Global Business Travel (US:GBTG)2025-05-06 11:47Financial Performance - Revenue grew 2% year over year to $621 million, with a constant currency, workday adjusted growth of 4%[3] - Adjusted EBITDA increased 15% year over year to $141 million, resulting in an Adjusted EBITDA margin expansion of 260 basis points to 23%[4] - Free Cash Flow rose 9% year over year to $26 million, driven by increased net cash from operating activities[10] - Total operating expenses decreased 5% year over year to $566 million, primarily due to cost savings initiatives[6] - Net income for the three months ended March 31, 2025, was $75 million, a significant improvement compared to a net loss of $19 million for the same period in 2024[25] - Net income for Q1 2025 was $75 million, compared to a loss of $19 million in Q1 2024, resulting in a net income margin of 12%[47] - Adjusted EBITDA for Q1 2025 was $141 million, up from $123 million in Q1 2024, with an adjusted EBITDA margin of 23%[47] - Revenue growth for Q1 2025 was 2%, with a Constant Currency Workday Adjusted Revenue growth of 4%[51] Guidance and Projections - Q2 2025 guidance includes revenue of $615 million to $635 million and Adjusted EBITDA of $125 million to $135 million[12] - Updated full-year 2025 guidance projects revenue of $2.38 billion to $2.48 billion and Adjusted EBITDA of $480 million to $540 million[12] - Guidance for Adjusted EBITDA for Q2 2025 is expected to include net income adjusted for approximately $20 million in interest expense and $5-$25 million in income taxes[56] - Full-year 2025 Free Cash Flow guidance is projected to exceed $230-280 million, after accounting for property and equipment purchases of over $110-120 million[60] - Adjusted EBITDA guidance for the full year 2025 includes approximately $165 million for depreciation and amortization and $90 million for non-cash equity-based compensation[58] Customer Metrics - The company achieved a 96% customer retention rate over the last twelve months[3] Balance Sheet and Cash Flow - Cash and cash equivalents rose to $577 million at the end of the period, compared to $561 million at the beginning, marking a net increase of $16 million[25] - Total current liabilities increased to $910 million as of March 31, 2025, from $780 million at December 31, 2024, reflecting a rise of 16.7%[23] - The company reported a net cash from operating activities of $53 million for the three months ended March 31, 2025, compared to $49 million for the same period in 2024[25] - Total shareholders' equity increased to $1,127 million as of March 31, 2025, up from $1,057 million at December 31, 2024, indicating a growth of 6.6%[23] - Net Debt as of March 31, 2025, was $832 million, down from $888 million a year earlier, with a Net Debt to LTM Adjusted EBITDA ratio of 1.7x[53] Asset and Liability Changes - Total assets increased to $3,785 million as of March 31, 2025, up from $3,624 million at December 31, 2024, representing a growth of 4.4%[23] - The total liabilities increased to $2,658 million as of March 31, 2025, compared to $2,567 million at December 31, 2024, reflecting a rise of 3.5%[23] - The accounts receivable increased to $717 million as of March 31, 2025, from $571 million at December 31, 2024, representing a growth of 25.6%[23] Acquisition and Corporate Actions - The company announced an amended merger agreement for the CWT acquisition, reducing stock consideration from approximately 72 million shares to about 50 million shares[3] - The company is currently pursuing the acquisition of CWT Holdings, LLC, which is not included in the current guidance[55] - The company incurred a fair value movement loss on earnout derivative liabilities of $74 million for the three months ended March 31, 2025, compared to a loss of $18 million in the same period of 2024[25]