Airbnb Inc (ABNB) 2024 Q4 法說會逐字稿

Good afternoon and thank you for joining Airbnb's earnings conference call for the fourth quarter of 2024.

下午好，感謝您參加 Airbnb 2024 年第四季財報電話會議。

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.

提醒一下，本次電話會議正在錄音，會議結束後您可以在 Airbnb 網站的投資者關係部分重播。

I will now hand the call over to Angela Yang, Director of Investor Relations.

現在我將電話轉給投資者關係總監 Angela Yang。

Please go ahead.

請繼續。

Good afternoon and welcome to Airbnb's fourth quarter of 2024 earnings call.

下午好，歡迎參加 Airbnb 2024 年第四季財報電話會議。

Thank you for joining us today.

感謝您今天加入我們。

On the call today, we have Airbnb's Co-Founder and CEO, Brian Chesky, and our Chief Financial Officer, Ellie Mertz.

參加今天電話會議的有 Airbnb 的共同創辦人兼執行長 Brian Chesky 和財務長 Ellie Mertz。

Earlier today, we issued a shareholder letter with our financial results and commentary for our fourth quarter of 2024.

今天早些時候，我們發布了一封股東信，其中包含我們 2024 年第四季的財務表現和評論。

These items were also posted on the investor relations section of Airbnb's website.

這些項目也發佈在 Airbnb 網站的投資者關係部分。

During the call, we'll make brief opening remarks and then spend the remainder of time on Q&A.

在通話過程中，我們將做簡短的開場白，然後利用剩餘時間進行問答。

Before I turn it up to Brian, I would like to remind everyone that we will be making forward-looking statements on this call and involve a number of risks and uncertainties.

在我將問題轉交給布萊恩之前，我想提醒大家，我們將在本次電話會議上做出前瞻性陳述，其中涉及一些風險和不確定性。

Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors.

由於多種因素，實際結果可能與前瞻性陳述中表達或暗示的結果有重大差異。

The factors are described under forward-looking statements in our shareholder letter and in our most recent filings with the Securities and Exchange Commission.

這些因素在我們致股東的信函和我們最近提交給美國證券交易委員會的文件中前瞻性陳述中進行了描述。

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.

我們敦促您考慮這些因素，並提醒您，我們不承擔更新此通話中包含的資訊以反映後續事件或情況的義務。

You should be aware that these statements should be considered estimates only and are not a guarantee of future performance.

您應該知道，這些陳述只應被視為估計值，並不能保證未來的表現。

Also, during the call, we will discuss some non-GAAP financial measures.

此外，在電話會議中，我們將討論一些非 GAAP 財務指標。

We provided reconciliation to the most directly comparable GAAP financial measures in the shareholder letter posted to our investor relations website.

我們在發佈到投資者關係網站的股東信中提供了與最直接可比較的 GAAP 財務指標的對帳表。

These non-GAAP measures are not intended to be a substitute for GAAP results.

這些非 GAAP 指標並非旨在取代 GAAP 結果。

With that, I'll pass the call to Brian.

說完這些，我就把電話轉給布萊恩。

All right.

好的。

Well, thank you very much.

好吧，非常感謝。

And hey, everyone, thanks for joining us today.

嘿大家，感謝你們今天的參與。

2024 Airbnb outpaced the travel industry's growth.

2024年，Airbnb 的成長速度超過了旅遊業。

We ended the year with Q4 revenue, night's booked, and GBV all accelerating from Q3.

我們以第四季的營收、預訂夜數和 GBV 全部比第三季加速結束了這一財年。

Now, before we get into the results, I want to just quickly touch on some of the work that got us here.

現在，在我們討論結果之前，我想快速介紹一下我們在此之前所做的一些工作。

Over the past several years, we've been preparing for Airbnb's next chapter, and we want to make sure that guests and hosts love our core service before we introduce something new.

在過去幾年裡，我們一直在為 Airbnb 的下一個篇章做準備，我們希望確保房客和房東喜歡我們的核心服務，然後再推出新功能。

So we listened to their feedback and we rolled out more than 535 features and upgrades to improve the experience.

因此，我們聽取了他們的回饋，並推出了 535 多項功能和升級來改善體驗。

These upgrades include major reliability efforts like guest favorites.

這些升級包括重大的可靠性改進，例如賓客最愛功能。

Guest favorites make it easier for guests to find the best listing to an Airbnb.

賓客收藏功能可讓賓客更輕鬆找到 Airbnb 的最佳房源。

We've also made it easier to host by launching the coast network, which is a really simple way to find the best local host to manage Airbnb.

我們也透過啟動海岸網路使託管變得更加容易，這是一種找到最佳本地主機來管理 Airbnb 的非常簡單的方法。

Now in just 4 months, the co-host network has grown to almost 100,000 listings.

如今，僅花了 4 個月的時間，聯合主辦網路已發展到近 10 萬個房源。

At the same time, we've been driving growth in a number of product optimizations.

同時，我們也在推動多項產品優化的成長。

We made it easier for guests to find the perfect stay with an enhanced search functionality and better merchandizing, and this includes things like suggested destinations, more detailed maps, and a new welcome guide for guests.

我們透過增強的搜尋功能和更好的商品推銷讓客人更輕鬆地找到完美的住宿，其中包括建議目的地、更詳細的地圖和新的客人歡迎指南等內容。

We also introduced flexible payment options and local payment methods in nearly 2 dozen countries, making it easier for people around the world to use Airbnb.

我們也在近20個國家推出了靈活的支付選項和本地支付方式，讓世界各地的人們更輕鬆地使用Airbnb。

And we're in the process of rolling out a completely redesigned checkout experience that makes it even simpler to book an Airbnb.

我們正在推出完全重新設計的結帳體驗，讓預訂 Airbnb 變得更簡單。

Now as a result, we've seen higher conversion rates, and we expect these improvements to continue delivering growth in 2025.

現在，我們看到了更高的轉換率，我們預計這些改進將在 2025 年繼續帶來成長。

By optimizing key parts of our product, like search, merchandizing, and payments, we're seeing strong near-term results and we're building a foundation to support the introduction of new offerings.

透過優化我們產品的關鍵部分，例如搜尋、商品銷售和支付，我們看到了強勁的短期業績，並且正在建立基礎以支持新產品的推出。

Finally, we rebuilt our platform from the ground up with a new technology stack.

最後，我們用新的技術堆疊從頭開始重建了我們的平台。

This includes new listing management tools for hosts, and these tools make it easier for hosts to list and manage their homes while giving them the ability to eventually offer more services.

這包括為房東提供新的房源管理工具，這些工具使房東更容易列出和管理他們的房屋，同時使他們最終能夠提供更多服務。

We've also upgraded our messaging system into a single unified platform, making communication between guests and hosts smoother and more reliable.

我們也將訊息系統升級為單一統一的平台，使客人和主人之間的溝通更加順暢可靠。

Now with this new tech platform, we are able to innovate faster and expand beyond short-term rentals into becoming an extensible platform with a range of new offerings, and 2025 marks the start of Airbnb's next chapter.

現在有了這個新的技術平台，我們能夠更快地創新，並從短期租賃擴展到一個擁有一系列新產品的可擴展平台，而2025年則標誌著Airbnb新篇章的開始。

Now, today, our service is better than ever.

現在，今天，我們的服務比以往更好。

And our platform is ready to support what's next.

我們的平台已準備好支援下一步的發展。

In 2025, we will continue building on this momentum.

2025年，我們將繼續保持這一勢頭。

We're executing on a multi-year growth strategy to perfect our core service, accelerate growth in global markets, and launch and scale new offerings.

我們正在執行一項多年成長策略，以完善我們的核心服務，加速全球市場的成長，並推出和擴大新的產品。

Now, we've talked a lot on previous calls about how we're preparing to expand beyond our core business.

我們在先前的電話會議中已經多次討論過我們如何準備拓展核心業務。

And this is the year, you'll see the beginning of a new Airbnb.

今年，你將見證全新 Airbnb 的誕生。

So now I'm going to turn over to Ellie to give you a financial update.

現在我要讓艾莉來向大家通報財務最新狀況。

Ellie.

艾莉。

Thank you, Brian, and good afternoon.

謝謝你，布萊恩，下午好。

I'll start with a review of our financial results and then provide our current outlook for Q1 2025.

我將首先回顧我們的財務業績，然後提供我們對 2025 年第一季的當前展望。

As Brian mentioned, we ended last year on a strong note.

正如 Brian 所提到的，我們以強勁的業績結束了去年的業績。

Nights and experiences booked accelerated in Q4 to 12%, making it the highest year of year growth quarter of 2024.

第四季預訂的夜晚和體驗數量加速成長至 12%，成為 2024 年年成長最高的季度。

Revenue also grew 12% year over year to $2.5 billion in '24.

24年營收也較去年同期成長12%，達到25億美元。

Net income was $461 million and adjusted EBITDA was $765 million.

淨收入為 4.61 億美元，調整後 EBITDA 為 7.65 億美元。

For the full year, our adjusted EBITDA totaled $4 billion representing an adjusted EBITDA margin of 36%.

全年而言，我們的調整後 EBITDA 總計 40 億美元，調整後 EBITDA 利潤率為 36%。

Since 2020, we've delivered over 4,000 basis points of EBITDA margin expansion.

自 2020 年以來，我們的 EBITDA 利潤率已擴大超過 4,000 個基點。

Next, I'll turn to the balance sheet and cash flow.

接下來，我將討論資產負債表和現金流量。

During Q4, we generated $458 million of free cash flow.

第四季度，我們產生了 4.58 億美元的自由現金流。

And for the full year, we generated $4.5 billion, representing a free cash flow margin of 40%.

全年我們創造了 45 億美元的收入，自由現金流利潤率為 40%。

At the end of the year, we had $10.6 billion of corporate cash and investments, as well as $5.9 billion of funds held on behalf of our guests.

截至年底，我們擁有 106 億美元的企業現金和投資，以及 59 億美元的代表客人持有的資金。

Our strong balance sheet allowed us to repurchase $838 million of our Class A common stock during Q4 and $3.4 billion for the full year.

我們強勁的資產負債表使我們能夠在第四季度回購 8.38 億美元的 A 類普通股，並在全年回購 34 億美元。

At the end of Q4, we had $3.3 billion remaining on our repurchase authorization.

截至第四季末，我們的回購授權餘額為 33 億美元。

Now let's shift to our Q1 2025 outlook.

現在讓我們轉向 2025 年第一季的展望。

After closing out 2024 with our highest quarter of nights and bookings growth, we're excited about the strong demand we continue to see early in 2025.

在 2024 年結束時，我們的住宿晚數和預訂量實現了最高增長，我們對 2025 年初繼續看到的強勁需求感到興奮。

For Q1, we expect to deliver revenue between $2.23 billion and $2.27 billion, representing 4% to 6% year to year growth or 7% to 9% when excluding FX headwinds.

對於第一季度，我們預計營收在 22.3 億美元至 22.7 億美元之間，年增 4% 至 6%，若排除外匯不利因素則成長 7% 至 9%。

As we mentioned last quarter, revenue in Q1 2024 benefited from both the timing of Easter and the extra day from leap year, creating a hard year over year comparison.

正如我們上個季度提到的那樣，2024 年第一季的收入受益於復活節的時間和閏年的額外一天，因此很難進行同比比較。

Without these calendar impacts and FX headwinds, our revenue growth would be about 6% points higher, or 10% to 12%, which is relatively stable compared to Q4.

