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Business Wire

Third Quarter 2023 Financial Summary

Third Quarter 2023 Financial Highlights

Revenue of $571 million increased $83 million, or 17%, versus the same period in 2022. Within this, Travel Revenue increased $68 million, or 17%, primarily due to growth in Total Transaction Value driven by continued growth in business travel and an improvement in yield driven by stronger international mix as recovery momentum has continued and the Company's focus on revenue optimization. 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.

Total operating expenses of $575 million increased $42 million, or 8%, versus the same period in 2022, primarily due to Transaction Growth, increased investments in sales and marketing and higher restructuring costs. This was partially offset by cost savings driven by operational efficiencies and the Company's recent internal reorganization.

Net loss of $8 million improved $65 million versus the same period in 2022, primarily due to the increase in operating income and positive fair value movements on earnout and warrant derivative liabilities, partially offset by increased interest expense.

Adjusted EBITDA 1 of $95 million increased $54 million, or 135%, versus the same period in 2022. Strong revenue growth and focus on cost savings resulted in Adjusted EBITDA margin of 17%, up 9ppt versus the same period in 2022.

Adjusted Operating Expenses 6 of $476 million increased $30 million, or 7%, versus the same period in 2022, primarily due to Transaction Growth and increased investments in sales and marketing. This was partially offset by cost savings driven by operational efficiencies and the Company's recent internal reorganization.

Net cash provided by (used in) operating activities totaled $135 million, an improvement of $216 million versus the same period in 2022, primarily due to (i) decreased usage of working capital associated with the normalization in volume growth and the benefits from the Company’s working capital optimization program, particularly in relation to the Egencia integration, and (ii) reduced net losses before considering non-cash charges, partially offset by (iii) higher cash interest.

Free Cash Flow 2 totaled $107 million, an improvement of $219 million versus the same period in 2022, due to the increase in net cash provided by operating activities, partially offset by increased use of cash for the purchase of property and equipment.

Net Debt 9 : As of September 30, 2023, total debt, net of unamortized debt discount and debt issuance cost was $1,359 million, compared to $1,222 million as of December 31, 2022. Net Debt was $927 million as of September 30, 2023, compared to Net Debt of $919 million as of December 31, 2022. Leverage ratio was 2.7x as of September 30, 2023 3 . As of September 30, 2023, ending cash balance was $432 million, compared to $303 million as of December 31, 2022.

Full-Year 2023 Guidance

Karen Williams, Amex GBT’s Chief Financial Officer, stated: “ In the third quarter, we delivered strong revenue and margin performance. Our Adjusted EBITDA growth and the solid execution of our Egencia working capital optimization program resulted in significant quarterly Free Cash Flow generation, driving positive Free Cash Flow on a year-to-date basis. For the full year, we now expect to be at the higher end of our revenue guidance range and closer to the midpoint of our Adjusted EBITDA guidance range given investments we are making in the business. Importantly, we now expect to deliver positive Free Cash Flow for full-year 2023, ahead of previous expectations."

Please refer to the section below titled " Reconciliation of Q4 2023 & Full-Year 2023 Adjusted EBITDA Guidance" for a description of certain assumptions and risks associated with this guidance and reconciliation to GAAP.

Webcast Information

Amex GBT will host its third quarter 2023 investor conference call today at 9:00 a.m. E.T. The live webcast and accompanying slide presentation can be accessed on the Amex GBT Investor Relations website at investors.amexglobalbusinesstravel.com . A replay of the event will be available on the website for at least 90 days following the event.

Glossary of Terms

See the “Glossary of Terms” for the definitions of certain terms used within this press release.

Non-GAAP Financial Measures

The Company refers to certain financial measures that are not recognized under GAAP in this press release, including EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Expenses, Free Cash Flow and Net Debt. See “Non-GAAP Financial Measures” below for an explanation of these non-GAAP financial measures and “Tabular Reconciliations for Non-GAAP Financial Measures” below for reconciliations of the non-GAAP financial measures to the comparable GAAP measures.

About American Express Global Business Travel

American Express Global Business Travel is the world’s leading B2B travel platform, providing software and services to manage travel, expenses, and meetings & events for companies of all sizes. We have built the most valuable marketplace in B2B travel to deliver unrivalled choice, value and experiences. With travel professionals in more than 140 countries, our customers and travelers enjoy the powerful backing of American Express Global Business Travel.

