Airbnb Inc (ABNB) 2024 Q2 法說會逐字稿

Ladies and gentlemen, good afternoon, and thank you for joining Airbnb's earning conference call for the second quarter of 2024. As a reminder, this conference call is being recorded and will be available for replay from the relations section of Airbnb's website following this call.

女士們、先生們，下午好，感謝您參加Airbnb 2024 年第二季度的盈利電話會議。 。

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 second 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. Earlier today, we issued a shareholder letter with our financial results and commentary for our second quarter of 2024. These items were also posted on the Investor Relations section of Airbnb's website. During the call, we will make brief opening remarks and then spend the remainder of time on Q&A.

下午好，歡迎參加 Airbnb 2024 年第二季財報電話會議。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 Ellie Mertz。今天早些時候，我們發布了一封股東信，其中包含 2024 年第二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.

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。您應該知道，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've provided reconciliations to the most directly comparable GAAP financial measures in the shareholder letter posted to our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

此外，在本次電話會議中，我們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. Q2 marked another strong quarter for Airbnb. We had 125 million nights and experiences booked, revenue increased 11% year-over-year to $2.75 billion. Net income was $555 million, representing a net income margin of 20%, and we generated $1 billion of free cash flow.

好的。大家下午好，感謝您的加入。第二季是 Airbnb 另一個強勁的季度。我們預訂了 1.25 億晚和體驗，營收年增 11% 至 27.5 億美元。淨利潤為 5.55 億美元，淨利潤率為 20%，我們產生了 10 億美元的自由現金流。

Our total trailing 12 month free cash flow was $4.3 billion our highest ever. And our strong cash flow allowed us to repurchase $749 million of our shares in the quarter and as of the end of Q2 we had $5.25 billion remaining on our share repurchase authorization program.

我們過去 12 個月的自由現金流總額為 43 億美元，創歷史新高。我們強勁的現金流使我們能夠在本季回購 7.49 億美元的股票，截至第二季末，我們的股票回購授權計畫剩餘 52.5 億美元。

Now during Q2, we continued to make progress on our three strategic priorities, which again are making hosting mainstream, perfecting our core service and expanding beyond the core.

現在，在第二季度，我們繼續在三個策略重點上取得進展，這三個策略重點再次使託管成為主流，完善我們的核心服務並擴展到核心之外。

So I'll share a few highlights on each. First, we are making hosting mainstream. Last year, we shared our commitment to make hosting just as popular as traveling Airbnb. We've been focused on raising awareness around the benefits of hosting and providing better tools for host.

因此，我將分享每個方面的一些亮點。首先，我們正在使託管成為主流。去年，我們共同致力於讓出租和旅行 Airbnb 一樣受歡迎。我們一直致力於提高人們對託管優勢的認識，並為託管方提供更好的工具。

In Q2, we surpassed 8 million active listings, driven by continued growth across all regions and market types. We're not just growing supply, and we're also committed to ensuring that high-quality supply. Since launching or updated host quality system last April, we've removed over 200,000 listings that failed to meet our guest expectations and will continue to raise the overall quality of listings on Airbnb's. So we can consistently deliver high-quality stays. Second, we're protecting our core service. We remain focused on making Airbnb more reliable, affordable and overall better service for hosting guests.

第二季度，在所有地區和市場類型持續成長的推動下，我們的活躍掛牌數量超過 800 萬。我們不僅增加供應，而且還致力於確保高品質的供應。自去年 4 月推出或更新房東品質系統以來，我們已刪除了超過 20 萬個未能滿足房客期望的房源，並將繼續提高 Airbnb 房源的整體品質。因此我們能夠始終如一地提供高品質的住宿體驗。其次，我們正在保護我們的核心服務。我們仍然致力於讓 Airbnb 變得更可靠、更實惠，並為接待客人提供更好的整體服務。

We've rolled out hundreds of new features and upgrades over the past few years to do this. This includes launching major reliability initiatives, like guest favorites, which make it easy for guests to find the best listings on Airbnb. Now, since, launch last November, we've seen over 150 million nights booked at guest favorite listings. We've also made dozens of smaller changes that have led to improved usability and booking conversion.

為此，我們在過去幾年中推出了數百項新功能和升級。這包括推出重大的可靠性舉措，例如房客最愛，讓房客可以輕鬆地在 Airbnb 上找到最佳房源。自去年 11 月推出以來，我們已經看到超過 1.5 億晚的客房在客人最喜歡的房源上預訂。我們還進行了數十項較小的更改，從而提高了可用性和預訂轉換率。

These include things like simplified sign-up and login, improved maps, clear cancellation policies, and so much more. Now, we've made tremendous progress, and we'll never stop improving Airbnb, we're going to continue this commitment. And finally, perhaps, most excitingly, we're expanding beyond our core.

其中包括簡化的註冊和登入、改進的地圖、明確的取消政策等等。現在，我們已經取得了巨大的進步，我們將永遠不會停止改進 Airbnb，我們將繼續這項承諾。最後，也許最令人興奮的是，我們正在超越我們的核心。

We continue to drive growth by investing in under-penetrated markets. In Q2, growth of gross nights booked on an origin basis and our expansion markets significantly outperformed our core markets on average. Our core markets again are US, UK, France, Australia, and Canada.

我們繼續透過投資滲透不足的市場來推動成長。第二季度，原始預訂總夜數的成長以及我們的擴張市場的平均表現顯著優於我們的核心市場。我們的核心市場仍然是美國、英國、法國、澳洲和加拿大。

This is largely due to the success of our global expansion playbook, which includes a more localized product and marketing approach. We're also expanding Airbnb's brand positioning beyond travel accommodation, the launch and rollout of Airbnb icons, with the new category of extraordinary experiences that we launched in May.

這很大程度上歸功於我們全球擴張策略的成功，其中包括更在地化的產品和行銷方法。我們也透過 5 月推出的全新非凡體驗類別，將 Airbnb 的品牌定位擴展到旅行住宿之外，推出和推出 Airbnb 圖示。

Now, since launch, we've seen nearly 40 million views of icons on our site. Helping people understand that Airbnb offers more than accommodations will be critical as we expand our offerings in the coming years. Now, looking back to Q2, we saw a number of positive business highlights.

現在，自推出以來，我們網站上的圖示瀏覽量已接近 4,000 萬次。隨著我們在未來幾年擴大我們的產品範圍，幫助人們了解 Airbnb 提供的不僅僅是住宿，這一點至關重要。現在，回顧第二季度，我們看到了許多積極的業務亮點。

First, guests are increasingly booking on the Airbnb app. We've continued to optimize our mobile website to promote app downloads, and we believe our approach is working. Nights booked on our app during Q2 increased 19% quarter -- year-over-year. Now, these bookings now comprise 55% of total nights booked, and this is up from 50% in the prior-year period.

首先，越來越多的客人透過愛彼迎應用程式進行預訂。我們繼續優化我們的行動網站以促進應用程式下載，我們相信我們的方法正在發揮作用。第二季透過我們的應用程式預訂的房晚數年增 19%。現在，這些預訂佔總預訂天數的 55%，高於去年同期的 50%。

Now, in addition to our success in mobile downloads and bookings, we're continuing to see growth of first-time bookers in our platform with the highest level of growth seen in the youngest age demographic. Second, Airbnb is uniquely positioned for special events, we're continuing to see more guests choose Airbnb for major holidays and events. The week of July 4, for example, represented our single highest week of revenue ever in North America and we saw similar trends in Europe.

現在，除了我們在行動下載和預訂方面的成功之外，我們還看到我們平台上的首次預訂者不斷增長，其中最年輕的人群增長最快。其次，愛彼迎在舉辦特殊活動方面擁有得天獨厚的優勢，我們不斷看到越來越多的房客選擇愛彼迎參加重大節慶和活動。例如，7 月 4 日這一周是我們在北美地區有史以來收入最高的一周，我們在歐洲也看到了類似的趨勢。

Now anticipation of the Olympics, which was in Paris, nights booked in Paris through Q2, were more than double what they were this time last year. Additionally, cities hosting matches during the recent EuroCup in Germany saw an average of more than 20% year-over-year increase in nights booked. And supply is increased to meet the higher demand. So we have 37% increase in active listings in Paris in Q2 compared to a year ago. And these events, what they really do is they highlight Airbnb's unique ability to disperse travel and spread economic benefits by allowing people to stay in local neighborhoods where there are no travelers -- no hotels, sorry.

現在，人們對巴黎奧運的期待，到第二季度在巴黎預訂的住宿天數是去年同期的兩倍多。此外，最近在德國舉行的歐洲盃期間舉辦比賽的城市的預訂天數平均同比增長超過 20%。並且增加供應以滿足更高的需求。因此，第二季度巴黎的活躍掛牌量與去年同期相比增加了 37%。這些活動的真正作用是凸顯 Airbnb 的獨特能力，即透過讓人們住在沒有旅客的當地社區（抱歉，沒有飯店）來分散旅行並傳播經濟利益。

Finally, supply growth is improving on Airbnb. We made huge strides to supply growth but remain just as focused on supply quality. As we improve quality, we believe more people will try Airbnb, unlocking even more growth. We have two major initiatives underway to help us do this. First, we're removing low-quality supply. As I shared earlier, we've removed over 200,000 listings since April of last year. Second, we're making it easier for guests to find the best stays on Airbnb.

最後，Airbnb 的供應成長正在改善。我們在供應成長方面取得了巨大進步，但仍然專注於供應品質。隨著我們提高質量，我們相信會有更多的人嘗試 Airbnb，從而實現更多成長。我們正在進行兩項重大舉措來幫助我們做到這一點。首先，我們正在消除低品質的供應。正如我之前分享的，自去年 4 月以來，我們已經刪除了超過 200,000 個清單。其次，我們致力於讓房客更輕鬆在 Airbnb 上找到最佳住宿體驗。

We launched guest favorites, as well as top listing highlights, which show the top 1%, 5%, and 10% of eligible homes on Airbnb. These new features make it easy for guests to find the highest-quality homes on Airbnb. In Q2, we also saw active listings managed by super hosts, some of our highest-quality hosts, increased 26% year-over-year. We're proud of our Q2 results.

我們推出了房客最愛以及熱門房源亮點，其中顯示了 Airbnb 上符合資格的前 1%、5% 和 10% 的房屋。這些新功能讓房客可以輕鬆在 Airbnb 上找到最優質的房子。在第二季度，我們也看到由超級房東（我們的一些最高品質的房東）管理的活躍房源年增 26%。我們對第二季的業績感到自豪。

Now, turning to Q3, we're looking forward to another record summer travel season. We've encouraged by the excitement around the Olympics and EuroCup, and we're also encouraged by the relative strength of Latin America and Asia-Pacific, which continue to be our fastest-growing regions. However, we are seeing shorter booking lead times globally in some signs of slowing demand from US [guests], and our Q3 outlook incorporates these recent trends, whereas watching these trends closely along with the impact any macroeconomic pressures might be causing.

