|
Delaware
(State or other jurisdiction of
incorporation or organization) |
| |
4700
(Primary Standard Industrial
Classification Code Number) 666 3rd Avenue, 4th Floor New York, NY 10017 Telephone: (212) 679-1600 |
| |
98-0598290
(I.R.S. Employer
Identification No.) |
|
|
Gregory A Fernicola, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP One Manhattan West New York, NY 10001-8602 Telephone: (212) 735-3000 |
| |
P. Michelle Gasaway, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP 300 South Grand Avenue, Suite 3400 Los Angeles, CA 90071 Telephone: (213) 687-5000 |
|
|
Large accelerated filer
|
| | ☐ | | | Accelerated filer | | | ☐ | |
|
Non-accelerated filer
|
| | ☒ | | | Smaller reporting company | | | ☐ | |
| | | | | | | Emerging growth company | | | ☒ | |
| | | | | iii | | | |
| | | | | iii | | | |
| | | | | iii | | | |
| | | | | xi | | | |
| | | | | 1 | | | |
| | | | | 8 | | | |
| | | | | 49 | | | |
| | | | | 50 | | | |
| | | | | 51 | | | |
| | | | | 63 | | | |
| | | | | 94 | | | |
| | | | | 127 | | | |
| | | | | 142 | | | |
| | | | | 153 | | | |
| | | | | 164 | | | |
| | | | | 170 | | | |
| | | | | 186 | | | |
| | | | | 189 | | | |
| | | | | 196 | | | |
| | | | | 199 | | | |
| | | | | 201 | | | |
| | | | | 201 | | | |
| | | | | 201 | | | |
| | | | | F-1 | | |
($ in millions, except share and per share data)
|
| |
GBT JerseyCo
Limited |
| |
Apollo Strategic
Growth Capital |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 329 | | | | | $ | — | | | | | $ | 128 | | | | |
|
3(a)
|
| | | | $ | 457 | | |
Accounts receivable, net
|
| | | | 562 | | | | | | — | | | | | | — | | | | | | | | | | | | 562 | | |
Due from affiliates
|
| | | | 9 | | | | | | — | | | | | | — | | | | | | | | | | | | 9 | | |
Prepaid expenses and other current assets
|
| | | | 143 | | | | | | — | | | | | | (26) | | | | |
|
3(b)
|
| | | | | 117 | | |
Total current assets
|
| | | | 1,043 | | | | | | — | | | | | | 102 | | | | | | | | | | | | 1,145 | | |
Investments held in Trust Account
|
| | | | — | | | | | | 818 | | | | | | (818) | | | | |
|
3(c)
|
| | | | | — | | |
Property and equipment, net
|
| | | | 213 | | | | | | — | | | | | | — | | | | | | | | | | | | 213 | | |
Equity method investments
|
| | | | 16 | | | | | | — | | | | | | — | | | | | | | | | | | | 16 | | |
Goodwill
|
| | | | 1,346 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,346 | | |
Other intangible assets, net
|
| | | | 718 | | | | | | — | | | | | | — | | | | | | | | | | | | 718 | | |
Operating lease right-of-use assets
|
| | | | 54 | | | | | | — | | | | | | — | | | | | | | | | | | | 54 | | |
Deferred tax assets
|
| | | | 300 | | | | | | — | | | | | | — | | | | | | | | | | | | 300 | | |
Other non-current assets
|
| | | | 46 | | | | | | — | | | | | | — | | | | | | | | | | | | 46 | | |
Total assets
|
| | | $ | 3,736 | | | | | $ | 818 | | | | | $ | (716) | | | | | | | | | | | $ | 3,838 | | |
Liabilities and shareholders' equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 289 | | | | | $ | 5 | | | | | $ | (5) | | | | |
|
3(d)
|
| | | | $ | 289 | | |
Due to affiliates
|
| | | | 41 | | | | | | 4 | | | | | | (4) | | | | |
|
3(e)
|
| | | | | 41 | | |
Accrued expenses and other current liabilities
|
| | | | 448 | | | | | | — | | | | | | 12 | | | | |
|
3(f)
|
| | | | | 460 | | |
Notes payable
|
| | | | — | | | | | | 6 | | | | | | (6) | | | | |
|
3(d)
|
| | | | | — | | |
Current portion of operating lease liabilities
|
| | | | 20 | | | | | | — | | | | | | — | | | | | | | | | | | | 20 | | |
Current portion of long-term debt
|
| | | | 3 | | | | | | — | | | | | | — | | | | | | | | | | | | 3 | | |
Total current liabilities
|
| | | | 801 | | | | | | 15 | | | | | | (3) | | | | | | | | | | | | 813 | | |
Long-term non-current debt, net of unamortized
debt discount and debt issuance costs |
| | | | 1,020 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,020 | | |
Deferred tax liabilities
|
| | | | 119 | | | | | | — | | | | | | 3 | | | | |
|
3(n)
|
| | | | | 122 | | |
Pension liabilities
|
| | | | 316 | | | | | | — | | | | | | — | | | | | | | | | | | | 316 | | |
Long-term operating lease liabilities
|
| | | | 55 | | | | | | — | | | | | | — | | | | | | | | | | | | 55 | | |
Derivative warrant liabilities
|
| | | | — | | | | | | 60 | | | | | | — | | | | | | | | | | | | 60 | | |
Earnout liability
|
| | | | — | | | | | | — | | | | | | 175 | | | | |
|
3(k)
|
| | | | | 175 | | |
Deferred underwriting compensation
|
| | | | — | | | | | | 29 | | | | | | (29) | | | | |
|
3(d)
|
| | | | | — | | |
Other non-current liabilities
|
| | | | 26 | | | | | | — | | | | | | — | | | | | | | | | | | | 26 | | |
Total liabilities
|
| | | $ | 2,337 | | | | | $ | 104 | | | | | $ | 146 | | | | | | | | | | | $ | 2,587 | | |
Commitments and contingencies
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Temporary Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
APSG Class A Ordinary Shares subject to possible redemption
|
| | | | — | | | | | | 817 | | | | | | (817) | | | | |
|
3(l)
|
| | | | | — | | |
($ in millions, except share and per share data)
|
| |
GBT JerseyCo
Limited |
| |
Apollo Strategic
Growth Capital |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
GBT Preferred Shares
|
| | | | 165 | | | | | | — | | | | | | (165) | | | | |
|
3(h)
|
| | | | | — | | |
Shareholders Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Legacy GBT Voting Ordinary Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Legacy GBT Non-Voting Ordinary Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Legacy GBT Profit shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
GBT MIP Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
APSG Preferred Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
APSG Class A Ordinary Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
APSG Class B Ordinary Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class A-1 Preferred Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class B-1 Preferred Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class A Common Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class B Common Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Additional paid-in capital
|
| | | | 2,558 | | | | | | — | | | | | | (103) | | | | |
|
3(j)
|
| | | | | 1,480 | | |
| | | | | | | | | | | | | | | | | (175) | | | | |
|
3(k)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 324 | | | | |
|
3(g)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (30) | | | | |
|
3(d)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (3) | | | | |
|
3(h)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (776) | | | | |
|
3(i)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 817 | | | | |
|
3(l)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (1,095) | | | | |
|
3(m)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (12) | | | | |
|
3(f)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 4 | | | | |
|
3(e)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (26) | | | | |
|
3(b)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (3) | | | | |
|
3(n)
|
| | | | | | | |
Accumulated deficit
|
| | | | (1,156) | | | | | | (103) | | | | | | 103 | | | | |
|
3(j)
|
| | | | | (1,156) | | |
Accumulated other comprehensive loss
|
| | | | (169) | | | | | | — | | | | | | — | | | | | | | | | | | | (169) | | |
Total equity of Company's shareholders
|
| | | $ | 1,233 | | | | | $ | (103) | | | | | $ | (975) | | | | | | | | | | | $ | 155 | | |
Equity attributable to non-controlling interest in subsidiaries
|
| | | | 1 | | | | | | | | | | | $ | 1,095 | | | | |
|
3(m)
|
| | | | | 1,096 | | |
Total shareholders' equity
|
| | | $ | 1,234 | | | | | $ | (103) | | | | | $ | 120 | | | | | | | | | | | $ | 1,251 | | |
Equity attributable to non-controlling interest in subsidiaries
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Total liabilities, preferred shares and shareholders' equity
|
| | | $ | 3,736 | | | | | $ | 818 | | | | | $ | (716) | | | | | | | | | | | $ | 3,838 | | |
|
($ in millions, except share and per share data)
|
| |
GBT
JerseyCo Limited (Historical) |
| |
Apollo
Strategic Growth Capital (Historical) |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Revenue
|
| | | $ | 350 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 350 | | |
Costs and expenses:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue (excluding depreciation and amortization shown separately below)
|
| | | | 173 | | | | | | — | | | | | | — | | | | | | | | | | | | 173 | | |
Sales and marketing
|
| | | | 72 | | | | | | — | | | | | | — | | | | | | | | | | | | 72 | | |
Technology and content
|
| | | | 90 | | | | | | — | | | | | | — | | | | | | | | | | | | 90 | | |
Administration fee – related party
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
General and administrative
|
| | | | 65 | | | | | | 1 | | | | | | — | | | | | | | | | | | | 66 | | |
Restructuring charges
|
| | | | 2 | | | | | | — | | | | | | — | | | | | | | | | | | | 2 | | |
Depreciation and amortization
|
| | | | 44 | | | | | | — | | | | | | — | | | | | | | | | | | | 44 | | |
Total operating expenses
|
| | | | 446 | | | | | | 1 | | | | | | — | | | | | | | | | | | | 447 | | |
Operating loss
|
| | | | (96) | | | | | | (1) | | | | | | — | | | | | | | | | | | | (97) | | |
Interest expense
|
| | | | (19) | | | | | | — | | | | | | — | | | | | | | | | | | | (19) | | |
Other expense, net
|
| | | | — | | | | | | — | | | | | | (7) | | | | |
|
3(aa)
|
| | | | | (7) | | |
Change in fair value of derivative
warrants |
| | | | — | | | | | | (4) | | | | | | — | | | | | | | | | | | | (4) | | |
Loss before income taxes and share of loss from
equity method investments |
| | | | (115) | | | | | | (5) | | | | | | (7) | | | | | | | | | | | | (127) | | |
Benefit from income taxes
|
| | | | 25 | | | | | | — | | | | | | 1 | | | | |
|
3(bb)
|
| | | | | 26 | | |
Share of losses from equity method investments
|
| | | | (1) | | | | | | — | | | | | | — | | | | | | | | | | | | (1) | | |
Net loss
|
| | | $ | (91) | | | | | $ | (5) | | | | | $ | (6) | | | | | | | | | | | $ | (102) | | |
Net loss attributable to noncontrolling interests in subsidiaries
|
| | | | — | | | | | | — | | | | | | (89) | | | | |
|
3(cc)
|
| | | | | (89) | | |
Net loss attributable to the Company
|
| | | | (91) | | | | | | (5) | | | | | | 83 | | | | | | | | | | | | (13) | | |
Preferred shares dividend
|
| | | | (5) | | | | | | — | | | | | | 5 | | | | |
|
3(dd)
|
| | | | | — | | |
Net loss attributable to the Company’s ordinary shareholders
|
| | | | (96) | | | | | | (5) | | | | | | 88 | | | | | | | | | | | | (13) | | |
Earnings per share attributable to the
shareholders of the Company’s ordinary shares – Basic and Diluted: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares / common stock outstanding
|
| | | | 44,413,972 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Loss per share
|
| | | $ | (2.15) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Weighted average shares outstanding of Class A ordinary shares
|
| | | | — | | | | | | 81,681,000 | | | | | | 24,735,967 | | | | | | | | | | | | 56,945,033 | | |
Basic and diluted net loss per share, Class A
|
| | | | — | | | | | $ | (0.05) | | | | | | — | | | | | | | | | | | $ | (0.23) | | |
Weighted average shares outstanding of Class B ordinary share
|
| | | | — | | | | | | 20,420,250 | | | | | | — | | | | | | | | | | | | — | | |
Basic and diluted net loss per share, Class B
|
| | | | — | | | | | $ | (0.05) | | | | | | — | | | | | | | | | | | | — | | |
($ in millions, except
share and per share data) |
| |
GBT
JerseyCo Limited (Historical) |
| |
Egencia
Historical (September 30, 2021) |
| |
Egencia
Historical- (Oct 2021 Mgt accounts/ estimates) |
| |
Egencia
Historical (October 31, 2021) |
| |
Egencia
Acquisition Adjustments |
| | | | | | | |
GBT
JerseyCo Limited Combined (Historical) |
| |
Apollo
Strategic Growth Capital (Historical) |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |||||||||||||||||||||||||||
Revenue
|
| | | $ | 763 | | | | | $ | 123 | | | | | $ | 25 | | | | | $ | 148 | | | | | $ | (22) | | | | |
|
2(i)
|
| | | | $ | 889 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 889 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue (excluding depreciation and amortization shown separately below)
|
| | | | 477 | | | | | | 112 | | | | | | 19 | | | | | | 131 | | | | | | — | | | | | | | | | | | | 608 | | | | | | — | | | | | | — | | | | | | | | | | | | 608 | | |
Sales and marketing
|
| | | | 201 | | | | | | 86 | | | | | | 7 | | | | | | 93 | | | | | | — | | | | | | | | | | | | 294 | | | | | | — | | | | | | — | | | | | | | | | | | | 294 | | |
Technology and content
|
| | | | 264 | | | | | | 53 | | | | | | 4 | | | | | | 57 | | | | | | — | | | | | | | | | | | | 321 | | | | | | — | | | | | | — | | | | | | | | | | | | 321 | | |
General and administrative
|
| | | | 213 | | | | | | 33 | | | | | | 2 | | | | | | 35 | | | | | | (6) | | | | |
|
2(ii)
|
| | | | | 242 | | | | | | 13 | | | | | | — | | | | | | | | | | | | 255 | | |
Restructuring charges
|
| | | | 14 | | | | | | 9 | | | | | | — | | | | | | 9 | | | | | | — | | | | | | | | | | | | 23 | | | | | | — | | | | | | — | | | | | | | | | | | | 23 | | |
Depreciation and amortization
|
| | | | 154 | | | | | | 36 | | | | | | 4 | | | | | | 40 | | | | | | 2 | | | | |
|
2(iii)
|
| | | | | 196 | | | | | | — | | | | | | — | | | | | | | | | | | | 196 | | |
Total operating expenses
|
| | | | 1,323 | | | | | | 329 | | | | | | 36 | | | | | | 365 | | | | | | (4) | | | | | | | | | | | | 1,684 | | | | | | 13 | | | | | | — | | | | | | | | | | | | 1,697 | | |
Operating loss
|
| | | | (560) | | | | | | (206) | | | | | | (11) | | | | | | (217) | | | | | | (18) | | | | | | | | | | | | (795) | | | | | | (13) | | | | | | — | | | | | | | | | | | | (808) | | |
Interest income
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 1 | | | | | | — | | | | | | — | | | | | | | | | | | | 1 | | |
Interest expense
|
| | | | (53) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (53) | | | | | | — | | | | | | — | | | | | | | | | | | | (53) | | |
Loss on early
extinguishment of debt |
| | | | (49) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (49) | | | | | | — | | | | | | — | | | | | | | | | | | | (49) | | |
Other income (expense), net
|
| | | | 8 | | | | | | 2 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | | | | | | | 10 | | | | | | — | | | | | | (11) | | | | |
|
3(aa)
|
| | | | | (1) | | |
Change in fair value of derivative warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 19 | | | | | | — | | | | | | | | | | | | 19 | | |
Loss before income taxes and share of loss from equity method investments
|
| | | | (653) | | | | | | (204) | | | | | | (11) | | | | | | (215) | | | | | | (18) | | | | | | | | | | | | (886) | | | | | | 6 | | | | | | (11) | | | | | | | | | | | | (891) | | |
Benefit from income
taxes |
| | | | 186 | | | | | | 2 | | | | | | — | | | | | | 2 | | | | | | 5 | | | | |
|
2(iv)
|
| | | | | 193 | | | | | | — | | | | | | 2 | | | | |
|
3(bb)
|
| | | | | 195 | | |
Share of losses from
equity method investments |
| | | | (8) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (8) | | | | | | — | | | | | | — | | | | | | | | | | | | (8) | | |
Net loss
|
| | | $ | (475) | | | | | | (202) | | | | | | (11) | | | | | $ | (213) | | | | | $ | (13) | | | | | | | | | | | $ | (701) | | | | | $ | 6 | | | | | $ | (9) | | | | | | | | | | | $ | (704) | | |
Net loss attributable
to noncontrolling interests in subsidiaries |
| | | | (2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (2) | | | | | | — | | | | | | (615) | | | | |
|
3(cc)
|
| | | | | (617) | | |
Net (loss) income
attributable to the Company |
| | | | (473) | | | | | | (202) | | | | | | (11) | | | | | | (213) | | | | | | (13) | | | | | | | | | | | | (699) | | | | | | 6 | | | | | | 606 | | | | | | | | | | | | (87) | | |
Preferred shares dividend
|
| | | | (10) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (10) | | | | | | — | | | | | | 10 | | | | |
|
3(dd)
|
| | | | | — | | |
Net (loss) income
attributable to the Company’s ordinary shareholders |
| | | | (483) | | | | | | (202) | | | | | | (11) | | | | | | (213) | | | | | | (13) | | | | | | | | | | | | (709) | | | | | | 6 | | | | | | 616 | | | | | | | | | | | | (87) | | |
($ in millions, except
share and per share data) |
| |
GBT
JerseyCo Limited (Historical) |
| |
Egencia
Historical (September 30, 2021) |
| |
Egencia
Historical- (Oct 2021 Mgt accounts/ estimates) |
| |
Egencia
Historical (October 31, 2021) |
| |
Egencia
Acquisition Adjustments |
| | | | |
GBT
JerseyCo Limited Combined (Historical) |
| |
Apollo
Strategic Growth Capital (Historical) |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| |||||||||||||||||||||||||||
Earnings per share
attributable to the shareholders of the Company’s ordinary shares – Basic and Diluted: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares / common stock outstanding
|
| | | | 37,406,171 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Loss per share
|
| | | $ | (12.91) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Weighted average
shares outstanding of Class A ordinary shares |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 81,681,000 | | | | | | (24,735,967) | | | | | | | | | 56,945,033 | | |
Basic and diluted net
income (loss) per share, Class A |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | $ | 0.06 | | | | | | — | | | | | | | | $ | (1.53) | | |
Weighted average
shares outstanding of Class B ordinary share |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 20,420,250 | | | | | | — | | | | | | | | | — | | |
Basic and diluted net
income per share, Class B |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | $ | 0.06 | | | | | | — | | | | | | | | | — | | |
($ in millions, except as stated otherwise)
|
| |
Fair
value |
| |
Useful
lives (years) |
| |
Annual
Amortization |
| |||||||||
Acquired technology
|
| | | $ | 50 | | | | | | 5 | | | | | $ | 10 | | |
Customer and Supplier relationships
|
| | | | 390 | | | | | | 15 | | | | | | 26 | | |
Tradenames
|
| | | | 50 | | | | | | 10 | | | | | | 5 | | |
Annual estimated additional amortization
|
| | | | | | | | | | | | | | | | 41 | | |
(Signs represent cash inflow (outflow))
|
| | | | | | | | | |
Cash inflow from APSG Trust Account
|
| | | $ | 818(c) | | | | ||
Cash inflow from the PIPE Investment
|
| | | | 324(g) | | | | ||
Payment of transaction fees
|
| | | | (70)(d) | | | | ||
Payment to Legacy GBT preferred shareholders
|
| | | | (168)(h) | | | | ||
Release of cash for redemption of shares
|
| | | | (776)(i) | | | | ||
Net Pro Forma Adjustment to Cash
|
| | | $ | 128(a) | | | |
| | |
For the Three
Months Ended |
| |||
| | |
March 31, 2022
|
| |||
Pro Forma Basic and Diluted Loss Per Share | | | | | | | |
Pro Forma net loss attributable to shareholders (in $ millions)
|
| | | $ | (13) | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 56,945,033 | | |
Basic and diluted net loss per share
|
| | | $ | (0.23) | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Key Operating Metrics | | | | | | | | | | | | | | | | | |||||||||||||||
TTV
|
| | | | 4,028 | | | | | | 660 | | | | | | 6,385 | | | | | | 5,563 | | | | | | 27,667 | | |
Transaction Growth (Decline)
|
| | | | 382% | | | | | | (82)% | | | | | | 6% | | | | | | (71)% | | | | | | 17% | | |
Key Financial Metrics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 350 | | | | | | 126 | | | | | | 763 | | | | | | 793 | | | | | | 2,119 | | |
Total operating expense
|
| | | | 446 | | | | | | 255 | | | | | | 1,323 | | | | | | 1,540 | | | | | | 1,913 | | |
Net loss
|
| | | | (91) | | | | | | (114) | | | | | | (475) | | | | | | (619) | | | | | | 138 | | |
Net cash used in operating activities
|
| | | | (154) | | | | | | (114) | | | | | | (512) | | | | | | (250) | | | | | | 227 | | |
EBITDA
|
| | | | (53) | | | | | | (91) | | | | | | (406) | | | | | | (590) | | | | | | 349 | | |
Adjusted EBITDA
|
| | | | (28) | | | | | | (90) | | | | | | (340) | | | | | | (363) | | | | | | 428 | | |
Adjusted Operating Expenses
|
| | | | 377 | | | | | | 215 | | | | | | 1,095 | | | | | | 1,151 | | | | | | 1,696 | | |
Free Cash Flow
|
| | | | (175) | | | | | | (123) | | | | | | (556) | | | | | | (297) | | | | | | 165 | | |
| | |
As of
March 31 2022 |
| |
As of
December 31, 2021 |
| ||||||
Net Debt (Cash)
|
| | | | 694 | | | | | | 507 | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net (loss) income
|
| | | | (91) | | | | | | (114) | | | | | | (475) | | | | | | (619) | | | | | | 138 | | |
Interest income
|
| | | | — | | | | | | — | | | | | | (1) | | | | | | (1) | | | | | | (5) | | |
Interest expense
|
| | | | 19 | | | | | | 11 | | | | | | 53 | | | | | | 27 | | | | | | 15 | | |
Loss on early extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 49 | | | | | | — | | | | | | — | | |
(Benefit from) provision for income taxes
|
| | | | (25) | | | | | | (22) | | | | | | (186) | | | | | | (145) | | | | | | 60 | | |
Depreciation and amortization
|
| | | | 44 | | | | | | 34 | | | | | | 154 | | | | | | 148 | | | | | | 141 | | |
EBITDA
|
| | | | (53) | | | | | | (91) | | | | | | (406) | | | | | | (590) | | | | | | 349 | | |
Restructuring charges(a)
|
| | | | 2 | | | | | | — | | | | | | 14 | | | | | | 206 | | | | | | 12 | | |
Integration costs(b)
|
| | | | 9 | | | | | | 1 | | | | | | 22 | | | | | | 14 | | | | | | 36 | | |
Mergers and acquisitions(c)
|
| | | | 1 | | | | | | 3 | | | | | | 14 | | | | | | 10 | | | | | | 12 | | |
Separation costs(d)
|
| | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | 3 | | |
Equity-based compensation(e)
|
| | | | 3 | | | | | | — | | | | | | 3 | | | | | | 3 | | | | | | 6 | | |
Other adjustments, net(f)
|
| | | | 10 | | | | | | (3) | | | | | | 13 | | | | | | (6) | | | | | | 10 | | |
Adjusted EBITDA
|
| | | | (28) | | | | | | (90) | | | | | | (340) | | | | | | (363) | | | | | | 428 | | |
Net loss margin
|
| | | | (26) | | | | | | (90)% | | | | | | (62)% | | | | | | (78)% | | | | | | 7% | | |
Adjusted EBITDA Margin
|
| | | | (8) | | | | | | (71)% | | | | | | (45)% | | | | | | (46)% | | | | | | 20% | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Total operating expenses
|
| | | | 446 | | | | | | 255 | | | | | | 1,323 | | | | | | 1,540 | | | | | | 1,913 | | |
