Kevin Kopelman: Great. Thanks a lot. Could you touch a little more on that seasonal uptick that you’re seeing in Core revenue to start Q2, which looks pretty strong?
Matt Goldberg: I’m sorry, Kevin, did you say on Core? Couldn’t hear you.
Kevin Kopelman: Oh, sorry. The seasonal uptick in the Core revenue, which looks pretty strong, at least if you track it relative to 2019, for example.
Matt Goldberg: Yes, I think the seasonal uptick I’m sorry, you were referring to Q2, correct? Yes, got it, okay.
Kevin Kopelman: Sorry. Yes, to start second quarter, like what you’re seeing in April.
Matt Goldberg: Oh, yes, okay. Yes. So I would say a couple of things in April, we still saw good growth, but we are expecting that to come down pretty dramatically, right, as we move into May and June, which we hit our very tough comp areas. So what I talked about on the call was as we move through that lapping period for example, both in Core and auction, and Core, we’re expecting volumes to come down on a year-over-year basis pretty meaningfully, and pricing to come down as well, but to a lesser extent. So again all this was very much in our, as we saw the year shaping very much in the year. I think for experiences at Core, we’re expecting a similar type of not similar to the auction, but similar in terms we think about Viator, very strong growth in April, but we do expect a step down as we move through those really tough compare months in May and June. So I don’t want to overstate the April piece, but yes, I think that there’s a tougher comp there in May and June.
Kevin Kopelman: And then just on Viator, could you give us a sense of the GBV growth in April, just to give us a better sense of how that’s tracking?
Mike Noonan: Yes, it’s a good question. We have been given approximations on GBV, Kevin, and some of that is just felt maybe a bit competitively, sensitive. We are evaluating, as we move forward, giving much more specifics on that GBV number of which then you’ll be able to calculate very specifically growth rates. So that’s why I want to avoid about a specific growth rate. I did want to point out, though, that when you think about these approximations, that growth rate is lower on a year-over-year basis than the revenue due to the take rate improvement year-over-year. But that’s the reason why we give them the approximations for now.
Kevin Kopelman: Got it. And then just a housekeeping. You mentioned one time cost offset at TheFork in Q1, I think in COGS, I think how large was that?
Mike Noonan: Was about, yes, we didn’t quantify that, but it was just related to a contract renegotiation. Yes, it’s fairly small, but meaningful for TheFork margin.
Operator: The next question comes from the line of Dan Wasiolek of Morningstar.
Dan Wasiolek: Hey, good morning, guys. Thanks for taking my question. Just on the Viator and TheFork brands, it seems that there’s a lot of underappreciated value on those, and I know in the past that there had been talk about crystallizing the value of those. Is that something you guys are still considering or thinking about? And if so, what would need to transpire to kind of start to maybe communicate that message? Thanks.
Mike Noonan: Yes, it’s Mike. I think that probably most of that relates to Viator and I think previously communicated thoughts around potentially spinning that out. I’d say a couple of things and this is really reiterated what we said in our February call. We are very much focused on the experience category and how do we maintain and grow leadership in this business, in the space. I think as such, we’re not really focused on what that, how to execute that. I think some of that is in the market itself today. The markets kind of, the way they are, it’s just not an area we’re very focused on. That being said, we’re not removing anything from a realm of possibility. It’s just not where our area of focus is. And we’re much more focused on how do we manage the Viator, how do we manage Tripadvisor Core and what they’re doing experiences to really create wider and deeper modes and experiences. But we’ll always be open to ideas of thinking about this.
Matt Goldberg: And I just wanted to add, Dan, I agree with you. There’s underappreciated value there. And what we’re really focused on is making sure that we drive the fundamental underlying improvements in those businesses that ultimately over the medium to long term, we really do crystallize through the performance of the business. And that’s why we’re super excited about the work that’s happening at Viator, around the product and around our ability to invest and see improving consumer engagement and unit economics. And we’re driving TheFork towards profitability. That is our plan to, in the back half, really start to see TheFork hit a much better margin profile than we’ve seen in the past. So we’re focused on the underlying operations of those businesses most specifically.
