“Also, we expect a calendar shift of Easter from March in 2024 to April in 2025 to be a small tailwind to room nights and growth bookings growth and a larger headwind to revenue and profitability growth in the first quarter.”

In context

“under our existing share repurchase authorization. As we look ahead, we remain focused on strategically investing in our business and returning capital to shareholders while maintaining our strong investment grade credit ratings. We are pleased to announce today that our Board of Directors approved a new $20 billion share repurchase authorization, along with a 10% increase to our quarterly cash dividend per share. These actions reflect our confidence in our earnings power, strong free cash flow generation and our ability to consistently return capital to shareholders through both share repurchases and dividends. Moving to our thoughts for the first quarter. We expect the comparison to the extra day in February 2024 to be about 1 percentage point headwind to our first quarter growth rates. Also, we expect a calendar shift of Easter from March in 2024 to April in 2025 to be a small tailwind to room nights and growth bookings growth and a larger headwind to revenue and profitability growth in the first quarter. We expect first quarter room night growth to be between 5% and 7%, which includes a slight benefit from the calendar shift of Easter into April. We expect first quarter gross bookings to increase between 5% and 7%, which includes about 4 percentage points of impact from changes in FX, offset by about 2 percentage points of positive impact from higher flight ticket growth, about 1% higher constant currency accommodation ADRs and a slight benefit from the calendar shift of Easter. We expect first quarter revenue growth to be between 2% and 4%, which includes a headwind of about 3 percentage points from changes in FX and about 3 percentage points from the calendar shift of Easter into April. We expect first quarter adjusted EBITDA to be between about $800 million and $850 million, down 5% ye”