“We expect Q4 revenue to decline more than gross bookings due to a couple of factors.”

In context

“ince the U.S. announced in late September the plans to ease travel restrictions in November for international travelers who are vaccinated, we've seen a significant improvement in room nights booked by Europeans to travel to the U.S. as well as the reverse. Also, we're pleased to see more gross bookings on the books for the Christmas, New Year periods, that we saw at this time in 2019 in the U.S. and Western European. Change to the Income statement, we expect Q4 gross bookings to decline by a few points, less the room nights, driven by higher reported ADRs and flight bookings versus 2019. We expect less of an increase in our ADRs in Q4 than Q3 due to less of benefit from regional mix of the Asia region continues to recover, but also due to low occupancy rates after the peak travel season. We expect Q4 revenue to decline more than gross bookings due to a couple of factors. The first, is due to short booking window in Q3. A low percentage of Q3 bookings [Indiscernible] normal will stay in Q4. The second, is due to our expectation that the booking window will contract less in Q4 than it did in Q3, resulting in more bookings made in the quarter that are expected to check-in in future quarters. As a result, we expect our revenue as a percentage of gross bookings to be more than 1% below Q4, 2019. This also means we expect Q4 revenue to have a greater sequential decrease from Q3, that we saw in 2019, and we expect Q4 revenue to decline more than it did in Q3. We expect Q4 marketing expense as a percentage of gross bookings increased slightly versus 2019, as we expect to invest in capturing demand and increasing awareness during the continued global recovery of”