Business Travel Recovery Well Underway and
Gaining Momentum
2021 Highlights
Financial Results Well Above Forecast
- Full year 2021 revenue, net loss and Adjusted EBITDA, which
include 2 months of Egencia ownership, totaled $763 million, ($474)
million and ($340) million, respectively.1
- Full year 2021 revenue, net loss and Adjusted EBITDA, pro forma
for 12 months of Egencia ownership, totaled $889 million, ($700)
million and ($520) million, respectively. Pro forma revenue and
Adjusted EBITDA exceeded the forecast provided in Apollo Strategic
Growth Capital’s Registration Statement2 by $61 million and $37
million, respectively.
Corporate Travel Recovery Accelerating
- Transaction recovery in the last week of February 2022 reached
51% of 2019 levels, a 23 percentage point improvement versus
mid-January, due to strong recovery from Omicron.
- Total Transaction Value (TTV)3 in the last week of February
2022 reached 45% of 2019 levels, which compares to a projected 49%
for the full year 2022 previously disclosed in the Registration
Statement2.
Egencia Synergies & Accelerated Small and Medium Enterprise
(“SME”)4 Growth
- Completed the acquisition of Egencia, the leading B2B5 travel
software platform, from Expedia. On track to achieve $109 million
in total synergies, including $25 million in synergies in 2022, in
line with expectations.
- Accelerated SME growth with recovery trends that have been 5-10
percentage points6 higher than Global Multinational Enterprises and
2021 SME new wins value7 representing 14% of 2019 pro forma SME
TTV8.
Strengthened Customer Value
- In 2021, delivered $3.7 billion in total new wins value7, which
represents 10% of 2019 pro forma TTV8, 95% customer retention9, 92%
customer satisfaction9, and major wins including Hewlett Packard
Enterprise, Standard Chartered and Palo Alto Networks. New wins
year-to-date in 2022 include Raytheon Technologies and Ferrero
Group.
- Accelerated technology investments in leading travel and
expense software, Neo, including 500 new features and the
introduction of our Neo1 proprietary expense management platform in
the US.
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.
“2021 was a transformational year for Amex GBT with the
acquisitions of Ovation Travel Group and Egencia and the launch of
new, innovative travel and expense software solutions. We welcomed
Expedia as a new investor and secured investment commitments from
Sabre, Zoom and Apollo as part of our pending business combination
with Apollo Strategic Growth Capital and upsized, oversubscribed
PIPE10. We enter 2022 with the leading value proposition in each of
the customer segments we serve, strengthened relationships with our
customers and new sales momentum,” said Paul Abbott, Amex GBT’s
Chief Executive Officer.
“We ended 2021 on a high note despite the Omicron impact in
December, with financial results for the full year well ahead of
our Adjusted EBITDA forecast driven by a 119% increase in fourth
quarter revenue and efficiencies from continued cost discipline. We
believe the business travel recovery is well underway and is
gaining momentum with transactions reaching 51% of 2019 levels in
the last week of February 2022. We doubled our SME footprint,
making nearly half our revenues attributable to the industry’s
largest, fastest growing and most profitable customer segment, and
are well on track to deliver Egencia synergies that further
strengthen our future earnings power. Our investments in unrivaled
value, choice and experiences for customers resulted in strong
sales momentum that will sustain strong growth.
“Looking ahead, Amex GBT is uniquely positioned to lead and
benefit from the industry’s continued recovery and long-term
growth. We expect our pending business combination with Apollo
Strategic Growth Capital to provide access to the capital required
to continue to innovate and grow.”
