Airbnb Inc (ABNB) 2023 Q4 法說會逐字稿

Good afternoon and thank you for joining Airbnb's Earnings Conference Call for the Fourth 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 年第四季收益電話會議。謹此提醒，本次電話會議正在錄音中，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 Angela Yang, Director of Investor Relations. Please go ahead.

我現在將電話轉給投資者關係總監 Angela Yang。請繼續。

Good afternoon, and welcome to Airbnb's Fourth Quarter of 2023 Earnings Call. Thank you for joining us today. On the call today, we have Airbnb Co-Founder and CEO, Brian Chesky; and our Chief Financial Officer, Dave Stephenson.

下午好，歡迎參加 Airbnb 2023 年第四季財報電話會議。感謝您今天加入我們。 Airbnb 聯合創始人兼執行長 Brian Chesky 出席了今天的電話會議。以及我們的財務長戴夫史蒂芬森 (Dave Stephenson)。

Earlier today, we issued a shareholder letter with our financial results and commentary for our fourth 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 年第四季的財務業績和評論。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 would like to remind everyone that we will be making forward-looking statements on this call that involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors.

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。

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.

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 will pass the call to Brian.

這樣，我會將電話轉給布萊恩。

All right. Thank you, and good afternoon, everyone. Thanks for joining. I am excited to share our results with you.

好的。謝謝大家，大家下午好。感謝您的加入。我很高興與您分享我們的成果。

We wrapped 2023 with another strong quarter. We had 99 million Nights and Experiences Booked in Q4, marking our highest fourth quarter ever. Revenue of $2.2 billion grew 70% year-over-year. Net loss was $249 million. But when excluding nonrecurring tax items, adjusted net income was $489 million, representing an adjusted net income margin of 22%.

我們以又一個強勁的季度結束了 2023 年。第四季我們預訂了 9,900 萬晚住宿和體驗，創下了第四季有史以來最高的記錄。營收達 22 億美元，年增 70%。淨虧損為 2.49 億美元。但排除非經常性稅項後，調整後淨利為 4.89 億美元，調整後淨利率為 22%。

For the full year, our free cash flow was $3.8 billion, our highest ever. Because of our strong cash flow and balance sheet, we repurchased $2.25 billion of our shares during 2023. And I'm excited to announce that, today, our Board of Directors approved a new share repurchase authorization of up to $6 billion of our Class A common stock.

全年，我們的自由現金流為 38 億美元，創歷史最高水準。由於我們強勁的現金流和資產負債表，我們在2023 年回購了22.5 億美元的股票。我很高興地宣布，今天，我們的董事會批准了一項新的股票回購授權，回購金額高達60 億美元的A 類股票普通股。

Our strong results in 2023 were driven by our focus on 3 strategic priorities: making hosting mainstream, perfecting our core service and expanding beyond the core. First, we're making hosting mainstream. We've been focused on making hosting just as popular as traveling in Airbnb. Our results show that our approach is working.

我們在 2023 年取得的強勁業績得益於我們對 3 個策略重點的關注：使託管成為主流、完善我們的核心服務以及擴展到核心之外。首先，我們正在使託管成為主流。我們一直致力於讓出租和 Airbnb 旅行一樣受歡迎。我們的結果表明我們的方法是有效的。

In Q4, our host community grew to 5 million hosts around the globe. Active listings exceeded 7.7 million by the end of 2023, increasing 18% year-over-year, and we also saw sustained double-digit supply growth across all regions. All in all, in 2023, hosts earned more than $57 billion. This year, we are going to continue to raise awareness around hosting and improve the overall host experience.

第四季度，我們的主機社群在全球成長到 500 萬主機。截至 2023 年底，活躍掛牌量超過 770 萬套，較去年同期成長 18%，所有地區的供應量持續維持兩位數成長。總而言之，到 2023 年，房東的收入將超過 570 億美元。今年，我們將繼續提高出租意識並改善整體出租體驗。

Second, we're perfecting our core service. Over the past 3 years, we've launched more than 430 new features and upgrades to our core service. We've made significant improvements to make Airbnb a more affordable and reliable option, and we are already seeing a positive impact.

其次，我們正在完善我們的核心服務。在過去 3 年裡，我們推出了 430 多項新功能並升級了我們的核心服務。我們已經做出了重大改進，使 Airbnb 成為一個更實惠、更可靠的選擇，並且我們已經看到了積極的影響。

For example, post cancellations have decreased by 36% in Q4 of 2023, and this is compared to the same period a year ago. And now 2/3 of our hosts offer a weekly or monthly discounts. We will never stop perfecting our core service. In the year ahead, we'll remain focused on improving the quality and reliability of stays.

例如，與去年同期相比，2023 年第四季的取消訂單數量減少了 36%。現在，我們 2/3 的房東提供每週或每月折扣。我們永遠不會停止完善我們的核心服務。在未來的一年裡，我們將繼續致力於提高住宿的品質和可靠性。

Finally, we are expanding beyond the core. Airbnb is at an inflection point. We spent the last 3 years perfecting our core service, and we are now ready to embark on our next chapter. We're focused on unlocking more growth opportunities by investing in underpenetrated international markets, and we're seeing some great results.

最後，我們正在擴展到核心之外。 Airbnb 正處於一個拐點。我們在過去的三年裡完善了我們的核心服務，現在我們已經準備好開啟我們的下一個篇章。我們專注於透過投資滲透不足的國際市場來釋放更多成長機會，我們看到了一些出色的成果。

Following the success that we've seen in recent quarters in Germany, Brazil and Korea, we're now rolling out our playbook in other countries, including Switzerland, Belgium and Netherlands. But this is only one piece of a much bigger strategy because we've always believed that Airbnb was destined to offer more than just a place to stay. And now is the time for us to expand beyond our core business and reinvent Airbnb.

繼最近幾季我們在德國、巴西和韓國取得成功之後，我們現在正在其他國家推出我們的策略，包括瑞士、比利時和荷蘭。但這只是更大策略的一部分，因為我們始終相信 Airbnb 注定要提供的不僅僅是一個住宿的地方。現在是我們超越核心業務並重塑 Airbnb 的時候了。

And there are a few reasons why. I mean, first, we want people to love our core service before offering them something new. And with hundreds of improvements we made over the past 3 years, Airbnb service is now better than it's ever been. Second, we've been able to attract some of the best talent in the world, and we now have the capabilities to do so much more. And third, there is a new platform shift with AI, and it will allow us to do things we never could have imagined.

原因有幾個。我的意思是，首先，我們希望人們在向他們提供新東西之前喜歡我們的核心服務。經過過去 3 年的數百項改進，Airbnb 的服務現在比以往任何時候都更好。其次，我們已經能夠吸引世界上一些最優秀的人才，而且我們現在有能力做更多的事情。第三，人工智慧帶來了新的平台轉變，它將讓我們能夠做我們從未想過的事情。

While we've been using AI across our service for years, we believe we can become a leader in developing some of the most innovative and personalized AI interfaces in the world. In November, we accelerated our efforts with the acquisition of GamePlanner AI, a stealth AI company led by the co-founder and original developer of Siri. With these critical pieces in place, we're now ready to expand beyond our core business. Now this will be a multiyear journey, and we will share more with you towards the end of this year.

雖然我們多年來一直在我們的服務中使用人工智慧，但我們相信我們可以成為開發世界上一些最具創新性和個人化人工智慧介面的領導者。 11 月，我們加快了步伐，收購了 GamePlanner AI，這是一家由 Siri 聯合創始人兼原始開發人員領導的隱形人工智慧公司。有了這些關鍵部分，我們現在就可以擴展到核心業務之外了。現在，這將是一個多年的旅程，我們將在今年年底與您分享更多資訊。

Now looking back on Q4, we also saw a number of very positive business highlights. First, we surpassed 5 million hosts in the platform and saw meaningful supply growth across all regions. We added nearly 1.2 million listings in 2023, ending the year with over 7.7 million active listings. Q4 supply grew 18% year-over-year.

現在回顧第四季度，我們也看到了一些非常積極的業務亮點。首先，我們平台上的主機數量超過了 500 萬，並且所有地區的供應量都出現了顯著的增長。 2023 年，我們增加了近 120 萬個列表，到年底活躍列表超過 770 萬個。第四季供應量較去年同期成長 18%。

Now this is a real highlight. And we saw the highest growth in regions with the highest demand. So obviously, there's a real strong network effect happening here. We also continue to see relatively similar supply growth among individual and professional hosts, with the majority of these listings exclusive to Airbnb.

現在這是一個真正的亮點。我們看到需求最高的地區成長最快。顯然，這裡正在發生真正強大的網路效應。我們也持續看到個人和專業房東的供應量成長相對相似，其中大部分房源都是 Airbnb 獨有的。

Now second, we continue to see strong demand on Airbnb. Now this is especially true amongst first-time bookers, which is particularly encouraging. Nights and Experiences Booked grew 12% compared to a year ago. And following some volatility in October, Nights Booked actually accelerated throughout the remainder of the quarter.

其次，我們持續看到對 Airbnb 的強勁需求。現在，對於首次預訂的人來說​​尤其如此，這尤其令人鼓舞。預訂天數和體驗數量與去年同期相比增加了 12%。繼 10 月的一些波動之後，預訂天數實際上在本季度剩餘時間內加速成長。

And Q4 also marked the highest quarterly growth rate of the year for first-time bookers. And additionally, we also gained momentum in app downloads and app bookings. 55% of gross Nights Booked were in our app. This is up from 50% a year ago.

第四季也創下了首次預訂者今年最高的季度成長率。此外，我們在應用程式下載和應用程式預訂方面也取得了成長勢頭。 55% 的總預訂天數是在我們的應用程式中完成的。這比一年前的 50% 有所上升。

And finally, we're driving affordability for guests. Throughout 2023, we introduced several features to make Airbnb more affordable, from new pricing tools for hosts, to increased pricing transparency for guests. Since launching these features, we've seen 1.4 million hosts use similar listings, which lets hosts compare the price they're listing to others in the area.

最後，我們正在提高客人的負擔能力。 2023 年全年，我們推出了多項功能，讓 Airbnb 的價格更加實惠，從為房東提供的新定價工具到為房客提高的定價透明度。自從推出這些功能以來，我們已經看到 140 萬房東使用類似的列表，這讓房東可以將他們列出的價格與該地區其他人進行比較。

Nearly 300,000 listings have removed or lowered their cleaning fee. And by year-end, nearly 40% of our active listings didn't charge a cleaning fee at all. So our work around affordability is paying off. In December, the average nightly price of a 1-bedroom listing on Airbnb was $114 a night. This is down 2% from the same period last year, while hotel prices rose 7% to $149 over the same period.

