Sabre : Q3 2022 SABR HISTORICAL

Disclaimer

Date:

11/2/22

DISCLAIMERS: These financial summaries and tables are unaudited. Non-GAAP Financial Measures: This file includes unaudited non-GAAP financial measures, including Adjusted Operating Income (Loss), Adjusted Net Income (Loss), Adjusted EBITDA, Adjusted Cost of Revenue excluding technology costs, Adjusted Technology Costs, Adjusted SG&A, Adjusted Equity Method Income (Loss), Adjusted Depreciation and Amortization and the ratios based on these financial measures. We present non-GAAP measures when our management believes that the additional information provides useful information about our operating performance. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. See the "Non-GAAP Financial Measures" sheet for an explanation of the non-GAAP measures and "Consolidated Reconciliations" and "Adjusted EBITDA by Segment" sheets for a reconciliation of the non-GAAP financial measures to the comparable GAAP measures. As a result of the strategic realignment in the third quarter of 2020, we have separated our technology costs from cost of revenue and moved certain expenses previously classified as cost of revenue to selling, general and administrative to provide increased visibility to our technology costs for analytical and decision-making purposes and to align costs with the current leadership and operational organizational structure. Rounding differences: Percentages and figures in this file may include immaterial rounding differences.

Non-GAAP Financial Measures

Definitions of Non-GAAP Financial Measures
Date:	11/2/22

We have included both financial measures compiled in accordance with GAAP and certain non-GAAP financial measures, including Adjusted Operating Income (Loss), Adjusted Net Income (Loss) from continuing operations ("Adjusted Net Income (Loss)"), Adjusted EBITDA, Adjusted EBITDA Margin, and ratios based on these financial measures. As a result of the strategic realignment in the third quarter of 2020, we have separated our technology costs from cost of revenue and moved certain expenses previously classified as cost of revenue to selling, general and administrative to provide increased visibility to our technology costs for analytical and decision-making purposes and to align costs with the current leadership and operational organizational structure. We define Adjusted Operating Income (Loss) as operating income (loss) adjusted for equity method income (loss), impairment and related charges, acquisition-related amortization, restructuring and other costs, acquisition-related costs, litigation costs, net, and stock-based compensation. We define Adjusted Net Income (Loss) as net income (loss) attributable to common stockholders adjusted for loss (income) from discontinued operations, net of tax, net income (loss) attributable to noncontrolling interests, preferred stock dividends, impairment and related charges, acquisition-related amortization, loss on extinguishment of debt, other, net, restructuring and other costs, acquisition-related costs, litigation costs, net, stock-based compensation, and the tax impact of adjustments. We define Adjusted EBITDA as income (loss) from continuing operations adjusted for depreciation and amortization of property and equipment, amortization of capitalized implementation costs, acquisition-related amortization, impairment and related charges, restructuring and other costs, interest expense, net, other, net, loss on extinguishment of debt, acquisition-related costs, litigation costs, net, stock-based compensation and the remaining (benefit) provision for income taxes. We have revised our calculation of Adjusted EBITDA to no longer exclude the amortization of upfront incentive consideration in all periods presented. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. These non-GAAP financial measures are key metrics used by management and our board of directors to monitor our ongoing core operations because historical results have been significantly impacted by events that are unrelated to our core operations as a result of changes to our business and the regulatory environment. We believe that these non-GAAP financial measures are used by investors, analysts and other interested parties as measures of financial performance and to evaluate our ability to service debt obligations, fund capital expenditures, fund our investments in technology transformation, and meet working capital requirements. We also believe that Adjusted Operating Income (Loss), Adjusted Net Income (Loss), Adjusted EBITDA, and Adjusted EBITDA Margin assist investors in company-to-company and period-to-period comparisons by excluding differences caused by variations in capital structures (affecting interest expense), tax positions and the impact of depreciation and amortization expense. In addition, amounts derived from Adjusted EBITDA are a primary component of certain covenants under our senior secured credit facilities. Adjusted Operating Income (Loss), Adjusted Net Income (Loss), Adjusted EBITDA, Adjusted EBITDA Margin, and ratios based on these financial measures are not recognized terms under GAAP. These non-GAAP financial measures and ratios based on them are unaudited and have important limitations as analytical tools, and should not be viewed in isolation and do not purport to be alternatives to net income as indicators of operating performance or cash flows from operating activities as measures of liquidity. These non-GAAP financial measures and ratios based on them exclude some, but not all, items that affect net income or cash flows from operating activities and these measures may vary among companies. Our use of these measures has limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Some of these limitations are: • these non-GAAP financial measures exclude certain recurring, non-cash charges such as stock-based compensation expense and amortization of acquired intangible assets; • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash requirements for such replacements; • Adjusted EBITDA does not reflect amortization of capitalized implementation costs associated with our revenue contracts, which may require future working capital or cash needs in the future; • Adjusted Operating Income (Loss), Adjusted Net Income (Loss) and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; • Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our indebtedness; • Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; • other companies, including companies in our industry, may calculate Adjusted Operating Income (Loss), Adjusted Net Income (Loss) or Adjusted EBITDA differently, which reduces their usefulness as comparative measures.

Summary Information

UNAUDITED SEGMENT REPORTING
(Figures in millions, unless specified otherwise)
Q1'2018	Q2'2018	Q3'2018	Q4'2018	FY 2018	Q1'2019	Q2'2019	Q3'2019	Q4'2019	FY 2019	Q1'2020	Q2'2020	Q3'2020	Q4'2020	FY 2020	Q1'2021	Q2'2021	Q3'2021	Q4'2021	FY 2021	Q1'2022	Q2'2022	Q3'2022
Revenue
Travel Solutions	$928	$925	$910	$867	$3,629	$987	$936	$919	$881	$3,723	$608	$56	$237	$276	$1,177	$289	$373	$390	$451	$1,504	$534	$599	$604
Hospitality Solutions	$68	$68	$70	$67	$273	$73	$74	$75	$71	$293	$59	$29	$45	$41	$175	$42	$51	$55	$54	$203	$56	$66	$67
Eliminations	($7)	($8)	($9)	($10)	($35)	($10)	($10)	($10)	($11)	($41)	($8)	($2)	($4)	($4)	($17)	($4)	($4)	($4)	($5)	($17)	($5)	($8)	($8)
Total Revenue	$988	$984	$970	$924	$3,867	$1,049	$1,000	$984	$941	$3,975	$659	$83	$278	$314	$1,334	$327	$420	$441	$501	$1,689	$585	$658	$663
% YoY Change
Travel Solutions	n/a	n/a	n/a	n/a	n/a	6%	1%	1%	2%	3%	(38%)	(94%)	(74%)	(69%)	(68%)	(52%)	564%	65%	63%	28%	85%	60%	55%
Hospitality Solutions	n/a	n/a	n/a	n/a	n/a	7%	8%	7%	7%	7%	(19%)	(61%)	(40%)	(42%)	(40%)	(29%)	75%	23%	31%	16%	33%	30%	22%
Eliminations	n/a	n/a	n/a	n/a	n/a	38%	22%	5%	6%	17%	(24%)	(79%)	(63%)	(66%)	(58%)	(54%)	101%	24%	33%	0%	41%	75%	74%
Total Revenue	n/a	n/a	n/a	n/a	n/a	6%	2%	1%	2%	3%	(37%)	(92%)	(72%)	(67%)	(66%)	(50%)	405%	58%	60%	27%	79%	57%	50%
Adjusted EBITDA
Travel Solutions	$317	$294	$286	$272	$1,168	$282	$256	$256	$226	$1,021	$56	($187)	($85)	($56)	($273)	($57)	($23)	$2	$26	($52)	$74	$86	$97
Hospitality Solutions	$12	$11	$16	$14	$53	$7	$8	$10	$7	$31	($5)	($8)	($2)	($6)	($21)	($6)	($2)	($3)	($3)	($13)	($9)	($7)	($6)
Corporate	($46)	($47)	($42)	($38)	($174)	($46)	($49)	($45)	($50)	($189)	($45)	($34)	($37)	($38)	($154)	($46)	($46)	($54)	($49)	($196)	($59)	($55)	($57)
Total Adjusted EBITDA	$282	$257	$260	$247	$1,047	$243	$216	$221	$184	$863	$6	($229)	($124)	($101)	($448)	($110)	($70)	($55)	($26)	($261)	$5	$24	$34
Adjusted EBITDA Margin
Travel Solutions	34%	32%	31%	31%	32%	29%	27%	28%	26%	27%	9%	nm	nm	nm	nm	nm	nm	1%	6%	nm	14%	14%	16%
Hospitality Solutions	17%	16%	23%	21%	19%	10%	11%	13%	10%	11%	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm
Corporate	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm
Total Adjusted EBITDA Margin	29%	26%	27%	27%	27%	23%	22%	22%	20%	22%	1%	nm	nm	nm	nm	nm	nm	nm	nm	nm	1%	4%	5%
% Change (B/W)
Travel Solutions	n/a	n/a	n/a	n/a	n/a	(11%)	(13%)	(10%)	(17%)	(13%)	(80%)	(173%)	(133%)	(125%)	(127%)	(203%)	88%	103%	146%	(81%)	(228%)	(480%)	3921%
Hospitality Solutions	n/a	n/a	n/a	n/a	n/a	(40%)	(28%)	(40%)	(50%)	(40%)	(169%)	(202%)	(123%)	(186%)	(167%)	(17%)	75%	(30%)	52%	(36%)	(65%)	(223%)	(112%)
Corporate	n/a	n/a	n/a	n/a	n/a	1%	(3%)	(9%)	(29%)	(9%)	3%	30%	19%	23%	19%	(4%)	(34%)	(49%)	(28%)	(27%)	(27%)	(20%)	(5%)
Total Adjusted EBITDA	n/a	n/a	n/a	n/a	n/a	(14%)	(16%)	(15%)	(26%)	(18%)	(97%)	(206%)	(156%)	(155%)	(152%)	(1869%)	69%	56%	74%	(42%)	(105%)	(135%)	(162%)
Adjusted Operating Income (Loss)
Travel Solutions	$243	$219	$211	$195	$867	$209	$182	$184	$155	$729	($11)	($252)	($146)	($115)	($523)	($106)	($67)	($39)	($10)	($223)	$45	$58	$69
Hospitality Solutions	$2	$2	$6	$3	$13	($6)	($6)	($4)	($6)	($22)	($16)	($19)	($13)	($15)	($64)	($14)	($9)	($9)	($9)	($40)	($15)	($12)	($11)
Corporate	($47)	($49)	($43)	($40)	($178)	($47)	($50)	($47)	($51)	($194)	($46)	($36)	($38)	($39)	($158)	($47)	($46)	($55)	($49)	($197)	($59)	($55)	($57)
Total Adjusted Operating Income (Loss)	$198	$172	$174	$158	$701	$156	$127	$133	$98	$513	($73)	($307)	($197)	($169)	($745)	($167)	($122)	($103)	($68)	($459)	($29)	($9)	$1
Adjusted Operating Income (Loss) Margin
Travel Solutions	26%	24%	23%	22%	24%	21%	19%	20%	18%	20%	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	8%	10%	11%
Hospitality Solutions	3%	3%	8%	4%	5%	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm
Corporate	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm
Total Adjusted Operating Income (Loss) Margin	20%	17%	18%	17%	18%	15%	13%	14%	10%	13%	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	0%
% Change (B/W)
Travel Solutions	n/a	n/a	n/a	n/a	n/a	(14%)	(17%)	(13%)	(21%)	(16%)	(105%)	(238%)	(180%)	(174%)	(172%)	(901%)	73%	73%	91%	(57%)	143%	186%	277%
Hospitality Solutions	n/a	n/a	n/a	n/a	n/a	(368%)	(393%)	(169%)	(309%)	(268%)	(188%)	(238%)	(215%)	(151%)	(195%)	17%	56%	30%	43%	38%	(11%)	(41%)	(28%)
Corporate	n/a	n/a	n/a	n/a	n/a	0%	(2%)	(8%)	(28%)	(9%)	3%	28%	19%	23%	19%	(2%)	(29%)	(45%)	(27%)	(24%)	(27%)	(20%)	(5%)
Total Adjusted Operating Income (Loss)	n/a	n/a	n/a	n/a	n/a	(21%)	(26%)	(24%)	(38%)	(27%)	(147%)	(342%)	(248%)	(273%)	(245%)	(128%)	60%	48%	59%	(38%)	82%	92%	101%
Date:	11/2/22