現在，轉向第三季度，我們期待著另一個創紀錄的夏季旅行季節。我們對奧運和歐洲盃的興奮感到鼓舞，也對拉丁美洲和亞太地區的相對實力感到鼓舞，它們仍然是我們成長最快的地區。然而，由於美國[客人]需求放緩的一些跡象，我們看到全球預訂提前期縮短，我們的第三季度展望納入了這些最新趨勢，同時密切關注這些趨勢以及任何宏觀經濟壓力可能造成的影響。

And we're continuing to execute against our growth strategy by improving our service, expanding a less-penetrated market, and introducing new offerings. We believe this growth strategy will, over the long-term, offset any transitory macro trend.

我們將繼續透過改善服務、拓展滲透率較低的市場以及推出新產品來執行我們的成長策略。我們相信，從長遠來看，這項成長策略將抵消任何短暫的宏觀趨勢。

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

因此，我現在期待回答你們的問題。

(Operator Instructions).

（操作員說明）。

Ron Josey, Citi.

羅恩喬西，花旗銀行。

Great. Thanks for taking the question. I have two, please. Brian, just with your last comments on slowing lead times and whatnot in North America, can you talk a little bit more about that when you saw those trends sort of first hit and then how it all sets the strength from Olympics and UEFA and everything else. That's question one.

偉大的。感謝您提出問題。我有兩個，拜託。布萊恩，就在您最後關於北美的交貨時間放緩等問題的評論中，當您看到這些趨勢首次出現時，您能多談談這一點，然後這一切如何增強奧運會、歐足聯和其他一切的力量嗎？這是問題一。

And maybe a bigger question when we think about extending beyond the core and perfecting the core service. Post summer release, post winter release, we've seen a lot of key improvement across Airbnb with guest favorites, with icons, and the list goes on. How does -- when we think about the coming winter release and throughout '25 and everything else, how are these newer services helping to influence, call the Airbnb of tomorrow? Thank you.

當我們考慮超越核心並完善核心服務時，這可能是一個更大的問題。夏季發布後、冬季發布後，我們看到 Airbnb 在房客最愛、圖標等方面取得了許多關鍵改進，這樣的例子不勝枚舉。當我們考慮即將到來的冬季發布以及整個 25 年以及其他所有事情時，這些較新的服務如何幫助影響，稱之為明天的 Airbnb？謝謝。

Yeah, why don't, Ellie, you take the first one about slowing lead times and when we started seeing these trends. And I'll take the second one.

是的，為什麼不呢，艾莉，你看第一個關於減緩交貨時間以及我們何時開始看到這些趨勢的問題。我會選第二個。

Yeah, absolutely. So, let me double click a little bit in terms of the trends for lead time since the beginning of the year. In both Q1 and Q2, what we saw was that lead times were basically equivalent with what we had seen in 2023. So, there wasn't really any timing shift of behavior in terms of when guests were booking.

是的，絕對是。因此，讓我雙擊一下自年初以來交貨時間的趨勢。在第一季和第二季度，我們看到的交貨時間基本上與 2023 年相同。

What we've seen more recently, in particular in July is a shrinking of the lead times. And in particular, what we've seen is that there continues to be very strong growth of the shorter lead times. So anything from same day to next week to a couple of weeks from now. But what we're not seeing the same level of strength is in those longer lead times, so two months from now, you know, what you're booking for Thanksgiving, what you're booking for Christmas.

我們最近看到的情況是，特別是在 7 月份，交貨時間正在縮短。特別是，我們看到較短的交貨時間繼續強勁增長。所以從同一天到下週再到幾週後的任何事情。但我們沒有看到同樣程度的實力在於較長的交貨時間，所以從現在起兩個月後，你知道，你為感恩節預訂的東西，你為聖誕節預訂的東西。

And so, it's that, I would say, softness in terms of longer lead times that is a big factor, in terms of the outlook that we've provided. What I would say additionally is that, over the last couple of years, as we emerged from COVID, there were several periods where we saw, some volatility in terms of overall lead times and, in particular, some hesitancy for consumers to book those longer lead time trips.

因此，我想說，就我們提供的前景而言，較長的交貨時間方面的疲軟是一個重要因素。我還想說的是，在過去的幾年裡，當我們擺脫新冠疫情的影響時，我們看到了一些時期的情況，總體交貨時間出現了一些波動，特別是消費者對預訂更長的時間有些猶豫。

I suspect that's what we're seeing right now. And the -- I would say, the silver lining with regard to the trends that we're see right now is not that consumers are not necessarily going to book that trip for Thanksgiving or Christmas, it just appears that they have not booked it yet.

我懷疑這就是我們現在所看到的。我想說的是，我們現在看到的趨勢的一線希望並不是消費者不一定會預訂感恩節或聖誕節的旅行，只是他們似乎還沒有預訂。

So, we're closely following all of the trends on lead times, but it is a factor that informs the outlook that was provided for Q3.

因此，我們正在密切關注交貨時間的所有趨勢，但這是影響第三季前景的一個因素。

Douglas Anmuth, JPMorgan -- my apology.

道格拉斯·安穆斯 (Douglas Anmuth)，摩根大通——我很抱歉。

Sorry. There's a second part of the question. So, Ron, to answer your question about expanding beyond the core business, where we are is -- we spent 16 years building a business that's approaching $80 billion in gross booking value. That's basically one category, which we call Airbnb, which is short-term accommodation.

對不起。問題還有第二部分。所以，羅恩，回答你關於超越核心業務的問題，我們現在的情況是——我們花了 16 年的時間打造了一家總預訂價值接近 800 億美元的業務。這基本上是一類，我們稱之為 Airbnb，也就是短期住宿。

It's been pretty amazing how far this single product has gone. And we haven't really charged other than like essentially travel insurance, we haven't really ever really expanded beyond our core business, and we do have long-term stays, which are 70% a night. But we haven't done very much. We began before the pandemic preparing to expand Airbnb. And then, when the pandemic hit, you know, we cut back a lot of our resources. We got focused, went back to our roots, and really focused on rebuilding our platform, becoming lean, becoming a functional organization. And we now have essentially the same amount of employees as before the pandemic and double the revenue. And that explains why we have 41% free cash flow margin, one of the most profitable companies in tech.

這個單一產品已經走了這麼遠，真是令人驚訝。除了本質上的旅遊保險之外，我們並沒有真正收取任何費用，我們也沒有真正擴展到我們的核心業務之外，而且我們確實有長期住宿，每晚的費用為 70%。但我們還沒有做太多。我們在疫情爆發前就開始準備擴大 Airbnb 的規模。然後，當大流行來襲時，你知道，我們削減了大量資源。我們集中精力，回歸根源，真正專注於重建我們的平台，變得精益，成為一個職能型組織。我們現在的員工數量與疫情大流行前基本相同，收入卻增加了一倍。這解釋了為什麼我們擁有 41% 的自由現金流利潤率，是科技領域最賺錢的公司之一。

We're now beginning to prepare the next chapter of Airbnb and I want Airbnb to be one of the most important companies in our generation. And to do that, we're going to need to do more than one thing. We're going to have to do multiple new things. We're going to have to have multiple new products and multiple new services. This fall, this October, we're going to be launching a new host service, which is really important. It's essentially a co-hosting marketplace.

我們現在開始準備 Airbnb 的下一章，我希望 Airbnb 成為我們這一代最重要的公司之一。為此，我們需要做的不僅僅是一件事。我們將不得不做多項新事情。我們將必須擁有多種新產品和多種新服務。今年秋天，今年十月，我們將推出一項新的主機服務，這點非常重要。它本質上是一個共同託管市場。

So, there are people that have homes, but they don't have time. There are other people in the world that have time, but they don't have a home. And so, there's a [venn] diagram of people today who have both and can host. But what if we can match those two people together? That would unlock a lot more i nventory. That's what we're going to be launching later in October.

所以，有些人有家，但他們沒有時間。世界上還有其他人有時間，但他們沒有家。因此，這裡有一個[維恩]圖，顯示了當今擁有這兩種能力並且可以主持的人。但如果我們可以將這兩個人配對在一起呢？這將釋放更多庫存。這就是我們將在十月晚些時候推出的產品。

Then, next year, we're going to begin to expand Airbnb truly beyond a core business. And we're going to be launching -- we're going to re-launch experiences. I've been asked about experiences probably every earnings call since it's in public, rightly so, cause it's very exciting. We've learned a lot of lessons from experiences. They need to be more affordable. They need to be more unique to Airbnb. We need things you can only find in Airbnb. They should be merchandised as videos not photos. They should be discoverable in the app, and we should market them. If we think we do the five things, we think we'll have a hit on our hands and we're working on that.

然後，明年，我們將開始將 Airbnb 真正擴展到核心業務之外。我們將推出－我們將重新推出體驗。自公開以來，我可能在每次財報電話會議上都被問及經歷，這是正確的，因為它非常令人興奮。我們從經驗中學到了很多教訓。他們需要更實惠。它們需要對 Airbnb 來說更加獨特。我們需要您只能在 Airbnb 上找到的東西。它們應該以影片而非照片的形式進行銷售。它們應該在應用程式中被發現，我們應該行銷它們。如果我們認為我們做到了這五件事，我們認為我們就會成功，我們正在努力做到這一點。

We also have new guest services and new host services that we're launching next year that we're working on. And then, every year, starting next year, we're going to launch new products and services. You know, I look at Apple, I look at Amazon. Apple at one point, was selling iMacs, Amazon was only selling books.

我們還有新的賓客服務和新的房東服務，我們正在努力明年推出。然後，從明年開始，我們每年都會推出新產品和服務。你知道，我關注蘋果，也關注亞馬遜。蘋果曾一度販售 iMac，而亞馬遜則只販售書籍。

We've gotten bigger than either of those companies just selling short-term rentals. But we're ready to go beyond short-term rentals. So, the new Airbnb, to answer your question Ron, will be about a lot more than short-term rentals. It's going to be about long-term stays. It's going to be our guest services, host services, and many new offerings. And you'll begin to see that next year.

我們已經比那些只賣短期租賃的公司規模更大了。但我們已準備好超越短期租賃。所以，羅恩，新的 Airbnb，回答你的問題，將不僅僅是短期租賃。這將是關於長期停留。這將是我們的賓客服務、房東服務和許多新產品。明年你就會開始看到這一點。

Douglas Anmuth, JPMorgan.

道格拉斯·安穆斯，摩根大通。

Thanks for taking the questions. Ellie, just to follow up on, I know you talked about the shorter booking window. Are you seeing any change in activity around pricing or class of property? And is there anything to call out across cohorts or income levels? And then, Brian, just circling back on expanding beyond the core, are there any expansion markets in particular that you would call out where you're seeing particularly strong traction? Thanks.