Visit amexglobalbusinesstravel.com for more information about Amex GBT. Follow @amexgbt on Twitter, LinkedIn and Instagram.

B2B refers to business-to-business.

Customer retention rate is calculated based on Total Transaction Value (TTV).

LTM refers to the last twelve months.

SME refers to clients Amex GBT considers small-to-medium-sized enterprises (“SME”), which Amex GBT generally defines as having an expected annual spend on air travel of less than $20 million. This criterion can vary by country and client needs.

SME New Wins Value is calculated using expected annual average Total Transaction Value (TTV) over the contract term from new SME client wins over the last twelve months.

Total New Wins Value is calculated using expected annual average Total Transaction Value (TTV) over the contract term from all new client wins over the last twelve months.

Total Transaction Value or 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.

Yield is calculated as total revenue divided by Total Transaction Value (TTV) for the same period.

We report our financial results in accordance with GAAP. Our non-GAAP financial measures are provided in addition to, and should not be considered as an alternative to, other performance or liquidity measures 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 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. We use EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses 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 use Free Cash Flow and Net Debt as liquidity measures and 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.

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;
  • 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 measures of liquidity or as measures 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.

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 flows 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 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 flows 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 flows from operating activities as a measure of liquidity.

We define Net Debt as total debt outstanding consisting of 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.

Reconciliation of total operating expenses to Adjusted Operating Expenses:

Reconciliation of net cash from (used in) operating activities to Free Cash Flow:

Reconciliation of Net Debt:

Reconciliation of Q4 2023 & Full-Year 2023 Adjusted EBITDA Guidance

The Company’s Q4 2023 and full-year 2023 guidance considers various material assumptions. Because the guidance is forward-looking and reflects numerous estimates and assumptions with respect to future industry performance under various scenarios as well as assumptions for competition, general business, economic, market and financial conditions and matters specific to the business of Amex GBT, all of which are difficult to predict and many of which are beyond the control of Amex GBT, actual results may differ materially from the guidance due to a number of factors, including the ultimate inaccuracy of any of the assumptions described above and the risks and other factors discussed in the section entitled “Forward-Looking Statements” below and the risk factors in the Company’s SEC filings.

Adjusted EBITDA guidance for the three months ending December 31, 2023 consists of expected net loss for the three months ending December 31, 2023, adjusted for: (i) interest expense of approximately $35-40 million; (ii) benefit for income taxes of approximately $5-10 million; (iii) depreciation and amortization of property and equipment of approximately $45-50 million; (iv) restructuring costs and charges resulting from facilities consolidation of approximately $5 million; (v) integration expenses and costs related to mergers and acquisitions of approximately $10-15 million; (vi) non-cash equity-based compensation of approximately $15-20 million, and; (vii) other adjustments, including long-term incentive plan costs, litigation and professional services costs, non-service component of our net periodic pension benefit related to our defined benefit pension plans and foreign exchange gains and losses of approximately $0-5 million. We are unable to reconcile Adjusted EBITDA to net income (loss) determined under U.S. GAAP due to the unavailability of information required to reasonably predict certain reconciling items such as impairment of long-lived assets and right-of-use assets, fair value movement on earnout derivative liabilities and/or loss on early extinguishment of debt and the related tax impact of these adjustments. The exact amount of these adjustments is not currently determinable but may be significant.

Adjusted EBITDA guidance for the year ending December 31, 2023 consists of expected net loss for the year ending December 31, 2023, adjusted for: (i) interest expense of approximately $140-145 million; (ii) benefit for income taxes of approximately $20-25 million; (iii) depreciation and amortization of property and equipment of approximately $190-195 million; (iv) restructuring costs and charges resulting from facilities consolidation of approximately $40-45 million; (v) integration expenses and costs related to mergers and acquisitions of approximately $40-45 million; (vi) non-cash equity-based compensation of approximately $75-80 million, and; (vii) other adjustments, including long-term incentive plan costs, litigation and professional services costs, non-service component of our net periodic pension benefit related to our defined benefit pension plans and foreign exchange gains and losses of approximately $40-45 million. We are unable to reconcile Adjusted EBITDA to net income (loss) determined under U.S. GAAP due to the unavailability of information required to reasonably predict certain reconciling items such as impairment of long-lived assets and right-of-use assets, fair value movement on earnout derivative liabilities and/or loss on early extinguishment of debt and the related tax impact of these adjustments. The exact amount of these adjustments is not currently determinable but may be significant.

