Airbnb Inc (ABNB) 2024 Q3 法說會逐字稿

Good afternoon and thank you for joining Airbnb's earnings conference call for the third 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. I will now hand it over to Angela Yang, Director of Investor Relations. Please go ahead.

下午好，感謝您參加 Airbnb 2024 年第三季財報電話會議。我現在將其交給投資者關係總監楊安吉拉 (Angela Yang)。請繼續。

Good afternoon, and welcome to Airbnb's third 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 年第三季財報電話會議。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 third quarter of 2024. These items were also posted on the Investor Relations section of ABB'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 年第三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 our forward-looking statements in our shareholder letter and in our most recent filings with the Securities and Exchange Commission.

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聲明中進行了描述。

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.

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'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'll 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 third quarter. Nights and experiences booked accelerated throughout Q3 and into Q4. Despite a slower start to the quarter due to shorter booking lead times compared to last year, bookings grew steadily each month return to double-digit growth by the end of Q3.

好的。大家下午好，感謝您的加入。 Airbnb 第三季表現強勁。從第三季到第四季度，預訂的住宿天數和體驗數量都在加速成長。儘管由於預訂提前期較去年縮短，本季開局較慢，但每月預訂量穩定成長，到第三季末恢復兩位數成長。

We had 123 million nights and experience booked. Revenue grew 10% year over year to $3.7 billion. Net income was $1.4 billion, representing a net income margin of 37%. And we generated $1.1 billion of free cash flow. In fact, our total trailing 12-month free cash flow was $4.1 billion, which allowed us to repurchase $1.1 billion for shares in the quarter.

我們預訂了 1.23 億晚和體驗。營收年增 10%，達到 37 億美元。淨利潤為 14 億美元，淨利潤率為 37%。我們產生了 11 億美元的自由現金流。事實上，我們過去 12 個月的自由現金流總額為 41 億美元，這使我們能夠在本季回購 11 億美元的股票。

And as of the end of Q3, we had $4.2 billion remaining on our repurchase authorization. Now during Q3, we continue to make progress across our three strategic initiatives, which are making hosting mainstream, perfecting our core service and expanding beyond the core. Now I'm going to share a few highlights about each. First, we're missing hosting mainstream. We are focused on making hosting just as popular as traveling on Airbnb.

截至第三季末，我們的回購授權剩餘 42 億美元。現在，在第三季度，我們繼續在三項策略舉措方面取得進展，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。現在我將分享每個方面的一些亮點。首先，我們缺少託管主流服務。我們致力於讓出租和愛彼迎旅行一樣受歡迎。

Today, we have over 8 million active listings, with growth across all regions and market types. To retain and track new hosts, we prioritize making hosting easier. Last month, as part of our 2024 winter release, we introduced co-host network, an easy way to find the best local host to manage your Airbnb. Co-host are some of our most experienced host. They provide personalized support ranging from listing setup to managing bookings and communicating with guests.

如今，我們擁有超過 800 萬個活躍列表，並且在所有地區和市場類型中都在成長。為了保留和追蹤新的主機，我們優先考慮讓託管變得更容易。上個月，作為 2024 年冬季版本的一部分，我們推出了聯合房東網絡，這是一種輕鬆找到最佳當地房東來管理您的 Airbnb 的方法。共同主持人是我們最有經驗的主持人。他們提供個人化支持，從清單設定到管理預訂以及與客人溝通。

Second, we're perfecting our core service. Over the past three years, we've launched more than 535 new features and upgrades to make Airbnb a better server. Our 2024 winter release included over 50 upgrades for guests that make Airbnb a more intuitive and personalized app. This includes features like recommended destination, suggested search filters and personalized listing highlights. We're also focused on 1 of the top issues for guests, listing quality.

其次，我們正在完善我們的核心服務。過去三年，我們推出了超過 535 項新功能和升級，使 Airbnb 成為更好的伺服器。我們的 2024 年冬季版本包括 50 多項針對房客的升級，使 Airbnb 成為更直覺和個性化的應用程式。這包括推薦目的地、建議搜尋過濾器和個人化清單亮點等功能。我們也關注房客最關心的問題之一：房源品質。

Since last year, we've removed over 300,000 listings that fail to meet guest expectations and we'll continue to invest in improving the quality of guest days. Finally, we're expanding beyond our core. Outside of our core market, there are many countries and regions that remain underpenetrated, and we're focused on these expansion markets as part of a global market strategy, and we're seeing great results.

自去年以來，我們已刪除了超過 30 萬個未能滿足賓客期望的房源，我們將繼續投資於提高賓客日的品質。最後，我們正在超越我們的核心。在我們的核心市場之外，還有許多國家和地區的滲透率仍然較低，我們將重點放在這些擴張市場上，作為全球市場策略的一部分，並且我們看到了很好的成果。

In Q3, the growth rate of nights booked in our expansion markets more than double that of our core markets. Now in addition to driving growth in our expansion markets, we're also preparing for Airbnb's next chapter, which will take us beyond accommodations, and you'll see more about this next year.

第三季度，我們的擴張市場的預訂天數成長率是核心市場的兩倍以上。現在，除了推動我們擴張市場的成長之外，我們還在為 Airbnb 的下一章做準備，這將使我們超越住宿領域，明年您將看到更多相關內容。

We also saw a number of positive business highlights in Q3. First, guest demand accelerated throughout the quarter. As I mentioned earlier, after a slower start in July, bookings accelerated each month in Q3. Global lead times also normalized throughout the quarter. Now part of this growth has been driven by our app strategy.

第三季我們也看到了許多正面的業務亮點。首先，整個季度賓客需求加速。正如我之前提到的，繼 7 月開局較慢之後，第三季的預訂量每個月都在加速。全球交貨時間在整個季度也正常化。現在，這種成長的部分原因是我們的應用程式策略所推動的。

Nights booked on our app increased 18% year-over-year in Q3. As bookings now account for 58% of nights booked. Now this is up from 53% in the same period last year. And we also saw continued growth of first-time bookers, which is the highest -- with the highest growth among young travels. This is quite exciting.

第三季度，透過我們的應用程式預訂的房晚數年增 18%。目前預訂量佔預訂夜數的 58%。現在這個比例比去年同期的53%有所上升。我們還看到首次預訂者的持續增長，這是最高的——在年輕旅行中增長最快。這是相當令人興奮的。

And I'm really excited to share that we recently surpassed 2 billion guest arrivals on Airbnb. Second, our market strategy -- our global market strategy is working. We continue to drive growth by investing in underpenetrated markets.

我非常高興地告訴大家，最近 Airbnb 的入住人數已超過 20 億。第二，我們的市場策略—我們的全球市場策略正在發揮作用。我們繼續透過投資滲透不足的市場來推動成長。

While our timing and investment level will vary by market, our strategy is consistent, to make Airbnb local and relevant in more places around the world. Now in each market, we focus on finding product market fit, increasing brand awareness and driving traffic.

雖然我們的時機和投資水平會因市場而異，但我們的策略是一致的，那就是讓 Airbnb 本土化並在全球更多地方發揮作用。現在，在每個市場，我們都專注於尋找適合市場的產品、提高品牌知名度和增加流量。

And I want to just use one country as an example, which is Japan. Airbnb is still pretty new in Japan, and it's pretty unfamiliar to most Japanese travelers. So to raise awareness, we launched a brand campaign last month that is centered on domestic travel.

我只想以一個國家為例，那就是日本。 Airbnb 在日本還是個新鮮事，對大多數日本旅客來說還很陌生。因此，為了提高知名度，我們上個月發起了一項以國內旅行為中心的品牌活動。

Beyond Japan, though, we are also introducing more local payment options in countries around the world, like Vietnam, Denmark and Poland. And in fact, by spring of next year, we expect to offer nearly 40 local payment methods around the world.

不過，除了日本之外，我們也在越南、丹麥和波蘭等世界各國推出更多本地支付選項。事實上，到明年春天，我們預計將在全球範圍內提供近 40 種本地支付方式。

Now finally, supply quality is improving on Airbnb. We are focused on removing low-quality supply as well as make it easier for guests to find the best places to stay. I shared that we have moved over 300,000 listings last year, and we're seeing -- we're already seeing this pay off.

現在，Airbnb 的供應品質終於有所改善。我們致力於消除低品質的供應，並讓客人更容易找到最好的住宿地點。我分享說，去年我們已經轉移了超過 30 萬個房源，而且我們已經看到了這種回報。

Customer service contact rates have decreased, guest MPS has improved, and we're also reducing host cancellations, which are now almost 30% lower than a year ago. And we've made it so much easier for guests to find the best place to stay with Guest Favorites.

客戶服務聯繫率有所下降，房客 MPS 有所改善，而且我們還減少了房東的取消預訂，現在比一年前減少了近 30%。我們也透過「賓客最愛」讓賓客更輕鬆地找到最佳住宿地點。

In fact, since launching Guest Favorites a year ago, last November, over 200 million nights have been booked at Guest Favorite listings. All right. Next, I want to share briefly some highlights from our 2024 winter release, which was last month on October 16. Starting with the co-host network. We know that hosting Airbnb is one of the best ways to make money for your home, but not everyone has the time to host.

事實上，自一年前（即去年 11 月）推出「賓客最愛」以來，「賓客最愛」房源已預訂超過 2 億晚。好的。接下來，我想簡單分享我們 2024 年冬季版本（上個月 10 月 16 日）的一些亮點。我們知道出租 Airbnb 是為您的房屋賺錢的最佳方式之一，但並不是每個人都有時間出租。

So that's why we introduced co-host network, an easy way for people to find the best to find and hire the best local chose to manage their Airbnb. Co-host offer personalized support for host need, everything from setting up your listing, to manage your bookings and communicating with guests.

