Sabre (SABR) FY2020 results: revenue $1.3 billion, down 66.4% on the year
Sabre Corp. (SABR) reported revenue of $1.3 billion for fiscal 2020, the year ended 31 December 2020, down 66.4% on the year before. Net income was -$1.3 billion, and diluted earnings per share $-4.45. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$1.3 billion
-66.4% on the year
FY2013FY2020
Operating margin
-74.1%
9.1% a year earlier
FY2013FY2020
Net income
-$1.3 billion
FY2013FY2020
Diluted EPS
-$4.45
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,334
3,975
3,867
-66.4%
Cost of revenue
579
1,726
1,654
-66.5%
Gross profit
755
2,249
2,213
-66.4%
Gross margin
56.6%
56.6%
57.2%
Selling, general and administrative
586
600
552
-2.3%
Operating income
-988
363
562
Operating margin
-74.1%
9.1%
14.5%
Interest expense
226
156
157
+44.4%
Pre-tax income
-1,305
200
398
Income tax
-21.0
35.3
57.5
Effective tax rate
n/a
17.7%
14.4%
Net income
-1,282
159
338
Net margin
-96.1%
4.0%
8.7%
Diluted EPS
-$4.45
$0.57
$1.22
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-773
579
723
Capital expenditure
65.4
115
284
-43.2%
Free cash flow
-839
464
439
Free cash flow margin
-62.9%
11.7%
11.4%
Cash from investing
-1.3
-243
-275
Cash from financing
1,838
-410
-307
Depreciation and amortisation
364
311
304
+17.1%
Share-based compensation
69.9
66.9
57.3
+4.6%
Buybacks
0.0
77.6
26.3
Dividends paid
38.5
154
154
-74.9%
Dividend per share
$0.14
$0.56
$0.56
-75.0%
Diluted shares, weighted
290m
276m
278m
+4.9%
Shares outstanding at period end
317m
274m
275m
+15.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
285
948
974
-69.9%
Debt
4,808
3,364
3,432
+42.9%
Operating lease liabilities
97.4
50.0
0.0
+94.9%
Finance lease liabilities
0.0
0.1
n/a
Other liabilities
888
1,328
1,400
-33.2%
Total liabilities and equity
6,078
5,690
5,806
+6.8%
Fixed assets
n/a
642
790
Goodwill
2,637
2,633
2,552
+0.1%
Intangible assets
511
574
613
-10.9%
Cash and equivalents
1,500
436
509
+243.8%
Receivables
255
547
508
-53.3%
Other assets
1,175
859
833
+36.8%
Total assets
6,078
5,690
5,806
+6.8%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.