Airbnb Inc (ABNB) 2023 Q1 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's earnings conference call for the first quarter of 2023. 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 2023 年第一季度的收益電話會議。提醒一下，本次電話會議正在錄製中，您可以在電話會議後從 Airbnb 網站的投資者關係部分重播。我現在將把電話交給財務副總裁 Ellie Mertz。請繼續。

Good afternoon, and welcome to Airbnb's First Quarter of 2023 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，歡迎來到愛彼迎 2023 年第一季度財報電話會議。感謝您今天加入我們。今天的電話會議有 Airbnb 的聯合創始人兼首席執行官 Brian Chesky；以及我們的首席財務官 Dave Stephenson。

Earlier today, we issued a Shareholder Letter with our financial results and commentary for our first quarter of 2023. 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 2023 年第一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'll 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. 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。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 財務指標。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。

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. All right. Good afternoon, everyone. Thanks for joining. I'm excited to share our Q1 results with you now. We had a strong start to 2023. We had over 120 million Nights and Experiences Booked in Q1. This was a record high.

好的。好的。大家下午好。感謝您的加入。我很高興現在與您分享我們第一季度的結果。我們在 2023 年開局良好。我們在第一季度預訂了超過 1.2 億晚和體驗。這是歷史新高。

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（技術難度）

change. Our revenue increased 24% year-over-year. Net income was $117 million, making this our most profitable Q1 on a GAAP basis. And free cash flow for the quarter was $1.6 billion. In fact, on a trailing 12-month basis, our free cash flow was $3.8 billion. This represented a trailing 12-month free cash flow margin of 44%. Because of our strong balance sheet, we were able to repurchase $2 billion of our stock in the last 9 months. And today, we're pleased to announce that our Board just approved a new repurchase authorization for up to $2.5 billion of our Class A common stock.

改變。我們的收入同比增長 24%。淨收入為 1.17 億美元，這是我們按 GAAP 計算利潤最高的第一季度。本季度的自由現金流為 16 億美元。事實上，過去 12 個月，我們的自由現金流為 38 億美元。這表示過去 12 個月的自由現金流率為 44%。由於我們強大的資產負債表，我們能夠在過去 9 個月內回購 20 億美元的股票。今天，我們很高興地宣布，我們的董事會剛剛批准了一項新的回購授權，最高可達 25 億美元的 A 類普通股。

Now during the quarter, we saw a number of really positive business trends. First, more guests are traveling on Airbnb than ever before. Knights and Experiences Booked increased 19% in Q1 compared to a year ago, and we've seen our highest number of active bookers ever despite continued macroeconomic uncertainties. During the quarter, we also saw guests booking trips further in advance, supporting a strong backlog for Q2.

現在，在本季度，我們看到了許多非常積極的業務趨勢。首先，使用 Airbnb 旅行的客人比以往任何時候都多。與一年前相比，第一季度的 Knights and Experiences Booked 增長了 19%，儘管宏觀經濟持續存在不確定性，但我們的活躍預訂者數量創歷史新高。在本季度，我們還看到客人提前預訂旅行，支持第二季度的大量積壓。

Second, more guests are traveling overseas and returning to cities. Cross-border gross nights booked increased 36% in Q1 compared to last year. Now we were especially encouraged by the continued recovery of Asia Pacific as nights booked in Q1 increased more than 40% year-over-year. And we saw international travel from other regions to Asia Pacific increased 160% during the quarter compared to this time last year. Additionally, cross-border nights booked to North America increased once again, with 34% of year-over-year growth in Q1 relative to 31% last quarter. And we've also seen high-density urban nights booked increased 20% year-over-year.

二是出境游和回城客源增多。與去年同期相比，第一季度跨境總預訂晚數增長了 36%。現在，我們對亞太地區的持續復甦感到特別鼓舞，第一季度的預訂晚數同比增長超過 40%。我們看到，與去年同期相比，本季度從其他地區到亞太地區的國際旅行增加了 160%。此外，預訂到北美的跨境住宿晚數再次增加，第一季度同比增長 34%，而上一季度為 31%。我們還看到高密度城市夜景預訂量同比增長 20%。

Third, guests are continuing to use Airbnb for longer stays. In Q1, long-term stays were 18% of total gross nights booked. And over the past 3 years, we've seen new use cases emerge as guests across all regions and age groups use Airbnb for long-term stays.

第三，客人將繼續使用 Airbnb 進行更長時間的住宿。第一季度，長期住宿佔總預訂晚數的 18%。在過去的 3 年裡，隨著所有地區和年齡段的客人使用 Airbnb 進行長期住宿，我們看到了新的用例出現。

And finally, supply growth continued to accelerate. In Q1, we grew supply 18% year-over-year, and this is up from 16% in Q4. We saw double-digit supply growth around the world with the fastest growth in North America and Latin America. Urban and nonurban supply growth, in fact, both grew 18%.

最後，供應增長繼續加速。第一季度，我們的供應量同比增長 18%，高於第四季度的 16%。我們在全球看到了兩位數的供應增長，其中北美和拉丁美洲的增長最快。事實上，城市和非城市供應增長均增長了 18%。

Now looking ahead, we remain focused on our 3 strategic priorities. First, we're making hosting mainstream. We want hosting to be as popular as traveling on Airbnb. And to do this, we're raising awareness around hosting, making it easier to get started and providing even better tools for our hosts. And our approach is working. In fact, in every quarter since we went public, we have seen acceleration in the year-over-year growth of our total active listings.

現在展望未來，我們仍然專注於我們的 3 個戰略重點。首先，我們正在使託管成為主流。我們希望託管像在 Airbnb 上旅行一樣受歡迎。為此，我們正在提高對託管的認識，使其更容易上手，並為我們的主機提供更好的工具。我們的方法正在奏效。事實上，自我們上市以來的每個季度，我們都看到了活躍上市總數的同比增長加速。

Second, we're perfecting our core service. We want people to love our service, and that means obsessing over every single detail. Last week, we introduced over 50 new features and upgrades as part of our 2023 Summer Release. Everything we launched was based on direct feedback from our guests and hosts. This included pricing tools, transparent checkout instructions, faster customer service and more. And we also responded to input on rising prices, with the rollout of Airbnb Rooms, an all-new take on the original Airbnb.

其次，我們正在完善我們的核心服務。我們希望人們喜歡我們的服務，這意味著關注每一個細節。上週，作為 2023 年夏季發布的一部分，我們推出了 50 多項新功能和升級。我們推出的所有產品都基於房客和房東的直接反饋。這包括定價工具、透明的結賬說明、更快的客戶服務等等。我們還對價格上漲的意見作出回應，推出了 Airbnb Rooms，這是對原始 Airbnb 的全新詮釋。

Now I'm going to share a little bit more about what will be launched in a moment.

現在我將分享更多關於稍後將推出的內容。

And finally, we're expanding beyond our core. We have some big ideas for where to take Airbnb next. We're building the foundation for new products and services that we plan to launch in 2024 and beyond. At the same time, Airbnb is still underpenetrated in many markets around the world. So we're increasing our focus on these less mature markets, and we are already seeing positive results. So let me just give you 2 examples. In Germany and Brazil, we rolled out our expansion playbook for accelerated growth. And as a result, we are now 2 -- they are now 2 of our fastest-growing markets. And this playbook has, in fact, worked so well. So we are now expanding it to other markets around the world.

最後，我們正在擴展我們的核心之外。對於下一步將 Airbnb 帶到哪裡，我們有一些重要的想法。我們正在為計劃在 2024 年及以後推出的新產品和服務奠定基礎。與此同時，Airbnb 在全球許多市場的滲透率仍然不足。因此，我們正在加大對這些不太成熟市場的關注，而且我們已經看到了積極的成果。所以讓我舉兩個例子。在德國和巴西，我們推出了擴張計劃以加速增長。結果，我們現在有 2 個——它們現在是我們增長最快的市場中的 2 個。事實上，這本劇本非常奏效。因此，我們現在正在將其擴展到世界各地的其他市場。

Now before we go to questions, I want to talk a little bit about our 2023 Summer Release. Last week, we introduced the most extensive set of improvements ever to Airbnb, and it was all based on feedback from our community. We took a design-driven approach to perfecting our core service. We created a blueprint of the entire experience: every screen, every policy and every interaction with customer service. We then analyzed millions of calls and thousands of social media posts. And we hosted listening sessions with guests and hosts all over the world. And we mapped all this feedback against our blueprint and we prioritized the most common issues. And on May 3, we introduced Airbnb Rooms and unveiled over 50 new features and upgrades for guests and hosts. So let me share a few highlights with you.

在開始提問之前，我想談談我們的 2023 年夏季發布。上週，我們對 Airbnb 進行了有史以來最廣泛的改進，而這一切都是基於我們社區的反饋。我們採用設計驅動的方法來完善我們的核心服務。我們創建了整個體驗的藍圖：每一個屏幕、每一項政策以及與客戶服務的每一次互動。然後，我們分析了數百萬個電話和數千個社交媒體帖子。我們還與世界各地的客人和主人舉辦了聆聽會議。我們將所有這些反饋映射到我們的藍圖上，並優先考慮最常見的問題。 5 月 3 日，我們推出了 Airbnb Rooms，並為房客和房東推出了 50 多項新功能和升級。因此，讓我與您分享一些亮點。

First is total price display. Guests told us, our prices aren't transparent enough. With total price display, guests can now view the total price with fees before taxes across the entire app.

首先是總價顯示。客人告訴我們，我們的價格不夠透明。通過總價顯示，客人現在可以在整個應用程序中查看含稅前費用的總價。

Second, new pricing tools for hosts. We heard from hosts that it's hard to use our pricing tools, and it's difficult to know what the charge. So to help our hosts set more competitive prices, they can now see other Airbnbs are priced in their area. And this includes listings that are both in high demand and getting booked as well as listings that are not. And finally, we also made it simpler to add discounts and promotions for hosts.

第二，新的主機定價工具。我們從房東那裡聽說很難使用我們的定價工具，也很難知道收費是多少。因此，為了幫助我們的房東設定更具競爭力的價格，他們現在可以看到其他愛彼迎在他們所在地區的價格。這包括既有高需求又被預訂的房源以及沒有的房源。最後，我們還簡化了為房東添加折扣和促銷活動的過程。

And third is more affordable stays. Longer stays on Airbnb can be expensive, so we're doing a few things about it. We're reducing our fees after 3 months. U.S. guests can now save money by paying with their bank account, and hosts can easily set monthly discounts and offer more flexible cancellations.

第三是更實惠的住宿。在 Airbnb 上停留更長的時間可能會很昂貴，因此我們正在為此做一些事情。我們將在 3 個月後降低費用。美國客人現在可以通過銀行賬戶付款來省錢，房東可以輕鬆設置每月折扣並提供更靈活的取消服務。

Finally, we also introduced Airbnb Rooms, an all-new take on the original Airbnb Private Room. Airbnb Rooms gets us back to the idea that started it all, back to our founding ethos of sharing. And they're also one of the most affordable ways of travel, with an average price of only $67 a night. In fact, over 80% of Airbnb Rooms are under $100 a night. And in the current macroeconomic environment, people want to travel affordably. But guests have told us that they want to know more about who they're staying with before they book. So that's why every Airbnb Room comes with a host passport, which helps guests get to know their host before they book.

