hello, and everyone. Paul, you, Thank
X details, financial my first GBT, I performance. my share CFO get it managing of key this want to Before our into the comes to priorities when I Amex is as given call
of a Firstly, key and for free revenues, achieving growing This cash a strategic outstanding area focus. remains adjusted has financial and GBT, flow. critical Amex results priority EBITDA by increasing growing been
continued to drive importantly, invest and growth. and And capacity sustained Secondly, finally, creating driving long-term margin improvement.
And the turn so let's now to highlights.
work to performance. fantastic team a hard across the thanks continued had our quarter, We to drive
EBITDA As strong delivered revenue Paul, we you heard and adjusted growth. from
as about continued We across in think result by quarter a were we higher QX yield. revenue our revenue higher priorities. in above the and driven of outperformance, you financial X performance, second saw volume momentum our As guidance
positive And very importantly, free flow. cash we returned to
delivered continue an net leverage ratio and all dollars with reduce eye margin the driving year-over-year improvement, incremental We allocating investment to growth. longer-term while toward our
detail. reach million. $XXX our This Looking results XX% more quarter to increased ahead was in guidance. at Revenue the of second
growth, ahead this which As percentage roughly also I our transaction was our X strong by points partially opening of expectations, my yield. by summary, our mentioned but in driven was
the TTV reached higher X.X% As QX. basis strong travel our revenue is yield as by our increased reminder, and in XX ahead driven such, incentives. a performance The of revenue And as measured [indiscernible] XX% year-over-year. expectations revenue also yield quarter was in points
whole. the TTV compared to to across encourage growth skewed revenue a at revenue is HX as and impact Note a the you there transaction year-over-year I phasing on somewhat that quarters growth. look
XX% meetings increased revenue Services with increasing Professional from and and management demand events fees. Products coming and
about Now expenses. EBITDA, before discuss we adjusted talk let's
Our grew cost increased adjusted were higher drove in operating expenses cost revenues of XX% Egencia partially business expense. the and XX%. Strong and in the revenue increased whilst resulted quarter, These savings by marketing investments technology and synergies. offset sales, growth in transactional
into expansion adjusted $XXX performance Adjusted delivering EBITDA adjusted year reached strong margin. full million second the points this translates and ahead pro EBITDA XXXX so, up margin of also quarter. percentage continued in forma and X the And performance XX%, was of margin EBITDA year-over-year notably margin
As the cash $XX the company the said flow. quarter pivotal we for comments, reached free in I with million positive in second moment my a opening of achievement in
and with a position the reported provided by improved This As in line result, flow in cash working seasonality we quarter. cash our we And last capital expected, capital as versus significantly volumes, outlined positive activities. working QX. detail operating is
free in XX to will pleased I material Egencia which call, initiatives, last realized months. than was capital the which over I some quarter, discussed largely say these our this next benefits flow the is our benefits what drive our positive drove and that earlier expected breakeven. have and we of am expectations really On ahead the working of cash
critical net proof Our a us as June company down significant debt of adjusted a is of by for last approximately is point leverage step momentum. and in ratio divided our This terms EBITDA as X.Xx XX. or a XX months
ratio points Additionally, reduction basis will loan XX reduction outstanding our leverage rate beginning drive in on fourth our term the quarter. in the interest
and Xx leverage By Xx XXXX to Xx than leverage our target net to year-end, less ratio. target we expect leverage of as continue
year-over-year Based of in second including our half remainder supported expect half year survey, growth their in their growth XXX travel on HX top for industry the be flat spend the versus spend customers travel by expecting XXXX, of solid of average, XXXX outlook the positive experts. our August our of and Our is customers XXXX. or to on our the customers in continued over XX% up second
services is and industrial, The the corporate financial corporate insurance of XXXX. highest with recent in growth second growth is And survey, expectations travel X% Stanley's expected across shows half services. most in travel for services, which X% Morgan aligned this and growth the expected communication XXXX,
turn to drivers, starting third let's so guidance And key with quarter and XXXX. of
$XXX to continue XX% deliver revenue and million $XXX X% the and our million, year-over-year for we the expectations given quarter built This to on second XX%. growth We is expect of revenue a normalize between and yield first as than to business. of growth slightly representing transaction lower seasonality around
operating adjusted our margin our the $XX driven to quarter, percentage points. announced X year-over-year are adjusted reorganization, EBITDA of which focus continued million by cost. relating third margin and in we expansion quarter X expect with operational trend in is We This adjusted expectations expenses the results XX% in to on this sequentially $XX million representing to to down efficiencies an EBITDA EBITDA reflects creating of January XX%, to in third for changes
provided on have year-to-date results and guidance. based We year QX updated guidance full our QX and our
As HX where business our HX increased, but is for seasonality to remember mentioned, HX. the than expectations it's of have important stronger our
transaction earnings of I our fourth of for refer would yield look a in you in at lower momentum aggregate. We quarter to growth in you HX line detail. and year-over-year of more with to in the in growth yield with to to growth QX XXXX. to growth Revenue understand the full our outperformance year expect supply strong due continue QX I the appendix expectations. encourage is transaction presentation
XXXX, translates revenue volume into guiding to and XX% as billion incremental As heard, million revenue expectation of midpoint performance, we in year revenue year our our between at confidence revenues our billion, growth. our which $XX This full momentum is increased yield on are you've full XX% focus we based strong now and $X.XX the of upon $X.XX to X.X%. This revenue previous HX guidance represents guidance.
the from on expect leverage realized as our cost and the the side, of revenue we remain we the synergies operational have we single-digit growth achieved demonstrates improved On cost expenses, reorganization. XX% in focused XX%. benefits to where versus operating growth model efficiencies, This
in year. We continue of a of to to half expect second accelerate cost savings driving the compared the to in reduction the the expenses year, half first
midpoint. million this EBITDA so at results of in $XX an And adjusted incremental the
million expect pull-through Now I a recognize that we revenue incremental would of typically $XX $XX of million. approximately on
our making quarter, last However, position. we delayed strengthen we as reduction. restructuring some has further to of product investments But impacted our are the European of our execution year which have mentioned and plan, the cost incremental the in technology phasing importantly, competitive of balance
$XX expect total, items impact. these million to In have approximately we X
adjusted are $XXX between We now $XXX to EBITDA million guiding year and million. full
are expansion. XX gains full XX expected to productivity year EBITDA leverage high Our and margin to adjusted operating points deliver of
the the positive flow higher half much during second We seasonality. year now stronger to anticipate due expect results cash which to We our previous guidance. a generating is QX margin at the XX%, versus QX with end in free of XX% of of
in working seasonality our working and leverage to of leverage ability our growth this to the optimization as continue ratio. target plan, capital our the capital confident Xx our to Xx and are target given We Egencia net deliver expectations,
created free cash invest our summary, expansion, adjusted We strong flow, financial quarter performance about in EBITDA revenue growth. trajectory. for capacity and delivered the second positive our significant some I ratio So net and am longer-term margin leverage to confident growth, the reduced
forward gains, travel, increase growth our in the Our for in reflected business and guidance. confidence continued strong SME expectations in underpinned and is our outlook share the by growth in
over to of the year. deliver balance the strong results We expect
Eric are of and Global joined Chief by Officer, into So we our the Head and move Operator, Q&A. who is Legal Paul ahead and Corporate now Secretary. please and M&A line. open I Compliance Bock, can go
