| | | | | iii | | | |
| | | | | iii | | | |
| | | | | iii | | | |
| | | | | xi | | | |
| | | | | 1 | | | |
| | | | | 8 | | | |
| | | | | 49 | | | |
| | | | | 50 | | | |
| | | | | 51 | | | |
| | | | | 63 | | | |
| | | | | 94 | | | |
| | | | | 127 | | | |
| | | | | 142 | | | |
| | | | | 153 | | | |
| | | | | 164 | | | |
| | | | | 170 | | | |
| | | | | 186 | | | |
| | | | | 189 | | | |
| | | | | 196 | | | |
| | | | | 199 | | | |
| | | | | 201 | | | |
| | | | | 201 | | | |
| | | | | 201 | | | |
| | | | | F-1 | | |
($ in millions, except share and per share data)
|
| |
GBT JerseyCo
Limited |
| |
Apollo Strategic
Growth Capital |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 329 | | | | | $ | — | | | | | $ | 128 | | | | |
|
3(a)
|
| | | | $ | 457 | | |
Accounts receivable, net
|
| | | | 562 | | | | | | — | | | | | | — | | | | | | | | | | | | 562 | | |
Due from affiliates
|
| | | | 9 | | | | | | — | | | | | | — | | | | | | | | | | | | 9 | | |
Prepaid expenses and other current assets
|
| | | | 143 | | | | | | — | | | | | | (26) | | | | |
|
3(b)
|
| | | | | 117 | | |
Total current assets
|
| | | | 1,043 | | | | | | — | | | | | | 102 | | | | | | | | | | | | 1,145 | | |
Investments held in Trust Account
|
| | | | — | | | | | | 818 | | | | | | (818) | | | | |
|
3(c)
|
| | | | | — | | |
Property and equipment, net
|
| | | | 213 | | | | | | — | | | | | | — | | | | | | | | | | | | 213 | | |
Equity method investments
|
| | | | 16 | | | | | | — | | | | | | — | | | | | | | | | | | | 16 | | |
Goodwill
|
| | | | 1,346 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,346 | | |
Other intangible assets, net
|
| | | | 718 | | | | | | — | | | | | | — | | | | | | | | | | | | 718 | | |
Operating lease right-of-use assets
|
| | | | 54 | | | | | | — | | | | | | — | | | | | | | | | | | | 54 | | |
Deferred tax assets
|
| | | | 300 | | | | | | — | | | | | | — | | | | | | | | | | | | 300 | | |
Other non-current assets
|
| | | | 46 | | | | | | — | | | | | | — | | | | | | | | | | | | 46 | | |
Total assets
|
| | | $ | 3,736 | | | | | $ | 818 | | | | | $ | (716) | | | | | | | | | | | $ | 3,838 | | |
Liabilities and shareholders' equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 289 | | | | | $ | 5 | | | | | $ | (5) | | | | |
|
3(d)
|
| | | | $ | 289 | | |
Due to affiliates
|
| | | | 41 | | | | | | 4 | | | | | | (4) | | | | |
|
3(e)
|
| | | | | 41 | | |
Accrued expenses and other current liabilities
|
| | | | 448 | | | | | | — | | | | | | 12 | | | | |
|
3(f)
|
| | | | | 460 | | |
Notes payable
|
| | | | — | | | | | | 6 | | | | | | (6) | | | | |
|
3(d)
|
| | | | | — | | |
Current portion of operating lease liabilities
|
| | | | 20 | | | | | | — | | | | | | — | | | | | | | | | | | | 20 | | |
Current portion of long-term debt
|
| | | | 3 | | | | | | — | | | | | | — | | | | | | | | | | | | 3 | | |
Total current liabilities
|
| | | | 801 | | | | | | 15 | | | | | | (3) | | | | | | | | | | | | 813 | | |
Long-term non-current debt, net of unamortized
debt discount and debt issuance costs |
| | | | 1,020 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,020 | | |
Deferred tax liabilities
|
| | | | 119 | | | | | | — | | | | | | 3 | | | | |
|
3(n)
|
| | | | | 122 | | |
Pension liabilities
|
| | | | 316 | | | | | | — | | | | | | — | | | | | | | | | | | | 316 | | |
Long-term operating lease liabilities
|
| | | | 55 | | | | | | — | | | | | | — | | | | | | | | | | | | 55 | | |
Derivative warrant liabilities
|
| | | | — | | | | | | 60 | | | | | | — | | | | | | | | | | | | 60 | | |
Earnout liability
|
| | | | — | | | | | | — | | | | | | 175 | | | | |
|
3(k)
|
| | | | | 175 | | |
Deferred underwriting compensation
|
| | | | — | | | | | | 29 | | | | | | (29) | | | | |
|
3(d)
|
| | | | | — | | |
Other non-current liabilities
|
| | | | 26 | | | | | | — | | | | | | — | | | | | | | | | | | | 26 | | |
Total liabilities
|
| | | $ | 2,337 | | | | | $ | 104 | | | | | $ | 146 | | | | | | | | | | | $ | 2,587 | | |
Commitments and contingencies
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Temporary Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
APSG Class A Ordinary Shares subject to possible redemption
|
| | | | — | | | | | | 817 | | | | | | (817) | | | | |
|
3(l)
|
| | | | | — | | |
($ in millions, except share and per share data)
|
| |
GBT JerseyCo
Limited |
| |
Apollo Strategic
Growth Capital |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
GBT Preferred Shares
|
| | | | 165 | | | | | | — | | | | | | (165) | | | | |
|
3(h)
|
| | | | | — | | |
Shareholders Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Legacy GBT Voting Ordinary Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Legacy GBT Non-Voting Ordinary Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Legacy GBT Profit shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
GBT MIP Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
APSG Preferred Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
APSG Class A Ordinary Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
APSG Class B Ordinary Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class A-1 Preferred Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class B-1 Preferred Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class A Common Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class B Common Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Additional paid-in capital
|
| | | | 2,558 | | | | | | — | | | | | | (103) | | | | |
|
3(j)
|
| | | | | 1,480 | | |
| | | | | | | | | | | | | | | | | (175) | | | | |
|
3(k)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 324 | | | | |
|
3(g)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (30) | | | | |
|
3(d)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (3) | | | | |
|
3(h)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (776) | | | | |
|
3(i)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 817 | | | | |
|
3(l)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (1,095) | | | | |
|
3(m)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (12) | | | | |
|
3(f)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 4 | | | | |
|
3(e)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (26) | | | | |
|
3(b)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (3) | | | | |
|
3(n)
|
| | | | | | | |
Accumulated deficit
|
| | | | (1,156) | | | | | | (103) | | | | | | 103 | | | | |
|
3(j)
|
| | | | | (1,156) | | |
Accumulated other comprehensive loss
|
| | | | (169) | | | | | | — | | | | | | — | | | | | | | | | | | | (169) | | |
Total equity of Company's shareholders
|
| | | $ | 1,233 | | | | | $ | (103) | | | | | $ | (975) | | | | | | | | | | | $ | 155 | | |
Equity attributable to non-controlling interest in subsidiaries
|
| | | | 1 | | | | | | | | | | | $ | 1,095 | | | | |
|
3(m)
|
| | | | | 1,096 | | |
Total shareholders' equity
|
| | | $ | 1,234 | | | | | $ | (103) | | | | | $ | 120 | | | | | | | | | | | $ | 1,251 | | |
Equity attributable to non-controlling interest in subsidiaries
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Total liabilities, preferred shares and shareholders' equity
|
| | | $ | 3,736 | | | | | $ | 818 | | | | | $ | (716) | | | | | | | | | | | $ | 3,838 | | |
|
($ in millions, except share and per share data)
|
| |
GBT
JerseyCo Limited (Historical) |
| |
Apollo
Strategic Growth Capital (Historical) |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Revenue
|
| | | $ | 350 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 350 | | |
Costs and expenses:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue (excluding depreciation and amortization shown separately below)
|
| | | | 173 | | | | | | — | | | | | | — | | | | | | | | | | | | 173 | | |
Sales and marketing
|
| | | | 72 | | | | | | — | | | | | | — | | | | | | | | | | | | 72 | | |
Technology and content
|
| | | | 90 | | | | | | — | | | | | | — | | | | | | | | | | | | 90 | | |
Administration fee – related party
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
General and administrative
|
| | | | 65 | | | | | | 1 | | | | | | — | | | | | | | | | | | | 66 | | |
Restructuring charges
|
| | | | 2 | | | | | | — | | | | | | — | | | | | | | | | | | | 2 | | |
Depreciation and amortization
|
| | | | 44 | | | | | | — | | | | | | — | | | | | | | | | | | | 44 | | |
Total operating expenses
|
| | | | 446 | | | | | | 1 | | | | | | — | | | | | | | | | | | | 447 | | |
Operating loss
|
| | | | (96) | | | | | | (1) | | | | | | — | | | | | | | | | | | | (97) | | |
Interest expense
|
| | | | (19) | | | | | | — | | | | | | — | | | | | | | | | | | | (19) | | |
Other expense, net
|
| | | | — | | | | | | — | | | | | | (7) | | | | |
|
3(aa)
|
| | | | | (7) | | |
Change in fair value of derivative
warrants |
| | | | — | | | | | | (4) | | | | | | — | | | | | | | | | | | | (4) | | |
Loss before income taxes and share of loss from
equity method investments |
| | | | (115) | | | | | | (5) | | | | | | (7) | | | | | | | | | | | | (127) | | |
Benefit from income taxes
|
| | | | 25 | | | | | | — | | | | | | 1 | | | | |
|
3(bb)
|
| | | | | 26 | | |
Share of losses from equity method investments
|
| | | | (1) | | | | | | — | | | | | | — | | | | | | | | | | | | (1) | | |
Net loss
|
| | | $ | (91) | | | | | $ | (5) | | | | | $ | (6) | | | | | | | | | | | $ | (102) | | |
Net loss attributable to noncontrolling interests in subsidiaries
|
| | | | — | | | | | | — | | | | | | (89) | | | | |
|
3(cc)
|
| | | | | (89) | | |
Net loss attributable to the Company
|
| | | | (91) | | | | | | (5) | | | | | | 83 | | | | | | | | | | | | (13) | | |
Preferred shares dividend
|
| | | | (5) | | | | | | — | | | | | | 5 | | | | |
|
3(dd)
|
| | | | | — | | |
Net loss attributable to the Company’s ordinary shareholders
|
| | | | (96) | | | | | | (5) | | | | | | 88 | | | | | | | | | | | | (13) | | |
Earnings per share attributable to the
shareholders of the Company’s ordinary shares – Basic and Diluted: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares / common stock outstanding
|
| | | | 44,413,972 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Loss per share
|
| | | $ | (2.15) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Weighted average shares outstanding of Class A ordinary shares
|
| | | | — | | | | | | 81,681,000 | | | | | | 24,735,967 | | | | | | | | | | | | 56,945,033 | | |
Basic and diluted net loss per share, Class A
|
| | | | — | | | | | $ | (0.05) | | | | | | — | | | | | | | | | | | $ | (0.23) | | |
Weighted average shares outstanding of Class B ordinary share
|
| | | | — | | | | | | 20,420,250 | | | | | | — | | | | | | | | | | | | — | | |
Basic and diluted net loss per share, Class B
|
| | | | — | | | | | $ | (0.05) | | | | | | — | | | | | | | | | | | | — | | |
($ in millions, except
share and per share data) |
| |
GBT
JerseyCo Limited (Historical) |
| |
Egencia
Historical (September 30, 2021) |
| |
Egencia
Historical- (Oct 2021 Mgt accounts/ estimates) |
| |
Egencia
Historical (October 31, 2021) |
| |
Egencia
Acquisition Adjustments |
| | | | | | | |
GBT
JerseyCo Limited Combined (Historical) |
| |
Apollo
Strategic Growth Capital (Historical) |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |||||||||||||||||||||||||||
Revenue
|
| | | $ | 763 | | | | | $ | 123 | | | | | $ | 25 | | | | | $ | 148 | | | | | $ | (22) | | | | |
|
2(i)
|
| | | | $ | 889 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 889 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue (excluding depreciation and amortization shown separately below)
|
| | | | 477 | | | | | | 112 | | | | | | 19 | | | | | | 131 | | | | | | — | | | | | | | | | | | | 608 | | | | | | — | | | | | | — | | | | | | | | | | | | 608 | | |
Sales and marketing
|
| | | | 201 | | | | | | 86 | | | | | | 7 | | | | | | 93 | | | | | | — | | | | | | | | | | | | 294 | | | | | | — | | | | | | — | | | | | | | | | | | | 294 | | |
Technology and content
|
| | | | 264 | | | | | | 53 | | | | | | 4 | | | | | | 57 | | | | | | — | | | | | | | | | | | | 321 | | | | | | — | | | | | | — | | | | | | | | | | | | 321 | | |
General and administrative
|
| | | | 213 | | | | | | 33 | | | | | | 2 | | | | | | 35 | | | | | | (6) | | | | |
|
2(ii)
|
| | | | | 242 | | | | | | 13 | | | | | | — | | | | | | | | | | | | 255 | | |
Restructuring charges
|
| | | | 14 | | | | | | 9 | | | | | | — | | | | | | 9 | | | | | | — | | | | | | | | | | | | 23 | | | | | | — | | | | | | — | | | | | | | | | | | | 23 | | |
Depreciation and amortization
|
| | | | 154 | | | | | | 36 | | | | | | 4 | | | | | | 40 | | | | | | 2 | | | | |
|
2(iii)
|
| | | | | 196 | | | | | | — | | | | | | — | | | | | | | | | | | | 196 | | |
Total operating expenses
|
| | | | 1,323 | | | | | | 329 | | | | | | 36 | | | | | | 365 | | | | | | (4) | | | | | | | | | | | | 1,684 | | | | | | 13 | | | | | | — | | | | | | | | | | | | 1,697 | | |
Operating loss
|
| | | | (560) | | | | | | (206) | | | | | | (11) | | | | | | (217) | | | | | | (18) | | | | | | | | | | | | (795) | | | | | | (13) | | | | | | — | | | | | | | | | | | | (808) | | |
Interest income
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 1 | | | | | | — | | | | | | — | | | | | | | | | | | | 1 | | |
Interest expense
|
| | | | (53) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (53) | | | | | | — | | | | | | — | | | | | | | | | | | | (53) | | |
Loss on early
extinguishment of debt |
| | | | (49) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (49) | | | | | | — | | | | | | — | | | | | | | | | | | | (49) | | |
Other income (expense), net
|
| | | | 8 | | | | | | 2 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | | | | | | | 10 | | | | | | — | | | | | | (11) | | | | |
|
3(aa)
|
| | | | | (1) | | |
Change in fair value of derivative warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 19 | | | | | | — | | | | | | | | | | | | 19 | | |
Loss before income taxes and share of loss from equity method investments
|
| | | | (653) | | | | | | (204) | | | | | | (11) | | | | | | (215) | | | | | | (18) | | | | | | | | | | | | (886) | | | | | | 6 | | | | | | (11) | | | | | | | | | | | | (891) | | |
Benefit from income
taxes |
| | | | 186 | | | | | | 2 | | | | | | — | | | | | | 2 | | | | | | 5 | | | | |
|
2(iv)
|
| | | | | 193 | | | | | | — | | | | | | 2 | | | | |
|
3(bb)
|
| | | | | 195 | | |
Share of losses from
equity method investments |
| | | | (8) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (8) | | | | | | — | | | | | | — | | | | | | | | | | | | (8) | | |
Net loss
|
| | | $ | (475) | | | | | | (202) | | | | | | (11) | | | | | $ | (213) | | | | | $ | (13) | | | | | | | | | | | $ | (701) | | | | | $ | 6 | | | | | $ | (9) | | | | | | | | | | | $ | (704) | | |
Net loss attributable
to noncontrolling interests in subsidiaries |
| | | | (2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (2) | | | | | | — | | | | | | (615) | | | | |
|
3(cc)
|
| | | | | (617) | | |
Net (loss) income
attributable to the Company |
| | | | (473) | | | | | | (202) | | | | | | (11) | | | | | | (213) | | | | | | (13) | | | | | | | | | | | | (699) | | | | | | 6 | | | | | | 606 | | | | | | | | | | | | (87) | | |
Preferred shares dividend
|
| | | | (10) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (10) | | | | | | — | | | | | | 10 | | | | |
|
3(dd)
|
| | | | | — | | |
Net (loss) income
attributable to the Company’s ordinary shareholders |
| | | | (483) | | | | | | (202) | | | | | | (11) | | | | | | (213) | | | | | | (13) | | | | | | | | | | | | (709) | | | | | | 6 | | | | | | 616 | | | | | | | | | | | | (87) | | |
($ in millions, except
share and per share data) |
| |
GBT
JerseyCo Limited (Historical) |
| |
Egencia
Historical (September 30, 2021) |
| |
Egencia
Historical- (Oct 2021 Mgt accounts/ estimates) |
| |
Egencia
Historical (October 31, 2021) |
| |
Egencia
Acquisition Adjustments |
| | | | |
GBT
JerseyCo Limited Combined (Historical) |
| |
Apollo
Strategic Growth Capital (Historical) |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| |||||||||||||||||||||||||||
Earnings per share
attributable to the shareholders of the Company’s ordinary shares – Basic and Diluted: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares / common stock outstanding
|
| | | | 37,406,171 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Loss per share
|
| | | $ | (12.91) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Weighted average
shares outstanding of Class A ordinary shares |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 81,681,000 | | | | | | (24,735,967) | | | | | | | | | 56,945,033 | | |
Basic and diluted net
income (loss) per share, Class A |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | $ | 0.06 | | | | | | — | | | | | | | | $ | (1.53) | | |
Weighted average
shares outstanding of Class B ordinary share |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 20,420,250 | | | | | | — | | | | | | | | | — | | |
Basic and diluted net
income per share, Class B |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | $ | 0.06 | | | | | | — | | | | | | | | | — | | |
($ in millions, except as stated otherwise)
|
| |
Fair
value |
| |
Useful
lives (years) |
| |
Annual
Amortization |
| |||||||||
Acquired technology
|
| | | $ | 50 | | | | | | 5 | | | | | $ | 10 | | |
Customer and Supplier relationships
|
| | | | 390 | | | | | | 15 | | | | | | 26 | | |
Tradenames
|
| | | | 50 | | | | | | 10 | | | | | | 5 | | |
Annual estimated additional amortization
|
| | | | | | | | | | | | | | | | 41 | | |
(Signs represent cash inflow (outflow))
|
| | | | | | | | | |
Cash inflow from APSG Trust Account
|
| | | $ | 818(c) | | | | ||
Cash inflow from the PIPE Investment
|
| | | | 324(g) | | | | ||
Payment of transaction fees
|
| | | | (70)(d) | | | | ||
Payment to Legacy GBT preferred shareholders
|
| | | | (168)(h) | | | | ||
Release of cash for redemption of shares
|
| | | | (776)(i) | | | | ||
Net Pro Forma Adjustment to Cash
|
| | | $ | 128(a) | | | |
| | |
For the Three
Months Ended |
| |||
| | |
March 31, 2022
|
| |||
Pro Forma Basic and Diluted Loss Per Share | | | | | | | |
Pro Forma net loss attributable to shareholders (in $ millions)
|
| | | $ | (13) | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 56,945,033 | | |
Basic and diluted net loss per share
|
| | | $ | (0.23) | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Key Operating Metrics | | | | | | | | | | | | | | | | | |||||||||||||||
TTV
|
| | | | 4,028 | | | | | | 660 | | | | | | 6,385 | | | | | | 5,563 | | | | | | 27,667 | | |
Transaction Growth (Decline)
|
| | | | 382% | | | | | | (82)% | | | | | | 6% | | | | | | (71)% | | | | | | 17% | | |
Key Financial Metrics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 350 | | | | | | 126 | | | | | | 763 | | | | | | 793 | | | | | | 2,119 | | |
Total operating expense
|
| | | | 446 | | | | | | 255 | | | | | | 1,323 | | | | | | 1,540 | | | | | | 1,913 | | |
Net loss
|
| | | | (91) | | | | | | (114) | | | | | | (475) | | | | | | (619) | | | | | | 138 | | |
Net cash used in operating activities
|
| | | | (154) | | | | | | (114) | | | | | | (512) | | | | | | (250) | | | | | | 227 | | |
EBITDA
|
| | | | (53) | | | | | | (91) | | | | | | (406) | | | | | | (590) | | | | | | 349 | | |
Adjusted EBITDA
|
| | | | (28) | | | | | | (90) | | | | | | (340) | | | | | | (363) | | | | | | 428 | | |
Adjusted Operating Expenses
|
| | | | 377 | | | | | | 215 | | | | | | 1,095 | | | | | | 1,151 | | | | | | 1,696 | | |
Free Cash Flow
|
| | | | (175) | | | | | | (123) | | | | | | (556) | | | | | | (297) | | | | | | 165 | | |
| | |
As of
March 31 2022 |
| |
As of
December 31, 2021 |
| ||||||
Net Debt (Cash)
|
| | | | 694 | | | | | | 507 | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net (loss) income
|
| | | | (91) | | | | | | (114) | | | | | | (475) | | | | | | (619) | | | | | | 138 | | |
Interest income
|
| | | | — | | | | | | — | | | | | | (1) | | | | | | (1) | | | | | | (5) | | |
Interest expense
|
| | | | 19 | | | | | | 11 | | | | | | 53 | | | | | | 27 | | | | | | 15 | | |
Loss on early extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 49 | | | | | | — | | | | | | — | | |
(Benefit from) provision for income taxes
|
| | | | (25) | | | | | | (22) | | | | | | (186) | | | | | | (145) | | | | | | 60 | | |
Depreciation and amortization
|
| | | | 44 | | | | | | 34 | | | | | | 154 | | | | | | 148 | | | | | | 141 | | |
EBITDA
|
| | | | (53) | | | | | | (91) | | | | | | (406) | | | | | | (590) | | | | | | 349 | | |
Restructuring charges(a)
|
| | | | 2 | | | | | | — | | | | | | 14 | | | | | | 206 | | | | | | 12 | | |
