Airbnb Inc (ABNB) 2022 Q4 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's earnings conference call. for the fourth 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.

下午好，感謝您參加 Airbnb 的收益電話會議。 2022 年第四季度。提醒一下，本次電話會議正在錄製中，本次電話會議後可從 Airbnb 網站的“投資者關係”部分重播。

I will now hand the call over to Ellie Mertz, VP of Finance. Please go ahead.

我現在將把電話交給財務副總裁 Ellie Mertz。請繼續。

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

謝謝。下午好，歡迎來到愛彼迎 2022 年第四季度財報電話會議。感謝您今天加入我們。今天的電話會議有 Arrium 的聯合創始人兼首席執行官 Brian Chesky 和我們的首席財務官 Dave Stephenson。

Earlier today, we issued a shareholder letter with our financial results and commentary for our fourth quarter of 2022. These items were also posted on the Investor Relations section of Airbnb's website. During the call, we'll make brief opening remarks and then spend the remainder of time on Q&A.

今天早些時候，我們發布了一封股東信，其中包含我們 2022 年第四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。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。

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 from those 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.

在我把它交給布賴恩之前，我想提醒大家，我們將在本次電話會議上做出前瞻性陳述，其中涉及許多風險和不確定性。由於多種因素，實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。這些因素在我們的股東信函和我們最近提交給美國證券交易委員會的文件中的前瞻性陳述中有所描述。

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.

我們敦促您考慮這些因素並提醒您，我們沒有義務更新此電話中包含的信息以反映後續事件或情況。您應該知道，這些陳述僅應被視為估計，並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 IR website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

同樣在這次電話會議中，我們將討論一些非 GAAP 財務措施。我們在發佈到我們的 IR 網站的股東信中提供了與最直接可比的 GAAP 財務措施的調節。這些非 GAAP 措施無意替代我們的 GAAP 結果。

And 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 very much, Elie, and good afternoon, everyone. Thanks for joining. Before I share our results, I want to tell a quick personal story. As you may have seen, I've started hosting again. Last November, I listed my guest room on Airbnb. My listing is called Beyond the Airbed. And the run guests is a histologically themed around the early years of Airbnb. There's memorabilia in the walls. From the receipt for the original airbed to old photos and me hacking boxes of Obama Os and Cat McCain breakfast cereal. When guests arrive, I have welcome basket waiting for them. And the first night we make dinner together, followed by desert. We bake (inaudible) Chip, chocolate chip cookies from my cherished family recipe that I got off Google. The next day, we tour the airbnb office with my golden retriever, Seltenova, and I tell the story of building Airbnb.

好的。好吧，非常感謝你，Elie，大家下午好。感謝您的加入。在分享我們的結果之前，我想講一個簡短的個人故事。您可能已經看到，我又開始託管了。去年 11 月，我在 Airbnb 上列出了我的客房。我的房源名為 Beyond the Airbed。而 run guests 是圍繞 Airbnb 早期的組織學主題。牆上有紀念品。從原始充氣床的收據到舊照片和我破解 Obama Os 和 Cat McCain 早餐麥片的盒子。當客人到來時，我會準備好迎賓籃等著他們。第一天晚上我們一起做晚飯，然後是甜點。我們用我從谷歌上得到的珍貴家庭食譜烘焙（聽不清）薯片、巧克力曲奇。第二天，我們帶著我的金毛獵犬 Seltenova 參觀了 airbnb 辦公室，我講述了創建 Airbnb 的故事。

Now why am I doing this? Well, because I love hosting. Joe and I were the first host on Airbnb 15 years ago. And having guests staying at your home with you is the original idea behind Airbnb. It's been an amazing way to connect with people. But I also believe that companies that makes the best products make products for themselves. And Airbnb will only be as successful as our host. And the best way to understand our host is to be one.

現在我為什麼要這樣做？好吧，因為我喜歡主持。 15 年前，喬和我是愛彼迎的第一位房東。讓客人與您同住是 Airbnb 的初衷。這是一種與人聯繫的奇妙方式。但我也相信，生產最好產品的公司是為自己生產產品。 Airbnb 只會和我們的房東一樣成功。了解我們的主人的最好方法就是成為一個。

Since I've resumed hosting, I've got new first-hand insights that have informed some of the new products we'll be releasing, including some exciting updates this May as part of our 2023 summer release.

自從我恢復主持以來，我獲得了新的第一手見解，這些見解為我們將要發布的一些新產品提供了信息，包括今年 5 月作為 2023 年夏季發布的一部分的一些激動人心的更新。

Now before we get into our quarterly results, I want to recap the full year of 2022. While we're 3 years out from the start of pandemic, we are still living with this impact. We've also seen high inflation, recessionary fears and the war in Ukraine, all of which we're still dealing with in 2023.

現在，在我們公佈季度業績之前，我想回顧一下 2022 年的全年情況。雖然距離大流行開始已經過去 3 年，但我們仍然生活在這種影響之中。我們還看到了高通脹、衰退擔憂和烏克蘭戰爭，所有這些我們在 2023 年仍在應對。

And yet, through all this, people continue to travel, and 2022 was a record year for Airbnb. Revenue of $8.4 billion grew 40% year-over-year. And when you exclude foreign exchange, our revenue increased by 46% year-over-year. Net income was $1.9 billion, which marks 2022 as our first profitable year -- full year on a GAAP basis. And finally, free cash flow was $3.4 billion. And this $3.4 billion of free cash flow represented a free cash flow margin of over 40%. And because of our strong balance sheet, we are able to begin buying back stock last year, and we repurchased $1.5 billion in shares in just the past 5 months.

然而，儘管如此，人們仍在繼續旅行，而 2022 年對 Airbnb 來說是創紀錄的一年。收入 84 億美元，同比增長 40%。如果不計入外匯，我們的收入同比增長 46%。淨收入為 19 億美元，這標誌著 2022 年是我們第一個盈利的年份——按 GAAP 計算的全年。最後，自由現金流為 34 億美元。而這 34 億美元的自由現金流代表著超過 40% 的自由現金流利潤率。由於我們強大的資產負債表，我們能夠從去年開始回購股票，並且我們在過去 5 個月內回購了 15 億美元的股票。

Now during the height of the pandemic, we made some very difficult choices to reduce our spending making us a leaner and more focused company, and we've kept this discipline ever since. In over each of the past 2 years, we've only modestly increased our headcount.

現在，在大流行病最嚴重的時候，我們做出了一些非常艱難的選擇來減少開支，使我們成為一家更精簡、更專注的公司，從那以後我們一直遵守這一紀律。在過去 2 年的每一年裡，我們都只適度增加了員工人數。

In fact, compared to 2019, our headcount is actually down 5%, while our revenue is up 75%. In every single quarter in 2022 outperformed past comparable periods. In Q4, net income was $319 million. Now this is $264 million higher than a year ago. Adjusted EBITDA was $506 million, which is 52% higher than Q4 of 2021. And we generated $455 million of free cash flow, and this is 20% higher than Q4 2021.

事實上，與 2019 年相比，我們的員工人數實際上減少了 5%，而我們的收入卻增長了 75%。 2022 年每個季度的表現都優於過去的可比時期。第四季度，淨收入為 3.19 億美元。現在這比一年前多了 2.64 億美元。調整後的 EBITDA 為 5.06 億美元，比 2021 年第四季度高出 52%。我們產生了 4.55 億美元的自由現金流，比 2021 年第四季度高出 20%。

During the quarter, we saw a number of positive business trends. First, guest demand at Airbnb remains strong. Nights and experiences booked increased 20% in Q4. We had our highest number of active bookers ever in Q4, demonstrating guest excitement of travel on Airbnb despite evolving economic uncertainties. During the quarter, we also continued to see guest booking trips further advance supporting a strong backlog for Q1.

在本季度，我們看到了一些積極的業務趨勢。首先，Airbnb 的客人需求依然強勁。預訂的住宿和體驗在第四季度增長了 20%。我們在第 4 季度的活躍預訂者數量創歷史新高，表明儘管經濟不確定性不斷變化，但客人仍對愛彼迎旅行充滿熱情。在本季度，我們還繼續看到客人預訂旅行進一步提前支持第一季度的大量積壓。

Second, guests are increasingly returning to cities and crossing border. And this is the bread-and-butter before the pandemic. Now both segments continue to accelerate while non-urban and domestic travel remains strong. Cross-border growth nights booked increased 49% compared to last year. High density urban nights grew 22%. And globally, we saw cross-border travel to all regions increased despite continued foreign currency volatility.

二是越來越多的客人回城、跨境。這是大流行之前的生計。現在，這兩個細分市場都在繼續加速發展，而非城市和國內旅遊依然強勁。與去年相比，預訂的跨境增長夜數增加了 49%。高密度城市的夜晚增長了 22%。在全球範圍內，儘管外匯持續波動，但我們看到所有地區的跨境旅行都有所增加。

Third, the guests continue to book longer stays on Airbnb. During Q4, long-term stays remained stable from a year ago at 21% of total gross nights booked in Airbnb. And finally, we saw tremendous growth in our supply on Airbnb. We ended 2022 with 6.6 million active listings. Now excluding all the Mainland China listings we removed in July, we grew supply by 900,000 listings, or 16% compared to a year ago, representing an acceleration in growth in listings relative to Q3.

第三，客人繼續在 Airbnb 上預訂更長時間的住宿。在第四季度，長期住宿與一年前相比保持穩定，佔 Airbnb 總預訂晚數的 21%。最後，我們在 Airbnb 上看到了供應量的巨大增長。到 2022 年底，我們有 660 萬個活躍房源。現在不包括我們在 7 月份刪除的所有中國大陸房源，我們的房源增加了 900,000 個房源，與去年同期相比增長了 16%，這表明房源增長相對於第三季度有所加速。

Now why are listings accelerating in growth? We believe there's probably 2 factors that drove this growth. First, demand to drive supply. Post or attracted the supplemental income that they can earn an Airbnb, which is often critical during tough times. Second, our product improvements are working. Over the past 2 years, we've made it more attractive and easier to become a host. Just this past November, we introduced Airbnb set up where prospective host can connect with Super Host for free one-to-one guidance all the way through their first reservation. The number of new active hosts recruited with the help of our super House increased by more than 20% compared to prelaunch. But we are not stopping there.

現在為什麼上市加速增長？我們認為可能有兩個因素推動了這一增長。一是需求拉動供給。發布或吸引他們可以賺取 Airbnb 的額外收入，這在困難時期通常至關重要。其次，我們的產品改進正在發揮作用。在過去的 2 年裡，我們讓成為房東變得更有吸引力，也更容易。就在去年 11 月，我們推出了 Airbnb 設置，準房東可以在第一次預訂期間與超級房東聯繫，獲得免費的一對一指導。與上線前相比，借助我們的超級房源招募的新活躍房東數量增加了 20% 以上。但我們並沒有就此止步。

In 2023, we're focused on 3 strategic priorities. First, we want to make posting mainstream. If you're listening to this call, you've likely travel on Airbnb or you know someone who have. We want hosting on Airbnb to be just as popular and to achieve this, we'll continue to raise awareness around hosting, make it easier to get started and provide even better tools for hosts.

