Lee Horowitz

“I guess as we look at the 26th, the production growth algorithm looks quite strong as capacity comes online and throughput continues to improve. How are you thinking about how that supply growth may be met via demand?”

“Maybe building on an earlier one, 2026 is obviously a big year for investments in sort of the software and services hack for your merchants.”

“I guess as you roll out agentic capabilities across your properties in the coming months and years, where do you see the greatest economic uplift for booking from these technologies in terms of how you expect them to change consumer behavior?”

“I guess, can you give us a sense of how ReserveNow, PayLater cancellations have been pacing relative to your expectations, perhaps particularly in the face of weather disruptions in the 1Q and how you're thinking about baking and cancellation expectations to full-year adjusted EBITDA guide?”

“Maybe as a release to your 2026 outlook, I wonder what you're hearing from your customers in terms of their expectations on what the big, beautiful bill could mean for corporate spending broadly and how that perhaps informs your preliminary outlook.”