In terms of the buyback program, we are very excited about this. When we think about overall capital allocation, this is an important part of that framework. We still want to provide adequate liquidity and think about value creative M&A, we’ve talked about that for some time this year, as well as making sure we’re maintaining a strong balance sheet and liquidity position. The buyback, we do want to execute opportunistically, according to as we think about overall liquidity needs, we do want to maintain a strong liquidity profile. So we’ll be evaluating that as we progress over the next two years, where we see excess capital that we’re generating from free cash flow that we could deploy to the buyback incrementally over time, and are excited about the program.
Operator: One moment for your next question. The next question comes from the line of Jed Kelly of Oppenheimer & Co. Jed, please go ahead.
Jed Kelly: Hey, great, thanks. Thanks for taking my question. Just circling back to some of the pricing commentary you had and the differences between Europe and the U.S. Was some of the pricing due to the European market just being so good. And a lot of your partners receiving higher organic traffic and should we expect like an improvement in next year? And then can you just give us an update on what your fixed cost baseline should be going into next year after the cost cuts? Thank you.
Mike Noonan: Yeah, so on the pricing side, Jed and good to hear from you, the pricing side for Q3, our pricing was better than anticipated. But still, lags I can say other regions, U.S. and Europe. I think pricing is better in free than paid. The pay channel in Europe continues to be very competitive, and the pay channel in Europe and globally, we continue to manage for profitability and robust targets, as I said in my prepared remarks, which has remained stable year-over-year. It’s hard to see how if that changes next year, I think, we expect that to continue to be a competitive market. And as we sit today, we expect to continue to kind of approach that market in a similar way as well as how we approach other markets. In terms of fixed cost base, I think I will just repeat back kind of what I said before in my earlier remarks, we think about Core, we are — with the activities we did this year, we are excited about the opportunities to think about where we invest for growth and strategy, I’d say, long-term growth, and the opportunities and decisions we make around how we think about that in savings.
We continue to be prudent as to where those savings came from, in terms of headcount reductions, primarily in G&A and some of our sales and marketing functions while protecting a lot of the areas around innovation that we have been making this year, which is very important to our long-term growth and health and underpin all the things that Matt has talked about earlier. So we’re excited about the position we put ourselves in and again, we’ll be making some of those trade off decisions as we finalize planning over the next couple months.
Jed Kelly: Thank you.
Operator: One moment for your next question. The next question comes from the line of Brian Fitzgerald of Wells Fargo. Brian, please go ahead.
Brian Fitzgerald: Thanks. I know you guys kind of hit this a bit already. Maybe wanted to try and parse out hotels meta in Europe a bit more. If you had to assign percentages or weightings for impacts or influences there from the consumer side versus from traveler partners and bidding dynamics, can you, and I know they’re all related, but could you talk to that dynamic and maybe what’s impacting the most with meta in Europe?
Mike Noonan: Yeah, so just to start, the U.S. is our largest market for sure. I’d say, in Europe, the dynamics are similar that we saw good dynamics coming out of Q3. They were consistent as we moved into October. So October trends are very similar to what we saw in Q3. I think Europe remains a competitive marketplace in the paid channels. It’s one that we are going to be very prudent as to how we approach that. And as I said earlier, be consistent in thinking about our role as targets. Our volumes have been down in the paid channels, better in the free channels. And that dynamic is not new there Brian though, and one that we continue to manage we believe for a profitable business in Europe. So we’re, I’d say your remains very competitive. But we’re very pleased with how we are executing against that backdrop.
Matt Goldberg: And Brian, it’s Matt. I just wanted to be clear, the bidding dynamics and the auction are good, and the relationships with auction partners are strong. We meet regularly, we talk about how we can drive product enhancements that really helped them achieve their goals. I think those dynamics are good.
Brian Fitzgerald: Awesome. Thank you, Mike. Thanks, Matt.
Operator: One moment for your next question. The next question comes from the line of Tom White of D.A. Davidson & Co. Tom, please go ahead.
Tom White: Great. Thanks for taking my question. Just you touched on supply trends at Viator and curious we are ramping supply down this area, focus areas. Matt, you made a comment earlier about kind of the vanity metric, I think you related — you are talking about kind of consumers or users but curious whether that kind of view informs how you think about supply at all with Viator? Thanks.
Mike Noonan: Yeah, the vanity metric point it was around Tripadvisor Core, and how we think about really leaning into the most important users that come to us rather than the number of top funnel which we’re focused on. At Viator, you know, Viator has the best supply team in the business. And they’ve proven that by ramping up supply, focusing on quality supply, and really developing programs to deliver for suppliers and operators. And we try to be the best partner we can and supply is always a focus. And I think it is a continuous area to think about, where do we see demand coming in and how do we have the right products and the right partners on our platform. And again, I think that the programs that they have been delivering over time and the take rate is just a really clear example of the value that we are providing to suppliers even as we scale.
Tom White: Thank you.
Operator: One moment for your next question. The next question comes from the line of Kevin Kopelman of TD Cowen. Kevin, please go ahead.
Kevin Kopelman: Great, thanks a lot. Could you touch a little bit on the competitive landscape in Experiences as Viator and maybe characterize your position at Viator and any changes or how you see it developing? Thanks.
Matt Goldberg: Yeah, so obviously, the experiences category is large and growing, it gets a lot of attention. It’s a competitive market. I think I’ve spoken in past calls about how it’s largely broken down by region and we are very focused on building out a global platform. Now, we’ve seen a lot of players come in and go out and of course, we’re always watching what’s happening in the ecosystem. But we actually think that the competition is just a good signal that this is a really interesting market. And so as the market leader, we want to be focused on innovation and really differentiating the way that we deliver as we scale. The largest competitor in this market is probably still the majority offline bookings rather than some other company in this space.
