Financial Performance - For the year ended December 31, 2024, American Express Global Business Travel generated a total transaction value (TTV) of approximately $30.5 billion, resulting in revenues of $2.42 billion and a net loss of $134 million[19]. - Adjusted EBITDA for the same period was reported at $478 million, indicating a focus on operational efficiency despite the net loss[19]. - Travel Revenues accounted for 80% of total revenue in 2024, while Product and Professional Services Revenues comprised 20%[49]. - In 2024, travel revenues were primarily driven by transaction volumes, with Product and Professional Services revenues constituting 20% of total revenue, consistent with 2023, and down from 22% in 2022[87]. - The client retention rate was 97% in 2024, with an average tenure of approximately 15 years for the top 100 clients by TTV[65]. - Total New Wins Value for full year 2024 reached $2.8 billion, including $2.2 billion from SME clients, with an average win/loss ratio of 2.5x since 2015[65]. Market Focus and Growth Opportunities - The company estimates that SMEs represented approximately 49% of its TTV in 2024, highlighting a significant focus on this segment[38]. - The global SME total travel spend in 2024 was estimated at approximately $834 billion, with $625 billion representing unmanaged spend, indicating a significant growth opportunity[94]. - American Express Global Business Travel's marketplace is projected to benefit from the global business travel industry's estimated value of $1.5 trillion in 2024, with growth expected to continue exceeding GDP[29]. - The company is actively pursuing acquisition opportunities to drive growth, including a merger agreement with CWT Holdings, Inc. announced in March 2024[26]. - The company aims to strengthen its position globally by providing comprehensive solutions, including meetings and events planning, to enhance client relationships[93]. Technology and Innovation - The company has invested in AI and Machine Learning to improve service efficiency and traveler experience[55]. - The technology platform supports over 50 distinct technology-enabled products, enhancing the travel management experience for clients[56]. - The platform integrates seamlessly with over 250 third-party and proprietary customer solutions, providing flexibility and enhanced service delivery[56]. - The company offers a comprehensive suite of travel management software, including traveler care tools and travel spend analysis[46]. - The company has launched Neo1, a self-registered expense management tool, unlocking significant potential for new business development with unmanaged clients[96]. Employee and Operational Insights - As of December 31, 2024, American Express Global Business Travel employed over 18,000 people worldwide, with operations in 31 countries, representing approximately 88% of global business travel spend[26]. - The company achieved an overall employee engagement score of 76, matching the global high-performing benchmark[133]. - The company is committed to creating a globally inclusive workplace, offering various employee resource groups and wellness programs[135]. - The company is focused on driving operating leverage through productivity improvements, including automation and AI, to enhance margins and support long-term growth[90]. Financial Position and Debt Management - The company has a $1,400 million senior secured term loan facility and a $360 million senior secured revolving credit facility as of December 31, 2024, enhancing liquidity and financial flexibility[101]. - The company reported a loss on early extinguishment of debt of $38 million due to refinancing activities, with total costs of debt refinancing amounting to $25 million[104]. - The A&R Credit Agreement imposes significant operating and financial restrictions on the company, potentially limiting its ability to engage in beneficial transactions[186]. - The company's existing indebtedness may adversely affect its business and growth prospects, limiting its ability to respond to economic downturns and competitive pressures[183]. - Servicing the company's indebtedness requires significant cash flow, which is subject to various uncontrollable factors, potentially leading to reduced capital expenditures or asset sales if cash flow is insufficient[189]. Regulatory and Compliance Risks - The company is subject to regulation by the U.S. Department of Transportation and must comply with various travel product and service regulations, with potential penalties for non-compliance[140]. - The company is subject to privacy and data protection laws globally, including the GDPR, which imposes fines of up to 4% of total annual worldwide revenue for non-compliance[147]. - The company is involved in litigation that management believes will not have a material adverse effect on its financial condition or cash flows[138]. - The company is subject to banking regulations that limit its investments and acquisitions, requiring prior review and approval from the Federal Reserve in certain cases[145]. Competitive Landscape and Market Challenges - The travel industry is highly competitive, and the company competes with various travel-related service providers, including online travel agencies and direct travel suppliers, which may impact sales and financial performance[165]. - Macroeconomic conditions, such as economic downturns, higher unemployment, and inflation, can adversely affect travel expenditures and demand for the company's services[168]. - The company faces potential adverse effects on its business due to the widespread adoption of teleconference and virtual meeting technologies, which could reduce demand for in-person meetings and travel services[164]. - Relationships with travel suppliers are critical; adverse changes in these relationships could negatively impact the quality and pricing of travel services offered, affecting overall business performance[192]. Acquisition Strategy and Integration Risks - Acquisitions are expected to continue as part of the company's growth strategy, but there is no assurance regarding the timing or financial impact of potential transactions[214]. - Integration of acquired businesses may present challenges that could prevent the realization of anticipated benefits, such as synergies and economies of scale[215]. - The merger with CWT is subject to regulatory approvals and closing conditions, with potential delays or obstacles that could affect its completion[218]. - The U.S. Department of Justice has filed a lawsuit seeking to prevent the merger, which adds uncertainty to the transaction[218].