這就是我們推出聯合房東網絡的原因，這是一種簡單的方法，可以讓人們找到最好的人選，並聘請最好的本地人來管理他們的 Airbnb。共同房東為房東的需求提供個人化支持，從設定房源到管理預訂以及與房客溝通，無所不包。

These are super experienced cost with an exceptional track record, 73% are super hosts and 84% manage a Guest Favorite. Now when we announced this on October 16, we launched the co-host network with 10,000 cohorts across 10 countries. And in the three weeks since we launched, we've already received interest from over 20,000 potential new co-hosts.

這些都是經驗豐富、業績記錄優秀的房東，73% 是超級房東，84% 是最受賓客喜愛的房東。現在，當我們在 10 月 16 日宣布這一消息時，我們推出了擁有 10 個國家/地區 10,000 名群組的聯合主辦網絡。自推出以來的三週內，我們已經收到了超過 20,000 名潛在新聯合主持人的興趣。

This is huge. This is way bigger than we were expecting. But we making co-hosting easier, we really believe that co-host network will allow us to unlock even more high-quality supply. And we also introduced 50 upgrades for guests that make Airbnb a more intuitive and personalized app. And some of the features include a personalized welcome tour of the app for first-time guests, suggest a destination when guests tap the search bar, we'll recommend locations on their search and booking history, and for side listing highlights.

這是巨大的。這比我們預期的要大得多。但我們讓共同託管變得更加容易，我們堅信共同託管網路將使我們能夠釋放更多高品質的供應。我們還為房客推出了 50 項升級，使 Airbnb 成為更直覺和個人化的應用程式。其中一些功能包括為首次入住的客人提供個人化的應用程式歡迎之旅、當客人點擊搜尋欄時建議目的地、我們將在他們的搜尋和預訂歷史記錄中推薦位置以及側列表亮點。

So when a guest views a listing, we will highlight the details that are relevant to their search, and there are dozens of new features just like these. This is quite literally the beginning of a more personalized Airbnb.

因此，當客人查看列表時，我們將突出顯示與他們的搜尋相關的詳細信息，並且有許多類似的新功能。這其實是更個人化的 Airbnb 的開始。

Now turning to Q4. Last quarter, we talked about shorter booking lead times. But as I shared, nights and experiences booked accelerated throughout the quarter, returning to double-digit growth by the end of Q3. While we know the comps from last year will get harder in the back of the quarter, we are anticipating that nights booked will accelerate in Q4 relative to Q3.

現在轉向第四季。上個季度，我們討論了縮短預訂提前期的問題。但正如我所分享的那樣，整個季度的預訂天數和體驗數量加速增長，到第三季末恢復到兩位數增長。雖然我們知道去年的比較在本季末會變得更加困難，但我們預計第四季的預訂天數將比第三季增加。

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) Richard Clarke, Bernstein.

（操作員說明）理查德·克拉克，伯恩斯坦。

Just a question on supply. It looks like you've stopped sort of giving us the year-on-year supply growth, I guess, because of the removal. So just any color on what's happening to maybe grow supply growth, and whether the removals you're doing and the additions you're doing is seeing any meaningful shift towards professional hosts as you go through that process or co-listed supply?

只是供應問題。我想，由於移除，您似乎已經停止向我們提供同比供應增長。那麼，關於可能會增加供應量增長的事情的任何顏色，以及您正在做的移除和添加是否會在您經歷該過程或聯合上市供應時看到向專業主機的任何有意義的轉變？

And then maybe any color on whether this co-hosting is unlocking supply here. You talked about adding co-host, but are you getting additional supply due to the co-hosting initiative?

也許還有關於這次聯合主辦是否會釋放這裡供應的任何顏色。您談到了增加聯合主辦，但是由於聯合主辦計劃，您是否獲得了額外的供應？

Yeah. Thanks, Richard. Let me talk a little bit about what we've seen on supply. As you probably noted, our initiatives around supply have really morphed over the last 12 months. We continue to focus on growing our overall supply base, but we incrementally are focused on making sure that we are delivering very high-quality levels of supply across the world to our guests.

是的。謝謝，理查。讓我談談我們在供應方面看到的情況。正如您可能注意到的，我們圍繞供應的舉措在過去 12 個月中確實發生了變化。我們繼續專注於擴大我們的整體供應基礎，但我們逐漸專注於確保我們在世界各地為我們的客人提供非常高品質的供應水平。

And the two important features that we've done to drive quality are, obviously, introduction of guest favorites a year ago. And then second, the removals that you called out over the last 12 months. And the interesting thing is we've seen what we've hoped to have seen from these quality initiatives.

顯然，我們為提高品質所做的兩個重要功能是一年前推出客人最愛的產品。其次，是您在過去 12 個月中呼籲的裁員情況。有趣的是，我們已經看到了我們希望從這些品質舉措中看到的東西。

In particular, what we see is that based on encouraging our guests to use guest favorites and taking down those listings that we believe do not meet our quality expectations or those of our guests. What we see is that the average rating of our sales goes up, the incident rates go down and customer service contacts go down as well. So we're seeing the intended impact of those quality efforts, which we mean -- which we believe, one, improves the guest experience.

特別是，我們看到的是，基於鼓勵我們的客人使用客人最喜歡的，並刪除那些我們認為不符合我們或客人的品質期望的清單。我們看到的是，我們的銷售平均評分上升，事故發生率下降，客戶服務聯繫也減少。因此，我們看到了這些品質努力的預期影響，我們的意思是——我們相信，第一，可以改善賓客體驗。

Second, allows for improvements of rebooking rates over time. And third, more broadly increases booking confidence around Airbnb. So the specific question in terms of what has happened to supply growth, it continues to be strong. And in Q3, we continue to see supply growth exceed demand by a couple of points.

其次，隨著時間的推移，可以提高重新預訂率。第三，更廣泛地提高 Airbnb 的預訂信心。因此，關於供應成長發生了什麼具體問題，它仍然強勁。在第三季度，我們繼續看到供應成長超過需求幾個百分點。

So it continues to be very healthy. But again, the focus more recently has been on incrementally raising the quality bar on Airbnb, not just adding more supply to the platform. Brian, do you want to talk about co-host or would you like me to take that as well?

所以它仍然非常健康。但同樣，最近的焦點是逐步提高 Airbnb 的品質標準，而不僅僅是增加平台的供應量。布萊恩，你想談談共同主持人還是希望我也來談？

Yeah. I can take that. Well, Richard, this is a great question. Airbnb, I think we're just scratching the surface of how big this company could become. And the growth rate of demand is going to fall probably in line with the growth rate of supply.

是的。我可以接受。嗯，理查德，這是一個很好的問題。 Airbnb，我認為我們只是觸及了這家公司能發展到多大的表面。需求成長率可能會隨著供給成長率的下降而下降。

And so one of the questions we had was, well, how do we get millions more listings in Airbnb? And how do we not just get millions of property managed listing? How do we get millions of regular everyday people to put their homes in Airbnb? Well, we're doing obviously a lot of research, and we've asked people, and we learned two things. The first thing we learned is that people are very interested in making extra money in the home they already have.

因此，我們面臨的問題之一是，我們如何在 Airbnb 上獲得數百萬的房源？我們如何才能不只是獲得數以百萬計的物業管理清單？我們如何讓數以百萬計的普通人把自己的家放在 Airbnb 上？嗯，我們顯然做了很多研究，我們詢問了人們，我們學到了兩件事。我們了解到的第一件事是，人們對在現有的房屋中賺取額外的錢非常感興趣。

It makes sense. They pay for this asset. They can make tens of thousand dollars a year. Why wouldn't you want to put it on Airbnb? But the second thing we learned was that the number and reason people don't host is because a lot of people say they don't have the time.

這是有道理的。他們為這項資產付費。他們每年可以賺數萬美元。為什麼不想把它放在 Airbnb 上？但我們了解到的第二件事是，人們不接待的人數和原因是因為很多人說他們沒有時間。

And so that's why we asked ourselves. So what if we could match people with home that don't have time with people have extra time, but don't have home. The venn diagram would potentially unlock millions more listings. And the best part of all was this would be an alternative to some of the third-party property management companies if you want to have one of the best host in Airbnb.

這就是我們問自己的原因。那麼，如果我們能夠將沒有時間的有家的人與有額外時間但沒有家的人配對起來又怎麼樣呢？維恩圖可能會解鎖數百萬個清單。最棒的是，如果您想擁有 Airbnb 上最好的房東之一，這將是一些第三方物業管理公司的替代方案。

And the average 5-star rating for co-host and arbing is significantly higher than the average rating of a third-party property manager. So that's what we did with the co-host network. Now we start with 10,000 co-host. We have 20,000 people that apply in the three weeks since. And this is going to be something that we're going to be focusing on in the coming years to come.

共同主持人和套利者的平均 5 星級評分明顯高於第三方物業經理的平均分數。這就是我們對共同主辦網路所做的事情。現在我們從 10,000 名聯合主持人開始。此後三週內已有 2 萬人提出申請。這將是我們未來幾年關注的重點。

But to answer your question very directly, Richard, not only would this unlock more supply. I think in the coming years, this can unlock millions of listings, I think that they -- the vast majority of them are going to be everyday people that are going to list exclusively on Airbnb.

但理查德，非常直接地回答你的問題，這不僅會釋放更多供應。我認為在未來幾年，這可以釋放數以百萬計的房源，我認為他們中的絕大多數將是專門在 Airbnb 上房源的普通人。

Mark Mahaney, Evercore ISI.

馬克·馬哈尼，Evercore ISI。

Two questions, please. You talked about this acceleration or improvement in room nights as you kind of went through the quarter. Did that come from any particular geographic areas? We'd heard that Europe was on a market that was recovering maybe faster than others. Was that your experience as well?