Integration costs(b)
|
| | | | 9 | | | | | | 1 | | | | | | 22 | | | | | | 14 | | | | | | 36 | | |
Mergers and acquisitions(c)
|
| | | | 1 | | | | | | 3 | | | | | | 14 | | | | | | 10 | | | | | | 12 | | |
Separation costs(d)
|
| | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | 3 | | |
Equity-based compensation(e)
|
| | | | 3 | | | | | | — | | | | | | 3 | | | | | | 3 | | | | | | 6 | | |
Other adjustments, net(f)
|
| | | | 10 | | | | | | (3) | | | | | | 13 | | | | | | (6) | | | | | | 10 | | |
Adjusted EBITDA
|
| | | | (28) | | | | | | (90) | | | | | | (340) | | | | | | (363) | | | | | | 428 | | |
Net loss margin
|
| | | | (26) | | | | | | (90)% | | | | | | (62)% | | | | | | (78)% | | | | | | 7% | | |
Adjusted EBITDA Margin
|
| | | | (8) | | | | | | (71)% | | | | | | (45)% | | | | | | (46)% | | | | | | 20% | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Total operating expenses
|
| | | | 446 | | | | | | 255 | | | | | | 1,323 | | | | | | 1,540 | | | | | | 1,913 | | |
Adjustments: | | | | | | | | | | | | | | | | | |||||||||||||||
Depreciation and amortization
|
| | | | (44) | | | | | | (34) | | | | | | (154) | | | | | | (148) | | | | | | (141) | | |
Restructuring charges(a)
|
| | | | (2) | | | | | | — | | | | | | (14) | | | | | | (206) | | | | | | (12) | | |
Integration costs(b)
|
| | | | (9) | | | | | | (1) | | | | | | (22) | | | | | | (14) | | | | | | (36) | | |
Mergers and acquisition(c)
|
| | | | (1) | | | | | | (3) | | | | | | (14) | | | | | | (10) | | | | | | (12) | | |
Separation costs(d)
|
| | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | (3) | | |
Equity-based compensation(e)
|
| | | | (3) | | | | | | — | | | | | | (3) | | | | | | (3) | | | | | | (6) | | |
Other adjustments, net(f)
|
| | | | (10) | | | | | | (2) | | | | | | (21) | | | | | | (8) | | | | | | (7) | | |
Adjusted Operating Expenses
|
| | | | 377 | | | | | | 215 | | | | | | 1,095 | | | | | | 1,151 | | | | | | 1,696 | | |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue
|
| | | $ | 350 | | | | | $ | 126 | | | | | $ | 224 | | | | | | 179% | | |
Costs and Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues (excluding depreciation and amortization shown separately below)
|
| | | | 173 | | | | | | 82 | | | | | | (91) | | | | | | (110)% | | |
Sales and marketing
|
| | | | 72 | | | | | | 43 | | | | | | (29) | | | | | | (70)% | | |
Technology and content
|
| | | | 90 | | | | | | 57 | | | | | | (33) | | | | | | (59)% | | |
General and administrative
|
| | | | 65 | | | | | | 39 | | | | | | (26) | | | | | | (69)% | | |
Restructuring charges
|
| | | | 2 | | | | | | — | | | | | | (2) | | | | | | n/m | | |
Depreciation and amortization
|
| | | | 44 | | | | | | 34 | | | | | | (10) | | | | | | (28)% | | |
Total operating expense
|
| | | | 446 | | | | | | 255 | | | | | | (191) | | | | | | (75)% | | |
Operating loss
|
| | | | (96) | | | | | | (129) | | | | | | 33 | | | | | | 26% | | |
Interest expense
|
| | | | (19) | | | | | | (11) | | | | | | (8) | | | | | | (75)% | | |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Other income, net
|
| | | | — | | | | | | 5 | | | | | | (5) | | | | | | (93)% | | |
Loss before income taxes and share of losses from equity method
investments |
| | | | (115) | | | | | | (135) | | | | | | 20 | | | | | | 15% | | |
Benefit from income taxes
|
| | | | 25 | | | | | | 22 | | | | | | 3 | | | | | | 17% | | |
Share of losses in equity method investments
|
| | | | (1) | | | | | | (1) | | | | | | — | | | | | | — | | |
Net loss
|
| | |
|
(91)
|
| | | |
|
(114)
|
| | | |
|
23
|
| | | |
|
20%
|
| |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Travel Revenue
|
| | | $ | 256 | | | | | $ | 62 | | | | | $ | 194 | | | | | | 318% | | |
Products & Professional Services Revenue
|
| | | | 94 | | | | | | 64 | | | | | | 30 | | | | | | 45% | | |
Total Revenue
|
| | | $ | 350 | | | | | $ | 126 | | | | | $ | 224 | | | | | | 179% | | |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Cost of revenue (excluding depreciation and amortization)
|
| | | $ | 173 | | | | | $ | 82 | | | | | $ | (91) | | | | | | (110)% | | |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Sales and marketing
|
| | | $ | 72 | | | | | $ | 43 | | | | | $ | (29) | | | | | | (70)% | | |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
Technology and content
|
| | | $ | 90 | | | | | $ | 57 | | | | | $ | (33) | | | | | | (59)% | | |
| | |
Three Months Ended
March 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||
General and administrative
|
| | | $ | 65 | | | | | $ | 39 | | | | | $ | (26) | | | | | | (69)% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue
|
| | | $ | 763 | | | | | $ | 793 | | | | | $ | (30) | | | | | | (4)% | | |
Costs and Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues (excluding depreciation and amortization shown
separately below) |
| | | | 477 | | | | | | 529 | | | | | | 52 | | | | | | 10% | | |
Sales and marketing
|
| | | | 201 | | | | | | 199 | | | | | | (2) | | | | | | (1)% | | |
Technology and content
|
| | | | 264 | | | | | | 277 | | | | | | 13 | | | | | | 5% | | |
General and administrative
|
| | | | 213 | | | | | | 181 | | | | | | (32) | | | | | | (17)% | | |
Restructuring charges
|
| | | | 14 | | | | | | (206) | | | | | | 192 | | | | | | 93% | | |
Depreciation and amortization
|
| | | | 154 | | | | | | 148 | | | | | | (6) | | | | | | (4)% | | |
Total operating expense
|
| | | | 1,323 | | | | | | 1,540 | | | | | | 217 | | | | | | 14% | | |
Operating loss
|
| | | | (560) | | | | | | (747) | | | | | | 187 | | | | | | 25% | | |
Interest income
|
| | | | 1 | | | | | | 1 | | | | | | — | | | | | | — | | |
Interest expense
|
| | | | (53) | | | | | | (27) | | | | | | (26) | | | | | | (95)% | | |
Loss on early extinguishment of debt
|
| | | | (49) | | | | | | — | | | | | | (49) | | | | | | n/m | | |
Other income, net
|
| | | | 8 | | | | | | 14 | | | | | | (6) | | | | | | (27)% | | |
Loss before income taxes and share of losses from equity method
investments |
| | | | (653) | | | | | | (759) | | | | | | 106 | | | | | | 14% | | |
Benefit from income taxes
|
| | | | 186 | | | | | | 145 | | | | | | 41 | | | | | | 27% | | |
Share of losses in equity method investments
|
| | | | (8) | | | | | | (5) | | | | | | (3) | | | | | | (51)% | | |
Net loss
|
| | | | (475) | | | | | | (619) | | | | | | 144 | | | | | | 24% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Travel Revenue
|
| | | $ | 446 | | | | | $ | 468 | | | | | $ | (22) | | | | | | (5)% | | |
Products & Professional Services Revenue
|
| | | | 317 | | | | | | 325 | | | | | | (8) | | | | | | (2)% | | |
Total Revenue
|
| | | $ | 763 | | | | | $ | 793 | | | | | $ | (30) | | | | | | (4)% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Cost of revenue (excluding depreciation and amortization)
|
| | | $ | 477 | | | | | $ | 529 | | | | | $ | 52 | | | | | | 10% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Sales and marketing
|
| | | $ | 201 | | | | | $ | 199 | | | | | $ | (2) | | | | | | (1)% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Technology and content
|
| | | $ | 264 | | | | | $ | 277 | | | | | $ | 13 | | | | | | 5% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
General and administrative
|
| | | $ | 213 | | | | | $ | 181 | | | | | $ | (32) | | | | | | (17)% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Foreign exchange gains, net
|
| | | | — | | | | | | 12 | | | | | | (12) | | | | | | 100 | | |
Loss on disposal of business
|
| | | | (1) | | | | | | — | | | | | | (1) | | | | | | n/m | | |
Non-service components of net periodic pension benefit
|
| | | | 9 | | | | | | 2 | | | | | | 7 | | | | | | n/m | | |
Other income, net
|
| | | | 8 | | | | | | 14 | | | | | | (6) | | | | | | (27)% | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue
|
| | | $ | 793 | | | | | $ | 2,119 | | | | | $ | (1,326) | | | | | | (63) | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue (excluding depreciation and amortization shown
separately below) |
| | | | 529 | | | | | | 880 | | | | | | 351 | | | | | | 40 | | |
Sales and marketing
|
| | | | 199 | | | | | | 286 | | | | | | 87 | | | | | | 30 | | |
Technology and content
|
| | | | 277 | | | | | | 339 | | | | | | 62 | | | | | | 18 | | |
General and administrative
|
| | | | 181 | | | | | | 255 | | | | | | 74 | | | | | | 29 | | |
Restructuring charges
|
| | | | 206 | | | | | | 12 | | | | | | (194) | | | | | | n/m | | |
Depreciation and amortization
|
| | | | 148 | | | | | | 141 | | | | | | (7) | | | | | | (5) | | |
Total operating expenses
|
| | | | 1,540 | | | | | | 1,913 | | | | | | 373 | | | | | | 20 | | |
Operating (loss) income
|
| | | | (747) | | | | | | 206 | | | | | | (953) | | | | | | n/m | | |
Interest income
|
| | | | 1 | | | | | | 5 | | | | | | (4) | | | | | | (68) | | |
Interest expense
|
| | | | (27) | | | | | | (15) | | | | | | (12) | | | | | | (76) | | |
Other income (expense), net
|
| | | | 14 | | | | | | (3) | | | | | | 17 | | | | | | n/m | | |
(Loss) income before income taxes and share of (losses) earnings
from equity method investments |
| | | | (759) | | | | | | 193 | | | | | | (952) | | | | | | n/m | | |
Benefit from (provision for) income taxes
|
| | | | 145 | | | | | | (60) | | | | | | 205 | | | | | | n/m | | |
Share of (losses) earnings in equity method investments
|
| | | | (5) | | | | | | 5 | | | | | | (10) | | | | | | n/m | | |
Net (loss) income
|
| | | $ | (619) | | | | | $ | 138 | | | | | $ | (757) | | | | | | n/m | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Travel Revenues
|
| | | $ | 468 | | | | | $ | 1,605 | | | | | $ | (1,137) | | | | | | (71) | | |
Product and Professional Services Revenues
|
| | | | 325 | | | | | | 514 | | | | | | (189) | | | | | | (37) | | |
Total Revenue
|
| | | $ | 793 | | | | | $ | 2,119 | | | | | $ | (1,326) | | | | | | (63) | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Cost of revenue
|
| | | $ | 529 | | | | | $ | 880 | | | | | $ | 351 | | | | | | 40 | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Sales and marketing
|
| | | $ | 199 | | | | | $ | 286 | | | | | $ | 87 | | | | | | 30 | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Technology and content
|
| | | $ | 277 | | | | | $ | 339 | | | | | $ | 62 | | | | | | 18 | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Total general and administrative
|
| | | $ | 181 | | | | | $ | 255 | | | | | $ | 74 | | | | | | 29 | | |
| | |
Year Ended
December 31, |
| |
Change
favorable/(unfavorable) |
| ||||||||||||||||||
($ in millions except percentages)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Foreign exchange gain (losses), net
|
| | | $ | 12 | | | | | $ | (4) | | | | | $ | 16 | | | | | | n/m | | |
Loss on sale of businesses
|
| | | | — | | | | | | (3) | | | | | | 3 | | | | | | 100 | | |
Non-service components of net periodic pension benefit
|
| | | | 2 | | | | | | 4 | | | | | | (2) | | | | | | (86) | | |
Other income (expense), net
|
| | | $ | 14 | | | | | $ | (3) | | | | | $ | 17 | | | | | | n/m | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net cash (used in) operating activities
|
| | | | (154) | | | | | | (114) | | | | | | (512) | | | | | | (250) | | | | | | 227 | | |
Net cash used in investing activities
|
| | | | (21) | | | | | | (62) | | | | | | (27) | | | | | | (47) | | | | | | (87) | | |
Net cash (used in) from financing activities
|
| | | | (7) | | | | | | 89 | | | | | | 478 | | | | | | 384 | | | | | | (65) | | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
| | | | (3) | | | | | | (3) | | | | | | (7) | | | | | | 7 | | | | | | 1 | | |
Net (decrease) increase in cash, cash equivalents and restricted cash
|
| | | | (185) | | | | | | (90) | | | | | | (68) | | | | | | 94 | | | | | | 76 | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in millions)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net cash (used in) operating activities
|
| | | | (154) | | | | | | (114) | | | | | | (512) | | | | | | (250) | | | | | | 227 | | |
Less: Purchase of property and equipment
|
| | | | (21) | | | | | | (9) | | | | | | (44) | | | | | | (47) | | | | | | (62) | | |
Free Cash Flow
|
| | | | (175) | | | | | | (123) | | | | | | (556) | | | | | | (297) | | | | | | 165 | | |
| | |
Three Months Ended
March 31, 2022 |
| |
Year Ended
December 31, |
| ||||||||||||
($ in millions)
|
| |
2021
|
| |
2020
|
| ||||||||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | | | |||||
Principal amount of Senior Secured Initial Term Loans
(Maturity – August 2025)(1) |
| | | | 241 | | | | | | 242 | | | | | | 244 | | |
Principal amount of loans under the Senior Secured Prior Tranche B-1
Term Loans (Maturity – December 2026)(2) |
| | | | — | | | | | | — | | | | | | 399 | | |
Principal amount of loans under the Senior Secured Prior Tranche B-2
Term Loan Facility(3) |
| | | | — | | | | | | — | | | | | | — | | |
Principal amount of loans under the Senior Secured New Tranche B-3
Term Loan Facilities(4) |
| | | | 800 | | | | | | 800 | | | | | | — | | |
Principal amount of Senior Secured Revolving Credit Facility (Maturity – August 2023)(5)
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
| | | | | 1,041 | | | | | | 1,042 | | | | | | 643 | | |
Less: Unamortized debt discount and debt issuance costs
|
| | | | (18) | | | | | | (19) | | | | | | (19) | | |
Total debt, net of unamortized debt discount and debt issuance costs
|
| | | | 1,023 | | | | | | 1,023 | | | | | | 624 | | |
Less: Cash and cash equivalents
|
| | | | (329) | | | | | | (516) | | | | | | (584) | | |
Net Debt (Cash)
|
| | | | 694 | | | | | | 507 | | | | | | 40 | | |
| | |
Payments Due by Year ($ in millions)
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than 1
Year |
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More than 5
Years |
| |||||||||||||||
Long-term debt obligations(1)
|
| | | $ | 1,023 | | | | | $ | 3 | | | | | $ | 5 | | | | | $ | 1,015 | | | | | $ | — | | |
Operating lease liabilities(2)
|
| | | | 95 | | | | | | 25 | | | | | | 35 | | | | | | 14 | | | | | | 21 | | |
Finance lease liabilities
|
| | | | 2 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | — | | |
Interest payments(3)
|
| | | | 311 | | | | | | 68 | | | | | | 136 | | | | | | 107 | | | | | | — | | |
Purchase commitments(4)
|
| | | | 206 | | | | | | 71 | | | | | | 116 | | | | | | 19 | | | | | | — | | |
Total contractual obligations
|
| | | $ | 1,637 | | | | | $ | 169 | | | | | $ | 292 | | | | | $ | 1,155 | | | | | $ | 21 | | |
Name
|
| |
Position
|
| |
Age
|
|
Paul Abbott | | | Director | | |
53
|
|
James P. Bush | | | Director | | |
64
|
|
Gloria Guevara Manzo | | | Director | | |
54
|
|
Eric Hart | | | Director | | |
46
|
|
Raymond Donald Joabar | | | Director | | |
56
|
|
Michael Gregory (Greg) O’Hara | | | Director | | |
56
|
|
Richard Petrino | | | Director | | |
54
|
|
Mohammed Saif S.S. Al-Sowaidi | | | Director | | |
40
|
|
Itai Wallach | | | Director | | |
34
|
|
Susan Ward | | | Director | | |
61
|
|
Kathleen Winters | | | Director | | |
54
|
|
Name
|
| |
Position
|
| |
Age
|
|
Paul Abbott | | | Chief Executive Officer | | |
53
|
|
Eric J. Bock | | | Chief Legal Officer, Global Head of M&A and Compliance & Corporate Secretary | | |
57
|
|
Andrew George Crawley | | | Chief Commercial Officer | | |
55
|
|
Martine Gerow | | | Chief Financial Officer | | |
61
|
|
Mark Hollyhead | | | President, Egencia | | |
52
|
|
Patricia Anne Huska | | | Chief People Officer | | |
53
|
|
Evan Konwiser | | | EVP Product, Strategy and Communications | | |
40
|
|
Michael Qualantone | | | Chief Revenue Officer | | |
60
|
|
Boriana Tchobanova | | | Chief Transformation Officer | | |
47
|
|
David Thompson | | | Chief Technology Officer | | |
55
|
|
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($)(2) |
| |
Option
Awards ($)(3) |
| |
Non-Equity
Incentive Plan Compensation ($)(4) |
| |
All Other
Compensation ($) |
| |
Total
Compensation ($) |
| |||||||||||||||||||||
Paul Abbott
Chief Executive Officer |
| | | | 2021 | | | | | | 1,233,717 | | | | | | 4,000,000 | | | | | | 9,000,000 | | | | | | 4,050,255 | | | | | | 115,001(5) | | | | | | 18,398,973 | | |
| | | 2020 | | | | | | 1,072,751 | | | | | | 2,756,540 | | | | | | | | | | | | — | | | | | | 1,168,879 | | | | | | 4,998,170 | | | ||
Andrew Crawley
Chief Commercial Officer |
| | | | 2021 | | | | | | 804,318 | | | | | | 1,250,000 | | | | | | 3,750,000 | | | | | | 1,140,000 | | | | | | 70,818(6) | | | | | | 7,015,136 | | |
| | | 2020 | | | | | | 471,122 | | | | | | 447,938 | | | | | | — | | | | | | — | | | | | | 635,011 | | | | | | 1,554,071 | | | ||
Michael Qualantone
Chief Revenue Officer(7) |
| | | | 2021 | | | | | | 578,750 | | | | | | 500,000 | | | | | | 3,448,920 | | | | | | 1,000,000 | | | | | | 36,400(8) | | | | | | 5,564,070 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name
|
| |
2020 Base
Salary ($) |
| |
2021
Base Salary($) |
| ||||||
Paul Abbott
|
| | | | 1,288,538 | | | | | | 1,374,903 | | |
Andrew Crawley
|
| | | | 837,549 | | | | | | 893,687 | | |
Michael Qualantone
|
| | | | 650,000 | | | | | | 650,000 | | |
| | |
Option Awards
|
| |||||||||||||||||||||||||||
Name
|
| |
Grant
Date |
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |||||||||||||||
Paul Abbott
|
| | | | 12/2/2021 | | | | | | — | | | | | | 2,983,535(1) | | | | | | 10.03 | | | | | | 12/2/2031 | | |
Andrew Crawley
|
| | | | 12/2/2021 | | | | | | — | | | | | | 1,243,136(1) | | | | | | 10.03 | | | | | | 12/2/2031 | | |
Michael Qualantone
|
| | | | 12/2/2021 | | | | | | — | | | | | | 1,113,909(1) | | | | | | 10.03 | | | | | | 12/2/2031 | | |
| | | | | 9/25/2019 | | | | | | — | | | | | | 508,422(2) | | | | | | 14.58 | | | | | | 9/25/2029 | | |
| | | | | 3/13/2018 | | | | | | — | | | | | | 438,294(3) | | | | | | 7.23 | | | | | | 3/13/2028 | | |
| | | | | 9/30/2015 | | | | | | — | | | | | | 596,081(4) | | | | | | 6.37 | | | | | | 9/30/2025 | | |
| | | | | 3/30/2015 | | | | | | — | | | | | | 385,699(4) | | | | | | 5.74 | | | | | | 3/30/2025 | | |
| | |
Cash
($) |
| |
Meeting
Fee Premium ($) |
| |
Restricted Stock
Unit Awards ($) |
| |||||||||
Board | | | | | | | | | | | | | | | | | | | |
Chair
|
| | | | 485,000 | | | | | | — | | | | | | 160,000 | | |
Other Directors
|
| | | | 85,000 | | | | | | — | | | | | | 160,000 | | |
Audit Committee | | | | | | | | | | | | | | | | | | | |
Chair
|
| | | | 15,000 | | | | | | 2,000 | | | | | | — | | |
Other Members
|
| | | | 15,000 | | | | | | 2,000 | | | | | | — | | |
Compensation Committee | | | | | | | | | | | | | | | | | | | |
Chair
|
| | | | 15,000 | | | | | | 2,000 | | | | | | — | | |
Other Members
|
| | | | 10,000 | | | | | | 2,000 | | | | | | — | | |
Nominating and Corporate Governance Committee | | | | | | | | | | | | | | | | | | | |
Chair
|
| | | | 10,000 | | | | | | 2,000 | | | | | | — | | |
Other Members
|
| | | | 10,000 | | | | | | 2,000 | | | | | | — | | |
Risk and Compliance Committee | | | | | | | | | | | | | | | | | | | |
Chair
|
| | | | 10,000 | | | | | | 2,000 | | | | | | — | | |
Other Members
|
| | | | 10,000 | | | | | | 2,000 | | | | | | — | | |
Name
|
| |
Fees Earned
or Paid in Cash ($)(1) |
| |
Total
($) |
| ||||||
Ugo Arzani
|
| | | | 180,000 | | | | | | 180,000 | | |
James P. Bush(2)
|
| | | | 180,000 | | | | | | 180,000 | | |
Philippe Chérèque(3)
|
| | | | 226,060 | | | | | | 226,060 | | |
Marc D. Gordon(4)
|
| | | | — | | | | | | — | | |
Eric Hart(5)
|
| | | | 8,152 | | | | | | 8,152 | | |
Raymond Donald Joabar(4)
|
| | | | — | | | | | | — | | |
Name
|
| |
Fees Earned
or Paid in Cash ($)(1) |
| |
Total
($) |
| ||||||
Glenda McNeal(4)
|
| | | | — | | | | | | — | | |
Greg O’Hara(6)
|
| | | | 630,000 | | | | | | 630,000 | | |
Richard Petrino(4)
|
| | | | — | | | | | | — | | |
Mohammed Saif S.S. Al-Sowaidi
|
| | | | 180,000 | | | | | | 180,000 | | |
Susan Ward(7)
|
| | | | 72,826 | | | | | | 72,826 | | |
Julia Wittlin(8)
|
| | | | 180,000 | | | | | | 180,000 | | |
| | |
Securities Beneficially
Owned Prior to Offering |
| |
Securities to be Sold
in this Offering |
| |
Securities Beneficially
Owned After this Offering |
| |||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder(1)
|
| |
Shares of
Class A Common Stock |
| |
Warrants
|
| |
Shares of
Class A Common Stock |
| |
Warrants
|
| |
Shares of
Class A Common Stock |
| |
Percentage
|
| |
Warrants
|
| |
Percentage
|
| ||||||||||||||||||||||||
Juweel Investors (SPC) Limited(2)(3)(4)
|
| | | | 162,388,084 | | | | | | — | | | | | | 168,189,894 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
American Express Company(2)(3)(5)