Core Viewpoint - Global Business Travel Group, Inc. (GBTG) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is primarily driven by changes in a company's earnings picture, specifically the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - The Zacks rating upgrade reflects a positive outlook on GBTG's earnings, which could lead to increased buying pressure and a rise in stock price [4][6]. Impact of Earnings Estimates on Stock Prices - There is a strong correlation between changes in earnings estimates and near-term stock price movements, with institutional investors playing a role in this relationship [5]. - Rising earnings estimates and the subsequent rating upgrade suggest an improvement in GBTG's underlying business, which should be recognized by investors through higher stock prices [6]. Importance of Earnings Estimate Revisions - Tracking earnings estimate revisions can be beneficial for investment decisions, and the Zacks Rank system effectively utilizes this information [7]. - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance for Zacks Rank 1 stocks, averaging a +25% annual return since 1988 [8]. Specific Earnings Estimates for GBTG - GBTG is projected to earn $0.32 per share for the fiscal year ending December 2025, reflecting a year-over-year increase of 268.4% [9]. - Over the past three months, the Zacks Consensus Estimate for GBTG has risen by 14.1% [9]. Conclusion on Zacks Rating System - The Zacks rating system maintains a balanced distribution of 'buy' and 'sell' ratings, with only the top 20% of stocks receiving favorable ratings based on earnings estimate revisions [10][11]. - GBTG's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating potential for market-beating returns in the near term [11].

Financial Data and Key Metrics Changes - Adjusted EBITDA for 2024 was $478 million, up 26% year over year, with a margin expansion of over 300 basis points, reaching 20% [8][10] - Revenue for the full year 2024 was $2.42 billion, an increase of 6% year over year [34] - Free cash flow more than tripled in 2024, reaching $165 million, which is 235% higher than 2023 [35][37] - The leverage ratio decreased to 1.8 times at the end of 2024, down from 2.3 times a year ago [36] Business Line Data and Key Metrics Changes - Full-year transaction volumes increased by 5%, with TGB up 8% driven by transaction growth and higher average ticket prices [13] - Air transaction growth was 4% in 2024, with total TTV growth for air at 8% [17] - Hotel transaction growth was 6%, reflecting efforts to increase hotel bookings [17] Market Data and Key Metrics Changes - Transaction growth was up 5% in the Americas, 2% in EMEA, and 12% in APAC [17] - Customer retention rates were impressive, with 99% for global multinational customers and 97% for TTB [20] Company Strategy and Development Direction - The company aims to deliver earnings growth ahead of revenue growth through technology-enabled productivity gains and a scalable cost base [7][11] - Investments in software and services are expected to drive top-line growth and customer retention [9] - The company is focused on M&A opportunities, particularly in a fragmented industry [41] Management's Comments on Operating Environment and Future Outlook - The demand outlook for 2025 remains solid, with 80% of top customers expecting travel spend to be flat or up [44] - The company anticipates continued growth in the business travel industry, expecting to grow faster than the industry average [47] - Management noted the importance of cost control and margin expansion as key drivers for future growth [48] Other Important Information - The company has cleared a significant milestone towards the approval of the CWT acquisition, with the UK's competition authority not identifying competition concerns [25][26] - The company is embracing AI and automation to improve customer experience and productivity [24] Q&A Session Summary Question: Can you expand on the slight downtick in new business wins? - Management noted that the majority of wins come from SME customers, and a slight uptick in SME wins was observed [75] Question: Have you seen any recent sentiment or budget changes in the small and midsize business space? - Management expects stable growth in SME and a slight improvement as 2025 progresses, despite pressures from higher prices and interest rates [78] Question: What is the expected closing quarter for the CWT acquisition? - The trial is scheduled to start on September 8, with a potential closing in the fourth quarter [83] Question: Are there notable trends in government travel? - Management indicated that government travel is not a large part of their business and does not disclose specific insights [87] Question: How does the CMA's positive decision impact the case in the US? - Management believes the CMA's findings are positive and will help their case with the DOJ [92] Question: What are the dynamics in SME retention and demand? - Management observed stable retention rates in SME and expects gradual improvement in growth rates as 2025 progresses [110]

Amex GBT Q4 2024 Earnings Report February 27, 2025 GBT Travel Services UK Limited (GBT UK) and its authorized sublicensees (including Ovation Travel Group and Egencia) use certain trademarks and service marks of American Express Company or its subsidiaries (American Express) in the "American Express Global Business Travel" and "American Express GBT Meetings & Events" brands and in connection with its business for permitted uses only under a limited license from American Express (Licensed Marks). The License ...

