[rs41]

It depends if they report revenue gross or net. If it is gross that means they recognize all booked travel as revenue (and earn a margin on top of that) instead of just recognizing their fee as revenue. In that case it would be much worse margins than a mature SaaS company.

If I had to guess based on the figure, I would guess gross but I'm not sure.

[nlh]

Sorry I should have clarified -- according to Wikipedia, they had $1.5 billion in actual net revenue by processing $23 billion in transaction volume (aka GMV).