Airbnb Inc (ABNB) 2023 Q3 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's earnings conference call for the third 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 年第三季的收益電話會議。謹此提醒，本次電話會議正在錄音中，並可在電話會議結束後在 Airbnb 網站的投資者關係部分重播。

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

我現在將把電話轉給財務副總裁 Eli Mertz。請繼續。

Thank you. Good afternoon, and welcome to Airbnb's Third 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.

謝謝。下午好，歡迎參加 Airbnb 2023 年第三季財報電話會議。感謝您今天加入我們。今天的電話會議由 Airbnb 聯合創始人兼執行長 Brian Chesky 和財務長 Dave Stephenson 主持。

Earlier today, we issued a shareholder letter with our financial results and commentary for our third 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 年第三季的財務表現和評論。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 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聲明中明示或暗示的結果有重大差異。這些因素在我們的股東信函和我們最近向美國證券交易委員會提交的文件中的前瞻性陳述中進行了描述。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資訊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，而不是未來績效的保證。

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

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較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。

With that, I'd like to pass the call to Brian.

這樣，我想把電話轉給布萊恩。

All right. Well, thank you, Eli, and good afternoon, everyone. Thanks for joining. I'm excited to share results with you. Q3 was another strong quarter for Airbnb. We had over 113 million Nights and Experiences Booked. Revenue of $3.4 billion grew 18% year-over-year.

好的。嗯，謝謝你，伊萊，大家下午好。感謝您的加入。我很高興與您分享結果。第三季是 Airbnb 另一個強勁的季度。我們預訂了超過 1.13 億晚晚和體驗。營收為 34 億美元，年增 18%。

Net income was $4.4 billion. Now this includes a onetime income tax benefit from the release of a valuation allowance of $2.8 billion. But even excluding this tax benefit, adjusted net income was $1.6 billion, our highest ever and represented an adjusted net income margin of 47%. And free cash flow for the quarter was $1.3 billion. In fact, on a trailing 12-month basis, our free cash flow was $4.2 billion, which is also our highest ever. And because of our strong cash flow and balance sheet, we repurchased over $500 million of our stock.

淨利潤為 44 億美元。現在，這包括透過釋放 28 億美元估值津貼而獲得的一次性所得稅優惠。但即使排除這項稅收優惠，調整後淨利潤也達到 16 億美元，是我們有史以來的最高水平，調整後淨利潤率為 47%。該季度的自由現金流為 13 億美元。事實上，過去 12 個月的自由現金流為 42 億美元，這也是我們有史以來的最高水準。由於我們強勁的現金流和資產負債表，我們回購了超過 5 億美元的股票。

Now during the quarter, we saw a number of positive business highlights. First, we have added nearly 1 million active listings this year. Our supply grew 19% in Q3 compared to a year ago. We once again saw double-digit supply growth across all regions with the highest growth in regions with the highest demand. Urban and nonurban supply increased at nearly the same rate, and we saw relatively similar supply growth among individual professional hosts with the majority of new listings exclusive to Airbnb.

在本季度，我們看到了許多積極的業務亮點。首先，我們今年增加了近100萬個活躍名單。第三季我們的供應量與去年同期相比成長了 19%。我們再次看到所有地區的供應量都出現了兩位數的成長，其中需求最高的地區成長最快。城市和非城市的供應量成長速度幾乎相同，而且我們看到個人專業房東的供應量成長相對相似，其中大多數新房源都是 Airbnb 獨有的。

Second, Q3 was a record travel season on Airbnb. Nights and Experiences Booked grew 14% in Q3 compared to a year ago. We saw an acceleration of nights growth across all geographies, and we are particularly encouraged by the growth of first-time bookers during Q3, and we saw more nights than ever booked in the Airbnb app with 53% of gross nights booked in the app compared to 48% in the same period last year.

其次，第三季是 Airbnb 創紀錄的旅遊旺季。第三季的預訂天數和體驗數量與去年同期相比成長了 14%。我們看到所有地區的過夜數都在加速增長，特別是第三季度首次預訂者的增長令我們感到鼓舞，我們看到在Airbnb 應用程序中預訂的過夜數比以往任何時候都多，相比之下，在該應用程式中預訂的總過夜數佔53%至去年同期的48%。

And finally, international expansion markets are gaining momentum. Cross-border nights book increased 17% in Q3 compared to a year ago. In Asia Pacific, our business has fully recovered to pre-pandemic level. And we're seeing significant growth in Asia Pacific markets such as Taiwan, Thailand and Indonesia, all experiencing year-over-year nights growth above 30% on an origin basis.

最後，國際擴張市場正在獲得動力。第三季跨境住宿預訂量較去年同期成長 17%。在亞太地區，我們的業務已完全恢復至疫情前的水準。我們看到台灣、泰國和印尼等亞太市場的顯著成長，這些市場的原產地過夜數較去年同期成長均超過 30%。

Now we've been able to achieve these results by continually making progress on our 3 strategic priorities. First, we're making hosting mainstream. We've been focused on making hosting as popular as traveling and our Q3 results show that our approach is working. We ended the quarter with the highest number of active listing, and we saw strong active listings growth across all regions of the market types. And hosts are benefiting. During Q3 alone, Airbnb host earned more than $19 billion. We'll continue growing supply by raising awareness around hosting, making it easier to get started and improving the overall experience for a host.

現在，我們透過在 3 個策略重點上不斷取得進展，已經能夠取得這些成果。首先，我們正在使託管成為主流。我們一直致力於讓出租和旅行一樣受歡迎，第三季的結果表明我們的方法正在發揮作用。本季末，我們的活躍掛牌數量達到最高水平，我們看到所有市場類型區域的活躍掛牌數量均強勁增長。主機也從中受益。光是第三季度，Airbnb 房東的營收就超過 190 億美元。我們將透過提高託管意識、讓入門變得更容易並改善房東的整體體驗來繼續增加供應。

Second, we're reflecting our core service. We've collected millions of pieces of feedback on how to improve Airbnb. And 2 years ago, we started doing twice a year of product releases to address this feedback. And since then, we've launched more than 350 new features and upgrades across our entire service. And in the past year alone, this has included things such as improved customer service, total price display and new tools to help host set more competitive prices. These upgrades are paying off for both guests and host. For example, we redesigned our tool and we made it easier for hosts to add discounts and promotions. And now almost 2/3 the host offer weekly or monthly discount. We also added a new feature called similar listings that let hosts see listing prices in the area, so they know what to charge. And since we launched the similar-listings tool, nearly 1 million hosts have used this feature.

其次，我們正在體現我們的核心服務。我們收集了數百萬則如何改善 Airbnb 的回饋。兩年前，我們開始每年發布兩次產品來解決這項回饋。從那時起，我們在整個服務中推出了 350 多項新功能和升級。僅在過去的一年裡，這包括改善客戶服務、總價顯示以及幫助房東設定更具競爭力的價格的新工具等。這些升級為房客和房東帶來了回報。例如，我們重新設計了工具，讓房東可以更輕鬆地添加折扣和促銷活動。現在幾乎有2/3的主機提供每週或每月的折扣。我們還添加了一個名為「類似清單」的新功能，讓房東可以查看該地區的清單價格，以便他們知道要收費。自從我們推出相似清單工具以來，已有近 100 萬主機使用了此功能。

In mid-September, we shared progress we've made to help lower cleaning fees, reduce prices and improved search and reliability. We have even more improvements coming as part of our November 8 winter release next Wednesday where we'll introduce dozens of new features aimed at making Airbnb more reliable.

在九月中旬，我們分享了在幫助降低清潔費、降低價格以及改善搜尋和可靠性方面取得的進展。作為 11 月 8 日冬季發布的下週三的一部分，我們將推出更多改進，其中我們將引入數十項新功能，旨在使 Airbnb 更加可靠。

And finally, our third strategic priority is expand Airbnb beyond their core. Now we made significant progress in the past few years in building a strong and profitable business. And in addition to laying the foundation for new services and offerings, we've been focused on international expansion. We are investing in underpenetrated international markets, and we're seeing great results.

最後，我們的第三個策略重點是將 Airbnb 擴展到其核心之外。現在，我們在過去幾年中在建立強大且盈利的業務方面取得了重大進展。除了為新服務和產品奠定基礎之外，我們還專注於國際擴張。我們正在投資尚未滲透的國際市場，並且看到了良好的成果。

Following the success, we've seen in recent quarters in Germany and Brazil, Korea has now become one of our fastest growing countries compared to 2019 with gross nights booked 54% higher than they were in Q3 2019 on origin basis. As international travel continues to recover, we're building greater momentum for Airbnb in underpenetrated markets.

繼德國和巴西最近幾季的成功之後，韓國現已成為我們與 2019 年相比成長最快的國家之一，按原產地計算，總預訂天數比 2019 年第三季高出 54%。隨著國際旅行的持續復甦，我們正在為 Airbnb 在滲透率較低的市場中創造更大的動力。

So those are results for Q3. With that, Dave and I look forward to answering your questions.

這些是第三季的結果。戴夫和我期待回答您的問題。

(Operator Instructions) We'll take our first question from Mark Mahaney at Evercore ISI.

（操作員說明）我們將回答 Evercore ISI 的 Mark Mahaney 提出的第一個問題。

And I have 2 questions. You talked about some of these improvements you've seen in markets like Germany, Brazil and Korea. Could you just spend a little bit more time on that opportunity going forward? And is it the expectation now that Germany and Brazil are already optimized, you just keep optimizing other ones? Or is this take a while to add to monetize those? And then secondly, in terms of future services that you could offer to sellers, any update on when we could see those particularly things like sponsored listings for sellers for host, I mean.

我有兩個問題。您談到了在德國、巴西和韓國等市場看到的一些改進。您能否在這個機會上多花一點時間？難道現在德國和巴西已經優化了，你就繼續優化其他的嗎？或者這是否需要一段時間才能添加以將其貨幣化？其次，就您可以向賣家提供的未來服務而言，我的意思是，我們何時可以看到那些特別的事情，例如為主機賣家提供的贊助清單。

Yes. Mark, this is Brian. I'll take it. Let's first talk about international expansion. So it's a great question. And as everyone on this recall is probably aware, Airbnb is in 220 countries in the region. So on the one hand, we're one of the most global like companies in all of travel. We're a truly global travel network. At the same time, Mark, what we've seen is that our penetration in the United States is significantly higher than our penetration in many other countries. And we think there's a huge amount of growth if we could just get Airbnb to even a fraction of the percentage of penetration that we have in the United States.

