Global Business Travel Group, Inc. · NYSE:GBTG
Global Business Travel — Apollo Strategic Growth Capital — Q1 2022 Earnings Presentation
22 slides from Global Business Travel's earnings presentation, May 17, 2022
Slide 1: Amex GBT Q1 2022 Earnings Report
Amex GBT Q1 2022 Earnings Report May 17, 2022
Slide 2: Legal Disclaimer: Forward-Looking Statements
Legal Disclaimer Forward - Looking Statements This presentation contains certain “forward - looking statements” within the meaning of the Private Securities Litigation Reform A ct of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
Slide 3: Legal Disclaimer: Use of Projections
Legal Disclaimer Use of Projections This presentation contains projected financial information with respect to Amex GBT. Such projected financial information con sti tutes forward - looking information and are presented as goals or an illustration of the results that could be generated given a set o
Slide 4: Today's Presenters
Today’s Presenters 4 MARTINE GEROW Chief Financial Officer PAUL ABBOTT Chief Executive Officer
Slide 5: Q1 2022 Highlights
Q1 2022 Highlights 5 On Track to Deliver Egencia Synergies & Cost Savings A Significant Runway for Growth Revenue and Earnings Trending Above Full Year Forecast Travel Recovery Has Strong Momentum ▪ Q1 revenue increased 179% to $350M , net loss totaled ( $91M ) and Adjusted EBITDA 1 was ($28M); Adju
Slide 6: Travel Recovery Has Strong Momentum
Travel Recovery Has Strong Momentum Transaction recovery vs. 2019 1 6 We expect momentum to continue to accelerate as: • Businesses continue to reopen offices • Restrictions lift on key international routes • Distributed workforces increase need for internal meetings and in - person collaboration 1.
Slide 7: SME and Hotel Volumes are Leading the Recovery
SME and Hotel Volumes are Leading the Recovery Weekly transaction recovery compared to 2019 7 1. Average transaction recovery over th e last three weeks of April 2022 normalizes for Easter timing impact. Domestic International Route (Air) 0% 10% 20% 30% 40% 50% 60% 70% 80% SME GMN Total Customer Seg
Slide 8: The Leader in a $1.4T Industry
The Leader in a $1.4T Industry Select Recent New Wins A Significant Runway for Growth: New Sales Momentum 8 $3.9B LTM New Wins Value Through April 2022 95% LTM Customer Retention Rate Through April 2022 3 Raytheon Technologies Ferrero Group Honda Motors Europe Novum 80% SME transaction recovery in t
Slide 9: A Significant Runway for Growth: Product & Technology Innovation
A Significant Runway for Growth: Product & Technology Innovation 9 ▪ Launched Meetings & Events Sustainability Solutions , helping customers transform to carbon neutral event(s) ▪ Amex GBT Preferred Extras content and savings made available on the Egencia platform ▪ Launched AI pilot on chat , enhan
Slide 10: Accelerating Earnings Power
Accelerating Earnings Power 10 Expect $109M in Total Egencia Synergies ▪ Expect $109M total synergies ($75M revenue, $34M cost) ▪ Completed actions and on track to exceed the expected $25M of Egencia synergies in 2022 ‒ Revenue harmonization on track ‒ GBT Preferred Extras live in Egencia platform ‒
Slide 11: Q1 2022 Financial Highlights
Q1 2022 Financial Highlights 11 ($M) Q1 2022 Q1 2021 B/(W) % Total Transaction Value (TTV) $4,155 $749 454% Transactions Growth (Decline) 382% (82%) Total Revenue $350 $126 179% Travel Revenue $256 $62 318% Product & Professional Services Revenue $94 $64 45% Net loss ($91) ($114) NM Net cash used in
Slide 12: Q1 2022 vs. Q1 2021 Pro Forma
Q1 2022 vs. Q1 2021 Pro Forma 12 ($M) Q1 2022 Q1 2021 Pro Forma 1 B/(W) % Total Transaction Value (TTV) $4,155 $1,004 314% Total Revenue $350 $151 132% Net loss ($91) ($199) NM Adjusted EBITDA 2 ($28) ($157) NM Adjusted EBITDA 2 fall - through on year - over - year revenue growth 65% 1. Pro forma fo
Slide 13: Liquidity Highlights
Liquidity Highlights $329M $250M $335M $90M $824M $817M $1,641M 3/31/2022 Cash Balance 1 Delayed Draw & Revolver PIPE Proceeds APSG Cash Held in Trust (Subject to Redemptions) PF Liquidity with APSG Cash Held in Trust 2 Business Combination Transaction Fees PF Liquidity Before APSG Cash in Trust 1.
