Jed Kelly

Can you give us an update just how room nights are trending in some of your hotel test markets?

can you just talk about like why not lean into more brand hotels just because it could give the user and open up more supply

How should we think about potentially layering on hotels more, especially in some of the markets where you're shut out of?

how do you think about potentially implementing a strategy or acquiring a company that potentially could reaccelerate

in some of these urban markets, do you think about leaning more into hotels? And then just on the full year guidance

where are you in potentially partnering with some you know, larger companies that might be able to provide these enhanced services

Can you just talk about how you think about your capital allocation for acquisitions and some of the opportunities out there?

it seems like you're kind of reaching like a Goldilocks period of where it's like decent stability in terms of traffic acquisition cost for you guys. Is that the right way to look at it

historically, we've always seen the carriers not want to put their quotes on third-party sites. And that would imply to me that, I guess, aggregators like yourself should benefit into these new LLMs

if the carriers implement AI and that makes them more profitable, assuming the profitability it costs them to underwrite a policy goes up, won't that make them want to lean more into channels that ...

how much of this is at your discretion doing this versus some of your competitors that are probably also operating at low 20% margins

how should we view your OpEx and sort of your longer-term goals as a percentage of VMM

Do you ever think about acquisitions in terms of helping you get some leverage over some larger carriers

would you expect, as the market sort of normalizes and we return to a steady-state growth, that you would expect your VMM margins to go back into the low 30s?

Can you give us a sense on how we should be viewing your operating expenses throughout the balance of the year?

kind of implies like the year-over-year growth rate in the back half kind of, I don't know, is high, maybe low double digits. Is that the right way to think about it

Can you sort of dive into sort of -- how sort of some of the economics potentially work?

is there anything we should be thinking about AI investments around higher token cost, token usage?

can you just give us a vision on where you potentially see the margin trajectory of this business could go over the medium term?

can you kind of give us an update on how you're looking in competition there and what you're seeing in terms of contracts and a renewal cycle?

is that something you can use with your agent to generate new business by potentially letting them use AI agents to get more inventory?

If you do have less US people go abroad to Europe. And then how are you thinking about with Vrbo in terms of your brand spend