The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Bridget Weishaar - JPMorgan - Analyst
: Yes, hi. This is [Bridget Weishaar] in for Imran. I am wondering if you could discuss the differences you are seeing across
western international countries and has it spread or is it offset by penetration increases?
Question: Michael Millman - Soleil Securities - Analyst
: Thank you. Can you talk about if you are seeing a change in particularly in Europe in how vacationers or travelers are acting?
Are you seeing change in weekend vacations? Or one way or the other or full week which presumably would be vacations.
Then relatedly, I guess Ryanair has talked about a huge promotion. Do you see that having a major effect on business or
already having some effect on business?
Question: Michael Millman - Soleil Securities - Analyst
: Thank you.
Question: Scott Barry - Credit Suisse - Analyst
: Question on the fX impact? Is that consistent with your revenue mix across your expense line items .And assuming we have
a slower growth environment in 2009 on the top line, could you give us a sense for where we might get some back on the
expense line items such as in maybe personal costs or G&A?
Question: Brian Fitzgerald - Banc of America - Analyst
: I wanted to know if you could give us an update on keyword pricing. Is there any change to kind of the underlying balance or
elasticity between your ad mix and profitability and bookings?
Question: Jennifer Watson - Goldman Sachs - Analyst
: Can you talk about the potential for launching a name your own price product internationally?
Question: Justin Post - Merrill Lynch - Analyst
: Bob, when you think about next year on the October call last year you were able to call out some interesting things and
dynamics for the following year is there anything beyond the macro that you think will be interesting affecting the year-over-year
growth rates for bookings or revenues as you look to next year?
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Question: Justin Post - Merrill Lynch - Analyst
: On the fourth quarter you said you are up 10% to 20% in Europe on the hotel nights so far this quarter. How do you think that
compares to the industry? Do you think it is down 5% to 10% , so you're out-performing by maybe 1500 basis points? How
would you characterize
Question: Mark Mahaney - Citigroup - Analyst
: The significant expansion in the hotels under management or under contracted inventory, any color on where you see that
growth and to what extent is that for hotels in the U.S.
Secondly, Bob, could you clarify the comments on the potential margin outlook for next year? You said with units and bookings
growth and local currencies, I think you said you should be able to maintain '08 margins.
Under which scenario do you think margins would actually theoretically have to come down? Is it flat revenue, flat bookings
and local currency brings margins down in '09, or could even under that scenario they stay flat? Thank you.
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