請教兩個問題。當您經歷本季時，您談到了間夜數的加速或改善。它來自任何特定的地理區域嗎？我們聽說歐洲市場的復甦速度可能比其他地區更快。這也是你的經驗嗎？

And then just back on the co-hosting experience, you've had this out in a series of markets for a while. How long do we see materiality come through it? Like have you seen these in relatively small markets where you've rolled it out? Has it become material to the growth rate in those markets already in the 6 to 12-month period? Or does this take -- is this more of like a 12 to 24-month process?

然後回到共同主持體驗，您已經在一系列市場上進行了一段時間了。我們多久才能看到物質性透過它出現？就像您在相對較小的市場中看到這些產品一樣嗎？在 6 至 12 個月期間，它是否對這些市場的成長率產生了重大影響？或者這需要 12 到 24 個月的過程？

Thanks, Mark. Let me first answer your first question with regard to the acceleration of the business. What we shared in the letter was that if you rewind to where we were back at the time of the last earnings call, we called out that there was a bit of softness globally related to lead times.

謝謝，馬克。我先回答你關於業務加速的第一個問題。我們在信中分享的是，如果你回顧一下上次財報電話會議時的情況，我們會指出，全球範圍內與交貨時間相關的疲軟程度有所下降。

Specifically, what we shared was that we were seeing continued strength of last-minute bookings, but relative softness in terms of the longer lead times. And what we saw over the course of the quarter specific to both the regions that you call out, but globally, was that lead times over the course of July, August and September normalized, and came back almost in line to where we were in '23.

具體來說，我們分享的是，我們看到最後一刻的預訂持續強勁，但較長的交貨時間相對疲軟。我們在本季度所看到的情況是，針對您提到的兩個地區，但在全球範圍內，7 月、8 月和9 月的交貨時間已經正常化，並且幾乎與我們所處的位置一致。

I think you saw that most notably in EMEA. And I think probably some of the long lead time softness that we were seeing in EMEA was certainly related to some distraction around the Olympics because we certainly saw the bookings pick up after the Olympics passed. But more broadly, that acceleration was seen across all four major regions.

我認為您在歐洲、中東和非洲地區看到了這一點。我認為，我們在歐洲、中東和非洲地區看到的交付週期較長的疲軟肯定與奧運會相關的一些幹擾有關，因為我們確實看到奧運會結束後預訂量有所增加。但更廣泛地說，所有四個主要地區都出現了這種加速。

And then on the co-hosting, Brian gave you, I think, a broad answer in terms of the expectations there. One of the reasons that we had confidence in terms of launching the co-host network more broadly is the pilots that we've had over the last several years, in particular, in France, what we've seen is that the coho themselves are very incremental in terms of going out and attracting high-quality listings themselves.

然後，在共同主持時，我認為，布萊恩就在那裡的期望給了你一個廣泛的答案。我們對更廣泛地推出聯合主辦網絡充滿信心的原因之一是我們在過去幾年中進行的試點，特別是在法國，我們看到銀大麻本身是在走出去和吸引優質房源本身方面非常增量。

Obviously, it will take time for us to scale co-hosting to a level that is meaningful relative to the scale of our current business. But what we've seen from those pilots is extremely encouraging, and we'll continue to build out the network from here on.

顯然，我們需要時間將共同託管規模擴大到相對於我們目前業務規模有意義的水平。但我們從這些試點中看到的情況非常令人鼓舞，我們將從現在開始繼續建立網路。

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

I have two excuse me. The first one, I think the 4Q EBITDA guide sort of implies a margin somewhere in the 20s, around 27%, 28%. Is there any sort of timing factors you call out that are sort of driving the margin down at that level? And then how do we sort of think about philosophically the levels of investment and sort of the philosophy around investment and margins into next year to sort of go off this 27% number in the fourth quarter?

我有兩個，對不起。第一個，我認為第四季度 EBITDA 指南有點意味著 20 多歲的利潤率，大約 27%、28%。您指出是否存在某種時間因素導致利潤率下降到該水準？然後，我們如何從哲學角度思考明年的投資水平以及圍繞投資和利潤率的哲學，以擺脫第四季度 27% 的數字？

Yes. So Brian, talking a little bit about Q4. Obviously, the guide does imply a several points margin compression relative to last Q4. You should see that most specifically in terms of both the product development line item as well as marketing. In marketing, we continue to invest in our global expansion markets in our comm strategy around icons and then also performance marketing, where we're seeing really great efficiencies.

是的。布萊恩，談談第四季。顯然，該指南確實意味著相對於去年第四季的利潤率壓縮了幾個百分點。您應該特別在產品開發項目和行銷方面看到這一點。在行銷方面，我們繼續投資於我們的全球擴張市場，圍繞圖標進行傳播策略，然後進行績效行銷，我們看到了非常高的效率。

There's also a little bit of timing difference in terms of some spend from Q3 heading into Q4. But in aggregate, the level of incremental marketing spend on a year-over-year basis is relatively modest. Your second question is how do we think about the level of investment and philosophy around margins in '25.

從第三季到第四季的一些支出也存在一些時間差異。但整體而言，行銷支出年增率相對較小。你的第二個問題是我們如何看待 25 年的投資水準和利潤理念。

Let me give you a little bit of color in terms of our overall approach as we head into 2025. Obviously, we will give more color in the following earnings call, but let me just talk a little bit about the approach today. So if you think about how we've been managing our P&L, I think it's important, you're certainly well aware of our history, but I think it's important to reflect on how well we've managed the overall P&L since we went public.

在我們邁入 2025 年之際，讓我為您介紹一下我們的總體方法。因此，如果您考慮我們如何管理損益表，我認為這很重要，您當然很了解我們的歷史，但我認為反思自上市以來我們管理整體損益表的情況也很重要。

We've been extremely disciplined in terms of delivering over 400 basis points of EBITDA margin expansion since 2020. Going from negative margins in 2019 and 2020 to over 35%, consistent with our outlook this year. And we've demonstrated consistently over these last several years that our business model is extremely strong, it's extremely profitable and obviously has world-class levels of cash flow generation. And over the long term, I think you can expect that there is opportunity for further margin expansion.

自 2020 年以來，我們一直嚴格遵守 EBITDA 利潤率擴張超過 400 個基點的目標。在過去的幾年裡，我們不斷證明我們的商業模式非常強大，利潤非常高，並且顯然具有世界一流的現金流生成水平。從長遠來看，我認為您可以預期利潤率將有進一步擴大的機會。

But what you rewind to where we are right now, we've talked a lot about this. We see a huge incredible opportunity to invest in growth, both investing in growth in our core accommodations business as well as our new offerings.

但你回顧一下我們現在所處的位置，我們已經對此討論了很多。我們看到了投資成長的巨大機遇，既投資於我們的核心住宿業務的成長，也投資於我們的新產品。

And so as we head into 2025, we will continue to lean into our growth initiatives around core optimizations, global markets expansions and new products and services. And so then the question is, how exactly will we be managing the P&L. I'd say for the core business, our goal is every year to make the core business better and more efficient and deliver greater value for our guests and host.

因此，在邁入 2025 年之際，我們將繼續致力於圍繞核心優化、全球市場擴張以及新產品和服務的成長計劃。那麼問題是，我們將如何準確地管理損益表。我想說，對於核心業務，我們的目標是每年讓核心業務變得更好、更有效率，為我們的客人和東道主提供更大的價值。

And the way we do that is to find incremental efficiencies every year across, in particular, variable costs. and invest some of that into greater service levels on both sides of the marketplace. In addition to that, in terms of the growth investments in '25, we will be investing in our existing expansion markets as well as a handful of incremental expansion markets. and we will be launching new products with our upcoming 2025 spring release.

我們這樣做的方法是每年尋找增量效率，特別是變動成本。並將其中的一部分投資於提高市場雙方的服務水準。除此之外，就 25 年的成長投資而言，我們將投資於現有的擴張市場以及少數增量擴張市場。我們將在即將推出的 2025 年春季版本中推出新產品。

The good news about these investments is that we intend for them to be relatively capital light, consistent with our core business. But we will be adding members to our teams and spending to our marketing to support these growth levers. We'll provide greater detail on the exact level of investment and growth expectations on our next call early next year.

關於這些投資的好消息是，我們打算讓它們相對資本較少，與我們的核心業務保持一致。但我們將增加團隊成員，並投入行銷費用來支持這些成長槓桿。我們將在明年初的下一次電話會議上提供有關投資確切水平和成長預期的更多詳細資訊。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. Brian, you recently surpassed the 2 billion guest milestone. You did that next 1 billion much faster than your first 1 billion. As you look at the business today, what are you -- what investments are you ready to make to attract that next 1 billion-plus guest to Airbnb? When you look at just the types of people taking trips today what demographics do you under-index on? And how do you think some of these service releases can really bring that next wave of customers in?

偉大的。 Brian，您最近突破了 20 億賓客的里程碑。接下來的 10 億，你比前 10 億快得多。當您審視當今的業務時，您準備進行哪些投資來吸引下一批超過 10 億的客人來到 Airbnb？當您僅查看當今旅行的人群類型時，您對哪些人口統計數據進行了低估？您認為其中一些服務版本如何真正吸引下一波客戶？

Justin, it's a great question. Maybe I'll just start by stepping back. It's pretty crazy that Airbnb has been used by 2 billion guests. Because I remember when we started Airbnb, I remember telling investors, one day this company will be huge, thousands of people we use it. And I think there's been a common like pattern where we keep saying it's going to be big, and it's even bigger than we imagined.

賈斯汀，這是一個很好的問題。也許我會先退後一步。 Airbnb 已經擁有 20 億客人，這真是太瘋狂了。因為我記得當我們創辦 Airbnb 時，我記得我告訴投資者，有一天這家公司會變得很大，我們有成千上萬的人使用它。我認為有一個常見的模式，我們一直說它會很大，而且它比我們想像的還要大。

And I think the reason why is the travel industry, as you know, you guys cover it, is it's approximately size the oil industry and people love traveling. And one thing I know about the future is more people have traveled in the past. And I think that will be created with the new category. And this is a business that is approaching 0.5 billion nights booked a year. And so the question is, well, how do we get to 1 billion nights a year.

