GBTG - Earnings call 4 2023 | Global Business Travel Group, Inc.

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Operator

Good morning, and welcome to the American Express Global Business Travel Fourth Quarter and Full Year 2023 Earnings Conference Call.

As a reminder, please note today's call is being recorded.I'll now turn the call over to the Director of Investor Relations, Jennifer Thorington. Please go ahead.

Jennifer Thorington

Hello, and good morning, everyone. Thank you for joining us for our fourth quarter and full year 2023 earnings conference call. an our release, website issued on is we and sec.gov at morning, earnings which press available This investors.amexglobalbusinesstravel.com. and would GBT A prepared slide certain macroeconomic expectations Relations forward-looking Amex beliefs represent comments industry and about remarks, today's others. advise savings webpage.We Investor or is also statements trends, that presentation, available acquisition on contain which our among like to accompanies future synergies, our including you that the cost events, may statements cause on results conference involve materially risks the forward-looking call. that from uncertainties All differ actual and to statements today's made and More net issued is adjusted EBITDA information as debt. on other we these and and operating and certain adjusted morning margin, be in other SEC release such free risks non-GAAP earnings also adjusted today's cash measures, flow call, uncertainties will EBITDA, our EBITDA, our expenses, filings.Throughout contained this presenting financial certain to today's All been have references such adjusted measures during non-GAAP items. financial call exclude to measures the this Definitions for Financial presentation of of our Chief with and the are terms and materials and non-GAAP me these comparable in most Officer; Paul Williams, earnings Karen and in supplemental Chief Abbott, are measures Officer. our release.Participating reconciliations available the today GAAP Executive directly is Eric and joining the session I our the Paul. Q&A Also of call Chief Legal turn for Officer Global now Bock, today Head will that, M&A.With over to Paul?

Paul Abbott

million, of delivered doubled and We gains margin again we for EBITDA fourth share revenue year-over-year. $XXX quarter our focus once on thank financial and by joining nearly $XX Jennifer. XXXX adjusted fourth you, expansion.In you everyone, year earnings to million quarter, our of Thank call. and Welcome results generated which and full the continued outstanding driven

Xx the in customer up large record the in is year start year-over-year continued in results SME for XXXX. $X.X to issued new of with driving share demonstrating million.Strong this $X.X software leverage total on wins our This nearly includes adjusted demand focus value finished wins, services reported record billion financial our XX% profitable revenue Our billion of year we segment.Our of $XXX evidenced a XXXX and with EBITDA the guidance results. new up We a leading clearly resulted operating and strong a full above gains. progress at year-over-year of continued

to the an increased to growth For that year-over-year.Finally, operating year, revenue and adjusted EBITDA expansion provides drove free our X% drive of and expenses opportunities important XX additional compared significant the for full we our in XX% positive milestone company just flow us invest evolution margin shareholder is points returns. cash percentage to growth, adjusted with

rapidly are strategy interest to expense We deleveraging, results. S&P Global.In deliver XXXX, continued outstanding our resulting credit in and from upgrade and financial we reduced X-notch a rating execute

strong demand Revenue transaction transaction transactions Full share for grew gains. and $X.XX for is up increased strong driven momentum 'XX by driven our for growth increased our by demand reach TTV by clearly transactions, international mix key XX%, XX% with to in of year year, increased metrics.Starting and the strong TTV Our driven by growth. was bookings. billion the an up financial services. operational evidenced travel and by products business professional and full were and our XX%, growth

strengthen increasing while outpaced EBITDA transactions relatively as in were on trends industry up in hotel our focus year well reflects strong as intentional XX% faster up transactions XX%, trends our detail, hotel even focus hotel regional leverage the at and Full $XXX stronger our growth margin to EMEA. XX% operating which value resulted basis, XXX% saw XX%, continue adjusted on XX%, increased SME Finally, at focus This the expansion customer providing growth our our XX% air on we to were was up looking from growth driving transaction and in of million.So were volume Americas, XX%. on growth attractive were Domestic multinational transactions here in this and 'XX was more bookings a transactions supporting in up growth international segment. global with in content display, customers, SME of XX%.Growth more as customers transactions. choice.Finally, more our we

