Global Business Travel Group, Inc. · NYSE:GBTG
Global Business Travel — Reg A Offering (November 2025)
25 slides from Global Business Travel's offering presentation, Nov 10, 2025
Slide 1: Consolidated Balance Sheet
CWT HOLDINGS, LLC AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET YEAR ENDED DECEMBER 31, 2024 (in thousands, except units data) 2024 ASSETS Current assets Cash and equivalents S 51,195 Receivables (net of allowances for doubtful accounts of $3,934) 225,047 Prepaid expenses and other 59,546 Total curren
Slide 2: Consolidated Statement of Operations
CWT HOLDINGS, LLC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2024 (in thousands) 2024 Revenue S 809,822 Costs and expenses Cost of revenue (excluding depreciation and amortization shown separately below) 443,989 Sales and marketing 86.424 Technology and content 120
Slide 3: Consolidated Statement of Comprehensive Loss
CWT HOLDINGS, LLC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS YEAR ENDED DECEMBER 31, 2024 (In thousands) 2024 Net loss S (153,632) Other comprehensive income—net of tax’ Foreign currency translation 2.975 Unrealized pension actuarial gains arising during period 4,178 Prior service
Slide 4: Consolidated Statement of Members' Equity
CWT HOLDINGS, LLC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF MEMBERS’ EQUITY YEAR ENDED DECEMBER 31, 2024 (In thousands) ‘Accumulated Members’ Equi Members’ Other Total Interest Comprehensive Noncontrolling — Members’ Class A Units Class B Units __(Deficit) (Loss) Income __Interests Equity Balance—J
Slide 5: Notes: General and Basis of Presentation
CWT HOLDINGS, LLC AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. GENERAL AND BASIS OF PRESENTATION CWT Holdings, LLC (successor group top holding company to CWT Travel Holdings, Inc.), together with its subsidiaries (the “Company” ) provides travel booking and servicing across a wide
Slide 6: Property, Equipment, and Improvements—Net
7. PROPERTY, EQUIPMENT, AND IMPROVEMENTS—NET Property, equipment, and improvements—net consist of the following ($ in thousands):
Slide 7: Depreciation and Goodwill and Intangible Assets—Net
Depreciation and amortization expense related to property, equipment and improvements was $71 million in 2024. The Company did not recognize any significant impairment losses on property, equipment, and improvements in 2024. 8. GOODWILL AND INTANGIBLE ASSETS-NET In 2023, the Company fully impaired a
Slide 8: Intangible Assets and Investments in Unconsolidated Affiliates
Intangible assets consist of customer relationships and trademarks which are being amortized over their useful lives of 15 and 20 years, respectively. The weighted average useful life of all intangible assets is 15.6 years. Intangible asset amortization expense was $47 million for 2024. Estimated fu
Slide 9: Changes in Investments in Unconsolidated Affiliates
Changes in the carrying value of investments in unconsolidated affiliates is as follows ($ in thousands):
Slide 10: Debt
12. DEBT Debt consists of the following ($ in thousands):
Slide 11: Credit Agreement and Debt Details
includes $14.5 million issued In 2021, CWT Travel Group, Inc. entered into a $150 million Super-Senior Priority First Lien Credit Agreement (the “ 1L Credit Agreement ”) with the lenders party thereto (“ First Lien Lenders ”) and Alter Domus (US) LLC as administrative agent and collateral agent. Und
Slide 12: Income Tax Rate Reconciliation
A reconciliation of income taxes computed at the federal statutory rate for 2024 to the effective tax rate in the Consolidated Statement of Operations is as follows ($ in thousands):
Slide 13: Income Tax Benefit 2024
The Company’s income tax benefit in 2024 was $7.1 million on losses before income taxes of $160.8 million. The primary drivers of the tax benefit include losses from operations offset by an increase in valuation allowance of tax attributable to certain deferred tax assets, and an increase in the val
Slide 14: Deferred Tax Assets and Liabilities
Deferred tax assets primarily relate to net operating losses, and certain financial accruals not currently deductible for income tax reporting purposes. Deferred tax liabilities primarily relate to intangible assets. Deferred tax assets and liabilities are reported in “ Deferred income taxes ” in th
Slide 15: Long-Term Employee Benefits and Defined Benefit Plans
Long-Term Employee Benefits —In addition to the Company’s defined benefit plans (see Note 15, “Defined Benefit Plans ”), the Company accrues costs associated with various long-term, post-employment, and deferred compensation employee benefits. Related to these benefits, the Company recognized expens
Slide 16: Pension Actuarial Gains and Plan Assets
The primary reason for actuarial gains in 2024 was due to changes to the discount rate used in the determination of the PBO. The prior service cost and settlement as well as the curtailment were triggered by actions to reduce employees in certain international subsidiaries. A reconciliation of chang
Slide 17: Plan Funded Status
Plan funded status is as follows ($ in thousands):
Slide 18: Pension Assumptions and Investment Strategy
The discount rate assumption is developed by determining a constant effective yield that produces the same result as discounting projected plan cash flows using high quality (AA) bond yields of corresponding maturities as of the measurement date. The expected long-term rate of return for plan assets
Slide 19: Plan Assets Fair Value and Future Benefit Payments
Certain plan assets are part of common funds managed by insurance companies, invested mostly in equity and debt. Within the fair value hierarchy, insurance contracts are measured using Level 2 inputs; cash, equity, and bonds are measured using Level 1 inputs; and real estate is measured using Level
Slide 20: Leases
For operating leases, the Right-of-use lease assets are included in “ Other long-term assets ”, and the Current lease liabilities and the Long-term lease liabilities are included in “ Accrued liabilities and other ,” and “Other long-term liabilities ,” respectively, in the Consolidated Balance Sheet
Slide 21: Future Operating Lease Payments
As of December 31, 2024, future payments for operating leases having an initial term of more than one year are as follows ($ in thousands):
Slide 22: Future Finance Lease Payments
As of December 31, 2024, future payments for finance leases are as follows ($ in thousands):
Slide 23: Commitments and Contingencies
17. COMMITMENTS AND CONTINGENCIES Legal Contingencies : The Company is involved in certain disputes and legal action arising in the normal course of business. Management believes that the ultimate resolution of these matters will not have a material adverse effect on the Company’s consolidated finan
Slide 24: Other Comprehensive Income Tax Impact
(1) Amortization of net actuarial gains are included with “ Other losses—net ” in the Consolidated Statement of Operations. The impact of income tax expense on the components of other comprehensive income is as follows ($ in thousands):
Slide 25: Related-Party Transactions and Members' Equity
21. RELATED-PARTY TRANSACTIONS Note 4, “ Recapitalization” and Note 12, “ Debt”, discuss transactions involving certain current or former equity holders of the Company. Other than those transactions, the Company is not a party to any material affiliate transactions. The Company provides some of its
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