Adjustments: | | | | | | | | | | | | | | | | | |||||||||||||||
Depreciation and amortization
|
| | | | (44) | | | | | | (34) | | | | | | (154) | | | | | | (148) | | | | | | (141) | | |
Restructuring charges(a)
|
| | | | (2) | | | | | | — | | | | | | (14) | | | | | | (206) | | | | | | (12) | | |
Integration costs(b)
|
| | | | (9) | | | | | | (1) | | | | | | (22) | | | | | | (14) | | | | | | (36) | | |
Mergers and acquisition(c)
|
| | | | (1) | | | | | | (3) | | | | | | (14) | | | | | | (10) | | | | | | (12) | | |
Separation costs(d)
|
| | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | (3) | | |
Equity-based compensation(e)
|
| | | | (3) | | | | | | — | | | | | | (3) | | | | | | (3) | | | | | | (6) | | |
Other adjustments, net(f)
|
| | | | (10) | | | | | | (2) | | | | | | (21) | | | | | | (8) | | | | | | (7) | | |
Adjusted Operating Expenses
|
| | | | 377 | | | | | | 215 | | | | | | 1,095 | | | | | | 1,151 | | | | | | 1,696 | | |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue
|
| | | $ | 350 | | | | | $ | 126 | | | | | $ | 224 | | | | | | 179% | | |
Costs and Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues (excluding depreciation and amortization shown separately below)
|
| | | | 173 | | | | | | 82 | | | | | | (91) | | | | | | (110)% | | |
Sales and marketing
|
| | | | 72 | | | | | | 43 | | | | | | (29) | | | | | | (70)% | | |
Technology and content
|
| | | | 90 | | | | | | 57 | | | | | | (33) | | | | | | (59)% | | |
General and administrative
|
| | | | 65 | | | | | | 39 | | | | | | (26) | | | | | | (69)% | | |
Restructuring charges
|
| | | | 2 | | | | | | — | | | | | | (2) | | | | | | n/m | | |
Depreciation and amortization
|
| | | | 44 | | | | | | 34 | | | | | | (10) | | | | | | (28)% | | |
Total operating expense
|
| | | | 446 | | | | | | 255 | | | | | | (191) | | | | | | (75)% | | |
Operating loss
|
| | | | (96) | | | | | | (129) | | | | | | 33 | | | | | | 26% | | |
Interest expense
|
| | | | (19) | | | | | | (11) | | | | | | (8) | | | | | | (75)% | | |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Other income, net
|
| | | | — | | | | | | 5 | | | | | | (5) | | | | | | (93)% | | |
Loss before income taxes and share of losses from equity method
investments |
| | | | (115) | | | | | | (135) | | | | | | 20 | | | | | | 15% | | |
Benefit from income taxes
|
| | | | 25 | | | | | | 22 | | | | | | 3 | | | | | | 17% | | |
Share of losses in equity method investments
|
| | | | (1) | | | | | | (1) | | | | | | — | | | | | | — | | |
Net loss
|
| | |
|
(91)
|
| | | |
|
(114)
|
| | | |
|
23
|
| | | |
|
20%
|
| |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Travel Revenue
|
| | | $ | 256 | | | | | $ | 62 | | | | | $ | 194 | | | | | | 318% | | |
Products & Professional Services Revenue
|
| | | | 94 | | | | | | 64 | | | | | | 30 | | | | | | 45% | | |
Total Revenue
|
| | | $ | 350 | | | | | $ | 126 | | | | | $ | 224 | | | | | | 179% | | |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Cost of revenue (excluding depreciation and amortization)
|
| | | $ | 173 | | | | | $ | 82 | | | | | $ | (91) | | | | | | (110)% | | |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Sales and marketing
|
| | | $ | 72 | | | | | $ | 43 | | | | | $ | (29) | | | | | | (70)% | | |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Technology and content
|
| | | $ | 90 | | | | | $ | 57 | | | | | $ | (33) | | | | | | (59)% | | |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
General and administrative
|
| | | $ | 65 | | | | | $ | 39 | | | | | $ | (26) | | | | | | (69)% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue
|
| | | $ | 763 | | | | | $ | 793 | | | | | $ | (30) | | | | | | (4)% | | |
Costs and Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues (excluding depreciation and amortization shown
separately below) |
| | | | 477 | | | | | | 529 | | | | | | 52 | | | | | | 10% | | |
Sales and marketing
|
| | | | 201 | | | | | | 199 | | | | | | (2) | | | | | | (1)% | | |
Technology and content
|
| | | | 264 | | | | | | 277 | | | | | | 13 | | | | | | 5% | | |
General and administrative
|
| | | | 213 | | | | | | 181 | | | | | | (32) | | | | | | (17)% | | |
Restructuring charges
|
| | | | 14 | | | | | | (206) | | | | | | 192 | | | | | | 93% | | |
Depreciation and amortization
|
| | | | 154 | | | | | | 148 | | | | | | (6) | | | | | | (4)% | | |
Total operating expense
|
| | | | 1,323 | | | | | | 1,540 | | | | | | 217 | | | | | | 14% | | |
Operating loss
|
| | | | (560) | | | | | | (747) | | | | | | 187 | | | | | | 25% | | |
Interest income
|
| | | | 1 | | | | | | 1 | | | | | | — | | | | | | — | | |
Interest expense
|
| | | | (53) | | | | | | (27) | | | | | | (26) | | | | | | (95)% | | |
Loss on early extinguishment of debt
|
| | | | (49) | | | | | | — | | | | | | (49) | | | | | | n/m | | |
Other income, net
|
| | | | 8 | | | | | | 14 | | | | | | (6) | | | | | | (27)% | | |
Loss before income taxes and share of losses from equity method
investments |
| | | | (653) | | | | | | (759) | | | | | | 106 | | | | | | 14% | | |
Benefit from income taxes
|
| | | | 186 | | | | | | 145 | | | | | | 41 | | | | | | 27% | | |
Share of losses in equity method investments
|
| | | | (8) | | | | | | (5) | | | | | | (3) | | | | | | (51)% | | |
Net loss
|
| | | | (475) | | | | | | (619) | | | | | | 144 | | | | | | 24% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Travel Revenue
|
| | | $ | 446 | | | | | $ | 468 | | | | | $ | (22) | | | | | | (5)% | | |
Products & Professional Services Revenue
|
| | | | 317 | | | | | | 325 | | | | | | (8) | | | | | | (2)% | | |
Total Revenue
|
| | | $ | 763 | | | | | $ | 793 | | | | | $ | (30) | | | | | | (4)% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Cost of revenue (excluding depreciation and amortization)
|
| | | $ | 477 | | | | | $ | 529 | | | | | $ | 52 | | | | | | 10% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Sales and marketing
|
| | | $ | 201 | | | | | $ | 199 | | | | | $ | (2) | | | | | | (1)% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Technology and content
|
| | | $ | 264 | | | | | $ | 277 | | | | | $ | 13 | | | | | | 5% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
General and administrative
|
| | | $ | 213 | | | | | $ | 181 | | | | | $ | (32) | | | | | | (17)% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Foreign exchange gains, net
|
| | | | — | | | | | | 12 | | | | | | (12) | | | | | | 100 | | |
Loss on disposal of business
|
| | | | (1) | | | | | | — | | | | | | (1) | | | | | | n/m | | |
Non-service components of net periodic pension benefit
|
| | | | 9 | | | | | | 2 | | | | | | 7 | | | | | | n/m | | |
Other income, net
|
| | | | 8 | | | | | | 14 | | | | | | (6) | | | | | | (27)% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue
|
| | | $ | 793 | | | | | $ | 2,119 | | | | | $ | (1,326) | | | | | | (63) | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue (excluding depreciation and amortization shown
separately below) |
| | | | 529 | | | | | | 880 | | | | | | 351 | | | | | | 40 | | |
Sales and marketing
|
| | | | 199 | | | | | | 286 | | | | | | 87 | | | | | | 30 | | |
Technology and content
|
| | | | 277 | | | | | | 339 | | | | | | 62 | | | | | | 18 | | |
General and administrative
|
| | | | 181 | | | | | | 255 | | | | | | 74 | | | | | | 29 | | |
Restructuring charges
|
| | | | 206 | | | | | | 12 | | | | | | (194) | | | | | | n/m | | |
Depreciation and amortization
|
| | | | 148 | | | | | | 141 | | | | | | (7) | | | | | | (5) | | |
Total operating expenses
|
| | | | 1,540 | | | | | | 1,913 | | | | | | 373 | | | | | | 20 | | |
Operating (loss) income
|
| | | | (747) | | | | | | 206 | | | | | | (953) | | | | | | n/m | | |
Interest income
|
| | | | 1 | | | | | | 5 | | | | | | (4) | | | | | | (68) | | |
Interest expense
|
| | | | (27) | | | | | | (15) | | | | | | (12) | | | | | | (76) | | |
Other income (expense), net
|
| | | | 14 | | | | | | (3) | | | | | | 17 | | | | | | n/m | | |
(Loss) income before income taxes and share of (losses) earnings
from equity method investments |
| | | | (759) | | | | | | 193 | | | | | | (952) | | | | | | n/m | | |
Benefit from (provision for) income taxes
|
| | | | 145 | | | | | | (60) | | | | | | 205 | | | | | | n/m | | |
Share of (losses) earnings in equity method investments
|
| | | | (5) | | | | | | 5 | | | | | | (10) | | | | | | n/m | | |
Net (loss) income
|
| | | $ | (619) | | | | | $ | 138 | | | | | $ | (757) | | | | | | n/m | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Travel Revenues
|
| | | $ | 468 | | | | | $ | 1,605 | | | | | $ | (1,137) | | | | | | (71) | | |
Product and Professional Services Revenues
|
| | | | 325 | | | | | | 514 | | | | | | (189) | | | | | | (37) | | |
Total Revenue
|
| | | $ | 793 | | | | | $ | 2,119 | | | | | $ | (1,326) | | | | | | (63) | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Cost of revenue
|
| | | $ | 529 | | | | | $ | 880 | | | | | $ | 351 | | | | | | 40 | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Sales and marketing
|
| | | $ | 199 | | | | | $ | 286 | | | | | $ | 87 | | | | | | 30 | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Technology and content
|
| | | $ | 277 | | | | | $ | 339 | | | | | $ | 62 | | | | | | 18 | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Total general and administrative
|
| | | $ | 181 | | | | | $ | 255 | | | | | $ | 74 | | | | | | 29 | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Foreign exchange gain (losses), net
|
| | | $ | 12 | | | | | $ | (4) | | | | | $ | 16 | | | | | | n/m | | |
Loss on sale of businesses
|
| | | | — | | | | | | (3) | | | | | | 3 | | | | | | 100 | | |
Non-service components of net periodic pension benefit
|
| | | | 2 | | | | | | 4 | | | | | | (2) | | | | | | (86) | | |
Other income (expense), net
|
| | | $ | 14 | | | | | $ | (3) | | | | | $ | 17 | | | | | | n/m | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net cash (used in) operating activities
|
| | | | (154) | | | | | | (114) | | | | | | (512) | | | | | | (250) | | | | | | 227 | | |
Net cash used in investing activities
|
| | | | (21) | | | | | | (62) | | | | | | (27) | | | | | | (47) | | | | | | (87) | | |
Net cash (used in) from financing activities
|
| | | | (7) | | | | | | 89 | | | | | | 478 | | | | | | 384 | | | | | | (65) | | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
| | | | (3) | | | | | | (3) | | | | | | (7) | | | | | | 7 | | | | | | 1 | | |
Net (decrease) increase in cash, cash equivalents and restricted cash
|
| | | | (185) | | | | | | (90) | | | | | | (68) | | | | | | 94 | | | | | | 76 | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net cash (used in) operating activities
|
| | | | (154) | | | | | | (114) | | | | | | (512) | | | | | | (250) | | | | | | 227 | | |
Less: Purchase of property and equipment
|
| | | | (21) | | | | | | (9) | | | | | | (44) | | | | | | (47) | | | | | | (62) | | |
Free Cash Flow
|
| | | | (175) | | | | | | (123) | | | | | | (556) | | | | | | (297) | | | | | | 165 | | |
| | |
Three Months Ended
March 31, 2022 |
| |
Year Ended
December 31, |
| ||||||||||||
($ in millions)
|
| |
2021
|
| |
2020
|
| ||||||||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | | | |||||
Principal amount of Senior Secured Initial Term Loans
(Maturity – August 2025)(1) |
| | | | 241 | | | | | | 242 | | | | | | 244 | | |
Principal amount of loans under the Senior Secured Prior Tranche B-1
Term Loans (Maturity – December 2026)(2) |
| | | | — | | | | | | — | | | | | | 399 | | |
Principal amount of loans under the Senior Secured Prior Tranche B-2
Term Loan Facility(3) |
| | | | — | | | | | | — | | | | | | — | | |
Principal amount of loans under the Senior Secured New Tranche B-3
Term Loan Facilities(4) |
| | | | 800 | | | | | | 800 | | | | | | — | | |
Principal amount of Senior Secured Revolving Credit Facility (Maturity – August 2023)(5)
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
| | | | | 1,041 | | | | | | 1,042 | | | | | | 643 | | |
Less: Unamortized debt discount and debt issuance costs
|
| | | | (18) | | | | | | (19) | | | | | | (19) | | |
Total debt, net of unamortized debt discount and debt issuance costs
|
| | | | 1,023 | | | | | | 1,023 | | | | | | 624 | | |
Less: Cash and cash equivalents
|
| | | | (329) | | | | | | (516) | | | | | | (584) | | |
Net Debt (Cash)
|
| | | | 694 | | | | | | 507 | | | | | | 40 | | |
| | |
Payments Due by Year ($ in millions)
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than 1
Year |
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More than 5
Years |
| |||||||||||||||
Long-term debt obligations(1)
|
| | | $ | 1,023 | | | | | $ | 3 | | | | | $ | 5 | | | | | $ | 1,015 | | | | | $ | — | | |
Operating lease liabilities(2)
|
| | | | 95 | | | | | | 25 | | | | | | 35 | | | | | | 14 | | | | | | 21 | | |
Finance lease liabilities
|
| | | | 2 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | — | | |
Interest payments(3)
|
| | | | 311 | | | | | | 68 | | | | | | 136 | | | | | | 107 | | | | | | — | | |
Purchase commitments(4)
|
| | | | 206 | | | | | | 71 | | | | | | 116 | | | | | | 19 | | | | | | — | | |
Total contractual obligations
|
| | | $ | 1,637 | | | | | $ | 169 | | | | | $ | 292 | | | | | $ | 1,155 | | | | | $ | 21 | | |
Name
|
| |
Position
|
| |
Age
|
|
Paul Abbott | | | Director | | |
53
|
|
James P. Bush | | | Director | | |
64
|
|
Gloria Guevara Manzo | | | Director | | |
54
|
|
Eric Hart | | | Director | | |
46
|
|
Raymond Donald Joabar | | | Director | | |
56
|
|
Michael Gregory (Greg) O’Hara | | | Director | | |
56
|
|
Richard Petrino | | | Director | | |
54
|
|
Mohammed Saif S.S. Al-Sowaidi | | | Director | | |
40
|
|
Itai Wallach | | | Director | | |
34
|
|
Susan Ward | | | Director | | |
61
|
|
Kathleen Winters | | | Director | | |
54
|
|
Name
|
| |
Position
|
| |
Age
|
|
Paul Abbott | | | Chief Executive Officer | | |
53
|
|
Eric J. Bock | | | Chief Legal Officer, Global Head of M&A and Compliance & Corporate Secretary | | |
57
|
|
Andrew George Crawley | | | Chief Commercial Officer | | |
55
|
|
Martine Gerow | | | Chief Financial Officer | | |
61
|
|
Mark Hollyhead | | | President, Egencia | | |
52
|
|
Patricia Anne Huska | | | Chief People Officer | | |
53
|
|
Evan Konwiser | | | EVP Product, Strategy and Communications | | |
40
|
|
Michael Qualantone | | | Chief Revenue Officer | | |
60
|
|
Boriana Tchobanova | | | Chief Transformation Officer | | |
47
|
|
David Thompson | | | Chief Technology Officer | | |
55
|
|
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($)(2) |
| |
Option
Awards ($)(3) |
| |
Non-Equity
Incentive Plan Compensation ($)(4) |
| |
All Other
Compensation ($) |
| |
Total
Compensation ($) |
| |||||||||||||||||||||
Paul Abbott
Chief Executive Officer |
| | | | 2021 | | | | | | 1,233,717 | | | | | | 4,000,000 | | | | | | 9,000,000 | | | | | | 4,050,255 | | | | | | 115,001(5) | | | | | | 18,398,973 | | |
| | | 2020 | | | | | | 1,072,751 | | | | | | 2,756,540 | | | | | | | | | | | | — | | | | | | 1,168,879 | | | | | | 4,998,170 | | | ||
Andrew Crawley
Chief Commercial Officer |
| | | | 2021 | | | | | | 804,318 | | | | | | 1,250,000 | | | | | | 3,750,000 | | | | | | 1,140,000 | | | | | | 70,818(6) | | | | | | 7,015,136 | | |
| | | 2020 | | | | | | 471,122 | | | | | | 447,938 | | | | | | — | | | | | | — | | | | | | 635,011 | | | | | | 1,554,071 | | | ||
Michael Qualantone
Chief Revenue Officer(7) |
| | | | 2021 | | | | | | 578,750 | | | | | | 500,000 | | | | | | 3,448,920 | | | | | | 1,000,000 | | | | | | 36,400(8) | | | | | | 5,564,070 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name
|
| |
2020 Base
Salary ($) |
| |
2021
Base Salary($) |
| ||||||
Paul Abbott
|
| | | | 1,288,538 | | | | | | 1,374,903 | | |
Andrew Crawley
|
| | | | 837,549 | | | | | | 893,687 | | |
Michael Qualantone
|
| | | | 650,000 | | | | | | 650,000 | | |
| | |
Option Awards
|
| |||||||||||||||||||||||||||
Name
|
| |
Grant
Date |
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |||||||||||||||
Paul Abbott
|
| | | | 12/2/2021 | | | | | | — | | | | | | 2,983,535(1) | | | | | | 10.03 | | | | | | 12/2/2031 | | |
Andrew Crawley
|
| | | | 12/2/2021 | | | | | | — | | | | | | 1,243,136(1) | | | | | | 10.03 | | | | | | 12/2/2031 | | |
Michael Qualantone
|
| | | | 12/2/2021 | | | | | | — | | | | | | 1,113,909(1) | | | | | | 10.03 | | | | | | 12/2/2031 | | |
| | | | | 9/25/2019 | | | | | | — | | | | | | 508,422(2) | | | | | | 14.58 | | | | | | 9/25/2029 | | |
| | | | | 3/13/2018 | | | | | | — | | | | | | 438,294(3) | | | | | | 7.23 | | | | | | 3/13/2028 | | |
| | | | | 9/30/2015 | | | | | | — | | | | | | 596,081(4) | | | | | | 6.37 | | | | | | 9/30/2025 | | |
| | | | | 3/30/2015 | | | | | | — | | | | | | 385,699(4) | | | | | | 5.74 | | | | | | 3/30/2025 | | |
| | |
Cash
($) |
| |
Meeting
Fee Premium ($) |
| |
Restricted Stock
Unit Awards ($) |
| |||||||||
Board | | | | | | | | | | | | | | | | | | | |
Chair
|
| | | | 485,000 | | | | | | — | | | | | | 160,000 | | |
Other Directors
|
| | | | 85,000 | | | | | | — | | | | | | 160,000 | | |
Audit Committee | | | | | | | | | | | | | | | | | | | |
Chair
|
| | | | 15,000 | | | | | | 2,000 | | | | | | — | | |
Other Members
|
| | | | 15,000 | | | | | | 2,000 | | | | | | — | | |
Compensation Committee | | | | | | | | | | | | | | | | | | | |
Chair
|
| | | | 15,000 | | | | | | 2,000 | | | | | | — | | |
Other Members
|
| | | | 10,000 | | | | | | 2,000 | | | | | | — | | |
Nominating and Corporate Governance Committee | | | | | | | | | | | | | | | | | | | |
Chair
|
| | | | 10,000 | | | | | | 2,000 | | | | | | — | | |
Other Members
|
| | | | 10,000 | | | | | | 2,000 | | | | | | — | | |
Risk and Compliance Committee | | | | | | | | | | | | | | | | | | | |
Chair
|
| | | | 10,000 | | | | | | 2,000 | | | | | | — | | |
Other Members
|
| | | | 10,000 | | | | | | 2,000 | | | | | | — | | |
Name
|
| |
Fees Earned
or Paid in Cash ($)(1) |
| |
Total
($) |
| ||||||
Ugo Arzani
|
| | | | 180,000 | | | | | | 180,000 | | |
James P. Bush(2)
|
| | | | 180,000 | | | | | | 180,000 | | |
Philippe Chérèque(3)
|
| | | | 226,060 | | | | | | 226,060 | | |
Marc D. Gordon(4)
|
| | | | — | | | | | | — | | |
Eric Hart(5)
|
| | | | 8,152 | | | | | | 8,152 | | |
Raymond Donald Joabar(4)
|
| | | | — | | | | | | — | | |
Name
|
| |
Fees Earned
or Paid in Cash ($)(1) |
| |
Total
($) |
| ||||||
Glenda McNeal(4)
|
| | | | — | | | | | | — | | |
Greg O’Hara(6)
|
| | | | 630,000 | | | | | | 630,000 | | |
Richard Petrino(4)
|
| | | | — | | | | | | — | | |
Mohammed Saif S.S. Al-Sowaidi
|
| | | | 180,000 | | | | | | 180,000 | | |
Susan Ward(7)
|
| | | | 72,826 | | | | | | 72,826 | | |
Julia Wittlin(8)
|
| | | | 180,000 | | | | | | 180,000 | | |
| | |
Securities Beneficially
Owned Prior to Offering |
| |
Securities to be Sold
in this Offering |
| |
Securities Beneficially
Owned After this Offering |
| |||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder(1)
|
| |
Shares of
Class A Common Stock |
| |
Warrants
|
| |
Shares of
Class A Common Stock |
| |
Warrants
|
| |
Shares of
Class A Common Stock |
| |
Percentage
|
| |
Warrants
|
| |
Percentage
|
| ||||||||||||||||||||||||
Juweel Investors (SPC) Limited(2)(3)(4)
|
| | | | 162,388,084 | | | | | | — | | | | | | 168,189,894 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
American Express Company(2)(3)(5)
|
| | | | 157,786,199 | | | | | | — | | | | | | 163,423,593 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Expedia Group,
Inc.(2)(3)(6) |
| | | | 74,274,198 | | | | | | — | | | | | | 76,927,871 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
APSG Sponsor, L.P.(7)
|
| | | | 34,569,384 | | | | | | 12,224,134 | | | | | | 34,569,384 | | | | | | 12,224,134 | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Jennifer Fleiss
|
| | | | 25,000 | | | | | | — | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Mitch Garber
|
| | | | 25,000 | | | | | | — | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
James H. Simmons III
|
| | | | 25,000 | | | | | | — | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Dendur Master Fund Ltd.(8)
|
| | | | 1,000,000 | | | | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Alyeska Master Fund, L.P.(9)
|
| | | | 650,000 | | | | | | — | | | | | | 650,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Trust U/W Carl M. Loeb FBO Elisabeth Levin(10)
|
| | | | 25,000 | | | | | | — | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Trust U/W Carl M. Loeb FBO Arthur Loeb(11)
|
| | | | 25,000 | | | | | | — | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Gray’s Creek Capital Partners Fund I, LP(12)
|
| | | | 200,000 | | | | | | — | | | | | | 200,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Zoom Video Communications,
Inc.(13) |
| | | | 4,000,000 | | | | | | — | | | | | | 4,000,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
HG Vora Special Opportunities Master Fund, LTD(14)
|
| | | | 8,200,000 | | | | | | — | | | | | | 8,200,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Marlins Acquisition Corp.(15)
|
| | | | 8,000,000 | | | | | | — | | | | | | 8,000,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
| | |
Securities Beneficially
Owned Prior to Offering |
| |
Securities to be Sold
in this Offering |
| |
Securities Beneficially
Owned After this Offering |
| |||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder(1)
|
| |
Shares of
Class A Common Stock |
| |
Warrants
|
| |
Shares of
Class A Common Stock |
| |
Warrants
|
| |
Shares of
Class A Common Stock |
| |
Percentage
|
| |
Warrants
|
| |
Percentage
|
| ||||||||||||||||||||||||
ASOF II A (DE) Holdings I, L.P.(16)
|
| | | | 2,062,500 | | | | | | — | | | | | | 2,062,500 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
ASOF II Holdings I, L.P.(17)
|
| | | | 2,062,500 | | | | | | — | | | | | | 2,062,500 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
ASOF Holdings I, L.P.(18)
|
| | | | 4,125,000 | | | | | | — | | | | | | 4,125,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Paul Abbott(19)
|
| | | | — | | | | | | — | | | | | | 2,983,535 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Eric J. Bock(3)(20)
|
| | | | 1,938,496 | | | | | | 10,000 | | | | | | 3,001,905 | | | | | | 10,000 | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Andrew George Crawley(21)
