Airbnb Inc (ABNB) 2025 Q3 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's earnings conference call for the third quarter of 2025.

下午好，感謝各位參加 Airbnb 2025 年第三季財報電話會議。

As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of Airbnb's website following this call.

再次提醒，本次電話會議正在錄音，會議結束後可在 Airbnb 網站的投資者關係版塊收聽錄音回放。

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

現在我將把電話交給投資者關係總監楊安琪。請繼續。

Good afternoon, and welcome to Airbnb's third quarter of 2025 earnings call. Thank you for joining us today. On the call today, we have Airbnb's Co-Founder and CEO, Brian Chesy; and our Chief Financial Officer, Eli Mertz. Earlier today, we issued a shareholder letter with our financial results and commentary for our third 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 年第三季財報電話會議。感謝您今天蒞臨。今天參加電話會議的有 Airbnb 的共同創辦人兼執行長 Brian Chesy 和我們的財務長 Eli Mertz。今天早些時候，我們發布了一封股東信，其中包含了我們 2025 年第三季的財務表現和評論。這些內容也發佈在了 Airbnb 網站的投資者關係版塊。

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 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.

通話期間，我們將作簡短的開場白，然後將剩餘時間用於問答環節。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發表一些前瞻性聲明，這些聲明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聲明中明示或暗示的結果有重大差異。這些因素已在致股東信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陳述的形式進行了描述。

We urge you to consider these factors and remind you that we undertake no obligation to update the information contained on this call to reflect subsequent events or circumstances. You should be aware that these statements should be considered estimates only and are not a guarantee of future performance.

我們敦促您考慮這些因素，並提醒您，我們沒有義務更新本次通話中所包含的資訊以反映後續事件或情況。您應該意識到，這些陳述僅應被視為估計值，並不構成對未來績效的保證。

Also, during the 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 financial measures are not intended to be a substitute for our GAAP results.

此外，在電話會議期間，我們將討論一些非GAAP財務指標。我們在發佈於投資者關係網站的股東信中提供了與最直接可比較的 GAAP 財務指標的調整表。這些非GAAP財務指標並非旨在取代我們的GAAP績效。

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

這樣，我就把電話轉給布萊恩了。

All right. Thanks, Angela, and good afternoon, everyone. Thanks for joining. I am excited to share that Airbnb had another strong quarter. Revenue increased 10% year over year, landing at the high end of our guidance.

好的。謝謝安琪拉，大家下午好。謝謝參與。我很高興地告訴大家，Airbnb 又迎來了一個強勁的季度。營收年增 10%，達到我們預期的高端水準。

Adjusted EBITDA was over $2 billion, and this is our highest in any quarter ever. Gross booking value increased 14% year over year, while Nights and Seats booked rose by 9%. Both metrics have started in Q2, and they both exceeded our expectations, and they were driven by the strength in the US market and ADR.

調整後 EBITDA 超過 20 億美元，這是我們有史以來最高的季度業績。總預訂額年增 14%，預訂晚數和座位數年增 9%。這兩個指標都從第二季開始，並且都超出了我們的預期，這主要得益於美國市場和 ADR 的強勁表​​現。

We are driving this growth by focusing on four key areas: making our service better, bringing Airbnb in more parts of the world, expanding will we offer, and integrating AI across our app. So what I want to do is I want to share just a few highlights on each of these four growth levers.

我們正透過專注於四個關鍵領域來推動這一成長：改善我們的服務，將 Airbnb 帶到世界更多地區，擴大我們提供的服務範圍，以及將人工智慧整合到我們的應用程式中。所以我想做的就是，就這四個成長槓桿中的每一個，分享一些重點。

First, we're making Airbnb better for our hosting guests. So we know that the better our product is, the more people use it. And since last -- this past May, we didn't stop. In fact, we accelerated development by making 65 major improvements that we think will help further drive growth.

首先，我們要讓 Airbnb 為我們的房客提供更好的體驗。所以我們知道，我們的產品越好，使用它的人就越多。自去年五月以來，我們從未停止過。事實上，我們透過 65 項重大改進加快了開發速度，我們認為這些改進將有助於進一步推動成長。

And here are just a few of them. We know that guests want more flexibility in ways that they can pay. So we introduced Reserve Now Pay Later in the United States. And not unexpectedly, this helped drive licenses booked in Q3. So we're going to continue to roll it out more broadly next year.

以下僅列舉其中幾個例子。我們知道客人希望在付款方式上有更大的靈活性。因此，我們在美國推出了「先預訂後付款」服務。不出所料，這有助於推動第三季的駕照預訂。因此，我們明年將繼續擴大推廣範圍。

We also announced improved maps. One of the things we noticed was a lot of people were come to Airbnb, they didn't have enough context on the map on Airbnb when we were leaving our app, going to Google, Apple Map, somewhere else. And sometimes it wouldn't come back to our app. So we built a lot more context about our map on Airbnb.

我們也發布了改進後的地圖。我們注意到的一件事是，很多人來到 Airbnb，但當我們離開我們的應用程序，轉到谷歌地圖、蘋果地圖或其他地方時，他們對 Airbnb 地圖上的信息了解不夠全面。有時它甚至不會返回到我們的應用程式中。因此，我們在 Airbnb 上為我們的地圖建立了更多背景資訊。

We added nearby landmark, public transit, restaurants. We even are offering different map views, like satellite view, street view, transit view. And this is, we think, going to be a huge user experience improvement and we'll keep people on our app and increase conversion.

我們添加了附近的標誌性建築、公共交通站點和餐廳。我們甚至提供不同的地圖視圖，例如衛星視圖、街景視圖、交通視圖。我們認為這將大大改善用戶體驗，讓用戶留在我們的應用程式上，並提高轉換率。

Finally, we updated our cancellation policy, so it's even easier for us to earn more than yes to make changes. Post can now choose a new policy allows guests to cancel for free up to 14 days before check-in and all guests can counter free within 24 hours if they book more than 7 days for check-in. So these changes are reducing a huge amount of customer service cases and increasing annualized bookings. But again, these are just a few of the 65 major improvements that we just made that makes our service better.

最後，我們更新了取消政策，這樣我們就能更容易賺取更多利潤，而不是只為了做出改變。Post 現在可以選擇一項新政策，允許客人在入住前 14 天免費取消預訂，如果預訂入住日期超過 7 天，所有客人都可以在 24 小時內免費取消預訂。因此，這些變更減少了大量的客戶服務案例，並增加了年度預訂量。但再次強調，這只是我們剛剛做出的 65 項重大改進的一部分，這些改進使我們的服務更加完善。

Number two, we're bringing Airbnb to more parts of the world. International expansion is a multiyear strategy, but we're already off to a great start. Over the past 12 months, average night book in our expansion markets have grown at double the rate of our core markets. And we're also attracting new users to the platform in key markets. For example, first-time bookers were up over 20% in Japan, and nearly 50% in India on a year over year basis. So this is really encouraging.

第二，我們將把 Airbnb 帶到世界各地。國際擴張是一項多年策略，但我們已經取得了良好的開端。過去 12 個月，我們在擴張市場的平均每晚預訂量成長速度是核心市場的兩倍。我們也正在重點市場吸引新用戶加入該平台。例如，日本的首次預訂用戶較去年同期成長超過 20%，印度的首次預訂用戶較去年同期成長近 50%。這真是令人鼓舞。

Number three, we're driving growth by expanding what we offer. In May, we took the first step in expanding Airbnb beyond stage the launch of Airbnb services and experiences. Now since then, back from guests has been amazing. Service and experiences are receiving an average rating of 4.3 out of 5 stars. And now in our core business, it's 4.8 out of 5 stars. So this is really encouraging as a sign of growth to come. If people love your product, sell use it more.

第三，我們透過擴大產品和服務範圍來推動成長。5 月，我們邁出了將 Airbnb 業務拓展到 Airbnb 服務和體驗之外的第一步。從那以後，接待客人一直都很棒。服務和體驗的平均分數為 4.3 分（滿分 5 分）。現在，在我們核心業務方面，評分為 4.8 分（滿分為 5 分）。所以這確實是一個令人鼓舞的訊號，預示著未來的發展前景。如果人們喜歡你的產品，那就多賣多用。

Service experiences are also bringing more people to the platform. So in Q3, almost half of the people who booked an experience did not have an Airbnb stay. So we're giving people another reason to use Airbnb and we're also scaling supply of high-quality service experiences. In fact, we received over 110,000 applications from a potential host. So not only do we think the demands can be there but the supply is there as well. And that is almost double last quarter, the 110,000 applications, and it means people see the value of reaching new customers through Airbnb.

服務體驗也為該平台吸引了更多用戶。因此，在第三季度，預訂體驗活動的人中，幾乎有一半沒有選擇 Airbnb 住宿。因此，我們為人們提供了使用 Airbnb 的另一個理由，同時也擴大了高品質服務體驗的供應。事實上，我們收到了來自潛在主辦方的超過 11 萬份申請。所以我們認為不僅需求會存在，而且供應也會存在。這幾乎是上一季的兩倍，申請量達到了 11 萬份，這意味著人們看到了透過 Airbnb 接觸新客戶的價值。

But we're not just adding more service experiences. We know one of the top reasons guest book experiences because they want to meet other people. So we're making experiences more social. Now before I guess books and experience, we're going to show them who else is going and where they can, where they're from. So guests can also request to directly message other guests they met during an experience to keep in touch or playing their experience right in the app.

但我們不僅僅是在增加更多的服務體驗。我們知道，遊客預訂體驗活動的主要原因之一是他們想認識其他人。所以我們正在讓體驗更具社交性。現在，在提到書籍和經驗之前，我們要先向他們展示還有哪些人要去，他們可以去哪裡，以及他們來自哪裡。因此，客人還可以要求直接向他們在體驗過程中遇到的其他客人發送訊息，以便保持聯繫，或直接在應用程式中體驗他們的活動。

And in the connection section of the Airbnb Profile tab, guests can see the people they've met on experiences, so it's easy to reconnect. This is really just about giving guests what they want and doing it Airbnb does best, which is bringing people together in the real world.

在 Airbnb 個人資料標籤頁的「聯繫」部分，房客可以看到他們在體驗活動中結識的人，因此很容易重新建立聯繫。這其實就是為了滿足房客的需求，並發揮 Airbnb 的優勢，將人們在現實世界中連結起來。

Now, outside of service experiences, we're also launching hotels in Airbnb. While a small number of hotels list Airbnb in the past, we haven't had a true hotels business until now. We started with a hotel pilot in L.A., New York City, and Madrid, and we're partnering directly with both boutique and independent hotels. As part of this pilot, we've improved how hotels show up on Airbnb with new search filters, updated hotel page displays ,and the ability to choose to room type. So in other words, we built a custom-built product just for hotels. We've also been active recruiting hotels in key markets where there aren't a lot of Airbnb. And our goal is to fill the gaps where hotels make more sense for guests, like a one-night stay trip in the middle of the city.

現在，除了服務體驗之外，我們還將在 Airbnb 上推出飯店服務。雖然過去有少數飯店在 Airbnb 上列出房源，但直到現在我們才真正擁有了飯店業務。我們首先在洛杉磯、紐約和馬德里開展了酒店試點項目，並直接與精品酒店和獨立酒店合作。作為此試點計畫的一部分，我們改進了飯店在 Airbnb 上的顯示方式，包括新增搜尋篩選器、更新飯店頁面顯示以及選擇房間類型的功能。換句話說，我們專門為飯店打造了一款客製化產品。我們也積極在Airbnb房源較少的關鍵市場招募飯店。我們的目標是填補酒店更適合客人的空白，例如在市中心進行一晚住宿的旅行。

Finally, we're integrating Airbnb -- sorry, finally, we're integrating AI extensively across the app. Over the past year, we've been laying the foundation for a more intelligent, more personalized Airbnb, from rebuilding our tech stack to launching a series new AI features. We now have more than a dozen AI work streams underway, and they're all focused on really creating a more personal experience for guests and hosts and make it easier discover what we offer.

