Airbnb Inc (ABNB) 2025 Q1 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's earnings conference call for the first quarter of 2025. As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of Airbnb's website following this call.

下午好，感謝您參加 Airbnb 2025 年第一季財報電話會議。提醒一下，本次電話會議正在錄音，會議結束後可從 Airbnb 網站的投資人關係部分重播。

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

現在我將電話交給投資者關係總監 Angela Yang。請繼續。

Good afternoon, and welcome to Airbnb's First Quarter 2025 Earnings Call. Thank you for joining us today. On the call today, we have Airbnb's Co-Founder and CEO, Brian Chesky, and our Chief Financial Officer, Ellie Mertz. Earlier today, we issued a shareholder letter with our financial results and commentary for our first quarter of 2025. These items were also posted on the Investor Relations section of Airbnb's website. During the call, we'll make brief opening remarks and then spend the remainder of time on Q&A.

下午好，歡迎參加 Airbnb 2025 年第一季財報電話會議。感謝您今天加入我們。參加今天電話會議的有 Airbnb 聯合創始人兼執行長 Brian Chesky 和財務長 Ellie Mertz。今天早些時候，我們發布了一封股東信，其中包含我們 2025 年第一季的財務表現和評論。這些內容也發佈在 Airbnb 網站的投資者關係部分。在通話過程中，我們將做簡短的開場白，然後用剩餘的時間進行問答。

Before I turn it over to Brian, I would like to remind everyone that we will be making forward-looking statements on this call that involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described under forward-looking statements in our shareholder letter and in our most recent filings with the Securities and Exchange Commission. We urge you to consider these factors and remind you that we undertake no obligation to update information contained on this call to reflect subsequent events or circumstances. You should be aware that these statements should be considered estimates only and are not a guarantee of future performance.

在將發言權交給布萊恩之前，我想提醒大家，我們將在本次電話會議上做出前瞻性陳述，其中涉及許多風險和不確定性。由於各種因素，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。這些因素在我們致股東的信函和我們最近向美國證券交易委員會提交的文件中以前瞻性聲明的形式進行了描述。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。您應該知道，這些陳述僅應被視為估計，並不能保證未來的表現。

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 the 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，我們還將討論一些非公認會計準則財務指標。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。這些非公認會計準則 (non-GAAP) 指標並非旨在取代我們的公認會計準則 (GAAP) 結果。

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

說完，我就把電話轉給布萊恩。

Well, good afternoon, everyone, and thanks for joining. We had a strong start to 2025. In Q1, guests on Airbnb spent nearly $25 billion. These results show that no matter what's happening in the world, people continue to choose Airbnb. And that's because our model is inherently adaptable. It's something we've proven time and time again.

大家下午好，感謝大家的參與。我們為 2025 年開了個好頭。第一季度，Airbnb 上的房客消費近 250 億美元。這些結果表明，無論世界上發生什麼，人們仍然會選擇 Airbnb。這是因為我們的模型本質上具有適應性。我們已經一次又一次地證明了這一點。

We started Airbnb during the Great Recession of 2008. People turned us for a more affordable way to travel and they started hosting Airbnb to earn extra income. Then in 2020, when the pandemic hit, we provided a way for people to travel close to home. And as a result, our business quickly rebounded. And by the end of that year, we went public.

我們在 2008 年經濟衰退期間創立了 Airbnb。人們轉向我們尋求更實惠的旅行方式，他們開始透過 Airbnb 出租房屋賺取額外收入。然後在 2020 年，當疫情爆發時，我們為人們提供了一種在家附近出行的方式。結果，我們的業務迅速反彈。同年年底，我們就上市了。

Today, things feel uncertain once again. But just as we've shown in the past, as the world changes, Airbnb will continue to adapt. And that's because we have millions of hosts offering nearly every type of home at nearly every price point from budget to luxury in neighborhoods in cities all over the world. And for hosts, Airbnb remains a great way to earn meaningful income.

如今，情況再次變得不確定。但正如我們過去所展示的那樣，隨著世界的變化，Airbnb 將繼續適應。這是因為我們擁有數百萬房東，他們提供幾乎各種類型、從經濟型到豪華型等各種價位的住房，遍布世界各地城市的社區。對房東來說，Airbnb 仍然是賺取可觀收入的好方法。

Now before we get into Q1 results, I want to just talk for a moment about where we are as a company. We've been focused on driving long-term growth as well as preparing for Airbnb's next chapter when we'll offer more than a place to stay. And we've been laying the groundwork to make this transformation for years. And there are two key things we've done to get ready.

在我們討論第一季業績之前，我想先簡單談談我們公司的現況。我們一直專注於推動長期成長，並為 Airbnb 的下一個篇章做好準備，屆時我們將提供的不僅僅是住宿。多年來，我們一直在為實現這一轉變奠定基礎。為了做好準備，我們做了兩件關鍵的事。

First, we want to make sure that people love our core service before we launched anything new. So we spent the last few years rolling out hundreds of upgrades to make Airbnb better for guests and hosts. It's now easier to use, more affordable and more reliable. And just one example of this is the launch of Guest Favorites, which is a way for people to easily find the best places to stay on Airbnb. Since launch, over 350 million nights booked have been booked at Guest Favorites listings.

首先，我們希望確保在推出任何新產品之前人們喜歡我們的核心服務。因此，我們在過去幾年中推出了數百項升級，以使 Airbnb 更好地為房客和房東提供服務。現在它更易於使用、更實惠且更可靠。其中一個例子就是推出「賓客最愛」功能，它可以幫助人們輕鬆找到 Airbnb 上最佳的住宿地點。自推出以來，Guest Favorites 房源的預訂量已超過 3.5 億晚。

We've also worked hard to improve affordability and price transparency, which are especially top of mind for people today. When guests told us prices weren't transparent enough. We introduced a toggle that let them see the total price upfront. Over 17 million guests have used it over the past two years. And last month, we rolled out total price display globally. So now the price you see upfront includes all fees.

我們也努力提高可負擔性和價格透明度，這對當今的人們來說尤其重要。當客人告訴我們價格不夠透明。我們引入了一個開關，讓他們可以預先看到總價。過去兩年內已有超過 1700 萬名客人使用過它。上個月，我們在全球推出了總價顯示功能。因此，現在您看到的價格已包含所有費用。

But perfecting our core service wasn't enough. To expand beyond homes, we needed an app that could support new offering. Now until now, our app has really done one thing, which is it lets you book a home. So we rebuilt the app from the ground up on a new technology stack. And now we can innovate faster and offer much more than homes. So we're ready for Airbnb's next chapter. On Tuesday, May 13, we'll unveil the 2025 summer release, and you can visit our website that day to watch the announcement and see all the details.

但完善我們的核心服務還不夠。為了擴展到家庭以外的領域，我們需要一個可以支援新產品的應用程式。到目前為止，我們的應用程式確實做了一件事，那就是讓您預訂房屋。因此，我們基於新的技術堆疊從頭開始重建了該應用程式。現在我們可以更快地創新，提供的不僅僅是住房。我們已經為 Airbnb 的下一個篇章做好了準備。5 月 13 日星期二，我們將發布 2025 年夏季版本，您可以在當天訪問我們的網站觀看公告並了解所有詳細資訊。

So with that, I'm going to turn the call over to Ellie for our financial update.

因此，我將把電話轉給艾莉，讓她報告我們的財務更新。

Thanks, Brian, and good afternoon, everyone. I'll start with a review of our Q1 financial results, and then I'll walk through our outlook for Q2. As Brian mentioned, we had a strong first quarter. We had 143 million Nights and Experiences Booked, up 8% year-over-year. Looking at this year-over-year growth by region, Latin America grew in the low 20s, Asia Pacific grew in the mid-teens, Europe in the mid-single digits and North America in the low single digits.

謝謝，布萊恩，大家下午好。我將首先回顧我們的第一季財務業績，然後介紹我們對第二季的展望。正如布萊恩所提到的，我們第一季表現強勁。我們預訂了 1.43 億個夜晚和體驗，年增 8%。從各地區的年成長情況來看，拉丁美洲的成長率為 20% 出頭，亞太地區的成長率為 15% 左右，歐洲的成長率為個位數的中段，北美的成長率為個位數的低段。

Revenue for the quarter was $2.3 billion, up 6% year-over-year. If you exclude the impact of FX and calendar factors, revenue would have grown 11%. As a reminder, those calendar factors include Easter falling in Q1 2024 and the extra day from leap day last year. We generated $417 million of adjusted EBITDA, which represents an 18% margin.

本季營收為 23 億美元，年增 6%。如果排除外匯和日曆因素的影響，收入將成長 11%。提醒一下，這些日曆因素包括 2024 年第一季的復活節以及去年閏日的額外一天。我們的調整後 EBITDA 為 4.17 億美元，利潤率為 18%。

Next, I'll turn to our balance sheet and cash flow. We continue to generate significant cash in Q1, delivering $1.8 billion of free cash flow. Over the past 12 months, we've generated $4.4 billion, representing a free cash flow margin of 39%. At the end of Q1, we had $11.5 billion of corporate cash and investments as well as $9.2 billion of funds held on behalf of guests. Our strong balance sheet allowed us to repurchase $807 million of our common stock during the quarter. And at the end of Q1, we had $2.5 billion remaining on our repurchase authorization.

接下來，我將介紹我們的資產負債表和現金流。我們在第一季繼續產生大量現金，實現了 18 億美元的自由現金流。在過去的 12 個月中，我們創造了 44 億美元的收入，自由現金流利潤率為 39%。截至第一季末，我們擁有 115 億美元的企業現金和投資，以及 92 億美元的代表客人所持有的資金。我們強勁的資產負債表使我們能夠在本季回購價值 8.07 億美元的普通股。截至第一季末，我們的回購授權餘額還剩 25 億美元。

Now let's shift to our Q2 and full year 2025 outlook. Despite the recent volatility in the global economy, we believe we're positioned to deliver strong results in Q2. We expect to deliver revenue between $2.99 billion to $3.05 billion, representing 9% to 11% year-over-year growth. This includes a benefit of approximately 2 percentage points due to the timing of Easter.

