Global Business Travel Group Inc (GBTG) 2024 Q1 法說會逐字稿

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 Torrington. Please go ahead.

早安，歡迎參加美國運通全球商務旅行 2024 年第一季財報電話會議。提醒一下，請注意，今天的通話正在錄音。我現在將電話轉給投資者關係副總裁 Jennifer Torrington。請繼續。

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 our website at investors.amexglobalbusinesstravel.com. A slide presentation, which accompanies today's prepared remarks, is also available on the Amex GBT Investor Relations webpage.

大家好，早安。感謝您參加我們的 2024 年第一季財報電話會議。今天早上，我們發布了一份收益新聞稿，該新聞稿可在 SEC.gov 和我們的網站 Investors.amexglobalbusinesstravel.com 上取得。 Amex GBT 投資者關係網頁上還提供了幻燈片簡報以及今天準備好的演講稿。

We would like to advise you that our comments contain certain forward-looking statements that represent our beliefs or expectations about future events, including industry 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. More information on these and other risks and uncertainties is contained in our earnings release issued this morning and our other SEC filings.

我們想告知您，我們的評論包含某些前瞻性陳述，代表我們對未來事件的信念或期望，包括行業宏觀經濟趨勢、成本節約和收購協同效應等。所有前瞻性陳述都涉及風險和不確定性，可能導致實際結果與今天電話會議上的陳述有重大差異。有關這些以及其他風險和不確定性的更多資訊包含在我們今天上午發布的收益報告和其他 SEC 文件中。

Throughout today's call, we will 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.

在今天的電話會議中，我們將介紹某些非公認會計準則財務指標，例如 EBITDA、調整後 EBITDA、調整後 EBITDA 利潤率、調整後營運費用、自由現金流和淨債務。今天電話會議中對此類非公認會計準則財務指標的所有引用均已調整，以排除某些項目。這些術語的定義以及最直接可比較的 GAAP 衡量標準以及非 GAAP 衡量標準的調整表可在本簡報的補充資料和收益發布中找到。

Participating with me today are Paul Abbott, our Chief Executive Officer, and Karen Williams, our Chief Financial Officer. Also joining for the Q&A session today is Eric Bock, our Chief Legal Officer and Head of Global M&A. With that, I will now turn the call over to Paul. Paul?

今天與我一起參加的有我們的執行長保羅·阿博特 (Paul Abbott) 和我們的財務長凱倫·威廉斯 (Karen Williams)。我們的首席法務長兼全球併購主管 Eric Bock 也參加了今天的問答環節。現在，我將把電話轉給保羅。保羅？

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.

謝謝 Jennifer，歡迎大家，並感謝您參加我們的 2024 年第一季財報電話會議。第一季度，我們取得了強勁的財務業績，股票持續上漲，利潤率顯著擴張，調整後 EBITDA 成長 24%，達到公司歷史上第一季調整後 EBITDA 最高水準。

Total transaction value or TTV grew 9% in the quarter and revenue grew 6%. Adjusting for fewer workdays 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.

本季總交易價值或 TTV 成長 9%，營收成長 6%。根據今年第一季與去年相比工作日減少的情況進行調整，成長率將分別為 10% 和 7%。這些強勁的業績符合我們的預期，並使我們有望實現全年指引。對我們領先的軟體和服務的需求增加導致份額持續增長。

We reported new wins value of $3.3 billion over the last 12 months. This includes $2 billion of SME new wins, demonstrating continued progress with this large profitable customer segment. Our focus on driving operating leverage is also clearly evidenced in our Q1 financial results. Adjusted operating expenses increased just 2% compared to 6% revenue growth, and we drove significant adjusted EBITDA margin expansion of 300 basis points year over year.

我們報告過去 12 個月的新勝利價值為 33 億美元。其中包括價值 20 億美元的中小企業新訂單，展示了這個龐大獲利客戶群的持續進步。我們對提高營運槓桿的重視在我們第一季的財務表現中也得到了明確的體現。與 6% 的營收成長相比，調整後的營運支出僅成長 2%，而我們推動調整後 EBITDA 利潤率較去年同期大幅成長 300 個基點。

Our progress to positive and accelerating free cash flow remains an important focus for the company, providing us additional opportunities to invest in our growth and drive shareholder returns. We generated positive free cash flow of $24 million in the quarter, an improvement of $133 million year over year, and we continue to lower our leverage ratio.

我們在積極且加速的自由現金流方面取得的進展仍然是公司的一個重要關注點，為我們提供了更多投資於成長和推動股東回報的機會。本季我們產生了 2,400 萬美元的正自由現金流，年增了 1.33 億美元，我們繼續降低槓桿率。

Importantly, in the first quarter, we announced that we have entered into an agreement to acquire CWT. The transaction value of approximately $570 million represents a highly attractive post-synergy multiple of 2.5x adjusted EBITDA, including approximately $155 million of identified annual run rate cost synergies. This accretive transaction is expected to close in the second half of this year, will accelerate our growth, and create significant shareholder value. So our momentum continued in the quarter as we execute on our strategy and deliver strong financial results.

重要的是，在第一季度，我們宣布已簽訂收購 CWT 的協議。交易價值約 5.7 億美元，是 2.5 倍調整後 EBITDA 的極具吸引力的協同後倍數，其中包括約 1.55 億美元的已確定年度運行成本協同效應。這項增值交易預計將於今年下半年完成，將加速我們的成長，並創造顯著的股東價值。因此，隨著我們執行策略並實現強勁的財務業績，我們在本季繼續保持勢頭。

Starting with transaction growth, transactions were up 6%, driven by increased demand for business travel and our share gains. Please note, there was a negative workday timing impact of approximately 1 percentage point in the quarter, which will have an offsetting benefit over the balance of the year, largely in the second half of 2024. So on a like-to-like basis, transactions were up 7% in the quarter.

從交易成長開始，由於商務旅行需求增加和我們的份額成長，交易量增加了 6%。請注意，本季的工作日時間表受到約 1 個百分點的負面影響，這將在今年剩餘時間（主要是 2024 年下半年）中產生抵銷效益。因此，以同類基準計算，本季交易量成長了 7%。

Please also note transaction growth, which was previously reported on a gross basis, is now reported on a net basis to exclude cancellations, refunds and exchanges. This better aligns transaction growth with the way that we measure and recognize TTV and revenue.

