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Sabre Reports Fourth Quarter and Full Year 2014 Results
Airline and Hospitality Solutions Momentum Continues, Including New Fourth Quarter Agreements With Alitalia, Copa and Wyndham
Travelocity Segment Reclassified as Discontinued Operations With the Sale of Travelocity.com and Receipt of Binding Offer for lastminute.com
SOUTHLAKE, Texas – February 18, 2015 – Sabre Corporation (NASDAQ: SABR) today announced financial results for the quarter and year ended December 31, 2014.
“2014 was a year of significant strategic progress,” said Tom Klein, Sabre President and CEO. “Both our Airline Solutions and Hospitality Solutions businesses had record years for revenue, Adjusted EBITDA and new sales. In Travel Network, we continued to build our share in EMEA, while navigating headwinds and positioning the global business for stronger growth going forward. We have also made significant progress toward divesting non-core online travel agency assets, which will generate significant value that we will reinvest to further strengthen our core businesses.”
Q4 2014 Financial Summary
Continued strong revenue growth in Airline and Hospitality Solutions, and a modest decline in Travel Network, resulted in Sabre consolidated fourth quarter revenue of $646 million, an increase of 3.1% compared to $627 million for the prior year quarter. Sabre has reclassified and is reporting all of the businesses associated with the Travelocity segment as discontinued operations.
Consolidated net income from continuing operations for the fourth quarter of 2014 totaled $41 million, compared to a loss of $9 million in the previous year quarter. Fourth quarter consolidated Adjusted EBITDA was $199 million, a 2.4% increase from $194 million in the prior year period. The increase in Adjusted EBITDA is the result of 25.7% growth in Adjusted EBITDA for Airline and Hospitality Solutions and lower corporate expenses, combined with a decline of 9.4% in fourth quarter Travel Network Adjusted EBITDA.
For the fourth quarter of 2014, Sabre reported income from continuing operations of $0.15 per share and Adjusted Net Income from Continuing Operations (Adjusted EPS) of $0.22 per share.
Cash Flow from Operations totaled $101 million for the fourth quarter of 2014, compared to a loss of $29 million in the fourth quarter of 2013. Adjusted Free Cash Flow totaled $40 million in the fourth quarter of 2014, compared to $40 million in the fourth quarter of 2013. Adjusted Free Cash Flow excludes the impacts of dispositions, litigation and other costs (see reconciliation below). Adjusted Capital Expenditures, which includes capitalized implementation costs, totaled $83 million for the fourth quarter of 2014, compared to $65 million in the prior year period.
The following information was filed by Sabre Corp (SABR) on Wednesday, February 18, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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