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## Global Business Travel Group, Inc. (NYSE:GBTG) Q1 2024 Earnings Call Transcript May 7, 2024

Global Business Travel Group, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details [here](#)).

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#### Operator:

Good morning. And welcome to the American Express Global Business Travel First Quarter 2024 Earnings Conference Call. As a reminder, please note today’s call is being recorded. I will now turn the call over to the Vice President of Investor Relations, Jennifer Thorington. Please go ahead.

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#### Jennifer Thorington:

Hello. And good morning, everyone. Thank you for joining us for our first quarter 2024 earnings conference call. This morning, we issued an earnings press release, which is available on sec.gov and on our website at investors.mxglobalbusinesstravel.com. A slide presentation, which accompanies today’s prepared remarks is also available on the Amex GBT Investor Relations webpage. We would like to advise you that our comments contain certain forward-looking statements that represent our beliefs, our expectations about future events, including industry and macroeconomic trends, cost savings and acquisition synergies among others. All forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the statements made on today’s conference call.

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More information on these and other risks and uncertainties is contained in our earnings release issued this morning and in our other SEC filings. Throughout today’s call, we will also be presenting certain non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted operating expenses, free cash flow, and net debt. All references during today’s call to such non-GAAP financial measures have been adjusted to exclude certain items. Definitions of these terms and the most directly comparable GAAP measures and reconciliations for non-GAAP measures are available in the supplemental materials of this presentation and in the earnings release. Participating with me today are Paul Abbott, our Chief Executive Officer; and Karen Williams, our Chief Financial Officer.

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#### Paul Abbott:

Thank you, Jennifer. And welcome to everyone and thank you for joining our first quarter 2024 earnings call. In the first quarter, we delivered strong financial results with continued share gains, significant margin expansion, and 24% adjusted EBITDA growth to reach the highest first quarter adjusted EBITDA in our company’s history. Total transaction value of TTV grew 9% in the quarter, and revenue grew 6%. Adjusting for fewer work days in the first quarter this year versus last year, growth would be 10% and 7%, respectively. These strong results were in line with our expectations and put us on track to deliver against our full-year guidance. Increased demand for our leading software and services resulted in continued share gains.

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