Airbnb, Inc. (ABNB) 2026 Q2 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's earnings conference call for the second quarter of 2026. As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of Airbnb's website following this call.

下午好，感謝各位參加 Airbnb 2026 年第二季財報電話會議。提醒各位，本次電話會議將被錄音，並將於會後在 Airbnb 官網「投資人關係」專區提供重播。

I will now hand the call over to Andrew Slabin, Vice President of Investor Relations. Please go ahead.

接下來我把電話交給投資人關係副總裁 Andrew Slabin。請開始。

Thank you so much. Good afternoon, and welcome to Airbnb's second quarter of 2026 earnings call. Thank you for joining us today.

非常感謝。下午好，歡迎參加 Airbnb 2026 年第二季財報電話會議。感謝各位今天與會。

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

今天與會的有 Airbnb 共同創辦人暨執行長 Brian Chesky，以及財務長 Ellie Mertz。

Earlier today, we issued a shareholder letter with our financial results and commentary for our second quarter of '26. These items are also posted on the Investor Relations section of Airbnb's website. In the call, we'll make brief opening remarks and then spend the remainder of time on Q&A.

今天稍早，我們已發布股東信，內容包含 2026 年第二季的財務結果與評論。這些資料也已公布於 Airbnb 官網的「投資人關係」專區。本次電話會議中，我們將先做簡短開場說明，接著把剩餘時間用於問答。

Before I turn it over to Brian, I would like to remind everyone that we will be making forward-looking statements on this call that involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described under forward-looking statements in our shareholder letter and in our most recent filings with the Securities and Exchange Commission.

在我把電話交給 Brian 之前，我想提醒各位：本次電話會議將包含前瞻性陳述，涉及多項風險與不確定性。由於多種因素，實際結果可能與前瞻性陳述中明示或暗示的內容有重大差異。相關因素已在我們的股東信「前瞻性陳述」章節，以及我們最近向美國證券交易委員會提交的文件中說明。

That being said, we consider these factors and remind you that we undertake no obligation to update the information contained in 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.

此外，我們已考量上述因素，並提醒各位：我們不承擔更新本次電話會議所含資訊以反映後續事件或情況的義務。請注意，這些陳述僅應視為估計，並不保證未來表現。

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.

另外，在本次電話會議中，我們也將討論部分非 GAAP 財務衡量指標。我們已在發布於投資人關係網站的股東信中，提供與最直接可比的 GAAP 財務衡量指標之調節表。這些非 GAAP 指標並非用來取代我們的 GAAP 結果。

And with that, I'll pass the call over to Brian.

那麼，接下來我把電話交給 Brian。

All right. Thanks, Andrew, and good afternoon, everyone. Thanks for joining.

好的。謝謝你，Andrew，大家下午好。感謝各位加入。

Over the first half of 2026, we've delivered some of the strongest results in years. In Q2, that momentum accelerated. We exceeded our outlook across every key metric. Revenue grew 17% year over year to $3.6 billion. Gross booking value grew 16% year over year to $27.2 billion, and nights and seats booked grew 10% year over year, accelerating from Q1. We are seeing momentum show up across the business. Nights booked on our app grew 23% year over year, and they now account for 64% of total nights booked, which was up from 59% last year.

在 2026 年上半年，我們交出了近年來最強勁的成績之一。在第二季，這股動能進一步加速。我們在每一項關鍵指標上都超越了先前展望。營收年增 17% 至 36 億美元。總訂單金額（Gross booking value）年增 16% 至 272 億美元；預訂晚數與座位數年增 10%，較第一季加速。我們看到動能在整個業務中全面展現。透過我們 App 預訂的晚數年增 23%，目前占總預訂晚數的 64%，高於去年同期的 59%。

More new guests are trying Airbnb than we've seen in years. In fact, growth among our first-time bookers accelerated to 11%, and this is the highest growth rate we have seen in four years. And among first-time bookers, the Gen Z cohort is growing the fastest.

嘗試使用 Airbnb 的新客人數量，達到我們多年來未見的水準。事實上，首次預訂者的成長加速至 11%，這是我們四年來看到的最高成長率。而在首次預訂者之中，Z 世代族群成長最快。

Our expansion markets continue to outpace our core markets with net nights booked growing about twice as fast. But what's especially encouraging is that we're not only seeing growth accelerate in our emerging markets, we are seeing growth accelerate in many of our core markets.

我們的擴張市場持續領先核心市場，淨預訂晚數的成長速度約為核心市場的兩倍。但更令人振奮的是：我們不僅看到新興市場的成長加速，也看到許多核心市場的成長同樣在加速。

In fact, the US, France, UK, and Australia all accelerated in growth in Q2. And these results reflect something much bigger than a strong quarter. What they reflect is a fundamental shift in how we are building products.

事實上，美國、法國、英國與澳洲在第二季的成長都出現加速。而這些結果反映的不只是單一季度的強勁表現。它們反映的是我們打造產品方式的根本性轉變。

Now, I think most people naturally want to point to one product or one initiative to explain a strong quarter, but that is not what's happening here. This is a culmination of changes we've been making over the last several years. We've rebuilt Airbnb from the ground up to be an AI-native company. We have more world-class talent than ever before, and AI is transforming how we execute and build products.

我想，多數人自然會想用某一個產品或某一項計畫來解釋一個強勁季度，但我們現在的情況並非如此。這是我們過去幾年持續推動變革的累積成果。我們已從零開始重建 Airbnb，使其成為一家 AI 原生（AI-native）公司。我們擁有比以往更多的世界級人才，而 AI 正在改變我們執行與打造產品的方式。

Said simply, AI is the best thing to ever happen to Airbnb. Today, we're building, testing, and iterating faster than we could just a year ago. Across some of our key initiatives, we've reduced the time from concept to launch by as much as 60%. And compared the same six months last year, we've increased the number of features and improvements we shipped this year by nearly 80%.

簡單說，AI 是 Airbnb 有史以來遇到最好的事。如今，我們在打造、測試與迭代上的速度，比一年前快得多。在部分關鍵計畫上，我們把從概念到上線的時間最多縮短了 60%。與去年同期的六個月相比，我們今年推出的功能與改進數量增加了近 80%。

The acceleration from AI allowed us to make hundreds of improvements across Airbnb for host and guests. And I want to highlight a few examples that are helping drive the outperformance we're seeing.

AI 帶來的加速，讓我們能在 Airbnb 上為房東與房客做出數百項改進。我想強調幾個例子，這些改進正在推動我們目前看到的超預期表現。

So first, I want to talk about how we've made it easier for guests to book. I've talked in past quarters about Project Hawaii, which is our innovation blueprint, where hundreds of improvements compound over time. AI is accelerating this work across search, sign-up, checkout, and payments. And by reducing friction across the guest journey, we are converting more traffic into booking, and that's become one of the biggest drivers of our growth.

首先，我想談談我們如何讓房客更容易完成預訂。我在過去幾季曾提到「Project Hawaii」，這是我們的創新藍圖，透過數百項改進隨時間累積產生複利效應。AI 正在加速我們在搜尋、註冊、結帳與付款等環節的工作。透過降低房客旅程中的摩擦，我們把更多流量轉化為預訂，而這已成為我們成長的最大驅動因素之一。

We improved search and discovery, making it easier for guests to find and book the right home, hotel, service, or experience, and it's meaningfully improving conversion.

我們改善了搜尋與探索功能，讓房客更容易找到並預訂合適的房源、飯店、服務或體驗，並且顯著提升轉換率。

We also introduced AI-generated listing highlights so guests can quickly understand the key details about a home. We also launched AI-powered review highlights, surfacing what guest reviews say about a home's location, amenities, and more.

我們也推出由 AI 生成的房源重點摘要，讓房客能快速掌握房源的關鍵資訊。我們也上線了 AI 驅動的評論重點摘要，呈現房客評論對房源地點、設施等面向的看法。

Later this year, we'll introduce AI Home Comparison, allowing guests to compare side-by-side before booking. We simplified sign-up and login, making it easier for guests to get started on Airbnb. We streamlined checkout by making pricing and cancellation policies clearer. And we also continue to expand Reserve Now, Pay Later to more listings, and we're making it more visible throughout the booking flow.

