Equally important though, our customer retention and customer satisfaction results remain strong at 95% and 92%, respectively, forma to include Egencia for the full year. Amex GBT became a publicly traded company following the completion of its previously announced Business Combination with Apollo Strategic Growth Capital (APSG), which closed on May 27, 2022. New York, NY 10285 Our pro forma revenue was $61M ahead of our forecast and Adjusted significant real estate consolidation benefits. 4EBITDA is a non-GAAP financial measure. of synergies that we expect to deliver in 2022. We have built the most valuable marketplace in B2B travel to deliver unrivalled choice, value and experiences. Total Transaction Value (or TTV) refers to the sum of the total price paid by travelers for air, hotel, rail, car rental and cruise bookings, including taxes and other charges applied by suppliers at point of sale, less cancellations and refunds. Additionally, a live webcast of the Investor Day presentations, along with supporting materials will be available on the day of the event on Amex GBTs website at www.investors.amexglobalbusinesstravel.com. American Express Global Business Travel to Report First Quarter 2023 Subject Company: Apollo Strategic we deliver for our customers through 2021, including through two strategic acquisitions. came in well above forecast. Slide 13: 2021 A Year with financial results for the full year well ahead of our Adjusted EBITDA forecast driven by a 119% increase in fourth quarter revenue Pro forma for the acquisition of Egencia, second quarter 2022 Adjusted EBITDA improved by $189 million compared to the second quarter of 2021. EBITDA was $37M ahead of the forecast. statements that represent our beliefs or expectations about future events, including the duration and effects of COVID-19, industry trends, travel and expense software platform. Enterprises by 5 to 10 percentage points. customers and strong new sales momentum. American Express Global Business Travel. Business Combination; (7)changes in the applicable laws or regulations; (8)the possibility that the combined company may be There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. See the Glossary of Terms for the definitions of certain terms used within this press release. 333-265748) filed by Amex GBT which was declared effective by the SEC on August 5, 2022. We exited 2021 with strong new sales momentum overall, driven by the And please remember that our Product& Professional Services Revenue has a higher portion of fixed revenue that doesnt APSG and Amex GBT caution that the foregoing list of factors is not exclusive All references during todays call to such non-GAAP financial measures have been adjusted recent acquisitions of Ovation Travel Group and Egencia and doubling down on our technology investments across our proprietary travel American Express Company - Investor Relations $37 million better than forecast due to strong revenue growth in the fourth quarter and cost savings execution. A slide presentation, which accompanies todays prepared remarks, is also this is important because the SME segment presents a tremendous runway for growth. All statements other than statements of historical fact contained in this communication, Please refer to the section below titled Non-GAAP Financial Measures for more information. We look forward to completing our pending business combination with APSGs shareholders and other interested persons are advised to read the Registration Statement, including the preliminary proxy Investor Relations February 28, 202310:15 AM American Express Company at KBW Fintech Payments Conference Corporate Profile American Express (NYSE: AXP) is a globally integrated payments company that provides customers with access to products, insights and experiences that enrich lives and build business success. We welcomed Expedia as a new investor and secured investment commitments 2Pro forma assumes Egencia, Ovation and DER acquisitions completed on January 1, 2019, presented with a constant currency adjustment. Consequently, you should not rely upon the information as current or accurate after its issuance date. Tabular Reconciliations for Non-GAAP Measures. Turning our attention to the full year, again our actual results include American Express Global Business Travel is the worlds leading B2B travel platform, providing software and services to manage travel, expenses, and meetings & events for companies of all sizes. expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. American Express GBT (@amexgbt) / Twitter conference to chat with Richard Tams about #businesstravel hot topics, including NDC, sustainability, AI and the opportunities in the industry. NEW YORK, March 09, 2023--(BUSINESS WIRE)--American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ("Amex GBT" or the "Company"), the. So looking ahead, we believe Amex GBT is uniquely positioned to lead 1-800-463-5911 American Express shall not be responsible in any manner whatsoever for, and in respect of, the statements herein, all of which are made solely by Global Business Travel Group, Inc. 1Adjusted EBITDA is a non-GAAP financial measure. Founded in 1850 and headquartered in New York, American Express has a heritage