Global Business Travel Group Inc (GBTG) 2025 Q3 法說會逐字稿

Good morning, and welcome to the American Express Global Business Travel Third Quarter 2025 Earnings Conference Call. (Operator Instructions). Please note today's call is being recorded. I'll now turn the call over to Vice President of Investor Relations, Jennifer Harrington. Please go ahead.

早安，歡迎參加美國運通全球商務旅行2025年第三季財報電話會議。（操作說明）請注意，今天的通話將會被錄音。現在我將把電話交給投資者關係副總裁珍妮佛哈靈頓。請繼續。

Hello, and good morning, everyone. Thank you for joining us for our third quarter 2025 earnings conference call. morning, we issued an earnings press release, which is available on sec.gov and our website at investors.amerinesstravel.com. A slide presentation, which accompanies today's prepared remarks is also available on the Amex GBT Investor Relations web page. 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 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.

大家好，早安。感謝您參加我們2025年第三季財報電話會議。今天上午，我們發布了財報新聞稿，您可以在sec.gov和我們的網站investors.amerinesstravel.com上查閱。今天會議發言的幻燈片簡報也可在Amex GBT投資者關係網頁上找到。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看法或預期，包括行業和宏觀經濟趨勢、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所作的陳述有重大差異。

More information on these and other risks and uncertainties is contained in our earnings release issued this morning and our other SEC filings. Throughout today's call, we will also be presenting certain non-GAAP financial measures such as adjusted gross profit, adjusted gross profit margin, 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.

有關這些及其他風險和不確定性的更多信息，請參閱我們今天早上發布的盈利報告以及我們向美國證券交易委員會提交的其他文件。在今天的電話會議中，我們還將介紹一些非GAAP財務指標，例如調整後的毛利、調整後的毛利率、EBITDA、調整後的EBITDA、調整後的EBITDA利潤率、調整後的營運費用、自由現金流和淨債務。今天電話會議中所有提及的非GAAP財務指標均已調整，以排除某些項目。

Definitions of these terms and the most directly comparable GAAP measures and reconciliations for non-GAAP measures are available in the supplemental materials of this presentation and in the earnings release. Participating with me today are Paul Abbott, our Chief Executive Officer; and Karen Williams, our Chief Financial Officer. Also joining for the Q&A session today is Eric Bock, our Chief Legal Officer and Global Head of M&A. With that, I will now turn the call over to Paul. Paul?

這些術語的定義以及最直接可比較的 GAAP 指標和非 GAAP 指標的調整表，可在本簡報的補充資料和獲利報告中查閱。今天與我一同出席的有我們的執行長保羅·阿博特和我們的財務長凱倫·威廉斯。今天參加問答環節的還有我們的首席法務官兼全球併購主管埃里克·博克。接下來，我將把電話交給保羅。保羅？

Thank you, Jennifer. Welcome to everyone, and thank you for joining our third quarter 2025 earnings call. In the third quarter, we delivered outstanding results. Here are the highlights. Total transaction value of TTV grew 23%. Revenue growth accelerated to 13%, adjusted gross profit margin was 60%. Adjusted EBITDA grew 9%. We generated $38 million of free cash flow and we continued to win share with $3.2 billion in total new wins value over the last 12 months. Finally, year-to-date through November 6, our strong performance has enabled us to return $54 million to shareholders through share buybacks.

謝謝你，珍妮弗。歡迎各位參加我們2025年第三季財報電話會議，感謝各位的參與。第三季度，我們取得了優異的業績。以下是重點內容。TTV總交易額成長了23%。營收成長加速至 13%，調整後毛利率為 60%。調整後 EBITDA 成長 9%。我們創造了 3,800 萬美元的自由現金流，並且在過去 12 個月中繼續贏得市場份額，新增訂單總價值達 32 億美元。最後，截至今年11月6日，我們強勁的業績使我們能夠透過股票回購向股東返還5,400萬美元。

These results reflect two things: First, continued strong execution within our core business, which performed in line with our expectations and is tracking in line with the midpoint of our previous full year guidance. Second, incremental growth from the acquisition of CWT, which closed on September 2. This is an important milestone for growth and value creation. As Karen will discuss in more detail, we are raising our full year 2025 guidance. This reflects the acquisition of CWT, and we are reaffirming the midpoint of our previous guidance range for our core business.

這些結果反映了兩件事：首先，我們的核心業務繼續保持強勁的執行力，其表現符合我們的預期，並與我們先前全年指導的中點保持一致。其次，9 月 2 日完成的對 CWT 的收購帶來了增量成長。這是成長和價值創造的重要里程碑。正如凱倫將要詳細討論的那樣，我們將提高 2025 年全年業績預期。這反映了我們對 CWT 的收購，我們重申先前對核心業務的指導範圍的中點。

Importantly, we also have the confidence to provide preliminary expectations for 2026. Before we get into the quarterly details, I want to explain why this is such an important moment for our business with multiple levers for growth and value creation in place. We continue to demonstrate the strong execution in our core business. Proof points include our very high customer retention rates, significant new wins value, disciplined operating leverage and strong cash generation. We are consistently delivering on our commitments.

重要的是，我們也有信心對 2026 年做出初步預期。在深入探討季度細節之前，我想先解釋為什麼對於我們的業務而言，這是一個如此重要的時刻，因為我們已經擁有多種成長和價值創造的槓桿。我們在核心業務方面持續展現強大的執行力。證據包括我們極高的客戶留存率、顯著的新客戶價值、嚴格的營運槓桿和強勁的現金流。我們始終信守承諾。

We have made bold moves to transform Amex GBT into a software-driven leader in travel and expense. We've now reached an exciting moment with several significant milestones achieved that we expect will accelerate growth and margin expansion. First, we closed the acquisition of CWT, a global business travel and meeting solutions company. This transaction immediately grows our top line substantially. And we are already executing on the $155 million synergy target to create significant shareholder value. Second, we recently announced a long-term strategic alliance with SAP Concur, to strengthen our value proposition, accelerate growth and develop a larger expense revenue stream. Third, we expect to launch a next-gen Egencia Travel and Expense solution in Q1 2026.

我們採取了大膽的舉措，將美國運通全球商務旅行業務轉型為以軟體驅動的差旅和費用管理領域的領導者。我們現在已經達到了一個激動人心的時刻，實現了幾個重要的里程碑，我們預計這將加速成長和利潤率擴張。首先，我們完成了對全球商務旅行和會議解決方案公司 CWT 的收購。這項交易立即大幅提升了我們的營收。我們已開始執行1.55億美元的綜效目標，以創造顯著的股東價值。其次，我們最近宣布與 SAP Concur 建立長期策略聯盟，以增強我們的價值主張，加速成長並開發更大的支出收入來源。第三，我們預計將於 2026 年第一季推出下一代 Egencia 差旅和費用解決方案。

The including full integration into SAP Concur expense and a new AI-powered booking experience. Fourth, we have an enormous runway in the SME space with even stronger products and distribution to continue to win share. And finally, we are driving AI to further accelerate the digital transformation of our business. Putting it all together, we have a significant long-term opportunity for consistent double-digit adjusted EBITDA growth and margin expansion, and we look forward to sharing more at our March 2026 Investor Day.