現在讓我們轉向 2025 年第二季和全年的展望。儘管近期全球經濟波動，但我們相信我們有能力在第二季度取得強勁業績。我們預計營收將在 29.9 億美元至 30.5 億美元之間，年增 9% 至 11%。其中包括因復活節時間而帶來的約 2 個百分點的收益。

For Nights and Experiences Booked, we expect year-over-year growth in Q2 to moderate relative to Q1. So far in Q2, we saw strong guest demand for Easter travel in Europe and continued momentum in Latin America, which remains our fastest-growing region. In the US, we've seen relatively softer trends which we believe is largely driven by broader economic uncertainty.

對於預訂的住宿晚數和體驗數，我們預計第二季度的同比增長將相對於第一季有所放緩。截至目前，第二季度，我們看到歐洲遊客對復活節旅遊的需求強勁，拉丁美洲也持續保持成長勢頭，仍然是我們成長最快的地區。在美國，我們看到了相對疲軟的趨勢，我們認為這主要是由更廣泛的經濟不確定性所驅動。

On profitability, we expect adjusted EBITDA to increase year-over-year with adjusted EBITDA margin expected to be flat to slightly down compared to Q2 2024. Marketing expense will grow faster than revenue in Q2, mostly due to our upcoming summer release and investments in growth initiatives. For the full year, we continue to expect an adjusted EBITDA margin of at least 34.5%, in line with what we shared in February. Now that includes $200 million to $250 million of investment to launch and scale new businesses in 2025. These investments will have the biggest impact on our margins in the second half of the year since our new offerings go live on May 13. Now as these new businesses scale over the coming years, we expect them to be significant drivers of future revenue growth.

在獲利能力方面，我們預計調整後的 EBITDA 將年增，調整後的 EBITDA 利潤率預計將與 2024 年第二季持平或略有下降。行銷費用在第二季的成長速度將快於收入，這主要是由於我們即將在夏季發布的產品以及對成長計畫的投資。對於全年而言，我們繼續預期調整後的 EBITDA 利潤率至少為 34.5%，與我們 2 月的預測一致。現在，其中包括 2 億至 2.5 億美元的投資，用於在 2025 年啟動和擴大新業務。自 5 月 13 日我們的新產品上線以來，這些投資將對我們下半年的利潤率產生最大的影響。隨著這些新業務在未來幾年內不斷擴大，我們預計它們將成為未來營收成長的重要推動力。

Now looking ahead, our priorities remain consistent with last quarter. As a reminder, we're continuing to drive long-term growth and deliver market share gains through three key growth levers. First, we are perfecting our core service. As Brian mentioned, we've made significant -- we've made Airbnb significantly better for both guests and hosts. We've been driving growth from product improvements like enhanced search and better merchandising. One example is the newly redesigned Rare Find feature that better highlights popular high-quality listing. We also simplified our checkout page to make booking easier. These are just a few examples of the product optimizations that are contributing to our top line, but we know there's still more work to do.

展望未來，我們的優先事項與上個季度保持一致。提醒一下，我們將繼續透過三個關鍵成長槓桿來推動長期成長並實現市場份額成長。首先，我們正在完善我們的核心服務。正如 Brian 所提到的，我們已經取得了重大進展——我們讓 Airbnb 對房客和房東變得更好。我們一直透過增強搜尋和更好的商品推銷等產品改進來推動成長。一個例子是新設計的 Rare Find 功能，可以更好地突出流行的高品質清單。我們也簡化了結帳頁面，讓預訂更加容易。這些只是對我們的收入做出貢獻的產品優化的幾個例子，但我們知道還有更多工作要做。

Second, we are accelerating growth in global markets. We're taking a much more localized approach to product and marketing in underpenetrated markets around the world. This is a multiyear strategy, but we've already seen encouraging results. For the first -- fifth quarter in a row, growth in these expansion markets significantly outperformed our core markets. In fact, the average growth rate in Q1 in expansion markets was more than double that of our core markets. Brazil continues to lead the way. In Q1, origin nights in Brazil grew 27% and first-time bookers grew over 30%, both accelerated from Q4.

第二，我們正在加速全球市場的成長。我們在全球滲透率較低的市場中採取更在地化的產品和行銷方式。這是一項多年的策略，但我們已經看到了令人鼓舞的成果。連續第一個季度至第五個季度，這些擴張市場的成長明顯超過我們的核心市場。事實上，第一季擴張市場的平均成長率是我們核心市場的兩倍以上。巴西繼續保持領先地位。第一季度，巴西的出發夜數增加了 27%，首次預訂人數增加了 30% 以上，均比第四季有所成長。

Third, we are launching and scaling new offering. This begins on May 13. So expect more on that soon.

第三，我們正在推出和擴大新產品。這從 5 月 13 日開始。因此，請期待更多相關資訊。

Now to wrap up before we go to questions, we're staying close to geopolitical and macroeconomic uncertainty and monitoring any short-term impact they could have. As Brian mentioned in his remarks, we have an adaptable and diversified business that has been resilient during periods of uncertainty, most recently is COVID. Despite signs of near-term volatility, we remain focused on the long-term opportunity to both grow our core business and expand into new ones. We believe that our efficient operating model, financial strength and significant liquidity give us the ability to pursue these multiyear initiatives in the current environment.

在回答問題之前，我們先總結一下，我們將密切關注地緣政治和宏觀經濟的不確定性，並監測它們可能產生的任何短期影響。正如布萊恩在演講中提到的那樣，我們的業務適應性強、多元化，在不確定時期（最近一次是 COVID）表現出了韌性。儘管近期出現波動跡象，但我們仍將專注於長期機遇，以發展核心業務並拓展新業務。我們相信，我們高效率的營運模式、財務實力和充足的流動性使我們有能力在當前環境下推行這些多年計畫。

And with that, I will open it up to Q&A.

接下來我將開始問答環節。

(Operator Instructions) Justin Post, Bank of America.

（操作員指示）美國銀行賈斯汀·波斯特 (Justin Post)。

I wonder if you could expand a little bit on the letter on travel corridor changes. Are you seeing any differences in like total volumes of bookings from corridor changes like in Europe, and I know you already mentioned Canada, is that driving any change for you? And then do you think there's any market share impact in the US? Or do you think you're holding in your share is just that the whole kind of country is a little depressed?

我想知道您是否可以稍微詳細說明一下有關旅行走廊變化的信函。您是否看到歐洲等航線變化帶來的預訂總量有任何差異，我知道您已經提到了加拿大，這會給您帶來什麼變化嗎？那麼您認為這會對美國的市場佔有率產生影響嗎？還是您認為您所承擔的責任只是因為整個國家都有些蕭條？

Great. Brian, why don't I take this. Let me first talk a little bit about travel corridors. And in particular, you mentioned Canada, we called it out in the letter. Let me tell you a little bit about what we are seeing in particular with regard to the inbound quarter to the US. We absolutely have seen a decline in popularity of foreign travelers coming to the US. What we have seen is that number one, it's less popular to come to the US from a year ago, also relative to the beginning of the year.

偉大的。布萊恩，我為什麼不接受這個？我先簡單談一下旅行走廊。特別是，您提到了加拿大，我們在信中也提到了這一點。讓我向您稍微介紹一下我們所看到的有關美國入境遊客的具體情況。我們確實看到來美國的外國遊客數量下降。我們看到的是，首先，與一年前相比，前往美國旅遊的遊客人數有所減少，與今年年初相比也是如此。

And what we're seeing in that segment is two things. One is that, that segment is a very small portion of our overall business. As a reminder, US travel is predominantly domestic. And as a result, that corridor of foreign travelers coming to the US is approximately 2% to 3% of our overall business. So it's frankly not quite material.

我們在該片段中看到兩件事。一是，該部分僅占我們整體業務的一小部分。提醒一下，美國旅行主要是國內旅行。因此，前往美國的外國遊客約占我們整體業務的 2% 至 3%。所以坦白說，這並不那麼重要。

At the same time, what we're seeing is within that corridor, guests who would have in a prior year come to the US are simply choosing a different location. So I think Canada is the most obvious example where we see Canadians are traveling at a much lower rate to the US but they're traveling more domestically, they are traveling to Mexico, they are going to Brazil, they're going to France, they're going to Japan.

同時，我們看到的是，在這條走廊裡，前一年來美國的客人只是選擇了不同的地點。所以我認為加拿大是最明顯的例子，我們看到加拿大人前往美國的次數要少得多，但他們在國內旅行的次數更多，他們前往墨西哥、巴西、法國、日本。

And I think what you tell -- what that tells you about the distribution is that in this moment, it's not necessarily that people don't want to travel. They are just using different destinations. And Airbnb as a platform, given our distributed supply, it provides an adaptable way for them to find a new location. So that's the comment I would say on the corridors.

我認為，您所說的話——關於分佈的情況表明，在此刻，人們並不一定不想旅行。他們只是使用不同的目的地。Airbnb 作為一個平台，考慮到我們的分散式供應，它為他們提供了一種靈活的方式來尋找新的位置。這是我對走廊的評論。

In terms of market share in the US, I would say that we continue to have very strong market share in the US. We are not seeing any losses of market share, much to the contrary, we continue to gain market share in the US. But we do see generally that as a market, North America for the last several quarters has been the slowest grower across the industry.

就美國市場份額而言，我想說我們在美國繼續擁有非常強大的市場份額。我們沒有看到任何市場份額的損失，相反，我們在美國繼續獲得市場份額。但我們確實普遍看到，作為一個市場，北美在過去幾季一直是整個產業成長最慢的市場。

Richard Clarke, Bernstein.