另請注意，交易增長以前按總額報告，現在按淨額報告，不包括取消、退款和換貨。這更能使交易成長與我們衡量和確認 TTV 和收入的方式保持一致。

TTV grew by 9%, driven primarily from transaction growth as well as higher average ticket prices and higher hotel room rates. On a workday adjusted basis, TTV was up 10%. Revenue was up 6% to reach $610 million for the quarter, driven by growth in transactions, TTV, and increased demand for our products and professional services. On a workday adjusted basis, revenue was up 7%.

TTV 成長了 9%，主要得益於交易成長以及平均票價和飯店房價的上漲。按工作日調整後，TTV 上漲了 10%。在交易、TTV 成長以及對我們產品和專業服務的需求增加的推動下，本季營收成長 6%，達到 6.1 億美元。按工作日調整後，收入增加了 7%。

Finally, our focus on margin expansion and operating leverage resulted in adjusted EBITDA growth of 24% to $123 million. Solid transaction growth was driven by share gains and increased demand for business travel from our diverse and premium customer base.

最後，我們對利潤擴張和營運槓桿的關注導致調整後 EBITDA 成長 24%，達到 1.23 億美元。交易量的穩健成長是由我們多元化的優質客戶群的份額成長和商務旅行需求的增加所推動的。

Looking at our trends in more detail, which with workday adjusted here, so you can see the true momentum. The absolute growth was in line with our expectations. However, the shape was different. We saw relatively faster growth from global multinational customers compared to SME customers.

更詳細地了解我們的趨勢，並在此處調整了工作日，以便您可以看到真正的動力。絕對成長符合我們的預期。然而，形狀不同。與中小企業客戶相比，我們看到全球跨國客戶的成長相對較快。

Our first quarter global multinational transactions were up 11%, and SME transactions up 5%. In global multinational, we've seen very positive same-store sales growth across several sectors, particularly technology, up approximately 30% in the first quarter. We also saw double-digit growth in professional services, pharma, mining, energy, and utilities.

第一季全球跨國交易成長 11%，中小企業交易成長 5%。在全球跨國公司中，我們看到多個產業（尤其是科技業）的同店銷售成長非常積極，第一季成長了約 30%。我們也看到專業服務、製藥、採礦、能源和公用事業領域出現了兩位數的成長。

Our most recent customer survey shows that our top 100 customers now expect travel spend to be up approximately 8% in the full year 2024. This is an improvement of 4 percentage points versus the previous survey, and that's reflected in the strong Q1 trends.

我們最近的客戶調查顯示，我們的前 100 位客戶目前預計 2024 年全年旅行支出將增加約 8%。與先前的調查相比，這一數字提高了 4 個百分點，這反映在第一季的強勁趨勢中。

The percentage of clients expected to spend more on travel over the balance of this year has also increased by 3 percentage points. The SME growth has slowed by 3 percentage points over the last two quarters, largely driven by slower same-store sales. We believe this is being driven by higher interest costs and sustained higher inflation resulting in stronger controls on SME spending.

預計今年餘下時間在旅行上花費更多的客戶比例也增加了 3 個百分點。過去兩個季度，中小企業成長放緩了 3 個百分點，主要是因為同店銷售放緩。我們認為，這是由於較高的利息成本和持續較高的通膨導致對中小企業支出的更嚴格控制。

This is a broader trend with US SME customers that American Express also highlighted in their Q1 results. Domestic and international air transactions, both up 5%. Air TTV was up 11%, with very strong growth in US Air TTVof 14%. Growth in hotel transactions was 9%, which continued to outpace the 5% growth in air transactions.

這是美國中小企業客戶的一個更廣泛的趨勢，美國運通在第一季的業績中也強調了這一趨勢。國內和國際航空交易量均成長 5%。Air TTV 成長了 11%，其中 US Air TTV 成長非常強勁，達到 14%。飯店交易成長 9%，持續超過航空交易 5% 的成長。

This reflects industry trends as well as our intentional focus on increasing our volume of hotel bookings. As we continue to strengthen our hotel content and display and provide customers with more value and more choice. Finally, here on a regional basis, transaction growth was 7% in both the Americas and the EMEA. Asia Pacific continues to lead the growth rates at 13%.

這反映了行業趨勢以及我們對增加酒店預訂量的有意關注。隨著我們不斷加強飯店內容和展示，為顧客提供更多的價值和更多的選擇。最後，從區域來看，美洲和歐洲、中東和非洲地區的交易成長率均為 7%。亞太地區繼續以 13% 的成長率領先。

So turning to the commercial highlights, we continue to gain share, and reported total new wins of $3.3 billion over the last 12 months. Importantly, customer retention remains high at 96%. Our biggest opportunity remains with SME customers, which represents approximately$ 950 billion of travel spend. We are already a leader in managed travel in this segment, but 70% of this opportunity is not currently in a managed travel program.

因此，轉向商業亮點，我們繼續獲得份額，並報告在過去 12 個月內新贏得的總金額為 33 億美元。重要的是，客戶保留率仍然高達 96%。我們最大的機會仍然是中小企業客戶，他們的旅行支出約為 9500 億美元。我們已經是該領域管理旅行的領導者，但目前 70% 的機會並不屬於管理旅行計畫。

As our progress clearly demonstrates, more and more SME customers are recognizing the value of our leading software and services on a professionally-managed travel program. As a result, SME new wins over the last 12 months totaled $2 billion.

我們的進展清楚地表明，越來越多的中小企業客戶正在認識到我們領先的軟體和服務在專業管理的旅行計劃中的價值。結果，過去 12 個月中小企業新贏得的金額總計 20 億美元。

Moving on to our product and technology highlights, 79% of our transactions came through digital channels in the first quarter. Over 60% of the digital bookings now come through on our own software platforms, Neo and Egencia. In our Neo1 Spend Management platform, we saw 10% growth in customer count in the first quarter. Our recently announced partnership with American Express to integrate virtual cards into Neo1 is also gaining traction.

接下來是我們的產品和技術亮點，第一季我們 79% 的交易來自數位管道。現在，超過 60% 的數位預訂是透過我們自己的軟體平台 Neo 和 Egencia 完成的。在我們的 Neo1 Spend Management 平台中，我們看到第一季的客戶數量增加了 10%。我們最近宣布與美國運通合作將虛擬卡整合到 Neo1 中，也引起了人們的注意。

Customers are now issuing virtual cards within Neo1 to cover additional spend use cases and are using virtual cards to set budgets at an individual level. And this brings better control over employee spend with purchasing, travel, and expense data all in one place.