是的。馬克，這是布萊恩。我要買它。我們先來談談國際擴張。所以這是一個很好的問題。此次召回中的每個人可能都知道，Airbnb 的業務遍及該地區 220 個國家。因此，一方面，我們是旅遊業中最全球化的公司之一。我們是一個真正的全球旅行網絡。同時，馬克，我們看到我們在美國的滲透率明顯高於我們在許多其他國家的滲透率。我們認為，如果我們能讓 Airbnb 的滲透率達到美國的一小部分，就會出現巨大的成長。

So last year, we decided to roll out this updated playbook. We rolled it out in Germany and Brazil. It's kind of a four-pronged approach and involve some product optimization, PR, local marketing and just general optimizations on the ground in these regions. And what we've seen is Brazil is now double the size as it was pre-pandemic. We rolled that same playbook out to Korea. It's now 54% higher than it was before.

所以去年，我們決定推出這個更新的劇本。我們在德國和巴西推出了它。這是一種四管齊下的方法，涉及一些產品優化、公關、本地行銷以及這些地區的一般優化。我們看到巴西現在的面積是疫情前的兩倍。我們將同樣的策略推廣到韓國。現在比以前高出 54%。

But what I would say is we've just scratched the surface of what we can do in Germany, Brazil and Korea. I think those markets are on a good trajectory. They could be significantly larger, and we're now looking at Japan and India, China, around Asia Pacific. We have some optimizations in Southeast Asia, continual growth in Mexico. There's a number of other countries in addition to a number of areas in Europe where we think we can see a lot more growth.

但我想說的是，我們在德國、巴西和韓國所做的事情僅僅觸及了皮毛。我認為這些市場正處於良好的軌道上。它們可能會更大，我們現在正在關注亞太地區的日本、印度、中國。我們在東南亞有一些優化，在墨西哥持續成長。除了歐洲的一些地區之外，我們認為還有許多其他國家可以看到更多的成長。

So I think the next 24 months, we're going to see a major acceleration in our penetration in a lot of these markets. There's about a dozen, dozen half markets around the world, as you know, have large tourism opportunities, and we're really focused on that. And that's going to be one of our biggest near-term expansion opportunities.

因此，我認為未來 24 個月，我們將看到我們在許多此類市場的滲透率大幅加速。如您所知，世界上大約有十幾個市場擁有大量的旅遊機會，我們非常關注這一點。這將是我們近期最大的擴張機會之一。

With regards to future services to sellers, we don't have anything to announce right now. But what we've been doing is we've been building the foundation of our systems so that we can have these new tools and services, including sponsor listings. And we also -- recently, we've been rolling out a pilot for co-hosting. Co-hosting is a service where we match host that don't have homes, but they have extra time with homeowners to have space, but they don't have time to host. And we've been doing these pilots in France. We've rolled that out in parts of the United States, and this is turning into a popular service that we think can unlock a lot more supply.

關於未來為賣家提供的服務，我們目前沒有任何可宣布的內容。但我們一直在做的是，我們一直在建立系統的基礎，以便我們能夠擁有這些新的工具和服務，包括贊助商清單。最近，我們也推出了共同主辦試點計畫。共同出租是一項服務，我們為沒有房屋的房東匹配，但他們有額外的時間與房主一起獲得空間，但他們沒有時間出租。我們一直在法國進行這些試點。我們已經在美國部分地區推出了這項服務，這正在變成一項受歡迎的服務，我們認為它可以釋放更多的供應。

So we're going to -- over the next couple of years, I think you're going to see a number of new services roll out for host.

因此，在接下來的幾年裡，我認為您將看到許多針對主機的新服務推出。

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

接下來我們將採訪高盛的艾瑞克謝裡登。

I just have one. Brian, in a number of interviews in the quarter, you talked about potential for product road map over the longer term, different products that could probably expand elements of the platform, car rentals, maybe even long-term apartment rentals. How do you think about product evolution that's being offered to the consumers on the platform and thinking about investing behind those initiatives?

我只有一個。布萊恩，在本季度的多次採訪中，您談到了長期產品路線圖的潛力，可能會擴展平台元素的不同產品、汽車租賃，甚至可能是長期公寓租賃。您如何看待平台上向消費者提供的產品演變以及對這些舉措背後的投資？

Eric, I mean, just to step back, the last few years, I think we've really, really benefited by being focused. When the pandemic occurred, we felt like we had to hunker down, get really lean, get really focused, and we went from basically a breakeven company to now a company doing obviously cash flow margins of around 44% of revenue. So we've really benefited from this focus and really benefited from focusing on our core business.

艾瑞克，我的意思是，退一步來說，過去幾年，我認為我們真的從專注中受益匪淺。當疫情發生時，我們覺得我們必須靜下心來，變得真正精益，真正專注，我們從基本上一家盈虧平衡的公司變成了現在一家現金流利潤率明顯達到收入的 44% 左右的公司。因此，我們確實從這種關注中受益，並且從專注於我們的核心業務中受益匪淺。

To your point, Eric, I think we are now getting ready to re-expand Airbnb beyond its core. It was always our attention to do much more than just short-term housing for travelers. We're always intended to do more of that. So we're working on making Airbnb more of an extensible platform. And I think, ultimately, there are actually quite literally dozens of services, guests and hosts that we could build on top of the Airbnb system. I think a lot of it comes down to making the platform extensible so we can offer these services.

艾瑞克，就你的觀點而言，我認為我們現在正準備將 Airbnb 重新擴展到其核心之外。我們始終關注的不僅僅是為旅客提供短期住宿。我們總是打算做更多這樣的事。因此，我們正在努力讓 Airbnb 成為一個可擴展的平台。我認為，最終，我們實際上可以在 Airbnb 系統之上建立數十種服務、客人和房東。我認為這很大程度上取決於使平台可擴展，以便我們可以提供這些服務。

I think at the end of the day, we're really thinking about are a couple of big ideas. First, I think that we are thinking about generative AI as an opportunity to reimagine much of our product category and product catalog. So if you think about how you can sell a lot of different types of products and new offerings, generative AI could be really, really powerful. It can match you in a way you've never seen before.

我認為歸根結底，我們真正考慮的是幾個重要的想法。首先，我認為我們正在將生成式人工智慧視為重新構想我們的大部分產品類別和產品目錄的機會。因此，如果你考慮如何銷售許多不同類型的產品和新產品，生成式人工智慧可能非常非常強大。它可以以您從未見過的方式與您匹配。

So imagine Airbnb being almost like the ultimate travel agent as an app. We think this can unlock opportunities that we've never seen. Additionally to that, there's a lot of opportunities on both the guests side and the host side. And so we're going to be thinking through a lot of this. So you'll see hopefully some updates in the coming years.

因此，想像一下 Airbnb 幾乎就像一款終極旅行社應用程式。我們認為這可以釋放我們從未見過的機會。除此之外，客方和東道主雙方都有很多機會。因此，我們將對此進行很多思考。因此，您有望在未來幾年看到一些更新。

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

我們將轉向摩根士丹利的布萊恩·諾瓦克提出的下一個問題。

I have 2. First one, maybe on the guide a little bit. I know there's a lot of moving pieces between the revenue comments and the ADR comments and the take rate. Just sort of wanted to confirm, are you guys sort of looking to guide room night growth in sort of the high single, low double-digit range in 4Q? Is that the right way we should be thinking about with take rate and things?

我有 2 個。第一個，也許在指南上有一點。我知道收入評論、ADR 評論和接受率之間存在著許多變化。只是想確認一下，你們是否希望在第四季引導客房夜數成長在高個位數、低兩位數範圍內？這是我們應該考慮採取率和其他事情的正確方法嗎？

And then the second one, Brian, I know you, you have a lot of innovation, you have 350 features and upgrades, et cetera. Can you just sort of give us 1 or 2 of them that you think could be most impactful to accelerate that room night growth as we go into '24 and '25?

然後是第二個，Brian，我了解你，你有很多創新，你有 350 個功能和升級，等等。您能否提供我們一兩個您認為對加速客房夜數成長最有影響力的方案？進入「24 世紀」和「25 年」？

And Brian, sorry, are you referring to things we've already shipped or things that we're working on that we haven't shipped?

布萊恩，抱歉，你指的是我們已經發貨的東西還是我們正在處理但尚未發貨的東西？

Well, either way you want to go. Yes, if you have one that already shipped that would be great. If you have other ones you want to tell us about next week, that would be good too.

好吧，無論你想走哪條路。是的，如果您有已經發貨的產品，那就太好了。如果您下週還有其他想告訴我們的，那也很好。

Yes. So yes, so let me -- why don't I answer the innovation and Dave, you can talk about the guide for going forward? So maybe let me talk about some things that we've already done. I can give you a little bit of sense of how we're thinking about next week and beyond. So we did over 50 upgrades last May. It was based on the idea that millions of customers have given us feedback, actually both guests and hosts on how to improve Airbnb and we've listened. And if I were to just call out 3 things, Brian, I would just call out 3 things would be total price display, pricing tools for host and monthly stays. So let me just go through 3 and what happened.

是的。所以，是的，所以讓我——為什麼我不回答創新，戴夫，你可以談談前進的指南嗎？那麼也許讓我談談我們已經做過的一些事情。我可以讓您了解我們對下週及以後的想法。因此，我們去年 5 月進行了 50 多項升級。這是基於數以百萬計的客戶（實際上是房客和房東）向我們提供的關於如何改進 Airbnb 的反饋意見，我們已經傾聽了。如果我要指出 3 件事，Brian，我只會指出 3 件事：總價顯示、房東定價工具和每月住宿。讓我簡單回顧一下 3 以及發生的事情。

On total price display, we rolled out total price display before taxes. This is based on popular demand. We are now the only travel app of our kind that actually does this. Since we rolled this out, 260,000 listings have removed or reduced their cleaning fees. We now have 3 million listings that do not have a cleaning fee. So we think this is working. We also think people are now being steered towards better total value on a total price, inclusive of overall cost basis.

在總價顯示方面，我們推出了稅前總價顯示。這是基於大眾的需求。我們現在是同類中唯一真正做到這一點的旅行應用程式。自從我們推出此政策以來，已有 26 萬個房源取消或減少了清潔費。我們現在有 300 萬個不收取清潔費的房源。所以我們認為這是有效的。我們也認為，人們現在正在轉向在總價格（包括總體成本）上獲得更好的總價值。

The second are pricing tools. Since we rolled out new pricing tools, about half of new listings are now offering a monthly discount. And we also have this new tool called similar listings, where you can see where other people are charging around you. And this we find has been the best way to make sure our host have competitive prices. Because host are usually surprised to discover the listings that get most bookings around them offer a better value. And it's always really hard to know what your home is worth and what you charge. And so the best thing you can do is give people transparent data.