其中包括與 SAP Concur 費用管理系統的全面整合以及全新的 AI 驅動預訂體驗。第四，我們在中小企業領域擁有龐大的發展空間，憑藉更強大的產品和分銷管道，我們將繼續贏得市場份額。最後，我們正在利用人工智慧進一步加速我們業務的數位轉型。綜上所述，我們擁有持續實現兩位數調整後 EBITDA 成長和利潤率擴張的巨大長期機會，我們期待在 2026 年 3 月的投資者日上與大家分享更多資訊。

Turning to CWT. We are delighted to welcome CWT customers and employees to Amex GBT. This transaction grows revenues by approximately 30%, grows our SME business by approximately 20% and brings in new industry verticals to Amex GBT. This is a highly accretive transaction. We expect to deliver approximately $155 million in net cost synergies over the next three years, and we have a proven track record of achieving synergy targets. Our experienced integration team has made good progress in the first 60 days, and we expect to achieve $55 million of synergies in 2025 and 2026. Importantly, this transaction diversifies our shareholder base. CWT shareholders, which are primarily investment funds, now own approximately 10% of the combined company. and our leverage stays within the target range of 1.5 times to 2.5 times. Turning to our new long-term strategic alliance with SAP. Let me first describe how significant this alliance is, and then I will share two new ways that our customers and suppliers will benefit. SAP is the world's largest provider of enterprise application software.

轉向CWT。我們非常高興地歡迎 CWT 的客戶和員工加入 Amex GBT。此次交易使營收成長約 30%，中小企業業務成長約 20%，並為 Amex GBT 引入新的產業垂直領域。這是一筆收益非常可觀的交易。我們預計在未來三年內實現約 1.55 億美元的淨成本協同效應，並且我們在實現協同效應目標方面有著良好的記錄。我們經驗豐富的整合團隊在前 60 天取得了良好的進展，我們預計在 2025 年和 2026 年將實現 5,500 萬美元的協同效應。重要的是，此交易使我們的股東基礎更加多元化。CWT的股東主要是投資基金，目前持有合併後公司約10%的股份。我們的槓桿率保持在1.5倍至2.5倍的目標範圍內。接下來談談我們與 SAP 建立的新的長期策略聯盟。首先讓我描述一下這項聯盟的重要性，然後我將分享我們的客戶和供應商將受益的兩種新方式。SAP是全球最大的企業應用軟體供應商。

To put some numbers on it, 98 out of the 100 largest companies in the world are SAP customers. And approximately 80% of SAP's customers are SMEs. SAP Concur is the world's largest travel and expense software solution with over 104 million users. By joining forces, we will deliver a step change in our travel and our expense capabilities. First of all, we are codeveloping a new solution called Complete, a new flagship solution for travel and expense that will offer an AI-powered user experience. Complete features include richer content, a booking experience that will feel like shopping on your favorite website, one app for everything end-to-end and a seamless customer support from industry leaders. We launched last week to the first customers, so the impact is already starting now. Second, we are integrating SAP Concur expense with Egencia.

用數字來說明，全球最大的 100 家公司中有 98 家是 SAP 的客戶。SAP 的客戶中約有 80% 是中小企業。SAP Concur 是全球最大的差旅和費用管理軟體解決方案，擁有超過 1.04 億用戶。透過強強聯合，我們將大幅提升差旅和費用管理能力。首先，我們正在共同開發一款名為 Complete 的新解決方案，這是一款全新的旅行和費用管理旗艦解決方案，它將提供由人工智慧驅動的用戶體驗。完整功能包括更豐富的內容、如同在您最喜歡的網站購物般的預訂體驗、一個應用程式即可完成所有端到端操作，以及來自行業領導者的無縫客戶支援。我們上週向首批客戶推出了產品，因此其影響現在已經開始顯現。其次，我們正在將 SAP Concur 費用系統與 Egencia 系統整合。

This is exciting because it will provide our Egencia customers a seamless travel and expense experience. And additionally, the strategic alliance creates the opportunity to accelerate our growth by marketing a new flagship solution to the large SAP customer base. In Q1 2026, we plan to launch a next-gen Egencia travel and expense solution. It will feature SAP Concur expense integration, new agentic AI search capabilities and a redefined customer experience. Egencia is our all-in-one travel and expense platform that continues to compete very effectively against other software solutions. Egencia is already operating at scale with approximately $8 billion of TTV in the last 12 months, over 90% online transactions and approximately 7,000 corporate customers, all supported by world-class service from American Express GBT. Furthermore, it has gross margins that are higher than our average, and very importantly, it is profitable and generating cash.

這令人振奮，因為它將為我們的 Egencia 用戶提供無縫的差旅和費用管理體驗。此外，該策略聯盟也為我們提供了一個機會，透過向龐大的 SAP 客戶群推廣新的旗艦解決方案來加速我們的成長。我們計劃在 2026 年第一季推出下一代 Egencia 差旅和費用解決方案。它將整合 SAP Concur 費用管理功能、全新的智慧 AI 搜尋功能以及重新定義的客戶體驗。Egencia 是我們的一體化差旅和費用管理平台，它在與其他軟體解決方案的競爭中一直保持著非常高的水準。Egencia 已經實現了規模化運營，過去 12 個月的總交易額約為 80 億美元，超過 90% 的交易是在線交易，擁有約 7,000 家企業客戶，所有這些都得到了美國運通全球銀行交易服務 (American Express GBT) 的世界一流服務的支持。此外，它的毛利率高於我們的平均水平，而且非常重要的是，它盈利並產生現金流。

We have an unrivaled value proposition for SMEs, savings, control and service. This strong value proposition drives profitable growth in the over $800 billion SME segment and an estimated $625 billion of the global SME opportunity is unmanaged representing a long runway for future growth. Over the last 12 months, excluding CWT, our SME new wins totaled $2.2 billion. With the enhancements that we're making to our products and our sales strategy, we think we can further accelerate new wins and capture more share with SME customers. Our overall total new wins value also remained strong at $3.2 billion with an impressive customer retention rate of 95% over the last 12 months, excluding CWT. Finally, when it comes to AI, we are a clear beneficiary. AI is delivering results, increasing revenue, conversion and productivity. Let me give you some examples.

我們為中小企業提供無與倫比的價值主張：節省成本、有效控制和優質服務。這一強大的價值主張推動了規模超過 8000 億美元的中小企業領域的盈利增長，而全球中小企業市場中估計有 6250 億美元的市場機會尚未得到開發，這代表著未來增長的廣闊空間。過去 12 個月，不包括 CWT，我們中小企業的新訂單總額為 22 億美元。透過對產品和銷售策略的改進，我們認為可以進一步加快贏得新客戶的速度，並在中小企業客戶中贏得更多市場份額。過去 12 個月（不包括 CWT），我們的新客戶總價值也保持強勁，達到 32 億美元，客戶留存率高達 95%。最後，就人工智慧而言，我們顯然是受益者。人工智慧正在帶來成果，提高收入、轉換率和生產力。我舉幾個例子。

The Egencia AI experience is solving customers' needs faster and delivering savings. Egencia chat powered by AI is driving a 23% reduction in the need for human intervention and chats. Our AI-powered hotel dynamic rate cap delivers average savings of approximately $60 per booking for Egencia customers. And AI is increasing hotel attachment rates, which provides increased revenue opportunity with 85% of booked hotels chosen from the top 10 AI-driven display. We're also driving AI to deliver cost savings and margin expansion. We've previously spoken about the significant opportunity with travel council of productivity. Excluding CWT, over 40% and of our calls are now assisted by AI, driving efficiency gains. And we've seen a 40% quarter-over-quarter increase in daily users of our internal AI productivity tool called AI Assist. This results in a 60% adjusted gross profit margin in the third quarter with significant runway for continued margin expansion. And we continue to increase the share of digital transactions, which now total 82% with over 60% on our proprietary software platforms.