最後，我們還推出了 Airbnb Rooms，這是對原始 Airbnb Private Room 的全新詮釋。 Airbnb Rooms 讓我們回到開始這一切的想法，回到我們分享的創始精神。而且它們也是最實惠的旅行方式之一，平均價格僅為每晚 67 美元。事實上，超過 80% 的 Airbnb 客房每晚價格低於 100 美元。在當前的宏觀經濟環境下，人們希望能夠負擔得起旅行。但客人告訴我們，他們想在預訂前了解更多關於與誰同住的信息。這就是為什麼每個 Airbnb 房間都帶有房東護照的原因，這可以幫助房客在預訂前了解他們的房東。

In response to last week and our 2023 Summer Release has exceeded our expectations. Press coverage was overwhelmingly positive, and we got over 3,000 articles. This is the most press we've ever had from the launch. On social media, our Tweets got 19 million impressions. It really went far and wide on social. But the most important thing we heard is that our guests and our hosts feel like we're listening to their top concerns. If we're not done listening, it will never stop improving Airbnb.

作為對上週的回應，我們的 2023 夏季發布超出了我們的預期。媒體報導非常積極，我們收到了 3,000 多篇文章。這是我們從發布以來獲得的最多媒體報導。在社交媒體上，我們的推文獲得了 1900 萬次展示。它在社交上真的走得很遠。但我們聽到的最重要的事情是我們的客人和我們的主人覺得我們正在傾聽他們最關心的問題。如果我們沒有聽完，它將永遠不會停止改進 Airbnb。

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

因此，我和 Dave 期待著回答您的問題。

(Operator Instructions) We'll go first to Eric Sheridan at Goldman Sachs.

（操作員說明）我們將首先聯繫高盛的 Eric Sheridan。

I want to come back to the Summer Release from a couple of days ago and come back to the concept of room. Can you help us better understand what you think that will do in terms of generating supply growth and coupled with it generating demand and new traveler growth to the platform as you look out over the next 12, 18 months?

我想回到幾天前的夏季發布，回到房間的概念。您能否幫助我們更好地了解您認為在未來 12、18 個月內，在產生供應增長以及產生需求和平台新旅客增長方面會做什麼？

Yes, I'm here. How are you doing? Yes. So I'm very excited about Airbnb Rooms, because Airbnb Rooms is one of the most affordable ways to travel on Airbnb. We've been doing a lot of listening to guests on Airbnb. And one of the things they told us is, especially in this economic environment, they are looking for affordable ways to travel on Airbnb. And the average price of Airbnb Rooms is $67 a night. So it's an incredible value. And what we wanted to do is offer a product that we thought could capture this affordability segment that we think more and more people are going to be interested in, in this economy and also launch a product that will be very relevant to the next generation of travelers. Essentially, I wanted to launch a product that the 26-year-old me would have wanted.

對，我在這。你好嗎？是的。所以我對 Airbnb Rooms 感到非常興奮，因為 Airbnb Rooms 是在 Airbnb 上最實惠的旅行方式之一。我們在 Airbnb 上一直在傾聽客人的意見。他們告訴我們的一件事是，尤其是在這種經濟環境下，他們正在尋找負擔得起的方式在 Airbnb 上旅行。 Airbnb Rooms 的平均價格為每晚 67 美元。所以這是一個令人難以置信的價值。我們想做的是提供一種我們認為可以抓住我們認為越來越多的人會感興趣的負擔能力細分市場的產品，在這種經濟中，同時推出一種與下一代非常相關的產品旅行者。本質上，我想推出一款 26 歲的我會想要的產品。

And we looked at our private rooms product, and we already had 1 million listings all over the world, but there was a bit of an obstacle. During the pandemic, people weren't comfortable staying with one another. And to get people more comfortable, we realized that we needed to help people understand the host they're staying with before they book. And so that's why we launched the Airbnb Host Passport. I think this is going to help a lot of people that are looking to save money and are interested in the local travel experience, be encouraged to stay in Airbnb Rooms. We also added new privacy features to understand if there's a lock in the bedroom door, if the bathroom is private. And we think all these different features are going to definitely help Airbnb Rooms.

我們查看了我們的私人房間產品，我們已經在全球擁有 100 萬個房源，但存在一些障礙。在大流行期間，人們彼此相處不舒服。為了讓人們更加舒適，我們意識到我們需要幫助人們在預訂前了解他們所住的房東。這就是我們推出愛彼迎房東護照的原因。我認為這會幫助很多想省錢且對當地旅行體驗感興趣的人，鼓勵他們入住 Airbnb Rooms。我們還添加了新的隱私功能，以了解臥室門是否有鎖，浴室是否是私人的。我們認為所有這些不同的功能肯定會對 Airbnb Rooms 有所幫助。

The final thing I'm going to say, Eric, is that we have a major brand campaign coming this summer, where we are going to be promoting Airbnb Rooms. If we are successful, I think this is going to bring in a whole new cohort of younger travelers, people that maybe weren't inclined to travel may now be able to travel and hopefully should list the overall marketplace for Airbnb.

埃里克，我最後要說的是，今年夏天我們將舉辦一場大型品牌活動，我們將在活動中宣傳 Airbnb Rooms。如果我們成功了，我認為這將帶來全新的年輕旅行者群體，那些可能不喜歡旅行的人現在可以旅行，並且希望應該列出整個 Airbnb 市場。

Next, we'll move to Justin Patterson at KeyBanc.

接下來，我們將轉到 KeyBanc 的 Justin Patterson。

So if I can, first, to follow up on Eric's question around the Summer Release. Brian, you recently made some comments about AI being a meaningful opportunity for Airbnb going forward. Could you talk about how that just reshapes or helps you reimagine the travel experience going forward and some of the initiatives you might lean into around AI?

所以，如果可以的話，我首先要跟進埃里克關於夏季發布的問題。布賴恩，你最近發表了一些評論，認為人工智能是 Airbnb 未來發展的一個有意義的機會。您能否談談這將如何重塑或幫助您重新構想未來的旅行體驗，以及您可能會圍繞 AI 採取的一些舉措？

And then Dave, I appreciate you only give guidepost on the full year versus explicit guidance. Given the room night comp and expense shift in Q2 as well as the dynamic around new pricing tools in the Summer Release, could you help us understand a little bit more some of the assumptions that go into the second half and about flattish year-over-year margin?

然後戴夫，我很感激你只給出了全年的指南而不是明確的指南。鑑於第二季度的間夜補償和費用變化以及夏季發布中新定價工具的動態變化，您能否幫助我們更多地了解下半年的一些假設以及與去年同期持平的假設？年差？

Great. Well, why don't I start, Justin, with AI. This is certainly the biggest revolution and test since I came to Silicon Valley. It's certainly as big of a platform shift as the Internet, and many people think it might be even bigger. And I'll give you kind of a bit of an overview of how we think about AI.

偉大的。好吧，賈斯汀，我為什麼不從人工智能開始。這當然是我來矽谷以來最大的一次革命和考驗。這肯定是與互聯網一樣大的平台轉變，許多人認為它可能更大。我會給你一些關於我們如何看待人工智能的概述。

So all of this is going to be built on the base model. The base models, the large language models, think of those as GPT-4. Google has a couple of base models, Microsoft reaches Entropic. These are like major infrastructure investments. Some of these models might cost tens of billions of dollars towards the compute power. And so think of that as essentially like building a highway. It's a major infrastructure project. And we're not going to do that. We're not an infrastructure company. But we're going to build the cars on the highway. In other words, we're going to design the interface and the tuning of the model on top of AI, on top of the base model. So on top of the base model is the tuning of the model.

所以所有這些都將建立在基礎模型上。基本模型，大型語言模型，將它們視為 GPT-4。谷歌有幾個基本模型，微軟有 Entropic。這些就像重大的基礎設施投資。其中一些模型可能會花費數百億美元用於計算能力。所以把它想像成基本上就像建造一條高速公路。這是一個重大的基礎設施項目。我們不會那樣做。我們不是基礎設施公司。但是我們要在高速公路上製造汽車。換句話說，我們將在基礎模型之上的 AI 之上設計界面和調整模型。因此，在基本模型之上是模型的調整。

And the tuning of the model is going to be based on the customer data you have. And I'll just paint a picture for you. If you were to ask a question to ChatGPT, and if I were to ask a question to ChatGPT, we're both going to get pretty much the same answer. And the reason both of us are going to get pretty close the same answer is because ChatGPT doesn't know that it's between you and I, doesn't know anything about us. Now this is totally fine for many questions, like how far is it from this destination to that destination. But it turns out that a lot of questions in travel aren't really search questions. They're matching questions. Another is, they're questions that the answer depends on who you are and what your preferences are.

模型的調整將基於您擁有的客戶數據。我會為你畫一幅畫。如果你向 ChatGPT 提問，如果我向 ChatGPT 提問，我們都會得到幾乎相同的答案。我們兩個會得到非常接近相同答案的原因是因為 ChatGPT 不知道它在你我之間，對我們一無所知。現在這對於許多問題來說完全沒問題，比如從這個目的地到那個目的地有多遠。但事實證明，旅行中的很多問題並不是真正的搜索問題。他們在匹配問題。另一個是，這些問題的答案取決於您是誰以及您的偏好。

So for example, I think that going forward, Airbnb is going to be pretty different. Instead of asking you questions like where are you going and when are you going, I want us to build a robust profile about you, learn more about you and ask you 2 bigger and more fundamental questions: who are you? And what do you want?

因此，例如，我認為未來，Airbnb 將會大不相同。與其問你要去哪裡、什麼時候去等問題，我希望我們建立一個關於你的可靠檔案，更多地了解你，並問你兩個更大、更基本的問題：你是誰？你想要什麼？

And ultimately, what I think Airbnb is building is not just a service or a product. But what we are in the largest sense is a global travel community. And the role of Airbnb and that travel community is to be the ultimate host. Think of us with AI as building the ultimate AI concierge that could understand you. And we could build these world-class interfaces, tune our model. Unlike most other travel companies, we know a lot more about our guests and hosts. This is partly why we're investing in the Host Passport. We want to continue to learn more about people. And then our job is to match you to accommodations, other travel services and eventually things beyond travel. So that's the big vision of where we're going to go. I think it's an incredibly expanding opportunity.

最終，我認為 Airbnb 正在打造的不僅僅是一項服務或產品。但我們在最大意義上是一個全球旅遊社區。 Airbnb 和旅遊社區的角色是成為最終的主人。將我們與 AI 視為構建可以理解您的終極 AI 禮賓服務。我們可以構建這些世界級的界面，調整我們的模型。與大多數其他旅遊公司不同，我們對客人和主人了解得更多。這就是我們投資 Host Passport 的部分原因。我們想繼續更多地了解人。然後我們的工作是為您匹配住宿、其他旅行服務以及最終旅行以外的事情。這就是我們要去的地方的宏偉願景。我認為這是一個令人難以置信的擴展機會。

I'll just end by giving you some tactical things we're going to be doing in the next 12 months. Number one is customer service. This is going to be one of the biggest benefits to Airbnb. One of the strengths of Airbnb is that Airbnb's offering is one of a kind. The problem with Airbnb is our service is also one of a kind. And so therefore, historically less consistent than a hotel. I think AI can level the playing field from a service perspective relative to hotels because hotels have front desk, Airbnb doesn't. But we have literally millions of people staying on Airbnb every night. And imagine they call customer service. We have agents that have to adjudicate between 70 different user policies. Some of these are as many as 100 pages long. What AI is going to do is be able to give us better service, cheaper and faster by augmenting the agents. And I think this is going to be something that is a huge transformation. It's a bit all hands on deck, and used to be improvement later this year into next year. That's number one.

