Docoh
Loading...

SABR Sabre

Sabre Corporation is a travel technology company based in Southlake, Texas. It is the largest global distribution systems provider for air bookings in North America. American Airlines founded the company in 1960, and it was spun off in 2000. In 2007, Texas Pacific Group and Silver Lake Partners acquired what was then Sabre Holdings. Sabre began publicly trading on the NASDAQ in 2014.

SABR stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

25 Feb 21
27 Feb 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Sabre earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.5B 1.5B 1.5B 1.5B 1.5B 1.5B
Cash burn (monthly) 56.23M (positive/no burn) 99.35M 109.52M 60.79M 64.43M
Cash used (since last report) 110.61M n/a 195.43M 215.43M 119.58M 126.74M
Cash remaining 1.39B n/a 1.3B 1.28B 1.38B 1.37B
Runway (months of cash) 24.7 n/a 13.1 11.7 22.7 21.3

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
23 Feb 21 Shirk David J Common Stock Sell Dispose S No No 14.3204 31,712 454.13K 354,952
23 Feb 21 Siciliano John C Common Stock Sell Dispose S No No 14.89 10,000 148.9K 29,423
23 Feb 21 Jones Judson Wade Common Stock Sell Dispose S No No 14.7702 30,000 443.11K 219,343
22 Feb 21 Menke Sean E Common Stock Sell Dispose S No Yes 15.0151 75,294 1.13M 579,580
8 Jan 21 Menke Sean E Common Stock Sell Dispose S No Yes 12.5427 55,030 690.22K 654,874
7 Jan 21 Menke Sean E Common Stock Sell Dispose S No Yes 12.5173 44,970 562.9K 709,904
13F holders
Current Prev Q Change
Total holders 339 283 +19.8%
Opened positions 92 38 +142.1%
Closed positions 36 63 -42.9%
Increased positions 110 119 -7.6%
Reduced positions 90 82 +9.8%
13F shares
Current Prev Q Change
Total value 7.84B 1.96B +299.2%
Total shares 320.22M 301.46M +6.2%
Total puts 6.54M 5.96M +9.7%
Total calls 13.1M 8.08M +62.1%
Total put/call ratio 0.5 0.7 -32.3%
Largest owners
Shares Value Change
Vanguard 28.53M $342.96M +0.4%
BLK Blackrock 26.23M $315.28M +4.4%
IVZ Invesco 18.97M $228.06M +8.2%
Par Capital Management 15.53M $186.71M +5.1%
Earnest Partners 15.06M $181.05M +50.1%
Yiheng Capital Management 13.07M $157.14M -4.8%
Burgundy Asset Management 8.92M $107.24M -30.1%
Palestra Capital Management 8.9M $106.95M NEW
Causeway Capital Management 7.66M $92.09M -18.3%
STT State Street 7.3M $87.69M +7.5%
Largest transactions
Shares Bought/sold Change
Apollo Management 0 -15.69M EXIT
King Street Capital Management 5.6M -9.4M -62.7%
Palestra Capital Management 8.9M +8.9M NEW
Perry Creek Capital 7.22M +7.22M NEW
Earnest Partners 15.06M +5.02M +50.1%
Marshall Wace 4.13M +4.13M NEW
Burgundy Asset Management 8.92M -3.84M -30.1%
Marshall Wace North America 5.01M +3.79M +309.2%
Citadel Advisors 3.69M +3.46M +1498.1%
Oak Hill Advisors 6.37M -3.15M -33.1%