我認為旅遊業之所以如此，正如你們所知，你們報道它，是因為它的規模與石油工業相當，而且人們喜歡旅行。關於未來我知道的一件事是更多的人過去曾經旅行過。我認為這將透過新類別建立。這項業務每年的預訂量接近 5 億晚。所以問題是，我們要如何才能達到每年 10 億個夜晚。

Or how do we get a company to even be an order of magnitude bigger one day? Because I'm 43 years old. I started this company at 26. And I feel like I got a couple of decades ahead of me. And so the question is where do we go from here?

或者說，我們如何讓一家公司有一天變得更大一個數量級？因為我已經43歲了。我 26 歲創辦了這家公司。所以問題是我們該何去何從？

I think that if you think about the history of the company, I think you could maybe break it up into a few chapters. The first chapter was when we had this idea, Joni and I in 2008, we went on a really crazy hypergrowth rocketship, and that was Phase 1.

我認為，如果你思考一下公司的歷史，我想你可能可以將其分成幾個章節。第一章是當我們在 2008 年提出這個想法時，喬尼和我，我們登上了一艘非常瘋狂的高速成長火箭，這就是第一階段。

And then I would say the second chapter, which we're probably in now but exiting, was the beginning of the pandemic when we lost 80% of our business. And then we had to rightsize the company, become really profitable, go public, listen the customer feedback and really strengthen the foundation for the next chapter of the company. And that's kind of the phase we're in.

然後我想說的是，我們現在可能正處於但正在退出的第二章是大流行的開始，當時我們失去了 80% 的業務。然後我們必須調整公司規模，真正獲利，上市，聽取客戶回饋，並真正為公司的下一章奠定基礎。這就是我們所處的階段。

And I think the next chapter of Airbnb is starting next May because I think the next chapter is really about taking Airbnb and expanding it beyond our core business. And so I will outline three areas that are going to allow us to grow. And let's start with the shortest horizon to the longest horizon. The shortest horizon is actually just our core business. Again, we do -- we're approaching 500 million room nights booked a year.

我認為 Airbnb 的下一章將於明年 5 月開始，因為我認為下一章實際上是關於 Airbnb 並將其擴展到我們的核心業務之外。因此，我將概述將使我們成長的三個領域。讓我們從最短地平線開始到最長地平線。最短的期限其實只是我們的核心業務。我們再次重申——我們每年的間夜預訂量已接近 5 億。

I think our core business could certainly get to 1 billion nights a year. I'm not going to put a time horizon on it, but the way we're going to do that is we're going to continue to increase quality. For everyone who stays in an Airbnb, 9 people staying on a hotel. The question is, what if we could just one of those other people to stay in Airbnb. That's how you get to 1 billion.

我認為我們的核心業務肯定可以達到每年 10 億晚。我不會設定時間範圍，但我們要做的方式是繼續提高品質。對於入住 Airbnb 的每個人來說，有 9 個人入住飯店。問題是，如果我們只能讓其他人中的一位留在 Airbnb，會怎麼樣。這就是你達到10億的方法。

And so we think quality, management quality is a key part of it. I think our work on affordability and usability are also going to be really, really critical. So we're going to continue to focus on the core business. The next rise in our global market.

所以我們認為品質、管理品質是其中的關鍵部分。我認為我們在可負擔性和可用性方面的工作也將非常非常重要。因此，我們將繼續專注於核心業務。我們全球市場的下一個崛起。

A huge percent of our business is still concentrated in five countries: the US, Canada, Australia, France, UK. So those are what we call our core markets. But there are massive opportunities in emerging markets. There's nine of them that I'm focused on in the Americas, it's Mexico and Brazil. In Europe, it's Germany, Italy and Spain. And in Asia to the big four countries, which are Korea, Japan, India and China.

我們的業務很大一部分仍集中在五個國家：美國、加拿大、澳洲、法國、英國。這些就是我們所說的核心市場。但新興市場蘊藏著巨大的機會。我專注於美洲的九個國家，即墨西哥和巴西。在歐洲，有德國、義大利和西班牙。在亞洲，有四大國家，分別是韓國、日本、印度和中國。

I think this is what I'd describe as a medium-term horizon. And by the way, just to zoom out for a second, if there was one company in the world that you can bet on to expand internationally, I think it will be a global travel network. So I think there's a huge amount of opportunity here. And the biggest opportunity by far is expanding beyond our core business. I'm reminded of Amazon, one of the biggest companies in the world, and they started as an online bookseller.

我認為這就是我所描述的中期視野。順便說一句，如果世界上有一家公司可以押注於國際擴張，我認為這將是一個全球旅行網絡。所以我認為這裡有巨大的機會。迄今為止最大的機會是擴展到我們的核心業務之外。我想起了亞馬遜，世界上最大的公司之一，他們最初是一家線上書店。

And can you imagine if Amazon was only selling books today, how big they would become. And yet, we, for the last 17 years, for the most part, have only sold one thing, which is basically vacation rentals, Airbnb homes by the night. And so I think that we have a huge opportunity to expand beyond our core business of accommodations. Amazon went from books to what do they do first after books. They did CDs and DVDs, and people used to buy those.

你能想像如果亞馬遜現在只賣書的話，它們會變得多大嗎？然而，在過去的 17 年裡，我們大部分時間只賣了一件東西，基本上就是度假出租屋、Airbnb 夜間房屋。因此，我認為我們有巨大的機會超越我們的住宿核心業務。亞馬遜從書籍轉向書籍之後他們首先做什麼。他們製作 CD 和 DVD，人們過去常常購買這些產品。

And that was a very close adjacency. And eventually, they sold everything and then they even sold things beyond consumers to enterprise. I think verb is going to go on its own journey. And what I expect is every year now for the coming years, we will launch one to two new businesses that will generate $1 billion or more of revenue incrementally a year. I'm not going to be able to share everything we're doing or even most of the things we're doing.

那是非常接近的鄰接。最終，他們賣掉了一切，甚至將消費者以外的東西賣給了企業。我認為動詞將會繼續它自己的旅程。我預計，在接下來的幾年裡，我們每年都會推出一到兩家新業務，每年將增加 10 億美元或更多的收入。我無法分享我們正在做的一切，甚至我們正在做的大部分事情。

We like to reveal them during our release. But one thing that we've previewed to you was we are going to be reimagining Airbnb experiences and those are going to be coming next May. But we have some really cool other things that we're working on, and it's going to basically be starting with the nearest adjacencies around travel. And over the next decade, we're going to go far beyond travel.

我們喜歡在發布期間透露它們。但我們向您預告的一件事是，我們將重新構想 Airbnb 體驗，這些體驗將於明年 5 月推出。但我們正在做一些非常酷的其他事情，基本上將從旅行中最近的鄰近地區開始。在接下來的十年裡，我們的發展將遠遠超出旅行的範圍。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

I just wanted to ask about the new markets. If you could give us the expansion markets, maybe some of the biggest ones there. I know Japan is one of them. And then how big they are, so we can think about the growth contribution next year?

我只是想問一下新市場的情況。如果您能為我們提供擴展市場，也許是那裡最大的市場。我知道日本就是其中之一。那麼它們有多大，我們可以考慮明年的成長貢獻嗎？

Yes. Justin, let me just give you some context in terms of our overall kind of concentration of the business. So if we think about the core markets, and again, remember, those are US, Canada, Australia, France and the UK, they currently represent about 3/4 of our gross booking value and then the rest of the world is obviously a quarter. The expansion markets that we're focused on are kind of 15% approximately of the remainder. But in a normalized world, should be significantly larger.

是的。賈斯汀，讓我向您介紹一下我們業務整體集中度的背景。因此，如果我們考慮核心市場，請再次記住，這些市場是美國、加拿大、澳洲、法國和英國，它們目前約占我們總預訂價值的 3/4，而世界其他地區顯然只佔四分之一。我們關注的擴張市場約佔其餘市場的 15%。但在正常化的世界中，應該要大得多。

So if you give -- if you -- just to give you a sense in terms of kind of the success that we've had that encourage us to keep going down this path and adding more expansion markets. I'd just call out actually Brazil because it was one of our first expansion markets that we began to focus on about two years ago.

因此，如果您給予——如果您——只是為了讓您了解我們所取得的成功，這會鼓勵我們繼續沿著這條道路走下去，並增加更多的擴張市場。我實際上只想提到巴西，因為它是我們大約兩年前開始關注的首批擴張市場之一。

We introduced localized brand campaigns, we localize the product. We've provided incremental payment methods to make it more locally relevant. And if we look at the success of that specific market, would you see -- what you would see is that Brazil from a destination nights perspective. It was actually about three times as large as it was pre-pandemic.

我們推出了在地化的品牌活動，我們對產品進行了在地化。我們提供了增量付款方式，使其更具本地相關性。如果我們看看這個特定市場的成功，您會看到 - 您會看到從目的地之夜的角度來看巴西。實際上它的規模大約是疫情前的三倍。

And you can see just like paying attention to a particular market, deploying our full funnel marketing strategy, being very thoughtful about product market fit allows us to scale these currently smaller portions of our business to, over time, a significantly larger proportion.

您可以看到，就像專注於特定市場、部署我們的全漏斗行銷策略一樣，對產品市場契合度的深思熟慮使我們能夠將目前業務中較小的部分擴大到隨著時間的推移，擴大到更大的比例。

On the other hand of the spectrum, I would highlight Japan, which we obviously called out in our shareholder letter, given the recency of our -- of the launch of our brand campaign there. That's obviously a significantly large market, but we are relatively new in the eyes of Japanese travelers, and so a big opportunity to really introduce ourselves to the local traveler have them understand the opportunity locally to use Airbnb domestically and begin to scale that business commensurately.

