GLOBAL BUSINESS TRAVEL GROUP, INC., 10-Q filed on 5/6/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
May 02, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-39576  
Entity Registrant Name Global Business Travel Group, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 98-0598290  
Entity Address, Address Line One 666 3rd Avenue, 4th Floor  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10017  
City Area Code 646  
Local Phone Number 344-1290  
Title of 12(b) Security Class A common stock, par value $0.0001 per share  
Trading Symbol GBTG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   478,702,748
Amendment Flag false  
Document Fiscal Year Focus 2025  
Entity Central Index Key 0001820872  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q1  
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 552 $ 536
Accounts receivable (net of allowance for credit losses of $10 as of both March 31, 2025 and December 31, 2024) 717 571
Due from affiliates 47 46
Prepaid expenses and other current assets 139 128
Total current assets 1,455 1,281
Property and equipment, net 235 232
Equity method investments 14 14
Goodwill 1,217 1,201
Other intangible assets, net 471 480
Operating lease right-of-use assets 56 59
Deferred tax assets 274 268
Other non-current assets 63 89
Total assets 3,785 3,624
Current liabilities:    
Accounts payable 325 263
Due to affiliates 35 22
Accrued expenses and other current liabilities 517 461
Current portion of operating lease liabilities 14 15
Current portion of long-term debt 19 19
Total current liabilities 910 780
Long-term debt, net of unamortized debt discount and debt issuance costs 1,365 1,365
Deferred tax liabilities 39 36
Pension liabilities 157 156
Long-term operating lease liabilities 60 63
Earnout derivative liabilities 59 133
Other non-current liabilities 68 34
Total liabilities 2,658 2,567
Commitments and Contingencies (see note 8)
Shareholders’ equity:    
Class A common stock (par value $0.0001; 3,000,000,000 shares authorized; 486,881,894 and 478,904,677 shares issued, 478,699,218 and 470,904,677 shares outstanding as of March 31, 2025 and December 31, 2024, respectively) 0 0
Additional paid-in capital 2,809 2,827
Accumulated deficit (1,500) (1,575)
Accumulated other comprehensive loss (132) (146)
Treasury shares, at cost (8,182,676 and 8,000,000 shares as of March 31, 2025 and December 31, 2024, respectively) (56) (55)
Total equity of the Company’s shareholders 1,121 1,051
Equity attributable to non-controlling interest in subsidiaries 6 6
Total shareholders’ equity 1,127 1,057
Total liabilities and shareholders’ equity $ 3,785 $ 3,624
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for credit losses $ 10 $ 10
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 3,000,000,000 3,000,000,000
Common stock, shares issued (in shares) 486,881,894 478,904,677
Common stock, shares outstanding (in shares) 478,699,218 470,904,677
Treasury shares, at cost (in shares) 8,182,676 8,000,000
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenue $ 621 $ 610
Costs and expenses:    
Cost of revenue (excluding depreciation and amortization shown separately below) 231 245
Sales and marketing 103 99
Technology and content 120 108
General and administrative 68 86
Restructuring and other exit charges 4 9
Depreciation and amortization 40 47
Total operating expenses 566 594
Operating income 55 16
Interest income 2 0
Interest expense (24) (33)
Loss on early extinguishment of debt (2) 0
Fair value movement on earnout derivative liabilities 74 18
Other (loss) income, net (9) 7
Income before income taxes 96 8
Provision for income taxes (21) (27)
Net income (loss) 75 (19)
Less: net income attributable to non-controlling interests in subsidiaries 0 0
Net income (loss) attributable to the Company’s Class A common stockholders $ 75 $ (19)
Basic income (loss) per share attributable to the Company’s Class A common stockholders (in dollars per share) $ 0.16 $ (0.04)
Weighted average number of shares outstanding - Basic (in shares) 465,872,540 461,386,280
Diluted income (loss) per share attributable to the Company’s Class A common stockholders (in dollars per share) $ 0.16 $ (0.04)
Weighted average number of shares outstanding - Diluted (in shares) 478,715,682 461,386,280
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 75 $ (19)
Other comprehensive income (loss), net of tax:    
Change in currency translation adjustments, net of tax 30 (24)
Unrealized (loss) gains on cash flow hedge, net of tax:    
Unrealized (loss) gain on cash flow hedges arising during the period (11) 5
Unrealized gains on cash flow hedges reclassified to interest expense (4) (2)
Prior service cost arising during the period (1) 0
Other comprehensive income (loss), net of tax 14 (21)
Comprehensive income (loss) 89 (40)
Less: Comprehensive income attributable to non-controlling interests in subsidiaries 0 0
Comprehensive income (loss) attributable to the Company’s Class A common stockholders $ 89 $ (40)
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income (loss) $ 75 $ (19)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Depreciation and amortization 40 47
Deferred tax charge 3 17
Equity-based compensation 19 18
Allowance for credit losses 2 4
Loss on early extinguishment of debt 2 0
Fair value movement on earnout derivative liabilities (74) (18)
Other, net 39 (9)
Changes in working capital:    
Accounts receivable (136) (95)
Prepaid expenses and other current assets (8) (43)
Due from affiliates (2) 5
Due to affiliates 13 5
Accounts payable, accrued expenses and other current liabilities 86 144
Defined benefit pension funding (6) (7)
Net cash from operating activities 53 49
Investing activities:    
Purchase of property and equipment (27) (25)
Proceeds from foreign exchange forward contracts 9 0
Net cash used in investing activities (18) (25)
Financing activities:    
Proceeds from senior secured term loans 99 0
Repayment of senior secured term loans (103) (1)
Repurchase of common shares (1) 0
Contributions for ESPP and proceeds from exercise of stock options 4 4
Payment of taxes withheld on vesting of equity awards (24) (12)
Other 0 (1)
Net cash used in financing activities (25) (10)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 6 (5)
Net increase in cash, cash equivalents and restricted cash 16 9
Cash, cash equivalents and restricted cash, beginning of period 561 489
Cash, cash equivalents and restricted cash, end of period 577 498
Supplemental cash flow information:    
Cash paid (received) for income taxes, net 4 (11)
Cash paid for interest (net of interest received) 30 34
Non-cash additions for operating lease right-of-use assets 0 6
Non-cash additions for finance lease $ 1 $ 0
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Cash, cash equivalents and restricted cash consist of:    
Cash and cash equivalents $ 552 $ 536
Restricted cash (included in other non-current assets) 25 25
Cash, cash equivalents and restricted cash $ 577 $ 561
v3.25.1
CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL SHAREHOLDERS’ EQUITY - USD ($)
$ in Millions
Total
Total equity of the Company’s shareholders
Common Stock
Class A common stock
Additional paid-in capital
Accumulated deficit
Accumulated other comprehensive loss
Treasury Shares
Equity attributable to non-controlling interest in subsidiaries
Beginning balance (in shares) at Dec. 31, 2023     467,092,817          
Beginning balance at Dec. 31, 2023 $ 1,212 $ 1,208 $ 0 $ 2,748 $ (1,437) $ (103)   $ 4
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Equity-based compensation 18 18   18        
Shares issued, net, on vesting of equity awards and pursuant to ESPP (see note 11) (in shares)     8,732,539          
Shares issued, net, on vesting of equity awards and pursuant to ESPP (see note 11) 4 4   4        
Shares withheld for taxes in relation to vesting of / exercise of equity awards (see note 11) (in shares)     (3,208,148)          
Shares withheld for taxes in relation to vesting of / exercise of equity awards (see note 11) (19) (19)   (19)        
Dividend distribution to non-controlling interest in subsidiaries (1)             (1)
Net income (loss) (19) (19)     (19)      
Other comprehensive loss, net of tax (21) (21)       (21)    
Ending balance (in shares) at Mar. 31, 2024     472,617,208          
Ending balance at Mar. 31, 2024 $ 1,174 1,171 $ 0 2,751 (1,456) (124)   3
Beginning balance (in shares) at Dec. 31, 2024     478,904,677          
Treasury shares, beginning balance (in shares) at Dec. 31, 2024 8,000,000           8,000,000  
Beginning balance at Dec. 31, 2024 $ 1,057 1,051 $ 0 2,827 (1,575) (146) $ (55) 6
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Equity-based compensation 19 19   19        
Shares issued, net, on vesting of equity awards and pursuant to ESPP (see note 11) (in shares)     12,861,105          
Shares issued, net, on vesting of equity awards and pursuant to ESPP (see note 11) 4 4   4        
Shares withheld for taxes in relation to vesting of / exercise of equity awards (see note 11) (in shares)     (4,883,888)          
Shares withheld for taxes in relation to vesting of / exercise of equity awards (see note 11) (41) (41)   (41)        
Repurchase of common shares (in shares)             182,676  
Repurchase of common shares (1) (1)         $ (1)  
Net income (loss) 75 75     75      
Other comprehensive loss, net of tax $ 14 14       14    
Ending balance (in shares) at Mar. 31, 2025     486,881,894          
Treasury shares, ending balance (in shares) at Mar. 31, 2025 8,182,676           8,182,676  
Ending balance at Mar. 31, 2025 $ 1,127 $ 1,121 $ 0 $ 2,809 $ (1,500) $ (132) $ (56) $ 6
v3.25.1
Business Description and Basis of Presentation
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Description and Basis of Presentation Business Description and Basis of Presentation
Global Business Travel Group, Inc. (“GBTG”), and its consolidated subsidiaries (GBTG together with its consolidated subsidiaries, the "Company"), operating as American Express Global Business Travel ("Amex GBT"), is a leading software and services company in travel, expense and meetings & events. The Company has built a marketplace in travel with comprehensive and competitive content. The Company offers a choice of software solutions for customers to access the Amex GBT marketplace, backed up by global teams for 24/7 support in over 140 countries.
GBTG is a Delaware corporation and tax resident in the United States of America (“U.S.”).
Pending Merger of CWT
On March 24, 2024, GBTG entered into an Agreement and Plan of Merger (as subsequently amended from time to time, the “Merger Agreement”) with CWT Holdings, LLC, a Delaware limited liability company (“CWT”), pursuant to which, among other things, GBTG will acquire CWT (the "Merger").
Based upon the latest amendment on March 21, 2025 to the Merger Agreement, the transaction values CWT at approximately $540 million on a cash-free and debt-free basis, subject to certain assumptions and purchase price adjustments. At the closing of the transaction, GBTG expects to fund the Merger with a combination of cash and an aggregate of approximately 50 million shares of its Class A common stock, par value $0.0001 per share ("Class A common stock"), at a price of $7.50 per share as purchase consideration.

The closing of the transaction is subject to the satisfaction of customary closing conditions, including the receipt of certain regulatory approvals. In January 2025, the U.S. Department of Justice, filed suit in the U.S. District Court for the Southern District of New York against the Company and CWT, seeking a permanent injunction to prevent the Merger. The trial is scheduled to begin September 8, 2025. On March 6, 2025, the Company received approval from the U.K. Competition and Markets Authority to complete the Merger.