Forward-Looking Statements

This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our financial position, business strategy, the plans and objectives of management for future operations and fourth quarter and full-year guidance. 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 communication 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: (1) changes to projected financial information or our ability to achieve our anticipated growth rate and execute on industry opportunities; (2) our ability to maintain our existing relationships with customers and suppliers and to compete with existing and new competitors; (3) various conflicts of interest that could arise among us, affiliates and investors; (4) our success in retaining or recruiting, or changes required in, our officers, key employees or directors; (5) factors relating to our business, operations and financial performance, including market conditions and global and economic factors beyond our control; (6) 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; (7) the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; (8) the effect of a prolonged or substantial decrease in global travel on the global travel industry; (9) 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); (10) the effect of legal, tax and regulatory changes; (11) the decisions of market data providers, indices and individual investors and (12) other risks and uncertainties described in the Company’s Form 10-K, filed with the SEC on March 21, 2023, and in the Company’s other SEC filings. 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.

An investment in Global Business Travel Group, Inc. is not an investment in American Express. American Express shall not be responsible in any manner whatsoever for, and in respect of, the statements herein, all of which are made solely by Global Business Travel Group, Inc.

__________________________________ 1 Adjusted EBITDA is a non-GAAP financial measure. Please refer to the section below titled “Non-GAAP Financial Measures” for more information. 2 Free Cash Flow is a non-GAAP financial measure. Please refer to the section below titled “Non-GAAP Financial Measures” for more information. 3 Leverage ratio is defined as Net Debt / LTM Adjusted EBITDA and is not the same as the calculation under the senior secured credit agreement. 4 LTM New Wins Value represents the estimated annual value of wins over the twelve months ended September 30, 2023, based on Total Transaction Value (TTV). 5 Workday Adjusted. There were 63.6 average workdays in Q3 2023 compared to 64.4 average workdays in Q3 2022, and percentages are adjusted to reflect growth metrics assuming 63.6 workdays in each period. 6 Adjusted Operating Expenses is a non-GAAP financial measure. Please refer to the section below titled “Non-GAAP Financial Measures” for more information. 7 Adjusted EBITDA Margin is a non-GAAP financial measure. Please refer to the section below titled “Non-GAAP Financial Measures” for more information. 8 EBITDA is a non-GAAP financial measure. Please refer to the section below titled “Non-GAAP Financial Measures” for more information. 9 Net Debt is a non-GAAP financial measure. Please refer to the section below titled “Non-GAAP Financial Measures” for more information. 4 LTM New Wins Value represents the estimated annual value of wins over the twelve months ended September 30, 2023, based on Total Transaction Value (TTV). 5 Workday Adjusted. There were 63.6 average workdays in Q3 2023 compared to 64.4 average workdays in Q3 2022, and percentages are adjusted to reflect growth metrics assuming 63.6 workdays in each period. 6 Adjusted Operating Expenses is a non-GAAP financial measure. Please refer to the section below titled “Non-GAAP Financial Measures” for more information. 7 Adjusted EBITDA Margin is a non-GAAP financial measure. Please refer to the section below titled “Non-GAAP Financial Measures” for more information. 8 EBITDA is a non-GAAP financial measure. Please refer to the section below titled “Non-GAAP Financial Measures” for more information. 9 Net Debt is a non-GAAP financial measure. Please refer to the section below titled “Non-GAAP Financial Measures” for more information.

Media: Martin Ferguson Vice President Global Communications and Public Affairs [email protected] Investors: Barry Sievert Vice President Investor Relations [email protected]

global business travel bvba

Release Summary

Image

Business Travel Made Simple

Experience moments that matter, with american express global business travel, at gbta 2019.

  • August 5-7, 2019
  • Chicago, Illinois
  • McCormick Place Convention Center

With Business Travel Made Simple, we make business travel easy. For you and for your travellers.

