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Amex gbt investor presentation - december 2021, quick links.
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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 GBT 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). The Licensed Marks are trademarks or service marks of, and the property of, American Express. American Express holds a minority interest in GBTG, which operates as a separate company from American Express. As such, an investment in GBTG is not an investment in American Express. 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 GBTG.
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Logistics service provider psi group files f-4 on $200m aib acquisition deal, apollo strategic growth capital files investor presentation on amex global business travel deal.
Apollo Strategic Growth Capital in an 8-K filing today included an investor presentation highlighting its proposed merger with American Express Global Business Travel. The deal would result in a publicly-traded company with a pro forma market capitalization of $5.3 billion.
Current AMEX GBT investors are expected to roll their existing equity holdings into the combined company.
The transaction is expected to provide up to approximately $1.2 billion in gross proceeds, comprised of the SPAC’s approximately $817 million of cash in trust and an upsized $335 million fully-committed PIPE. Read more .
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American Express Global Business Travel SPAC deal closes
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- 30 May, 2022
- Author John Baguios
- Theme Healthcare & Pharmaceuticals Real Estate Technology, Media & Telecom Banking Fintech Insurance
American Express Co.'s travel management joint venture, American Express Global Business Travel, will start trading as a public company on the NYSE following the completion of its business combination with special purpose acquisition company Apollo Strategic Growth Capital.
Apollo Strategic Growth Capital shareholders approved the deal May 25, with the transaction closing May 27.
Concurrently with the closing of the business combination, American Express Global Business Travel received proceeds from cash in trust and PIPE investments, including investments by strategic investors Zoom Video Communications Inc. and Sabre Corp. as well as new investors Apollo Global Management Inc., Ares Management Corp. and HG Vora Capital Management LLC.
The class A common stock and warrants of the newly combined company, Global Business Travel Group Inc., will trade on the NYSE under the new ticker symbols GBTG and GBTG WS, respectively, beginning May 31.
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American Express Global Business Travel to Report Second Quarter 2024 Financial Results on August 6, 2024
American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) (“Amex GBT” or the “Company”), a leading software and services company for travel, expense, and meetings & events, today announced that it will report second quarter 2024 financial results on August 6, 2024, before the market opens followed by a live audio webcast at 9:00 a.m. ET. Paul Abbott, Chief Executive Officer, and Karen Williams, Chief Financial Officer, will discuss Amex GBT’s financial performance and business outlook.
The webcast is expected to last approximately one hour and will be accessible by visiting the Investor Relations section of Amex GBT’s website at investors.amexglobalbusinesstravel.com . A replay of the webcast will be available on the website for at least 90 days following the event.
About American Express Global Business Travel
American Express Global Business Travel (Amex GBT) is a leading software and services company for travel, expense, and meetings & events. We have built the most valuable marketplace in travel with the most comprehensive and competitive content. A choice of solutions brought to you through a strong combination of technology and people, delivering the best experiences, proven at scale. With travel professionals and business partners in more than 140 countries, our solutions deliver savings, flexibility, and service from a brand you can trust – Amex GBT.
Visit amexglobalbusinesstravel.com for more information about Amex GBT. Follow @amexgbt on X (formerly known as Twitter), LinkedIn and Instagram.
Media: Martin Ferguson Vice President Global Communications and Public Affairs [email protected] Investors : Jennifer Thorington Vice President Investor Relations [email protected]
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723068078/en/
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American express global business travel reports strong q2 2024 financial results and raises 2024 free cash flow guidance.
NEW YORK, August 06, 2024 --( BUSINESS WIRE )--American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ("Amex GBT" or the "Company"), a leading B2B software and services company for travel, expense, and meetings & events, today announced financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights
Delivered Strong Financial Results
Revenue grew 6% year over year to $625 million.
Adjusted EBITDA grew 20% year over year to $127 million.
Strong Free Cash Flow generation of $49 million, representing growth of 148% year over year.
Controlled Costs & Drove Operating Leverage
2% Adjusted Operating Expense growth versus 6% revenue growth.
Operating leverage drove Adjusted EBITDA margin expansion of 240bps year over year.
Raised Free Cash Flow Guidance
Raised full-year 2024 Free Cash Flow Guidance to >$130 million (up from >$100 million).
Reiterated full-year 2024 revenue and Adjusted EBITDA guidance.
Lowered Interest Costs and Extended Debt Maturities
Lowered leverage ratio to 2.0x from 2.2x in the first quarter and 3.5x a year ago 1 .
July refinancing significantly lowers interest costs, extends maturities on all debt until 2031 and increases liquidity.
Continued Share Gains on a Strong Foundation
LTM Total New Wins Value of $3.3 billion, including $2.0 billion from SME.
97% LTM customer retention rate.
Paul Abbott, Amex GBT’s Chief Executive Officer, stated: "In the second quarter, we delivered strong Adjusted EBITDA growth, significant margin expansion and accelerated Free Cash Flow, and with our recent debt refinancing, we significantly lowered interest costs. We have a solid foundation with increasingly strong customer retention, and we continue to gain share while controlling costs. This puts us well on track to deliver against our full-year revenue and Adjusted EBITDA guidance and raise our full-year Free Cash Flow guidance."