今年稍晚，我們將推出「AI 房源比較」，讓房客在預訂前可並排比較。我們簡化了註冊與登入流程，讓房客更容易開始使用 Airbnb。我們也透過讓價格與取消政策更清楚，來精簡結帳流程。此外，我們持續把「先訂後付（Reserve Now, Pay Later）」擴展到更多房源，並在整個預訂流程中提高其可見度。

AI is also making it easier to host. Now, we know that as hosts are successful when they have the right price, the right insights, and the right tools, and AI is helping us improve all three. We made it easier for hosts to set competitive prices and get more bookings.

AI 也讓當房東變得更容易。我們知道，房東要成功，需要合適的定價、合適的洞察，以及合適的工具，而 AI 正在幫助我們把這三者都做得更好。我們讓房東更容易設定具競爭力的價格並獲得更多預訂。

We also gave hosts more actionable insights to help them improve their listings and increase their earning potential. And we're rolling out AI tools that help new hosts get started faster and better understand their pricing and earning opportunities.

我們也提供房東更多可採取行動的洞察，協助他們改善房源並提升其收益潛力。同時，我們正在推出 AI 工具，幫助新房東更快上手，並更好地理解其定價與收益機會。

AI is also transforming customer support. Our AI assistant is now available in more than 50 languages. Nearly 45% of issues that start with our AI assistant are now resolved without a human agent while delivering much faster resolution times. Later this year, we will begin introducing AI voice support, extending the experience to phone calls.

AI 也正在改變客戶支援。我們的 AI 助理目前已支援超過 50 種語言。目前，近 45% 由 AI 助理開始處理的問題，已可在不需人工客服介入的情況下解決，同時大幅縮短解決時間。今年稍晚，我們將開始導入 AI 語音支援，把體驗延伸到電話通話。

Now, AI isn't just making the product better, it's also making everybody more efficient. In Q2, customer support costs per booking declined about 16% year over year, driven in part by improvements to our AI assistant. We expect those costs to continue to decline as our AI assistant resolves more and more issues, and of course, as we bring it to voice.

此外，AI 不僅讓產品更好，也讓每個人更有效率。在第二季，每筆預訂的客戶支援成本年減約 16%，部分原因來自我們 AI 助理的改進。我們預期，隨著 AI 助理解決越來越多問題，當然也包括我們把它延伸到語音之後，這些成本將持續下降。

But improving the core experience is really only part of the story because we're also continuing to expand what Airbnb offers. In May, we expanded Airbnb Services across grocery delivery, car rental, airport pickups, and luggage storage. And recently, we introduced resort passes, giving guests day access to amenities at some of the world's best hotels.

但提升核心體驗其實只是故事的一部分，因為我們也在持續擴展 Airbnb 所提供的服務。5 月，我們將 Airbnb 服務擴展到雜貨配送、租車、機場接送與行李寄存。而近期，我們推出了度假村通行證，讓房客可在全球一些最頂級飯店享有設施的日間使用權。

Now, it's still early, but what we are seeing is really strong momentum in booking. And every new service that we ship, we can do faster than the service before so we're getting much more efficient.

目前仍屬早期階段，但我們看到預訂動能非常強勁。而且我們每推出一項新服務，開發速度都比上一項更快，因此效率大幅提升。

For example, groceries took eight months, nine months, and airport pickups took about six weeks to develop. So you can see how these things are compounding.

例如，雜貨服務花了八到九個月，而機場接送大約只花了六週就完成開發。因此你可以看到這些成果是如何持續累積、產生複利效應的。

And we're also seeing some momentum with Airbnb experiences. We added 1,000 new experiences across the most in-demand categories, increasing supply by nearly 80% year over year during Q2. While Experiences are still a small part of our business, bookings accelerated both year over year and actually sequentially from last quarter. And we also expanded our accommodations business, adding thousands of boutique and independent hotels across top destinations around the world.

我們也看到 Airbnb 體驗（Experiences）出現一些動能。我們在需求最高的類別新增了 1,000 個體驗，使第二季供給量較去年同期增加近 80%。雖然體驗仍只占我們業務的一小部分，但預訂量不僅年增加速，且相較上一季也呈現環比加速。我們也擴展了住宿業務，在全球各大熱門目的地新增了數千家精品與獨立飯店。

Featured hotels come with price match guarantee and up to 15% credit that guests can use toward future bookings. Roughly 35% of first-time hotel guests return to Airbnb to book a home. And what this shows is how hotels are introducing new guests to Airbnb, and many of those new guests don't just come back and book hotels, they come back and they book homes. So hotels are making homes stronger.

精選飯店提供價格匹配保證，以及最高 15% 的回饋額度，房客可用於未來預訂。約 35% 的首次飯店房客會回到 Airbnb 預訂房源。這顯示飯店正在為 Airbnb 引入新房客，而其中許多新房客不只是回來訂飯店，也會回來預訂房源。因此，飯店正在讓房源業務更強。

While hotels still represent a single-digit percentage of nights booked, hotel nights are growing approximately three times faster than our homes business. So there's a lot of growth ahead of us.

雖然飯店目前仍只占已預訂晚數的個位數百分比，但飯店晚數的成長速度約為我們房源業務的三倍。因此未來仍有很大的成長空間。

Now, finally, I want to share an update on our event strategy. Many events, major events, help strengthen the Airbnb brand, while driving both supply and demand. I will remind you that Airbnb started to provide housing for events. So housing for events is in our DNA.

最後，我想分享我們活動策略的最新進展。許多活動、重大活動，能在帶動供給與需求的同時，強化 Airbnb 品牌。我想提醒各位，Airbnb 一開始就是為活動提供住宿。因此，為活動提供住宿是我們的 DNA。

Now, these major events introduce millions of people to Airbnb, encouraging more people to become hosts, help welcome cities and help cities welcome more visitors without building new hotels.

這些重大活動讓數百萬人認識 Airbnb，鼓勵更多人成為房東，協助城市接待更多旅客，而無需興建新的飯店。

Now while bookings from any single event may be temporary, the brand awareness to trust and new hosts these partners create benefit our business long after the event ends, and the World Cup is one example of this strategy.

雖然任何單一活動帶來的預訂可能是短期的，但這些合作夥伴所創造的品牌認知、信任與新房東，會在活動結束後很長一段時間持續讓我們受益；世界盃就是此策略的一個例子。

As an official tournament partner, Airbnb hosted millions of people during the tournament, many first-time guests. Now, more than 150,000 homes across host cities were listed on Airbnb for the first time, creating new economic opportunity for locals. And it didn't stop with just the World Cup because we are expanding this playbook to other events, including the Olympics, the Tour de France, Art Basel, Lollapalooza, La Liga in Spain, and most recently, NASCAR.

作為官方賽事合作夥伴，Airbnb 在賽事期間接待了數百萬人，其中許多是首次使用的房客。此外，主辦城市中有超過 150,000 間房源首次在 Airbnb 上架，為當地居民創造新的經濟機會。而且這不僅止於世界盃，我們正將這套做法擴展到其他活動，包括奧運、環法自行車賽、巴塞爾藝術展（Art Basel）、Lollapalooza、西班牙的西甲聯賽（La Liga），以及最近的 NASCAR。

Now, when you put it all together, I think there's a bigger story this quarter, and the story is this: there was no single product, there's no single partnership or initiative that explains our results. It's a combination of stronger execution, a world-class team, and an innovation model that is accelerated by AI. This is what's creating the momentum across our business. There is no silver bullet.

綜合來看，我認為本季有一個更大的故事：沒有任何單一產品、單一合作夥伴或單一計畫能解釋我們的成果。這是更強的執行力、世界級團隊，以及由 AI 加速的創新模式共同作用的結果。這正是推動我們整體業務動能的原因。沒有什麼「銀彈」。

And we believe it's one of the reasons we're outperforming our largest peers in travel. It's also evidence that the changes we've made over the last several years are paying off. Because those changes are rooted in the way we build and operate the business, we believe that momentum will continue through the coming quarters. It's given us so much confidence in the second half of the year that that's why we're raising our guidance.

我們相信，這也是我們能在旅遊領域超越最大同業的原因之一。這也證明我們過去幾年所做的改變正在帶來回報。由於這些改變根植於我們打造與營運業務的方式，我們相信這股動能將在未來幾季延續。這也讓我們對下半年充滿信心，因此我們上調了財測指引。

And with that, I'll turn it over to Ellie to share more.

接下來我把時間交給 Ellie，請她分享更多內容。

Thanks, Brian, and good afternoon, everyone. I'll start with Q2 financial results, then cover our outlook for Q3 and the full year 2026.