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Consolidated P&L

UNAUDITED SABRE ADJUSTED P&L
(Figures in millions, unless specified otherwise)
Q1'2018	Q2'2018	Q3'2018	Q4'2018	FY 2018	Q1'2019	Q2'2019	Q3'2019	Q4'2019	FY 2019	Q1'2020	Q2'2020	Q3'2020	Q4'2020	FY 2020	Q1'2021	Q2'2021	Q3'2021	Q4'2021	FY 2021	Q1'2022	Q2'2022	Q3'2022
Income Statement
Travel Solutions	$928	$925	$910	$867	$3,629	$987	$936	$919	$881	$3,723	$608	$56	$237	$276	$1,177	$289	$373	$390	$451	$1,504	$534	$599	$604
Hospitality Solutions	$68	$68	$70	$67	$273	$73	$74	$75	$71	$293	$59	$29	$45	$41	$175	$42	$51	$55	$54	$203	$56	$66	$67
Eliminations	($7)	($8)	($9)	($10)	($35)	($10)	($10)	($10)	($11)	($41)	($8)	($2)	($4)	($4)	($17)	($4)	($4)	($4)	($5)	($17)	($5)	($8)	($8)
Total Revenue	$988	$984	$970	$924	$3,867	$1,049	$1,000	$984	$941	$3,975	$659	$83	$278	$314	$1,334	$327	$420	$441	$501	$1,689	$585	$658	$663
Travel Solutions	n/a	n/a	n/a	n/a	n/a	6%	1%	1%	2%	3%	(38%)	(94%)	(74%)	(69%)	(68%)	(52%)	564%	65%	63%	28%	85%	60%	55%
Hospitality Solutions	n/a	n/a	n/a	n/a	n/a	7%	8%	7%	7%	7%	(19%)	(61%)	(40%)	(42%)	(40%)	(29%)	75%	23%	31%	16%	33%	30%	22%
Eliminations	n/a	n/a	n/a	n/a	n/a	38%	22%	5%	6%	17%	(24%)	(79%)	(63%)	(66%)	(58%)	(54%)	101%	24%	33%	0%	41%	75%	74%
Total Revenue Growth	n/a	n/a	n/a	n/a	n/a	6%	2%	1%	2%	3%	(37%)	(92%)	(72%)	(67%)	(66%)	(50%)	405%	58%	60%	27%	79%	57%	50%
Adjusted Cost of Revenue (excluding technology costs)	$401	$415	$405	$385	$1,606	$450	$428	$408	$394	$1,680	$266	$34	$105	$108	$513	$136	$168	$159	$181	$645	$213	$262	$261
% of Revenue	41%	42%	42%	42%	42%	43%	43%	41%	42%	42%	40%	41%	38%	34%	38%	42%	40%	36%	36%	38%	36%	40%	39%
Adjusted Technology Costs	$197	$197	$188	$178	$759	$233	$236	$236	$236	$940	$235	$189	$203	$200	$827	$200	$211	$221	$228	$859	$238	$243	$247
% of Revenue	20%	20%	19%	19%	20%	22%	24%	24%	25%	24%	36%	227%	73%	64%	62%	61%	50%	50%	45%	51%	41%	37%	37%
Adjusted SG&A	$110	$116	$118	$114	$458	$125	$121	$120	$127	$493	$152	$89	$94	$105	$439	$99	$112	$116	$118	$446	$129	$128	$121
% of Revenue	11%	12%	12%	12%	12%	12%	12%	12%	14%	12%	23%	107%	34%	34%	33%	30%	27%	26%	24%	26%	22%	19%	18%
Adjusted Equity Method Income (Loss)	$1	$1	$0	$0	$3	$1	$0	$1	$0	$2	($1)	($0)	($0)	($1)	($3)	($1)	$1	($0)	$0	($0)	($0)	$0	$0
Adjusted EBITDA	$282	$257	$260	$247	$1,047	$243	$216	$221	$184	$863	$6	($229)	($124)	($101)	($448)	($110)	($70)	($55)	($26)	($261)	$5	$24	$34
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	(14%)	(16%)	(15%)	(26%)	(18%)	(97%)	(206%)	(156%)	(155%)	(152%)	(1869%)	69%	56%	74%	(42%)	(105%)	(135%)	(162%)
% of Revenue	29%	26%	27%	27%	27%	23%	22%	22%	20%	22%	1%	nm	nm	nm	nm	nm	nm	nm	nm	nm	1%	4%	5%
Adjusted Depreciation & Amortization	$84	$85	$86	$89	$345	$87	$89	$88	$86	$350	$79	$77	$73	$68	$298	$57	$51	$48	$42	$198	$34	$34	$34
% of Revenue	9%	9%	9%	10%	9%	8%	9%	9%	9%	9%	12%	93%	26%	22%	22%	17%	12%	11%	8%	12%	6%	5%	5%
Adjusted Operating Income (Loss)	$198	$172	$174	$158	$701	$156	$127	$133	$98	$513	($73)	($307)	($197)	($169)	($745)	($167)	($122)	($103)	($68)	($459)	($29)	($9)	$1
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	(21%)	(26%)	(24%)	(38%)	(27%)	(147%)	(342%)	(248%)	(273%)	(245%)	(128%)	60%	48%	59%	(38%)	$1	$1	$1
% of Revenue	20%	17%	18%	17%	18%	15%	13%	14%	10%	13%	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	0%
Interest expense, net	($38)	($39)	($39)	($40)	($157)	($38)	($40)	($40)	($39)	($156)	($37)	($56)	($64)	($68)	($226)	($64)	($64)	($65)	($64)	($258)	($61)	($67)	($77)
Adjusted Equity Method (Income) Loss	($1)	($1)	($0)	($0)	($3)	($1)	($0)	($1)	($0)	($2)	$1	$0	$0	$1	$3	$1	($1)	$0	($0)	$0	$0	($0)	($0)
Adjusted Income (Loss) before Taxes	$158	$132	$134	$118	$542	$117	$87	$92	$59	$355	($110)	($362)	($261)	($236)	($969)	($230)	($187)	($168)	($133)	($717)	($90)	($76)	($76)
% of Revenue	16%	13%	14%	13%	14%	11%	9%	9%	6%	9%	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm
∆ (Provision) benefit for income taxes	($38)	($30)	($26)	($23)	($117)	($24)	($20)	($20)	($15)	($78)	$30	$6	$23	($16)	$44	$2	$18	$6	($19)	$8	($3)	($5)	($4)
Effective Tax Rate	24.2%	23.0%	19.1%	19.2%	21.6%	20.1%	22.9%	21.4%	24.9%	21.9%	27.7%	1.8%	9.0%	(6.7%)	4.6%	1.0%	9.8%	3.8%	(14.5%)	1.1%	(3.3%)	(6.1%)	(5.3%)
Adjusted Equity Method Income (Loss)	$1	$1	$0	$0	$3	$1	$0	$1	$0	$2	($1)	($0)	($0)	($1)	($3)	($1)	$1	($0)	$0	($0)	($0)	$0	$0
Adjusted Net Income (Loss)	$121	$102	$109	$95	$428	$94	$67	$74	$44	$279	($80)	($356)	($238)	($253)	($927)	($228)	($168)	($162)	($152)	($709)	($93)	($81)	($80)
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	(22%)	(34%)	(32%)	(54%)	(35%)	(185%)	(628%)	(423%)	(675%)	(432%)	(185%)	53%	32%	40%	(23%)	59%	52%	50%
% of Revenue	12%	10%	11%	10%	11%	9%	7%	7%	5%	7%	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm
Date:	11/2/22

