Sabre (SABR) FY2023 results: revenue $2.6 billion, up 4.1% on the year

Sabre Corp. (SABR) reported revenue of $2.6 billion for fiscal 2023, the year ended 31 December 2023, up 4.1% on the year before. Net income was -$528 million, and diluted earnings per share $-1.56. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue

$2.6 billion

+4.1% on the year

FY2016FY2023

Operating margin

1.2%

-10.3% a year earlier

FY2016FY2023

Net income

-$528 million

FY2016FY2023

Diluted EPS

-$1.56

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,642	2,537	1,689	+4.1%
Cost of revenue	1,076	1,041	691	+3.4%
Gross profit	1,566	1,496	997	+4.7%
Gross margin	59.3%	59.0%	59.1%
Selling, general and administrative	583	661	610	-11.8%
Operating income	32.2	-261	-665
Operating margin	1.2%	-10.3%	-39.4%
Interest expense	448	295	258	+51.7%
Pre-tax income	-458	-423	-938
Income tax	33.6	8.7	-14.6	+288.2%
Net income	-528	-435	-928
Net margin	-20.0%	-17.2%	-55.0%
Diluted EPS	-$1.56	-$1.40	-$2.96

$ million except per share.

Free 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	55.8	-280	-418
Capital expenditure	80.9	69.5	54.3	+16.4%
Free cash flow	-25.1	-349	-472
Free cash flow margin	-1.0%	-13.8%	-28.0%
Cash from investing	-110	174	-29.4
Cash from financing	-94.2	-75.4	-50.6
Depreciation and amortisation	121	185	262	-34.3%
Share-based compensation	46.7	82.9	121	-43.6%
Buybacks	n/a	n/a	0.0
Dividends paid	n/a	0.0	0.0
Dividend per share	n/a	$0.00	$0.00
Diluted shares, weighted	347m	327m	321m	+6.1%
Shares outstanding at period end	380m	329m	324m	+15.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	-1,376	-873	-500
Redeemable equity	14.4	0.0	n/a
Debt	4,962	4,839	4,807	+2.5%
Operating lease liabilities	56.3	68.1	79.4	-17.3%
Other liabilities	1,015	929	905	+9.4%
Total liabilities and equity	4,672	4,963	5,291	-5.9%
Goodwill	2,384	2,542	2,470	-6.2%
Intangible assets	376	410	441	-8.3%
Cash and equivalents	648	795	978	-18.5%
Receivables	343	354	260	-2.9%
Other assets	920	862	1,142	+6.7%
Total assets	4,672	4,963	5,291	-5.9%

10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.