Company: SABR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001597033-25-000061
Chunk: 189

Company: Sabre Corp
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 189
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 The effective tax rate for the three months ended March 31, 2025 represents the rate expected for the year applied to year to date earnings before tax and the impact of certain discrete items in the quarter. The effective tax rate is impacted by an increase in the valuation allowance due primarily to interest expense limitations, offset by loss utilization. The difference between our effective tax rates and the U.S. federal statutory income tax rate primarily results from the impact of changes in the valuation allowance, our geographic mix of taxable income in various tax jurisdictions, tax permanent differences and tax credits.

Liquidity and Capital Resources 

Our current principal source of liquidity is our cash and cash equivalents on hand. As of March 31, 2025 and December 31, 2024, our cash and cash equivalents and outstanding letters of credit were as follows (in thousands):

 March 31, 2025December 31, 2024Cash and cash equivalents$651,144 $724,479 Outstanding balance under the AR Facility(1)100,800 82,200 Available undrawn balance under the AR Facility(1)— — Outstanding letters of credit under the bilateral letter of credit facility11,883 12,535 Available under the bilateral letter of credit facility8,117 7,465 

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(1)AR Facility (as defined below) does not include the FILO Facility (as defined below).

As of March 31, 2025, we had $101 million outstanding under the AR Facility. The AR Facility matures on March 29, 2027 and allows us the ability to prepay the principal amount prior to the maturity date without penalty. See Note 6. Debt.

We consider cash equivalents to be highly liquid investments that are readily convertible into cash. Securities with contractual maturities of three months or less, when purchased, are considered cash equivalents. We record changes in a book overdraft position, in which our bank account is not overdrawn but recently issued and outstanding checks result in a negative general ledger balance, as cash flows from financing activities. We invest in a money market fund which is classified as cash and cash equivalents in our consolidated balance sheets and statements of cash flows. We held no short-term investments as of March 31, 2025 and December 31, 2024. We had $21 million held as cash collateral for standby letters of credit in restricted cash on our consolidated balance sheets as of March 31, 202