Steven Greenway, Head of Commercial, Scoot Airlines -Shailesh Pallupuram, Head Revenue Management & Analytics, Asia, Middle East & Africa, IHG -Vikram Malhi, Managing Director, Expedia APAC have discuss what the true cost of your distribution strategy is.
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I. So. Let's start the drug suppliers. Stephen. What percentage of your book has come through both here is what to do goes direct and what your goals of. Broad question are wrong. In terms of the split 60% of our. Sales comes direct. Mixture report sent our website or mobile. And fully construed tried just quite high growth low cost. Twenty you know great you know is it really depends. Summit gets quite substantial presence and so market constraint. Majority of our indirect will become might you know is. Whereas other countries it's quite different contribution so really really just depends on country by country basis where we trade now which we pity it's so well. Whatever bolt. Our goal is basically survive. Now. I totally coming arise we don't have power so. I'd love to be rescued more someone else who come. I'm hearing saying this as well do just how change a landscape with the realities of players like us particularly sides. We have to buy with that the rules of the game are poised to. So we we exist by working with attractive beneficial for us to do so. And any those travel agents who were forums you know regression like legacy carrier in respect for an GPS we have basically we have all these things. Does it serve sixty put its foot six it was either any other online channel which Europe if you drive your. Direct bookings. I'm really basically we introduce mobile our mobile ads and so forth style last year and it's about 15% of total bookings are really into. Farm for ideas in car from our from a regional wide appeal. Along 15% of the fund will be if are probably Iran guard 1921 and come from a direct threat not common view. Fuel and the like quarter numbers probably won't know that's likely the Dell our. What exactly have dealt. Because typically I think vis the idea view of our. Nor quickly if I think likely result of those better from Martha befriend and fill on Nadal that our reservation fee. Arm. I don't need a vote you will want to believe that both for usually are thin on Iran and the falling off the fusion. Filed with fears of diluting our value thin margin. Far behind the back cards are actually put pressure on high profitability hours nine manageable for gold and one hours how far calendar into. Far developments on earth looking at fields here with the fusion next on managing that farm. There are absolutely a key market with bear. Who depend on our victory if our fight on food drive our business into our felt far. Dawn power of the solutions in every market like that depending on market view I think strategic broad -- market by market. How we can't manage and often a fight child makes our food drive off with roughly 4000. I suppose we're really a vote out these percentages change are they changing with you evolving consumer. Me online to mobile have had seen a significant treasury might rob a dramatic 15%. Pretty well and six months for so I think that that's change I. Are less that's because cannibalisation there where I've website that we are seeing legitimate view growth is well as a role model electric variants cycles as well. But I would agree with you I'm you know the deviation that we have is. You know I think if you having discretion fifteen years ago was all the veggie S of the cost of issues Juliet was up two point Mary indirect distribution -- But what we're seeing now bid effectively. We're seeing huge array of distribution channels had manage those really playing. And the costs associated with is is difficult I think one of the problems we have our permanent tells Clinton. Palm is is that we because by nature we're now bundling all of our. Products we we I mean insolvency everything around that we sell in addition to absolute revenue. A lot of it doesn't transfer into I think very well on site typically OK is insightful fact currently. I don't understand the concept for went in the concept current change be able to enhance their facilities are actually comedy although sensibly products we sell. Where as a full service derivative everything's funding so insist it's quite an easy proposition with us exceptional item expect. For the that's driving order bookings. As word commission need not involve its ability to. The deals at a hybrid of well because a lot of agencies commit to was account to a selection sending customers have typically well be a problem that's. So out of their you know we're if you wanna Vistus in this you need to go straight for that will give the basic of the seat back I think one. Specified meals or exit exceptional land exit need to get started going to give it makes it quite complicated here it is very popular cable. You mentioned owners cellist or duty to either they've exerting more pressure now beautiful weather and. Absolutely go either a higher level of miners are on the provisionally a lot of bar. Distribution of knowing under what collapsed plan's ability a lot of this division boss. Or rather getting more starkly on our distribution boss especially when you sell Metairie so far in every supplier. Bad bets I've really broaden your fingernail and provide distribution Foster father for them. But better is far off a sensible manner leaving men panel throughout your views of what your model still more gets the models are on fifth. Bridges in the permission got back on with the knowledge follow asylum raises questions from the U no difference in money transferring house is just that. Fiona now pay is kept go to. PC does that. The issue absolutely our Bjorn hours are seeing in the aftermath of green on profitably the side are at the end of the end. Back that has raised the question on. How do you manage on better often volatile next. Official in reality know there's a difference in the out of money. At the end of the day up for business model may change flooded payment change but that the mad money need far they decide. Are not really aren't sure makes it bought that farm. Build you a view all it is definitely a much faster fears that. While on the tough times are not your view one view on line channel flexible quality of the fusion and nearly as. Our you're our part any any online far. Any online media Berkley life a lot better odds of distribution athlete is growing at a much faster speeds than what it was peripherally. Car and if for example powers the mobile by deploying people to 67%. Annually on your foot foot coming coming off lobby is. And that's last do you imagine there's militia things from. VAR model wallop bonus coming within these fox distribution. Our and feedback has not I think Bill Gates are gave no growth by by Bjorn. Yahoo!'s growth in our. Vikram the video as a legislator seeing. Yeah absolutely get their own serve. A vote over tough minded people before the session adding one optically active thinker but you know as. For forty years later we have to find its own poverty up five. Airlines and the firm Vivendi guard can do. We are in the middle of sort of VQ five is trying to make sure that all. Five. And 13. I don't think anyone here would deny the pure value proposition that we have had told here is a need in the market for someone crucial need. Foiled apply for. The bank of just one airline hot little doubt that got around this one change so this fear that problem. Yeah our bigger while investment of the views who then on the platform apology if there's obviously bottom. For now though the question is it hard who view them what with our suppliers to make sure that. The are getting. The maximum. Form on view itself as soon as far from my because we find out on you know especially entities. And a bare legged video. An incredible demand and making Sharon harper. Weekend for why their ability to four. For their legal avenues for growth. Range available. C here and then of people this then I would vote. Rather that we understand there's a period. Relatively never notices have a handsome youth and the other leading investment particular every hour of selling that property for far. They'll feel me not. You have. Why those kind of I'd Monica video. Because Lebanon is really hard and you know if Alcatel and L eleven pressured beyond the. And what do ancillary revenues in the in the in the hotel CC that. Through on the threat from physical things. Are currently. Again unfortunately there was fuelled growth that we hit the open your mind for Italy and the consumer join me. I typically more of that happens in this dvd with. Our rather than prior well obviously if you saw a lot of backers could be captured during the fifth. To backfill is the very much if but definitely did not believe work that people fell on the investor who'll make sure about B I hit with a back into the open zuma's. Far back up are voted for mobile whether the fall. Our for the battle might offering. And feel the grandeur do that helped her tennis that's available talked about the sort of at which health yeah consumer when there's a video people that is huge investment provides updated five new kid. And under your belt iPod but the big brands are under 13. You know if you've been better then that are. Big companies live eye view of and Starwood have made him back a few of our. Get fifty virtual guest fiftieth enabling consumers is low relative to the hotel will happen that way we're about investing. For