Global Business Travel Group Inc (GBTG) 2024 Q2 法說會逐字稿

Good morning, and welcome to the American Express Global Business Travel second-quarter 2024 earnings conference call. Reminder, please note, today's call is being recorded.

早安，歡迎參加美國運通全球商務旅行 2024 年第二季財報電話會議。提醒，請注意，今天的通話正在錄音。

I will now turn the call over to the Vice President of Investor Relations, Jennifer Thorington. Please go ahead.

我現在將電話轉給投資人關係副總裁 Jennifer Thorington。請繼續。

Hello, and good morning, everyone. Thank you for joining us for our second-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.

大家好，早安。感謝您今天早上參加我們的 2024 年第二季財報電話會議，我們發布了收益新聞稿，該新聞稿可在 SEC.gov 和我們的網站 Investors.amexglobalbusinesstravel.com 上取得。

A slide presentation, which accompanies today's prepared remarks, is also available on the Amex GBT investor relations webpage.

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 and macro economic trends, cost savings and acquisition synergies among others.

我們想告知您，我們的評論包含某些前瞻性陳述，這些陳述代表了我們對未來事件的信念或期望，包括行業和宏觀經濟趨勢、成本節約和收購協同效應等。

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.

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 our 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我們的收益發布中找到。

Participating with me today are Paul Abbott, our Chief Executive Officer; Karen Williams, our Chief Financial Officer, and David Thompson, our Chief Information Technology Officer. Also joining for the Q&A session today is Eric Bock, our Chief Legal Officer and Head of Global M&A.

今天與我一起參加的是我們的執行長 Paul Abbott；我們的財務長凱倫威廉斯 (Karen Williams) 和我們的首席資訊技術長大衛湯普森 (David Thompson)。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。

With that, I will now turn the call over to Paul. Paul?

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 second-quarter 2024 earnings call. In the second quarter we delivered strong adjusted EBITDA growth, significant margin expansion and accelerated free cash flow. These strong bottom line results were in line with our expectations and put us on track to deliver against our full year guidance.

謝謝 Jennifer，歡迎大家，並感謝您參加我們的 2024 年第二季財報電話會議。第二季度，我們實現了調整後 EBITDA 的強勁成長、利潤率的顯著擴張以及自由現金流的加速。這些強勁的獲利結果符合我們的預期，並使我們有望實現全年指引。

Our focus on controlling costs and driving operating leverage is clearly evidenced in our Q2 results. Adjusted operating expenses increased just 2% compared to 6% revenue growth, and we drove significant adjusted EBITDA margin expansion of 240 basis points year over year and adjusted EBITDA growth of 20%.

我們對控製成本和提高營運槓桿的關注在我們第二季度的業績中得到了明顯的體現。與 6% 的營收成長相比，調整後的營運費用僅成長 2%，調整後的 EBITDA 利潤率年增 240 個基點，調整後的 EBITDA 成長 20%。

Our progress to positive and accelerating free cash flow remains an important focus for the company, providing us with additional opportunities to invest in our growth and drive shareholder returns. And a strong second-quarter gives us the confidence to raise our free cash flow guidance for the full year.

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。強勁的第二季讓我們有信心提高全年自由現金流指引。

Last quarter, we mentioned an opportunity to refinance our debt, which we have now successfully completed in July. We've significantly lowered our interest costs, extended our debt maturities and upsized our revolver, and we continue to deleverage our balance sheet. Increased demand for our software and services resulted in continued share gains on a strong foundation. We have sustained our pace of new wins and importantly, further increased our customer retention rate.

上個季度，我們提到了債務再融資的機會，目前我們已在 7 月成功完成了該計劃。我們大幅降低了利息成本，延長了債務期限，擴大了左輪手槍規模，並且繼續對資產負債表進行去槓桿化。對我們的軟體和服務的需求增加，在堅實的基礎上帶來了持續的份額成長。我們保持了新勝利的步伐，重要的是，進一步提高了我們的客戶保留率。

Starting with revenue, gross revenue was up 6% to reach $625 million for the quarter, driven by growth in transactions, TTV and increased demand for our products and professional services. Transactions were up 4% we saw a slowdown in the second quarter, driven primarily by slower same-store sales and the impact of the Olympics in France.

從收入開始，受交易量、TTV 成長以及對我們產品和專業服務的需求增加的推動，本季總收入成長了 6%，達到 6.25 億美元。第二季交易量成長了 4%，成長放緩，主要是因為同店銷售放緩以及法國奧運的影響。

We expect France will bounce back in the fall, excluding France transactions were up 5% in the quarter. TTV grew just ahead of transactions by 5%, driven primarily from the transaction growth as well as higher average ticket prices and higher average hotel room rates. Again, excluding France, TTV grew by 6% in the quarter.

我們預計法國將在秋季反彈，不包括法國，本季交易量將成長 5%。TTV 的成長略高於交易量的 5%，這主要是由於交易量的增長以及平均票價和平均酒店房價的上漲。同樣，不包括法國，TTV 在本季度增長了 6%。

Finally, here our focus on margin expansion and operating leverage resulted in adjusted EBITDA growth of 20% to $127 million, with strong margin expansion of 240 basis points. In the second-quarter, we continued to see stronger relative performance with our global multinational customers. As a reminder, we divide our customer base into two general categories, Global Multinational or GMN and Small and Medium Enterprises or SME.

最後，我們對利潤率擴張和營運槓桿的關注導致調整後的 EBITDA 成長 20%，達到 1.27 億美元，利潤率強勁成長 240 個基點。在第二季度，我們繼續看到與全球跨國客戶的相對錶現更為強勁。提醒一下，我們將客戶群分為兩大類：全球跨國企業（GMN）和中小型企業（SME）。

We generally use annual TTV to divide customers into these categories. Although this measure can vary by country and by customer need, we do not have products or services that are offered solely to one size of customer, we tend to find that customers of all sizes may prefer different solutions. Some larger customers may prefer a simpler approach, while some smaller customers may prefer a more bespoke high-touch global solution.

我們一般使用年度TTV來將客戶分為這幾類。儘管這項措施可能因國家/地區和客戶需求而異，但我們沒有專門為一種規模的客戶提供的產品或服務，但我們往往發現各種規模的客戶可能更喜歡不同的解決方案。一些較大的客戶可能更喜歡更簡單的方法，而一些較小的客戶可能更喜歡更客製化的高接觸全球解決方案。

Back to the quarter, global multinational transactions were up 7% with double digit growth in the financial services and pharma industries. We saw very solid growth across our top five industry verticals, which account for over 60% of our total Global Multinational transactions. It is important to point out that we did see Global Multinational same-store sales growth returning to more normalized levels as we cycle over the technology ramp up we saw in 2023.