|
| | | | — | | | | | | — | | | | | | 1,243,136 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Martine Gerow(3)(22)
|
| | | | 1,086,970 | | | | | | — | | | | | | 2,383,021 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Patricia Anne Huska(3)(23)
|
| | | | 666,206 | | | | | | — | | | | | | 1,710,788 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Evan Konwiser(3)(24)
|
| | | | 192,848 | | | | | | — | | | | | | 568,774 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Michael Qualantone(3)(25)
|
| | | | 1,535,784 | | | | | | — | | | | | | 3,111,306 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Boriana Tchobanova(26)
|
| | | | — | | | | | | — | | | | | | 124,317 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
David Thompson(3)(27)
|
| | | | 894,121 | | | | | | — | | | | | | 1,968,648 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Philippe Chereque(3)(28)
|
| | | | 1,928,496 | | | | | | — | | | | | | 1,997,397 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Redemption Date (period to expiration
of warrants) |
| |
Fair Market Value of Class A Common Stock
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
≤$10.00
|
| |
$11.00
|
| |
$12.00
|
| |
$13.00
|
| |
$14.00
|
| |
$15.00
|
| |
$16.00
|
| |
$17.00
|
| |
≥$18.00
|
| |||||||||||||||||||||||||||||
60 months
|
| | | | 0.261 | | | | | | 0.281 | | | | | | 0.297 | | | | | | 0.311 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
57 months
|
| | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.361 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.361 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.361 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.361 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.361 | | |
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.361 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.361 | | |
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.361 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.361 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.361 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.361 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.361 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.361 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.361 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
Redemption Date (period to expiration
of warrants) |
| |
Fair Market Value of Class A Common Stock
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
≤$10.00
|
| |
$11.00
|
| |
$12.00
|
| |
$13.00
|
| |
$14.00
|
| |
$15.00
|
| |
$16.00
|
| |
$17.00
|
| |
≥$18.00
|
| |||||||||||||||||||||||||||||
6 months
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
3 months
|
| | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months
|
| | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
| | |
Class A Common Stock
Beneficially Owned |
| |
Class B Common Stock
Beneficially Owned(1) |
| |
Combined
Total Voting Power |
| |||||||||||||||||||||
Name of Beneficial Owner(2)
|
| |
Shares
|
| |
Percent
|
| |
Shares
|
| |
Percent
|
| |
Percent
|
| |||||||||||||||
Five Percent Holders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Juweel Investors (SPC) Limited (3)
|
| | | | 162,388,084 | | | | | | 74.0% | | | | | | 162,388,084 | | | | | | 41.2% | | | | | | 36.0% | | |
American Express Company(4)
|
| | | | 157,786,199 | | | | | | 73.5% | | | | | | 157,786,199 | | | | | | 40.0% | | | | | | 35.0% | | |
Expedia Group, Inc.(5)
|
| | | | 74,274,198 | | | | | | 56.6% | | | | | | 74,274,198 | | | | | | 18.8% | | | | | | 16.5% | | |
APSG Sponsor, L.P.(6)
|
| | | | 34,569,384 | | | | | | 50.0% | | | | | | — | | | | | | — | | | | | | 7.5% | | |
Ares Partners Holdco LLC(7)
|
| | | | 8,675,568 | | | | | | 15.2% | | | | | | | | | | | | | | | | | | 1.9% | | |
HG Vora Special Opportunities Master Fund,
LTD(8) |
| | | | 8,200,000 | | | | | | 14.4% | | | | | | — | | | | | | — | | | | | | 1.8% | | |
Marlins Acquisition Corp.(9)
|
| | | | 8,000,000 | | | | | | 14.0% | | | | | | — | | | | | | — | | | | | | 1.8% | | |
Marshall Wace LLP(10)
|
| | | | 6,109,059 | | | | | | 10.7% | | | | | | — | | | | | | — | | | | | | 1.4% | | |
Empyrean Capital Overseas Master Fund, Ltd.(11)
|
| | | | 4,696,981 | | | | | | 8.2% | | | | | | — | | | | | | — | | | | | | 1.0% | | |
Bank of Montreal(12)
|
| | | | 4,144,754 | | | | | | 7.3% | | | | | | — | | | | | | — | | | | | | *% | | |
Zoom Video Communications, Inc.(13)
|
| | | | 4,000,000 | | | | | | 7.0% | | | | | | — | | | | | | — | | | | | | * | | |
Directors and Named Executive Officers
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Paul Abbott
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Andrew George Crawley
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael Qualantone(14)
|
| | | | 1,535,784 | | | | | | 2.6% | | | | | | — | | | | | | — | | | | | | *% | | |
James P. Bush
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gloria Guevara Manzo
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Eric Hart
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Raymond Donald Joabar
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael Gregory O’Hara
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Richard Petrino
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mohammed Saif S.S. Al-Sowaidi
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Itai Wallach
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Susan Ward
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kathleen Winters
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Class A Common Stock
Beneficially Owned |
| |
Class B Common Stock
Beneficially Owned(1) |
| |
Combined
Total Voting Power |
| |||||||||||||||||||||
Name of Beneficial Owner(2)
|
| |
Shares
|
| |
Percent
|
| |
Shares
|
| |
Percent
|
| |
Percent
|
| |||||||||||||||
Directors and Executive Officers as a Group (20 Individuals)(14)
|
| | | | 6,304,425 | | | | | | 10.0% | | | | | | — | | | | | | — | | | | | | 1.4% | | |
| Apollo Strategic Growth Capital | | | | | | | |
| Unaudited Condensed Consolidated Financial Statements | | | | | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| Audited Annual Financial Statements | | | | | | | |
| | | | | F-24 | | | |
| | | | | F-28 | | | |
| | | | | F-29 | | | |
| | | | | F-30 | | | |
| | | | | F-31 | | | |
| | | | | F-32 | | | |
| GBT JerseyCo Limited | | | | | | | |
| Unaudited Condensed Consolidated Financial Statements | | | | | | | |
| | | | | F-50 | | | |
| | | | | F-52 | | | |
| | | | | F-53 | | | |
| | | | | F-54 | | | |
| | | | | F-55 | | | |
| | | | | F-56 | | | |
| Audited Annual Financial Statements | | | | | | | |
| | | | | F-75 | | | |
| | | | | F-76 | | | |
| | | | | F-78 | | | |
| | | | | F-79 | | | |
| | | | | F-80 | | | |
| | | | | F-82 | | | |
| | | | | F-83 | | |
| Egencia | | | | | | | |
| Unaudited Interim Financial Statements | | | | | | | |
| | | | | F-128 | | | |
| | | | | F-130 | | | |
| | | | | F-131 | | | |
| | | | | F-132 | | | |
| | | | | F-134 | | | |
| | | | | F-135 | | | |
| Audited Annual Financial Statements | | | | | | | |
| | | | | F-146 | | | |
| | | | | F-147 | | | |
| | | | | F-148 | | | |
| | | | | F-149 | | |
| | |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 80,242 | | | | | $ | 161,277 | | |
Prepaid expenses
|
| | | | 336,193 | | | | | | 495,915 | | |
Total current assets
|
| | | | 416,435 | | | | | | 657,192 | | |
Investments held in Trust Account
|
| | | | 817,678,426 | | | | | | 817,356,537 | | |
Total assets
|
| | | $ | 818,094,861 | | | | | $ | 818,013,729 | | |
LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued offering costs
|
| | | $ | 5,594,897 | | | | | $ | 6,560,426 | | |
Advances from related party
|
| | | | 4,258,589 | | | | | | 2,040,211 | | |
Note payable – Sponsor
|
| | | | 5,800,000 | | | | | | 5,800,000 | | |
Total current liabilities
|
| | | | 15,653,486 | | | | | | 14,400,637 | | |
Derivative warrant liabilities
|
| | | | 60,098,285 | | | | | | 55,943,533 | | |
Deferred underwriting compensation
|
| | | | 28,588,350 | | | | | | 28,588,350 | | |
Total liabilities
|
| | | | 104,340,121 | | | | | | 98,932,520 | | |
Commitments and contingencies (Note 7) | | | | | | | | | | | | | |
Temporary Equity: | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption, 81,681,000 shares (at $10.00 per share) as of March 31, 2022 and December 31, 2021
|
| | | | 816,810,000 | | | | | | 816,810,000 | | |
Shareholders’ deficit: | | | | | | | | | | | | | |
Preferred shares, $0.00005 par value, 1,000,000 shares authorized, none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.00005 par value, 300,000,000 shares authorized, none issued and outstanding excluding the shares subject to possible redemption
|
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.00005 par value, 60,000,000 shares
authorized, 20,420,250 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
| | | | 1,021 | | | | | | 1,021 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (103,056,281) | | | | | | (97,729,812) | | |
Total shareholders’ deficit
|
| | | | (103,055,260) | | | | | | (97,728,791) | | |
Total liabilities, temporary equity and shareholders’ deficit
|
| | | $ | 818,094,861 | | | | | $ | 818,013,729 | | |
| | |
For the Three Months
Ended March 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
REVENUE
|
| | | $ | — | | | | | $ | — | | |
EXPENSES | | | | | | | | | | | | | |
Administrative fee – related party
|
| | | | 50,001 | | | | | | 50,647 | | |
General and administrative
|
| | | | 1,441,567 | | | | | | 4,592,167 | | |
TOTAL EXPENSES
|
| | | | 1,491,568 | | | | | | 4,642,814 | | |
OTHER INCOME (EXPENSES) | | | | | | | | | | | | | |
Investment income from Trust Account
|
| | | | 321,889 | | | | | | 141,517 | | |
Interest expense
|
| | | | (2,038) | | | | | | (615) | | |
Change in fair value of derivative warrant liabilities
|
| | | | (4,154,752) | | | | | | 24,785,058 | | |
TOTAL OTHER INCOME (EXPENSES)
|
| | | | (3,834,901) | | | | | | 24,925,960 | | |
Net (loss) income
|
| | | $ | (5,326,469) | | | | | $ | 20,283,146 | | |
Weighted average number of Class A ordinary shares outstanding, basic and diluted
|
| | | | 81,681,000 | | | | | | 81,681,000 | | |
Basic and diluted net (loss) income per Class A ordinary share
|
| | | $ | (0.05) | | | | | $ | 0.20 | | |
Weighted average number of Class B ordinary shares outstanding, basic and diluted
|
| | | | 20,420,250 | | | | | | 20,420,250 | | |
Basic and diluted net (loss) income per Class B ordinary share
|
| | | $ | (0.05) | | | | | $ | 0.20 | | |
| | |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Shareholders’
Deficit |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance as of December 31, 2021
|
| | | | 20,420,250 | | | | | $ | 1,021 | | | | | $ | — | | | | | $ | (97,729,812) | | | | | $ | (97,728,791) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (5,326,469) | | | | | | (5,326,469) | | |
Balance as of March 31, 2022
|
| | | | 20,420,250 | | | | | $ | 1,021 | | | | | $ | — | | | | | $ | (103,056,281) | | | | | $ | (103,055,260) | | |
| | |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Shareholders’
Deficit |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance as of December 31, 2020
|
| | | | 20,420,250 | | | | | $ | 1,021 | | | | | $ | — | | | | | $ | (103,929,702) | | | | | $ | (103,928,681) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 20,283,146 | | | | | | 20,283,146 | | |
Balance as of March 31, 2021
|
| | | | 20,420,250 | | | | | $ | 1,021 | | | | | $ | — | | | | | $ | (83,646,556) | | | | | $ | (83,645,535) | | |
| | |
For the Three Months
Ended March 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash Flows From Operating Activities: | | | | | | | | | | | | | |
Net (loss) income
|
| | | $ | (5,326,469) | | | | | $ | 20,283,146 | | |
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
| | | | | | | | | | | | |
Investment income earned on investment held in Trust Account
|
| | | | (321,889) | | | | | | (141,517) | | |
Change in fair value of derivative warrant liabilities
|
| | | | 4,154,752 | | | | | | (24,785,058) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 159,722 | | | | | | 150,174 | | |
Accounts payable and accrued expenses
|
| | | | (965,529) | | | | | | 4,138,691 | | |
Advances from Related Parties
|
| | | | 2,218,378 | | | | | | — | | |
Net Cash Used In Operating Activities
|
| | | | (81,035) | | | | | | (354,564) | | |
Cash Flows From Financing Activities: | | | | | | | | | | | | | |
Proceeds from Sponsor note
|
| | | | — | | | | | | 800,000 | | |
Repayment of advances from Sponsor
|
| | | | — | | | | | | (371,767) | | |
Net Cash Provided By Financing Activities
|
| | | | — | | | | | | 428,233 | | |
Net change in cash
|
| | | | (81,035) | | | | | | 73,669 | | |
Cash at beginning of period
|
| | | | 161,277 | | | | | | 257,872 | | |
Cash at end of period
|
| | | $ | 80,242 | | | | | $ | 331,541 | | |
|
Gross proceeds
|
| | | $ | 816,810,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (39,745,978) | | |
|
Class A ordinary shares issuance costs
|
| | | | (44,871,756) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 84,617,734 | | |
|
Class A ordinary shares subject to possible redemption
|
| | | $ | 816,810,000 | | |
| | |
Three Months Ended
March 31, 2022 |
| |
Three Months Ended
March 31, 2021 |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net income (loss) per ordinary
share |
| | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income (loss), as adjusted
|
| | | $ | (4,261,175) | | | | | $ | (1,065,294) | | | | | $ | 16,226,517 | | | | | $ | 4,056,629 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 81,681,000 | | | | | | 20,420,250 | | | | | | 81,681,000 | | | | | | 20,420,250 | | |
Basic and diluted net income (loss) per ordinary
share |
| | | $ | (0.05) | | | | | $ | (0.05) | | | | | $ | 0.20 | | | | | $ | 0.20 | | |
Description
|
| |
Level
|
| |
March 31, 2022
|
| |
December 31, 2021
|
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 817,678,426 | | | | | $ | 817,356,537 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Warrant Liability – Private Placement Warrants
|
| | | | 3 | | | | | | 22,797,295 | | | | | | 21,092,973 | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | | 37,300,990 | | | | | | 34,850,560 | | |
| | |
Fair Value
Measurement Using Level 3 Inputs Total |
| |||
Balance, December 31, 2021
|
| | | $ | 21,092,973 | | |
Change in fair value of derivative liabilities
|
| | | | 1,704,322 | | |
Balance, March 31, 2022
|
| | | $ | 22,797,295 | | |
| | |
Fair Value
Measurement Using Level 3 Inputs Total |
| |||
Balance, December 31, 2020
|
| | | $ | 23,455,550 | | |
Change in fair value of derivative liabilities
|
| | | | (7,904,318) | | |
Balance, March 31, 2021
|
| | | $ | 15,551,232 | | |
| | |
March 31, 2022
|
| |
December 31, 2021
|
| ||||||
Risk-free interest rate
|
| | | | 2.42% | | | | | | 1.31% | | |
Expected life of grants
|
| |
5.25 years
|
| |
5.5 years
|
| ||||||
Expected volatility of underlying shares
|
| | | | 17.0% | | | | | | 18.0% | | |
Dividends
|
| | | | 0.0% | | | | | | 0.0% | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 161,277 | | | | | $ | 257,872 | | |
Prepaid expenses
|
| | | | 495,915 | | | | | | 1,125,255 | | |
Total current assets
|
| | | | 657,192 | | | | | | 1,383,127 | | |
Investments held in Trust Account
|
| | | | 817,356,537 | | | | | | 816,985,533 | | |
Total assets
|
| | | $ | 818,013,729 | | | | | $ | 818,368,660 | | |
LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued offering costs
|
| | | $ | 6,560,426 | | | | | $ | 383,164 | | |
Advances from related party
|
| | | | 2,040,211 | | | | | | 373,517 | | |
Note payable – Sponsor
|
| | | | 5,800,000 | | | | | | 1,500,000 | | |
Total current liabilities
|
| | | | 14,400,637 | | | | | | 2,256,681 | | |
Derivative warrant liabilities
|
| | | | 55,943,533 | | | | | | 74,642,310 | | |
Deferred underwriting compensation
|
| | | | 28,588,350 | | | | | | 28,588,350 | | |
Total liabilities
|
| | | | 98,932,520 | | | | | | 105,487,341 | | |
Commitments and contingencies (Note 7) | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption; 81,681,000 shares (at $10.00 per share) as of December 31, 2021 and 2020
|
| | | | 816,810,000 | | | | | | 816,810,000 | | |
Shareholders’ deficit: | | | | | | | | | | | | | |
Preferred shares, $0.00005 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.00005 par value, 300,000,000 shares authorized, none issued and outstanding
|
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.00005 par value, 60,000,000 shares authorized, 20,420,250 shares issued and outstanding as of December 31, 2021 and 2020
|
| | | | 1,021 | | | | | | 1,021 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (97,729,812) | | | | | | (103,929,702) | | |
Total shareholders’ deficit
|
| | | | (97,728,791) | | | | | | (103,928,681) | | |
Total liabilities and shareholders’ deficit
|
| | | $ | 818,013,729 | | | | | $ | 818,368,660 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
REVENUE
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
EXPENSES | | | | | | | | | | | | | | | | | | | |
Administrative fee – related party
|
| | | | 200,650 | | | | | | 46,669 | | | | | | — | | |
General and administrative
|
| | | | 12,663,776 | | | | | | 536,614 | | | | | | 1,853 | | |
TOTAL EXPENSES
|
| | | | 12,864,426 | | | | | | 583,283 | | | | | | 1,853 | | |
OTHER INCOME (EXPENSES) | | | | | | | | | | | | | | | | | | | |
Investment income from Trust Account
|
| | | | 371,004 | | | | | | 175,533 | | | | | | — | | |
Interest expense
|
| | | | (5,465) | | | | | | (414) | | | | | | — | | |
Transaction costs allocable to warrant liability
|
| | | | — | | | | | | (2,344,508) | | | | | | — | | |
Change in fair value of derivative warrant liabilities
|
| | | | 18,698,777 | | | | | | (16,889,088) | | | | | | — | | |
TOTAL OTHER INCOME (EXPENSES)
|
| | | | 19,064,316 | | | | | | (19,058,477) | | | | | | — | | |
Net income (loss)
|
| | | $ | 6,199,890 | | | | | $ | (19,641,760) | | | | | $ | (1,853) | | |
Weighted average number of Class A ordinary shares outstanding,
basic and diluted |
| | | | 81,681,000 | | | | | | 18,828,526 | | | | | | — | | |
Basic and diluted net income (loss) per Class A ordinary share
|
| | | $ | 0.06 | | | | | $ | (0.52) | | | | | | — | | |
Weighted average number of Class B ordinary shares outstanding,
basic and diluted |
| | | | 20,420,250 | | | | | | 18,983,377 | | | | | | 18,750,000 | | |
Basic and diluted net income (loss) per Class B ordinary share
|
| | | $ | 0.06 | | | | | $ | (0.52) | | | | | $ | (0.00) | | |
| | |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Shareholders’
Deficit |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balances as of January 1, 2019
|
| | | | 21,562,500 | | | | | $ | 1,078 | | | | | $ | 27,117 | | | | | $ | (28,195) | | | | | $ | — | | |
Capital contributions
|
| | | | — | | | | | | — | | | | | | 3,707 | | | | | | — | | | | | | 3,707 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,853) | | | | | | (1,853) | | |
Balance as of December 31, 2019
|
| | | | 21,562,500 | | | | | $ | 1,078 | | | | | $ | 30,824 | | | | | $ | (30,048) | | | | | $ | 1,854 | | |
Excess of proceeds received over fair value of private warrant liabilities
|
| | | | — | | | | | | — | | | | | | 328,959 | | | | | | — | | | | | | 328,959 | | |
Forfeiture of Class B ordinary shares by Sponsor
|
| | | | (1,142,250) | | | | | | (57) | | | | | | 57 | | | | | | — | | | | | | — | | |
Accretion of Class A ordinary shares subject to possible redemption amount
|
| | | | — | | | | | | — | | | | | | (359,840) | | | | | | (84,257,894) | | | | | | (84,617,734) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (19,641,760) | | | | | | (19,641,760) | | |
Balance as of December 31, 2020
|
| | | | 20,420,250 | | | | | $ | 1,021 | | | | | $ | — | | | | | $ | (103,929,702) | | | | | $ | (103,928,681) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6,199,890 | | | | | | 6,199,890 | | |
Balance as of December 31, 2021
|
| | | | 20,420,250 | | | | | $ | 1,021 | | | | | $ | — | | | | | $ | (97,729,812) | | | | | $ | (97,728,791) | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Cash Flows From Operating Activities: | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 6,199,890 | | | | | $ | (19,641,760) | | | | | $ | (1,853) | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | |
Formation and organization costs paid by related parties
|
| | | | — | | | | | | 27,607 | | | | | | 3,707 | | |
Investment income earned on investment held in Trust Account
|
| | | | (371,004) | | | | | | (175,533) | | | | | | — | | |
Costs associated with warrant liabilities
|
| | | | — | | | | | | 2,344,508 | | | | | | — | | |
Change in fair value of derivative warrant liabilities
|
| | | | (18,698,777) | | | | | | 16,889,088 | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 629,340 | | | | | | (1,123,401) | | | | | | (1,854) | | |
Accounts payable and accrued expenses
|
| | | | 6,179,734 | | | | | | (761,757) | | | | | | — | | |
Advances from Related Parties
|
| | | | 2,035,989 | | | | | | — | | | | | | — | | |
Net Cash Used In Operating Activities
|
| | | | (4,024,828) | | | | | | (2,441,248) | | | | | | — | | |
Cash Flows From Investing Activities: | | | | | | | | | | | | | | | | | | | |
Cash deposited into Trust Account
|
| | | | — | | | | | | (816,810,000) | | | | | | — | | |
Net Cash Used In Investing Activities
|
| | | | — | | | | | | (816,810,000) | | | | | | — | | |
Cash Flows From Financing Activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of Units in Public Offering
|
| | | | — | | | | | | 816,810,000 | | | | | | — | | |
Proceeds from sale of Private Placement Warrants
|
| | | | — | | | | | | 18,336,200 | | | | | | — | | |
Payment of underwriter commissions
|
| | | | — | | | | | | (16,336,200) | | | | | | — | | |
Payment of offering costs
|
| | | | — | | | | | | (800,880) | | | | | | — | | |
Proceeds from Sponsor note
|
| | | | 4,300,000 | | | | | | 1,500,000 | | | | | | — | | |
Repayment of advances from Sponsor
|
| | | | (371,767) | | | | | | — | | | | | | — | | |
Net Cash Provided By Financing Activities
|
| | | | 3,928,233 | | | | | | 819,509,120 | | | | | | — | | |