如果沒有這些日曆影響和外匯不利因素，我們的營收成長將高出約 6% 點，即 10% 至 12%，與第四季相比相對穩定。

For Nights and experiences booked, we expect year to year growth in Q1 '25 to be relatively in line with Q1 '24 once you excluded leap day, which contributed about 1% point of growth last year.

對於預訂的夜晚和體驗，我們預計，一旦排除閏日，2025 年第一季的同比增長將與 2024 年第一季相對一致，閏日去年貢獻了約 1% 的成長點。

On profitability, we expect adjusted EBITDA and adjusted EBITDA margin to decline compared to Q1 2024, driven by the same factors impacting revenue.

在獲利能力方面，我們預計調整後的 EBITDA 和調整後的 EBITDA 利潤率將與 2024 年第一季相比下降，原因是影響收入的因素相同。

That said, if you exclude the calendar and FX headwinds, adjusted EBITDA margin in Q1 would remain relatively flat year over year.

也就是說，如果不考慮日曆和外匯不利因素，第一季的調整後 EBITDA 利潤率將與去年同期相比保持相對穩定。

As we look ahead to 2025, we're focused on executing our multi-year growth strategy.

展望 2025 年，我們專注於執行多年成長策略。

Our strategy is designed to drive long-term growth and deliver market share gains through three levers.

我們的策略旨在透過三大槓桿推動長期成長並擴大市場份額。

One, perfecting our core service, two, accelerating growth in global markets, and three, launching and scaling new offerings.

一是完善我們的核心服務；二是加速全球市場的成長；三是推出和擴展新的產品。

We're focused on strengthening the economics of our core business and generating strong free cash flow while also investing in growth opportunities.

我們專注於加強核心業務的經濟效益、創造強勁的自由現金流，同時投資成長機會。

This year we plan to invest $200 million to $250 million towards launching and scaling new businesses, which we'll introduce in May.

今年我們計劃投資 2 億至 2.5 億美元用於啟動和擴大新業務，並將於 5 月推出。

Even with these investments, we expect to maintain strong profitability, delivering a full year adjusted EBITDA margin of at least 34.5%.

即使進行了這些投資，我們預計仍能保持強勁的獲利能力，全年調整後的 EBITDA 利潤率至少達到 34.5%。

Because these investments will roll out throughout the year, their impact on our quarterly adjusted EBITDA margin will be the most pronounced in the first nine months of 2025.

由於這些投資將在全年推出，因此它們對我們季度調整後的 EBITDA 利潤率的影響將在 2025 年前九個月最為明顯。

As these new businesses scale over the coming years, we expect them to make a significant contribution to revenue growth.

隨著這些新業務在未來幾年內擴大規模，我們預計它們將對收入成長做出重大貢獻。

And so each year we'll layer in new offerings where we see long-term revenue growth opportunities.

因此，每年我們都會在發現長期收入成長機會的地方推出新產品。

And at the same time, we'll focus on delivering strong profitability and world-class free cash flow for our core business.

同時，我們將專注於為我們的核心業務提供強勁的獲利能力和世界一流的自由現金流。

And now with that, I'll open it up to Q&A.

現在我將開始問答環節。

(Operator Instructions)

（操作員指令）

Stephen Ju, UBS.

瑞銀（UBS）的 Stephen Ju。

Okay, thank you.

好的，謝謝。

So I think in the past, in terms of the global sort of localization effort, you've talked about Brazil, and I think in the shareholder letter, you're showing your localization effort for Japan.

因此，我認為，就過去全球在地化工作而言，您曾談到巴西，並且我認為，在股東信中，您展示了針對日本的在地化工作。

So I was wondering how long it typically takes for one of these efforts to localize in any given country, it takes to come together.

所以我想知道這些努力在任何一個國家實現本地化通常需要多長時間，需要多長時間才能完成。

You guys have mentioned Argentina, Germany, South Korea, and other places.

你們提到了阿根廷、德國、韓國和其他地方。

And Ellie, I guess the $200 million to $250 million of investments that you're planning to incur, I guess in the front half of this year for the most part, what is that primarily going to be geared to?

艾莉，我猜你計劃在今年上半年進行 2 億到 2.5 億美元的投資，這筆錢主要用在什麼地方？

Is it going to be marketing, is it going to be engineering, staff up, or any color would be helpful.

是行銷部門，還是工程部門，還是員工部門，或任何顏色都會有幫助。

Thank you.

謝謝。

Great.

偉大的。

Thank you, Stephen.

謝謝你，史蒂芬。

Let me start just giving a little bit of color in terms of our global market strategy.

讓我先稍微介紹一下我們的全球市場策略。

As backdrop, in terms of context on this strategy, we've shared over the last year that Airbnb is a very global brand.

作為背景，就該策略的背景而言，我們在過去一年中已經分享過，Airbnb 是一個非常全球化的品牌。

However, our business is concentrated in our top 5 core markets.

然而，我們的業務集中在五大核心市場。

So that's the US, UK, Canada, France, and Australia.

即美國、英國、加拿大、法國和澳洲。

Those 5 markets comprise about 70% of our gross booking value.

這 5 個市場約占我們總預訂價值的 70%。

And so, as a growth lever that we've been investing in, we've been targeting markets outside of that top 5, where we think that there's a sizable opportunity for us to invest and both gain penetration in the markets and also provide a tailwind to our global growth rates.

因此，作為我們一直在投資的成長槓桿，我們一直瞄準前五名以外的市場，我們認為這些市場有相當大的投資機會，既能滲透市場，也能為我們的全球成長率提供助力。

I think what you've seen over the last, not just the Q4 results, but over '24 as well, is that those investments and that targeting of new geos has had a meaningful impact on our growth.

我認為，您在過去看到的不僅僅是第四季度的業績，還有整個 24 年的業績，這些投資和對新地理位置的定位對我們的成長產生了重大影響。

In particular, what we shared in Q4 was that those markets that we've targeted are growing about double the rate of our core markets.

具體來說，我們在第四季度分享的是，我們所瞄準的市場的成長速度大約是我們核心市場的兩倍。

And to your question in terms of, how long does it take.

至於您問的需要多長時間。

I would say it depends on the specific market.

我想說這取決於具體的市場。

I think Brazil is a huge success case, and that's a market that we've been focused on in particular with adding brand marketing over the last two years, and we've been able to materially increase the scale of our business in that country in particular.

我認為巴西是一個非常成功的案例，過去兩年我們一直專注於這個市場，並增加了品牌行銷，而且我們已經能夠大幅擴大在該國的業務規模。

I think there's other markets that maybe the duration for building scale will take longer.

我認為其他市場可能需要更長的時間來形成規模。

Country that I would put in that category would be Japan, which is a market that we just commenced our brand marketing in Q4, and we're starting at a lower base of domestic awareness.

我認為屬於這一類別的國家是日本，我們在第四季度才剛開始在該市場開展品牌行銷，而且我們的國內知名度還較低。

So each of our targeted markets, we have to factor in where the market is, the level of awareness and consideration we have among local travelers, and the level of product optimizations we need to make to make sure that we are appropriately addressing the local audience.

因此，對於我們的每個目標市場，我們都必須考慮市場在哪裡、當地旅客對我們的認知和考慮程度，以及我們需要進行的產品優化水平，以確保我們能夠適當地滿足當地受眾的需求。

So your second question is around our investments in launching and scaling the new businesses.

您的第二個問題是關於我們在啟動和擴大新業務方面的投資。

As the letter details, we're planning to spend approximately $200 million to $250 million this year.

正如信中詳細說明的，我們計劃今年花費約 2 億至 2.5 億美元。

And you should see the bulk of that investment hit both our marketing line and our product development line items.

您應該會看到，大部分投資都投向我們的行銷線和產品開發線專案。

Just to give a little bit more color here.

只是為了在這裡多提供一點色彩。

In terms of marketing, we will obviously be spending to build up the teams to drive the supply operations around those new offerings.

在行銷方面，我們顯然將投入資金來組建團隊，推動圍繞這些新產品的供應運作。

We will also be investing behind awareness of the new products and demand generation.

我們也將投資於新產品的知名度和需求的產生。

And then on the product side, we will be slightly increasing our pace of headcount growth across our development organization such that we can move more quickly across our roadmap and support these new businesses.

然後在產品方面，我們將略微加快整個開發組織的員工人數成長速度，以便我們能夠更快地完成我們的路線圖並支援這些新業務。

Richard Clarke, Bernstein.

理查克拉克，伯恩斯坦。

Hi, thanks for taking my questions.

你好，謝謝你回答我的問題。

I just want to ask about the launch we've seen of Agentic AI out there.

我只是想問一下我們所看到的 Agentic AI 的發布情況。

I think Airbnb avoided some of the volatility that some of your peers had, but are you leaning into those operators or are you confident you can kind of control the AI flow through the Airbnb platform?

我認為 Airbnb 避免了一些同行所面臨的波動，但您是否傾向於那些運營商，或者您是否有信心能夠透過 Airbnb 平台控制人工智慧流程？

Hey, Richard, yeah.

嘿，理查德，是的。

Here's what I think about AI.

以下是我對人工智慧的看法。

I think it's still really early.

我認為現在還為時過早。

It's probably similar to like the mid to late 90s for the internet.

這可能與 90 年代中後期的網路情況類似。

So I think it's going to have a profound impact on travel, but I don't think it's yet fundamentally changed for any of the large travel platforms.

所以我認為這將對旅遊業產生深遠的影響，但我認為對於任何大型旅遊平台來說，它還沒有根本性的改變。

And so, we want to be the leading company for AI enabled traveling and eventually living.

因此，我們希望成為人工智慧旅行和最終生活的領先公司。

And I'll just talk about a little about how we're going to do that.

我將簡單談一下我們將如何做到這一點。

So most companies what they're actually doing is they're doing integration of these other platforms on trip planning.

因此，大多數公司實際上正在做的是將這些其他平台整合到旅行計劃中。

But the trip planning, it's still early.

不過行程規劃，還早。

I don't think it's quite ready for prime time.

我認為它還沒有準備好在黃金時段播出。

We're actually choosing a totally different approach, which is we're actually starting with customer service.

我們實際上選擇了一種完全不同的方法，那就是從客戶服務開始。

So later this year we're going to be rolling out as part of our summer release, AI powered customer support.

因此，今年晚些時候，我們將作為夏季發布的一部分推出人工智慧客戶支援服務。

As you imagine, we get millions of contacts every year.

正如您所想像的，我們每年都會收到數百萬個聯絡人。

AI can do an incredible job of customer service, can speak every language 24/7.

人工智慧可以出色地完成客戶服務工作，可以全天候地說每一種語言。

They can read a corpus of thousands of pages of documents.

他們可以閱讀數千頁的文獻資料。

And so we're starting with customer support.

因此，我們從客戶支援開始。

And over the coming years, what we're going to do is we're going to take that AI power customer service agent and we're going to bring it into essentially Airbnb search to eventually graduate to be a travel and living concierge.

在未來的幾年裡，我們將把這個人工智慧客服代理引入 Airbnb 搜尋中，最終使其成為旅行和生活禮賓服務。

I think it's a really exciting time in the space because you've seen like with DeepSeek and and more competition with models is, models are getting cheaper or nearly free.

我認為這是一個非常令人興奮的時刻，因為你已經看到 DeepSeek 以及模型的競爭越來越激烈，模型變得越來越便宜或幾乎免費。

They're getting faster and they're getting more intelligent.

它們的速度越來越快，也越來越聰明。

And there are for all purposes starting to get monetized.

並且所有目的都開始實現貨幣化。

What I think that means is a lot of value is going to accrue to the platforms and ultimately, I think, the best platforms, the best applications are going to be the ones that like most accrue the value from AI and I think we're going to be the one to do that with traveling and living.

