Here are 1-3 brief analogies for Sabre (SABR):

• Sabre is like Visa or Mastercard for the global travel industry, processing the critical booking transactions between travel providers and sellers.
• Sabre is like a global stock exchange for flights and hotel rooms, connecting thousands of airlines and hotels with travel agencies worldwide.
• Sabre is like SAP or Oracle, but specifically for airlines and hotels, providing their core enterprise software for operations and reservations.

• Global Distribution System (GDS): A global marketplace and booking platform that connects travel agencies, corporations, and travelers with real-time inventory for airlines, hotels, rental cars, and other travel services.
• Airline Solutions: A comprehensive suite of software and services for airlines, encompassing passenger reservations, airport operations, revenue management, and crew management.
• Hospitality Solutions: Technology offerings for hotels, including central reservation systems, property management systems, and digital marketing services to manage operations and distribution.

The public company Sabre (symbol: SABR) primarily sells its technology solutions and services to other companies within the global travel industry, operating on a Business-to-Business (B2B) model. Its major customers fall into three main categories:

Major Customer Categories and Representative Examples:

1. Airlines

Sabre provides critical technology for airline operations, including passenger reservation systems, flight operations, and crew management. It also facilitates airline ticket distribution through its Global Distribution System (GDS).

• American Airlines (AAL) - A long-standing partner and a key participant in Sabre's GDS.
• United Airlines (UAL) - Utilizes Sabre's GDS for global distribution of its flights.
• Virgin Atlantic (private company) - Has been a customer for Sabre's Passenger Service System (PSS) and operations solutions.
• Etihad Airways (private company) - Uses Sabre's PSS for its core reservations and inventory management.

2. Hotel Chains

Sabre Hospitality Solutions offers a comprehensive suite of products, including its industry-leading SynXis Central Reservation System (CRS), property management systems, and digital marketing services.

• Wyndham Hotels & Resorts (WH) - A significant global user of Sabre's SynXis CRS for reservations and distribution.
• IHG Hotels & Resorts (IHG) - A global hotel chain that partners with Sabre for various technology solutions, including distribution.
• MGM Resorts International (MGM) - Leverages Sabre for certain hospitality technology needs.

3. Travel Agencies & Online Travel Agencies (OTAs)

These entities use Sabre's Global Distribution System (GDS) to access and book airline tickets, hotel rooms, rental cars, and other travel services for their customers, enabling comprehensive travel planning and booking.

• Expedia Group (EXPE) - A major Online Travel Agency (OTA) that integrates with Sabre's GDS for travel content.
• Booking Holdings (BKNG) - Another leading OTA and travel services provider that utilizes Sabre's GDS.
• Corporate Travel Management companies (e.g., American Express Global Business Travel, BCD Travel, CWT - all private companies) - These large corporate travel specialists rely on GDS platforms like Sabre for managing business travel bookings.

It's important to note that while these are representative examples, Sabre serves thousands of airlines, hotel properties, and travel agencies globally.

• Alphabet Inc. (GOOGL)
• IBM (IBM)

Kurt Ekert President and Chief Executive Officer

Kurt Ekert serves as the President and Chief Executive Officer of Sabre. He was appointed to this role in January 2022. Prior to his current position, Ekert served as CEO of CWT from 2016 to 2021. His background also includes five years as Chief Commercial Officer at Travelport, where he transformed product offerings and value propositions, contributing to its successful IPO in 2014. He began his career in the travel industry at Continental Airlines and held various executive positions with Orbitz and Gulliver's Travel Associates, both of which were subsidiaries of Cendant Corporation before its break-up.

Mike Randolfi Chief Financial Officer

Mike Randolfi is the Chief Financial Officer at Sabre, responsible for overseeing the company's financial strategy and operations. His professional experience includes significant roles as CFO at BFA Industries, Adtalem Global Education, and Groupon. Notably, he served as CFO at Orbitz Worldwide and was involved in the company's sale to Expedia Group. Earlier in his career, Randolfi spent 14 years in various executive financial roles at Delta Air Lines.

Roshan Mendis Chief Commercial Officer

Roshan Mendis is the Chief Commercial Officer and Executive Vice President at Sabre Corporation. In this role, he is responsible for global sales, account management, commercial operations, business development, and customer support for Sabre's diverse customer portfolio. Mendis has spent most of his professional career at Sabre, previously serving as Chief Commercial Officer for Sabre's global travel commerce (GDS) business. He also led the successful acquisition and integration of Abacus into Sabre and was President of the consumer-facing Travelocity.com and Zuji.com businesses when they were part of the Sabre portfolio. He currently serves on the board of Conferma, a joint venture between Sabre and Mastercard Inc., and is an independent board member of Yatra Online, Inc.

Garry Wiseman Chief Product and Technology Officer

Garry Wiseman serves as the Executive Vice President, Chief Product and Technology Officer for Sabre Travel Solutions, leading global product and engineering teams focused on next-generation retailing, distribution, and fulfillment. He joined Sabre in 2022, initially as EVP, Chief Product Officer. Before Sabre, Wiseman was Senior Vice President and Chief Digital Officer at Nautilus, Inc. from 2020. He also served as Senior Vice President of Digital Customer Experience at Dell Technologies, where he spearheaded a significant digital transformation. His extensive career includes senior leadership positions in product management, e-commerce, and software engineering at major technology companies such as Microsoft, eBay, and Salesforce. Wiseman is also recognized as the author of eight U.S. patents.

