Sabre Corporation ("Sabre" or the "Company") today announced financial results for the quarter ended June 30, 2021.
Sabre consolidated second quarter revenue totaled $420 million, a significant improvement versus revenue of $83 million in the second quarter of 2020, when the COVID-19 pandemic caused an unprecedented disruption in global travel. The increase in revenue versus the prior year quarter was driven by continued gradual recovery in global air, hotel and other travel bookings.
Operating loss was $180 million, a significant improvement versus an operating loss of $384 million in the second quarter of 2020. The improvement in operating results was driven by increased revenue due to continued gradual recovery from the COVID-19 pandemic, a $49 million decline in restructuring charges related to severance benefits in the prior year quarter, lower depreciation and amortization and a decrease in the provision for expected credit losses. These impacts were partially offset by increased Travel Solutions incentive expenses and Hospitality Solutions transaction-related costs due to volume recovery trends and a $11 million increase in costs related to legal matters. In the second quarter of 2020, temporary cost measures, such as furloughs, were put in place to partially mitigate the unprecedented impact of the COVID-19 pandemic on the business. Accordingly, labor and professional service expenses also increased compared to the prior year quarter.
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