Sabre : reports fourth quarter and full year 2022 results

Sabre reports continued improvement in 2022 results and reiterates

expectations for positive free cash flow for full year 2023

2022 Business highlights:

• Travel recovery trends continued to improve throughout the year
• Expanded and renewed partnerships with key travel industry leaders
• Exceeded 2022 technology transformation milestones including moving 66% of Sabre's total compute capacity to Google Cloud
• In the fourth quarter generated $38 million in operating cash flow and $22 million in free cash flow
• Ended the year with cash balance of $816 million

2022 Financial results:

• Revenue totaled $631 million in the fourth quarter, up 26% from 2021
• Revenue totaled $2.5 billion for the full year, a 50% increase from 2021
• Net loss attributable to common stockholders totaled $165 million in the fourth quarter and $457 million for the full year
• Net loss attributable to common stockholders per share totaled $0.50 in the fourth quarter and $1.40 for the full year
• Adjusted EPS(1) totaled ($0.36) in the fourth quarter and ($1.14) for the full year
• Generated $1 million of Adjusted EBITDA(1) in the fourth quarter and $65 million for the full year

SOUTHLAKE, Texas - February 15, 2023 - Sabre Corporation ("Sabre" or the "Company") (NASDAQ: SABR) today announced financial results for the quarter and year ended December 31, 2022.

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1. Adjusted EPS and Adjusted EBITDA are non-GAAP measures. See the appendix to this release for a discussion of non-GAAP financial measures, including reconciliations to the most closely correlated GAAP measure.

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"2022 was an important step forward for Sabre in the global travel recovery from the COVID-19 pandemic. Our team stayed focused on providing outstanding service to our customers, while executing on our long-term strategic vision. Our leadership position as a core travel technology provider was further solidified with key agreements with a multitude of travel industry partners which we believe position us well as the global recovery progresses. Additionally, I am pleased to report that we exceeded our technology transformation goals that we had established for 2022," said Sean Menke, Chair of the Board and CEO.

Q4 2022 Financial Summary

Sabre consolidated fourth quarter revenue totaled $631 million, a 26% improvement versus $501 million in the fourth quarter of 2021. The increase in revenue was driven by an increase in global air, hotel and other travel bookings due to continued recovery from the COVID-19 pandemic.

Operating loss was $55 million, a significant improvement versus operating loss of $126 million in the fourth quarter of 2021. The improvement in operating results was driven by increased revenue due to the continued recovery from the COVID-19 pandemic, favorable rate impacts from improved international and corporate bookings, and lower depreciation and amortization. These impacts were partially offset by increased Travel Solutions incentive expenses from stronger volume and Hospitality Solutions transaction-related costs also from improved volumes, as well as total company technology hosting expenses due to volume recovery trends, and increased labor and professional service expenses.

Net loss attributable to common stockholders totaled $165 million, an improvement versus net loss of $192 million in the fourth quarter of 2021. Diluted net loss attributable to common stockholders per share (EPS) totaled $0.50, versus diluted net loss attributable to common stockholders per share of $0.60 in the fourth quarter of 2021. The improvement in net loss attributable to common stockholders was driven by the items impacting operating loss described above, offset by higher interest expense and tax expenses.

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Adjusted EBITDA was $1 million, an improvement versus Adjusted EBITDA of negative $26 million in the fourth quarter of 2021. The improvement in Adjusted EBITDA was driven by increased revenue due to the continued recovery from the COVID-19 pandemic. These impacts were partially offset by increased Travel Solutions incentive expenses from stronger volume and Hospitality Solutions transaction-related costs also from improved volumes, as well as total company technology hosting expenses due to volume recovery trends and increased labor and professional service expenses.

Adjusted Operating Loss was $30 million, an improvement versus Adjusted Operating Loss of $68 million in the fourth quarter of 2021. The improvement in operating results was driven by the items impacting Adjusted EBITDA above and lower depreciation and amortization.

Sabre reported Adjusted EPS of ($0.36), an improvement versus ($0.47) in the fourth quarter of 2021.

With regards to Sabre's fourth quarter 2022 cash flows (versus prior year):

• Cash provided by operating activities totaled $38 million (vs. cash used in operating activities of $7 million)
• Cash used in investing activities totaled $12 million (vs. $24 million)
• Cash used in financing activities totaled $14 million (vs. $14 million)
• Capitalized expenditures totaled $16 million (vs. $24 million)

Operating cash flow in the fourth quarter of 2022 increased versus the fourth quarter of 2021 primarily due to the items impacting adjusted operating loss mentioned above, lower capitalized expenditures and the timing of certain working capital items, including higher technology payments that occurred in the fourth quarter of 2021.

Free Cash Flow for the quarter was $22 million, versus Free Cash Flow of negative $30 million in the fourth quarter of 2021.

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Full Year 2022 Financial Summary

For the full year 2022, Sabre consolidated revenue totaled $2.5 billion, a 50% improvement versus $1.7 billion for the prior year. The increase in revenue was driven by an increase in global air, hotel and other travel bookings due to continued recovery from the COVID-19 pandemic.

Operating loss was $261 million, a significant improvement versus operating loss of $665 million in 2021. The improvement in operating results was driven by increased revenue due to the continued recovery from the COVID-19 pandemic, favorable rate impacts as international and corporate bookings have improved, and lower depreciation and amortization. These impacts were partially offset by increased Travel Solutions incentive expenses from stronger volume and Hospitality Solutions transaction-related costs also from improved volumes, as well as total company technology hosting expenses due to volume recovery trends, and increased labor and professional service expenses.

Net loss attributable to common stockholders totaled $457 million, an improvement versus net loss of $950 million in 2021. Diluted net loss attributable to common stockholders per share totaled $1.40, versus diluted net loss attributable to common stockholders per share of $2.96 in 2021. The improvement in net loss attributable to common stockholders was driven by the items impacting operating loss described above and the after-tax gain on the sale of AirCentre of $112 million, partially offset by a fair value loss of $26 million on our GBT investment, and higher interest costs.

Adjusted EBITDA was $65 million, an improvement versus Adjusted EBITDA of negative $261 million in 2021. The improvement in Adjusted EBITDA was driven by increased revenue due to the continued recovery from the COVID-19 pandemic. These impacts were partially offset by increased Travel Solutions incentive expenses from stronger volumes and Hospitality Solutions transaction-related costs also from improved volume, as well as total company technology hosting expenses due to volume recovery trends and increased labor and professional service expenses.

Adjusted Operating Loss totaled $68 million, versus Adjusted Operating Loss of $459 million in 2021. The improvement in operating results was driven by the items impacting Adjusted EBITDA above and lower depreciation and amortization.

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For the full year 2022, Sabre reported Adjusted EPS of ($1.14), versus ($2.21) per share in 2021.

With regards to Sabre's full year 2022 cash flows (versus prior year):

• Cash used in operating activities totaled $276 million (vs. $415 million)
• Cash provided by investing activities totaled $174 million (vs. cash used in investing activities of $29 million)
• Cash used in financing activities totaled $75 million (vs. $51 million)
• Capitalized expenditures totaled $69 million (vs. $54 million)

Free Cash Flow for the full year was negative $346 million, versus Free Cash Flow of negative $469 million in 2021.

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