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Segment Detail

UNAUDITED SEGMENT DETAIL	64%	0.6404160475
(Figures in millions, unless specified otherwise)
Q1'2018	Q2'2018	Q3'2018	Q4'2018	FY 2018	Q1'2019	Q2'2019	Q3'2019	Q4'2019	FY 2019	Q1'2020	Q2'2020	Q3'2020	Q4'2020	FY 2020	Q1'2021	Q2'2021	Q3'2021	Q4'2021	FY 2021	Q1'2022	Q2'2022	Q3'2022
Travel Solutions
Distribution Air Bookings	135	123	123	111	492	139	125	124	112	499	73	(9)	17	23	103	35	51	47	51	184	58	70	69
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	3%	1%	0%	1%	1%	(47%)	(107%)	(87%)	(80%)	(79%)	(52%)	672%	(183%)	(121%)	78%	63%	37%	47%
Distribution LGS Bookings	16	18	17	16	66	16	18	17	16	67	13	2	3	3	21	4	6	7	7	23	7	11	11
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	1%	(2%)	4%	2%	1%	(21%)	(91%)	(80%)	(79%)	(68%)	(72%)	255%	100%	111%	10%	103%	91%	68%
Distribution Bookings	151	141	140	127	558	155	142	141	128	566	86	(7)	20	26	125	39	57	54	58	207	65	81	80
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	3%	1%	1%	1%	1%	(45%)	(105%)	(86%)	(79%)	(78%)	(55%)	878%	(169%)	(119%)	66%	67%	42%	50%
IT Solutions Passengers Boarded	175	196	198	184	753	186	180	187	187	741	167	20	57	79	323	75	104	116	129	424	129	160	180
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	7%	(8%)	(5%)	2%	(2%)	(10%)	(89%)	(70%)	(58%)	(56%)	(55%)	424%	103%	65%	31%	72%	55%	56%
Distribution Revenue	$679	$682	$661	$629	$2,651	$732	$686	$673	$638	$2,731	$395	($48)	$105	$131	$582	$152	$218	$245	$286	$901	$343	$432	$431
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	8%	1%	2%	1%	3%	(46%)	(107%)	(84%)	(79%)	(79%)	(62%)	555%	(135%)	(118%)	55%	126%	98%	76%
IT Solutions Revenue	$248	$242	$249	$238	$978	$254	$250	$246	$242	$992	$213	$104	$132	$145	$595	$137	$155	$145	$165	$602	$191	$168	$173
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	2%	3%	(1%)	2%	1%	(16%)	(58%)	(46%)	(40%)	(40%)	(36%)	49%	9%	14%	1%	39%	8%	19%
Travel Solutions Revenue	$928	$925	$910	$867	$3,629	$987	$936	$919	$881	$3,723	$608	$56	$237	$276	$1,177	$289	$373	$390	$451	$1,504	$534	$599	$604
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	6%	1%	1%	2%	3%	(38%)	(94%)	(74%)	(69%)	(68%)	(52%)	564%	65%	63%	28%	85%	60%	55%
Travel Solutions Adjusted EBITDA	$317	$294	$286	$272	$1,168	$282	$256	$256	$226	$1,021	$56	($187)	($85)	($56)	($273)	($57)	($23)	$2	$26	($52)	$74	$86	$97
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	(11%)	(13%)	(10%)	(17%)	(13%)	(80%)	(173%)	(133%)	(125%)	(127%)	(203%)	88%	103%	146%	(81%)	228%	480%	(3921%)
% of Revenue	34%	32%	31%	31%	32%	29%	27%	28%	26%	27%	9%	nm	nm	nm	nm	nm	nm	1%	6%	nm	14%	14%	16%
Travel Solutions Adjusted Operating Income (Loss)	$243	$219	$211	$195	$867	$209	$182	$184	$155	$729	($11)	($252)	($146)	($115)	($523)	($106)	($67)	($39)	($10)	($223)	$45	$58	$69
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	(14%)	(17%)	(13%)	(21%)	(16%)	(105%)	(238%)	(180%)	(174%)	(172%)	(901%)	73%	73%	91%	(57%)	143%	186%	277%
% of Revenue	26%	24%	23%	22%	24%	21%	19%	20%	18%	20%	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	8%	10%	11%
Travel Solutions Additions to PP&E	$39	$37	$42	$46	$163	$17	$16	$11	$8	$53	$9	$5	$6	$5	$23	$4	$7	$7	$7	$25	$7	$11	$12
% of Travel Solutions Revenue	4%	4%	5%	5%	5%	2%	2%	1%	1%	1%	1%	8%	2%	2%	2%	1%	2%	2%	2%	2%	1%	2%	2%
Hospitality Solutions
Hospitality Solutions Central Reservation System Transactions	17	23	27	22	89	23	29	30	26	108	21	11	19	16	67	18	24	27	23	92	23	30	32
% growth	n/a	n/a	n/a	n/a	n/a	36%	28%	14%	16%	22%	(9%)	(62%)	(37%)	(40%)	(38%)	(16%)	117%	39%	50%	37%	31%	23%	18%
Hospitality Solutions Revenue	$68	$68	$70	$67	$273	$73	$74	$75	$71	$293	$59	$29	$45	$41	$175	$42	$51	$55	$54	$203	$56	$66	$67
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	7%	8%	7%	7%	7%	(19%)	(61%)	(40%)	(42%)	(40%)	(29%)	75%	23%	31%	16%	33%	30%	22%
Hospitality Solutions Adjusted EBITDA	$12	$11	$16	$14	$53	$7	$8	$10	$7	$31	($5)	($8)	($2)	($6)	($21)	($6)	($2)	($3)	($3)	($13)	($9)	($7)	($6)
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	(40%)	(28%)	(40%)	(50%)	(40%)	(169%)	(202%)	(123%)	(186%)	(167%)	(17%)	75%	(30%)	52%	(36%)	(65%)	(223%)	(112%)
% of Revenue	17%	16%	23%	21%	19%	10%	11%	13%	10%	11%	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm
Hospitality Solutions Adjusted Operating Income (Loss)	$2	$2	$6	$3	$13	($6)	($6)	($4)	($6)	($22)	($16)	($19)	($13)	($15)	($64)	($14)	($9)	($9)	($9)	($40)	($15)	($12)	($11)
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	(368%)	(393%)	(169%)	(309%)	(268%)	(188%)	(238%)	(215%)	(151%)	(195%)	17%	56%	30%	43%	38%	(11%)	(41%)	(28%)
% of Revenue	3%	3%	8%	4%	5%	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm	nm
Hospitality Solutions Additions to PP&E	$10	$8	$9	$12	$39	$3	$2	$2	$4	$11	$1	$1	$1	$0	$3	$0	$0	($0)	$0	$0	$4	$0	$1
% of Hospitality Solutions Revenue	15%	12%	13%	17%	14%	5%	3%	3%	5%	4%	2%	3%	1%	1%	2%	0%	0%	0%	0%	0%	6%	0%	2%
Corporate
Revenue Eliminations	($7)	($8)	($9)	($10)	($35)	($10)	($10)	($10)	($11)	($41)	($8)	($2)	($4)	($4)	($17)	($4)	($4)	($4)	($5)	($17)	($5)	($8)	($8)
Corporate Adjusted EBITDA	($46)	($47)	($42)	($38)	($174)	($46)	($49)	($45)	($50)	($189)	($45)	($34)	($37)	($38)	($154)	($46)	($46)	($54)	($49)	($196)	($59)	($55)	($57)
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	1%	(3%)	(9%)	(29%)	(9%)	3%	30%	19%	23%	19%	(4%)	(34%)	(49%)	(28%)	(27%)	(27%)	(20%)	(5%)
Corporate Adjusted Operating Loss	($47)	($49)	($43)	($40)	($178)	($47)	($50)	($47)	($51)	($194)	($46)	($36)	($38)	($39)	($158)	($47)	($46)	($55)	($49)	($197)	($59)	($55)	($57)
% Change (B/W)	n/a	n/a	n/a	n/a	n/a	0%	(2%)	(8%)	(28%)	(9%)	3%	28%	19%	23%	19%	(2%)	(29%)	(45%)	(27%)	(24%)	(27%)	(20%)	(5%)
Corporate Additions to PP&E	$16	$22	$22	$21	$81	$17	$11	$12	$11	$51	$18	$5	$3	$12	$39	$2	$4	$6	$17	$29	$6	$5	$7
% of Total Revenue	2%	2%	2%	2%	2%	2%	1%	1%	1%	1%	3%	6%	1%	4%	3%	1%	1%	1%	3%	2%	1%	1%	1%
Date:	11/2/22