|
| | | | 157,786,199 | | | | | | — | | | | | | 163,423,593 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Expedia Group,
Inc.(2)(3)(6) |
| | | | 74,274,198 | | | | | | — | | | | | | 76,927,871 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
APSG Sponsor, L.P.(7)
|
| | | | 34,569,384 | | | | | | 12,224,134 | | | | | | 34,569,384 | | | | | | 12,224,134 | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Jennifer Fleiss
|
| | | | 25,000 | | | | | | — | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Mitch Garber
|
| | | | 25,000 | | | | | | — | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
James H. Simmons III
|
| | | | 25,000 | | | | | | — | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Dendur Master Fund Ltd.(8)
|
| | | | 1,000,000 | | | | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Alyeska Master Fund, L.P.(9)
|
| | | | 650,000 | | | | | | — | | | | | | 650,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Trust U/W Carl M. Loeb FBO Elisabeth Levin(10)
|
| | | | 25,000 | | | | | | — | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Trust U/W Carl M. Loeb FBO Arthur Loeb(11)
|
| | | | 25,000 | | | | | | — | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Gray’s Creek Capital Partners Fund I, LP(12)
|
| | | | 200,000 | | | | | | — | | | | | | 200,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Zoom Video Communications,
Inc.(13) |
| | | | 4,000,000 | | | | | | — | | | | | | 4,000,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
HG Vora Special Opportunities Master Fund, LTD(14)
|
| | | | 8,200,000 | | | | | | — | | | | | | 8,200,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Marlins Acquisition Corp.(15)
|
| | | | 8,000,000 | | | | | | — | | | | | | 8,000,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
| | |
Securities Beneficially
Owned Prior to Offering |
| |
Securities to be Sold
in this Offering |
| |
Securities Beneficially
Owned After this Offering |
| |||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder(1)
|
| |
Shares of
Class A Common Stock |
| |
Warrants
|
| |
Shares of
Class A Common Stock |
| |
Warrants
|
| |
Shares of
Class A Common Stock |
| |
Percentage
|
| |
Warrants
|
| |
Percentage
|
| ||||||||||||||||||||||||
ASOF II A (DE) Holdings I, L.P.(16)
|
| | | | 2,062,500 | | | | | | — | | | | | | 2,062,500 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
ASOF II Holdings I, L.P.(17)
|
| | | | 2,062,500 | | | | | | — | | | | | | 2,062,500 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
ASOF Holdings I, L.P.(18)
|
| | | | 4,125,000 | | | | | | — | | | | | | 4,125,000 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Paul Abbott(19)
|
| | | | — | | | | | | — | | | | | | 2,983,535 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Eric J. Bock(3)(20)
|
| | | | 1,938,496 | | | | | | 10,000 | | | | | | 3,001,905 | | | | | | 10,000 | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Andrew George Crawley(21)
|
| | | | — | | | | | | — | | | | | | 1,243,136 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Martine Gerow(3)(22)
|
| | | | 1,086,970 | | | | | | — | | | | | | 2,383,021 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Patricia Anne Huska(3)(23)
|
| | | | 666,206 | | | | | | — | | | | | | 1,710,788 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Evan Konwiser(3)(24)
|
| | | | 192,848 | | | | | | — | | | | | | 568,774 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Michael Qualantone(3)(25)
|
| | | | 1,535,784 | | | | | | — | | | | | | 3,111,306 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Boriana Tchobanova(26)
|
| | | | — | | | | | | — | | | | | | 124,317 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
David Thompson(3)(27)
|
| | | | 894,121 | | | | | | — | | | | | | 1,968,648 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Philippe Chereque(3)(28)
|
| | | | 1,928,496 | | | | | | — | | | | | | 1,997,397 | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Redemption Date (period to expiration
of warrants) |
| |
Fair Market Value of Class A Common Stock
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
≤$10.00
|
| |
$11.00
|
| |
$12.00
|
| |
$13.00
|
| |
$14.00
|
| |
$15.00
|
| |
$16.00
|
| |
$17.00
|
| |
≥$18.00
|
| |||||||||||||||||||||||||||||
60 months
|
| | | | 0.261 | | | | | | 0.281 | | | | | | 0.297 | | | | | | 0.311 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
57 months
|
| | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.361 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.361 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.361 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.361 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.361 | | |
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.361 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.361 | | |
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.361 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.361 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.361 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.361 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.361 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.361 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.361 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
Redemption Date (period to expiration
of warrants) |
| |
Fair Market Value of Class A Common Stock
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
≤$10.00
|
| |
$11.00
|
| |
$12.00
|
| |
$13.00
|
| |
$14.00
|
| |
$15.00
|
| |
$16.00
|
| |
$17.00
|
| |
≥$18.00
|
| |||||||||||||||||||||||||||||
6 months
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
3 months
|
| | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months
|
| | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
| | |
Class A Common Stock
Beneficially Owned |
| |
Class B Common Stock
Beneficially Owned(1) |
| |
Combined
Total Voting Power |
| |||||||||||||||||||||
Name of Beneficial Owner(2)
|
| |
Shares
|
| |
Percent
|
| |
Shares
|
| |
Percent
|
| |
Percent
|
| |||||||||||||||
Five Percent Holders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Juweel Investors (SPC) Limited (3)
|
| | | | 162,388,084 | | | | | | 74.0% | | | | | | 162,388,084 | | | | | | 41.2% | | | | | | 36.0% | | |
American Express Company(4)
|
| | | | 157,786,199 | | | | | | 73.5% | | | | | | 157,786,199 | | | | | | 40.0% | | | | | | 35.0% | | |
Expedia Group, Inc.(5)
|
| | | | 74,274,198 | | | | | | 56.6% | | | | | | 74,274,198 | | | | | | 18.8% | | | | | | 16.5% | | |
APSG Sponsor, L.P.(6)
|
| | | | 34,569,384 | | | | | | 50.0% | | | | | | — | | | | | | — | | | | | | 7.5% | | |
Ares Partners Holdco LLC(7)
|
| | | | 8,675,568 | | | | | | 15.2% | | | | | | | | | | | | | | | | | | 1.9% | | |
HG Vora Special Opportunities Master Fund,
LTD(8) |
| | | | 8,200,000 | | | | | | 14.4% | | | | | | — | | | | | | — | | | | | | 1.8% | | |
Sabre Corporation(9) | | | | | 8,000,000 | | | | | | 14.0% | | | | | | — | | | | | | — | | | | | | 1.8% | | |
Marshall Wace LLP(10)
|
| | | | 6,109,059 | | | | | | 10.7% | | | | | | — | | | | | | — | | | | | | 1.4% | | |
Empyrean Capital Overseas Master Fund, Ltd.(11)
|
| | | | 4,696,981 | | | | | | 8.2% | | | | | | — | | | | | | — | | | | | | 1.0% | | |
Bank of Montreal(12)
|
| | | | 4,144,754 | | | | | | 7.3% | | | | | | — | | | | | | — | | | | | | *% | | |
Zoom Video Communications, Inc.(13)
|
| | | | 4,000,000 | | | | | | 7.0% | | | | | | — | | | | | | — | | | | | | * | | |
Directors and Named Executive Officers
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Paul Abbott
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Andrew George Crawley
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael Qualantone(14)
|
| | | | 1,535,784 | | | | | | 2.6% | | | | | | — | | | | | | — | | | | | | *% | | |
James P. Bush
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gloria Guevara Manzo
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Eric Hart
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Raymond Donald Joabar
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael Gregory O’Hara
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Richard Petrino
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mohammed Saif S.S. Al-Sowaidi
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Itai Wallach
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Susan Ward
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kathleen Winters
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Class A Common Stock
Beneficially Owned |
| |
Class B Common Stock
Beneficially Owned(1) |
| |
Combined
Total Voting Power |
| |||||||||||||||||||||
Name of Beneficial Owner(2)
|
| |
Shares
|
| |
Percent
|
| |
Shares
|
| |
Percent
|
| |
Percent
|
| |||||||||||||||
Directors and Executive Officers as a Group (20 Individuals)(14)
|
| | | | 6,304,425 | | | | | | 10.0% | | | | | | — | | | | | | — | | | | | | 1.4% | | |
| Apollo Strategic Growth Capital | | | | | | | |
| Unaudited Condensed Consolidated Financial Statements | | | | | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| Audited Annual Financial Statements | | | | | | | |
| | | | | F-24 | | | |
| | | | | F-28 | | | |
| | | | | F-29 | | | |
| | | | | F-30 | | | |
| | | | | F-31 | | | |
| | | | | F-32 | | | |
| GBT JerseyCo Limited | | | | | | | |
| Unaudited Condensed Consolidated Financial Statements | | | | | | | |
| | | | | F-50 | | | |
| | | | | F-52 | | | |
| | | | | F-53 | | | |
| | | | | F-54 | | | |
| | | | | F-55 | | | |
| | | | | F-56 | | | |
| Audited Annual Financial Statements | | | | | | | |
| | | | | F-75 | | | |
| | | | | F-76 | | | |
| | | | | F-78 | | | |
| | | | | F-79 | | | |
| | | | | F-80 | | | |
| | | | | F-82 | | | |
| | | | | F-83 | | |
| Egencia | | | | | | | |
| Unaudited Interim Financial Statements | | | | | | | |
| | | | | F-128 | | | |
| | | | | F-130 | | | |
| | | | | F-131 | | | |
| | | | | F-132 | | | |
| | | | | F-134 | | | |
| | | | | F-135 | | | |
| Audited Annual Financial Statements | | | | | | | |
| | | | | F-146 | | | |
| | | | | F-147 | | | |
| | | | | F-148 | | | |
| | | | | F-149 | | |
| | |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 80,242 | | | | | $ | 161,277 | | |
Prepaid expenses
|
| | | | 336,193 | | | | | | 495,915 | | |
Total current assets
|
| | | | 416,435 | | | | | | 657,192 | | |
Investments held in Trust Account
|
| | | | 817,678,426 | | | | | | 817,356,537 | | |
Total assets
|
| | | $ | 818,094,861 | | | | | $ | 818,013,729 | | |
LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued offering costs
|
| | | $ | 5,594,897 | | | | | $ | 6,560,426 | | |
Advances from related party
|
| | | | 4,258,589 | | | | | | 2,040,211 | | |
Note payable – Sponsor
|
| | | | 5,800,000 | | | | | | 5,800,000 | | |
Total current liabilities
|
| | | | 15,653,486 | | | | | | 14,400,637 | | |
Derivative warrant liabilities
|
| | | | 60,098,285 | | | | | | 55,943,533 | | |
Deferred underwriting compensation
|
| | | | 28,588,350 | | | | | | 28,588,350 | | |
Total liabilities
|
| | | | 104,340,121 | | | | | | 98,932,520 | | |
Commitments and contingencies (Note 7) | | | | | | | | | | | | | |
Temporary Equity: | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption, 81,681,000 shares (at $10.00 per share) as of March 31, 2022 and December 31, 2021
|
| | | | 816,810,000 | | | | | | 816,810,000 | | |
Shareholders’ deficit: | | | | | | | | | | | | | |
Preferred shares, $0.00005 par value, 1,000,000 shares authorized, none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.00005 par value, 300,000,000 shares authorized, none issued and outstanding excluding the shares subject to possible redemption
|
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.00005 par value, 60,000,000 shares
authorized, 20,420,250 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
| | | | 1,021 | | | | | | 1,021 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (103,056,281) | | | | | | (97,729,812) | | |
Total shareholders’ deficit
|
| | | | (103,055,260) | | | | | | (97,728,791) | | |
Total liabilities, temporary equity and shareholders’ deficit
|
| | | $ | 818,094,861 | | | | | $ | 818,013,729 | | |
| | |
For the Three Months
Ended March 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
REVENUE
|
| | | $ | — | | | | | $ | — | | |
EXPENSES | | | | | | | | | | | | | |
Administrative fee – related party
|
| | | | 50,001 | | | | | | 50,647 | | |
General and administrative
|
| | | | 1,441,567 | | | | | | 4,592,167 | | |
TOTAL EXPENSES
|
| | | | 1,491,568 | | | | | | 4,642,814 | | |
OTHER INCOME (EXPENSES) | | | | | | | | | | | | | |
Investment income from Trust Account
|
| | | | 321,889 | | | | | | 141,517 | | |
Interest expense
|
| | | | (2,038) | | | | | | (615) | | |
Change in fair value of derivative warrant liabilities
|
| | | | (4,154,752) | | | | | | 24,785,058 | | |
TOTAL OTHER INCOME (EXPENSES)
|
| | | | (3,834,901) | | | | | | 24,925,960 | | |
Net (loss) income
|
| | | $ | (5,326,469) | | | | | $ | 20,283,146 | | |
Weighted average number of Class A ordinary shares outstanding, basic and diluted
|
| | | | 81,681,000 | | | | | | 81,681,000 | | |
Basic and diluted net (loss) income per Class A ordinary share
|
| | | $ | (0.05) | | | | | $ | 0.20 | | |
Weighted average number of Class B ordinary shares outstanding, basic and diluted
|
| | | | 20,420,250 | | | | | | 20,420,250 | | |
Basic and diluted net (loss) income per Class B ordinary share
|
| | | $ | (0.05) | | | | | $ | 0.20 | | |
| | |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Shareholders’
Deficit |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance as of December 31, 2021
|
| | | | 20,420,250 | | | | | $ | 1,021 | | | | | $ | — | | | | | $ | (97,729,812) | | | | | $ | (97,728,791) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (5,326,469) | | | | | | (5,326,469) | | |
Balance as of March 31, 2022
|
| | | | 20,420,250 | | | | | $ | 1,021 | | | | | $ | — | | | | | $ | (103,056,281) | | | | | $ | (103,055,260) | | |
| | |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Shareholders’
Deficit |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance as of December 31, 2020
|
| | | | 20,420,250 | | | | | $ | 1,021 | | | | | $ | — | | | | | $ | (103,929,702) | | | | | $ | (103,928,681) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 20,283,146 | | | | | | 20,283,146 | | |
Balance as of March 31, 2021
|
| | | | 20,420,250 | | | | | $ | 1,021 | | | | | $ | — | | | | | $ | (83,646,556) | | | | | $ | (83,645,535) | | |
| | |
For the Three Months
Ended March 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash Flows From Operating Activities: | | | | | | | | | | | | | |
Net (loss) income
|
| | | $ | (5,326,469) | | | | | $ | 20,283,146 | | |
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
| | | | | | | | | | | | |
Investment income earned on investment held in Trust Account
|
| | | | (321,889) | | | | | | (141,517) | | |
Change in fair value of derivative warrant liabilities
|
| | | | 4,154,752 | | | | | | (24,785,058) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 159,722 | | | | | | 150,174 | | |
Accounts payable and accrued expenses
|
| | | | (965,529) | | | | | | 4,138,691 | | |
Advances from Related Parties
|
| | | | 2,218,378 | | | | | | — | | |
Net Cash Used In Operating Activities
|
| | | | (81,035) | | | | | | (354,564) | | |
Cash Flows From Financing Activities: | | | | | | | | | | | | | |
Proceeds from Sponsor note
|
| | | | — | | | | | | 800,000 | | |
Repayment of advances from Sponsor
|
| | | | — | | | | | | (371,767) | | |
Net Cash Provided By Financing Activities
|
| | | | — | | | | | | 428,233 | | |
Net change in cash
|
| | | | (81,035) | | | | | | 73,669 | | |
Cash at beginning of period
|
| | | | 161,277 | | | | | | 257,872 | | |
Cash at end of period
|
| | | $ | 80,242 | | | | | $ | 331,541 | | |
|
Gross proceeds
|
| | | $ | 816,810,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (39,745,978) | | |
|
Class A ordinary shares issuance costs
|
| | | | (44,871,756) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 84,617,734 | | |
|
Class A ordinary shares subject to possible redemption
|
| | | $ | 816,810,000 | | |
| | |
Three Months Ended
March 31, 2022 |
| |
Three Months Ended
March 31, 2021 |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net income (loss) per ordinary
share |
| | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income (loss), as adjusted
|
| | | $ | (4,261,175) | | | | | $ | (1,065,294) | | | | | $ | 16,226,517 | | | | | $ | 4,056,629 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 81,681,000 | | | | | | 20,420,250 | | | | | | 81,681,000 | | | | | | 20,420,250 | | |
Basic and diluted net income (loss) per ordinary
share |
| | | $ | (0.05) | | | | | $ | (0.05) | | | | | $ | 0.20 | | | | | $ | 0.20 | | |
Description
|
| |
Level
|
| |
March 31, 2022
|
| |
December 31, 2021
|
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 817,678,426 | | | | | $ | 817,356,537 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Warrant Liability – Private Placement Warrants
|
| | | | 3 | | | | | | 22,797,295 | | | | | | 21,092,973 | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | | 37,300,990 | | | | | | 34,850,560 | | |
| | |
Fair Value
Measurement Using Level 3 Inputs Total |
| |||
Balance, December 31, 2021
|
| | | $ | 21,092,973 | | |
Change in fair value of derivative liabilities
|
| | | | 1,704,322 | | |
Balance, March 31, 2022
|
| | | $ | 22,797,295 | | |
| | |
Fair Value
Measurement Using Level 3 Inputs Total |
| |||
Balance, December 31, 2020
|
| | | $ | 23,455,550 | | |
Change in fair value of derivative liabilities
|
| | | | (7,904,318) | | |
Balance, March 31, 2021
|
| | | $ | 15,551,232 | | |
| | |
March 31, 2022
|
| |
December 31, 2021
|
| ||||||
Risk-free interest rate
|
| | | | 2.42% | | | | | | 1.31% | | |
Expected life of grants
|
| |
5.25 years
|
| |
5.5 years
|
| ||||||
Expected volatility of underlying shares
|
| | | | 17.0% | | | | | | 18.0% | | |
Dividends
|
| | | | 0.0% | | | | | | 0.0% | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 161,277 | | | | | $ | 257,872 | | |
Prepaid expenses
|
| | | | 495,915 | | | | | | 1,125,255 | | |
Total current assets
|
| | | | 657,192 | | | | | | 1,383,127 | | |
Investments held in Trust Account
|
| | | | 817,356,537 | | | | | | 816,985,533 | | |
Total assets
|
| | | $ | 818,013,729 | | | | | $ | 818,368,660 | | |
LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued offering costs
|
| | | $ | 6,560,426 | | | | | $ | 383,164 | | |
Advances from related party
|
| | | | 2,040,211 | | | | | | 373,517 | | |
Note payable – Sponsor
|
| | | | 5,800,000 | | | | | | 1,500,000 | | |
Total current liabilities
|
| | | | 14,400,637 | | | | | | 2,256,681 | | |
Derivative warrant liabilities
|
| | | | 55,943,533 | | | | | | 74,642,310 | | |
Deferred underwriting compensation
|
| | | | 28,588,350 | | | | | | 28,588,350 | | |
Total liabilities
|
| | | | 98,932,520 | | | | | | 105,487,341 | | |
Commitments and contingencies (Note 7) | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption; 81,681,000 shares (at $10.00 per share) as of December 31, 2021 and 2020
|
| | | | 816,810,000 | | | | | | 816,810,000 | | |
Shareholders’ deficit: | | | | | | | | | | | | | |
Preferred shares, $0.00005 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.00005 par value, 300,000,000 shares authorized, none issued and outstanding
|
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.00005 par value, 60,000,000 shares authorized, 20,420,250 shares issued and outstanding as of December 31, 2021 and 2020
|
| | | | 1,021 | | | | | | 1,021 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (97,729,812) | | | | | | (103,929,702) | | |
Total shareholders’ deficit
|
| | | | (97,728,791) | | | | | | (103,928,681) | | |
Total liabilities and shareholders’ deficit
|
| | | $ | 818,013,729 | | | | | $ | 818,368,660 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
REVENUE
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
EXPENSES | | | | | | | | | | | | | | | | | | | |
Administrative fee – related party
|
| | | | 200,650 | | | | | | 46,669 | | | | | | — | | |
General and administrative
|
| | | | 12,663,776 | | | | | | 536,614 | | | | | | 1,853 | | |
TOTAL EXPENSES
|
| | | | 12,864,426 | | | | | | 583,283 | | | | | | 1,853 | | |
OTHER INCOME (EXPENSES) | | | | | | | | | | | | | | | | | | | |
Investment income from Trust Account