Basis of Presentation
The Company’s consolidated financial statements include the accounts of GBTG, its wholly-owned subsidiaries and entities controlled by GBTG. There are no entities that have been consolidated due to control through operating agreements, financing agreements or as the primary beneficiary of a variable interest entity. The Company reports the non-controlling ownership interests in subsidiaries that are held by third-party owners as equity attributable to non-controlling interests in subsidiaries on the consolidated balance sheets. The portion of income or loss attributable to third-party owners for the reporting period is reported as net income (loss) attributable to non-controlling interests in subsidiaries on the consolidated statements of operations. The Company has eliminated intercompany transactions and balances in its consolidated financial statements.
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial reporting. As such, certain notes or other information that are normally required by U.S. GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2024, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission, United States (the “SEC”) on March 7, 2025 (the “Annual Report on Form 10-K”). The Company has included all normal recurring items and adjustments necessary for a fair presentation of the results of the interim period. The Company’s interim unaudited consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, supplier revenue, allowance for credit losses, depreciable lives of property and equipment, acquisition purchase price allocations including valuation of acquired intangible assets and goodwill and contingent consideration, valuation of operating lease right-of-use (“ROU”) assets, impairment of goodwill, other intangible assets, long-lived assets, capitalized client incentives and investments in equity method investments, valuation allowances on deferred income taxes, valuation of pensions, interest rate swaps, cross currency interest rate swaps, earnout shares and contingent liabilities. Actual results could differ materially from those estimates.
v3.25.1
Recently Issued Accounting Pronouncements
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements
Accounting Pronouncements - Adopted
The Company did not adopt any new accounting pronouncements during the three months ended March 31, 2025.
Accounting Pronouncements - Not Yet Adopted
There were no new accounting standards or pronouncements that were issued during the three months ended March 31, 2025 that the Company expects to have a material impact on its consolidated financial statements. However, the Company has yet to adopt the following accounting standard updates ("ASU") issued by the Financial Accounting Standards Board (the "FASB").
Disaggregated Expenses
In November 2024, the FASB issued ASU No. 2024-03 "Disaggregation of Income Statement Expenses" which provides guidance on additional disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The update is to be applied on a prospective basis, although optional retrospective application is permitted. While the update will require additional disclosures related to the Company’s expenses, it is not expected to have any impact on the Company’s consolidated operating results, financial condition or cash flows.

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The update primarily requires the Company to provide (i) further disaggregation for specific categories on the effective tax rate reconciliation, as well as additional information about federal, state/local and foreign income taxes and (ii) annually disclose its income taxes paid (net of refunds received), disaggregated by jurisdiction. The update is an annual disclosure requirement and is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The update is to be applied on a prospective basis, although optional retrospective application is permitted. While the update will require additional disclosures related to the Company’s income taxes, it is not expected to have any impact on the Company’s consolidated operating results, financial condition or cash flows.
v3.25.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
The Company disaggregates revenue based on (i) Travel Revenue which includes all revenue relating to servicing a transaction, which can be an air, hotel, car rental, rail or other travel-related booking or reservation, and (ii) Product and Professional Services Revenue which includes all revenue relating to using the Company’s platform, products and value-added services. The following table presents the Company’s disaggregated revenue by nature of service. Sales and usage-based taxes are excluded from revenue.
Three months ended March 31,
(in $ millions)20252024
Travel revenue$499 $492 
Product and professional services revenue122 118 
Total revenue$621 $610 
Payments from customers are generally received within 30-60 days of invoicing or from their contractual date agreed under the terms of contract.
Contract Balances
Contract assets represent the Company’s right to consideration in exchange for services transferred to a customer when that right is conditioned on the Company’s future performance obligations. Contract liabilities represent the Company’s obligation to transfer services to a customer for which the Company has received consideration (or the amount is due) from the customer.
The opening and closing balances of the Company’s accounts receivable, net, and contract liabilities are as follows:
Contract
liabilities
(in $ millions)
Accounts receivable, net
Client
incentives, net
(non-current)		Deferred
revenue
(current)
Balance as of March 31, 2025$716 $26 $36 
Balance as of December 31, 2024$570 $19 $31 

Accounts receivable, net, exclude balances not related to contracts with customers.
Deferred revenue is recorded when a performance obligation has not been satisfied but an invoice has been raised. Cash payments received from customers in advance of the Company completing its performance obligations are included in deferred revenue in the Company’s consolidated balance sheets. The Company generally expects to complete its performance obligations under the contracts within one year. During the three months ended March 31, 2025, the cash payments received or due in advance of the satisfaction of the Company’s performance obligations were offset by $11 million of revenue recognized that was included in the deferred revenue balance as of December 31, 2024.
Remaining Performance Obligations
The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less. As of March 31, 2025, the aggregate amount of the transaction price allocated to the Company’s remaining performance obligations was approximately $2 million, which the Company expects to recognize as revenue as performance obligations are satisfied over the next 2 years.
v3.25.1
Prepaid Expenses and Other Current Assets
 3 Months Ended
Mar. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]  
Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of:
(in $ millions)March 31,
2025		December 31,
2024
Prepaid technology costs$53 $47 
Prepaid travel expenses18 12 
Income tax receivable12 9 
Value added and similar taxes receivables9 9 
Other prepayments and receivables47 51 
Prepaid expenses and other current assets$139 $128 
v3.25.1
Accrued Expenses and Other Current Liabilities
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of:
(in $ millions)March 31,
2025		December 31,
2024
Accrued payroll and related costs$171 $174 
Accrued operating expenses170 146 
Client deposits77 55
Deferred revenue36 31
Income tax payable
27 11 
Accrued interest payable 14 20
Accrued restructuring costs (see note 6)
13 12
Value added and similar taxes payable9 12
Accrued expenses and other current liabilities$517 $461 
v3.25.1
Restructuring, Exit and Related Charges
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring, Exit and Related Charges Restructuring, Exit and Related Charges
From time to time, the Company takes initiatives to reduce costs, exit from non-profitable business components and geographical regions and/or improve operational efficiency. The table below sets forth accrued restructuring, exit and related costs included in accrued expenses and other current liabilities, for the three months ended March 31, 2025:
(in $ millions)
Employee Related
Facility - Non-Lease Related
Total
Balance as of December 31, 2024$9 $3 $12 
Accruals4 — 4 
Cash settled(3)— (3)
Balance as of March 31, 2025$10 $3 $13 
v3.25.1
Long-term Debt
 3 Months Ended
Mar. 31, 2025
Long-Term Debt, Unclassified [Abstract]  
Long-term Debt Long-term Debt
The outstanding amount of the Company’s long-term debt consists of:
(in $ millions)March 31,
2025		December 31,
2024
Amended and Restated Senior Secured Credit Agreement
Principal amount of senior secured term loans (Maturity - July 2031)
$1,397 $1,400 
Other borrowings 9 8 
1,406 1,408 
Less: Unamortized debt discount and debt issuance costs(22)(24)
Total debt, net of unamortized debt discount and debt issuance costs1,384 1,384 
Less: Current portion of long-term debt(19)(19)
Long-term debt, non-current, net of unamortized debt discount and debt issuance costs$1,365 $1,365 
Amended and Restated Senior Secured Credit Agreement
On July 26, 2024, GBTG and GBT US III LLC, a wholly-owned subsidiary of GBTG (the "Initial Borrower"), and certain subsidiaries of GBTG entered into an amended and restated senior secured credit agreement (the “A&R Credit Agreement”) which provides for a $1,400 million senior secured first lien term loan facility (the “Initial Term Facility”, and the loans thereunder, the “Initial Term Loans”) and a $360 million senior secured first lien revolving credit facility (the “Revolving Credit Facility”, and the loans thereunder, the “Revolving Loans”). The Initial Term Loans were drawn in full at closing and the proceeds thereof were used to repay in full the outstanding principal amount of all tranches of term loans outstanding, including accrued interest and other amounts payable, under the Company's then existing senior secured credit agreement (the "Original Credit Agreement"). The A&R Credit Agreement amended and restated the Original Credit Agreement in its entirety.
The A&R Credit Agreement initially provided that the Initial Term Loans and the Revolving Loans (collectively, the “Loans”) bear interest based on the secured overnight financing rate ("SOFR") (or an alternative reference rate for amounts denominated in a currency other than U.S. dollars), or, at the Initial Borrower’s option, in the case of amounts denominated in U.S. dollars, the Base Rate (as defined in the A&R Credit Agreement), plus, as applicable, a margin of (i) in the case of Initial Term Loans, 3.00% per annum for SOFR-based Loans (or 2.00% per annum for Base Rate-based Loans) and (ii) in the case of the Revolving Loans, 2.75% per annum for SOFR-based Loans (or 1.75% per annum for Base Rate-based Loans). The SOFR floor is 0.00% for Loans under the A&R Credit Agreement.
On February 4, 2025, GBTG, the Initial Borrower and certain subsidiaries of GBTG entered into an amendment (“Amendment No. 1”) to the A&R Credit Agreement (as so amended, the "Amended Credit Agreement") to reprice the Initial Term Loans. The loans under the repriced Initial Term Facility are referred to hereafter as the "Repriced Term Loans". After giving effect to Amendment No. 1, the interest rate margin applicable to the Repriced Term Loans (the “Term B-1 Loans”, and the senior secured credit facility being "Term B-1 Facility") was reduced by 0.50%. The Term B-1 Loans bear interest based on SOFR or, at the Initial Borrower’s option, at the Base Rate (as defined in the Amended Credit Agreement), plus, as applicable, a margin of 2.50% per annum for SOFR-based Term B-1 Loans (or 1.50% per annum for Base Rate-based Term B-1 Loans). The repricing was accounted for as modification of debt, except for lenders leaving the consortium, which was accounted for as an extinguishment of debt resulting in a $2 million recognition of loss on early extinguishment of debt.
Except as noted above, the Term B-1 Loans have substantially the same terms as the Initial Term Loans under the A&R Credit Agreement. At the option of the Initial Borrower (upon prior written notice), the Term B-1 Loans may be voluntarily prepaid, in whole or in part, at any time without premium or penalty (other than (x) a prepayment premium of
1% of the principal amount of the Repriced Term Loans subject to certain repricing transactions occurring prior to August 4, 2025 and (y) customary breakage costs in connection with certain prepayments of loans).
The Term B-1 Loans mature on July 26, 2031. Principal amounts outstanding under the Term B-1 Loans are required to be repaid on a quarterly basis, that commenced on March 31, 2025, at an amortization rate of 1.00% per annum with the balance due at maturity. Further, subject to certain exceptions set forth in the Amended Credit Agreement, the Initial Borrower is required to prepay loans under the Term B-1 Facility with (i) 50% (subject to leverage-based step-downs) of annual excess cash flow (calculated in a manner set forth in the Amended Credit Agreement and commencing with the financial year ending December 31, 2025) in excess of a threshold amount, (ii) 100% (subject to leverage-based step-downs) of the net cash proceeds from certain asset sales and casualty events, subject to customary reinvestment rights, and (iii) 100% of the net cash proceeds from the incurrence of certain indebtedness.
During the three months ended March 31, 2025, the Company repaid the contractual quarterly installment of $4 million of the principal amount of Term B-1 Loans.
