Annual Statements Open main menu
  1. Annual Statements
  2. » Companies
  3. » Global Business Travel Group, Inc.
  4. » Quarter Report: 2023 September (Form 10-Q)

Global Business Travel Group, Inc. - Quarter Report: 2023 September (Form 10-Q)

Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________________________________________

FORM 10-Q
_______________________________________________________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
Commission File Number: 001-39576
_____________________________________________________________

Global Business Travel Group, Inc.
(Exact Name of Registrant as Specified in its Charter)
_____________________________________________________________
Delaware
98-0598290
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
666 3rd Avenue, 4th Floor
New York, NY 10017
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (646) 344-1290
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.0001 per share
GBTG
The New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filero
Non-accelerated Filer
xSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ o No x
As of November 3, 2023, the registrant had 467,022,817 shares of Class A common stock, par value $0.0001 per share outstanding.

Table of Contents
Table of Contents
Page

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. Consolidated Financial Statements
GLOBAL BUSINESS TRAVEL GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in $ millions, except share and per share data)September 30,
2023		December 31,
2022
(Unaudited)
Assets
Current assets:  
Cash and cash equivalents$432 $303 
Accounts receivable (net of allowance for credit losses of $20 and $23 as of September 30, 2023 and December 31, 2022, respectively)
851 765 
Due from affiliates40 36 
Prepaid expenses and other current assets146 130 
Total current assets1,469 1,234 
Property and equipment, net228 218 
Equity method investments13 14 
Goodwill1,190 1,188 
Other intangible assets, net570 636 
Operating lease right-of-use assets50 58 
Deferred tax assets299 333 
Other non-current assets61 47 
Total assets$3,880 $3,728 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$385 $253 
Due to affiliates62 48 
Accrued expenses and other current liabilities453 452 
Current portion of operating lease liabilities17 17 
Current portion of long-term debt6 3 
Total current liabilities923 773 
Long-term debt, net of unamortized debt discount and debt issuance costs1,353 1,219 
Deferred tax liabilities49 24 
Pension liabilities137 147 
Long-term operating lease liabilities57 61 
Earnout derivative liabilities67 90 
Other non-current liabilities39 43 
Total liabilities2,625 2,357 
Commitments and Contingencies (see note 11)
Stockholders’ equity:
Class A common stock (par value $0.0001; 3,000,000,000 shares authorized; 466,992,558 shares and 67,753,543 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)
— — 
Class B common stock (par value $0.0001; 3,000,000,000 shares authorized; nil shares and 394,448,481 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)
— — 
Additional paid-in capital2,733 334 
Accumulated deficit(1,390)(175)
Accumulated other comprehensive loss(91)(7)
Total equity of the Company’s stockholders1,252 152 
Equity attributable to non-controlling interest in subsidiaries3 1,219 
Total stockholders’ equity1,255 1,371 
Total liabilities and stockholders’ equity$3,880 $3,728 
_____________________________________________________________

See notes to consolidated financial statements
2
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended
September 30,		Nine months ended
September 30,
(in $ millions, except share and per share data)2023202220232022
Revenue$571 $488 $1,741 $1,324 
Costs and expenses:
Cost of revenue (excluding depreciation and amortization shown separately below)237 218 720 590 
Sales and marketing94 86 299 245 
Technology and content101 102 301 289 
General and administrative81 84 245 231 
Restructuring and other exit charges12 (2)42 (5)
Depreciation and amortization50 45 145 134 
Total operating expenses575 533 1,752 1,484 
Operating loss(4)(45)(11)(160)
Interest expense(36)(26)(105)(69)
Fair value movement on earnout and warrant derivative liabilities39 (6)23 30 
Other loss, net(9)(5)(9)(3)
Loss before income taxes and share of losses from equity method investments(10)(82)(102)(202)
Benefit from income taxes2 10 12 39 
Share of losses from equity method investments— (1)— (3)
Net loss (8)(73)(90)(166)
Less: net loss attributable to non-controlling interests in subsidiaries(8)(53)(74)(167)
Net (loss) income attributable to the Company’s Class A common stockholders$— $(20)$(16)$1 
Basic (loss) earnings per share attributable to the Company’s Class A common stockholders$— $(0.43)$(0.09)$0.02 
Weighted average number of shares outstanding - Basic419,154,77848,867,969181,775,46148,867,969
Diluted loss per share attributable to the Company’s Class A common stockholders$(0.02)$(0.43)$(0.20)$(0.38)
Weighted average number of shares outstanding - Diluted457,742,12948,867,969456,300,045443,316,450
See notes to consolidated financial statements
3
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
Three months ended
September 30,		Nine months ended
September 30,
(in $ millions)2023202220232022
Net loss$(8)$(73)$(90)$(166)
Other comprehensive (loss) income, net of tax:
Change in currency translation adjustments, net of tax(19)(55)(6)(145)
Unrealized gains on cash flow hedge, net of tax:
Unrealized gains on cash flow hedges arising during the period3 18 6 31 
Unrealized gains on cash flow hedges reclassed to interest expense(2)(2)(6)(2)
Amortization of actuarial (loss) gain and prior service cost in net periodic pension cost, net of tax— — (1)1 
Other comprehensive loss, net of tax(18)(39)(7)(115)
Comprehensive loss(26)(112)(97)(281)
Less: Comprehensive loss attributable to non-controlling interests in subsidiaries(3)(87)(60)(273)
Comprehensive loss attributable to the Company’s Class A common stockholders$(23)$(25)$(37)$(8)
See notes to consolidated financial statements
4
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended
September 30,
(in $ millions)20232022
Operating activities:
Net loss$(90)$(166)
Adjustments to reconcile net loss to net cash from (used in) operating activities:
Depreciation and amortization145 134 
Deferred tax benefit(16)(41)
Equity-based compensation60 23 
Allowance for credit losses11 8 
Fair value movement on earnout and warrant derivative liabilities(23)(30)
Other 16 16 
Defined benefit pension funding(21)(25)
Proceeds from termination of interest rate swap— 23 
Changes in working capital:
Accounts receivable(109)(478)
Prepaid expenses and other current assets(26)(55)
Due from affiliates(2)(31)
Due to affiliates18 26 
Accounts payable, accrued expenses and other current liabilities141 206 
Net cash from (used in) operating activities104 (390)
Investing activities:
Purchase of property and equipment (87)(73)
Other (6)— 
Net cash used in investing activities(93)(73)
Financing activities:
Proceeds from reverse recapitalization, net — 269 
Redemption of preference shares— (168)
Proceeds from senior secured term loans131 200 
Repayment of senior secured term loans(2)(2)
Contributions for ESPP and proceeds from exercise of stock options 7 — 
Payment of taxes withheld on vesting of equity awards
(14)— 
Repayment of finance lease obligations(2)(2)
Payment of debt financing costs(2)— 
Other 3 (4)
Net cash from financing activities121 293 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(3)(30)
Net increase (decrease) in cash, cash equivalents and restricted cash129 (200)
Cash, cash equivalents and restricted cash, beginning of period316 525 
Cash, cash equivalents and restricted cash, end of period$445 $325 
Supplemental cash flow information:
Cash paid/(refund) for income taxes (net of payments)$1 $(1)
Cash paid for interest (net of interest received)$107 $66 
Dividend accrued on preferred shares$— $8 
Non-cash additions for operating lease right-of-use assets$10 $10 
Non-cash additions for finance lease$3 $— 
Issuance of shares to settle liability$4 $— 
Cash, cash equivalents and restricted cash consist of:
(in $ millions)September 30,
2023		December 31,
2022
Cash and cash equivalents$432$303
Restricted cash (included in other non-current assets)1313
Cash, cash equivalents and restricted cash$445$316
See notes to consolidated financial statements
5
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL STOCKHOLDERS’ EQUITY
(Unaudited)
Class A
 common stock
Class B
common stock
(in $ millions, except share data)NumberAmountNumberAmountAdditional paid-in capitalAccumulated deficitAccumulated
 other
comprehensive loss		Total equity of
the Company’s
 stockholders		Equity
 attributable to
non-controlling
 interest in
subsidiaries		Total
stockholders’
 equity
Balance as of December 31, 202267,753,543— 394,448,481— $334 $(175)$(7)$152 $1,219 $1,371 
Equity-based compensation—— —— 19 — — 19 — 19 
Shares issued, net, on vesting of / exercise of equity awards (see note 14)
2,849,386— —— 1 — — 1 — 1 
Shares withheld for taxes in relation to vesting of / exercise of equity awards (see note 14)
(1,103,937)— —— (8)— — (8)— (8)
Other comprehensive loss, net of tax—— —— — — — — (4)(4)
Net loss—— —— — (2)— (2)(25)(27)
Balance as of March 31, 202369,498,992— 394,448,481— $346 $(177)$(7)$162 $1,190 $1,352 
Equity-based compensation—— —— 22 — — 22 — 22 
Shares issued on vesting of / exercise of equity awards (see note 14)
355,125— —— 1 — — 1 — 1 
Shares issued to settle liability (see note 19)
575,409— —— 4 — — 4 — 4 
Other comprehensive income, net of tax—— —— — — 2 2 13 15 
Net loss—— —— — (14)— (14)(41)(55)
Balance as of June 30, 2023
70,429,526— 394,448,481— $373 $(191)$(5)$177 $1,162 $1,339 
Equity-based compensation—— —— 19 — — 19 — 19 
Shares issued, net, on vesting of / exercise of equity awards and pursuant to ESPP (see note 14)
2,947,937— —— 5 — — 5 — 5 
Shares withheld for taxes in relation to vesting of equity awards (see note 14)
(833,386)— —— (6)(6)— (6)
Exchange of Class B common stock for Class A common stock pursuant to the Exchange Agreement (see note 1)
394,448,481— (394,448,481)— 2,418 (1,199)(63)1,156 (1,156)— 
Tax impact of corporate simplification (see note 1 and note 12)
—— — (76)— — (76)— (76)
Other comprehensive loss, net of tax—— —— — — (23)(23)5 (18)
Net loss—— —— — — — — (8)(8)
Balance as of September 30, 2023466,992,558— —— $2,733 $(1,390)$(91)$1,252 $3 $1,255 
Voting ordinary
shares		Non-Voting
ordinary shares		Profit
shares		Class A
common stock		Class B
common stock		Additional
 paid-in
capital		Accumulated
deficit		Accumulated
 other
 comprehensive
 loss		Total equity of
the Company’s
 stockholders		Equity
attributable to
non-controlling
 interest in
subsidiaries		Total
stockholders’
 equity
(in $ millions, except share data)NumberAmountNumberAmountNumberAmountNumberAmountNumberAmount
Balance as of December 31, 202136,000,000— 8,413,972— 800,000— —— —— $2,560 $(1,065)$(162)$1,333 $1 $1,334 
Dividend on preferred shares—— —— —— —— —— (5)— — (5)— (5)
Equity-based compensation —— —— —— —— —— 3 — — 3 — 3 
Other comprehensive loss, net of tax—— —— —— —— —— — — (7)(7)— (7)
Net loss—— —— —— —— —— — (91)— (91)— (91)
Balance as of March 31, 202236,000,000— 8,413,972— 800,000— —— —— $2,558 $(1,156)$(169)$1,233 $1 $1,234 
Dividend on preferred shares—— —— —— —— —— (3)— — (3)— (3)
Equity-based compensation prior to reverse recapitalization—— —— —— —— —— 2 — — 2 — 2 
Additional shares issued to Expedia—— 59,111— —— —— —— 6 — — 6 — 6 
Net loss prior to reverse recapitalization—— —— —— —— —— — (30)— (30)— (30)
Other comprehensive loss, net of tax, prior to reverse recapitalization—— —— —— —— —— — — (40)(40)— (40)
Reverse recapitalization, net(36,000,000)— (8,473,083)— (800,000)— 56,945,033— 394,448,481— (2,322)1,037 183 (1,102)1,197 95 
Equity-based compensation after the reverse recapitalization—— —— —— —— —— 3 — — 3 — 3 
Net income after the reverse recapitalization—— —— —— —— —— — 21 — 21 7 28 
Other comprehensive loss, net of tax, after the reverse recapitalization—— —— —— —— —— — — (4)(4)(25)(29)
Balance as of June 30, 2022
—— —— —— 56,945,033— 394,448,481— $244 $(128)$(30)$86 $1,180 $1,266 
Equity-based compensation—— —— —— —— —— $15 $— $— $15 $— $15 
Net loss—— —— —— —— —— $— $(20)$— $(20)$(53)$(73)
Other comprehensive loss, net of tax—— —— —— —— —— $— $— $(5)$(5)$(34)$(39)
Balance as of September 30, 2022—— —— —— 56,945,033— 394,448,481— $259 $(148)$(35)$76 $1,093 $1,169 
_____________________________________________________________

See notes to consolidated financial statements
6
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

(1)    Business Description and Basis of Presentation
Global Business Travel Group, Inc. (“GBTG”), and its consolidated subsidiaries, including GBT JerseyCo Limited (“GBT JerseyCo” and all together the “Company”), is a leading platform serving travel primarily for business purposes and provides a full suite of differentiated, technology-enabled solutions to business travelers and clients, suppliers of travel content (such as airlines, hotels, ground transportation and aggregators) and third-party travel agencies. The Company manages end-to-end logistics of business travel and provides a link between businesses and their employees, travel suppliers, and other industry participants.
On December 2, 2021, GBT JerseyCo entered into a business combination agreement (“Business Combination Agreement”) with GBTG (formerly known as Apollo Strategic Growth Capital or “APSG”), a special purpose acquisition company, listed on the New York Stock Exchange (the “Business Combination”). The Business Combination closed on May 27, 2022 and GBT JerseyCo became a direct subsidiary of GBTG. The Business Combination was accounted for as a reverse recapitalization, whereby GBT JerseyCo was considered the accounting acquirer in the transaction and the predecessor entity of GBTG. Accordingly, no assets or liabilities were measured at fair value, and no goodwill or other intangible assets were recognized as a result of the Business Combination.
GBTG is a Delaware corporation and tax resident in the United States of America (“U.S.”).
The Company has one reportable segment.
Prior to giving effect to the Corporate Simplification (as defined below):
(a)GBTG held its investments in GBT JerseyCo (a tax resident in the United Kingdom (“U.K.”)) and its subsidiaries through an umbrella partnership-C corporation structure (“Up-C structure”) and GBT JerseyCo was considered a partnership for U.S. tax purposes;
(b)GBT JerseyCo’s holders of B Ordinary Shares were American Express Travel Holdings Netherlands Coöperatief U.A. (“Amex Coop”), a resident of the Netherlands, Juweel Investors (SPC) Limited (a successor entity of Juweel Investors Limited) (“Juweel”), a resident of the Cayman Islands, and EG Corporate Travel Holdings LLC, a Delaware limited liability company (“Expedia”, and collectively, with Amex Coop and Juweel the “Continuing JerseyCo Owners”);
(c)GBTG owned A Ordinary Shares of GBT JerseyCo and Continuing JerseyCo Owners owned B Ordinary Shares of GBT JerseyCo; and
(d)Continuing JerseyCo Owners owned Class B Common Stock of GBTG and other public stockholders owned GBTG’s Class A Common Stock.
On July 10, 2023, GBTG entered into a series of transactions that simplified its organizational structure by eliminating the Company’s Up-C structure (the "Corporate Simplification"). As part of this Corporate Simplification, the Continuing JerseyCo Owners transferred all of their respective B Ordinary Shares of GBT JerseyCo and shares of Class B Common Stock of GBTG to GBTG in exchange for GBTG issuing to each Continuing JerseyCo Owner shares of its Class A Common Stock. Further, GBTG also entered into an amendment to the Business Combination Agreement with GBT JerseyCo (the “BCA Amendment”) and the SHA Amendment (as discussed further below), to provide, among other things, that the C Ordinary Shares of GBT JerseyCo owned by the Continuing JerseyCo Owners (and certain other current and former employees of GBTG) will be, upon the Class A Common Stock of GBTG meeting the price thresholds set forth in the Business Combination Agreement over the period of time set forth in the Business Combination Agreement, cancelled in exchange for shares of Class A Common Stock of GBTG, rather than into B Ordinary Shares of GBT JerseyCo and shares of Class B Common Stock of GBTG, which would be exchangeable for shares of Class A Common Stock of GBTG under the Exchange Agreement. The BCA Amendment also provides that certain rights of holders of the C Ordinary Shares of GBT JerseyCo with respect to dividends and distributions and with respect to potential payments upon the winding up of GBT JerseyCo that had been obligations of GBT JerseyCo under its organizational documents prior to the Corporate Simplification are now direct obligations of GBTG. Reciprocal amendments are reflected in the Fifth Amended and Restated Memorandum of Association of GBT JerseyCo and the Fourth Amended and Restated Articles of Association of GBT JerseyCo.
7
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
As a result of the Corporate Simplification:
•GBTG issued Class A Common Stock to the Continuing JerseyCo Owners in exchange for all of the issued and outstanding B Ordinary Shares of GBT JerseyCo and all of the issued and outstanding shares of Class B Common Stock of GBTG held by them;
•GBTG became the sole holder of all the issued and outstanding A Ordinary Shares of GBT JerseyCo;
•there are no shares of Class B Common Stock of GBTG or B Ordinary Shares of GBT JerseyCo that remain issued and outstanding;
•no net income (loss) or shareholder’s equity is allocated to the Continuing JerseyCo Owners (as non-controlling interests) in the consolidated financial statements of the Company (see note 15 – Stockholders’ Equity for further discussion); and