Egencia AI 體驗能夠更快地滿足客戶需求並節省成本。由人工智慧驅動的 Egencia 聊天功能可減少 23% 的人工幹預和聊天需求。我們採用人工智慧技術的飯店動態價格上限，可為 Egencia 的客戶每次預訂平均節省約 60 美元。人工智慧正在提高酒店預訂率，從而帶來更多收入機會，因為 85% 的預訂酒店都是從人工智慧驅動的前 10 名酒店中選擇的。我們也在利用人工智慧來實現成本節約和利潤成長。我們之前曾討論過旅遊委員會在提高生產力方面帶來的巨大機會。除了 CWT 外，我們超過 40% 的通話現在都由 AI 輔助，從而提高效率。我們發現，我們內部人工智慧生產力工具 AI Assist 的每日活躍用戶數量較上季成長了 40%。這使得第三季的調整後毛利率達到 60%，毛利率還有很大的進一步擴張空間。我們不斷提高數位交易的比例，目前數位交易佔比已達 ​​82%，其中超過 60% 是透過我們自主研發的軟體平台完成的。

Now let's turn back to the third quarter and the financial highlights. Last quarter, we talked about green shoots that gave us confidence in an improved corporate travel demand environment. And that is exactly what we saw. TTV, which reflects both volume and price, grew 23% to reach $9.5 billion. driven by CWT and 9% growth in the core business. The core growth was driven primarily by higher average ticket prices and hotel room rates in addition to transaction growth and a favorable FX impact. Transaction growth was up 19%, driven by the 1-month contribution from CWT post close and 4% growth in the core business. Within the 4%, same-store sales were up 2%, and our net new wins drove 2 percentage points of growth. Revenue was up 13% to reach $674 million, excluding CWT, revenue growth of 3% was in line with our expectations and largely in line with transaction growth, which drives the majority of our revenue model. Finally, adjusted EBITDA grew 9% to reach $128 million.

現在讓我們回到第三季和財務亮點。上個季度，我們談到了一些復甦跡象，這些跡象讓我們對企業差旅需求環境的改善充滿信心。而這正是我們所看到的。綜合反映銷售量和價格的TTV成長了23%，達到95億美元，這主要得益於CWT的成長和核心業務9%的成長。核心成長主要由平均票價和飯店房價上漲、交易量成長以及有利的匯率影響所推動。交易量成長了 19%，主要得益於 CWT 在交易完成後的 1 個月貢獻以及核心業務 4% 的成長。在成長的 4% 中，同店銷售額成長了 2%，而我們新增的淨客戶數量推動了 2 個百分點的成長。營收成長 13% 達到 6.74 億美元，不包括 CWT，營收成長 3% 與我們的預期一致，並且與交易成長基本一致，而交易成長是我們營收模式的主要驅動力。最後，調整後的 EBITDA 成長了 9%，達到 1.28 億美元。

Excluding CWT, underlying adjusted EBITDA growth was 5%, which was in line with expectations and outpaced revenue growth as a result of our continued focus on driving margin expansion and operating leverage. Going forward, Amex GBT and CWT are one business. But we wanted to give you the breakout between our core business and the impact of CWT this quarter to help you understand the underlying performance. And now I'd like to hand it over to Karen to discuss the financial results and the updated outlook in more detail.

剔除 CWT 後，調整後的基本 EBITDA 成長率為 5%，符合預期，由於我們持續專注於推動利潤率擴張和營運槓桿，其成長速度超過了營收成長。展望未來，Amex GBT 和 CWT 將成為一家公司。但我們希望向您詳細說明本季我們的核心業務與 CWT 的影響，以幫助您了解潛在的業績表現。現在我想把發言權交給凱倫，讓她更詳細地討論一下財務表現和更新後的展望。

Thank you, Paul, and hello, everyone. Before we get into the specifics for the quarter, I want to reflect on the progress we have made in Q3. I am incredibly pleased with our continued momentum in driving the business forward. We delivered financial results for the core business that were in line with expectations. We closed on CWT and are already making outstanding progress on the integration. And we executed on our share repurchases to deploy capital in a disciplined value-accretive manner. We continue to deliver on our commitments. So let's turn to our financial performance in more detail.

謝謝你，保羅，大家好。在深入探討本季具體情況之前，我想先回顧一下我們在第三季的進展。我對我們持續推動業務發展勢頭感到無比欣慰。我們核心業務的財務表現符合預期。我們已經完成了 CWT 的收購，並且在整合方面已經取得了顯著進展。我們執行了股票回購計劃，以有紀律、增值的方式部署資本。我們始終履行承諾。那麼，讓我們更詳細地分析一下我們的財務表現。

Revenue reached $674 million, up 13% year-over-year. Travel revenue increased 10% due to the acquisition of CWT, underlying transaction and TTV growth and favorable foreign exchange impact. Product and professional services revenue increased 23% from the acquisition of CWT as well as strong growth from dedicated client revenues and consulting. Excluding CWT, transaction growth of 4% was in line with our expectations. TTV growth of 9% and had an additional 3 percentage points benefit from higher average ticket prices and 2 percentage point benefit from FX. As a reminder, transaction growth drive 50% of our revenue and TTV drives 30%. The core revenue growth of 3% was very much in line with our expectations for the quarter. Now it's important to note that our core business revenue guidance of 5% at the midpoint for the second half, which we're reiterating today, assumed lower growth in Q3 versus Q4 due to phasing.

營收達 6.74 億美元，年增 13%。由於收購 CWT、相關交易和 TTV 成長以及有利的匯率影響，旅遊收入成長了 10%。收購 CWT 後，產品和專業服務收入成長了 23%，此外，專屬客戶收入和諮詢業務也實現了強勁成長。剔除 CWT 後，交易成長率為 4%，符合我們的預期。TTV 成長了 9%，平均票價上漲帶來了額外的 3 個百分點的成長，外匯匯率上漲帶來了 2 個百分點的成長。提醒一下，交易成長貢獻了我們 50% 的收入，交易總額貢獻了 30% 的收入。本季核心營收成長3%，與我們的預期基本一致。需要指出的是，我們今天重申的下半年核心業務收入預期中位數為 5%，這一預期是基於第三季度由於分階段實施而導致的增長低於第四季度的假設。

If you look specifically at our revenue yield, it declined 40 basis points year-over-year, driven by the prior year baseline. Hence, while I would encourage you to look at H2 rather than the quarter in isolation. And from a year-to-date perspective, revenue yield is trending in line with our full year guidance, which is down less than 20 basis points, excluding CWT due to the intentional continued shift to digital transactions and the fixed components of our revenue. So moving to expenses. We continue to drive strong momentum with our focus on driving efficiency and increasing productivity. We are introducing adjusted gross profit margin as a key metric this quarter, which we believe helps measure the success of our automation and AI initiatives and makes us much more comparable to other software-led companies. Adjusted gross profit margin was 60% in the quarter, down modestly due to the impact of CWT, but up 70 basis points for the core business.