2023 年，我們將重點關注 3 個戰略重點。首先，我們想讓發帖成為主流。如果您正在收聽此電話，則您可能已經使用過 Airbnb 旅行，或者您認識的人已經使用過。我們希望在 Airbnb 上出租同樣受歡迎，為實現這一目標，我們將繼續提高人們對出租的認識，使其更容易上手，並為房東提供更好的工具。

Second, we are perfecting our core service. We want people who love our service. And that means obsessing over every single detail, and we've listened to our hosting guests and based on their feedback, we're making a large number of upgrades to our service this year, including improving customer service, making it easier to find the right home and delivering greater value and much, much more. And you'll see more of this in the forthcoming in the coming months, especially our [final] release.

二是完善核心服務。我們需要熱愛我們服務的人。這意味著關注每一個細節，我們聽取了接待客人的意見，並根據他們的反饋，今年我們對我們的服務進行了大量升級，包括改善客戶服務，讓您更容易找到正確的家並提供更大的價值等等。在接下來的幾個月中，您會看到更多這樣的內容，尤其是我們的 [最終] 版本。

And finally, third, we're expanding beyond the core. We have some pretty big ideas for where to take Airbnb next. And this year, we're going to build the foundation for future products and services that will provide incremental growth for many years to come.

最後，第三，我們正在擴展核心以外的領域。對於 Airbnb 的下一步發展方向，我們有一些非常棒的想法。今年，我們將為未來的產品和服務奠定基礎，這些產品和服務將在未來許多年實現增量增長。

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

因此，Dave 和我期待著回答您的問題。

(Operator Instructions) Your first question today comes from the line of Jed Kelly with Oppenheimer.

（操作員說明）您今天的第一個問題來自 Jed Kelly 與 Oppenheimer 的對話。

Great. Great quarter and great execution. Just 2, if I may. Just one, can you talk about how your urban supply is trending and sort of some of the initiatives you're doing around apartments?

偉大的。偉大的季度和偉大的執行力。如果可以的話，只有 2 個。就一個，你能談談你的城市供應趨勢如何以及你圍繞公寓所做的一些舉措嗎？

And then, Brian, you did mention headcount. In Silicon Valley, there's obviously a lot of layoffs. You're one of the companies that are growing, having expanding margins. So can you talk about like your ability to attract top tech talent to execute on some of the initiatives you just talked about?

然後，布萊恩，你確實提到了員工人數。在矽谷，顯然有很多裁員。你是成長中的公司之一，利潤率不斷擴大。那麼你能談談你吸引頂尖技術人才來執行你剛才談到的一些計劃的能力嗎？

Yes, absolutely. Yes. So let's start with the first one, urban supply growth. Let me kind of first start, Jed, by just talking a little bit more about how we think about supply. The great thing about our supply is that the vast majority of hosts that come to Airbnb come organically, and that's because of our global network. In fact, the #1 source of host are prior guests. And in Q4, 36% of our hosts were prior guests.

是的，一點沒錯。是的。那麼讓我們從第一個開始，城市供應增長。傑德，讓我先談談我們如何看待供應。我們供應的好處在於，絕大多數來到 Airbnb 的房東都是自然而然的，這要歸功於我們的全球網絡。事實上，排名第一的房東來源是之前的客人。在第四季度，我們 36% 的房東是之前的客人。

And one of the other things we see is the fastest-growing market where we have supply is also the fastest-growing market we have demand. And I think what's happening is a lot of our hosts are regular people. And as they get more bookings, they tend to tell their friends. And so this network is something that has a kind of self-growing effect to it. Now in addition to that, we've been doing a number of initiatives. Number one, we've been focused to make hosting easier with Airbnb set up. And between that and a new campaign we've been running Jed called Airbnb, which is basically this idea that if you have a space, you have an Airbnb. Between these 2 initiatives, we've seen twice the amount of traffic to our host landing page, the landing page to learn about hosting. And then we also have made big improvements to making hosting easier.

我們看到的另一件事是我們有供應的增長最快的市場也是我們有需求的增長最快的市場。而且我認為正在發生的事情是我們的很多房東都是普通人。隨著他們獲得更多的預訂，他們往往會告訴他們的朋友。所以這個網絡有一種自我成長的效果。現在除此之外，我們一直在做一些舉措。第一，我們一直專注於通過 Airbnb 設置讓出租變得更容易。在那和一個新的活動之間，我們一直在運行 Jed，稱為 Airbnb，這基本上是一個想法，如果你有一個空間，你就有一個 Airbnb。在這兩項舉措之間，我們的主機登陸頁面（用於了解託管的登陸頁面）的訪問量增加了一倍。然後我們還進行了重大改進，使託管更容易。

Now in addition, you might have seen that last November, we announced a new initiative called Airbnb from the apartment. Airbnb from the apartments, I think can unlock a large amount of inventory in multifamily homes in urban areas, and we worked with Greystar and a number of the other largest real estate developers in the United States. We have 175 buildings in Phoenix, in Jacksonville, in Houston and other cities. And the response from landlords have been very, very positive. So we are seeing a lot of traction on urban supply. I don't know, Dave, if you want to add anything before I talk of headcount.

現在此外，你可能已經看到，去年 11 月，我們從公寓宣布了一項名為 Airbnb 的新計劃。公寓方面的 Airbnb，我認為可以釋放城市地區多戶住宅的大量庫存，我們與 Greystar 和美國其他一些最大的房地產開發商合作。我們在鳳凰城、傑克遜維爾、休斯頓和其他城市擁有 175 座建築。房東的反應非常非常積極。所以我們看到城市供應有很大的吸引力。我不知道，戴夫，在我談論人數之前你是否想補充什麼。

You covered really well because this has been a historic strength of ours has been kind of the urban part of the business, it's taken longer for that to kind of recover. It's now well above 2019 rates, and it's actually part of the areas that accelerated our growth in Q4. So we're very happy with where we're at with Urban. And as Brian said, the early days of Airbnb friendly apartments has been very well adopted, and we're excited about the potential in that part of the business.

你覆蓋得很好，因為這一直是我們的歷史優勢，一直是業務的城市部分，它需要更長的時間才能恢復。它現在遠高於 2019 年的利率，它實際上是我們在第四季度加速增長的部分領域。所以我們對 Urban 的現狀感到非常滿意。正如 Brian 所說，早期的 Airbnb 友好型公寓已得到很好的採用，我們對這部分業務的潛力感到興奮。

And just on your question, Jed, on headcount, something was really interesting happened. So obviously, in 2020, we had to make some really difficult decisions -- and we became a much smaller and more focused company. And the obvious result of that is that we got more efficient and more profitable. But there was a less obvious result. What ended up happening is we have fewer people in meetings and people can move a lot faster. And we concentrate all of our very best people and put them on only a few problems. And I think that's been an explanation for why the company has grown really quickly.

關於你的問題，傑德，關於人數，發生了一些非常有趣的事情。很明顯，在 2020 年，我們不得不做出一些非常艱難的決定——我們變成了一家規模小得多、專注力強的公司。顯而易見的結果是我們變得更有效率，利潤更高。但是有一個不那麼明顯的結果。最終發生的事情是我們參加會議的人數減少了，人們可以更快地行動。我們集中所有最優秀的人才，只讓他們解決少數問題。我認為這可以解釋為什麼公司發展得如此之快。

But also, I think it's made us a much more attractive place to work because it's much easier to get work done. And we have a general philosophy that we want the very best people in every field to come to Airbnb in every function. We're functionally organized. And I think that we're one of the few tech companies that isn't doing layoffs. We're not cutting. We're not freezing. We're actually stepping on the gas. But in our mind, stepping on the gas doesn't mean adding a huge amount of people, we're going to continue to stay really lean, but we're really focused on just really hiring in key positions.

而且，我認為這使我們成為一個更具吸引力的工作場所，因為完成工作要容易得多。我們有一個普遍的理念，即我們希望各個領域的最優秀人才在各個職能部門加入 Airbnb。我們在功能上是有組織的。而且我認為我們是為數不多的不裁員的科技公司之一。我們沒有削減。我們沒有凍結。我們實際上是在踩油門。但在我們看來，踩油門並不意味著增加大量人員，我們將繼續保持精簡，但我們真正專注於關鍵職位的招聘。

And we -- and again, I kind of use this analogy that we're not building like a giant Navy, it's more like the special forces that's what we're focused on. So we've had a lot of success with talent. And of course, we're getting a lot of inbound.

而我們——再一次，我有點用這個類比，我們不是在建設一支龐大的海軍，它更像是我們關注的特種部隊。所以我們在人才方面取得了很大的成功。當然，我們有很多入境。

Add to a couple of things. One is our headcount is actually still 5% below where it was in 2019. We have a revenue is 75% higher. So we're nearly twice as big as we were previously with fewer people. And I'd say the other is our Live and Work Anywhere approach, our approach to being very intentional about how we gather in person. We believe that actually working together in person is very important, just need to do it in a very coordinated way. So actually having people being back in the office on random days of the week is not very effective, but being -- doing it in a very controlled and planful way is respectful of employees' time and is more efficient for the company, and our employees love it. And I think that's also enabling us to attract great talent.

添加一些東西。一是我們的員工人數實際上仍比 2019 年低 5%。我們的收入增加了 75%。所以我們的規模幾乎是以前人數減少的兩倍。我想說的是另一個是我們在任何地方生活和工作的方法，我們非常有意識地考慮我們如何親自聚會的方法。我們認為，實際親自合作非常重要，只需要以非常協調的方式進行即可。所以實際上讓人們在一周中的隨機幾天回到辦公室並不是很有效，但以一種非常有控制和有計劃的方式這樣做是對員工時間的尊重，對公司和我們的員工來說更有效率愛它。我認為這也使我們能夠吸引優秀人才。

Your next question comes from the line of Richard Clarke with Sanford C. Bernstein.

你的下一個問題來自 Richard Clarke 和 Sanford C. Bernstein 的台詞。

Two, if I may. The first one, just around, I guess, some of the changes that might come over the coming years with regard to the distribution landscape. One of your rivals is going to wrap their vacation rental business into a loyalty program, lots of talk around conversational AI and what that can do to the distribution landscape. So just any comments to whether Airbnb needs to do anything further on the distribution platform? And then second one, a little bit more preset, but obviously, it looks like Q4 was a very good quarter for take rate. Have you done anything in particular there on take rate to achieve that result?

兩個，如果可以的話。第一個，我想，未來幾年可能會在分銷領域發生一些變化。你的一個競爭對手將把他們的度假租賃業務納入忠誠度計劃，圍繞對話式人工智能以及它可以對分銷領域做些什麼進行大量討論。那麼對於 Airbnb 是否需要在分銷平台上做任何進一步的事情有什麼意見嗎？然後是第二個，稍微預設一點，但顯然，第四季度看起來是一個非常好的採用率季度。你有沒有在採取率方面做了什麼特別的事情來達到那個結果？

Dave, do you want to start with take rate and I'll end with distribution after.

戴夫，你想先從比率開始，然後我將以分配結束。

Yes. With take rate, there's nothing in particular that we've done with take rate there. Absolutely, on a time-adjusted basis, the amount that we take from each night's day has been very stable. And so any variation in take rate of revenue over gross booking value is just variation quarter-to-quarter. So nothing on take rate.