近 30 萬個房源取消或降低了清潔費。到年底，我們有近 40% 的活躍房源根本不收取清潔費。因此，我們圍繞負擔能力所做的工作正在取得成效。 12 月，Airbnb 上一間一房房源的平均每晚價格為每晚 114 美元。這比去年同期下降了 2%，而同期飯店價格上漲了 7%，達到 149 美元。

Now before I turn to Q&A, I want to share the latest on 2 executive updates we announced at the end of last year. To start, Dave Stephenson is now Airbnb's first Chief Business Officer. Over the past 5 years, Dave has done an incredible job as CFO, and our business is stronger than ever.

現在，在進行問答之前，我想分享我們去年年底宣布的兩項高階主管更新的最新消息。首先，戴夫史蒂芬森 (Dave Stephenson) 現任 Airbnb 首任首席商務官。在過去的 5 年裡，戴夫作為財務長做了令人難以置信的工作，我們的業務比以往任何時候都更加強大。

One of the qualities that is so remarkable about Dave is that he's not just a world-class finance leader, he's also a world-class operator. And whenever I need someone to quickly drive a complicated series of operations together to clear outcome that doesn't compromise our values, I turn to Dave.

戴夫的非凡品質之一是，他不僅是一位世界級的金融領袖，也是一位世界級的經營者。每當我需要有人快速推動一系列複雜的行動，以明確結果而不損害我們的價值觀時，我就會求助於戴夫。

As we expand beyond our core, it will be paramount to have an executive dedicated to our long-term growth plans, and there is nobody better than Dave to do this. Dave will continue to drive growth across existing and new businesses, and this includes driving international expansion, growing global host supply and leading all business and corporate development activities at Airbnb.

當我們超越核心業務時，擁有一位致力於我們長期成長計畫的高階主管至關重要，而沒有人比戴夫更適合做到這一點。 Dave 將繼續推動現有和新業務的成長，其中包括推動國際擴張、增加全球房東供應以及領導 Airbnb 的所有業務和企業發展活動。

Now as Dave takes on this position, I am thrilled that Ellie Mertz will be our CFO. You see Ellie has been my right hand for 11 years, and many of you already know her in a role with impressive track record at Airbnb. She led our IPO during one of the most pivotal moments in our company's history.

現在，隨著戴夫 (Dave) 擔任這一職位，我很高興 Ellie Mertz 將成為我們的財務長。你看，Ellie 已經成為我的得力助手 11 年了，你們中的許多人都已經認識她，她在 Airbnb 的表現令人印象深刻。她在我們公司歷史上最關鍵的時刻之一領導了我們的首次公開募股。

And for the past several years, Ellie has overseen Strategic Finance and Analysis, Corporate Development and Investor Relations. And under her leadership, our company grew from adolescent to adulthood, with revenue growing over 100x. I am thrilled that she's stepping into this role. Dave has already started as Chief Business Officer, and Ellie will officially transition to CFO on March 1. So next call, you will hear from Ellie.

在過去的幾年裡，艾莉負責監督策略財務和分析、企業發展和投資者關係。在她的領導下，我們的公司從青少年發展到成熟，收入成長了 100 倍以上。我很高興她能擔任這個角色。 Dave 已開始擔任首席商務官，Ellie 將於 3 月 1 日正式過渡為財務長。因此，下次通話時，您會收到 Ellie 的來信。

Before we go to questions, I'd just love to hand over to David to share a few thoughts. Dave?

在我們開始提問之前，我想請 David 分享一些想法。戴夫？

Thanks, Brian. I'm really excited about my new role as Chief Business Officer. In this role, I'm focused on driving Airbnb's growth by concentrating in 3 specific areas. First, continuing to grow our high-quality supply of stays and experiences around the world; second, leading our global expansion efforts in underpenetrated countries; and third, developing and launching new businesses as we expand beyond the core.

謝謝，布萊恩。我對擔任首席商務官這一新角色感到非常興奮。在此職位上，我將重點放在 3 個特定領域，推動 Airbnb 的發展。首先，繼續增加我們在世界各地的高品質住宿和體驗供應；其次，領導我們在滲透率較低的國家的全球擴張工作；第三，隨著我們向核心業務以外的擴張，開發和開展新業務。

As Brian has said, this is a transformational year for Airbnb. I look forward to Ellie becoming our CFO next month. I couldn't think of a better person to lead us into the next phase of growth. And so with that, let's open up the call for Q&A.

正如 Brian 所說，今年對 Airbnb 來說是轉型的一年。我期待艾莉下個月成為我們的財務長。我想不出比他更好的人來帶領我們進入下一階段的發展了。因此，讓我們開始問答環節。

(Operator Instructions) Your first question comes from the line of Ron Josey from Citi.

（操作員說明）您的第一個問題來自花旗集團的 Ron Josey。

Dave, congrats on the role, and Ellie, to you as well. Brian, I wanted to ask a little bit more on just expanding beyond the core. I think you said now is the time to do it and to stay tuned towards the end of the year. But then you also talked about being a leader in personalized AI.

戴夫，恭喜你獲得這個角色，艾莉，也祝賀你。布萊恩，我想多問一些關於超越核心的問題。我想你說過現在是時候這樣做了，並在年底前繼續關注。但隨後您也談到了成為個人化人工智慧領域的領導者。

Can you just give us a little more insight on how you're thinking about AI, given the acquisition of GamePlanner? And then as we think about these newer underpenetrated markets, Switzerland, Belgium and Netherlands, talk to us about just lessons learned from, call it, Germany, Korea, Brazil that you can apply to these newer markets?

在收購 GamePlanner 的情況下，您能否更深入了解您對 AI 的看法？然後，當我們考慮瑞士、比利時和荷蘭等新興市場時，請與我們談談從德國、韓國、巴西吸取的經驗教訓，您可以將其應用到這些新興市場嗎？

Yes, absolutely, Ron. Thanks for asking the question. So yes, let me start with AI. So I think, to talk about AI, it would be good to zoom out, just lay out the landscape. One way to think about AI is, let's use a real-world metaphor. I mentioned we're building a city. And in that city, we have infrastructure, like roads and bridges. And then on top of those roads and bridges, we have applications like cars.

是的，絕對是，羅恩。感謝您提出問題。所以，是的，讓我從人工智慧開始。所以我認為，要談論人工智慧，最好把鏡頭拉遠，只是展示一下情況。思考人工智慧的一種方法是，讓我們使用現實世界的比喻。我提到我們正在建設一座城市。在那個城市，我們擁有道路和橋樑等基礎設施。然後，在這些道路和橋樑之上，我們還有汽車等應用程式。

So Airbnb is not an infrastructure company. Infrastructure would be a large language model or, obviously, GPUs. So we're not going to be investing in infrastructure. So we're not going to be building a large language model. We'll be relying on, obviously, OpenAI. Google makes -- or create a model, Meta creates models. So those are really infrastructure. They're really developing infrastructure.

所以 Airbnb 不是一家基礎建設公司。基礎設施將是一個大型語言模型，或顯然是 GPU。所以我們不會投資基礎建設。所以我們不會建構一個大型的語言模型。顯然，我們將依賴 OpenAI。 Google 製造——或者說創建模型，Meta 創建模型。所以這些都是真正的基礎建設。他們確實在開發基礎設施。

But where we can excel is on the application layer. And I believe that we can build one of the leading and most innovative AI interfaces ever created. And maybe one way to make this real is if you were to open, say, ChatGPT or Google, though the models are very powerful, the interface is really not an AI interface. It's the same interface as the 2000s, in a sense, the 2010s. It's a typical classical web interface. So we feel like the models, in a sense, are probably underutilized.

但我們可以擅長的地方是在應用程式層。我相信我們可以建立有史以來領先且最具創新性的人工智慧介面之一。也許實現這一點的一種方法是，如果你打開 ChatGPT 或 Google，儘管這些模型非常強大，但介面實際上不是人工智慧介面。從某種意義上說，它與 2000 年代的介面與 2010 年代的介面相同。這是一個典型的經典網頁介面。因此，我們覺得從某種意義上來說，這些模型可能沒有被充分利用。

Here's another way of saying it. Take your phone and look at all the icons on your phone. Most of those apps have not fundamentally changed since the advent of Generative AI. So what I think AI represents is the ultimate platform shift. We had the internet. We had mobile. Airbnb really rose during the rise of mobile.

這是另一種說法。拿起你的手機，查看手機上的所有圖示。自從生成式人工智慧出現以來，大多數應用程式都沒有根本性的變化。所以我認為人工智慧代表的是最終的平台轉變。我們有網路。我們有手機。 Airbnb 確實是在行動裝置興起的過程中崛起的。

And the thing about a platform shift, as you know, there is also a shift in power. There's a shift of behavior. And so I think this is a 0-0 ball game, where Airbnb, we have a platform that was built for 1 vertical short-term space. And I think with AI -- Generative AI and developing a leading AI interface to provide an experience that's so much more personalized than anything you've ever seen before.

如您所知，關於平台轉移的事情也涉及權力的轉移。行為發生了轉變。所以我認為這是一場 0-0 的比賽，Airbnb 我們有一個為 1 個垂直短期空間建造的平台。我認為透過人工智慧——生成式人工智慧並開發領先的人工智慧介面，可以提供比您以前見過的更個人化的體驗。

Imagine an app that you feel like it knows you, it's like the ultimate Concierge, an interface that is adaptive and evolving and changing in real-time, unlike no interface you've ever seen before. That would allow us to go from a single vertical company to a cross-vertical company. Because one of the things that we've noticed is the largest tech companies aren't a single vertical.

想像一下您感覺它了解您的應用程序，它就像終極禮賓服務，一個自適應、實時發展和變化的界面，與您以前見過的界面不同。這將使我們能夠從單一垂直公司轉變為跨垂直公司。因為我們注意到的一件事是最大的科技公司並不是單一垂直的領域。

And we studied Amazon in the late '90s, early 2000s, when they went from books to everything, or Apple when they launched the App Store. And these really large technology companies are horizontal platforms. And I think with AI and the work we're doing around AI interfaces, I think that's what you should expect of us.

我們研究了 20 世紀 90 年代末、2000 年代初的亞馬遜，當時他們從書籍轉向一切產品，或研究了蘋果，當時他們推出了 App Store。而這些真正的大型科技公司都是橫向平台。我認為，透過人工智慧以及我們圍繞人工智慧介面所做的工作，我認為這就是您應該對我們的期望。

We're not going to talk specifically on this call about the specific products and services we're going to be offering, but you will see some very big announcements later this year. And as you know, we did an acquisition of GamePlanner AI. It was from the creator of Siri. And that was just accelerating the efforts we are already endeavoring on.

