Airbnb Inc (ABNB) 2023 Q2 法說會逐字稿

內容摘要

Airbnb 在 2023 年第二季度表現強勁,預訂房晚和體驗超過 1.15 億次,收入達 25 億美元,同比增長 18%。該公司報告了積極的業務趨勢,包括客人需求增加、停留時間更長以及客人旅行更遠。

他們致力於使託管成為主流,完善其核心服務,並擴展到核心之外。 Airbnb 計劃專注於可靠性、國際化擴張、擴大體驗並利用人工智能進行創新。他們還優先考慮負擔能力並改進定價工具。

該公司的目標是增加市場份額、合理化成本並為主機提供差異化​​的工具和服務。

他們對公司的長期增長充滿信心,並投資人工智能以改善客戶服務並增強用戶體驗。

Airbnb 第二季度財務狀況良好,併計劃在 11 月發布新功能和升級。

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good afternoon and thank you for joining Airbnb's earnings conference call for the second 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.

    下午好,感謝您參加 Airbnb 2023 年第二季度的收益電話會議。謹此提醒,本次電話會議正在錄製中,並可在本次電話會議結束後在 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.

    我現在將把電話轉交給財務副總裁埃莉·默茨 (Ellie Mertz)。請繼續。

  • Ellie Mertz - VP of Finance & IR

    Ellie Mertz - VP of Finance & IR

  • Good afternoon and welcome to Airbnb's Second 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,歡迎參加 Airbnb 2023 年第二季度財報電話會議。感謝您今天加入我們。今天的電話會議邀請了 Airbnb 聯合創始人兼首席執行官布萊恩·切斯基 (Brian Chesky);以及我們的首席財務官戴夫·斯蒂芬森 (Dave Stephenson)。

  • Earlier today, we issued a Shareholder Letter with our financial results and commentary for our second quarter of 2023. 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 2023 年第二季度的財務業績和評論。這些內容也發佈在 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,然後用剩下的時間進行問答。

  • Before I turn it over to Brian, I'd 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. 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.

    在我將其交給布萊恩之前,我想提醒大家,我們將在這次電話會議上做出前瞻性聲明,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中的前瞻性陳述以及我們最近向美國證券交易委員會提交的文件中進行了描述。我們敦促您考慮這些因素,並提醒您,我們沒有義務更新本次電話會議中包含的信息以反映後續事件或情況。您應該注意,這些陳述僅應被視為估計,而不是未來業績的保證。

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

    此外,在本次電話會議中,我們還將討論一些非公認會計準則財務指標。我們在投資者關係網站上發布的股東信中提供了最直接可比的公認會計準則財務指標的調節表。這些非公認會計準則衡量標準無意取代我們的公認會計準則結果。

  • And with that, I will pass the call to Brian.

    這樣,我會將電話轉給布萊恩。

  • Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

    Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

  • All right. Thank you, Ellie, and good afternoon, everyone. Thanks for joining today. I'm excited to share our results with you. Q2 was another strong quarter for Airbnb. We had over 115 million Nights and Experiences Booked. Revenue of $2.5 billion grew 18% year-over-year. And when you exclude foreign exchange, our revenue increased 19% year-over-year.

    好的。謝謝你,艾莉,大家下午好。感謝您今天加入。我很高興與您分享我們的成果。第二季度是 Airbnb 另一個強勁的季度。我們預訂了超過 1.15 億晚晚和體驗。收入為 25 億美元,同比增長 18%。如果排除外匯,我們的收入同比增長 19%。

  • Net income was $650 million, representing a net income margin of 26%, our highest second quarter ever. And free cash flow for the quarter was $900 million, up 13% year-over-year. In fact, on a trailing 12-month basis, our free cash flow was $3.9 billion, and this represented a trailing 12-month free cash flow margin of 43%. And because of our strong cash flow and balance sheet, we've been able to repurchase $2.5 billion of our stock in the last 12 months, which has more than offset the impact of share dilution.

    淨利潤為 6.5 億美元,淨利潤率為 26%,是我們第二季度有史以來最高的。該季度自由現金流為 9 億美元,同比增長 13%。事實上,過去 12 個月的自由現金流為 39 億美元,這意味著過去 12 個月的自由現金流率為 43%。由於我們強勁的現金流和資產負債表,我們在過去 12 個月內回購了 25 億美元的股票,這足以抵消股票稀釋的影響。

  • Now during the quarter, we saw a number of positive business trends. First, guest demand on Airbnb remained strong. Nights and Experiences Booked increased 11% in Q2 compared to a year ago. Active bookers grew in every region, and we had more first-time bookers compared to a year ago. In fact, we've now had more than 1.5 billion guest arrivals since starting Airbnb.

    在本季度,我們看到了許多積極的業務趨勢。首先,客人對 Airbnb 的需求依然強勁。第二季度的預訂天數和體驗數量與去年同期相比增加了 11%。每個地區的活躍預訂者都在增長,與一年前相比,我們的首次預訂者有所增加。事實上,自從 Airbnb 成立以來,我們已經接待了超過 15 億名客人。

  • Second, guests are traveling farther. Cross-border nights booked increased 16% in Q2 compared to a year ago. And we are especially encouraged by the continued recovery of Asia Pacific, where inbound international travel increased 80% compared to this time last year. And we also saw cross-order nights booked to North America increased 20% year-over-year.

    二是客人出行更遠。第二季度跨境住宿預訂量與去年同期相比增加了 16%。我們尤其對亞太地區的持續復甦感到鼓舞,該地區的入境國際旅行與去年同期相比增加了 80%。我們還發現北美的跨訂單間夜預訂量同比增加了 20%。

  • And finally, the third trend we're seeing is that guests are staying longer on Airbnb. Millions of people remain flexible about where they live and work, and we see this reflected in our bookings. In Q2, long-term stays remain 18% of total nights booked. And throughout the quarter, we saw an acceleration in year-over-year growth in bookings for monthly stays.

    最後,我們看到的第三個趨勢是房客在 Airbnb 上停留的時間越來越長。數百萬人對生活和工作地點保持靈活,我們的預訂中也體現了這一點。第二季度,長期住宿仍佔預訂總天數的 18%。在整個季度中,我們看到每月住宿預訂量同比增長加速。

  • Now while the ability to travel and work remotely has been an important part of long-term stay growth, people are also extending their typical weekend stays by an extra night or 2. In fact, in the past 6 quarters, long stays -- long weekend stays have been the fastest-growing trip type on Airbnb. I think this is just evidence of the incremental flexibility people have post-pandemic.

    現在,雖然遠程旅行和工作的能力已成為長期住宿增長的重要組成部分,但人們也將通常的周末住宿時間延長了一晚或兩晚。事實上,在過去6 個季度中,長期住宿- 長期住宿週末住宿是 Airbnb 上增長最快的旅行類型。我認為這只是大流行後人們靈活性增加的證據。

  • Now given that we're halfway through 2023, I just want to provide a very quick update on the progress we made across our 3 strategic priorities. First, we are focused on making hosting mainstream. When supply growth stagnated at the beginning of COVID, we developed a new strategy to recruit more Hosts. Since then, we've been focused on raising awareness around hosting, making it easier to get started and improving our tools for Hosts. And our strategy is working.

    現在,2023 年已過半,我只想快速介紹一下我們在 3 個戰略重點方面取得的進展。首先,我們致力於使託管成為主流。當新冠疫情初期供應增長停滯時,我們制定了一項新策略來招募更多房東。從那時起,我們一直致力於提高人們對託管的認識,讓入門變得更容易,並改進我們的託管工具。我們的策略正在發揮作用。

  • In Q2, supply grew 19% year-over-year, and this is actually up from 18% in Q1. In fact, in every quarter since we've gone public, we've seen an acceleration in total active listings growth. And we're continuing to see strong supply growth across all regions, all market types and all price points. In fact, we added a record number of new listings in Q2, and we ended the quarter with more than 7 million total active listings.

    第二季度供應量同比增長 19%,實際上高於第一季度的 18%。事實上,自我們上市以來的每個季度,我們都看到活躍上市總量的增長加速。我們繼續看到所有地區、所有市場類型和所有價位的供應強勁增長。事實上,我們在第二季度增加了創紀錄的新掛牌數量,本季度結束時,活躍掛牌總數超過 700 萬套。

  • Second, we're perfecting our core service. We want people to love our service, and that means obsessing over every detail. Millions of people have given us feedback on how to improve Airbnb. We listened. On May 3, we introduced over 50 new features and upgrades as part of our 2023 Summer Release.

    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,這意味著我們要注重每一個細節。數百萬人向我們提供了有關如何改進 Airbnb 的反饋。我們聽了。 5 月 3 日,作為 2023 年夏季版本的一部分,我們推出了 50 多項新功能和升級。

  • Now many of these new features and upgrades were aimed at addressing affordability, starting with new pricing tools for Hosts. Hosts told us that our pricing tools are difficult to use. So we redesigned our tools, and we made it easier for Hosts to add discount to promotions.

    現在,許多新功能和升級都旨在解決負擔能力問題,首先是為主機提供新的定價工具。房東告訴我們,我們的定價工具很難使用。因此,我們重新設計了我們的工具,讓房東可以更輕鬆地為促銷活動添加折扣。

  • They also told us that they had trouble setting competitive prices. So we added a new feature called Similar Listings to help them see listings in their areas they know what the charge. Now we received very positive feedback from our Hosts, and the changes are already having an impact. Hosts have started lowering their prices, and some of them are offering weekly and monthly -- and with more of them offering weekly and monthly discounts. And as more Hosts adopt these tools, we believe we'll be able to drive greater affordability and value for guests.

    他們還告訴我們,他們很難設定有競爭力的價格。因此,我們添加了一項名為“類似列表”的新功能,以幫助他們查看其所在區域的列表,並了解其收費情況。現在我們收到了來自東道主的非常積極的反饋,這些變化已經產生了影響。房東已經開始降低價格,其中一些提供每周和每月的折扣,更多的則提供每周和每月的折扣。隨著越來越多的房東採用這些工具,我們相信我們將能夠為房客帶來更大的負擔能力和價值。

  • We also rolled out more affordable monthly stays. Guests are staying longer in Airbnb. So we took steps to make longer stays more affordable. We significantly reduced fees for stays longer than 3 months. We started offering U.S. guests the option to save money by paying with their bank account, and we made it easier for Hosts to offer monthly discounts. And as a result, the percentage of our new active listings that offer monthly discount jumped from 22% to 50%.

