For hotels, we do get Orbitz inventory, but we also have a number of direct relationships. As you know, hotels are much happier to do business with people like us because they're not perpetually going out of business.

We've experimented with SEM, but it's not really cost effective for us. Everyone else in the business runs their own ads, giving them an ad-arbitrage business model we simply don't have. The upside to our customers is that the site is cleaner, the downside is our margins are skinnier.