Sabre is a B2B technology company serving the global travel industry. Sabre operates two core businesses: a global distribution system (GDS) and airline IT software. The GDS is a real-time marketplace connecting travel agencies, online travel agencies, and corporate travel departments with travel suppliers — primarily airlines — enabling them to search, book, and service travel. Airlines pay Sabre a per-booking fee for distributing inventory through the GDS, which drives the majority of Sabre's revenue. The airline IT business sells software to airlines for reservations, pricing, and operations management, centered on a passenger service system (PSS). Airlines pay under long-term, usage-based contracts tied to passengers boarded. Sabre's next-generation airline IT platform, SabreMosaic, is a modular offering designed to help airlines build dynamic, personalized offers and modernize away from legacy PSS systems. Beyond these two core businesses, Sabre operates a hotel B2B distribution platform and Sabre Payments, a fintech business comprising Sabre Direct Pay and Conferma virtual cards for corporate travel. Sabre's business model is primarily per-transaction, giving the company high operating leverage as volume grows. Sabre sells exclusively to businesses, not consumers. The company carries a significant debt load and has focused on deleveraging, selling its Hospitality Solutions business in 2025 and using proceeds to pay down debt, extending its maturity profile so that most debt matures in 2029 or later.