Net change in cash
|
| | | | (96,595) | | | | | | 257,872 | | | | | | — | | |
Cash at beginning of year
|
| | | | 257,872 | | | | | | — | | | | | | — | | |
Cash at end of year
|
| | | $ | 161,277 | | | | | $ | 257,872 | | | | | $ | — | | |
Supplemental disclosure of non-cash financing activities: | | | | | | | | | | | | | | | | | | | |
Deferred underwriters’ commissions charged to temporary equity in
connection with the Public Offering |
| | | $ | — | | | | | $ | 28,588,350 | | | | | $ | — | | |
Deferred offering costs paid by related party
|
| | | $ | — | | | | | $ | 345,910 | | | | | $ | 3,707 | | |
Accrued offering costs which were charged to temporary equity
|
| | | $ | — | | | | | $ | 1,144,924 | | | | | $ | — | | |
|
Gross proceeds
|
| | | $ | 816,810,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | $ | (39,745,978) | | |
|
Class A ordinary shares issuance costs
|
| | | $ | (44,871,756) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | $ | 84,617,734 | | |
|
Class A ordinary shares subject to possible redemption
|
| | | $ | 816,810,000 | | |
| | |
Year Ended
December 31, 2021 |
| |
Year Ended
December 31, 2020 |
| ||||||||||||||||||
|
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||||
Basic and diluted net income (loss) per ordinary share
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income (loss), as adjusted
|
| | | $ | 4,959,912 | | | | | $ | 1,239,978 | | | | | $ | (9,780,661) | | | | | $ | (9,861,099) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 81,681,000 | | | | | | 20,420,250 | | | | | | 18,828,526 | | | | | | 18,983,377 | | |
Basic and diluted net income (loss) per ordinary share
|
| | | $ | 0.06 | | | | | $ | 0.06 | | | | | $ | (0.52) | | | | | $ | (0.52) | | |
Description
|
| |
Level
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 817,356,537 | | | | | $ | 816,985,533 | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant Liability — Private Placement Warrants
|
| | | | 3 | | | | | | 21,092,973 | | | | | | 23,455,550 | | | | | | — | | |
Warrant Liability — Public Warrants
|
| | | | 1 | | | | | | 34,850,560 | | | | | | 51,186,760 | | | | | | — | | |
| | |
Fair Value
Measurement Using Level 3 Inputs Total |
| |||
Balance, December 31, 2019
|
| | | $ | — | | |
Derivative liabilities recorded on issuance of derivative warrants
|
| | | | 57,753,222 | | |
Transfer to Level 1
|
| | | | (39,745,978) | | |
Change in fair value of derivative liabilities
|
| | | | 5,448,306 | | |
Balance, December 31, 2020
|
| | | | 23,455,550 | | |
Change in fair value of derivative liabilities
|
| | | | (2,362,577) | | |
Balance, December 31, 2021
|
| | | $ | 21,092,973 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
|
Risk-free interest rate
|
| |
1.31%
|
| |
0.49%
|
|
Expected life of grants
|
| |
5.5 years
|
| |
5.9 years
|
|
Expected volatility of underlying shares
|
| |
18.0%
|
| |
10.0 – 30.0%
|
|
Dividends
|
| |
0.0%
|
| |
0%
|
|
| | |
Page
|
| |||
Unaudited Condensed Consolidated Financial Statements of GBT JerseyCo Limited | | | | | | | |
| | | | F-50 | | | |
| | | | F-52 | | | |
| | | | F-53 | | | |
| | | | F-54 | | | |
| | | | F-55 | | | |
| | | | F-56 | | |
| | |
As of
|
| |||||||||
(in $ millions except share and per share data)
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Assets | | | | | | | | | | | | | |
Current assets:
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 329 | | | | | $ | 516 | | |
Accounts receivable (net of allowances for doubtful accounts of $5 and $4 as
of March 31, 2022 and December 31, 2021, respectively) |
| | | | 562 | | | | | | 381 | | |
Due from affiliates
|
| | | | 9 | | | | | | 18 | | |
Prepaid expenses and other current assets
|
| | | | 143 | | | | | | 137 | | |
Total current assets
|
| | | | 1,043 | | | | | | 1,052 | | |
Property and equipment, net
|
| | | | 213 | | | | | | 216 | | |
Equity method investments
|
| | | | 16 | | | | | | 17 | | |
Goodwill
|
| | | | 1,346 | | | | | | 1,358 | | |
Other intangible assets, net
|
| | | | 718 | | | | | | 746 | | |
Operating lease right-of-use assets
|
| | | | 54 | | | | | | 59 | | |
Deferred tax assets
|
| | | | 300 | | | | | | 282 | | |
Other non-current assets
|
| | | | 46 | | | | | | 41 | | |
Total assets
|
| | | $ | 3,736 | | | | | $ | 3,771 | | |
Liabilities, preferred shares, and shareholders’ equity | | | | | | | | | | | | | |
Current liabilities:
|
| | | | | | | | | | | | |
Accounts payable
|
| | | $ | 289 | | | | | $ | 137 | | |
Due to affiliates
|
| | | | 41 | | | | | | 41 | | |
Accrued expenses and other current liabilities
|
| | | | 448 | | | | | | 519 | | |
Current portion of operating lease liabilities
|
| | | | 20 | | | | | | 21 | | |
Current portion of long-term debt
|
| | | | 3 | | | | | | 3 | | |
Total current liabilities
|
| | | | 801 | | | | | | 721 | | |
Long-term debt, non-current, net of unamortized debt discount and debt issuance costs
|
| | | | 1,020 | | | | | | 1,020 | | |
Deferred tax liabilities
|
| | | | 119 | | | | | | 119 | | |
Pension liabilities
|
| | | | 316 | | | | | | 333 | | |
Long-term operating lease liabilities
|
| | | | 55 | | | | | | 61 | | |
Other non-current liabilities
|
| | | | 26 | | | | | | 23 | | |
Total liabilities
|
| | | | 2,337 | | | | | | 2,277 | | |
Commitments and Contingencies (see note 11) | | | | | | | | | | | | | |
Preferred shares (par value $€0.00001; 3,000,000 shares authorized; 1,500,000 shares issued and outstanding as of both March 31, 2022 and December 31, 2021; redemption amount of $165 and $160 as of March 31, 2022 and December 31, 2021, respectively)
|
| | | | 165 | | | | | | 160 | | |
| | |
As of
|
| |||||||||
(in $ millions except share and per share data)
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Shareholders’ equity: | | | | | | | | | | | | | |
Voting ordinary shares (par value €0.00001; 40,000,000 shares authorized; 36,000,000 shares issued and outstanding as of both March 31, 2022 and December 31, 2021)
|
| | | | — | | | | | | — | | |
Non-Voting ordinary shares (par value €0.00001; 15,000,000 shares
authorized; 8,413,972 shares issued and outstanding as of both March 31, 2022, and December 31, 2021) |
| | | | — | | | | | | — | | |
Profit Shares (par value €0.00001; 800,000 shares authorized, issued and outstanding as of both March 31, 2022 and December 31, 2021)
|
| | | | — | | | | | | — | | |
Management Incentive Plan Shares (par value €0.00001, 4,764,000 shares authorized; Nil shares issued and outstanding as of both March 31, 2022 and December 31, 2021)
|
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 2,558 | | | | | | 2,560 | | |
Accumulated deficit
|
| | | | (1,156) | | | | | | (1,065) | | |
Accumulated other comprehensive loss
|
| | | | (169) | | | | | | (162) | | |
Total equity of the Company’s shareholders
|
| | | | 1,233 | | | | | | 1,333 | | |
Equity attributable to noncontrolling interest in subsidiaries
|
| | | | 1 | | | | | | 1 | | |
Total shareholders’ equity
|
| | | | 1,234 | | | | | | 1,334 | | |
Total liabilities, preferred shares, and shareholders’ equity
|
| | | $ | 3,736 | | | | | $ | 3,771 | | |
|
| | |
Three months ended March 31,
|
| |||||||||
(in $ millions, except share and per share data)
|
| |
2022
|
| |
2021
|
| ||||||
Revenue
|
| | | $ | 350 | | | | | $ | 126 | | |
Costs and expenses: | | | | | | | | | | | | | |
Cost of revenue (excluding depreciation and amortization shown separately
below) |
| | | | 173 | | | | | | 82 | | |
Sales and marketing
|
| | | | 72 | | | | | | 43 | | |
Technology and content
|
| | | | 90 | | | | | | 57 | | |
General and administrative
|
| | | | 65 | | | | | | 39 | | |
Restructuring charges
|
| | | | 2 | | | | | | — | | |
Depreciation and amortization
|
| | | | 44 | | | | | | 34 | | |
Total operating expenses
|
| | | | 446 | | | | | | 255 | | |
Operating loss
|
| | | | (96) | | | | | | (129) | | |
Interest expense
|
| | | | (19) | | | | | | (11) | | |
Other income, net
|
| | | | — | | | | | | 5 | | |
Loss before income taxes and share of losses from equity method
investments |
| | | | (115) | | | | | | (135) | | |
Benefit from income taxes
|
| | | | 25 | | | | | | 22 | | |
Share of losses from equity method investments
|
| | | | (1) | | | | | | (1) | | |
Net loss
|
| | | | (91) | | | | | | (114) | | |
Net loss attributable to non-controlling interests in subsidiaries
|
| | | | — | | | | | | — | | |
Net loss attributable to the Company
|
| | | | (91) | | | | | | (114) | | |
Preferred shares dividend
|
| | | | (5) | | | | | | — | | |
Net loss attributable to the shareholders of the Company’s ordinary shares
|
| | | $ | (96) | | | | | $ | (114) | | |
Loss per share attributable to the shareholders of the Company’s ordinary shares – Basic and Diluted:
|
| | | | | | | | | | | | |
Loss per share
|
| | | $ | (2.15) | | | | | $ | (3.16) | | |
Weighted average number of shares outstanding
|
| | | | 44,413,972 | | | | | | 36,000,000 | | |
| | |
Three months ended March 31,
|
| |||||||||
(in $ millions)
|
| |
2022
|
| |
2021
|
| ||||||
Net loss
|
| | | $ | (91) | | | | | $ | (114) | | |
Other comprehensive loss, net of tax: | | | | | | | | | | | | | |
Change in currency translation adjustments, net of tax
|
| | | | (16) | | | | | | (9) | | |
Unrealized gains on cash flow hedge, net of tax
|
| | | | 9 | | | | |
|
—
|
| |
Other comprehensive loss, net of tax
|
| | | | (7) | | | | | | (9) | | |
Comprehensive loss
|
| | | | (98) | | | | | | (123) | | |
Comprehensive loss attributable to non-controlling interests in subsidiaries
|
| | |
|
—
|
| | | |
|
—
|
| |
Preferred Shares dividend
|
| | | | (5) | | | | |
|
—
|
| |
Comprehensive loss attributable to the Company
|
| | | $ | (103) | | | | | $ | (123) | | |
| | |
Three months ended March 31,
|
| |||||||||
(in $ millions)
|
| |
2022
|
| |
2021
|
| ||||||
Operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (91) | | | | | $ | (114) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 44 | | | | | | 34 | | |
Deferred tax benefit
|
| | | | (26) | | | | | | (22) | | |
Equity-based compensation
|
| | | | 3 | | | | |
|
—
|
| |
Release of allowance for doubtful accounts
|
| | |
|
—
|
| | | | | (2) | | |
Share of losses from equity-method investments
|
| | | | 1 | | | | | | 1 | | |
Amortization of debt discount and debt issuance costs
|
| | | | 1 | | | | | | 1 | | |
Pension contributions
|
| | | | (6) | | | | | | (5) | | |
Changes in working capital, net of effects from acquisitions
|
| | | | | | | | | | | | |
Accounts receivables
|
| | | | (189) | | | | | | 6 | | |
Prepaid expenses and other current assets
|
| | | | (3) | | | | | | 38 | | |
Due from affiliates
|
| | | | 9 | | | | | | (4) | | |
Due to affiliates
|
| | |
|
—
|
| | | | | 1 | | |
Accounts payable, accrued expenses and other current liabilities
|
| | | | 93 | | | | | | (43) | | |
Other
|
| | | | 10 | | | | | | (5) | | |
Net cash used in operating activities
|
| | | | (154) | | | | | | (114) | | |
Investing activities: | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (21) | | | | | | (9) | | |
Business acquisition, net of cash acquired
|
| | |
|
—
|
| | | | | (53) | | |
Net cash used in investing activities
|
| | | | (21) | | | | | | (62) | | |
Financing activities: | | | | | | | | | | | | | |
Proceeds from issuance of preferred shares
|
| | |
|
—
|
| | | | | 50 | | |
Proceeds from senior secured prior tranche B-2 term loans
|
| | |
|
—
|
| | | | | 50 | | |
Repayment of senior secured term loans
|
| | | | (1) | | | | | | (2) | | |
Repayment of finance lease obligations
|
| | | | (2) | | | | | | (2) | | |
Payment of lender fees and issuance costs for senior secured term loans facilities
|
| | |
|
—
|
| | | | | (6) | | |
Payment of offering costs
|
| | | | (4) | | | | |
|
—
|
| |
Capital distributions to shareholders
|
| | |
|
—
|
| | | | | (1) | | |
Net cash (used in) from financing activities
|
| | | | (7) | | | | | | 89 | | |
Effect of exchange rates changes on cash, cash equivalents and restricted cash
|
| | | | (3) | | | | | | (3) | | |
Net decrease in cash, cash equivalents and restricted cash
|
| | | | (185) | | | | | | (90) | | |
Cash, cash equivalents and restricted cash, beginning of period
|
| | | | 525 | | | | | | 593 | | |
Cash, cash equivalents and restricted cash, end of period
|
| | | $ | 340 | | | | | $ | 503 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Cash (received) paid for income taxes (net of refunds)
|
| | | $ | (1) | | | | | $ | 2 | | |
Cash paid for interest (net of interest received)
|
| | | $ | 18 | | | | | $ | 10 | | |
Dividend accrued on preferred shares
|
| | | $ | 5 | | | | |
$
|
—
|
| |
Non-cash additions for operating lease right-of-use assets
|
| | |
$
|
—
|
| | | | $ | 11 | | |
Deferred offering costs accrued during the period
|
| | | $ | 4 | | | | |
$
|
—
|
| |
(in $ millions, except share data)
|
| |
Voting ordinary shares
|
| |
Non-Voting ordinary shares
|
| |
Profit shares
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive loss |
| |
Total equity
of the Company’s shareholders |
| |
Equity
attributable to non-controlling interest in subsidiaries |
| |
Total
shareholders’ equity |
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021
|
| | | | 36,000,000 | | | | | | — | | | | | | 8,413,972 | | | | |
|
—
|
| | | | | 800,000 | | | | |
|
—
|
| | | | | 2,560 | | | | | | (1,065) | | | | | | (162) | | | | | | 1,333 | | | | | | 1 | | | | | | 1,334 | | | | | | | | | ||||||||||||
Dividend on preferred shares (see note – 13)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (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, 2022
|
| | | | 36,000,000 | | | | | $ | — | | | | | | 8,413,972 | | | | |
$
|
—
|
| | | | | 800,000 | | | | |
$
|
—
|
| | | | $ | 2,558 | | | | | $ | (1,156) | | | | | $ | (169) | | | | | $ | 1,233 | | | | | $ | 1 | | | | | $ | 1,234 | | | | | | | | |
(in $ millions, except share data)
|
| |
Voting ordinary shares
|
| |
Non-Voting ordinary shares
|
| |
Profit shares
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive loss |
| |
Total equity
of the Company’s shareholders |
| |
Equity
attributable to non-controlling interest in subsidiaries |
| |
Total
shareholders’ equity |
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020
|
| | | | 36,000,000 | | | | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | | | 800,000 | | | | |
|
—
|
| | | | | 1,752 | | | | | | (592) | | | | | | (179) | | | | | | 981 | | | | | | 3 | | | | | | 984 | | | | | | | | | ||||||||||||
Other comprehensive loss, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9) | | | | | | (9) | | | | | | — | | | | | | (9) | | | | | | | | | ||||||||||||
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (114) | | | | |
|
—
|
| | | | | (114) | | | | |
|
—
|
| | | | | (114) | | | | | | | | | ||||||||||||
Balance as of March 31, 2021
|
| | | | 36,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 800,000 | | | | | | — | | | | | | 1,752 | | | | | | (706) | | | | | | (188) | | | | | | 858 | | | | | | 3 | | | | | | 861 | | | | | | | | |
| | |
Three months ended
March 31, |
| |||||||||
(in $ millions)
|
| |
2022
|
| |
2021
|
| ||||||
Travel revenue
|
| | | $ | 256 | | | | | $ | 62 | | |
Products and professional services revenue
|
| | | | 94 | | | | | | 64 | | |
Total revenue
|
| | | $ | 350 | | | | | $ | 126 | | |
| | | | | | | | |
Contract assets
(liabilities) |
| |
Contract
liabilities |
| ||||||
(in $ millions)
|
| |
Accounts
receivables, net(1) |
| |
Client incentives, net
(non-current) |
| |
Deferred revenue
(current) |
| |||||||||
Balance as of March 31, 2022
|
| | | $ | 554 | | | | | $ | (8) | | | | | $ | 25 | | |
Balance as of December 31, 2021
|
| | | $ | 375 | | | | | $ | (3) | | | | | $ | 18 | | |
| | |
As of
|
| |||||||||
(in $ millions)
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Prepaid expenses
|
| | | $ | 48 | | | | | $ | 42 | | |
Income tax receivable
|
| | | | 31 | | | | | | 32 | | |
Deferred offering costs
|
| | | | 24 | | | | | | 21 | | |
Value added and similar taxes receivables
|
| | | | 14 | | | | | | 11 | | |
Other prepayments and receivables
|
| | | | 26 | | | | | | 31 | | |
Prepaid expenses and other current assets
|
| | | $ | 143 | | | | | $ | 137 | | |
| | |
As of
|
| |||||||||
(in $ millions)
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Capitalized software for internal use
|
| | | $ | 306 | | | | | $ | 304 | | |
Computer equipment
|
| | | | 67 | | | | | | 65 | | |
Leasehold improvements
|
| | | | 52 | | | | | | 52 | | |
Furniture, fixtures and other equipment
|
| | | | 6 | | | | | | 6 | | |
Capital projects in progress
|
| | | | 14 | | | | | | 9 | | |
| | | | | 445 | | | | | | 436 | | |
Less: accumulated depreciation and amortization
|
| | | | (232) | | | | | | (220) | | |
Property and equipment, net
|
| | | $ | 213 | | | | | $ | 216 | | |
(in $ millions)
|
| |
Amount
|
| |||
Balance as of December 31, 2021
|
| | | $ | 1,358 | | |
Egencia acquisition adjustments
|
| | | | 2 | | |
Currency translation adjustments
|
| | | | (14) | | |
Balance as of March 31, 2022
|
| | | $ | 1,346 | | |
| | |
March 31, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||||||||||||||
(in $ millions)
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| ||||||||||||||||||
Trademarks/tradenames
|
| | | $ | 115 | | | | | $ | (64) | | | | | $ | 51 | | | | | $ | 115 | | | | | $ | (62) | | | | | $ | 53 | | |
Corporate client relationships
|
| | | | 815 | | | | | | (209) | | | | | | 606 | | | | | | 815 | | | | | | (189) | | | | | | 626 | | |
Supplier relationship
|
| | | | 254 | | | | | | (194) | | | | | | 60 | | | | | | 254 | | | | | | (188) | | | | | | 66 | | |
Travel partner network
|
| | | | 4 | | | | | | (3) | | | | | | 1 | | | | | | 4 | | | | | | (3) | | | | | | 1 | | |
Other intangible assets
|
| | | $ | 1,188 | | | | | $ | (470) | | | | | $ | 718 | | | | | $ | 1,188 | | | | | $ | (442) | | | | | $ | 746 | | |
| | |
As of
|
| |||||||||
(in $ millions)
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Accrued payroll and related costs
|
| | | $ | 160 | | | | | $ | 198 | | |
Accrued operating expenses
|
| | | | 131 | | | | | | 147 | | |
Accrued restructuring costs (see note 9)
|
| | | | 57 | | | | | | 69 | | |
Client deposits
|
| | | | 45 | | | | | | 59 | | |
Deferred revenue
|
| | | | 25 | | | | | | 18 | | |
Value added and similar taxes payable
|
| | | | 9 | | | | | | 6 | | |
Income tax payable
|
| | | | 7 | | | | | | 7 | | |
Other payables
|
| | | | 14 | | | | | | 15 | | |
Accrued expenses and other current liabilities
|
| | | $ | 448 | | | | | $ | 519 | | |
(in $ millions)
|
| |
Employee
related |
| |
Facility
|
| |
Total
|
| |||||||||
Balance as of December 31, 2021
|
| | | $ | 64 | | | | | $ | 5 | | | | | $ | 69 | | |
Charges
|
| | | | 2 | | | | |
|
—
|
| | | | | 2 | | |
Cash settled
|
| | | | (13) | | | | | | (1) | | | | | | (14) | | |
Balance as of March 31, 2022
|
| | | | 53 | | | | | | 4 | | | | | | 57 | | |
| | |
As of
|
| |||||||||
(in $ millions)
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | |
Principal amount of senior secured initial term loans
(Maturity – August 2025)(1) |
| | | $ | 241 | | | | | $ | 242 | | |
Principal amount of senior secured tranche B-3 term loans (Maturity – December 2026)(2)
|
| | | | 800 | | | | | | 800 | | |
Principal amount of senior secured revolving credit facility (Maturity – August 2023)(3)
|
| | | | — | | | | | | — | | |
| | | | | 1,041 | | | | | | 1,042 | | |
Less: Unamortized debt discount and debt issuance costs
|
| | | | (18) | | | | | | (19) | | |
Total debt, net of unamortized debt discount and debt issuance costs
|
| | | | 1,023 | | | | | | 1,023 | | |
Less: Current portion of long-term debt
|
| | | | 3 | | | | | | 3 | | |
Long-term debt, non-current, net of unamortized debt discount and debt
issuance costs |
| | | $ | 1,020 | | | | | $ | 1,020 | | |
(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 during the period, net of tax benefit, $0
|
| | | | (16) | | | | |
|
—
|
| | | | | 9 | | | | | | (7) | | |
Balance as of March 31, 2022
|
| | | $ | (54) | | | | | $ | (128) | | | | | $ | 13 | | | | | $ | (169) | | |
(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, 2020
|
| | | $ | (23) | | | | | $ | (160) | | | | | $ | 4 | | | | | $ | (179) | | |
Net changes during the period, net of tax benefit, $0
|
| | | | (9) | | | | |
|
—
|
| | | |
|
—
|
| | | | | (9) | | |
Balance as of March 31, 2021
|
| | | $ | (32) | | | | | $ | (160) | | | | | $ | 4 | | | | | $ | (188) | | |
Notional amount (in $ millions)
|
| |
Period
|
| |
Fixed Interest rate
|
| |||
$600
|
| |
March 2022 to March 2025
|
| | | | 2.0725% | | |
| | | | | | | | |
As of
|
| |||||||||
(in $ millions)
|
| |
Balance sheet location
|
| |
Fair Value
Hierarchy |
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Interest rate swaps
|
| |
Other non-current assets
|
| |
Level 2
|
| | | $ | 9 | | | | | $ | — | | |
| | |
Fair
Value Hierarch |
| |
As of
March 31, 2022 |
| |
As of
December 31, 2021 |
| ||||||||||||||||||
(in $ millions)
|
| |
Carrying
amount(1) |
| |
Fair
Value |
| |
Carrying
amount (1) |
| |
Fair
Value |
| |||||||||||||||
Senior secured initial term loans
|
| |
Level 2
|
| | | $ | 235 | | | | | $ | 226 | | | | | $ | 236 | | | | | $ | 233 | | |
Senior secured new tranche B-3 term loans
|
| |
Level 3
|
| | | $ | 788 | | | | | $ | 767 | | | | | $ | 787 | | | | | $ | 800 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions except share and per share data)
|
| |
2021
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets:
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 516 | | | | | $ | 584 | | |
Accounts receivable (net of allowances for doubtful accounts of $4 and $14 as of December 31, 2021 and 2020, respectively)
|
| | | | 381 | | | | | | 144 | | |
Due from affiliates
|
| | | | 18 | | | | | | 15 | | |
Prepaid expenses and other current assets
|
| | | | 137 | | | | | | 126 | | |
Total current assets
|
| | | | 1,052 | | | | | | 869 | | |
Property and equipment, net
|
| | | | 216 | | | | | | 194 | | |
Equity method investments
|
| | | | 17 | | | | | | 23 | | |
Goodwill
|
| | | | 1,358 | | | | | | 1,028 | | |
Other intangible assets, net
|
| | | | 746 | | | | | | 348 | | |
Operating lease right-of-use assets
|
| | | | 59 | | | | | | 55 | | |
Deferred tax assets
|
| | | | 282 | | | | | | 217 | | |