另一方面，我要強調日本，考慮到我們剛剛在那裡推出品牌活動，我們在股東信中顯然提到了日本。這顯然是一個相當大的市場，但在日本旅行者眼中，我們相對較新，因此這是一個向當地旅行者真正介紹自己的絕佳機會，讓他們了解在當地使用Airbnb 的機會，並開始相應地擴大業務規模。

And so when you think about the scale of these markets where we are today, Brian and I characterize this as a medium-term opportunity because the immediate opportunity is large, but it will take time for us to scale these individual markets such that they have an increasing impact in terms of our consolidated global results given the relative concentration today.

因此，當你考慮我們今天所處的這些市場的規模時，布萊恩和我將其描述為一個中期機會，因為眼前的機會很大，但我們需要時間來擴展這些單獨的市場，以便它們能夠鑑於目前的相對集中度，我們對全球綜合業績的影響越來越大。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

A couple if I could. Maybe your online travel peers have given color as to what they think their long-term bookings growth out to looks like I mean I guess given your leverage to alternative accommodations, the presumptions that you get should be able to grow faster. But can you give any color maybe on sort of what you see as the long-term growth algorithm for your core business? And then what new verticals may add to that on top of that? And one follow-up, if I could.

如果可以的話，一對。也許您的線上旅遊同行已經給出了他們認為長期預訂量增長的顏色，我的意思是，我想考慮到您對替代住宿的影響力，您得到的假設應該能夠增長得更快。但您能否對您所認為的核心業務的長期成長演算法給出任何顏色？那麼除此之外還有哪些新的垂直領域可以增加呢？如果可以的話，還有一個後續行動。

Maybe Ellie, before you answer the question, can I just say one quick thing? Lee, I don't think we do alternative accommodations. I think alternative accommodations is what our competitors OTAs do. I think alternative accommodations is a bit of a catch-all that includes property managed homes, service apartments, boutique hotels.

也許艾莉，在你回答問題之前，我可以簡單說一件事嗎？李，我認為我們不提供替代住宿。我認為我們的競爭對手 OTA 所做的就是替代住宿。我認為另類住宿有點包羅萬象，包括物業管理住宅、服務式公寓、精品旅館。

But I've never heard a customer say alternative accommodations. I hear them say Airbnb. I'm going to book an Airbnb. I'm going to get an Airbnb. And I think we're really in a category of our own. So just so you know, I just think we don't refer to it and we don't think of it as alternative accommodations.

但我從未聽過顧客說過其他住宿方式。我聽到他們說 Airbnb。我要去 Airbnb 訂房。我要去 Airbnb 租一間房子。我認為我們確實屬於我們自己的類別。所以請您知道，我只是認為我們沒有提到它，我們也不認為它是替代住宿。

But Ellie, over to you.

但是艾莉，交給你了。

Yeah, thanks, Lee. So when we think about overall growth algorithm and our growth drivers, it's exactly as Brian had described earlier in terms of talking about the opportunity. It really starts with focusing on our core offering and optimizing it such that we are effectively limiting the barriers to trying Airbnb relative to alternatives and particularly hotels.

是的，謝謝，李。因此，當我們考慮整體成長演算法和成長驅動因素時，這正如布萊恩之前在談論機會時所描述的那樣。實際上，我們首先要專注於我們的核心產品並對其進行優化，這樣我們就可以有效地限制嘗試 Airbnb 相對於其他替代品（尤其是酒店）的障礙。

And so that's why we focus so much on things like affordability and reliability, because we know for many consumers, even though they're aware of Airbnb, there is a gap in terms of their booking confidence around what they are going to get from us.

這就是為什麼我們如此關注可負擔性和可靠性等問題，因為我們知道，對於許多消費者來說，即使他們知道 Airbnb，他們對從我們這裡獲得的服務的預訂信心仍存在差距。

And so every quarter we work at reducing that gap of consideration. And when we look at the business from that perspective, there's a huge amount of growth room ahead, even in our core markets, because we know, you know, so many consumers consider continue to consider themselves as hotel guests, not necessarily Airbnb guests.

因此，每個季度我們都致力於縮小這種考慮的差距。當我們從這個角度看待業務時，即使在我們的核心市場，未來也有巨大的成長空間，因為我們知道，你知道，很多消費者考慮繼續將自己視為酒店客人，而不一定是 Airbnb 客人。

And so a lot of the optimizations in marketing are both raising consideration as well as, helping people, frankly, get through our platform more easily by making it easier to book, making it more personalized and getting them the right listing.

因此，行銷方面的許多優化不僅提高了考慮度，而且坦率地說，透過使預訂更容易、更加個人化並為他們提供正確的列表，幫助人們更輕鬆地使用我們的平台。

And so we continue to focus on these core optimizations because we believe it's a considerable future current, I should say, and future growth lever that will continue to make dividends in particularly in our core markets, but more globally, more generally globally across our platform. The second component is what I just spoke about in terms of responding to Justin.

因此，我們繼續關注這些核心優化，因為我們相信這是一個相當大的未來電流，我應該說，未來的成長槓桿將繼續帶來紅利，特別是在我們的核心市場，但更廣泛的是全球範圍內，更普遍的是整個我們的平台。第二個部分是我剛剛談到的回應賈斯汀的內容。

Our business today is over concentrated in our core markets and is not necessarily reflective of the commensurate business opportunity across the globe. And so over the next couple of years, you should see -- assuming that our gold market strategy is successful, you should see the contribution to growth of those expansion markets grow every single quarter.

我們今天的業務過度集中在我們的核心市場，並不一定反映全球相應的商業機會。因此，在接下來的幾年裡，您應該看到 - 假設我們的黃金市場策略是成功的，您應該看到這些擴張市場對成長的貢獻每季都在成長。

And I think the results that we've delivered so far this year suggests that, that is working. We just need to continue to scale those businesses such that they contribute to global growth more significantly.

我認為我們今年迄今所取得的結果表明，這種做法正在發揮作用。我們只需要繼續擴大這些業務規模，使其為全球成長做出更顯著的貢獻。

Great. And then to the extent that sort of your improving 4Q outlook, the acceleration is really nice is an output of some of the investments that you guys are putting into place driving the kind of gains that you want.

偉大的。然後，就第四季前景的改善而言，加速是非常好的，這是你們正在進行的一些投資的產出，推動了你們想要的收益。

Does this give you confidence to throw fuel on the fire and invest more aggressively behind those initiatives? And maybe how we should think about the way that interplay should play through in terms of margin over the longer term?

這是否讓您有信心火上澆油並更積極地投資這些舉措？也許我們應該如何考慮從長遠來看，相互作用在利潤方面應發揮的作用？

Well, I think where we've seen success, one of the areas is core optimization. And so we have built out the product road map around that because where we see success in terms of improvements we're making to the booking flow, we continue to keep a stable set of resources against those challenges so that every single quarter, the product is getting better and we're delivering more gains from those product improvements.

嗯，我認為我們所看到的成功領域之一就是核心優化。因此，我們圍繞此制定了產品路線圖，因為我們在預訂流程的改進方面取得了成功，我們將繼續保持穩定的資源來應對這些挑戰，以便每個季度的產品正在變得更好，我們正在從這些產品改進中獲得更多收益。

James Lee, Mizuho.

詹姆斯李，瑞穗。

Questions on core initiatives here. Can you guys talk about the progress you've made in affordability and quality that's driving maybe some of the increased bookings that we've seen during the quarter? And also, can you give us an update on your customer service transformation, maybe what's working, what's not, what's yet to be improved? And when do you expect to complete the process?

關於核心舉措的問題請參見此處。你們能否談談你們在負擔能力和品質方面取得的進步，這些進步可能推動了我們在本季看到的一些預訂量的增加？另外，您能否向我們介紹一下您的客戶服務轉型的最新情況，也許什麼有效，什麼無效，什麼還有待改進？您預計什麼時候完成流程？

Yes, I got this. James, these are great questions. I'm really excited about it. So I'll take each affordability and reliability, thank customers for this, affordability. It's funny.

是的，我明白了。詹姆斯，這些都是很好的問題。我對此感到非常興奮。所以我會考慮每一個負擔能力和可靠性，感謝客戶的這一點，負擔能力。很有趣。

The first tagline every Airbnb ever had was an affordable alternative to a hotel, and it was the number one reason that people first tried to use Airbnb. Now I think today, that's not the main reason people use Airbnb. I think they use it because they want to travel like the local, they want more space. They want home in real neighborhoods that are equipped. But it's really, really important that we don't ever leave our roots of affordability.

每個 Airbnb 的第一個口號就是提供價格實惠的飯店替代方案，這也是人們第一次嘗試使用 Airbnb 的首要原因。現在我認為，這並不是人們使用 Airbnb 的主要原因。我認為他們使用它是因為他們想像當地人一樣旅行，他們想要更多的空間。他們想要在設施齊全的真正社區中安家。但真正非常重要的是，我們永遠不要放棄負擔能力的根源。

And I think in the pandemic, I think there was so much demand, there was constrained supply, prices went up, and I think we drifted from our affordability root. So a couple of years ago, we actually got very, very serious about driving more affordable in Airbnb. And we did a few things. The first thing we did is we heard a lot of complaints about rising cleaning fees and excessive fees in Airbnb. So we introduced total price display.

我認為在這場大流行中，我認為需求很大，供應有限，價格上漲，我認為我們偏離了我們的承受能力根源。因此，幾年前，我們實際上非常非常認真地考慮在 Airbnb 上提供更實惠的價格。我們做了一些事情。我們做的第一件事就是聽到很多關於Airbnb清潔費上漲和收費過高的投訴。所以我們引入了總價顯示。

Total price display is exactly what it sounds like. You can click a toggle and see the total price upfront. And since we've done that, more than 300,000 listings have removed or lowered the cleaning fee. So this has been huge.