    我們還推出了更實惠的每月住宿。房客在 Airbnb 停留的時間越來越長。因此,我們採取了措施,讓長期住宿變得更加實惠。我們大幅降低了入住時間超過 3 個月的費用。我們開始為美國客人提供通過銀行賬戶付款來省錢的選擇,並且我們讓房東更容易提供每月折扣。結果,我們提供每月折扣的新活躍房源比例從 22% 躍升至 50%。

  • Now we took another step to address affordability with the launch of Airbnb Rooms. Airbnb Rooms takes us back to our founding ethos of sharing, and it's one of the most affordable ways to travel. Airbnb Rooms have an average price of only $67 per night, significantly lower than the average hotel room. Given the increased price sensitivity for many guests, especially the next generation of travelers, this is going to remain an important category for Airbnb.

    現在,我們在解決可負擔性問題上又邁出了一步,推出了 Airbnb Rooms。 Airbnb Rooms 讓我們回到了分享的創始精神,它是最實惠的旅行方式之一。 Airbnb 客房的平均價格僅為每晚 67 美元,明顯低於酒店房間的平均價格。鑑於許多客人(尤其是下一代旅行者)對價格的敏感度不斷提高,這仍將是 Airbnb 的一個重要類別。

  • And finally, our third strategic priority is expand beyond the core. We spent the past few years perfecting our core service. We've rolled out hundreds of new features and upgrades. And today, our core is stronger and more profitable than ever. But we're not stopping there because we have some big ideas for where to take Airbnb next. And we're building the foundational capabilities for these new products and services that we plan to launch in the years to come.

    最後,我們的第三個戰略重點是超越核心。我們在過去的幾年裡完善了我們的核心服務。我們推出了數百項新功能和升級。今天,我們的核心比以往任何時候都更強大、利潤更高。但我們不會就此止步,因為我們對 Airbnb 的下一步發展有一些偉大的想法。我們正在為計劃在未來幾年推出的這些新產品和服務構建基礎功能。

  • Now before I turn to Q&A, I want to tell you about a recent campaign, The Highlights What Makes Airbnb Unique. Airbnb is known for one-of-a-kind listings. As I'm sure you know, the Barbie movie just came out in theaters and in celebration of the premier, we partnered with Warner Bros. and Mattel to transform a home into the Barbie Malibu DreamHouse, and we launched it as part of our Only On Airbnb campaign. Only On Airbnb taps into global pop culture moments, inspiring guests with some of the most iconic homes in the world. The Barbie Malibu DreamHouse has been a sensation, and it is now Airbnb's most popular listing ever.

    現在,在進行問答之前,我想向您介紹一下最近的一項活動,即 Airbnb 獨特之處的亮點。 Airbnb 以其獨一無二的房源而聞名。我相信您知道,芭比電影剛剛在影院上映,為了慶祝首映,我們與華納兄弟和美泰合作,將一個家改造成芭比馬里布夢幻屋,並將其作為我們唯一的項目的一部分推出在Airbnb 活動中。 Only On Airbnb 充分利用全球流行文化時刻,用世界上一些最具標誌性的房屋來激發客人的靈感。芭比馬里布夢幻屋引起了轟動,現在它是 Airbnb 有史以來最受歡迎的房源。

  • We saw 13,000 press hits and more than 250 million social media impressions since it was announced. And to give you a sense of how much that is, that is twice -- more than twice as many press hits as were generated from our IPO. Only On Airbnb campaigns are an effective way to introduce Airbnb and our unique inventory to new guests, and they'll be an important part of our playbook going forward.

    自宣布以來,我們獲得了 13,000 次媒體點擊和超過 2.5 億次社交媒體曝光。為了讓您了解這一數字,這是我們 IPO 產生的媒體點擊量的兩倍多。 Only On Airbnb 活動是向新房客介紹 Airbnb 和我們獨特庫存的有效方式,它們將成為我們未來策略的重要組成部分。

  • So those are the results that we have to share for Q2. And with that, Dave and I look forward to answering your questions.

    這些就是我們必須分享的第二季度的結果。戴夫和我期待回答您的問題。

  • Operator

    Operator

  • (Operator Instructions) We'll go to our first question from Mario Lu at Barclays.

    (操作員說明)我們將回答巴克萊銀行 Mario Lu 提出的第一個問題。

  • X. Lu - Research Analyst

    X. Lu - Research Analyst

  • So the first one is on the third quarter ADR guide. You said there is upward pressure in the quarter. Can you help explain what do you mean by the listing-type mix shift that's kind of lifting up ADRs?

    第一個是第三季度 ADR 指南。您說本季度存在上漲壓力。您能幫忙解釋一下上市類型的混合轉變是什麼意思嗎?這種轉變會提高美國存託憑證(ADR)?

  • David E. Stephenson - CFO & Head of Employee Experience

    David E. Stephenson - CFO & Head of Employee Experience

  • Yes. The listing-type mix shift is just simply the mix of types of listings. Either geographic (inaudible) sizable locations that's driving the mix. And so ADR is coming up due to that, and it's also been coming up in the third quarter driven by foreign exchange.

    是的。列表類型混合轉變只是列表類型的簡單混合。要么是地理上(聽不清)相當大的位置推動了這種混合。因此,美國存託憑證(ADR)因此而上升,並且在外彙的推動下,第三季度也出現了上升。

  • X. Lu - Research Analyst

    X. Lu - Research Analyst

  • Okay. Got it. And then in terms of your section on the operational take rate. You guys mentioned that you're offering a lower take rate, especially for stays after the third month. Does that mean over time, should we expect this number to come down? Or are there kind of offsets that you're going to provide to keep the operational take rate flat?

    好的。知道了。然後是關於運營率的部分。你們提到你們提供較低的接受率,特別是對於第三個月之後的住宿。這是否意味著隨著時間的推移,我們應該預期這個數字會下降嗎?或者您是否會提供某種補償來保持運營率平穩?

  • Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

    Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

  • Yes, I would -- yes, that's -- Mario, I can answer that. We always want to make sure that we're providing the very best value for our guests. And we identified this as a huge opportunity where we could drive incremental conversion by taking take rates down after its third month, and we saw some really great results.

    是的,我會——是的,那就是——馬里奧,我可以回答這個問題。我們始終希望確保為客人提供最好的價值。我們認為這是一個巨大的機會,我們可以通過在第三個月後降低轉化率來推動增量轉化,並且我們看到了一些非常好的結果。

  • That being said, I do not expect our take rate to change materially. There may be some segments or trip types or geographies where we would want to take it down. But that could be offset by other areas that could come up. And so generally, I would expect it to be pretty stable. And the way that we're going to see margin expansion is by launching incremental services for guests and hosts over the coming years.

    話雖如此,我預計我們的轉化率不會發生重大變化。我們可能希望刪除某些路段、旅行類型或地理位置。但這可能會被其他可能出現的領域所抵消。一般來說,我預計它會非常穩定。我們將看到利潤增長的方式是在未來幾年為客人和主人推出增量服務。

  • Operator

    Operator

  • We'll move next to Jed Kelly at Oppenheimer.

    我們將搬到奧本海默的傑德·凱利旁邊。

  • Jed Kelly - Director & Senior Analyst

    Jed Kelly - Director & Senior Analyst

  • Just following up on the listing type. Are you still adding more of that like vacation rental single-unit inventory versus some of like, call it, the smaller units in urban vacation -- in urban areas? And then can you just give us an update on how we should think about your marketing into the back half?

    只是跟進列表類型。您是否仍在增加更多類似度假租賃單單元庫存與城市度假中的小型單元(城市地區)的庫存?那麼您能否向我們介紹一下我們應該如何考慮您的後半段營銷的最新情況?

  • Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

    Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

  • Yes. Jed, I can start, and I'll hand over to Dave. So our supply -- I mean let me just back up. Our supply has actually been really, really strong. You might remember the be in a COVID, we were -- we flagged this as something we need to work on. That's why we created an initiative called Mainstreaming Hosting. And the results have been very successful. In fact, supply growth is growing 19% year-over-year. And in fact, urban is actually growing faster than vacation rental. Urban is growing 20%, whereas vacation rental is growing 19%. So that is pretty stable. And as far as the number of individual hosts versus what we described as professional host, around 90% of our hosts remain individuals.

    是的。傑德,我可以開始了,然後我將把工作交給戴夫。所以我們的供應——我的意思是讓我備份一下。我們的供應實際上非常非常強勁。你可能還記得在新冠疫情期間,我們將其標記為我們需要解決的問題。這就是為什麼我們創建了一項名為“主流託管”的計劃。結果非常成功。事實上,供應量同比增長 19%。事實上,城市租賃的增長速度實際上快於度假租賃。城市租金增長 20%,而度假租金增長 19%。所以這是相當穩定的。就個人房東的數量與我們所說的專業房東的數量而言,我們大約 90% 的房東仍然是個人。

  • I'll hand over to Dave.

    我將把工作交給戴夫。

  • David E. Stephenson - CFO & Head of Employee Experience

    David E. Stephenson - CFO & Head of Employee Experience

  • Yes. On the marketing back half, I mean, our marketing expenses as a percentage of revenue, we expect to remain relatively flat year-over-year on a total year basis from 2023 over 2022. We did pull forward more marketing into the first half of the year relative to the second half this year, and we've been really pleased with the results.

    是的。在營銷後半段,我的意思是,我們的營銷費用佔收入的百分比,我們預計從 2023 年到 2022 年,全年同比將保持相對平穩。我們確實將更多營銷活動提前到了上半年。相對於今年下半年,我們對結果非常滿意。

  • So I mean, remember that 90% of our traffic remains direct or unpaid. And I think that's an important differentiator versus others. And then when we do things like the Barbie DreamHouse and other big events like that, we're able to kind of drive more awareness about Airbnb, about the uniqueness of our offerings, and it's just a powerful strategy for our marketing.