我們不會在這次電話會議上具體討論我們將提供的具體產品和服務，但今年稍後您將看到一些非常重要的公告。如您所知，我們收購了 GamePlanner AI。它來自 Siri 的創造者。這只是加速了我們已經在努力的努力。

And then in terms -- I was going to answer the second question was...

然後，我要回答的第二個問題是…

Sorry, I think...

抱歉，我想...

Yes, your underpenetrated markets. We've learned a few things. First, we just need to make sure that we have great supply, and great supply in specific nights. So even the subtleties of local holidays and ensuring that we're there, that we have it at all price points.

是的，你的市場滲透率較低。我們學到了一些東西。首先，我們只需要確保我們有充足的供應，並且在特定的夜晚有充足的供應。因此，即使是當地假期的微妙之處，並確保我們在那裡，我們在所有價位上都有它。

Different countries have different expectations on what the supply growth looks like. And then just being, two, we have the right product, things like we've done include installment payments in Brazil and Latin America, [neighbor] log-in in Korea, just making sure that we're showing up locally in the ways that they're expecting.

不同國家對供應成長的預期不同。然後，第二，我們擁有合適的產品，我們所做的事情包括在巴西和拉丁美洲的分期付款，[鄰居]在韓國登錄，只是確保我們以當地的方式出現他們所期待的。

And then the third is just to make sure we have a full-funnel marketing approach. In some of these countries, we're now big enough where we can have a small team do very targeted social marketing, PR, communications, use influencers, search engine marketing, but to build that on top of brand marketing, to have that all work together in 1 full-funnel approach. Lower than -- approximately 90% of our traffic remains direct or unpaid because the majority of Airbnb stays are unique to us, and that continues to drive the flywheel. But having this full-funnel approach is very effective when we implement it on the ground in these countries.

第三就是確保我們擁有全通路行銷方法。在其中一些國家，我們現在已經足夠大，可以讓一個小團隊進行非常有針對性的社交營銷、公關、傳播、利用影響者、搜索引擎營銷，但要在品牌營銷的基礎上建立這一切，以實現這一切以 1 個全漏斗方法協同工作。低於—大約 90% 的流量仍然是直接或未付費的，因為大多數 Airbnb 住宿都是我們獨有的，並且這將繼續推動飛輪。但當我們在這些國家實地實施時，這種全通路方法非常有效。

Your next question comes from the line of Eric Sheridan from Goldman Sachs.

您的下一個問題來自高盛的艾瑞克·謝裡丹。

I was curious how the building blocks or sort of the way you're thinking about the macro environment and the idiosyncratic growth the company is sort of looking at for Q1, driven by elements of both supply and demand. And what do you see as sort of the exit dynamics from 2023?

我很好奇你對宏觀環境的建構模組或方式，以及公司在第一季的特殊成長，在供需因素的推動下。您認為 2023 年的退出動態如何？

Again, what we saw exiting 2023 was interesting, right? When we were on this call a quarter ago, we have seen some softness in demand in October. And then what we -- and so we guided to that kind of expectation. And then what we saw is accelerating demand in November and December. And then as we come into -- from that strength, 17% kind of revenue growth and 12% nights growth in the fourth quarter, we're seeing really stable demand coming at the start of the year.

再說一次，我們在 2023 年看到的情況很有趣，對吧？當我們一個季度前參加這次電話會議時，我們發現 10 月的需求有些疲軟。然後我們——所以我們引導了這種期望。然後我們看到 11 月和 12 月的需求加速成長。然後，當我們進入第四季的營收成長 17% 和過夜數成長 12% 的強勁勢頭時，我們看到年初的需求非常穩定。

You have to actually rewind the tapes and remind yourself that we were just exiting kind of Omicron, and there's a lot of pent-up demand in January of last year, which makes for some harder comps in Q1. But against those harder comps, we're continuing to see strong demand for travel. I think that we continue to see a very robust demand for people staying on Airbnbs versus just necessarily kind of buying other things. So the experiences over things continues to be a big trend.

你必須實際倒帶並提醒自己，我們剛退出 Omicron，去年 1 月有很多被壓抑的需求，這使得第一季的比較更加困難。但與那些更艱難的競爭相比，我們繼續看到對旅行的強勁需求。我認為，我們繼續看到人們對住在 Airbnb 上的需求非常強勁，而不是購買其他東西。因此，對事物的體驗仍然是一個大趨勢。

And we're excited to see the growth that we're continuing to see in our established businesses in North America and Europe and even greater growth in Latin America and Asia Pacific. So as we do things, as I said on the last question, about doubling down and making sure that we invest in these expansion countries where we're underpenetrated. I think that's going to continue to drive growth for us for the rest of the year.

我們很高興看到我們在北美和歐洲的既定業務繼續成長，在拉丁美洲和亞太地區的成長甚至更大。因此，正如我在最後一個問題上所說的那樣，當我們做事時，我們要加倍努力，確保我們投資於這些滲透率不足的這些擴張國家。我認為這將在今年剩餘時間內繼續推動我們的成長。

Your next question comes from the line of Justin Patterson from KeyBanc.

您的下一個問題來自 KeyBanc 的 Justin Patterson。

All right. There's been a lot of investor interest around the cross-currency fee. How should we think about that phasing in over the course of the year and the potential financial impact from that? And then further, could you talk about just why you viewed now is the right time to pull that lever? So we view this as a sign that you'll take pricing actions, where there's the value of the disconnect more regularly than in the past?

好的。投資者對跨貨幣費用很感興趣。我們應該如何看待這一年的逐步實施以及由此帶來的潛在財務影響？然後，您能否進一步談談為什麼您認為現在是拉動槓桿的最佳時機？因此，我們認為這是一個跡象，表明您將採取定價行動，與過去相比，這種脫節的價值更加頻繁？

Yes. Just to be clear, when we announced just recently, we updated our terms of service. And what it did is it gives us the ability to implement a cross-currency view. So we needed to update the terms of service just to allow us to do it. Now the fee only applies when the currency of the guest uses to pay differs from the currency that the hosts set for their listing.

是的。需要明確的是，當我們最近宣佈時，我們更新了服務條款。它的作用是讓我們能夠實現跨貨幣視圖。因此，我們需要更新服務條款才能做到這一點。現在，只有當房客用於支付的貨幣與房東為其房源設定的貨幣不同時，才會收取費用。

So we don't anticipate this fee to affect the majority of our guests because the cross-currency transactions are only approximately 20% of our gross booking value. It's different than our cross-border, which is closer to 40%. And we anticipate the majority of the fee changes to be closer to 1%. So we're going to test and evaluate and just see what the results are, and that testing will begin in April.

因此，我們預計這筆費用不會影響我們的大多數客人，因為跨貨幣交易僅占我們總預訂價值的 20% 左右。和我們跨國不一樣，接近40%。我們預計大部分費用變化將接近 1%。因此，我們將進行測試和評估，看看結果如何，測試將於四月開始。

Why now? There's just a point where we understand that the size and complexity of our business ensures that we should be making sure we're providing great value to our guests and our hosts. We did things, like last year, we had a change to our long-term stay fees for beyond 3 months. That was an opportunity where we saw that maybe the fees were too high relative to the benefit we're giving.

為什麼現在？我們只有一點明白，我們業務的規模和複雜性確保我們應該確保為我們的客人和東道主提供巨大的價值。我們做了一些事情，例如去年，我們改變了超過 3 個月的長期住宿費用。這是一個機會，我們發現相對於我們提供的福利來說，費用可能太高了。

I think there's just a fundamental principle where we want to make sure that we're giving more value to our guests and our hosts than we take in our take rate over time. And we're going to continue to be more nuanced in how we make those choices going forward.

我認為有一個基本原則，即我們要確保為我們的客人和東道主提供比我們隨著時間推移收取的費用更多的價值。我們將繼續更細緻地做出未來的選擇。

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

你的下一個問題來自摩根士丹利的布萊恩諾瓦克。

I have 2, 1 big picture and 1 sort of accounting. So big picture one, you guys have made a lot of interesting changes to the U.S. around flexible and new tools for hosts, et cetera. Brian, can you just sort of talk to us about areas of progress you've made on improving conversion or getting hosts to lower prices in the U.S.? And sort of what are the existing hurdles you have to overcome to kind of get power hosts and hosts to kind of lower prices more in the U.S.? And then the second one on Dave or Ellie. If -- there's a lot of moving pieces around this 1Q guide. If we're sort of thinking through gross bookings versus revenue, and we're getting to room night growth and sort of the mid- to high single digits. Is that right? Or are there sort of other moving pieces that we're missing around the room night growth calculation?

我有 2 個，1 個大局和 1 個會計。總體而言，你們圍繞著為主機提供的靈活的新工具等對美國做出了很多有趣的改變。 Brian，您能跟我們談談您在提高轉換率或讓美國房東降低價格方面取得的進展嗎？為了讓電力主機和主機在美國獲得更低的價格，您必須克服哪些現有障礙？然後是戴夫或艾莉的第二個。如果——這個第一季指南有很多變化。如果我們考慮總預訂量與收入的關係，我們會看到間夜成長，並且達到中高個位數。是對的嗎？或者在客房夜數增長計算中我們是否遺漏了其他一些動態因素？

Yes. Why don't I start, Brian. So you could think of probably like 3 really big buckets of work that are going to drive conversion of Airbnb. One is our work on affordability. The next is really product optimization. And the third is really quality and reliability. So let me talk about all 3, and I'll start with affordability.

是的。為什麼我不開始呢，布萊恩。因此，您可能會想到 3 大工作將推動 Airbnb 的轉換。一是我們在負擔能力方面的工作。接下來是真正的產品最佳化。第三是真正的品質和可靠性。那麼讓我談談這三個方面，我將從負擔能力開始。

A couple of years ago, we noticed that there was quite a lot of, call it, a feedback we're getting from our guests that Airbnb was getting more expensive. And so last year, we really hunkered down and rolled out a suite of tools for guests and hosts to make their being more affordable, starting with total price display, where you now can turn on a toggle and see the total price upfront, including taxes and cleaning fees and service fees. Now this tool is really important because now we are pushing more demand to listings at better prices. We've also seen some really positive knock-on effects.