The Revolving Credit Facility has (i) a $150 million sublimit for extensions of credit denominated in certain currencies other than U.S. dollars, (ii) a $50 million sublimit for letters of credit, and (iii) a $50 million sublimit for swingline borrowings. Extensions of credit under the Revolving Credit Facility are generally subject to customary borrowing conditions. The proceeds from borrowings under the Revolving Credit Facility may be used for working capital and other general corporate purposes. The Revolving Credit Facility matures on July 26, 2029. At the option of the Initial Borrower, amounts borrowed under the Revolving Credit Facility may be voluntarily prepaid, and/or the commitments thereunder may be voluntarily reduced or terminated, in each case, in whole or in part, at any time without premium or penalty (other than customary breakage costs in connection with certain prepayments of loans). As of March 31, 2025, the Company had $360 million of availability under the Revolving Credit Facility.
Upon the upgrade in the Company's credit rating in February 2025, the fee for the Revolving Credit Facility, calculated based on the average daily unused commitments under the Revolving Credit Facility and payable quarterly in arrears, reduced to 0.25% per annum from 0.375% per annum. The Initial Borrower is also obligated to pay a customary agency fee and other customary fees described in the Amended Credit Agreement.
Security; Guarantees
GBTG and certain of its direct and indirect subsidiaries, as guarantors (such guarantors, collectively with the Initial Borrower, the “Loan Parties”), provide an unconditional guarantee, on a joint and several basis, of all obligations under the Amended Credit Agreement and under cash management agreements and swap contracts with the lenders or their affiliates (with certain limited exceptions). Subject to certain cure rights, as of the end of each fiscal quarter, at least 70% of the Consolidated EBITDA (as defined in the Amended Credit Agreement) of the Loan Parties and their subsidiaries must be attributable, in the aggregate, to the Loan Parties for the four prior fiscal quarters. Further, the lenders have a first priority security interest in substantially all of the assets of the Loan Parties.
Covenants
The Amended Credit Agreement contains various affirmative and negative covenants including a financial covenant and limitations (subject to exceptions) on the ability of the Loan Parties and their subsidiaries to: (i) incur indebtedness or issue preferred stock; (ii) incur liens on their assets; (iii) consummate certain fundamental changes (such as acquisitions, mergers, liquidations or changes in the nature of the business); (iv) dispose of all or any part of their assets; (v) pay dividends or other distributions with respect to, or repurchase, any equity interests of any Loan Party or subsidiary of any Loan Party; (vi) make investments, loans or advances; (vii) enter into transactions with affiliates; (viii) modify the terms of, or prepay, any of their subordinated or junior lien indebtedness; and (ix) enter into certain burdensome agreements.

The Amended Credit Agreement contains a financial covenant applicable solely to the Revolving Credit Facility that requires the First Lien Net Leverage Ratio (as defined in the Amended Credit Agreement) to be less than or equal to 3.50 to 1.00 as of the last day of any fiscal quarter on which the aggregate principal amount of outstanding loans and letters of credit under the Revolving Credit Facility exceeds 35% of the aggregate principal amount of the Revolving Credit Facility (subject to a $10 million exclusion for utilization of the letter of credit sublimit). The Amended Credit Agreement provides that such financial covenant is suspended for a limited period of time if an event that constitutes a “Travel MAC” (as
defined in the Amendment No.1 to the A&R Credit Agreement) has occurred and the Loan Parties are unable to comply with such covenant as a result of such event. Such financial covenant did not apply as of March 31, 2025.
As of March 31, 2025, the Loan Parties and their subsidiaries were in compliance with all applicable covenants under the Amended Credit Agreement.
Events of Default
The Amended Credit Agreement contains default events (subject to certain materiality thresholds and grace periods), which could require early prepayment, termination of the Amended Credit Agreement or other enforcement actions customary for facilities of this type. As of March 31, 2025, no event of default existed under the Amended Credit Agreement.
The Company's effective interest rate on its term loan borrowings for the three months ended March 31, 2025 was approximately 6.6%.

Other borrowings primarily relate to finance leases and equipment sale and lease back transaction.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitment
In the ordinary course of business, the Company makes various commitments to purchase goods and services from specific suppliers, including those related to capital expenditures. As of March 31, 2025, the Company had approximately $326 million of outstanding non-cancellable purchase commitments, primarily relating to service, hosting, licensing and other information technology contracts, of which $120 million relates to the twelve months ending March 31, 2026. These purchase commitments extend through 2031.
Guarantees
The Company has obtained bank guarantees in respect of certain travel suppliers and real estate lease agreements amounting to $27 million. Certain of these bank guarantees require the Company to maintain cash collateral which has been presented as restricted cash within other non-current assets in the Company’s consolidated balance sheet.
Legal Contingencies
The Company recognizes legal fees as expense when the legal services are provided.
Based on its current knowledge, and taking into consideration its litigation-related liabilities, the Company believes it is not a party to any pending legal proceeding or governmental examination that would have a material adverse effect on the Company’s consolidated financial condition or liquidity.
Commitment and/or Contingency Related to the Merger Agreement
The Merger Agreement, as discussed in note 1 - Business Description and Basis of Presentation, contains certain termination rights for each of GBTG and CWT. Based on the latest amendment to the Merger Agreement on March 21, 2025, if the Merger Agreement is terminated in certain instances for failure to consummate the Merger by the revised Drop Dead Date of December 31, 2025 (as a result of certain conditions relating to antitrust laws or foreign investment laws failing to be satisfied or waived), the Company will be required to pay CWT a termination fee of $25 million.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three months ended March 31, 2025 and March 31, 2024, the Company’s provision for income tax expense was $21 million and $27 million, respectively, and its effective tax rate was 21.7% and 333.8%, respectively. GBTG’s effective tax rate for the three months ended March 31, 2025 is broadly in line with the U.S. federal statutory corporate income tax rate of 21% with the tax impact of non-deductible expenses offset by the non-taxable gain on the fair value
change in the earnout shares derivative liability during the period. GBTG’s effective tax rate for the three months ended March 31, 2024 is higher than the U.S. federal statutory corporate income tax rate of 21% primarily due to an increase to the valuation allowance for deferred tax assets, non-deductible expenses and the U.S. base erosion minimum taxes. These items had a greater impact on the effective tax rate for the three months ended March 31, 2024 due to the low pre-tax net income.
v3.25.1
Earnout Shares
 3 Months Ended
Mar. 31, 2025
Earnout Shares  
Earnout Shares Earnout Shares
Certain stockholders and employees are entitled to additional consideration in the form of “earnout shares” of the Company’s Class A common stock, to be issued in tranches, when the Company’s Class A common stock’s price achieves certain market share price milestones within specified periods. As of March 31, 2025, the total number of earnout shares issued and outstanding were approximately 23 million.
The earnout shares held by stockholders are accounted under Accounting Standard Codification 815, “Derivatives and Hedging” (“ASC 815”). Such guidance provides that because the earnout shares do not meet the criteria for equity treatment thereunder, earnout shares must be recorded as a liability. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the earnout shares liability is adjusted to its fair value, with the change in fair value recognized in the Company’s consolidated statements of operations. The fair value of the earnout shares is estimated using the Monte Carlo simulation of the stock prices based on historical and implied market volatility (see note 15 – Fair Value Measurements).
As of March 31, 2025 the fair value of the earnout shares derivative liability was estimated to be $59 million. The Company recognized a gain on the fair value change in earnout shares derivative liability of $74 million and $18 million in its consolidated statement of operations for the three months ended March 31, 2025 and March 31, 2024, respectively.
v3.25.1
Equity-Based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation Equity-Based Compensation
Management Incentive Plan
The table below presents the activity of the Company's stock options for the three months ended March 31, 2025:
Number of
stock options		Weighted
average
exercise price per
stock option		Weighted
average
 remaining
contractual
term (in years)		Aggregate
intrinsic value
(in $ millions)
Balance as of December 31, 202413,338,391$7.52 
Exercised (3,348,336)$5.86 
Expired
(60,777)$10.03 
Balance as of March 31, 20259,929,278$8.06 
Exercisable as of March 31, 20259,929,278$8.06 3.5$4 
Total shares withheld to cover the stock option costs and taxes were 2,709,601 shares and were based on the value of the shares on their respective exercise dates. Total payment for the employees’ tax obligations to taxing authorities was $2 million of which $1 million was paid during the three months ended March 31, 2025 and is reflected as a financing activity within the consolidated statements of cash flows.
2022 Equity Incentive Plan
Restricted Stock Units ("RSUs")
During the three months ended March 31, 2025, as part of its annual grant program, the Company granted 6 million RSUs under the 2022 Equity Incentive Plan to certain of its key employees. The RSUs generally vest one-third annually on the first three anniversaries of the grant date. The vesting is conditional upon continued employment of the grantee through the applicable vesting period and subject to such other terms and conditions as set forth in the applicable restricted stock
unit award agreement. The RSUs do not accrue dividends or dividend equivalent rights associated with the underlying stock. The fair value of the RSUs is determined to be the market price of the Company’s Class A common stock at the date of grant.
The table below presents the activity of the Company’s RSUs for the three months ended March 31, 2025:
Number of RSUs Weighted
average grant
date fair value
Balance as of December 31, 202425,410,910$6.17 
Granted6,228,922$8.52 
Forfeited(280,498)$5.92 
Vested (11,387,027)$6.39 
Balance as of March 31, 202519,972,307$6.78 

During the three months ended March 31, 2025, the vested RSUs were net-share settled such that the Company withheld shares with value equivalent to no more than the employee’s maximum statutory obligation for applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. A total of 4,584,930 shares were withheld based on the value of the RSUs on their respective vesting dates as determined by the Company’s closing stock price. Total employees’ tax obligations to taxing authorities was $39 million of which $23 million was paid during the three months ended March 31, 2025 and is reflected as a financing activity within the consolidated statements of cash flows.
Performance Stock Units (PSUs")
During the three months ended March 31, 2025, as part of its annual grant program, the Company granted 774,644 PSUs under the 2022 Equity Incentive Plan to certain of its key employees. The PSUs cliff-vest at the end of three years from the grant date based on the outcome of certain performance criteria that are established and approved by the Compensation Committee of the Board of Directors. The actual number of equity awards earned is based on the average level of performance goals achieved over a three-year period, relative to established performance goals for each of the respective years within the three-year period. The number of PSUs that will vest based on achievement of performance goals range from 0% to 150% of the original grant. No PSUs vest if the actual performance is less than 50% of performance goals set. The number of PSUs earned upon achievement of performance goals will further be adjusted and the ultimate number of PSUs that will be earned by the grantee will be based on the percentile ranking of the Company’s total shareholder return ("TSR") over the three-year performance period as compared to the TSR of the members of the S&P 500 Index over the same period ("TSR Goal"). However, the total number of PSUs that will ultimately be earned by the grantee will not exceed 187.5% of the original grant, and if the Company's TSR is negative, the ultimate number of PSUs earned by the grantee cannot exceed the original grant. All the PSUs will be settled in the Company's Class A common stock. The PSUs do not accrue dividends or dividend equivalent rights associated with the underlying stock.