如果具體來看我們的營收報酬率，由於前一年的基準水準較低，較去年同期下降了 40 個基點。因此，我建議您專注於下半年的情況，而不是孤立地看待本季。從年初至今來看，收入收益率的趨勢與我們的全年預期一致，下降幅度不到 20 個基點，不包括因有意繼續向數位交易和固定收入部分而產生的 CWT。接下來談談費用。我們將繼續保持強勁的發展勢頭，重點在於提高效率和生產力。本季度，我們將調整後的毛利率作為一項關鍵指標，我們相信這有助於衡量我們自動化和人工智慧計畫的成功，並使我們與其他軟體主導型公司更具可比性。本季調整後的毛利率為 60%，由於 CWT 的影響略有下降，但核心業務的毛利率上升了 70 個基點。

Importantly, we believe there is a runway for this to go up significantly over time. Adjusted operating expenses were up 14% year-over-year largely reflecting incremental costs driven by the acquisition of CWT. Excluding CWT, adjusted operating expenses were up 3% in the quarter. And on a constant currency basis, adjusted operating expenses grew slower than revenue for the core business, reflecting our continued focus on driving productivity and efficiency gains. And as a reminder, we expect to drive $110 million of cost reductions in 2025, partially offset by the $50 million in investments we are making to drive growth. And I am pleased to say we are on track with both of these.

重要的是，我們認為隨著時間的推移，這個數字還有大幅上漲的空間。經調整後的營運費用年增 14%，主要反映了收購 CWT 帶來的增加成本。剔除 CWT 費用後，本季調整後的營運費用增加了 3%。以固定匯率計算，核心業務的調整後營運支出成長速度低於收入成長速度，這反映出我們持續致力於提高生產力和效率。再次提醒大家，我們預計到 2025 年將削減 1.1 億美元的成本，但部分將被我們為推動成長而進行的 5,000 萬美元投資所抵銷。我很高興地說，我們在這兩方面都進展順利。

Putting it together, adjusted EBITDA grew 9% to $128 million. Our adjusted EBITDA margin was 19%, down 70 basis points year-over-year due to the impact of the CWT acquisition. Although the combination with CWT's lower-margin business will temporarily step down our margins on a blended basis, we are confident in the path to return to and then far surpass prior levels thanks to the significant synergies, additional efficiency potential and scalable revenue growth for the combined businesses. Excluding CWT, our adjusted EBITDA margin was up 40 basis points. And again, I encourage you to look at core business margin expansion of 120 basis points year-to-date instead of the quarter in isolation due to phasing. As Paul mentioned, we wanted to provide this financial detail on the core business versus CWT impact to be helpful. However, going forward, we will be operating reporting as one business.

綜合來看，調整後的 EBITDA 成長了 9%，達到 1.28 億美元。受收購 CWT 的影響，我們調整後的 EBITDA 利潤率為 19%，較去年同期下降 70 個基點。儘管與 CWT 的低利潤業務合併會暫時降低我們的綜合利潤率，但我們有信心憑藉合併後業務的顯著協同效應、額外的效率提升潛力和可擴展的收入增長，恢復到以前的水平，並遠遠超過以前的水平。剔除 CWT 後，我們調整後的 EBITDA 利潤率提高了 40 個基點。再次強調，我建議您專注於今年迄今為止核心業務利潤率成長 120 個基點，而不是因為分階段實施而孤立地看待本季。正如保羅所提到的，我們希望提供這些關於核心業務與 CWT 影響的財務細節，以提供協助。但是，今後我們將把報告業務作為一個整體來運作。

We generated $38 million of free cash flow in the quarter, which declined year-over-year largely due to the impact of CWT. Free cash flow generation for the core business, excluding CWT, was $54 million, down modestly year-over-year due to investing in the business. Finally, I am incredibly proud of the strength of our balance sheet. Our leverage ratio or net debt divided by last 12 months adjusted EBITDA is 1.9x. And up slightly from last quarter, given our funding of the cash portion of the CWT acquisition, but still below the midpoint of our target leverage range of 1.5 to 2.5 times.

本季我們產生了 3,800 萬美元的自由現金流，年減，主要原因是 CWT 的影響。不包括 CWT 在內的核心業務的自由現金流為 5,400 萬美元，由於對該業務進行投資，同比略有下降。最後，我為我們穩健的資產負債表感到無比自豪。我們的槓桿率（淨負債除以過去 12 個月的調整後 EBITDA）為 1.9 倍。鑑於我們為收購 CWT 的現金部分提供了資金，該比率較上季度略有上升，但仍低於我們 1.5 至 2.5 倍的目標槓桿率範圍的中點。

With such a strong balance sheet, we are in a position to continue executing on our capital allocation priorities, including additional opportunistic M&A while returning cash to shareholders through share repurchases. Year-to-date through November 6, we have repurchased $54 million of shares. Our share buyback reflects our confidence in the underlying strength of the business and our commitment to driving long-term shareholder value. This is an incredible synergy story. We have a clear path to a bottom line synergy opportunity of $155 million, entirely driven by what we can control, which is cost. We have significant savings by consolidating the cost base of CWT and Amex GBT, including a large opportunity with AI and automation.

憑藉如此強勁的資產負債表，我們能夠繼續執行我們的資本配置優先事項，包括進行更多機會性併購，同時透過股票回購向股東返還現金。今年截至11月6日，我們已回購了價值5,400萬美元的股票。我們的股票回購反映了我們對公司基本面的信心，以及我們致力於提升股東長期價值的承諾。這是一個令人難以置信的協同效應故事。我們擁有實現 1.55 億美元利潤綜效的明確途徑，而這完全取決於我們能夠控制的因素，即成本。透過整合 CWT 和 Amex GBT 的成本基礎，我們節省了大量資金，其中人工智慧和自動化帶來了巨大的機會。

This is a highly accretive transactions with a 3.5 times multiple on synergies alone. We've previously shared, we expect to achieve approximately 35% of our total $155 million synergy target in year 1. While I'm pleased to share we are tracking in line with the expectations we have previously shared. We expect to deliver $55 million in synergies across 2025 and 2026, split between $5 million and $50 million, respectively. These actions primarily include workforce reductions, real estate consolidation and vendor savings. We have a clear and established playbook for M&A. I will now share two examples of that track record of highly accretive acquisitions and significant value creation. With HRG in 2018, we added approximately 24% incremental revenue with approximately $80 million in synergies. And with Egencia in 2021, we added approximately 24% incremental revenue with approximately $110 million in synergies. This proven track record gives us confidence in our ability to deliver the identified synergies from CWT. Now moving to guidance. We are very pleased to raise and narrow our full year 2025 guidance to reflect the acquisition of CWT, which closed on September 2, 2025.

這是一筆收益非常可觀的交易，光是綜效一項就能帶來 3.5 倍的回報。我們之前已經分享過，我們預計第一年將實現 1.55 億美元綜效目標的約 35%。我很高興地告訴大家，我們的進展符合先前公佈的預期。我們預計在 2025 年和 2026 年將實現 5,500 萬美元的協同效應，其中 500 萬美元為一年，5,000 萬美元為一年。這些措施主要包括裁員、房地產整合和節省供應商成本。我們有一套清晰且成熟的併購策略。現在我將分享兩個例子，來說明公司在高增值收購和重大價值創造方面的成功經驗。2018 年，透過收購 HRG，我們增加了約 24% 的增量收入，並產生了約 8,000 萬美元的綜效。2021 年，隨著 Egencia 的加入，我們新增了約 24% 的收入，並產生了約 1.1 億美元的綜效。這個成功案例使我們有信心實現CWT所確定的綜效。現在進入指導環節。我們非常高興地上調並縮小了 2025 年全年業績預期，以反映對 CWT 的收購，該收購已於 2025 年 9 月 2 日完成。

There are no changes to our expectations for the core business. We are confident in the midpoint of our previous guidance. We are now guiding to full year 2025 revenue of $2.705 billion to $2.725 billion, which reflects approximately 12% year-over-year growth an adjusted EBITDA of $523 million to $533 million. Versus our previous guidance midpoint, this is $227 million increase in revenue with a $5 million increase in adjusted EBITDA, all driven by the CWT overlay. CWT assumptions for Q4 included impact on our government business from the current US government shutdown and a continuation of current trends for domestic travel. Please note that CWT is not currently baked into consensus or any sell-side analyst estimates. So this is all extremely exciting top line growth that is not currently reflected in any of the numbers out there and therefore, entirely incremental.

