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| | | | F-1 | | | |
| | | | A-1 | | | |
PART II INFORMATION NOT REQUIRED IN PROSPECTUS
|
| | | | II-1 | | |
Name
|
| |
Aggregate Number
of Public Warrants Beneficially Owned |
| |
Percentage of Public
Warrants Beneficially Owned(1) |
| |
Aggregate Number
of Private Placement Warrants Beneficially Owned |
| |
Percentage of
Private Placement Warrants Beneficially Owned(1) |
| ||||||||||||
APSG Sponsor, L.P.
|
| | | | — | | | | | | —% | | | | | | 12,224,134 | | | | | | 100% | | |
Eric J. Bock
|
| | | | 10,000 | | | | | | *% | | | | | | — | | | | | | —% | | |
($ in millions, except share and per share data)
|
| |
GBTG
(Historical) |
| |
Apollo
Strategic Growth Capital (YTD March 31, 2022) |
| |
Apollo
Strategic Growth Capital (Mgt accounts/ estimate) |
| |
Apollo
Strategic Growth Capital (YTD May 27, 2022) |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| ||||||||||||||||||
Revenue
|
| | | $ | 836 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | $ | 836 | | |
Costs and expenses:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue (excluding depreciation and amortization shown separately below)
|
| | | | 372 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 372 | | |
Sales and marketing
|
| | | | 154 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 154 | | |
Technology and content
|
| | | | 185 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 185 | | |
General and administrative
|
| | | | 154 | | | | | | 1 | | | | | | 1 | | | | | | 2 | | | | | | — | | | | | | | | | 156 | | |
Restructuring charges
|
| | | | (3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | (3) | | |
Depreciation and amortization
|
| | | | 89 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 89 | | |
Total operating expenses
|
| | | | 951 | | | | | | 1 | | | | | | 1 | | | | | | 2 | | | | | | — | | | | | | | | | 953 | | |
Operating loss
|
| | | | (115) | | | | | | (1) | | | | | | (1) | | | | | | (2) | | | | | | — | | | | | | | | | (117) | | |
Interest (expense) income
|
| | | | (43) | | | | | | — | | | | | | 1 | | | | | | 1 | | | | | | — | | | | | | | | | (42) | | |
Fair value movement on earnouts and warrants derivative liabilities
|
| | | | 36 | | | | | | (4) | | | | | | — | | | | | | (4) | | | | | | (9) | | | |
3(ee)
|
| | | | 23 | | |
Other income, net
|
| | | | 2 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | 2 | | |
Loss before income taxes and share of loss from equity method investments
|
| | | | (120) | | | | | | (5) | | | | | | — | | | | | | (5) | | | | | | (9) | | | | | | | | | (134) | | |
Benefit from income taxes
|
| | | | 29 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
3(bb)
|
| | | | 29 | | |
Share of losses from equity method
investments |
| | | | (2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | (2) | | |
Net loss
|
| | | | (93) | | | | | | (5) | | | | | | — | | | | | | (5) | | | | | | (9) | | | | | | | | | (107) | | |
Net (loss) income attributable to noncontrolling interests in subsidiaries
|
| | | | (114) | | | | | | — | | | | | | — | | | | | | — | | | | | | 16 | | | | | | | | | (98) | | |
Net income (loss) attributable to the
Company |
| | | $ | 21 | | | | | $ | (5) | | | | | | — | | | | | $ | (5) | | | | | $ | (25) | | | | | | | | $ | (9) | | |
Earnings per share attributable to the shareholders of the Company’s Class A Common Stock – Basic:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of Class A Common
Stock outstanding |
| | | | 48,867,969 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 59,717,012 | | |
Loss per share
|
| | | $ | 0.44 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (0.15) | | |
Earnings per share attributable to the shareholders of the Company’s Class A Common Stock – Diluted:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of Class A Common
Stock outstanding |
| | | | 444,320,221 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 455,169,264 | | |
Loss per share
|
| | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (0.24) | | |
Weighted average shares outstanding of Class A ordinary shares
|
| | | | | | | | | | 81,681,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share,
Class A |
| | | | | | | | | $ | (0.05) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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- YTD Sep 2021 |
| |
Egencia
Historical- Oct 2021 (Mgt accounts/ estimate) |
| |
Egencia
Historical- YTD Oct 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 | | | | | | 2 | | | |
3(ff)
|
| | | | 257 | | |
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 | | | | | | 2 | | | | | | | | | 1,699 | | |
Operating loss
|
| | | | (560) | | | | | | (206) | | | | | | (11) | | | | | | (217) | | | | | | (18) | | | | | | | | | (795) | | | | | | (13) | | | | | | (2) | | | | | | | | | (810) | | |
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) | | | |
3(ee)
|
| | | | — | | |
Loss before income taxes and share
of loss from equity method investments |
| | | | (653) | | | | | | (204) | | | | | | (11) | | | | | | (215) | | | | | | (18) | | | | | | | | | (886) | | | | | | 6 | | | | | | (32) | | | | | | | | | (912) | | |
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 | | | | | $ | (30) | | | | | | | | $ | (725) | | |
Net (loss) attributable to noncontrolling interests in subsidiaries
|
| | | | (2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | (2) | | | | | | — | | | | | | (614) | | | |
3(cc)
|
| | | | (616) | | |
Net (loss) income attributable to the Company
|
| | | | (473) | | | | | | (202) | | | | | | (11) | | | | | | (213) | | | | | | (13) | | | | | | | | | (699) | | | | | | 6 | | | | | | 584 | | | | | | | | | (109) | | |
Legacy GBT 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 | | | | | | 594 | | | | | | | | | (109) | | |
Earnings per share attributable to
the shareholders of the Company’s ordinary shares |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of
ordinary shares outstanding – Basic and Diluted |
| | | | 37,406,171 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loss per share – Basic and Diluted