謝謝你，Brian，各位下午好。我將先說明第二季財務結果，接著談第三季與 2026 全年的展望。

As Brian shared, Q2 was another great quarter for Airbnb with continued momentum across the business. Despite the ongoing conflict in the Middle East, we continue to see strong underlying demand globally, and the impact to our business from the conflict was less than we had anticipated.

如 Brian 所分享，第二季對 Airbnb 而言又是非常出色的一季，整體業務動能持續。儘管中東衝突仍在持續，我們仍看到全球基本需求強勁，而衝突對我們業務的影響也低於先前預期。

Gross booking value grew 16% year over year to $27.2 billion, driven by strong growth in both nights and seats booked and ADR. ADR increased 5% year over year or 4% excluding the impact of FX, with noticeable strength in North America and Europe. Nights and seats booked growth was strong across every region. We saw high-single digit growth in both North America and Europe, with Europe marking a steady recovery from the Middle East-related headwinds we saw in Q1, alongside approximately 20% growth in Latin America and high-teens growth in Asia Pacific.

總預訂金額（GBV）年增 16% 至 272 億美元，主要由已預訂晚數與座位數的強勁成長以及 ADR 所帶動。ADR 年增 5%，若排除匯率（FX）影響則年增 4%，其中北美與歐洲表現尤為強勁。已預訂晚數與座位數在各地區皆呈現強勁成長。北美與歐洲均為高個位數成長；歐洲在第一季受到中東相關逆風後，本季呈現穩健復甦；拉丁美洲約成長 20%，亞太地區則為高十位數成長。

As Brian mentioned, we've been able to deliver these results not from a single action, but the collective actions across our platform. For guests, these improvements have spanned search and discovery to payments and checkout; and for hosts, we've made it easier to get started and improve pricing and insights to help them become more competitive.

如 Brian 所提到，我們能交出這些成果並非靠單一措施，而是平台上多項行動的合力。對房客而言，改善涵蓋從搜尋與探索到付款與結帳；對房東而言，我們讓上手更容易，並改善定價與洞察，協助他們提升競爭力。

Now, the many changes that have collectively contributed to our strong growth, we wanted to provide an update on two that we've spoken in the past, in particular, Reserve Now, Pay Later and our simplified fee structure.

在眾多共同促成強勁成長的變革中，我們想就過去曾提及的兩項措施提供最新進展，特別是「先預訂、後付款」（Reserve Now, Pay Later）以及我們簡化的費用結構。

First, we continue to see Reserve Now, Pay Later benefit the business. It drove more bookings, longer booking lead times, and contributed to the increase in ADR. Specifically in Q2, over 20% of our total GBV was booked using this flexible payment option. Given the strong results that it has delivered, in July, we expanded the types of bookings eligible for Reserve Now, Pay Later.

第一，我們持續看到「先預訂、後付款」為業務帶來助益。它帶動更多預訂、更長的預訂提前期，並促成 ADR 的提升。具體而言，在第二季，超過 20% 的總 GBV 是透過這項彈性付款選項完成預訂。鑑於其帶來的強勁成效，我們在 7 月擴大了可使用「先預訂、後付款」的預訂類型。

Now, beyond the immediate uplift in nights booked, we believe this provides a longer-term competitive benefit, enabling hosts to lock in earlier calendar share and better aligning our payment options with guest preferences.

此外，除了已預訂晚數的即時提升之外，我們相信這也帶來更長期的競爭優勢，使房東能更早鎖定行事曆占有率，並讓我們的付款選項更符合房客偏好。

Second, the migration of API hosts to a single service fee helped our hosts price more competitively and provided greater price transparency. As a result of its success, we recently announced the broader rollout of the single fee to the majority of our remaining hosts, which we expect to be completed by year-end. Approximately half of our active listings are now subject to the single service fee.

第二，將 API 房東遷移至單一服務費，有助於房東更具競爭力地定價，並提升價格透明度。基於其成功，我們近期宣布將單一費用更廣泛地推行至多數其餘房東，預計在年底前完成。目前約有一半的有效房源已適用單一服務費。

Now, let me spend some time on our Q2 financial results. Revenue grew 17% year over year to $3.6 billion, exceeding the high end of our outlook. In terms of profitability, our net income was $816 million, while adjusted EBITDA was $1.3 billion, representing an adjusted EBITDA margin of 35%.

接下來我花一些時間說明第二季財務結果。營收年增 17% 至 36 億美元，超出我們展望區間的上緣。就獲利而言，淨利為 8.16 億美元，而調整後 EBITDA 為 13 億美元，調整後 EBITDA 利潤率為 35%。

Our adjusted EBITDA margin expansion of over 100 basis points compared to last year was driven by strong revenue growth and cost efficiencies in operations and support and product development, partially offset by continued investment in sales and marketing.

相較去年，我們的調整後 EBITDA 利潤率擴張超過 100 個基點，主要受強勁營收成長以及營運與支援、產品開發方面的成本效率所帶動，但部分被持續增加的銷售與行銷投資所抵銷。

Meanwhile, the year-over-year increase in net income was driven by higher operating income and a $77 million tax benefit recorded in the current period related to recently published tax guidance impacting prior-year taxes.

同時，淨利的年增主要由較高的營業利益所帶動，並且本期認列了7,700萬美元的稅務利益，該利益與近期發布、影響前期年度稅負的稅務指引相關。

Next, our balance sheet and cash flow. We continue to benefit from our efficient and capital-light business model, delivering $1.3 billion of free cash flow in Q2. Over the trailing 12 months, we've generated $4.8 billion of free cash flow, representing a free cash flow margin of 37%.

接下來談資產負債表與現金流。我們持續受惠於高效率且資本輕量的商業模式，第二季帶來13億美元的自由現金流。在過去12個月，我們產生了48億美元的自由現金流，自由現金流利潤率為37%。

Now, absent the impact of Reserve Now, Pay Later bookings, which defer guest payments from the time of booking closer to the date of stay, we expect that unearned fees would have grown year over year in Q2.

現在，若不考慮「先訂後付（Reserve Now, Pay Later）」訂單的影響（其將房客付款時間由訂房時點延後至更接近入住日期），我們預期第二季的遞延收入（unearned fees）將會呈現年增。

During Q2, we purchased $1.1 billion of our common stock, enabled by our strong balance sheet and significant cash flow generation. Returning capital to shareholders remains a core component of our capital allocation strategy.

第二季期間，我們回購了11億美元的普通股，這得益於我們強健的資產負債表與可觀的現金流創造能力。回饋股東資本仍是我們資本配置策略的核心組成。

Now finally, let's shift to our Q3 and full-year 2026 outlook. We're encouraged by the momentum we've seen so far this year and are excited about our road map to drive growth in '26 and beyond. Specifically, in Q3, we expect to generate revenue of $4.69 billion to $4.77 billion, representing year-over-year growth of 15% to 17%. This includes an approximate 3-percentage-point foreign exchange tailwind after factoring in our hedging program.

最後，讓我們轉向第三季與2026全年展望。我們對今年迄今所見的動能感到鼓舞，也對推動2026年及之後成長的路線圖感到振奮。具體而言，第三季我們預期營收為46.9億至47.7億美元，年增15%至17%。在納入我們的避險計畫後，其中包含約3個百分點的外匯順風。

We expect year-over-year GBV growth to be in the mid-teens, driven by low-double digit growth in nights and seats booked and a moderate increase in ADR due to mix shift and price appreciation.

我們預期GBV年增將落在十幾%的中段，主要由預訂晚數與機位的低雙位數成長所帶動，並因組合轉變與價格上漲而使ADR溫和提升。

In Q3, we are not assuming any significant impact related to the conflict in the Middle East.

在第三季，我們未假設中東衝突會帶來任何重大影響。

On profitability, we expect adjusted EBITDA to increase year over year and for adjusted EBITDA margin to be down slightly compared to Q3 2025 due to the timing of investments there.

在獲利方面，我們預期調整後EBITDA將年增，而調整後EBITDA利潤率相較於2025年第三季將略為下降，原因在於相關投資的時點安排。

Now moving to the full year, we are raising our revenue and adjusted EBITDA outlook. We now expect year-over-year revenue growth to improve to at least mid-teens, up from the low- to mid-teens guidance we provided last quarter, supported by the accelerated base of nights and seats booked we've observed across our business.

再看全年，我們上調營收與調整後EBITDA展望。我們目前預期營收年增將提升至至少十幾%的中段，高於上季提供的低至中十幾%指引；此上調受惠於我們在整體業務中觀察到的預訂晚數與機位加速成長的基礎。

For the full year, we expect our implied take rate to be relatively flat compared to 2025, accounting for the timing of bookings versus check-in with reserve now pay later, as well as higher customer incentives related to new businesses during 2026. Absent these incentives, we would have anticipated our implied take rate to be slightly higher during the year, driven by our monetization initiatives and execution across our product road map.

