Global Business Travel Group, Inc. · NYSE:GBTG
Global Business Travel — Apollo Strategic Growth Capital — SPAC Merger (April 2022)
79 slides from Global Business Travel's SPAC merger presentation, Apr 12, 2022
Slide 1: Amex GBT Investor Day April 12, 2022
Amex GBT Investor Day April 12, 2022
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation (the “Presentation”) has been prepared by GBT JerseyCo Limited (“Amex GBT”) and Apollo Strategic Growth Capital (“APSG”) in connection with a potential business combination involvi ng Amex GBT and APSG (the “Business Combination”) and is preliminary in nature and s
Slide 3: Legal Disclaimer: Non-GAAP Financial Measures
Legal Disclaimer 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 - GA
Slide 4: Legal Disclaimer: Pro Forma Financial Information
Legal Disclaimer Pro Forma Financial Information: This Presentation includes certain pro forma financial information. The pro forma adjustments assume that Amex GBT acquired E gen cia and the Business Combination was consummated as of January 1, 2021. The pro forma financial information is unaudited
Slide 5: Transaction Update
Transaction Update ▪ We signed the Business Combination Agreement with Apollo Strategic Growth Capital on Dec 2, 2021. $817M cash in trust ▪ PIPE process was well received, upsized and oversubscribed. Initial target for PIPE subscriptions was $200M. We allocated $335M, including sizeable investments
Slide 6: Amex GBT Investor Day Intro
Amex GBT Investor Day Intro Paul Abbott
Slide 7: Today's Agenda
Amex GBT Overview Why Amex GBT is a Compelling Investment Opportunity: 1. Travel Recovery Has Strong Momentum 2. A Significant Runway for Growth (Part 1) 3. A Significant Runway for Growth (Part 2) 4. Differentiated Value for Customers and Suppliers 5. Incremental M&A Opportunity and a Proven Track
Slide 8: Management Team
Evan Konwiser EVP Product, Strategy & Communications Michael Qualantone Chief Revenue Officer Martine Gerow Chief Financial Officer Paul Abbott Chief Executive Officer Andrew Crawley Chief Commercial Officer Boriana Tchobanova Chief Transformation Officer David Thompson Chief Technology Officer Eric
Slide 9: Amex GBT Overview
Amex GBT Overview Paul Abbott
Slide 10: The Global Leader in B2B Travel
The Global Leader in B2B Travel ▪ 100 years of travel experience (carved out from American Express in 2014) ▪ Leading B2B travel platform by total spend with the largest concentration of high - value travelers ▪ Proprietary end - to - end digital solution and innovation hub powering omni - channel s
Slide 11: Supported by Strong Brand and Strategic Shareholders
Supported by Strong Brand and Strategic Shareholders 11 Strategic Benefits to Amex GBT Brand halo created by one of the most recognized/trusted brands in the world Exclusive lead generation Joint customer initiatives and product development Other Key Shareholders with Strong Travel / Technology Expe
Slide 12: The Largest Player in a Massively Underpenetrated Industry
$ 23 $ 28 $ 39 ~$220 $ 6 $ 7 $ 8 ~$330 GMN ~$60B Managed SME ~$270B Unmanaged SME ~$ 675 B In - Destination ~$430B The Largest Player in a Massively Underpenetrated Industry 12 Long Tail of Vendors Total GBTS Managed ($B) 1 ~40% larger in TTV than the next closest competitor 60% 40% 94% 6% $23B 5 $1
Slide 13: Business Travel Spend Has Historically Grown at 4%+
0.0 0.4 0.8 1.2 1.6 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Business Travel Spend Has Historically Grown at 4%+ 13 Global Business Travel Spend, indexed to 100 for 2019 Global Business Travel Spend ($T) Decades of Consistent Growth in Worldwide Business Travel
Slide 14: Amex GBT Sits at the Center of the Business Travel Ecosystem
Amex GBT Sits at the Center of the Business Travel Ecosystem ~19,000 customers globally 95% customer retention rate 1 No single customer or supplier over 6% of revenue Marketplace with the most comprehensive and competitive content in the industry Greatest concentration of high - value travelers GBT