理查克拉克，伯恩斯坦。

Just wanted to delve a little bit into what is the behavior you're actually seeing from the US guest to slow down? Is it delayed booking windows? Is it higher cancellation rates, shorter trips, trading down? Some nature of what you're actually seeing? And I guess we've heard some of maybe a few travel companies that things got a little bit better towards the end of April. Are you seeing that? Is there any sort of light at the end of the tunnel there with regard to bookings picking up in the last few days or weeks?

只是想深入了解您實際上看到的美國客人放慢速度的行為是什麼？預訂視窗是否延遲了？是取消率更高、行程更短、消費水準下降嗎？您實際看到的事物的本質是什麼？我想我們已經聽到一些旅遊公司的消息，四月底的情況有所改善。你看到了嗎？過去幾天或幾週內預訂量回升的跡像是否預示著一些曙光？

Yes. Thanks for the question, Richard. So let me double click. I just talked about the quarter that is inbound to the US. Let me talk now about what we're seeing with regard to US domestic travel, which, again, is the lion's share of overall US destination.

是的。謝謝你的提問，理查德。因此讓我雙擊。我剛才談到了進入美國的這個季度。現在讓我來談談我們所看到的美國國內旅遊情況，美國國內旅遊佔據了美國整體旅遊目的地的最大份額。

A couple of things to comment on. One is we are seeing the higher-income traveler somewhat unimpacted by the current macro conditions. We see, in particular, the higher ADRs of our bookings, the growth is very stable and very healthy for the US traveler.

有幾件事需要評論一下。一是我們發現高收入旅行者基本上不受當前宏觀環境的影響。我們看到，我們的預訂的 ADR 特別高，對於美國遊客來說，成長非常穩定且非常健康。

In terms of lead times, we're seeing something else. We're seeing that the short lead times so that would be bookings that are just around the corner, that could be in two days or a week or two weeks. We're seeing relatively strong growth there, whereas in the longer lead times and in particular, those bookings that are for more than, say, a month out, that is where we're seeing the relative softness. And so I think what you take from that double-click in terms of the lead times is that we do have some US consumers that are waiting and seeing before they book their summer travel.

就交貨時間而言，我們看到了其他情況。我們看到交貨時間很短，所以預訂很快就會完成，可能是兩天、一周或兩週。我們看到那裡的成長相對強勁，而在較長的交貨期內，特別是那些超過一個月的預訂，我們看到的是相對疲軟。因此，我認為從交貨時間來看，我們確實有一些美國消費者在預訂夏季旅行之前正在觀望。

And I think the one thing that gives us some amount of comfort in terms of seeing the weakness at those longer lead times is that we have seen movements in terms of lead time shift many times in the past. I think the most recent to call out was last summer, where we saw in June and July, a truncation of lead times, somewhat similar to what we're seeing today. And what we saw then is that people waited for a while, but they did end up booking that trip. It was just closer to the check-in day. So that's something that we're obviously monitoring quite closely, both globally but also in particular to the US as we believe the US is obviously the most impacted by a lot of the headline noise currently.

我認為，在看到較長交貨期的弱點方面，讓我們感到些許安慰的一件事是，我們過去已經多次看到交貨期的變化。我認為最近一次發出警告是在去年夏天，我們在六月和七月看到交貨時間縮短，有點類似我們今天看到的情況。我們當時看到的是，人們等了一段時間，但最終還是預訂了那次旅行。此時距離入住日期已經越來越近了。因此，我們顯然正在密切關注這個問題，不僅關注全球，也特別關注美國，因為我們認為美國顯然是目前受大量頭條新聞影響最大的國家。

The one thing I would also add is we haven't particularly seen consumers trade down in terms of choose a lower ADR booking or a shorter trip that has not been any behavior that we've seen.

我還要補充一點，我們還沒有看到消費者選擇較低 ADR 預訂或較短行程等降級行為，我們還沒有看到這樣的行為。

Mark Mahaney, Evercore ISI.

馬克‧馬哈尼 (Mark Mahaney)，Evercore ISI。

I wanted to ask about what you think are the best chances for reaccelerating your units, your Nights and Experiences. And if we just leave aside experiences for now, like what in terms of the core accommodations unit growth, I think you're investing to get back to double-digit unit growth. And of the different things you're rolling out, co-hosting, is it really leading into the expansion markets? Is there something else? Maybe marketing? What are those -- do you -- are you counting on to be most impactful in order to get that recovery back to double-digit nights growth?

我想問一下，您認為重新加速您的單位、您的夜晚和經驗的最佳機會是什麼。如果我們暫時拋開經驗，例如就核心住宿單位成長而言，我認為你們的投資是為了恢復兩位數的單位成長。你們推出的各種合作項目，例如共同主辦，是否真的能開拓擴張市場？還有別的事嗎？也許是行銷？為了讓票房恢復到兩位數的成長，您認為哪些因素最有影響力？

Mark, I'll take this. So yes, I guess I would just say, we think we're just scratching the surface of how much bigger our core business could be. And there's no reason to think it could not be double the size that it is today. And then the question is, well, what would you have to believe? I think the first thing we want to do is to continue to perfect the core service.

馬克，我接受這個。所以是的，我想我只想說，我們認為我們只是觸及了核心業務規模的表面。並且沒有理由認為它的規模不可能是現在的兩倍。那麼問題是，你必須相信什麼？我認為我們要做的第一件事就是繼續完善核心服務。

To do that, we really have to do three things. We have to make Airbnb easy to use, we've got to make it more affordable, and we got to make it more reliable. So just, for example, starting with reliability, for every person who books an Airbnb, we estimate about nine people are booking hotels. So if we could just get one of those nine people to book an Airbnb, that essentially would double the size of our business. And the number 1 reason people say they don't use Airbnb is they don't find it historically as reliable as a hotel. That's why we're really trying to elevate the best homes in Airbnb and remove the worst.

為了做到這一點，我們確實必須做三件事。我們必須讓 Airbnb 變得易於使用、價格更實惠、更可靠。舉例來說，從可靠性開始，我們估計每有一個人預訂 Airbnb，就有大約九個人預訂飯店。因此，如果我們能讓這九個人中的一個人預訂 Airbnb，我們的業務規模就會翻倍。人們不使用 Airbnb 的首要原因是，他們認為它不像飯店那麼可靠。這就是為什麼我們真的在努力提升 Airbnb 上最好的房源並淘汰最差的房源。

So we -- now Guest Favorites, 350 million nights have been booked in Guest Favorites. We've also removed 450,000 listings. This has created a lot higher customer satisfaction, reduced customer service tickets. And we think, over time, more and more people are going to come to Airbnb. So we're going to do a lot more, Mark, on making Airbnb more reliable.

因此，我們現在在 Guest Favorites 上預訂了 3.5 億個夜晚。我們也刪除了 450,000 個清單。這大大提高了客戶滿意度，並減少了客戶服務單。我們認為，隨著時間的推移，會有越來越多的人選擇 Airbnb。所以，馬克，我們將會做更多的事情來讓 Airbnb 變得更可靠。

On affordability, we know that that's a big driver of growth. Airbnb started as affordable alternative to hotels. We lost, I think, a little ground versus hotels during the pandemic, but I think in the last couple of years, hotel prices have gone up more than Airbnb. I want to call out that as of last month, we have rolled out total price displays globally. So now the price you see before taxes in the United States and really inclusive of taxes, say, in Europe include all fees. So and I think this is really important because it drives customers to the best-value Airbnb, which we rank higher and incentivize the best behavior for hosts.

就可負擔性而言，我們知道這是成長的一大動力。Airbnb 最初是作為飯店的經濟實惠替代方案而推出的。我認為，在疫情期間，我們與飯店相比失去了一些優勢，但我認為在過去幾年裡，飯店價格的漲幅超過了 Airbnb。我想指出的是，從上個月開始，我們已經在全球範圍內推出了總價顯示。因此，現在您在美國看到的稅前價格實際上是含稅價格，在歐洲則包括所有費用。所以我認為這非常重要，因為它可以吸引客戶選擇最有價值的 Airbnb，我們會將其排名更高，並激勵房東的最佳行為。

On the usability standpoint, the vast majority of our people come to Airbnb don't find a booking. Airbnb last year was accessed by over 1.5 billion devices. So think about like how many people come to Airbnbs, they don't find the place to stay. Part of this is having the right homes for them, but also having the right tools. So we think perfecting the core is a huge driver to grow but that is really going to be a big driver in our core markets. Our core markets are US, Australia, Canada, UK and France, the four Anglo-speaking countries plus France, which makes about 70% of our growth -- our business.

從可用性的角度來看，絕大多數來到 Airbnb 的人都沒有找到預訂。去年，有超過 15 億台裝置造訪了 Airbnb。想想有多少人來到 Airbnb，卻找不到住的地方。這其中一部分是為他們提供合適的住所，同時也要有合適的工具。因此，我們認為完善核心是推動成長的巨大動力，但這確實會成為我們核心市場的一大推動力。我們的核心市場是美國、澳洲、加拿大、英國和法國，這四個英語國家加上法國，占我們業務成長的 70% 左右。

But the more growth markets -- emerging markets would be Spain, Italy, Germany, Mexico, Brazil and then the big four countries in Asia are China, India, Korea and Japan. And these markets are actually growing twice as fast as the aforementioned five core markets. And we're going to step on the gas. And I think that international will be one of the biggest growth drivers that will get us back to double-digit growth in Airbnb.