二是定價工具。自從我們推出新的定價工具以來，大約一半的新房源現在提供每月折扣。我們還有一個名為「相似清單」的新工具，您可以在其中看到其他人在您周圍的位置充電。我們發現這是確保我們的主機具有競爭力的價格的最佳方式。因為房東通常會驚訝地發現周圍預訂最多的房源提供了更好的價值。而且總是很難知道你的房子值多少錢以及你要收費多少。因此，你能做的最好的事情就是為人們提供透明的數據。

Well, 1 million people have used these tools and probably the thing I'd point to is, while this time year-over-year in September data, hotel prices are up 10%. Airbnb prices globally are only up 1%. So we are definitely moving in the right direction. Now in North America, on a mix shift in FX neutral basis, our price is actually down 3% in North America, while hotels are up towards double digits, I think.

嗯，有 100 萬人使用過這些工具，我可能要指出的是，雖然這次 9 月的數據與去年同期相比，飯店價格上漲了 10%。全球 Airbnb 價格僅上漲 1%。所以我們肯定正在朝著正確的方向前進。現在在北美，在外匯中性的基礎上進行混合變化，我們的價格實際上在北美下降了 3%，而我認為酒店的價格上漲了兩位數。

So the last thing I'd say is monthly stays. We obviously announced a bunch of updates on monthly stays, including you can pay by bank, we lowered fees after 3 months, we have the whole new really cool interface and stays for 3 months or longer are now growing nearly 20% year-over-year. So those are just 3 things we've seen. I think what we've learned is like as we listen to customers, we adapt quickly, we can drive incremental growth.

所以我要說的最後一件事是每月住宿。我們顯然宣布了一系列有關每月住宿的更新，包括您可以透過銀行付款，我們在3 個月後降低了費用，我們擁有全新的非常酷的介面，並且3 個月或更長時間的住宿現在年比成長了近20% -年。這些只是我們所看到的三件事。我認為我們學到的是，當我們傾聽客戶的意見時，我們可以快速適應，我們可以推動增量成長。

As far as what's next, obviously, we don't talk about too much before it will release. I will say though, next Wednesday, we are focused on some pretty big opportunities around reliability. So this is the last thing I'll say about this. If you think about how big Airbnb is, for every person who stays in Airbnb, approximately 9 people every night stay in a hotel or about 9 bookings. The hotels are about to order magnitude bigger. And when you ask people, why do you book a hotel and not Airbnb, the number one reason they come up with is usually reliability that they know what they're going to get before they book.

至於接下來會發生什麼，顯然，我們在發布之前不會談論太多。不過，我要說的是，下週三，我們將重點放在一些圍繞可靠性的重大機會。這是我要說的最後一件事。如果你想想 Airbnb 有多大，對於每個入住 Airbnb 的人來說，每晚大約有 9 個人入住飯店，或大約 9 次預訂。酒店的規模即將擴大。當你問人們為什麼要預訂飯店而不是 Airbnb 時，他們提出的第一個原因通常是可靠性，因為他們在預訂之前就知道自己會得到什麼。

It kind of speaks to the strength and weakness of Airbnb that on the one hand, it's one of a kind, other hand, that one-of-a-kindness offers valuability that not every person wants. And so next week, we're going to have some new offerings that I think will make a pretty big in this. So that's what I can say. I think I'm pretty optimistic about what you'll see next week. And of course, we're already working on stuff for next May and next October releases as well. So hopefully, stay tuned.

這在一定程度上說明了 Airbnb 的優勢和劣勢，一方面，它是獨一無二的，另一方面，它所提供的價值並非每個人都想要。因此，下週，我們將推出一些新產品，我認為這些產品將在這方面發揮很大作用。這就是我能說的。我想我對下週你會看到的情況非常樂觀。當然，我們也已經在為明年 5 月和 10 月的發布做準備。所以希望大家繼續關注。

And then in terms of the guidance, Brian, for the fourth quarter, we have our revenue guidance between $2.13 billion and $2.17 billion. So that's revenue growth between 12% and 14%. And remember that in Q3, our revenue growth, excluding the impact of foreign exchange is about 14%. So -- and we're not anticipating the same level of FX impact on the fourth quarter. So broadly, our revenue growth is relatively comparable between Q4 and Q3.

然後就指導而言，Brian，我們第四季的營收指引在 21.3 億美元至 21.7 億美元之間。也就是說營收成長在 12% 到 14% 之間。請記住，在第三季度，排除外匯影響，我們的收入成長約為 14%。因此，我們預計第四季度的外匯影響不會達到相同水準。總的來說，我們第四季和第三季的營收成長相對可比。

In terms of the nights guide, we're just seeing some variability in our nights demand here early in the quarter, and so we're just being cautious with that guide. And so we're not being specific on it, but anticipate nights to be a few points below -- nights growth to be a few points below Q3.

就夜間指南而言，我們只是在本季度初看到這裡的夜間需求存在一些變化，因此我們對該指南持謹慎態度。因此，我們並沒有具體說明這一點，但預計夜間數將比第三季低幾點——夜間成長將比第三季低幾點。

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

我們將轉向德意志銀行的 Lee Horowitz 提出的下一個問題。

Can you maybe help us think about how you guys are tracking towards expectations on occupancy or utilization moving forward? As you guys extend beyond the core into newer markets, do those markets come with occupancy or utilization headwinds that we should be thinking about? And holistically, how you guys think about how occupancy or utilization may track next year?

您能否幫助我們思考一下你們如何追蹤未來入住率或使用率的預期？當你們從核心業務擴展到新市場時，這些市場是否會帶來我們應該考慮的入住率或使用率的不利因素？整體而言，你們如何看待明年的入住率或使用率？

And then maybe just one high level one. Sticking beyond the current cycle, we've seen a lot of other remote travel models, sort of hit this low teens to high single-digit growth rate and decelerate from there or not be able to reaccelerate their business as a meaningful like. Can you maybe take a step back and help us better understand how you think that maybe Airbnb may be a little bit different than prior ratios that we've seen and could perhaps sustain sort of that double-digit revenue cadence over a longer period of time than what we're used to in the market.

然後也許只是一個高級別的。超越當前週期，我們看到了許多其他遠端旅行模式，成長率從十幾歲到高個位數成長率，然後開始減速，或者無法像有意義的那樣重新加速其業務。您能否退後一步，幫助我們更好地理解您的想法：Airbnb 可能與我們之前看到的比率略有不同，並且可能會在較長一段時間內維持兩位數的收入節奏比我們在市場上習慣的。

Yes. Yes, you start with occupancy and I'll take the second question.

是的。是的，您從入住率開始，我將回答第二個問題。

In terms of occupancy, we've actually seen it be pretty stable in terms of kind of on a global basis. I mean, if you actually step back, you got to remember that the vast majority of our hosts on Airbnb are individual houses. They're not looking to drive 100% occupancy of all their listings. And what they want to do is earn enough money to usually hit some certain amount of financial goals.

就入住率而言，我們實際上看到它在全球範圍內相當穩定。我的意思是，如果你真的退一步，你必須記住，我們 Airbnb 上的絕大多數房東都是獨立的房子。他們並不希望所有房源的入住率達到 100%。他們想做的是賺到足夠的錢，通常可以實現一定數量的財務目標。

So as we continue to grow our inventory, we're continuing to see strong occupancy levels overall. Clearly, we grew our inventory at 19%, which is ahead of kind of revenue growth in the current period. But if you actually step back and look over like a 4-year period, go back all the way to 2019, the growth in our overall listings have actually been relatively similar to our overall growth in night. So that occupancy over an extended time period tends to be fairly stable while in any short-term time period, it can have a little bit more volatility.

因此，隨著我們繼續增加庫存，我們將繼續看到整體入住率強勁。顯然，我們的庫存成長了 19%，高於當前時期的收入成長。但如果你真的退後一步，回顧一下 4 年的時間段，一直追溯到 2019 年，我們整體上市量的增長實際上與我們夜間的整體增長相對相似。因此，在較長一段時間內，入住率往往相當穩定，而在任何短期內，入住率可能會有更大的波動。

But overall, again, we don't focus on occupancy as a primary driver, we monitor it on local by local because what really matters is that we have great available listings in a specific market on a specific date.

但總的來說，我們並不把入住率作為主要驅動因素，我們會逐一進行監控，因為真正重要的是我們在特定日期在特定市場擁有大量可用房源。

Lee, I'll take your second question. Yes, I think that -- as I said before, I think we're only scratching the surface to how this company becomes. And I absolutely think that we can get to really solid double-digit revenue growth for many, many years to come. And there's 3 things that I'd point out. The first is our core business. I think our core business could be significantly larger than it is today, even if we didn't do anything new. And the reason I believe this is the following: I believe that almost every single person who stays in a hotel could stay in Airbnb is, number one, they knew about all the benefits of Airbnb and number two, we made sure that our service was sufficiently reliable to be an alternative.

李老師，我來回答你的第二個問題。是的，我認為——正如我之前所說，我認為我們只是觸及了這家公司的表面。我絕對認為我們可以在未來很多年實現真正穩定的兩位數收入成長。我要指出三件事。首先是我們的核心業務。我認為即使我們沒有做任何新的事情，我們的核心業務可能比今天大得多。我相信原因如下：我相信幾乎每個入住飯店的人都可以入住 Airbnb，第一，他們了解 Airbnb 的所有好處，第二，我們確保我們的服務是足夠可靠，可以作為替代方案。

So let me start with those 2. We've done recently a new marketing campaign that's called "Airbnb it". And it basically contrast the benefits of the Airbnb versus the hotel. And based on our research, one of the things we've noticed is that a lot of people stay in hotels don't understand some of the unique benefits of staying in Airbnb and why it is better for certain types of trips. And one type of trip that Airbnb is almost always better is when you're traveling with 3 or more people. If you're traveling with a family or traveling with a group, why do you want to stay in different rooms versus -- different room separated. We're having to stay at the same time. And then the only place you can meet in these crowded lobbies when you can get a whole home all to yourself.

讓我從這兩個開始。2. 我們最近開展了一項名為「Airbnb it」的新行銷活動。它基本上對比了 Airbnb 與酒店的優勢。根據我們的研究，我們注意到的一件事是，許多入住飯店的人並不了解入住 Airbnb 的一些獨特好處，以及為什麼它更適合某些類型的旅行。 Airbnb 幾乎總是比較好的旅行類型是與 3 人或更多人一起旅行。如果您與家人或團體一起旅行，為什麼要住在不同的房間而不是分開的不同房間。我們必須同時停留。當你可以獨享整個家時，這是你在這些擁擠的大廳裡唯一可以見面的地方。

So this is -- we've been running these digital campaigns. It's the highest performing digital campaign we've ever done. And this is going to be the basis for a new -- major new marketing campaign next year.

所以這就是——我們一直在進行這些數位活動。這是我們做過的效果最好的數位行銷活動。這將成為明年新的重大行銷活動的基礎。

Additional to that, as I mentioned before, if we just keep focusing on reliability, making sure that when you book, you know what you're going to get, and this is ever a problem, you have an excellent customer service that is nearly as good as a front desk or as good as a front desk then I think there could be in the years to come a tipping point where many people could choose Airbnb. So that's just our core business.

