Justin Post: Thank you, Glenn. Thank you, David. Very helpful.
Operator: Your next question comes from the line of Kevin Kopelman with TD Cowen. Your line is open.
Kevin Kopelman: Thanks a lot. Could you comment on the outsized growth in alternative accommodations that you saw in Q3? I think in Q2, the growth was closer to the overall growth. So what were the drivers there any regions and then I have a follow-up. Thanks.
Glenn Fogel: So, Kevin, why don’t I start and David can add on anything I fail to add in. Obviously, very, very pleased with that number. That’s a really good growth rate. And when we compare it to some other people in the space, I’m very impressed by what we’ve been able to accomplish. And I will shout out to the whole team that works on alternative accommodations. But there’s some again. I’ve been talking about for some time about, we need to improve the product, we need to make people aware of it. And by doing that, we’ll get more business. And that’s what we’ve been doing. Now I can do all the things I’ve talked about them in the past, and we continue to do things to make it a better product. And there’s still a lot of things that need to be done to make it even better.
And that’s what we’re going to keep on doing. There’s no magic bullet. No, no silver bullet and tell, here’s how it came about. It comes through a lot of hard work and a lot of different ways of just grinding away, cranking out making it better talking with the suppliers who have these properties, making sure we’re marketing appropriately when people want that property, they can find it and they see it. All those things together will enable us to achieve what I think was a very, very good print on the growth rate there. But I’ll tell you, we’re not there yet. And I mentioned look, I want to increase the supply a lot more look, it’s great. 9% increase. So I mentioned in my prepared remarks and the increase up to 7.2 billion listings. That’s great.
That’s good. But I know there are a lot of areas we need to add even more, particularly in the United States, because that’s the place that I want to use our product. Because if I look for anything, and I don’t see it. Well, to me, that’s upside down. We’re doing great right now. And I still see so much opportunity ahead because for example, we don’t have enough properties in certain areas and other product features that we need to improve upon. All together. I look at this great opportunity. We’re going to well, and we will do it even better in the future. I hope and David, anything specific to add to that? Okay.
David Goulden: Nope, nope. Thank you. That was great.
Operator: The next question comes from the line of Brian Nowak with Morgan Stanley. Your line is open.
Brian Nowak: Thanks for taking my questions. The first one, let me just ask about the U.S. a little bit. You’ve made some really good progress in the U.S. post COVID, but it has decelerated quite a bit, and now it even down in the most recent months. So Glenn, I guess the question is, as you look into 2024, what are the keys to sort of reaccelerating that U.S. growth from here to sort of contribute to your goal of growing faster post-COVID than you were pre-COVID. So what drives U.S. growth from here? And then secondly, any quantifiable metrics or factors you can share with us on progress on Genius and the Loyalty program over the course of the summer into the fall?
Glenn Fogel: Yes, sure. Thank you, Brian. So, the U.S is not that much different than any other geography in terms of the elements that help create growth are providing a better product. Enabling people to be able to find the properties they want, at the right price, and the easiest thing to do and if anything goes wrong, given great customer service. That’s the playbook. And yes, I — some of the numbers look a little funky. And of course, COVID is really create all sorts of things, different geographies come out faster than others. So you’re comparing a year-over-year, and maybe it looks like a deceleration and then there’s domestic and international events, I think a good way to look those like compare back to 2019. And the fact is, we’ve achieved, we’ve accomplished some great things in terms of increasing our share in the U.S. And we keep on doing what we have been doing.
And that will continue to increase that share. And I just mentioned in the previous question about our alternative accommodations, which is important part of growing out of the U.S. And another thing is also you mentioned Genius. So I’ll switch over to there. — and that is continue to develop the Genius program in a way that continues to provide not only great value to the traveler, which of course, is an obvious one, but it’s providing opportunity for our partners to be able to get incremental demand when they need it, where they need and how they need it. Working that together is a way for us to provide a better opportunity for both sides of this marketplace to achieve greater value for both sides. And I think that we have that great thing, layer on all those other things we talk about with the whole idea of the Connected Trip.
Bring in more of the Generative AI stuff. And altogether, I think this is a good playbook to try and continue to grow our share in the U.S. And again, we’ve been doing it for some time now. So I’m really pleased with where we stand.
Operator: Your next question comes from the line of Lloyd Walmsley with UBS. Your line is open.
Lloyd Walmsley: Thanks. I had a couple, if I can. First, it sounds like you’re still talking about holding this lean in posture on marketing with the leverage on I think marketing plus merchandising in 4Q. As growth slows, should we expect to see you all moderate that posture and get more leverage? And I guess looking at markets, like the U.S growing low single digits? Are you still holding that that posture there? Or are you kind of bifurcating the strategy differently as different markets are perhaps more recovered. Anything you could share there would be great. And then the second one would just be sort of related. But as more than half of room nights are now booked through the mobile app, should that also be an increasing driver of marketing leverage? Or do you think just escalating pricing in performance channels offsets that, so it’s kind of balance that? How should we think about that? Thanks.
Glenn Fogel: So Lloyd, let me talk a little bit about this and all we do and add other facts that he wants to add in here. And I want to be very careful here. Obviously, the one thing I don’t want to do is give away our [indiscernible] ideas and all the things we’re going to play with our competitors listening in on this. So you’ll understand it, while it’ll be a little bit general in this. But one of the things I continue to try and talked to the team about is we need to be nimble. We need to be agile, and we need to be able to be smart and move into markets, where we see opportunities and pull back in other places where we think we’re not going to get the right ROIs. Whether that be a geography, whether it be a channel, would that be developing a entire product, whatever it is, I don’t look at any of these in a different way.
I look at all together holistically. What we’re trying to do to achieve growth at the right type of profitability levels. And we’re going to continue to do that. Right now, as David said, we have a lean-in position because we see opportunity here. Time can — these things can change depending on the time. And certainly, the idea is to say I’m going to do this for a long-term period is it’s a nice thing to say, but who knows what the world is going to be like, and as we all see, unfortunately, the world can change very, very rapidly. So we’ll continue to do this, and this is our profile right now the way David explained those numbers for what we are going to disclose right now. But you should always recognize that we have an overall view of how to do things, but we will be willing to change, depending on circumstances.
Regarding the mobile app, I talked about, David, why don’t you just take in terms of how that will apply to our numbers going forward.