Other non-current assets
|
| | | | 41 | | | | | | 24 | | |
Total assets
|
| | | $ | 3,771 | | | | | $ | 2,758 | | |
Liabilities, preferred shares and shareholders’ equity | | | | | | | | | | | | | |
Current liabilities:
|
| | | | | | | | | | | | |
Accounts payable
|
| | | $ | 137 | | | | | $ | 96 | | |
Due to affiliates
|
| | | | 41 | | | | | | 7 | | |
Accrued expenses and other current liabilities
|
| | | | 519 | | | | | | 440 | | |
Current portion of operating lease liabilities
|
| | | | 21 | | | | | | 20 | | |
Current portion of long-term debt
|
| | | | 3 | | | | | | 7 | | |
Total current liabilities
|
| | | | 721 | | | | | | 570 | | |
Long-term debt, non-current, net of unamortized debt discount and debt issuance costs
|
| | | | 1,020 | | | | | | 617 | | |
Deferred tax liabilities
|
| | | | 119 | | | | | | 100 | | |
Pension liabilities
|
| | | | 333 | | | | | | 413 | | |
Long-term operating lease liabilities
|
| | | | 61 | | | | | | 58 | | |
Other non-current liabilities
|
| | | | 23 | | | | | | 16 | | |
Total liabilities
|
| | | | 2,277 | | | | | | 1,774 | | |
Commitments and Contingencies (see note 18)
|
| | | | | | | | | | | | |
Preferred shares (par value €0.00001; 3,000,000 shares and Nil shares authorized as
of December 31, 2021 and 2020, respectively; 1,500,000 shares and Nil shares issued and outstanding as of December 31, 2021 and 2020, respectively; redemption amount of $160 and Nil as of December 31, 2021 and 2020, respectively) |
| | | | 160 | | | | |
|
—
|
| |
Shareholders’ equity:
|
| | | | | | | | | | | | |
Voting ordinary shares (par value €0.00001; 40,000,000 shares authorized as of both December 31, 2021 and 2020; 36,000,000 shares issued and outstanding as of both December 31, 2021 and 2020)
|
| | |
|
—
|
| | | |
|
—
|
| |
| | |
As of December 31,
|
| |||||||||
(in $ millions except share and per share data)
|
| |
2021
|
| |
2020
|
| ||||||
Non-Voting ordinary shares (par value €0.00001; 15,000,000 shares and Nil shares
authorized as of December 31, 2021 and 2020, respectively; 8,413,972 shares and Nil shares issued and outstanding as of December 31, 2021 and 2020, respectively) |
| | |
|
—
|
| | | |
|
—
|
| |
Profit shares (par value €0.00001; 800,000 shares authorized as of both December 31, 2021 and 2020; 800,000 shares issued and outstanding as of both December 31, 2021 and 2020)
|
| | |
|
—
|
| | | |
|
—
|
| |
Management incentive plan shares (par value €0.00001, 4,764,000 shares and 3,264,000 shares authorized as of December 31, 2021 and 2020, respectively; no shares issued and outstanding as of both December 31, 2021 and 2020)
|
| | |
|
—
|
| | | |
|
—
|
| |
Additional paid-in capital
|
| | | | 2,560 | | | | | | 1,752 | | |
Accumulated deficit
|
| | | | (1,065) | | | | | | (592) | | |
Accumulated other comprehensive loss
|
| | | | (162) | | | | | | (179) | | |
Total equity of the Company’s shareholders
|
| | | | 1,333 | | | | | | 981 | | |
Equity attributable to noncontrolling interest in subsidiaries
|
| | | | 1 | | | | | | 3 | | |
Total shareholders’ equity
|
| | | | 1,334 | | | | | | 984 | | |
Total liabilities, preferred shares and shareholders’ equity
|
| | | $ | 3,771 | | | | | $ | 2,758 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions, except share and per share data)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Revenue
|
| | | $ | 763 | | | | | $ | 793 | | | | | $ | 2,119 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | |
Cost of revenue (excluding depreciation and amortization shown separately below)
|
| | | | 477 | | | | | | 529 | | | | | | 880 | | |
Sales and marketing
|
| | | | 201 | | | | | | 199 | | | | | | 286 | | |
Technology and content
|
| | | | 264 | | | | | | 277 | | | | | | 339 | | |
General and administrative
|
| | | | 213 | | | | | | 181 | | | | | | 255 | | |
Restructuring charges
|
| | | | 14 | | | | | | 206 | | | | | | 12 | | |
Depreciation and amortization
|
| | | | 154 | | | | | | 148 | | | | | | 141 | | |
Total operating expenses
|
| | | | 1,323 | | | | | | 1,540 | | | | | | 1,913 | | |
Operating (loss) income
|
| | | | (560) | | | | | | (747) | | | | | | 206 | | |
Interest income
|
| | | | 1 | | | | | | 1 | | | | | | 5 | | |
Interest expense
|
| | | | (53) | | | | | | (27) | | | | | | (15) | | |
Loss on early extinguishment of debt
|
| | | | (49) | | | | |
|
—
|
| | | |
|
—
|
| |
Other income (expense), net
|
| | | | 8 | | | | | | 14 | | | | | | (3) | | |
(Loss) income before income taxes and share of (losses) earnings from equity method investments
|
| | | | (653) | | | | | | (759) | | | | | | 193 | | |
Benefit from (provision for) income taxes
|
| | | | 186 | | | | | | 145 | | | | | | (60) | | |
Share of (losses) earnings from equity method investments
|
| | | | (8) | | | | | | (5) | | | | | | 5 | | |
Net (loss) income
|
| | | | (475) | | | | | | (619) | | | | | | 138 | | |
Net loss (income) attributable to non-controlling interests in
subsidiaries |
| | | | 2 | | | | | | 1 | | | | | | (4) | | |
Net (loss) income attributable to the Company
|
| | | | (473) | | | | | | (618) | | | | | | 134 | | |
Preferred shares dividend
|
| | | | (10) | | | | |
|
—
|
| | | |
|
—
|
| |
Net (loss) income attributable to the shareholders of the Company’s ordinary shares
|
| | | $ | (483) | | | | | $ | (618) | | | | | $ | 134 | | |
(Loss) earnings per share attributable to the shareholders of the Company’s ordinary shares — Basic:
|
| | | | | | | | | | | | | | | | | | |
(Loss) earnings per share
|
| | | $ | (12.91) | | | | | $ | (17.18) | | | | | $ | 3.72 | | |
Weighted average number of shares outstanding
|
| | | | 37,406,171 | | | | | | 36,000,000 | | | | | | 36,000,000 | | |
(Loss) earnings per share attributable to the shareholders of the Company’s ordinary shares — Diluted:
|
| | | | | | | | | | | | | | | | | | |
(Loss) earnings per share
|
| | | $ | (12.91) | | | | | $ | (17.18) | | | | | $ | 3.61 | | |
Weighted average number of shares outstanding
|
| | | | 37,406,171 | | | | | | 36,000,000 | | | | | | 37,102,120 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions except share and per share data)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Net (loss) income
|
| | | $ | (475) | | | | | $ | (619) | | | | | $ | 138 | | |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | | | | | |
Change in currency translation adjustments, net of tax
|
| | | | (15) | | | | | | (2) | | | | | | (4) | | |
Change in defined benefit plans, net of tax
|
| | | | | | | | | | | | | | | | | | |
Actuarial gain (loss), net and prior service cost arising during the year
|
| | | | 28 | | | | | | (80) | | | | | | (55) | | |
Amortization of actuarial loss and prior service cost in net periodic pension cost
|
| | | | 4 | | | | | | 1 | | | | |
|
—
|
| |
Other comprehensive income (loss), net of tax
|
| | | | 17 | | | | | | (81) | | | | | | (59) | | |
Comprehensive (loss) income
|
| | | | (458) | | | | | | (700) | | | | | | 79 | | |
Comprehensive loss (income) attributable to non-controlling interests in subsidiaries
|
| | | | 2 | | | | | | 1 | | | | | | (4) | | |
Comprehensive (loss) income attributable to the Company
|
| | | | (456) | | | | | | (699) | | | | | | 75 | | |
Preferred shares dividend
|
| | | | (10) | | | | |
|
—
|
| | | |
|
—
|
| |
Comprehensive (loss) income attributable to the shareholders of the Company’s ordinary shares
|
| | | $ | (466) | | | | | $ | (699) | | | | | $ | 75 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | |
Net (loss) income
|
| | | $ | (475) | | | | | $ | (619) | | | | | $ | 138 | | |
Adjustments to net (loss) income to net cash (used in) provided by operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 154 | | | | | | 148 | | | | | | 141 | | |
Deferred tax (benefit) expense
|
| | | | (178) | | | | | | (110) | | | | | | 24 | | |
Equity-based compensation
|
| | | | 3 | | | | | | 3 | | | | | | 6 | | |
(Release of) allowance for doubtful accounts
|
| | | | (5) | | | | | | 4 | | | | |
|
—
|
| |
Share of losses (earnings) in equity-method investments, net of dividends received
|
| | | | 8 | | | | | | 8 | | | | | | 4 | | |
Amortization of debt discount and debt issuance costs
|
| | | | 5 | | | | | | 3 | | | | | | 2 | | |
Loss on early extinguishment of debt
|
| | | | 49 | | | | |
|
—
|
| | | |
|
—
|
| |
Impairment of operating lease ROU and other assets
|
| | | | 1 | | | | | | 20 | | | | |
|
—
|
| |
Other
|
| | | | (11) | | | | | | (8) | | | | | | (1) | | |
Pension contributions
|
| | | | (25) | | | | | | (25) | | | | | | (36) | | |
Changes in working capital, net of effects from acquisitions
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (85) | | | | | | 524 | | | | | | (39) | | |
Prepaid expenses and other current assets
|
| | | | 40 | | | | | | (20) | | | | | | (30) | | |
Due from affiliates
|
| | | | (3) | | | | | | 1 | | | | |
|
—
|
| |
Due to affiliates
|
| | | | 8 | | | | | | (20) | | | | | | (5) | | |
Accounts payable, accrued expenses and other current liabilities
|
| | | | 2 | | | | | | (159) | | | | | | 23 | | |
Net cash (used in) from operating activities
|
| | | | (512) | | | | | | (250) | | | | | | 227 | | |
Investing activities: | | | | | | | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (44) | | | | | | (47) | | | | | | (62) | | |
Ovation business acquisition, net of cash acquired
|
| | | | (53) | | | | |
|
—
|
| | | |
|
—
|
| |
Egencia business acquisition, net of cash acquired
|
| | | | 73 | | | | |
|
—
|
| | | | | (25) | | |
Other
|
| | | | (3) | | | | | | | | | | | | | | |
Net cash used in investing activities
|
| | | | (27) | | | | | | (47) | | | | | | (87) | | |
Financing activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of preferred shares
|
| | | | 150 | | | | |
|
—
|
| | | |
|
—
|
| |
Proceeds from senior secured prior tranche B-1 term loans, net of debt discount
|
| | |
|
—
|
| | | | | 388 | | | | |
|
—
|
| |
Proceeds from senior secured prior tranche B-2 term loans
|
| | | | 150 | | | | |
|
—
|
| | | |
|
—
|
| |
Proceeds from senior secured new tranche B-3 term loans, net of debt
discount |
| | | | 785 | | | | |
|
—
|
| | | |
|
—
|
| |
Repayment of senior secured term loans
|
| | | | (551) | | | | | | (4) | | | | | | (3) | | |
Repayment of finance lease obligations
|
| | | | (2) | | | | |
|
—
|
| | | |
|
—
|
| |
Payment of lender fees and issuance costs for senior secured term loans
facilities |
| | | | (8) | | | | |
|
—
|
| | | |
|
—
|
| |
Prepayment penalty and other costs related to early extinguishment of debt
|
| | | | (34) | | | | |
|
—
|
| | | |
|
—
|
| |
Payment of offering costs
|
| | | | (10) | | | | |
|
—
|
| | | |
|
—
|
| |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Capital distributions to shareholders
|
| | | | (1) | | | | |
|
—
|
| | | | | (58) | | |
Return of amount in escrow account
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 1 | | |
Dividends paid to non-controlling interest shareholders
|
| | |
|
—
|
| | | |
|
—
|
| | | | | (5) | | |
Other
|
| | | | (1) | | | | |
|
—
|
| | | |
|
—
|
| |
Net cash from (used in) financing activities
|
| | | | 478 | | | | | | 384 | | | | | | (65) | | |
Effect of exchange rates changes on cash, cash equivalents and restricted cash
|
| | | | (7) | | | | | | 7 | | | | | | 1 | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | | (68) | | | | | | 94 | | | | | | 76 | | |
Cash, cash equivalents and restricted cash, beginning of year
|
| | | | 593 | | | | | | 499 | | | | | | 423 | | |
Cash, cash equivalents and restricted cash, end of year
|
| | | $ | 525 | | | | | $ | 593 | | | | | $ | 499 | | |
Supplemental cash flow information: | | | | | | | | | | | | | | | | | | | |
Cash (received) paid for income taxes (net of refunds)
|
| | | $ | (5) | | | | | $ | (13) | | | | | $ | 49 | | |
Cash paid for interest (net of interest received)
|
| | | $ | 47 | | | | | $ | 16 | | | | | $ | 14 | | |
Dividend accrued on preferred shares
|
| | | $ | 10 | | | | | $ | — | | | | | $ | — | | |
Deferred offering costs accrued
|
| | | $ | 10 | | | | | $ | — | | | | | $ | — | | |
Right-of-use assets obtained in exchange for lease obligations, including on acquisitions (see note 11)
|
| | | | | | | | | | | | | | | | | | |
| | |
Voting ordinary shares
|
| |
Non-Voting ordinary shares
|
| |
Profit shares
|
| |
Additional
paid-in capital |
| |
Accumulated
(deficit) / earnings |
| |
Accumulated
other comprehensive loss |
| |
Total equity
of the Company’s shareholders |
| |
Equity
attributable to non-controlling interest in subsidiaries |
| |
Total
shareholders’ equity |
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in $ millions, except share data)
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018
|
| | | | 36,000,000 | | | | |
|
—
|
| | | | | | | | | | | | | | | | | 800,000 | | | | |
|
—
|
| | | | | 1,802 | | | | | | (111) | | | | | | (39) | | | | | | 1,652 | | | | | | 5 | | | | | | 1,657 | | | | | | | | | ||||||||||||
Cumulative effect of accounting policy change — Revenue from Contracts with customers, net of tax.
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 3 | | | | |
|
—
|
| | | | | 3 | | | | |
|
—
|
| | | | | 3 | | | | | | | | | ||||||||||||
Capital distributions to shareholders
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (58) | | | | |
|
—
|
| | | |
|
—
|
| | | | | (58) | | | | |
|
—
|
| | | | | (58) | | | | | | | | | ||||||||||||
Dividend paid to non-controlling interest shareholders
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | (5) | | | | | | (5) | | | | | | | | | ||||||||||||
Equity-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 6 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 6 | | | | |
|
—
|
| | | | | 6 | | | | | | | | | ||||||||||||
Other comprehensive loss, net of tax
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (59) | | | | | | (59) | | | | |
|
—
|
| | | | | (59) | | | | | | | | | ||||||||||||
Net income
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 134 | | | | |
|
—
|
| | | | | 134 | | | | | | 4 | | | | | | 138 | | | | | | | | | ||||||||||||
Balance as of December 31, 2019
|
| | | | 36,000,000 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 800,000 | | | | |
|
—
|
| | | | | 1,750 | | | | | | 26 | | | | | | (98) | | | | | | 1,678 | | | | | | 4 | | | | | | 1,682 | | | | | | | | | ||||||||||||
Capital distributions to shareholders
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | | | | | | | (1) | | | | |
|
—
|
| | | |
|
—
|
| | | | | (1) | | | | |
|
—
|
| | | | | (1) | | | | | | | | | ||||||||||||
Equity-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 3 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 3 | | | | |
|
—
|
| | | | | 3 | | | | | | | | | ||||||||||||
Other comprehensive loss, net of tax
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (81) | | | | | | (81) | | | | |
|
—
|
| | | | | (81) | | | | | | | | | ||||||||||||
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (618) | | | | |
|
—
|
| | | | | (618) | | | | | | (1) | | | | | | (619) | | | | | | | | | ||||||||||||
Balance as of December 31, 2020
|
| | | | 36,000,000 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 800,000 | | | | |
|
—
|
| | | | | 1,752 | | | | | | (592) | | | | | | (179) | | | | | | 981 | | | | | | 3 | | | | | | 984 | | | | | | | | | ||||||||||||
Issued on acquisition of Egencia (see notes 9 and
20) |
| | |
|
—
|
| | | |
|
—
|
| | | | | 8,413,972 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 816 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 816 | | | | |
|
—
|
| | | | | 816 | | | | | | | | | ||||||||||||
Dividend on preferred shares (see note — 20)
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (10) | | | | |
|
—
|
| | | |
|
—
|
| | | | | (10) | | | | |
|
—
|
| | | | | (10) | | | | | | | | | ||||||||||||
Equity-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 3 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 3 | | | | |
|
—
|
| | | | | 3 | | | | | | | | | ||||||||||||
Settlement of MIP options
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (1) | | | | |
|
—
|
| | | |
|
—
|
| | | | | (1) | | | | |
|
—
|
| | | | | (1) | | | | | | | | | ||||||||||||
Other comprehensive income, net of tax
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 17 | | | | | | 17 | | | | |
|
—
|
| | | | | 17 | | | | | | | | | ||||||||||||
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (473) | | | | |
|
—
|
| | | | | (473) | | | | | | (2) | | | | | | (475) | | | | | | | | | ||||||||||||
Balance as of December 31, 2021
|
| | | | 36,000,000 | | | | | $ | — | | | | | | 8,413,972 | | | | | $ | — | | | | | | 800,000 | | | | | $ | — | | | | | $ | 2,560 | | | | | $ | (1,065) | | | | | $ | (162) | | | | | $ | 1,333 | | | | | $ | 1 | | | | | $ | 1,334 | | | | | | | | |
| Capitalized software for internal use | | |
2.5 – 7 years
|
|
| Computer equipment | | |
3 – 5 years
|
|
| Leasehold improvements | | |
Shorter of 5 – 10 years or lease term
|
|
| Furniture, fixtures and other equipment | | |
Up to 7 years
|
|
| Trademarks / tradenames | | |
5 – 10 years
|
|
| Corporate client relationships | | |
10 – 15 years
|
|
| Supplier relationships | | |
10 years
|
|
| Travel partner network | | |
10 years
|
|
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Travel revenue
|
| | | $ | 446 | | | | | $ | 468 | | | | | $ | 1,605 | | |
Products and professional services revenue
|
| | | | 317 | | | | | | 325 | | | | | | 514 | | |
Total revenue
|
| | | $ | 763 | | | | | $ | 793 | | | | | $ | 2,119 | | |
| | | | | | | | |
Contract assets
(liabilities) |
| |
Contract liabilities
|
| ||||||
(in $ millions)
|
| |
Accounts
receivable, net(1) |
| |
Client incentives, net
(non-current) |
| |
Deferred revenue
(current) |
| |||||||||
Balance as of December 31, 2021
|
| | | $ | 375 | | | | | $ | (3) | | | | | $ | 18 | | |
Balance as of December 31, 2020
|
| | | $ | 119 | | | | | $ | 9 | | | | | $ | 18 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Domestic
|
| | | $ | (441) | | | | | $ | (529) | | | | | $ | 120 | | |
Foreign
|
| | | | (212) | | | | | | (230) | | | | | | 73 | | |
(Loss) income before income taxes and share of (losses) earnings from equity method investments
|
| | | $ | (653) | | | | | $ | (759) | | | | | $ | 193 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Current taxes: | | | | | | | | | | | | | | | | | | | |
Domestic
|
| | | $ | 1 | | | | | $ | 12 | | | | | $ | — | | |
Foreign
|
| | | | 7 | | | | | | 23 | | | | | | (36) | | |
Current income tax benefit (expense)
|
| | | | 8 | | | | | | 35 | | | | | | (36) | | |
Deferred taxes: | | | | | | | | | | | | | | | | | | | |
Domestic
|
| | | | 132 | | | | | | 90 | | | | | | (8) | | |
Foreign
|
| | | | 46 | | | | | | 20 | | | | | | (16) | | |
Deferred tax benefit (expense)
|
| | | | 178 | | | | | | 110 | | | | | | (24) | | |
Benefit from (provision for) income taxes
|
| | | $ | 186 | | | | | $ | 145 | | | | | $ | (60) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Tax at statutory rate
|
| | | | 19.00% | | | | | | 19.00% | | | | | | 19.00% | | |
Changes in taxes resulting from: | | | | | | | | | | | | | | | | | | | |
Permanent differences
|
| | | | (2.25) | | | | | | (0.18) | | | | | | 3.82 | | |
Local and state taxes
|
| | | | 0.37 | | | | | | 0.24 | | | | | | 3.06 | | |
Change in valuation allowance
|
| | | | (2.57) | | | | | | (2.25) | | | | | | 1.69 | | |
Change in enacted tax rates
|
| | | | 5.26 | | | | |
|
—
|
| | | |
|
—
|
| |
Rate differential in the United Kingdom
|
| | | | 3.81 | | | | |
|
—
|
| | | |
|
—
|
| |
Foreign tax rate differential
|
| | | | 2.08 | | | | | | 1.65 | | | | | | 0.69 | | |
Return to provision adjustment
|
| | | | 1.67 | | | | | | (0.6) | | | | | | (1.17) | | |
Tax settlement and uncertain tax positions
|
| | | | 0.94 | | | | | | (0.61) | | | | | | 3.01 | | |
Other
|
| | | | 0.08 | | | | | | 1.88 | | | | | | 0.94 | | |
Tax at effective rate
|
| | | | 28.39% | | | | | | 19.13% | | | | | | 31.04% | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss carryforwards
|
| | | $ | 391 | | | | | $ | 231 | | |
Pension liability
|
| | | | 74 | | | | | | 86 | | |
Interest expense deduction restriction
|
| | | | 23 | | | | | | 2 | | |
Operating lease liabilities
|
| | | | 20 | | | | | | 21 | | |
Accrued liabilities
|
| | | | 7 | | | | | | 12 | | |
Goodwill
|
| | | | 1 | | | | | | 1 | | |
Other
|
| | | | 2 | | | | |
|
—
|
| |
Valuation allowance
|
| | | | (116) | | | | | | (119) | | |
Deferred tax assets
|
| | | | 402 | | | | | | 234 | | |
Netted against deferred tax liabilities
|
| | | | (120) | | | | | | (17) | | |
Deferred tax assets as presented in the consolidated balance sheets
|
| | | $ | 282 | | | | | $ | 217 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Intangible assets
|
| | | $ | (214) | | | | | $ | (86) | | |
Operating lease ROU assets
|
| | | | (14) | | | | | | (15) | | |
Property and equipment
|
| | | | (4) | | | | | | (10) | | |
Goodwill
|
| | | | (2) | | | | | | (2) | | |
Other
|
| | | | (5) | | | | | | (4) | | |
Deferred tax liabilities
|
| | | | (239) | | | | | | (117) | | |
Netted against deferred tax assets
|
| | | | 120 | | | | | | 17 | | |
Deferred tax liabilities as presented in the consolidated balance sheets
|
| | | $ | (119) | | | | | $ | (100) | | |
(in $ millions)
|
| |
Amount
|
| |||
2022
|
| | | $ | 8 | | |
2025
|
| | | | 2 | | |
2026
|
| | | | 2 | | |
2027
|
| | | | 3 | | |
2029
|
| | | | 2 | | |
2030
|
| | | | 16 | | |
2031-2041
|
| | | | 54 | | |
| | |
As of December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Balance, beginning of the year
|
| | | $ | 9 | | | | | $ | 11 | | | | | $ | 9 | | |
Increases to tax positions related to acquisitions
|
| | | | 4 | | | | |
|
—
|
| | | |
|
—
|
| |
Increases to tax positions related to the current year
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 4 | | |
Increases to tax positions related to prior years
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 3 | | |
Release / settlement during the year
|
| | | | (6) | | | | | | (2) | | | | | | (5) | | |
Balance, end of the year
|
| | | $ | 7 | | | | | $ | 9 | | | | | $ | 11 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Foreign exchange gains, net
|
| | | $ | — | | | | | $ | 12 | | | | | $ | (4) | | |
Loss on disposal of businesses
|
| | | | (1) | | | | |
|
—
|
