OpenTable shows inventory at the end of February is tracking up 1% q/q in North America (vs. our 3% q/q est.) and International inventory is flat q/q (vs. our 4% q/q est.). Separately, The National Restaurant Association’s Restaurant (NRA)
Performance Index increased to 100.6 in January from 99.7 in December.
Aggregate vacation rental listings on measureable HomeAway properties were up 11.7% m/m in March and are tracking up 26.6% q/q in 1Q. This compares to our estimate for 1Q listings up 6.2% q/q (although we note HomeAway websites include duplicate, cross branded listings, which clouds true listings growth trends). By comparison, TripAdvisor rental listings grew 6% m/m and are tracking up 13% q/q.