總價顯示正如其聽起來的那樣。您可以點擊切換開關並預先查看總價。自從我們這樣做以來，已有超過 30 萬個房源取消或降低了清潔費。所以這是巨大的。

Next, we introduced weekly and monthly discounts and now more than -- introduce more entry points than monthly discount, two-thirds the host now offer discounts. In fact, more than half of our host out for a monthly discount, and now 70% of our nights booked are for monthly stays.

接下來，我們推出了每周和每月折扣，現在推出了比每月折扣更多的切入點，三分之二的主機現在都提供折扣。事實上，我們一半以上的房東都享有每月折扣，現在我們預訂的房晚中有 70% 是每月住宿。

We introduced a similar listings tool. So what we noticed was a lot of hosts were overestimating what they could make on a nightly basis, especially new hope. So we built a tool for you to see other listings in your neighborhood and 2 million hosts have used this tool. And basically, when most who use this tool, they realize that they need to make sure they're competitive.

我們推出了類似的清單工具。所以我們注意到很多房東都高估了他們每晚的收入，尤其是 New Hope。因此，我們建立了一個工具，供您查看附近的其他房源，已有 200 萬房東使用過該工具。基本上，當大多數使用此工具的人時，他們意識到他們需要確保自己具有競爭力。

And so it brings their prices in line. Now over this past release on October 16, we also added a couple more different features like price tips, post can now view suggested prices based on summer listings in their area and search tips.

因此，這使他們的價格保持一致。現在，在 10 月 16 日發布的版本中，我們還添加了更多不同的功能，例如價格提示、帖子現在可以根據其所在地區的夏季列表和搜尋提示查看建議價格。

So throughout the guest search, we're going to offer relevant tips to help them find last minute stage. And probably the most important thing you can do to drive affordability and just continue to increase supply. What we know about almost every marketplace is that as supply goes up relative to demand prices come down.

因此，在整個訪客搜尋過程中，我們將提供相關提示來幫助他們找到最後一刻的舞台。也許你能做的最重要的事情就是提高可負擔性並繼續增加供應。我們對幾乎每個市場的了解是，隨著供應相對於需求的增加，價格就會下降。

And so that's a really big effort for us. The results have been the following. In the last two years, while Airbnb prices on a like-for-like basis, if you net out mix shift have remained fairly constant hotel prices have gone up considerably. So we believe that we've actually become more competitive from a fairly standpoint relative to hotels last year. So that's affordability.

所以這對我們來說是一個巨大的努力。結果如下。在過去的兩年裡，雖然 Airbnb 的價格在同類基礎上，但如果剔除混合變化，飯店價格仍然相當穩定，但價格卻大幅上漲。因此，我們相信，從公平的角度來看，相對於去年的酒店，我們實際上變得更具競爭力。所以這就是負擔能力。

Now reliability. Reliability, as I said, is probably the most important thing that we can do to drive more growth in our core business. If we do nearly 500 million nights a year in bookings, the question is, how do we get the next 500 million nights? And there's no silver bullet, but the closest thing to a silver bullet is quality and reliability. And there's a lot of things we're doing, quite literally dozens.

現在可靠性。正如我所說，可靠性可能是我們為推動核心業務進一步成長所能做的最重要的事情。如果我們每年的預訂量接近 5 億晚，那麼問題是，我們如何獲得接下來的 5 億晚？沒有什麼靈丹妙藥，但最接近靈丹妙藥的是品質和可靠性。我們正在做很多事情，實際上有幾十件事。

But if I could just pick two. The two things I'd pick are at the top, guest favorites, highlighting the 2 million best listings in Airbnb. We also highlight the best 1%, 5% and 10% listing. As Ellie mentioned, we've done $200 million nights booked just in gas favorites. Now this is amazing.

但如果我能選兩個就好了。我選擇的兩件事位於頂部，即客人最喜歡的，並突出顯示 Airbnb 中 200 萬個最佳房源。我們還重點介紹了最佳的 1%、5% 和 10% 清單。正如艾莉所提到的，我們僅透過汽油預訂就完成了價值 2 億美元的夜晚。現在這太棒了。

Why is this great? Because number one, customer service contacts these listings are down, our profitability on a per booking basis goes up. MPS is up. Because MPS was up, that means that rebooking rates are up. That also means the word of mouth is up, but most importantly, a lot of people that wouldn't have considered staying in Airbnb now would.

為什麼這很棒？首先，因為客戶服務聯繫這些清單的數量減少了，所以我們每次預訂的獲利能力都上升了。 MPS 起來了。由於 MPS 上升，這意味著重新預訂率上升。這也意味著口碑上升，但最重要的是，許多原本不會考慮留在 Airbnb 的人現在會考慮入住。

I mean I'm going to go out on a limb and say that while the average Airbnb is not as reliable as a hotel, I believe the average guest favorite is, and we have 2 million to choose from, 2 million listings is more inventory than Hilton or Marriott, nearly combined, by the way. So there's a lot of selection here.

我的意思是，我要大膽地說，雖然一般的 Airbnb 不如酒店可靠，但我相信一般客人最喜歡的是，而且我們有 200 萬個可供選擇，200 萬個房源意味著更多的庫存順便說一句，這比希爾頓或萬豪酒店幾乎加起來還要多。所以這裡有很多選擇。

At the bottom end, just like any company, you need to make sure you reward the top performers and you also deal with the people that aren't performing. We've removed more than 300,000 listings over the last year, the last two years of hosts that weren't meeting our quality standards. So these are just some of the things we're doing on reliability.

在底層，就像任何公司一樣，您需要確保獎勵表現最佳的員工，並與表現不佳的人員打交道。去年，也就是過去兩年，我們刪除了超過 30 萬個不符合我們品質標準的房源。這些只是我們在可靠性方面所做的一些事情。

The last is customer service. And we are going through a really exciting transformation on customer service, I don't want to be one of the CEOs just brings up AI every earnings call because I think you got to have been measured. But we are seeing some really great progress on AI-powered customer service. The way we think about customer service, powered by AI is in three phases. Phase 1 is the phase we're in right now.

最後是客戶服務。我們正在經歷一場非常令人興奮的客戶服務轉型，我不想成為執行長之一，只是在每次財報電話會議上都會提到人工智慧，因為我認為你必須經過衡量。但我們看到人工智慧驅動的客戶服務取得了一些真正巨大的進步。我們對人工智慧驅動的客戶服務的思考方式分為三個階段。第一階段是我們現在所處的階段。

If you were to most -- first of all, most of our customer context, we get over 10 million contacts a year. most of the contacts that we anticipate getting in the coming years aren't going to be phone call. They're going to be chatting through the app. I really personally don't like calling customer service and having to dial them. I want to be able to chat, and chat AI can intercept.

首先，我們的大多數客戶環境，我們每年都會有超過 1000 萬個聯絡人。我們預計未來幾年獲得的大部分聯繫都不會是電話。他們將透過該應用程式聊天。我個人真的不喜歡打電話給客戶服務並撥打他們的電話。我希望能夠聊天，而且聊天AI可以攔截。

And so we think in the future, the vast majority of our chats are going to be intercepted and handled directly by the AI agent. And so there's really three phases to this. Phase 1 is just answer basic general questions. We're rolling out a pilot that can answer basic general questions. Phase 2 is personalization, be able to personalize the questions.

所以我們認為，未來我們的絕大多數聊天內容將會被人工智慧代理直接攔截和處理。所以這其實分為三個階段。第一階段只是回答基本的一般問題。我們正在推出一個可以回答基本常見問題的試點。第二階段是個人化，能夠個人化問題。

Phase 3 is to take action. So I'll give you an example. Let me just give you one example. Let's say we're a contact customer service and I say, how do I cancel reservation? In Phase 1, what we're doing now, the AI agent will answer probably even better than the average customer service agent, how to cancel a reservation. So we'll take here how to cancel a reservation step by step.

第三階段是採取行動。所以我給你舉個例子。讓我舉一個例子。假設我們是聯絡客戶服務人員，我說，如何取消預訂？在我們現在正在做的第一階段，人工智慧代理可能會比一般客戶服務代理更好地回答如何取消預訂。因此，我們將在這裡逐步介紹如何取消預訂。

Phase 2 personalization, they'll say, hey, Brian, I see you of a reservation coming up in Los Angeles next week. Here's how you cancel that reservation.

第二階段個性化，他們會說，嘿，布萊恩，我看到你下週在洛杉磯的預訂。以下是取消預訂的方法。

And Phase 3 is taking action. It would say, hey, Brian, I see you have a reservation come to Los Angeles. Would you like me to cancel it for you? Just tell me, yes, and I'll do it for you. I can even handle rebooking. So this is where we think customer service can go enabled by AI, and we've hired some of the best people in the world to work on this. I'm really excited to tell you more progress about it.

第三階段正在採取行動。它會說，嘿，布萊恩，我看到你已經預訂了來洛杉磯的機票。您需要我為您取消嗎？只要告訴我，是的，我會為你做的。我甚至可以處理重新預訂。因此，我們認為這就是人工智慧可以實現客戶服務的地方，我們已經聘請了世界上一些最優秀的人才來從事這方面的工作。我很高興告訴您更多相關進展。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

And Doug, if you could check to see if your line is on mute?

道格，您能否檢查一下您的線路是否處於靜音狀態？

Kevin Kopelman, TD Securities.

凱文·科佩爾曼，道明證券。

A question on the new services that are expected to come out next year. So we think of those new services is driving some revenue growth right off the bat for the second half next year? -- are you anticipating more gradual rollout to more 2026 revenue drivers?

關於預計明年推出的新服務的問題。那麼我們認為這些新服務會立即推動明年下半年的營收成長嗎？ ——您是否預期 2026 年將逐步推出更多收入驅動因素？

Yes. I can take that. And Ellie, feel free to add, Kevin. The answer is a little bit of both. I mean we are The way -- let's just back up. So Uber, let's just take Uber. I admire that company. They've done really well. When they launch Uber Eats, they launched in 1 market. And they had a city by city market and was very, very gradual.