&"-,Bold"Sabre Confidential &D Page &P

Consolidated Reconciliation

UNAUDITED RECONCILIATIONS
(Figures in millions, unless specified otherwise)
See the 'Non-GAAP Footnotes' sheet for footnote definitions	Q1'2018	Q2'2018	Q3'2018	Q4'2018	FY 2018	Q1'2019	Q2'2019	Q3'2019	Q4'2019	FY 2019	Q1'2020	Q2'2020	Q3'2020	Q4'2020	FY 2020	Q1'2021	Q2'2021	Q3'2021	Q4'2021	FY 2021	Q1'2022	Q2'2022	Q3'2022
ADJUSTED EBITDA RECONCILIATION
Net income (loss) attributable to common stockholders	$88	$92	$73	$84	$338	$57	$28	$64	$10	$159	($213)	($443)	($310)	($325)	($1,290)	($266)	($251)	($241)	($192)	($950)	$42	($193)	($141)
Loss (income) from discontinued operations, net of tax	$1	($1)	($4)	$1	($2)	$1	($1)	$1	$1	$2	$2	$1	$1	($6)	($3)	$0	$0	($0)	$2	$3	($0)	$0	$0
Net income (loss) attributable to noncontrolling interests1	$1	$1	$2	$1	$5	$1	$2	$1	$1	$4	$1	($0)	$0	$0	$1	$0	$0	$1	$1	$2	$0	$1	$1
Preferred stock dividends	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$2	$5	$8	$5	$5	$5	$5	$22	$5	$5	$5
Income (loss) from continuing operations	$90	$93	$71	$87	$341	$59	$28	$65	$12	$164	($210)	($442)	($307)	($325)	($1,284)	($260)	($245)	($235)	($184)	($924)	$48	($186)	($134)
Impairment and related charges2	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$9	$9	$0	$0	$0	$0	$0	$0	$0	$5
Loss on sale of business and assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Acquisition-related amortization3a	$18	$18	$16	$16	$68	$16	$16	$16	$17	$65	$17	$17	$16	$16	$66	$16	$16	$16	$16	$64	$16	$15	$10
Loss on extinguishment of debt	$1	$0	$0	$0	$1	$0	$0	$0	$0	$0	$0	$0	$10	$11	$22	$0	$0	$13	($0)	$13	$4	$0	$0
Other, net4	$1	$8	$2	($2)	$9	$2	$2	$2	$3	$9	$47	$6	$18	($5)	$67	($12)	$3	$6	$4	$2	($191)	$44	$8
Restructuring and other costs5	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$25	$48	$1	$12	$86	($5)	($1)	$0	($2)	($8)	$0	$4	$10
Acquisition-related costs6	$0	$0	$0	$3	$3	$12	$9	$10	$11	$41	$18	$4	$1	($6)	$17	$1	$2	$1	$3	$7	$4	$2	$0
Litigation, costs net7	$1	$1	$5	$1	$8	$1	$1	($24)	($3)	($25)	$2	$0	$0	($4)	($2)	$1	$12	$5	$5	$22	$3	$13	$15
Stock-based compensation	$13	$14	$15	$16	$57	$16	$18	$17	$16	$67	$18	$9	$19	$25	$70	$24	$29	$32	$35	$121	$28	$26	$16
Tax impact on adjustments8	($2)	($30)	($1)	($27)	($59)	($12)	($8)	($12)	($11)	($42)	$3	$2	$4	$15	$23	$6	$16	($0)	($29)	($7)	($4)	$1	($11)
Adjusted Net Income (Loss) from Continuing Operations	$121	$102	$109	$95	$428	$94	$67	$74	$44	$279	($80)	($356)	($238)	($253)	($927)	($228)	($168)	($162)	($152)	($709)	($93)	($81)	($80)
Depreciation and amortization of property and equipment3b	$74	$75	$76	$78	$304	$75	$79	$78	$78	$311	$70	$68	$64	$59	$261	$49	$43	$39	$33	$163	$27	$25	$23
Amortization of capitalized implementation costs3c	$10	$10	$10	$11	$42	$12	$10	$10	$8	$39	$10	$9	$9	$9	$37	$8	$8	$9	$9	$35	$7	$9	$11
Interest expense, net	$38	$39	$39	$40	$157	$38	$40	$40	$39	$156	$37	$56	$64	$68	$226	$64	$64	$65	$64	$258	$61	$67	$77
Remaining provision (benefit) for income taxes	$38	$30	$26	$23	$117	$24	$20	$20	$15	$78	($30)	($6)	($23)	$16	($44)	($2)	($18)	($6)	$19	($8)	$3	$5	$4
Adjusted EBITDA	$282	$257	$260	$247	$1,047	$243	$216	$221	$184	$863	$6	($229)	($124)	($101)	($448)	($110)	($70)	($55)	($26)	($261)	$5	$24	$34
Less:
Depreciation and amortization3	$102	$103	$103	$106	$413	$103	$105	$104	$103	$415	$96	$94	$89	$85	$364	$73	$67	$64	$58	$262	$50	$49	$43
Acquisition-related amortization3a	($18)	($18)	($16)	($16)	($68)	($16)	($16)	($16)	($17)	($65)	($17)	($17)	($16)	($16)	($66)	($16)	($16)	($16)	($16)	($64)	($16)	($15)	($10)
Adjusted Operating Income (Loss)	$198	$172	$174	$158	$701	$156	$127	$133	$98	$513	($73)	($307)	($197)	($169)	($745)	($167)	($122)	($103)	($68)	($459)	($29)	($9)	$1
Net Debt	$2,923	$2,928	$3,308	$3,828
Net Debt / Adjusted EBITDA	2.6x	3.1x	-7.4x	nm
Revenue
Total Revenue	$988	$984	$970	$924	$3,867	$1,049	$1,000	$984	$941	$3,975	$659	83	278	314	$1,334	327	420	441	501	$1,689	585	658	663
ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION
Operating income (loss)	$165	$139	$137	$121	$562	$110	$82	$113	$58	$363	($151)	($384)	($233)	($220)	($988)	($203)	($180)	($157)	($126)	($665)	($80)	($70)	($57)
Adjustments:
Equity method income (loss)	$1	$1	$0	$0	$3	$1	$0	$1	$0	$2	($1)	($0)	($0)	($1)	($3)	($1)	$1	($0)	$0	($0)	($0)	$0	$0
Impairment and related charges2	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$9	$9	$0	$0	$0	$0	$0	$0	$0	$5
Acquisition-related amortization3a	$18	$18	$16	$16	$68	$16	$16	$16	$17	$65	$17	$17	$16	$16	$66	$16	$16	$16	$16	$64	$16	$15	$10
Restructuring and other costs5	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$25	$48	$1	$12	$86	($5)	($1)	$0	($2)	($8)	$0	$4	$10
Acquisition-related costs6	$0	$0	$0	$3	$3	$12	$9	$10	$11	$41	$18	$4	$1	($6)	$17	$1	$2	$1	$3	$7	$4	$2	$0
Litigation, costs net7	$1	$1	$5	$1	$8	$1	$1	($24)	($3)	($25)	$2	$0	$0	($4)	($2)	$1	$12	$5	$5	$22	$3	$13	$15
Stock-based compensation	$13	$14	$15	$16	$57	$16	$18	$17	$16	$67	$18	$9	$19	$25	$70	$24	$29	$32	$35	$121	$28	$26	$16
Adjusted Operating Income (Loss)	$198	$172	$174	$158	$701	$156	$127	$133	$98	$513	($73)	($307)	($197)	($169)	($745)	($167)	($122)	($103)	($68)	($459)	($29)	($9)	$1
ADJUSTED COST OF REVENUE (excluding technology costs) RECONCILIATION
Cost of Revenue (excluding technology costs)	$412	$428	$417	$397	$1,654	$462	$440	$419	$405	$1,726	$281	$61	$115	$121	$579	$147	$180	$171	$193	$691	$223	$274	$274
Adjustments:
Impairment and related charges2	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	($2)	($2)	$0	$0	$0	$0	$0	$0	$0	$0
Depreciation & Amortization3	($11)	($12)	($10)	($10)	($43)	($10)	($10)	($9)	($10)	($40)	($9)	($9)	($9)	($11)	($39)	($10)	($10)	($10)	($10)	($40)	($9)	($10)	($11)
Restructuring and other costs5	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	($5)	($17)	$0	$2	($19)	$1	$0	$0	$0	$2	$0	$0	($2)
Stock-based compensation	($1)	($1)	($2)	($2)	($5)	($2)	($2)	($2)	($1)	($6)	($2)	($1)	($1)	($2)	($5)	($2)	($2)	($2)	($3)	($9)	($2)	($2)	$0
Adjusted Cost of Revenue (excluding technology costs)	$401	$415	$405	$385	$1,606	$450	$428	$408	$394	$1,680	$266	$34	$105	$108	$513	$136	$168	$159	$181	$645	$213	$262	$261
ADJUSTED TECHNOLOGY COSTS RECONCILIATION
Technology Costs	$280	$280	$273	$266	$1,099	$318	$324	$323	$321	$1,285	$325	$282	$276	$273	$1,157	$253	$261	$269	$270	$1,053	$274	$277	$273
Adjustments:
Impairment and related charges2	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	($6)	($6)	$0	$0	$0	$0	$0	$0	$0	$0
Depreciation & Amortization3	($78)	($79)	($80)	($83)	($321)	($80)	($82)	($81)	($79)	($323)	($73)	($71)	($67)	($60)	($270)	($47)	($42)	($39)	($33)	($161)	($28)	($26)	($19)
Restructuring and other costs5	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	($12)	($19)	($1)	$0	($32)	$2	$0	($0)	$1	$3	$0	$0	($0)
Acquisition-related costs6	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Litigation, costs net7	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Stock-based compensation	($4)	($5)	($5)	($5)	($19)	($5)	($6)	($5)	($5)	($22)	($6)	($3)	($6)	($7)	($21)	($7)	($9)	($9)	($10)	($35)	($8)	($8)	($7)
Adjusted Technology Costs	$197	$197	$188	$178	$759	$233	$236	$236	$236	$940	$235	$189	$203	$200	$827	$200	$211	$221	$228	$859	$238	$243	$247
ADJUSTED SG&A EXPENSE RECONCILIATION
SG&A Expense	$131	$137	$144	$140	$552	$159	$155	$129	$158	$600	$204	$124	$120	$139	$586	$131	$159	$157	$163	$610	$168	$176	$172
Adjustments:
Impairment and related charges2	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	($5)
Depreciation & Amortization3	($13)	($12)	($12)	($13)	($50)	($13)	($13)	($13)	($13)	($52)	($13)	($14)	($13)	($14)	($54)	($16)	($16)	($14)	($15)	($61)	($14)	($14)	($13)
Restructuring and other costs5	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	($9)	($12)	($0)	($14)	($34)	$2	$1	($0)	$1	$3	($0)	($4)	($7)
Acquisition-related costs6	$0	$0	$0	($3)	($3)	($12)	($9)	($10)	($11)	($41)	($18)	($4)	($1)	$6	($17)	($1)	($2)	($1)	($3)	($7)	($4)	($2)	($0)
Litigation, costs net7	($1)	($1)	($5)	($1)	($8)	($1)	($1)	$24	$3	$25	($2)	($0)	($0)	$4	$2	($1)	($12)	($5)	($5)	($22)	($3)	($13)	($15)
Stock-based compensation	($8)	($8)	($9)	($9)	($33)	($9)	($11)	($10)	($9)	($39)	($10)	($5)	($11)	($17)	($44)	($16)	($19)	($21)	($22)	($77)	($17)	($16)	($10)
Adjusted SG&A Expense	$110	$116	$118	$114	$458	$125	$121	$120	$127	$493	$152	$89	$94	$105	$439	$99	$112	$116	$118	$446	$129	$128	$121
ADJUSTED EQUITY METHOD INCOME (LOSS) RECONCILITATION
Equity method income (loss)	$1	$1	$0	$0	$3	$1	$0	$1	$0	$2	($1)	($0)	($0)	($1)	($3)	($1)	$1	($0)	$0	($0)	($0)	$0	$0
Adjustments:
Equity method investment amortization3a	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Adjusted equity method income (loss)	$1	$1	$0	$2	$1	$0	$1	$0	$2	($1)	($0)	($0)	($1)	($3)	($1)	$1	($0)	$0	($0)	($0)	$0	$0
ADJUSTED DEPRECIATION & AMORTIZATION
Depreciation & Amortization	$102	$103	$103	$106	$413	$103	$105	$104	$103	$415	$96	$94	$89	$85	$364	$73	$67	$64	$58	$262	$50	$49	$43
Adjustments:
Acquisition-related amortization3a	($18)	($18)	($16)	($16)	($68)	($16)	($16)	($16)	($17)	($65)	($17)	($17)	($16)	($16)	($66)	($16)	($16)	($16)	($16)	($64)	($16)	($15)	($10)
Equity method investment amortization3a	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Adjusted Depreciation & Amortization	$84	$85	$86	$89	$345	$87	$89	$88	$86	$350	$79	$77	$73	$68	$298	$57	$51	$48	$42	$198	$34	$34	$34
ADJUSTED INCOME (LOSS) BEFORE TAXES
Operating income (loss)	$165	$139	$137	$121	$562	$110	$82	$113	$58	$363	($151)	($384)	($233)	($220)	($988)	($203)	($180)	($157)	($126)	($665)	($80)	($70)	($57)
Adjustments:
Equity method income (loss)	$1	$1	$0	$0	$3	$1	$0	$1	$0	$2	($1)	($0)	($0)	($1)	($3)	($1)	$1	($0)	$0	($0)	($0)	$0	$0
Impairment and related charges2	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$9	$9	$0	$0	$0	$0	$0	$0	$0	$5
Acquisition-related amortization3a	$18	$18	$16	$16	$68	$16	$16	$16	$17	$65	$17	$17	$16	$16	$66	$16	$16	$16	$16	$64	$16	$15	$10
Restructuring and other costs5	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$25	$48	$1	$12	$86	($5)	($1)	$0	($2)	($8)	$0	$4	$10
Acquisition-related costs6	$0	$0	$0	$3	$3	$12	$9	$10	$11	$41	$18	$4	$1	($6)	$17	$1	$2	$1	$3	$7	$4	$2	$0
Litigation, costs net7	$1	$1	$5	$1	$8	$1	$1	($24)	($3)	($25)	$2	$0	$0	($4)	($2)	$1	$12	$5	$5	$22	$3	$13	$15
Stock-based compensation	$13	$14	$15	$16	$57	$16	$18	$17	$16	$67	$18	$9	$19	$25	$70	$24	$29	$32	$35	$121	$28	$26	$16
Adjusted Operating Income (Loss)	$198	$172	$174	$158	$701	$156	$127	$133	$98	$513	($73)	($307)	($197)	($169)	($745)	($167)	($122)	($103)	($68)	($459)	($29)	($9)	$1
Adjustments:
Interest expense, net	($38)	($39)	($39)	($40)	($157)	($38)	($40)	($40)	($39)	($156)	($37)	($56)	($64)	($68)	($226)	($64)	($64)	($65)	($64)	($258)	($61)	($67)	($77)
Equity method (income) loss	($1)	($1)	($0)	($0)	($3)	($1)	($0)	($1)	($0)	($2)	$1	$0	$0	$1	$3	$1	($1)	$0	($0)	$0	$0	($0)	($0)
Equity method investment amortization3a	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Adjusted income (loss) before taxes	$158	$132	$134	$118	$542	$117	$87	$92	$59	$355	($110)	($362)	($261)	($236)	($969)	($230)	($187)	($168)	($133)	($717)	($90)	($76)	($77)
Date:	11/2/22

