It’s double-digit percentage of total itineraries being created and growing. And we’re seeing that those users are returning at a much higher rate, as I mentioned, and this is without significant product marketing or further enhancements of the product. So now we look to enhance that product and really drive monetization and further integration coming out of it going forward. We also have been doing a lot with our content, right. We have this incredible vast billion reviews that are from real people. And we have gotten — we’ve been improving the product so that we continue to have [indiscernible] and relevance, which gives us an incredible content dataset to be to be leveraging. And, of course, our audience and brand of trust. So we think generative AI around our product is going to continue to be meaningful and we’ll look to leverage it across all of our categories, hotels, experiences, and restaurants.
We will also leverage generative AI for productivity and we’re exploring lots of use cases across how we think about trust and safety and what we’re doing to make sure we have the highest quality reviews. Translation and localization as I mentioned, before customer service, engineering productivity, marketing productivity, we can imagine a use case for every functional area and we’re going to be leaning in for the long-term. And then finally, we want to be very thoughtful about how we partner with the best of class LLMs and the large tech platforms, as we think about being a part of the generative AI ecosystem, whether we choose to be a direct partner or frankly, select the ones that we feel we’re getting the most value from, and choose not to work with and therefore block the others that don’t.
So we think we’ve got a good strategy for the long-term and this is a long term proposition. It’s very early days but we’re excited about where we are.
Lloyd Walmsley: Alright, thank you.
Operator: One moment for your next question. The next question comes from the line of Doug Anmuth of J.P. Morgan. Doug, please go ahead.
Unidentified Analyst : Good morning, this is Dave on for Doug. Thanks for technical questions. I have two. So first one, could you provide a little more color on the Viator Q4 [ph], just a little 20% of growth expectations includes, any view on improvement and growth in the back half of the quarter? And then secondly, just looking at modification, is the goal to drive more revenue per user using democracies those you already have in place, or do you see an opportunity to add new monetization options over time? Thank you.
Mike Noonan: Yeah, I’ll take the first one on Viator Q4. So yeah, I would say, when we think about Viator and outlook for Q4, I would say a couple of things; one, it is a tougher comp or a tough comp, lapping still very high growth rates in that fourth quarter. And then secondly, I would say, as I said in the prepared remarks, October, we did see some volatility coming out of the Middle East, and some of it leaked over into Europe. And that was — that’s part of our forecast. So I think those are two areas that would be I would tell you in terms of how our thoughts are thinking around Q4 for Viator.
Matt Goldberg: Yeah, thanks. And in terms of monetization, you’re absolutely right, our strategy is less about having a vanity metric of users and much more about focusing on the highest value users that are going to significantly drive ARPU. And as you know, we will continue to attract an audience of scale and we feel that we can stabilize the top of the funnel. But we really believe that we can convert more of them into highly engaged users, into members that drive deeper into our site, and further engagement through our mobile app, which will deliver much stronger monetization and ARPU. Now, it’s also true that we believe we can diversify monetization. Of course, we’ve been a business in the very early years of this business that at Tripadvisor in particular, that was driven by CPC economics, and more frequently we are driving a balance with increasing CPM economics.
And of course, marketplace economics where we are increasingly matching, supply and demand and taking a percentage of the transaction. That’s what we’ve seen in our marketplaces, our experiences marketplace, and we believe there is a lot of headroom there for Tripadvisor as we add new categories, as we add new geographies where we can go deeper into slivers of demand and match with supply. It may be Viator supply, but it could also be supplied from elsewhere and we’re excited to continue to do that. And we will also lean in to our mobile app experience to really drive that diversification as well.
Unidentified Analyst : Great, thank you.
Operator: One moment for your next question. The next question comes from the line of Niall Mitchelson of Bernstein. Niall, please go ahead.
Niall Mitchelson: Hi, there. Thanks for the question. I just wondered if you could break down some of your Q4 guides for Core as to how much you think sort of that mid-single decline will come from matter and some of the other moving parts because obviously this much business was up in the quarter. So maybe you could break that down as to how much is driven by matter? And then another question, if I may, the buyback guidance of 250 million, how are you thinking about the timing of that and how do you sort of balance with the cash you have on your balance sheet as well and capital returns to shareholders?
Matt Goldberg: Yeah, thanks. Great. Yeah, on Core I think the guide of what we gave you is heavily influenced. We didn’t give you a breakdown on the business units at Core, but obviously it is heavily influenced by the Core auction business. In terms of Core auction business I’d say a couple things; one, for Q4 it’s really more dependent around pricing assumptions. I think Q4 tends to be historically lower pricing, just seasonally. And then secondly, we are lapping some product changes, which I referenced in my prepared remarks around pricing benefit has really helped us this year. And, we just want to be prudent as we continue to lap those changes, and think about how it impacts us in Q4. So that would be the biggest kind of — biggest way we thought about Q4 for the auction business.