是的。對於 take rate，我們在 take rate 方面沒有做任何特別的事情。當然，在時間調整的基礎上，我們每天晚上的攝入量非常穩定。因此，收入收取率超過總預訂價值的任何變化都只是季度之間的變化。所以沒有什麼採取率。

And maybe, Richard, just if -- can you just clarify what you mean by distribution landscape? Do you mean like the competitive environment or how?

也許，理查德，如果——你能澄清一下你所說的分佈格局是什麼意思嗎？你是說喜歡競爭環境還是怎麼樣？

The competitive landscape, competitive environment with regard to distribution, whether you see any threat or increased threats from loyalty program wrapping around your competitors and maybe the conversational AI that's coming into various other search platforms at the moment.

競爭格局，關於分銷的競爭環境，無論你是否看到圍繞你的競爭對手的忠誠度計劃的任何威脅或增加的威脅，以及目前可能正在進入各種其他搜索平台的對話人工智能。

No. I mean, like, I think there's just 2 things. On the competitive front, I mean, we have a lot of competitors and a lot of different categories. But I think Airbnb kind of stands in a class of its own. I mean we're now in over used all over the world. We're not just the U.S. business. We're not just the European business. We're a global business. We're not just vacation rentals. We're also urban and (inaudible) and off the grid. We're known as an affordable way to travel, but we also have a lots of offering and everything in between.

不，我的意思是，我認為只有兩件事。在競爭方面，我的意思是，我們有很多競爭對手和很多不同的類別。但我認為 Airbnb 有點自成一格。我的意思是我們現在在全世界都被過度使用了。我們不僅僅是美國企業。我們不僅僅是歐洲企業。我們是一家全球性企業。我們不僅僅是度假出租屋。我們也是城市和（聽不清）並且遠離電網。我們以經濟實惠的旅行方式而著稱，但我們也提供多種選擇以及介於兩者之間的一切。

So I think we have a pretty unique offering. And I think ultimately, 90% of our traffic comes direct. And that's because we have something that's unique. The vast majority of our homes don't exist anywhere else.

所以我認為我們有一個非常獨特的產品。我認為最終，我們 90% 的流量來自直接流量。那是因為我們有一些獨特的東西。我們的絕大多數房屋在其他任何地方都不存在。

And what we're really just focused on doing is we're obsessing over providing the very best experience for guests. And if we do that and we perfect that experience and then we do really great marketing, I think we'll do quite well.

而我們真正專注於做的是我們痴迷於為客人提供最好的體驗。如果我們這樣做並完善了這種體驗，然後我們進行了非常好的營銷，我認為我們會做得很好。

The only thing I'll say, Richard, on the distribution front is we have some unique assets that most other travel brands don't have. Let's take PR. There were 600,000 articles written about Airbnb last year. Airbnb is on social media a lot and a lot of people are talking about Airbnb on social media. So we generally have a slightly different approach to distribution, where we think just continually innovating on our product is great. The best loyalty program is building a product people love so much they want to come back and you have to pay them to come back. And we just take a full funnel approach to marketing around PR, and we think of our general advertising as really educating people on new products.

理查德，我唯一要說的是，在分銷方面，我們擁有一些大多數其他旅遊品牌所沒有的獨特資產。讓我們以公關為例。去年有 60 萬篇關於 Airbnb 的文章。 Airbnb 經常出現在社交媒體上，很多人都在社交媒體上談論 Airbnb。因此，我們通常採用略有不同的分銷方式，我們認為不斷創新我們的產品是很棒的。最好的忠誠度計劃是開發一種人們非常喜歡他們想要回來的產品，而你必須付錢讓他們回來。我們只是圍繞公關採取全漏斗營銷方式，我們認為我們的一般廣告確實是在教育人們了解新產品。

Now as far as the changing landscape for technology, I'm actually very excited about the possibilities of AI. I think Airbnb will uniquely benefit from this. And the reason why it's because Airbnb is a fairly difficult product challenge, which is unlike hotels, we don't have SKUs. There's no representative inventory. Every single 1 of our 6.6 million listings are unique guests left more than 100 million reviews last year. And to parse through all these reviews is very glorious. And I think that AI is going to really benefit our long tail of data. And the fact that our search problem isn't really a search problem, so much as a matching problem. -- right? If there's like 50,000 homes in a city, what's the right 1 for you, that's less of a search problem than a matching problem. And I think that AI is going to be a really good opportunity for us. And just stay tuned for some developments there.

現在就不斷變化的技術格局而言，我實際上對人工智能的可能性感到非常興奮。我認為 Airbnb 將從中受益匪淺。之所以這樣做，是因為 Airbnb 是一個相當困難的產品挑戰，這與酒店不同，我們沒有 SKU。沒有代表性的庫存。我們的 660 萬個房源中的每一個都是獨特的客人，去年留下了超過 1 億條評論。解析所有這些評論是非常光榮的。而且我認為人工智能將真正有利於我們的長尾數據。事實上，我們的搜索問題實際上並不是一個搜索問題，而是一個匹配問題。 - 正確的？如果一個城市大約有 50,000 套房屋，那麼哪一套最適合您，與其說這是一個搜索問題，不如說是一個匹配問題。我認為人工智能對我們來說將是一個非常好的機會。請繼續關注那裡的一些發展。

Your next question comes from the line of Ron Josey with Citi.

你的下一個問題來自花旗銀行的 Ron Josey。

Brian, you mentioned investments for 2023 and extending beyond the core, that's been a key question that we consistently get in terms of what's next. Any insights you can provide there would be helpful, maybe just is it building out the tech infrastructure? Or is it more sort of newer products that are coming down the pike?

布賴恩，你提到了 2023 年的投資並延伸到核心之外，這是我們在下一步方面一直得到的一個關鍵問題。您可以提供的任何見解都會有所幫助，也許只是在構建技術基礎架構？還是更多的新產品即將上市？

And then I believe in the letter, we talked about 1.4 billion cumulative guest arrivals. And so I was wondering if you can talk more about the brand, the awareness overall and just that user mix in terms of returning users versus newer users.

然後我相信這封信，我們談到了 14 億累計客人抵達。所以我想知道你是否可以更多地談談品牌、整體知名度以及回頭用戶與新用戶之間的用戶組合。

Yes. Awesome. Well, let me start with investments for 2023. So the good news is that -- though we're investing this year and some new products and services to expand beyond the core, I don't think you're going to see any material changes in the P&L. We kind of think like I started my in my 2 friends. We didn't have very many resources back then. And the great thing about Airbus business is we're essentially a global network. So I think that we can incubate new opportunities, products and services for a relatively low amount of investment.

是的。驚人的。好吧，讓我從 2023 年的投資開始。所以好消息是——儘管我們今年投資了一些新產品和服務以擴展到核心之外，但我認為你不會看到任何材料損益表的變化。我們有點認為我是從我的兩個朋友開始的。那時我們沒有太多資源。空中客車業務的偉大之處在於我們本質上是一個全球網絡。所以我認為我們可以用相對較低的投資來孵化新的機會、產品和服務。

And as far as what you're going to see, I'd say there's going to be innovations on the guest and host side. On the host side, our general principle is that we want to always deliver more value for host number charging. And we have a 3% take rate on the host side, and we've been giving away a lot of products for free, like AirCover. And we launched aircover for host 2 Novembers ago. NPS for claims, reimbursement claims has gone up 70 points, so it's been pretty amazing.

就您將要看到的內容而言，我想說來賓和主人方面將會有創新。在主機端，我們的總原則是我們希望始終為主機號碼計費提供更多價值。我們在主機端有 3% 的採用率，我們一直在免費贈送很多產品，比如 AirCover。我們在 11 月 2 日之前為主機推出了 aircover。索賠的 NPS，報銷索賠上升了 70 點，所以非常驚人。

And our general view on host are we're going to primarily give away most of our product service and innovation to them. But we do think there's some opportunities for eco services that Host might pay for. On the guest side, we started very modestly. You might have seen that we launched travel insurance, which is now in 8 countries, and that's been really, really successful. But I think there's many more opportunities around the like services.

我們對主機的一般看法是，我們將主要向他們贈送我們的大部分產品服務和創新。但我們確實認為 Host 可能會為生態服務付費。在客人方面，我們開始非常謙虛。您可能已經看到我們推出了旅行保險，該保險現已在 8 個國家/地區推出，而且非常非常成功。但我認為圍繞類似服務還有更多機會。

Obviously, Airbnb experiences is something that we're beginning to really ramp up. And I think you're going to see a lot more traction in that product in the coming years. And I think there's going to be just a lot more around creating a step change in new service level and matching people to the right homes and experiences for them. So that's what I would say. Services on the host side, services on the guest side, there's going to be a lot of opportunities to revisit some of the end-to-end travel opportunities that we have, and you'll stay tuned for some cool innovation.

顯然，Airbnb 體驗是我們開始真正提升的東西。而且我認為你會在未來幾年看到該產品的更多吸引力。而且我認為，圍繞在新的服務水平上創造階梯式變化以及將人們與合適的住所和體驗相匹配，將會有更多的事情要做。這就是我要說的。主人方的服務，客人方的服務，將有很多機會重新審視我們擁有的一些端到端旅行機會，您將繼續關註一些很酷的創新。

Oh, I'm sorry, brand awareness, sorry. Yes, brand awareness. On the brand awareness, again, we generally try to -- as I said the last part, we generally focus on a full funnel approach. 90% of our traffic is now direct. It's sustained that since we went public, it's always been about 90%. We have extremely high efficiency on things like performance marketing. And generally, the way we approach our brand is that Airbnb is a pretty ubiquitous brand. So what we really want to do now is continue to invest in awareness around our different innovations.

哦，對不起，品牌意識，對不起。是的，品牌知名度。在品牌知名度方面，我們通常會嘗試——正如我在最後一部分所說的那樣，我們通常會專注於全漏斗方法。我們 90% 的流量現在是直接的。自從我們上市以來，它一直保持在 90% 左右。我們在績效營銷等方面的效率非常高。一般來說，我們對待我們品牌的方式是，Airbnb 是一個無處不在的品牌。所以我們現在真正想做的是繼續投資於我們不同創新的意識。

And there are going to be 2 things. Number one, we're going to be focused on educating people on our new services and offerings. So for example, there will be categories we've been running campaigns around that. And people have viewed 500 million -- people viewed listings, 500 million times for every categories. We're also continuing to raise awareness around hosting. We're going to grow as fast as we have host.

並且會有兩件事。第一，我們將專注於就我們的新服務和產品對人們進行教育。因此，例如，我們一直在圍繞這些類別開展活動。人們已經查看了 5 億次——人們查看了列表，每個類別都有 5 億次。我們還在繼續提高對託管的認識。我們的發展速度將與我們擁有的主機一樣快。

Now as far as how much traffic is coming from new returning, I don't know, Dave, do you want to share anything about that on where branded?

現在，至於有多少流量來自新回頭客，我不知道，Dave，你想在 where branded 上分享任何相關信息嗎？

Yes. I mean the majority of our bookings come from past guests, and it's actually been the strong guest retention that we've had over years since the beginning of Airbnb, that's been a powerful driver of our growth. But I think what's also interesting is that we've introduced Airbnb to millions of new users since COVID. And the performance of those new users, the booking frequency of those new users from '21 that we saw into '22 has been very strong. And so really pleased with the new users that we've been able to track that look very, very similar to the historic type of users that we've had on Airbnb.