|
| | | $ | (12.91) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of Class A Common Stock outstanding – Basic and Diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 59,717,012 | | |
Loss per share – Basic and Diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (1.83) | | |
Weighted average shares outstanding of Class A ordinary shares
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 81,681,000 | | | | | | | | | | | | | | | | | |
Basic and diluted net income per
share, Class A |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.06 | | | | | | | | | | | | | | | | | |
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 amortization of identifiable acquired intangible asset
|
| | | | | | | | | | | | | | | | 41 | | |
| | |
Assuming Exchange of All Warrants
|
| |||||||||
($ in millions, except share and per share data)
|
| |
Year Ended
December 31, 2021 |
| |
Six Months
Ended June 30, 2022 |
| ||||||
Numerator: | | | | | | | | | | | | | |
Net (loss) attributed to the Company
|
| | | | (109) | | | | | | (9) | | |
Effect of assumed exchange of warrants for Class A Common Stock
|
| | | | — | | | | | | — | | |
Estimated tax benefit (expense) of assumed exchange of warrants for Class A Common Stock
|
| | | | — | | | | | | — | | |
Net loss attributable to noncontrolling interests in subsidiaries
|
| | | | (614) | | | | | | (98) | | |
Net loss attributable to shareholders of Class A Common Stock – diluted
|
| | | $ | (723) | | | | | $ | (107) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average Class A Common Stock outstanding – basic
|
| | | | 48,867,969 | | | | | | 48,867,969 | | |
Assumed exchange of warrants for Class A Common Stock
|
| | | | 10,849,043 | | | | | | 10,849,043 | | |
Pro forma weighted average Class A Common Stock outstanding – basic
|
| | | | 59,717,012 | | | | | | 59,717,012 | | |
Assumed exercise of GBTG / GBT MIP Options
|
| | | | — | | | | | | 1,003,771 | | |
Assumed conversion of Class B Common Stock
|
| | | | — | | | | | | 394,448,481 | | |
Weighted average Class A Common Stock outstanding – diluted
|
| | | | 59,717,012 | | | | | | 455,169,264 | | |
Net (loss) per Class A Common Stock – diluted
|
| | | $ | (1.83) | | | | | $ | (0.24) | | |
| | |
Six Months Ended
June 30, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Key Operating Metrics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TTV
|
| | | | 10,668 | | | | | | 1,873 | | | | | | 6,385 | | | | | | 5,563 | | | | | | 27,667 | | |
Transaction Growth (Decline)
|
| | | | 363% | | | | | | (59)% | | | | | | 6% | | | | | | (71)% | | | | | | 17% | | |
Key Financial Metrics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 836 | | | | | | 279 | | | | | | 763 | | | | | | 793 | | | | | | 2,119 | | |
Total operating expense
|
| | | | 951 | | | | | | 522 | | | | | | 1,323 | | | | | | 1,540 | | | | | | 1,913 | | |
Net loss
|
| | | | (93) | | | | | | (169) | | | | | | (475) | | | | | | (619) | | | | | | 138 | | |
Net cash used in operating activities
|
| | | | (309) | | | | | | (236) | | | | | | (512) | | | | | | (250) | | | | | | 227 | | |
EBITDA
|
| | | | 10 | | | | | | (170) | | | | | | (406) | | | | | | (590) | | | | | | 349 | | |
Adjusted EBITDA
|
| | | | 19 | | | | | | (164) | | | | | | (340) | | | | | | (363) | | | | | | 428 | | |
Adjusted Operating Expenses
|
| | | | 815 | | | | | | 441 | | | | | | 1,095 | | | | | | 1,151 | | | | | | 1,696 | | |
Free Cash Flow
|
| | | | (351) | | | | | | (254) | | | | | | (556) | | | | | | (297) | | | | | | 165 | | |
| | |
As of
June 30, |
| |
As of
December 31, |
| ||||||
| | |
2022
|
| |
2021
|
| ||||||
Net Debt
|
| | | | 775 | | | | | | 507 | | |
| | |
Six Months Ended
June 30, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net (loss) income
|
| | | | (93) | | | | | | (169) | | | | |
|
(475)
|
| | | |
|
(619)
|
| | | |
|
138
|
| |
Interest income
|
| | | | — | | | | | | — | | | | | | (1) | | | | | | (1) | | | | | | (5) | | |
Interest expense
|
| | | | 43 | | | | | | 24 | | | | | | 53 | | | | | | 27 | | | | | | 15 | | |
Loss on early extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 49 | | | | | | — | | | | | | — | | |
(Benefit from) provision for income taxes
|
| | | | (29) | | | | | | (95) | | | | | | (186) | | | | | | (145) | | | | | | 60 | | |
Depreciation and amortization
|
| | | | 89 | | | | | | 70 | | | | | | 154 | | | | | | 148 | | | | | | 141 | | |
EBITDA
|
| | | | 10 | | | | | | (170) | | | | | | (406) | | | | | | (590) | | | | | | 349 | | |
Restructuring charges(a)
|
| | | | (3) | | | | | | (9) | | | | | | 14 | | | | | | 206 | | | | | | 12 | | |
Integration costs(b)
|
| | | | 17 | | | | | | 5 | | | | | | 22 | | | | | | 14 | | | | | | 36 | | |
Mergers and acquisitions(c)
|
| | | | 2 | | | | | | 11 | | | | | | 14 | | | | | | 10 | | | | | | 12 | | |
Separation costs(d)
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | 3 | | |
Equity-based compensation(e)
|
| | | | 8 | | | | | | 1 | | | | | | 3 | | | | | | 3 | | | | | | 6 | | |
Fair value movements on earnouts and warrants derivative liabilities(f)
|
| | | | (36) | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | |
Other adjustments, net(g)
|
| | | | 21 | | | | | | (2) | | | | | | 13 | | | | | | (6) | | | | | | 10 | | |
Adjusted EBITDA
|
| | | | 19 | | | | | | (164) | | | | | | (340) | | | | | | (363) | | | | | | 428 | | |
Net loss margin
|
| | | | (11)% | | | | | | (61)% | | | | | | (62)% | | | | | | (78)% | | | | | | 7% | | |
Adjusted EBITDA Margin
|
| | | | 2% | | | | | | (59)% | | | | | | (45)% | | | | | | (46)% | | | | | | 20% | | |
| | |
Six Months Ended
June 30, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Total operating expenses
|
| | | | 951 | | | | | | 522 | | | | | | 1,323 | | | | | | 1,540 | | | | | | 1,913 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | (89) | | | | | | (70) | | | | | | (154) | | | | | | (148) | | | | | | (141) | | |
Restructuring charges(a)
|
| | | | 3 | | | | | | 9 | | | | | | (14) | | | | | | (206) | | | | | | (12) | | |
Integration costs(b)
|