但更具成長性的市場－新興市場將是西班牙、義大利、德國、墨西哥、巴西，而亞洲四大國家則是中國、印度、韓國和日本。而這些市場的成長速度其實是上述五個核心市場的兩倍。我們要加大油門。我認為國際化將成為 Airbnb 恢復兩位數成長的最大成長動力之一。

So that's just a little bit. It's really three horizons. Horizon 1, the biggest near-term opportunity is continue to increase conversion rate by making Airbnb easier to use, more affordable, more reliable. Horizon 2 really is international growth. And then, of course, the longest horizon will be expanding our core business to offerings beyond a place to stay.

這只是一點點。這實際上是三個視野。前景 1，近期最大的機會是透過讓 Airbnb 更易於使用、更實惠、更可靠來繼續提高轉換率。Horizo​​n 2 確實代表著國際化成長。當然，最長遠的計劃是將我們的核心業務擴展到住宿以外的領域。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Great. Just circling back on the US, I think I've asked this before, but just in some of these urban markets, do you think about leaning more into hotels? And then just on the full year guidance, you reiterated your margin guidance. But any reason given the macro uncertainty for not widening the margin range?

偉大的。回到美國，我想我之前問過這個問題，但只是在一些城市市場，您是否考慮更多地傾向於酒店？然後，就全年指引而言，您重申了利潤率指引。但考慮到宏觀不確定性，有什麼理由不擴大保證金範圍呢？

Yes, I can take hotels, and I'll let Ellie take the second part, Jed. So yes, we think hotels is a massive opportunity for Airbnb. In 2019, we acquired HotelTonight, and that was basically under the philosophy that while people came to Airbnb looking for a unique place to stay, typically a home, the vast majority of people come to Airbnb don't end up booking. And one of the reasons is they're window shopping and they're not ready to book, but sometimes, especially in popular markets, urban areas, when a lot of people are traveling, Airbnb homes are booked, and we have a fairly high occupancy, and we need other place to stay, and hotels are a great way to fill in network gaps.

是的，我可以接飯店，我會讓艾莉接第二部分，傑德。所以是的，我們認為飯店對 Airbnb 來說是一個巨大的機會。2019 年，我們收購了 HotelTonight，這基本上是基於這樣的理念：雖然人們來到 Airbnb 是為了尋找一個獨特的住宿地點，通常是一個家，但絕大多數來到 Airbnb 的人最終並沒有預訂。其中一個原因是他們只是在逛逛，還沒有準備好預訂，但有時，特別是在熱門市場和城市地區，當很多人旅行時，Airbnb 的房屋就會被預訂一空，我們的入住率相當高，我們需要其他住宿地點，而酒店是填補網絡空白的好方法。

During the pandemic, we had to pause some of our efforts and some of our progress because we really wanted to focus on getting back to the basics. But now that we've made a huge amount of progress on our core business, making over 500 improvements in upgrades over the last three years, we are prepared to expand beyond our core.

在疫情期間，我們不得不暫停一些努力和進展，因為我們真的想集中精力回歸根本。但現在我們的核心業務已經取得了巨大的進步，過去三年中進行了超過 500 項升級改進，我們準備向核心業務以外的領域擴展。

And actually, one of those expansions is hotels. One of the things you saw was we just did a promotional HotelTonight, so now if you booked a hotel in HotelTonight, we're offering 10% credit towards an Airbnb booking. This, of course, increases conversion rate on HotelTonight, but also introduces the number of hotel travels to Airbnb.

實際上，其中一個擴建項目就是飯店。您看到的一件事是我們剛剛推出了 HotelTonight 促銷活動，所以現在如果您在 HotelTonight 預訂酒店，我們將為 Airbnb 預訂提供 10% 的折扣。這當然會提高 HotelTonight 的轉換率，同時也會將飯店旅行的數量引入 Airbnb。

Over the coming years, we're going to be doing a lot more though on Airbnb's application to bring more great hotels on to Airbnb. We think almost all the hoteliers in the world would love to have Airbnb as a distribution channel. And so we think there's a lot of opportunity over the coming years. So absolutely going to be part of our strategy.

未來幾年，我們將在 Airbnb 應用程式上做更多工作，以便將更多優質飯店引入 Airbnb。我們認為世界上幾乎所有的旅館經營者都希望將 Airbnb 作為通路。因此我們認為未來幾年將有很多機會。所以這絕對會成為我們策略的一部分。

And Jed, on the second question with regard to the margin guidance. We reiterated the plan that we had shared in February, we believe it gives us considerable room to continue to focus on strengthening the core business while investing in growth initiatives and no material change in terms of that investment profile for the year.

傑德，第二個問題是關於保證金指導。我們重申了我們在二月分享的計劃，我們相信它為我們提供了相當大的空間，讓我們能夠繼續專注於加強核心業務，同時投資於成長計劃，並且今年的投資狀況不會發生重大變化。

John Colantuoni, Jefferies.

傑富瑞的約翰·科蘭圖尼。

I wanted to start with sort of momentum in the business with growth in 2024 peaking in December and strength continuing early 2025. I'm curious how growth has trended throughout the quarter and into April. Is growth sort of at a low point right now for the year? Or did it sort of dip a little bit earlier in the quarter, and it's since improved from there?

我希望從業務的某種勢頭開始，即 2024 年 12 月的成長達到頂峰，並在 2025 年初繼續保持強勁勢頭。我很好奇整個季度以及四月的成長趨勢如何。今年的經濟成長是否處於低點？或在本季初有所下降，然後又有所改善？

And second question, just sort of looking specifically at the expansion market. Curious if you could just sort of characterize how growth has progressed there specifically this quarter compared to last quarter when you called it out as a key contributor to the strength that you saw.

第二個問題，只是具體關注擴張市場。我很好奇，您是否可以具體描述一下​​本季與上一季相比的成長情況，您稱上一季是推動經濟成長的關鍵因素。

Thanks, John. Let me start with the first question in terms of how growth has trended effectively year-to-date. So I think it's interesting to understand the path that both we and I think the industry went through in Q1. If you recall, January was a very strong month followed by softness in February.

謝謝，約翰。讓我先問第一個問題，即今年迄今為止的成長趨勢如何。因此，我認為了解我們和我認為該行業在第一季經歷的道路很有趣。如果你還記得的話，一月份表現非常強勁，而二月則表現疲軟。

You'll recall that there was a bunch of revisions to guidance in terms of the airlines. And I think what they saw, but we saw a slightly less degree of it was there was a step down from January to February that coincided with a pretty meaningful decline in consumer sentiment over that sequential month-to-month period. And yet, when we look at our full quarter results for Q1, that softness that we saw in February effectively rebounded and recovered in March, such that the full quarter was generally in line with our expectations.

您會記得，針對航空公司的指導方針曾經有過大量修訂。我認為他們看到的是，但我們看到的情況略輕，從 1 月到 2 月出現了下降，與此同時，消費者信心在連續的月度期間也出現了相當顯著的下降。然而，當我們回顧第一季的整個季度業績時，我們發現 2 月的疲軟在 3 月得到了有效反彈和恢復，因此整個季度總體符合我們的預期。

So I think when we fast forward today, and the headlines are quite volatile. I think we do have to recall that since the beginning of the year, there has been some temporal shifts in terms of when people are booking. But from that Q1 period, what you gauge is that people may pause on the booking, but what we've seen today is that they come back into it. So I wouldn't say that April is necessarily below. There has been some week-to-week and month-to-month volatility since the beginning of the year.

所以我認為，當我們快轉到今天時，頭條新聞是相當不穩定的。我認為我們必須記住，自今年年初以來，人們的預訂時間發生了一些時間變化。但從第一季開始，你可以判斷人們可能會暫停預訂，但我們今天看到的是他們又重新開始預訂了。因此我不會說四月的漲幅必然會低於預期。自今年年初以來，每周和每月都出現了一些波動。

On the expansion markets, what I would say, I would say, generally speaking, we see nice momentum in those markets. I think, in particular, what I would say is that Latin America accelerated over the course of full year 2024. And if you look at Latin America's growth in Q1 is actually above where we were in Q1 of last year, which I think gives you a sense of if we're able to achieve momentum in a particular market based on our product and marketing localization, we can maintain it and accelerate it over time. Obviously, the nuance of every country is slightly different, but I think anchoring on the performance that we've had across Latin America, but in Brazil, in particular, gives you a sense of the ability to build momentum in these relatively underpenetrated markets.

關於擴張市場，我想說的是，總的來說，我們看到這些市場發展勢頭良好。我認為，特別是拉丁美洲在 2024 年全年的成長速度加快了。如果你看一下拉丁美洲第一季的成長情況，你會發現它實際上高於去年第一季的成長水平，我認為這會讓你明白，如果我們能夠基於我們的產品和行銷在地化在特定市場取得發展勢頭，我們就能保持這種勢頭，並隨著時間的推移加速這一進程。顯然，每個國家的細微差別都略有不同，但我認為，以我們在整個拉丁美洲，特別是在巴西的表現為基礎，可以讓你感受到在這些滲透率相對不足的市場中積聚勢頭的能力。

Lee Horowitz, Deutsche Bank.

德意志銀行的李·霍洛維茲。

Two, if I could. Last quarter, you guys talked about the ability to leverage marketing expense in some of your core markets, which gives you the ability to invest into growth markets. I guess as things perhaps slow a little bit, how do you think about perhaps leaning into that slowness to take some more share, to take advantage of a weaker market to pick up share, particularly relative to, say, some of your competitors that have talked to trying to be more aggressive as things slow. Do you still think you can leverage marketing in your core markets under those assumptions?