| | | | | (3) | | |
Non-service components of net periodic pension benefit
|
| | | | 9 | | | | | | 2 | | | | | | 4 | | |
Other income (expense), net
|
| | | $ | 8 | | | | | $ | 14 | | | | | $ | (3) | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Value added and similar taxes receivables
|
| | | $ | 11 | | | | | $ | 46 | | |
Prepaid travel expenses
|
| | | | 42 | | | | | | 44 | | |
Income tax receivable
|
| | | | 32 | | | | | | 25 | | |
Deferred offering costs
|
| | | | 21 | | | | |
|
—
|
| |
Other prepayments and receivables
|
| | | | 31 | | | | | | 11 | | |
Prepaid expenses and other current assets
|
| | | $ | 137 | | | | | $ | 126 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Capitalized software for internal use
|
| | | $ | 304 | | | | | $ | 240 | | |
Computer equipment
|
| | | | 65 | | | | | | 63 | | |
Leasehold improvements
|
| | | | 52 | | | | | | 48 | | |
Furniture, fixtures and other equipment
|
| | | | 6 | | | | | | 13 | | |
Capital projects in progress
|
| | | | 9 | | | | | | 6 | | |
| | | | | 436 | | | | | | 370 | | |
Less: accumulated depreciation and amortization
|
| | | | (220) | | | | | | (176) | | |
Property and equipment, net
|
| | | $ | 216 | | | | | $ | 194 | | |
(in $ millions)
|
| |
Amount
|
| |||
Cash and cash equivalents
|
| | | $ | 73 | | |
Accounts receivable
|
| | | | 154 | | |
Prepaid expenses and other current assets
|
| | | | 32 | | |
Property and equipment
|
| | | | 58 | | |
Goodwill
|
| | | | 307 | | |
Other intangible assets
|
| | | | 440 | | |
Operating lease right-of-use assets
|
| | | | 9 | | |
Deferred tax assets
|
| | | | 21 | | |
Other non-current assets
|
| | | | 30 | | |
Total assets
|
| | | | 1,124 | | |
Accounts payable
|
| | | | 56 | | |
Due to affiliates
|
| | | | 26 | | |
Accrued expenses and other current liabilities
|
| | | | 80 | | |
Operating lease liabilities
|
| | | | 10 | | |
Deferred tax liabilities
|
| | | | 134 | | |
Other non-current liabilities
|
| | | | 2 | | |
Total liabilities
|
| | | | 308 | | |
Purchase consideration / Net assets acquired
|
| | | $ | 816 | | |
| | |
Fair value of
acquired intangibles (in $ millions) |
| |
Amortization
period (in years) |
| ||||||
Corporate client relationships
|
| | | $ | 390 | | | | | $ | 15 | | |
Tradenames
|
| | | | 50 | | | | | | 10 | | |
Acquired technology
|
| | | | 50 | | | | | | 5 | | |
(in $ millions)
|
| |
Amount
|
| |||
Balance as of December 31, 2019
|
| | | $ | 1,023 | | |
Currency translation adjustments
|
| | | | 5 | | |
Balance as of December 31, 2020
|
| | | | 1,028 | | |
Additions(1)
|
| | | | 343 | | |
Currency translation adjustments
|
| | | | (13) | | |
Balance as of December 31, 2021
|
| | | | 1,358 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||
(in $ millions)
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| ||||||||||||||||||
Trademarks/tradenames
|
| | | $ | 115 | | | | | $ | (62) | | | | | $ | 53 | | | | | $ | 61 | | | | | $ | (60) | | | | | $ | 1 | | |
Corporate client relationships
|
| | | | 815 | | | | | | (189) | | | | | | 626 | | | | | | 400 | | | | | | (145) | | | | | | 255 | | |
Supplier relationship
|
| | | | 254 | | | | | | (188) | | | | | | 66 | | | | | | 254 | | | | | | (163) | | | | | | 91 | | |
Travel partner network
|
| | | | 4 | | | | | | (3) | | | | | | 1 | | | | | | 4 | | | | | | (3) | | | | | | 1 | | |
Other intangible assets, net
|
| | | $ | 1,188 | | | | | $ | (442) | | | | | $ | 746 | | | | | $ | 719 | | | | | $ | (371) | | | | | $ | 348 | | |
(in $ millions)
|
| |
Amount
|
| |||
2022
|
| | | $ | 93 | | |
2023
|
| | | | 93 | | |
2024
|
| | | | 72 | | |
2025
|
| | | | 51 | | |
2026
|
| | | | 50 | | |
Thereafter
|
| | | | 387 | | |
Total
|
| | | $ | 746 | | |
| | |
Year ended December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | | | | | |
Cash used in operating activities related to operating leases
|
| | | $ | 30 | | | | | $ | 31 | | |
Cash used in financing activities related to finance leases
|
| | | $ | 2 | | | | | $ | — | | |
ROU assets obtained in exchange for lease obligations: | | | | | | | | | | | | | |
Operating lease
|
| | | $ | 9 | | | | | $ | 21 | | |
Finance lease
|
| | | $ | — | | | | | $ | 5 | | |
Additions to ROU assets on account of business acquisitions | | | | | | | | | | | | | |
Operating lease
|
| | | $ | 20 | | | | | $ | — | | |
| | |
2021
|
| |
2020
|
|
Weighted average remaining lease term: | | | | | | | |
Operating leases
|
| |
5.36
|
| |
4.3 years
|
|
Finance leases
|
| |
1.7 years
|
| |
2.7 years
|
|
Weighted average discount rate: | | | | | | | |
Operating lease
|
| |
7.15%
|
| |
5.02%
|
|
Finance lease
|
| |
3.56%
|
| |
3.56%
|
|
(in $ millions)
|
| |
Operating lease
liabilities |
| |
Finance lease
liabilities |
| ||||||
2022
|
| | | $ | 31 | | | | | $ | 2 | | |
2023
|
| | | | 24 | | | | | | 2 | | |
2024
|
| | | | 16 | | | | |
|
—
|
| |
2025
|
| | | | 10 | | | | |
|
—
|
| |
2026
|
| | | | 6 | | | | |
|
—
|
| |
Thereafter
|
| | | | 21 | | | | |
|
—
|
| |
Total undiscounted future payments
|
| | | | 108 | | | | | | 4 | | |
Less: Interest cost included
|
| | | | (26) | | | | |
|
—
|
| |
Total lease liabilities
|
| | | | 82 | | | | | | 4 | | |
Less: Current portion of lease liabilities
|
| | | | 21 | | | | | | 2 | | |
Long-term portion of lease liabilities
|
| | | $ | 61 | | | | | $ | 2 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Client incentives, net
|
| | | $ | — | | | | | $ | 9 | | |
Restricted cash
|
| | | | 9 | | | | | | 9 | | |
Other assets
|
| | | | 32 | | | | | | 6 | | |
Other non-current assets
|
| | | $ | 41 | | | | | $ | 24 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Accrued payroll and related costs
|
| | | $ | 198 | | | | | $ | 126 | | |
Accrued operating expenses
|
| | | | 147 | | | | | | 120 | | |
Accrued restructuring costs (see note 14)
|
| | | | 69 | | | | | | 97 | | |
Client deposits
|
| | | | 59 | | | | | | 33 | | |
Deferred revenue
|
| | | | 18 | | | | | | 18 | | |
Value added and similar taxes payable
|
| | | | 6 | | | | | | 43 | | |
Income tax payable
|
| | | | 7 | | | | |
|
—
|
| |
Other payables
|
| | | | 15 | | | | | | 3 | | |
Accrued expenses and other current liabilities
|
| | | $ | 519 | | | | | $ | 440 | | |
(in $ millions)
|
| |
Employee related
|
| |
Facility
|
| |
Total
|
| |||||||||
Balance as of December 31, 2018
|
| | | | 8 | | | | |
|
—
|
| | | | | 8 | | |
Charges
|
| | | | 12 | | | | |
|
—
|
| | | | | 12 | | |
Cash settled
|
| | | | (10) | | | | |
|
—
|
| | | | | (10) | | |
Balance as of December 31, 2019
|
| | | | 10 | | | | |
|
—
|
| | | | | 10 | | |
Charges
|
| | | | 178 | | | | | | 28 | | | | | | 206 | | |
Cash settled
|
| | | | (95) | | | | | | (5) | | | | | | (99) | | |
Other non-cash(1)
|
| | |
|
—
|
| | | | | (20) | | | | | | (20) | | |
Balance as of December 31, 2020
|
| | | | 94 | | | | | | 3 | | | | | | 97 | | |
Charges, net
|
| | | | 13 | | | | | | 1 | | | | | | 14 | | |
Acquired on acquisition
|
| | | | 30 | | | | |
|
—
|
| | | | | 30 | | |
Reclassification
|
| | | | (4) | | | | | | 4 | | | | |
|
—
|
| |
Other non-cash(1)
|
| | |
|
—
|
| | | | | (1) | | | | | | (1) | | |
Cash settled
|
| | | | (69) | | | | | | (2) | | | | | | (71) | | |
Balance as of December 31, 2021
|
| | | $ | 64 | | | | | $ | 5 | | | | | $ | 69 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | |
Principal amount of senior secured initial term loans (Maturity – August 2025)(1)
|
| | | $ | 242 | | | | | $ | 244 | | |
Principal amount of senior secured prior tranche B-1 term loans(2)
|
| | |
|
—
|
| | | | | 399 | | |
Principal amount of senior secured prior tranche B-2 term loans(3)
|
| | |
|
—
|
| | | |
|
—
|
| |
Principal amount of senior secured new tranche B-3 term loans (Maturity – December 2026)(4)
|
| | | | 800 | | | | |
|
—
|
| |
Principal amount of senior secured revolving credit facility
(Maturity – August 2023)(5) |
| | |
|
—
|
| | | |
|
—
|
| |
| | | | | 1,042 | | | | | | 643 | | |
Less: Unamortized debt discount and debt issuance costs
|
| | | | (19) | | | | | | (19) | | |
Total debt, net of unamortized debt discount and debt issuance costs
|
| | | | 1,023 | | | | | | 624 | | |
Less: Current portion of long-term debt
|
| | | | 3 | | | | | | 7 | | |
Long-term debt, non-current, net of unamortized debt discount and debt
issuance costs |
| | | $ | 1,020 | | | | | $ | 617 | | |
| | |
As of December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Beginning balance
|
| | | $ | 19 | | | | | $ | 10 | | | | | | 12 | | |
Capitalized during the year
|
| | | | 18 | | | | | | 12 | | | | |
|
—
|
| |
Amortized/written-off during the year
|
| | | | (18) | | | | | | (3) | | | | | | (2) | | |
Closing balance
|
| | | $ | 19 | | | | | $ | 19 | | | | | | 10 | | |
(in $ millions)
|
| |
Amount
|
| |||
Year ending December 31, | | | | | | | |
2022
|
| | | $ | 3 | | |
2023
|
| | | | 3 | | |
2024
|
| | | | 3 | | |
2025
|
| | | | 233 | | |
2026
|
| | | | 800 | | |
| | | | | 1,042 | | |
Less: Unamortized debt discount and debt issuance costs
|
| | | | (19) | | |
Long-term debt, net of unamortized debt discount and debt issuance costs
|
| | | $ | 1,023 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Changes in benefit obligation: | | | | | | | | | | | | | |
Benefit obligation, beginning of year
|
| | | $ | 1,046 | | | | | $ | 890 | | |
Service cost
|
| | | | 6 | | | | | | 7 | | |
Interest cost
|
| | | | 13 | | | | | | 15 | | |
Plan participants’ contribution
|
| | | | 1 | | | | | | 1 | | |
Actuarial (gain) loss, net
|
| | | | (18) | | | | | | 131 | | |
Benefit paid
|
| | | | (22) | | | | | | (26) | | |
Plan amendments
|
| | | | (1) | | | | | | 3 | | |
Curtailments and settlements
|
| | | | (3) | | | | | | (16) | | |
Expenses paid from assets
|
| | | | (1) | | | | | | (2) | | |
Currency translation adjustment
|
| | | | (20) | | | | | | 43 | | |
Benefit obligation, end of year
|
| | | | 1,001 | | | | | | 1,046 | | |
Change in fair value of plan assets | | | | | | | | | | | | | |
Fair value of plan assets, beginning of year
|
| | | | 634 | | | | | | 549 | | |
Employer contributions
|
| | | | 25 | | | | | | 25 | | |
Plan participants’ contributions
|
| | | | 1 | | | | | | 1 | | |
Benefits paid
|
| | | | (22) | | | | | | (26) | | |
Actual return on plan assets
|
| | | | 47 | | | | | | 68 | | |
Expenses paid from assets
|
| | | | (1) | | | | | | (2) | | |
Plan settlements
|
| | | | (3) | | | | | | (11) | | |
Currency translation adjustments
|
| | | | (11) | | | | | | 30 | | |
Fair value of plan assets, end of year
|
| | | $ | 670 | | | | | $ | 634 | | |
Unfunded status
|
| | | $ | 331 | | | | | $ | 412 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Unrecognized net actuarial loss
|
| | | $ | 150 | | | | | $ | 190 | | |
Prior service cost
|
| | | | 3 | | | | | | 5 | | |
Total
|
| | | | 153 | | | | | | 195 | | |
Deferred taxes
|
| | | | (25) | | | | | | (35) | | |
Amounts recognized in accumulated other comprehensive loss
|
| | | $ | (128) | | | | | $ | 160 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Service cost
|
| | | $ | 6 | | | | | $ | 7 | | | | | $ | 7 | | |
Interest cost
|
| | | | 13 | | | | | | 15 | | | | | | 19 | | |
Expected return on plan assets
|
| | | | (25) | | | | | | (24) | | | | | | (26) | | |
Amortization of actuarial loss (gain)
|
| | | | 4 | | | | | | 2 | | | | | | — | | |
Curtailments and settlements
|
| | | | (1) | | | | | | 4 | | | | | | — | | |
Net periodic pension (benefit) cost
|
| | | $ | (3) | | | | | $ | 4 | | | | | $ | — | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Net periodic pension (benefit) cost: | | | | | | | | | | | | | | | | | | | |
Interest cost discount rate
|
| | | | 1.2% | | | | | | 1.8% | | | | | | 2.5% | | |
Expected long-term return on plan assets
|
| | | | 4.4% | | | | | | 4.4% | | | | | | 5.5% | | |
Rate of compensation increase
|
| | | | 2.6% | | | | | | 2.6% | | | | | | 2.6% | | |
Projected benefit obligation: | | | | | | | | | | | | | | | | | | | |
Discount rate
|
| | | | 1.7% | | | | | | 1.2% | | | | | | | | |
| | |
2021
|
| |
2020
|
| ||||||||||||||||||
Asset Class
|
| |
Actual
Allocations |
| |
Target
Allocations |
| |
Actual
Allocations |
| |
Target
Allocations |
| ||||||||||||
Equity securities
|
| | | | 15% | | | | | | 4% | | | | | | 11% | | | | | | 4% | | |
Debt securities
|
| | | | 38 | | | | | | 21 | | | | | | 30 | | | | | | 33 | | |
Other
|
| | | | 47 | | | | | | 75 | | | | | | 59 | | | | | | 63 | | |
Total
|
| | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
(in $ millions)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Equity funds
|
| | | $ | — | | | | | $ | 73 | | | | | $ | 28 | | | | | $ | 101 | | |
Debt funds
|
| | |
|
—
|
| | | | | 246 | | | | | | 11 | | | | | | 257 | | |
Real estate funds
|
| | |
|
—
|
| | | | | 72 | | | | | | 19 | | | | | | 91 | | |
Other
|
| | | | 7 | | | | | | 123 | | | | | | 33 | | | | | | 163 | | |
| | | | $ | 7 | | | | | $ | 514 | | | | | $ | 91 | | | | | | 612 | | |
Other investments measured at NAV
|
| | | | | | | | | | | | | | | | | | | | | | 58 | | |
Total fair value of plan assets
|
| | | | | | | | | | | | | | | | | | | | | $ | 670 | | |
| | |
As of December 31, 2020
|
| |||||||||||||||||||||
(in $ millions)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Equity funds
|
| | | $ | — | | | | | $ | — | | | | | $ | 22 | | | | | $ | 22 | | |
Debt funds
|
| | |
|
—
|
| | | | | 103 | | | | | | 11 | | | | | | 114 | | |
Real estate funds
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 90 | | | | | | 90 | | |
Other
|
| | | | 4 | | | | | | 117 | | | | | | 95 | | | | | | 216 | | |
| | | | $ | 4 | | | | | $ | 220 | | | | | $ | 218 | | | | | | 442 | | |
Other investments measured at NAV
|
| | | | | | | | | | | | | | | | | | | | | | 192 | | |
Total fair value of plan assets
|
| | | | | | | | | | | | | | | | | | | | | $ | 634 | | |
(in $ millions)
|
| |
Amount
|
| |||
2022
|
| | | $ | 22 | | |
2023
|
| | | | 24 | | |
2024
|
| | | | 24 | | |
2025
|
| | | | 26 | | |
2026
|
| | | | 26 | | |
2027-2031
|
| | | | 149 | | |
| | |
Number of
options |
| |
Weighted
average exercise price per share |
| |
Weighted average
remaining contractual term |
| |
Aggregate intrinsic
value (in $ millions) |
| ||||||
Balance as of December 31, 2020
|
| | | | 2,994,600 | | | | | $ | 58.30 | | | | | | | | |
Granted
|
| | | | 1,272,515 | | | | | $ | 87.85 | | | | | | | | |
Forfeited
|
| | | | (52,267) | | | | | $ | 68.26 | | | | | | | | |
Exercised(1) | | | | | (41,400) | | | | | $ | 55.49 | | | | | | | | |
Balance as of December 31, 2021
|
| | | | 4,173,448 | | | | |
$
|
67.22
|
| | | | | | | |
Exercisable as of December 31, 2021
|
| | | | 2,624,873 | | | | | $ | 55.93 | | | |
4.8 years
|
| |
84
|
|
Expected to vest as of December 31, 2021
|
| | | | 1,548,575 | | | | | | | | | |
9.5 years
|
| |
3
|
|
Assumption
|
| |
2021
|
| |
2019
|
|
Annual risk-free interest rate
|
| |
1.15%
|
| |
1.75%
|
|
Equity volatility
|
| |
29%
|
| |
25%
|
|
Expected average life of options
|
| |
6 years
|
| |
2 years
|
|
Dividend yield
|
| |
0%
|
| |
0%
|
|
(in $ millions)
|
| |
Currency
translation adjustments |
| |
Defined
benefit plan related |
| |
Unrealized gain on
hedge of investments in foreign subsidiary |
| |
Total accumulated
other comprehensive loss |
| ||||||||||||
Balance as of December 31, 2018
|
| | | | (17) | | | | | | (26) | | | | | | 4 | | | | | | (39) | | |
Net changes during the year, net of tax benefit(1)
|
| | | | (4) | | | | | | (55) | | | | |
|
—
|
| | | | | (59) | | |
Balance as of December 31, 2019
|
| | | | (21) | | | | | | (81) | | | | | | 4 | | | | | | (98) | | |
Net changes during the year, net of tax benefit(1)
|
| | | | (2) | | | | | | (79) | | | | |
|
—
|
| | | | | (81) | | |
Balance as of December 31, 2020
|
| | | | (23) | | | | | | (160) | | | | | | 4 | | | | | | (179) | | |
Net changes during the year, net of tax expense(1)
|
| | | | (15) | | | | | | 32 | | | | |
|
—
|
| | | | | 17 | | |
Balance as of December 31, 2021
|
| | | | (38) | | | | | | (128) | | | | | | 4 | | | | | | (162) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions, except share and per share data)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Numerator – Basic and diluted (loss) earnings per share: | | | | | | | | | | | | | | | | | | | |
Net (loss) income / Net (loss) income from continuing operations
|
| | | $ | (475) | | | | | $ | (619) | | | | | $ | 138 | | |
Net loss (income) attributable to non-controlling interests
in subsidiaries |
| | | | 2 | | | | | | 1 | | | | | | (4) | | |
Preferred shares dividend
|
| | | | (10) | | | | |
|
—
|
| | | |
|
—
|
| |
Net (loss) income / Net (loss) income from continuing operations attributable to the shareholders of the Company’s ordinary shares
|
| | | $ | (483) | | | | | $ | (618) | | | | | $ | 134 | | |
Denominator – Basic (loss) earnings per share: | | | | | | | | | | | | | | | | | | | |
Weighted average ordinary shares outstanding
|
| | | | 37,406,171 | | | | | | 36,000,000 | | | | | | 36,000,000 | | |
(Loss) earnings per share from continuing operations attributable to the shareholders of the Company’s ordinary shares – Basic
|
| | | $ | (12.91) | | | | | $ | (17.18) | | | | | $ | 3.72 | | |
Denominator – Diluted (loss) earnings per share: | | | | | | | | | | | | | | | | | | | |
Number of ordinary shares used for basic (loss) earnings per
share from continuing operations |
| | | | 37,406,171 | | | | | | 36,000,000 | | | | | | 36,000,000 | | |
Weighted average effect of dilutive securities
|
| | | | | | | | | | | | | | | | | | |
Stock options
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 1,102,120 | | |
Weighted average ordinary shares outstanding
|
| | | | 37,406,171 | | | | | | 36,000,000 | | | | | | 37,102,120 | | |
(Loss) earnings per share from continuing operations attributable to the shareholders of the Company’s ordinary shares – Diluted
|
| | | $ | (12.91) | | | | | $ | (17.18) | | | | | $ | 3.61 | | |
| | |
As of December 31, 2021
|
| |
As of December 31, 2020
|
| ||||||||||||||||||
(in $ millions)
|
| |
Carrying amount(1)
|
| |
Fair
Value |
| |
Carrying amount(1)
|
| |
Fair
value |
| ||||||||||||
Senior secured initial term loans
|
| | | $ | 236 | | | | | $ | 233 | | | | | $ | 237 | | | | | $ | 231 | | |
Senior secured prior tranche B-1 term loans
|
| | | $ | — | | | | | $ | — | | | | | $ | 387 | | | | | $ | 399 | | |
Senior secured new tranche B-3 term loans
|
| | | $ | 787 | | | | | $ | 800 | | | | | $ | — | | | | | $ | — | | |
(in $ millions)
|
| |
United
States |
| |
United
Kingdom |
| |
All other
countries |
| |
Total
|
| ||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended December 31, 2021
|
| | | $ | 226 | | | | | $ | 276 | | | | | $ | 261 | | | | | $ | 763 | | |
Year ended December 31, 2020
|
| | | $ | 191 | | | | | $ | 314 | | | | | $ | 288 | | | | | $ | 793 | | |
Year ended December 31, 2019
|
| | | $ | 511 | | | | | $ | 925 | | | | | $ | 683 | | | | | $ | 2,119 | | |
Long-lived assets | | | | | | | | | | | | | | | | | | | | | | | | | |
As of December 31, 2021
|
| | | $ | 100 | | | | | $ | 76 | | | | | $ | 99 | | | | | $ | 275 | | |
As of December 31, 2020
|
| | | $ | 38 | | | | | $ | 93 | | | | | $ | 118 | | | | | $ | 249 | | |
(in $ millions)
|
| |
Balance at
beginning of year |
| |
Charged to
expense or other accounts |
| |
Write-offs
and other adjustments |
| |
Balance at
end of year |
| ||||||||||||
Allowance for doubtful debts | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended December 31, 2021
|
| | | $ | 14 | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | 4 | | |
Year ended December 31, 2020
|
| | | $ | 11 | | | | | $ | 4 | | | | | $ | (1) | | | | | $ | 14 | | |
Year ended December 31, 2019
|
| | | $ | 10 | | | | | $ | — | | | | | $ | 1 | | | | | $ | 11 | | |
Valuation allowance for deferred tax assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended December 31, 2021
|
| | | $ | 119 | | | | | $ | (1) | | | | | $ | (2) | | | | | $ | 116 | | |
Year ended December 31, 2020
|
| | | $ | 88 | | | | | $ | 31 | | | | | $ | — | | | | | $ | 119 | | |
Year ended December 31, 2019
|
| | | $ | 89 | | | | | $ | (1) | | | | | $ | — | | | | | $ | 88 | | |
| | |
Three months ended
September 30, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
|
(In millions)
|
| |||||||||||
Revenue
|
| | | $ | 55 | | | | | $ | 26 | | |
Cost and expenses: | | | | | | | | | | | | | |
Cost of revenue (exclusive of depreciation and amortization shown separately
below) |
| | | | (38) | | | | | | (40) | | |
Selling and marketing
|
| | | | (27) | | | | | | (31) | | |
Technology and content
|
| | | | (16) | | | | | | (13) | | |
General and administrative
|
| | | | (9) | | | | | | (11) | | |
Depreciation and amortization
|
| | | | (12) | | | | | | (13) | | |
Restructuring and related reorganization charges
|
| | | | (8) | | | | | | (31) | | |
Operating (loss) income
|
| | | | (55) | | | | | | (113) | | |
Other, net
|
| | | | 1 | | | | | | — | | |
Total other income (expense), net
|
| | | | 1 | | | | | | — | | |
Loss before income taxes
|
| | | | (54) | | | | | | (113) | | |
Benefit (provision) for income taxes
|
| | | | 1 | | | | | | (18) | | |
Net loss
|
| | | $ | (53) | | | | | $ | (131) | | |
| | |
Nine months ended
September 30, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
|
(In millions)
|
| |||||||||||
Revenue
|
| | | $ | 123 | | | | | $ | 156 | | |
Cost and expenses: | | | | | | | | | | | | | |
Cost of revenue (exclusive of depreciation and amortization shown separately below)
|
| | | | (112) | | | | | | (162) | | |
Selling and marketing
|
| | | | (86) | | | | | | (104) | | |
Technology and content
|
| | | | (53) | | | | | | (47) | | |
General and administrative
|
| | | | (33) | | | | | | (37) | | |
Depreciation and amortization
|
| | | | (36) | | | | | | (39) | | |
Restructuring and related reorganization charges
|
| | | | (9) | | | | | | (52) | | |
Operating (loss) income
|
| | | | (206) | | | | | | (285) | | |
Other, net
|
| | | | 2 | | | | | | 1 | | |
Total other income (expense), net
|
| | | | 2 | | | | | | 1 | | |
Loss before income taxes
|
| | | | (204) | | | | | | (284) | | |
Benefit (provision) for income taxes
|
| | | | 2 | | | | | | 2 | | |
Net loss
|
| | | $ | (202) | | | | | $ | (282) | | |
| | |
Three months ended
September 30, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
