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: Kevin Kopelman - Cowen and Company LLC - Analyst
: Thanks so much. I was hoping to dig in on your US acceleration in Q3. Could you talk about your B2B initiatives in the US that you
mentioned and maybe globally? And then it sounds like B2C also accelerated in the US. So any additional color on what you saw as
the key drivers there would be great.
Question: Doug Anmuth - JPMorgan Chase & Co - Analyst
: Thanks for taking the question. I know you were early in the test program with OpenAI as well, but can you talk about your thought
process heading into the app integration and what you're seeing in the early days and just how should we think about economic
impact if bookings were to shift from direct traffic or from Google? Thank you.
Question: Ronald Josey - Citi Infrastructure Investments LLC - Analyst
: Hey, thanks for taking the question. I have two, please. Glenn, as the entry points to the web and booking evolve here, given this
newer tools and opening eye being one of them. Can you talk to us how maybe this evolves or changes your strategy to attract a,
call it 30%-35% or so traffic that's not direct? So question about how the front end is changing and sort of thoughts there?
And then on the product side, look, seeing tons of innovation with AI trip planner, plenty hotel search, AI mode, concierge. I think
you talked about the homepage is unique now per user. Talk to us about the impacts this might be having on other cancellation
rates, conversion rates, things along those lines. Thank you.
Question: Ronald Josey - Citi Infrastructure Investments LLC - Analyst
: That's exactly right. I guess I'm wondering how much, how more important brands are going forward as OpenAI goes through this
app strategy and as users front end of the web evolves?
Question: Justin Post - Bofa Merrill Lynch Asset Holdings Inc - Analyst
: Great. A couple. First, I'd like to dive into the US. It really seems like the OTA industry is maybe taking some share here. Just wondering
if it's the loyalty program, leisure growing faster than business, what's helping the industry take share and you specifically take some
share? And then on the algorithm, just wondering, there's a lot of stuff going on with Connected Trip. Obviously payments and more
air. Just could you help us think about how both bookings could grow relative to nights and also how you're thinking about revenue
take rates over the next couple of years? Thank you.
Question: Justin Post - Bofa Merrill Lynch Asset Holdings Inc - Analyst
: Maybe one quick follow-up. Do you think the gap between bookings growth and room night growth can grow?
Question: Trevor Young - Barclays Services Corp - Analyst
: Great, thanks. Glenn, maybe a bigger picture one for you. From a competitive standpoint, do you foresee competitive intensity
picking up over the next two- to three years? It seems as though a major Asia player has aspirations in Europe, while an accommodation
competitor is making a big push into traditional hotels and adjacentcies.
Meanwhile, consumers will have a new channel via AI tools to make travel all that much more accessible. And if you do see competitive
intensity picking up, how are you evolving your strategy to better position booking for that environment?
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