“However, we do expect continued volatility in our top line trends driven by COVID.”

In context

“the same as it was in Q4. We expect our more fixed expenses in aggregate will be about 15% higher in Q1 than in Q4 on a dollar basis due to the impact of seasonal increase in benefit costs, the 2021 year-end personnel-related accrual finalizations and the impact of planned hiring as well as increases in IT expenses, including some deferral from Q4. In my just explained and reminding you that Q1 is our seasonally lowest quarter, we expect adjusted EBITDA to be positive but down sequentially from Q4 significantly more than the sequential declines we saw pre-COVID primarily due to the impact of Omicron on Q1 revenues. As we think about the full year ahead, we're encouraged about the strong summer bookings we're seeing so far and we're optimistic about the continued recovery of later travel. However, we do expect continued volatility in our top line trends driven by COVID. There are other uncertainties on the horizon, including the current geopolitical situation which could impact travel. If we look at Russia and Ukraine combined as destination markets, they represent a very low single-digit percentage of our total gross bookings. All this makes it very difficult to predict how the top line will progress during the year and how the full year will turn out. As we think about the recovery of travel in 2022 and the opportunity in front of us, we plan to invest in marketing other incentives and improvements and expansion of our products to attract existing and new customers to our platforms and to drive additional loyalty in the future. This also requires investments in people and technology. We're excited about the opportunity to expand our business and we bel”