| | | | (17) | | | | | | (5) | | | | | | (22) | | | | | | (14) | | | | | | (36) | | |
Mergers and acquisition(c)
|
| | | | (2) | | | | | | (11) | | | | | | (14) | | | | | | (10) | | | | | | (12) | | |
Separation costs(d)
|
| | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | | | (3) | | |
Equity-based compensation(e)
|
| | | | (8) | | | | | | (1) | | | | | | (3) | | | | | | (3) | | | | | | (6) | | |
Other adjustments, net(g)
|
| | | | (23) | | | | | | (3) | | | | | | (21) | | | | | | (8) | | | | | | (7) | | |
Adjusted Operating Expenses
|
| | | | 815 | | | | | | 441 | | | | | | 1,095 | | | | | | 1,151 | | | | | | 1,696 | | |
| | |
Six Months Ended
June 30, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue
|
| | | $ | 836 | | | | | | 279 | | | | | | 557 | | | | | | 200% | | |
Costs and Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues (excluding depreciation and amortization shown separately below)
|
| | | | 372 | | | | | | 177 | | | | | | (195) | | | | | | (110)% | | |
Sales and marketing
|
| | | | 154 | | | | | | 88 | | | | | | (66) | | | | | | (74)% | | |
Technology and content
|
| | | | 185 | | | | | | 116 | | | | | | (69) | | | | | | (60)% | | |
General and administrative
|
| | | | 154 | | | | | | 80 | | | | | | (74) | | | | | | (92)% | | |
Restructuring charges
|
| | | | (3) | | | | | | (9) | | | | | | (6) | | | | | | (70)% | | |
Depreciation and amortization
|
| | | | 89 | | | | | | 70 | | | | | | (19) | | | | | | (27)% | | |
Total operating expense
|
| | | | 951 | | | | | | 522 | | | | | | (429) | | | | | | (82)% | | |
Operating loss
|
| | | | (115) | | | | | | (243) | | | | | | 128 | | | | | | 53% | | |
Interest expense
|
| | | | (43) | | | | | | (24) | | | | | | (19) | | | | | | (80)% | | |
Fair value movements on earnouts and warrants derivative
liabilities |
| | | | 36 | | | | |
|
—
|
| | | | | 36 | | | | | | n/m | | |
Other income, net
|
| | | | 2 | | | | | | 5 | | | | | | (3) | | | | | | (56)% | | |
Loss before income taxes and share of losses from equity method investments
|
| | | | (120) | | | | | | (262) | | | | | | (142) | | | | | | 54% | | |
Benefit from income taxes
|
| | | | 29 | | | | | | 95 | | | | | | (66) | | | | | | (69)% | | |
Share of losses in equity method investments
|
| | | | (2) | | | | | | (2) | | | | |
|
—
|
| | | | | (15)% | | |
Net loss
|
| | |
|
(93)
|
| | | |
|
(169)
|
| | | |
|
76
|
| | | |
|
45%
|
| |
| | |
Six Months Ended
June 30, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Travel Revenue
|
| | | $ | 645 | | | | | $ | 141 | | | | | $ | 504 | | | | | | 357% | | |
Products & Professional Services Revenue
|
| | | | 191 | | | | | | 138 | | | | | | 53 | | | | | | 39% | | |
Total Revenue
|
| | | $ | 836 | | | | | $ | 279 | | | | | $ | 557 | | | | | | 200% | | |
| | |
Six Months Ended
June 30, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Cost of revenue (excluding depreciation and amortization)
|
| | | $ | 372 | | | | | $ | 177 | | | | | $ | (195) | | | | | | (110)% | | |
| | |
Six Months Ended
June 30, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Sales and marketing
|
| | | $ | 154 | | | | | $ | 88 | | | | | $ | (66) | | | | | | (74)% | | |
| | |
Six Months Ended
June 30, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Technology and content
|
| | | $ | 185 | | | | | $ | 116 | | | | | $ | (69) | | | | | | (60)% | | |
| | |
Six Months Ended
June 30, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
General and administrative
|
| | | $ | 154 | | | | | $ | 80 | | | | | $ | (74) | | | | | | (92)% | | |
| | |
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 | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
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 | | |
| | |
Six Months Ended
June 30, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net cash (used in) from operating activities
|
| | | | (309) | | | | | | (236) | | | | | | (512) | | | | | | (250) | | | | | | 227 | | |
Net cash used in investing activities
|
| | | | (42) | | | | | | (71) | | | | | | (27) | | | | | | (47) | | | | | | (87) | | |
Net cash (used in) from financing activities
|
| | | | 298 | | | | | | 187 | | | | | | 478 | | | | | | 384 | | | | | | (65) | | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
| | | | (16) | | | | | | (1) | | | | | | (7) | | | | | | 7 | | | | | | 1 | | |
Net (decrease) increase in cash, cash equivalents and restricted
cash |
| | | | (69) | | | | | | (121) | | | | | | (68) | | | | | | 94 | | | | | | 76 | | |
| | |
Six Months Ended
June 30, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net cash (used in) from operating activities
|
| | | $ | (309) | | | | | $ | (236) | | | | | $ | (512) | | | | | $ | (250) | | | | | $ | 227 | | |
Less: Purchase of property and equipment
|
| | | | (42) | | | | | | (18) | | | | | | (44) | | | | | | (47) | | | | | | (62) | | |
Free Cash Flow
|
| | | $ | (351) | | | | | $ | (254) | | | | | $ | (556) | | | | | $ | (297) | | | | | $ | 165 | | |
| | |
As of June 30,
|
| |
As of
December 31, |
| ||||||||||||
($ in millions)
|
| |
2022
|
| |
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(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 (Maturity – December 2026)(4)
|
| | | | 1,000 | | | | | | 800 | | | | | | — | | |
Principal amount of Senior Secured Revolving Credit Facility (Maturity – August 2023)(5)
|
| | |
|
—
|
| | | |
|
—
|
| | | | | — | | |
| | | | | 1,241 | | | | | | 1,042 | | | | | | 643 | | |
Less: Unamortized debt discount and debt issuance costs
|
| | | | (20) | | | | | | (19) | | | | | | (19) | | |
Total debt, net of unamortized debt discount and debt issuance costs
|
| | | | 1,221 | | | | | | 1,023 | | | | | | 624 | | |
Less: Cash and cash equivalents
|
| | | | (446) | | | | | | (516) | | | | | | (584) | | |
Net Debt
|
| | | | 775 | | | | | | 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)
|
| | | $ | 1,221 | | | | | $ | 3 | | | | | $ | 5 | | | | | $ | 1,213 | | | | | $ | — | | |
Operating lease liabilities(2)
|
| | | | 86 | | | | | | 23 | | | | | | 31 | | | | | | 12 | | | | | | 20 | | |
Finance lease liabilities
|