就全年而言，我們預期隱含抽成率（implied take rate）相較於2025年大致持平，並已考量「先訂後付」下訂單時點與入住時點的時間差，以及2026年與新業務相關的較高客戶激勵。若不含這些激勵，我們原本預期全年隱含抽成率會略高，主要由我們的變現措施與產品路線圖的執行所帶動。

And for full-year profitability, we are now expecting our adjusted EBITDA margin to be at least 35.5%, up from 35%.

至於全年獲利能力，我們目前預期調整後EBITDA利潤率至少為35.5%，高於先前的35%。

Now to close, our results this quarter are proof that the product and business changes we've made are translating into real financial outcomes. The improvements we shared, making Airbnb easier to use, helping hosts succeed, and running the business more efficiently, these improvements are compounding, and we believe that showing up is a real outperformance relative to our peers.

最後總結，本季的結果證明我們所做的產品與業務變革正在轉化為實質的財務成果。我們分享的改善措施——讓Airbnb更易使用、協助房東成功、以及更有效率地營運——正在產生複利效應；我們相信這樣的表現相較同業是真正的超越。

Even against tougher comps in the back half of the year, we are raising our full-year guidance for both top-line growth and profitability, a reflection of the pace of innovation, the operating momentum, and the execution we are seeing across the business.

即使在今年下半年面臨更嚴峻的比較基期，我們仍上調全年營收成長與獲利能力指引，反映出創新速度、營運動能，以及我們在整體業務中的執行力。

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

接下來，我們開放問答。

(Operator Instructions) Justin Post, Bank of America.

(接線員指示) 美國銀行的Justin Post。

Great. Thank you for taking my question. A lot to unpack. Let's just start with hotels. Can you tell us how the initiative is going? And what you're seeing in maybe the cities where you have a lot of inventory, not just the cities where you might have had some regulatory restrictions, but is it gaining -- improving conversion rates in kind of cities where you already have a lot of inventory? Thank you.

很好。謝謝讓我提問。內容很多。我們先從飯店談起。能否說明這項計畫進展如何？以及在你們庫存很多的城市（不只是可能曾有一些監管限制的城市），是否也看到轉換率提升——也就是在原本就有大量供給的城市，轉換率是否正在改善？謝謝。

Yeah, I mean, I'll start, Justin. The hotel initiative is going significantly better than I expected, and I had high expectations.

好的，我先回答，Justin。飯店計畫的進展比我預期好很多，而我原本的期待就已經很高。

What we told the team is our strategy is very simple. While we think that some trips are better in Airbnb, we think there's a lot of trips that are conducive to hotels and those trips are last minute short stays, business trips or where we are supply constrained. And so as we've been talking about, our goal was to build the best hotel booking product online. We now believe that we have the best hotel booking product online.

我們告訴團隊，我們的策略非常簡單。雖然我們認為有些旅程更適合住Airbnb，但也有很多旅程更適合飯店，例如臨時的短住、商務旅行，或是我們供給受限的情況。因此如同我們一直在談的，我們的目標是打造線上最好的飯店訂房產品。我們現在相信，我們已經擁有線上最好的飯店訂房產品。

So the second question is, can we get supply? And that is, I expected the first thing. I expected us to build the best hotel booking product online. I did not know what the reception would be. And I thought we're known for homes. It would take a lot of effort for hotels to warm up to want to list on Airbnb. And that's where my expectations were not high enough because after we began outreach for hotels, things flipped. And what we are now seeing is a huge amount of influx of interest from hotels wanting to list on Airbnb.

第二個問題是：我們能否取得供給？這部分，我原本預期得到第一點。我預期我們能打造線上最好的飯店訂房產品。但我不確定市場反應會如何。我認為大家對我們的印象是「住家」。要讓飯店願意在Airbnb上架，可能需要很大的努力才能讓他們接受。而這正是我低估的地方，因為當我們開始對飯店進行接觸後，情勢反轉了。我們現在看到的是：大量飯店對於在Airbnb上架湧入高度興趣。

It's probably no surprise why. Not only do they like our product, but they like that we have a huge amount of traffic. We are one of the most trafficked travel sites in the world. We also have a young audience. We have a disproportionately American audience relative to some of our competitors, and we have an extremely favorable take rate.

原因大概不難理解。他們不僅喜歡我們的產品，也喜歡我們擁有龐大的流量。我們是全球流量最高的旅遊網站之一。我們的受眾也更年輕。相較於部分競爭對手，我們的受眾中美國用戶占比偏高，而且我們的抽成率非常有利。

To answer your second question, we are seeing. Strength in both supply-constrained markets and in non-supply-constrained markets. And maybe the simple way to think about it is that not everyone comes to Airbnb with the intent to look for a home. A lot of people come to -- there are three types of people: people that only stay in homes, only stay in hotels, and most people are willing to stay in both. And so the basic theory of our marketplace is as we add more supply of homes or hotels, conversion rate of our traffic goes up and we see more bookings.

回答你第二個問題，我們看到的是：無論在供給受限市場或非供給受限市場，都呈現強勁表現。也許最簡單的理解方式是：不是每個人來到Airbnb都只想找住家。很多人來到——大致有三類人：只住住家、只住飯店，以及多數願意兩者都住的人。因此，我們市場平台的基本理論是：當我們增加更多住家或飯店供給時，流量的轉換率就會上升，並帶來更多預訂。

What we're also seeing is about 35% of people who come to Airbnb and book a hotel for the first time, come back and book a home. So hotels not only are bringing new guests to Airbnb, but those new guests are sometimes, often, choosing to book a home.

我們也看到，大約35%第一次來Airbnb預訂飯店的人，之後會回來預訂住家。因此，飯店不僅為Airbnb帶來新房客，這些新房客有時、甚至經常，會選擇改訂住家。

So essentially, one making the other stronger. And that's the basic theory of Airbnb. We are absolutely going to be stepping on the gas, given the reception, and we are focused not just on market, but all markets. So to answer your question, they are working well in both.

所以本質上，兩者彼此增強。這就是Airbnb的基本理論。鑑於市場反應，我們絕對會加速推進，而且我們的重點不只是在某些市場，而是所有市場。因此回答你的問題：兩種市場的表現都很好。

Richard Clarke, Bernstein.

Bernstein的Richard Clarke。

Hi, thanks for taking my question. I guess I'd just love to understand the sort of ultimate ambition from all the ancillary products you're rolling out. Are these simply sort of attach rates, someone books a home and then we'll add on car hire and other stuff? Or could you imagine a world where you go to Airbnb and say, please book me a two-week trip to Scotland and it will be able to fulfill the whole trip and be a sort of full service travel OTA in that regard?

嗨，謝謝讓我提問。我想更了解你們推出的各種附加產品，最終的企圖心是什麼。這些是否只是提高附加購買率——例如有人訂了住家，然後我們再加上租車和其他服務？或者你們是否能想像一個情境：你到Airbnb說「請幫我訂一趟兩週的蘇格蘭之旅」，平台能夠完成整趟行程，並在這方面成為一個全方位服務的旅遊OTA？

And maybe just a small sub-question. I guess your car hire partner has been acquired by a competitor. Does this make M&A a bit more of a near-term necessity as you build these ancillary products out?

另外也許再追問一個小問題。我想你們的租車合作夥伴已被競爭對手收購。在你們打造這些附加產品的同時，這是否讓併購（M&A）在短期內更成為一種必要？

Yeah, I can take both questions. So you can kind of think of Airbnb as probably going into like three different phases of expansion. The prior era was us being just homes for travelers. And so we became a noun verb, kind of like Kleenex or Xerox that was associated with just one thing.

好的，我可以一起回答這兩個問題。你可以把 Airbnb 的擴張大致想成會進入三個不同階段。先前的時期，我們只是旅客的「住處」。因此我們變成了一個名詞／動詞，有點像 Kleenex 或 Xerox，那種只跟一件事高度連結的品牌。

So the first phase, and you are correct in assessing this, is that a lot of things will be most people still come to Airbnb with a home in mind. And so most of our business is going to be for the foreseeable future, certainly this year, attaching to people that have an intent to come finding a home. That would be attaching a service, attaching an experience, or people coming to Airbnb expecting a home but discovering hotels and booking a hotel that might have otherwise bounced because they didn't find the home they're looking for. So that's kind of phase one. That's the prior phase.