回到本季度，全球跨國交易成長 7%，其中金融服務和製藥業實現兩位數成長。我們看到前五個垂直產業的成長非常穩健，占我們全球跨國交易總額的 60% 以上。需要指出的是，隨著我們在 2023 年看到科技的進步，我們確實看到全球跨國公司的同店銷售成長恢復到更正常的水平。

We have built the most valuable B2B market place in travel, with the most comprehensive and the most competitive content in the industry. Our strong combination of technology and people delivering the best experiences proven at scale continues to resonate with customers. Our very high customer retention rate with global multinational, which reached 98% over the last 12 months, demonstrates the value that we bring to this important customer segment.

我們打造了旅遊領域最有價值的B2B市場，擁有業界最全面、最具競爭力的內容。我們將科技與人員緊密結合，提供經過大規模驗證的最佳體驗，繼續引起客戶的共鳴。我們與全球跨國公司的客戶保留率非常高，在過去 12 個月內達到 98%，證明了我們為這個重要客戶群帶來的價值。

GMN TTV growth in the quarter was also strong, up 9%, driven by the transaction growth and a 2-percentage-point benefit from higher average ticket prices. Our most recent customer survey is encouraging as we look out over the balance of the year, it shows that our top 100 GMN customers now expect travel spend to be up approximately 10% year over year for the full year 2024.

在交易成長和平均票價上漲 2 個百分點的推動下，本季 GMN TTV 的成長也很強勁，成長了 9%。展望今年剩餘時間，我們最近的客戶調查令人鼓舞，它顯示我們的 100 名 GMN 客戶現在預計 2024 年全年的旅行支出將同比增長約 10%。

And this is an increase of 2-percentage-points versus the previous survey in Q1. Driven by improvements in expectations within professional services, mining and the oil and gas industries. Stronger performance within GMN, customers highlights the strength of our diversified model as SME growth was relatively muted in the quarter. On a transaction basis, GMN growth was 7% versus SME, up 1%.

與先前第一季的調查相比，這一數字增加了 2 個百分點。受到專業服務、採礦以及石油和天然氣行業預期改善的推動。由於本季中小企業成長相對疲軟，GMN 內的強勁表現凸顯了我們多元化模式的優勢。以交易量計算，GMN 成長率為 7%，而 SME 則成長 1%。

As we described last quarter. SME customers have tightened spending controls in the face of sustained higher interest costs and higher inflation. As we also discussed on the call in Q1. This is a broader trend for SME businesses beyond travel spend. Given the more challenging macro environment.

正如我們上季所描述的。面對持續較高的利息成本和較高的通膨，中小企業客戶收緊了支出控制。正如我們在第一季的電話會議中也討論過的那樣。對於中小企業來說，這是旅行支出之外的更廣泛趨勢。鑑於宏觀環境更具挑戰性。

We are confident that as the macro economic conditions improve so will SME growth. And this outlook is supported by our most recent customer survey, which showed 82% of our top 120 SME customers expect travel spend to grow or remain flat in the second half of this year.

我們相信，隨著宏觀經濟狀況的改善，中小企業的成長也會隨之改善。我們最近的客戶調查也支持了這一前景，調查顯示，在我們的 120 名中小企業客戶中，82% 預計今年下半年旅行支出將成長或持平。

Meanwhile, our new wins performance in SME continues to be strong. As you've heard from our peers in the travel industry, we are seeing a negative impact on business travel in France related to the Olympics. Transactions in France were very strong in the first quarter, but rapidly decelerated and ended the second-quarter, down 4%.

同時，我們在中小企業的新勝利表現持續強勁。正如您從旅遊業同行那裡聽說的那樣，我們看到了與奧運會相關的法國商務旅行受到的負面影響。法國第一季的交易非常強勁，但迅速放緩，第二季末下降了 4%。

France is actually our second largest country by transaction volume. So it resulted in a negative impact of 1-percentage-point to year over year total transaction and TTV growth in Q2. The impact to our revenue growth is smaller.

以交易量計算，法國其實是我們第二大國家。因此，這導致第二季總交易量和 TTV 成長比去年同期下降 1 個百分點。對我們收入成長的影響較小。

Clearly, we believe this is a temporary impact, and we expect to see a return to growth in France from September onwards. Finally, here, growth in our air transactions versus hotel and domestic versus international was consistent in the second-quarter.

顯然，我們認為這是暫時的影響，我們預計從 9 月起法國將恢復成長。最後，第二季我們的航空交易與飯店交易以及國內航空交易與國際航空交易的成長保持一致。

So turning to the commercial highlights, we continue to gain share with total new wins value of $3.3 billion over the last 12 months. Importantly, the share gains are on an even stronger foundation for the increasingly impressive customer retention, which is up to 97% at the enterprise level over the last 12 months. Our biggest growth opportunity remains with SME customers, which represents approximately $950 billion of travel spend.

因此，轉向商業亮點，我們繼續擴大市場份額，過去 12 個月新贏得的總價值達 33 億美元。重要的是，份額的成長為日益令人印象深刻的客戶保留率奠定了更堅實的基礎，在過去 12 個月中，企業層面的客戶保留率高達 97%。我們最大的成長機會仍然是中小企業客戶，他們的旅行支出約為 9500 億美元。

We are already a leader in managed travel in this segment, but 70% of this opportunity is not currently in a managed travel program as our new wins progress demonstrates more and more SME customers are recognizing the value of our software and our services and our professionally managed travel program. As a result, SME wins over the last 12 months totaled $2 billion.

我們已經是這一領域管理旅行的領導者，但目前70% 的機會並不在管理旅行計劃中，因為我們的新勝利進展表明越來越多的中小企業客戶正在認識到我們的軟體和服務以及我們的專業知識的價值。結果，中小企業在過去 12 個月的獲利總額達到 20 億美元。

In the second quarter, 79% of our transactions came through digital channels. Over 60% of those digital bookings came through on our own software platforms. Neo and Egencia, which we continue to believe is an area of significant competitive differentiation for us. Collaboration between American Express and our Amex GBT Neo1 spend management platform is progressing well.

第二季度，我們 79% 的交易來自數位管道。超過 60% 的數位預訂是透過我們自己的軟體平台完成的。Neo 和易信達，我們仍然認為這對我們來說是一個具有顯著競爭優勢的領域。美國運通與我們的 Amex GBT Neo1 支出管理平台之間的合作進展順利。

With pleasing results from activities most recent digital marketing lead campaign targeting the very large opportunity in the SME segment. Amex GBT’s Neo1 customers acquired digitally is on track to grow two times year over year in 2024. We continue to invest in NDC and our marketplace to make sure we offer the most comprehensive the most competitive content in the industry and to help our partners retail to our premium customers in the most effective way.

最近的數位行銷活動取得了令人欣喜的成果，其目標是中小企業領域的巨大機會。Amex GBT 的 Neo1 數位客戶數量預計在 2024 年將年增兩倍。我們繼續投資 NDC 和我們的市場，以確保我們提供業內最全面、最具競爭力的內容，並幫助我們的合作夥伴以最有效的方式向我們的優質客戶零售。

We're now working with 20 airlines on NDC and because we own our software solutions and neoantigens here, we are very well position to lead the changes that are required. We also continue to make business travel more sustainable. Our new agreement with Shell Aviation reinforces our commitment to sustainable aviation fuel. Avelia is one of the world's first blockchain powered book and claim platforms for SAF, and we already have more than 30 corporations and airlines participating in the Avelia program, including customers by Bank of America and Google.