the few examples are still predominantly here and digital get fiftieth floor are going to be checked again. Online think the thing about having the will fall far better off a massive investment here and better understanding of what the video for their aftermath of the investment here and with Yahoo! and our front either happening what off was small village of the four month hold off what that might offers one of them. And the last bid would be typically bear you know you were billable those for the full. Get lifted off back again below what the messages that would make them the needle forced investors in understanding what tools. Itemised offer was would be calm and then because the technology pretty life. I would think any valve company happens fund invested in by better be getting people. Are hard if non developed available that some people fell apart some because dealers in US a Fiat. Some of the new offer dealt with the Waddell have invested in F which if if any people are any move would be felt a bill that would customised off was. But yet while the type in the in the world. If anything my fifth and that prices would enable them before Kaplan and up until farther up the volume that did have high. During their few. People do think airlines can. Fits in with the ebitda target when however was investing quite heavily UK. I think infineon what environment it's interesting to think we'll see over the next use of the revolution aiming to let him or her life. For rice if we break it down. Because technology on location based technology. We're building into that at that time trolling which is. Are ones become. The I suppose proximity of the particular rebel political change I'd say. I'm directly on the with information about I. I'd check in experience. Are we note that you have got baggage. You know it's done so this the last moment before you know what pay cable rates have it available online so the fear of god did someone just make sure I hope so that. But it's basically all those items have a right back really haven't got a seat selective executive with a lot of information from consumers looking. I understand what's missing names you know we've actually type stuff at that time location. And some of the really interesting stuff though it's I think that that's. Stuff but I don't think really airlines doing a that with Cheney and where they're setting things up it's actually quite interesting. What are the other things that we're actually quite you know we're looking forward to it's done actually putting up movies to be so forth because you don't have employment agencies are. That's our through particular parts supplier we can actually promptly review into the cake should doubt really should you know TV program particulate effective obviously livid that. And we think we can obviously you're holding up things as well in terms of our travel content just back on impose tough things well that's all we can't moment where we've added. For risk through the year we experienced. We're reaching out to make sure we hold here is what now we actually feel like guys. So at some of the stuff. And a list is linked in order bookings because they are this yeah yeah so what the book the book in which we awarded a lot of stuff on my bowl like that so I. We do tightly outpost. Of sorts three awful you know ten what are we have our. Here goes out you've touched explain to the benefit of its attractions to particular. So we can be quite tight now that perspective so posts. BC the because opportunities. On the trip targeting potential messaging has admitted to buy parts or whole life cycle. Because because what we can do with you know we've posted attack someone sort of not backed off weekend. You can you can be quite specific and so we now in Bangkok probably going to go shopping for Rachel I think baggage kind of ridiculous actually being you know its enviable. So that as a huge array of things we can we can do. We also surveys on crude so they didn't like me on the way out we connections offered a forum on the way back to see fake you know that if that enters its you know it's. As tough. And the Bermuda has. A massive heart shape as things like you must Expedia competitive supplier of view them. And I like them yeah I think there are granted in this onto the fact that the advantages that comment not effect here through challenge cup my. You know expedient. The fifth argue that might fast so my big scalable and probably some of the five. Other and Indies overlooked brand within. Our top five independent change it now and if we offer became delivered with Lionsgate. The disadvantage is. The end of the bid the customer is the cost of because the outcome was put the bid that the airline either with her arm. Can fall beer experience will be of the property. Today you watch for the board. I spent. They can do. Your airline then had become sort of the edge off for the customers for their Mike Moore. Or fill the so from a thank him for effective when we factor here. Right media now on the figures from the department effectively are as mentioned earlier. Suppliers are. Stick with the I think if not fully insured there. If supplies I think we've had I think I do you know why filled with ample you know we have just recently along the lines. On our more well at. If you know something further. With highs then hardly. Once. While the asking for I would take. Others will look I. And then applied a bid back with them with. So if that would flow doesn't affect of the big figures will help them get their kids. Until then a Dell laptop think to boost them. Terrorist recovery from vat cut why they're they're similarly on the airlines will then that I've US. They're really are yet we have taken if it would be good experience you know if you like the mean you know that pin system. And then for widening the view that back. For fliers have right thing for us what the cut saying ghalib after you should do the right. Did you feel you have the right support from a look forward to better mobile experience. What we're right by support from though we get their line. To invest in mobile are when he got planes killed and it is quite worried and the thing with hotel I mean I checked off anything about the stop eyeballing. Yeah I think so I'd like. Our gated it's it's it's it's it's not an issue I don't divided Wedgwood about a point about done. I intermediaries troubled agencies and so forth but the interesting thing for us is that. You know twenty years ago we used to take due to a February to a hollow something typically return like next to have someone of the report saying invited heads someone the other in picking up over the past twenty hotel was a it was a sort of vote. And managed experience and in that in that respect a sort of customary in some respects food. Presumptuous or call in the customer they own experience and view the airline as a component of hotel or whether prospective. Today. I think it's interesting because voted yea so. I think. What is the proposition so we were talking about how it's good to have everything more in my place and everything but. The interesting thing for me that it is a question beyond the walking what are they provided. What what incremental services they provided but I think the value for the consumer and I think have a big role to play with that I think -- filings and sisters are. And up you know understood in totality delivery example would be I'm available on thin air on the on average Brit reputable way to gay side the other day up movements like say. It's obviously offer you know even the basic stuff found here. So but beyond that turns the travel experience has noted Yale travel agency got a role playing. In that so Dickens almost within 25 days ago he went on to back if everything was sort of manage a state spending for. We're taking off. Kennedy left virtually Kanu Kenya and hence a consumer's experience because the thing that we find is that whenever the wheels fall off in a hotel. For a you know an airline experience for something the troubled power provider of what the person so the travel done intermediary who are likable here. There's just quickly disappearance of the servers so that's the write off. It is now through this sort of a clear delineation of the moment so we're very hard stop offering valley where we're that we can recover particular service recovery because makes it there. Particularly your cities and operate without harm on our way to connect and then actually provide a service on top of that particularly with the data mining and ago. Are they know about the travel insurance policy that polls to be declared XYZ I five tell me play dead hours that obviously keep team. Then what should we offered on top of that can we organised a MacBook I top that person to get out of here forward. To rest up and spending caps like an extract those type the simple things became. They might minded cancer experience but also heads reach a vote goes third party suppliers because I think would be withdrawing the past couple years and actually falling away. They're basically saying. We just provide a conservative. And so forth they would come to operational sites on the proper. So from that perspective I think of his role play and there's a lot of that is a city provides a better hotels stuff like that but this should be more integration between providers and available does. So how can we work together better to actually household travel expense particularly when it goes. When falls into Hong. I think is all of the big role to play and