Fourth Quarter and Full Year 2021 Financial Summary1
(in millions, except percentages; 2021
amounts are preliminary and unaudited)
Three Months Ended
% Change
Year Ended
% Change
December 31,
December 31,
2021
2020
2021
2020
Total Transaction Value (TTV)
$2,763
$470
488%
$6,799
$5,941
14%
Transaction Growth (Decline)11
348%
(87%)
6%
(71%)
Revenue
$287
$131
119%
$763
$793
(4%)
Travel Revenue
$186
$54
244%
$446
$468
(5%)
Product & Professional Services
Revenue
$101
$77
31%
$317
$325
(2%)
Net loss
($199)
($261)
NM
($474)
($619)
NM
Adjusted EBITDA12
($101)
($138)
NM
($340)
($363)
NM
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. Product and
Professional Services Revenue increased $24 million, or 31%,
primarily due to increased management fees, product revenue and
meetings and events revenue as COVID-19 restrictions were
relaxed.
- Net loss improved $62 million, primarily due to increased
revenue and a decline in restructuring charges related to cost
savings initiatives implemented in 2020, partially offset by
increased operating expenses and loss on early extinguishment of
debt related to the Company’s December 2021 refinancing.
- Adjusted EBITDA improved $37 million, primarily due to revenue
growth partially offset by increased cost of revenue to support the
rise in the volume of transactions, higher general and
administrative costs, increased technology and content investments
and higher sales and marketing investments.
- All financial metrics presented were also impacted by the
acquisition of Egencia on November 1, 2021 and therefore include
approximately two months of revenue and earnings (losses)
associated with Egencia.
Full Year 2021 Financial Highlights1
- TTV increased $858 million, or 14%, and total revenue decreased
$30 million, or 4%, versus 2020. Within this, Travel Revenue
decreased $22 million, or 5%, due to lower yield. This was
partially offset by Transaction Growth driven by stronger travel
volumes as the travel industry strengthened in the second half of
2021. Product & Professional Services Revenue decreased $8
million, or 2%, versus 2020 due to a decline in management fees and
meetings & events revenues in the first half of the year due to
the onset of travel restrictions in March 2020, offset by an
increase in the revenues in the second half of the year driven by
the recovery in travel.
- Net loss improved $145 million, primarily due to decreased
operating costs including a decline in restructuring charges
related to cost savings initiatives implemented in 2020, partially
offset by lower revenue, loss on early extinguishment of debt
related to the Company’s December 2021 refinancing and increased
interest expense.
- Adjusted EBITDA increased by $23 million, primarily due to
lower cost of revenues and lower technology and content expenses
resulting from cost savings initiatives implemented in 2020,
partially offset by the decline in revenue and higher general and
administrative costs.
- All financial metrics presented were also impacted by the
acquisition of Egencia on November 1, 2021 and therefore include
two months of revenue and earnings (losses) associated with
Egencia.
Pro Forma Full Year 2021 Financial Summary
Full year 2021 financial results above include two months of
revenue and earnings (losses) from Egencia, which was acquired on
November 1, 2021. The following table presents full year 2021
financial results pro forma for ownership of Egencia for the full
year. These pro forma results are directly comparable to the
forecast provided in the Registration Statement.
Year Ended Dec. 31,
2021
(in millions, except percentages; 2021 amounts are preliminary and
unaudited)
Pro Forma (incl. full year of
Egencia)
Registration Statement
Variance
Total Transactions Value (TTV)
$7,969
$7,600
$369
Revenue
$889
$828
$61
Net loss
($700)
n/a
n/a
Adjusted EBITDA
($520)
($557)
$37
2021 Technology Highlights
- Accelerated technology investments in leading digital and
e-commerce solutions, including expanded mobile and chat
capabilities with the integration of WhatsApp and Google Chat.
- Expanded sustainability features and comprehensive content for
customers, including new NDC13 content.
- Introduced over 500 new Travel and Expense features to Neo,
Amex GBT’s proprietary Travel & Expense software platform,
resulting in new enterprise customer wins and over 20%
year-over-year growth in Amex GBT’s Neo transactions in 2021.
Launched Neo1 in the US, a software solution for SME customers to
manage all indirect spend, including travel.