所以第一階段，而且你這樣判斷是對的，是很多事情都會圍繞著：大多數人來 Airbnb 仍然是先想到「住處」。因此在可預見的未來，至少今年，我們的大部分業務都會附著在那些本來就有找房意圖的人身上。這可能是加購服務、加購體驗，或是有人原本帶著找房的期待來 Airbnb，但後來發現飯店並預訂飯店；否則如果找不到想要的房源，他們可能就會跳出。這就是第一階段。那也是先前的階段。

We are now entering the next phase of expansion, which is actually not the end game. It's just the next stage. And the stage has become a one-stop shop for travel. So you'll eventually be able to get all your travel needs through Airbnb, and that's what you're starting to see. And then phase two would be we will go from traveling to living.

我們現在正進入下一個擴張階段，但這其實不是終局。這只是下一個階段。而這個階段會變成一站式的旅遊商店。所以你最終將能透過 Airbnb 滿足所有旅遊需求，這也是你開始看到的方向。接著第二階段會是我們從「旅行」走向「生活」。

In phase three, we go from traveling to living to other ways for people to connect on our platform.

在第三階段，我們會從旅行到生活，再到人們在我們平台上連結的其他方式。

I think you will expect over the next year for us to be very, very focused on the travel phase, one-stop shop for travel. But I do not think our ambition is limited to travel. The single reason why is because AI is an existential risk to everyone.

我想你會看到我們在接下來一年非常、非常專注在旅遊階段，也就是一站式旅遊。但我不認為我們的企圖心只限於旅遊。唯一的原因是：AI 對所有人而言都是一種生存性風險（existential risk）。

And last year, I told our company that AI is an existential risk to us. It was the only existential risk to this company. Now, policy is a risk, but it's not an existential risk. It's a risk that we will manage forever. But the existential risk to everyone was AI. Is AI good for you? Is AI bad for you? And I think that the moment of truth happened this year. The moment of truth happened.

去年我就告訴公司，AI 對我們是生存性風險。它是這家公司唯一的生存性風險。當然，政策是一種風險，但不是生存性風險。那是一種我們會永遠去管理的風險。但對所有人而言的生存性風險是 AI。AI 對你是好是壞？AI 對你是有利還是不利？我認為今年出現了真相大白的時刻。真相大白的時刻出現了。

First, we hired our CTO, Amit Aldali. He was the leader of Meta, Llama Models. He came in and I think we went from a company that was a middle of the pack company for AI to a leader in AI, at least amongst companies that are not frontier labs or hyperscalers. And I think we are amongst the most AI native companies now in all of Silicon Valley.

首先，我們聘請了 CTO Amit Aldali。他曾是 Meta 的 Llama 模型負責人。他加入後，我認為我們從一家在 AI 領域中段班的公司，變成 AI 的領導者——至少在不是前沿實驗室（frontier labs）或超大規模雲端業者（hyperscalers）的公司之中。我也認為我們現在是矽谷最具 AI 原生（AI native）特質的公司之一。

And so I think because of that, this allows us to go into many new businesses in travel and eventually beyond travel that we might not have been able to go into except for the opportunity that AI affords us. And we are seeing, again, we're able to develop products more quickly, we're able to attach a lot more products and services.

因此我認為，正因如此，AI 讓我們得以進入旅遊領域的許多新業務，並最終拓展到旅遊以外；若不是 AI 帶來的機會，我們可能無法做到。而我們也看到——再一次——我們能更快開發產品，也能掛載更多產品與服務。

So to answer your question, yes, I do imagine that in the near term being over the next year, 1.5 years, you'll absolutely be able to go to Airbnb with a broad travel intent, like I like to travel with my family to somewhere in Europe, can you recommend where I should travel, can you put my whole trip together, and absolutely, everybody will be able to do that. And that is just the next phase, it's not the limiting phase.

所以回答你的問題：是的，我確實想像在短期內——也就是未來一年到一年半——你絕對可以帶著更廣泛的旅遊意圖來到 Airbnb，例如「我想帶家人去歐洲某個地方旅行，你能推薦我該去哪裡嗎？你能把我的整趟行程安排好嗎？」而且絕對，每個人都能做到這件事。而那只是下一個階段，並不是限制性的階段。

With regards to M&A, you're probably referring to CarTrawler being acquired by Expedia. We still are going to be a great partner for us with car rentals. I do not think that that's -- I'm very confident in that partnership. I think it's going to be a major benefit to that company, and I think that I'm expecting that they're going to want to continue to partner with us. And I do not think this has any impact on our M&A strategy.

至於併購（M&A），你大概是指 CarTrawler 被 Expedia 收購。我們在租車方面仍會是他們很好的合作夥伴。我不認為那會——我對這段合作非常有信心。我認為這對那家公司會是重大助益，也預期他們會希望繼續與我們合作。我不認為這會對我們的併購策略造成任何影響。

Our M&A strategy remains opportunistic. As we go into a lot of new verticals, there's a lot of M&A opportunities. We have a lot of cash, we generate a lot of cash. Entrepreneurs would love to be part of Airbnb and to hold stock. So I think there's a huge number of opportunities for us, but the great thing is our bias is always to grow organically and to look secondarily at acquisitions.

我們的併購策略仍然是機會導向。當我們進入許多新的垂直領域時，會有很多併購機會。我們有很多現金，也創造很多現金。創業者會很想成為 Airbnb 的一部分並持有股票。所以我認為我們有大量機會；但最棒的是，我們一向偏好先以有機成長為主，其次才考慮收購。

Lloyd Walmsley, Mizuho.

Lloyd Walmsley，瑞穗（Mizuho）。

Thanks. Two, if I can. First, just the hotel commentary sounds super encouraging. Maybe you can give a sense of maybe anecdotes on markets where you're seeing particular conversion rate improvement or areas where you're comprising a meaningful portion of hotels. Anything you can give us that would help us understand better either the timeframe or scale of the opportunity?

謝謝。如果可以的話兩個問題。第一，關於飯店的評論聽起來非常令人鼓舞。也許你可以分享一些例子：在哪些市場你們看到轉換率有特別明顯的改善，或是在哪些領域你們已經涵蓋了相當有意義的飯店占比。任何能幫助我們更好理解機會的時間框架或規模的資訊都很有幫助。

And then the second one, just wondering how the AI search tests are going. When you expect that to be a bigger part of the product and what that -- if that's a gating factor to an ad product, kind of what you think about that? Thanks a lot.

第二個問題，我想了解 AI 搜尋測試進展如何。你們預期它何時會成為產品中更重要的一部分，以及那個——如果它是廣告產品的門檻因素（gating factor），你們怎麼看？非常感謝。

Yeah, let me just get a little more color on the hotels ramp. As we've shared, we started in those markets that are regulatory constrained because it's an obvious opportunity for us to bring supply to those markets where we're not always able to fulfill demand that we already have.

好的，我再補充一些飯店成長爬坡的細節。如同我們分享過的，我們先從那些受監管限制的市場開始，因為這對我們而言是很明顯的機會：在那些市場，我們不一定能滿足既有需求，因此引入供給很有價值。

We've expanded our supply acquisition efforts to a top 20 number of cities. And I would say more broadly, we're looking to add inventory that can be accretive to the platform versus compete with homes. And so we're very selective with regard to what we add to make sure that it's adding great inventory that our consumers will love.

我們已把供給拓展（supply acquisition）的努力擴大到前 20 大城市。而更廣泛地說，我們希望新增的是能對平台帶來增益（accretive）的庫存，而不是與房源競爭。因此我們在新增內容上非常挑選，以確保加入的是消費者會喜愛的優質供給。

More broadly, when you think about the scaling of this product, we've shared that today, hotels are only a single-digit percent of nights booked on the platform, so a relatively small segment. But as we disclosed in the letter, given our efforts over the last several months, hotels, that segment is currently growing about three times as quickly as homes. And we have, as Brian shared previously, we have, large ambitions in terms of continuing to scale not only the rate of growth, but obviously the contribution to the overall business in the coming years.

更廣泛地看，談到這個產品的規模化，我們也分享過：目前飯店在平台上被預訂的晚數中只占個位數百分比，因此仍是相對小的區塊。但正如我們在股東信中揭露的，考量我們過去幾個月的努力，飯店這個區塊目前的成長速度大約是房源的三倍。而且如 Brian 先前分享的，我們在持續擴大規模方面有很大的企圖心——不僅是成長率，當然也包括未來幾年對整體業務的貢獻。

Yeah, maybe before I answer the second part of the question, it is kind of notable. Homes and hotels, I like to think we did the really hard business first. I'm not here to say doing hotels is easy, but I'll tell you what's harder, like helping try to create a category.