Asia Pacific benefit significantly as delayed XX% from growth region. recovery this higher we a was at saw the in

to And gain so to Amex and GBT grow share. continues

factors: peers first, Our performance; our diverse second, to demand base.So very the revenue customer highlights. business for new services and wins and by driven business is versus our is This and the our events meetings travel premium performance increased major favorable. commercial turning from strong travel, and X

gain wins new We in share billion $X.X total continued to of and XXXX. reported record

the our X than previous XX%, year. percentage was Importantly, customer retention higher point rate

Our biggest SME approximately of the segment, $XXX spend. represents remains customer which travel growth in billion opportunity

SME our already of in not currently more a managed and in services travel customers the are recognizing travel managed of and in managed is We a but program.As segment, XX% leading more this a leader this our value progress are demonstrates, opportunity clearly professionally software and program. travel

than end-to-end of Over and a Neo, drive savings. As through This digital machine-learning unmanaged We XX% bookings to business highlights. $X.X X now platforms, that software XXXX wins our and to product and us on automation, this, and AI 'XX percentage of for record digital and savings Developing our come from who the has a improve previously are to is leverage exited enables our billion, mix new SME that year-over-year. new own coming own with our in of come Neo is approximately solutions software XXXX.Moving our result, cost our XX% points Of the and Egencia. through our up customer channels. looking Egencia to service, control experience for totaled XX% technology the unmanaged higher wins transactions platforms, for provide. customers $XXX million

value to automation in XX% firmly transaction ours on significant through believe and AI. on like XXXX, XX% create growth have transaction In fact, companies growth we Neo Egencia.We and that stand

progress, travel integrating we and and And have new into dedicated increasing virtual in delivering We're NeoX finally travel.We we cards accelerate Express' opportunity book with and platform. creation experience. of and unique to we an combining As management broader manage And the their expense finance, our announced initiative announced both team management here the areas our a our This the services management, help the businesses. software and increase cost. savings and is and team X their have leading processes, spend, online American customer disconnected will the payment. cost experience procurement, recently and are expertise through customer also single to delivering AI solution. improve spend payments seamlessly engineering procurement, software we're And Express include And the a on extending indirect across new typically to and to we and to travel company automation, software new expense, expense integration savings customer we productivity combining next-generation an service, control role control workplace. travel our for of and the and into American beyond SME further by a focus services AI.The expenses organization, businesses yesterday, adoption important play improving important focused are these reduce

to businesses the hand financial before it American like to on detail partnership outlook. bring opportunity in through excited business to in discuss global leader value payments.And we now our a with over Karen to Express, to the results our are small about We of XXXX more this move NeoX more I'd to

Karen Williams

focus Paul, adjusted I've talked you, outstanding by my EBITDA. previously growing everyone. Thank and financial hello, and about on performance achieving revenue

leverage managing comes invest QX X financial with translates driving to operating progress all and priorities our into and this drive M&A.I and of cash it full are which to expansion key made in areas. sustained when Specifically, growth, importantly, and continued accelerating both strategic capacity and margin focused on flow year XXXX through really long-term these we generation, am creating happy the organically in performance,

margin fourth Our as We free million, Revenue long-term the was growth, results and positive earnings, turn of in focus to this, driving us we financial quarter. sustained on growth.So strong to $XXX detail. reached our substantially revenue let's top incremental more strong which guidance. triggering significant of now million are in to delivered testament our the performance end investments higher in flow $XX addition cash expansion at

drove our Solid revenue transaction momentum on growth growth. our yields and continued