We listened carefully to what is needed for a successful business travel programme and created Business Travel Made Simple. Quite simply, it’s business travel in a box. An end-to-end solution that brings together the best in travel technology and services and is packed full of products that give you exactly what you need to take the hassle out of your business travel programme. KEY HIGHLIGHTS Business Travel Made Simple will have your travellers booking travel and saving you money in no time at all. PRICING Want to push your online adoption? Prefer to pick up the phone? We provide simple and straightforward pricing based on how you and your travellers like to book. IMPLEMENTATION From start to finish, we will provide you with a dedicated team as well as a complete suite of tools to make sure you are up and running quickly and efficiently. CHANGE MANAGEMENT Easy-to-tailor employee communication tools will help you educate your travellers about your new business travel programme. KNOW-ME TECHNOLOGY A personal, seamless experience for every traveller, whether booking online or speaking to one of our consultants, 24/7/365. SAVINGS AND COMPLIANCE Encourage your travellers to only book within your business travel policy, maximising your savings and making sure you know where your travellers are, giving you peace of mind. REPORTING A clear and comprehensive dashboard gives you access and reports when you need them so you’ll know how to optimise your business travel policy. ON THE ROAD When your travellers face delays, we contact them and provide the right support to get them moving again as quickly and as safely as possible.

Get In Touch * Denotes required field.

The power behind the trip..

Our innovative suite of booking solutions gives travelers and travel managers the ability to seamlessly book business travel.

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CONTACT SALES To find out how we can help you optimise your business travel programme, gain visibility into travel spend, improve your traveller experience and more, complete the form on the right and we’ll be in touch.

At American Express Global Business Travel (GBT), we believe in the strength of meaningful connections because when people are in front of people, anything can happen. We’re capturing these moments that matter at GBTA. Come join us and see how we’re propelling businesses forward with breakthrough technology, proven savings methods, best-in-class traveler care, and global consistency and security.

Don’t miss the opportunity to snap and share a selfie on your public Twitter or Instagram using #momentsthatmatter, for the chance to be part of our mosaic – a one-of-a-kind work of art. While you’re at the event, you’ll find out how the travel landscape is evolving, network with travel professionals, see live demos, and enjoy refreshments.

WE’RE AT BOOTH #2021

Monday, august 5, 2:30pm to 6:00pm, tuesday, august 6, wednesday, august 7, 9:00am to 11:30am, click here to access the full convention schedule.

global business travel bvba

Let’s meet one-on-one

Arrange a meeting with one of our consultants and enjoy a surprise gift.

JOIN US FOR THE AFTER-PARTY!

global business travel bvba

YOUR MOMENT

August 5, 2019, field museum, enjoy an unforgettable evening with dancing, open bar, and live performances., better than ezra, and featuring dj madrid.

Arrive early! We expect a packed party.

GBTA badge required for admission

global business travel bvba

We make business travel easy

  • for you and for travellers.

See how easy business travel can be:

We understand that business travel isn’t always easy. After speaking to businesses like yours, we created a unified end-to-end travel and expense solution, designed on a single platform to minimise your costs and help you manage of your business travel programme.

global business travel bvba

MAXIMISE YOUR SAVINGS

Spot cost saving opportunities quickly. Our unified platform offers accurate forecasting and visibility of spend BEFORE and AFTER travel. It helps you see what your travellers are spending, meaning you can make informed decisions to set spending limits and optimise your business travel policy.

MAKING COMPLIANCE EASY

Eliminate travel and expense separation. We provide one place where all business travel and related expenses can be easily managed. Door-to-door booking via our online booking tool means you have sight of total trip activity and a smart graphical timeline to help you keep track of compliance and spending.

EXCEPTIONAL CUSTOMER SERVICE

Put your travellers at the heart of the business travel experience with intelligent caller ID and designated support at their fingertips or just a phone call away 24/7. Proactive disruption management also anticipates your travellers’ needs and gets them where they need to be with minimal fuss.

DUTY OF CARE

Tools configured to your policy help locate your travellers, to identify where they are in case of disruption in their journey. Plus, we offer support with destination-specific advice, especially in emerging regions where your travellers may need extra guidance.

INSIGHTS AND REPORTING

See a clearer picture. And act decisively.

Knowledge is power. And our analytics and reporting products deliver through robust data, insights, and benchmarking so you can clearly understand your entire travel program— including your carbon footprint.

A tool built for you and your team:

global business travel bvba

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Authorise spend requests with pre-and post-approval.

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global business travel bvba

HOTEL MONITOR

Did you know Europe is experiencing a hotel development boom?

Our latest Hotel Monitor report examines how the region is responding to traveller demands despite an uncertain global economic outlook.

