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  "documentTitle": "2024 Q4 Earnings",
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  "authorName": "American Express Global Business Travel",
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  "notes": "Uses a standard list-based framework for reporting strategic progress.",
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      "text": "See Supplemental Materials section for information on our use of certain Non-GAAP Financial Metrics and related reconciliations. 1. Leverage ratio is calculated as Net Debt / LTM Adjusted EBITDA and is different than the leverage ratio defined in our amended and restated senior secured credit agreement.",
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      "text": "Pursue accretive, highly synergistic M&A: Created Balance Sheet flexibility to pursue M&A",
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      "text": "Continued cash generation: FY 2024 Free Cash Flow of $165M, 235% improvement on 2023",
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      "text": "Return cash to shareholders: Repurchased 8M shares in 2024 (~$55M); Approval of $300M share buyback authorization",
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      "text": "Invest in technology and organic growth: Invested an incremental $35M YOY in FY 2024",
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      "text": "Accomplishing Our Capital Allocation Priorities in 2024",
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