我認為這意味著很多價值將會集中在平台身上，最終，我認為最好的平台、最好的應用程式將會是最能從人工智慧中獲得價值的平台、最好的應用程序，我認為我們將在旅行和生活中做到這一點。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克‧謝裡丹 (Eric Sheridan)。

Thanks so much for taking the question.

非常感謝您回答這個問題。

Maybe just one quick follow up, Brian, and then if I could ask a follow up.

也許只需要快速跟進一下，布萊恩，然後我是否可以問一個跟進問題。

With respect to the AI, I appreciate your answer with respect to outward looking and how it might change the landscape.

關於人工智慧，我很欣賞您對外部視角以及它如何改變格局的答案。

What do you think the potential is internally to apply AI for efficiencies inside the company and create an additional layer of potential?

您認為在公司內部應用人工智慧來提高效率並創造額外潛力的潛力是什麼？

Margin efficiency and or free cash flow conversion in the years ahead.

未來幾年的邊際效率和/或自由現金流轉換。

And then in terms of the way you guys framed the year with exiting at a higher margin trajectory post some of the investments you called out, will there be any change or thought about how your capital allocation process might evolve as you move through 2025?

那麼，就你們如何規劃這一年，如何在你們提到的一些投資之後以更高的利潤率退出，到 2025 年，你們的資本配置流程會如何演變，或者會有什麼變化或想法嗎？

Thanks so much.

非常感謝。

All right, hey Eric.

好的，嘿，埃里克。

I'll answer the efficiency bit.

我來回答一下關於效率的問題。

Ellie, take the second part.

艾莉，接第二部。

Yeah, there's like a couple like efficiencies that you could imagine in Airbnb.

是的，Airbnb 的效率確實可以達到你想像的程度。

One, is obviously customer service.

第一，顯然是客戶服務。

I think that's like one of the biggest ones.

我認為這是最大的問題之一。

I've kind of already covered that, but I think that's like a massive change for Airbnb.

我已經報道過這個了，但我認為這對 Airbnb 來說是一個巨大的變化。

The other I assume you refer to is essentially engineering productivity.

我想您提到的另一個本質上是工程生產力。

We are seeing some productivity gains.

我們看到了生產力的一些提高。

I've talked to a lot of other tech CEOs, and here's what I've heard talking to other like tech CEOs.

我與許多其他科技公司的 CEO 進行過交談，以下是我與其他類似科技公司的 CEO 交談時聽到的內容。

Most of them haven't seen a material like, change in engineering productivity.

他們中的大多數人還沒有看到工程生產力發生實質的變化。

Most of the engineers are using AI tools.

大多數工程師都在使用AI工具。

They're seeing some productivity.

他們看到了一些生產力。

I don't think it's flowing to like a fundamental step change in productivity yet.

我認為它還沒有發生生產力的根本性變化。

I think a lot of us believe in some kind of medium term of a few years.

我想我們很多人都相信幾年的中期目標。

You could easily see like a 30% increase in technology and engineering productivity and then of course, beyond that, I mean, I think it could be like an order of magnitude more productivity because -- but that's going to be like down the road.

您可以輕鬆看到技術和工程生產力提高了 30%，當然，除此之外，我的意思是，我認為生產力可能會提高一個數量級，因為——但那將是未來的事。

And I think that's going to be something that almost all companies benefit from.

我認為幾乎所有公司都會從中受益。

I think the kind of younger, more innovative startup like companies might benefit a little bit more because they'll have engineers that are more likely to adopt the tools, that's probably pretty important, but I think this is what I'm hearing from other people and we're pretty much having the same experience.

我認為那些更年輕、更具創新性的新創公司可能會受益更多，因為他們的工程師更有可能採用這些工具，這可能非常重要，但我認為這是我從其他人那裡聽到的，我們幾乎有著相同的經歷。

Eric, to answer your question with regards to the capital allocation strategy.

艾瑞克，回答你關於資本配置策略的問題。

I would say, no meaningful change in terms of strategy.

我想說，從策略角度來說沒有什麼有意義的改變。

What we've stated consistently over the last two years is that the capital allocation strategy includes, one, obviously investing in our cooper operations.

我們在過去兩年中一直強調的是，資本配置策略顯然包括投資我們的銅業務。

Second, value in M&A where there's relevant opportunities and, three, returning capital to shareholders.

第二，在有相關機會的併購中實現價值；第三，向股東返還資本。

Obviously, given the strength of our balance sheet as well as our world class free cash flow margins, we have the capital to do all three.

顯然，鑑於我們資產負債表的強勁以及我們世界一流的自由現金流利潤率，我們有足夠的資本來完成這三項工作。

You can see from our '25 guidance that we are leaning in through the P&L in terms of investing slightly more in terms of the corporations and in particular new businesses, and then from a returning capital to shareholders, you should look at the volume of repurchase activity in '24 as a guide with regard to the magnitude in '25.

從我們的'25年指引中您可以看到，我們正傾向於透過損益表對公司特別是新業務進行稍微多一點的投資，然後從向股東返還的資本來看，您應該查看'24年的回購活動量，作為'25年規模的指導。

I would expect us to be slightly price sensitive and to dial up the quarterly repurchasing based on the underlying stock price.

我預計我們會對價格稍微敏感一些，並根據基礎股票價格增加季度回購量。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great, thank you very much.

太好了，非常感謝。

Brian, could you teeth out how you're thinking about the pace of product innovation versus the past?

布萊恩，您能否詳細闡述與過去相比，您如何看待現在的產品創新速度？

It sounds like this new tech stack should be beneficial to product velocity.

聽起來這個新的技術堆疊應該有利於產品速度。

So I'm curious where you saw friction points on the prior tech stack and how you think this new tech stack really positions you to execute on those growth initiatives you outlined at the start.

所以我很好奇，您在之前的技術堆疊中看到了哪些摩擦點，以及您認為這種新的技術堆疊如何真正幫助您執行您在開始時概述的那些增長計劃。

Thank you.

謝謝。

Yeah, hey, Justin.

是的，嘿，賈斯汀。

I mean this tech sack probably, like this project probably started, frankly 6 years ago, if I'm not mistaken.

我的意思是，如果我沒記錯的話，這個技術包可能，就像這個專案可能，坦白說是 6 年前就開始了。

So this has been a very long thing.

所以這是一個非常漫長的事情。

We've been doing it for quite a long time.

我們已經這麼做很久了。

I think the big milestone is that like, most of the work is now complete and you're going to see this year like almost every part of the application is going to be essentially rebuilt from the ground up.

我認為最大的里程碑是，大部分工作現在已經完成，今年你會看到應用程式的幾乎每個部分都將從頭開始重建。

What you've seen is like we've done 535 upgrades.

您所看到的就像我們完成了 535 次升級。

The vast majority of those upgrades have actually been in the last two years.

事實上，絕大多數升級都是在過去兩年內完成的。

So every year, we are increasing the throughput of features and upgrades.

因此，每年我們都在增加功能和升級的吞吐量。

This summer release is going to be significantly larger than past ones and I expect the ones after that will be larger.

這次夏季發布的版本將比以往的版本規模大得多，我預計之後的版本規模也會更大。

So, it's just basically what it's going to lead to is the fewer engineers being able to basically shift features faster.

所以，這基本上會導致更少的工程師能夠更快地轉變功能。

And so there's a pretty huge gain here.

因此這裡的收益相當巨大。

So I think, I think what you should expect is this year we're going to launch significantly more upgrades than last year and every year it should increase.

所以我認為，你應該預料到，今年我們推出的升級將比去年多得多，而且每年都應該有所增加。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

Great, thanks for taking my questions.

太好了，謝謝您回答我的問題。

A good guide, guys.

你們這群人，真是個好導遊。

Just two questions.

僅兩個問題。

One, so Brian, as you're thinking about sort of the new products and new use cases to come from the some of the growth opportunities launching in May, can you just talk us through some of the larger points of friction or opportunities high level that you see from a guest and a host perspective you're looking to address with some of these products.

首先，布萊恩，當您考慮 5 月推出的一些成長機會所帶來的新產品和新用例時，您能否從客人和主人的角度向我們介紹一下您希望透過這些產品解決的一些較大的摩擦點或高層次的機會。

And then the second one, Ellie on the full year margin guide, the at least 34%.

然後第二個，艾莉關於全年利潤率的指引是至少 34%。

Can you just sort of walk us through how you're thinking about the contribution from the investments in the back half?

您能否向我們介紹一下您對於下半年投資貢獻的看法？

How are you sort of gauging the origin markets versus the expansion markets sort of growth throughout the year and as you kind of tumble through the comps for the margin guide?

您如何衡量原產市場與擴張市場全年的成長情況，以及如何透過比較來獲得利潤指南？

Yeah, hey, Brian.

是的，嘿，布萊恩。

I will -- and are you asking just to clarify the first, this is specifically friction points for new products and services, not products optimizations, correct?

我會的——你只是想澄清第一個問題，這是新產品和服務的具體摩擦點，而不是產品優化，對嗎？

That's right, yeah, so the $200 million to $250 million, the new businesses you want to.

是的，2 億到 2.5 億美元是您想要的新業務。

Yeah, so, let me just back up and just give you a little bit of our philosophy.

是的，那麼，讓我回顧一下並向您介紹一些我們的理念。

We spent the last like 4-, 5 years really trying to get to this moment where we can prepare for the next chapter of Airbnb.

過去四、五年來，我們一直在努力為 Airbnb 的下一篇章做好準備。

What we did, as I said is we built the tech stack from the ground up.

正如我所說，我們所做的是從頭開始建立技術堆疊。

We listened to guests and host feedback, made over 500 upgrades.

我們聽取了房客和房東的回饋，進行了 500 多次升級。

We built this new business organization that Dave is now leading.

我們建立了這個新的商業組織，目前由戴夫領導。

We've become obviously, went from break even to quite profitable.

顯然，我們已經從收支平衡轉為相當獲利。

And so I think we're now ready for this next platform, next chapter to expand beyond our core where Airbnb is just a place to stay.

所以我認為我們現在已經為下一個平台、下一個篇章做好了準備，將 Airbnb 拓展到我們的核心領域，而 Airbnb 不僅僅是一個住宿的地方。

And to do that, here's a couple of philosophies, a couple principles we have in our philosophy I'll share, and I'll tell you a little about the friction.

為了做到這一點，我將分享我們的一些哲學思想和一些哲學原則，並向你們簡單介紹一下摩擦。

Number one, I think we can do this quite efficiently because we are not going to launch separate apps or separate brands.

首先，我認為我們可以非常有效地做到這一點，因為我們不會推出單獨的應用程式或單獨的品牌。

We're going to have one app, one brand, the Airbnb app.

我們將推出一款應用程式、一個品牌，即 Airbnb 應用程式。

We want the Airbnb app kind of similar to Amazon, to be one place to go for all of your traveling and living needs.

我們希望 Airbnb 應用程式類似於亞馬遜，成為滿足您所有旅行和生活需求的一個地方。

A place to stay is just really frankly a very small part of the overall equation.

坦白說，住處只是整個方程式中很小的一部分。

Every new business we launch, we'd like to be strong enough, it could stand alone, but it makes the core business stronger.

我們推出的每一項新業務，都希望足夠強大，它可以獨立存在，但它可以使核心業務更加強大。

I think that each business could take 3- to 5 years to scale.

我認為每項業務可能需要3到5年的時間才能擴大規模。

A great business could get to a billion dollars of revenue.

