Q4 Revenue. In Q4 2025, we expect to generate revenue of $2.66 billion to $2.72 billion, representing year-over-year growth of 7% to 10%, inclusive of a small foreign exchange tailwind after factoring in our hedging program. We anticipate our implied take rate in Q4 2025 to be relatively flat year-over year.
Q4 GBV and Nights and Seats Booked. In Q4 2025, we expect our GBV to grow low-doubledigits year-over-year. We anticipate our GBV to benefit from a modest increase in ADR, primarily due to price appreciation and FX, as well as continued growth in Nights and Seats Booked. In Q4 2025, we expect year-over-year growth of Nights and Seats Booked in the mid-single-digit range due to the challenging Q4 2024 comparison.
