Sabre (SABR) FY2019 results: revenue $4.0 billion, up 2.8% on the year
Sabre Corp. (SABR) reported revenue of $4.0 billion for fiscal 2019, the year ended 31 December 2019, up 2.8% on the year before. Net income was $159 million, down 53.0%, and diluted earnings per share $0.57. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$4.0 billion
+2.8% on the year
FY2012FY2019
Operating margin
9.1%
14.5% a year earlier
FY2012FY2019
Net income
$159 million
-53.0% on the year
FY2012FY2019
Diluted EPS
$0.57
-53.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,975
3,867
3,598
+2.8%
Cost of revenue
1,726
1,654
2,514
+4.3%
Gross profit
2,249
2,213
1,085
+1.6%
Gross margin
56.6%
57.2%
30.1%
Selling, general and administrative
600
552
510
+8.7%
Operating income
363
562
493
-35.3%
Operating margin
9.1%
14.5%
13.7%
Interest expense
156
157
154
-0.4%
Pre-tax income
200
398
378
-49.9%
Income tax
35.3
57.5
128
-38.6%
Effective tax rate
17.7%
14.4%
33.9%
Net income
159
338
243
-53.0%
Net margin
4.0%
8.7%
6.7%
Diluted EPS
$0.57
$1.22
$0.87
-53.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
579
723
673
-19.9%
Capital expenditure
115
284
316
-59.4%
Free cash flow
464
439
357
+5.6%
Free cash flow margin
11.7%
11.4%
9.9%
Cash from investing
-243
-275
-318
Cash from financing
-410
-307
-357
Depreciation and amortisation
311
304
265
+2.3%
Share-based compensation
66.9
57.3
44.7
+16.8%
Buybacks
77.6
26.3
109
+195.4%
Dividends paid
154
154
155
-0.4%
Dividend per share
$0.56
$0.56
$0.56
0.0%
Diluted shares, weighted
276m
278m
278m
-0.5%
Shares outstanding at period end
274m
275m
274m
-0.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
948
974
698
-2.7%
Debt
3,364
3,432
3,488
-2.0%
Operating lease liabilities
50.0
0.0
n/a
Finance lease liabilities
0.1
n/a
n/a
Other liabilities
1,328
1,400
1,463
-5.1%
Total liabilities and equity
5,690
5,806
5,649
-2.0%
Fixed assets
642
790
799
-18.8%
Goodwill
2,633
2,552
2,555
+3.2%
Intangible assets
574
613
683
-6.5%
Cash and equivalents
436
509
361
-14.4%
Receivables
547
508
491
+7.6%
Other assets
859
833
760
+3.1%
Total assets
5,690
5,806
5,649
-2.0%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.