我們現在正在與 20 家航空公司就 NDC 進行合作，因為我們在這裡擁有自己的軟體解決方案和新抗原，所以我們非常有能力引領所需的變革。我們也繼續讓商務旅行變得更永續。我們與殼牌航空的新協議強化了我們對永續航空燃料的承諾。Avelia 是 SAF 世界上第一個由區塊鏈驅動的預訂和索賠平台之一，我們已經有 30 多家公司和航空公司參與 Avelia 計劃，其中包括美國銀行和谷歌的客戶。

Also, during the second-quarter, we published our annual ESG report that highlighted our commitment and our progress in sustainability, governance and developing the workforce of the future. We continue to successfully work with non-governmental organizations to provide safe travel for vulnerable refugees and get rapid response emergency relief workers to disaster events. Our inclusion groups continue to thrive. We are growing the number of minority-owned businesses in our supplier portfolio, and we are working with customers to make business travel more accessible for all.

此外，我們在第二季發布了年度 ESG 報告，強調了我們在永續發展、治理和培養未來勞動力方面的承諾和進展。我們繼續與非政府組織成功合作，為弱勢難民提供安全旅行，並讓緊急救援人員對災難事件做出快速反應。我們的包容性團體繼續蓬勃發展。我們正在增加供應商組合中少數族裔企業的數量，我們正在與客戶合作，讓所有人都能更方便地進行商務旅行。

I also want to take a moment to thank my colleagues for the clear thinking and swift action that helped to mitigate the impact of the recent Crowdstrike incident. We have received countless notes from customers thanking our service team for their outstanding support, helping travelers through the disruption to get where they needed to be.

我還想花點時間感謝我的同事們清晰的思維和迅速的行動，幫助減輕了最近 Crowdstrike 事件的影響。我們收到了無數客戶的來信，感謝我們的服務團隊的出色支持，幫助旅客渡過難關，到達他們需要去的地方。

And finally, as you saw last week, we provided an update on the CWT acquisition, which is now expected to close in the first quarter of 2025. We continue to work collaboratively with the CMA which intends to continue its review of the transaction and a Phase 2 investigation as well as with the Department of Justice in the US. We believe that a comprehensive analysis will clearly show the transaction will create more choice for customers, more efficient distribution for suppliers while maintaining a highly competitive environment for business travel services, we continue to expect to receive full approval of the transaction.

最後，正如您上週所看到的，我們提供了 CWT 收購的最新情況，目前預計該收購將於 2025 年第一季完成。我們將繼續與 CMA 以及美國司法部合作，CMA 打算繼續對交易進行審查並進行第二階段調查。我們相信，全面的分析將清楚地表明，該交易將為客戶創造更多選擇，為供應商創造更高效的分銷，同時保持商旅服務的高度競爭環境，我們繼續期望該交易獲得全面批准。

Before turning the call over to Karen to discuss our results and outlook in more detail, I'm very pleased to introduce David Thompson, our CIO. We have previously discussed the potential of the investments that we're making in automation and AI to drive further productivity gains and margin expansion.

在將電話轉給凱倫以更詳細地討論我們的結果和前景之前，我非常高興地介紹我們的首席資訊長大衛湯普森 (David Thompson)。我們之前討論過我們在自動化和人工智慧方面進行的投資在推動生產力進一步提高和利潤率擴張方面的潛力。

And I'm pleased to say we are making good progress as initiatives now move from the pilot phase to implementation. And as I promised on a previous earnings call, David is here to speak more about our progress with RPA, Machine Learning and AI to create better experiences for our customers and to improve productivity.

我很高興地說，隨著各項措施現已從試點階段轉向實施階段，我們正在取得良好進展。正如我在先前的財報電話會議上所承諾的那樣，David 在這裡更多地介紹了我們在 RPA、機器學習和人工智慧方面的進展，以便為我們的客戶創造更好的體驗並提高生產力。

David, over to you.

大衛，交給你了。

Thanks, Paul, and hello, everyone. As previously shared on our Q4 earnings call, Amex GBT launched our AI program focused on driving innovation through new and existing artificial intelligence technologies. We are already delivering operational efficiencies through safe, secure and scaled AI capabilities. Through our AI initiatives, we are adopting next-generation AI technologies focused across four key objectives.

謝謝保羅，大家好。正如我們之前在第四季度財報電話會議上分享的那樣，Amex GBT 啟動了我們的人工智慧計劃，專注於透過新的和現有的人工智慧技術推動創新。我們已經透過安全、可靠和規模化的人工智慧功能來提高營運效率。透過我們的人工智慧計劃，我們正在採用下一代人工智慧技術，並專注於四個關鍵目標。

First, increased service efficiencies, second, increased engineering velocity, third, streamline our financial processes and four, enabling our workforce. These four areas account for approximately 70% of our total adjusted operating expenses, representing a huge opportunity to continue driving productivity improvements.

首先，提高服務效率，其次，提高工程速度，第三，簡化我們的財務流程，第四，為我們的員工提供支援。這四個領域約占我們調整後營運支出總額的 70%，代表著持續推動生產力提高的巨大機會。

And as Karen will elaborate on automation and AI initiatives are a component of the $100 million in total saving opportunities we expect to deliver this year. Our strategy is broader than generative AI. We are taking advantage of multiple capabilities, including natural language processing, large language models, third party SaaS solutions and our own proprietary machine learning capabilities to accomplish these objectives.

正如凱倫將詳細闡述的那樣，自動化和人工智慧計畫是我們預計今年提供的 1 億美元總節省機會的一部分。我們的策略比產生人工智慧更廣泛。我們正在利用多種功能來實現這些目標，包括自然語言處理、大型語言模型、第三方 SaaS 解決方案和我們自己專有的機器學習功能。

And so let me share some of these thoughts and progress today. Dealing with a massive amount of data is a common challenge for organizations. The effort required to exploit that data is very complex and labor-intensive Amex GBT is looking to harness the power of AI to gain insights from our two largest communication channels to understand why clients are contacting us, which in turn allows us to direct them to the most efficient channel to meet their needs.

今天讓我分享其中的一些想法和進度。處理大量資料是組織面臨的常見挑戰。利用這些數據所需的工作非常複雜且勞動密集型 Amex GBT 正在尋求利用人工智慧的力量，從我們兩個最大的溝通管道中獲得洞察，以了解客戶聯繫我們的原因，從而使我們能夠引導他們滿足他們需求的最有效管道。

To garner these insights, we are utilizing our own internally deployed large language models, which sits behind Amex GBT firewalls and is not available to the public internet. By supplementing our own LLM with Amex GBT, proprietary data and third party SaaS technologies. We identify customer intent and analyze demand to provide optimized routing and develop future self-service opportunities.

