Sabre Corporation reported a revenue increase of 4% for the fiscal year ending December 31, 2024, totaling $3.03 billion, compared to $2.91 billion in 2023. The company's Travel Solutions segment, which includes its global distribution system (GDS) and IT solutions, generated $2.74 billion, up from $2.64 billion the previous year. The Hospitality Solutions segment also saw growth, with revenue rising to $326.8 million from $304.2 million. Despite the revenue growth, Sabre recorded a net loss of $278.8 million, an improvement from a loss of $528.2 million in 2023, primarily due to restructuring efforts and cost reduction initiatives.
The company undertook significant strategic changes, including a cost reduction plan initiated in the second quarter of 2023, which resulted in $83 million in restructuring costs. This plan aimed to streamline operations and reduce the workforce by approximately 19%. The restructuring is expected to yield benefits of around $200 million, which have already begun to reflect in the company's financial results. Additionally, Sabre completed the acquisition of Conferma Limited, a virtual payments technology company, for $62 million in August 2022, and later sold a 19% stake in the company for $16 million in February 2023.
Operationally, Sabre reported a slight increase in direct billable bookings, with a total of 363.2 million bookings in 2024, up 2.4% from the previous year. The number of passengers boarded for IT solutions decreased marginally to 684.1 million, reflecting the impact of customer de-migrations. The company continues to serve over 40,000 hotel properties across more than 175 countries, indicating a stable customer base. As of December 31, 2024, Sabre employed 6,253 individuals, a reduction from the previous year due to the workforce restructuring.
Looking ahead, Sabre's management expressed cautious optimism regarding future growth, emphasizing the need to adapt to changing market conditions and customer demands. The company plans to continue investing in technology modernization and expanding its product offerings, particularly in the areas of cloud-based solutions and artificial intelligence. However, the ongoing economic uncertainties and potential fluctuations in travel demand may pose challenges to achieving sustained growth. The company expects to generate free cash flow exceeding $200 million in 2025, contingent on seasonal variations in travel bookings.
About Sabre Corp
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