Airbnb Inc (ABNB) 2025 Q2 法說會逐字稿

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

下午好，感謝您參加 Airbnb 2025 年第二季財報電話會議。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。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 second quarter of 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 second quarter of 2025. These items were also posted on the Investor Relations section of Airbnb's website.

下午好，歡迎參加 Airbnb 2025 年第二季財報電話會議。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 年第二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。

During the call, we'll make brief opening remarks and then spend the remainder of time on Q&A. Before I turn it over to Brian, I would like to remind everyone that we will be making forward-looking statements on the call that involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors.

在通話過程中，我們將做簡短的開場白，然後用剩餘的時間進行問答。在將發言權交給布萊恩之前，我想提醒大家，我們將在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。

These factors are described under forward-looking statements in our shareholder letter and in our most recent filings with the Securities and Exchange Commission. We urge you to consider these factors and remind you that we undertake no obligation to update the information contained on this call to reflect subsequent events or circumstances.

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。

You should be aware that these statements should be considered estimates only and are not a guarantee of future performance. Also during this call, we will discuss some non-GAAP financial measures. We provided reconciliations to the most directly comparable GAAP financial measures in the shareholder letter posted to our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results. With that, I'll pass the call to Brian.

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。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。說完，我就把電話轉給布萊恩。

All right. Thanks, Angela, and good afternoon, everyone. Thanks for joining. Airbnb had a strong Q2. We exceeded expectations across key metrics, including bookings, revenue and margin.

好的。謝謝，安琪拉，大家下午好。感謝您的加入。Airbnb 第二季度表現強勁。我們在預訂量、收入和利潤等關鍵指標上都超出了預期。

And while the quarter started with some global economic uncertainty, travel demand picked up, and nights booked in Airbnb accelerated from April to July. We also made meaningful progress across our three strategic priorities.

儘管本季初全球經濟存在一些不確定性，但旅遊需求有所回升，4 月至 7 月期間 Airbnb 的預訂晚數也出現加速成長。我們也在三大戰略重點上取得了有意義的進展。

First, we continue to perfect our core service. In Q2, we made improvements to checkout, messaging, merchandising and more flexible payment options, all of which helped us increase revenue. We also expanded our new AI customer service agent in the US reducing the percentage of hosting guests who need to contact a human agent by 15%.

首先，我們不斷完善核心服務。在第二季度，我們對結帳、訊息、商品推銷和更靈活的付款選項進行了改進，所有這些都幫助我們增加了收入。我們還在美國擴展了新的 AI 客戶服務代理，將需要聯繫人工代理的接待客人的比例降低了 15%。

Second, we accelerated growth in global market. Nights booked on an origin basis and our expansion markets have now grown at twice the rate of our core markets for six consecutive quarters. And what this shows is that we're achieving product market fit, increasing brand awareness and driving traffic in key countries outside the United States.

二是全球市場加速成長。按原產地預訂的晚數以及我們擴張市場的預訂晚數已連續六個季度以核心市場的兩倍速度增長。這顯示我們正在實現產品市場契合，提高品牌知名度，並推動美國以外主要國家的流量。

So take Japan, for example. Late last year, we launched a brand campaign to raise awareness among Japanese travelers. You might want to take a trip within Japan. And the early results are really encouraging. In Q2, Japanese travelers booked more nights on Airbnb than they did in Q1, driven by more domestic travel and a 15% year-over-year increase in first-time bookers.

以日本為例。去年年底，我們發起了一項品牌活動，以提高日本遊客的認知度。您可能想在日本境內旅行。早期結果確實令人鼓舞。在第二季度，日本遊客在 Airbnb 上預訂的晚數比第一季更多，這得益於國內旅遊的增加以及首次預訂人數同比增長 15%。

We also announced several major partnerships to help accelerate growth in key markets, including a three-year partnership with the Tour de France, a global live partnership -- music partnership with Lollapalooza, and our continued partnership to IOC for the upcoming Winter Olympics in Milan.

我們還宣布了幾項重大合作夥伴關係，以幫助加速關鍵市場的成長，包括與環法自行車賽建立的三年合作夥伴關係、與 Lollapalooza 建立的全球現場合作夥伴關係——音樂合作夥伴關係，以及我們與國際奧委會在即將於米蘭舉行的冬季奧運會上的持續合作夥伴關係。

And we just announced a three-year partnership with FIFA and the World Cup, which is the largest event in the world. Large events have been a part of Airbnb's story from the very beginning. They help us build brand awareness and grow supply in key markets.

我們剛剛宣布與國際足總和世界盃建立為期三年的合作夥伴關係，這是世界上最大的賽事。大型活動從一開始就是 Airbnb 歷史的一部分。它們幫助我們建立品牌知名度並增加主要市場的供應。

And while many of these partnerships are high profile, the events themselves are often very local, and that's what makes them so powerful. They highlight our ability to disperse travel beyond popular city centers and help strengthen relationships with local governments and communities.

雖然許多這樣的合作關係都備受矚目，但活動本身往往非常具有地方性，這正是它們如此強大的原因。它們凸顯了我們將旅行分散到熱門城市中心以外的能力，並有助於加強與地方政府和社區的關係。

Finally, our third strategic priority is to expand our business beyond stays. And in Q2, we did that in a big way. As part of our 2025 summer release in May, we launched Airbnb services, and completely reimagined Airbnb experiences. We also introduced an all-new app, making it easier to book home, service and experiences all in one place. Now this is our biggest launch to date.

最後，我們的第三個策略重點是將業務擴展到住宿之外。在第二季度，我們大力開展這項工作。作為我們 5 月 2025 年夏季發布的一部分，我們推出了 Airbnb 服務，並徹底重塑了 Airbnb 體驗。我們還推出了一個全新的應用程序，讓您可以更輕鬆地在一個地方預訂房屋、服務和體驗。這是我們迄今為止規模最大的一次發布。

And it's earning more than 13,000 press stories and nearly 660 million social media impressions. After the launch, I travel around the world to amplify the news and key markets. And over the next three weeks, I visited six countries and met with over 600 members of the press, policymakers, Airbnb partners, and Airbnb hosts. And so far, the response to our summer lease has been great. Guests say it's easier to discover new list offerings on our home page and find what they're looking for.

它已獲得超過 13,000 條新聞報道和近 6.6 億次社交媒體曝光。發布後，我前往世界各地宣傳新聞和主要市場。在接下來的三週裡，我造訪了六個國家，會見了 600 多名媒體人士、政策制定者、 Airbnb 合作夥伴和 Airbnb 房東。到目前為止，我們的夏季租賃的反應非常好。客人表示，在我們的主頁上發現新清單產品並找到他們想要的內容更加容易。

And when they book a servicer experience, the feedback has been incredibly positive. The average guest rating for a service and experience since launch is 4.93 stars out of 5 stars. Now for context, this outperforms the already impressive 4.8 average rating per home during the same period. And we're also seeing strong interest from a potential host. Since launch, over 60,000 people have submitted applications to host a service or experience.

當他們預訂服務體驗時，反饋非常積極。自推出以來，客人對服務和體驗的平均評分為 5 顆星中的 4.93 顆星。現在就背景而言，這超過了同期每戶 4.8 的平均評分。我們也看到潛在主辦單位表現出濃厚興趣。自推出以來，已有超過 6 萬人提交了舉辦服務或體驗的申請。

We are really excited about the momentum. It's still early, but we believe that services and experiences could become sizable businesses for Airbnb. Now with that, I'll turn it over to Ellie for a financial update.

我們對這一發展勢頭感到非常興奮。雖然現在還為時過早，但我們相信服務和體驗可能會成為 Airbnb 的一大業務。現在，我將把財務更新交給艾莉。

Thanks, Brian, and good afternoon, everyone. I'll start with a review of our Q2 financial results, and then I'll walk through our outlook for Q3. As Brian mentioned, Q2 marked another strong quarter for us. We had $134 million nights and seats booked, up 7% year over year. We also saw an acceleration in year-over-year nights and seats booked with growth rates for May and June, both outpacing Q1.

謝謝，布萊恩，大家下午好。我將首先回顧我們的第二季財務業績，然後介紹我們對第三季的展望。正如 Brian 所提到的，第二季對我們來說又是一個強勁的季度。我們的預訂夜場門票和座位數達 1.34 億美元，年增 7%。我們也看到預訂夜數和座位數同比有所加速，5 月份和 6 月份的成長率都超過了第一季。

Looking at the growth rates by region, Latin America grew in the high teens, Asia Pacific grew in the mid-teens, EMEA in the middle single digits, and North America in the low single digits. It is worth highlighting that nights and seats book is a new metric that now includes the number of nights booked for stays as well as the total number of seats booked for both services and experiences.

從各地區的成長率來看，拉丁美洲的成長率為高十幾個百分點，亞太地區的成長率為中十幾個百分點，歐洲、中東和非洲地區的成長率為中等個位數，北美的成長率為低個位數。值得強調的是，預訂晚數和座位數是一項新指標，現在包括預訂住宿的晚數以及預訂服務和體驗的座位總數。

Now turning to our Q2 financials. Revenue for the quarter was $3.1 billion, up 13% year over year. In terms of profitability, we generated $1 billion of adjusted EBITDA, representing a 34% margin, up from 32.5% last year; and finally, net income of $642 million and EPS of $1.03 grew 16% and 20%, respectively.

現在來看看我們的第二季財務狀況。本季營收為 31 億美元，年增 13%。在獲利能力方面，我們實現了10億美元的調整後EBITDA，利潤率為34%，高於去年的32.5%；最終，淨收入6.42億美元，每股收益1.03美元，分別增長16%和20%。

Next, I'll turn to our balance sheet and cash flow. We continue to generate significant cash in Q2, delivering $1 billion of free cash flow. Over the past 12 months, we've generated $4.3 billion, representing a free cash flow margin of 37%.

接下來，我將介紹我們的資產負債表和現金流。我們在第二季繼續產生大量現金，實現了 10 億美元的自由現金流。在過去的 12 個月中，我們創造了 43 億美元的收入，自由現金流利潤率為 37%。

At the end of Q2, we had $11.4 billion of corporate cash and investments as well as $11.1 billion of funds held on behalf of guests. Our strong balance sheet allowed us to repurchase $1 billion of our common stock during the quarter and we ended Q2 with $1.5 billion remaining on our repurchase authorization.

截至第二季末，我們擁有 114 億美元的企業現金和投資，以及 111 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 10 億美元的普通股，並且在第二季結束時仍保留 15 億美元的回購授權。

And today, we're announcing a new share repurchase program with authorization to purchase up to an additional $6 billion of our Class A common stock. Now since introducing our share repurchase program in 2022, we've reduced our fully diluted share count by 8%. Now let me shift to our Q3 and full year 2025 outlook.

今天，我們宣布了一項新的股票回購計劃，授權額外回購價值高達 60 億美元的 A 類普通股。自 2022 年推出股票回購計畫以來，我們已將完全稀釋的股票數量減少了 8%。現在讓我轉到我們對第三季和 2025 年全年的展望。

As we look to Q3, we're encouraged by current demand trends, specifically the acceleration of nights booked from April through July. We've seen this momentum globally with especially strong growth in the US. That said, we do expect year-over-year comparisons to get tougher towards the end of the quarter and that this dynamic will continue into Q4, putting pressure on growth rates later in the year.

展望第三季度，我們對當前的需求趨勢感到鼓舞，特別是 4 月至 7 月預訂晚數的成長。我們已經在全球範圍內看到了這種勢頭，其中美國的成長尤為強勁。話雖如此，我們確實預計到本季度末，同比對比將變得更加困難，而且這種動態將持續到第四季度，從而對今年晚些時候的成長率造成壓力。

Specifically for Q3, we expect to generate $4.02 billion to $4.1 billion, representing year-over-year growth of 8% to 10%. This includes minimal impact for foreign exchange after factoring in our hedges.