感謝您提出問題。艾莉，我想跟進一下，我知道您談到了更短的預訂窗口。您是否發現有關定價或財產類別的活動有任何變化？跨群體或收入水平有什麼值得關注的嗎？然後，布萊恩，回到核心之外的擴張，是否有任何特別是你會指出的擴張市場，你在哪裡看到了特別強大的吸引力？謝謝。

Yeah. So, why don't, Ellie, take the first? I'll take the second.

是的。那麼，為什麼艾莉不先走呢？我就拿第二個。

Yeah. So, let's talk a little bit generally about ADR. The question of like, you know, what are people actually purchasing on the platform? I would say, generally, so far this year, what you've seen is a little bit of ADR appreciation globally. In particular, obviously, though more recently in North America. And what we see there is a big driver of the ADR appreciation is mixed shift, which you can assume, you know, is what it sounds like, people choosing more expensive or larger properties.

是的。那麼，我們來概括性地談談 ADR。問題是，你知道，人們實際上在該平台上購買了什麼？我想說，總體而言，今年到目前為止，全球 ADR 有所升值。特別是，顯然，儘管最近在北美。我們看到，ADR升值的一個重要驅動因素是混合轉變，你可以假設，你知道，這聽起來就像人們選擇更昂貴或更大的房產。

And I think part of the read-through from that can be, people are choosing more expensive listings, therefore, you are seeing stronger demand from higher economic demographics. I think that is one read-through. I think another read-through is that if you think about the value proposition of Airbnb, it's that we offer these larger properties. And on a per-guest basis, they can be quite affordable and, frankly, more affordable than a hotel.

我認為從中可以看出，人們正在選擇更昂貴的房源，因此，您會看到更高的經濟人口需求更強勁。我認為這是一篇通讀。我認為另一個通讀是，如果你考慮 Airbnb 的價值主張，那就是我們提供這些更大的房產。以每位客人計算，它們的價格相當實惠，坦白說，比飯店更實惠。

So, I think part of that ADR make shift appreciation that you see is frankly people gravitating to, where we actually have some great value, which is the larger Airbnb that do provide value at a guest level.

所以，我認為你所看到的 ADR 轉變升值的一部分是坦率地說人們被吸引到的，我們實際上有一些巨大的價值，那就是更大的 Airbnb，確實在客人層面上提供了價值。

And to answer your question about expansion markets. Maybe a framework I can give to think about how we want to accelerate growth, listen, we want to be growing a lot faster than we are. We want to be growing in healthy double-digit growth -- double-digit growth, and I think we can. And the way we're thinking about accelerating growth is through short term, medium term, and long term.

並回答您有關擴展市場的問題。也許我可以提供一個框架來思考我們想要如何加速成長，聽著，我們希望成長得比現在快得多。我們希望實現健康的兩位數成長——兩位數成長，我認為我們可以。我們考慮加速成長的方式是短期、中期和長期。

Short term is really optimizing our core business. It's really around affordability, about having high-quality stays, and just conversion rate increases. Long term is really about new products and services. So, the question you asked about international is interesting because it's kind of like a medium-term horizon, like one to three years.

短期來看，真正優化我們的核心業務。這實際上是圍繞著負擔能力、高品質的住宿以及轉換率的提高。長期實際上是關於新產品和服務。所以，你問的關於國際的問題很有趣，因為它有點像是中期視野，例如一到三年。

And to frame this Airbnb is in 220 countries and regions. We're one of the most global companies in the world on the internet, 220 countries and regions. We operate nearly in every country in the world. But there's only really five markets where we're penetrating.

而搭建這個Airbnb的足跡遍及220個國家和地區。我們是全球網路上最全球化的公司之一，業務遍及 220 個國家和地區。我們的業務幾乎遍及世界每個國家。但我們實際上只滲透了五個市場。

And those markets are the US, UK, France, Canada, and Australia. And you'd think like, well, if there was one company in the world that would truly be like have a lot of international penetration, it'd be a global travel network. Right? A website where you want to travel use one platform to travel around the world. So, there's a number of countries.

這些市場分別是美國、英國、法國、加拿大和澳洲。你可能會想，如果世界上有一家公司真正具有廣泛的國際滲透力，那它就是一個全球旅行網絡。正確的？一個你想去旅遊的網站，用一個平台就可以環遊世界。所以，有很多國家。

Just to give you a couple of examples of our big expansion markets. Germany and Brazil, we've seen a lot of progress. Those are huge travel markets, some of the biggest travel markets in the world, and we're continuing to go bigger. In Europe, Italy, and Spain. We have low penetration compared to France and UK, and these are major destinations. Then, in Latin America, we've had a lot of progress in Brazil, but there's really Peru, Chile, Colombia, Argentina. These are huge opportunity markets and Latin America is a fast-growing region alongside Asia. In Asia, you really have like the big four, big five countries. So, you have China, Japan, Korea, India, and then maybe we could kind of call out Southeast Asia as a holistic region.

只是給您舉幾個我們大規模擴張市場的例子。德國和巴西，我們看到了巨大的進步。這些都是巨大的旅遊市場，是世界上最大的旅遊市場，我們正在繼續擴大規模。在歐洲、義大利和西班牙。與法國和英國相比，我們的滲透率較低，而這些都是主要目的地。然後，在拉丁美洲，我們在巴西取得了巨大進展，但實際上還有秘魯、智利、哥倫比亞、阿根廷。這些都是巨大的機會市場，拉丁美洲與亞洲一樣是一個快速成長的地區。在亞洲，確實有四大、五大國家。所以，有中國、日本、韓國、印度，然後也許我們可以稱東南亞為一個整體地區。

So, what we're going to do is we have an international playbook, which really product and marketing. First, you need to localize the product. You need to make sure you have the right regulation in place. You need to make sure you have the right foundation. We've highlighted in our investor letter that we retooled our product for Asia. You know, Asia are different character counts. And so, it's more laborious in certain languages to type in.

因此，我們要做的是製定一本國際劇本，真正涉及產品和行銷。首先，您需要對產品進行在地化。您需要確保制定了正確的法規。您需要確保您擁有正確的基礎。我們在投資者信中強調，我們針對亞洲重新調整了我們的產品。你知道，亞洲的字元數不同。因此，在某些語言中輸入起來比較費力。

So, like in Korea and Japan, they prefer to do browsing than search. So, we've had to retool our product. And that's yielded some huge conversion rate increases. So, some of these are going to pay back sooner, like, Switzerland, Belgium, Netherlands, they're going to pay back sooner. Japan's going to be a longer game, but that's one of the biggest travel markets in the world.

因此，就像在韓國和日本一樣，他們更喜歡瀏覽而不是搜尋。因此，我們必須重新調整我們的產品。這帶來了轉換率的巨大提高。所以，其中一些國家會更快還款，像是瑞士、比利時、荷蘭，他們會更快還款。日本將是一場漫長的比賽，但它是世界上最大的旅遊市場之一。

And I literally think there are tens of billions of dollars of gross booking value increase just by getting all the aforementioned countries to the current market penetration of Canada or Australia. If we can get those countries to Canada, Australia, there's tens of billions of dollars. And it's just something we've had to -- we're going to focus on. It's something we hadn't focused on the last four years as much. We really wanted to solidify our core business, but now we're focused on it.

我確實認為，只要讓所有上述國家達到加拿大或澳洲當前的市場滲透率，總預訂價值就會增加數百億美元。如果我們能把這些國家帶到加拿大、澳大利亞，那就有數百億美元。這只是我們必須關注的事情。這是我們在過去四年裡沒有那麼關注的事情。我們確實想鞏固我們的核心業務，但現在我們專注於此。

[Richard Clarke, Bernstein].

[理查克拉克，伯恩斯坦]。

Hi, I just want to unpick the Q3 revenue guidance a little bit more. I guess the -- if I look on the balance sheet, your funds held on behalf of customers, to me, it looks like it's up about 13% year-on-year. So, it looks like you're carrying more bookings into the quarter. And then, you're talking about shorter lead time, so does that not mean more bookings in the quarter for the quarter? I'm just trying to square that with why revenue is slowing down in your guidance?

你好，我只是想稍微取消一下第三季的營收指引。我想，如果我看一下資產負債表，你們代表客戶持有的資金，對我來說，看起來比去年同期成長了約 13%。因此，看來您本季的預訂量有所增加。然後，您談論的是更短的交貨時間，那麼這是否意味著本季的預訂量會增加？我只是想將其與您的指導中收入放緩的原因進行比較？

Yeah, thanks, Richard. So, obviously, that unearned fees balance on the balance sheet gives you some indication of the backlog. I would not take those balance sheet items as a one-for-one read-through in terms of the revenue that will be recognized over the course of the order. A couple of, you know, deviations in terms of why they might not match.

是的，謝謝，理查。因此，顯然，資產負債表上的未賺取費用餘額可以讓您了解積壓的情況。我不會將這些資產負債表項目作為在訂單過程中確認的收入的一對一通讀。您知道，在它們可能不匹配的原因方面存在一些偏差。

One is, obviously, a good portion of the bookings that we will recognize in a particular quarter are still to be booked within the quarter. That's one aspect. The second is the balance sheet items will reflect, you know, the timing of the payments, whether it's pay loss upfront or the entirety of the payment. And so, they're just not a one-for-one guide. All they do, they do, obviously, give a time-stamped -- point-in-time view of the backlog that we have.

顯然，我們在特定季度確認的預訂中，很大一部分仍將在該季度內預訂。這是一方面。第二個是資產負債表項目將反映付款的時間，無論是預付損失還是全部付款。因此，它們並不是一對一的指南。顯然，他們所做的一切都給出了我們所擁有的積壓工作的帶有時間戳的時間點視圖。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the question. Maybe I can ask a two-parter coming back to the booking window. When you see what you've seen over the last couple years in terms of the booking window evolving from where it was pre-pandemic to where it is post-pandemic. How much different does that booking window look today versus maybe 2019 as opposed to today versus one in two years ago?

非常感謝您提出問題。也許我可以請兩人一起回到預訂窗口。當您看到過去幾年中預訂窗口從大流行前到大流行後的演變時。今天的預訂窗口與 2019 年的預訂窗口相比，與兩年前的預訂窗口有何不同？

And when you think about what that shift looks like, how much of that do you think, in terms of a shortening booking window are elements of demand-driven dynamics, where the consumer might want to spend less money and be more discerning, or just elements of normalization that are working their way back into global travel? Thank you.

