000

Stockholders' equity, ending balance at Mar. 31, 2022

$ (437,705)

$ 33

$ 3,503

3,143,315

$ (508,441)

(3,007,635)

(77,823)

9,343

Common stock, ending balance (in shares) at Dec. 31, 2021

346,430,421

Treasury stock, ending balance (in shares) at Mar. 31, 2022

24,006,846

Preferred stock, beginning balance (in shares) at Dec. 31, 2021

3,290,000

Stockholders' equity, beginning balance at Dec. 31, 2021

$ (499,717)

$ 33

$ 3,464

3,115,719

$ (498,141)

(3,049,695)

(80,287)

9,190

Common stock, beginning balance (in shares) at Sep. 30, 2022

353,203,907

Treasury stock, beginning balance (in shares) at Dec. 31, 2021

22,929,668

Preferred stock, ending balance (in shares) at Sep. 30, 2022

3,290,000

Stockholders' equity, ending balance at Sep. 30, 2022

(731,996)

$ 33

$ 3,532

3,185,790

$ (513,988)

(3,341,091)

(77,240)

10,968

Common stock, ending balance (in shares) at Dec. 31, 2021

346,430,421

Treasury stock, ending balance (in shares) at Sep. 30, 2022

24,877,308

Preferred stock, beginning balance (in shares) at Mar. 31, 2022

3,290,000

Stockholders' equity, beginning balance at Mar. 31, 2022

(437,705)

$ 33

$ 3,503

3,143,315

$ (508,441)

(3,007,635)

(77,823)

9,343

Common stock, beginning balance (in shares) at Jun. 30, 2022

352,943,330

Treasury stock, beginning balance (in shares) at Mar. 31, 2022

24,006,846

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss)

(184,624)

(187,387)

1,878

885

Preferred stock dividends

^[1]

(5,347)

Settlement of stock-based awards (in shares)

2,629,221

777,678

Settlement of stock-based awards

(4,996)

$ 26

(1)

$ (5,021)

Stock-based compensation expense

26,127

Other

(37)

Preferred stock, ending balance (in shares) at Jun. 30, 2022

3,290,000

Stockholders' equity, ending balance at Jun. 30, 2022

(606,582)

$ 33

$ 3,529

3,169,441

$ (513,462)

(3,200,369)

(75,945)

10,191

Common stock, ending balance (in shares) at Mar. 31, 2022

350,314,109

Treasury stock, ending balance (in shares) at Jun. 30, 2022

24,784,524

Common stock, beginning balance (in shares) at Sep. 30, 2022

353,203,907

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss)

(135,895)

(135,376)

(1,295)

776

Preferred stock dividends

^[1]

(5,346)

Settlement of stock-based awards (in shares)

260,577

92,784

Settlement of stock-based awards

(523)

$ 3

$ (526)

Stock-based compensation expense

16,349

Other

Preferred stock, ending balance (in shares) at Sep. 30, 2022

3,290,000

Stockholders' equity, ending balance at Sep. 30, 2022

$ (731,996)

$ 33

$ 3,532

3,185,790

$ (513,988)

(3,341,091)

(77,240)

10,968

Common stock, ending balance (in shares) at Jun. 30, 2022

352,943,330

Treasury stock, ending balance (in shares) at Sep. 30, 2022

24,877,308

Preferred stock, beginning balance (in shares) at Dec. 31, 2022

3,290,000

Stockholders' equity, beginning balance at Dec. 31, 2022

$ (872,827)

$ 33

$ 3,534

3,198,580

$ (514,215)

(3,506,528)

(65,731)

11,500

Common stock, beginning balance (in shares) at Mar. 31, 2023

358,108,284

Treasury stock, beginning balance (in shares) at Dec. 31, 2022

24,895,000

24,894,998

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss)

$ (98,133)

(98,934)

1,252

(451)

Preferred stock dividends

^[2]

(5,346)

Settlement of stock-based awards (in shares)

4,671,781

1,304,145

Settlement of stock-based awards

(5,247)

$ 47

(5)

$ (5,289)

Stock-based compensation expense

17,005

Preferred stock, ending balance (in shares) at Mar. 31, 2023

3,290,000

Stockholders' equity, ending balance at Mar. 31, 2023

$ (964,548)

$ 33

$ 3,581

3,215,580

$ (519,504)

(3,610,808)

(64,479)

11,049

Common stock, ending balance (in shares) at Dec. 31, 2022

328,542,000

353,436,503

Treasury stock, ending balance (in shares) at Mar. 31, 2023

26,199,143

Preferred stock, beginning balance (in shares) at Dec. 31, 2022

3,290,000

Stockholders' equity, beginning balance at Dec. 31, 2022

$ (872,827)

$ 33

$ 3,534

3,198,580

$ (514,215)

(3,506,528)

(65,731)

11,500

Common stock, beginning balance (in shares) at Sep. 30, 2023

379,458,000

405,781,012

Treasury stock, beginning balance (in shares) at Dec. 31, 2022

24,895,000

24,894,998

Preferred stock, ending balance (in shares) at Sep. 30, 2023

Stockholders' equity, ending balance at Sep. 30, 2023

$ (1,282,656)

$ 0

$ 4,058

3,237,529

$ (520,041)

(3,951,934)

(64,487)

12,219

Common stock, ending balance (in shares) at Dec. 31, 2022

328,542,000

353,436,503

Treasury stock, ending balance (in shares) at Sep. 30, 2023

26,323,000

26,322,864

Preferred stock, beginning balance (in shares) at Mar. 31, 2023

3,290,000

Stockholders' equity, beginning balance at Mar. 31, 2023

$ (964,548)

$ 33

$ 3,581

3,215,580

$ (519,504)

(3,610,808)

(64,479)

11,049

Common stock, beginning balance (in shares) at Jun. 30, 2023

358,563,492

Treasury stock, beginning balance (in shares) at Mar. 31, 2023

26,199,143

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss)

(122,243)

(123,931)

1,172

516

Preferred stock dividends

^[2]

(5,347)

Settlement of stock-based awards (in shares)

455,208

67,470

Settlement of stock-based awards

(256)

$ 5

$ (261)

Stock-based compensation expense

8,738

Other

Preferred stock, ending balance (in shares) at Jun. 30, 2023

3,290,000

Stockholders' equity, ending balance at Jun. 30, 2023

$ (1,083,656)

$ 33

$ 3,586

3,224,318

$ (519,765)

(3,740,086)

(63,307)

11,565

Common stock, ending balance (in shares) at Mar. 31, 2023

358,108,284

Treasury stock, ending balance (in shares) at Jun. 30, 2023

26,266,613

Common stock, beginning balance (in shares) at Sep. 30, 2023

379,458,000

405,781,012

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss)

$ (208,810)

(208,284)

(1,180)

654

Preferred stock dividends

^[2]

(3,564)

Conversion of preferred stock to common stock (in shares)

3,290,000

46,999,367

Conversion of preferred stock to common stock

$ (33)

$ 470

(437)

Settlement of stock-based awards (in shares)

218,153

56,251

Settlement of stock-based awards

106

$ 2

380

$ (276)

Stock-based compensation expense

13,094

Other

$ 174

174

Preferred stock, ending balance (in shares) at Sep. 30, 2023

Stockholders' equity, ending balance at Sep. 30, 2023

$ (1,282,656)

$ 0

$ 4,058

$ 3,237,529

$ (520,041)

$ (3,951,934)

$ (64,487)

