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  Title	Q3 2024 Global Business Travel Group Inc Earnings Call
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  Published Date	Nov. 5, 2024, 11:05 p.m.
  Summary	FED CUTS Fed slashes interest rates by 25 basis points in 2nd consecutive cut Q3 2024 Global Business Travel Group Inc Earnings Call Thomson Reuters StreetEvents Wed, Nov 6, 2024, 12:05 AM 28 min read
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  Content	FED CUTS Fed slashes interest rates by 25 basis points in 2nd consecutive cut Q3 2024 Global Business Travel Group Inc Earnings Call Thomson Reuters StreetEvents Wed, Nov 6, 2024, 12:05 AM 28 min read In This Article: GBTG -5.27% Participants Jennifer Thorrington; Vice President Investor Relations; Global Business Travel Group Paul Abbott; Chief Executive Officer, Director; Global Business Travel Group Inc Karen Williams; Chief Financial Officer; Global Business Travel Group Inc Peter Christiansen; Analyst; Citi Duane Pfennigwerth; Analyst; Evercore ISI lee Horowitz; Analyst; Deutsche Bank Presentation Operator Good morning and welcome to the American Express Global Business Travel third quarter, 2024 earnings conference call as a reminder, please note today's call is being recorded. I will now turn the call over to Vice President of Investor Relations, Jennifer Thorrington. Please go ahead. Jennifer Thorrington Hello and good morning, everyone. Thank you for joining us for our third quarter, 2024 earnings conference call. This morning, we issued an earnings press release which is available on sec.gov and our website at investors dot Amex Global Business Travel.com, a slide presentation which accompanies today's prepared remarks is also available on the Amex GBT Investor Relations web page. We would like to advise you that our comments contain certain forward-looking statements that represent our beliefs or expectations about future events including industry and macroeconomic trends, cost savings and acquisition synergies among others. All forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the statements made on today's conference call. More information on these and other risks and uncertainties is contained in our earnings release issued this morning and our other sec firing throughout today's call. We will also be presenting certain non-GAAP financial measures such as EBITA, adjusted EBITA, adjusted EBITDA, margin adjusted operating expenses, free cash flow and net debt. All references during today's call to such non-GAAP financial measures have been adjusted to exclude certain items, definitions of these terms. And the most directly comparable GAAP measures and reconciliation for non-GAAP measures are available in the supplemental materials of this presentation and in the earnings release participating with me today are Paul Abbott, our Chief Executive Officer and Karen Williams, our Chief Financial Officer. Also joining for the Q&A session. Today is Eric Bock, our Chief Legal Officer and head of Global M&A. With that, I will now turn the call over to Paul Abbott. Paul Abbott Thank you Jennifer. Welcome to everyone and thank you for joining our third quarter, 2024 earnings call in the third quarter. We continued to drive strong momentum and deliver strong financial results. Our focus on controlling costs and driving operating leverage drove impressive adjusted EBITDA growth with significant margin expansion, giving us confidence to narrow the range and reiterate the midpoint of our full year adjusted EBITDA guidance, increased demand for our software and services resulted in continued share gains. We have sustained our pace of new wins and importantly, maintained our very high customer retention rate, continued free cash flow acceleration remains a very important focus for the company. Our strong third quarter results give us the confidence to raise our full year free cash flow guidance once again. we've previously talked about our capital allocation strategy and I'm incredibly pleased with our progress on executing exactly what we said we would do. We have significantly reduced the interest we pay on our debt continued to deleverage and strengthen the balance sheet. And we are in a strong position to continue investing in growth and productivity gains and finance. The closing and integration of the CWT acquisition. This significant progress in our financial performance has brought us to an important milestone, returning cash to shareholders during the quarter. As we previously announced, we executed our first share buyback. And today, I'm pleased to report. Our board of directors has approved a new larger share buyback authorization. Turning to some of the highlights of the third quarter, we continued to execute on our strategy and deliver strong financial results with significant adjusted EBITDA growth. Starting with transaction growth, transactions were up 5% driven by increased demand for business travel and our share gains TTV grew by 9% to reach nearly $8 billion driven by transaction growth and higher average ticket prices and hotel room rates. This included a mixed benefit from higher international TTV and strong TTV growth in certain industry verticals like financial services and Pharma. Revenue was up 5% to reach $597 million for the quarter driven by solid growth in transactions TTV and increased demand for our products and our professional services. Finally here, our focus on margin expansion and operating leverage resulted in adjusted EBITDA growth of 23% to $118 million with strong margin expansion of 300 basis points