幾年前，我們注意到，我們從房客那裡得到了很多回饋，並表示 Airbnb 變得越來越貴。因此，去年，我們真的沉下心來，為房客和房東推出了一套工具，讓他們的生活更加實惠，從總價顯示開始，您現在可以打開開關並預先查看總價，包括稅費以及清潔費和服務費。現在這個工具非常重要，因為現在我們正在以更優惠的價格推動更多的需求。我們也看到了一些非常正面的連鎖反應。

For example, [300,000] listings have now reduced or eliminated their cleaning fee, and 40% of listing globally don't even have a cleaning fee. The next thing we did is, we encouraged more hosts then to provide discounts for weekly or monthly stays. As you know, 19% of our nights are monthly stays and more than 40% are weekly. Well, now, 2 out of 3 hosts have a monthly or a weekly discount. So this has been a huge, huge improvement.

例如，[300,000] 個房源現在減少或取消了清潔費，全球 40% 的房源甚至沒有清潔費。我們做的下一件事是，我們鼓勵更多的房東為每週或每月的住宿提供折扣。如您所知，我們 19% 的住宿夜晚為每月住宿，超過 40% 的住宿為每週住宿。嗯，現在，三分之二的主機有每月或每周折扣。所以這是一個巨大的進步。

And we also launched a product called Compare Listings. One of the things we noticed is that hosts are more likely to have a competitive price if they see what other similar listings are charging in their neighborhood, and then they can see whether they're getting booked or not. Well, since we rolled out that tool, 1.4 million hosts have turned the tool on, and this means they'll provide more competitive listing. The result of which, Brian, is that our prices year-over-year for 1 bedroom apartment globally are down 2%, where hotels are up 7%. That's a 9% swing.

我們也推出了一款名為「比較清單」的產品。我們注意到的一件事是，如果房東看到他們附近其他類似房源的收費情況，那麼他們更有可能獲得有競爭力的價格，然後他們可以看到自己是否被預訂。自從我們推出該工具以來，已有 140 萬房東啟用了該工具，這意味著他們將提供更具競爭力的清單。 Brian，結果是我們全球一房公寓的價格年減了 2%，而飯店則上漲了 7%。這是 9% 的波動。

The next is product optimization. Here's a simple way to think about it. We did $9.9 billion of revenue last year, so let's round that to $10 billion for really simple numbers. All we have to do is increase our Nights Booked by 100 basis points. and that's $100 million of revenue. And if we can increase $100 million of revenue to be $100 million of very like high-margin revenue because we're converting presumably traffic we really have on the website.

其次是產品優化。這是一個簡單的思考方法。去年我們的收入為 99 億美元，因此我們將其四捨五入為 100 億美元，以獲得非常簡單的數字。我們要做的就是將預訂天數增加 100 個基點。這就是 1 億美元的營收。如果我們可以將 1 億美元的收入增加到 1 億美元的高利潤收入，因為我們正在轉換網站上真正擁有的流量。

And so there's a number of things we're doing on product composition to increase conversion rate. One of the big things, as you noticed, it's not inflexible. Here's a simple way to think about it. We are never close to sold out in Airbnb. If we can just point demand where we have supply by getting people to be more flexible of their dates or a little more flexible about their radius or the location, that would be massive. We also made some optimization to get more people to download our app. And now we are very typically a top 50 application in the United States, and now 55% of our bookings are now in a native application. So those are some of things that are on product optimization.

因此，我們在產品組成方面做了很多事情來提高轉換率。正如您所注意到的，其中一件大事是它並不僵化。這是一個簡單的思考方法。 Airbnb 的房源永遠不會賣空。如果我們能夠透過讓人們在日期上更加靈活，或者在他們的半徑或位置上更加靈活，來將需求指向我們有供應的地方，那將是巨大的。我們也做了一些優化，以吸引更多人下載我們的應用程式。現在我們是美國排名前 50 名的應用程序，現在我們 55% 的預訂都是在本地應用程式中完成的。這些是關於產品優化的一些事情。

The last thing I'll talk about is reliability. We launched Guest Favorites. Guest Favorites, the reason we launched this is, for every person who stays in a hotel, 9 people stay on Airbnb. Sorry, for every person that stays in Airbnb, 9 people stay in a hotel. What if we could get just 1 of those people who stays in a hotel to stay in Airbnb? We would quite literally double the size of our business.

我要談論的最後一件事是可靠性。我們推出了「賓客最愛」。賓客最愛，我們推出此功能的原因是，每入住一家飯店，就有 9 個人入住 Airbnb。抱歉，每有 1 位入住 Airbnb 的人，就有 9 個人入住飯店。如果我們只能讓那些入住飯店的人中的 1 人留在 Airbnb 會怎麼樣？我們的業務規模確實會擴大一倍。

So when you ask people who book hotels why they don't book Airbnbs, there's 2 reasons. One, well, it's habitual, they've always booked hotels. And the other is they are comforted by the reliability, the consistency of the hotel experience. And we asked what if we had a product that was as consistent as a hotel from a quality standpoint, but had all the unique advantages of the Airbnb. It was more affordable, it was more unique with more character, and it's better equipped.

因此，當你問預訂飯店的人為什麼不預訂 Airbnb 時，有兩個原因。一，嗯，這是習慣，他們總是預訂飯店。另一方面，他們對酒店體驗的可靠性和一致性感到滿意。我們問，如果我們的產品從品質角度來看與酒店一樣穩定，但又具有 Airbnb 的所有獨特優勢，會怎麼樣。它更便宜，更獨特，更有特色，而且裝備更好。

And that's exactly Guest Favorites are. They are 2 million of the best listings on Airbnb based on rating review and reliability data on 500 million trips in Airbnb. Since we launched that product in November, we are seeing a shift in bookings towards Guest Favorites. That's, of course, good because, number one, they get fewer customer service contacts, the customer service costs go down. They have higher 5-star rating trips, so we have better repeat bookings. And we think this will attract people to Airbnb that never considered us before.

這正是賓客最愛。根據 Airbnb 上 5 億次旅行的評級審查和可靠性數據，它們是 Airbnb 上 200 萬條最佳房源。自從我們在 11 月推出該產品以來，我們發現預訂量正在轉向「賓客最愛」。這當然是好事，因為第一，他們獲得的客戶服務聯絡人減少了，客戶服務成本也下降了。他們有更高的五星級旅行，所以我們有更好的重複預訂。我們認為這將吸引以前從未考慮過我們的人來到 Airbnb。

So those are just some of the things we're doing. The last thing I'll say before I hand it over to Dave, is that, that's just we did last year. We had 200 -- about 200 upgrades last year, 430 in the last 3 years, but we are just getting started, and we're going to have significantly larger upgrades this year. Dave?

這些只是我們正在做的一些事情。在將其交給戴夫之前我要說的最後一件事是，這就是我們去年所做的。去年我們進行了 200 項升級——大約 200 項升級，過去 3 年進行了 430 項升級，但我們才剛開始，今年我們將進行更大規模的升級。戴夫？

Yes. In terms of the Q1 guide on room nights growth, again, I think you have to remember that we have a hard comp versus Q1 of '23, where there was a lot of pent-up demand coming out of the holidays. And we saw much stronger growth early in the year, especially in January. I think the other thing that's unusual about Q1 this year is Easter moved from Q2 to Q1.

是的。就第一季客房間夜量增長指南而言，我認為您必須記住，與 23 年第一季相比，我們有一個嚴格的比較，當時假期中有大量被壓抑的需求。今年年初，尤其是一月份，我們看到了更強勁的成長。我認為今年第一季的另一件不尋常的事情是復活節從第二季度移到了第一季。

So this actually helps our revenue by 100 to 200 basis points in Q1, but actually is a drag on nights because we actually get fewer Nights Booked in the period as people are actually doing their traveling on holidays. So it will shift some nights from Q1 to Q2. So revenue is a little bit helped Q2 to Q1, and bookings and Nights Booked are slightly hurt Q1 to Q2, and then don't forget the hard comps. So this is why we have the language of moderating from 12% growth in Q4.

因此，這實際上幫助我們第一季的收入提高了100 到200 個基點，但實際上對住宿晚數造成了拖累，因為我們在此期間預訂的住宿晚數實際上減少了​​，因為人們實際上是在假期旅行。因此，某些夜晚將從第一季轉移到第二季。因此，第二季到第一季的收入有所幫助，而第一季到第二季的預訂量和預訂天數略有下降，然後不要忘記硬比較。因此，這就是為什麼我們認為第四季成​​長將放緩 12%。

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

您的下一個問題來自摩根大通的 Doug Anmuth。

Ellie, can you just help us understand the commentary on EBITDA a little bit better for '24? Are the incremental investments that could drag on the margins, is that primarily about expanding beyond the core and tied to some of the new initiatives that Brian talked about that we'll learn about later this year? Or is that more around marketing or just something around kind of the existing business?

艾莉，你能幫助我們更能理解 24 世紀 EBITDA 的評論嗎？增量投資是否會拖累利潤，主要是為了超越核心業務並與布萊恩談到的一些新舉措相關聯，我們將在今年稍後了解這些新舉措？或者這更多是圍繞行銷還是只是圍繞現有業務？

Thanks, Doug. I was actually going to start next quarter, but thanks for pointing it to me. So what you saw in the guidance language that we provided is that we are basically giving ourselves a floor in terms of the full year EBITDA margin guidance. As we said, we will hold or provide a minimum of 35%, which is slightly down from what we delivered in 2023. The intent here is really to ensure that we have flexibility over the course of the year to continue to invest in a variety of growth opportunities as they appear. So what might those be?

謝謝，道格。我實際上打算下個季度開始，但感謝您向我指出。因此，您在我們提供的指導語言中看到的是，我們基本上為自己設定了全年 EBITDA 利潤率指導的下限。正如我們所說，我們將持有或提供至少35%，這比我們在2023 年交付的水平略有下降。這樣做的目的實際上是為了確保我們在這一年中擁有靈活性，繼續投資於各種領域成長機會的出現。那麼那些可能是什麼呢？

So first, we have a pretty robust budget in terms of our international expansion, but there's certainly opportunities at the margin to continue to invest in newer markets. Second, there's always opportunities in terms of looking at our high ROI marketing channels and adding marginally at the top. Third, what we note, given the ambitions around our product development road map, is that obviously often constrained by our resources there.

首先，我們在國際擴張方面擁有相當強勁的預算，但肯定有機會繼續投資新市場。其次，在尋找我們的高投資報酬率行銷管道並在頂部少量增加方面總是有機會的。第三，我們注意到，考慮到我們產品開發路線圖的雄心，這顯然經常受到我們在那裡的資源的限制。

And so we may look to add incremental product resources to increase the throughput of our overall product team. And then finally, obviously, we haven't said much with regard to what the platform extensions will look like in the back of the year, but we also want to give ourselves flexibility there to ensure that we're able to share something broadly and meaningful by the end of the year.

