Airbnb Inc (ABNB) 2022 Q3 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's earnings conference call for the third quarter of 2022. As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of Airbnb's website following this call. I will now hand the call over to Ellie Mertz, VP of Finance. Please go ahead.

下午好，感謝您參加 Airbnb 的 2022 年第三季度收益電話會議。提醒一下，本次電話會議正在錄音中，可在本次電話會議後從 Airbnb 網站的投資者關係部分重播。我現在將電話轉交給財務副總裁 Ellie Mertz。請繼續。

Good afternoon, and welcome to Airbnb's Third Quarter of 2022 Earnings Call. Thank you for joining us today. On the call today, we have Airbnb's Co-Founder and CEO, Brian Chesky; and our Chief Financial Officer, Dave Stephenson.

下午好，歡迎參加 Airbnb 2022 年第三季度財報電話會議。感謝您今天加入我們。在今天的電話會議上，我們有 Airbnb 的聯合創始人兼首席執行官 Brian Chesky；和我們的首席財務官戴夫斯蒂芬森。

Earlier today, we issued a shareholder letter with our financial results and commentary for our third quarter of 2022. These items were also posted on the Investor Relations section of Airbnb's website.

今天早些時候，我們發布了一封股東信，其中包含我們 2022 年第三季度的財務業績和評論。這些項目也發佈在 Airbnb 網站的投資者關係部分。

During the call, we'll make brief opening remarks and then spend the remainder of time on Q&A. Before I turn it over to Brian, I would like to remind everyone that we will be making forward-looking statements on this call that involve a number of risks and uncertainties. Actual results may differ materially, expressed or implied, in the forward-looking statements due to a variety of factors. These factors are described under forward-looking statements in our shareholder letter and in our most recent filings with the Securities and Exchange Commission. We urge you to consider these factors and remind you that we undertake no obligation to update the information contained on this call to reflect subsequent events or circumstances. You should be aware that these statements should be considered estimates only and are not a guarantee of future performance.

在電話會議期間，我們將做簡短的開場白，然後將剩餘時間用於問答。在我把它交給布賴恩之前，我想提醒大家，我們將在這次電話會議上做出涉及許多風險和不確定性的前瞻性陳述。由於多種因素，前瞻性陳述中的實際結果可能存在重大、明示或暗示的差異。這些因素在我們的股東信函和我們最近提交給證券交易委員會的文件中的前瞻性陳述中有所描述。我們敦促您考慮這些因素並提醒您，我們不承擔更新此電話中包含的信息以反映後續事件或情況的義務。您應該知道，這些陳述應僅被視為估計值，而不是對未來業績的保證。

Also during this call, we will discuss some non-GAAP financial measures. We provided reconciliations to the most directly comparable GAAP financial measures in the shareholder letter posted to our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

同樣在本次電話會議期間，我們將討論一些非公認會計原則的財務措施。我們在發佈到我們投資者關係網站的股東信中提供了與最直接可比的 GAAP 財務指標的對賬。這些非 GAAP 措施無意替代我們的 GAAP 結果。

With that, I will pass the call to Brian.

有了這個，我會把電話轉給布賴恩。

All right. Well, thank you, Ellie, and good afternoon, everyone. Thanks for joining.

好的。好的，謝謝你，Ellie，大家下午好。感謝您的加入。

Q3 was another record quarter despite macroeconomic headwinds. We had nearly 100 million Nights and Experiences Booked, which is up 25% year-over-year; gross booking value was $15.6 billion, this is up 31% year-over-year; revenue grew 29% year-over-year to $2.9 billion, our highest ever; and when you exclude foreign exchange, our revenue increased 36% year-over-year.

儘管存在宏觀經濟逆風，第三季度仍是另一個創紀錄的季度。我們預訂了近 1 億晚住宿和體驗，同比增長 25%；總預訂價值為 156 億美元，同比增長 31%；收入同比增長 29% 至 29 億美元，創歷史新高；如果不包括外匯，我們的收入同比增長 36%。

Now we also had our most profitable quarter ever. Net income was $1.2 billion. And this is up $400 million from a year ago. Now this represents a 42% net income margin. Adjusted EBITDA was $1.5 billion, also our highest ever. And we generated $960 million of free cash flow. In fact, over the last 12 months, we generated $3.3 billion in free cash flow.

現在我們也迎來了有史以來最賺錢的季度。淨收入為 12 億美元。這比一年前增加了 4 億美元。現在這代表了 42% 的淨利潤率。調整後的 EBITDA 為 15 億美元，也是我們有史以來的最高水平。我們產生了 9.6 億美元的自由現金流。事實上，在過去 12 個月中，我們產生了 33 億美元的自由現金流。

What our Q3 results demonstrate is that Airbnb continues to drive growth and profitability at scale. And even with the macroeconomic uncertainties, we believe that we're well positioned for the road ahead. Now why is this? Well, new use cases such as long-term stays and nonurban travel are here to stay. And this is because millions of people now have the flexibility that they didn't have before the pandemic. At the same time, we've seen recovery in urban and cross-border travel, 2 of our strongest segments before the pandemic. And just like during the Great Recession in 2008, when Airbnb started, people today are especially interested in earning extra income through hosting.

我們的第三季度業績表明，Airbnb 繼續推動大規模增長和盈利。即使存在宏觀經濟的不確定性，我們相信我們已經為未來的道路做好了準備。為什麼會這樣？好吧，長期逗留和非城市旅行等新用例將繼續存在。這是因為數百萬人現在擁有大流行之前沒有的靈活性。與此同時，我們已經看到城市和跨境旅行的複蘇，這是我們在大流行之前最強勁的兩個部分。就像 2008 年大蕭條時期一樣，當 Airbnb 成立時，今天的人們對通過託管賺取額外收入特別感興趣。

Now during the quarter, we saw a number of positive business trends. First, guest demand on Airbnb remains strong. Globally, we exceeded 90 million guest arrivals during the quarter, and this is another record. Now even with macroeconomic headwinds, Nights and Experiences Booked increased 25%. And during the quarter, we also continued to see longer lead times, supporting a stronger backlog for Q4.

現在，在本季度，我們看到了一些積極的業務趨勢。首先，客人對Airbnb的需求依然強勁。在全球範圍內，我們在本季度的訪客人數超過了 9000 萬，這是另一個記錄。現在，即使在宏觀經濟逆風的情況下，預訂的住宿晚數和體驗也增加了 25%。在本季度，我們還繼續看到更長的交貨時間，從而支持了第四季度更強勁的積壓。

Second, guests are increasingly returning to cities and crossing borders. Both segments continue to accelerate. Cross-border gross nights booked increased 58% compared to a year ago. High-density urban nights booked grew 27%. And now even as these 2 segments return, demand for domestic and nonurban travel remains strong.

其次，越來越多的客人返回城市和跨境。這兩個領域都在繼續加速。與一年前相比，跨境預訂總晚數增加了 58%。預訂的高密度城市夜景增長了 27%。現在，即使這兩個細分市場回歸，國內和非城市旅遊的需求依然強勁。

Third, guests continue to stay longer on Airbnb. Over the last year, we've seen many companies require their employees to return to the office. And at the same time, long-term stay remain 20% of our total gross nights booked on Airbnb.

第三，客人繼續在 Airbnb 上停留更長時間。去年，我們看到許多公司要求員工返回辦公室。與此同時，長期住宿仍占我們在 Airbnb 上預訂的總住宿晚數的 20%。

And finally, fourth, our host community continues to grow. We believe there are several factors that are driving this growth. The first reason is demand drives supply. For instance, in Q3, as guests were returning to cities, we saw urban supply accelerate. Second, since Airbnb in 2008, hosts have consistently turned to Airbnb to earn extra income. In fact, since 2008, hosts on Airbnb have earned $180 billion in our platform. Third, over last year, we made several product improvements to help onboard and support our hosts. But we're not stopping there. On November 16, we're going to introduce an all-new super easy way for millions of people to turn -- to Airbnb their homes as part of our winter release. We're also delivering a major upgrade to AirCover that provides even more top to bottom protection for every host. Now with these upgrades and more, we aim to unlock the next generation of hosts and improve the experience for more than 4 million people that are already hosting.

最後，第四，我們的東道主社區繼續發展壯大。我們認為有幾個因素推動了這種增長。第一個原因是需求驅動供給。例如，在第三季度，隨著客人返回城市，我們看到城市供應加速。其次，自 2008 年 Airbnb 以來，房東一直在轉向 Airbnb 以賺取額外收入。事實上，自 2008 年以來，Airbnb 上的房東已經在我們的平台上賺取了 1800 億美元。第三，與去年相比，我們對產品進行了多項改進，以幫助和支持我們的房東。但我們不會止步於此。 11 月 16 日，我們將推出一種全新的超級簡單的方式，讓數百萬人轉向 Airbnb，作為我們冬季發布的一部分。我們還對 AirCover 進行了重大升級，為每台主機提供更多自上而下的保護。現在，通過這些升級和更多功能，我們的目標是解鎖下一代主機並改善超過 400 萬已經託管的用戶的體驗。

So just to recap, we had a record Q3, Nights and Experiences Booked were our highest Q3 ever, revenue and adjusted EBITDA were record high, free cash flow was $950 million. And in the last 12 months, we generated $3.3 billion in free cash flow.

回顧一下，我們第三季度創紀錄，預訂的夜數和體驗是我們第三季度最高的，收入和調整後的 EBITDA 創歷史新高，自由現金流為 9.5 億美元。在過去的 12 個月中，我們產生了 33 億美元的自由現金流。

So with that, Dave and I look forward to answer your questions.

因此，戴夫和我期待回答您的問題。

(Operator Instructions) And we'll take our first question from Lloyd Walmsley at UBS.

（操作員說明）我們將從瑞銀的 Lloyd Walmsley 那裡回答我們的第一個問題。

Two, if I can. First, just the classic kind of macro question. Anything you guys are seeing globally, any pockets where you're seeing weaker trends in bookings or ADRs that would be kind of early warning sign that you'd flag heading into next year? And then second one, you guys have talked a little bit about starting to invest again in experiences. I guess if we step back, how should we think about the cost growth outlook heading into 2023? And are you -- is there anything you're doing in light of just questions around macro to kind of keep a lid on costs heading into next year?

二，如果可以的話。首先，只是經典的宏觀問題。你們在全球範圍內看到的任何情況，您看到預訂或 ADR 趨勢較弱的任何口袋，這將是您將在明年標記的預警信號？然後是第二個，你們談到了重新開始投資體驗的問題。我想如果我們退後一步，我們應該如何看待進入 2023 年的成本增長前景？你是否 - 僅僅考慮到宏觀問題，你正在做些什麼來控制明年的成本？

All right. Thanks, Lloyd. Dave, why don't I answer these and then you can go at a high level and you can go specifically into the booking side of the question. But Lloyd, what I'm going to do is I'll answer it at a little more of a high level. .

好的。謝謝，勞埃德。戴夫，我為什麼不回答這些，然後你就可以進入高層次，你可以專門進入問題的預訂方面。但是勞埃德，我要做的是我會在更高的水平上回答它。 .

So one of the things that we've seen is despite a lot of consumers pulling back on spending, the one area that I haven't seen them pull back on as much is travel. And in particular, like travel, where you can go and see your friends, see your family, more inspirational type of travel. In other words, meaningful travel, not just mass travel. And I think the reason why is just because many people are now working from home, the mall is now Amazon; the movie theater is now Netflix, people still want to get out of the house. They still want to have memories. They still want to have meaningful experiences. And I think that's why they continue to turn to Airbnb. And so just like people continue to travel this quarter, we expect really strong demand for Airbnb next year.