$ 12,219

Common stock, ending balance (in shares) at Jun. 30, 2023

358,563,492

Treasury stock, ending balance (in shares) at Sep. 30, 2023

26,323,000

26,322,864

[1]	Our mandatory convertible preferred stock accumulated cumulative dividends at an annual rate of 6.50%.
[2]	Our mandatory convertible preferred stock accumulated cumulative dividends at an annual rate of 6.50%

Debt - Schedule of Exchangeable Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Net carrying value	$ 4,821,000	$ 4,741,000
Convertible Debt \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Principal	333,220	333,220
Less: Unamortized debt issuance costs	3,863	5,642
Net carrying value	$ 329,357	$ 327,578

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Redeemable Noncontrolling Interest - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Proceeds from sale of redeemable noncontrolling interest	$ 16,000	$ 0
Net loss attributable to redeemable noncontrolling interest	(1,278)
Redeemable noncontrolling interest, end of period	$ 14,722		$ 0

Revenue from Contracts with Customers - Schedule of Revenues Disaggregated by Business (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	$ 740,461	$ 663,394	$ 2,220,685	$ 1,905,836
Operating Segments \| Travel Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	671,929	603,647	2,020,131	1,736,794
Operating Segments \| Travel Solutions \| Distribution
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	524,801	430,826	1,581,092	1,205,252
Operating Segments \| Travel Solutions \| IT Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	147,128	172,821	439,039	531,542
Operating Segments \| Hospitality Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	78,581	67,497	229,064	189,704
Operating Segments \| Hospitality Solutions \| SynXis Software and Services
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	70,795	60,520	206,828	168,879
Operating Segments \| Hospitality Solutions \| Other
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	7,786	6,977	22,236	20,825
Eliminations
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	$ (10,049)	$ (7,750)	$ (28,510)	$ (20,662)

Credit Losses - Narrative (Details) $ in Millions	9 Months Ended
Credit Losses - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Credit Loss [Abstract]
Increase in allowance for credit losses	$ 7

Debt - Narrative (Details)									3 Months Ended		9 Months Ended		12 Months Ended
Debt - Narrative (Details)	Sep. 07, 2023 USD ($)	Jun. 13, 2023 USD ($)	Mar. 30, 2023 USD ($)	Feb. 14, 2023 USD ($)	Dec. 06, 2022 USD ($)	Aug. 15, 2022 USD ($)	Mar. 09, 2022 USD ($)	Apr. 17, 2020 USD ($) day $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) shares
Debt Instrument [Line Items]
Outstanding debt									$ 4,821,000,000		$ 4,821,000,000		$ 4,741,000,000
Debt issuance costs									66,000,000		66,000,000		44,000,000
Unamortized discount									68,000,000		68,000,000		54,000,000
Proceeds on borrowings from lenders											1,530,473,000	$ 1,273,937,000
Gain (loss) on extinguishment of debt									(121,120,000)	$ 0	(108,577,000)	(3,533,000)
Payment of underwriting fees, commissions and other expenses											158,982,000	$ 23,751,000
AR Facility
Debt Instrument [Line Items]
Drawn fee				2.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Cash collateral for borrowed securities									21,000,000		21,000,000		21,000,000
Line of Credit
Debt Instrument [Line Items]
Value of debt outstanding									130,000,000		130,000,000		0
Line of Credit \| AR Facility
Debt Instrument [Line Items]
Debt issuance costs				$ 2,000,000
Proceeds on borrowings from lenders			$ 115,000,000
Debt term				3 years
Assets									389,000,000		389,000,000
Line of Credit \| AR Facility \| Accounts receivable, net
Debt Instrument [Line Items]
Assets									379,000,000		379,000,000
Line of Credit \| AR Facility \| Other assets, net
Debt Instrument [Line Items]
Assets									10,000,000		10,000,000
Line of Credit \| AR Facility \| Maximum
Debt Instrument [Line Items]
Aggregate principal amount of debt				$ 200,000,000
Line of Credit \| AR Facility \| SOFR Floor
Debt Instrument [Line Items]
Basis spread on rate				0.00%
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Outstanding letters of credit									12,000,000		12,000,000		12,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Value of debt outstanding									130,000,000		$ 130,000,000
Term Loan \| Senior Secured Credit Facilities
Debt Instrument [Line Items]
Debt instrument, prepayment or repayment period											15 months
Term Loan \| 2022 Term Loan B-1 Facility
Debt Instrument [Line Items]
Proceeds on borrowings from lenders							$ 625,000,000
Debt instrument, unamortized discount							1,000,000
Debt instrument, fee amount							$ 1,000,000
Gain (loss) on extinguishment of debt													(4,000,000)
Payments of debt restructuring costs													1,000,000
Debt instrument, prepayment or repayment period							12 months
Debt instrument, prepayment or repayment premium							1.01
Value of debt outstanding									603,447,000		$ 603,447,000		620,313,000
Term Loan \| 2022 Term Loan B-1 Facility, Including Additional Discounts And Fees
Debt Instrument [Line Items]
Debt instrument, unamortized discount							$ 5,000,000
Debt instrument, fee amount							3,000,000
Term Loan \| Term Loan B
Debt Instrument [Line Items]
Outstanding debt						$ 647,000,000	$ 623,000,000
Gain (loss) on extinguishment of debt													(1,000,000)
Extinguishment of debt					$ 536,000,000
Accrued interest redeemed					1,000,000
Write-off of unamortized debt issuance costs													1,000,000
Term Loan \| 2021 Term Loan B-1, 2021 Term Loan B-2 And 2022 Term Loan B-2
Debt Instrument [Line Items]
Repurchase of debt		$ 15,000,000
Term Loan \| 2022 Term Loan B-2 Facility
Debt Instrument [Line Items]
Proceeds on borrowings from lenders						675,000,000
Debt instrument, unamortized discount						25,000,000
Debt instrument, fee amount						3,000,000
Gain (loss) on extinguishment of debt													0
Payments of debt restructuring costs													$ 5,000,000
Debt instrument, prepayment or repayment period													12 months
Debt instrument, prepayment or repayment premium													1.01
Value of debt outstanding									645,310,000		645,310,000		$ 673,313,000
Term Loan \| 2022 Term Loan B-2 Facility, Including Additional Discounts And Fees
Debt Instrument [Line Items]
Debt instrument, unamortized discount						9,000,000
Debt instrument, fee amount						$ 2,000,000
Term Loan \| Senior Secured Term Loan Due 2028
Debt Instrument [Line Items]
Debt instrument, unamortized discount		23,000,000
Debt instrument, fee amount		13,000,000
Aggregate principal amount of debt		700,000,000
Net proceeds from sale of debt		$ 700,000,000
Prepayment premium, percentage of applicable interest margin		25.00%
Number of prior trading days triggering floating rate trance		20 days
Reference rate		13.00%
Minimum required cash balance in certain foreign subsidiaries		$ 100,000,000
Value of debt outstanding									726,386,000		$ 726,386,000		0
Term Loan \| Senior Secured Term Loan Due 2028 \| Cash interest
Debt Instrument [Line Items]
Basis spread on rate											0.25%
Term Loan \| Senior Secured Term Loan Due 2028 \| Cash interest \| Minimum
Debt Instrument [Line Items]
Debt instrument interest rate percentage		11.50%
Term Loan \| Senior Secured Term Loan Due 2028 \| Cash interest \| Maximum
Debt Instrument [Line Items]
Debt instrument interest rate percentage		17.50%
Term Loan \| Senior Secured Term Loan Due 2028 \| Payable-in-kind interest
Debt Instrument [Line Items]
Basis spread on rate											1.75%
Term Loan \| Senior Secured Term Loan Due 2028 \| Payable-in-kind interest \| Minimum
Debt Instrument [Line Items]
Debt instrument interest rate percentage		13.00%
Term Loan \| Senior Secured Term Loan Due 2028 \| Payable-in-kind interest \| Maximum
Debt Instrument [Line Items]
Debt instrument interest rate percentage		19.00%
Term Loan \| Senior Secured Term Loan Due 2028 \| Reference Rate
Debt Instrument [Line Items]
Basis spread on rate											1.75%
Term Loan \| Senior Secured Term Loan Due 2028 \| Reference Rate \| Cash interest
Debt Instrument [Line Items]
Basis spread on rate		0.25%									0.25%
Term Loan \| Senior Secured Term Loan Due 2028 \| Reference Rate \| Payable-in-kind interest
Debt Instrument [Line Items]
Basis spread on rate		1.75%									1.75%
Senior Secured Notes \| Senior Secured Notes 7.375% Due 2025 And Senior Secured Notes 9.25% Due 2025
Debt Instrument [Line Items]
Write-off of unamortized debt issuance costs									$ 6,000,000		$ 6,000,000
Senior Secured Notes \| Senior Secured Notes due 2025
Debt Instrument [Line Items]
Debt instrument, fee amount		$ 15,000,000
Gain (loss) on extinguishment of debt											$ 13,000,000
Repurchase of debt		$ 650,000,000
Debt instrument interest rate percentage	9.25%	9.25%							9.25%		9.25%
Accrued and unpaid interest		$ 10,000,000
Debt exchanged	$ 66,000,000
Value of debt outstanding									$ 38,895,000		$ 38,895,000		775,000,000
Senior Secured Notes \| 7.375% senior secured notes due 2025
Debt Instrument [Line Items]
Debt instrument interest rate percentage	7.375%								7.375%		7.375%
Debt exchanged	$ 787,000,000
Value of debt outstanding									$ 63,019,000		$ 63,019,000		850,000,000
Senior Secured Notes \| December 2027 Notes
Debt Instrument [Line Items]
Debt instrument, unamortized discount					10,000,000
Aggregate principal amount of debt					555,000,000
Net proceeds from sale of debt					$ 545,000,000
Debt instrument interest rate percentage					11.25%
Discount rate at issuance					0.01866
Remaining proceeds from sale of debt					$ 8,000,000
Payment of underwriting fees, commissions and other expenses					$ 10,000,000
Senior Secured Notes \| June 2027 Notes
Debt Instrument [Line Items]
Debt instrument, fee amount	133,000,000
Gain (loss) on extinguishment of debt									$ (121,000,000)		$ (121,000,000)
Aggregate principal amount of debt	$ 853,000,000
Debt instrument interest rate percentage	8.625%								8.625%		8.625%
Accrued and unpaid interest	$ 3,000,000
Exchange fees	115,000,000								$ 115,000,000		$ 115,000,000
Underwriting and associated fees	$ 15,000,000
Value of debt outstanding									$ 852,987,000		$ 852,987,000		0
Senior Secured Notes \| Exchangeable Notes
Debt Instrument [Line Items]
Debt instrument interest rate percentage									4.00%		4.00%
Value of debt outstanding									$ 333,220,000		$ 333,220,000		333,220,000
Conversion rate								0.1269499
Secured Debt \| Senior Secured Term Loan Due 2028
Debt Instrument [Line Items]
Capitalized paid-in-kind note interest totaling									26,000,000		26,000,000
Convertible Debt \| Exchangeable Notes
Debt Instrument [Line Items]
Outstanding debt									329,357,000		329,357,000		327,578,000
Debt instrument, unamortized discount									3,863,000		3,863,000		5,642,000
Aggregate principal amount of debt								$ 345,000,000
Repurchase of debt														$ 3,000,000
Debt instrument interest rate percentage								4.00%
Value of debt outstanding									$ 333,220,000		$ 333,220,000		$ 333,220,000
Value of debt exchanged														$ 10,000,000
Shares exchanged (in shares) \| shares														1,269,497
Value of debt expected to be exchanged														$ 2,000,000
Percent of last reported sale price per share								130.00%
Convertible trading days \| day								20
Number of consecutive trading days \| day								30
Redemption price, percentage of principal amount								100.00%
Conversion rate (in dollars per share) \| $ / shares								$ 7.88
Proceeds from debt, net of issuance costs								$ 336,000,000
Convertible Debt \| Exchangeable Notes \| Measurement Period
Debt Instrument [Line Items]
Percent of last reported sale price per share								98.00%
Number of consecutive trading days \| day								5
Number of consecutive business days \| day								5