客戶現在在 Neo1 中發行虛擬卡來滿足額外的支出用例，並使用虛擬卡來設定個人預算。透過將採購、差旅和費用資料集中在一個地方，可以更好地控制員工支出。

Finally, of course, an important event in the first quarter was our announcement that we have entered into an agreement to acquire CWT. This agreement clearly shows that we are executing against a significant M&A opportunity in a large and fragmented industry, and delivering on our priorities to drive growth, deliver cost synergies and shareholder value.

最後，當然，第一季的一件重要事件是我們宣布簽署了收購 CWT 的協議。該協議清楚地表明，我們正在一個大型且分散的行業中執行重大併購機會，並實現我們的優先事項，以推動成長、實現成本協同效應和股東價值。

The acquisition of CWT will grow our revenues by one-third with the potential for significant earnings contribution over time. Our integration teams have now been established and our proven track record gives us confidence that we could achieve the $155 million in annual run rate cost synergies that have already been identified.

收購 CWT 將使我們的收入增加三分之一，隨著時間的推移，有可能為獲利做出重大貢獻。我們的整合團隊現已成立，我們良好的業績記錄讓我們有信心實現已確定的 1.55 億美元的年度營運成本協同效應。

This results in a highly attractive post-synergy multiple of 2.5x adjusted EBITDA. We project the acquisition to be neutral to EPS in the first year and accretive thereafter, driving significant shareholder value. We continue to expect closing to occur in the second half of 2024, subject to customary closing conditions, including the receipt of certain regulatory approvals.

這導致了極具吸引力的 2.5 倍調整後 EBITDA 的協同後倍數。我們預計，此次收購第一年對每股盈餘的影響是中性的，此後會增加每股收益，從而推動顯著的股東價值。我們仍預計交割將於 2024 年下半年完成，但須符合慣例成交條件，包括獲得某些監管部門的批准。

And now I'd like to hand it over to Karen to discuss the financial results in more detail before moving to our 2024 outlook.

現在，我想將其交給凱倫，讓她更詳細地討論財務業績，然後再展望 2024 年的前景。

Thank you, Paul, and hello, everyone. I've previously talked about my three key priorities when it comes to managing our financial performance, which is focused on accelerating cash flow generation, driving operating leverage and continued margin expansion and, importantly, creating capacity to invest and drive long-term sustained growth, both organically and through strategic M&A.

謝謝你，保羅，大家好。我之前曾談到管理財務績效時的三個關鍵優先事項，即加速現金流產生、推動營運槓桿和持續利潤率擴張，以及更重要的是創造投資能力和推動長期持續成長，無論是有機的還是透過策略併購。

I'm really happy with the progress we have made in all three areas of solid revenue growth, substantially higher earnings, significant margin expansion and positive free cash flow are testament to this. So now let's turn to our financial performance in more detail. As we've heard from Paul, revenue reached $610 million, up 6% year-over-year, largely driven by transaction growth.

我對我們在所有三個領域取得的進展感到非常高興：收入穩健成長、收益大幅提高、利潤率顯著擴張和正自由現金流都證明了這一點。現在讓我們更詳細地討論我們的財務表現。正如 Paul 所說，營收達到 6.1 億美元，年成長 6%，這主要是由交易成長推動的。

This was in line with our expectations for the first quarter and reflects known factors, including the calendar effect from workday timing. TTV grew 9% in the quarter, primarily driven by transaction volume and also reflecting increased average airline ticket prices and hotel room rates.

這符合我們對第一季的預期，並反映了已知因素，包括工作日時間表的日曆影響。TTV 本季成長 9%，主要受交易量推動，也反映平均機票價格和飯店房價的上漲。

Revenue yield, which we defined as revenue divided by TTV, declined modestly in the quarter due to two factors: first, non TTV driven components of the revenue base. As a reminder, our revenue model is driven 50% by transaction volume, 13% by TTV, and 20% by product and professional services revenue, which is largely recurring. So only 30% of our revenue benefits from higher sales prices.

收入收益率（我們將其定義為收入除以 TTV）在本季小幅下降，原因有二：首先，收入基礎中非 TTV 驅動的組成部分。提醒一下，我們的收入模式 50% 由交易量驅動，13% 由 TTV 驅動，20% 由產品和專業服務收入驅動，這些收入主要是經常性的。因此，我們只有 30% 的收入受益於更高的銷售價格。

Second, the continued shift to digital transactions is in line with our strategy and have a positive impact to adjusted EBITDA margin but lower revenue yield. These factors were anticipated and incorporated into our full year 2024 guidance that we provided last quarter.

其次，持續轉向數位交易符合我們的策略，並對調整後的 EBITDA 利潤率產生正面影響，但會降低收入收益率。這些因素是我們預期的，並已納入我們上季度提供的 2024 年全年指引中。

Turning to expenses, which are a key area of focus for us. Cost saving initiatives and productivity improvements helped offset the investments we are making in technology and content, including our software platforms and AI. This resulted in adjusted operating expense growth of just 2% year over year versus revenue growth of 6%.

談到費用，這是我們關注的關鍵領域。成本節約措施和生產力提高有助於抵消我們在技術和內容（包括我們的軟體平台和人工智慧）方面的投資。這導致調整後的營運費用年增 2%，而收入成長 6%。

But strong operating leverage translated into 300 basis points of margin expansion, an adjusted EBITDA growth of 24%, adjusted EBITDA of $123 million and adjusted EBITDA margin of 20% of both records for the first quarter.

但強勁的營運槓桿轉化為利潤率擴張 300 個基點，調整後 EBITDA 成長 24%，調整後 EBITDA 達 1.23 億美元，調整後 EBITDA 利潤率第一季兩項紀錄的 20%。

Finally, we achieved free cash flow generation of $24 million, an increase of $133 million year-over-year continuing the momentum. This was also a milestone to reach positive free cash flow in the first quarter, which seasonally is our lowest quarter for cash flow generation. This was driven primarily by our working capital actions which I've discussed on a previous call, as well as timing factors that will smooth out over the balance of the year.

最後，我們實現了 2,400 萬美元的自由現金流生成，年增 1.33 億美元，延續了這一勢頭。這也是第一季實現正自由現金流的里程碑，從季節性來看，第一季是我們現金流產生最低的季度。這主要是由我在之前的電話會議中討論過的我們的營運資金行動以及將在今年餘下時間平滑的時間因素推動的。

Our leverage ratio on net debt divided by last 12 months adjusted EBITDA is 2.2x as of March 31, 2024. This represents a very significant step down for us as a company. In March 2023, this stood at 4.5x. And as you can see from the chart on this slide, the momentum is a critical proof point that demonstrates our discipline on the balance sheet, and we are within our leverage ratio target range of 1.52x to 2.5x.