growth was strong with global multinational customers up 8% in the quarter and I'm going to provide more detail on this. In the next slide, SME transaction growth remained muted at 2% growth but improved modestly versus the 1% growth we reported last quarter. As we described last quarter, SME customers have tightened spending controls in the face of sustained higher prices and higher interest rates. This remains a broader trend for SME businesses. Beyond travel growth in domestic air transactions was 4%. Regional and international growth combined was up three with international specifically up 6% growth in hotel transactions was 6% which outpaced the 4% growth in air transactions. This reflects industry trends as well as our intentional focus on increasing our volume of hotel bookings as we continue to strengthen our hotel content and display and provide customers with more hotel value and more choice. Finally, on a regional basis, transaction growth was 6% in the Americas. 11% in Asia Pacific EMEA growth was softer at 2% impacted by the Olympics in France. As a reminder here for organizational purposes, we divide our customer base into two general categories, global multinational and small and medium enterprises. We generally use expected annual TTV to divide customers into these categories. Although this measure can vary by country and by customer need. We do not have products or services that are offered solely to one size of customer. We tend to find that customers of all sizes may prefer different solutions. Some larger customers may prefer a simpler approach while some smaller customers may prefer a more bespoke high touch global solution. Looking specifically at global multinational customers. We maintained very high customer retention rate of 98% over the last 12 months. Demonstrating the value that we bring to this important customer set. We continue to see stronger relative performance with our global multinational customers. Total GM N transactions were up 8% with double digit growth in Pharma, automotive and financial services industries. We saw very solid growth across almost all of our top industry, verticals. Technology growth returned to more normalized levels as the same store sales cycled over the technology ramp up. We saw in the third quarter of 2023 TTV, growth in the quarter was 9% and outpaced transaction growth by 4% points. GMN TTV. Growth was particularly strong up 13%. And within the regional and international category, International Air TTV was up 11%. Looking ahead, our most recent customer survey indicates that demand remains solid as we look over the balance of the year. It shows that our TOP 100 customers expect travel spend to be up approximately 5% in the fourth quarter. So turning here to the commercial highlights, we continue to gain share with total new winds value of $3 billion over the last 12 months. Importantly, these share gains are on a very strong foundation of impressive customer attention which we've maintained at 97% over the last 12 months. Our biggest growth opportunity remains with SME customers which represents approximately $950 billion of travel spend. We are already a leader in managed travel in this segment but 70% of this opportunity is not currently in a managed travel program. Our new wins clearly demonstrate that more and more SME customers are recognizing the benefit of a managed travel program including significant savings to our preferred extras rates, more control over their travel spend and of course, 24/7 customer service and duty of care. This value proposition is clearly resonating. Our SME new wins value totalled $2.1 billion over the last 12 months with 14% year over year growth in the number of unmanaged customer wins in the third quarter, 80%. Now of our transactions came through digital channels up 3% points year over year and 60% of our digital bookings came through on our own software platforms. Neo and Egencia, we believe owning our own software platforms is a significant competitive advantage because we can control and improve the user experience growth on our Neo platform was particularly strong up 18% year over year, we continue to provide customers with more value and more choice in our marketplace to enhance content. We are working with over 20 airlines on DC to help our airline partners retail to our premium customers. In the most effective way. The collaboration with American Express card and our Neo one spends management platform is also progressing. Well, we have more than doubled our Neo one customer base year over year. We also continue to make business travel more sustainable. We are among the first in the business travel industry to achieve SBTi validation of our carbon emission reduction targets. We continue to invest in our products and services to provide customers with more value and more choice. New features. This quarter include benchmarking dashboards in our peer travel insights tool. This uses key performance indicators for customers to compare their company's travel program against other peers in the industry. We also launched a new group travel solution on the Egencia platform. I'm pleased to say our product leadership has been recognized by G two, the largest and most trusted peer to peer review site that more than 60 million people and many fortune 500 companies use to make software decisions. Amex GBT agencia has proudly received 19 awards from G two this fall which are based on verified user reviews from travellers and travel managers. We're also focused on providing the very best traveller experience in the third