Global Business Travel Group, Inc. (NYSE:GBTG) Q4 2023 Results Conference Call March 5, 2024 9:00 AM ET

Company Participants

Jennifer Thorington - Director of Investor Relations

Paul Abbott - Chief Executive Officer

Karen Williams - Chief Financial Officer

Eric Bock - Chief Legal Officer & Head of Global M&A

Conference Call Participants

Duane Pfennigwerth - Evercore ISI

Toni Kaplan - Morgan Stanley

Peter Christiansen - Citigroup

Lee Horowitz - Deutsche Bank

Operator

Good morning. And welcome to the American Express Global Business Travel Fourth Quarter and Full Year 2023 Earnings Conference Call. As a reminder, please note today's call is being recorded.

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

Jennifer Thorington

Hello. And good morning everyone. Thank you for joining us for our fourth quarter and full year 2023 earnings conference call. This morning, we issued an earnings press release, which is available on SEC.gov and on our website at investors.mxglobalbusinesstravel.com.

A slide presentation, which accompanies today's prepared remarks is also available on the Amex GBT Investor Relations webpage. We would like to advise you that our comments contain forward-looking statements that represent our beliefs, our 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. More information on these and other risks and uncertainties is contained in our earnings release issued this morning and in our other SEC filings.

Throughout today's call, we will also be presenting certain non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted operating expenses, free cash flow and net debt. All references during today's call to such non-GAAP financial measures have been adjusted to exclude certain items. Definitions of these terms and the most directly comparable GAAP measures and reconciliations for non-GAAP measures are available in the supplemental materials of this presentation and in the earnings release.

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

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

Paul Abbott

Thank you, Jennifer. Welcome to everyone, and thank you for joining our fourth quarter and full year 2023 earnings call. We once again delivered outstanding financial results, driven by continued share gains and our focus on margin expansion. In the fourth quarter, we generated revenue of $549 million and adjusted EBITDA of $80 million which nearly doubled year-over-year.