Second Quarter 2024 Financial Summary
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Total Transaction Value (TTV) | $ | 7,724 | $ | 7,349 |
| 5% |
Transaction Growth |
| 4% |
| 9% |
| |
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Revenue | $ | 625 | $ | 592 |
| 6% |
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Total operating expenses | $ | 583 | $ | 590 |
| (1)% |
Adjusted Operating Expenses | $ | 498 | $ | 486 |
| 2% |
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Net income (loss) | $ | 27 | $ | (55) | $ | 82 |
Net income (loss) margin |
| 4% |
| (9)% | 1370bps | |
EBITDA | $ | 79 | $ | 27 |
| 188% |
Adjusted EBITDA | $ | 127 | $ | 106 |
| 20% |
Adjusted EBITDA Margin |
| 20% |
| 18% | 240bps | |
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| |||
Net cash from operating activities | $ | 73 | $ | 46 |
| 57% |
Free Cash Flow | $ | 49 | $ | 19 |
| 148% |
Net Debt | $ | 850 | $ | 1,024 |
| |
Net Debt / LTM Adjusted EBITDA | 2.0x | 3.5x |
|
Second Quarter 2024 Financial Highlights (Changes compared to prior year period unless otherwise noted)
Revenue of $625 million increased $33 million, or 6%. Within this, Travel Revenue increased $27 million, or 6%, primarily due to 4% Transaction Growth and 5% TTV growth. Product and Professional Services Revenue increased $6 million, or 5%, primarily due to increased management fees and increased consulting and other professional services revenues. Revenue Yield of 8.1% was flat year over year.
Total operating expenses of $583 million decreased $7 million, or 1%. Continued investments in technology and content and increased cost of revenue to support Transaction Growth were offset by lower general & administrative and sales & marketing costs due to cost savings initiatives, including productivity improvements driven by artificial intelligence initiatives, in addition to decreased restructuring charges.
Adjusted Operating Expenses of $498 million increased $12 million, or 2%.
Net income was $27 million, an improvement of $82 million versus net loss of $55 million in the same period in 2023, primarily due to improvement in operating leverage from higher revenue, favorable fair value movements on earnout derivative liabilities, lower interest expense and benefit from income taxes.
Adjusted EBITDA of $127 million increased $21 million, or 20%. Revenue growth and operating leverage resulted in Adjusted EBITDA margin expansion of 240bps to 20%.
Net cash from operating activities totaled $73 million, an improvement of $27 million, or 57%, due to favorable net change in working capital, including benefit from the Egencia working capital optimization actions.
Free Cash Flow totaled $49 million, an improvement of $30 million, or 148%, due to the increase in net cash from operating activities and decreased use of cash for the purchase of property and equipment.
Net Debt: As of June 30, 2024, total debt, net of unamortized debt discount and debt issuance cost was $1,365 million, compared to $1,362 million as of December 31, 2023. Net Debt was $850 million as of June 30, 2024, compared to $886 million as of December 31, 2023. Leverage ratio was 2.0x as of June 30, 2024, down from 2.3x as of December 31, 2023. The cash balance was $515 million as of June 30, 2024, compared to $476 million as of December 31, 2023.
Raising Full-Year 2024 Free Cash Flow Guidance
Karen Williams, Amex GBT's Chief Financial Officer, stated: "In the second quarter, we continued to deliver strong Adjusted EBITDA growth with margin expansion and accelerated cash flow generation, all while investing to drive long-term, sustained growth. Our recent debt refinancing further strengthened our financial position, lowered interest costs, extending debt maturities to 2031 and increased liquidity with an upsized revolver. We remain confident that our focus on productivity and margin expansion will drive full-year Adjusted EBITDA growth between 18% and 32%, and expect Free Cash Flow generation in excess of $130 million in 2024."
The guidance below does not incorporate the impact of the previously announced CWT acquisition, which is expected to close in the first quarter of 2025.
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Revenue | $2.43B – $2.50B | + 6% – 9% |
Adjusted EBITDA | $450M – $500M | + 18% – 32% |
Adjusted EBITDA Margin | 18% – 20% | + ~150bps – 350bps |
Free Cash Flow | >$130M |
Please refer to the section below titled "Reconciliation of Full-Year 2024 Adjusted EBITDA and Free Cash Flow Guidance" for a description of certain assumptions and risks associated with this guidance and reconciliation to GAAP.
Webcast Information
Amex GBT will host its second quarter 2024 investor conference call today at 9:00 a.m. E.T. The live webcast and accompanying slide presentation can be accessed on the Amex GBT Investor Relations website at investors.amexglobalbusinesstravel.com . A replay of the event will be available on the website for at least 90 days following the event.
Glossary of Terms
See the "Glossary of Terms" for the definitions of certain terms used within this press release.
