“Additionally, we also continue to expect to make targeted reinvestments across the organization of about $170 million in 2025.”

In context

“age points of year-over-year benefit from the Easter shift. Turning to the full-year 2025. Although we continue to see stable trends globally so far in the second quarter, we recognize that our business could be impacted by the increased uncertainty in the geopolitical and macroeconomic environment. Therefore we are widening the range of our full-year expectations for constant currency growth. At this time, we expect constant currency growth of mid to high single digits for gross bookings and revenue and low to mid-teens for adjusted EPS. The high end of each of these ranges remains in line with our prior expectations and our long-term growth ambition. We continue to expect leverage in our marketing expenses and adjusted fixed operating expenses due to our disciplined management approach. Additionally, we also continue to expect to make targeted reinvestments across the organization of about $170 million in 2025. At this time, we expect constant currency growth for adjusted EBITDA of high single digits to low double digits, and we expect our adjusted EBITDA margins to expand between 50 and 100 basis points year-over-year. Assuming recent FX rates for the remainder of the year, we estimate changes in FX will positively impact our full-year reported growth rates by about 2 percentage points versus the constant currency growth rates I just mentioned. In conclusion, we are pleased with our first quarter results and our team’s continued execution toward our strategic initiatives. We remain confident in our ability to successfully navigate through the current environment and take advantage of new opportunities based on our low capital intensity, global diversification, and strong financial profile of th”