如果可以的話，兩個。上個季度，你們談到了利用一些核心市場的行銷費用的能力，這使你們有能力投資於成長市場。我想，隨著情況可能稍微放緩，您如何看待利用這種放緩來獲得更多的市場份額，利用較弱的市場來獲得市場份額，特別是相對於您的一些競爭對手而言，他們已經談到在情況放緩時試圖採取更積極的行動。在這些假設下，您是否仍然認為您可以在核心市場中發揮行銷作用？

I would say absolutely. Obviously, we start the year with a full year marketing plan, and yet every month, we're looking at the relative efficiencies by channel, by market and adjusting accordingly. So I would say broadly speaking for the year, we retain quite a bit of flexibility to put more money into channels that are working in markets that are working and to cut where we see less desirable results. And so, so far this year, we've been doing that on a regular basis as we would in prior years.

我會說絕對如此。顯然，我們在年初就制定了全年行銷計劃，但每個月，我們都會根據通路和市場查看相對效率並進行相應調整。因此我想說，從總體上來說，今年我們保留了相當大的靈活性，可以將更多的資金投入到有效的市場中有效的管道，並削減我們認為結果不太理想的資金。因此，今年到目前為止，我們一直像往年一樣定期進行此類活動。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Two, please. I want to ask just on the new product launch on May 13 and experiences or something else. Talk to us a little bit more about the plans, integration plans across the site and how you think or whether any contribution from these new products are included in guidance?

請給我兩份。我想問一下關於5月13日新產品的發布和體驗或其他事情。請與我們進一步討論這些計劃、整個網站的整合計劃以及您的想法，或者這些新產品的任何貢獻是否包含在指導中？

And then on the affordability or just the volatile headline, Ellie, that we've been talking about, would love your thoughts on just how Airbnb's affordability initiatives could drive greater bookings. We saw the summer travel data where I think US guests are prioritizing staycations and more prone to drive, maybe that's an opportunity for the team. Talk to us about that.

然後，關於我們一直在談論的可負擔性或只是不穩定的標題，艾莉，很想听聽你對 Airbnb 的可負擔性舉措如何推動更多預訂的看法。我們看到了夏季旅行數據，我認為美國客人優先考慮居家度假並且更傾向於開車，也許這對團隊來說是一個機會。和我們討論一下這個。

Okay. So on the first question, I believe it was what's the impact of the new business launches with regard to our guidance. So I would say the launch date is M 13, and we're extremely excited in terms of what is to come and what is to start on that day, but it is just the beginning. And so the impact from a top line in the current quarter will be relatively modest whereas as we scale those offerings, they will obviously increasingly contribute to the top line.

好的。因此，關於第一個問題，我認為新業務的推出對我們的指導有何影響。所以我想說發布日期是 M 13，我們對即將發生的事情和當天將要開始的事情感到非常興奮，但這只是個開始。因此，本季營收的影響將相對較小，而隨著我們擴大這些產品的規模，它們顯然會越來越有助於營收。

In terms of the expense and the investments associated with that launch, they are building over the course of the beginning of the year. And as we said in the guidance language, you will see them more meaningfully hit EBITDA in terms of compression in the back half of the year as we scale the investments behind the launch.

就此次發布相關的費用和投資而言，他們將在年初進行建造。正如我們在指導語言中所說的那樣，隨著我們擴大發布背後的投資，您將看到它們在下半年以壓縮的方式更有意義地達到 EBITDA。

In terms of affordability, I think your thesis here is exactly right. What we saw -- and it's not a perfect comp, but I do think it is instructive here. What we saw five years ago in terms of the pandemic was when certain portions of travel were inaccessible, people found other things to do on our platform. As Brian and I shared in terms of the opening, just to remind everyone, this business model has a huge amount of diversity in its offering, which allows us to be extremely resilient and adaptable as consumer behavior changes.

從可負擔性角度來說，我認為你的論點是完全正確的。我們所看到的——雖然它不是一個完美的比較，但我確實認為它在這裡很有啟發性。五年前，在疫情期間，我們看到當某些地區的旅行無法進行時，人們就會在我們的平台上找到其他事情做。正如 Brian 和我在開幕式上所分享的，只是想提醒大家，這種商業模式在其產品中具有極大的多樣性，這使我們能夠隨著消費者行為的變化而具有極強的彈性和適應性。

And so as I think about the current environment that we are in, you can think about, for example, the US guest, there's an opportunity for us to merchandise the lower-cost listing or the more proximate listing where the guest doesn't need to travel for -- doesn't need to take a flight for the summer, but they can drive. There's a huge amount of optionality with regard to the diversity of our offering that can allow us to better merchandise what is applicable to the guests in the current moment.

因此，當我思考我們目前所處的環境時，你可以想想，例如，對於美國客人來說，我們有機會推銷成本較低的房源或更近的房源，這樣客人就不需要出行——夏天不需要坐飛機，但他們可以開車。我們所提供的產品的多樣性具有很大的選擇性，可以讓我們更好地推銷適合當前客人的產品。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. Could you talk more about the behavior of the guests who are booking primarily in app versus those who are arriving through the web? Are you just seeing greater frequency rates, repeat rates so on and so forth?

偉大的。您能否詳細談談主要透過應用程式預訂的客人與透過網路預訂的客人的行為？您是否只是看到更高的頻率、重複率等等？

So broadly, I would say the demo is slightly different in terms of the app relative to the web. I would say the broader thing to take away in terms of the movements we've made in terms of booking share moving to the app is that we know the app is a much better experience for the consumer.

因此，從廣義上講，我認為該演示在應用程式方面與網路方面略有不同。我想說，就我們在將預訂份額轉移到應用程式方面所做的舉措而言，更廣泛的一點是，我們知道應用程式可以為消費者帶來更好的體驗。

We see this most notably just in terms of conversion rates and getting people to use our apps as compared to, in particular, [moweb], it's a much better experience that we have designed. And so we want to migrate people to that experience. You can see that the booking share has gone up quite dramatically over the last couple of years as we've encouraged people to use our app. And as a result, it's additive in terms of the consolidated conversion level.

我們最明顯地看到了這一點，即在轉換率方面，以及讓人們使用我們的應用程式方面，與 [moweb] 相比，我們設計的體驗要好得多。因此，我們希望讓人們獲得這樣的體驗。您可以看到，由於我們鼓勵人們使用我們的應用程序，過去幾年的預訂份額大幅上升。因此，就合併轉換水平而言，它是可加的。

Doug Anmuth, J.P. Morgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Great. This is (inaudible), on for Doug. So first one, Brian, you've been pretty vocal about user experience in travel. So curious to hear how you experience on Airbnb to change as you move beyond places to stay and new choices introducing new frictions? And then secondly, how do you guys think about the long-term sustainability of your margins as your efforts to move beyond the core scale over time?

偉大的。這是（聽不清楚），Doug 的發言。首先，布萊恩，您非常直言不諱地談論旅行中的用戶體驗。我很好奇，當您在 Airbnb 上體驗到住宿地點之外的變化以及新的選擇帶來新的摩擦時，您的體驗會如何變化？其次，隨著你們不斷努力超越核心規模，你們如何看待利潤率的長期永續性？

I -- let me just start by saying, I think one of the superpowers of Airbnb is our design team and our ability to make something incredibly easy to use. When we started Airbnb, we didn't really invent the idea of vacation rental. They existed before us, but what was true is that they were very hard to book.

我——首先我要說的是，我認為 Airbnb 的超能力之一是我們的設計團隊以及我們讓產品變得極其易於使用的能力。當我們創辦 Airbnb 時，我們並沒有真正發明度假租賃的想法。它們在我們之前就已經存在了，但事實上它們很難預訂。

Before Airbnb, you couldn't actually book a vacation rental online, the messaging platforms really were nonexistent or very rudimentary. Very few people actually left reviews. People didn't really have an account. And so kind of one of the things we really tried to do when we created Airbnb was design the system of trust. And as something is easier, more people do it.

在 Airbnb 出現之前，你實際上無法在線預訂度假租賃，訊息平台實際上不存在或非常簡陋。實際上留下評論的人很少。人們實際上沒有帳戶。因此，我們在創建 Airbnb 時真正嘗試做的事情之一就是設計信任體系。而且，由於某件事變得更容易，所以做這件事的人就更多。

So what we're noticing, for example, is many of the new business we're going into they also have similar frictions as our core business did or vacation rentals did before we basically created category, which is what we now call Airbnb. And so that's one of the things as we're going to try to -- the things we're going to offer want to be instant book. We want to be like really easy. We want to have that great Airbnb design.

例如，我們注意到，我們開展的許多新業務也面臨著與我們的核心業務或度假租賃業務類似的摩擦，在我們基本上創建類別之前，也就是我們現在所說的 Airbnb。這就是我們要嘗試的事情之一——我們要提供的是即時預訂服務。我們希望事情變得非常簡單。我們希望擁有出色的 Airbnb 設計。

But the other thing is -- a couple of other things with the user experience. I think a lot of companies have tried to like design an end-to-end travel. I think designing end-to-end travel is very, very hard. It's funny -- there's this funny thing. One of the most common start-up ideas for entrepreneurs is to do a travel planning app. And yet travel planning apps almost always fail.

但另一件事是——與用戶體驗相關的其他一些事情。我認為很多公司都嘗試過設計端到端的旅行。我認為設計端到端的旅行非常非常困難。這很有趣——有一件很有趣的事。創業家最常見的創業想法之一就是做一個旅遊計畫應用程式。然而，旅行計劃應用程式幾乎總是失敗。

So it's almost like a riddle, why do travel planning apps fail, and everyone really tries to do it? And the reason why is because to plan travel is very complicated. In fact, it's so complicated many people have assistants and a big part of their job is to plan travel for them. And yet you use it infrequently. So it's a very difficult thing to do and you do it infrequently. And so therefore, a lot of companies have failed to design like a so-called connected trip.