Financial report summary

?
Competition
PASSUR AerospaceBooking
Risks
  • The COVID-19 pandemic has had and is expected to continue to have a significant adverse impact on our business, including our financial results and prospects, and the travel suppliers on whom our business relies.
  • The COVID-19 pandemic may result in potential impairments of goodwill, long-term investments and long-lived assets; increasing provisions for bad debt including risks associated with travel agencies ability to repay us for incentive fees associated with bookings that have now cancelled; and increases in cash outlays to refund travel service providers for cancelled bookings.
  • The ongoing impact of the COVID-19 outbreak on our business and the impact on our results of operations is highly uncertain.
  • Our revenue is highly dependent on transaction volumes in the global travel industry, particularly air travel transaction volumes.
  • Our Travel Solutions business is exposed to pricing pressure from travel suppliers.
  • Our ability to recruit, train and retain employees, including our key executive officers and technical employees, is critical to our results of operations and future growth.
  • Our travel supplier customers may experience financial instability or consolidation, pursue cost reductions, change their distribution model or undergo other changes.
  • We operate in highly competitive, evolving markets, and if we do not continue to innovate and evolve, our business operations and competitiveness may be harmed.
  • Implementation of software solutions often involves a significant commitment of resources, and any failure to deliver as promised on a significant implementation could adversely affect our business.
  • Our Travel Solutions business depends on relationships with travel buyers.
  • Our Travel Solutions and Hospitality Solutions businesses depend on maintaining and renewing contracts with their customers and other counterparties.
  • We are exposed to risks associated with PCI compliance.
  • Our collection, processing, storage, use and transmission of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements, differing views on data privacy or security breaches.
  • We are involved in various legal proceedings which may cause us to incur significant fees, costs and expenses and may result in unfavorable outcomes.
  • Any failure to comply with regulations or any changes in such regulations governing our businesses could adversely affect us.
  • We are exposed to risks associated with acquiring or divesting businesses or business operations.
  • We rely on the value of our brands, which may be damaged by a number of factors, some of which are out of our control.
  • We rely on third-party distributor partners and equity method investments to extend our GDS services to certain regions, which exposes us to risks associated with lack of direct management control and potential conflicts of interest.
  • Our success depends on maintaining the integrity of our systems and infrastructure, which may suffer from failures, capacity constraints, business interruptions and forces outside of our control.
  • Security breaches could expose us to liability and damage our reputation and our business.
  • We rely on the availability and performance of information technology services provided by third parties, including DXC, which manages a significant portion of our systems.
  • Intellectual property infringement actions against us could be costly and time consuming to defend and may result in business harm if we are unsuccessful in our defense
  • We may not be able to protect our intellectual property effectively, which may allow competitors to duplicate our products and services.
  • We use open source software in our solutions that may subject our software solutions to general release or require us to re-engineer our solutions.
  • Our business could be harmed by adverse global and regional economic and political conditions.
  • We have a significant amount of indebtedness, which could adversely affect our cash flow and our ability to operate our business and to fulfill our obligations under our indebtedness.
  • The terms of our debt covenants could limit our discretion in operating our business and any failure to comply with such covenants could result in the default of all of our debt
  • We may require more cash than we generate in our operating activities, and additional funding on reasonable terms or at all may not be available.
  • We are exposed to interest rate fluctuations.
  • The market price of our common stock could decline due to the large number of outstanding shares of our common stock eligible for future sale.
  • We may recognize impairments on long-lived assets, including goodwill and other intangible assets, or recognize impairments on our equity method investments.
  • Maintaining and improving our financial controls and the requirements of being a public company may strain our resources, divert management’s attention and affect our ability to attract and retain qualified board members.
  • We may have higher than anticipated tax liabilities.
  • Our pension plan obligations are currently unfunded, and we may have to make significant cash contributions to our plans, which could reduce the cash available for our business.
  • We may not have sufficient insurance to cover our liability in pending litigation claims and future claims either due to coverage limits or as a result of insurance carriers seeking to deny coverage of such claims, which in either case could expose us to significant liabilities.