一個偉大的企業可以實現十億美元的收入。

It doesn't mean all of them will, and you should be able to expect like, one or a couple businesses to launch every single year for the next 5 years.

這並不意味著所有企業都會這樣做，你應該能夠預見到，在未來 5 年內，每年都會有一家或幾家企業成立。

We're going to start initially with things very closely adjacent to travel.

我們將首先從與旅行密切相關的事情開始。

So, when people book an Airbnb, there's a lot of like experiences and services and other things that would make their stay more special and it would even include things they wouldn't think to search for.

因此，當人們預訂 Airbnb 時，會有很多體驗、服務和其他東西讓他們的住宿更加特別，甚至包括他們不會想到要搜尋的東西。

And from there, we're just going to keep expanding and we're going to expand out to more host services to enable them to become better hosts and then eventually we'll move it further and further away from our core.

從那時起，我們將繼續擴張，並將擴展到更多的主機服務，使他們能夠成為更好的主機，然後最終我們將使其離我們的核心越來越遠。

I think like maybe the analogy of Amazon is a really good one which is to say they started with books.

我覺得也許亞馬遜的比喻很恰當，也就是說他們是從書本開始的。

The nearest adjacency to books was DVDs and CDs back when people bought physical media, and then they went to like, I don't know, maybe toys and other things and eventually they end up with fashion and pretty soon they were doing things pretty far adjacent from media and books.

當人們購買實體媒體時，與書籍最接近的東西是 DVD 和 CD，然後他們轉向諸如玩具和其他東西之類的東西，最終他們轉向時尚，很快他們就做的事情就與媒體和書籍相差甚遠了。

So we're going to probably follow that path.

因此我們可能會遵循這條路徑。

So we're going to really start adjacent to travel, and part of the reason why is a traveler booking a home, what else would they want to book?

因此，我們將真正從旅行開始，旅行者預訂房屋的部分原因在於，他們還想預訂什麼？

And the other great thing is that we offer these other experience and services that could potentially bring in new guests that then book more homes in Airbnb.

另一件很棒的事情是，我們提供其他體驗和服務，可能會吸引新客人，然後在 Airbnb 上預訂更多房屋。

And I think one of the ultimate goals is, Airbnb is used by like I think 1.6 billion devices a year, so it's got a pretty big volume of users.

我認為最終目標之一是，每年有大約 16 億台設備使用 Airbnb，因此它的用戶量相當大。

But we're not a very frequently used app.

但我們不是一款經常使用的應用程式。

People typically use this once or twice a year, and I would love for Airbnb one day for people to use this once or twice a week.

人們通常每年使用一兩次，我希望 Airbnb 有一天能讓人們每週使用一兩次。

And so that's kind of one of the goals over the long term.

這是我們長期的目標之一。

Great.

偉大的。

Brian, let me talk a little bit about margins over the course of the year.

布萊恩，讓我來談談今年的利潤率。

So to restate, or just reiterate the guidance that we provided for the full year, we're going to invest $200 million to $250 million in terms of launching and scaling the new businesses.

因此，重申或只是重申我們為全年提供的指導，我們將在啟動和擴大新業務方面投資 2 億至 2.5 億美元。

We anticipate that the negative impact to margin from those investments will be heavily weighted in Q1 through Q3, whereas the revenue obviously won't pick up until we've launched those new products at the end of Q2, and so we would assume that the benefit from that list would really be concentrated in terms of our exit rate of Q4.

我們預計這些投資對利潤率的負面影響將在第一季到第三季顯現，而收入顯然要等到我們在第二季末推出這些新產品後才會回升，因此我們認為該名單帶來的好處實際上將集中在我們第四季的退出率。

But more broadly, I think that the takeaway from our guide is that even with that investment level, we're obviously maintaining extremely strong, healthy margins for our core business, and obviously the global floor on EBITDA gets you to that number.

但從更廣泛的角度來看，我認為從我們的指南中可以得出的結論是，即使在這樣的投資水平下，我們的核心業務顯然仍保持著非常強勁、健康的利潤率，而且顯然全球 EBITDA 的底線可以讓你達到這個數字。

I think in terms of the general question of comps, I think the most notable comp, I would say noise is what we described in the letter with regard to Q1.

我認為，就一般的比較問題而言，我認為最值得注意的比較，我會說噪音是我們在關於第一季的信中所描述的。

It's obviously in the letter, but just to restate it here, Q1 revenue will be heavily impacted by both the FX headwinds as well as the calendar changes vis a vis or relative to 2024.

這顯然是在信中說的，但在這裡重申一下，第一季的收入將受到外匯逆風以及相對於 2024 年的日曆變化的嚴重影響。

That will impact not just revenue but also Q1 EBITDA.

這不僅會影響收入，還會影響第一季的 EBITDA。

We've called that out in the letter just to highlight that absent those pieces, Q1, EBITDA margins would actually be relatively flat.

我們在信中提到這一點只是為了強調，如果沒有這些因素，第一季的 EBITDA 利潤率實際上會相對穩定。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Great, thanks for taking the question.

太好了，謝謝您回答這個問題。

Brian, I wanted to ask a little bit more on the Here & Now.

布萊恩，我想多問一些有關此時此刻的問題。

In the letter, you talked about recent product enhancements around search and better merchandizing.

在信中，您談到了有關搜尋和更好的商品推銷的最新產品改進。

I'd love to hear your thoughts on what you're finding, what you're seeing with search and merchandizing and learnings there to help inform these newer experiences and products that are coming down the pike.

我很想聽聽你們的想法，關於你們的發現、你們對搜尋和商品推銷的看法以及你們從中獲得的經驗，以幫助你們了解即將推出的更新的體驗和產品。

And then the next question is just on nights and experiences both to the acceleration this quarter.

下一個問題是關於本季的夜晚和經歷的加速。

Talk to us about the contribution between just the broader travel market being relatively healthy and these newer products that are launching like Co-Hosting or Experiences or the Next 9.

請與我們談談更廣泛的旅遊市場相對健康以及這些新產品的推出（如 Co-Hosting 或 Experiences 或 Next 9）之間的貢獻。

Thank you.

謝謝。

Yeah, hey, Ron, I'll take the first.

是的，嘿，羅恩，我選第一個。

So yeah, when you think about the Here & Now, we call this out in our letter really around product optimizations.

是的，當您考慮當前情況時，我們在信中確實提到了這一點，並且確實圍繞產品優化。

And Ron, I'll kind of just let us start like three parts.

羅恩，我讓我們從三個部分開始。

Step one, people come to Airbnb.

第一步，人們來到 Airbnb。

It's really, we have a huge amount of traffic.

確實，我們的流量非常大。

We have nearly 5 billion visitors a year.

我們每年有近50億遊客。

And so it's really important that like when people come to Airbnb, they're able to find the right Airbnb for them.

因此，當人們來到 Airbnb 時，能夠找到適合自己的 Airbnb 就非常重要。

So we've done a lot around, like we introduced a personalized welcome tour.

因此我們做了很多舉措，例如推出了個人化的歡迎之旅。

Again, people use Airbnb only a couple times a year, so it's really important to orient them.

再次強調，人們每年只使用 Airbnb 幾次，因此引導他們使用 Airbnb 非常重要。

So we've got this welcome tour, this personalized every person.

因此，我們組織了這次歡迎之旅，為每個人提供個人化服務。

Based on your past searches, we suggest destinations that we think you're going to be interested in.

根據您過去的搜索，我們會推薦我們認為您會感興趣的目的地。

Based on past filters, we offer up those filters as essentially like quick filters to apply.

根據過去的過濾器，我們提供的這些過濾器本質上就像可以應用的快速過濾器一樣。

We've also found that, this is probably obvious, but our mobile app converts significantly higher than our mobile website and so we've been pushing to get more people to download our mobile app and now in Q4, mobile bookings represented 60% of our overall bookings up from I think 55% the year before.

我們還發現，這可能很明顯，但我們的行動應用程式的轉換率明顯高於我們的行動網站，因此我們一直在努力讓更多的人下載我們的行動應用程序，現在在第四季度，行動預訂占我們整體預訂的 60%，高於去年同期的 55%。

Our checkout page, this sounds like a simple thing, but the checkout page, the page to pay, not to check out Airbnb, the page to pay.

我們的結帳頁面，這聽起來很簡單，但結帳頁面，付款頁面，而不是結帳 Airbnb 的付款頁面。

It was really long, and we found that if you make it shorter, simpler, that leads to a massive increase in conversion.

它確實很長，但我們發現，如果讓它變得更短、更簡單，轉換率就會大幅提高。

Now I'm just giving you a couple examples.

現在我僅給你舉幾個例子。

There's really a long list of dozens and dozens of things, and again, a 100-basis point increase on a GBV of $80 billion, you're going to be soon approaching like $100 million dollar optimization just one at a time for some of these really big efforts.

這確實是一個很長的清單，包含幾十項內容，而且，再說一次，在 800 億美元的 GBV 上增加 100 個基點，對於這些真正重大的努力，你很快就會逐一實現 1 億美元的優化。

So once you find an Airbnb, it's important that that Airbnb is affordable.

因此，一旦你找到 Airbnb，重要的是確保其價格合理。

And affordability is in our DNA.

價格實惠已融入我們的 DNA。

So we've made a lot of improvements around affordability that have also increased optimization, like showing the total price display, when guests toggle on total price display, that includes all fees, including cleaning fees.

因此，我們在可負擔性方面做出了很多改進，同時也增加了優化，例如顯示總價，當客人切換總價顯示時，其中包括所有費用，包括清潔費。

We see that people are booking higher value Airbnbs.

我們發現人們正在預訂價值更高的 Airbnb。

We've also created a lot of tools for hosts whether it's weekly, monthly discounts, price tips, search tips.

我們也為房東創建了許多工具，無論是每週、每月的折扣、價格提示或搜尋提示。

All these things are essentially efforts to make Airbnb more affordable and it's working because during 2024, hotel prices were up year to year, while comparable Airbnb listings were down year to year in price.

所有這些措施本質上都是為了讓 Airbnb 變得更實惠，而且它正在發揮作用，因為在 2024 年，酒店價格逐年上漲，而同類 Airbnb 房源的價格卻逐年下降。

So we're making progress.

所以我們正在取得進展。

And the last thing is if you find the Airbnb, it's a good price, it's still really important that it's of high quality.

最後一點是，如果你找到了 Airbnb，而且價格合理，那麼品質高仍然非常重要。

For every person who books an Airbnb, about 9 people book a hotel.

每有一個人預訂 Airbnb，就有大約 9 個人預訂飯店。

And so if we do, around 500 million nights a year and we got the extra hotel guests to use Airbnb, we go from 500 million nights to a billion room nights.

如果我們這樣做，每年大約有 5 億個房間，並且有額外的飯店房客使用 Airbnb，那麼我們的房間總數將從 5 億個房間增加到 10 億個房間。

So that's a really big opportunity.

所以這是一個非常大的機會。

And we think the number one way to do that is to improve the reliability and quality of our service, especially your hosts.

我們認為實現這一目標的首要方法是提高我們服務的可靠性和質量，尤其是您的主機。

So the way to do that is elevate the best and cut the bottom.

所以要做到這一點，方法就是提升最好的，削減最低的。

So we introduced guest favorites in October 2023.

因此，我們在 2023 年 10 月推出了嘉賓最愛。

It's now gotten 250 million nights booked.

目前，其預訂晚數已達 2.5 億。

If you book a guest favorite, customer service rates are down, trip issues are down, guest net promoter is up, cancellations are down, so it's really great.