Page &P

Adjusted EBITDA by Segment

UNAUDITED ADJUSTED EBITDA AND ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION BY SEGMENT
2018 Q1: Adjusted EBITDA and Adjusted Operating Income (Loss) Reconciliation by Segment
Three Months Ended Mar 31, 2018
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	$243	$2	($47)	$198
Less:
Equity method loss	$1	$1
Impairment and related charges	$0	$0
Acquisition-related amortization(3a)	$18	$18
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$0	$0
Litigation costs, net(7)	$1	$1
Stock-based compensation	$13	$13
Operating loss	$241	$2	($78)	$165
Adjusted EBITDA	$317	$12	($46)	$282
Less:
Depreciation and amortization of property and equipment(3b)	$65	$9	$1	$74
Amortization of capitalized implementation costs(3c)	$9	$1	$0	$10
Acquisition-related amortization(3a)	$18	$18
Impairment and related charges(2)	$0	$0
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$0	$0
Litigation costs, net(7)	$1	$1
Stock-based compensation	$13	$13
Equity method loss	$1	$1
Operating loss	$241	$2	($78)	$165
Interest expense, net	($38)
Other, net(4)	($1)
Loss on extinguishment of debt	($1)
Equity method loss	$1
Provision for income taxes	($36)
Income from continuing operations	$90
2018 Q2: Adjusted EBITDA and Adjusted Operating Income (Loss) Reconciliation by Segment
Three Months Ended June 30, 2018
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	$219	$2	($49)	$172
Less:
Equity method loss	$1	$1
Impairment and related charges	$0	$0
Acquisition-related amortization(3a)	$18	$18
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$0	$0
Litigation costs, net(7)	$1	$1
Stock-based compensation	$14	$14
Operating loss	$218	$2	($81)	$139
Adjusted EBITDA	$294	$11	($47)	$257
Less:
Depreciation and amortization of property and equipment(3b)	$65	$8	$2	$75
Amortization of capitalized implementation costs(3c)	$10	$1	$0	$10
Acquisition-related amortization(3a)	$18	$18
Impairment and related charges(2)	$0	$0
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$0	$0
Litigation costs, net(7)	$1	$1
Stock-based compensation	$14	$14
Equity method loss	$1	$1
Operating loss	$218	$2	($81)	$139
Interest expense, net	($39)
Other, net(4)	($8)
Loss on extinguishment of debt	$0
Equity method loss	$1
Provision for income taxes	($0)
Income from continuing operations	$93
2018 Q3: Adjusted EBITDA and Adjusted Operating Income (Loss) Reconciliation by Segment
Three Months Ended September 30, 2018
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	$211	$6	($43)	$174
Less:
Equity method loss	$0	$0
Impairment and related charges	$0	$0
Acquisition-related amortization(3a)	$16	$16
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$0	$0
Litigation costs, net(7)	$5	$5
Stock-based compensation	$15	$15
Operating loss	$211	$6	($80)	$137
Adjusted EBITDA	$286	$16	($42)	$260
Less:
Depreciation and amortization of property and equipment(3b)	$66	$9	$1	$76
Amortization of capitalized implementation costs(3c)	$9	$1	$0	$10
Acquisition-related amortization(3a)	$16	$16
Impairment and related charges(2)	$0	$0
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$0	$0
Litigation costs, net(7)	$5	$5
Stock-based compensation	$15	$15
Equity method loss	$0	$0
Operating loss	$211	$6	($80)	$137
Interest expense, net	($39)
Other, net(4)	($2)
Loss on extinguishment of debt	$0
Equity method loss	$0
Provision for income taxes	($25)
Income from continuing operations	$71
2018 Q4: Adjusted EBITDA and Adjusted Operating Income (Loss) Reconciliation by Segment
Three Months Ended December 31, 2018
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	$195	$3	($40)	$158
Less:
Equity method loss	$0	$0
Impairment and related charges	$0	$0
Acquisition-related amortization(3a)	$16	$16
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$3	$3
Litigation costs, net(7)	$1	$1
Stock-based compensation	$16	$16
Operating loss	$194	$3	($76)	$121
Adjusted EBITDA	$272	$14	($38)	$247
Less:
Depreciation and amortization of property and equipment(3b)	$67	$10	$1	$78
Amortization of capitalized implementation costs(3c)	$10	$1	$0	$11
Acquisition-related amortization(3a)	$16	$16
Impairment and related charges(2)	$0	$0
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$3	$3
Litigation costs, net(7)	$1	$1
Stock-based compensation	$16	$16
Equity method loss	$0	$0
Operating loss	$194	$3	($76)	$121
Interest expense, net	($40)
Other, net(4)	$2
Loss on extinguishment of debt	$0
Equity method loss	$0
Provision for income taxes	$4
Income from continuing operations	$87
2018 FY: Adjusted EBITDA and Adjusted Operating Income (Loss) Reconciliation by Segment
Twelve Months Ended December 31, 2018
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	$867	$13	($178)	$701
Less:
Equity method loss	$3	$3
Impairment and related charges	$0	$0
Acquisition-related amortization(3a)	$68	$68
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$3	$3
Litigation costs, net(7)	$8	$8
Stock-based compensation	$57	$57
Operating loss	$864	$13	($315)	$562
Adjusted EBITDA	$1,168	$53	($174)	$1,047
Less:
Depreciation and amortization of property and equipment(3b)	$263	$36	$5	$304
Amortization of capitalized implementation costs(3c)	$38	$4	$0	$42
Acquisition-related amortization(3a)	$68	$68
Impairment and related charges(2)	$0	$0
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$3	$3
Litigation costs, net(7)	$8	$8
Stock-based compensation	$57	$57
Equity method loss	$3	$3
Operating loss	$864	$13	($315)	$562
Interest expense, net	($157)
Other, net(4)	($9)
Loss on extinguishment of debt	($1)
Equity method loss	$3
Provision for income taxes	($57)
Income from continuing operations	$341
2019 Q1: Adjusted EBITDA and Adjusted Operating Income (Loss) Reconciliation by Segment
Three Months Ended Mar 31, 2019
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	$209	($6)	($47)	$156
Less:
Equity method loss	$1	$1
Impairment and related charges	$0	$0
Acquisition-related amortization(3a)	$16	$16
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$12	$12
Litigation costs, net(7)	$1	$1
Stock-based compensation	$16	$16
Operating loss	$208	($6)	($92)	$110
Adjusted EBITDA	$282	$7	($46)	$243
Less:
Depreciation and amortization of property and equipment(3b)	$63	$12	$1	$75
Amortization of capitalized implementation costs(3c)	$11	$1	$0	$12
Acquisition-related amortization(3a)	$16	$16
Impairment and related charges	$0	$0
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$12	$12
Litigation costs, net(7)	$1	$1
Stock-based compensation	$16	$16
Equity method loss	$1	$1
Operating loss	$208	($6)	($92)	$110
Interest expense, net	($38)
Other, net(4)	($2)
Loss on extinguishment of debt	$0
Equity method loss	$1
Provision for income taxes	($12)
Income from continuing operations	$59
2019 Q2: Adjusted EBITDA and Adjusted Operating Income (Loss) Reconciliation by Segment
Three Months Ended June 30, 2019
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	$182	($6)	($50)	$127
Less:
Equity method loss	$0	$0
Impairment and related charges	$0	$0
Acquisition-related amortization(3a)	$16	$16
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$9	$9
Litigation costs, net(7)	$1	$1
Stock-based compensation	$18	$18
Operating loss	$182	($6)	($94)	$82
Adjusted EBITDA	$256	$8	($49)	$216
Less:
Depreciation and amortization of property and equipment(3b)	$66	$12	$1	$79
Amortization of capitalized implementation costs(3c)	$8	$1	$0	$10
Acquisition-related amortization(3a)	$16	$16
Impairment and related charges(2)	$0	$0
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$9	$9
Litigation costs, net(7)	$1	$1
Stock-based compensation	$18	$18
Equity method loss	$0	$0
Operating loss	$182	($6)	($94)	$82
Interest expense, net	($40)
Other, net(4)	($2)
Loss on extinguishment of debt	$0
Equity method loss	$0
Provision for income taxes	($12)
Income from continuing operations	$28
2019 Q3: Adjusted EBITDA and Adjusted Operating Income (Loss) Reconciliation by Segment
Three Months Ended September 30, 2019
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	$184	($4)	($47)	$133
Less:
Equity method loss	$1	$1
Impairment and related charges	$0	$0
Acquisition-related amortization(3a)	$16	$16
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$10	$10
Litigation costs, net(7)	($24)	($24)
Stock-based compensation	$17	$17
Operating loss	$183	($4)	($65)	$113
Adjusted EBITDA	$256	$10	($45)	$221
Less:
Depreciation and amortization of property and equipment(3b)	$64	$12	$1	$78
Amortization of capitalized implementation costs(3c)	$8	$1	$0	$10
Acquisition-related amortization(3a)	$16	$16
Impairment and related charges(2)	$0	$0