The TSR Goal is considered a “market condition” under ASC 718, Compensation-Stock Compensation. The Company uses a Monte Carlo simulation model to determine the grant date fair value of PSUs with a market condition utilizing following assumptions: the expected volatility of 47.4%, the expected term of 2.8 years, the dividend rate of 0% and the risk-free interest rate of 3.94%, which resulted in a calculated fair value of $11.14 per PSU. The Monte Carlo simulation takes into consideration the probability that the market condition will be achieved based on predicted stock price paths compared to peer companies in the S&P 500 Index. The Company recognizes the equity compensation expense related to PSUs based on the grant-date fair value and number of PSUs expected to vest. Each reporting period, the Company assesses the probability of vesting of the PSUs and, if there is any change in such probability, the Company records the cumulative effect of the adjustment in the current reporting period.
Employee Stock Purchase Plan (“ESPP”)
During the three months ended March 31, 2025, 535,229 shares were issued under the ESPP.
Total equity-based compensation expense recognized in the Company’s consolidated statements of operations for the three months ended March 31, 2025 and 2024 amount to $19 million and $18 million, respectively ($15 million and $14 million, net of taxes, respectively) and were included as follows:
(in $ millions)Three months ended March 31,
20252024
Cost of revenue (excluding depreciation and amortization)$1 $1 
Sales and marketing 5 4 
Technology and content5 4 
General and administrative8 9 
Total$19 $18 
As of March 31, 2025, the Company expects compensation expense related to unvested RSUs and PSUs of approximately $128 million to be recognized over the remaining weighted average period of 2 years.
v3.25.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) represents certain components of revenues, expenses, gains and losses that are included in comprehensive income (loss) but are excluded from net income (loss). Other comprehensive income (loss) amounts are recorded directly as an adjustment to total equity, net of tax. The changes in the accumulated other comprehensive loss, net of tax, were as follows:
(in $ millions)Currency
 translation
adjustments		Defined
 benefit plan
 related		Unrealized gain on
cash flow hedge 		Total accumulated
 other comprehensive
 loss
Balance as of December 31, 2024$(104)$(59)$17 $(146)
Net changes during the period, net of tax benefit
30 (1)(15)14 
Balance as of March 31, 2025$(74)$(60)$2 $(132)

(in $ millions)Currency
translation
adjustments		Defined
benefit plan
related		Unrealized gain on
cash flow hedge 		Total accumulated
other comprehensive
loss
Balance as of December 31, 2023$(52)$(63)$12 $(103)
Net changes during the period, net of tax benefit
(24)—3(21)
Balance as of March 31, 2024$(76)$(63)$15 $(124)
Amounts in accumulated other comprehensive loss are presented net of the related tax impact. Reclassifications out of accumulated other comprehensive losses related to amortization of (i) actuarial gains (losses) and prior service costs (component of net periodic pension benefit (cost)) is included within other income (loss), net, and (ii) gain (loss) on termination of cash flow hedges is included within interest expense, in the Company’s consolidated statements of operations.
Share Repurchase
During the three months ended March 31, 2025, the Company repurchased 182,676 shares of its Class A common stock at a cost of $2 million under its share repurchase program. As of March 31, 2025, the Company has $298 million that remains available to be utilized until December 31, 2027 under its share repurchase program.
v3.25.1
Earnings (Loss) Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
Basic earnings (loss) per share is based on the average number of shares of Class A common stock outstanding during the period. Diluted earnings (loss) per share is based on the average number of shares of Class A common stock used for the basic earnings per share calculation, adjusted for the dilutive effect of stock options and RSUs using the “treasury stock” method.
The Company has issued and outstanding approximately 23 million earnout shares, which are subject to forfeiture if the achievement of certain stock price thresholds are not met. In accordance with ASC 260, “Earnings Per Share,” earnout shares are excluded from weighted-average shares outstanding to calculate basic earnings (loss) per share as they are considered contingently issuable shares due to their potential forfeiture. Earnout shares will be included in weighted-average shares outstanding to calculate basic earnings (loss) per share as of the date their stock price thresholds are met and they are no longer subject to forfeiture. Additionally, dividends accrued on earnout shares, if any, will be forfeited if the pricing thresholds for earnout shares are not met during the specified time period.
The Company has excluded approximately 4 million of stock options for the three months ended March 31, 2025, as their inclusion would have resulted in anti-dilutive effect on earnings per share. Additionally, the Company has excluded 0.8 million of PSUs which were subject to the achievement of performance-based vesting conditions from the computation of diluted weighted average common shares because the performance conditions were not achieved as of March 31, 2025.
As the Company incurred net loss during the three months ended March 31, 2024, the Company excluded 20 million of stock options and 28 million of RSUs from the calculation of diluted earnings (loss) per share as their inclusion would have resulted in anti-dilutive effect on loss per share.
The following table reconciles the numerators and denominators used in the computation of basic and diluted earnings (loss) per share from continuing operations:
(in $ millions, except share and per share data)Three months ended March 31,
20252024
Numerator – Basic and diluted income (loss) per share: 
Net income (loss) attributable to the Company’s Class A common stockholders (A)$75 $(19)
Denominator – Basic and diluted weighted average number of shares outstanding: 
Weighted average number of Class A Common Stock outstanding – Basic (B)465,872,540461,386,280
Dilutive effect of RSUs10,845,224—
Dilutive effect of stock options1,997,918—
Weighted average number of Class A Common Stock outstanding – Diluted (C)478,715,682461,386,280
Basic income (loss) per share attributable to the Company’s Class A common stockholders: (A) / (B)$0.16 $(0.04)
Diluted income (loss) per share attributable to the Company’s Class A common stockholders: (A) / (C)$0.16 $(0.04)
v3.25.1
Derivatives and Hedging
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Derivatives and Hedging
Except as mentioned below, the Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. The Company does not hold or issue financial instruments for speculative or trading purposes. The Company does not offset derivative assets and liabilities within the consolidated balance sheets.
Interest Rate Swaps
The Company is subject to market risk exposure arising from changes in interest rates on debt, which bears interest at variable rates. In order to protect against potential higher interest costs resulting from anticipated increases in the variable rates, the Company, from time to time, has entered into interest rate swap contracts (discussed below) that fixed the benchmark interest rate with respect to a portion of its variable rate debt.
As of January 1, 2025, the Company had two interest rate swap agreements with the following terms that were accounted for as cash flow hedges:
Notional Amount
(in $ millions)		PeriodFixed Interest Rate
$400September 2024 to July 20283.242 %
$500September 2024 to July 20293.226 %
In January 2025, the Company terminated its interest rate swap derivative contracts and received $31 million, in cash, representing the fair value of the contracts on the termination date. The Company simultaneously entered into two new interest rate swap derivative contracts with similar terms as the terminated interest rate swap derivative contracts, except that the terms of the agreements require the Company to receive a variable rate of three months U.S. SOFR and pay a fixed rate of 4.2075% for $400 million notional rate contract and 4.209% for $500 million notional rate contract.
Under ASC 815, Derivatives and Hedging, the fair value gain (loss) of the terminated interest rate swaps recorded in accumulated other comprehensive income (loss) will be proportionately included as interest expense, in the consolidated statement of operations until July 2029 as the interest payments are made over this period. Further, the Company has determined that the new interest rate swap contracts will be designated as cash flow hedges that are highly effective at offsetting the increases in cash outflows when the three-month SOFR exceeds respective fixed rates under the contracts. Changes in the fair value of the interest rate swaps, net of tax, are recognized in other comprehensive income (loss) and are reclassified out of accumulated other comprehensive income (loss) into interest expense when the hedged interest obligations affect earnings.
Cross Currency Interest Rate Swaps and Net Investment Hedges

During the three months ended March 31, 2025, the Company had a fixed-to-fixed cross currency interest rate swap ("CCS") contract under which the Company will receive fixed interest at 7.5% per annum on a USD notional amount of $251 million and will pay fixed interest of 5.6390% per annum on EUR notional amount of €240 million. Notional amounts in the respective currencies are deemed to be exchanged at the beginning and end of the swap period. The swap's maturity date is July 26, 2029. Interest settlements under the CCS occur semi-annually in January and July of each year, that commenced on January 26, 2025, and end on July 26, 2029.

The Company has designated the CCS contract as a net investment hedge, hedging foreign exchange translation risk related to a portion of its investments in EUR functional currency denominated subsidiaries on an after-tax basis. The Company has elected the spot method for measuring hedge effectiveness. As a result, the change in the fair value of the CCS contract attributable to the changes in the spot rates are recorded in the cumulative translation adjustment (CTA) section of other comprehensive income (loss). The initial value of the excluded components are recognized in interest expense under a systematic and rational method in accordance with ASC 815. Any difference between the change in fair value of the excluded components and the amounts recognized in earnings under the swap accrual process are also reported in the CTA section of other comprehensive income (loss). Amounts related to the CCS representing net periodic interest accruals are recognized in “Interest expenses,” on the Company's consolidated statements of operations.



Forward Contracts

During the three months ended March 31, 2025, the Company entered into certain foreign currency forward contracts that act as economic hedges to partially offset exposure to foreign currency exchange rate fluctuations resulting from certain intercompany balances. These contracts are not designated as hedging instruments under ASC 815. The changes in the fair value of the foreign currency forward contracts are recognized in other income (loss), net, on the consolidated
statement of operations. As of March 31, 2025, the notional values of such foreign exchange forward contracts that were held to sell U.S. dollars in exchange for other currencies was $270 million. All contracts had maturities of 90 days or less. The Company recognized a gain on the fair value change of the foreign currency forward contracts of $9 million in its consolidated statement of operations for the three months ended March 31, 2025. Furthermore, during the three months ended March 31, 2025, the Company received $9 million of cash proceeds upon settlement of foreign currency forward contracts, which is reflected as an investing activity within the consolidated statements of cash flows.
Earnout Shares
The Company has issued and outstanding earnout shares which are accounted for as derivative instruments (see note 10 – Earnout Shares).
The following table presents the balance sheet location and fair value of the Company’s derivative instruments, on a gross basis, under ASC 815:
(in $ millions)Balance sheet
Location		March 31, 2025December 31, 2024
Derivatives designated as hedging instruments
Interest rate swapsOther non-current assets$— $27 
Interest rate swapsOther non-current liabilities$(19)$— 
Cross currency interest rate swaps
Other non-current liabilities
$(7)$— 
Derivatives not designated as hedging instruments
Foreign currency forward contracts
Other current liabilities
$(1)$— 
Earnout sharesEarnout derivative liabilities(59)$(133)
The table below presents the impact of changes in fair values of derivatives on other comprehensive income (loss) and on net income (loss):
Amount of gain/(loss) recognized in
other comprehensive income (loss)		Statement of
operations location		Amount of gain/(loss) recognized in
 statements of operations
Three months ended
March 31,		Three months ended
March 31,
2025202420252024
Derivatives designated as hedging instruments
Interest rate swaps$(15)$5 NA— — 
Interest rate swaps re-classed to consolidated statements of operations(4)(2)Interest expense$4 $2 
Cross currency interest rate swap(7)— NA— — 
Derivatives not designated as hedging instruments
Foreign currency forward contracts— — 
Other (loss) income, net
9 — 
Earnout Shares— — Fair value movement on earnout derivative liabilities74 18 
$87 $20 
The Company expects $5 million of gain on the interest rate swap contracts to be reclassified from accumulated other comprehensive loss to net earnings as a credit to interest expense within the next 12 months.
