Financial Data and Key Metrics Changes - Total transaction value (TTV) grew 23% to $9.5 billion, driven by the acquisition of CWT and a 9% growth in the core business [14][4] - Revenue increased 13% year-over-year to $674 million, with a 3% growth excluding CWT [16][14] - Adjusted gross profit margin was 60%, reflecting a 70 basis point increase for the core business [18][14] - Adjusted EBITDA grew 9% to $128 million, with a 5% growth excluding CWT [15][19] - Free cash flow generated was $38 million, with $54 million for the core business excluding CWT [21][14] Business Line Data and Key Metrics Changes - Travel revenue increased 10% due to the CWT acquisition and underlying transaction growth [16] - Product and professional services revenue rose 23% from the acquisition of CWT and strong growth in dedicated client revenues [16] - Transaction growth was up 19%, with a 4% growth in the core business [14][16] Market Data and Key Metrics Changes - The core business experienced a 2% increase in same-store sales, contributing to overall growth [14] - The company reported a customer retention rate of 95% over the last 12 months, excluding CWT [12] Company Strategy and Development Direction - The acquisition of CWT is expected to grow revenues by approximately 30% and enhance the SME business by about 20% [8] - A long-term strategic alliance with SAP Concur aims to strengthen the value proposition and accelerate growth [9][10] - The company plans to launch a next-gen Agencia Travel and Expense solution in Q1 2026, integrating with SAP Concur Expense [10][11] - The focus on AI is expected to drive digital transformation and improve operational efficiency [7][13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a slight uptick in organic growth in 2026, supported by an increase in meetings and events [30][31] - The company anticipates continued strong execution and significant new wins, with a preliminary expectation of 19%-21% revenue growth for 2026 [27][26] - The integration of CWT is progressing well, with a clear path to achieving $155 million in net cost synergies [23][24] Other Important Information - The company has repurchased $54 million of shares year-to-date, reflecting confidence in the business's strength [22] - The leverage ratio is 1.9 times, remaining within the target range of 1.5-2.5 times [22] Q&A Session Summary Question: What are the expectations for corporate spending in 2026? - Management noted a cautious optimism for a slight uptick in organic growth, with a double-digit increase in forward bookings for meetings and events [30][31] Question: How will the SAP Concur relationship help in the SME segment? - The partnership is expected to accelerate SME growth by integrating Agencia into Concur Expense, providing a seamless travel and expense solution [32] Question: What is the current state of business travel demand? - Management confirmed an improvement in demand, with expectations for continued organic growth into Q4 [33] Question: Are there any technology advantages from CWT? - Management highlighted potential advantages in hotel space and travel counselor tools that could enhance customer value and productivity [34] Question: What metrics will be tracked for the new SAP Complete and Agencia T&E solutions? - Key metrics include growth acceleration, improved customer retention, and increased digital transaction share [39] Question: Is there potential for incremental synergies beyond the $155 million target? - Management expressed high confidence in achieving the $155 million in cost synergies, with potential for additional revenue synergies not yet included in forecasts [41]

Q3 2025 Financial & Operational Highlights - Q3 2025 saw a 23% year-over-year (YOY) growth in Total Transaction Value (TTV)[19] - Revenue increased by 13% YOY[19] - Adjusted Gross Profit Margin was 60%[19] - Adjusted EBITDA grew by 9% YOY[19] - Free Cash Flow reached $38 million[20] - The value of new wins over the Last Twelve Months (LTM) totaled $3.2 billion, excluding CWT[20] CWT Acquisition & Synergies - The acquisition of CWT closed on September 2, 2025, adding approximately $700 million in acquired revenue[19, 26] - Net cost synergies of approximately $155 million are expected over 3 years[27] - Synergies of approximately $55 million are anticipated in 2025/2026, with $5 million in 2025 and an incremental $50 million in 2026[28, 47] SAP Concur Strategic Alliance - The alliance with SAP Concur offers access to a vast customer base, including 98 out of 100 of the world's largest companies and approximately 80% of SAP's customers being SMEs, with over 104 million SAP Concur end users[30] SME Opportunity & Egencia - The estimated total travel spend for SMEs in 2024 is $834 billion, with $625 billion of the global SME segment being unmanaged[32] - Egencia's LTM TTV is approximately $8 billion, with approximately $2.2 billion in LTM SME New Wins Value, and a customer retention rate of approximately 95%[34] FY 2025 Guidance & FY 2026 Expectations - The company raised its FY 2025 revenue guidance to $2.705 billion - $2.725 billion, an increase of approximately $227 million due to incremental revenue from CWT, representing a 12% YOY increase[49] - Adjusted EBITDA guidance for FY 2025 is $523 million - $533 million, an increase of approximately $5 million due to CWT synergies execution, representing a 9%-11% YOY increase[49] - Preliminary expectations for FY 2026 include revenue growth of 19%-21% and Adjusted EBITDA growth of 16%-22%, reaching $615 million - $645 million[52]