是的。我可以接受。艾莉，請隨意補充，凱文。答案是兩者兼具。我的意思是我們就是這樣——讓我們後退吧。那麼優步，我們就以優步為例吧。我很佩服那家公司。他們做得非常好。當他們推出 Uber Eats 優食時，他們只在 1 個市場推出。他們有一個又一個城市的市場，而且是非常非常漸進的。

We are not going to do that. We're going to be much more aggressive. When we launch some new offerings next year, they're going to be available immediately in more than 100 cities around the world. So we believe in trying to reach scale a little more quickly just given how big and how mature we are. So because of that, we do think there will be some incremental revenue next year that will hit the financials.

我們不會那樣做。我們將會更加積極進取。當我們明年推出一些新產品時，它們將立即在全球 100 多個城市上市。因此，考慮到我們的規模和成熟程度，我們相信應該盡快擴大規模。因此，我們確實認為明年會有一些增量收入影響財務狀況。

But I also just want to like step back and just say that what we've learned from Uber Eats, from Amazon's category expansion from DoorDash, from we can go down the list to marketplaces is when some things built off a small base, you've got to be patient. I think that there's a multibuilding or revenue opportunities, multiple of them that will be introduced next year.

但我也想退後一步，只是說，我們從Uber Eats、亞馬遜的DoorDash 品類擴展、我們可以從列表到市場中學到的東西是，當某些東西建立在一個小基礎上時，你就可以做到這一點。我認為存在多層建築或收入機會，其中多個將在明年推出。

But I also would point people to a five-year horizon for a number of these things to really reach scale, not -- they won't reach scale in just a year or two. And part of that is a network effect business. We want to roll it out carefully. We want to make sure it's really well done. Ellie, do you want to add anything?

但我也想向人們指出，其中一些事情要在五年內真正達到規模，而不是——它們不會在一兩年內達到規模。其中一部分是網路效應業務。我們想小心地推出它。我們想確保它確實做得很好。艾莉，你想補充什麼嗎？

The one I'd add is, Kevin, will obviously give you much more detailed color next year on the next earnings call. But what you should anticipate is that -- so the investment behind those new services will front run the revenue. So you'll begin to see those expenses or those investments, I should say, at the beginning of the year, whereas the revenue will start to scale once we've released a new offering?

我要補充的是，凱文，顯然會在明年的下一次財報電話會議上為您提供更詳細的資訊。但你應該預料到的是，這些新服務背後的投資將領先於收入。所以我應該說，你會在年初開始看到這些費用或投資，一旦我們發布新產品，收入就會開始擴大？

Patrick Scholes, Truist.

派崔克‧斯科爾斯，真理主義者。

Great. I want to go back to the first question that was asked and ask it maybe a little more direct. Can you provide us in percentage terms what your year-over-year net unit growth was in the quarter?

偉大的。我想回到第一個問題，問得更直接一點。您能否以百分比形式向我們提供本季同比淨單位成長率是多少？

On supply?

供應？

Yes, supply. Correct.

是的，供應。正確的。

Yes. So we had over 10% growth of supply as of the end of Q3, which is down several points based on the removals.

是的。因此，截至第三季末，我們的供應量增加了 10% 以上，但由於清除量而下降了幾個百分點。

John Colantuoni, Jefferies.

約翰·科蘭托尼，杰弗里斯。

I wanted to ask about the experiences offering. As you get closer to the relaunch next year, how are you thinking about the sort of the pace of expansion and scalability? I know you'd like to keep experiences unique like your accommodations offering.

我想詢問一下提供的體驗。隨著明年重新啟動的腳步越來越近，您如何看待擴張的速度和可擴展性？我知道您希望保持獨特的體驗，例如您的住宿服務。

But I'm curious if that means it will take longer to build supply behind it. And maybe you could also sort of give us a sense for any investments in tech or marketing that you plan to make around the relaunch of experiences.

但我很好奇這是否意味著需要更長的時間來建立背後的供應。也許您也可以讓我們了解您計劃圍繞重新推出體驗的任何技術或行銷投資。

Yes, John. Really good question. I think we are able to reach a sweet spot where I think we can -- we're going to offer something that's really, really unique and will scale. Now I want to just moderate expectations that again, these journeys are going to be multiyear journeys that I do not think that there's a choice. I don't think we need to make a choice between you mean unique or being at scale.

是的，約翰。真是個好問題。我認為我們能夠達到一個我認為可以做到的最佳點——我們將提供一些非常非常獨特並且能夠擴展的東西。現在我想再次降低期望，這些旅程將是多年的旅程，我認為沒有選擇。我認為我們不需要在獨特性和規模化之間做出選擇。

I think -- by the way, I think our core business proved that. A business that's approaching $100 billion in gross sales a year and it's pretty unique. It's pretty different than a hotel. So I'm not going to certainly promise that experience will get to that size, but we do think we have something that's very unique, very scalable, available around the world.

我認為——順便說一句，我認為我們的核心業務證明了這一點。這是一家年銷售額接近 1000 億美元的企業，而且非常獨特。這和酒店有很大不同。因此，我不會肯定地保證體驗會達到這樣的規模，但我們確實認為我們擁有非常獨特、非常可擴展的東西，並且可以在全世界範圍內使用。

As far as the tech and marketing, the great thing about our business is I do not anticipate very many businesses in the next five years are going to need significant investments. We are certainly nothing like many other companies where they have a lot of either capital allocation or major technical investments or even major marketing investments.

就技術和行銷而言，我們業務的偉大之處在於，我預計未來五年內不會有很多企業需要大量投資。我們當然與許多其他公司不同，他們擁有大量資本配置或重大技術投資，甚至重大行銷投資。

Here's the other way of saying it. We've already made most of the technology investments. When you see the last four years, a huge amount of what we've done is rebuild the company from the ground up, not just to make it stronger to offer homes to make it an extensible platform.

這是另一種說法。我們已經進行了大部分技術投資。當你看到過去四年時，我們所做的大量工作是從頭開始重建公司，而不僅僅是使其變得更強大，提供住房，使其成為一個可擴展的平台。

One of those companies that we learned from again was Amazon. I know I talked a lot about Apple. A lot of people like reference Apple when they talk about because of big launches. But Apple -- Amazon is a very good reference point. Initially, as you know, they build a book store. They were based on like IBM.

亞馬遜是我們再次學習的公司之一。我知道我談了很多關於蘋果的事情。很多人在談論大型產品發佈時喜歡提到蘋果。但蘋果——亞馬遜是一個非常好的參考點。正如你所知，最初他們建立了一家書店。他們的基礎是IBM。

They had to really build the platform and abstract the platform, and you might call platformizing to be able to offer many of our verticals. And so we want to take the every platform that works for vacation rentals and build it for the next decade for like 50, 100 different categories, just like Amazon.

他們必須真正建立平台並抽象化平台，你可以稱之為平台化，以便能夠提供我們的許多垂直領域。因此，我們希望利用適用於度假租賃的每個平台，並在未來十年為 50、100 個不同類別打造該平台，就像亞馬遜一樣。

So now we're not going to put a timeline when we offer them, but we've rebuilt the technology already, most of it, to be able to do that. Now with marketing, I don't think we're going to have to market everything as stand-alone businesses. We really like the idea of marketing all of Airbnb.

因此，現在我們不會在提供它們時設定時間表，但我們已經重建了大部分技術，以便能夠做到這一點。現在有了行銷，我認為我們不必將所有東西都作為獨立的業務進行行銷。我們非常喜歡行銷整個 Airbnb 的想法。

In marketing, there's these two choices. Are you a house of brands or a branded house? We're a branded house. We're one app, we're one brand, and we want to market everything in one ad. So that's a little bit more how we're going to approach it.

在行銷中，有這兩種選擇。您是品牌之家還是品牌之家？我們是一家品牌公司。我們是一款應用程序，我們是一個品牌，我們希望透過一則廣告來行銷一切。這就是我們處理這個問題的更多方式。

And so I think for those reasons, we will, of course, be investing. I want to be clear, we'll of course be investing, but it's not going to be like many other companies where they have to go deep into the red to get these new business off the ground.

因此，我認為出於這些原因，我們當然會進行投資。我想澄清的是，我們當然會進行投資，但不會像許多其他公司一樣，必須深入虧損才能啟動這些新業務。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Great. Just two, if I may. Can you talk about in areas such as New York City, where the regulations are becoming increasingly difficult. Can you talk about how we should view those and potentially leaning more into hotels? And then as you grow outside some of these noncore markets, is it going to be more brand driven? Or will you lean more into performance marketing?

偉大的。如果可以的話，就兩個。能談談紐約市等地區的監管變得越來越困難的情況嗎？您能談談我們應該如何看待這些以及可能更多地傾向於酒店嗎？然後，當您在一些非核心市場之外發展時，是否會更加受品牌驅動？還是你會更傾向於效果行銷？

Jed, I'll take this. Yes. So let's talk about New York. Actually, I would like to talk about two cities. I want to talk about a tale of two cities, New York City and Paris, because both cities made some major decisions on Airbnb recently, and I want to distinguish the difference between the two. New York City has what might be described as the affordable housing crisis, and that's a very real thing. And so they decided one of the ways they try to deal with that was banning Airbnb.

傑德，我會接受這個。是的。那我們來談談紐約吧。其實我想談兩個城市。我想講一個紐約和巴黎兩個城市的故事，因為這兩個城市最近都在Airbnb上做出了一些重大決定，我想區分一下兩個城市的差異。紐約市面臨所謂的經濟適用房危機，這是一件非常真實的事情。因此，他們決定嘗試解決這個問題的方法之一就是禁止 Airbnb。

And a year ago, Airbnb was banned. And the theory was that if you ban Airbnb, a bunch of homes will come back on to the rental market and prices will come down. Well, for the first time, we've gotten a year-long longitudinal study of what happens if you ban Airbnb into a city.

