Airbnb Inc (ABNB) 2024 Q1 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's earnings conference call for the first quarter of 2024. 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 2024 年第一季的收益電話會議。

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 First Quarter of 2024 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, Ellie Mertz.

下午好，歡迎參加 Airbnb 2024 年第一季財報電話會議。感謝您今天加入我們。今天的電話會議邀請了 Airbnb 聯合創始人兼執行長布萊恩·切斯基 (Brian Chesky)；以及我們的財務長 Ellie Mertz。

Earlier today, we issued a shareholder letter with our financial results and commentary for our first quarter of 2024. 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 2024 年第一季的財務表現和評論。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. 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. Good afternoon, everyone, and thanks for joining. Airbnb had a strong start to 2024. We had 133 million Nights and Experiences Booked in Q1, marking our highest first quarter ever. Revenue of $2.1 billion grew 18% year-over-year, primarily driven by continued strength in travel demand and the timing of Easter. Net income was $264 million, representing a net income margin of 12%.

好的。大家下午好，感謝您的加入。 Airbnb 2024 年開局強勁。營收為 21 億美元，年成長 18%，這主要是由於旅行需求持續強勁和復活節的時機推動的。淨利潤為 2.64 億美元，淨利潤率為 12%。

For Q1, our free cash flow was $1.9 billion, our highest ever. And for the trailing 12 months, our free cash flow was $4.2 billion, representing a free cash flow margin of 41%. Our strong cash flow allowed us to repurchase $750 million of our shares in the quarter. And as of the end of Q1, we had $6 billion remaining on our repurchase authorization.

第一季度，我們的自由現金流為 19 億美元，創歷史最高水準。過去 12 個月，我們的自由現金流為 42 億美元，自由現金流率為 41%。我們強勁的現金流使我們能夠在本季回購 7.5 億美元的股票。截至第一季末，我們的回購授權還剩 60 億美元。

Now during Q1, we made significant progress across our 3 strategic initiatives, which are making hosting mainstream, perfecting our core service and expanding beyond the core. First, we're maybe hosting mainstream. We remain focused on making hosting just as popular as traveling in Airbnb. And to do this, we're raising awareness around the benefits of hosting, providing better tools and helping hosts deliver high-quality stays. As we grow, we're also taking action to rapidly improve the quality stays on Airbnb. In Q1, we removed thousands of listings that failed to meet our guest expectations. And excluding these removals, active listings for accommodations grew 17% year-over-year. And we also saw sustained double-digit supply growth across all regions. This year, we'll continue to raise awareness around hosting and improve the overall host experience.

現在，在第一季度，我們在 3 項策略舉措方面取得了重大進展，即使託管成為主流、完善我們的核心服務以及擴展到核心之外。首先，我們可能會主持主流。我們仍然致力於讓出租和 Airbnb 旅行一樣受歡迎。為此，我們正在提高人們對出租的好處的認識，提供更好的工具並幫助房東提供高品質的住宿。隨著我們的發展，我們也採取行動快速提高愛彼迎的住宿品質。在第一季度，我們刪除了數千個未能滿足房客期望的房源。排除這些搬遷，活躍的住宿掛牌量年增 17%。我們也看到所有地區的供應量持續兩位數成長。今年，我們將繼續提高人們對託管的認識並改善整體託管體驗。

Second, we are perfecting our core service. Over the past few years, we've rolled out more than 430 new features and upgrades to improve our service. In November, we took another huge step forward on reliability with the launch of Guest Favorites, a collection of the top homes on Airbnb based on ratings, reviews and reliability. Now since launching Guest Favorites, there have been more than 100 million nights booked at these listings, and we will continue to make it easier for guests to find high-quality and affordable stays.

二是完善核心服務。在過去幾年中，我們推出了 430 多項新功能和升級來改善我們的服務。 11 月，我們在可靠性方面又邁出了一大步，推出了“賓客最愛”，這是根據評級、評論和可靠性收集的 Airbnb 上的頂級房屋。自從推出「賓客最愛」以來，這些房源的預訂量已超過 1 億晚，我們將繼續讓賓客更輕鬆地找到高品質且價格實惠的住宿。

Finally, we're expanding beyond our core. During the quarter, we continued investing in less mature markets to unlock more growth. And in Q1, gross nights booked in our expansion markets grew twice as fast as our core markets. And we're also focused on expanding beyond our core business. Now this will be a multiyear journey, and we've already begun laying the foundation. Last week, we introduced Icons, a new category of extraordinary experiences by the greatest names in music, film, sports and more. Icons mark an important next step in helping people understand that Airbnb offers more than just travel accommodations.

最後，我們正在超越我們的核心。本季度，我們繼續投資較不成熟的市場，以釋放更多成長動力。在第一季度，我們的擴張市場的總預訂天數成長速度是我們核心市場的兩倍。我們也致力於拓展核心業務以外的業務。現在這將是一個多年的旅程，我們已經開始奠定基礎。上週，我們推出了 Icons，這是一個由音樂、電影、體育等領域最偉大的人物提供的非凡體驗的新類別。圖標標誌著下一步重要的一步，幫助人們了解 Airbnb 提供的不僅僅是旅行住宿。

Now before I share a few business highlights, I just want to provide some context on why we actually introduced Icons because they deliver on 3 key objectives. First, Icons keep Airbnb's brand relevant and top of mind. With new Icons launching throughout the year, we can introduce more people to Airbnb and highlight what makes us unique. Second, while Airbnb's brand is already recognized around the world, there are specific segments where we want to accelerate growth. And with a broad range of Icons spanning various geographies, demographics and fan bases, we'll be able to reach key segments in a more targeted way. And third, Icons help change the way people think about Airbnb and what we offer. And this is going to be critical as we expand beyond accommodations in the coming years.

現在，在分享一些業務亮點之前，我只想提供一些背景信息，說明我們實際上引入 Icons 的原因，因為它們實現了 3 個關鍵目標。首先，圖標使 Airbnb 的品牌保持相關性並成為人們關注的焦點。隨著全年新圖標的推出，我們可以向更多人介紹 Airbnb，並突出我們的獨特之處。其次，雖然 Airbnb 的品牌已在全球範圍內得到認可，但我們仍希望在某些特定領域加速成長。憑藉跨越不同地理位置、人口統計和粉絲群的廣泛圖標，我們將能夠以更有針對性的方式覆蓋關鍵細分市場。第三，圖標有助於改變人們對 Airbnb 和我們提供的服務的看法。隨著我們在未來幾年將業務擴展到住宿以外的領域，這一點將至關重要。

Now it's still early, but we're really excited about the response we've seen to Icons so far. In just one week, the Icons launch has generated over 8,100 pieces of global media coverage and 371 million social media impressions. And the coverage has been overwhelmingly positive. Now just to put this into perspective, Icons has already generated more press than our IPO. It's clear Icons is resonating with people.

現在還為時過早，但我們對迄今為止看到的 Icons 反應感到非常興奮。光是一週時間，Icons 的發布就吸引了超過 8,100 條全球媒體報導和 3.71 億次社群媒體曝光。報道的積極性非常高。現在，從這個角度來看，Icons 已經比我們的 IPO 引起了更多的關注。很明顯 Icons 引起了人們的共鳴。

Now looking back to Q1, we saw a number of positive business highlights. First, mobile downloads are accelerating. So to quickly zoom out, Nights and Experiences Booked in Q1 increased 9.5% year-over-year despite a hard comp this time last year. And we were particularly encouraged by the growth of app downloads. In the U.S., app downloads increased 60% in Q1 compared to a year ago. And global nights booked in our app increased 21% year-over-year, and they now represent 54% of nights booked during the quarter. And this time last year, mobile bookings represented only 49%. So it went from 49% to 54%. So we're seeing some really, really good traction.

現在回顧第一季度，我們看到了許多積極的業務亮點。首先，移動下載正在加速。因此，快速縮小範圍，儘管去年這個時候進行了嚴格的比較，但第一季的預訂晚間數和體驗數同比增長了 9.5%。應用程式下載量的成長尤其令我們感到鼓舞。在美國，第一季的應用程式下載量比去年同期成長了 60%。在我們的應用程式中預訂的全球房晚數年增 21%，目前佔本季預訂房晚數的 54%。而去年這個時候，行動預訂僅佔 49%。所以它從 49% 上升到 54%。所以我們看到了一些非常非常好的牽引力。

Second, Airbnb is uniquely positioned for special events. Special events is really how we started Airbnb. We really started it to provide housing for conferences and events. And in April, we had over 500,000 guests stay on Airbnb during the solar eclipse in North America. And interestingly, we saw more than twice as many nights stayed on Airbnb along the direct path of the eclipse compared to the year prior with many of the locations in areas that don't even have hotels. Nights booked in Paris during the summer's Olympics are 5x higher than this time a year ago, and Germany is also seeing a similar trend for the Euro Cup this summer with nights book nearly double compared to a year ago.

其次，愛彼迎在舉辦特殊活動方面擁有得天獨厚的優勢。舉辦特別活動確實是我們創辦 Airbnb 的方式。我們最初的目的是為會議和活動提供住宿。 4 月份，北美日食期間有超過 50 萬名房客入住 Airbnb。有趣的是，我們發現，在日食直接路徑上，在 Airbnb 上停留的夜晚數量是前一年的兩倍多，而且許多地點甚至沒有酒店。夏季奧運期間，巴黎的預訂天數比一年前增加了 5 倍，今年夏天的歐洲盃德國隊也出現了類似的趨勢，預訂天數幾乎是一年前的兩倍。

Now supplies also increased to meet the higher demand, including nearly 40% more active listings in Paris in Q1 compared to a year ago. These events highlight Airbnb's unique ability to disperse travel and spread economic benefits by allowing people to stay in local neighborhoods where there are no hotels.

現在，供應量也有所增加，以滿足更高的需求，其中第一季巴黎的活躍掛牌量比一年前增加了近 40%。這些活動凸顯了 Airbnb 的獨特能力，即透過讓人們住在沒有飯店的當地社區來分散旅行並傳播經濟利益。

And finally, supply growth remains strong. Now as mentioned earlier, in Q1, we removed thousands of listings that failed to meet our guest expectations. And excluding these removals, active listings for accommodations grew 17% year-over-year. We continue to see double-digit supply growth across all regions with the highest growth in regions with the highest demand. Urban and nonurban supply increased at about the same rate, and we saw relatively similar supply growth among individual and professional hubs with the majority of new listings exclusive to Airbnb. We're really proud of our strong Q1 results, and we're looking forward to another record summer travel season.