截至 2024 年 3 月 31 日，我們的淨負債槓桿比率除以過去 12 個月調整後的 EBITDA 為 2.2 倍。這對我們公司來說是一個非常重要的進步。2023 年 3 月，這一數字為 4.5 倍。正如您從這張投影片的圖表中看到的，勢頭是一個關鍵的證據點，證明了我們在資產負債表上的紀律，而且我們的槓桿率目標範圍在 1.52 倍到 2.5 倍之間。

As mentioned during our full year earnings call, the reduction in our leverage ratio in Q1 was 75 basis points of interest rate reduction on our outstanding term loan. In total, since Q4 2023, we have triggered a reduction of 150 basis points, resulting in approximately $25 million of annual interest expense savings. And as our noncore option rolls off in July 2024, we will have the opportunity to refinance our debt and further reduce our interest expense.

正如我們在全年財報電話會議中提到的，第一季槓桿率的降低是未償定期貸款利率降低了 75 個基點。自 2023 年第四季以來，我們總共減少了 150 個基點，每年節省了約 2,500 萬美元的利息費用。隨著我們的非核心選擇權於 2024 年 7 月到期，我們將有機會為債務再融資並進一步減少利息支出。

Now I'd like to turn our attention to the balance of the year. On our last earnings call, we shared our powerful financial model with all of you and how it positions us for industry leading returns. First, we expect business traveler demand from our premium customer base to grow above GDP as it has done consistently for several decades prior to the pandemic. Second, we expect to continue to grow ahead of the market by driving share gains with our differentiated value proposition.

現在我想把我們的注意力轉向今年剩餘的時間。在我們上次的財報電話會議上，我們與大家分享了我們強大的財務模型，以及它如何使我們獲得業界領先的回報。首先，我們預期我們的優質客戶群的商務旅客需求將成長至高於 GDP，就像疫情爆發前幾十年來的情況一樣。其次，我們預期透過差異化的價值主張推動份額成長，繼續領先市場。

Third is margin expansions. We are laser-focused on a disciplined cost structure and margin expansion. Our operating leverage is forecasted to drive 18% to 32% adjusted EBITDA growth in 2024. Fourth, capital deployment. We've talked about the pivotal moment we've reached in our business where our positive free cash flow can fund incremental growth opportunities.

第三是利潤率擴張。我們專注於嚴格的成本結構和利潤擴張。預計我們的營運槓桿將在 2024 年推動調整後 EBITDA 成長 18% 至 32%。四是資金配置。我們已經談到了我們業務已經達到的關鍵時刻，我們的正自由現金流可以為增量成長機會提供資金。

And finally, we have shared before how M&A presents an opportunity to further accelerate the strong performance you're already seeing in our business. The pending acquisition of CWT is a powerful example of the incremental value we can create.

最後，我們之前分享過併購如何提供機會，進一步加速您在我們業務中已經看到的強勁業績。即將完成的 CWT 收購是我們可以創造出增量價值的有力例證。

And so let's turn to full year 2024 guidance. Please note, our guidance does not incorporate the impact of CWT, which we expect to close in the second half of the year. We are reiterating our guidance for full year revenue of $2.43 billion to $2.5 billion, which represents growth of 6% to 9%. We expect same-store sales to contribute 2 percentage points to 5 percentage points of full year revenue growth in 2024.

那麼讓我們來看看 2024 年全年指引。請注意，我們的指導意見並未考慮 CWT 的影響，我們預計 CWT 將在今年下半年結束。我們重申全年營收預期為 24.3 億美元至 25 億美元，成長 6% 至 9%。我們預計2024年同店銷售將為全年營收成長貢獻2個百分點至5個百分點。

On top of this, we expect net new wins to contribute approximately 4 percentage points of additional growth. We expect revenue growth to accelerate in the second half of this year due to the shape of our new wins rolling on, and positive workday timing impact. We expect the shape of our revenue yield to be similar to last year with the lowest revenue yield in Q1 and the highest revenue yield in Q4.

除此之外，我們預期淨新勝利將貢獻約 4 個百分點的額外成長。由於我們新的勝利不斷湧現，以及對工作日時間表的積極影響，我們預計今年下半年的收入成長將加速。我們預計我們的收入收益率的形狀將與去年相似，第一季的收入收益率最低，第四季度的收入收益率最高。

And as discussed, we are very focused on driving operating leverage on margin expansion, which scales 6% to 9% revenue growth with 4% to 5% expense growth, and drive significant adjusted EBITDA growth of 18% to 32% in our 2024 guidance to a range of $450 million to $500 million. This reflects expected margin expansion of 150 basis points to 350 basis points to reach a full year 2024 adjusted EBITDA margin of 18% to 20%.

如同所討論的，我們非常注重提高利潤率擴張的營運槓桿，從而使收入增長6% 至9%，費用增長4% 至5%，並在2024 年指導中推動調整後EBITDA 顯著增長18% 至32%範圍為 4.5 億至 5 億美元。這反映出預期利潤率將擴大 150 個基點至 350 個基點，以達到 2024 年全年調整後 EBITDA 利潤率 18% 至 20%。

And so it's important to note that this strong margin expansion is net of significant investments in future growth, particularly in driving our sales and marketing engine of software platforms and AI. In 2024, we will benefit from the carryover of some of our cost transformation initiatives and will additionally realize incremental benefits from our continued focus on productivity across the enterprise.

因此，值得注意的是，這種強勁的利潤成長並未對未來成長進行大量投資，特別是在推動我們的軟體平台和人工智慧的銷售和行銷引擎方面。到 2024 年，我們將受益於一些成本轉型計劃的結轉，並且還將因我們對整個企業生產力的持續關注而實現增量收益。

We expect adjusted EBITDA in Q2 to be largely in line with Q1. And over the second half of this year, we expect similar levels of adjusted EBITDA in Q3 compared to Q4. This seasonality is different than last year due to the timing of cost saving and continued momentum we are driving with regard to productivity and margin expansion.