除此之外，正如我之前提到的，如果我們繼續關注可靠性，確保當您預訂時，您知道您將得到什麼，而這一直是一個問題，那麼您將擁有近乎出色的客戶服務和前台一樣好或和前台一樣好，那麼我認為未來幾年可能會出現一個轉折點，很多人會選擇愛彼迎。所以這就是我們的核心業務。

Next is international. Even though we're in 220 countries in the region, there's only a couple of countries where we even have penetration at rivals of United States. And those countries are Canada, Australia and France. After that, U.K. a little bit, it really starts to tip down. And so we have like massive, massive opportunity and just by bringing Airbnb's playbook to these other countries. Obviously, Germany, but not just Germany, like actually the entirety of Northern Europe, Eastern Europe and even Italy and Spain, basically every country but France and U.K., there are at a step change lower penetration.

接下來是國際。儘管我們的業務遍及該地區 220 個國家，但我們的滲透率甚至可以與美國的競爭對手相媲美的只有少數幾個國家。這些國家分別是加拿大、澳洲和法國。在那之後，英國就真的開始下滑了。因此，只要將 Airbnb 的策略帶到這些其他國家，我們就擁有巨大的機會。顯然，德國，但不僅僅是德國，實際上整個北歐、東歐甚至義大利和西班牙，基本上除了法國和英國之外的每個國家，滲透率都在逐步降低。

Latin America is a completely new market for us, emerging. Asia Pacific, I would argue it's a completely new market. We can be adding huge amounts of growth just by our expansion playbook. And then finally, yes, I mean I would say just on new products and services, though we're not disclosing anything that we're doing new right now, here's what I'd say. I think the biggest strength I have as a CEO is not driving profitability even though we've done a really good job. I think it is literally inventing new products and services. That's why we've hired so many great technologists, designers and I think this is going to be a sweet spot for us.

拉丁美洲對我們來說是一個全新的新興市場。我認為亞太地區是一個全新的市場。僅透過我們的擴張策略，我們就可以實現巨大的成長。最後，是的，我的意思是我只想說新產品和服務，儘管我們沒有透露我們現在正在做的任何新事情，這就是我要說的。我認為作為首席執行官，我最大的優勢不是提高盈利能力，儘管我們做得非常好。我認為它實際上是在發明新產品和服務。這就是為什麼我們聘請瞭如此多優秀的技術專家、設計師，我認為這對我們來說將是一個最佳選擇。

We're obviously not going to talk about new things before we ship them, but twice a year, every May and every November -- October, November, we're going to be hopefully, putting out going forward new ideas that I hope really increase the addressable market for Airbnb. And I think that we can do much more than just short-term housing. But again, I think short-term housing is still a huge opportunity for us.

顯然，我們不會在發貨之前談論新事物，但每年兩次，每年五月和每年十一月 - 十月，十一月，我們將滿懷希望地提出我真的希望的新想法擴大Airbnb 的潛在市場。我認為我們可以做的不僅僅是短期住房。但我再次認為短期住房對我們來說仍然是一個巨大的機會。

We'll go to our next question from Doug Anmuth at JPMorgan.

我們將討論摩根大通的 Doug Anmuth 提出的下一個問題。

First, you caught up the greater volatility in early 4Q. Just curious if you have any view of whether that's more macro driven or geopolitical and then curious if you have a sense of kind of visibility and any kind of bookings into 2024 and perhaps maybe how that visibility compares now versus a year ago?

首先，您在第四季度初遇到了更大的波動。只是好奇您是否對這更多的是宏觀驅動還是地緣政治有任何看法，然後好奇您是否有某種能見度和 2024 年的任何預訂，也許現在的能見度與一年前相比如何？

Yes. It's hard to completely pin down the root cause of any kind of softness or volatility. I think it is just broadly, what we're seeing is a little bit of softness in our overall kind of demand relative to Q3, we call out kind of the macroeconomic and geopolitical just because that is what's, I think, driving any volatility that's out there. It's early. I think I am clearly confident about our revenue growth for Q4 being 12% to 14% growth. And the fact that, that remains stable with Q3, I think is really promising.

是的。很難完全確定任何疲軟或波動的根本原因。我認為，從廣義上講，我們看到的是相對於第三季的整體需求有點疲軟，我們之所以指出宏觀經濟和地緣政治的原因，是因為我認為，這才是推動任何波動的因素。在那裡。現在還早。我認為我對第四季度營收成長 12% 至 14% 充滿信心。事實上，我認為第三季的情況保持穩定，這確實很有希望。

Our early visibility into 2024 is -- again, it's too early to tell. I think I'm feeling great about our overall playbook and plans, as kind of Brian has mentioned. I think I am most excited about the additional efforts we're making to get greater penetration in our international markets. And overall, I'm seeing solid demand for Airbnbs, like people are still prioritizing travel over buying things so I'm very bullish in the long term.

我們對 2024 年的早期預測是──同樣，現在下結論還為時過早。正如布萊恩所提到的，我認為我對我們的整體劇本和計劃感覺很好。我想我最興奮的是我們為擴大國際市場滲透率所做的額外努力。總的來說，我看到了對 Airbnb 的強勁需求，就像人們仍然優先考慮旅行而不是購買東西一樣，所以從長遠來看我非常看好。

Next, we'll go to Jed Kelly at Oppenheimer & Company.

接下來，我們將拜訪奧本海默公司的傑德凱利。

Okay, great. Can you just give us further update on the regulations you talked about in the shareholder letter. And then Google announced a new update to their vacation rentals where they're essentially letting property managers show their price. So can you talk about how you're seeing some of the changes Google is making.

好的，太好了。您能否給我們提供有關您在股東信中談到的法規的進一步更新資訊？然後谷歌宣布了他們的度假租賃的新更新，他們實質上是讓物業經理顯示他們的價格。那麼您能談談您如何看待 Google 正在做出的一些改變嗎？

Jed, I'll take regulation. So yes, I would generally say, over the last decade, we've been really, really encouraged by the general trajectory of regulation. Here are a couple of stats. Currently today, 80% of our top 200 markets already have regulations on the books and these regulations, though they vary, generally have found workable solutions for home sharing for us to continue to grow and thrive. And I'd point out like the country of France has passed national legislation that is very, very favorable and workable. We've had cities near us like Seattle or San Diego that have passed really favorable legislation.

傑德，我來監管。所以，是的，我通常會說，在過去的十年裡，我們確實受到監管整體軌蹟的鼓舞。這裡有一些統計數據。目前，我們 200 個排名前 200 的市場中 80% 已經制定了法規，這些法規雖然有所不同，但總體上為我們找到了可行的家庭共享解決方案，以幫助我們繼續發展和繁榮。我想指出的是，法國已經通過了非常非常有利且可行的國家立法。我們附近的城市，如西雅圖或聖地牙哥，已經通過了非常有利的立法。

I will probably contrast that to New York City, which has completely gone a different direction. And unfortunately, I thought when we started Airbnb, we can develop model legislation in New York that we can make in New York, we can make it anywhere and that other cities have adopted legislation that New York has adopted. It turns out that's actually not the case. In fact, New York has gone a different direction, and I think it's going to turn into a cautionary tale because what we're already seeing hotel price in New York are now up 8% year-over-year. A one-bedroom or a studio in New York seems to be about $500. A lot of people can't even afford to go there anymore. We are seeing work bookings in Jersey City and the perimeters around New York City. And I do anticipate more and more activity will probably go underground, which is probably not the intention of the people to even pass a lot.

我可能會將其與紐約市進行對比，紐約市已經完全走向了不同的方向。不幸的是，我認為當我們創辦 Airbnb 時，我們可以在紐約制定示範立法，我們可以在紐約制定，我們可以在任何地方制定，其他城市也可以採用紐約已經採用的立法。事實證明，事實並非如此。事實上，紐約走了一個不同的方向，我認為這將成為一個警示故事，因為我們已經看到紐約的酒店價格現在比去年同期上漲了 8%。紐約的一房或單間公寓似乎約為 500 美元。很多人甚至已經無力再去那裡了。我們看到澤西市和紐約市週邊地區有工作預訂。我確實預計越來越多的活動可能會轉入地下，這可能不是人們進行大量活動的意圖。

So generally speaking, we're seeing the trend line to be generally really, really constructive. We built the city portal with the one-stop shop for cities to be able to self-serve, to be ale get data and monitor the type of activity happening in their city. We have 400 cities on the city portal. And generally, what we're seeing is that a lot of cities in pandemic or post-pandemic era have reached out to us wanting to make sure that they are able to benefit from economic dollars going to the city, and we paid $9 billion in hotel tax.

所以總的來說，我們看到趨勢線整體上非常非常有建設性。我們建立了城市入口網站，為城市提供一站式服務，使城市能夠自助服務、獲取數據並監控城市中發生的活動類型。我們的城市入口網站上有 400 個城市。總的來說，我們看到的是，許多處於大流行病或大流行病後時代的城市已經向我們伸出援手，希望確保他們能夠從流向該城市的經濟資金中受益，我們支付了90 億美元酒店稅。

So generally, it's gone fairly well. It is going to be notable that if you just read the news, you're always going to seem to be reading about these cities, something happen in New York because we're in a 100,000 cities and nearly all regulations happen at the municipal level. So it's kind of a long slide to be able to work with these cities because there's so many of them, and there's not a lot of standardization, but generally speaking, [now listed in] New York, we are seeing a lot of positive developments. And then on the Google question...

所以總的來說，進展得相當順利。值得注意的是，如果您只是閱讀新聞，您似乎總是會閱讀有關這些城市的信息，紐約會發生一些事情，因為我們位於 100,000 個城市中，幾乎所有法規都發生在市一級。因此，能夠與這些城市合作是一個漫長的過程，因為它們太多了，而且沒有太多標準化，但總的來說，[現在列在]紐約，我們看到了很多積極的發展。然後關於谷歌的問題......

Yes, I can take this. I mean we're not going to respond directly to any kind of specific thing that Google is doing. I think if you do step back though and remember that the vast majority of host on Airbnb or individual host, approximately 90% of them, that the majority of those listings are unique to Airbnb and you can only get them here.

是的，我可以接受這個。我的意思是我們不會直接回應谷歌正在做的任何具體事情。我認為，如果您退後一步並記住 Airbnb 上的絕大多數房東或個人房東（大約 90%），那麼大多數房源都是 Airbnb 獨有的，您只能在這裡找到它們。

I think that, that is one of the larger kind of defensible moats that we have, which is if you want to have an amazing stay, if you want to have the unique listings, you come directly to us, and we're really not seeing the impact of the competition taking additional share from us. In fact, we continue to take or increase our relative share of listings in the market, continually. And this is why we're continuing to grow at faster than the overall kind of travel market. So I don't have much more to say beyond that.