|
| | | | 371,004 | | | | | | 175,533 | | | | | | — | | |
Interest expense
|
| | | | (5,465) | | | | | | (414) | | | | | | — | | |
Transaction costs allocable to warrant liability
|
| | | | — | | | | | | (2,344,508) | | | | | | — | | |
Change in fair value of derivative warrant liabilities
|
| | | | 18,698,777 | | | | | | (16,889,088) | | | | | | — | | |
TOTAL OTHER INCOME (EXPENSES)
|
| | | | 19,064,316 | | | | | | (19,058,477) | | | | | | — | | |
Net income (loss)
|
| | | $ | 6,199,890 | | | | | $ | (19,641,760) | | | | | $ | (1,853) | | |
Weighted average number of Class A ordinary shares outstanding,
basic and diluted |
| | | | 81,681,000 | | | | | | 18,828,526 | | | | | | — | | |
Basic and diluted net income (loss) per Class A ordinary share
|
| | | $ | 0.06 | | | | | $ | (0.52) | | | | | | — | | |
Weighted average number of Class B ordinary shares outstanding,
basic and diluted |
| | | | 20,420,250 | | | | | | 18,983,377 | | | | | | 18,750,000 | | |
Basic and diluted net income (loss) per Class B ordinary share
|
| | | $ | 0.06 | | | | | $ | (0.52) | | | | | $ | (0.00) | | |
| | |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Shareholders’
Deficit |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balances as of January 1, 2019
|
| | | | 21,562,500 | | | | | $ | 1,078 | | | | | $ | 27,117 | | | | | $ | (28,195) | | | | | $ | — | | |
Capital contributions
|
| | | | — | | | | | | — | | | | | | 3,707 | | | | | | — | | | | | | 3,707 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,853) | | | | | | (1,853) | | |
Balance as of December 31, 2019
|
| | | | 21,562,500 | | | | | $ | 1,078 | | | | | $ | 30,824 | | | | | $ | (30,048) | | | | | $ | 1,854 | | |
Excess of proceeds received over fair value of private warrant liabilities
|
| | | | — | | | | | | — | | | | | | 328,959 | | | | | | — | | | | | | 328,959 | | |
Forfeiture of Class B ordinary shares by Sponsor
|
| | | | (1,142,250) | | | | | | (57) | | | | | | 57 | | | | | | — | | | | | | — | | |
Accretion of Class A ordinary shares subject to possible redemption amount
|
| | | | — | | | | | | — | | | | | | (359,840) | | | | | | (84,257,894) | | | | | | (84,617,734) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (19,641,760) | | | | | | (19,641,760) | | |
Balance as of December 31, 2020
|
| | | | 20,420,250 | | | | | $ | 1,021 | | | | | $ | — | | | | | $ | (103,929,702) | | | | | $ | (103,928,681) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6,199,890 | | | | | | 6,199,890 | | |
Balance as of December 31, 2021
|
| | | | 20,420,250 | | | | | $ | 1,021 | | | | | $ | — | | | | | $ | (97,729,812) | | | | | $ | (97,728,791) | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Cash Flows From Operating Activities: | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 6,199,890 | | | | | $ | (19,641,760) | | | | | $ | (1,853) | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | |
Formation and organization costs paid by related parties
|
| | | | — | | | | | | 27,607 | | | | | | 3,707 | | |
Investment income earned on investment held in Trust Account
|
| | | | (371,004) | | | | | | (175,533) | | | | | | — | | |
Costs associated with warrant liabilities
|
| | | | — | | | | | | 2,344,508 | | | | | | — | | |
Change in fair value of derivative warrant liabilities
|
| | | | (18,698,777) | | | | | | 16,889,088 | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 629,340 | | | | | | (1,123,401) | | | | | | (1,854) | | |
Accounts payable and accrued expenses
|
| | | | 6,179,734 | | | | | | (761,757) | | | | | | — | | |
Advances from Related Parties
|
| | | | 2,035,989 | | | | | | — | | | | | | — | | |
Net Cash Used In Operating Activities
|
| | | | (4,024,828) | | | | | | (2,441,248) | | | | | | — | | |
Cash Flows From Investing Activities: | | | | | | | | | | | | | | | | | | | |
Cash deposited into Trust Account
|
| | | | — | | | | | | (816,810,000) | | | | | | — | | |
Net Cash Used In Investing Activities
|
| | | | — | | | | | | (816,810,000) | | | | | | — | | |
Cash Flows From Financing Activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of Units in Public Offering
|
| | | | — | | | | | | 816,810,000 | | | | | | — | | |
Proceeds from sale of Private Placement Warrants
|
| | | | — | | | | | | 18,336,200 | | | | | | — | | |
Payment of underwriter commissions
|
| | | | — | | | | | | (16,336,200) | | | | | | — | | |
Payment of offering costs
|
| | | | — | | | | | | (800,880) | | | | | | — | | |
Proceeds from Sponsor note
|
| | | | 4,300,000 | | | | | | 1,500,000 | | | | | | — | | |
Repayment of advances from Sponsor
|
| | | | (371,767) | | | | | | — | | | | | | — | | |
Net Cash Provided By Financing Activities
|
| | | | 3,928,233 | | | | | | 819,509,120 | | | | | | — | | |
Net change in cash
|
| | | | (96,595) | | | | | | 257,872 | | | | | | — | | |
Cash at beginning of year
|
| | | | 257,872 | | | | | | — | | | | | | — | | |
Cash at end of year
|
| | | $ | 161,277 | | | | | $ | 257,872 | | | | | $ | — | | |
Supplemental disclosure of non-cash financing activities: | | | | | | | | | | | | | | | | | | | |
Deferred underwriters’ commissions charged to temporary equity in
connection with the Public Offering |
| | | $ | — | | | | | $ | 28,588,350 | | | | | $ | — | | |
Deferred offering costs paid by related party
|
| | | $ | — | | | | | $ | 345,910 | | | | | $ | 3,707 | | |
Accrued offering costs which were charged to temporary equity
|
| | | $ | — | | | | | $ | 1,144,924 | | | | | $ | — | | |
|
Gross proceeds
|
| | | $ | 816,810,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | $ | (39,745,978) | | |
|
Class A ordinary shares issuance costs
|
| | | $ | (44,871,756) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | $ | 84,617,734 | | |
|
Class A ordinary shares subject to possible redemption
|
| | | $ | 816,810,000 | | |
| | |
Year Ended
December 31, 2021 |
| |
Year Ended
December 31, 2020 |
| ||||||||||||||||||
|
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||||
Basic and diluted net income (loss) per ordinary share
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income (loss), as adjusted
|
| | | $ | 4,959,912 | | | | | $ | 1,239,978 | | | | | $ | (9,780,661) | | | | | $ | (9,861,099) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 81,681,000 | | | | | | 20,420,250 | | | | | | 18,828,526 | | | | | | 18,983,377 | | |
Basic and diluted net income (loss) per ordinary share
|
| | | $ | 0.06 | | | | | $ | 0.06 | | | | | $ | (0.52) | | | | | $ | (0.52) | | |
Description
|
| |
Level
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 817,356,537 | | | | | $ | 816,985,533 | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant Liability — Private Placement Warrants
|
| | | | 3 | | | | | | 21,092,973 | | | | | | 23,455,550 | | | | | | — | | |
Warrant Liability — Public Warrants
|
| | | | 1 | | | | | | 34,850,560 | | | | | | 51,186,760 | | | | | | — | | |
| | |
Fair Value
Measurement Using Level 3 Inputs Total |
| |||
Balance, December 31, 2019
|
| | | $ | — | | |
Derivative liabilities recorded on issuance of derivative warrants
|
| | | | 57,753,222 | | |
Transfer to Level 1
|
| | | | (39,745,978) | | |
Change in fair value of derivative liabilities
|
| | | | 5,448,306 | | |
Balance, December 31, 2020
|
| | | | 23,455,550 | | |
Change in fair value of derivative liabilities
|
| | | | (2,362,577) | | |
Balance, December 31, 2021
|
| | | $ | 21,092,973 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
|
Risk-free interest rate
|
| |
1.31%
|
| |
0.49%
|
|
Expected life of grants
|
| |
5.5 years
|
| |
5.9 years
|
|
Expected volatility of underlying shares
|
| |
18.0%
|
| |
10.0 – 30.0%
|
|
Dividends
|
| |
0.0%
|
| |
0%
|
|
| | |
Page
|
| |||
Unaudited Condensed Consolidated Financial Statements of GBT JerseyCo Limited | | | | | | | |
| | | | F-50 | | | |
| | | | F-52 | | | |
| | | | F-53 | | | |
| | | | F-54 | | | |
| | | | F-55 | | | |
| | | | F-56 | | |
| | |
As of
|
| |||||||||
(in $ millions except share and per share data)
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Assets | | | | | | | | | | | | | |
Current assets:
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 329 | | | | | $ | 516 | | |
Accounts receivable (net of allowances for doubtful accounts of $5 and $4 as
of March 31, 2022 and December 31, 2021, respectively) |
| | | | 562 | | | | | | 381 | | |
Due from affiliates
|
| | | | 9 | | | | | | 18 | | |
Prepaid expenses and other current assets
|
| | | | 143 | | | | | | 137 | | |
Total current assets
|
| | | | 1,043 | | | | | | 1,052 | | |
Property and equipment, net
|
| | | | 213 | | | | | | 216 | | |
Equity method investments
|
| | | | 16 | | | | | | 17 | | |
Goodwill
|
| | | | 1,346 | | | | | | 1,358 | | |
Other intangible assets, net
|
| | | | 718 | | | | | | 746 | | |
Operating lease right-of-use assets
|
| | | | 54 | | | | | | 59 | | |
Deferred tax assets
|
| | | | 300 | | | | | | 282 | | |
Other non-current assets
|
| | | | 46 | | | | | | 41 | | |
Total assets
|
| | | $ | 3,736 | | | | | $ | 3,771 | | |
Liabilities, preferred shares, and shareholders’ equity | | | | | | | | | | | | | |
Current liabilities:
|
| | | | | | | | | | | | |
Accounts payable
|
| | | $ | 289 | | | | | $ | 137 | | |
Due to affiliates
|
| | | | 41 | | | | | | 41 | | |
Accrued expenses and other current liabilities
|
| | | | 448 | | | | | | 519 | | |
Current portion of operating lease liabilities
|
| | | | 20 | | | | | | 21 | | |
Current portion of long-term debt
|
| | | | 3 | | | | | | 3 | | |
Total current liabilities
|
| | | | 801 | | | | | | 721 | | |
Long-term debt, non-current, net of unamortized debt discount and debt issuance costs
|
| | | | 1,020 | | | | | | 1,020 | | |
Deferred tax liabilities
|
| | | | 119 | | | | | | 119 | | |
Pension liabilities
|
| | | | 316 | | | | | | 333 | | |
Long-term operating lease liabilities
|
| | | | 55 | | | | | | 61 | | |
Other non-current liabilities
|
| | | | 26 | | | | | | 23 | | |
Total liabilities
|
| | | | 2,337 | | | | | | 2,277 | | |
Commitments and Contingencies (see note 11) | | | | | | | | | | | | | |
Preferred shares (par value $€0.00001; 3,000,000 shares authorized; 1,500,000 shares issued and outstanding as of both March 31, 2022 and December 31, 2021; redemption amount of $165 and $160 as of March 31, 2022 and December 31, 2021, respectively)
|
| | | | 165 | | | | | | 160 | | |
| | |
As of
|
| |||||||||
(in $ millions except share and per share data)
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Shareholders’ equity: | | | | | | | | | | | | | |
Voting ordinary shares (par value €0.00001; 40,000,000 shares authorized; 36,000,000 shares issued and outstanding as of both March 31, 2022 and December 31, 2021)
|
| | | | — | | | | | | — | | |
Non-Voting ordinary shares (par value €0.00001; 15,000,000 shares
authorized; 8,413,972 shares issued and outstanding as of both March 31, 2022, and December 31, 2021) |
| | | | — | | | | | | — | | |
Profit Shares (par value €0.00001; 800,000 shares authorized, issued and outstanding as of both March 31, 2022 and December 31, 2021)
|
| | | | — | | | | | | — | | |
Management Incentive Plan Shares (par value €0.00001, 4,764,000 shares authorized; Nil shares issued and outstanding as of both March 31, 2022 and December 31, 2021)
|
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 2,558 | | | | | | 2,560 | | |
Accumulated deficit
|
| | | | (1,156) | | | | | | (1,065) | | |
Accumulated other comprehensive loss
|
| | | | (169) | | | | | | (162) | | |
Total equity of the Company’s shareholders
|
| | | | 1,233 | | | | | | 1,333 | | |
Equity attributable to noncontrolling interest in subsidiaries
|
| | | | 1 | | | | | | 1 | | |
Total shareholders’ equity
|
| | | | 1,234 | | | | | | 1,334 | | |
Total liabilities, preferred shares, and shareholders’ equity
|
| | | $ | 3,736 | | | | | $ | 3,771 | | |
|
| | |
Three months ended March 31,
|
| |||||||||
(in $ millions, except share and per share data)
|
| |
2022
|
| |
2021
|
| ||||||
Revenue
|
| | | $ | 350 | | | | | $ | 126 | | |
Costs and expenses: | | | | | | | | | | | | | |
Cost of revenue (excluding depreciation and amortization shown separately
below) |
| | | | 173 | | | | | | 82 | | |
Sales and marketing
|
| | | | 72 | | | | | | 43 | | |
Technology and content
|
| | | | 90 | | | | | | 57 | | |
General and administrative
|
| | | | 65 | | | | | | 39 | | |
Restructuring charges
|
| | | | 2 | | | | | | — | | |
Depreciation and amortization
|
| | | | 44 | | | | | | 34 | | |
Total operating expenses
|
| | | | 446 | | | | | | 255 | | |
Operating loss
|
| | | | (96) | | | | | | (129) | | |
Interest expense
|
| | | | (19) | | | | | | (11) | | |
Other income, net
|
| | | | — | | | | | | 5 | | |
Loss before income taxes and share of losses from equity method
investments |
| | | | (115) | | | | | | (135) | | |
Benefit from income taxes
|
| | | | 25 | | | | | | 22 | | |
Share of losses from equity method investments
|
| | | | (1) | | | | | | (1) | | |
Net loss
|
| | | | (91) | | | | | | (114) | | |
Net loss attributable to non-controlling interests in subsidiaries
|
| | | | — | | | | | | — | | |
Net loss attributable to the Company
|
| | | | (91) | | | | | | (114) | | |
Preferred shares dividend
|
| | | | (5) | | | | | | — | | |
Net loss attributable to the shareholders of the Company’s ordinary shares
|
| | | $ | (96) | | | | | $ | (114) | | |
Loss per share attributable to the shareholders of the Company’s ordinary shares – Basic and Diluted:
|
| | | | | | | | | | | | |
Loss per share
|
| | | $ | (2.15) | | | | | $ | (3.16) | | |
Weighted average number of shares outstanding
|
| | | | 44,413,972 | | | | | | 36,000,000 | | |
| | |
Three months ended March 31,
|
| |||||||||
(in $ millions)
|
| |
2022
|
| |
2021
|
| ||||||
Net loss
|
| | | $ | (91) | | | | | $ | (114) | | |
Other comprehensive loss, net of tax: | | | | | | | | | | | | | |
Change in currency translation adjustments, net of tax
|
| | | | (16) | | | | | | (9) | | |
Unrealized gains on cash flow hedge, net of tax
|
| | | | 9 | | | | |
|
—
|
| |
Other comprehensive loss, net of tax
|
| | | | (7) | | | | | | (9) | | |
Comprehensive loss
|
| | | | (98) | | | | | | (123) | | |
Comprehensive loss attributable to non-controlling interests in subsidiaries
|
| | |
|
—
|
| | | |
|
—
|
| |
Preferred Shares dividend
|
| | | | (5) | | | | |
|
—
|
| |
Comprehensive loss attributable to the Company
|
| | | $ | (103) | | | | | $ | (123) | | |
| | |
Three months ended March 31,
|
| |||||||||
(in $ millions)
|
| |
2022
|
| |
2021
|
| ||||||
Operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (91) | | | | | $ | (114) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 44 | | | | | | 34 | | |
Deferred tax benefit
|
| | | | (26) | | | | | | (22) | | |
Equity-based compensation
|
| | | | 3 | | | | |
|
—
|
| |
Release of allowance for doubtful accounts
|
| | |
|
—
|
| | | | | (2) | | |
Share of losses from equity-method investments
|
| | | | 1 | | | | | | 1 | | |
Amortization of debt discount and debt issuance costs
|
| | | | 1 | | | | | | 1 | | |
Pension contributions
|
| | | | (6) | | | | | | (5) | | |
Changes in working capital, net of effects from acquisitions
|
| | | | | | | | | | | | |
Accounts receivables
|
| | | | (189) | | | | | | 6 | | |
Prepaid expenses and other current assets
|
| | | | (3) | | | | | | 38 | | |
Due from affiliates
|
| | | | 9 | | | | | | (4) | | |
Due to affiliates
|
| | |
|
—
|
| | | | | 1 | | |
Accounts payable, accrued expenses and other current liabilities
|
| | | | 93 | | | | | | (43) | | |
Other
|
| | | | 10 | | | | | | (5) | | |
Net cash used in operating activities
|
| | | | (154) | | | | | | (114) | | |
Investing activities: | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (21) | | | | | | (9) | | |
Business acquisition, net of cash acquired
|
| | |
|
—
|
| | | | | (53) | | |
Net cash used in investing activities
|
| | | | (21) | | | | | | (62) | | |
Financing activities: | | | | | | | | | | | | | |
Proceeds from issuance of preferred shares
|
| | |
|
—
|
| | | | | 50 | | |
Proceeds from senior secured prior tranche B-2 term loans
|
| | |
|
—
|
| | | | | 50 | | |
Repayment of senior secured term loans
|
| | | | (1) | | | | | | (2) | | |
Repayment of finance lease obligations
|
| | | | (2) | | | | | | (2) | | |
Payment of lender fees and issuance costs for senior secured term loans facilities
|
| | |
|
—
|
| | | | | (6) | | |
Payment of offering costs
|
| | | | (4) | | | | |
|
—
|
| |
Capital distributions to shareholders
|
| | |
|
—
|
| | | | | (1) | | |
Net cash (used in) from financing activities
|
| | | | (7) | | | | | | 89 | | |
Effect of exchange rates changes on cash, cash equivalents and restricted cash
|
| | | | (3) | | | | | | (3) | | |
Net decrease in cash, cash equivalents and restricted cash
|
| | | | (185) | | | | | | (90) | | |
Cash, cash equivalents and restricted cash, beginning of period
|
| | | | 525 | | | | | | 593 | | |
Cash, cash equivalents and restricted cash, end of period
|
| | | $ | 340 | | | | | $ | 503 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Cash (received) paid for income taxes (net of refunds)
|
| | | $ | (1) | | | | | $ | 2 | | |
Cash paid for interest (net of interest received)
|
| | | $ | 18 | | | | | $ | 10 | | |
Dividend accrued on preferred shares
|
| | | $ | 5 | | | | |
$
|
—
|
| |
Non-cash additions for operating lease right-of-use assets
|
| | |
$
|
—
|
| | | | $ | 11 | | |
Deferred offering costs accrued during the period
|
| | | $ | 4 | | | | |
$
|
—
|
| |
(in $ millions, except share data)
|
| |
Voting ordinary shares
|
| |
Non-Voting ordinary shares
|
| |
Profit shares
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive loss |
| |
Total equity
of the Company’s shareholders |
| |
Equity
attributable to non-controlling interest in subsidiaries |
| |
Total
shareholders’ equity |
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021
|
| | | | 36,000,000 | | | | | | — | | | | | | 8,413,972 | | | | |
|
—
|
| | | | | 800,000 | | | | |
|
—
|
| | | | | 2,560 | | | | | | (1,065) | | | | | | (162) | | | | | | 1,333 | | | | | | 1 | | | | | | 1,334 | | | | | | | | | ||||||||||||
Dividend on preferred shares (see note – 13)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5) | | | | | | — | | | | | | — | | | | | | (5) | | | | | | — | | | | | | (5) | | | | | | | | | ||||||||||||
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 3 | | | | | | — | | | | | | 3 | | | | | | | | | ||||||||||||
Other comprehensive loss, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7) | | | | | | (7) | | | | | | — | | | | | | (7) | | | | | | | | | ||||||||||||
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (91) | | | | |
|
—
|
| | | | | (91) | | | | |
|
—
|
| | | | | (91) | | | | | | | | | ||||||||||||
Balance as of March 31, 2022
|
| | | | 36,000,000 | | | | | $ | — | | | | | | 8,413,972 | | | | |
$
|
—
|
| | | | | 800,000 | | | | |
$
|
—
|
| | | | $ | 2,558 | | | | | $ | (1,156) | | | | | $ | (169) | | | | | $ | 1,233 | | | | | $ | 1 | | | | | $ | 1,234 | | | | | | | | |
(in $ millions, except share data)
|
| |
Voting ordinary shares
|
| |
Non-Voting ordinary shares
|
| |
Profit shares
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive loss |
| |
Total equity
of the Company’s shareholders |
| |
Equity
attributable to non-controlling interest in subsidiaries |
| |
Total
shareholders’ equity |
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020
|
| | | | 36,000,000 | | | | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | | | 800,000 | | | | |
|
—
|
| | | | | 1,752 | | | | | | (592) | | | | | | (179) | | | | | | 981 | | | | | | 3 | | | | | | 984 | | | | | | | | | ||||||||||||
Other comprehensive loss, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9) | | | | | | (9) | | | | | | — | | | | | | (9) | | | | | | | | | ||||||||||||
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (114) | | | | |
|
—
|
| | | | | (114) | | | | |
|
—
|
| | | | | (114) | | | | | | | | | ||||||||||||
Balance as of March 31, 2021
|
| | | | 36,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 800,000 | | | | | | — | | | | | | 1,752 | | | | | | (706) | | | | | | (188) | | | | | | 858 | | | | | | 3 | | | | | | 861 | | | | | | | | |
| | |
Three months ended
March 31, |
| |||||||||
(in $ millions)
|
| |
2022
|
| |
2021
|
| ||||||
Travel revenue
|
| | | $ | 256 | | | | | $ | 62 | | |
Products and professional services revenue
|
| | | | 94 | | | | | | 64 | | |
Total revenue
|
| | | $ | 350 | | | | | $ | 126 | | |