因此，我們可能會尋求增加增量產品資源，以提高整個產品團隊的吞吐量。最後，顯然，我們還沒有透露太多有關今年下半年平台擴展的內容，但我們也希望給自己靈活性，以確保我們能夠廣泛地分享一些東西，並且到年底才有意義。

Your next question comes from the line of Justin Post from Bank of America.

您的下一個問題來自美國銀行的賈斯汀·波斯特。

I just want to ask about room nights. We all know there's a tough comp in Q1, but -- and that was partially due to the reopening, but we're kind of over COVID now. And just kind of thinking about where you are in the room night cycle going forward? And what are the key drivers for nights? Is it growing supply and just getting that conversion level better? The big picture, just saying, it looks like a tough comp in Q1, but how do you think about the rest of the year and where nights can grow over the medium term?

我只是想問房間的狀況。我們都知道第一季的競爭很艱難，但是——這部分是由於重新開放造成的，但我們現在已經擺脫了新冠疫情的影響。想想您在未來的房間夜間週期中處於什麼位置？夜間的主要驅動因素是什麼？是供應量不斷增加且轉換水準變得更好？從大局來看，只是說，第一季的比賽看起來很艱難，但您如何看待今年剩餘時間以及中期內哪些夜晚可以增長？

Yes. Again, we are starting to see overall kind of demand normalize. I think you also look at our nights growth and the nights on Airbnb and to continue to see that we take share of overall accommodations globally versus kind of traditional accommodations and are either equaling or exceeding versus our key competition. So I think if you just look at room nights growth, we continue to see strength relative to traditional hospitality and our competition.

是的。我們再次開始看到整體需求正常化。我想您還會關注我們的過夜數增長情況以及愛彼迎上的過夜數，並繼續看到我們在全球整體住宿方面的份額與傳統住宿相比，並且與我們的主要競爭對手持平或超過。因此，我認為，如果你只看間夜數的成長，我們會繼續看到相對於傳統旅館業和競爭對手的優勢。

And you're exactly right. The key focus is on supply. There's been a lot of critique around whether or not we have sufficient supply growth. I hope that we continue to show that strength with the 7.7 million active listings. They're growing 18% year-over-year. We saw incredible strength throughout the year, 5 million hosts, the vast majority of this listing is being unique to Airbnb. And I think that, that uniqueness also gives us a lot of strength on, I'd say, conversion and a lot of the things that Brian talked about in terms of perfecting price, making it easier to shop and find the right home for each guest is incredibly important. So perfecting the core service is there.

你是完全正確的。重點是供應。關於我們是否有足夠的供應成長存在著許多批評。我希望我們能繼續以 770 萬的活躍名單展現這種實力。他們的年增長率為 18%。我們在這一年中看到了令人難以置信的實力，有 500 萬房東，其中絕大多數房源都是 Airbnb 獨有的。我認為，這種獨特性也給了我們很大的力量，我想說的是，轉換和布萊恩談到的很多關於完善價格的事情，使購物和為每個人找到合適的家變得更容易客人非常重要。所以完善核心服務就在那裡。

And then the last piece, which we've also talked about, is just finding the areas where we are underpenetrated relative to where the opportunity is. And I think that's the vast majority of countries around the world. And when we make sure to apply a product view, a marketing view and a supply view in a targeted way in each country, we're unlocking incremental growth. And that's what we've seen wide Brazil has nearly doubled since 2019. So yes, it's supply, it's product, it's full marketing, and it's doubling down in underpenetrated countries.

最後一部分，我們也討論過，就是找到相對於機會所在的領域，我們滲透不足的領域。我認為世界上絕大多數國家都是如此。當我們確保在每個國家有針對性地應用產品觀點、行銷觀點和供應觀點時，我們就正在釋放增量成長。這就是我們所看到的，自2019 年以來，巴西的銷量幾乎翻了一番。所以，是的，它的供應、它的產品、它的全面營銷，而且它在滲透率不足的國家加倍投入。

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

您的下一個問題來自 TD Cowen 的 Kevin Kopelman。

I had a follow-up on the margin question. Could you give any more color on your kind of initial thinking for the year on growing headcount, and also how you're thinking about the marketing plan to support the growth initiatives that you talked about?

我對保證金問題進行了跟進。您能否進一步說明您對今年員工人數成長的初步想法，以及您如何考慮支持您談到的成長計畫的行銷計畫？

Yes. In terms of headcount, we grew headcount last year about 1%. We're planning to grow at maybe slightly more than that. It could be kind of mid-single digits -- low- to mid-single-digit percent. As kind of Ellie mentioned, I think we will see, depending on what our product development needs are, but it's not going to be above overall kind of revenue growth.

是的。就員工人數而言，去年我們的員工人數增加了約 1%。我們計劃以略高於此的速度成長。它可能是中個位數——低到中個位數的百分比。正如艾莉所提到的那樣，我認為我們會看到，這取決於我們的產品開發需求是什麼，但它不會高於整體收入成長。

And then in terms of marketing, largely, we're going to keep marketing costs as a percentage of revenue largely the same as what it was in 2023. In some ways, we probably could see additional leverage on marketing. But what we've seen is such great success with our brand marketing efforts in our core markets, we're actually expanding to 20 countries around the world. So that's already included in this.

然後在行銷方面，很大程度上，我們將保持行銷成本佔收入的百分比與 2023 年基本相同。在某些方面，我們可能會看到行銷上的額外槓桿。但我們已經看到，我們的品牌行銷工作在核心市場取得瞭如此巨大的成功，我們實際上正在擴展到全球 20 個國家。所以這已經包含在其中了。

And then we'll see as there are other investments to support the newer business areas. But to the extent that there may be any incremental marketing, it's not going to be a materially larger percentage of revenue than it was last year.

然後我們將看到是否有其他投資來支持新的業務領域。但就可能的增量行銷而言，其佔收入的比例不會比去年大幅增加。

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

您的下一個問題來自德意志銀行的 Lee Horowitz。

Can you maybe spend some time talking through sort of the competitive dynamics and your expectations for the competitive set in the U.S. in 2024, particularly as some of your larger competitors look to lean into share gains? Are any of these investments in that holding share or any of these type of investments sort of aimed at defending share against a more competitive environment?

您能否花一些時間討論一下競爭動態以及您對 2024 年美國競爭格局的期望，特別是在您的一些較大競爭對手希望獲得份額增長的情況下？這些持有股份的投資或任何此類投資是否旨在在競爭更加激烈的環境中捍衛份額？

Yes. We're going to continue to do what we're doing well, which is have unique supply that is outgrowing any of our competitors. And I think that by having that, we were able to drive kind of incremental nights and take share from both traditional hospitality and our competitors. I know competitors are trying to come into North America and take -- try to take additional share, which is not what we're seeing. We're not seeing success there.

是的。我們將繼續做我們擅長的事情，即擁有超越我們任何競爭對手的獨特供應。我認為，透過這一點，我們能夠增加住宿夜數，並從傳統酒店業和競爭對手那裡奪取市場份額。我知道競爭對手正試圖進入北美並試圖獲得更多份額，但這不是我們所看到的。我們在那裡沒有看到成功。

We're seeing that a lot of the competition is focused on professional host supply, which is undifferentiated and often cross-listed. And I think the differentiated supply that we were able to bring on has been a material kind of net benefit to us. So that's where the strength we're seeing.

我們看到很多競爭都集中在專業主機供應上，這些供應沒有差異化，而且經常交叉列出。我認為我們能夠帶來的差異化供應對我們來說是一種物質的淨收益。這就是我們看到的力量所在。

And I'll just add that we have a lot of competition for people choosing places to stay. Our main competition are hotels, first of all, and we're so much smaller than hotels. For every 1 that stays at Airbnb, 9 people stay in a hotel. So I think the bigger opportunity is for us to take market share because, again, all you need is one of them to come to Airbnb, and we've now doubled the size of our business. I think we are only scratching the surface. We grew in every region. We maintained or grew share in every region.

我想補充一點，人們在選擇住宿地點時面臨很多競爭。首先，我們的主要競爭對手是飯店，而我們比飯店小得多。每 1 人入住 Airbnb，就有 9 人入住飯店。因此，我認為對我們來說更大的機會是佔領市場份額，因為同樣，您所需要的只是他們中的一個來到愛彼迎，而我們現在已經將業務規模擴大了一倍。我認為我們只觸及了表面。我們在每個地區都有發展。我們在每個地區都保持或增加了份額。

As Dave said, we have -- we are the brand in this category, a noun and a verb used all over the world. We are the only ones with a custom-built platform. And we're going to continue to strengthen our advantages, including like gas favor, the only one to offer that. The only one that offer custom built tools on the host side. So the best game we can play is to continue to focus executing ruthlessly. And if we continue to do that, we're going to continue to take share.

正如戴夫所說，我們是這一類別的品牌，是全世界使用的名詞和動詞。我們是唯一擁有客製化平台的公司。我們將繼續加強我們的優勢，包括天然氣優惠，這是唯一能提供這一點的優勢。唯一在主機端提供自訂建置工具的工具。因此，我們能玩的最好的遊戲就是繼續專注於無情地執行。如果我們繼續這樣做，我們將繼續獲得份額。

Your next question comes from the line of Jed Kelly from Oppenheimer.

你的下一個問題來自奧本海默的傑德凱利。

Great. Just a couple. Just one, can you talk about how we think of -- we should think about demand and supply starting to converge? I know you've had great supply growth, up 18%. Should we start to see room nights catch up to that demand? And then can you just give us an update on the health of the U.S. short-term rental market, how you're thinking about that going into this year after what was the softness in a lot of those core vacation, rental, destinations last year?

偉大的。只是一對。只是一件事，您能談談我們如何看待——我們應該考慮需求和供給開始趨同嗎？我知道你們的供應成長非常快，成長了 18%。我們是否應該開始看到間夜滿足這項需求？然後您能否向我們介紹一下美國短期租賃市場健康狀況的最新情況？在去年許多核心度假、租賃、目的地市場疲軟之後，您對今年的情況有何看法？ ？

Yes. So why don't I just start, Jed, talking about supply growth, and I'll let Dave answer the rest. I believe in the long run that supply growth is a long-term indication of growth in Airbnb, and it's been healthy since we started the company. But you'll know that, during the pandemic, one of the biggest questions I got asked when supply growth stopped is how we're going to restart supply growth.

