Kevin Kopelman: Great. And I was wondering now that you’re integrating with VRBO, are you guys considering taking part in vacation rental search on Google?
Damián Scokin: Can you repeat the question? You got somehow cut off.
Kevin Kopelman: Yes. Are you considering taking part in the vacation rental search option for Google? They released this recently. It’s free option?
Damián Scokin: So we look at all the traffic channels, we explore them and we use them based on the return on investment, and we certainly are looking to that as additional source of traffic.
Kevin Kopelman: All right. Thanks.
Operator: Next, we’ll move to Joao Soares at Citi.
Joao Soares: Thank you, and congrats. Congratulations on the results. I’ve got a couple of questions. The first one, I just want to explore a little bit of the transaction growth in Brazil. If – I mean, if that comes from – in fact, you know that there is a capacity increase, of course —
Amit Singh: Joao, this is Amit. We’re having a very hard time hearing you, if you don’t mind, just speaking up a little bit. I appreciate it.
Joao Soares: Sure. . Can you hear me better now?
Amit Singh: Yes. Much better.
Joao Soares: Okay. Perfect. Okay, so I just had a couple of questions. The first one, I just wanted to understand a little bit the transaction increase in Brazil. Is there – I mean, are you guys offering new products, new services, new destinations? Or is it simply – I mean, of course, you’re gaining market share, there’s faster increase, but I just wanted to dig a little bit deeper in terms of the service and product level that you’re offering in Brazil. That’s the first question. Second one, I just wanted to understand now if there’s room to potentially revise the medium-term guidance? And then I’ll follow up on another question.
Damián Scokin: In terms of the growth in Brazil, that remains a pure organic growth. And we have not introduced any additional products or services. It is just our growth on top of the natural growth of the market. That means we’re gaining there. It’s – as I said, there’s a very limited effect of the demise of one of our competitors that is our organic growth trajectory in Brazil, nothing else than that.
Amit Singh: And I will answer your question on medium-term guidance. Obviously, as you are seeing our trends since the time the company provided a medium-term guidance a year or so ago, the trends have been extremely positive relative to that guidance. When we come on the fourth quarter earnings call early next year, we can provide a little bit more color. But broadly, what I can say right now is you should expect us to grow above market growth rate in the coming years, given not just in Brazil, but across Latin America, the strengthened position that we have established, a leading position we have established. And then not just on bookings and revenue, like we were discussing earlier, there’s still a ton of opportunities for operational efficiency.
So you should continue expecting us on top line to grow above market, but then for our EBITDA growth to be faster than top line growth in the coming years. As we come on – as I mentioned earlier, as we come on the fourth quarter earnings call, we will be able to provide a little bit more concrete guidance, but we feel very good about the coming years.
Joao Soares: Perfect. That’s great. I just want you to explain the income tax this quarter, can you just clarify what happened – the last quarter had a big tax credit and this quarter was pretty robust, almost 100% of EBT. So I just wanted to understand what’s happening there? Thank you.
Amit Singh: It’s largely related to the profit in a few entities, which were very solid, especially in Argentina that led to a little higher tax there. And also, we have exhausted the NOLs that we had in Argentina in the prior quarter. So higher tax largely related to very strong bookings trend that we are seeing in a few entities, particularly in Argentina.
Joao Soares: Very clear. Thank you.
Operator: We do have a couple of questions from our webcast. I would like to go first to [Alexander Ma from Singular Guf]. His question is, how did coin perform in the quarter? Was it – what was its EBITDA?
Amit Singh: Sure. So coin business, again, in line with the other guidances that we have provided previously, coin continues to do much better than the medium-term sort of guidance that we had provided in the past, where the margins for the overall business continue to accelerate very strongly. For this quarter, it was very close to flat line EBITDA, and we expect slightly negative this quarter. We expect flattish EBITDA next quarter and then in the coming years in 2024 and beyond, we should expect positive EBITDA contribution from coin.
Operator: And our next question comes from Andrew Carreon with Emeth Value Capital. He says hello, congratulations on the very strong results. Could you give an update on coin and how the team is doing the opportunity to scale in the coming years, particularly as interest rates potentially fall? Is there still an opportunity to scale this product outside the Despegar platform?
Damián Scokin: Yes. Thank you, Andrew, for your question. As we’ve been reiterating over the last few quarters, in coin, so far in the prevailing market context, I think, we follow a strategy of preserving the quality of our portfolio. As the situation in the Brazilian credit market improves and we’re seeing some indications of turning around. We’ll certainly increase the growth rate by always being very cautious on the quality of our portfolio. So certainly, we see an opportunity in the future, but we’re going to act on that very prudently, I would say.
Operator: [Operator Instructions] And there appear to be no further questions at this time. I would like to turn the floor back over to Mr. Scokin for any closing remarks.
Damián Scokin: I just want to thank all of you for your interest in Despegar and your participation in this call, and we are looking forward to seeing you on our next call to discuss our fourth quarter results. Thank you very much.
Operator: This does conclude today’s conference call. Thank you for your participation. You may now disconnect.