好的，也許在回答第二部分之前，這點其實挺值得注意的。房源和飯店，我喜歡把它想成我們先做了最難的生意。我不是說做飯店很容易，但我告訴你更難的是——像是要幫忙創造一個品類。

Airbnb homes don't have front desks. We had to teach people hospitality. We had to navigate governments all over the world. We had to match supply and demand. And it was not a behavior that people are familiar with.

Airbnb 的房源沒有前台。我們必須教大家什麼是待客之道。我們必須在全球各地與政府打交道。我們必須撮合供給與需求。而且這並不是人們所熟悉的行為模式。

Hotels are, no doubt, not an easy business. But I actually think the hotels are making it an easier business for us. When you see the reception that they have, their desire to want to list on the platform. And the fact that we've already done most of the hard work, because in fact, most of the technology and tools we built for homes apply to homes, hotels. That actually it is a very natural extension for our business. And I don't want to say it's easy. Nothing in life is easy. And if it is, you're probably being complacent. But it is a much more natural transition than I ever imagined.

毫無疑問，飯店業不是一門容易的生意。但我其實認為，飯店正在讓我們的生意變得更容易一些。當你看到他們的反應、他們想要在平台上架的意願。以及我們其實已經完成了大部分艱難的工作，因為事實上，我們為房源打造的大多數技術與工具，同樣適用於房源與飯店。這其實是我們業務非常自然的延伸。我不想說這很容易。人生沒有什麼是容易的。如果覺得容易，你可能就是在自滿。但這是一個比我想像中自然得多的轉換。

And also the -- I was always worried for years about homes being next to hotels in the platform. It does not bother customers. We have really, really good personalization. And we know now with our personalization and really driven by AI, whether someone wants to see just homes, just hotels or both. So I'm very, very excited and I just wanted to like maybe highlight that point.

另外——多年來我一直擔心房源在平台上與飯店並列。這並不會困擾顧客。我們的個人化做得非常、非常好。而且我們現在知道，透過個人化、並且真正由 AI 驅動，我們能判斷某個人是只想看房源、只想看飯店，或兩者都想看。所以我非常、非常興奮，也只是想強調這一點。

Now to the second point on AI search. Good news, we are beginning to put it in test this month. Now, that test is going to be a very small percentage of our traffic. And based on those results, we're going to then begin to expand it to more traffic over the course of this year.

接著談第二點：AI 搜尋。好消息是，我們這個月開始進行測試。目前測試只會涵蓋我們流量中非常小的一部分。並且根據這些結果，我們將在今年內逐步擴大到更多流量。

I just want to point out that the tests that I've seen I think are extraordinary. They're really great. That being said, you just have to remember that people come to Airbnb often, most people, a handful of times a year, and they have an expectation that they see a search box with a location.

我想指出，我看過的測試結果我認為非常出色。真的很棒。不過你也要記得，人們來 Airbnb 通常——大多數人——一年只來幾次，他們已經習慣看到一個帶有地點的搜尋框。

So it's going to take some. Months and months to retrain the customer, so the way. We're initially going to roll it out is the default is going to still be the core search. Above, you'll see a toggle. Once you turn the toggle on, you're going to be able to try the new AI search. We'll have to see how it converts. I think for people who toggle it on, it's going to convert very, very well.

所以這需要一些時間。需要好幾個月、好幾個月來重新訓練顧客的使用習慣，所以我們一開始的推出方式是：預設仍然會是核心搜尋。

We don't want to impose that on everyone. By the way, we learned this with total prices play. We start with a toggle. That toggle for those people who toggled was very positive. We wanted to educate. So I think you're going to see this play out over the course this year and into next.

我們不想把它強加給所有人。順帶一提，我們在「總價顯示」的推動上學到這點。我們先從一個切換開關開始。對於那些切換開啟的人，反應非常正面。我們也希望能教育用戶。所以我想你會看到這件事在今年以及明年持續發展。

Now, AI search. You can actually think about as really three or four major features. One is the search input. I can type in natural language whatever I want. The second thing is it can essentially respond to you in natural language rather than saying 300 search results, it can respond to you in natural language. Then the title, the titles can actually be AI generated and they can be conversational as if you're reading a chat bot but more to a visual.

現在談 AI 搜尋。你可以把它想成三到四個主要功能。第一是搜尋輸入。我可以用自然語言輸入任何我想要的內容。第二是它基本上可以用自然語言回應你，而不是丟給你 300 個搜尋結果，它可以用自然語言回覆你。接著是標題，標題其實可以由 AI 生成，而且可以更口語化，就像你在讀聊天機器人的內容，但更偏向視覺呈現。

Then you get to the product description page and the highlights are AI generated in real time, personalized. You go down the page, you have a question, you can ask the PDP through AI. Do you see the entire journey, not just AI search, is going to be powered by AI? What this will feel like is going to feel as or almost as conversational as a chatbot, hopefully less chatty and fewer words because we think travel is more visual, very, very personalized. And what this will mean is much higher conversion rate.

然後你進到產品描述頁（PDP），重點摘要會即時由 AI 生成，並且是個人化的。你往下滑，如果有問題，你可以透過 AI 直接向 PDP 提問。你看到的是整段旅程，而不只是 AI 搜尋，都將由 AI 驅動。這種感受會像——或幾乎像——一個聊天機器人般的對話式體驗，希望不那麼囉嗦、字更少，因為我們認為旅行更偏向視覺、而且非常、非常個人化。而這將意味著更高的轉換率。

Jed Kelly, Oppenheimer.

Jed Kelly，Oppenheimer。

Hey, great. Just following up on the changes in fees, are you planning to roll that out to every host or is that mostly still geared towards professional property managers?

嗨，很好。接著追問一下費用變更：你們計畫把它推廣到每一位房東嗎？還是主要仍然針對專業物業管理公司？

Thanks, Jed. Yes, so what we initially launched back in September of last year was rolling out single service fee for our API-connected hosts, which is predominantly property managers. Fast forward, we did extensive testing on a broader swath of hosts this winter and spring and have begun migrating the remainder of our host to the single service fee. And we anticipate by year-end, our entire supply base will be on that single service fee.

謝謝你，Jed。是的，我們最初在去年 9 月推出的是：對我們 API 連接的房東導入單一服務費，這些房東主要是物業管理公司。往後看，我們在今年冬季與春季，針對更廣泛的一群房東做了大量測試，並已開始把其餘房東遷移到單一服務費。我們預期到年底，我們整個供給端都會採用單一服務費。

As a reminder, that single service fee allows us to provide more simplified pricing recommendations and in aggregate. Kind of downward pressure on pricing to allow us, one, to offer more value to guests, but also ensure that we are priced competitively relative to other platforms.

提醒一下，單一服務費讓我們能提供更簡化的定價建議，並在整體上。對價格形成某種下行壓力，使我們一方面能為房客提供更高的價值，另一方面也確保我們相對於其他平台具備具競爭力的定價。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，Wells Fargo。

Thank you very much. Two, if I may. Just maybe, Brian, you talked about the reception from your customers to hotels on the platform. Could you talk a little bit more about your hosts and their reception as you continue to roll out new cities with hotels?

非常感謝。如果可以的話兩個問題。Brian，你談到顧客對平台上飯店的反應。你能否再多談一點，隨著你們持續在更多城市推出飯店，你們的房東對此的反應如何？

And then two, could you please maybe talk about -- as you think about the personal experience that you're building, the journey on Airbnb, do you think you're going to go -- is it -- do you start with kind of certain geos and build out experiences and figure out for each geo that you have -- you can build an experience in a trip planning, or are you talking more broadly, like you need to have basically a global trip planning experience? Thank you.

第二，當你們思考正在打造的個人化體驗、也就是在 Airbnb 上的旅程時，你們會不會——是——你們會先從某些地區開始，逐步建立體驗，並針對每個地區去打造行程規劃中的體驗？還是你們談的是更廣泛的做法，例如需要一個基本上全球性的行程規劃體驗？謝謝。

And on the first question, we haven't really gotten much feedback from our core host. I mean, mostly, they just want to make sure their bookings are going up and our results show they are.

