•Strong operating margin improvement year over year of 6 percentage points, through disciplined cost management and lower technology costs attributable to our cloud migration actions

•Closed sale of Hospitality Solutions business for $1.1 billion in July 2025

•Repaid >$1 billion of debt, including ~$200 million of debt maturities in April 2025 and ~$825 million from the proceeds of the Hospitality Solutions sale in July 2025

•Improved the Company's debt maturity profile by refinancing $1.325 billion of debt, extending maturities to 2030

•Continued commercial momentum in air distribution; signed new agency agreements, including with Christopherson Business Travel, one of the leading US travel management companies

•Second quarter revenue of $687 million, down 1% from Q2'24

•Operating income of $89 million and operating margin of 13%, up 6 percentage points from Q2'24

•Net loss attributable to common stockholders of $256 million

•Adjusted EBITDA(1) of $118 million, up 7% from Q2'24

•Normalized Adjusted EBITDA(1) of $127 million, up 6% from Q2'24

•Ended quarter with cash balance of $447 million

SOUTHLAKE, Texas – August 7, 2025 – Sabre Corporation ("Sabre" or the "Company") (NASDAQ: SABR) today announced financial results for the quarter ended June 30, 2025.

"Second quarter results reflect weaker than anticipated air distribution bookings, as accelerating volumes from our growth strategies were offset by a challenging operating environment. While we anticipate that current volume pressure is transitory, we are updating our full-year outlook to reflect our latest growth assumptions,” said Kurt Ekert, President and CEO.

Ekert continued, “We remain focused on executing our two strategic priorities of reducing leverage and driving sustainable growth through innovation, and our new business volumes are scaling very well. Over the past year, we have grown Adjusted EBITDA, extended debt maturities, and paid down debt, resulting in a strengthened balance sheet. We also have continued to develop and deliver innovative travel solutions for our customers. Taken together, we have improved our ability to compete, which we believe best positions Sabre to drive long-term shareholder value."

Second quarter revenue totaled $687 million, compared to $695 million in the second quarter of 2024.

•Distribution revenue decreased by $5 million, or 1%, to $546 million driven primarily by a decrease in air distribution bookings, partially offset by an increase in hotel distribution bookings.

◦Total bookings, net of cancellations, were 90 million, a decrease of 1% from second quarter 2024 levels.

◦Average booking fee totaled $6.04, a slight decrease versus $6.05 in the second quarter of 2024.

•IT Solutions revenue decreased by $3 million, or 2%, to $141 million driven primarily by the impact of previously disclosed de-migrated carriers, partially offset by an increase in license fee revenue and volume growth.

Operating income totaled $89 million versus $49 million in the second quarter of 2024. The improvement in operating results was driven by lower labor and professional services costs primarily due to the cost reduction plan we implemented in prior periods, a decrease in tax litigation reserves, and a decrease in technology expenses due to cost savings related to our cloud migrations, partially offset by the items impacting revenue described above and increased incentive expenses.

Net loss attributable to common stockholders totaled $256 million, versus $70 million in the second quarter of 2024. The increase in net loss attributable to common stockholders in the second quarter of 2025 was primarily driven by an increase in the provision for income taxes from continuing operations of $85 million, a loss on the extinguishment of debt in the current year period of $85 million as a result of refinancing activity that occurred in the second quarter of 2025, and an increase in the provision for income taxes from discontinued operations of $47 million. These items were partially offset by the items impacting operating income described above.

Normalized Adjusted EBITDA was $127 million, versus $120 million in the second quarter of 2024. The improvement in Normalized Adjusted EBITDA was driven by lower technology expenses due to cost savings related to our cloud migrations, partially offset by the decline in revenue described above and increased incentive expenses.

With regard to Sabre's second quarter 2025 cash flows (versus prior year):

•Cash used in operating activities totaled $218 million (vs. $26 million provided by)

•Cash used in investing activities totaled $23 million (vs. $19 million)

•Cash provided by financing activities totaled $21 million (vs. $24 million used in)

•Capitalized expenditures totaled $22 million (vs. $19 million)

Free Cash Flow(1) was negative $240 million, versus Free Cash Flow of positive $7 million in the second quarter of 2024. Free Cash Flow in the quarter includes the impact of $227 million of payment-in-kind interest that was recorded to cash flow from operations in conjunction with the refinancing activity in the second quarter of 2025.