    所以我的意思是,請記住,我們 90% 的流量仍然是直接的或無償的。我認為這是與其他人的一個重要區別。然後,當我們舉辦芭比夢幻屋和其他類似的大型活動時,我們能夠提高人們對 Airbnb 的認識,了解我們產品的獨特性,這對我們的營銷來說是一個強有力的策略。

  • Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

    Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

  • Yes. Maybe I'll just add one thing about marketing. It's just -- it's a full-funnel approach. And last year, we got 600,000 articles written about us. So people talk a lot about Airbnb. And now I think what you're also seeing is social media, whether it's the Only On program, Barbie or just generally Airbnb social media, it's just a topic of conversation. I think that is just a testament to when you invest in the brand, when your brand is a noun and a verb and you have something unique, you get a lot of those benefits. And I think it's going to be consistent, and we'll have pretty consistent marketing spend as a percent of revenue over time because of the strength of the brand.

    是的。也許我會添加一件關於營銷的事情。這只是——這是一種全漏斗方法。去年,我們收到了 600,000 篇關於我們的文章。因此人們對 Airbnb 談論很多。現在我想你看到的也是社交媒體,無論是Only On節目、芭比娃娃還是一般的Airbnb社交媒體,這只是一個話題。我認為這證明了當你投資品牌時,當你的品牌是一個名詞和動詞,並且你擁有獨特的東西時,你會得到很多好處。我認為這將是一致的,而且由於品牌的實力,隨著時間的推移,我們的營銷支出佔收入的百分比將非常穩定。

  • Operator

    Operator

  • We'll go next to Doug Anmuth at JPMorgan.

    接下來我們將採訪摩根大通的道格·安姆斯 (Doug Anmuth)。

  • Dae K. Lee - Analyst

    Dae K. Lee - Analyst

  • This is Dae on for Doug. I have two. So first one for Dave on affordability. So are you actually seeing that consumers are coming to your platform saying that the prices are high and walking away and do you feel like that's an opportunity that you guys aren't capturing? Or is it just the case that people are okay with higher prices on the customer right now? And then secondly, on your adjusted EBITDA for the full year guidance, where did you the upside to raise your...

    這是道格的戴昂。我有兩個。這是戴夫的第一個關於負擔能力的問題。那麼你是否真的看到消費者來到你的平台說價格太高然後離開,你是否覺得這是一個你們沒有抓住的機會?或者只是人們現在可以接受更高的價格?其次,就全年指導調整後的 EBITDA 而言,您提高……的優勢在哪裡?

  • Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

    Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

  • I don't -- we're not able to hear the second question, I don't think. Can you say it one more time?

    我不認為——我們無法聽到第二個問題,我不認為。你能再說一遍嗎?

  • Dae K. Lee - Analyst

    Dae K. Lee - Analyst

  • Yes, sorry. On your full year guidance for adjusted EBITDA, where did you see upside that gives you the confidence to raise it this quarter?

    是的,抱歉。在調整後 EBITDA 的全年指導中,您認為哪些方面有上升空間,讓您有信心在本季度提高它?

  • Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

    Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

  • Yes. So I'll take the first question, and I'll hand it over to Dave. On affordability, our prices have obviously risen since pre-pandemic, and the growth has been incredible. The business is nearly about twice the size it was pre-pandemic.

    是的。所以我將回答第一個問題,並將其交給戴夫。在承受能力方面,自疫情爆發前以來,我們的價格明顯上漲,而且增長令人難以置信。該業務規模幾乎是大流行前的兩倍。

  • That being said, in the long run, Airbnb started as an affordable alternative to hotels. And I think that we always have to remember that for every dollar people spend on Airbnb, they spend as much as -- as many as $10 in the world of hotel. So we're still a very small player in a very large market. And I think that one of our big opportunities is to make sure we continue to be affordable.

    話雖如此,從長遠來看,Airbnb 最初是作為酒店的一種經濟實惠的替代品。我認為我們必須始終記住,人們在 Airbnb 上花費的每一美元,他們在酒店領域的花費就相當於 10 美元。因此,在一個非常大的市場中,我們仍然是一個非常小的參與者。我認為我們的重大機遇之一就是確保我們繼續負擔得起。

  • Last year, we got a lot of feedback from the community that Airbnb wasn't as affordable as it used to be. So we made a bunch of changes. We highlighted some of these in my opening remarks. What we've seen, though, since then -- to answer your question, the people, the booked prices on Airbnb on average are lower than listed prices. So we do see people gravitating towards more affordable stays listed in Airbnb.

    去年,我們從社區得到了很多反饋,稱 Airbnb 的價格不再像以前那樣實惠。所以我們做了很多改變。我們在開場白中強調了其中的一些內容。不過,從那時起,我們所看到的——為了回答你的問題,Airbnb 上的平均預訂價格低於列出的價格。因此,我們確實看到人們傾向於選擇 Airbnb 上列出的更實惠的住宿。

  • It's partly why we launched a feature called Similar Listings, which helped hosts see the listings that we're getting booked. And what hosts, I think, discovered was the most popular listings that made the most money offered at many times the very best value. And so this was, in a sense, a win-win for guests and the hosts by really trying to build better tools.

    這就是我們推出“類似房源”功能的部分原因,該功能可以幫助房東查看我們正在預訂的房源。我認為,房東發現的是最受歡迎的房源,這些房源在很多時候都提供了最高的價值。因此,從某種意義上說,通過真正嘗試構建更好的工具,對客人和主人來說是雙贏的。

  • I also just want to point out one thing, which is our prices are essentially flat year-over-year. I think they're about 1% up year-over-year. But in North America, our prices are now down 1%.

    我還想指出一件事,那就是我們的價格同比基本持平。我認為它們同比增長了約 1%。但在北美,我們的價格現在下降了 1%。

  • Now when you take out mix shift because people are booking larger homes, our prices in North America are actually down 4%. And if you compare it to hotels, depending upon which data you take, hotels are up somewhere between 4% or as much as 10%. And it seems like hotels are suggesting, based on some public remarks, that they aren't going to come down. In fact, those prices might come up.

    現在,當你因為人們預訂更大的房子而採取混合轉移時,我們在北美的價格實際上下降了 4%。如果你將其與酒店進行比較,根據你所獲取的數據,酒店的漲幅在 4% 到 10% 之間。根據一些公開言論,酒店似乎暗示它們不會下降。事實上,這些價格可能會上漲。

  • So to answer your question, I think people come to Airbnb for one-of-a-kind spaces at great value. And if we can keep prices very affordable and then also focus on reliability, I think there's going to be a lot of demand to come.

    因此,為了回答你的問題,我認為人們來到 Airbnb 是為了尋找獨一無二的超值空間。如果我們能夠保持價格非常實惠,然後還關注可靠性,我認為將會有大量的需求。

  • David E. Stephenson - CFO & Head of Employee Experience

    David E. Stephenson - CFO & Head of Employee Experience

  • And then in terms of profitability, I'm just really proud of our continued progress of increasing our overall margins over time. We made some hard choices in the midst of COVID to reduce our fixed costs, get back to the core and focus on our overall profitability. The major shifts of things like our marketing expenses that we just talked about where 90% of our traffic remains direct or unpaid, it gives us a lot of leverage for improving our overall profitability, and we're going to continue to do that this year.

    然後就盈利能力而言,我對我們在不斷提高整體利潤方面取得的持續進展感到非常自豪。在新冠疫情期間,我們做出了一些艱難的選擇,以降低固定成本、回歸核心並專注於整體盈利能力。我們剛才談到的營銷費用等方面的重大轉變,其中 90% 的流量仍然是直接或無償的,這為我們提高整體盈利能力提供了很大的槓桿,今年我們將繼續這樣做。

  • We're continuing to make great improvements in our overall variable costs, things like operations and support costs for community support, infrastructure costs, et cetera. And then we've just been doing an excellent job of being very judicious with our fixed cost growth. So we've moderated our headcount growth overall. We're growing modestly, and we're investing behind the things that matter most for our guests and our hosts. And I think that focus is actually enabling us to deliver even more innovations. As Brian talked about on the call, like we've had over 500 improvements to Airbnb in the last several years. And so we're going to continue to manage our fixed costs closely, focusing on the things that matter. So for the back half of the year, we feel confident we're going to be able to exceed our EBITDA margins over the prior year.

    我們正在繼續大幅改善整體可變成本,例如社區支持的運營和支持成本、基礎設施成本等。然後,我們在固定成本增長方面非常明智,做得非常出色。因此,我們總體上放緩了員工人數的增長。我們正在適度發展,並投資於對我們的客人和東道主最重要的事情。我認為這種專注實際上使我們能夠提供更多創新。正如 Brian 在電話中談到的那樣,過去幾年我們對 Airbnb 進行了 500 多項改進。因此,我們將繼續密切管理固定成本,專注於重要的事情。因此,對於今年下半年,我們有信心能夠超過去年的 EBITDA 利潤率。

  • Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

    Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

  • And I think I'll just add that I think that we found that as we get more efficient, we actually grow faster. So I think being incredibly disciplined, incredibly focused, incredibly lean has actually been great for growth.

    我想我只想補充一點,我認為我們發現,隨著效率的提高,我們實際上增長得更快。所以我認為,非常自律、非常專注、非常精益實際上對成長很有好處。

  • Operator

    Operator

  • Our next question comes from Stephen Ju at Crédit Suisse.

    我們的下一個問題來自瑞士信貸銀行的 Stephen Ju。

  • Stephen D. Ju - Director

    Stephen D. Ju - Director

  • So Brian, the Shareholder Letter is teasing us a little bit with a commentary about expand beyond the core, but there really isn't much there beyond the statement itself. So in addition to experiences, please share any updates in terms of what you may be doing there. But what could be some of these new directions you might be thinking about that might be products and/or services for either the host or a consumer?

    所以,布萊恩,股東信中關於超越核心的評論有點取笑我們,但除了聲明本身之外,實際上沒有太多內容。因此,除了經驗之外,請分享您在那裡所做的任何更新。但是,您可能正在考慮的一些新方向可能是為主機或消費者提供的產品和/或服務?

  • Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

    Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

  • Yes. Stephen, thanks for the question. It's one of my favorite questions. What are we going to do next? Let me just start and back up. I just want to recap how I think about the total space. Before we talk about expand beyond the core, I just want to say one thing about the core, which is that the hotel industry is more than about 10x the size of Airbnb. And I think that almost anyone that stays in a hotel could consider staying in Airbnb. I mean the spaces are one-of-a-kind, they're often better value, but we need to make sure that we continue to drive value. And I think the next big focus for Airbnb is reliability.

