Global Business Travel Group, Inc. (NYSE:GBTG) Q1 2024 Earnings Call Transcript

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

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

Paul Abbott: Yes. I think difficult to say at this point because March, as you know, Easter fell into March this year as opposed to April last year. So that creates a little bit of noise. And we also have some additional work workdays in April this year versus the adjustment we talked about for Q1. And so I think honestly it’s going to take a few more weeks to kind of work through that and see what the trends are. But as Karen said, our full year guidance is about 6% to 9% on revenues on a workday adjusted basis, we came in at 7% in the first quarter. Our guide to TTV was selling to 8% to 10% – 8% to 12%. We came in at 10% work be adjusted. So from our point of view, we’re sort of bang on track for where we want it to be in terms of our full year guidance. And we’ll obviously be able to update you on Q2 in more detail at a later date.

Toni Kaplan: Terrific. Thanks.

Paul Abbott: Well, in closing, thank you to everyone across our team for their dedication to our customers and the strong results they’ve delivered. We are very confident that 2024 will be another year of share gains, strong growth in profits, improved cash flow and continued margin expansion. So thank you very much for joining us today and your continued interest in American Express Global Business Travel. Thank you.

Operator: This concludes today’s call. Thank you for everyone.