The 600 foundation point improve in adjusted EBITDA margin to 36% in the fourth quarter was primarily pushed by value saving initiatives. Cancellations within the fourth quarter have been elevated relative to 2019, because of travel restrictions, and Exchange gross bookings had been down just 3% for the quarter compared to the prior year. See “Presentation of Financial Information” and the tables for the definitions and reconciliations of these non-GAAP measures in accordance with GAAP. The Orlando Economic Partnership supported the company’s relocation from Parsippany, N.J. By providing important data and research available on the market, facilitating the incentives application process, and creating personalized relocation packages for employees.

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