具體來說，對於第三季度，我們預計將產生 40.2 億美元至 41 億美元，年增 8% 至 10%。考慮到我們的對沖後，這包括對外匯的最小影響。

We expect nights and seats booked to grow at a similar rate to Q2 2025 and for ADR to increase modestly year over year, primarily driven by FX. On profitability, we expect adjusted EBITDA in Q3 to exceed $2 billion, and we anticipate that adjusted EBITDA margin will be lower than in Q3 2024, primarily due to investments in new growth and policy initiatives.

我們預計預訂晚數和座位數的成長速度將與 2025 年第二季相似，且平均房價將較去年同期小幅成長，主要受外匯影響。在獲利能力方面，我們預計第三季調整後的 EBITDA 將超過 20 億美元，我們預計調整後的 EBITDA 利潤率將低於 2024 年第三季度，這主要是由於對新增長和政策舉措的投資。

And we expect a similar year-over-year decline of adjusted EBITDA margin in Q4 '25 due to growth investments and a tougher year-over-year top line comparison. For the full year, we continue to expect an adjusted EBITDA margin of at least 34.5%. This includes approximately $200 million of investment towards new businesses in 2025.

由於成長投資和更嚴格的年比營收比較，我們預計 2025 年第四季調整後的 EBITDA 利潤率將出現類似的年減。對於全年而言，我們繼續預計調整後的 EBITDA 利潤率至少為 34.5%。其中包括 2025 年對新企業約 2 億美元的投資。

While we don't expect meaningful revenue from our new businesses in the near term, we expect -- or excuse me, we believe the opportunity is significant and are building with a multiyear view. To wrap up, our Q2 results reflect strong execution across our strategic priorities, perfecting the core, accelerating growth in global markets and expanding beyond the core.

雖然我們並不期望短期內從新業務中獲得可觀的收入，但我們預計——或者對不起，我們相信這是一個巨大的機遇，並且我們正在以多年的眼光來建設。總而言之，我們的第二季業績反映了我們在各項策略重點上的強勁執行，包括完善核心業務、加速全球市場的成長以及拓展核心業務之外的領域。

We are acting with urgency and focus to drive growth of our core business and to scale services and experiences. And with our strong financial position, we are well equipped to invest in the future in order to create long-term value for our investors. With that, I will open it up to Q&A.

我們正在緊急採取行動，集中精力推動核心業務的成長並擴大服務和體驗。憑藉強大的財務狀況，我們有能力投資未來，為投資者創造長期價值。有了這些，我將開始問答環節。

(Operator Instructions)

（操作員指示）

Mark Mahaney, Evercore ISI.

馬克‧馬哈尼 (Mark Mahaney)，Evercore ISI。

I think I'd just like to ask about Airbnb experiences. And Brian, what have you seen so far? What do you think would be success in terms of, I don't know, an attach rate? Like what's the -- what do you -- are there proxies or bogeys out there that you've seen other companies or in other industries with kind of the attach rate to a core offering that you think, yes, that's where Airbnb should be? It seems to me like it's a natural cross-sell or add-on, but what's the goal? And how long do you think it will take to get there?

我想我只是想詢問一下有關 Airbnb 的體驗。布萊恩，到目前為止你看到了什麼？您認為就附加率而言，在什麼情況下才算成功？例如，您認為其他公司或其他產業是否有類似或類似的服務，其核心產品的附加率是否與 Airbnb 的核心產品相當？在我看來，這是一種自然的交叉銷售或附加銷售，但目標是什麼？您認為到達那裡需要多長時間？

Hey Mark, maybe I'll just zoom out and just talk about experience and what we've seen so far. We're very, very impressed and satisfied for all of the awareness of Airbnb experiences. The biggest problem we've had historically, even with attach rates, people didn't know you even had Airbnb experiences. The launch generated over 13,000 articles, 660 million social media impressions. We've also seen increased visibility of our product through our newly redesigned homepage and guests really love Airbnb experiences.

嘿，馬克，也許我應該放遠一點，談談經驗和我們目前所看到的情況。我們對所有關於 Airbnb 體驗的認知感到非常非常印象深刻和滿意。我們歷史上遇到的最大問題是，即使附加率很高，人們也不知道你有過 Airbnb 體驗。這次發表會引發了超過 13,000 篇文章的關注，社群媒體曝光量達 6.6 億次。透過我們新近重新設計的主頁，我們也看到了我們產品的知名度有所提高，客人非常喜歡 Airbnb 體驗。

We talked about, obviously, that they're significantly rated more highly than homes on Airbnb. There's a few things. I mean, attach rate, we're absolutely looking at. We don't have any numbers to share as far as what we see for a potential attach rate. But we think that attach rate can be significantly higher for the complete reimagined Airbnb experience than the prior iteration of the product.

顯然，我們談到，它們的評價比 Airbnb 上的房子高得多。有幾件事。我的意思是，我們絕對在關注附加率。就我們所看到的潛在附加率而言，我們還沒有任何數字可以分享。但我們認為，全新設計的 Airbnb 體驗的附加率會比之前的產品版本高很多。

And the way we're going to do that is, number one, we need to make sure that we have resonant supply, supply that people really, really like. So we're making sure that we have great listings. This includes Airbnb originals that are the very best experience on Airbnb. The next thing we want to do is make sure we have significantly greater entry points for the products. So we've really integrated experiences into the core flow.

我們要做的就是，首先，我們需要確保我們有能引起共鳴的供應，人們真正喜歡的供應。因此，我們要確保擁有出色的清單。其中包括 Airbnb 原創作品，它們都是 Airbnb 上最好的體驗。我們接下來要做的就是確保我們的產品有更大的切入點。因此，我們確實將體驗融入了核心流程中。

And the third thing is we're raising awareness of Airbnb experiences, and we think this not only sells experiences but sells more bookings. A couple of other things I'll just share about Airbnb experiences. We've had a huge amount of people wanting to list experiences on Airbnb, submit applications. And the other thing, I'd also point out Airbnb originals. 40% of bookings for Airbnb originals are from locals or people in the kind of local area where the booking occurs.

第三件事是我們正在提高人們對 Airbnb 體驗的認識，我們認為這不僅可以銷售體驗，還可以帶來更多預訂。我也會分享一些有關 Airbnb 體驗的其他事情。我們有大量的人想要在 Airbnb 上列出體驗並提交申請。另外，我還要指出的是 Airbnb 原創房源。 40% 的 Airbnb 原創房源預訂來自當地人或預訂所在地區的人。

So what we're seeing what Airbnb experiences is even though they're designed for travelers, we also do expect to start to see more local demand. So I think what we're going to see is over the next year, you're going to see us really focusing on honing in on the attach rate in key cities. Right now, one of the cities are really focused on as Paris. It's a really popular corridor for the United States. And we're really trying to see what we can do on attach rate in Paris and a few other cities like that.

因此，我們看到 Airbnb 的體驗是，儘管它們是為旅行者設計的，但我們也確實希望開始看到更多的當地需求。因此我認為，我們將在明年看到，我們真正專注於提高重點城市的配售率。目前，人們真正關注的城市之一是巴黎。對美國來說，這是一條非常受歡迎的走廊。我們確實在嘗試看看我們能在巴黎和其他一些類似城市的附加率方面做些什麼。

Once we get that attach rate up, that will give us a better integration of what's possible globally, but I'm very, very bullish. I think a large percent of travelers on Airbnb would love to use Airbnb experiences.

一旦我們提高了附加率，這將使我們能夠更好地整合全球的可能性，但我非常非常樂觀。我認為 Airbnb 上的旅客大多願意使用 Airbnb 體驗。

Richard Clarke, Bernstein.

理查克拉克，伯恩斯坦。

Just want to unpick maybe a little bit of the guidance. What is the size of the headwind you're expecting in Q3 maybe from the events, the Paris Olympics. And you talked about that maybe continuing to Q4. So should we expect Q4 to be slower than Q3? And maybe in addition to that, you've called out three of your growth markets are now alive and kicking, sort of Brazil, Japan, and Germany.

只是想解開一些指導。您預計第三季的逆風有多大，可能是來自巴黎奧運等賽事。您說過這種情況可能會持續到第四季。那麼我們是否應該預期第四季會比第三季慢？除此之外，您或許也提到了目前三個活躍的成長市場，分別是巴西、日本和德國。

Any thoughts what you think the sort of right midterm growth rate is now for Airbnb, given this sort of success in these newer geographies?

考慮到 Airbnb 在這些新地區的成功，您認為現在合適的中期成長率是多少？

Sure, Richard. Let me talk a little bit about the trends for both Q3 and Q4 and then we can turn to global markets. Just to remind you, the comps that we're referring to from last year, you'll probably recall that at this time last year, we and others were seeing quite depressed bookings in July. And so right now, we're kind of comping a softer period from 2024. But over the course of Q3 last year, we saw a nice acceleration and exited Q3 at a much stronger rate than we entered.

當然，理查德。讓我稍微談談第三季和第四季的趨勢，然後我們可以轉向全球市場。只是提醒您，我們指的是去年的同期數據，您可能還記得，去年這個時候，我們和其他人都看到 7 月份的預訂量相當低迷。因此，目前，我們正在預測 2024 年將進入一個較為疲軟的時期。但在去年第三季度，我們看到了良好的加速，並且退出第三季度的速度比進入第三季度時要強勁得多。

And so that's the pattern that we are comping directly right now. There was a couple of point acceleration over the course of the quarter. What I'll also call your attention to is the acceleration that we saw beyond Q3 through the end of Q4.

這就是我們現在直接參照的模式。本季中出現了幾個點的加速。我還要提請大家注意的是，我們看到了從第三季到第四季末的加速成長。

So for our business last year, in Q3, we grew approximately 8% in terms of nights booked, that accelerated over 4 points to over 12% in Q4. And so that's the acceleration that we're referring to in terms of the hard year-over-year comp.

就我們去年的業務而言，在第三季度，預訂晚數增長了約 8%，而在第四季度，這一數字增長了 4 個百分點，達到 12% 以上。這就是我們所說的同比硬增長的加速。

So when we look at kind of the history of our data and seasonality on the platform, what we're seeing right now is that 2023 is a bit more of a normalized comp for '25. And so when we look at that year over a two-year comp specifically to '23, what it implies is that the hard comp that we will face on a year-over-year basis in Q4 could result in a bit of a decel from Q3 to Q4 on a year-over-year basis, and we just wanted to highlight that heading into the back half of the year.

因此，當我們查看平台上的數據歷史記錄和季節性時，我們現在看到的是，2023 年比 2025 年更加標準化。因此，當我們將該年與兩年期（特別是與 23 年）進行比較時，這意味著我們在第四季度將面臨的同比硬性比較可能會導致從第三季度到第四季度的同比增速略有放緩，我們只是想強調這一點，以應對下半年的情況。

Your second question was around expansion markets. Obviously, we called out the real success we're having in Brazil, in Japan, in Germany, other places that I would call out that we didn't know in the letter. India is doing quite well.

您的第二個問題是關於擴張市場。顯然，我們在信中提到了我們在巴西、日本、德國和其他我們不知道的地方取得的真正成功。印度表現相當不錯。

Rest of Latin America also doing quite well. What we've called out for some time with regard to expansion market strategy is that the composition of our business historically has been so concentrated in the core market. that it will take a period of aggregated business mix shift for the elevated level of growth in the expansion markets to be a meaningful contributor to the overall consolidated totals.