我們預計第二季調整後的 EBITDA 將與第一季基本一致。今年下半年，我們預計第三季調整後 EBITDA 的水平與第四季相似。由於成本節約的時機以及我們在生產力和利潤擴張方面持續推動的勢頭，今年的季節性與去年不同。

Finally, we are targeting free cash flow conversion of approximately 25% of adjusted EBITDA. This means we expect to generate in excess of $100 million of free cash flow in 2024 or more than double our 2023 free cash flow. This significant step-up is driven by strong adjusted EBITDA growth, the reduction of integration and restructuring costs, lower interest expense as we deleverage, and the continued benefit from the urgency of working capital initiatives.

最後，我們的目標是自由現金流轉換為調整後 EBITDA 的約 25%。這意味著我們預計 2024 年將產生超過 1 億美元的自由現金流，是 2023 年自由現金流的兩倍以上。這一顯著的成長是由調整後的 EBITDA 強勁成長、整合和重組成本的降低、去槓桿化過程中利息支出的降低以及營運資本計畫的緊迫性所帶來的持續收益所推動的。

Note, we have seasonal movements in working capital in Q1 free cash flow that was different than last year. These timing factors will reverse and smoothed out over the rest of the year would be offset largely in Q3. As a reminder, our guidance does not include the impact of cash that will be used to fund the CWT acquisition and integration.

請注意，第一季自由現金流的營運資本季節性變動與去年不同。這些時間因素將在今年剩餘時間內逆轉並平滑，並將在第三季度很大程度上被抵消。需要提醒的是，我們的指導不包括用於資助 CWT 收購和整合的現金的影響。

I wanted to end with a reminder of our capital allocation policy, which is focused on growth, cash generation and reinvestment to drive shareholder returns. In addition to the CWT integration, our priorities are: accelerating cash generation with our longer-term free cash flow target of 45% to 50% of adjusted EBITDA; continuing to de-leverage targeting a range of 1.5x to 2.5x net debt to adjusted EBITDA; and as we continue to see cash flow acceleration and naturally deleverage, it gives us the optionality to invest growth both organic and inorganic, and return cash to shareholders.

最後我想提醒大家注意我們的資本配置政策，政策的重點是成長、現金產生和再投資，以推動股東回報。除了 CWT 整合之外，我們的首要任務是： 加速現金生成，長期自由現金流目標為調整後 EBITDA 的 45% 至 50%；繼續去槓桿化，目標是調整後 EBITDA 的淨債務 1.5 倍至 2.5 倍；隨著我們繼續看到現金流加速和自然去槓桿化，它使我們可以選擇投資有機和無機成長，並將現金回饋給股東。

And to wrap things up, our strong third quarter performance was in line with our expectations with our continued focus on share gains, productivity margin expansion, investing for long-term growth and cash flow acceleration. We remain confident in our full year 2024 guidance.

總而言之，我們強勁的第三季業績符合我們的預期，我們繼續專注於股票收益、生產力利潤率擴張、長期成長投資和現金流加速。我們對 2024 年全年指引仍然充滿信心。

So we can now move into Q&A. Paul and I am joined by Eric Bock, who is our Chief Legal Officer and Global Head of M&A. Operator, please go ahead and open the line.

現在我們可以進入問答環節了。Paul 和我的首席法律長兼全球併購主管 Eric Bock 也加入了我們的行列。接線員，請先開通線路。

Hello, everyone. This is your operator. Thank you, Jennifer.

大家好。這是您的接線生。謝謝你，詹妮弗。

(Operator instructions)

（操作員說明）

Peter Christiansen from Citi. Peter, your line is open now. Please go ahead.

花旗銀行的彼得‧克里斯蒂安森。彼得，你的線路現已開通。請繼續。

Thank you. Good morning. Thanks for the question. Good job on some of the EBITDA margin efficiency showing through there. It's good to see. I'm curious, I wanted to go a little bit back into travel yield a little bit. And Karen, that was -- that was helpful, your explanation there. I'm just curious if there was any incremental impact from GMN being a bit more higher share relatively versus SME. I'm wondering if there was any impact on travel yield with that. And then I have a follow-up.

謝謝。早安.謝謝你的提問。EBITDA 利潤率效率方面表現優異。很高興看到。我很好奇，我想稍微回顧一下旅行收益。凱倫，你的解釋很有幫助。我只是好奇 GMN 相對於 SME 的份額更高一點是否會產生任何增量影響。我想知道這是否會對旅行收益產生任何影響。然後我有一個後續行動。

So thanks. Thanks for taking my question. From a -- from a yield perspective, no real impact. I mean, as you think about Q1, Q1 is always our lowest yield quarter with Q4 being the highest. And as you -- as you think about the Q1 performance, there is an element in terms of just timing. As you look at our full year guidance, we already see a very small deterioration in the yield. And that's really being driven by the shift to online and the six components that we talked about in terms of our revenue.

那謝謝啦。感謝您提出我的問題。從產量的角度來看，沒有真正的影響。我的意思是，當你想到第一季時，第一季始終是我們收益率最低的季度，而第四季度是最高的。當你思考第一季的表現時，有一個時間因素。當您查看我們的全年指導時，我們已經看到產量出現了非常小的惡化。這實際上是由向線上的轉變以及我們在收入方面討論的六個組成部分所推動的。

That's helpful. And then, Paul, I guess new wins, still $3.3 billion, still very robust kind of number there. I guess as we think about anticipation for the CWT acquisition to close deals, do you foresee new wins being a little bit under pressure temporarily ahead of -- ahead of that deal closing and subsequent integration? And just curious if you've also had any early feedback from from a potential clients on the acquisition? Thank you.

這很有幫助。然後，保羅，我想新的勝利仍然是 33 億美元，仍然是一個非常強勁的數字。我想，當我們考慮對 CWT 收購以完成交易的預期時，您是否預計在交易完成和隨後的整合之前，新的勝利會暫時面臨一些壓力？只是好奇您是否也收到了潛在客戶對此次收購的任何早期回饋？謝謝。

Yes. No, I think the pipeline for new wins is still really strong. And if you look at the overall market, we talked about scale the opportunity. We're in a $1.4 trillion industry. And even after the CWT acquisition, we'll have $45 billion of that $1.4 trillion. And of course, SME is the biggest opportunity within that is $900 billion of TTV, of which $300 billion sits with, if you like, professionally managed travel programs and $600 billion is in unmanaged. So we certainly see significant runway for growth. We only expect to continue to gain share. If you look at the new wins for the last 12 months ending the first quarter, our win-loss ratio is at 2.4%. For every dollar of business we lose, we win $2.4 of new business. So we consistently gain share and we expect that to continue.