Non-GAAP Financial Measures
The Company refers to certain financial measures that are not recognized under GAAP in this press release, including EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Expenses, Free Cash Flow and Net Debt. See "Non-GAAP Financial Measures" below for an explanation of these non-GAAP financial measures and "Tabular Reconciliations for Non-GAAP Financial Measures" below for reconciliations of the non-GAAP financial measures to the comparable GAAP measures.
About American Express Global Business Travel
American Express Global Business Travel (Amex GBT) is the world’s leading B2B travel platform, providing software and services to manage travel, expenses, and meetings & events for companies of all sizes. We have built the most valuable marketplace in B2B travel to deliver unrivalled choice, value and experiences. With travel professionals and business partners in more than 140 countries, our solutions deliver savings, flexibility, and service from a brand you can trust – Amex GBT.
Visit amexglobalbusinesstravel.com for more information about Amex GBT. Follow @amexgbt on X (formerly known as Twitter), LinkedIn and Instagram.
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Revenue |
| $ | 625 |
|
| $ | 592 |
|
Costs and expenses: |
|
|
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| ||||
Cost of revenue (excluding depreciation and amortization shown separately below) |
|
| 247 |
|
|
| 243 |
|
Sales and marketing |
|
| 99 |
|
|
| 102 |
|
Technology and content |
|
| 112 |
|
|
| 103 |
|
General and administrative |
|
| 80 |
|
|
| 86 |
|
Restructuring and other exit (reversals) charges |
|
| (3 | ) |
|
| 7 |
|
Depreciation and amortization |
|
| 48 |
|
|
| 49 |
|
Total operating expenses |
|
| 583 |
|
|
| 590 |
|
Operating income |
|
| 42 |
|
|
| 2 |
|
Interest income |
|
| 2 |
|
|
| — |
|
Interest expense |
|
| (32 | ) |
|
| (35 | ) |
Fair value movement on earnout derivative liabilities |
|
| (10 | ) |
|
| (19 | ) |
Other loss |
|
| (1 | ) |
|
| (5 | ) |
Income (loss) before income taxes |
|
| 1 |
|
|
| (57 | ) |
Benefit from income taxes |
|
| 26 |
|
|
| 2 |
|
Net income (loss) |
|
| 27 |
|
|
| (55 | ) |
Less: net income (loss) attributable to non-controlling interests in subsidiaries |
|
| 1 |
|
|
| (41 | ) |
Net income (loss) attributable to the Company’s Class A common stockholders |
| $ | 26 |
|
| $ | (14 | ) |
Basic income (loss) per share attributable to the Company’s Class A common stockholders |
| $ | 0.06 |
|
| $ | (0.23 | ) |
Weighted average number of shares outstanding - Basic |
|
| 464,602,244 |
|
|
| 61,852,280 |
|
Diluted income (loss) per share attributable to the Company’s Class A common stockholders |
| $ | 0.06 |
|
| $ | (0.23 | ) |
Weighted average number of shares outstanding - Diluted |
|
| 470,655,337 |
|
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| 61,852,280 |
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Current assets: |
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Cash and cash equivalents |
| $ | 515 |
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| $ | 476 |
|
Accounts receivable (net of allowance for credit losses of $13 and $12 as of June 30, 2024 and December 31, 2023, respectively) |
|
| 712 |
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| 726 |
|
Due from affiliates |
|
| 50 |
|
|
| 42 |
|
Prepaid expenses and other current assets |
|
| 171 |
|
|
| 116 |
|
Total current assets |
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| 1,448 |
|
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| 1,360 |
|
Property and equipment, net |
|
| 231 |
|
|
| 232 |
|
Equity method investments |
|
| 13 |
|
|
| 14 |
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Goodwill |
|
| 1,207 |
|
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| 1,212 |
|
Other intangible assets, net |
|
| 505 |
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| 552 |
|
Operating lease right-of-use assets |
|
| 49 |
|
|
| 50 |
|
Deferred tax assets |
|
| 268 |
|
|
| 281 |
|
Other non-current assets |
|
| 61 |
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| 50 |
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| ||||
Current liabilities: |
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Accounts payable |
| $ | 333 |
|
| $ | 302 |
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Due to affiliates |
|
| 46 |
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|
| 39 |
|
Accrued expenses and other current liabilities |
|
| 479 |
|
|
| 466 |
|
Current portion of operating lease liabilities |
|
| 14 |
|
|
| 17 |
|
Current portion of long-term debt |
|
| 7 |
|
|
| 7 |
|
Total current liabilities |
|
| 879 |
|
|
| 831 |
|
Long-term debt, net of unamortized debt discount and debt issuance costs |
|
| 1,358 |
|
|
| 1,355 |
|
Deferred tax liabilities |
|
| 5 |
|
|
| 5 |
|
Pension liabilities |
|
| 168 |
|
|
| 183 |
|
Long-term operating lease liabilities |
|
| 52 |
|
|
| 55 |
|
Earnout derivative liabilities |
|
| 69 |
|
|
| 77 |
|