QX, positive of and efficiencies, This net impact XX%.We to XX%.Before the we by continued our million high to supplier as in $XX operating XX% leverage we and basis, focus quarter, which marketing is specifically guidance year difference resulted point margin.And in growth. gain was generated X.X%. margin below QX seasonality operating a to new primarily cash point As EBITDA year-over-year transactions XX the out, X of was talk a revenue between resulted driven This the This of revenue saw prior our volume, flow sales provided and revenues.In and generating market turning increased are software in We recent QX free basis flow. billion, typical of achieved And by free recurring top XX% translated reach share. are above reached driven have expense quarter-over-quarter.This to continuing which free us. X% working QX different and and ratio a operating for net investments or than of by X% into year-over-year, growth sales travel by update area on full a the well about as adjusted phasing and on resulted of expanded as positive growth basis, XX, very or into for triggers. our driven EBITDA, mix, about positive XXXX.Our key annual EBITDA by initiative.Our then together, XX adjusted XXXX. year including was demand focus yield, initiatives HX EBITDA $XX revenue discussed adjusted reduction driving adjusted by cost-saving adjusted capital calls.On the a call company, to at This the end XXXX, international is cash growth, million. the strong $X.X full revenue points expenses on we evolution fourth TTV, guidance percentage growth our year-over-year specifically pivotal our adjusted versus margin of grew for a million leverage costs I revenue focus or to in our mix. cash TTV model a million expenses, points due working by the previous step XXXX. reminder, flow on actions, XX performance driven of operating last we adjusted flow quarter, a our up debt momentum revenue XXXX. QX growth in our we the making $XX our company. We December and percentage and lower and a I've optimization, our our to international EBITDA you XXXX $XX importantly, capital incentive a us of significant in by management, stood and XX in free net over have leverage revenue in grew at driven stronger AI. of critical Operational months prudent points grew December offset up of continue year this the very seen $XX XX% reach generation this as million measured incentives most represents we strong XXXX, up million engine, above now was divided at reduction more year-over-year in $X coming and look In by X.Xx. but growth revenue as revenue X.Xx platforms wins down a EBITDA of This is capital Egencia in year encourage working cash line and expense we timing let's fourth as talk X%, of which adjusted aided on initial XX%, percentage full XX%, This

expense discipline our sheet.And leverage from the later, momentum see X.Xx. rating debt additional This savings. term we is in And we the from performance, in very was we our in the reduction points me results total, deleveraging can chart million gave The recently XXXX as am our guidance. this who lowering slide, leverage cash July the B+ point to saw proof XXXX this to which interest going Xx, point a critical that you latest our QX in back into our a target by XX on to annual refinance Global our Paul we and of hear X reduction from outstanding opportunity further up upon interest our demonstrates S&P basis as ratio range off balance are rate rate upon continuing Ratings, will reduction.And you upgrade option on importantly, And X.X down in basis to As triggered a flow.I and points to further expense. positive of XXX how to based step now recognized interest our ratio momentum in speak credit us to third, an drove rolls wrapping of down, approximately basis drives have this X-notch reduce now loan. XXXX, have interest on $XX momentum reduction with based noncore before to turn our our XXXX rapid to XX is

Paul Abbott

you, Karen. Thank

hotels, and think ahead. model industry-leading that returns financial positions stable more stable growth XXXX to level heard from into growth the for of this in we about I You've more environment? industry-leading have in I'd industry stable beyond. in us How our now we a our already and deliver returns environment by the Now model how airlines, to OTAs like that our year to built the in sharing want settling beyond. XXXX powerful model is financial can more financial a start growth.The turn attention

to as decades in take EBITDA above customer growth for the XXXX. business stable several done adjusted we premium prior to consistently growth the has to this XX% to We expect in And environment from pandemic. me demand base our build.First, travel you let GDP deliver grow it expect through XX%

and share Second, we market, gain growth significant expect large runway continue growth in to have revenue a fragmented a we of ahead deliver for to industry. very and the

to XX% benefiting expected Third, adjusted margin focused increased disciplined structure cost a EBITDA and expansion. productivity is XX% growth, margin expansion. leverage and drive on to Operating scale.We're from

transactions delivering in digital acquisition. to continue AI, channels, and We synergies more automation investments more and to the further shift Egencia making the on and from

significant environment, we've that industry deployment. more even is of after a of more efficiency growth reached and in and our training hiring shift gains, driving recovery.Fourth to stable focus towards Now we response years can capital productivity X

opportunities. a free growth We now the fund moment flow incremental where have in can cash reached business our pivotal

