Julie Whalen: From a guidance perspective, we said double-digit growth. That’s on both top and bottom line, and it’s relevant to €“ year-over-year. So, as I mentioned at the beginning that we’re going to be switching next year to no longer be, per se, to tracking against a four year old metric. We’re going to move to year-over-year. And so, that guidance is relevant to that. Regarding headcount, yes, that is different than probably what you’ve heard in other places. I think what’s important to remember is that the team here did an incredible job, taking out $1 billion worth of cost over the last couple of years. And so, we’re coming at this from a different spot than many other tech companies and so forth. And so, we’ve taken out a lot of that cost already.
And heads, I think we’re down €“ at some point, down 30% or so. And so, again, coming from a different spot. We’re really being thoughtful about what we invest back into, for obvious reasons. We’re watching the economy just like everybody else. Obviously, we’re seeing incredibly strong business, but we’re being thoughtful about who we invest back into. And really, our investments are primarily in product and tech to support our growth initiatives and to get us over this line. Peter has been talking about getting this tech stack completed. And so, we feel like we’re in a great spot to be able to do that with limited levels of headcount growth and maintaining our strong financial discipline, keeping our cost structure below our sales growth.
Operator: The next question comes from Doug Anmuth with JPMorgan Chase.
Dae Lee: This is Dae Lee on for Doug. I have two. So, revisiting the demand comments, is this something that you’re seeing across deals and accommodation types? Or are there any particular deals or maybe property types that might be driving some of that strength that you’re seeing? With obviously your January comment, what’s changed from 4Q to January that might be driving strong lodging growth in January and how sustainable do you think those vectors are going forward?
Peter Kern: I think, to your first question, we’re not seeing anything €“ I’m sure we could dissect every variable and find some difference, but there’s not anything, when you look at it broadly, that says luxury is doing well, but the bottom is doing poorly or vice versa. We are generally a little more biased towards the middle and upper end of the market. And we are seeing fairly consistent strength. As I mentioned, APAC, measured against itself, is coming back faster, but it had a longer way to come back. Obviously, the West has been back for a while. But it’s also seeing nice growth. So APAC for us is not big enough to drive our overall number. So it really is kind of everything. And by and large, it’s every class of product and class of €“ every type within a class of product.
So there’s nothing we’ve really seen that’s driving like, wow, luxury is off the board and everything else is making up for other things. So we haven’t seen much movement between products or trade downs or any of that. It’s been pretty consistent. January, as I mentioned, we believe it’s a combination of a lot of work we’ve put in in terms of improving the product, getting through some of the hardest transitions, getting back to testing, getting our marketing machine refined, and that’s constantly improving. And we’ve been talking for a long time €“ Julie mentioned that we’ve been investing for a while in some of these long term vectors. And as we’ve all talked about, we gave up some short term business to focus on app downloads, to focus on getting the right kinds of customers.