•tax distributions that were payable by GBT JerseyCo to the Continuing JerseyCo Owners under the Shareholders’ Agreement (arising from the U.S. tax partnership arrangement) ceased, with GBTG now assuming 100% of income tax liability for any incremental U.S. tax payable related to GBT JerseyCo’s income from international operations (see note 12 – Income Taxes for further discussion).
Impact of COVID-19
There have been improvements in the Company’s business and operating conditions since the outset of the COVID-19 pandemic in March 2020; however, the Company cannot predict the long-term effects of the pandemic on its business. As travel restrictions have been relaxed and travel patterns return, the Company has seen gradual improvement in its key volume metrics during 2022 and through the first nine months of 2023. Although the Company’s results for the first quarter of 2022 included a strong recovery from the pandemic, the Omicron variant of COVID-19 limited the recovery of the Company’s business during that period. Consequently, the results for the nine months ended September 30, 2023 include upside from such recovery in comparison to the same period in the prior year. The Company incurred a net loss of $90 million and had cash inflows from operations of $104 million during the nine months ended September 30, 2023, compared to a net loss of $166 million and cash outflows from operations of $390 million during the nine months ended September 30, 2022.
Governments of multiple countries implemented several programs to help businesses during the COVID-19 pandemic through loans, wage subsidies, tax relief or deferrals and other financial aid. The Company participated in several of these government programs. During the three and nine months ended September 30, 2022, the Company recognized in its consolidated statements of operations government grants and other benefits for salaries and wages of $0 and $10 million, respectively, as a reduction of expenses. There were no government grants recognized in the consolidated statement of operations during the three and nine months ended September 30, 2023. As of September 30, 2023, and December 31, 2022, the Company had a receivable of $1 million and $13 million, respectively, in relation to such government grants, which is included in the accounts receivable balance in the consolidated balance sheets. These relate to payments that are expected to be received under the government programs where the Company has met the qualifying requirements and it is probable that payments will be received.
The Company believes its liquidity is important given the limited ability to predict its future financial performance due to the uncertainties associated with potential economic slowdown resulting from adverse macro-economic conditions. The Company has taken several measures to preserve and enhance its liquidity, including additional term loans in January 2023 (see note 10 – Long-term Debt) and restructuring initiatives (see note 9 – Restructuring, Exit and Related Charges). Apart from the expectation of the recovery in its business operations, the Company continues to further explore other capital market transactions, process rationalizations and cost reduction measures to improve its liquidity position. Based on the Company’s current and expected operating plan, existing cash and cash equivalents, the recovery of business travel indicated by recent volume trends, the Company’s mitigation measures taken or planned to strengthen its liquidity and financial position, along with the Company’s available funding capacity and cash flows from operations, the Company believes it has adequate liquidity to meet the future operational and other needs of the business for a minimum period of twelve months.
8
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Basis of Presentation
The Company’s consolidated financial statements include the accounts of GBTG, its wholly-owned subsidiaries and entities controlled by GBTG, including GBT JerseyCo. There are no entities that have been consolidated due to control through operating agreements, financing agreements or as the primary beneficiary of a variable interest entity. The Company reports the non-controlling ownership interests in subsidiaries that are held by third-party owners as equity attributable to non-controlling interests in subsidiaries on the consolidated balance sheets. The portion of income or loss attributable to third-party owners for the reporting periods is reported as net income (loss) attributable to non-controlling interests in subsidiaries on the consolidated statements of operations. The Company has eliminated intercompany transactions and balances in its consolidated financial statements.
For the periods prior to the Business Combination, the consolidated financial statements of the Company comprise the accounts of GBT JerseyCo and its wholly-owned subsidiaries. All intercompany accounts and transactions among GBT JerseyCo and its consolidated subsidiaries were eliminated.
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial reporting. As such, certain notes or other information that are normally required by U.S. GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2022, included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission, United States (the “SEC”) on March 21, 2023 (the “Annual Report on Form 10-K”). The Company has included all normal recurring items and adjustments necessary for a fair presentation of the results of the interim period. The Company’s interim unaudited consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year.
Certain prior period amounts within the consolidated statements of operations have been reclassified to conform to current year presentation.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, supplier revenue, allowance for credit losses, depreciable lives of property and equipment, acquisition purchase price allocations including valuation of acquired intangible assets and goodwill and contingent consideration, valuation of operating lease right-of-use (“ROU”) assets, impairment of goodwill, other intangible assets, long-lived assets, capitalized client incentives and investments in equity method investments, valuation allowances on deferred income taxes, valuation of pensions, interest rate swaps, earnout shares and contingencies. Actual results could differ materially from those estimates.
Many of the Company’s estimates and assumptions require increased judgment as a result of several macroeconomic conditions, including those resulting from long-term recovery from the COVID-19 pandemic. As events continue to evolve and additional information becomes available, the Company’s estimates may change materially in future periods.
(2)    Recently Issued Accounting Pronouncements
Accounting Pronouncements - Adopted
Contracts with Customers Acquired in a Business Combination
In October 2021, the Financial Accounting Standard Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” to add contract assets and contract liabilities acquired in a business combination to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with the revenue recognition guidance. This updated guidance amends the current business combination guidance where an acquirer generally
9
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
recognizes such items at fair value on the acquisition date. The guidance is to be applied prospectively to all business combinations that occur on or after the date of initial application. The Company adopted this guidance on January 1, 2023, as required, and there was no impact on the Company’s consolidated financial statements upon the adoption of this guidance.
Reference rate reforms
In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides expedients and exceptions to existing guidance on contract modifications and hedge accounting that is optional to facilitate the market transition from a reference rate, including the London Interbank Offered Rate (“LIBOR”), which was discontinued because of reference rate reform, to a new reference rate. The provisions of this ASU impact contract modifications and other changes that occur while LIBOR was phased out. The guidance is effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, “Reference Rate Reform: Deferral of the Sunset Date of Topic 848.” As a result of the U.K. Financial Conduct Authority’s decision to extend the cessation date for publishing LIBOR rates from December 31, 2021 to June 30, 2023, the FASB decided to defer the sunset date of this topic from December 31, 2022 to December 31, 2024.
On January 25, 2023, the Company’s senior secured credit agreement was amended, which, among other things, replaced LIBOR with Secured Overnight Financing Rate (“SOFR”) as the benchmark rate applicable to each of its senior secured tranche B-3 term loan facility and the senior secured revolving credit facility (see note 10 - Long-term Debt). The Company also amended its interest rate swap agreement to change its reference rate from LIBOR to SOFR (see note 17 - Derivatives and Hedging). The Company evaluated and applied optional expedients available under this guidance, as applicable, for such transactions and there was no material impact on the Company’s consolidated financial statements.