如果您預訂了客人最喜歡的行程，客戶服務費就會下降，旅行問題就會減少，客人淨推薦值就會上升，取消率就會下降，所以這真的很棒。

We also, since April 2023, we introduced a new host quality system and removed 400,000 listings that don't meet our or meet/don't meet our guest expectations.

我們也自 2023 年 4 月起推出了新的房東品質系統，並刪除了 40 萬個不符合我們或滿足/不符合我們房客期望的房源。

So Ron, those are essentially the three levers.

所以羅恩，這基本上就是三個槓桿。

We have usability, making it easier for people to find the listing by increasing conversion, affordability, getting prices to be better and more competitive, and then reliability and quality of the service.

我們具有可用性，透過提高轉換率、可負擔性、使價格更優惠、更具競爭力以及服務的可靠性和質量，使人們更容易找到清單。

So again, we've made hundreds of updates over the past few years on these, but these are just a couple of callouts.

再說一次，我們在過去幾年中對這些內容進行了數百次更新，但這些只是一些補充。

And Ron, to ask your question in terms of quantifying the Q4 demand, I would say obviously we benefited from organic tailwinds across the industry, but in addition to that, all of the product optimizations that Brian shared from our testing of those improvements, we estimate the exit rate growth rate for our business was lifted by a couple 100 basis points due to those improvements, and we see it through improvements in our booking conversion.

羅恩，關於量化第四季度需求的問題，我想說，我們顯然受益於整個行業的有機順風，但除此之外，布萊恩從我們對這些改進的測試中分享的所有產品優化，我們估計，由於這些改進，我們業務的退出率增長率提升了幾百個基點，而且我們通過預訂轉換率的提高看到了這一點。

James Lee, Mizuho.

詹姆斯李（James Lee），瑞穗。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

I'm sorry I joined the call a little bit late, so I apologize my question has been repeated.

很抱歉我加入電話會議有點晚了，所以我的問題重複了，我很抱歉。

Two questions here.

這裡有兩個問題。

One on experiences.

一個是關於經驗。

Can you guys talk about maybe some of the frictions you're able to resolve in the upcoming launch, and any indication that you can give us on the confidence of successful launch this time.

你們能否談談在即將進行的發布中能夠解決的一些摩擦，以及任何跡象表明你們能給我們這次成功發布的信心。

And secondly, I just want to double click on Brian's commentary on beyond the court.

其次，我只想雙擊布萊恩對球場之外的評論。

Are you thinking about maybe some sort of concierge service, meaning like grocery shopping, access to spa, to gym, maybe some kind of access to recreation.

您是否考慮過某種禮賓服務，例如雜貨店購物、水療中心、健身房，或某種娛樂活動。

Is that what we should think about when we think about adjacency to travel?

當我們考慮鄰近旅行時，這就是我們應該考慮的事情嗎？

Thanks.

謝謝。

Yeah, I can handle this.

是的，我可以處理。

Hey, James.

嘿，詹姆斯。

So frictions you want to resolve with experiences.

因此，您希望透過經驗來解決摩擦。

Let's ask, what were some of the challenges the first time around.

讓我們問一下，第一次遇到了哪些挑戰。

Well, the first time around, I don't think we integrated experiences really well into the products.

嗯，第一次，我認為我們並沒有將體驗很好地融入產品中。

If you go to Airbnb.com or app right now, it's pretty hard to find them.

如果你現在訪問 Airbnb.com 或應用程序，會很難找到它們。

The second thing is that when you find the experiences, I don't think they were merchandized as compellingly as they could.

第二件事是，當你發現這些體驗時，我認為它們的商品化程度並沒有達到應有的程度。

Third, there weren't really a lot of integrations with social media.

第三，與社群媒體的整合其實不多。

I think social media is a great distribution channel.

我認為社群媒體是一個很好的分銷管道。

And fourth, I think we are completely rethinking the kind of supply we're going to have.

第四，我認為我們正在徹底重新考慮我們將擁有的供應類型。

I think it's going to be really compelling.

我認為這將會非常引人注目。

And then fifth, we didn't really market it that much, and I think this time, we're going to be a bit more aggressive in marketing them because we're really proud of the quality of product we have.

第五，我們實際上並沒有進行太多的行銷，我認為這一次，我們將更積極地進行行銷，因為我們對我們產品的品質感到非常自豪。

Confidence of how successful launch is going to be, I want to be measured in my response because, this is a second shot at it.

對於發射的成功，我有信心，我希望在我的反應中保持謹慎，因為這是第二次嘗試。

I am extremely confident that this product will be incredibly compelling though.

我非常有信心這款產品將會非常引人注目。

And so I think if people give it a shot, I think they're going to be really in love with the product because people really do actually like the current Airbnb experiences, and I think this one's going to be significantly better.

所以我認為如果人們嘗試一下，他們會真正愛上這個產品，因為人們確實喜歡當前的 Airbnb 體驗，而且我認為這個體驗會好得多。

I probably won't say much more.

我可能不會再多說。

Tune in in May and we're going to like -- I'll walk you through the entire product and the product launch.

請在五月收聽，我們將帶您了解整個產品和產品發布。

As far as adjacencies, yeah, I mean, there are dozens and dozens.

至於鄰接，是的，我的意思是，有幾十個。

I mean, if you got really granular hundreds of opportunities, endless.

我的意思是，如果你真的有數百個機會，那麼機會是無窮無盡的。

We could spend many years taking all the adjacencies to be able to travel somewhere and list them remember, like, 17%, 18% of our nights booked are longer term stays of more than 30 days, and that's going to become an even greater share of our business, I think down the road.

我們可能要花很多年的時間，把所有可以去某個地方旅行的鄰近地點都列出來，記住，我們預訂的夜晚中有 17% 到 18% 是超過 30 天的長期住宿，我認為，將來這會成為我們業務中更大的一部分。

And so if you think about what all the services need to travel or live somewhere.

所以如果你考慮去某個地方旅行或居住需要什麼所有的服務。

There's a lot of opportunities.

有很多機會。

Now the key is not to do them obviously all at once, to prioritize, to pick the most differentiated services guests want the most that are the most compelling on the opportunities from this standpoint and start from there.

現在的關鍵顯然是不要一次把所有事情都做完，而是要分清輕重緩急，選擇客人最想要的、最具差異化的服務，從這個角度來看，這些服務是最引人注目的，然後從那裡開始。

So we're not, I'm not going to go into too many more details, but stay tuned.

因此，我不會談論太多細節，但請繼續關注。

Jed Kelly, Oppenheimer.

傑德凱利、奧本海默。

Hey great thanks for taking my questions.

嘿，非常感謝您回答我的問題。

Just first, can you talk about as you kind of increase your reliability, where are you potentially partnering with some larger companies that might be able to provide these enhanced services.

首先，您能否談談，在提高可靠性的同時，您是否有可能與一些能夠提供這些增強服務的大型公司合作？

And then just circling back to North America, I mean how do you view that market opportunity?

然後回到北美，我的意思是您如何看待這個市場機會？

I know Room Nights accelerated mid single digits, but I'm sure you want it to grow faster.

我知道 Room Nights 的成長速度達到了中等個位數，但我相信您希望它能成長得更快。

So just how should we view the North American market?

那麼我們究竟該如何看待北美市場呢？

Thank you.

謝謝。

Yeah, why don't I start with partners.

是的，我為什麼不從合作夥伴開始呢？

I imagine eventually -- like Airbnb, first of all, we haven't done a lot of partnerships.

我最終想像——就像 Airbnb 一樣，首先，我們還沒有建立很多合作關係。

We historically have not had a robust business development or partnerships function, so most of our platform we built as kind of a little bit more of a closed ecosystem.

我們過去並沒有強大的業務發展或合作夥伴關係功能，因此我們建構的大多數平台都有點封閉的生態系統。

I imagine this next chapter of Airbnb is much more of an open ecosystem.

我想像 Airbnb 的下一章將會是一個更開放的生態系統。

And if you think about the really large tech platforms, they're kind of ecosystems essentially, and they're ecosystems that partner with other companies and developers to build on their platform.

如果你考慮真正大型的技術平台，它們本質上是一種生態系統，它們是與其他公司和開發人員合作在其平台上建構的生態系統。

And Airbnb is the kind of company where there are quite literally thousands of companies like cleaning companies, key exchange, like grocery companies, like there's all sorts of companies built on top of the Airbnb, especially local businesses.

Airbnb 就是這樣一家公司，上面有成千上萬家公司，例如清潔公司、鑰匙交換公司、雜貨公司，還有各種各樣的公司建立在 Airbnb 之上，尤其是本地企業。

So I think that Airbnb, there is a play to the ecosystem where we could partner with local companies and global brands.

所以我認為 Airbnb 可以發揮生態系統的作用，我們可以與當地公司和全球品牌合作。

So we are absolutely thinking about that.

所以我們絕對正在考慮這個問題。

It's not the first thing we would do.

這不是我們要做的第一件事。

We'd probably start with kind of first party before we go to third party, but third-party integrations is incredibly compelling because why not like allow the world to build an Airbnb?

我們可能會先從第一方開始，然後再考慮第三方，但第三方整合非常引人注目，因為為什麼不允許世界建立一個 Airbnb 呢？

We don't need to build a future by ourselves.

我們不需要獨自創造未來。

Okay.

好的。

Just to talk a little bit about North America.

我只是稍微談論一下北美。

So, one, to just call out the trends that we saw in the back half of the year, North America, like all other regions, accelerated from Q3 to Q4.

因此，首先，我們來看看下半年看到的趨勢，北美和所有其他地區一樣，從第三季到第四季呈現加速成長。

What I would say about the state of play in North America is we believe we can grow faster than we are growing today.

關於北美的現狀，我想說的是，我們相信我們的成長速度可以比現在更快。

And why is that?

這是為什麼呢？

I would say one is North America, despite the scale that we've been able to achieve in North America, is still a market dominated by hotels.

我想說的是北美，儘管我們在北美已經達到了一定的規模，但北美仍然是一個以酒店為主的市場。

Our business continues to be a fraction of the overall lodging industry, and there's plenty of room to grow short term rental in particular, our business relative to hotels as compared to what it looks like in other regions.

我們的業務仍然只佔整個住宿業的一小部分，與其他地區相比，我們的業務相對於酒店而言，尤其是短期租賃，還有很大的成長空間。

I would say second, we've mentioned this in prior calls.

我想說的是，我們在之前的電話會議中提到過這一點。

We look across the states and identify that there's several demos that we just frankly don't do as well as we do in other demos.

我們縱觀各州並發現，在幾個演示中我們做得確實不如其他演示。

The ones that we've called out in particular would be the Latino population, the kind of crossover heartland states outside of the coast, and those are areas that we continue to work to drive penetration and increase consideration.

我們特別關注的是拉丁裔人口，即沿海地區以外的跨中心地帶州，我們將繼續努力在這些地區推動滲透並增加考慮因素。

Douglas Anmuth, JPMorgan.

摩根大通的道格拉斯‧安穆斯 (Douglas Anmuth)。

Thanks for taking the questions.

感謝您回答這些問題。

Brian, can you just talk about in what markets or for what kind of listings you're seeing the co-host network work best and what's really driving them to earn twice as much as other listings?

布萊恩，您能否談談在哪些市場或哪種房源中您認為聯合主辦網絡效果最好，以及真正促使他們賺取比其他房源多一倍收入的因素是什麼？

And then Ellie, I'm just curious where you might be finding the most traction in managing the cost structure to make room for some of these new investments coming up.

然後艾莉，我只是好奇您可能在哪裡找到管理成本結構的最大牽引力，為即將到來的一些新投資騰出空間。

Thanks.

