Total Revenue

Increased 1.8% (from $610 million to $621 million)

Modest revenue growth is seen in Q1 2025, driven by consistent performance in the travel segment and solid contributions from Product & Professional Services revenue. This follows a relatively strong base of $610 million in Q1 2024, supporting steady, if slow, expansion. " " " "

Operating Income

Increased from $16 million to $55 million (244% YoY improvement)

A dramatic improvement in operating income was driven by enhanced operational efficiency and cost control that built on the weaker performance in Q1 2024. The strong underlying revenue growth and tighter cost management helped push operating income from $16 million to $55 million. "

Net Loss

Widened from $19 million loss to $75 million loss

Despite improved core operations, the net loss widened significantly in Q1 2025 because non-operating factors (including larger unfavorable fair value movements on derivative liabilities) offset operating gains. The increased charge against overall profitability contrasts sharply with the relatively modest $19 million loss observed in Q1 2024. "

Basic Loss Per Share

Deteriorated from –$0.04 to $0.16

The loss per share worsened as the net loss expanded and the adverse effects of increased dilution (and potentially other non-core factors) impacted the per-share calculations relative to the smaller loss per share in Q1 2024. "

Net Cash from Operating Activities

Increased from $49 million to $53 million

The improvement in cash flows is attributed to higher operating income paired with modest gains in working capital management. This builds on the previous period’s performance, where operating cash flows were solid but slightly lower at $49 million. "

Fair Value Movements on Earnout and Warrant Derivative Liabilities

Increased from $18 million to $74 million

The surge in fair value adjustments is largely due to significant changes in the company’s stock price. In Q1 2025, the stock movement heavily impacted the valuation of derivative liabilities compared to Q1 2024, leading to a jump from $18 million to $74 million in charges/effects. "

Revenue

Q2 2025

no prior guidance

$625 million at the midpoint, roughly flat year‑over‑year "

no prior guidance

Adjusted Operating Expenses

Q2 2025

no prior guidance

Down modestly year‑over‑year, including incremental investments "

no prior guidance

Adjusted EBITDA

Q2 2025

no prior guidance

$130 million at the midpoint, up 2% year‑over‑year "

no prior guidance

Adjusted EBITDA Margin

Q2 2025

no prior guidance

50 basis points of margin expansion "

no prior guidance

SME Segment Performance and Dynamics

Q2–Q4 2024: Discussions highlighted that SME organic growth was under pressure due to tightened spending controls, inflation, and higher interest costs. New wins and digital channel performance were noted but growth rates remained modest, with SMEs lagging larger customers. " " " " " "

Q1 2025: The SME segment still shows slower organic growth at around 2%, though there is sequential improvement from flat to positive growth thanks to new wins and increased managed travel adoption amid persistent macroeconomic pressures. " "

Consistent challenges with SME growth amid macro pressures, but there is a slight sequential improvement driven by new wins, even as the overall sentiment remains cautious.

CWT Acquisition and Regulatory/Legal Uncertainty

Q2–Q4 2024: Frequent commentary on regulatory scrutiny—with the CMA and DOJ actively reviewing the transaction—and discussions of trial timelines, potential delays, and reliance on stock financing to manage leverage. " " " " " "

Q1 2025: The merger agreement has been amended (reducing share issuance from 72 million to 50 million) and timelines for resolving the DOJ lawsuit have been updated, with fact discovery now targeted for early June 2025, though regulatory uncertainty remains. " " "

Persistent regulatory/legal uncertainty remains a theme, but with tactical adjustments (e.g., revised share issuance) to better manage risk, suggesting a measured, proactive approach to M&A challenges.

Cost Management, Margin Expansion, and Operational Resilience

Q2–Q4 2024: The company consistently demonstrated strong cost control, achieving over $100 million in cost savings, operating expense growth well below revenue growth, and significant adjusted EBITDA margin expansion (ranging from 240 to 420 basis points). Operational resilience was highlighted via productivity improvements and technology investments. " " " " " " "

Q1 2025: Results show 15% adjusted EBITDA growth and a 260 basis point expansion in margin, with an increased cost savings target (raised from $95 million to $110 million) amid a slower demand environment.