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$10	$10
Litigation costs, net(7)	($24)	($24)
Stock-based compensation	$17	$17
Equity method loss	$1	$1
Operating loss	$183	($4)	($65)	$113
Interest expense, net	($40)
Other, net(4)	($2)
Loss on extinguishment of debt	$0
Equity method loss	$1
Provision for income taxes	($8)
Income from continuing operations	$65
2019 Q4: Adjusted EBITDA and Adjusted Operating Income (Loss) Reconciliation by Segment
Three Months Ended December 31, 2019
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	$155	($6)	($51)	$98
Less:
Equity method loss	$0	$0
Impairment and related charges	$0	$0
Acquisition-related amortization(3a)	$17	$17
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$11	$11
Litigation costs, net(7)	($3)	($3)
Stock-based compensation	$16	$16
Operating loss	$155	($6)	($91)	$58
Adjusted EBITDA	$226	$7	($50)	$184
Less:
Depreciation and amortization of property and equipment(3b)	$65	$12	$1	$78
Amortization of capitalized implementation costs(3c)	$7	$1	$0	$8
Acquisition-related amortization(3a)	$17	$17
Impairment and related charges(2)	$0	$0
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$11	$11
Litigation costs, net(7)	($3)	($3)
Stock-based compensation	$16	$16
Equity method loss	$0	$0
Operating loss	$155	($6)	($91)	$58
Interest expense, net	($39)
Other, net(4)	($3)
Loss on extinguishment of debt	$0
Equity method loss	$0
Provision for income taxes	($4)
Income from continuing operations	$12
2019 FY: Adjusted EBITDA and Adjusted Operating Income (Loss) Reconciliation by Segment
Twelve Months Ended December 31, 2019
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	$729	($22)	($194)	$513
Less:
Equity method loss	$2	$2
Impairment and related charges	$0	$0
Acquisition-related amortization(3a)	$65	$65
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$41	$41
Litigation costs, net(7)	($25)	($25)
Stock-based compensation	$67	$67
Operating loss	$727	($22)	($342)	$363
Adjusted EBITDA	$1,021	$31	($189)	$863
Less:
Depreciation and amortization of property and equipment(3b)	$257	$48	$5	$311
Amortization of capitalized implementation costs(3c)	$35	$5	$0	$39
Acquisition-related amortization(3a)	$65	$65
Impairment and related charges(2)	$0	$0
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$41	$41
Litigation costs, net(7)	($25)	($25)
Stock-based compensation	$67	$67
Equity method loss	$2	$2
Operating loss	$727	($22)	($342)	$363
Interest expense, net	($156)
Other, net(4)	($9)
Loss on extinguishment of debt	$0
Equity method loss	$2
Provision for income taxes	($35)
Income from continuing operations	$164
2020 Q1: Adjusted EBITDA and Adjusted Operating Loss Reconciliation by Segment
Three Months Ended March 31, 2020
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	($11)	($16)	($46)	($73)
Less:
Equity method loss	($1)	($1)
Impairment and related charges	$0	$0
Acquisition-related amortization(3a)	$17	$17
Restructuring and other costs(5)	$25	$25
Acquisition-related costs(6)	$18	$18
Litigation costs, net(7)	$2	$2
Stock-based compensation	$18	$18
Operating loss	($10)	($16)	($125)	($151)
Adjusted EBITDA	$56	($5)	($45)	$6
Less:
Depreciation and amortization of property and equipment(3b)	$58	$11	$1	$70
Amortization of capitalized implementation costs(3c)	$8	$1	$0	$10
Acquisition-related amortization(3a)	$17	$17
Impairment and related charges(2)	$0	$0
Restructuring and other costs(5)	$25	$25
Acquisition-related costs(6)	$18	$18
Litigation costs, net(7)	$2	$2
Stock-based compensation	$18	$18
Equity method loss	($1)	($1)
Operating loss	($10)	($16)	($125)	($151)
Interest expense, net	($37)
Other, net(4)	($47)
Loss on extinguishment of debt	$0
Equity method loss	($1)
Provision for income taxes	$27
Loss from continuing operations	($210)
2020 Q2: Adjusted EBITDA and Adjusted Operating Loss Reconciliation by Segment
Three Months Ended June 30, 2020
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	($252)	($19)	($36)	($307)
Less:
Equity method loss	($0)	($0)
Impairment and related charges	$0	$0	$0	$0
Acquisition-related amortization(3a)	$17	$17
Restructuring and other costs(5)	$48	$48
Acquisition-related costs(6)	$4	$4
Litigation costs, net(7)	$0	$0
Stock-based compensation	$9	$9
Operating loss	($251)	($19)	($114)	($384)
Adjusted EBITDA	($187)	($8)	($34)	($229)
Less:
Depreciation and amortization of property and equipment(3b)	$56	$10	$2	$68
Amortization of capitalized implementation costs(3c)	$8	$1	$0	$9
Acquisition-related amortization(3a)	$17	$17
Impairment and related charges(2)	$0	$0
Restructuring and other costs(5)	$48	$48
Amortization of upfront incentive consideration(4)	$0	$0
Acquisition-related costs(6)	$4	$4
Litigation costs, net(7)	$0	$0
Stock-based compensation	$9	$9
Equity method loss	($0)	($0)
Operating loss	($251)	($19)	($114)	($384)
Interest expense, net	($56)
Other, net(4)	($6)
Loss on extinguishment of debt	$0
Equity method loss	($0)
Provision for income taxes	$5
Loss from continuing operations	($442)
2020 Q3: Adjusted EBITDA and Adjusted Operating Loss Reconciliation by Segment
Three Months Ended September 30, 2020
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	($146)	($13)	($38)	($197)
Less:
Equity method loss	($0)	($0)
Impairment and related charges	$0	$0	$0	$0
Acquisition-related amortization(3a)	$16	$16
Restructuring and other costs(5)	$1	$1
Acquisition-related costs(6)	$1	$1
Litigation costs, net(7)	$0	$0
Stock-based compensation	$19	$19
Operating loss	($146)	($13)	($75)	($233)
Adjusted EBITDA	($85)	($2)	($37)	($124)
Less:
Depreciation and amortization of property and equipment(3b)	$53	$9	$1	$64
Amortization of capitalized implementation costs(3c)	$8	$1	$0	$9
Acquisition-related amortization(3a)	$16	$16
Impairment and related charges(2)	$0	$0
Restructuring and other costs(5)	$1	$1
Acquisition-related costs(6)	$1	$1
Litigation costs, net(7)	$0	$0
Stock-based compensation	$19	$19
Equity method loss	($0)	($0)
Operating loss	($146)	($13)	($75)	($233)
Interest expense, net	($64)
Other, net(4)	($18)
Loss on extinguishment of debt	($10)
Equity method loss	($0)
Provision for income taxes	$20
Loss from continuing operations	($307)
2020 Q4: Adjusted EBITDA and Adjusted Operating Loss Reconciliation by Segment
Three Months Ended December 31, 2020
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	($115)	($15)	($39)	($169)
Less:
Equity method loss	($1)	($1)
Impairment and related charges(2)	$0	$0	$9	$9
Acquisition-related amortization(3a)	$16	$16
Restructuring and other costs(5)	$12	$12
Acquisition-related costs(6)	($6)	($6)
Litigation costs, net(7)	($4)	($4)
Stock-based compensation	$25	$25
Operating loss	($114)	($15)	($90)	($220)
Adjusted EBITDA	($56)	($6)	($38)	($101)
Less:
Depreciation and amortization of property and equipment(3b)	$51	$8	$0	$59
Amortization of capitalized implementation costs(3c)	$8	$1	$0	$9
Acquisition-related amortization(3a)	$16	$16
Impairment and related charges(2)	$9	$9
Restructuring and other costs(5)	$12	$12
Acquisition-related costs(6)	($6)	($6)
Litigation costs, net(7)	($4)	($4)
Stock-based compensation	$25	$25
Equity method loss	($1)	($1)
Operating loss	($114)	($15)	($90)	($220)
Interest expense, net	($68)
Other, net(4)	$5
Loss on extinguishment of debt	($11)
Equity method loss	($1)
Provision for income taxes	($31)
Loss from continuing operations	($325)
2020 FY: Adjusted EBITDA and Adjusted Operating Loss Reconciliation by Segment
Twelve Months Ended December 31, 2020
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	($523)	($64)	($158)	($745)
Less:
Equity method loss	($3)	($3)
Impairment and related charges(2)	$9	$9
Acquisition-related amortization(3a)	$66	$66
Restructuring and other costs(5)	$86	$86
Acquisition-related costs(6)	$17	$17
Litigation costs, net(7)	($2)	($2)
Stock-based compensation	$70	$70
Operating loss	($521)	($64)	($404)	($988)
Adjusted EBITDA	($273)	($21)	($154)	($448)
Less:
Depreciation and amortization of property and equipment(3b)	$218	$38	$4	$261
Amortization of capitalized implementation costs(3c)	$33	$4	$0	$37
Acquisition-related amortization(3a)	$66	$66
Impairment and related charges(2)	$9	$9
Restructuring and other costs(5)	$86	$86
Acquisition-related costs(6)	$17	$17
Litigation costs, net(7)	($2)	($2)
Stock-based compensation	$70	$70
Equity method loss	($3)	($3)
Operating loss	($521)	($64)	($404)	($988)
Interest expense, net	($226)
Other, net(4)	($67)
Loss on extinguishment of debt	($22)
Equity method loss	($3)
Provision for income taxes	$21
Loss from continuing operations	($1,284)
2021 Q1: Adjusted EBITDA and Adjusted Operating Loss Reconciliation by Segment