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 740,461	$ 663,394	$ 2,220,685	$ 1,905,836
Cost of revenue, excluding technology costs	294,120	274,330	917,532	771,609
Technology costs	243,404	273,240	799,121	824,142
Selling, general and administrative	150,736	172,359	494,227	516,345
Operating income (loss)	52,201	(56,535)	9,805	(206,260)
Other expense:
Interest expense, net	(119,372)	(77,120)	(325,290)	(205,062)
Loss on extinguishment of debt, net	(121,120)	0	(108,577)	(3,533)
Equity method income	512	199	1,394	215
Other, net	(11,548)	(7,687)	8,084	139,617
Total other expense, net	(251,528)	(84,608)	(424,389)	(68,763)
Loss from continuing operations before income taxes	(199,327)	(141,143)	(414,584)	(275,023)
Provision (benefit) for income taxes	8,462	(6,989)	16,570	(2,195)
Loss from continuing operations	(207,789)	(134,154)	(431,154)	(272,828)
Loss from discontinued operations, net of tax	(116)	(446)	(517)	(596)
Net loss	(207,905)	(134,600)	(431,671)	(273,424)
Net income (loss) attributable to noncontrolling interests	379	776	(522)	1,933
Net loss attributable to Sabre Corporation	(208,284)	(135,376)	(431,149)	(275,357)
Preferred stock dividends	3,564	5,346	14,257	16,039
Net loss attributable to common stockholders	$ (211,848)	$ (140,722)	$ (445,406)	$ (291,396)
Basic net loss per share attributable to common stockholders:
Loss from continuing operations (in dollars per share)	$ (0.61)	$ (0.43)	$ (1.33)	$ (0.89)
Net loss per common share (in dollars per share)	(0.61)	(0.43)	(1.33)	(0.89)
Diluted net loss per share attributable to common stockholders:
Loss from continuing operations (in dollars per share)	(0.61)	(0.43)	(1.33)	(0.89)
Net loss per common share (in dollars per share)	$ (0.61)	$ (0.43)	$ (1.33)	$ (0.89)
Weighted-average common shares outstanding:
Basic (in shares)	345,128	328,228	335,460	326,170
Diluted (in shares)	345,128	328,228	335,460	326,170

Redeemable Noncontrolling Interest - Narrative (Details) $ in Thousands		1 Months Ended	9 Months Ended
	Feb. 01, 2023 USD ($)	Feb. 28, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Cash consideration received from sale of ownership interest			$ 0	$ 392,268
Redeemable noncontrolling interests			$ 14,722		$ 0
Conferma's Direct Parent
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest sold	0.19	0.19
Cash consideration received from sale of ownership interest	$ 16,000	$ 16,000
Conferma's Direct Parent \| Scenario, Plan
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest redeemable	19.00%
Purchase price of ownership interest redeemable	$ 16,000