是的。那麼，傑德，我為什麼不開始談論供應增長，然後我請戴夫回答其餘的問題。我相信，從長遠來看，供應成長是 Airbnb 成長的長期指標，而且自我們成立公司以來，供應成長一直很健康。但你會知道，在大流行期間，當供應成長停止時，我被問到的最大問題之一是我們將如何重新啟動供應成長。

The great thing about our supply growth is that most of it comes organic to us. In fact, 36% of our new hosts are prior debt. That's the highest that number it's ever been. And the reason people host is because their friends typically tell them about it. The last year -- actually, the year before, we actually began, and we really put the throttle on it last year, a new strategic priority to mainstream hosting.

我們供應成長的一大好處是，大部分成長對我們來說都是有機的。事實上，我們 36% 的新房東都有過債務。這是有史以​​來最高的數字。人們舉辦招待會的原因是他們的朋友通常會告訴他們這件事。去年——實際上，前年，我們實際上開始了，去年我們確實加大了力度，這是主流託管的一個新的戰略重點。

And we did a few things. We really focused on making hosting easy to get started and increasing awareness. Now one of the reasons that we're so excited about the growth being 18%, and we hope it grows even faster is, as you know, the more supply you have, the more pricing pressure you relieve on the inventory. So when you're supply constrained, what you typically see is prices go up. When prices go up, nights growth is typically diminished.

我們做了一些事情。我們真正專注於讓託管變得容易上手並提高知名度。現在，我們對 18% 的成長感到如此興奮，我們希望成長得更快的原因之一是，如您所知，供應越多，庫存的定價壓力就越大。因此，當供應受限時，通常會看到價格上漲。當價格上漲時，過夜數成長通常會減少。

So we believe that, again, the total addressable market for Airbnb stays is every single person with very few exceptions who stay in a hotel. So we can get the right supply at the right price then we believe we can capture that demand and build the company significantly larger.

因此，我們再次相信，Airbnb 住宿的總目標市場是每個入住飯店的人，極少數例外。因此，我們可以以合適的價格獲得合適的供應，然後我們相信我們可以抓住這種需求並將公司建立得更大。

Additionally, by having a surplus of supply, we think that, that will allow us to have even tighter quality control. So to answer your question, we do think that the healthy supply growth of 18% could be a great leading indicator down the road of where demand could be, and we'd love our supply to grow even faster.

此外，我們認為，透過供應過剩，我們可以進行更嚴格的品質控制。因此，為了回答你的問題，我們確實認為 18% 的健康供應成長可能是需求方向的重要領先指標，我們希望我們的供應能成長得更快。

Yes. I think what's also interesting is you actually back up and look out over multiple years. You go back 4 years or so and you look at the total amount of supply growth versus the total amount of nights growth, it's actually fairly consistent. So there are times that supply leads demand and times that demand leads supply. But I think, as Brian mentioned, over time, those things equalize out and the greater supply definitely helps our overall performance.

是的。我認為同樣有趣的是你實際上多年來一直在備份和關注。回溯 4 年左右，看看供應量成長總量與過夜數成長總量，其實相當一致。因此，有時供應領先需求，有時又需求領先供應。但我認為，正如布萊恩所提到的，隨著時間的推移，這些事情會趨於平衡，而更大的供應肯定有助於我們的整體表現。

I'd say, in terms of U.S. very specifically, a couple of things. Just we're seeing overall very stable growth in the U.S. We're seeing strong inbound cross-border growth in nights. And I think, unlike others that we're seeing in the U.S., we've seen very healthy growth in the nonurban markets, right?

我想說，就美國而言，有幾件事。我們看到美國的整體成長非常穩定，我們看到夜間入境跨境成長強勁。我認為，與我們在美國看到的其他市場不同，我們在非城市市場看到了非常健康的成長，對吧？

Urban markets have been traditionally our areas of strength, modern, and grew substantially kind of during COVID and coming out of COVID. We've continued to hold really great share and growth in the nonurban areas, and now urban is coming back stronger, and that has been our traditional area of strength.

傳統上，城市市場一直是我們的優勢領域，現代化，並且在新冠疫情期間和疫情結束後大幅增長。我們在非城市地區繼續保持著巨大的份額和成長，現在城市正在變得更加強大，而這一直是我們的傳統優勢領域。

Maybe a last area is our long-term stays. So 19% of our stays were of 28 days or longer in the last quarter. So it was even up a little bit from 18% prior to that. I think there's a lot of critique of, well, long-term stays, that's a post-COVID benefit that's going to go away. Well, it's still materially bigger than it was back in 2019 when it was closer to 13%, 14% of our nights growth. So we're seeing really great strength there. So that's what we're seeing in North America.

也許最後一個區域是我們的長期住宿。因此，上一季我們 19% 的住宿時間為 28 天或更長。因此，這一比例甚至比之前的 18% 有所上升。我認為，對於長期住宿存在著許多批評，這是新冠疫情後的福利將消失。嗯，它仍然比 2019 年時要大得多，當時的過夜量增長接近 13%、14%。所以我們在那裡看到了非常強大的力量。這就是我們在北美看到的情況。

Your next question comes from the line of Timothy Shubsda from JMP Securities.

您的下一個問題來自 JMP 證券公司的 Timothy Shubsda。

Hi, this is Nick Jones on. You talked a lot about focus on international expansion and kind of underpenetrated in many of these markets. You're rolling this playbook out, I think, it was Switzerland, Belgium, Netherlands. Is this kind of the cadence we should expect the playbook to kind of continue to expand into additional countries? Is it kind of 3 or 4 at a time? And I guess, how are you balancing rolling this playbook out to more countries with kind of these new initiatives that we're looking forward to hearing from later in 2024?

大家好，我是尼克瓊斯。您談到了對國際擴張的關注，以及許多這些市場的滲透率不足。我想，你正在推出這個劇本，是瑞士、比利時、荷蘭。我們是否應該期望這種節奏繼續擴展到其他國家？是一次3個還是4個嗎？我想，您如何平衡將本手冊推廣到更多國家和我們期待在 2024 年稍後聽到的這些新舉措？

Yes. I think that's what you'll continue to see is that we're being very judicious about putting a small team on the ground in each of these locales, making sure that we have the full-funnel marketing approach working well, establishing what product adjustments might be unique to a specific location that's helpful. And then we're going to -- we're working down our list. What's the largest opportunity, what do we have the capabilities for and how do we kind of do it.

是的。我認為您將繼續看到的是，我們非常明智地在每個地區都設立了一個小團隊，確保我們的全通路行銷方法運作良好，確定產品調整可能是特定位置所獨有的，很有幫助。然後我們將--我們正在製定我們的清單。最大的機會是什麼，我們有什麼能力以及我們如何做到這一點。

None of these are perishable things. We're just kind of working our way down kind of a prioritized list of our capabilities. And then this sets us up well as we expand on the quarter to make sure that we have a strong, established base of business to get the build from.

這些都不是易腐爛的東西。我們只是按照我們能力的優先順序清單進行工作。這為我們在本季的擴張奠定了良好的基礎，以確保我們擁有強大、成熟的業務基礎來進行建置。

And I'll just add that, I think that there's some massive opportunities in front of us, especially with Asia. We really did focus on Korea, but I think the point that should be made is if you look at our penetration and, say, U.S., Australia, Canada, France and, to maybe a lesser extent, United Kingdom, they're significantly higher than other parts of the world.

我想補充一點，我認為我們面前有一些巨大的機會，特別是在亞洲。我們確實關注韓國，但我認為應該指出的一點是，如果你看看我們的滲透率，例如美國、澳洲、加拿大、法國，也許還有英國，它們的滲透率要高得多比世界其他地區。

In fact, in the United States, it's more than an order of magnitude higher penetration than Asia. There is no reason why we cannot get to today's U.S. penetration in the equivalent penetration in most of the major tourism markets around the world. And we think we're only scratching the surface in our mature market -- more mature market. So again, we are going to continue to add these countries one by one.

事實上，在美國，其滲透率比亞洲高出一個數量級以上。我們沒有理由不能達到今天在美國的滲透率與全球大多數主要旅遊市場的滲透率相當。我們認為，我們在成熟市場——更成熟的市場——中僅僅觸及了表面。因此，我們將繼續一一加入這些國家。

But the other thing is we're just getting started in Korea. We're just getting started in Germany. We're just getting started in Brazil. Brazil is now double the size of West pre-pandemic, but it's going to double again. And so we're going to continue. We have multiple phases of this playbook. And the first phase is playing out in Korea, Japan and Brazil, but we're going to go on to the next phase as we continue to add more countries.

但另一件事是我們在韓國才剛開始。我們在德國才剛開始。我們在巴西才剛開始。巴西現在的面積是西方大流行前的兩倍，但還會再增加一倍。所以我們將繼續。我們的劇本有多個階段。第一階段正在韓國、日本和巴西進行，但隨著我們繼續增加更多國家，我們將進入下一階段。

Your next question comes from the line of James Lee from Mizuho.

您的下一個問題來自瑞穗的 James Lee。

My question is about booking window. I think in 1Q last year, booking window was extended as consumers tried to lock in high prices for accommodation. And just curious what you were seeing this quarter so far. Are you seeing any differences booking by region also? That would be helpful.

我的問題是關於預訂窗口。我認為去年第一季度，由於消費者試圖鎖定高價住宿，預訂窗口被延長。只是好奇您本季到目前為止看到了什麼。您是否也發現按地區預訂有任何差異？那會有幫助的。

Yes. booking window has been relatively stable. We've kind of come back to a little bit more normal booking windows over time. So there's actually not a lot to say on it. It's pretty consistent now globally as things are returning to a more normal state.

是的。預訂窗口一直相對穩定。隨著時間的推移，我們已經恢復到更正常的預訂窗口。所以實際上沒有太多可說的。隨著事情正在恢復到更正常的狀態，現在全球範圍內的情況相當一致。

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

您的下一個問題來自 Needham & Company 的 Bernie McTernan。

Brian, just on cross-vertical. When you're talking about the new product initiatives, were you meaning more like a full OTA and thinking about cross-vertical in travel? Or was this more thinking about like Amazon, AWS moving beyond retail to all industries? And then bringing in more first-time bookers to the platform, any specific drivers there? Is that just international or anything else we should be aware of?