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial instruments which are measured at fair value, or for which a fair value is disclosed, are classified in the fair value hierarchy, as outlined below, on the basis of the observability of the inputs used in the fair value measurement:
Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
Level 2 — Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices in non-active markets or for which all significant inputs, other than quoted prices, are observable either directly or indirectly, or for which unobservable inputs are corroborated by market data.
Level 3 — Valuations based on inputs that are unobservable and significant to overall fair value measurement.
As of March 31, 2025, the Company’s financial assets and liabilities recorded at fair value on a recurring basis consist of its derivative instruments — interest rate swaps, cross currency interest rate swaps, foreign currency forward contracts and non-employee earnout shares. The fair value of the Company’s interest rate swaps has been primarily calculated by using a discounted cash flow analysis by taking the present value of the fixed and floating rate cash flows utilizing the appropriate forward SOFR curves and the counterparty’s credit risk, which was determined to be not material. The fair value of the Company’s cross currency interest rate swaps has been calculated by using discounted cash flows of the contracts using market observable inputs including currency spot and forward rates of the underlying currencies. The fair value of the foreign currency forward contracts is based on foreign currency exchange rates in active markets, such as currency spot rates and forward rates. The fair value of non-employee earnout shares is determined using the Monte Carlo valuation method.
Presented below is a summary of the gross carrying value and fair value of the Company’s assets and liabilities measured at fair value on a recurring basis:
Asset/ (Liability)
(in $ millions)Fair Value
 Hierarchy		March 31,
2025		December 31,
2024
Interest rate swap assetLevel 2$— $27 
Interest rate swap liabilityLevel 2(19)— 
Cross currency interest rate swap liability
Level 2(7)— 
Foreign currency forward contract liability
Level 2
(1)— 
Non-employee earnout sharesLevel 3(59)(133)
Inherent in the Monte Carlo valuation method, used to value earnout shares, are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimated the volatility of the earnout shares based on weighted average of its own share price volatility that matches the expected remaining life of the earnout shares. The risk-free interest rate was based on the U.S. Treasury zero-coupon yield curve for a maturity similar to the expected remaining life of the earnout shares. The expected life of the earnout shares was assumed to be equivalent to their remaining contractual term. The Company anticipated the dividend rate will remain at zero.
The following table presents the assumptions used for the measurement of the fair value of outstanding earnout shares liabilities:
March 31,
2025		December 31,
2024
Stock price ($)$7.26$9.28
Risk-free interest rate3.89%4.26%
Volatility41.0%44.0%
Expected term (years)2.22.4
Expected dividends0.0%0.0%
Fair value ($) (per earnout share – Tranche 1)$3.06$6.50
Fair value ($) (per earnout share – Tranche 2)$2.06$5.11
The following table presents changes in Level 3 financial liabilities measured at fair value during the three months March 31, 2025:
(in $ millions)
Earnout Shares (Amount)
Balance as of December 31, 2024$133 
Change in fair value(74)
Balance as of March 31, 2025$59 
The Company does not measure its debt at fair value in its consolidated balance sheets. The fair value of the Company’s long-term debt is determined based on quoted prices in inactive markets for identical debt instruments, or for similar debt instruments, when traded as assets
The fair values of the Company’s outstanding senior secured term loans are as follows:
March 31, 2025December 31, 2024
(in $ millions)Fair
Value
Hierarchy
Carrying
amount(1)
Fair value
Carrying
amount (1)
Fair value
Senior secured term loans - amended and restatedLevel 2$1,375 $1,388 $1,376 $1,405 
_____________________________________________________________
(1)Represents outstanding principal amount of senior secured term loans less unamortized debt discount and debt issuance costs.
The carrying amounts of cash and cash equivalents, accounts receivable, due from affiliates, other current assets, accounts payable, due to affiliates and accrued expenses and other current liabilities approximate fair value due to the short-term maturities of these assets and liabilities.
Certain assets and liabilities, including long-lived assets, goodwill and other intangible assets, are measured at fair value on a non-recurring basis.
v3.25.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The following summaries relate to certain related party transactions entered into by the Company with certain of its shareholders, its shareholders' affiliates and the Company's affiliates.
Commercial Agreements
The Company has various commercial agreements with affiliates of American Express International, Inc. ("American Express"). In respect of such agreements, included in the operating costs are costs of approximately $10 million and $8 million for the three months ended March 31, 2025 and 2024, respectively, for charges from affiliates of American Express. Revenues also include revenue from affiliates of American Express of approximately $2 million and $2 million for the three months ended March 31, 2025 and 2024, respectively. Amounts payable to affiliates of American Express under these agreements, which include amounts collected by the Company on behalf of affiliates of American Express, as of March 31, 2025 and December 31, 2024, were $33 million and $12 million, respectively. Amounts receivable from affiliates of American Express under these agreements were $2 million and $2 million as of March 31, 2025 and December 31, 2024, respectively.

In November 2021, the Company and an affiliate of EG Corporate Travel Holdings LLC (“Expedia") entered into a ten-year term marketing partner agreement to provide the Company’s business clients with access to Expedia and it's affiliates' hotel content. As a result of this agreement, the Company recognized revenue of $40 million and $40 million for the three months ended March 31, 2025 and 2024, respectively. The Company had $45 million and $44 million receivable from the affiliate of Expedia as of March 31, 2025 and December 31, 2024, respectively.

The Company and an affiliate of Expedia, entered into a Transition Services Agreement in 2021 (as amended from time to time) pursuant to which the affiliate of Expedia provided certain transition services to the Company through April 30, 2024 to facilitate an orderly transfer of Egencia from the Expedia affiliate to the Company. On May 1, 2024, the parties entered into an Operating Agreement (as amended from time to time) whereby the affiliate of Expedia would continue to provide certain operational services in support of the Egencia business for up to eighteen months. The total cost charged to the Company under such agreements for the three months ended March 31, 2025 and 2024, was approximately $2 million and $4 million, respectively, which was included in the Company’s consolidated statements of operations. As of March 31, 2025 and December 31, 2024, the Company had a payable to an affiliate of Expedia of $1 million and $3 million, respectively. Further, as of March 31, 2025, Egencia had a net payable of $1 million to Expedia on account of net cash settled by Expedia on behalf of Egencia.
As of December 31, 2024, the Company had $7 million payable to an affiliate of Expedia on account of a loss contingency recognized in 2022. During the three months ended March 31, 2025, the Company paid $3 million as the full and final amount towards this accrual and released the $4 million liability balance which is included in the Company's consolidated statements of operations.
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's reportable segments are determined based upon its internal organizational structure; the manner in which the Company’s operations are managed; the criteria used by the Company’s Chief Executive Officer, who is also the Company’s Chief Operating Decision Maker (“CODM”), to evaluate segment performance; the availability of separate financial information utilized on a regular basis by the CODM to assess financial performance and to allocate resources; and overall materiality considerations. All significant operating decisions are based on analysis of the Company as a single global business. As of March 31, 2025, the Company has determined it has one operating and reporting segment.
The financial measures which the Company’s CODM uses to evaluate the performance of the Company are revenue and consolidated net income (loss), considering the adjusted cost and expenses as shown in the table below. The CODM also regularly reviews revenue by transaction type – Travel Revenue and Products and Professional Services Revenue (see note 3 – Revenue from Contracts with Customers).
The table below sets forth information about reported segment revenue, significant segment expenses, other segment items and consolidated net income (loss).
Three months ended
March 31,
(in $ millions)20252024
Revenue$621$610
Less: (a)
Adjusted cost of revenue (b)
$229 $244 
Adjusted sales and marketing (b)
95 93 
Adjusted technology and content (b)
111 102 
Adjusted general and administrative (c)
45 48 
Total adjusted cost and expenses480 487 
Less other segment items:
Interest income2—
Interest expense(24)(33)
Loss on early extinguishment of debt(2)—
Depreciation and amortization(40)(47)
Other, net (d)
$(2)$(62)
Net income (loss)$75$(19)
(a)The significant expense categories and amounts align with the information that is regularly provided to the CODM.
(b)Excludes primarily non-cash equity-based compensation and related employer taxes.
(c)Excludes primarily non-cash equity-based compensation and related employer taxes, restructuring costs related to facilities consolidation, integration costs, costs related to mergers and acquisitions, non-cash equity-based compensation and related employer taxes and certain corporate costs.
(d)Relates primarily to restructuring, exit and other related charges, integration costs, mergers and acquisitions, equity-based compensation and related employer taxes, fair value movement of earnout derivative liabilities, provision for income taxes, foreign currency gains (losses) and non-service components of net periodic pension cost.
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Recently Issued Accounting Pronouncements (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, supplier revenue, allowance for credit losses, depreciable lives of property and equipment, acquisition purchase price allocations including valuation of acquired intangible assets and goodwill and contingent consideration, valuation of operating lease right-of-use (“ROU”) assets, impairment of goodwill, other intangible assets, long-lived assets, capitalized client incentives and investments in equity method investments, valuation allowances on deferred income taxes, valuation of pensions, interest rate swaps, cross currency interest rate swaps, earnout shares and contingent liabilities. Actual results could differ materially from those estimates.
Accounting Pronouncements - Adopted and Not Yet Adopted
Accounting Pronouncements - Adopted
The Company did not adopt any new accounting pronouncements during the three months ended March 31, 2025.
Accounting Pronouncements - Not Yet Adopted
There were no new accounting standards or pronouncements that were issued during the three months ended March 31, 2025 that the Company expects to have a material impact on its consolidated financial statements. However, the Company has yet to adopt the following accounting standard updates ("ASU") issued by the Financial Accounting Standards Board (the "FASB").
Disaggregated Expenses
Disaggregated Expenses
In November 2024, the FASB issued ASU No. 2024-03 "Disaggregation of Income Statement Expenses" which provides guidance on additional disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The update is to be applied on a prospective basis, although optional retrospective application is permitted. While the update will require additional disclosures related to the Company’s expenses, it is not expected to have any impact on the Company’s consolidated operating results, financial condition or cash flows.
Income Taxes
Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The update primarily requires the Company to provide (i) further disaggregation for specific categories on the effective tax rate reconciliation, as well as additional information about federal, state/local and foreign income taxes and (ii) annually disclose its income taxes paid (net of refunds received), disaggregated by jurisdiction. The update is an annual disclosure requirement and is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The update is to be applied on a prospective basis, although optional retrospective application is permitted. While the update will require additional disclosures related to the Company’s income taxes, it is not expected to have any impact on the Company’s consolidated operating results, financial condition or cash flows.
v3.25.1
Revenue from Contracts with Customers (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue The following table presents the Company’s disaggregated revenue by nature of service. Sales and usage-based taxes are excluded from revenue.
