0001597033-24-000106 | 10-Q | XBRL Viewer

Preferred stock, shares outstanding (in shares) | shares

3,290,000

Accrued preferred stock dividends

^[1]

$ 5,347,000

$ 5,346,000

Dividends paid on preferred stock

$ 5,000,000

$ 0

$ 10,693,000

Authorized to repurchase

$ 500,000,000

Number of shares repurchased (in shares) | shares

Remaining authorized amount

$ 287,000,000

Exchangeable Notes | Convertible Debt

Cash from exchangeable notes

$ 30,000,000

4.00% senior exchangeable notes due 2025 | Convertible Debt

Face value of debt instruments at the time of issuance

$ 345,000,000

Debt exchanged

150,000,000

Principal

183,220,000

$ 333,220,000

$7.32% senior exchangeable notes due 2026 | Convertible Debt

Face value of debt instruments at the time of issuance

$ 150,000,000

Principal

$ 150,000,000

$ 0

Common Stock

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

595,240

6.50% Series A Mandatory Convertible Preferred Stock

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

$ 5,000,000

$ 11,000,000

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

Restructuring Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred	$ 82,000	$ 18,086
Severance and related benefits costs	76,000	18,000
Other restructuring costs	$ 6,000
Restructuring adjustment		9,000
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Severance and related benefits costs		1,000
Technology Costs
Restructuring Cost and Reserve [Line Items]
Severance and related benefits costs		13,000
Selling, General and Administrative Costs
Restructuring Cost and Reserve [Line Items]
Severance and related benefits costs		$ 4,000

Revenue from Contract with Customer [Abstract]

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

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 767,241	$ 737,529	$ 1,550,127	$ 1,480,224
Cost of revenue, excluding technology costs	321,481	316,370	642,575	623,412
Technology costs	219,268	284,279	441,559	555,717
Selling, general and administrative	165,637	179,063	307,053	343,491
Operating income (loss)	60,855	(42,183)	158,940	(42,396)
Other expense:
Interest expense, net	(129,294)	(106,134)	(254,041)	(205,918)
Gain (loss) on extinguishment of debt	0	12,543	(37,994)	12,543
Equity method income	469	459	1,429	882
Other, net	3,251	17,225	(1,226)	19,632
Total other expense, net	(125,574)	(75,907)	(291,832)	(172,861)
Loss from continuing operations before income taxes	(64,719)	(118,090)	(132,892)	(215,257)
Provision for income taxes	4,766	5,909	7,698	8,108
Loss from continuing operations	(69,485)	(123,999)	(140,590)	(223,365)
Income (loss) from discontinued operations, net of tax	0	2	0	(401)
Net loss	(69,485)	(123,997)	(140,590)	(223,766)
Net income (loss) attributable to noncontrolling interests	275	(66)	653	(901)
Net loss attributable to Sabre Corporation	(69,760)	(123,931)	(141,243)	(222,865)
Preferred stock dividends	0	5,347	0	10,693
Net loss attributable to common stockholders	$ (69,760)	$ (129,278)	$ (141,243)	$ (233,558)
Basic net loss per share attributable to common stockholders:
Loss from continuing operations (in dollars per share)	$ (0.18)	$ (0.39)	$ (0.37)	$ (0.71)
Net loss per common share (in dollars per share)	(0.18)	(0.39)	(0.37)	(0.71)
Diluted net loss per share attributable to common stockholders:
Loss from continuing operations (in dollars per share)	(0.18)	(0.39)	(0.37)	(0.71)
Net loss per common share (in dollars per share)	$ (0.18)	$ (0.39)	$ (0.37)	$ (0.71)
Weighted-average common shares outstanding:
Basic (in shares)	383,506	332,147	381,640	330,547
Diluted (in shares)	383,506	332,147	381,640	330,547

Contingencies (Details) - USD ($)	1 Months Ended				6 Months Ended
Contingencies (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	May 31, 2022	Dec. 31, 2016	Jun. 30, 2024	Sep. 30, 2022
VAT Tax Matters
Loss Contingencies [Line Items]
Other taxes matters accrued					$ 13,000,000
US Airways Litigation \| US Airways
Loss Contingencies [Line Items]
Damages awarded				$ 5,000,000
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 awarded		$ 3.00	$ 1.00
Damages sought	$ 139,000,000
Indian Income Tax Litigation \| Foreign Tax Authority
Loss Contingencies [Line Items]
Interest and penalties related to income taxes					$ 25,000,000

Earnings Per Share

6 Months Ended

Jun. 30, 2024

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Loss from continuing operations	$	(69,485)	$	(123,999)	$	(140,590)	$	(223,365)
Less: Net income (loss) attributable to noncontrolling interests	275		(66)		653		(901)
Less: Preferred stock dividends	—		5,347		—		10,693



Net loss from continuing operations available to common stockholders, diluted	$	(69,760)	$	(129,280)	$	(141,243)	$	(233,157)
Denominator:
Basic weighted-average common shares outstanding	383,506		332,147		381,640		330,547



Diluted weighted-average common shares outstanding	383,506		332,147		381,640		330,547
Loss per share from continuing operations:
Basic	$	(0.18)	$	(0.39)	$	(0.37)	$	(0.71)
Diluted	$	(0.18)	$	(0.39)	$	(0.37)	$	(0.71)

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 1 million and 3 million of dilutive stock options and restricted stock awards for the three and six months ended June 30, 2024, and 1 million and 2 million of dilutive stock options and restricted stock awards for the three and six months ended June 30, 2023, 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 3 million of anti-dilutive common stock equivalents for the three and six months ended June 30, 2024, respectively, and 9 million and 6 million of anti-dilutive common stock equivalents for the three and six months ended June 30, 2023, 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 2025 Exchangeable Notes are assumed to be converted at the beginning of the period, the 2026 Exchangeable Notes are assumed to be converted at the issuance date of March 19, 2024, 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 57 million and 42 million resulting common shares related to the Exchangeable Notes for the three and six months ended June 30, 2024 and 2023, respectively, 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 six months ended June 30, 2023 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 47 million common shares related to the Preferred Stock for the six months ended June 30, 2023, 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 11. Stock and Stockholders' Equity for further details.

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2024

Revenue from Contracts with Customers

Contract Balances

Revenue recognition for a significant portion of our revenue coincides with normal billing terms, including our transactional revenues, Software-as-a-Service (“SaaS”) revenues, and hosted revenues. Timing differences among revenue recognition, unconditional rights to bill, and receipt of contract consideration may result in contract assets or contract liabilities.

The following table presents our assets and liabilities with customers as of June 30, 2024 and December 31, 2023 (in thousands).


Account	Consolidated Balance Sheet Location	June 30, 2024		December 31, 2023
Contract assets and customer advances and discounts(1)	Prepaid expenses and other current assets / other assets, net	$	35,357	$	42,029
Trade and unbilled receivables, net	Accounts receivable, net	374,121		341,362
Long-term trade unbilled receivables, net	Other assets, net	21,061		20,265
Contract liabilities	Deferred revenues / other noncurrent liabilities	143,783		166,911

______________________

(1) Includes contract assets of $9 million and $11 million for June 30, 2024 and December 31, 2023, respectively.

During the six months ended June 30, 2024, we recognized revenue of approximately $49 million from contract liabilities that existed as of January 1, 2024. 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 6. Credit Losses.

Revenue

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Distribution	$	550,594	$	530,405	$	1,122,852	$	1,056,291
IT Solutions	144,456		140,356		285,831		291,911
Total Travel Solutions	695,050		670,761		1,408,683		1,348,202
SynXis Software and Services	76,392		69,519		148,709		136,033
Other	6,846		7,152		13,348		14,450
Total Hospitality Solutions	83,238		76,671		162,057		150,483
Total Segment Revenue	778,288		747,432		1,570,740		1,498,685
Eliminations	(11,047)		(9,903)		(20,613)		(18,461)
Total Sabre Revenue	$	767,241	$	737,529	$	1,550,127	$	1,480,224

We may occasionally recognize revenue in the current period for performance obligations partially or fully satisfied in the previous periods resulting from changes in estimates for the transaction price, including any changes to our assessment of whether an estimate of variable consideration is constrained. For the six months ended June 30, 2024, the impact on revenue recognized in the current period from performance obligations partially or fully satisfied in the previous period is $6 million.

Our air booking cancellation reserve totaled $12 million and $10 million as of June 30, 2024, and December 31, 2023, 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.

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.

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Segment Information

6 Months Ended

Jun. 30, 2024

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 and CEO, 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 Segment Adjusted Operating Income as the measure of profitability to evaluate performance of our segments and allocate resources. 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. Our allocation methodology is periodically evaluated. 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. Such amounts are detailed in the reconciliation below.

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, which are eliminated in consolidation.

Segment information for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenue
Travel Solutions
Revenue from external customers	$	684,003	$	660,858	$	1,388,070	$	1,329,741
Intersegment revenue	11,047		9,903		20,613		18,461
Total Travel Solutions revenue	695,050		670,761		1,408,683		1,348,202
Hospitality Solutions	83,238		76,671		162,057		150,483
Total segment revenue	778,288		747,432		1,570,740		1,498,685
Eliminations	(11,047)		(9,903)		(20,613)		(18,461)
Total revenue	$	767,241	$	737,529	$	1,550,127	$	1,480,224
Segment adjusted operating income(a)
Travel Solutions	$	163,644	$	116,368	$	333,426	$	206,470
Hospitality Solutions	5,345		(2,037)		7,818		(10,531)
Total segment adjusted operating income	$	168,989	$	114,331	$	341,244	$	195,939


Depreciation and amortization
Travel Solutions	$	16,672	$	20,273	$	35,199	$	44,879
Hospitality Solutions	4,824		6,344		10,624		12,028
Total segments	21,496		26,617		45,823		56,907
Corporate	9,829		10,271		19,661		20,300
Total	$	31,325	$	36,888	$	65,484	$	77,207
Capital Expenditures
Travel Solutions	$	18,388	$	18,700	$	31,013	$	31,752
Hospitality Solutions	1,309		2,225		2,244		4,153
Total segments	19,697		20,925		33,257		35,905
Corporate	421		9,155		14,537		12,285
Total	$	20,118	$	30,080	$	47,794	$	48,190

______________________

(a)The following table sets forth the reconciliation of Total Segment Adjusted Operating Income to Loss from continuing operations before income taxes in our consolidated statements of operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Total segment adjusted operating income	$	168,989	$	114,331	$	341,244	$	195,939
Unallocated amounts and adjustments:
Corporate expenses	(62,000)		(68,236)		(116,486)		(122,168)
Acquisition-related amortization(1)	(9,620)		(9,934)		(19,242)		(19,867)
Restructuring and other costs(2)	(15,492)		(59,372)		(10,439)		(59,053)
Acquisition-related costs(3)	(613)		(541)		(863)		(1,388)
Litigation costs, net(4)	(1,579)		(9,234)		(1,579)		(9,234)
Indirect tax matters(5)	(6,131)		—		(6,131)		—
Stock-based compensation	(12,230)		(8,738)		(26,135)		(25,743)
Interest expense, net	(129,294)		(106,134)		(254,041)		(205,918)
(Loss) gain on extinguishment of debt	—		12,543		(37,994)		12,543
Other, net(6)	3,251		17,225		(1,226)		19,632
Loss from continuing operations before income taxes	$	(64,719)	$	(118,090)	$	(132,892)	$	(215,257)

______________________

(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 2024 primarily represents charges and adjustments to charges associated with our cost reduction plan we began implementing in the second quarter of 2023. See Note 4. Restructuring Activities to our consolidated financial statements.