10
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(3)    Revenue from Contracts with Customers
The Company disaggregates revenue based on (i) Travel Revenue which include all revenue relating to servicing a transaction, which can be air, hotel, car rental, rail or other travel-related booking or reservation, and (ii) Product and Professional Services Revenue which include all revenue relating to using the Company’s platform, products and value-added services. The following table presents the Company’s disaggregated revenue by nature of service. Sales and usage-based taxes are excluded from revenue.
Three months ended September 30,Nine months ended September 30,
(in $ millions)2023202220232022
Travel revenue$455 $387 $1,401 $1,032 
Product and professional services revenue116 101 340 292 
Total revenue$571 $488 $1,741 $1,324 
Payments from customers are generally received within 30-60 days of invoicing or from their contractual date agreed under the terms of contract. The Company evaluates collectability of accounts receivable based on a combination of factors and records expected credit losses as described further in note 4 - Allowances for Expected Credit Losses.
Contract Balances
Contract assets represent the Company’s right to consideration in exchange for services transferred to a customer when that right is conditioned on the Company’s future performance obligations. Contract liabilities represent the Company’s obligation to transfer services to a customer for which the Company has received consideration (or the amount is due) from the customer.
The opening and closing balances of the Company’s accounts receivable, net, and contract liabilities are as follows:
Contract
liabilities
(in $ millions)
Accounts receivable, net (1)
Client
incentives, net
(non-current)		Deferred
revenue
(current)
Balance as of September 30, 2023$850 $18 $23 
Balance as of December 31, 2022$752 $19 $19 
_____________________________________________________________
(1)Accounts receivable, net, exclude balances not related to contracts with customers.
Deferred revenue is recorded when a performance obligation has not been satisfied but an invoice has been raised. Cash payments received from customers in advance of the Company completing its performance obligations are included in deferred revenue in the Company’s consolidated balance sheets. The Company generally expects to complete its performance obligations under the contracts within one year. During the nine months ended September 30, 2023, the cash payments received or due in advance of the satisfaction of the Company’s performance obligations were offset by $12 million of revenue recognized that was included in the deferred revenue balance as of December 31, 2022.
Remaining Performance Obligations
As of September 30, 2023, the aggregate amount of the transaction price allocated to the Company’s remaining performance obligations was approximately $5 million, which the Company expects to recognize as revenue as performance obligations are satisfied over the remainder of 2023.
The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less.
11
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(4)    Allowances for Expected Credit Losses
The Company estimates expected credit losses upon recognition of the financial assets, which primarily comprise accounts receivable. The Company has identified the relevant risk characteristics of its customers and the related receivables, which include size, type (e.g., business clients vs. travel supplier and credit card vs. non-credit card customers) or geographic location of the customer, or a combination of these characteristics. The Company has considered the historical credit loss experience, current economic conditions, forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses on its accounts receivable. Other key factors that influence the expected credit loss analysis include customer demographics and payment terms offered in the normal course of business to customers. This is assessed each quarter based on the Company’s specific facts and circumstances. The movement in Company’s allowance for credit losses for the nine months ended September 30, 2023, is set out below:
(in $ millions)Amount
Balance as of December 31, 2022$23 
Provision for expected credit losses during the period11 
Write-offs(16)
Foreign exchange 2 
Balance as of September 30, 2023$20 
Uncertain macroeconomic factors, including rising interest rates, potential recession or economic downturn, can have a significant effect on the allowance for credit losses as such conditions could potentially result in the restructuring or bankruptcy of customers. Further, the impact of the COVID-19 pandemic on the global economy and other general increases in aging balances has impacted the Company’s estimate of expected credit losses. Given such uncertainties, the Company cannot provide assurance that the assumptions used in its estimates will be accurate and actual write-offs may vary from such estimates of credit losses.
(5)    Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of:
(in $ millions)September 30,
2023		December 31,
2022
Prepaid software licenses and travel expenses$74 $52 
Income tax receivable26 26 
Value added and similar taxes receivables11 11 
Other prepayments and receivables35 41 
Prepaid expenses and other current assets$146 $130 
12
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(6)    Property and Equipment, Net
Property and Equipment consist of:
(in $ millions)September 30,
2023		December 31,
2022
Capitalized software for internal use$427 $365 
Computer equipment64 71 
Leasehold improvements55 49 
Furniture, fixtures and other equipment7 5 
Capital projects in progress7 5 
560 495 
Less: accumulated depreciation and amortization(332)(277)
Property and equipment, net$228 $218 
Depreciation and amortization expense related to property and equipment was $28 million and $21 million for the three months ended September 30, 2023 and 2022, respectively, and $78 million and $64 million for the nine months ended September 30, 2023 and 2022, respectively. Depreciation and amortization expense includes amortization related to capitalized software for internal use amounting to $19 million and $16 million for the three months ended September 30, 2023 and 2022, respectively, and $53 million and $45 million for the nine months ended September 30, 2023 and 2022, respectively.
(7)    Goodwill and Other Intangible Assets, Net
The following table sets forth changes in goodwill during the nine months ended September 30, 2023:
(in $ millions)Amount
Balance as of December 31, 2022$1,188 
Currency translation adjustments2 
Balance as of September 30, 2023$1,190 
There were no goodwill impairment losses recorded during the three and nine months ended September 30, 2023 and 2022 and there are no accumulated goodwill impairment losses as of September 30, 2023.
The following table sets forth the Company’s other intangible assets with definite lives as of September 30, 2023 and December 31, 2022:
September 30, 2023December 31, 2022
(in $ millions)Cost
Accumulated
amortization
NetCost
Accumulated
amortization
Net
Trademarks/trade names$114 $(71)$43 $116 $(69)$47 
Business client relationships792 (286)506 788 (240)548 
Supplier relationships253 (232)21 253 (213)40 
Travel partner network4 (4)— 4 (3)1 
Other intangible assets$1,163 $(593)$570 $1,161 $(525)$636 
Amortization expense relating to definite-lived intangibles was $22 million and $24 million for the three months ended September 30, 2023 and 2022, respectively, and $67 million and $70 million for the nine months ended September 30, 2023 and 2022, respectively, which is included in depreciation and amortization in the consolidated statements of operations.
13
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(8)    Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of:
(in $ millions)September 30,
2023		December 31,
2022
Accrued payroll and related costs$168 $196 
Accrued operating expenses160147
Client deposits3856
Deferred revenue2319
Accrued restructuring costs (see note 9)
3511
Value added and similar taxes payable99
Income tax payable54
Other payables1510
Accrued expenses and other current liabilities$453 $452 
(9)    Restructuring, Exit and Related Charges
Employee Severance Costs
On January 24, 2023, the Company announced changes to its internal operating model. The Company has fully accrued for the costs of approximately $35 million associated with implementing these changes, substantially all of which represent cash expenditures for the payment of severance and related benefits costs resulting from a reduction in workforce. This strategic realignment and related actions are expected to be substantially complete by the end of 2023.
From time-to-time, the Company takes initiatives to reduce costs, exit from non-profitable business components and geographical regions and/or improve operational efficiency. During the third quarter of 2023, the Company decided to exit from certain operations and / or regions and, as a result, has incurred costs mainly related to employee severance of $5 million which is included within restructuring charges in the consolidated statement of operations.
Facilities Consolidation and Rationalization
During the nine months ended September 30, 2023, the Company undertook an initiative to consolidate and rationalize its office facilities at different geographical locations. The Company applied lease reassessment and modification guidance and evaluated the right-of-use assets for potential impairment. Where the Company plans to exit all or distinct portions of a facility and does not have the ability or intent to sublease, the Company accelerates the amortization of operating lease ROU asset and related leasehold improvements at those premises. Accelerated amortization is recognized from the date that the Company approves the plan to fully or partially vacate a facility, for which there is no intent or ability to enter into a sublease, through the final vacate date.
The accelerated amortization of operating lease ROU asset is recorded as a component of general and administrative expense in the Company’s consolidated statements of operations. Accelerated amortization of any related leasehold improvements is recorded as a component of depreciation and amortization in the Company’s consolidated statements of operations. Estimated future costs related to other non-lease components (e.g., common area maintenance charges) were accrued as part of restructuring expense and recorded as a liability on the facilities abandonment date.
14
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The table below sets forth accrued restructuring, exit and related costs included in accrued expenses and other current liabilities, for the nine months ended September 30, 2023:
(in $ millions)
Employee Related (1)
Facility - Non-Lease Related (1)
Facility - Lease Related (2)
Total
Balance as of December 31, 2022$8 $3 $— $11 
Accruals40 2 10 52 
Non-cash items— — (10)(10)
Cash settled(17)(1)— (18)
Balance as of September 30, 2023$31 $4 $— $35 
_____________________________________________________________
(1)Accruals are recorded within restructuring and other exit charges in the consolidated statements of operations and the liability is included within accrued expenses and other current liabilities.
(2)Accelerated amortization of operating lease ROU assets of $7 million is included within general and administrative expense and accelerated amortization of leasehold improvements of $3 million is included within depreciation and amortization expense in the consolidated statements of operations.
(10)    Long-term Debt
The outstanding amount of the Company’s long-term debt consists of:
(in $ millions)September 30,
2023		December 31,
2022
Senior Secured Credit Agreement 
Principal amount of senior secured initial term loans (Maturity – August 2025) (1)
$238 $239 
Principal amount of senior secured tranche B-3 term loans (Maturity – December 2026) (2)
1,000 1,000 
Principal amount of senior secured tranche B-4 term loans (Maturity – December 2026) (3)
135 — 
Principal amount of senior secured revolving credit facility (Maturity – September 2026) (4)
— — 
Other borrowings (5)
4 — 
1,377 1,239 
Less: Unamortized debt discount and debt issuance costs(18)(17)
Total debt, net of unamortized debt discount and debt issuance costs1,359 1,222 
Less: Current portion of long-term debt(6)(3)
Long-term debt, non-current, net of unamortized debt discount and debt issuance costs$1,353 $1,219 
_____________________________________________________________
(1)Stated interest rate of LIBOR + 2.50% as of September 30, 2023 and December 31, 2022.
(2)Stated interest rate of SOFR + 0.1% + 6.75% (with a SOFR floor of 1%) as of September 30, 2023 and LIBOR + 6.50% (with a LIBOR floor of 1%) as of December 31, 2022.
(3)Stated interest rate of SOFR + 0.1% + 6.75% (with a SOFR floor of 1%) as of September 30, 2023.
(4)Stated interest rate of SOFR + 0.1% + 6.25% (with a SOFR floor of 1%) as of September 30, 2023 and LIBOR + 2.25% as of December 31, 2022. The senior secured revolving credit facility will automatically terminate on May 14, 2025 if the senior secured initial term loans have not been refinanced, replaced or extended (with a resulting maturity date that is December 16, 2026 or later) or repaid in full prior to May 14, 2025.
(5)Other borrowings primarily relate to finance leases and equipment sale and lease back transaction.
15
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
On January 25, 2023, the senior secured credit agreement was amended to provide for additional term loans, for general corporate purposes, in an aggregate principal amount equal to $135 million (the “tranche B-4 term loans”). The tranche B-4 term loans have substantially the same terms as the existing loans under the senior secured credit agreement’s tranche B-3 term loan facility. The tranche B-4 term loans (i) mature on December 16, 2026, (ii) are issued at a discount of approximately 3%, and (iii) are to be repaid in full on the maturity date.
The amendment further replaced LIBOR with SOFR as the benchmark rate applicable to each of the senior secured tranche B-3 term loan facility and the senior secured revolving credit facility and increased the applicable interest rate margins under such facilities. The tranche B-4 term loans and the existing loans under the senior secured tranche B-3 term loan facility will accrue interest at a variable interest rate based on SOFR plus a leverage-based margin ranging from 5.25% to 6.75% per annum, and loans under the senior secured revolving credit facility will accrue interest at a variable interest rate based on SOFR plus a leverage-based margin ranging from 4.75% to 6.25% per annum. A SOFR floor of 1.00% applies to the tranche B-4 term loans and each of the senior secured tranche B-3 term loan facility and the senior secured revolving credit facility. The Company's senior secured initial term loans accrue interest at a variable interest rate based on LIBOR plus a margin of 2.50% per annum. The LIBOR is fixed until December 29, 2023, and thereafter the variable interest rate will be based on a prime rate (as defined in the senior secured credit agreement) or such other rate as may be agreed then.
The amendment also extended the maturity of the senior secured revolving credit facility from August 2023 to September 2026, subject to a springing maturity provision. The senior secured revolving credit facility will automatically terminate on May 14, 2025 if the senior secured initial term loans have not been refinanced, replaced or extended (with a resulting maturity date that is December 16, 2026 or later) or repaid in full prior to May 14, 2025. Additionally, the amendment suspended the financial covenant restriction on the draw-down of the revolving credit facility until July 1, 2024, and replaced it with certain other borrowing conditions. Subject to meeting such borrowing conditions, the Company can draw-down the entire $50 million of revolving credit facility.
During each of the nine months ended September 30, 2023 and 2022, the Company repaid the contractual quarterly installment of $2 million of the principal amount of senior secured initial term loans.
At the option of Group Services B.V., a wholly owned subsidiary of GBTG (the “Borrower”), upon prior written notice, amounts borrowed under one or more of the senior secured credit facilities (as selected by the Borrower) may be voluntarily prepaid, and/or unused commitments thereunder may be voluntarily reduced or terminated, in each case, in whole or in part, at any time without premium or penalty (other than (i) any applicable prepayment premium required to be paid pursuant to the senior secured credit agreement, and (ii) customary breakage costs in connection with certain prepayments of loans bearing interest at a rate based on LIBOR/SOFR). Subject to certain exceptions set forth in the senior secured credit agreement, the Borrower is required to prepay the senior secured term loans with (i) 50% (subject to leverage-based step-downs) of annual excess cash flow (as defined in the senior secured credit agreement) in excess of a threshold amount, (ii) 100% (subject to leverage-based step-downs) of the net cash proceeds from certain asset sales and casualty events, subject to customary reinvestment rights, (iii) 100% of the net cash proceeds from the incurrence of certain indebtedness and (iv) other than in connection with the consummation of the business combination pursuant to the Business Combination Agreement, 50% of the net cash proceeds from the consummation of any initial public offering (or similar transaction) of the common stock of GBT UK TopCo Limited (or a parent entity thereof).
The senior secured revolving credit facility has (i) a $30 million sublimit for extensions of credit denominated in certain currencies other than U.S. dollars, (ii) a $10 million sublimit for letters of credit, and (iii) a $10 million sublimit for swingline borrowings. Extensions of credit under the senior secured revolving credit facility are subject to customary borrowing conditions and to additional conditions during the covenant suspension period provided by the January 2023 amendment described above. The Borrower is required to pay a fee of 0.375% per annum on the average daily unused commitments under the senior secured revolving credit facility, payable quarterly in arrears. As of September 30, 2023, the Company had utilized $7 million for letters of credit and had the balance of $43 million that remained undrawn under the senior secured revolving credit facility. As of December 31, 2022, no borrowings or letters of credit were outstanding under the senior secured revolving credit facility.
Interest on the senior secured credit facilities is payable quarterly in arrears (or, if earlier in the case of LIBOR and SOFR loans, at the end of the applicable interest period). The effective interest rate on the senior secured term loans for the nine months ended September 30, 2023 was approximately 11.5%.
16
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Security; Guarantees
GBT UK TopCo Limited, a wholly-owned direct subsidiary of GBT JerseyCo, and certain of its direct and indirect subsidiaries, as guarantors (such guarantors, collectively with the Borrower, the “Loan Parties”), provide an unconditional guarantee, on a joint and several basis, of all obligations under the senior secured credit facilities and under cash management agreements and swap contracts with the lenders or their affiliates (with certain limited exceptions). Subject to certain cure rights, as of the end of each fiscal quarter, at least 70% of the consolidated total assets of the Loan Parties and their subsidiaries must be attributable, in the aggregate, to the Loan Parties; provided that such coverage test shall instead be calculated based on 70% of Consolidated EBITDA (as defined in the senior secured credit agreement) of the Loan Parties and their subsidiaries for the four prior fiscal quarters, commencing with the first quarterly test date after January 2021 on which Consolidated EBITDA of the Loan Parties and their subsidiaries exceeds $100 million. Further, the lenders have a first priority security interest in substantially all of the assets of the Loan Parties.
Covenants
The senior secured credit agreement contains various affirmative and negative covenants, including certain financial covenants (see below) and limitations (subject to exceptions) on the ability of the Loan Parties and their subsidiaries to: (i) incur indebtedness or issue preferred stock; (ii) incur liens on their assets; (iii) consummate certain fundamental changes (such as acquisitions, mergers, liquidations or changes in the nature of the business); (iv) dispose of all or any part of their assets; (v) pay dividends or other distributions with respect to, or repurchase, any equity interests of any Loan Party or any equity interests of any direct or indirect parent company or subsidiary of any Loan Party; (vi) make investments, loans or advances; (vii) enter into transactions with affiliates and certain other permitted holders; (viii) modify the terms of, or prepay, any of their subordinated or junior lien indebtedness; (ix) make certain changes to a Loan Party’s entity classification for U.S. federal income tax purposes or certain intercompany transfers of a Loan Party’s assets if, as a result thereof, an entity would cease to be a Loan Party due to adverse tax consequences; (x) enter into swap contracts; and (xi) enter into certain burdensome agreements.
Certain restricted payments and debt incurrences that would otherwise be permitted under the senior secured credit agreement cannot be made during the suspension period implemented pursuant to the January 2023 amendment described above. Any such prohibited payment or incurrence would trigger an automatic reduction to zero of the commitments under the senior secured revolving credit facility for the duration of the suspension period, which would give rise to prepayment and/or cash collateral requirements in respect of then-current utilization of the senior secured revolving credit facility. Additionally, any such payment or incurrence would constitute a violation of the senior secured credit agreement if any revolving loans would be outstanding immediately thereafter.
The senior secured credit agreement also requires that an aggregate amount of Liquidity (as defined in the senior secured credit agreement) equal to at least $200 million be maintained as of the end of each calendar month. Liquidity is calculated as the aggregate amount of unrestricted cash and cash equivalents of the Loan Parties and their subsidiaries plus, under certain circumstances, the unused amount available to be drawn under the senior secured revolving credit facility.
The senior secured credit agreement also contains an additional financial covenant applicable solely to the senior secured revolving credit facility. After giving effect to the January 2023 amendment described above, such financial covenant requires the first lien net leverage ratio (calculated in a manner set forth under the senior secured credit agreement) to be less than or equal to 3.50 to 1.00 as of the last day of any fiscal quarter on which (a) the suspension period is not in effect and (b) the aggregate principal amount of outstanding loans and letters of credit under the senior secured revolving credit facility exceeds 35% of the aggregate principal amount of the senior secured revolving credit facility. The senior secured credit agreement provides that such financial covenant is suspended for a limited period of time if an event that constitutes a “Travel MAC” (as defined in the senior secured credit agreement) has occurred and the Loan Parties are unable to comply with such covenant as a result of such event. Such financial covenant did not apply for the period ended September 30, 2023.
As of September 30, 2023, the Loan Parties and their subsidiaries were in compliance with all applicable covenants under the senior secured credit agreement.
17
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Events of Default
The senior secured credit agreement contains default events (subject to certain materiality thresholds and grace periods), which could require early prepayment, termination of the senior secured credit agreement or other enforcement actions customary for facilities of this type. As of September 30, 2023, no event of default existed under the senior secured credit agreement.
(11)    Commitments and Contingencies
Purchase Commitment
In the ordinary course of business, the Company makes various commitments to purchase goods and services from specific suppliers, including those related to capital expenditures. As of September 30, 2023, the Company had approximately $231 million of outstanding non-cancellable purchase commitments, primarily relating to service, hosting, licensing and other information technology contracts, of which $92 million relates to the twelve months ending September 30, 2024. These purchase commitments extend through 2031.
Guarantees
The Company has obtained bank guarantees in respect of certain travel suppliers and real estate lease agreements amounting to $25 million. Certain of these bank guarantees require the Company to maintain cash collateral which has been presented as restricted cash within other non-current assets in the Company’s consolidated balance sheet.
Legal Contingencies
The Company recognizes legal fees as expense when the legal services are provided.
Based on its current knowledge, and taking into consideration its litigation-related liabilities, the Company believes it is not a party to any pending legal proceeding or governmental examination that would have a material adverse effect on the Company’s consolidated financial condition or liquidity.
(12)    Income Taxes

As discussed in note 1 – Business Description and Basis of Presentation, GBTG, a Delaware corporation and U.S. tax resident, entered into a series of transactions that eliminated the Up-C Structure on July 10, 2023. Consequently, GBTG assumed full economic ownership of GBT JerseyCo. GBT JerseyCo’s U.S. tax partnership status was terminated and it is now classified as a single member LLC.

