Company: SABR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049383
Chunk: 256

Company: Sabre Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 256
---
 expense of $17 million for the nine months ended September 30, 2024. The effective tax rate decreased for the nine months ended September 30, 2025 as compared to the same period in 2024 primarily due to an increase in U.S. permanent adjustments recorded in the current period, offset by various discrete items recorded in each of the respective nine month periods. The difference between our effective tax rates and the U.S. federal statutory income tax rate primarily results from valuation allowances, our geographic mix of taxable income in various tax jurisdictions, tax permanent differences and tax credits.

31

Liquidity and Capital Resources 

Our current principal source of liquidity is our cash and cash equivalents on hand. As of September 30, 2025 and December 31, 2024, our cash and cash equivalents and outstanding letters of credit were as follows (in thousands):

 September 30, 2025December 31, 2024Cash and cash equivalents$661,722 $724,479 Outstanding balance under the AR Facility(1)78,400 82,200 Available undrawn balance under the AR Facility(1)— — Outstanding letters of credit under the bilateral letter of credit facility11,242 12,535 Available under the bilateral letter of credit facility8,758 7,465 

______________________

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

As of September 30, 2025, we had $78 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 7. 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 September 30, 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