    是的。斯蒂芬,謝謝你的提問。這是我最喜歡的問題之一。接下來我們要做什麼?讓我開始並備份。我只是想回顧一下我對整個空間的看法。在我們談論超越核心之前,我只想說一件事關於核心,那就是酒店業的規模大約是 Airbnb 的 10 倍以上。我認為幾乎所有入住酒店的人都可以考慮入住 Airbnb。我的意思是,這些空間是獨一無二的,它們通常更有價值,但我們需要確保我們繼續推動價值。我認為 Airbnb 的下一個重點是可靠性。

  • If we can make Airbnb even nearly as reliable in many markets as a hotel, I think you're going to open up a whole new generation of travelers to Airbnb. So I think there's a lot more runway just in the core business. I think we are only scratching the surface, and that's partly why we are so focused on perfecting our core.

    如果我們能讓 Airbnb 在許多市場上幾乎像酒店一樣可靠,我認為您將為 Airbnb 吸引全新一代的旅行者。所以我認為核心業務還有更多的發展空間。我認為我們只是觸及了表面,這也是我們如此專注於完善核心的部分原因。

  • Now beyond that, let's talk about what's next. Starting from the most nearest adjacencies out, international. One of the things we've seen is that Airbnb has a lot of -- we've got a lot of scale in the United States, and we've got a lot of scale in top markets in Europe. But actually Airbnb is underpenetrated in most countries around the world.

    除此之外,我們來談談接下來會發生什麼。從最近的鄰國開始,國際化。我們看到的一件事是,Airbnb 在美國有很大的規模,在歐洲的頂級市場也有很大的規模。但實際上 Airbnb 在全球大多數國家的滲透率還不夠。

  • Just to give you an example, a couple of years ago, a few years ago, we were concerned about the lack of penetration we had in Germany. We are also pretty nascent in Brazil. Since the beginning of the pandemic, Brazil has more than doubled the size, and Germany is more than 60% larger. And Germany is on track now to be one of the largest countries in the world on Airbnb.

    舉個例子,幾年前,幾年前,我們擔心我們在德國缺乏滲透率。我們在巴西也剛剛起步。自疫情爆發以來,巴西的面積擴大了一倍多,德國的面積擴大了 60% 以上。德國現在有望成為全球 Airbnb 規模最大的國家之一。

  • So we're going to take that playbook, and we're going to bring it to Asia, and we're starting with Japan and Korea. But Asia Pacific is a frontier. It's a huge opportunity for growth. I think that is just one of many markets, including Latin America.

    因此,我們將採用該策略,並將其帶到亞洲,我們將從日本和韓國開始。但亞太地區是一個前沿。這是一個巨大的增長機會。我認為這只是包括拉丁美洲在內的眾多市場之一。

  • And the other thing I'd just point out within Europe is beyond U.K., beyond France, beyond some of the really top markets, there's a lot of countries in Europe where we're not actually that penetrated. So there's a lot of international expansion.

    我剛剛在歐洲指出的另一件事是,除了英國、法國之外,除了一些真正頂級的市場之外,歐洲還有很多國家我們實際上還沒有那麼滲透。所以有很多國際擴張。

  • Next would be longer stays. Before the pandemic, only 13% of our business was for monthly space. Now it's 18%, and it's stable and we don't think it's going down. In fact, I think this is a huge opportunity. I think all you have to believe is Zoom is here to stay, to believe Flexibility is here to stay. If you believe that you're going to see a lot more people either living nomadically or some people traveling for the summer, going away for the winter or extended weekends, which is a whole new category between travel and housing. So I think that is probably one of the most underrated markets in Airbnb.

    接下來將是更長的停留時間。在疫情爆發之前,我們的業務中只有 13% 是包月空間。現在是 18%,而且很穩定,我們認為不會下降。事實上,我認為這是一個巨大的機會。我認為您只需相信 Zoom 會繼續存在,相信靈活性會繼續存在。如果你相信你會看到更多的人要么過著游牧生活,要么有人在夏天旅行、冬天外出或延長周末,這是介於旅行和住房之間的一個全新類別。所以我認為這可能是 Airbnb 中最被低估的市場之一。

  • We have experiences. I thought experiences were going to have a breakout before the pandemic. And instead, we had to put them on hold. But the thing we've learned is that people love experiences. 95% of reviews that are left for experiences end in a 5-star review. And for our core business homes, it's 84%. So that means that people on a statistical basis like experience even more than homes. And so we think that product is being -- is ready to scale. And so I've been spending a lot of time. I think you're going to see some growth in the years to come.

    我們有經驗。我以為體驗會在大流行之前取得突破。相反,我們不得不擱置它們。但我們了解到,人們喜歡體驗。 95% 的體驗評論最終都會獲得 5 星評論。對於我們的核心商務住宅來說,這一比例為 84%。因此,這意味著從統計數據來看,人們更喜歡體驗而不是房屋。因此,我們認為該產品正在準備擴展。所以我花了很多時間。我認為在未來幾年你會看到一些增長。

  • And I'll just add a couple more things. And let me preface by saying I don't usually like to foreshadow new things before we launch them. I got to get you to tune into our releases, which we do every May and November. But there's a lot of service opportunities on guests and hosts. I think that whether it's Amazon or Etsy or Alibaba, they've shown there's an entire suite of services that you can offer for hosts. I know I get a lot of questions about paid placement, which is absolutely on the table, but there's many other services as well for Hosts.

    我再補充幾件事。首先我要說的是,我通常不喜歡在推出新事物之前就對其進行預示。我必須讓您收聽我們每年五月和十一月發布的版本。但客人和主人都有很多服務機會。我認為,無論是亞馬遜、Etsy 還是阿里巴巴,他們都已經展示了可以為房東提供的一整套服務。我知道我收到了很多關於付費安置的問題,這絕對是擺在桌面上的,但是還有許多其他服務可供房東使用。

  • And then in guest services, think about all the services you could get in a hotel or at a resort. And then think of all the services that a hotel couldn't maybe afford to offer because they're subscale. But Airbnb in the many markets, we've got a lot of critical scale. So these are just some of the -- I would just even call it, near-term opportunities.

    然後在賓客服務方面,考慮您可以在酒店或度假村獲得的所有服務。然後想想酒店可能無法提供的所有服務,因為它們的規模較小。但Airbnb在很多市場上,我們都已經達到了非常關鍵的規模。所以這些只是一些——我什至稱之為近期機會。

  • But we do have some pretty big ideas. I think AI is basically like a once-in-a-generation platform shift, probably bigger than the shift to mobile, probably more akin to something like the Internet as far as what it can do for new businesses and new business opportunities. And I think that it is a huge opportunity for us to really be in the leading edge of innovation.

    但我們確實有一些非常大的想法。我認為人工智能基本上就像是一代人一次的平台轉變,可能比向移動設備的轉變更大,就其為新業務和新商機所做的事情而言,可能更類似於互聯網之類的東西。我認為這對我們來說是一個真正處於創新前沿的巨大機會。

  • So that's what we're doing. I'm very, very excited about it. And I will just say that we made a lot of progress the last 3 years, building a strong business, being profitable. But my strength as CEO is really about expanding beyond the core. And so this is where I think we're going to be entering our sweet spot in the coming years to come.

    這就是我們正在做的事情。我對此非常非常興奮。我只想說,過去三年我們取得了很大進步,建立了強大的業務,實現了盈利。但作為首席執行官,我的優勢實際上在於超越核心業務。因此,我認為這就是我們將在未來幾年進入最佳狀態的地方。

  • Operator

    Operator

  • We'll move next to Bernie McTernan at Needham & Company.

    我們將搬到尼德姆公司的伯尼·麥克特南旁邊。

  • Bernard Jerome McTernan - Senior Research Analyst

    Bernard Jerome McTernan - Senior Research Analyst

  • Maybe to start, just if you could just discuss the booking trends throughout the quarter, where April is up 10% going to June plus 15%. Anything that you saw that was driving that better performance throughout the quarter? And then on pricing, you mentioned the new pricing tools focused on affordability. Are we seeing the full impact of that in 3Q? Or how should we expect that to trend throughout the coming quarters?

    也許可以先討論一下整個季度的預訂趨勢,其中 4 月份增長了 10%,到 6 月份增長了 15%。您認為有哪些因素推動了整個季度業績的改善?然後在定價方面,您提到了注重承受能力的新定價工具。我們在第三季度看到了其全部影響嗎?或者我們應該如何預期未來幾個季度的趨勢?

  • David E. Stephenson - CFO & Head of Employee Experience

    David E. Stephenson - CFO & Head of Employee Experience

  • Let me start with the booking trends. What we saw was -- what we shared in the letter, which is that the global booking trends increased from 10% growth year-over-year in April to 15% in June. And if you remember what we saw in Q2 was a hard comparison year-over-year, specifically driven by Europe, where there were delayed bookings in 2022 that compressed more bookings into Q2. That pressure moderated through the quarter, which is the primary reason why you're seeing that acceleration.

    讓我從預訂趨勢開始。我們在信中分享的內容是,全球預訂趨勢從 4 月份的同比增長 10% 上升到 6 月份的 15%。如果您還記得我們在第二季度看到的情況,這是一個艱難的同比比較,特別是在歐洲的推動下,2022 年的預訂出現延遲,導致更多預訂被壓縮到第二季度。這一壓力在本季度有所緩解,這是您看到這種加速的主要原因。

  • I think interestingly, we actually saw acceleration in total growth on nights booked from Q1 to Q2 in North America. And so I think that was telling about just the strength and resiliency of the North American consumer. And we're continuing to see that strength lead into Q3, which is why we're forecasting further acceleration of nights growth from Q2 into Q3.

    我認為有趣的是,我們實際上看到北美從第一季度到第二季度的預訂天數總體增長加速。所以我認為這說明了北美消費者的實力和彈性。我們將繼續看到第三季度的強勁勢頭,這就是為什麼我們預測從第二季度到第三季度的過夜數增長將進一步加速。

  • We're seeing great growth in Asia Pacific, as we called out in the letter, over 80% growth in APAC. And I'm really pleased with our growth in Latin America. It's twice the size that it was pre-COVID, and it's grown really nicely.

