Global Business Travel Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Global Business Travel Group, Inc. (GBTG) has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Global Business Travel Group, Inc. (GBTG) filed a Annual Report (10-K) with the SEC on March 13, 2024. Global Business Travel Group, Inc. (GBTG) filed its 2023 Form 10-K on March 13, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 666 Third Avenue, New York, NY. The company was formerly known as Apollo Strategic Growth Capital. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking Global Business Travel Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of GBTG's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. As a key document in regulatory compliance, the 10-K offers detailed insights into the company's business model, risk factors, and management's discussion and analysis, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Global Business Travel Group, Inc. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to the inherent risks and uncertainties of the business travel industry, which can be volatile and impacted by global economic conditions, as detailed in the risk factors section of the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess GBTG's performance and potential challenges in the business travel market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-13 — Filing Date (Date of filing)
• 001-39576 — SEC File Number (SEC file number)
• 212-329-7200 — Business Phone (Company phone number)

Key Players & Entities

• Global Business Travel Group, Inc. (company) — Filer name
• GBTG (company) — Ticker symbol
• Apollo Strategic Growth Capital (company) — Former company name
• New York (location) — Business address city
• DE (location) — State of incorporation

FAQ

Industry Context

Global Business Travel Group operates in the transportation services industry, providing business travel solutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Review GBTG's financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges for GBTG.
3. Compare GBTG's 2023 performance against previous years (2022, 2021) if available in the full filing.

Key Dates

• 2023-12-31: Fiscal Year End — Covers the full fiscal year's financial data.
• 2024-03-13: Filing Date — Official date the 10-K was submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Global Business Travel Group, Inc. as a public entity, covering the fiscal year 2023. Previous filings may have been under its former name, Apollo Strategic Growth Capital.

Key Financial Figures

• $0.0001 — stered Class A common stock, par value $0.0001 per share GBTG The New York Stock Excha
• $28.2 b — nsaction value ("TTV") of approximately $28.2 billion, resulting in revenues of $2.29 b
• $2.29 b — $28.2 billion, resulting in revenues of $2.29 billion, net loss of $136 million, and Ad
• $136 m — revenues of $2.29 billion, net loss of $136 million, and Adjusted EBITDA of $380 mill
• $380 million — of $136 million, and Adjusted EBITDA of $380 million. See " Part II, Item 7. Management's Di
• $1.6 billion — cquisitions, and invested approximately $1.6 billion in product and platform. The graphic be
• $30 m — ne as having an annual TTV of less than $30 million, but which may vary by country an
• $9.5 — -growing economic sectors, representing $9.5 trillion in spend, or 9.2% of global gr
• $1.4 — global business travel was an estimated $1.4 trillion industry in 2023 with decades
• $70 billion — n aggregate accounted for approximately $70 billion in business travel TTV in 2002, or less

Filing Documents

• gbtg-20231231.htm (10-K) — 2845KB
• gbtg-20231231xex41xdescrip.htm (EX-4.1) — 64KB
• gbtg-20231231xex211.htm (EX-21.1) — 58KB
• gbtg-20230313ex231xkpmgcon.htm (EX-23.1) — 2KB
• gbtg-20231231xexx311.htm (EX-31.1) — 10KB
• gbtg-20231231xexx312.htm (EX-31.2) — 10KB
• gbtg-20231231xexx321.htm (EX-32.1) — 4KB
• gbtg-20231231xexx322.htm (EX-32.2) — 4KB
• gbtg-20231002xexx971.htm (EX-97.1) — 38KB
• gbtg-20231231_g1.jpg (GRAPHIC) — 120KB
• gbtg-20231231_g2.jpg (GRAPHIC) — 101KB
• gbtg-20231231_g3.jpg (GRAPHIC) — 151KB
• gbtg-20231231_g4.jpg (GRAPHIC) — 82KB
• gbtg-20231231_g5.jpg (GRAPHIC) — 153KB
• gbtg-20231231_g6.jpg (GRAPHIC) — 255KB
• 0001820872-24-000005.txt (&nbsp;) — 17738KB
• gbtg-20231231.xsd (EX-101.SCH) — 114KB
• gbtg-20231231_cal.xml (EX-101.CAL) — 131KB
• gbtg-20231231_def.xml (EX-101.DEF) — 595KB
• gbtg-20231231_lab.xml (EX-101.LAB) — 1266KB
• gbtg-20231231_pre.xml (EX-101.PRE) — 938KB
• gbtg-20231231_htm.xml (XML) — 2352KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 56 I tem 1C. C ybersecurity 56 Item 2.

Properties

Properties 57 Item 3.

Legal Proceedings

Legal Proceedings 57 Item 4. Mine Safety Disclosures 57 PART II 58 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58 Item 6. [Reserved] 59 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 60 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 74 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 76 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 76 Item 9A.

Controls and Procedures

Controls and Procedures 76 Item 9B. Other Information 77 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 77 PART III 78 Item 10. Directors, Executive Officers and Corporate Governance 78 Item 11.

Executive Compensation

Executive Compensation 78 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 Item 13. Certain Relationships and Related Transactions, and Director Independence 78 Item 14. Principal Accountant Fees and Services 78 PART IV 79 Item 15. Exhibit and Financial Statement Schedules 79 Item 16. Form 10-K Summary 84

SIGNATURES

SIGNATURES 85 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements under " Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations " regarding our financial position, business strategy and the plans and objectives of management for future operations. These statements constitute projections, forecasts and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 Annual Report on Form 10-K 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

Business

Item 1. Business Overview American Express Global Business Travel, which is operated by Global Business Travel Group, Inc., a Delaware corporation, is a leading business-to-business ("B2B") software and services company in travel and expense. We provide a full suite of differentiated, technology-enabled solutions to business travelers and business 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 to our customers unrivaled choice, value and experience, and our brand promise. During the year ended December 31, 2023, we generated total transaction value ("TTV") of approximately $28.2 billion, resulting in revenues of $2.29 billion, net loss of $136 million, and Adjusted EBITDA of $380 million. See " Part II, Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations — Key Operating and Financial Metrics — Non-GAAP Financial Measures " for additional information about our non-GAAP measures and a reconciliation to the most directly comparable financial measures calculated in accordance with generally accepted accounting principles, consistently applied ("GAAP"). We are at the center of the global B2B travel and expense ecosystem, providing end-to-end travel and expense software and services for business travel and providing an important link between businesses, their employees, travel suppliers and other industry participants through company-sponsored and managed travel. We service our clients in the following ways: The Amex GBT Marketplace is our proprietary capability to provide 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 v