Global Travel Retail, Pakistan, the UK, South Africa, Mexico and Poland delivered strong performances.

Jul 23, 2025 / receipt / Jacek Olczak, CEO | earnings call 2025-07-23 | transcript 2320b172-c1a3-4fda-8cd9-1ac3fbdd1c3c | chars 5832-5934 | segment 80

And so when you think about the nature of our cost structure and really the core operating costs, something on the order of about 50% is going to be highly correlated to volume. So it's going to be things like pickup and delivery and repair and maintenance, discretionary items like T&E or overtime. those we can flex very readily and they move with demand.

Apr 24, 2025 / receipt, needs a key / Matt, CFO | earnings call 2025-04-24 | transcript 2b26de85-fd67-42fb-a52e-bc79be74c119 | chars 38898-39255 | segment 39

You know, I drove around this weekend and was pleased to see a lot of our gear around on road and bridge projects. And I think we all see about the airport work that's been going on as you travel.

Jul 25, 2024 / receipt, needs a key / Matt Flannery, CEO | earnings call 2024-07-25 | transcript 76ff3b08-77bc-436e-8f14-310eaa0bdc9b | chars 49134-49330 | segment 49

Yeah, David, I think we talked about this at your conference to some degree, but certainly when we think about infrastructure as an example, at run rate, that legislation is intended to produce about $100 billion a year of infrastructure spend. We're still in that ramp phase, so obviously we're not going to get anything close to that in 2023, but that provides a tailwind in 2024, right?

Apr 27, 2023 / receipt, needs a key / Ted, CFO | earnings call 2023-04-27 | transcript d0942635-1a80-460b-895a-e7bbfc97f6f7 | chars 22622-23011 | segment 23

SG&A was a headwind to adjusted EBITDA of $58 million, in part from the reset of bonus expense that we've discussed on our prior earnings calls. We also had higher commissions on better revenues and higher T&E, which continues to normalize.

Jan 27, 2022 / receipt, needs a key / Jessica Graziano, CFO | earnings call 2022-01-27 | transcript 0fcb7729-8c6b-4e23-8cf3-a1213cbc2793 | chars 11380-11620 | segment 11

T&E, the most obvious example, as we look at what the normal level of activity, cost activity would be for us in discretionary costs that, again, we'll continue to normalize.

Oct 28, 2021 / receipt, needs a key / Jessica Graziano, CFO | earnings call 2021-10-28 | transcript c8b89113-0ca1-47b0-8ad8-b394f27b88b4 | chars 17051-17225 | segment 17

SG&A was a headwind to adjusted EBITDA of $79 million, in part from the reset of bonus expense that we've discussed on our prior earnings call. We also had higher commissions on better revenues and higher T&E, which continues to normalize.

Oct 28, 2021 / receipt, needs a key / Jessica Graziano, CFO | earnings call 2021-10-28 | transcript c8b89113-0ca1-47b0-8ad8-b394f27b88b4 | chars 11216-11455 | segment 11

We also had higher commissions on better revenue performance and higher discretionary expenses, like T&E, that continued to normalize.

Jul 29, 2021 / receipt, needs a key / Jessica Graciano, CFO | earnings call 2021-07-29 | transcript 5ffacf20-aeb0-4356-b3a1-c66a89dbd85b | chars 10976-11110 | segment 11

Similar to the last couple of quarters, the majority of that SG&A benefit came from lower discretionary costs, mainly T&E.

Apr 29, 2021 / receipt, needs a key / Jessica Graciano, CFO | earnings call 2021-04-29 | transcript 2f5be108-838e-4a93-a665-f14a5b4f23d1 | chars 9682-9804 | segment 10

I don't want us to go as far as nobody travels. I want us to get back to not just the team building, but getting back in front of our customers and building those relationships and selling the value in person.

Apr 29, 2021 / receipt, needs a key / Rob, other | earnings call 2021-04-29 | transcript 2f5be108-838e-4a93-a665-f14a5b4f23d1 | chars 36187-36396 | segment 37

And SG&A was another benefit in the quarter of $18 million, with the majority of that help coming from lower discretionary costs, mainly T&E.

Jan 28, 2021 / receipt, needs a key / Jessica Graciano, CFO | earnings call 2021-01-28 | transcript 45c4d36a-e59a-485a-84ba-a840cc9019f9 | chars 11182-11323 | segment 11

As our business continues to recover, we'll also see a reset of costs that ran low in 2020, such as T&E and bonuses.

Jan 28, 2021 / receipt, needs a key / Matt, CEO | earnings call 2021-01-28 | transcript 45c4d36a-e59a-485a-84ba-a840cc9019f9 | chars 14516-14632 | segment 14