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  "documentTitle": "2024 Q4 Earnings",
  "authorId": "Amex-GBT",
  "authorName": "American Express Global Business Travel",
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  "notes": "Uses a standard list-based framework for strategic priorities.",
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      "text": "See Supplemental Materials section for information on our use of certain Non-GAAP Financial Metrics and related reconciliations. See our Q4 2024 earnings release for a description of certain assumptions and risks associated with this guidance.",
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      "text": "Maintain strong balance sheet: Target leverage of 1.5x – 2.5x; Leverage ratio at low end; Net interest costs of $80-85M in FY25",
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      "text": "Continued cash generation: FY 2025 Free Cash Flow guidance of > $160M",
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      "text": "Pursue accretive, highly synergistic M&A: UK CMA provisionally concluded no competition concerns; Balance sheet is flexible",
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      "text": "Invest in technology and organic growth: Investing an incremental $65M YOY in FY 2025",
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      "text": "Return cash to shareholders: $300M share buyback authorization",
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      "text": "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": "Capital Allocation Priorities to Drive Shareholder Value",
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