因此，我們看到的一件事是，儘管許多消費者縮減了支出，但我沒有看到他們如此縮減的一個領域是旅行。尤其是喜歡旅遊，可以去那裡見見朋友，見見家人，是比較勵志的旅遊類型。換句話說，有意義的旅行，而不僅僅是大眾旅行。我認為原因僅僅是因為現在很多人在家工作，商場現在是亞馬遜；電影院現在是 Netflix，人們仍然想走出家門。他們仍然想擁有回憶。他們仍然希望有有意義的經歷。我認為這就是他們繼續轉向 Airbnb 的原因。因此，就像本季度人們繼續旅行一樣，我們預計明年對 Airbnb 的需求將非常強勁。

And again, the new use cases are sticking. In other words, 1/5 of our nights booked are for longer than a month and half of our nice booked are longer than a week. And this has basically been a boon because of the flexibility that people have and being able to essentially work from home or have a hybrid work lifestyle. At the same time, our urban and cross-border businesses are incredibly strong because of the value that we provide. And we think that value and having great deals is going to be a key driver as the economy slows down.

再一次，新的用例仍然存在。換句話說，我們預訂的 1/5 晚的住宿時間超過一個月，而我們預訂好的住宿時間中有一半超過一周。這基本上是一個福音，因為人們擁有靈活性，並且能夠基本上在家工作或擁有混合的工作生活方式。同時，由於我們提供的價值，我們的城市和跨境業務非常強大。我們認為，隨著經濟放緩，價值和大宗交易將成為關鍵驅動力。

On the supply side, I just would remind everyone that we started Airbnb in 2008 during the Great Recession. And at that time, many people were turning to Airbnb to earn extra income. And so we think this will be also a great time for millions of people to consider hosting, which is why we're focused on this on November 16. So we're feeling really positive about the path forward.

在供應方面，我只想提醒大家，我們在 2008 年大蕭條期間創辦了 Airbnb。那時，很多人都在轉向 Airbnb 以賺取額外收入。因此，我們認為這也是數百萬人考慮託管的好時機，這就是我們在 11 月 16 日關注此問題的原因。所以我們對前進的道路感到非常積極。

With regards to experiences, to answer your question very simply, the great thing about experience is we don't have to have very much incremental investments to make this work. It's really just a matter of incorporating experiences more into our existing marketing and incorporating experiences more into our existing products. So I don't think you'll see that in the P&L from a cost perspective next year at all. Dave, feel free to take -- anything else you want to add.

關於體驗，很簡單地回答你的問題，體驗的好處是我們不需要進行太多的增量投資來完成這項工作。這實際上只是將經驗更多地融入我們現有的營銷中，並將經驗更多地融入我們現有的產品中。所以我認為你明年根本不會從成本的角度在損益表中看到這一點。戴夫，隨意採取 - 你想添加的任何其他內容。

Yes. I'll just double click a few areas. We're just doing incredibly well despite the macroeconomic environment. We saw continued strength in Q3. The Q3 nights experiences grew 25% year-over-year, and our revenue grew 29% year-over-year. And as we stated, it's actually 36% growth year-over-year, excluding the impact of foreign exchange. And what we're seeing in Q4 is not seeing any overall changes in booking behaviors in our guests.

是的。我將雙擊幾個區域。儘管存在宏觀經濟環境，但我們的表現令人難以置信。我們看到第三季度持續走強。第三季度的住宿體驗同比增長 25%，我們的收入同比增長 29%。正如我們所說，它實際上是同比增長 36%，不包括外彙的影響。我們在第四季度看到的是，我們的客人的預訂行為沒有出現任何整體變化。

Four weeks in this quarter, we're seeing really strong promising trends in cross-border, renewed interest in urban stays, stabilizing cancellations and just strong future bookings. And that, we included in our guidance here. Our guidance for Q4, we're anticipating revenue growth between 17% and 23%. And that's 23% to 29%, excluding the impact of foreign exchange. And maybe I'll just take a minute to double click here because one of the things we're seeing is the difference in the behavior that we had last year.

在本季度的四個星期裡，我們看到了非常有希望的跨境趨勢、對城市住宿的重新興趣、穩定的取消以及未來的強勁預訂。而且，我們在這裡的指導中包括了這一點。我們對第四季度的指導是，我們預計收入增長在 17% 到 23% 之間。這是 23% 到 29%，不包括外彙的影響。也許我只需要一分鐘來雙擊這裡，因為我們看到的一件事是我們去年的行為有所不同。

If you actually go back to 2019 historic rates, we're actually seeing stable to increasing demand for bookings here from Q3 into Q4. The decel that we see from Q3 into Q4 is really a hard comp on Q4 last year where we had really strong demand after Delta and before Omicron. And so this is really kind of a hard year-over-year comp. If you go back and compare back to 2019, we're seeing stable to increasing demand across the globe. And actually if any areas to highlight, and you see it in our letter, is that APAC had some of the stronger growth, 65% growth in APAC. And excluding China, APAC is now kind of above 2019 level. So that's been kind of the last major region to kind of return to 2019.

如果你真的回到 2019 年的歷史價格，我們實際上看到從第三季度到第四季度這裡的預訂需求穩定增長。從第三季度到第四季度，我們看到的減速確實是去年第四季度的一個硬比較，在 Delta 之後和 Omicron 之前，我們的需求非常強勁。所以這真的是一個艱難的年度比較。如果你回過頭來比較一下 2019 年，我們會看到全球需求穩定增長。實際上，如果您在我們的信中看到任何需要強調的領域，那就是亞太地區有一些更強勁的增長，亞太地區增長了 65%。除中國外，亞太地區現在略高於 2019 年的水平。所以這是最後一個回到 2019 年的主要地區。

We'll move next to Naved Khan at Truist Securities.

我們將搬到 Truist Securities 的 Naved Khan 旁邊。

Yes. Is there anything worth calling out in terms of incremental demand for European sales from travelers outside of Europe, given the decline in the currencies in that area? And then the other question I had is just on advertising. Can you share anything in terms of ROI on the advertising dollars? And are you seeing more opportunities to deploy these more broadly?

是的。鑑於該地區貨幣的貶值，就歐洲以外的旅行者對歐洲銷售的增量需求而言，有什麼值得一提的嗎？然後我的另一個問題只是關於廣告。你能分享一下廣告費用的投資回報率嗎？您是否看到了更多更廣泛地部署這些的機會？

Yes, Naved. Why don't Dave -- you take these, I can round up the answers.

是的，納維德。為什麼不戴夫——你拿著這些，我可以收集答案。

Sure. In terms of European demand, we are seeing strong European demand from places like the U.S., where the dollar is stronger than the euro. It's not a material part of the business, so it's hard to see it impact the overall materiality given just the size of our business being in 220 countries and regions around the world. And conversely, the European travel is going to be maybe less likely to come, say, to the U.S. where the U.S. dollar is so strong. So there's some offset in there. Overall, the impact of foreign exchange isn't as large on the business because of the regional impacts. More people kind of travel either domestically or within their own regions.

當然。在歐洲需求方面，我們看到美國等地的歐洲需求強勁，美元強於歐元。它不是業務的重要組成部分，因此僅考慮到我們在全球 220 個國家和地區的業務規模，很難看出它會影響整體重要性。相反，歐洲旅行可能不太可能來到美元如此強勁的美國。所以那裡有一些偏移量。總體而言，由於區域影響，外匯對業務的影響並沒有那麼大。更多的人在國內或在自己的地區旅行。

And then in terms of advertising ROI, we're really pleased with our approach to the marketing strategy that we've had. Our brand marketing results are delivering excellent results overall with a strong rate of return. And it's been so successful that we're actually expanding to more countries. And so that's what still be seeing over the course of the next year, is to expand more countries to support our brand advertising.

然後在廣告投資回報率方面，我們對我們所採用的營銷策略方法感到非常滿意。我們的品牌營銷成果總體上取得了優異的成績，回報率很高。它非常成功，我們實際上正在擴展到更多國家。因此，明年仍將看到的就是擴大更多國家/地區以支持我們的品牌廣告。

We'll go next to Nick Jones at JMP Securities.

我們將在 JMP Securities 與 Nick Jones 一起討論。

I guess first, I guess when we look at kind of U.S. to international travel, is the strength in U.S. dollar maybe helping drive more interest in going overseas? And then the second question on durability of kind of ADRs. Is elevated home prices maybe making hosts less likely to lower the rate at which they're willing to take kind of from here? I mean, are these going to be maybe more durable than we think?

我想首先，我想當我們看美國到國際旅行時，美元的強勢是否可能有助於推動人們對出國的更多興趣？然後是關於 ADR 類型耐久性的第二個問題。房價上漲是否可能使房東不太可能降低他們願意從這裡獲得的利率？我的意思是，這些可能會比我們想像的更耐用嗎？

Dave, why don't you take the first question? I can take the second.

戴夫，你為什麼不回答第一個問題？我可以拿第二個。

Yes. Again, as I just said, on the U.S. International, we clearly do have a strong U.S. dollar, which enables Americans to travel abroad quite well, and we're seeing nice strength there. But again, that part of the business is not so large as to have a material impact on the overall business because you also have some of the offsets of weaker currencies, not necessarily travel in the U.S. Again, more of the travel is domestic and intra-regional, that's what's really going to kind of drive things and more of the foreign exchange issues are not as pronounced within the given region.

是的。同樣，正如我剛才所說，在美國國際上，我們顯然確實擁有強勢美元，這使美國人能夠很好地出國旅行，而且我們在那裡看到了不錯的實力。但同樣，這部分業務不會對整體業務產生重大影響，因為您也有一些疲軟貨幣的抵消，不一定是在美國旅行。同樣，更多的旅行是國內和國內-區域，這才是真正推動事物發展的因素，更多的外匯問題在特定區域內並不那麼明顯。

And I think just regarding elevated home prices and what that does to average daily rate on Airbnb, I mean just to zoom out, people come to Airbnb because they can find a great value. And you can often get significantly more for your money than a hotel room. You can often get an entire home with a lot of amenities. And continuing to deliver value is going to be really important for the next travel season.

而且我認為，僅就房價上漲以及這對 Airbnb 的平均每日房價的影響而言，我的意思是縮小範圍，人們來到 Airbnb 是因為他們可以找到巨大的價值。而且您通常可以獲得比酒店房間更多的錢。你通常可以得到一個有很多設施的整個家。繼續創造價值對於下一個旅遊季節來說非常重要。

And that means that we need to make sure we have really competitive prices. And that means that we need to give tools for host, more tools for them to be able to better price their listings. So one of the things we're doing is we're going to continue to move towards a more all-in pricing, where when you see pricing, instead of seeing more of a nightly rate, you're going to see a little bit more of a fully loaded rate.

這意味著我們需要確保我們擁有真正具有競爭力的價格。這意味著我們需要為房東提供工具，為他們提供更多工具，以便他們能夠更好地為他們的房源定價。所以我們正在做的一件事是我們將繼續朝著更加全面的定價邁進，當你看到定價時，你會看到更多的每晚價格，而不是更多的是滿載率。

And then our search ranking is going to prioritize great value and great deal for the fully loaded price. I think this will really help hosts understand what they're charging and then we're going to give them more tools so they can see and understand what their all-in pricing is for guests and we're going to provide more discount tools and other features to allow host to remain competitive. And if we do all these things, I believe we'll be even more competitive from a pricing standpoint than we are today.

然後我們的搜索排名將優先考慮滿載價格的巨大價值和優惠。我認為這將真正幫助房東了解他們的收費，然後我們將為他們提供更多工具，以便他們可以看到並了解他們對客人的全價，我們將提供更多折扣工具和其他功能，讓主機保持競爭力。如果我們做所有這些事情，我相信從定價的角度來看，我們將比現在更具競爭力。

We'll take our next question from Brian Fitzgerald at Wells Fargo.

