“Finally, we remain focused on managing our capital expenditures and we expect that CapEx will be about 2% of revenue similar to 2024.”

In context

“esult, 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-teens. Finally, we remain focused on managing our capital expenditures and we expect that CapEx will be about 2% of revenue similar to 2024. Turning to our new transformation program, which we announced in November. Our intention is to implement certain organizational changes to reduce complexity and increase agility, which we estimate will ultimately produce annual run rate cost reductions of approximately $400 million to $450 million versus our 2024 expense base and we expect the majority of these savings to be realized after 2025. By the end of 2024, we have already actioned over $35 million in run rate savings. We estimate the aggregate transformation cost that we will incur over the coming two to three years to be similar to the expected annual run rate savings. In order to provide transparency, we will report these costs separately in a transformation cost expense line and we expect that certain of these costs will be ex”