EBITDA Our and growth, cash reduction from free is accelerating, flow expense working restructuring our significant thanks deleveraging management. a interest lower prudent to expenses, in capital

customer hold up Morgan work, the that model. poll have XXXX. meetings in -- M&A to outlook XXX steady and to in can meetings of world, most organic becoming top corporate increased the ground There market XXXX, free percentage a forecast, currently accretive here events part positive firmly According cash in global and business and and organizations versus events feel opportunity together has growth can and in data synergies in that expect financial a for stable to spend events flow previous XXXX.Forward-looking we shows the we to robust.First, M&A investments.And many we of ahead, interactions the professionals to quarter's points. is trend, to customers attractive industry the inorganic delivering is a buyers more has show it that be a travel our where Now events more expected from events demand few remains on recent looking own is and focus and in record large business respondents approximately positive and our robust. surveyed increase teams over budgets or fragmented the meetings are survey further accelerate we as travel are in growing since the necessity. around XXXX. face-to-face are meetings beneath own increasing hybrid of proven travel bringing XXX X with to X remain sentiment is budgets important.So on and travel say through client growing, XX% shift demand and and remote our track scale meetings I a us financial growth X% recent sentiment external finally, points significant even GBTA's travel customers regularly want XXXX. that year more your our and expect most XX% shows up percentage attention experts also at business to spend our same embracing increase distributed expect period survey and XXXX our that in draw shows travel point more spend expecting the clients our With survey corporate to a of Stanley's improved XX% X% this of supports travel by model,

X% guidance the positive capacity ever issued XXXX.So growth Finally am for for I to in airlines than more here, one future. X% of U.S. largest our in summary,

that in now continued turn our confident XXXX it gains, share of will profits margin once growth again be to and XXXX capital over to our are We and strong year Karen and flow framework. allocation expansion.I'll cash another provide guidance

Karen Williams

Paul. Thanks,

XXXX We and adjusted leverage growth flow to And so above guiding to let's which even operating of year $X.X growth cash X% turn believe into billion, can billion to revenue growth X%. accelerate revenue free industry to EBITDA represents higher $X.XX full generation.We are our of guidance.

As has travel of environment a stability. demand reached described, Paul point the

to XX% guidance million on single-digit range revenue new This X million. growth top XXXX, very we the as our realize sales percentage marketing this reach that of and it to enterprise.Finally margin accelerate platform in continue note As reflects to and will significant some driving future we $XXX cost margin benefits leverage net XX% of XXXX continued a growth And we driving is gain EBITDA approximately we of carryover basis scales additional within a X XXX expected benefit investments of continue adjusted adjusted to X free expansion which in $XXX is critically, important XXXX. of EBITDA XXXX to productivity growth.As percentage focus will discussed, our to expect XX% On of strong our to particularly are full our generation year to and to to from AI.In focused growth operating significant this, of expansion, XXX of XXXX. to of from our margin additionally incremental growth, same-store points of wins contribute such, to points we in our positive to expect to revenue cash transformation flow margin in our software we contribute net share, in initiatives and engine, expansion the XX%. and sales expect strong on points

free deleverage we targeting step-up of the you flow are have million We the we on flow and EBITDA stabilized continued capital means is longer it to in expense the adjusted benefit EBITDA. call, we expect of no level more a of quarterly reached free by I the as through going in will in flow. than working growth, This cash free a and conversion presentation.Now than adjusted double significant I'm the to approximately lower our from details XX% provided appendix walk cash flow of XXXX or more the of we Egencia XXXX cash $XXX review earnings guidance. free providing interest that costs, strong restructuring our reduction cash this of driven to demand initiatives.While This generate growth not integration encourage be industry, travel

