Financial Data and Key Metrics Changes - The company achieved record adjusted EBITDA and revenue in 2024, with adjusted EBITDA up 26% year over year [7][24] - Revenue for the fourth quarter reached $591 million, an 8% increase year over year, while full year revenue was $2.42 billion, up 6% [22][24] - Free cash flow more than tripled in 2024, reaching $165 million, reflecting a 235% increase [25][27] - The leverage ratio improved to 1.8x at the end of 2024, down from 2.3x a year ago [25][28] Business Line Data and Key Metrics Changes - Transaction volumes increased by 5% in 2024, with total transaction value (TTV) rising by 8% [9][10] - The company reported a 39% increase in adjusted EBITDA for the fourth quarter, totaling $110 million [23][24] - Customer retention rates were impressive, with 99% for global multinational customers and 97% overall [14][33] Market Data and Key Metrics Changes - Transaction growth was 5% in The Americas, 2% in EMEA, and 12% in APAC [13] - The company noted that air transaction growth was 4%, with total TTV growth for air at 8% due to higher ticket prices [12] - The estimated value of new business wins in 2024 was $2.8 billion, with a notable increase in SME wins [13][32] 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 [6][9] - Investments in software and services are expected to drive top-line growth and enhance customer retention [7][9] - The company is focused on expanding its NDC content and enhancing customer experience through AI and automation [15][17][36] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit earnings growth in 2025, supported by strong commercial momentum and customer demand [9][31] - The outlook for business travel remains solid, with 80% of top customers expecting flat or increased travel spend in 2025 [31][32] - Management acknowledged the impact of higher prices and macroeconomic conditions on SME customers but expects gradual improvement in growth rates [52][80] Other Important Information - The company is pursuing the acquisition of CWT, with positive developments from the UK's Competition and Markets Authority [18][47] - The company has initiated a share repurchase program, with $300 million authorized for buybacks [8][30] - The company plans to invest $65 million in technology and organic growth initiatives in 2025 [29][46] 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 that fluctuations in large customer wins can affect quarterly results [50][51] Question: Have you seen any recent sentiment or budget changes in the SME space? - Management indicated stable growth in SME and expects a slight improvement as 2025 progresses, despite pressures from higher costs [52][53] Question: What is the expected closing timeline for the CWT acquisition? - The trial is scheduled for September 8, with a potential closing in the fourth quarter depending on the outcome [56][57] Question: Are there notable trends in government travel? - Management stated that government travel is not a significant part of their business and did not provide specific insights [61][62] Question: How does the CMA's decision impact the CWT deal in the U.S.? - Management confirmed that the CMA's positive finding is a favorable factor, but they continue to engage with the DOJ regarding the case [66][68] Question: What are the dynamics in SME retention and demand? - Management observed a slight uptick in SME growth rates and stable retention, with optimism for gradual improvement in 2025 [80][82]