我們對核心業務的預期沒有改變。我們對先前預測的中點充滿信心。我們現在預計 2025 年全年營收為 27.05 億美元至 27.25 億美元，年增約 12%，調整後 EBITDA 為 5.23 億美元至 5.33 億美元。與我們先前的預期中位數相比，營收增加了 2.27 億美元，調整後的 EBITDA 增加了 500 萬美元，這完全是由 CWT 疊加效應推動的。CWT 對第四季度的假設包括當前美國政府停擺對我們政府業務的影響，以及國內旅行當前趨勢的延續。請注意，CWT目前尚未被納入共識預期或任何賣方分析師的預測中。所以，這些都是非常令人振奮的營收成長，目前還沒有反映在任何已公佈的數據中，因此完全是增量成長。

Looking at free cash flow, we now expect to generate free cash flow of $90 million to $110 million, at the midpoint, the $50 million change in free cash flow guidance is driven by the cash impact of CWT. Excluding the cash impact of CWT and approximately $60 million in onetime M&A-related cash costs, we would expect to generate approximately $210 million in underlying free cash flow for the core business. And so turning to next year, we also want to share our preliminary expectations for full year 2026 to help you set up your models now that we have closed the CWT acquisition. We have made bold moves to transform Amex GBT into a software-driven leader in travel and expense. We have now reached an exciting moment with several significant milestones achieved that we expect will accelerate growth.

從自由現金流來看，我們現在預計自由現金流為 9,000 萬美元至 1.1 億美元，取中間值，自由現金流預期變動 5,000 萬美元是由於 CWT 的現金影響所致。不計入 CWT 的現金影響以及約 6000 萬美元的一次性併購相關現金成本，我們預計核心業務將產生約 2.1 億美元的潛在自由現金流。因此，展望明年，我們也想分享我們對 2026 年全年的初步預期，以幫助你們在完成對 CWT 的收購後建立模型。我們採取了大膽的舉措，將美國運通全球商務旅行業務轉型為以軟體驅動的差旅和費用管理領域的領導者。我們現在已經迎來了一個激動人心的時刻，實現了幾個重要的里程碑，我們預計這將加速成長。

We expect to continue to demonstrate strong execution in our business with significant new wins, disciplined operating leverage, delivering on the CWT synergies introducing our new flagship complete T&E product with SAP, rolling out our industry-leading next-gen Egencia T&E solution and continuing to drive productivity and efficiency across the enterprise whilst investing in the business. Our guidance philosophy continues to be based on the trends that we have seen. Our preliminary expectations for 4-year 2026 and is 19% to 21% revenue growth and adjusted EBITDA of $615 million to $645 million, which represents growth of 16% to 22% year-over-year. And as usual, our official full year 2026 guidance will be provided on our next earnings call in early March. I want to end on why we are so excited about our future and the long-term outlook for the company. We have reached a critical moment with the CWT acquisition, and the additional levers for long-term growth and value creation.

我們期望繼續在業務上展現強勁的執行力，贏得重大新訂單，保持嚴謹的營運槓桿，實現 CWT 的協同效應，推出與 SAP 合作的全新旗艦級完整差旅及費用管理產品，推廣我們行業領先的下一代 Egencia 差旅及費用管理解決方案，並在持續投資業務的同時，不斷提高整個企業的生產力和效率。我們的指導理念仍然是根據我們觀察到的趨勢來發展的。我們對 2026 年的 4 年初步預期是營收成長 19% 至 21%，調整後 EBITDA 為 6.15 億美元至 6.45 億美元，年成長 16% 至 22%。與往常一樣，我們將在 3 月初的下一次財報電話會議上提供 2026 年全年業績指引。最後，我想談談我們為什麼對公司的未來和長期前景感到如此興奮。收購 CWT 使我們達到了一個關鍵時刻，並為我們提供了長期成長和價值創造的額外槓桿。

We have a clear path to consistent double-digit adjusted EBITDA growth margin expansion and free cash flow conversion, which will be used to drive continued shareholder value. We look forward to providing more detail on the opportunity we see ahead at our Investor Day in March. So we can move in to Q&A. Paul and I are joined by Eric Bock, who is our Chief Legal Officer and Global Head of M&A. Operator, please go ahead and open the line.

我們有明確的路徑來實現持續兩位數的調整後 EBITDA 成長利潤率擴張和自由現金流轉化，這將用於推動股東價值的持續成長。我們期待在三月的投資者日上，向大家詳細介紹我們看到的未來​​機會。接下來我們可以進入問答環節。與我和保羅一起的是埃里克·博克，他是我們的首席法律官兼全球併購主管。接線員，請開通線路。

(Operator Instructions) Lee Horowitz, Deutsche Bank.

（操作員指示）李·霍洛維茨，德意志銀行。

Great. Two if I could. Maybe as it relates to your 2026 outlook. I wonder what you're hearing from your customers in terms of their expectations on what the big beautiful bill could mean for corporate spending broadly and how that perhaps informs your preliminary outlook? And then maybe one on the new SAP Concur relationship strikes is quite interesting. I wonder how you were thinking these tools may serve to help unlock the unmanaged segment in SME more greatly so that you could see that part of your business continue to come online and take share there.

偉大的。如果可以的話，我會選兩個。或許這與你對2026年的展望有關。我想知道您的客戶對這張巨額帳單可能對企業整體支出產生的影響有何預期，以及這些預期會如何影響您的初步展望？然後，關於 SAP Concur 新關係的報導或許會很有趣。我想知道您是如何看待這些工具的，它們或許能夠更好地幫助中小企業釋放未開發的潛力，從而使您能夠看到您業務的這部分持續上線並佔據市場份額。

Thanks, Lee. Thanks for the questions. First of all, in terms of the outlook for 2026, the most recent survey that we did showed either the same or moderate improvements in terms of the travel budgets for 2026. So we're cautiously optimistic about a slight uptick in organic growth in 2026. We're also seeing a noticeable increase in a number of meetings and events. I know I've mentioned before, Lee, that that's an area of our business where we get a longer-term view, given the booking happens for Meetings and Events. And in the last quarter, we've actually seen a double-digit increase in the number of forward bookings for Meetings and Events into 2026. So again, that's an encouraging sign as well.

謝謝你，李。謝謝大家的提問。首先，就 2026 年的前景而言，我們最近進行的調查顯示，2026 年的旅行預算要么保持不變，要么會有小幅改善。因此，我們對 2026 年有機成長略有回升持謹慎樂觀態度。我們也注意到會議和活動的數量明顯增加。我知道我之前提到過，李，鑑於會議和活動的預訂，這是我們業務中一個需要長期考慮的領域。上個季度，我們看到會議和活動的預訂量（直至 2026 年）實際上實現了兩位數的成長。所以，這又是一個令人鼓舞的跡象。

So we'll provide more details on the 26 outlook when we give formal guidance in February. But I would say that we are cautiously optimistic about a moderate improvement in organic growth in 2026. Yes. On the SAP Concur partnership. I think I mentioned in my prepared remarks that 80% of the SAP customer base are actually SME customers, and we have over 100 million users. And so with this new flagship solution, that we are codeveloping with SAP Concur, we will have the ability to market that solution into the SAP customer base. which obviously, as I said, a very, very large established SME customer base.