earnings of seasonality quarterly presentation also have our appendix help models. you in historical your details the we provided with to However,

be this as company EBITDA We was allocation, this flow cash accelerates similar we a to so year.And a turned XXXX. moment last free pivotal about seasonality and as to capital and revenue us year thinking of for expect in positive, the XXXX adjusted

drive much on and allocation generation Our returns. now reinvestment capital focused to growth, shareholder cash framework very is

free XX% flow cash Our first longer-term a with to XX% EBITDA. is cash accelerating of target adjusted priority of generation

medium range, we X.X than EBITDA deleverage, on target adjusted focus is and now the organic operating this XX% lower and continues expect GDP GBT above targeting and expect of travel and excited net we And we long positive we Amex strong margins.Third, sheet. leverage, XXXX. growth beyond? Second, over to flow we opportunity look is last free to a for revenue to interest expected expense earlier, the the to savings. investors AI why balance of to look reflecting an even GBT XX% as leverage term. further or share.Second, to to our I up, top range our opportunity long in have our X.Xx are at said continue to and things our And after adjusted term, win focus debt previous M&A.So as Amex cash leveraging in automation third, and business to in expand be debt And over gain on XXXX to year's to EBITDA outperformance about wrap high-return stabilizes accelerating we On refinance productivity accretive growth, more will deliver as we First, should inflection. invest new growth this,

accelerating sustained evolution joined can our and are long-term ahead line. Paul M&A. open and Finally, to organically Operator, is the cash Chief we Global Q&A. and through Officer growth please flow and Legal of supports and I by positive investment Eric now our Head go who into move Bock, in accretive M&A.So

Operator

Duane First question comes Evercore Instructions] Pfennigwerth with ISI. [Operator from

Duane Pfennigwerth

here recovery. the the since in Maybe maybe sitting to have on continued business sequential geographies business early that pickup or fully the improvement? March remain we're on speak into please verticals continued first, the here quarter? Can travel first trends could the into you March, touch committed showed I airlines quarter. that building mean the industry just and you noted And biggest travel to

Paul Abbott

a Thanks, seeing before. remain with APAC as sure. outpace what hotel. air U.S. and shared The the pretty Yes, outpacing still still region trends We're actually we've Duane. consistent Europe. We're seeing

I X So those say the would main trends. are

and think the as a we global. which see to look of ahead I part second the XXXX, was multinational been will your I I of growth of some see have But to We SME continuing outpace trends. continuation think question,

a APAC one and narrowing will And going outpace like, sector become the our and start we outpace we multinational to if think more to we we'll air.I think hotel average this consistent are to into in would the And I of see think quarter. pickup point, seen increases growth that your technology continue XXXX. I some seen just particularly But other price. we presentations. XXXX, in as significant multinational in think to more, services. moderate But and think, a the we're see average between call rate think going out We of have other to see global do in as global last ahead in I we I first certainly, professional the pretty global in U.S. multinational remain Europe. We've we continue SME in are to referenced gap, look a to daily much through you in I going ticket also because and think a XXXX, consistent.The see I saw segment, go going and to the airline trends December was the to XXXX. and the certainly I that's pickup, know do SME

growth the to to transaction sales expecting we're in X So X of ahead. be year ahead points our

So those Duane. out, are pick I'd the key trends

Duane Pfennigwerth

And then just follow-up. for a maybe

integration maybe You curious XXXX? nothing side, supplier the anything top it And like and priorities there's strategic. about maybe touched on there, the development on reality X side, the you can feel But integration top with your if or talk you be maybe there's I'd X on maybe supplier priorities, but into productivity. is AI