所以這幾乎就像一個謎語，為什麼旅行計劃應用程式會失敗，而每個人都真的嘗試這樣做？原因是旅行計劃非常複雜。事實上，這太複雜了，很多人都有助手，助手很大一部分的工作就是為他們規劃行程。但你卻很少使用它。所以這是一件非常困難的事情，而且你很少這樣做。因此，許多公司未能設計出所謂的互聯旅行。

So I think to do this, a lot of it is to design a really good user experience. And I think that's one of the things that we're going to try to do to really design a great end-to-end experience, to able to book your entire trip, and much more. I think the user interface will be important. I think AI will be an important way to do this as well. AI is, I think, as I said before, we're really focused on customer service and solving the most difficult problems for customers and working backwards towards travel inspiration.

所以我認為要做到這一點，很大程度上就是要設計出真正良好的使用者體驗。我認為這是我們要嘗試做的事情之一，以便真正設計出出色的端到端體驗，能夠預訂您的整個行程等等。我認為使用者介面很重要。我認為人工智慧也將成為實現這一目標的重要途徑。我認為，正如我之前所說，人工智慧真正專注於客戶服務，為客戶解決最困難的問題，並致力於激發旅行靈感。

Just one thing I'll say about AI, which is definitely making the customer experience easier is we just rolled out our AI customer service agent this past month. 50% US users are now using the agent, and we'll roll it out to 100% of US users this month. We believe this is the best AI-supported customers travel agent in travel. It's already led to a 15% reduction in people needing to contact live human agents and it's going to get significantly more personalized and agentic over the years to come.

關於人工智慧，我只想說一件事，它確實讓客戶體驗變得更加輕鬆，我們上個月剛推出了我們的人工智慧客戶服務代理。目前有 50% 的美國用戶正在使用該代理，本月我們將向 100% 的美國用戶推出該代理。我們相信這是旅遊業中最好的人工智慧支援客戶旅行社。它已經使需要聯繫人工客服的人數減少了 15%，並且在未來幾年內它將變得更加個人化和代理化。

So essentially, that's what we're focused on. We're focused on making everything instant book and easy to use. We're trying to make sure that the end-to-end travel experience is really, really wonderful with great Airbnb design, and we're going to bring more AI into the application so that Airbnb, you can really solve your own problems with great self-solve through AI customer service agents.

所以從本質上來說，這就是我們所關注的重點。我們致力於讓一切即時預訂並且易於使用。我們正努力透過出色的 Airbnb 設計確保端到端的旅行體驗真正美妙，並且我們將在應用程式中引入更多人工智慧，以便您可以透過 Airbnb 的人工智慧客戶服務代理真正自行解決自己的問題。

Great. Let me talk a little bit -- let me talk a little bit about long-term margins. I think just starting with our core business, obviously, our core business has extremely strong EBITDA margins and cash flow generation abilities. I think you've seen us bring that up over time, in particular, subsequent to the pandemic. And where we sit today, we see incremental efficiencies that we can continue to drive across that core business. And every year what we're seeking to do is strengthen and make more efficient that core business so that we have incremental room to invest in growth.

偉大的。讓我稍微談談——讓我稍微談談長期利潤。我認為從我們的核心業務開始，顯然，我們的核心業務具有極強的 EBITDA 利潤率和現金流產生能力。我想你已經看到我們隨著時間的推移不斷提起這一點，特別是在疫情之後。就目前情況而言，我們看到了可以繼續推動核心業務效率的提升。每年我們都致力於加強和提高核心業務的效率，以便我們有更大的投資空間來促進成長。

From year-to-year, we may choose to invest more in growth relative to the efficiencies that we generate. I think you're seeing that in the current year. But the intent both with the core and the new businesses is to invest in growth upfront and to optimize the margins over time. I think that the portfolio over time, we expect to have quite compelling margins.

逐年地，我們可能會選擇在相對於我們產生的效率的成長上投入更多。我認為您在今年就看到了這一點。但核心業務和新業務的目的都是先投資成長，然後隨著時間的推移優化利潤率。我認為，隨著時間的推移，我們預期投資組合將獲得相當可觀的利潤率。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

I appreciate the question. Brian, a question for you on -- as you think about the ADRs and the opportunity, the balance, if you go back over the last couple of years, you've talked about making Airbnbs more affordable. And there's been various initiatives, including the rooms initiative to make Airbnbs more affordable. Do you expect maybe more flexibility in ADRs and room night prices on Airbnbs relative to hotels in a period of weaker consumer spending, especially in the US, maybe in urban areas? I'm just curious as how you think about the balance between potential ADR versus room nights in North America?

我很感謝你提出這個問題。布萊恩，我想問您一個問題——當您考慮 ADR 和機會、平衡時，如果回顧過去幾年，您曾談到讓 Airbnb 變得更實惠。此外，還推出了各種舉措，包括客房計劃，旨在讓 Airbnb 的住宿價格更實惠。在消費支出疲軟的時期，尤其是在美國（可能在城市地區），您是否預期 Airbnb 的 ADR 和客房晚數價格相對於飯店而言會更加靈活？我只是好奇您如何看待北美潛在 ADR 與客房間夜數之間的平衡？

Sorry, I'm not clear of what the question is.

抱歉，我不清楚問題是什麼。

I'm sorry, let me rephrase. Do you -- as you think about the opportunity -- if you think about the balance between pricing ADRs, average daily room nights, relative to total room nights volume. Do you think that there is an opportunity to have more -- for your host to have more flexibility on ADRs and to see more affordability, drive better room nights and ultimately, greater share over the long term in a period where there's maybe more consumer weakness or some pressure on the consumer wallet?

抱歉，請容許我重新表達。當您考慮這個機會時，您是否考慮過 ADR 定價、平均每日間夜數與總間夜數之間的平衡？您是否認為有機會讓您的房東在 ADR 方面擁有更多靈活性，並看到更多的可負擔性，推動更好的客房晚數，並最終在消費者可能更加疲軟或消費者錢包面臨一些壓力的時期內，在長期內獲得更大的市場份額？

Yes, okay. Yes, absolutely. The answer is yes, and I'll try to explain why this is the case. Hotels, let just contrast to hotels, assuming you're referring to Airbnbs versus hotels. So hotels have, most hotels -- hotel rooms, all hotel rooms have a cost base, right? And so they need to build in a profit margin on their room, they call this RevPAR revenue band. And it's really important for them that they stay within some margin.

是的，好的。是的，絕對是。答案是肯定的，我會試著解釋為什麼會出現這種情況。飯店，讓我們與飯店進行對比，假設您指的是 Airbnb 與飯店。所以飯店，大多數飯店——飯店房間，所有飯店房間都有成本基礎，對嗎？因此他們需要在客房中建立一個利潤率，他們稱之為 RevPAR 收入區間。對他們來說，保持在一定的範圍內確實很重要。

The vast majority of people on Airbnb list only their home only on Airbnb. We believe most listings are exclusive to Airbnb and most of these homes are either primary homes or the second homes, but the homes don't exist to list on Airbnb, they exist for somebody to live in summer all the time.

Airbnb 上的絕大多數人只在 Airbnb 上列出自己的房子。我們相信大多數房源都是 Airbnb 獨有的，這些房屋大多是主要住所或第二套住房，但這些房屋並不是為了在 Airbnb 上列出而存在的，而是為了讓某些人在夏天一直居住而存在的。

And so most of the income that people make on Airbnb, the average host in Airbnb in the United States, for example, makes about $15,000 a year. This is supplemental income. And so it's all -- it's typically all upside for them.

因此，人們在 Airbnb 上獲得的大部分收入，例如，美國 Airbnb 的平均房東每年收入約為 15,000 美元。這是補充收入。所以這一切——通常對他們來說都是有利的。

So what this means is there's typically a little bit more flexibility on the Airbnb host than, say, a hotel, to be able to move their prices up or down because like if they didn't rent on -- before Airbnb they didn't rent, that night was completed lost. So really any price is upside for them as compared to hotel.

所以這意味著 Airbnb 房東通常比飯店等擁有更多的彈性，可以調高或調低價格，因為如果他們沒有出租——在 Airbnb 出現之前他們沒有出租，那麼那一晚就完全損失了。因此，與酒店相比，任何價格對他們來說都是上漲的。

One of the things we do is we try to build really great host tools for them. And four out of five hosts on Airbnb are now using our host tools. To give you a couple of examples, compare listings, more than 2 million listings in Airbnb have used the compare listings tool. What the compare listings tool does, it shows you how your price compares to prices of similar Airbnbs in your area. We found that when hosts have more visibility, they tend to provide more competitive prices.

我們所做的事情之一就是嘗試為他們建立真正出色的主機工具。目前，Airbnb 上五分之四的房東都在使用我們的房東工具。舉幾個例子，比較房源，Airbnb 上有超過 200 萬個房源使用了比較房源工具。比較清單工具的作用是顯示您的價格與您所在地區類似 Airbnb 的價格相比如何。我們發現，當主機擁有更高的知名度時，他們往往會提供更具競爭力的價格。

Another is weekly and monthly discounts. Now the vast majority of hosts on Airbnb offer a discount if you rent by the week or if you rent by the month. So these are just some of the tools that we offer, and we're going to continue to offer more and more tools. So our hosts are increasingly responsive.

另一個是每周和每月的折扣。現在，Airbnb 上的絕大多數房東都會為按週或按月租賃的房客提供折扣。這些只是我們提供的一些工具，我們將繼續提供越來越多的工具。因此我們的主持人反應越來越正面。

But yes, to answer your question, we do believe that there's more flexibility. And ultimately, while a higher ADR can benefit Airbnb's financial outlook on the short term, in the long run, affordability aligns our interest with customers, which is the best long-term incentive to align with shareholders. So we always want to drive as much value as possible to our guests.