當你思考這種轉變是什麼樣子時，你認為在縮短預訂窗口方面有多少是需求驅動動態的要素，消費者可能希望花更少的錢並更具洞察力，或者只是正常化的要素正在重新融入全球旅行？謝謝。

Thanks, Eric. So, let's talk about lead times over time. If we look at where we were, say, in Q2 of 2019, the average lead time across the platform was within one or two days of what it was in Q2 in '24. So, from the kind of pre-COVID to last quarter, there hasn't been some material shift.

謝謝，埃里克。那麼，讓我們談談隨著時間的推移交貨時間。如果我們看看 2019 年第二季的情況，整個平台的平均交付時間與 2024 年第二季的平均交貨時間相差一到兩天。因此，從新冠疫情爆發前的情況到上個季度，並沒有任何重大變化。

What you did see through the path of COVID was, initially, we saw a massive reduction in lead time because people had no confidence in terms of their ability to book far out. That reversed in, say, the 2022 to 2023 time period where people are so eager to travel that they were booking way in advance of their kind of normalized patterns to make sure that they had the trip on the book, they got the most attractive listing at the best price by booking early. And I think fast forward to 2024, you're seeing, up through Q2, a very much return to normal. So, hopefully, that's helpful in terms of the overall four-year arc.

透過新冠肺炎疫情，我們最初看到的是，我們看到交貨時間大幅縮短，因為人們對自己的遠距離預訂能力沒有信心。比方說，在 2022 年至 2023 年期間，情況發生了逆轉，人們非常渴望旅行，以至於他們比正常模式提前預訂，以確保他們在預訂時獲得了最具吸引力的清單儘早預訂可享受最優惠的價格。我認為快進到 2024 年，你會看到，到第二季度，經濟基本上已經恢復正常。因此，希望這對整個四年有幫助。

In terms of having some color commentary in terms of what we're seeing today, just to reiterate some of the color I provided at the beginning of the call, the last-minute bookings are incredibly strong. So, they are, I would say, much higher in growth rates than. What we are guiding to in terms of the average. There seems to be a lot of desire in terms of making sure you get your summer travel in at very elevated rates.

就我們今天所看到的情況進行一些色彩評論而言，只是重申我在電話會議開始時提供的一些色彩，最後一刻的預訂量非常強勁。因此，我想說，它們的成長率比其他國家高得多。我們以平均值為指導目標。人們似乎非常渴望確保以非常高的價格進行夏季旅行。

But it's being offset by that portion of bookings, which is for us about half of the overall bookings, which are a month or longer. And I think, it's a minor softness, but it does have impact in terms of our backlog, just given, you know, the concentration of bookings that happen more than a month in advance.

但這被這部分預訂所抵消，對我們來說，這部分預訂約佔整體預訂的一半，即一個月或更長時間。我認為，這是一個輕微的疲軟，但它確實對我們的積壓產生了影響，只是考慮到提前一個多月發生的預訂集中。

There's just a modest amount of softness that is bringing the average lead time down. And I think what we've seen in the past is, from time to time, whether it be a new COVID variant, whether it be a macro headline, whether it be, like last year, the outbreak of war in Israel, people, from time to time have moments where they are not booking in the same timeframe that they did in prior periods. And that's what we're tracking closely right now.

只有適度的疲軟才會導致平均交貨時間縮短。我認為我們過去不時看到的是，無論是新冠病毒變種，還是宏觀標題，無論是像去年一樣，以色列爆發戰爭，人們，有時，他們不會在與之前相同的時間範圍內進行預訂。這就是我們現在正在密切追蹤的。

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

Thanks for taking my questions. Maybe I'll squeeze in two. Let me ask one on the marketing expense comments for you, Ellie. You mentioned in the guide marketing expense is going to go faster than revenue in the third quarter. I guess the question is, how do we think about, performance versus branded spend? And I think you sort of learned about your market spend over the years, sort of gives you confidence this could resonate even faster room night growth this time around.

感謝您回答我的問題。也許我會擠成兩半。艾莉，讓我向您詢問有關行銷費用的意見。您在指南中提到第三季行銷費用將快於收入。我想問題是，我們要如何考慮績效與品牌支出？我認為您對多年來的市場支出有所了解，這讓您有信心這次可以引起更快的間夜成長。

And then, one for Brian and sort of Gen AI philosophical strategy. There's a lot of talk sort of about your top-of-funnel Gen AI travel assistance. How do you think about, you know, taking your leading supply that you have, maybe partnering with hotel partners to create a really differentiated top-of-funnel alternative and hotel booking assistant using all these large language model capabilities?

然後，布萊恩的一個和某種 Gen AI 哲學策略。有很多關於漏斗頂部的 Gen AI 旅行援助的討論。您如何看待，您知道，利用您擁有的領先供應，也許與酒店合作夥伴合作，使用所有這些大型語言模型功能創建真正差異化的漏斗頂部替代方案和酒店預訂助手？

Ellie, I'll take the second.

艾莉，我要第二個。

Yeah. So Brian, let me let me talk a little bit about our marketing spend. Let me just back up before I talk about Q3 and remind you of the full year guide that we provided back in February. What we shared in February was that for the full year, we were looking to deliver an EBITDA margin of a minimum of 35%, which was obviously down slightly from the nearly 37% we delivered in '23. And the intent on, guiding to margin compression on a year-of-year basis was to allow us the flexibility to invest in growth.

是的。布萊恩，讓我談談我們的行銷支出。在談論第三季之前，讓我先回顧一下，並提醒您我們在二月提供的全年指南。我們在 2 月分享的是，我們希望全年實現 EBITDA 利潤率至少為 35%，這顯然比我們 20 年 37% 的水平略有下降。指導逐年壓縮利潤率的目的是為了讓我們能夠靈活地投資於成長。

And what you've seen. So far this year is that for H1, margin as a percent of revenue was effectively flat with where it was in '23. But we do intend to lean into those growth investments in the back half of the year starting in Q3. And that's, obviously, what informs the EBITDA guide that you saw in the letter. In terms of where we are leaning in on marketing in particular and the confidence around the various channels, let me just talk about a couple of the components of the increase in marketing.

以及你所看到的。今年上半年到目前為止，利潤率佔收入的百分比實際上與 23 年持平。但我們確實打算從第三季開始在下半年進行這些成長投資。顯然，這就是您在信中看到的 EBITDA 指南的內容。就我們特別傾向於行銷的方向以及對各種管道的信心而言，讓我談談行銷成長的幾個組成部分。

So, first, consistent with the conversation Brian Chesky just had on international markets, what you'll see in Q3 is that we will be layering on a handful of incremental markets that we will be targeting and effectively turning on our global playbook.

因此，首先，與 Brian Chesky 剛剛就國際市場進行的對話一致，您將在第三季度看到的是，我們將針對少數增量市場進行分層，並有效地啟動我們的全球策略。

In particular, you'll see us try or intend to extend our success that we've seen in Latin American countries like Brazil and Mexico to other markets in that region, places like Peru, Colombia, Chile, Argentina. So, there'll be some layering on of those incremental markets. We feel like we have had pretty good success there. Obviously, it takes time in terms of investments in a market, both from a product perspective, as well as a marketing perspective, to reaccelerate growth.

特別是，您會看到我們嘗試或打算將我們在巴西和墨西哥等拉丁美洲國家所取得的成功擴展到該地區的其他市場，如秘魯、哥倫比亞、智利、阿根廷。因此，這些增量市場將會出現一些分層。我們覺得我們在那裡取得了相當大的成功。顯然，從產品角度和行銷角度來看，市場投資需要時間才能重新加速成長。

But as the results have shown in terms of the differential between growth rates of our expansion markets and our core markets. We feel like our expansion efforts have been successful. And so, rolling them out to incremental markets will be helpful over the medium term.

但正如結果所顯示的那樣，我們的擴張市場和核心市場的成長率之間存在差異。我們覺得我們的擴張努力是成功的。因此，從中期來看，將它們推廣到增量市場將會有所幫助。

In terms of incremental performance marketing, what we've shared with you year-to-date, that has continued into Q3, is that based on a lot of optimizations that we've made to our performance marketing efforts, we've been able to, maintain extremely high efficiencies. And so, where we see those, we do lean in and have quite high confidence in terms of returns.

在增量績效行銷方面，我們今年迄今與您分享的內容（一直持續到第三季）是，基於我們對績效行銷工作所做的大量優化，我們已經能夠保持極高的效率。因此，當我們看到這些時，我們確實會採取行動，並對回報抱有很高的信心。

And why don't I also -- why don't I take your second question? So, Brian, Gen AI, ChatGPT launched late November 2022. When it launched, I think we all got like incredibly excited. It was kind of like the moment probably some of us first discovered the internet or, maybe when iPhone was launched. And when it was launched, you had this feeling that everything was going to change. But I think that's still true.

為什麼我不回答你的第二個問題？所以，Brian，Gen AI，ChatGPT 於 2022 年 11 月下旬推出。這有點像我們中的一些人第一次發現網路的那一刻，或者也許是 iPhone 發布的那一刻。當它推出時，你有一種感覺一切都會改變。但我認為這仍然是事實。

But I think one of the things we learned over the last, say, 18 months or nearly two years, 22 months since ChatGPT launched, is that. It's going to take a lot longer than people think for applications to change. If I were to think of AI, I'd probably think about it in three layers. You have the chips, you have the models, and you have the applications. There's been a lot of innovation on the chips. There's been a lot of innovation on the models. We have a lot of new models, and there's a prolific rate of improvement in these models. But if you look at your home screen, which of your apps are fundamentally different because of the AI, like fundamentally different because of generative AI.

但我認為我們在過去（例如 ChatGPT 推出後 18 個月或近兩年、22 個月）中學到的一件事是。應用程式改變所需的時間比人們想像的要長得多。如果我要考慮人工智慧，我可能會從三個層面來考慮。你有晶片，你有模型，你有應用程式。晶片方面有很多創新。模型上有很多創新。我們有很多新模型，而且這些模型的改進速度非常快。但如果你看看你的主螢幕，你的哪些應用程式會因為人工智慧而發生根本性的不同，就像由於生成式人工智慧而發生根本性的不同一樣。

Very little, especially even less in e-commerce or travel. And the reason why is I think it's just going to take time to develop new AI paradigm. That should be key as an AI model, AI interface, if that could have existed before AI. So, all of our paradigms are pre-AI paradigms.

很少，特別是在電子商務或旅遊領域就更少了。原因是我認為開發新的人工智慧範式需要時間。作為人工智慧模型、人工智慧接口，如果它們在人工智慧之前就已經存在的話，那應該是關鍵。所以，我們所有的範式都是前人工智慧範式。

And so, what we need to do is we need to actually develop AI applications that are native to the model. No one's done this yet. There's not been one app that I'm aware of that's a top 50 app in the App Store in the United States that is a fundamentally new paradigm as fundamentally different as, say, multitouch was to the iPhone in 2008. And we need that interface change.