quarter. We updated the Egencia Mobile app to deliver a more intuitive user experience. And we made improvements to the Neo checkout process and the Egencia trip management experience. As we mentioned last quarter, we are investing in automation and A I to deliver operational efficiencies across four areas. And these four areas represent 70% of our adjusted operating expenses. The four areas include increasing service, efficiencies, increasing engineering velocity, streamlining our financial processes and enabling our workforce. Let me provide a quick update on our progress on each of these four areas. First, we are piloting our proprietary email A I solution that saves travel counsellors time by generating offers based on incoming customer email requests. Second, we have now expanded our use of the GitHub copilot and used it to accelerate the software development required to launch our new corporate website. Third, we have deployed automation for our credit card reconciliation process reducing the average handling time by approximately 50%. And fourth, we've deployed AI to respond to our customer's program change requests faster, reducing these time lines by approximately 80%. So as you can see, we're making measurable progress and continue to see AI as a huge opportunity to drive productivity improvements. Finally, regarding the CWT acquisition, we continue to work through the relevant regulatory approval processes and we continue to expect the transaction to close in the first quarter of 2025. And now I'd like to hand it over to Karen to discuss the financial results and 2024 outlook in more detail. Story Continues Karen Williams Thank you, Paul and hello everyone. I've previously talked about my three key priorities when it comes to managing our financial performance. And as a reminder, they are accelerating cash flow generation, driving operating leverage and continued margin expansion, and importantly, creating capacity to invest and drive long term sustained growth both organically and through Strategic M&A. And again in the third quarter, I am really happy with the progress we have made in all three of these areas. So now let's turn to our financial performance in more detail, revenue reached $597 million up 5% year over year. Although revenue growth was more consistent with the first half of the year and transaction growth did not accelerate as much as we expected. We still delivered adjusted EBITDA in line with our expectations. Thanks to our rigorous cost control and importantly, free cash flow exceeded our expectations. Revenue yield which we define as revenue divided by TTV was 7.7%. As a reminder, our revenue model is driven by 50% transaction volume, 30% TTV, and 20% product and professional services revenue. So only 30% of our revenue benefits from higher air and hotel pricing. And so, it's important to highlight as T TV grows faster than transactions as we saw in the quarter. It has a negative impact on the yield metric, the 30 basis points year over year decline was very much in line with our expectations. And I encourage you to look at our overall year performance on an annualized basis, which we expect to be down 15 basis to 20 basis points for the full year. This reflects the non TTV driven components of the revenue base and continued shift to digital transactions which has a positive impact on our just a EBITDA margin. And as previously discussed, there is seasonality in our yield with Q4 being our highest revenue yield quarter as we turn to total operating expense, which are a key area of focus for us. I am incredibly pleased with the momentum we are seeing across the enterprise when it comes to our focus on costs and increasing productivity. Importantly, we are delivering over $100 million in cost savings this year that not only drive our margin expansion but enable us to reinvest for future growth in 2024. We are investing an incremental $35 million which represents a slightly lower CapEx expectation. Now with a 7,525 split between OpEx and CapEx together, the net impact of these resulted in adjusted operating expense growth of 1% year over year versus revenue growth of 5% adjusted EBITDA grew 23% to $118 million with an adjusted EBITDA margin of 20% growing an impressive 300 basis points year over year. I'm incredibly happy with the continued momentum and acceleration. When it comes to cash flow generation in the quarter, we achieved free cash flow generation of $59 million. This has been driven by our working capital optimization initiatives, lower capital spends in addition to significantly lower interest expense. As a reminder, we executed a debt refinancing in July that significantly lowered our interest costs. Importantly, though, through our derivative strategy, we have further reduced our costs when we consider this recent refinancing, and our interest rate hedges and swaps. In addition to the previously achieved savings tied to our lower leverage. The expected run rate, cash interest savings achieved were approximately 50 million and represent a 35% reduction versus 2023. And finally, our leverage ratio on net debt divided by last 12 months adjusted EBITDA is 1.9 times as of September '30 2024. This represents a very significant step down from the 2.7 times in September 2023 and is just below the midpoint of our target leverage ratio of 1.5 times to 2.5 times. We have previously shared our powerful financial model with you all and how it positions us that industry leading returns. First, we expect business travel demand for our premium customer base to grow above GDP. Second, we expect