拉丁美洲其他地區的表現也相當不錯。關於擴張市場策略，我們一段時間以來一直強調的是，我們的業務組成歷來過於集中在核心市場。因此，需要一段時間的整體業務組合轉變，才能使擴張市場的成長水準提升到對整體合併總額的有意義的貢獻。

I think the good news is that the success that we have had in these expansion markets has already started to move the needle in terms of diversifying our global business away from North America. I would say just if you look on a year-over-year basis, the acceleration or the strength of growth that we've seen in Latin America, has allowed Latin America to take about 200 basis points of business share within Airbnb from North America and therefore contribute more meaningfully to growth.

我認為好消息是，我們在這些擴張市場所取得的成功已經開始推動我們實現全球業務多元化，不再局限於北美。我想說，如果同比來看，我們在拉丁美洲看到的加速或強勁的成長，使得拉丁美洲在 Airbnb 的業務份額中從北美奪走了約 200 個基點，因此對成長做出了更有意義的貢獻。

So the intent of our strategy is to continue to invest in these markets continue to gain market share in them. And as they grow as a percent of our overall business, the contribution to growth will commensurately grow as well.

因此，我們的策略意圖是繼續投資這些市場並繼續獲得市場份額。隨著它們在我們整體業務中所佔比例的成長，對成長的貢獻也將隨之成長。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

I'm curious about from a marketing perspective, as you continue to sort of reposition or position Airbnb as a brand globally and move into these areas, such as services and experience as a new growth market. What are some of the key learnings about the intensity of marketing spend that's needed to put these dynamics into the market and grow and scale them?

從行銷角度來看，我很好奇，您是否會繼續重新定位或將 Airbnb 定位為全球品牌，並進入這些領域，例如服務和體驗作為新的成長市場。關於將這些動態投入市場並使其發展和擴大所需的行銷支出強度，有哪些關鍵的經驗教訓？

And how might sort of the channels of those marketing investments continue to evolve when you think about looking out just beyond 2025 and more of a medium to longer term view about how you bring the platform closer to consumers.

當您考慮 2025 年以後以及從中長期角度考慮如何讓平台更貼近消費者時，這些行銷投資的管道將如何繼續發展。

Yeah, Eric, I can start. We think that probably going forward, the best way to market services and experiences is to actually market the entire offering of Airbnb. So immediately upon the launch, we did launch some Airbnb experiences specific ads. But this fall, we're going to be launching ads that market home services and experiences, the bundled offering. And we think this is a really, really key principle that only Airbnb offers all this in one app.

是的，艾瑞克，我可以開始了。我們認為，展望未來，推銷服務和體驗的最佳方式實際上是推銷 Airbnb 的全部產品。因此，我們在發布後立即推出了一些針對 Airbnb 體驗的特定廣告。但今年秋天，我們將推出推廣家庭服務和體驗的廣告，即捆綁產品。我們認為這是一個非常非常關鍵的原則，只有 Airbnb 能夠在一個應用程式中提供所有這些功能。

And so we don't think that the marketing intensity per se has to increase because we think we can get a lot more for our dollar by marketing all of our offerings and it makes more sense, right? Airbnb at a fence is these aren't disparate offerings. If you book a home, you're very likely to want a service or experience so we can market all three.

因此，我們認為行銷強度本身不必增加，因為我們認為透過行銷我們所有的產品，我們可以獲得更多的收益，這更有意義，對嗎？Airbnb 的圍籬服務並不是完全不同的服務。如果您預訂了房屋，您很可能想要服務或體驗，因此我們可以推銷這三種服務或體驗。

The second thing is channel. So that's the strategy. We think that the channels for services experiences and homes is increasing in the shift to social. Now why is this going to be the case? Well, one of the things we're noticing obviously in the whole world seeing is that a lot of travel is switching from desktop to mobile and from Google search to social media.

第二是渠道。這就是策略。我們認為，在向社交轉變的過程中，服務體驗和家庭的管道正在增加。為什麼會出現這種情況呢？嗯，我們在全世界明顯注意到的一件事是，很多旅行方式正在從桌面轉向行動設備，從谷歌搜尋轉向社交媒體。

And so increasingly, people are spending time on social media and social media is gradually taking over as the number one place for travel search from Google, and travel is becoming more of an inspiration base than a high intent search-based destination platform. So Airbnb, we think, is really primed for social media.

因此，人們在社群媒體上花費的時間越來越多，社群媒體正逐漸取代谷歌成為旅遊搜尋的首選之地，旅遊正逐漸成為一個靈感來源，而不是一個基於高意圖搜尋的目的地平台。因此，我們認為 Airbnb 確實為社群媒體做好了準備。

We are probably the most relevant brand for young American travelers. That is the kind of heart and soul of kind of the social media audience. And I think that you're going to see a lot more social media native advertising. So we're shifting a lot of our advertising from TV to social. And the great thing about social is we can target.

我們可能是最適合美國年輕旅客的品牌。這就是社群媒體受眾的內心和靈魂。我認為你會看到更多的社群媒體原生廣告。因此，我們將大量廣告從電視轉向社群媒體。社交的偉大之處在於我們可以有針對性。

We know a lot more about the customers. We know if there are Airbnb customers, we can actually -- when they watch an ad, we can link it to inventory and get them to go directly to the app. So it's actually, we think, very, very performative. So this is what we're going to be doing with marketing.

我們對客戶有了更多的了解。我們知道，如果有 Airbnb 客戶，我們實際上可以——當他們觀看廣告時，我們可以將其連結到庫存並讓他們直接進入應用程式。因此，我們認為它實際上非常具有表現力。這就是我們在行銷方面要做的事情。

Brian if I could just add one comment to that. In terms of overall marketing intensity, the $200 million that we have highlighted in terms of investments behind experiences and services for 2025. It is not an increase in programmatic marketing.

Brian，如果我可以對此添加一條評論。就整體行銷強度而言，我們強調了 2025 年在體驗和服務方面的投資為 2 億美元。這並不是程序化行銷的成長。

Our overall programmatic marketing for the year is relatively stable from a percent of revenue basis. Instead, the increase in sales and marketing that you see associated with services and experiences, is focused, in particular, on our field operations, our go-to-market activities and supply acquisition. It is not spending more to effectively advertise multiple brands, instead to Brian's point, we are spending behind a single brand.

從收入百分比來看，我們今年的整體程序化行銷相對穩定。相反，您看到的與服務和體驗相關的銷售和行銷的成長主要集中在我們的現場營運、我們的行銷活動和供應採購。這不是花費更多來有效地宣傳多個品牌，而是如 Brian 所說，我們只為一個品牌投入資金。

John Colantuoni, Jefferies.

傑富瑞的約翰·科蘭圖尼。

I wanted to ask one about experiences. I'm curious to get your perspective on the approach you're taking to building inventory and experiences. There's a lot of variability in the quality across the experiences industry. So I'm curious how you're approaching balancing building supply that's consistent with the differentiation of Airbnb's accommodations offering versus building more commoditized supply that's maybe easier to build, scale around.

我想問一個人一些經歷。我很好奇您對建立庫存和體驗的方法的看法。整個體驗產業的品質有很大差異。所以我很好奇你是如何平衡建築供應的，既要與 Airbnb 住宿服務的差異化相一致，又要建立可能更容易建設和擴大規模的商品化供應。

Yeah, John. Actually, we actually are managing the quality of experience and even more than managing the quality of homes. I think the evidence of that is two things. The input is that we actually -- that every single experience on Airbnb before it comes on the platform. We do not vet every home the way we vet every experience on Airbnb.

是的，約翰。事實上，我們實際上是在管理體驗的質量，甚至比管理房屋的質量還要多。我認為有兩點可以證明這一點。輸入的內容其實是－在 Airbnb 平台上線之前，我們會記錄每一次體驗。我們不會像審查 Airbnb 上的每一次體驗那樣審查每一處房源。

The result of that is that the average home has got a 4.8 rating. The average experience has a greater than 4.93 rating. So we think this is working. Now as far as scale, we actually think we can do it quite effectively. We are working with a lot of third-party vendors.

結果是，平均家庭評級為 4.8。平均體驗評分高於4.93。所以我們認為這是有效的。現在就規模而言，我們實際上認為我們可以相當有效地做到這一點。我們正在與許多第三方供應商合作。

We built a fairly sophisticated operation to do vetting, we vet through -- the first thing we do we vet their profile, make sure everyone's got a verified identity. We've got the credentials. There's a number of third-party sites we can use for that. And we also make sure they have right certifications and licenses, which I think is really, really important for all these different industries. But we think we can be very, very efficient with this bedding approach.

我們建立了一個相當複雜的流程來進行審查，我們首先要審查他們的個人資料，確保每個人的身份都經過驗證。我們已獲得憑證。我們可以使用許多第三方網站來實現這一點。我們還確保他們擁有正確的認證和許可證，我認為這對所有這些不同的行業來說都非常非常重要。但我們認為，採用這種鋪墊方法可以非常非常有效。

And we ultimately think that this could actually make the market more effective because quality is critical to customer satisfaction and building trust and people really trying something new on Airbnb.

我們最終認為，這實際上可以使市場更有效，因為品質對於客戶滿意度和建立信任以及人們真正在 Airbnb 上嘗試新事物至關重要。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Just on overall company strategy, how do you think about potentially implementing a strategy or acquiring a company that potentially could reaccelerate or reaccelerate your revenue or accelerate your nights versus building organically?

就整體公司策略而言，您如何看待實施策略或收購可能重新加速或加速您的收入或加速您的夜間營業額的公司，而不是有機建設？

Hey Jed, we're always open to buying companies. We purchased a few companies in the past. Our hotel tonight has been a successful application that we acquired a number of years ago before the pandemic. We've historically primarily focused on building organically, but we absolutely are open to acquisitions, and we are going to be looking at it.

嘿，傑德，我們一直願意收購公司。我們過去收購過一些公司。我們今晚入住的飯店是幾年前疫情爆發前我們成功申請的。我們過去主要專注於有機建設，但我們絕對對收購持開放態度，並且我們會對此進行研究。

And I think that we are now in a better place to consider acquisitions now that we've rebuilt our tech platform from the ground up, and we have this new expanded strategy where we're focused not just on all aspects of traveling, but also living. And so I think there's absolutely acquisitions on the table that we could be looking at.

我認為，既然我們已經徹底重建了我們的技術平台，並且制定了新的擴展策略，我們不僅關注旅行的各個方面，還關註生活，那麼我們現在可以更好地考慮收購。因此我認為我們絕對可以考慮進行收購。

We always want to make sure that if we do an acquisition, it is one of the most perishable opportunities that the integration costs don't outweigh the benefit of the revenue that we get. But we are absolutely opportunistic when it comes to acquisitions. I think we're more prepared to do them now than before.

我們始終希望確保，如果我們進行收購，這是最容易失敗的機會之一，整合成本不會超過我們所獲得的收入效益。但在收購方面，我們絕對是機會主義的。我認為我們現在比以前更有準備去做這些事情。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Brian, you touched on this a little bit, but curious if you have any more color on the impact or observations on the way homes or nights are booked from the app following the redesign. And just one point of clarification from the release, it sounds like booking lead times are now back to a normal level versus what you were seeing earlier in the quarter if you can just confirm that.

布萊恩，你稍微提到了這一點，但我很好奇你是否能更詳細地了解重新設計後應用程式對房屋或住宿預訂方式的影響或觀察結果。從發布中我們可以澄清一點，聽起來預訂交付時間現在已經恢復到正常水平，與本季度早些時候的情況相比，如果您能確認這一點的話。

Hey Colin, what we're seeing with Homes is some pretty exciting patterns we're seeing a giant uptick in the number of people that are booking a home from the homepage on Airbnb. So this has been a major behavioral change from basically the last 17 years of Airbnb history.

嘿，科林，我們在 Homes 上看到的一些非常令人興奮的模式是，我們看到從 Airbnb 主頁預訂房屋的人數大幅增加。因此，這與 Airbnb 過去 17 年的發展歷程相比，是重大的行為改變。

So if you go to most apps, especially OTA, you open the app and every single person goes essentially to the search box, they type in something in the search box and they enter a date and then they get a bunch of search results and this is how everyone searches for travel over the last 20, 25 years.

