Corporate Travel Management provided revised fiscal year 2020 guidance on 19 February 2020, which was based on several assumptions around the severity and duration of Covid-19 and CTM's experience with past events and their impact on the corporate travel market. This assessment was based on what was known at the time of providing the revised guidance, including the unknown impact from actions of governments to effectively close borders and suspend travel to and from China. The impact currently being experienced is more severe than previous assumptions, primarily due to two factors: Further actions from governments to effectively close numerous borders and suspend travel to and from countries and regions, including further travel restrictions announced from mainland Europe (excluding the UK) to the USA; and decisions by corporates to ban or limit travel with the flow-on erosion in client activity across all regions. The significant uncertainty makes it difficult to reliably predict future activity. As a result, CTM has suspended fiscal year 2020 guidance.