So there is seasonality in the business. which is one of the reasons we really like the trailing 12-month rev pass, because it gives you a clear view of how sticky revenue is. But if you look at the numbers on the page, first quarter is typically our lowest, and that has, to your point, there's a lower mix of travel, hotel, events.

Nov 13, 2024 / receipt, needs a key / Stephanie Hogue, President | earnings call 2024-11-13 | transcript 713f3102-686f-40c1-b2bd-73e92a217bad | chars 18924-19257 | segment 19