因此，如果你使用大多數應用程序，尤其是 OTA，你打開應用程序，每個人基本上都會進入搜尋框，在搜尋框中輸入一些內容，輸入日期，然後他們會得到一堆搜尋結果，這就是過去 20 到 25 年來每個人搜尋旅行的方式。

The holy grail is to get more and more people to be in browse and discovery mode, almost like on Netflix or say, DoorDash, DoorDash was very search-driven, they are now more of a browse and discovery application. And it's been a really hard not to crack within travel, but we think we've done it because we've seen is that increasingly more and more guests are engaging, not just the service experience from a homepage, but with homes.

目標是讓越來越多的人處於瀏覽和發現模式，就像 Netflix 或 DoorDash 一樣，DoorDash 以前非常依賴搜索，但現在它們更像是一個瀏覽和發現應用程式。在旅遊業中，這確實是一個難以克服的難題，但我們認為我們做到了，因為我們看到越來越多的客人參與其中，不僅僅是主頁上的服務體驗，還有房屋體驗。

Now this is very strategic. Why is this strategic for us? The reason why is that people can engage with our home page rather than typing in a destination then we can divert travel more broadly to where we have available supply, thereby increasing conversion of our traffic, if this makes sense.

這非常具有戰略意義。這對我們來說為什麼具有戰略意義？原因是人們可以訪問我們的主頁，而不需要輸入目的地，這樣我們就可以將旅行更廣泛地轉移到我們有供應的地方，從而增加我們的流量轉換率，如果這是有意義的話。

So the more intent-based our traffic is, people have a very specific destination, very specific dates. And if they're only going based on high intent, you're going to lose the people that are either lower intent or people where you might have a home, but it's a little bit outside their search radius or a little bit outside their date that they're looking for.

因此，我們的流量越基於意圖，人們就越有明確的目的地和明確的日期。如果他們只是根據高意向來決定是否前往，你就會失去那些意向較低的人，或者那些可能有家的人，但那有點超出他們的搜索範圍，或者有點超出他們正在尋找的日期。

So this is one of the things that we've seen. We've also seen a lot more people engaged with the new trip tab. Our trip tab is essentially our itinerary. And we're seeing a lot more engagement on itinerary. And this itinerary is really important because this is the application that you use when you're on your trip.

這是我們所看到的事情之一。我們也發現越來越多的人參與了新的旅行標籤。我們的旅行標籤本質上就是我們的行程。我們看到行程安排上的參與度大大提高。這個行程非常重要，因為這是您旅行時使用的應用程式。

This is critical because if we can get people to use the application on trip and we get co-travelers to use on trip, then what we're really saying is we have this point of sale during the trip to cross-sell other things. So for example, one of the things we've seen with experiences and services as a lot of people like to book service experiences last minute, including people often like to book service experiences when they're on a trip.

這很關鍵，因為如果我們可以讓人們在旅途中使用該應用程序，並且讓同行旅客在旅途中使用該應用程序，那麼我們實際上就是在旅途中擁有這個銷售點來交叉銷售其他東西。例如，我們在體驗和服務方面發現，許多人喜歡在最後一刻預訂服務體驗，包括人們經常喜歡在旅行時預訂服務體驗。

And so if we can get more people to open our app during a trip and go to the homepage and browse discover, then this goes to one of the kind of questions asked earlier about how we cross-sell for Mark and get more people to book services experiences. So there's been many other things that I could call out about the launch, but that would be the key thing. People are engaged on their app, while on trip and they're engaged with their home page.

因此，如果我們可以讓更多的人在旅途中打開我們的應用程式並進入主頁瀏覽發現，那麼這就引出了之前提出的問題之一，即我們如何為馬克進行交叉銷售並讓更多的人預訂服務體驗。關於這次發布，我還有很多其他的事情要講，但這是關鍵的事情。人們在旅途中會使用應用程序，也會瀏覽主頁。

This is really, really critical to booking more homes, but also to cross-selling services experiences. And I just want to wrap by saying these are two things I don't think OTAs have cracked. I don't think OTAs have cracked, had to get anyone to scroll on their home page. I don't think OTAs have cracked how to get people to use their app during the trip. So I think that these are distinctly things that Airbnb have started to open the door for.

這對於預訂更多房屋以及交叉銷售服務體驗真的非常重要。最後我想說的是，我認為 OTA 尚未解決這兩個問題。我認為 OTA 還沒有崩潰，必須讓任何人滾動瀏覽他們的主頁。我認為 OTA 尚未找到如何讓人們在旅途中使用其應用程式的方法。所以我認為這些顯然是 Airbnb 開始打開大門的事情。

Our next question comes --

我們的下一個問題是--

I think there was a question for Ellie.

我認為有一個問題想問艾莉。

Colin, just your second question was about lead times? The question having normalized compared to earlier in Q2? The answer is yes. As you'll recall, back in April, lead times were heavily compressed, they were down about 7% year over year. Over the course of the quarter as booking confidence rose, bookings accelerated, we saw lead times normalize and then heading into Q3, they've actually lengthened a little bit compared to last year, which is a great sign in terms of booking confidence in overall guest demand.

科林，你的第二個問題是關於交貨時間嗎？與第二季早些時候相比，這個問題已經正常化了嗎？答案是肯定的。您可能還記得，早在四月份，交貨時間就被嚴重壓縮，年減了約 7%。在本季度，隨著預訂信心的上升，預訂速度加快，我們看到交貨時間正常化，然後進入第三季度，與去年相比，交貨時間實際上有所延長，這對於預訂信心和整體客人需求來說是一個好兆頭。

Justin Post, BofA.

美國銀行的賈斯汀·波斯特（Justin Post）。

Great. A couple of questions. Brian, I'm sure you would say there's still a lot of room to grow in the U.S. So maybe help us understand why the growth rate is in the single digits, how supply is growing and how you might be able to accelerate that. And then on events and experiences, any thoughts on what the -- what you're hoping for or targeting for long-term attach rates on a per-trip basis?

偉大的。有幾個問題。布萊恩，我相信你會說美國仍然有很大的成長空間。所以也許可以幫助我們理解為什麼成長率是一位數，供應是如何成長的，以及你如何能夠加速這一成長。然後，關於事件和經歷，您對每次旅行的長期附加率有什麼期望或目標嗎？

Yeah, so when we think about the US, it is our largest market, but it actually has, we believe, a huge amount of room to grow. In particular, when we look at the US, it remains a heavily hotel dominated market. So when we reference that 1 in 10 nights that are stayed outside the home are in an Airbnb that is actually directionally true for the US and is actually a lower percentage penetration in terms of short-term rentals than we see in other markets.

是的，當我們想到美國時，它是我們最大的市場，但我們相信它實際上還有巨大的成長空間。尤其是當我們看美國時，它仍然是一個由酒店主導的市場。因此，當我們提到每 10 個晚上中就有 1 個晚上是在 Airbnb 上住宿時，這實際上對美國來說是方向性的，而且就短期租賃而言，其滲透率實際上低於我們在其他市場看到的。

So I think structurally, the US has a huge area to grow. How are we going to drive incremental growth in the US is really consistent with the strategies that we've laid out, in particular around perfecting the core.

因此我認為從結構上來說，美國還有巨大的成長空間。我們將如何推動美國的增量成長與我們制定的策略是一致的，特別是圍繞著完善核心的策略。

We know that there are some user gaps in terms of converting more hotel users to Airbnb guests and those are the gaps that we're working to close. I think one is obviously pricing affordability. We've made some, I would say, great progress there in terms of total price display, better pricing tips, but there's, I would say, a lot more work to do to make sure that we are always the greatest value and are attracting a wide variety of US demographics.

我們知道，在將更多酒店用戶轉化為 Airbnb 客人方面存在一些用戶差距，而這些差距正是我們正在努力彌補的。我認為其中之一顯然是價格的可負擔性。我想說，我們在總價顯示、更好的定價提示方面取得了一些重大進展，但我想說，還有很多工作要做，以確保我們始終具有最大的價值，並吸引各種各樣的美國人群。

Second, another strategy that we've talked about for some time that we are seeing good results from is targeting specific demos that we are underpenetrated in.

其次，我們討論了一段時間的另一個策略，並且看到了良好的效果，那就是針對我們滲透不足的特定人群。

The two that we've called out and have made progress against our, one, the US Hispanic population, and second, what we call the heartland states, states in the middle of the country that we have historically had lower levels of penetration. And then I would say, more broadly, there's a series of things coming in terms of increasing usability exploring more diversity of payment options that we think will be also incrementally accretive to the US.

我們已經指出並取得了進展的兩個領域是：一是美國西班牙裔人口；二是我們所說的中心地帶各州，即美國中部的各州，從歷史上看，這些地區的滲透率較低。然後我想說，更廣泛地說，在提高可用性、探索更多樣化的支付方式方面有一系列的事情要做，我們認為這也會逐步增加美國的收入。

Yeah. Maybe I can just add on a little bit. We think we're just scratching -- just to kind of follow up with what Ellie said. I think we're just completely scratching the surface of the scale of home sharing in Airbnb. Why do I think this is the case?

是的。也許我可以再補充一點。我們認為我們只是在進行一些簡單的討論——只是為了跟進艾莉所說的話。我認為我們只是觸及了 Airbnb 房屋共享規模的表面。我為什麼認為情況會如此？

Well, let's look at supply and let's look at demand. On the supply side, we have around 10 million homes. I think we can have tens of millions more on Airbnb. When you ask people, why don't you put your home in Airbnb. The two most common reasons are it's too much work.

好吧，讓我們看看供給，看看需求。在供應方面，我們有大約 1000 萬套住房。我認為 Airbnb 上還能有數千萬美元的收入。當你問別人為什麼不把你的房子放在 Airbnb 上。最常見的兩個原因是工作太多。

And like, aka, I don't have the time or I don't want people I don't know in my home. Regarding it's too much work, we found a lot of success with co-hosting. Co-hosting, just to remind you, is a marketplace where we connect the best hosts in Airbnb with people who have homes that don't have time to host. We now have 100,000 listings managed by cohosts, and they hosted 10 million nights. I think this could lead to millions and millions more homes on Airbnb.

也就是說，我沒有時間，或是不想讓不認識的人來我家。考慮到工作量太大，我們發現共同主持會取得很大成功。提醒您一下，聯合託管是一個市場，我們將 Airbnb 上最好的房東與那些有房但沒有時間接待的人聯繫起來。我們現在有 10 萬個由共同房東管理的房源，他們共接待了 1,000 萬晚。我認為這可能會導致 Airbnb 上出現數以百萬計的房屋。

It's a very, very successful program, and we are prepared to scale this in the coming years. So this should unlock a lot more supply. Regarding people just being nervous about guests being in their home, we're the only company that has a $3 million guarantee called Air Cover that protects you against theft or property damage.

這是一個非常非常成功的項目，我們準備在未來幾年擴大其規模。因此這應該會釋放出更多的供應。對於那些只是擔心客人來家裡的人，我們是唯一一家擁有 300 萬美元擔保（稱為 Air Cover）的公司，可以保護您免受盜竊或財產損失。

But we're also investing a lot more in trust and safety. We have more than 200 million verified identities on Airbnb more than almost any other platform with any kind on the Internet, and we're going to be investing a lot more on Airbnb.

但我們也在信任和安全方面投入了更多資金。Airbnb 上擁有超過 2 億個經過驗證的身份，比網路上幾乎任何其他平台都多，而且我們將在 Airbnb 上投入更多資金。

I think on a lot of other platforms, you don't really know who the guests are. And oftentimes, they don't even have accounts. On our platform, they're going to have rich profiles, they're going to know a lot more about them. So I think if we do these two things, and then to Ellie's point if we focus on getting more homes in our top markets where we're supply constrained, we focus on quality, reliability and continue to make progress on affordability. Then I think we're going to look back and say that we're just scratching the surface of the growth of our core business in the US.