最後，供應成長依然強勁。如同前面所提到的，在第一季度，我們刪除了數千個未能滿足房客期望的房源。排除這些搬遷，活躍的住宿掛牌量年增 17%。我們繼續看到所有地區的供應量都出現兩位數的成長，其中需求最高的地區成長最快。城市和非城市的供應成長速度大致相同，而且我們看到個人和專業中心的供應成長相對相似，其中大多數新房源都是 Airbnb 獨有的。我們對第一季的強勁業績感到非常自豪，並期待著另一個創紀錄的夏季旅行季節。

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

因此，艾莉和我期待回答您的問題。

(Operator Instructions) Our first question will come from the line of Mark Mahaney with Evercore ISI.

（操作員說明）我們的第一個問題將來自 Evercore ISI 的 Mark Mahaney。

You talked about this kind of leaning into these kind of less mature markets and this doubling of growth rate in some of those expansion markets versus your core markets. Could you give a little more color on which countries and which markets that is, which countries? I think in the past, you may have mentioned Brazil. But which ones you're leaning into this year? And then secondly, that U.S. app downloads increase of 60% year-over-year. That's an extremely high number for what you would think would be a reasonably well-known app and brand. So what drove that? Do you have any whys behind that?

您談到了對這些不太成熟的市場的傾斜，以及其中一些擴張市場相對於核心市場的成長率翻倍的情況。能否詳細說明一下哪些國家、哪些市場、哪些國家？我想過去您可能有提到巴西。但今年您傾向哪些？其次，該美國應用程式下載量年增 60%。對於您認為相當知名的應用程式和品牌來說，這是一個非常高的數字。那麼是什麼推動了這一點呢？這背後有什麼原因嗎？

Yes. Mark, why don't I start? So leaning into a less mature market. So if you think about Airbnb, we're obviously in 220 countries and regions. We're one of the most global brands in the world, but our more -- our markets with the highest penetration would be U.S., Canada, Australia, France and U.K. So those 5. So the next markets that have the biggest potential TAM would be -- I mean, would be like Mexico and Brazil in Latin America. In Europe, it would be Germany. It would be Italy. It would be Spain. We're also starting to see some traction in like Switzerland and Netherlands. And in Asia, it would be Japan. It would be Korea. It would be China, and eventually a little bit longer game would be India. So these are -- and there's a few others in Latin America. So I can kind of keep going. But those are kind of some of the really, really big travel TAMs.

是的。馬克，我為什麼不開始呢？因此傾向於不太成熟的市場。因此，如果您考慮一下 Airbnb，我們顯然遍布 220 個國家和地區。我們是世界上最全球化的品牌之一，但我們滲透率最高的市場將是美國、加拿大、澳洲、法國和英國。 所以這 5 個市場。意思是，就像拉丁美洲的墨西哥和巴西一樣。在歐洲，那就是德國。那將是義大利。那將是西班牙。我們也開始在瑞士和荷蘭等國家看到一些吸引力。在亞洲，那就是日本。那將是韓國。這將是中國，最終更長一點的比賽將是印度。這些是──拉丁美洲還有其他一些。所以我可以繼續前進。但這些都是一些非常非常大的旅遊 TAM。

And Mark, maybe just one other thing I'll just say. Like I think a really think good thing to look at is our penetration for each country. And while U.S., Canada and Australia are really, really similar, there's a really, really big drop-off in a lot of these other markets that are huge travel TAMs, especially in Asia. And one of the things that we've learned is that Airbnb pretty much resonates pretty equally everywhere once there's the awareness. In fact, I could argue that Airbnb might resonate better in Asia because there's a younger travel population that's not predisposed to hotels, and they're on social media. And we are disproportionately on social media versus our competitors. So I'm very, very bullish about that.

馬克，也許我只想說另一件事。就像我認為真正值得關注的一件好事是我們對每個國家的滲透。雖然美國、加拿大和澳洲確實非常相似，但許多其他旅遊 TAM 龐大的市場卻出現了非常非常大的下降，尤其是在亞洲。我們了解到的一件事是，一旦人們意識到 Airbnb，它就會在各地引起幾乎相同的共鳴。事實上，我可以說 Airbnb 在亞洲可能會產生更好的反響，因為年輕的旅遊人群不喜歡飯店，而且他們使用社群媒體。與我們的競爭對手相比，我們在社群媒體上的使用比例不成比例。所以我對此非常非常樂觀。

Now on U.S. app downloads, you're right. I mean it was -- it's grown 60% last year. It went from 49% of bookings to 54% of bookings. So at the highest level, Mark, what drove that was just focus on a road map. We have a brand that most everybody, at least in the United States, have heard us. And a lot of people download our app. But we've never really focused on optimizing our app from a download perspective. And just to be clear, these numbers were driven organically, not by paid advertising.

現在就美國的應用程式下載而言，你是對的。我的意思是——去年增長了 60%。預訂量從 49% 增加到 54%。因此，馬克，在最高層面上，推動這一目標的只是專注於路線圖。我們擁有一個大多數人（至少在美國）都聽說過我們的品牌。很多人下載我們的應用程式。但我們從未真正專注於從下載角度優化我們的應用程式。需要明確的是，這些數字是有機驅動的，而不是付費廣告驅動的。

So it was really just a lot of optimization, different touch points, encouraging people at the right moment to download our app, not being intrusive. We had pushed a lot of people to just -- we just push them to our mobile website. Our mobile website does not convert nearly at the rate of our app download.

所以這實際上只是大量的優化，不同的接觸點，鼓勵人們在適當的時候下載我們的應用程序，而不是侵入性的。我們已經把很多人推到我們的行動網站上了。我們的行動網站的轉換速度遠不及我們的應用程式下載速度。

And so maybe the highest level point I'll just make is I think what we've been able to prove in the last 3 years is we focus on something that can drive the numbers. Two years ago, supply wasn't growing. We focused on it. It's now growing 17% net quality. A year ago, we felt like app downloads weren't where they needed to be. We put a team on it. They focused. So I think we're developing a good track to really be able to move metrics when we focus on them.

因此，也許我想說的最高點是，我認為我們在過去三年中能夠證明的是，我們專注於能夠推動數位成長的事情。兩年前，供應量沒有成長。我們專注於它。現在淨品質成長了 17%。一年前，我們覺得應用程式下載量沒有達到應有的水準。我們派了一個團隊來做這件事。他們集中註意力。因此，我認為我們正在開發一個良好的軌道，以便在我們專注於指標時真正能夠移動指標。

Brian, if I could just add, I think the app download effort is really just part of our broader priority around perfecting the core and optimizing the core business. We identified that not as many of our guests were using the app as they should. And we know that the app is a much better user experience than the web. So it's, again, part of a broader suite of road map items that are intended to improve and perfect the core experience.

Brian，如果我可以補充一下，我認為應用程式下載工作實際上只是我們圍繞完善核心和優化核心業務的更廣泛優先事項的一部分。我們發現沒有那麼多客人使用該應用程式。我們知道應用程式的用戶體驗比網路好得多。因此，它也是更廣泛的路線圖專案的一部分，旨在改進和完善核心體驗。

Your next question will come from the line of Richard Clarke with Bernstein.

你的下一個問題將來自理查克拉克和伯恩斯坦的對話。

Just on -- you mentioned on the prepared remarks and you mentioned that Q4 that Q1 would have quite a tough comp, and there's calendar effects in there as well. But you're guiding the Q2 is going to be flat on room night growth. So is there anything you'd call out in Q2 that's maybe holding that back and how we should think about the rest of the year? And maybe just a similar question on margin. The Q2 guide, I guess a little bit softer than consensus had. Some calendar in there. Is that including any of the growth investments you talk about? Or are those things that may come in more the second half of the year?

就在 - 你在準備好的評論中提到，你提到第四季度第一季將有一個相當艱難的比賽，而且那裡也有日曆效應。但您預計第二季的間夜成長將持平。那麼，您在第二季是否有什麼事情可能會阻礙這一進程，以及我們應該如何考慮今年剩餘時間？也許只是關於保證金的類似問題。我認為第二季指引比共識要軟一些。裡面有一些日曆。這包括您談論的任何成長投資嗎？或者那些事情可能會在下半年出現？

Yes. Thanks, Richard. Let me just talk a little bit about the trends that we see year-to-date to help answer your question. So first, as you point out, as we're heading into 2024, we were widely aware that last January was particularly strong. And so the guide that we provided back in February included a step down in growth from Q4 to Q1. That was reflective of that hard comp from a year ago. We did experience it. And then since then, we've seen relatively stable growth, which I see as, frankly, a really strong statement in terms of both the stability and resilience of leisure travel demand so far this year.

是的。謝謝，理查。讓我簡單談談我們今年迄今為止看到的趨勢，以幫助回答您的問題。首先，正如您所指出的，隨著我們即將邁入 2024 年，我們廣泛意識到去年 1 月的表現尤其強勁。因此，我們在二月提供的指南包括從第四季度到第一季的成長放緩。這反映了一年前的硬比賽。我們確實經歷過。從那時起，我們看到了相對穩定的成長，坦白說，我認為這對於今年迄今為止休閒旅遊需求的穩定性和彈性而言是一個非常強有力的聲明。

I think something that we've seen this year that is contrasting to last year is last year, there was a lot of volatility in terms of the timing of when people booked relative to their check-ins. And so far this year, it's been frankly much more stable. Lead times on our platform have been frankly generally in line with a year ago, and there just hasn't been the same level of volatility, again, that we saw a year ago. And so heading into Q2, our guidance reflects this continued stability of bookings. Obviously, we'd like to deliver higher growth than stable growth, but our outlook obviously reflects the trends that we have seen quarter-to-date.

我認為我們今年看到的與去年形成鮮明對比的是，去年人們預訂的時間相對於登記入住的時間有很大的波動。坦白說，今年到目前為止，情況要穩定得多。坦白說，我們平台上的交貨時間總體上與一年前一致，只是沒有出現我們一年前看到的同樣程度的波動。因此，進入第二季度，我們的指導反映了預訂量的持續穩定性。顯然，我們希望實現比穩定成長更高的成長，但我們的前景顯然反映了我們本季迄今所看到的趨勢。

To your question on Q2 margins, obviously, we guided -- the Q1 results reflect a pretty meaningful year-over-year margin expansion. A big portion of that is due to the timing of Easter. So Easter is not only a benefit to revenue growth in Q1, but it's obviously also a benefit to margin expansion. Those 2 factors reversed in Q2. It is a headwind to revenue growth, and it is a headwind to overall margins.