是的。我的意思是我們的大部分預訂來自過去的客人，實際上，自 Airbnb 成立以來，多年來我們一直保持著強大的客人保留率，這是我們增長的強大動力。但我認為同樣有趣的是，自 COVID 以來，我們已經向數百萬新用戶介紹了 Airbnb。而那些新用戶的表現，從我們看到的 21 年到 22 年的那些新用戶的預訂頻率一直非常強勁。對我們能夠追踪到的新用戶非常滿意，他們看起來與我們在 Airbnb 上擁有的歷史用戶類型非常非常相似。

Your next question comes from the line of Mark Mahaney with Evercore.

你的下一個問題來自 Mark Mahaney 與 Evercore 的對話。

Okay. Two questions, please. I know you mentioned that guess to host ratio, I think you said something like 36% or something. I imagine you've got cohort data that shows that the percentage of guests that have converted into being host or and additionally, our host is actually higher, maybe much higher. Could you just qualify that or quantify that at all? I'm sure that's a pipeline, but just how robust is that pipeline when you look at the cohort data?

好的。請教兩個問題。我知道你提到過猜測與主持人的比例，我想你說的是 36% 之類的東西。我想你有隊列數據顯示已經轉化為房東的客人的百分比，或者此外，我們的房東實際上更高，可能更高。您能否對它進行限定或量化？我確定那是一條管道，但當您查看同類群組數據時，這條管道到底有多穩健？

And then just very briefly on China. Just on the China outbound, can you just remind us how material that was to your business back when back in 2019, so we can get a sense of -- I know you've said that the China outbound market will gradually reopen -- but as it fully reopens, how much of an opportunity that is for you?

然後非常簡短地介紹一下中國。就中國出境而言，你能不能提醒我們，在 2019 年，這對你的業務有多麼重要，所以我們可以了解——我知道你說過中國出境市場將逐漸重新開放——但是當它完全重新開放時，對您來說有多少機會？

Yes. I mean I'll start, Mark. Yes. We've seen that third in Q4 2022, 36% of new available hosts who started out as guest in Airbnb. This is more than prior year. So this has been going up actually like year-over-year. So that number is going up. And it makes sense as Airbnb becomes more ubiquitous, but also it makes sense because a lot of people, they'll connect with a host, and they realize, wow, I can do this too. And the vast majority of our new listings are by individuals, not property managers. So there's this kind of interesting network effect where guest becomes host and then host becomes guest.

是的。我是說我要開始了，馬克。是的。我們在 2022 年第四季度看到了第三個，36% 的新房東最初是愛彼迎的房客。這比前一年多。所以這實際上一直在逐年上升。所以這個數字在上升。隨著 Airbnb 變得越來越普及，這是有道理的，但也有道理，因為很多人，他們會與房東聯繫，他們意識到，哇，我也能做到。我們的絕大多數新房源都是個人，而不是物業經理。所以有一種有趣的網絡效應，客人變成主人，然後主人變成客人。

As far as China, we expect the recovery to be pretty gradual in China. We think the big prize in China is the outbound business. We think that there are going to be hundreds of millions of people that want to leave China to travel the world, and we think is going to be the best way for essentially Gen Z people to travel. I think they really want an authentic experience when they're traveling around the world. That being said, we are expecting a pretty gradual recovery in China.

就中國而言，我們預計中國的複蘇將相當緩慢。我們認為中國的大獎是出境業務。我們認為將有數億人想要離開中國去世界各地旅行，我們認為這將是 Z 世代人旅行的最佳方式。我認為他們在環遊世界時真的想要一種真實的體驗。話雖這麼說，我們預計中國將逐步復甦。

And China kind of pre-COVID was in the kind of low single-digit percentage of our gross booking value. So it gives you some perspective of our opportunity. I think we think very -- could be large over an extended period of time, but it will take a while for it to be larger.

而中國在 COVID 之前占我們總預訂價值的百分比很低。所以它讓你對我們的機會有一些看法。我認為我們認為非常 - 可能會在很長一段時間內變大，但它需要一段時間才能變大。

And Mark, And just 1 other thing, yes, you are right that the cohorts are trending up. So for example, I think in Q4 2021, 33% of guests became host. In 2020, 28%. In 2019, 23%. So it is picking up.

馬克，還有一件事，是的，你是對的，隊列正在上升。例如，我認為在 2021 年第四季度，33% 的客人成為了房東。 2020 年為 28%。 2019 年為 23%。所以它正在回升。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

你的下一個問題來自摩根士丹利的布賴恩諾瓦克。

I have two. Just the first one, and I'll talk about guests and hosts. Could you just sort of help us understand a little bit how fast did your new guests grow in 2022? And how are you thinking about sort of new guest growth in '23 sort of talk about EBITDA margins? Or what's your first cut and how fast guests could grow this year?

我有兩個。只是第一個，我將談論客人和主人。您能否幫助我們了解一下您的新客人在 2022 年的增長速度有多快？在 23 年關於 EBITDA 利潤率的討論中，您如何看待新客人的增長？或者您的第一個削減是什麼以及今年客人的增長速度有多快？

And then the second one, just any update on metrics or quantifying adoption around unflexible or any of the other tools that you've rolled out to sort of better improve the load balancing between supply and demand.

然後是第二個，只是關於指標的任何更新或圍繞不靈活的量化採用或您推出的任何其他工具，以更好地改善供需之間的負載平衡。

Great. Yes, Dave, if you want to.

偉大的。是的，戴夫，如果你願意的話。

Yes. No, sure. On the new guests, we don't disclose the exact number of the new guest growth. Like I said, I think the thing that I'm really pleased is that we've introduced Airbnb to millions of new guests since COVID and that they're performing similarly, not even stronger than kind of historic guests in terms of their rebooking rates. So I feel really good about the position we have for new guests.

是的。不確定。關於新客人，我們不透露新客人增長的具體數字。就像我說的，我認為真正令我高興的是，自 COVID 以來，我們已經將 Airbnb 介紹給了數百萬新客人，而且他們的表現相似，在重新預訂率方面甚至不比老客人強.所以我對我們為新客人提供的職位感到非常滿意。

A big piece of it is some of the brand marketing that Brian kind of mentioned earlier, is just making sure we have a lot of awareness of Airbnb, but just to also make sure that we're getting strong consideration of Airbnb as a true option for them. And again, in this last several years, we've been able to introduce Airbnb to millions of new people that might not have thought about trying us before. So I think that's been really helpful.

其中很大一部分是 Brian 之前提到的一些品牌營銷，只是確保我們對 Airbnb 有很多認識，但也只是為了確保我們認真考慮將 Airbnb 作為一個真正的選擇為他們。而且，在過去的幾年裡，我們已經能夠將 Airbnb 介紹給數百萬以前可能沒有想過嘗試我們的新人。所以我認為這真的很有幫助。

And I don't have a lot to say on flexible except that we have a very strong adoption of the feature that -- and we think that it's a great way for us to distribute demand to where we have supplied. And the flexibility features are a key benefit for Airbnb because we have this more difficult problem, as Brian mentioned earlier, of matching and trying to match the right guest to the right host and the flexible gives us the ability to do a better match.

關於靈活，我沒有太多要說的，只是我們非常強烈地採用了這個功能——我們認為這是我們將需求分配到我們提供的地方的好方法。靈活性功能是 Airbnb 的一個關鍵優勢，因為我們有這個更困難的問題，正如 Brian 之前提到的，匹配並嘗試將合適的客人與合適的房東匹配，而靈活的功能使我們能夠進行更好的匹配。

Yes. And one of the things I'd just say, Brian, is that we've seen a permanent like shift in some of the travel booking behaviors on Airbnb since before the pandemic. And a lot of those changes have endured. And probably one of the most pronounced ones is just is incremental flexibility for people. We noticed more people are searching with more locations and using more flexibility features. And even before we built these features, we were seeing people entering a lot of different gate variations when they were searching. And so we were just really responding to where things are going.

是的。布賴恩，我只想說的一件事是，自大流行之前，我們已經看到 Airbnb 上的一些旅行預訂行為發生了永久性的轉變。許多這些變化都經受住了。最明顯的一個可能就是人們的靈活性增加。我們注意到越來越多的人正在搜索更多位置並使用更多靈活性功能。甚至在我們構建這些功能之前，我們就看到人們在搜索時輸入了許多不同的門變體。因此，我們只是在真正回應事情的發展方向。

And I think where this goes down the road is there's always going to be business travelers and families that know exactly where they want to go and when they want to go. But I think the long-term game here is increasingly, we're in 100,000 markets, people have not heard of 100,000 places. So the name of the game is pointing demand to where we have available supply, and that's kind of a big part of our product strategy.

而且我認為，在未來的發展過程中，總會有商務旅行者和家庭確切地知道他們想去哪里以及什麼時候去。但我認為這裡的長期遊戲越來越多，我們在 100,000 個市場，人們還沒有聽說過 100,000 個地方。所以遊戲的名稱是將需求指向我們有可用供應的地方，這是我們產品戰略的重要組成部分。

Your next question comes from the line of Lee Horowitz with Deutsche Bank.

你的下一個問題來自德意志銀行的 Lee Horowitz。

So maybe on ADRs, you guys continue to surpass expectations with FX-neutral growth that probably came in the quarter at mid-single digits up year-on-year. Would appreciate that looking at the '23 pricing initiatives and mix will impact your ability to grow. but we've seen underlying pricing continue to offset these mix impacts.

因此，也許在美國存託憑證方面，你們繼續超越預期，本季度可能以中個位數同比增長的外匯中性增長。希望查看 '23 定價計劃和組合將影響您的增長能力。但我們已經看到基礎定價繼續抵消這些組合影響。

So when you think about 2023, why can't ADRs grow again, given the strength of the overall industry is supportive of pricing for you guys.

所以當你想到 2023 年時，為什麼 ADR 不能再次增長，因為整個行業的實力都支持你們的定價。

Yes. Thanks on the ADRs. Yes, we were pleasantly -- there's 2 edges of the ADR. ADRs were up 5% year-over-year in Q4, excluding the impact of foreign exchange. Obviously, foreign exchange brings you down to kind of minus 1% when you bring back nights that come, say, from euro or our GBP-denominated nights. And what we forecasted for going forward is modest decline year-over-year in ADRs largely driven by changes in mix, right? People going back to cities, cities are accelerating more cross-border travel mix towards lower ADR regions. It's a double-edged sword, clearly for the financials. It's helpful to have the higher ADR rates because they drive greater revenue, greater flow-through and greater profitability. But obviously, also ADRs are 36% higher than they were in 2019. So it's more expensive for guests to stay on Airbnb and frankly, other places.