我認為在很多其他平台上，你真的不知道嘉賓是誰。而且很多時候，他們甚至沒有帳戶。在我們的平台上，他們將擁有豐富的個人資料，他們將了解更多關於他們的事情。所以我認為，如果我們做到這兩點，然後正如艾莉所說，如果我們專注於在供應受限的頂級市場中獲得更多房屋，我們就會專注於品質、可靠性並繼續在可負擔性方面取得進展。然後我想我們會回顧並說我們只是觸及了我們在美國核心業務成長的表面。

I think the other thing I'll just say on growth generally is the following. We are looking to reaccelerate the growth of Airbnb. We are not satisfied with the company growing approximately 10% year over year. We want the company to reaccelerate. We think we have a great plan to reaccelerate. The three strategic priorities we have, perfecting our core, expanding global markets, and these new products and services.

我認為關於成長我還要說的另一件事如下。我們希望重新加速 Airbnb 的成長。我們對公司年增率約10%並不滿足。我們希望公司能夠重新加速發展。我們認為我們有一個重新加速的絕佳計劃。我們的三大策略重點是：完善我們的核心、拓展全球市場以及這些新產品和服務。

They're all essentially starting from a small base, but going to be scaling and they're going to all pay off in different times, but we have a lot of bets that are growing. We have services, we experiences, we have hotels in Airbnb that are starting to scale. We've got about eight countries globally that obviously Brazil has been a huge success story, but also Japan. We called that in the letter. We started marketing Japan late in December -- November, December.

他們基本上都是從小規模開始，但會逐漸擴大規模，並且會在不同的時間獲得回報，但我們有很多賭注都在成長。我們提供服務、提供體驗，我們在 Airbnb 上擁有的飯店也正在開始擴大規模。我們在全球大約有八個國家，其中巴西顯然是一個巨大的成功案例，日本也是。我們在信中提到了這一點。我們從 12 月下旬（11 月、12 月）開始在日本進行行銷。

We're starting to see real big growth in Japan. So we're going to see a lot of these areas really pay off, I think, around the same time. And this is why I feel very confident this company can reaccelerate. And I do not think we're coming close to reaching any type of saturation in any market around home sharing. There's a huge amount of homes that aren't listed that could be if you make hosting easier and safer. And I think that 1 in 9 people stay or 1 in 10 people staying at Airbnb, if that was 2 in 10, that would double our business.

我們開始看到日本真正大幅成長。因此，我認為，大約在同一時間，我們將看到許多領域真正獲得回報。這就是為什麼我非常有信心這家公司能夠重新加速發展。我認為，在任何房屋共享市場中，我們都還遠遠沒有達到飽和狀態。如果您讓出租變得更容易、更安全，那麼大量未列出的房屋可能會被列入名單。我認為，每 9 個人中就有 1 個人入住 Airbnb，或者每 10 個人中就有 1 個人入住 Airbnb，如果這個比例是每 10 個人中就有 2 個人入住，那麼我們的業務就會翻一番。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Brian, I have two. There's been a lot of discussion on experiences. I was just hoping you could talk a little bit about the launch of services and just where you're most focused there across supply and building demand or just overall product. And then you talked about the opportunities and partnerships around major events. How did these help in terms of incremental bookings, but then also on brand and product awareness?

布萊恩，我有兩個。關於經驗已經有很多討論。我只是希望您能稍微談談服務的推出，以及您在供應和建設需求或整體產品方面最關注的領域。然後您談到了圍繞重大事件的機會和夥伴關係。這些對於增加預訂量以及品牌和產品知名度有何幫助？

Yeah, I mean, on services, services are earlier than experiences, obviously, because experiences existed -- we launched in 2016, and we basically reimagined it. Services is essentially 10 different businesses. I mean every category of services is kind of like a different business. Photography is different than chefs, it's different than masseuses, so we essentially launched 10 categories, 10 different business and services.

是的，我的意思是，就服務而言，服務顯然早於體驗，因為體驗已經存在——我們在 2016 年推出了它，並且基本上對其進行了重新構想。服務本質上是 10 種不同的業務。我的意思是，每種類別的服務都像是不同的業務。攝影師不同於廚師，也不同於按摩師，所以我們基本上推出了 10 個類別、10 種不同的業務和服務。

We launched them around the world. What we're really focused on doing right now is trying to crack in a few key markets. Los Angeles, for example, is the market that we've been spending a lot of ton on. We think it's a really great market to test services in and what we're really trying to do is build out the catalog of these services and really increase the attach rate. One of the things I'm really excited about with services is about 10% of bookings for services are actually from local or people that are nearby, essentially locals are people booking them in their own city.

我們在世界各地推出了它們。我們現在真正關注的是嘗試打入幾個關鍵市場。例如，洛杉磯是我們投入大量資金的市場。我們認為這是一個測試服務的絕佳市場，我們真正想做的是建立這些服務的目錄並真正提高配售率。我對服務真正感到興奮的一件事是，大約 10% 的服務預訂實際上來自當地人或附近的人，基本上當地人是在自己的城市預訂服務的人。

And I think there could be a huge opportunity for demand of local booking services. Think about all the people that would have a chef come to their home that aren't traveling. So people that want a message to come to their home, they aren't not traveling. So I think there's a huge opportunity here. So we're going to be looking at attach rate in key markets and also the amount of locals that are booking as well.

我認為本地預訂服務的需求可能存在巨大的機會。想想那些不想出差的人，他們家裡都會有廚師。因此，那些希望家裡能收到訊息的人不會不去旅行。所以我認為這裡存在著巨大的機會。因此，我們將關注主要市場的附加率以及預訂的本地數量。

What we are seeing is that the satisfaction rate of services is similar to the satisfaction rate of homes from guests and it's higher than -- sorry, similar to experience and higher than homes. So it's around 4.93 for services versus 4.8 for homes.

我們看到的是，服務的滿意度與客人對房屋的滿意率相似，並且高於——抱歉，與體驗相似，但高於房屋。因此，服務業的收益率約為 4.93，而住宅的收益率約為 4.8。

So we're seeing a lot of promising traction, but it's incredibly early, and it's earlier for its services than experiences. So we expect that to play out over a longer time horizon. I do think that services is probably a significantly larger opportunity than experiences because the 10 categories they launched are just the beginning.

因此，我們看到了很多有希望的進展，但這還為時過早，其服務的發展比體驗的發展要早。因此我們預計這將在更長的時間範圍內發揮作用。我確實認為服務可能比體驗帶來更大的機會，因為他們推出的 10 個類別只是個開始。

There are dozens and dozens of categories of experience you can book. Imagine getting to Airbnb, and there's a catalog of services, anything you can imagine. I think this could be where we could take this product. But we're going to focus on getting these 10 to work in a few markets.

您可以預訂數十種類別的體驗。想像一下，來到 Airbnb，那裡有各種服務，任何你能想到的東西。我認為這可能是我們可以推出該產品的地方。但我們將重點放在這 10 個項目在幾個市場上的發展。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Sorry, I did not answer the question about events. Can I just do that real quick?

抱歉，我沒有回答有關事件的問題。我可以很快完成嗎？

Please go ahead.

請繼續。

So yeah, sorry about that. With regard to the second part of the question about events, first of all, large events have been part of our history. We launched for -- during a design conference in 2007, then we launched the Democrat National Convention in 2008. And what we've seen with events is a couple of things. Number one, it's a great way to build supply in Airbnb.

是的，對此我很抱歉。關於第二部分事件的問題，首先，大型事件是我們歷史的一部分。我們在 2007 年的一次設計會議期間推出了這項計劃，然後我們在 2008 年的民主黨全國代表大會上推出了這項計劃。我們在事件中看到了幾件事。首先，這是在 Airbnb 上建立供應的好方法。

We have more than a 50% increase in out of home, in Paris on Airbnb because we hosted for the Olympics. We were sponsored for the Olympics and they need housing for events. So we think this is really, really strategic to getting supply in cities. And a lot of people that have no intention to become long-term host, become host just once for an event.

由於我們為巴黎奧運會舉辦了活動，Airbnb 上的戶外住宿業務增加了 50% 以上。我們獲得了奧運的贊助，他們需要舉辦活動的住房。因此我們認為這對於在城市獲得供應確實具有戰略意義。而很多人並沒有打算成為長期主持人，只是在一次活動中擔任主持人。

And what we've seen is events are a great hook to get people that have no intention to becoming long-term host to try it, and then a bunch of people actually continue hosting because they said, actually, that's a great experience. So events are kind of like a low commitment, high urgency way to get people to try hosting and we found that a number of people continue to host.

我們看到，活動是一個很好的機會，可以吸引那些沒有打算成為長期主持人的人來嘗試，然後很多人實際上會繼續主持，因為他們說，這實際上是一次很棒的經歷。因此，活動就像是一種低承諾、高緊迫性的方式來吸引人們嘗試舉辦活動，我們發現許多人會繼續舉辦活動。

In fact, this is the entire premise of how the company got started. So that's the first thing is this is a great way to build supply. The second thing is this is a great way to build relationships with policymakers, regulators, and increased trust in the brand.

事實上，這就是該公司成立的整個前提。所以首先，這是建立供應的好方法。第二，這是與政策制定者、監管機構建立關係並增強品牌信任的好方法。

For example, Italy is a very strategic market for Airbnb. We certainly had some regulatory challenges in the past to Italy, but Italy, Milan is hosting, Cortina are hosting Olympics next year. We were able to make a lot of progress with Italian policymakers because we're partnering with them on the Olympics, we're a title sponsor. We're providing housing in Milan, they don't have enough housing. They certainly don't have enough housing in Cortina, so we're able to support them.

例如，義大利對 Airbnb 來說是一個非常具有策略意義的市場。我們過去在義大利確實遇到過一些監管挑戰，但義大利、米蘭和科爾蒂納明年都將舉辦奧運會。我們與義大利政策制定者取得了很大進展，因為我們與他們合作舉辦奧運會，我們是冠名贊助商。我們為米蘭提供住房，他們沒有足夠的住房。他們在科爾蒂納肯定沒有足夠的住房，所以我們能夠支持他們。

FIFA World Cup, going to be probably one of the largest, if not the largest event in human history. If you think about it, the World Cup is the large event in the world. This might be the largest World Cup ever and where all these people are going to say. So we're now working with cities all of the United States, US, Canada, Mexico. And this, I think, has been a gateway to open a relationship with regulators.

國際足總世界盃可能是人類史上規模最大的賽事之一，甚至可以說是最大的賽事。如果你仔細想想，世界盃是世界上的大型賽事。這可能是有史以來規模最大的世界杯，所有人都會說。因此，我們現在與美國、加拿大、墨西哥的所有城市都有合作。我認為，這是與監管機構建立關係的門戶。

The final thing is, I think it just increases our trust in our brand by associating with the Olympics, the Tour De France, the World Cup, Lollapalooza. We're connecting Airbnb with some of the most beloved brands and some of those passionate fan base with passion interests.

最後一點是，我認為透過與奧運、環法自行車賽、世界盃、Lollapalooza 音樂節聯繫起來，我們對自己品牌的信任度會增加。我們將 Airbnb 與一些最受歡迎的品牌以及一些充滿熱情的粉絲群聯繫起來。

I think Airbnb is such a perfect partner for these events because many events could happen in the same scale without Airbnb. Tour De France, for example, there aren't very many hotels along the route, but there are homes. So I think events are just a great part of our strategy, and we're going to continue to do a lot more of them.