(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 13. Contingencies.

(5)Indirect tax matters represents charges associated with certain digital tax matters, including a charge recorded as a result of newly adopted legislation in Canada.

(6)Other, net includes non-operating gains recognized in 2023 and the impacts of fair value adjustments of our GBT investment in all periods presented. In addition, all periods presented include foreign exchange gains and losses related to the remeasurement of foreign currency denominated balances included in our consolidated balance sheets into the relevant functional currency.

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.

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-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

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

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

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

24,894,998

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

Preferred stock dividends

(98,133)

(98,934)

1,252

(451)

^[1]

(5,346)

4,671,781

1,304,145

(5,247)

$ 47

(5)

$ (5,289)

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

17,005

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

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 Jun. 30, 2023

358,563,492

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

24,894,998

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 Dec. 31, 2022

353,436,503

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

26,266,613

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]

Preferred stock dividends

(122,243)

(123,931)

1,172

516

^[1]

(5,347)

455,208

67,470

(256)

$ 5

$ (261)

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

8,738

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

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

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

$ (1,375,819)

$ 0

$ 4,059

3,249,901

$ (520,124)

(4,048,393)

(73,922)

12,660

Common stock, beginning balance (in shares) at Mar. 31, 2024

408,977,661

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

26,346,000

26,345,684

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

$ (66,354)

(71,483)

4,206

923

3,062,998

1,021,755

(2,048)

$ 31

(1)

$ (2,078)

Preferred stock, ending balance (in shares) at Mar. 31, 2024

13,905

Stockholders' equity, ending balance at Mar. 31, 2024

$ (1,430,316)

$ 0

$ 4,090

3,263,805

$ (522,202)

(4,119,876)

(69,716)

13,583

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

379,569,000

405,914,663

Treasury stock, ending balance (in shares) at Mar. 31, 2024

27,367,439

Common stock, beginning balance (in shares) at Jun. 30, 2024

385,663,000

414,404,794

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

$ (68,236)

(69,760)

833

691

5,427,133

1,374,482

(4,271)

$ 54

(3)

$ (4,322)

Preferred stock, ending balance (in shares) at Jun. 30, 2024

12,230

Other

(2)

Stockholders' equity, ending balance at Jun. 30, 2024

$ (1,490,595)

$ 0

$ 4,144

$ 3,276,032

$ (526,524)

$ (4,189,636)

$ (68,885)

$ 14,274

Common stock, ending balance (in shares) at Mar. 31, 2024

408,977,661

Treasury stock, ending balance (in shares) at Jun. 30, 2024

28,742,000

28,741,921

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

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Total assets	$ 458,969	$ 493,542
Liabilities:
Total liabilities	(1,645)	(4,129)
Money market funds
Assets:
Cash and cash equivalents	323,405	261,551
Time deposits
Assets:
Cash and cash equivalents	78,059	177,608
Investment in securities
Assets:
Investment in securities	53,236	51,970
Interest rate swaps
Assets:
Derivatives asset	4,269	2,413
Liabilities:
Derivative liability	(1,645)	(4,129)
Level 1
Assets:
Total assets	376,641	313,521
Liabilities:
Total liabilities	0	0
Level 1 \| Money market funds
Assets:
Cash and cash equivalents	323,405	261,551
Level 1 \| Time deposits
Assets:
Cash and cash equivalents	0	0
Level 1 \| Investment in securities
Assets:
Investment in securities	53,236	51,970
Level 1 \| Interest rate swaps
Assets:
Derivatives asset	0	0
Liabilities:
Derivative liability	0	0
Level 2
Assets:
Total assets	82,328	180,021
Liabilities:
Total liabilities	(1,645)	(4,129)
Level 2 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Level 2 \| Time deposits
Assets:
Cash and cash equivalents	78,059	177,608
Level 2 \| Investment in securities
Assets:
Investment in securities	0	0
Level 2 \| Interest rate swaps
Assets:
Derivatives asset	4,269	2,413
Liabilities:
Derivative liability	(1,645)	(4,129)
Level 3
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 3 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Level 3 \| Time deposits
Assets:
Cash and cash equivalents	0	0
Level 3 \| Investment in securities
Assets:
Investment in securities	0	0
Level 3 \| Interest rate swaps
Assets:
Derivatives asset	0	0
Liabilities:
Derivative liability	$ 0	$ 0

Restructuring Activities

6 Months Ended

Jun. 30, 2024

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 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. We do not expect additional restructuring charges associated with these activities to be significant and we expect to be substantially complete with all activities associated with this plan by the end of 2024.

Since the second quarter of 2023, we have incurred costs of $82 million in connection with this business plan. These restructuring costs are comprised of $76 million that has been or will be paid in cash for severance and related benefits costs and $6 million paid related to other restructuring costs. During the six months ended June 30, 2024, we recorded $18 million in additional severance and related benefits costs, of which $1 million is recorded within cost of revenue, excluding technology costs, $13 million is recorded within technology costs and $4 million is recorded within selling, general and administrative costs within our consolidated statement of operations. The majority of these additional costs is expected to be paid by the end of the first quarter of 2025. We also recorded a $9 million adjustment to the accrued liability for estimated amounts that are no longer expected to be paid.

The following table summarizes the accrued liability for severance and related benefits costs as recorded within accrued compensation and related benefits within our consolidated balance sheets, related to this cost reduction plan (in thousands):


	Six Months Ended June 30, 2024
Balance as of December 31, 2023	$	17,288
Charges	18,086
Cash Payments	(7,046)
Non-Cash Adjustments	(8,796)
Balance as of June 30, 2024	$	19,532

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 01, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)	4	9	3	6
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)	1	1	3	2
Convertible Debt Securities \| Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)				47
Convertible Debt Securities \| Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)	57	42	57	42

Derivatives - Schedule of Interest Rate Swaps (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2022	Jun. 30, 2022	Apr. 30, 2022
1.71% Interest Rate Swap Outstanding
Derivative [Line Items]
Notional Amount	$ 200
Interest Rate Paid	3.09%	3.09%		1.71%
Floor rate	0.50%
2.79% Interest Rate Swap Outstanding
Derivative [Line Items]
Notional Amount	$ 150
Interest Rate Paid	3.98%	3.98%	2.79%
Floor rate	0.50%
4.72% Interest Rate Swap Outstanding
Derivative [Line Items]
Notional Amount	$ 250
Interest Rate Paid	4.72%
Floor rate	0.50%
3.88% Interest Rate Swap Outstanding
Derivative [Line Items]
Notional Amount	$ 250
Interest Rate Paid	3.88%
Floor rate	0.50%
4.37% Interest Rate Swap Outstanding
Derivative [Line Items]
Notional Amount	$ 250
Interest Rate Paid	4.37%
Floor rate	0.50%

Segment Information - Narrative (Details)	6 Months Ended
Segment Information - Narrative (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of business segments	2

Credit Losses

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 for our portfolio segment is summarized as follows (in thousands):


	Six Months Ended June 30, 2024
Balance at December 31, 2023	$	34,343
Provision for expected credit losses	4,769
Write-offs	(6,057)
Other	(136)
Balance at June 30, 2024	$	32,919

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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)		385,696,342
Entity Central Index Key	0001597033
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands				6 Months Ended
	Mar. 31, 2024	Mar. 29, 2024	Jun. 13, 2023	Jun. 30, 2024	Dec. 31, 2023	Sep. 07, 2023
Debt Instrument [Line Items]
Face value of total debt outstanding				$ 5,133,340	$ 4,961,903
Less current portion of debt outstanding				(218,807)	(4,040)
Face value of long-term debt outstanding				4,914,533	4,957,863
Term Loan \| 2021 Term Loan B-1
Debt Instrument [Line Items]
Face value of outstanding debt				$ 391,880	392,015
Term Loan \| 2021 Term Loan B-1 \| SOFR
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	614,151
Term Loan \| 2021 Term Loan B-2 \| SOFR
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	603,447
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	645,310
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				$ 814,812	753,859
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 \| Securitization facility:
Debt Instrument [Line Items]
Face value of outstanding debt				$ 214,000
Line of Credit \| AR Facility \| Securitization facility:
Debt Instrument [Line Items]
Face value of outstanding debt				$ 94,100	110,000
Drawn fee percentage	4.00%	2.25%
Line of Credit \| AR Facility \| Securitization facility: \| SOFR
Debt Instrument [Line Items]
Basis spread on rate				4.00%
Line of Credit \| FILO Facility \| Securitization facility:
Debt Instrument [Line Items]
Face value of outstanding debt				$ 120,000	0
Drawn fee percentage	4.00%	2.25%
Line of Credit \| FILO Facility \| Securitization facility: \| SOFR
Debt Instrument [Line Items]
Basis spread on rate				8.00%
Drawn fee percentage		8.00%
Senior Secured Notes \| 9.25% senior secured notes due 2025
Debt Instrument [Line Items]
Debt instrument interest rate percentage			9.25%	9.25%		9.25%
Face value of outstanding debt				$ 31,547	38,895
Senior Secured Notes \| 7.375% senior secured notes due 2025
Debt Instrument [Line Items]
Debt instrument interest rate percentage				7.375%		7.375%
Face value of outstanding debt				$ 26,796	63,019
Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Debt instrument interest rate percentage				4.00%
Face value of outstanding debt				$ 183,220	333,220
Senior Secured Notes \| $7.32% senior exchangeable notes due 2026
Debt Instrument [Line Items]
Debt instrument interest rate percentage				7.32%
Face value of outstanding debt				$ 150,000	0
Senior Secured Notes \| 8.625% senior secured notes due 2027
Debt Instrument [Line Items]
Debt instrument interest rate percentage				8.625%		8.625%
Face value of outstanding debt				$ 903,077	852,987
Senior Secured Notes \| 11.25% senior secured notes due 2027
Debt Instrument [Line Items]
Debt instrument interest rate percentage				11.25%
Face value of outstanding debt				$ 555,000	$ 555,000

Derivatives - Schedule of Derivative Instruments Net of Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Amount of Gains Recognized in OCI on Derivative, Effective Portion	$ 2,586	$ 1,181	$ 9,333	$ 885
Amount of Gains Reclassified from Accumulated OCI into Income, Effective Portion	(2,088)	(1,427)	(4,045)	(2,416)
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Amount of Gains Recognized in OCI on Derivative, Effective Portion	2,586	1,181	9,333	885
Amount of Gains Reclassified from Accumulated OCI into Income, Effective Portion	(2,088)	(1,427)	(4,045)	(2,416)
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps
Derivative [Line Items]
Amount of Gains Recognized in OCI on Derivative, Effective Portion	2,586	1,181	9,333	885
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps \| Interest expense, net
Derivative [Line Items]
Amount of Gains Reclassified from Accumulated OCI into Income, Effective Portion	$ (2,088)	$ (1,427)	$ (4,045)	$ (2,416)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Allowance for credit losses	$ 32,919	$ 34,343
Accumulated depreciation	$ 1,865,872	$ 1,851,191
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	414,405	405,915
Common stock, shares outstanding (in shares)	385,663	379,569
Treasury stock, shares held (in shares)	28,742	26,346
Customer Relationships
Accumulated amortization	$ 838,627	$ 827,529
Other Intangible Assets
Accumulated amortization	$ 795,549	$ 787,511

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023 (in thousands).