最後，我們正在整合 Airbnb——抱歉，應該說，我們正在將人工智慧廣泛地整合到整個應用程式中。過去一年，我們一直在為打造一個更聰明、更個人化的 Airbnb 奠定基礎，從重建我們的技術堆疊到推出一系列新的 AI 功能。我們目前有十幾個人工智慧工作流程正在進行中，它們都致力於為客人和房東創造更個人化的體驗，並讓他們更容易發現我們提供的服務。

Now this is part of a major transformation for Airbnb and I want to share just two highlights from Q3 with regard to AI. This quarter, we rolled out smarter and faster AI customer support. Our AI customer support assistant has smarter responses that include answer reservation or listing, and also provide quicker, more precise responses. It also lets you take common actions like canceling or changing reservation dates directly from the chat.

這是 Airbnb 重大轉型的一部分，我想和大家分享第三季在人工智慧方面的兩個亮點。本季度，我們推出了更智慧、更快捷的AI客戶支援。我們的人工智慧客戶支援助理擁有更聰明的回應功能，包括答案預約或列表，還能提供更快、更準確的回應。它還允許您直接在聊天中執行取消或更改預訂日期等常見操作。

So what we did is we designed this custom user interface, that's not just text base, but it's got us rich user interface module. So it's a really custom-built AI interface built right into the messaging platform. Now we initially launched in the United States, where it's already reduced people need to contact a human agent by 15%. So now, we're going to expand it to more countries in more language, and we expect this to be in over 50 languages next year.

所以我們設計了這個自訂使用者介面，它不僅僅是基於文字的，而是擁有豐富的使用者介面模組。所以這是一個完全客製化的、直接內建在訊息平台的 AI 介面。我們最初在美國推出這項服務，目前已使人們需要聯繫人工客服的次數減少了 15%。所以現在，我們將把它推廣到更多國家，使用更多語言，我們預計明年將支援超過 50 種語言。

Now, we're also building out AI-powered search. And this is a really, really big part of our strategy. You're going to see this. We're testing it now. You'll see this rolling out through the app next year. And this will let people have a conversation with the app just like a chat bit about what they're looking for, so we can help them design the perfect trip. And remember that we have access to all the same models that every other chat bot and AI application has, so we think this is going to be a really delightful product to use.

現在，我們也在建立人工智慧驅動的搜尋功能。這是我們策略中非常重要的一部分。你會看到這個。我們正在進行測試。明年你就能在應用程式中看到這項功能陸續推出了。這樣一來，人們就可以像聊天一樣與應用程式進行對話，告訴他們自己想要什麼，這樣我們就可以幫助他們設計完美的旅行。請記住，我們擁有與其他聊天機器人和人工智慧應用程式相同的模型，因此我們認為這將是一款非常令人愉悅的產品。

Now this is just the beginning of a much bigger AI strategy because we're integrating AI across our app to make every smarter, more personal and easier to use. But I think what makes our approach different is that we're not just using AI to pull people deeper into the screen. We're using it to get them off their phones and help them connect in the real world. Because I believe in the age of AI, more and more, what's going to happen is with on a screen will be artificial. You won't know if it's real or not.

這只是一個更大的AI策略的開始，因為我們正在將AI整合到我們的應用程式中，使每個環節都更聰明、更個人化、更易於使用。但我認為我們方法的不同之處在於，我們不僅僅是利用人工智慧將人們拉得更深入地沉浸於螢幕之中。我們利用它讓他們放下手機，幫助他們與現實世界建立聯繫。因為我相信，在人工智慧時代，螢幕上的內容將越來越多是人工智慧生成的。你不會知道它是真是假。

And the age of AI, people are going to increasingly want which real and which real is in real life, they're going to create real experience or real people in the real world. And I think that's especially true for younger generations who grew up on social media are now surrounded by AI-generated content. So we think Airbnb is the best way to experience the magic of the real world. So while other companies are using it to keep you online, we're really trying to do the opposite, get you off your phone and into the real world.

在人工智慧時代，人們會越來越想要分辨什麼是真實的，什麼是現實生活中的真實，他們會在現實世界中創造真實的體驗或真實的人。我認為這對在社群媒體時代成長的年輕一代來說尤其如此，他們現在被人工智慧生成的內容所包圍。所以我們認為 Airbnb 是體驗真實世界魅力的最佳方式。所以，當其他公司利用它來讓你保持在線時，我們卻想反其道而行之，讓你放下手機，回歸現實世界。

And so in that sense, a bet on Airbnb is a bet on AI, because it's a bet that the more AI proliferates the content we consume on devices, the more people are going to earn for real connection with real people in the real world.

因此，從這個意義上講，投資 Airbnb 就是投資人工智慧，因為這種投資押注的是，人工智慧越普及我們在裝置上消費的內容，人們就越能透過與現實世界中真實的人建立真正的聯繫來賺錢。

So with that, I'll turn it over to Eli.

那麼，接下來就交給伊萊了。

Thank you, Brian, and good afternoon, everyone. I'll start with a review of our Q3 financial results, and then I'll walk through our outlook for Q4. As Brian mentioned, Q3 was another strong quarter for Airbnb.

謝謝你，布萊恩，大家下午好。我將首先回顧我們第三季度的財務業績，然後展望一下我們對第四季度的展望。正如布萊恩所提到的，Airbnb 第三季又是一個表現強勁的季度。

Gross booking value grew 14% year over year to $22.9 billion, driven by strong growth in both bookings and price. Nights and Seats booked increased 9% year over year, representing a two-point sequential acceleration from Q2, primarily due to the strength in the US.

受預訂量和價格強勁增長的推動，總預訂額年增 14%，達到 229 億美元。預訂的晚數和座位數較去年同期成長 9%，較第二季較上季成長 2 個百分點，主要得益於美國市場的強勁表現。

In Q3, Nights growth across each of our major regions remain steady or accelerated sequentially. Latin America grew in the low-20s, Asia Pacific grew in the mid-teens, and both North America and EMEA were up in the mid-single digits. Notably, we saw a meaningful acceleration in the US from Q2 to Q3, in part due to the launch of our Reserve Now Pay Later payment offering.

第三季度，我們各主要地區的夜間客流量成長保持穩定或環比加速。拉丁美洲的成長率為 20% 左右，亞太地區的成長率為 15% 左右，北美和歐洲、中東及非洲地區的成長率均為個位數中段。值得注意的是，從第二季到第三季度，美國市場出現了顯著的成長，部分原因是由於我們推出了「先預訂後付款」的付款方式。

Now turning to our Q3 financials. Revenue for the quarter was $4.1 billion, up 10% year over year. In terms of profitability, we generated $2.1 billion of adjusted EBITDA, representing a 50% EBITDA margin. And finally, net income was $1.4 billion, while EPS was $2.21, growing 4% year over year.

現在來看我們第三季的財務數據。本季營收為 41 億美元，年增 10%。從獲利能力來看，我們實現了 21 億美元的調整後 EBITDA，EBITDA 利潤率為 50%。最後，淨收入為 14 億美元，每股收益為 2.21 美元，年增 4%。

Now net income was impacted by a onetime $213 million valuation allowance related to corporate alternative minimum tax credits as a result of the enactment of the One Big Beautiful Bill Act on July 4. On a go-forward basis, starting in 2026, we anticipate that the One Big Beautiful Bill will materially reduce our effective tax rate due to the preferential changes to tax on foreign earnings.

由於 7 月 4 日頒布的《一項偉大的美麗法案》，企業替代最低稅抵免相關的一次性 2.13 億美元估值準備金對淨收入產生了影響。從 2026 年開始，我們預計《一項偉大的法案》將大幅降低我們的實際稅率，因為該法案對海外收入的稅收進行了優惠調整。

Next, I'll turn to our balance sheet and cash flow. We continue to generate significant cash in Q3, delivering $1.3 billion of free cash flow. Over the past 12 months, we've generated $4.5 billion, representing a free cash flow margin of 38%. At the end of Q3, we had $11.7 billion of corporate cash and investments as well as $7.2 billion of funds held on behalf of our guests. Our strong balance sheet allowed us to repurchase $857 million of our common stock during the quarter.

接下來，我將介紹我們的資產負債表和現金流量表。第三季我們持續創造大量現金流，實現自由現金流13億美元。過去 12 個月，我們創造了 45 億美元的收入，自由現金流利潤率為 38%。第三季末，我們擁有 117 億美元的公司現金和投資，以及 72 億美元的客戶資金。我們強勁的資產負債表使我們能夠在本季回購價值 8.57 億美元的普通股。

And during the trailing 12 months, we have repurchased over $3.5 billion of our common stock, using approximately three-quarters of our free cash flow. We believe returning capital to shareholders is a key component of our capital allocation strategy. reflecting our confidence in the business and our commitment to delivering long-term value.

在過去的 12 個月裡，我們回購了超過 35 億美元的普通股，約占我們自由現金流的四分之三。我們相信，向股東返還資本是我們資本配置策略的關鍵組成部分，這體現了我們對業務的信心以及我們致力於創造長期價值的承諾。

As of the end of Q3, we still had $6.6 billion remaining on our repurchase authorization. Since introducing our share repurchase program in 2022, we've reduced our fully diluted share count by 8%.

截至第三季末，我們的回購授權額度仍有 66 億美元剩餘。自 2022 年推出股票回購計畫以來，我們的完全稀釋後股份數量減少了 8%。

Now let's shift to our Q4 and full year 2025 outlook. As we start the fourth quarter, we're encouraged by the continued momentum. Despite more difficult year-over-year comps, we're seeing strength in longer lead time bookings, partly driven by our Reserve Now Pay Later offering in the US. The strength in bookings support our positive outlook for the rest of the year.

現在讓我們來看看2025年第四季和全年的展望。進入第四季度，我們受到持續成長勢頭的鼓舞。儘管同比數據更難以預測，但我們看到提前預訂時間較長的訂單量依然強勁，部分原因是我們在美國推出了「先預訂後付款」服務。強勁的預訂量支撐了我們對今年剩餘時間的樂觀預期。

In Q4, we expect to generate revenue of $2.66 billion to $2.72 billion, representing year-over-year growth of 7% to 10%. This includes a small foreign exchange tailwind after factoring in our hedges.

預計第四季營收將達到 26.6 億美元至 27.2 億美元，年增 7% 至 10%。考慮到我們的對沖策略，這其中包含了一筆小幅外匯匯率利多。

We expect our GBV to grow low double digits year over year, benefiting from a small -- or excuse me, from a modest increase in ADR due to price appreciation and FX, as well as continued growth in Nights and Seats booked.

我們預計公司營業利潤將逐年實現兩位數低成長，這得益於平均房價的小幅上漲（或更準確地說，是由於匯率波動導致的平均房價略有上漲），以及預訂晚數和座位數的持續增長。

For Q4, we anticipate year-over-year growth of nights and seats booked in the mid-single-digit range. Last year, we saw a meaningful acceleration of growth from Q3 to Q4. Our Q4 2025 guide takes this tougher comp into consideration. But on a year-over-year basis, we do anticipate a sequential acceleration from Q3 to Q4.

我們預計第四季度預訂的住宿晚數和座位數將同比增長，增幅在個位數中段。去年，我們看到第三季到第四季成長顯著加速。我們的 2025 年第四季預測指南已將這種更嚴峻的競爭狀況納入考量。但從年比來看，我們預計從第三季到第四季將出現環比加速成長。

On profitability, we now expect our full year adjusted EBITDA margin to be approximately 35%, up from the 34.5% for previously shared.