我認為，這是我們擁有的更大的防禦護城河之一，如果您想擁有令人驚嘆的住宿體驗，如果您想擁有獨特的房源，您可以直接來找我們，而我們真的不是看到競爭的影響從我們手中奪走了更多份額。事實上，我們繼續不斷佔據或增加我們在市場上上市的相對份額。這就是為什麼我們的成長速度持續快於整體旅遊市場的原因。所以除此之外我沒什麼好說的。

Yes. Maybe the only other thing I'd say -- maybe the only other thing Jed, I'd say is we're just seeing a lot of strength in mobile bookings. You can think of mobile bookings essentially like direct. It's not people not going to Google. 53% of our gross nights booked in the last quarter were on native mobile apps, essentially iOS and Android. And that is up from a year earlier, which was less than 50%.

是的。也許我要說的唯一的另一件事 - 也許傑德，我唯一要說的另一件事是我們剛剛看到移動預訂的巨大優勢。您可以認為行動預訂本質上就像直接預訂一樣。並不是人們不去谷歌。上一季我們預訂的總房晚數中有 53% 是透過本機行動應用程式（主要是 iOS 和 Android）進行的。而這一數字比去年同期有所上升，去年同期還不到 50%。

And again, I'll just say 90% of our traffic is direct or unpaid. So we think that the strength of our brand, the strength of our app, the strength of people coming direct to Airbnb is key. And the reason it's direct is because they're inventory is unique. It's not commodities. The majority of hosts don't list anywhere else, and we build customer tools for them. So that's our general theory, to build unique inventories that allow people to come direct to Airbnb. And I don't see that changing.

再說一次，我只想說我們 90% 的流量是直接的或免費的。因此，我們認為我們品牌的優勢、應用程式的優勢以及直接訪問 Airbnb 的用戶的優勢是關鍵。之所以是直接的，是因為它們的庫存是獨一無二的。這不是商品。大多數主機沒有在其他地方列出，我們為他們建立客戶工具。這就是我們的一般理論，即建立獨特的庫存，讓人們可以直接訪問 Airbnb。我認為這種情況不會改變。

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

我們將接聽 JMP 證券公司的尼克瓊斯 (Nick Jones) 的講話。

Great. Brian, you talked about Airbnb's pricing, maybe not increasing or it's down while hotels are up. I mean, how do you feel about the average prices on Airbnb today? Is there still room to kind of -- if you get those lower? And I guess as you talk about some of the marketing and advertising campaigns, do you think kind of travelers or consumers view Airbnb as a premium offering, a discount offering, is the reliability kind of the trade-off. I guess can you kind of maybe paint the picture a little bit more as to kind of what you feel consumers' hesitation is to maybe book an Airbnb and how much pricing plays a role in that?

偉大的。 Brian，您談到了 Airbnb 的定價，可能不會上漲，或者在飯店上漲的情況下下跌。我的意思是，您對 Airbnb 今天的平均價格有何看法？如果你把這些降低的話，還有空間嗎？我想，當您談論一些行銷和廣告活動時，您是否認為旅行者或消費者將 Airbnb 視為優質產品、折扣產品，是可靠性的一種權衡。我想您能否進一步描述一下您認為消費者在預訂 Airbnb 時猶豫不決的情況，以及定價在其中發揮了多大作用？

Nick, let me start with pricing, and then I'll talk about the general offering. When we started Airbnb, our original tagline was a cheap affordable alternative to a hotel. And the primary reason people chose Airbnb the early days was price. Now once they used it, we used to say money as the hook but the experience is the reason you keep coming back.

尼克，讓我從定價開始，然後我會談談一般產品。當我們創辦 Airbnb 時，我們最初的口號是廉價且實惠的飯店替代方案。人們早期選擇 Airbnb 的主要原因是價格。現在，一旦他們使用了它，我們過去常說金錢是鉤子，但體驗才是你不斷回來的原因。

Because it also turns out when you stay in Airbnbs, you're often typically in a real neighborhood, not a hotel district. You have this really cool space. You can make a meal, you have a lot more of a much more quick home. Sometimes there's a local connection to the community, that's what you're looking for. But affordability has always been one of the most important benefits that we have in Airbnb. And I do feel like we still have opportunity for our prices to be even more competitive.

因為事實證明，當您入住 Airbnb 時，您通常是在一個真正的社區，而不是飯店區。你有一個非常酷的空間。你可以做飯，你還有更多更快的家。有時，與社區的本地聯繫正是您所尋找的。但負擔能力一直是 Airbnb 最重要的優點之一。我確實覺得我們的價格仍有機會更具競爭力。

There's a really interesting thing we discovered. Within reason, generally, when host lower the prices, they tend to make more money. And this is typically not true of hotels, right? Because if you're running at 80% occupancy and you lower your prices per night, you typically don't have a lot more room to make up the lower prices with higher occupancy and you'll typically lose money.

我們發現了一件非常有趣的事。在合理範圍內，一般來說，當房東降低價格時，他們往往會賺更多的錢。酒店通常情況並非如此，對吧？因為如果您的入住率達到 80%，並且您降低每晚的價格，那麼您通常沒有更多的空間來用更高的入住率來彌補較低的價格，並且您通常會虧損。

But many of our hosts run at low enough occupancy and they always have that if they lower the price just a bit, they can sell more nights. And so we think there's a win-win where if we continue to encourage host to offer more competitive pricing, it's a win for guests, but it's also a win for many of the host. And I would also just point out that in addition to pricing tools, you need to have ample supply. Supply, I just want to highlight again, is growing 19% year-over-year.

但我們的許多房東的入住率都夠低，他們總是認為，如果他們稍微降低價格，他們就可以賣出更多的房晚數。因此，我們認為，如果我們繼續鼓勵房東提供更具競爭力的價格，這對房客來說是雙贏，對許多房東來說也是雙贏。我還想指出，除了定價工具之外，還需要有充足的供應。我想再次強調，供應量年增 19%。

This was a huge question by the way 18 months ago. Could Airbnb re-accelerate to nearly 20% supply growth and we are approaching 20% supply growth. I think that is really, really key. So to answer your question, we've made huge progress in last year, but prices are up quite significantly from pre-pandemic for Airbnb and hotels. We're both up a lot. And my hope is whether or not prices come down on Airbnb further in the next year or 2, my hope is while hotels will almost undoubtedly keep increasing year-over-year, our prices will continue to be a little bit more -- they'll be more moderated. And that goes to the next question.

順便說一下，18 個月前這是一個很大的問題。 Airbnb 能否重新加速到近 20% 的供應成長，我們正在接近 20% 的供應成長。我認為這真的非常關鍵。回答你的問題，我們去年取得了巨大進步，但 Airbnb 和飯店的價格比疫情前大幅上漲。我們倆都起來了很多。我的希望是，無論 Airbnb 的價格在未來一兩年內是否會進一步下降，我的希望是，雖然酒店幾乎毫無疑問會逐年增長，但我們的價格將繼續上漲一點——他們’會更加溫和。這就是下一個問題。

We actually think there's a very high correlation of relationship between ADR and night growth and the higher the ADR, typically the lower the nights growth and the lower the ADR, typically the higher the nights growth. So there's a trade-off there. And so we think that as we continue to be more affordable, we'll continue to stimulate more demand.

實際上，我們認為 ADR 和夜間成長之間有非常高的相關性，ADR 越高，通常夜間成長越低；ADR 越低，通常夜間成長越高。所以這裡需要權衡。因此，我們認為，隨著我們繼續變得更加實惠，我們將繼續刺激更多需求。

Now the interesting thing about Airbnb is that we're not really one type of offering, right? Southwest is a budget brand. Louis Vuitton is a luxury brand. Apple is kind of like a luxury brand for like a lot of different people, but they do have like premium prices. Airbnb's offering really is one of the most unique and resilient models. I mean we are one of the most popular brands for people under 30 in travel, probably the most popular band for people under 30. We're also very much a family travel brand because homes accommodate families much better than typically hotels. We're not just an urban brand. We're a rural brand and vacational brand. We're not just a North American brand. We're a global brand. So one of the things we highlighted in the public is that we literally have something for everyone. But as we continue to get more affordable, I think that's going to continue to drive a lot more growth for us.

Airbnb 有趣的地方在於，我們不是真正的一種產品，對嗎？西南航空是一個經濟型品牌。路易威登是一個奢侈品牌。對許多不同的人來說，蘋果有點像一個奢侈品牌，但他們的價格確實很高。 Airbnb 的產品確實是最獨特、最具彈性的模式之一。我的意思是，我們是30 歲以下人群中最受歡迎的旅行品牌之一，可能是30 歲以下人群中最受歡迎的樂隊。我們也是一個家庭旅行品牌，因為家庭比一般酒店更適合家庭入住。我們不僅僅是一個城市品牌。我們是一個鄉村品牌和度假品牌。我們不僅僅是一個北美品牌。我們是一個全球品牌。因此，我們向公眾強調的一件事是，我們確實為每個人提供了一些東西。但隨著我們的價格繼續變得更加實惠，我認為這將繼續推動我們的成長。

And next, we'll go to Ron Josey at Citi.

接下來，我們將邀請花旗銀行的 Ron Josey。

Great. Brian, I wanted to ask a little bit about your comments on first-time bookers. I'm just trying to understand a little bit more on the drivers that are attracting these new bookers. Are they doing this directly through the brand, Airbnb, through the app and just trying to understand a little bit more as you're expanding the pie and getting more supply and how users are coming to the site, point number one. And second question, just on probably with Experiences, there's any update there?

偉大的。布萊恩，我想問您對首次預訂者的評論。我只是想更多地了解吸引這些新預訂者的驅動因素。他們是否直接透過愛彼迎品牌、透過應用程式來做到這一點，只是試圖在擴大蛋糕並獲得更多供應時了解更多，以及用戶如何訪問該網站，這是第一點。第二個問題，可能是關於體驗，有什麼更新嗎？

Yes. I mean, David can feel free to jump in on this. But at the highest level, we generally are seeing that the vast majority of first-time bookers still come direct to Airbnb. So I'll just kind of step back.

是的。我的意思是，大衛可以隨意參與其中。但從最高層來看，我們普遍發現絕大多數首次預訂者仍然直接來到 Airbnb。所以我會退後一步。

The #1 way reason people come to Airbnb is because a friend or a family member told them about Airbnb. And so we primarily grow through word of mouth. After that, then we have a lot of earned media. We have some 500,000 to 600,000 press articles a year. I mean the share of voice of Airbnb compared to most travel companies is overwhelming. We have a greater share of voice than almost all the other major travel brands combined.