Account	Consolidated Balance Sheet Location	June 30, 2024		December 31, 2023
Contract assets and customer advances and discounts(1)	Prepaid expenses and other current assets / other assets, net	$	35,357	$	42,029
Trade and unbilled receivables, net	Accounts receivable, net	374,121		341,362
Long-term trade unbilled receivables, net	Other assets, net	21,061		20,265
Contract liabilities	Deferred revenues / other noncurrent liabilities	143,783		166,911

______________________

(1) Includes contract assets of $9 million and $11 million for June 30, 2024 and December 31, 2023, respectively.

Schedule of Revenues Disaggregated by Business

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Distribution	$	550,594	$	530,405	$	1,122,852	$	1,056,291
IT Solutions	144,456		140,356		285,831		291,911
Total Travel Solutions	695,050		670,761		1,408,683		1,348,202
SynXis Software and Services	76,392		69,519		148,709		136,033
Other	6,846		7,152		13,348		14,450
Total Hospitality Solutions	83,238		76,671		162,057		150,483
Total Segment Revenue	778,288		747,432		1,570,740		1,498,685
Eliminations	(11,047)		(9,903)		(20,613)		(18,461)
Total Sabre Revenue	$	767,241	$	737,529	$	1,550,127	$	1,480,224

Stock and Stockholders' Equity	6 Months Ended
Stock and Stockholders' Equity	Jun. 30, 2024
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 accrued $5 million and $11 million of preferred stock dividends in our consolidated results of operations for the three and six months ended June 30, 2023, respectively. During the three and six months ended June 30, 2023, we paid cash dividends on our preferred stock of $5 million and $11 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 six months ended June 30, 2024, 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 June 30, 2024, 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 2025 Exchangeable Notes. On March 19, 2024, Sabre GLBL exchanged $150 million aggregate principal amount of our outstanding 2025 Exchangeable Notes for $150 million aggregate principal amount of the 2026 Exchangeable Notes and approximately $30 million of cash. Under the terms of the Exchangeable Indentures, the Exchangeable Notes are exchangeable into our common stock under specified circumstances, at our election. As of June 30, 2024, we have $183 million and $150 million aggregate principal amount of 2025 Exchangeable Notes and 2026 Exchangeable Notes outstanding, respectively. See Note 7. Debt for further details. Until the notes mature, we expect to settle the principal amount of the outstanding Exchangeable Notes in shares of our common stock.

The entire disclosure for equity.

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Schedule of Outstanding Debt

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

The following table sets forth the face values of our outstanding debt as of June 30, 2024 and December 31, 2023 (in thousands):


	Rate	Maturity	June 30, 2024		December 31, 2023
Senior secured credit facilities:
2021 Term Loan B-1	S(1) + 3.50%	December 2027	$	391,880	$	392,015
2021 Term Loan B-2	S(1) + 3.50%	December 2027	614,151		614,151
2022 Term Loan B-1	S(1) + 4.25%	June 2028	603,447		603,447
2022 Term Loan B-2	S(1) + 5.00%	June 2028	645,310		645,310
Senior Secured Term Loan Due 2028	RR(2) + 1.75%(3)	December 2028	814,812		753,859
Securitization facility:
AR Facility	S(1) + 4.00%(4)	March 2027	94,100		110,000
FILO Facility	S(1) + 8.00%	March 2027	120,000		—
9.25% senior secured notes due 2025	9.25%	April 2025	31,547		38,895
7.375% senior secured notes due 2025	7.375%	September 2025	26,796		63,019
4.00% senior exchangeable notes due 2025	4.00%	April 2025	183,220		333,220
7.32% senior exchangeable notes due 2026	7.32%	August 2026	150,000		—
8.625% senior secured notes due 2027	8.625%	June 2027	903,077		852,987
11.25% senior secured notes due 2027	11.25%	December 2027	555,000		555,000
Face value of total debt outstanding			5,133,340		4,961,903
Less current portion of debt outstanding			(218,807)		(4,040)
Face value of long-term debt outstanding			$	4,914,533	$	4,957,863

______________________

(1) Represents the Secured Overnight Financing Rate ("SOFR").

(2) Represents the Reference Rate as defined below.

(3) 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%.

(4) In connection with the issuance of the FILO Facility (as defined below), the initial drawn fee rate was increased from 2.25% to 4.00%.

Schedule of Exchangeable Debt

The following table sets forth the carrying value of the Exchangeable Notes as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024				December 31, 2023
	2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes
Principal	$	183,220	$	150,000	$	333,220	$	—

Less: Unamortized debt issuance costs	1,110		4,264		3,256		—
Net carrying value	$	182,110	$	145,736	$	329,964	$	—

Schedule of Interest Expense Recognized

The following table sets forth interest expense recognized related to the Exchangeable Notes for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
	2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes
Contractual interest expense	$	1,832	$	2,745	$	3,332	$	—	$	4,964	$	3,111	$	6,664	$	—
Amortization of issuance costs	342		461		593		—		920		522		1,179		—

Redeemable Noncontrolling Interest (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and 2023 (in thousands):


	Six Months Ended June 30,
	2024		2023
Redeemable noncontrolling interest, beginning of period	$	14,375	$	—
Proceeds from sale of redeemable noncontrolling interest	—		16,000
Net loss attributable to redeemable noncontrolling interest	(692)		(986)
Redeemable noncontrolling interest, end of period	$	13,683	$	15,014

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Revenue recognized	$ 49,000
Revenue recognized from performance obligation satisfied in the previous period	6,000
Cancellation reserve	32,919	$ 34,343
Air Bookings
Revenue from External Customer [Line Items]
Cancellation reserve	$ 12,000	$ 10,000

Redeemable Noncontrolling Interest - Narrative (Details) $ in Thousands	Feb. 01, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests		$ 13,683	$ 14,375	$ 15,014	$ 0
Conferma Direct Parent
Redeemable Noncontrolling Interest [Line Items]
Ownership interest percentage in business sold	0.19
Acquisitions, net of cash acquired	$ 16,000
Percentage of ownership interest redeemable	19.00%
Purchase price of ownership interest redeemable	$ 16,000

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present our assets (liabilities) that are required to be measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):


			Fair Value at Reporting Date Using
Assets:	June 30, 2024		Level 1		Level 2		Level 3
Derivatives(1)
Interest rate swap contracts	$	4,269	$	—	$	4,269	$	—
Investment in securities	53,236		53,236		—		—
Money market funds	323,405		323,405		—		—
Time deposits	78,059		—		78,059		—
Total assets	$	458,969	$	376,641	$	82,328	$	—

Liabilities:
Derivatives(1)
Interest rate swap contracts	$	(1,645)	$	—	$	(1,645)	$	—
Total liabilities	$	(1,645)	$	—	$	(1,645)	$	—


			Fair Value at Reporting Date Using
Assets:	December 31, 2023		Level 1		Level 2		Level 3
Derivatives(1)
Interest rate swap contracts	$	2,413	$	—	$	2,413	$	—
Investment in securities	51,970		51,970		—		—
Money market funds	261,551		261,551		—		—
Time deposits	177,608		—		177,608		—
Total assets	$	493,542	$	313,521	$	180,021	$	—

Liabilities:
Derivatives(1)
Interest rate swap contracts	$	(4,129)	$	—	$	(4,129)	$	—
Total liabilities	$	(4,129)	$	—	$	(4,129)	$	—

______________________

(1) See Note 8. 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 June 30, 2024 and December 31, 2023 (in thousands):


	As of June 30, 2024				As of December 31, 2023
Financial Instrument	Fair Value		Carrying Value(1)		Fair Value		Carrying Value(1)
2021 Term Loan B-1	$	353,182	$	391,302	$	344,973	$	391,366
2021 Term Loan B-2	554,271		610,931		540,069		610,545
2022 Term Loan B-1	549,891		598,929		535,559		598,419
2022 Term Loan B-2	591,669		621,351		576,343		618,888
Senior Secured Term Loan Due 2028	814,731		795,358		726,582		732,901
9.25% senior secured notes due 2025	30,884		31,547		38,291		38,895
7.375% senior secured notes due 2025	25,824		26,796		60,496		63,019
4.00% senior exchangeable notes due 2025	176,414		183,220		326,841		333,220
7.32% senior exchangeable notes due 2026	138,938		150,000		—		—
8.625% senior secured notes due 2027	834,908		903,077		776,598		852,987
11.25% senior secured notes due 2027	539,785		547,265		545,024		546,384

______________________

(1)Excludes net unamortized debt issuance costs.

Derivatives

6 Months Ended

Jun. 30, 2024

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 June 30, 2024, 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 six months ended June 30, 2024 and 2023, 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)

3.09%(2)

April 30, 2022

December 31, 2023

$150 million

1 month SOFR(1)

3.98%(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

$250 million

1 month SOFR(1)

4.37%

January 16, 2024

January 31, 2026

______________________

(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. In January 2024, we entered into an interest rate swap to hedge interest payments associated with $250 million of the floating rate 2022 Term Loan B-1 related to the years 2024 and 2025. We designated these swaps as cash flow hedges. For the three and six months ended June 30, 2024, we recognized a cash flow impact of $2 million and $4 million, respectively, related to our interest rate swaps, which is reported as cash provided by operating activities within our consolidated statements of cash flows. As of June 30, 2024, we estimate that $4 million in gains will be reclassified from other comprehensive (loss) income to earnings over the next 12 months.