在獲利能力方面，我們現在預計全年調整後 EBITDA 利潤率約為 35%，高於先前公佈的 34.5%。

As we look forward to 2026, we're focused on maintaining strong margins while continuing to invest in growth initiatives. We will share more about our 2026 outlook on the next earnings call in February.

展望 2026 年，我們將專注於維持強勁的利潤率，同時繼續投資於成長計畫。我們將在2月的下一次財報電話會議上分享更多關於2026年展望的資訊。

In closing, our Q3 results demonstrate our disciplined execution across our strategic priorities, as we continue to build a stronger company for the long term.

最後，我們的第三季業績表明，我們在各項策略重點方面執行得非常嚴謹，我們將繼續努力，為公司的長期發展打造一個更強大的企業。

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

接下來，我將進入問答環節。

(Operator Instructions) Richard Clarke, Bernstein.

（操作說明）理查德·克拉克，伯恩斯坦。

Hi, good afternoon. Thanks for taking my question. I guess, you've mentioned the Reserve Now Pay Later quite a lot during the prepared remarks there. Just what percentage of the acceleration in the US has come from that? Any early signs of what cancellation rates might look like on those bookings or your expectations of what they might look like? And any other payment tools you've maybe bring out that might help drive an acceleration of bookings into next year?

您好，下午好。謝謝您回答我的問題。我想，您在事先準備好的演講稿中多次提到了「先預訂後付款」服務。美國經濟成長中有多少百分比是由這種情況造成的？是否有任何早期跡象表明這些預訂的取消率可能會如何變化？或者您對取消率的預期是什麼？你們是否也推出了其他支付工具，可以幫助推動明年的預訂量加速成長？

Yeah, certainly. Thanks for the question, Richard.

當然可以。謝謝你的提問，理查德。

So in terms of the Reserve Now Pay Later offering, we launched it at the beginning of Q3. It is specifically something that is being offered to US customers who are traveling domestically and are choosing listings that have a flexible or moderate cancellation policy. So it is not offered to the entirety of the US guest population.

所以，就「先預訂後付款」服務而言，我們在第三季初推出了這項服務。這項服務專門提供給在美國國內旅行並選擇具有靈活或中等取消政策的房源的美國客戶。因此，它並非向所有美國遊客開放。

That being said, of those that we offer or provide the offering to, it is vastly popular. So about 70% of people that we offer Reserve Now Pay Later take us up on that offering.

也就是說，在我們所提供的服務對像中，這項服務非常受歡迎。因此，在我們提供的「先預訂後付款」服務中，大約有 70% 的人會選擇這項服務。

Now to your question of cancellations, we obviously tested this product pretty extensively before launching it in the US to ensure that the benefit of the incremental bookings from the payment offering was not more than offset by increased cancellations. So yes, there are increased cancellations, but we're highly confident that the net impact of the product is a lift to net bookings.

現在來說說您提出的取消訂單的問題，我們顯然在將該產品引入美國市場之前對其進行了相當廣泛的測試，以確保支付方式帶來的額外預訂量不會因取消訂單量的增加而抵消。所以，雖然取消預訂的情況有所增加，但我們非常有信心，該產品的淨影響是提升淨預訂量。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thank so much for taking the question. As you look out over the next two to three years, can you talk a little bit about how investors should be thinking about the duration of execution and depth of investment needed to accomplish your goals, with respect to international markets and improving sort of the density of the business beyond its core markets today? Thank so much.

非常感謝您回答這個問題。展望未來兩到三年，您能否談談投資者應該如何考慮為實現您的目標所需的執行期限和投資深度，尤其是在國際市場以及在現有核心市場之外提高業務密度方面？非常感謝。

Yeah. Thanks for the question, Eric. So we began our efforts around global market expansion really in earnest about two, three years ago, selecting specific markets to obviously take a more local approach by local approach, I mean, making sure that the product was appropriately localized as well as our marketing messages localized as well. And we have been, I would say, quite judicious in terms of choosing the markets and making sure we are having a somewhat comprehensive approach to make ourselves seem local and relevant.

是的。謝謝你的提問，艾瑞克。因此，大約兩、三年前，我們真正開始認真地進行全球市場擴張，選擇特定的市場，顯然是為了採取更在地化的方法。我的意思是，確保產品以及我們的行銷訊息都得到適當的在地化。我認為，我們在選擇市場方面一直相當謹慎，並確保我們採取某種全面的方法，使我們看起來具有本地化和相關性。

What you see is that each of them take a little bit of a different timeline. So I think our earliest expansion markets were in Latin America, Brazil being kind of the first key expansion market. And you've seen -- in that case, we have been at it for a handful of years. And we've been able to achieve, not only significant market share in that market, but we continue to see incremental meaningful market share gains every year. So I think Latin America is really at the front of what can -- what is possible in terms of the global markets efforts.

你可以看到，它們每個人所處的時間線都略有不同。所以我認為我們最早的擴張市場是在拉丁美洲，巴西可以說是第一個重要的擴張市場。你們也看到了——在這種情況下，我們已經為此努力了好幾年。我們不僅在該市場取得了顯著的市場份額，而且每年都持續獲得有意義的市場份額成長。所以我認為，就全球市場努力而言，拉丁美洲確實處於領先地位，展現了各種可能性。

Other markets we have focused on more recently, the more recent target market is Japan. It was just a year ago that we began our efforts there in terms of, in particular, local marketing to make our cell team locally relevant, in particular for domestic stays. And hopefully, you saw from the investor letter, we are making progress there. It's just earlier.

在我們最近關注的其他市場中，最近的目標市場是日本。就在一年前，我們才開始在那裡開展工作，特別是本地行銷，以使我們的行動團隊與當地相關，尤其是在國內住宿方面。希望您從投資者信中看到，我們在這方面取得了進展。只是時間早一些而已。

So the kind of short answer to the long story here is that, each market is going to take a little different amount of time, but we're seeing really good success in terms of those markets that we've targeted and we've stayed consistent in terms of our investments.

所以，簡單來說，每個市場所需的時間都會有所不同，但我們在已鎖定的市場中取得了非常好的成功，並且在投資方面也保持了一致性。

Great. Thank you.

偉大的。謝謝。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Great. Thank you. I'd love to hear an update on events and experiences. Both is it contributing any -- so far, do you expect a bigger contribution next year?

偉大的。謝謝。我很想了解最新的活動和經驗。就目前而言，它是否做出了貢獻？你預計明年會有更大的貢獻嗎？

And then second, people who do book those, are you seeing better retention? Or any signs that's helping the velocity of the overall platform?

其次，對於預訂這些服務的用戶，你們的留存率是否有提高？或是有什麼跡象顯示某個因素有助於提升整個平台的運作速度？

Yeah, I can take that, Justin. Thanks for asking the questions. So yes, we're really, really excited about the progress of experiences on Airbnb since we launched the product on May 13 earlier this year.

是的，我可以接受，賈斯汀。感謝你的提問。是的，我們對 Airbnb 自今年 5 月 13 日推出產品以來在體驗方面取得的進展感到非常興奮。

A couple of things we're seeing. The first thing we're seeing is that a large percentage of people that are booking experience is about half don't have an Airbnb stay associated with the reservation. And with services, for example, 10% of people have never even booked on Airbnb before, so the first thing we think is we think this is bringing a new audience to Airbnb. We also think that this is bringing people back to Airbnb even if they aren't intending to book a home. And we think that services and experiences could eventually pull people to book service for home to also add an Airbnb home to their reservation. That's the first thing.

我們觀察到兩件事。我們首先看到的是，預訂體驗活動的人中，大約有一半人沒有將 Airbnb 住宿與預訂關聯起來。例如，就服務而言，10% 的人以前從未在 Airbnb 上預訂過，所以我們首先想到的是，我們認為這將為 Airbnb 帶來新的受眾群體。我們也認為，即使人們不打算預訂房屋，這也讓人們重新回到 Airbnb。我們認為，服務和體驗最終可能會吸引人們預訂家庭服務，同時也將 Airbnb 房源添加到他們的預訂中。這是第一點。

The second thing we're starting to see is actually we're starting to see local demand for service experiences. Now this product was primarily conceived for travelers, but we launched Airbnb Originals. Originals are featured experiences. They're some of the most interesting people in the world that provide experiences.

我們開始看到的第二件事是，我們開始看到本地對服務體驗的需求。這款產品最初是為旅行者設計的，但我們推出了 Airbnb Originals 系列。原創內容是特色體驗。他們是世界上最有趣的人之一，能帶給人獨特的體驗。

And I'll just give you an example. In Paris, 70% of Airbnb originals are booked by local. And so we think with Airbnb originals, we figured out a product that is appealing to people in our own city. And this is really, really hard to provide an experience business, so interesting. People have booked it in their own city.

我給你舉個例子。在巴黎，70% 的 Airbnb 原創房源都被當地人預訂。因此，我們認為透過 Airbnb 原創房源，我們找到了一種能夠吸引我們自己城市居民的產品。而打造一種體驗型企業真的非常非常難，這很有意思。人們已經在自己所在的城市預訂了。

Now as far as when this provides meaningful income or revenue for the company, it's going to be a few years for this to happen. We're really focused on getting a few markets right.

至於何時才能為公司帶來實質的收入或收益，還需要幾年時間才能實現。我們目前真正專注於打好幾個市場。

Just to go back to how we founded Airbnb, people don't know this. But while we're in over 100,000 cities around the world, in the first two years of our existence, the majority of revenue was in just one city, New York City. If you look at DoorDash, you look at Uber, Uber Eats, most of these market boys have to go city by city. And that's what we're doing with service experiences, even though it's a wide platform.

讓我們回到Airbnb的創立初衷，很多人並不了解這一點。雖然我們的業務遍及全球超過 10 萬個城市，但在公司成立的頭兩年，大部分收入都來自紐約市。如果你看看 DoorDash、Uber、Uber Eats，你會發現這些外送平台大多都是逐個城市開展業務的。即便服務體驗是一個廣泛的平台，我們也正在這樣做。

So we're focused on tariffs. Books in L.A., we're seeing a lot of traction in these markets. And as they grow, we're going to be rolling out a dozens of cities around the world this expanded playbook, and then hundreds more cities. It's going to take three to five years, I think, for services experiences to become a material part of our business, but I'm very, very bullish on them.

所以我們目前關注的重點是關稅。在洛杉磯，圖書市場發展勢頭強勁。隨著他們的發展，我們將在世界各地數十個城市推廣這套擴展後的方案，然後推廣到數百個城市。我認為，服務體驗要成為我們業務的重要組成部分，還需要三到五年時間，但我對此非常非常看好。

And as far as the retention velocity, it's a little bit early to see on retention. We really would want to see 12 months to really get a really good indicator of retention of what people use for everyone. But one of the things we're also seeing is that service experience is a great way to market homes. So for example, we used to just do advertisement of our homes product.

至於用戶留存率，現在判斷留存情況還為時過早。我們真的希望看到 12 個月的數據，以便真正獲得人們使用各種工具的保留率的可靠指標。但我們也發現，服務體驗是推廣房屋的好方法。例如，我們過去只做關於我們房屋產品的廣告。

Now, when we do an ad, we have home surface experiences in one ad. And what we're finding is, not only does the promote service experiences, it also makes people more inclined to book a home because that makes our offering more unique and differentiated. So we think this is kind of like a win-win-win for the platform.

現在，我們在做廣告時，會在一個廣告中融入家居表面體驗。我們發現，這不僅可以提升服務體驗，還能讓人們更傾向於預訂房屋，因為這使我們的產品更加獨特和差異化。所以我們認為這對平台來說是一種三贏的局面。

Great. Thank you.