    正如我們在信中所說,我們看到亞太地區的巨大增長,亞太地區的增長超過 80%。我對我們在拉丁美洲的發展感到非常滿意。它的大小是新冠疫情之前的兩倍,而且長得非常好。

  • And then in terms of the pricing tools, I think that we have seen a number of positive impacts from our pricing tools. As we've talked about earlier, the North America ADR are actually being down 1% year-over-year. When you exclude the impact of mix, it's actually down 4%. I don't think we've seen the full impact of all of those. I think we're going to continue to improve and make the pricing tools better for our hosts and then to make it more transparent for what the places are that they should charge so they know what a competitive rate is. And I think we'll continue to make sure that we're providing great value because while our prices are either moderating or even coming down, that's in the face of other competing platform is actually increasing rates. And so I think the value gap continues to grow, which just shows the benefit of booking on Airbnb expanding.

    然後就定價工具而言,我認為我們已經看到我們的定價工具產生了許多積極影響。正如我們之前談到的,北美 ADR 實際上同比下降了 1%。如果排除混合的影響,實際上下降了 4%。我認為我們還沒有看到所有這些的全部影響。我認為我們將繼續改進並為我們的房東提供更好的定價工具,然後讓他們應該收費的地方更加透明,以便他們知道什麼是有競爭力的價格。我認為我們將繼續確保我們提供巨大的價值,因為雖然我們的價格正在放緩甚至下降,但面對其他競爭平台,價格實際上正在上漲。因此,我認為價值差距繼續擴大,這恰恰表明在 Airbnb 上預訂的好處正在擴大。

  • Operator

    Operator

  • We'll go next to Jacob Seed at TD Cowen.

    接下來我們將去 TD Cowen 的 Jacob Seed。

  • Jacob Hunter Seed - Research Associate

    Jacob Hunter Seed - Research Associate

  • This is Jacob in for Kevin. We've been getting a lot of questions from investors on potential initiatives that Airbnb could do moving forward to increase take rate, which could maybe include letting advertisers bid on a platform. I was wondering if you could provide any details there. Also, you discussed a bit in this call that you had already rolled out expansion tools in Germany and Brazil. I was wondering if you could comment on any of the results that you're seeing so far.

    這是雅各布代替凱文。我們收到了很多投資者的問題,詢問 Airbnb 可以採取哪些潛在舉措來提高接受率,其中可能包括讓廣告商在平台上競價。我想知道您是否可以在那裡提供任何詳細信息。此外,您在這次電話會議中討論了您已經在德國和巴西推出了擴展工具。我想知道您是否可以對迄今為止看到的任何結果發表評論。

  • Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

    Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

  • Yes. I'll start. So with regards to increasing take rate, one of the things I've learned -- actually, Dave was somebody who told me this is something from Jeff Bezos at Amazon, he said that one of the things you have to do as the business leader is you have to be focused, and you have to focus on the most perishable opportunity first.

    是的。我開始吧。因此,關於提高采用率,我學到的一件事 - 實際上,戴夫告訴我這是亞馬遜的傑夫·貝佐斯的事情,他說作為商業領袖你必須做的事情之一就是你必須集中註意力,並且你必須首先關注最容易消失的機會。

  • And so I think that the most perishable initial opportunity for Airbnb was to get focused and disciplined and really rationalize our cost base. And then when we saw a travel recovery, it was about gaining market share. And I think that's still where we're focused on.

    因此,我認為,對於 Airbnb 來說,最容易消失的最初機會就是集中精力、遵守紀律,真正合理化我們的成本基礎。然後,當我們看到旅遊業復甦時,我們就關注的是獲得市場份額。我認為這仍然是我們關注的重點。

  • So advertising on the platform is a common request. Certainly, it's a common thing I get asked on earnings calls. It is absolutely on the table. I think Airbnb could do a very good job at it. It is not one of the most perishable opportunities. It's just why we haven't prioritized it. We're really prioritizing getting Airbnb to as much scale as possible and continue to grow. So -- but it's absolutely on the table.

    所以在平台上投放廣告是一個常見的要求。當然,這是我在財報電話會議上經常被問到的問題。這絕對是擺在桌面上的。我認為 Airbnb 在這方面可以做得很好。這不是最容易消失的機會之一。這就是為什麼我們沒有優先考慮它。我們確實優先考慮讓 Airbnb 盡可能擴大規模並繼續發展。所以——但這絕對是擺在桌面上的。

  • And just to dive in this a little bit deeper, there is such an opportunity for us to build differentiated tools, services and offerings for hosts. If you think about it, over the last few years, we made, as Dave referenced, almost over 500 upgrades in innovation. Probably around half of those happen for hosts, literally hundreds of improvements. And most fees we don't charge for. They have nothing to do with our take rate. Our take rate was what it was even before all these like AirCover, which is top-to-bottom protection with $3 million of damage protection. That is free to our hosts, and our competitors don't offer it.

    為了更深入地研究這個問題,我們有機會為房東構建差異化的工具、服務和產品。如果你想一想,在過去的幾年裡,正如 Dave 所提到的,我們在創新方面進行了近 500 多項升級。其中大約一半發生在主機身上,實際上有數百項改進。我們不收取大多數費用。他們與我們的採取率無關。我們的採用率甚至是在 AirCover 等所有產品之前的水平,AirCover 是從上到下的保護,提供 300 萬美元的損壞保護。這對我們的主機是免費的,而我們的競爭對手不提供。

  • I do think, though, while we always want to make sure we're providing more value for hosts for whatever we're charging, there's a lot of opportunities. Obviously, an advertising platform is one, matching people with homes that need -- that don't attend to host with host, who can host but don't have a home, really matching that marketplace, that I think unlock a lot more business that we call them cohost. So creating a cohost marketplace is really interesting. And there's a plethora of other services on the host side. And again, there's also a plethora of services on the guest side as well. So those -- for things that make the experience better, I would say, would be more perishable.

    不過,我確實認為,儘管我們始終希望確保為房東提供更多價值(無論我們收取什麼費用),但仍有很多機會。顯然,廣告平台就是一個,將人們與有需要的房屋相匹配——那些不參加出租的人與房東,可以出租但沒有房屋的人,真正匹配這個市場,我認為這會釋放更多的業務我們稱他們為共同主持人。因此,創建一個共同主機市場非常有趣。主機端還有大量其他服務。再說一遍,賓客方面也有大量的服務。因此,我想說,那些讓體驗變得更好的東西將更容易消失。

  • With regards to Germany and Brazil, I can have Dave just talk about it in a second. But before I do, I'll just say that we are, I think, the most international travel company in the world. We are not concentrated in Europe. We're not concentrated in North America. We're truly everywhere. We're in almost every country and region in the world. It's truly a global travel network. And I think we have a really good playbook for how to expand into these markets. And I think Germany and Brazil was a really interesting playbook where we didn't just focus on brand, but we also focused on PR, social media. We leveraged like local celebrities that often will do promotions with Airbnb.

    關於德國和巴西,我可以讓戴夫稍後談談。但在此之前,我只想說,我認為我們是世界上最國際化的旅遊公司。我們並不集中在歐洲。我們並不集中在北美。我們確實無處不在。我們幾乎遍布世界上每個國家和地區。這是一個真正的全球旅行網絡。我認為我們對於如何拓展這些市場有一個非常好的劇本。我認為德國和巴西是一個非常有趣的劇本,我們不僅關注品牌,還關注公關和社交媒體。我們像當地名人一樣經常通過 Airbnb 進行促銷活動。

  • And so there's a -- and this is in addition to localizing our product and really making sure we have a key product and we have good supply in the corridors that the people will travel to. I think Germany and Brazil are good stories. Germany is more than 60% larger than it was before the pandemic, and I believe Brazil is like 110% larger.

    因此,這是除了本地化我們的產品之外,還真正確保我們擁有關鍵產品,並且在人們將前往的走廊中有充足的供應。我認為德國和巴西都是好故事。德國比疫情爆發前擴大了 60% 以上,我相信巴西也擴大了 110%。

  • I don't know if, Dave, you want to go and say anything else.

    戴夫,我不知道你是否還想走去說點別的。

  • David E. Stephenson - CFO & Head of Employee Experience

    David E. Stephenson - CFO & Head of Employee Experience

  • I think -- well, I'll just reinforce a couple of things. I mean step one in any of these markets is make sure that we well localized the product. Usually, the product can be very consistent globally, but often payment methods are areas where we need to make sure that we're being very localized.

    我想——好吧,我會強調一些事情。我的意思是,在任何這些市場中,第一步都是確保我們很好地本地化產品。通常,產品在全球範圍內可以非常一致,但支付方式通常是我們需要確保我們非常本地化的領域。

  • And then this full-funnel approach is key, making sure that we have all the elements, social and PR, celebrity and brand and search engine marketing. We often start in some of these markets, just the search engine marketing, but that's too narrow, and we need the full funnel to see the effect. And I think when we have that full-funnel approach you get the results that we're seeing in Brazil and Germany. That's why we're expanding that on to Asia for both like Japan and South Korea.

    這種全渠道方法是關鍵,確保我們擁有所有元素,社交和公關、名人、品牌和搜索引擎營銷。我們經常從其中一些市場開始,只是搜索引擎營銷,但這太窄了,我們需要完整的渠道才能看到效果。我認為,當我們採用全渠道方法時,您會得到我們在巴西和德國看到的結果。這就是為什麼我們將其擴展到亞洲,例如日本和韓國。

  • And then I'll even go back to the potential initiatives for a moment because I think it's important to double-click on the fact that you have to remember that the majority of our hosts are individual hosts, and the things that we need to build are for those individuals.

    然後我什至會暫時回到潛在的舉措,因為我認為雙擊這一事實很重要,您必須記住我們的大多數主機都是個人主機,以及我們需要構建的東西是針對那些人的。

  • So for example, adding advertising, we have to be mindful that we don't just add something like that, that could disproportionately benefit professional hosts over individuals and take the balance of the marketplace out of balance. And I think it's really important to do that because that's what's unique and different about Airbnb. We're not built on the backs of professional hosts. We're glad they're there. We're glad they're part of the ecosystem, but it's even more important that we support our individual host community.

    例如,在添加廣告時,我們必須注意,我們不能只是添加類似的東西,這可能會給專業主持人帶來比個人更大的利益,並使市場失去平衡。我認為這樣做非常重要,因為這就是 Airbnb 的獨特之處。我們並不是建立在專業主持人的基礎上的。我們很高興他們在那裡。我們很高興他們成為生態系統的一部分,但更重要的是我們支持我們的個人主機社區。

  • Operator

    Operator

  • We'll go next to Brian Nowak at Morgan Stanley.