最後，我將向您介紹我們將在未來 12 個月內採取的一些戰術措施。第一是客戶服務。這將是 Airbnb 最大的好處之一。 Airbnb 的優勢之一是 Airbnb 的產品獨一無二。 Airbnb 的問題在於我們的服務也是獨一無二的。因此，歷史上不如酒店一致。我認為 AI 可以從與酒店相關的服務角度來平衡競爭環境，因為酒店有前台，而 Airbnb 沒有。但我們確實有數百萬人每晚都住在 Airbnb 上。並想像他們打電話給客戶服務。我們的代理必須在 70 種不同的用戶策略之間做出裁決。其中一些長達 100 頁。 AI 要做的是通過增強代理為我們提供更好、更便宜、更快的服務。我認為這將是一個巨大的轉變。它有點全員參與，並且在今年晚些時候到明年曾經有所改進。這是第一。

Number two, we are now building AI into our product. And let me just give you an example. A few months ago, OpenAI launched plug-ins. And in fact, we were actually supposed to be one of the launch partners for the plug-ins on OpenAI ChatGPT. But I told Sam, we were literally one of the first to work with him that before right before our launch, I decided to pull the plug on it. And the reason why is I decided that the interface of pure tech space with widgets at the bottom was probably not the right interface for travel. Ultimately, I think the right interface for travel is multimodal. It's rich media. It's photo. It's video. It's much more immersive. And GPT-4 is available in our app. So we're going to be building GPT-4 into our interface. And I think that's the real opportunity for us. So you should see some big changes next year with AI built into our app.

第二，我們現在正在將 AI 構建到我們的產品中。讓我舉個例子。幾個月前，OpenAI 推出了插件。事實上，我們實際上應該是 OpenAI ChatGPT 插件的發布合作夥伴之一。但我告訴山姆，我們實際上是第一批與他合作的人之一，就在我們發布之前，我決定停止合作。原因是我認為底部帶有小部件的純技術空間界面可能不適合旅行。最終，我認為適合旅行的界面是多式聯運。它是富媒體。是照片。是視頻。它更加身臨其境。 GPT-4 在我們的應用程序中可用。因此，我們將在我們的界面中構建 GPT-4。我認為這對我們來說是真正的機會。因此，明年您應該會看到我們的應用程序中內置了 AI 的一些重大變化。

The final thing I'll say is developer productivity and productivity of our workforce generally. I think our employees could easily be, especially our developers, 30% more productive in the short to medium term, and this will allow significantly greater throughput through tools like GitHub's Copilot. So all of this is to say, I'm really excited on the short term and the long term.

我要說的最後一件事是開發人員的生產力和我們員工隊伍的總體生產力。我認為我們的員工，尤其是我們的開發人員，在中短期內可以輕鬆提高 30% 的工作效率，這將通過 GitHub 的 Copilot 等工具顯著提高吞吐量。所以所有這一切都是說，我對短期和長期都感到非常興奮。

And the last thing I'll just say is I think the companies that will most benefit from the shift of AI are going to be the companies that have the most innovative cultures. That's kind of what happened in the '90s with the Internet. And if the last couple of years is any indication, having launched over 340 features of innovations, I think we're definitely going to be right at the forefront of this revolution.

最後我要說的是，我認為將從人工智能轉變中獲益最多的公司將是擁有最具創新文化的公司。這就是 90 年代互聯網發生的事情。如果過去幾年有任何跡象表明，我們推出了 340 多項創新功能，我認為我們肯定會站在這場革命的最前沿。

And in terms of profitability, we're just really proud of the progress that we've made in our operating efficiency, right? We made some very difficult choices in the midst of COVID to rationalize and streamline the company, get focused, get back to our roots. And we made substantial progress in our profitability ever since, where we've done it.

就盈利能力而言，我們真的為我們在運營效率方面取得的進步感到自豪，對吧？我們在 COVID 期間做出了一些非常艱難的選擇，以對公司進行合理化和精簡，集中精力，回歸本源。從那以後，我們在盈利能力方面取得了實質性進展，我們已經做到了。

We obviously reduced our headcount by 25%. We've only grown it moderately since. We've made substantial changes in our marketing efficiency, continue to make good improvements in our operating costs, anything from community support to cost of payments to infrastructure costs. Basically, we become a better, more rigorous operating company overall. And that kind of progress has been great for us going forward because even as our businesses rebounded, we have stuck to our core strong kind of operating mode. And so even this year, as we anticipate moderation in ADRs, the improvements that we're going to continue to make in community support, infrastructure, cost of payments and our fixed cost leverage will be enough to offset any of the pressures that we're seeing in average daily rates.

我們顯然減少了 25% 的員工人數。從那以後我們只是適度地種植它。我們在營銷效率方面做出了重大改變，繼續在我們的運營成本方面取得良好的改善，從社區支持到支付成本再到基礎設施成本。基本上，我們整體上成為一家更好、更嚴格的運營公司。這種進步對我們的前進非常有利，因為即使我們的業務出現反彈，我們仍然堅持我們核心的強大運營模式。因此，即使是今年，正如我們預計 ADR 會有所緩和一樣，我們將繼續在社區支持、基礎設施、支付成本和我們的固定成本槓桿方面做出的改進將足以抵消我們面臨的任何壓力。重新查看平均每日費率。

We'll go next to Mark Mahaney of Evercore ISI.

接下來我們將介紹 Evercore ISI 的 Mark Mahaney。

Two questions. Across the online travel space, there's this dynamic of marketing costs being much more front-end loaded this year. Dave, any commentary on -- from your perspective, why that is? And then secondly, could you just double-click a little bit, Brian, on the Brazil and Germany examples that you talked about? If there's anything specific that you could say that you did that caused those to kind of accelerate up to become 2 of your fastest-growing markets so that we can think about how replicable those efforts would be in other markets, that would be really helpful.

兩個問題。在整個在線旅遊領域，今年營銷成本的動態變化要大得多。戴夫，任何評論——從你的角度來看，這是為什麼？其次，布賴恩，你能不能雙擊你提到的巴西和德國的例子？如果有什麼具體的事情你可以說你做了什麼導致那些加速成為你增長最快的市場中的兩個，這樣我們就可以考慮這些努力在其他市場中的可複制性，那將非常有幫助。

Yes, sure. Dave, why don't you take the first one?

是的，當然。戴夫，你為什麼不選第一個？

Yes. Great. Thanks, Mark. In terms of the front-loading of marketing costs this year, it's just we're learning to operate better. I mean we had seen such great success in our brand marketing campaigns, strong return on investments in that last year. And what we learned is that we just felt like we needed to do that earlier in the year, get out even more ahead of our peak travel summer season with our brand marketing. The earlier we get that message out in the year, the better we can kind of reap that investment for the full year. So this is purely about moving up the spend on kind of brand marketing earlier.

是的。偉大的。謝謝，馬克。就今年營銷成本的前期負擔而言，我們只是在學習如何更好地運營。我的意思是我們在品牌營銷活動中取得瞭如此巨大的成功，去年的投資回報率很高。我們了解到的是，我們只是覺得我們需要在今年早些時候這樣做，通過我們的品牌營銷在我們的夏季旅遊旺季之前更多地出去。我們在這一年中越早傳達這一信息，我們就可以更好地收穫全年的投資。因此，這純粹是為了更早地增加品牌營銷方面的支出。

And to a lesser extent, but it is an element of it as well, is investing in some of these new geographies where we haven't historically had brand marketing, and so actually expanding that market into more countries. So our marketing expenses as a percentage of revenue will remain largely the same in 2023 as it was in 2022. It's just that we're front-loading more the marketing to get the message out earlier.

在較小程度上，但它也是其中的一個要素，正在投資一些我們歷史上沒有品牌營銷的新地區，因此實際上將該市場擴展到更多國家。因此，我們的營銷費用佔收入的百分比在 2023 年將與 2022 年基本保持不變。只是我們將更多的營銷工作提前，以便更早地傳達信息。

Yes. And Mark, I'll just share a little bit about Brazil and Germany. So Airbnb is one of the most international companies in the world. We're in 220 countries and regions. And many years ago, we developed a playbook to expand internationally outside the United States. And that playbook included PR, included having some people on the ground, although generally, in many these markets only need that. It included a brand marketing campaign and made sure that our product was adequately localized. And it's just a really full funnel approach. And now we've added social media and influencers as well.

是的。馬克，我將分享一些關於巴西和德國的信息。所以Airbnb是世界上最國際化的公司之一。我們遍布 220 個國家和地區。許多年前，我們制定了一個劇本，以在美國以外的地區進行國際擴張。該劇本包括公關，包括讓一些人在實地工作，儘管一般來說，在許多這些市場中只需要這樣。它包括品牌營銷活動，並確保我們的產品充分本地化。這只是一個真正完整的漏斗方法。現在我們還添加了社交媒體和有影響力的人。

So recently, over the course of the pandemic, we were not as focused on international expansion. And that's because we're mainly focused on recovery and some of the new travel segments like longer-term stay. Over the last 3 years, obviously, as you know, we've gotten really, really focused, back to basics and our company is significantly more profitable. Now we've done over $3.8 billion in trailing 12-month free cash flow. So we feel like now is a really good time to focus on international expansion. So we started with Germany and Brazil.

所以最近，在大流行的過程中，我們並沒有那麼專注於國際擴張。那是因為我們主要關注恢復和一些新的旅行領域，比如長期逗留。在過去的 3 年裡，很明顯，正如你所知，我們已經非常、非常專注地回歸基礎，我們公司的利潤要高得多。現在我們已經完成了超過 38 億美元的 12 個月自由現金流。所以我們覺得現在是專注於國際擴張的好時機。所以我們從德國和巴西開始。

And again, it was full funnel. It involved a lot of PRs. It involve brand marketing, bringing our marketing ad campaigns to pricing in the United States to these markets, localizing our product and working with local influencers. So it's a pretty full funnel approach. The results have been incredibly positive. These are now 2 of our fastest-growing markets.

再一次，它是完整的漏斗。它涉及很多 PR。它涉及品牌營銷，將我們的營銷廣告活動帶到美國到這些市場的定價，本地化我們的產品並與當地有影響力的人合作。所以這是一個非常完整的漏斗方法。結果非常積極。這些現在是我們增長最快的兩個市場。

So we're now looking at bringing this playbook to other markets around the world. And I'll give you a couple of examples. Number one is Asia Pacific. We think there's a huge opportunity in Asia. We're massively underpenetrated. This is going to be probably the fastest-growing market internationally over the next 5 years. And the problem with Asia historically over the last few years is Asia market, as you know, is a very much cross-border market. And with the borders being historically kind of locked down and there hasn't been as much travel, the recovery in Asia has been delayed.

所以我們現在正在考慮將這本劇本帶到世界各地的其他市場。我會給你幾個例子。第一名是亞太地區。我們認為亞洲有巨大的機會。我們的滲透率嚴重不足。這可能是未來 5 年國際上增長最快的市場。正如你所知，過去幾年亞洲的歷史問題是亞洲市場是一個非常跨境的市場。由於歷史上邊界被封鎖，旅行也沒有那麼多，亞洲的複蘇被推遲了。

Now people are starting to travel, and Asia disproportionately has a lot of young travelers. And Airbnb, as you know, is very popular among the young travelers. So we think Japan, Korea, China, India and Southeast Asia are going to be huge opportunities for growth.