因此，我們需要做的是實際開發模型原生的人工智慧應用程式。還沒有人這樣做過。據我所知，沒有一款應用程式能夠躋身美國 App Store 前 50 名，它是一種全新的範例，與 2008 年 iPhone 的多點觸控有著根本的不同。

So, that's one of the things that we're working on. And I do think Airbnb will eventually be much more than a search box where you type a destination, add dates, and find a listing. it's going to be much more of a travel concierge. It's having a conversation, learning, adapting to you. It's going to take a number of years to develop this.

所以，這是我們正在努力的事情之一。我確實認為 Airbnb 最終將不僅僅是一個搜尋框，您可以在其中輸入目的地、新增日期並找到清單。它將更像是一個旅行禮賓服務。它是進行對話、學習、適應你。開發這個功能需要很多年的時間。

And so, it won't be in the next year that this will happen. And I think this is probably what most of my tech friends are also saying, it's just going to just take a bit more time. But to answer your question on what's possible. A new interface paradigm would allow us to attach new businesses.

因此，這種情況不會在明年發生。我想這可能也是我大多數的技術朋友也在說的，只是需要更多的時間。但要回答你關於什麼是可能的問題。新的介面範式將使我們能夠附加新的業務。

So, the question is, what permission do we have to go into a business like hotels? Well, today, we have permission because we have a lot of traffic. But if we had a breakthrough interface, we'd have even more permission. Because suddenly, we could move top of funnel and not just ask, where are you going, but we could point to, we could inspire where you travel.

那麼，問題是，我們需要什麼許可才能進入飯店這樣的產業？好吧，今天我們獲得了許可，因為我們的流量很大。但如果我們有一個突破性的介面，我們就會獲得更多的授權。因為突然之間，我們可以移動漏斗的頂部，而不僅僅是問你要去哪裡，而是我們可以指出，我們可以啟發你去哪裡旅行。

Imagine if we had an index of the world's communities. We told you we had information about every community, and we could provide the end-to-end trip for you. So, there's a lot of opportunities as we develop new interfaces to cross sell newer inventory. And just to remind everyone, we own HotelTonight. We bought that before the pandemic.

想像一下，如果我們有一個世界社群的索引。我們告訴過您，我們擁有每個社區的訊息，我們可以為您提供端到端的旅行。因此，當我們開發新介面來交叉銷售新庫存時，會有很多機會。謹提醒大家，我們擁有 HotelTonight。我們在大流行之前就買了。

It's one of the most popular hotel booking apps in the world. And we are still investing in hotels. So, absolutely, there are opportunities down the road with this new interface to sell new things, including hotels at Airbnb.

它是世界上最受歡迎的酒店預訂應用程式之一。我們仍在投資酒店。因此，絕對有機會透過這個新介面來銷售新產品，包括 Airbnb 上的飯店。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Great. Thanks for my question. Just on the North America and Europe markets, presumably growing a little slower than the average for the company, any signs of kind of cyclical or macro pressure, like shorter trips or people trading down, that could end and that could maybe drive some acceleration when the period ends? And second, how do you feel about your market share in those two key regions? Thank you.

偉大的。謝謝我的問題。就北美和歐洲市場而言，成長速度大概比公司的平均水平稍慢一些，任何週期性或宏觀壓力的跡象，例如短途旅行或人們的降價消費，都可能會結束，並且可能會推動一些加速。期間結束了嗎？其次，您對這兩個關鍵地區的市佔率有何看法？謝謝。

Yeah. So let me talk a little bit about what we're seeing in both North America and EMEA. I would say, you know, I would go back to my prior comments in terms of just the lead time, that commentary is true globally. So, it applies to both North America and EMEA. I would say EMEA has been relatively stable quarter to date, and so it is not necessarily part of the broader moderation story that we have shared.

是的。讓我談談我們在北美和歐洲、中東和非洲所看到的情況。我想說，你知道，我會回到我之前關於交貨時間的評論，該評論在全球範圍內都是正確的。因此，它適用於北美和歐洲、中東和非洲。我想說，歐洲、中東和非洲地區迄今為止一直相對穩定，因此它不一定是我們分享的更廣泛的適度故事的一部分。

In terms of North America, there's a handful of components. One is the shorter lead times, I would say. A second is North America has a concentration of our long-term stays nights. And what we've seen over the last year is that short term stays have grown more quickly than long term stays. And so, the LTS growth rate is a drag on the average that has an outsized impact on North America.

就北美而言，有幾個組成部分。我想說，其中之一是交貨時間更短。第二個是北美是我們長期住宿的集中地。去年我們看到，短期住宿的成長速度快於長期住宿。因此，LTS 成長率會拖累平均水平，對北美產生巨大影響。

And we've just comped with the changes that we made a year ago, in terms of our LTS fees, which is a bit of a headwind for LTS generally on the platform but in particular in North America. The one other thing I would add in terms of just providing some color on what's happening in the US is, you know, a couple of regulatory comments.

我們剛剛對一年前在 LTS 費用方面所做的改變進行了比較，這對於平台上的 LTS 來說有點不利，尤其是在北美。我要補充的另一件事是，你知道，對美國正在發生的事情提供一些顏色是一些監管評論。

One in particular that we're watching is that in California, the total price display and cancellation grace period regulations went into play on July 1. And we think that's been a little bit of a headwind to our California business.

我們特別關注的是，在加州，總價顯示和取消寬限期規定於 7 月 1 日開始生效。

Our California business, if you include both guests who reside in California, as well as guests who are traveling to California, which is what the new rules apply to, is about 10% of our [GBV]. So, that's an area that we're watching quite closely to see how quickly consumer behavior normalizes after these regulations have been put into place.

如果您包括居住在加州的客人以及前往加州的客人（新規則適用的情況），我們的加州業務約占我們 [GBV] 的 10%。因此，我們正在密切關注這一領域，以了解這些法規實施後消費者行為正常化的速度有多快。

And to the comments I made earlier on ADR, I would say, we haven't really seen a material move toward trade-downs much to the contrary, people continue to book our larger, more expensive listings. And then, in terms of shorter trips, you know, the average trip length has gone down, but that is really a function of the makeshift between, short-term rentals growing more quickly than long-term rentals, less so people choosing a, three-day trip versus a four-day trip. So, I don't think we've seen the type of trade down behavior that you're likely asking about.

對於我之前就 ADR 發表的評論，我想說的是，我們並沒有真正看到降價的實質舉措，相反，人們繼續預訂我們更大、更昂貴的房源。然後，就短途旅行而言，你知道，平均旅行長度有所下降，但這實際上是短期租金增長速度快於長期租金的臨時因素，人們選擇的速度則要慢一些，三天旅行與四天旅行。因此，我認為我們還沒有看到您可能會問到的那種降價行為。

In terms of the second component of your question, market share. When we look at market share, we look at the market of night stays across accommodations. And so, that obviously includes all the hotel nights that are, you know, either booked directly through a hotel or booked through an intermediary. And when we look at market share on that basis, what we see is that in Q2, consistent with prior quarters, we continued on a year-over-year basis to gain market share in terms of total night stays over the universe of hotel and other travel accommodations. That is also true on a regional basis. We feel like we're doing quite well as we, across the world, continue to gain market share.

就你問題的第二個組成部分而言，市場佔有率。當我們考察市場佔有率時，我們會考察不同飯店的夜間住宿市場。因此，這顯然包括直接透過飯店預訂或透過仲介預訂的所有飯店住宿。當我們在此基礎上審視市場份額時，我們看到的是，在第二季度，與前幾季度一致，我們在整個酒店和酒店的總住宿晚數方面繼續同比增長市場份額。 。從區域來看也是如此。我們感覺我們做得很好，因為我們在世界各地繼續獲得市場份額。

James Lee, Mizuho.

詹姆斯李，瑞穗。

Great, thanks for taking my questions. Two here, please. First, on experiences, what are some of the restrictions and difficult problems you're trying to solve here? Seems like you have plenty of supply, plenty of listing, so that doesn't seem to be an issue. Can you help us understand some of the key pain points for both suppliers and customers?

太好了，感謝您回答我的問題。這裡有兩位，請。首先，關於經驗，您在這裡試圖解決的一些限制和難題是什麼？看來你們有充足的供應，充足的房源，所以這似乎不是問題。您能幫助我們了解供應商和客戶的一些關鍵痛點嗎？

And second, one thing I noticed in North America and EMEA, you have called out to see a mix shift to nonurban markets. And I just want to get some more color on that. Non-urban markets, in general, are you seeing weaker demand or seeing increased competition in hotels? Thanks.

其次，我在北美和歐洲、中東和非洲注意到一件事，你們呼籲看到轉向非城市市場的混合。我只是想對此有更多的了解。整體而言，非城市市場的飯店需求是否疲軟或競爭加劇？謝謝。

Hey, James. I'll take the first question. So, there's five things that we're looking forward to do with experiences. The first thing is we want them to be a better price selection right now, we think have -- we can offer more affordable experiences that younger people, especially Gen Z, could afford. So, that's the first thing. We don't really have enough affordable listings.

嘿，詹姆斯。我來回答第一個問題。因此，我們期待透過體驗做五件事。首先，我們希望它們現在成為更好的價格選擇，我們認為我們可以提供更實惠的體驗，讓年輕人，尤其是 Z 世代能夠負擔得起。所以，這是第一件事。我們確實沒有足夠的實惠房源。

The second thing is we need more unique inventory. It's really good the inventory we have is good. In fact, the five-star rating average for experiences is higher than the five-star rating for homes. But we still think we can have even more unique inventory that you can only find in Airbnb that's not on another platform. And we want to recruit some of the most interesting people in the world to be on our platform. And we're getting a lot of excitement.

第二件事是我們需要更多獨特的庫存。我們的庫存很好，這真的很好。事實上，體驗的五星級平均評級高於住宅的五星級評級。但我們仍然認為我們可以擁有更多獨特的庫存，這些庫存只能在 Airbnb 中找到，而在其他平台上是找不到的。我們希望招募世界上一些最有趣的人加入我們的平台。我們感到非常興奮。

The third is we think we can even merchandise them better. I think experience should be merchandised like with film, with movies, with video. Imagine deciding on a movie, but instead of a film trailer, you had some movie stills. Would you go see the movie? You probably wouldn't. So, you need a trailer. You need video experiences. You'd sold video first.

第三，我們認為我們甚至可以更好地推銷它們。我認為體驗應該像電影、電影、錄影帶一樣進行商品化。想像一下，你決定去看一部電影，但你沒有電影預告片，而是一些電影劇照。你會去看電影嗎？你可能不會。所以，你需要一輛拖車。您需要視訊體驗。你先賣了影片。

The fourth is it needs to be discoverable in the app. Right now, experiences are really hard to find because over the last four years, we've really focused on prioritizing our core business. I mean, a lot of people, they come to our homepage, they don't ever see experiences.