偉大的。謝謝。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Hey. Great. Thank for taking my question. Just looking going forward and sort of it's good to see, but you're getting reacceleration in the US. How should we think about potentially layering on hotels more, especially in some of the markets where you shut out of?

嘿。偉大的。謝謝您回答我的問題。展望未來，很高興看到美國經濟正在重新加速發展。我們應該如何考慮增加飯店住宿的投入，尤其是在你們之前排除在外的一些市場？

Yes, hey. I think hotels are a really promising opportunity for Airbnb. As you know, we've been a proud owner of the HotelTonight app for a long time. But we've always believed that the biggest opportunity for hotels is on Airbnb itself, because we don't need to market hotels for people to come to Airbnb we have billions of visitors a year.

是的，嘿。我認為飯店對於 Airbnb 來說是一個非常有發展前景的機會。如您所知，我們長期以來一直是 HotelTonight 應用的驕傲所有者。但我們一直認為，飯店最大的機會就在 Airbnb 本身，因為我們不需要為飯店做行銷，人們就會來 Airbnb，我們每年有數十億的訪客。

Airbnb is accessed by the, last I checked, 1.6 billion devices every year. And there's a huge amount of traffic -- and in City of New York, for example, there are millions and millions of searches out of that market. And so we went to hotels in New York City, some of the most interesting boutiques and independents. And we said, we have a huge amount of traffic of people coming to New York City.

根據我上次統計，每年有 16 億台裝置造訪 Airbnb。而且流量龐大——例如，在紐約市，來自該市場的搜尋量高達數百萬次。於是我們去了紐約市的一些酒店，包括一些最有趣的精品酒店和獨立酒店。我們說，每天都有大量的人湧入紐約市。

We believe that the majority of people come to New York on Airbnb would be open to booking a hotel if there wasn't a home available. We believe many of these people are opening other apps and booking hotels and other apps. As we said, if we added hotels, we added your hotel, we gave you a best-in-class commission. We had a beautiful life product page where we custom bill hotels onto the platform and we had a lot of demand and not just a lot of demand, but of high income, young, often American travelers, which are some of the most appealing kind of consumer sets for these hotels, would you be interested? And they said, yes, enthusiastically interested.

我們相信，大多數透過 Airbnb 來紐約的人，如果沒有合適的房源，也會願意預訂飯店。我們認為這些人中有很多會打開其他應用程序，預訂酒店和其他服務。正如我們所說，如果我們新增飯店，包括您的飯店，我們會給您提供業界最優的佣金。我們有一個很棒的生活產品頁面，我們透過該平台為酒店定制賬單，我們得到了很多需求，而且不僅僅是很多需求，而是來自高收入、年輕的、通常是美國的旅行者，這些是這些酒店最有吸引力的消費群體之一，您有興趣嗎？他們表示，是的，他們非常感興趣。

So we've been doing pilots, we've been pilots in L.A., New York City, and Madrid. New York City and Madrid, for example, are two markets that are constrained or corporate strain from a regulatory standpoint. Hotels are very excited to participate. And these are just pilots, but we're seeing a lot of interesting momentum.

所以我們一直在進行試拍，我們在洛杉磯、紐約市和馬德里都進行過試拍。例如，紐約市和馬德里這兩個市場，從監管角度來看，都面臨限製或企業壓力。酒店方面非常樂意參與其中。這些都只是試點項目，但我們看到了許多令人振奮的發展勢頭。

If for example, you tighten New York City on Airbnb next week and you can see some of the hotels that show up, they're really interesting. I think the way we present them are beautiful.

例如，如果你下週在 Airbnb 上搜尋紐約市，你會看到一些飯店，它們真的很有趣。我認為我們呈現它們的方式很美。

And our general philosophy on hotels is the following: we are running a bad campaign that says some trips are better than Airbnb, and we believe that. We believe that the traveling with the group, you travel with the family, you're staying longer than a few nights, or you want a more authentic travel experience, or you're staying outside of the city, then a home is the best way to travel.

我們對飯店的整體理念是：我們正在進行一場糟糕的宣傳活動，聲稱有些旅行比 Airbnb 更好，而我們相信這一點。我們認為，如果您是和團隊一起旅行、和家人一起旅行、停留時間超過幾晚、想要獲得更真實的旅行體驗，或者住在城市以外的地方，那麼租房是最佳的旅行方式。

But if you're going to urban market, maybe you're travelling in business, you're staying for one night, you're booking last minute, maybe for business, you need plug-and-play experience, or you need to be on-premise for a conference, then probably a hotel is a better option; or if you search an Airbnb and homes aren't available, then hotels are a great option. And so we think that hotels will be a huge supplement for our supply, especially in supply-constrained markets.

但如果你要去城市市場，可能是出差，可能只住一晚，可能是臨時預訂，可能是商務出行，需要即插即用的體驗，或者需要參加會議，那麼酒店可能是一個更好的選擇；或者如果你在 Airbnb 上搜索房源但沒有找到合適的，那麼酒店就是一個很好的選擇。因此我們認為酒店將成為我們供應的巨大補充，尤其是在供應受限的市場。

So we actually do think that the two can fit together. We don't see a large cannibalization between homes and hotels. We think they're primarily different use cases, different audiences, and we also think hotels are a great way to fill our supply gap.

所以我們認為這兩者確實可以結合起來。我們沒有看到住宅和飯店之間有大規模的相互蠶食現象。我們認為它們的主要區別在於不同的使用場景和不同的受眾群體，我們也認為酒店是填補我們供應缺口的好方法。

And again, the most important thing is we already have the demand. We don't need to spur demand. And so to add hotels is not really an incremental investment at all. And to recruit hotels, it's actually much easier in recruiting homes because the hotel, you -- they have a phone number, you can call them homes, you have to primarily come organically, it's more difficult.

再次強調，最重要的是我們已經有需求了。我們不需要刺激需求。因此，增加飯店其實根本不算是一項增量投資。而招募飯店其實比招募家庭要容易得多，因為飯店有電話號碼，你可以打電話給他們，而招募家庭則主要靠自然而然的方式，這更困難。

So it's just fundamentally, I think, a more efficient business to scale, especially with the demand we have. And so we're excited about this being supplemental to our core business.

所以從根本上來說，我認為，這是一種更有效率的業務模式，尤其是在我們目前的需求情況下。因此，我們很高興這項業務能夠成為我們核心業務的補充。

Thanks.

謝謝。

Lloyd Walmsley, Mizuho.

勞埃德‧沃姆斯利，瑞穗銀行。

Thanks. I wanted to stay on the hotel team and really just understand the long-term scope of your ambitions here. It makes sense that you're using this for sort of backfill in areas where you don't have a lot of inventory in the traditional rental side. But do you see a path to really expand the hotel merchandising and booking experience beyond the backfill? We get the question a lot from investors, like, why would I go to Airbnb book a hotel? Like, is there a long-term case beyond the backfill, I guess, is the question?

謝謝。我想住在飯店團隊，真正了解你們在這裡的長期發展規劃。你用這種方式來填補傳統租賃業務庫存不足的地區的空缺，這很合理。但您是否看到了真正拓展飯店行銷和預訂體驗，使其超越簡單的填充功能的方法？我們經常收到投資者的提問，例如，我為什麼要透過 Airbnb 預訂飯店？我想，問題在於，除了填補空缺之外，是否有長期的解決方案？

Yeah, it's a good question, Lloyd. I think so. I mean, I think I'd imagine Airbnb in the future is going to be the best one-stop-shop for travel. And for us to be a one-stop-shop for travel, I think we're going to need not just homes, not just services, not just experience because we're going to need a portfolio of offerings on Airbnb. And so hotels is certainly one of those things.

是的，問得好，勞埃德。我也這麼認為。我的意思是，我認為Airbnb未來會成為最好的旅行一站式平台。要成為一站式旅行平台，我認為我們需要的不僅僅是房屋、服務或體驗，因為我們需要在 Airbnb 上提供一系列產品。因此，酒店當然也是其中之一。

I think our philosophy is the following: we are focused on boutiques and independence. A large percentage of hotels in the world, as you can imagine, are boutiques independents, especially in Europe, for example. And what we're hearing from them is they would love another channel to list on.

我認為我們的理念是：我們專注於精品和獨立經營。可以想像，世界上有很大一部分飯店都是精品獨立飯店，尤其是在歐洲。我們從他們那裡了解到，他們非常希望能夠進駐另一個頻道。

And so I think we're like -- we're dipping our toes in the water, where we want to make sure that we still provide -- that our hotels business is incremental. But yes, I think over time, it's really about use cases.

所以我覺得我們現在就像是在試水，我們希望確保我們的酒店業務能夠持續成長。但是，我認為從長遠來看，這真的取決於實際應用案例。

I think what we want to do in the future, and this is Brian, now going back to our AI strategy, is knowing more about the customer, understanding what their intensive. And if people are traveling for business last minute one night, we should probably prioritize the hotel for them. Some people do want a more hotel-like experience.

我認為我們未來想要做的，布萊恩，現在回到我們的人工智慧策略，就是更多地了解客戶，了解他們的需求。如果有人臨時決定出差，我們應該優先安排他們的酒店。有些人確實想要更像飯店的體驗。

Other people are hardcore about the original philosophy of Airbnb. They want to feel like a local when they're traveling. Those people probably should not see hotels very much. So I think it's really in the future, going to be much more about personalization.

還有一些人對 Airbnb 的最初理念非常執著。他們希望在旅行時能像當地人一樣生活。這些人或許不該常常住在飯店。所以我認為，未來真正的發展方向將會是更個人化。

Right now, it's a little bit more backfill billing and supply gaps and producing hotels when it's the last minute, say, one night stay. But I think, over time, it's really about personalized experience for every guest and understanding, what kind of guests are you? What is your intent. And as we do that, I think we can expand our hotel offering a bit more.

目前，更多的是填補帳單和供應缺口，以及在最後一刻預訂飯店，例如只住一晚。但我認為，隨著時間的推移，關鍵在於為每位客人提供個人化的體驗，並了解您是哪種類型的客人？你的目的是什麼？隨著我們這樣做，我認為我們可以進一步擴展我們的酒店服務範圍。

Very helpful. Thank you.

很有幫助。謝謝。

Kevin Kopelman with TD Cowen.

Kevin Kopelman 與 TD Cowen。

Great. Thanks a lot. Brian, in the past, you talked about launching one- to two-billion-plus new opportunity products and services each year. How are you thinking about that for 2026? Should we expect that those -- this focus for next year are the initiatives you've already been discussing today, such as hotels and AI integration and continuing experiences in services? Or do you anticipate additional new major launches next year that have been discussed yet?

偉大的。多謝。布萊恩，你過去曾說過，每年要推出超過 10 億到 20 億個新的商機產品和服務。你對2026年有什麼想法？我們是否可以期待，明年的重點工作就是您今天已經討論過的那些舉措，例如酒店和人工智慧的整合以及在服務方面的持續經驗？或者，您是否預計明年還會有其他尚未討論過的重大新產品發布？

Yes, Kevin. I would say, number one, I would say that we essentially have three businesses this year. We launched service experiences and now we're beginning to pilot hotels. We believe service experience and hotels could each be multibillion-dollar businesses. So that really brings us from home-to-home service hotels.

是的，凱文。首先，我想說的是，我們今年基本上有三個業務。我們推出了服務體驗，現在開始試辦飯店服務。我們認為服務體驗和飯店都有可能成為價值數十億美元的產業。所以這就把我們從家庭式飯店服務模式帶到了家庭式飯店服務模式。

And I think that we are on pace to every year having at least a new business. So I probably shouldn't say too much more beyond that for next year. But I'm very, very excited about what we're working on.