現在人們開始旅行，亞洲有很多年輕旅行者。如您所知，Airbnb 在年輕旅行者中非常受歡迎。因此，我們認為日本、韓國、中國、印度和東南亞將成為巨大的增長機會。

Next is Europe. We're very big in France. We're very big in the U.K. We're now seeing great growth in Germany. But there's a lot of markets in Europe. We haven't ever really run robust brand marketing campaigns. Now we're getting more aggressive in Italy. We're getting more aggressive in Spain, and we're now looking at other markets in Northern Europe. And I think there's actually a lot of greenfield in Europe because we've really only focused on a few of the really big markets. And when we see we focus the big markets like France and U.K., we are now really strong. And I think we can have similar penetration in other countries in Europe.

接下來是歐洲。我們在法國非常大。我們在英國非常大。我們現在看到德國的巨大增長。但是歐洲有很多市場。我們從未真正開展過強有力的品牌營銷活動。現在我們在意大利變得更加積極。我們在西班牙變得更加積極，我們現在正在尋找北歐的其他市場。而且我認為歐洲實際上有很多綠地，因為我們真的只專注於幾個真正的大市場。當我們看到我們專注於法國和英國等大市場時，我們現在真的很強大。而且我認為我們可以在歐洲其他國家/地區進行類似的滲透。

And then finally is Latin America. We're seeing a lot of growth in Brazil, and we're now going to bring it to some other really large markets, like Colombia and some other markets within Latin America. So I think international is going to be a pretty big boom to growth over the next 2, 3 years.

最後是拉丁美洲。我們在巴西看到了很大的增長，現在我們將把它帶到其他一些非常大的市場，比如哥倫比亞和拉丁美洲的其他一些市場。因此，我認為在未來 2、3 年內，國際業務將成為增長的巨大繁榮。

The one thing I've learned about Airbnb is no matter how different every country is, the playbook doesn't have to vary that much. It works quite well in every market. And especially, it works with Airbnb because it's very much a cross-border network effect business.

關於 Airbnb，我了解到的一件事是，無論每個國家有多麼不同，劇本都不必千差萬別。它在每個市場都運作良好。特別是，它與 Airbnb 合作，因為它在很大程度上是一種跨境網絡效應業務。

Yes, the playbook -- so I just don't want to leave the question without just reinforcing how well the playbook is working for us and that 90% of our traffic remains direct or unpaid, and that's been the case since COVID and continues to be the case. So this investment is working very well for us.

是的，劇本——所以我不想在不強調劇本對我們的效果如何之前就離開這個問題，我們 90% 的流量仍然是直接的或未付費的，自 COVID 以來就是這種情況，並且繼續是這樣的。所以這項投資對我們來說效果很好。

We'll move next to Richard Clarke at Sanford Bernstein.

我們將搬到 Sanford Bernstein 的 Richard Clarke 身邊。

Two, if I may. I guess the full year results, you mentioned how you control supply against the demand. I guess at this point, you're talking about supply growing at about 18%, but you're pointing to Q2 demand growing maybe more like 10% to 12%. Which one of those numbers is the right way to think about growth going forward? Should we be extrapolating the 18% or the 10% to 12%? And then just very quickly, you obviously shifted to showing the hold prices. Any impact you've seen from that? Is that impacting conversions? Is that impacting supply? What's been the impact of that change?

兩個，如果可以的話。我猜是全年結果，你提到了你如何根據需求控制供應。我猜在這一點上，你說的是供應增長約 18%，但你指的是第二季度需求增長可能更接近 10% 到 12%。這些數字中的哪一個是思考未來增長的正確方法？我們應該外推 18% 還是 10% 到 12%？然後很快，你顯然轉向顯示持有價格。你從中看到了什麼影響？這會影響轉化率嗎？這會影響供應嗎？這種變化的影響是什麼？

Yes. Richard, why don't I start at a high level? I think our long-term growth is going to only be as strong as our supply. If we were to back out, what happened in 2020, 2021, as that demand grew faster than supply. And initially, this was a great thing. But the problem is when demand grows faster than supply and there's supply constraints, prices generally go up. And as prices have risen, while that's been good for the bottom line, affordability in this economy is a major issue. And so one of the most important things we can do to make Airbnb affordable is to make sure we have enough supply in the platform.

是的。理查德，我為什麼不從高層次開始呢？我認為我們的長期增長只會和我們的供應一樣強勁。如果我們退出，2020 年、2021 年會發生什麼，因為需求增長快於供應。最初，這是一件好事。但問題是當需求增長快於供應並且存在供應限制時，價格通常會上漲。隨著價格上漲，雖然這對利潤有利，但經濟中的負擔能力是一個主要問題。因此，為了讓 Airbnb 價格實惠，我們可以做的最重要的事情之一就是確保我們在平台上有足夠的供應。

And so a year ago, we identified supply growth as a major strategic initiative that we really needed to accelerate, and we created an initiative called Mainstreaming Hosting. The idea is we wanted hosting to be as mainstream as traveling. And we did a number of things. We said, in order to mainstream hosting, we need to make it safe, easy and cool. So we launched AirCover, which is top to bottom protection. No one else offers it. They're going to be set up, and we did some marketing campaigns for the first time in many years.

因此，一年前，我們將供應增長確定為我們真正需要加速的一項重大戰略舉措，我們創建了一項名為 Mainstreaming Hosting 的舉措。我們的想法是，我們希望託管與旅行一樣成為主流。我們做了很多事情。我們說過，為了讓託管成為主流，我們需要讓它安全、簡單和酷。所以我們推出了 AirCover，它是自上而下的保護。沒有其他人提供它。他們將要成立，我們多年來第一次進行了一些營銷活動。

We've since seen, as you know, 900,000 incremental listings. It's now accelerating every single quarter since the IPO. And I think what's going to happen is all the supply coming out of the market will keep prices from going up. My hope is that while the hotel CEOs have said, they expect demand to drive prices up this summer, we want to actually have prices moderate. We think that's going to bring in a whole new generation of travelers to Airbnb. So ultimately, I think that like -- that's a very, very important consideration of the marketplace. The more affordable we are -- just like Amazon, the more affordable we are with a wider selection, the more people will come to Airbnb. So that's the high level.

如您所知，我們已經看到了 900,000 個增量列表。自首次公開募股以來，它現在每個季度都在加速增長。而且我認為將要發生的是市場上的所有供應將阻止價格上漲。我的希望是，儘管酒店首席執行官們表示，他們預計今年夏天需求會推高價格，但我們實際上希望價格適中。我們認為這將為 Airbnb 帶來全新一代的旅行者。所以最終，我認為 - 這是對市場的一個非常非常重要的考慮。我們的價格越實惠——就像亞馬遜一樣，我們的價格越實惠，選擇範圍越廣，就會有越多的人來愛彼迎。這就是高水平。

Now with regard to total price, this is primarily a U.S. issue. But in the U.S., as you know, there was a bit of an issue where some hosts had higher cleaning fees. And we heard a lot from guests. And I think what the total price display is going to do, it's going to push demand to listings that are -- have an overall better value of a total price. And when people turn on the price toggle, we see that people are booking listings with lower cleaning fees or no cleaning fees. And I think this is going to have a really good practice in the marketplace of driving the demand to the best value listings, rewarding those hosts and making sure every single host remains competitive. So it's just beginning. We set a pilot in December. It's now available to everyone, so we'll have to see how this plays out in the coming months.

現在關於總價，這主要是美國的問題。但如您所知，在美國存在一些房東收取更高清潔費的問題。我們從客人那裡聽到了很多。而且我認為總價顯示的作用是將需求推向具有總價整體更好價值的列表。當人們打開價格開關時，我們看到人們正在預訂清潔費較低或沒有清潔費的房源。我認為這將在市場上形成一個非常好的做法，推動對最具價值房源的需求，獎勵這些房東並確保每個房東都保持競爭力。所以這才剛剛開始。我們在 12 月進行了試點。現在每個人都可以使用它，所以我們必須看看它在未來幾個月的表現如何。

But what my expectation is based on our release last week, we launched a lot of features around affordability. We have many more -- much more affordable monthly stay products. Hosts now have monthly stay discounts, weekly stay discounts. We allow hosts to set more competitive prices. We're going to continue to add supply. And hopefully, this is going to continue to address the #1 request of travelers, which is affordable offer since.

但我的期望是基於我們上週的發布，我們推出了很多圍繞可負擔性的功能。我們還有更多——更實惠的月租產品。房東現在有每月住宿折扣，每週住宿折扣。我們允許房東設定更具競爭力的價格。我們將繼續增加供應。希望這將繼續滿足旅行者的第一大要求，因為這是負擔得起的報價。

Let me add 2 more points. The implementation of the oil price has gone really well. And what we're seeing is actually a neutral impact on our overall business. So the [thoughtway], which we've implemented, has worked quite well. The people that care the most about seeing it all in pricing, they can make the selection. And those who want to see it like other marketplaces don't even make that selection.

讓我再補充2點。油價的實施確實進展順利。我們所看到的實際上是對我們整體業務的中性影響。因此，我們實施的 [thoughtway] 運作良好。最關心定價的人可以做出選擇。那些希望像其他市場一樣看待它的人甚至不會做出這樣的選擇。

And then the other -- back to the growth rates, 10% to 12% nights growth is not our long-term ambition. You do have to remember that in Q2, we have a significant hard comparison versus the Omicron, COVID variant that came out last year. Remember that people delayed their travel in Q1 and compressed a large amount of travel into the second quarter, which makes for a hard comparison of nice growth here in the second quarter.

然後另一個——回到增長率，10% 到 12% 的夜間增長不是我們的長期目標。你必須記住，在第二季度，我們與去年推出的 Omicron、COVID 變體進行了重要的硬比較。請記住，人們在第一季度推遲了旅行，並將大量旅行壓縮到第二季度，這與第二季度的良好增長形成了鮮明對比。

We'll take our next question from Brian Nowak at Morgan Stanley.

我們將從摩根士丹利的 Brian Nowak 那裡回答下一個問題。

I have 2. The first one, Brian, just to go back to your last answer about how affordability is an issue in the economy. On the Airbnb platform, have you seen any signs of trade down or shorter stays or price changes or lower traffic conversion sort of impacts of that more price-sensitive user on the platform yet? That's the first one.

我有 2 個。第一個，Brian，只是回到你最後一個關於負擔能力如何成為經濟問題的答案。在 Airbnb 平台上，您是否看到任何跡象表明平台上對價格更敏感的用戶會出現交易減少或停留時間縮短或價格變化或流量轉化率降低等影響？這是第一個。

Then the second one, Dave, actually, to go back to your last answer as well. I think in the past, you've spoken about how there's a lot of moving pieces around the shape of the year, but 2022 was a reasonable way to think about the shape of the room nights or bookings for the year. How should we think about that now that sort of thinking through the comp structure and how the 2Q, 3Q comps are quite similar?

然後是第二個，戴夫，實際上，也回到你上一個答案。我認為在過去，您曾談到過一年的形狀有很多變化，但 2022 年是考慮當年間夜數或預訂量形狀的合理方式。現在我們應該如何考慮這種通過補償結構的思考以及 2Q、3Q 補償如何非常相似？

David, do you want to take the second, and I'll get on with the first?

戴維，你要不要選第二個，我來選第一個？

Yes. I mean, it has been hard to kind of perfectly predict the exact shape of demand. And obviously, Omicron has impacted the shape on nights demand probably more than the impact of revenue. We continue to see as the revenue guide that we have here is revenue growth between kind of 12% and 16% in the second quarter. And I think that some of the pressures that we're seeing there on overall revenue growth has, frankly, just been some of the elevated ADR rates that we're seeing, just higher overall kind of pricing, especially in North America.