為了獲得這些見解，我們正在利用我們自己內部部署的大型語言模型，該模型位於 Amex GBT 防火牆後面，並且不可在公共互聯網上使用。透過使用 Amex GBT、專有數據和第三方 SaaS 技術來補充我們自己的 LLM。我們識別客戶意圖並分析需求，以提供最佳化的路線並開發未來的自助服務機會。

We have also focused on increasing our engineering velocity through partnering with third party SaaS provider, GitHub. With their development Co-Pilot, we have measured a 20% productivity increase in test case creation, code documentation and new user story development.

我們也致力於透過與第三方 SaaS 供應商 GitHub 合作來提高工程速度。透過他們的開發副駕駛，我們發現測試案例創建、程式碼文件和新使用者故事開發的生產力提高了 20%。

Finally, to proof of concepts have been approved for expansion. Our intelligent virtual assistant or IVA, and our servicing conversational Co-Pilot. Data collected at the start of the process is exponentially more valuable than data collected throughout a business process.

最後，概念驗證已獲批准進行擴展。我們的智慧虛擬助理或 IVA，以及我們的服務會話副駕駛。在流程開始時收集的數據比在整個業務流程中收集的數據更有價值。

The IVA is intended to provide customer identification, intent and authentication to start automating processes prior to connecting to a travel counselor. Our conversational copilot will be enabled to provide quick access to customer and client information without the need for material investment in structured data stores.

IVA 旨在提供客戶識別、意圖和身份驗證，以便在連接到旅遊顧問之前啟動自動化流程。我們的對話副駕駛將能夠快速存取客戶和客戶訊息，而無需對結構化資料儲存進行大量投資。

The expected outcome of both initiatives is the reduction of manual effort for our servicing team. They'll spend less time copying and pasting and more time servicing the customer. That means a better customer experience and lower operating costs. I look forward to continuing to update you on our progress in future calls.

這兩項措施的預期成果是減少我們服務團隊的體力勞動。他們將花費更少的時間進行複製和貼上，而將更多的時間花在為客戶提供服務上。這意味著更好的客戶體驗和更低的營運成本。我期待在未來的電話會議中繼續向您通報我們的最新進展。

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

現在我想將其交給 Karen，更詳細地討論財務表現和 2024 年展望。凱倫？

Thank you, David, and hello, everyone. I have previously talked about my three key priorities when it comes to managing our financial performance. 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，大衛，大家好。我之前曾討論過在管理我們的財務表現方面的三個關鍵優先事項。加速現金流生成，推動營運槓桿和持續利潤擴張，重要的是，透過有機方式和策略併購創造投資能力並推動長期持續成長。

And again, in the second quarter, I am really happy with the progress we have made in all three areas, the significant margin expansion and accelerating free cash flow we reported in the second-quarter, a testament to this in addition to the momentum we are seeing in our investments spend.

再說一次，在第二季度，我對我們在所有三個領域取得的進展感到非常滿意，我們在第二季度報告了利潤率的顯著擴張和自由現金流的加速，除了我們的勢頭之外，這也證明了這一點正在我們的投資支出中看到。

So now let's turn to our financial performance in more detail. We delivered strong results were in line with our expectations from an adjusted EBITDA perspective, revenue reached $625 million, up 6% year over year. Revenue yield, which we define as revenue divided by TTV, was 8% flat year-over-year in the quarter.

現在讓我們更詳細地討論我們的財務表現。從調整後的 EBITDA 角度來看，我們取得了強勁的業績，符合我們的預期，營收達到 6.25 億美元，年增 6%。收入收益率（我們將其定義為收入除以 TTV）在本季同比持平 8%。

As we turn to total operating expenses which are a key area of focus for us. I am incredibly pleased with the momentum we are seeing across the enterprise when it comes to increasing productivity. Importantly, we are delivering cost savings that not only drive our margin expansion, but also drive growth by investing in technology and content, including our software platforms and AI.

當我們轉向總營運費用時，這是我們關注的關鍵領域。我對整個企業在提高生產力方面所看到的勢頭感到非常滿意。重要的是，我們正在節省成本，這不僅可以推動我們的利潤率擴張，還可以透過投資技術和內容（包括我們的軟體平台和人工智慧）來推動成長。

As a reminder, in 2024 we expect to invest an incremental $40 million with a 70/30 split between OpEx and CapEx. Together, the net impact of these resulted in adjusted operating expense growth of just 2% year over year versus revenue growth of 6%.

提醒一下，我們預計 2024 年將增加投資 4,000 萬美元，營運支出和資本支出以 70/30 的比例分配。總之，這些因素的淨影響導致調整後的營運費用年增 2%，而收入成長為 6%。

And critically, this strong operating leverage translated into 240 basis points of adjusted EBITDA margin expansion, adjusted EBITDA grew 20% to $127 million. I'm very happy with the continued momentum and acceleration when it comes to cash flow generation.

至關重要的是，這種強勁的營運槓桿轉化為調整後 EBITDA 利潤率擴張 240 個基點，調整後 EBITDA 將成長 20% 至 1.27 億美元。我對現金流產生方面的持續勢頭和加速感到非常高興。

In the quarter, we achieved free cash flow generation of $49 million, up 148% year over year. This was driven by our working capital actions, which I've discussed previously on our calls.

本季度，我們實現了 4,900 萬美元的自由現金流生成，年增 148%。這是由我們的營運資金行動推動的，我之前在電話會議中已經討論過這一點。

Finally, our leverage ratio or net debt divided by last 12 months adjusted EBITDA is two times as of June 30, 2024. This represents a very significant step down from the 3.5 times in June 2023.

最後，截至 2024 年 6 月 30 日，我們的槓桿率或淨債務除以過去 12 個月調整後的 EBITDA 是兩倍。這比 2023 年 6 月的 3.5 倍顯著下降。

As Paul mentioned, we executed a successful debt refinancing in July that significantly lowers our interest costs. This is another pivotal moment for the company of refinancing lowers our interest rate margin by approximately 180 basis points, with the new term loan facility priced at sofa plus 3%. In total over the past eight months, we have significantly reduced our interest costs when we consider the recent refinancing and the previously achieved savings from our lower leverage.

正如保羅所提到的，我們在 7 月成功進行了債務再融資，顯著降低了我們的利息成本。這是再融資公司的另一個關鍵時刻，將我們的利率差降低了約180個基點，新的定期貸款融資定價為沙發加3%。總的來說，在過去八個月中，考慮到最近的再融資以及先前透過較低槓桿率實現的節省，我們顯著降低了利息成本。

Our estimated annualized run rate cash interest savings of approximately $40 million or put it another way represents 30% production. The debt refinancing further strengthens our financial position by extending our debt maturities to 2031. We've also upsized our revolver capacity to be at a more appropriate level from $50 million to $360 million.