因此，我們將在2月發布正式指導意見時，提供更多關於26日展望的細節。但我認為，我們對 2026 年有機成長的溫和改善持謹慎樂觀態度。是的。關於 SAP Concur 合作夥伴關係。我想我在準備好的演講稿中提到過，SAP 80% 的客戶實際上是中小企業客戶，我們擁有超過 1 億用戶。因此，憑藉我們與 SAP Concur 共同開發的這款全新旗艦解決方案，我們將能夠將其推向 SAP 的客戶群。顯然，正如我所說，SAP 的客戶群是一個非常龐大且成熟的中小企業客戶群。

So we do think that that's going to really help us to accelerate SME growth. And then secondly, Egencia has been our primary product for bringing customers in within the SME segment and also more specifically, the unmanaged segment. And the ability to integrate now Egencia into Concur expense, so that it becomes a seamless all-in-one travel and expense solution for those 100 million users is also a significant step forward in terms of our value proposition in that segment. So both those developments should help us to accelerate our SME new wins in 2026 and beyond.

所以我們認為這將真正有助於我們加速中小企業的發展。其次，Egencia 一直是我們吸引中小企業客戶，尤其是非託管客戶的主要產品。現在能夠將 Egencia 整合到 Concur 費用管理系統中，使其成為 1 億用戶的無縫一體化差旅和費用解決方案，這對於我們在該領域的價值主張而言也是向前邁出的重要一步。因此，這兩項進展都應有助於我們在 2026 年及以後加速贏得中小企業的新客戶。

Duane Pfennigwerth, Evercose ISI.

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

You touched on it with your comments just now, but can you comment maybe just on where we are in the underlying macro for business travel. We were having a pretty vigorous recovery in the US off of the tariff shocks into the government shutdown. Now it appears the clouds are maybe parting on that front. How would you characterize business travel demand trends now versus maybe the lows of this year back in April or May? And I'm not sure if you agree with that as a trough period.

您剛才的評論中已經提到了這一點，但您能否就商務旅行的宏觀現狀發表一下看法？美國經濟在政府停擺和關稅衝擊之後正經歷相當強勁的復甦。現在看來，這方面的陰霾或許正在散去。您如何描述當前商務旅遊需求趨勢與今年四、五月的低谷時期相比？我不確定你是否同意這是一段低谷期。

Yes, I think we said last quarter that we were expecting to see an improvement in demand into Q3 and that's, frankly, exactly what we saw. And you see that in the numbers that we've just shared -- if you look at our sort of guide for Q4, we're also expecting to see some improvement in the organic growth rate into Q4. So I think what we signaled last quarter in terms of that improvement in the demand environment is exactly what we have seen.

是的，我想我們上個季度說過，我們預計第三季需求會有所改善，坦白說，我們看到的情況正是如此。從我們剛才分享的數據中可以看出——如果你看一下我們對第四季的預期，我們也預期第四季的有機成長率會有所改善。所以我認為，我們在上個季度所發出的需求環境改善的訊號，正是我們已經看到的。

Okay. Great. And then CWT, obviously, you're acquiring customers a deeper presence in some industries and a significant synergy opportunity. But I wonder if you could just remind us, is there anything on the technology front or on the software front where you feel like they may have had a relative advantage.

好的。偉大的。顯然，CWT 可以幫助你獲得客戶，在某些產業建立更深厚的市場地位，並帶來顯著的綜效機會。但我想請您提醒一下，在技術方面或軟體方面，您覺得他們有哪些方面具有相對優勢？

I think there are some areas of the business, particularly in the hotel space and also some of the traveler care, travel council or tools that we are looking at that we think are interesting and that may help us to create more value for customers and also help us to improve productivity and servicing teams. But when you look at the software solutions, obviously, the main software solutions that we will go to market with will be the Egencia solution, which, of course, now will have full integration into SAP Concur expense. The NEO suite of solutions and of course, now the flagship product that we are developing with SAP Concur, which is complete, which again, will be an integrated travel and expense solution. So those will remain the 3 core software solutions in addition to, of course, third-party software we integrate with as well.

我認為，在業務的某些領域，尤其是在飯店領域，以及一些旅客關懷、旅遊諮詢或工具方面，我們正在研究一些我們認為有趣的領域，這些領域可能有助於我們為客戶創造更多價值，也有助於我們提高生產力和服務團隊。但就軟體解決方案而言，很顯然，我們將推向市場的主要軟體解決方案將是 Egencia 解決方案，當然，該解決方案現在將與 SAP Concur 費用管理系統完全整合。NEO 系列解決方案，當然還有我們現在與 SAP Concur 共同開發的旗艦產品，該產品已經完成，它將是一個整合的差旅和費用解決方案。因此，除了我們整合的第三方軟體之外，這仍將是 3 個核心軟體解決方案。

And then just on Concur. I'll sneak one more in. Sorry about that. Just on Concur, obviously, you've worked with Concur for some time. Can you just maybe highlight what is different now about this partnership.

然後就在 Concur 上。我再偷偷加一個進去。抱歉。就 Concur 而言，顯然您已經使用 Concur 一段時間了。您能否重點介紹一下目前這種合作關係有哪些不同？

Yes, sure. I think what's different about this is that we are now actually codeveloping a new flagship solution that will lead the industry for travel and expense. We have teams that are working together to fully integrate the solutions. And that is going to mean improved content for customers. It's going to mean improved savings for customers, and it's without question going to be an improved experience. We're bringing the expertise of both teams together in travel and expense to create a more integrated experience for the user that experience will be AI-powered.

當然可以。我認為這次的不同之處在於，我們現在實際上正在共同開發一款全新的旗艦解決方案，它將引領差旅和費用管理產業。我們有多個團隊正在通力合作，以實現解決方案的全面整合。這意味著客戶將獲得更好的內容。這意味著客戶將節省更多費用，毫無疑問，客戶體驗也將得到改善。我們將兩個團隊在差旅和費用方面的專業知識結合起來，為用戶創造更一體化的體驗，這種體驗將由人工智慧驅動。

It will be more integrated across travel and expense. There'll be one app essentially for everything. And there will be an improved US retailing experience for both travel and expense. So those are the key changes that customers can expect going forward on the complete product. And then, of course, what's also new is Egencia will have that integration into Concur expense. Our Egencia customers really like the user experience on Egencia, the content, the AI-powered experience, but some customers that are operating in that SAP environment want full integration into SAP our expense, and that's what we're going to give them going forward.

它將更加整合到差旅和費用管理中。基本上所有功能都會用一個應用程式來實現。美國的旅行和消費零售體驗將會得到改善。因此，以上就是客戶在未來可以期待的完整產品方面所發生的主要變化。當然，另一個新變化是 Egencia 將與 Concur 費用管理系統整合。我們的 Egencia 客戶非常喜歡 Egencia 的使用者體驗、內容和 AI 驅動的體驗，但在 SAP 環境中運作的一些客戶希望完全整合到 SAP 中，而這正是我們今後要為他們提供的。

James Pujo, Rothschild and Co-Redburn.

James Pujo，羅斯柴爾德和 Co-Redburn。

So firstly, just coming back to the SAP complete and Egencia T&E solutions. What are the key metrics or milestones that you'll be watching and hoping to achieve as these products roll out to the market?