是的。我的意思是，很難完美地預測需求的確切形態。顯然，Omicron 對夜間需求的影響可能超過對收入的影響。我們繼續看到我們這裡的收入指南是第二季度的收入增長在 12% 到 16% 之間。而且我認為，坦率地說，我們在整體收入增長方面看到的一些壓力只是我們看到的一些 ADR 率升高，只是整體定價更高，尤其是在北美。

But some of the tailwinds that we're seeing for future growth in the back half of the year or a lot of the areas that Brian spoke about, things like continued acceleration in Latin America, acceleration in Asia Pacific and more cross-border travel. So I think some of those things are the benefits we're seeing in the back half of the year. Q2 is turning out to be a little bit tougher comp given Omicron last year, but we're seeing overall stable demand for the back half. We highlighted in the letter that we have 25% more bookings on the books at this time this year for the back half of the year than we did this time last year. So it just gives us confidence in people's willingness and interest in travel for the back half.

但我們在今年下半年或布賴恩談到的許多領域看到了未來增長的一些順風，比如拉丁美洲的持續加速、亞太地區的加速和更多的跨境旅行。所以我認為其中一些是我們在今年下半年看到的好處。考慮到去年的 Omicron，第二季度變得有點艱難，但我們看到後半部分的整體需求穩定。我們在信中強調，今年下半年的這個時候，我們的圖書預訂量比去年這個時候多了 25%。因此，這只是讓我們對人們對後半段旅行的意願和興趣充滿信心。

And I can just take the first question, which is what we're seeing, Brian, is that people are most price sensitive, at least currently in North America, especially United States. And in the United States, the lowest price listings have the highest occupancy. So yes, people do want low price listings. And we expect that as Airbnb rates continue to normalize, and hopefully, our rates do not increase as fast to hotels over the next couple of years that we're going to see continued increase in occupancy for more listings in Airbnb and also is partly why we're so bullish about the prospect for Airbnb Rooms, not just to bring people to Airbnb that want affordable options, but really new travelers that have never really traveled very much before, especially Gen Z.

我可以回答第一個問題，布賴恩，我們所看到的是人們對價格最敏感，至少目前在北美，尤其是美國。在美國，價格最低的房源入住率最高。所以是的，人們確實想要低價商品。我們預計，隨著 Airbnb 的房價繼續正常化，並且希望我們的房價在未來幾年內不會像酒店一樣快速增長，我們將看到更多 Airbnb 房源的入住率持續上升，這也是部分原因我們非常看好 Airbnb Rooms 的前景，不僅是為了讓人們來到 Airbnb 想要負擔得起的選擇，而且是真正的新旅行者，他們以前從未真正旅行過很多次，尤其是 Z 世代。

Next, we'll go to Ron Josey at Citi.

接下來，我們將去花旗銀行的 Ron Josey。

Brian, you talked about expanding the core. And I wanted to ask a little bit more about new ideas for products or the vision for the Airbnb economy overall. I think we've mentioned in the past the marketplace for local host services and other sponsored listings and other ideas. So any insights on sort of how you think about expanding the core and the vision for the Airbnb economy? And then just a quick follow-up, too, on just the experiences rebuild, that recent calls on experience, just talk to us a little bit more about how you feel that product is progressing?

布賴恩，你談到了擴展核心。我想多問一點關於產品的新想法或整個 Airbnb 經濟的願景。我想我們過去已經提到過本地託管服務市場和其他贊助列表和其他想法。那麼，您對擴展 Airbnb 經濟的核心和願景有何看法？然後也只是快速跟進，關於體驗重建，最近對體驗的呼籲，只是跟我們多談談你覺得該產品的進展情況？

Yes, Ron, I mean, great, great questions. Just to kind of step back, before the pandemic, we were really already focused on expanding beyond the core. In fact, we had 10 different divisions at Airbnb. We added a Home division. We had an Experience division. We had a Transportation division. We had a Magazine division. So we had a lot of efforts. And then obviously, the pandemic occurred, and we had to get focused back to basics.

是的，羅恩，我的意思是，非常非常好的問題。退一步說，在大流行之前，我們真的已經專注於擴展核心業務之外的業務。事實上，我們在 Airbnb 有 10 個不同的部門。我們增加了一個家庭部門。我們有一個體驗部門。我們有一個運輸部門。我們有一個雜誌部門。所以我們做了很多努力。然後很明顯，大流行發生了，我們不得不把注意力集中在基礎上。

And what we wanted to do over the last few years is before we work on new things, we wanted to perfect our core service. One of the great source of inspiration I had was Apple. And I remember in the mid-2000s, it was 2006, and Apple had not yet launched the iPhone, but how many of us wanted Apple to come out with a phone? And the answer is a lot of people. And the reason people wanted Apple to expand their phone is because they love their iPod. But how many of us wanted gateway to come out with a phone? And the answer is probably not many, because we didn't love our gateway computer. And so I think that one of the things I've told our team is we have numerous expansion opportunities, but we need permission to expand beyond our core. We need people to first love our core service. So that's why over the last 3 years, we've been focused on really perfecting our core service.

在過去的幾年裡，我們想做的是在我們從事新事物之前，我們想完善我們的核心服務。 Apple 是我最大的靈感來源之一。我記得在 2000 年代中期，那是 2006 年，當時蘋果還沒有推出 iPhone，但我們當中有多少人希望蘋果推出手機？答案是很多人。人們希望 Apple 擴展他們的手機的原因是因為他們喜歡他們的 iPod。但是我們當中有多少人希望 Gateway 推出一款手機？答案可能並不多，因為我們不喜歡我們的網關計算機。所以我認為我告訴我們團隊的一件事是我們有很多擴張機會，但我們需要獲得許可才能擴展到我們的核心之外。我們需要人們首先喜歡我們的核心服務。這就是為什麼在過去 3 年裡，我們一直專注於真正完善我們的核心服務。

That being said, our core service is stronger than ever. It's more profitable than ever. And I think we're now ready to expand beyond the core. So as we speak, we are working actively on new products and services. These new products and services are going to be shipping. Beginning next year, you're going to see a number of things ship next May as part of the 2024 Summer Release. And we're going to see even more things shift later in the year and the years to come.

也就是說，我們的核心服務比以往任何時候都更強大。它比以往任何時候都更有利可圖。而且我認為我們現在已經準備好擴展到核心之外。因此，正如我們所說，我們正在積極開發新產品和服務。這些新產品和服務即將發貨。從明年開始，作為 2024 夏季發布的一部分，您將在明年 5 月看到許多內容。我們將在今年晚些時候和未來幾年看到更多事情發生變化。

Now obviously, there's a lot of opportunities. There's guest services, there's host services. I'm not going to go into a lot of detail. You obviously will have to tune in to talk. But I think it is important to note that I think that the biggest idea Airbnb has are in front of us. I don't want to think that the biggest idea I ever had when I was 26 working (inaudible) my 2 cofounders. I think that there's so much more Airbnb can offer. And part of it is just making sure we continue to learn more, build robust profile, build an extensible platform model, continue to increase trust in the platform. And then what we can do is go into adjacencies within our core, but then including that, expand beyond the core. So I think you're going to see a lot of new opportunities.

現在顯然，有很多機會。有客人服務，有主人服務。我不打算詳細介紹。顯然，您必須收聽才能通話。但我認為重要的是要注意，我認為 Airbnb 擁有的最偉大的想法就在我們面前。我不想認為這是我在 26 歲時為（聽不清）我的 2 位聯合創始人工作時的最大想法。我認為 Airbnb 可以提供更多。其中一部分只是確保我們繼續學習更多，建立穩健的形象，建立可擴展的平台模型，繼續增加對平台的信任。然後我們可以做的是進入我們核心內的鄰接，然後包括它，擴展到核心之外。所以我認為你會看到很多新的機會。

With regards to Experiences, I remain bullish about the product. I think there is a massive opportunity for someone to build a huge product around Experiences. Whether it's us and whether we're able to execute that product, we still have to prove that.

關於體驗，我仍然看好該產品。我認為有人有很大的機會圍繞體驗構建一個巨大的產品。無論是我們還是我們是否能夠執行該產品，我們仍然必須證明這一點。

One of my great investors -- one of our early investors is Marc Andreessen. He said there's no bad ideas, just ideas that are too early. And a lot of life is timing and experiences. I think when we launched in 2016, it launched right like leading into the pandemic. It was probably early. I think the timing is probably now better. But we did as we decided, let's take a pause on new submissions. Let's retool the product and hopefully put out something that is even more relevant to this next generation that are looking for things to do. So I remain really bullish on all of this.

我偉大的投資者之一——我們的早期投資者之一是馬克·安德森。他說沒有不好的想法，只有太早的想法。很多生活都是時間和經歷。我認為當我們在 2016 年推出時，它的推出就像導致大流行一樣。時間可能還早。我認為現在時機可能更好。但我們按照我們的決定做了，讓我們暫停新的提交。讓我們重新設計產品，並希望推出一些與正在尋找事情做的下一代更相關的東西。所以我仍然非常看好這一切。

We'll go next to Mario Lu at Barclays.

我們將去巴克萊銀行的 Mario Lu 旁邊。

Great. The first one is on ADRs. It came better than expected in the first quarter. You guys mentioned, India saw 8% growth. Anything to point out to within that region for its strength? And then is the full year growth still expected to be down mid-single digits?

偉大的。第一個是關於 ADR。第一季度的表現好於預期。你們提到，印度增長了 8%。該地區的實力有什麼要指出的嗎？那麼全年的增長率是否仍預計會下降到中等個位數？

Dave?

戴夫？

Yes. On ADRs, it's been interesting how persistently higher average daily rates have remained, and that has been consistent kind of across the globe. I think even more particularly, the ADR rates that we saw in North America have been persistently high. So these are a lot of the reasons why we've been launching so many of the tools and capabilities that Brian has talked about on the call that -- and making sure that we're finding good affordability for our guests for things like Airbnb Rooms and getting tools for a host of even kind of price better.

是的。在 ADR 方面，有趣的是，平均每日利率持續保持較高水平，而且這種情況在全球範圍內都是一致的。我認為更特別的是，我們在北美看到的 ADR 率一直居高不下。因此，這就是為什麼我們一直在推出 Brian 在電話會議上談到的如此多的工具和功能的很多原因——並確保我們為我們的客人找到像 Airbnb Rooms 這樣的東西的良好負擔能力並以更低的價格獲得更多工具。

So I don't have anything more to say on that, except that we think that the ADRs, as we continue to see growth in Europe, Latin America and Asia, should moderate a bit here in the second quarter. And we want to continue to make sure we're giving great value to our guests. In terms of full year expectations, the year-over-year growth in ADR should be, I think, still probably down in that kind of mid-single-digit range. There's really no change in our expectations on ADR growth.

因此，我對此無話可說，只是我們認為，隨著我們繼續看到歐洲、拉丁美洲和亞洲的增長，ADR 在第二季度應該會有所緩和。我們希望繼續確保我們為客人提供巨大的價值。就全年預期而言，我認為 ADR 的同比增長應該仍可能下降到那種中個位數範圍內。我們對 ADR 增長的預期確實沒有改變。

Got it. And then the second question is on competition. One of your competitors is launching a loyalty program in July in the U.S. Just curious if you think that is a potential threat to the business since you don't have one? And any data points you can share with regards to what percentage of things are exclusive to your platform?