關於第一個問題，我們其實沒有從核心房東那裡收到太多回饋。我的意思是，大多數人只是希望他們的訂單能增加，而我們的結果顯示確實如此。

And if we do get asked though, I would say that the rising tide raises the sails of all of us. So essentially, I don't mean to give our hosts like a business school marketplace lessons, but if they were curious, I would tell them that what Amazon learned in the 2000s was selling DVDs and selling CDs helped the sales of books, not cannibalize them. And every time they added a new category, it strengthened and lifted both of the prior categories. And that the most important thing for a host is that marketplace concept, essentially, that we bring more people to the platform.

不過如果真的有人問，我會說：水漲船高，大家的帆都會被托起。所以本質上，我不是要給房東上什麼商學院的市場平台課，但如果他們好奇，我會告訴他們：Amazon 在 2000 年代學到的是，賣 DVD、賣 CD 會帶動書籍銷售，而不是侵蝕書籍銷售。而且每次他們新增一個品類，都會強化並抬升先前的品類。對房東來說最重要的是這個「市場平台」的概念：也就是我們把更多人帶到平台上。

If we bring more people to the platform, then we can match the perfect supply to the exact guest that wants that supply. And so we actually see hotels being accretive to the bookings for our home host. I think the results are showing that.

如果我們把更多人帶到平台上，我們就能把最合適的供給，匹配給想要那個供給的特定房客。因此我們其實看到，飯店對我們房源房東的訂單是有增益的。我認為結果正在顯示這一點。

So we haven't heard from them, and mostly, when we do hear from them, it's about their bookings, but mostly we're seeing very positive results.

所以我們還沒有聽到他們的回覆，而多數時候即便有回覆，也主要是談他們的預訂情況；但整體來看，我們看到的結果大多非常正面。

Now to the second question, I think most supply, we test city by city. So hotels, we go city by city. Services, we go city by city. Experiences, we go city by city. But most software, we really do globally. We might test it in the country, but we don't really do that city by city.

至於第二個問題，我認為大多數供給我們是按城市逐一測試。飯店，我們按城市逐一推進。服務，我們按城市逐一推進。體驗，我們按城市逐一推進。但大多數軟體功能，我們確實是全球同步進行。我們可能會在某個國家先測試，但不太會按城市逐一測試。

So to answer your question, this will be broad-based trip planning that will be rolling out globally, and we will test it globally. Sometimes we test it in the country, but often we test it.

所以回答你的問題，這將是一個廣泛適用的行程規劃功能，會在全球逐步推出，我們也會以全球範圍來測試。有時我們會在某個國家測試，但很多時候我們就是直接測試。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Thanks so much for taking the question. You've been in an investment cycle for quite a while now, and now you're building a lot of demand coming out of some of the building blocks you put in place over the last couple of years. Can you talk a little bit about the interplay between incremental margins in the business over the long term and how much of that incremental margin you think needs to be reinvested back into the operating momentum as well as how much of that incremental margin might drop to the bottom? Thanks, Eric.

非常感謝讓我提問。你們已經處於投資週期相當一段時間了，而現在你們正從過去幾年建立的若干基礎要素中，帶動大量需求成長。能否談談長期來看，業務的增量利潤率（incremental margins）與你們認為需要再投入多少增量利潤以維持營運動能之間的互動關係？以及又有多少增量利潤可能會直接落到最終利潤（drop to the bottom）？謝謝，Eric。

Thanks, Eric. So I'm not going to give you a specific guide for '27 and beyond, but I think looking at our track record, you can see a couple of things. One is the underlying economics of this business are extremely strong from both an EBITDA and a free cash flow basis.

謝謝，Eric。我不會給你一個針對 2027 年及之後的具體指引，但我認為從我們的過往紀錄，你可以看到幾件事。第一，這門生意的底層經濟性非常強，不論以 EBITDA 或自由現金流的角度來看都是如此。

Second, last year, we did have a bit of an investment cycle, but given the growth that it helps bond for the current year, we're able to both accelerate growth, invest substantially behind that growth and also deliver an expansion in the margin.

第二，去年我們確實有一段投資週期，但考量到這些投資有助於為今年的成長奠基，我們得以同時加速成長、在成長上大幅加碼投資，並且也實現利潤率擴張。

As we look forward, we're going to seek to do the same. We're constantly looking for opportunities to grow. And so where we have those opportunities, we will lean in. But I think given the track record and the somewhat steady EBITDA margins that we have delivered, I think you can see there's a relative floor in our ability to continue to invest against that.

展望未來，我們會努力做到同樣的事。我們持續在尋找成長機會。因此只要有這些機會，我們就會加大投入。但我認為，從我們的紀錄以及我們所交付的相對穩定的 EBITDA 利潤率來看，你可以看到我們在持續投資方面的能力有一個相對的底線（floor）。

Ron Josey, Citi.

Ron Josey，花旗。

Great. Thanks for taking the question. Brian, when we're talking about all the new products that are coming out, one of them for hosts is called personalized recommendations and I think this helps hosts improve listings and calendar and pricing. So I want to hear a little bit more about the pricing side and how Airbnb is helping hosts sort of decide what the optimal pricing is for each home that's available.

很好。謝謝讓我提問。Brian，談到所有即將推出的新產品，其中一個針對房東的功能叫做個人化推薦（personalized recommendations），我理解它能幫助房東改善房源刊登、行事曆與定價。所以我想多了解一下定價這一塊，Airbnb 如何協助房東為每一間可出租的房源決定最適定價。

And then the second question is on experience. And so we know supply is up 80%, I think I heard that right, year over year, and we're accelerating bookings as a result. But we'd love to hear more on whether experience is at a size and scale yet to actually contribute to overall nights and seats booked. Thank you.

第二個問題是關於體驗（experiences）。我們知道供給年增 80%，如果我沒聽錯的話，而因此我們也在加速預訂。但我們很想多聽一些：體驗的規模與量級是否已經大到能對整體預訂的晚數與席次（nights and seats booked）做出實質貢獻？謝謝。

So yeah, on pricing, I think this is one of the biggest single levers for growth that we have. I think it's significantly greater than Reserve Now, Pay Later. So if you want to just put it in perspective is, I don't know, I don't want to say a multiple, but many multiples bigger than RMPL.

好的，關於定價，我認為這是我們手上最大的單一成長槓桿之一。我認為它的影響力顯著大於「現在預訂、稍後付款」（Reserve Now, Pay Later）。如果要放在同一個尺度來看，我不知道該說是幾倍，但會是 RMPL 的很多倍。

Now, why is this? Because every launch that started as an affordable alternative to hotels, affordability, and value is one of the things we can do, we don't price the listings. The best thing we can do is show hosts that if they were to better price their listings, then they will make more money. And we are essentially building an entirely new pricing model.

那為什麼會這樣？因為我們一開始推出時是作為飯店的平價替代方案；可負擔性與價值是我們能做到的事情之一，但我們並不替房源定價。我們能做的最好事情，是讓房東看到：如果他們能把房源定價做得更好，他們就能賺更多錢。而我們本質上正在打造一個全新的定價模型。

No guests, no surprise, it will be powered by AI. AI is able to take in a lot of data sources. We're able to take in a lot of data sources of hotel prices, of Airbnb prices, events coming to town, the nature of lead time bookings. And based on that, we have a new pricing model that we're rolling out to host. I think this is going to be much more powerful.

不意外地，它將由 AI 驅動。AI 能夠吸收大量資料來源。我們可以納入許多資料來源：飯店價格、Airbnb 價格、城市即將舉辦的活動、預訂提前期（lead time）的特性等。基於這些，我們正在推出一個新的定價模型給房東使用。我認為這會更有威力。

We're also going to make it much easier for them to update their prices. We're going to be able to let them just tap a button and go immediately with our recommendations. We can coach them on when events are coming to town, how they might want to change their pricing. And what I think this is going to do is this is going to hopefully be generating a huge amount of growth for the company.

我們也會讓他們更容易更新價格。我們會讓他們只要點一下按鈕，就能立即採用我們的建議。我們也能在城市有活動即將到來時，指導他們可能該如何調整定價。而我認為這將有望為公司帶來大量成長。

It's frankly one of the single biggest levers that we have to accelerate the growth of our core business. And you can think about this as us making massive changes to the host side of our app.

坦白說，這是我們用來加速核心業務成長的最大單一槓桿之一。你可以把這視為我們正在對 App 的房東端做出大幅度改變。

Most people open our app, they only see the guest side. The host side is just as sophisticated, and we're putting just as much investment towards it. And pricing and calendar are essentially two sides same coin because you see your prices on the calendar. Most people don't have a single price. They have different prices for every day. And the best way to price your home, like a hotel, is to have different prices on different days and for those prices to be dynamically changed.