Other non-current liabilities |
|
| 33 |
|
|
| 33 |
|
Total liabilities |
|
| 2,564 |
|
|
| 2,539 |
|
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Shareholders’ equity: |
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Class A common stock (par value $0.0001; 3,000,000,000 shares authorized; 472,863,167 shares and 467,092,817 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively) |
|
| — |
|
|
| — |
|
Additional paid-in capital |
|
| 2,772 |
|
|
| 2,748 |
|
Accumulated deficit |
|
| (1,430 | ) |
|
| (1,437 | ) |
Accumulated other comprehensive loss |
|
| (128 | ) |
|
| (103 | ) |
Total equity of the Company’s shareholders |
|
| 1,214 |
|
|
| 1,208 |
|
Equity attributable to non-controlling interest in subsidiaries |
|
| 4 |
|
|
| 4 |
|
Total shareholders’ equity |
|
| 1,218 |
|
|
| 1,212 |
|
|
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| | ||||||
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| ||||
|
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Net income (loss) |
| $ | 8 |
|
| $ | (82 | ) |
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities: |
|
|
|
| ||||
Depreciation and amortization |
|
| 95 |
|
|
| 95 |
|
Deferred tax charge (benefit) |
|
| 12 |
|
|
| (13 | ) |
Equity-based compensation |
|
| 38 |
|
|
| 41 |
|
Allowance for credit losses |
|
| 4 |
|
|
| 7 |
|
Fair value movement on earnout derivative liabilities |
|
| (8 | ) |
|
| 16 |
|
Other |
|
| (5 | ) |
|
| 5 |
|
Changes in working capital: |
|
|
|
| ||||
Accounts receivable |
|
| (10 | ) |
|
| (193 | ) |
Prepaid expenses and other current assets |
|
| (66 | ) |
|
| (36 | ) |
Due from affiliates |
|
| (10 | ) |
|
| — |
|
Due to affiliates |
|
| 7 |
|
|
| 8 |
|
Accounts payable, accrued expenses and other current liabilities |
|
| 71 |
|
|
| 135 |
|
Defined benefit pension funding |
|
| (14 | ) |
|
| (14 | ) |
Net cash from (used in) operating activities |
|
| 122 |
|
|
| (31 | ) |
|
|
|
|
| ||||
Purchase of property and equipment |
|
| (49 | ) |
|
| (59 | ) |
Other |
|
| 5 |
|
|
| (5 | ) |
Net cash used in investing activities |
|
| (44 | ) |
|
| (64 | ) |
|
|
|
|
| ||||
Proceeds from senior secured term loans |
|
| — |
|
|
| 131 |
|
Repayment of senior secured term loans |
|
| (1 | ) |
|
| (1 | ) |
Contributions for ESPP and proceeds from exercise of stock options |
|
| 5 |
|
|
| 2 |
|
Payment of taxes withheld on vesting of equity awards |
|
| (19 | ) |
|
| (8 | ) |
Repayment of other debt and finance lease obligations |
|
| (1 | ) |
|
| (2 | ) |
Payment of debt financing costs |
|
| — |
|
|
| (2 | ) |
Other |
|
| (1 | ) |
|
| 3 |
|
Net cash (used in) from financing activities |
|
| (17 | ) |
|
| 123 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
| (9 | ) |
|
| 4 |
|
Net increase in cash, cash equivalents and restricted cash |
|
| 52 |
|
|
| 32 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
| 489 |
|
|
| 316 |
|
Cash, cash equivalents and restricted cash, end of period |
| $ | 541 |
|
| $ | 348 |
|
Supplemental cash flow information: |
|
|
|
| ||||
Cash paid for income taxes, net |
| $ | 1 |
|
| $ | — |
|
Cash paid for interest (net of interest received) |
| $ | 65 |
|
| $ | 70 |
|
Non-cash additions for operating lease right-of-use assets |
| $ | 7 |
|
| $ | 5 |
|
Non-cash additions for finance lease |
| $ | 2 |
|
| $ | 3 |
|
Issuance of shares to settle liability |
| $ | — |
|
| $ | 4 |
|
B2B refers to business-to-business.
Customer retention rate is calculated based on Total Transaction Value (TTV).
CWT refers to CWT Holdings, LLC.
LTM refers to the last twelve months ended June 30, 2024.
Revenue Yield is calculated as total revenue divided by Total Transaction Value (TTV) for the same period.
SME refers to clients Amex GBT considers small-to-medium-sized enterprises, which Amex GBT generally defines as having an expected annual TTV of less than $30 million. This criterion can vary by country and customer needs and Amex GBT does not have products or services that are offered solely to one size customer or another.
Total New Wins Value is calculated using expected annual average Total Transaction Value (TTV) over the contract term from all new client wins over the last twelve months.
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.
Transaction Growth represents year-over-year increase or decrease as a percentage of the total transactions, including air, hotel, car rental, rail or other travel-related transactions, recorded at the time of booking, and is calculated on a net basis to exclude cancellations, refunds and exchanges. To calculate year-over-year growth or decline, we compare 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. For the six months ended June 30, 2024, we have presented Transaction Growth on a net basis to exclude cancellations, refunds and exchanges as management believes this better aligns Transaction Growth with the way we measure TTV and earn revenue. Prior period Transaction Growth percentages have been recalculated and represented to conform to current period presentation.
