“At recent FX rates, we expect changes in FX will impact our reported growth rates by about 3 percentage points for gross bookings and revenue and by about 3.5 percentage points for adjusted EBITDA and adjusted EPS.”

In context

“rom changes in FX. Note that historically, the first quarter is our seasonally lowest EBITDA quarter for the year. Normalizing for the impacts of Easter timing, changes in FX and the leap year, our expectation for our fourth quarter gross bookings, revenue and adjusted EBITDA is for low double digits growth at the high end of each of those ranges. Turning to the full year 2025. We're targeting full year constant currency growth rates that would reach our long term growth ambition of at least 8% growth for gross bookings and revenue and 15% growth for adjusted earnings per share. We believe we are well positioned to achieve these levels of growth, given the investments we have made to build a stronger foundation for our business and a better product offering for our travelers and partners. At recent FX rates, we expect changes in FX will impact our reported growth rates by about 3 percentage points for gross bookings and revenue and by about 3.5 percentage points for adjusted EBITDA and adjusted EPS. As a result, we expect full year reported gross bookings and revenue to increase mid-single digits and on a constant currency basis to both increase high single digits. We expect to drive leverage in our marketing expenses. Additionally, we expect revenue to grow faster than adjusted fixed operating expenses in line with our prior commitment for 2025, which we communicated at the start of last year. As a result, we expect adjusted EBITDA to grow a couple of percentage points faster than revenue and on a constant currency basis to increase low double digits. We expect to continue to expand our adjusted EBITDA margins in 2025 and deliver margin growth slightly below 100 basis points. We expect our full year adjusted EPS to grow low double digits and on a constant currency basis to grow mid-”