Pro forma Free Cash Flow(1) was negative $2 million in the second quarter of 2025.

The Company is providing the quarterly and full year 2025 outlook included below on a pro forma basis to give effect to the sale of the Hospitality Solutions business, and we have removed the impact of the $227 million of payment-in-kind interest that was recorded in conjunction with the refinancing activity in the second quarter of 2025, from pro forma Free Cash Flow. Pro forma adjustments include the impact of classifying Hospitality Solutions as a discontinued operation in accordance with GAAP and an adjustment to remove costs previously allocated to Hospitality Solutions, but that do not meet the GAAP definition for discontinued operations reporting. We believe this presentation will enhance investors' ability to evaluate and compare the Company's operations on a go-forward basis.

With respect to the third quarter and full-year 2025 financial outlook below:

•Third quarter pro forma Adjusted EBITDA guidance consists of expected net income from continuing operations of approximately $21 million to $31 million; less the impact of acquisition-related amortization of approximately $7 million; expected stock-based compensation expense of approximately $13 million; expected depreciation and amortization of property and equipment and amortization of capitalized implementation costs of approximately $18 million; expected interest expense, inclusive of issuance costs and debt discounts, net of approximately $114 million; expected income tax benefit of approximately $39 million; and expected pro forma adjustments of approximately $6 million associated with costs previously allocated to Hospitality Solutions.

•Third quarter pro forma Free Cash Flow guidance consists of the expected cash from continuing operations operating activities of approximately $62 million to $72 million less approximately $22 million of capital expenditures.

•Full-year pro forma Adjusted EBITDA guidance consists of expected net loss from continuing operations of approximately $221 million to $181 million; less the impact of acquisition-related amortization of approximately $30 million; expected stock-based compensation expense of approximately $49 million; expected depreciation and amortization of property and equipment and amortization of capitalized implementation costs of approximately $72 million; expected interest expense, inclusive of issuance costs and debt discounts, net of approximately $446 million; expected loss on extinguishment of debt, foreign exchange, and other expenses of approximately $78 million; expected provision for income taxes of approximately $47 million; less expected pro forma adjustments of approximately $29 million associated with costs previously allocated to Hospitality Solutions.

•Full year pro forma Free Cash Flow guidance consists of the expected usage of cash from continuing operations operating activities of approximately $83 million to $43 million, less approximately $80 million of capital expenditures, and expected pro forma adjustments of approximately $264 million, of which $227 million represents payment-in-kind interest that was recorded in conjunction with the refinancing activity in the second quarter of 2025 and the remainder represents adjustments associated with costs previously allocated to Hospitality Solutions and other estimated impacts of the divestiture.

Sabre’s third quarter and full year 2025 outlook for three potential scenarios, based on the indicated levels of GDS industry bookings growth, is set forth below:

End of year cash balance is expected to be greater than $750 million.

Sabre will conduct its second quarter 2025 investor conference call today at 9:00 a.m. ET. The live webcast and accompanying slide presentation can be accessed via the Investor Relations section of our website, investors.sabre.com. A replay of the event will be available on the website for at least 90 days following the event.

Sabre Corporation is a leading technology company that takes on the biggest opportunities and solves the most complex challenges in travel. Sabre harnesses speed, scale and insights to build tomorrow’s technology today – empowering airlines, hoteliers, agencies and other partners to retail, distribute and fulfill travel worldwide. Headquartered in Southlake, Texas, USA, with employees across the world, Sabre serves customers in more than 160 countries globally. For more information visit  www.sabre.com.

Sabre routinely posts important information for investors on the Investor Relations section of its website, investors.sabre.com, on its LinkedIn account, and on its X account, @Sabre_Corp.

The Company intends to use the Investor Relations section of its website, its LinkedIn account, and its X account as a means of disclosing material, non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of Sabre's website, its LinkedIn account and its X account, in addition to following its press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, Sabre's website, its LinkedIn account or its X account is not incorporated by reference into, and is not a part of, this document.

In conjunction with today’s earnings report, a file of supplemental financial information will be available on the Investor Relations section of our website, investors.sabre.com.