ACTE WHITEPAPER

Do your travellers demand a consumer experience when using your OBT?

They aren’t alone. In this whitepaper we’ve partnered with ACTE to explore the issues, concerns, and objectives around online booking.

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About American Express Global Business Travel 

American Express Global Business Travel (Amex GBT) is the world’s leading B2B travel platform, providing software and services to manage travel, expenses, and meetings and events for companies of all sizes. We have built the most valuable marketplace in B2B travel to deliver unrivalled choice, value and experiences. With travel professionals in more than 140 countries, our customers and travelers enjoy the powerful backing of American Express Global Business Travel.

Visit amexglobalbusinesstravel.com for more information about Amex GBT, and follow @amexgbt on Twitter , LinkedIn and Instagram .

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Global Business Travel Q4 Revenues Gain From Travel Boost: Details

Zinger key points.

  • Global Business Travel Group Q4 revenue of $549 million beats $541.17 million estimate.
  • Global Business Travel sees FY24 revenue growth of 6% - 9%.

American Express Global Business Travel, which is operated by  Global Business Travel Group Inc  GBTG , (Amex GBT) reported fourth-quarter FY23 sales growth of 4.2% year-on-year to $549 million, beating the  analyst consensus estimate of $541.17 million .

The revenue increase is primarily due to growth in Total Transaction Value driven by continued growth in business travel and growth in Product & Professional Services revenue.

The total operating expenses for the quarter declined 4% to $546 million.

Net loss for the quarter narrowed to $(46) million, primarily due to the increase in operating income and favorable change in fair value of earnout derivative liabilities, partially offset by increased interest expense.

Adjusted EBITDA jumped 83% to $80 million, and the adjusted EBITDA margin improved 6 percentage points to 15%.

Net cash provided by operating activities for the quarter totaled $58 million, with a free cash flow of $32 million. Net debt as of December 31 totaled $886 million.

“We expect 2024 will be another year of share gains, strong growth in profits and cash flow and continued margin expansion,” said Amex GBT’s Chief Executive Officer Paul Abbott.

Outlook : The company sees FY24 revenue growth of 6% – 9% to $2.43 billion – $2.50 billion against an estimate of $2.51 billion.

It expects FY24 adjusted EBITDA of $450 million – $500 million with an adjusted EBITDA margin of 18% – 20%. It sees FY24 free cash flow of more than $100 million.

Price Action : GBTG shares closed lower by 1.22% at $5.601 on the last check Tuesday.

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Global Business Travel

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American Express Global Business Travel (GBT) equips companies of all sizes with the insights, tools, services and expertise they need to keep their travelers informed, focused and productive while on the road. With approximately 12,000 employees and operations in nearly 120 countries worldwide, GBT empowers customers to take control of their travel programs, optimizing the return on their travel and meetings investments, while, more importantly, providing extraordinary traveler care.

American Express Global Business Travel (GBT) is a joint venture that is not wholly owned by American Express Company or any of its subsidiaries (American Express). “American Express Global Business Travel,” “American Express,” and the American Express logo are trademarks of American Express and are used under limited license.

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International Business Travel, Management of Global Business Travel

International business travel.

International business travel

For many businesses across the United States, commerce is a global activity and with an international economy comes the challenge of doing businesses in other countries around the world.

Global travel is not without its risk and the coronavirus pandemic has shown that from a business perspective, organizing travel and ensuring the safety of your staff has raised a whole new set of challenges and issues, many of which not all businesses were prepared for.

As global business travel starts to increase again, both employees and businesses are looking at ways that they can still travel internationally for business, whilst maintaining safety and ensuring that any fast-moving changes and situations are managed effectively and easily without incurring the cost of having to rebook or cancel at short notice.

International Business Travel Risks

When it comes to traveling internationally for business, just like with leisure travel, it isn't without some potential risk. While the majority of business travel is carried out without a hitch it's always a good idea to be prepared for the worst.

Some of the travel risks that travelers need to watch out for include staying safe in unfamiliar locations, keeping travel documents secure and maintaining health, which has become paramount in recent times.

Other risks that affect international business travel are last minute changes to a person's schedule, such as cancellations and problems with bookings. Modern business travelers need to have a set of dynamic policies and tools they can rely on to ensure that they can quickly adapt to any challenges that arise.