We report our financial results in accordance with GAAP. Our non-GAAP financial measures are provided in addition, and should not be considered as an alternative, to other performance or liquidity measures derived in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and you should not consider them either in isolation or as a substitute for analyzing our results as reported under GAAP. 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.
Management believes that these non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance or liquidity across periods. 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 allocations. We also use certain of our non-GAAP financial measures as indicators of our ability to generate cash to meet our liquidity needs and to assist our management in evaluating our financial flexibility, capital structure and leverage. These non-GAAP financial measures supplement comparable GAAP measures in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and/or to compare our performance and liquidity against that of other peer companies using similar measures.
We define EBITDA as net income (loss) before interest income, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes and depreciation and amortization.
We define Adjusted EBITDA as net income (loss) before interest income, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes and depreciation and amortization and as further adjusted to exclude costs that management believes are non-core to the underlying business of the Company, consisting of restructuring, exit and related charges, integration costs, costs related to mergers and acquisitions, non-cash equity-based compensation and related employer taxes, long-term incentive plan costs, certain corporate costs, fair value movements on earnout derivative liabilities, foreign currency gains (losses), non-service components of net periodic pension benefit (costs) and gains (losses) on disposal of businesses.
We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.
We define Adjusted Operating Expenses as total operating expenses excluding depreciation and amortization and costs that management believes are non-core to the underlying business of the Company, consisting of restructuring, exit and related charges, integration costs, costs related to mergers and acquisitions, non-cash equity-based compensation and related employer taxes, long-term incentive plan costs and certain corporate costs.
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses are supplemental non-GAAP financial measures of operating performance that do not represent and should not be considered as alternatives to net income (loss) or total operating expenses, as determined under GAAP. In addition, these measures may not be comparable to similarly titled measures used by other companies.
These non-GAAP measures have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of the Company’s results or expenses as reported under GAAP. Some of these limitations are that these measures do not reflect:
changes in, or cash requirements for, our working capital needs or contractual commitments;
our interest expense, or the cash requirements to service interest or principal payments on our indebtedness;
our tax expense, or the cash requirements to pay our taxes;
recurring, non-cash expenses of depreciation and amortization of property and equipment and definite-lived intangible assets and, although these are non-cash expenses, the assets being depreciated and amortized may have to be replaced in the future;
the non-cash expense of stock-based compensation, which has been, and will continue to be for the foreseeable future, an important part of how we attract and retain our employees and a significant recurring expense in our business;
restructuring, mergers and acquisition and integration costs, all of which are intrinsic of our acquisitive business model; and
impact on earnings or changes resulting from matters that are non-core to our underlying business, as we believe they are not indicative of our underlying operations.
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses should not be considered as a measure of liquidity or as a measure determining discretionary cash available to us to reinvest in the growth of our business or as measures of cash that will be available to us to meet our obligations.
We believe that the adjustments applied in presenting EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses are appropriate to provide additional information to investors about certain material non-cash and other items that management believes are non-core to our underlying business.
We use these 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 allocations. These non-GAAP measures supplement comparable GAAP measures in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. We also believe that EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses are helpful supplemental measures to assist potential investors and analysts in evaluating our operating results across reporting periods on a consistent basis.
We define Free Cash Flow as net cash from (used in) operating activities, less cash used for additions to property and equipment.
We believe Free Cash Flow is an important measure of our liquidity. This measure is a useful indicator of our ability to generate cash to meet our liquidity demands. We use this measure to conduct and evaluate our operating liquidity. We believe it typically presents an alternate measure of cash flow since purchases of property and equipment are a necessary component of our ongoing operations and it provides useful information regarding how cash provided by operating activities compares to the property and equipment investments required to maintain and grow our platform. We believe Free Cash Flow provides investors with an understanding of how assets are performing and measures management’s effectiveness in managing cash.
Free Cash Flow is a non-GAAP measure and may not be comparable to similarly named measures used by other companies. 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. This measure should not be considered as a measure of liquidity or cash flow from operations as determined under GAAP. This measure is not a measurement of our financial performance under GAAP and should not be considered in isolation or as an alternative to net income (loss) or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of liquidity.
We define Net Debt as total debt outstanding consisting of the current and non-current portion of long-term debt, net of unamortized debt discount and unamortized debt issuance costs, minus cash and cash equivalents. Net Debt is a non-GAAP measure and may not be comparable to similarly named measures used by other companies. This measure is not a measurement of our indebtedness as determined under GAAP and should not be considered in isolation or as an alternative to assess our total debt or any other measures derived in accordance with GAAP or as an alternative to total debt. Management uses Net Debt to review our overall liquidity, financial flexibility, capital structure and leverage. Further, we believe that certain debt rating agencies, creditors and credit analysts monitor our Net Debt as part of their assessment of our business.