| | | | | | | | |
Contract assets
(liabilities) |
| |
Contract
liabilities |
| ||||||
(in $ millions)
|
| |
Accounts
receivables, net(1) |
| |
Client incentives, net
(non-current) |
| |
Deferred revenue
(current) |
| |||||||||
Balance as of March 31, 2022
|
| | | $ | 554 | | | | | $ | (8) | | | | | $ | 25 | | |
Balance as of December 31, 2021
|
| | | $ | 375 | | | | | $ | (3) | | | | | $ | 18 | | |
| | |
As of
|
| |||||||||
(in $ millions)
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Prepaid expenses
|
| | | $ | 48 | | | | | $ | 42 | | |
Income tax receivable
|
| | | | 31 | | | | | | 32 | | |
Deferred offering costs
|
| | | | 24 | | | | | | 21 | | |
Value added and similar taxes receivables
|
| | | | 14 | | | | | | 11 | | |
Other prepayments and receivables
|
| | | | 26 | | | | | | 31 | | |
Prepaid expenses and other current assets
|
| | | $ | 143 | | | | | $ | 137 | | |
| | |
As of
|
| |||||||||
(in $ millions)
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Capitalized software for internal use
|
| | | $ | 306 | | | | | $ | 304 | | |
Computer equipment
|
| | | | 67 | | | | | | 65 | | |
Leasehold improvements
|
| | | | 52 | | | | | | 52 | | |
Furniture, fixtures and other equipment
|
| | | | 6 | | | | | | 6 | | |
Capital projects in progress
|
| | | | 14 | | | | | | 9 | | |
| | | | | 445 | | | | | | 436 | | |
Less: accumulated depreciation and amortization
|
| | | | (232) | | | | | | (220) | | |
Property and equipment, net
|
| | | $ | 213 | | | | | $ | 216 | | |
(in $ millions)
|
| |
Amount
|
| |||
Balance as of December 31, 2021
|
| | | $ | 1,358 | | |
Egencia acquisition adjustments
|
| | | | 2 | | |
Currency translation adjustments
|
| | | | (14) | | |
Balance as of March 31, 2022
|
| | | $ | 1,346 | | |
| | |
March 31, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||||||||||||||
(in $ millions)
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| ||||||||||||||||||
Trademarks/tradenames
|
| | | $ | 115 | | | | | $ | (64) | | | | | $ | 51 | | | | | $ | 115 | | | | | $ | (62) | | | | | $ | 53 | | |
Corporate client relationships
|
| | | | 815 | | | | | | (209) | | | | | | 606 | | | | | | 815 | | | | | | (189) | | | | | | 626 | | |
Supplier relationship
|
| | | | 254 | | | | | | (194) | | | | | | 60 | | | | | | 254 | | | | | | (188) | | | | | | 66 | | |
Travel partner network
|
| | | | 4 | | | | | | (3) | | | | | | 1 | | | | | | 4 | | | | | | (3) | | | | | | 1 | | |
Other intangible assets
|
| | | $ | 1,188 | | | | | $ | (470) | | | | | $ | 718 | | | | | $ | 1,188 | | | | | $ | (442) | | | | | $ | 746 | | |
| | |
As of
|
| |||||||||
(in $ millions)
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Accrued payroll and related costs
|
| | | $ | 160 | | | | | $ | 198 | | |
Accrued operating expenses
|
| | | | 131 | | | | | | 147 | | |
Accrued restructuring costs (see note 9)
|
| | | | 57 | | | | | | 69 | | |
Client deposits
|
| | | | 45 | | | | | | 59 | | |
Deferred revenue
|
| | | | 25 | | | | | | 18 | | |
Value added and similar taxes payable
|
| | | | 9 | | | | | | 6 | | |
Income tax payable
|
| | | | 7 | | | | | | 7 | | |
Other payables
|
| | | | 14 | | | | | | 15 | | |
Accrued expenses and other current liabilities
|
| | | $ | 448 | | | | | $ | 519 | | |
(in $ millions)
|
| |
Employee
related |
| |
Facility
|
| |
Total
|
| |||||||||
Balance as of December 31, 2021
|
| | | $ | 64 | | | | | $ | 5 | | | | | $ | 69 | | |
Charges
|
| | | | 2 | | | | |
|
—
|
| | | | | 2 | | |
Cash settled
|
| | | | (13) | | | | | | (1) | | | | | | (14) | | |
Balance as of March 31, 2022
|
| | | | 53 | | | | | | 4 | | | | | | 57 | | |
| | |
As of
|
| |||||||||
(in $ millions)
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | |
Principal amount of senior secured initial term loans
(Maturity – August 2025)(1) |
| | | $ | 241 | | | | | $ | 242 | | |
Principal amount of senior secured tranche B-3 term loans (Maturity – December 2026)(2)
|
| | | | 800 | | | | | | 800 | | |
Principal amount of senior secured revolving credit facility (Maturity – August 2023)(3)
|
| | | | — | | | | | | — | | |
| | | | | 1,041 | | | | | | 1,042 | | |
Less: Unamortized debt discount and debt issuance costs
|
| | | | (18) | | | | | | (19) | | |
Total debt, net of unamortized debt discount and debt issuance costs
|
| | | | 1,023 | | | | | | 1,023 | | |
Less: Current portion of long-term debt
|
| | | | 3 | | | | | | 3 | | |
Long-term debt, non-current, net of unamortized debt discount and debt
issuance costs |
| | | $ | 1,020 | | | | | $ | 1,020 | | |
(in $ millions)
|
| |
Currency
translation adjustments |
| |
Defined
benefit plan related |
| |
Unrealized gain on
cash flow hedge and hedge of investments in foreign subsidiary |
| |
Total accumulated
other comprehensive loss |
| ||||||||||||
Balance as of December 31, 2021
|
| | | $ | (38) | | | | | $ | (128) | | | | | $ | 4 | | | | | $ | (162) | | |
Net changes during the period, net of tax benefit, $0
|
| | | | (16) | | | | |
|
—
|
| | | | | 9 | | | | | | (7) | | |
Balance as of March 31, 2022
|
| | | $ | (54) | | | | | $ | (128) | | | | | $ | 13 | | | | | $ | (169) | | |
(in $ millions)
|
| |
Currency
translation adjustments |
| |
Defined
benefit plan related |
| |
Unrealized gain on
cash flow hedge and hedge of investments in foreign subsidiary |
| |
Total accumulated
other comprehensive loss |
| ||||||||||||
Balance as of December 31, 2020
|
| | | $ | (23) | | | | | $ | (160) | | | | | $ | 4 | | | | | $ | (179) | | |
Net changes during the period, net of tax benefit, $0
|
| | | | (9) | | | | |
|
—
|
| | | |
|
—
|
| | | | | (9) | | |
Balance as of March 31, 2021
|
| | | $ | (32) | | | | | $ | (160) | | | | | $ | 4 | | | | | $ | (188) | | |
Notional amount (in $ millions)
|
| |
Period
|
| |
Fixed Interest rate
|
| |||
$600
|
| |
March 2022 to March 2025
|
| | | | 2.0725% | | |
| | | | | | | | |
As of
|
| |||||||||
(in $ millions)
|
| |
Balance sheet location
|
| |
Fair Value
Hierarchy |
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Interest rate swaps
|
| |
Other non-current assets
|
| |
Level 2
|
| | | $ | 9 | | | | | $ | — | | |
| | |
Fair
Value Hierarch |
| |
As of
March 31, 2022 |
| |
As of
December 31, 2021 |
| ||||||||||||||||||
(in $ millions)
|
| |
Carrying
amount(1) |
| |
Fair
Value |
| |
Carrying
amount (1) |
| |
Fair
Value |
| |||||||||||||||
Senior secured initial term loans
|
| |
Level 2
|
| | | $ | 235 | | | | | $ | 226 | | | | | $ | 236 | | | | | $ | 233 | | |
Senior secured new tranche B-3 term loans
|
| |
Level 3
|
| | | $ | 788 | | | | | $ | 767 | | | | | $ | 787 | | | | | $ | 800 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions except share and per share data)
|
| |
2021
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets:
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 516 | | | | | $ | 584 | | |
Accounts receivable (net of allowances for doubtful accounts of $4 and $14 as of December 31, 2021 and 2020, respectively)
|
| | | | 381 | | | | | | 144 | | |
Due from affiliates
|
| | | | 18 | | | | | | 15 | | |
Prepaid expenses and other current assets
|
| | | | 137 | | | | | | 126 | | |
Total current assets
|
| | | | 1,052 | | | | | | 869 | | |
Property and equipment, net
|
| | | | 216 | | | | | | 194 | | |
Equity method investments
|
| | | | 17 | | | | | | 23 | | |
Goodwill
|
| | | | 1,358 | | | | | | 1,028 | | |
Other intangible assets, net
|
| | | | 746 | | | | | | 348 | | |
Operating lease right-of-use assets
|
| | | | 59 | | | | | | 55 | | |
Deferred tax assets
|
| | | | 282 | | | | | | 217 | | |
Other non-current assets
|
| | | | 41 | | | | | | 24 | | |
Total assets
|
| | | $ | 3,771 | | | | | $ | 2,758 | | |
Liabilities, preferred shares and shareholders’ equity | | | | | | | | | | | | | |
Current liabilities:
|
| | | | | | | | | | | | |
Accounts payable
|
| | | $ | 137 | | | | | $ | 96 | | |
Due to affiliates
|
| | | | 41 | | | | | | 7 | | |
Accrued expenses and other current liabilities
|
| | | | 519 | | | | | | 440 | | |
Current portion of operating lease liabilities
|
| | | | 21 | | | | | | 20 | | |
Current portion of long-term debt
|
| | | | 3 | | | | | | 7 | | |
Total current liabilities
|
| | | | 721 | | | | | | 570 | | |
Long-term debt, non-current, net of unamortized debt discount and debt issuance costs
|
| | | | 1,020 | | | | | | 617 | | |
Deferred tax liabilities
|
| | | | 119 | | | | | | 100 | | |
Pension liabilities
|
| | | | 333 | | | | | | 413 | | |
Long-term operating lease liabilities
|
| | | | 61 | | | | | | 58 | | |
Other non-current liabilities
|
| | | | 23 | | | | | | 16 | | |
Total liabilities
|
| | | | 2,277 | | | | | | 1,774 | | |
Commitments and Contingencies (see note 18)
|
| | | | | | | | | | | | |
Preferred shares (par value €0.00001; 3,000,000 shares and Nil shares authorized as
of December 31, 2021 and 2020, respectively; 1,500,000 shares and Nil shares issued and outstanding as of December 31, 2021 and 2020, respectively; redemption amount of $160 and Nil as of December 31, 2021 and 2020, respectively) |
| | | | 160 | | | | |
|
—
|
| |
Shareholders’ equity:
|
| | | | | | | | | | | | |
Voting ordinary shares (par value €0.00001; 40,000,000 shares authorized as of both December 31, 2021 and 2020; 36,000,000 shares issued and outstanding as of both December 31, 2021 and 2020)
|
| | |
|
—
|
| | | |
|
—
|
| |
| | |
As of December 31,
|
| |||||||||
(in $ millions except share and per share data)
|
| |
2021
|
| |
2020
|
| ||||||
Non-Voting ordinary shares (par value €0.00001; 15,000,000 shares and Nil shares
authorized as of December 31, 2021 and 2020, respectively; 8,413,972 shares and Nil shares issued and outstanding as of December 31, 2021 and 2020, respectively) |
| | |
|
—
|
| | | |
|
—
|
| |
Profit shares (par value €0.00001; 800,000 shares authorized as of both December 31, 2021 and 2020; 800,000 shares issued and outstanding as of both December 31, 2021 and 2020)
|
| | |
|
—
|
| | | |
|
—
|
| |
Management incentive plan shares (par value €0.00001, 4,764,000 shares and 3,264,000 shares authorized as of December 31, 2021 and 2020, respectively; no shares issued and outstanding as of both December 31, 2021 and 2020)
|
| | |
|
—
|
| | | |
|
—
|
| |
Additional paid-in capital
|
| | | | 2,560 | | | | | | 1,752 | | |
Accumulated deficit
|
| | | | (1,065) | | | | | | (592) | | |
Accumulated other comprehensive loss
|
| | | | (162) | | | | | | (179) | | |
Total equity of the Company’s shareholders
|
| | | | 1,333 | | | | | | 981 | | |
Equity attributable to noncontrolling interest in subsidiaries
|
| | | | 1 | | | | | | 3 | | |
Total shareholders’ equity
|
| | | | 1,334 | | | | | | 984 | | |
Total liabilities, preferred shares and shareholders’ equity
|
| | | $ | 3,771 | | | | | $ | 2,758 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions, except share and per share data)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Revenue
|
| | | $ | 763 | | | | | $ | 793 | | | | | $ | 2,119 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | |
Cost of revenue (excluding depreciation and amortization shown separately below)
|
| | | | 477 | | | | | | 529 | | | | | | 880 | | |
Sales and marketing
|
| | | | 201 | | | | | | 199 | | | | | | 286 | | |
Technology and content
|
| | | | 264 | | | | | | 277 | | | | | | 339 | | |
General and administrative
|
| | | | 213 | | | | | | 181 | | | | | | 255 | | |
Restructuring charges
|
| | | | 14 | | | | | | 206 | | | | | | 12 | | |
Depreciation and amortization
|
| | | | 154 | | | | | | 148 | | | | | | 141 | | |
Total operating expenses
|
| | | | 1,323 | | | | | | 1,540 | | | | | | 1,913 | | |
Operating (loss) income
|
| | | | (560) | | | | | | (747) | | | | | | 206 | | |
Interest income
|
| | | | 1 | | | | | | 1 | | | | | | 5 | | |
Interest expense
|
| | | | (53) | | | | | | (27) | | | | | | (15) | | |
Loss on early extinguishment of debt
|
| | | | (49) | | | | |
|
—
|
| | | |
|
—
|
| |
Other income (expense), net
|
| | | | 8 | | | | | | 14 | | | | | | (3) | | |
(Loss) income before income taxes and share of (losses) earnings from equity method investments
|
| | | | (653) | | | | | | (759) | | | | | | 193 | | |
Benefit from (provision for) income taxes
|
| | | | 186 | | | | | | 145 | | | | | | (60) | | |
Share of (losses) earnings from equity method investments
|
| | | | (8) | | | | | | (5) | | | | | | 5 | | |
Net (loss) income
|
| | | | (475) | | | | | | (619) | | | | | | 138 | | |
Net loss (income) attributable to non-controlling interests in
subsidiaries |
| | | | 2 | | | | | | 1 | | | | | | (4) | | |
Net (loss) income attributable to the Company
|
| | | | (473) | | | | | | (618) | | | | | | 134 | | |
Preferred shares dividend
|
| | | | (10) | | | | |
|
—
|
| | | |
|
—
|
| |
Net (loss) income attributable to the shareholders of the Company’s ordinary shares
|
| | | $ | (483) | | | | | $ | (618) | | | | | $ | 134 | | |
(Loss) earnings per share attributable to the shareholders of the Company’s ordinary shares — Basic:
|
| | | | | | | | | | | | | | | | | | |
(Loss) earnings per share
|
| | | $ | (12.91) | | | | | $ | (17.18) | | | | | $ | 3.72 | | |
Weighted average number of shares outstanding
|
| | | | 37,406,171 | | | | | | 36,000,000 | | | | | | 36,000,000 | | |
(Loss) earnings per share attributable to the shareholders of the Company’s ordinary shares — Diluted:
|
| | | | | | | | | | | | | | | | | | |
(Loss) earnings per share
|
| | | $ | (12.91) | | | | | $ | (17.18) | | | | | $ | 3.61 | | |
Weighted average number of shares outstanding
|
| | | | 37,406,171 | | | | | | 36,000,000 | | | | | | 37,102,120 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions except share and per share data)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Net (loss) income
|
| | | $ | (475) | | | | | $ | (619) | | | | | $ | 138 | | |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | | | | | |
Change in currency translation adjustments, net of tax
|
| | | | (15) | | | | | | (2) | | | | | | (4) | | |
Change in defined benefit plans, net of tax
|
| | | | | | | | | | | | | | | | | | |
Actuarial gain (loss), net and prior service cost arising during the year
|
| | | | 28 | | | | | | (80) | | | | | | (55) | | |
Amortization of actuarial loss and prior service cost in net periodic pension cost
|
| | | | 4 | | | | | | 1 | | | | |
|
—
|
| |
Other comprehensive income (loss), net of tax
|
| | | | 17 | | | | | | (81) | | | | | | (59) | | |
Comprehensive (loss) income
|
| | | | (458) | | | | | | (700) | | | | | | 79 | | |
Comprehensive loss (income) attributable to non-controlling interests in subsidiaries
|
| | | | 2 | | | | | | 1 | | | | | | (4) | | |
Comprehensive (loss) income attributable to the Company
|
| | | | (456) | | | | | | (699) | | | | | | 75 | | |
Preferred shares dividend
|
| | | | (10) | | | | |
|
—
|
| | | |
|
—
|
| |
Comprehensive (loss) income attributable to the shareholders of the Company’s ordinary shares
|
| | | $ | (466) | | | | | $ | (699) | | | | | $ | 75 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | |
Net (loss) income
|
| | | $ | (475) | | | | | $ | (619) | | | | | $ | 138 | | |
Adjustments to net (loss) income to net cash (used in) provided by operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 154 | | | | | | 148 | | | | | | 141 | | |
Deferred tax (benefit) expense
|
| | | | (178) | | | | | | (110) | | | | | | 24 | | |
Equity-based compensation
|
| | | | 3 | | | | | | 3 | | | | | | 6 | | |
(Release of) allowance for doubtful accounts
|
| | | | (5) | | | | | | 4 | | | | |
|
—
|
| |
Share of losses (earnings) in equity-method investments, net of dividends received
|
| | | | 8 | | | | | | 8 | | | | | | 4 | | |
Amortization of debt discount and debt issuance costs
|
| | | | 5 | | | | | | 3 | | | | | | 2 | | |
Loss on early extinguishment of debt
|
| | | | 49 | | | | |
|
—
|
| | | |
|
—
|
| |
Impairment of operating lease ROU and other assets
|
| | | | 1 | | | | | | 20 | | | | |
|
—
|
| |
Other
|
| | | | (11) | | | | | | (8) | | | | | | (1) | | |
Pension contributions
|
| | | | (25) | | | | | | (25) | | | | | | (36) | | |
Changes in working capital, net of effects from acquisitions
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (85) | | | | | | 524 | | | | | | (39) | | |
Prepaid expenses and other current assets
|
| | | | 40 | | | | | | (20) | | | | | | (30) | | |
Due from affiliates
|
| | | | (3) | | | | | | 1 | | | | |
|
—
|
| |
Due to affiliates
|
| | | | 8 | | | | | | (20) | | | | | | (5) | | |
Accounts payable, accrued expenses and other current liabilities
|
| | | | 2 | | | | | | (159) | | | | | | 23 | | |
Net cash (used in) from operating activities
|
| | | | (512) | | | | | | (250) | | | | | | 227 | | |
Investing activities: | | | | | | | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (44) | | | | | | (47) | | | | | | (62) | | |
Ovation business acquisition, net of cash acquired
|
| | | | (53) | | | | |
|
—
|
| | | |
|
—
|
| |
Egencia business acquisition, net of cash acquired
|
| | | | 73 | | | | |
|
—
|
| | | | | (25) | | |
Other
|
| | | | (3) | | | | | | | | | | | | | | |
Net cash used in investing activities
|
| | | | (27) | | | | | | (47) | | | | | | (87) | | |
Financing activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of preferred shares
|
| | | | 150 | | | | |
|
—
|
| | | |
|
—
|
| |
Proceeds from senior secured prior tranche B-1 term loans, net of debt discount
|
| | |
|
—
|
| | | | | 388 | | | | |
|
—
|
| |
Proceeds from senior secured prior tranche B-2 term loans
|
| | | | 150 | | | | |
|
—
|
| | | |
|
—
|
| |
Proceeds from senior secured new tranche B-3 term loans, net of debt
discount |
| | | | 785 | | | | |
|
—
|
| | | |
|
—
|
| |
Repayment of senior secured term loans
|
| | | | (551) | | | | | | (4) | | | | | | (3) | | |
Repayment of finance lease obligations
|
| | | | (2) | | | | |
|
—
|
| | | |
|
—
|
| |
Payment of lender fees and issuance costs for senior secured term loans
facilities |
| | | | (8) | | | | |
|
—
|
| | | |
|
—
|
| |
Prepayment penalty and other costs related to early extinguishment of debt
|
| | | | (34) | | | | |
|
—
|
| | | |
|
—
|
| |
Payment of offering costs
|
| | | | (10) | | | | |
|
—
|
| | | |
|
—
|
| |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Capital distributions to shareholders
|
| | | | (1) | | | | |
|
—
|
| | | | | (58) | | |
Return of amount in escrow account
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 1 | | |
Dividends paid to non-controlling interest shareholders
|
| | |
|
—
|
| | | |
|
—
|
| | | | | (5) | | |
Other
|
| | | | (1) | | | | |
|
—
|
| | | |
|
—
|
| |
Net cash from (used in) financing activities
|
| | | | 478 | | | | | | 384 | | | | | | (65) | | |
Effect of exchange rates changes on cash, cash equivalents and restricted cash
|
| | | | (7) | | | | | | 7 | | | | | | 1 | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | | (68) | | | | | | 94 | | | | | | 76 | | |
Cash, cash equivalents and restricted cash, beginning of year
|
| | | | 593 | | | | | | 499 | | | | | | 423 | | |
Cash, cash equivalents and restricted cash, end of year
|
| | | $ | 525 | | | | | $ | 593 | | | | | $ | 499 | | |
Supplemental cash flow information: | | | | | | | | | | | | | | | | | | | |
Cash (received) paid for income taxes (net of refunds)
|
| | | $ | (5) | | | | | $ | (13) | | | | | $ | 49 | | |
Cash paid for interest (net of interest received)
|
| | | $ | 47 | | | | | $ | 16 | | | | | $ | 14 | | |
Dividend accrued on preferred shares
|
| | | $ | 10 | | | | | $ | — | | | | | $ | — | | |
Deferred offering costs accrued
|
| | | $ | 10 | | | | | $ | — | | | | | $ | — | | |
Right-of-use assets obtained in exchange for lease obligations, including on acquisitions (see note 11)
|
| | | | | | | | | | | | | | | | | | |
| | |
Voting ordinary shares
|
| |
Non-Voting ordinary shares
|
| |
Profit shares
|
| |
Additional
paid-in capital |
| |
Accumulated
(deficit) / earnings |
| |
Accumulated
other comprehensive loss |
| |
Total equity
of the Company’s shareholders |
| |
Equity
attributable to non-controlling interest in subsidiaries |
| |
Total
shareholders’ equity |
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in $ millions, except share data)
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018
|
| | | | 36,000,000 | | | | |
|
—
|
| | | | | | | | | | | | | | | | | 800,000 | | | | |
|
—
|
| | | | | 1,802 | | | | | | (111) | | | | | | (39) | | | | | | 1,652 | | | | | | 5 | | | | | | 1,657 | | | | | | | | | ||||||||||||
Cumulative effect of accounting policy change — Revenue from Contracts with customers, net of tax.