2021 Transactions Highlights
- On December 2, 2021, Amex GBT entered into a business
combination agreement with Apollo Strategic Growth Capital (NYSE:
APSG) (“APSG”) providing for a transaction that is expected to
provide up to approximately $1.2 billion of gross proceeds,
comprised of APSG’s approximately $818 million of cash held in
trust (subject to redemptions) and the upsized $335 million fully
committed common stock Private Investment in Public Equity (“PIPE”)
that includes key investors Apollo, Ares, HG Vora, Sabre and Zoom.
New shareholders would join existing investors American Express
Company, Certares and Expedia Group, Inc. The combination is
expected to create the world’s largest publicly traded B2B travel
platform, which upon closing is expected to be listed on the New
York Stock Exchange under the new ticker symbol “GBTG”. The
transaction is expected to close in the first half of 2022 subject
to the satisfaction of customary closing conditions, including
approval of the business combination by APSG’s shareholders.
- In December 2021, the Company bolstered its liquidity by
establishing a $1 billion term loan facility under its amended
credit agreement. Use of proceeds include the repayment of
approximately $600 million of previously issued term loans,
including pre-payment obligations and interest, and providing an
incremental $400 million of financing for general corporate
purposes, including to backstop potential redemptions of common
stock requested by APSG’s shareholders.
Webcast Information
American Express Global Business Travel has posted a
pre-recorded fourth quarter and full year 2021 investor conference
call and related presentation materials on the Amex GBT Investor
Relations website at investors.amexglobalbusinesstravel.com.
Investor Day
American Express Global Business Travel plans to host an
investor day in New York City on Tuesday, April 12, 2022. A live
webcast and replay of the event will be available on the Amex GBT
Investor Relations website at
investors.amexglobalbusinesstravel.com.
About American Express Global Business Travel
American Express Global Business Travel 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 in more than 140 countries, our customers and
travelers enjoy the powerful backing of American Express Global
Business Travel.
Visit amexglobalbusinesstravel.com for more information about
Amex GBT. Follow @amexgbt on Twitter, LinkedIn and Instagram.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(in millions; 2021 amounts are preliminary and unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Revenue
$
287
$
131
$
763
$
793
Total operating expenses
480
433
1,323
1,540
Interest income
1
-
1
1
Interest expense
(16
)
(10
)
(53
)
(27
)
Loss on early extinguishment of debt
(49
)
-
(49
)
-
Other income, net
4
7
9
14
Loss before income taxes and share of losses from equity method
investments
(253
)
(305
)
(652
)
(759
)
Benefit from income taxes
60
45
186
145
Share of losses from equity method investments
(6
)
(1
)
(8
)
(5
)
Net loss
$
(199
)
$
(261
)
$
(474
)
$
(619
)
CONSOLIDATED CONDENSED BALANCE SHEETS DATA (in
millions; 2021 amounts are preliminary and unaudited)
As of December 31,
2021
2020
Cash and cash equivalents
$
516
$
584
Working capital, excluding current portion of long-term debt
334
306
Total assets
3,770
2,758
Total debt, net of unamortized debt discount and unamortized debt
issuance costs
1,023
624
Total liabilities
2,275
1,774
Preferred shares
160
-
Total shareholders' equity
1,335
984
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS DATA
(in millions; 2021 amounts are preliminary and unaudited)
Year Ended December
31,
2021
2020
Net cash used in operating activities
$
(512
)
$
(250
)
Net cash used in investing activities
(27
)
(47
)
Net cash from (used in) financing activities
478
384
Effect of exchange rates changes on cash, cash equivalents and
restricted cash
(7
)
7
Net (decrease) increase in cash, cash equivalents and restricted
cash
(68
)
94
Cash, cash equivalents and restricted cash, beginning of year
593
499
Cash, cash equivalents and restricted cash, end of year
$
525
$
593
Non-GAAP Financial Measures
We report our financial results in accordance with GAAP. Our
non-GAAP financial measures are provided in addition to, and should
not be considered as an alternative to, other performance or
liquidity measure 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 locations. 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 against that
of other peer companies using similar measures.