This release contains industry data, forecasts and other information that Sabre obtained from industry publications and surveys, public filings and internal company sources, and there can be no assurance as to the accuracy or completeness of the included information. Statements as to Sabre's ranking, market position, bookings share and market estimates are based on independent industry publications, government publications, third-party forecasts and management’s estimates and assumptions about our markets and our internal research. The Company has not independently verified this third-party information nor has it ascertained the underlying economic assumptions relied upon in those sources, and cannot assure you of the accuracy or completeness of this information.

This press release includes unaudited non-GAAP financial measures, including Adjusted Net Loss from continuing operations ("Adjusted Net Loss"), Adjusted EBITDA, Adjusted EBITDA margin, Normalized Adjusted EBITDA, Normalized Adjusted EBITDA margin, Adjusted Net Loss from continuing operations per share ("Adjusted EPS"), Free Cash Flow and the ratios based on these financial measures. In addition, we provide certain forward guidance with respect to Adjusted EBITDA and Free Cash Flow, including on a pro forma basis. We do not provide reconciliations of these forward-looking non-GAAP financial measures to the respective GAAP metrics as we are unable to predict the components of the non-GAAP adjustments contained in the guidance with reasonable certainty and without unreasonable effort; however, see "Business and Pro Forma Financial Outlook" for additional information including estimates of certain components of the non-GAAP adjustments contained in the guidance.

We present non-GAAP measures when our management believes that the additional information provides useful information about our operating performance. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. See “Non-GAAP Financial Measures” below for an explanation of the non-GAAP measures and “Tabular Reconciliations for Non-GAAP Measures” below for a reconciliation of the non-GAAP financial measures to the comparable GAAP measures.

On April 27, 2025, we entered into a definitive purchase agreement with an affiliate of TPG (the “Buyer”) pursuant to which the Buyer agreed to purchase our Hospitality Solutions business, and on July 3, 2025, we closed the sale (the “Hospitality Solutions Sale”). The assets and liabilities associated with the Hospitality Solutions Sale are presented as held for sale on our consolidated balance sheets as of June 30, 2025 and December 31, 2024, and the operating results of our Hospitality Solutions business are presented as discontinued operations on our consolidated statements of operations for all periods presented. Unless otherwise noted, results presented are based on continuing operations.

Certain statements herein are forward-looking statements about trends, future events, uncertainties and our plans and expectations of what may happen in the future. Any statements that are not historical or current facts are forward-looking statements. In many cases, you can identify forward-looking statements by terms such as "outlook," “pro forma,” “profile,” “momentum,” "plan," "expect," “position,” “"commitment," “accelerate,” “temporary,” “long-term,” “confident,” “continue,” “progress,” “possible,” “outcome,” “expectations,” “anticipate,” “encouraged,” “temporary,” “assume,” “challenge,” “focus,” "enhance," "guidance," "strategy," "on track," "objective," "target," "believe," "pipeline," "sustainable," "growth," "trajectory," "opportunity," "potential," "benefit," "goal," "will," "forecast," "estimate," "project," "may," "should," "would," "intend," or the negative of these terms, where applicable, or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Sabre’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements.

The potential risks and uncertainties include, among others, dependency on transaction volumes in the global travel industry, particularly air travel transaction volumes, the implementation and effects of our growth strategies, the completion and effects of travel platforms, exposure to pricing pressure in the Travel Solutions business, changes affecting travel supplier customers, maintenance of the integrity of our systems and infrastructure and the effect of any security incidents, our ability to recruit, train and retain employees, competition in the travel distribution industry and solutions industry, failure to adapt to technological advancements, implementation of software solutions, implementation and effects of new, amended or renewed agreements and strategic partnerships, dependence on establishing, maintaining and renewing contracts with customers and other counterparties and collecting amounts due to us under these agreements, dependence on relationships with travel buyers, the ability to achieve our cost savings and efficiency goals and the effects of these goals, our collection, processing, storage, use and transmission of personal data and risks associated with PCI compliance, the effects of cost savings initiatives, the effects of new legislation or regulations or the failure to comply with regulations or other legal requirements, use of third-party distributor partners, the financial and business results and effects of acquisitions and divestitures of businesses or business operations, including the Hospitality Solutions Sale, reliance on the value of our brands, reliance on third parties to provide information technology services and the effects of these services, the effects of any litigation, regulatory reviews and investigations, adverse global and regional economic and political conditions, risks related to global conflicts, risks arising from global operations, risks related to our significant amount of indebtedness, including increases in interest rates and our ability to refinance our debt, and tax-related matters.