to continue to grow ahead of the market by driving share gains with our differentiated value proposition. Third is our focus on margin expansion. We are laser focused on a disciplined cost structure and continued margin growth. Our operating leverage is forecasted to drive 24% to 26% adjusted a bit. Our growth in 2024 reflecting our narrowed guidance range that I will discuss in more detail shortly. Fourth, we're incredibly focused on optimizing our capital deployment. A positive and accelerating free cash flow can fund important incremental growth opportunities in M&A including significant value creation from the pending CWT acquisition. And finally, we are in a very strong position to return cash to shareholders. And so let's turn to the four year 2024 guidance. We are hitting the mark of what we can control. Although revenues are at the lower end of our guidance adjusted EBITDA free cash flow and margin are all ahead of expectations given the softer macro environment and uncertainty related to interest rates. As we've talked about previously, revenue growth continues to track towards the lower end of the guidance range provided at the start of the year, we are now narrowing our guidance for the full year revenue to $2.415 billion to $2.435 billion, which represents a year over year growth of approximately 5.5% to 6.5% and a midpoint of 6% consistent with the low end of the prior range and reflective of what we are currently seeing in terms of performance for the fourth quarter. Our guidance implies a modest revenue growth acceleration largely driven by higher yield related to timing of certain performance thresholds. And in line with the seasonality of our revenue model, we remain focused on driving continued operating leverage. This includes in excess of $100 million of cost savings from the carry over actions taken in 2023 plus new cost initiatives and productivity improvements this year executing these savings enables us to deliver strong margin expansion of 290 basis to 310 basis points. While still making significant investments in future growth, we have narrowed our full year adjusted EBITDA guidance range to $470 million to $480 million, representing growth of 24% to 26%. And again, we are reiterating the midpoint of our adjusted EBITDA guidance demonstrating the strong margin performance we've already seen here to date and our confidence into Q4. And finally, but very importantly, given our focus on cash, I am delighted to raise our guidance for free cash flow for the second time this year, we now expect to generate approximately $160 million in 2024 compared to the previous guidance of at least $130 million. This more than triples our free cash flow from last year and represents a conversion rate of just under 35% of adjusted EBITDA. I want to end by highlighting our accomplishments with respect to the capital allocation priorities we laid out earlier this year. Our first priority is accelerating cash generation, which our results clearly demonstrate we have accomplished. Second, continuing to deleverage our Q324 leverage ratio of 1.9 times is now in the lower half of our target. And as previously discussed, we have achieved just under $50 million of expected run rate, interest savings. Third, as we continue to see cash flow acceleration and naturally deleverage, it gives us optionality to invest in our business including our people software platform, SME sales and marketing engine and AI to drive organic growth, productivity and margin expansion. Fourth, with respect to M&A we continue to work cooperatively with the regulators and expect the CWT acquisition to close in the first quarter of 2025 because the financing is primarily stock. We expect to remain within our target leverage range following the transaction close. And as you heard from Paul, our confidence in our business model and strategy puts us in a very strong position of now being able to return cash to shareholders in the third quarter. We repurchased 8 million shares in a private share buyback from an unaffiliated third party representing approximately $55 million. This transaction was our first share buyback and an efficient way to repurchase shares at a discount while managing potential overhang risks that could have resulted from them selling in the open market. I'm thrilled that today we announced our board of directors has authorized an additional share buyback of up to $300 million. And with this new authorization in place, we expect to return cash to shareholders. So to wrap things up, our third quarter performance was strong. We are clearly delivering on our priorities and are confident in our four year 2024 guidance. We will provide our 2025 outlook next quarter so we can now move into Q&A Paul, and I are joined by Eric Bock who is our Chief Legal Officer and global head of M&A operator. Please go ahead and open the line. Question and Answer Session Operator If you'd like to ask a question on today's call, please press star followed by one on your telephone keypad now to enter the queue and our first question comes from Peter Christiansen from Citi. Peter, please go ahead your line is open. Peter Christiansen Thank you. Good morning. Thanks for the chance to answer questions, Karen, really impressive on the free cash flow generation here. If we think about current run rate. And, and I guess on a stand-alone basis. Do, do you think that you know we should rank cost savings as a potential to increase the free cash flow yield or the free cash flow margin further? Or is it more a function of finding working cap efficiencies or, or