對於你關於第二季利潤率的問題，顯然，我們指導——第一季的結果反映了相當有意義的年比利潤率擴張。其中很大一部分原因是復活節的時間。因此，復活節不僅有利於第一季的營收成長，而且顯然也有利於利潤率的擴張。這兩個因素在第二季度發生了逆轉。這不利於營收成長，也不利於整體利潤率。

Two other components in terms of what's putting pressure on margins in Q2. One is just some onetime credits that we had in payment processing a year ago that will not recur this year. And then third, we shifted slightly the timing of our marketing spend. A little bit heavier in Q2 than in Q1, and that will be reflected in terms of marketing as a percent of revenue growing in the quarter on a year-over-year basis.

還有兩個因素對第二季的利潤率造成壓力。其中一個只是我們一年前在付款處理中獲得的一些一次性積分，今年不會再出現。第三，我們稍微改變了行銷支出的時間安排。第二季比第一季稍微重一點，這將反映在行銷方面，即本季同比營收成長的百分比。

Your next question will come from the line of Jed Kelly with Oppenheimer.

你的下一個問題將來自傑德凱利和奧本海默的對話。

Just one on ADRs. They seem to seem to be relatively sticky. And I think a couple of quarters ago, you talked about driving value to the consumer. So can you just give us an update on where you are in sort of some of your value initiatives? And then on supply, grade supply growth again. Can you talk about how we should think about supply and nights eventually converging to similar growth rates?

只有一份 ADR。它們看起來似乎比較黏。我認為幾個季度前，您談到了為消費者帶來價值。那麼您能否向我們介紹一下您在某些價值計劃方面的進展？然後在供應方面，品級供應再次成長。您能否談談我們應該如何考慮供應量和過夜數最終趨於相似的成長率？

Jed, why don't I take the first one and -- on value initiatives, and I'll let Ellie take the second one? So on providing value. When we started Airbnb, our original tagline was a cheap, affordable alternative to a hotel. And the majority of -- the primary reason people came to us is because it's a better value than a hotel. And we still think that's a core value proposition that we have to offer. Now 1.5 years ago, we noticed that there was a lot of concern about Airbnb prices increasing. And so we created a whole team to identify a series of initiatives to modulate our prices, and they are working. And I'll go down the list.

傑德，為什麼我不採取第一個——關於價值舉措，我會讓艾莉採取第二個？所以關於提供價值。當我們創辦 Airbnb 時，我們最初的口號是廉價、實惠的飯店替代方案。大多數人來到我們這裡的主要原因是因為它比酒店更有價值。我們仍然認為這是我們必須提供的核心價值主張。 1.5 年前，我們注意到人們對 Airbnb 價格上漲有很多擔憂。因此，我們組建了一個完整的團隊來確定一系列調整價格的舉措，它們正在發揮作用。我將逐一列出清單。

One is total price display. So as you know, in travel, especially online travel, there's a lot of progressive fee disclosures. And we decided to have a toggle right on the home page that you can turn on to show the total price display. Since we've done that, not only do consumers -- not only are consumers going towards the best total value, but it's begun to change behavior in our host community because 300,000 hosts or (inaudible) have removed or lowered their cleaning fee as a result. So that was the first thing we did.

一是總價顯示。如您所知，在旅遊領域，尤其是在線上旅遊領域，存在大量累進費用揭露。我們決定在主頁上設定一個開關，您可以打開它來顯示總價。自從我們這樣做以來，消費者不僅在追求最佳總價值，而且開始改變我們房東社區的行為，因為 300,000 名房東（聽不清楚）已經取消或降低了清潔費作為房東的費用。這就是我們做的第一件事。

The next thing we did is we started offering monthly and weekly discounts and much more robust tools for that. Now this is important because nearly half of our nights booked are for stays of a week or longer. And now more than 2/3 of our hosts offer a monthly or weekly discount. We also noticed that a lot of host that weren't getting booked weren't getting booked because their prices were too high, and they just didn't have really good concept. So we created a tool called the compare listing tool where people can see how much other people are charging in the neighborhood. And they can actually see people who are getting booked, not getting booked. And no surprise, people getting booked generally have lower prices. So we have nearly 2 million hosts that now use the compare listing tool.

我們做的下一件事是開始提供每月和每週的折扣以及更強大的工具。這很重要，因為我們預訂的住宿中近一半是為期一周或更長時間的住宿。現在我們超過 2/3 的房東提供每月或每週折扣。我們也注意到，許多沒有被預訂的房東之所以沒有被預訂，是因為他們的價格太高，而且他們沒有真正好的理念。因此，我們創建了一個名為比較清單工具的工具，人們可以在其中查看附近其他人的收費情況。他們實際上可以看到正在被預訂的人，而不是被預訂的人。毫不奇怪，預訂的人通常會得到較低的價格。因此，我們現在有近 200 萬台主機使用比較清單工具。

So there's just a few of the initiatives we've done. We actually have many others as well. The net of all of it is that hotel prices are up year-over-year and Airbnb listings on a like-for-like basis are down. So today, the value of Airbnb versus hotel is better than it was a year ago, and I think that trend line is going to continue given all of our efforts. And maybe the only other thing I'll just say on this is, as we know, law of supply and demand, as supply grows faster than demand, prices go down a little bit. And supply is growing faster than demand. I think that's also relieving some pressure. Ellie, over to you.

我們已經採取了一些措施。我們實際上還有很多其他的。所有這一切的最終結果是，飯店價格逐年上漲，而 Airbnb 的房源數量則是年減。因此，今天，Airbnb 相對於酒店的價值比一年前要好，而且我認為，鑑於我們的所有努力，這一趨勢線將繼續下去。也許我要說的唯一一件事是，正如我們所知，供需定律，當供給成長快於需求時，價格會稍微下降。而且供應成長快於需求。我認為這也減輕了一些壓力。艾莉，交給你了。

Yes. So Jed, to your question with regard to the relative growth rates of supply and demand, just a few comments. I would say, first, something that we've shared previously is that in any given quarter, we would not expect supply and demand to grow exactly in line. But when we look over a longer time period, either the last decade or more specifically from pre-pandemic to today, what we do see is that over a period of years, they do grow generally in line. And I would say that continues to be the case.

是的。傑德，對於你關於供需相對增長率的問題，我僅作幾點評論。我想說，首先，我們之前分享過的一點是，在任何特定季度，我們預計供應和需求都不會完全同步成長。但當我們審視更長的時間段時，無論是過去十年，還是更具體地說，從大流行前到今天，我們確實看到，在過去的幾年裡，它們確實總體上呈直線增長。我想說，情況仍然如此。

Where we are right now, I would say we are very encouraged to be able to deliver this continued level of very strong supply growth for a couple of reasons. I would say, one, we know that more unique differentiated supply wins and differentiated supply is why people come to Airbnb. I would say, second, and Brian made this point, but growing supply allows us to -- it really benefits our affordability measures in that more supply obviously begets more competitive pricing. And then I would say, third, relevant to our recent quality initiatives, we see it as an opportunity for -- as supply growth is stronger than demand growth for us to continue to be driving quality.

我想說，就目前的情況而言，我們非常高興能夠實現這種持續強勁的供應成長，原因有幾個。我想說，第一，我們知道更獨特的差異化供應會獲勝，差異化供應是人們來到 Airbnb 的原因。我想說，第二，布萊恩提出了這一點，但不斷增長的供應使我們能夠——這確實有利於我們的負擔能力措施，因為更多的供應顯然會帶來更具競爭力的價格。然後我想說，第三，與我們最近的品質舉措相關，我們認為這是一個機會——因為供應增長強於需求增長，使我們能夠繼續推動品質。

What you saw in the quarter is we obviously did some onetime takedowns of supply that frankly just did not meet our community's expectations. And the fact that supply is growing so rapidly, it allows us to make those cuts, if you will, to the supply base and to be continually upgrading the level of quality that we deliver to our guests.

您在本季看到的是，我們顯然做了一些一次性的供應減少，坦白說，這並沒有達到我們社區的期望。事實上，供應量成長如此之快，如果您願意的話，我們可以對供應基地進行削減，並不斷提高我們為客人提供的品質水準。

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

你的下一個問題來自花旗集團的 Ron Josey。

Brian, I wanted to ask you about search on Airbnb just following the strength and the benefits of Guest Favorites. I wanted to better understand sort of -- talk just about post Guest Favorites how search and really conversion rates have improved and really how you feel search can just evolve over time. And then as a follow-up to what we were just talking about around inventory quality, I would love to hear just the process to ensure that quality listings continue to come on the platform. I think we've talked about verified listings and trophies, but any other thoughts there would be helpful.

Brian，我想向您詢問有關 Airbnb 搜尋的問題，主要是了解「賓客最愛」的優勢和優勢。我想更了解某種程度——僅談論訪客收藏後搜尋和實際轉換率如何提高，以及您認為搜尋如何隨著時間的推移而發展。然後，作為我們剛剛討論的庫存品質的後續內容，我很想聽聽確保優質清單繼續出現在平台上的流程。我想我們已經討論了經過驗證的清單和獎杯，但任何其他想法都會有幫助。

Yes. These are really, really great questions, Ron. Let's start with search. So we did approximately $10 billion last year in revenue. So the way to think about this is if we can just drive an incremental 100 basis points in growth, that's $100 million. So like the way we look at our conversion rate is like we have teams dedicated to the search experience. And we -- over the last year, we -- the last 12 months, we've likely driven at least a few hundred basis points of incremental growth just through optimization of the search flow because we just get so much traffic.

是的。這些都是非常非常好的問題，羅恩。讓我們從搜尋開始。所以我們去年的營收約為 100 億美元。因此，思考這個問題的方法是，如果我們能夠推動成長 100 個基點，那就是 1 億美元。因此，就像我們看待轉換率的方式一樣，我們有專門致力於搜尋體驗的團隊。在過去的一年裡，在過去的 12 個月裡，我們可能僅僅透過優化搜尋串流就推動了至少幾百個基點的增量成長，因為我們獲得瞭如此多的流量。

And so just to call out a couple of things that we did. I mean there's been dozens and dozens. I'll just name a couple. One I already mentioned, mobile app downloads. Now why did mobile app downloads lead to also more bookings? Because the conversion rate on a native application is typically a lot higher than on mobile website.

在此簡單介紹一下我們所做的幾件事。我的意思是有幾十個。我只舉幾個例子。我已經提到過，行動應用程式下載。那麼為什麼行動應用程式下載也會帶來更多預訂呢？因為本機應用程式的轉換率通常比行動網站高得多。

Number two, just to give you a couple of examples. One of the challenges at Airbnb compared to hotel is you may type in a location and certain dates and maybe you're on vacation and you don't see exactly the home you need and you might not book a home. You might now open a different app. And we have this carousel that basically offers, hey, if you change your dates by 1 or 2 days, here are other listings you can find, and that led to a huge increase in bookings.