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 3 | | | | |
|
—
|
| | | | | 3 | | | | |
|
—
|
| | | | | 3 | | | | | | | | | ||||||||||||
Capital distributions to shareholders
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (58) | | | | |
|
—
|
| | | |
|
—
|
| | | | | (58) | | | | |
|
—
|
| | | | | (58) | | | | | | | | | ||||||||||||
Dividend paid to non-controlling interest shareholders
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | (5) | | | | | | (5) | | | | | | | | | ||||||||||||
Equity-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 6 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 6 | | | | |
|
—
|
| | | | | 6 | | | | | | | | | ||||||||||||
Other comprehensive loss, net of tax
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (59) | | | | | | (59) | | | | |
|
—
|
| | | | | (59) | | | | | | | | | ||||||||||||
Net income
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 134 | | | | |
|
—
|
| | | | | 134 | | | | | | 4 | | | | | | 138 | | | | | | | | | ||||||||||||
Balance as of December 31, 2019
|
| | | | 36,000,000 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 800,000 | | | | |
|
—
|
| | | | | 1,750 | | | | | | 26 | | | | | | (98) | | | | | | 1,678 | | | | | | 4 | | | | | | 1,682 | | | | | | | | | ||||||||||||
Capital distributions to shareholders
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | | | | | | | (1) | | | | |
|
—
|
| | | |
|
—
|
| | | | | (1) | | | | |
|
—
|
| | | | | (1) | | | | | | | | | ||||||||||||
Equity-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 3 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 3 | | | | |
|
—
|
| | | | | 3 | | | | | | | | | ||||||||||||
Other comprehensive loss, net of tax
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (81) | | | | | | (81) | | | | |
|
—
|
| | | | | (81) | | | | | | | | | ||||||||||||
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (618) | | | | |
|
—
|
| | | | | (618) | | | | | | (1) | | | | | | (619) | | | | | | | | | ||||||||||||
Balance as of December 31, 2020
|
| | | | 36,000,000 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 800,000 | | | | |
|
—
|
| | | | | 1,752 | | | | | | (592) | | | | | | (179) | | | | | | 981 | | | | | | 3 | | | | | | 984 | | | | | | | | | ||||||||||||
Issued on acquisition of Egencia (see notes 9 and
20) |
| | |
|
—
|
| | | |
|
—
|
| | | | | 8,413,972 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 816 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 816 | | | | |
|
—
|
| | | | | 816 | | | | | | | | | ||||||||||||
Dividend on preferred shares (see note — 20)
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (10) | | | | |
|
—
|
| | | |
|
—
|
| | | | | (10) | | | | |
|
—
|
| | | | | (10) | | | | | | | | | ||||||||||||
Equity-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 3 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 3 | | | | |
|
—
|
| | | | | 3 | | | | | | | | | ||||||||||||
Settlement of MIP options
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (1) | | | | |
|
—
|
| | | |
|
—
|
| | | | | (1) | | | | |
|
—
|
| | | | | (1) | | | | | | | | | ||||||||||||
Other comprehensive income, net of tax
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 17 | | | | | | 17 | | | | |
|
—
|
| | | | | 17 | | | | | | | | | ||||||||||||
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (473) | | | | |
|
—
|
| | | | | (473) | | | | | | (2) | | | | | | (475) | | | | | | | | | ||||||||||||
Balance as of December 31, 2021
|
| | | | 36,000,000 | | | | | $ | — | | | | | | 8,413,972 | | | | | $ | — | | | | | | 800,000 | | | | | $ | — | | | | | $ | 2,560 | | | | | $ | (1,065) | | | | | $ | (162) | | | | | $ | 1,333 | | | | | $ | 1 | | | | | $ | 1,334 | | | | | | | | |
| Capitalized software for internal use | | |
2.5 – 7 years
|
|
| Computer equipment | | |
3 – 5 years
|
|
| Leasehold improvements | | |
Shorter of 5 – 10 years or lease term
|
|
| Furniture, fixtures and other equipment | | |
Up to 7 years
|
|
| Trademarks / tradenames | | |
5 – 10 years
|
|
| Corporate client relationships | | |
10 – 15 years
|
|
| Supplier relationships | | |
10 years
|
|
| Travel partner network | | |
10 years
|
|
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Travel revenue
|
| | | $ | 446 | | | | | $ | 468 | | | | | $ | 1,605 | | |
Products and professional services revenue
|
| | | | 317 | | | | | | 325 | | | | | | 514 | | |
Total revenue
|
| | | $ | 763 | | | | | $ | 793 | | | | | $ | 2,119 | | |
| | | | | | | | |
Contract assets
(liabilities) |
| |
Contract liabilities
|
| ||||||
(in $ millions)
|
| |
Accounts
receivable, net(1) |
| |
Client incentives, net
(non-current) |
| |
Deferred revenue
(current) |
| |||||||||
Balance as of December 31, 2021
|
| | | $ | 375 | | | | | $ | (3) | | | | | $ | 18 | | |
Balance as of December 31, 2020
|
| | | $ | 119 | | | | | $ | 9 | | | | | $ | 18 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Domestic
|
| | | $ | (441) | | | | | $ | (529) | | | | | $ | 120 | | |
Foreign
|
| | | | (212) | | | | | | (230) | | | | | | 73 | | |
(Loss) income before income taxes and share of (losses) earnings from equity method investments
|
| | | $ | (653) | | | | | $ | (759) | | | | | $ | 193 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Current taxes: | | | | | | | | | | | | | | | | | | | |
Domestic
|
| | | $ | 1 | | | | | $ | 12 | | | | | $ | — | | |
Foreign
|
| | | | 7 | | | | | | 23 | | | | | | (36) | | |
Current income tax benefit (expense)
|
| | | | 8 | | | | | | 35 | | | | | | (36) | | |
Deferred taxes: | | | | | | | | | | | | | | | | | | | |
Domestic
|
| | | | 132 | | | | | | 90 | | | | | | (8) | | |
Foreign
|
| | | | 46 | | | | | | 20 | | | | | | (16) | | |
Deferred tax benefit (expense)
|
| | | | 178 | | | | | | 110 | | | | | | (24) | | |
Benefit from (provision for) income taxes
|
| | | $ | 186 | | | | | $ | 145 | | | | | $ | (60) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Tax at statutory rate
|
| | | | 19.00% | | | | | | 19.00% | | | | | | 19.00% | | |
Changes in taxes resulting from: | | | | | | | | | | | | | | | | | | | |
Permanent differences
|
| | | | (2.25) | | | | | | (0.18) | | | | | | 3.82 | | |
Local and state taxes
|
| | | | 0.37 | | | | | | 0.24 | | | | | | 3.06 | | |
Change in valuation allowance
|
| | | | (2.57) | | | | | | (2.25) | | | | | | 1.69 | | |
Change in enacted tax rates
|
| | | | 5.26 | | | | |
|
—
|
| | | |
|
—
|
| |
Rate differential in the United Kingdom
|
| | | | 3.81 | | | | |
|
—
|
| | | |
|
—
|
| |
Foreign tax rate differential
|
| | | | 2.08 | | | | | | 1.65 | | | | | | 0.69 | | |
Return to provision adjustment
|
| | | | 1.67 | | | | | | (0.6) | | | | | | (1.17) | | |
Tax settlement and uncertain tax positions
|
| | | | 0.94 | | | | | | (0.61) | | | | | | 3.01 | | |
Other
|
| | | | 0.08 | | | | | | 1.88 | | | | | | 0.94 | | |
Tax at effective rate
|
| | | | 28.39% | | | | | | 19.13% | | | | | | 31.04% | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss carryforwards
|
| | | $ | 391 | | | | | $ | 231 | | |
Pension liability
|
| | | | 74 | | | | | | 86 | | |
Interest expense deduction restriction
|
| | | | 23 | | | | | | 2 | | |
Operating lease liabilities
|
| | | | 20 | | | | | | 21 | | |
Accrued liabilities
|
| | | | 7 | | | | | | 12 | | |
Goodwill
|
| | | | 1 | | | | | | 1 | | |
Other
|
| | | | 2 | | | | |
|
—
|
| |
Valuation allowance
|
| | | | (116) | | | | | | (119) | | |
Deferred tax assets
|
| | | | 402 | | | | | | 234 | | |
Netted against deferred tax liabilities
|
| | | | (120) | | | | | | (17) | | |
Deferred tax assets as presented in the consolidated balance sheets
|
| | | $ | 282 | | | | | $ | 217 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Intangible assets
|
| | | $ | (214) | | | | | $ | (86) | | |
Operating lease ROU assets
|
| | | | (14) | | | | | | (15) | | |
Property and equipment
|
| | | | (4) | | | | | | (10) | | |
Goodwill
|
| | | | (2) | | | | | | (2) | | |
Other
|
| | | | (5) | | | | | | (4) | | |
Deferred tax liabilities
|
| | | | (239) | | | | | | (117) | | |
Netted against deferred tax assets
|
| | | | 120 | | | | | | 17 | | |
Deferred tax liabilities as presented in the consolidated balance sheets
|
| | | $ | (119) | | | | | $ | (100) | | |
(in $ millions)
|
| |
Amount
|
| |||
2022
|
| | | $ | 8 | | |
2025
|
| | | | 2 | | |
2026
|
| | | | 2 | | |
2027
|
| | | | 3 | | |
2029
|
| | | | 2 | | |
2030
|
| | | | 16 | | |
2031-2041
|
| | | | 54 | | |
| | |
As of December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Balance, beginning of the year
|
| | | $ | 9 | | | | | $ | 11 | | | | | $ | 9 | | |
Increases to tax positions related to acquisitions
|
| | | | 4 | | | | |
|
—
|
| | | |
|
—
|
| |
Increases to tax positions related to the current year
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 4 | | |
Increases to tax positions related to prior years
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 3 | | |
Release / settlement during the year
|
| | | | (6) | | | | | | (2) | | | | | | (5) | | |
Balance, end of the year
|
| | | $ | 7 | | | | | $ | 9 | | | | | $ | 11 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Foreign exchange gains, net
|
| | | $ | — | | | | | $ | 12 | | | | | $ | (4) | | |
Loss on disposal of businesses
|
| | | | (1) | | | | |
|
—
|
| | | | | (3) | | |
Non-service components of net periodic pension benefit
|
| | | | 9 | | | | | | 2 | | | | | | 4 | | |
Other income (expense), net
|
| | | $ | 8 | | | | | $ | 14 | | | | | $ | (3) | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Value added and similar taxes receivables
|
| | | $ | 11 | | | | | $ | 46 | | |
Prepaid travel expenses
|
| | | | 42 | | | | | | 44 | | |
Income tax receivable
|
| | | | 32 | | | | | | 25 | | |
Deferred offering costs
|
| | | | 21 | | | | |
|
—
|
| |
Other prepayments and receivables
|
| | | | 31 | | | | | | 11 | | |
Prepaid expenses and other current assets
|
| | | $ | 137 | | | | | $ | 126 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Capitalized software for internal use
|
| | | $ | 304 | | | | | $ | 240 | | |
Computer equipment
|
| | | | 65 | | | | | | 63 | | |
Leasehold improvements
|
| | | | 52 | | | | | | 48 | | |
Furniture, fixtures and other equipment
|
| | | | 6 | | | | | | 13 | | |
Capital projects in progress
|
| | | | 9 | | | | | | 6 | | |
| | | | | 436 | | | | | | 370 | | |
Less: accumulated depreciation and amortization
|
| | | | (220) | | | | | | (176) | | |
Property and equipment, net
|
| | | $ | 216 | | | | | $ | 194 | | |
(in $ millions)
|
| |
Amount
|
| |||
Cash and cash equivalents
|
| | | $ | 73 | | |
Accounts receivable
|
| | | | 154 | | |
Prepaid expenses and other current assets
|
| | | | 32 | | |
Property and equipment
|
| | | | 58 | | |
Goodwill
|
| | | | 307 | | |
Other intangible assets
|
| | | | 440 | | |
Operating lease right-of-use assets
|
| | | | 9 | | |
Deferred tax assets
|
| | | | 21 | | |
Other non-current assets
|
| | | | 30 | | |
Total assets
|
| | | | 1,124 | | |
Accounts payable
|
| | | | 56 | | |
Due to affiliates
|
| | | | 26 | | |
Accrued expenses and other current liabilities
|
| | | | 80 | | |
Operating lease liabilities
|
| | | | 10 | | |
Deferred tax liabilities
|
| | | | 134 | | |
Other non-current liabilities
|
| | | | 2 | | |
Total liabilities
|
| | | | 308 | | |
Purchase consideration / Net assets acquired
|
| | | $ | 816 | | |
| | |
Fair value of
acquired intangibles (in $ millions) |
| |
Amortization
period (in years) |
| ||||||
Corporate client relationships
|
| | | $ | 390 | | | | | $ | 15 | | |
Tradenames
|
| | | | 50 | | | | | | 10 | | |
Acquired technology
|
| | | | 50 | | | | | | 5 | | |
(in $ millions)
|
| |
Amount
|
| |||
Balance as of December 31, 2019
|
| | | $ | 1,023 | | |
Currency translation adjustments
|
| | | | 5 | | |
Balance as of December 31, 2020
|
| | | | 1,028 | | |
Additions(1)
|
| | | | 343 | | |
Currency translation adjustments
|
| | | | (13) | | |
Balance as of December 31, 2021
|
| | | | 1,358 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||
(in $ millions)
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
|
| ||||||||||||||||||
Trademarks/tradenames
|
| | | $ | 115 | | | | | $ | (62) | | | | | $ | 53 | | | | | $ | 61 | | | | | $ | (60) | | | | | $ | 1 | | |
Corporate client relationships
|
| | | | 815 | | | | | | (189) | | | | | | 626 | | | | | | 400 | | | | | | (145) | | | | | | 255 | | |
Supplier relationship
|
| | | | 254 | | | | | | (188) | | | | | | 66 | | | | | | 254 | | | | | | (163) | | | | | | 91 | | |
Travel partner network
|
| | | | 4 | | | | | | (3) | | | | | | 1 | | | | | | 4 | | | | | | (3) | | | | | | 1 | | |
Other intangible assets, net
|
| | | $ | 1,188 | | | | | $ | (442) | | | | | $ | 746 | | | | | $ | 719 | | | | | $ | (371) | | | | | $ | 348 | | |
(in $ millions)
|
| |
Amount
|
| |||
2022
|
| | | $ | 93 | | |
2023
|
| | | | 93 | | |
2024
|
| | | | 72 | | |
2025
|
| | | | 51 | | |
2026
|
| | | | 50 | | |
Thereafter
|
| | | | 387 | | |
Total
|
| | | $ | 746 | | |
| | |
Year ended December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | | | | | |
Cash used in operating activities related to operating leases
|
| | | $ | 30 | | | | | $ | 31 | | |
Cash used in financing activities related to finance leases
|
| | | $ | 2 | | | | | $ | — | | |
ROU assets obtained in exchange for lease obligations: | | | | | | | | | | | | | |
Operating lease
|
| | | $ | 9 | | | | | $ | 21 | | |
Finance lease
|
| | | $ | — | | | | | $ | 5 | | |
Additions to ROU assets on account of business acquisitions | | | | | | | | | | | | | |
Operating lease
|
| | | $ | 20 | | | | | $ | — | | |
| | |
2021
|
| |
2020
|
|
Weighted average remaining lease term: | | | | | | | |
Operating leases
|
| |
5.36
|
| |
4.3 years
|
|
Finance leases
|
| |
1.7 years
|
| |
2.7 years
|
|
Weighted average discount rate: | | | | | | | |
Operating lease
|
| |
7.15%
|
| |
5.02%
|
|
Finance lease
|
| |
3.56%
|
| |
3.56%
|
|
(in $ millions)
|
| |
Operating lease
liabilities |
| |
Finance lease
liabilities |
| ||||||
2022
|
| | | $ | 31 | | | | | $ | 2 | | |
2023
|
| | | | 24 | | | | | | 2 | | |
2024
|
| | | | 16 | | | | |
|
—
|
| |
2025
|
| | | | 10 | | | | |
|
—
|
| |
2026
|
| | | | 6 | | | | |
|
—
|
| |
Thereafter
|
| | | | 21 | | | | |
|
—
|
| |
Total undiscounted future payments
|
| | | | 108 | | | | | | 4 | | |
Less: Interest cost included
|
| | | | (26) | | | | |
|
—
|
| |
Total lease liabilities
|
| | | | 82 | | | | | | 4 | | |
Less: Current portion of lease liabilities
|
| | | | 21 | | | | | | 2 | | |
Long-term portion of lease liabilities
|
| | | $ | 61 | | | | | $ | 2 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Client incentives, net
|
| | | $ | — | | | | | $ | 9 | | |
Restricted cash
|
| | | | 9 | | | | | | 9 | | |
Other assets
|
| | | | 32 | | | | | | 6 | | |
Other non-current assets
|
| | | $ | 41 | | | | | $ | 24 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Accrued payroll and related costs
|
| | | $ | 198 | | | | | $ | 126 | | |
Accrued operating expenses
|
| | | | 147 | | | | | | 120 | | |
Accrued restructuring costs (see note 14)
|
| | | | 69 | | | | | | 97 | | |
Client deposits
|
| | | | 59 | | | | | | 33 | | |
Deferred revenue
|
| | | | 18 | | | | | | 18 | | |
Value added and similar taxes payable
|
| | | | 6 | | | | | | 43 | | |
Income tax payable
|
| | | | 7 | | | | |
|
—
|
| |
Other payables
|
| | | | 15 | | | | | | 3 | | |
Accrued expenses and other current liabilities
|
| | | $ | 519 | | | | | $ | 440 | | |
(in $ millions)
|
| |
Employee related
|
| |
Facility
|
| |
Total
|
| |||||||||
Balance as of December 31, 2018
|
| | | | 8 | | | | |
|
—
|
| | | | | 8 | | |
Charges
|
| | | | 12 | | | | |
|
—
|
| | | | | 12 | | |
Cash settled
|
| | | | (10) | | | | |
|
—
|
| | | | | (10) | | |
Balance as of December 31, 2019
|
| | | | 10 | | | | |
|
—
|
| | | | | 10 | | |
Charges
|
| | | | 178 | | | | | | 28 | | | | | | 206 | | |
Cash settled
|
| | | | (95) | | | | | | (5) | | | | | | (99) | | |
Other non-cash(1)
|
| | |
|
—
|
| | | | | (20) | | | | | | (20) | | |
Balance as of December 31, 2020
|
| | | | 94 | | | | | | 3 | | | | | | 97 | | |
Charges, net
|
| | | | 13 | | | | | | 1 | | | | | | 14 | | |
Acquired on acquisition
|
| | | | 30 | | | | |
|
—
|
| | | | | 30 | | |
Reclassification
|
| | | | (4) | | | | | | 4 | | | | |
|
—
|
| |
Other non-cash(1)
|
| | |
|
—
|
| | | | | (1) | | | | | | (1) | | |
Cash settled
|
| | | | (69) | | | | | | (2) | | | | | | (71) | | |
Balance as of December 31, 2021
|
| | | $ | 64 | | | | | $ | 5 | | | | | $ | 69 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Senior Secured Credit Agreement | | | | | | | | | | | | | |
Principal amount of senior secured initial term loans (Maturity – August 2025)(1)
|
| | | $ | 242 | | | | | $ | 244 | | |
Principal amount of senior secured prior tranche B-1 term loans(2)
|
| | |
|
—
|
| | | | | 399 | | |
Principal amount of senior secured prior tranche B-2 term loans(3)
|
| | |
|
—
|
| | | |
|
—
|
| |
Principal amount of senior secured new tranche B-3 term loans (Maturity – December 2026)(4)
