Sabre Corporation (NASDAQ: SABR) has reported its second quarter 2024 financial results, showcasing a robust performance that exceeded prior guidance and has prompted the company to raise its full-year 2024 financial outlook. Here are the specific figures that tell the story:
- Second quarter revenue totaled $767 million, a 4% increase from the same period in 2023.
- Operating income amounted to $61 million, marking a year-over-year improvement of $103 million and a 14 point year-over-year improvement in operating margin.
- The net loss attributable to common stockholders was $70 million, a significant improvement from the net loss of $129 million in the second quarter of 2023.
- Adjusted EBITDA stood at $129 million, up from $73 million in the second quarter of 2023, demonstrating a substantial 76% increase.
- Cash from operations for the second quarter amounted to $28 million, marking the first Q2 with positive operating cash flow in five years.
- Free cash flow for Q2 was $8 million, achieving the company's free cash flow objective for the quarter.
The travel solutions segment saw a 4% increase in revenue to $695 million, driven by favorable rate impacts from travel supplier mix and an increase in global hotel and other travel bookings. Operating income for this segment amounted to $163 million, a solid improvement from the previous year.
Hospitality solutions revenue increased by 9% to $83 million, with central reservation system transactions increasing by 4% to 33 million. The segment's operating income totaled $5 million, compared to an operating loss of $2 million in the second quarter of 2023.
Looking ahead, Sabre's third and fourth quarter, as well as full-year 2024 financial outlook, are as follows:
- Third quarter 2024 adjusted EBITDA guidance is approximately $135 million, while the fourth quarter 2024 adjusted EBITDA guidance is approximately $120 million. The full-year adjusted EBITDA guidance is approximately $525 million.
- The company expects positive free cash flow for the third and fourth quarters, as well as for the full year of 2024.
Sabre President and CEO, Kurt Ekert, expressed satisfaction with the company's performance, citing solid revenue growth, continued margin expansion, and key commercial wins during the quarter. He also highlighted the development of new AI-enhanced products, emphasizing the company's strides towards delivering a differentiated and competitive product offering.
Sabre Corporation, headquartered in Southlake, Texas, serves customers in more than 160 countries around the world, and it continues to drive innovation in the travel industry through its software and technology solutions. Today the company's shares have moved -5.0% to a price of $3.43. Check out the company's full 8-K submission here.