我認為我們預計每年至少新增一家企業。所以關於明年的事情，我可能不該透露太多了。但我對我們正在進行的工作感到非常非常興奮。

The other thing that I want to just maybe add is the following. I think that we're finding a really good model for innovation for incubating new businesses. We used to think about like, oh my God, we have this huge company in like over 100,000 cities in 220 countries regions. And in, we launched a business that's got to be ready globally in every market. And it kind of increases the bar for what you can ship.

我可能還要補充一點。我認為我們正在找到一個非常好的創新模式，可以用來孵化新企業。我們以前會想，我的天哪，我們是一家規模龐大的公司，業務遍及 220 個國家的 10 萬多個城市。於是，我們推出了一項必須在全球每個市場都做好準備的業務。這在某種程度上提高了你可以出貨的商品的門檻。

I think we've decided to take a more entrepreneurial approach. And we've learned this in sort of experiences, where we can test and incubate businesses and we can test them in one city. And so, I imagine going forward, we are going to be simultaneously testing half a dozen, maybe even a dozen new business at a time in one market.

我認為我們已經決定採取更具創業精神的方式。我們從一些經驗中學到這一點，我們可以測試和孵化企業，我們可以在一個城市進行測試。因此，我設想，未來我們將在一個市場同時測試六項，甚至可能十幾項新業務。

Now, it doesn't mean if we test in a market we ever ship it. But it does mean that we can kind of develop a lot of pilots over in parallel. And then we can decide when something is working, then we can scale it up.

但這並不意味著如果我們在某個市場進行測試，我們就一定會將其推向市場。但這確實意味著我們可以並行開發許多試點計畫。然後我們就可以判斷某個方法是否有效，然後就可以擴大規模。

And that's what we're going to -- that's how we're going to really approach a lot of these new businesses, kind of really starting with the pilot market. Hotels is an example. We're starting with three pilot markets. We know hotels were going to expand. There's no question.

這就是我們要做的——這就是我們將要真正對待許多新業務的方式，從試點市場開始。酒店就是一個例子。我們首先在三個試點市場開展試點。我們知道酒店會擴張。毫無疑問。

There are other businesses where we're testing them out and we'll see where they go. Just to give an example of -- not to say a business we're going to launch, but a segment that we're seeing a lot of promise in, is Luxe.

我們還在其他一些企業進行測試，看看效果如何。舉個例子來說——不是說我們要推出的業務，而是說我們看到很有前景的一個細分市場——那就是奢侈品。

One of our fastest-growing segments is high ADR. And we think that's a big opportunity for us, so I'm not reviewing that we're going to launch something there, but I'm just showing there's a lot of segments, a lot of supply types that we think could be really, really competing for us. And we're going to be really going city by city and then when we figure out the playbook, we'll be expanding more aggressively.

高平均房價是我們成長最快的細分市場之一。我們認為這對我們來說是一個很大的機會，所以我並不是說我們會在那裡推出什麼東西，我只是想說明有很多細分市場、很多供應類型，我們認為它們可能會和我們展開非常激烈的競爭。我們將逐個城市地推進，等我們摸索出一套行之有效的策略後，再進行更積極的擴張。

So yes, you should expect every year to see new businesses.

所以，是的，你應該預料到每年都會有新的企業出現。

That's awesome color. Thank you.

這顏色真棒！謝謝。

Ron Josey Citi.

Ron Josey Citi。

Great. Thanks for taking the question. Brian, I want to follow up on the two comments you made earlier. I think in the prepared remarks, you talked about testing the new AI-powered search coming online and rolling out next year. I would love to hear your thoughts on just the experience overall, the interactivity, and just -- any early thoughts on in the testing you've done, how it's changed sort of the use case or the interactivity within Airbnb, overall?

偉大的。感謝您回答這個問題。布萊恩，我想就你之前提出的兩個問題做個後續說明。我認為在事先準備好的演講稿中，您提到了測試即將上線並於明年推出的全新人工智慧搜尋功能。我很想聽聽您對整體體驗、互動性以及——在您進行的測試中，您對它如何改變 Airbnb 的使用場景或互動性有什麼初步想法嗎？

And then you talked -- I think you might have said that it could take three to five years for experiences and services to be material to the business, but you have supplies doubling quarter to quarter. We're seeing great results thus far, particularly expanding beyond the core Airbnb stays. So talk to us about from here to three years, what we can look forward for milestones. Thank you.

然後你談到——我想你可能說過，經驗和服務可能需要三到五年才能對業務產生實質影響，但你們的供應量每季都在翻倍成長。到目前為止，我們已經看到了非常好的成果，尤其是在Airbnb核心住宿之外的拓展方面。那麼，請您談談從現在到三年，我們可以期待哪些里程碑事件。謝謝。

Yeah. Maybe I'll start with the second question, and then I'll answer your question on AI, and I'll try to give a robust answer on AI because I'm anticipating some questions on that. I always want to kind of under-promise and over-deliver. So we're going to be cautious on how we want to test the milestones.

是的。或許我會先回答第二個問題，然後再回答你關於人工智慧的問題，我會盡量給出全面的答案，因為我預料到你會問一些關於人工智慧的問題。我總是想少承諾，多兌現。因此，我們將謹慎對待里程碑的測試方式。

But on surface experiences, what I've essentially told the team is I want to approach the experiences kind of like the way we approach core business in 2009. It's going to be a little different, but what we tried to do is get to essentially, what I think, in token valley called product market fit, right?

但就表面體驗而言，我基本上告訴團隊的是，我希望以類似於我們在 2009 年處理核心業務的方式來處理這些體驗。情況會有些不同，但我們努力的目標是達到，我認為，在代幣谷裡，這叫做產品市場契合度，對吧？

Product market fit is essentially this indication that we think the business is essentially working and we have a playbook, and we're now ready to scale. And so the service experiences, what I've really tried to do is say, hey, let's pick a couple of cities. We decided to pick a few cities in the world on Airbnb, which are Paris and L.A. And they are different cities, one in Europe, one in L.A., one in the United States. They are different enough that you can test a lot of the hypothesis in these two cities.

產品市場契合度本質上顯示我們認為業務基本上運作良好，我們有了行動方案，現在我們準備擴大規模。因此，在服務體驗方面，我一直努力做的就是說，嘿，讓我們挑選幾個城市。我們決定在 Airbnb 上挑選幾個城市，分別是巴黎和洛杉磯。它們是不同的城市，一個在歐洲，一個在洛杉磯，一個在美國。這兩個城市差異很大，你可以在這兩個城市檢驗很多假設。

And we said we really want to try to figure out how to get these businesses to product market fit. And then we're going to pick another about a dozen cities and go really, really deep and build out our library of supply.

我們說，我們真的想努力弄清楚如何讓這些企業實現產品與市場的契合。然後我們將再挑選大約十幾個城市，進行深入調查，並建立我們的供應庫。

We learned a lot. One of the milestones -- one of the lessons we learned in Paris, for example, is that there are really three types of people. There's people where it's their first time to a city like Paris. There are people who've been to Paris repeatedly. And then there's local. And that each of them want totally different types of supply.

我們學到了很多。例如，我們在巴黎學到的一個里程碑式的教訓是，人實際上分為三種類型。有些人是第一次來到像巴黎這樣的城市。有些人去過巴黎好幾次了。還有本地的。而且他們每個人需要的供應類型都完全不同。

So for people for whom it's the first time to a city, they really want to go to the landmark. They want to see Eiffel Tower. They want to see Louvre. They need to see L'Occitane. And this is really what you see when you see other platforms where they're really focused on traditional or experiences. So we've been adding a lot of landmark experiences. We think we provide some of the very best high-quality experiences that are very local in nature, but they're very much appealing to first-time visitors to a city. And this has been very, very popular.

所以對於第一次來到一座城市的人來說，他們真的很想去地標建築看看。他們想去看艾菲爾鐵塔。他們想參觀羅浮宮。他們需要去看歐舒丹。當你看到其他平台時，你會發現它們真正專注於傳統體驗。因此，我們一直在增加許多標誌性體驗。我們認為我們提供了一些非常優質的體驗，這些體驗具有很強的本地特色，但對第一次來這座城市的遊客來說非常有吸引力。而且這非常非常受歡迎。

Then you've got people who come into the city already. This is nearly as big and in many cities, it's a bigger market. A lot of people they've got to Paris, they have been there before. If it's your second or third time to Paris, you're not going to Eiffel Tower. You want to see something different.

然後還有一些人已經來到這座城市了。這個市場規模幾乎和它一樣大，而且在許多城市，它的市場規模更大。很多人去過巴黎，其實他們以前也去過。如果你是第二或第三次去巴黎，你肯定不會去艾菲爾鐵塔。你想看點不一樣的東西。

So now, you want more local experience. You're not going to do a cooking class. Now you might do some other type of activity. And then locals want to do something really unique, really off to be in path. They want to book original. As we see these three audiences, and that's been really interesting. And the year-over-year growth in Paris has been very encouraging.

所以現在，你想要更多本地體驗。你不會去上烹飪課的。現在你可以去做其他類型的活動了。然後當地人想做一些真正獨特的事情，真正另闢蹊徑。他們想預訂原版。我們看到了這三類觀眾，這真的很有趣。巴黎的年成長非常令人鼓舞。

So by focusing on these cities, we've been able to like rapidly iterate software. We've been able to rapidly like figure out in Paris, for example, there's different supply types for different types of guests based on how many time they've been there. And we can bring these lessons to other cities.

因此，透過專注於這些城市，我們得以快速迭代軟體。例如，我們已經能夠迅速弄清楚，在巴黎，根據客人訪問次數的不同，會為不同類型的客人提供不同的供應類型。我們可以將這些經驗帶到其他城市。

In Los Angeles, we've been really focused on building a library of supply for a 10 major category. So when we launch, we are really deep in photography , because photography or traditional travel services, we've gotten very deep now on personal trainer and the sous chefs and chef, and we're starting to see that normally travelers booking that people book on their own city. So again, the milestones are going to be us determining that we have efficiently reached product market fit, and we can roll off the deep playbook city by city.

在洛杉磯，我們一直致力於為 10 個主要類別建立供應庫。所以當我們推出時，我們非常專注於攝影，因為攝影或傳統旅行服務，我們現在在私人教練、副廚師長和廚師方面也投入了非常多的精力，我們開始看到，通常情況下，旅行者預訂的是他們自己所在城市的服務。所以，里程碑將是確定我們已經有效地實現了產品市場契合度，我們可以逐個城市地推出深度策略。

Now with regards to -- and I'll let Eli expand if she would like to elaborate on other milestones over the next few years. But with regards to AI, maybe I'll just answer it more broadly. Okay. So our AI strategy is pretty unique. I think that Airbnb probably more than most other companies, especially companies in travel can benefit from probably the reason why is because primarily, we don't have SKUs.

現在關於——如果 Eli 願意詳細說明未來幾年的其他里程碑，我會讓她來補充。但關於人工智慧，或許我應該更廣泛地回答這個問題。好的。所以我們的人工智慧戰略相當獨特。我認為 Airbnb 可能比大多數其他公司，尤其是旅遊公司，更能從中受益，原因很可能是因為我們沒有 SKU。

Most of our homes, most of our service experiences, they're not SKUs. They're one of a kind. And therefore, the issue type customer service is really challenging, right? Oftentimes, customer service agent will carry an issue that they've never heard before, because it's from a host that might be a first-time host and the guests and hose might be speaking different languages, there might be somebody locked out in a small town in a foreign country, you can imagine how complicated some of the stuff is.

