Sabre : reports third quarter 2022 results

Sabre reports third quarter 2022 results including the highest monthly rate of recovery for gross air bookings since the COVID-19 pandemic began

Third quarter 2022 business highlights:

• Sabre's bookings continued to improve with September gross air bookings at the highest monthly rate of recovery vs. 2019 levels since the pandemic began in March 2020
• International travel continued to rebound, driving improved mix and higher revenue per booking
• Execution remains on track for the technology transformation, including mainframe offload and cloud migration, for the long-term cost savings and operational objectives
• Ended the quarter with cash balance of $804 million

Third quarter 2022 summary:

• Third quarter revenue totaled $663 million
• Net loss attributable to common stockholders of $141 million and diluted net loss per share attributable to common stockholders of $0.43
• Adjusted EPS totaled ($0.25)
• Adjusted EBITDA totaled $34 million

SOUTHLAKE, Texas - November 2, 2022 - Sabre Corporation ("Sabre" or the "Company") (NASDAQ: SABR) today announced financial results for the quarter ended September 30, 2022.

"After a slow start to the quarter from this summer's airline operational challenges, our bookings recovery improved sequentially through the quarter. September's gross air bookings recovery was the highest of any month compared to 2019 levels since the pandemic began in mid-March 2020.

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Additionally, we are encouraged by the relaxation or removal of travel protocols in several key Asian hub countries, and have started to see travel accelerate there. We continue to see strong demand across most regions and customer segments," said Sean Menke, Chair of the Board and CEO.

"In addition, we continued to achieve our interim technology transformation milestones, and are already starting to see incremental savings from our migration efforts and infrastructure investments."

Q3 2022 Financial Summary

Sabre consolidated third quarter revenue totaled $663 million, compared to $441 million in the third quarter of 2021. The increase in revenue was driven by an increase in global air, hotel and other travel bookings due to the continued recovery from the COVID-19 pandemic and favorable rate impacts in our Travel Solutions business as international and corporate bookings have improved.

Operating loss was $57 million, versus operating loss of $157 million in the third quarter of 2021. The improvement in operating results was driven by the items impacting revenue described above, lower depreciation and amortization, and a decrease in stock-based compensation. These impacts were partially offset by increased Travel Solutions incentive expenses and Hospitality Solutions transaction-related costs, as well as total company technology hosting expenses due to volume recovery trends and expected temporary costs resulting from our cloud migration efforts, an increase in certain labor and professional services expenses, increased selling, general and administrative expenses driven by litigation costs, and higher business restructuring and other professional services costs.

Net loss attributable to common stockholders totaled $141 million, versus a net loss of $241 million in the third quarter of 2021. Diluted net loss per share attributable to common stockholders totaled $0.43, versus diluted net loss per share attributable to common stockholders of $0.75 in the third quarter of 2021. The improvement in net loss attributable to common stockholders was driven by the items impacting operating loss described above and a $13 million reduction in loss on extinguishment of debt, offset by higher interest expense.

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Adjusted EBITDA was $34 million, versus Adjusted EBITDA of negative $55 million in the third quarter of 2021. The improvement in Adjusted EBITDA was driven by increased revenue due to the continued recovery from the COVID-19 pandemic and favorable rate impacts in our Travel Solutions business as international and corporate bookings have improved. These impacts were partially offset by increased Travel Solutions incentive expenses and Hospitality Solutions transaction-related costs, higher labor and professional services expenses to support our technology transformation, higher total company technology hosting expenses due to volume recovery trends and expected temporary costs resulting from our cloud migration efforts, and other expenses.

Adjusted Operating Income was $1 million, versus Adjusted Operating Loss of $103 million in the third quarter of 2021. The improvement in operating results was driven by the items impacting Adjusted EBITDA above and by lower depreciation and amortization.

Sabre reported Adjusted EPS of ($0.25), versus ($0.50) in the third quarter of 2021.

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

• Cash used in operating activities totaled $102 million (vs. $70 million used in)
• Cash used in investing activities totaled $86 million (vs. $13 million used in)
• Cash used in financing activities totaled $21 million (vs. $8 million provided by)
• Capitalized expenditures totaled $20 million (vs. $13 million)

Free Cash Flow was negative $123 million, versus Free Cash Flow of negative $83 million in the third quarter of 2021.

