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The consumer is going to travel, and they are going to be more cautious in their approach, and that if they are hurting in the pocket book, they are going to spend a bit less on that trip than they did last year or the year before.

The UK is going to be a bit more like us. Continental Europe demand remains very strong, and continental Europe demand especially in to the US—that kind of demand is quite powerful.

Imran Khan (J.P. Morgan): Give us some color on what kind of initiatives you are taking and when you can catch up with Bookings.com?

Dara Khosrowshahi: As far as Booking.com goes, the plan to take them is much more aggressive supply acquisition on the European side. Our search engine optimization across the board is going to get more effective and consumer-centric initiatives—lowering booking fees for consumers in Europe even on the hotel side.

Hotels.com in Europe has eliminated change/cancel fees, etc., so kind of across the board. We are trying to make our service the very best service out there, and we are seeing it in the performance, and we expect a lot from that group going forward.