Stock and Stockholders' Equity	9 Months Ended
Stock and Stockholders' Equity	Sep. 30, 2023
Equity [Abstract]
Stock and Stockholders' Equity	Stock and Stockholders' Equity Preferred Stock On August 24, 2020, we completed an offering of 3,340,000 shares of our 6.50% Series A Mandatory Convertible Preferred Stock (the “Preferred Stock”), which generated net proceeds of approximately $323 million for use as general corporate purposes. During the year ended December 31, 2021, a certain holder elected to convert 50,000 shares of preferred stock to 595,240 shares of common stock, leaving 3,290,000 shares outstanding. On September 1, 2023, the mandatory conversion date, each outstanding share of Preferred Stock was automatically converted into shares of our common stock at a rate of 14.2857 of common stock per share of Preferred Stock. The number of shares issued at conversion was approximately 47 million shares. The Preferred Stock accumulated cumulative dividends at a rate per annum equal to 6.50% of the liquidation preference of $100 per share (equivalent to $6.50 annually per share) payable in cash or, subject to certain limitations, by delivery of shares of our common stock or any combination of cash and shares of our common stock, at our election; provided, however, that any undeclared and unpaid dividends would have continued to accumulate. We recorded $4 million and $14 million of accrued preferred stock dividends in our consolidated results of operations for the three and nine months ended September 30, 2023, and $5 million and $16 million for the three and nine months ended September 30, 2022, respectively. During the three and nine months ended September 30, 2023 and 2022, we paid cash dividends on our preferred stock of $5 million and $16 million, respectively. Share Repurchase Program In February 2017, we announced the approval of a multi-year share repurchase program (the “Share Repurchase Program”) to purchase up to $500 million of Sabre's common stock outstanding. Repurchases under the Share Repurchase Program may take place in the open market or privately negotiated transactions. During the nine months ended September 30, 2023, we did not repurchase any shares pursuant to the Share Repurchase Program. On March 16, 2020, we announced the suspension of share repurchases under the Share Repurchase Program in conjunction with certain cash management measures we undertook as a result of the market conditions caused by COVID-19. As of September 30, 2023, the Share Repurchase Program remains suspended and approximately $287 million remains authorized for repurchases. Exchangeable Notes On April 17, 2020, we issued $345 million aggregate principal amount of Exchangeable Notes. Under the terms of indenture, the Exchangeable Notes are exchangeable into our common stock under specified circumstances. As of September 30, 2023, we have $333 million aggregate principal amount of Exchangeable Notes outstanding. See Note 8. Debt for further details. We expect to settle the principal amount of the outstanding Exchangeable Notes in shares of our common stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share - Schedule of Computations of Basic and Diluted Earnings Per Share from Continuing Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Loss from continuing operations	$ (207,789)	$ (134,154)	$ (431,154)	$ (272,828)
Less: Net income (loss) attributable to noncontrolling interests	379	776	(522)	1,933
Less: Preferred stock dividends	3,564	5,346	14,257	16,039
Net loss from continuing operations available to common stockholders, diluted	$ (211,732)	$ (140,276)	$ (444,889)	$ (290,800)
Denominator:
Basic weighted-average common shares outstanding (in shares)	345,128	328,228	335,460	326,170
Diluted weighted-average common shares outstanding (in shares)	345,128	328,228	335,460	326,170
Loss per share from continuing operations:
Basic (in dollars per share)	$ (0.61)	$ (0.43)	$ (1.33)	$ (0.89)
Diluted (in dollars per share)	$ (0.61)	$ (0.43)	$ (1.33)	$ (0.89)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets, Current [Abstract]
Cash and cash equivalents	$ 601,604	$ 794,888
Restricted cash	21,036	21,035
Accounts receivable, net of allowance for credit losses of $39,521 and $38,815	392,939	353,587
Prepaid expenses and other current assets	180,253	191,979
Total current assets	1,195,832	1,361,489
Property and equipment, net of accumulated depreciation of $1,916,392 and $1,939,215	233,741	229,419
Equity method investments	21,944	22,401
Goodwill	2,552,000	2,542,087
Deferred income taxes	30,703	38,892
Other assets, net	321,816	358,333
Total assets	4,741,701	4,962,875
Current liabilities
Accounts payable	215,107	171,068
Accrued compensation and related benefits	121,071	122,022
Accrued subscriber incentives	257,637	218,761
Deferred revenues	91,016	66,503
Other accrued liabilities	218,886	213,737
Current portion of debt	4,040	23,480
Total current liabilities	907,757	815,571
Deferred income taxes	29,257	38,629
Other noncurrent liabilities	255,735	264,411
Long-term debt	4,816,886	4,717,091
Commitments and contingencies
Redeemable noncontrolling interests	14,722	0
Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Preferred stock, $0.01 par value, 225,000 authorized, — and 3,290 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively; aggregate liquidation value of — and $329,000 as of September 30, 2023 and December 31, 2022, respectively	0	33
Common Stock: $0.01 par value; 1,000,000 authorized shares; 405,781 and 353,436 shares issued, 379,458 and 328,542 shares outstanding at September 30, 2023 and December 31, 2022, respectively	4,058	3,534
Additional paid-in capital	3,237,529	3,198,580
Treasury Stock, at cost, 26,323 and 24,895 shares at September 30, 2023 and December 31, 2022, respectively	(520,041)	(514,215)
Accumulated deficit	(3,951,934)	(3,506,528)
Accumulated other comprehensive loss	(64,487)	(65,731)
Noncontrolling interest	12,219	11,500
Total stockholders’ deficit	(1,282,656)	(872,827)
Liabilities and Equity, Total	4,741,701	4,962,875
Customer relationships
Assets, Current [Abstract]
Finite lived intangible assets, net	220,113	238,756
Other Intangible Assets
Assets, Current [Abstract]
Finite lived intangible assets, net	$ 165,552	$ 171,498

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss

As of September 30, 2023 and December 31, 2022, the components of accumulated other comprehensive loss, net of related deferred income taxes, are as follows (in thousands):


	September 30, 2023		December 31, 2022
Defined benefit pension and other postretirement benefit plans	$	(73,004)	$	(73,746)
Unrealized foreign currency translation gain	6,026		5,257
Unrealized gain on interest rate swaps	4,692		4,577
Share of other comprehensive loss of equity method investments	(2,201)		(1,819)

Total accumulated other comprehensive loss, net of tax	$	(64,487)	$	(65,731)

The amortization of actuarial losses and periodic service credits associated with our retirement-related benefit plans is primarily included in Other, net in the consolidated statements of operations. On March 11, 2021, the American Rescue Plan Act (“ARP”) of 2021 was signed into law, which modified funding requirements for single-employer defined benefit pension plans by restarting and extending the amortization of funding shortfalls and extending and enhancing interest rate stabilization percentages. We have elected to use excess contributions resulting from a reduction to past contribution requirements allowed by ARPA to offset remaining required contributions. As of September 30, 2023, we have contributed $11 million to our defined benefit pension plan in 2023. Based on current assumptions, we expect to make a contribution of up to $13 million in 2023 to our defined benefit pension plan. See Note 9. Derivatives, for information on the income statement line items affected as the result of reclassification adjustments associated with derivatives.