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Financial Highlights

(in thousands, except for EPS; unaudited):

Three Months Ended September 30,		Nine Months Ended September 30,
2022	2021	% Change	2022	2021	% Change
(B/W)	(B/W)

Total Company:

Revenue Operating Loss

Net loss attributable to common stockholders

Diluted net loss per share attributable to common stockholders (EPS)

Net Loss Margin

Adjusted EBITDA (1) Adjusted EBITDA Margin(1)

Adjusted Operating Income (Loss)(1)

Adjusted Net Loss(1) Adjusted EPS(1)

Cash used in operating

Cash (used in) provided by investing activities

Cash (used in) provided by financing activities

Capitalized expenditures Free Cash Flow(1)

Net Debt (total debt, less cash and cash equivalents)

Travel Solutions:

Revenue

Operating Income (Loss)

Adjusted Operating Income (Loss)(1)

Distribution Revenue Total Bookings

Air Bookings

Lodging, Ground and Sea Bookings

IT Solutions Revenue Passengers Boarded

Hospitality Solutions:

Revenue

Operating Loss

Adjusted Operating Loss(1)

Central Reservation System

Transactions

$663,394	$441,086	50	$1,905,836	$1,188,238	60
$(56,535)	$(156,688)	64	$(206,260)	$(539,611)	62
$(140,722)	$(240,641)	42	$(291,396)	$(758,029)	62
$(0.43)	$(0.75)	43	$(0.89)	$(2.37)	62
(21.2)%	(54.6)%		(15.3)%	(63.8)%
$34,251	$(54,928)	NM	$63,867	$(234,886)	NM
5.2%	(12.5)%		3.4%	(19.8)%
$716	$(102,644)	NM	$(37,751)	$(390,898)	90
$(80,420)	$(161,672)	50	$(254,419)	$(557,718)	54
$(0.25)	$(0.50)	50	$(0.78)	$(1.74)	55
$(102,458)	$(69,692)	(47)	$(314,770)	$(408,152)	23
$(85,647)	$(13,169)	(550)	$186,251	$(5,535)	NM
$(21,238)	$7,607	NM	$(61,646)	$(37,013)	(67)
$(20,090)	$(13,169)	(53)	$(53,474)	$(30,409)	(76)
$(122,548)	$(82,861)	(48)	$(368,244)	$(438,561)	16
$4,043,689	$3,791,172
$603,647	$390,353	55	$1,736,794	$1,052,613	65
$69,112	$(38,964)	NM	$172,286	$(211,998)	NM
$69,311	$(39,078)	NM	$172,501	$(212,393)	NM
$430,826	$245,421	76	$1,205,252	$615,448	96
80,101	53,514	50	225,808	149,289	51
68,761	46,752	47	196,078	133,125	47
11,340	6,762	68	29,730	16,164	84
$172,821	$144,932	19	$531,542	$437,165	22
179,907	115,576	56	469,274	294,415	59
$67,497	$55,179	22	$189,704	$148,145	28
$(11,312)	$(8,868)	(28)	$(38,469)	$(30,976)	(24)
$(11,312)	$(8,868)	(28)	$(38,469)	$(30,976)	(24)
31,640	26,735	18	84,200	68,334	23

(1)Indicates non-GAAP financial measure; see descriptions and reconciliations below.

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Travel Solutions

Third quarter 2022 results (versus prior year):

• Travel Solutions revenue increased 55% to $604 million driven by an increase in global air and other travel bookings due to the continued recovery from the COVID-19 pandemic, and favorable rate impacts as international and corporate bookings have improved, partially offset by reduced revenue due to the sale of our AirCentre portfolio effective on February 28, 2022.
• Operating income totaled $69 million, versus operating loss of $39 million in the third quarter of 2021. The improvement in operating results was driven by increased revenue and lower depreciation, partially offset by increased incentive expenses as well as technology hosting expenses due to volume recovery trends and expected temporary costs resulting from our cloud migration efforts, and an increase in certain labor and professional services expenses to support our technology transformation initiatives.
• Distribution revenue increased 76% to $431 million due to the continued recovery in bookings and an increase in average booking fee due to a shift in bookings mix.
• • Global bookings, net of cancellations, totaled 80 million, representing a recovery to 57% of 2019 levels.
  • Net air bookings were at 50%, 58% and 59% of 2019 levels in July, August, and September, respectively.
  • Average booking fee totaled $5.38, a sequential improvement versus $5.35 last quarter, $5.28 in the first quarter of 2022, and $4.96 in the fourth quarter of 2021.
• IT Solutions revenue increased 19% to $173 million. Reservations revenue increased due to the ongoing recovery in passengers boarded. Commercial and Operations revenue declined primarily due to the sale of our AirCentre portfolio effective on February 28, 2022.
• • Airline passengers boarded totaled 180 million, representing a recovery to 96% of 2019 levels.

Hospitality Solutions

Third quarter 2022 results (versus prior year):

• Hospitality Solutions revenue increased 22% to $67 million. The increase in revenue was driven by an increase in central reservation system transactions due to the continued recovery from the COVID-19 pandemic.

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