第二，僅舉幾個例子。與飯店相比，愛彼迎面臨的挑戰之一是，您可能會輸入地點和特定日期，但也許您正在度假，但看不到您需要的確切房屋，因此您可能不會預訂房屋。現在您可以打開另一個應用程式。我們有這個輪播，基本上可以提供，嘿，如果您將日期更改 1 或 2 天，您可以找到以下其他列表，這導致預訂量大幅增加。

We made improvements to filters. We've made improvements to search input to search box, making the search box more prominent. So there are quite literally dozens and dozens of improvements that we've made. And I see hundreds of basis points of incremental growth just through essentially optimizing the end-to-end guest flow for our core business. So it's really, really exciting. And a couple of big areas would be maps in location. There's a huge opportunity around that area. So that's on search.

我們對過濾器進行了改進。我們對搜尋框的搜尋輸入進行了改進，使搜尋框更加突出。因此，我們確實做出了數十項改進。透過本質上優化我們核心業務的端到端賓客流程，我看到了數百個基點的增量成長。所以這真的非常非常令人興奮。幾個大區域將是位置地圖。該地區存在巨大的機會。所以這是在搜尋中。

On inventory and quality, this is a great question. I mean we have a really extensive road map. Last year, we launched Guest Favorites, as you know. In November, the 100 million nights book have been booked through them. I would say the response to Guest Favorites has even been greater than I anticipated. We're seeing more people not only book Guest Favorites, but we're seeing that Guest Favorites have a fraction of the trip issue and contact rate as non-Guest Favorites. So Guest Favorites have between 1/5 and 1/10 the contact rate as our bottom quartile listing, and the rebooking rates are much higher. And I also think what guest favorites are doing is it's changing behavior to encourage more hosts to become better.

關於庫存和質量，這是一個很大的問題。我的意思是我們有一個非常廣泛的路線圖。如您所知，去年我們推出了「賓客最愛」。 11月份，一億晚的預訂已經透過他們預訂了。我想說，對「賓客最愛」的反應甚至比我預期的還要強烈。我們看到越來越多的人不僅預訂了“賓客最愛”，而且我們還發現，“賓客最愛”的旅行問題和聯繫率中有一小部分是非“賓客最愛”。因此，「賓客最愛」的聯繫率是我們排名最後四分之一的清單的 1/5 到 1/10，重新預訂率要高得多。我還認為，最受歡迎的房客所做的是改變行為，鼓勵更多房東變得更好。

And so after that, we launched quality highlights in March. Quality highlights, basically what happened was Guest Favorites are the top 2 million listings in Airbnb. But a bunch of people are saying, well, how do we know which are the best within those 2 million? So what we did is we have a top 1%, top 5% and top 10% trophy classification. And this is also really, I think, popular with guests. We've now removed hundreds of thousands of listings, and we are going to be doing a number of new things.

此後，我們在三月推出了品質亮點。品質亮點，基本上發生的事情是，房客最喜歡的房源是 Airbnb 中排名前 200 萬的房源。但很多人會說，我們怎麼知道這 200 萬中哪些是最好的呢？所以我們所做的是我們有前 1%、前 5% 和前 10% 的獎盃分類。我認為這也很受客人歡迎。我們現在已經刪除了數十萬個列表，並且我們將做一些新的事情。

One of the things we're experimenting with is showing the percentile, where something falls in a quality distribution as a percentile basis and then continually adding a lot more supply and then tightening up our quality control and really giving a lot more feedback to hosts to become better. I think that's a really good opportunity here to get a lot more listings in Guest Favorites and to provide hosts education host tools for the hosts that are struggling to be much more successful. So there's a pretty big and extensive road map to go.

我們正在嘗試的一件事是顯示百分位，其中某些東西以百分位為基礎落在質量分佈中，然後不斷增加更多的供應，然後加強我們的品質控制，並真正向主機提供更多的回饋變得更好。我認為這是一個非常好的機會，可以在房客最愛中獲得更多列表，並為正在努力取得更大成功的房東提供房東教育工具。因此，還有一個相當大且廣泛的路線圖需要走。

And just the last thing I'll say about this is as big as Airbnb is, and we're approaching 0.5 billion room nights a year, for everyone who stays in Airbnb, somewhere around 8 or 9 people stay in hotels. And when you ask people, why are you staying in a hotel? Airbnb is typically more affordable. It's a more local experience. It's much better for groups and families. People say, yes, but hotels are historically a more consistent experience. And so if we can just get one of those travelers from hotels to stay in Airbnb, that would double our size of our business to 1 billion nights a year. And so we think quality and reliability is a multiyear road map. So you're going to be hearing every year major updates from us on quality and reliability.

關於這個問題，我要說的最後一件事是，Airbnb 的規模與規模一樣大，對於所有住在Airbnb 的人來說，我們每年的間夜數量接近5 億個，大約有8 到9 個人住在酒店。當你問人們，你為什麼住在飯店？ Airbnb 通常比較便宜。這是一種更本地化的體驗。這對於團體和家庭來說要好得多。人們說，是的，但從歷史上看，酒店是一種更一致的體驗。因此，如果我們能夠讓其中一位來自飯店的旅客入住 Airbnb，我們的業務規模就會翻一番，達到每年 10 億晚。因此，我們認為品質和可靠性是一個多年的路線圖。因此，您每年都會聽到我們關於品質和可靠性的重大更新。

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

你的下一個問題來自高盛的艾瑞克‧謝裡丹（Eric Sheridan）。

Maybe coming back and putting a finer point on some of the topics we've talked about already, Brian. When you think about your top investment priorities for 2024 and beyond, how would you categorize those investments if we put them in buckets demand generation, supply growth and platform and product innovation over the long term? And in that last bucket, how should we increasingly think about what you're learning about testing and deploying AI across the platform and how it might reduce friction over the longer term?

布萊恩，也許會回來對我們已經討論過的一些主題進行更深入的闡述。當您考慮 2024 年及以後的首要投資重點時，如果我們將這些投資分為長期需求產生、供應成長以及平台和產品創新，您會如何對這些投資進行分類？在最後一個方面，我們應該如何更多地思考您在跨平台測試和部署人工智慧方面所學到的知識，以及它如何在長期內減少摩擦？

Eric, good to hear from you. So maybe I can just -- you have 3 buckets. Maybe I can give you 3 slightly different buckets to give you our framework. The way I think about deploying our resources -- and when I say resources, probably the most precious resource we have is product and engineering resources. And the way I think about that is we have our core business, we have international expansion, and we have expanding beyond our core business of accommodation. So that's kind of the way we think about our portfolio. And you can imagine, they're all totally different horizons.

艾瑞克，很高興收到你的來信。所以也許我可以——你有 3 個桶子。也許我可以給你 3 個略有不同的桶子來為你提供我們的框架。我考慮部署資源的方式——當我說資源時，我們擁有的最寶貴的資源可能是產品和工程資源。我的想法是，我們有我們的核心業務，我們有國際擴張，我們已經超越了我們的核心住宿業務。這就是我們思考我們的投資組合的方式。你可以想像，他們的視野完全不同。

So the majority of our people are still focused on the core business, and I believe that we are just scratching the surface of the size of our core business. Within our core business, we typically have about 3 different areas of focus. One I just talked about, which is quality and reliability. The other -- the next one is affordability, making sure Airbnbs are more affordable than hotels. And the third is usability, what I also talked about with search and reducing friction.

所以我們大多數人仍然專注於核心業務，我相信我們只是觸及了核心業務規模的表面。在我們的核心業務中，我們通常有大約 3 個不同的重點領域。我剛才談到了一個問題，那就是品質和可靠性。另一個是負擔能力，確保 Airbnb 比飯店更便宜。第三是可用性，我也談到了搜尋和減少摩擦。

So that's the first bucket of our investment. And that really will pay off within this year. And so there's -- you can get a return on those efforts within a matter of months because a lot of that -- a lot of those changes are software changes. They're immediate. They touch 100% of our user base. and they touch a very large base or entire GBV.

這是我們投資的第一桶。這確實會在今年內得到回報。因此，您可以在幾個月內獲得這些努力的回報，因為其中許多變化都是軟體變更。他們是立即的。他們觸及了我們 100% 的用戶群。它們觸及了一個非常大的基礎或整個 GBV。

Next is international expansion. International expansion is really supply, demand and platform. It's all 3 within international. And you could really bucket into 2 things. We have to localize the product, and then we have to have a global marketing strategy to like go one market at a time. And we've done a lot of really good work over the last 2 years on international expansion. But I think at this moment, we are ready to step on the gas. And by stepping on the gas, I don't mean it's going to be a significantly greater investment but a much greater velocity because we spend a lot of energy updating our products.

接下來是國際擴張。國際擴張其實是供給、需求和平台。都是國際線的3個。你真的可以做兩件事。我們必須將產品在地化，然後我們必須制定全球行銷策略，一次只進入一個市場。過去兩年我們在國際擴張方面做了很多非常好的工作。但我認為此時此刻，我們已經準備好踩油門了。透過加大力度，我並不是說這將是一項顯著更大的投資，而是意味著更快的速度，因為我們花費了大量的精力來更新我們的產品。

So most recently, we just updated our application in Asia, specifically in China, and we're bringing a lot of those improvements to Japan and Korea because the applications work fairly similarly. And so getting these products onto a better standard is a really good first thing that you want to do before you actually step on the gas from marketing. That's international.

最近，我們剛剛更新了亞洲的應用程序，特別是中國的應用程序，並且我們為日本和韓國帶來了很多改進，因為這些應用程式的工作原理相當相似。因此，在真正加大行銷力度之前，讓這些產品達到更好的標準是您要做的第一件事。那是國際的。

And of course, the final thing is expanding in our core business of accommodation. So from dollars and number of people, this is by far the smallest area that we're putting people on now because it's a small base, but it's actually where I'm spending the majority of my time. And I think the majority of the leadership's time is now being spent focused on transforming the company from an accommodations business to a multi-vertical or multi-category company. And over the next 3 years, you're going to see this play out quite substantially. So that's the way we think about it, core, international and then expanding beyond our core.