Stock and Stockholders' Equity (Details)

3 Months Ended

9 Months Ended

12 Months Ended

Aug. 24, 2020

USD ($)

$ / shares

Sep. 30, 2023

USD ($)

Jun. 30, 2023

USD ($)

Mar. 31, 2023

USD ($)

Sep. 30, 2022

USD ($)

Jun. 30, 2022

USD ($)

Mar. 31, 2022

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Dec. 31, 2021

Sep. 01, 2023

Dec. 31, 2022

USD ($)

Apr. 17, 2020

USD ($)

Feb. 28, 2017

USD ($)

Class of Stock [Line Items]

Preferred stock, shares outstanding (in shares) | shares

3,290,000

Accrued preferred stock dividends

$ 3,564,000

^[1]

$ 5,347,000

^[1]

$ 5,346,000

^[1]

$ 5,346,000

^[2]

$ 5,347,000

^[2]

$ 5,346,000

^[2]

Dividends paid on preferred stock

5,000,000

$ 5,000,000

$ 16,039,000

Authorized to repurchase

$ 500,000,000

Number of shares repurchased (in shares) | shares

Remaining authorized amount

287,000,000

$ 287,000,000

4.00% senior exchangeable notes due 2025 | Convertible Debt

Class of Stock [Line Items]

Face value of debt instruments at the time of issuance

$ 345,000,000

Face value of outstanding debt

$ 333,220,000

333,220,000

$ 333,220,000

Common Stock

Class of Stock [Line Items]

Conversion of stock, shares issued (in shares) | shares

595,240

6.50% Series A Mandatory Convertible Preferred Stock

Class of Stock [Line Items]

Shares sold in offering (in shares) | shares

3,340,000

Annual percentage rate

6.50%

Offering proceeds

$ 323,000,000

Conversion of stock, shares converted (in shares) | shares

50,000

Conversion rate

14.2857

Shares issued at conversion (in shares) | shares

47,000,000

Liquidation preference (in dollars per share) | $ / shares

$ 100

Annual liquidation preference (in dollars per share) | $ / shares

$ 6.50

Accrued preferred stock dividends

$ 4,000,000

$ 5,000,000

$ 14,000,000

$ 16,000,000

[1]	Our mandatory convertible preferred stock accumulated cumulative dividends at an annual rate of 6.50%
[2]	Our mandatory convertible preferred stock accumulated cumulative dividends at an annual rate of 6.50%.

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands		9 Months Ended
	Jun. 13, 2023	Sep. 30, 2023	Sep. 07, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Face value of total debt outstanding		$ 4,955,440		$ 4,839,126
Less current portion of debt outstanding		(4,040)		(23,480)
Face value of long-term debt outstanding		4,951,400		4,815,646
Term Loan \| 2021 Term Loan B-1
Debt Instrument [Line Items]
Face value of outstanding debt		$ 393,025		397,940
Term Loan \| 2021 Term Loan B-1 \| LIBOR
Debt Instrument [Line Items]
Basis spread on rate		3.50%
Term Loan \| 2021 Term Loan B-2
Debt Instrument [Line Items]
Face value of outstanding debt		$ 614,151		634,340
Term Loan \| 2021 Term Loan B-2 \| LIBOR
Debt Instrument [Line Items]
Basis spread on rate		3.50%
Term Loan \| 2022 Term Loan B-1
Debt Instrument [Line Items]
Face value of outstanding debt		$ 603,447		620,313
Term Loan \| 2022 Term Loan B-1 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate		4.25%
Term Loan \| 2022 Term Loan B-2
Debt Instrument [Line Items]
Face value of outstanding debt		$ 645,310		673,313
Term Loan \| 2022 Term Loan B-2 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate		5.00%
Term Loan \| Senior Secured Term Loan Due 2028
Debt Instrument [Line Items]
Face value of outstanding debt		$ 726,386		0
Term Loan \| Senior Secured Term Loan Due 2028 \| Interest Paid In Cash
Debt Instrument [Line Items]
Basis spread on rate		0.25%
Term Loan \| Senior Secured Term Loan Due 2028 \| Interest Paid-In-Kind (PIK)
Debt Instrument [Line Items]
Basis spread on rate		1.75%
Term Loan \| Senior Secured Term Loan Due 2028 \| Reference Rate
Debt Instrument [Line Items]
Basis spread on rate		1.75%
Term Loan \| Senior Secured Term Loan Due 2028 \| Reference Rate \| Interest Paid In Cash
Debt Instrument [Line Items]
Basis spread on rate	0.25%	0.25%
Term Loan \| Senior Secured Term Loan Due 2028 \| Reference Rate \| Interest Paid-In-Kind (PIK)
Debt Instrument [Line Items]
Basis spread on rate	1.75%	1.75%
Line of Credit
Debt Instrument [Line Items]
Face value of outstanding debt		$ 130,000		0
Line of Credit \| SOFR
Debt Instrument [Line Items]
Basis spread on rate		2.25%
Senior Secured Notes \| 9.25% senior secured notes due 2025
Debt Instrument [Line Items]
Face value of outstanding debt		$ 38,895		775,000
Debt instrument interest rate percentage	9.25%	9.25%	9.25%
Senior Secured Notes \| 7.375% senior secured notes due 2025
Debt Instrument [Line Items]
Face value of outstanding debt		$ 63,019		850,000
Debt instrument interest rate percentage		7.375%	7.375%
Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Face value of outstanding debt		$ 333,220		333,220
Debt instrument interest rate percentage		4.00%
Senior Secured Notes \| 8.625% senior secured notes due 2027
Debt Instrument [Line Items]
Face value of outstanding debt		$ 852,987		0
Debt instrument interest rate percentage		8.625%	8.625%
Senior Secured Notes \| 11.25% senior secured notes due 2027
Debt Instrument [Line Items]
Face value of outstanding debt		$ 555,000		$ 555,000
Debt instrument interest rate percentage		11.25%

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The following table reconciles the numerators and denominators used in the computations of basic and diluted earnings per share from continuing operations (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Loss from continuing operations	$	(207,789)	$	(134,154)	$	(431,154)	$	(272,828)
Less: Net income (loss) attributable to noncontrolling interests	379		776		(522)		1,933
Less: Preferred stock dividends	3,564		5,346		14,257		16,039



Net loss from continuing operations available to common stockholders, diluted	$	(211,732)	$	(140,276)	$	(444,889)	$	(290,800)
Denominator:
Basic weighted-average common shares outstanding	345,128		328,228		335,460		326,170



Diluted weighted-average common shares outstanding	345,128		328,228		335,460		326,170
Loss per share from continuing operations:
Basic	$	(0.61)	$	(0.43)	$	(1.33)	$	(0.89)
Diluted	$	(0.61)	$	(0.43)	$	(1.33)	$	(0.89)

Basic earnings per share is computed by dividing net loss from continuing operations available to common stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share is computed by dividing net loss from continuing operations available to common stockholders by the weighted-average number of common shares outstanding plus the effect of all dilutive common stock equivalents during each period. The diluted weighted-average common shares outstanding calculation excludes 6 million and 3 million of dilutive stock options and restricted stock awards for the three and nine months ended September 30, 2023, respectively, and 1 million and 2 million of dilutive stock options and restricted stock awards for the three and nine months ended September 30, 2022, respectively, as their effect would be anti-dilutive given the net loss incurred in the period. The calculation of diluted weighted-average shares excludes the impact of 4 million and 5 million of anti-dilutive common stock equivalents for the three and nine months ended September 30, 2023, respectively, and 5 million and 3 million of anti-dilutive common stock equivalents for the three and nine months ended September 30, 2022, respectively.