我認為 Airbnb 是這些活動的完美合作夥伴，因為許多活動即使沒有 Airbnb 也可以以同樣規模舉辦。以環法自行車賽為例，沿途的飯店不多，但有住宅。所以我認為活動是我們策略的重要組成部分，我們將繼續舉辦更多這樣的活動。

And they're really part of our roots. So the key question is how do we industrialize this strategy, and this is something that we're going to be continuing to focus on. And maybe one of the other thing I'll just say is now that we have home services and experiences, the partnerships are more efficient because we have more things to cross promote.

它們確實是我們根源的一部分。因此，關鍵問題是我們如何實現這項策略的工業化，這也是我們將繼續關注的問題。我想說的另一件事是，現在我們有了家庭服務和體驗，合作關係變得更有效率，因為我們有更多的東西可以交叉推廣。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Great. First one on the $200 million investment baked into the full year EBITDA guide, was there a change in expected spend there? I think last quarter, you said it was $200 million to $250 million for the new '25 business launches. And now you're saying 200 just for services and experiences. So just wondering, should we interpret that to mean there are no other launches this year?

偉大的。首先，關於全年 EBITDA 指南中包含的 2 億美元投資，預期支出是否有變動？我記得上個季度您說過，新 25 項業務的啟動資金為 2 億至 2.5 億美元。現在您說的只是服務和體驗就要 200 美元。所以我只是想問，我們是否應該將其解讀為今年沒有其他發射？

Or is there a 50 earmarked for something maybe to be announced? And then second question, just on the change in definition on nights and seats booked. Can you just level set how much of that today is actually like experiences in seats versus stays? Is it 1%? Is it essentially zero? Investors always ask what's kind of the breakout of that mix.

或者是否有 50 個專門用於可能要宣布的事情？第二個問題是關於預訂夜晚和座位的定義的變化。您能否簡單地設定一下今天的實際體驗與座位體驗和停留體驗之間的差異？是1%嗎？它本質上是零嗎？投資人總是會問這種組合的突破是什麼樣的。

Yeah. So let me comment on the $200 million investment. So at the beginning of the year, we gave a range of $200 million to $250 million for our new businesses. We have launched those new businesses. It was the reimagined experiences and services.

是的。那麼，讓我對這筆 2 億美元的投資做出評論。因此，今年年初，我們為新業務提供了 2 億至 2.5 億美元的融資範圍。我們已經啟動了這些新業務。這是重新構想的體驗和服務。

We're obviously more than halfway through the year. And so we've just refined the estimate in terms of the total investment. There's no change to strategy or an incremental business that is truly focused on experiences and services. We wanted to give you an updated number now that we have more visibility. In terms of nights and seats booked, we have not historically broken out nights booked versus experiences booked we were not going to do that today.

顯然，今年已經過去一半多了。因此，我們剛剛根據總投資對估算進行了改進。真正專注於體驗和服務的策略或增量業務沒有改變。由於我們現在有了更多的了解，因此我們希望向您提供更新的數字。就預訂的夜晚和座位而言，我們以前沒有將預訂的夜晚與預訂的體驗進行分開統計，今天我們也不會這樣做。

What I can tell you is that the seats book today are indeed immaterial, the intent, obviously, with the launch, and our investments here is to scale those businesses, such as they are a material contributor to the total.

我可以告訴你的是，今天的座位預訂確實並不重要，顯然，推出的目的以及我們在這裡的投資都是為了擴大這些業務的規模，例如它們對整體做出了重大貢獻。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

I wanted to come back to the US room night growth and also going to go to EMEA a little bit. So I guess if we look at the US growth on room nights, excluding services and experiences, Brian, can you just sort of talk us through the one or two key priorities in your mind to sort of accelerate that growth into '26? And the same question on EMEA.

我想回到美國客房夜數成長的話題，同時也想稍微去一下歐洲、中東和非洲地區。因此，如果我們看一下美國客房晚數的成長情況（不包括服務和體驗），布萊恩，您能否向我們介紹一下您心中的一兩個關鍵優先事項，以加速 26 年的成長？關於 EMEA 也有同樣的問題。

I think you're growing slower than even your more scaled competitor in EMEA at this point. How do you think about sort of the keys to driving faster growth in EMEA as you go into 2026?

我認為目前你們的成長速度甚至比 EMEA 地區規模更大的競爭對手還要慢。進入 2026 年，您認為推動 EMEA 地區更快成長的關鍵是什麼？

All right. So sorry, the question was -- the first question was about US or core market?

好的。很抱歉，問題是──第一個問題是關於美國還是核心市場？

That's right. Yes.

這是正確的。是的。

Yeah, I think that there's really a few pillars. The one that we've seen a lot of traction on is making Airbnb easier to use. We've made hundreds of improvements. We highlighted a bunch of them in the most recent release.

是的，我認為確實有幾個支柱。我們看到，最大的吸引力在於讓 Airbnb 更容易使用。我們已經做出了數百項改進。我們在最新版本中重點介紹了其中的許多內容。

And that is led to hundreds of millions of dollars in incremental revenue. So we've made a lot of traction, a lot of progress around making it be easier to use. I think pricing and affordability is the next one. We are seeing a huge opportunity around increasing competitiveness of pricing on Airbnb. You might notice that we moved to total price display.

這帶來了數億美元的增量收入。因此，我們在使其更易於使用方面取得了很大的進展。我認為下一個問題是定價和可負擔性。我們看到了提高 Airbnb 定價競爭力的巨大機會。您可能會注意到我們已轉向總價顯示。

That's been very successful, we're now exploring different ways to present pricing, moving towards a host only fee. We're doing a lot around giving hosts more tools to make their listings more competitive. We announced a new calendar on the May launch that has better price suggestions. We're seeing host adopt that, when host adopt that, they have more competitiveness and they are more competitive, they earn more money. That's accretive to our business.

這非常成功，我們現在正在探索不同的定價方式，並朝著僅收取主機費用的方向發展。我們正在做很多工作，為房東提供更多工具，使他們的房源更具競爭力。我們在 5 月發布了一個包含更好價格建議的新日曆。我們看到主機採用這種方式，當主機採用這種方式時，他們的競爭力更強，他們賺的錢也更多。這對我們的業務有增值作用。

So I think pricing is going to be a huge opportunity for us. And then I think increasing supply. And the way we're going to increase supply is we're not going to be looking at just the overall top line supply globally. We're focusing on our most supply-constrained markets and really targeting adding supply in those markets. Additionally, people looking for homes, if we don't get that home, we want to be able to have a place for them to stay.

所以我認為定價對我們來說是一個巨大的機會。然後我認為增加供應。我們增加供應的方式是，我們不會只關注全球整體的頂線供應。我們專注於供應最受限的市場，並真正致力於增加這些市場的供應。此外，對於那些正在尋找住房的人來說，如果我們找不到合適的住房，我們希望能夠為他們提供一個住處。

So we're also going to be increasing the onboarding of hotels, especially in supply-constrained top markets as well. So I think these are some of the things you're going to see that are going to absolutely be able to help accelerate growth in the United States.

因此，我們也將增加飯店的入住率，特別是在供應受限的頂級市場。所以我認為這些是你們將會看到的一些絕對能夠幫助加速美國經濟成長的事情。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. Going back to some of the $200 million investment you were talking about, some of that sounded like people costs for this year. As we head into 2026, how should we think about that costs potentially scaling up? Do you feel like you have the right number of people in place right now to keep doing experiences in services? Or is that something that's going to kind of keep adding to bring on more supply?

偉大的。回到您談到的 2 億美元投資的一部分，其中一部分聽起來像是今年的人力成本。當我們邁入 2026 年時，我們應該如何看待成本可能增加的情況？您是否覺得目前有足夠的人員來持續提供體驗服務？或者這會不斷增加以帶來更多供應？

And then just from the marketing standpoint, I would love to hear about how you're thinking about using performance marketing a bit more perhaps search to augment some of the broader brand campaigns for the overall business?

然後從行銷的角度來看，我很想聽聽您是如何考慮更多地使用績效行銷，或許是透過搜尋來增強整個業務的一些更廣泛的品牌活動？

Yeah. So Justin, on that $200 million, yes, indeed, it is a good portion of it is head count split across both product development as well as our field operations team as well as some investments in terms of vendors helping us curate and onboard the new supply. When we think about scaling the investment over time, I'm not going to give a particular figure for next year.

是的。所以賈斯汀，對於那 2 億美元，是的，確實，其中很大一部分用於產品開發和現場運營團隊的員工人數分配，以及在幫助我們策劃和引入新供應的供應商方面的一些投資。當我們考慮隨著時間的推移擴大投資時，我不會給出明年的具體數字。

But what you should assume is that we will continue to invest in '26 behind these businesses in order to scale them. And some of the investments this year will carry into next year as fixed head count that we brought on to support these businesses.

但你應該假設的是，我們將繼續投資這些業務，以擴大其規模。今年的部分投資將延續到明年，作為我們為支持這些業務而引入的固定員工人數。

In terms of the second question, Brian, let me know if you want to jump in here. We continue to use performance marketing as a, I would say, surgical topper to the majority of our spend being in brand. we've talked about this quite a bit over time.

關於第二個問題，布萊恩，如果你想加入的話請告訴我。我們繼續使用績效行銷，我想說，這是我們在品牌方面大部分支出的外科手術頂峰。隨著時間的推移，我們已經討論過這個問題很多次了。

Our strategy in terms of the marketing channel mix is obviously quite a bit different from others in that we're able to benefit from our -- the strength of our brand and the singularity of our brand to put money in a larger allocation of our marketing spend behind brand versus performance. That being said, we do continue to use performance surgically across the world to get good returns on those incremental nights.

我們在行銷管道組合方面的策略顯然與其他策略有很大不同，因為我們能夠受益於我們的品牌實力和品牌的獨特性，將更多的行銷支出投入到品牌而非業績上。話雖如此，我們確實會繼續在全球範圍內精準地利用績效，以便在這些增量夜晚獲得良好的回報。

And I would say the overall intensity as compared to competitors remain relatively low in the metric that we've shared over the years. 90% of our traffic coming from direct and unpaid sources continues to be the state of the business, which allows us, obviously, to spend a lot less on performance marketing than others.

我想說的是，與競爭對手相比，我們多年來分享的指標整體強度仍然相對較低。 90% 的流量來自直接和免費來源，這仍然是業務的狀態，這顯然使我們在績效行銷上的支出比其他公司少得多。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

I wanted to follow back up on the experiences side, Brian, and ask about the merchandising, given the Airbnb knows who's traveling, when you're traveling, the age of the people traveling, et cetera. And you talked a little bit about the test and learn of experiences in cities like Paris, so help us understand if you see just applications continue to balloon for experiences, how you can scale the learnings in Paris to better merchandise overall?

布萊恩，我想繼續跟進體驗方面的問題，並詢問商品推銷的情況，因為 Airbnb 知道誰在旅行、何時旅行、旅行者的年齡等等。您剛才談到了在巴黎等城市進行的測試和學習經驗，請幫助我們理解，如果您發現申請體驗計畫的人數持續激增，您如何將巴黎的經驗擴展到更好的商品銷售？

And then just as a follow-up, we've been talking about loyalty programs for some time and how the goal is for Airbnb to launch one that's differentiated, not just a points program. Any updated thoughts on this would be helpful.

然後作為後續問題，我們一直在談論忠誠度計劃，以及 Airbnb 的目標是推出一個差異化的計劃，而不僅僅是一個積分計劃。對此的任何更新想法都會有所幫助。

Yeah, absolutely. With experiences, we are doing a lot around testing Carousel. Did you open the app right now? You go into the experience tab, you'll see that we merchandise them totally different from these smaller cards different cards and the Carousels are going to get more and more personalized.