More information about potential risks and uncertainties that could affect our business and results of operations is included in the "Risk Factors" and “Forward-Looking Statements” sections in our Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025, in our Annual Report on Form 10-K filed with the SEC on February 20, 2025 and in our other filings with the SEC. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, outlook, guidance, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Unless required by law, Sabre undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

(1)     Adjusted EPS, Adjusted EBITDA, Normalized Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted EBITDA Margin, pro forma Adjusted EBITDA and Free Cash Flow are non-GAAP measures. See the appendix to this release for a discussion of non-GAAP financial measures, including reconciliations to the most closely correlated GAAP measure. Normalized Adjusted EBITDA is Adjusted EBITDA adjusted for estimated costs historically allocated to Hospitality Solutions. Pro forma Free Cash Flow is calculated to give effect to the Hospitality Solutions Sale, and we have removed the impact of the $227 million payment-in-kind interest that was recorded in conjunction with the refinancing activity in the second quarter of 2025. We believe this presentation will enhance investors' ability to evaluate and compare the Company's operations on a go-forward basis.

 

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Revenue			$	687,149					$	695,050					$	1,389,275					$	1,408,683
Cost of revenue, excluding technology costs			296,354						293,340						601,825						586,050
Technology costs			172,494						199,050						347,801						400,634
Selling, general and administrative			129,167						153,938						259,120						284,082
Operating income			89,134						48,722						180,529						137,917
Other expense:
Interest expense, net			(111,244)						(116,428)						(221,034)						(228,309)
Loss on extinguishment of debt			(85,182)						—						(85,182)						(37,994)
Equity method income			738						469						1,403						1,429
Other, net			(3,202)						3,426						(497)						(536)
Total other expense, net			(198,890)						(112,533)						(305,310)						(265,410)
Loss from continuing operations before income taxes			(109,756)						(63,811)						(124,781)						(127,493)
Provision for income taxes			91,262						5,920						79,614						9,328
Loss from continuing operations			(201,018)						(69,731)						(204,395)						(136,821)
(Loss) income from discontinued operations, net of tax			(55,514)						246						(16,588)						(3,769)
Net loss			(256,532)						(69,485)						(220,983)						(140,590)
Net (loss) income attributable to noncontrolling interests			(168)						275						45						653
Loss attributable to common stockholders			$	(256,364)					$	(69,760)					$	(221,028)					$	(141,243)
Basic net (loss) income per share attributable to common stockholders:
Loss from continuing operations			$	(0.51)					$	(0.18)					$	(0.53)					$	(0.36)
Loss from discontinued operations			(0.14)						—						(0.04)						(0.01)
Net loss per common share			$	(0.65)					$	(0.18)					$	(0.57)					$	(0.37)
Diluted net (loss) income per share attributable to common stockholders:
Loss from continuing operations			$	(0.51)					$	(0.18)					$	(0.53)					$	(0.36)
Loss from discontinued operations			(0.14)						—						(0.04)						(0.01)
Net loss per common share			$	(0.65)					$	(0.18)					$	(0.57)					$	(0.37)
Weighted-average common shares outstanding:
Basic			390,905						383,506						388,601						381,640
Diluted			390,905						383,506						388,601						381,640

(In thousands)
(Unaudited)