Prior to the Corporate Simplification, GBTG owned approximately 16% of GBT JerseyCo and, as a U.S. tax resident shareholder, recognized certain deferred tax assets and liabilities in respect of its proportionate interest in GBT JerseyCo. As a direct result of these transactions, 100% of GBT JerseyCo's deferred tax assets and liabilities now flow through to GBTG, in proportion to its increased economic ownership of GBT JerseyCo. These deferred tax items relate primarily to temporary differences arising in GBTG's foreign branches and anticipated future U.S. taxes on branch income which will bear reduced foreign tax credits. This is due to branch net operating loss carryforwards which will shield local taxation, but not U.S. taxation. The termination of the partnership for U.S. federal income tax purposes also impacted two specific deferred tax items: (i) the deferred tax asset held by GBTG related to differences in its equity method investment in GBT JerseyCo and related U.S. tax stock basis investment is no longer required to be recognized, and (ii) a new deferred tax asset is recognized in respect of GBTG’s inheritance of historic inside and outside basis differences of its former partners in GBT JerseyCo which was predominantly allocated to identified intangibles with a 15-year tax recovery life. In addition, the Company's state income tax profile has changed as a direct result of the Corporate Simplification transaction which has resulted in a decrease in the Company's net deferred tax liability.
The net impact of the increased ownership and the partnership termination is estimated as a net deferred tax liability of $76 million with a corresponding charge against equity as all of the above arise as a direct consequence of the Corporate Simplification. The Company expects to finalize the tax impact over future quarters.
18
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For the three and nine months ended September 30, 2023, the Company’s income tax benefit was $2 million and $12 million, respectively, and its effective tax rate was 17% and 12%, respectively. GBTG’s effective tax rate for the three and nine months ended September 30, 2023 is lower than, the U.S. federal statutory corporate income tax rate of 21% primarily due to the impact of non-deductible tax items, movement in valuation allowances and minimum taxes.
For the three and nine months ended September 30, 2022, GBTG’s income tax benefit was $10 million and $39 million, respectively, and its effective tax rate was 12% and 19%, respectively. The lower tax rate during the three months ended September 30, 2022 was driven by higher proportional movement in non-taxable fair value movement on earnout shares and warrants and the non-taxable loss contingency versus the result for the period, along with country rate differentials, offset by increases in valuation allowances.
The Inflation Reduction Act (“IRA”) was enacted into law on August 16, 2022. Included in the IRA is a provision to implement a 15% corporate alternative minimum tax on corporations whose average annual adjusted financial statement income during the most recently completed three-year period exceeds $1.0 billion. This provision became effective for the Company from January 1, 2023, and did not have any material impact on the Company’s tax provision. The Company believes the impact of IRA is likely to be minimal for the foreseeable future.
(13)    Earnout Shares
Certain stockholders and employees are entitled to additional consideration in the form of “earnout shares” of the Company’s Class A common stock, to be issued in tranches, when the Company’s Class A common stock’s price achieves certain market share price milestones within specified periods following the Business Combination transaction.
The earnout shares to stockholders are accounted under Accounting Standard Codification 815, “Derivatives and Hedging” (“ASC 815”). Such guidance provides that because the earnout shares do not meet the criteria for equity treatment thereunder, earnout shares must be recorded as a liability. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the earnout shares liability is adjusted to its fair value, with the change in fair value recognized in the Company’s consolidated statements of operations. The fair value of the earnout shares is estimated using the Monte Carlo simulation of the stock prices based on historical and implied market volatility (see note 18 – Fair Value Measurements).
As of September 30, 2023 the fair value of the earnout shares liability was estimated to be $67 million. The Company recognized a gain on the fair value change in earnout shares liability of $39 million and $23 million in its consolidated statement of operations for the three and nine months ended September 30, 2023, respectively. The Company recognized a gain on the fair value change in earnout shares liability of $12 million and $35 million in its consolidated statement of operations for the three and nine months ended September 30, 2022, respectively.
(14)    Equity-Based Compensation
Management Incentive Plan
In December 2022, the Company initiated an exchange offer which provided eligible participants with the opportunity to exchange certain outstanding stock options under the Global Business Travel Group, Inc. Management Incentive Plan for restricted share units (“RSUs”) under the Global Business Travel Group, Inc. 2022 Equity Incentive Plan (the “2022 Plan”) on the terms and conditions as set out in the exchange offer. The exchange offer also required mandatory exercise of in-the-money stock options granted prior to December 1, 2021, by individuals who participated in the exchange offer. The exchange offer expired on January 26, 2023. Pursuant to the terms of exchange offer:
•10,088,754 stock options were cancelled,
•2,699,885 stock options were automatically exercised on a cashless basis and
•4,817,144 RSUs were granted under the 2022 Plan. The RSUs generally vest one-third on each of the first three anniversaries of the grant date, subject to continued employment by the participant through the applicable vesting date and are subject to such other terms and conditions as set forth in the applicable restricted stock unit award agreement.
19
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Simultaneously with the closing of the exchange offer, certain individuals who were ineligible to participate in the exchange offer exercised an aggregate of 2,059,984 stock options and were granted an aggregate amount of 1,344,935 RSUs under the 2022 Plan as approved by the compensation committee.
The table below presents the activity of the Company’s stock options for the nine months ended September 30, 2023:
Number of
stock options		Weighted
average
exercise price per
stock option		Weighted
average
 remaining
contractual
term (in years)		Aggregate
intrinsic value
(in $ millions)
Balance as of December 31, 202236,397,677$7.66 
Cancelled pursuant to exchange offer(10,088,754)$10.36 
Exercised (1)
(5,233,488)$6.18 
Expired(1,148,332)$7.98 
Forfeited(122,725)$14.58 
Balance as of September 30, 202319,804,378$6.99 
Exercisable as of September 30, 202317,402,097$6.54 2.7$— 
Expected to vest as of September 30, 20232,402,281$10.26 8.1— 
_____________________________________________________________
(1)The stock options exercised in the exchange offer, or simultaneously with the closing of the exchange offer, were settled on a cashless basis and were net-share settled such that the Company withheld shares with value equivalent to no more than the employee’s maximum statutory obligation for applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total shares withheld to cover the stock option costs and taxes were 4,469,741 shares and were based on the value of the shares on their respective exercise dates. Total payment for the employees’ tax obligations to taxing authorities was $2 million and is reflected as a financing activity within the consolidated statements of cash flows.
2022 Equity Incentive Plan
During the nine months ended September 30, 2023, apart from the RSUs granted as part of the stock option exchange offer discussed above, the Company granted 19 million RSUs under the 2022 Plan to certain of its key employees and directors. The RSUs generally vest one-third annually on the first three anniversaries of the grant date. The vesting is conditional upon continued employment of the grantee through the applicable vesting period and subject to such other terms and conditions as set forth in the applicable restricted stock unit award agreement. The RSUs do not accrue dividends or dividend equivalent rights associated with the underlying stock. The fair value of the RSUs is determined to be the market price of the Company’s Class A Common Stock at the date of grant. The table below presents the activity of the Company’s RSUs for the nine months ended September 30, 2023:
Number of RSUsWeighted
average grant
date fair value
Balance as of December 31, 202211,288,745$7.56 
Granted18,571,905$6.65 
Forfeited(1,129,575)$7.37 
Vested (1)
(4,283,868)$7.60 
Balance as of September 30, 202324,447,207$6.87 
_____________________________________________________________
(1)The RSUs were net-share settled such that the Company withheld shares with value equivalent to no more than the employee’s maximum statutory obligation for applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. A total of 1,607,828 shares were withheld and were based on the value of the RSUs on their respective vesting dates as determined by the Company’s closing stock price. Total payment for the
20
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
employees’ tax obligations to taxing authorities was $12 million and is reflected as a financing activity within the consolidated statements of cash flows.
Employee Stock Purchase Plan (“ESPP”)
The ESPP allows eligible employees to purchase shares of the Company’s Class A Common Stock through payroll deductions of up to 15% of their eligible compensation. Under the ESPP, there are two six-month offering periods - from February 15 through August 14 and August 15 through February 14 of each year. The price of the Company’s Class A Common Stock purchased under the ESPP is 85% of the fair market value of the Company’s Class A Common Stock on the end date of each six-month offering period. As of September 30, 2023, there were 10.3 million shares available for issuance under the ESPP. During the nine months ended September 30, 2023, 775,338 shares were purchased under the ESPP.
Total equity-based compensation expense recognized in the Company’s consolidated statements of operations (i) for the three months ended September 30, 2023 and 2022 amount to $19 million and $15 million, respectively (net of tax of $14 million and $11 million, respectively), and (ii) for the nine months ended September 30, 2023 and 2022 amount to $60 million and $23 million, respectively (net of tax of $45 million and $17 million, respectively) and were included as follows:
(in $ millions)Three months ended September 30,Nine months ended September 30,
2023202220232022
Cost of revenue (excluding depreciation and amortization)$1 $1 $3 $1 
Sales and marketing 6 5 24 8 
Technology and content5 4 13 5 
General and administrative7 5 20 9 
Total$19 $15 $60 $23 
As of September 30, 2023, the Company expects compensation expense related to (i) unvested stock options of approximately $3 million to be recognized over the remaining weighted average period of 1.2 years, (ii) unvested RSUs of approximately $119 million to be recognized over the remaining weighted average period of 2.1 years and (iii) ESPP of approximately $1 million to be recognized over a remaining service period of 4.5 months.
(15)    Stockholders’ Equity
GBTG’s authorized capital stock consists of:
i.3,000,000,000 shares of Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), of which 466,992,558 shares are issued and outstanding as of September 30, 2023;
ii.3,000,000,000 shares of Class B common stock, par value $0.0001 per share (the “Class B Common Stock”), none of which is issued and outstanding as of September 30, 2023 (see note 1 - Business Description and Basis of Presentation); and
iii.6,010,000,000 shares of preferred stock, par value of $0.00001 per share, none of which is issued and outstanding as of September 30, 2023. Further (a) 3,000,000,000 shares of Class A-1 preferred stock are designated as Class A-1 preferred stock, none of which is issued and outstanding as of September 30, 2023, (b) 3,000,000,000 shares of Class B-1 preferred stock are designated as Class B-1 preferred stock, none of which is issued and outstanding as of September 30, 2023 and (c) the remaining 10,000,000 shares of preferred stock are undesignated preferred stock, none of which is issued and outstanding as of September 30, 2023.
Holders of Class A Common Stock and Class B Common Stock vote together as a single class on all matters submitted to the stockholders for their vote or approval, except as required by applicable law.
21
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Class A Common Stock
Voting: Holders of Class A Common Stock are entitled to one vote for each share on all matters submitted to the stockholders for their vote or approval.
Dividend: Holders of shares of Class A Common Stock are entitled to receive ratably, in proportion to the number of shares held by them, dividends and other distributions when, as, and if declared by the GBTG Board out of legally available funds, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock or loan agreements.
Liquidation: Further, in the case of the Company’s liquidation, dissolution or winding up and after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of Class A Common Stock will be entitled to receive, ratably on a per share basis with other holders of Class A Common Stock (subject to the nominal economic rights of holders of the Class B Common Stock), the Company’s remaining assets available for distribution to stockholders.
Other rights: Except as set forth in the Shareholders Agreement and the Exchange Agreement (see note 19 - Related Party Transactions), holders of shares of Class A Common Stock do not have preemptive, subscription, redemption or conversion rights.
Class B Common Stock
Voting: Holders of Class B Common Stock are entitled to one vote for each share on all matters submitted to the stockholders for their vote or approval.
Dividend: The shares of Class B Common Stock generally have only nominal economic rights (limited to the right to receive up to the par value in the event of a liquidation, dissolution or winding up of GBTG).
Liquidation: Holders of shares of Class B Common Stock have the right to receive, ratably on a per share basis with other holders of Class B Common Stock and holders of Class A Common Stock, a distribution from GBTG’s remaining assets available for distribution to stockholders, up to the par value of such shares of Class B Common Stock, but otherwise are not entitled to receive any assets of GBTG in connection with any such liquidation, dissolution or winding up.
Other rights: Except as set forth in the Shareholders Agreement and the Exchange Agreement, holders of shares of Class B Common Stock do not have preemptive, subscription, redemption or conversion rights.
Exchange Agreement: The Continuing JerseyCo Owners (or certain permitted transferees thereof) have the right, on the terms and subject to the conditions of the Exchange Agreement, to exchange their GBT JerseyCo B Ordinary Shares (with automatic surrender for cancellation of an equal number of shares of GBTG’s Class B Common Stock) for shares of GBTG’s Class A Common Stock on a one-for-one basis, subject to customary adjustments for stock splits, dividends, reclassifications and other similar transactions or, in certain limited circumstances, at the option of the Exchange Committee, for cash. The Exchange Agreement also provides GBTG with the right to elect that such exchange be effected by the Continuing JerseyCo Owners (or certain permitted transferees thereof) transferring their GBT JerseyCo B Ordinary Shares and GBTG’s Class B Common Stock to the Company in exchange for the issuance by GBTG to such Continuing JerseyCo Owners of shares of GBTG’s Class A Common Stock (a “direct exchange”). On July 10, 2023, the Continuing JerseyCo Owners exercised their rights under the Exchange Agreement with respect to all of their GBT JerseyCo B Ordinary Shares and shares of Class B Common Stock of GBTG and GBTG elected to effect the exchange as a direct exchange (see note 1 - Business Description and Basis of Presentation).
Preferred Stock
Voting: Holders of Class A-1 preferred stock and Class B-1 preferred stock have no voting rights except as otherwise from time to time required by law.
Generally, holders of Class A-1 preferred stock are entitled to the same rights and privileges, qualifications and limitations as holders of Class A Common Stock and holders of Class B-1 preferred stock are entitled to the same rights
22
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
and privileges, qualifications and limitations as holders of Class B Common Stock. Further, Class A-1 preferred stock shall be identical in all respects to the Class A Common Stock and Class B-1 preferred stock shall be identical in all respects to the Class B Common Stock.
Distributions
There were no capital distributions to shareholders during the three and nine months ended September 30, 2023 and 2022.
Registration Rights Agreement
In May 2022, GBTG, APSG Sponsor, L.P. (the “Sponsor”), certain of APSG’s then existing board members (the “Insiders”) and the Continuing JerseyCo Owners entered into an amended and restated registration rights agreement (the “Registration Rights Agreement”), pursuant to which, among other things, GBTG has registered for resale, pursuant to Rule 415 under the Securities Act, certain shares of Class A Common Stock and other equity securities of GBTG that are held by the holders party to the Registration Rights Agreement from time to time.
Sponsor Side Letter
In connection with the Business Combination Agreement, on December 2, 2021, the Sponsor, the Insiders, GBTG and GBT JerseyCo entered into a side letter (as amended on May 27, 2022, “Sponsor Side Letter”) pursuant to which approximately 8 million of the Sponsor Shares were deemed unvested and were subject to certain triggering events to occur within five years following the closing (the “Sponsor Side Letter Vesting Period”) for these shares to vest. If, within the Sponsor Side Letter Vesting Period, the volume-weighted average share price ("VWAP") of Class A Common Stock is greater than or equal to $12.50 for any 20 trading days within a period of 30 consecutive trading days, approximately 5 million of the unvested Sponsor Shares will vest. If, within the Sponsor Side Letter Vesting Period, the VWAP of Class A Common Stock is greater than or equal to $15.00 for any 20 trading days within a period of 30 consecutive trading days the remaining approximately 3 million of the unvested Sponsor Shares will vest. To the extent that either of the aforementioned triggering events do not occur within the Sponsor Side Letter Vesting Period, such Sponsor Shares will be forfeited to and terminated by GBTG. The registered holder(s) of the unvested Sponsor Shares continue to be entitled to all of the rights of ownership thereof, including the right to vote and receive dividends and other distributions in respect thereof. The number of shares and the price targets listed above will be equitably adjusted for stock splits, reverse stock splits, dividends (cash or stock), reorganizations, recapitalizations, reclassifications, combinations or other like changes or transactions with respect to the Class A Common Stock. These shares are accounted for as part of earnout shares discussed above in note 13 – Earnout Shares.
Class A Common Stock purchased by the Sponsor in connection with the “private investment in public entity” transaction is not subject to the vesting or transfer restrictions described above.
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) represents certain components of revenues, expenses, gains and losses that are included in comprehensive income (loss) but are excluded from net income (loss). Other comprehensive income (loss) amounts are recorded directly as an adjustment to total equity, net of tax. The changes in the accumulated other comprehensive loss, net of tax, were as follows:
23
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(in $ millions)Currency
 translation
adjustments		Defined
 benefit plan
 related		Unrealized gain on
cash flow hedge and
 hedge of investments
 in foreign subsidiary		Total accumulated
 other comprehensive
 loss
Balance as of December 31, 2022$(10)$(1)$4 $(7)
Net changes during the period, net of tax benefit of $0
(6)(1)— (7)
Allocated to non-controlling interest(16)1 1 (14)
Re-classed from non-controlling interest upon corporate simplification transaction (see note 1)(63)(27)27 (63)
Balance as of September 30, 2023$(95)$(28)$32 $(91)
(1) Allocation of accumulated other comprehensive income (loss) to the non-controlling interest represented by the Continuing JerseyCo Owners ceased upon Corporate Simplification transaction discussed in note 1 – Business Description and Basis of Presentation.
(in $ millions)Currency
translation
adjustments		Defined
benefit plan
related		Unrealized gain on
cash flow hedge and
hedge of investments
in foreign subsidiary		Total accumulated
other comprehensive
loss
Balance as of December 31, 2021$(38)$(128)$4 $(162)
Net changes prior to reverse recapitalization, net of tax benefit of $0
(59)—12(47)
Allocated to non-controlling interest85112(14)183
Net changes post reverse recapitalization, net of tax benefit of $0
(11)—2(9)
Balance as of September 30, 2022$(23)$(16)$4 $(35)
Amounts in accumulated other comprehensive loss are presented net of the related tax impact. Reclassifications out of accumulated other comprehensive losses related to amortization of (i) actuarial losses and prior service costs (component of net periodic pension benefit (cost)) is included within other income (expense), net, and (ii) gain on termination of cash flow hedge is included within interest expense, in the Company’s consolidated statements of operations.
(16)    Earnings (Loss) Per Share
Basic earnings (loss) per share is based on the average number of shares of Class A Common Stock outstanding during the period. Diluted earnings (loss) per share is based on the average number of shares of Class A Common Stock used for the basic earnings per share calculation, adjusted for the dilutive effect of (i) stock options and RSUs using the “treasury stock” method, and (ii) GBTG’s Class B Common Stock, using the “if converted” method, for the period they were outstanding.
The Company has issued and outstanding approximately 23 million earnout shares, which are subject to forfeiture if the achievement of certain stock price thresholds are not met. In accordance with ASC 260, “Earnings Per Share,” earnout shares are excluded from weighted-average shares outstanding to calculate basic earnings (loss) per share as they are considered contingently issuable shares due to their potential forfeiture. Earnout shares will be included in weighted-average shares outstanding to calculate basic earnings (loss) per share as of the date their stock price thresholds are met and they are no longer subject to forfeiture. Additionally, dividends accrued on earnout shares, if any, will be forfeited if the pricing thresholds for earnout shares are not met during the specified time period.
The Company has excluded approximately 20 million of stock options and 24 million of RSUs from the calculation of diluted loss per share for the three and nine months ended September 30, 2023, as their inclusion would have resulted in anti-dilutive effect on loss per share.
24
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table reconciles the numerators and denominators used in the computation of basic and diluted earnings (loss) per share from continuing operations:
(in $ millions, except share and per share data)Three months ended September 30,Nine months ended September 30,
2023202220232022
Numerator – Basic and diluted (loss) earnings per share:  
Net (loss) income attributable to the Company’s Class A common stockholders (A)$— $(20)$(16)$1 
Add: Net loss attributable to non-controlling interests in subsidiaries(8)(53)(74)(167)
Net loss attributable to the Company’s Class A common stockholders - Diluted (B)$(8)$(73)$(90)$(166)
Denominator – Basic and diluted weighted average number of shares outstanding:  
Weighted average number of Class A Common Stock outstanding – Basic (C)419,154,77848,867,969181,775,46148,867,969
Assumed conversion of Class B Common Stock
38,587,351—274,524,584394,448,481
Weighted average number of Class A Common Stock outstanding – Diluted (D)457,742,12948,867,969456,300,045443,316,450
Basic (loss) earnings per share attributable to the Company’s Class A common stockholders: (A) / (C)$— $(0.43)$(0.09)$0.02 
Diluted loss per share attributable to the Company’s Class A common stockholders: (B) / (D)$(0.02)$(0.43)$(0.20)$(0.38)