| | | | 2 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | — | | |
Interest payments(3)
|
| | | | 427 | | | | | | 98 | | | | | | 198 | | | | | | 131 | | | | | | — | | |
Purchase commitments(4)
|
| | | | 202 | | | | | | 76 | | | | | | 107 | | | | | | 19 | | | | | | — | | |
Total contractual obligations
|
| | | $ | 1,938 | | | | | $ | 202 | | | | | $ | 341 | | | | | $ | 1,375 | | | | | $ | 20 | | |
Name
|
| |
Position
|
| |
Age
|
|
Paul Abbott | | |
Director
|
| |
54
|
|
James P. Bush | | |
Director
|
| |
64
|
|
Gloria Guevara Manzo | | |
Director
|
| |
55
|
|
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
|
| |
62
|
|
Kathleen Winters | | |
Director
|
| |
55
|
|
Name
|
| |
Position
|
| |
Age
|
|
Paul Abbott | | | Chief Executive Officer | | |
54
|
|
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 | | |
62
|
|
Mark Hollyhead | | | Chief Product Officer & President, Egencia | | |
52
|
|
Patricia Anne Huska | | | Chief People Officer | | |
54
|
|
Evan Konwiser | | | Chief Marketing and Strategy Officer | | |
40
|
|
Michael Qualantone | | | Chief Revenue Officer | | |
60
|
|
Boriana Tchobanova | | | Chief Transformation Officer | | |
47
|
|
David Thompson | | | Chief Technology Officer | | |
56
|
|
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 Chereque(3)
|
| | | | 226,060 | | | | | | 226,060 | | |
Marc D. Gordon(4)
|
| | | | — | | | | | | — | | |
Eric Hart(5)
|
| | | | 8,152 | | | | | | 8,152 | | |
Raymond Donald Joabar(4)
|
| | | | — | | | | | | — | | |
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 | | |
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 | | | | | |
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 |
| |
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 LLCM(7)
|
| | | | 8,675,568 | | | | | | 15.2% | | | | | | — | | | | | | — | | | | | | 1.9% | | |
HG Vora Special Opportunities Master Fund,
LTD(8) |
| | | | 8,200,000 | | | | | | 14.4% | | | | | | — | | | | | | — | | | | | | 1.8% | | |
Sabre Corporation(9)
|
| | | | 8,000,000 | | | | | | 14.0% | | | | | | — | | | | | | — | | | | | | 1.8% | | |
Zoom Video Communications, Inc.(10)
|
| | | | 4,000,000 | | | | | | 7.0% | | | | | | — | | | | | | — | | | | | | * | | |
Directors and Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Paul Abbott
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Andrew George Crawley
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael Qualantone(11)
|
| | | | 1,637,468 | | | | | | 2.9% | | | | | | — | | | | | | — | | | | | | *% | | |
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
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Class A Common Stock
Beneficially Owned |
| |
Class B Common Stock
Beneficially Owned |
| |
Combined
Total Voting Power |
| |||||||||||||||||||||
Name of Beneficial Owner(2)
|
| |
Shares
|
| |
Percent
|
| |
Shares
|
| |
Percent
|
| |
Percent
|
| |||||||||||||||
Susan Ward
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kathleen Winters
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Directors and Executive Officers as a Group (20 Individuals)(11)
|
| | | | 6,572,659 | | | | | | 11.5% | | | | | | — | | | | | | — | | | | | | 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 | | | | | | | |
| Consolidated Financial Statements | | | | | | | |
| | | | | F-50 | | | |
| | | | | F-51 | | | |
| | | | | F-52 | | | |
| | | | | F-53 | | | |
| | | | | F-54 | | | |
| | | | | F-55 | | | |
| Audited Annual Financial Statements | | | | | | | |
| | | | | F-84 | | | |
| | | | | F-85 | | | |
| | | | | F-87 | | | |
| | | | | F-88 | | | |
| | | | | F-89 | | | |
| | | | | F-91 | | | |
| | | | | F-92 | | |
| Egencia | | | | | | | |
| Unaudited Interim Financial Statements | | | | | | | |
| | | | | F-137 | | | |
| | | | | F-139 | | | |
| | | | | F-140 | | | |
| | | | | F-141 | | | |
| | | | | F-143 | | | |
| | | | | F-144 | | | |
| Audited Annual Financial Statements | | | | | | | |
| | | | | F-155 | | | |
| | | | | F-156 | | | |
| | | | | F-157 | | | |
| | | | | F-158 | | |
| | |
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
|
| |||
Consolidated Financial Statements | | | | | | | |
| | | | F-50 | | | |
| | | | F-51 | | | |
| | | | F-52 | | | |
| | | | F-53 | | | |
| | | | F-54 | | | |
| | | | F-55 | | |
(in $ millions except share and per share data)
|
| |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Assets | | | | | | | | | | | | | |
Current assets:
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 446 | | | | | $ | 516 | | |
Accounts receivable (net of allowances for doubtful accounts of $7 and $4 as of June 30, 2022 and December 31, 2021, respectively)
|
| | | | 688 | | | | | | 381 | | |
Due from affiliates
|
| | | | 33 | | | | | | 18 | | |
Prepaid expenses and other current assets
|
| | | | 117 | | | | | | 137 | | |
Total current assets
|
| | | | 1,284 | | | | | | 1,052 | | |
Property and equipment, net
|
| | | | 210 | | | | | | 216 | | |
Equity method investments
|
| | | | 14 | | | | | | 17 | | |
Goodwill
|
| | | | 1,312 | | | | | | 1,358 | | |
Other intangible assets, net
|
| | | | 682 | | | | | | 746 | | |
Operating lease right-of-use assets
|
| | | | 48 | | | | | | 59 | | |
Deferred tax assets
|
| | | | 267 | | | | | | 282 | | |
Other non-current assets
|
| | | | 34 | | | | | | 41 | | |
Total assets
|
| | | $ | 3,851 | | | | | $ | 3,771 | | |
Liabilities, preferred shares, and stockholders’ equity | | | | | | | | | | | | | |
Current liabilities:
|
| | | | | | | | | | | | |
Accounts payable
|
| | | $ | 274 | | | | | $ | 137 | | |
Due to affiliates
|
| | | | 40 | | | | | | 41 | | |
Accrued expenses and other current liabilities
|
| | | | 441 | | | | | | 519 | | |
Current portion of operating lease liabilities
|
| | | | 19 | | | | | | 21 | | |
Current portion of long-term debt
|
| | | | 3 | | | | | | 3 | | |
Total current liabilities
|
| | | | 777 | | | | | | 721 | | |
Long-term debt, net of unamortized debt discount and debt issuance costs
|
| | | | 1,218 | | | | | | 1,020 | | |
Deferred tax liabilities
|
| | | | 115 | | | | | | 119 | | |
Pension liabilities
|
| | | | 280 | | | | | | 333 | | |