Shawn Williams Chief Administrative Officer

Shawn Williams is the Chief Administrative Officer at Sabre, where he is responsible for overseeing the company's human resources strategies and initiatives. His expertise lies in talent management, organizational development, and fostering a positive workplace culture. Williams' career includes significant roles at companies such as Scientific Games, LeEco US, and Samsung Electronics America.

The clear emerging threat to Sabre (SABR) is the accelerating adoption and mandates of the **IATA New Distribution Capability (NDC)** by major airlines. NDC aims to enable airlines to distribute their full product offerings, including ancillaries and personalized content, more directly to travel agencies and other third-party distributors, often bypassing or significantly altering the traditional Global Distribution System (GDS) fee structure and functionality that is central to Sabre's core business. While GDS providers like Sabre are adapting by integrating NDC content, the ultimate goal of many airlines through NDC is to reduce their reliance on GDSs, gain more control over their product merchandising, and potentially reduce distribution costs. This shift poses a threat to Sabre's traditional revenue model and its long-standing role as the primary intermediary for airline content distribution.

Sabre Corporation (SABR) primarily operates in two main addressable markets: Global Distribution Systems (GDS) and Airline IT Solutions. While Sabre previously had a significant presence in Hospitality Solutions, the company divested its hotel IT solutions division in 2025.

Global Distribution Systems (GDS)

The global market for Global Distribution Systems (GDS), a core offering of Sabre, demonstrates significant scale and growth. This market, which connects travel suppliers with travel agencies and online travel platforms, was valued at approximately $7.5 billion in 2022 and is projected to reach $15.4 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.8%. Other estimates place the global GDS market at around $5.8 billion in 2024, with a forecast to grow to $12.3 billion by 2033 at a CAGR of 8.5%. Another report indicates a market value of approximately $6.78 billion in 2024, expected to reach $16.44 billion by 2032, with an 11.7% CAGR. North America held the largest share of the distribution system market in 2022 and is anticipated to maintain its leadership position.

Airline IT Solutions

Sabre's Airline IT Solutions cater to various airline operations, including revenue management, flight scheduling, crew management, and passenger service systems. The broader airline technology integration market, which encompasses these solutions, was valued at approximately $21 billion in 2021 and is projected to reach $89.1 billion by 2031, with a substantial CAGR of 15.9%. Another estimate places the airline technology integration market at $20 billion in 2022, with a projected CAGR of 10% from 2023 to 2032. More recently, the Airline Technology Integration Market was valued at USD 21.8 billion in 2024 and is projected to reach USD 84.19 billion by 2034, exhibiting a CAGR of 16.20% from 2025 to 2034. North America accounted for the largest market share in the airline technology integration industry in 2021 and is expected to continue its growth.

Sabre Corporation (NASDAQ: SABR) is expected to drive future revenue growth over the next two to three years through several key initiatives and market dynamics:

1. Growth in Global Travel Bookings: Sabre anticipates continued momentum in global air, hotel, and other travel bookings. The company reported positive performance in both Travel Solutions and Hospitality Solutions, driven by an increase in overall travel bookings. Management expects year-over-year air distribution bookings growth to accelerate into 2025.
2. Increase in Average Booking Fees and Favorable Booking Mix: Sabre has observed an increase in average booking fees, primarily due to a favorable shift in the mix of travel suppliers and customer segments. This positive rate impact and favorable customer mix, particularly within Hospitality Solutions, contribute to revenue expansion. Analysts also highlight enhancements in transaction fees as a contributing factor.
3. Innovation and Adoption of New Products and Services: Sabre is investing heavily in new technologies and offerings to drive long-term growth. Key initiatives include the launch of SabreMosaic, a next-generation offer-and-order platform designed to modernize traditional Passenger Service Systems (PSS), and the development of agentic APIs, which are expected to revolutionize AI-driven travel search and booking processes. Additionally, the scaling of its payments business, including Direct Pay and Conferma, and the upcoming launch of a multi-source low-cost carrier solution are anticipated to deliver incremental bookings and revenue.
4. Expansion of Customer Deployments and Partnerships: Revenue growth in Hospitality Solutions is particularly driven by new customer deployments and continued growth in Central Reservation System (CRS) transactions. Sabre has also focused on expanding and renewing partnerships with large airline and hotel customers, which bolsters its distribution network and secures future transaction volumes.
5. Market Share Gains in Air Distribution: The company expects to achieve further gains in its air distribution market share, propelled by a strong commercial pipeline and recent contract wins that are yet to be fully implemented. Sabre has already demonstrated an increase in its air booking volume market share within the global distribution system (GDS) industry.

Share Repurchases

• Sabre suspended its share repurchase program in March 2020 in response to the COVID-19 pandemic.

Share Issuance

• In September 2020, Sabre completed equity offerings that generated approximately $598 million in net proceeds.
• These offerings included 6.50% Series A Mandatory Convertible Preferred Stock, which generated approximately $323 million in net proceeds.
• An additional approximately $275 million in net proceeds were generated from offerings of common stock in August 2020.

Inbound Investments

• Sabre sold its Hospitality Solutions business to an affiliate of TPG for $1.1 billion, with the sale closing on July 3, 2025.
• The net proceeds from the sale of the Hospitality Solutions business were $960 million.

Capital Expenditures

• Sabre's capital expenditures were $29 million in 2021, -$323 million in 2022, $87 million in 2023, and $29 million in 2024.
• For 2025, total capital expenditures are expected to be around $85 million, primarily focused on capitalized software.
• The company continues to make long-term investments in technology infrastructure and modernization, including leveraging AI, which are expected to contribute to capital expenditures.