“As well as we continue to focus on growing our fixed OpEx at a lower level than the topline growth in 2025.”

In context

“ing EBITDA margins and return of capital to our shareholders. So let me give you a couple of examples what we are doing at this moment. We have already done a couple of reorganizations in some of our businesses. We have been looking very carefully at head count, in some places, put a head count pause in place. We are looking at some expense benchmarking in some other brands and businesses, looking at procurement in real estate and many other areas. So more to come on that over the next couple of quarters that I can give you more details. But definitely, this has become a really big focus area. And we are pleased that, therefore, we can also say to you that for the full year guidance, we are now reducing the outlook with respect to fixed OpEx from low to mid-teens to now low double digits. As well as we continue to focus on growing our fixed OpEx at a lower level than the topline growth in 2025. Lee Horowitz: Really helpful. And then, Glenn, maybe on alternative accommodations, you continue to deliver very healthy supply growth here. Do you feel like you are reaching a point of supply parity relative to your peers in the U.S. specifically, where you can perhaps lean in more aggressively investing against marketing and discounting within this vertical to sort of accelerate share gains? Glenn Fogel: I have to admit, I don't believe we are at that level at all right now. But that, to me, is an incredible opportunity. The fact that we are performing as well as we are in terms of our overall number but we still do not have anywhere near the number or the type of home accommodations in the U.S. to be fully competitive is, well, it's a disappointment to me that is not done yet. It's an”