Long-term operating lease liabilities
|
| | | | 49 | | | | | | 61 | | |
Earnouts and warrants derivative liabilities
|
| | | | 121 | | | | | | — | | |
Other non-current liabilities
|
| | | | 25 | | | | | | 23 | | |
Total liabilities
|
| | | | 2,585 | | | | | | 2,277 | | |
Commitments and Contingencies (see note 12) | | | | | | | | | | | | | |
Preferred shares (par value €0.00001; 3,000,000 shares authorized; 1,500,000 shares issued
and outstanding as of December 31, 2021) |
| | | | — | | | | | | 160 | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Voting ordinary shares (par value €0.00001; 40,000,000 shares authorized; 36,000,000 shares issued and outstanding as of 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 December 31, 2021)
|
| | | | — | | | | | | — | | |
Profit Shares (par value €0.00001; 800,000 shares authorized, issued and outstanding as
of December 31, 2021) |
| | | | — | | | | | | — | | |
Class A common stock (par value $0.0001; 3,000,000,000 shares authorized; 56,945,033
shares issued and outstanding as of June 30, 2022) |
| | | | — | | | | | | — | | |
Class B common stock (par value $0.0001; 3,000,000,000 shares authorized; 394,448,481
shares issued and outstanding as of June 30, 2022) |
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 244 | | | | | | 2,560 | | |
Accumulated deficit
|
| | | | (128) | | | | | | (1,065) | | |
Accumulated other comprehensive loss
|
| | | | (30) | | | | | | (162) | | |
Total equity of the Company’s stockholders
|
| | | | 86 | | | | | | 1,333 | | |
Equity attributable to noncontrolling interest in subsidiaries
|
| | | | 1,180 | | | | | | 1 | | |
Total stockholders’ equity
|
| | | | 1,266 | | | | | | 1,334 | | |
Total liabilities, preferred shares, and stockholders’ equity
|
| | | $ | 3,851 | | | | | $ | 3,771 | | |
| | |
Three months ended
June 30, |
| |
Six months ended
June 30, |
| ||||||||||||||||||
(in $ millions, except share and per share data)
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Revenue
|
| | | $ | 486 | | | | | $ | 153 | | | | | $ | 836 | | | | | $ | 279 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue (excluding depreciation and amortization shown separately below)
|
| | | | 199 | | | | | | 95 | | | | | | 372 | | | | | | 177 | | |
Sales and marketing
|
| | | | 82 | | | | | | 45 | | | | | | 154 | | | | | | 88 | | |
Technology and content
|
| | | | 95 | | | | | | 59 | | | | | | 185 | | | | | | 116 | | |
General and administrative
|
| | | | 89 | | | | | | 41 | | | | | | 154 | | | | | | 80 | | |
Restructuring charges
|
| | | | (5) | | | | | | (9) | | | | | | (3) | | | | | | (9) | | |
Depreciation and amortization
|
| | | | 45 | | | | | | 36 | | | | | | 89 | | | | | | 70 | | |
Total operating expenses
|
| | | | 505 | | | | | | 267 | | | | | | 951 | | | | | | 522 | | |
Operating loss
|
| | | | (19) | | | | | | (114) | | | | | | (115) | | | | | | (243) | | |
Interest expense
|
| | | | (24) | | | | | | (13) | | | | | | (43) | | | | | | (24) | | |
Fair value movement on earnouts and warrants derivative liabilities
|
| | | | 36 | | | | | | — | | | | | | 36 | | | | | | — | | |
Other income, net
|
| | | | 2 | | | | | | — | | | | | | 2 | | | | | | 5 | | |
Loss before income taxes and share of losses from equity method investments
|
| | | | (5) | | | | | | (127) | | | | | | (120) | | | | | | (262) | | |
Benefit from income taxes
|
| | | | 4 | | | | | | 73 | | | | | | 29 | | | | | | 95 | | |
Share of losses from equity method investments
|
| | | | (1) | | | | | | (1) | | | | | | (2) | | | | | | (2) | | |
Net loss
|
| | | | (2) | | | | | | (55) | | | | | | (93) | | | | | | (169) | | |
Less: Net loss attributable to non-controlling interests in
subsidiaries |
| | | | (23) | | | | | | (55) | | | | | | (114) | | | | | | (169) | | |
Net income attributable to the Company’s Class A common stockholders
|
| | | $ | 21 | | | | | $ | — | | | | | $ | 21 | | | | | $ | — | | |
Basic earnings per share attributable to the Company’s Class A common stockholders
|
| | | $ | 0.44 | | | | | | | | | | | $ | 0.44 | | | | | | | | |
Weighted average number of shares outstanding – Basic
|
| | | | 48,867,969 | | | | | | | | | | | | 48,867,969 | | | | | | | | |
Diluted loss per share attributable to the Company’s
Class A common stockholders |
| | | $ | — | | | | | | | | | | | $ | (0.21) | | | | | | | | |
Weighted average number of shares outstanding – Diluted
|
| | | | 444,320,221 | | | | | | | | | | | | 444,320,221 | | | | | | | | |
| | |
Three months ended
June 30, |
| |
Six months ended
June 30, |
| ||||||||||||||||||
(in $ millions)
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Net loss
|
| | | $ | (2) | | | | | $ | (55) | | | | | $ | (93) | | | | | $ | (169) | | |
Other comprehensive (loss) income, net of tax: | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in currency translation adjustments, net of tax
|
| | | | (74) | | | | | | 7 | | | | | | (90) | | | | | | (2) | | |
Unrealized gains on cash flow hedge, net of tax
|
| | | | 4 | | | | | | — | | | | | | 13 | | | | | | — | | |
Amortization of actuarial loss and prior service cost in net periodic pension cost
|
| | | | 1 | | | | | | — | | | | | | 1 | | | | | | — | | |
Other comprehensive (loss) income, net of tax
|
| | | | (69) | | | | | | 7 | | | | | | (76) | | | | | | (2) | | |
Comprehensive loss
|
| | | | (71) | | | | | | (48) | | | | | | (169) | | | | | | (171) | | |
Less: Comprehensive loss attributable to non-controlling interests in subsidiaries
|
| | | | (88) | | | | | | (48) | | | | | | (186) | | | | | | (171) | | |
Comprehensive income attributable to the Company’s Class A common
stockholders |
| | | | 17 | | | | | | — | | | | | | 17 | | | | | | — | | |
| | |
Six months ended
June 30, |
| |||||||||
(in $ millions)
|
| |
2022
|
| |
2021
|
| ||||||
Operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (93) | | | | | $ | (169) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 89 | | | | | | 70 | | |
Deferred tax benefit
|
| | | | (31) | | | | | | (97) | | |
Equity-based compensation
|
| | | | 8 | | | | | | 1 | | |
Provision for (release of) allowance for doubtful accounts