首先，讓我們回到 SAP Complete 和 Egencia T&E 解決方案上來。隨著這些產品陸續推向市場，您將關注哪些關鍵指標或里程碑，並希望實現哪些目標？

I am sorry, would you repeat the question? I think we lost you at the beginning.

抱歉，您能再說一次問題嗎？我覺得我們一開始就沒能把你吸引住。

Sorry, sorry. So just coming back to the SAP Complete and Egencia T&E solution. What are the key metrics or milestones that you guys are going to be watching and hoping to achieve as these products roll out to the market?

對不起，對不起。所以，讓我們回到 SAP Complete 和 Egencia T&E 解決方案上來。隨著這些產品陸續上市，你們會關注哪些關鍵指標或里程碑，並希望實現哪些目標？

Yes. I think what we're expecting, frankly, from the new strategic alliance with SAP is to accelerate our growth. And we're going to have a flagship product that gives us competitive advantage. And therefore, we're expecting that to accelerate the growth of our business. We're obviously going to be cross-selling both the complete product and the Agenia product into the SAP customer base. So again, we'll be looking for increased growth. We'll also be looking for improved customer retention because we're going to be able to deliver customers with a better experience. We're also going to be bringing more content to customers and more savings.

是的。坦白說，我認為我們期望透過與 SAP 建立新的策略聯盟來加速我們的成長。我們將推出一款旗艦產品，這將為我們帶來競爭優勢。因此，我們預計這將加速我們業務的成長。我們顯然會將完整產品和 Agenia 產品交叉銷售給 SAP 客戶群。所以，我們將繼續尋求成長。我們也將致力於提高客戶留存率，因為我們將能夠為客戶提供更好的體驗。我們也將為顧客帶來更多內容和更多優惠。

So looking at the savings that we're delivering to customers as well will be an important metric to track. And then, of course, it tracks very much to the overall digitization of the business and continuing to increase the share of digital transactions, which we referenced in the presentation is now -- and obviously, we expect that metric to continue to grow. And that ultimately feeds into improved gross margin and overall margin expansion for the business. So those are the key metrics that you should expect us to track and report.

因此，關注我們為客戶節省的費用也將是重要的追蹤指標。當然，這與企業的整體數位化以及數位交易份額的持續成長密切相關，我們在簡報中提到了這一點——顯然，我們預計這一指標將繼續增長。而這最終將有助於提高企業的毛利率和整體利潤率。所以，以上就是您應該期望我們追蹤和報告的關鍵指標。

Great. And then just secondly, just thinking about the synergy number of $ 155 million. I mean, that number hasn't now changed for 2 years, I guess, since you first -- almost 2 years since you've outlined the acquisition. But now that you've got them a bit more under the numbers with CWT, do you see any potential for incremental synergies to be unlocked whether that's incremental cost savings or revenue synergies as well.

偉大的。其次，想想綜效帶來的1.55億美元的收益。我的意思是，自從你第一次——差不多兩年前——概述收購計劃以來，這個數字似乎一直沒有改變。但現在你們透過 CWT 將他們的數字控制得更好了，你們認為是否有可能釋放出任何增量協同效應，無論是增量成本節約還是收入協同效應。

Well, I think what we've been able to do really post close is to obviously pressure test that synergy number in more detail where you own and operate the business, you have the ability to do that. And so -- we now have just a very high confidence level of delivering that $155 million of [7s]. That just as a reminder, is 100% cost synergies. So that is a net cost synergy number. There, of course, have the opportunities to increase revenues, and we're certainly looking to cross-sell our products and services into the CWT customer base, but we have not baked any of those revenue synergies into our business case or our outlook, but we absolutely have a very high confidence level on $155 million of synergies. And as Karen mentioned in her remarks, $55 million of that we already have been able to identify an action and, of course, $100 million in addition is still ahead of us.

我認為，交易完成後，我們真正能夠做到的，顯然是對協同效應數據進行更詳細的壓力測試。當你擁有並經營這家企業時，你就有能力做到這一點。因此——我們現在非常有信心能夠交付這1.55億美元。[7秒]。再次提醒一下，這是 100% 的成本綜效。所以，這就是淨成本協同效應數值。當然，這其中蘊藏著增加收入的機會，我們也正在尋求將我們的產品和服務交叉銷售給 CWT 的客戶群，但我們尚未將這些收入協同效應納入我們的商業計劃或展望中，但我們對 1.55 億美元的協同效應絕對充滿信心。正如凱倫在演講中提到的，其中 5500 萬美元我們已經找到了應對措施，當然，還有 1 億美元等待我們解決。

(Operator Instructions) Stephen Ju, UBS.

（操作說明）Stephen Ju，瑞銀集團。

Great. So on the Egencia TTV disclosure, I think, trailing 12 months of about $8 billion. Has this segment more or less recovered back to the pre-pandemic levels? And I think secondarily, at the same time, the $8 billion of TTV is or on potentially an addressable market of $800 billion plus, I mean that's just 1% of the market. So availability of online and software solutions for travel is something that's probably not lost on anybody. So I mean, between Agency and competitors, we're probably still at less than 10% penetration. So what do you think the unlock here is to get the SMEs onboarded and using Egencia?

偉大的。所以，根據 Egencia 的 TTV 披露，我認為過去 12 個月的 TTV 約為 80 億美元。這一領域是否已基本恢復到疫情前的水準？其次，我認為同時，80億美元的TTV（電視電視）是在一個潛在的8000億美元以上的市場中，我的意思是，這只佔市場的1%。因此，與旅行相關的線上和軟體解決方案的普及程度，想必大家都很清楚。所以我的意思是，算上代理商和競爭對手，我們的市場滲透率可能還是不到 10%。那麼，你認為讓中小企業加入並使用 Egencia 的關鍵是什麼？

Thanks, Steve. Good question. And it's worth remembering that Genie is a very poor part of our SME segment, but our SME segment is approximately 50% of our overall SME volumes. So our SME volumes are also on other solutions outside of bottom Egencia. But your point is absolutely correct that there is a significant runway for growth in the SME segment. The investments that we're making in Egencia to evolve that product into a travel and expense solution will obviously, I think, be an opportunity for us to accelerate growth in the SME segment. If you look at the partnership that we just announced with SAP Concur, that gives us the ability to sell our solutions into that SAP customer base that I mentioned earlier. So -- we expect both of those developments to help us accelerate growth. But look, your point is absolutely valid. There is a huge opportunity to grow in what is still a very, very large and very fragmented segment.

謝謝你，史蒂夫。問得好。值得注意的是，Genie 在我們中小企業業務中所佔份額很小，但我們中小企業業務約占我們整體中小企業業務量的 50%。因此，我們的中小企業銷售也來自 Egencia 以外的其他解決方案。但你的觀點完全正確，中小企業領域確實存在著巨大的成長空間。我認為，我們對 Egencia 的投資，旨在將該產品發展成為差旅和費用解決方案，這顯然將為我們加速在中小企業領域的成長提供機會。如果您看看我們剛剛宣布與 SAP Concur 建立的合作夥伴關係，您會發現這使我們能夠將我們的解決方案銷售給先前提到的 SAP 客戶群。因此，我們預計這兩項進展都將有助於我們加速成長。但是，你的觀點完全正確。在這個仍然非常龐大且非常分散的細分市場中，存在著巨大的成長機會。

Okay. And secondarily, I get that there's probably a relatively higher failure rate among SMEs, but has Egencia and indeed your entire portfolio now, has there been any signs that you've been able to hold on to some of these SMEs as they grow and continue to become bigger companies?