We have used the if-converted method for calculating any potential dilutive effect of the Exchangeable Notes on our diluted net income per share. Under the if-converted method, the Exchangeable Notes are assumed to be converted at the beginning of the period and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period being presented and interest expense, net of tax, recorded in connection with the Exchangeable Notes is added back to the numerator, only in the periods in which such effect is dilutive. The approximately 42 million resulting common shares related to the Exchangeable Notes for the three and nine months ended September 30, 2023 and 2022 are not

included in the dilutive weighted-average common shares outstanding calculation as their effect would be anti-dilutive given the net loss incurred in the period.

Likewise, the potential dilutive effect of our Preferred Stock outstanding during the three and nine months ended September 30, 2022 was calculated using the if-converted method assuming the conversion as of the earliest period reported or at the date of issuance, if later. The resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period being presented and preferred stock dividends are added back to the numerator, only in the periods in which such effect is dilutive. Approximately 39 million common shares related to the Preferred Stock for the three and nine months ended September 30, 2022, are not included in the dilutive weighted-average common shares outstanding calculation as their effect would be anti-dilutive given the net loss incurred in the period. On September 1, 2023, each outstanding share of Preferred Stock was automatically converted into approximately 47 million shares of our common stock. See Note 12. Stock and Stockholders' Equity for further details.

Redeemable Noncontrolling Interest (Tables)

9 Months Ended

Sep. 30, 2023

Noncontrolling Interest [Abstract]

Schedule of Changes in Redeemable Noncontrolling Interest

The following table presents the changes in redeemable noncontrolling interest of a consolidated subsidiary in temporary equity during the period ended September 30, 2023 (in thousands):


	Nine Months Ended September 30, 2023
Proceeds from sale of redeemable noncontrolling interest	$	16,000
Net loss attributable to redeemable noncontrolling interest	(1,278)
Redeemable noncontrolling interest, end of period	$	14,722

Fair Value Measurements - Schedule of Fair Value and Carrying Value of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 07, 2023	Jun. 13, 2023	Dec. 31, 2022
2021 Term Loan B-1 \| Fair Value \| Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 346,599			$ 362,872
2021 Term Loan B-1 \| Carrying Value \| Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	392,342			397,147
2021 Term Loan B-2 \| Fair Value \| Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	543,907			578,042
2021 Term Loan B-2 \| Carrying Value \| Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	610,358			629,832
2022 Term Loan B-1 \| Fair Value \| Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	531,788			567,974
2022 Term Loan B-1 \| Carrying Value \| Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	598,169			614,139
2022 Term Loan B-2 \| Fair Value \| Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	573,923			623,235
2022 Term Loan B-2 \| Carrying Value \| Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	617,683			640,899
Senior Secured Term Loan Due 2028 \| Fair Value \| Secured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	726,293			0
Senior Secured Term Loan Due 2028 \| Carrying Value \| Secured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 726,386			0
9.25% senior secured notes due 2025 \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	9.25%	9.25%	9.25%
9.25% senior secured notes due 2025 \| Fair Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 38,304			774,128
9.25% senior secured notes due 2025 \| Carrying Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 38,895			775,000
7.375% senior secured notes due 2025 \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	7.375%	7.375%
7.375% senior secured notes due 2025 \| Fair Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 62,016			813,539
7.375% senior secured notes due 2025 \| Carrying Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 63,019			850,000
4.00% senior exchangeable notes due 2025 \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	4.00%
4.00% senior exchangeable notes due 2025 \| Fair Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 329,615			358,440
4.00% senior exchangeable notes due 2025 \| Carrying Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 333,220			333,220
8.625% senior secured notes due 2027 \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	8.625%	8.625%
8.625% senior secured notes due 2027 \| Fair Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 724,032			0
8.625% senior secured notes due 2027 \| Carrying Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 852,987			0
11.25% senior secured notes due 2027 \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	11.25%
11.25% senior secured notes due 2027 \| Fair Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 509,568			572,058
11.25% senior secured notes due 2027 \| Carrying Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 545,963			$ 544,770

Fair Value Measurements - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01		$ 0.01
Aggregate purchase price of equity securities				$ 0	$ 80,000,000
Goodwill impairment charges		$ 0		$ 0
Senior Secured Term Loan Due 2028 \| Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of prior trading days triggering fair value trance				20 days
Senior Secured Term Loan Due 2028 \| Term Loan \| Interest Paid In Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on rate				0.25%
Senior Secured Term Loan Due 2028 \| Term Loan \| Interest Paid-In-Kind (PIK)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on rate				1.75%
Investment in securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares acquired in investment (in shares)	8
Common stock, par value (in dollars per share)	$ 0.0001
Aggregate purchase price of equity securities	$ 80,000,000
Shares held in investment (in shares)		8		8
Unrealized losses recognized		$ 14,000,000	$ 5,000,000	$ 10,000,000	$ 35,000,000

Derivatives

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Hedging Objectives—We are exposed to certain risks relating to ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. 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 interest rate swaps as cash flow hedges of floating-rate borrowings.

Cash Flow Hedging Strategy—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 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. As of September 30, 2023, we did not have any hedge components excluded from the assessment of effectiveness. 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 Contracts—Interest rate swaps outstanding during the nine months ended September 30, 2023 and 2022, are as follows:

Notional Amount

Interest Rate
Received

Interest Rate Paid

Effective Date

Maturity Date

Designated as Hedging Instrument

$200 million

1 month SOFR(1)

1.71%(2)

April 30, 2022

December 31, 2023

$150 million

1 month SOFR(1)

2.79%(3)

June 30, 2022

December 31, 2023

$250 million

1 month SOFR(1)

4.72%

June 30, 2023

June 30, 2026

$250 million

1 month SOFR(1)

3.88%

December 31, 2023

December 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 periods through June 2026. We designated these swaps as cash flow hedges.

The estimated fair values of our derivatives designated as hedging instruments as of September 30, 2023 and December 31, 2022 are as follows (in thousands):


	Derivative Assets
		Fair Value as of
Derivatives Designated as Hedging Instruments	Consolidated Balance Sheet Location	September 30, 2023		December 31, 2022




Interest rate swaps	Prepaid expenses and other current assets	$	6,235	$	4,905

Interest rate swaps	Other assets, net	645		—
Interest rate swaps	Other noncurrent liabilities	(2,149)		(168)
Total		$	4,731	$	4,737

The effects of derivative instruments, net of taxes, on OCI for the three and nine months ended September 30, 2023 and 2022 are as follows (in thousands):


	Amount of Gains Recognized in OCI on Derivative, Effective Portion
Derivatives in Cash Flow Hedging Relationships		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022

Interest rate swaps		$	3,703	$	4,422	$	4,588	$	4,405
Total		$	3,703	$	4,422	$	4,588	$	4,405


		Amount of (Gains) Losses Reclassified from Accumulated OCI into Income, Effective Portion
Derivatives in Cash Flow Hedging Relationships	Income Statement Location	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022

Interest rate swaps	Interest expense, net	$	(2,057)	$	(41)	$	(4,473)	$	203
Total		$	(2,057)	$	(41)	$	(4,473)	$	203

General Information (Policies)	9 Months Ended
General Information (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	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 nine months ended September 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	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.
Adoption of New Accounting Standards	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). 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.
Derivatives	Hedging Objectives—We are exposed to certain risks relating to ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. 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 interest rate swaps as cash flow hedges of floating-rate borrowings. Cash Flow Hedging Strategy—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 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. As of September 30, 2023, we did not have any hedge components excluded from the assessment of effectiveness. 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.
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for that asset or liability. Guidance on fair value measurements and disclosures establishes a valuation hierarchy for disclosure of inputs used in measuring fair value defined as follows: Level 1—Inputs are unadjusted quoted prices that are available in active markets for identical assets or liabilities. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets and quoted prices in non-active markets, inputs other than quoted prices that are observable, and inputs that are not directly observable, but are corroborated by observable market data. Level 3—Inputs that are unobservable and are supported by little or no market activity and reflect the use of significant management judgment. The classification of a financial asset or liability within the hierarchy is determined based on the least reliable level of input that is significant to the fair value measurement. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We also consider the counterparty and our own non-performance risk in our assessment of fair value.

