Sabre said it is repositioning the business as part of plans to go after new revenue opportunities and bring down costs.
Job losses are part of the strategy, according to a statement from president and CEO Kurt Ekert, who said the team would be impacted. Ekert added the CEO role in late April after becoming president in late 2021.
A 15% reduction in employees is expected to be completed by the end of the second quarter which Ekert said would position the company better.
The cost saving measures are part of the company's target of $500 million in free cash flow in 2025 and $900 million in adjusted EBITDA.
For the first three months of 2023, Sabre reported revenue of $743 million compared with $585 million the previous year.
Sabre’s net loss due to shareholders was $103 million compared with a net income of $42 million for Q1 of 2022 while adjusted EBITDA was $58 million versus $5 million year over year.
Revenue for the travel solutions business increased 27% to $677 million, including distribution revenue, which was up 53% to $526 million, and IT solutions revenue, which declined 21% to $152 million.
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