謝謝。

Hey, Doug, Co-Host network, just to give people a little bit of background on the Co-Host network.

嘿，Doug，Co-Host 網絡，只是想給大家介紹一下 Co-Host 網路的背景。

We did a bunch of surveys, and we talked to a lot of perspective hosts.

我們做了大量調查，並與許多潛在主持人進行了交談。

And here's the stat that surprised us.

以下是令我們感到驚訝的數據。

More than 40% of people we surveyed say they would be interested in sharing their home on Airbnb, but the biggest obstacle to them doing that was that they felt like it was a lot of work.

我們調查的超過 40％ 的人表示他們有興趣在 Airbnb 上分享自己的住房，但他們這樣做的最大障礙是他們覺得這需要做很多工作。

We also noticed there were a lot of people that were hosting Airbnb that would like to expand, but they don't have another home to put on Airbnb.

我們也注意到，許多 Airbnb 房東都想擴大規模，但他們沒有其他房屋可以在 Airbnb 上出租。

And see that what if we created a marketplace to match people with extra time with people that have homes, and that is the Co-Host network.

看看如果我們創建一個市場來將有空閒時間的人與有房子的人匹配起來會怎麼樣，這就是 Co-Host 網路。

The reason why the Co-Host listings are so much productive, they make about twice as much revenue listings managed by Co-Host and other listings is because we only invited top hosts on Airbnb to become Co-Host.

聯合房東房源之所以如此高效，其收入大約是聯合房東管理的房源和其他房源的兩倍，是因為我們只邀請了 Airbnb 上的頂級房東成為聯合房東。

So the average rating for a Co-Host Airbnb is significantly higher.

因此，Airbnb 聯合主持人的平均分數明顯較高。

The majority of listings managed by Co-Host, I believe, are guests 85% help manage a guest favorite. 75% of Co-Host are actually super hosts.

我相信，Co-Host 管理的大多數房源都是客人幫忙管理的，85% 是房客最喜歡的。 75% 的 Co-Host 實際上是超級房東。

We launched in 10 countries with 10,000 Co-Host.

我們的業務範圍已覆蓋 10 個國家，擁有 10,000 名聯合主持人。

Those countries were, I think it was Australia, Brazil, Canada, France, Germany, Italy, Mexico, Spain, UK, and US.

我認為這些國家是澳洲、巴西、加拿大、法國、德國、義大利、墨西哥、西班牙、英國和美國。

So it was those 10 countries, and that's it.

所以就是那 10 個國家，就是這樣。

And since we've, and the average Co-Host has an exceptional rating of 4.87, that's a really good rating.

而且由於我們的平均共同主持人評分為 4.87，所以這是一個非常好的分數。

So that was like 4 months ago, 5 months ago.

那大概是 4 個月前或 5 個月前的事了。

Today, we went from 10,000 Co-Host to 15,000 Co-Host.

今天，我們的聯合主持人人數從 10,000 人增加到了 15,000 人。

We now have 100,000 listings under management.

我們目前管理 100,000 個清單。

The next plan is to expand to Asia.

下一步計劃是擴展到亞洲。

So the two countries we're focused on are Japan and Korea and we'll give you updates as that progresses.

因此，我們重點關注的兩個國家是日本和韓國，我們將隨時向您提供最新消息。

Great.

偉大的。

And Doug to talk about margins in terms of where there's opportunity for incremental efficiencies, just to restate our margin guide, every year we will be looking to invest in new growth opportunities while also finding incremental efficiencies in our core business.

道格將從提高效率的機會角度來談論利潤率，重申我們的利潤率指南，每年我們都將尋求投資新的成長機會，同時也尋找提高核心業務效率的途徑。

In terms of '25 and the outlook there, I would say there's incremental opportunities across our variable costs.

就'25和那裡的前景而言，我想說我們的可變成本存在增量機會。

So areas like payment processing and customer service opportunities to just be frankly, a little bit more efficient and to deliver some margin expansion there.

因此，坦白說，支付處理和客戶服務機會等領域會變得更有效率，並能擴大利潤。

Similarly, we continue to be extremely disciplined with our G&A expenses and headcount growth, allowing for some margin expansion there as well.

同樣，我們繼續嚴格控制一般行政費用和員工人數成長，以便也能實現利潤率的擴大。

And then on the marketing line item, in '24 we did increase our overall market intensity over the course of the year because we saw opportunities to lean into our current plan for '25 plans for a flat percent of revenue for the core business focused on marketing.

然後在行銷項目上，在'24年我們確實在一年內增加了我們的整體市場強度，因為我們看到了依靠我們目前的'25計劃的機會，即為專注於營銷的核心業務提供固定百分比的收入。

Lee Horowitz, Deutsche Bank.

德意志銀行的李‧霍洛維茲 (Lee Horowitz)。

Great, thanks for taking the question.

太好了，謝謝您回答這個問題。

Maybe just on some of the growth markets.

或許只是針對一些成長型市場。

You guys highlighted some really healthy growth rates in these expansion regions and obviously put up nice numbers in the 4Q.

你們強調了這些擴張地區的一些真正健康的成長率，並且在第四季度顯然取得了不錯的成績。

But as we look out to the first quarter, night's growth is sort of reverting back to what you did for much of '24.

但展望第一季度，夜間業務的成長似乎已經恢復到了 2024 年大部分時間的水平。

So can you maybe help us unpack why the success you're seeing in some of these regions is not necessarily pulling up the overall growth rate in the first quarter.

那麼，您能否幫助我們解釋一下，為什麼這些地區的成功並不一定能拉動第一季的整體成長率？

And then maybe relatedly to the marketing comments you just made in terms of it being sort of flat year on year, I guess how do we maybe put together the pieces of marketing intensity, perhaps flat year on year with a number of different growth regions still out there that are probably not quite as large as you want at this point.

然後可能與您剛才提到的行銷評論有關，即行銷強度同比持平，我想我們如何將行銷強度的各個部分放在一起，也許同比持平，但仍有許多不同的成長區域，這些區域可能還沒有您現在想要的那麼大。

Like do you no longer really have to invest in them or have you reached sort of an investment sort of threshold on those or you start to get leverage on the investments that you've made in those regions?

例如，您是否不再需要對它們進行投資，或者您是否已經達到了某種投資門檻，或者您是否開始對您在這些地區的投資產生槓桿作用？

How come they don't necessarily need more marketing dollars to deleverage next year?

為什麼他們不一定需要更多的行銷資金來在明年降低槓桿？

Thanks so much.

非常感謝。

Sure, let me start with the latter question.

當然，讓我先回答後面一個問題。

So if you think about how we've been managing our overall marketing dollars, the majority of the spend is on brand marketing, and the way to think about brand marketing is that it is effectively a fixed amount of spend for each market in terms of the minimum amount that you need to spend for that market to be efficient.

因此，如果你考慮我們是如何管理整體行銷資金的，就會發現大部分支出都用在了品牌行銷上，而思考品牌行銷的方式是，它實際上是每個市場的固定支出，即為使該市場有效運作所需花費的最低金額。

And so it is not necessarily, a, one for one like performance marketing in terms of how you need to scale it up.

因此，就如何擴大規模而言，它不一定像績效行銷那樣是一對一的。

And so what we've done over the last couple of years is keep the growth of spending against our core markets relatively modest while adding on these incremental new markets and the incremental brand marketing dollars that it requires.

因此，過去幾年我們所做的就是保持針對核心市場的支出成長相對溫和，同時增加這些新增市場和所需的新增品牌行銷資金。

And so as we look forward to '25, the way that we're able to maintain strong growth in the core markets, but also incrementally invest in a higher level of market intensity for the expansion markets is not to grow the core market marketing spend faster than revenue.

因此，展望2025年，我們能夠維持核心市場強勁成長，同時逐步投資於擴張市場的更高市場強度的方式是不讓核心行銷支出的成長速度快於收入的成長速度。

And that the way we're able to do that is our lack of strong reliance on perform marketing, which would be entirely variable.

我們之所以能夠做到這一點，是因為我們不太依賴績效行銷，因為績效行銷是完全可變的。

Instead, in a market like the US, we have a base fixed amount that is dedicated to brand, on top of which we surgically add performance marketing.

相反，在像美國這樣的市場，我們有一個專門用於品牌的基本固定金額，在此基礎上我們精準地添加績效行銷。

And so the broad takeaway should be that in particular, in our core markets because they are so heavily reliant on brands, we are not adding dollar for dollar as revenue increases and therefore the marketing budget is allowed to expand and be more heavily dedicated to expansion markets.

因此，總體而言，特別是在我們的核心市場，由於它們嚴重依賴品牌，我們不會隨著收入的增加而增加一美元，因此允許行銷預算擴大，並更多地用於擴張市場。

Justin Post, BofA.

美國銀行的賈斯汀·波斯特（Justin Post）。

Great, thanks for a couple of questions.

非常好，謝謝你提問的幾個問題。

Looks like we've already covered it.

看起來我們已經討論過了。

US accelerated.

美國加速。

Looking back, what might have pressured the growth rates, and on a macro level, and do you see those pressures changing this year?

回顧過去，什麼因素可能對成長率造成壓力？

And then, maybe Ellie you could talk a little bit about the take rates contemplated in your outlook.

然後，艾莉，也許你可以談談你在展望中考慮的利率。

What are some of the positives and negatives for take rates?

對於接受率來說，有哪些正面和負面的影響？

Thank you.

謝謝。

Yes, certainly.

是的，當然。

So let's talk a little bit about North America in terms of what 2024 looked like.

那麼讓我們來談談 2024 年北美的前景。

You'll recall this past summer, North America in particular, we saw at the beginning of the summer peak that there was a pretty material contraction in terms of lead times, which made booking's growth in Q3 relatively muted.

您會記得，尤其是在去年夏天，北美，我們看到在夏季高峰期開始時，交貨時間出現了相當大的收縮，這使得第三季度的預訂量增長相對溫和。

I think the question at the time was, is this a signal of weakening demand or is this a signal of simply a little bit of a volatility in terms of consumer behavior, when people book their next trip?

我認為當時的問題是，這是需求減弱的訊號，還是只是消費者在預訂下一次旅行時行為出現一點波動的訊號？

What we found at the end of Q3 and consistent with our Q3 results that that played through with Q4 is that that volatility and kind of muted bookings growth we saw over the summer was somewhat temporal and those folks who were, somewhat on the sidelines in terms of making their future bookings in the summer came back to us in the fall and did indeed make those bookings.

我們在第三季末發現，並且與我們的第三季度結果一致，第四季度的波動性和預訂量增長放緩在某種程度上是暫時的，那些在夏季未來預訂方面有些觀望的人在秋季又回到了我們這裡，並且確實進行了預訂。

I think subsequent to that, we've certainly seen that past the initial uncertainty leading into the election, the consumer and in particularly the North American consumer has been strong and in particular has been strong in terms of contemplating future travel.

我認為在此之後，我們確實看到，在經歷了大選前的最初不確定性之後，消費者、特別是北美消費者的態度一直很強勁，特別是在考慮未來旅行方面。

In terms of take rates, if we play back last year, let's talk about the puts and takes for last year and how they impact the take rate for 2025.

就接受率而言，如果我們回顧去年，讓我們來談談去年的看跌和接受情況以及它們如何影響 2025 年的接受率。

So as you'll recall, we introduced an FX service fee mid 2024.

您可能還記得，我們​​在 2024 年中期推出了外匯服務費。

That service fee is approximately 100 basis points applied to 20% of our GBV.

該服務費約 100 個基點，占我們 GBV 的 20%。

So on an annualized basis, you would assume that it would lift the implied take rate by about 20 basis points.