知道了。然後第二個問題是關於競爭的。您的一個競爭對手將於 7 月在美國推出忠誠度計劃。您是否認為這是對業務的潛在威脅，因為您沒有這樣的計劃？關於您的平台獨有的事物百分比，您可以分享任何數據點嗎？

I always believe that the best loyalty program is people loving your products. And if they love your products, they come back. And I think that's the reason why nearly 90% of our traffic is direct to organic, and we have really strong rebooker rate. So I mean we haven't needed to have a loyalty program to have really good loyalty on Airbnb because people really love the experience. And ultimately, I think it's just a matter of continuing to innovate.

我始終相信最好的忠誠度計劃是人們喜愛您的產品。如果他們喜歡您的產品，他們就會回來。我認為這就是為什麼我們將近 90% 的流量直接轉向有機流量，而且我們的重新預訂率非常高。所以我的意思是我們不需要忠誠度計劃就可以在 Airbnb 上擁有非常好的忠誠度，因為人們真的很喜歡這種體驗。最後，我認為這只是繼續創新的問題。

Ultimately, we're in the inspiration business. People want to have good trips, and the best trip wins. And whatever company is most focused on listing the customer feedback, innovating as quickly as possible and taking giant leaps and experiences, I think it's going to be the most successful. So we're really bullish about this.

歸根結底，我們從事的是靈感業務。人們希望有好的旅行，最好的旅行獲勝。無論哪家公司最專注於列出客戶反饋、盡可能快地進行創新並取得巨大飛躍和經驗，我認為這將是最成功的。所以我們真的很看好這一點。

Now that being said, for years, we've looked at a loyalty program. And I don't think a classic point program, which is essentially a subsidy to buy loyalty is the right approach for us. But we do think there's really compelling, interesting ways to reward our very best guests and something we've been actively thinking about.

話雖這麼說，多年來，我們一直在研究忠誠度計劃。而且我認為經典的積分計劃（本質上是購買忠誠度的補貼）對我們來說不是正確的方法。但我們確實認為有一些非常有吸引力、有趣的方式來獎勵我們最好的客人，這是我們一直在積極思考的事情。

We'll take our next question from Nick Jones of JMP Securities.

我們將從 JMP Securities 的 Nick Jones 那裡回答下一個問題。

So you're adding a lot of great solutions for hosts and guests and the outlook comments in the release, sounds like this is contributing a little bit to some of the ADR pressure. So how do you balance the efforts to continue to increase supply, making it easier for supply to join while redistributing demand to available supply? Is there a risk of incremental ADR compression as a result of some of these efforts?

因此，您為房東和房客添加了很多很棒的解決方案，並且在發布中添加了 outlook 評論，這聽起來像是對一些 ADR 壓力有所貢獻。那麼，您如何平衡繼續增加供應的努力，使供應更容易加入，同時將需求重新分配給可用供應？由於這些努力，是否存在增量 ADR 壓縮的風險？

Nick, I can start. So I mean, I think part of our secret sauce is our ability to really try to elegantly balance supply and demand. One of the great things we've seen is the marketplace has a natural equilibrium that it finds in itself.

尼克，我可以開始了。所以我的意思是，我認為我們的部分秘密武器是我們真正嘗試優雅地平衡供需的能力。我們所看到的最偉大的事情之一是市場有一個它自己找到的自然平衡。

For example, the fastest-growing markets of supply are also turned out to be the fastest-growing market for demand. So if demand creates supply, what ends up happening is a lot of these individual hosts get booked. They start making a bunch of money, obviously. The vast majority of them get booked within days of listing. And what ends up happening is they tend to open up more nights. They tell their friends about it and then supply increases.

例如，增長最快的供應市場也被證明是增長最快的需求市場。因此，如果需求創造供應，最終會發生很多這樣的個人房東被預訂。顯然，他們開始賺大錢。他們中的絕大多數在上市後的幾天內就被預訂了。最終發生的是他們傾向於開放更多的夜晚。他們告訴他們的朋友，然後供應增加。

But we've also found a number of tactics. In fact, performance marketing is a very important way that we balance supply and demand. Other companies tend to use it as an arbitrage business to buy a lot of customers. We have never thought of it that way. We think of supply performance marketing really as a laser, to laser in on balancing supply and demand in markets all over the world. And frankly, the more supply we add, the more we think we're going to have really great value listings that will ultimately attract more demand. So I think we're able to balance this out throughout the coming year.

但我們也發現了一些策略。事實上，績效營銷是我們平衡供需的一種非常重要的方式。其他公司傾向於將其作為套利業務來購買大量客戶。我們從來沒有那樣想過。我們認為供應績效營銷實際上是一種激光，用於平衡全球市場的供需。坦率地說，我們增加的供應越多，我們就越認為我們將擁有非常有價值的清單，最終將吸引更多的需求。所以我認為我們能夠在來年平衡這一點。

Mr. Kelly with Oppenheimer.

凱利先生與奧本海默。

Just going back to the comment in the Shareholder Letter of your current backlog of nights being approximately 25% stronger than it was a year ago, can you just reconcile that with the 2Q guide? And how should we expect normal seasonality trends going forward? And then my second question, Brian, is you've done a great job with apartments and rooms growing supply in the U.S. Can you take that apartments' initiative and implement it in Europe and other regions of the world?

回到股東信中的評論，您當前的積壓晚數比一年前增加了大約 25%，您能否將其與 2Q 指南相協調？我們應該如何期待未來的正常季節性趨勢？然後是我的第二個問題，布賴恩，你在美國的公寓和房間增加供應方面做得很好嗎？你能採取公寓的主動行動並在歐洲和世界其他地區實施嗎？

Yes, on the 25%, I mean, I think what it's doing is just demonstrating the strength in demand. I think what -- if you go back to the beginning of Q1, people booked much earlier here in 2023 than they have historically. So we had longer overall booking rates for the back half of the year. So we're seeing that strength. And so to the extent that, that demand just shifts earlier in the year, that's why the growth rate in backlog. And so it will be higher than what we are projecting for nights in any kind of given period.

是的，在 25% 上，我的意思是，我認為它所做的只是展示了需求的力量。我想是什麼——如果你回到第一季度初，人們在 2023 年在這裡的預訂比歷史上要早得多。因此，我們在今年下半年的整體預訂率有所提高。所以我們看到了這種力量。因此，在某種程度上，這種需求在今年早些時候發生了變化，這就是積壓增長率的原因。因此，它將高於我們在任何給定時期內預測的夜晚。

In terms of normalcy, I think as -- it's the specific percentage of backlog isn't a direct translation to kind of nights booked, but what we are seeing is strong demand across the globe and very stable demand in North America.

就正常情況而言，我認為——積壓的具體百分比並不能直接轉化為預訂的夜數，但我們看到的是全球需求強勁，北美需求非常穩定。

And Jed, just to clarify question. When you say apartments, are you referring to the Airbnb-friendly apartment?

傑德，只是為了澄清問題。當您說公寓時，您指的是 Airbnb 友好型公寓嗎？

Yes.

是的。

With landlords and they'll take offers?

與房東一起，他們會接受報價嗎？

Yes. Yes, can you do that?

是的。是的，你能做到嗎？

Yes, Yes. 100%, yes. We believe that this can be expanded all over the world. We wanted to use United States as a proof of concept. Obviously, that was we thought the first place to start. We started with about 175 buildings. We now have, I think, over 250 buildings. We have Greystar and some of the biggest real estate developers in America on the platform. And that's been our proof of concept. But assuming this works, and all indications are it is going to work. If response has actually exceeded our expectation, at least from landlords, then yes, we'd love to bring this to Europe, Latin America and Asia.

是的是的。 100%，是的。我們相信這可以擴展到全世界。我們想使用美國作為概念證明。顯然，這是我們認為的第一個起點。我們從大約 175 座建築物開始。我認為，我們現在擁有 250 多座建築物。我們的平台上有 Greystar 和美國一些最大的房地產開發商。這就是我們的概念證明。但假設這行得通，並且所有跡像都表明它會奏效。如果響應實際上超出了我們的預期，至少來自房東，那麼是的，我們很樂意將其帶到歐洲、拉丁美洲和亞洲。

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

我們將搬到美國銀行的 Justin Post 旁邊。

Great. A couple of questions. I guess the first thing about competition. As you move into Europe, you might see a big competitor in booking. Can you talk about your model where you charge both the host and the guest versus there's more heavily weighted to the host? Do you think that works well in Europe? And how do you think about the differences there?

偉大的。幾個問題。我想首先是關於競爭。當您進入歐洲時，您可能會在預訂方面看到一個強大的競爭對手。你能談談你的模型，你向房東和房客收取費用，而不是向房東收取更多費用嗎？你認為這在歐洲行得通嗎？您如何看待那裡的差異？

And then maybe for Dave, on the marketing spend, it definitely seems like the timing is different. How do you think about marketing ROIs this year versus prior years? How should we think about that?

然後對於 Dave 來說，在營銷支出方面，時間似乎肯定是不同的。與往年相比，您如何看待今年的營銷投資回報率？我們應該如何考慮？

Dave, do you want to take the second question first?

戴夫，你想先回答第二個問題嗎？

Sure. No, the marketing ROIs, I mean, again, I'm very pleased with our overall marketing strategy. I'm happy that our 90% of our traffic remains direct-run paid and that does great returns. And the brand marketing returns on -- that we've seen have been quite strong, which is why we're expanding into some of the markets.

當然。不，營銷投資回報率，我的意思是，我對我們的整體營銷策略非常滿意。我很高興我們 90% 的流量仍然是直接付費的，這帶來了豐厚的回報。我們所看到的品牌營銷回報非常強勁，這就是我們向某些市場擴張的原因。

Also, the return on our search engine marketing has been quite good, and we're maintaining high ROIs there and making sure that where we have opportunities to drive incremental profit, we do so. So I feel really good about the investment we're making. I like the improved timing that we have here in 2023. And I like the overall approach to this full funnel marketing that Brian is talking about. We add amplify our brand and search engine marketing with things like social and PR, and we have that full funnel approach that works really well and that's kind of success we're seeing in Brazil and in Germany.

此外，我們搜索引擎營銷的回報非常好，我們在那裡保持高投資回報率，並確保在我們有機會推動增量利潤的地方，我們這樣做。所以我對我們正在進行的投資感覺非常好。我喜歡我們在 2023 年的改進時機。我喜歡 Brian 正在談論的這種全漏斗營銷的整體方法。我們通過社交和公關等方式擴大我們的品牌和搜索引擎營銷，我們擁有非常有效的全漏斗方法，這就是我們在巴西和德國看到的成功。

Yes. And maybe, Justin, before I answer about our model in Europe, I just want to also add something. So with most travel companies, their strategy is like basically paid marketing, right, performance marketing and brand marketing. I think a callout I just want to make is PR social media is a huge benefit to Airbnb. Historically, we have the largest share of voice in travel. Last week, we got 3,000 articles. I mean that was like more than 1/3 of the amount of press we got for IPO. So we think that there's a lot of opportunity for Airbnb to continue to be front and center in people's minds, in PR and social media and even in pop culture on TV shows, movies, songs, et cetera, et cetera.

是的。也許，賈斯汀，在我回答我們在歐洲的模式之前，我還想補充一點。所以對於大多數旅遊公司來說，他們的策略基本上就像付費營銷，對，績效營銷和品牌營銷。我想我只想說一句，公關社交媒體對 Airbnb 來說是一個巨大的好處。從歷史上看，我們在旅行中擁有最大的話語權。上週，我們收到了 3,000 篇文章。我的意思是，這相當於 IPO 媒體報導量的 1/3 以上。所以我們認為，Airbnb 有很多機會繼續成為人們心目中的前沿和中心，在公關和社交媒體上，甚至在電視節目、電影、歌曲等流行文化中。

So I think the name of the game is both paid media and then earned media. And earned media is a really important part of the international story and international expansion because earned media really creates trust more than paid media.