(17)    Derivatives and Hedging
Except as mentioned below, the Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. The Company does not hold or issue financial instruments for speculative or trading purposes. The Company does not offset derivative assets and liabilities within the consolidated balance sheets.
Interest Rate Swap
The Company is subject to market risk exposure arising from changes in interest rates on debt, which bears interest at variable rates. The Company has interest rate risk primarily related to its senior secured term loans under the senior secured credit agreement, which bear interest at a variable rate that is currently based on LIBOR or SOFR (subject to certain benchmark replacement provisions and certain interest rate floors, as applicable). In order to protect against potential higher interest costs resulting from anticipated increases in the benchmark rate for the senior secured tranche B-3 term loans, GBT Group Services B.V., a wholly owned subsidiary of GBTG and the borrower under the senior secured credit agreement, has entered into the following interest rate swap contracts that fixed the benchmark interest rate with respect to a portion of the senior secured tranche B-3 term loans:
25
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Notional Amount
(in $ millions)		PeriodFixed Interest Rate
$600(1)
March 2023 to March 20253.680 %
$300(2)
March 2023 to March 20274.295 %
_____________________________________________________________
(1)The terms of $600 million notional amount of interest rate swap were initially linked to LIBOR as the benchmark rate, with SOFR-based rate replacing LIBOR as the benchmark rate for such swap, commencing June 2023. In March 2023, the Company amended the terms of the agreement to replace LIBOR with SOFR as the benchmark rate that commenced from March 2023 and changed the fixed rate from 3.6856% to 3.6800%. The interest rate swap is designated as a cash flow hedge that is highly effective at offsetting the increases in cash outflows when three-month SOFR based-rate exceeds 3.680%.
In June 2022, the Company terminated a previous interest rate swap contract, entered into in February 2022, that was designated as a cash flow hedge (and had similar terms as the current $600 million notional amount of interest rate swap) realizing $23 million in cash. Under ASC 815, the Company has determined that the total amount of $23 million credited to the accumulated other comprehensive income in connection with the termination of the previous interest rate swap contract will be included in the consolidated statements of operations proportionately until March 2025 as an offset to interest expense as the interest payments are made over this period. As a result, during the three and nine months ended September 30, 2023, the Company has reclassified $2 million and $6 million, respectively, from accumulated other comprehensive loss and recognized it as a credit to interest expense in its consolidated statements of operations.
(2)In February 2023, the Company entered into another interest rate swap contract for a notional amount of $300 million. The terms of the agreement require the Company to receive a variable rate of three months SOFR, with a floor of 0.90%, and pay fixed rate of 4.295%.
The above interest rate swap contracts are considered as cash flow hedges with changes in the fair value of the interest rate swaps, net of tax, being recognized in other comprehensive income (loss) and reclassified out of accumulated other comprehensive income (loss) into interest expense when the hedged interest obligations affect earnings.
Warrants and Earnout Shares
As a result of the Business Combination, GBTG has issued and outstanding earnout shares (see note 13 – Earnout Shares). For a period from the date of the Business Combination until October 2022, the Company also had warrants issued and outstanding, which were exchanged in full for shares of Class A Common Stock in October 2022. The non-employee earnout shares are classified as derivative liabilities under ASC 815 and are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.
As of September 30, 2023, the number of non-employee earnout shares issued and outstanding were approximately 23 million. The following table presents the balance sheet location and fair value of the Company’s derivative instruments, on a gross basis, under ASC 815:
(in $ millions)Balance sheet
Location		September 30, 2023December 31, 2022
Derivatives designated as hedging instruments
Interest rate swapsOther non-current assets$16 $10 
Derivatives not designated as hedging instruments
Earnout sharesEarnout derivative liabilities$67 $90 
26
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The table below presents the impact of changes in fair values of derivatives on other comprehensive income (loss) and on net income (loss):
Amount of gain/(loss) recognized in
other comprehensive income (loss)		Statement of
operations location		Amount of gain/(loss) recognized in
 statements of operations
Three months ended
September 30,		Nine months ended
September 30,		Three months ended
September 30,		Nine months ended
September 30,
20232022202320222023202220232022
Derivatives designated as hedging instruments
Interest rate swap$3 $18 $6 $31 NA— — — — 
Interest rate swaps re-classed to consolidated statements of operations(2)(2)(6)(2)Interest expense$2 $2 $6 $2 
Derivatives not designated as hedging instruments
Earnout Shares— — — — Fair value movement on earnout and warrant derivative liabilities39 12 23 35 
Warrants— — — — Fair value movement on earnout and warrant derivative liabilities— (18)— (5)
$41 $(4)$29 $32 
During the three and nine months ended September 30, 2023, the Company has reclassified $2 million and $6 million, respectively, from accumulated other comprehensive loss and recognized it as a credit to interest expense. The total gain of $8 million on the interest rate swap contract is expected to be reclassified to net earnings as a credit to interest expense within the next 12 months.
(18)    Fair Value Measurements
Financial instruments which are measured at fair value, or for which a fair value is disclosed, are classified in the fair value hierarchy, as outlined below, on the basis of the observability of the inputs used in the fair value measurement:
Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
Level 2 — Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices in non-active markets or for which all significant inputs, other than quoted prices, are observable either directly or indirectly, or for which unobservable inputs are corroborated by market data.
Level 3 — Valuations based on inputs that are unobservable and significant to overall fair value measurement.
As of September 30, 2023, the Company’s financial assets and liabilities recorded at fair value on a recurring basis consist of its derivative instruments— interest rate swaps and non-employee earnout shares. The fair value of the Company’s interest rate swaps has been primarily calculated by using a discounted cash flow analysis by taking the present value of the fixed and floating rate cash flows utilizing the appropriate forward SOFR curves and the counterparty’s credit risk, which was determined to be not material. The fair value of non-employee earnout shares is determined using the Monte Carlo method.
27
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Presented below is a summary of the gross carrying value and fair value of the Company’s assets and liabilities measured at a fair value on a recurring basis:
Asset/ (Liability)
(in $ millions)Fair Value
 Hierarchy		September 30,
2023		December 31,
2022
Interest rate swaps assetLevel 2$16 $10 
Non-employee earnout sharesLevel 3(67)(90)
The fair value of earnout shares was estimated using the Monte Carlo method. Inherent in the Monte Carlo method are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimated the volatility of the earnout shares based on weighted average of its own share price volatility and implied historical volatility of select peer companies’ common stock that matches the expected remaining life of the earnout shares. The risk-free interest rate was based on the U.S. Treasury zero-coupon yield curve for a maturity similar to the expected remaining life of the earnout shares. The expected life of the earnout shares was assumed to be equivalent to their remaining contractual term. The Company anticipated the dividend rate will remain at zero.
The following table presents the assumptions used for the measurement of the fair value of outstanding earnout shares liabilities:
September 30,
2023		December 31,
2022
Stock price ($)$5.50 $6.75 
Risk-free interest rate4.73 %4.06 %
Volatility52.5 %42.5 %
Expected term (years)3.74.4
Expected dividends0.0 %0.0 %
Fair value ($) (per earnout share – Tranche 1)$3.18 $4.30 
Fair value ($) (per earnout share – Tranche 2)$2.66 $3.58 
The following table presents changes in Level 3 financial liabilities measured at fair value during the nine months September 30, 2023:
(in $ millions)
Earnout Shares
Balance as of December 31, 2022$90 
Change in fair value(23)
Balance as of September 30, 2023$67 
The Company does not measure its debt at fair value in its consolidated balance sheets. Where the fair value of the Company’s long-term debt is determined based on quoted prices in inactive markets for identical debt instruments, or for similar debt instruments, when traded as assets, it is categorized within Level 2 of the fair value hierarchy. Where quoted prices are not available, fair value is estimated using discounted cash flows and market-based expectation of interest rates, credit risks and the contractual term of the debt instruments and is categorized within Level 3 of the fair value hierarchy.
28
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The fair values of the Company’s outstanding senior secured term loans are as follows:
September 30, 2023December 31, 2022
(in $ millions)Fair
Value
Hierarchy
Carrying
amount(1)
Fair value
Carrying
amount (1)
Fair value
Senior secured initial term loansLevel 2$234 $231 $235 $220 
Senior secured tranche B-3 term loansLevel 3$990 $1017 $987 $1017 
Senior secured tranche B-4 term loansLevel 3$131 $137 $— $— 
_____________________________________________________________
(1)Outstanding principal amount of the relevant class of senior secured term loans less unamortized debt discount and debt issuance costs with respect to such loans.
The carrying amounts of cash and cash equivalents, accounts receivable, due from affiliates, other current assets, accounts payable, due to affiliates and accrued expenses and other current liabilities approximate fair value due to the short-term maturities of these assets and liabilities.
Certain assets and liabilities, including long-lived assets, goodwill and other intangible assets, are measured at fair value on a non-recurring basis.
(19)Related Party Transactions
The following summaries relate to certain related party transactions entered into by the Company with certain of its shareholders, its shareholders affiliates and the Company’s affiliates.
Commercial Agreements
The Company has various commercial agreements with the affiliates of Amex Coop. In respect of such agreements, included in the operating costs are costs of approximately $7 million and $7 million for the three months ended September 30, 2023 and 2022, respectively, and costs of $22 million and $18 million for the nine months ended September 30, 2023 and 2022, respectively, for charges from affiliates of Amex Coop. Revenues also include revenue from affiliates of Amex Coop of approximately $7 million and $6 million for the three months ended September 30, 2023 and 2022, respectively, and revenue of $19 million and $16 million for the nine months ended September 30, 2023 and 2022, respectively. Amounts payable to affiliates of Amex Coop under these agreements, which include amounts collected by the Company on behalf of affiliates of Amex Coop, as of September 30, 2023 and December 31, 2022, were $47 million and $24 million, respectively. Amounts receivable from affiliates of Amex Coop under these agreements were $11 million and $15 million as of September 30, 2023 and December 31, 2022, respectively. The parties had amended the terms of certain of these commercial arrangements that were effective upon the closing of the Business Combination in May 2022.
License of American Express Marks
Effective upon closing of the Business Combination in May 2022, GBT Travel Services UK Limited (“GBT UK”), an indirect wholly owned subsidiary of GBTG, and an affiliate of Amex Coop, entered into a long-term, 11-year amended and restated trademark license agreement (unless earlier terminated or extended) pursuant to which GBT UK was granted an exclusive, non-assignable, worldwide, royalty-free license to use, and the right to sublicense to all wholly owned operating subsidiaries of GBTG and other permitted sublicensees the right to use, the American Express trademarks used in the American Express Global Business Travel brand, and the American Express GBT Meetings & Events brands for business travel, meetings and events, business consulting and other services related to business travel (“Business Travel Services”). The amended and restated trademark license agreement also provides GBTG the flexibility to operate non-Business Travel Services businesses under brands that do not use any trademarks owned by American Express, subject to certain permissibility and other requirements.
29
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Exchange Agreement
GBTG, GBT JerseyCo and the Continuing JerseyCo Owners entered into an Exchange Agreement (the “Exchange Agreement”) which provided a right to the Continuing JerseyCo Owners to exchange their B Ordinary Shares of GBT JerseyCo for Class A Common Stock of GBTG on a one-for-one basis, with surrender and cancellation of Class B Common Stock held by them in GBTG. The Exchange Agreement also provided GBTG with the right to elect that such exchange be effected by the Continuing JerseyCo Owners (or certain permitted transferees thereof) transferring their GBT JerseyCo B Ordinary Shares and GBTG’s Class B Common Stock to the Company in exchange for the issuance by GBTG to such Continuing JerseyCo Owners of shares of GBTG’s Class A Common Stock (a “direct exchange”). On July 10, 2023, the Continuing JerseyCo Owners exercised such rights under the Exchange Agreement with respect to all of their GBT JerseyCo B Ordinary Shares and shares of Class B Common Stock of GBTG and GBTG elected to effect the exchange as a direct exchange (see note 1 - Business Description and Basis of Presentation).
Shareholders Agreement
At the closing of the Business Combination in May 2022, GBTG, GBT JerseyCo and the Continuing JerseyCo Owners entered into a Shareholders Agreement (the “Shareholders Agreement”). The Shareholders Agreement sets forth various restrictions, limitations and other terms concerning the transfer of equity securities of GBTG and GBT JerseyCo by the parties thereto (other than, in most circumstances, the A Ordinary Shares of GBT JerseyCo). Among other matters, and subject to certain terms, conditions and exceptions, the Shareholders Agreement prohibits each Continuing JerseyCo Owner, severally and not jointly, from effecting transfers of such equity securities to certain specified restricted persons, as well as transfers that would violate applicable securities laws. The Shareholders Agreement also sets out the composition and appointment of the GBTG Board, and provides for various provisions for transfer of shares, shareholder rights and termination of such rights. On July 10, 2023, the Continuing JerseyCo Owners entered into a letter agreement amending the Shareholders Agreement (the “SHA Amendment”) to, among other things, (i) reflect that the C Ordinary Shares of GBT JerseyCo owned by the Continuing JerseyCo Owners will be, upon the Class A Common Stock of GBTG meeting the price thresholds set forth in the Business Combination Agreement over the period of time set forth in the Business Combination Agreement, cancelled in exchange for shares of Class A Common Stock of GBTG, rather than into B Ordinary Shares of GBT JerseyCo and shares of Class B Common Stock of GBTG, which would be exchangeable for shares of Class A Common Stock of GBTG under the Exchange Agreement and (ii) modify tax related provisions to reflect that GBT JerseyCo will no longer be treated as a partnership for U.S. tax purposes.
Advisory Services Agreement
Certares Management Corp. (“Certares”), an indirect equity owner of the Company, provided certain advisory services to the Company under the Advisory Services Agreement which was terminated upon the closing of the Business Combination in May 2022. For the three and nine months ended September 30, 2022, the Company accrued fees of $0 and $1 million, respectively. As of both September 30, 2023 and December 31, 2022, the Company had $5 million as amounts payable to Certares under this agreement.
Commercial and Operating Agreements with Expedia
An affiliate of GBTG and an affiliate of Expedia entered into a ten-year term marketing partner agreement to provide GBTG’s business clients with access to Expedia group’s hotel content. As a result of this agreement, the Company recognized revenue of $40 million and $30 million for the three months ended September 30, 2023 and 2022, respectively, and $122 million and $90 million for the nine months ended September 30, 2023 and 2022, respectively. The Company had $20 million and $18 million receivable from the affiliate of Expedia as of September 30, 2023 and December 31, 2022, respectively.
GBT UK has entered into a Transition Services Agreement with Expedia, Inc., pursuant to which Expedia, Inc. (an affiliate of Expedia) and its affiliates provide certain transition services to GBT UK and its affiliates to facilitate an orderly transfer of Egencia from Expedia to the Company. The total cost charged to the Company for the three months ended September 30, 2023 and 2022, was approximately $6 million and $8 million, respectively, and for the nine months ended September 30, 2023 and 2022, was $20 million and $28 million, respectively, which was included in the Company’s consolidated statements of operations within technology and content expense. As of September 30, 2023 and December 31, 2022 the Company had a payable to Expedia Inc. of $4 million and $8 million, respectively. Further, as of September 30,
30
Table of Contents
GLOBAL BUSINESS TRAVEL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
2023 and December 31, 2022, Egencia had a net receivable of $7 million and $4 million, respectively, from Expedia, primarily on account of net cash collected from customers by Expedia on behalf of Egencia.
During the nine months ended September 30, 2023, pursuant to an agreement with Expedia, the Company issued 575,409 shares of Class A Common Stock to Expedia to settle, in part, $4 million of liability for loss contingency accrued in 2022. As of September 30, 2023, and December 31, 2022, the Company had $11 million and $15 million, respectively, that remained payable to Expedia in respect of this loss contingency.
Loan to equity affiliate
During the nine months ended September 30, 2023, the Company provided a loan of $5 million to one of its equity affiliates of which $2 million is receivable in the next twelve months.