一年前，Airbnb 被禁止。其理論是，如果禁止 Airbnb，大量房屋將重新回到租賃市場，價格也會下降。好吧，我們第一次進行了為期一年的縱向研究，研究如果禁止 Airbnb 進入某個城市會發生什麼事。

Rent prices in New York City are not down. In fact, they're up 3.5%. And by the way, hotel prices are now up 7%. So a year after banning Airbnb, it's more expensive to live there, and it's even more expensive to travel there. And I think that New York City is now a cautionary tale of how to deal with Airbnb.

紐約市的租金價格並未下降。事實上，它們上漲了 3.5%。順便說一句，酒店價格現在上漲了 7%。因此，在禁止 Airbnb 一年後，那裡的居住成本更高，旅行的成本甚至更高。我認為紐約市現在是如何應對 Airbnb 的一個警告。

Now the other side is a Paris. Paris, France. A couple of years ago, when we knew the Olympics were coming to Paris. We started working with the City of Paris. I think that Paris took a different approach. Instead of sticking with the Airbnb as a problem, they thought of Airbnb as a solution to their problems, which are they weren't going to have enough housing for the Olympics.

現在的另一邊是巴黎。法國巴黎。幾年前，當我們知道奧運即將在巴黎舉行時。我們開始與巴黎市合作。我認為巴黎採取了不同的方法。他們沒有堅持將 Airbnb 視為一個問題，而是將 Airbnb 視為解決他們問題的解決方案，即他們沒有足夠的住房來參加奧運。

And so in the last year, we went from 100,000 homes in Paris to 150,000 homes in Paris. And I'm pleased to announce that 700,000 guests stayed in Paris over the course of the Olympics, 700,000. It's like eight or nine Olympic stadiums who were the guest.

因此，去年，我們將巴黎的 10 萬個家庭增加到了 15 萬個家庭。我很高興地宣布，奧運期間有 70 萬名客人留在巴黎，70 萬人。好像有八、九個奧運場館都是做客的。

Our favorability in Paris has not been higher in years, and cities all over the world are now coming to Airbnb and saying, we want to be Paris, not New York. Can you help us?Because there are thousands of events going around the world.

我們對巴黎的好感度多年來從未如此高過，現在世界各地的城市都在 Airbnb 上說，我們想要成為巴黎，而不是紐約。你能幫助我們嗎？

So I think that's the most important point I would make that New York and Paris are killed two cities, and we can be a solution to the problem. We are not the problem. But specific to New York, I'd just say two things. Number one, I remain optimistic that there will be a path to us to enter New York, and people will be able to stay in home in Airbnb because there is a constrained number of hotels in New York.

所以我認為這是我要說的最重要的一點，紐約和巴黎被殺死了兩個城市，我們可以成為問題的解決方案。我們不是問題。但具體到紐約，我只想說兩件事。第一，我仍然樂觀地認為，我們將有一條進入紐約的道路，人們將能夠在 Airbnb 上留在家裡，因為紐約的酒店數量有限。

By the way, most hotels are only in Manhattan, and they're in Midtown Manhattan. Do you want to stay and maybe part of the partner Manhattan? Brooklyn, the Bronx, Staten Island, Queens, you're going to be pretty limited. And to answer the other part of your question, yes. We absolutely welcome hotels on Airbnb, and we are going to be adding more hotels to Airbnb.

順便說一句，大多數飯店都只在曼哈頓，而且都在曼哈頓中城。您想留下來並成為合作夥伴曼哈頓的一部分嗎？布魯克林、布朗克斯、史丹頓島、皇后區，你的能力將非常有限。回答你問題的另一部分，是的。我們絕對歡迎 Airbnb 上的飯店，並且我們將在 Airbnb 上增加更多飯店。

Because for Airbnb to win, hotels don't have to lose. We own a hotel tonight, and we believe that you should be able to find Hiltons and hotels on Airbnb. So yes, we are focused on hotels in New York City on Airbnb. We're focused on Airbnbs in say, New Jersey, say Jersey City, which is actually closer to Manhattan tahn other parts of Manhattan. And I am optimistic that New York there will be a workable solution at some point in the future.

因為 Airbnb 要贏，飯店就不必輸。今晚我們擁有一家酒店，我們相信您應該能夠在 Airbnb 上找到希爾頓酒店和酒店。所以，是的，我們專注於 Airbnb 上紐約市的飯店。我們專注於新澤西州、澤西城等地的 Airbnb 房源，這裡實際上比曼哈頓其他地區更靠近曼哈頓。我樂觀地認為，紐約在未來的某個時候將會有一個可行的解決方案。

I don't know when that will be, and they can follow the lead of Paris.

我不知道那會是什麼時候，他們可以效法巴黎的做法。

(Operator Instructions) Stephen Ju, UBS.

（操作員指示）Stephen Ju，UBS。

Brian, I guess, on the experiences again. I'm wondering if there is going to be an angle where this could be something that increases the overall engagement or even raise the overall frequency of usage for you because maybe I don't stay in an Airbnb every weekend, but maybe I try an Airbnb experience every weekend. So I'm just wondering like how the product development path and how utilization will shift at your selection growth.

我想，布萊恩又在談論這些經歷了。我想知道是否會有一個角度可以增加整體參與度，甚至提高您的整體使用頻率，因為也許我不會每個週末都住在 Airbnb，但也許我會嘗試每個週末都有Airbnb體驗。所以我只是想知道產品開發路徑和利用率將如何隨著您的選擇成長而變化。

100%. I mean this is a great point, Stephen. Experiences, I -- like listen, like Airbnb is typically something you book once or twice a year. Very, very few people will book air every month unless you like this incredibly prolific traveler. And so we've struggled a little bit from the point where, on the one hand, like our average purchase price is over $500.

100%。我的意思是，這是一個很好的觀點，史蒂芬。體驗，我喜歡聽，就像 Airbnb 通常是你每年預訂一次或兩次的東西。除非您喜歡這位多產的旅行者，否則很少有人會每月預訂機票。因此，我們一直在掙扎，一方面，我們的平均購買價格超過 500 美元。

So like the economics are great. On the other hand, we have the challenge of low frequency. Most people don't travel that frequently. Experiences are going to be, I think, one of many new offerings that can increase the frequency that can make Airbnb go from an annual app to a monthly usage of or even for some people weekly usage app. And the reason why is because experiences will not be limited just to when you travel.

就像經濟學很棒一樣。另一方面，我們面臨低頻的挑戰。大多數人並不那麼頻繁旅行。我認為，體驗將成為眾多新產品之一，這些新產品可以提高 Airbnb 的使用頻率，使 Airbnb 從年度應用程式轉變為每月使用甚至某些人每週使用的應用程式。原因是因為體驗不僅限於旅行時。

Just like they are today, we are designing products, experiences and new services that will be great when you travel, but you could book them in your own hometown like. And I think there's a real problem, which is what do you want to do on a Saturday if you're with your family other than the things you already do? If a Friday night, what do you do have been going a restaurant? Stay home and watch Netflix. I think there is a market for local to want to do unique things.

就像今天一樣，我們正在設計產品、體驗和新服務，這些產品、體驗和新服務在您旅行時會很棒，但您可以在自己的家鄉預訂它們。我認為有一個真正的問題，那就是，如果你和家人在一起，除了你已經做的事情之外，週六你還想做什麼？如果週五晚上，你去餐廳做什麼？待在家裡看 Netflix。我認為當地人想要做獨特的事情是有市場的。

And I think traveling is how they're going to be exposed to experiences. But I do think a subset of those people will try them back home. And I think the really big opportunity here kind of similar to iPod. When iPod launched, you can only use it with a Macintosh. And the really big game for the iPod was once it became Windows compatible.

我認為旅行是他們獲得體驗的方式。但我確實認為其中一部分人會在家裡嘗試。我認為這裡真正的巨大機會有點類似 iPod。當 iPod 推出時，您只能在 Macintosh 上使用它。 iPod 真正的重大挑戰是它與 Windows 相容。

When iTunes available windows, all the people that didn't own the Mac can buy an iPod and those sales surged. So I do think there is a potential play for that down the road experiences. We're going to position it first and foremost to travelers, but it's not going to be exclusive to travelers. And I do think people are going to come to ever frequently.

當 iTunes 在 Windows 上可用時，所有沒有 Mac 的人都可以購買 iPod，銷量猛增。所以我確實認為未來的體驗有潛力發揮作用。我們將首先將其定位於旅行者，但它不會是旅行者的專屬。我確實認為人們會經常來。

There are no further questions at this time. I would now like to turn the call back over to Brian Chesky

目前沒有其他問題。我現在想將電話轉回給 Brian Chesky

All right. Well, I just want to thank everyone for joining us today. And just to recap, revenue was $3.7 billion, which is 10% higher than a year ago. Adjusted EBITDA was $2 billion. and our trailing 12-month free cash flow was $4.1 billion.

好的。好吧，我只是想感謝大家今天加入我們。回顧一下，營收為 37 億美元，比一年前成長 10%。調整後 EBITDA 為 20 億美元。我們過去 12 個月的自由現金流為 41 億美元。

Now this is representing a free cash flow margin of 38%. Our strong balance sheet enables to repurchase $1.1 billion of our common stock this quarter and we're continuing to innovate, and our product just keeps getting better.

現在這代表自由現金流利潤率為 38%。我們強大的資產負債表使我們能夠在本季度回購 11 億美元的普通股，我們正在繼續創新，我們的產品也不斷變得更好。

I am so proud of accomplished and I'm excited for what's ahead. Thank you all for joining.

我對所取得的成就感到非常自豪，並對未來感到興奮。感謝大家的加入。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。