Tabular Reconciliations for Non-GAAP Measures
Reconciliation of net income (loss) to EBITDA and Adjusted EBITDA:
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Interest income |
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| (2 | ) |
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| — |
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Interest expense |
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| 32 |
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| 35 |
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(Benefit from) provision for income taxes |
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| (26 | ) |
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| (2 | ) |
Depreciation and amortization |
|
| 48 |
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| 49 |
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Restructuring, exit and related (reversals) charges |
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| (3 | ) |
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| 13 |
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Integration costs |
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| 7 |
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| 10 |
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Mergers and acquisitions |
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| 6 |
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| — |
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Equity-based compensation and related employer taxes |
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| 20 |
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| 22 |
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Fair value movement on earnout derivative liabilities |
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| 10 |
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| 19 |
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Other adjustments, net |
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| 8 |
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| 15 |
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Reconciliation of total operating expenses to Adjusted Operating Expenses:
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Adjustments: |
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Depreciation and amortization |
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| (48 | ) |
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| (49 | ) |
Restructuring, exit and related reversals (charges) |
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| 3 |
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| (13 | ) |
Integration costs |
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| (7 | ) |
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| (10 | ) |
Mergers and acquisitions |
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| (6 | ) |
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| — |
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Equity-based compensation and related employer taxes |
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| (20 | ) |
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| (22 | ) |
Other adjustments, net |
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| (7 | ) |
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| (10 | ) |
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a) | Includes (i) employee severance (reversals)/costs of $(3) million and $5 million for the three months ended June 30, 2024 and 2023, respectively, (ii) accelerated amortization of operating lease ROU assets of $6 million for the three months ended June 30, 2023 and (iii) contract costs related to facility abandonment of $2 million for the three months ended June 30, 2023. | |
b) | Represents expenses related to the integration of businesses acquired. | |
c) | Represents expenses related to business acquisitions, including potential business acquisitions, and includes pre-acquisition due diligence and related activities costs. | |
d) | Represents non-cash equity-based compensation expense and employer taxes paid related to equity incentive awards to certain employees. | |
e) | Represents fair value movements on earnout derivative liabilities during the periods. | |
f) | Adjusted Operating Expenses excludes (i) long-term incentive plan expense of $3 million and $5 million for the three months ended June 30, 2024 and 2023, respectively, and (ii) legal and professional services costs of $4 million and $5 million for the three months ended June 30, 2024 and 2023, respectively. Adjusted EBITDA additionally excludes (i) unrealized foreign exchange (gains) loss of $(1) million and $4 million for the three months ended June 30, 2024 and 2023, respectively, and (ii) non-service component of our net periodic pension cost related to our defined benefit pension plans of $2 million and $1 million for the three months ended June 30, 2024 and 2023, respectively. |
Reconciliation of net cash from operating activities to Free Cash Flow:
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($ in millions) |
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Less: Purchase of property and equipment |
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| (24 | ) |
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| (27 | ) |
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Reconciliation of Net Debt:
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Current portion of long-term debt |
| $ | 7 |
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| $ | 7 |
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| $ | 6 |
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Long-term debt, net of unamortized debt discount and debt issuance costs |
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| 1,358 |
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| 1,355 |
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| 1,353 |
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Total debt, net of unamortized debt discount and debt issuance costs |
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| 1,365 |
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| 1,362 |
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| 1,359 |
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Less: Cash and cash equivalents |
|
| (515 | ) |
|
| (476 | ) |
|
| (335 | ) |
Net Debt |
| $ | 850 |
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| $ | 886 |
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| $ | 1,024 |
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LTM Adjusted EBITDA |
| $ | 425 |
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| $ | 380 |
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| $ | 289 |
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Net Debt / LTM Adjusted EBITDA |
| 2.0x |
| 2.3x |
| 3.5x |
Reconciliation of Full-Year 2024 Adjusted EBITDA and Free Cash Flow Guidance
The Company’s full-year 2024 guidance considers various material assumptions. Because the guidance is forward-looking and reflects numerous estimates and assumptions with respect to future industry performance under various 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 Company’s SEC filings.
The guidance below does not incorporate the impact of the CWT acquisition, which is expected to close in the first quarter of 2025.
Adjusted EBITDA guidance for the year ending December 31, 2024 consists of expected net loss for the year ending December 31, 2024, adjusted for: (i) interest expense of approximately $120 million; (ii) loss on extinguishment of debt of approximately $40 million; (iii) income taxes of approximately $60-70 million; (iv) depreciation and amortization of property and equipment of approximately $180-185 million; (v) restructuring costs of approximately $25-30 million; (vi) integration expenses and costs related to mergers and acquisitions of approximately $60-65 million; (vii) non-cash equity-based compensation of approximately $80-85 million, and; (viii) other adjustments, including long-term incentive plan costs, legal and professional services costs, non-service component of our net periodic pension benefit (cost) related to our defined benefit pension plans and foreign exchange gains and losses of approximately $10-20 million. We are unable to reconcile Adjusted EBITDA to net income (loss) determined under U.S. GAAP due to the unavailability of information required to reasonably predict certain reconciling items such as impairment of long-lived assets and right-of-use assets and fair value movement on earnout derivative liabilities and the related tax impact of these adjustments. The exact amount of these adjustments is not currently determinable but may be significant.
