“We expect accommodation constant currency ADRs to be about in line with Q3 2022 including a couple of points of pressure from the changes in regional mix.”

In context

“30% versus 2019. Our comments for the third quarter made the assumption that room night growth will be up low double digits year-on-year assuming some moderation in growth from July due in part to harder prior year comparables in August and September. You'll recall from our commentary on the third quarter of 2022 that room night growth versus 2019 was 4% in July 2022 and 10% in August and September 2022. In addition, we expect that due to expanded booking window in the first half of the year stayed in Q3, but there will be fewer last-minute bookings for stays in the rest of Q3. We expect Q3 gross bookings to grow about seven points faster the room nights on a year-on-year basis due to a few points from continued flight bookings growth and a few points of positive impact from FX movements. We expect accommodation constant currency ADRs to be about in line with Q3 2022 including a couple of points of pressure from the changes in regional mix. We expect Q3 revenue as a percentage of gross bookings to be around 19% slightly above last year due to a more positive impact from timing in part due to the expanded booking window in the first half of this year and from increased revenue from payments. We expect these will be partially offset by a higher mix of flights and increased merchandising spend some of which is related to bookings we received earlier in the year. We expect Q3 marketing expense as a percentage of gross bookings to be lower than last year. We expect marketing and merchandising combined as a percentage of gross bookings in Q3 to be slightly lower than last year. We expect Q3 sales and other expenses as a percentage of gross bookings to be about 20 basis points higher last year primarily due to higher gross bookings”