人們來到 Airbnb 的首要原因是朋友或家人向他們介紹了 Airbnb。因此，我們主要透過口碑來實現成長。之後，我們就有了很多免費媒體。我們每年發布約 50 萬至 60 萬篇新聞文章。我的意思是，與大多數旅遊公司相比，Airbnb 的話語權份額是壓倒性的。我們的話語權比幾乎所有其他主要旅遊品牌的總和還要大。

We also have a huge amount of presence in social media. You might have heard a few months ago about the Barbie house rented in Airbnb or the Shrek House, so we get a lot of earned media. And then beyond that, we do these pretty big brand campaign. And the vast majority of our marketing spend that we do spend on advertising is not performance marketing, it's brand marketing. It's really marketing education around our unique product offering. So we do performance marketing, but we think unlike other travel companies, it's not necessarily a way to buy customers. It's literally more like a laser that we use to hone in on balancing supply/demand, and we really can use it to optimize certain markets.

我們在社群媒體上也有大量的存在。幾個月前，您可能聽說過 Airbnb 上出租的芭比之家或史瑞克之家，因此我們獲得了大量免費媒體。除此之外，我們也開展了這些相當大的品牌活動。我們花在廣告上的行銷支出絕大多數不是效果行銷，而是品牌行銷。這實際上是圍繞我們獨特的產品提供的營銷教育。所以我們做效果行銷，但我們認為與其他旅遊公司不同，這不一定是購買客戶的方式。它實際上更像是我們用來磨練平衡供需的激光，我們確實可以用它來優化某些市場。

So a lot of it remains direct. And again, 90% of our traffic is direct or unpaid. I think that's been pretty consistent.

所以很多內容還是直接的。再說一次，我們 90% 的流量是直接的或免費的。我認為這非常一致。

On Experiences, again, I don't have anything new to share now. I'll just say the following. We are actively working on updates to this product. As much as people love homes, I think 84% of people who book Airbnb leave a review, give a 5 star. We even have a higher customer satisfaction experience with 94% of people leave 5-star reviews. So we haven't updated this product yet because we just had our hands full really trying to focusing the most perishable opportunities, which was recovering from the pandemic, improving our core service and addressing the needs of customers. But we should have some updates coming in the coming -- obviously, coming next year and beyond on this product. And you'll see we're continually investing in this product.

關於經驗，我現在沒有任何新的東西可以分享。我就簡單說以下幾點吧。我們正在積極致力於該產品的更新。儘管人們熱愛房屋，但我認為在 Airbnb 預訂的人中有 84% 留下了評價，給出了 5 星評價。我們甚至擁有更高的客戶滿意度體驗，94% 的人留下了 5 星評論。所以我們還沒有更新這個產品，因為我們只是忙於關注最容易消失的機會，即從大流行中恢復過來的機會，改善我們的核心服務並滿足客戶的需求。但我們應該會在未來推出一些更新——顯然，明年及以後該產品將會推出。您會看到我們不斷投資於該產品。

We'll go next to Kevin Kopelman at TD Cowen.

接下來我們將採訪 TD Cowen 的凱文·科佩爾曼 (Kevin Kopelman)。

Could you touch on your vision for building more of a travel community on Airbnb and maybe the time line you expect for rolling out some of the new community features that you've talked about a little bit.

您能否談談您在 Airbnb 上建立更多旅遊社區的願景，以及您預計推出剛才談到的一些新社區功能的時間表。

Kevin, yes, I think -- let me just explain what I even mean by a travel community. I think one of the biggest visions that we have as a company isn't just to be a marketplace to become, but to build literally quite literally a global travel community where you can get homes and experiences and a variety of other services, all in one place. So we can provide a lot of offerings for guests and hosts. And that we can use an emerging technologies like generative AI, like take the Where the Airbnb app can be like the ultimate travel agent.

凱文，是的，我想——讓我解釋一下我所說的旅遊社區是什麼意思。我認為，作為一家公司，我們最大的願景之一不僅僅是成為一個市場，而是真正建立一個全球旅遊社區，在這裡您可以獲得家園、體驗和各種其他服務，所有這些都在一個地方。所以我們可以為客人和主人提供很多產品。我們可以使用生成式人工智慧等新興技術，就像 Airbnb 應用程式可以像終極旅行社一樣。

So to do this, there's a number of things that we've been investing in. The first thing is identity and account structure. So on most travel companies, you can book as a guest and they don't even have account information. And you can sign up with an account, but you can also check out as a guest and they don't have the same robust account information that we do. on Airbnb 100% of the bookers and 100% of the host have to have a verified ID on -- associated to their account. They have robust profiles. About 70% of people on the guest and host side leave reviews to the other people. So this really does demonstrate how Airbnb is a little bit of a different community.

為此，我們在許多方面進行了投資。首先是身分和帳戶結構。所以在大多數旅遊公司，你可以以客人身份預訂，他們甚至沒有帳戶資訊。您可以使用帳戶註冊，但您也可以以訪客身分結帳，但他們沒有與我們相同的強大帳戶資訊。在 Airbnb 上，100% 的預訂者和 100% 的房東必須擁有與其帳戶關聯的經過驗證的 ID。他們擁有穩健的形象。大約 70% 的客人和主人都會向其他人留下評論。所以這確實證明了 Airbnb 是一個有點不同的社區。

We think that if we continue to invest in the profile and we can continue to invest in our system of trust, then as we learn more about guest and host, we can then match them for more types of offerings on Airbnb. And so this is, I think, really what we're starting to see. And the reason that AI is so powerful is I'll just cover 2 opportunities. Number one, I think that AI is going to affect -- this is an obvious statement, I think, digital business is more than brick-and-mortar businesses. So Airbnb and OTAs are probably going to benefit more quickly from AI than, say, a hotel will just because Airbnb and OTAs are more digital. And so the transformation will happen at the digital surface sooner.

我們認為，如果我們繼續投資於個人資料，我們可以繼續投資於我們的信任系統，那麼當我們更了解房客和房東時，我們就可以在 Airbnb 上為他們配對更多類型的產品。所以我認為這才是我們真正開始看到的。人工智慧之所以如此強大，是因為我只介紹兩個機會。第一，我認為人工智慧將會影響——這是一個顯而易見的說法，我認為數位業務不僅僅是實體業務。因此，Airbnb 和 OTA 可能會比飯店更快地從人工智慧中受益，因為 Airbnb 和 OTA 更加數位化。因此，數位化表面上的轉變將更快發生。

One of the areas that we're specifically going to benefit is customer service. Right now, customer service in Airbnb is really, really hard, especially compared to hotels. The problem is, imagine you have a Japanese host booking with -- hosting a German guest and there's a problem, and you have these 2 people speaking different languages calling customer service, there's a myriad of issues, there's no front desk, we can't go on-premise. We don't understand the inventory, and we need to try to adjudicate an issue based on 70 different policies that can be up to 100 pages long.

我們特別受益的領域之一是客戶服務。目前，Airbnb 的客戶服務真的非常非常困難，尤其是與飯店相比。問題是，想像一下，您有一位日本房東預訂，接待了一位德國房客，出現了問題，而這兩個人用不同的語言打電話給客戶服務部，存在無數的問題，沒有前台，我們可以'不要去內部部署。我們不了解清單，需要嘗試根據 70 種不同的政策來裁決問題，這些政策可能長達 100 頁。

AI can literally start to solve these problems where agents can supervise a model that can -- in second, come up with a better resolution and provide front desk level support in nearly every community in the world. But probably more importantly, Kevin, is what we can do by reimagining the search experience. Travel search has not really changed much in 25 years since really Expedia, Hotels.com, it's pretty much the same as it's been.

人工智慧實際上可以開始解決這些問題，代理可以監督一個模型，然後，提出更好的解決方案，並為世界上幾乎每個社區提供前台層級的支援。但也許更重要的是，凱文，我們可以透過重新想像搜尋體驗來做到這一點。自從 Expedia、Hotels.com 出現以來，旅行搜尋在 25 年來並沒有發生太大變化，與以前幾乎沒有什麼變化。

And Airbnb, we fit that paradigm. There's a search box, you enter a date location, you refine your results and you book something. And it really hasn't changed much for a couple of decades. I think now with AI, there can be entirely different booking models. And I think this is like a Cambrian moment for like the Internet or mobile for travel where suddenly an app could actually learn more about you. They could ask you questions and they could offer you a significantly greater personalized service.

而 Airbnb，我們就符合這種範式。有一個搜尋框，您輸入日期位置，優化結果並預訂一些東西。幾十年來它確實沒有太大變化。我認為現在有了人工智慧，可以有完全不同的預訂模式。我認為這就像互聯網或移動出行的寒武紀時刻，突然之間，一個應用程式實際上可以更多地了解你。他們可以向您提出問題，並且可以為您提供更出色的個人化服務。

Before the Internet, there were travel agents, and they actually used to learn about you. And then travel got unbundled, it became self-service and it became all about price. But we do think that there's a way that travel could change and AI could lead the way with that. So these are some of the things we're thinking about, and I think it's really, really exciting. And we're just at the beginning of this.

在網路出現之前，就有旅行社，他們實際上曾經了解過您的資訊。然後旅行被分拆，變成了自助服務，一切都取決於價格。但我們確實認為旅行可以透過某種方式改變，而人工智慧可以在這方面發揮引領作用。這些是我們正在考慮的一些事情，我認為這真的非常非常令人興奮。我們才剛開始。

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

我們將搬到美國銀行的賈斯汀·波斯特旁邊。

Supply is up 19%. How do you think about that as a leading indicator for room night growth? And how do you maybe accelerate night growth to capture that? And then the second question is on ADRs. Is that supply coming in higher or lower, similar ADRs? And I don't know, Dave, if you can give us any thoughts on positive and negative drivers for ADRs next year.

供應量成長 19%。您如何看待這作為間夜成長的領先指標？您如何加速夜間生長以捕捉這一點？第二個問題是關於 ADR 的。類似的 ADR 供應量是更高還是更低？戴夫，我不知道你能否給我們提供關於明年 ADR 的積極和消極驅動因素的任何想法。

Sure. Yes, I'll start with ADR, and I'll go back to growth. I mean on the ADR side, it varies a little bit by market. We have seen, depending on the market, the ADRs of new listings coming in a little bit higher than they were in the average current ones. But what actually ends up happening is people are booking lower ADR places. And so that's kind of the offset. It depends on what's available and versus what's booked. And it does vary a little bit by region between North America and Europe on what the prices are.

當然。是的，我將從 ADR 開始，然後再回到成長。我的意思是，在 ADR 方面，它因市場而異。我們已經看到，根據市場情況，新上市的 ADR 略高於目前平均。但最終實際發生的情況是人們預訂了較低的 ADR 位置。這就是一種抵消。這取決於可用的內容以及已預訂的內容。北美和歐洲之間不同地區的價格確實略有不同。

In North America, we're seeing more of the prices come down. And I think that's been a good indicator of strength for us going forward. And in Europe, the ADRs have been a little bit more elevated, and we're hoping that with some more of the work that we've done to improve post tools and give greater visibility to host on how they're pricing, we'll continue to be able to kind of moderate ADRs in Europe going forward, too. So that's on the leading indicator.