The estimated fair values of our derivatives designated as hedging instruments as of June 30, 2024 and December 31, 2023 are as follows (in thousands):


	Derivative Assets
		Fair Value as of
Derivatives Designated as Hedging Instruments	Consolidated Balance Sheet Location	June 30, 2024		December 31, 2023


Interest rate swaps	Prepaid expenses and other current assets	$	4,269	$	2,413
Interest rate swaps	Other noncurrent liabilities	(1,645)		(4,129)
Total		$	2,624	$	(1,716)

The effects of derivative instruments, net of taxes, on OCI for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands):


	Amount of Gains Recognized in OCI on Derivative, Effective Portion
Derivatives in Cash Flow Hedging Relationships		Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023

Interest rate swaps		$	2,586	$	1,181	$	9,333	$	885
Total		$	2,586	$	1,181	$	9,333	$	885


		Amount of Gains Reclassified from Accumulated OCI into Income, Effective Portion
Derivatives in Cash Flow Hedging Relationships	Income Statement Location	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023

Interest rate swaps	Interest expense, net	$	(2,088)	$	(1,427)	$	(4,045)	$	(2,416)
Total		$	(2,088)	$	(1,427)	$	(4,045)	$	(2,416)

Fair Value Measurements - Schedule of Fair Value and Carrying Value of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Sep. 07, 2023	Jun. 13, 2023
Senior Secured Notes \| 9.25% senior secured notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	9.25%		9.25%	9.25%
Senior Secured Notes \| 7.375% senior secured notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	7.375%		7.375%
Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	4.00%
Senior Secured Notes \| $7.32% senior exchangeable notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	7.32%
Senior Secured Notes \| 8.625% senior secured notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	8.625%		8.625%
Senior Secured Notes \| 11.25% senior secured notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate percentage	11.25%
Fair Value \| Term Loan \| 2021 Term Loan B-1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 353,182	$ 344,973
Fair Value \| Term Loan \| 2021 Term Loan B-2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	554,271	540,069
Fair Value \| Term Loan \| 2022 Term Loan B-1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	549,891	535,559
Fair Value \| Term Loan \| 2022 Term Loan B-2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	591,669	576,343
Fair Value \| Secured Debt \| Senior Secured Term Loan Due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	814,731	726,582
Fair Value \| Senior Secured Notes \| 9.25% senior secured notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	30,884	38,291
Fair Value \| Senior Secured Notes \| 7.375% senior secured notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	25,824	60,496
Fair Value \| Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	176,414	326,841
Fair Value \| Senior Secured Notes \| $7.32% senior exchangeable notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	138,938	0
Fair Value \| Senior Secured Notes \| 8.625% senior secured notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	834,908	776,598
Fair Value \| Senior Secured Notes \| 11.25% senior secured notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	539,785	545,024
Carrying Value \| Term Loan \| 2021 Term Loan B-1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	391,302	391,366
Carrying Value \| Term Loan \| 2021 Term Loan B-2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	610,931	610,545
Carrying Value \| Term Loan \| 2022 Term Loan B-1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	598,929	598,419
Carrying Value \| Term Loan \| 2022 Term Loan B-2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	621,351	618,888
Carrying Value \| Secured Debt \| Senior Secured Term Loan Due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	795,358	732,901
Carrying Value \| Senior Secured Notes \| 9.25% senior secured notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	31,547	38,895
Carrying Value \| Senior Secured Notes \| 7.375% senior secured notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	26,796	63,019
Carrying Value \| Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	183,220	333,220
Carrying Value \| Senior Secured Notes \| $7.32% senior exchangeable notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	150,000	0
Carrying Value \| Senior Secured Notes \| 8.625% senior secured notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	903,077	852,987
Carrying Value \| Senior Secured Notes \| 11.25% senior secured notes due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value, notes payable	$ 547,265	$ 546,384

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (69,760)	$ (123,931)	$ (141,243)	$ (222,865)

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

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Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
Credit Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 34,343
Provision for expected credit losses	4,769	$ 8,292
Write-offs	(6,057)
Other	(136)
Ending balance	$ 32,919

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accumulated Other Comprehensive Loss - Schedule of Components of Accumulated Other Comprehensive Loss, Net of Related Deferred Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	$ (1,490,595)	$ (1,430,316)	$ (1,375,819)	$ (1,083,656)	$ (964,548)	$ (872,827)
Total accumulated other comprehensive loss, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	(68,885)	$ (69,716)	(73,922)	$ (63,307)	$ (64,479)	$ (65,731)
Defined benefit pension and other postretirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	(77,366)		(78,056)
Unrealized foreign currency translation gain
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	8,611		9,147
Unrealized gain on interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	2,419		(2,869)
Share of other comprehensive loss of equity method investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	$ (2,549)		$ (2,144)

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

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

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Revenue from Contracts with Customers - Schedule of Revenues Disaggregated by Business (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	$ 767,241	$ 737,529	$ 1,550,127	$ 1,480,224
Travel Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	684,003	660,858	1,388,070	1,329,741
Operating Segments
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	778,288	747,432	1,570,740	1,498,685
Operating Segments \| Travel Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	695,050	670,761	1,408,683	1,348,202
Operating Segments \| Travel Solutions \| Distribution
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	550,594	530,405	1,122,852	1,056,291
Operating Segments \| Travel Solutions \| IT Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	144,456	140,356	285,831	291,911
Operating Segments \| Hospitality Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	83,238	76,671	162,057	150,483
Operating Segments \| Hospitality Solutions \| SynXis Software and Services
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	76,392	69,519	148,709	136,033
Operating Segments \| Hospitality Solutions \| Other
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	6,846	7,152	13,348	14,450
Eliminations
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	$ (11,047)	$ (9,903)	$ (20,613)	$ (18,461)

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the six months ended June 30, 2024, we recognized $8 million of income tax expense, representing an effective tax rate of less than 1%, compared to an income tax expense of $8 million, also representing an effective tax rate of less than 1% for the six months ended June 30, 2023. The effective tax rate decreased for the six months ended June 30, 2024 as compared to the same period in 2023 primarily due to the change in the geographic mix of taxable income and various discrete items recorded in each of the respective six month periods. The difference between our effective tax rates and the U.S. federal statutory income tax rate primarily results from valuation allowances, our geographic mix of taxable income in various tax jurisdictions, tax permanent differences and tax credits. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. We believe it is more likely than not that the results of future operations will not generate sufficient taxable income in the U.S. and in certain foreign jurisdictions to realize the full benefit of its deferred tax assets. On the basis of this evaluation, as of June 30, 2024, a cumulative valuation allowance of $679 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 $44 million and $41 million as of June 30, 2024 and December 31, 2023, respectively.

The entire disclosure for income tax.

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Schedule of Segment Information

Revenue from Contracts with Customers - Schedule of Assets and Liabilities with Customers (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Contract liabilities	$ 143,783	$ 166,911
Contract assets	9,000	11,000
Prepaid expenses and other current assets / other assets, net
Revenue from External Customer [Line Items]
Contract assets, current	35,357	42,029
Accounts receivable, net
Revenue from External Customer [Line Items]
Contract assets, current	374,121	341,362
Other assets, net
Revenue from External Customer [Line Items]
Long-term trade unbilled receivables, net	$ 21,061	$ 20,265

Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment information for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenue
Travel Solutions
Revenue from external customers	$	684,003	$	660,858	$	1,388,070	$	1,329,741
Intersegment revenue	11,047		9,903		20,613		18,461
Total Travel Solutions revenue	695,050		670,761		1,408,683		1,348,202
Hospitality Solutions	83,238		76,671		162,057		150,483
Total segment revenue	778,288		747,432		1,570,740		1,498,685
Eliminations	(11,047)		(9,903)		(20,613)		(18,461)
Total revenue	$	767,241	$	737,529	$	1,550,127	$	1,480,224
Segment adjusted operating income(a)
Travel Solutions	$	163,644	$	116,368	$	333,426	$	206,470
Hospitality Solutions	5,345		(2,037)		7,818		(10,531)
Total segment adjusted operating income	$	168,989	$	114,331	$	341,244	$	195,939


Depreciation and amortization
Travel Solutions	$	16,672	$	20,273	$	35,199	$	44,879
Hospitality Solutions	4,824		6,344		10,624		12,028
Total segments	21,496		26,617		45,823		56,907
Corporate	9,829		10,271		19,661		20,300
Total	$	31,325	$	36,888	$	65,484	$	77,207
Capital Expenditures
Travel Solutions	$	18,388	$	18,700	$	31,013	$	31,752
Hospitality Solutions	1,309		2,225		2,244		4,153
Total segments	19,697		20,925		33,257		35,905
Corporate	421		9,155		14,537		12,285
Total	$	20,118	$	30,080	$	47,794	$	48,190

______________________


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Total segment adjusted operating income	$	168,989	$	114,331	$	341,244	$	195,939
Unallocated amounts and adjustments:
Corporate expenses	(62,000)		(68,236)		(116,486)		(122,168)
Acquisition-related amortization(1)	(9,620)		(9,934)		(19,242)		(19,867)
Restructuring and other costs(2)	(15,492)		(59,372)		(10,439)		(59,053)
Acquisition-related costs(3)	(613)		(541)		(863)		(1,388)
Litigation costs, net(4)	(1,579)		(9,234)		(1,579)		(9,234)
Indirect tax matters(5)	(6,131)		—		(6,131)		—
Stock-based compensation	(12,230)		(8,738)		(26,135)		(25,743)
Interest expense, net	(129,294)		(106,134)		(254,041)		(205,918)
(Loss) gain on extinguishment of debt	—		12,543		(37,994)		12,543
Other, net(6)	3,251		17,225		(1,226)		19,632
Loss from continuing operations before income taxes	$	(64,719)	$	(118,090)	$	(132,892)	$	(215,257)

______________________

(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 13. Contingencies.

(5)Indirect tax matters represents charges associated with certain digital tax matters, including a charge recorded as a result of newly adopted legislation in Canada.

Debt - Schedule of Exchangeable Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Net carrying value	$ 5,007,000	$ 4,834,000
Convertible Debt \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Principal	183,220	333,220
Less: Unamortized debt issuance costs	1,110	3,256
Net carrying value	182,110	329,964
Convertible Debt \| $7.32% senior exchangeable notes due 2026
Debt Instrument [Line Items]
Principal	150,000	0
Less: Unamortized debt issuance costs	4,264	0
Net carrying value	$ 145,736	$ 0

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.

