Total paid listings were 626,528 at the end of Q3 and 640,925 at the end of Q4, an increase of only 2.3%.
Moreover, the last 10Q says on p. 38:
>> The lowest level of new listings and renewals occurs in the third quarter. By the fourth quarter, we see property owners and managers of winter vacation destinations list and renew in time to meet the needs of travelers planning those trips....
>> In 2010 and 2011, we saw a decrease in paid listings during the third quarter as compared to the second quarter. This decrease in paid listings is driven in part by a large number of listings which are taken off our websites in France in the third quarter of each year due to the seasonal nature of the products sold. Excluding the French sites, total ending paid listings would have increased by 2% and 3% sequentially from June 30 to September 30 in 2010 and 2011, respectively. In 2011, we saw paid listings remain flat during the third quarter as compared to the second quarter, partially as a result of the migration of our French sites on to our common technology platform.
If I understand this correctly, this means that the French seasonal effect reduces paid listings by 3% as of the end of Q3. If you apply this 3% seasonal correction, you find a slight decline in adjusted paid listings during Q4.
Consistent with this, deferred revenue declined slightly from $103 million at the end of Q3 to $102 million at the end of Q4.