GBTG - Global Business Travel Group beats Q1 top and bottom line estimates; initiates Q2 and updates FY23 outlook

2023-05-09 07:48:33 ET

• Global Business Travel Group press release ( NYSE: GBTG ): Q1 GAAP EPS of -$0.06 beats by $0.04 .
• Revenue of $578M (+65.1% Y/Y) beats by $13.98M .
• Adjusted EBITDA ¹ totaled $99 million, with an Adjusted EBITDA Margin ² of 17%.
• SME transactions grew 61% versus Q1 2022 to reach 88% of 2019 pro forma ³ levels.
• LTM (ended March 31, 2023) SME New Wins Value ⁴ totaled $2.2 billion per annum.
• Approximately 30% of LTM SME New Wins Value came from the unmanaged category.
• Total transactions grew 61% versus Q1 2022 to reach 76% of 2019 pro forma ³ levels. Workday adjusted ⁵ total transaction recovery was 74% of 2019 pro forma ³ levels.
• 2023 Guidance: Revenue of $2.17B – $2.22B  vs. consensus of $2.21B; Adjusted EBITDA Margin of 15% – 17%.
• Q2 guidancE: Revenue of $555M – $575M  vs. consensus of $557.66M; Adjusted EBITDA Margin of 15% – 17%.

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