第四是它需要在應用程式中可以被發現。現在，經驗真的很難找到，因為在過去四年裡，我們真的專注於優先考慮我們的核心業務。我的意思是，很多人來到我們的主頁，但他們從未看到過體驗。

You wouldn't know we sell experiences. So, we're going to completely reimagine our search and discovery engine to cross-sell experiences after you book a home. And to really target the right homes, we're going to show you other guests on the experience to provide social proof. We're going to bring some of the magic like the countdown and the icon and some of the magic there.

您不會知道我們出售體驗。因此，我們將徹底重新構想我們的搜尋和發現引擎，以便在您預訂房屋後交叉銷售體驗。為了真正找到合適的住所，我們將向您展示其他房客的體驗，以提供社會證明。我們將帶來一些魔法，例如倒數計時和圖標以及那裡的一些魔法。

And the final thing is awareness for experience is really low. Most people don't know we offer experiences even though we launched them eight years ago. So, we're going to actually market them and tell the world about them. And we can do this without a lot of incremental investment because we can market homes and experiences in the same ad. So, if we do those five things, I think we can dramatically change the trajectory of our experience business.

最後一點是體驗意識非常低。大多數人不知道我們提供體驗，儘管我們八年前就推出了這些體驗。因此，我們將實際行銷它們並向世界介紹它們。我們不需要大量增量投資就能做到這一點，因為我們可以在同一個廣告中推銷房屋和體驗。因此，如果我們做到這五件事，我認為我們可以大大改變體驗業務的發展軌跡。

James, to your second question. In terms of the mix shift to nonurban markets. We call it on the letter because this is a differential in terms of the respective market segments. But there isn't -- it's not a major shift. What we are seeing is that growth in nonurban markets continues to be slightly higher than that of urban.

詹姆斯，關於你的第二個問題。就混合轉向非城市市場而言。我們稱之為信函，因為這是各個細分市場的差異。但事實並非如此——這並不是一個重大轉變。我們看到的是，非城市市場的成長持續略高於城市。

I think what that tells you is, you know, we have a, I would say, differentiated offering in non-urban. And I think the interesting thing about that portion of our business is it has maintained a, I would say, meaningful larger share of our business demand, four years post-COVID than it was previously. I think, you know, over the last four years, there's been a broadening awareness of the variety of markets that Airbnb is available, that hotels simply don't exist. And we continue to see, you know, great demand for those markets.

我認為這告訴你的是，我想說，我們在非城市地區提供了差異化的產品。我認為我們這部分業務的有趣之處在於，我想說，在新冠疫情發生四年後，它在我們的業務需求中所佔的份額比以前要大得多。我想，你知道，在過去的四年裡，人們越來越多地認識到 Airbnb 可以提供的各種市場，而飯店根本不存在。你知道，我們繼續看到這些市場的巨大需求。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. Thank you very much. Ellie, I appreciate your comments and margins and reading flexibility to invest this year. Could you talk about how long we should see this investment cycle persist and when we could start seeing more meaningful returns? Thank you.

偉大的。非常感謝。艾莉，我感謝您的評論和利潤以及閱讀今年投資的靈活性。您能否談談我們應該看到這種投資週期持續多久以及我們何時可以開始看到更有意義的回報？謝謝。

Yeah. Thank you. So, we obviously have not given a guide for '25. We'll provide you a view on '25, as it approaches. What I would say is, you know, if you look at where we have come over the last couple years, we have, obviously, delivered, you know, a substantial amount of margin expansion from where we started.

是的。謝謝。所以，我們顯然還沒有給出 '25 的指南。隨著'25'的臨近，我們將為您提供對它的看法。我想說的是，如果你看看我們在過去幾年中取得的進展，你知道，我們顯然已經從我們開始的地方實現了大幅的利潤率擴張。

You followed us for some time, but, you know, pre-going public, we had negative EBITDA margins. And, you know, four years later, we were able to deliver almost 37% margins last year. I think we've more than demonstrated the strength of this model, both on a profitability basis, as well as a free cash flow basis. What we'd like to deliver more of is growth. And that's why we obviously set a lower margin target for the current year.

您已經關注我們一段時間了，但是，您知道，在上市之前，我們的 EBITDA 利潤率為負。而且，您知道，四年後，我們去年實現了近 37% 的利潤率。我認為我們不僅在獲利能力以及自由現金流的基礎上展示了這種模式的優勢。我們想要提供更多的是成長。這就是為什麼我們顯然為今年設定了較低的利潤目標。

And as I said previously, you'll see us start to make those investments in the back half of the year. I anticipate that, when you think about both our medium-term growth lever of international markets and the more long term growth lever of, expanding the core offerings, those will require some ongoing investments in order to scale and then deliver the growth. What I think you should also think about though is that all of our extensions to date have not been very capital intensive. So, we will use some of the profitability to invest, but we don't anticipate any kind of sea change in the foreseeable future around overall profitability levels.

正如我之前所說，您將看到我們在今年下半年開始進行這些投資。我預計，當你考慮到我們國際市場的中期成長槓桿和擴大核心產品的更長期成長槓桿時，這些將需要一些持續的投資才能擴大規模並實現成長。我認為您還應該考慮的是，迄今為止我們所有的擴展都不是非常資本密集的。因此，我們將使用部分獲利能力進行投資，但我們預計在可預見的未來整體獲利水準不會發生任何巨大變化。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼，TD·考恩。

Great, thanks a lot. So, if we adjust out the Easter impact, it looks like you have a little bit of revenue growth slowing kind of each quarter this year expected to the third quarter. Based on the dynamics you're seeing today, you anticipate some further slowing toward the end of the year, if you look at how stays are shaping up for Q4? Or do you see anything in your numbers as of now that could lead to stabilization? Thanks.

太好了，非常感謝。因此，如果我們調整復活節的影響，預計今年每季到第三季的營收成長都會放緩。根據您今天看到的動態，如果您看看第四季的住宿情況如何，您預計到年底會進一步放緩？或者您認為目前的數據中是否有任何可能導致穩定的因素？謝謝。

Yeah. Thanks, Kevin. So, I would say, first, you know, we're not going to provide an outlook right now for Q4. But when I give you that color on the lead times, I think it's pretty informative from the perspective of it's not that people are not definitively booking over the long term, it's they may not have booked yet. And so, you know, as I shared previously, we have seen some movement in lead times over the last couple of years. And in many cases, people, have come booked. They just come and booked at a later time period. And so, that's certainly something that we'll be on the eyes out for in terms of Q4 and beyond.

是的。謝謝，凱文。所以，我想說，首先，我們現在不打算提供第四季的前景。但是，當我給你關於提前期的顏色時，我認為從長遠來看，這並不是說人們沒有明確預訂，而是他們可能還沒有預訂，這提供了相當多的信息。因此，正如我之前分享的那樣，過去幾年我們看到交貨時間發生了一些變化。在很多情況下，人們已經被預訂了。他們只是在晚些時候才來預訂。因此，這肯定是我們在第四季及以後關注的事情。

I think also just thinking about how the comps play out for the balance of the year, if you'll recall where we were last year, you know, September and October were quite soft, and then November and December had a bit of a rebound. So, those are the comps that will be lapping as we approach the end of the summer heading into Q4.

我想，只要考慮一下今年剩餘時間的比較情況，如果你還記得我們去年的情況，你知道，9 月和 10 月相當疲軟，然後 11 月和 12 月出現了一些反彈。因此，這些是我們在夏末進入第四季時將要進行的比較。

Nick Jones, Citizens JMP.

尼克瓊斯，公民 JMP。

Hey, thanks for taking the question. Maybe just another one on expenses and how you're thinking about it. This plan to relaunch experiences, Brian, it sounds like there's not a lot of incremental investment required there. But earlier in the Q&A, you were kind of talking about launching new products and services every year. So, I guess, can you speak to how nimble you plan to be with the investments, if demand maybe continues to get weaker versus kind of bouncing back? How should we be thinking about kind of the level of commitment to invest in what sounds like a lot of new and exciting products and services?

嘿，謝謝你提出問題。也許只是另一則關於費用以及您如何看待它的問題。布萊恩，這個重新推出體驗的計畫聽起來不需要太多增量投資。但在早期的問答中，您談到了每年都會推出新產品和服務。所以，我想，如果需求可能繼續疲軟而不是反彈，您能談談您計劃如何靈活地進行投資嗎？我們應該如何考慮對聽起來很多新的、令人興奮的產品和服務進行投資的承諾程度？

Yeah. I mean, we've essentially built our forecast to already have a spread of that between short term, medium term, and long term. So, in the short term, I mean, the biggest driver of growth in the short term, again, is conversion increases. Every 1% increase in our business is about $100 million. And we have hundreds of basis points of growth opportunities just in conversion and usability improvements. And then, affordability, we have quite a few opportunities, and then on quality and reliability.

是的。我的意思是，我們基本上已經建立了短期、中期和長期之間的預測。因此，從短期來看，我的意思是，短期成長的最大驅動力再次是轉換率的增加。我們的業務每成長 1%，營收約 1 億美元。僅在轉換和可用性改進方面，我們就有數百個基點的成長機會。然後，在負擔能力方面，我們有很多機會，然後是品質和可靠性。

Probably one of the biggest variables might be like how we think about expanding internationally, like some of the big Asian countries like Japan, we can be very, very nimble based on the results of Japan. Most of these new services and offerings, though, are going to not cost very much. They're mostly headcount. We're talking some teams, like, you know, hundreds of people, not thousands of people. So, you won't really see that because this is a network-effect business. And most of our traffic is going to be taking traffic we already have for accommodations business and cross-selling new offerings. And so, it's really just the cost of acquisition of supply.

也許最大的變數之一可能是我們如何看待國際擴張，就像日本等一些亞洲大國一樣，我們可以根據日本的結果非常非常靈活。不過，大多數新服務和產品的成本不會很高。他們主要是人數。我們談論的是一些團隊，例如，你知道，數百人，而不是數千人。所以，你不會真正看到這一點，因為這是一個網路效應業務。我們的大部分流量將佔用我們現有的住宿業務和交叉銷售新產品的流量。因此，這實際上只是獲取供應的成本。

And that's not very expensive because, we found that we can do it fairly efficiently. So, most of this is very nimble. There's not going to be a lot of incremental investment that would materially change. The variability is probably like marketing, especially internationally. That's a question.

這並不是很昂貴，因為我們發現我們可以相當有效地做到這一點。所以，大部分都是非常靈活的。不會有大量增量投資帶來實質改變。這種變化可能就像行銷一樣，尤其是在國際上。這是一個問題。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Hey, great. Thanks for taking my question. Just going back to the urban opportunity and potentially putting more hotels on your platform. Can you just talk about philosophically. How the company balances putting more supply that you might consider more commoditized and that can be cross-listed but that might convert at a higher rate? Thank you.