我們將向富國銀行的 Brian Fitzgerald 提出下一個問題。

I think you'll have more to say about supply with the upcoming winter release, but just wondering if you could talk about what you see as continuing pain points for hosts. Brian, maybe just talk to that a little bit. And maybe also structural drivers around supply like local regulations and zoning.

我想你會對即將到來的冬季版本的供應有更多話要說，但只是想知道你是否可以談談你認為主機持續存在的痛點。布賴恩，也許只是稍微談談。也許還有圍繞供應的結構性驅動因素，例如地方法規和分區。

Yes, yes. Yes, so let me dive into this because this is a pretty important topic. Just to zoom out, we have a global network where demand drives supply. And that means that where we see our highest growth of bookings is also typically where we see our highest growth of supply. And just to give you an example, this past quarter, approximately 35% of our new available hosts had started as guests. So this is a really strong network where guests become host, and hosts, as they get more bookings, they tend to tell their friends about it, and then we get more supply that way. And so this is, I think, one of the things that's really, really important.

是的是的。是的，所以讓我深入探討一下，因為這是一個非常重要的話題。只是為了縮小範圍，我們擁有一個需求驅動供應的全球網絡。這意味著我們看到預訂量增長最快的地方通常也是我們看到供應量增長最快的地方。舉個例子，在上個季度，我們大約 35% 的新可用房東是從客人開始的。所以這是一個非常強大的網絡，客人成為主人，而主人，隨著他們獲得更多預訂，他們傾向於告訴他們的朋友，然後我們通過這種方式獲得更多供應。因此，我認為這是非常非常重要的事情之一。

But beyond that, obviously, we want to be very aggressive about recruiting more host to Airbnb because this is a great time. And because of the softening economy, we think increasingly now more than ever before, people are interested in putting their homes on Airbnb to make supplemental income.

但除此之外，顯然，我們希望非常積極地為 Airbnb 招募更多房東，因為這是一個美好的時光。而且由於經濟疲軟，我們認為現在人們比以往任何時候都更有興趣將自己的房屋放在 Airbnb 上以賺取額外收入。

So to answer your question, what are the pain points? I would highlight too, as we've talked to people that are considering hosting, they've told us 2 things. The first thing they said is that they want it to be easier to get started. They need help getting started, becoming a host. The second thing is they're a little nervous about having strangers in their house. And so we have tackled both of these. On November 16, as part of our winter release, number one, we're going to unveil an all new super easy way for millions of people to put their home on Airbnb. I'm pretty excited about this. We've been working on this for quite a while.

所以回答你的問題，痛點是什麼？我還要強調，當我們與正在考慮託管的人交談時，他們告訴了我們兩件事。他們說的第一件事是他們希望它更容易上手。他們需要幫助才能開始，成為主持人。第二件事是他們對家裡有陌生人有點緊張。所以我們已經解決了這兩個問題。 11 月 16 日，作為我們冬季發布的第一期的一部分，我們將推出一種全新的超級簡單的方式，讓數百萬人將他們的家放在 Airbnb 上。我對此感到非常興奮。我們已經為此工作了很長時間。

Second, to make people feel comfortable about having other people in their home, which will unlock a lot more everyday people putting their real homes on Airbnb, we are going to be providing some huge upgrades and improvements to AirCover for hosts. If we do these 2 things, I think we're going to help unlock significantly greater amounts of supply, which is already on top of the momentum that we have and we've seen in Q3.

其次，為了讓人們對家裡有其他人感到舒服，這將解鎖更多的日常人們將他們的真實房屋放在 Airbnb 上，我們將為房東提供一些對 AirCover 的重大升級和改進。如果我們做這兩件事，我認為我們將幫助釋放更多的供應，這已經超過了我們在第三季度看到的勢頭。

Maybe the final thing I'll just say is in addition to adding more supply in Airbnb, the Holy Grail is pointing demand to where we have supply because [I know night] globally on Airbnb, are we ever close to 100% occupied. It's just a matter of pointing demand to where we have supply. And this is the whole theory around Airbnb Category, that instead of hoping people type in the place you have available supply in the search box, you can then come and have more of a browse experience where we highlight homes that are available.

也許我要說的最後一件事是除了在 Airbnb 增加更多供應之外，聖杯將需求指向我們供應的地方，因為 [我知道 night] 全球在 Airbnb 上，我們是否曾經接近 100% 被佔用。這只是將需求指向我們有供應的地方的問題。這就是關於 Airbnb 類別的全部理論，而不是希望人們在搜索框中輸入你有可用供應的地方，然後你可以來並獲得更多的瀏覽體驗，我們會突出顯示可用的房屋。

So this is our holistic strategy.

所以這是我們的整體戰略。

As far as pain points as far as like from a regulatory standpoint, I mean, one of the things we've seen is a redistribution away from very large cities kind of to everywhere. And a lot of cities and a lot of local communities have been actually reaching out to us because they can see the economic opportunity we provide. So we're working really, really closely with these markets, but we're feeling very optimistic about our supply for 2023.

從監管的角度來看，就痛點而言，我的意思是，我們所看到的一件事是從非常大的城市重新分配到任何地方。許多城市和許多當地社區實際上已經與我們聯繫，因為他們可以看到我們提供的經濟機會。因此，我們正在與這些市場密切合作，但我們對 2023 年的供應感到非常樂觀。

Just to double click on a couple of Brian's points because I think it's really important. Because of these partnerships that we've had with local governments, especially on tax collection, we've delivered more than $6 billion in tourism-related taxes to local governments. I mean this is a material amount of money. And collecting -- remitting taxes, we do it in over 30,000 jurisdictions around the globe. And I think in terms of like zoning regulations, we believe that the reasonable regulation actually normalizes hosting. And when you normalize hosting, it can really be a foundation for future growth. So we actually think that you do this in a reasonable way, and it will actually be a tailwind to growth in the future.

只是雙擊布賴恩的幾點，因為我認為這非常重要。由於我們與地方政府建立了這些合作夥伴關係，特別是在稅收方面，我們已經向地方政府繳納了超過 60 億美元的與旅遊相關的稅收。我的意思是，這是一筆可觀的金錢。我們在全球 30,000 多個司法管轄區進行徵收——代繳稅款。而且我認為就分區規定而言，我們認為合理的規定實際上使託管正常化。當您規範託管時，它確實可以成為未來增長的基礎。所以我們實際上認為你這樣做是合理的，這實際上會成為未來增長的順風。

Next, we'll move to Brian Nowak at Morgan Stanley.

接下來，我們將轉向摩根士丹利的布賴恩·諾瓦克。

I have 2. The first one is just to maybe try to cut the business a little bit different way, what can you tell us about sort of your growth in active bookers or active stairs versus spend per booker that's sort of driving the business right now? And how have those cohorts that came in during COVID, how have they aged versus COVID which is cohorts you had prior to COVID.

我有 2 個。第一個可能只是嘗試以不同的方式削減業務，您能告訴我們您在活躍預訂者或活躍樓梯上的增長與每個預訂者的支出相比，這在某種程度上推動了現在的業務?以及在 COVID 期間進入的那些群組如何，與 COVID 之前的群組相比，他們的年齡如何。

And then the second one, Brian, you made so many improvements to the platform over the years from unflexible and trying to load balance supply and demand, et cetera. What can you tell us about the conversion of traffic now versus where it was, say, in 2019?

然後是第二個，Brian，多年來，您對平台進行瞭如此多的改進，包括不靈活和試圖負載平衡供需等等。你能告訴我們關於現在的流量轉換與比如 2019 年的流量轉換情況嗎？

All right. Awesome. Yes, Dave, do you want to take the first question?

好的。驚人的。是的，戴夫，你想回答第一個問題嗎？

Yes, in terms of the active bookers, I think you kind of step back and look at the marketing approach that we've had since pre-COVID and that we really has accelerated in COVID in a sense has been to continue to focus on the overall brand of Airbnb and to be less reliant on search engine marketing. We've been incredibly effective at that 90% of our traffic remains direct or unpaid which is driving a great return on investment for kind of new active bookers.

是的，就活躍的預訂者而言，我認為您有點退後一步，看看我們自 COVID 之前以來所採用的營銷方法，並且我們在 COVID 中確實加速了某種意義上是繼續專注於Airbnb 的整體品牌，減少對搜索引擎營銷的依賴。我們非常有效地處理了 90% 的流量仍然是直接的或無償的，這為新的活躍預訂者帶來了巨大的投資回報。

And so I think the return that we're getting on new has been quite good. And in terms of the cohorts of new, we're actually seeing that the cohorts that are coming in since COVID are actually as strong, if not even stronger than they were in prior to COVID. The people that are willing to kind of travel right now and experience Airbnb have -- are really sticky, and the cohorts are as strong if not stronger than we saw previously.

所以我認為我們獲得新的回報是相當不錯的。就新的群體而言，我們實際上看到，自 COVID 以來進入的群體實際上與 COVID 之前的群體一樣強大，甚至更強大。那些現在願意去旅行並體驗 Airbnb 的人 - 真的很粘人，而且這些群體與我們之前看到的一樣強大，如果不是更強大的話。

Sorry, I just want to answer about conversion of traffic for unflexible. So yes, at a high level, conversion on a year-over-year basis is up. But I would actually generally say, Brian, that we actually think about it even more broadly. When we launched Airbnb Categories, for example, one of the goals was not just increased conversion, but was actually to increase traffic. And there's a scenario where you can increase traffic, initially conversion can go down because you are a little bit more in the inspiration business.

對不起，我只是想回答一下不靈活的流量轉換。所以是的，在較高的水平上，同比轉化率上升。但實際上，我通常會說，布賴恩，我們實際上會更廣泛地考慮它。例如，當我們推出 Airbnb 類別時，目標之一不僅是增加轉化率，實際上是增加流量。還有一種情況是你可以增加流量，最初轉化率可能會下降，因為你在靈感業務中多了一點。

And there were people who are coming and they're dreaming and planning travel. So you really want to look at conversion over a longer period of time. But we have actually seen metronomic improvements in our conversion rate. But stays -- listings in Airbnb Categories since we launched on May 11 have been viewed more than 300 million times and with homes they would have never otherwise have known existed.

有些人來了，他們正在夢想和計劃旅行。所以你真的想在更長的時間內查看轉換。但我們實際上已經看到了轉化率的節拍式改進。但是，自我們於 5 月 11 日推出以來，Airbnb 類別中的房源已經被瀏覽了超過 3 億次，並且擁有他們從未知道存在的房屋。

So we're really excited about the progress we're making between Airbnb categories, which is really bringing a lot more traffic to Airbnb, pointing demand where we have supply, bringing us top of funnel. AirCover for guests, which is making people feel more assured about their experience and allowing a more consistent form of reliability. I think that we're going to continue to see a step change in improvement in the product from a guest experience. And this, of course, will continue to lead to greater conversion.

因此，我們對我們在 Airbnb 類別之間取得的進展感到非常興奮，這確實為 Airbnb 帶來了更多的流量，將需求指向我們有供應的地方，讓我們成為漏斗的頂端。 AirCover 為客人提供，這讓人們對他們的體驗更有信心，並提供更一致的可靠性形式。我認為我們將繼續看到客戶體驗在產品改進方面的進步。當然，這將繼續導致更大的轉變。

We'll go next to Doug Anmuth of JPMorgan.

我們將在摩根大通的 Doug Anmuth 旁邊。

First, Brian, I know you talked about strong growth in new hosts, and a lot of them seeing new income opportunities. But within that, is the macro environment and interest rates, is that putting any pressure on second homes in your view? And then secondly, if you could talk a little bit about the early returns on the spring update categories. Is there anything you can add just around conversion rates or what you might be seeing in incremental bookings?