是的。感謝 ADR。是的，我們很高興——ADR 有兩個優勢。不包括外彙的影響，第四季度 ADR 同比增長 5%。顯然，當您從歐元或我們以英鎊計價的住宿中帶回住宿時，外匯會使您下降到負 1%。我們對未來的預測是 ADR 同比溫和下降，這主要是由於組合的變化，對吧？人們返回城市，城市正在加速向較低 ADR 地區的更多跨境旅行組合。這是一把雙刃劍，顯然是為了財務。擁有更高的 ADR 率是有幫助的，因為它們可以帶來更大的收入、更大的流通量和更高的盈利能力。但顯然，ADR 也比 2019 年高出 36%。因此，客人入住 Airbnb 和坦率地說，住在其他地方的費用更高。

I think the benefit that we've had is that even while ADRs are higher, we're providing great value. right? The ADRs on Airbnb still can provide a great location, maybe a fully stocked kitchen, a washer and dryer, all the reasons why you might want to stand at Airbnb versus other alternatives.

我認為我們的好處是，即使 ADR 更高，我們也提供了巨大的價值。正確的？ Airbnb 上的 ADR 仍然可以提供絕佳的位置，也許是儲備充足的廚房、洗衣機和烘乾機，這些都是您可能想要選擇入住 Airbnb 而不是其他選擇的原因。

And so as we look forward in the year, we just want to make sure that we continue to provide great value to our guests. And that's why we're building some of the tools that Brian's talked about, which are things like giving tools to host to make sure that they understand the prices that guests are paying and making sure that they are providing -- continue to provide great value to guests.

因此，當我們展望新的一年時，我們只想確保我們繼續為我們的客人提供巨大的價值。這就是為什麼我們正在構建 Brian 談到的一些工具，比如為房東提供工具，以確保他們了解客人支付的價格並確保他們提供——繼續提供巨大的價值給客人。

So then the other thing we're doing is, even as ADRs might come down modestly through the year through -- largely through mix, and maybe some through pricing. It's just making sure that we're being really rigorous in our cost structure to kind of support declining ADRs, which is why we anticipate our EBITDA margins for the full year to be roughly the same as 2022 in that the headwinds from lower ADR rates will be offset by our efficiencies that we kind of drive internally.

因此，我們正在做的另一件事是，即使 ADR 可能會在全年中適度下降——主要是通過混合，也許還有一些是通過定價。這只是確保我們的成本結構非常嚴格，以支持不斷下降的 ADR，這就是為什麼我們預計全年的 EBITDA 利潤率將與 2022 年大致相同，因為 ADR 利率較低的不利因素將被我們內部驅動的效率所抵消。

Great. Helpful. And then one follow-up on supply, if I could. Clearly, the product initiatives are driving impressive supply growth as everyone by seller rates and you guys are showing at this point. When I think about how that plays through into 2023, is there anything that we should be thinking about that can keep you from maintaining at these elevated rates, particularly given the fact that you will continue to iterate on the supply funnel to make it easier for hosts to come to the platform?

偉大的。有幫助。如果可以的話，然後對供應進行跟進。顯然，產品計劃正在推動令人印象深刻的供應增長，因為每個人都以賣家的價格來衡量，你們正在展示這一點。當我考慮這將如何持續到 2023 年時，我們是否應該考慮任何可以阻止您維持這些高利率的事情，特別是考慮到您將繼續迭代供應渠道以使其更容易主持人來平台？

Yes. Very proud of the continued growth in our supply. And we highlighted in the letter because it's super important that we do our best to get a -- have a balanced marketplace, right? If we get too much supply too quickly, then hosts aren't happy because they're not getting enough bookings. We don't get enough supply early enough, then guests are not happy because they don't get the kind of selection they want. And actually, what we highlighted in the letter is that we have grown our supply by 26% since 2019, and yet our nights and experiences booked have grown by 24%. So we've actually had a nice balance in that, and then I'm very proud of the fact that we've had 6.6 million active listings here in the last year and $900,000 more from the beginning of the year, which just shows the strength of Airbnb and why host want to come to where there is demand. And then we'll just make it easier for hosts to become host on Airbnb.

是的。對我們供應的持續增長感到非常自豪。我們在信中強調，因為我們盡最大努力獲得一個平衡的市場是非常重要的，對嗎？如果我們過快地獲得過多的供應，房東就會不高興，因為他們沒有得到足夠的預訂。我們沒有及早獲得足夠的供應，然後客人不高興，因為他們沒有得到他們想要的那種選擇。實際上，我們在信中強調的是，自 2019 年以來，我們的供應量增長了 26%，而我們預訂的住宿和體驗卻增長了 24%。所以我們實際上在這方面取得了很好的平衡，然後我為去年我們在這裡有 660 萬個活躍房源和比年初多 900,000 美元的事實感到非常自豪，這表明Airbnb 的實力以及為什麼房東想來有需求的地方。然後我們會讓房東更容易成為 Airbnb 的房東。

So this will be a forever journey for us to keep providing supply where there is demand. And I think we've been doing it incredibly well for the last 10, 12 years, and we'll continue to do that.

因此，這將是我們在有需求的地方繼續提供供應的永遠旅程。我認為我們在過去 10 年、12 年裡一直做得非常好，我們將繼續這樣做。

Yes. I think we just say, look, I think we're I think we're building a bit more of a muscle to around this. And I think it's been a really big focus of ours. So whether it's the product innovations, the awareness, focusing on even building, supply in key markets. I think it's been a really great muscle the team has built.

是的。我想我們只是說，看，我認為我們正在為此建立更多的力量。我認為這是我們的一個真正的重點。因此，無論是產品創新、意識，還是專注於關鍵市場的建設和供應。我認為這是團隊建立的非常棒的肌肉。

Your next question comes from the line of John Colantuoni with Jefferies.

你的下一個問題來自 Jefferies 的 John Colantuoni。

I wanted to start with the new pricing and discounting tools that you're rolling out. It sounds like the expectation is that they're going to be sort of a net headwind to ADR. So can you just walk through the strategic rationale for the new products. I assume it's about sort of improved customer experience, but it would be great to get your perspective on that.

我想從你們推出的新定價和折扣工具開始。這聽起來像是期望他們將成為 ADR 的淨逆風。那麼，您能否簡單介紹一下新產品的戰略依據。我認為這是關於改善客戶體驗的，但如果能了解您對此的看法，那就太好了。

And second, nights and experiences on a quarter-on-quarter basis in 4Q and 1Q seem to be back on trend with the historical seasonality we saw pre-pandemic. Is this sort of the right way to think about the trend in nights and experiences throughout the cadence of the year?

其次，隨著我們在大流行前看到的歷史季節性，第 4 季度和第 1 季度環比的住宿和體驗似乎又回到了趨勢。這種思考全年節奏的夜晚和體驗趨勢的正確方法是什麼？

John, I'll start. On pricing and discounts, let's just take a step back. Airbnb, we started 15 years ago. And when we started, we started as an affordable alternative to hotels. And I think that affordability and great value is 1 of the key reasons that people use Airbnb, and we have to continue to make sure that we have that value. And as long as people feel like they have the best product at the best value for Airbnb, I think we're going to deliver a huge amount of growth in years to come.

約翰，我要開始了。關於定價和折扣，讓我們退後一步。 Airbnb，我們 15 年前就開始了。當我們開始時，我們最初是作為酒店的負擔得起的替代品。我認為負擔能力和巨大的價值是人們使用 Airbnb 的關鍵原因之一，我們必須繼續確保我們擁有這種價值。只要人們覺得他們為 Airbnb 提供最好的產品和最好的價值，我認為我們將在未來幾年實現巨大的增長。

And so there's really 3 things that we're doing. The first thing is transparent pricing with all-in pricing display. In Europe, in many countries around the world, we actually do show total price. But in the United States, the convention for travel companies show a low base rate. And then when you get to check out, there's additional fees. But we spent a lot of time listening to our guests and hosts. And we've heard from our guests, it's not -- a lot of them want to be able to see the total price upfront. And we spent a bunch of time in December, we rolled out total pricing includes all fees before taxes -- Since we've rolled it out, the impact on our bookings has been neutral.

所以我們正在做三件事。首先是透明定價和全價顯示。在歐洲，在世界上的許多國家，我們實際上確實顯示了總價。但在美國，旅遊公司的公約顯示基本費率較低。然後，當您結賬時，需要支付額外費用。但我們花了很多時間傾聽客人和主人的意見。我們從客人那裡聽說，事實並非如此——他們中的很多人希望能夠預先看到總價。我們在 12 月花了很多時間，推出了包括所有稅前費用在內的總定價——自推出以來，對我們預訂的影響是中性的。

Now I know there was a lot of -- we did -- there was a lot of speculation around what happened to show up on pricing. But I think that the response has been very positive. And we chose a very specific implementation and implementation we chose as a price toggle where you can turn it on or off. The basic idea is if people to control of how they want to see prices but also the active can the toggle on helps people understand why our prices are changing and why they might be displayed different than competitors.

現在我知道有很多 - 我們確實 - 有很多關於發生在定價上的事情的猜測。但我認為反應非常積極。我們選擇了一個非常具體的實現和我們選擇的實現作為價格切換，您可以在其中打開或關閉它。基本想法是，如果人們可以控制他們希望如何查看價格，但也可以打開主動開關來幫助人們理解為什麼我們的價格在變化，以及為什麼它們的顯示方式可能與競爭對手不同。

So again, the impact has been neutral on bookings in the short run, but I actually think the impact on booking in the long run is going to be very positive because it's just a better experience, and it gives people more control.

所以，短期內對預訂的影響是中性的，但實際上我認為從長遠來看，對預訂的影響將是非常積極的，因為它只是一種更好的體驗，它給了人們更多的控制權。

The second thing is we are now prioritizing better value listing in search results. So in other words, we're going to take the total price in the total price into account when we're prioritizing bookings.

第二件事是我們現在在搜索結果中優先列出價值更高的產品。所以換句話說，當我們對預訂進行優先排序時，我們將考慮總價中的總價。

And then the third thing we're going to be doing is we're building new tools, pricing tools for hosts so that they understand the final price that they're showing to guests. One of the things we learned when we talk to hosts, they don't know the final price guests are paying. And if they did, they modulate some of the fees.

然後我們要做的第三件事是我們正在構建新工具，為主機定價工具，以便他們了解他們向客人展示的最終價格。我們在與房東交談時了解到的一件事是，他們不知道客人支付的最終價格。如果他們這樣做了，他們會調整一些費用。

I think in the short run, it may have some modest impacts on ADR, but in the long run, I think what it's going to do is drive a lot more demand here at Airbnb, I don't know, Dave, do you want to add anything or take the second question.

我認為在短期內，它可能會對 ADR 產生一些適度的影響，但從長遠來看，我認為它會在 Airbnb 帶來更多的需求，我不知道，戴夫，你想要嗎添加任何內容或回答第二個問題。

No, I think you hit on all the key points on ADR. We're not anticipating a significant decrease in ADR as a result of the pricing tools. We just want to make sure that we're being transparent and helping host make sure that they're setting prices that are appropriate for their listings. So I think that on the nights and experiences trends, we're finally beginning to reach a point where the year-over-year comparisons are much more consistent. And so I think 2023 won't look exactly like 2022, but it's a much better guide than kind of historic years. So we are getting back to -- you'd be able to use year-over-year as a trend line for your forecasting.

不，我認為您抓住了 ADR 的所有關鍵點。我們預計 ADR 不會因定價工具而顯著下降。我們只是想確保我們保持透明，並幫助房東確保他們設定的價格適合他們的房源。所以我認為，在夜晚和體驗趨勢上，我們終於開始達到同比比較更加一致的地步。所以我認為 2023 年看起來不會完全像 2022 年，但它比歷史性的年份要好得多。所以我們要回到——你可以使用同比作為你的預測的趨勢線。

Your next question comes from the line of Mario Lu with Barclays.

