And that’s why we’re bringing that in to our Genius Program, for people who have an attraction business and want to get that incremental demand, we can push something to a customer who’s in destination, and give them something that’ll bring them to that particular supplier. All over, it’s a tremendous opportunity down the road, we have yet to even really scratch the possibilities with that, and that’s just another reason why I see just tremendous opportunity for us, as we continue to roll on.
John Colantuoni: Thanks so much.
Operator: Your next question comes from the line of Ron Josey from Citi. Please go ahead.
Ronald Josey: Great, thanks for taking the question. I want to ask maybe a follow up on alternative accommodations here, just given how much faster overall room nights are growing, and Ava, you talked a little bit about this, as well as Glenn, but I wanted to hear more about the supply side, the 7.4 million properties on the site, are these higher quality than maybe what you’ve seen in the past, they differentiated from other platforms, given that are available out there. And Ava, you made a good mention earlier, just that with booking offering both alternative accommodations and traditional, that’s an advantage. I’d love to hear your thoughts, or what you’re seeing from a consumer perspective, those that book both, and then the mix between that going forward, between those two bookings. Thank you.
Ewout Steenbergen: So let me first take the second part of the question, in terms of alternative and traditional accommodations. We’re actually not so much separating in our thinking, one versus the other, because we believe that our unique proposition is that we’re putting both in the same way on our platforms. Because it is an artificial separation. As we are seeing, many consumers are looking for both. They want to look at different alternatives. They want to compare. And often, if they start to look for a traditional hotel, they maybe end up with an apartment they want to rent as an alternative accommodation or the other way around. So actually, the way we look at it is, we think it’s actually really strong to bring all of these propositions together and have a really combined offering to our traveler customers.
Glenn Fogel: In terms of quality, I like to think that the inventory we have is high quality. Obviously, it comes at different price points. It’s a complete range. And you may not be surprised that lower priced things may not be as luxurious as the higher priced things. I think we cover the gamut, but we don’t have enough of certain types in certain areas. And I’ve talked about this before. We’re entering close to the summer and I look at it. I live in the New York metropolitan area and I’m looking, do we have enough of these high end homes in the Hamptons? And I don’t think we do. And if I look at some of our competitors, I see more. I look at that as opportunity for us, though, because we’re doing so well yet we don’t have all the different types of accommodations and the quantity that I want to have it at.
It’s great that we are as big as we are, but I absolutely see no reason we shouldn’t be significantly bigger throughout every geographical area. Look, our base was Europe. So we are very, very competitive. We have great inventory, all types there. But I’ve talked about the U.S. and that’s where we continue to do more work. I mentioned earlier, I see us making great progress there.
Ronald Josey: Thank you, Ewout and Glenn.
Operator: Your next question comes from the line of Jed Kelly of Oppenheimer. Please go ahead.
Jed Kelly: Hey, great. Thanks for taking my question. Just following up on that last point, Glenn, how do you think about getting more of that single unit inventory? Is it connecting more with property managers, the PMS systems? And then my second question is, just how should we view the big events in Europe this year, this summer, and travel, particularly around the Olympics, impacting demand or how people travel? Thanks.
Glenn Fogel: Sure. So, yes, we definitely have, you’re not surprised the fact that it’s easier to get more inventory when you go to some of the managers who have significant number of the inventory you’re looking for. And those multi-property managers are the place where we definitely have set more emphasis. And we have not until very recently really spent a lot of time trying to do it in the low, trying to go for individuals and trying to bring them in, too. There’s no doubt, though, over time we have to make sure to make an effort to everybody. And that means making sure that we are providing a platform that a supplier really likes to use. And I saw something recently, just to give you an example. It turns out that until fairly recently, it was hard for some of our big managers to be able to reconcile the payments with individual properties.
And we improved that significantly recently. And that’s a reason. So, it’s, okay, now I’ll do that. And I can go through a whole bunch of different individual things that, while by themselves may not be so big, as a whole, they end up saying, yes, I will now be more than happy to get incremental demand from Booking.com because I find it easy and helpful. If somebody’s in to make business, to make money, you definitely never want to have your property empty. That’s zero revenue. You’re never going to get back. That inventory expires. So, that’s why people are always looking to try and get more demand. And as long as we provide them with demand and we provide them with a platform that they find easy and helpful, they will come to us. Now, in regards to the summer and things like Paris and the Olympics, stuff like that, well, it’s always a mystery what’s going to happen with the Olympics.
I’ve been here now 24 years, so I’ve been through a whole bunch of Olympics and thought it was going to be, this is what’s going to happen and then something else happens. Here’s the big point. Let’s not concentrate too much on one individual event to last for a couple of weeks. I continue to say the important way to view value of this company is the long run. What have we done? What have we done over the last 24 years here? Continue to increase the value, bring in more customers and more suppliers and continue to improve more cash flow for our investors. That’s what we’ve done in the past, what we do in the past and how the Paris Olympics go, I really, I can guess, but I guess as good as yours. And I don’t think that’s something that I’d spend a lot of time worrying about.
Jed Kelly: Thank you.
Glenn Fogel: Thanks, Jed.
Operator: Your next question comes from the line of Tom White from D.A. Davidson. Please go ahead.
Tom White: Great. Thanks for taking my question. I wanted to follow up on some of the prior questions on the U.S. market. I was hoping you could comment on maybe the relative unit economics of your U.S. accommodations business today versus in Europe. Obviously, the Booking.com brand here is well-known but less well-known than in Europe. So maybe there’s a heavier marketing load per room night here, but the ADRs here are nice and high. But then again, maybe the take rates are lower. So I’m just kind of curious directionally how accommodation kind of unit economics in the U.S. stack up versus Europe at the moment and maybe where you kind of see that going over the next few years. Thanks.
Glenn Fogel: We don’t disclose much more than giving you these regional growth rates. We don’t go any further than that in terms of detail. And I don’t think we’ll be starting that right now. I understand your reason for asking, but for a reason of competitiveness and such, we’re not going to break this down any further than that.
Tom White: Okay.
Operator: Thank you. That concludes our Q&A session. I will now turn the conference back over to Glenn Fogel for closing remarks.
Glenn Fogel: Thank you. I want to thank our partners, our customers, our dedicated employees, our shareholders, and I especially want to thank Ewout for joining the team. Ewout, thank you very much. We greatly appreciate everyone’s support as we continue to build on a long-term vision for our company. Thank you and good night.
Operator: Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect. Goodbye.