我們估計年化運轉率現金利息節省約 4,000 萬美元，或者換句話說，相當於產量的 30%。債務再融資將我們的債務期限延長至 2031 年，進一步增強了我們的財務狀況。我們也將左輪手槍產能從 5,000 萬美元擴大到 3.6 億美元，達到更合適的水準。

While we have no plans to draw on the revolver. This increases our liquidity and financial flexibility. And importantly, there are no longer covenants around minimum cash, which previously stood at $200 million. Our total debt level remains unchanged we've already reached the middle of our target leverage ratio of $1.5 times to 2.5 times, and we continue to deleverage. And as a reminder, there is no expected incremental financing required to fund the pending CWT acquisition.

雖然我們沒有打算使用左輪手槍。這增加了我們的流動性和財務靈活性。重要的是，不再有關於最低現金的約定，之前的最低現金為 2 億美元。我們的總負債水準保持不變，我們已經達到目標槓桿率1.5倍至2.5倍的中間值，並且我們繼續去槓桿化。需要提醒的是，預計無需增量融資來為即將進行的 CWT 收購提供資金。

I think it's important to note that our refinancing was significantly oversubscribed, and we saw high demand over twice our target, which speaks to the confidence in GBT and the momentum we continue to drive in terms of our performance. The participating lender group includes 94 debt investors and broadens our investor base while bringing in high-quality blue-chip anchor investors. I am incredibly happy with this outcome.

我認為值得注意的是，我們的再融資被大幅超額認購，而且我們看到的需求量超過了我們目標的兩倍，這說明了對 GBT 的信心以及我們繼續推動業績的動力。參與的貸款人群體包括94家債務投資者，擴大了我們的投資者基礎，同時引入了優質的藍籌錨定投資者。我對這個結果感到非常高興。

Now I'd like to turn our attention to the balance of the year. We have previously shared our powerful financial model with all of you and how it positions us for industry leading returns. First, we expect business travel demand from our premium customer base to grow above GDP.

現在我想把我們的注意力轉向今年剩餘的時間。我們之前曾與大家分享過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，我們預期優質客戶群的商務旅行需求成長將超過 GDP。

Second we expect to continue to grow ahead of the market by driving share gains with our differentiated value proposition that is margin expansion. We are laser focused on a disciplined cost structure and continued margin growth. Operating leverage is forecasted to drive 18% to 32% adjusted EBITDA growth in 2024.

其次，我們預期透過我們的差異化價值主張（即利潤率擴張）推動份額成長，從而繼續領先市場。我們專注於嚴格的成本結構和持續的利潤成長。預計營運槓桿將在 2024 年推動調整後 EBITDA 成長 18% 至 32%。

Four, we are incredibly focused on optimizing our capital deployment of positive and accelerating free cash flows from fund important incremental growth opportunities. And finally, we have shared before how M&A presents an opportunity to further accelerate the strong performance you've already seen in our business, including significant value creation from the pending CWT acquisition.

第四，我們非常專注於優化我們的資本部署，從重要的增量成長機會中獲得積極的資金並加速自由現金流。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，包括即將進行的 CWT 收購創造重大價值。

And so let's turn to the full year 2024 guidance. Please note, our guidance does not incorporate the impact of CWT, which we now expect to close in the first-quarter 2025. Our H1 results was strong and keep us on track to achieve our 2024 targets.

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，我們現在預計 CWT 將在 2025 年第一季結束。我們的上半年業績強勁，使我們有望實現 2024 年的目標。

We are hitting the mark on what we can control and delivering solid revenue growth, significant cost savings, strong adjusted EBITDA growth and margin expansion. We are reiterating our guidance for full year revenue of $2.43 billion to $2.50 billion and our full year adjusted EBITDA guidance range of $450 million to $500 million, representing a growth of 18% to 32%. We remain focused on driving continued operating leverage. This includes $100 million of cost savings from the carryover actions taken in 2023 plus new cost initiatives and productivity improvements this year, including the progress David described in automation and AI.

我們正在實現我們可以控制的目標，並實現穩健的收入成長、顯著的成本節約、強勁的調整後 EBITDA 成長和利潤率擴張。我們重申全年營收指引為 24.3 億美元至 25 億美元，全年調整後 EBITDA 指引範圍為 4.5 億美元至 5 億美元，成長 18% 至 32%。我們仍然專注於推動持續的營運槓桿。這包括 2023 年採取的結轉行動節省的 1 億美元成本，加上今年新的成本措施和生產力改進，包括 David 所描述的自動化和人工智慧的進展。

Executing these savings enabled us to deliver strong margin expansion of 150 basis points to 350 basis points, while making significant investments in future growth, particularly in driving our sales and marketing engine, our software platform and AI. Strong margin performance we've already seen in H1 and expectations for continued margin expansion in H2 reinforce our confidence in achieving the midpoint of our adjusted EBITDA guidance range despite a softer macro environment.

執行這些節省使我們能夠實現 150 個基點至 350 個基點的強勁利潤率擴張，同時對未來成長進行大量投資，特別是在推動我們的銷售和行銷引擎、軟體平台和人工智慧方面。儘管宏觀環境較為疲軟，我們上半年已經看到的強勁利潤率表現以及下半年利潤率持續擴張的預期增強了我們實現調整後 EBITDA 指導範圍中點的信心。

And finally, I am delighted to raise our guidance for free cash flow and now expect to generate more than $130 million in 2024, a $30 million increase this means we are now targeting free cash flow conversion of just under 30% of adjusted EBITDA. This significant step-up is primarily driven by the continued benefit from the agency and working capital initiatives as well as lower interest expense from our recent refinancing.

最後，我很高興提高我們對自由現金流的指導，現在預計2024 年將產生超過1.3 億美元，增加了3000 萬美元，這意味著我們現在的目標是自由現金流轉換率略低於調整後EBITDA的30%。這一顯著的增長主要是由於機構和營運資金計劃的持續收益以及我們最近的再融資帶來的較低的利息支出所推動的。

I will now provide more detail with regards to the second half and how I think about Q3 and Q4 seasonality. In light of the softer macro environment, we now expect revenue growth of 6% to 7% year-over-year in H2. With an acceleration due to the phasing of new wins and as we bounce back from onetime factors like the Olympics in France, combined with H1 performance, that means we expect to be between the lower a midpoint and range of guidance for the full year.

我現在將提供有關下半年的更多詳細資訊以及我對第三季和第四季季節性的看法。鑑於宏觀環境較為疲軟，我們目前預計下半年營收將年增 6% 至 7%。隨著新勝利的逐步到來以及我們從法國奧運會等一次性因素中反彈，再加上上半年的表現，這意味著我們預計全年將處於較低的中點和指導範圍之間。

We expect revenue yield to decline by approximately 10 basis points due to the non TTV driven components of revenue and continued shift to digital transactions in line with our strategy. We expect this trend to also carry over into 2025.

由於非 TTV 驅動的收入組成部分以及根據我們的策略繼續轉向數位交易，我們預計收入收益率將下降約 10 個基點。我們預計這一趨勢也將延續到 2025 年。

In the second half of this year, we expect adjusted operating expense growth of just 2% to 3% versus revenue growth of 6% to 7%. From a seasonality perspective, we expect Q3 and Q4 revenue growth to be similar. Revenue yield is expected to be higher in Q4, given phasing consistent with prior years, expenses are expected to step down sequentially in Q3 and Q4 on an absolute basis.