|
| | | | 800 | | | | |
|
—
|
| |
Principal amount of senior secured revolving credit facility
(Maturity – August 2023)(5) |
| | |
|
—
|
| | | |
|
—
|
| |
| | | | | 1,042 | | | | | | 643 | | |
Less: Unamortized debt discount and debt issuance costs
|
| | | | (19) | | | | | | (19) | | |
Total debt, net of unamortized debt discount and debt issuance costs
|
| | | | 1,023 | | | | | | 624 | | |
Less: Current portion of long-term debt
|
| | | | 3 | | | | | | 7 | | |
Long-term debt, non-current, net of unamortized debt discount and debt
issuance costs |
| | | $ | 1,020 | | | | | $ | 617 | | |
| | |
As of December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Beginning balance
|
| | | $ | 19 | | | | | $ | 10 | | | | | | 12 | | |
Capitalized during the year
|
| | | | 18 | | | | | | 12 | | | | |
|
—
|
| |
Amortized/written-off during the year
|
| | | | (18) | | | | | | (3) | | | | | | (2) | | |
Closing balance
|
| | | $ | 19 | | | | | $ | 19 | | | | | | 10 | | |
(in $ millions)
|
| |
Amount
|
| |||
Year ending December 31, | | | | | | | |
2022
|
| | | $ | 3 | | |
2023
|
| | | | 3 | | |
2024
|
| | | | 3 | | |
2025
|
| | | | 233 | | |
2026
|
| | | | 800 | | |
| | | | | 1,042 | | |
Less: Unamortized debt discount and debt issuance costs
|
| | | | (19) | | |
Long-term debt, net of unamortized debt discount and debt issuance costs
|
| | | $ | 1,023 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Changes in benefit obligation: | | | | | | | | | | | | | |
Benefit obligation, beginning of year
|
| | | $ | 1,046 | | | | | $ | 890 | | |
Service cost
|
| | | | 6 | | | | | | 7 | | |
Interest cost
|
| | | | 13 | | | | | | 15 | | |
Plan participants’ contribution
|
| | | | 1 | | | | | | 1 | | |
Actuarial (gain) loss, net
|
| | | | (18) | | | | | | 131 | | |
Benefit paid
|
| | | | (22) | | | | | | (26) | | |
Plan amendments
|
| | | | (1) | | | | | | 3 | | |
Curtailments and settlements
|
| | | | (3) | | | | | | (16) | | |
Expenses paid from assets
|
| | | | (1) | | | | | | (2) | | |
Currency translation adjustment
|
| | | | (20) | | | | | | 43 | | |
Benefit obligation, end of year
|
| | | | 1,001 | | | | | | 1,046 | | |
Change in fair value of plan assets | | | | | | | | | | | | | |
Fair value of plan assets, beginning of year
|
| | | | 634 | | | | | | 549 | | |
Employer contributions
|
| | | | 25 | | | | | | 25 | | |
Plan participants’ contributions
|
| | | | 1 | | | | | | 1 | | |
Benefits paid
|
| | | | (22) | | | | | | (26) | | |
Actual return on plan assets
|
| | | | 47 | | | | | | 68 | | |
Expenses paid from assets
|
| | | | (1) | | | | | | (2) | | |
Plan settlements
|
| | | | (3) | | | | | | (11) | | |
Currency translation adjustments
|
| | | | (11) | | | | | | 30 | | |
Fair value of plan assets, end of year
|
| | | $ | 670 | | | | | $ | 634 | | |
Unfunded status
|
| | | $ | 331 | | | | | $ | 412 | | |
| | |
As of December 31,
|
| |||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| ||||||
Unrecognized net actuarial loss
|
| | | $ | 150 | | | | | $ | 190 | | |
Prior service cost
|
| | | | 3 | | | | | | 5 | | |
Total
|
| | | | 153 | | | | | | 195 | | |
Deferred taxes
|
| | | | (25) | | | | | | (35) | | |
Amounts recognized in accumulated other comprehensive loss
|
| | | $ | (128) | | | | | $ | 160 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Service cost
|
| | | $ | 6 | | | | | $ | 7 | | | | | $ | 7 | | |
Interest cost
|
| | | | 13 | | | | | | 15 | | | | | | 19 | | |
Expected return on plan assets
|
| | | | (25) | | | | | | (24) | | | | | | (26) | | |
Amortization of actuarial loss (gain)
|
| | | | 4 | | | | | | 2 | | | | | | — | | |
Curtailments and settlements
|
| | | | (1) | | | | | | 4 | | | | | | — | | |
Net periodic pension (benefit) cost
|
| | | $ | (3) | | | | | $ | 4 | | | | | $ | — | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Net periodic pension (benefit) cost: | | | | | | | | | | | | | | | | | | | |
Interest cost discount rate
|
| | | | 1.2% | | | | | | 1.8% | | | | | | 2.5% | | |
Expected long-term return on plan assets
|
| | | | 4.4% | | | | | | 4.4% | | | | | | 5.5% | | |
Rate of compensation increase
|
| | | | 2.6% | | | | | | 2.6% | | | | | | 2.6% | | |
Projected benefit obligation: | | | | | | | | | | | | | | | | | | | |
Discount rate
|
| | | | 1.7% | | | | | | 1.2% | | | | | | | | |
| | |
2021
|
| |
2020
|
| ||||||||||||||||||
Asset Class
|
| |
Actual
Allocations |
| |
Target
Allocations |
| |
Actual
Allocations |
| |
Target
Allocations |
| ||||||||||||
Equity securities
|
| | | | 15% | | | | | | 4% | | | | | | 11% | | | | | | 4% | | |
Debt securities
|
| | | | 38 | | | | | | 21 | | | | | | 30 | | | | | | 33 | | |
Other
|
| | | | 47 | | | | | | 75 | | | | | | 59 | | | | | | 63 | | |
Total
|
| | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
(in $ millions)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Equity funds
|
| | | $ | — | | | | | $ | 73 | | | | | $ | 28 | | | | | $ | 101 | | |
Debt funds
|
| | |
|
—
|
| | | | | 246 | | | | | | 11 | | | | | | 257 | | |
Real estate funds
|
| | |
|
—
|
| | | | | 72 | | | | | | 19 | | | | | | 91 | | |
Other
|
| | | | 7 | | | | | | 123 | | | | | | 33 | | | | | | 163 | | |
| | | | $ | 7 | | | | | $ | 514 | | | | | $ | 91 | | | | | | 612 | | |
Other investments measured at NAV
|
| | | | | | | | | | | | | | | | | | | | | | 58 | | |
Total fair value of plan assets
|
| | | | | | | | | | | | | | | | | | | | | $ | 670 | | |
| | |
As of December 31, 2020
|
| |||||||||||||||||||||
(in $ millions)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Equity funds
|
| | | $ | — | | | | | $ | — | | | | | $ | 22 | | | | | $ | 22 | | |
Debt funds
|
| | |
|
—
|
| | | | | 103 | | | | | | 11 | | | | | | 114 | | |
Real estate funds
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 90 | | | | | | 90 | | |
Other
|
| | | | 4 | | | | | | 117 | | | | | | 95 | | | | | | 216 | | |
| | | | $ | 4 | | | | | $ | 220 | | | | | $ | 218 | | | | | | 442 | | |
Other investments measured at NAV
|
| | | | | | | | | | | | | | | | | | | | | | 192 | | |
Total fair value of plan assets
|
| | | | | | | | | | | | | | | | | | | | | $ | 634 | | |
(in $ millions)
|
| |
Amount
|
| |||
2022
|
| | | $ | 22 | | |
2023
|
| | | | 24 | | |
2024
|
| | | | 24 | | |
2025
|
| | | | 26 | | |
2026
|
| | | | 26 | | |
2027-2031
|
| | | | 149 | | |
| | |
Number of
options |
| |
Weighted
average exercise price per share |
| |
Weighted average
remaining contractual term |
| |
Aggregate intrinsic
value (in $ millions) |
| ||||||
Balance as of December 31, 2020
|
| | | | 2,994,600 | | | | | $ | 58.30 | | | | | | | | |
Granted
|
| | | | 1,272,515 | | | | | $ | 87.85 | | | | | | | | |
Forfeited
|
| | | | (52,267) | | | | | $ | 68.26 | | | | | | | | |
Exercised(1) | | | | | (41,400) | | | | | $ | 55.49 | | | | | | | | |
Balance as of December 31, 2021
|
| | | | 4,173,448 | | | | |
$
|
67.22
|
| | | | | | | |
Exercisable as of December 31, 2021
|
| | | | 2,624,873 | | | | | $ | 55.93 | | | |
4.8 years
|
| |
84
|
|
Expected to vest as of December 31, 2021
|
| | | | 1,548,575 | | | | | | | | | |
9.5 years
|
| |
3
|
|
Assumption
|
| |
2021
|
| |
2019
|
|
Annual risk-free interest rate
|
| |
1.15%
|
| |
1.75%
|
|
Equity volatility
|
| |
29%
|
| |
25%
|
|
Expected average life of options
|
| |
6 years
|
| |
2 years
|
|
Dividend yield
|
| |
0%
|
| |
0%
|
|
(in $ millions)
|
| |
Currency
translation adjustments |
| |
Defined
benefit plan related |
| |
Unrealized gain on
hedge of investments in foreign subsidiary |
| |
Total accumulated
other comprehensive loss |
| ||||||||||||
Balance as of December 31, 2018
|
| | | | (17) | | | | | | (26) | | | | | | 4 | | | | | | (39) | | |
Net changes during the year, net of tax benefit(1)
|
| | | | (4) | | | | | | (55) | | | | |
|
—
|
| | | | | (59) | | |
Balance as of December 31, 2019
|
| | | | (21) | | | | | | (81) | | | | | | 4 | | | | | | (98) | | |
Net changes during the year, net of tax benefit(1)
|
| | | | (2) | | | | | | (79) | | | | |
|
—
|
| | | | | (81) | | |
Balance as of December 31, 2020
|
| | | | (23) | | | | | | (160) | | | | | | 4 | | | | | | (179) | | |
Net changes during the year, net of tax expense(1)
|
| | | | (15) | | | | | | 32 | | | | |
|
—
|
| | | | | 17 | | |
Balance as of December 31, 2021
|
| | | | (38) | | | | | | (128) | | | | | | 4 | | | | | | (162) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in $ millions, except share and per share data)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Numerator – Basic and diluted (loss) earnings per share: | | | | | | | | | | | | | | | | | | | |
Net (loss) income / Net (loss) income from continuing operations
|
| | | $ | (475) | | | | | $ | (619) | | | | | $ | 138 | | |
Net loss (income) attributable to non-controlling interests
in subsidiaries |
| | | | 2 | | | | | | 1 | | | | | | (4) | | |
Preferred shares dividend
|
| | | | (10) | | | | |
|
—
|
| | | |
|
—
|
| |
Net (loss) income / Net (loss) income from continuing operations attributable to the shareholders of the Company’s ordinary shares
|
| | | $ | (483) | | | | | $ | (618) | | | | | $ | 134 | | |
Denominator – Basic (loss) earnings per share: | | | | | | | | | | | | | | | | | | | |
Weighted average ordinary shares outstanding
|
| | | | 37,406,171 | | | | | | 36,000,000 | | | | | | 36,000,000 | | |
(Loss) earnings per share from continuing operations attributable to the shareholders of the Company’s ordinary shares – Basic
|
| | | $ | (12.91) | | | | | $ | (17.18) | | | | | $ | 3.72 | | |
Denominator – Diluted (loss) earnings per share: | | | | | | | | | | | | | | | | | | | |
Number of ordinary shares used for basic (loss) earnings per
share from continuing operations |
| | | | 37,406,171 | | | | | | 36,000,000 | | | | | | 36,000,000 | | |
Weighted average effect of dilutive securities
|
| | | | | | | | | | | | | | | | | | |
Stock options
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 1,102,120 | | |
Weighted average ordinary shares outstanding
|
| | | | 37,406,171 | | | | | | 36,000,000 | | | | | | 37,102,120 | | |
(Loss) earnings per share from continuing operations attributable to the shareholders of the Company’s ordinary shares – Diluted
|
| | | $ | (12.91) | | | | | $ | (17.18) | | | | | $ | 3.61 | | |
| | |
As of December 31, 2021
|
| |
As of December 31, 2020
|
| ||||||||||||||||||
(in $ millions)
|
| |
Carrying amount(1)
|
| |
Fair
Value |
| |
Carrying amount(1)
|
| |
Fair
value |
| ||||||||||||
Senior secured initial term loans
|
| | | $ | 236 | | | | | $ | 233 | | | | | $ | 237 | | | | | $ | 231 | | |
Senior secured prior tranche B-1 term loans
|
| | | $ | — | | | | | $ | — | | | | | $ | 387 | | | | | $ | 399 | | |
Senior secured new tranche B-3 term loans
|
| | | $ | 787 | | | | | $ | 800 | | | | | $ | — | | | | | $ | — | | |
(in $ millions)
|
| |
United
States |
| |
United
Kingdom |
| |
All other
countries |
| |
Total
|
| ||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended December 31, 2021
|
| | | $ | 226 | | | | | $ | 276 | | | | | $ | 261 | | | | | $ | 763 | | |
Year ended December 31, 2020
|
| | | $ | 191 | | | | | $ | 314 | | | | | $ | 288 | | | | | $ | 793 | | |
Year ended December 31, 2019
|
| | | $ | 511 | | | | | $ | 925 | | | | | $ | 683 | | | | | $ | 2,119 | | |
Long-lived assets | | | | | | | | | | | | | | | | | | | | | | | | | |
As of December 31, 2021
|
| | | $ | 100 | | | | | $ | 76 | | | | | $ | 99 | | | | | $ | 275 | | |
As of December 31, 2020
|
| | | $ | 38 | | | | | $ | 93 | | | | | $ | 118 | | | | | $ | 249 | | |
(in $ millions)
|
| |
Balance at
beginning of year |
| |
Charged to
expense or other accounts |
| |
Write-offs
and other adjustments |
| |
Balance at
end of year |
| ||||||||||||
Allowance for doubtful debts | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended December 31, 2021
|
| | | $ | 14 | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | 4 | | |
Year ended December 31, 2020
|
| | | $ | 11 | | | | | $ | 4 | | | | | $ | (1) | | | | | $ | 14 | | |
Year ended December 31, 2019
|
| | | $ | 10 | | | | | $ | — | | | | | $ | 1 | | | | | $ | 11 | | |
Valuation allowance for deferred tax assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended December 31, 2021
|
| | | $ | 119 | | | | | $ | (1) | | | | | $ | (2) | | | | | $ | 116 | | |
Year ended December 31, 2020
|
| | | $ | 88 | | | | | $ | 31 | | | | | $ | — | | | | | $ | 119 | | |
Year ended December 31, 2019
|
| | | $ | 89 | | | | | $ | (1) | | | | | $ | — | | | | | $ | 88 | | |
| | |
Three months ended
September 30, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
|
(In millions)
|
| |||||||||||
Revenue
|
| | | $ | 55 | | | | | $ | 26 | | |
Cost and expenses: | | | | | | | | | | | | | |
Cost of revenue (exclusive of depreciation and amortization shown separately
below) |
| | | | (38) | | | | | | (40) | | |
Selling and marketing
|
| | | | (27) | | | | | | (31) | | |
Technology and content
|
| | | | (16) | | | | | | (13) | | |
General and administrative
|
| | | | (9) | | | | | | (11) | | |
Depreciation and amortization
|
| | | | (12) | | | | | | (13) | | |
Restructuring and related reorganization charges
|
| | | | (8) | | | | | | (31) | | |
Operating (loss) income
|
| | | | (55) | | | | | | (113) | | |
Other, net
|
| | | | 1 | | | | | | — | | |
Total other income (expense), net
|
| | | | 1 | | | | | | — | | |
Loss before income taxes
|
| | | | (54) | | | | | | (113) | | |
Benefit (provision) for income taxes
|
| | | | 1 | | | | | | (18) | | |
Net loss
|
| | | $ | (53) | | | | | $ | (131) | | |
| | |
Nine months ended
September 30, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
|
(In millions)
|
| |||||||||||
Revenue
|
| | | $ | 123 | | | | | $ | 156 | | |
Cost and expenses: | | | | | | | | | | | | | |
Cost of revenue (exclusive of depreciation and amortization shown separately below)
|
| | | | (112) | | | | | | (162) | | |
Selling and marketing
|
| | | | (86) | | | | | | (104) | | |
Technology and content
|
| | | | (53) | | | | | | (47) | | |
General and administrative
|
| | | | (33) | | | | | | (37) | | |
Depreciation and amortization
|
| | | | (36) | | | | | | (39) | | |
Restructuring and related reorganization charges
|
| | | | (9) | | | | | | (52) | | |
Operating (loss) income
|
| | | | (206) | | | | | | (285) | | |
Other, net
|
| | | | 2 | | | | | | 1 | | |
Total other income (expense), net
|
| | | | 2 | | | | | | 1 | | |
Loss before income taxes
|
| | | | (204) | | | | | | (284) | | |
Benefit (provision) for income taxes
|
| | | | 2 | | | | | | 2 | | |
Net loss
|
| | | $ | (202) | | | | | $ | (282) | | |
| | |
Three months ended
September 30, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
|
(In millions)
|
| |||||||||||
Net loss
|
| | | $ | (53) | | | | | $ | (131) | | |
Other comprehensive loss | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | (10) | | | | | | 14 | | |
Other comprehensive loss
|
| | | | (10) | | | | | | 14 | | |
Comprehensive loss
|
| | | $ | (63) | | | | | $ | (117) | | |
| | |
Nine months ended
September 30, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
|
(In millions)
|
| |||||||||||
Net loss
|
| | | $ | (202) | | | | | $ | (282) | | |
Other comprehensive loss | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | (18) | | | | | | 1 | | |
Other comprehensive loss
|
| | | | (18) | | | | | | 1 | | |
Comprehensive loss
|
| | | $ | (220) | | | | | $ | (281) | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(Unaudited)
|
| | ||||||||
| | |
(In millions)
|
| |||||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 171 | | | | | $ | 363 | | |
Restricted cash
|
| | | | 9 | | | | | | 19 | | |
Accounts receivable, net of allowance of $17 and $22
|
| | | | 138 | | | | | | 68 | | |
Income taxes receivable
|
| | | | 5 | | | | | | 2 | | |
Prepaid expenses and other current assets
|
| | | | 12 | | | | | | 10 | | |
Total current assets
|
| | | $ | 335 | | | | | $ | 462 | | |
Property and equipment, net
|
| | | | 49 | | | | | | 53 | | |
Operating lease right-of-use assets
|
| | | | 15 | | | | | | 20 | | |
Goodwill
|
| | | | 122 | | | | | | 128 | | |
Intangible assets, net
|
| | | | 3 | | | | | | 7 | | |
Other assets
|
| | | | 7 | | | | | | 9 | | |
Total assets
|
| | | $ | 531 | | | | | $ | 679 | | |
Liabilities and equity | | | | | | | | | | | | | |
Accounts payable, merchant
|
| | | $ | 27 | | | | | $ | 13 | | |
Accounts payable, other
|
| | | | 10 | | | | | | 24 | | |
Deferred merchant bookings
|
| | | | 1 | | | | | | — | | |
Deferred revenue
|
| | | | 2 | | | | | | 3 | | |
Accrued expenses and other current liabilities
|
| | | | 74 | | | | | | 105 | | |
Due to related party
|
| | | | 31 | | | | | | 7 | | |
Total current liabilities
|
| | |
$
|
145
|
| | | |
$
|
152
|
| |
Deferred income taxes
|
| | | | — | | | | | | 1 | | |
Operating lease liabilities
|
| | | | 10 | | | | | | 13 | | |
Other long-term liabilities
|
| | | | 9 | | | | | | 9 | | |
Total liabilities
|
| | |
$
|
164
|
| | | |
$
|
175
|
| |
Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | |
