American Express Global Business Travel Reports Q1 2023 Fi

NEW YORK--(BUSINESS WIRE)-- American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ("Amex GBT" or the "Company"), the world's leading B2B travel platform, today announced financial results for the first quarter ended March 31, 2023.

First Quarter 2023 Highlights

Strong Revenue and Adjusted EBITDA Growth

• Revenue totaled $578 million, an increase of 65% versus Q1 2022.
• Adjusted EBITDA1 totaled $99 million, with an Adjusted EBITDA Margin2 of 17%. Net loss totaled $(27) million.

Strong SME Growth

• SME transactions grew 61% versus Q1 2022 to reach 88% of 2019 pro forma3 levels.
• LTM (ended March 31, 2023) SME New Wins Value4 totaled $2.2 billion per annum.
• Approximately 30% of LTM SME New Wins Value came from the unmanaged category.

Significant New Wins and Continued Share Gains

• Total transactions grew 61% versus Q1 2022 to reach 76% of 2019 pro forma3 levels. Workday adjusted5 total transaction recovery was 74% of 2019 pro forma3 levels.
• LTM Total New Wins Value4 totaled $3.4 billion per annum.
• 95% LTM customer retention rate.

Paul Abbott, Amex GBT Chief Executive Officer, stated: "Nearly one year after going public, we are delivering on the commitments we made. We reported strong first quarter 2023 results driven by continued growth in business travel, share gains and ongoing momentum in the SME customer segment. Our strong growth, combined with our proven ability to deliver high operating leverage and margin expansion, lead us to expect continued strong results in Q2 and for the full year."

First Quarter 2023 Financial Summary

First Quarter 2023 Financial Highlights

Revenue increased $228 million, or 65%, versus the same period in 2022. Within this, Travel Revenue increased $210 million, or 82%, primarily due to growth in Total Transaction Value driven by continued growth in business travel and recovery from residual impacts of COVID-19. Product and Professional Services Revenue increased $18 million, or 19%, primarily due to increased management fees and meetings and events revenue driven by strengthened demand.