Financial Performance - Q4 2024 revenue reached $591 million, an 8% increase year-over-year, with full-year revenue totaling $2,423 million, reflecting a 6% growth[4]. - Adjusted EBITDA for Q4 2024 was $110 million, up 39% year-over-year, while full-year Adjusted EBITDA was $478 million, a 26% increase[4]. - Revenue for the year ended December 31, 2024, increased to $2,423 million, up from $2,290 million in 2023, representing a growth of approximately 5.8%[29]. - Operating income improved to $115 million in 2024, compared to an operating loss of $8 million in 2023[29]. - Net loss attributable to the Company's Class A common stockholders was $138 million in 2024, compared to a net loss of $63 million in 2023[29]. - Basic loss per share attributable to the Company's Class A common stockholders was $0.30 in 2024, compared to $0.25 in 2023[29]. - Adjusted EBITDA for the year ended December 31, 2024, was $478 million, up from $380 million in 2023, reflecting a margin increase from 17% to 20%[53]. - Free Cash Flow for the year ended December 31, 2024, was $165 million, significantly higher than $49 million in 2023[57]. Guidance and Future Expectations - Full-year 2025 revenue guidance is set at $2.50 billion to $2.55 billion, indicating a 5%-7% growth in constant currency[21]. - The company expects Adjusted EBITDA for the year ending December 31, 2025, to include approximately $80 million in interest expense and $60-$80 million in income tax provision[61]. - Free Cash Flow guidance for the year ending December 31, 2025, anticipates net cash from operating activities exceeding $280 million, with capital expenditures over $120 million[62]. - The guidance for 2025 does not account for the potential impact of the proposed acquisition of CWT Holdings, LLC[60]. Customer Metrics - The company achieved a 97% customer retention rate, with 99% retention in GMN[4]. - Total New Wins Value for the full year was $2.8 billion, including $2.2 billion from SME[4]. Cash Flow and Debt Management - Free Cash Flow for full-year 2024 was $165 million, exceeding initial guidance of $100 million, and is expected to exceed $160 million in 2025[4][21]. - As of December 31, 2024, the company's Net Debt stood at $848 million, a decrease from $886 million in 2023, with a Net Debt to LTM Adjusted EBITDA ratio of 1.8x compared to 2.3x in the previous year[58]. - Cash and cash equivalents increased to $536 million in 2024, compared to $476 million in 2023[31]. - Net cash from operating activities for 2024 was $272 million, up from $162 million in 2023[33]. Operational Metrics - Total Transaction Value (TTV) for Q4 2024 was $6,896 million, a 10% increase year-over-year, with full-year TTV at $30,477 million, an 8% growth[7]. - Adjusted EBITDA margin expanded to 20% for the full year, up 310 basis points year-over-year[16]. - Total operating expenses for the three months ended December 31, 2024, were $561 million, slightly up from $546 million in the same period of 2023[54]. - The company incurred $110 million in Adjusted Operating Expenses for the three months ended December 31, 2024, compared to $80 million in 2023[53]. Risks and Challenges - The company faces risks related to achieving anticipated growth rates and maintaining relationships with customers and suppliers[65]. - Geopolitical conflicts, including the war in Ukraine, may impact the travel industry and global economy[65]. - The company is subject to legal proceedings related to its merger with CWT, including a lawsuit from the Department of Justice[65]. - There are uncertainties regarding the completion and benefits of the merger with CWT, including regulatory approvals[65]. - The company acknowledges the potential impact of prolonged decreases in global travel on its business[65]. - Changes in market conditions and macroeconomic factors could affect the company's financial performance[65]. - The company has outlined various risks that could lead to actual results differing materially from forward-looking statements[65]. - The company does not undertake any obligation to update forward-looking statements unless required by securities laws[65]. Investment and Responsibility - The investment in Global Business Travel Group, Inc. is distinct from an investment in American Express[66]. - American Express is not responsible for the statements made by Global Business Travel Group, Inc.[66].