|
(In millions)
|
| |||||||||||
Net loss
|
| | | $ | (53) | | | | | $ | (131) | | |
Other comprehensive loss | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | (10) | | | | | | 14 | | |
Other comprehensive loss
|
| | | | (10) | | | | | | 14 | | |
Comprehensive loss
|
| | | $ | (63) | | | | | $ | (117) | | |
| | |
Nine months ended
September 30, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
|
(In millions)
|
| |||||||||||
Net loss
|
| | | $ | (202) | | | | | $ | (282) | | |
Other comprehensive loss | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | (18) | | | | | | 1 | | |
Other comprehensive loss
|
| | | | (18) | | | | | | 1 | | |
Comprehensive loss
|
| | | $ | (220) | | | | | $ | (281) | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(Unaudited)
|
| | ||||||||
| | |
(In millions)
|
| |||||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 171 | | | | | $ | 363 | | |
Restricted cash
|
| | | | 9 | | | | | | 19 | | |
Accounts receivable, net of allowance of $17 and $22
|
| | | | 138 | | | | | | 68 | | |
Income taxes receivable
|
| | | | 5 | | | | | | 2 | | |
Prepaid expenses and other current assets
|
| | | | 12 | | | | | | 10 | | |
Total current assets
|
| | | $ | 335 | | | | | $ | 462 | | |
Property and equipment, net
|
| | | | 49 | | | | | | 53 | | |
Operating lease right-of-use assets
|
| | | | 15 | | | | | | 20 | | |
Goodwill
|
| | | | 122 | | | | | | 128 | | |
Intangible assets, net
|
| | | | 3 | | | | | | 7 | | |
Other assets
|
| | | | 7 | | | | | | 9 | | |
Total assets
|
| | | $ | 531 | | | | | $ | 679 | | |
Liabilities and equity | | | | | | | | | | | | | |
Accounts payable, merchant
|
| | | $ | 27 | | | | | $ | 13 | | |
Accounts payable, other
|
| | | | 10 | | | | | | 24 | | |
Deferred merchant bookings
|
| | | | 1 | | | | | | — | | |
Deferred revenue
|
| | | | 2 | | | | | | 3 | | |
Accrued expenses and other current liabilities
|
| | | | 74 | | | | | | 105 | | |
Due to related party
|
| | | | 31 | | | | | | 7 | | |
Total current liabilities
|
| | |
$
|
145
|
| | | |
$
|
152
|
| |
Deferred income taxes
|
| | | | — | | | | | | 1 | | |
Operating lease liabilities
|
| | | | 10 | | | | | | 13 | | |
Other long-term liabilities
|
| | | | 9 | | | | | | 9 | | |
Total liabilities
|
| | |
$
|
164
|
| | | |
$
|
175
|
| |
Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | |
Net parent investment
|
| | | | 437 | | | | | | 556 | | |
Accumulated other comprehensive loss
|
| | | | (70) | | | | | | (52) | | |
Total equity
|
| | |
$
|
367
|
| | | |
$
|
504
|
| |
Total liabilities and equity
|
| | | $ | 531 | | | | | $ | 679 | | |
Three months ended September 30, 2020
|
| |
Net
Parent Investment |
| |
Accumulated
Other Comprehensive Loss, Net of Tax |
| |
Total
Parent’s Equity |
| |||||||||
| | |
(In millions)
|
| |||||||||||||||
Balance as of June 30, 2020
|
| | | $ | 560 | | | | | $ | (91) | | | | | $ | 469 | | |
Net loss
|
| | | | (131) | | | | | | — | | | | | | (131) | | |
Changes in other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | 14 | | | | | | 14 | | |
Net transfers from parent
|
| | | | 140 | | | | | | — | | | | | | 140 | | |
Balance as of September 30, 2020
|
| | | $ | 569 | | | | | $ | (77) | | | | | $ | 492 | | |
Nine months ended September 30, 2020
|
| |
Net
Parent Investment |
| |
Accumulated
Other Comprehensive Loss, Net of Tax |
| |
Total
Parent’s Equity |
| |||||||||
| | |
(In millions)
|
| |||||||||||||||
Balance as of December 31, 2019
|
| | | $ | 754 | | | | | $ | (78) | | | | | $ | 676 | | |
Net loss
|
| | | | (282) | | | | | | — | | | | | | (282) | | |
Changes in other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | 1 | | | | | | 1 | | |
Net transfers from parent
|
| | | | 97 | | | | | | — | | | | | | 97 | | |
Balance as of September 30, 2020
|
| | | $ | 569 | | | | | $ | (77) | | | | | $ | 492 | | |
Three months ended September 30, 2021
|
| |
Net
Parent Investment |
| |
Accumulated
Other Comprehensive Loss, Net of Tax |
| |
Total
Parent’s Equity |
| |||||||||
| | |
(In millions)
|
| |||||||||||||||
Balance as of June 30, 2021
|
| | | $ | 433 | | | | | $ | (60) | | | | | $ | 373 | | |
Net loss
|
| | | | (53) | | | | | | — | | | | | | (53) | | |
Changes in other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | (10) | | | | | | (10) | | |
Net transfers from parent
|
| | | | 57 | | | | | | — | | | | | | 57 | | |
Balance as of September 30, 2021
|
| | | $ | 437 | | | | | $ | (70) | | | | | $ | 367 | | |
Nine months ended September 30, 2021
|
| |
Net
Parent Investment |
| |
Accumulated
Other Comprehensive Loss, Net of Tax |
| |
Total
Parent’s Equity |
| |||||||||
| | |
(In millions)
|
| |||||||||||||||
Balance as of December 31, 2020
|
| | | $ | 556 | | | | | $ | (52) | | | | | $ | 504 | | |
Net loss
|
| | | | (202) | | | | | | — | | | | | | (202) | | |
Changes in other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | (18) | | | | | | (18) | | |
Net transfers from parent
|
| | | | 83 | | | | | | — | | | | | | 83 | | |
Balance as of September 30, 2021
|
| | | $ | 437 | | | | | $ | (70) | | | | | $ | 367 | | |
| | |
September 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(In millions)
|
| |||||||||
Operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (202) | | | | | $ | (282) | | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 32 | | | | | | 35 | | |
Amortization of stock-based compensation
|
| | | | 17 | | | | | | 11 | | |
Amortization of intangible assets
|
| | | | 4 | | | | | | 4 | | |
Deferred income taxes
|
| | | | — | | | | | | (3) | | |
Other, net
|
| | | | (1) | | | | | | (8) | | |
Changes in operating assets and liabilities:
|
| | | | — | | | | | | — | | |
Accounts receivable
|
| | | | (75) | | | | | | 224 | | |
Prepaid expenses and other current assets
|
| | | | — | | | | | | 8 | | |
Accounts payable, merchant
|
| | | | 15 | | | | | | (37) | | |
Accounts payable, other and accrued expenses and other liabilities
|
| | | | (40) | | | | | | 25 | | |
Income taxes receivable, net
|
| | | | (4) | | | | | | (1) | | |
Deferred merchant bookings
|
| | | | 1 | | | | | | (1) | | |
Deferred revenue
|
| | | | (1) | | | | | | — | | |
Net cash (used in) provided by operating activities
|
| | | | (254) | | | | | | (25) | | |
Investing activities | | | | | | | | | | | | | |
Additions to property and equipment
|
| | | | (20) | | | | | | (28) | | |
Net cash used in investing activities
|
| | | | (20) | | | | | | (28) | | |
Financing activities | | | | | | | | | | | | | |
Net transfers from parent
|
| | | | 58 | | | | | | 92 | | |
Due to related party
|
| | | | 24 | | | | | | (34) | | |
Net cash provided by financing activities
|
| | | | 82 | | | | | | 58 | | |
Effect of FX rate changes on Cash, cash equivalents and restricted cash
|
| | | | (10) | | | | | | 5 | | |
Net increase (decrease) in Cash, cash equivalents and restricted cash at end of period
|
| | | | (202) | | | | | | 10 | | |
Cash, cash equivalents and restricted cash at beginning of period
|
| | | | 382 | | | | | | 350 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 180 | | | | | $ | 360 | | |
| | |
Nine months ended
September 30, |
| |||||||||
Reconciliation to amounts within the combined balance sheets:
|
| |
2021
|
| |
2020
|
| ||||||
| | |
(In millions)
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 171 | | | | | $ | 348 | | |
Restricted cash
|
| | | | 9 | | | | | | 12 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 180 | | | | | $ | 360 | | |
| | |
Three months ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(Unaudited)
|
| |||||||||
| | |
(In millions)
|
| |||||||||
Revenue by Business Model | | | | | | | | | | | | | |
Merchant
|
| | | $ | 21 | | | | | $ | 18 | | |
Agency
|
| | | | 33 | | | | | | 9 | | |
Advertising, media and other
|
| | | | 1 | | | | | | (1) | | |
Total revenue
|
| | | $ | 55 | | | | | $ | 26 | | |
| | |
Nine months ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(Unaudited)
|
| |||||||||
| | |
(In millions)
|
| |||||||||
Revenue by Business Model | | | | | | | | | | | | | |
Merchant
|
| | | $ | 46 | | | | | $ | 68 | | |
Agency
|
| | | | 74 | | | | | | 84 | | |
Advertising, media and other
|
| | | | 3 | | | | | | 4 | | |
Total revenue
|
| | | $ | 123 | | | | | $ | 156 | | |
| | |
Three months ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(Unaudited)
|
| |||||||||
| | |
(In millions)
|
| |||||||||
Revenue by Geography | | | | | | | | | | | | | |
United States
|
| | | $ | 23 | | | | | $ | 10 | | |
All other countries
|
| | | | 32 | | | | | | 16 | | |
Total revenue
|
| | | $ | 55 | | | | | $ | 26 | | |
| | |
Nine months ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(Unaudited)
|
| |||||||||
| | |
(In millions)
|
| |||||||||
Revenue by Geography | | | | | | | | | | | | | |
United States
|
| | | $ | 49 | | | | | $ | 57 | | |
All other countries
|
| | | | 74 | | | | | | 99 | | |
Total revenue
|
| | | $ | 123 | | | | | $ | 156 | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
| | |
(In millions)
|
| |||||||||
Capitalized software development
|
| | | $ | 165 | | | | | $ | 208 | | |
Computer equipment
|
| | | | 19 | | | | | | 20 | | |
Furniture and other equipment
|
| | | | 5 | | | | | | 6 | | |
Buildings and leasehold improvements
|
| | | | 15 | | | | | | 16 | | |
| | | | | 204 | | | | | | 250 | | |
Less: accumulated depreciation
|
| | | | (155) | | | | | | (197) | | |
Property and equipment, net
|
| | | $ | 49 | | | | | $ | 53 | | |
| | |
(Unaudited)
(In millions) |
| |||
Balance as of December 31, 2020
|
| | | $ | 128 | | |
Foreign currency translation
|
| | | | (6) | | |
Balance as of September 30, 2021
|
| | | $ | 122 | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||
|
Cost
|
| |
Accumulated
Amortization |
| |
Net
|
| |
Cost
|
| |
Accumulated
Amortization |
| |
Net
|
| ||||||||||||||||||||
|
(Unaudited)
(In millions) |
| |
(In millions)
|
| ||||||||||||||||||||||||||||||||
Customer relationships
|
| | | | 60 | | | | | | (57) | | | | | | 3 | | | | | | 60 | | | | | | (53) | | | | | | 7 | | |
Total
|
| | |
$
|
60
|
| | | | $ | (57) | | | | | $ | 3 | | | | | $ | 60 | | | | | $ | (53) | | | | | $ | 7 | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(Unaudited)
|
| | ||||||||
| | |
(In millions)
|
| |||||||||
Salary and wage accruals
|
| | | $ | 27 | | | | | $ | 33 | | |
Restructure costs
|
| | | | 29 | | | | | | 47 | | |
Accrued sales tax liability
|
| | | | 4 | | | | | | 3 | | |
Lease liability
|
| | | | 6 | | | | | | 9 | | |
Other
|
| | | | 8 | | | | | | 13 | | |
Total
|
| | | $ | 74 | | | | | $ | 105 | | |
| | |
Employee
Severance and Benefits |
| |||
| | |
(Unaudited)
(In millions) |
| |||
Accrued liability as of December 31, 2020
|
| | | $ | 47 | | |
Charges
|
| | | | 9 | | |
Payments
|
| | | | (27) | | |
Accrued liability as of September 30, 2021
|
| | |
$
|
29
|
| |
| | |
September 30,
2021 |
| |
September 30,
2020 |
| ||||||
| | |
(unaudited)
(In millions) |
| |||||||||
Cash pooling and general financing activities
|
| | | $ | 38 | | | | | $ | 144 | | |
Purchases from Parent
|
| | | | — | | | | | | 1 | | |
Stock based compensation
|
| | | | 6 | | | | | | 3 | | |
Corporate allocations
|
| | | | 12 | | | | | | 9 | | |
Income tax expense
|
| | | | 1 | | | | | | (17) | | |
Net increase (decrease) in Net Parent Investment
|
| | | $ | 57 | | | | | $ | 140 | | |
| | |
September 30,
2021 |
| |
September 30,
2020 |
| ||||||
| | |
(unaudited)
(In millions) |
| |||||||||
Cash pooling and general financing activities
|
| | | $ | 26 | | | | | $ | 46 | | |
Purchases from Parent
|
| | | | — | | | | | | 2 | | |
Stock based compensation
|
| | | | 17 | | | | | | 11 | | |
Corporate allocations
|
| | | | 38 | | | | | | 36 | | |
Income tax expense
|
| | | | 2 | | | | | | 2 | | |
Net increase (decrease) in Net Parent Investment
|
| | | $ | 83 | | | | | $ | 97 | | |
| | |
Year ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Revenue
|
| | | $ | 190 | | | | | $ | 613 | | |
Cost and expenses: | | | | | | | | | | | | | |
Cost of revenue (exclusive of depreciation and amortization shown separately below)
|
| | | | (206) | | | | | | (261) | | |
Selling and marketing
|
| | | | (132) | | | | | | (149) | | |
Technology and content
|
| | | | (61) | | | | | | (75) | | |
General and administrative
|
| | | | (52) | | | | | | (58) | | |
Depreciation and amortization
|
| | | | (51) | | | | | | (54) | | |
Restructuring and related reorganization charges
|
| | | | (59) | | | | | | (11) | | |
Operating (loss) income
|
| | | | (371) | | | | | | 5 | | |
Other, net
|
| | | | (1) | | | | | | 3 | | |
Total other expense, net
|
| | | | (1) | | | | | | 3 | | |
(Loss) income before income taxes
|
| | | | (372) | | | | | | 8 | | |
Provision for income taxes
|
| | | | (7) | | | | | | (39) | | |
Net loss
|
| | | $ | (379) | | | | | $ | (31) | | |
| | |
Year ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Net loss
|
| | | $ | (379) | | | | | $ | (31) | | |
Other comprehensive income ( loss) | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | 26 | | | | | | (1) | | |
Other comprehensive income (loss)
|
| | | | 26 | | | | | | (1) | | |
Comprehensive loss
|
| | | $ | (353) | | | | | $ | (32) | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 363 | | | | | $ | 307 | | |
Restricted cash
|
| | | | 19 | | | | | | 43 | | |
Accounts receivable, net of allowance of $22 and $9
|
| | | | 68 | | | | | | 330 | | |
Income taxes receivable
|
| | | | 2 | | | | | | 3 | | |
Prepaid expenses and other current assets
|
| | | | 10 | | | | | | 19 | | |
Total current assets
|
| | | $ | 462 | | | | | $ | 702 | | |
Property and equipment, net
|
| | | | 53 | | | | | | 59 | | |
Operating lease right-of-use assets
|
| | | | 20 | | | | | | 30 | | |
Goodwill
|
| | | | 128 | | | | | | 120 | | |
Deferred income tax assets
|
| | | | — | | | | | | 2 | | |
Intangible assets, net
|
| | | | 7 | | | | | | 13 | | |
Other assets
|
| | | | 9 | | | | | | 9 | | |
Total assets
|
| | | $ | 679 | | | | | $ | 935 | | |
Liabilities and equity | | | | | | | | | | | | | |
Accounts payable, merchant
|
| | | $ | 13 | | | | | $ | 65 | | |
Accounts payable, other
|
| | | | 24 | | | | | | 28 | | |
Deferred merchant bookings
|
| | | | — | | | | | | 2 | | |
Deferred revenue
|
| | | | 3 | | | | | | 3 | | |
Accrued expenses and other current liabilities
|
| | | | 105 | | | | | | 83 | | |
Due to related party
|
| | | | 7 | | | | | | 46 | | |
Total current liabilities
|
| | | $ | 152 | | | | | $ | 227 | | |
Deferred income taxes
|
| | | | 1 | | | | | | 3 | | |
Operating lease liabilities
|
| | | | 13 | | | | | | 23 | | |
Other long-term liabilities
|
| | | | 9 | | | | | | 6 | | |
Total liabilities
|
| | | $ | 175 | | | | | $ | 259 | | |
Commitments and contingencies (Note 11) | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | |
Net parent investment
|
| | | | 556 | | | | | | 754 | | |
Accumulated other comprehensive loss
|
| | | | (52) | | | | | | (78) | | |
Total equity
|
| | | $ | 504 | | | | | $ | 676 | | |
Total liabilities and equity
|
| | | $ | 679 | | | | | $ | 935 | | |
| | |
Net Parent
Investment |
| |
Accumulated Other
Comprehensive Loss, Net of Tax |
| |
Total Parent’s
Equity |
| |||||||||
|
(In millions)
|
| |||||||||||||||||
Balance as of December 31, 2018
|
| | | $ | 681 | | | | | $ | (77) | | | | | $ | 604 | | |
Net loss
|
| | | | (31) | | | | | | — | | | | | | (31) | | |
Changes in other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | (1) | | | | | | (1) | | |
Net transfers from parent
|
| | | | 104 | | | | | | — | | | | | | 104 | | |
Balance as of December 31, 2019
|
| | | $ | 754 | | | | | $ | (78) | | | | | $ | 676 | | |
Net loss
|
| | | | (379) | | | | | | — | | | | | | (379) | | |
Changes in other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | 26 | | | | | | 26 | | |
Net transfers from parent
|
| | | | 181 | | | | | | — | | | | | | 181 | | |
Balance as of December 31, 2020
|
| | | $ | 556 | | | | | $ | (52) | | | | | $ | 504 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (379) | | | | | $ | (31) | | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 46 | | | | | | 49 | | |
Amortization of stock-based compensation
|
| | | | 15 | | | | | | 11 | | |
Amortization of intangible assets
|
| | | | 5 | | | | | | 5 | | |
Currency loss on cash and cash equivalent
|
| | | | 1 | | | | | | — | | |
Other, net
|
| | | | (3) | | | | | | — | | |
Changes in operating assets and liabilities, net of effects from acquisitions:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | 266 | | | | | | (21) | | |
Prepaid expenses and other current assets
|
| | | | 10 | | | | | | (14) | | |
Accounts payable, merchant
|
| | | | (53) | | | | | | (1) | | |
Accounts payable, other and accrued expenses and other liabilities
|
| | | | 12 | | | | | | 7 | | |
Income taxes receivable, net
|
| | | | 1 | | | | | | (1) | | |
Deferred merchant bookings
|
| | | | (2) | | | | | | 1 | | |
Deferred revenue
|
| | | | — | | | | | | 1 | | |
Net cash (used in) provided by operating activities
|
| | | | (81) | | | | | | 6 | | |
Investing activities | | | | | | | | | | | | | |
Additions to property and equipment
|
| | | | (32) | | | | | | (38) | | |
Net cash used in investing activities
|
| | | | (32) | | | | | | (38) | | |
Financing activities | | | | | | | | | | | | | |
Net transfers from (to) parent
|
| | | | 161 | | | | | | 91 | | |
Due to related party
|
| | | | (40) | | | | | | 14 | | |
Net cash provided by financing activities
|
| | | | 121 | | | | | | 105 | | |
Effect of FX rate changes on cash and cash equivalents
|
| | | | 24 | | | | | | (3) | | |
Net increase in cash and cash equivalents
|
| | | | 32 | | | | | | 70 | | |
Cash and cash equivalents at beginning of period
|
| | | | 350 | | | | | | 280 | | |
Cash and cash equivalents at end of period
|
| | | $ | 382 | | | | | $ | 350 | | |
| | |
December 31
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Reconciliation to amounts within the combined balance sheets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 363 | | | | | $ | 307 | | |
Restricted cash included in Other current assets
|
| | | | 19 | | | | | | 43 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 382 | | | | | $ | 350 | | |
| | |
Year ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Revenue by Business Model | | | | | | | | | | | | | |
Merchant
|
| | | $ | 84 | | | | | $ | 194 | | |
Agency
|
| | | | 104 | | | | | | 403 | | |
Advertising, media and other
|
| | | | 2 | | | | | | 16 | | |
Total revenue
|
| | | $ | 190 | | | | | $ | 613 | | |
| | |
Year ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Revenue by Geography | | | | | | | | | | | | | |
United States
|
| | | $ | 67 | | | | | $ | 216 | | |
All other countries
|
| | | | 123 | | | | | | 397 | | |
Total revenue
|
| | | $ | 190 | | | | | $ | 613 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Capitalized software development
|
| | | $ | 208 | | | | | $ | 188 | | |
Computer equipment
|
| | | | 20 | | | | | | 20 | | |
Furniture and other equipment
|
| | | | 6 | | | | | | 6 | | |
Buildings and leasehold improvements
|
| | | | 16 | | | | | | 14 | | |
| | | | | 250 | | | | | | 228 | | |
Less: accumulated depreciation
|
| | | | (197) | | | | | | (169) | | |
Property and equipment, net
|
| | | $ | 53 | | | | | $ | 59 | | |
| | |
(In millions)
|
| |||
Year ending December 31,
|
| | | $ | | | |
2021
|
| | | | 9 | | |
2022
|
| | | | 5 | | |
2023
|
| | | | 4 | | |
2024
|
| | | | 3 | | |
2025
|
| | | | 2 | | |
2026 and thereafter
|
| | | | — | | |
Total lease payments
|
| | | | 23 | | |
Less: imputed interest
|
| | | | (1) | | |
Total
|
| | | $ | 22 | | |
| | |
(In millions)
|
| |||
Balance as of January 1, 2019
|
| | | $ | 122 | | |
Foreign currency translation
|
| | | | (2) | | |
Balance as of December 31, 2019
|
| | | | 120 | | |
Foreign currency translation
|
| | | | 8 | | |
Balance as of December 31, 2020
|
| | | $ | 128 | | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||||||||||||||
|
Cost
|
| |
Accumulated
Amortization |
| |
Net
|
| |
Cost
|
| |
Accumulated
Amortization |
| |
Net
|
| ||||||||||||||||||||
|
(In millions)
|
| |||||||||||||||||||||||||||||||||||
Customer relationships
|
| | | | 60 | | | | | | (53) | | | | | | 7 | | | | | | 58 | | | | | | (46) | | | | | | 12 | | |
Supplier relationships
|
| | | | 28 | | | | | | (28) | | | | | | — | | | | | | 27 | | | | | | (27) | | | | | | — | | |
Domain names
|
| | | | 21 | | | | | | (21) | | | | | | — | | | | | | 20 | | | | | | (19) | | | | | | 1 | | |
Other
|
| | | | 3 | | | | | | (3) | | | | | | — | | | | | | 2 | | | | | | (2) | | | | | | — | | |
Total
|
| | | $ | 112 | | | | | $ | (105) | | | | | $ | 7 | | | | | $ | 107 | | | | | $ | (94) | | | | | $ | 13 | | |
| | |
(In millions)
|
| |||
2021
|
| | | | 5 | | |
2022
|
| | | | 2 | | |
2023
|
| | | | — | | |
2024
|
| | | | — | | |
2025
|
| | | | — | | |
2026 and thereafter
|
| | | | — | | |
Total
|
| | | $ | 7 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Prepaid expense
|
| | | $ | 8 | | | | | $ | 16 | | |
Current deposits
|
| | | | 1 | | | | | | 2 | | |
Other current assets
|
| | | | 1 | | | | | | 1 | | |
Total
|
| | | $ | 10 | | | | | $ | 19 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Prepaid expense
|
| | | $ | 4 | | | | | $ | 4 | | |
Deposits
|
| | | | 5 | | | | | | 5 | | |
Total
|
| | | $ | 9 | | | | | $ | 9 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Salary and wage accruals
|
| | | $ | 33 | | | | | $ | 45 | | |
Restructure costs
|
| | | | 47 | | | | | | 9 | | |
Accrued sales tax liability
|
| | | | 3 | | | | | | 7 | | |
Lease liability
|
| | | | 9 | | | | | | 11 | | |
Other
|
| | | | 13 | | | | | | 11 | | |
Total
|
| | | $ | 105 | | | | | $ | 83 | | |
| | |
RSUs
|
| |
Options
|
| ||||||
|
(In thousands)
|
| |||||||||||
Balance as of January 1, 2019
|
| | | | 95 | | | | | | 605 | | |
Granted
|
| | | | 140 | | | | | | — | | |
Vested/Exercised
|
| | | | (29) | | | | | | (93) | | |
Cancelled
|
| | | | — | | | | | | — | | |
Balance as of December 31, 2019
|
| | | | 206 | | | | | | 512 | | |
Granted
|
| | | | 195 | | | | | | — | | |
Vested/Exercised
|
| | | | (83) | | | | | | (69) | | |
Cancelled
|
| | | | (1) | | | | | | — | | |
Balance as of December 31, 2020
|
| | | | 317 | | | | | | 443 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
U.S.