首先，Brian，我知道你談到了新房東的強勁增長，其中很多人看到了新的收入機會。但是，在您看來，宏觀環境和利率是否會給第二套房產帶來壓力？其次，如果你能談談春季更新類別的早期回報。關於轉化率或您在增量預訂中可能看到的內容，您有什麼可以添加的嗎？

Yes, Doug, I mean, I'll let Dave fill in, in more detail. But at the highest level, I think it's actually pretty simple. In -- as the economy slows down, I think people are looking for more ways to make either supplemental income or like greater yield on the assets they have. And so we generally see a [selling] economy as a moment when more and more people are going to be presumably turning to Airbnb for hosting. And so whether it's second homes or primary homes, I think there's going to be a pretty big opportunity for us. And we just want to make sure that we provide great tools for people so they continue to list on Airbnb.

是的，道格，我的意思是，我會讓戴夫更詳細地填寫。但在最高級別，我認為這實際上非常簡單。在 - 隨著經濟放緩，我認為人們正在尋找更多方法來獲得補充收入或增加他們擁有的資產的收益。因此，我們通常將 [銷售] 經濟視為越來越多的人可能會轉向 Airbnb 進行託管的時刻。所以無論是第二套房還是第一套房，我認為這對我們來說將是一個非常大的機會。我們只是想確保我們為人們提供出色的工具，以便他們繼續在 Airbnb 上列出。

As far as some of the metrics we've seen, again, as I said, conversion has steadily picked up. Homes and Airbnb experiences have been viewed more than 300 million times. We're seeing us continue to spread out bookings to more and more markets, which is a bit of the holy grail, to point demand where we have supply.

正如我所說，就我們看到的一些指標而言，轉化率再次穩步上升。房屋和 Airbnb 體驗的瀏覽量已超過 3 億次。我們看到我們繼續將預訂分散到越來越多的市場，這有點像聖杯，將需求點在我們有供應的地方。

With AirCover for guests, which is another very important upgrade that we made, because this is -- AirCover for guests really addresses a bit of the (inaudible) fuel of Airbnb, which is on the one hand, we have this incredible one-of-a-kind home. Other hand, one of a kind can be variable in consistency. And so what we've seen with AirCover is we provide protection in the unlikely event that a host cancels or you get to a home and it's not as described.

使用 AirCover for 客人，這是我們進行的另一個非常重要的升級，因為這是 -- AirCover for 客人確實解決了 Airbnb 的一些（聽不清）燃料，一方面，我們有這個令人難以置信的一個- 一個溫馨的家。另一方面，一種類型的一致性可以是可變的。因此，我們在 AirCover 中看到的是，如果房東取消或您到家但情況與描述不符，這種情況不太可能發生，我們會提供保護。

And we've seen, since we've launched AirCover for guests, NPS is up and probably even more importantly, rebooking rates when a guest is dissatisfied, is also up. And so if we can do these 2 things: on the front end, continue to be more in the inspiration business, point demand where we have supply. On the back end, make sure that Airbnbs are meeting your expectations. And in the rare event that they don't, we make it right, then these are going to continue to unlock significantly greater growth for us in the year ahead.

而且我們已經看到，自從我們為客人推出 AirCover 後，NPS 上升了，而且可能更重要的是，當客人不滿意時，重新預訂率也在上升。因此，如果我們能做到這兩件事：在前端，繼續更多地從事靈感業務，在我們有供應的地方指出需求。在後端，確保 Airbnb 滿足您的期望。如果他們不這樣做，我們會做對，那麼這些將在未來一年繼續為我們帶來更大的增長。

Just to double quick on the strong -- the second home impact question. If you go back and think about the 4 million hosts that we have, we have a very different business than many others. So 90% of those hosts are individual hosts. They're the people that own a first -- a primary home or maybe a secondary home. And a big strength of our business, we saw this in COVID, is that people, even during an economic kind of shock period, they don't get rid of their primary home. They don't get necessarily [rid of their] secondary home, which is very different than professional hosts that maybe are doing an arbitrage of exact cost of ownership and return on the investment they can get on that specific property versus other alternatives. And so I think that this helps buffer any of those kind of impacts on our businesses, that individual host community.

只是為了快速翻倍強 - 第二個主場影響問題。如果您回過頭來想想我們擁有的 400 萬台主機，我們的業務與許多其他業務截然不同。因此，這些主機中有 90% 是單獨的主機。他們是擁有第一套房的人——第一套房或第二套房。我們業務的一大優勢，我們在 COVID 中看到了這一點，那就是人們，即使在經濟衝擊時期，他們也不會擺脫他們的主要家園。他們不一定會[擺脫他們的]二手房，這與專業房東可能會在確切的擁有成本和他們可以在該特定房產上獲得的投資回報與其他替代方案進行套利非常不同。因此，我認為這有助於緩衝對我們的業務和個人主機社區的任何此類影響。

We'll go next to Justin Post at Bank of America.

我們會去美國銀行的賈斯汀波斯特旁邊。

Great. One quick one. When you say ADRs could face some pressure. Is that quarter-over-quarter or year-over-year in Q4? And then much bigger picture, solid bookings for 31% growth. Guidance probably implies well over 20 in Q4. How do we think about the backlog for '23 on revenues or associate that with potential revenue growth next year?

偉大的。一快一。當你說 ADR 可能會面臨一些壓力時。第四季度是環比還是同比？然後是更大的圖景，穩定的預訂量增長了 31%。指導可能意味著第四季度超過 20 個。我們如何看待 23 年的收入積壓或將其與明年的潛在收入增長聯繫起來？

All right, Dave, I think you can take this one. .

好吧，戴夫，我想你可以拿走這個。 .

Sure. On the year-over-year for Q4 -- the Q4 pressure ADR is year-over-year. In terms of the backlog for '23, it's a little early to tell, but really, what we're seeing is continued strong demand for travel overall. Like I said, when you look back to historic levels of growth back to 2019, we're seeing stable to increasing demand. We have strong bookings on the books for Q4, but then there will be fewer on the books yet for it kind of tails off into 2023. So it's a little early to say. But we're seeing no hints of a decline in people's demand and willingness to travel. It's just a little early to extrapolate much further.

當然。與第四季度相比，第四季度的壓力 ADR 與去年同期相比。就 23 年的積壓而言，現在說還為時過早，但實際上，我們看到的是整體旅行需求持續強勁。就像我說的，當你回顧 2019 年的歷史增長水平時，我們看到需求穩定增長。我們在第四季度的書籍預訂量很大，但是到 2023 年，書籍的預訂量將會減少。所以現在說還為時過早。但我們沒有看到人們旅行需求和意願下降的跡象。現在進一步推斷還為時過早。

We'll move next to Mario Lu at Barclays.

我們將搬到巴克萊的 Mario Lu 旁邊。

First one is for Brian. You mentioned earlier this one that redesigning pricing and better transparency is a top priority for you. How much of an uplift could this be to conversion potentially? And what changes should we expect to see?

第一個是給布賴恩的。您之前提到過，重新設計定價和提高透明度是您的首要任務。這對潛在的轉化有多大的提升？我們應該期待看到哪些變化？

Yes. Mario, Yes. Just to give a little more context to those listening about pricing. Right now, we have pricing that is primarily displayed on a nightly rate. Hosts can then choose to add a cleaning fee, and then Airbnb adds service fees. And one of the things that we've been hearing from guests, and we heard it loud and clear, is that people would like a little more transparency about what they're actually paying when they first get to Airbnb.

是的。馬里奧，是的。只是為了給那些傾聽定價的人更多的背景信息。目前，我們的定價主要以每晚價格顯示。然後房東可以選擇加清潔費，然後Airbnb加服務費。我們從客人那裡聽到的一件事，而且我們聽到得很清楚，那就是人們希望在他們第一次到 Airbnb 時實際支付的費用更加透明。

And so we are working on redesigning how pricing works on Airbnb, so people better understand the total price they're going to pay the moment they arrive at Airbnb, and it's not a surprise to them. So I think the north star for us on this matter is transparency. I think the benefit of this is going to be -- we also want to make it easier for a host to understand what they're charging. And sometimes, hosts tell us that they're not aware of what guests are paying because as you know, we add a guest service fee on top of the price that the hosts charge.

因此，我們正在努力重新設計 Airbnb 的定價方式，以便人們更好地了解他們到達 Airbnb 的那一刻要支付的總價格，這對他們來說並不奇怪。所以我認為我們在這個問題上的北極星是透明度。我認為這樣做的好處是——我們還想讓房東更容易理解他們的收費。有時，房東告訴我們他們不知道房客支付的費用，因為如您所知，我們會在房東收取的價格之上增加房客服務費。

And occasionally, hosts that they are charging more than they intended to. And so we are updating some of the tools to make it easier for hosts to understand what they're charging, and this will allow them to be more competitive. In addition to that, we're going to be updating our search ranking algorithm. We've been making some refinements to prioritize home that offer a better value. And of course, when a guest checks out, they leave a 5-star rating.

有時，他們收取的費用超出了他們的預期。因此，我們正在更新一些工具，讓房東更容易了解他們的收費，這將使他們更具競爭力。除此之外，我們將更新我們的搜索排名算法。我們一直在進行一些改進，以優先考慮提供更高價值的房屋。當然，當客人退房時，他們會留下 5 星評級。

One of the questions we ask is on a scale of 1 to 5, how good of a value was this, and homes that offer a great value are going to be prioritized higher in search results. And in addition to that, we're going to continue to develop new discounting tools, discounting tools like seasonal discounts, weekly discounts, peak season discounts and really tools to make hosts more competitive. If we do all this, I do believe the prices will get even more competitive. And one of the things we know is obviously as the prices get more competitive, conversion rate goes up, and as conversion rate goes up, bookings go up.

我們提出的問題之一是從 1 到 5 分，這個值有多好，提供高價值的房屋將在搜索結果中獲得更高的優先級。除此之外，我們將繼續開發新的折扣工具、季節性折扣、每周折扣、旺季折扣等折扣工具，以及讓房東更具競爭力的真正工具。如果我們做到這一切，我相信價格會變得更有競爭力。我們知道的一件事顯然是隨著價格變得更具競爭力，轉化率上升，隨著轉化率上升，預訂量上升。

And just the final thing to say is we'll have some updates on this soon. I'll be in making some announcements soon.

最後要說的是，我們很快就會對此進行一些更新。我很快就會發布一些公告。

Great. And just one on the operational take rate. I believe it's still above 14% and has not changed much over the past few years. So firstly, one, is that correct? And if so, what are your thoughts on adjusting up or down in the future to drive demand?

偉大的。只有一個關於運營率。我相信它仍然高於 14%，並且在過去幾年中沒有太大變化。那麼首先，一個，這是正確的嗎？如果是這樣，您對未來向上或向下調整以推動需求有何想法？

Yes, it's a great question, Mario. I'll start and Dave, you can feel free to jump in. We do not have an intention to increase take rate. I mean this is a company that, obviously, in the last quarter, did more than $1 billion in net income, nearly $1 billion of free cash flow. So I think there's a lot of levers to increase monetization on Airbnb, but I don't think we have to increase take rate to do that.

是的，這是一個很好的問題，馬里奧。我會開始，戴夫，你可以隨意加入。我們無意提高接受率。我的意思是，這家公司顯然在上個季度實現了超過 10 億美元的淨收入和近 10 億美元的自由現金流。所以我認為有很多槓桿可以增加 Airbnb 的貨幣化，但我認為我們不需要提高獲取率來做到這一點。

In other words, there's opportunities like to allow additional services to host that we could charge for, and we think they pay for that we can do. So there's a lot of ways to increase the take rate on Airbnb. There are going to be some areas where we can probably optimize and improve take rates and potentially lower a little bit like on long-term space.