Financial Data and Key Metrics Changes - Revenue reached $597 million, up 5% year-over-year, driven by solid growth in transactions and TTV [13][35] - Adjusted EBITDA grew 23% to $118 million, with an adjusted EBITDA margin of 20%, expanding by 300 basis points year-over-year [14][40] - Free cash flow generation was $59 million, exceeding expectations, driven by working capital optimization and lower CapEx spend [41][51] Business Line Data and Key Metrics Changes - Transaction growth was up 5%, with TTV growing by 9% to nearly $8 billion, driven by increased demand for business travel [12][13] - Global multinational customer transactions increased by 8%, while SME transaction growth was muted at 2% [14][15] - Hotel transactions grew by 6%, outpacing the 4% growth in air transactions, reflecting a focus on increasing hotel bookings [15][16] Market Data and Key Metrics Changes - Transaction growth was 6% in the Americas and 11% in Asia-Pacific, while EMEA growth was softer at 2% due to the Olympics in France [16] - The top 100 customers expect travel spend to increase by approximately 5% in the fourth quarter [21] - The company maintained a high customer retention rate of 98% for global multinational customers [18] Company Strategy and Development Direction - The company is focused on capital allocation, reducing debt interest, and strengthening the balance sheet while investing in growth and productivity [10][34] - Continued share gains with total new wins valued at $3 billion over the last 12 months, particularly in the SME segment [22][24] - The company aims to enhance its digital channels, with 80% of transactions now through digital platforms, and is investing in AI for operational efficiencies [25][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and strategy, anticipating continued growth and share gains in 2024 [44][84] - The macroeconomic environment is expected to improve, which could positively impact SME growth rates [63][75] - The company is optimistic about the CWT acquisition, expecting to close in the first quarter of 2025 [33][54] Other Important Information - The company executed its first share buyback, repurchasing 8 million shares for approximately $55 million, and announced a new share buyback authorization of up to $300 million [11][55] - The company achieved significant interest savings through debt refinancing, with expected run-rate cash interest savings of approximately $50 million [42][52] Q&A Session Summary Question: Free cash flow generation and its drivers - Management highlighted that cost savings and working capital efficiencies will contribute to free cash flow expansion [58][60] Question: SME growth activity and industry verticals - Management noted that SME growth rates have stabilized, with expectations for improvement as macro conditions become more favorable [62][64] Question: Spread between TTV growth and revenue growth - Management explained that the spread is influenced by customer mix and international pricing dynamics [66][67] Question: Drivers of improved free cash flow - Management indicated that lower interest expenses from refinancing are the primary driver of improved free cash flow [68][70] Question: Timing of transactions and business travel consumption - Management confirmed that Q3 transactions closely relate to travel activity within the same quarter [72] Question: Future SME growth and macroeconomic conditions - Management acknowledged that macroeconomic conditions will influence SME growth, but emphasized internal initiatives to drive productivity [76][77] Question: Leveraging generative AI for cost savings - Management discussed the potential for significant margin expansion through automation and AI, although quantifying specific savings remains challenging [79][80]

Core Insights - Global Business Travel Group, Inc. reported a quarterly loss of $0.22 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.08, marking an earnings surprise of -175% [1] - The company generated revenues of $597 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.43%, but showing an increase from $571 million year-over-year [2] - The stock has increased by approximately 19.1% since the beginning of the year, slightly underperforming the S&P 500's gain of 19.8% [3] Earnings Outlook - The earnings outlook for Global Business Travel Group, Inc. is uncertain, with current consensus EPS estimates at -$0.03 for the upcoming quarter and -$0.08 for the current fiscal year, with revenues expected to be $587.81 million and $2.43 billion respectively [7] - The estimate revisions trend is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expectations of outperforming the market in the near future [6] Industry Context - The Transportation - Services industry, to which Global Business Travel Group, Inc. belongs, is currently ranked in the bottom 28% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact the stock's performance [5]

