[ad_1]
Sabre has reported fourth quarter revenue of $687 million, up 9% year over year.
For the full year, revenue came it a $2.9 billion, up 15% on 2022’s figure.
Adjusted EBITDA for the technology and distribution company was $96 million for the quarter and $337 for the full year, up from $65 million in 2022. The gains were attributed to increases in travel bookings across air and hotels.
Operating income of $47 million in 2023 was an improvement from 2022’s operating loss of $261 million, also attributed to the travel booking environment as well as factors including lower labor costs. In the first quarter of 2023 Sabre announced a repositioning, including a head count reduction of about 15%.
Hospitality solutions revenue increased 16% to $75 million in Q4, driven by an increase in central reservation system transactions, new customer deployments and higher ancillary products sales. Full year 2023 hospitality solutions revenue increased 19% to $304 million.
Distribution revenue increased 14% to $476 million in the quarter and by 27% to $2.1 billion for the full year. Meanwhile, IT Solutions revenue was down 7% to $146 million in Q4 and declined 15% to $585 million for the full year.
Kurt Ekert, president and CEO, said 2023 was an important year for Sabre.
“Our team members around the world delivered significant commercial successes, efficiency gains, and product innovation achievements that drove strong financial results, including compelling growth in revenue and adjusted EBITDA, and achievement of our free cash flow objective,” he said. “At Sabre, we are delivering modern retailing and distribution technology that meets the needs of an evolving travel marketplace, and we remain on course to realizing our strategic and financial priorities.”
[ad_2]