是的。不，我認為新勝利的管道仍然非常強大。如果你看看整個市場，我們談到了擴大機會。我們所處的產業價值 1.4 兆美元。即使收購 CWT 後，我們仍將擁有這 1.4 兆美元中的 450 億美元。當然，中小企業最大的機會是價值 9,000 億美元的 TTV，其中 3,000 億美元屬於專業管理的旅遊項目，6,000 億美元屬於非管理項目。因此，我們當然看到了重要的成長跑道。我們只期望繼續獲得份額。如果您查看截至第一季的過去 12 個月的新盈利，我們的盈虧比為 2.4%。我們每損失 1 美元的業務，就會贏得 2.4 美元的新業務。因此，我們不斷獲得份額，並且預計這種情況會持續下去。

Thank you. Appreciate that perspective.

謝謝。欣賞這種觀點。

Our next question is from Lee Horowitz from Deutsche Bank. Lee, your line is now open. You may continue.

我們的下一個問題來自德意志銀行的 Lee Horowitz。李，您的線路現已開通。你可以繼續。

Hi, thanks for taking my question. Can you talk a bit more about the strength you're seeing in global multinational now outpacing SME for the first time since the recovery? Maybe just a bit more on the sort of the underlying drivers of this evolving shape of your volume growth, and how you think about the sustainability of these factors going forward? And then from a regional perspective, obviously, APAC remains a big source of strength. Can you maybe just give us an update on how you're thinking about the overall recovery in that region? How much more do you think is left to go relative to say, other regions and and how you think about APAC sort of carrying, sort of the overall volume growth moving forward? Thanks so much.

您好，感謝您提出我的問題。您能多談談您所看到的全球跨國公司自經濟復甦以來首次超過中小企業的實力嗎？也許只是更多地了解這種不斷變化的銷售成長形式的潛在驅動因素，以及您如何看待這些因素未來的可持續性？從區域角度來看，顯然亞太地區仍然是重要的力量來源。您能否向我們介紹一下您對該地區整體復甦的看法？您認為相對於其他地區而言，還剩下多少，以及您如何看待亞太地區的運輸量、未來的整體銷售成長？非常感謝。

Yes, sure. So I'm -- we're really pleased to see strength in global multinational. I think one of the advantages of our businesses is we have this diversified revenue model and diversified growth profile. We have just over 50% of revenues from SME, but just under from global multinational. And also there's a really good balance between customer and supplier revenues. And so, now we've got -- that balance really, really helps.

是的，當然。所以我——我們真的很高興看到全球跨國公司的實力。我認為我們業務的優勢之一是我們擁有多元化的收入模式和多元化的成長模式。我們 50% 多一點的收入來自中小企業，但來自全球跨國公司的收入略低於此。而且客戶和供應商收入之間也有很好的平衡。所以，現在我們得到了——這種平衡真的非常有幫助。

And if you dig a little deeper into global multinational, I mean, what's encouraging there is that we're seeing strong growth across multiple sectors. Technology was certainly the standout in the quarter. And we've heard that from some of the airlines that reported in U.S. that was up 30% in the quarter, but we saw double-digit growth in professional services, pharma, also energy and utilities. So pretty broad-based growth in terms of how that's trending.

如果你更深入地研究全球跨國公司，我的意思是，令人鼓舞的是我們看到多個行業的強勁成長。技術無疑是本季的佼佼者。我們從一些美國航空公司的報告中得知，本季成長了 30%，但我們看到專業服務、製藥、能源和公用事業領域也出現了兩位數的成長。就趨勢而言，成長是非常廣泛的。

The survey that I shared in the call just now, we -- we go out every quarter to our top 100 customers. So I think it's a really good data point for global multinational outlook. And that most recent survey showed a strengthening of the overall spend projections for this year, up to 8%. And also the number of customers expecting an increase in travel volume in the balance of the year also was up another three points.

我剛才在電話中分享的調查，我們每季都會對前 100 名客戶進行調查。所以我認為這對全球跨國公司的前景來說是一個非常好的數據點。最近的調查顯示，今年的整體支出預測上調至 8%。預計今年剩餘時間旅行量增加的客戶數量也增加了三個百分點。

So that would certainly indicate, I think, that we'll see pretty strong growth from that segment for full -- for the full year. If you'd asked me back in Q4, I would have actually thought our growth rates for global multinational net and it would have been -- would have been closer together.

因此，我認為，這肯定表明我們將看到該細分市場全年的強勁成長。如果你在第四季問我，我實際上會認為我們的全球跨國淨成長率會更接近。

And so global multinational is little higher than I expected, SME a little lower than I expected. And I think I mentioned some of the reasons for that on -- on the call, I referenced the American Express data because Amex is really the best data point we have for SME growth rates. Amex has $400 billion of payment volumes from U.S. SME businesses and relationships with nearly 4 million small businesses in the US. So it's a really robust data point to look at the external market.

所以全球跨國公司略高於我的預期，中小企業略低於我的預期。我想我在電話會議上提到了一些原因，我引用了美國運通的數據，因為美國運通確實是我們掌握的中小企業成長率的最佳數據點。美國運通擁有來自美國中小企業的 4,000 億美元支付額，並與美國近 400 萬家小型企業建立了關係。因此，對於觀察外部市場來說，這是一個非常可靠的數據點。

And if you look at Amex results for Q1, US SME payment volume was up 1%. If you look at the same-store sales for Q1, they were actually down 3%, and that's a spend number that includes price inflation. So transactions would have been lower than that. And I think what Amex is saying on the payment side, what we are seeing as well is that there is more impact from sustained higher inflation, sustained higher prices. I do think that is leading to tighter spend controls with with SME businesses.

如果你看看美國運通第一季的業績，你會發現美國中小企業的支付量成長了 1%。如果你看一下第一季的同店銷售額，你會發現它們實際上下降了 3%，而且這個支出數字包含了價格通膨。所以交易量會低於這個數字。我認為美國運通在支付方面所說的，我們也看到的是，持續走高的通膨和持續走高的價格會產生更大的影響。我確實認為這會導致對中小企業的支出控制更加嚴格。

In terms of the second part of your question around how we expect that to -- to evolve. I think that will be macro-driven. I think as confidence improves, as macroeconomic conditions improve, faster the inflation outlook becomes a little clearer and we do expect that to some change. And we certainly still see SME medium to long-term being the growth engine for the company.