|
| | | | 1 | | | | | | (4) | | |
Share of losses from equity-method investments
|
| | | | 2 | | | | | | 2 | | |
Amortization of debt discount and debt issuance costs
|
| | | | 2 | | | | | | 2 | | |
Fair value movements on earnouts and warrants derivative liabilities
|
| | | | (36) | | | | | | — | | |
Other non-cash
|
| | | | — | | | | | | (3) | | |
Pension contributions
|
| | | | (19) | | | | | | (12) | | |
Proceeds from termination of interest rate swap derivative contract
|
| | | | 23 | | | | | | — | | |
Changes in working capital, net of effects from acquisition
|
| | | | | | | | | | | | |
Accounts receivables
|
| | | | (346) | | | | | | (28) | | |
Prepaid expenses and other current assets
|
| | | | (8) | | | | | | 44 | | |
Due from affiliates
|
| | | | (15) | | | | | | 7 | | |
Due to affiliates
|
| | | | — | | | | | | 4 | | |
Accounts payable, accrued expenses and other current liabilities
|
| | | | 114 | | | | | | (53) | | |
Net cash used in operating activities
|
| | | | (309) | | | | | | (236) | | |
Investing activities: | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (42) | | | | | | (18) | | |
Business acquisition, net of cash acquired
|
| | | | — | | | | | | (53) | | |
Net cash used in investing activities
|
| | | | (42) | | | | | | (71) | | |
Financing activities: | | | | | | | | | | | | | |
Proceeds from reverse recapitalization, net
|
| | | | 269 | | | | | | — | | |
Redemption of preference shares
|
| | | | (168) | | | | | | — | | |
Proceeds from issuance of preferred shares
|
| | | | — | | | | | | 100 | | |
Proceeds from senior secured term loans
|
| | | | 200 | | | | | | 100 | | |
Repayment of senior secured term loans
|
| | | | (1) | | | | | | (4) | | |
Repayment of finance lease obligations
|
| | | | (2) | | | | | | (2) | | |
Payment of lender fees and issuance costs for senior secured term loans facilities
|
| | | | — | | | | | | (6) | | |
Capital distributions to stockholders
|
| | | | — | | | | | | (1) | | |
Net cash from financing activities
|
| | | | 298 | | | | | | 187 | | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
| | | | (16) | | | | | | (1) | | |
Net decrease in cash, cash equivalents and restricted cash
|
| | | | (69) | | | | | | (121) | | |
Cash, cash equivalents and restricted cash, beginning of period
|
| | | | 525 | | | | | | 593 | | |
Cash, cash equivalents and restricted cash, end of period
|
| | | $ | 456 | | | | | $ | 472 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Cash (received) paid for income taxes (net of refunds)
|
| | | $ | (1) | | | | | $ | 1 | | |
Cash paid for interest (net of interest received)
|
| | | $ | 38 | | | | | $ | 20 | | |
Dividend accrued on preferred shares
|
| | | $ | 8 | | | | | $ | 2 | | |
Non-cash additions for operating lease right-of-use assets
|
| | | $ | — | | | | | $ | 11 | | |
| | |
As of
|
| |||||||||
(in $ millions)
|
| |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Cash and cash equivalents
|
| | | $ | 446 | | | | | $ | 516 | | |
Restricted cash (included in other non-current assets)
|
| | | | 10 | | | | | | 9 | | |
Cash, cash equivalents and restricted cash
|
| | | $ | 456 | | | | | $ | 525 | | |
| | |
Voting ordinary
shares |
| |
Non-Voting
ordinary shares |
| |
Profit
shares |
| |
Class A
common stock |
| |
Class B
common stock |
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive loss |
| |
Total
equity of the Company’s stockholders |
| |
Equity
attributable to non-controlling interest in subsidiaries |
| |
Total
stockholders’ equity |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |
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 17) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (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 | | |
Dividend on preferred shares (see
note 17) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | (3) | | | | | | — | | | | | | (3) | | |
Equity-based compensation prior to reverse
recapitalization |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 2 | | | | | | — | | | | | | 2 | | |
Additional shares issued to Expedia (see notes 7 and 8)
|
| | | | — | | | | | | — | | | | | | 59,111 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6 | | | | | | — | | | | | | — | | | | | | 6 | | | | | | — | | | | | | 6 | | |
Net loss prior to reverse recapitalization
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (30) | | | | | | — | | | | | | (30) | | | | | | — | | | | | | (30) | | |
Other comprehensive loss, net of tax, prior
to reverse recapitalization |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (40) | | | | | | (40) | | | | | | — | | | | | | (40) | | |
Reverse recapitalization, net (see
note 6) |
| | | | (36,000,000) | | | | | | — | | | | | | (8,473,083) | | | | | | — | | | | | | (800,000) | | | | | | — | | | | | | 56,945,033 | | | | | | — | | | | | | 394,448,481 | | | | | | — | | | | | | (2,322) | | | | | | 1,037 | | | | | | 183 | | | | | | (1,102) | | | | | | 1,197 | | | | | | 95 | | |
Equity-based compensation after the reverse recapitalization
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 3 | | | | | | — | | | | | | 3 | | |
Net income after the reverse recapitalization
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21 | | | | | | — | | | | | | 21 | | | | | | 7 | | | | | | 28 | | |
Other comprehensive loss, net of tax, after
the reverse recapitalization |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4) | | | | | | (4) | | | | | | (25) | | | | | | (29) | | |
Balance as of June 30, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 56,945,033 | | | | | | — | | | | | | 394,448,481 | | | | | | — | | | | | | 244 | | | | | | (128) | | | | | | (30) | | | | | | 86 | | | | | | 1,180 | | | | | | 1,266 | | |
| | |
Voting ordinary
shares |
| |
Non-Voting
ordinary shares |
| |
Profit
shares |
| |
Class A
common stock |
| |
Class B
common stock |
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive loss |
| |
Total
equity of the Company’s stockholders |
| |
Equity
attributable to non-controlling interest in subsidiaries |
| |
Total