Slide 15: The Platform Delivers Compelling Value to Customers & Suppliers
The Platform Delivers Compelling Value to Customers & Suppliers… GBT’s leading position, best - in - class technology solutions and customer service create a highly compelling value proposition to customers and suppliers, making GBT the most valuable marketplace in corporate travel 1 Access to the l
Slide 16: Amex GBT Generates Multiple Revenue Streams
Amex GBT Generates Multiple Revenue Streams c Travel Revenues (76%) 1 GBT receives transaction fees for travel services Suppliers pay GBT for content distribution and promotion GBT is paid for each transaction booked through the GDS Product and Professional Services Revenues (24%) 1 GBT is paid fixe
Slide 17: Diversified Revenues Across Geography, Customer Segments and Industries
Revenue by Customer Segment 1 Revenue by Geography 1 by Revenue Stream 1 GMN , 55% SME , 45% US , 48% EMEA , 36% APAC and other , 9% Americas ex US , 6% Travel , 76% Product & Professional Services , 24% Revenue by Industry 1 IT , 16% Financial Services , 16% Healthcare , 14% Business Services , 13%
Slide 18: Amex GBT's Leadership Position
Amex GBT’s Leadership Position 18 CORE PLATFORM 56 52 49 44 39 36 33 39 28 23 8 7 6 ~40% larger in TTV than the next closest competitor ▪ Global presence that serves clients 24/7 wherever and whenever they want ▪ Delivering superior customer and supplier value ▪ Efficient cost base and financial sta
Slide 19: High Quality and Loyal Customer Base
High Quality and Loyal Customer Base 19 $3.7B 2021 New Wins Value 1 95% 2021 Customer Retention Rate 2 16 Year Average Tenure for Top 100 Customers 3 40 of the Top 100 U.S. Companies by Travel Spend 4 5 of 10 Largest Health Care Companies 6 5 of 10 Largest U.S. banks 5 58% 2020 AM Law Top 100 3 of 4
Slide 20: Delivering on Our Financial and Strategic Commitments: 2021 Results & Recent Highlights
Delivering on Our Financial and Strategic Commitments: 2021 Results & Recent Highlights 20 Strengthened Customer Value Egencia Synergies & Accelerated SME 3 Growth Financial Results Well Above Forecast 1 Corporate Travel Recovery Accelerating ▪ 119% year - over - year growth in Q4 revenue ▪ Pro form
Slide 21: Why Amex GBT is a Compelling Investment Opportunity
Why Amex GBT is a Compelling Investment Opportunity Paul Abbott
Slide 22: Highly Attractive and Differentiated Investment Opportunity
Highly Attractive and Differentiated Investment Opportunity What You Need to Believe Proof Points Travel Recovery Has Strong Momentum Business travel has strong momentum. Transaction recovery was 61% of 2019 the week of April 2, a 33pt recovery since mid - January. A Significant Runway for Growth Gl
Slide 23: Travel Recovery Has Strong Momentum
Travel Recovery Has Strong Momentum Drew Crawley
Slide 24: Continued Momentum in Business Travel Recovery
20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% Week Ended Nov 13, 2021 Week Ended Jan 15, 2022 Week Ended Apr 2, 2022 Continued Momentum in Business Travel Recovery Gross transactions recovery vs. 2019 1,2 24 1. Gross Transactions represents the total number of transactions, including air, hotel, car r
Slide 25: Businesses and Employees Want to Travel
Businesses and Employees Want to Travel 25 1. Back to Blue Skies survey, May 2021 2019 Estimated Share of GBT Trips by Purpose Sales and business development Client delivery Internal meetings 69% of travel managers believe more distributed workforces will drive more business travel (1) 85% of travel
Slide 26: SME, Domestic Air and Hotel Volumes are Leading the Recovery
SME, Domestic Air and Hotel Volumes are Leading the Recovery Weekly gross transactions recovery compared to 2019 1. Gross Transactions represents the total number of transactions, including air, hotel, car rental, rail or other travel - related t ransactions, recorded at the time of booking, on a gr