Paul Abbott

management sure on make in and really to got the 'XX most is our to marketplace we've to in continue us the I key Yes. of comprehensive of for competitive supplier mean, side and the most And content. one invest focus of certainly, leveraging continue of the different and areas the so display to made and multiple for is priority investments content from to in our through access integration XXXX. enables platform, our that sources which content bring content supply we've in key all us content a channels.And

live our through I'd on of at As software NDC. are is We're Neo know, with you through our different now to in either out working third-party we both hotel part that would content airlines NDC on and expect, say and GDS integrate each XX XX% come rolling Egencia.As development. a NDC, Around is or continue the management hotel of actually are airlines now stage not hotel you airline But platforms, that. side. our we integrations with from NDC transactions of platform. API supply content the piloting

So offering competitive the and the yes, travel. continue of for us to to deliver the we we'll in comprehensive, content most to ensure continue we're valuable area that investment an be most marketplace important that most

Operator

turn Kaplan to Stanley. Toni now Morgan We with

Toni Kaplan

I wanted services to that the during ask the about on professional products quarter. and performed how

didn't I normally think we we see do. the split

you out? And decided drivers you could that and take some of give the so if to why just

Karen Williams

trend continued performance the a for seeing much it been question. Toni, we've the from Thanks, We and meetings -- our [ that ] of in perspective, through year, events trends business. line was with very in terms the strong

and We will come in take an that out action in terms of your question terms of breaking not back.

Toni Kaplan

Have any that is a slowdown outlook? you impacted impact and the just how then and And on follow-up you're thinking how about question. from -- it geography seen in the Great. China how your 'XX Okay. it

Paul Abbott

We Toni, is the joint is venture China a us. a market, volumes. actually Yes. don't for consolidate market

So our from won't an impact see that numbers. in you

actually though, And in pretty is it it. robust, business small part of I a as we remains domestic our business. consolidate don't but China, Our said,

not you're an XXXX to So our going in from see impact outlook. that

Operator

Our next question comes from Christiansen with Peter Citigroup.

Peter Christiansen

Nice if can I'm was BXB management And frame it the help curious as working in solution current it SME this -- if of Paul, your with opportunity relates launch relates of clients. capital as uptake your you guess, any clients, could there. I on could improve potential the base payments also to trends I you wondering way, if here. Amex, to some

Paul Abbott

and a important and management launched the very because but stepping platform, it's spend been very, an have product of the parallel integration that Amex functionality we we've we've been a pleased who the launch it's with we it platform. life.But NeoX, those feature in to a aren't brings with aware lot we're of Amex results, with excited announced NeoX about all-in-one that is Look, really acquisition payment of the U.S., just Yes. back for working with the the and yesterday. very in U.K.

across So travel and And add in to customers card for now their what our solution. indirect all employees that as because of definitely and book well.I can the that is a our course, enables multiple and because eligible NeoX, method of they the it's have do the really mean, -- indirect the it issue do solution and as is manage But Express we've that, and manage our the own payments.So to both that budgets set time, platform, a travel setting travel to just it manage with our on controls to channels our platform.So turnkey essentially things through for platform, on American them forward payment account improve same are spend corporate then the ability that place and one through preferred payment immediately and also And their can we've channels enables to working on and are simply in and businesses implement also NeoX management is of the point that that's capital, authorized business looking marketing their SaaS to added partner looking capital helps sales spend really virtual expenses, spend payment you expenses. to the solutions enables with then them can payment they SME we one the working It cards very and been all across Express of that increase Neo company, to it is all-in-one also doing yes, now at it companies business working use attractive powerful American it in procurement procurement. your card, have through or customers we policy turnkey or customers. to Amex performance. and businesses to want don't to to really, and into integration can very platform, for to know they really important

the software can So payments and more the it the working with we that our capital. NeoX more more build, that solutions scale improves in scale we

Peter Christiansen

vertical as client helps also it well. a back imagine to just quick I'd had stickiness follow-up, exposure. I

technology during I of deepest your been clients, it the know relates as contraction an the specifically that's that curious, pandemic. of some area Just saw to some

trends talk you that could over Just the of year? the vertical particular next that some evolving you how and curious if underlying about with see