是的，絕對是如此。憑藉經驗，我們正在對 Carousel 進行大量測試。現在打開應用程式了嗎？您進入體驗選項卡，您會發現我們銷售的商品與這些小卡片完全不同，不同的卡片和旋轉木馬將變得越來越個性化。

So as we know more about you, we might know where you're coming from what kind of price homes you're searching for, what experience you recently viewed? And the basic idea is to show you a high-density amount of experiences that you're very, very interested in potentially booking.

因此，隨著我們對您的了解越來越多，我們可能知道您來自哪裡、您正在尋找什麼價位的房屋、您最近看過什麼樣的房子？其基本理念是向您展示大量您非常感興趣並可能預訂的體驗。

And I think also increasing the touch points. So we're going to have the home page, we're going to open right to the home page if you're on trip or post booking on home. We're going to have other entry points through the trip tab, where we're merchandising, highlighting and we're really just -- we're going to be doing a lot around making sure that we can continue to do hook and to get people to see the right type of experience in Airbnb.

我認為還可以增加接觸點。因此，我們將擁有主頁，如果您正在旅行或在主頁上預訂，我們將直接打開主頁。我們將透過旅行標籤提供其他切入點，在那裡我們進行商品推銷、重點展示，我們真的只是——我們將做很多事情，確保我們能夠繼續吸引人們，並讓人們看到 Airbnb 中正確的體驗類型。

And we're obviously -- if we figure something out in one city, we can immediately roll it out to every city globally that we have the product in. So we think we can do quite a rapid iteration.

顯然，如果我們在一個城市發現了某種方法，我們就可以立即將其推廣到全球每個有該產品的城市。所以我們認為我們可以進行相當快速的迭代。

We have a team in Paris right now, like kind of a team of product development leaders, designers, engineers, into the city to really do really, really tight feedback loop and to figure out the kind of supply that people really want.

我們現在在巴黎有一個團隊，有點像是由產品開發領導、設計師、工程師組成的團隊，他們來到巴黎建立非常緊密的回饋循環，並找出人們真正想要的供應類型。

And we're really doing a lot with testing ranking to figure out how to make sure that the right people see the right supply and book it. I think that was the first question.

我們確實在測試排名方面做了很多工作，以弄清楚如何確保合適的人看到正確的供應並預訂。我認為這是第一個問題。

The second question is, I think, loyalty. I think a loyalty or membership program is a very, very compelling thing for Airbnb. I mean, number one, one of the great things about our business is we have loyal customers. The vast majority of customers come back direct to Airbnb. Hence, why 90% of our traffic is direct or unpaid is because the majority of our bookings come from repeat bookers and we don't have to pay them to come back.

第二個問題，我認為是忠誠。我認為忠誠度或會員計劃對於 Airbnb 來說非常非常有吸引力。我的意思是，首先，我們業務的一大優點是我們擁有忠實的客戶。絕大多數顧客都會直接回到 Airbnb。因此，我們 90% 的流量都是直接或免費的，因為我們的大部分預訂來自重複預訂者，我們不必向他們付費讓他們再次光臨。

So the best loyalty, of course, is to have a product people love. That being said, I do think we're sometimes at a competitive disadvantage vis-a-vis OTAs and hotels because they have a lot of programs, we don't. So I think there's a lot of upside if we were to have a program.

因此，最好的忠誠度當然是擁有人們喜愛的產品。話雖如此，我確實認為我們有時在與 OTA 和酒店的競爭中處於劣勢，因為他們有很多項目，而我們沒有。所以我認為如果我們有一個計劃的話會有很多好處。

If we were to do something, I don't think it would be a traditional points program. I think it would be something much more interesting in novel, but I absolutely think you should see something from us in the future, not imminently, but in the future.

如果我們要做某事，我認為這不會是一個傳統的積分計劃。我認為這在小說中會是更有趣的東西，但我絕對認為你將來應該會看到我們的作品，不是馬上，而是在未來。

Stephen Ju, UBS.

瑞銀集團 Stephen Ju。

So Brian, I wanted to follow up on your commentary on the trips tab? Because yes, I mean, from a design perspective, since it is an itinerary, the optimist in me wants to believe that Airbnb will be and should be taking a greater role in the aggregated door-to-door travel experience. So are we wrong to think that the expanded travel agent opportunity here?

那麼布萊恩，我想跟進一下你對旅行標籤的評論？是的，我的意思是，從設計的角度來看，由於這是一個行程，我內心的樂觀主義者願意相信 Airbnb 將會並且應該在聚合的門到門旅行體驗中發揮更大的作用。那麼，我們認為這裡擴大了旅行社的機會是錯的嗎？

And I realize that you just launched experiences, so asking you what's next, probably sounds a little bit demanding, but sort of the bigger picture of what the itinerary can evolve into will be interesting. And secondarily, there was a commentary in the letter regarding the new payment methods in Brazil.

我知道您剛剛推出了體驗，所以問您下一步的計劃可能聽起來有點苛刻，但了解行程可以演變成什麼樣子將會很有趣。其次，信中也對巴西的新支付方式進行了評論。

Do you think the experience that you've picked up from doing this initial batch of expansion countries will help you speed up the product development and the cadence of updates for what maturity will be the next batch of new markets.

您是否認為從最初一批擴張國家中獲得的經驗將有助於您加快產品開發和更新節奏，以適應下一批新市場的成熟度？

Yeah, I mean I think I can answer both and maybe I'll start with a second because it's kind of tactical. We are massively ramping up the development of product development pace at Airbnb. We do these typically biannual releases. But we are now iterating very, very quick even between these releases.

是的，我的意思是我認為我可以回答這兩個問題，也許我會從第二個問題開始，因為這有點策略性。我們正大力加快 Airbnb 的產品開發腳步。我們通常每兩年發布一次。但現在，即使在這些版本之間，我們的迭代速度也非常快。

So you're going to see -- I think the Brazil installment has been a huge example of something that's been really powerful. Pay zero upfront is starting -- has been very, very successful. We have an updated cancellation policy that's rolling out. That's going to be successful. We think it's going to be accretive to growth. So we have a real huge amount of momentum around a lot of optimization.

所以你會看到——我認為巴西分期付款是一個真正強大的例子。零預付款已經開始——並且已經非常非常成功。我們正在推出更新的取消政策。這將會成功。我們認為這將促進成長。因此，我們在許多優化方面擁有巨大的動力。

I think we've got a great flywheel. With regards to trips tab, the itinerary product development, maybe this is an opportunity to talk a little bit more about the long-term product vision and where we're going. And we couldn't talk about long-term product vision without talking about AI. I haven't been asked about it, but I might as well talk about it because I think you can't do travel planning without AI going forward. We've chosen a very specific way to approach AI.

我認為我們已經擁有了一個很棒的飛輪。關於旅行標籤、行程產品開發，也許這是一個機會來進一步談論長期產品願景以及我們的發展方向。如果不談論人工智慧，我們就無法談論長期產品願景。沒有人問過我這個問題，但我還是想談談這個問題，因為我認為如果沒有人工智慧，就無法進行旅行規劃。我們選擇了一種非常特殊的方式來處理人工智慧。

A lot of companies have chosen what I would say is the lower stakes part of travel, which is travel planning and inspiration. For AI, we actually started with the hardest problem, which is customer service. Customer service is the hardest problem because the stakes are high. You need to answer as quickly and the risk of hallucination is very, very high, and you cannot have a high hallucination rate. And when people are locked out, they want to cancel reservation, they need help, you need to be accurate.

很多公司都選擇了我認為旅行中風險較低的部分，即旅行計劃和靈感。對於人工智慧，我們實際上是從最難的問題開始的，那就是客戶服務。客戶服務是最困難的問題，因為風險很高。你需要盡快回答，而且出現幻覺的風險非常非常高，而且幻覺發生率不能太高。當人們被鎖在外面時，他們想要取消預訂，他們需要幫助，你需要準確。

And so what we've done is we built a custom model or we built a custom agent built on 13 different models that have been trained off of tens of thousands of conversations. We've rolled this out throughout the United States in English, and this is reduced, as I mentioned in the opening remarks, 15% of people needing to contact a human agent when they interact instead with this AI agent.

因此，我們所做的就是構建一個自訂模型或自訂代理，該模型基於 13 種不同的模型構建，這些模型已經根據數以萬計的對話進行了訓練。我們已經在全美以英語推出了這項服務，正如我在開場白中提到的那樣，當人們與這個人工智慧代理互動時，需要聯繫人工代理的人數減少了 15%。

We're going to now over the course of this year, bring this to more languages. And throughout next year, it's going to become more personalized and more agentic. So what this means is that when you reach out to an agent, the AI agent.

今年我們將把這項功能推廣至更多語言版本。明年，它將變得更加個人化和更具代理性。所以這意味著當你聯繫代理商時，AI 代理。

It will not only tell you how to cancel your reservation. It will know which reservation you want to cancel, it can cancel it for you, and it could be agentic as it can start to search and help you plan and book your next trip.

它不僅會告訴您如何取消預訂。它會知道您想要取消哪個預訂，它可以為您取消，並且可以充當代理，因為它可以開始搜尋並幫助您規劃和預訂下一次旅行。

Next year, we're going to bring AI into travel search. So all this brings us back to the question you asked about travel planning. Over the next couple of years, I think what you're going to see is Airbnb becoming an AI-first application.

明年，我們將把人工智慧引入旅遊搜尋。所以這一切讓我們回到您關於旅行計劃的問題。在接下來的幾年裡，我認為你會看到 Airbnb 成為一款人工智慧優先的應用程式。

And this leads to the bigger question around AI. Over the last almost three years since ChatGPT has been out, if you look at the top 50 apps in the App Store, almost none of them are AI app. Number one app in the App Store, I think, as we speak, is ChatGPT. And if you go to 2 through 50, maybe only one or two others are AI native applications. So you've got basically AI apps and kind of non-AI native apps. And Airbnb would be a non-AI-native application.

這引出了人工智慧的更大問題。ChatGPT 推出以來的近三年裡，如果你看看 App Store 中排名前 50 的應用程序，幾乎沒有一個是 AI 應用程式。我認為，正如我們所說，App Store 中排名第一的應用程式是 ChatGPT。如果你從 2 到 50 個，可能只有一兩個是 AI 原生應用程式。所以你基本上擁有人工智慧應用程式和非人工智慧原生應用程式。Airbnb 將會是一個非 AI 原生的應用程式。

Over the next couple of years, I believe that every one of those top 50 slots will be AI app, either start-ups or incumbents that transform into being AI native apps. And I think that Airbnb, we are going through that process right now of transitioning from a pre-generative app to an AI native app. We're starting in customer service, we're bringing into travel planning. So (technical difficulty) it's really setting the stage.

在接下來的幾年裡，我相信前 50 名的每一個應用都將是人工智慧應用，無論是新創公司還是轉型為人工智慧原生應用的老牌公司。我認為 Airbnb 目前正在經歷從預生成應用程式向 AI 原生應用程式過渡的過程。我們從客戶服務開始，並將其引入旅行規劃。所以（技術難度）確實奠定了基礎。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼（Kevin Kopelman），TD Cowen。

I appreciate it. I wanted to ask, could you give us your first thinking on the -- and this is a bit of a follow-up perhaps on the one to two major product launches that you're thinking about for 2026, Key focus areas is the AI travel search you just mentioned, one of those major product launches, Brian, and how are you planning to manage overall company margins next year?

我很感激。我想問一下，您能否首先談談您對 2026 年一到兩款主要產品發布的思考，重點關注領域是您剛才提到的 AI 旅行搜索，這是主要產品發布之一，布萊恩，您計劃如何管理明年公司的整體利潤率？

This is the operator --

這是操作員--

We've had some audio issues. Sorry.

我們遇到了一些音訊問題。對不起。

Yeah, we just got dropped on the call. So I don't think I would be able to finish my answer, but should we just go right to the next question? Okay. Sorry. So can you ask the question again? We're really sorry, we both got dropped in the call.