			Six Months Ended June 30,
			2025						2024
Operating Activities
Net loss			$	(220,983)					$	(140,590)
Adjustments to reconcile net loss to cash used in operating activities:
Payment of previously paid-in-kind interest			(199,938)						—
Loss on extinguishment of debt			85,182						37,994
Depreciation and amortization			50,972						54,897
Deferred income taxes			32,277						(6,214)
Paid-in-kind interest			28,327						60,954
Stock-based compensation expense			23,602						23,364
Amortization of upfront incentive consideration			17,735						17,073
Loss from discontinued operations			16,588						3,769
Amortization of debt discount and issuance costs			14,916						12,424
Gain on sale of assets			(5,191)						—
Other			(3,317)						1,180
Provision for expected credit losses			1,103						5,591
Dividends received from equity method investments			1,042						1,460
Loss on investment fair value adjustment			—						(1,200)
Changes in operating assets and liabilities:
Accounts and other receivables			(98,505)						(22,727)
Prepaid expenses and other current assets			24,752						(11,261)
Capitalized implementation costs			(4,900)						(7,364)
Upfront incentive consideration			(9,481)						(4,417)
Other assets			(6,098)						(9,811)
Accrued compensation and related benefits			(59,349)						(42,698)
Accounts payable and other accrued liabilities			37,763						28,533
Deferred revenue including upfront solution fees			(8,338)						(30,813)
Cash used in operating activities			(281,841)						(29,856)
Investing Activities
Additions to property and equipment			(39,150)						(45,550)
Proceeds from sale of assets			9,267						—
Other investing activities			(200)						(300)
Cash used in investing activities			(30,083)						(45,850)
Financing Activities
Proceeds on borrowings from lenders			1,325,000						200,090
Payments on borrowings from lenders			(1,224,531)						(193,706)
Debt prepayment fees and issuance costs			(71,094)						(49,956)
Proceeds from borrowings under Securitization Facility			54,100						146,300
Payments on borrowings under Securitization Facility			(39,000)						(42,200)
Net payment on the settlement of equity-based awards			(9,975)						(6,404)
Cash provided by financing activities			34,500						54,124
Cash Flows from Discontinued Operations
Cash used in operating activities			(22,616)						(10,103)
Cash used in investing activities			(1,788)						(2,244)
Cash used in discontinued operations			(24,404)						(12,347)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			3,453						(1,663)
Decrease in cash, cash equivalents and restricted cash			(298,375)						(35,592)
Cash, cash equivalents and restricted cash at beginning of period			745,518						669,244
Cash, cash equivalents and restricted cash at end of period			$	447,143					$	633,652
Non-cash additions to property and equipment for continuing operations			$	899					$	1,066

We have included both financial measures compiled in accordance with GAAP and certain non-GAAP financial measures, including Adjusted Net Loss from continuing operations ("Adjusted Net Loss"), Adjusted EBITDA, Normalized Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted EBITDA Margin, Adjusted EPS, Free Cash Flow and ratios based on these financial measures.

We define Adjusted Net Loss as net loss attributable to common stockholders adjusted for loss (income) from discontinued operations, net income (loss) attributable to noncontrolling interests, acquisition-related amortization, restructuring and other costs, loss on extinguishment of debt, other, net, acquisition-related costs, indirect tax matters, stock-based compensation, and the tax impact of adjustments.

We define Adjusted EBITDA as loss from continuing operations adjusted for depreciation and amortization of property and equipment, amortization of capitalized implementation costs, acquisition-related amortization, restructuring and other costs, interest expense, net, other, net, loss on extinguishment of debt, acquisition-related costs, indirect tax matters, stock-based compensation and the provision for income taxes.

We define Normalized Adjusted EBITDA and Pro Forma Adjusted EBITDA as Adjusted EBITDA adjusted for estimated costs historically allocated to Hospitality Solutions.

We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.

We defined Normalized Adjusted EBITDA Margin as Normalized Adjusted EBITDA divided by revenue.

We define Adjusted Net Loss from continuing operations per share and Adjusted EPS as Adjusted Net Loss divided by diluted weighted-average common shares outstanding.

We define Free Cash Flow as cash used in operating activities less cash used in additions to property and equipment.

We define Pro Forma Free Cash Flow as Free Cash Flow adjusted to give effect to the Hospitality Solutions Sale, and we have removed the impact of the $227 million payment-in-kind interest that was recorded in conjunction with the refinancing activity in the second quarter of 2025.

These non-GAAP financial measures are key metrics used by management and our board of directors to monitor our ongoing core operations because historical results have been significantly impacted by events that are unrelated to our core operations as a result of changes to our business and the regulatory environment. We believe that these non-GAAP financial measures are used by investors, analysts and other interested parties as measures of financial performance and to evaluate our ability to service debt obligations, fund capital expenditures, fund our investments in technology transformation, and meet working capital requirements. We also believe that Adjusted Net Loss, Adjusted EBITDA, Normalized Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted EBITDA Margin and Adjusted EPS assist investors in company-to-company and period-to-period comparisons by excluding differences caused by variations in capital structures (affecting interest expense), tax positions and the impact of depreciation and amortization expense. In addition, amounts derived from Adjusted EBITDA are a primary component of certain covenants under our senior secured credit facilities.