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-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

Redeemable Noncontrolling Interest

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

+ References + Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (69,485)	$ (123,997)	$ (140,590)	$ (223,766)
Other comprehensive income, net of tax:
Foreign currency translation adjustments ("CTA")	146	2,282	(536)	3,857
Retirement-related benefit plans:
Amortization of prior service credits, net of taxes of nil in all periods	(358)	(358)	(716)	(716)
Amortization of actuarial losses, net of taxes of nil in all periods	831	(470)	1,406	1,151
Net change in retirement-related benefit plans, net of tax	473	(828)	690	435
Derivatives:
Unrealized losses, net of taxes of nil in all periods	2,586	1,181	9,333	885
Reclassification adjustment for realized gains, net of taxes of nil in all periods	(2,088)	(1,427)	(4,045)	(2,416)
Net change in derivatives, net of tax	498	(246)	5,288	(1,531)
Share of other comprehensive loss of equity method investments	(284)	(36)	(405)	(338)
Other comprehensive income	833	1,172	5,037	2,423
Comprehensive loss	(68,652)	(122,825)	(135,553)	(221,343)
Less: Comprehensive (income) loss attributable to noncontrolling interests	(275)	66	(653)	901
Comprehensive loss attributable to Sabre Corporation	$ (68,927)	$ (122,759)	$ (136,206)	$ (220,442)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Operating Activities
Net loss	$ (69,485)	$ (123,997)	$ (140,590)	$ (223,766)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	31,325	36,888	65,484	77,207
Paid-in-kind interest			60,954	0
Loss (gain) on extinguishment of debt	0	(12,543)	37,994	(12,543)
Stock-based compensation expense			26,135	25,743
Amortization of upfront incentive consideration			17,073	18,010
Amortization of debt discount and issuance costs			13,594	11,464
Deferred income taxes			(6,214)	(18,734)
Provision for expected credit losses			4,769	8,292
Dividends received from equity method investments			1,460	1,514
Gain on investment fair value adjustment			(1,200)	(3,840)
Other			622	(3,576)
Loss from discontinued operations	0	(2)	0	401
Changes in operating assets and liabilities:
Accounts and other receivables			(33,906)	(101,815)
Prepaid expenses and other current assets			(13,471)	24,856
Capitalized implementation costs			(9,808)	(4,368)
Upfront incentive consideration			(4,417)	(13,273)
Other assets			(10,336)	6,243
Accrued compensation and related benefits			(47,144)	4,355
Accounts payable and other accrued liabilities			22,179	72,479
Deferred revenue including upfront solution fees			(23,137)	32,163
Cash used in operating activities			(39,959)	(99,188)
Investing Activities
Additions to property and equipment			(47,794)	(48,190)
Other investing activities			(300)	0
Acquisitions, net of cash acquired			0	(13,355)
Cash used in investing activities			(48,094)	(61,545)
Financing Activities
Proceeds on borrowings from lenders			200,090	677,486
Payments on borrowings from lenders			(193,706)	(718,722)
Proceeds from borrowings under Securitization Facility			146,300	178,600
Debt prepayment fees and issuance costs			(49,956)	(23,007)
Payments on borrowings under Securitization Facility			(42,200)	(48,600)
Net payment on the settlement of equity-based awards			(6,404)	(5,555)
Proceeds from sale of redeemable shares in subsidiary			0	16,000
Dividends paid on preferred stock		(5,000)	0	(10,693)
Other financing activities			0	4,851
Cash provided by financing activities			54,124	70,360
Cash Flows from Discontinued Operations
Cash provided by operating activities			0	80
Cash provided by discontinued operations			0	80
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(1,663)	1,554
Decrease in cash, cash equivalents and restricted cash			(35,592)	(88,739)
Cash, cash equivalents and restricted cash at beginning of period			669,244	815,923	$ 815,923
Cash, cash equivalents and restricted cash at end of period	$ 633,652	$ 727,184	633,652	727,184	$ 669,244
Non-cash additions to property and equipment			$ 1,066	$ 506

Redeemable Noncontrolling Interest

6 Months Ended

Jun. 30, 2024

Noncontrolling Interest [Abstract]

On February 1, 2023, we sold common shares of a subsidiary, representing a 19% interest in Conferma Limited's (“Conferma”) direct parent, to a third party for cash consideration of $16 million. In connection with the sale, we entered into a governing agreement which requires us under limited conditions to redeem the 19% interest, if requested, for the original purchase price of $16 million. We currently do not believe it is probable that the noncontrolling interest will become redeemable, given the remote likelihood of the applicable conditions being satisfied.

As the common shares are redeemable upon the occurrence of conditions not solely within our control, we recorded the noncontrolling interest as redeemable and classified it as temporary equity within our consolidated balance sheet initially at fair

value. The noncontrolling interest is adjusted each reporting period for loss or income attributable to the noncontrolling interest. As of June 30, 2024 and 2023, the redeemable noncontrolling interest was $14 million and $15 million, respectively.

The following table presents the changes in redeemable noncontrolling interest of a consolidated subsidiary in temporary equity during the period ended June 30, 2024 and 2023 (in thousands):


	Six Months Ended June 30,
	2024		2023
Redeemable noncontrolling interest, beginning of period	$	14,375	$	—
Proceeds from sale of redeemable noncontrolling interest	—		16,000
Net loss attributable to redeemable noncontrolling interest	(692)		(986)
Redeemable noncontrolling interest, end of period	$	13,683	$	15,014

General Information (Policies)	6 Months Ended
General Information (Policies)	Jun. 30, 2024
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 six months ended June 30, 2024 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2024. 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 15, 2024. 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) the evaluation of the recoverability of the carrying value of intangible assets and goodwill, (iii) the evaluation of uncertainties surrounding the calculation of our tax assets and liabilities, and (iv) estimation of loss contingencies. 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 15, 2024.
Adoption of New Accounting Standards and Recent Accounting Pronouncements	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 7. Debt below). Recent Accounting Pronouncements In November 2023, the FASB issued updated guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The updated standard is effective for public companies for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statement disclosures. In December 2023, the FASB issued updated guidance to enhance the transparency and decision usefulness of income tax disclosures through improvements primarily related to the rate reconciliation and income taxes paid information. The updated standard is effective for public companies for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statement disclosures. In March 2024, the SEC adopted final rules requiring public entities to provide certain climate-related information in their registration statements and annual reports. As part of the disclosures, entities will be required to quantify certain effects of severe weather events and other natural conditions in a note to their audited financial statements. The rules were originally effective beginning with annual reports for the year ending December 31, 2025; however, on April 4, 2024, the SEC voluntarily stayed these rules, pending judicial review. We are currently evaluating the impact of the rules, if they were to go into effect, on our consolidated financial statement disclosures.
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 June 30, 2024, 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.

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

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

As of June 30, 2024 and December 31, 2023, the components of accumulated other comprehensive loss, net of related deferred income taxes, are as follows (in thousands):


	June 30, 2024		December 31, 2023
Defined benefit pension and other postretirement benefit plans	$	(77,366)	$	(78,056)
Unrealized foreign currency translation gain	8,611		9,147
Unrealized gain on interest rate swaps	2,419		(2,869)
Share of other comprehensive loss of equity method investments	(2,549)		(2,144)

Total accumulated other comprehensive loss, net of tax	$	(68,885)	$	(73,922)

Restructuring Activities - Schedule of Accrued Liability Related to Severance and Related Benefits Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2023		$ 17,288
Charges	$ 82,000	18,086
Cash Payments		(7,046)
Non-Cash Adjustments		(8,796)
Balance as of June 30, 2024		$ 19,532

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

As of June 30, 2024 and December 31, 2023, our outstanding debt included in our consolidated balance sheets totaled $5,007 million and $4,834 million, respectively, which are net of debt issuance costs of $63 million and $63 million, respectively, and unamortized discounts of $63 million and $65 million, respectively. The following table sets forth the face values of our outstanding debt as of June 30, 2024 and December 31, 2023 (in thousands):


	Rate	Maturity	June 30, 2024		December 31, 2023
Senior secured credit facilities:
2021 Term Loan B-1	S(1) + 3.50%	December 2027	$	391,880	$	392,015
2021 Term Loan B-2	S(1) + 3.50%	December 2027	614,151		614,151
2022 Term Loan B-1	S(1) + 4.25%	June 2028	603,447		603,447
2022 Term Loan B-2	S(1) + 5.00%	June 2028	645,310		645,310
Senior Secured Term Loan Due 2028	RR(2) + 1.75%(3)	December 2028	814,812		753,859
Securitization facility:
AR Facility	S(1) + 4.00%(4)	March 2027	94,100		110,000
FILO Facility	S(1) + 8.00%	March 2027	120,000		—
9.25% senior secured notes due 2025	9.25%	April 2025	31,547		38,895
7.375% senior secured notes due 2025	7.375%	September 2025	26,796		63,019
4.00% senior exchangeable notes due 2025	4.00%	April 2025	183,220		333,220
7.32% senior exchangeable notes due 2026	7.32%	August 2026	150,000		—
8.625% senior secured notes due 2027	8.625%	June 2027	903,077		852,987
11.25% senior secured notes due 2027	11.25%	December 2027	555,000		555,000
Face value of total debt outstanding			5,133,340		4,961,903
Less current portion of debt outstanding			(218,807)		(4,040)
Face value of long-term debt outstanding			$	4,914,533	$	4,957,863

______________________

(1) Represents the Secured Overnight Financing Rate ("SOFR").

(2) Represents the Reference Rate as defined below.

(3) 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%.

(4) In connection with the issuance of the FILO Facility (as defined below), the initial drawn fee rate was increased from 2.25% to 4.00%.

We had outstanding letters of credit totaling $8 million and $12 million as of June 30, 2024 and December 31, 2023, respectively, which were secured by a $21 million cash collateral deposit account.

The weighted average interest rate on our short-term borrowings, which include our 9.25% Senior Secured Notes due 2025, 4.00% Senior Exchangeable Notes due 2025, and the current portion of the 2021 Term Loan B-1, is 4.85% as of June 30, 2024.

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.

Under the Amended and Restated Credit Agreement, the loan parties are subject to certain customary non-financial covenants, including restrictions on incurring certain types of indebtedness, creation of liens on certain assets, making of certain investments, and payment of dividends. We are further required to pay down the term loans with proceeds from certain asset sales, if not reinvested into the business within 15 months, as defined in the Amended and Restated Credit Agreement. As of June 30, 2024, 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 the 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 six months ended June 30, 2023 of $13 million.

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. As of June 30, 2024, the Reference Rate was 13.89%. 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 $30 million during the three months ended June 30, 2024 and $61 million during the six months ended June 30, 2024.

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 June 30, 2024, we were in compliance with all covenants under the terms of the 2023 Term Loan Agreement and the Pari Passu Loan Agreement.

Senior Secured Notes

On September 7, 2023, Sabre GLBL completed exchange offers in which approximately $787 million of our 7.375% senior secured notes due 2025 (the “September 2025 Notes”) and approximately $66 million of our 9.25% senior secured notes due 2025 (the “April 2025 Notes”) 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 the April 2025 Notes and the September 2025 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 September 2023 Exchange Transaction, including the impact of the exchange fees, represents a debt extinguishment and therefore recognized a loss on extinguishment of debt during the year ended December 31, 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 April 2025 Notes and the September 2025 Notes.