嘿，太棒了。感謝您提出我的問題。只是回到城市機會，並可能在您的平台上放置更多酒店。能不能從哲學角度談談。公司如何平衡提供更多的供應，您可能認為這些供應更加商品化，並且可以交叉上市，但可能會以更高的價格轉換？謝謝。

Hey, Jed. So, essentially, I think people come to Airbnb because they want to get something unique. That's what customers think of Airbnb. That's why we're a noun and a verb. We're the only brands in the world, like Kleenex or [Xerox], that's a noun and a verb. And it means, it's something that didn't really exist before we created this category at a wide scale.

嘿，傑德。所以，從本質上講，我認為人們來到 Airbnb 是因為他們想要得到一些獨特的東西。這就是顧客對 Airbnb 的看法。這就是為什麼我們是名詞和動詞。我們是世界上唯一的品牌，就像面紙或[施樂]一樣，這是一個名詞和一個動詞。這意味著，在我們大規模創建此類別之前，這種東西並不真正存在。

That being said, for everyone who books an Airbnb, about nine people book a hotel. And so, if we can get just one of those guests to book on Airbnb that's currently booking on a hotel platform, we would go from nearly half a billion nights a year to a billion nights a year.

話雖這麼說，對於每個預訂 Airbnb 的人來說，大約有 9 人預訂了飯店。因此，如果我們能讓目前在飯店平台上預訂的 Airbnb 房客中的一位預訂，我們的住宿體驗將從每年近 5 億個夜晚增加到每年 10 億個夜晚。

And there's two ways to do that. One is to increase reliability of homes in Airbnb because, the number one reason people tell us they book hotels is they're typically more reliable. They know what they're going to get, they have a front desk. The other is adding hotels in Airbnb. And we're not philosophically misaligned with adding hotels. If we were, we would never have bought HotelTonight before the pandemic. We just haven't prioritized hotels.

有兩種方法可以做到這一點。一是提高 Airbnb 上房屋的可靠性，因為人們告訴我們他們預訂飯店的首要原因是它們通常更可靠。他們知道他們會得到什麼，他們有一個前台。另一個是在 Airbnb 上新增飯店。我們在哲學上與增加酒店並沒有不一致。如果是的話，我們就不會在大流行之前購買 HotelTonight。我們只是沒有優先考慮酒店。

We think of hotels as filling in network gaps, during high occupancy nights. We generally think our travelers, if there's an incredible home at a low price, they're always, always going to choose that. But when occupancy goes up, they are going to go toward hotels. There are also some use cases where hotels are better and Airbnbs are better.

我們認為飯店可以在入住率較高的夜晚填補網路空白。我們通常認為，如果有一個價格低廉、令人難以置信的房屋，我們的旅行者總是會選擇它。但當入住率上升時，他們就會轉向飯店。還有一些用例顯示飯店更好，Airbnb 更好。

If you need to stay for one night, you're traveling alone, you're a business traveler, and you plug in, you plug out, a hotel's better. If you're traveling with a group, you're traveling for more than three nights, and you're traveling in a non-urban area, Airbnb is better.

如果您需要住一晚，您是一個人旅行，您是一名商務旅行者，而且您需要插上電源，然後拔掉電源，那麼酒店會更好。如果您跟團旅行，旅行時間超過三晚，並且在非城市地區旅行，那麼 Airbnb 會更好。

And then, if you're doing something in between, then you're going to have choices. So, we do think between filling in the network gaps and getting more of those one-night business travel stays, there is an opportunity to offer hotels and Airbnb.

然後，如果你要做介於兩者之間的事情，那麼你就會有選擇。因此，我們確實認為，在填補網路空白和獲得更多一晚商務旅行住宿之間，有機會提供飯店和 Airbnb。

And we have a lot of hotels. We have, you know, hundreds of thousands of, boutique hotels and, non-home inventory on Airbnb, and we're going to continue to expand that over the coming years to come. And so, there's no philosophical misalignment to add commodity inventory.

而且我們有很多酒店。你知道，我們在 Airbnb 上擁有數十萬家精品旅館和非住宅庫存，我們將在未來幾年繼續擴大這一規模。因此，增加商品庫存並不存在哲學上的偏差。

The philosophical misalignment would be if that becomes the majority of our marketplace and people, consumers stop thinking of Airbnb as unique and local. If they start thinking about us and the change of the brand, then that would be a philosophical misalignment, but I don't see that happening anytime soon.

哲學上的錯位是，如果這成為我們市場和人們的大多數，消費者將不再認為 Airbnb 是獨特的、在地化的。如果他們開始考慮我們和品牌的變化，那麼這將是一種哲學上的錯位，但我認為這種情況不會很快發生。

Mark Mahaney, Evercore ISI.

馬克·馬哈尼，Evercore ISI。

I just wanted to ask a question about Paris, and the learnings you've had from this. I assume this is the biggest event for Airbnb and -- a massive popular event in, you know, largest city. So, just -- if that's true, and I think that is, just step back and talk about the learnings of being able to make sure you had enough supply, working with, local regulators and agencies.

我只是想問一個關於巴黎的問題，以及你從中學到的東西。我認為這是 Airbnb 最大的活動，也是在最大的城市舉辦的盛大、受歡迎的活動。所以，如果這是真的，我認為是這樣，請退後一步，談談能夠確保擁有足夠供應、與當地監管機構和機構合作的經驗教訓。

And in terms of getting messages out to -- opportunities out to guests as well. Like this big event that you've pulled off, just talk about the lessons you've been able to draw from that, that'll, you know, help you set you up better for the next FIFA World Cup and the next World Cup, next Olympics, et cetera.

在向客人傳達訊息方面，也有機會。就像您成功舉辦的這一重大賽事一樣，只需談談您從中吸取的教訓，您知道，這將幫助您為下一屆國際足總世界盃和下一屆世界盃做好更好的準備、下一屆奧運等等。

That's a great question, Mark. I'm really glad you asked this. You know, I just want to like take us back down memory lane, because in 2007, Airbnb provided housing for a design conference. Then in 2008, we provided housing for the Democratic National Convention. Then, in 2009, we provided housing for the inauguration. Our first three moments when we started Airbnb was provided housing for events.

這是一個很好的問題，馬克。我真的很高興你問這個問題。你知道，我只是想帶我們回到記憶中，因為 2007 年，Airbnb 為一次設計會議提供了住宿。然後在 2008 年，我們為民主黨全國代表大會提供了住房。然後，在 2009 年，我們為就職典禮提供了住房。我們創立 Airbnb 的前三個時刻是為活動提供住房。

In fact, our original premise of our business was a housing for events. It wasn't meant to be ever offered for anything other than events and conferences. And the reason why is because conferences and events, especially things like the Olympics and World Cup, are unbelievable use cases for Airbnb. And the reason why is I think obvious to everyone.

事實上，我們最初的業務前提是舉辦活動的場所。除了活動和會議之外，它不打算用於任何其他用途。原因是會議和活動，尤其是奧運和世界盃等活動，對於 Airbnb 來說是令人難以置信的用例。我認為原因對每個人來說都是顯而易見的。

Events typically like to host more guests than they have hotel rooms available for. And people -- most people on the, most regular people aren't looking to become Airbnb hosts and make a long-term commitment to host every week. But a lot of people for events coming to town is willing to host one week and make $1,000 or $2,000. And so, what we did is we focused a year ago on Paris. And in the last year, we increased our supply in Paris by 37%. We now have nearly 150,000 homes in Paris.

活動通常希望接待的客人多於可容納的飯店房間。而人們——大多數人，大多數普通人並不希望成為 Airbnb 房東，也不會長期承諾每週出租。但許多來鎮上參加活動的人願意舉辦一周並賺取 1,000 或 2,000 美元。因此，我們一年前所做的就是把重點放在巴黎。去年，我們在巴黎的供應量增加了 37%。我們現在在巴黎擁有近 15 萬套住宅。

We have 430,000 guests day in Paris so far and counting. And that number could continue to climb. So, that's the equivalent of five Olympic stadiums. I want you to imagine five Olympic stadiums worth of guest staying in an Airbnb.

迄今為止，巴黎每天有 43 萬名客人，而且這一數字還在增加。而且這個數字可能會持續攀升。所以，這相當於五個奧林匹克體育場。我想讓你想像一下，有五個奧林匹克體育場的房客入住 Airbnb。

The fact is that the Olympics as we know it could not ever happen again without Airbnb because those 400,000 people could not have stayed in a hotel room. And so, to do that, what we did is we worked in the city of Paris. I was in Paris 10 days ago. I met with President Macron. I met with his one with his economic team. And we talked about how important Airbnb was to the Olympics happening. And we had a lot of cooperation. We were a title sponsor in Olympics and we targeted this event of Paris.

事實上，如果沒有 Airbnb，奧運就不可能再舉辦，因為這 40 萬人不可能住在飯店房間裡。因此，為了做到這一點，我們所做的就是在巴黎市工作。十天前我在巴黎。我會見了馬克宏總統。我會見了他的經濟團隊成員。我們也討論了 Airbnb 對奧運的舉辦有多麼重要。我們進行了很多合作。我們是奧運的冠名贊助商，我們的目標是巴黎的這項賽事。

We did a lot of local campaigns. And so, it was so successful that we are now looking at the top thousand events in the world, really large ones like the World Cup and Olympics, but also like, looking at where Taylor Swift is going on concert, we are looking at different conferences, different like we provide housing for the Berkshire Hathaway conference in Omaha. And we worked with Warren Buffett, and he got the word out over a decade ago. So, conferences, festivals, events, Coachella, you go down the list.

我們做了很多當地的活動。因此，它是如此成功，以至於我們現在正在關注世界上最熱門的一千項活動，像世界杯和奧運會這樣的大型活動，而且就像看看泰勒·斯威夫特在哪裡舉辦音樂會，我們正在關注不同的活動會議，不同之處在於我們為奧馬哈的伯克希爾哈撒韋會議提供住宿。我們與沃倫·巴菲特合作，他在十多年前就宣布了這一消息。所以，會議、節慶、活動、科切拉音樂節，你都可以列在清單上。

I think this is the best strategy we have to recruit supply. And the supply recruit for an event is not property managers. They're individuals who coast occasionally that come only to Airbnb. And cities actually like when Airbnb provides housing for events because we solve a problem for them. So, I'm glad you asked the question. The answer is it worked wildly successful, better than we ever imagined. We're working on Milan for 2026. We're looking at LA Olympics for 2028.

