“We continue to expect that our adjusted EBITDA margins will expand by a couple of percentage points versus 2022.”

In context

“that for the full year we expect room nights to grow in the mid-to high-teens year-over-year. We currently expect full year gross bookings growth of over 20% year-on-year. We currently expect revenue as a percentage of gross bookings to increase year-on-year by about 10 basis points, down from our previous expectation for a 20 basis point increase due to higher bookings growth and a longer booking window, which reduce the expected benefit from timing. We continue to expect full year marketing and merchandising as a percentage of gross bookings to be slightly below 2022, and for our more fixed expenses to grow around 25% year-over-year. We manage our more fixed costs 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 that our adjusted EBITDA margins will expand by a couple of percentage points versus 2022. In closing, we are pleased with our Q3 results, the trends we are seeing into Q4 and with the bookings we have already received for early 2024. We are now [technical difficulty]. Operator: Absolutely. [Operator Instructions] Your first question comes from the line of Mark Mahaney with Evercore. Your line is open. Mark Mahaney: Thanks. I will ask two questions, please. Glenn, I think just at the very beginning you mentioned something about March quarter, a visibility into the March quarter. Is there anything in particular that you were trying to hint at or point to the areas of that, because the bookings went as a little longer than you get. Do you have more visibility into the March quarter than you typically do. And then secondly, the David the room night growth, upside this quarter that”