On March 7, 2024, Sabre GLBL exchanged approximately $36 million of our September 2025 Notes and approximately $7 million of our April 2025 Notes for approximately $50 million aggregate principal amount of additional June 2027 Notes (the "March 2024 Exchange Transaction"). No additional indebtedness was incurred as a result of the transaction, other than amounts covering exchange fees of approximately $7 million. Other than the issuance date and issue price, these additional June 2027 notes have the same terms, form a single series with, and are fungible with the June 2027 Notes described above. We incurred additional fees of approximately $1 million, which were funded with cash on hand. We determined that the March 2024 Exchange Transaction, including the impact of the exchange fees, represents a debt extinguishment and therefore recognized a loss on extinguishment of debt during the six months ended June 30, 2024 of approximately $7 million, primarily consisting of exchange fees related to the June 2027 Notes.

Securitization 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 (as amended from time to time the “Securitization Facility”) of up to $200 million with PNC Bank, N.A.

On March 29, 2024, Sabre Securitization increased the overall size of its existing Securitization Facility from $200 million to $235 million by issuing a $120 million "first-in, last-out" term loan tranche under the Securitization Facility (such tranche, the "FILO Facility") and reducing the revolving tranche under the Securitization Facility to $115 million (such tranche, the "AR Facility"). In connection with the issuance of the FILO Facility, the maturity date of the Securitization Facility was extended to March 29, 2027 and the springing maturity date thereunder was terminated. The FILO Facility provides the ability to prepay or repay at certain redemption premiums as set forth in the agreement. The net proceeds received from the FILO Facility of $117 million, net of $3 million in fees paid to creditors, will be used for general corporate purposes. We incurred additional fees of $4 million, which were funded with cash on hand.

The amount available for borrowings at any one time under the Securitization Facility is limited to a borrowing base calculated based on the outstanding balance of eligible receivables, subject to certain reserves. As of June 30, 2024, we had $214 million outstanding under the Securitization Facility, consisting of $94 million under the AR Facility and $120 million outstanding under the FILO Facility.

The FILO Facility bears interest at SOFR plus a drawn fee of 8.00% per annum. Interest and fees payable by Sabre Securitization under the FILO Facility are due monthly.

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%, plus a 0.10% SOFR adjustment. In connection with the issuance of the FILO Facility, the initial drawn fee was increased from 2.25% to 4.00%. The drawn fee varies based on our leverage ratio, 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 $1 million for the six months ended June 30, 2024 and $2 million for the year ended December 31, 2023, which are recorded in other assets, net in our consolidated financial statements.

In connection with the Securitization 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 Securitization 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 Securitization Facility, the lenders under the AR Facility and FILO 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 Securitization Facility. As of June 30, 2024, $368 million of Receivables are held as assets by Sabre Securitization, consisting of $358 million of accounts receivable and $10 million of other assets, net in our consolidated balance sheet.

The Securitization 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 Securitization Facility and (iii) receipts from customers related to the underlying Receivables are reflected as operating cash flows and borrowings and repayments under the Securitization 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 Securitization Facility contains certain customary representations, warranties, affirmative covenants, and negative covenants, subject to certain cure periods in some cases, including the eligibility of the Receivables being sold by the Originators and securing the loans made by the lenders, as well as customary reserve requirements, events of default, termination events, and servicer defaults. As of June 30, 2024, we were in compliance with and expect to be in compliance with the financial covenants of the Securitization Facility for at least the next twelve months.

Exchangeable Notes

On April 17, 2020, Sabre GLBL entered into a debt agreement (the "2025 Exchangeable Notes Indenture") consisting of $345 million aggregate principal amount of 4.000% senior exchangeable notes due 2025 (the “2025 Exchangeable Notes”). The 2025 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 2025 Exchangeable Notes Indenture. As of June 30, 2024, we have $183 million aggregate principal amount of 2025 Exchangeable Notes outstanding.

Under the terms of the 2025 Exchangeable Notes 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 2025 Exchangeable Notes, as determined following a request by their holder in accordance with the procedures in the 2025 Exchangeable Notes 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 2025 Exchangeable Notes Indenture);

•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 2025 Exchangeable Notes Indenture), the holders of the 2025 Exchangeable Notes may require us to repurchase all or part of the principal amount of the 2025 Exchangeable Notes at a repurchase price equal to 100% of the principal amount of the 2025 Exchangeable Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. As of June 30, 2024, none of the conditions allowing holders of the 2025 Exchangeable Notes to exchange have been met.

The 2025 Exchangeable Notes are convertible at their holder’s election into shares of our common stock based on an initial exchange rate of 126.9499 shares of common stock per $1,000 principal amount of the 2025 Exchangeable Notes, which is equivalent to an initial exchange 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 2025 Exchangeable Notes Indenture) occurs with respect to any 2025 Exchangeable Note and the exchange date for the exchange of such 2025 Exchangeable Note occurs during the related “Make-Whole Fundamental Change Exchange Period” (as defined in the 2025 Exchangeable Notes Indenture), then, subject to the provisions set forth in the 2025 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 2025 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 2025 Exchangeable Notes of $336 million, net of underwriting fees and commissions, are being used for general corporate purposes.

On March 19, 2024, Sabre GLBL exchanged $150 million aggregate principal amount of its outstanding 2025 Exchangeable Notes for $150 million aggregate principal amount of Sabre GLBL's newly-issued 7.32% senior exchangeable notes due 2026 (the "2026 Exchangeable Notes" and together with the 2025 Exchangeable Notes, the "Exchangeable Notes") and approximately $30 million of cash. We incurred additional fees of approximately $5 million in 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 of $31 million. We 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. The 2026 Exchangeable Notes are senior, unsecured obligations of Sabre GLBL, accrue interest payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1 2024, and mature on August 1, 2026, unless earlier repurchased or exchanged in accordance with specified circumstances and terms of the indenture governing the 2026 Exchangeable Notes (the "2026 Exchangeable Notes Indenture" and together with the 2025 Exchangeable Notes Indenture, the "Exchangeable Indentures"). As of June 30, 2024, we have $150 million aggregate principal amount of 2026 Exchangeable Notes outstanding.

Under the terms of the 2026 Exchangeable Notes Indenture, the 2026 Exchangeable Notes are exchangeable into our common stock under substantively the same circumstances as those set forth in the 2025 Exchangeable Notes other than:

•during any calendar quarter commencing after the calendar quarter ended June 30, 2024, 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; and

•on or after February 1, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, August 1, 2026.

As of June 30, 2024, none of the conditions allowing holders of the 2026 Exchangeable Notes to exchange have been met.

The 2026 Exchangeable Notes are convertible at their holder’s election into shares of our common stock based on an initial exchange rate of 222.2222 shares of common stock per $1,000 principal amount of the 2026 Exchangeable Notes, which is equivalent to an initial exchange price of approximately $4.50 per share. The exchange rate is subject to anti-dilution and other adjustments. Upon exchange, 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. “Make-Whole Fundamental Change” provisions in the 2026 Exchangeable Notes Indenture are substantially similar to those described above for the 2025 Exchangeable Notes Indenture.

Debt issuance costs are amortized over the contractual life of the Exchangeable Notes through interest expense, within our results of operations. The effective interest rates at June 30, 2024 were 4.78% and 8.82% for the 2025 Exchangeable Notes and the 2026 Exchangeable Notes, respectively. The effective interest rate at June 30, 2023 was 4.78% for the 2025 Exchangeable Notes.

The following table sets forth the carrying value of the Exchangeable Notes as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024				December 31, 2023
	2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes
Principal	$	183,220	$	150,000	$	333,220	$	—

Less: Unamortized debt issuance costs	1,110		4,264		3,256		—
Net carrying value	$	182,110	$	145,736	$	329,964	$	—

The following table sets forth interest expense recognized related to the Exchangeable Notes for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
	2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes		2025 Exchangeable Notes		2026 Exchangeable Notes
Contractual interest expense	$	1,832	$	2,745	$	3,332	$	—	$	4,964	$	3,111	$	6,664	$	—
Amortization of issuance costs	342		461		593		—		920		522		1,179		—

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.

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Accumulated Other Comprehensive Loss - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Equity [Abstract]
Contributions to defined benefit pension plan	$ 4
Expected contributions to defined benefit pension plan	$ 13

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2024
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. 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. 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. We subsequently filed an appeal with the United States Court of Appeals for the Second Circuit seeking a reversal of the judgment. 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. The retrial began in April 2022. 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 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. On February 6, 2024, the court issued an order denying US Airways' motion for attorneys' fees and costs without prejudice to renewal. The court further ordered that US Airways may refile its motion when and if settlement negotiations break down and after US Airways files a letter advising the court of its intent to renew the motion. 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 ultimate amount that we may be required to pay to US Airways 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”). In 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 in 2010. The DIT appealed the decision to the Supreme Court of India which upheld the Delhi High Court ruling on April 19, 2023. This matter is now closed for all assessment periods up to and including March 2006. We have appealed the tax assessments for the assessment years ended March 2013 to March 2018 with the ITAT, and on February 9, 2024 the ITAT ruled in our favor on these items. In addition, we have appealed assessment years ended March 2021 and March 2022 with the ITAT; no trial date has been set for these items. 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 2016 and March 2018 through March 2021. Appeals for assessment years ending March 2006 through March 2016 and March 2018 through March 2021 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 $25 million as of June 30, 2024. 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. As of June 30, 2024, we have accrued $13 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.

Derivatives - Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Designated as Hedging Instrument
Derivative [Line Items]
Total	$ 2,624	$ (1,716)
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative asset	4,269	2,413
Derivative liability	$ (1,645)	$ (4,129)

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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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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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Interest Rate Swaps

Interest rate swaps outstanding during the six months ended June 30, 2024 and 2023, 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)

3.09%(2)

April 30, 2022

December 31, 2023

$150 million

1 month SOFR(1)

3.98%(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

$250 million

1 month SOFR(1)

4.37%

January 16, 2024

January 31, 2026

______________________

(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 June 30, 2024 and December 31, 2023 are as follows (in thousands):


	Derivative Assets
		Fair Value as of
Derivatives Designated as Hedging Instruments	Consolidated Balance Sheet Location	June 30, 2024		December 31, 2023


Interest rate swaps	Prepaid expenses and other current assets	$	4,269	$	2,413
Interest rate swaps	Other noncurrent liabilities	(1,645)		(4,129)
Total		$	2,624	$	(1,716)

Schedule of Derivative Instruments, Net of Taxes

The effects of derivative instruments, net of taxes, on OCI for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands):


	Amount of Gains Recognized in OCI on Derivative, Effective Portion
Derivatives in Cash Flow Hedging Relationships		Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023

Interest rate swaps		$	2,586	$	1,181	$	9,333	$	885
Total		$	2,586	$	1,181	$	9,333	$	885


		Amount of Gains Reclassified from Accumulated OCI into Income, Effective Portion
Derivatives in Cash Flow Hedging Relationships	Income Statement Location	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023