Free Cash Flow guidance for the year ending December 31, 2024 consists of expected net cash from operating activities of greater than $250-280 million less purchase of property and equipment of approximately $120-130 million.
Forward-Looking Statements
This release contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our financial position, business strategy, the plans and objectives of management for future operations and full-year guidance. These statements constitute projections, forecasts and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this release are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following risks, uncertainties and other factors: (1) changes to projected financial information or our ability to achieve our anticipated growth rate and execute on industry opportunities; (2) our ability to maintain our existing relationships with customers and suppliers and to compete with existing and new competitors; (3) various conflicts of interest that could arise among us, affiliates and investors; (4) our success in retaining or recruiting, or changes required in, our officers, key employees or directors; (5) factors relating to our business, operations and financial performance, including market conditions and global and economic factors beyond our control; (6) the impact of geopolitical conflicts, including the war in Ukraine and the conflicts in the Middle East, as well as related changes in base interest rates, inflation and significant market volatility on our business, the travel industry, travel trends and the global economy generally; (7) the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; (8) the effect of a prolonged or substantial decrease in global travel on the global travel industry; (9) political, social and macroeconomic conditions (including the widespread adoption of teleconference and virtual meeting technologies which could reduce the number of in-person business meetings and demand for travel and our services); (10) the effect of legal, tax and regulatory changes; (11) our ability to complete any potential acquisition in a timely manner or at all; (12) our ability to recognize the anticipated benefits of any future acquisition, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (13) risks related to, or unexpected liabilities that arise in connection with, any future acquisition or the integration of any acquisition; and (14) other risks and uncertainties described in the Company’s Form 10-K, filed with the SEC on March 13, 2024, and in the Company’s other SEC filings. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
An investment in Global Business Travel Group, Inc. is not an investment in American Express. 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.
_________________ 1 Leverage ratio is calculated as Net Debt / LTM Adjusted EBITDA and is different than leverage ratio defined in our amended and restated senior secured credit agreement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806574977/en/
Media: Martin Ferguson Vice President Global Communications and Public Affairs [email protected]
Investors: Jennifer Thorington Vice President Investor Relations [email protected]
This presentation contains certain forward-looking statements that are subject to risks and uncertainties and speak only as of the date on which they are made. 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.
Investor Relations News Details
American express executives to participate in upcoming investor conferences.
NEW YORK--(BUSINESS WIRE)-- American Express Company (NYSE: AXP) today announced its participation in upcoming investor conferences.
On Wednesday, September 4, 2024, Anna Marrs, Group President, Global Commercial Services and Credit & Fraud Risk, will participate in a fireside chat at the 25 th Annual Scotiabank Financials Summit. Ms. Marrs will address questions relating to the commercial payments landscape and the company’s commercial business, beginning at 11:50 a.m. ET.
On Wednesday, September 11, 2024, Christophe Le Caillec, Chief Financial Officer, will participate in the Barclays Global Financial Services Conference. Mr. Le Caillec will address questions relating to the company’s business strategy and financial performance beginning at 9:00 a.m. ET.
Live audio webcasts of both events will be accessible to the general public through the American Express Investor Relations website at http://ir.americanexpress.com . An audio replay of each presentation will be available after each event at the same website address.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress , instagram.com/americanexpress , linkedin.com/company/american-express , X.com/americanexpress , and youtube.com/americanexpress .
Key links to products, services and corporate sustainability information: personal cards , business cards and services , travel services , gift cards , prepaid cards , merchant services , Business Blueprint , Resy , corporate card , business travel , diversity and inclusion , corporate sustainability and Environmental, Social, and Governance reports .
The above-referenced discussions may include forward-looking statements that are subject to risks and uncertainties and speak only as of the date on which they are made. Important factors that could cause actual results to differ materially are set forth in the company’s filings with the U.S. Securities and Exchange Commission.
Source: American Express Company
Location: Global
Media: Giovanna Falbo, [email protected] , +1.212.640.0327 Melanie Backs, [email protected] , +1.212.225.2164 Investors/Analysts: Kartik Ramachandran, [email protected] , +1.212.640.5574 Kristy Ashmawy, [email protected] , +1.212.640.5574
American Express
200 Vesey Street New York, NY 10285 (212) 640-2000
Investor Relations
(212) 640-5574 [email protected]
Transfer Agent
Computershare P.O. BOX 43006 Providence, RI 02940-3006 United States 1-800-463-5911 computershare.com/investor
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IMAGES
COMMENTS
American Express Global Business Travel (Amex GBT) is the world's leading B2B travel platform, providing software and services to manage travel, expenses, and meetings & events for companies of all sizes. We have built the most valuable marketplace in B2B travel to deliver unrivalled choice, value and experiences. With travel professionals ...
Amex GBT Q2 2024 Earnings Call. Webcast. Press Release. Presentation. Transcript. 05/07/2024 09:00 ET. First Quarter 2024 Earnings Report. Webcast. 03/25/2024 08:30 ET.