Three months ended March 31,
(in $ millions)20252024
Travel revenue$499 $492 
Product and professional services revenue122 118 
Total revenue$621 $610 
Schedule of Accounts Receivable, Net, Contract Assets and Contract Liabilities
The opening and closing balances of the Company’s accounts receivable, net, and contract liabilities are as follows:
Contract
liabilities
(in $ millions)
Accounts receivable, net
Client
incentives, net
(non-current)		Deferred
revenue
(current)
Balance as of March 31, 2025$716 $26 $36 
Balance as of December 31, 2024$570 $19 $31 
v3.25.1
Prepaid Expenses and Other Current Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of:
(in $ millions)March 31,
2025		December 31,
2024
Prepaid technology costs$53 $47 
Prepaid travel expenses18 12 
Income tax receivable12 9 
Value added and similar taxes receivables9 9 
Other prepayments and receivables47 51 
Prepaid expenses and other current assets$139 $128 
v3.25.1
Accrued Expenses and Other Current Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of:
(in $ millions)March 31,
2025		December 31,
2024
Accrued payroll and related costs$171 $174 
Accrued operating expenses170 146 
Client deposits77 55
Deferred revenue36 31
Income tax payable
27 11 
Accrued interest payable 14 20
Accrued restructuring costs (see note 6)
13 12
Value added and similar taxes payable9 12
Accrued expenses and other current liabilities$517 $461 
v3.25.1
Restructuring, Exit and Related Charges (Tables)
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Accrued Restructuring Cost The table below sets forth accrued restructuring, exit and related costs included in accrued expenses and other current liabilities, for the three months ended March 31, 2025:
(in $ millions)
Employee Related
Facility - Non-Lease Related
Total
Balance as of December 31, 2024$9 $3 $12 
Accruals4 — 4 
Cash settled(3)— (3)
Balance as of March 31, 2025$10 $3 $13 
v3.25.1
Long-term Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Long-Term Debt, Unclassified [Abstract]  
Schedule of Outstanding Amount of Long-term Debt
The outstanding amount of the Company’s long-term debt consists of:
(in $ millions)March 31,
2025		December 31,
2024
Amended and Restated Senior Secured Credit Agreement
Principal amount of senior secured term loans (Maturity - July 2031)
$1,397 $1,400 
Other borrowings 9 8 
1,406 1,408 
Less: Unamortized debt discount and debt issuance costs(22)(24)
Total debt, net of unamortized debt discount and debt issuance costs1,384 1,384 
Less: Current portion of long-term debt(19)(19)
Long-term debt, non-current, net of unamortized debt discount and debt issuance costs$1,365 $1,365 
v3.25.1
Equity-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Activity of Options Granted Under the Plan
The table below presents the activity of the Company's stock options for the three months ended March 31, 2025:
Number of
stock options		Weighted
average
exercise price per
stock option		Weighted
average
 remaining
contractual
term (in years)		Aggregate
intrinsic value
(in $ millions)
Balance as of December 31, 202413,338,391$7.52 
Exercised (3,348,336)$5.86 
Expired
(60,777)$10.03 
Balance as of March 31, 20259,929,278$8.06 
Exercisable as of March 31, 20259,929,278$8.06 3.5$4 
Schedule of Activity of RSUs Granted Under the 2022 Plan
The table below presents the activity of the Company’s RSUs for the three months ended March 31, 2025:
Number of RSUs Weighted
average grant
date fair value
Balance as of December 31, 202425,410,910$6.17 
Granted6,228,922$8.52 
Forfeited(280,498)$5.92 
Vested (11,387,027)$6.39 
Balance as of March 31, 202519,972,307$6.78 
Schedule of Equity-based Compensation Expense Recognized in Consolidated Statements of Operations
Total equity-based compensation expense recognized in the Company’s consolidated statements of operations for the three months ended March 31, 2025 and 2024 amount to $19 million and $18 million, respectively ($15 million and $14 million, net of taxes, respectively) and were included as follows:
(in $ millions)Three months ended March 31,
20252024
Cost of revenue (excluding depreciation and amortization)$1 $1 
Sales and marketing 5 4 
Technology and content5 4 
General and administrative8 9 
Total$19 $18 
v3.25.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Summary of Changes in the Accumulated Other Comprehensive Loss, Net of Tax The changes in the accumulated other comprehensive loss, net of tax, were as follows:
(in $ millions)Currency
 translation
adjustments		Defined
 benefit plan
 related		Unrealized gain on
cash flow hedge 		Total accumulated
 other comprehensive
 loss
Balance as of December 31, 2024$(104)$(59)$17 $(146)
Net changes during the period, net of tax benefit
30 (1)(15)14 
Balance as of March 31, 2025$(74)$(60)$2 $(132)

(in $ millions)Currency
translation
adjustments		Defined
benefit plan
related		Unrealized gain on
cash flow hedge 		Total accumulated
other comprehensive
loss
Balance as of December 31, 2023$(52)$(63)$12 $(103)
Net changes during the period, net of tax benefit
(24)—3(21)
Balance as of March 31, 2024$(76)$(63)$15 $(124)
v3.25.1
Earnings (Loss) Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings (Loss) Per Share Basic and Diluted The following table reconciles the numerators and denominators used in the computation of basic and diluted earnings (loss) per share from continuing operations:
(in $ millions, except share and per share data)Three months ended March 31,
20252024
Numerator – Basic and diluted income (loss) per share: 
Net income (loss) attributable to the Company’s Class A common stockholders (A)$75 $(19)
Denominator – Basic and diluted weighted average number of shares outstanding: 
Weighted average number of Class A Common Stock outstanding – Basic (B)465,872,540461,386,280
Dilutive effect of RSUs10,845,224—
Dilutive effect of stock options1,997,918—
Weighted average number of Class A Common Stock outstanding – Diluted (C)478,715,682461,386,280
Basic income (loss) per share attributable to the Company’s Class A common stockholders: (A) / (B)$0.16 $(0.04)
Diluted income (loss) per share attributable to the Company’s Class A common stockholders: (A) / (C)$0.16 $(0.04)
v3.25.1
Derivatives and Hedging (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
As of January 1, 2025, the Company had two interest rate swap agreements with the following terms that were accounted for as cash flow hedges:
Notional Amount
(in $ millions)		PeriodFixed Interest Rate
$400September 2024 to July 20283.242 %
$500September 2024 to July 20293.226 %
Schedule of Balance Sheet Location and Fair Value of Company's Derivative Instruments, on a Gross Basis, Under ASC 815
The following table presents the balance sheet location and fair value of the Company’s derivative instruments, on a gross basis, under ASC 815:
(in $ millions)Balance sheet
Location		March 31, 2025December 31, 2024
Derivatives designated as hedging instruments
Interest rate swapsOther non-current assets$— $27 
Interest rate swapsOther non-current liabilities$(19)$— 
Cross currency interest rate swaps
Other non-current liabilities
$(7)$— 
Derivatives not designated as hedging instruments
Foreign currency forward contracts
Other current liabilities
$(1)$— 
Earnout sharesEarnout derivative liabilities(59)$(133)
Schedule of Impact of Changes in Fair Values of Derivatives on Other Comprehensive Income (Loss) and on Net Income (Loss)
The table below presents the impact of changes in fair values of derivatives on other comprehensive income (loss) and on net income (loss):
Amount of gain/(loss) recognized in
other comprehensive income (loss)		Statement of
operations location		Amount of gain/(loss) recognized in
 statements of operations
Three months ended
March 31,		Three months ended
March 31,
2025202420252024
Derivatives designated as hedging instruments
Interest rate swaps$(15)$5 NA— — 
Interest rate swaps re-classed to consolidated statements of operations(4)(2)Interest expense$4 $2 
Cross currency interest rate swap(7)— NA— — 
Derivatives not designated as hedging instruments
Foreign currency forward contracts— — 
Other (loss) income, net
9 — 
Earnout Shares— — Fair value movement on earnout derivative liabilities74 18 
$87 $20 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Gross Carrying Value and Fair Value of Company's Assets and Liabilities Measured at Fair Value on Recurring Basis
Presented below is a summary of the gross carrying value and fair value of the Company’s assets and liabilities measured at fair value on a recurring basis:
Asset/ (Liability)
(in $ millions)Fair Value
 Hierarchy		March 31,
2025		December 31,
2024
Interest rate swap assetLevel 2$— $27 
Interest rate swap liabilityLevel 2(19)— 
Cross currency interest rate swap liability
Level 2(7)— 
Foreign currency forward contract liability
Level 2
(1)— 
Non-employee earnout sharesLevel 3(59)(133)
Schedule of Assumptions Used for Initial Measurement of Equity Instruments
The following table presents the assumptions used for the measurement of the fair value of outstanding earnout shares liabilities:
March 31,
2025		December 31,
2024
Stock price ($)$7.26$9.28
Risk-free interest rate3.89%4.26%
Volatility41.0%44.0%
Expected term (years)2.22.4
Expected dividends0.0%0.0%
Fair value ($) (per earnout share – Tranche 1)$3.06$6.50
Fair value ($) (per earnout share – Tranche 2)$2.06$5.11
Schedule of Changes in Level 3 Financial Liabilities Measured at Fair Value
The following table presents changes in Level 3 financial liabilities measured at fair value during the three months March 31, 2025:
(in $ millions)
Earnout Shares (Amount)
Balance as of December 31, 2024$133 
Change in fair value(74)
Balance as of March 31, 2025$59 
Schedule of Fair Values of the Company's Outstanding Senior Secured Term Loans
The fair values of the Company’s outstanding senior secured term loans are as follows:
March 31, 2025December 31, 2024
(in $ millions)Fair
Value
Hierarchy
Carrying
amount(1)
Fair value
Carrying
amount (1)
Fair value
Senior secured term loans - amended and restatedLevel 2$1,375 $1,388 $1,376 $1,405 
_____________________________________________________________
(1)Represents outstanding principal amount of senior secured term loans less unamortized debt discount and debt issuance costs.
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Reconciliation of Revenue from Segments to Consolidated
The table below sets forth information about reported segment revenue, significant segment expenses, other segment items and consolidated net income (loss).
Three months ended
March 31,
(in $ millions)20252024
Revenue$621$610
Less: (a)
Adjusted cost of revenue (b)
$229 $244 
Adjusted sales and marketing (b)
95 93 
Adjusted technology and content (b)
111 102 
Adjusted general and administrative (c)
45 48 
Total adjusted cost and expenses480 487 
Less other segment items:
Interest income2—
Interest expense(24)(33)
Loss on early extinguishment of debt(2)—
Depreciation and amortization(40)(47)
Other, net (d)
$(2)$(62)
Net income (loss)$75$(19)
(a)The significant expense categories and amounts align with the information that is regularly provided to the CODM.
(b)Excludes primarily non-cash equity-based compensation and related employer taxes.
(c)Excludes primarily non-cash equity-based compensation and related employer taxes, restructuring costs related to facilities consolidation, integration costs, costs related to mergers and acquisitions, non-cash equity-based compensation and related employer taxes and certain corporate costs.