Restructuring Activities - Schedule of Accrued Liability Related to Severance and Related Benefits Costs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2023	$ 0
Charges	56,398
Cash Payments	(40,783)
Balance as of September 30, 2023	$ 15,615

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Assets and Liabilities with Customers

The following table presents our assets and liabilities with customers as of September 30, 2023 and December 31, 2022 (in thousands).


Account	Consolidated Balance Sheet Location	September 30, 2023		December 31, 2022
Contract assets and customer advances and discounts(1)	Prepaid expenses and other current assets / other assets, net	$	45,642	$	55,473
Trade and unbilled receivables, net	Accounts receivable, net	390,901		352,214
Long-term trade unbilled receivables, net	Other assets, net	10,311		16,129
Contract liabilities	Deferred revenues / other noncurrent liabilities	148,436		115,151

______________________

(1) Includes contract assets of $12 million for September 30, 2023 and December 31, 2022.

Schedule of Revenues Disaggregated by Business

The following table presents our revenues disaggregated by business (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Distribution	$	524,801	$	430,826	$	1,581,092	$	1,205,252
IT Solutions	147,128		172,821		439,039		531,542
Total Travel Solutions	671,929		603,647		2,020,131		1,736,794
SynXis Software and Services	70,795		60,520		206,828		168,879
Other	7,786		6,977		22,236		20,825
Total Hospitality Solutions	78,581		67,497		229,064		189,704
Eliminations	(10,049)		(7,750)		(28,510)		(20,662)
Total Sabre Revenue	$	740,461	$	663,394	$	2,220,685	$	1,905,836

Derivatives - Schedule of Interest Rate Swaps (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Apr. 30, 2022
1.71% Interest Rate Swap Outstanding \| SOFR
Derivative [Line Items]
Floor rate	0.50%
2.79% Interest Rate Swap Outstanding \| SOFR
Derivative [Line Items]
Floor rate	0.50%
Designated as Hedging Instrument \| 1.71% Interest Rate Swap Outstanding
Derivative [Line Items]
Notional Amount	$ 200
Interest Rate Paid	1.71%	3.09%		1.71%
Designated as Hedging Instrument \| 2.79% Interest Rate Swap Outstanding
Derivative [Line Items]
Notional Amount	$ 150
Interest Rate Paid	2.79%	3.98%	2.79%
Designated as Hedging Instrument \| 4.72% Interest Rate Swap Outstanding
Derivative [Line Items]
Notional Amount	$ 250
Interest Rate Paid	4.72%
Designated as Hedging Instrument \| 3.88% Interest Rate Swap Outstanding
Derivative [Line Items]
Notional Amount	$ 250
Interest Rate Paid	3.88%

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Computations of Basic and Diluted Earnings Per Share from Continuing Operations

The following table reconciles the numerators and denominators used in the computations of basic and diluted earnings per share from continuing operations (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Loss from continuing operations	$	(207,789)	$	(134,154)	$	(431,154)	$	(272,828)
Less: Net income (loss) attributable to noncontrolling interests	379		776		(522)		1,933
Less: Preferred stock dividends	3,564		5,346		14,257		16,039



Net loss from continuing operations available to common stockholders, diluted	$	(211,732)	$	(140,276)	$	(444,889)	$	(290,800)
Denominator:
Basic weighted-average common shares outstanding	345,128		328,228		335,460		326,170



Diluted weighted-average common shares outstanding	345,128		328,228		335,460		326,170
Loss per share from continuing operations:
Basic	$	(0.61)	$	(0.43)	$	(1.33)	$	(0.89)
Diluted	$	(0.61)	$	(0.43)	$	(1.33)	$	(0.89)

Accumulated Other Comprehensive Loss - Schedule of Components of Accumulated Other Comprehensive Loss, Net of Related Deferred Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	$ (1,282,656)	$ (1,083,656)	$ (964,548)	$ (872,827)	$ (731,996)	$ (606,582)	$ (437,705)	$ (499,717)
Total accumulated other comprehensive loss, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	(64,487)	$ (63,307)	$ (64,479)	(65,731)	$ (77,240)	$ (75,945)	$ (77,823)	$ (80,287)
Defined benefit pension and other postretirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	(73,004)			(73,746)
Unrealized foreign currency translation gain
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	6,026			5,257
Unrealized gain on interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	4,692			4,577
Share of other comprehensive loss of equity method investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	$ (2,201)			$ (1,819)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivatives - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Feb. 28, 2023	Jun. 30, 2022	Apr. 30, 2022
Interest rate swaps \| Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 250	$ 250	$ 150	$ 200

Restructuring Activities - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 56,398
Expected costs associated with reduction plan	70,000
Cost of revenue, excluding technology costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	12,000
Technology costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	21,000
Selling, general and administrative costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 23,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

Our reportable segments are based upon our internal organizational structure; the manner in which our operations are managed; the criteria used by our President, who is our Chief Operating Decision Maker (“CODM”), to evaluate segment performance; the availability of separate financial information; and overall materiality considerations.

We operate our business and present our results through two business segments, (i) Travel Solutions, our global travel solutions for travel suppliers and travel buyers, including a broad portfolio of software technology products and solutions for airlines, and (ii) Hospitality Solutions, an extensive suite of software solutions for hoteliers.

Our CODM utilizes Adjusted Operating Income (Loss), which is not a recognized term under GAAP, as the measure of profitability to evaluate performance of our segments and allocate resources. Our use of Adjusted Operating Income (Loss) has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP.

We define Adjusted Operating Income (Loss) as operating loss adjusted for equity method income, acquisition-related amortization, restructuring and other costs, acquisition-related costs, litigation costs, net, and stock-based compensation.

Our CODM does not review total assets by segment as operating evaluations and resource allocation decisions are not made on the basis of total assets by segment.

Certain costs associated with our technology organization are allocated to the segments based on the segments' usage of resources. Benefit expenses, facility and lease costs and associated depreciation expense are allocated to the segments based on headcount. Unallocated corporate costs include certain shared expenses such as accounting, finance, human resources, legal, corporate systems, amortization of acquired intangible assets, impairment and related charges, stock-based compensation, restructuring charges, legal reserves and other items not identifiable with one of our segments.

We account for significant intersegment transactions as if the transactions were with third parties, that is, at estimated current market prices. The majority of the intersegment revenues and cost of revenues are fees charged by Travel Solutions to Hospitality Solutions for hotel stays booked through our GDS.

