Posted on 05/06/2023 11:58:30 AM PDT by Cronos
Sabre is cutting 15 percent of its workforce, part of an effort to save $200 million annually.
Sabre previously reported that it had employed nearly 7,500 people at the end of 2022.
The announcement came during an earnings call Thursday morning, the first for Kurt Ekert since he was named CEO in March.
came during an earnings call Thursday morning, the first for Kurt Ekert since he was named CEO in Mar
"I am confident that these actions will better position us for the future and put us on a direct path to achieving our financial and strategic targets.”
The majority of the job cuts will take place before the end of the second quarter, the result of an effort to streamline the layers of the company’s management and employee base, according to Mike Randolfi, chief financial officer for Sabre.
The company expects to save $100 million in the second half of this year and save $200 million annually beginning in 2024.
The Texas-based company provides operational software and distribution services to travel agencies, airlines, and hotels.
The job cuts are part of an overall move to increase operational efficiencies, which will also include an evaluation of the company’s real estate footprint, though executives did not share more about what may happen on that front. The company previously reported that it had 59 offices worldwide at the end of 2022.
Sabre expects to achieve positive cash flow this year for the first time post-pandemic, with a target of reaching more than $500 million in cash flow in 2025. That number was negative $91 million last quarter, versus negative $156 million in the first quarter of 2022.
(Excerpt) Read more at skift.com ...
It’s been a long time since I heard the term ‘Sabre’.
I only know what Sabre is because we used its competitor (PARS) many years ago.
Who knew these systems were still in use?
Back in the day our travel guy was worthless, we called him “The one man Bermuda Triangle”. He once flew me into San Francisco but my rental car was in Oakland.
LOL...our travel people were quite good (at two big companies). Never any problems. They were patient and professional.
It manages most of the system underpinning American flight bookings.
The online travel agencies use Sabre’s systems and technology via APIs to get and process offer, order and post booking data
If you booked a flight in tye USA then the airline data would most likely have been funnelled through Sabre’s systems. And the online agency would have used Sabre’s aggregation , offer, order and post booking systems
The thing is, they can’t afford to do this.
15 years ago a buyout company debt loaded sabre and it has been trying to get out if debt since then. They were hit hard by the pandemic.
10% on hotels and car rentals, 15% or more from cruises, 10-15% for tours depending on the tour company
Dunder Mifflin Sabre?
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