We define Adjusted EBITDA as net loss before interest income,
interest expense, benefit from (provision for) income taxes and
depreciation and amortization excluding costs that management
believes are non-core to the underlying business of the Company,
consisting of restructuring costs, integration costs, costs related
to mergers and acquisitions, separation costs, non-cash
equity-based compensation, certain corporate costs, foreign
currency gains (losses), non-service components of net periodic
pension benefit (costs) and gains (losses) on disposal of
businesses.
Adjusted EBITDA is a supplemental non-GAAP financial measure of
operating performance that does not represent and should not be
considered as an alternative to net (loss) income or total
operating expenses, as determined under GAAP. In addition, this
measure may not be comparable to similarly titled measures used by
other companies. This non-GAAP measure has limitations as an
analytical tool, and this measure 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 this measure does 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 we
consider not to be indicative of our future operations.
Adjusted EBITDA 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 Adjusted EBITDA
are appropriate to provide additional information to investors
about certain material non-cash and other items that management
believes are non-core to the underlying business of the
Company.
We use this measure as a performance measure as it is an
important metric used by management to evaluate and understand the
underlying operations and business trends, forecast future results
and determine future capital investment allocations. This non-GAAP
measure supplements 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
Adjusted EBITDA is helpful supplemental measures to assist
potential investors and analysts in evaluating our operating
results across reporting periods on a consistent basis.
Pro Forma Financial Information
This press release includes certain pro forma financial
information. The pro forma adjustments assume that the Company
acquired Egencia as of January 1, 2021. The pro forma financial
information is unaudited and is presented for illustrative purposes
only and is not necessarily indicative of the operating results or
financial position that would have occurred if the relevant
transactions had been consummated on the date indicated, nor is it
indicative of future operating results. The pro forma financial
information presented is calculated in a manner similar to the pro
forma financial statements prepared in accordance with Regulation
S-X under the Securities Act of 1933.
Tabular Reconciliations for Non-GAAP Measures
Reconciliation of net loss to Adjusted EBITDA:
Three Months Ended December
31,
Year ended December
31,
($ in millions)
2021
2020
2021
2020
Net loss
$
(199
)
$
(261
)
$
(474
)
$
(619
)
Interest income
(1
)
-
(1
)
(1
)
Interest expense
16
10
53
27
Loss on early extinguishment of debt
49
-
49
-
Benefit from income taxes
(60
)
(45
)
(186
)
(145
)
Depreciation & Amortization
50
39
154
148
Restructuring charges(a)
19
116
14
206
Integration costs(b)
13
1
22
14
Mergers and acquisition(c)
1
5
14
10
Equity-based compensation(d)
2
-
3
3
Other adjustments, net(e)
9
(3
)
12
(6
)
Adjusted EBITDA
$
(101
)
$
(138
)
$
(340
)
$
(363
)
Reconciliation of pro forma TTV, pro forma revenue, pro forma
net income and pro forma Adjusted EBITDA:
Year ended December 31,
2021
Ten Months Ended October 31,
2021
Year ended December 31,
2021
Amex GBT (Includes two months
of Egencia)
Egencia (Ten months)
Pro Forma (Includes twelve
months of Egencia)
Total Transaction Value (TTV)
$
6,799
$
1,170
$
7,969
Revenue
$
763
$
126
$
889
Net loss
(474
)
(226
)
(700
)
Interest income
(1
)
-
(1
)
Interest expense
53
-
53
Loss on early extinguishment of debt
49
-
49
Benefit from income taxes
(186
)
(7
)
(193
)
Depreciation & amortization
154
42
196
Restructuring charges(a)
14
9
23
Integration costs(b)
22
-
22
Mergers and acquisition(c)
14
-
14
Equity-based compensation(d)
3
-
3
Other adjustments, net(e)
12
2
14
Adjusted EBITDA
$
(340
)
$
(180
)
$
(520
)
Non-GAAP Footnotes
a)
Represents severance and related
expenses due to restructuring activities and impairment of
operating lease right-of-use assets for closure of offices. For the
year ended December 31, 2020, these charges include mitigating
actions taken by us in response to adverse business impact
resulting from travel restrictions due to the COVID-19
pandemic.
