“To support these targets, we aim to grow revenue faster than both marketing and adjusted fixed operating expenses, while maintaining sales and other expenses as a flat percentage of gross bookings year-over-year.”

In context

“sumption that the direct and indirect impacts from the situation in the Middle East continues for 4 months or 1/3 of the year and this is followed by a recovery period, we're lowering our guidance ranges at the midpoint. The high end of the ranges for gross bookings and adjusted EPS remains in line with our prior expectations. Despite the variability of the current environment, our full year guidance reflects the resilience of our business model. On a reported basis, our expectation for the full year is as follows: gross bookings to be up high single digits to low double digits, revenue to be up high single digits, adjusted EBITDA to grow slightly faster than revenue and adjusted EBITDA margins to expand between 0 and 25 basis points year-over-year. Adjusted EPS to be up low to mid-teens. To support these targets, we aim to grow revenue faster than both marketing and adjusted fixed operating expenses, while maintaining sales and other expenses as a flat percentage of gross bookings year-over-year. Assuming recent FX rates remain steady for the remainder of the year, we estimate changes in FX will positively impact these full year reported growth rates by about 2 percentage points for gross bookings, about 1.5 percentage points for revenue and by about 1 percentage point for adjusted EBITDA and adjusted EPS. We are mindful that a sustained disruption could introduce broader inflationary pressures, including fluctuations in jet fuel prices, airline capacity reductions as well as weigh on traveler sentiment more broadly. These dynamics can create headwinds across the travel value chain and we are monitoring them closely. However, since these extended impacts on the broader economy are harder to estimate, we have not included them in our guidance assumptions. Our second quarter and ful”