Global Business Travel Group (GBTG) Q3 2024 earnings summary

Executive summary

• Q3 2024 delivered strong results with 9% TTV growth to $7.8B and 5% revenue growth to $597M, driven by a diversified business model and continued share gains.

• Adjusted EBITDA rose 24% year-over-year to $118M, with margin expanding 300bps to 20%.

• Customer retention remained high at 97% LTM, with $3.0B in new wins, $2.1B from SME clients.

• Net loss widened to $128M in Q3 2024, mainly due to a $38M loss on early extinguishment of debt and a $22M charge from earnout derivative liabilities.

• Board authorized a new $300M share buyback after repurchasing $55M in Q3.

Financial highlights

• Q3 2024 revenue: $597M, up 5% year-over-year; TTV was $7.8B, up 9%.

• Adjusted EBITDA for Q3 2024: $118M (20% margin), up from $95M (17% margin) in Q3 2023.

• Free Cash Flow for Q3 was $59M, with full-year guidance raised to ~$160M.

• Net loss for Q3 2024: $128M, impacted by refinancing and non-operating charges.

• Net debt as of September 30, 2024: $860M, down from $886M at year-end 2023.

Outlook and guidance

• Full-year 2024 revenue guidance: $2.415B–$2.435B (+5.5%–6.5% YoY).

• Adjusted EBITDA guidance: $470M–$480M (+24%–26% YoY), margin 19%–20%.

• Free Cash Flow guidance raised to ~$160M for 2024.

• Guidance excludes impact from the pending CWT acquisition, expected to close Q1 2025.