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 related to the management incentive plan.
e)
Includes: (i) executive long-term
incentive plan expense of $11 million and $2 million for the three
months ended December 31, 2021 and 2020, respectively, and $15
million and $2 million for the years ended December 31, 2021 and
2020, respectively, (ii) litigation costs of $2 million and $2
million for the three months ended December 31, 2021 and 2020,
respectively, and $6 million and $6 million for the years ended
December 31, 2021 and 2020, respectively, (iii) unrealized gains
(losses) of $2 million and $9 million for the three months ended
December 31, 2021 and 2020, respectively and $1 million and $12
million for the years ended December 31, 2021 and 2020,
respectively, (iv) non-service component of our net periodic
pension benefit (cost) related to our defined benefit pension plans
of $3 million and $(2) million for the three months ended December
31, 2021 and 2020, respectively, and $9 million and $2 million for
the years ended December 31, 2021 and 2020, respectively and (v)
loss on disposal of business of $1 million for the three months and
full year ended December 31, 2021.
Forward-Looking Statements
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 and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other
than statements of historical fact contained in this communication,
including market size and growth opportunities, are forward-looking
statements. 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. All forward-looking statements are based upon
estimates and forecasts and reflect the views, assumptions,
expectations, and opinions of APSG and Amex GBT as of the date of
this communication, and may include, without limitation, changes in
general economic conditions as a result of COVID-19, all of which
are accordingly subject to change. Any such estimates, assumptions,
expectations, forecasts, views or opinions set forth in this
communication should be regarded as indicative, preliminary and for
illustrative purposes only and should not be relied upon as being
necessarily indicative of future results.
The forward-looking statements contained in this communication
are subject to a number of factors, risks and uncertainties, some
of which are not currently known to APSG and Amex GBT. You should
carefully consider the risks and uncertainties described in the
“Risk Factors” section of the Registration Statement. The
Registration Statement identifies and addresses other important
risks and uncertainties that could cause actual events and results
to differ materially from expected results contained in the
forward-looking statements. Most of these factors are outside
APSG’s and Amex GBT’s control and are difficult to predict. Factors
that may cause such differences include, but are not limited to:
(1) the outcome of any legal proceedings that may be instituted
against APSG or Amex GBT following the announcement of the
transaction; (2) the inability to complete the proposed business
combination between APSG and Amex GBT (the “Business Combination”),
including due to the inability to concurrently close the Business
Combination and the PIPE or due to failure to obtain approval of
the shareholders of APSG; (3) delays in obtaining, adverse
conditions contained in, or the inability to obtain necessary
regulatory approvals or complete regulatory reviews required to
complete the Business Combination; (4) the risk that the Business
Combination disrupts current plans and operations as a result of
the announcement and consummation of the Business Combination; (5)
the inability to recognize the anticipated benefits of the Business
Combination, 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; (6) costs related to the
Business Combination; (7) changes in the applicable laws or
regulations; (8) the possibility that the combined company may be
adversely affected by other economic, business, and/or competitive
factors; (9) the impact of the global COVID-19 pandemic; and (10)
other risks and uncertainties described in the Registration
Statement. APSG and Amex GBT caution that the foregoing list of
factors is not exclusive and not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Neither APSG nor Amex GBT undertakes or accepts any obligation to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions or circumstances on which any such statement
is based, except as required by law.