當然，最後一件事是擴大我們的核心住宿業務。因此，從資金和人員數量來看，這是迄今為止我們投入人員的最小區域，因為它的基地很小，但實際上這是我大部分時間都花在的地方。我認為領導層的大部分時間現在都花在將公司從住宿業務轉變為多垂直或多類別公司。在接下來的三年裡，您將看到這種情況發生相當大的變化。這就是我們思考的方式：核心、國際化，然後擴展到我們的核心之外。

And I think the other question -- sorry, I have to answer your question about how are you -- what are we learning about AI and reducing friction. So just a couple of things on AI. First of all, like we've been using AI for a long time. In the last 12 months, we've made a lot of progress. I'll just give you 3 examples of things we've done with AI. We made it easier to host. We have a computer vision model that we trained with 100 million photos, and that allows hosts to -- like the AI model to organize all their photos by room. Why would you want to do this? Because this increases conversion rate when you do this.

我認為另一個問題——抱歉，我必須回答你的問題——你怎麼樣——我們在人工智慧和減少摩擦方面學到了什麼。關於人工智慧的一些事情。首先，我們已經使用人工智慧很久了。在過去 12 個月裡，我們取得了巨大進展。我將舉出三個我們用人工智慧所做的事情的例子。我們讓託管變得更容易。我們有一個用 1 億張照片進行訓練的電腦視覺模型，它允許主人像人工智慧模型一樣按房間組織所有照片。為什麼想做這個？因為這樣做會提高轉換率。

Number two, we launched last week AI-powered quick replies for hosts. So basically, predicts the right kind of question or answer for a host to pre-generate to provide to guests. And this has been really helpful. And then we've made a really big impact on reducing partners in Airbnb with a reservation screening technology. So now we're going much bigger on generative AI. I think I think we're going to see the biggest impact is going to be on customer service in the near term.

第二，我們上週為房東推出了人工智慧快速回應。所以基本上，預測主機預先產生並提供給客人的正確類型的問題或答案。這真的很有幫助。然後，我們透過預訂篩選技術對減少 Airbnb 的合作夥伴產生了巨大的影響。所以現在我們在生成人工智慧方面做得更大。我認為我們將在短期內看到最大的影響將是對客戶服務的影響。

I think more than hotels, probably even more than OTA, Airbnb will benefit from generative AI. And the reason why, it's just a simple structural reason. We have the most like buried inventory. We don't have any SKUs, and we're an incredibly global platform. So it's a very difficult customer service challenge. But imagine an AI agent that can actually like read a corpus of 1,000 pages of policies and be able to help adjudicate and help a customer service agent help a guest from Germany staying with a host in Japan. It's a very difficult problem that AI can really supplement. Over time, we're going to bring the AI capabilities from customer service to search and to the broader experience. And the end game is to provide basically an AI-powered concierge. So that's where it's going, but it's really focused on customer service at this very moment.

我認為 Airbnb 比飯店、甚至可能比 OTA 更能從生成式人工智慧中受益。而究其原因，這只是一個簡單的結構性原因。我們有最喜歡的埋藏庫存。我們沒有任何 SKU，而且我們是一個令人難以置信的全球平台。所以這是一個非常困難的客戶服務挑戰。但想像一下，一個人工智慧代理商實際上可以閱讀 1,000 頁的政策語料庫，並能夠幫助裁決和幫助客戶服務代理幫助來自德國的客人與日本的房東住在一起。這是人工智慧真正可以補充的一個非常困難的問題。隨著時間的推移，我們將把人工智慧功能從客戶服務引入搜尋和更廣泛的體驗中。最終目標是提供基本上由人工智慧驅動的禮賓服務。這就是它的發展方向，但此時此刻它真正關注的是客戶服務。

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

您的下一個問題將來自摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

I have 2 just to sort of come back to a couple of the topics we talked about. The comp did get easier. So with the comps getting modestly harder in the back half, can you just sort of walk us through maybe micro levels of innovation that can sort of drive stability? Or how do we think about reasonable ranges of outcomes for room night growth in the second half? And then the second one, Brian, you talked about how like-for-like pricing is more attractive versus hotels. I don't know have the transcript exactly yet. But if I look at Marriott and Hilton and their ADRs are up 2% to 3% and your ADRs are also up 2% to 3%, is there something else that you're seeing where the relative pricing is actually becoming more attractive that you can help us understand a little bit more?

我有兩個只是想回到我們討論的幾個主題。比賽確實變得更容易了。因此，隨著後半段的比賽變得更加困難，您能否向我們介紹可以推動穩定性的微觀層面的創新？或者我們如何看待下半年間夜成長的合理結果範圍？第二位，布萊恩，您談到了同類定價比酒店更具吸引力。我還不知道具體的文字記錄。但是，如果我看看萬豪酒店和希爾頓酒店，他們的ADR 上漲了2% 到3%，而你們的ADR 也上漲了2% 到3%，那麼你們是否還看到其他一些東西，相對定價實際上變得比您更有吸引力可以幫助我們多了解一點嗎？

Yes. Why don't I take the second question? And I think, Brian, either you or I cut out, so we didn't hear the first part of your question. So you want to just repeat the first question?

是的。為什麼我不回答第二個問題呢？我想，布萊恩，要嘛是你，要嘛是我，所以我們沒有聽到你問題的第一部分。那麼您想重複第一個問題嗎？

Yes. Yes, absolutely, yes. The first question was more for Ellie where she has -- you talked about how you have stable room night growth now, but I think the comp is a little bit easier from 1Q to 2Q. And with the comps getting a little more difficult in the back half, can you just sort of walk us through some reasonable range of outcomes of growth in the back half and maybe macro-level drivers to kind of keep the stability versus drive deceleration?

是的。是的，絕對是的。第一個問題更多是針對艾莉的——你談到了現在如何實現穩定的間夜增長，但我認為從第一季到第二季的情況要容易一些。隨著後半段的比較變得更加困難，您能否向我們介紹後半段增長的一些合理範圍，以及宏觀層面的驅動因素，以保持穩定而不是驅動減速？

Ellie, you want to take the first one, and I'll take the second one?

艾莉，你想拿第一個，我拿第二個嗎？

Yes. So I think you're right in terms of the thinking was that the comparison in Q2 would be a little bit softer. I think what we've seen so far, just to repeat what I said previously, is that yes, it was clear there was a hard comp in January. Since then, we've seen, I would just say, a general stability. We are not so far this year seeing the same level of volatility that we saw in '23 in terms of either movement of lead times or consumer, I would say, hesitancy to book during kind of macro dislocation. So general statement is that year-to-date, just the trends have been stable, and that's what our Q2 reflects.

是的。所以我認為你的想法是正確的，即第二季度的比較會稍微柔和一些。我認為到目前為止我們所看到的，只是重複我之前所說的話，是的，很明顯一月份有一個硬比賽。從那時起，我只想說，我們看到了整體穩定。到目前為止，今年我們還沒有看到 23 年那樣的波動水平，無論是交貨時間的變化還是消費者在宏觀混亂期間對預訂的猶豫。因此，總體來說，今年迄今為止，趨勢一直穩定，這就是我們第二季度所反映的。

In terms of the back half of the year, I would say I don't know if I would characterize the back half of the year as harder comps. I think if you recall, actually, some of the volatility that we and others saw in the back half of the year, there was a bit of a moment of dislocation end of summer heading into October and in particular in the month of October related to the conflict breaking out in Israel. So I wouldn't necessarily characterize the back half of the year as being a harder comp.

就今年下半年而言，我想說我不知道我是否會將今年下半年描述為更難的比賽。我認為，如果您實際上還記得我們和其他人在今年下半年看到的一些波動，那麼在夏末進入十月期間，特別是在十月份，存在一些與以下因素相關的混亂時刻：以色列爆發衝突。因此，我不一定會將今年下半年描述為更艱難的比賽。

Instead, I think if you think through the growth initiatives that Brian talked about in terms of thinking about where our portfolio of investments lie, I would say we are optimistic that a lot of the core optimization would have near-term impact as well as the international investments. So those are the places where we're really looking to drive in-year growth above where we are today.

相反，我認為，如果你仔細考慮布萊恩談到的成長計劃，思考我們的投資組合在哪裡，我會說我們樂觀地認為，許多核心優化將產生短期影響以及國際投資。因此，我們真正希望在這些領域推動年內成長超過今天的水平。

And Brian, I'll take the like-for-like question. So specifically, the data we're citing is global like-for-like basis. So what we're comparing is the average price of the global hotel room to a one-bedroom listing on Airbnb in March. And in March, our prices were down 2% and hotel prices were up 3%. So our prices were -- again, one bedroom globally on Airbnb and March was $114, down 2%. Hotels were $148, up 3%. So that's what we're talking about, one bedroom global.

布萊恩，我會回答類似的問題。具體來說，我們引用的數據是全球同類數據。因此，我們比較的是 3 月全球飯店房間與 Airbnb 上一間一房房源的平均價格。 3 月份，我們的價格下降了 2%，飯店價格上漲了 3%。因此，我們的價格再次是，3 月份 Airbnb 上全球一房的價格為 114 美元，下降了 2%。飯店價格為 148 美元，上漲 3%。這就是我們所說的，全球一間臥室。

When our ADRs move, obviously, the other thing to take into consideration is mix shift. Oftentimes, our ADRs do go up because people -- increasingly, more and more of our travel is group travel. 81% of our trips now have 2 or more guests. And increasingly. we're seeing people booking more space, larger homes just as travel is mixing towards larger groups.

顯然，當我們的美國存託憑證發生變化時，另一個需要考慮的是混合變化。通常情況下，我們的平均房價確實會上升，因為人們越來越多地選擇團體旅行。現在，我們 81% 的行程有 2 位或更多客人。而且越來越多。我們看到人們預訂了更多的空間、更大的房屋，同時旅行也越來越多地面向更大的群體。

That was particularly the case in North America this quarter. On an absolute basis, ADRs were up. But if you exclude the impact of mix, they were flat.

本季北美的情況尤其如此。從絕對值來看，ADR 有所上升。但如果排除混合的影響，它們就持平。

Your next question will come from the line of James Lee with Mizuho.

你的下一個問題將來自詹姆斯李和瑞穗的線路。

Great. I just want to follow up the prior question on supply and demand growth. And in other segments of the gig economy services, they seem to benefit when supply exceeding demand. So if you think about ridesharing and food delivery because they drive prices down and therefore increasing consumer demand, should we think about it in the same path for home accommodation? Are you thinking -- expecting maybe a similar trend for your business as well?