    接下來我們將採訪摩根士丹利的布萊恩·諾瓦克 (Brian Nowak)。

  • Brian Thomas Nowak - Research Analyst

    Brian Thomas Nowak - Research Analyst

  • Dave, just to go back to an earlier question on ADRs being up in 3Q. I get geographic, size, location, et cetera. But could you just give us a little more detail about that so we can understand sort of -- is that geographic comp structure? What are the sizes you're talking about? Just trying to understand how to think about the drivers of the ADR growth in the third quarter and the durability of that growth into next year.

    戴夫,回到之前關於第三季度美國存託憑證上升的問題。我了解地理、大小、位置等等。但您能否給我們提供更多詳細信息,以便我們能夠理解——這是地理薪酬結構嗎?您所說的尺寸是多少?只是想了解如何思考第三季度 ADR 增長的驅動因素以及明年增長的可持續性。

  • David E. Stephenson - CFO & Head of Employee Experience

    David E. Stephenson - CFO & Head of Employee Experience

  • Yes. I think what we're seeing in the near term for Q3 is what we've included here. Are we anticipating it to be up year-over-year driven by foreign exchange and the mix shift of larger homes and geographic mix? I think over time, because we're seeing things like Latin America growing nicely, Asia growing nicely in some -- and more of a cross-border travel, you could see some moderation of our ADRs over time. But again, we're talking moderation. We're talking a percentage point here or there.

    是的。我認為我們在第三季度的近期看到的情況就是我們在這裡所包含的內容。我們是否預計它會在外匯以及大型住宅和地理組合的混合變化的推動下逐年上升?我認為隨著時間的推移,因為我們看到拉丁美洲等地區增長良好,亞洲的一些地區增長良好,而且更多的是跨境旅行,隨著時間的推移,你可能會看到我們的ADR 有所放緩。但我們再次強調的是適度。我們在這里或那裡談論一個百分點。

  • We have better visibility into Q3 right now, which thinks it's going to be up year-over-year. Longer term, it could be flattish to maybe moderately down over time. But at the same time, we keep predicting that ADRs are going to decrease. And each quarter, it's been amazingly resilient throughout the last number of quarters. So I don't have much more to say beyond that.

    我們現在對第三季度有了更好的了解,認為它會同比增長。從長遠來看,隨著時間的推移,它可能會持平甚至適度下降。但與此同時,我們不斷預測 ADR 將會下降。每個季度,它在過去幾個季度中都表現出驚人的彈性。所以除此之外我沒什麼可說的。

  • Operator

    Operator

  • We'll go to our next question from James Lee at Mizuho.

    我們將討論瑞穗銀行的詹姆斯·李提出的下一個問題。

  • James Lee - MD of Americas Research & Senior Internet Sector Analyst

    James Lee - MD of Americas Research & Senior Internet Sector Analyst

  • Two here. One on ADR. You guys talked about, obviously, North America decreased by 1%. I was wondering if you can maybe unpack between like-for-like and maybe mix shift so we can better understand the dynamic.

    這裡有兩個。一份關於 ADR。你們談到,很明顯,北美下降了 1%。我想知道你是否可以在同類和混合轉換之間進行解包,以便我們可以更好地理解動態。

  • And also secondly, maybe can you talk about the price elasticity as you're allowing hosts to use the tools to adjust pricing? What do you see from consumer out there, travelers out there in terms of reacting to those price changes?

    其次,也許您可​​以談談價格彈性,因為您允許房東使用這些工具來調整定價?您認為消費者和旅行者對這些價格變化有何反應?

  • David E. Stephenson - CFO & Head of Employee Experience

    David E. Stephenson - CFO & Head of Employee Experience

  • Sure. We obviously measure the price elasticity of our pricing, and we see a good benefit from lower pricing driving increased nights overall. I think -- obviously, affordability is super important in people's minds all around the world. We definitely see it specifically in North America, where while calendar prices have increased, that is the average price available on Airbnb have gone up, the booking price isn't what people are actually booking are declining. So that just shows you the desire for people that have great value.

    當然。我們顯然衡量了定價的價格彈性,並且我們看到較低的定價會帶來良好的效益,從而推動整體過夜數的增加。我認為,顯然,負擔能力在全世界人們的心目中都非常重要。我們在北美尤其看到了這一點,雖然日曆價格上漲,即 Airbnb 上的平均價格上漲,但預訂價格並不是人們實際預訂的價格卻在下降。所以這只是表明你對有價值的人的渴望。

  • In North America specifically, what we saw was it was down 1% year-over-year. But like-for-like, so that means the same property on average, excluding mix of size, location and type, it was actually down 4%. So on a like-for-like basis, our ADRs in North America was actually down 4%. And that's very different than what we're seeing in the hotel industry kind of touting increases of 6% to 10% or more. So that's where the gap in value continues to widen.

    特別是在北美,我們看到同比下降了 1%。但同等情況下,這意味著相同的房產平均而言,不包括大小、位置和類型的混合,實際上下降了 4%。因此,在同類基礎上,我們在北美的 ADR 實際上下降了 4%。這與我們在酒店行業看到的 6% 到 10% 甚至更多的增長有很大不同。這就是價值差距繼續擴大的地方。

  • James Lee - MD of Americas Research & Senior Internet Sector Analyst

    James Lee - MD of Americas Research & Senior Internet Sector Analyst

  • Okay. And one more question here, Dave. A lot of investors are asking about maybe student loan forgiveness exploration. I was wondering how you think about this issue. Anything that's contemplating into your guidance for FY '23?

    好的。還有一個問題,戴夫。許多投資者都在詢問學生貸款減免的探索。我想知道你如何看待這個問題。您在 23 財年的指導中考慮了什麼?

  • David E. Stephenson - CFO & Head of Employee Experience

    David E. Stephenson - CFO & Head of Employee Experience

  • Yes. I don't have a specific point of view on the student loan forgiveness and impact on guidance. I think what we're seeing is that in the face -- people keep waiting for the economic shoe to drop and get concerned about whether or not people are willing to travel and whether the economy is going to have a drag on our overall results, and it's just not what we're seeing. We're seeing strong resilience in travel, that people are prioritizing travel over other things.

    是的。我對學生貸款減免和對指導的影響沒有具體的看法。我認為我們所看到的是,人們一直在等待經濟的鞋子落下,並擔心人們是否願意旅行以及經濟是否會拖累我們的整體業績,這並不是我們所看到的。我們看到旅行具有很強的彈性,人們優先考慮旅行而不是其他事情。

  • And all the work that we're doing to make sure that we're providing great value and even -- either moderating or having prices come down, just gives us greater value relative to alternatives, which I think is the tailwind on why we're continuing to buy all of our estimates, gain share of total accommodation nights both quarter-over-quarter and year-over-year.

    我們正在做的所有工作都是為了確保我們提供巨大的價值,甚至——無論是價格放緩還是價格下降,都只會給我們帶來相對於替代品更大的價值,我認為這就是我們為什麼要這樣做的順風車。繼續購買我們所有的預測,季度環比和同比增長在總住宿夜數中所佔的份額。

  • Operator

    Operator

  • We'll go next to Ken Gawrelski at Wells Fargo Securities.

    接下來我們將採訪富國銀行證券公司的肯·加維爾斯基 (Ken Gawrelski)。

  • Kenneth James Gawrelski - Equity Analyst

    Kenneth James Gawrelski - Equity Analyst

  • I want to come back to the ADR issue. And Brian, if you could talk about -- it was very helpful detail on the 4% kind of like-for-like in North America. But how do I square Dave's comments that you see overall ADRs kind of flattish over the medium term with your comments that you want to continue to drive affordability? I know you introduced some tools and you're seeing some impact there.

    我想回到 ADR 問題。 Brian,如果你能談談——關於北美 4% 的類似情況,這是非常有用的細節。但是,我該如何將 Dave 的評論(您認為中期內整體 ADR 持平)與您希望繼續提高可負擔性的評論聯繫起來呢?我知道您引入了一些工具並且您看到了一些影響。

  • And then maybe the follow-up to that is, how will you know when the marketplace is in balance and -- where you've kind of reached equilibrium and the ADR is in the right place?

    然後也許後續行動是,你如何知道市場何時處於平衡以及——你在哪里達到了平衡並且 ADR 處於正確的位置?

  • Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

    Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

  • Ken, yes, I'll start. So I think affordability and our prices have to be taken into account relative to the rest of the market. Obviously, inflation is up. Almost everything in the world is more expensive today than it was a year ago. And I presume that will be the case next year this time.

    肯,是的,我要開始了。因此,我認為必須考慮相對於市場其他產品的承受能力和我們的價格。顯然,通貨膨脹正在上升。今天世界上幾乎所有東西都比一年前更貴。我想明年這個時候也會出現這種情況。

  • We know, for example, that while our price in North America like-for-like are down 4%, hotels are at least 4% higher and some estimates are they might even be approaching double digits higher. And based on recent comments I've been hearing, I think they expect for prices to continue to go up.

    例如,我們知道,雖然我們在北美的價格同比下降了 4%,但酒店的價格至少上漲了 4%,有些估計甚至可能接近兩位數。根據我最近聽到的評論,我認為他們預計價格將繼續上漲。

  • So if we live in a world where Airbnb prices do not go up and they even remain flat or stable and hotels continue to rise, then Airbnb continues to become more affordable relative to hotels, which are still much larger audience than Airbnb.

    因此,如果我們生活在一個Airbnb 價格不上漲、甚至保持持平或穩定的世界,而酒店價格繼續上漲,那麼Airbnb 相對於酒店而言將繼續變得更實惠,而酒店的受眾群體仍然比Airbnb 多得多。

  • Now -- but that brings up a different question, which is how do you balance the right prices for guests and hosts because of the marketplace. And so we have hosts. These aren't just like suppliers we have no relationship with. So our goal is not to drive down prices as low as possible. The prices have to find the balance between the very best affordability for guests while still making sure a host can make any meaningful income and it's still really valuable income for them to earn.

    現在——但這提出了一個不同的問題,即如何根據市場平衡為客人和主人提供合適的價格。所以我們有主機。這些不僅僅是與我們沒有關係的供應商。因此,我們的目標不是盡可能壓低價格。價格必須在房客的最佳承受能力之間找到平衡,同時仍確保房東可以獲得有意義的收入,並且對他們來說仍然是真正有價值的收入。

  • Now one of the things we've seen is there's a lot of sensitivities to look at that we can show hosts that when you lower your prices to a point, you actually will get more business because most hosts have very low occupancy. They're not like hotels. A hotel is usually booked like 25 nights a month. Maybe some hotels are booked 30 days a month. Most hosts are not booked most nights. And so the big deal is that they lower the price just a little bit, they will add more bookings, more nights and they'll end up making more money.

