“We may see less of an increase in our take rate if booking trends exceed our expectations, especially in the high percentage of these bookings [indiscernible] stays in future quarters.”

In context

“owth quarter versus 2019, especially May and June which were our highest growth months last year. Compared with 2019, we'd expect future room night growth in 2023 to be just over 20%, assuming some moderation from growth from the first quarter in April when room nights were helped by more bookings we expected for the summer. We expect Q2 gross bookings to grow about 4 points faster room nights on a year-on-year basis due to a few points from continued flight bookings growth and slightly higher constant currency ADRs. We expect Q2 revenue as a percentage of gross bookings to be approximately 120 basis points above last year due to a less negative impact from timing and increased revenue from payments, partially offset by an increased investment in merchandising and a higher mix of flights. We may see less of an increase in our take rate if booking trends exceed our expectations, especially in the high percentage of these bookings [indiscernible] stays in future quarters. This could also result in higher-than-expected marketing expense in the quarter. We expect Q2 marketing expenses as a percentage of gross bookings to be lower than last year due to an increase in direct mix. We expect marketing and merchandising combined as a percentage of gross bookings in Q2 to be about in line with last year. We expect Q2 sales and other expenses as a percentage of gross bookings to be about 40 basis points higher than last year due to higher merchant gross bookings mix and higher third-party call center costs, including the impact of our partnership with Majorelle. We expect our more fixed expenses in Q2 to grow about 25% year-over-year due to higher personnel and related expenses, indirect taxes and IT expenses. Taking all this into account, we'd expect future adjust”