31
Table of Contents
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING STATEMENTS
Certain statements made in this Quarterly Report on Form 10-Q (“Form 10-Q”) are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. 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 Form 10-Q 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:
•changes to projected financial information or our ability to achieve our anticipated growth rate and execute on industry opportunities;
•our ability to maintain our existing relationships with customers and suppliers and to compete with existing and new competitors;
•various conflicts of interest that could arise among us, affiliates and investors;
•our success in retaining or recruiting, or changes required in, our officers, key employees or directors;
•factors relating to our business, operations and financial performance, including market conditions and global and economic factors beyond our control;
•the impact of the COVID-19 pandemic, geopolitical conflicts and related changes in base interest rates, inflation and significant market volatility on our business, the travel industry, travel trends and the global economy generally;
•the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs;
•the effect of a prolonged or substantial decrease in global travel on the global travel industry;
•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);
•the effect of legal, tax and regulatory changes;
•the decisions of market data providers, indices and individual investors; and
•other factors detailed under the heading “Risk Factors” in this Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 21, 2023 (Annual Report on Form 10-K).
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.
32
Table of Contents
You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements, and the related notes, included elsewhere in this Form 10-Q. The discussion and analysis below presents our historical results as of and for the periods ended on, the dates indicated. The historical financials below, for the period prior to the Business Combination, are those of GBT JerseyCo Limited and its subsidiaries that became predecessors of GBTG upon the consummation of the Business Combination and, depending on the context, “we,” “us,” or “our,” could mean GBT JerseyCo and its subsidiaries or GBTG and its subsidiaries.
Overview
We operate American Express Global Business Travel, the world’s leading B2B travel platform. We provide a full suite of differentiated, technology-enabled solutions to business travelers and clients, suppliers of travel content (such as airlines, hotels, ground transportation and aggregators) and third-party travel agencies. We differentiate our value proposition through our commitment to deliver unrivaled choice, value and experience with the powerful backing of American Express GBT.
We are at the center of the global B2B travel ecosystem, managing the end-to-end logistics of business travel and providing an important link between businesses, their employees, travel suppliers and other industry participants. We service our clients in the following ways:
•Our portfolio of travel management solutions, built around and targeting the needs of key client segments we serve, provide extensive access to flights, hotel rooms, car rentals and other travel services as well as meeting and events solutions, including exclusive negotiated content, supported by a full suite of services that allows our clients to design and operate an efficient travel program and solve complex travel requirements across all stages of the business process from planning, booking, on trip, and post trip activities.
•Our award-winning client facing proprietary platforms are built to deliver business value through optimized user experiences across the act of business travel. These platforms, accessible over Web and Mobile interfaces and powered by our data management infrastructure, are built by one of the world’s largest product engineering teams dedicated to driving technical innovation across the business travel industry. These client facing platforms are :
◦Egencia: primarily focuses on digital-first clients (more than 90% of transactions were served through digital channels in 2022) who value a simple, easy to use and standardized end-to-end solution.
◦The GBT platform: is a modular solution primarily focused on flexibility of service offerings; seamlessly integrating a wide range of third-party and proprietary software and services into one complete travel solution designed and built around the needs of each customer.
•GBT Partner Solutions extends our platform to Network Partners, travel management companies and independent advisors, by offering them access to our differentiated content and technology. Through GBT Partner Solutions, we aggregate business travel demand serviced by our Network Partners at low incremental cost, which we believe enhances the economics of our platform, generates increased return on investment and expands our geographic and segment footprint.
•GBT Supply Market Place provides travel suppliers with efficient access to business travel clients serviced by our diverse portfolio of leading travel management solutions and Network Partners. We believe this access allows travel suppliers to benefit from premium demand (which we generally view as demand that is differentially valuable and profitable to suppliers) without incurring the costs associated with directly marketing to, and servicing, the complex needs of our business clients. Our travel supplier relationships generate efficiencies and cost savings that can be passed on to our business clients.
In June 2014, American Express established the JV comprising the legacy GBT JerseyCo operations with a predecessor of Juweel and a group of institutional investors led by an affiliate of Certares. Since the formation of the JV in 2014, we have evolved from a leading travel management company into a complete B2B travel platform, becoming one of the leading marketplaces in travel for business clients and travel suppliers. Before June 2014, our operations were owned by American Express and primarily consisted of providing business travel solutions for business clients.
On December 2, 2021, GBT JerseyCo entered into the Business Combination Agreement with Global Business Travel Group, Inc. or “GBTG” (formerly known as Apollo Strategic Growth Capital or “APSG”). The Business Combination
33
Table of Contents
closed on May 27, 2022 and GBT JerseyCo became a direct subsidiary of GBTG through the transaction contemplated by the Business Combination Agreement. GBTG is a Delaware corporation and tax resident in the U.S. GBTG conducts its business through GBT JerseyCo, which until July 10, 2023, was through an Up-C structure. On July 10, 2023, GBTG entered into a series of transactions that simplified the capital and organizational structure by eliminating the Up-C structure. See note 1 - Business Description and Basis of Presentation to our consolidated financial statements included in this Form 10-Q.
In May 2022, we executed long-term commercial agreements with American Express, including the A&R Trademark License Agreement, pursuant to which we continue to license the American Express trademarks used in the American Express Global Business Travel brand, and the American Express GBT Meetings & Events brand for business travel, meetings and events, business consulting and other services related to business travel, in each case on an exclusive and worldwide basis. The term of the A&R Trademark License Agreement is until May 2033, unless earlier terminated or extended. The American Express brand, consistently ranked as one of the most valuable brands in the world, brings with it a reputation for service excellence. We believe our partnership with American Express has been an important component of our value proposition. Under our commercial agreements with American Express, we exclusively provide business travel and meetings and events services to American Express personnel, subject to limited exceptions, engage in mutual global lead generation activities with American Express for our respective services and continue to exclusively promote American Express payment products to our clients and to make those products available for use by our own personnel in connection with our business.
Key Factors Affecting Our Results of Operations
As a result of a number of factors, our historical results of operations are not comparable from period to period and may not be comparable to our financial results of operations in future periods. Set forth below is a brief discussion of the key factors impacting the comparability of our results of operations.
Industry Trends
The travel industry can generally be divided into two sectors: (i) the leisure travel sector, which serves individuals who make reservations for vacation and personal travel, and (ii) the business travel sector, which serves organizations that require travel by employees and other travelers for business needs and meetings. We focus primarily on the business travel sector, which is approximately twice as valuable as the leisure travel sector because business travel customers purchase more premium seats, more flexible tickets, more long-haul international trips and more last-minute bookings.
Impact of the COVID-19 Pandemic
There have been improvements in our business and operating conditions since the outset of the COVID-19 pandemic in March 2020; however, we cannot predict the long-term effects of the pandemic on our business. As travel restrictions have been relaxed and travel patterns return, we have seen gradual improvement in our key volume metrics during 2022 and through the first nine months of 2023. Although our results for the first quarter of 2022 included a strong recovery from the pandemic, the Omicron variant of COVID-19 limited the recovery of our business during that period. Consequently, our results for the nine months ended September 30, 2023 include upside from such recovery in comparison to the same period in the prior year.
Key Operating and Financial Metrics
We monitor the following key operating and financial metrics to help us evaluate our business, measure our performance, identify trends affecting our business, prepare financial projections and make strategic decisions. The following key operating and financial metrics, which we believe are useful in evaluating our business, are used by management to monitor and analyze the operational and financial performance of our business:
34
Table of Contents
Three months ended September 30,Change favorable /
(unfavorable)		Nine months ended
September 30,		Change favorable /
(unfavorable)
(in $ millions, except percentages)20232022$%20232022$%
Key Operating Metrics
TTV$7,123 $6,585 $538 8 %$21,894 $17,054 $4,840 28 %
Transaction Growth7 %207 %n/mn/m23 %291 %n/mn/m
Key Financial Metrics
Revenue571 488 83 17 %1,741 1,324 417 32 %
Total operating expense575 533 (42)(8)%1,752 1,484 (268)(18)%
Net loss(8)(73)65 n/m(90)(166)76 n/m
Net loss margin
(1)%(15)%14ppt91 %(5)%(13)%8ppt59 %
Net cash provided by (used in) operating activities135 (81)216 n/m104 (390)494 n/m
EBITDA76 (12)88 n/m148 (2)150 n/m
Adjusted EBITDA95 41 54 135 %300 60 240 405 %
Adjusted EBITDA margin
17 %8 %9ppt101 %17 %5 %12ppt284 %
Adjusted Operating Expenses476 446 (30)(7)%1,441 1,261 (180)(14)%
Free Cash Flow107 (112)219 n/m17 (463)480 n/m
As of
September 30,		As of
December 31,
20232022
Net Debt$927 $919 
_____________________________________________________________
n/m = Percentage calculated is not meaningful
Key Operating Metrics
We consider Total Transaction Value (“TTV”) (as defined below), followed by Transaction Growth (Decline) (as defined below), to be two significant non-financial metrics that are broadly used in the travel industry to help understand revenue and expense trends. These metrics are used by our management to (1) manage the financial planning and performance of our business, (2) evaluate the effectiveness of our business strategies, (3) make budgeting decisions, and (4) compare our performance to the performance of our peer companies. We also believe that TTV, followed by Transaction Growth (Decline), may assist potential investors and financial analysts in understanding the drivers of growth in our revenues and changes in our operating expenses across reporting periods.
TTV
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.
For the three months ended September 30, 2023 TTV increased by $538 million, or 8%, to $7,123 million compared to the three months ended September 30, 2022. For the nine months ended September 30, 2023, TTV increased by $4,840 million, or 28%, compared to the nine months ended September 30, 2022. The increase in TTV during the three and nine months ended September 30, 2023, was primarily due to Transaction Growth, assisted in part by upside resulting from the impact of Omicron variant of the COVID-19 pandemic, which affected the results of three months ended March 31, 2022.
Transaction Growth (Decline)
Transaction Growth (Decline) represents year-over-year growth or decline 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
35
Table of Contents
a gross basis to include 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 three months ended September 30, 2023, Transaction Growth was 7% compared to three months ended September 30, 2022. For the nine months ended September 30, 2023, Transaction Growth was 23% compared to the nine months ended September 30, 2022. Transaction Growth during these periods was primarily due to increased demand from business clients and an increase in international travel.
Non-GAAP Financial Measures
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 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 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.
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses
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 costs (including charges resulting from facilities consolidation), integration costs, costs related to mergers and acquisitions, non-cash equity-based compensation, 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 costs (including charges resulting from facilities consolidation), integration costs, costs related to mergers and acquisitions, non-cash equity-based compensation, 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;
36
Table of Contents
•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.
Set forth below is a reconciliation of net loss to EBITDA and Adjusted EBITDA.
Three months ended September 30,Nine months ended September 30,
(in $ millions)2023202220232022
Net loss$(8)$(73)$(90)$(166)
Interest expense36 26 105 69 
Benefit from income taxes(2)(10)(12)(39)
Depreciation and amortization50 45 145 134 
EBITDA76 (12)148 (2)
Restructuring, exit and related charges (a)
13 (2)49 (5)
Integration costs (b)
10 8 28 25 
Mergers and acquisitions (c)
1 19 1 21 
Equity-based compensation (d)
19 15 60 23 
Fair value movement on earnout and warrant derivative liabilities (e)
(39)6 (23)(30)
Other adjustments, net (f)
15 7 37 28 
Adjusted EBITDA$95 $41 $300 $60 
Net loss Margin(1)%(15)%(5)%(13)%
Adjusted EBITDA Margin17 %8 %17 %5 %
37
Table of Contents
Set forth below is a reconciliation of total operating expenses to Adjusted Operating Expenses:
Three months ended September 30,Nine months ended September 30,
(in $ millions)2023202220232022
Total operating expenses$575 $533 $1,752 $1,484 
Adjustments:
Depreciation and amortization(50)(45)(145)(134)
Restructuring, exit and related charges (a)
(13)2 (49)5 
Integration costs (b)
(10)(8)(28)(25)
Mergers and acquisitions (c)
(1)(19)(1)(21)
Equity-based compensation (d)
(19)(15)(60)(23)
Other adjustments, net (f)
(6)(2)(28)(25)
Adjusted Operating Expenses$476 $446 $1,441 $1,261 
_____________________________________________________________
(a)Includes (i) employee severance costs/(reversals) of $12 million and $(2) million for the three months ended September 30, 2023 and 2022, respectively, and $40 million and $(5) million for the nine months ended September 30, 2023 and 2022, respectively, (ii) accelerated amortization of operating lease ROU assets of $1 million and $7 million for the three and nine months ended September 30, 2023, respectively and (iii) contract costs related to leased facilities abandonment of $0 and $2 million for the three and nine months ended September 30, 2023, respectively.
(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 equity incentive awards to certain employees .
(e)Represents fair value movements on earnout and warrant derivative liabilities during the periods.
(f)Adjusted Operating Expenses excludes (i) long-term incentive plan expense (credit) of $4 million and $(3) million for the three months ended September 30, 2023 and 2022, respectively, and $16 million and $17 million for the nine months ended September 30, 2023 and 2022, respectively, (ii) litigation and professional services costs of $2 million and $5 million for the three months ended September 30, 2023 and 2022, respectively, and $12 million and $8 million for the nine months ended September 30, 2023 and 2022, respectively. Adjusted EBITDA additionally excludes (i) unrealized foreign exchange loss of $8 million and $7 million for the three months ended September 30, 2023 and 2022, respectively, and $6 million and $9 million for the nine months ended September 30, 2023 and 2022, respectively (ii) non-service component of our net periodic pension cost (benefit) related to our defined benefit pension plans of $1 million and $(2) million for the three months ended September 30, 2023 and 2022, respectively, and $3 million and $(6) million for the nine months ended September 30, 2023 and 2022, respectively.
For a discussion of Free Cash Flow and Net Debt, see “Liquidity and Capital Resources — Free Cash Flow” and “Liquidity and Capital Resources — Net Debt.”
Components of Results of Operations
Revenue
We generate revenue in two primary ways — (1) Travel Revenues received from clients and travel suppliers and (2) Product and Professional Services Revenues received from clients, travel suppliers and Network Partners.
Travel Revenues: Travel Revenues include all revenue relating to servicing a travel transaction, which can be air, hotel, car rental, rail or other travel-related bookings or reservations, cancellations, exchanges or refunds. The major components of our Travel Revenues are:
•Client Fees: We typically charge clients transaction fees for arranging travel.
38
Table of Contents
•Supplier Fees: Travel suppliers pay us for distributing and promoting their content. The mechanism varies by supplier, but the amount is usually a volume-linked fee. This includes fees from the three major global distribution services providers.
Product and Professional Services Revenues: We receive revenue from clients, travel suppliers and Network Partners for using our platform, products and value-added services.
•Management Fees: Many clients request a contractually fixed, dedicated staffing pool to serve their travelers for part or all of their business travel. In these cases, we use a cost-recovery-plus-margin pricing structure instead of a transaction fee. Client management resources and overhead allocations are also included in this management fee.
•Products Revenues: We provide a broad range of business travel management tools used by clients to manage their travel programs. Revenue for these solutions usually takes the form of recurring subscriptions or management fees.
•Consulting and Meetings and Events Revenues: Consulting revenues (including outsourcing to us of part, or all, of a client’s travel program management) are usually a fixed fee for delivery of a certain engagement (such as company travel policy design). Meetings and events revenue is based on fees for booking, planning and managing meetings and events.
•Other Revenues: Other revenues typically include certain marketing and advertising fees from travel suppliers, as well as direct revenues from our Network Partners (excluding certain supplier fees that are indirectly driven by Network Partners’ contribution to aggregate volumes).
Costs and Expenses
Cost of Revenue
Cost of revenue primarily consists of (i) salaries and benefits of our travel counsellors, meetings and events teams and their supporting functions and (ii) the cost of outsourcing resources in transaction processing and the processing costs of online booking tools.
Sales and Marketing
Sales and marketing expenses primarily consist of (i) salaries and benefits of employees in our sales and marketing function and (ii) the expenses for acquiring and maintaining client partnerships, including account management, sales, marketing and consulting, as well as certain other functions that support these efforts.
Technology and Content
Technology and content expenses primarily consist of (i) salaries and benefits of employees engaged in our product and content development, back-end applications, support infrastructure and who maintain security of our networks and (ii) expenses associated with licensing software and information technology maintenance.
General and Administrative
General and administrative expenses primarily consist of (i) salaries and benefits of our employees in finance, legal, human resources and administrative support, (ii) integration expenses related to acquisitions, costs related to mergers and acquisitions primarily related to due diligence, legal and related professional services fees, (iii) facility costs and (iv) fees and costs related to accounting, tax and other professional services fees, legal related costs, and other miscellaneous expenses.
We have incurred, and expect to continue to incur, additional expenses as we grow our operations as a newly public company, including higher legal, corporate insurance, accounting and auditing expenses, and the additional costs of enhancing and maintaining our internal control environment through the adoption of new corporate procedures and policies.
39
Table of Contents
Three Months Ended September 30, 2023 Compared to Three Months Ended September 30, 2022
The following is a discussion of our results of the consolidated statements of operations for the three months ended September 30, 2023 and 2022:
Three months ended
September 30,		Change
favorable/(unfavorable)
(in $ millions)20232022$%
Revenue$571 $488 $83 17 %
Costs and expenses:
Cost of revenue (excluding depreciation and amortization shown separately below)237 218 (19)(9)%
Sales and marketing94 86 (8)(9)%
Technology and content101 102 1 — 
General and administrative81 84 3 4 %
Restructuring and other exit charges12 (2)(14)(559)%
Depreciation and amortization50 45 (5)(10)%
Total operating expenses575 533 (42)(8)%
Operating loss(4)(45)41 93 %
Interest expense(36)(26)(10)(38)%
Fair value movement on earnout and warrant derivative liabilities39 (6)45 812 %
Other loss, net(9)(5)(4)(72)%
Loss before income taxes and share of losses from equity method investments(10)(82)72 88 %
Benefit from income taxes2 10 (8)(81)%
Share of losses from equity method investments— (1)1 133 %
Net loss$(8)$(73)$65 89 %