Three Months Ended March 31, 2021
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	($106)	($14)	($47)	($167)
Less:
Equity method loss	($1)	($1)
Impairment and related charges	$0	$0	$0	$0
Acquisition-related amortization(3a)	$16	$16
Restructuring and other costs(5)	($5)	($5)
Acquisition-related costs(6)	$1	$1
Litigation costs, net(7)	$1	$1
Stock-based compensation	$24	$24
Operating loss	($105)	($14)	($84)	($203)
Adjusted EBITDA	($57)	($6)	($46)	($110)
Less:
Depreciation and amortization of property and equipment(3b)	$41	$7	$0	$49
Amortization of capitalized implementation costs(3c)	$7	$1	$0	$8
Acquisition-related amortization(3a)	$16	$16
Impairment and related charges	$0	$0
Restructuring and other costs(5)	($5)	($5)
Acquisition-related costs(6)	$1	$1
Litigation costs, net(7)	$1	$1
Stock-based compensation	$24	$24
Equity method loss	($1)	($1)
Operating loss	($105)	($14)	($84)	($203)
Interest expense, net	($64)
Other, net(4)	$12
Loss on extinguishment of debt	$0
Equity method loss	($1)
Provision for income taxes	($4)
Loss from continuing operations	($260)
2021 Q2: Adjusted EBITDA and Adjusted Operating Loss Reconciliation by Segment
Three Months Ended June 30, 2021
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	($67)	($9)	($46)	($122)
Less:
Equity method loss	$1	$1
Acquisition-related amortization(2a)	$16	$16
Restructuring and other costs(5)	($1)	($1)
Acquisition-related costs(6)	$2	$2
Litigation costs, net(7)	$12	$12
Stock-based compensation	$29	$29
Operating loss	($68)	($9)	($104)	($180)
Adjusted EBITDA	($23)	($2)	($46)	($70)
Less:
Depreciation and amortization of property and equipment(3b)	$37	$5	$0	$43
Amortization of capitalized implementation costs(3c)	$7	$1	$8
Acquisition-related amortization(2a)	$16	$16
Restructuring and other costs(5)	($1)	($1)
Acquisition-related costs(6)	$2	$2
Litigation costs, net(7)	$12	$12
Stock-based compensation	$29	$29
Equity method loss	$1	$1
Operating loss	($68)	($9)	($104)	($180)
Interest expense, net	($64)
Other, net(4)	($3)
Equity method loss	$1
Provision for income taxes	$2
Loss from continuing operations	($245)
2021 Q3: Adjusted EBITDA and Adjusted Operating Loss Reconciliation by Segment
Three Months Ended September 30, 2021
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	($39)	($9)	($55)	($103)
Less:
Equity method loss	($0)	($0)
Acquisition-related amortization(3a)	$16	$16
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$1	$1
Litigation costs, net(7)	$5	$5
Stock-based compensation	$32	$32
Operating loss	($39)	($9)	($109)	($157)
Adjusted EBITDA	$2	($3)	($54)	($55)
Less:
Depreciation and amortization of property and equipment(3b)	$34	$5	$0	$39
Amortization of capitalized implementation costs(3c)	$8	$1	$9
Acquisition-related amortization(3a)	$16	$16
Restructuring and other costs(5)	$0	$0
Acquisition-related costs(6)	$1	$1
Litigation costs, net(7)	$5	$5
Stock-based compensation	$32	$32
Equity method loss	($0)	($0)
Operating loss	($39)	($9)	($109)	($157)
Interest expense, net	($65)
Other, net(4)	($6)
Loss on etingushment of Debt	($13)
Equity method loss	($0)
Provision for income taxes	$7
Loss from continuing operations	($235)
2021 Q4: Adjusted EBITDA and Adjusted Operating Loss Reconciliation by Segment
Three Months Ended December 31, 2021
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	($10)	($9)	($49)	($68)
Less:
Equity method loss	$0	$0
Acquisition-related amortization(3a)	$16	$16
Restructuring and other costs(5)	($2)	($2)
Acquisition-related costs(6)	$3	$3
Litigation costs, net(7)	$5	$5
Stock-based compensation	$35	$35
Operating loss	($10)	($9)	($107)	($126)
Adjusted EBITDA	$26	($3)	($49)	($26)
Less:
Depreciation and amortization of property and equipment(3b)	$28	$5	$0	$33
Amortization of capitalized implementation costs(3c)	$8	$1	$9
Acquisition-related amortization(3a)	$16	$16
Restructuring and other costs(5)	($2)	($2)
Acquisition-related costs(6)	$3	$3
Litigation costs, net(7)	$5	$5
Stock-based compensation	$35	$35
Equity method loss	$0	$0
Operating loss	($10)	($9)	($107)	($126)
Interest expense, net	($64)
Other, net(4)	($4)
Loss on etingushment of Debt	$0
Equity method loss	$0
Provision for income taxes	$10
Loss from continuing operations	($184)
2021 FY: Adjusted EBITDA and Adjusted Operating Loss Reconciliation by Segment
Twelve Months Ended December 31, 2021
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Loss	($223)	($40)	($197)	($459)
Less:
Equity method loss	($0)	$0	($0)
Acquisition-related amortization(3a)	$64	$64
Restructuring and other costs(5)	($8)	($8)
Acquisition-related costs(6)	$7	$7
Litigation costs, net(7)	$22	$22
Stock-based compensation	$121	$121
Operating loss	($222)	($40)	($403)	($665)
Adjusted EBITDA	($52)	($13)	($196)	($261)
Less:
Depreciation and amortization of property and equipment(3b)	$140	$22	$1	$163
Amortization of capitalized implementation costs(3c)	$30	$4	$0	$35
Acquisition-related amortization(3a)	$64	$64
Restructuring and other costs(5)	($8)	($8)
Acquisition-related costs(6)	$7	$7
Litigation costs, net(7)	$22	$22
Stock-based compensation	$121	$121
Equity method loss	($0)	($0)
Operating loss	($222)	($40)	($403)	($665)
Interest expense, net	($258)
Other, net(4)	($2)
Loss on etingushment of Debt	($13)
Equity method loss	($0)
Provision for income taxes	$15
Loss from continuing operations	($924)
2022 Q1: Adjusted EBITDA and Adjusted Operating Loss Reconciliation by Segment
Three Months Ended March 31, 2022
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Income (Loss)	$45.3	($15)	($59)	($29)
Less:
Equity method loss	($0)	($0)
Acquisition-related amortization(3a)	$16	$16
Acquisition-related costs(6)	$4	$4
Litigation costs, net(7)	$3	$3
Stock-based compensation	$28	$28
Operating income (loss)	$45	($15)	($110)	($80)
Adjusted EBITDA	$74	($9)	($59)	$5
Less:
Depreciation and amortization of property and equipment(3b)	$22	$5	$0	$27
Amortization of capitalized implementation costs(3c)	$6	$1	$0	$7
Acquisition-related amortization(3a)	$16	$16
Acquisition-related costs(6)	$4	$4
Litigation costs, net(7)	$3	$3
Stock-based compensation	$28	$28
Equity method loss	($0)	($0)
Operating income (loss)	$45	($15)	($110)	($80)
Interest expense, net	($61)
Other, net(4)	$191
Loss on extinguishment of debt	($4)
Equity method loss	($0)
Benefit for income taxes	$1
Income from continuing operations	$48
2022 Q2: Adjusted EBITDA and Adjusted Operating Loss Reconciliation by Segment
Three Months Ended June 30, 2022
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Income (Loss)	$58	($12)	($55)	($9)
Less:
Equity method loss	$0	$0
Acquisition-related amortization(3a)	$15	$15
Restructuring and other costs(5)	$4	$4
Acquisition-related costs(6)	$2	$2
Litigation costs, net(7)	$13	$13
Stock-based compensation	$26	$26
Operating income (loss)	$58	($12)	($116)	($70)
Adjusted EBITDA	$86	($7)	($55)	$24
Less:
Depreciation and amortization of property and equipment(3b)	$20	$4	$0	$25
Amortization of capitalized implementation costs(3c)	$8	$1	$0	$9
Acquisition-related amortization(3a)	$15	$15
Restructuring and other costs(5)	$4	$4
Acquisition-related costs(6)	$2	$2
Litigation costs, net(7)	$13	$13
Stock-based compensation	$26	$26
Equity method loss	$0	$0
Operating income (loss)	$58	($12)	($116)	($70)
Interest expense, net	($67)
Other, net(4)	($44)
Equity method loss	$0
Provision for income taxes	($5)
Income from continuing operations	($186)
2022 Q3: Adjusted EBITDA and Adjusted Operating Loss Reconciliation by Segment
Three Months Ended September 30, 2022
Travel Solutions	Hospitality Solutions	Corporate	Total
Adjusted Operating Income (Loss)	$69	($11)	($57)	$1
Less:
Equity method loss	$0	$0
Impairment and related charges	$5	$5
Acquisition-related amortization(3a)	$10	$10
Restructuring and other costs(5)	$10	$10
Acquisition-related costs(6)	$0	$0
Litigation costs, net(7)	$15	$15
Stock-based compensation	$16	$16
Operating income (loss)	$69	($11)	($114)	($57)
Adjusted EBITDA	$97	($6)	($57)	$34
Less:
Depreciation and amortization of property and equipment(3b)	$19	$4	$0	$23
Amortization of capitalized implementation costs(3c)	$10	$1	$0	$11
Impairment and related charges	$5	$5
Acquisition-related amortization(3a)	$10	$10
Restructuring and other costs(5)	$10	$10
Acquisition-related costs(6)	$0	$0
Litigation costs, net(7)	$15	$15
Stock-based compensation	$16	$16
Equity method loss	$0	$0
Operating income (loss)	$69	($11)	($114)	($57)
Interest expense, net	($77)
Other, net(4)	($8)
Equity method loss	$0
Provision for income taxes	$7
Income from continuing operations	($134)
Date:	11/2/22