今年下半年，我們預計調整後的營運費用將成長僅為 2% 至 3%，而營收成長為 6% 至 7%。從季節性角度來看，我們預計第三季和第四季的營收成長將相似。鑑於與前幾年的階段一致，預計第四季度的收入收益率將更高，預計第三季和第四季的支出將在絕對基礎上依次下降。

And so I want to end with a reminder of our capital allocation policy, which is focused on cash generation, deleveraging growth investments and shareholder returns. The priority order for our capital allocation policy is first, accelerating cash generation with a longer-term free cash flow target of 45% to 50% of adjusted EBITDA.

最後，我想提醒大家注意我們的資本配置政策，政策的重點是現金產生、去槓桿化成長投資和股東回報。我們資本配置政策的優先順序是，加速現金生成，長期自由現金流目標為調整後 EBITDA 的 45% 至 50%。

Second, although we are already right in the middle of our 1.5 times to 2.5 times net debt to adjusted EBITDA target, continuing to deleverage. Third as we continue to see cash flow acceleration and naturally deleverage, it gives us optionality to invest in technology and organic growth. Fourth, we intend to continue to pursue accretive, highly synergistic M&A opportunities. And finally, we will focus on returning cash to shareholders.

其次，儘管我們的淨債務已達到調整後 EBITDA 目標的 1.5 至 2.5 倍，但我們仍在繼續去槓桿化。第三，隨著我們繼續看到現金流加速和自然去槓桿化，它為我們提供了投資技術和有機成長的選擇。第四，我們打算繼續尋求增值、高度協同的併購機會。最後，我們將專注於向股東返還現金。

So to wrap things up, second quarter performance was solid with strong bottom line performance, with our continued focus on share gain, productivity, margin expansion, investing for long-term growth and cash flow acceleration. We are clearly delivering on these priorities and we remain confident in our full year 2024 guidance.

總而言之，第二季業績穩健，淨利表現強勁，我們持續專注於股票收益、生產力、利潤率擴張、長期成長投資和現金流加速。我們正在明確落實這些優先事項，並且對 2024 年全年指導仍然充滿信心。

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

我們現在可以進入問答環節。保羅、大衛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。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

Great. Thanks for the question. Can you just maybe expand on the state of the macro environment and your expectations for the rest of the year?

偉大的。謝謝你的提問。您能否詳細介紹宏觀環境的狀況以及您對今年剩餘時間的預期？

We've obviously seen some things slow down. You guys are pointing towards acceleration, but can you just give a little bit more detail on some of the maybe spend pressures you're seeing in SME or any more color as you're seeing in this hyper volatile macro environment at the moment?

我們顯然看到一些事情放緩了。你們都在指望加速，但您能否更詳細地介紹一下您在中小企業中看到的一些可能的支出壓力，或者您在目前這個高度不穩定的宏觀環境中看到的更多信息？

Sure, Lee. Thanks for the question. And yes, I would say it's a continuation of the themes we discussed in Q1, we have seen a slowdown in same-store sales, particularly in the SME segment. And on global multinational, I would say it's more on a stabilization. You know, we're starting to grow over the ramp-up that we saw last year, particularly from the tech sector that was in a pretty steep ramp-up in the second-quarter of last year.

當然，李。謝謝你的提問。是的，我想說這是我們在第一季討論的主題的延續，我們看到同店銷售放緩，特別是在中小企業領域。對於全球跨國公司，我想說更多的是穩定。你知道，我們開始在去年的成長基礎上成長，特別是去年第二季大幅成長的科技業。

So I would say the outlook for global multinationals actually pretty stable. And SME same-store sales have softened again a couple of points in the second quarter, but that's a trend we discussed in the last quarter, sort of a trend that's been discussed in on quite a lot of earnings calls across various industries. And I think we are seeing a tightening of spending from smaller to midsize companies that are generally more exposed to interest expense and lending costs.

所以我想說，全球跨國公司的前景其實相當穩定。第二季中小企業同店銷售額再次疲軟幾個百分點，但這是我們在上個季度討論過的趨勢，在各個行業的許多財報電話會議上都討論過這種趨勢。我認為，我們看到中小型企業的支出正在收緊，這些企業通常更容易受到利息支出和貸款成本的影響。

But as it relates to the balance of the year, we're sort of expecting to see a moderate acceleration in SME because of the net new wins that we've already signed as those start to get implemented in the second half of the year. There is also a point of benefit in sort of workdays in the second half of the year. So those two things combined are going to give us a very moderate acceleration in the second half of the year.

但由於與今年的剩餘時間相關，我們預計中小企業將適度加速，因為我們已經簽署了新的淨合同，這些合約將在今年下半年開始實施。下半年的工作日也有一個好處。因此，這兩件事相結合將使我們在今年下半年實現非常溫和的加速。

And I think as Karen, said in her comments, data, we're sort of guiding to around 6%, 7% growth in the second half of the year. You know, we're only seeing one to two points of acceleration, but really based on, frankly, things that we can control, which is the implementation of the new business that we have in the pipeline, we're not assuming any improvement in the macro environment. We're assuming the kind of underlying trends continue for the second half.

我認為，正如凱倫在她的評論和數據中所說，我們預計下半年的成長將達到 6% 至 7% 左右。你知道，我們只看到一到兩個點的加速，但坦白說，實際上是基於我們可以控制的事情，即我們正在實施的新業務的實施，我們不假設有任何改進在宏觀環境上。我們假設這種潛在趨勢將在下半年持續下去。

Yes, thanks. And then maybe one on NDC. We often get questions from investors regarding your economics in sort of an NDC world, can you maybe elaborate a bit more on how you expect to keep your economics within the business travel ecosystem sort of stable as NDC content proliferates?

是的，謝謝。然後也許是 NDC 上的一個。我們經常收到投資者關於您在 NDC 世界中的經濟狀況的問題，您能否詳細說明一下，隨著 NDC 內容的激增，您希望如何在商務旅行生態系統中保持經濟狀況的穩定？

Yes, sure. I mean, there is no change to our economics. Whether a transaction comes with Petrofac for NDC or they are simply different technical standards. NDC provides power business partners, airlines, in particular, the opportunity to retail their products and services in a more flexible and a more personalized way, some.

是的，當然。我的意思是，我們的經濟沒有任何改變。無論是與 Petrofac 進行 NDC 交易還是只是不同的技術標準。NDC 為電力業務合作夥伴（尤其是航空公司）提供了以更靈活、更個人化的方式零售其產品和服務的機會。

And so you should really just think of it a fact versus NDC, it's been two different technical standards, one being more modern and it gives suppliers more flexibility, but it has no impact to our underlying economics or our contractual relationships with those business partners. We actually think over time now that we're starting to build NDC volumes.

