Peter Kern: And then I think the share point plays into that. We feel like we’ve been holding share in our core markets. We’ve been gaining some of our outside North American markets, outside U.S. markets in a number of places. So again, as Julie said, it’s all sort of placed in together, which is we’re trying to, of course, drive the best return on our investments. We thought there was better return when we had the extra hook of One Key. We felt like we were holding in places and we could have spent the money to drive some more bookings into Q2, but we felt like the return was better, literally waiting weeks, many weeks to push it into July when we were launching with One Key. So it’s a small movement in the scheme of things.
Of course, it moves around margins a little bit and it moves around. Yes, it moves some bookings from maybe Q2 into Q3. And yes, it moves some even though maybe into Q2 instead of Q3. But in the scheme of things, we’re trying to spend that money as efficiently as we can. We launched One Key as soon as we could basically and it would have been nice to obviously launch it sooner, but this is when we could get it out the door and we think that there’s better returns attached to that hook and getting customers in, getting them engaged in One Key, getting those return dynamics and direct dynamics where we want them. So that’s why in the scheme of things, not huge dollars or anything, but we moved a little money and sure, that cost us a little bit of [GBV] and revenue in Q2 and will mean a little bit of extra spend in Q3.
Lee Horowitz : Helpful. Thank you.
Operator: Your next question comes from Kevin Kopelman from TD Cowen. Your line is open.
Kevin Kopelman: Great. Thank you. As you think about the acceleration that you’re looking for in the third quarter, the issue is being focused in U.S. and B2C given the One Key launch or is it going to be more broad-based?
Peter Kern: I think it’s a number of things. As I mentioned, Kevin, we are seeing good growth as we push back into some of our foreign markets where we saw opportunity and that’s been going reasonably well. In the scheme of things, obviously, U.S. being so big for us to accelerate broadly, we also need the U.S. to accelerate, so that’s a combination of a number of things which are, yes, One Key starting to kick in, but Q3 is early days, right? One Key is a loyalty program designed to incent return, certainly attractive in terms of make your first purchase and get value, but I don’t think we’re not expecting massive impact in Q3 from One Key. We’re just seeing good acceleration in the market. Q2 comps were tough because of last year, and as Julie alluded to, some of the strange insurance dynamics and other things normalize out in the Q3 as we lap that and Q4.
The acceleration is really just a continuation of, we see strong demand. We built this base of consumers that we continue to build on that are repeating more and having behaviors we like a lot more, and that just keeps building, and One Key enhances it, and that’s really the core of it, but it’s not just in the U.S. The growth is also outside the U.S., but I will say a lot of the acceleration certainly is coming from B2C as opposed to more acceleration in B2C.
Kevin Kopelman: Great, thank you. And then could you just touch on the CapEx expectations for the rest of the year and drivers there? Thanks.
Julie Whalen: Yes, I mean, we’ve seen CapEx come up even in the last quarter, and we had expected this. We are putting more into capitalized labor in order to hit our strategic initiatives this year. Obviously, there’s a lot of transformation that we have still been pushing through this year, i.e., One Key launch and the verbal migration and things like that, and so literally this is just a function of higher capitalized labor to complete out these projects, and as we go forward, we don’t expect it to be as much in these elevated levels as we will, and we’ll start to get the return from these projects that we’re putting in place.
Kevin Kopelman: Great, thanks, Julie.
Operator: Your next question comes from the line of Justin Post from BOA. Your line is open. Your next question comes from the line of Mark Mahaney from Evercore ISI. Your line is open.
Mark Mahaney: Okay, let’s see, I want to ask two questions. One, the travel bot or the ChatGPT experience that you have on the site, what have you seen so far in terms of, I think there’s enormous potential here. I just don’t know how long that takes and whether there’s just a ton of tweaking that needs to happen in order to really get it right. How do you feel? What have you seen so far in terms of engagement? Has it kind of led to increased conversion rates, and if not, maybe it’s way too early, what’s a reasonable expectation for when you could actually see that. And then the other thing is on One Key, now that you’re rolling it out, can you set up an expectation for when you think we’ll see kind of the impact that has, I know it’s just recently launched, but is that something you take one quarter or is it one full year before you really can tell how successful that’s been in terms of a deeper engagement and maybe attracting newer users? Thank you.