是的，我們剛剛掛斷了電話。所以我認為我無法完成我的回答，但是我們應該直接進入下一個問題嗎？好的。對不起。那你能再問一次這個問題嗎？真的很抱歉，我們兩個的通話都被斷線了。

Yeah. No worries. Can you hear me okay?

是的。不用擔心。你聽見我說話嗎？

Yeah.

是的。

Now we can.

現在我們可以了。

Okay. Great. Yeah. So I wanted to ask maybe a follow-up to what you were just talking about where your first thinking on the one to two major product launches for 2026. Key focus areas is the AI travel search you just mentioned, one of those major product launches and how are you planning to manage overall company margins next year taking into account the new launches and also the continued investment in experiences and services.

好的。偉大的。是的。所以我想問您剛才談論的問題，您對 2026 年推出的一到兩款主要產品有何想法？重點關注領域是您剛才提到的人工智慧旅遊搜索，這是主要產品發布之一，考慮到新產品的發布以及對體驗和服務的持續投資，您計劃如何管理明年公司的整體利潤率。

Well, generally, we don't talk about or preview what we're going to launch when. But we are bringing AI more into the app next year so we can confirm that, but we're not going to be able to preview what we'll be and what's launched. So I'll let Ellie talk about the second part.

嗯，一般來說，我們不會談論或預覽什麼時候會推出什麼產品。但我們明年將更多的人工智慧引入應用程式中，因此我們可以確認這一點，但我們無法預覽我們將會推出什麼以及會推出什麼。所以我讓艾莉來談談第二部分。

Yeah. On margins, I'm not going to guide right now to '26. What you can assume is that we are, one, continue to invest in our new businesses; and two, continuing to drive efficiencies across the core business. We'll give you color in upcoming quarters in terms of how that nets out with regard to sequential margins.

是的。就利潤率而言，我現在不會預測到 26 年。你可以假設的是，第一，我們將繼續投資我們的新業務；第二，我們將繼續提高核心業務的效率。我們將在接下來的幾季中向您介紹其與連續利潤率相關的淨額情況。

Okay. Understood. And maybe just a quick follow-up. When you talked about accelerated development pace, is the new tech stack that you rolled in May -- out in May, playing a part in that? And are you seeing also benefits to customer conversion rates from what this new tech stack has enabled.

好的。明白了。也許只是一個快速的跟進。當您談到加快開發速度時，您在五月推出的新技術堆疊是否發揮了作用？您是否也看到了這項新技術堆疊為客戶轉換率帶來的好處？

Yes, absolutely the new tech stack, we are seeing benefits from that. I would say more broadly, the investments we've made across our infrastructure over the last couple of -- has really improved the development environment for our team, allowing them to do more and to do more quickly. Obviously, that is increasingly aided by AI as well. And so we hope to see an increased velocity across our product development road map in the coming quarters.

是的，絕對是新的技術棧，我們從中看到了好處。我想更廣泛地說，過去幾年我們在基礎設施所做的投資確實改善了我們團隊的開發環境，使他們能夠做更多的事情，而且做得更快。顯然，人工智慧也越來越多地助力這項進程。因此，我們希望在未來幾季看到我們的產品開發路線圖的速度加快。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Two if I may, please. And you build on some of the other questions. First, Brian, on the AI side. Do you anticipate there's -- it seems like there's going to need to be a choice made whether to be open to agents and kind of agentic traffic and who will own that relationship versus being more of a closed platform. And given that you have much of your traffic today is direct, and that you have a lot of exclusive supply, you probably have your choice in the matter.

如果可以的話，請給我兩份。您也可以基於其他一些問題進行探討。首先，Brian，談談人工智慧方面。您是否預計——似乎需要做出選擇，是否對代理商和代理流量開放，以及誰將擁有這種關係，還是保持一個封閉的平台。考慮到您今天的大部分流量都是直接的，並且您擁有大量獨家供應，您可能在這個問題上做出了選擇。

So I'd love if you could talk a little bit about that. And then second, maybe, again, bigger picture on strategy. You're operating against a $90 billion booking space. And it seems to me that as you go into things like experiences and services, it's tough to move the needle. I can understand the ancillary benefits, but it's tough to move the needle.

因此如果您能稍微談論一下這個問題我會很高興。其次，也許，再一次，是更大的戰略圖景。您的預訂空間價值 900 億美元。在我看來，當你進入體驗和服務之類的領域時，很難取得進展。我可以理解附帶的好處，但很難產生實質的改變。

I guess the question is why you don't go really double down on accommodations in the hotel space at least in your core five markets where 70% or so of your bookings are.

我想問題是，為什麼你們不真正加倍投入飯店住宿業務，至少在你們的五個核心市場，這五個市場的預訂量佔你們預訂量的 70% 左右。

Yeah, I don't think it's either or, we are doing that. And we're going to be going significantly more aggressively into hotels. We spent a lot of time looking at hotels as a business. We think it's really compelling, and we think that there's going to be a lot more to do with hotels on Airbnb. Our take rate is very, very competitive.

是的，我不認為這是非此即彼的問題，我們正在這樣做。我們將更積極進軍酒店業。我們花了很多時間研究酒店業務。我們認為這確實很引人注目，而且我們認為 Airbnb 上的飯店業務將會有更多發展。我們的收費率非常有競爭力。

We've spoken with hotels around the world, especially independent boutiques in bed and breakfast, a huge percent of hotels in Europe are independents. And one of the things they said is they really want incremental travelers, they don't know if they're going to have another booking channel. They would love to have high-income American young travelers. We're probably the biggest travel brand in the United States. So I think we're really, really compelling.

我們與世界各地的酒店進行了交流，特別是與獨立的精品住宿加早餐酒店進行了交流，歐洲很大一部分酒店都是獨立酒店。他們說的一件事是，他們確實想要增加旅行者，但他們不知道是否會有其他預訂管道。他們很樂意接待高收入的美國年輕遊客。我們可能是美國最大的旅遊品牌。所以我認為我們真的非常引人注目。

And when we have, I think, homes and accommodations, our homes will be the heart and soul of Airbnb but that being said, in our top markets, top markets, especially during high season. People often don't find a home, we think hotels to be a great supplement. And so I think there's a huge amount of growth there. Long-term stays, a large percent of our nights booked are for stays longer than 30 days.

我認為，當我們擁有房屋和住宿時，我們的房屋將成為 Airbnb 的核心和靈魂，但話雖如此，在我們的頂級市場，頂級市場，尤其是在旺季。人們經常找不到家，我們認為酒店是一個很好的補充。所以我認為那裡有巨大的成長空間。長期住宿，我們預訂的晚數中很大一部分是超過 30 天的住宿。

We think there's a huge market there as well. guarding back to service experiences, I think each of these could easily be a multibillion-dollar business. And then the holy grail for services is that it could happen to local demand. If we didn't tap into local demand, then it's not an ancillary service, it's a stand-alone service. And there is no Amazon for services, not to say we will become that, but there's a lot of opportunity there.

我們認為那裡也有一個巨大的市場。回到服務體驗，我認為每一個都很容易成為一個價值數十億美元的產業。而服務業的終極目標是滿足當地需求。如果我們不滿足當地需求，那麼它就不是輔助服務，而是獨立服務。服務業還沒有亞馬遜，並不是說我們會成為那樣，但那裡有很多機會。

So it's an and, not an or. What we're trying to do is build a platform, a platform that has homes, services experience, hotels, of course, and much more. And we're going to try to be expanding this platform and continue to launch new businesses over and over again. I think the other question was -- sorry, what was the other question?

所以它是一個“and”，而不是“or”。我們正在嘗試建立一個平台，一個擁有住宅、服務體驗、飯店等的平台。我們將努力擴大這個平台並不斷推出新的業務。我認為另一個問題是——抱歉，另一個問題是什麼？

So my question was on AI (multiple speakers) --

我的問題是關於人工智慧的（多位發言者）——

Yeah, I think we're still kind of feeling out the space. The thing I want to caution is I don't think that AI agents, I don't think we should think of chatbots like Google. I don't think we should think of them as the new Google yet. And the reason why is like ChatGPT is an incredibly compelling product.

是的，我認為我們仍在探索這個空間。我想提醒的是，我不認為人工智慧代理，我不認為我們應該考慮像Google這樣的聊天機器人。我認為我們還不應該將他們視為新的谷歌。原因在於 ChatGPT 是一款極具吸引力的產品。

But we also have to remember that the model powering ChatGPT is not proprietary. It's not exclusive to ChatGPT. Airbnb can also use the API, and there are other models that we can use. So as I said, in the coming years, you're going to have a situation where these large AI models can take more and more, a lot more and more people start there and people don't often go to one chatbot to do more and more things.

但我們也必須記住，ChatGPT 所採用的模型並不是專有的。它並非 ChatGPT 獨有。Airbnb 也可以使用 API，還有其他型號可供我們使用。所以正如我所說，在未來幾年，你將面臨這樣的情況：這些大型人工智慧模型可以容納越來越多的東西，越來越多的人從那裡開始，人們通常不會只用一個聊天機器人來做越來越多的事情。

At the same time, you're going to also have start-ups that are going to be custom built to do a specific application and you're going to have incumbents that make a shift to AI.

同時，也會出現專門開發特定應用的新創公司，也會有轉向人工智慧領域的現有企業。

One of the things we've noticed is it's not enough to just have -- it's not enough to just have like the best model, you have to be able to tune the model and build a custom interface for the right application. And I think that's the key. And the models are not proprietary.

我們注意到的一件事是，僅僅擁有最好的模型是不夠的，你必須能夠調整模型並為正確的應用程式建立自訂介面。我認為這就是關鍵。而且這些模型並不是專有的。

I mean, every company that makes a model is selling the model or open sourcing the model in addition to using it themselves. And so I think that the key thing is going to be for us to lead and become the first place for people to book travel on Airbnb.

我的意思是，每個製作模型的公司除了自己使用模型之外，還在出售模型或開源模型。因此我認為，關鍵在於我們要引領潮流，成為人們在 Airbnb 上預訂旅行的首選。

As far as whether or not we integrate with AI agents, I think that's something that we're certainly open to. Remember that to book an Airbnb, you need to have an account, you need to have a verified identity, almost everyone who books uses our messaging platform. So I don't think that we're going to be the kind of thing where you just have an agent and operator book your Airbnb for you because we're not a commodity.

至於我們是否與人工智慧代理整合，我認為我們對此持開放態度。請記住，要預訂 Airbnb，您需要有一個帳戶，您需要有一個經過驗證的身份，幾乎每個預訂的人都使用我們的通訊平台。所以我不認為我們會成為那種只需要代理商和營運商來為你預訂 Airbnb 的服務，因為我們不是商品。

But I do think it could potentially be a very interesting lead generation for Airbnb. So I think it could be really interesting, but I don't think it's like a commodity like booking a flight. I think that's it, I think we're over time.

但我確實認為這可能為 Airbnb 帶來非常有趣的潛在客戶開發機會。所以我認為這真的很有趣，但我不認為它像預訂航班那樣的商品。我認為就是這樣了，我們已經超時了。

Yeah. I'll turn it back to you, Brian, for closing remarks.

是的。布萊恩，我將把話題交還給你，請你做最後的總結發言。

All right. Well, thank you, everyone, very much for joining us today. I'm incredibly proud of the results and the momentum we've built. The launch of service and experiences really marks just the beginning of new chapter for Airbnb and what excites me most is that we are just getting started. See you next quarter.

好的。好吧，非常感謝大家今天加入我們。我對我們所取得的成果和所取得的進展感到無比自豪。這項服務和體驗的推出其實標誌著 Airbnb 新篇章的開始，最讓我興奮的是，我們才剛起步。下個季度見。

That concludes our call for today.

今天的通話到此結束。