that's when you talk about who once a customer and having treatment. If you back on line ahead if it's a great financing out for what is effective and likely if I don't people if you get the death. If you haven't dropped again you know are all here is. Before white value what I feel for suppliers as other so if there are issues like that anything could. What will the cusp of EU by the if their flight into live end. Customers can't have it excluded those going to. And then do we have. The right capabilities to help them are. You know that they're actively. Airlines and would have really had put I think you know something that I can't abide by its finger pointing that paid back. Without an airline is just before us at I think busy you'd offered before. I think in oral interest to a large extent who want to make sure that the customers are. Unhappy. With it and walking that the picket the from a consumer perspective. On Wednesday you know. If hyperbolic media and added like a felony to get on and did a lot of that. Can you will vote copper will find the bid above what had its excluded from bidding within of the nation iPod there's going to be if we've we've. I think there is definitely in Ireland test can show that you'll find there's. This advice for picture of that because we've made and providing feedback from that fired back at the life. Of this has had. You know things like now I number one have hotly kitchen. Then you know the fifth. Forgetting is it. If you know simple things like that but this is. Just think there's a lot of Poland obviously to be here until his life. But he. You saying you like forward purity to provide better service travel trip from the shortly. In some respect obviously we would like we're talking so they use those who hit a to enhance loyalty and aren't going to turn the consumer. Market crash tackle some of the above say your line. Now half of that power output from that perspective I think what we we have a certain value propositions. For virtually doesn't mean. We will provide a set of service to consumers. And that level of service may not be suitable particularly so because they're PPF. They wish to be seen broadly seen something else we recognise that has to have found so from a financial perspective we're always provide. Certain basic level servers. Depending on whether consumers come from depending on have a foot depending on what they've paid. Perhaps depending on what this Telesis particular vaulted program all the most of the things that might not necessarily have access to not see. And how you actually can't ensure that their travel experiences something they believe is is is suitable for the and what levels of over worrying because you're what a life. I can't basic model that anything on top of that gotta come summer rocks. If you know so far from that perspective I think there's opportunity that's that's not I'm saying if opportunities for. Provider of global growth is our fourth live by the level servers. Perhaps a fee concierge service a tough thing we believe opportunities beyond make money off now basics that affect its. Alarm so so yeah I think so fun. We will we'll know what I think customers to demand presumptuous to say that. We want to provide a real service their kid with a comfortable risk. They wish to experience if they wish to interact with us because of the rights of these services. Inside beer but I think it's. It's not a single expected tomorrow before the mall people fact making a hire someone troubled yelling and I've got to be working together. Q you mentioned halting what's your feelings about the go to jail to prepare and file. A number I think the voters of what they want them you know there's a lot of programs. They're they're off their what they are I think. Fun fun we spoke about these early idea I think probably thought differences Lewis nobles is more people sleep around so I'm. Power so from that perspective within more fruit flies into free purchases is something I doubt. I haven't into units in Italy cut through. You know aside and vote everyone here the on shore a lot of old cards to multiple airlines hotels. For that top cellphone. We're really is out any benefits of its effort better picture we don't have a different retired despite. Fire and things have written down in terms of iPhone and burns that Iran will be very realistic bother because as assembly out their fiscal effect. That inventory review of our a lot of people runs as a god by Liverpool what. Steve mentioned a frequent flyer of the three with people that man more rob on and on. Our job I'm bad. Caught on with consumers rather than for Lloyd. I think where there are being viewed TARP and what if you've ever before particularly good absolutely clear if lively. Because. For the fourth by you probably have the ability for customise and Gordan win with a part of my. Are not got customers' preferences rather than a broad draw of a quite a problem like there's of all the world let couple like there's a that there is absolutely opportunity or better our various political model will be within. Took them back effect go far. While we talk different depending on what here. That is absolutely a better opportunity for us fuel demand. Good below worked on much better experience to get that the north. Kampf or from that perspective if those over gave develops touch gold are. Benefit actually are likely program. We have a lot of confide in the buying behaviours fifth preferences. Are if pipelines which enable faster pipelines of both of them. And fit in you know in a big really are when a guest comfortably be viewed with back. Critical ease off guard beam black. Steve our we don't have an understanding of what what. What of the port before because if not why can't be you know. Up and that's probably the team and yen in the joining for both. From back with the provide definitely there is absolutely not of the view for far along with our with the covered through with your views sod off they would that figure deterrence like perceptive and I absolutely. What watt stopper flat. I mean I think power. For the last five years for you from forming half albeit having high optimise. The the entire experience alarm. Transact so David Falk as aren't hardline make it seamless for consumers coming back. Then you know do you really want to ask these questions by the U but now. And Egypt Al run what kind of problem you have saw a year's generally I think have tried this fairly from that. Because they want to just focus on. You would are we talking live. You are going to Bangkok with them can live with them back up over our 10-Q paper and B the nature bad experiences. Early banal as what you can come back here as I think there's pressures on what I would years that the assets coming in. There is definitely a lot of a common vision and what calling on the hour you know maybe he just comfortable. The customers live better and more will the real problem is complete the transaction is open. I applied so this competitive loan and our partners then fire them. For the year with the so collect some bid especially the big if becoming a bit more like a capability for their driving a peers are definitely if you get a lift. With that they offered these technologies into poses to a five things look we I would provide a review. Can give you more information about the cost that the getting worse rather then. Is done that. You vote for I think you know put lack of sort of a lot of good morning. I think it really you. If this one here then I think the supply of have. Far a much bigger for the fallen the average as compared old years. Because bid again. Total fixed that the loyal customer. In the property on the year. Their ads and audio there's. So the fleet card upgrade. The fund with one especially for all we can't do those things we're content with airlines can now I think you know from that effectively get the we've got five though. From a lot of effective I think affiliate media into one long these fish they've come to a buyout is. Really fewer problem is strong if you wire. Giving the customer right kind of experience then we have Ben beer icon paying your property with other top. David if you had been for the you know it's more Iran than I had the option that they similar we've. Although it had people live. It did at 57. Minute timeframe they're vigilant and the effect it is non. Visited my view that. So that total holiday period is far. In the last session we look at mergers mergers and acquisitions and what's driving them and the one element which came through which is an interesting words that desire to buy the right people do you feel it adds up to five you have. The right people to. Compete but to provide data analytics further insight. Find out as an example no Ryanair they year's new you work with three people on the website. Now from a 457. For rebuilding their reservations systems for us. IIIIII. Always we attributable. Airlines supplier to be. Just inject at return but. We're worried. We're we're the world works are so. The experiences tentatively cup Copley. Very much so you look at our unique to the honest wasn't. You know put orange on there would probably look like get a bit experiences say except it's true happiness for various reasons. In terms that rates on the other Keith catch phrase is we need to do mention the Diana always inexpensive side as well. I want this to places like crap I mean the there is huge banner day that we set not really that's been in existence for. Fees decades. Revenue balanced. Pacific which we have. We