換句話說，有機會允許託管我們可以收費的額外服務，我們認為他們會為我們可以做的事情付費。因此，有很多方法可以提高 Airbnb 的錄取率。在某些領域，我們可能可以優化和提高獲取率，並可能像長期空間一樣降低一點。

If you're booking a place for 2, 3, 4 months, we think conversion rate might go up if we were to lower the take rate a little bit. But I don't think this would cut into our current business. I think that might actually keep more bookings on the platform. So we are going to continue to look at some optimization, but we think that we provide a great value. And I think if we make some of these pricing and discount changes in the coming future, I think the value on Airbnb will get even better. We're going to remain disciplined on our expenses. And there's a lot of monetization opportunities going forward. But our general view is if we're going to charge more, we should provide more. That's our North Star.

如果您預訂 2、3、4 個月的房源，我們認為如果我們稍微降低接受率，轉化率可能會上升。但我認為這不會影響我們目前的業務。我認為這實際上可能會在平台上保留更多預訂。所以我們將繼續研究一些優化，但我們認為我們提供了很大的價值。我認為，如果我們在未來做出一些定價和折扣變化，我認為 Airbnb 的價值會變得更好。我們將在開支上保持自律。未來還有很多變現機會。但我們的普遍看法是，如果我們要收取更多費用，我們應該提供更多。那是我們的北極星。

(Operator Instructions) We'll go next to Bernie McTernan at Needham & Company.

（操作員說明）我們將前往 Needham & Company 的 Bernie McTernan 旁邊。

I realize that you guys are saying you're not seeing any negative impact yet from the macro on the consumer. But as you think about different scenarios playing out and the potential impact of a recessionary environment, is there any cohort or demographic data that you see from your consumers that makes you think Airbnb could be more resilient than broader travel?

我意識到你們說你們還沒有看到宏觀對消費者的任何負面影響。但是，當您考慮不同的情景以及經濟衰退環境的潛在影響時，您是否從消費者那裡看到任何群組或人口統計數據，讓您認為 Airbnb 可能比更廣泛的旅行更具彈性？

I mean I could answer that high level, and Dave, you can go in. I mean it's a very great question. One of the things we noticed during the pandemic -- one of the lessons of the pandemic is I think Airbnb is the most adaptable business model in all of travel. And the reason why is we're not just a European business, we're not just a North American business. We are a truly global business. We're in 100,000 cities all over the world. We're not just a vacation rental business. We're also an urban business, also a cross-border business. We're not just a family business. We're also popular with millennials, Gen Z and retirees at nearly every type of price point. So I think that however travel demand changes, we'll be able to adapt.

我的意思是我可以回答那個高水平的問題，戴夫，你可以進去。我的意思是這是一個非常好的問題。我們在大流行期間注意到的一件事——大流行的教訓之一是我認為 Airbnb 是所有旅行中適應性最強的商業模式。原因是我們不僅僅是一家歐洲企業，我們不僅僅是一家北美企業。我們是一家真正的全球企業。我們遍布全球 100,000 個城市。我們不僅僅是一家度假租賃公司。我們也是城市企業，也是跨境企業。我們不僅僅是一家家族企業。我們在幾乎所有價位都深受千禧一代、Z 世代和退休人員的歡迎。所以我認為無論旅行需求如何變化，我們都能適應。

And that's one of the great things about our model. It's a global network, guests become hosts. Most hosts are regular people that tell their friends about Airbnb, which is why when a market occupancy increases, it tends in itself create more supply. So these are some of the reasons why we feel very, very excited about our ability to continue to adapt given this challenging macroeconomic environment. Dave, I don't know if you want to add anything to it?

這是我們模型的一大優點。這是一個全球網絡，客人成為主人。大多數房東都是向朋友介紹 Airbnb 的普通人，這就是為什麼當市場佔有率增加時，它本身往往會創造更多供應。因此，鑑於這一充滿挑戰的宏觀經濟環境，我們對我們能夠繼續適應的能力感到非常非常興奮，這就是其中一些原因。戴夫，我不知道你是否想添加任何東西？

Yes, I'll just double click. I mean, it's just a great value that we provide, right, that can people can pick anything from -- from budget to luxe. And if a person has a certain kind of budget constraint, they can choose to maybe get a slightly smaller place or place with fewer amenities, maybe they're go further out, like they can adjust the type of home they want based on their budget. And I think Airbnb has such a diversity of offerings that, that enables them to do it uniquely with us, which is very different than the flexibility they might have in hotels.

是的，我只是雙擊。我的意思是，我們提供的只是一個巨大的價值，對，人們可以從中挑選任何東西——從預算到奢華。如果一個人有某種預算限制，他們可以選擇可能會選擇一個稍微小一點的地方或設施較少的地方，也許他們會走得更遠，比如他們可以根據自己的預算調整他們想要的房屋類型.而且我認為 Airbnb 提供如此多樣化的產品，這使他們能夠與我們一起做獨一無二的事情，這與他們在酒店中可能擁有的靈活性非常不同。

We'll move next to James Lee at Mizuho. .

我們將搬到瑞穗的 James Lee 旁邊。 .

And when we spoke with hoteliers in general, I think they're planning to keep the ADRs high and with reduced staffing levels. So just curious what you're thinking, does that present an opportunity for you to price your product more dynamically to demand and gain share? And also considering -- are you also considering a price structure change charging guest fees given the tighter consumer budget?

當我們與一般酒店經營者交談時，我認為他們計劃保持較高的 ADR 並減少人員配備水平。所以只是好奇你在想什麼，這是否為你提供了一個更動態地為產品定價以滿足需求和獲得份額的機會？並且還要考慮 - 鑑於消費者預算緊張，您是否也在考慮改變收取客人費用的價格結構？

Yes, James, yes, I think that as we give more tools to host to be able to dynamically price, they can be more competitive. And as they are more competitive, then we will continue to gain more share. So anything that allows greater value allows for more share.

是的，詹姆斯，是的，我認為隨著我們為主機提供更多工具以實現動態定價，它們可以更具競爭力。隨著他們更具競爭力，我們將繼續獲得更多份額。因此，任何能夠帶來更大價值的東西都會帶來更多份額。

We don't -- we're not -- other than changing how pricing will be displayed to make it more transparent, intuitive and to continue to offer better value, we're not actually looking at a fundamental change to our pricing structure.

我們沒有——我們沒有——除了改變定價的顯示方式以使其更加透明、直觀並繼續提供更好的價值之外，我們實際上並沒有考慮對我們的定價結構進行根本性的改變。

We'll move next to Richard Clarke at Bernstein.

我們將搬到伯恩斯坦的理查德克拉克旁邊。

Just wondering, based on the commentary you're seeing urban coming back, how normal are we in that mix at the moment? And can you possibly quantify what the ADR headwind might be as urban continues to come back? And then maybe just the same question regionally, you're more skewed to the North American market than you were pre COVID. Is that because those use cases are a bigger factor in North America? Or do you expect further changes in the geographical mix over time as well?

只是想知道，根據你看到城市回歸的評論，我們目前在這種組合中有多正常？隨著城市的不斷回歸，您能否量化 ADR 逆風可能是什麼？然後在地區範圍內可能只是同樣的問題，與 COVID 之前相比，您更傾向於北美市場。那是因為這些用例在北美是一個更大的因素嗎？或者您是否預計隨著時間的推移地理組合也會發生進一步的變化？

Yes, Dave. Do you want to take this one?

是的，戴夫。你想拿這個嗎？

Sure. In terms of like urban coming back, it just continues to be a higher and higher percentage of our overall mix. It's not quite back to where it was in 2019, and it may never quite be because we see such great strength in our nonurban. But urban is strengthening each quarter, and so that's the trend that we're seeing on the urban side. And I think it's actually similar on the cross-border international side.

當然。就類似城市回歸而言，它在我們的整體組合中所佔的比例越來越高。它還沒有完全回到 2019 年的水平，而且可能永遠不會完全恢復，因為我們在非城市地區看到瞭如此強大的力量。但是城市每個季度都在加強，這就是我們在城市方面看到的趨勢。我認為在跨境國際方面實際上是相似的。

We're not back to where we were in kind of 2019 level. Gross nights were like 48%, were cross-border back in 2019. And what we've just seen is a cross-border continues to be a greater, greater percentage every quarter, but we're not quite back to where we were in 2019.

我們還沒有回到 2019 年的水平。總夜數約為 48%，早在 2019 年是跨境的。而且我們剛剛看到的是，每個季度跨境的比例都越來越高，但我們還沒有完全回到原來的水平2019 年。

We'll move next to Mark Mahaney at Evercore ISI.

我們將搬到 Evercore ISI 的 Mark Mahaney 旁邊。

Okay. Let's see. David, could I ask you just the over-earning question. That the free cash flow margins are truly very impressive. Just you really see them, you've been at 40% plus or roughly for the last 3 quarters on a trailing 12-month basis. What would cause those margins to go materially higher or lower from here? Or is there a reason to think that they're roughly sustainable?

好的。讓我們來看看。大衛，我可以問你超額收入的問題嗎？自由現金流利潤率確實非常令人印象深刻。只要您真正看到它們，在過去 12 個月的基礎上，您在過去 3 個季度中一直保持在 40% 以上或大約 40% 以上。什麼會導致這些利潤率從這里大幅上升或下降？還是有理由認為它們大致可持續？

And then can I just ask about categories? I know somebody asked about this earlier. But Brian, these features can sometimes take quite a long time to kind of get broadly used and adopted and they can have a major impact. And I think this is one of those that could. How long do you think it's going to take for Categories to be kind of widely adopted used and really start impacting and helping people better match up that supply -- all the supply you have with the demand that's out there.

然後我可以只問類別嗎？我知道之前有人問過這個問題。但是布賴恩，這些功能有時可能需要很長時間才能被廣泛使用和採用，並且它們可能會產生重大影響。我認為這是其中之一。您認為類別需要多長時間才能被廣泛採用並真正開始影響並幫助人們更好地匹配供應 - 您擁有的所有供應與那裡的需求。

All right. So we have 2 questions. I think, Dave, you can take the first one, and then I'll take Categories.

好的。所以我們有2個問題。我想，戴夫，你可以選第一個，然後我會選類別。

Excellent. So yes, the free cash flow, I'm really proud of our delivery of the free cash flow and the free cash flow margin. So thanks for calling it out. I mean we've just made substantial improvement in the overall profitability of our business, right? We've radically adjusted our marketing expenditures to be substantially lower. We've made metronomic improvement in our variable costs. We're seeing great leverage in our fixed costs. We're being incredibly disciplined in our fixed cost growth, and that will continue going forward.

出色的。所以，是的，自由現金流，我真的為我們提供的自由現金流和自由現金流利潤率感到自豪。所以謝謝你叫出來。我的意思是我們剛剛在業務的整體盈利能力方面取得了實質性的改善，對吧？我們已經從根本上調整了我們的營銷支出以大幅降低。我們對可變成本進行了節拍改進。我們在固定成本方面看到了巨大的影響力。我們在固定成本增長方面受到了令人難以置信的自律，這將繼續向前發展。

And so all of those will be tailwinds to being able to maintain or even increase our free cash flow margins over time. As average daily rates could moderate next year, that does put a little bit of a headwind towards our margins. But I think the improvements in our variable costs and the fixed cost leverage should enable us to maintain or even increase free cash flow margins over the longer term.