(d)Relates primarily to restructuring, exit and other related charges, integration costs, mergers and acquisitions, equity-based compensation and related employer taxes, fair value movement of earnout derivative liabilities, provision for income taxes, foreign currency gains (losses) and non-service components of net periodic pension cost.
v3.25.1
Business Description and Basis of Presentation (Details)
$ / shares in Units, shares in Millions, $ in Millions
Mar. 24, 2024
USD ($)
$ / shares
shares
Mar. 31, 2025
country
$ / shares
Dec. 31, 2024
$ / shares
Business Description and Basis of Presentation      
Number of support countries | country   140  
Common stock, par value (in dollars per share)   $ 0.0001 $ 0.0001
CWT Holdings LLC      
Business Description and Basis of Presentation      
Consideration transferred | $ $ 540    
CWT Holdings LLC | Class A common stock      
Business Description and Basis of Presentation      
Number of shares issued (in shares) | shares 50    
Common stock, par value (in dollars per share) $ 0.0001    
Share price (in dollars per share) $ 7.50    
v3.25.1
Revenue from Contracts with Customers - Disaggregated Revenue by Nature of Service (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contracts with Customers    
Total revenue $ 621 $ 610
Travel revenue    
Revenue from Contracts with Customers    
Total revenue 499 492
Product and professional services revenue    
Revenue from Contracts with Customers    
Total revenue $ 122 $ 118
v3.25.1
Revenue from Contracts with Customers - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Revenue from Contracts with Customers  
Revenue recognized $ 11
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01  
Revenue from Contracts with Customers  
Remaining performance obligation, amount $ 2
Performance obligation satisfied, period 2 years
Minimum  
Revenue from Contracts with Customers  
Invoice payment period (in days) 30 days
Maximum  
Revenue from Contracts with Customers  
Invoice payment period (in days) 60 days
v3.25.1
Revenue from Contracts with Customers - Opening and Closing Contract Balances (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Accounts receivable, net $ 716 $ 570
Client incentives, net (non-current) 26 19
Deferred revenue (current) $ 36 $ 31
v3.25.1
Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]    
Prepaid technology costs $ 53 $ 47
Prepaid travel expenses 18 12
Income tax receivable 12 9
Value added and similar taxes receivables 9 9
Other prepayments and receivables 47 51
Prepaid expenses and other current assets $ 139 $ 128
v3.25.1
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued payroll and related costs $ 171 $ 174
Accrued operating expenses 170 146
Client deposits 77 55
Deferred revenue 36 31
Income tax payable 27 11
Accrued interest payable 14 20
Accrued restructuring costs (see note 6) 13 12
Value added and similar taxes payable 9 12
Accrued expenses and other current liabilities $ 517 $ 461
v3.25.1
Restructuring, Exit and Related Charges - Accrued Restructuring and Related Costs (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 12
Accruals 4
Cash settled (3)
Ending balance 13
Employee Related  
Restructuring Reserve [Roll Forward]  
Beginning balance 9
Accruals 4
Cash settled (3)
Ending balance 10
Facility - Non-Lease Related  
Restructuring Reserve [Roll Forward]  
Beginning balance 3
Accruals 0
Cash settled 0
Ending balance $ 3
v3.25.1
Long-term Debt - Summary of Outstanding Long-term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Long-term Debt    
Long-term debt, gross $ 1,406 $ 1,408
Less: Unamortized debt discount and debt issuance costs (22) (24)
Total debt, net of unamortized debt discount and debt issuance costs 1,384 1,384
Less: Current portion of long-term debt (19) (19)
Long-term debt, non-current, net of unamortized debt discount and debt issuance costs 1,365 1,365
Amended and Restated Senior Secured Credit Agreement | Line of Credit | Secured Debt    
Long-term Debt    
Long-term debt, gross 1,397 1,400
Original Senior Secured Credit Agreement | Other borrowings    
Long-term Debt    
Long-term debt, gross $ 9 $ 8
v3.25.1
Long-term Debt - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Feb. 04, 2025
Jul. 26, 2024
Feb. 28, 2025
Jan. 31, 2025
Mar. 31, 2025
Mar. 31, 2024
Long-term Debt            
Loss on early extinguishment of debt         $ 2 $ 0
Minimum            
Long-term Debt            
Unconditional guarantee, percentage of consolidated assets         70.00%  
A&R Credit Agreement            
Long-term Debt            
Contractual quarterly installment         $ 4  
A&R Credit Agreement            
Long-term Debt            
Leverage ratio         0.0350  
A&R Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR)            
Long-term Debt            
Applicable margin on interest rate 2.50% 3.00%        
Basis floor (percentage)   0.00%        
A&R Credit Agreement | Line of Credit | Base Rate            
Long-term Debt            
Applicable margin on interest rate 1.50% 2.00%        
Secured Debt | A&R Credit Agreement | Line of Credit            
Long-term Debt            
Principal amount   $ 1,400        
Reduction in interest rate margin 0.50%          
Loss on early extinguishment of debt $ 2          
Percentage of prepayment premium 1.00%          
Percentage of amortization rate   1.00%        
Percentage of annual excess cash flow   50.00%        
Percentage of net cash proceeds from certain asset sales and casualty events   100.00%        
Percentage of net cash proceeds from the incurrence of certain indebtedness   100.00%        
Remaining borrowing capacity         $ 360  
Unused commitment fee     0.25% 0.375%    
Secured Debt | Senior Secured Initial Term Loans | Line of Credit            
Long-term Debt            
Effective interest rate         6.60%  
Senior secured revolving credit facility | A&R Credit Agreement | Line of Credit            
Long-term Debt            
Principal amount   $ 360        
Senior secured revolving credit facility | A&R Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR)            
Long-term Debt            
Applicable margin on interest rate   2.75%        
Senior secured revolving credit facility | A&R Credit Agreement | Line of Credit | Base Rate            
Long-term Debt            
Applicable margin on interest rate   1.75%        
Line of credit, foreign currencies | A&R Credit Agreement | Line of Credit            
Long-term Debt            
Line of credit facility, maximum borrowing capacity   $ 150        
Letters of credit | A&R Credit Agreement            
Long-term Debt            
Debt instrument, covenant, letter of credit sublimit exclusion         $ 10  
Letters of credit | A&R Credit Agreement | Minimum            
Long-term Debt            
Percentage of outstanding loans and letter of credit exceeds the aggregate principal amount         35.00%  
Letters of credit | A&R Credit Agreement | Line of Credit            
Long-term Debt            
Line of credit facility, maximum borrowing capacity   50        
Bridge Loan | A&R Credit Agreement | Line of Credit            
Long-term Debt            
Line of credit facility, maximum borrowing capacity   $ 50        
v3.25.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Mar. 24, 2024
Loss Contingencies [Line Items]    
Outstanding non-cancellable purchase commitments $ 326  
Non-cancellable purchase commitments related to the next twelve months 120  
Bank guarantees $ 27  
CWT Holdings LLC    
Loss Contingencies [Line Items]    
Failure to consummate, termination fee, second extension   $ 25
v3.25.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income tax benefit $ 21 $ 27
Effective income tax rate 21.70% 333.80%
v3.25.1
Earnout Shares (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings (Loss) Per Share    
Fair value of the earnout shares liability $ 59  
Gain (loss) on fair value change in earnout shares liability $ 74 $ 18
Earnout shares    
Earnings (Loss) Per Share    
Number of shares outstanding (in shares) 23  
Number of shares issued (in shares) 23  
v3.25.1
Equity-Based Compensation - Summary of Stock Options (Details) - Management Incentive Plan - Stock options
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
shares
Number of stock options  
Beginning balance (in shares) | shares 13,338,391
Exercised (in shares) | shares (3,348,336)
Expired (in shares) | shares (60,777)
Ending balance (in shares) | shares 9,929,278
Exercisable as of period end (in shares) | shares 9,929,278
Weighted average exercise price per stock option  
Beginning balance (in dollars per share) | $ / shares $ 7.52
Exercised (in dollars per share) | $ / shares 5.86
Expired (in dollars per share) | $ / shares 10.03
Ending balance (in dollars per share) | $ / shares 8.06
Exercisable as of period end (in dollars per share) | $ / shares $ 8.06
Weighted average remaining contractual term (in years)  
Exercisable as of period end 3 years 6 months
Aggregate intrinsic value (in $ millions)  
Exercisable as of period end | $ $ 4
v3.25.1
Equity-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity-Based Compensation    
Payment for employee's tax obligations $ 24 $ 12
Total employees’ tax obligation 41 19
Equity-based compensation expense after tax 15 14
Management Incentive Plan    
Equity-Based Compensation    
Payment for employee's tax obligations 1  
Employee Stock Purchase Plan    
Equity-Based Compensation    
Equity-based compensation expense $ 19 $ 18
Employee Stock Purchase Plan | Class A common stock    
Equity-Based Compensation    
Shares purchased (in shares) 535,229  
RSU    
Equity-Based Compensation    
Compensation expense related to unvested RSUs to be recognized $ 128  
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years) 2 years  
RSU | Management Incentive Plan    
Equity-Based Compensation    
Number of shares withheld to cover the option costs and taxes (in shares) 2,709,601  
Payment for employee's tax obligations $ 2  
RSU | Equity Incentive Plan 2022    
Equity-Based Compensation    
Payment for employee's tax obligations $ 23  
Awards granted (in shares) 6,000,000  
Annual vesting percentage 33.33%  
Number of shares withheld to cover the option costs and taxes (in shares) 4,584,930  
Total employees’ tax obligation $ 39  
RSU | Equity Incentive Plan 2022 | Class A common stock    
Equity-Based Compensation    
Awards granted (in shares) 6,228,922  
Performance Shares    
Equity-Based Compensation    
Share-based payment award, award vesting goal, percentage 50.00%  
Expected volatility rate 47.40%  
Fair value assumptions, expected term 2 years 9 months 18 days  
Expected dividend rate 0.00%  
Risk-free interest rate 3.94%  
Share-based payment award, fair value assumptions, exercise price (in dollars per share) $ 11.14  
Performance Shares | Minimum    
Equity-Based Compensation    
Payout factor based on target attainment, percentage 0.00%  
Performance Shares | Maximum    
Equity-Based Compensation    
Payout factor based on target attainment, percentage 150.00%  
Performance Shares | Equity Incentive Plan 2022    
Equity-Based Compensation    
Awards granted (in shares) 774,644  
Share-based payment award, award requisite service period (in year) 3 years  
Equity instruments other than options, performance period 3 years  
Earned by grantee percentage 187.50%  
v3.25.1
Equity-Based Compensation - Summary of RSU Activity (Details) - 2022 Plan - RSU
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Number of RSUs  
Granted (in shares) 6,000,000
Class A common stock  
Number of RSUs  
Beginning balance (in shares) 25,410,910
Granted (in shares) 6,228,922
Forfeited (in shares) (280,498)
Vested (in shares) (11,387,027)
Ending balance (in shares) 19,972,307
Weighted average grant date fair value  
Beginning balance (in dollars per share) | $ / shares $ 6.17
Granted (in dollars per share) | $ / shares 8.52
Forfeited (in dollars per share) | $ / shares 5.92
Vested (in dollars per share) | $ / shares 6.39
Ending balance (in dollars per share) | $ / shares $ 6.78
v3.25.1
Equity-Based Compensation - Summary of Equity-based Compensation Expense (Details) - Employee Stock Purchase Plan - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity-Based Compensation    
Equity-based compensation expense $ 19 $ 18
Cost of revenue (excluding depreciation and amortization)    
Equity-Based Compensation    
Equity-based compensation expense 1 1
Sales and marketing    
Equity-Based Compensation    
Equity-based compensation expense 5 4
Technology and content    
Equity-Based Compensation    