Interest rate swaps	Interest expense, net	$	(2,088)	$	(1,427)	$	(4,045)	$	(2,416)
Total		$	(2,088)	$	(1,427)	$	(4,045)	$	(2,416)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,766	$ 5,909	$ 7,698	$ 8,108
Effective tax rate (less than)			1.00%	1.00%
Valuation allowance	679,000		$ 679,000
Unrecognized tax benefits	$ 44,000		$ 44,000		$ 41,000

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

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Schedule of Allowance for Credit Losses

Credit Losses (Tables)

6 Months Ended

Jun. 30, 2024

Credit Loss [Abstract]

Our allowance for credit losses for the six months ended June 30, 2024 for our portfolio segment is summarized as follows (in thousands):


	Six Months Ended June 30, 2024
Balance at December 31, 2023	$	34,343
Provision for expected credit losses	4,769
Write-offs	(6,057)
Other	(136)
Balance at June 30, 2024	$	32,919

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

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Loss from continuing operations	$	(69,485)	$	(123,999)	$	(140,590)	$	(223,365)
Less: Net income (loss) attributable to noncontrolling interests	275		(66)		653		(901)
Less: Preferred stock dividends	—		5,347		—		10,693



Net loss from continuing operations available to common stockholders, diluted	$	(69,760)	$	(129,280)	$	(141,243)	$	(233,157)
Denominator:
Basic weighted-average common shares outstanding	383,506		332,147		381,640		330,547



Diluted weighted-average common shares outstanding	383,506		332,147		381,640		330,547
Loss per share from continuing operations:
Basic	$	(0.18)	$	(0.39)	$	(0.37)	$	(0.71)
Diluted	$	(0.18)	$	(0.39)	$	(0.37)	$	(0.71)

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

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 June 30, 2024, 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 (liabilities) that are required to be measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):


			Fair Value at Reporting Date Using
Assets:	June 30, 2024		Level 1		Level 2		Level 3
Derivatives(1)
Interest rate swap contracts	$	4,269	$	—	$	4,269	$	—
Investment in securities	53,236		53,236		—		—
Money market funds	323,405		323,405		—		—
Time deposits	78,059		—		78,059		—
Total assets	$	458,969	$	376,641	$	82,328	$	—

Liabilities:
Derivatives(1)
Interest rate swap contracts	$	(1,645)	$	—	$	(1,645)	$	—
Total liabilities	$	(1,645)	$	—	$	(1,645)	$	—


			Fair Value at Reporting Date Using
Assets:	December 31, 2023		Level 1		Level 2		Level 3
Derivatives(1)
Interest rate swap contracts	$	2,413	$	—	$	2,413	$	—
Investment in securities	51,970		51,970		—		—
Money market funds	261,551		261,551		—		—
Time deposits	177,608		—		177,608		—
Total assets	$	493,542	$	313,521	$	180,021	$	—

Liabilities:
Derivatives(1)
Interest rate swap contracts	$	(4,129)	$	—	$	(4,129)	$	—
Total liabilities	$	(4,129)	$	—	$	(4,129)	$	—

______________________

(1) See Note 8. Derivatives for further detail.

There were no transfers between Levels 1 and 2 within the fair value hierarchy for the three and six months ended June 30, 2024.

Unrealized gains recognized during the three and six months ended June 30, 2024 from our investments in securities totaled $5 million and $1 million, respectively, and $5 million and $4 million during the three and six months ended June 30, 2023, 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 2025 Exchangeable Notes and 2026 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 the Senior Secured Term Loan Due 2028 and FILO Facility were determined using a valuation model that includes certain assumptions and Level 3 inputs. The outstanding principal balances of our AR Facility and FILO Facility approximated their fair value as of June 30, 2024.

The following table presents the fair value and carrying value of our senior notes and borrowings under our senior secured credit facilities as of June 30, 2024 and December 31, 2023 (in thousands):


	As of June 30, 2024				As of December 31, 2023
Financial Instrument	Fair Value		Carrying Value(1)		Fair Value		Carrying Value(1)
2021 Term Loan B-1	$	353,182	$	391,302	$	344,973	$	391,366
2021 Term Loan B-2	554,271		610,931		540,069		610,545
2022 Term Loan B-1	549,891		598,929		535,559		598,419
2022 Term Loan B-2	591,669		621,351		576,343		618,888
Senior Secured Term Loan Due 2028	814,731		795,358		726,582		732,901
9.25% senior secured notes due 2025	30,884		31,547		38,291		38,895
7.375% senior secured notes due 2025	25,824		26,796		60,496		63,019
4.00% senior exchangeable notes due 2025	176,414		183,220		326,841		333,220
7.32% senior exchangeable notes due 2026	138,938		150,000		—		—
8.625% senior secured notes due 2027	834,908		903,077		776,598		852,987
11.25% senior secured notes due 2027	539,785		547,265		545,024		546,384

______________________

(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 six months ended June 30, 2024.

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.

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Segment Information - Schedule of Adjustment Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Total segment adjusted operating income	$ 168,989	$ 114,331	$ 341,244	$ 195,939
Unallocated amounts and adjustments:
Corporate expenses	(62,000)	(68,236)	(116,486)	(122,168)
Acquisition-related amortization	(9,620)	(9,934)	(19,242)	(19,867)
Restructuring and other costs	(15,492)	(59,372)	(10,439)	(59,053)
Acquisition-related costs	(613)	(541)	(863)	(1,388)
Litigation costs, net	(1,579)	(9,234)	(1,579)	(9,234)
Indirect tax matters	(6,131)	0	(6,131)	0
Stock-based compensation	(12,230)	(8,738)	(26,135)	(25,743)
Interest expense, net	(129,294)	(106,134)	(254,041)	(205,918)
(Loss) gain on extinguishment of debt	0	12,543	(37,994)	12,543
Other, net	3,251	17,225	(1,226)	19,632
Loss from continuing operations before income taxes	$ (64,719)	$ (118,090)	$ (132,892)	$ (215,257)

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Loss from continuing operations	$ (69,485)	$ (123,999)	$ (140,590)	$ (223,365)
Less: Net income (loss) attributable to noncontrolling interests	275	(66)	653	(901)
Less: Preferred stock dividends	0	5,347	0	10,693
Net loss from continuing operations available to common stockholders, diluted	$ (69,760)	$ (129,280)	$ (141,243)	$ (233,157)
Denominator:
Basic weighted-average common shares outstanding (in shares)	383,506	332,147	381,640	330,547
Diluted weighted-average common shares outstanding (in shares)	383,506	332,147	381,640	330,547
Loss per share from continuing operations:
Basic (in dollars per share)	$ (0.18)	$ (0.39)	$ (0.37)	$ (0.71)
Diluted (in dollars per share)	$ (0.18)	$ (0.39)	$ (0.37)	$ (0.71)

Debt - Schedule of Interest Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Amortization of issuance costs			$ 13,594	$ 11,464
Convertible Debt \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Contractual interest expense	$ 1,832	$ 3,332	4,964	6,664
Amortization of issuance costs	342	593	920	1,179
Convertible Debt \| $7.32% senior exchangeable notes due 2026
Debt Instrument [Line Items]
Contractual interest expense	2,745	0	3,111	0
Amortization of issuance costs	$ 461	$ 0	$ 522	$ 0

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.

Restructuring and Related Activities [Abstract]

Redeemable Noncontrolling Interest - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Redeemable noncontrolling interest, beginning of period	$ 14,375	$ 0
Proceeds from sale of redeemable noncontrolling interest	0	16,000
Net loss attributable to redeemable noncontrolling interest	(692)	(986)
Redeemable noncontrolling interest, end of period	$ 13,683	$ 15,014

Restructuring Activities (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Accrued Liability Related to Severance and Related Benefits Costs


	Six Months Ended June 30, 2024
Balance as of December 31, 2023	$	17,288
Charges	18,086
Cash Payments	(7,046)
Non-Cash Adjustments	(8,796)
Balance as of June 30, 2024	$	19,532

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 612,614	$ 648,207
Restricted cash	21,038	21,037
Accounts receivable, net of allowance for credit losses of $32,919 and $34,343	376,476	343,436
Prepaid expenses and other current assets	156,294	145,911
Total current assets	1,166,422	1,158,591
Property and equipment, net of accumulated depreciation of $1,865,872 and $1,851,191	248,485	233,677
Equity method investments	21,830	22,343
Goodwill	2,553,645	2,554,039
Deferred income taxes	11,874	10,201
Other assets, net	307,414	317,240
Total assets	4,666,375	4,672,194
Current liabilities
Accounts payable	237,178	231,767
Accrued compensation and related benefits	90,679	135,620
Accrued subscriber incentives	256,309	237,421
Deferred revenues	81,628	108,256
Other accrued liabilities	202,519	197,609
Current portion of debt	217,562	4,040
Total current liabilities	1,085,875	914,713
Deferred income taxes	27,617	30,745
Other noncurrent liabilities	240,389	258,719
Long-term debt	4,789,406	4,829,461
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests	13,683	14,375
Stockholders’ deficit
Common Stock: $0.01 par value; 1,000,000 authorized shares; 414,405 and 405,915 shares issued, 385,663 and 379,569 shares outstanding at June 30, 2024 and December 31, 2023, respectively	4,144	4,059
Additional paid-in capital	3,276,032	3,249,901
Treasury Stock, at cost, 28,742 and 26,346 shares at June 30, 2024 and December 31, 2023, respectively	(526,524)	(520,124)
Accumulated deficit	(4,189,636)	(4,048,393)
Accumulated other comprehensive loss	(68,885)	(73,922)
Noncontrolling interest	14,274	12,660
Total stockholders’ deficit	(1,490,595)	(1,375,819)
Total liabilities and stockholders’ deficit	4,666,375	4,672,194
Customer Relationships
Current assets
Finite lived intangible assets, net	203,053	214,190
Other Intangible Assets
Current assets
Finite lived intangible assets, net	$ 153,652	$ 161,913

