Our strength is not in that direct connectivity. We have a number of ways of receiving that content both through Expedia partner solution, as well as other bed banks which offer even more competitive rates in certain local geographies. And then in addition to that through the acquisitions, we are building our own direct connectivity as well, which is further improving the margins.
Tom White: That’s very helpful. Thanks guys. Appreciate it.
Operator: Thank you very much. Our next question is from the line of Brett Knoblauch of Cantor Fitzgerald. Please go ahead now.
Brett Knoblauch: Hi guys. Thanks for taking my question. Congrats on the quarter. As I look through, I guess your guidance for the year, can you help us with the seasonality of it and maybe on both revenue and adjusted EBITDA given the acquisition, should we expect maybe, obviously, a full quarter of contribution to be getting in the second quarter, and the first quarter might have a bit of a margin impact just because you’re going to be recognizing maybe more cost in the revenue or and how that should play out throughout the year?
Dan Figenshu: Yes, that is absolutely right. I mean, what we would say also is because you will see in announcements with that coming soon the first quarter, I mean, there are a number of dynamics going on, right? The first one is seasonality, which you rightly mentioned that that different quarters have different seasonality’s with Q3 and Q4, especially having higher stronger revenues overall. And then Q1 kind of closer to the bottom. The other dynamic is that we’re growing, right, extremely fast. So that kind of overshadows the seasonality and creates kind of a blend, which is upward looking throughout the year. And then the other element, which is very important in this Q4 of ’22 and Q4 of ’23, the company has been very busy with a number of initiatives introducing new tech platforms.
You’ll see a few announcements. Of course, those when they’re being launched, they tend to have a certain potential slowdown for a few weeks, a few months. So we see basically clearly Q1 being the lowest, much lower than the rest of the year. And then, the rest of the year increasing not only because of the seasonality, not only because of our growth, but also because in Q1 the company has been very busy introducing new platforms, integrating companies, et cetera.
Brett Knoblauch: Got it. And then maybe just, I don’t know if you guys gave an overall take rate guidance for the full-year, I guess, where should we expect that to come in at?
Dan Figenshu: It’s a north of where we finish the year of 7.2%, right? It’s very difficult to give a precise number. I mean, we gave guidance on the net revenue and the EBITDA from that, you cannot deduce the take rate, but it would be north of the 7.2% that would have closed the year. There are a lot of parameters, the mix of the new M&A, right. More hotels — less hotels, more flights. So given the uncertainty of the targets that we will be closing, I mean, we have a number of targets that we’re advancing, but there is no, as you know, M&A, there is also, there is always an execution risk because of that, we don’t want to give a number that may end up materially increasing and which would otherwise not appear to be accurate, when all these M&A is incorporated.
Brett Knoblauch: Perfect. And then if I could just maybe do one follow-up, if you had to kind of point to three markets of reasons this year that you kind of needed and the travel recovery to really kind of pick up steam for you guys to kind of reach your guidance, which markets would they be?
Dan Figenshu: The recover in the, if I got the question, Brett, you’re asking us which of our markets will be the best, the best performers for us this year that we expect to.