Slide 27: Imminent Office Re-Openings by Large Companies Will Drive Further GMN Recovery Momentum
Imminent Office Re - Openings by Large Companies Will Drive Further GMN Recovery Momentum 27 For many global clients, reopening of corporate offices precedes a significant step - up in business travel 66% 77% 78% 66% 89% 69% 24% 38% 50% 33% Prof. Serv Chemicals Medical Devices Bank Media Logistics B
Slide 28: Strong Reasons to Believe in Further International Recovery
58% 59% 66% 64% 56% 55% 2% 19% 32% 33% 3% US - UK US - EU US - Switzerland US - Australia US - Singapore Australia - Singapore US - China/HK US - Japan US - Brazil US- South Korea France - China Strong Reasons to Believe in Further International Recovery as More Restrictions are Eased Weekly gross t
Slide 29: Key Partners See Even More Positive Trends in Forward Bookings
Key Partners See Even More Positive Trends in Forward Bookings “As we close out this quarter, we're looking at about a 65% corporate [revenue recovery]… Throughout the entire crisis [SME] has run between 5 and 10 points above corporate travel,” – GLEN HAUENSTEIN , President (March 2022) “I think the
Slide 30: A Significant Runway for Growth
A Significant Runway for Growth Drew Crawley
Slide 31: Our Leading Customer Value Proposition
Our Leading Customer Value Proposition 31 Unrivaled Choice ▪ Solutions designed around customer needs and powered by a modern, agile platform ▪ The leading solutions for the customer segments, needs and verticals we serve Unrivaled Experience ▪ The leading digital, self - service and agent - facilit
Slide 32: The Powerful Backing of Amex GBT
The Powerful Backing of Amex GBT 32 “…massive thank you for all your support over the weekend... trying to find accommodation for us in Lviv , Ukraine. Your hard work, commitment and partnership is much appreciated… you have done a stellar job!” & “ thanks… for all the efforts in these exceptional c
Slide 33: We Are the Leader in a $1.4T Industry
1. Based on 100% recovery to 2019; includes Egencia for FY 2021 2. 2015 – 2021 average 3. Based on TTV; Amex GBT only (excludes Egencia) We Are the Leader in a $1.4T Industry Recent New Wins A Proven Track Record of Accelerating Net New Wins $3.7B 2021 New Wins Value 1 95% 2021 Customer Retention Ra
Slide 34: A Significant Runway for Growth: Accelerating SME Growth
A Significant Runway for Growth Mark Hollyhead Accelerating SME Growth
Slide 35: Clear Leader with Significant Runway in SME
Clear Leader with Significant Runway in Industry’s Largest, Fastest Growing and Most Profitable Customer Segment – SME Large & Underpenetrated Segment… Unmanaged SME ~$675B 1 Managed SME ~$254B 1 GBT Share of Managed SME $16B, ~6% Total SME Opportunity of ~$945B 1 ▪ Volume recovery for SME has outpa
Slide 36: Our Solutions Lead in Each SME Customer Segment
Our portfolio of leading solutions provide the ability to increase win rate Personalized, High Touch Traveler Care Simple, Easy to Use Self Service Platform Solve For Complex Global Travel Program How Are We Accelerating Growth? Our Solutions Lead in Each SME Customer Segment 36
Slide 37: Pandemic and Macro Trends Accelerating Movement to Managed Travel Program
The Pandemic and Existing Macro Trends Are Accelerating the Movement to Managed Travel Program Unmanaged Travel Program Managed Travel Program Savings Booking high priced published fares – missed savings Full access to GBT Preferred Extras unique rates and savings Duty of Care Traveler location unkn
Slide 38: Multiple Levers to Accelerate SME Revenue Growth to Double Digits
Multiple Levers to Accelerate SME Revenue Growth to Double Digits ▪ Accelerate shift from unmanaged to managed ‒ Huge whitespace represents significant area of opportunity ($675B) ‒ Large potential for higher win rates in 2022/2023 ▪ Expand lead generation ‒ Full utilization of American Express’s 3M