Financial Performance - Total Transaction Value (TTV) for Q3 2024 increased by $629 million, or 9%, to $7,752 million compared to Q3 2023[134] - TTV for the nine months ended September 30, 2024, rose by $1,687 million, or 8%, reaching $23,581 million compared to the same period in 2023[134] - Revenue for Q3 2024 was $597 million, a 5% increase from $571 million in Q3 2023[130] - Operating income for Q3 2024 was $27 million, compared to a loss of $4 million in Q3 2023, marking a significant improvement[130] - Net loss for Q3 2024 was $128 million, compared to a net loss of $8 million in Q3 2023, reflecting a $120 million increase in losses[130] - Adjusted EBITDA for Q3 2024 was $118 million, up 23% from $95 million in Q3 2023[130] - Adjusted EBITDA margin improved to 20% in Q3 2024, compared to 17% in Q3 2023, an increase of 300 basis points[130] - Free Cash Flow for Q3 2024 was $59 million, a decrease of 45% from $107 million in Q3 2023[130] - Total revenue for the three months ended September 30, 2024, increased by $26 million, or 5%, to $597 million, driven by a 5% increase in Transaction Growth[153] - Travel revenue rose by $23 million, or 5%, primarily due to a 5% increase in Transaction Growth and a 9% increase in TTV[154] Transaction Growth - Transaction Growth for both Q3 2024 and the nine months ended September 30, 2024, was 5% year-over-year, driven by increased demand for business travel[136] Expenses and Costs - Cost of revenue (excluding depreciation and amortization) decreased marginally by $1 million to $237 million, despite increases in traveler care costs and vendor rates[155] - Sales and marketing expenses increased by $4 million, or 5%, to $99 million, attributed to higher employee costs and growth plans[156] - Adjusted operating expenses for the three months ended September 30, 2024, were $479 million, compared to $476 million for the same period in 2023[149] - Cost of revenue (excluding depreciation and amortization) increased by $6 million, or 1%, due to additional traveler care costs and merit increases in salaries and benefits[169] - For the nine months ended September 30, 2024, technology and content costs increased by $25 million, or 8%, primarily due to growth plans and additional employee headcount[171] - General and administrative expenses increased by $6 million, or 3%, primarily due to $36 million related to mergers and acquisitions costs for the potential acquisition of CWT[172] Cash Flow and Debt - As of September 30, 2024, cash and cash equivalent balances were $524 million, an increase from $476 million as of December 31, 2023[181] - Free Cash Flow for the nine months ended September 30, 2024, was $132 million, compared to $17 million for the same period in 2023[181] - Net cash from operating activities increased by $103 million to $207 million for the nine months ended September 30, 2024, compared to $104 million for the same period in 2023[186] - Cash used in investing activities decreased by $23 million, primarily due to a $12 million decrease in property and equipment purchases and $10 million from loan proceeds received[187] - Net cash used in financing activities was $79 million, influenced by $1,372 million repayment of term loans and $1,397 million proceeds from new borrowings[188] - Free Cash Flow improved by $115 million to $132 million, driven by a $103 million increase in operating cash flows and a $12 million decrease in capital expenditures[193] - Net Debt decreased by $26 million to $860 million as of September 30, 2024, due to a $48 million increase in cash and cash equivalents, offset by a $22 million increase in total debt[196] - The company amended its senior secured credit facility on July 26, 2024, borrowing $1,400 million to refinance existing debt[197] Acquisition and Investments - The company announced a potential acquisition of CWT valued at approximately $570 million, expected to close in Q1 2025[125] Compliance and Internal Controls - The company identified a material weakness in internal control over financial reporting related to the Egencia business acquired on November 1, 2021[215] - Management believes that consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles despite the identified weaknesses[214] - Remediation efforts are ongoing to address the material weakness, focusing on integrating key applications and processes of the Egencia business into the company's legacy control environment[216] - The integration of Egencia's key applications and processes has been completed and is now subject to internal control procedures and testing[216] - There were no changes to internal control over financial reporting that materially affected the company's controls during the reporting period, except for ongoing remediation efforts[217] - Management does not expect that disclosure controls and procedures will prevent or detect all errors and fraud due to inherent limitations[218] Litigation - The company is involved in litigation that arises in the ordinary course of business but does not believe any pending litigation will materially affect its financial condition[220]