Equity-based compensation expense 5 4
General and administrative    
Equity-Based Compensation    
Equity-based compensation expense $ 8 $ 9
v3.25.1
Shareholders' Equity - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance $ 1,057 $ 1,212
Ending balance 1,127 1,174
Currency translation adjustments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (104) (52)
Net changes during the period, net of tax benefit 30 (24)
Ending balance (74) (76)
Defined benefit plan related    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (59) (63)
Net changes during the period, net of tax benefit (1) 0
Ending balance (60) (63)
Unrealized gain on cash flow hedge    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance 17 12
Net changes during the period, net of tax benefit (15) 3
Ending balance 2 15
Total accumulated other comprehensive loss    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (146) (103)
Net changes during the period, net of tax benefit 14 (21)
Ending balance $ (132) $ (124)
v3.25.1
Shareholders' Equity - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
shares
Shareholders' Equity  
Share repurchase program $ 298
Class A common stock  
Shareholders' Equity  
Treasury stock, shares, acquired (in shares) | shares 182,676
Treasury stock, value, acquired $ 2
v3.25.1
Earnings (Loss) Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings (Loss) Per Share    
Earnout shares subject to forfeiture if achievement of stock prices are not met (in shares) 23.0  
Employee Stock Option    
Earnings (Loss) Per Share    
Shares excluded from the calculation of diluted loss per share as their inclusion would have resulted in anti-dilutive effect on loss per share (in shares) 4.0 20.0
Performance Shares    
Earnings (Loss) Per Share    
Shares excluded from the calculation of diluted loss per share as their inclusion would have resulted in anti-dilutive effect on loss per share (in shares) 0.8  
RSU    
Earnings (Loss) Per Share    
Shares excluded from the calculation of diluted loss per share as their inclusion would have resulted in anti-dilutive effect on loss per share (in shares)   28.0
v3.25.1
Earnings (Loss) Per Share- Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator – Basic and diluted income (loss) per share:    
Net income (loss) attributable to the Company’s Class A common stockholders (A) $ 75 $ (19)
Denominator – Basic and diluted weighted average number of shares outstanding:    
Weighted average number of shares outstanding - Basic (in shares) 465,872,540 461,386,280
Weighted average number of shares outstanding - Diluted (in shares) 478,715,682 461,386,280
Basic income (loss) per share attributable to the Company’s Class A common stockholders (in dollars per share) $ 0.16 $ (0.04)
Diluted income (loss) per share attributable to the Company’s Class A common stockholders (in dollars per share) $ 0.16 $ (0.04)
RSU    
Denominator – Basic and diluted weighted average number of shares outstanding:    
Dilutive effect 10,845,224 0
Options    
Denominator – Basic and diluted weighted average number of shares outstanding:    
Dilutive effect 1,997,918 0
v3.25.1
Derivatives and Hedging - Interest Rate Swap (Details) - Interest Rate Swap
$ in Millions
Mar. 31, 2025
USD ($)
Notional Amount Of 600 Million Expiring On 2028  
Derivatives and Hedging  
Notional amount $ 400
Fixed Interest Rate 3.242%
Notional Amount Of 500 Million Expiring On 2029  
Derivatives and Hedging  
Notional amount $ 500
Fixed Interest Rate 3.226%
v3.25.1
Derivatives and Hedging - Narrative (Details)
€ in Millions, $ in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
interestRateSwap
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Derivatives and Hedging        
Number of interest rate swap agreements | interestRateSwap   2    
Number of terminated interest rate swap agreements | interestRateSwap   2    
Total expected gain   $ 5    
Interest rate swaps        
Derivatives and Hedging        
Cash realization on interest rate swap agreement termination $ 31      
Interest rate swaps | Notional Amount Of 400 Million        
Derivatives and Hedging        
Derivative fixed interest rate 4.2075%      
Notional amount $ 400      
Interest rate swaps | Notional Amount Of 500 Million        
Derivatives and Hedging        
Derivative fixed interest rate 4.209%      
Notional amount $ 500      
Cross currency interest rate swaps | USD        
Derivatives and Hedging        
Derivative fixed interest rate     7.50% 7.50%
Derivative, notional amount     $ 251  
Cross currency interest rate swaps | EURO        
Derivatives and Hedging        
Derivative fixed interest rate     5.639% 5.639%
Derivative, notional amount | €       € 240
Foreign Exchange Contract | Cash Flow Hedging        
Derivatives and Hedging        
Foreign exchange forward contracts held to sell   $ 270    
Maximum maturity of foreign currency derivatives   90 days    
Gain on the fair value change of the foreign currency forward contracts   $ 9    
Cash proceeds upon settlement of foreign currency   $ 9    
v3.25.1
Derivatives and Hedging - Earnout Shares (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives designated as hedging instruments | Interest rate swaps | Other non-current assets    
Derivatives and Hedging    
Gross fair value of derivatives assets $ 0 $ 27
Derivatives designated as hedging instruments | Interest rate swaps | Other non-current liabilities    
Derivatives and Hedging    
Gross fair value of derivatives assets (19) 0
Derivatives designated as hedging instruments | Cross currency interest rate swaps | Other non-current liabilities    
Derivatives and Hedging    
Gross fair value of derivatives assets (7) 0
Derivatives not designated as hedging instruments | Earnout shares | Earnout derivative liabilities    
Derivatives and Hedging    
Gross fair value of derivatives liabilities (59) (133)
Derivatives not designated as hedging instruments | Foreign currency forward contracts | Other current liabilities    
Derivatives and Hedging    
Gross fair value of derivatives liabilities $ (1) $ 0
v3.25.1
Derivatives and Hedging - Summary of the Impact of Changes in Fair Values of Derivatives (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivatives and Hedging    
Amount of gain/(loss) recognized in statements of operations $ 87 $ 20
Derivatives designated as hedging instruments    
Derivatives and Hedging    
Amount of gain/(loss) recognized in other comprehensive income (loss) $ (4) (2)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest expense  
Amount of gain/(loss) recognized in statements of operations $ 4 2
Derivatives designated as hedging instruments | Interest rate swaps    
Derivatives and Hedging    
Amount of gain/(loss) recognized in other comprehensive income (loss) (15) 5
Amount of gain/(loss) recognized in statements of operations 0 0
Derivatives designated as hedging instruments | Cross currency interest rate swaps    
Derivatives and Hedging    
Amount of gain/(loss) recognized in other comprehensive income (loss) (7) 0
Amount of gain/(loss) recognized in statements of operations 0 0
Derivatives not designated as hedging instruments | Earnout shares    
Derivatives and Hedging    
Amount of gain/(loss) recognized in other comprehensive income (loss) $ 0 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Fair value movement on earnout derivative liabilities  
Amount of gain/(loss) recognized in statements of operations $ 74 18
Derivatives not designated as hedging instruments | Foreign currency forward contracts    
Derivatives and Hedging    
Amount of gain/(loss) recognized in other comprehensive income (loss) $ 0 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest expense  
Amount of gain/(loss) recognized in statements of operations $ 9 $ 0
v3.25.1
Fair Value Measurements - Schedule of Gross Carrying Value and Fair Value of Company's Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Level 2 | Interest rate swaps    
Fair Value Measurements    
Gross carrying value and fair value of derivative assets $ 0 $ 27
Gross carrying value and fair value of derivative liabilities (19) 0
Level 2 | Cross currency interest rate swap liability    
Fair Value Measurements    
Gross carrying value and fair value of derivative liabilities (7) 0
Level 2 | Foreign currency forward contracts    
Fair Value Measurements    
Gross carrying value and fair value of derivative liabilities (1) 0
Level 3 | Non-employee earnout shares    
Fair Value Measurements    
Gross carrying value and fair value of derivative liabilities $ (59) $ (133)
v3.25.1
Fair Value Measurements - Schedule of Assumptions Used for Initial Measurement of Equity Instruments (Details) - Non-employee earnout shares
Mar. 31, 2025
yr
$ / shares
Dec. 31, 2024
$ / shares
yr
Tranche 1    
Fair Value Measurements    
Fair value per shares (in dollars per share) $ 3.06 $ 6.50
Tranche 2    
Fair Value Measurements    
Fair value per shares (in dollars per share) $ 2.06 $ 5.11
Stock price ($)    
Fair Value Measurements    
Fair value measurement input 7.26 9.28
Risk-free interest rate    
Fair Value Measurements    
Fair value measurement input 0.0389 0.0426
Volatility    
Fair Value Measurements    
Fair value measurement input 0.410 0.440
Expected term (years)    
Fair Value Measurements    
Fair value measurement input | yr 2.2 2.4
Expected dividends    
Fair Value Measurements    
Fair value measurement input 0.000 0.000
v3.25.1
Fair Value Measurements - Schedule of Changes in Level 3 Financial Liabilities Measured at Fair Value (Details) - Non-employee Earnout Shares - Level 3
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Balance at the beginning $ 133
Change in fair value (74)
Balance at the end $ 59
v3.25.1
Fair Value Measurements - Schedule of Fair Values of the Company's Outstanding Senior Secured Term Loans (Details) - Level 2 - Senior secured term loans - amended and restated - Secured Debt - Line of Credit - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Carrying amount    
Fair Value Measurements    
Outstanding senior secured term loans $ 1,375 $ 1,376
Fair value    
Fair Value Measurements    
Outstanding senior secured term loans $ 1,388 $ 1,405
v3.25.1
Related Party Transactions (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2021
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Related Party Transactions        
Total revenue   $ 621 $ 610  
Accounts payable   325   $ 263
Accounts receivable (net of allowance for credit losses of $10 as of both March 31, 2025 and December 31, 2024)   717   571
Class A common stock        
Related Party Transactions        
Loan to equity affiliate   1    
Commercial Agreements | Affiliate        
Related Party Transactions        
Advisory services fees   10 8  
Total revenue   2 2  
Accounts payable   33   12
Accounts receivable (net of allowance for credit losses of $10 as of both March 31, 2025 and December 31, 2024)   2   2
Commercial and Operating Agreements with Expedia | Affiliate        
Related Party Transactions        
Total revenue   40 40  
Accounts receivable (net of allowance for credit losses of $10 as of both March 31, 2025 and December 31, 2024)   45   44
Term of agreement 10 years      
Transition Services Agreement with Expedia, Inc | Affiliate        
Related Party Transactions        
Advisory services fees   2 $ 4  
Accounts payable   1   $ 3
Optional services, term       18 months
Payable remaining in respect of loss contingency       $ 7
Payable remaining in respect of loss contingency, paid   3    
Payable remaining in respect of loss contingency, payable   $ 4    
v3.25.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.1
Segment Information - Segment Profit or Loss, and Reconciliation of Segment Profit/(Loss) to Net Income/(Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Information    
Revenue $ 621 $ 610
Less:    
Adjusted cost of revenue 231 245
Sales and marketing 103 99
Technology and content 120 108
General and administrative 68 86
Total operating expenses 566 594
Less other segment items: 55 16
Interest income (2) 0
Interest expense 24 33
Loss on early extinguishment of debt (2) 0
Depreciation and amortization 40 47
Net income (loss) 75 (19)
Reportable Segment    
Segment Information    
Revenue 621 610
Less:    
Adjusted cost of revenue 229 244
Sales and marketing 95 93
Technology and content 111 102
General and administrative 45 48
Total operating expenses 480 487
Interest income 2 0
Interest expense (24) (33)
Loss on early extinguishment of debt (2) 0
Depreciation and amortization (40) (47)
Other, net (2) (62)
Net income (loss) $ 75 $ (19)