|
| | | $ | (191) | | | | | $ | 26 | | |
Foreign
|
| | | | (181) | | | | | | (18) | | |
| | | | $ | (372) | | | | | $ | 8 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Current income tax expense: | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | 19 | | |
State
|
| | | | — | | | | | | 3 | | |
Foreign
|
| | | | 6 | | | | | | 18 | | |
Current income tax expense:
|
| | | | 6 | | | | | | 40 | | |
Deferred income tax (benefit) expense: | | | | | | | | | | | | | |
Federal
|
| | | | 1 | | | | | | — | | |
State
|
| | | | — | | | | | | (1) | | |
Foreign
|
| | | | — | | | | | | — | | |
Deferred income tax (benefit) expense
|
| | | | 1 | | | | | | (1) | | |
Income tax expense
|
| | | $ | 7 | | | | | $ | 39 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Income tax (benefit) expense at the U.S. federal statutory rate of 21%
|
| | | $ | (78) | | | | | $ | 2 | | |
State taxes
|
| | | | (8) | | | | | | 2 | | |
Foreign branches
|
| | | | 5 | | | | | | 11 | | |
Foreign tax rate differential
|
| | | | (4) | | | | | | 2 | | |
Unrecognized tax benefits and related interest
|
| | | | 2 | | | | | | 4 | | |
Change in valuation allowance
|
| | | | 88 | | | | | | 13 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
U.S. federal research and development credit
|
| | | | (1) | | | | | | (2) | | |
Other, net
|
| | | | 1 | | | | | | 7 | | |
Stock Compensation (Net Shortfall)
|
| | | | — | | | | | | (1) | | |
Foreign Permanent Differences
|
| | | | 2 | | | | | | 1 | | |
Income tax expense
|
| | | $ | 7 | | | | | $ | 39 | | |
|
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Deferred tax assets: | | | | | | | | | | | | | |
Provision for accrued expenses
|
| | | $ | 8 | | | | | $ | 12 | | |
Net operating loss and tax credit carryforwards
|
| | | | 153 | | | | | | 45 | | |
Stock-based compensation
|
| | | | 6 | | | | | | 4 | | |
Property and equipment
|
| | | | 4 | | | | | | 5 | | |
ROU Lease Liability
|
| | | | 1 | | | | | | 4 | | |
Other
|
| | | | (4) | | | | | | (11) | | |
Total deferred tax assets
|
| | | | 168 | | | | | | 59 | | |
Less valuation allowance
|
| | | | (155) | | | | | | (44) | | |
Net deferred tax assets
|
| | | $ | 13 | | | | | $ | 15 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Goodwill and intangible assets
|
| | | | (13) | | | | | | (13) | | |
ROU lease asset
|
| | | | (1) | | | | | | (3) | | |
Total deferred tax liabilities
|
| | | | (14) | | | | | | (16) | | |
Net deferred tax liability
|
| | | $ | (1) | | | | | $ | (1) | | |
| | |
2020
|
| |
2019
|
| ||||||
Balance, beginning of year
|
| | | $ | 6 | | | | | $ | 2 | | |
Increases to tax positions related to the current year
|
| | | | 2 | | | | | | 4 | | |
Increases to tax positions related to prior years
|
| | | | — | | | | | | — | | |
Decreases to tax positions related to prior years
|
| | | | (1) | | | | | | — | | |
Balance, end of year
|
| | | $ | 7 | | | | | $ | 6 | | |
| | |
Employee
Severance and Benefits |
| |||
| | |
(In millions)
|
| |||
Accrued liability as of January 1, 2019
|
| | | $ | — | | |
Charges
|
| | | | 11 | | |
Payments
|
| | | | (2) | | |
Non-cash items
|
| | | | — | | |
Accrued liability as of December 31, 2019
|
| | | $ | 9 | | |
Charges
|
| | | | 59 | | |
Payments
|
| | | | (21) | | |
Non-cash items
|
| | | | — | | |
Accrued liability as of December 31, 2020
|
| | | $ | 47 | | |
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
|
(In millions)
|
| |||||||||||
Cash pooling and general financing activities
|
| | | $ | 112 | | | | | $ | — | | |
Sales to Parent
|
| | | | — | | | | | | 2 | | |
Purchases from Parent
|
| | | | (2) | | | | | | (3) | | |
Stock based compensation
|
| | | | 15 | | | | | | 12 | | |
Corporate allocations
|
| | | | 49 | | | | | | 54 | | |
Income tax expense
|
| | | | 7 | | | | | | 39 | | |
Net increase (decrease) in Net Parent Investment
|
| | | $ | 181 | | | | | $ | 104 | | |
| | |
Amount
Paid or to Be Paid |
| |||
SEC registration fee
|
| | | $ | 583,685.35 | | |
Legal fees and expenses
|
| | | | * | | |
Accounting fees and expenses
|
| | | | * | | |
Financial printing and miscellaneous expenses
|
| | | | * | | |
Total
|
| | | $ | * | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Paul Abbott
Paul Abbott
|
| |
Chief Executive Officer and Director (Principal Executive Officer)
|
| |
July 19, 2022
|
|
|
/s/ Martine Gerow
Martine Gerow
|
| |
Chief Financial Officer (Principal Financial Officer)
|
| |
July 19, 2022
|
|
|
/s/ Chris Van Vliet
Chris Van Vliet
|
| |
Controller
(Principal Accounting Officer) |
| |
July 19, 2022
|
|
|
*
James P. Bush
|
| |
Director
|
| |
July 19, 2022
|
|
|
*
Gloria Guevara Manzo
|
| |
Director
|
| |
July 19, 2022
|
|
|
*
Eric Hart
|
| |
Director
|
| |
July 19, 2022
|
|
|
*
Raymond Donald Joabar
|
| |
Director
|
| |
July 19, 2022
|
|
|
*
Michael Gregory (Greg) O’Hara
|
| |
Director
|
| |
July 19, 2022
|
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
*
Richard Petrino
|
| |
Director
|
| |
July 19, 2022
|
|
|
*
Mohammed Saif S.S. Al-Sowaidi
|
| |
Director
|
| |
July 19, 2022
|
|
|
*
Itai Wallach
|
| |
Director
|
| |
July 19, 2022
|
|
|
*
Susan Ward
|
| |
Director
|
| |
July 19, 2022
|
|
|
*
Kathleen Winters
|
| |
Director
|
| |
July 19, 2022
|
|
|
*By:
/s/ Eric J. Bock
Eric J. Bock
Attorney-in-fact |
| | |
Exhibit 5.1
Skadden, Arps, Slate, Meagher & Flom llp | ||||
One Manhattan West | ||||
New York, NY 10001 | FIRM/AFFILIATE | |||
TEL: (212) 735-3000 | OFFICES | |||
FAX: (212) 735-2000 | BOSTON | |||
www.skadden.com | CHICAGO | |||
HOUSTON | ||||
LOS ANGELES | ||||
PALO ALTO | ||||
WASHINGTON, D.C. | ||||
WILMINGTON | ||||
BEIJING | ||||
BRUSSELS | ||||
FRANKFURT | ||||
HONG KONG | ||||
LONDON | ||||
MUNICH | ||||
PARIS | ||||
SÃO PAULO | ||||
July 19, 2022 | SEOUL | |||
SHANGHAI | ||||
SINGAPORE | ||||
TOKYO | ||||
TORONTO |
Global Business Travel Group, Inc.
666 3rd Avenue, 4th Floor
New York, NY 10017
Re: | Global Business Travel Group, Inc. Registration Statement on Form S-1 |
Ladies and Gentlemen:
We have acted as special United States counsel to Global Business Travel Group, Inc., a Delaware corporation (the “Company”), in connection with (a) the issuance of up to 75,986,935 shares (collectively, the “Primary Shares”) of Class A common stock, par value $0.001 per share, of the Company (the “Class A Common Stock”), comprising (i) the shares of Class A Common Stock issuable upon the exercise of 27,227,000 outstanding public warrants (the “public warrants”) that were issued pursuant to the Warrant Agreement, dated November 16, 2020, by and between Apollo Strategic Growth Capital, a Cayman Islands exempted company (“APSG”), and Continental Stock Transfer & Trust Company (including the form of Warrant Certificate included therein, the “IPO Warrant Agreement”), (ii) the shares of Class A Common Stock issuable upon exercise of 12,224,134 outstanding private placement warrants (the “private placement warrants”) that were issued pursuant to the IPO Warrant Agreement, and (iii) 36,535,801 shares of Class A Common Stock issuable upon the exercise of options to purchase shares of Class A Common Stock (“GBTG Options”) which were converted from options (“GBT MIP Options”) to purchase shares of GBT JerseyCo Limited, a company limited by shares incorporated under the laws of Jersey (“Legacy GBT”), issued in connection with the Business Combination Agreement, dated as of December 2, 2021 (the “Business Combination Agreement”), by and between APSG and Legacy GBT and granted under the GBT JerseyCo Limited Amended and Restated Management Incentive Plan (or any predecessor plan), effective as of December 2, 2021 (the “A&R MIP”), (b) the resale by the selling securityholders (the “Selling Securityholders”) of up to 492,628,569 shares of Class A Common Stock (collectively, the “Issued Shares”), comprising (i) 12,224,134 shares of Class A Common Stock issuable upon exercise of private placement warrants, (ii) 10,000 shares of Class A Common Stock issuable upon exercise of public warrants held by certain of the Company’s officers and directors, (iii) 394,448,481 shares of Class A Common Stock issuable upon exchange of Ordinary B shares of Legacy GBT (“GBT Ordinary B Shares”) held by American Express Travel Holdings Netherlands Coöperatief U.A., Juweel Investors (SPC) Limited, an exempted segregated portfolio company with limited liability incorporated under the laws of the Cayman Islands and EG Corporate Travel Holdings LLC, a Delaware limited liability company (together, the “Continuing JerseyCo Owners”), and any exchanges of GBT Ordinary Shares are to be made pursuant to the Exchange Agreement, dated May 27, 2022 (the "Exchange Agreement”), by and among the Company, Legacy GBT and the Continuing JerseyCo Owners, (iv) 14,435,817 shares of Class A Common Stock issuable upon the conversion of C Ordinary Shares of Legacy GBT (the “earnout shares”) held by certain of the Company’s officers and directors and the Continuing JerseyCo Owners, (v) 18,739,887 shares of Class A Common Stock issuable upon the exercise of GBTG Options held by certain of the Company’s officers and directors, (vi) 32,350,000 shares of Class A Common Stock issued pursuant to Subscription Agreements, dated December 2, 2021 (collectively the “Subscription Agreements,” and together with the Business Combination Agreement, the A&R MIP and the Exchange Agreement, the “Issued Share Agreements”) and (vii) 20,420,250 shares of Class A Common Stock held by certain directors of APSG and APSG Sponsor LLC, a Delaware limited liability company (the “Sponsor”), and (c) the resale by certain of the Selling Securityholders of 12,224,134 private placement warrants and 10,000 public warrants (collectively, the “Secondary Warrants” and collectively with the Primary Shares and the Issued Shares, the “Securities”).
Global Business Travel Group, Inc.
July 19, 2022
Page 2
This opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act of 1933 (the “Securities Act”).
In rendering the opinions stated herein, we have examined and relied upon the following:
(a) the registration statement on Form S-1 (File No. 333- 261820) of the Company relating to the Securities filed on December 2, 2021 with the Securities and Exchange Commission (the “Commission”) under the Securities Act allowing for delayed offerings pursuant to Rule 415 of the General Rules and Regulations under the Securities Act (the “Rules and Regulations”) and Pre-Effective Amendments No. 1 through No. 4 thereto, including the information deemed to be a part of the registration statement pursuant to Rule 430B of the Rules and Regulations and the Notice of Effectiveness of the Commission posted on its website declaring such registration statement effective on May 4, 2022 (such registration statement, as so amended, being hereinafter referred to as the “Registration Statement”);
(b) an executed copy of a certificate of Eric J. Bock, Chief Legal Officer, Global Head of M&A and Compliance and Corporate Secretary of the Company, dated the date hereof (the “Secretary’s Certificate”);
(c) a copy of certain resolutions of the Board of Directors of APSG prior to the business combination adopted on August 6, 2020 (the “IPO Board Resolutions”), certified pursuant to the Secretary’s Certificate;
(d) copies of certain resolutions of the Board of Directors of APSG prior to the business combination adopted on December 2, 2021 (the “APSG Business Combination Resolutions”), certified pursuant to the Secretary’s Certificate;
Global Business Travel Group, Inc.
July 19, 2022
Page 3
(e) copies of certain resolutions of the Board of Directors of APSG adopted prior to the domestication on April 19, 2022 (the “APSG Pre-Domestication Resolutions”), certified pursuant to the Secretary’s Certificate;
(f) copies of certain resolutions of the Board of Directors of APSG following the domestication adopted on May 24, 2022 (the “APSG Post-Domestication Resolutions”), certified pursuant to the Secretary’s Certificate;
(g) a copy of certain resolutions of the Board of Directors of the Company adopted on December 2, 2021 (the “Company Business Combination Resolutions”), certified pursuant to the Secretary’s Certificate;
(h) a copy of certain resolutions of the Board of Directors of the Company adopted on May 27, 2022 (the “Company Closing Resolutions”), certified pursuant to the Secretary’s Certificate;
(i) a copy of the Company’s Certificate of Incorporation as in effect as of the date of the Company Business Combination Resolutions and as in effect as of the date hereof, certified by the Secretary of State of the State of Delaware as of the date hereof, and certified pursuant to the Secretary’s Certificate;
(j) a copy of the Company’s By-Laws, as amended and restated and as in effect as of the date of the Company Business Combination Resolutions and as of the date hereof, and certified pursuant to the Secretary’s Certificate;
(k) an executed copy of the IPO Warrant Agreement;
(l) an executed copy of the Amended and Restated Registration Rights Agreement, dated as of May 27, 2022, by and among the Company, the Sponsor, the Continuing JerseyCo Owners, and certain other parties thereto (the “Amended and Restated Registration Rights Agreement”);
(m) executed copies of the Issued Share Agreements; and
(n) a certificate, dated July 19, 2022, from the Secretary of State of the State of Delaware with respect to the Company’s existence and good standing in the State of Delaware.
We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such records of the Company and the Selling Securityholders and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Company and the Selling Securityholders and others, and such other documents as we have deemed necessary or appropriate as a basis for the opinions stated below, including the facts and conclusions set forth in the Secretary’s Certificate.
Global Business Travel Group, Inc.
July 19, 2022
Page 4
In our examination, we have assumed the genuineness of all signatures, including electronic signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified or photocopied copies, and the authenticity of the originals of such copies. As to any facts relevant to the opinions stated herein that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives of the Company and the Selling Securityholders and others and of public officials, including those in the Secretary’s Certificate.
We do not express any opinion with respect to the laws of any jurisdiction other than (i) the laws of the State of New York and (ii) the General Corporation Law of the State of Delaware (the “DGCL”) (all of the foregoing being referred to as “Opined on Law”).
As used herein, “Transaction Agreements” means the Issued Share Agreements, the Amended and Restated Registration Rights Agreement and the IPO Warrant Agreement.
Based upon the foregoing and subject to the qualifications and assumptions stated herein, we are of the opinion that:
1. When the Registration Statement, as finally amended (including all necessary post-effective amendments), has become effective under the Securities Act, the Primary Shares, when issued in accordance with the terms of the IPO Warrant Agreement by the Company against payment of the exercise price therefor and registered in the Company’s share registry, will be validly issued, fully paid and nonassessable.
2. The Issued Shares have been duly authorized by all requisite corporate action on the part of the Company under the DGCL and have been validly issued and are fully paid and nonassessable.
3. The Secondary Warrants constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms under the laws of the State of New York.
Global Business Travel Group, Inc.
July 19, 2022
Page 5
The opinions stated herein are subject to the following qualifications:
(a) we do not express any opinion with respect to the effect on the opinions stated herein of any bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, preference and other similar laws or governmental orders affecting creditors’ rights generally, and the opinions stated herein are limited by such laws and orders and by general principles of equity (regardless of whether enforcement is sought in equity or at law);
(b) we do not express any opinion with respect to any law, rule or regulation that is applicable to any party to any of the Transaction Agreements or the transactions contemplated thereby solely because such law, rule or regulation is part of a regulatory regime applicable to any such party or any of its affiliates as a result of the specific assets or business operations of such party or such affiliates;
(c) we call to your attention that irrespective of the agreement of the parties to any Transaction Agreement a court may decline to hear a case on grounds of forum non conveniens or other doctrine limiting the availability of such court as a forum for resolution of disputes; in addition, we call to your attention that we do not express any opinion with respect to the subject matter jurisdiction of the federal courts of the United States of America in any action arising out of or relating to any Transaction Agreement;
(d) except to the extent expressly stated in the opinions contained herein, we have assumed that each of the Transaction Agreements constitutes the valid and binding obligation of each party to such Transaction Agreement, enforceable against such party in accordance with its terms;
(e) we do not express any opinion with respect to the enforceability of any provision contained in any Transaction Agreement relating to any indemnification, contribution, non-reliance, exculpation, release, limitation or exclusion of remedies, waiver or other provisions having similar effect that may be contrary to public policy or violative of federal or state securities laws, rules or regulations, or to the extent any such provision purports to, or has the effect of, waiving or altering any statute of limitations;
(f) we do not express any opinion with respect to the enforceability of any provision contained in any Transaction Document with respect to the choice of law or the choice of forum of the parties to such Transaction Document and we have assumed that such choices are valid and effective under all applicable laws; and
(g) we do not express any opinion whether the execution or delivery of any Transaction Agreement by the Company or the performance by the Company of its obligations under any Transaction Agreement will constitute a violation of, or a default under, any covenant, restriction or provision with respect to financial ratios or tests or any aspect of the financial condition or results of operations of the Company or any of its subsidiaries.
In addition, in rendering the foregoing opinions we have assumed that, at all applicable times:
(a) neither the execution and delivery by the Company of the Transaction Agreements nor the performance by the Company of its obligations thereunder, including the issuance or sale, as applicable, of the Securities: (i) constituted or will constitute a violation of, or a default under, any lease, indenture, agreement or other instrument to which the Company or its property is subject (except that we do not make the assumption set forth in this clause (a)(i) with respect to those agreements or instruments expressed to be governed by the laws of the State of New York which are listed in Part II of the Registration Statement), (ii) contravened or will contravene any order or decree of any governmental authority to which the Company or its property is subject, or (iii) violated or will violate any law, rule or regulation to which the Company or its property is subject (except that we do not make the assumption set forth in this clause (a)(iii) with respect to the Opined on Law);
(b) neither the execution and delivery by the Company of the Transaction Agreements nor the performance by the Company of its obligations thereunder, including the issuance or sale, as applicable, of the Securities, required or will require the consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any law, rule or regulation of any jurisdiction (except that we do not make the assumption set forth in this clause (b) with respect to the Opined on Law);
(c) (i) an appropriate account statement evidencing the Securities credited to a recipient’s account maintained with the Company’s transfer agent has been or will be issued by the Company’s transfer agent, (ii) the issuance of the Securities has been properly recorded in the books and records of the Company; (iii) each award agreement pursuant to which rights to acquire Securities or other awards are granted pursuant to the Plan will be consistent with the Plan and will be duly authorized, executed and delivered by the parties thereto and (iv) the consideration received by the Company for each of the Securities delivered pursuant to the applicable Transaction Agreements shall not be less than the per share par value of the Securities;
(d) the Transaction Agreements have not been amended, restated, supplemented or otherwise modified, that the Transaction Agreements have been duly authorized by all requisite corporate action of the Company and that the Transaction Agreements, as applicable, constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms (except that we do not make the assumption set forth in this clause (d) with respect to the Secondary Warrants); and
Global Business Travel Group, Inc.
July 19, 2022
Page 6
(e) the issuance of the Issued Shares and the issuance of the Primary Shares did not, does not and will not violate or conflict with any agreement or instrument binding on the Company (except that we do not make the assumption set forth in this clause (e) with respect to the organizational documents listed in clauses (i) and (j) above or those agreements or instruments expressed to be governed by the laws of the State of New York which are listed in Part II of the Registration Statement).
We hereby consent to the reference to our firm under the heading “Legal Matters” in the prospectus forming part of the Registration Statement. We also hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations. This opinion is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.
Very truly yours, | |
/s/ Skadden, Arps, Slate, Meagher & Flom LLP |
Exhibit 24
Certified Board Resolution
I, Eric J. Bock, Chief Legal Officer, Global Head of M&A and Corporate Secretary of Global Business Travel Group, Inc., a Delaware corporation (f/k/a Apollo Strategic Growth Capital) (the “Company”), hereby certify that the following resolution was adopted by the Company's Board of Directors on May 27, 2022:
WHEREAS, the Board deems it advisable and in the best interests of the Company to prepare and file a Registration Statement on Form S-1 or Form S-3, as applicable (such registration statement as it may hereafter be amended is herein referred to as the “Shelf Registration Statement”), pursuant to the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations of the SEC thereunder.
* * *
RESOLVED, that the appointment by the officers and directors executing the Shelf Registration Statement of Martine Gerow and Eric J. Bock, and each of them, with full power of substitution and resubstitution to, among other things, sign any and all amendments (including post-effective amendments) to the Shelf Registration Statement and any registration statement relating to the Shelf Registration Statement that is to be effective upon filing pursuant to Rule 462 of the Securities Act, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the SEC, be, and the same hereby are, in all respects approved.
/s/ Eric J. Bock | ||
Name: | Eric J. Bock | |
Title: | Chief Legal Officer, Global Head of M&A and Corporate Secretary |
Exhibit 107
Calculation of Filing Fee Tables
FORM S-1
(Form Type)
Global Business Travel Group, Inc.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered and Carry Forward Securities
Security Type |
Security Class Title |
Fee Calculation or Carry Forward Rule |
Amount Registered(1) | Proposed Maximum Offering Price Per Unit(2) |
Maximum Aggregate Offering Price |
Fee Rate | Amount of Registration Fee | ||
Newly Registered Securities | |||||||||
Fees Previously Paid | Equity |
Secondary Offering: Class A Common Stock, par value $0.0001 per share (“Class A Common Stock”) |
457(c) | 492,628,569 | $6.98 | $3,438,547,411.62 | .0000927 | $318,753.35 | |
Warrants |
Secondary Offering: Private placement warrants to purchase Class A Common Stock |
457(g) | 12,224,134 | (3) | |||||
Warrants | Secondary Offering: Public warrants to purchase Class A Common Stock |
457(g) | 10,000 | (3) | |||||
Carry Forward Securities | |||||||||
Carry Forward Securities | |||||||||
Total Offering Amounts | $3,438,547,411.62 | $318,753.35 | |||||||
Total Fees Previously Paid | $583,685.35 | ||||||||
Total Fee Offsets | $0.00 | ||||||||
Net Fee Due | $0.00 | ||||||||
Table 3: Combined Prospectuses
Security Type |
Security Class Title |
Amount
of Previously Registered(1) |
Maximum Aggregate Offering
Price of Previously Registered |
Form Type |
File Number | Initial Effective Date |
Equity | Class A Common Stock (4) | 36,627,257(5) | $287,523,967.45 | S-4 | 333-261820 | May 4, 2022 |
Equity | Class A Common Stock issuable upon exercise of warrants(4) | 39,451,134(5) | $453,688,041.00 | S-4 | 333-261820 | May 4, 2022 |
(1) | Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), there are also being registered an indeterminable number of additional securities as may be issued as a result of stock splits, stock dividends or similar transactions. |
(2) | Estimated in accordance with Rule 457(c) solely for purposes of calculating the registration fee. The maximum price per Security and the maximum aggregate offering price are based on the average of the $7.69 (high) and $6.27 (low) sale price of the Registrant's Class A Common Stock as reported on the NYSE on June 13, 2022, which date is within five business days prior to filing this Registration Statement. |
(3) | No separate registration fee is required pursuant to Rule 457(g) under the Securities Act. |
(4) | No registration fee is payable in connection with the 76,078,391 shares of Class A Common Stock (including the shares of Class A Common Stock issuable upon exercise of warrants) that were previously registered under Form S-4 as amended (File No. 333-261820) which was declared effective on May 4, 2022 (the “Prior Registration Statement”), because such shares are being transferred from the Prior Registration Statement pursuant to Rule 429 under the Securities Act. A registration fee is only payable in connection with the 1,020,397 shares of common stock that were not previously registered under the Prior Registration Statement, with a proposed maximum aggregate offering price of $10,101,930.30. See “Statement Pursuant to Rule 429” in this registration statement. |
(5) | 76,078,391 shares of Class A Common Stock registered under the Prior Registration Statement are included in this registration statement. Pursuant to Rule 429(b) under the Securities Act, this registration statement, upon effectiveness, will constitute post-effective amendments to the Prior Registration Statement, which post-effective amendments shall hereafter become effective concurrently with the effectiveness of this registration statement and in accordance with Section 8(c) of the Securities Act. If securities previously registered under the Prior Registration Statement are offered and sold before the effective date of this registration statement, the amount of previously registered securities so sold will not be included in the prospectus hereunder. |
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