The good news is, there are plenty of things a business can do to insulate itself from issues with international travel and to help maintain the health and safety of their employees when traveling on behalf of their organization.

One of the key improvements a business can make to their business travel program to help mitigate the majority of these potential travel problems is to use an effective travel policy .

How International Business Travelers Can Protect Themselves

When traveling abroad it's always a good idea to have a travel insurance policy to cover potential issues. As a business traveler, your personal travel insurance policy might cover you for business trips, but it's worth double-checking the policy with your provider prior to travel to avoid expensive mistakes. The company you work for might also cover you under a business travel insurance scheme, but you should again check with your employer to find out what is, and what isn't covered. For example, it's never advisable to travel without a health care policy in case of illness or accident.

It's also a good idea to familiarize yourself with the location of the nearest U.S. embassies so that if the worst happens and you lose important documents like your passport, you'll know where to go to resolve the issue.

Although employees may take a pragmatic approach to traveling safety, employers have a duty of care to their personnel, which means as a company you might be looking at ways to keep your employees safe when they're out traveling for your business. Ultimately, the best way this can be achieved is by implementing a comprehensive travel risk management program and by creating travel policies to maintain travel compliance and ensure traveler safety.

Coronavirus Pandemic's Impact on Global Corporate Travel

Over the last few years, the Covid-19 pandemic has caused huge problems traveling internationally. Even at a domestic level, the road warriors who travel around visiting customers and businesses across the U.S. have found that state to state, U.S. travel still has its own unique restrictions and challenges to deal with.

For business travelers looking to travel to a foreign country in many locations, travel restrictions have been put in place to stop unnecessary travel. As the coronavirus vaccine has been rolled out, some of these travel restrictions have started to lift and travel plans are starting to be made again.

When it comes to international business travel, it's always a good idea to check the status of the country that you're going to, so you can ensure that you can travel by meeting any restrictions that are in place. The Egencia ® Travel Advisor tool can quickly and easily identify issues in various locations around the world. In addition, you can find travel advisories for trips during COVID-19, including regulations for destinations, and safety and health guidelines.

Benefits of International Business Travel

Even though business travel has reduced over the last few years, and with the targets to reduce carbon emissions, many businesses are looking at ways to reduce expensive (and emission producing) business trips where possible. However, while some business meetings can be held via video conferencing services, it can be difficult or impossible to carry out some business functions virtually. Often, you just have to be there!

There are a number of benefits of face-to-face meetings with colleagues or clients, and these include:

Being able to read body language. It can be difficult to pick up on the non-verbal cues when speaking virtually. Humans have the ability to pick up on subtle micro expressions that people give off, and adapt accordingly. This can help with competitiveness and closing deals that might otherwise be lost if those micro expressions are not picked up on - which is hard to do virtually!

Building relationships. Many customers prefer face-to-face meetings as business often isn't just about what you can offer as an organization but also about relationships and finding people and corporate philosophies that are in synergy together. This is much easier to do in person, where small talk and more natural interactions can occur between people and teams.

Improve focus and concentration. When in a face-to-face meeting you tend to have the full attention of the people that you are speaking to. When on a video call, you might find that people in the meeting aren't paying as much attention. They could be looking at social media, answering emails and not being fully engaged. In a face-to-face meeting the likelihood of this happening is significantly reduced.

Easier to deal with different time zones. International business can take place across lots of different time zones. When trying to organize a call or video meeting, it can mean that someone somewhere, will have to accommodate an out-of-hours calendar invite that might come at a very inconvenient time. For global organizations this can mean that someone will have to have a call or meeting very early in the morning, or very late at night. This can reduce productivity and effectiveness if people are tired. This can also mean that people are keener to get the meeting over and done with faster, so meetings can be rushed.

A face-to-face meeting means time zones won't matter because everyone will be one the same schedule. Of course, an international flight can introduce the dreaded jet lag, but this can be compensated for by proper scheduling of the flight and adequate rest.

For the individual business traveler, there are also benefits to be had from traveling internationally. For instance, it can make a job more interesting and engaging as you get to explore and see new cultures and locations.

International travel can make a job more varied, as you'll often experience new things, activities and meeting new people. For many employees this is the sort of thing they look for in a role, and it can make for a happier employee. When the employee is restricted to a conference phone call or video meeting, often from their own homes or satellite office, the day-to-day can become boring. International travel is a way to keep employees engaged, happy and most importantly efficient and effective.