Core Insights - Boundary Creek Advisors LP disclosed a new position of $22.91 million in Global Business Travel Group, marking a significant portfolio shift [1][2] - The fund's new stake consists of 2,735,449 shares, representing 100% of its reportable U.S. equity assets under management as of September 30, 2025 [2][8] Company Overview - Global Business Travel Group has a market capitalization of $3.81 billion and reported a revenue of $2.44 billion for the trailing twelve months (TTM) [4] - The company recorded a net income loss of $57 million for the TTM [4] - As of November 7, 2025, the stock price was $7.96, reflecting a 0.63% increase over the past year, underperforming the S&P 500 by 18.16 percentage points [9][11] Business Model - The company operates one of the largest B2B travel platforms, providing integrated travel, expense, and event management solutions for corporate clients [6][10] - It connects buyers and suppliers through a marketplace model, facilitating booking and management services for enterprise customers [10][14] Recent Performance - In the second quarter of 2025, Global Business Travel Group reported a 1% year-over-year increase in topline sales to $631 million, while adjusted EBITDA grew by 4% year-over-year to $133 million [12]

By Manya Saini (Reuters) -Navan's shares started trading 12% below their initial public offering price on Thursday, as the travel technology company faced choppy market conditions amid a prolonged U.S. government shutdown. Momentum in the U.S. IPO market, which ​had picked up pace in the second half of the year after a years-long lull, stalled at the start of October when the U.‌S. markets regulator furloughed staff and paused the review of filings. The Securities and Exchange Commission later eased res ...

Financial Data and Key Metrics Changes - The company achieved over €500,000,000 in adjusted EBITDA over the last twelve months, with adjusted EBITDA growth of 4% to €133,000,000 and an adjusted EBITDA margin expansion of 70 basis points year over year to reach 21% [4][10][22] - Revenue for the quarter was up 1% year over year, reaching $631,000,000, which was above guidance midpoint [10][20] - Free cash flow generated in the quarter was $27,000,000, although it declined year over year due to one-time elements from the previous year [22] Business Line Data and Key Metrics Changes - Total transaction volume increased by 1% on a workday adjusted basis, with total transaction value (TTV) growing 3% to $7,900,000,000 [9][10] - The company reported a high customer retention rate of 95% over the last twelve months, with total new wins value reaching €3,200,000,000, including €2,200,000,000 from SME customers [5][10] Market Data and Key Metrics Changes - Transaction growth in The Americas reached 2% in May and June, while EMEA transactions improved dramatically to 3% during the same period [13] - Air transactions stabilized in May and June after a decline in April, with hotel transactions showing a 4% growth in May and June, outpacing air transactions [11][12] Company Strategy and Development Direction - The company is focused on efficiency gains and driving operating leverage, with a strong emphasis on increasing hotel revenues and digital transactions [12][21] - The pending acquisition of CWT is expected to create significant value, with anticipated net synergies of approximately $155,000,000 over three years [8][39] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic uncertainty impacted demand in April but improved in May and June, leading to confidence in the demand environment moving forward [10][11] - The company raised and narrowed its full-year 2025 guidance, expecting revenue growth of 2% to 4% year over year, with a midpoint of $2,488,000,000 [25][26] Other Important Information - The company has nearly $1,000,000,000 in available liquidity and plans to initiate a stock repurchase program under a previously announced $300,000,000 authorization [7][29] - The acquisition of CWT is valued at $540,000,000 on a cash-free, debt-free basis, with a portion of the consideration funded through cash on hand [9][28] Q&A Session Summary Question: Will ongoing share gains continue in the second half of the year? - Management confirmed that continued share gains are expected in the second half, driven by increased sales and marketing investments to accelerate net new wins [33] Question: Do you have visibility into CWT's 2025 performance? - Management stated that detailed information about CWT's financial performance will be available post-close, with an update expected during the Q3 results announcement [37] Question: What drove the deceleration in APAC? - The deceleration in APAC was primarily driven by Australia, influenced by the timing of tariffs and the mining vertical [42] Question: Are the declines in April recoverable? - Management indicated that the declines in April were due to macroeconomic uncertainty and not necessarily recoverable, as companies became more confident in planning in May and June [45]

