Financial Performance - Sabre reported Q1 2024 revenue of $783 million, a 5% increase from $743 million in Q1 2023[4] - Operating income for Q1 2024 was $98 million, compared to a near break-even operating loss in Q1 2023, resulting in a 13 percentage point improvement in operating margin[2][5] - Adjusted EBITDA for Q1 2024 was $142 million, a significant increase of 145% from $58 million in Q1 2023[7][12] - Net loss attributable to common stockholders decreased to $71 million in Q1 2024 from $104 million in Q1 2023, with diluted net loss per share improving to $0.19 from $0.32[6][12] - Revenue for Q1 2024 was $782.886 million, an increase of 5.7% compared to $742.695 million in Q1 2023[30] - Operating income for Q1 2024 was $98.085 million, a significant improvement from a loss of $0.213 million in Q1 2023[30] - Net loss attributable to Sabre Corporation for Q1 2024 was $71.483 million, compared to a net loss of $98.934 million in Q1 2023, representing a reduction of 27.8%[30] - Basic net loss per share attributable to common stockholders was $0.19 for Q1 2024, unchanged from Q1 2023[30] - Adjusted Net Loss from continuing operations for Q1 2024 was $5,739,000, compared to $58,301,000 in Q1 2023, representing a significant improvement[46] - Adjusted EBITDA for Q1 2024 was $142,306,000, up from $58,062,000 in Q1 2023, indicating a year-over-year increase of 144.5%[46] - Adjusted EBITDA Margin for Q1 2024 was 18.2%, compared to 7.8% in Q1 2023, reflecting a substantial increase in operational efficiency[46] Revenue Breakdown - Travel Solutions revenue increased by 5% to $714 million, driven by favorable rate impacts and an increase in global bookings[13] - Hospitality Solutions revenue rose by 7% to $79 million, supported by a 5% increase in central reservation system transactions[13] Cash and Debt Management - Sabre ended Q1 2024 with a cash balance of $650 million and refinanced over $300 million of 2025 debt maturities, increasing liquidity by approximately $70 million[2][12] - Total current assets increased to $1.227 billion as of March 31, 2024, up from $1.159 billion at the end of 2023[32] - Long-term debt rose to $4.985 billion as of March 31, 2024, compared to $4.829 billion at the end of 2023[32] - Cash and cash equivalents decreased to $629.137 million from $648.207 million at the end of 2023[32] - Cash used in operating activities for Q1 2024 was $68.090 million, slightly improved from $72.409 million in Q1 2023[34] - The company reported a loss on extinguishment of debt amounting to $37.994 million in Q1 2024[30] - Interest expense, net for Q1 2024 was $124,747,000, up from $99,784,000 in Q1 2023, suggesting increased borrowing costs[48] Future Guidance - For Q2 2024, Sabre expects revenue of approximately $750 million and Adjusted EBITDA of around $115 million[15] - Full-year 2024 revenue guidance is raised to approximately $3,040 million, with Adjusted EBITDA expected to be around $520 million[15] - Free Cash Flow is projected to be positive for both Q2 2024 and the full year 2024[15] Shareholder Impact - Total diluted weighted-average common shares outstanding increased to 379,774,000 in Q1 2024 from 328,928,000 in Q1 2023, reflecting a dilution effect[46] - Free Cash Flow for Q1 2024 was $(95,766,000), slightly worse than $(90,519,000) in Q1 2023, indicating ongoing cash usage in operations[47] - Acquisition-related amortization for Q1 2024 was $9,622,000, compared to $9,934,000 in Q1 2023, indicating a slight decrease in amortization expenses[46]
Sabre(SABR) - 2024 Q1 - Quarterly Results