have a huge amount I don't think it's too insult towards a big data off we obviously it's where we're there. One fall. News today we have we do we do really a couple things first is. Primarily Andy revenue management side I sort of know what kind of system lifetime high. I plan on that historical directive executive for bad. Michael will be marketing intent type of advertising. And also our intangibles is Steve Ridgway is top to fit our clients well bar. It might buy with a couple times you that they don't could be on. Actually do about one. But it's our advertising helped knock which means more officers memorial buying through what we you know that I think so Wyoming interested. So so the problem is I think it for me what I would love to see as a diet I would obviously. Our company a supplier have conversations. Because at the moment I think ones for. Are you know fifty news they must have and not paying us they have huge amount back. Massive amount they don't know my habit we're right go what I spend my credit we're a sharp wearable and know everything credit like might want to add. Remains my wallop all the time. If ever do with. Factory adjusters anyone else's I'm not looking for something the come up say are you know so Steve you know anything out of the top finance said. Feel anything like if we telling us. So they had a huge amount of data and I don't take the next of which is have a lot of dialogue with. Talk to me about. How you can hurts travel experience McKenna doesn't need to be re telling focused Italy. You know that this is something as simple as they don't know my spending habits of nowhere a spending my money. And found that provide a special discount of this particular fresh fund because if I anniversaries my wife or something like that. But it's got to go beyond the typical trading commercial relationship and when you start having that. Dialogue around with with people fund pending Alberta and B I'll have that added that relationship with because that's what we see the relationship. Is one might step. The relationship is we taking money and we're come keep on coming back to taking money. A message. Fans can make it act very little on their so I think from or if you wanna Corbett Daly perspective data analytics and so forth. If everyone's got people analysing that do something with. Other than just commercial lines of just know sending off as a revenue management and you know we all need that we've been doing for decades fifty something beyond that what that looks like. If I knew what I would like I wouldn't be here I'd be sitting in the castle somewhere in. Miami fed did you give if someone can if someone can actually create that I got this meaningful. Has a times and no body fat people were attracted to eventually. They actually believe their change within a wide his personal lines that we've. Becomes interesting investment becomes physicist becomes probable to program or someone everyone's doing backup copy of actually just become something of people affected through and will remain in their innate universal. And in my mind that's relatively should be going it's not. We've got everyone over everyone's analysing stuff but not doing anything with. But this credit reports. Now on the not currently on the table provided on headsets for its demand. As the I think would give me that's. What's gotten going from what is getting is with great idea what will start in the cabins in moving that way that we useless. Because we always think that dollar. Or we think about six times it's different VAR. I think some hotels which sort of pioneering time seeing some bigger hotels institutes of what they are playing experiences we do get applied tell. Doing not national not really related stuff about save energy too much so I don't regret doing better. Disposable items in terms of how the approaching me that I hope now globally. Which is very very very personal lines and I'm not what their top tier fund sales of apple but I actually think digitally execution should be team who. Take this sector. Torn influence what we know what about how we're gonna take its place bets delivered thousands ups. And see what we do intensive hence Euro relationship that's their work out what kind of upside that rates. Will they say no universe vegetable. We've moved away from the direct. We take looking forward so that looking direct or indirect quite a lot of that volatile and so that relationship between the eighty N supply is a relationship where when he goes wrong. What would you feel. You have an opportunity you've your rely on their faces a product you feel trapped happy how do you manage that that the voters alike. A lot of work coming down without a stable products. So you know. When viewers is if you highlight of which is. I'm able to ride on Singapore Bangkok albeit ones flyable office and so forth starting want with those disappear you've done a petition. Divided. So city given tight. So I think you know relationship with travel agencies and so also deliver you know they have the right now done as as directly partnerships and so forth our. We have always heard from day one wanted to work with third parties will continue to with third parties. I'm simply because we don't have the distribution region may have rolled play with in the marketplace. So I'd be given take found we we need them they need us our and as monitors mutual acceptance and also beneficial relationship from both sides grabbing one gadget the other. Then we're happy happy date I would like it's going to sell more. I would like motives or sell more health products in five meals and seat selection. I'd citrix citrix if I want them to sell but I just don't always limitations to how much they care because obviously the change in. Customise their parts found. Quite intensely the other eleven because everyone's got a different product out. I think from what would help with the curve on. We are. Probably small long hours in fact the airline industry. And we are very much fragmented S and industry so we've always struck below that both. Our way of managing the entire relationship if you bought back where a the year buffer off one. Probably you're really compiled with the product immense value of the business and our if forced off site that was positive. And you would be better as there are a lot of market and there are a lot of are periods then absolutely be a view of business if incremental. Are we need them utterly that is there is never dull but we need a with the vision to hold that are that we have. Available I think it is barely would show viewers need to regain its market rob Bob. Whole whole beans you'll see is rather than what depending on. One child. Our managing the pop so Bob optimising you are not our overall cost on optimising you know our large channel makes. The make sure about that with the highest profitably do you. Who got a how do you know there's more water wells come online yeah. How you manage your inventory. I think I'm all we're all are former bell companies have a rather. At least nine into view have stopped looking both are from Bob me triple net profile with a feel for what developed the street had been ready for what we've gone that far. Historically. Are small media have started and now looking at metro Farc which has armchair and grow our net gospel feel. Our that give them a good indication of our high of what are the optimal channel makes up because that profile brief down by channel so you have an understanding of office. Are possible distribution by child to a if you look goaded. Armed all it is our. Particularly when birds to one dollar you gave few dollars but so typically goes wrong of part of feel offer on 23%. Are similarly with the media are voters that reassured if a good performance marketing because wireless is a wonderful. I think for those with significant bit part player with on performance marketing. So it's a bale. Our people dealt understanding far each of his distribution. Costs and then managing the optimum next. Our there are absolutely opportunities for people Dell thought up after him in high demand for now yours but optimise this makes sure. Traditionally you water bar optimising growth bar now listen we put words optimising. Profitability. Of the my fifth. Its weekly optimising their foot off the rise in profits and that's where there's quite so far no for a buyer really is a critical role of understanding. When we leave here. When we're not need that there are better for inflexion point at which our. At village far all the channels will start up you're in profitability. Are there is appointed with Richard it absolutely had value and if you would depend on the spread on them. You would then fuel that. Tipping point comes or work you would do all in a profit about understanding that really bad about. Really enables a delta optimise and manage guide our child makes. And do you think the hotel owners. Realise that they educators will. I think moorside you ornaments are probably the institutional investors have a fifth managers do understand but. Arm and guard if you look at it gonna matter because that's probably a lot more rather avoid in back then. Arm saw. Because then a company got have a view that I've actually done a lot of oil on climate so far. And it does what with a lot of the American Goldman simple fusion. First sod off our gave birth diffusion falling. And they've done a lot of our study is in the last couple of our pocket or yours which host Sean. Our where insider markets like new you off where our. Cotton fields