Peter Kern: Yes. Sorry, you broke up a little bit, but I’ll take a stab at it. I think in terms of the regional, what we’ve seen is, as I mentioned, APAC and Latin America have been faster-growing markets for everybody. Basically, it’s a function of where different regions are in terms of their rebound post-COVID. North America and Europe and APAC, excuse me, EMEA are more stable. They’ve been kind of saw the rebound earlier and have been on a more consistent state. We’ve seen the same in our business, but our business is less exposed to APAC than it is to, obviously, North America, somewhat less exposed to Europe. So there’s differences there. But what we’ve seen and I referred to is what we’re seeing is pretty much around the globe, we’ve been able to hold or grow share even in markets where we have relatively small share.
Again, we’re eating into the pie and different of those markets, we have different aggression for but remember, we’ve done this basically with four arms tied behind our back. We’re trying to do what we could with the levers we had. And increasingly, we have more and more levers and better and better product and all of that will make us more competitive, we believe, as we go forward. As far as the efficiencies go, I think we’ve been saying this for a while, but we’ve had these huge tasks that we’ve undertaken to get across the transformation, do these migrations, et cetera. Everything gets faster and easier. So think of it as either more output with the same amount of energy or opportunities, whether it be in cloud, as Julie referred to or other licensing and maintenance other opportunities in which work we choose to do, that there’s this opportunity now to stop.
We’ve grown for quite a bit of time now in our, particularly in product and tech. We no longer need to grow our base of overhead in order to grow our business much faster. So as those lines diverge, we become more efficient, and that’s what we’re talking about.
Operator: Our next question comes from Naved Khan from B. Riley Securities. Naved, please go ahead.
Naved Khan: A couple of questions here. So just on the consumer, are you seeing any sign of the consumer weakening or maybe trading down or just taking longer to book anything there? And then on the Vrbo migration, Peter, I think you had earlier talked about how the website piece was done and the app was the one that was remaining. And that, I think, has been completed just in the last week or so. But anything you can share on the website migration and how that might be yielding results, any early signs on that? Thank you.
Peter Kern: Sure. So the first part of your question, we haven’t seen really anything on the consumer side. We keep looking. But there’s definitely nothing obvious and you’d have to squint it really hard and look by sub, sub, subregion to try to foray and cut it by price point and a lot of things to really see anything noticeable. Interestingly and anecdotally, we’ve seen that customers who have gotten One Key cash where they didn’t have it before, et cetera, or in some cases, as part of One Key, we introduced higher discounts for our silver and gold members at certain properties that customers are typically using it to get a better room type as opposed to take the money to the bottom line. So they’re actually using the available capital they had in mind just for more rather than saving the money.
So again, that’s just an anecdote, but there does not appear to be any major shift going on. Of course, we have historically and still are strongest in the mid and upper parts of the market as opposed to the lowest end of the market. And that, again, may be moving slightly, but we have not seen any broad consumer change in habit. As far as your second question goes, as I mentioned, the first part of moving the website was going backwards to go forwards, was consolidating it. Vrbo is now getting the benefit of a lot of successful winners that we had rolled out on our OTA brands across Expedia and Hotels.com, and now it will benefit from many of the things that have won there. So we’re in the middle of testing in all the things that have won historically on the OTA brands, getting the best-in-class of maps and other things search and store and so forth.
I’d say we’re still in that journey. I’d say we’re still behind in terms of conversion, in terms of pre versus post migration on the website, but we are on the rise and catching up, and we expect to inflect past where we were [indiscernible]. And the app so far has appeared to have done better, and our hopes are that we’ll see less of — less going backwards and more going forward faster. So we’re directionally going up from here, but we did have to take a little bit of a step back as we migrate.
Operator: Our next question comes from Jed Kelly from Oppenheimer. Jed, please go ahead.
Jed Kelly: Two, if I may, can you just talk about some of the marketing efficiencies you plan, you think you’ll get around brand now being able to use One Key and highlight your three brands. And then just going in now that the tech migration is complete, how do you view growing EBITDA dollars versus EBITDA margin? Thank you.
Peter Kern: I’ll take the first part and thanks, Jed and have Julie take the second. I would say that from a marketing efficiency standpoint, you’ve seen us just begin to market more with the launch of One Key sort of the brands together. And that is a journey that we will continue to learn on and grow on in terms of how to optimize our brand spend and all of our performance marketing spend to optimize the best place to bring a customer in. And then the best way to bring them around our universe of products. But I would say what we’re most excited about is the ability to get customers to cross shop and to get them to use, stay in our group of brands and spend their money there, and that gives us a lot more opportunity to drive direct business because we already have a big base of customers in each of those brands that we can now bring to other brands, whether it’s an HCOM customer who needs a flight or a car or whether it’s an Expedia customer who needs a Vrbo, that ability to keep everything in the universe, get people to use that currency across.
