SABR · Sabre Corporation

Notes & Operating Detail

Balance Sheet & Liquidity

As of March 31, 2026, Sabre held $643.6M in cash and cash equivalents, plus $21M restricted cash (total $664.6M). Total debt (face value) was $4,439M, net of $55M issuance costs and $118M discounts, resulting in a carrying value of $4,266M. Shareholders' deficit was $(1,026)M, reflecting accumulated losses. Deferred revenue (contract liabilities) was $90.1M, down from $96.8M at year-end 2025.

Commitments & Contractual Obligations

The notes disclose no material purchase commitments beyond ordinary course. Restructuring liabilities of $37.8M remain for severance (Note 5). Contingencies include Indian tax litigation with maximum exposure of $21M (unaccrued). No other off-balance-sheet commitments are noted.

Capital Allocation

• Buybacks: Suspended; $287M remains authorized under the 2017 program.
• Dividends: None.
• Debt: Net debt decreased by $83M during Q1 due to $94.3M term loan repayments, $72.3M securitization repayments (offset by $73.4M new borrowings), and redemption of $92M 8.625% notes due 2027 ($2.7M loss on extinguishment). Weighted average interest rate on short-term borrowings was 8.95%.
• Capex: $21.2M (2.8% of revenue), up from $16.9M in prior year.

Segment / Geographic Mix

Sabre operates as a single reportable segment. Disaggregated revenue (Note 2): Marketplace $618M (81.3% of total), Airline Technology $142.3M (18.7%). Year-over-year growth: Marketplace +8.6%, Airline Technology +7.0%. No further geographic mix disclosed in notes.