布萊恩，就在垂直方向。當您談論新產品計劃時，您的意思是否更像是完整的 OTA 並考慮旅行中的跨垂直領域？或者這更像是像亞馬遜、AWS 那樣從零售業擴展到所有產業？然後為該平台帶來更多的首次預訂者，有什麼具體的驅動因素嗎？這是國際性的還是我們應該注意的其他事情？

Yes. Bernie, I think that Airbnb can go far beyond travel in the coming years. But I think we're going to start with our core. So I think what we're going to do is start with travel. And then down the road, we can move beyond travel. So you should -- we should start by seeing us do the things that are the most logical extensions of what we already provide, and then we will move further and further out from our core as the things we launch are successful. And then what was the second part of the question?

是的。 Bernie，我認為 Airbnb 在未來幾年可以超越旅行領域。但我認為我們將從我們的核心開始。所以我認為我們要做的就是從旅行開始。然後沿著這條路，我們可以超越旅行。所以你應該——我們應該首先看到我們所做的事情是我們已經提供的東西的最合乎邏輯的擴展，然後隨著我們推出的東西的成功，我們將越來越遠離我們的核心。那麼問題的第二部分是什麼呢？

Well, it's about first-time bookers and what -- where we see the growth of first-time bookers. I'll start, Brian, and you can round it out if I miss anything. But a key part is the reliability, making sure that they feel like we have -- that the service is going to be reliable. So things like air cover has been an area that we've been promoting to get people comfortable on booking Airbnb, doing things like reducing cancellations has been great, the work that we've done to make sure that prices are moderating.

嗯，這是關於首次預訂者以及我們看到首次預訂者增長的情況。我先開始，布萊恩，如果我漏掉了什麼，你可以補上。但關鍵部分是可靠性，確保他們感覺到我們的服務是可靠的。因此，像空中覆蓋這樣的事情一直是我們一直在推廣的一個領域，目的是讓人們在 Airbnb 上預訂時感到舒適，減少取消預訂等事情做得很好，我們為確保價格適度所做的工作。

And then just general awareness, making sure that they're aware of it, which is the full-funnel marketing approach we do along these international countries. We're seeing strong -- strength in mobile downloads, as we highlighted at the top of the call, and just overall strong organic trends across the business.

然後只是一般意識，確保他們意識到這一點，這是我們在這些國際國家/地區採取的全通路行銷方法。正如我們在電話會議頂部所強調的那樣，我們看到行動下載的強勁勢頭，以及整個業務整體強勁的有機趨勢。

Yes. I mean, I'll just like highlight a few things in addition what Dave said. I mean, first of all, our traffic and our top-of-funnel results are really good. And one of the reasons why is, number one, we're having a really successful advertising campaign. As you know, we have a very different approach to marketing than our competitors. We're not really typically trying to buy customers through performance marketing. We generally, as Dave mentioned, have a full-funnel approach, and we think of advertising more as education than sales.

是的。我的意思是，除了戴夫所說的話之外，我還想強調一些事情。我的意思是，首先，我們的流量和漏斗頂部的結果非常好。原因之一是，第一，我們的廣告活動非常成功。如您所知，我們的行銷方法與競爭對手截然不同。我們通常不會試圖透過效果行銷來購買客戶。正如戴夫所提到的，我們通常採用全通路方法，我們認為廣告更多是教育而不是銷售。

And one of the things we noticed was that we wanted to educate people about how there are some trips that are really just always better in Airbnb. If you're staying with -- if you're traveling with your family, if you're traveling with your groups, being able to share a house and have your own bedroom and save money, rather than getting different hotel rooms or crammed in 1 hotel room, makes complete logical sense. As we have this campaign running, it's called, Get an Airbnb. It's the most successful digital advertising campaign we've ever done, and it's now running on television.

我們注意到的一件事是，我們希望讓人們了解，有些旅行在 Airbnb 上確實總是更好。如果您與家人同住，如果您與家人一起旅行，如果您與團體一起旅行，能夠合住一間房子並擁有自己的臥室並省錢，而不是入住不同的酒店房間或擠在一起一間酒店房間，完全符合邏輯。我們正在進行這項活動，其名稱為「獲取 Airbnb」。這是我們做過的最成功的數位廣告活動，現在正在電視上播放。

We also are tapping into the biggest moment to pop culture. Last year, for example, the Barbie Movie came out, and we partnered with Mattel to turn a mansion in Malibu into a Malibu Barbie DreamHouse. That became a phenomenon on social media, and it got more press, more articles than our IPO. In fact, 3x as many articles were written about the Barbie Malibu DreamHouse as Airbnb's IPO, just to give you a sense.

我們也正在利用流行文化的最重要時刻。例如，去年《芭比大電影》上映，我們與美泰兒合作，將馬里布的一棟豪宅改造成馬里布芭比夢幻屋。這成為社群媒體上的一種現象，它得到的媒體報導和文章比我們的 IPO 還要多。事實上，有關 Barbie Malibu DreamHouse 的文章數量是 Airbnb IPO 的三倍，僅供您了解。

So we have a lot of traffic coming to Airbnb. We're going to continue to hopefully stay relevant within culture. And if we can then convert that traffic, as Dave said, through product optimization, reliability efforts, improved customer service, then I think there's a lot of opportunities. And again, we have an entire road map, where you can just imagine hundreds of basis points of conversion of a nice growth increase through some of these efforts. So we've got a pretty big arsenal of levers.

所以我們有很多流量來到 Airbnb。我們將繼續希望在文化中保持相關性。如果我們能夠像戴夫所說的那樣，透過產品優化、可靠性工作、改進客戶服務來轉換流量，那麼我認為會有很多機會。再說一遍，我們有一個完整的路線圖，您可以想像透過其中一些努力實現數百個基點的轉換，從而實現良好的成長。所以我們有一個相當大的槓桿庫。

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

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

Great. Just looking across your regions, EMEA is where you've sort of seen the biggest moderation incremental Nights and Experiences this year. I know there's some big travel markets where you're still underpenetrated, like Germany and now Switzerland, Belgium and the Netherlands. Maybe you could talk to why consumer adoption has lagged in some European markets versus others? And any key areas of investments you still need to make to help drive adoption rates higher in that market?

偉大的。縱觀您所在的地區，歐洲、中東和非洲地區是今年住宿和體驗節制增量最大的地區。我知道有一些大型旅遊市場的滲透率仍然較低，例如德國，現在還有瑞士、比利時和荷蘭。也許您可以談談為什麼某些歐洲市場的消費者採用率會落後於其他市場？您還需要在哪些關鍵領域進行投資來幫助提高該市場的採用率？

Yes. We continue to see strength in our growth in our more established markets, North America and Europe. But we're actually seeing still stronger growth relatively in Latin America and Asia. And so any kind of moderation is still just coming off of high overall growth.

是的。我們繼續看到北美和歐洲等更成熟市場的成長勢頭。但我們實際上看到拉丁美洲和亞洲的成長相對強勁。因此，任何形式的放緩仍然只是在整體高速成長的基礎上出現的。

I mean, I'd say, APAC, we're really encouraged to see China outbound gathering kind of additional momentum. And we expect, by the end of the year, China outbound travel should be above 2019 levels. So I'd say that we're continuously great strength. And this international expansion playbook that we have, I think it's going to continue to be a tailwind for growth, especially in Latin America and Asia for the rest of this year.

我的意思是，我想說，在亞太地區，我們真的很高興看到中國出境游聚集了額外的動力。我們預計，到今年年底，中國出境旅遊人數將高於 2019 年的水準。所以我想說我們一直都是強大的力量。我認為我們所擁有的國際擴張策略將繼續成為成長的推動力，特別是在今年剩餘時間在拉丁美洲和亞洲。

Your next question comes from the line of Ken Gawrelski from Wells Fargo.

您的下一個問題來自富國銀行的 Ken Gawrelski。

I'm sure you'll tell us more later this year, but could you talk about how you think about either the build by our partner strategy with respect to expanding beyond the core?

我相信您會在今年晚些時候告訴我們更多信息，但您能否談談您如何看待我們的合作夥伴戰略構建以及擴展到核心之外的戰略？

Yes, absolutely. So I think one of the great things about Airbnb is that most of our innovation and most of our business is developed organically, and that just becomes part of our DNA. Like everyone was started by -- through product, people and engineers, chief designers and engineer. And we created -- Joe, Nate and I created this company from nothing with really no capital whatsoever to speak of. So I think build and the organic growth is in our DNA, and it's always going to be our predisposition.

是的，一點沒錯。所以我認為 Airbnb 的偉大之處之一是我們大部分的創新和大部分業務都是有機發展的，這已經成為我們 DNA 的一部分。就像每個人都是透過產品、人員和工程師、首席設計師和工程師開始的。我們創建了——喬、內特和我白手起家創建了這家公司，實際上沒有任何資本可言。所以我認為建構和有機成長是我們的基因，它永遠是我們的傾向。

That being said, with the scale that we have, the scale we have, having nearly 2 billion guest arrivals and more than 70 billion GBV, that is a huge asset to be able to partner. And a number of brands have reached out to us telling us they want to partner Airbnb, not just because of the traffic we have, but also because of the strength of our brand. So we think that there's a myriad of opportunities of partnership.

話雖這麼說，以我們現有的規模，我們擁有近 20 億的遊客數量和超過 700 億的 GBV，這是能夠合作的巨大資產。許多品牌已經聯絡我們，告訴我們他們想與 Airbnb 合作，不僅因為我們擁有流量，還因為我們品牌的實力。因此，我們認為有無數的合作機會。

Now in Dubai, we're going to be -- we're going to have a very high bar for ROI for acquisitions. We've done a number of acquisitions in the past. Some have been very successful. And with our free cash flow, we have generated $3.8 billion of free cash flow, we absolutely have the cash and, obviously, the currency of our stock to make acquisitions. But we're going to be very, very thoughtful, and it's always going to be build then partner then buy, probably in that order of prioritization.

現在在杜拜，我們將對收購的投資報酬率設定非常高的標準。我們過去進行過多次收購。有些非常成功。憑藉我們的自由現金流，我們已經產生了 38 億美元的自由現金流，我們絕對擁有現金，顯然還有我們的股票貨幣來進行收購。但我們會非常非常周到，而且總是會先構建，然後合作，然後購買，可能按照優先順序。

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

您的下一個問題來自 Evercore ISI 的 Mark Mahaney。

Let me try 2 questions. There's some discussion in your shareholder letter about take rates. Just -- takes rates have been relatively consistent in the last couple of years. Is there any reason to think that, that pattern won't change going forward or will change going forward? Is there a reason why take rates would actually go up?

