“We currently expect our more fixed expenses to grow about 25% up from our previous expectation to around 20%.”

In context

“points of pressure from changes in regional mix. We currently expect revenue as a percentage of gross bookings to increase year-over-year by about 20 basis points down from our previous expectation of 50 basis points increase. The reduction in our full year take rate is driven by less of a benefit from timing including due to the higher growth rate we expected earlier in this year and also due to expanded booking window. Also, from stronger performance, which drove a higher mix of flights than expected earlier in the year. We currently expect marketing merchandising, as a percentage of gross bookings to be slightly below in 2022 as compared to our previous expectation for it to be similar to 2022. The improvements in our expectation is driven primarily by higher ROIs in off paid channels. We currently expect our more fixed expenses to grow about 25% up from our previous expectation to around 20%. The increase in our expectation is driven primarily by variable components of personnel expense due to the overperformance versus expectations at the start of the year as well as higher indirect taxes which are generally tied to revenues and some additional FX pressure. We manage our more fixed expenses very carefully and continue to expect our more fixed expenses next year to grow at an appreciably lower rate than this year. We continue to expect our adjusted EBITDA margin to expand by a couple of percentage points versus 2022. In closing, we are pleased with our year-to-date results and the momentum in the business that we moved into Q3. We'll now move to Q&A. Adam, can you please open the lines? Operator: [Operator Instructions] Your first question comes from the line of Lloyd Walmsle”