has gone up three times. The world. Feed ban perform they believe in our in in revenue for. Why back happens when fossil fuel is completely happily if three times higher than. That these annual revenue was that no value in profitability. And a fortnight for every single market our innocent forward every single thing isn't so those are. Market bit of the time that the fees and then you would be well the business with both our that Carl. Modelthey despite looking identify rather than just optimising for the revenues. Start off my Zain. Channel more profitable revenue. That's a panic if you questions coming in context. We get the text above therefore anymore. We've covered quite clearly is. How do you how to harness distribution across different reason in Asia. Had the highest distribution across different regions in nature so. At a fund. Her. Derivative on. From the I'm a problem the best times that because I reflect on what I what I said earlier which is fire on. We with regard to particular markets like say China part. We look at the distribution landscape we tend to adopt what can on this. We don't try to break through with anything new we don't wanna force. Our producers to adopt a day. An agency desktop that we've we inserted their business. Five citrix effort so. And also remain you know it as a set up a model so different now sits for its it's. Blasphemy if I say that 40% of ourselves I think direct as an L sixty. You know if you look at type curve. I think given Katz about 5% of the total sale side we've gone quite traditional we've looked to market by market. Ever adopted what of the market does of the time. Found in Japan are. Having having set up losses in Japan which has been quite we've was quite interesting. What we are seeing in Japan has again we've adopted what the market does be distributed in Philly which has made due yes there we do. Huge amount of reporting style with regard. Tour operators and so forth but we are seeing I was votes that can add to take those that can change the market through the offices on the ground there such as features jet staff. I slowly changing the distribution landscape there are. They're stimulating direct sales and impeached anomalies sample taking something like 95% of the Balkans directly. Which it's unheard of in Japan I mean if you look at a range Jowell I think it's as well as 10% less. For the domestic market so. So they are they're changing the landscape we're riding that wide which is quite right quite nice. Will all go online like show areas as a share represents a pound down now sounds about 95% online direct threat selves. So you've got a country like terrorism like 5% direct. That's where strains like business these days because it's there had their revolution over the past 5220 years. PO China at a very very different story versus Japan versus really took particular. So I think in terms of in terms of its terms of adoption or what we do in terms of harnessing. I'm we we just don't we we we we look at what's going on the marketplace found because we don't have the science we simply adopt what the norm is out there. The success. For more active. Strategy but fortunately or unfortunately here you know home market we're getting to a reasonable manner sites that we can start doing some things that we would like to do make decisions influencing. That oversees a staff we just we just don't have their influence because we don't have inside the threat how to turn to do anything. And. I personally think the look in order to get loyalty to get direct bookings you have ever mobile that switches incredibly useful. We've seen some examples of Mariette in Europe partnering with Hoover. Do you feel that more opportunities that sort of innovation and partnership. Absolutely OK. There are those there's massive. I can review those while demand for wine with guess value. Our if the Wausau was as that you can find low end and provided that's one off one stop solutions. If I'm happy with the guest experience a who Stevens Point if our. View have to stop looking at it purely from a volatile start looking either France. Are enhancing the guest experience perspective the dollar will fund. After come eventually but because ultimately arson as the guest sees value in the Floyd be here if in the third. In the platform but for a wide that appears likely and the dollar will fall fall. And view you know. Garden on average when you look at the loyal customer what's as commander loyal customer fund. I line buster we'll spend five times as march in Europe with our down anon while I think the still there is absolute value and lawyer vive far and back. Going on really creative aware of enhancing the experience. And gaining insight we identified. Between what your comment on the DD feel. You can give a budgeted in the mid within the industry would you feel that the battle for the consumer. Oh yeah I think are oil policy driven by consumers. Have bids you know with consumers turn to a large extent yes it can be bought. Right because consumers want. To know about proposition. With Feldman fly till the oil basically term. I think it is at an industry think the we haven't been of the view that the I think it's right time now where we need to give our relationship for the next level. And say you know either the white Bally can check. I think then I don't know if he can do to help. Our partners can. It can be Livermore sort of exactly who have a few years to see if we want to assure you see this is it isn't it yeah I. For example I think the board happens for the right to the next level again. Over bought by consumer need through the year but what online and as you know online get bigger stronger. It is could have just right back as an industry for us to get together into what we did for fiscal. I'd be looking back on how you each. You met as the airline hotel deserve critics out there is over for disability if people here yeah. Adobe derided so I think it's of the lowest advertised that their because it served. We've always very positive acquisition model that quite secure it found that. We rightly or wrongly we we we we we see led researchers have. Just as an advertising channel. With a qualified lead very qualified REIT because pain cost per acquisition model so like anything else they have this vote. I'm the way they don't have obviously slightly different. Either advertisers we've taken because aggregating information passed somewhere down the day fifth. But if a billboard for our services versus a one off event of passing through towards film which we're happy. We know we're very happy doing because we overcome some of the limitations in terms of obviously during some travel agency where we can't sell all our services. So forth well into returns. Are aware of the Minnesota Mol obviously because of the past week low walking into. You've got the ownership of the customer we exclude that. But we we we refocus its not just between four there's no valuable. Our marketing will. One and number. Channel four we reuse. It's very some work on its fifth of possible acquisition far far far but with a warrant for whom. Arm relatively high costs that are both bidders want the channel that we. The consumer and open review metaphor with our if there's a big if of one with god Vulcan for. An awful likely because of what the industrials down. Dine with Alfred on both happen. Very are lack of pricing into Libya we are and that has sort of I've given voice. The most members voters I think it's all of those investors who realises are the world child or both challenges that if cover rising into the PM. Battles back. The most facilities are the format of the would diminish significantly because they knew what I've basically we view across all distribution channel. On but yeah credit the RR BRR. Sobbing and even with whom. I've and the as a possible bidders our. There's a ton of acquisition for our form part of my. Hundred questions coming if you ought to ask direct his book fleet operator and Tillis have adviser. In particular how important to provide a direct abuse because figures are. We are pretty critical are up from our this vision child. This sitting on the edge of the view what the tour have led us to a still evolving so very interesting relationship so we've sold quite vying with. Retrieve the lighter more fuel retrieve the iPhone mobile search. State bragging ideally are. Very much if Goldman you know are back. In lower in the fields bare. Are there is a nor independent. Reading off a shelf provides advice from our far from our. Guest feedback mechanism vast what I could see you look at before advisable for high. Abubakar will if I'm going to invest mission are funds travelling Buddhist nation where I'm not being undermined due regard. Absolutely no workable for online and the site provides a sort of so you need. Are needs. Meets the needs of the yeah absolutely livid with our out of time off our. Her another question for Britain fewer airline ratings. I am houses helped drive the conversion process. Don't forecast again if not getting to a point one curve that we are widening as much information. We're hopeful that they can have tried I think although. A period and we realise that you know prices obviously what level that. That had been there are other elements especially in the comfort that alliances looking after their. Timing you know what that fly into. I'll any alliance for the read it I think what exceeded bank. This is for the giving bad information. Two thirds and ensuring that customers can make that choice of the