With the ability to use laptops and mobile computing devices when traveling and when using air travel, there's a lot less employee downtime, so in many cases an employee can still carry out work when on a long-haul flight.

International Business Travel Management

Some companies leave the booking of international travel to the employees to handle, but this is not always the best use of their time, nor is it the most cost-effective way to travel.

That's why many companies use a travel management company such as Egencia to simplify and streamline business travel. Egencia help businesses manage travel risk and help to ensure traveler wellbeing no matter where they travel to. Egencia's travel management solutions also help support your business and plan for the future.

You can set up travel policies for your employees and you can keep in contact with your team globally to keep them informed and ensure their safety when out on business using our travel risk management tools and services.

Future of International Business Travel

When it comes to international business trips, the future holds interesting challenges for travel managers. The coronavirus pandemic has shown that a dynamic approach to business travel is needed. This can be hard to maintain when managing your own business travel program. This is why many companies turn to Egencia to help support their business travel program.

In addition to the need for more dynamic business travel solutions , many organizations are looking for ways to reduce their carbon impact on the environment and areas such as business travel, and especially international business travel are under the spotlight as this is an area where savings can be made. This is where Egencia's travel policy solutions can help, from ensuring only direct flights are booked, but also by ensuring travel options that are environmentally friendly are used more often.

So, whether you're looking for dynamic business travel solutions, need help setting up travel policies for your employees, or want to reduce your carbon footprint, we can help you fine tune your International travel. Visit Egencia.com to find out how we can make your global travel run smoothly.

Looking for better business travel solutions? Get in touch with us.

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IMAGES

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  4. Proyecto: Global Business Travel

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COMMENTS

  1. Global Business Travel BVBA

    Global Business Travel BVBA provides business travel solutions. The Company offers travel management, trade fairs, integrated consulting services, corporate events, proprietary research, lodging ...

  2. Global Business Travel Company Profile

    Find company research, competitor information, contact details & financial data for Global Business Travel of Bruxelles. Get the latest business insights from Dun & Bradstreet.

  3. Company Locations

    Global Business Travel Hong Kong Limited 以 American Express Global Business Travel 營運. 16/F., Millennium City 6, 392 Kwun Tong Toad, Kwun Tong, Kowloon, Hong Kong. Egencia Hong Kong Limited. Unit 01-A, 16/F., Millennium City 6, 392 Kwun Tong Toad, Kowloon, Kowloon, Hong Kong

  4. American Express Global Business Travel Reports Strong Q3 2023 Revenue

    American Express Global Business Travel is the world's leading B2B travel platform, providing software and services to manage travel, expenses, and meetings & events for companies of all sizes.

  5. Global Business Travel (GBT)

    Global Business Travel (GBT) | 609 followers on LinkedIn. Global Business Travel provides travel management service that covers all the travel arrangements: advice the best suitable services, recommendations about suppliers and hotels, the logistics of planning a trip covering everything from value for money checking to weather conditions and minimum connecting times, from booking conditions ...

  6. Global Business Travel Company Profile

    Find company research, competitor information, contact details & financial data for Global Business Travel of Brussel. Get the latest business insights from Dun & Bradstreet.

  7. Amex GBT Landing Page

    A personal, seamless experience for every traveller, whether booking online or speaking to one of our consultants, 24/7/365. SAVINGS AND COMPLIANCE. Encourage your travellers to only book within your business travel policy, maximising your savings and making sure you know where your travellers are, giving you peace of mind. REPORTING.

  8. Global Business Travel LTD

    A turnover of 21,084,036 euros puts Global Business Travel from Brussel 21st in sector Tourism, travel. Check address, contact info, management, annual accounts, key figures and financial health: solvency, liquidity,...

  9. About Us

    American Express Global Business Travel (GBT) is the world's leading B2B travel platform, providing software and services to manage travel, expenses, and meetings & events for companies of all sizes. ... We make it our business to meet your company's travel needs. Who We Are . Our strong service ethos stems from our American Express roots ...

  10. About

    American Express Global Business Travel (Amex GBT) is the world's leading B2B travel platform, providing software and services to manage travel, expenses, and meetings and events for companies of all sizes. We have built the most valuable marketplace in B2B travel to deliver unrivalled choice, value and experiences. With travel professionals ...

