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]

Core Viewpoint - Global Business Travel Group, Inc. (GBTG) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Revisions - The Zacks Consensus Estimate for GBTG for the fiscal year ending December 2024 is projected at -$0.08 per share, reflecting a 73.3% change from the previous year's reported figure [5]. - Over the past three months, analysts have increased their earnings estimates for GBTG by 28.2% [5]. Impact of Institutional Investors - Changes in earnings estimates are strongly correlated with stock price movements, as institutional investors utilize these estimates to assess the fair value of stocks [3]. - Rising earnings estimates and the subsequent rating upgrade suggest an improvement in GBTG's underlying business, which is expected to drive stock appreciation [3]. Zacks Rating System - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [4]. - GBTG's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [6].

Company Performance - Global Business Travel Group, Inc. (GBTG) has a year-to-date return of approximately 21.9%, significantly outperforming the average return of 2.5% for the Transportation sector [2][3] - GBTG currently holds a Zacks Rank of 2 (Buy), indicating a positive earnings outlook [2][3] - Over the past 90 days, the Zacks Consensus Estimate for GBTG's full-year earnings has increased by 28.2%, reflecting improved analyst sentiment [2] Industry Comparison - GBTG belongs to the Transportation - Services industry, which has seen a decline of about 6.6% year-to-date, indicating that GBTG is performing better than its industry peers [3] - In contrast, International Consolidated Airlines Group SA (ICAGY), another notable stock in the Transportation sector, has returned 41.5% year-to-date and belongs to the Transportation - Airline industry, which has increased by 33.2% [2][3] - The Transportation group is currently ranked 8 within the Zacks Sector Rank, which includes 16 different groups [1]

| --- | --- | --- | --- | --- | --- | --- | |----------------|-----------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | Amex GBT Q2 2024 Earnings Report | | | | | | | August 6, 2024 | | | | | | | 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 Busi ...

Global Business Travel Group, Inc. (GBTG) came out with quarterly earnings of $0.07 per share, beating the Zacks Consensus Estimate of a loss of $0.04 per share. This compares to loss of $0.23 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 275%. A quarter ago, it was expected that this company would post earnings of $0.01 per share when it actually produced break-even earnings, delivering a surprise of -100%. Over the last f ...

Global Business Travel Group, Inc. (GBTG) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of $0.01. This compares to loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -100%. A quarter ago, it was expected that this company would post a loss of $0.06 per share when it actually produced a loss of $0.10, delivering a surprise of -66.67%.Over the last four quarters, the company has ...

| --- | --- | --- | --- | --- | --- | |-------------|------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | Amex GBT Q1 2024 | | | | | | | Earnings Report | | | | | | May 7, 2024 | | | | | | 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 Expr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _____________________________________________________________ FORM 10-Q _______________________________________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PE ...

American Express Global Business Travel Reports Strong Q1 2024 Financial Results and Reiterates 2024 Outlook NEW YORK – May 7, 2024 – American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ("Amex GBT" or the "Company"), a leading B2B software and services company for travel and expense, today announced financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights Delivered Strong Financial Results Continued Share Gains Oper ...