even the CapEx efficiencies considering that you know, you still are investing granted? I recognize this is on a stand-alone basis, but it would be good to get a sense of the runway you see for free cash flow expansion going forward. Thank you. Karen Williams So, Pete, thanks. For the question. So certainly, my expect, yeah, we're very happy. I would say first off in terms of the momentum that we're continuing to see and our, you know, profit growth in terms of that continued margin expansion, given our focus around cost will continue to be a big component. But, but to your second point, as you think about the, you know, the CapEx side, as we focus on terms of really that productivity and making our CapEx then go further in terms of the investments that we're making from AI. And just that productivity that will also contribute in addition to just, you know, continuing to chip away in terms of the interest expense. And you heard us on this call in terms of obviously, we have the refinancing, but there's, you know, there's further reductions in terms of that interest expense, given some of the swaps that we've done from a derivative perspective. And so, they feel good about that. Peter Christiansen That that's fair. Thank you. That, that's helpful. And Paul I wanted to ask about S&B on, on some of the activity we obviously slowed down the last two quarters. Just curious if you're seeing that broadly across, I guess all industry verticals or are there certain soft areas that we should be mindful of. Thank you. Paul Abbott Yeah, thanks for the question, Pete. I think if you look at the SME growth rate in the quarter, it did actually move up a point versus last quarter, still below global multinational. But you know, hopefully that is, you know, a kind of stabilization of the decline that we've seen over the last decline in the growth rates over the last few quarters. And I think as I said, last quarter, you know, if you could look across different industries, it's very well reported that small mid-sized businesses, I've certainly been feeling the pressure of higher prices and, and, you know, obviously much higher interest rates. And so now that we're seeing interest rates gradually move down in, in, in the eurozone, in the UK and the US, you know, hopefully we can keep inflation under control and those interest rates continue to decline. And, you know, we think that will improve confidence with small to mid-size businesses as we go into 2025. You know, if you look at the, I think I shared this data point before we look at the Amex card spending with you know, small businesses across a very large base in, in the US. That, that card spending also, you know, stabilized in, in the third quarter. You know, so I think, you know, hopefully we're seeing that stabilization and as the macro conditions improve and interest rates continue to move down. We'll start to see a gradual improvement. Peter Christiansen Super helpful. Thank you, Paul. Thank you, Karen. Operator The next question comes from Duane Pfennigwerth from Evercore ISI. Duane, your line is open. Please go ahead. Duane Pfennigwerth Hey, thanks. Nice, nice operating leverage this quarter, but just, just curious about the spread between TTV, growth and, and revenue growth. Is that at all a function of your customer mix? Is this, is this about large multinationals growing faster than, than SME's? Is that part of the driver. Karen Williams Duane? Thanks for the question. And see it, it is, you know, higher than what we have traditionally seen in terms of that spread. Although when you look back to Q1, it's very much in line with what we've seen and, and really what we're seeing drive, this is essentially a component is being driven by the internet national mix. But then also price if you think about more at the front of the plane that is that is really helping in terms of that, what I would say as well, Duane is just remember in terms of the TTV growth, you know, it's from a revenue perspective, it makes up 30%. And so, you have that denominator component, that numerator component that can, can skew it. Duane Pfennigwerth Thanks. And then just maybe you could expand a little bit on the drivers of improved free cash flow and appreciate the detail you gave us in the presentation, but specifically what is driving a lower investment this year? Is it, you know, should we think about it more as timing or, you know, projects that you're no longer pursuing? But just, just any more detail on the, on the drivers of the improved free cash flow outlook? Thank you. Karen Williams Yeah, sure Duane. So, it's primarily driven in, in terms of the interest expense. So, part of it is just as a result of the refinancing and you'll see that the interest expense in the quarter was significantly lower because you had the accrued interest in the second quarter. So that is the biggest driver in terms of the CapEx spend. We are still investing, we haven't changed in terms of or shifted our priorities in terms of those investments. It is a mix of us just being continuing as I just, you know, talked about earlier on the call continuing to be very focused in making that those dollars go further in terms of productivity save, low cost locations and such in terms of where we're hiring some of those roles. In addition to there is a small component of just phasing. But, but, but it's much more about the interest expense story. Duane Pfennigwerth Got it and then may maybe just one last one. And this is a question we got from a client this morning just thinking about the, the timing lag between your