stockholders’ equity |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020
|
| | | | 36,000,000 | | | | | | — | | | | | | 8,413,972 | | | | | | — | | | | | | 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 | | | | | | — | | | | | | 8,413,972 | | | | | | — | | | | | | 800,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,752 | | | | | | (706) | | | | | | (188) | | | | | | 858 | | | | | | 3 | | | | | | 861 | | |
Dividend on preferred shares (see note 17)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2) | | | | | | — | | | | | | — | | | | | | (2) | | | | | | — | | | | | | (2) | | |
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | 1 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (54) | | | | | | — | | | | | | (54) | | | | | | (1) | | | | | | (55) | | |
Other comprehensive income, net of tax,
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7 | | | | | | 7 | | | | | | — | | | | | | 7 | | |
Balance as of June 30, 2021
|
| | | | 36,000,000 | | | | | | — | | | | | | 8,413,972 | | | | | | — | | | | | | 800,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,751 | | | | | | (760) | | | | | | (181) | | | | | | 810 | | | | | | 2 | | | | | | 812 | | |
| | |
Three months ended
June 30, |
| |
Six months ended
June 30, |
| ||||||||||||||||||
(in $ millions)
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Travel revenue
|
| | | $ | 388 | | | | | $ | 79 | | | | | $ | 645 | | | | | $ | 141 | | |
Products and professional services revenue
|
| | | | 98 | | | | | | 74 | | | | | | 191 | | | | | | 138 | | |
Total revenue
|
| | | $ | 486 | | | | | $ | 153 | | | | | $ | 836 | | | | | $ | 279 | | |
| | |
Accounts
receivables, net(1) |
| |
Contract
liabilities |
| |
Contract
liabilities |
| |||||||||
(in $ millions)
|
| |
Client incentives, net
(non-current) |
| |
Deferred revenue
(current) |
| ||||||||||||
Balance as of June 30, 2022
|
| | | $ | 688 | | | | | $ | 6 | | | | | $ | 24 | | |
Balance as of December 31, 2021
|
| | | $ | 375 | | | | | $ | 3 | | | | | $ | 18 | | |
| | |
As of
|
| |||||||||
(in $ millions)
|
| |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Prepaid operating expenses
|
| | | $ | 49 | | | | | $ | 42 | | |
Income tax receivable / prepayments
|
| | | | 30 | | | | | | 32 | | |
Deferred offering costs
|
| | | | — | | | | | | 21 | | |
Value added and similar taxes receivables
|
| | | | 15 | | | | | | 11 | | |
Other prepayments and receivables
|
| | | | 23 | | | | | | 31 | | |
Prepaid expenses and other current assets
|
| | | $ | 117 | | | | | $ | 137 | | |
| | |
As of
|
| |||||||||
(in $ millions)
|
| |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Capitalized software for internal use
|
| | | $ | 314 | | | | | $ | 304 | | |
Computer equipment
|
| | | | 74 | | | | | | 65 | | |
Leasehold improvements
|
| | | | 51 | | | | | | 52 | | |
Furniture, fixtures and other equipment
|
| | | | 6 | | | | | | 6 | | |
Capital projects in progress
|
| | | | 22 | | | | | | 9 | | |
| | | | | 467 | | | | | | 436 | | |
Less: accumulated depreciation and amortization
|
| | | | (257) | | | | | | (220) | | |
Property and equipment, net
|
| | | $ | 210 | | | | | $ | 216 | | |
(in $ millions)
|
| |
Amount
|
| |||
Balance as of December 31, 2021
|
| | | $ | 1,358 | | |
Egencia acquisition adjustments(1)
|
| | | | 7 | | |
Currency translation adjustments
|
| | | | (53) | | |
Balance as of June 30, 2022
|
| | | $ | 1,312 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||||||||||||||
(in $ millions)
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| ||||||||||||||||||
Trademarks/tradenames
|
| | | $ | 115 | | | | | $ | (65) | | | | | $ | 50 | | | | | $ | 115 | | | | | $ | (62) | | | | | $ | 53 | | |
Corporate client relationships
|
| | | | 815 | | | | | | (237) | | | | | | 578 | | | | | | 815 | | | | | | (189) | | | | | | 626 | | |
Supplier relationship
|
| | | | 254 | | | | | | (201) | | | | | | 53 | | | | | | 254 | | | | | | (188) | | | | | | 66 | | |
Travel partner network
|
| | | | 4 | | | | | | (3) | | | | | | 1 | | | | | | 4 | | | | | | (3) | | | | | | 1 | | |
Other intangible assets
|
| | | $ | 1,188 | | | | | $ | (506) | | | | | $ | 682 | | | | | $ | 1,188 | | | | | $ | (442) | | | | | $ | 746 | | |
| | |
As of
|
| |||||||||
(in $ millions)
|
| |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Accrued payroll and related costs
|
| | | $ | 165 | | | | | $ | 198 | | |
Accrued operating expenses
|
| | | | 128 | | | | | | 147 | | |
Accrued restructuring costs (see note 10)
|
| | | | 36 | | | | | | 69 | | |
Client deposits
|
| | | | 44 | | | | | | 59 | | |
Deferred revenue
|
| | | | 24 | | | | | | 18 | | |
Value added and similar taxes payable
|
| | | | 10 | | | | | | 6 | | |
Income tax payable
|
| | | | 7 | | | | | | 7 | | |
Other payables
|
| | | | 27 | | | | | | 15 | | |
Accrued expenses and other current liabilities
|
| | | $ | 441 | | | | | $ | 519 | | |
(in $ millions)
|
| |
Employee
related |
| |
Facility
|
| |
Total
|
| |||||||||
Balance as of December 31, 2021
|
| | | $ | 64 | | | | | $ | 5 | | | | | $ | 69 | | |
Reversal of accruals
|
| | | | (1) | | | | | | (2) | | | | | | (3) | | |
Cash settled
|
| | | | (30) | | | | | | — | | | | | | (30) | | |
Balance as of June 30, 2022
|
| | | $ | 33 | | | | | $ | 3 | | | | | $ | 36 | | |
| | |
As of
|
| |||||||||
(in $ millions)
|
| |
June 30,
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)
|
| | | | 1,000 | | | | | | 800 | | |
Principal amount of senior secured revolving credit facility (Maturity – August 2023)(3)
|
| | | | — | | | | |
|
—
|
| |
| | | | | 1,241 | | | | | | 1,042 | | |
Less: Unamortized debt discount and debt issuance costs
|
| | | | (20) | | | | | | (19) | | |
Total debt, net of unamortized debt discount and debt issuance costs
|
| | | | 1,221 | | | | | | 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
|
| | | $ | 1,218 | | | | | $ | 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 prior to reverse recapitalization,
net of tax benefit, $0 |
| | | | (59) | | | | | | — | | | | | | 12 | | | | | | (47) | | |
Allocated to non-controlling interest
|