因此，隨著時間的推移，所有這些都將成為能夠維持甚至增加我們的自由現金流利潤率的利好因素。由於明年平均每日利率可能會放緩，這確實對我們的利潤率造成了一點阻力。但我認為我們可變成本和固定成本槓桿的改善應該使我們能夠在長期內維持甚至增加自由現金流利潤率。

What we'll continue to have is greater expansion in free cash flow margin. Some of the things that Brian talked about a little bit ago would be kind of incremental services or activities that we add for guests or hosts over time. And there's no immediate announcements of major changes that you should anticipate in '23, but know that, that is a focus for us, and over a more extended period, will drive incremental revenue for us and incremental margin.

我們將繼續擁有的是自由現金流利潤率的更大擴張。布賴恩剛才談到的一些事情是我們隨著時間的推移為客人或主人添加的增量服務或活動。並且沒有立即宣布您應該在 23 年預期的重大變化，但要知道，這是我們的重點，並且在更長的時期內，將為我們帶來增量收入和增量利潤。

Yes. And to answer your other question about the kind of timing for wide adoption of Airbnb categories, it's a great question. I think just to kind of zoom out, customers of travel have been, as you know, trained over the last 25 years to search a certain way. And that way is to go to a website, there's a search box, you type in where you want to go and you search. And then what you get is a list of results. You refine the results, you compare sometimes the different websites, different apps and then you make a booking.

是的。為了回答您關於廣泛採用 Airbnb 類別的時機的其他問題，這是一個很好的問題。我認為只是為了縮小範圍，如您所知，旅行客戶在過去 25 年中接受過培訓以搜索某種方式。那就是去一個網站，有一個搜索框，你輸入你想去的地方然後搜索。然後你得到的是一個結果列表。您優化結果，有時比較不同的網站、不同的應用程序，然後進行預訂。

And I think this is going to be a multiyear transition to retrain kind of customers about how they can search for travel on Airbnb. But I think we're going to start to see some really great momentum next year. Again, we're already seeing people discover homes they never knew existed. We're seeing a lot more people engage with categories. The homes and categories have been viewed more than 300 million times, we're going to continue to be making improvements to this every single year. We have some upgrades coming out in 2 weeks in November. And of course, you're going to see some upgrades beyond that as well.

而且我認為這將是一個多年的過渡，以重新培訓這類客戶如何在 Airbnb 上搜索旅行。但我認為明年我們將開始看到一些非常好的勢頭。同樣，我們已經看到人們發現了他們從未知道存在的房屋。我們看到越來越多的人參與到類別中。房屋和類別的瀏覽量已超過 3 億次，我們將繼續每年對此進行改進。我們將在 11 月的 2 週內推出一些升級。當然，您還會看到除此之外的一些升級。

So I think this is a really great opportunity for us. And again, because we're a little more concentrated in vacation travel, the business travel, and because people are increasingly more flexible when they travel, we think they're going to be much more open to ideas from Airbnb.

所以我認為這對我們來說是一個非常好的機會。再說一次，因為我們更專注於度假旅行和商務旅行，而且人們在旅行時變得越來越靈活，我們認為他們會對 Airbnb 的想法更加開放。

And part of this is idea of me becoming more at the top of the funnel. The way the travel funnel used to be, if you go to one website to figure out where to travel, these are typically travel content sites. Then you go to the next site, typically to book your flight, and then the third thing you do is get your hotel or get your housing. So Airbnb was kind of step 3. And we'd like Airbnb to go from kind of step 3 to step 1. This is going to take some retraining for everything to go from step 3 to step 1, but I think there's definitely a line of sight to getting there.

其中一部分是我變得越來越處於漏斗頂部的想法。旅行漏斗過去的方式，如果你去一個網站找出去哪裡旅行，這些通常是旅遊內容網站。然後你去下一個站點，通常是預訂你的航班，然後你做的第三件事就是得到你的旅館或得到你的住房。所以Airbnb是第3步。我們希望Airbnb從第3步到第1步。這需要一些再培訓才能從第3步到第1步，但我認為肯定有一條線到達那裡的視線。

We'll go next to Stephen Ju at Credit Suisse.

我們將在瑞士信貸的斯蒂芬朱旁邊。

Okay. Brian. So you guys took off you -- you guys took out the China supply but maintained your outbound business. It's probably a little bit too early to tell and there probably isn't a lot of outbound happening as of yet. But is there anything we should worry about from a customer acquisition funnel or retention standpoint because the Airbnb use case for, I guess, the Chinese traveler is going to get reduced to, I guess, international only versus what was previously domestic plus international?

好的。布賴恩。所以你們離開了你們——你們去掉了中國的供應，但維持了你們的海外業務。現在說可能還為時過早，而且目前可能還沒有很多出境事件發生。但是，從客戶獲取渠道或保留的角度來看，有什麼我們應該擔心的嗎，因為我猜，Airbnb 的用例將減少到，我猜，我猜是，與以前國內加國際的相比，中國旅行者將減少到只提供國際服務？

Yes, Stephen. I mean the crown jewel of our China business was always, and we thought always was going to be the China outbound business. And the reason why is the take rate was higher for the outbound business than it was for the domestic business. the inventory is more unique. There's less competition and the average daily rate is a lot higher. So the outbound business was always the price part of our business, and that's what we're focused on.

是的，斯蒂芬。我的意思是，我們中國業務的皇冠上的明珠一直是，我們認為一直是中國出境業務。原因是出境業務的錄取率高於國內業務。庫存更獨特。競爭較少，平均每日費率要高得多。因此，出境業務一直是我們業務的價格部分，這也是我們關注的重點。

Now as you know, not a lot of people are leaving the country right now, but we want to be prepared for when they do. And they eventually will, of course. And so the 2 things we're doing to prepare is, number one, we're going to be continuing to invest in our brand in China. And number two, if people are traveling and they're leaving China, they're going to other countries, and we would call these the corridor countries. And the primary place they're first probably going to go is intra-region.

如您所知，現在離開這個國家的人並不多，但我們希望為他們離開這個國家做好準備。當然，他們最終會的。所以我們準備做的兩件事是，第一，我們將繼續在中國投資我們的品牌。第二，如果人們正在旅行並且他們要離開中國，他們會去其他國家，我們稱這些為走廊國家。他們首先可能要去的主要地方是區域內。

So they're presumably going to be going to Southeast Asia, Korea, Japan, eventually, they'll go a little further to Europe and then they'll presumably come back to the United States, especially maybe the kind of some of the coastal cities. And this is kind of how I think travel may recover. And so what we need to do is make sure we have enough supply in these corridors and continue to invest in our brand in China.

所以他們大概會去東南亞，韓國，日本，最終，他們會去歐洲更遠一點，然後他們大概會回到美國，尤其是一些沿海的城市。這就是我認為旅行可能會恢復的方式。所以我們需要做的是確保我們在這些走廊有足夠的供應，並繼續在中國投資我們的品牌。

And I think by only having an outbound business, we can actually focus all of our investments just on that, and it actually makes a lot more cost effective, a lot more efficient. And one thing I've learned is the more focused we are, the more likely we are to achieve our results. So that's what we're feeling. We're actually feeling really confident about the prospects for China. It's just going to be a longer like payoff than -- because of the fact that not a lot of people are leaving the country and traveling right now.

而且我認為，僅通過對外業務，我們實際上可以將所有投資都集中在這方面，這實際上使成本效益更高，效率更高。我學到的一件事是，我們越專注，就越有可能取得成果。這就是我們的感受。實際上，我們對中國的前景充滿信心。這將比回報更長——因為現在沒有多少人離開這個國家旅行。

We'll go next to Eric Sheridan at Goldman Sachs. .

我們將在高盛的埃里克謝里登旁邊。 .

Maybe a 2-parter, if I can, on investment strategy. Obviously, we have a lot of technology companies that are talking about slowing hiring, possibly pruning talent out of their organizations. How do you think that positions you to possibly upgrade talent within the organization, Brian? And how are you thinking about hiring goals over the next sort to 12 to 18 months?

如果可以的話，也許是兩方的投資策略。顯然，我們有很多科技公司都在談論放緩招聘，可能會從他們的組織中剔除人才。布賴恩，你認為這如何使你有可能提升組織內的人才？您如何看待未來 12 到 18 個月的招聘目標？

And then the second part of the question is, obviously, a slow in the economy would not be like the existential crisis that travel felt in spring of 2020. But what's your broader philosophy of investing through a soft patch in the economy or more closely aligning revenue growth with expense growth if you did see a soft patch over a couple of quarters?

然後問題的第二部分是，顯然，經濟放緩不會像 2020 年春季旅行所感受到的生存危機。但是，您通過經濟疲軟或更緊密地調整進行投資的更廣泛理念是什麼如果您確實看到幾個季度的疲軟補丁，收入增長與支出增長？

Yes. Eric, good to talk to you. Yes, let me just recap how we think about expense management and investment. Before the pandemic, we were essentially a nearly breakeven business doing like a little under $250 million in loss from an EBITDA perspective. And of course, when the pandemic hit, we lost 80% of our business, and we completely changed our cost structure.

是的。埃里克，很高興和你談談。是的，讓我回顧一下我們對費用管理和投資的看法。在大流行之前，我們基本上是一家幾乎盈虧平衡的企業，從 EBITDA 的角度來看，虧損略低於 2.5 億美元。當然，當大流行來襲時，我們損失了 80% 的業務，我們徹底改變了成本結構。

And out of that crisis, we made a decision. And the decision we made is we weren't going to wait for another crisis, another weakened economy or a recession to change how we invest or run the company. So we were going to be lean regardless of the economy. In other words, we were going to go from the Navy to the Navy Seal, a small, lean, elite group.

走出那場危機，我們做出了決定。我們做出的決定是，我們不會等待另一場危機、另一場疲軟的經濟或衰退來改變我們投資或經營公司的方式。因此，無論經濟如何，我們都將變得精益求精。換句話說，我們將從海軍走向海豹突擊隊，這是一個小型、精幹的精英團隊。

And so we're a small team, we're functionally organized. We're only slightly more than 6,000 people in the beginning of this year before, obviously, the economy took a turn for the worst, we still only had a plan to hire 7% to 8% more employees. In other words, we had a plan to be really profitable, and we were planning for a storm. And so we have not had to change anything about our hiring plans. We don't intend to change anything about our hiring plans in the next 12 to 18 months regardless of the economy because one of the lessons we've learned is the smaller we are, the more nimble we are, the faster we can move. And not only can we be more profitable, we can actually grow faster. And we've been actually more productive than we ever were in our history. We've made more than 150 upgrades in innovation across the core service.

所以我們是一個小團隊，我們在功能上是有組織的。今年年初我們只有6000多人，顯然，經濟出現了最壞的轉機，我們仍然只有一個計劃要多僱傭7%到8%的員工。換句話說，我們有一個真正有利可圖的計劃，而且我們正在計劃一場風暴。因此，我們不必更改招聘計劃的任何內容。無論經濟狀況如何，我們都不打算在未來 12 到 18 個月內改變我們的招聘計劃，因為我們吸取的教訓之一是我們越小，越靈活，我們就能越快行動。我們不僅可以獲得更多利潤，而且實際上可以更快地增長。我們實際上比歷史上任何時候都更有效率。我們已經對核心服務進行了 150 多次創新升級。

So we are still really aggressive about trying to attract the best of our generation to this company, but that doesn't mean hiring a lot of people. We are really embracing being a lean organization, which is partly our functional structure. We're not a business organization where you'd have 4 marketing departments. We have one functional organization, and so that allows us to be quite a bit leaner.

所以我們仍然非常積極地試圖吸引我們這一代最優秀的人才加入這家公司，但這並不意味著要雇傭很多人。我們真的很樂意成為一個精益組織，這在一定程度上是我們的職能結構。我們不是一個擁有 4 個營銷部門的商業組織。我們有一個職能組織，這讓我們變得更加精簡。

And I guess that goes to your other question, which is slowness in the economy. Well, regardless of what happens to the economy, our model is highly adaptable. We have a very low expense base. And we're pretty efficient with marketing.