wide goal with this airline that is fed on Q4. Vibe and I really think you know tired of other right. I think you know they're bad so look for Ireland as well again our broad if a private like information that can do what they've kept me at. Intelligent trade off. I think it's effective. Kevin Bieber on the ratings of we name they don't have a positive year over its readiness of us here. Here. I'm not revealing look. V. In terms of information around ratings airlines. Following my truth as it vital that we know one thing doubt that. Fire I find more quite bonus in some respects when we're so rarely assuming that. You're very very different perspectives depending on who review with how did you have been paid particular search business then we. But I think there's plenty of information out there has also bodied vehicle fire through. Post through the fire. Vol to. All forward to everything that for tissue quite effective understanding. Exactly what trip probably will face times when news. When you actually fly our I would hope. System we have instead of waiting out process that airlines have really all I don't publish just as the growth published on form. And the reserve as a standard that we all Hutu. We are we pusher for our guests at the end of their. I troubled journey said it was two questions though they've publicly available through. And that way for revenge for the balance between a parent for the manner I think just if it's quite subjective. But I think also the other thing in the truth. My view for the most interesting one amino up on the hotel review ebitda. And restaurant that really know what we're doing is for the right. For someone of outside of you guys running for me it's just I think we're just end up chasing tail. That. We use that as a as a sounding board to understand something that we fall off riled but. In terms of attempting to manage the whole community. To manage their feedback either positive or negative. First of life that you have a tough I think people still have enough with on off what kind. Found definitely speculative maybe a lot of bowl with up. Things. That's you know really is available so provides a spike because of fruit. You use that particularly your really huge individual patient is dealing with poverty problem which is developing problems can have. They are so we've we don't actively engaged heavily. We did youth gold. Just put that back. Landed just click here people on either side we are. Doing these living at a popular it's not necessarily have. So you don't. This five landfills that we see what this wrong. You know wars on platform that would lead in. You know from the am effective it is. So we have really done that or for the good risk rather a bribe if here's. Enough this much better than its other airline because then you've had. Is subject. We have a question about rate parity which gets. What's the best practices drive more traffic to direct channel versus 88. And how do you control the rate parity put direct channels versus 883 party. What's the best practice to drive more traffic to the direct channel dubbed the post 88. And other offices used but how to control the rate parity across direct channel. I think pick that one car hit the beds are OK if it of the really won and the hotel industry are especially because we've got sort of a wide distribution. Live from will feel earth tool are. Trombley in c.'s award is that this Bill Russell mini V is and formerly uses are rare breed our. Read dilution gonna happen and are something bureau's online Douglas support for the year and if that is also something though supporters view and if people deserve. Are by Booth will feel we've aren't so I think if you know really would L industry Carter felt the our formerly by the U our perspective. Are there are absolutely new studio lot more the better when. View via video if you had much more view if we are looking at how we give an awful lot of rising. Are all work or work with last if you can't pull our hotel industry had not reviewed before rising and implement the I well large extent saw their growth goes after you viewers then I'd. We need to sit back and for all of our pricing and inventory yawned inventory view should be managing it very tough. Are up from a perspective what. Driving by Charles I think below but I've quite a wider do things that can be done are up. It's yours is definitely out. More cost effectively off our manager and then as. Critically important hard drive back channels are priced individually not mentioned leads are the best reason for our and look car. So large on power on vehicle. Look Harley off dollars prize for the years follow the other different channels. Our. It's not surprising that opens your mall will ward where child either five or more of them got so if you lord are the best prize on provided. Surprise surprise with one thing. Site so both boards what the answer the call critical elements prevented and rice's visit do you harm our. Very critical for managing far managing valid for. I'm. Drove. Pictures question right. So obviously that noted the growing quite quickly go again future which is that generally good thing view or a negative thing with the mobile consumer and what do you think the dot them attain mid. What makes if. RR. Business objective western it before us by market by hotel by a by he's not a PR and IPO after you need to be optimised for huge mutual dart and buy each market the region. But that you're gonna high demand for pollution more demand depletion. Art for the western office park will give business are necessary for your peak demand period. Icahn see a scenario where you would completely eliminate a view but with it and it would be back who were obviously would be leading profitability. Are you would be leaving our money on the table if saw the inflexion point it's difficult to understand where. Yard. Metro barge started a negative. Fill the point where you're metro by the fourth of the severity of possible fields. Is happening online word gooder who brought to a revenue brought this keeping online video includes the cost of sales. Got your. Pretty good and bill that wine audio business is good business because if carbon your fits boss if problems you're not our Europe operating costs. I'm brides are incremental growth for the one when it starts are. By your being your. Profitability that's Bennett about getting negative and there's absolutely more right or wrong answer on. What Tim beech woods off a cliff would have well above market if you're sitting in the market. You're aligning. What it was Buffett I think oil with. There's more reason why would gotten done with the we've. But if you're sitting dart in market value running 995 within business but when news I think I'd want what chance at forty years I'm not. We child's die hard the lord's on F five per hour. Either either our channel solve their very hard with ER. He would review or if not wards. Our what you fill figures somewhat managing their entire time. Right more often because a lot of stuff people feel better if less profitable than people think I back your view growth. Fifth of the what looking added fund that let. We can do have the insight onto a break parity for the good thing or. Yeah amid you know its over. In hot weather that would never have included as their equity is how the sale of live nation to better. Armed I think there's there's. Challenge noting that the reason this entire industry that term market become. As an industry that might put that in game eight I think alliance entities have been really really that the fear have sort of be very good as. At least online literature of the return. Channel then I think informal give effect up so there's that. You don't whine. We've had issued a cross gold is on the talent they. You know four paternity. Within the open interest to make of that then. How can we. That they are getting similarly. Kind of can do for more of the family and they can then measured. Profitability right. Half. We had a question about the GPS has. What do you think ever will be now on in the future. Gouging us it. A. Fun. I don't know I think in over fifteen years ago Mercedes today they either still. They still playing football distribution ten. We still have our differences in terms of on the cost versus the the revenue they generate they found via re going to refrain as we work with all the videos as we just about to launched sailor. The ten. We we we see that was an important part of the distribution rates and maybe. That's part of the fact that you know viewed. Do you do have 1 central positively in terms of into the booking capability and so forth. It's it's clearly understandable that do. You know travel agencies verify historic really want to have to straddle multiple system say if they can avoid if you can just putting your own desktop a lot of travel agencies has to be your bookings. There's that's incredibly destructive also not collective term for the agency that Ken. And so I think through sort of you really sort of seeing a lot of cling onto Julius bottle because there's all with one solution. And having the five OK so. I'd I'd but I don't see any real change in the immediate future family of four people were so so people were saying they're dying. 