Company: SABR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001597033-25-000061
Chunk: 314

Company: Sabre Corp
Filing Date: 2025-05-07
Form: 10-Q
Item: Part II, Item 7
Chunk 314
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 March 31,   20252024Change (Amounts in thousands)  Other, net$3,776 $(4,477)$8,253 (184)%

31

Other, net increased $8 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily due to a gain on the sale of assets of $5 million recognized in the current year period and a fair value loss from our investments in securities of $3 million recognized in the prior year period. See Note 8. Fair Value Measurements for further details regarding our investments in securities.

(Benefit) provision for Income Taxes

 Three Months Ended March 31,  20252024Change (Amounts in thousands)  (Benefit) provision for income taxes$(57,062)$2,932 $(59,994)(2,046)%

For the three months ended March 31, 2025, we recognized $57 million of income tax benefit, representing an effective tax rate of 265%, compared to an income tax expense of $3 million, representing an effective tax rate of less than 1% for the three months ended March 31, 2024. 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