Revenues
Three months ended
September 30,		Change
favorable/(unfavorable)
(in $ millions)20232022$%
Travel revenue$455 $387 $68 17 %
Product and professional services revenue116 101 15 16 %
Total revenue$571 $488 $83 17 %
For the three months ended September 30, 2023, our total revenue increased by $83 million, or 17%, primarily due to an 8% increase in TTV and 0.6 percentage points increase in revenue yield. Revenue yield during the three months ended September 30, 2023 was 8.0%. Yield is calculated as total revenue divided by TTV.
Travel Revenue increased by $68 million, or 17%, primarily due to growth in TTV driven by (i) an increase in business travel, (ii) an improvement in yield driven by supplier performance incentives and (iii) increase in the mix of international transactions.
Product and Professional Services Revenue increased $15 million, or 16%, primarily due to increased management fees and meetings and events revenue driven by strengthened demand.
40
Table of Contents
Cost of Revenue
Three months ended
September 30,		Change
favorable/(unfavorable)
(in $ millions)20232022$%
Cost of revenue (excluding depreciation and amortization)$237 $218 $(19)(9)%
For the three months ended September 30, 2023, cost of revenue increased by $19 million, or 9%, due to increased salaries and benefits and other costs of revenue.
Salaries and benefits expenses related to cost of revenue increased by $12 million, or 8%, primarily due to additional number of employees on account of increase in volume and country mix, and recovery of meetings and events activity, partially offset by cost savings driven by improved operational efficiencies.
Other cost of revenue increased by $7 million, or 11%, primarily due to (i) $5 million increase in outsourcing of vendors and (ii) $4 million related to increased merchant fees and data processing costs to meet the increase in transaction volumes.
Sales and Marketing
Three months ended
September 30,		Change
favorable/(unfavorable)
(in $ millions)20232022$%
Sales and marketing$94 $86 $(8)(9)%
For the three months ended September 30, 2023, sales and marketing expenses increased by $8 million, or 9%, primarily due to increased salaries and benefits with other sales and marketing costs remaining stable.
Salaries and benefits expenses related to sales and marketing increased by $9 million, or 12%, primarily due to (i) increase in hiring of additional personnel to manage and support our sales growth and, (ii) an increase of total employee incentive costs, partially offset by (iii) cost savings driven by restructuring activities.
Technology and Content
Three months ended
September 30,		Change
favorable/(unfavorable)
(in $ millions)20232022$%
Technology and content$101$102$1 — 

For the three months ended September 30, 2023, technology and content costs decreased marginally by $1 million. The increase in salaries and benefits expenses was more than offset by decrease in other technology and content costs.
General and Administrative
Three months ended
September 30,		Change
favorable/(unfavorable)
(in $ millions)20232022$%
General and administrative$81 $84 $3 4 %
For the three months ended September 30, 2023, general and administrative expenses decreased by $3 million, or 4%. The increase in salaries and benefits expenses was more than offset by reduction in other general and administrative costs.
Salaries and benefits expenses related to general and administrative increased by $13 million, or 35%, due to (i) a $9 million increase of total employee incentives costs and (ii) $4 million increase in corporate head office costs resulting from hiring of additional employees to assist with integration.
41
Table of Contents
Other general and administrative expenses decreased by $16 million, or 34%, primarily due to a $19 million charge recognized during the three months ended September 30, 2022 relating to a loss contingency regarding the Egencia acquisition.
Restructuring and Other Exit Charges
For the three months ended September 30, 2023, restructuring charges of $12 million primarily related to employee severance costs resulting from a reduction in workforce on account of changes to our internal operating model and certain other exit activities.
Depreciation and Amortization
For the three months ended September 30, 2023, depreciation and amortization increased by $5 million, or 10%, primarily due to increased capitalization of property and equipment and accelerated amortization of certain leasehold improvements resulting from abandonment of certain office facilities.
Interest Expense
For the three months ended September 30, 2023, interest expense increased by $10 million, or 38%, primarily due to a higher amount of outstanding term loan debt and higher interest rates during the three months ended September 30, 2023 compared to the three months ended September 30, 2022, partially offset by the benefit resulting from interest rate swaps.
Fair Value Movements on Earnout and Warrant Derivative Liabilities
During the three months ended September 30, 2023, the fair value movement of our derivative liabilities related to our earnout shares resulted in a credit of $39 million to our consolidated statements of operations compared to a charge of $6 million (which also included fair value movement related to warrant derivative liabilities) during the three months ended September 30, 2022. The decrease in fair value of earnout derivative liability was mainly driven by the decrease in our stock price as of September 30, 2023.
Other Loss, net
For the three months ended September 30, 2023, other loss, net, increased by $4 million primarily due to increased costs related to non-service components of net periodic pension cost.
Benefit from Income Taxes
GBT JerseyCo is tax resident in the U.K. and until July 10, 2023, was treated as a partnership for U.S. federal income tax purposes with GBTG being subject to U.S. income taxes on its share of the results of GBT JerseyCo’s international operations.
Pursuant to the Corporate Simplification on July 10, 2023, the Up-C Structure was unwound with GBTG assuming full economic ownership of GBT JerseyCo. Consequently, GBT JerseyCo's U.S. tax partnership status was terminated and it is now classified as a single member LLC.

Prior to the Corporate Simplification, GBTG owned approximately 16% of GBT JerseyCo and, as a U.S. tax resident shareholder, recognized certain deferred tax assets and liabilities in respect of its proportionate interest in GBT JerseyCo. As a direct result of Corporate Simplification and increase in GBTG's economic ownership of GBT JerseyCo, its deferred tax assets and liabilities have increased with an overall incremental net deferred tax liability of approximately $76 million being recorded with a corresponding charge against equity. GBTG’s U.S. cash income tax expense is expected to increase resulting in increased future cash tax outflows, but is expected to be largely offset by the savings from no longer having to make compensating tax distribution payments to the former shareholders of the GBT JerseyCo partnership. We also expect the Company’s overall effective tax rate not to be materially affected by the Up-C unwind. As advised above, U.S income tax exposure will increase due to the higher economic ownership percentage in GBT JerseyCo but will be materially offset by the release of the higher net deferred tax liability that also arises on the increased ownership.
For the three months ended September 30, 2023 and 2022, we had a benefit from income tax of $2 million and $10 million, respectively, and our effective tax rate was 17% and 12%, respectively. Our effective tax rate for the three months ended September 30, 2023 is lower than the U.S. federal statutory tax rate of 21% primarily due to the impact of non-deductible expenses and movement in valuation allowances. For the three months ended September 30, 2022, our effective
42
Table of Contents
income tax rate is lower than the U.S. federal statutory tax rate of 21% due to non-taxable fair value movement on earnout and warrant derivative liabilities and items such as return-to-tax provisions, additional state and local taxes and other non-deductible expenses.
We believe we are well positioned to monetize both the historical and additional tax benefits in future periods.
Nine Months Ended September 30, 2023 Compared to Nine Months Ended September 30, 2022
The following is a discussion of our results of the consolidated statements of operations for the nine months ended September 30, 2023 and 2022:
Nine months ended
September 30,		Change
favorable/(unfavorable)
(in $ millions)20232022$%
Revenue$1,741 $1,324 $417 32 %
Costs and expenses:
Cost of revenue (excluding depreciation and amortization shown separately below)720 590 (130)(22)%
Sales and marketing299 245 (54)(22)%
Technology and content301 289 (12)(4)%
General and administrative245 231 (14)(6)%
Restructuring and other exit charges42 (5)(47)(891)%
Depreciation and amortization145 134 (11)(8)%
Total operating expenses1,752 1,484 (268)(18)%
Operating loss(11)(160)149 93 %
Interest expense(105)(69)(36)(53)%
Fair value movement on earnout and warrant derivative liabilities23 30 (7)(23)%
Other loss, net(9)(3)(6)(192)%
Loss before income taxes and share of losses from equity method investments(102)(202)100 49 %
Benefit from income taxes12 39 (27)(69)%
Share of losses from equity method investments— (3)3 108 %
Net loss$(90)$(166)$76 46 %

Revenues
Nine months ended
September 30,		Change
favorable/(unfavorable)
(in $ millions)20232022$%
Travel revenue$1,401$1,032$36936%
Product and professional services revenue3402924817%
Total revenue$1,741$1,324$41732%
For the nine months ended September 30, 2023, our total revenue increased by $417 million, or 32%, primarily due to a 28% increase in TTV driven by the lifting of travel restrictions that were introduced by governments in response to the Omicron variant of COVID-19, during the three months ended March 31, 2022. Revenue yield during the nine months ended September 30, 2023 was 8% and increased by 0.2 percentage points.
Travel Revenue increased by $369 million, or 36%, primarily due to increases in TTV from continued growth in business travel and increases in international transactions.
43
Table of Contents
Product and Professional Services Revenue increased $48 million, or 17%, primarily due to increased management fees and meetings and events revenue driven by strengthened demand.
Cost of Revenue
Nine months ended
September 30,		Change
favorable/(unfavorable)
(in $ millions)20232022$%
Cost of revenue (excluding depreciation and amortization)$720$590$(130)(22)%
For the nine months ended September 30, 2023, cost of revenue increased by $130 million, or 22%, that is aligned with 23% Transaction Growth.
Salaries and benefits expenses related to cost of revenue increased by $79 million, or 18%, primarily due to (i) an increase in the number of travel care employees as a result of increase in volume (partially offset by cost savings driven by improved operational efficiencies), resulting in an additional $49 million of expense, and (ii) $16 million expenses aligned to continued recovery of meeting and events activities, (iii) $6 million decrease in government funds in connection with programs designed to minimize employment losses related to the COVID-19 pandemic and (iv) $6 million in other employee incentives.
Other cost of revenue increased by $51 million, or 36%, due to (i) $26 million increase in professional fees relating to outsourcing costs, (ii) a $16 million increase in data processing costs and merchant and professional fees to meet the increase in transaction volumes and (iii) $9 million increase in other cost of revenue expenses driven by increased volume.
Sales and Marketing
Nine months ended
September 30,		Change
favorable/(unfavorable)
(in $ millions)20232022$%
Sales and marketing$299$245$(54)(22)%
For the nine months ended September 30, 2023, sales and marketing expenses increased by $54 million, or 22%, due to increased salaries and benefits and other sales and marketing costs.
Salaries and benefits expenses related to sales and marketing increased by $48 million, or 23%, primarily due to (i) an increase in salaries and benefits on account of hiring additional personnel to manage and support our sales growth (partially mitigated by cost savings driven by restructuring activities) of $22 million, (ii) an increase of $22 million related to employee incentives and (iii) a decrease in government funds of $3 million received in connection with programs designed to minimize employment losses related to the COVID-19 pandemic, which were recorded as a reduction of salaries and benefits expenses during the nine months ended September 30, 2022.
Other sales and marketing expenses increased by $6 million, or 15% primarily due to data processing and other miscellaneous expenditures to meet the increase in transaction volumes.
Technology and Content
Nine months ended
September 30,		Change
favorable/(unfavorable)
(in $ millions)20232022$%
Technology and content$301$289$(12)(4)%

For the nine months ended September 30, 2023, technology and content costs increased by $12 million, or 4%, primarily due to increase in salaries and benefits expenses.
Salaries and benefits expenses related to technology and content increased by $14 million, or 10%, primarily due to a $7 million increase of employee incentives and (ii) $ 8 million increase due to employees hired to meet increase in product development activities.
44
Table of Contents
Other technology and content costs decreased marginally by $2 million.
General and Administrative
Nine months ended
September 30,		Change
favorable/(unfavorable)
(in $ millions)20232022$%
General and administrative$245$231$(14)(6)%
For the nine months ended September 30, 2023, general and administrative expenses increased by $14 million, or 6%, due to increases in salaries and benefits expenses offset by decrease in other general and administrative costs.
Salaries and benefits expenses related to general and administrative increased by $22 million, or 20%, due to (i) $15 million increase on account of hiring of additional personnel to manage integration, transformation and head office functions, and (ii) $7 million net increase in employee incentives.
Other general and administrative expenses decreased by $8 million, or 8%, primarily due to (i) a $19 million charge recognized during the nine months ended September 30, 2022 relating to a loss contingency in regard to the Egencia acquisition, offset by (ii) an increase in head office costs including professional fees, leased facilities costs resulting from accelerated amortization of operating lease ROU assets, data processing and certain other corporate expenses.
Restructuring and Other Exit Charges
For the nine months ended September 30, 2023, restructuring charges of $42 million primarily related to employee severance costs resulting from a reduction in workforce on account of changes to our internal operating model, certain exit activities and accrual of certain contract termination costs related to leased facilities abandonment.
Depreciation and Amortization
For the nine months ended September 30, 2023, depreciation and amortization increased by $11 million, or 8%, primarily due to (i) increased capitalization of property and equipment and (ii) accelerated amortization of certain leasehold improvements resulting from abandonment of certain leased office facilities.
Interest Expense
For the nine months ended September 30, 2023, interest expense increased by $36 million, or 53%, primarily due to a higher amount of outstanding term loan debt and higher interest rates during the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022, partially offset by the benefit resulting from interest rate swaps.
Fair Value Movements on Earnout and Warrant Derivative Liabilities
During the nine months ended September 30, 2023, the fair value movement of our derivative liabilities related to our earnout shares resulted in a credit of $23 million to our consolidated statement of operations compared to a credit of $30 million (which also included fair value movement related to warrant derivative liabilities) during the nine months ended September 30, 2022. The decrease in fair value of earnout derivative liability was mainly driven by the decrease in our stock price as of September 30, 2023.
Other Loss, net
For the nine months ended September 30, 2023, other loss, net, increased by $6 million due to increased costs related to non-service components of net periodic pension cost offset by lower foreign exchange losses.
Benefit from Income Taxes

The impact of the Corporate Simplification transaction on our income taxes has been discussed above.
For the nine months ended September 30, 2023 and 2022, we had a benefit from income tax of $12 million and $39 million, respectively, and our effective tax rate was 12% and 19%, respectively. Our effective tax rate for the nine months
45
Table of Contents
ended September 30, 2023 is lower than the U.S. federal statutory tax rate of 21% primarily due to the effect of non-taxable expenses, movement in valuation allowances and minimum taxes. For the nine months ended September 30, 2022, our effective income tax rate is lower than the U.S. federal statutory tax rate of 21% primarily due to the non-taxable fair value movement on earnout and warrant derivative liabilities and items such as return-to-tax provisions, additional state and local taxes and other non-deductible expenses.
Liquidity and Capital Resources
Our principal sources of liquidity are cash flows generated from operations, cash available under the credit facilities under the senior secured credit agreement as well as cash and cash equivalent balances on hand. As of September 30, 2023 and December 31, 2022, our cash and cash equivalent balances were $432 million and $303 million, respectively. During the nine months ended September 30, 2023 and 2022, our net cash from (used in) operating activities was $104 million and $(390) million, respectively, and our Free Cash Flow was $17 million and $(463) million, respectively (See “— Free Cash Flow” for additional information about this non-GAAP measure and a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP). As of September 30, 2023, we had $43 million of senior secured revolving credit facility that remained undrawn.
In January 2023, we amended our senior secured credit facility and borrowed an additional principal amount of $135 million under a new senior secured tranche B-4 term loan facility (see note 10 – Long-term Debt).
We believe our liquidity is important given the limited ability to predict our future financial performance due to the uncertainties of a potential economic slowdown due to prevailing adverse macro-economic conditions. In the past, we have taken several measures to preserve our liquidity (voluntary and involuntary redundancies, flexible workings, mandatory pay reductions, consolidating facilities, etc.), and entered into several financial transactions, including debt financing / refinancing transactions and the consummation of the Business Combination. We further continue to explore other capital market transactions, process rationalizations and cost reduction measures to improve our liquidity position.
Based on our current operating plan, existing cash and cash equivalents, recovery of business travel indicated by recent volume trends, our mitigation measures taken or planned to strengthen our liquidity and financial position, along with our available funding capacity and cash flows from operations, we believe we have adequate liquidity to meet the future operational and other needs of the business for a minimum period of twelve months. Although we believe that we will have a sufficient level of cash and cash equivalents to cover our working capital needs in the ordinary course of business and to continue to expand our business, we may, from time to time, explore additional financing sources to lower our cost of capital, which could include equity, equity-linked and debt financing. In addition, from time to time, we may evaluate acquisitions and other strategic opportunities. If we elect to pursue any such investments, we may fund them with internally generated funds, bank financing, the issuance of other debt or equity or a combination thereof. There is no assurance that such funding would be available to us on acceptable terms or at all. Furthermore, we cannot assure you that we would be able to satisfy or obtain a waiver of applicable borrowing conditions for borrowing additional amounts under the unused commitments under the senior secured credit agreement in the future. In addition, utilization of the senior secured revolving credit facility may be effectively limited to the extent we are unable to comply with the additional borrowing conditions that apply during the suspension period or with the leverage-and liquidity-based financial covenant requirements for such facility contained in the senior secured credit agreement when required.