偉大的。我只想跟進之前關於供需成長的問題。在零工經濟服務的其他領域，當供應超過需求時，他們似乎會受益。因此，如果您考慮乘車共享和食品配送，因為它們會降低價格並因此增加消費者需求，那麼我們是否應該以與家庭住宿相同的方式來考慮它？您是否在想—預計您的業務也可能出現類似的趨勢？

I would say, generally speaking, when we see growth in supply, it is additive to demand. It means that when people are searching for a particular night in a particular city, if we have more that we can provide them, it is obviously net beneficial. I think I would just repeat the prior comments that we don't always see kind of in-period equivalents by market in terms of the respective growth rates and that I would say there's a primary difference in terms of our business model relative to some of the others that you mentioned in that the frequency of the activity is simply lower and the lead time is also much longer.

我想說，一般來說，當我們看到供應成長時，它就會增加需求。這意味著，當人們在某個特定城市尋找特定的夜晚時，如果我們可以為他們提供更多的東西，這顯然是淨有利的。我想我只想重複先前的評論，即我們並不總是在各自的成長率方面看到市場同期的情況，而且我想說，我們的業務模式相對於某些您提到的其他活動的頻率較低，而且交貨時間也較長。

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

你的下一個問題來自瑞銀集團的Stephen Ju。

Okay. So Brian, will we be overreaching if we would think that Icons is a leading indicator of what should be, I guess, a revitalization or reimagining of experiences? So maybe the overnight stay (inaudible) generates all the media and consumer attention, but maybe this affords you the opportunity to expose the users you're getting to the more everyday experiences. And also secondarily, you've talked about this (inaudible) talked about this also, the Olympics and the Euro Cup and there's going to be travelers who are probably not sports fans who might want to be avoiding Paris in the host cities in Germany altogether. So is there anything you can share in terms of how additive these 2 events may be?

好的。那麼，Brian，如果我們認為 Icons 是一個領先指標，我猜應該是體驗的復興或重新想像，那麼我們會不會太過分了？因此，也許過夜（聽不清楚）會引起所有媒體和消費者的關注，但這也許為您提供了向用戶展示更多日常體驗的機會。其次，您已經談到了這一點（聽不清楚）也談到了這一點，奧運會和歐洲杯，並且可能會有一些旅行者可能不是體育迷，他們可能想完全避開德國主辦城市的巴黎。那麼，關於這兩個事件的累積程度，您有什麼可以分享的嗎？

All right, Stephen. Well, that was -- you were absolutely not overreaching on Icons. So let me give you a sense. You can think of a company that's going through a few phases, especially to start a company. You have an idea. You get product market fit. That's Phase 1. Phase 2 is you try to go to hyper growth. We've done that. Phase 3, you become a real company. You go public. You generate a return for shareholders. And then the fourth frontier, and very few companies have ever done this, is you reinvent yourself and you go from offering one thing to many things. And a lot of the big tech companies have done this.

好吧，史蒂芬。嗯，那就是——你在圖標上絕對沒有過度。那麼讓我給你一個感覺。您可以想像一家正在經歷幾個階段的公司，尤其是創辦一家公司。你有一個主意。您獲得適合市場的產品。這是第一階段。我們已經做到了。第三階段，你成為一家真正的公司。你公開吧。您為股東創造回報。然後第四個前沿，很少有公司做到這一點，那就是你重塑自己，從提供一種東西轉向提供多種東西。許多大型科技公司已經這麼做了。

But one of the companies that I think is a really interesting one to look at is Nike. In the late '70s and early '80s -- it's my recollection. I was born in '81. But this is my reflection, is I remember Nike was mostly a running shoe company. And in the '80s, they became more popular with basketball and other things. But at the time, people didn't really think of Nike as a serious basketball shoe. And so they had to not only create a great product for basketball, but they have to actually stretch the brand and open up in people's minds what Nike stands for. And a lot of brands have had to do this. I mean Apple had to do this with the iPod.

但我認為耐吉是非常有趣的公司之一。 70 年代末和 80 年代初——這是我的回憶。我出生於81年。但這是我的反思，我記得耐吉主要是一家跑鞋公司。在八十年代，他們變得更加流行籃球和其他事物。但當時，人們並沒有真正將耐吉視為一款正經的籃球鞋。因此，他們不僅必須為籃球創造出色的產品，而且還必須真正擴展品牌，並在人們的心中展現耐吉所代表的意義。許多品牌都不得不這樣做。我的意思是蘋果必須在 iPod 上做到這一點。

And I think Airbnb, one of the strengths of our brand also is something that we have to manage, which is Airbnb is a noun and a verb. It's synonymous with the category, kind of like Kleenex or Xerox. People say, I'm going to get an Airbnb. I'm going to Airbnb my place. Literally the name Airbnb has the name B and B in it. So one of the challenges is that people open our app to expect to see stays. And so what we want to do in addition to bringing back experiences, you are totally right, is we wanted to expand Airbnb's brand positioning to include more than just a place to stay.

我認為 Airbnb，我們品牌的優勢之一，也是我們必須管理的東西，這是 Airbnb 是一個名詞和一個動詞。它是該類別的同義詞，有點像紙巾或施樂。人們說，我要去 Airbnb。我要去 Airbnb 我住的地方。 Airbnb 這個名字的字面意思是 B 和 B。因此，挑戰之一是人們打開我們的應用程式期望看到住宿。因此，除了帶回體驗之外，您說得完全正確，我們想要做的就是擴大 Airbnb 的品牌定位，使其不僅僅是一個住宿。

And one of the things you'll notice is when we launched Icons, we said these are extraordinary experiences. We didn't say these are extraordinary stays. We positioned them as experiences. And so you can almost imagine Icons is like we're a car company where we're starting with a Formula 1 car. And very few people can experience the Formula 1 car, but it captures the magic. It captures the demand. It really expands the brand and increases our permission to be able to go into experiences. And then you kind of move down market. And one of our goals is going to be to bring the magic of Icons to everyone.

您會注意到的一件事是，當我們推出 Icons 時，我們說這些都是非凡的體驗。我們並沒有說這些都是非凡的住宿。我們將它們定位為體驗。所以你幾乎可以想像 Icons 就像我們是一家汽車公司，我們從一級方程式賽車開始。很少有人能夠體驗一級方程式賽車，但它捕捉到了魔法。它抓住了需求。它確實擴展了品牌並增加了我們進入體驗的許可。然後你就進入了市場的下游。我們的目標之一是將 Icons 的魔力帶給每個人。

So I can't probably say too much more about experiences. But absolutely, it's not a lever stretch whatsoever. Icons is primarily a brand positioning and a brand investment. It obviously was in the business. It's only about 4,000 tickets. But we're seeing some really encouraging signs in the last week, a big bump in traffic. It's a lot more top of mind. A lot more people are opening our app. And I just think we're being positioned as more aspirational, and I think people are now starting to think about us for experiences. So I think we've really laid -- paved the way for next year. Ellie, do you want to take the Olympics and Euro Cup?

所以我可能無法對經歷說太多。但絕對不是槓桿伸展。 Icons主要是一種品牌定位和品牌投資。顯然是在做生意。門票只有4000多張。但上週我們看到了一些非常令人鼓舞的跡象，即流量大幅增加。這是更重要的事。更多的人正在打開我們的應用程式。我只是認為我們被定位為更有抱負，而且我認為人們現在開始考慮我們的體驗。所以我認為我們確實已經為明年鋪平了道路。艾莉，你想參加奧運和歐洲盃嗎？

Yes. Yes, certainly. So if you look at our history, I would say that special events have always been kind of a good moment for Airbnb to shine and have been overall additive in terms of both our brand perception as well as supply growth. I think what we've seen from prior events, and I'm talking about pre-COVID Olympics, World Cup, Super Bowl, those type of events, what we see is that it should bring a ton of supply onto the platform. And while not all of that supply will persist, a good portion of it does. And so it's a nice supply acquisition moment for us.

是的。是的，當然了。因此，如果你回顧我們的歷史，我會說，特別活動一直是 Airbnb 發光發熱的好時機，並且在我們的品牌認知度和供應增長方面都起到了整體的促進作用。我認為我們從之前的活動中看到的是，我說的是新冠疫情之前的奧運會、世界盃、超級盃等類型的活動，我們看到它應該為平台帶來大量供應。雖然並非所有供應都會持續存在，但其中很大一部分會持續存在。因此，這對我們來說是一個很好的供應採購時刻。

I would also say it's really additive in terms of signaling to cities how helpful and additive Airbnb can be to those cities to ramp up supply in a very organic and easy way without adding incremental hotel infrastructure that will not be necessarily needed long term. And I think you see that in particular in Paris right now. We're going to be hugely additive in terms of hosting travelers for the games, whereas the existing infrastructure would not be able to manage such a large inflow.

我還想說，這確實是一種附加功能，它向城市發出信號，表明Airbnb 可以為這些城市提供多大的幫助和附加功能，以一種非常有機且簡單的方式增加供應，而無需增加長期不一定需要的增量飯店基礎設施。我想你現在在巴黎尤其能看到這一點。我們將在接待奧運遊客方面大幅增加，而現有的基礎設施將無法管理如此大的遊客流入。

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

您的下一個問題將來自摩根大通的 Doug Anmuth。

This is Dae on for Doug. One for you, Ellie. Can you talk about how you're thinking about the investment levers that provide flexibility to shape your 35% plus EBITDA margin guide for the full year? And can we expect to see these levers get pulled more through the year?

這是道格的戴昂。給你一份，艾莉。您能否談談您如何考慮投資槓桿，以靈活地制定全年 35% 以上的 EBITDA 利潤率指南？我們能否期望看到這些槓桿在這一年中得到更多的拉動？

Yes. So I couldn't hear entirely, but a question about our guide for full year EBITDA margins of floor 35%. Let me just talk a little bit -- yes, the investment levers.

是的。所以我聽不到完全的問題，而是關於我們全年 EBITDA 利潤率下限 35% 的指南的問題。讓我簡單談談——是的，投資槓桿。

How you're thinking about investment numbers, yes.

是的，您如何看待投資數字。

Yes, of course. So let me just step back and provide a little bit more color in terms of why the 35%. If you look at our performance since the IPO, pre-IPO, we had a negative 5% EBITDA margin. And lo and behold, 3 years after the IPO, we delivered nearly 37% EBITDA margins last year. I think we have repeatedly demonstrated the increased strength of this business model in terms of very strong profitability, inclusive of GAAP net income profitability as well as free cash flow. And at the same time, where we sit today, we see a huge opportunity in driving incremental growth.