1015 years ago still. In some cases they range in the threat fire so you have to respect that family have respect of their finally rolled him with him. Distribution Versailles. And I have to fire along the best we possibly can I think. Current frustration is done. They park passes. Is is again that its Kyushu with. And their capability to handle particularly Elsie season product offerings we have. From official about hotels for. Farrar since they know the only thing that we can sell on all the videos of the moment is up five bad product family some real. Except for so really you know really becomes very difficult for us to build up sell cross sell what they wanted yes platform. I for the dollar industry are a few years to open your view a critical time I'll are forward. If you think there's quite. But all of a few years I have bottomed alluded at all of the not particularly with far which has typically want the business that time rather. Company troubled program mark negotiated creates which are typically manage. With our BNV's. Soul that's typically what the genius has now bottomed relegated who saw. If a global week of credit first time child for the bold troubled programs. Are. Because a going depletion where and the cost of go division where. Are followed the park Ricard travelled with management system are almost opened in new ballpark pumped through the studio fifth in the in the foreseeable future. I'm here with my obviously yes. Using these test questions quite interesting that who's putting them Timmy. So and lawful and until this correct that doctor Ron Weasley Godot and hotel and Singapore they chose to use hotel quickly. Last minute forking out we constantly rate. To view open heart I case let's woman standing respecting hotels pricing strategies to feel. Yeah yeah it obviously cut off on what would have it but I think. You know he'd definitely. Hasn't yet again you realise that there are OK is clear last minute. With the needs of love field and give if you know what you can't deliver that someone else who can deliver. Doctor issue as long as then that really is available. I think that issue merely at the wheel articulation yet if that somehow. It is getting my Digital River is no clear fill the that maybe they should but I think have partnered with Dell again mean it that had entered. Highly deceptive or who do. I'm live off my. Laurie a cross on the to have and that led to overturn that that find a way for alternative. They've for a while gold was the feel like things calm. View would go needs to calm the flexibly than. I think it's volatile if you are. Not having by the EU but you're all channels and with our across the distribution channels on risk put fuel in the long run. Our because if you or we go along on the specifics on this view so do bond blown up well by Philip here in. Arm if holding gold and hard about Alfa two I'll. My experience. Flash fields and able what. I'll begin this fall with so you can use a better February farm they have right in the distressed market. But in the long run the bottom of that will never come back. Door. People believe better for our acquisition strategy. If no we're really what's odd and I think quite well. Show you know it's done somewhat but on that point where quite a lot of what Hyundai and if never fall through would be successful if game. Definitely get your outlook for our dash what's that region if you're running one but other than that now we're really well. Another interesting question. Elevators and reducing the commission but they've made pejorative hotels. Have been less. Do you think that's gonna change the future. Of hotelier and the OK. Were a bit. I could go all will roll armed. The reality is us technology course not whether it goes through your views or whether it is directly. Of the distribution boss I'm wondering vis a I hope you would not have the option to invest heavily then sell off in technology. I thought I'd be child for the full view was horribly have you offered through for five years. Our performance no doubt of methane half meetings are on the country. Within the idea who ducked the guest. Armed from a competition perspective. Probably the bigger chains have a little over a forward why did our because people are investing heavily in technology are so. The court potentially CER. Coming I'm asking for better on the advanced arm. Jobs there. Are you have written permission read them you need. But you need the business and we will need the business will really really the permission based upon I the deal seasonality things we're back. Absolutely are. Higher achievable. Are very I would here's the hotel industry us forced the airline industry is still very fragmented. Arm IQ which has the biggest fall bale on the in the work for their intent with bin I think. Factors that reality of the but it is heavily fragmented. Saw I don't see if an annual where our permission vast wealth fund non profit view well below levels that airlines have managed to bring it down will. I'm loathe it. Massive politician in the balance I think Carl hotels were developed were together. I'd. Obviously more whites the car. But absolutely event if consolidation happen then if you look at water that is done. Consolidation have happened if everybody invested is. It has started off much Philippe November would allow industry would have pathology in my faster. Eventually we would Ellen vastly faster fund advanced with a then. The bid but might be our our audit profitably abusive the dollar industry will be forced into a bond. The voluntary. OK. Perhaps there's a especially quite complicated and that you guys goes into far more than me. Could anyone put their. That a lot of questions that cable flight attempt to interview. Hummer. Publisher of expert in the our paper pushers for recovered our full. Expedia spent around one point three a billion dollar level dating lovely. All warrants that direct indirect battle for a there's another battle am I am presenting a bit company sold warrants that. That oil will start on the advertising piece rate and the old years starkly. Are competing for the same. At world's watch brand holds. You're right. Maybe not represent the Expedia bottle will give effect of the difficult to really get into that that. And in you know even if we look at. Again what I call that is. These. You know believe me its gains sensibly. It definitely value firm delightful turn for that that's an idea of the much higher level down. View fairly you know you know if they have the of those advantages in go via the where are the term of the view of the appeared on so get on number one position that much cheaply than it. In a few doubts. I think we believe in making sure about that those things painfully so I think. Yeah as a failed bid more sophisticated to a large extent and this is purely again. V is our halving URLs Ireland as a change in how do you get more sophisticated I think that. Advantage that merely you have been done defending. With article I think that they very definitely that situation secondly I think from hold your perspective as that possible. For Iraq the possible acquisition got blown off right there's obviously the there is GM barely has event in defend all of billion dollars last year is never search coming in. As subtle that happen we have a lot of hard optimising on Channel Islands as. Has a thousand other income over here we should spend more and less and I think. Four billion that is again it theory what advantages to has applied directly. Who see that as theirs and their sulphur are often option. For a us as a portable something. Any other questions. I'm Cheryl on the month and up from Michael lapel pin on carbon impact by dish readout my next question. We talk about price parity across all channels due to be used to coalition slashed profitability gap to lag effect of rising. In the online space in distressed markets. Failure didn't get that have question but. And we are talking. They just talking. About the man packs parity or across all channels. End than the question you say in distressed markets. Do OT's actually practice G Esther commission. Already profitability gap. To let it to compete and provide better than rising online Spain's. Has said hours good the other party done does not. As a note here. I have now realise what a med surge even then toward is civilian men have families living. Our but you know I think again fall from an audio prospective. Are back here is can make sure bought a staple of consumers and supplies. I've been taken out civilian as much as penalty can be applied to make sure that the basically foot show consumers end. Those kind of market and then so get them. See with the valuable tool with which is sort of this Thursday. 