關於你問題的第二部分，我們期望它如何發展。我認為這將是宏觀驅動的。我認為，隨著信心的增強，隨著宏觀經濟狀況的改善，通膨前景會變得更加清晰，我們確實預期這種情況會發生一些變化。我們當然仍然認為中小企業中長期是公司的成長引擎。

Starting with the second part of your question on APAC. I think that it's really not a recovery issue that you mentioned in your question. Structurally, I think APAC is a region will continue to grow faster. Now we're seeing really strong growth out of our key markets in Asia and India in particular. And I view -- we certainly see that either other longer-term trends and not really driven by any recovery factors at this stage.

從您關於亞太地區的問題的第二部分開始。我認為這確實不是您在問題中提到的恢復問題。從結構上講，我認為亞太地區將繼續成長更快。現在，我們看到亞洲和印度等主要市場的成長非常強勁。我認為，我們當然看到其他長期趨勢，而且現階段並沒有真正受到任何復甦因素的推動。

Thank you. Thank you, Lee as well.

謝謝。也謝謝你，李。

(Operator instructions)

（操作員說明）

Our next question is form Duane Pfennigwerth, Evercore ISI. Duane, your queue is now open. Go ahead.

我們的下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。杜安，您的隊列現已開放。前進。

Hey, thank you. Can you just remind us on how you define SME? What is the cutoff to be classified as SME? And certainly appreciate it's highly fragmented, but any particular industries you're keeping an eye on? Just wondering about kind of drivers there and really do appreciate that the vast majority of this is unmanaged. And it's a -- it's a very large opportunity for you, but we are interested in kind of this incremental SME commentary.

嘿，謝謝你。您能提醒我們一下您是如何定義中小企業的嗎？被歸類為中小企業的門檻是多少？當然，它是高度分散的，但您正在關注哪些特定行業？只是想知道那裡的司機類型，並且確實很感激其中絕大多數都是不受管理的。這對您來說是一個非常大的機會，但我們對這種增量中小企業評論感興趣。

Yes, sure. For -- for our kind of SME definition, we actually have a -- the way we're structured is we have a division that is dedicated to SME customers. And so we essentially report, you know, looking at the customers that are in that part of our business. Broadly speaking, it's customers that are spending kind of, but let's say $30 million less in travel, but the vast majority of those are much smaller.

是的，當然。對於我們對中小企業的定義，我們實際上有一個——我們的結構方式是我們有一個專門為中小企業客戶服務的部門。因此，我們基本上會報告我們業務中該部分的客戶。從廣義上講，是客戶在旅行上的支出減少了 3000 萬美元，但其中絕大多數的支出要小得多。

But there are some exceptions that we try to be needs driven rather than purely volume driven. But directionally, that's a -- that's a good guide. And it represents about $14 billion of our TTV. So that's the definition question.

但也有一些例外，我們試圖以需求為導向，而不是純粹以數量為導向。但從方向上來說，這是一個很好的指導。它代表了我們 TTV 的約 140 億美元。這就是定義問題。

In terms of industries, I think SME is so broad based that it's really difficult to pick out a specific industry. When you look at the SME performance, actually it's a mirror -- mirrors kind of what we see global multinationals. The results are stronger in the larger companies within SME. And they're kind of little softer as you go down into the smaller companies.

從業界來看，我認為中小企業的基礎非常廣泛，很難選出一個特定的產業。當你觀察中小企業的表現時，實際上它是一面鏡子——類似於我們所看到的全球跨國公司的鏡子。中小企業中規模較大的公司的結果更為強勁。當你進入較小的公司時，它們會變得更加溫和。

So I would say that that's the general trend that we're seeing, the smaller the business, perhaps the type of controls that are of spending. And I think that does connect back to the comments I made earlier about lending costs and higher inflation and price inflation. We have to keep in mind that if you look at domestic airline prices in the US. for example, our average ticket price for the first quarter was up 8% year over year. It's up 24% versus 2022. So there has been some pretty significant price inflation there. I do think that's contributing to some of those spending controls that you see in the SME segments.

所以我想說，這是我們看到的整體趨勢，業務越小，也許是支出控制的類型。我認為這確實與我之前關於貸款成本以及更高的通貨膨脹和物價通膨的評論有關。我們必須記住，如果您查看美國國內航空公司的價格。例如，我們第一季的平均票價較去年同期上漲了8%。與 2022 年相比成長了 24%。因此，那裡出現了相當嚴重的價格上漲。我確實認為這有助於您在中小企業領域看到的一些支出控制。

That's great. And then just a follow-up there. I think you said that your US air transaction volume was up 14%. I don't know if you have it handy, but how does that compare to hotel transaction growth for the same geography. And I'm sorry to put you on the spot, but again, it's just something we're interested in. Do you have any insight into how trip length or trip duration may be changing as the close-in corporate starts to perk back up?

那太棒了。然後就是後續行動。我想您說過您的美國航空交易量增加了 14%。我不知道您是否手頭上有它，但這與同一地區的酒店交易增長相比如何。我很抱歉讓您陷入困境，但同樣，這只是我們感興趣的事情。隨著鄰近公司開始復甦，您是否了解旅行長度或旅行持續時間可能會發生怎樣的變化？

Yes, I think you're -- on air, we were 10% up on a workday adjusted basis globally. Air was 11% up globally and the US was the strongest region from an air perspective, actually at 14% growth. So very strong overall sales growth on air. I think it's worth noting that about 2/3 of that growth was with price and yield related. So you've got about a 8 points of pricing and yield growth and about 6 points of transaction growth. So hopefully that sort of additional color helps a little bit on the air side.

是的，我認為您正在播出，我們在全球工作日調整後的基礎上上漲了 10%。全球航空業成長了 11%，從航空業的角度來看，美國是最強勁的地區，實際上成長了 14%。廣播電視的整體銷售成長非常強勁。我認為值得注意的是，大約 2/3 的增長與價格和產量相關。因此，定價和收益率成長了大約 8 個百分點，交易成長了約 6 個百分點。所以希望這種額外的顏色對空氣側有一點幫助。

US hotel transactions. I know hotel sales were up 10%. So I think that's probably in the US. So that's probably the comparable number to the 14% because both of those include, if you like, pricing and yield impact. So US air up 14%, US hotel sales up 10%.