因此，您實際上應該將其視為與NDC 相比的事實，這是兩種不同的技術標準，一種更現代，它為供應商提供了更大的靈活性，但它對我們的基本經濟或我們與這些業務夥伴的合約關係沒有影響。實際上，隨著時間的推移，我們開始考慮建立 NDC 卷。

And I think with that, we'll start to see more introduction of ancillary services and personalized offers. We think over time that could actually create additional revenue opportunity for us because we don't participate really in the revenue stream from ancillary services today. And that's something that could build over time so that the real takeaway is no no difference to our economics today, but some opportunity potentially in the future.

我認為，這樣一來，我們將開始看到更多輔助服務和個人化優惠的推出。我們認為隨著時間的推移，這實際上可以為我們創造額外的收入機會，因為我們今天並沒有真正參與輔助服務的收入流。這可能會隨著時間的推移而建立，這樣真正的收穫對我們今天的經濟沒有任何影響，但未來可能會出現一些機會。

Helpful. Thank you, Kelly.

有幫助。謝謝你，凱利。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

Hey, thank you. I thought the France stats were interesting and pretty aligned with what the airlines have been saying. Apologies if you've already said this, but how much was business travel down in France in 2Q?

嘿，謝謝你。我認為法國的統計數據很有趣，並且與航空公司的說法非常一致。如果您已經這麼說了，我很抱歉，第二季法國的商務旅行下降了多少？

And how do you see that kind of comparing with the rest of Europe and then I guess what we're a week or so away from the other side of that, you know, how do you see kind of forward bookings and for France, in particular, recovering?

你如何看待與歐洲其他國家的這種比較，然後我猜我們距離另一邊還有一周左右的時間，你知道，你如何看待法國的提前預訂？

Yes, thanks Duane. We did see an impact and that impact was a little earlier, frankly, than we anticipated or companies actually did start to pull back on travel into and out of Paris earlier than we anticipated. And we actually had a really strong Q1 in France. I think we were up 13% in the first-quarter.

是的，謝謝杜安。我們確實看到了影響，坦白說，這種影響比我們預期的要早一些，或者公司實際上比我們預期的更早開始減少進出巴黎的旅行。事實上，我們在法國的第一季表現非常強勁。我認為第一季我們成長了 13%。

We actually ended the second-quarter at four-minus . And so it was actually a pretty significant swing. But our strong performance in Q1 is what actually gives us confidence that we're going to see that rebound. I think once we get into September and frankly, it is really all about September. I mean, you know, July and August are slow months for business travel, particularly in Europe and particularly in France.

實際上我們第二節結束時的比數是四負。所以這其實是一個相當重大的轉變。但我們在第一季的強勁表現實際上讓我們有信心看到反彈。我認為一旦進入九月，坦白說，一切都與九月有關。我的意思是，您知道，七月和八月是商務旅行的淡季，尤其是在歐洲和法國。

So if you look at our second-quarter, 40% of our sales excuse me, our third-quarter 40% of our Q3 sales come in September. So really the question is more about what are we going to see kind of post Labor Day in terms of September demand and until we see that, that recovery in France and we believe we will, we believe will be back to solid levels of growth in France from September onwards.

因此，如果你看一下我們第二季的銷售額，對不起，我們的銷售額的 40% 是在 9 月實現的，第三季銷售額的 40% 是在 9 月實現的。因此，實際上，問題更多的是我們將在勞動節後看到 9 月份的需求，直到我們看到法國的復甦，我們相信我們會，我們相信將回到穩定的增長水平法國從九月開始。

Thanks for that. It makes sense. And I'm I wonder if you'd be willing, can you just touch on what transpired with American this quarter on the travel supplier side? They called out a new agreement with you. Obviously, they had a big push around NDC, but you claim that the execution of that was, you know, unhelpful to a lot of travel management partners and travel management companies.

謝謝你。這是有道理的。我想知道您是否願意，您能談談本季度美國航空在旅遊供應商方面發生的情況嗎？他們與你達成了一項新協議。顯然，他們大力推動 NDC，但您聲稱該計劃的執行對許多差旅管理合作夥伴和差旅管理公司沒有幫助。

So I guess if you're willing like what role did you play historically at American, you know, how did that rule change in their aggressive push to NDC, which they are now unwinding? And does this new agreement kind of gets you back to where you were? Or are you doing kind of new and different things with them?

所以我想，如果你願意了解你在美國航空公司歷史上扮演的角色，你知道，在他們積極推動 NDC 的過程中，這條規則是如何改變的，他們現在正在放鬆 NDC？這項新協議是否能讓您回到原來的狀態？或者你正在和他們一起做一些新的、不同的事情嗎？

Yeah, I think we certainly welcome the changes that American has announced and have already put there content back into all of the available channels. And I think importantly, they've said publicly and Robert, said this on several occasions that they recognize the importance of the travel management channel and they recognize the importance of the relationship with Amex GBT and and also they have been clear, they recognize the importance of working collaboratively with with customers and with distributors to drive the changes they would like to see in terms of the introduction of modern retailing and NDC.

是的，我認為我們當然歡迎美國航空公司宣布的變化，並且已經將這些內容放回所有可用的頻道中。我認為重要的是，他們已經公開表示，羅伯特在多個場合表示，他們認識到差旅管理管道的重要性，他們認識到與 Amex GBT 關係的重要性，而且他們也明確表示，他們認識到與客戶和分銷商合作推動他們希望在引入現代零售和NDC 方面看到的變化非常重要。

Frankly, we very much welcome that and that position from American I think, you know, certainly I've said on many times in public forums that the best way to drive change in our industry is to make sure that we work collectively to drive that change and critically that the customer is at the center of that change and that whatever we're trying to do we have to make sure we bring customers with us and that we're delivering more value to customers.

坦白說，我們非常歡迎美國航空的這一立場，我想，你知道，當然我已經在公共論壇上多次說過，推動我們行業變革的最佳方式是確保我們共同努力推動這一目標至關重要的是，客戶是變革的中心，無論我們嘗試做什麼，我們都必須確保吸引客戶，並為客戶提供更多價值。

And I think that's certainly what you've heard from me on many occasions and I think that's what you're hearing from Robert as well. So yes, Tony, we welcome that. That's a change in position from American.

我想這肯定是你在很多場合從我那裡聽到的，我想這也是你從羅伯特那裡聽到的。所以，是的，托尼，我們對此表示歡迎。這是美國立場的改變。

Okay. Thanks for the thoughts.

好的。謝謝你的想法。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Hi, guys. This is Hilary Lee on for Tony. I was just wondering if we could possibly go into the CWT acquisition. Like any details, I could provide a why it was pushed into Q1 2025.

嗨，大家好。這是托尼的希拉蕊李。我只是想知道我們是否可以進行 CWT 收購。與任何細節一樣，我可以提供將其推遲到 2025 年第一季的原因。

Yeah. So maybe I'll ask Eric to come in here. As you know, Eric Kim is our Chief Legal Officer and also runs M&A. So I'm Eric, maybe you'd like to share your thoughts here.