你的下一個問題來自 Mario Lu with Barclays。

First one is on the listings growth number, the $900,000 year-over-year. I was wondering if you could help break down that number further. For example, were most of these listings completely new listings or were a good portion of it reactivated say in urban areas? Just trying to see how this growth organic versus travel normalizing?

第一個是掛牌量增長，同比增長 900,000 美元。我想知道你是否可以幫助進一步分解這個數字。例如，這些房源中的大多數是全新的房源，還是其中很大一部分在城市地區被重新激活？只是想看看這種有機增長與旅行正常化相比如何？

Yes. I mean the real thing about listings is think about how all listings work. In any given year, we have brand new listings, we have reactivated listings and then we have deactivated listings and some combination of each of those 3.

是的。我的意思是關於列表的真實情況是考慮所有列表的工作方式。在任何給定的年份，我們都有全新的列表，我們重新激活了列表，然後我們停用了列表以及這 3 個中每一個的某種組合。

I'd say that the trends of each of those have been kind of up and to the right. In other words, I think we're showing improvement in fewer deactivations and strengthening of our new activations. And so the sum total of each of those is all contributing towards our growth, but I don't have any other more specific breakout to give to you.

我想說的是，其中每一個的趨勢都是向上和向右的。換句話說，我認為我們在減少停用和加強新激活方面取得了進步。因此，每一項的總和都為我們的增長做出了貢獻，但我沒有任何其他更具體的突破可以給你。

I mean I think the other -- maybe the only other highlight I would give is it wasn't in just kind of 1 region, like we were seeing broad-based growth of listings around the world and then even by listing type. It was like 1 of the earlier questions about how is the listing growth around urban again, in Urban was 1 of the accelerating areas. So we've seen really nice growth in the urban where that comes back.

我的意思是我認為另一個 - 也許我要給出的唯一其他亮點是它不僅僅是在一個地區，就像我們看到全球範圍內的上市增長，甚至是上市類型。就像之前的問題之一，關於城市周圍的上市增長情況如何，城市是加速發展的地區之一。因此，我們在城市中看到了非常好的增長。

It just leads back to this marketplace dynamic that we have for Airbnb, which is we both work hard to get listings, proactively on our own and get them more organically where there's demand. and where there's not demand, that's also where you'll see deactivations or fewer listing growth. It tends to be self-healing over time.

它只是回到我們為 Airbnb 所擁有的這種市場動態，這是我們都努力工作以自己主動獲得列表，並在有需求的地方更有機地獲得它們。在沒有需求的地方，您也會看到停用或掛牌量減少的地方。隨著時間的推移，它往往會自我修復。

And the second one is on the lead time for bookings. In your outlook, you mentioned Europeans were booking summer travel earlier this year. So any commentary you could provide on just globally how lead times look thus far versus pre-pandemic? And any puts and takes to consider when thinking about the 20% room night growth is sustainable for the rest of the year?

第二個是預訂的提前期。在您的展望中，您提到歐洲人在今年早些時候預訂了夏季旅行。那麼，您可以就全球範圍內的交貨時間與大流行前相比，提供任何評論嗎？在考慮 20% 的間夜增長在今年餘下的時間裡是否可持續時，有什麼需要考慮的嗎？

Yes. We're really pleased with the European lead times coming up. Europeans will tend to book their summer travel here in the beginning of the year. and to see them booking even earlier on Airbnb relative to our historic rates has been really great to see. Just, I think, shows the optimism that they have to kind of travel this summer.

是的。我們對即將到來的歐洲交貨時間感到非常高興。歐洲人傾向於在年初在這裡預訂夏季旅行。看到他們比我們的歷史價格更早地在 Airbnb 上預訂，真是太好了。我認為，這表明了他們今年夏天必須去旅行的樂觀情緒。

And then broad-based, we are just seeing a slightly longer lead time more generally across Airbnb overall. So again, I just think that shows a nice optimism for people feeling confident that they can book for their summer travel season. So I think not much more to say than that.

然後是基礎廣泛的，我們只是看到整個 Airbnb 的整體交付時間略長。因此，我再次認為，對於那些有信心可以為夏季旅行季節預訂的人來說，這表明了一種樂觀的態度。所以我認為沒有太多要說的了。

(Operator Instructions) Your next question comes from the line of Justin Post with Bank of America.

（操作員說明）您的下一個問題來自美國銀行的 Justin Post 專線。

Great. I think you give it in the K, but can you give us the mix of Asia in '22? I don't know if you can now -- And then secondly, how do you think about the Asia recovery in China cross-border impacting results over the next 12 months?

偉大的。我想你在 K 中給了它，但你能給我們 22 世紀的亞洲組合嗎？我不知道你現在是否可以——其次，你如何看待未來 12 個月中國的亞洲復甦對結果的跨境影響？

Yes. The -- in the next 12 months, Asia is still recovering, right? Asia has still been down versus 2022 -- I mean 2019 and -- but they were the fastest kind of growing region in the fourth quarter. So we think it's pretty optimistic about the opportunity. And as Brian even mentioned about China, like the long-term outlook for, for example, Chinese outbound travelers is something that we feel very bullish on for over the long term. And in terms of the fourth quarter, APAC was 12% of the business in the fourth quarter.

是的。在接下來的 12 個月裡，亞洲仍在復蘇，對嗎？與 2022 年相比，亞洲仍然有所下降——我的意思是 2019 年——但它們是第四季度增長最快的地區。所以我們認為它對這個機會非常樂觀。正如布賴恩甚至提到中國，例如中國出境游客的長期前景，從長遠來看，我們感到非常看好。就第四季度而言，亞太地區佔第四季度業務的 12%。

And maybe I'll just say that I think the Asia Pacific is a huge growth area for us going forward. And it's been a little bit of a slower recovery. And I think the reason why is Asia is historically more of a cross-border market. a lot of people in Asia is basically travel across countries. They don't have as big of a domestic market in any of these countries for the most part. And that's just been a slower recovery. But I think the one thing we've seen is that just means probably more pent-up demand, and Asia index is even higher on Gen Z travelers, which is a strong suit of Airbnb. So we're really bullish over the next few years on Asia.

也許我會說我認為亞太地區是我們前進的巨大增長區域。而且恢復速度有點慢。而且我認為亞洲在歷史上更像是一個跨境市場的原因。很多亞洲人基本上是跨國旅行。在大多數情況下，他們在這些國家中的任何一個都沒有那麼大的國內市場。那隻是一個緩慢的恢復。但我認為我們看到的一件事是，這可能意味著更多被壓抑的需求，亞洲指數在 Z 世代旅行者中更高，這是 Airbnb 的強項。因此，我們非常看好未來幾年的亞洲市場。

Your next question comes from the line of Lloyd Walmsley with UBS.

你的下一個問題來自瑞銀集團的 Lloyd Walmsley。

This is Chris on for Lloyd. Just can you start by helping us think about the range of outcomes for ADRs in the 1Q '23 guide? I guess as we kind of lay out your guidance saying that take rates would be very similar to 1Q '22 levels and gets you to, say, $20.7 billion potentially of gross bookings in 1Q, '23, and you assume maybe a slight detail on room nights.

這是勞埃德的克里斯。您能否首先幫助我們考慮 1Q '23 指南中 ADR 的結果範圍？我想我們在製定您的指導時說，採用率將與 22 年第一季度的水平非常相似，並使您在 23 年第一季度的總預訂量可能達到 207 億美元，並且您假設可能有一些細節間夜。

I could get to a situation where ADRs are potentially flat to better. I guess, is you're talking to ADRs being down slightly on a year-over-year basis. I guess, is -- what would need to happen here for ADRs to be flat to better on a year-over-year basis in 1Q?

我可能會遇到 ADR 可能持平甚至更好的情況。我猜，你是在談論 ADR 同比略有下降。我想，是 - 這裡需要發生什麼才能使 ADR 在第一季度同比持平到更好？

Well, to be flat to better would be if there's stronger overall just pricing? And if the mix came in differently, for example, maybe urban didn't come in quite as strong as or cross-border Latin America, Asia didn't come in quite as strong. So a lot of our ADR forecast for Q1 comes from the anticipated continued growth of urban, cross-border and regional mix. And that's why we're forecasting it down for just down slightly year-over-year. the implied take rate, it should be directionally the same as last year and maybe not precisely the same, I think you look back in 2022 and it will be a good guide for your take rate.

好吧，如果整體定價更強勁，那麼持平到更好呢？如果組合不同，例如，也許城市沒有像拉丁美洲或跨境拉丁美洲那樣強大，亞洲也沒有那麼強大。因此，我們對第一季度的許多 ADR 預測來自城市、跨境和區域組合的預期持續增長。這就是為什麼我們預測它會同比略有下降。隱含的 take rate，它應該與去年的方向相同，也許不完全相同，我認為你回顧 2022 年，這將是你 take rate 的一個很好的指導。

Okay. Got it. And just maybe 1 quick follow-up question on the product side as you guys were talking about really kind of expansion opportunities. How should we be thinking about hotel within that? Or should we be thinking about more of the expansion opportunities being related to the core business and experiences in '23.

好的。知道了。當你們在談論真正的擴張機會時，也許只有一個關於產品方面的快速跟進問題。我們應該如何考慮其中的酒店？或者我們應該考慮更多與 23 年的核心業務和經驗相關的擴展機會。

Chris, I would just say, I mean all of the above, I think hotels are important ways to fill a network gaps. I think people come to be here because we have something unique they can't get anywhere else. But we also have a huge amount of traffic, and so we want to make sure people come here to me they don't leave without finding something.

克里斯，我只想說，我的意思是以上所有，我認為酒店是填補網絡空白的重要方式。我認為人們來到這裡是因為我們擁有他們在其他任何地方都無法獲得的獨特之處。但我們也有大量的流量，所以我們想確保人們來找我，他們不會在找不到東西的情況下離開。

So I think you can think about our product a few ways. Number one, our core business has a huge amount of growth ahead of us. And so we just want to first perfect the core experience by making it easier to find the right Airbnb, providing better service each step of the way and providing better value. Next, we have a lot of emerging use cases. those emerging use cases are longer stays, obviously, which is more than 1/5 of our nice book. We also have experiences that we're really focused on and continuing to fill out our network gaps. And then finally, beyond just all those are obviously new products and services over the horizon. So we kind of have a very balanced portfolio of all of the above.

所以我認為你可以從幾個方面考慮我們的產品。第一，我們的核心業務有巨大的增長空間。因此，我們只想首先完善核心體驗，讓人們更容易找到合適的 Airbnb，在每一步都提供更好的服務，並提供更好的價值。接下來，我們有很多新興的用例。那些新興的用例顯然是更長的停留時間，這超過了我們好書的 1/5。我們也有我們真正關注並繼續填補我們網絡空白的經驗。最後，除了所有這些之外，顯然還有即將出現的新產品和服務。因此，我們在上述所有方面都有一個非常平衡的投資組合。

Your next question comes from the line of Kevin Kopelman with Cowen.