Paul Abbott

to and QX. technology QX pleased -- pickup growth the in had see we're we've Yes, vertical, the into within double-digit

positive I through have. that just reflects we sign. level many the And of with of trend clients in continuing the large high I 'XX. think we the see that it balance think that confidence technology that's a So And and do sector of

Operator

to Bank. Lee We Instructions] turn [Operator with Horowitz now Deutsche

Lee Horowitz

focusing Great. year I guide bit more. on full the a mean

relative of no it for suggest travel GDP is recovery algo. XX%. that So back of recovery 'XX tailwinds sort sort plus seems business probably you're biomass and more transaction the growth type there's to perhaps left settling broadly into to The GDP -- sub

some So not recovered perhaps, recovery say, to comment industry fully the levels? industry ongoing benefit now, why at expect dynamics? below And why the sort do from we of something can you let's is XXXX

Paul Abbott

recovery that is the earnings the will is when last forward quarter Trying quite a it's growth at I a of identify new Yes. frankly. what I've we're to we to that did X Lee, I looking said art are more now relates above way years that plus see that frankly we events an that from industry GDP than going science, old, now mean, this our wins. just think

points, X we we'll grow what gains industry the think on growth next X see will industry points to been that. will tried see be that share the months. of of pretty XX somewhere and is we top we've we've I to what level put is will So saying again, the X over think do And transparent in the around then between consistent of

think I growth.And frankly, XXXX, environment that So model. lower I highlight things, year is the XX% environment I of growth, a is it.What that about adjusted about is growth. is would where because EBITDA that's we're that that that I of even we think deliver successful one And because it higher have exciting our think able advantages how think, in our is do to excited highlight will to what of, an we more how the model XXXX it inflation, think say where will I growth, there GDP also about normalized XX% is in we're stabilized

adjusted growth. to XX% deliver XX% EBITDA will We

generation free margins points. interest grow EBITDA and with expand $XX double Our to forecast from expense. reducing basis adjustments going and XXX million integration to continue around we're the XX% going to restructuring, of flow to of cash to the is XXX underlying for business, coming We're more than by

So I think we to above-industry environment. really stable deliver demonstrate should opportunity look returns more a growth at XXXX model as an how our in can

Lee Horowitz

customer of meaningful products. to time line both your of transforming to you've which as side maybe the coin early aggressively you meaningful sort seen year the to your Can so that there terms your the costs expect and perhaps see out perhaps on talk you you generative in into on and customer-facing some wins either the of business more technologies? either or in Great. And cost lean maybe or experience next then to Gap]Opportunity of taking business base AI of returns remake one[Audio

Paul Abbott

you. Yes. thank Look,

is both opportunity automation. the I in But for machine and our and XX% think several the results in still automate got our our difference own Neo expertise and and have is, generate through transactions of own XX% years that in platforms We the that are organization. make digital opportunity. software strong because We've our our have by and And got to to to we've AI expertise drive the the what costs using key come expansion.So been business drive servicing learning efficiencies point of people a here AI we also for to margin of Egencia. the me our here. terms deliver we we channels. expertise I significant through and mean

in AI generative is And of AI in a product productivity.We of that. AI our our order we've our our and margin for part important cost efforts We efforts. And and we to X-year plan teams. reduction and expansion significant see engineering in cases have organization use platform the our those cost amount finance are and identified proven significant and areas that a where also an improve for initiative really take out costs have

the So expansion business in go from results those we 'XX, you're through of 'XX going the and initiatives show the to 'XX. margin see as

Operator

final our remarks. for back I concludes to now CEO, will This Abbott, Paul hand Q&A.

Paul Abbott

Well, in questions. our strong team XXXX. thank like for just you customers, their In thank the the Thank for our to would I you. delivered Okay. results dedication closing, they to

be going Travel. us in Thank you year very for We is gains, are Business American profits margin Express and in Global growth strong confident and very continued joining today that Thank cash of your interest another you. to 'XX share flow continued expansion. much and

Global Business Travel (GBTG) 5 Mar 242023 Q4 Earnings call transcript