但是的，回答你的問題，我們確實相信會有更多的彈性。最終，雖然更高的 ADR 可以在短期內有利於 Airbnb 的財務前景，但從長遠來看，可負擔性使我們的利益與客戶的利益保持一致，這是與股東保持一致的最佳長期誘因。因此，我們始終希望為客人提供盡可能多的價值。

Ken, I would just also add that when we test elasticity, we often see that driving down prices is more than compensated by increased volume. And that's why when we think about our pricing tools, we are not trying to necessarily drive host to offer higher prices. We're trying to get them to the best price for their listing that will drive more bookings. And in many cases, that will be to reduce your price.

肯，我還要補充一點，當我們測試彈性時，我們經常會發現，價格下降所帶來的損失可以透過銷售增加來彌補。這就是為什麼當我們考慮定價工具時，我們並不一定試圖迫使主機提供更高的價格。我們正在努力為他們提供最優惠的價格，以吸引更多的預訂。在很多情況下，這是為了降低你的價格。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼（Kevin Kopelman），TD Cowen。

Another one on ADRs. Given FX, the guide seems to point to the softer ADRs for Q2, how much of that is geo mix versus softening within the key regions or other factors? And what are you assuming for FX benefit in Q2?

另一個是關於 ADR 的。考慮到外匯因素，該指南似乎表明第二季的 ADR 將會走軟，其中有多少是地理組合因素造成的，有多少是關鍵地區內部的疲軟或其他因素造成的？您對第二季的外匯收益有何預期？

Yes. So if we look at the guide for Q2, what is happening, we're seeing a couple of different factors. One is there is underlying real price appreciation which is a tailwind in terms of bringing prices up, there is a movement in terms of the FX headwinds. So the FX headwind relative to Q1 is dissipating in Q2.

是的。因此，如果我們查看第二季的指南，看看發生了什麼，我們會看到幾個不同的因素。一是實際價格有潛在升值，對推動價格上漲是一股順風，但對外匯市場而言，則是存在一股逆風。因此，相對於第一季而言，外匯逆風在第二季正在消散。

And then the third component is as our business mix shifts away from North America in particular, that is a headwind, right? It moderates prices because the US prices are significantly above, frankly, ADRs around the world. I would note, we do not get the same FX benefit as maybe other platform in that our exposure to, for example, the euro is much more limited than some other platforms.

第三個因素是，隨著我們的業務組合從北美轉移，這是一個逆風，對嗎？它可以調節價格，因為坦白說，美國的價格明顯高於世界各地的平均存託憑證 (ADR)。我想指出的是，我們沒有獲得與其他平台相同的外匯收益，因為我們對歐元等貨幣的曝險比其他一些平台小得多。

Tom White, D.A. Davidson.

湯姆懷特（Tom White），地方檢察官戴維森。

Just one on the international expansion markets. I was hoping you guys could just update us on kind of how those markets are tracking in terms of profitability relative to your kind of core markets, both in terms of like absolute level? And also just curious about the kind of the pace at which they're tracking that way? And then if you could just share a little color on exactly what kind of investments you guys are finding are helping in those markets, are helping drive the acceleration in growth you talked about?

僅就國際擴張市場而言。我希望你們能向我們介紹一下這些市場相對於你們的核心市場的盈利能力如何，無論是絕對水平方面還是盈利能力方面？並且只是好奇他們以這種方式追蹤的速度是怎樣的？然後，您是否可以稍微分享一下，您發現哪些類型的投資對這些市場有幫助，有助於推動您所說的成長加速？

Sure. So when we think about our expansion markets, what I would say generally about this business is we're able to generate very attractive contribution profit at a variety of ADRs and that typically is the biggest determinant on the overall level of profitability at a market level, like the relative ADR.

當然。因此，當我們考慮擴張市場時，我通常會說，對於這項業務，我們能夠在各種 ADR 上產生非常有吸引力的貢獻利潤，這通常是決定市場整體盈利水平的最大因素，例如相對 ADR。

I would say broadly speaking, when we think about investing in a new market, there is some fixed cost upfront in terms of, say, launching brand campaigns and that does drive margins down. But over time, we are able to scale into the marketing load as well as make some efficiencies in terms of the underlying variable costs if they have not already been localized. And so I go back to my first comment that independent of a pretty wide range of ADRs, we're able to deliver very attractive unit economics across the globe.

我想說，從廣義上講，當我們考慮投資一個新市場時，在啟動品牌活動等方面會產生一些前期固定成本，而這確實會降低利潤率。但隨著時間的推移，如果尚未在地化，我們就能夠擴大行銷負擔並在底層變動成本方面提高一些效率。因此，我回到我的第一條評論，即獨立於相當廣泛的 ADR，我們能夠在全球範圍內提供非常有吸引力的單位經濟效益。

In terms of like what the types of investments we're making in those markets are, it really falls into two very simple buckets. One is product and the other is marketing. On the product side, we have been taking a localized approach to look at specific markets to say what do we need to do to either the global product or, for example, the payment stack to enable more local customers to use Airbnb.

就我們在這些市場進行的投資類型而言，它實際上可以分為兩個非常簡單的類型。一個是產品，一個是行銷。在產品方面，我們一直採取在地化的方式來關注特定市場，以了解我們需要對全球產品或支付堆疊做些什麼，以使更多本地客戶能夠使用 Airbnb。

And we've been very choiceful with those localizations to make sure they're worth the effort and they aren't too localized. But when they're important they can be quite meaningful in terms of driving growth in a particular market. I think some of the obvious cases are around adjusting the booking flow to be locally nuanced and in particular, to offer the right payment method for a specific type of customer. So that's one area of investment on product.

我們對這些本地化非常謹慎，以確保它們值得付出努力並且不會過於本地化。但當它們變得重要時，它們對於推動特定市場的成長可能具有相當重要的意義。我認為一些明顯的案例是圍繞調整預訂流程以適應當地情況，特別是為特定類型的客戶提供正確的付款方式。這是產品投資的一個領域。

The next is obviously marketing. When we talk about going into a particular expansion market, what that means is that we are applying effectively the full funnel of our marketing approach to that market. So it's inclusive of some amount of brand marketing, performance marketing, comms, policy, et cetera, such that we are hands on to deliver a differential outcome for that market versus the light touch approach of some of our long-tail markets.

接下來顯然是行銷。當我們談論進入特定的擴張市場時，這意味著我們正在有效地將我們的整個行銷方法應用於該市場。因此，它包括一定數量的品牌行銷、績效行銷、通訊、政策等等，這樣我們就可以親自動手為該市場提供差異化的結果，而不是像我們的一些長尾市場那樣採取輕觸式的方法。

Stephen Ju, UBS.

瑞銀集團 Stephen Ju。

Great. So Brian and Ellie, I think we and the analyst community, sort of outspoken in, are always probably overly focused on the advertising and the monetization angle of product development and -- but can we talk about like in recenter where your priorities are? Because based on everything that you're talking about, whether it's experiences or the international expansion, the co-hosting, Brian, your prior analogy, with the lateral things to sell, like Amazon, it does sound like we should be thinking more about transaction growth versus things that you are doing to capture a greater portion of the unit economics. So can you kind of recenter us in terms of like what do you think the primary drivers of gross bookings will be? And revenue will be?

偉大的。所以 Brian 和 Ellie，我認為我們和分析師社區，有點直言不諱，可能總是過度關注產品開發的廣告和貨幣化角度 - 但我們可以談談最近的優先事項是什麼嗎？因為基於您所談論的一切，無論是經驗還是國際擴張、聯合主辦，布萊恩，您之前的類比，與亞馬遜等橫向銷售的產品相比，聽起來我們應該更多地考慮交易增長，而不是您為獲取更大份額的單位經濟效益而做的事情。那麼，您能否就您認為總預訂量的主要驅動因素是什麼來為我們介紹？收入是多少？

I mean maybe I can talk at a high level. Ellie, feel free to elaborate. But yes, you have the right mental model. I've always believed that what we should do is focus on the things that are either most perishable opportunities or things that our guests and hosts are asking for. And so most of what we've done is to try to do one of those two things.

我的意思是也許我可以高層次地談論。艾莉，請隨意詳細說明。但是的，你有正確的心智模型。我一直相信，我們應該專注於那些最容易消失的機會或我們的客人和主人所要求的東西。因此，我們所做的大部分工作就是嘗試做這兩件事中的一件。

So whether we're increasing reliability, affordability, making it be more easier to use, those are really in response to what our guests and hosts are telling us. That, I'd say, the first priority is being responsive to their feedback and listening to them. And the vast majority of the 500 improvements we made over the last three years was based on feedback from our guests and hosts. So then everything else is really a matter of just a sequencing and the sequencing that we've chosen is just based on some of the opportunities that are most perishable.

因此，無論我們是否提高可靠性、可負擔性，還是使其更易於使用，這些都是為了回應我們的客人和主人告訴我們的事情。我想說，首要任務是回應他們的回饋並傾聽他們的意見。我們在過去三年中所做的 500 項改進絕大多數都是基於客人和主人的回饋。所以其他一切其實只是一個排序的問題，而我們選擇的排序只是基於一些最容易消失的機會。

And so frankly, number one would actually be beyond improving our core business, it would be international expansion. And so the international markets are critical. We think like what Latin America and what Asia have in common, for example, is that the average population is younger in these markets. They're more likely to be on social media, and therefore, also less predisposed to staying in hotels. And they're huge populations, huge economies growing very, very quickly. So we think these are huge opportunities for investment.

坦白說，我們的首要任務實際上不僅僅是改善我們的核心業務，還要進行國際擴張。因此國際市場至關重要。例如，我們認為拉丁美洲和亞洲的共同點是這些市場的平均人口較年輕。他們更有可能使用社群媒體，因此也不太願意住在飯店。這些國家人口眾多，經濟規模龐大，而且成長非常迅速。因此我們認為這些都是巨大的投資機會。

And one of the most important things that we can do at Airbnb is to continue to grow our network effect. And this network effect is really a global network. And so we really want it to match the travel corridors. And then obviously, expanding beyond a place to stay, we are prioritizing things that increase, yes, volume growth versus unit economics.