所以我認為遊戲的名稱既是付費媒體又是免費媒體。免費媒體是國際故事和國際擴張的一個非常重要的部分，因為免費媒體確實比付費媒體更能創造信任。

Now with regards to Europe, the one thing I just want to point out is we actually have both models. We have a model where we have a guest fee and host fee. We also have a model where we have a host-only fee. And host can choose, and we have this kind of choice for hosts, especially for larger property managers. Ultimately, especially with our total price display, I don't think it's a major issue for guests. I think ultimately, they're going to be looking at the total price. And we've not seen a major behavior change. I think, yes, they're most sensitive to total price. They're becoming more savvy. They're getting trained on total price. And that is partly why we moved our product towards an option of showing people total price. As long as we remain competitive, as long as we offer the best product and we offer the overall best value for the total price, I think that's ultimately what guests are going to care about.

現在關於歐洲，我只想指出的一件事是我們實際上有兩種模式。我們有一個模型，我們有房客費用和房東費用。我們還有一個模型，我們只收取主機費用。房東可以選擇，我們為房東提供了這種選擇，尤其是對於較大的物業經理。最後，尤其是我們的總價顯示，我認為這對客人來說不是什麼大問題。我認為最終，他們會考慮總價。而且我們還沒有看到重大的行為變化。我認為，是的，他們對總價最敏感。他們越來越精明了。他們正在接受關於總價的培訓。這也是我們將產品轉向向人們展示總價的部分原因。只要我們保持競爭力，只要我們提供最好的產品，並且我們提供總價格的整體最佳價值，我認為這最終就是客人關心的。

(Operator Instructions) We'll go next to Stephen Ju at Credit Suisse.

（操作員說明）我們將去瑞士信貸的 Stephen Ju 旁邊。

So Brian, can you talk about eventual rollout plans for pay over time to other parts of the world like Brazil, given the propensity among users there as to use this type of product? And I guess I'll ask the Airbnb Rooms question another way. Between this and pay over time, it seems like you are in a position to expand your audience. So can you talk about how much latent demand you may potentially unlock with what looks like higher service levels to that bargain shopper?

那麼布賴恩，鑑於巴西用戶傾向於使用此類產品，您能否談談隨著時間推移向巴西等世界其他地區支付費用的最終推出計劃？我想我會用另一種方式問 Airbnb Rooms 問題。在此和隨著時間的推移付費之間，您似乎可以擴大您的受眾群體。那麼，您能談談對於那些討價還價的購物者來說，通過看似更高的服務水平，您可能會釋放多少潛在需求嗎？

Yes. So I'll talk. One of the things -- I mean, what you'll notice is a lot of our updates last week were based on affordability. So we announced a partnership with Klarna, which is pay over time. we can pay in as many as 4 installments.

是的。所以我會談談。其中一件事——我的意思是，你會注意到我們上週的很多更新都是基於負擔能力。所以我們宣布與 Klarna 建立合作夥伴關係，這是分期付款的。我們最多可以分 4 期付款。

I also want to add, we also announced a partnership with Stripe, where you can pay by bank account for monthly stay. This is really important because it means you don't have to pay for credit card to pay basically what is essentially rent and then also would increase conversion by lowering costs. So we're really focused. And a lot of what we're focused on is starting these payment services in the United States, kind of similar to Airbnb-friendly apartment. And assuming these partnerships work, no doubt we're going to be spanning these to markets all over the world. And you're correct, a lot of countries, people pay in installments more than even in the United States. So yes, Brazil end markets, emerging markets over the world, I think this will absolutely be a very compelling offering. We just like to get the product right in our more like established markets, like the United States before expanding it globally. But all indications are this is going to be very successful.

我還想補充一點，我們還宣布了與 Stripe 的合作夥伴關係，您可以通過銀行賬戶支付每月的住宿費用。這真的很重要，因為這意味著您不必支付信用卡來支付基本上是租金的費用，然後還可以通過降低成本來增加轉化率。所以我們真的很專注。我們關注的很多事情是在美國開始這些支付服務，有點類似於 Airbnb 友好的公寓。假設這些合作夥伴關係奏效，毫無疑問，我們將把它們推廣到世界各地的市場。你是對的，很多國家，人們分期付款甚至比在美國還多。所以是的，巴西終端市場，全球新興市場，我認為這絕對是一個非常有吸引力的產品。我們只是想在我們更像已建立的市場（例如美國）中獲得正確的產品，然後再將其擴展到全球。但所有跡像都表明這將非常成功。

Now as far as expanding our audience, yes. I mean, ultimately, the biggest market opportunity for any company is always the next generation. I mean the great thing about young people is more of them every year. And if you can continue to be the most relevant brand for a young audience, then you're going to continue to be able to ride that growth. And that's going to definitely be a boom for first-time bookers.

現在就擴大我們的受眾而言，是的。我的意思是，歸根結底，對任何公司而言，最大的市場機會始終是下一代。我的意思是年輕人的偉大之處在於他們每年都有更多的人。如果你能繼續成為年輕受眾最相關的品牌，那麼你將繼續能夠駕馭這種增長。對於首次預訂者來說，這絕對是一個熱潮。

And the great thing about young people is 15 years ago, I was 26, and my friends and I didn't have a lot of money. Now many of us have families and we're much older, we have more money. And so what we want to do is capture the next generation of travelers, and then they'll grow with us. And I think that Airbnb Rooms is a Gary entry-level product. It's a great way to introduce people to Airbnb. I noticed, for example, when I used to talk (inaudible), he said that like diapers was a very important entry product to Amazon for families, right? You buy diapers and then I will see you need other things. This is maybe an extreme example, but I think Airbnb Rooms is a great way for new travelers to come to Airbnb. And if you think about it, between Airbnb Rooms allowing the pricing tool for hosts that price more affordably, total price, which should see the cleaning fees down and other discount products, I think we're going to have really one of the most affordable products in travel, bar none.

年輕人的偉大之處在於 15 年前，我 26 歲，我和我的朋友們沒有很多錢。現在我們中的許多人都有了家庭，而且我們年紀大了很多，我們有更多的錢。因此，我們要做的是吸引下一代旅行者，然後他們將與我們一起成長。而且我認為 Airbnb Rooms 是 Gary 的入門級產品。這是向人們介紹愛彼迎的絕佳方式。我注意到，例如，當我以前說話時（聽不清），他說像紙尿褲是家庭進入亞馬遜的一個非常重要的入口產品，對嗎？你買尿布，然後我會看到你需要其他東西。這可能是一個極端的例子，但我認為 Airbnb Rooms 是新旅行者來到 Airbnb 的絕佳方式。如果你考慮一下，在 Airbnb Rooms 允許價格更實惠的房東定價工具，總價，這應該會降低清潔費和其他折扣產品之間，我認為我們將擁有真正最實惠的產品之一旅遊產品，無一例外。

We'll go next to John Colantuoni at Jefferies.

我們將去 Jefferies 的 John Colantuoni 旁邊。

Active listings has expanded more this quarter than the recent quarters. When you look at the profile of these new active listings, overall, how do these listings compare to your existing portfolio? What portion of the hosts are individuals, urban versus suburban versus vacation destinations, et cetera? Then on sales and marketing with front-end loaded spending on brand investments, can you just sort of walk through the shape of marketing throughout the year?

本季度的活躍掛牌量比最近幾個季度增加了更多。當您查看這些新的活躍列表的概況時，總體而言，這些列表與您現有的投資組合相比如何？房東中的哪一部分是個人，是城市還是郊區還是度假目的地，等等？那麼在品牌投資的前端支出支出的銷售和營銷方面，你能簡單地介紹一下全年的營銷形式嗎？

Yes, Dave, why don't you take both, please?

是的，戴夫，你為什麼不兩個都吃，好嗎？

Sure. I think we talked about the shape of marketing during the year that we are bringing in more front-end loading on our brand marketing spend, especially here into Q1 and Q2. So it's several hundred basis points higher in Q2 than it was in Q2 last year. And then for the full year, total marketing costs will be roughly the same as they were in the prior year. So I don't have much more to say on kind of the shape or marketing beyond that.

當然。我認為我們在這一年討論了營銷的形式，我們正在為我們的品牌營銷支出帶來更多的前端負載，尤其是在第一季度和第二季度。因此，第二季度比去年第二季度高出數百個基點。然後全年，總營銷成本將與上一年大致相同。因此，除此之外，我沒有更多關於形狀或營銷的說法。

In terms of active listings, I think this is what's been really continued strength in our business, which is that we are focused on individual hosts. And individual host were 90% of our hosts, that continues to be the case. The new host that we're bringing on because we cater our tools to the needs of those individual hosts, so that's making sure that it's easy to list. And we give them AirCover for hosts. They know that their home is well protected. We give them the great payment capabilities, the customer support that they require. All those things make it easier for individuals. And what's been great to see is that our mix of individual for -- and professional host has remained very stable through that.

就活躍房源而言，我認為這是我們業務真正持續的優勢，即我們專注於個人房東。個人房東占我們房東的 90%，現在仍然如此。我們推出新的主機是因為我們的工具可以滿足這些主機的需求，因此可以確保它很容易列出。我們為他們提供主機的 AirCover。他們知道他們的家受到了很好的保護。我們為他們提供強大的支付能力，以及他們需要的客戶支持。所有這些都使個人更容易。令人高興的是，我們的個人和專業主持人組合在此期間保持非常穩定。

The other thing that's been interesting about just our listings growth overall is it tends to grow where we have the biggest demand. And so the areas -- as urban come back, our urban growth has been kept in line with that kind of growth. And so as we keep expanding and increasing our business around the world, the listings come right along with it.

關於我們的整體上市增長的另一件有趣的事情是它往往會在我們需求最大的地方增長。所以這些地區——隨著城市的回歸，我們的城市增長一直與這種增長保持一致。因此，隨著我們在全球範圍內不斷擴大和增加我們的業務，清單也隨之而來。

We'll go next to Doug Anmuth at JPMorgan.

我們將去摩根大通的 Doug Anmuth 旁邊。

I just want to ask about long-term base if it kind of moves down versus recent periods. I know you talked about some of the changes in payments and fees coming up. Are long-term stays slowing more with normalization in the economy or really just more of a mix shift issue towards shorter stays?

我只想問一下長期基礎，如果它相對於近期有所下降。我知道您談到了即將發生的付款和費用方面的一些變化。長期住宿是隨著經濟正常化而放緩，還是只是更多的混合轉向短期住宿？

Doug, I think it's important to just step back and say that what we saw, even before the pandemic, was that long-term stays were growing, and they have been our fastest-growing segment by trip length. I think what the pandemic did is it probably accelerated some inevitable growth and there's huge opportunity for us. And I also think we're never going back to the way the world was before the pandemic.

道格，我認為重要的是退後一步說，即使在大流行之前，我們所看到的是長期住宿正在增長，而且它們一直是我們旅行長度增長最快的部分。我認為大流行的作用是它可能加速了一些不可避免的增長，這對我們來說是巨大的機會。而且我還認為我們永遠不會回到大流行之前的世界。

I do think there is some little bit of a post-pandemic equilibrium that you're starting to see. And we're also seeing a mix shift because cross-border urban nights are now up. That being said, I remain extremely bullish on long-term stays. I think this is going to be one of the big growth opportunities for Airbnb over the next 5 years. And the reason why is because people are permanently more flexible. Even bosses that want people back to the office, I think they're going to see incremental flexibility. More people going away for the summer, more people may be going away for the holidays. And ultimately, with AI, you're going to see an acceleration of people having more distributed and more global workforces.

