TBO Tek · tone and specificity signals across the available quarters.
Language signals
Gross profit strips out pass through commissions and better reflects the net economic value retained by the platform. For this reason, we believe gross profit as a percentage of GTV is more analytically robust measure of value capture.
We remain convinced on that and that's only organic business not counting CV. So we should be able to demonstrate that operating leverage in Q4.
It would be hard to translate that into our book model where we when a booking is reconfirmed we count it as revenue because of the nature of that business. So if we try to do that I think we'll create a fair bit of complexity. So we'll try and run the business on an as-is basis rather than try and force fit it into our business model.