Debt - Narrative (Details)									3 Months Ended		6 Months Ended		12 Months Ended
Debt - Narrative (Details)	Mar. 31, 2024	Mar. 29, 2024 USD ($)	Mar. 19, 2024 USD ($) day $ / shares	Mar. 07, 2024 USD ($)	Sep. 07, 2023 USD ($)	Jun. 13, 2023 USD ($)	Feb. 14, 2023 USD ($)	Apr. 17, 2020 USD ($) day $ / shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Outstanding debt									$ 5,007,000,000		$ 5,007,000,000		$ 4,834,000,000
Debt issuance costs									63,000,000		63,000,000		63,000,000
Unamortized discount									63,000,000		63,000,000		65,000,000
Gain (loss) on extinguishment of debt									0	$ 12,543,000	(37,994,000)	$ 12,543,000
Proceeds on borrowings from lenders											200,090,000	677,486,000
Line of Credit \| Securitization facility:
Debt Instrument [Line Items]
Principal									214,000,000		214,000,000
Receivables									368,000,000		368,000,000
Line of Credit \| Securitization facility: \| Accounts receivable, net
Debt Instrument [Line Items]
Receivables									358,000,000		358,000,000
Line of Credit \| Securitization facility: \| Other Noncurrent Assets
Debt Instrument [Line Items]
Receivables									$ 10,000,000		$ 10,000,000
Line of Credit \| Securitization facility: \| Sabre Securitization
Debt Instrument [Line Items]
Face value of debt instruments at the time of issuance		$ 235,000,000					$ 200,000,000
Debt term							3 years
Line of Credit \| Securitization facility: \| Maximum \| Sabre Securitization
Debt Instrument [Line Items]
Face value of debt instruments at the time of issuance							$ 200,000,000
Term Loan And Senior Secured Notes \| 2021 Term Loan B-1, Senior Secured Notes 9.25% Due 2025, Senior Exchangeable Notes 4.00% Due 2025
Debt Instrument [Line Items]
Debt instrument weighted average interest rate									4.85%		4.85%
Senior Secured Notes \| 9.25% senior secured notes due 2025
Debt Instrument [Line Items]
Debt instrument interest rate percentage					9.25%	9.25%			9.25%		9.25%
Repurchase of debt						$ 650,000,000
Debt instrument, fee amount						15,000,000
Accrued and unpaid interest						10,000,000
Gain (loss) on extinguishment of debt												$ 13,000,000
Debt exchanged				$ 7,000,000	$ 66,000,000
Principal									$ 31,547,000		$ 31,547,000		38,895,000
Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Debt instrument interest rate percentage									4.00%		4.00%
Principal									$ 183,220,000		$ 183,220,000		333,220,000
Exchange rate								0.1269499
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
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				36,000,000	$ 787,000,000
Principal									$ 26,796,000		$ 26,796,000		63,019,000
Senior Secured Notes \| 8.625% senior secured notes due 2027
Debt Instrument [Line Items]
Debt instrument interest rate percentage					8.625%				8.625%		8.625%
Face value of debt instruments at the time of issuance				50,000,000	$ 853,000,000
Debt instrument, fee amount				1,000,000	133,000,000
Accrued and unpaid interest					3,000,000
Gain (loss) on extinguishment of debt											$ (7,000,000)		(121,000,000)
Exchange fees				$ 7,000,000	115,000,000								115,000,000
Underwriting and associated fees					$ 15,000,000
Principal									$ 903,077,000		$ 903,077,000		852,987,000
Senior Secured Notes \| $7.32% senior exchangeable notes due 2026
Debt Instrument [Line Items]
Debt instrument interest rate percentage									7.32%		7.32%
Principal									$ 150,000,000		$ 150,000,000		0
Exchange rate			0.2222222
Term Loan \| 2021 Term Loan B-1
Debt Instrument [Line Items]
Principal									391,880,000		$ 391,880,000		392,015,000
Term Loan \| 2021 Term Loan B-1 \| SOFR
Debt Instrument [Line Items]
Basis spread on rate											3.50%
Term Loan \| Senior Secured Credit Facilities
Debt Instrument [Line Items]
Debt instrument, prepayment or repayment period											15 months
Term Loan \| Senior Secured Term Loan Due 2028
Debt Instrument [Line Items]
Face value of debt instruments at the time of issuance						700,000,000
Net proceeds from sale of debt						700,000,000
Debt instrument, unamortized discount						23,000,000
Debt instrument, fee amount						$ 13,000,000
Prepayment premium, percentage of applicable interest margin						25.00%
Number of prior trading days triggering floating rate trance						20 days
Reference rate											13.89%
Minimum required cash balance in certain foreign subsidiaries						$ 100,000,000
Principal									814,812,000		$ 814,812,000		753,859,000
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 \| Interest Paid In Cash \| Minimum
Debt Instrument [Line Items]
Debt instrument interest rate percentage						11.50%
Term Loan \| Senior Secured Term Loan Due 2028 \| Interest Paid In Cash \| Maximum
Debt Instrument [Line Items]
Debt instrument interest rate percentage						17.50%
Term Loan \| Senior Secured Term Loan Due 2028 \| Interest Paid In Cash \| Reference Rate
Debt Instrument [Line Items]
Basis spread on rate						0.25%					0.25%
Term Loan \| Senior Secured Term Loan Due 2028 \| Interest Paid-In-Kind (PIK) \| Minimum
Debt Instrument [Line Items]
Debt instrument interest rate percentage						13.00%
Term Loan \| Senior Secured Term Loan Due 2028 \| Interest Paid-In-Kind (PIK) \| Maximum
Debt Instrument [Line Items]
Debt instrument interest rate percentage						19.00%
Term Loan \| Senior Secured Term Loan Due 2028 \| Interest Paid-In-Kind (PIK) \| Reference Rate
Debt Instrument [Line Items]
Basis spread on rate						1.75%					1.75%
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
Secured Debt \| Senior Secured Term Loan Due 2028
Debt Instrument [Line Items]
Capitalized paid-in-kind note interest totaling									30,000,000		$ 61,000,000
Convertible Debt \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Outstanding debt									182,110,000		182,110,000		329,964,000
Debt instrument interest rate percentage								4.00%
Face value of debt instruments at the time of issuance								$ 345,000,000
Debt instrument, unamortized discount									1,110,000		1,110,000		3,256,000
Debt exchanged			$ 150,000,000
Principal									$ 183,220,000		$ 183,220,000		333,220,000
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
Effective interest rate									4.78%	4.78%	4.78%	4.78%
Convertible Debt \| 4.00% senior exchangeable notes due 2025 \| 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
Convertible Debt \| Exchangeable Notes
Debt Instrument [Line Items]
Debt instrument, fee amount			5,000,000
Accrued and unpaid interest			3,000,000
Gain (loss) on extinguishment of debt			(31,000,000)
Cash from exchangeable notes			$ 30,000,000
Convertible Debt \| $7.32% senior exchangeable notes due 2026
Debt Instrument [Line Items]
Outstanding debt									$ 145,736,000		$ 145,736,000		0
Debt instrument interest rate percentage			7.32%
Face value of debt instruments at the time of issuance			$ 150,000,000
Debt instrument, unamortized discount									4,264,000		4,264,000		0
Principal									$ 150,000,000		$ 150,000,000		0
Percent of last reported sale price per share			130.00%
Convertible trading days \| day			20
Number of consecutive trading days \| day			30
Conversion rate (in dollars per share) \| $ / shares			$ 4.50
Effective interest rate									8.82%		8.82%
Letter of Credit
Debt Instrument [Line Items]
Cash collateral for borrowed securities									$ 21,000,000		$ 21,000,000		21,000,000
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Outstanding letters of credit									8,000,000		8,000,000		12,000,000
FILO Facility \| Line of Credit \| Securitization facility:
Debt Instrument [Line Items]
Debt instrument, fee amount		$ 4,000,000
Principal									120,000,000		$ 120,000,000		0
Drawn fee percentage	4.00%	2.25%
FILO Facility \| Line of Credit \| Securitization facility: \| Sabre Securitization
Debt Instrument [Line Items]
Face value of debt instruments at the time of issuance		$ 120,000,000
Proceeds on borrowings from lenders		117,000,000
Feeds paid to creditors		$ 3,000,000
FILO Facility \| Line of Credit \| Securitization facility: \| SOFR
Debt Instrument [Line Items]
Basis spread on rate											8.00%
Drawn fee percentage		8.00%
AR Facility \| Line of Credit \| Securitization facility:
Debt Instrument [Line Items]
Debt issuance costs									1,000,000		$ 1,000,000		2,000,000
Principal									$ 94,100,000		$ 94,100,000		$ 110,000,000
Drawn fee percentage	4.00%	2.25%
AR Facility \| Line of Credit \| Securitization facility: \| Sabre Securitization
Debt Instrument [Line Items]
Face value of debt instruments at the time of issuance		$ 115,000,000
AR Facility \| Line of Credit \| Securitization facility: \| SOFR
Debt Instrument [Line Items]
Basis spread on rate											4.00%
AR Facility \| Line of Credit \| Securitization facility: \| SOFR Floor
Debt Instrument [Line Items]
Basis spread on rate		0.00%
AR Facility \| Line of Credit \| Securitization facility: \| SOFR Adjustment
Debt Instrument [Line Items]
Basis spread on rate		0.10%

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 767,241	$ 737,529	$ 1,550,127	$ 1,480,224
Segment adjusted operating income	168,989	114,331	341,244	195,939
Depreciation and amortization	31,325	36,888	65,484	77,207
Capital Expenditures	20,118	30,080	47,794	48,190
Travel Solutions
Segment Reporting Information [Line Items]
Revenue	684,003	660,858	1,388,070	1,329,741
Intersegment \| Travel Solutions
Segment Reporting Information [Line Items]
Revenue	11,047	9,903	20,613	18,461
Operating Segments
Segment Reporting Information [Line Items]
Revenue	778,288	747,432	1,570,740	1,498,685
Depreciation and amortization	21,496	26,617	45,823	56,907
Capital Expenditures	19,697	20,925	33,257	35,905
Operating Segments \| Travel Solutions
Segment Reporting Information [Line Items]
Revenue	695,050	670,761	1,408,683	1,348,202
Segment adjusted operating income	163,644	116,368	333,426	206,470
Depreciation and amortization	16,672	20,273	35,199	44,879
Capital Expenditures	18,388	18,700	31,013	31,752
Operating Segments \| Hospitality Solutions
Segment Reporting Information [Line Items]
Revenue	83,238	76,671	162,057	150,483
Segment adjusted operating income	5,345	(2,037)	7,818	(10,531)
Depreciation and amortization	4,824	6,344	10,624	12,028
Capital Expenditures	1,309	2,225	2,244	4,153
Eliminations
Segment Reporting Information [Line Items]
Revenue	(11,047)	(9,903)	(20,613)	(18,461)
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	9,829	10,271	19,661	20,300
Capital Expenditures	$ 421	$ 9,155	$ 14,537	$ 12,285

Fair Value Measurements - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
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
Goodwill impairment charges		$ 0		$ 0
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 gains recognized		$ 5,000,000	$ 5,000,000	$ 1,000,000	$ 4,000,000

Derivatives - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Derivatives - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jan. 31, 2024	Feb. 28, 2023	Jun. 30, 2022	Apr. 30, 2022
Derivative [Line Items]
Interest rate swap cash flow impact	$ (69,485)	$ (123,997)	$ (140,590)	$ (223,766)
Interest Rate Swap
Derivative [Line Items]
Interest rate swap cash flow impact	$ 2,000		4,000
Cash flow hedge gain (loss) to be reclassified within 12 months			$ 4,000
Interest Rate Swap \| Cash Flow Hedging
Derivative [Line Items]
Notional Amount		$ 250,000		$ 250,000	$ 250,000	$ 250,000	$ 150,000	$ 200,000

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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