美國酒店交易。我知道酒店銷售額成長了 10%。所以我認為這可能是在美國。所以這可能是與 14% 相當的數字，因為如果你願意的話，這兩個因素都包括定價和收益率影響。因此美國航空銷售額成長了 14%，美國飯店銷售額成長了 10%。

You've seen a little less price inflation on hotel. If you look at US average daily rates for hotel year over year, they're up 4%, whereas I mentioned before, air is up 8% on domestic. And if you go back to 2022, as I mentioned before, domestic air is up 24% and hotels up 14%.

您已經看到飯店的價格上漲減少。如果你看看美國飯店的平均每日價格年增了 4%，而我之前提到過，航空價格比國內上漲了 8%。如果你回到 2022 年，正如我之前提到的，國內航空價格上漲 24%，飯店價格上漲 14%。

Thank you, Paul, for that detail. Appreciate it.

謝謝保羅提供的詳細資料。欣賞它。

You're welcome.

不客氣。

Thank you. Our next question is from Toni Kaplan, Morgan Stanley. Toni, your line is open now. You may continue.

謝謝。我們的下一個問題來自摩根士丹利的東尼卡普蘭。托尼，您的線路現已開通。你可以繼續。

Thank you. I wanted to ask another follow-up on SME. I know you mentioned this slowdown is really driven by macro factors. Just wondering what are some of maybe the sales initiatives or strategies that you could deploy to maybe mitigate some of the macro factors. I'm sure that -- that this has happened in a number of times in the past. And so just wanting to understand if there's anything that -- that can help mitigate some of the macro slowdown?

謝謝。我想問另一個關於中小企業的後續問題。我知道你提到這種放緩其實是由宏觀因素驅動的。只是想知道您可以部署哪些銷售計劃或策略來緩解一些宏觀因素。我確信──這種情況過去已經發生過很多次了。所以只是想了解是否有什麼可以幫助緩解宏觀經濟放緩的情況？

Yes. Good question, Toni. Absolutely. I mean, certainly there are a number levers that we can pull in an environment where organic is slower. First is you made sure that your retention remains really, really strong. And unfortunately, that's certainly been the case. Then we're out late. We have been making investments in our SME sales organization, both in the sales and marketing channels. And increasing those investments in our sales and marketing channels, obviously, is an important lever for us to pull.

是的。好問題，托尼。絕對地。我的意思是，在有機食品生產速度較慢的環境中，我們當然可以採取多種手段。首先，你要確保你的保留率仍然非常非常高。不幸的是，情況確實如此。然後我們就很晚了。我們一直在銷售和行銷管道方面對中小企業銷售組織進行投資。顯然，增加對銷售和行銷管道的投資是我們可以發揮的重要槓桿。

And then there is the what we call share of wallet from existing customers. Making sure that we're doubling down on growing those existing relationships, and taking advantage of the expansion opportunities that we have with the existing base.

然後是我們所說的現有客戶的錢包份額。確保我們加倍努力發展現有關係，並利用現有基礎的擴張機會。

And then the final lever is, of course, always being very focused on profitability and making sure that we're taking actions that improve the profitability of the segments. And I think Karen referenced before what we've been doing to improve working capital management across the business. A lot of that work has been focused in the SME segment, moving customers onto our preferred payments processes and payment options to improve working capital. And so there's obviously an important profitability lever that it needs to be a focus in addition to the growth levers that I just mentioned.

當然，最後一個槓桿是始終非常關注獲利能力，並確保我們採取行動提高各細分市場的獲利能力。我認為凱倫之前提到我們一直在努力改善整個企業的營運資本管理。其中大部分工作都集中在中小企業領域，將客戶轉移到我們首選的支付流程和支付選項上，以改善營運資金。因此，除了我剛才提到的成長槓桿之外，顯然還需要專注於一個重要的獲利槓桿。

Terrific. And just wanted to ask about April. Any -- any sort of divergence in trends that you saw in April versus the first quarter, maybe not, but just wanted to see. I thought you did a really good job and talking about seasonality for the year. So maybe this is duplicative of that, but just wanted to see if there's any improvement or or the reverse in April versus 1Q.

了不起。只是想問一下四月的情況。任何——你在四月份與第一季看到的趨勢的任何差異，也許不是，但只是想看看。我認為你在談論今年的季節性方面做得非常好。因此，這可能是重複的，但只是想看看 4 月與第一季相比是否有任何改善或相反。

Yes. I think it's difficult to say at this point because March is, as you know, Easter fell into March this year as opposed to April last year. So that creates a little bit of noise. And we also had some additional workdays in April this year versus the adjustment we talked about for -- for Q1.

是的。我認為現在很難說，因為眾所周知，復活節是在三月，而不是去年的四月。所以這會產生一點噪音。與我們談到的第一季調整相比，今年 4 月我們還增加了一些工作日。

And so I think, honestly, going to take a few more weeks to kind of work through that and see what the trends are. But as Karen said, our full year guidance is, what, 6% to 9% on revenues. On a workday adjusted basis, we came in at 7% in the first quarter. Our guide to TTV was selling to 10 -- 8% to 12%. We came in at 10% workday adjusted. So from that point of view, we're sort of back on track for where we wanted to be in terms of our full year guidance. And we'll obviously be able to update you on Q2 in more detail on a later date.

所以說實話，我認為還需要幾週的時間來解決這個問題，看看趨勢是什麼。但正如凱倫所說，我們的全年指導是收入的 6% 到 9%。按工作日調整後，我們第一季的成長率為 7%。我們對 TTV 的指導是銷售 10% - 8% 到 12%。我們以 10% 的工作日調整後進入。因此，從這個角度來看，我們已經回到了全年指導目標的正軌。顯然，我們稍後將能夠更詳細地向您通報第二季度的最新情況。

Sure. Thanks.

當然。謝謝。

Well, in closing, thank you to everyone across our team for their dedication to our customers and the strong results they've delivered. We are very confident that 2024 will be another year of share gains, strong growth and profit, improved cash flow, and continued margin expansion.

好吧，最後，感謝我們團隊中的每個人為我們的客戶所做的奉獻以及他們所取得的出色成果。我們非常有信心，2024 年將是另一個股價上漲、成長和利潤強勁、現金流改善以及利潤率持續擴張的一年。

So thank you very much for joining us today and your continued interest in American Express Global Business Travel. Thank you.

非常感謝您今天加入我們以及您對美國運通全球商務旅行的持續關注。謝謝。

This concludes today's call. Thank you, everyone.

今天的電話會議到此結束。謝謝大家。