Adjusted Net Loss, Adjusted EBITDA, Normalized Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted EBITDA Margin, Adjusted EPS, Free Cash Flow, and Pro Forma Free Cash Flow and ratios based on these financial measures are not recognized terms under GAAP. These non-GAAP financial measures and ratios based on them are unaudited and have important limitations as analytical tools, and should not be viewed in isolation and do not purport to be alternatives to net income as indicators of operating performance or cash flows from operating activities as measures of liquidity. These non-GAAP financial measures and ratios based on them exclude some, but not all, items that affect net income or cash flows from operating activities and these measures may vary among companies. Our use of these measures has limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Some of these limitations are:

•these non-GAAP financial measures exclude certain recurring, non-cash charges such as stock-based compensation expense and amortization of acquired intangible assets;

•although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash requirements for such replacements;

•Adjusted EBITDA does not reflect amortization of capitalized implementation costs associated with our revenue contracts, which may require future working capital or cash needs in the future;

•Adjusted Net Loss and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;

•Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our indebtedness;

•Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us;

•Free Cash Flow removes the impact of accrual-basis accounting on asset accounts and non-debt liability accounts, and does not reflect the cash requirements necessary to service the principal payments on our indebtedness; and

•other companies, including companies in our industry, may calculate Adjusted Net Loss, Adjusted EBITDA, Normalized Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted EBITDA Margin, Adjusted EPS or Free Cash Flow differently, which reduces their usefulness as comparative measures.

The non-GAAP pro forma financial outlook in this press release, including pro forma Adjusted EBITDA and pro forma Free Cash Flow, is not necessarily indicative of the operating results of the Company after closing of the Hospitality Solutions Sale and utilization of the net proceeds from the sale to pay down outstanding indebtedness, or of the operating results of the Company in the future. The non-GAAP pro forma financial outlook included in this press release is not pro forma information prepared in accordance with Article 11 of Regulation S-X of the SEC, and the preparation of information in accordance with Article 11 would result in a different presentation.

(1)Net income (loss) attributable to noncontrolling interests represents an adjustment to include earnings allocated to noncontrolling interests held in (i) Sabre Travel Network Middle East of 40%, (ii) Sabre Seyahat Dagitim Sistemleri A.S. of 40%, (iii) Sabre Travel Network Lanka (Pte) Ltd of 40%, (iv) Sabre Bulgaria of 40%, and (v) FERMR Holdings Limited (the direct parent of Conferma Limited) of 19%.

(2)Depreciation and amortization expenses:

(a) Acquisition-related amortization represents amortization of intangible assets from the take-private transaction in 2007 as well as intangibles associated with acquisitions since that date.

(b) Depreciation and amortization of property and equipment includes software developed for internal use as well as amortization of contract acquisition costs.

(c) Amortization of capitalized implementation costs represents amortization of upfront costs to implement new customer contracts under our SaaS and hosted revenue model.

(3) Other, net includes a gain on the sale of assets of $5 million recognized in the current year period, $1 million of non-operating gains recognized in the prior year and a fair value loss from our investments in securities of $1 million recognized in the prior year period. In addition, all periods presented include foreign exchange gains and losses related to the remeasurement of foreign currency denominated balances included in our consolidated balance sheets into the relevant functional currency.

(4) Restructuring and other costs primarily represents adjustments to charges associated with the cost reduction plan we began implementing in the second quarter of 2023.

(5) Acquisition-related costs represent fees and expenses incurred associated with acquisition and disposition-related activities.

(6) Indirect tax matters represents charges associated with certain digital services taxes ("DST") related to historical periods, which may ultimately be settled in cash, and certain foreign non-income tax litigation matters.

(7) The tax impact of adjustments includes the tax effect of each separate adjustment based on the statutory tax rate for the jurisdiction(s) in which the adjustment was taxable or deductible, and the tax effect of items that relate to tax specific financial transactions, tax law changes, uncertain tax positions, valuation allowances and other items.