Consistently robust focus on cost management with continued investments in efficiency and productivity, leading to continued margin improvements despite subdued demand—an overall positive sentiment in achieving resilient operations.

Revenue and Transaction Growth Dynamics (incl. Premium Demand and Pricing Strategies)

Q2–Q4 2024: Reports showed steady revenue growth (6–8% annually), enhanced TTV due to modest price increases, and a digital shift driving transactions via proprietary platforms. There was notable regional variation (e.g., strong APAC performance, mixed results in Europe) and an emphasis on premium services, particularly in international travel. " " " " " " "

Q1 2025: The quarter delivered about a 4% revenue increase on a constant currency basis and similar transaction growth, with premium international segments and hotel bookings performing strongly.

Steady, moderate revenue and transaction growth continues with strategic emphasis on premium demand and pricing. The sentiment remains optimistic yet realistic given the ongoing pressures, reflecting a stable evolution in the company’s growth dynamics.

Macro Environment, Market Volatility, and Regional Recovery

Q2–Q4 2024: The macro environment was described as challenging, with subdued GDP growth, FX headwinds, and disruptions (e.g., the Olympics affecting France). However, regional recovery was uneven, with APAC showing strong growth while EMEA lagged; the global outlook was cautious, particularly for SMEs. " " " " "

Q1 2025: The environment is characterized as weaker but stable with ongoing uncertainty. Regional performance remains varied (e.g., moderate growth in the Americas and stronger performance in APAC), while the focus shifts to share gains and margin discipline amid headwinds. " " "

Ongoing macro challenges persist with regional variations. While conditions are cautiously stable, the sentiment remains careful as the company navigates headwinds through strategic share gains and cost efficiency improvements.

Capital Allocation Strategy and M&A Activity

Q2–Q4 2024: Emphasis on strong free cash flow generation, deleveraging, effective share buyback programs, and a proactive M&A agenda led by the CWT acquisition. The company highlighted significant balance sheet strength and recurring cash flow improvements while outlining M&A milestones and one-time costs. " " " " " " "

Q1 2025: The focus remains on generating robust free cash flow (guiding to $140 million reported / $190 million underlying), maintaining a low leverage ratio (1.7x), executing share buybacks, and refining the CWT acquisition terms with stock-based financing strategies. " "

Consistent capital discipline and M&A strategy are evident, with continued focus on deleveraging and shareholder returns. Minor tactical adjustments in the CWT deal reflect a steady, positive outlook on strategic investments and balance sheet management.

Strategic Initiatives and Technological Adjustments (e.g., NDC Transition)

Q2–Q4 2024: Significant focus was placed on technological investments and digital transformation, including a clear discussion on the NDC transition, expansion of AI and automation capabilities, and enhancements to proprietary platforms like NEO and Egencia. These initiatives aimed at boosting productivity, customer experience, and opening new revenue opportunities. " " " " " " " "

Q1 2025: While investments in AI and automation continue to be emphasized as key levers for cost savings and productivity improvement, there is less explicit focus on the NDC transition compared to previous periods, suggesting a shift toward broader technology innovation rather than channel-specific updates. " " "

Ongoing technological advancement remains central, though the explicit focus on NDC has tapered, indicating a broader strategic pivot toward overall digital transformation and AI/automation initiatives, while still maintaining strong innovation momentum.

Interest Rate, Refinancing, and Hedging Risks

Q2–Q4 2024: Multiple refinancing actions were highlighted, including debt refinancing in July 2024 and subsequent initiatives that lowered interest rate spreads (e.g., SOFR plus 3% in Q2, run rate cost reductions). Hedging strategies were used to mitigate FX risks, and overall, the refinancing environment was portrayed positively with notable interest savings. " " " " " "

Q1 2025: The latest refinancing was completed at the start of the quarter, achieving a 50 basis point reduction (new rate: SOFR plus 2.5%) and further strengthening the balance sheet with a leverage ratio of 1.7x. Hedging continues to effectively neutralize FX impacts. "

Improved financing conditions and effective risk management are evident, with new refinancing measures delivering lower interest costs. The sentiment is positive as the company continues to successfully manage interest rate and hedging risks while reinforcing financial flexibility.