&"-,Bold"Sabre Confidential &D Page &P

Non-GAAP Footnotes

Non-GAAP Footnotes*
Date:	11/2/22

1) Net income attributable to non-controlling interests represents an adjustment to include earnings allocated to non-controlling interests held in (i) Sabre Travel Network Middle East of 40%, (ii) Sabre Seyahat Dagitim Sistemleri A.S. of 40%, (iii) Sabre Travel Network Lanka (Pte) Ltd of 40%, and (iv) Sabre Bulgaria of 40%. 2) Impairment and related charges consists of $5 million associated with software developed for internal use and $4 million incurred in the fourth quarter of 2020 associated with capitalized implementation costs related to a specific customer based on our analysis of the recoverability of such amounts. 3) Depreciation and amortization expenses: a) Acquisition-related amortization represents amortization of intangible assets from the take-private transaction in 2007 as well as intangibles associated with acquisitions since that date. b) Depreciation and amortization of property and equipment includes software developed for internal use as well as amortization of contract acquisition costs. c) Amortization of capitalized implementation costs represents amortization of upfront costs to implement new customer contracts under our SaaS and hosted revenue model. 4) Other, net includes a $180 million gain on the sale of AirCentre during 2022, a fair value loss of $5 million and $35 million on our GBT investment for the three and nine months ended September 30, 2022, respectively, and a $15 million gain on sale of equity securities during the first quarter of 2021. In addition, all periods presented include foreign exchange gains and losses related to the remeasurement of foreign currency denominated balances included in our consolidated balance sheets into the relevant functional currency. In 2020, we recorded a $46 million charge related to termination payments incurred in connection with the now-terminated acquisition of Farelogix Inc. ("Farelogix") and an $18 million pension settlement charge, partially offset by a $10 million gain on sale of our headquarters building in the fourth quarter of 2020. In 2018, we recorded an expense of $5 million related to our liability under the Tax Receivable Agreement ("TRA") and an offsetting gain of $8 million on the sale of an investment. In addition, all periods presented include foreign exchange gains and losses related to the remeasurement of foreign currency denominated balances included in our consolidated balance sheets into the relevant functional currency. 5) Restructuring and other costs represents charges, and adjustments to those charges, associated with planning and implementing business restructuring activities, including costs associated with third party consultants advising on our business structure and strategy going forward which are integral to the restructuring plan and will result in severance benefits related to employee terminations, which primarily occurred in July 2022. During 2021, adjustments to charges were recorded in conjunction with the changes implemented in 2020 to support the new organizational structure and to respond to the impacts of the COVID-19 pandemic on our business, facilities and cost structure. 6) Acquisition-related costs represent fees and expenses incurred associated with the AirCentre disposition, the now-terminated agreement to acquire Farelogix, the acquisition of Radixx in 2019, and other acquisition and disposition related activities. 7) Litigation costs, net represent charges associated with antitrust litigation and other foreign non-income tax contingency matters. In 2020, we reversed the previously accrued non-income tax expense of $4 million due to success in our claims. In 2019, we recorded the reversal of our previously accrued loss related to the US Airways legal matter for $32 million. In 2018, we recorded non-income tax expense of $5 million for tax, penalties and interest associated with certain non-income tax claims for historical periods regarding permanent establishment in a foreign jurisdiction. 8) The tax impact of adjustments includes the tax effect of each separate adjustment based on the statutory tax rate for the jurisdiction(s) in which the adjustment was taxable or deductible, the impact of the adjustments on valuation allowance assessments, and the tax effect of items that relate to tax specific financial transactions, tax law changes, uncertain tax positions, and other items. In 2018, the provision for income taxes includes a benefit of $27 million related to the enactment of the TCJA for deferred taxes and foreign tax effects.