Slide 14: Raised 2022 Guidance
Raised 2022 Guidance 1 14 2022 Guidance Vs. Previous 2022 Guidance 2023 Forecast Revenue ~ $1.75B + $150M $2.4B % of 2019 Pro Forma 2 Revenue ~ 63% + 5pts 86% Adjusted EBITDA 3 $75M - $85M + $68M - $78M $527M Adjusted EBITDA Margin 4 4% - 5% + 4pts – 5pts 22% 1. See our Q1 2022 earnings release for
Slide 15: Supplemental Materials
Supplemental Materials
Slide 16: Glossary of Terms
Glossary of Terms Business Combination refers to the proposed business combination between Apollo Strategic Growth Capital and Amex GBT. “B2B” refers to business - to - business. Customer Retention Rate is based on Total Transaction Value (TTV) and includes Egencia. GMN refers to Global Multinationa
Slide 17: Non-GAAP Financial Measures
Non - GAAP Financial Measures We report our financial results in accordance with GAAP. Our non - GAAP financial measures are provided in addition to, and should not be considered as an alternative to, other performance or liquidity measure derived in accordance with GAAP. Non - GAAP financial measur
Slide 18: Pro Forma Financial Information
Pro Forma Financial Information This presentation includes certain pro forma financial information. The pro forma adjustments assume that the Company acquire d E gencia, Ovation and DER as of January 1, 2019 and include a constant currency adjustment. The pro forma financial information is unaudited
Slide 19: Reconciliation of net loss to EBITDA and Adjusted EBITDA
Reconciliation of net loss to EBITDA and Adjusted EBITDA 19 a) Represents severance and related expenses due to restructuring activities. b) Represents expenses related to the integration of businesses acquired. c) Represents expenses related to business acquisitions, including potential business ac
Slide 20: Reconciliation of net cash used in operating activities to Free Cash Flow
Reconciliation of net cash used in operating activities to Free Cash Flow 20 Three Months Ended March 31, ($ in millions) 2022 2021 Net cash used in operating activities $ (154) $ (114) Less: Purchase of property and equipment (21) (9) Free Cash Flow $ (175) $ (123)
Slide 21: Reconciliation of Pro Forma Revenue Recovery vs. 2019
Reconciliation of Pro Forma Revenue Recovery vs. 2019 21 ($ in millions) Three Months Ended March 31, 2019 Three Months Ended March 31, 2022 Revenue $ 519 $ 350 Egencia, Ovation & DER 176 — Foreign exchange at constant currency 7 — Pro Forma Revenue $ 702 $ 350 Revenue Recovery vs. 2019 50%
Slide 22: Reconciliation of 2021 Pro Forma Revenue and Pro Forma Adjusted EBITDA
Reconciliation of 2021 Pro Forma Revenue and Pro Forma Adjusted EBITDA 22 Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 B/(W) vs. Pro Forma Amex GBT Egencia Pro Forma Revenue $350 $126 $25 $151 $199 Net loss (91) (114) (85) (199) 108 Interest expense 19 11 — 11 8 Benefit from i
Apollo Strategic Growth Capital — Q1 2022 Earnings Presentation on 6ix