是的當然。因此，讓我退後一步，就為何選擇 35% 提供更多解釋。如果你看看我們自 IPO 以來的表現，在 IPO 之前，我們的 EBITDA 利潤率為負 5%。你瞧，IPO 3 年後，我們去年的 EBITDA 利潤率接近 37%。我認為我們已經多次證明了這種商業模式在非常強勁的盈利能力方面的實力增強，包括公認會計準則淨利潤盈利能力以及自由現金流。同時，在我們今天所處的位置，我們看到了推動增量成長的巨大機會。

And so as we kicked off the year last quarter and looked at our opportunity set, we've identified a handful of areas where we'd like the flexibility to lean in and drive incremental growth beyond what we're seeing today. So where would you see those investment levers on the P&L? It's really 2 areas. So first, not surprisingly, is marketing. In marketing, we've been very disciplined over the last couple of years. We continue to have a much lower level of marketing intensity than really anyone else in travel.

因此，當我們在上個季度開始新的一年並審視我們的機會集時，我們已經確定了一些我們希望能夠靈活地投入並推動超越我們今天所看到的增量增長的領域。那麼您會在損益表的哪裡看到這些投資槓桿呢？這確實是2個區域。因此，毫不奇怪，首先是行銷。在行銷方面，過去幾年我們一直非常自律。我們的行銷強度仍然比旅遊業中的其他公司低得多。

And at the same time, at the margin, we have seen some incremental opportunities to lean in on channels where we're seeing high ROIs. In Q1, we saw nice very high ROIs in performance marketing. To the extent that, that continues, we would lean in modestly over the course of the year. Additionally and probably more importantly, Brian talked a little bit about our opportunity set in international markets. And that's also an area where, to the extent that our full funnel marketing investments are working, we would look to top off those investments and to therefore accelerate growth. So marketing is one line item you will potentially see some margin compression in order to drive growth.

同時，在邊際上，我們看到了一些增量機會，可以依靠我們看到高投資報酬率的管道。在第一季度，我們看到效果行銷的投資報酬率非常高。如果這種情況持續下去，我們將在這一年中適度傾斜。此外，也許更重要的是，布萊恩談到了我們在國際市場上的機會。這也是一個領域，只要我們的全漏斗行銷投資發揮作用，我們就會尋求完成這些投資，從而加速成長。因此，行銷是一項項目，為了推動成長，您可能會看到一些利潤壓縮。

The second area, Brian talked about prioritizing our resources and identified that in many cases, our product development team is our kind of scarcest resource. And I think when you hear us talk about our road map, you can obviously infer that we have a very robust list of initiatives that we would like to tackle. And so there's an opportunity to, at the margin, add more personnel over the course of the year to allow us to accelerate that road map. And you would see that on -- in particular on the product development line item. So grand scheme of things, no material pivot in terms of our overall financial discipline, but instead a bit of lean into those areas where we believe we can accelerate growth.

第二個領域，Brian 談到了我們資源的優先級，並指出在許多情況下，我們的產品開發團隊是我們最稀缺的資源。我認為，當您聽到我們談論我們的路線圖時，您顯然可以推斷我們有一個非常強大的計劃清單，我們希望解決這些問題。因此，我們有機會在一年內增加更多人員，以便我們可以加快路線圖的進程。你會看到這一點——特別是在產品開發專案上。如此宏偉的計劃，就我們的整體財務紀律而言，沒有實質的支點，而是稍微傾斜於我們認為可以加速成長的領域。

Your next question will come from the line of Kevin Kopelman with TD Cowen.

您的下一個問題將來自 Kevin Kopelman 和 TD Cowen 的對話。

I had a question on the May release. You added a couple of small new features to the user profile, I think, on the photos and the travel stamps. Do we see that as a first step towards some of the profile enhancements and community features that you've talked about being interested in, in the past? And where does this kind of building out potentially new community features stand in your priority list?

我對五月版本有疑問。我想，您在用戶個人資料中添加了一些小的新功能，包括照片和旅行郵票。我們是否認為這是朝著您過去談到的一些個人資料增強功能和社群功能邁出的第一步？這種建構潛在的新社群功能在您的優先事項清單中處於什麼位置？

Yes. Kevin, we spoke in this call mostly about Icons, but I mean I am equally excited for the results that we've seen for group travel. I'm not going to go through all the metrics, but the metrics have been all really, really positive for your travel features. And in particular, one of the things we've seen is -- when people book an Airbnb, the average number of guests is 2. So that means that typically for every booking, there's another guest. But typically, the other guest doesn't -- hasn't connected their account to Airbnb.

是的。凱文，我們在這次電話會議中主要談論了 Icons，但我的意思是，我對我們在團體旅行中看到的結果同樣感到興奮。我不會詳細介紹所有指標，但這些指標對於您的旅行功能來說都非常非常積極。特別是，我們看到的一件事是，當人們預訂 Airbnb 時，平均房客人數為 2 人。但通常情況下，另一位房客沒有將他們的帳戶連接到愛彼迎。

So if you travel with a partner or a friend, maybe if you book, the other person doesn't actually have an account or they haven't connected their account. So as we've -- and it's strategic for us to get more accounts that would make sense, right, especially as we want to sell more things beyond home. We want to have a point of sale for every single person on a trip, not just a point of sale for the booker. So this is really, really critical for us. And what we've seen is a major jump in the number of co-travelers that are now creating account in Airbnb and not only creating accounts but filling out their profile.

因此，如果您與伴侶或朋友一起旅行，也許您預訂後，對方實際上沒有帳戶，或者他們尚未連接自己的帳戶。因此，正如我們所做的那樣，獲得更多有意義的客戶對我們來說是策略性的，特別是當我們想在國外銷售更多東西時。我們希望為旅行中的每個人提供一個銷售點，而不僅僅是預訂者的銷售點。所以這對我們來說真的非常重要。我們看到，現在在 Airbnb 上建立帳戶的共同旅客數量大幅增加，他們不僅建立帳戶，還填寫個人資料。

And so to answer your question, yes, this is the beginning of something much bigger. To probably zoom out, when we started Airbnb, there already were vacation rentals, but they were mostly on classified sites like craigslist or they were like paid subscription services like Vrbo. And one of the innovations we brought is we added profiles, payments, 2-sided reviews, and messaging. And those capabilities unlocked really this whole new category. This is what we may call the system of trust.

因此，回答你的問題，是的，這是更大的事情的開始。或許，當我們創辦 Airbnb 時，已經有了度假租賃服務，但它們大多出現在 craigslist 等分類網站上，或類似 Vrbo 等付費訂閱服務。我們帶來的創新之一是添加了個人資料、付款、雙向評論和訊息傳遞。這些功能確實解鎖了這個全新的類別。這就是我們所說的信任系統。

So what we're now doing is we're going to be investing a lot more in increasing our profile and our profile capabilities, both our account structure, cleaning it up, our identity verification, making -- getting more people to complete more robust profiles, increasing their preferences. So we have more information about people. And this is so strategic because as trust goes up, you can unlock more things for people. And as we know more about you, we can match you better.

因此，我們現在要做的是，我們將投入更多資金來提高我們的個人資料和個人資料功能，包括我們的帳戶結構、清理、身份驗證，讓更多的人完成更強大的工作個人資料，增加他們的偏好。所以我們有更多關於人的信息。這是非常具有戰略意義的，因為隨著信任的增加，你可以為人們解鎖更多的東西。隨著我們對您的了解越來越多，我們就能更匹配您。

So I think in the future -- right now, if you think of like the Airbnb solar system, the home is like the sun at the center of the solar system. I think in the future, the profile will be at the center of the solar system of Airbnb, and the home will be one of many categories orbiting the profile.

所以我認為在未來——現在，如果你像 Airbnb 太陽系一樣思考，那麼家就像太陽系中心的太陽。我認為未來，個人資料將位於 Airbnb 太陽系的中心，而房屋將成為圍繞個人資料的眾多類別之一。

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

您的下一個問題來自 Nick Jones 與 Citizens JMP 的對話。

I guess maybe going back to supply and your effort to remove low-quality supply. I guess can you speak to the percentage of the supply that you've removed over time? I think you said hundreds of thousands that, I guess, maybe take the removal and I guess learnings and come back and try to list and provide kind of a higher quality or better experience. I guess as you continue to remove lower-quality supplies, it's becoming a tool to kind of nudge hosts into the behavior you're looking for without actually having to remove them.

我想也許會回到供應並努力消除低品質供應。我想你能談談隨著時間的推移你已經移除的供應量的百分比嗎？我想你說了幾十萬，我想，也許會刪除，我想學習，然後回來嘗試列出並提供更高品質或更好的體驗。我想，當您繼續刪除低品質的供應時，它正在成為一種工具，可以推動主機進行您正在尋找的行為，而無需實際刪除它們。

Yes. I mean -- why don't I take the first one? So the first thing I'll say is the global occupancy on Airbnb is so much lower than hotels. So even though you type in a certain date in a location, when there's a popular date in a location, occupancy can rise at a global level. We are still like not even close to high occupancy. And so one of the games that we need to do is we want to point demand to the best supply on Airbnb. So we don't -- and so having removed all the supply, we haven't seen a fundamental shift or impact on global bookings because a lot of them either weren't getting as many bookings in the first place or they were eating up page views. They were lower converting listings or people were booking them. They were really expensive because they were leaning to customer service contracts, which are expensive. And if you went through all that, the rebooking rate for them was much lower.

是的。我的意思是──為什麼我不選擇第一個呢？所以我首先要說的是，Airbnb 的全球入住率比飯店低很多。因此，即使您輸入某個位置的特定日期，當某個位置有熱門日期時，全球範圍內的入住率也會上升。我們仍然沒有接近高入住率。因此，我們需要做的遊戲之一就是將需求指向 Airbnb 上的最佳供應。所以我們沒有——所以在取消了所有供應之後，我們還沒有看到對全球預訂量的根本性轉變或影響，因為他們中的很多人要么一開始就沒有獲得那麼多預訂量，要么正在吃光頁面瀏覽量。它們的清單轉換率較低，或者人們正在預訂它們。它們確實很昂貴，因為它們傾向於昂貴的客戶服務合約。如果你經歷了這一切，你會發現他們的重新預訂率要低得多。

Now as far as the answer to your question about like how many of them come back, I don't have the stats on the top of my head. But I think that like this quality control program, one of the things we've noticed is that a lot of hosts are very coachable and learnable. They're very coachable and they can learn. So I think one of the problems in this category is, historically, these marketplaces have been so hands off that people don't know what it takes to be successful. And as you give them more like metrics, as you give them more incentives to be good and as you create more boundaries about what's not acceptable in Airbnb, it actually does change behavior. And people do come back. So we're seeing that for sure, and we're seeing that the good people rewarded, and they to expand their business.