The 2021 financial results presented in this communication are
preliminary and may change. This preliminary financial information
has been prepared by management, and Amex GBT’s independent
accountants have not completed their audit or review of such
financial information. There can be no assurance that Amex GBT’s
actual results for the periods presented herein will not differ
from the preliminary financial information presented herein and
such changes could be material. This preliminary financial
information should not be viewed as a substitute for full financial
statements prepared in accordance with GAAP and is not necessarily
indicative of the results to be achieved for any future
periods.
No Offer or Solicitation
This communication is for informational purposes only and does
not constitute an offer to sell or purchase, or a solicitation of
an offer to sell, buy or subscribe for, any securities in any
jurisdiction, or a solicitation of any proxy, vote, consent or
approval relating to the Business Combination or otherwise in any
jurisdiction, nor shall there be any sale of securities in any
jurisdiction in which the offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdictions.
Additional Information and Where to Find It
In connection with the proposed Business Combination, APSG has
filed with the SEC the Registration Statement, containing a
preliminary prospectus and a preliminary proxy statement, and,
after the Registration Statement is declared effective, APSG will
mail a definitive proxy statement/prospectus relating to the
proposed Business Combination to its shareholders. This
communication does not contain all the information that should be
considered concerning the proposed Business Combination and is not
intended to form the basis of any investment decision or any other
decision in respect of the Business Combination. APSG’s
shareholders and other interested persons are advised to read the
Registration Statement, including the preliminary proxy
statement/prospectus, and the amendments thereto, and, when
available, the definitive proxy statement/prospectus and other
documents filed in connection with the proposed Business
Combination, as these materials contain, or will contain, important
information about Amex GBT, APSG and the proposed Business
Combination. When available, the definitive proxy
statement/prospectus and other relevant materials for the proposed
Business Combination will be mailed to shareholders of APSG as of a
record date to be established for voting on the proposed Business
Combination. Such shareholders will also be able to obtain copies
of the preliminary proxy statement/prospectus, the definitive proxy
statement/prospectus and other documents filed with the SEC,
without charge, when available, at the SEC’s website at
www.sec.gov, or by directing a request to Apollo Strategic Growth
Capital, 9 West 57th Street, 43rd Floor, New York, NY 10019,
Attention: James Crossen, (212) 515-3200.
Participants in the Solicitation
APSG, Amex GBT and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from the shareholders of APSG with respect to the Business
Combination. Information regarding APSG’s and Amex GBT’s respective
directors and executive officers is contained in the Registration
Statement. Free copies of the Registration Statement may be
obtained as described in the preceding paragraph.
_________________________________ 12021 financial results are
preliminary and unaudited. 2Apollo Strategic Growth Capital filed
the registration statement on Form S-4 (file no. 333-261820) with
the SEC on December 21, 2021 as amended on February 4, 2022 (as
amended from time to time, the “Registration Statement”). 3Total
Transaction Value (“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. 4SME refers to clients Amex
GBT considers small-to-medium-sized enterprises, which Amex GBT
generally defines as having an expected annual spend on air travel
of less than $20 million. This criterion can vary by country and
client needs. GMN refers to Global Multinational Enterprises.
5Business-to-business (“B2B”). 6Per Company gross transactions
data. 7Expected annual average value over the contract term from
new client wins based on 2019 spend; includes Egencia for the full
year 2021. 8Pro forma including Egencia for the full year.
9Excludes Egencia and Ovation. 10Private Investment in Public
Equity (“PIPE”). 11Transaction 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. 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.
12Indicates non-GAAP financial measure; see descriptions and
reconciliation below. 13New Distribution Capability (“NDC”).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220307005251/en/
Media: Martin Ferguson Vice President Global Communications and
Public Affairs, American Express Global Business Travel
martin.ferguson@amexgbt.com
Investors: Barry Sievert Vice President Investor Relations,
American Express Global Business Travel investor@amexgbt.com
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