  • Defects in our products may subject us to significant warranty liabilities or product liability claims and we may have insufficient product liability insurance to pay material uninsured claims.
Management Discussion
  • ITEM 7.        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • We connect people and places with technology that reimagines the business of travel. The COVID-19 pandemic has caused major shifts in the travel ecosystem resulting in the changing needs of our airline, hotel and agency customers. As a result, in 2020 we accelerated the organizational changes we began in 2018 to address the changing travel landscape through the Strategic Realignment to respond to the impacts of the COVID-19 pandemic on our business and cost structure. The organizational changes involve the creation of a functional-oriented structure to further enhance our long-term growth opportunities and help deliver new retailing, distribution and fulfillment solutions to the travel marketplace. As a result of the Strategic Realignment, we now operate our business and present our results through two business segments effective the third quarter of 2020: (i) Travel Solutions, our global business-to-business travel marketplace for travel suppliers and travel buyers, including a broad portfolio of software technology products and solutions for airlines, and (ii) Hospitality Solutions, an extensive suite of leading software solutions for hoteliers. All revenue and expenses previously assigned to the Travel Network and Airline Solutions business segments have been consolidated into a unified revenue and expense structure now reported as the Travel Solutions business segment. The historical results of the Hospitality Solutions reporting segment have not changed. See Note 18. Segment Information, to our consolidated financial statements for results for the years ended December 31, 2020, 2019 and 2018 by reportable segment.
  • A significant portion of our revenue is generated through transaction-based fees that we charge to our customers. For Travel Solutions, we generate revenue from our distribution activities through transaction fees for bookings on our GDS, and from our IT solutions through recurring usage-based fees for the use of our SaaS and hosted systems, as well as upfront fees and professional services fees. For Hospitality Solutions, we generate revenue from recurring usage-based fees for the use of our SaaS and hosted systems, as well as upfront fees and professional services fees. Items that are not allocated to our business segments are identified as corporate and primarily include stock-based compensation expense, litigation costs, corporate headcount-related costs and other items that are not identifiable with either of our segments.
Content analysis
?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: accentuated, acknowledgement, advocating, aid, Alliant, assumption, attainment, attrition, bate, BCG, bifurcated, Bombay, broadly, Bureau, burn, Cambridge, Carnegie, category, Chaminade, clarification, clarity, cliff, closure, consecutive, Council, covenant, CPRA, creditor, cultivate, delinquent, depressed, disease, disseminated, dissolution, donated, downtown, downturn, drastically, drew, earliest, education, elongate, embedded, emotional, eventually, evidenced, expenditure, family, fight, fill, foresee, Freedom, furlough, furniture, gaming, Gangwon, globe, Great, headquarter, Honolulu, honor, Houston, imperative, impossible, incentivize, indenture, indoor, intense, involuntarily, involuntary, ion, IRC, irrevocably, issuable, Jazeera, junior, Keane, launched, leasehold, LeEco, Lion, load, macro, majeure, mandatory, maneuverability, Marriott, Mellon, mental, mixture, Moore, moot, morale, Netscape, NTT, numerator, occurrence, opensource, outlined, pandemic, parental, parity, park, partly, paused, payout, philanthropic, pre, preceding, premise, PSU, quantity, quarantine, ranking, ransomware, realigning, realignment, recession, relapse, relax, remote, remotely, reward, Rice, River, Roshan, SabreNext, salaried, Samsung, satisfaction, scenario, Scott, sentiment, sequentially, sharp, Shawn, singular, situation, Smile, societal, speaker, spread, springing, spur, talent, taxpayer, Tepper, Thai, trafficking, trajectory, treat, trillion, troubled, turnover, Twitter, UK, unconditionally, undeclared, undeparted, unified, unprecedented, unpredictable, upmarket, utmost, vaccination, virtual, visibility, voluntarily, voluntary, volunteer, volunteerism, water, welfare, Wilson, withstand, Wolf, Zuji
Removed: Aerea, affiliated, aggregated, AirCentre, AirVision, Alitalia, amend, ancillary, ASU, Australia, behalf, Berlin, bypassing, capture, chain, Compagnia, conducting, consumption, contemplated, counterclaim, Dean, decade, declaration, decreasing, deduction, defer, deferring, deploy, differentiated, diverting, doubtful, ease, employed, erosion, evolution, exercising, exploit, explored, Facebook, facilitate, finalization, forma, frequency, generation, German, Girl, hearing, hurting, intensification, interference, introducing, involvement, Italiana, JetBlue, Lake, letter, lifecycle, limitation, linking, Lufthansa, maturing, middleware, modest, mortgage, Northeast, offshore, optimization, organized, originally, overcome, pace, positioning, prepare, principally, priority, profit, promulgated, pronounced, proportion, proposition, reaching, recessionary, reevaluation, refusing, reimbursement, repurchasing, requested, route, SabreSonic, scaled, secondary, selectively, Silver, stay, structural, suffered, surcharge, taxation, territorial, TPG, translated, Trust, Venezuela, Virgin