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  "notes": "This is a standard financial disclosure slide detailing the adjustments made to reconcile non-GAAP financial measures.",
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      "text": "This document contains unpublished, confidential, and proprietary information of American Express Global Business Travel (Amex GBT). No disclosure or use of any portion of these materials may be made without the express written consent of Amex GBT. © 2025 GBT Travel Services UK Limited.",
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      "text": "The Company's full-year 2025 guidance considers various material assumptions. Because the guidance is forward-looking and reflects numerous estimates and assumptions with respect to future industry performance under various scenarios as well as assumptions for competition, general business, economic, market and financial conditions and matters specific to the business of Amex GBT, all of which are difficult to predict and many of which are beyond the control of Amex GBT, actual results may differ materially from the guidance due to a number of factors, including the ultimate inaccuracy of any of the assumptions described above and the risks and other factors discussed in the section entitled \"Forward-Looking Statements\" on page 2 and the risk factors in the Company's SEC filings.",
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      "text": "Free Cash Flow guidance for the year ending December 31, 2025 consists of expected net cash from operating activities of greater than $280 million less purchase of property and equipment of greater than $120 million.",
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      "text": "Adjusted EBITDA guidance for the year ending December 31, 2025 consists of expected net income (loss) for the year ending December 31, 2025, adjusted for: (i) interest expense, net, of approximately $80 million; (ii) provision for income taxes of approximately $60-$80 million; (iii) depreciation and amortization of property and equipment of approximately $165 million; (iv) restructuring costs of approximately $20-$35 million; (v) integration expenses and costs related to mergers and acquisitions of approximately $60 million; (vi) non-cash equity-based compensation and related employer taxes of approximately $85 million, and; (vii) other adjustments, including long-term incentive plan costs, litigation and professional services costs and non-service component of our net periodic pension benefit related to our defined benefit pension plans of approximately $10 million. We are unable to reconcile Adjusted EBITDA to net income (loss) determined under U.S. GAAP due to the unavailability of information required to reasonably predict certain reconciling items such as impairment of long-lived assets and right-of-use assets, fair value movement on earnout derivative liabilities, foreign exchange gains (loss) and/or loss on early extinguishment of debt and the related tax impact of these adjustments. The exact amount of these adjustments is not currently determinable but may be significant.",
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      "text": "The Company's guidance does not incorporate the impact of the proposed acquisition of CWT Holdings, LLC.",
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      "text": "Reconciliation of FY 2025 Adjusted EBITDA and Free Cash Flow Guidance",
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