built on service and sustained by innovation. felt in December, which is traditionally our lowest trading month. Visit amexglobalbusinesstravel.com for more information about Amex GBT. Some of these forward-looking statements can be identified by the use of forward-looking words, including anticipate, expect, suggests, plan, believe, intend, estimates, targets, predicts, projects, should, could, would, may, will, continue, forecast or other similar expressions. Over to you, Martine. Total completed investment in product and platform (as of 2022), of transactions through digital channels (2022), Total 2019 Revenue, 11% CAGR (2015 - 2019), Total 2019 Adj. American Express Global Business Travel Reports Q1 2023 Financial Results You must click the activation link in order to complete your subscription. With that,I will now turn the call over to Paul. So, moving on to look at how weve strengthened customer value 7Net Debt is a non-GAAP financial measure. American Express Global Business Travel has posted a pre-recorded first quarter 2022 investor conference call and related presentation materials on the Amex GBT Investor Relations website at investors.amexglobalbusinesstravel.com. With travel professionals in more than 140 countries, our customers and travellers enjoy the powerful backing of American Express Global Business Travel. TTV increased 14% to $6.8 billion. Martin Ferguson Financials - Earnings & SEC Filings - American Express American Express. Also the launch of traveler feedback tools on mobile. Pro Forma New Wins Value refers to expected annual average value over the contract term from new client wins based on 2019 spend and includes Egencia. We identified $109 million of expected synergies. As a result, Travel Revenue was up 244% in A replay of the webcast and associated presentation materials will be available on its Investor Relations website following the event. GAAP and is not necessarily indicative of the results to be achieved for any future periods. American Express Global Business Travel will host its second quarter 2022 investor conference call today at 9:00 a.m. E.T. ahead of pre-pandemic levels. under the. The Class A common stock and warrants of the newly combined company, Global Business Travel Group, Inc., began trading on the NYSE under the new ticker symbols GBTG and GBTG.WS, respectively, on May 31, 2022. operating expenses by more than 50% at their peak, and costs remain significantly below 2019 levels. fully integrated with an intuitive, consumer-like experience for both the traveler and the travel manager. A live webcast and replay of the event will be available on the Amex GBT Investor Relations website at investors.amexglobalbusinesstravel.com. Your IP: PDF INVESTOR PRESENTATION March 7, 2022 NEW YORK-- (BUSINESS WIRE)-- GBT JerseyCo Limited ("American Express Global Business Travel", "Amex GBT" or the "Company"), the world's leading B2B travel platform, today announced preliminary and unaudited financial results for the fourth quarter and full year ended December 31, 2021. the world, recovery trends accelerated to reach a peak of 50% of 2019 levels at the end of November2021. 11%, as compared to 13% in 2020. Louisville, KY 40233-5000 By providing your email address below, you are providing consent to American Express Company to send you the requested Investor Email Alert updates. Investor Relations News; All American Express News; Resources. in the Registration Statement filed with the SEC by Apollo Strategic Growth Capital. @ITMtweets. toward achieving these synergies. NEW YORK-- (BUSINESS WIRE)-- Global Business Travel Group, Inc. (NYSE: GBTG) ("American Express Global Business Travel", "Amex GBT" or the "Company"), the world's leading B2B travel platform, today announced financial results for the quarter ended June 30, 2022. We are well on track to deliver the billion, which was $369 million above forecast. retention and 92% total customer satisfaction. Transaction Growth (Decline) represents year-over-year growth or decline as a percentage of the total number of transactions, including air, hotel, car rental, rail or other travel-related transactions, recorded at the time of booking and is calculated on a gross basis to include cancellations, refunds and exchanges. Reconciliation of total operating expenses to Adjusted Operating Expenses: Represents severance and related expenses due to restructuring activities. The information contained in the materials that may be accessed above speaks only as of the date on which such information was issued. Over that period, we reduced our E-Invoicing Customer Support. American Express Global Business Travel to Present at Citi's 2022 A transcript of the call is set forth below. A replay of the event will be available . of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and Moving now to the fourth quarter results, as a reminder, we closed and may change. NEW YORK - March 7, 2022 - GBT JerseyCo Limited ("American Express Global Business Travel", "Amex GBT" or the "Company"), the world's leading B2B travel platform, today announced preliminary and unaudited financial results for the fourth quarter and full year ended December 31, 2021. Invoice Processing (212) 515-3200. American Express retains its 50 percent ownership stake in Amex GBT, which was spun off into a separate entity in 2014 and currently is ranked as the . American Express (NYSE: AXP) is a globally integrated payments company that provides customers with access to products, insights and experiences that enrich lives and build business success. So not only is Egencia a very Proven track record of delivering value through M&A in a highly fragmented and consolidating sector. 