Financial Data and Key Metrics Changes - The company achieved over €500,000,000 in adjusted EBITDA over the last twelve months, with adjusted EBITDA growth of 4% to €133,000,000 and an adjusted EBITDA margin expansion of 70 basis points year over year to reach 21% [4][11][22] - Revenue for the quarter was up 1% year over year, reaching $631,000,000, which was above guidance midpoint [11][20] - Total transaction value (TTV) grew 3% on a workday adjusted basis to reach $7,900,000,000, driven by transaction growth and higher average ticket prices [11][22] Business Line Data and Key Metrics Changes - Total new wins value reached €3,200,000,000 over the last twelve months, with €2,200,000,000 from SME customers, and a high customer retention rate of 95% [5][11] - Air transactions stabilized in May and June after a decline in April, while hotel transactions grew by 4% in May and June, outpacing air transactions [12][13] - Transaction growth for global multinational customers was up 3% in May and June, while SME customers saw a 2% growth, a significant improvement from April [12][14] Market Data and Key Metrics Changes - Transaction growth in The Americas reached 2% in May and June, while EMEA transactions improved dramatically to 3% [14] - The company noted that industries with greater exposure to tariffs, such as mining and oil, continued to see slower demand, while technology and financial services showed strong performance [15][17] - The meetings and events business is performing well, with an anticipated 5% year-over-year increase in the number of meetings in the second half of the year [17] Company Strategy and Development Direction - The company is focused on efficiency gains and driving operating leverage, which is reflected in flat adjusted operating expenses and strong margin expansion [4][22] - The pending acquisition of CWT is expected to create significant value, with an anticipated $155,000,000 in identified net synergies over three years [6][9][40] - The company plans to accelerate share repurchases and maintain a strong balance sheet post-acquisition [7][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the improved demand environment, noting that macroeconomic uncertainty seems to be moderating [16] - The company raised and narrowed its full-year 2025 guidance, expecting revenue growth of 2% to 4% year over year, with a midpoint of $2,488,000,000 [25][26] - Management indicated that the second half of the year is expected to show continued share gains and improved transaction growth, particularly in the SME segment [34][35] Other Important Information - The company has nearly $1,000,000,000 in available liquidity and has reduced net debt, with a leverage ratio of 1.6 times as of June 30, 2025 [6][23] - The acquisition of CWT is valued at $540,000,000 on a cash-free, debt-free basis, with $50,000,000 of shares to be issued to CWT shareholders [9][10] Q&A Session Summary Question: Does the ongoing low single-digit FX neutral revenue growth underwrite ongoing share gains? - Management confirmed that continued share gains are expected in the second half of the year, with increased sales and marketing investments to accelerate net new wins [33][34] Question: Do you have visibility into CWT's 2025 performance? - Management stated that detailed information about CWT's financial performance will be provided post-close, with an expectation of $155,000,000 in net synergies over three years [39][40] Question: What drove the deceleration in APAC? - The deceleration in APAC was primarily driven by Australia, influenced by the timing of tariffs and the mining vertical [44] Question: Are the declines in April recoverable? - Management indicated that April's weaker transaction volumes were driven by macroeconomic uncertainty, and those transactions are not necessarily recoverable [47] Question: How are July trends looking? - Management reported positive trends in July, consistent with guidance for the second half of the year, but emphasized the importance of September for Q3 volumes [52]

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]

Financial Performance - Q1 2025 Adjusted EBITDA increased by 15% year-over-year to $141 million[19, 23] - Q1 2025 Free Cash Flow increased by 9% year-over-year to $26 million[19] - Q1 2025 revenue grew by 4% year-over-year on a constant currency, WDA basis (2% reported), reaching $621 million[19, 23, 38] - Adjusted EBITDA margin expanded by 260 bps year-over-year in Q1 2025[19, 35, 38] Business Growth and Customer Retention - Last Twelve Months (LTM) Total New Wins Value accelerated to $3.2 billion, including $2.3 billion from SME[19, 30] - The company has a 96% LTM customer retention rate[19, 30] - Digital transactions grew by 5%, with 81% of transactions processed through digital channels[34] Financial Outlook - Q2 2025 revenue guidance is between $615 million and $635 million, with a midpoint of $625 million[52] - Q2 2025 Adjusted EBITDA guidance is between $125 million and $135 million, with a midpoint of $130 million[52] - Full-year 2025 revenue guidance is between $2.38 billion and $2.48 billion, with a midpoint of $2.43 billion[56] - Full-year 2025 Adjusted EBITDA guidance is between $480 million and $540 million, with a midpoint of $510 million[56] - Full-year 2025 Free Cash Flow guidance midpoint is $140 million[59]

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]