So are you seeing kind of similar tailwinds for luxury demand that Phil was outlining with regard to Delta. Yes. Um 2025 started very strong for us first quarter uh which led us believe that the year would be one of the best year of the airline uh since its creation 2014.Um the second quarter uh turned out to be a bit different. Um I started with the um announcement on the potential tariff consequences and obviously tariff are um generating constraints and uncertainty for business organizations and uh for t ...

Investor Presentation June 2025 Safe Harbor Disclosure We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, cash flow and plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to id ...

Global Business Travel Group Inc (GBTG) Q1 2025 Earnings Call May 06, 2025 09:00 AM ET Company Participants Jennifer Thorington - Director of Investor RelationsPaul Abbott - Chief Executive OfficerKaren Williams - Chief Financial OfficerPeter Christiansen - DirectorEric Bock - Chief Legal Officer, Global Head of M&A and Compliance and CorporateLee Horowitz - Co-Head Internet Equity ResearchDuane Pfennigwerth - Senior MD Conference Call Participants Stephen Ju - AnalystYehuda Silverman - Equity Research Anal ...

Financial Data and Key Metrics Changes - The company reported a 15% growth in adjusted EBITDA, with a margin expansion of 260 basis points and a 9% increase in free cash flow [4][6][21] - Total transaction volume increased by 4%, while total transaction value (TTV) grew by 5% to reach €8.3 billion [9][10] - Revenue rose by 4% to €621 million, driven by solid transaction growth and increased demand for products and services [9][21] Business Line Data and Key Metrics Changes - Transaction growth was stronger with global multinational customers, up 6%, while small and medium enterprises (SME) saw slower growth at 2% [11][12] - Hotel transactions grew by 5%, outpacing air transactions which grew by 2% [13] - The company maintained a high customer retention rate of 96% over the last twelve months [15] Market Data and Key Metrics Changes - Transaction growth was 3% in The Americas, 4% in EMEA, and 7% in Asia Pacific [14] - The U.S. air TTV growth was 3%, consistent with major U.S. airlines' commentary on corporate spend growth [12] - The meetings and events business saw a 2% year-over-year increase in the number of meetings and an 8% increase in spend for full year 2025 [33][60] Company Strategy and Development Direction - The company is focused on maintaining strong earnings growth, margin expansion, and cash generation despite economic uncertainty [5][6] - Continued investment in technology transformation, including automation and AI, is aimed at improving customer experience and productivity [16][30] - The capital allocation strategy includes a $300 million share buyback authorization and a focus on M&A opportunities [43][44] Management's Comments on Operating Environment and Future Outlook - Management noted more economic uncertainty and less visibility for the full year but expressed confidence in the company's long-term growth prospects [6][25] - The company expects business travel demand from its premium customer base to grow above GDP, with a focus on share gains and operating efficiency [25][39] - Adjusted EBITDA is expected to grow faster than revenue, with a full-year midpoint adjusted EBITDA guidance of $510 million, representing a 7% growth [40][41] Other Important Information - The company received two credit rating upgrades during the quarter, reflecting strong momentum [24] - Adjusted operating expenses declined by 1% year-over-year, demonstrating effective cost control [19][23] - The merger agreement with CWT was amended to reduce the purchase price and the number of shares issued [19][43] Q&A Session Summary Question: Have you witnessed any trade down in accommodations by your underlying clients? - Management indicated that premium and international volumes held up better than domestic, with a slight increase in average ticket prices and hotel rates [47][48] Question: Can you comment on SME wins and transaction values? - Management noted that while SME wins rose, organic growth in the SME segment has been lower due to tightened spending controls [50][51] Question: What is the next milestone for the CWT merger process? - The fact discovery process will be complete in early June, with a trial set for September 8, aiming for closure by the end of 2025 [52] Question: How has the macro environment evolved intra-quarter? - Management observed a stable trend in transaction growth, with most customers in a wait-and-see mode regarding travel policies and budgets [58][60] Question: What steps can be taken to increase the value proposition to clients? - Management emphasized that the company helps customers save money and provides comprehensive content access, which strengthens its value proposition in a weaker economic environment [64]

《 投资机构如何"花式"降薪 》 投资行业的收入低，包括了三部分， 1 是需要跟投， 2 是奖金拿不全， 3 是日常出差经常要自己倒贴 钱。 （一）跟投 很多投资机构都会对投资岗位员工有强制跟投的要求。某个项目投资 5000 万元，需要负责这个项目的 投资经理，个人再出资 10 万，也投到这个项目里。 10 万对 5000 万， 0.2% ，这个比例就称为 跟投比例 。 我理解强制跟投是的本质是一种风控措施，是强制绑定投资经理的个人利益，让 投资经理不会乱投项 目。 我投资经理投一个项目，反正投给项目的钱是主基金的，是机构募来的，跟我个人没关系。 而等项目上市，或者并购、回购等形式，等我投给项目的钱可以退出的时候，我可能早就跳槽了。退不 退的出来，都是其他接手同事的事了。 这时候，我可能为了完成自己的年度投资 kpi ，而适当放宽对项目的把控。 但是，如果我给一个项目还个人跟投 10 万，这 10 万可是我的一大笔资金了。那我就要掂量掂量，这个 项目行不行。 如果项目不行，我宁可完不成今年的 kpi ，也不能让我自己的 10 万打水漂了。 这就是强制跟投的意义。 以我这个岗位的员工来说，每年的投资 KPI 是 ...

Global Business Travel Group Inc (GBTG) Q4 2024 Earnings Call February 27, 2025 09:00 AM ET Company Participants George Anderson Brown - Vice President - Corporate FinancePaul Abbott - Chief Executive OfficerKaren Williams - Chief Financial OfficerJacob Gunning - Equity Research Senior AssociateEric Bock - Chief Legal Officer, Global Head of Mergers & Acquisitions, Compliance & Corporate SecretaryLee Horowitz - Co-Head Internet Equity ResearchPeter Christiansen - DirectorVanessa Formica - Associate Director ...