    現在我們看到的一件事是,有很多敏感性需要考慮,我們可以向房東表明,當您將價格降低到一定程度時,您實際上會獲得更多業務,因為大多數房東的入住率非常低。它們不像酒店。酒店通常每月預訂 25 晚。也許有些酒店每月有 30 天都被預訂。大多數房東大多數晚上都沒有被預訂。所以重要的是,他們稍微降低一點價格,他們就會增加更多的預訂、更多的住宿,最終會賺更多的錢。

  • There's a point where they lower it so much, though, that it's no longer worth their while. And that is the secret sauce: for us to be able to perfectly balance supply and demand to make sure that both sides is working for them. And I think that equilibrium, that balance between guests and hosts, that kind of is our -- one of our secret sauces.

    然而,到了一定程度,他們就會把它降低得太多,以至於不再值得他們花時間了。這就是秘密武器:我們能夠完美平衡供需,確保雙方都為他們工作。我認為這種平衡,客人和主人之間的平衡,就是我們的——我們的秘密武器之一。

  • Operator

    Operator

  • And next, we'll move to Tom Champion at Piper Sandler.

    接下來,我們將轉向 Piper Sandler 的 Tom Champion。

  • Thomas Steven Champion - Director & Senior Research Analyst

    Thomas Steven Champion - Director & Senior Research Analyst

  • Looks like you've built some tools to stimulate or offer long-term stays. And I'm just curious what you think that will ultimately do to the rate, which is it kind of hovered around the 18% rate for room nights for the last couple of quarters now. Where do you see that going over time?

    看來您已經開發了一些工具來刺激或提供長期停留。我只是好奇你認為這最終會對房價產生什麼影響,過去幾個季度的間夜費率一直徘徊在 18% 左右。隨著時間的推移,您認為這種情況會在哪裡發生?

  • And then, Dave, I guess, a question for you. Another very strong quarter for EBITDA margins. What do you see the long-term margin potential of the business over time? Just curious if you've updated that.

    然後,戴夫,我想問你一個問題。 EBITDA 利潤率又一個非常強勁的季度。隨著時間的推移,您認為該業務的長期利潤潛力有多大?只是好奇你是否已經更新了。

  • Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

    Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

  • Tom, I'll take the first one. So long-term stays are 18% of our nights book. Long-term stays is obviously defined by a month or longer. And as I mentioned before, they were around 13% for a pandemic.

    湯姆,我要第一個。因此,長期住宿占我們預訂夜數的 18%。長期停留顯然是指一個月或更長時間。正如我之前提到的,大流行的比例約為 13%。

  • Now it's very hard to predict exactly how it will change in the next 1, 2, 3, 4 quarters from now. So I'm not going to make a prediction about where 18% might be in Q4 or next Q1. But what I can say with a fair amount of confidence is I think in the next decade, it's going to be a lot higher than 18%. And I think the overall wins are towards longer and longer stays.

    現在很難準確預測未來 1、2、3、4 個季度將如何變化。因此,我不會預測第四季度或下一季度 18% 的比例。但我可以相當有信心地說,我認為在未來十年,這一數字將遠高於 18%。我認為總體的勝利在於停留時間越來越長。

  • And the reason why is because more than ever in any time in human history, you've got hundreds of millions of people and 1 day, perhaps more than 1 billion people, that have a job via laptop that has some incremental flexibility that did not exist 10 or 20 years ago.

    原因是,在人類歷史上的任何時候,有數億人在一天之內,也許超過10 億人,通過筆記本電腦找到工作,這種工作具有一定的增量靈活性,而這種靈活性是過去所沒有的。 10或20年前就存在了。

  • Think about the number of people that are young that don't have a family and can actually work from a laptop and move around. Then you have people who have families that have kids in school, they can't do that, but their kids aren't in school in the summer. So you're going to see more and more people still go away for the summer.

    想想有多少年輕人沒有家庭,但實際上可以使用筆記本電腦工作並四處走動。有些人的家庭有孩子在學校,他們不能這樣做,但他們的孩子夏天不在學校。所以你會看到越來越多的人仍然外出避暑。

  • Many people are thinking about going away for the winter. People are moving away from headquarters, but they might come back, give a work for extended period. So I think the basic thing we think is going to happen is there's going to be a lot more flexibility in the future. And I think there's going to be a category that is not travel and it's not classic housing, housing as in 1-year leases or real estate. There's going to be a category in between. And it doesn't even really have a name, but our stays of 30 days or longer, I mean, that is around 100 million nights booked a year. That is actually a major new category of business that didn't really exist in a meaningful way when we started Airbnb.

    很多人都在考慮出去過冬。人們正在離開總部,但他們可能會回來,長期工作。所以我認為我們認為將會發生的基本事情是未來將會有更多的靈活性。我認為將會有一個類別既不是旅行,也不是傳統住房、一年期租賃住房或房地產。中間會有一個類別。它甚至沒有真正的名字,但我們的住宿時間為 30 天或更長時間,我的意思是,每年預訂的客房數量約為 1 億晚。這實際上是一個重要的新業務類別,當我們創辦 Airbnb 時,它並沒有真正以有意義的方式存在。

  • And if anyone in the world want to book a stay of a month or longer and they (inaudible) on scene, so they're going to book a place they can't visit and do a tour ahead of time, I think Airbnb is going to be the leading place to do. And there really isn't another global player that you can do with this. So ultimately, I can't predict the short term, but the long term, we're very bullish.

    如果世界上有人想要預訂一個月或更長時間的住宿,並且他們(聽不清)在現場,那麼他們就會提前預訂一個他們無法訪問的地方並進行遊覽,我認為 Airbnb 是將成為領先的地方。確實沒有其他全球玩家可以做到這一點。所以最終,我無法預測短期,但從長期來看,我們非常看好。

  • And we actually have a lot more features and upgrades in this area of monthly stays that I think will increase adoption. And also to be able to get people that only want to host on a monthly basis to come on Airbnb, that would actually unlock lots of new listings.

    事實上,我們在每月住宿這一領域有更多的功能和升級,我認為這將提高采用率。而且,如果能夠讓那些只想按月出租的人加入 Airbnb,這實際上會解鎖大量新房源。

  • Dave, I'll hand over to you.

    戴夫,我會把事情交給你的。

  • David E. Stephenson - CFO & Head of Employee Experience

    David E. Stephenson - CFO & Head of Employee Experience

  • Yes. Thanks for the question on EBITDA margins. I am really proud of our progress towards it. We've made some substantial progress based on things like the change in our marketing approach, improvements in variable costs, our fixed cost leverage. Also remember that the higher average daily rates have helped our overall margins and kind of accelerated overall profitability.

    是的。感謝您提出有關 EBITDA 利潤率的問題。我對我們在這方面取得的進展感到非常自豪。基於營銷方法的改變、可變成本的改進、固定成本槓桿等方面,我們已經取得了一些實質性進展。另請記住,較高的平均每日費率有助於提高我們的整體利潤率並加速整體盈利能力。

  • That said, we are in growth mode and really not focused on optimizing margins. I'm proud of the fact that we can grow well and drive great profitable growth, but we are focused on growth. I think to the extent that we'll expand our margins over time, I think the biggest opportunity will be with some of the services that Brian mentioned earlier in the call.

    也就是說,我們正處於增長模式,實際上並不專注於優化利潤率。我為我們能夠實現良好增長並推動巨大的利潤增長而感到自豪,但我們專注於增長。我認為,隨著時間的推移,我們將擴大利潤,我認為最大的機會將是布萊恩在電話會議之前提到的一些服務。

  • As we add guests or hosts services, I think that will increase the levers of revenue that we can gain, and much of that revenue will flow through to kind of higher overall profitability. But all that said, I don't have a new long-term target. I'm just proud of the fact that we've been able to deliver the profitability we have as quickly as we have.

    當我們增加客人或主人服務時,我認為這將增加我們可以獲得的收入槓桿,並且大部分收入將流向更高的整體盈利能力。但話雖如此,我並沒有新的長期目標。我很自豪我們能夠盡快實現盈利。

  • Operator

    Operator

  • Next, we'll move to Mark Mahaney at Evercore ISI.

    接下來,我們將請來 Evercore ISI 的 Mark Mahaney。

  • Mark Stephen F. Mahaney - Senior MD & Head of Internet Research

    Mark Stephen F. Mahaney - Senior MD & Head of Internet Research

  • Okay. I wanted to ask -- Dave, I want to ask a financial question on the impact of AI and gen AI. And I want to ask it this way, which is if you think about the P&L impact of these investments over time and applications, do you think it's more likely to lead to improved monetization or improved cost efficiencies? And I'm sure you're going to answer it's both, but if you were to lean more on one way or the other, which one would it be?

    好的。我想問——戴夫,我想問一個關於人工智能和新一代人工智能影響的財務問題。我想這樣問,如果你考慮這些投資隨著時間的推移和應用程序對損益的影響,你認為它更有可能改善貨幣化或提高成本效率嗎?我相信你會回答兩者都是,但如果你更傾向於其中一種方式,你會選擇哪一種?

  • David E. Stephenson - CFO & Head of Employee Experience

    David E. Stephenson - CFO & Head of Employee Experience

  • Thanks, Mark. Yes, absolutely, it is both. I think it's timing. I think in the near term -- I mean, remember that we actually use a fair amount of AI right now on the product, like we do it for our party prevention technology, a lot of our matching technologies. A lot of the underlying technologies we have is actually AI-driven. It's not so much gen AI, which is such a huge kind of future opportunity.

    謝謝,馬克。是的,絕對是,兩者都是。我認為是時候了。我認為在短期內 - 我的意思是,請記住,我們現在實際上在產品上使用了相當多的人工智能,就像我們為聚會預防技術和許多匹配技術所做的那樣。我們擁有的許多底層技術實際上是人工智能驅動的。與其說是一代人工智能,不如說這是一個巨大的未來機會。

  • I think we'll see more leverage in our fixed cost base, so needing fewer people to do more work overall. And so I think that, that's going to help both on our fixed costs and some our variable costs. So you'll see us being able to automate more customer service contacts, et cetera, over time.

