Company: SABR
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001597033-25-000027
Chunk: 565

Company: Sabre Corp
Filing Date: 2025-02-20
Form: 10-K
Item: Item 1A
Chunk 565
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136,645)$122,894 (90)%

Other, net increased $123 million for the year ended December 31, 2023 compared to the prior year primarily due to the gain on the sale of AirCentre of $180 million in the prior year, partially offset by a change in fair value of our investments in securities from a loss of $26 million in 2022 to a loss of $2 million in 2023, as well as other non-operating gains of $15 million in 

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2023 and realized and unrealized foreign currency exchange gains.  See Note 3. Acquisitions and Dispositions for further details regarding the AirCentre sale and Note 12. Fair Value Measurements for further details regarding our investments in securities.

Provision for Income Taxes

 Year Ended December 31,   20232022Change (Amounts in thousands)  Provision for income taxes$34,729 $8,666 $26,063 301 %

Our effective tax rate for each of the years ended December 31, 2023 and 2022 was less than 1%. The effective tax rate for the year ended December 31, 2023, as compared to the same period in 2022 decreased primarily due to changes in the valuation allowance due to adjustments based on realizability of the related deferred tax assets.

The differences between our effective tax rate and the U.S. federal statutory income tax rate primarily resulted from our geographic mix of taxable income in various tax jurisdictions, tax permanent differences, valuation allowances, and tax credits.

Liquidity and Capital Resources

Our current principal source of liquidity is our cash and cash equivalents on hand. As of December 31, 2024 and 2023, our cash and cash equivalents and outstanding letters of credit were as follows (in thousands):

 As of December 31, 20242023Cash and cash equivalents$724,479 $648,207 Outstanding balance under the AR Facility(1)82,200 110,000 Available undrawn balance under the AR Facility(1)— 400 Outstanding letters of credit under the bilateral letter of credit facility12,535 11,514 Available under the bilateral letter of credit facility7,465 8,486 

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

As of December 31, 2024, we had