Sabre Corporation reported a revenue increase for the third quarter of 2024, achieving $764.7 million, up from $740.5 million in the same period of 2023, representing a 3% growth. For the nine months ended September 30, 2024, total revenue reached $2.31 billion, compared to $2.22 billion in 2023, also a 4% increase. The growth was primarily driven by the Travel Solutions segment, which saw revenue rise to $691.3 million in Q3 2024, a 3% increase from $671.9 million in Q3 2023. This segment benefited from a 5% increase in transaction-based distribution revenue, attributed to a rise in direct billable bookings.
Operating income for the third quarter of 2024 was $70.1 million, significantly higher than $52.2 million in Q3 2023. For the nine-month period, operating income surged to $229.1 million from just $9.8 million in the previous year. Despite these improvements, the company reported a net loss of $63.1 million for Q3 2024, a notable reduction from a net loss of $207.9 million in Q3 2023. The nine-month net loss also decreased to $203.7 million from $431.7 million year-over-year.
The company has been implementing a cost reduction plan initiated in Q2 2023, which aims to reduce annual operating expenses by approximately $200 million. As of September 30, 2024, restructuring costs incurred since the plan's inception totaled $81 million. The company anticipates completing these restructuring activities by the end of 2024.
In terms of liquidity, Sabre reported cash and cash equivalents of $668.8 million as of September 30, 2024, an increase from $648.2 million at the end of 2023. The company also noted a significant improvement in cash used in operating activities, which was $(12.2 million) for the nine months ended September 30, 2024, compared to $(39.8 million) in the same period of 2023.
Strategically, Sabre has been active in managing its debt, with total outstanding debt reaching $5.0 billion as of September 30, 2024. The company has refinanced portions of its debt, resulting in higher interest rates and increased future interest expenses. Notably, the company sold its entire stake in Global Business Travel Group, Inc. for $55 million in Q3 2024, recognizing a net gain of $2 million.
Overall, Sabre's financial performance in Q3 2024 reflects a positive trajectory in revenue and operating income, alongside ongoing efforts to streamline costs and manage debt effectively.
About Sabre Corp
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