Slide 39: Differentiated Value for Customers and Suppliers: Differentiated Content
Differentiated Value for Customers and Suppliers Mike Qualantone Powered by Differentiated Content
Slide 40: Our Scale & Premium Business Travelers are a Valuable Combination for Suppliers
54% 45% 34% Amex GBT TMC Benchmark All Agencies Business travel customers are estimated to be ~2x more valuable to suppliers compared to leisure customers, with different buying patterns: ▪ More premium seats ▪ More premium rooms ▪ More flexible tickets ▪ More long - haul international trips ▪ Short
Slide 41: Our Marketplace Strategy is Powering the Return of Business Travel
Our Marketplace Strategy is Powering the Return of Business Travel 41 Most valuable portfolio of high value customers across Global and SME segments. This is t heir marketplace Partnering with Amex GBT enhances suppliers’ opportunities with the greatest aggregation of premium customers Unique abilit
Slide 42: Unique Content Drives Customer Value and Savings
And Continuously Enhanced, Unique Content Drives Customer Value and Savings 42 Amex GBT Negotiates with Suppliers for Exclusive Fares and Benefits for our Customers Through Our Preferred Extras Programs Preferred Extras Air Preferred Extras Hotel ▪ 90+ Airlines in the program ▪ Big success in SME cu
Slide 43: Differentiated Value: Proprietary Technology
Differentiated Value for Customers and Suppliers Evan Konwiser Enabled by Our Proprietary Technology
Slide 44: $1.4B+ Invested in Building Leading Technology Platform
$1.4B+ Invested in Last 7 Years in Building Leading Technology Platform 44 Acquisition Organic / Internal Leading B2B Travel Software Platform 30 SECONDS TO FLY Travel AI Capability Infrastructure Stand - up KDS Neo, Online Booking, T&E Core Platform Launch Industry - Defining Product and Technology
Slide 45: Complete Proprietary Technology Platform
Complete Proprietary Technology Platform that Leads Where it Matters Traveler Profile Supply Market Place Trip Record Travel Management Tools for Full Visibility & Control Full Ownership of Traveler Experience Proprietary Marketplace for Savings and Value ▪ Comprehensive Content ▪ Unique Content ▪ L
Slide 46: Bringing It To Life: The Booking Experience
Bringing It To Life: The Booking Experience 46
Slide 47: Demo Video: Proactive Response to Disruption
Demo Video – Bringing it to life: Proactive Response to Disruption Tailored to Each Trip 47
Slide 48: Bringing It To Life: Making Travel Management Intuitive and Easy for SMEs
48 Bringing It To Life: Making Travel Management Intuitive and Easy for SMEs
Slide 49: Leading & Differentiated Value Proposition Across All Segments
49 Full Ownership of Traveler Experience • Leading traveler experience • In control of our digital destiny • Ability to drive efficiency Travel Management Tools for Full Visibility & Control • Best solution for any customer • Deep integration • Flexible & globally capable Proprietary Marketplace for
Slide 50: Incremental M&A Opportunity and a Proven Track Record
Incremental M&A Opportunity and a Proven Track Record Eric Bock
Slide 51: History of Successful M&A Execution and Integration
Target Date Rationale ▪ Neo expense management solutions, travel booking technology, supplier marketplace technology and a dedicated tech development team ▪ Technology driven AI messaging capabilities ▪ High touch capability and scale in U.S. SME ▪ Leading global digital platform and scale in U.S. S
Slide 52: Scope and Scale: HRG and Egencia M&A Case Studies
Scope and Scale – Hogg Robinson Group M&A Case Studies 52 Implied TEV/EBITDA Multiple Over Time Pre-acquisition (FY'18A) Post-acquisition + synergies (FY'19A) Post-acquisition + synergies (FY'22E) $62M acquired Adj. EBITDA 1 $75M synergies / harmonization achieved $90M synergies / harmonization expe