Financial Performance - Total Transaction Value (TTV) increased by 9% year over year to $7.8 billion[2] - Revenue grew by 5% year over year to $597 million, with Travel Revenue also increasing by 5% to $478 million[6][7] - Adjusted EBITDA rose by 23% year over year to $118 million, resulting in an Adjusted EBITDA margin expansion of 300 basis points to 20%[2][10] - The company reported a net loss of $128 million for Q3 2024, compared to a net loss of $8 million in the same period last year[9] - Net loss for the nine months ended September 30, 2024, was $120 million, compared to a net loss of $90 million for the same period in 2023[22] - Adjusted EBITDA for the same period was $118 million, reflecting an increase from $95 million year-over-year, with an Adjusted EBITDA margin of 20% compared to 17% in the prior year[42] Cash Flow and Guidance - Free Cash Flow for Q3 2024 was $59 million, a decrease of 45% compared to the previous year[11] - The company raised its full-year 2024 Free Cash Flow guidance to approximately $160 million, up from previous guidance of over $130 million[3][13] - Free Cash Flow for the three months ended September 30, 2024, was $59 million, down from $107 million in the same period of 2023[44] - Free Cash Flow guidance for the year ending December 31, 2024, is projected to exceed $260-280 million, after accounting for approximately $105-115 million in capital expenditures[48] - The company highlighted the importance of Free Cash Flow as a measure of liquidity, indicating its ability to generate cash to meet liquidity demands[38] Debt and Equity - Net Debt decreased to $860 million, with a leverage ratio of 1.9x as of September 30, 2024, down from 2.7x a year earlier[12] - As of September 30, 2024, the company's Net Debt stood at $860 million, a decrease from $927 million a year earlier, with a Net Debt to LTM Adjusted EBITDA ratio of 1.9x[44] - The company’s accumulated deficit increased to $(1,559) million as of September 30, 2024, from $(1,437) million at December 31, 2023[21] - The company’s total shareholders' equity decreased to $1,106 million as of September 30, 2024, from $1,212 million at December 31, 2023, a decline of 8.8%[21] Operating Expenses - Total operating expenses decreased by 1% year over year to $570 million, driven by lower restructuring costs and productivity improvements[8] - Total operating expenses for the three months ended September 30, 2024, were $570 million, slightly down from $575 million in the same period of 2023[43] - The company anticipates restructuring costs of approximately $15-20 million and integration expenses related to mergers and acquisitions of about $65-70 million for the full year 2024[47] Customer Metrics - The company achieved a 97% customer retention rate over the last twelve months[3] Assets and Liabilities - Total current assets increased to $1,394 million as of September 30, 2024, compared to $1,360 million at December 31, 2023, reflecting a growth of 2.5%[21] - Total liabilities increased to $2,646 million as of September 30, 2024, from $2,539 million at December 31, 2023, marking a rise of 4.2%[21] - Cash and cash equivalents at the end of the period were $550 million, compared to $445 million at the end of September 30, 2023, indicating a year-over-year increase of 23.6%[22] Share Repurchase - The company repurchased 8 million shares for approximately $55 million in Q3 2024 and announced an additional share buyback authorization of up to $300 million[4] Loans and Financing - The company raised $1,397 million from senior secured term loans during the nine months ended September 30, 2024, compared to $131 million in the same period of 2023[22] Future Expectations - The company expects full-year 2024 Adjusted EBITDA to include approximately $115 million in interest expense and $60-75 million in income taxes[47] - The guidance does not include the impact of the CWT acquisition, expected to close in Q1 2025[46]

Global Business Travel Group, Inc. (GBTG) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is trac ...