transactions and, you know, when that sort of business travel is actually consumed, you know, we tend to think about business travel as fairly close in, within a week or two. So, is, you know, would you say that, you know, your three Q transactions are representative of activity in the third quarter and consumption in the third quarter or do you view it as, you know, leading in, in nature at all? Paul Abbott No, you're right. It's a pretty tight window between, you know, actual transactions and, and travel. So, you should certainly think about our transaction performance relating to activity in July, August and September. Duane Pfennigwerth Thank you. Operator As a reminder that star followed by one. The next question comes from lee Horowitz from Deutsche Bank. Lee, your line is open. Please go ahead. lee Horowitz Great. Thanks. So maybe sticking with the SME growth for the year. It's obviously a bit constrained by the macro environment, I guess as we look at the next year and beyond 10, the reason that maybe a healthier backdrop would drive SME demand to be stronger than it is this year and perhaps you grow more quickly is SME returning sort of the biggest lever that gets you from the, the low end of your long term range that you're going to deliver this year versus, you know, touching up near the high end. Paul Abbott Yeah, look, I, I think that's fair. You know, I think my macro-economic conditions would obviously help across the base. But certainly, I do think that the SME segment is more sensitive to those conditions. So, you know, I think you will see an improvement in, I think the SME growth rates in in the fourth quarter. And you know, current reference, some of the investments that we've made in the second half of this year. In order to accelerate our SME growth rates, we've made further investments in our SME sales and marketing channels that we think will also help in terms of share gains and growth rates as we move into 25. So, it's, it's not all about the macro conditions. We obviously have to focus on the things that we can control and that's making sure that we're driving, you know, greater productivity and greater results from all of our SME sales and marketing channels as well. But I think your question is, is, is a good one and it's definitely a lever for us as we look into 2025. lee Horowitz Great thanks. And then, you know, we've been talking a lot about your ability to leverage AI across your cost base, you know, highlighting what 70% I think of cost, I guess at this point, can you, you know, you have some nice metrics on, you know, time savings and, and you know, the things that you've been able to achieve there, but any quantification of how much time or cost you've actually taken out of the business by leveraging these technologies to date. And you know what you think the opportunity is going forward, like how much of that 70% you know, of your cost base can you, you actually affect the real cost change going forward? Paul Abbott Yeah, look, I think if you look at our margin expansion opportunity, we see it as you know, a significant continued runway for margin expansion. I think Karen's mentioned before, you know, 100 basis points, you know, per annum, you know, minimum moving up to the mid-20s. And we do see automation broadly playing a critical role in that. It's not just about AI, you know, we have, you know, RPA that we're using in certain parts of our business. We have moving transactions to our software platforms which is taking demand, you know, out of the voice channel, you know, it into you know, our digital channels where we have a, you know, a higher, higher margin and a higher ROR and it's also then, you know, using AI and using generative AI in different use cases across the business. So I think it, it, it, it's, it's tough to put a dollar number specifically on generated AI use cases. But I think that the best way to look at it is it's, it's a very important lever to help us deliver that continued margin expansion that we've committed to. And look, you see it in the third quarter, you see 300 basis points of margin expansion year over year, you see 1% growth in OpEx versus 5% growth in revenues. But I, but we're also in parallel with that, investing more in the business, investing more in our AI capabilities, investing more in our SME growth channels, investing, you know, more in our software platforms. So that that operating expense is coming through productivity gains, not through investment reduction, coming through productivity gains that are being driven significantly by a series of different automation levers including AI lee Horowitz helpful. Thank you. Operator As a reminder that star followed by one final call for questions. Star one on your telephone keypad as we have no further questions. So, I'll hand the call back to Paul, but. Paul Abbott Well, thank you to everyone for joining us. I want to finalize finally, kind of thank our team for their dedication to our customers and the very strong results that they've delivered again this quarter. We remain very confident that 2024 is going to be another year of growth, share gains, continued margin expansion, accelerating cash flow, which of course is enabling us to return more cash to shareholders. So, thank you very much for joining us today and your continued interest in American Express. Global Business Travel. Thank you. Operator This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines. View Comments Terms and Privacy Policy Your Privacy Choices Recommended Stories
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