  11. American Express Global Business Travel

    American Express Global Business Travel | 240,722 followers on LinkedIn. Powering Progress Through Travel | American Express Global Business Travel (Amex GBT) is the world's leading B2B travel platform, providing software and services to manage travel, expenses, and meetings and events for companies of all sizes. We have built the most valuable marketplace in B2B travel to deliver unrivalled ...

  12. Companies

    HUNGARY Global Business Travel Hungary Ltd. Váci út 99., Budapest 1139, Hungary. IRELAND GBT III B.V. c/o Leman Secretarial Limited, Percy Exchange, 8-34 Percy Place Dublin 4, DO4P5KS Company Number: 907416. ITALY Uvet Global Business Travel S.p.A. Bastioni di Porta Volta, 10 20121 Milan. NETHERLANDS Egencia Netherlands B.V. 473 Herengracht ...

  13. Corporate Travel Management For Business

    We're here to help whether you're first considering business trips or you already have a travel program. Fill in your email below and we'll get back to you to answer any questions you have. Let's Talk. by Amex GBT provides end-to-end corporate travel management services, meetings, and booking solutions. Explore our programs for business ...

  14. Global Business Travel Q4 Revenues Gain From Travel Boost: Details

    Global Business Travel Group Inc (NYSE:GBTG) delivers impressive fourth-quarter FY23 results, surpassing revenue estimates with a 4.2% year-on-year growth to $549 million. Bolstered by Total ...

  15. Global Business Travel

    Global Business Travel — Consulting Organization from Belgium with 10001+ employees, has experience with European Commission Directorate-General for International Partnerships (EuropeAid HQ), European Banking Authority, European Insurance and Occupational Pensions Authority, European Securities and Markets Authority, it`s involved in Tourism, Training sectors

  16. American Express Global Business Travel

    Corporate Overview. American Express Global Business Travel (GBT) is the world's leading B2B travel platform, providing software and services to manage travel, expenses, and meetings & events for companies of all sizes. We have built the most valuable marketplace in B2B travel to deliver unrivalled choice, value and experiences.

  17. American Express Global Business Travel

    Corporate travel management, event management. Number of employees. 18,000. Website. amexglobalbusinesstravel.com. American Express Global Business Travel (Amex GBT, legally, Global Business Travel Group, Inc.) is a multinational travel management company headquartered in New York City. Amex GBT has 18,000 employees in more than 140 countries.

  18. Global Business Travel Association

    The leading source of business travel knowledge worldwide. 2023 GBTA Business Travel Index™️ Forecast Now Available. Annual outlook report now in its 15 th edition outlines top-level 5-year forecast for global business travel spending and other industry trends including current business traveler preferences and behaviors around the world.

  19. American Express Global Business Travel

    American Express Global Business Travel delivers unrivaled value, choice and experiences through its leading B2B travel platform American Express Global Business Travel and Apollo Strategic Growth Capital to combine at pro forma market capitalization of $5.3 billion Transaction to provide up to $1.2 billion of gross proceeds, including an upsized and oversubscribed fully committed $335 million ...

  20. American Express Global Business Travel

    American Express Global Business Travel. 240,057 followers. 23h. Today we announced our Q4 and full-year 2023 earnings, reporting 24% full-year revenue growth and record total new wins of $3.5billion. Our full-year 2023 results saw positive free cashflow generation and an 11-point improvement in our Adjusted EBITDA margin.

  21. International Business Travel

    Egencia help businesses manage travel risk and help to ensure traveler wellbeing no matter where they travel to. Egencia's travel management solutions also help support your business and plan for the future. You can set up travel policies for your employees and you can keep in contact with your team globally to keep them informed and ensure ...

  22. Business Travel Services & Customer Assistance

    With American Express Global Business Travel, you will have access to our travel technology to plan your global travel with around-the-clock support for a stress-free business travel experience. Explore business travel services from American Express Global Business Travel. Our 24/7 Proactive Traveler Care services can swiftly take care of ...

  23. Global Business Travel Group, Inc. (GBTG)

    Global Business Travel Group, Inc. provides business-to-business (B2B) travel platform in the United States and internationally. The company's platform offers a suite of technology-enabled solutions to business travelers and clients; travel content suppliers including airlines, hotels, ground transportation, and aggregators; and third-party travel agencies.