我們大多數的家庭，我們大多數的服務體驗，都不是 SKU。它們是獨一無二的。所以，這類問題型客戶服務真的很有挑戰性，對吧？客服人員經常會遇到他們從未聽說過的問題，因為房東可能是第一次做房東，房客和房東可能說著不同的語言，或者有人被鎖在國外的某個小鎮上，你可以想像有些事情有多麼複雜。

So we decided with AI to start with the hardest single problem we got to think of, which was customer service. Customer service, we think, is a lot harder than say travel search. And the reason why is because the stakes are highest.

因此，我們決定利用人工智慧技術，從我們能想到的最難的單一問題著手，那就是客戶服務。我們認為，客戶服務比旅遊搜尋要難得多。原因在於，風險最高。

You can't lucinate, you have to handle sensitive customer data. You've got to be fast in real time. You got to escalate to the agent, if there's a trust and safety incident. And we are finding that it's working really well.

你不能放空思緒，你必須處理敏感的客戶資料。你必須即時快速反應。如果發生信任和安全事件，你必須向代理人報告。我們發現它的效果非常好。

And in fact, we can go from solving a problem hours to solving a problem in a second. We wanted to then go to the top of the funnel, and that's with AI search.

事實上，我們可以將解決問題所需的時間從幾個小時縮短到一秒鐘。我們接下來想到達漏斗的頂端，那就是人工智慧搜尋。

What we're testing now is, if you go to the search box and your BB there's wear, location, when, date, who guests, we're testing a [one-offs ], and what is a free text natural language input, which is similar to ChatGPT or Gemini? You will type it in. And based on that, we're going to essentially -- you're going to see, like, natural language results.

我們現在正在測試的是，如果您進入搜尋框，在您的 BB 中可以看到磨損程度、位置、時間、日期、客人是誰，我們正在測試[一次性]，以及自由文字自然語言輸入，這類似於 ChatGPT 或 Gemini？你需要把它輸入進去。基於此，我們基本上將有—您將會看到自然語言的結果。

So the search cards, not just will be structured data, but it will be essentially natural language generated hope and search results. That's Phase 1.

因此，搜尋卡片不僅包含結構化數據，而且本質上將由自然語言生成，並包含搜尋結果。這是第一階段。

Phase 2, it's going to become, I guess, you'd call an AI multi-turn. Multi-turn, I think is just a fancy way saying conversational. So you'll be able to have a conversation.

第二階段，我想，它將會變成，你可以稱之為人工智慧多回合製戰鬥。我認為「多回合」只是「對話式」的一種比較花俏的說法。這樣你們就能進行對話了。

So you'll be able to like the information of the card, my vision, is instead of saying like two-bedroom, two-baths, $60 [high] reviews, a pool or hot tub, that no two people see the same copy; just like two people typing in the ChatGPT see different outputs, based on the memory and the type of questions they have. So we want Airbnb to be the same way, where the output is also natural language. It's unique. And you're going to start to see this iterably happen over the course of next year. Eventually, it will become more conversational.

這樣你就能像喜歡卡片上的信息一樣，我的設想是，與其說“兩室兩衛，60 美元（高價）評價，帶游泳池或熱水浴缸”，不如讓每個人看到的都是不同的內容；就像兩個人在 ChatGPT 中輸入內容時，會根據記憶力和問題類型看到不同的輸出一樣。所以我們希望 Airbnb 也能做到這一點，輸出結果也是自然語言。它是獨一無二的。接下來的一年裡，你會看到這種情況逐漸發生。最終它會變得更像對話。

And then finally, what we want to do is take AI search, which is conversational -- AI customer service and the messaging platform, which is conversational and integrate them to one AI assistant or concierge. And eventually, the entire app will act like an AI agent; on the top of the funnel through your trip, on reservation, in leading review, and then bringing you back to the app end-to-end.

最後，我們想做的是將 AI 搜尋（對話式）、AI 客戶服務和訊息平台（對話式）整合到一個 AI 助理或禮賓服務中。最終，整個應用程式將像人工智慧代理一樣運作；從您的旅行開始，在預訂、主要評論中，一直到最終將您帶回應用程序，貫穿整個流程。

And we think that we're going to be very successful at this because, number one, we have access to all the same frontier models as the leading AI companies. We have access to the same models as Google OpenAI company because they're all available by API. So really, you're not going to win or lose on the model because they're all available. You're going to win to lose on what you do with them.

我們認為我們在這方面會非常成功，因為，首先，我們能夠獲得與領先的人工智慧公司相同的尖端模型。我們可以使用與 Google OpenAI 公司相同的模型，因為它們都可以透過 API 取得。所以實際上，你不會因為選擇這種模式而輸贏，因為所有模式都是可用的。你如何處理它們，最終決定你的成敗。

And our thesis of AI is that specialization will win in travel. That's our theory. It's a specialization of win.

我們關於人工智慧的論點是，專業化將在旅遊業中獲勝。這是我們的理論。這是勝利的一種特殊形式。

We have a lot of unique capabilities. We understand travel. We have one of the best design teams in the world, so we can design custom interfaces. We do not think the way AI search will work in the world of travel is this text. It's going to have a rich user interface experiences.

我們擁有許多獨特的能力。我們了解旅行。我們擁有世界上最好的設計團隊之一，因此我們可以設計客製化介面。我們認為人工智慧搜尋在旅遊領域的運作方式不會是這段文字所描述的。它將擁有豐富的使用者介面體驗。

We're adding a lot more verticals. So we do think Airbnb could be a one-stop-shop for travel. And we have a lot of capabilities that no one else has built and we don't think AI companies will want to develop. Like a messaging platform in the vast majority people who book an use the messaging platform. Verified identity to book or host, you must verify your identity. We have more verified identities $200 million that are US path with circulation. We have a payments platform where one in every $1,100, $200 spent or $1 goes to our payments platform in the world.

我們正在增加更多垂直領域。所以我們認為 Airbnb 可以成為一站式旅行平台。我們擁有許多其他公司沒有開發過的功能，我們認為人工智慧公司也不會想要開發這些功能。就像大多數預訂和使用即時通訊平台的人一樣。預訂或出租房屋需驗證身份，您必須驗證您的身份。我們擁有超過 2 億美元的已驗證身份，這些身份在美國流通。我們有一個支付平台，全球每消費 1100 美元、200 美元或 1 美元，就有 1 美元會進入我們的支付平台。

So this is essentially how we're thinking about AI. I think it's extremely exciting. And I think it's going to benefit argon probably more than other travel platforms, just because we don't have SKUs. And I think AI can kind of level the plain field.

所以，這基本上就是我們對人工智慧的思考方式。我覺得這太令人興奮了。我認為這對 Argon 的好處可能比其他旅行平台更大，因為我們沒有 SKU。我認為人工智慧可以在一定程度上拉平競爭環境。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

Great. Thanks. Brian, you highlighted some of the 65 major improvements you've made to the app. Some are enhancements, some are policy or payment adjustments that remove friction or pain points for guests. What are some of the remaining pain points that you see that still need more work either from a guest or a host perspective?

偉大的。謝謝。Brian，你重點介紹了你對應用程式所做的 65 項重大改進中的一部分。有些是改進措施，有些是政策或支付方式的調整，旨在消除客人的摩擦或痛點。從房客或房東的角度來看，您認為還有哪些痛點需要進一步改進？

Hey, Trevor, yes. I mean, we have -- yes. We made 65 improvements. I mean, I think the way to think about it, first of all, is there's not a lot of silver bullets in our business. It's going to be hundreds and hundreds and hundreds of improvements that you're going to see over the coming years. So I think my first thing I would say is the most important thing we can do is have rapid product development velocity. Velocity. We think the team that moves the fastest will win in travel, and we want to make sure that we have a huge amount of velocity.

嘿，特雷弗，是的。我的意思是，我們有——是的。我們進行了 65 項改進。我的意思是，我認為首先應該明白，我們這個行業並沒有很多靈丹妙藥。在接下來的幾年裡，你會看到數百項改進。所以我認為首先要說的是，我們能做的最重要的事情就是加快產品開發速度。速度。我們認為行動最快的隊伍會在旅途中獲勝，所以我們要確保我們擁有極快的速度。

Now that being said, I do want to answer your question directly, what are some of the features. Reserve Now Pay Later tells us is the more types of payment instruments you add and the more flexibility you get people on the way to pay, the faster the growth.

話雖如此，我還是想直接回答你的問題，它有哪些功能。「先預訂後付款」告訴我們，你添加的支付工具種類越多，你為人們提供的支付方式越靈活，增長速度就越快。

So for example, in Brazil, we added installments, this is a huge boon to growth. And in countries all over the world, we want to continue to offer more ways to pay, more flexibility, we have flexible cancellation policies we're experimenting with. We are going to have -- we're going to be testing different offers. So essentially, different guests can have different types of discounts depending upon who they are and how often they've used Airbnb.

例如，在巴西，我們增加了分期付款方式，這對經濟成長來說是一個巨大的福音。在世界各地，我們希望繼續提供更多付款方式、更多彈性，我們正在試驗靈活的取消政策。我們將推出－我們將測試不同的優惠方案。所以，從本質上講，不同的房客可以根據他們的身份以及使用 Airbnb 的頻率享受不同類型的折扣。

Quality is a huge one. We are focused a lot on quality, for every person who stays in Airbnb, approximately 9 people stay in a hotel. The number one reason they stay in hotel is quality control and consistency of experience. So we're investing a lot on quality in Airbnb. We think that's a really, really big area.

品質是至關重要的因素。我們非常注重品質，每位入住 Airbnb 的客人，相當於大約 9 位客人入住飯店。他們入住飯店的首要原因是品質控制和體驗的一致性。所以我們在Airbnb的品質方面投入了很多。我們認為那是一個非常非常大的區域。

Pricing tools for host actually is critical. The more competitive prices, the more bookings we get; the more pricing tools we build, the lower the prices become. I think if you noticed over the last two years, hotel prices have appreciated faster than Airbnb. I think that's a good testament to the pricing tools we're making are working. So these are just some of the examples.

對於主機商而言，定價工具至關重要。價格越有競爭力，我們獲得的預訂就越多；我們開發的定價工具越多，價格就會越低。我認為，如果你留意過去兩年的情況，你會發現飯店價格上漲的速度比 Airbnb 的價格上漲速度更快。我認為這很好地證明了我們開發的定價工具是有效的。以上僅列舉部分範例。

Maps and location information, it's going to be massive. The vast majority of people booking Airbnb interact with the map. Our maps, historically, have not been that great. They're becoming first class in Airbnb. And again, these are some of the opportunities.

地圖和位置訊息，規模將會非常龐大。絕大多數透過 Airbnb 預訂房源的人都會使用地圖。從歷史上看，我們的地圖一直都不好。他們正在成為Airbnb上的頂級房源。再次強調，這些只是其中的一些機會。

But it's really -- again, I'm giving a little bit of a laundry list, because there are not silver bullets in our business. It's really about metronomic high velocity of hundreds of improvements across the platform, but those are just a few.

但實際上──我又列舉了一些問題，因為我們這個行業沒有萬全之策。實際上，這關乎整個平台數百項改進的高速迭代，但這只是其中的一部分。

You made a point of no silver bullet. I think, in particular, quality and affordability, we've made huge strides over the last couple of years, but the road map ahead is still vast with opportunity to make the product better on both fronts. And so you'll see us continue to focus there. You'll see continued iteration around how we make ourselves more price competitive, how we make ourselves more value-appropriate for consumers, and then consistently raising the bar in terms of the quality of the experience that we provide our guests.