因此，以年率計算，你會認為它將使隱含的利率提高約 20 個基點。

It did that.

它確實這麼做了。

However, in Q3, we had some offsets, and in Q4 we also had some offsets.

然而，在第三季度，我們遇到了一些偏移，在第四季度也遇到了一些偏移。

So specifically, in Q3 we had elevated make goods which come in as a contra revenue and offset the lift we received from the FX service fees.

具體來說，在第三季度，我們增加了商品產量，作為對銷收入，抵銷了外匯服務費帶來的成長。

And then fast forward to the last quarter, the offset was a hard comp from some benefits we got to revenue in Q4 of '23 associated with breakage of gift cards.

然後快轉到上一季度，抵銷金額是來自我們在 23 年第四季因禮品卡破損而獲得的一些收益的硬性補償。

So fast forward to '25, we don't anticipate any of those similar one-offs that will offset the benefit we get from the FX service fee.

快進到 25 年，我們預計不會有任何類似的一次性事件抵消我們從外匯服務費中獲得的收益。

And so instead for full year '25, you should assume that the implied take rate gets the full benefit of 20 basis points increase on a year to year basis as compared to '24.

因此，對於 25 年全年，您應該假設隱含的接受率與 24 年相比，逐年增加 20 個基點。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Thank you.

謝謝。

Two if I may.

如果可以的話，兩個。

First, just on the expense side, maybe Ellie, could you talk a little bit looking beyond '25, how do you think about the fixed investments you've made to prepare for the product launches in '25?

首先，僅從費用方面來說，艾莉，您能否談一談對25年以後的看法，您如何看待為25年產品發布做準備而進行的固定投資？

How should we think about that fixed versus variable component and be in '26 and beyond?

我們該如何看待固定部分與可變部分，以及如何應對 26 年及以後的情況？

And then second maybe for Brian, you talked about how there's still opportunity in North America and the bookings of alternative accommodations relative to hotels and still it's very heavily weighed to hotels.

其次，對於布萊恩來說，您談到了北美仍然有機會，相對於酒店而言，替代住宿的預訂仍然對酒店非常重要。

Could you talk about some of the elements you think that that could change that kind of price to value equation for consumers, especially in maybe in urban markets where alternative accommodations have had tougher time gaining share versus vacation markets where you picked up a ton of share.

您能否談談您認為可能改變消費者價格與價值等式的一些因素，尤其是在城市市場中，替代性住宿更難獲得份額，而度假市場則獲得了大量份額。

Thank you.

謝謝。

So let me talk about the product investments.

那麼讓我來談談產品投資。

Brian has shared that and in the letter, we shared that we've spent the last couple of years effectively rebuilding the tech stack.

布萊恩已經分享了這一點，並且在信中，我們分享了我們在過去幾年中有效地重建技術堆疊的過程。

And so I would say, while that work is not fully complete, a lot of it is behind us.

所以我想說，儘管這項工作尚未完全完成，但許多工作已經完成了。

So I think from an investor standpoint, you should be excited that most of the hard work has been done in terms of rebuilding the tech stack and and frankly modernizing our app that sets us up well to now turn our product roadmap towards supporting these new services as well as continuing to perfecting the core service.

因此，我認為從投資者的角度來看，你應該感到興奮，因為在重建技術堆疊和坦率地更新我們的應用程式方面，大部分艱苦的工作已經完成，這為我們現在可以將產品路線圖轉向支持這些新服務以及繼續完善核心服務做好了準備。

So what that means from an expense perspective is that on the go forward, we can increasingly dedicate our product resources to those consumer facing growth additive features that, obviously the consumer benefits from.

因此，從費用角度來看，這意味著在未來，我們可以越來越多地將我們的產品資源投入到面向消費者的成長附加功能上，消費者顯然會從中受益。

Hey, Ken.

嘿，肯。

Just on your question, a couple of things.

關於你的問題，有幾件事。

So with regards -- let's focus on North American urban markets that are very heavily dominated by hotels.

因此，讓我們專注於酒店主導的北美城市市場。

The vast majority of people going to study in North America are staying in a hotel, which is good for us and so far that there's so much room to grow.

去北美留學的絕大多數人都住在飯店，這對我們來說是件好事，而且到目前為止還有很大的發展空間。

So what's the value equation?

那麼價值方程式是什麼呢？

It's really 4 things.

其實是四件事。

Why do people book hotels?

人們為什麼預訂飯店？

Well, the first reason they book a hotel is because it's pretty frictionless to book.

他們預訂酒店的第一個原因是因為預訂過程非常輕鬆。

That's why we've been working on all those product authorizations, especially usability to make it easier to book an Airbnb.

這就是我們一直致力於所有這些產品授權的原因，特別是可用性，以便更輕鬆地預訂 Airbnb。

The second is they know what they're going to get, whether you like the hotel or not, you kind of know what to expect.

第二，他們知道自己會得到什麼，不管你是否喜歡這家飯店，你都知道會得到什麼。

And so that's why we've been focused a lot on reliability.

這就是我們如此重視可靠性的原因。

We're going to do a lot more on reliability and quality.

我們將在可靠性和品質方面做更多工作。

And third, hotels offer a suite of services on-premise, but we think there's obviously endless services that could be offered on Airbnb.

第三，飯店提供一系列店內服務，但我們認為 Airbnb 可以提供的服務顯然是無窮無盡的。

And then finally, I think affordability is the reason you book Airbnb.

最後，我認為經濟實惠是您預訂 Airbnb 的原因。

In fact, we have a campaign we've been running.

事實上，我們一直在進行一項活動。

Some trips are better than Airbnb, and it's been incredibly successful.

有些旅行比 Airbnb 更好，而且它已經取得了巨大的成功。

It highlights the difference between Airbnb and hotels, and it basically says we're not saying we're better than hotels for every trip, but if you're traveling with other people, it's almost always better and almost always significantly more affordable on Airbnb.

它突出了 Airbnb 與酒店之間的區別，基本上說，我們並不是說我們在每一次旅行中都比酒店更好，但如果你和其他人一起旅行，Airbnb 幾乎總是更好，而且幾乎總是更實惠。

So just tend to like back to zoom out.

因此只是傾向於喜歡縮小。

I believe, I don't know when this will happen, but I do believe there's probably a tipping point where a whole bunch of guests that don't consider Airbnb or use it only for maybe non-urban markets or for really large group family travel but don't use it for business travel or urban markets.

我相信，我不知道這什麼時候會發生，但我確實相信可能存在一個臨界點，一大批客人不會考慮 Airbnb，或者只將其用於非城市市場或大型家庭團體旅行，但不會將其用於商務旅行或城市市場。

There's a tipping point where if we keep making the service more reliable, we add more services, we make it more affordable, even more frictionless.

有一個臨界點，如果我們不斷提高服務的可靠性，增加更多的服務，我們就會讓它變得更實惠，甚至更順暢。

Eventually there's a tipping point, and I think a lot of hotel travelers will come to Airbnb or use us for more of their share of wallet.

最終會有一個臨界點，我認為很多飯店旅客會選擇 Airbnb 或透過我們賺取更多的錢。

So I think I can't possibly predict when this will happen, but what I can predict is how much faster our service can improve, and that's going to happen over the coming years pretty quickly.

所以我認為我無法預測這何時會發生，但我可以預測我們的服務可以改善多少速度，而且這將在未來幾年內很快發生。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼（Kevin Kopelman），TD Cowen 公司。

Thanks.

謝謝。

Could you give us an update on how you're thinking about advertising services in your priority list as you're rolling out new businesses.

您能否向我們介紹一下在推出新業務時，您是如何考慮將廣告服務列入優先事項的？

Thanks.

謝謝。

Yeah, hey Kevin.

是的，嘿，凱文。

I think it's like almost every marketplace, that's successful has done this.

我認為幾乎每個成功的市場都是這樣做的。

We've looked at this.

我們已經看過了。

We definitely think this is easily a billion dollar revenue opportunity.

我們確信這是一個很容易達到十億美元的創收機會。

It's not a matter of if, it's a matter of when.

這不是一個是否會發生的問題，而是一個時間問題。

It's not the most perishable opportunity, so it's not something we'll be doing this year, but it's definitely something on the horizon.

這不是一個最容易消失的機會，所以這不是我們今年會做的事情，但這絕對是即將發生的事情。

Naved Khan, B. Riley Securities.

Naved Khan，B.Riley Securities。

Okay, thanks.

好的，謝謝。

Maybe just on the urban demand, Brian, and you talked about how a lot of people just book hotels.

也許只是關於城市需求，布萊恩，你談到了很多人只是預訂酒店。

Can you maybe touch on regulation and do you think, do you see movement there in terms of how that might become more favorable, especially larger cities like New York might start to open up, give us some thoughts there.

您能否談談監管問題？

And then if I have to think about regulation maybe at a bigger scale, so, I think Europe has been pretty heavy on regulation, especially on the larger platforms.

如果我必須考慮更大規模的監管，那麼我認為歐洲的監管相當嚴格，特別是在較大的平台上。

Anything in terms of either becoming a deemed gatekeeper or not, just any parts that would be helpful.

無論是否成為視同守門人，任何事都可以，只要有幫助就好。

Thank you.

謝謝。

Yes.

是的。

Sure.

當然。

I'll take the first part, and I'll let Ellie take the second.

我負責第一部分，讓艾莉負責第二部。

With regards to regulation, let's just frame it.

關於監管，我們就來訂定一個框架吧。

So top 200 markets take compromise -- comprise the vast majority of revenue. 80% of those jurisdictions have regulations on the books for Airbnb, regulations as in they recognize us.

因此，前 200 個市場採取妥協措施——佔據了絕大部分收入。其中 80% 的司法管轄區都有針對 Airbnb 的法規，這些法規承認我們。

And we've now collect remitted around $13 billion in hotel ox by tax, and we have really a great history of partnering with cities.

現在，我們已透過稅收收取了約 130 億美元的酒店稅，並且我們與城市有著良好的合作歷史。

I think the trajectory for cities is increasingly, I think the -- when we first started, cities didn't really know what to make of us.

我認為城市的發展軌跡越來越——當我們剛開始時，城市真的不知道該如何對待我們。

This is like 10, 15 years ago.

這就像是10到15年前的事了。

I think some people thought Airbnb was a problem.

我認為有些人認為 Airbnb 是一個問題。

And I think increasingly, cities are thinking about us partners and they're thinking of us as a solution to their problems.

我認為，城市越來越多地將我們視為合作夥伴，將我們視為解決其問題的方案。

I'll just give a couple of examples.

我僅舉幾個例子。

Last summer, Paris had a really big problem.

去年夏天，巴黎遇到了一個大問題。

Many -- like millions of people were coming to Paris, and they didn't have hotels to put them in.

許多人——大概有數百萬人來到巴黎，但他們卻沒有旅館可以安置他們。

So Airbnb, we went from 100,000 to about 100,000 -- 150,000 homes partnering with the IOC Bonti Committee and the City of Paris, the French government.

因此，我們與國際奧委會 Bonti 委員會、巴黎市和法國政府合作，將 Airbnb 的住宿數量從 10 萬套增加到約 10 萬到 15 萬套。

We had great support.

我們得到了大力支持。

And we were able to house 700,000 guests in Paris during the Olympics.

我們在巴黎奧運期間能夠接待 70 萬名遊客。

Imagine that.

想像一下。

That's like more than 10 Olympic stadiums where the guests are staying in Airbnb.

這相當於有超過 10 個奧運場館的住客在 Airbnb 上住宿。

I think the Paris Olympics was so successful that the city of Milan and the city of LA are now looking at how we can be a solution for their challenges with compression nights during the Olympics.