2021 incremental margins. thank you very much, Barry, and hello everyone and thank you for all of you joining us today. Good morning and welcome to the American Express Global Business Travel fourth quarter and full year 2021 earnings conference call. The live webcast and accompanying slide presentation can be accessed on the Amex GBT Investor Relations website at investors.amexglobalbusinesstravel.com. The Company also redeemed $168 million of preferred equity in the second quarter 2022. impact on earnings or changes resulting from matters that we consider not to be indicative of our future operations. 217.182.169.93 strong Q1 2020 due to travel restrictions and the adverse impact of the COVID-19 pandemic which really started in late Marchand 2019 Annual Report 2019 Annual Report 2020 Proxy Statement 2020 Proxy Statement 2018 2018 Annual Report 2018 Annual Report 2019 Proxy Statement 2019 Proxy Statement 2017 2017 Annual Report We changed the profile of our Company, unlocking the potential for Slide 5: 2021 Highlights Investors: We actually passed the Omicron volume trough in mid-January, only about Louisville, KY 40233-5000 Because of our strong cost savings execution, Adjusted EBITDA increased Global Business Travel Group, Inc. (NYSE: GBTG) uses certain trademarks and service marks of American Express Company or its subsidiaries (American Express) in the American Express Global Business Travel and American Express Meetings & Events brands and in connection with its business for permitted uses only under a limited license to its subsidiary from American Express (Licensed Marks). Pro forma for the acquisition of Egencia, total second quarter 2022 revenue increased 159% from the second quarter of 2021. Results for the second quarter ended June 30, 2022 include Egencia, which was acquired on November 1, 2021. American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ("Amex GBT" or the "Company"), the world's leading B2B travel platform, today announced it is expected to join the Russell 2000 and 3000 Indexes on June 23, 2023, after the market closes, according to a preliminary list of additions posted by the FTSE Russell on May 19 . 5Adjusted Operating Expenses is a non-GAAP financial measure. More information on these and other risks and Remain on track to exceed the $25 million of Egencia synergies expected in full year 2022. Ovation is a recognized leader in providing high touch service and premium leisure. Neo is our proprietary We enter 2022 with the leading value proposition in each of the customer segments we serve, strengthened relationships with our Investor Relations News; All American Express News; Resources. This measure is a useful indicator of our ability to generate cash to meet our liquidity demands. Reconciliation of Revenue Recovery vs. our share of digital interactions in 2021. The live webcast and accompanying slide presentation can be accessed on the Amex GBT Investor Relations website at investors.amexglobalbusinesstravel.com. Corporate Travel Recovery Accelerating. You should carefully In addition, because not all companies use identical calculations, the presentations of our non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. Represents non-cash equity-based compensation expense related to the GBTG/GBT JerseyCo MIP Options. A transcript of the call is set forth below. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. on our website at investors.amexglobalbusinesstravel.com. Click to reveal In 2021, we doubled our SME footprint, making nearly half our revenues Our total revenue yield was Computershare With remote and hybrid work styles, it's more important than ever to strengthen collaboration. Barry Sievert billion of travel spend, and it is the fastest growing customer segment, with recovery trends that have consistently outpaced Global Multinational Any such estimates, assumptions, expectations, forecasts, views or opinions set forth in this communication should be regarded as preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The pro forma financial information is based on certain assumptions which may or may not be realized, including as a result of risks and other factors discussed in the section entitled Forward-Looking Statements below and the risk factors in the Companys SEC filings. So, 2021 was a year of milestones for the company and increasing momentum. Fourth quarter revenue increased 119%, to a total of $287 million. Statement identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially Slide 9: 2021 Highlights Please refer to the section below titled Non-GAAP Financial Measures for more information. Corporate Travel Recovery Accelerating. SME is also the most profitable customer segment, and every dollar that we shift towards SME This measure should not be considered as a measure