Slide 53: Priorities for M&A
Priorities for M&A 53 Supported by strong balance sheet and liquidity position 1 2 3 SME Platform Growth Technology and Product Enhancements Higher Growth/Margin Regions M&A Priorities M&A Objectives ▪ Win New Business/Improve Organic Growth ▪ Efficiencies/Cost Synergy Benefits ▪ Revenue Harmonizati
Slide 54: Significant Opportunity for Value Creation Through M&A
Significant Opportunity for Value Creation Through M&A 54 • M&A offers significant upside • Acquisitions achieved inside our De - Spac valuation of 9.4x ‘23E Adj. EBITDA provide immediate value to our shareholders • 1x EBITDA synergy target for TMC acquisitions • Financial forecasts contemplate no a
Slide 55: Accelerated Earnings Power with Egencia Synergies & Permanent Cost Savings
Accelerated Earnings Power with Egencia Synergies & Permanent Cost Savings Martine Gerow
Slide 56: On Track to Achieve $109M in Egencia Synergies
On Track to Achieve $109M in Egencia Synergies Bottom - aligned footnote position. Copy and paste as needed. This is NOT part of the slide master. Expect $109M in Total Synergies With Solid Progress to Date ▪ $75M of revenue synergies driven by revenue harmonization ▪ $34M of cost synergies, primari
Slide 57: $235M of Permanent Cost Savings Enhance Margins
$235M of Permanent Cost Savings Enhance Margins 57 Overview of OpEx Optimization $235M of Permanent Savings Executed in 2020 & 2021 ▪ Reacted quickly to changing environment; aggregate cost reduction of ~$900M from May 2020 – April 2021, representing 48% of cost base, including volume - related savi
Slide 58: Upside Not Included in Current Model
Model assumptions were to maintain supplier economics, but some recent supplier deals have improved – suggests incremental opportunity not included in current model Recently signed major supplier deals will protect our revenues and allow for future growth opportunities Improved revenue economics Exp
Slide 59: Consistent Delivery of Revenue and Earnings Growth
Consistent Delivery of Revenue and Earnings Growth Martine Gerow
Slide 60: Proven Financial Track Record
$462 $40 $205 $245 $292 $356 $502 2014 2015 2016 2017 2018 2019 $2,282 $547 $1,488 $1,524 $1,609 $1,899 $2,829 2014 2015 2016 2017 2018 2019 1. GBT only, excludes Egencia 2. GBT 2019 Revenue of $2,282M includes GAAP revenue of $2,119M plus pro forma impact of DER and Ovation acquisitions of $124M p
Slide 61: Organic Growth Driven by Existing Customer Growth and Share Gains
GDP growth Spend growth above GDP within existing customers Share gain Pre-COVID organic growth ~2% 1 - 2% 2 - 3% 6% SME: 7% annually GMN: 5% annually Organic Growth driven by Existing Customer Growth and Share Gains Installed Base of Customers Growing Above GDP, Track Record of Share Gain 61 1. 201
Slide 62: Amex GBT Returns to Pre-Covid Earnings With Only ~70% of Travel Demand Recovered
2019 PF Adj. EBITDA Travel industry decline (21% of 2019) Permanent structural cost benefit 2021 PF Adj. EBITDA Travel industry recovery (70% of 2019 TTV) Permanent structural cost benefit Share gain Wage Inflation Egencia synergies 2023 PF Adj. EBITDA forecast ($1,210M) $188M $881M $88M ($30M) $47M
Slide 63: Expect Significant Long Term Cash Flow Generation
205 245 292 356 502 151 189 241 290 401 2015 2016 2017 2018 2019 PF Adj. EBITDA 3 Free Cash Flow 1 ‘15 - ’19 +$297M ’15 - ’19 +$250M Annual working capital outflow approximately ~1% of TTV growth Working Capital Cash interest of ~$90M per year $1.2B debt after $200M DDTL Long term net leverage targe
Slide 64: Strong Liquidity Position After Pending Business Combination
Liquidity Highlights $516M $250M $335M $90M $1,011M $817M $1,828M 12/31/2021 Cash Balance Delayed Draw & Revolver PIPE Proceeds APSG Cash Held in Trust (Subject to Redemptions) PF Liquidity with APSG Cash Held in Trust 1 Business Combination Transaction Fees PF Liquidity Before APSG Cash in Trust 1.