    我認為我們將在固定成本基礎上看到更多的槓桿作用,因此需要更少的人來完成更多的工作。所以我認為,這將有助於我們的固定成本和一些可變成本。因此,隨著時間的推移,您將看到我們能夠自動化更多的客戶服務聯繫等。

  • So in the near term, I think you'll see this is one of the things that we're going to be able to benefit from on our fixed and variable cost leverage. And then over more time, and I think Brian -- it would be great to have Brian chime in on our future approach with gen AI would be how do we even make the service better for our guests and our hosts. So I think there's a huge unlock there, but it may take a little more time.

    因此,在短期內,我認為您會看到這是我們能夠從固定和可變成本槓桿中受益的事情之一。然後,隨著時間的推移,我認為布萊恩 - 如果布萊恩能夠插話我們未來的人工智能技術,我們將如何為我們的客人和主人提供更好的服務,那就太好了。所以我認為那裡有一個巨大的解鎖空間,但可能需要更多時間。

  • Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

    Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

  • Yes, I'll just share a few things. I mean, I think, obviously, as Dave said, probably efficiency in the short term, growth in the long term. Before I talk about the long term, let me just double-click on one part of the near term that Dave referred to, which is customer service. So customer -- the strength of Airbnb is that we're one-of-a-kind. We have 7 million active listings, more than 7 million listings, and everyone is unique and that is really special.

    是的,我只會分享一些事情。我的意思是,我認為,顯然,正如戴夫所說,可能是短期效率,長期增長。在談論長期目標之前,讓我雙擊戴夫提到的近期目標的一部分,即客戶服務。所以,顧客——愛彼迎的優勢在於我們是獨一無二的。我們有 700 萬個活躍列表,超過 700 萬個列表,每個人都是獨一無二的,這真的很特別。

  • But the problem with Airbnb is it's one-of-a-kind, and sometimes you don't know what you're going to get. And so I think that if we can continue to increase reliability and then if there's something that goes unexpected, if customer serves can quickly fix, remediate the issue, then I think there will be a tipping point where many people that don't consider Airbnb and they only stay in hotels would consider Airbnb.

    但 Airbnb 的問題在於它是獨一無二的,有時你不知道你會得到什麼。因此,我認為,如果我們能夠繼續提高可靠性,如果出現意外情況,如果客戶服務能夠快速解決、糾正問題,那麼我認為將會出現一個轉折點,讓許多不考慮 Airbnb 的人而且他們只住酒店才會考慮Airbnb。

  • And to give you a little more color about this customer service before I go to the future, there are so many more types of issues that could arise staying in Airbnb than a hotel. First of all, when you call a hotel, they're usually one property and they're aware of every room. We're in nearly every country in the world. Often a guest or host will call us, and they will even potentially speak a different language than the person on the other side, the host -- the guest and host.

    在我展望未來之前,為了讓您對客戶服務有更多了解,住在 Airbnb 可能會出現比住在酒店更多類型的問題。首先,當您致電酒店時,他們通常是一家酒店,並且了解每個房間。我們幾乎遍布世界上每個國家。通常,客人或主人會打電話給我們,他們甚至可能會說與另一邊的人(主人)不同的語言 - 客人和主人。

  • There are nearly 70 different policies that you could be adjudicating. Many of these are 100 pages long. So imagine a customer service agent trying to quickly deal with an issue with somebody from 2 people from 2 different countries in a neighborhood that the agent may never even heard of.

    您可以裁決近 70 種不同的政策。其中許多長達 100 頁。因此,想像一下,一位客戶服務代理試圖快速處理來自 2 個不同國家/地區的某個人的問題,而該代理可能從未聽說過。

  • What AI can do, and we're using a pilot to GPT-4, is AI can read all of our policies. No human can ever quickly read all those policies. It can read the case history of both guests and hosts. It could summarize the case issue, and it could even recommend what the ruling should be based on our policies. And that can then write a macro that the customer search agent can basically adopt and amend.

    人工智能可以做什麼,我們正在使用 GPT-4 的試點,人工智能可以讀取我們的所有政策。沒有人能夠快速閱讀所有這些政策。它可以讀取客人和主人的病歷。它可以總結案件問題,甚至可以根據我們的政策建議裁決的內容。然後可以編寫一個客戶搜索代理基本上可以採用和修改的宏。

  • If we get all this right, it's going to 2 things. In the near term, it's going to actually make customer service a lot more effective because agents will actually be able to handle a lot more tickets and make the ticket, you'll never even have to talk to an agent, but also the service to be more reliable, which will unlock more growth.

    如果我們把這一切都做好的話,將會有兩件事。在短期內,它實際上將使客戶服務更加有效,因為代理實際上將能夠處理更多的票證並製作票證,您甚至不需要與代理交談,而且還可以為您提供服務更加可靠,這將帶來更多增長。

  • Now this, of course, leads to the bigger question: what can we do with AI? And I just wanted to offer a minute or 2 of thoughts, and I've shared this last earnings, but it's worth repeating. If you were to go to ChatGPT right now and you ask it a question and I were to go to ChatGPT and ask it a question, we're going to get mostly the same answer. And the reason why is it doesn't know who you are and it doesn't know who I am. So it does really good with like immutable truths, like how far is the earth to the moon or something like that. And -- there's no conditional answers to that.

    當然,這引出了一個更大的問題:我們能用人工智能做什麼?我只是想提供一兩分鐘的想法,我已經分享了最後的收益,但它值得重複。如果你現在去 ChatGPT 並問它一個問題,而我去 ChatGPT 並問它一個問題,我們將得到幾乎相同的答案。原因是它不知道你是誰,也不知道我是誰。因此,它對於不可改變的事實確實很有用,比如地球到月球有多遠或類似的東西。而且——對此沒有條件答案。

  • But it turns out in life, there's a whole bunch of questions, and travel is one of these areas where the answer isn't right for everyone. Where should I travel? Where should I stay? Who should I go with? What should I bring? Every one of these questions depends on who you are. And so we're not going to be building like large research labs to develop these large language models. Those are like infrastructure projects, building bridges. But we're going to build the applications on top of the bridges, like the car. And I think Airbnb is best-in-class at designing interfaces. I think you've seen that over the last few years.

    但事實證明,生活中存在一大堆問題,而旅行就是其中一個答案並不適合每個人的領域之一。我應該去哪裡旅行?我應該住在哪裡?我應該和誰一起去?我應該帶什麼?這些問題中的每一個問題都取決於您是誰。因此,我們不會建造大型研究實驗室來開發這些大型語言模型。這些就像基礎設施項目,架設橋樑。但我們將在橋樑之上構建應用程序,例如汽車。我認為 Airbnb 在界面設計方面是一流的。我想你在過去幾年裡已經看到了這一點。

  • And we can design, I think, a breakthrough interface for AI. I do not think that the AI interface is chat. Chat, I do not think is the right interface because we want to interface that's multimodal. It's text, it's image and it's video and you can -- it's much faster than typing to be able to see what you want. So we think there's a whole new interface.

    我認為,我們可以為人工智能設計一個突破性的界面。我不認為AI界面是聊天。聊天,我認為這不是正確的界面,因為我們想要多模式的界面。它是文本、圖像和視頻,您可以——它比打字要快得多,才能看到您想要的內容。所以我們認為有一個全新的界面。

  • And also, I think it's really important that we provide a lot of personalization, that we learn more about you, that you're not just a unanimous customer. And that's partly why we're investing more and more in account profiles, personalization, really understanding the guests. We want to know more about every guest in Airbnb than any travel company knows about their customer in the world. And if we do that, we can provide much more personalized service and that our app can almost be like an AI concierge that can match to the local experiences, local homes, local places all over the world.

    而且,我認為我們提供大量個性化服務非常重要,我們可以更多地了解您,您不僅僅是一個一致的客戶。這就是我們在賬戶資料、個性化、真正了解客人方面投入越來越多的部分原因。我們對 Airbnb 每位房客的了解,比世界上任何旅遊公司對其客戶的了解還要多。如果我們這樣做,我們就可以提供更加個性化的服務,我們的應用程序幾乎就像一個人工智能禮賓服務,可以匹配當地的體驗、當地的家庭、世界各地的地方。

  • And I think the last thing I'll just say about AI is I think the companies that will best succeed in AI, well, think of it this way, which company's best adopted in mobile? Which company is best adopted in the Internet? It was the companies that were most innovative, the most product-led. And I think we are very much a product-led, design-led, technology-led company, and we always want to be on the frontier of new tech. So we're working on that, and I think you'll see some exciting things in the years to come.

    我想關於人工智能我要說的最後一件事是我認為在人工智能領域最成功的公司,好吧,這樣想,哪家公司在移動領域採用得最好?哪家公司在互聯網上採用得最好?這些公司最具創新性、最以產品為主導。我認為我們在很大程度上是一家以產品為主導、以設計為主導、以技術為主導的公司,我們始終希望處於新技術的前沿。所以我們正在努力解決這個問題,我想你會在未來幾年看到一些令人興奮的事情。

  • Operator

    Operator

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

    問答環節到此結束。此時,我想將電話轉回給布萊恩·切斯基(Brian Chesky)進行結束語。

  • Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

    Brian Chesky - Co-Founder, CEO, Head of Community & Chairman of the Board

  • All right, everyone. Well, thank you for joining us today. I just want to recap. Revenue was $2.5 billion. That's 18% higher than a year ago. Net income and adjusted EBITDA were both Q2 records. And our trailing 12-month free cash flow was $3.9 billion. Now this represents a free cash flow margin of 43%.

    好吧,大家。好的,謝謝您今天加入我們。我只是想回顧一下。收入為 25 億美元。這比一年前高出 18%。淨利潤和調整後 EBITDA 均創下第二季度記錄。我們過去 12 個月的自由現金流為 39 億美元。現在這代表自由現金流利潤率為 43%。

  • We've made a tremendous amount of progress in the first half of the year, but in many ways, we're just getting started. In November, we will share a new set of features and upgrades as part of our 2023 Winter Release. I'm proud of what we accomplished in Q2, and I look forward to sharing more with you next quarter.

    今年上半年我們取得了巨大進展,但在很多方面,我們才剛剛開始。 11 月,我們將在 2023 年冬季版本中分享一組新功能和升級。我對我們在第二季度取得的成就感到自豪,並期待在下個季度與您分享更多內容。

  • Operator

    Operator

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

    今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。