我認為巴黎奧運非常成功，米蘭市和洛杉磯市現在正在研究如何解決奧運期間壓縮之夜帶來的挑戰。

And I think cities all over the world, they're looking at Airbnb as the solution to be able to accommodate guests for large events, where money goes into local communities.

我認為全世界的城市都將 Airbnb 視為容納大型活動賓客的解決方案，並將資金投入當地社區。

And it like limits hotels' ability to essentially create surge pricing.

這也限制了飯店制定高峰時定價的能力。

Another solution we've been is during times of disaster.

我們採取的另一種解決方案是在災難發生時。

There was a devastating LA fire that I'm sure you're all aware of about a month ago.

我相信你們都知道，大約一個月前洛杉磯發生了一場毀滅性的大火。

And a large number of people were displaced.

大量民眾流離失所。

Well, Airbnb and working with Airbnb New York housed more than 19,000 residents of Los Angeles that were displaced because of the fires.

Airbnb 及其與 Airbnb 紐約的合作為 19,000 多名因火災而流離失所的洛杉磯居民提供了住所。

And so I think, generally, the conclusion here is that I think we're developing some really great momentum.

因此我認為，總的來說，這裡的結論是，我認為我們正在形成一些非常好的動力。

I think cities are seeing us as a partner.

我認為城市將我們視為合作夥伴。

I think that New York City remains an outlier.

我認為紐約市仍然是一個例外。

They banned the majority of our business.

他們禁止了我們的大部分業務。

One year later -- sorry, one -- as of, I think, like last September, the last date I saw, rent -- they basically Airbnb with the idea that rents would go down.

一年後——抱歉，是一年——我想，例如去年九月，我看到的最後一個日期，租金——他們基本上是 Airbnb，認為租金會下降。

What we've seen is rents are down year-over-year.

我們看到的是租金逐年下降。

In fact, rents were up, I think, 3% year-over-year.

事實上，我認為租金比去年同期上漲了 3%。

There hasn't been meaningful supply housing stock going back in the market.

市場上的住房供應量尚未顯著回升。

And guess what happened to hotel prices.

猜猜看飯店價格會發生什麼變化？

They're actually up 7% year-over-year.

事實上，與去年同期相比，它們成長了 7%。

So I think New York is a cautionary tale.

所以我認為紐約是一個警世故事。

And I do not think cities are going to follow it.

我不認為城市會效法這一做法。

I think they're going to like to see us much more of a solution to a problem.

我想他們更希望看到我們能找到解決問題的方法。

And then just on your second question related to DMA, no real change here from last quarter.

然後關於您與 DMA 相關的第二個問題，與上一季相比沒有什麼實際變化。

It doesn't really apply to us.

但這並不適用於我們。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Thanks and good afternoon.

謝謝，下午好。

I guess two quick ones for me.

我想對我來說有兩個簡單的問題。

First off, I guess from a competitive standpoint, Brian, the tone of the letter comes across, I think, is quite a bit stronger in terms of leading the industry.

首先，布萊恩，我想從競爭的角度來看，這封信的語氣在引領行業方面要強烈得多。

So I'm curious if that's more the result of your performance to date or is that more about what's to come in terms of putting more distance between Airbnb and competitors.

所以我很好奇，這是否更多的是您迄今為止的表現的結果，還是更多地關乎 Airbnb 與競爭對手之間未來的發展。

And then secondly, on Experiences, I know we don't have the formal relaunch yet, although I enjoyed a nice food to your recently purchased the platform.

其次，關於體驗，我知道我們還沒有正式重新啟動，儘管我很喜歡您最近購買的平台的美味佳餚。

But just curious on the progress you're seeing in repopulating the marketplace or ingesting more and higher-quality Experiences before the relaunch.

但我只是好奇您在重新填充市場或在重新啟動之前吸收更多更高品質的體驗方面看到的進展。

Thank you.

謝謝。

Great, thanks, Colin.

太好了，謝謝，科林。

Just to give a little bit of update in terms of the competitive environment.

只是想就競爭環境提供一點最新情況。

What I would say is that our results in Q4 end 2024 support that we continue to gain market share on a year-over-year basis, both globally as well as at a regional level.

我想說的是，我們 2024 年第四季的業績證明，我們在全球和區域層面的市場份額將繼續逐年增長。

This is true both from a traffic share as well as a nights/day perspective.

無論是從交通份額還是從夜晚/白天的角度來看，都是如此。

And what we've seen of late is predominantly market share gains coming from hotels.

我們最近看到的是市場份額的成長主要是來自酒店業。

I think all the product improvements that Brian has shared throughout this call as well as the increases we've seen in terms of brand consideration have really been attracting more, frankly, classic hotel users to try our product and has allowed us to continue to gain market share.

我認為 Brian 在整個電話會議中所分享的所有產品改進以及我們在品牌考慮方面看到的增長確實吸引了更多的經典酒店用戶來嘗試我們的產品，並使我們能夠繼續獲得市場份額。

I think one of the underlying questions I'm sure people have is vis-a-vis Vrbo and their strong performance in Q4.

我認為人們存在的一個潛在問題是有關 Vrbo 及其在第四季度的強勁表現。

What I would say there is that Vrbo, obviously, had a very soft comp in terms of their business contracting in the US or globally in Q4 of '23.

我想說的是，Vrbo 在 2023 年第四季在美國或全球的業務收縮方面顯然表現不佳。

And in the last quarter, what we see is that the markets that we tend to compete against them in, in particular, nonurban US markets, it was actually one of our fastest-growing segments in the US.

在上個季度，我們發現，我們傾向於與他們競爭的市場，特別是美國非城市市場，實際上是我們在美國成長最快的細分市場之一。

So even in that comparison point, we feel like we're doing quite well.

因此，即使在那個比較點上，我們也覺得我們做得很好。

The other point I would make on the competitive front is that we continue to see that on the supply side, we are, number one, leading in terms of total supply growth.

在競爭方面我想說的另一點是，我們繼續看到，在供應方面，我們在總供應量成長方面處於領先地位。

And number two, in terms of the new listings coming online, the majority come to Airbnb and the majority are exclusive.

第二，就新上線的房源而言，大多數都是透過 Airbnb 發布的，而且大多數都是獨家發布的。

So further extending our differentiation with regard to both the breadth but also the differentiation of the supply that is key to the brand and key to the guest value proposition for Airbnb.

因此，我們進一步擴大了差異化，不僅在廣度上，而且在供應的差異化方面，這是 Airbnb 品牌的關鍵，也是 Airbnb 客人價值主張的關鍵。

John Colantuoni, Jefferies.

傑富瑞的約翰‧科蘭托尼 (John Colantuoni)。

Thanks so much for my questions.

非常感謝您的提問。

First one on conversion.

第一個關於轉換的。

When you look at how travelers interact with your booking experience and begin to think about how best to layer in new services over time, talk about how you're planning to evolve search and discovery to help balance steering users to your new services while simultaneously maintaining conversion on accommodations.

當您觀察旅客如何與您的預訂體驗互動，並開始思考如何隨著時間的推移最好地添加新服務時，請討論您計劃如何改進搜尋和發現功能，以幫助在引導用戶使用新服務與保持住宿轉換之間取得平衡。

And second, I'd be curious to get your perspective on the opportunity to use new services to create some flywheel effects by which maybe you're acquiring new customers through new products or driving more multiproduct bookings to help increase customer lifetime value.

其次，我很想知道您對利用新服務創造飛輪效應的看法，也許您可以透過新產品來吸引新客戶，或推動更多多產品預訂，以幫助提高客戶終身價值。

Thanks.

謝謝。

Yes.

是的。

So let's talk a little bit -- you asked about the conversion funnel and how we think about adding in new products.

那麼讓我們來談談吧—您問到轉換管道以及我們如何考慮添加新產品。

And I think the question is really how do you launch and merchandise new products while not creating some risk to your core offering.

我認為真正的問題在於如何推出和銷售新產品而不對你的核心產品造成風險。

And I think this goes to one of our key learnings in terms of the Experiences product that we've had historically versus what we want to put into market in the coming months.

我認為這是我們在體驗產品方面的重要經驗，我們過去擁有的產品與我們未來幾個月想要推出市場的產品相比。

And one of the insights there is that the kind of classic generalized traveler does not come to our side or any other site to book their entire trip.

我們的見解之一是，典型的普通旅行者不會透過我們或任何其他網站預訂整個行程。

Instead, they tend to book their airline, they tend to book their accommodations.

相反，他們傾向於預訂機票，預訂住宿。

Once they get through that, they're very relieved that, that is behind them.

一旦他們度過了難關，他們就會感到非常欣慰，因為這一切都已經過去了。

And they kind of sit on the sidelines for weeks or months in advance of the trip until they start thinking about what do I need to book to fill out my itinerary.

他們在旅行前幾週或幾個月就坐在旁邊，直到他們開始思考我需要預訂什麼來充實我的行程。

And so when we think about how to launch these new offerings, we want to be very mindful of the guest journey and to be very thoughtful with regard to both personalization and timing around what type of products are we merchandising to the customer at what point so that we can obviously have the best conversion impact by merchandising the right thing.

因此，當我們考慮如何推出這些新產品時，我們要非常注意客人的旅程，並在個人化和時間安排方面深思熟慮，考慮我們在什麼時候向客戶推銷什麼類型的產品，這樣我們才能透過推銷正確的產品獲得最佳的轉換效果。

In terms of the flywheel, I think as we have been considering what near-term and long-term future offerings will be, we're very focused on adding things to platform that not only will be solid businesses in and of themselves but also make the core offering better.

就飛輪而言，我認為，當我們考慮短期和長期的未來產品時，我們非常專注於為平台添加一些東西，這些東西不僅本身就是穩固的業務，而且還可以使核心產品更好。

So that is part of our criteria in terms of selecting new offerings.

所以這是我們選擇新產品的標準的一部分。

It's what if added to the platform would actually likely cause people to, one, book more frequently in terms of accommodation, but also come back to the app or the service on a more frequent basis than they do today because we have a variety of offerings that may work not just on their trip but also when they are in their home markets.

如果將它添加到平台上，實際上可能會導致人們首先更頻繁地預訂住宿，而且也會比現在更頻繁地回到應用程式或服務，因為我們有各種各樣的產品不僅適用於他們的旅行，也適用於他們的本土市場。

And that will conclude our Q&A session.

我們的問答環節到此結束。

I'll turn the call back over to Brian for any closing remarks.

我將把電話轉回給布萊恩，讓他做最後發言。

All right.

好的。

Well, thanks, everyone, for joining us today.

好吧，感謝大家今天的參與。

Just to recap, we ended 2024 with nights growth accelerating, an incredible momentum heading in to 2025.

回顧一下，我們在 2024 年結束時夜間住宿量成長加速，這一勢頭在 2025 年呈現出令人難以置信的成長勢頭。

Free cash flow was $4.5 billion for the year, representing a free cash flow margin of 40%.

全年自由現金流為 45 億美元，自由現金流利潤率為 40%。

And our strong balance sheet enabled us to repurchase $3.4 billion of common stock.

我們強勁的資產負債表使我們能夠回購價值 34 億美元的普通股。

I'm really proud of what we accomplished, but this is just the beginning. 2025 starts -- marks the start of Airbnb's next chapter.

我為我們所取得的成就感到非常自豪，但這只是一個開始。 2025年開始－標誌著Airbnb新篇章的開始。

All right.

好的。

Thank you all.

謝謝大家。

That concludes our call for today.

今天的通話到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。