Julie Whalen: So on the marketing side, from a leverage perspective, we actually are leveraging with our all-up spend with, obviously, loyalty and discounting which are contra revenues. When you look at totality on the year, we are leveraging and we expect to hold that, if not improve it, next year. I think we’re just wanting to make sure we make the point that on any particular quarter, you can see movement, right? Because we’re shifting our spend and have started to do that now for a couple of quarters where we’re putting more of our spends into long term investments. And so, you could make that investment today and get the benefit two or three quarters out. And so, it’s not about any one particular 90 days that we should be judging per se, the total bucket of our spends.
So, we’re really focused on leveraging it in total on the year across the entire spend profile. So, I think that’s how you should think about it. I think it’s great that we’ve seen it leverage. We’re shooting for that again here. And I think when you look at things like the types of customers, the high lifetime value customers that we are getting and are getting significantly more in brand Expedia US business and we’re seeing that translate into really strong revenue, it’s a pretty exciting time to see this all come to fruition.
Peter Kern: I would just add on your question of causal or not. What we’ve seen, Lloyd, is that we’ve been able to greatly expand the numbers at a pretty rapid pace and bring more and more people into the loyalty plans and into app usage. And our historical €“ those trends I gave about 2x and 2.5x with even higher multiple for app loyalty members, those have held even as we’ve expanded the pool. So, it’s not just the devotee who’s becoming a loyalty member. It’s really everybody that we can get into loyalty, that we can get into app usage starts to see all the member benefits, starts to get the pricing benefits and points and other things. And that’s consistently sticky at bringing them back. And as Julie says, over time, we’ll create more leverage in the model because once we have this bigger and bigger base of loyal customers, then the marketing beyond that, beyond loyalty, et cetera, becomes, again, trying to buy the right customers in given places and add them to the pool.
And that we think we can do more effectively once we have a bigger base and more efficiently.
Operator: The next question comes from Anthony Post with Bank of America Merrill Lynch.
Anthony Post: Maybe one big picture question about the shape of the year. Your marketing spend is over 50% of revenues. I know you’re working on a lot of projects to build a better customer base. Can you help us think about how you think about that long term? And when you said leverage this year, does that mean on that line? Are you thinking about as a percentage of bookings for 2023? Secondly, just a comp question. I know there’s some tough virus comps €“ easy virus comes right now. Ton of bookings float in kind of in the spring. How are you thinking about the shape of the year, for our models?