Slide 65: 2021 Financial Results Well Above Forecast
2021 Financial Results Well Above Forecast 1 The following table presents full year 2021 financial results pro forma to include Egencia for the full year. These pro forma results are directly comparable to the forecast provided in the Registration Statement 1 filed with the SEC by Apollo Strategic G
Slide 66: 2022 Guidance and 2023 Forecast
2022 Guidance and 2023 Forecast 66 2022 Guidance 2023 Forecast Revenue $1.6B $2.4B % of PF 2019 1 58% 86% Adj. EBITDA 2 $7M $527M Margin % Breakeven 22% 1. Pro forma for Egencia ownership 2. Adj. EBITDA is a non - GAAP measure. Please refer to the Supplemental Materials section for reconciliation of
Slide 67: GBT Would Return to Pre-COVID Adj. EBITDA with Only ~70% Industry Recovery
$502 $527 $626 $736 $846 9.9x 9.4x 8.0x 6.8x 5.9x 2019 2023 Business Plan at ~70% Industry Recovery 2023 at 80% Industry Recovery 2023 at 90% Industry Recovery 2023 at 100% Industry Recovery GBT Would Return to Pre - COVID Adj. EBITDA with Only ~70% Industry Recovery As Recovery Outpaces Amex GBT’s
Slide 68: Why Amex GBT is a Compelling Investment Opportunity – APSG's Perspective
Why Amex GBT is a Compelling Investment Opportunity – APSG’s Perspective Itai Wallach, Apollo
Slide 69: Transaction Summary
75.8% 15.4% 6.3% 2.6% Transaction Summary GBT Existing Shareholders SPAC Public Shareholders PIPE Shareholders Sponsor Promote Pro Forma Valuation ($M, unless otherwise noted) Share Price ($) $10.00 Pro Forma Shares Outstanding (M) 3 531.6 Total Equity Value 5,316 Debt 4 1,041 Cash 4 (1,410) Total E
Slide 70: Apollo Strategic Growth Capital Is an Extension of Apollo's Global Integrated Platform
Apollo Strategic Growth Capital Is an Extension of Apollo’s Global Integrated Platform 15 Global Offices $472B AUM 39% IRR Since 1990 1 550+ Investment Professionals 1990 Founded High - value player at the center of the business travel ecosystem Strong, seasoned management team and exceptional strat
Slide 71: We Believe Amex GBT Is a Superior Investment Opportunity to Peers
EV / 2023E Adj. EBITDA 1 9.4x 2 21.0x 23.3x 18.3x 10.7x 13.2x 23.3x 13.3x 13.0x 16.6x EV / 2023E FCF 1 11.6x 3 22.0x 26.9x 23.9x 12.5x 18.9x 25.3x 15.5x 19.0x 21.0x Scale – Technology Capabilities – – – Organic Growth Prospects – – – – Consolidation Opportunity X X X X X X Depth of Customer Relation
Slide 72: Amex GBT Valuation Presents an Opportunity to Invest at a Discount To Peers
9.4x 23.3x 23.3x 21.0x 18.3x 13.2x 10.7x 16.6x 13.3x 13.0x 9.9x 32.3x 32.5x 28.6x 19.0x 17.7x 13.9x 7.8x 24.4x 12.7x Amex GBT Valuation Presents an Opportunity to Invest at a Discount To Peers EV / 2019A & 2023E Adj. EBITDA $5.0 $48.7 $50.5 $102.1 $61.4 $25.4 $9.1 $7.3 $2.4 $31.0 Source: Management
Slide 73: Wrap-Up
Wrap - Up
Slide 74: Highly Attractive and Differentiated Investment Opportunity
Highly Attractive and Differentiated Investment Opportunity What You Need to Believe Proof Points Travel Recovery Has Strong Momentum Business travel has strong momentum. Transaction recovery was 61% of 2019 the week of April 2, a 33pt recovery since mid - January. A Significant Runway for Growth Gl
Slide 75: Q&A
Q&A
Slide 76: Thank You
Thank You
Slide 77: Supplemental Materials
Supplemental Materials
Slide 78: EBITDA Reconciliation
EBITDA Reconciliation 78 ($M) 2015 2016 2017 2018 2019 2020 2021 GAAP operating income ($116) (33) $34 $74 $206 ($747) ($560) Depreciation & amortization 71 78 96 125 141 148 154 Share of earnings in equity method investments 3 1 4 6 5 (5) - Restructuring charges 37 27 30 21 12 206 14 Integration co
Slide 79: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 79 ($M) 2015 2016 2017 2018 2019 PF Adjusted EBITDA $205 $245 $292 $356 $502 Less: Capex (54) (56) (51) (66) (101) Free Cash Flow $151 $189 241 290 401 Note : Adjusted EBITDA is a non - GAAP measure. Please refer to the Supplemental Materials section for reconciliation
Apollo Strategic Growth Capital — SPAC Merger (April 2022) on 6ix