我認為這是我們招募供應的最佳策略。活動的供應人員並不是物業經理。他們只是偶爾會來 Airbnb 的人。事實上，城市喜歡 Airbnb 為活動提供住宿，因為我們為他們解決了問題。所以，我很高興你提出這個問題。答案是它非常成功，比我們想像的還要好。我們正在籌備 2026 年米蘭奧運會。

But we're also building a strategy for the top thousand events in the world. And I think this is a strategy that only Airbnb can do because we basically increase excess capacity in cities all over the world, allowing them to temporary swell. And it's really alignment of incentives. So, it's been very successful, and we continue -- we plan to expand the playbook.

但我們也在為世界上千場頂級賽事制定策略。我認為這是只有 Airbnb 可以做到的策略，因為我們基本上增加了世界各地城市的過剩產能，讓它們暫時膨脹。這確實是激勵措施的協調。所以，它非常成功，我們將繼續計劃擴展該方案。

Stephen Ju, UBS.

史蒂芬居，瑞銀集團。

Okay, Great. Thank you so much. So, Brian, I want to ask on Airbnb Rooms, I would have thought that given its more nascent state and the economic backdrop that this should probably be the product that should be growing the fastest. So, is there anything that you can call out in terms of product fit or awareness? I think I heard you call out maybe supply shortages earlier. But, any factors that might be weighing on a growth rate here a little bit? Thanks.

好的，太好了。太感謝了。所以，Brian，我想問 Airbnb Rooms，我認為考慮到它的新生狀態和經濟背景，這可能應該是成長最快的產品。那麼，在產品契合度或知名度方面有什麼可以指出的嗎？我想我早些時候聽到你說可能是供應短缺。但是，有哪些因素可能會稍微影響成長率呢？謝謝。

Yeah, the reality is the biggest issue with Airbnb Rooms is it's just a small percent of our business. It's a very small percentage. So, even if it -- even no matter how fast it grows, it's often very small base. It's how Airbnb started by providing a room and a house. It's very affordable. It's very popular for Gen Z. But it is often very small base. And so, you're not going to see a major change to the growth rate of the company based on that.

是的，現實是 Airbnb Rooms 最大的問題是它只占我們業務的一小部分。這是一個非常小的百分比。因此，即使它增長得有多快，它的基數通常也很小。 Airbnb 就是這樣從提供房間和房子開始的。這是非常實惠的。它很受 Z 世代歡迎。因此，你不會看到公司成長率有重大變化。

I think the thing. But maybe just broadly zooming out though. Two points I'll make. The first point is Airbnb is one of the most diverse businesses in the world. We have bedrooms and homes up to tens of thousands of dollar a night luxury bill of Airbnb. We allow you to travel by yourself or with large groups of up to 15 people. We're in every country nearly in the world, every continent in the world, including at one point Antarctica. And so, we're a very -- we're in urban areas, we're in vacation rental destinations. We're off the beaten path. So, our general philosophy is to have something for everyone, to have the most diverse array of inventory in the world.

我認為事情。但也許只是大致縮小。我要說兩點。第一點是，Airbnb 是世界上最多元化的企業之一。我們的臥室和房屋在 Airbnb 上每晚的豪華帳單高達數萬美元。我們允許您獨自旅行或與最多 15 人的大型團體一起旅行。我們幾乎遍佈世界上每一個國家、世界上每一個大陸，甚至包括南極洲。因此，我們在城市地區，在度假租賃目的地。我們走出了人跡罕至的道路。因此，我們的整體理念是為每個人提供一些東西，擁有世界上最多樣化的庫存。

The other point I'll just make is an area down the road that would really help Airbnb room is continuing to invest in our system of trust. The biggest obstacle to people staying in a room is just the discomfort with staying in a house of a stranger they don't know. One of our core inventions was the system of trust. And as more -- we invest more in the system of trust, I think we're going to lock more of these businesses where strangers are living together. So, I do think it's still a big long-term opportunity for us, but it's off of a smaller base, and, it's never going to be as big as entire homes and everything.

我要說的另一點是，未來一個對 Airbnb room 真正有幫助的領域是繼續投資我們的信任系統。人們住在一個房間裡的最大障礙就是住在一個他們不認識的陌生人的房子裡感到不舒服。我們的核心發明之一是信任系統。隨著我們在信任系統上投入更多，我認為我們將把更多的這類企業鎖定在陌生人共同居住的地方。所以，我確實認為這對我們來說仍然是一個巨大的長期機會，但它的基礎較小，而且它永遠不會像整個房屋和所有東西一樣大。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

Great. Thanks. Maybe one on nights and one on pricing. So, Ellie, you're talking about putting more investments into place in the second half of this year as a means of accelerating growth. Can you help us better understand sort of the payback periods that you tend to expect on these dollars and over what timeframe you may assess the ROI on these investments in terms of accelerating total company growth rates.

偉大的。謝謝。也許一個是關於夜晚的，另一個是關於價格的。艾莉，您正在談論在今年下半年投入更多投資，作為加速成長的手段。您能否幫助我們更了解您對這些美元的預期投資回收期，以及您可以在加速公司整體成長率方面評估這些投資的投資報酬率的時間範圍。

And then, maybe one on ADRs. You guys are highlighting sort of some building demand pressures in North America while silently pointing toward people trading up to whole homes and persistent ADR growth for your entire business. Again, despite weaker growth in your highest ADR region in North America.

然後，也許是關於 ADR 的。你們在強調北美正在形成的一些需求壓力，同時默默地指出人們會購買整套房子以及你們整個業務的平均每日房價持續增長。同樣，儘管北美 ADR 最高地區的成長較弱。

I guess when we think about, the sustainability of ADR growth beyond the 3Q as you mix away from North America and, perhaps, see the overall travel demand environment continue to soften. How do you think about your ability to continue to grow ADRs through that kind of scenario? Thanks so much.

我想，當我們考慮到第三季之後 ADR 成長的可持續性時，如果你遠離北美，也許會看到整體旅行需求環境繼續疲軟。您如何看待在這種情況下繼續增加 ADR 的能力？非常感謝。

Yeah. So first let me talk about marketing paybacks. I would say the way we view marketing paybacks is very different based on the channel of investment. From a performance marketing standpoint. Obviously, the ROI is very specific and relatively short term. We think about that in terms of weeks and months, not quarters.

是的。首先讓我談談行銷回報。我想說的是，根據投資管道的不同，我們看待行銷回報的方式也有很大不同。從效果行銷的角度來看。顯然，投資報酬率非常具體且相對短期。我們以周和月為單位來考慮，而不是以季度為單位。

In terms of brands, we think about that over a longer time horizon. If you think about any particular brand campaign, it needs to be, in market for quite some time. It needs to be sustained for you, not only to see the benefit, but also sustain the benefit and convert it into actual transactions. So, I think about that more from the, six months to a year payback period and requires, I would say, a consistent level of investment.

就品牌而言，我們會從更長遠的角度來思考。如果你考慮任何特定的品牌活動，它需要在市場上待相當長的時間。它需要為你持續下去，不僅要看到效益，還要維持這個效益，並將其轉化為實際的交易。因此，我更多地考慮六個月到一年的投資回收期，並且需要，我想說，持續的投資水平。

And then, as a third factor, something that I mentioned in terms of an area of investment that is not programmatic, we do need to, at the margin, build some of our teams that are driving this growth. And so, that will be, you know, in a gradual investment modestly above the headcount growth that we've been targeting over the last couple of years. But we think it will have, you know, long payback, I should say high payback in terms of driving acceleration across a variety of initiatives.

然後，作為第三個因素，我在非程序化投資領域中提到過，我們確實需要在邊際上建立一些推動這種成長的團隊。因此，您知道，這將是一項逐步投資，略高於我們過去幾年的目標員工人數成長。但我們認為，你知道，它將帶來長期的回報，我應該說，在推動各種舉措加速方面，回報很高。

In terms of pricing, I think there's one question about what is happening at a geo level. I think there's a broader question in terms of the aggregate or global ADRs. To your question in terms of if (technical difficulty) is softer than other regions, what happens to global ADR, obviously, mix shift is a huge component in terms of the global ADRs that we report.

就定價而言，我認為存在一個關於地理層面上正在發生的事情的問題。我認為在總體或全球 ADR 方面存在一個更廣泛的問題。對於你提出的問題（技術難度）是否比其他地區更軟，全球 ADR 會發生什麼，顯然，混合轉變是我們報告的全球 ADR 的一個重要組成部分。

One factor in terms of the Q3 guide is, the shift a little bit away from North America, which as you highlight, does have the highest ADRs. Over time, we would anticipate that as regions like Latin America and APAC become larger portions of our overall business, the global ADR would come down.

第三季指南的一個因素是，偏離北美一點點，正如您所強調的，北美的 ADR 確實最高。隨著時間的推移，我們預計，隨著拉丁美洲和亞太地區等地區在我們整體業務中所佔的比例越來越大，全球 ADR 將會下降。

But those incremental nights are all accretive and the economics behind them still are very strong. So, I would say, at a global basis, we're somewhat agnostic because we can deliver strong economics across a wide range in ADRs.

但這些增加的夜晚都是增值的，而且背後的經濟效益仍然非常強勁。因此，我想說，在全球範圍內，我們有些不可知論，因為我們可以在 ADR 的廣泛範圍內提供強勁的經濟效益。

And ladies and gentlemen, that will conclude our question and answer session. I will now turn the conference back over to Brian Chesky for closing remarks.

女士們、先生們，我們的問答環節到此結束。現在我將把會議轉回由布萊恩·切斯基（Brian Chesky）發表閉幕詞。

Well, thanks for joining us today. Just to recap, revenue was $2.7 billion, 11% higher than a year ago. Adjusted EBITDA was our Q2 record in our trailing 12 month free cash flow of $4.3 billion. It's our highest yet representing a free cash flow margin of 41% that we've made significant progress over the past few weeks, but there's more to come. In October, we're going to share a set of features and upgrades as part of our 2024 winter release. This includes expanding host co-hosting setting the stage for host provided services in much more. So I'm proud of what we've accomplished in Q2, and I look forward to sharing more with you next quarter. Thanks for joining.

好的，感謝您今天加入我們。回顧一下，營收為 27 億美元，比去年同期成長 11%。調整後 EBITDA 是我們第二季過去 12 個月自由現金流的最高紀錄，達 43 億美元。這是我們迄今為止最高的自由現金流利潤率，達到 41%，我們在過去幾週取得了重大進展，但未來還會有更多進步。 10 月，我們將分享一組功能和升級，作為 2024 年冬季版本的一部分。這包括擴大主機共同託管，為主機提供更多服務奠定基礎。因此，我對我們在第二季度所取得的成就感到自豪，我期待下個季度與您分享更多資訊。感謝您的加入。

And ladies and gentlemen, that concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。您現在可以斷開連線。

Yes.

是的。