你明確表示不會採取任何靈丹妙藥。我認為，尤其是在品質和價格方面，我們在過去幾年裡取得了巨大的進步，但未來的發展道路仍然廣闊，在品質和價格方面都有機會使產品變得更好。因此，你會看到我們繼續把重點放在那個方面。你會看到我們不斷迭代改進，以提高價格競爭力，提高產品對消費者的價值，並不斷提高我們為顧客提供的體驗品質標準。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

Thanks for that. So going back to Brian's comments on another new business next year, and perhaps, related to the three- to five-year timeframe for services and experience to scale you guys are doing about, what, $200 million of incremental investments this year with some pieces that presumably rolling off next year? I said your comments on margins for '26, while not specific may suggest some of this 200 proof sticky into next year. Can you maybe unpack that a bit more as to what sort of the incremental investment plan looks like for 2026?

謝謝。回到布萊恩關於明年另一項新業務的評論，也許與你們計劃在三到五年內擴大服務和經驗規模的時間框架有關，你們今年將進行大約 2 億美元的增量投資，其中一些項目可能會在明年推出？我說，你對 2026 年利潤率的評論雖然沒有具體說明，但可能暗示著這種 200 度的滯銷情況會延續到明年。能否再詳細解釋一下2026年的增量投資計畫的具體內容？

And then secondly, there's still a perception in the market that your core homes offering in some of your largest regions has matured quicker than anticipated. Brian, can you maybe just comment on how you are seeing things as to the level of maturity and why perhaps, homes as a percentage of leisure may have slowed in the last couple of years and why it could pick up in the future coming years? Thanks so much.

其次，市場仍然普遍認為，你們在一些最大地區的核心住宅產品成熟速度比預期更快。布萊恩，你能否談談你對當前成熟度的看法，以及為什麼過去幾年裡家庭休閒所佔比例可能有所放緩，以及為什麼未來幾年可能會回升？非常感謝。

Eli do you want to take the first, and I can take the second?

Eli，你想選第一個，我選第二個嗎？

Yeah, sure. I think the question is probably just generally about how we're thinking about 2026 margins. Obviously, we're not providing explicit guidance for ;26 margins today. That being said, you obviously noted in the shareholder letter, we said we're focused on maintaining strong margins; while continuing to invest in growth initiatives next year, that is the case.

當然可以。我認為這個問題可能只是關於我們如何看待 2026 年的利潤率。顯然，我們今天不會對 ;26 利潤率提供明確的指導。也就是說，正如您在致股東信中明確指出的，我們表示將專注於保持強勁的利潤率；明年我們將繼續投資於成長計劃，情況確實如此。

When we think about the investments that we made in 2025 behind services and experiences, as Brian described, it's going to be a multiyear path for us to get those businesses to a material scale. At the same time, 2025 was a very heavy investment year for us to launch them, get them into market, and make sure there was awareness around them.

正如布萊恩所描述的那樣，當我們思考我們在 2025 年對服務和體驗所做的投資時，我們將需要多年的時間才能使這些業務達到實質的規模。同時，2025 年是我們投入巨資推出這些產品、將其推向市場並確保其知名度的一年。

And as we look to '26, we anticipate that, one, obviously, we're scaling the revenue associated with those businesses. And while there is ongoing investment, we don't have the same heaviness of the kind of first year launch. So you should anticipate that.

展望 2026 年，我們預計，首先，很顯然，我們將擴大與這些業務相關的收入。雖然持續有投資，但我們沒有第一年啟動時那種沉重的負擔。所以你應該預料到這一點。

Across experience services, across hotels, across AI, we will be investing in those next year to drive growth. But where we sit today, we feel like we can afford those investments, while continuing to deliver great core efficiencies from our core business. And in doing so, deliver net-net and continued strength of margins. So more color on that to come.

明年，我們將增加對體驗服務、飯店和人工智慧等領域的投資，以推動成長。但就我們目前的狀況而言，我們覺得我們能夠承擔這些投資，同時繼續從我們的核心業務中獲得巨大的核心效率。這樣做可以實現淨利潤率的持續成長。後續會有更多細節公佈。

And maybe just to expand on that before I talk about our core business. I think 2025 was a unique year because it was the first time we really expanded beyond our core business at homes, and we were doing two business at once. They were quite different than our core. And we basically had to rebuild the platform from the ground up. And so almost every part of the platform and every cab was different, we had to change the nature of the organization.

在談論我們的核心業務之前，或許我想先就此展開談談。我認為 2025 年是一個特殊的年份，因為這是我們第一次真正將業務拓展到家庭核心業務之外，同時開展兩項業務。他們與我們的核心成員截然不同。我們基本上必須從頭開始重建這個平台。因此，平台的幾乎每個部分和每輛計程車都不一樣，我們不得不改變組織的性質。

I think our theory is that every incremental new business we launch is going to be more efficient to launch than the prior businesses, especially now that we're going with pilot city by city. And so we can really get to a decent product market fit in ROI as we're then expanding to new cities. So we do think that the investment curve should pay back faster, as we launch more and more businesses. That is just the kind of flyer we're looking to do, and I think that will take a few years to materialize.

我認為我們的理論是，我們推出的每一個新業務都會比之前的業務更有效率，尤其是當我們現在採取逐個城市試點的方式時。因此，當我們擴展到新城市時，我們就能真正實現良好的產品市場契合度和投資報酬率。因此，我們認為隨著我們推出越來越多的業務，投資回報曲線應該會更快得到回報。這正是我們想要製作的那種宣傳單，我認為這需要幾年時間才能實現。

What took our [core] business, I do not think our business is even close to mature. And it's so funny. We started raising money, and I think our first fundraising round was in 2009. And the question was, how big is this market? And then the question came in. 2011, how big this market; 2012, 2014 all the way up until the IPO. And every step along the way, we've always kind of been surprised at how big this market is.

是什麼奪走了我們的核心業務？我認為我們的業務還遠遠不成熟。真是太搞笑了。我們開始募款，我記得我們的第一輪募款是在 2009 年。問題是，這個市場有多大？然後問題來了。 2011年，這個市場有多大；2012年、2014年，一直到IPO為止。一路走來，我們始終都對這個市場的規模之大感到驚訝。

And while I don't know how big the Airbnb market is, again, if you just think about the size of our market, for every person who stays in the home, about nine people stay in the hotel. I could imagine that the market could at least double the core market for homes.

雖然我不知道 Airbnb 的市場有多大，但是，如果你想想我們市場的規模，每有一個人住在 Airbnb 的房子裡，大約就有九個人住在旅館裡。我估計核心住宅市場規模至少可以翻倍。

And the reason why is, number one, people love home, that's why they live in them. A large percent of people increasingly are traveling with groups or families. Hotels have limitations for people staying as groups. One of the biggest challenges historically with Airbnb has been quality control, not having a front desk, and just making sure we're price competitive.

原因很簡單，首先，人們熱愛家，所以才選擇住在家裡。越來越多的人選擇與團體或家人一起旅行。飯店對團體入住有限制。從歷史上看，Airbnb面臨的最大挑戰之一是品質控制、沒有前台以及確保價格競爭力。

As we've built a great supply machine add better pricing tools, the prices are increasingly getting more effective. We now show total price upfront. There's no cleaning fees that a gas cover fees.

隨著我們建立起強大的供應鏈體系，並加入更好的定價工具，價格變得越來越有效。我們現在直接顯示總價。沒有清潔費，只有瓦斯費。

We think this is helping us become more competitive. We're making the product significantly higher quality. And so -- and we're also building machines to recruit supply where we have homes. So there is a huge amount of opportunity for us to grow our core business.

我們認為這有助於我們提高競爭力。我們正在大幅提升產品品質。所以——我們還在建造機器，以便在我們有住房的地方招募人員。因此，我們有很大的機會發展我們的核心業務。

I don't think it's mature in any market. And I think we are looking at the possibility of reaccelerating our core business in every country in the world over the coming years, because I think there's a new generation of travelers that aren't really exposed to be in hotels, especially young travelers, Gen Z, and eventually Gen Alpha.

我認為它在任何市場都還不成熟。我認為，未來幾年，我們有可能在全球每個國家重新加速發展我們的核心業務，因為我認為新一代旅行者還沒有真正接觸過酒店，尤其是年輕的旅行者，Z世代，最終還有阿爾法世代。

I think for many of them, Airbnb is going to be the go-to way to travel. And that social media is taking over at the travel discovery. I think Airbnb homes are going to be one of the like -- people want to post unique content. What's more unique than staying in a local, [near, and practical] house?

我認為對他們中的許多人來說，Airbnb 將成為首選的旅行方式。社群媒體正在主導旅遊發現領域。我認為愛彼迎房源也會如此——人們想要發布獨特的內容。還有什麼比住在當地（近在咫尺）且方便實用的房子裡更特別的呢？

Colorful context. Thank you.

豐富多彩的背景。謝謝。

Doug Anmuth, JPMorgan.

道格·安穆斯，摩根大通。

Great. Thanks for taking questions. Brian, Airbnb was notably absent from ChatGPT's app integration launch when other major travel players were there. Can you just talk about your thought process here? And why you wouldn't explore that top of the funnel, while also building out your own enhanced discovery and AI-powered search? Thanks.

偉大的。謝謝回答問題。Brian，值得注意的是，當其他主要的旅遊公司都出席時，Airbnb 卻缺席了 ChatGPT 的應用程式整合發表會。能簡單說說你的思考過程嗎？為什麼不探索漏斗頂端，同時建立自己的增強型發現和人工智慧驅動的搜尋功能呢？謝謝。

Doug, the simple answer is, we just didn't think the integration was ready. We care a lot about how Airbnb shows up in the world. And when I looked at what the demonstration, I thought it was a great concept. It was a little bit hard to discover at the time you had to actually download the app, the company's application. We didn't want to be positioned as essentially a data layer like a commodity. There are certain tools that we had to build.

道格，簡單來說，我們只是覺得整合工作還沒準備好。我們非常重視Airbnb在世界上的形象。當我看到演示內容時，我覺得這是一個很棒的想法。當時要發現這一點有點困難，你必須下載這家公司的應用程式。我們不想被定位成像商品一樣的資料層。我們需要自行開發一些工具。

When you book an Airbnb, we want to make sure that you see personal lines results to you that you have to have an account in Airbnb, messaging is core platform. So it's really about making sure that we had enough features. But we are not at all opposed to integrating into like AI chat box.

當您預訂 Airbnb 時，我們希望確保您看到個人化的結果，因此您必須擁有 Airbnb 帳戶，訊息是核心平台。所以關鍵在於確保我們有足夠的功能。但我們完全不反對將其整合到類似人工智慧聊天框之類的設備中。

And I would imagine in the future that you would see be across a large surface area of the Internet. We just have a couple of principles when we are integrating.

我設想，未來你會在網路的很大一部分區域看到它。我們在整合過程中只遵循幾個原則。

Number one, we want to make sure that while we like the idea of being a launch partner, we still have -- we like to have custom integrations if we're going to be a launch partner. And we want to make sure that, that integration is really well developed. Number two, we don't want to cure as a commodity. Number three, we certainly don't want to be a data layer. And number four, we really want to make sure that people understand the uniqueness of Airbnb when they're seeing results.

首先，我們希望確保，雖然我們喜歡成為發布合作夥伴的想法，但如果我們要成為發布合作夥伴，我們仍然希望擁有客製化整合。我們希望確保這種整合能真正充分發展。第二，我們不希望把治癒方法當作商品。第三，我們當然不想成為資料層。第四，我們真心希望確保人們在看到成果時能夠理解 Airbnb 的獨特之處。

So for example, we chose not to integrate with Google Hotel Finder, because Airbnb were positioned like commodities next to hotels, and we just didn't think that was the right presentation. And we want to train people to go to look at Airbnb as commodities that were interchangeable with hotels. But that being said, I think with great integrations, you could absolutely see us on chat box going forward. And obviously, I'm close to the people that open the eye, and I think there's a lot of opportunities for us to work together.