| | | | 85 | | | | | | 112 | | | | | | (14) | | | | | | 183 | | |
Net changes post reverse recapitalization,
net of tax benefit, $0 |
| | | | (4) | | | | | | — | | | | | | — | | | | | | (4) | | |
Balance as of June 30, 2022
|
| | | $ | (16) | | | | | $ | (16) | | | | | $ | 2 | | | | | $ | (30) | | |
(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
|
| | | | (2) | | | | | | — | | | | | | — | | | | | | (2) | | |
Balance as of June 30, 2021
|
| | | $ | (25) | | | | | $ | (160) | | | | | $ | 4 | | | | | $ | (181) | | |
(in $ millions, except share and per share data)
|
| |
Three months ended
June 30, 2022 |
| |
Six months ended
June 30, 2022 |
| ||||||
Numerator – Basic and diluted earnings (loss) per share: | | | | | | | | | | | | | |
Net income attributable to the Company’s Class A common stockholders (A)
|
| | | $ | 21 | | | | | $ | 21 | | |
Add: Net loss attributable to non-controlling interests in subsidiaries(1)
|
| | | | (23) | | | | | | (114) | | |
Net loss attributable to the Company’s Class A and Class B common
stockholders – Diluted (B) |
| | | $ | (2) | | | | | $ | (93) | | |
Denominator – Basic and diluted weighted average number of shares outstanding:
|
| | | | | | | | | | | | |
Weighted average number of Class A common stock outstanding –
Basic (C) |
| | | | 48,867,969 | | | | | | 48,867,969 | | |
Assumed exercise of GBTG MIP Options
|
| | | | 1,003,771 | | | | | | 1,003,771 | | |
Assumed conversion of Class B common stock
|
| | | | 394,448,481 | | | | | | 394,448,481 | | |
Weighted average number of Class A common stock outstanding – Diluted (D)
|
| | | | 444,320,221 | | | | | | 444,320,221 | | |
(in $ millions, except share and per share data)
|
| |
Three months ended
June 30, 2022 |
| |
Six months ended
June 30, 2022 |
| ||||||
Basic earnings per share attributable to the Company’s Class A common
stockholders: (A) / (C) |
| | | $ | 0.44 | | | | | $ | 0.44 | | |
Diluted loss per share attributable to the Company’s Class A and Class B common stockholders: (B) / (D)
|
| | | $ | — | | | | | $ | (0.21) | | |
|
(in $ millions)
|
| |
Balance sheet
location |
| |
As of
June 30, 2022 |
| |
As of
December 31, 2021 |
| ||||||
Derivatives designated as hedging instruments
|
| | | | | | | | | | | | | | | |
Interest rate swaps
|
| |
Other non-current liabilities
|
| | | $ | 10 | | | | | | — | | |
Derivatives not designated as hedging instruments
|
| | | | | | | | | | | | | | | |
Earnout Shares
|
| |
Earnouts and warrants derivative liabilities
|
| | | $ | 77 | | | | | | — | | |
Warrants
|
| |
Earnouts and warrants derivative liabilities
|
| | | | 44 | | | | | | — | | |
| | | | | | | $ | 121 | | | | | | — | | |
| | |
Amount of gain recognized in
other comprehensive loss |
| |
Statement of
operations location |
| |
Amount of gain recognized in
statements of operations |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Three months
ended June 30 |
| |
Six months
ended June 30 |
| | | | |
Three months
ended June 30 |
| |
Six months
ended June 30 |
| ||||||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| | | | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||||||||||||||
Derivatives designated as hedging instruments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest rate swap
|
| | | $ | 4 | | | | | | — | | | | | $ | 13 | | | | |
|
—
|
| | |
NA
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Derivatives not designated as hedging instruments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnout Share
|
| | | | NA | | | | | | — | | | | | | NA | | | | |
|
—
|
| | |
Fair value movement
on earnouts and warrants derivative liabilities |
| | | $ | 23 | | | | | | — | | | | | $ | 23 | | | | |
|
—
|
| |
Warrants
|
| | | | NA | | | | | | — | | | | | | NA | | | | |
|
—
|
| | |
Fair value movement
on earnouts and warrants derivative liabilities |
| | | | 13 | | | | | | — | | | | | | 13 | | | | |
|
—
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 36 | | | | | | — | | | | | $ | 36 | | | | |
|
—
|
| |
| | | | | |
As of
|
| |||||||||
(in $ millions)
|
| |
Fair Value
Hierarchy |
| |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Interest rate swaps
|
| |
Level 2
|
| | | $ | 10 | | | | | $ | — | | |
Earnout Shares
|
| |
Level 3
|
| | | | 77 | | | | |
|
—
|
| |
Public warrants
|
| |
Level 1
|
| | | | 28 | | | | |
|
—
|
| |
Private warrants
|
| |
Level 3
|
| | | | 16 | | | | |
|
—
|
| |
| | |
As of
|
| |||||||||
| | |
May 27,
2022 |
| |
June 30,
2022 |
| ||||||
Stock price ($)
|
| | | $ | 7.39 | | | | | $ | 6.31 | | |
Risk-free interest rate
|
| | | | 2.81% | | | | | | 3.01% | | |
Volatility
|
| | | | 37.5% | | | | | | 40.0% | | |
Expected term (years)
|
| | | | 5.00 | | | | | | 4.92 | | |
Expected dividends
|
| | | | 0.0% | | | | | | 0.0% | | |
Fair value ($) (per Earnout Share – Tranche 1)
|
| | | $ | 4.82 | | | | | $ | 3.72 | | |
Fair value ($) (per Earnout Share – Tranche 2)
|
| | | $ | 3.98 | | | | | $ | 3.04 | | |
| | |
As of
|
| |||||||||
| | |
May 27,
2022 |
| |
June 30,
2022 |
| ||||||
Stock price ($)
|
| | | $ | 7.39 | | | | | $ | 6.31 | | |
Exercise price ($)
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Risk-free interest rate
|
| | | | 2.70% | | | | | | 3.00% | | |
Volatility
|
| | | | 37.5% | | | | | | 40.0% | | |
Expected term (years)
|
| | | | 5.00 | | | | | | 4.92 | | |
Expected dividends
|
| | | | 0.00% | | | | | | 0.00% | | |
Fair value ($) (per private warrant)
|
| | | $ | 1.68 | | | | | $ | 1.30 | | |
| | |
Earnout Shares to
stockholders |
| |
Private
warrants |
| ||||||
As of date of Business Combination – May 27, 2022
|
| | | $ | 100 | | | | | $ | 21 | | |
Change in fair value
|
| | | | (23) | | | | | | (5) | | |
Balance as of June 30, 2022
|
| | | $ | 77 | | | | | $ | 16 | | |
| | |
Fair
Value Hierarchy |
| |
As of
June 30, 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 | | | | | $ | 219 | | | | | $ | 236 | | | | | $ | 233 | | |
Senior secured tranche B-3 term loans
|
| |
Level 3
|
| | | $ | 986 | | | | | $ | 1,013 | | | | | $ | 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 | | |
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