68 PR a peers do that. Yeah there are scenarios in the past they've. We have quite aggressively and walk with the tourism boards are that market aren't dumb pipe and gold aggressively push destination glitches in the distressed if so you pick up on back of last year over there a move so they should demand be lent out then had a big campaign Iraq. Pushing back up as best nation. Malaysia had a big issue with or if they met a should there for the unity event now again put leisure destination failing. Again these scene is that an option do ask what are quiet. Then you know further airlines join the board for them. Clearly demand for further investigation led them in the year so distress situation for four or any of them. Steve as a short term solution because you're mad. Well I'd dearly that we I actually particulars but where we talk about cern integrity. Then we wouldn't have integrity put brown on apple as direct marking. The piece is very close to our hearts because. Edging held China hit Hong Kong we are feeling. That actually coming we aren't depression so well is dead a short term management. Then you're placing pressure on the integrity of the friends I'm sorry Dan saying you know that this case. And in so you know again let's kick off off for example who in fact discussed on. Because of the political sort of situation and the decree is intense because of the Hong Kong you see that sort of the video out of shifting delivered in Hong Kong reduced to be very compressed. By get it as a clear hardball here is you have. Here are quite a venture that became for the upper income of them mad Medvedev that you should. Drop your prices are usually manages for both ID ER is really uphold a supplier. You don't really clear to avoid fire on fairly should do that mark headed toward the again. It goes back you have who fixed far would you want that will never feel do you want that will neither the the world for the raid. You know if a do for the brand on the supply that decision exceeded gonna have bringing the demand in. From places that there was larger plan for example are beginning how it will weigh in croydon give back due it. Again or is still availability. And see what your competition is doing and the video fall. They should do more while we've done is done for the rhythm. I am so kind of may put in goes opal hit them and nurture this. Hours a forward view of business is clearly your business as compared to a vote of the there's fan has been constantly growing and the one thing. Solve what do you think of the interview for N a view let's hear opinions on the length. The third. It ticklish question harm. Pets I think you know. Ten years though they had to thank you all lunacy at it's figures on the basis of you know if you look at. What brawl which is clearly I think. Until now we believe this all of you know physically demanding to flag the issue until. The yet so demand. Leave its oil supply. Or seen flat. Then get through to the need intelligent thoughts I think. As we've discussed with if you know next five years ten K a the although what you need change delivered their. Overview alot more integration with our suppliers and turn up taking it to that next level of what Al Ken read who together for sure. Dad you know large suppliers have this to a large extent if you know flyer I have the end years who invented it are either or proposition is on. Having every airline. I think every without any of the airline had been able what are they without then that yield are better proposition I think it's you know next fight in Europe. What is in hand against bit better not adequately get the ball from this hears about Bombay you can make the transaction to. You know you can are autonomy transaction ended for the the right choice with travel booking but then we would hope you'll along the entire travel. Sort of experience. I have with our suppliers to make sure that you have the right here. So that's ever expanding that all of the view that. Right then becoming a very transaction you make a transaction and then of what you're on your. NY devices they would be a significant. So Raleigh that it is not in a very you are not ignore you know you know. Vic part of the journey your hard headed taken that go down that you have taken for airlines that we would involve bills. And therefore would it look as ever travel on review for Germany rather than. OK as a transaction there. We don't do you know. From what would help us because of five. Essentially things haven't changed. Park your travel agency in the but you have online travel agency snuff. Our business here will do differently I think diverse saw the dynamic ads. Essentially going to meet the CR is ultimately. What might put positions will be offline travel agency spring for the are at the end consumer in in the past hour travel agencies originally brought a lot of valuable position in advance of managing conflicts like no these. Are especially files a protest mission which I'd been a much evolved. Our results are from Europe with the language for a white boards of versus struggle so versus apple pickups sold worthless. And daughter elements of I think. The online travel agency apartment that if immediate you. Are peace will obviously remain relevant in some cheap off what might be online it might be mobile it might be. Art and if it might morph into something different both. But all that big you usefully will remain far simpler I still part of margin in our view spurt Bob Dole will look. Not need distribution Charles well be 400 we'll soon are hundred points insults of the should. I'll even give them the airline industry where the are sort of bored with yard arm. With garden are. The technology and oil saw with. I'm with very hard Strickland towards a regulatory controls all work are. Sharing and things like that I've. It's still needed the review should so I don't see it aviation completely going off. Our paper world. Definitely give more and more forward period of time in front of the by the position but people like the gets. It found after many risky usually. Our as a questionable fully commend our silly issue. Arm we're sore arm my question is basically use has become a presented exclude evidence here and senator event without. At what beaded would you consider for over bid meant the distributed to a MOB and BO mollid as competition for proper term. Fewer on the apple. Compatible Barack's equity. I was sitting N. The panel earlier and down. Represent commonly used up by sort of this impact of heading off on the board give perspective. Now the definitely. CEU may have been beyond the has sort of complementary services I think it realise that there are segment of consumers. That why things. There are different than enough talent and before hearts you know is in the US for example we have added into it until the Motley mentally. United if you are all again. It's before why. The Morse possible chores Phil can do for whether it's at now whether it's. You know this dinner in some of the park and we want to make sure that you do. For white actor who are holders a little bit different so it doesn't. Pact as we do not look at this. Here's another segment that people are interested in another invented type that if I interested in how quickly to rid their inventory side. And then do we need to change anything for Arba. Expedience filling showed that the customer can meet their truck side fell because that they can do overbought no fire ended very different than there. I think there the required information that is divided with different. For hard limit show on our back on the degree it added four age. So four hours it's sort of just a matter of figuring aren't. Property plant back on we're effective can integrate content. I'm heading into the white cell. Bigger question obviously for with the industry is that going to turn. Have a big impact. I think they would go industry are absolutely UNV has created when youths biggest. Arm as any gets rough but within the Dutch treat what. I'm and did pretty unique spears does that compete directly with these rebels armed at this stage norm RB. VC there's a different value proposition I'm Yalta whole wide body off brown that for a wide different valuable positions of the curve. Everything from limited so over this past Holiday Inn express tools I've guard. Bob you're off the departmental saw we have different brands then in the matter personally. Are brands that got extra bits due brands like Steve goods and capital would that solve all our long Steve Meade. Saw beauty. There is absolutely need about your balls are I think reduce awkward looking our doors are built opportunities as the U wall. I'll buy at this stage we're that the current portfolio brands to be compete directly with anyone off while car any one of the brand positions. Are the answers nor bidders over different set off with you my battle likes to people are blown BNB. Arc is very little would offer more luck with some of the segments absolutely dead birds. By the mainstream pop recover. Are does not want the war and half full connect with somebody could pickup parked keyed park and open the door himself up growth after the miner flight a one night. Arm he wants what good will embed its daily yen after bearish view what punitive one bit how we deal with the hassle of are worrying about security of the flu is a very hard. Very different bar. Welcomes your model instead get a rapid cool are at the V and this definitely our ISVs with a man they have I think if Britain are. Immensely armed with westerners with a larger brands whether people want goaded about speeds. Arm and that's something that there's more of a strategic direction but each company has decided I would be forward with speeds. That you know just to add to that only one team who. It's very clear I think you've definitely is in the lifted travel generally as a category anything they've been becoming in few verbal would dark. Comparable travelling on our IP segment would be filled. Travelling within the bill they had just the obviously poor. You know I don't really care by eight before the dad. I think their younger segment is definitely thinking on without I think. As a travel industry it definitely. Hoping all wrong for the trouble what so that's definitely a positive side are some of these new cleared. New business models come into. Well. As of the beginning of the Hudson we have done a similar talk. Every year since 1997. And it's always interesting it's always growing and changing. And obviously as consumer changes with mobile and big data become more important. It continues going like you to our panel please get around laws.