好的。其次，我知道中小企業的失敗率可能相對較高，但是 Egencia 以及你們現在的整個投資組合中，是否有任何跡象表明你們能夠留住一些中小企業，讓它們成長並繼續發展成為更大的公司？

Yes, absolutely. You're right. There is more churn in the SMB customer base. Our retention is around 94% in SMA versus global multinational is around 98%, which obviously brings us to our average, which has been tracking around 95%, 96%. So you're always going to have more churn within the SME customer base. But our retention rates are very high. And I think what we did see at the back end of last year, at the beginning of this year is we did see some softening in the organic performance, the same-store sales -- and I think it's been well documented that that's driven primarily by macroeconomic conditions. And I'm pleased to say that we have seen a steady improvement in that organic performance as we've gone through 2024. So Again, we're cautiously optimistic about Q4 and into 2026, continuing to see an improvement in the organic performance, but also the investments we're making in our sales and marketing channels plus the investments we're making in complete and the investments in Egencia set us up to accelerate our growth in the SME segment.

是的，絕對的。你說得對。中小企業客戶群的流失率較高。在 SMA 中，我們的留存率約為 94%，而全球跨國公司的留存率約為 98%，這顯然使我們的平均留存率保持在 95% 到 96% 左右。因此，中小企業客戶群的流失率總是會比較高。但我們的客戶留存率非常高。我認為我們在去年年底和今年年初確實看到了有機成長勢頭有所放緩，同店銷售額有所下降——而且我認為已經有很多文獻證明，這主要是由宏觀經濟狀況造成的。我很高興地說，進入 2024 年，我們已經看到有機成長表現穩定提升。因此，我們對第四季度及2026年持謹慎樂觀態度，繼續看到有機業績的改善，同時我們在銷售和行銷管道方面的投資，以及在Complete和Egencia方面的投資，都將使我們加速在中小企業領域的成長。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

And thanks for your comments on the AI stuff in the prepared remarks. We've been seeing some new platforms in the space, and we're wondering where do you see the place for sort of those platforms in the market versus -- and I know that you have AI embedded in yours as well. But do you expect that the AI platforms will be more sort of targeted in the SME part of the market -- and what type of customer would benefit from using a platform that is like essentially AI forward versus Egencia, for example.

感謝您在準備好的發言稿中對人工智慧方面的內容發表評論。我們看到這個領域出現了一些新的平台，我們想知道您認為這些平台在市場上的定位是什麼——我知道您的平台也嵌入了人工智慧。但您是否認為人工智慧平台會更有針對性地瞄準中小企業市場？與 Egencia 等平台相比，哪些類型的客戶會從使用本質上是人工智慧驅動的平台中受益？

Well, look, I think what's really exciting about where we are now on AI and our digitization program is that we're seeing real results, both in terms of revenue performance and cost performance. I referenced some of those results in my prepared remarks, we're seeing an impact to revenue and conversion through the AI-enabled features that we have in Egencia, we're also seeing cost reduction from the AI solutions that we're implementing across our servicing channels. And so I think AI is very much a tailwind for us in both improving revenue and conversion, improving the customer experience and also on taking cost out of the business. And as I said, I think we are starting to see results at real P&L impact on both fronts.

嗯，你看，我認為我們現在在人工智慧和數位化專案方面真正令人興奮的地方在於，我們看到了實際的成果，無論是在收入表現還是成本表現方面。我在準備好的演講稿中提到了其中一些結果，我們看到 Egencia 的人工智慧功能對收入和轉換率產生了影響，我們也看到我們在服務管道中實施的人工智慧解決方案降低了成本。因此，我認為人工智慧對我們來說是一個非常有利的因素，它既可以提高收入和轉換率，又可以改善客戶體驗，還可以降低業務成本。正如我所說，我認為我們已經開始看到這兩個方面都對損益產生了實際影響。

In terms of how the broader competitive environment is going to evolve, and we are already developing our own organic AI capabilities and also working with third-party agentic solutions. And what we're seeing is that the NTI is definitely going to start to become an important channel, but it's going to be one-off, I think many channels that customers use, and they're going to want the gene to be integrated into whether it's chat, whether it's voice and all of the other channels that those customers use to interact with us. And it's going to be important for all of those channels to make sure that they are connected up to the same marketplace and these content the same traveler data and trial of preferences, the same company data and company policy data.

至於更廣泛的競爭環境將如何演變，我們已經在開發我們自己的自主人工智慧能力，並且也在與第三方代理解決方案合作。我們看到的是，NTI 肯定會開始成為一個重要的管道，但我認為它將是一次性的，客戶會使用許多不同的管道，他們希望基因能夠整合到聊天、語音以及客戶用來與我們互動的所有其他管道中。所有這些管道都必須確保它們連接到同一個市場，並且這些內容使用相同的旅行者數據和偏好試用數據、相同的公司數據和公司政策數據，這一點非常重要。

And what we're finding is that the fact that we essentially orchestra for that end-to-end, we are the ones that actually hold and manage all of that data and that it's actually our technology stack and data that is incredibly important in order to actually make that genetic experience work, whether it's orogenic AI experience or third-party agent. So I think you're going to see it grow as a channel I think you're going to see many different versions of agent AI that are powering that channel. But I think you're going to see that effectively all integrated into the technology stack and data that we have, so that customers have a fully integrated and an entirely consistent experience across all channels.

我們發現，事實上，我們負責統籌整個端到端流程，我們實際持有和管理所有這些數據，而我們的技術堆疊和數據對於真正實現基因體驗至關重要，無論是基因人工智慧體驗還是第三方代理。所以我認為你會看到它作為一個管道不斷發展壯大，你會看到許多不同版本的智能體人工智慧為該頻道提供支援。但我認為你會看到所有這些都有效地整合到我們現有的技術堆疊和資料中，從而使客戶在所有管道上都能獲得完全整合且完全一致的體驗。

Great. And just thinking about you shared preliminary expectations for 2026. The adjusted EBITDA growth there, are you embedding cost savings from AI in that number? And could you actually do better than that, it's a nice number, but can you do better than that if you were able to find even more AI efficiencies next year?

偉大的。想想你之前分享的 2026 年的初步預期。在調整後的 EBITDA 成長中，是否包含了人工智慧帶來的成本節約？你真的能做得更好嗎？這個數字不錯，但如果你明年能找到更多提高人工智慧效率的方法，你能做得更好嗎？

So thanks for the question, Toni. We've given the preliminary expectations based upon what we see today, and there is margin improvement along with, obviously, then the synergies embedded in the that we've mentioned from a CWT perspective. So it is based upon everything that we feel confident about at this point.

謝謝你的提問，托尼。我們根據目前的情況給出了初步預期，除了利潤率的提高之外，顯然還有我們從 CWT 的角度提到的協同效應。所以，這是基於我們目前所確信的一切。

This concludes our Q&A. I'll now hand back to Paul Abbot for any final remarks.

問答環節到此結束。現在我將把發言權交還給保羅·阿博特，請他作最後的總結發言。

Well, look, thank you very much to everyone. Before closing, I do want to thank our team for their tremendous commitment to our customers and the strong results that they have delivered throughout this year and including the third quarter. Thank you to all of you for joining us today and your continued interest in American Express Global Business Travel.

好了，謝謝大家。在結束之前，我衷心感謝我們的團隊對客戶的巨大付出，以及他們在今年，包括第三季度，所取得的優異成績。感謝各位今天蒞臨，也感謝你們一直以來對美國運通全球商務旅遊的關注。

Thank you, everyone. Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

謝謝大家。女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。