Segment information for the three and nine months ended September 30, 2023 and 2022 is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue
Travel Solutions	$	671,929	$	603,647	$	2,020,131	$	1,736,794
Hospitality Solutions	78,581		67,497		229,064		189,704
Eliminations	(10,049)		(7,750)		(28,510)		(20,662)
Total revenue	$	740,461	$	663,394	$	2,220,685	$	1,905,836
Adjusted Operating Income (Loss)(a)
Travel Solutions	$	142,089	$	69,311	$	348,560	$	172,501
Hospitality Solutions	107		(11,312)		(10,424)		(38,469)
Corporate	(58,515)		(57,283)		(180,685)		(171,783)
Total	$	83,681	$	716	$	157,451	$	(37,751)
Depreciation and amortization
Travel Solutions	$	20,050	$	28,043	$	64,929	$	84,329
Hospitality Solutions	6,256		5,216		18,285		16,502
Total segments	26,306		33,259		83,214		100,831
Corporate	10,357		10,100		30,657		41,862
Total	$	36,663	$	43,359	$	113,871	$	142,693
Capital Expenditures
Travel Solutions	$	14,155	$	12,129	$	45,906	$	30,526
Hospitality Solutions	1,489		1,118		5,642		4,884
Total segments	15,644		13,247		51,548		35,410
Corporate	4,776		6,843		17,062		18,064
Total	$	20,420	$	20,090	$	68,610	$	53,474

______________________

(a)The following table sets forth the reconciliation of operating income (loss) in our consolidated statements of operations to Adjusted Operating Income (Loss) (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating income (loss)	$	52,201	$	(56,535)	$	9,805	$	(206,260)
Add back:
Equity method income	512		199		1,394		215
Impairment and related charges(1)	—		5,146		—		5,146
Acquisition-related amortization(1)	10,176		9,824		30,043		41,075
Restructuring and other costs(2)	3,909		9,944		62,962		14,279
Acquisition-related costs(3)	270		424		1,658		6,333
Litigation costs, net(4)	3,519		15,365		12,752		31,380
Stock-based compensation	13,094		16,349		38,837		70,081
Adjusted Operating Income (Loss)	$	83,681	$	716	$	157,451	$	(37,751)

______________________

(1)Acquisition-related amortization represents amortization of intangible assets from the take-private transaction in 2007 as well as intangibles associated with acquisitions since that date.

(3)Acquisition-related costs represent fees and expenses incurred associated with acquisition and disposition-related activities.

(4)Litigation costs, net represent charges associated with antitrust litigation and other foreign non-income tax contingency matters. See Note 14. Contingencies.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Examination [Line Items]
Income tax expense (benefit)	$ 8,462	$ (6,989)	$ 16,570	$ (2,195)
Valuation allowance	572,000		572,000
Unrecognized tax benefits	$ 65,000		$ 65,000		$ 76,000
Maximum
Income Tax Examination [Line Items]
Effective tax rate			1.00%	1.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Retirement-related benefit plans:
Taxes on net actuarial gain	$ 0	$ 52	$ 0	$ 52
Taxes on amortization of prior service credits	0	0	0	0
Taxes on amortization of actuarial losses	0	0	0	0
Derivatives:
Taxes on unrealized gains	0	0	0	0
Taxes on reclassification adjustment for realized (gains) losses	$ 0	$ 0	$ 0	$ 0

Acquisitions and Dispositions (Details)		1 Months Ended			9 Months Ended
Acquisitions and Dispositions (Details)	Feb. 01, 2023 USD ($)	Jun. 30, 2023 USD ($)	Feb. 28, 2023 USD ($)	Aug. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Feb. 28, 2022 USD ($)
Business Acquisition [Line Items]
Net cash considerations paid					$ 12,021,000	$ 72,543,000
Gain on loan converted to equity					0	3,568,000
Proceeds from sale of share capital					$ 0	$ 392,268,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]						Other, net
Travel Solutions \| AirCentre Airline Operations \| Disposal Group, Not Discontinued Operations
Business Acquisition [Line Items]
Net cash proceeds from sale							$ 392,000,000
Goodwill disposed of							146,000,000
Working capital disposed of							34,000,000
Other assets disposed of							$ 25,000,000
Pre-tax gain on sale						$ 180,000,000
After-tax gain on sale						$ 112,000,000
Direct Parent Company of Conferma
Business Acquisition [Line Items]
Ownership interest percentage in business sold	0.19		0.19
Proceeds from sale of share capital	$ 16,000,000		$ 16,000,000
Conferma
Business Acquisition [Line Items]
Net cash considerations paid				$ 62,000,000
Conversion of preexisting loan into share capital				11,000,000
Gain on loan converted to equity				$ 4,000,000
Adjustments related to tax liabilities		$ 0

Restructuring Activities

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

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.

During the nine months ended September 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 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.


	Nine Months Ended September 30, 2023
Balance as of January 1, 2023	$	—
Charges	56,398
Cash Payments	(40,783)
Balance as of September 30, 2023	$	15,615

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss, Net of Related Deferred Income Taxes

As of September 30, 2023 and December 31, 2022, the components of accumulated other comprehensive loss, net of related deferred income taxes, are as follows (in thousands):


	September 30, 2023		December 31, 2022
Defined benefit pension and other postretirement benefit plans	$	(73,004)	$	(73,746)
Unrealized foreign currency translation gain	6,026		5,257
Unrealized gain on interest rate swaps	4,692		4,577
Share of other comprehensive loss of equity method investments	(2,201)		(1,819)

Total accumulated other comprehensive loss, net of tax	$	(64,487)	$	(65,731)

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 01, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)	4	5	5	3
6.50% Series A Mandatory Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares issued at conversion (in shares)					47
Stock Options and Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)	6	1	3	2
Convertible Debt Securities \| Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)		39		39
Convertible Debt Securities \| 4.00% senior exchangeable notes due 2025 \| Senior Secured Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)	42	42	42	42

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 740,461	$ 663,394	$ 2,220,685	$ 1,905,836
Adjusted Operating Income (Loss)	83,681	716	157,451	(37,751)
Depreciation and amortization	36,663	43,359	113,871	142,693
Capital Expenditures	20,420	20,090	68,610	53,474
Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	26,306	33,259	83,214	100,831
Capital Expenditures	15,644	13,247	51,548	35,410
Operating Segments \| Travel Solutions
Segment Reporting Information [Line Items]
Revenue	671,929	603,647	2,020,131	1,736,794
Adjusted Operating Income (Loss)	142,089	69,311	348,560	172,501
Depreciation and amortization	20,050	28,043	64,929	84,329
Capital Expenditures	14,155	12,129	45,906	30,526
Operating Segments \| Hospitality Solutions
Segment Reporting Information [Line Items]
Revenue	78,581	67,497	229,064	189,704
Adjusted Operating Income (Loss)	107	(11,312)	(10,424)	(38,469)
Depreciation and amortization	6,256	5,216	18,285	16,502
Capital Expenditures	1,489	1,118	5,642	4,884
Eliminations
Segment Reporting Information [Line Items]
Revenue	(10,049)	(7,750)	(28,510)	(20,662)
Corporate
Segment Reporting Information [Line Items]
Adjusted Operating Income (Loss)	(58,515)	(57,283)	(180,685)	(171,783)
Depreciation and amortization	10,357	10,100	30,657	41,862
Capital Expenditures	$ 4,776	$ 6,843	$ 17,062	$ 18,064

Debt - Schedule of Interest Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Amortization of issuance costs			$ 16,531	$ 11,236
Convertible Debt \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Contractual interest expense	$ 3,332	$ 3,332	9,997	9,997
Amortization of issuance costs	$ 600	$ 572	$ 1,779	$ 1,696

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details