Things aren’t looking that bad for OTAs (online travel agencies) following Brexit despite the potential for near-term weakness in consumption trends for UK-based hotel/rental bookings, as the weakness in the GBP should translate into weaker purchasing power for outbound travelers from UK to other EU member states, but correspondingly makes everything cheaper for inbound travelers to the UK, which is where things get a little more interesting. The UK is known to be a very expensive travel destination, but with weakness in GBP/EUR being the way it is…. one could see the silver linings when pertaining strictly to tourism, but with shakier implications on business-travel, as the recent volatility creates regulatory challenges depending on the two-year phase whereby the UK will have to negotiate an exit that is still inclusive of favorable laws that allow for financial firms to execute and sell financial products across European borders. It’s not clear whether the cross-border transactions will be negatively affected, and whether the UK will succeed at a successful EU exit with all of the arms-length relationships with the EU intact. But, when isolating specifically to the geographic segmentation mix for companies like Priceline and Trip Advisor, the broad macro implications aren’t exactly devastating.Here’s what was mentioned by Michael Olson over at PiperJaffray:The UK specifically contributes to about 6.7% of this demand (Europe room nights), while UK accommodations are the recipient of ~11% of room nights. We do not believe broad European macro forces will swing fast enough to impact consumer confidence enough to trigger a continent-wide weak travel sector. Macro-economic shifts actually have a weaker relationship with travel spending than consumer confidence. We estimate ~50% of Priceline's bookings are conducted by Europeans; EMEA represents ~16% of Expedia's bookings and ~35% of HomeAway's revenue (prior to its new booking fee impact); EMEA represents 31% of TripAdvisor revenue.I believe Priceline will take on a precautionary stance to the EU, but earning results will likely top analyst consensus by year-end, as the conservative bias to financial outlook will make earnings beats considerably easier. The F/X currency translation will be negatively impacted, which makes me a little less upbeat on the near-term implications, but transaction volume will likely grow in-line with consensus models or CFO outlook.I continue to reiterate my positive stance on Priceline.