你的下一個問題來自 Kevin Kopelman 和 Cowen 的對話。

So a quick one. Given you have $10 billion in cash on the balance sheet and generated $3 billion in cash flow last year, not including the funds held on behalf of guests. Can you just give us an update on how you're thinking about capital allocation and share repurchases? And do you see a potential for repurchases to go beyond offsetting stock comp?

這麼快。鑑於您的資產負債表上有 100 億美元現金，去年產生了 30 億美元的現金流，其中不包括代表客人持有的資金。您能否向我們介紹一下您對資本配置和股票回購的看法？你是否看到回購的潛力超越抵消股票補償？

Yes. really pleased with our cash position, right? We ended with $9.6 billion of cash on the balance sheet at the end of the year. That is after buying back $1.5 billion of stock.

是的。對我們的現金狀況真的很滿意，對吧？年底，我們的資產負債表上有 96 億美元現金。那是在回購了 15 億美元的股票之後。

We have $500 million left on the existing repurchase approval, and we anticipate that will be executing early in the year. But clearly, we're also in -- still in growth mode like we are using this balance sheet to make sure that we can invest in growth for the business in the future. Clearly keep enough cash for potential M&A opportunities, which could exist. And then to the extent that we can return stock and cash to shareholders through share repurchases that will be our primary vehicle that you would anticipate this year.

我們現有的回購批准還剩 5 億美元，我們預計將在今年年初執行。但很明顯，我們也處於 - 仍然處於增長模式，就像我們正在使用這個資產負債表來確保我們可以在未來投資於業務增長。顯然要為可能存在的潛在併購機會保留足夠的現金。然後我們可以通過股票回購將股票和現金返還給股東，這將是我們今年預期的主要工具。

We're going to have about $1 billion of stock-based compensation. We'll at least be offsetting that through share repurchases and -- but I don't have anything more to say beyond that at this time, but we'll continue to evaluate what the appropriate amount of cash is to keep and how much we should continue to return to shareholders. But remember, we are still heavily in growth. We want to be able to invest in the long-term growth of this business.

我們將獲得大約 10 億美元的股票薪酬。我們至少會通過股票回購來抵消這一點——但目前除此之外我沒有什麼可說的，但我們將繼續評估應該保留多少適當的現金以及我們保留多少現金應該繼續回報股東。但請記住，我們仍處於快速增長階段。我們希望能夠投資於這項業務的長期增長。

Your next question comes from the line of Stephen Ju with Credit Suisse.

你的下一個問題來自瑞士信貸的 Stephen Ju。

So can you talk about the typical behavior from the new host when they're onboarded? Do they start making only a small number of days available. And as time goes on and they get more comfortable with hosting they maybe make more time slots available throughout the course of the year because it seems like we're really preoccupied with the total host number because honestly, as disclosed, but I'm wondering if the aggregate availability growth has historically been a number that's been much higher than the property host growth?

那麼您能談談新房東入職時的典型行為嗎？他們是否開始只提供少量的可用天數。隨著時間的推移，他們對託管越來越滿意，他們可能會在一年中提供更多的時間段，因為看起來我們真的很關注主機總數，因為老實說，正如所披露的那樣，但我想知道如果總可用性增長在歷史上一直是一個遠遠高於物業主機增長的數字？

Yes, Stephen, I can start. The general trend we see is that most people come to Airbnb with kind of more casual intent to host occasionally. Sometimes people come dara host on a one-off basis, for example, on this past weekend in Phoenix, we saw a really big surge of new listings for Super Bowl.

是的，斯蒂芬，我可以開始了。我們看到的總體趨勢是，大多數人來到 Airbnb 是出於一種更隨意的目的，偶爾會出租。有時人們會一次性來這裡舉辦活動，例如，上週末在鳳凰城，我們看到超級碗的新房源激增。

What we noticed is that over time, hosts generally increase the number of days available and they tend to get more productive every year. And so more and more nights get booked on a single listing. And then we also see a number of hosts add a second, third or fourth listing depending upon what markets they're in. So the general idea is that host get more productive, they eventually book more nights. Their ADR typically goes up as they accumulate more reviews. One of the things we recommend new hosts do is when they don't have reviews to start a little bit more affordably.

我們注意到，隨著時間的推移，房東通常會增加可用天數，而且他們的工作效率每年都在提高。因此，越來越多的夜晚被預訂在一個房源上。然後我們還看到許多房東根據他們所在的市場添加第二個、第三個或第四個房源。所以一般的想法是房東變得更有效率，他們最終會預訂更多的夜晚。隨著他們積累更多評論，他們的 ADR 通常會上升。我們建議新房東做的一件事是在他們沒有評論的情況下以更實惠的價格開始。

And then as they accumulate rate reviews, they can command a little bit higher kind of market pricing. And so those are the general trends we see a general uptick in ADR is to get more reviews and to build a reputation. They add more nights. And then occasionally, you'll see some people add additional listings depending upon the kind of segment they're in.

然後隨著他們積累利率評論，他們可以要求更高一點的市場定價。因此，這些是我們看到的一般趨勢，ADR 的普遍上升是為了獲得更多評論並建立聲譽。他們增加了更多的夜晚。然後偶爾，您會看到一些人根據他們所在的細分市場類型添加其他列表。

Your next question comes from the line of Doug Anmuth with JPMorgan.

你的下一個問題來自摩根大通的 Doug Anmuth。

I just wanted to circle back on your comments on EBITDA margins for '23. You talked about maintaining margins with the variable cost efficiencies kind of being the offset to lower ADRs? Can you just walk us through a little bit more on those cost efficiencies that you're thinking about?

我只是想回顧一下你對 23 年 EBITDA 利潤率的評論。您談到通過可變成本效率來維持利潤率是對較低 ADR 的抵消嗎？您能否向我們詳細介紹一下您正在考慮的那些成本效率？

And then kind of related, how should we think about marketing spending? It sounds like you're going to shift more of the brand into 1Q. Is that just driven by a pull forward in bookings or more of just a shift in your strategy?

然後有點相關，我們應該如何考慮營銷支出？聽起來你要把更多的品牌轉移到第一季度。這僅僅是因為預訂量的增加，還是僅僅是因為您的戰略轉變？

Yes. The way we anticipate our EBITDA margins for this year is that one of the headwinds is this anticipated ADR decline that we talked about earlier on the call, and that the ways in which we are going to be able to offset the margin impact of those declines will be through fixed cost discipline. We're going to continue to grow, but we're going to grow modestly. So think of our headcount growth being in the 2%, 3%, 4% range. So we'll keep having very good fixed cost discipline.

是的。我們預計今年 EBITDA 利潤率的方式是，不利因素之一是我們早些時候在電話會議上談到的預期 ADR 下降，以及我們將能夠抵消這些下降對利潤率影響的方式將通過固定成本紀律。我們將繼續增長，但我們將適度增長。因此，想想我們的員工人數增長在 2%、3%、4% 的範圍內。所以我們一直有很好的固定成本紀律。

We've already addressed marketing in a minute because we've already addressed a lot of the marketing reductions, but we're just seeing strong improvements in our variable cost reductions as well, everything from community support costs, cost of payments costs, infrastructure costs. All those areas are just important and ongoing efforts for us to drive profitability.

我們已經在一分鐘內解決了營銷問題，因為我們已經解決了很多營銷削減問題，但我們也看到了可變成本削減方面的巨大改進，從社區支持成本、支付成本、基礎設施等各方面費用。所有這些領域都是我們推動盈利能力的重要且持續的努力。

As I mentioned earlier, we're still in heavy growth mode. I am not in profit maximization mode. I have a long list of things that we can invest in to drive further profitability. But I know that I can also afford with our headcount growth profitability improvements that can offset the ADR declines, and that's what we'll be investing in this year. And then we can keep working on the other variable cost improvements over time.

正如我之前提到的，我們仍處於高速增長模式。我沒有處於利潤最大化模式。我有一長串我們可以投資以推動進一步盈利的事情。但我知道我也可以負擔得起我們的員工人數增長和盈利能力的提高，這可以抵消 ADR 的下降，這就是我們今年將投資的內容。然後我們可以隨著時間的推移繼續致力於其他可變成本的改進。

And then in terms of marketing, we've had the major step change reduction in our marketing expense. That was actually a strategic change all the way back in 2019. That's proven to be incredibly effective from 2020 all the way through 2022.

然後在營銷方面，我們的營銷費用有了重大的改變。這實際上是 2019 年以來的一項戰略變革。事實證明，從 2020 年到 2022 年，這都非常有效。

And what we've seen in 2023 is that marketing costs as a percentage of revenue for the full year will be about the same as what it was in 2022. But what we are doing is shifting some of the timing. We're just getting even earlier in the year to make sure that we're getting our message out to guests around the world. So they're ready to kind of make their bookings for kind of peak summer travel season, which is in the summer.

我們在 2023 年看到的是，全年營銷成本佔收入的百分比將與 2022 年大致相同。但我們正在做的是改變一些時間。我們只是在今年早些時候開始，以確保將我們的信息傳達給世界各地的客人。因此，他們已準備好在夏季的夏季旅遊旺季進行預訂。

And so I think it's just we're getting more efficient and effective at the timing. And we think bringing forward a little bit more marketing into Q1 as a more effective use of our dollars.

所以我認為這只是我們在時機上變得更有效率和效果。而且我們認為，為了更有效地利用我們的資金，我們認為在第一季度進行更多的營銷。

Your next question comes from the line of Nick Jones with JMP Securities.

你的下一個問題來自 JMP 證券公司的 Nick Jones。

Can I go back to kind of the Airbnb friendly apartments. What does it look like to get property managers on board with this? And I guess, how much of the apartments that they're managing start to get unlocked? And I guess, what kind of runway do you see in these key markets to add on kind of meaningfully more property managers?

我可以回到那種 Airbnb 友好的公寓嗎？讓物業經理參與其中會是什麼樣子？我猜，他們管理的公寓中有多少開始解鎖？而且我想，您在這些主要市場中看到什麼樣的跑道來增加有意義的更多物業經理？

Yes, I can start, Nick. So yes, I mean this new program is something that we developed because actually, we started getting a lot of inbound from real estate developers. And they started -- we started saying if we made our buildings Airbnb friendly, would it make the building more appealing, especially to young people that are moving to markets in certain cities. And so we did a partnership. We started with working with Greystar, Equity Residential, over 10 other companies, and we've launched. We have 175 buildings in like Houston, Phoenix, Jacksonville -- and the vast majority of these units are kind of -- we expect if they were put on Airbnb, that would be a typical kind of ADR. They're usually 1 bedroom studios.

是的，我可以開始了，尼克。所以是的，我的意思是這個新程序是我們開發的，因為實際上，我們開始從房地產開發商那裡獲得大量入境。他們開始 - 我們開始說，如果我們讓我們的建築對 Airbnb 友好，它會讓建築更具吸引力，尤其是對於搬到某些城市市場的年輕人來說。所以我們建立了夥伴關係。我們開始與 Greystar、Equity Residential 以及其他 10 多家公司合作，並且我們已經推出。我們在休斯頓、鳳凰城、傑克遜維爾等地擁有 175 棟建築——其中絕大多數都是——我們預計如果將它們放在 Airbnb 上，那將是一種典型的 ADR。他們通常是一間臥室的工作室。

The tenants sign a sublease to a fixed number of days a year, they can rent typically less than 180 days. So the whole idea is these are people's primary homes, and they rent them when they're gone. And I think we're going to get a lot of demand because there's a lot of benefits to landlords.

