2023-08-03 08:00:17 ET
- Sabre press release ( NASDAQ: SABR ): Q2 Non-GAAP EPS of -$0.17 beats by $0.06 .
- Revenue of $738M (+12.2% Y/Y) beats by $26.68M .
- Adjusted EBITDA of $73 million.
- Ended the quarter with cash balance of $727 million.
- On track to deliver savings of $100M in 2H'23 and $200M for FY2024 from previously announced cost reduction program.
- Outlook: Third quarter 2023 Adjusted EBITDA guidance consists of third quarter expected net loss attributable to common stockholders adjusted for the estimated impact of loss from discontinued operations, net of tax, of approximately $60 million; preferred stock dividends of approximately $4 million; restructuring costs of $6 million, acquisition-related amortization of approximately $10 million; stock-based compensation expense of approximately $17 million; other costs, including the tax impact of the above adjustments of $3 million, less the impact of depreciation and amortization of property and equipment and amortization of capitalized implementation costs of approximately $30 million; interest expense, net of approximately $90 million; and income tax expense less tax impact of net income adjustments of approximately $1 million.
- Fourth quarter 2023 Adjusted EBITDA guidance consists of fourth quarter expected net loss attributable to common stockholders adjusted for the estimated impact of loss from discontinued operations, net of tax, of approximately $49 million; restructuring costs of $7 million; acquisition-related amortization of approximately $10 million; stock-based compensation expense of approximately $18 million; other costs including the tax impact of the above adjustments of $3 million, less the impact of depreciation and amortization of property and equipment and amortization of capitalized implementation costs of approximately $31 million; interest expense, net of approximately $90 million; and income tax expense less tax impact of net income adjustments of approximately $1 million.
- Full-year Adjusted EBITDA guidance consists of full-year expected net loss attributable to common stockholders adjusted for the estimated impact of loss from discontinued operations, net of tax, of approximately $341 million; preferred stock dividends of approximately $15 million; restructuring costs of $72 million; acquisition-related amortization of approximately $40 million; stock-based compensation expense of approximately $60 million; other costs including the tax impact of the above adjustments of $21 million, less the impact of depreciation and amortization of property and equipment and amortization of capitalized implementation costs of approximately $118 million; interest expense, net of approximately $385 million; and income tax benefit less tax impact of net income adjustments of approximately $15 million.
- Third quarter 2023 Free Cash Flow guidance consists of the expected third quarter 2023 cash from operating activities of $35 million, including $25 million to $35 million for cash restructuring, less additions to property and equipment of approximately $15 million.
- Fourth quarter 2023 Free Cash Flow guidance consists of the expected fourth quarter 2023 cash from operating activities of $85 million, including $10 million to $20 million for cash restructuring, less additions to property and equipment of approximately $15 million.
- Cash payments for restructuring are expected to be $30 million in the third quarter of 2023, $15 million in the fourth quarter of 2023 and approximately $65 million in the full year 2023.
For further details see:
Sabre beats Q2 top and bottom line estimates; initiates Q3 and Q4 outlook