Net parent investment
|
| | | | 437 | | | | | | 556 | | |
Accumulated other comprehensive loss
|
| | | | (70) | | | | | | (52) | | |
Total equity
|
| | |
$
|
367
|
| | | |
$
|
504
|
| |
Total liabilities and equity
|
| | | $ | 531 | | | | | $ | 679 | | |
Three months ended September 30, 2020
|
| |
Net
Parent Investment |
| |
Accumulated
Other Comprehensive Loss, Net of Tax |
| |
Total
Parent’s Equity |
| |||||||||
| | |
(In millions)
|
| |||||||||||||||
Balance as of June 30, 2020
|
| | | $ | 560 | | | | | $ | (91) | | | | | $ | 469 | | |
Net loss
|
| | | | (131) | | | | | | — | | | | | | (131) | | |
Changes in other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | 14 | | | | | | 14 | | |
Net transfers from parent
|
| | | | 140 | | | | | | — | | | | | | 140 | | |
Balance as of September 30, 2020
|
| | | $ | 569 | | | | | $ | (77) | | | | | $ | 492 | | |
Nine months ended September 30, 2020
|
| |
Net
Parent Investment |
| |
Accumulated
Other Comprehensive Loss, Net of Tax |
| |
Total
Parent’s Equity |
| |||||||||
| | |
(In millions)
|
| |||||||||||||||
Balance as of December 31, 2019
|
| | | $ | 754 | | | | | $ | (78) | | | | | $ | 676 | | |
Net loss
|
| | | | (282) | | | | | | — | | | | | | (282) | | |
Changes in other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | 1 | | | | | | 1 | | |
Net transfers from parent
|
| | | | 97 | | | | | | — | | | | | | 97 | | |
Balance as of September 30, 2020
|
| | | $ | 569 | | | | | $ | (77) | | | | | $ | 492 | | |
Three months ended September 30, 2021
|
| |
Net
Parent Investment |
| |
Accumulated
Other Comprehensive Loss, Net of Tax |
| |
Total
Parent’s Equity |
| |||||||||
| | |
(In millions)
|
| |||||||||||||||
Balance as of June 30, 2021
|
| | | $ | 433 | | | | | $ | (60) | | | | | $ | 373 | | |
Net loss
|
| | | | (53) | | | | | | — | | | | | | (53) | | |
Changes in other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | (10) | | | | | | (10) | | |
Net transfers from parent
|
| | | | 57 | | | | | | — | | | | | | 57 | | |
Balance as of September 30, 2021
|
| | | $ | 437 | | | | | $ | (70) | | | | | $ | 367 | | |
Nine months ended September 30, 2021
|
| |
Net
Parent Investment |
| |
Accumulated
Other Comprehensive Loss, Net of Tax |
| |
Total
Parent’s Equity |
| |||||||||
| | |
(In millions)
|
| |||||||||||||||
Balance as of December 31, 2020
|
| | | $ | 556 | | | | | $ | (52) | | | | | $ | 504 | | |
Net loss
|
| | | | (202) | | | | | | — | | | | | | (202) | | |
Changes in other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | (18) | | | | | | (18) | | |
Net transfers from parent
|
| | | | 83 | | | | | | — | | | | | | 83 | | |
Balance as of September 30, 2021
|
| | | $ | 437 | | | | | $ | (70) | | | | | $ | 367 | | |
| | |
September 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(In millions)
|
| |||||||||
Operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (202) | | | | | $ | (282) | | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 32 | | | | | | 35 | | |
Amortization of stock-based compensation
|
| | | | 17 | | | | | | 11 | | |
Amortization of intangible assets
|
| | | | 4 | | | | | | 4 | | |
Deferred income taxes
|
| | | | — | | | | | | (3) | | |
Other, net
|
| | | | (1) | | | | | | (8) | | |
Changes in operating assets and liabilities:
|
| | | | — | | | | | | — | | |
Accounts receivable
|
| | | | (75) | | | | | | 224 | | |
Prepaid expenses and other current assets
|
| | | | — | | | | | | 8 | | |
Accounts payable, merchant
|
| | | | 15 | | | | | | (37) | | |
Accounts payable, other and accrued expenses and other liabilities
|
| | | | (40) | | | | | | 25 | | |
Income taxes receivable, net
|
| | | | (4) | | | | | | (1) | | |
Deferred merchant bookings
|
| | | | 1 | | | | | | (1) | | |
Deferred revenue
|
| | | | (1) | | | | | | — | | |
Net cash (used in) provided by operating activities
|
| | | | (254) | | | | | | (25) | | |
Investing activities | | | | | | | | | | | | | |
Additions to property and equipment
|
| | | | (20) | | | | | | (28) | | |
Net cash used in investing activities
|
| | | | (20) | | | | | | (28) | | |
Financing activities | | | | | | | | | | | | | |
Net transfers from parent
|
| | | | 58 | | | | | | 92 | | |
Due to related party
|
| | | | 24 | | | | | | (34) | | |
Net cash provided by financing activities
|
| | | | 82 | | | | | | 58 | | |
Effect of FX rate changes on Cash, cash equivalents and restricted cash
|
| | | | (10) | | | | | | 5 | | |
Net increase (decrease) in Cash, cash equivalents and restricted cash at end of period
|
| | | | (202) | | | | | | 10 | | |
Cash, cash equivalents and restricted cash at beginning of period
|
| | | | 382 | | | | | | 350 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 180 | | | | | $ | 360 | | |
| | |
Nine months ended
September 30, |
| |||||||||
Reconciliation to amounts within the combined balance sheets:
|
| |
2021
|
| |
2020
|
| ||||||
| | |
(In millions)
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 171 | | | | | $ | 348 | | |
Restricted cash
|
| | | | 9 | | | | | | 12 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 180 | | | | | $ | 360 | | |
| | |
Three months ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(Unaudited)
|
| |||||||||
| | |
(In millions)
|
| |||||||||
Revenue by Business Model | | | | | | | | | | | | | |
Merchant
|
| | | $ | 21 | | | | | $ | 18 | | |
Agency
|
| | | | 33 | | | | | | 9 | | |
Advertising, media and other
|
| | | | 1 | | | | | | (1) | | |
Total revenue
|
| | | $ | 55 | | | | | $ | 26 | | |
| | |
Nine months ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(Unaudited)
|
| |||||||||
| | |
(In millions)
|
| |||||||||
Revenue by Business Model | | | | | | | | | | | | | |
Merchant
|
| | | $ | 46 | | | | | $ | 68 | | |
Agency
|
| | | | 74 | | | | | | 84 | | |
Advertising, media and other
|
| | | | 3 | | | | | | 4 | | |
Total revenue
|
| | | $ | 123 | | | | | $ | 156 | | |
| | |
Three months ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(Unaudited)
|
| |||||||||
| | |
(In millions)
|
| |||||||||
Revenue by Geography | | | | | | | | | | | | | |
United States
|
| | | $ | 23 | | | | | $ | 10 | | |
All other countries
|
| | | | 32 | | | | | | 16 | | |
Total revenue
|
| | | $ | 55 | | | | | $ | 26 | | |
| | |
Nine months ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(Unaudited)
|
| |||||||||
| | |
(In millions)
|
| |||||||||
Revenue by Geography | | | | | | | | | | | | | |
United States
|
| | | $ | 49 | | | | | $ | 57 | | |
All other countries
|
| | | | 74 | | | | | | 99 | | |
Total revenue
|
| | | $ | 123 | | | | | $ | 156 | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
| | |
(In millions)
|
| |||||||||
Capitalized software development
|
| | | $ | 165 | | | | | $ | 208 | | |
Computer equipment
|
| | | | 19 | | | | | | 20 | | |
Furniture and other equipment
|
| | | | 5 | | | | | | 6 | | |
Buildings and leasehold improvements
|
| | | | 15 | | | | | | 16 | | |
| | | | | 204 | | | | | | 250 | | |
Less: accumulated depreciation
|
| | | | (155) | | | | | | (197) | | |
Property and equipment, net
|
| | | $ | 49 | | | | | $ | 53 | | |
| | |
(Unaudited)
(In millions) |
| |||
Balance as of December 31, 2020
|
| | | $ | 128 | | |
Foreign currency translation
|
| | | | (6) | | |
Balance as of September 30, 2021
|
| | | $ | 122 | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||
|
Cost
|
| |
Accumulated
Amortization |
| |
Net
|
| |
Cost
|
| |
Accumulated
Amortization |
| |
Net
|
| ||||||||||||||||||||
|
(Unaudited)
(In millions) |
| |
(In millions)
|
| ||||||||||||||||||||||||||||||||
Customer relationships
|
| | | | 60 | | | | | | (57) | | | | | | 3 | | | | | | 60 | | | | | | (53) | | | | | | 7 | | |
Total
|
| | |
$
|
60
|
| | | | $ | (57) | | | | | $ | 3 | | | | | $ | 60 | | | | | $ | (53) | | | | | $ | 7 | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(Unaudited)
|
| | ||||||||
| | |
(In millions)
|
| |||||||||
Salary and wage accruals
|
| | | $ | 27 | | | | | $ | 33 | | |
Restructure costs
|
| | | | 29 | | | | | | 47 | | |
Accrued sales tax liability
|
| | | | 4 | | | | | | 3 | | |
Lease liability
|
| | | | 6 | | | | | | 9 | | |
Other
|
| | | | 8 | | | | | | 13 | | |
Total
|
| | | $ | 74 | | | | | $ | 105 | | |
| | |
Employee
Severance and Benefits |
| |||
| | |
(Unaudited)
(In millions) |
| |||
Accrued liability as of December 31, 2020
|
| | | $ | 47 | | |
Charges
|
| | | | 9 | | |
Payments
|
| | | | (27) | | |
Accrued liability as of September 30, 2021
|
| | |
$
|
29
|
| |
| | |
September 30,
2021 |
| |
September 30,
2020 |
| ||||||
| | |
(unaudited)
(In millions) |
| |||||||||
Cash pooling and general financing activities
|
| | | $ | 38 | | | | | $ | 144 | | |
Purchases from Parent
|
| | | | — | | | | | | 1 | | |
Stock based compensation
|
| | | | 6 | | | | | | 3 | | |
Corporate allocations
|
| | | | 12 | | | | | | 9 | | |
Income tax expense
|
| | | | 1 | | | | | | (17) | | |
Net increase (decrease) in Net Parent Investment
|
| | | $ | 57 | | | | | $ | 140 | | |
| | |
September 30,
2021 |
| |
September 30,
2020 |
| ||||||
| | |
(unaudited)
(In millions) |
| |||||||||
Cash pooling and general financing activities
|
| | | $ | 26 | | | | | $ | 46 | | |
Purchases from Parent
|
| | | | — | | | | | | 2 | | |
Stock based compensation
|
| | | | 17 | | | | | | 11 | | |
Corporate allocations
|
| | | | 38 | | | | | | 36 | | |
Income tax expense
|
| | | | 2 | | | | | | 2 | | |
Net increase (decrease) in Net Parent Investment
|
| | | $ | 83 | | | | | $ | 97 | | |
| | |
Year ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Revenue
|
| | | $ | 190 | | | | | $ | 613 | | |
Cost and expenses: | | | | | | | | | | | | | |
Cost of revenue (exclusive of depreciation and amortization shown separately below)
|
| | | | (206) | | | | | | (261) | | |
Selling and marketing
|
| | | | (132) | | | | | | (149) | | |
Technology and content
|
| | | | (61) | | | | | | (75) | | |
General and administrative
|
| | | | (52) | | | | | | (58) | | |
Depreciation and amortization
|
| | | | (51) | | | | | | (54) | | |
Restructuring and related reorganization charges
|
| | | | (59) | | | | | | (11) | | |
Operating (loss) income
|
| | | | (371) | | | | | | 5 | | |
Other, net
|
| | | | (1) | | | | | | 3 | | |
Total other expense, net
|
| | | | (1) | | | | | | 3 | | |
(Loss) income before income taxes
|
| | | | (372) | | | | | | 8 | | |
Provision for income taxes
|
| | | | (7) | | | | | | (39) | | |
Net loss
|
| | | $ | (379) | | | | | $ | (31) | | |
| | |
Year ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Net loss
|
| | | $ | (379) | | | | | $ | (31) | | |
Other comprehensive income ( loss) | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | 26 | | | | | | (1) | | |
Other comprehensive income (loss)
|
| | | | 26 | | | | | | (1) | | |
Comprehensive loss
|
| | | $ | (353) | | | | | $ | (32) | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 363 | | | | | $ | 307 | | |
Restricted cash
|
| | | | 19 | | | | | | 43 | | |
Accounts receivable, net of allowance of $22 and $9
|
| | | | 68 | | | | | | 330 | | |
Income taxes receivable
|
| | | | 2 | | | | | | 3 | | |
Prepaid expenses and other current assets
|
| | | | 10 | | | | | | 19 | | |
Total current assets
|
| | | $ | 462 | | | | | $ | 702 | | |
Property and equipment, net
|
| | | | 53 | | | | | | 59 | | |
Operating lease right-of-use assets
|
| | | | 20 | | | | | | 30 | | |
Goodwill
|
| | | | 128 | | | | | | 120 | | |
Deferred income tax assets
|
| | | | — | | | | | | 2 | | |
Intangible assets, net
|
| | | | 7 | | | | | | 13 | | |
Other assets
|
| | | | 9 | | | | | | 9 | | |
Total assets
|
| | | $ | 679 | | | | | $ | 935 | | |
Liabilities and equity | | | | | | | | | | | | | |
Accounts payable, merchant
|
| | | $ | 13 | | | | | $ | 65 | | |
Accounts payable, other
|
| | | | 24 | | | | | | 28 | | |
Deferred merchant bookings
|
| | | | — | | | | | | 2 | | |
Deferred revenue
|
| | | | 3 | | | | | | 3 | | |
Accrued expenses and other current liabilities
|
| | | | 105 | | | | | | 83 | | |
Due to related party
|
| | | | 7 | | | | | | 46 | | |
Total current liabilities
|
| | | $ | 152 | | | | | $ | 227 | | |
Deferred income taxes
|
| | | | 1 | | | | | | 3 | | |
Operating lease liabilities
|
| | | | 13 | | | | | | 23 | | |
Other long-term liabilities
|
| | | | 9 | | | | | | 6 | | |
Total liabilities
|
| | | $ | 175 | | | | | $ | 259 | | |
Commitments and contingencies (Note 11) | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | |
Net parent investment
|
| | | | 556 | | | | | | 754 | | |
Accumulated other comprehensive loss
|
| | | | (52) | | | | | | (78) | | |
Total equity
|
| | | $ | 504 | | | | | $ | 676 | | |
Total liabilities and equity
|
| | | $ | 679 | | | | | $ | 935 | | |
| | |
Net Parent
Investment |
| |
Accumulated Other
Comprehensive Loss, Net of Tax |
| |
Total Parent’s
Equity |
| |||||||||
|
(In millions)
|
| |||||||||||||||||
Balance as of December 31, 2018
|
| | | $ | 681 | | | | | $ | (77) | | | | | $ | 604 | | |
Net loss
|
| | | | (31) | | | | | | — | | | | | | (31) | | |
Changes in other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | (1) | | | | | | (1) | | |
Net transfers from parent
|
| | | | 104 | | | | | | — | | | | | | 104 | | |
Balance as of December 31, 2019
|
| | | $ | 754 | | | | | $ | (78) | | | | | $ | 676 | | |
Net loss
|
| | | | (379) | | | | | | — | | | | | | (379) | | |
Changes in other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | 26 | | | | | | 26 | | |
Net transfers from parent
|
| | | | 181 | | | | | | — | | | | | | 181 | | |
Balance as of December 31, 2020
|
| | | $ | 556 | | | | | $ | (52) | | | | | $ | 504 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (379) | | | | | $ | (31) | | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 46 | | | | | | 49 | | |
Amortization of stock-based compensation
|
| | | | 15 | | | | | | 11 | | |
Amortization of intangible assets
|
| | | | 5 | | | | | | 5 | | |
Currency loss on cash and cash equivalent
|
| | | | 1 | | | | | | — | | |
Other, net
|
| | | | (3) | | | | | | — | | |
Changes in operating assets and liabilities, net of effects from acquisitions:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | 266 | | | | | | (21) | | |
Prepaid expenses and other current assets
|
| | | | 10 | | | | | | (14) | | |
Accounts payable, merchant
|
| | | | (53) | | | | | | (1) | | |
Accounts payable, other and accrued expenses and other liabilities
|
| | | | 12 | | | | | | 7 | | |
Income taxes receivable, net
|
| | | | 1 | | | | | | (1) | | |
Deferred merchant bookings
|
| | | | (2) | | | | | | 1 | | |
Deferred revenue
|
| | | | — | | | | | | 1 | | |
Net cash (used in) provided by operating activities
|
| | | | (81) | | | | | | 6 | | |
Investing activities | | | | | | | | | | | | | |
Additions to property and equipment
|
| | | | (32) | | | | | | (38) | | |
Net cash used in investing activities
|
| | | | (32) | | | | | | (38) | | |
Financing activities | | | | | | | | | | | | | |
Net transfers from (to) parent
|
| | | | 161 | | | | | | 91 | | |
Due to related party
|
| | | | (40) | | | | | | 14 | | |
Net cash provided by financing activities
|
| | | | 121 | | | | | | 105 | | |
Effect of FX rate changes on cash and cash equivalents
|
| | | | 24 | | | | | | (3) | | |
Net increase in cash and cash equivalents
|
| | | | 32 | | | | | | 70 | | |
Cash and cash equivalents at beginning of period
|
| | | | 350 | | | | | | 280 | | |
Cash and cash equivalents at end of period
|
| | | $ | 382 | | | | | $ | 350 | | |
| | |
December 31
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Reconciliation to amounts within the combined balance sheets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 363 | | | | | $ | 307 | | |
Restricted cash included in Other current assets
|
| | | | 19 | | | | | | 43 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 382 | | | | | $ | 350 | | |
| | |
Year ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Revenue by Business Model | | | | | | | | | | | | | |
Merchant
|
| | | $ | 84 | | | | | $ | 194 | | |
Agency
|
| | | | 104 | | | | | | 403 | | |
Advertising, media and other
|
| | | | 2 | | | | | | 16 | | |
Total revenue
|
| | | $ | 190 | | | | | $ | 613 | | |
| | |
Year ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Revenue by Geography | | | | | | | | | | | | | |
United States
|
| | | $ | 67 | | | | | $ | 216 | | |
All other countries
|
| | | | 123 | | | | | | 397 | | |
Total revenue
|
| | | $ | 190 | | | | | $ | 613 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
|
(In millions)
|
| |||||||||||
Capitalized software development
|
| | | $ | 208 | | | | | $ | 188 | | |
Computer equipment
|
| | | | 20 | | | | | | 20 | | |
Furniture and other equipment
|
| | | | 6 | | | | | | 6 | | |
Buildings and leasehold improvements
|
| | | | 16 | | | | | | 14 | | |
| | | | | 250 | | | | | | 228 | | |
Less: accumulated depreciation
|
| | | | (197) | | | | | | (169) | | |
Property and equipment, net
|
| | | $ | 53 | | | | | $ | 59 | | |
| | |
(In millions)
|
| |||
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 | | |