我確實認為你開始看到一些大流行後的平衡。而且我們還看到了混合轉變，因為現在跨境城市之夜已經來臨。話雖如此，我仍然非常看好長期住宿。我認為這將成為未來 5 年 Airbnb 的重大增長機會之一。原因是因為人們永遠更靈活。即使是希望人們回到辦公室的老闆，我認為他們也會看到增加的靈活性。更多的人暑假外出，更多的人可能會外出度假。最終，借助人工智能，您將看到人們加速擁有更多分佈和更全球化的勞動力。

So all you have to do is believe Zoom is here to stay, to believe long-term stays are here to stay and that's what we're betting on. But the biggest feedback we've gotten on our long-term stay product was it was just sometimes a little more expensive to book long-term stay on Airbnb, because the platform was built for short-term stays.

因此，您所要做的就是相信 Zoom 會留下來，相信長期停留會留下來，這就是我們的賭注。但我們對長期住宿產品獲得的最大反饋是，有時在 Airbnb 上預訂長期住宿會更貴一些，因為該平台是為短期住宿而構建的。

So we made over a dozen upgrades to long-term stays and a lot of more based on affordability. So starting with -- we now have a monthly dial for you to really discover monthly stays, which was really cool dial like an [eyepie] quick wheel that allows you to search from 1 month to a year on Airbnb.

因此，我們對長期住宿進行了十多次升級，並根據可負擔性進行了更多升級。所以從開始——我們現在有一個月度盤，讓你真正發現每月的住宿，這是一個非常酷的盤，就像一個 [eyepie] 快速輪，可以讓你在 Airbnb 上搜索 1 個月到一年的時間。

You can pay by bank account. This saves on credit card processing fees. You can pay over time. We have more flexible cancellation policies. So you now can cancel a long-term stay up to 1 month before check-in. We have new discounting tools for hosts on weekly stays and monthly stays, and we have many other upgrades as well for monthly stays. So I think we're going to see a lot more growth.

您可以通過銀行帳戶付款。這樣可以節省信用卡手續費。您可以按時付款。我們有更靈活的取消政策。因此，您現在可以在入住前最多 1 個月取消長期住宿。我們為每週住宿和每月住宿的房東提供了新的折扣工具，我們還有許多其他升級以及每月住宿。所以我認為我們會看到更多的增長。

And one of the big opportunities, I think, that we're going to see is more people starting to come to Airbnb to list exclusively long-term stay. People that have no intention of hosting on a nightly basis will host long term.

我認為，我們將看到的重大機遇之一是，越來越多的人開始來到 Airbnb 列出專門的長期住宿。無意每晚主持的人將長期主持。

Another thing we believe is going to happen is we think long-term stays could be a gateway to short-term stays. There might be a host that are uncomfortable hosting on a nightly basis, but they're used to having a tenant and they might go to Airbnb to rent monthly. And over time, we might be able to get them more comfortable on a short-term basis. So we think this is a really big opportunity for us. But I do think there is some normalization in the post-pandemic equilibrium, but I believe this is still a major growth opportunity for years to come.

我們認為將會發生的另一件事是，我們認為長期住宿可能成為短期住宿的門戶。可能有房東不習慣每晚出租，但他們已經習慣了租戶，他們可能會去 Airbnb 每月租房。隨著時間的推移，我們或許能夠在短期內讓他們感到更舒適。所以我們認為這對我們來說是一個非常大的機會。但我確實認為大流行後的平衡有一些正常化，但我相信這仍然是未來幾年的主要增長機會。

We'll move next to Lee Horowitz at Deutsche Bank.

我們將搬到德意志銀行的 Lee Horowitz 旁邊。

Brian, maybe circling back to the competitive environment. It strikes us given some of the numbers coming out of your large OTA competitors, and the industry has grown incrementally more than it has in the last year or so. Can you help us understand from your seat, if you've seen a change in the competitive environment over the last 12 months? And what your expectations are for how competition may evolve over the next couple of years?

布賴恩，也許回到競爭環境。考慮到來自大型 OTA 競爭對手的一些數據，我們感到震驚，而且該行業的增長速度超過了去年左右的水平。如果您在過去 12 個月中看到競爭環境發生了變化，您能幫助我們從您的座位上了解一下嗎？您對未來幾年競爭可能如何演變有何期望？

And then, Dave, can you talk about how you think about balancing margins and investments beyond this year, assuming rates aren't a headwind moving forward, it stresses that international investments are said to grow nicely over the next couple of years? I guess with this in mind, how do you think about how margins can progress in the coming years given your investment priorities?

然後，戴夫，你能談談你如何考慮平衡今年以後的利潤和投資嗎？假設利率不是前進的逆風，它強調國際投資據說在未來幾年內增長良好？考慮到這一點，我想考慮到您的投資重點，您如何看待未來幾年利潤率的增長？

All right. Yes. Lee, I'll start with the first one, competitive environment. I think it's important to note that Airbnb is more than double the size. And most of the travel industry is only a little bit larger than they were before the pandemic. So there's been a major mix shift share towards Airbnb. I think we're starting to see some of the old ways of traveling recover, specifically urban and cross-border. But ultimately, we're really focused on innovating. We're focused on playing our own game, and I think that we're going to continue to focus on a few areas. We're going to continue the Mainstream Hosting. And we think we're going to be adding more supply of homes than any other company.

好的。是的。李，我將從第一個開始，競爭環境。我認為重要的是要注意 Airbnb 的規模是原來的兩倍多。大多數旅遊業的規模只比大流行前大一點點。因此，Airbnb 的份額發生了重大轉變。我認為我們開始看到一些舊的旅行方式正在復蘇，特別是城市和跨境旅行。但最終，我們真正專注於創新。我們專注於玩自己的遊戲，我認為我們將繼續專注於幾個領域。我們將繼續主流託管。我們認為我們將比任何其他公司增加更多的房屋供應。

Next, we're going to be focused on perfecting our core service. I think there's potentially down the road to tipping point, where a whole new cohort of people could be comfortable using Airbnb. The biggest obstacle to Airbnb historically has been reliability and consistency.

接下來，我們將專注於完善我們的核心服務。我認為可能會出現引爆點，屆時將有全新的人群可以舒適地使用 Airbnb。 Airbnb 歷史上最大的障礙是可靠性和一致性。

As I said, the biggest strength we have is we're one of a kind. The biggest weakness we have is it's just hard to be as consistent as a hotel. But again, with AI, being able to supplement and augment customer service and with many of our other initiatives to perfect the core service, I think we can introduce a whole new category of travelers to Airbnb. And this doesn't even include many of the opportunities we have with younger travelers, with new markets and new products and services that are only on Airbnb.

正如我所說，我們擁有的最大優勢是我們與眾不同。我們最大的弱點是很難像酒店一樣保持一致。但同樣，有了人工智能，能夠補充和增強客戶服務，以及我們為完善核心服務而採取的許多其他舉措，我認為我們可以為 Airbnb 引入全新的旅行者類別。這甚至還不包括我們與年輕旅行者、新市場以及僅在 Airbnb 上提供的新產品和服務的許多機會。

I also just generally would just say, one of the big guiding principles I have is to focus on the things only Airbnb can do. And if we focus on the things that only Airbnb can do, then in a sense, you're going to come to Airbnb and we're going to have a lot of demand, a lot of exclusive traffic. And Airbnb Rooms is just one of many examples of something that only Airbnb offers. And so we're going to continue to be competitive, but we're also going to focus on things that only we offer. Dave?

我也只是一般來說，我的主要指導原則之一就是專注於只有 Airbnb 可以做的事情。如果我們專注於只有 Airbnb 可以做的事情，那麼從某種意義上說，你會來到 Airbnb，我們會有很多需求，很多獨家流量。 Airbnb Rooms 只是 Airbnb 獨有服務的眾多例子之一。因此，我們將繼續保持競爭力，但我們也將專注於只有我們提供的東西。戴夫？

Yes. I think one of the things I'm really proud of is the ability for us to both grow and grow profitably and have very strong margins. I mean having a 44% kind of free cash flow margin is something I'm definitely very proud of.

是的。我認為我真正引以為豪的一件事是我們能夠實現盈利增長並擁有非常可觀的利潤率。我的意思是擁有 44% 的自由現金流利潤率是我非常自豪的事情。

I think going forward, just remember that we are still heavily in growth mode, and we're going to continue to invest behind growth for the future. The good news is that as I'm doing this year, we're able to continue to be very rigorous in our investments across our P&L, make improvements in our cost structure, buying fixed cost leverage and do all that while investing for kind of growth for the future. So what I think you should anticipate going forward is that we'll continue to have a profitable business focused on growth. And that over time, we'll continue to have opportunities to expand margins, but that's not my primary focus right now. Our primary focus is in investing for growth. And as you mentioned, one of those areas for opportunities will be to increase our investment in areas where we're significantly underpenetrated and seeing great success. And we highlighted a couple of those areas on the call today.

我認為展望未來，請記住我們仍處於增長模式，我們將繼續投資未來的增長。好消息是，正如我今年所做的那樣，我們能夠繼續非常嚴格地對我們的 P&L 進行投資，改進我們的成本結構，購買固定成本槓桿，並在進行所有這些投資的同時進行某種未來的增長。因此，我認為您應該預見到未來我們將繼續擁有專注於增長的盈利業務。隨著時間的推移，我們將繼續有機會擴大利潤率，但這不是我現在的主要關注點。我們的主要重點是投資以促進增長。正如你所提到的，其中一個機會領域將是增加我們在我們滲透嚴重不足但取得巨大成功的領域的投資。我們在今天的電話會議上強調了其中的幾個領域。

And that does conclude today's question-and-answer session. At this time, I would like to turn the conference back over to Brian Chesky for closing remarks.

這確實結束了今天的問答環節。此時，我想將會議轉回給 Brian Chesky 作閉幕詞。

All right. Well, thank you, everyone, for joining us today. Just to recap, we had a strong start to 2023. Revenue was $1.8 billion, which is 20% higher than a year ago. Net income and adjusted EBITDA were both records for Q1, and our trailing 12-month free cash flow was $3.8 billion and that represents a free cash flow margin of 44%. I'm really proud of the progress we made.

好的。好吧，謝謝大家今天加入我們。回顧一下，我們在 2023 年開局良好。收入為 18 億美元，比一年前增長 20%。第一季度的淨收入和調整後的 EBITDA 均創歷史新高，我們過去 12 個月的自由現金流為 38 億美元，自由現金流利潤率為 44%。我為我們取得的進步感到非常自豪。

If you look at over the last 3 years, how much more profitable the company's become, I think a lot of that has been based on our discipline and our execution. And speaking of execution, our product just keeps getting better, and we continue to innovate with more than 50 upgrades and features last week and many more ahead later this year. I'm proud of what we're doing, and I'm really excited for the road ahead. So thank you all, and we'll talk next quarter.

如果你看看過去 3 年，公司的盈利能力提高了多少，我認為這在很大程度上是基於我們的紀律和執行力。說到執行，我們的產品一直在變得更好，上週我們繼續創新，推出了 50 多項升級和功能，今年晚些時候還會推出更多。我為我們正在做的事情感到自豪，我對未來的道路感到非常興奮。所以謝謝大家，我們將在下個季度討論。

And that does conclude today's conference. Again, thank you for your participation. You may now disconnect.

今天的會議到此結束。再次感謝您的參與。您現在可以斷開連接。