“We believe that over the kind of medium term, we can still increase margins from where we are today into 2023.”

In context

“back to COVID, pre-COVID volume levels, I just want to be super clear, but we do think there is still some growth potential from where we are right now. And the drivers of that, if you think of the things I just mentioned, are the reasons we’re down below versus 2019 now. The drivers of that, that we think we can use to our advantage over time is that as our direct mix increases, we should be able to kind of lean in less in total to our margin spend. We may lean in to the same level in absolute terms on paid marketing, but paid market becomes a smaller part of the business. We do believe that over time, we can get more leverage on our fixed costs. But then we do expect to see continued pressure from the lower mix – from the higher mix of lower-margin businesses that will continue to grow. We believe that over the kind of medium term, we can still increase margins from where we are today into 2023. But again, not back to the 2019 levels. Glenn Fogel: Regarding the alternative accommodation space, we are very pleased with what we’re doing in growing. And I mentioned in the prepared remarks some of the things that we did last year and I will repeat them all, but those are the things that we’re doing to make sure that partners, that suppliers, they want to put their properties on to our platform. And that’s the first thing. And having done that and doing that right now is that how do we get the awareness. So you noticed, for example, our Super Bowl ad, where we do include the non-hotel accommodation in that and make sure as we grow that branding throughout the year to make sure people are aware. It’s really – it’s not anything that is magic is making a product that people want to use a”