This quarter’s performance was impacted by the Middle East conflict, but excluding that impact, results exceeded expectations, driven primarily by accelerating US growth and progress on Connected Trip. room nights grew 6% (excluding conflict impact ~8%), revenue grew 16%, adjusted EBITDA grew 19%. US room nights accelerated for the fourth consecutive quarter to low-double-digit growth, Connected Trip transactions saw high-double-digit growth, and the GenAI product Penny testing delivered positive results. Q2 room night growth is expected at 2-4%, full-year guidance was lowered but high-end unchanged, management maintains long-term growth targets. Highlights are US growth and AI progress; risk is the Middle East conflict dragging Q2 by approximately 3 percentage points.