Sabre Q3: guidance raised again as air bookings slip (investors.sabre.com)

Revenue rose 3% to $738M, but air bookings fell 1%. Growth came from higher booking fees and hotel bookings, which were up 8%. Interest of about $494M a year eats most of the ~$610M EBITDA, and Sabre doesn't expect positive free cash flow until 2027. The 10-Q also shows about $64M spent so far on a cost-cutting program, mostly severance, that runs through 2027. Constellation Software, which owns about 12.7% of Sabre, got a board seat in March under a governance deal that also ended a short-lived poison pill (details in the 10-Q and the 8-K). Investor Day is Nov 17.