至於你的問題的答案，例如有多少人回來了，我腦子裡沒有統計數據。但我認為，就像這個品質控制計劃一樣，我們注意到的一件事是，很多主持人都非常容易接受指導和學習。他們非常容易接受指導並且可以學習。因此，我認為這一類別的問題之一是，從歷史上看，這些市場一直處於無人幹預的狀態，以至於人們不知道如何才能取得成功。當你給他們更多類似的指標，當你給他們更多的激勵去做好事，當你為 Airbnb 不可接受的事情設定更多的界線時，它實際上確實會改變行為。人們確實會回來。所以我們確實看到了這一點，我們看到優秀的人得到了回報，他們也擴大了業務。

So I don't have the exact numbers of people that have come back, but absolutely, we do think people will come back if they remediated some of their issues. And some of them, what we do, too, is we'll give warnings to people. So we don't always have to remove people. We can give warnings first. And warnings are like very, very effective. We're just giving them a heads up, and that actually has a way of increasing the quality of our platform.

所以我沒有回來的確切人數，但絕對，我們確實認為如果人們解決了一些問題，他們就會回來。其中一些，我們也會向人們發出警告。所以我們並不總是需要解僱人員。我們可以先發出警告。警告非常非常有效。我們只是給他們一個提示，這實際上可以提高我們平台的品質。

The last thing I'll just say on this is we've -- what I think makes Airbnb different than our competitors, we have a much more hands-on approach to quality than our competitors. But we are getting more and more hands on every single year. As we want to get bigger and we want to capture more of the hotel shopping market, our quality and capacity has to go up, and that means that we need to just continue to raise the bar of quality. So we have a multiyear road map where we're going to continue to do so and continue to invest in host education.

我要說的最後一件事是，我認為 Airbnb 與我們的競爭對手不同的是，我們在品質方面比我們的競爭對手有更多的實踐方法。但我們每年都有越來越多的人參與其中。由於我們想要變得更大，我們想要佔領更多的飯店購物市場，我們的品質和容量必須提高，這意味著我們需要繼續提高品質標準。因此，我們制定了一個多年路線圖，我們將繼續這樣做，並繼續投資於東道國教育。

Your next question will come from the line of Naved Khan with B. Riley Securities.

您的下一個問題將來自 B. Riley Securities 的 Naved Khan。

Maybe a clarification from Ellie. I think I heard you say you saw really good ROIs on the performance marketing channels. Just wanted to understand where that came from. And maybe on a related topic, was there any effect from either roll-out of the DMA in Europe in March or maybe changes to Google Search in late March and early April? And then I have a follow-up.

也許是艾莉的澄清。我想我聽到你說你在效果行銷管道上看到了非常好的投資報酬率。只是想了解它是從哪裡來的。也許在一個相關的主題上，3 月在歐洲推出 DMA 或 3 月底和 4 月初 Google 搜尋的變更是否會產生任何影響？然後我有一個後續行動。

Yes. So in terms of, first, the high ROI that we're seeing on marketing, I would say, we, over the last year, have just been, frankly, very encouraged with the ROAs that we've been able to deliver from that channel. In particular, like what has been driving that? Well, we've been continually testing and improving our performance marketing execution. We have expanded the target audiences. We've expanded our keyword coverage. We've made general improvements to the landing pages and all of that has been, I would say, quite successful in terms of allowing us to spend marginally more and maintain really great efficiencies. So a really good channel for us even though it is obviously a minority of our overall marketing spend or strategy.

是的。因此，首先，就我們在行銷方面看到的高投資回報率而言，我想說，坦白說，我們在過去一年中對我們能夠從中實現的投資回報率感到非常鼓舞管道。特別是，是什麼推動了這個趨勢？嗯，我們一直在不斷測試和改進我們的績效行銷執行力。我們擴大了目標受眾。我們擴大了關鍵字覆蓋範圍。我們對登陸頁面進行了整體改進，我想說，所有這些都非常成功，讓我們能夠稍微多花一點錢並保持非常高的效率。因此，這對我們來說是一個非常好的管道，儘管它顯然只占我們整體行銷支出或策略的一小部分。

In terms of your second question, impact from the DMA rollout, I would say, we haven't seen any meaningful impact. I think primarily, that is because the majority, 90% of our traffic is coming to us through direct or unpaid traffic. And so it is just -- we have not seen any noticeable impact there yet or at all, I should say.

關於第二個問題，即 DMA 推出的影響，我想說，我們沒有看到任何有意義的影響。我認為主要是因為我們 90% 的流量是透過直接或免費流量到達的。所以，我應該說，我們還沒有看到任何明顯的影響，或者根本沒有看到任何明顯的影響。

And then -- yes, no, it does help. So maybe just on the changes to the extenuating circumstances policy, wanted to kind of understand whether what kind of led to that change and what kind of impact we can expect from the outside looking in.

然後——是的，不，它確實有幫助。因此，也許只是在情有可原的情況政策的變化上，想了解是什麼導致了這種變化，以及我們可以從外部觀察產生什麼樣的影響。

I didn't hear that question. Sorry.

我沒有聽到這個問題。對不起。

Sorry. The changes to the extenuating circumstances policy. I think it was tweaked recently to kind of maybe raise the bar on cancellations.

對不起。情有可原的情況政策的改變。我認為最近對其進行了調整，可能是為了提高取消的標準。

Extenuating circumstance policy, Brian, do you have any comments on that? I would say we just tried to clarify over time and make that more equitable for our guests and hosts, but no meaningful impact to the business.

情有可原的狀況政策，布萊恩，你對此有什麼評論嗎？我想說的是，隨著時間的推移，我們只是試圖澄清這一點，讓這對我們的客人和東道主來說更加公平，但對業務沒有產生任何有意義的影響。

Yes, I agree.

是的我同意。

Your next question will come from the line of Conor Cunningham with Melius Research.

您的下一個問題將來自 Melius Research 的 Conor Cunningham。

Just on the underpenetrated international markets, as you develop those, I'm just curious if they're producing the -- what you'd expect in terms of key KPIs from take rate, ADR, profits? Just trying to understand how the mix changes are going to impact the overall company. And then just one on the 2Q to 3Q reacceleration. I would assume that the booking window is a little bit more extended this year given some of the events. Just curious on where you're booked into 3Q right now. Just trying to understand the confidence interval there.

就在滲透率不足的國際市場上，當你開發這些市場時，我只是好奇他們是否正在產生——你對取率、ADR、利潤等關鍵 KPI 的期望是什麼？只是想了解組合變化將如何影響整個公司。然後只需從 2Q 到 3Q 再加速一次。考慮到一些事件，我認為今年的預訂窗口會稍微延長一些。只是好奇你現在在哪裡預訂了 3Q。只是想了解那裡的置信區間。

Yes, sure. So first, the question is around economics of our international expansion markets. So if you think about the various factors on our economics, so first, there's virtually no change in terms of our underlying take rates by market. So that is not a factor. I would say, second, depending on the market that we're targeting, many of these markets will have lower ADRs than our averages.

是的，當然。首先，問題是圍繞著我們國際擴張市場的經濟狀況。因此，如果您考慮影響我們經濟的各種因素，那麼首先，我們的市場基本採用率實際上並沒有變化。所以這不是一個因素。我想說，其次，根據我們瞄準的市場，其中許多市場的 ADR 會低於我們的平均值。

So over time, to the extent that we were incrementally more successful and higher -- seeing higher penetration in places like Latin America or Asia Pacific, we would anticipate that the global ADR would come down, and yet all of those nights would be accretive. So it would be market expanding, even if the nights were coming in at a lower ADR. And what we've been able to achieve over time is very strong economics at the booking level for a wide range of ADRs. So it is not a concern for us to be expanding in markets where the average ADRs are lower. It is, again, just accretive in terms of the top line and the volume of the business.

因此，隨著時間的推移，隨著我們逐漸變得更加成功和更高——看到拉丁美洲或亞太地區等地區的滲透率更高，我們預計全球ADR 將會下降，但所有這些夜晚都會增加。因此，即使每晚的平均房價較低，市場也會不斷擴大。隨著時間的推移，我們在各種 ADR 的預訂層面取得了非常強勁的經濟效益。因此，我們不必擔心在平均 ADR 較低的市場進行擴張。再說一次，它只是在收入和業務量方面有所增加。

Your second question is around lead times. I would say, generally speaking, as I said previously, our lead times year-to-date have been pretty flat on a year-over-year basis. We did not see a pull forward that maybe some others in the industry mentioned. And yet, when we look forward in terms of the backlog for Q3, it's quite strong. And it's that backlog that gives us confidence around the comments we made in the outlook that Q3 revenue should accelerate above the Q2 outlook.

你的第二個問題是關於交貨時間的。我想說，一般來說，正如我之前所說，我們今年迄今為止的交貨時間與去年同期相比相當持平。我們沒有看到業內其他一些人提到的推動力。然而，當我們展望第三季的積壓情況時，它非常強勁。正是這種積壓讓我們對我們在展望中所做的評論充滿信心，即第三季營收應該會加速高於第二季的前景。

I will now turn the call back over to Brian Chesky for closing remarks.

現在，我將把電話轉回給布萊恩·切斯基（Brian Chesky），他將發表結束語。

All right. Well, thank you all for joining us today. And I just want to say before I wrap up, this was Ellie's first earnings call as CFO, and the transition has gone incredibly well. Her, Dave and I are really, really focused on this next chapter of growth.

好的。好的，謝謝大家今天加入我們。在結束之前我只想說，這是艾莉作為財務長的第一次財報電話會議，而且過渡進展得非常順利。她、戴夫和我都非常非常專注於成長的下一個篇章。

So to recap, revenue was $2.1 billion. This is 18% higher than a year ago. Net income and adjusted EBITDA were both Q1 records, and our trailing 12-month free cash flow was $4.2 billion, representing a free cash flow margin of 41%. Now we've made a tremendous amount of progress over the past few years, and with the launch of Icons, we're now laying the foundation for our plans to expand beyond our core business. This is just the beginning. Thank you all, and we'll see you next quarter.

回顧一下，收入為 21 億美元。比一年前高出 18%。淨利潤和調整後 EBITDA 均創下第一季紀錄，我們過去 12 個月的自由現金流為 42 億美元，自由現金流率為 41%。現在，我們在過去幾年中取得了巨大的進步，隨著 Icons 的推出，我們現在正在為我們的核心業務之外的擴張計劃奠定基礎。這只是個開始。謝謝大家，我們下季見。

That concludes our call for today. We thank you all for joining, and you may now disconnect.

我們今天的呼籲到此結束。我們感謝大家的加入，現在您可以斷開連線。