在北美，我們看到更多的價格下降。我認為這是我們前進的一個很好的實力指標。在歐洲，ADR 有所提高，我們希望透過我們所做的更多工作來改進發布工具並提高託管定價方式的可見性，我們」未來我們也將繼續能夠緩和歐洲的 ADR。這就是領先指標。

I do think that the strength of 19% listings growth is a great leading indicator of what we're capable of growing over time. As I said earlier, the overall growth of Airbnb since 2019, nights growth has been actually relatively in line with the total growth of supply.

我確實認為 19% 的掛牌量成長勢頭是一個很好的領先指標，表明我們有能力隨著時間的推移實現成長。正如我之前所說，Airbnb自2019年以來的整體成長，過夜數成長其實與供應總量的成長相對一致。

And I'm really bullish that we can get more supply coming on, which will have more quality supply coming in, which will also can drive down actually the prices because the more supply that comes on board, maybe back to your first question, the more likelihood that we can actually bring prices down in the market or at least moderate them so they don't grow as fast as competing supply. So I'm really bullish on our overall growth. It's been great to see the strength of our listings growth this year.

我真的很樂觀，我們可以獲得更多的供應，這將帶來更多優質的供應，這也將實際上壓低價格，因為船上的供應越多，也許回到你的第一個問題，我們更有可能真正降低市場價格，或至少調節價格，這樣它們的成長速度就不會像競爭供應那麼快。所以我非常看好我們的整體成長。很高興看到今年我們的掛牌量成長強勁。

And maybe, Justin, I'll just say that like this is my intuition having done this for almost 16 years of my life. I think that supply is even more important than it seems on the surface. Ultimately, when you're tiny and no one ever hears about you, one of the big levers is awareness. But once you're a brand like Airbnb that's known as really (inaudible) used all over the world, so supply growth becomes a very important like long-term leading indicator. And so long as we make sure we have healthy supply growth and then we continue to improve reliability and promote Airbnb globally around the world, then that is a very, very healthy long-term indicator. And we love for that number to be a bit higher.

賈斯汀，也許我會說，這就是我的直覺，我已經這樣做了將近 16 年了。我認為供應比表面上看起來更重要。最終，當你很小並且沒有人聽說過你時，最大的槓桿之一就是意識。但是，一旦你成為像 Airbnb 這樣的品牌，真正（聽不清楚）在全世界範圍內使用，那麼供應成長就變得非常重要，就像長期領先指標一樣。只要我們確保供應量健康成長，然後繼續提高可靠性並在全球推廣 Airbnb，那麼這就是一個非常非常健康的長期指標。我們希望這個數字能更高一點。

We'll go next to James Lee at Mizuho.

我們將前往瑞穗的詹姆斯李 (James Lee) 旁邊。

Great. Two questions here, Dave. I remember at the beginning of the year when you were guiding ADR down about mid-single digits. You were talking about leverage and like variable expenses like payment and cloud. I was just wondering where you are in that process, how much up to unlock going forward? And secondarily, on sales and marketing, it looks like supply is creating demand right now. Is it fair to assume we're shifting more demand-side advertising going forward? And can you talk about the implications there?

偉大的。這裡有兩個問題，戴夫。我記得今年年初，你們將 ADR 引導至中個位數左右。您談論的是槓桿以及支付和雲端等可變費用。我只是想知道你在這個過程中處於什麼位置，未來需要解鎖多少？其次，在銷售和行銷方面，目前看來供應正在創造需求。假設我們未來將轉向更多的需求方廣告是否公平？您能談談其中的含義嗎？

I'll start with sales and marketing. We're not actually shifting more to demand-side marketing. I think what we're seeing is exactly the success that Brian talked about earlier on the call. We -- the vast majority of our traffic is direct or unpaid. The first reason why people come to Airbnb is they're referred to us by family and friends. They come directly to us.

我將從銷售和行銷開始。我們實際上並沒有更多地轉向需求方行銷。我認為我們所看到的正是布萊恩早些時候在電話會議中談到的成功。我們－我們的絕大多數流量是直接的或免費的。人們來到 Airbnb 的第一個原因是家人和朋友推薦給我們。他們直接來找我們。

The brand marketing certainly kind of helps talk about all the features and benefits of Airbnb and we use our search engine marketing as kind of a laser to focus on areas where maybe we have less demand than we have supply or in specific countries where we want to focus and kind of grow the overall kind of pie for us. So it is not the primary driver of it, but this overall strategy of leading with brands and then following with surgical on our search engine marketing continues to work really well for us.

品牌行銷當然有助於談論 Airbnb 的所有功能和優勢，我們將搜尋引擎行銷用作激光，重點關注需求可能少於供應的領域或我們想要的特定國家/地區專注並為我們做整體的蛋糕。所以它不是它的主要驅動力，但這種以品牌為主導，然後對我們的搜尋引擎行銷進行外科手術的整體策略對我們來說仍然非常有效。

And then in terms of the ADR, I think that the unlock of the variable expense improvements we've been making has just continued to enable us to drive profitable growth, right? We have -- our fixed cost growth discipline has been excellent, probably grow our fixed -- headcount this year, approximately 4%. So we're growing our head count and fixed expenses less than revenue. We continue to make great strides of improvement in our operations and support, and Brian talked about a lot of the opportunities we have going forward in customer service. And then we're continuing to make good strides in cost of payments, our infrastructure costs, et cetera.

然後就 ADR 而言，我認為我們一直在進行的可變費用改進的釋放繼續使我們能夠推動盈利增長，對吧？我們的固定成本成長紀律非常出色，今年可能會增加我們的固定員工人數，約 4%。因此，我們的員工數量和固定支出都低於收入。我們在營運和支援方面繼續取得長足進步，布萊恩談到了我們在客戶服務方面未來的許多機會。然後，我們將繼續在支付成本、基礎設施成本等方面取得長足進展。

That's not our primary driver. Like our primary focus is still on growth. Growth of the business, making hosting mainstream, perfecting the core service and expanding down the core and the fact that I can do all those things and do it while still doing it profitably and actually expanding our overall margins this year, it is something that I'm just very proud of.

這不是我們的主要驅動力。就像我們的主要關注點仍然是成長一樣。業務的成長，使託管成為主流，完善核心服務並向下擴展核心，事實上，我可以做所有這些事情，並且在實現盈利的同時仍然可以實現盈利，並且實際上擴大了我們今年的整體利潤率，這是我所要做的事情我只是感到非常自豪。

And we'll move to our next question from Lloyd Walmsley at UBS.

我們將轉向瑞銀 (UBS) 勞埃德‧沃姆斯利 (Lloyd Walmsley) 提出的下一個問題。

My question, you guys have been talking a lot about innovating on the search experience, like working on GenAI, the community side, things like co-hosting. Do you see a path where some of these features over the longer term like community in search drive enough differentiation that you could bring on more traditional supply, things like boutique hotels in such a way that you kind of expand your addressable market and revenue per user while still sort of preserving enough that's unique about Airbnb? Is that sort of makes sense? Or is that just too far out there?

我的問題是，你們一直在談論很多關於搜尋體驗創新的事情，例如在 GenAI、社群方面的工作，以及共同主持等事情。您是否看到這樣一種路徑：從長遠來看，其中一些功能（例如搜尋社區）可以帶來足夠的差異化，從而可以引入更傳統的供應，例如精品酒店，從而擴大您的潛在市場和每用戶收入同時仍保留足夠的 Airbnb 獨特之處？這樣的說法有道理嗎？還是那地方太遠了？

No, Lloyd, that absolutely makes sense. And I think that's inevitability. Just to back up for a second, we are very much supportive having hotel inventory on Airbnb. And we acquired HotelTonight before the pandemic because we believe so much in it. Over the last few years, we had to make some decisions, especially when our business initially contracted and we made some decisions. We said, well, we have to really just get focused on our core. And our core were individual people renting homes, sharing homes. That is the most differentiated thing. It's inventory you can't find anywhere else. It's a thing that is most defensible, is the thing that attracts all the direct traffic.

不，勞埃德，這絕對有道理。我認為這是不可避免的。順便說一句，我們非常支持在 Airbnb 上擁有飯店庫存。我們在大流行之前收購了 HotelTonight，因為我們對此非常有信心。在過去的幾年裡，我們必須做出一些決定，特別是當我們的業務最初收縮時，我們做出了一些決定。我們說，好吧，我們必須真正專注於我們的核心。我們的核心是個人租房、共享房屋。這是最有差別的一點。這是您在其他地方找不到的庫存。這是最有防禦力的東西，是吸引所有直接流量的東西。

That being said, I mean, let's just take New York, for example. We still have a lot of traffic of people searching for New York, and we now have a lot less inventory we used to have so there's a real opportunity for us to supplement what used to be homes with boutique hotels. They're already on hotel tonight and others, and we can certainly put those in New York. And I generally think for sure, as Airbnb becomes a little more of a so-called like AI travel agent, which is what I think all travel apps will trend towards to some extent. I think there's opportunity for us to do things in a differentiated way even with slightly less differentiated inventory.

話雖這麼說，我的意思是，讓我們以紐約為例。我們仍然有大量的人搜尋紐約，而且我們現在的庫存比以前少了很多，所以我們有一個真正的機會用精品酒店來補充以前的住宅。他們今晚和其他人已經在酒店了，我們當然可以把他們放在紐約。我通常認為這是肯定的，因為 Airbnb 變得更像是一個所謂的人工智慧旅行社，我認為所有旅行應用程式都會在某種程度上趨向於這一趨勢。我認為，即使庫存差異化程度稍低，我們也有機會以差異化方式做事。

I think our bread and butter for combinations are always going to be home. I think that's where our heart and soul is. I also think that's where the biggest growth opportunity is, but you should not think of our total supply -- addressable market of supply as only homes. We've had hotels. We've just been prioritizing homes because we wanted to be really focused.

我認為我們的麵包和黃油組合永遠是家。我想這就是我們的心和靈魂所在。我也認為這就是最大的成長機會，但你不應該將我們的總供應——可尋址的供應市場視為只有住宅。我們住過飯店。我們一直優先考慮房屋，因為我們想要真正專注。

Next, we'll move to Kenneth Gawrelski at Wells Fargo.

接下來，我們將邀請富國銀行的肯尼斯‧加維爾斯基 (Kenneth Gawrelski)。

Appreciate it. Two questions, if I may. First, I want to go back to supply. I know you've talked a lot about it. The room nights up 19% with double-digit growth in all territories. Yet every week, we read about new STR regulations. At least in North America, could you help us reconcile this kind of this contrast for the financial market? Like what are we missing as investors here -- where is that supply growth really happening, especially in the kind of Western markets?