例如，我們選擇不與 Google Hotel Finder 集成，因為 Airbnb 被定位為飯店旁邊的商品，我們認為這不是正確的展示方式。我們希望引導人們將 Airbnb 視為與飯店可以互換的商品。但話雖如此，我認為透過良好的整合，未來我們絕對可以在聊天框領域看到我們的身影。顯然，我與那些具有遠見卓識的人關係密切，我認為我們有很多合作機會。

Great. Thank you.

偉大的。謝謝。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Thank you. Two, if I may, please. First, I want to just press a little bit more, Brian, on the idea of reaccelerating the business. I think you spoke at the Skip Travel conference in mid-September and talked about how you believe that the business should reaccelerate. I think you've even said into the low-teens, although I don't want to misquote you. Maybe if you could just elaborate a little bit on that?

謝謝。如果可以的話，請給我兩個。首先，布萊恩，我想再深入探討重新加速業務發展的想法。我想你曾在九月中旬的 Skip Travel 會議上發表過講話，談到了你認為旅遊業應該如何重新加速發展。我想你甚至說過十幾度，雖然我不想曲解你的意思。能否再詳細解釋一下？

And then the second one, maybe stepping back a little bit more on the AI search, et cetera, when you think about how do you think, Brian, about your about third-party apps kind of creating a discovery experience on Airbnb, you kind of just spoke a little bit about this.

然後第二個問題，也許可以稍微退後一步，談談人工智慧搜尋等等。布萊恩，你覺得第三方應用程式如何在 Airbnb 上創造發現體驗？你剛才也稍微談到了這一點。

But maybe a little bit deeper relative to you developing your own search AI-powered search experience, do you think they will coexist? Are you very firm, on you'd only have the proprietary search experience built by Airbnb that would be able to access your inventory? Thank you.

但或許從更深入的角度來說，相對於你正在開發的基於人工智慧的搜尋體驗，你認為它們會共存嗎？您是否非常堅持只允許Airbnb開發的專屬搜尋體驗造訪您的房源？謝謝。

Hey, Ken. Yeah, let's start with reaccelerating the core business. So yeah, I guess the reason we believe that we can reaccelerate core business is the following.

嘿，肯。是的，讓我們先從重新加速核心業務開始。所以，我認為我們能夠重新加速核心業務發展的原因如下。

I'll start to keep repeating the staff. For every person stays in Airbnb, about nine people stay in a hotel. When you interview the nine people stay in a hotel, a large number of people are willing to find a home. In fact, many people stay in homes and hotels. They stay in homes when they are going to Italy with their family and they're going for a league, so we don't get the right share of wallet for the rest of their trips.

我會開始不斷重複這些員工的職責。每位入住 Airbnb 的客人，約有九位客人入住飯店。當你採訪這九個住在旅館的人時，你會發現很多人都想找個家。事實上，許多人選擇住在民宿或旅館。當他們和家人一起去義大利參加聯賽時，他們會住在當地人家裡，所以我們無法從他們其他的旅行中獲得應有的份額。

They tell us that if we address affordability, quality, we add services to the homes and we have more supply. And that we would get a greater share of wallet. So that's what we're trying to do. We're getting more homes in the top three into markets around the world.

他們告訴我們，如果我們解決價格、品質問題，為房屋增加配套設施，就能增加房屋供應。這樣我們就能獲得更大的市佔率。所以這就是我們正在努力的方向。我們正在將更多排名前三的房屋引入世界各地的市場。

As we get more supply, we'll, of course, sell more homes. But as we get more supply, prices will come down. As prices come down, we get more bookings. As we get supply, we get more bookings. And these are going to be things that we think will massively be accretive for the company, and we do believe that we can reaccelerate the core business.

隨著供應量的增加，我們當然會賣出更多的房子。但隨著供應量的增加，價格將會下降。價格下降後，我們的預訂量增加了。供應增加，訂單也隨之增加。我們認為這些措施將大大促進公司發展，我們也相信我們能夠重新加速核心業務的發展。

Again, the question is, what's the TAM? What is the sheer number of people that would stay in a home if the prices were good, there was a home available, and the home with high quality and the services attached? And the answer is, it's a significantly larger audience than today. So it's just a matter of creating metronomic improvements every single day, but we did not see a single market in the world that is truly mature.

再次強調，TAM是多少？如果價格合適，有房源，而且房屋品質高，配套服務完善，那麼究竟會有多少人願意入住？答案是，它的受眾群體比現在大得多。所以，關鍵在於每天都要做穩定的改進，但我們沒有看到世界上有哪個市場真正成熟。

The only type of maturity is when there's a policy constraint. And there's just a limit to how much supply you can add. And then you really are looking to supplement it with hotels.

只有當存在政策約束時，才存在成熟度。你能添加的供應量是有限的。然後你確實需要用酒店來補充住宿。

With regards to AI search and third-party apps, I don't want to say -- we're going to be open. I mean this is a fast-evolving landscape. 90% of our traffic is direct or unpaid. We believe we provide the best travel search experience on the Internet. And we think we're going to continue to provide that. We do think specialization will win in travel.

關於人工智慧搜尋和第三方應用程序，我不想多說——我們將保持開放的態度。我的意思是，這是一個快速變化的領域。我們90%的流量都是直接進入或免費獲得的。我們相信我們提供網路上最好的旅行搜尋體驗。我們認為我們將繼續提供這種服務。我們認為，在旅遊業，專業化終將獲勝。

That's our opinion, we'll see if we're right. That being said, like we're open-minded to other platforms, having our inventory on them. It's probably just a matter of which type of inventory and what do they bring to the party. And so we're keeping an open mind.

這是我們的看法，我們拭目以待。也就是說，我們對其他平台持開放態度，並考慮將我們的庫存放在這些平台上。這可能只是庫存類型以及它們能為公司帶來什麼的問題。所以我們會保持開放的心態。

But I do imagine eventually you're going to see Airbnb on a lot of surface areas; a lot of different apps, a lot of different integrations. So we're just going to be very mindful. We're going to take them one kind of case by case one app at a time.

但我認為最終你會看到 Airbnb 出現在很多不同的平台上；很多不同的應用程序，很多不同的整合。所以我們會非常謹慎。我們將逐一案例，一次處理一個應用程式。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

GReat. tHanks, good afternoon. I know this is a follow-up to some of the other questions. But in terms of focus areas for the year ahead and sort of the new testing paradigm, you outlined, Brian, could you talk about what impact that has on the timeframe for other initiatives that you've mentioned before, like loyalty or even advertising? Or are those still on track to whatever time frames you were planning? Thank you.

太好了。謝謝，下午好。我知道這是對其他一些問題的後續問題。但是，布萊恩，就未來一年的重點領域以及你概述的新測試範式而言，你能談談這會對你之前提到的其他舉措（如忠誠度計劃甚至廣告）的時間安排產生什麼影響嗎？或者說，這些項目是否仍按您原計劃的時間進度進行？謝謝。

I think they can be done in parallel. So I think like a business like service experience hotels are really like supply-based businesses that you can do city by city. I think our new testing paradigm allows us to test and incubate a lot more businesses at a time, and then selectively pick which ones we want to scale.

我認為它們可以同時進行。所以我覺得像服務體驗飯店這樣的企業，其實是供應型企業，可以逐個城市地開展業務。我認為我們新的測試模式使我們能夠一次測試和孵化更多企業，然後選擇性地挑選我們想要擴大規模的企業。

I think loyalty and advertising, you could still pilot city by city. They are a little bit more platform businesses though, they're a little bit different, and you could probably scale those more quickly. That would be my assumption. We are absolutely looking at both.

我認為忠誠度和廣告宣傳仍然可以逐個城市進行試點。不過，它們更像是平台型企業，有點不一樣，而且你可能可以更快地擴大它們的規模。我的推測也是如此。我們絕對會認真考慮這兩種方案。

And like starting with loyalty, it's quite remarkable. I think we're the largest cabo brand in the world that doesn't have a loyalty program. I've always said that I think the best loyalty program is people loving your products and coming back, and we have really the loyalty on Airbnb.

就像從忠誠開始一樣，這非常了不起。我認為我們是全球最大的沒有會員積分計劃的卡波聖盧卡斯品牌。我一直認為最好的忠誠度計劃是人們喜歡你的產品並再次光顧，而我們在 Airbnb 上確實做到了這一點。

That being said, I think we're succeeding in spite of having a loyalty program. And I think that we could do something really, really special. If we do something, we're not going to do an avergae points program. We want to do something that's unique, custom design for our community. The rewards the very best people on Airbnb, so this is something we're absolutely looking at.

即便如此，我認為我們即便沒有會員忠誠度計劃，也依然取得了成功。我認為我們可以做出一些非常非常特別的事情。如果我們要做點什麼，我們不會搞平均積分制。我們想為我們的社區做一些獨特、客製化的設計。Airbnb會獎勵最優秀的人，所以這是我們絕對會考慮的事情。

And with regards to advertising, we've been looking at this for a long time. One of the things that's really changed is the entire paradigm of search is changing in the age of AI. So what we did want to do was design a like kind of ad unit model around old search to then disrupt the ad model AI search. So we really want to nail AI search, so that as we think about advertising, we integrate it into this new search paradigm, which we're looking at right now.

至於廣告方面，我們已經研究很久了。在人工智慧時代，搜尋的整個範式都發生了巨大的變化，這是真正改變的事情之一。所以我們想做的，是圍繞著傳統搜尋設計一種類似的廣告單元模型，從而顛覆人工智慧搜尋的廣告模型。所以我們真的想把人工智慧搜尋做好，這樣當我們考慮廣告時，就可以將其整合到我們目前正在研究的這種新的搜尋範式中。

So that's the status. I don't have -- and obviously, we don't preannounce things. We are sharing that we are going to be launching AI search imminently. But beyond that, we're not disclosing other consumer launching, but expect more in this next year.

這就是目前的情況。我沒有——而且很顯然，我們不會提前宣布任何事情。我們在此宣布，我們將很快推出人工智慧搜尋功能。但除此之外，我們不會透露其他面向消費者的產品發布計劃，但預計明年會有更多產品推出。

This concludes the question-and-answer session. I'll turn the call to Brian for closing remarks.

問答環節到此結束。接下來請布萊恩作總結發言。

All right. Well, thanks, everyone, again for the questions and for joining us today. I think you've heard about is designed to help grow our business. And over the long term, it's going to really help us create a global community, what's built on trust.

好的。好的，再次感謝大家的提問和今天的參與。我想你們都聽過，它的設計目的是為了幫助我們發展業務。從長遠來看，這將真正幫助我們創建一個建立在信任基礎上的全球社群。

And the basic idea is not just that we're a platform for vacation rental. We really want to be a community where you can travel with anywhere. And we're moving closer to our vision with every product we build and every improvement we make I'm just so incredibly proud of the team, if anyone listening, thank you for all of your hard work and what we've accomplished together.

我們的基本理念不僅僅是做一個度假租賃平台。我們真心希望成為一個可以讓你和我們一起去任何地方的社區。我們每開發一款產品，每進行一次改進，都讓我們離願景更近一步。我為團隊感到無比自豪，如果有人在聽，我想感謝你們的辛勤工作以及我們共同取得的成就。

I am excited for what ahead, and I appreciate all of you, our investors, as our partners, helping build the future of Airbnb. So thank you very much.

我對未來充滿期待，感謝各位投資者作為我們的合作夥伴，幫助 Airbnb 建構未來。非常感謝。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。