我想這涉及到你的另一個問題，那就是經濟放緩。好吧，無論經濟發生什麼，我們的模型都具有很強的適應性。我們的費用基礎非常低。而且我們的營銷效率很高。

We spent a lot less on marketing than our competitors, and the vast majority of our traffic is direct. So whatever happens to the economy, I think we're in a pretty good position where we won't have to change the way we run the company. But I think we've proven if we ever have to, of course, we will. But I don't expect for us to have to make a lot of changes because of how much cash we're generating because of how lean we already are.

與競爭對手相比，我們在營銷上的花費要少得多，而且我們的絕大多數流量都是直接的。因此，無論經濟發生什麼變化，我認為我們都處於一個非常好的位置，我們不必改變我們經營公司的方式。但我認為我們已經證明了我們是否必須這樣做，當然，我們會這樣做。但我不認為我們必須做出很多改變，因為我們已經產生了多少現金，因為我們已經很精益了。

And if I double-click on one area is that we announced our Live and Work Anywhere policy this year, and I think that has enabled us to hire the best people in the world regardless of where they live. And so to Brian's point about hiring fewer, more senior, more experts in areas, this has clearly been able to make sure that we're getting the best talent in the world.

如果我雙擊一個領域，那就是我們今年宣布了我們的“隨時隨地生活和工作”政策，我認為這使我們能夠僱傭世界上最優秀的人，無論他們住在哪裡。所以就布賴恩的觀點而言，僱傭更少、更資深、更多領域的專家，這顯然能夠確保我們獲得世界上最優秀的人才。

Yes. And maybe the last thing I'll just say is I think that we learned a lot of lessons probably a year or 2 earlier than a lot of other tech companies because we were hit so hard so early. But I think the adversity, the challenge we had just made us a much more focused, a much better company.

是的。也許我要說的最後一件事是，我認為我們比許多其他科技公司早一兩年吸取了很多教訓，因為我們這麼早就受到了沉重打擊。但我認為逆境和挑戰讓我們變得更加專注，成為一家更好的公司。

And one of the commitments we made is we're never going to forget the lessons from the pandemic. We're never going to lose our discipline. Because the more disciplined we are, the more focused we are, not only to become more profitable, but we actually innovate faster. And so those principles are here to stay.

我們做出的承諾之一是我們永遠不會忘記大流行的教訓。我們永遠不會失去紀律。因為我們越自律，就越專注，不僅是為了獲得更多利潤，而且我們實際上創新得更快。因此，這些原則將繼續存在。

We'll move next to Ron Josey at Citi.

我們將搬到花旗的 Ron Josey 旁邊。

Maybe a bigger picture question first, Brian, and then Dave, one for you on just guidance. Just I think, Brian, you were talking maybe intra-quarter about AirCover being a major franchise going forward. Clearly, we'll hear more about this in the winter release. But just talk to us about how air cover might expand longer term. We clearly see it for guests, for hosts. We know we'll have more updates here in the next week or 2.

也許首先是一個更大的問題，布賴恩，然後是戴夫，一個只為您提供指導的問題。只是我認為，布賴恩，您可能在季度內談論 AirCover 是未來的主要特許經營權。顯然，我們將在冬季版本中聽到更多關於此的信息。但是，請與我們談談空中覆蓋如何長期擴大。我們清楚地看到它為客人，為主人。我們知道我們將在下週或 2 週內有更多更新。

But just bigger picture, how you see it as a franchise. And then, Dave, just on guidance, I think in the letter, we mentioned longer lead time for bookings, stronger backlog for 4Q. Just trying to understand how that might compare to where we were maybe in prior periods at the same time.

但只是更大的圖景，你如何看待它作為一個特許經營權。然後，戴夫，我認為在信中的指導下，我們提到了更長的預訂提前期，更強的第四季度積壓。只是想了解這與我們在同一時間可能處於的位置相比如何。

All right. I'll take the first one, Ron. So yes, questions around kind of the longer-term strategy around AirCover. And maybe the way to explain AirCover, let's just take -- as an analogy, let's take Amazon. So my recollection of Amazon, this will go back maybe 20 years, is 20 years ago, Amazon, even back then, their core retail business was an amazing product. They had the most amount of selection on the Internet, and they have the lowest prices.

好的。我要第一個，羅恩。所以，是的，關於 AirCover 的長期戰略的問題。也許解釋 AirCover 的方式，讓我們以 - 作為類比，讓我們以亞馬遜為例。所以我對亞馬遜的回憶，這可能要追溯到 20 年前，是 20 年前，亞馬遜，即使在那個時候，他們的核心零售業務是一個了不起的產品。他們在互聯網上的選擇最多，價格最低。

But the problem with Amazon is they had an Achilles' heel. And the Achilles' feel was they were competing with walking in a store and taking something out at that moment. And so one of the things they created was Amazon Prime, which was obviously addressing the core Achilles' heel, which was shipping. I think every business has to understand what its potential weakness is. I think the great thing about Airbnb's model is we similarly have probably the widest selection of accommodations, and everything we have is truly one of a kind at a great value.

但亞馬遜的問題是他們有一個致命弱點。而阿喀琉斯的感覺是，他們當時正在與在商店裡走來走去拿東西競爭。所以他們創造的東西之一就是 Amazon Prime，它顯然是在解決核心的阿喀琉斯之踵，那就是運輸。我認為每個企業都必須了解其潛在的弱點是什麼。我認為 Airbnb 模式的偉大之處在於，我們同樣可能擁有最廣泛的住宿選擇，而且我們擁有的一切都是真正物超所值的同類之一。

But our challenge is, unlike a hotel, we don't control the inventory, and it cannot structurally always be as consistent. We can't expect every property. So AirCover similar for consistency, addresses something similar to what Prime did for Amazon with shipping, which is to say, what if we could take this off the table, this question of consistency. And on the host side, the protections have led to a huge increase in NPS. Our NPS for AirCover for a host is over 60. And this is after something happened to your home. So clearly, this was a huge hit. And it was so popular that we decided to bring it to guests. And I think where this can go is over the coming years, we can offer increasingly more protection, more coverage for more different use cases.

但我們面臨的挑戰是，與酒店不同，我們無法控制庫存，而且它在結構上也無法始終保持一致。我們不能指望每一個財產。所以 AirCover 類似的一致性，解決了類似於 Prime 為亞馬遜在運輸方面所做的事情，也就是說，如果我們可以把它從桌面上拿下來，這個一致性問題。在主機方面，保護措施導致 NPS 大幅增加。我們為主機提供的 AirCover NPS 超過 60。這是在您的家發生某些事情之後。很明顯，這是一個巨大的打擊。它非常受歡迎，我們決定把它帶給客人。而且我認為這可以在未來幾年發展，我們可以提供越來越多的保護，為更多不同的用例提供更多覆蓋。

And I think the North Star for AirCover is if a listing was -- most of our inventory is only in Airbnb. But let's say a home was on 2 different websites, Airbnb and another website, we want AirCover to be so compelling that just by having AirCover alone, it'd be reason to go direct and book on Airbnb and not book anywhere else. And we're going to continue to make improvements every single year, and I want AirCover to be the gold standard for customer service for our category. And that's what we're really focused on. And then down the road, there may be opportunities to offer like a paid version of this or some other type of membership program, but that would be down the road, but it's a very popular customer request.

而且我認為 AirCover 的北極星是如果列表是 - 我們的大部分庫存僅在 Airbnb 中。但是，假設一個房子在 2 個不同的網站上，Airbnb 和另一個網站，我們希望 AirCover 如此引人注目，以至於僅擁有 AirCover，就有理由直接在 Airbnb 上預訂，而不是在其他任何地方預訂。而且我們每年都將繼續進行改進，我希望 AirCover 成為我們類別客戶服務的黃金標準。這就是我們真正關注的。然後在未來，可能有機會提供這種或其他類型的會員計劃的付費版本，但那將是未來，但這是一個非常受歡迎的客戶要求。

And then in terms of -- to answer the question on guidance, too. On the guidance, articulation of the longer lead times for bookings and just the Q4 bookings that we have already on the books for the rest of this quarter is just to indicate that we have stable to accelerating demand for growth and demand from our guests around the world. It's that we are not seeing a softening in that demand, especially when you look back to historic levels of 2019, that any of the deceleration in revenue growth between Q3 and Q4 is largely due to the uniqueness of the 2021 timing of growth between Delta and Omicron. So I just think it just shows the stability of people wanting to get out of their homes, wanting to travel, regardless of the macroeconomic uncertainties.

然後就 - 回答有關指導的問題。在指導方面，對更長的預訂提前期以及本季度剩餘時間我們已經在賬簿上的第四季度預訂的明確說明只是表明我們對增長的需求和客人的需求穩定在加速世界。這是因為我們沒有看到這種需求出現疲軟，尤其是當您回顧 2019 年的歷史水平時，第三季度和第四季度之間收入增長的任何減速主要是由於 2021 年達美航空和歐姆龍。所以我只是認為它只是顯示了人們想要走出家門、想要旅行的穩定性，而不管宏觀經濟的不確定性如何。

We'll move now to Deepak Mathivanan at Wolfe Research.

我們現在將轉到 Wolfe Research 的 Deepak Mathivanan。

Great. Just a couple of quick ones. So first, there's been a lot of press recently about how occupancies on the platform are down for certain house hosts. Is it just anecdotal or seasonal, or were there is anything more to it? I mean your 4Q guidance is pretty strong, but just trying to understand how much of this is just kind of noise out there.

偉大的。只是幾個快速的。因此，首先，最近有很多關於平台上某些房東的入住率如何下降的媒體報導。它只是軼事或季節性的，還是有更多的東西？我的意思是您的 4Q 指導非常強大，但只是想了解其中有多少只是一種噪音。

And then second question, maybe for Brian. Long-term stays is stabilizing near 20% of the mix on the platform, even as sort of your room nights is growing pretty nicely. You've talked about sort of like the flexibility and lifestyle for many people keeping this -- or helping this growth. But curious whether there is also like a bigger macro drivers like maybe rental markets being very difficult right now that's helping this trend. Just kind of trying to understand how much you're reaching already into the addressable markets beyond travel currently.

然後是第二個問題，也許是給布賴恩的。長期住宿穩定在平台上近 20% 的組合中，即使您的房間夜數增長得相當不錯。您已經談到了許多人保持這種靈活性和生活方式 - 或幫助這種增長。但好奇是否還有更大的宏觀驅動因素，比如租賃市場現在非常困難，這有助於這一趨勢。只是想了解您目前在旅遊以外的潛在市場中已經達到了多少。

Yes, I can -- I'll take both, and then Dave can feel free to dive in, especially on the bookings. I mean, I think our -- just to answer your question on whether bookings are down for a hosts, I mean at the macro level, at the high level, they're not down. And I mean, I think the Q3 results speak for themselves. There are anecdotal descriptions of some hosts, bookings are down, some hosts, bookings are up. And this -- there's many possible explanations for this. It's just that travel is continuing to change.

是的，我可以——我會兩個都拿，然後戴夫可以隨意潛入，尤其是在預訂時。我的意思是，我認為我們的 - 只是為了回答您關於房東的預訂量是否下降的問題，我的意思是在宏觀層面，在高層，他們並沒有下降。我的意思是，我認為第三季度的結果不言自明。有一些房東的軼事描述，預訂量下降，一些房東，預訂量上升。而這——有很多可能的解釋。只是旅行在不斷變化。

One of the other things though is that our search rank algorithm is prioritizing all-in pricing and hosts with the best value. So it's possible -- that might be one possible explanation. But again, it's primarily what we've seen is anecdotal. And it really depends -- you really have to take it on a case-by-case basis. But overall, obviously, bookings are up. In fact, it's a record quarter.