欣賞它。如果可以的話，有兩個問題。首先，我想回到供應。我知道你已經談論了很多。所有地區的間夜數成長了 19%，實現了兩位數成長。然而我們每週都會讀到新的 STR 法規。至少在北美，您能幫助我們協調金融市場的這種對比嗎？就像我們身為投資者所缺乏的——供應成長真正發生在哪裡，尤其是在西方市場？

And then my second question to be a bit more specific, I know you called out the volatility in room nights and on the demand side in 4Q. Are there any specific regions that you would call out? Or is it more broad-based? And just on the timing standpoint, did this start in October? Or did you see some of the volatility start in 3Q?

然後我的第二個問題更具體一些，我知道您提到了第四季度間夜和需求方面的波動。您會指出哪些特定區域嗎？或者它的基礎更廣泛？從時間的角度來看，這是從十月開始的嗎？或者您看到第三季開始出現一些波動？

Maybe I'll -- go for it, Dave.

也許我會——去做吧，戴夫。

Well, I'll just start with the volatility in room nights. There's not a specific region where we're seeing it. I think maybe the biggest thing we've seen is that it's more broad-based on a global basis right now, which is why we've kind of called out the macroeconomic and potential geopolitical issues as a potential driver to it. We saw maybe some of it just late September and it's kind of been early October. And again, it's just a little too early to tell how much volatility we see going into the rest of the quarter. That's why we continue to highlight the revenue growth that we're still expecting this year between 12% and 14% and our growth overall.

好吧，我先從客房夜數的波動性開始。我們沒有在特定區域看到它。我認為也許我們看到的最重要的事情是它現在在全球基礎上更加廣泛，這就是為什麼我們將宏觀經濟和潛在的地緣政治問題稱為其潛在驅動因素。我們可能在九月底和十月初就看到了其中的一些。再說一遍，現在判斷本季剩餘時間的波動程度還為時過早。這就是為什麼我們繼續強調我們今年仍預期營收成長 12% 至 14% 以及我們的整體成長。

And then on the regulation side, I mean, I think it's a lot of what Brian said earlier that 80% of our top 200 markets already have regulation. I think the headlines, they tend to make good headlines when people are highlighting kind of issues with short-term regulation. But in many ways, outside of New York City, I've never been -- felt better about our overall regulatory landscape on a global basis. We have really good partnerships with many cities around the world and things like our City Portal and other things has made us continue to collaborate extremely well with the vast majority of cities. So I think those are outliers. But Brian?

然後在監管方面，我的意思是，我認為布萊恩之前所說的很多內容都是如此，即我們 200 個排名前 200 的市場中 80% 已經有了監管。我認為當人們強調短期監管問題時，頭條新聞往往會成為很好的頭條新聞。但在很多方面，在紐約市之外，我從未對我們在全球範圍內的整體監管環境感覺更好。我們與世界各地的許多城市有著非常良好的合作關係，我們的城市入口網站和其他東西使我們能夠繼續與絕大多數城市保持良好的合作。所以我認為這些都是異常值。但是布萊恩？

Yes. Yes. And I'd just say, like, again, we're in like 100,000 cities around the world and for every headline you read, there's cities that actually have very workable solutions. There's not a lot of activity. We're actually seeing growth in supply across all types of markets, not just big cities where you see in headlines. And I think vacation rental destinations -- in fact, there's a U.S. Census report that we looked at. I think said that 2/3 of markets where Airbnb exist, there aren't even hotel.

是的。是的。我只想再說一遍，我們遍布全球大約 100,000 個城市，對於您讀到的每個標題，都有一些城市實際上擁有非常可行的解決方案。活動不多。實際上，我們看到所有類型市場的供應量都在成長，而不僅僅是您在頭條新聞中看到的大城市。我認為度假租賃目的地 - 事實上，我們查看了一份美國人口普查報告。我認為 Airbnb 存在的市場 2/3 甚至沒有飯店。

So if you just think about that way, there's a lot of markets where there aren't even hotels, especially in the vacation rental in the nonurban areas. So the way I'd reconcile it is just to say that like while you read headlines about a few cities, they actually represent a very small percentage of the overall market concentration that we have.

所以如果你這樣想的話，有很多市場甚至沒有飯店，特別是在非城市地區的度假租賃市場。因此，我的調和方式只是說，就像當您閱讀有關幾個城市的頭條新聞時，它們實際上只占我們整體市場集中度的很小一部分。

And we'll take our next question from Conor Cunningham at Melius Research.

我們將回答 Melius Research 的 Conor Cunningham 提出的下一個問題。

Just on the 2/3 of the hosts that are using the pricing tool today, as you add new supply, you mentioned that ADRs of new supply is at a higher rate, but are those people more likely to use the discounting tools that you've kind of mentioned after they've listed before? And then maybe on the implications for take rate when you move into international markets, you're tracking towards -- over 50% of your rooms are going to be there. Is take rate can eventually just kind of bleed lower as that expands? Just curious on your thinking about that overall.

就目前使用定價工具的主機中的 2/3 而言，當您添加新供應時，您提到新供應的 ADR 比率較高，但這些人更有可能使用您的折扣工具嗎？在他們之前列出之後我們有提到嗎？然後，也許當您進入國際市場時，您將追蹤超過 50% 的房間將在那裡，這會對入住率產生影響。隨著規模的擴大，採用率最終會下降嗎？只是好奇你對此的整體看法。

Yes, I can take the first one, Conor. On tools, generally, new host adopt new tools at a higher rate than existing host. And the reason why is like when you sign up, like we have this really great onboarding and you're immediately presented with all the tools. Now we do have a percentage of our host, maybe like, call it, 1 million hosts that are highly, highly engaged, and they're going to be really engaged on a lot of these tools.

是的，我可以選擇第一個，康納。在工具方面，一般來說，新主機採用新工具的比例高於現有主機。原因就像當您註冊時，我們有一個非常棒的入職培訓，您會立即獲得所有工具。現在，我們確實有一定比例的主機，也許可以稱之為，100 萬主機，他們的參與度很高，他們將真正參與很多這些工具。

But every new host, as far as they're concerned, every tool is like -- is exactly how you're supposed to use Airbnb, whereas an older host, there's an adoption where you have to get them on to the new tools and they're used to hosting a certain way. So we're generally seeing that new host would probably adopt new tools at a faster rate than existing host.

但對於每位新房東來說，每種工具都是一樣的——這正是你應該如何使用Airbnb 的方式，而對於老房東來說，你必須讓他們使用新工具，並採取一種採用方式。他們習慣以某種方式舉辦活動。因此，我們通常會看到新主機可能會比現有主機更快採用新工具。

That being said, the ADR-related new host might also be related to the mix shift. We're getting a lot of inventory in nonurban areas. They're larger homes. So there's a lot of different reasons I can explain that. Dave, I can hand over to you.

話雖這麼說，與 ADR 相關的新主機也可能與混合轉變有關。我們在非城市地區獲得了大量庫存。他們是更大的房子。所以我可以解釋很多不同的原因。戴夫，我可以交給你了。

Yes. And can you read the second question again, it was take-rate on international host?

是的。您能再讀一次第二個問題嗎？這是國際主機的接受率？

Yes. Just as you expand internationally, is there going to be a natural reduction in take rate overall as that kind of tracks over 50% of your overall rooms at some point?

是的。就像您向國際市場擴張一樣，整體入住率是否會自然下降，因為在某個時候，您的客房總數將超過 50%？

No. I mean, actually, I think over time, the way we think about our take rate is that it's been very stable. We've actually made no underlying kind of recent changes to our absolute take rate. And what we want to be able to do is as we add more services and capabilities, that would be the way to further kind of monetize Airbnb. So what have we done things like adding guest travel insurance has been a nice add for kind of incremental monetization. It's small, but it's growing nicely. And then as Brian said, there as we kind of expand beyond core and add more services for host and guests, that will be the way to kind of increase it.

不。我的意思是，實際上，我認為隨著時間的推移，我們對轉換率的看法是非常穩定的。事實上，我們最近並沒有對我們的絕對採用率做出任何根本性的改變。我們希望能夠做到的是，隨著我們添加更多服務和功能，這將成為 Airbnb 進一步貨幣化的方式。因此，我們所做的事情，例如添加賓客旅遊保險，對於增量貨幣化來說是一個很好的補充。它雖小，但長得很好。然後，正如布萊恩所說，當我們擴展到核心之外並為主人和客人添加更多服務時，這將是增加它的方式。

And you could -- theoretically, you could argue the inverse, which is to say that as the expanded new markets, they might be more interested in new services that we can offer because hosting is newer to them. So as we expand in new markets and as we expand to new host services, we want to make sure that new host and new markets are percent of those opportunities.

從理論上講，您可以反其道而行之，也就是說，隨著新市場的擴大，他們可能對我們可以提供的新服務更感興趣，因為託管對他們來說是較新的。因此，當我們擴展到新市場和新主機服務時，我們希望確保新主機和新市場佔這些機會的百分比。

And there are no further questions at this time. I would like to turn the conference back to Brian Chesky for closing remarks.

目前沒有其他問題。我想請布萊恩‧切斯基 (Brian Chesky) 致閉幕詞。

All right. Well, thanks, everyone, for joining today. Just to recap, revenue was $3.4 billion, 18% higher than a year ago. Net income and adjusted EBITDA were both Q3 records. And as well -- I just want to -- the last thing I want to highlight is our trailing 12-month free cash flow was $4.2 billion. And this represents a free cash flow margin of 44%. And so I just want to call out the real incredible hard work that the team has done over the last 3 years. We've been really, really disciplined to try to make this business a cash-generating machine and to be really focused. And I think the team has made some great progress.

好的。好的，謝謝大家今天的加入。回顧一下，營收為 34 億美元，比一年前成長 18%。淨利潤和調整後 EBITDA 均創下第三季紀錄。而且——我只是想——我想強調的最後一件事是我們過去 12 個月的自由現金流為 42 億美元。這代表著 44% 的自由現金流利潤率。所以我只想讚揚球隊在過去三年中所做的真正令人難以置信的努力。我們一直非常非常自律地努力使這項業務成為現金生成機器並真正專注。我認為團隊已經取得了一些巨大的進步。

Next week, we're going to take a leap forward in making Airbnb more reliable with some big updates as part of our 2023 winter release. So I hope you can tune in. It's next Wednesday, November 8, to learn more, and I'll see you there.

下週，作為 2023 年冬季版本的一部分，我們將透過一些重大更新，在讓 Airbnb 變得更加可靠方面邁出一大步。所以我希望您能收聽。下週三，11 月 8 日，為了了解更多信息，我們到時見。

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。您現在可以斷開連線。