Unidentified Analyst: Okay. Got it. That’s helpful. And then second question on the adjusted EBITDA guidance, relatively unchanged from last quarter. Can you guys maybe just walk through where you see the most opportunity for outperformance here?
Kevin Hu: Sure. So for the adjusted EBITDA, with these additional investments into our brand, we will expect to have a negative impact on the near-term profitability level. So in the first half of the year, we would expect that adjusted EBITDA to be negative, but we would stay disciplined. So this would be a low single-digit number, that’s negative. And then that would trend more positively towards the second half of the year, where when Johannes mentioned about the payoff, the dividends of the brand investments that we’re making to get us to the full year breakeven. In terms of OpEx spend, I would imagine that we would keep that at a very stable level consistent with prior year. And this is OpEx adjusted for advertising spend and share-based compensation costs.
Unidentified Analyst: Great. Thank you.
Operator: Thank you. Our next question comes from Stan Velikov of Wells Fargo. Your line is now open. Please go ahead.
Stanislav Velikov: Hi everyone. Thanks for taking our questions. I’m curious how you are looking at the progression of brand spend through the year. What cadence should we expect to see in 2024? And I guess your prepared remarks kind of implied the brands spend would be gradually increasing.
Johannes Thomas: So we are not commenting on where exactly we spend. What we do in general as we spend more consistently. And the seasonality to last year’s will not substantially change from our brand spend. This is maybe we can think about it.
Stanislav Velikov: Okay, great. Thank you.
Operator: Thank you.[Operator Instructions] Our next question comes from Kevin Kopelman from TD Cowen. Kevin, your line is now open. Please go ahead.
Kevin Kopelman: Thank you so much. Could you touch on Google’s deprecation of planned deprecation of cookies in Chrome? How important — or how big of a change will that be for trivago and any impact that you might see. Thanks.
Johannes Thomas: That is on our radar, and we are working on our broader display campaigns and so on, on finding ways to do that. It will not have a material impact on our business. Also here because brand is very strong performance marketing is strong, and there is no big impact on those channels.
Kevin Kopelman: Perfect. Thank you.
Operator: Thank you. At this time, we currently have no further questions. So I’ll hand back to you, Johannes for any further remarks.
Johannes Thomas: Thank you for joining us today. Our mission is clear. We want to be the obvious choice for price savvy travelers searching for a hotel. We are energized and fully committed to the journey ahead. And thank you again for your trust, and we look forward to sharing our continued progress with you.
Operator: Thank you for joining today’s call. You may now disconnect your lines.