不過，另一件事是我們的搜索排名算法優先考慮全價定價和具有最佳價值的主機。所以這是可能的——這可能是一種可能的解釋。但同樣，我們所看到的主要是軼事。這真的取決於 - 你真的必須逐案處理。但總的來說，很明顯，預訂量增加了。事實上，這是一個創紀錄的季度。

Now with regard to long-term stays beyond travel, I mean, Deepak, I would just say that we've only scratched the surface. 1/5 of our nights booked are for stays longer than a month, and this is before making some really big fundamental improvement to this product and this category. And I think in the coming years, flexibility is here to stay. I think more people are going to work remotely or in a hybrid way 5 years from now than they do today. I think increasingly, fewer people are going to have 1-year leases, not to say no one will, but more and more people are going to value the flexibility and want to live in different places. And we think there's a real opportunity.

現在關於旅行以外的長期停留，我的意思是，迪帕克，我只想說我們只是觸及了皮毛。我們預訂的 1/5 晚的住宿時間超過一個月，這是在對該產品和該類別進行一些真正重大的根本性改進之前。我認為在未來幾年，靈活性將繼續存在。我認為從現在起 5 年後，將有更多的人以遠程或混合方式工作，而不是現在。我認為越來越少的人會擁有 1 年的租約，並不是說沒有人會，而是越來越多的人會重視靈活性並希望住在不同的地方。我們認為這是一個真正的機會。

And one of the things we're going to also see over the coming years isn't just that and live in different parts of the United States, but people are going to choose to live for short periods of time abroad in different countries. So we think we're going to start to see more long-term cross-border business, too. So there's a lot of opportunities here. And we are going to be making some upgrades to our long-term stay business to tap into this large market.

在接下來的幾年中，我們還將看到的一件事不僅僅是生活在美國的不同地區，而且人們將選擇在不同國家的國外短期生活。所以我們認為我們也將開始看到更多的長期跨境業務。所以這裡有很多機會。我們將對我們的長期住宿業務進行一些升級，以進入這個龐大的市場。

I mean the largest expense that most people have in their life is their housing, it's their housing costs. And we've built many of the tools and features that you would need to provide for a longer-term stay offering already. But we're going to continue to make improvements. And as we do, I think we'll continue to take more and more of that market.

我的意思是大多數人一生中最大的支出是他們的住房，這是他們的住房成本。我們已經構建了許多您需要提供的工具和功能，以提供長期住宿服務。但我們將繼續進行改進。正如我們所做的那樣，我認為我們將繼續佔據越來越多的市場。

Next, we'll move to Lee Horowitz at Deutsche Bank. .

接下來，我們將轉到德意志銀行的 Lee Horowitz。 .

Great. So building on the comments earlier about expense growth. Given that your advertising strategy has moved away from, say, purely demand linked performance advertising and more towards longer-dated ROI investments and brand advertising. How do you think about actively flexing down your advertising spend in a perhaps a tougher macro environment versus investing into that environment to continue to teach the customers -- retrain the customers about your ever-expanding product set?

偉大的。因此，基於之前關於費用增長的評論。鑑於您的廣告策略已經從純粹的需求相關的效果廣告轉向更長期的投資回報率投資和品牌廣告。您如何看待在可能更嚴峻的宏觀環境中積極減少廣告支出，而不是投資於該環境以繼續向客戶傳授 - 重新培訓客戶了解您不斷擴大的產品系列？

Dave, do you want to start with this?

戴夫，你想從這個開始嗎？

Sure. I mean if you look at our actual advertising strategy and the amount of money we're spending on it, it's going to be relatively flat from '22 over '21, and you should anticipate similar marketing as a percentage of revenue in '23. And so we can certainly flex it in line with revenue. We'll be kind of mindful of that. But we've already kind of hit this new kind of lower overall rate. And what we've actually seen is, to the extent that we're keeping it flat even as we grow, it's because we're actually seeing such success that we're wanting to be able to invest in other countries.

當然。我的意思是，如果您查看我們的實際廣告策略以及我們在其上花費的金額，從 22 年到 21 年，這將是相對持平的，您應該預計到 23 年類似的營銷佔收入的百分比。所以我們當然可以根據收入來調整它。我們會注意這一點。但是我們已經達到了這種新的較低的整體利率。我們實際看到的是，即使在我們成長的過程中，我們也保持平穩，這是因為我們實際上看到瞭如此成功，以至於我們希望能夠在其他國家進行投資。

Certainly, we can moderate that over time, but we're already so low that I wouldn't anticipate us dropping it dramatically in face of substantial headwinds over growth, but we can flex it with the revenue within a reasonably a few hundred basis points here and there.

當然，隨著時間的推移，我們可以緩和這一點，但我們已經如此之低，以至於面對增長的巨大阻力，我預計我們不會大幅降低它，但我們可以在合理的幾百個基點內調整收入這里和那裡。

And I'll just say -- just to jump in. I mean, we don't really think of marketing as a way to buy customers because, obviously, as we've mentioned, more than 90% of our traffic is correct or organic. And so the main thing is we take a full funnel approach to marketing. And actually the top of the funnel is PR in communication. And we think that's one of the biggest drivers of our traffic is PR.

我只想說——只是跳進去。我的意思是，我們並不真正將營銷視為購買客戶的一種方式，因為顯然，正如我們所提到的，我們 90% 以上的流量是正確的，或者有機的。因此，最重要的是我們採用完整的漏斗方法進行營銷。實際上，漏斗的頂部是溝通中的公關。我們認為，PR 是我們流量的最大驅動力之一。

And then brand marketing is actually important. And actually, we think a bit more like product marketing. We want to educate people about our new features. So right now, we're advertising and educating people about Airbnb Categories and AirCover. And then we think of performance marketing as more of a way the laser in to balance supply and demand rather than a way purchase a large amount of customers. And that's essentially the way we think about marketing. And this allows for a very efficient, very dynamic approach to marketing that should get more efficient every single year.

然後品牌營銷實際上很重要。實際上，我們認為更像是產品營銷。我們希望讓人們了解我們的新功能。所以現在，我們正在宣傳和教育人們有關 Airbnb 類別和 AirCover 的知識。然後我們認為績效營銷更多地是一種激光平衡供需的方式，而不是一種購買大量客戶的方式。這基本上就是我們思考營銷的方式。這允許一種非常有效、非常動態的營銷方法，每年都會變得更有效率。

And we'll take our final question from Brad Erickson at RBC Capital Markets.

我們將回答加拿大皇家銀行資本市場的布拉德·埃里克森提出的最後一個問題。

Just a few follow-ups. First, nights came up just a bit light of where we all had it forecasted. So obviously, that's on us. But I guess, in cases where you are maybe seeing a little bit of nights booked softness, are you seeing those hosts make any moves on price? Or are your pricing tools sending any message to those hosts about making moves? Just curious if you look to affect some elasticity in the event of any pockets of softness.

只是一些後續行動。首先，夜晚的出現與我們所有人預測的地方相比有點輕。很明顯，這取決於我們。但我想，如果您可能會看到預訂的晚數有所減少，您是否看到這些房東在價格上採取了任何行動？或者您的定價工具是否向這些房東發送了有關採取行動的任何信息？只是好奇你是否希望在出現任何柔軟口袋的情況下影響一些彈性。

And then second, Dave, I know you spoke to this just a minute ago on the backlog, but asked in a different way. Are you basically saying that you're seeing booking windows expand more than prior years here as we start out Q4?

其次，戴夫，我知道你在一分鐘前就積壓工作談到了這個問題，但以不同的方式提問。您基本上是說隨著我們第四季度的開始，您看到預訂窗口比往年擴大嗎？

Yes, Brad, I'll take the first question. I think Dave can take the second. Yes, I mean, what we do see is that many hosts do bring their prices up or down as demand goes up or down. That being said, I think there's opportunities for us to have more dynamic tools and give more visibility that would make prices even more competitive. To answer your question, they do, many hosts do adjust their prices, but I think host probably adjust their prices less frequently than hotels. And so in periods of time where prices are generally coming down in the industry, we might be a little bit slower. But as we build more tools to provide more dynamic changes, we'll be -- continue to be more competitive. And I'll let Dave (inaudible) question.

是的，布拉德，我會回答第一個問題。我認為戴夫可以拿第二個。是的，我的意思是，我們確實看到，隨著需求的上升或下降，許多房東確實會提高或降低價格。話雖如此，我認為我們有機會擁有更多動態工具並提供更多可見性，從而使價格更具競爭力。為了回答您的問題，他們確實會調整價格，但我認為房東調整價格的頻率可能低於酒店。因此，在行業價格普遍下降的時期，我們可能會慢一些。但隨著我們構建更多工具來提供更多動態變化，我們將——繼續更具競爭力。我會讓戴夫（聽不清）提問。

Yes. Well, a couple of things. One thing is we are not focused on optimizing just night side. I think nights is an important measure, and it's an important driver of kind of overall demand. But we could also drive a lot of nights and looking and try to just drive them towards lower rate nights. Like we're trying to drive a balance of making sure that we have nights growth and revenue growth. And revenue growth obviously pays the bills. And so we're seeing strong growth in the business. I'm very happy with our Q3 results. And on forward guide, like you said, I think we're seeing stable to increasing demand, and we're just really impressed with the resiliency of guests and their willingness to travel and interest in traveling Airbnb.

是的。嗯，有幾件事。一件事是我們並沒有專注於優化夜間。我認為夜晚是一個重要的衡量標準，它是整體需求的重要驅動力。但我們也可以開很多晚，尋找並嘗試將他們推向較低價格的晚。就像我們正在努力平衡確保我們有夜間增長和收入增長一樣。收入增長顯然支付了賬單。因此，我們看到了業務的強勁增長。我對我們第三季度的結果感到非常滿意。正如你所說，在前瞻指南中，我認為我們看到需求穩定增長，我們對客人的彈性、他們旅行的意願和對旅行 Airbnb 的興趣印象深刻。

And I guess it goes back to the backlog, too, is that the reason why we kind of highlight is just that people are having confidence in travel. So what we're seeing is that, yes, the booking windows are up year-over-year. There are a little bit -- there's some seasonality in that. So they're actually booking windows a little bit down from Q3. And so as -- the lead times are just up from historical levels because the people are confident in being able to travel. I think that's the important thing you should take away.

而且我想這也可以追溯到積壓工作，我們之所以強調這一點，是因為人們對旅行充滿信心。所以我們看到的是，是的，預訂窗口逐年增加。有一點——其中有一些季節性。因此，他們實際上比第三季度預訂了一些窗口。因此，交貨時間剛剛從歷史水平上升，因為人們對能夠旅行充滿信心。我認為這是你應該帶走的重要東西。

And that concludes the question-and-answer session. At this time, I'll turn the conference back over to Brian for any concluding remarks.

問答環節到此結束。在這個時候，我會把會議轉回給布賴恩做任何結束語。

All right. Well, first of all, thank you all for joining today. I just want to recap and just say we're incredibly proud of our results, and I believe we're incredibly well positioned for the future ahead. I hope you all join us in 2 weeks for 2022 winter release, you'll be able to watch it right from our homepage on Wednesday, this is November 16, 8 a.m. Eastern. Thank you all, and I'll see you then.

好的。嗯，首先，感謝大家今天的加入。我只想回顧一下，並說我們對我們的結果感到非常自豪，我相信我們為未來的未來做好了非常好的準備。我希望大家在 2 週後加入我們，為 2022 年冬季發布，您將能夠在周三（美國東部時間 11 月 16 日上午 8 點）從我們的主頁直接觀看。謝謝大家，到時候見。

And that concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。