Barry Sievert: Welcome to the American Express Global Business Travel and Apollo Strategic Growth Capital investor webcast to discuss the proposed business combination. Upon closing of the transaction, the combined company will become known as Global Business Travel Group. The investor presentation was filed as part of APSG's Form 8-K
Fourth Quarter 2021 Financial Highlights1. TTV increased $2,293 million, or 488%, and total revenue increased $156 million, or 119%, versus the same period in 2020. Within this, Travel Revenue increased $132 million, or 244%, due to Transactions Growth driven by the recovery in travel from the COVID-19 pandemic, partially offset by lower yield.
American Express Global Business Travel and Apollo Strategic Growth Capital to combine at pro forma market capitalization of $5.3 billion ... The investor presentation will also be filed with the Securities and Exchange Commission ("SEC") by APSG as an exhibit to a Current Report on Form 8-K which can be viewed on the SEC's website at www ...
Amex GBT will host its first quarter 2023 investor conference call today at 9:00 a.m. E.T. The live webcast and accompanying slide presentation can be accessed on the Amex GBT Investor Relations website at ... American Express Global Business Travel is the world's leading B2B travel platform, providing software ...
NEW YORK, March 05, 2024--American Express Global Business Travel Reports Strong Fourth Quarter and Full-Year 2023 Financial Results; Introduces 2024 Outlook
Barry Sievert, VP of IR: Hello and welcome to the American Express Global Business Travel first quarter 2022 earnings conference call. Slide 2: Legal Disclaimer This morning we issued an earnings press release, which is available on our website at investors.amexglobalbusinesstravel.com. A slide presentation, which accompanies today's
NEW YORK, May 07, 2024--(BUSINESS WIRE)--American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ("Amex GBT" or the "Company"), a leading B2B ...
History of American Express Global Business Travel 2020 2019 2018 2017 2016 2015 2014 2021 1915 2014 Amex separates its Global Business Travel division into a joint venture with an investor group led by Certares ; GBT enters into trademark license agreement, which grants license to use the Amex brand name 2015 GBT develops product and ...
NEW YORK, August 10, 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 world ...
Amex GBT Investor Presentation - March 2022 ... March 7, 2022. View this Presentation PDF Format Download (opens in new window) PDF 1.59 MB Listen to this ... in the "American Express Global Business Travel" and "American Express GBT Meetings & Events" brands and in connection with its business for permitted uses only under a limited ...
Amex GBT Investor Presentation - December 2021. 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 GBT Meetings & Events" brands and in connection with its ...
Apollo Strategic Growth Capital in an 8-K filing today included an investor presentation highlighting its proposed merger with American Express Global Business Travel. The deal would result in a publicly-traded company with a pro forma market capitalization of $5.3 billion. Current AMEX GBT investors are expected to roll their existing equity holdings into the combined
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. Our integrated payments platform includes card-issuing, merchant-acquiring and card network businesses. We are a leader in providing payment products and ...
American Express retains 50% stake in the joint venture; commits to long-term stake in business travel The Carlyle Group's long-duration private equity platform, Carlyle Global Partners, and GIC join investor consortium Certares commits to American Express Global Business Travel; Founder and Senior Managing Director Greg O'Hara continues as Board Executive Chairman American Express Global ...
Apollo Strategic Growth Capital shareholders approved the deal May 25, with the transaction closing May 27. Concurrently with the closing of the business combination, American Express Global Business Travel received proceeds from cash in trust and PIPE investments, including investments by strategic investors Zoom Video Communications Inc. and ...
American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ("Amex GBT" or the "Company"), a leading software and services company for ...
About Carlyle. The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $222 billion of assets under management as of September 30, 2019, Carlyle's purpose is to invest ...
NEW YORK, August 06, 2024--American Express Global Business Travel Reports Strong Q2 2024 Financial Results and Raises 2024 Free Cash Flow Guidance
The decline was primarily driven by a non-cash gain related to an increase in American Express Global Business Travel's total equity book value. Notes: 1 Diluted earnings per common ... Live audio and presentation slides for the investor conference call will be available to the general public on the above-mentioned American Express Investor ...
A slide presentation, which accompanies today's prepared remarks, is also available on the Amex GBT Investor Relations web page. ... American Express Global Business Travel with the acquisitions of Ovation Travel Group and Egencia and the launch of new, innovative travel and expense software solutions. ...
Global Business Travel Group, Inc. (NYSE:GBTG) Q2 2024 Earnings Conference Call August 6, 2024 9:00 AM ET Company Participants Jennifer Thorington - Vice President-Investor Relations
London, UK - 17 June 2024 - American Express Global Business Travel (Amex GBT), a leading software and services company for travel and expense, has published its 2023 environmental, social and governance (ESG) report. The report showcases the milestones and achievements across sustainability, diversity, equity and inclusion (DE&I), social impact and governance.
American Express Company (NYSE: AXP) today announced its participation in upcoming investor conferences. On Wednesday, September 4, 2024, Anna Marrs, Group President, Global Commercial Services and Credit Fraud Risk, will participate in a fireside chat at the 25 th Annual Scotiabank Financials Summit. Ms. Marrs will address questions relating to the commercial payments landscape and the ...