讓我嘗試 2 個問題。您的股東信中有一些關於收取率的討論。只是——在過去幾年裡，錄取率相對穩定。有沒有理由認為這種模式未來不會改變或改變？收取率實際上會上升是否有原因？

And then secondly, Brian, you talked about the ability to really expand in Asia. And I don't know -- and I understand the momentum that you've got in Korea. Asia seems like it's generally been a tough market for a lot of Internet companies that tried to expand there. And there's -- China seems to be relatively off limits. So just talk through a little bit more about why you see grounds for optimism in that region. And I know there's a lot more to Asia than just China, but I wanted to ask that question.

其次，布萊恩，您談到了在亞洲真正擴張的能力。我不知道——但我理解韓國的勢頭。對於許多試圖在那裡擴張的網路公司來說，亞洲似乎一直是一個艱難的市場。中國似乎相對來說是禁區。因此，請多談談為什麼您認為該地區有理由樂觀。我知道亞洲不只中國，但我想問這個問題。

Mark, yes, why don't I go -- do probably Asia and then Dave will take, take rate. So I mean, no doubt that Internet companies have struggled in Asia. I think, in particular, they struggled in China. And we do not have an inbound business, a domestic business in China any longer. Although, obviously, there's a lot of stories of companies doing well in other countries in Asia.

馬克，是的，我為什麼不去——可能去亞洲，然後戴夫會去，率。所以我的意思是，毫無疑問，網路公司在亞洲處境艱難。我認為，他們在中國尤其掙扎。我們在中國不再有入境業務、國內業務。顯然，亞洲其他國家有很多公司表現出色的故事。

So let me just talk about why I think Airbnb is unique. The reason why, as you know, is that we're a global travel network. And so 44% of our Nights Booked were cross-border. And if you're in Japan and you want to stay in Germany, and you don't want to stay in a hotel, then who are you going to go? You're going to want to go to a global platform, probably not a Japanese platform.

那我就談談為什麼我認為 Airbnb 是獨一無二的。如您所知，原因是我們是一個全球旅行網絡。因此，我們 44% 的預訂天數是跨國的。如果你在日本，想留在德國，又不想住飯店，那你要去誰那裡？您會想要進入全球平台，可能不是日本平台。

And the reason if you're going to Germany from Japan, and you're not going to use a Japanese platform because the Japanese platform would have to get German homes on that platform, and that is probably not going to happen. And so we think this is a global market, it's a global network, not a regional network. And one of the things we've noticed is that Airbnb seems to work about as well in every single country that we've entered.

原因是，如果你從日本去德國，你不會使用日本平台，因為日本平台必須在該平台上獲得德國家庭，而這可能不會發生。所以我們認為這是一個全球市場，是一個全球網絡，而不是一個區域網絡。我們注意到的一件事是，Airbnb 似乎在我們進入的每個國家/地區都表現良好。

Now there's a big question about Latin America, for example, we were massively underpenetrated. And there was a question, well, this is an emerging market, will Latin America work well? And then, of course, Brazil, Ecuador, Peru have grown very, very quickly. And we -- and also, I'd just say, the success of Korea has been phenomenal. And the other thing is that the population in Asia is generally younger than the population in Europe and North America.

現在有一個關於拉丁美洲的大問題，例如，我們的滲透率嚴重不足。還有一個問題，嗯，這是一個新興市場，拉丁美洲會運作良好嗎？當然，巴西、厄瓜多、秘魯的成長非常非常快。我們——而且，我只想說，韓國的成功是驚人的。另一件事是，亞洲的人口普遍比歐洲和北美的人口年輕。

And the other thing we know is that young people tend to gravitate more to Airbnb than older cohorts. So I just think the amount of people that are mobile applications, that are young, where every -- they're not predisposed to book a hotel, the strength of network effects, the fact that there's going to be really strong cross-border travel and Airbnb is a cross-border network are all the reasons why I think Asia will be no different than any other region in Airbnb. It might just take a little bit more time. Dave?

我們知道的另一件事是，年輕人比年長的群體更傾向於 Airbnb。所以我只是認為使用行動應用程式的人數，他們都是年輕人，他們不傾向於預訂飯店，網路效應的強度，事實上，將會有非常強大的跨境旅行Airbnb 是一個跨境網絡，這些都是我認為亞洲與Airbnb 的其他地區沒有什麼不同的原因。可能只是需要多一點時間。戴夫？

Yes. And then, Mark, in terms of take rates, no, there -- it should be consistent. There's no real reason why they should be going up on kind of a time-adjusted basis. We have not materially changed our pricing as a percentage of GBV when you adjust for the timing.

是的。然後，馬克，就轉換率而言，不，應該是一致的。沒有真正的理由說明它們應該在時間調整的基礎上上漲。當您根據時間進行調整時，我們並未對定價佔 GBV 的百分比進行重大更改。

So we are testing the cross-currency fees, as we mentioned earlier in the call, but you shouldn't count that as a major expansion of fees this year. In Q1, the implied take rate revenue over gross booking value is going to be higher, but that, again, that's largely due to timing, right, a little more revenue coming in Q1 largely due to the Easter timing.

因此，正如我們之前在電話會議中提到的那樣，我們正在測試跨貨幣費用，但您不應將其視為今年費用的重大擴展。在第一季度，隱含的收入與總預訂價值之比將會更高，但這主要是由於時機，對吧，第一季的收入增加一點主要是由於復活節的時機。

So now longer term, I am excited about the opportunity for revenue driving with our experiences and services and that ability to drive incremental revenue and incremental margin. So over a longer period of time, I think our margin expansion will absolutely come from hosting guest services and experiences. But here in the short term, there's no real change on a time-adjusted basis toward these.

因此，從長遠來看，我對透過我們的經驗和服務推動收入成長的機會以及推動增量收入和增量利潤的能力感到興奮。因此，在較長一段時間內，我認為我們的利潤成長絕對來自於提供賓客服務和體驗。但在短期內，這些面向在經過時間調整的基礎上並沒有真正的改變。

(Operator Instructions) Your next question comes from the line of Alex Brignall from Redburn Atlantic.

（操作員說明）您的下一個問題來自 Redburn Atlantic 的 Alex Brignall。

First one would just be on the Q1 guide. Just trying to understand what you're implying on the take rate expansion because there's obviously one comment, which is Easter timing, which is 1% to 2% on revenue. But it seems like the commented notably higher take rates would be more than just 1% to 2% extra on the revenues. So if you can just tease that out and then, obviously, it feeds back into the room nights.

第一個就在第一季指南上。只是想了解您對擴大採用率的含義，因為顯然有一條評論，那就是復活節時間，即收入的 1% 到 2%。但似乎所評論的顯著提高的採用率將不僅僅是收入的 1% 到 2% 的額外收入。所以，如果你能把它弄清楚，然後，顯然，它會反饋到房間的夜晚。

And the second one, just in terms of a little bit more detail on the cross-currency. It sounds like what you're saying is that it now is another lever that you have, which is fantastic, but it's something that you're going to test with. Is there an amount of friction that you expect when you add it? Do people have the chance to not pay the fee, where will it be displayed to consumers? And your last comment, Dave, on the take rate not expanding, but presumably, that means that in terms of its contribution to take rates, it's going to be relatively immaterial.

第二個是關於交叉貨幣的更多細節。聽起來你的意思是，它現在是你擁有的另一個槓桿，這非常棒，但這是你要測試的東西。添加時是否存在您預期的摩擦力？人們是否有機會不支付費用，它將在哪裡展示給消費者？戴夫，你最後的評論是關於採用率沒有擴大，但據推測，這意味著就其對採用率的貢獻而言，它將相對無關緊要。

Yes. So there are 2 areas. The reason why we say the take rate expansion in Q1 is because there's a double hit. You have the increased revenue in Q1 due to the timing, and you have decreased gross booking value that shifts from Q1 to Q2. So you both increased revenue and decreased gross booking values in the period by some amount, say, 100 to 200 basis points, and then you get that greater expansion of fees, revenue over gross booking values. So that's why we give the guidance that way. Yes, in terms of cross-country -- cross-currency, we're going to be tough. We'll be launching in April. We need to understand what the impact is to demand overall.

是的。所以有2個區域。我們之所以說第一季的收視率擴張，是因為有雙重打擊。由於時間安排，您在第一季的收入有所增加，並且從第一季轉移到第二季的總預訂價值有所下降。因此，在此期間，您既增加了收入，又減少了總預訂價值，例如 100 到 200 個基點，然後您將獲得費用、收入超過總預訂價值的更大增長。這就是我們以這種方式提供指導的原因。是的，就跨國跨貨幣而言，我們將採取強硬態度。我們將於四月推出。我們需要了解對整體需求的影響。

I mean if you just step back to it, it's actually a unique capability that the vast majority of other platforms either don't have or they charge a substantial premium for. So we've been largely giving away this benefit for no incremental cost, and we were just monitoring and have the capability of adjusting that fee if we so choose, and we will. But we'll be mindful about it to make sure that we're thoughtful in terms of the impact on overall demand.

我的意思是，如果你回頭看一下，它實際上是一種獨特的功能，絕大多數其他平台要么不具備，要么收取高昂的費用。因此，我們基本上在不增加成本的情況下放棄了這項福利，我們只是在監控並有能力調整該費用（如果我們願意的話），而且我們會這樣做。但我們會留意這一點，以確保我們考慮到對整體需求的影響。

We have reached the end of our question-and-answer session. I will now turn the call back over to Mr. Brian Chesky for some closing remarks.

我們的問答環節已經結束。現在我將把電話轉回給布萊恩·切斯基先生做一些總結發言。

All right. Well, thanks, everyone, for joining us today. Just to recap, revenue was another incredibly strong quarter. Revenue was $2.2 billion, 17% higher. Adjusted net income and adjusted EBITDA were both Q4 records, and our trailing 12-month free cash flow is $3.8 billion. And this, of course, represents a free cash flow margin at 39%.

好的。好的，謝謝大家今天加入我們。回顧一下，營收又是一個令人難以置信的強勁季度。營收為 22 億美元，成長 17%。調整後淨利和調整後 EBITDA 均創第四季紀錄，我們過去 12 個月的自由現金流為 38 億美元。當然，這代表著 39% 的自由現金流利潤率。

I'm really proud of what we've been able to accomplish this past year, and there's more to come. You know 2024 marks the beginning of a new chapter for Airbnb, and I look forward to sharing more throughout the year. Thank you all very much.

我對我們過去一年所取得的成就感到非常自豪，未來還會取得更多成就。你知道，2024 年標誌著 Airbnb 新篇章的開始，我期待在這一年分享更多內容。非常感謝大家。

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。