我們在 Airbnb 能做的最重要的事情之一就是繼續擴大我們的網路效應。這種網路效應其實是一種全球網路。因此我們確實希望它能夠與旅行走廊相匹配。顯然，除了住宿之外，我們還在擴展業務，優先考慮那些能夠增加銷售量而不是單位經濟效益的事情。

That being said, there are a number of things that we are looking at that would increase monetization of Airbnb, especially on the host side. And the reason why is because almost everything we've done for hosts, we've given away without charging anything incremental from a take rate standpoint, in the last five years. We've increased AirCover coverage to $3 million. We don't charge more, we can go down the list of other things that we offer. We don't take an additional take rate on co-host listings. They just host on Airbnb. We want to grow unit volume. So we think that growing network effect increasing market share is the most important priority for us in the near term.

話雖如此，我們正在研究一些可以提高 Airbnb 獲利能力的事情，特別是在房東方面。原因在於，過去五年來，我們為房東提供的幾乎所有服務都是免費的，從收費率的角度來看，我們沒有收取任何增量費用。我們已將 AirCover 的保額提高至 300 萬美元。我們不會收取更多費用，我們可以列出我們提供的其他服務。我們不會對共同主辦單位清單收取額外的佣金率。他們只是在 Airbnb 接待客人。我們希望增加單位產量。因此，我們認為，擴大網路效應、增加市場佔有率是我們近期最重要的任務。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

This is Jack, on for Deepak. Just one for you real quick. Are you guys seeing hosts adjust pricing for some of the early demand softness in the US and kind of moreover, do you expect the marketplace to be relatively price sticky? Or is it going to be more dynamic, should the macro get any worse from here?

我是傑克，代替迪帕克。只需快速為您提供一個。你們是否看到主機商針對美國早期需求疲軟的情況調整價格，此外，您是否預期市場價格會相對穩定？或者它會變得更加動態，宏觀經濟是否會從現在開始變得更糟？

I would say we haven't seen any meaningful shift to the downside in terms of host resetting their pricing. But to parts of the call earlier, I do think there is considerable opportunity for us to encourage a host to bring down their prices generally, but certainly in this macro to capture more demand. So I would call it an opportunity as opposed to something that we're seeing hosts actively do today.

我想說，我們還沒有看到主機重新設定價格方面出現任何有意義的下滑。但對於先前電話會議的部分內容，我確實認為我們有相當大的機會鼓勵房東普遍降低價格，但肯定在這個宏觀層面上是為了滿足更多的需求。因此，我將其稱為一個機會，而不是我們今天看到的主持人積極做的事情。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

So airlines and hotels spend a ton of time talking about the resiliency of loyalty programs during downturns. And I know you guys don't want to copy them, but can you just give us some updated thoughts on a subscription model or a loyalty program? It just seems much more likely that, that thing is -- that, that type of opportunity is on the table after you move into experiences or something else along that line. So if you could just talk about that, that would be helpful.

因此，航空公司和酒店花費大量時間討論忠誠度計劃在經濟低迷時期的彈性。我知道你們不想抄襲他們，但你們能否就訂閱模式或忠誠度計劃給我們一些最新的想法？更有可能的是，當你獲得經驗或其他類似的東西之後，這種機會就會出現。所以如果你能談論這個問題，那將會很有幫助。

Yes. I mean, I totally agree with you. I think it is absolutely something that we're looking at. I've been actively thinking about this as well.

是的。我的意思是，我完全同意你的觀點。我認為這絕對是我們正在關注的事情。我也一直在正面思考這個問題。

What I've always -- what I always was very intentional about was that we never wanted to necessarily have essentially like a point subsidy program, which to me is, in a way, the price for not having a lot of loyalty on your platform. And we have a lot of loyalty.

我一直——我一直有意為之的是，我們從來不想一定要有積分補貼計劃，對我來說，這在某種程度上是對你的平台缺乏忠誠度的代價。我們非常忠誠。

A lot of these other programs, they try to get people to join a loyalty program, they even have an account information. They even have a relationship with the guest. Everyone at Airbnb, we verify their identity. The vast majority of people have profiles, we have 200 million verified identities on the platform on Airbnb today. I think that's more than any or almost any other platform in the United States. For any -- not just travel, but beyond travel.

許多其他計劃都試圖讓人們加入忠誠度計劃，他們甚至擁有帳戶資訊。他們甚至與客人有關係。我們會驗證 Airbnb 上每個人的身分。絕大多數人都有個人資料，目前 Airbnb 平台上有 2 億個經過驗證的身分。我認為這比美國任何或幾乎任何其他平台都要多。對於任何——不僅僅是旅行，而且超越旅行。

Around two out of three people who book an Airbnb leave a review. So we have really good retention, we have really good participation. But I've always thought that there could be a membership program potentially even a paid subscription or membership program, Airbnb, where you pay more to get differentiated offerings and better service. And I think we're looking at a variety of models there where, if not necessarily subsidizing the business we already have, but really increasing usage and increasing share of wallet.

大約三分之二的預訂 Airbnb 的人會留下評論。因此，我們的保留率和參與度都非常好。但我一直認為，可以有一個會員計劃，甚至可能是付費訂閱或會員計劃，就像 Airbnb 一樣，你可以支付更多費用來獲得差異化的產品和更好的服務。我認為我們正在研究各種各樣的模式，即使不一定補貼我們現有的業務，但也能真正增加使用量並增加錢包份額。

And I think that Amazon Prime, one of the things that's compelling about it is they actually were able to get people not just to come back to Amazon, but to use it more frequently. And so I think any program that increases share of wallet or gets people not necessarily to come back to Airbnb, but to use it more frequently for a greater part of their lives not necessarily just every year, but imagine every month or every week, including in your own city would be really, really compelling to us.

我認為 Amazon Prime 最吸引人的地方之一就是他們實際上能夠讓人們不僅再次使用亞馬遜，而且更頻繁地使用它。因此，我認為，任何能夠增加錢包份額或讓人們不一定會再次使用 Airbnb 的計劃，而是在一生中的大部分時間裡更頻繁地使用它（不一定是每年，而是每個月或每週，包括在你自己的城市），對我們來說都是非常非常有吸引力的。

Alex Brignall, Redburn Atlantic.

雷德伯恩大西洋公司的亞歷克斯·布里格納爾 (Alex Brignall)。

At the Q4 results when you talked about the margin target. You said that FX was a headwind because of the transaction exposure that you have, more of your costs are in dollars. That's obviously -- and I think -- I'm not 100%, I think you said that margins certainly wouldn't have gone down as much, maybe not even down if FX wasn't going against the beat. Tell me I'm wrong, if I am, on that.

在第四季度業績中，您談到了利潤率目標。您說外匯是一個阻力，因為您有交易風險，您的大部分成本是以美元計算的。這顯然是——而且我認為——我不是 100%，我認為您說過，如果外匯沒有逆勢而行，利潤率肯定不會下降那麼多，甚至可能不會下降。如果我錯了，請告訴我。

Obviously, FX has gone entirely the other way now, and it would be a tailwind to your numbers. So I would have imagined that all else equal, which of course is not, that the margin target for the full year would have seen a tailwind from the fact that FX will benefit your US dollar cost base relative to your revenues. Could you just talk about why that's not happening?

顯然，FX 現在已經完全走向了另一個方向，這對您的數字來說將是一個順風。因此，我本來會想像，在其他所有條件相同的情況下（當然不是這樣），全年的利潤目標將會因為外匯將有利於您的美元成本基礎（相對於您的收入）而獲得順風。你能說說為什麼這種情況沒有發生嗎？

Thanks for the question, Alex. So certainly, yes, between now and February -- since -- sorry, since February, we have seen a change in the FX rates. As of February, we were assuming that FX would be a pretty meaningful headwind for the remainder of the year. Fast forward to where we are today, it's obviously less of a headwind.

謝謝你的提問，亞歷克斯。所以當然，是的，從現在到二月——抱歉，自二月以來，我們已經看到外匯匯率發生了變化。截至二月份，我們預計外匯將成為今年剩餘時間相當顯著的不利因素。快轉到我們今天所處的境地，顯然逆風已經小了許多。

A couple of things that I would note. One is that we -- the positivity we've seen out of Europe in terms of the weakening of the dollar is not necessarily relevant for our entire portfolio. We do have some -- we do continue to have some FX headwinds out of Latin America that do impact a certain portion of our business.

有幾件事我想指出。一是，我們看到的歐洲在美元走弱的正面表現並不一定與我們的整個投資組合相關。我們確實面臨一些來自拉丁美洲的外匯逆風，這確實影響了我們部分業務。

Second is we do, do some revenue hedging such that the tailwind that some are seeing does not entirely materialize in terms of our hedge portfolio for revenue. And then I would say, third, in terms of managing to the guidance that we provided you. There are some puts and takes with regard to overall volume underlying ADR as well as FX-adjusted ADR.

其次，我們確實進行了一些收入對沖，這樣一些人看到的順風就不會完全體現在我們的收入對沖組合上。然後我想說，第三，就管理我們為您提供的指導而言。對於 ADR 的整體交易量以及外匯調整後的 ADR，存在一些看跌期權和看漲期權。

And that concludes our question-and-answer session. I will now turn the call back over to Brian for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給布萊恩，請他作最後發言。

All right, everyone. Well, thanks for joining us today. We're incredibly proud of our results, and I'm really excited to share what we've been working on at Airbnb. So make sure to watch our 2025 summer release to see what's next.

好的，各位。好吧，感謝您今天加入我們。我們對我們的成果感到無比自豪，我很高興與大家分享我們在 Airbnb 所做的工作。因此，請務必觀看我們 2025 年夏季發布的版本，以了解接下來的內容。