Global Business Travel cuts FY24 revenue view to $2.42B-$2.44B from $2.43B-$2.5B

Consensus $2.44B. Narrows FY24 adjusted EBITDA view to $470M-$480M from $450M-$500M. Raises FY24 free cash flow view to $160M from $130M. Karen Williams, Amex GBT’s CFO, stated: “Our focus on productivity and margin expansion has enabled us to invest significantly in our people, products and services. This has resulted in accelerating Free Cash Flow generation and continued deleverage. We are now in the strong position of being able to fund the anticipated closing and integration of the CWT acquisition, executed our first share buyback and have a new, larger authorization in place to return cash to shareholders.”