是的。所以也許我會請艾瑞克來這裡。如你所知，艾瑞克金 (Eric Kim) 是我們的首席法務官，也負責併購工作。我是艾瑞克，也許你想在這裡分享你的想法。

Sure. Hi, Hilary. Our yields up yes, primarily the reason we switched into Q1is because of the CMA Phase 2, which we announced and Paul commented on during the May call that process last approximately 24 weeks. So that would push our original H2this year into Q1 next year. So that's primarily why we pushed it into Q1.

當然。嗨，希拉蕊。是的，我們的收益率上升了，我們進入第一季度的主要原因是CMA 第2 階段，我們宣布了這一階段，保羅在5 月的電話會議上對此進行了評論，該過程持續約24週。因此，這會將我們最初的今年下半年推至明年第一季。這就是我們將其推入第一季的主要原因。

And it wasn't any particular regulatory issues pretty much the process itself.

這並不是任何特定的監管問題，而是流程本身。

Well, yes, the CMA did publish a decision on when they move to a Phase 2, and they know that the bar is relatively low when you go from a Phase 1 to Phase 2 and they were focused on the competitive environment, which we believe we will be able to show is that continues to be intense with lots of competitors post transaction. So we believe the facts will we'll play out in our favor and are very confident that we will close this in the first quarter.

嗯，是的，CMA 確實發布了關於何時進入第二階段的決定，他們知道從第一階段進入第二階段的門檻相對較低，而且他們關注的是競爭環境，我們相信這一點我們將能夠證明的是，交易後許多競爭對手的競爭仍然很激烈。因此，我們相信事實將對我們有利，並且非常有信心我們將在第一季完成這項工作。

Got it. Thanks. And just as a follow-up, look different subject, but just wondering what kind of trends you saw through the end of 2Q into July and August? I know they're typically slower months for you like you had said earlier, but just wondering if you've seen anything.

知道了。謝謝。作為後續行動，看看不同的主題，但只是想知道從第二季末到 7 月和 8 月您看到了什麼樣的趨勢？我知道這對你來說通常是較慢的幾個月，就像你之前所說的那樣，但只是想知道你是否看到了什麼。

And regarding the CrowdStrike issue, like how much, if any effect that I have on the business like did you guys get a lot more customer service calls are a lot of more cancellations on your end. Just wondering if you could provide any detail there? Thanks.

關於 CrowdStrike 問題，例如我對業務產生的影響有多大（如果有的話），例如你們是否接到了更多的客戶服務電話，是否導致你們的訂單取消數量增加了。只是想知道您是否可以提供任何詳細資訊？謝謝。

Sure. Yes, I mean the trends into July, as you quite rightly said, Hillary, July, August tend to be softer months for us. I would say the trends into July, consistent with the guidance and that Karen gave for H2 earlier. Obviously, we factored those trends into into the guidance for the second half of the year on the. In terms of the impact of CrowdStrike, I have to say that our teams responded to the situation very quickly and very well, and we picked up on some issues as well.

當然。是的，我的意思是進入七月的趨勢，正如你說得非常正確，希拉里，七月，八月對我們來說往往是較為疲軟的月份。我想說的是 7 月的趨勢，與凱倫早些時候為下半年給出的指導一致。顯然，我們將這些趨勢納入了下半年的指導中。就 CrowdStrike 的影響而言，我不得不說，我們的團隊對情況的反應非常迅速、非常好，我們也注意到了一些問題。

Our business opened up in APAC the come with. It was clear that some issues were coming from the CrowdStrike software upgrade and we work extensively with CrowdStrike. And so we were able to go into the that you're going to file and stop that upgrade or update in other parts of the world, including critically the US. And so I'm very pleased to say we're actually managed to work through the issues very successfully, and we were an operational throughout.

我們的業務隨後在亞太地區開展。很明顯，一些問題是由 CrowdStrike 軟體升級引起的，我們與 CrowdStrike 進行了廣泛的合作。因此，我們能夠進入您將要提交的文件並停止在世界其他地區（尤其是美國）的升級或更新。因此，我很高興地說，我們實際上非常成功地解決了這些問題，並且我們從頭到尾都在運作。

And of course, that was extremely important because there was a significant amount of disruption to the airline industry and to our customers. And of course, when there's disruption, that's when our customers, frankly need us the most. So we certainly saw increased call volume. We obviously saw increased changes, cancellations. We utilized our proactive traveler care solution extensively, which reaches out to customers to advise them of cancellations and changes and proactively support them to make sure they get where they need to go.

當然，這極為重要，因為航空業和我們的客戶受到了巨大的干擾。當然，當出現中斷時，坦白說，那就是我們的客戶最需要我們的時候。所以我們確實看到了通話量的增加。我們顯然看到了變化和取消的增加。我們廣泛利用主動式旅客關懷解決方案，該解決方案向客戶提供取消和變更建議，並主動支持他們，以確保他們到達他們需要去的地方。

And so it was an incredibly busy period and we have a lot of people working there, I know over time through through the weekend to make sure that we're there for our customers. But the bottom line is we've managed through the process very, very well. Both our technology teams and our servicing teams were absolutely outstanding.

因此，這是一個非常繁忙的時期，我們有很多人在那裡工作，我知道整個週末都會加班以確保我們為客戶服務。但最重要的是，我們已經非常非常好地完成了整個過程。我們的技術團隊和服務團隊都非常出色。

And we have had so many notes from customers thanking us for our support through that period. So I think and we managed through it very successfully in terms of the impact of the business. But I don't expect that to have a material impact. Yes, there was some disruption over two or three day period some, but I don't think we come to the end of the quarter that we're going to see that as a significant impact.

我們收到了許多客戶的來信，感謝我們在此期間的支持。所以我認為，就業務影響而言，我們非常成功地度過了這段時期。但我預計這不會產生實質影響。是的，在兩三天內出現了一些中斷，但我認為到本季末我們不會看到這產生重大影響。

Got it. Great. And thanks for the answers and color. Congrats again on the quarter.

知道了。偉大的。感謝您的答案和顏色。再次恭喜本季。

Thank you.

謝謝。

There are currently no further questions registered at this time. (Operator instructions)

目前沒有登記任何其他問題。（操作員說明）

Ask a question. No questions waiting at this time. So I'll pass the conference over to you, Paul, for closing remarks.

問一個問題。目前沒有問題等待。保羅，我將把會議交給你做結案詞。

Okay. In closing, just thank you very much to our team across the world for their dedication to our customers. The strong results they delivered in the first half of this year. We are very confident that 2024 is going to be another year of share gains, strong growth and profitability and free cash flow and continued margin expansion. Thank you to all of you for joining us today and your continued interest in the company. Thank you.

好的。最後，非常感謝我們世界各地的團隊為我們的客戶所做的奉獻。他們在今年上半年取得了強勁的業績。我們非常有信心，2024 年將是股價上漲、強勁成長和獲利能力、自由現金流和持續利潤率擴張的另一年。感謝大家今天加入我們以及您對公司的持續關注。謝謝。

That concludes our earnings conference call. Thank you for your participation. I hope you have a wonderful rest of your day.

我們的財報電話會議到此結束。感謝您的參與。我希望您度過愉快的一天。