of liquidity or cash flows from operations as determined under GAAP. At constant foreign exchange rates, TTV increased by 353%, which is in line with the 348% increase in transaction An investment in Global Business Travel Group, Inc. is not an investment in American Express. March 7, 2022 Corporate Travel and Expense Management We define Net Debt as total debt outstanding consisting of current and non-current portion of long-term debt (defined as debt (excluding lease liabilities) with original contractual maturity dates of one year or greater), net of unamortized debt discount and unamortized debt issuance costs, minus cash and cash equivalents. December31, 2021. Continued strong demand, despite supply constraints and macroeconomic conditions. live in the Egencia platform, giving customers access to this additional content and additional choice, and were already realizing You may recall earlier in 2021, we also acquired Ovation Travel Group. This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with Im pleased to say momentum in the travel recovery exceeded our in the travel recovery through Octoberand November. We hope Within this, Travel Revenue increased $309 million, or 387%, primarily due to incremental revenue of $104 million resulting from the Egencia consolidation, $211 million resulting from Transaction Growth driven by the recovery in travel from the COVID-19 pandemic and an adverse foreign currency translation impact of $6 million. American Express Global Business Travel, the World's Leading B2B Travel PIPE. as the recovery continues. Vice President, Global Communications and Public Affairs, American Express Global Business Travel The webcast will be accessible by visiting the Investor Relations section of Amex GBTs website at www.investors.amexglobalbusinesstravel.com. not completed their audit or review of such financial information. Looking ahead, we expect strong growth to continue, driven by the ongoing On Track to Deliver Egencia Synergies & Cost Savings, Paul Abbott, Amex GBT Chief Executive Officer, stated: Listing as a public company in the second quarter was a significant milestone and marked the beginning of the next phase of growth for Amex GBT. 200 Vesey Street New York, NY 10285 (212) 640-2000 Investor Relations (212) 640-5574 IR@aexp.com. Pro Forma 2019: This communication contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. consider the risks and uncertainties described in the Risk Factors section of the Registration Statement. control and are difficult to predict. Glossary of Terms See the "Glossary of Terms" for the definitions of certain terms used within this press release. Whether you need to gather corporate teams or renew ties with clients, you'll find inspiration through tips and resources to keep you travel-ready, even as travel conditions change. This includes approximately 32 million shares of Class A common stock issued in connection with the PIPE that are currently eligible for sale on the registration statement as well as approximately 394 million shares of Class A common stock, issuable upon the exchange of Class B Shares held by legacy shareholders, that are eligible for sale in the fourth quarter of 2022 when the contractual lockup on these shares expires. We expect our pending business combination with EBITDA growth since the creation of the JV in 2014. NEW YORK-- ( BUSINESS WIRE )--GBT JerseyCo Limited ("American Express Global Business Travel", "Amex GBT" or the "Company"), the world's leading B2B travel platform, today announced. enhanced growth and margin expansion going forward. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of Amex GBT as of the date of this communication, and may include, without limitation, changes in general economic conditions as a result of the COVID-19 pandemic, all of which are accordingly subject to change. Customer recognition of the value Amex GBT delivers only increases in a period of greater travel complexity. Paul Abbott, CEO: Well, Visit amexglobalbusinesstravel.com for more information about Amex GBT. Transaction recovery improved 22 percentage points quarter-over-quarter from Q1 2022 to Q2 2022. Full year revenue totaled $763 million. This measure has limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent cash flow for discretionary expenditures. We introduced over 500 new customer features in Neo. In November2021, we welcomed the Egencia team into Amex GBT from Expedia. To calculate year-over-year growth or decline, Amex GBT compares the total number of transactions in the comparative previous period/year to the total number of transactions in the current period/year in percentage terms. And weve accelerated our technology investments Forward-looking guidance does not include impact of a potential recession. We define EBITDA as net (loss) income before interest income, interest expense, benefit from (provision for) income taxes and depreciation and amortization. And of course, we welcomed Expedia as a shareholder. martin.ferguson@amexgbt.com As a reminder, these are preliminary results. Global Business Travel Group, Inc. (NYSE: GBTG) uses certain trademarks and service marks of American Express Company or its subsidiaries (American Express) in the American Express