租戶每年簽訂固定天數的轉租合同，他們可以租用的天數通常少於 180 天。所以整個想法是這些是人們的主要住所，當他們離開時他們會租用它們。而且我認為我們會得到很多需求，因為這對房東有很多好處。

Number one, a landlord get visibility control around who's doing what in their building. Number two, they get a lot of free demand of people that want to lease their apartments. And three, they get a cut on the commission. So based on what we're seeing, there's been a lot of positive word of mouth, many REITs and developers are engaging with Airbnb. We think we're going to be able to send a lot of traffic to them. And so I think this is a program that's going to grow quite a lot. And I also think what is strategic to us beyond all the incremental apartments that unlocks is we're now developing relationships with many of the biggest landlords in United States. And if that happens, I think you're going to see leases generally being more friendly to Airbnb.

第一，房東可以控制誰在他們的大樓裡做什麼。第二，他們有很多想要出租公寓的人的免費需求。第三，他們可以減少佣金。因此，根據我們所看到的，有很多積極的口碑，許多房地產投資信託基金和開發商正在與 Airbnb 合作。我們認為我們將能夠向他們發送大量流量。所以我認為這是一個將會有很大發展的項目。而且我還認為，除了解鎖所有增量公寓之外，對我們來說具有戰略意義的是，我們現在正在與美國許多最大的房東發展關係。如果發生這種情況，我認為你會看到租賃通常對 Airbnb 更友好。

Your next question comes from the line of Bernie McTernan with Needham.

你的下一個問題來自 Bernie McTernan 與 Needham 的對話。

On margins. So 2 impacts on ADRs, the mix shift in the pricing. It sounds like mix shift is contemplated in that flat EBITDA margin guide for '23, but can you still achieve flat EBITDA margins if that pricing benefit does come out modestly of ADRs. And as a follow-up, just if there's an estimate for how much FX weighed on EBITDA margins in '22, that would be helpful.

在邊距上。所以 2 對 ADR 的影響，定價的混合變化。聽起來像是在 23 年持平的 EBITDA 利潤率指南中考慮了混合轉變，但如果 ADR 的定價優勢確實適度出現，你還能實現持平的 EBITDA 利潤率嗎？作為後續行動，如果估計 22 年外匯對 EBITDA 利潤率的影響有多大，那將是有幫助的。

Yes. On the 2 impacts, I mean, as you said, large forecast that we have for ADR moderation is due to the mix shift. Clearly, we want to make sure that we are giving tools to host to price effectively so that we have great value. We're not -- it will be -- time will tell how much change we're seeing ADR from those overall changes. I do have a fair amount of levers, as I said, over time, that I can pull in order to continue to improve the cost efficiency.

是的。關於這 2 種影響，我的意思是，正如您所說，我們對 ADR 緩和的大量預測是由於混合轉變。顯然，我們希望確保我們提供的工具能夠有效地定價，這樣我們才能擁有巨大的價值。我們不會——將來會——時間會證明我們從這些整體變化中看到了多少變化。正如我所說，隨著時間的推移，我確實有相當多的槓桿可以拉動，以繼續提高成本效率。

And if ADRs come down more, then I may need to pull a few more levers, but I feel confident we can deliver our EBITDA margin neutral in the face of whatever ADR headwinds that we see this year. So I think that's the main end piece. And then your second question again?

如果 ADR 下降更多，那麼我可能需要再動用一些槓桿，但我相信，面對今年我們看到的任何 ADR 逆風，我們都能實現 EBITDA 利潤率中性。所以我認為這是主要的結束部分。然後又是你的第二個問題？

Just if there is an estimate for how much FX weighed on EBITDA margins this year given the differential between where revenues are generated and where the costs are in the U.S.

考慮到美國的收入產生地和成本發生地之間的差異，如果估計今年外匯對 EBITDA 利潤率的影響有多大。

Maybe we can follow up off-line on that. I mean it was a material probably several hundred million dollars, but we would have to give you the -- maybe we work off-line on a specific calculation.

也許我們可以離線跟進。我的意思是，它可能是一種價值數億美元的材料，但我們必須給你 - 也許我們在特定計算上離線工作。

Your next question comes from the line of Tom White with D.A. Davidson.

你的下一個問題來自 Tom White 和 D.A.戴維森。

Any color or metrics you guys can provide on how cohorts of guests that you acquired during the height of the pandemic have been performing over the last several months kind of relative to customers acquired pre-pandemic. I'm just curious whether it looks like there might be any meaningful differences when it comes to, I don't know, frequency, spend levels, repeat rates, anything like that?

你們可以提供任何顏色或指標，說明你們在大流行高峰期間獲得的客人群體在過去幾個月中的表現與大流行前獲得的客戶有關。我只是很好奇，在涉及頻率、支出水平、重複率等方面是否存在任何有意義的差異，我不知道？

No, the actual frequencies take rate spend rates have obviously been very consistent with kind of pre-COVID acquired guests. So we feel really good about the new guests coming on and having them look very similar to historic guests, and so very consistent.

不，實際頻率使用率消費率顯然與 COVID 前獲得的客人類型非常一致。因此，我們對新客人的到來感到非常滿意，讓他們看起來與老客人非常相似，而且非常一致。

Your next question comes from the line of Deepak Mathivanan with Wolfe Research.

您的下一個問題來自 Deepak Mathivanan 與 Wolfe Research 的合作。

Just a couple of ones. First, it's nice to see the supply growth, but can you talk about trends on the utilization side? I know you don't look at occupancy in a traditional sense. But any color on how the product initiatives like changing the search experience or I'm flexible from 2022 is kind of helping with utilization or occupancy on the platform?

只有幾個。首先，很高興看到供應增長，但你能談談利用方面的趨勢嗎？我知道您不會從傳統意義上看入住率。但是，從 2022 年起，關於產品計劃如何改變搜索體驗或我變得靈活的任何顏色都有助於提高平台的利用率或占用率？

And then second question, mix of long-term stays remains stable near 20%. How should we think about that for 2023? Is that a potential opportunity and an area of focus for 2023? What sort of product initiatives can you do to kind of take that mix higher given that it obviously helps with the marketplace balance.

然後是第二個問題，長期住宿的比例保持穩定，接近 20%。我們應該如何考慮 2023 年的情況？這是 2023 年的潛在機會和重點領域嗎？考慮到它顯然有助於市場平衡，你可以採取什麼樣的產品計劃來提高這種組合。

Yes. Deepak, on the supply growth, I think the best measure to look at is you just look at the growth in supply that we had versus 2019 that we grew at 26% and our nights and Experiences book grew 24%, kind of largely in line -- we're not seeing any major shifts in overall kind of utilization rate that give us any concern. We feel like we continue to keep, in aggregate this nice balance of growing supply and growing demand, and we want to keep that relative balance, as I mentioned earlier in the call. If one gets out of whack too much than either the host aren't happy or the guests aren't happy. But I'm very pleased with the way in which we've been able to keep that balanced.

是的。 Deepak，關於供應增長，我認為最好的衡量標準是你只看我們的供應增長與 2019 年相比，我們增長了 26%，我們的住宿和體驗預訂增長了 24%，基本一致- 我們沒有看到任何讓我們擔心的整體利用率的重大變化。我們覺得我們繼續總體上保持不斷增長的供應和不斷增長的需求之間的這種良好平衡，並且我們希望保持這種相對平衡，正如我在電話會議前面提到的那樣。如果一個人失控太多，要么主人不高興，要么客人不高興。但我對我們能夠保持這種平衡的方式感到非常滿意。

And then in terms of long-term stays, I mean, if you actually rewind the tape all the way back to pre-COVID time. Q1 of 2019, our long-term stays were about 13% of nights. By the end of the year, it was maybe 16% at nights. So I think 13% to 16%. Last year, it was kind of 19% to 21% or so, 21%, obviously, in the fourth quarter. So it's been elevated and fairly stable.

然後就長期住宿而言，我的意思是，如果你真的把磁帶倒帶回到 COVID 之前的時間。 2019 年第一季度，我們的長期住宿約佔晚數的 13%。到年底，晚上的比例可能為 16%。所以我認為是 13% 到 16%。去年，第四季度大約是 19% 到 21%，顯然是 21%。所以它已經升高並且相當穩定。

I think we see in Q1 this year is that we continue to see really strong growth in short-term stays and short-term stays kind of outpacing our growth a little bit in -- versus long-term stays here in the first quarter. So I anticipate it coming down just a little bit here in the first quarter on a mix basis, but it's largely just driven by the short-term acceleration that we're seeing and it's still remaining significantly elevated over 2019 rates.

我認為我們在今年第一季度看到的是，我們繼續看到短期住宿的強勁增長，而短期住宿的增長有點超過了我們的增長——與第一季度的長期住宿相比。因此，我預計第一季度它會在混合基礎上略有下降，但這在很大程度上只是受到我們所看到的短期加速的推動，而且它仍然比 2019 年的利率高得多。

This concludes our Q&A session for today. I turn the call back over to Brian for closing remarks.

今天的問答環節到此結束。我將電話轉回給 Brian，請他作結束語。

All right, everyone. Thank you for joining us today. To recap, we had another record year in 2022. Revenue and adjusted EBITDA were both record high and free cash flow was $3.4 billion. I'm really proud of these results. And before I go, I just want to say how proud I am of our team. If you think about what we -- what this team has been through the last 3 years, initially losing 80% of our business, kind of rebuilding the company from the ground up and now just becoming a much more focused, disciplined company. This is a lot of momentum inside the company. And looking forward, we're already seeing some really strong demand in Q1. Consumer confidence to travel remains really high.

好的，大家。感謝您今天加入我們。回顧一下，我們在 2022 年又迎來了創紀錄的一年。收入和調整後的 EBITDA 均創歷史新高，自由現金流為 34 億美元。我為這些結果感到非常自豪。在我走之前，我只想說我為我們的團隊感到自豪。如果你想想我們 - 這個團隊在過去 3 年裡經歷了什麼，最初失去了我們 80% 的業務，有點從頭開始重建公司，現在只是成為一家更加專注、紀律嚴明的公司。這是公司內部很大的動力。展望未來，我們已經在第一季度看到一些非常強勁的需求。消費者對旅行的信心仍然很高。

I think part of that is like no matter what happens in the world, people want to travel. And for many people, the office is now Zoom, the Mall of now Amazon, the theater is now Netflix. Travel is going to become a very important way that people experience the world this year. And so therefore, this is going to be an exciting year for Airbnb and for traveling all around the world. So with that, thank you all, and we'll talk to you next quarter.

我認為部分原因就像無論世界上發生什麼，人們都想去旅行。對於許多人來說，辦公室現在是 Zoom，購物中心現在是亞馬遜，劇院現在是 Netflix。今年，旅行將成為人們體驗世界的一種非常重要的方式。因此，對於 Airbnb 和環遊世界來說，今年將是激動人心的一年。因此，謝謝大家，我們將在下個季度與您交談。

This concludes today's conference call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。