46
Table of Contents
Cash Flows
The following table summarizes our cash flows for the periods indicated:
Nine months ended
September 30,
Change
favorable / (unfavorable)
(in $ millions)20232022$
Net cash from (used in) operating activities$104 $(390)$494 
Net cash used in investing activities(93)(73)(20)
Net cash from financing activities121 293 (172)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(3)(30)27 
Net increase (decrease) in cash, cash equivalents and restricted cash$129 $(200)$329 
Cash Flows for the Nine Months Ended September 30, 2023 Compared to the Nine Months Ended September 30, 2022
As of September 30, 2023, we had $445 million of cash, cash equivalents and restricted cash, an increase of $129 million compared to December 31, 2022. The following discussion summarizes changes to our cash flows from operating, investing and financing activities for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022.
Operating Activities
For the nine months ended September 30, 2023, net cash from operating activities was $104 million compared to $390 million of operating cash outflows for the nine months ended September 30, 2022. The increase in cash flows from operating activities of $494 million was primarily due to (i) $200 million of reduced net losses before considering non-cash charges and (ii) $354 million of favorable net change in working capital, offset by (iii) $41 million of higher cash interest paid and (iv) $23 million of reduction on account of cash received on termination of derivative contract during the nine months ended September 30, 2022.
Investing Activities
During the nine months ended September 30, 2023, cash used in investing activities increased by $20 million primarily due to increased investments in property and equipment.
Financing Activities
During the nine months ended September 30, 2023, net cash from financing activities of $121 million was primarily due to: (i) $131 million of proceeds received from borrowings under the senior secured tranche B-4 term loan facilities, net of discount and (ii) $7 million received from exercise of stock options and contributions for ESPP, partially offset by (ii) $4 million repayment of principal amount of senior secured term loans and finance leases, and (iii) $14 million cash paid for taxes withheld upon vesting / exercise of equity awards. During the nine months ended September 30, 2022, net cash from financing activities of $293 million was primarily due to: (i) $269 million of proceeds from the Business Combination and (ii) $200 million of proceeds received from delayed draw term loans borrowed under the senior secured tranche B-3 term loan facilities, partially offset by (iii) $168 million redemption of preferred share capital, including dividends accrued thereon and (iv) $4 million repayment of principal amount of senior secured term loans and finance leases
Free Cash Flow
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
47
Table of Contents
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.
Set forth below is a reconciliation of net cash used in operating activities to Free Cash Flow.
Nine months ended
September 30,		Change
favorable /
(unfavorable)
(in $ millions)20232022
Net cash from (used in) operating activities$104 $(390)$494 
Less: Purchase of property and equipment(87)(73)(14)
Free Cash Flow$17 $(463)$480 
For the nine months ended September 30, 2023, Free Cash Flow was $17 million compared to Free Cash Flow of $(463) million for the nine months ended September 30, 2022. The improvement of $480 million was due to a $494 million increase in net cash from operating activities as discussed above, offset by an increase of $14 million of cash outflows related to purchases of property and equipment.
Net Debt
The following table summarizes our Net Debt position as of September 30, 2023 and December 31, 2022:
(in $ millions)September 30, 2023December 31, 2022
Senior Secured Credit Agreement
Principal amount of senior secured initial term loans (Maturity – August 2025)(1)
$238 $239 
Principal amount of senior secured tranche B-3 term loans (Maturity – December 2026)(2)
1,000 1,000 
Principal amount of senior secured tranche B-4 term loans (Maturity – December 2026)(3)
135 — 
Principal amount of senior secured revolving credit facility (Maturity – September 2026)(4)
— — 
Other borrowings (5)
4 — 
1,377 1,239 
Less: Unamortized debt discount and debt issuance costs(18)(17)
Total debt, net of unamortized debt discount and debt issuance costs1,359 1,222 
Less: Cash and cash equivalents(432)(303)
Net Debt$927 $919 
_____________________________________________________________
(1)Stated interest rate of LIBOR + 2.50% as of September 30, 2023 and December 31, 2022.
(2)Stated interest rate of SOFR + 0.1% + 6.75% (with a SOFR floor of 1%) as of September 30, 2023 and LIBOR + 6.50% (with a LIBOR floor of 1.00%) as of December 31, 2022.
(3)Stated interest rate of SOFR +0.1% + 6.75% (with a SOFR floor of 1%) as of September 30, 2023.
(4)Stated interest rate of SOFR + 0.1% + 6.25% (with a SOFR floor of 1%) as of September 30, 2023 and LIBOR + 2.25% as of December 31, 2022. The senior secured revolving credit facility will automatically terminate on May 14, 2025 if the senior secured initial term loans have not been refinanced, replaced or extended (with a resulting maturity date that is December 16, 2026 or later) or repaid in full prior to May 14, 2025.
(5)Other borrowings primarily relate to finance leases and equipment sale and lease back transaction.
48
Table of Contents
We define Net Debt as total debt outstanding consisting of the current and non-current portion of long-term debt (defined as debt (excluding operating lease liabilities) with original contractual maturity dates of one year or greater), 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.
Total debt, net of unamortized debt discount and debt issuance costs, was $1,359 million as of September 30, 2023 and $1,222 million as of December 31, 2022. As of September 30, 2023, Net Debt was $927 million compared to Net Debt of $919 million as of December 31, 2022. The increase in Net Debt of $8 million was primarily driven by $135 million of additional principal amount of senior secured tranche B-4 term loans borrowed during the nine months ended September 30, 2023, offset by a $129 million increase in cash and cash equivalent balance as of September 30, 2023 compared to December 31, 2022.
As of September 30, 2023, we were in compliance with all applicable covenants under the senior secured credit agreement.
Contractual Obligations and Commitments
There has been no material change to our contractual obligations and commitments as compared to those disclosed in our Annual Report on Form 10-K filed with the SEC on March 21, 2023 and the subsequent Quarterly Report on Form 10-Q filed with the SEC on May 9, 2023.
Critical Accounting Policies and Estimates
Our consolidated financial statements and the related notes included in this Form 10-Q are prepared in accordance with GAAP. The preparation of consolidated financial statements also requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. There are certain critical estimates that we believe require significant judgment in the preparation of our consolidated financial statements. We consider an accounting estimate to be critical if: (i) it requires us to make an assumption because information was not available at the time or it included matters that were highly uncertain at the time we were making the estimate; and (ii) changes in the estimate or different estimates that we could have selected may have had a material impact on our financial condition or results of operations. Actual results could differ significantly from our estimates. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected.
For the nine months ended September 30, 2023, there were no material changes to our critical accounting policies and estimates presented in our Annual Report on Form 10-K. For additional information about our critical accounting policies and estimates, see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations— Critical Accounting Policies and Estimates in our Annual Report on Form 10-K.
Recent Accounting Pronouncements
For information on recently issued accounting pronouncements, adopted and not yet adopted by us, see note 2 to our consolidated financial statements included in this Form 10-Q.
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risks in the ordinary course of our business, which primarily relate to fluctuations in interest rates, foreign currency exchange rates and inflation. We manage our exposure to interest rate risk by entering into derivative financial instruments for a portion of principal amount of our debt and our exposure to foreign currency exchange rates risk through internally established policies and procedures. The objective of our policies is to mitigate potential income statement, cash flow, and fair value exposures resulting from possible future adverse fluctuations in rates. We do not engage in trading, market making or other speculative activities in the derivatives markets to manage these risks.
49
Table of Contents
Except as discussed below, there were no material changes in our market risk during the nine months ended September 30, 2023. For additional information, see Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K.
Interest Rate Risk
We are exposed to market risk from changes in interest rates on debt, which bears interest at variable rates. Interest rate risk is highly sensitive due to many factors, including U.S. monetary and tax policies, U.S. and international economic factors and other factors beyond our control. Our debt has floating interest rates and we are exposed to changes in such floating interest rates. We have interest rate risk primarily related to borrowings under the senior secured credit agreement, which bear interest at a variable rate tied to LIBOR, SOFR or the applicable base rate plus a margin (subject to certain benchmark replacement provisions and certain interest rate floors, as applicable), and, during certain periods, the margin applicable to certain term loan facilities thereunder will be based on a pricing grid that varies with the total leverage ratio (calculated in a manner set forth in the senior secured credit agreement). Therefore, increases in interest rates may reduce our net income or increase our net loss by increasing the cost of debt. As of September 30, 2023, $1,355 million of senior secured term loans were outstanding under the senior secured credit agreement, net of unamortized debt discount and unamortized debt issuance costs, and $7 million of letters of credit were outstanding under the senior secured revolving credit facility as of such date.
Based on the outstanding debt under the senior secured credit agreement as of September 30, 2023, and assuming that our mix of debt instruments and other variables remain unchanged, but including the impact of expected receipts or payments of cash flows resulting from interest rate swap contracts, a hypothetical 100 basis points increase or decrease in LIBOR / SOFR would have increased or decreased our interest expense by $5 million on an annualized basis. In February 2022, we entered into an interest rate swap for a notional amount of $600 million of debt for a period covering from March 2022 to March 2025 to hedge against future increases in the benchmark rate for the senior secured tranche B-3 term loan facilities. The terms of such swap were initially linked to LIBOR as the benchmark rate, with an adjusted SOFR-based rate replacing LIBOR as the benchmark rate for such swap commencing in June 2023. In June 2022, we terminated this February 2022 interest rate swap contract and realized $23 million of cash. We simultaneously entered into another swap contract with substantially the same terms and conditions as the February 2022 swap, except the fixed interest rate component was changed. In March 2023, we amended the terms to change the reference rate for the variable leg from LIBOR to SOFR to match the reference rate on the underlying debt that was amended in January 2023, and that is being hedged. Further, the interest rate on the fixed leg of the interest rate swap changed from 3.6858% to 3.6800%. The interest rate swap continues to be designated as a cash flow hedge that is highly effective at offsetting the increases in cash outflows when three-month SOFR exceeds 3.6800%.
In order to further hedge against future increases in the benchmark rate for the senior secured tranche B-3 term loan facilities, in February 2023, we entered into another interest rate swap agreement for a notional amount of $300 million of debt for a period covering from March 2023 to March 2027. The terms of the agreement require us to receive a variable rate of three months U.S SOFR, with a floor of 0.90%, and pay fixed rate of 4.295%. See note 10 – Long-term Debt to our consolidated financial statements included elsewhere in this Form 10-Q for further discussion about our debt and interest rates. The interest rate swap contracts are considered as an accounting hedge under ASC 815. As of September 30, 2023, we had recognized $16 million of interest rate swap derivative asset on our consolidated balance sheets.
ITEM 4. Controls and Procedures
Evaluation of disclosure controls and procedures.

As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act).

We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure.

50
Table of Contents
The Company has identified deficiencies in its internal control over financial reporting related to the Egencia business, which we acquired on November 1, 2021. Certain processes and procedures of the Egencia business, which was owned by Expedia prior to our acquisition, are still being carried out by Expedia under the transition services agreement. As a result, the Company has lack of oversight of certain processes and controls, including general information technology ("IT") controls and IT application controls, that result in the preparation of Egencia’s financial results. These processes are related to the recording of client revenue and payment of certain vendors and are expected to amount to approximately 4% of our consolidated revenue and expenses and 6% of our consolidated assets as of and for the year ending December 31, 2023. Management believes the lack of oversight of such processes and controls constitutes a material weakness and, therefore, has determined that the Company’s disclosure controls and procedures were not effective as of September 30, 2023.
These deficiencies neither pertained to, nor impacted, any of the processes, controls or procedures related to the historical business of the Company outside of Egencia. The material weakness identified did not result in the restatement of any previously reported financial statements or any related financial disclosure, nor does management believe that it had any effect on the accuracy of our financial statements for the current reporting period. A material weakness is a deficiency, or a combination of control deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Remediation Efforts to Address Material Weakness

We are currently working to remediate the material weakness described above, including assessing the need for additional remediation steps and implementing additional measures to remediate the underlying causes that gave rise to the material weakness. We expect to achieve these steps through integration of key applications and processes at Egencia into the Company’s legacy control environment. The integration of the Egencia processes into the Company’s existing owned processes has commenced and is expected to be completed in April 2024 at which point the Company will complete testing of the controls and procedures related to Egencia. Therefore, the material weakness will not be considered remediated until the integration is complete and applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.
Changes in internal control over financial reporting.
Other than with respect to the remediation efforts on Egencia's client revenue process and payment of certain vendor process, as well as general IT controls and IT application controls , there were no changes to our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION.
ITEM 1. Legal Proceedings
We are involved in litigation and other proceedings that arise in the ordinary course of our business. Management believes that we do not have any pending litigation that, separately or in the aggregate, would have a material adverse effect on our results of operations, financial condition or cash flows.
ITEM 1A. Risk Factors
For the nine months ended September 30, 2023, there were no material changes to the risk factors presented in our Annual Report on Form 10-K under Part I, Item IA. Risk Factors. For further discussion of our risk factors, which could materially affect our business, financial condition and/or results of operations, refer to the section title Risk Factors in our Annual Report on Form 10-K. These are not the only risks facing the Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or results of operations.
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
51
Table of Contents
ITEM 3. Defaults Upon Senior Securities
None.
ITEM 4. Mine Safety Disclosures
Not applicable.
ITEM 5. Other Information
None.
52
Table of Contents
ITEM 6. Exhibits
Exhibit
Number		Description
2.1
3.1
3.2
31.1*
31.2*
32.1**
32.2**
101.INS*XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*XBRL Taxonomy Extension Schema Document
101.CAL*XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*XBRL Taxonomy Extension Presentation Linkbase Document
104*Cover Page Interactive Data File (embedded within the Inline XBRL document)
_____________________________________________________________
*Filed herewith
**Furnished herewith
53
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Global Business Travel Group, Inc.
Date: November 7, 2023
By:/s/ Paul Abbott
Paul Abbott
Chief Executive Officer (Principal Executive Officer)
Date: November 7, 2023
By:/s/ Karen Williams
Karen Williams
Chief Financial Officer (Principal Financial Officer)
54