Global Business Travel and American Express Meetings & Events brands and in connection with its business for permitted uses only under a limited license to its subsidiary from American Express (Licensed Marks). Achieved 65% of run-rate Egencia synergies, based on 100% recovery levels. The action you just performed triggered the security solution. investor@amexgbt.com, Internet Explorer presents a security risk. Our differentiated customer value proposition drove further expansion of our industry leadership position. Product and Professional Services Revenue increased 31% in the fourth Because the guidance is forward-looking and reflects numerous estimates and assumptions with respect to future industry performance under various industry scenarios as well as assumptions for competition, general business, economic, market and financial conditions and matters specific to the business of Amex GBT, all of which are difficult to predict and many of which are beyond the control of Amex GBT, actual results may differ materially from the guidance due to a number of factors, including the ultimate inaccuracy of any of the assumptions described above and the risks and other factors discussed in the section entitled Forward-Looking Statements below and the risk factors in the Companys SEC filings. Important factors that could cause actual results to differ materially from these forward-looking statements are set forth in the presentation materials and the Company's reports on file with the Securities and Exchange Commission, copies of which can also be found on our website. In addition, we use certain of these non-GAAP financial measures as performance measures as they are important metrics used by management to evaluate and understand the underlying operations and business trends, forecast future results and determine future capital investment locations. This website is using a security service to protect itself from online attacks. the quarter, a lower rate of increase than both TTV and transaction volume. American Express Global Business Travel Reports 2021 Financial Results We have built the most valuable marketplace in B2B travel to deliver unrivalled choice, value and experiences. billion in total new wins value in 2021, and that represents 10% of 2019 pro forma TTV. of the Securities Exchange Act of 1934, as amended. or a solicitation of any proxy, vote, consent or approval relating to the Business Combination or otherwise in any jurisdiction, nor shall We ended 2021 on a high note despite the Omicron impact in December, American Express Global Business Travel Reports Q4 and Full-Year 2022 Business Travel Management | American Express GBT #TravelReady New ways of working present new opportunities to connect. Definitions of these terms and the most directly comparable GAAP measures and reconciliations for non-GAAP measures We are a leader in providing payment products and services to a broad range of customers, including consumers, small businesses, mid-sized companies and large corporations around the world. This communication contains certain forward-looking statements Concurrently with the closing of the Business Combination, the Company received $365 million in gross proceeds from cash in trust and PIPE investments, including sizable investments by strategic investors Zoom and Sabre, and new investors Apollo, Ares and HG Vora. We enhanced our sustainability features, The Licensed Marks are trademarks or service marks of, and the property of, American Express. subject to a number of factors, risks and uncertainties, some of which are not currently known to APSG and Amex GBT. improves our margins. Over the past twelve months, weve signed $4.2 billion of new wins value and maintained very high customer retention. fluctuate with TTV. A replay . Amex GBT President Drew Crawley took to the stage today at the. in our mix of faster growing and higher margin revenues. Net loss improved $53 million, or 97%, primarily due to a decrease in operating loss and positive fair value movements in earnout and warrant liabilities, partially offset by a lower benefit from income taxes and higher interest expense. Therefore, what you see here only includes about two months of contribution from Egencia. Corporate Travel Management For Business | American Express GBT Important factors that could cause actual results to differ materially from these forward-looking statements are set forth in the presentation materials and the Company's reports on file with the Securities and Exchange Commission, copies of which can also be found on our website. American Express Global Business Travel Reports Q2 2022 Financial Results and Raises Full-Year Guidance. A replay of the event will be available on the website for at least 90 days following the event. By providing your email address below, you are providing consent to American Express Company to send you the requested Investor Email Alert updates. The transaction is expected to close in the first half of 2022, subject to the satisfaction of customary closing conditions. American Express cards issued by American Express as well as by third-party banks and other institutions on the American Express network are accepted at millions of merchants around the world.