We see $TripAdvisor(TRIP)$ as a play on several positive Internet industry trends including: 1) global internet and mobile usage growth; 2) increasing consumer adoption of social media platforms; and 3) greater advertiser acceptance of social platform and contextually relevant advertisements. IDC estimates annual advertising expenditures for the online travel industry, which TripAdvisor operates, will reach $5bn in 2011 and are projected to grow at a compound annual rate of 15% through 2014, an opportunity that should enable many years of future growth versus our $632mn 2011 revenue estimate.