多數人打開我們的 App，只會看到旅客端。房東端同樣精密，我們也投入同等程度的資源。而定價與行事曆基本上是一體兩面，因為你會在行事曆上看到你的價格。多數人並不是只有一個固定價格。他們每天都有不同的價格。而像飯店一樣為你的房源定價的最佳方式，就是在不同日期設定不同價格，並讓這些價格能動態調整。

And I think that it's very possible that right now, hotels have very sophisticated pricing management. They have entire teams doing that. I don't think anyone is going to be better than AI at doing this. And so I think that our models are going to be very powerful. And I hope in the future, hotels could even use that.

我認為很有可能的是，目前飯店已經有非常成熟的收益／定價管理。他們有整個團隊在做這件事。我不認為有人會比 AI 更擅長做這件事。因此我認為我們的模型會非常強大。我也希望未來飯店甚至都可能使用它。

Now, with regard to experiences, they're growing really quickly, but they're growing on a small base. It's a long term. I think the way to think about experiences is let's talk about time horizon. To drive near-term growth, it's mostly homes because that's massive scale. And so homes is the shortest horizon and the biggest drivers are pricing and Project Hawaii-type features, conversion rate, getting more supply.

至於體驗，它們成長非常快，但基期很小。這是一個長期的事情。我認為看待體驗的方式是：我們來談時間跨度。要推動短期成長，主要還是房源，因為那是巨大的規模。因此房源是最短的時間跨度，而最大的驅動因素是定價、類似 Project Hawaii 的功能、轉換率，以及獲得更多供給。

The second horizon I would describe as international expansion hotel. And you can see billions of dollars incremental revenue. It's nearly adjacent.

第二個時間跨度，我會形容為國際擴張與飯店。你可以看到數十億美元的增量營收。它幾乎是相鄰的業務。

And then the next horizon after that is going to be services and experiences. So those are on a multiyear time horizon. They're going to be a bit smaller, but we are very, very optimistic about this. We're seeing a lot of growth.

再往後的下一個時間跨度，將會是服務與體驗。所以這些會是以多年為期的時間跨度。它們的規模會小一些，但我們非常、非常樂觀。我們看到很多成長。

The way I'm measuring the growth of experiences, I'm not looking at the global growth rate, although it's great. I'm looking at the growth rate of markets like Paris. And then we basically have this idea of 1 to 10 to many, really try to get product markets fit in one market. Then take that to 10 markets, then you take that to many like thousands of markets.

我衡量體驗成長的方式，不是看全球成長率，雖然那也很棒。我會看像巴黎這樣市場的成長率。然後我們基本上有一個從 1 到 10 到 many 的想法：先在一個市場真正做到產品市場契合（product-market fit）。再把它擴展到 10 個市場，然後再擴展到 many，例如數千個市場。

In fact, this is how we deal with the core business. We focus the core business on New York City, then we brought to many markets. Uber started in, I think. I think DoorDash started in Palo Alto. Uber Eats started in, like, I think Toronto and Santa Monica. This 1 to 10 to many is a tried and true, and we are on the, like, tens of markets where we're seeing, growth of, quite growth. And experience will grow very quickly when we take that and industrialize it to thousands of markets, and that's not this year.

事實上，這就是我們處理核心業務的方式。我們先把核心業務聚焦在紐約市，接著再推廣到許多市場。我想 Uber 就是這樣起步的。我想 DoorDash 是在帕羅奧圖起步的。Uber Eats 我記得是從多倫多和聖塔莫尼卡之類的地方開始。這種從 1 到 10 再到多個市場的模式已被反覆驗證、行之有效；而我們目前正處在數十個市場上，看到相當可觀的成長。當我們把這套方法拿去標準化、工業化並擴展到數千個市場時，體驗會非常快速地成長，但那不是今年會發生的事。

John Colantuoni, Jefferies.

John Colantuoni，Jefferies。

Thanks for taking my question. With AI helping drive faster velocity of innovations, I was hoping to get your perspective on how this transition to AI native could impact your product costs and if there are any operational adjustments you're making to help minimize the impact. Thanks.

謝謝讓我提問。在 AI 推動創新速度更快的情況下，我想請教你們對於轉向 AI 原生（AI native）可能如何影響你們的產品成本，以及你們是否正在進行任何營運上的調整來把影響降到最低。謝謝。

It won't affect us that much. I mean, we may have, let's back up for a second. So ChatGPT launched 3.5 years ago, I think, almost four years ago. Is it almost four years ago? Yeah, we are coming on the near fourth-year anniversary in three months of ChatGPT. And in the nearly four years, almost all the actual business that's been generated is on the enterprise.

這對我們影響不會那麼大。我的意思是，我們可能會——先退一步說。ChatGPT 我記得是 3.5 年前推出的，差不多快四年了。是不是快四年了？對，再三個月就接近 ChatGPT 的四週年。而在這將近四年的時間裡，幾乎所有真正產生的商業價值都在企業端（enterprise）。

I think I've mentioned this in the past, but I'm involved in the one comment from the Board, and the last batch I saw was 175 companies, 159 were enterprise. I think part of the reason why is a lot of companies have not figured out how to make money on the consumer side.

我想我以前提過，但我參與董事會的一個討論；我上次看到的一批資料是 175 家公司，其中 159 家是企業端。我認為部分原因是，很多公司還沒想清楚要怎麼在消費者端賺錢。

Why is this? Because the inference cost is not cheap. And there's huge capital expenditures. Well, the great thing about Airbnb is two points.

為什麼會這樣？因為推理成本（inference cost）並不便宜。而且資本支出（capex）非常龐大。不過 Airbnb 的好處有兩點。

Number one, we do not need to make any major capital investments. We are not buying up a whole bunch of GPUs.

第一，我們不需要做任何重大的資本投資。我們不會去買一大堆 GPU。

Second, the inference costs of Airbnb are kind of de minimis relative to the ROI of our business model, right? We're not like in the business of information where we're trying to monetize.

第二，Airbnb 的推理成本相對於我們商業模式的投資報酬率（ROI）而言，基本上是微不足道的，對吧？我們不像資訊型業務那樣，需要想辦法把資訊變現。

Our transactions are very high dollar transactions. And if AI can just increase our conversion rate just a little bit, the inference cost is so outweighed by the amount of money we make on that increased ROI.

我們的交易是高客單價的交易。如果 AI 只要能把轉換率提高一點點，推理成本就會被我們因 ROI 提升而賺到的金額遠遠抵消。

So I think that what you're seeing is the cost of tokens, develop products, and the inference costs run the models is fails in comparison to the incremental revenue we generate and the incremental output or throughput we're seeing.

所以我認為你看到的是：token 成本、開發產品的成本，以及跑模型的推理成本，和我們帶來的增量營收、以及我們看到的增量產出或吞吐量相比，根本不值一提。

So I'm sure we can always be a little more efficient, but I think we're really, really disciplined. We're not like so-called token maxing, which I think is like this thing where I think all these CEOs beginning of the year kind of like had this mandate, I want to see everyone use AI with kind of a vanity of kind of have people use as many tokens as possible.

當然我們總是可以再更有效率一些，但我覺得我們真的非常、非常自律。我們不會做所謂的「token 最大化」（token maxing）。我覺得這像是某種現象：很多 CEO 在年初好像下了一道命令，要看到大家都用 AI，帶著一點虛榮心態，彷彿要大家盡可能用最多的 tokens。

Luckily, I have a great technology leader in Amit, and we've been really rigorous and thoughtful about it's not about how many tokens you use, it's about the throughput of your product and the quality of your product designs and how much you're shipping.

幸運的是，我們有 Amit 這位很棒的技術領導者；我們一直非常嚴謹、也很有思考：重點不在於你用了多少 tokens，而在於你的產品吞吐量、你的產品設計品質，以及你交付（shipping）的速度與數量。

And so I don't know, Ellie, you want to add anything, but I think it's very efficient.

所以我不知道，Ellie 你要不要補充，但我覺得這非常有效率。

I would just add tactically, in the updated guidance that we provided, obviously, does assume a material increase in terms of the AI spend over the course of the year. So I would note, yeah, we are expanding margins while absorbing that increased cost.

我只想從執行面補充一下：在我們更新後提供的指引中，顯然已經假設今年全年 AI 支出會有顯著增加。所以我會指出，是的，我們在吸收這些增加的成本同時，仍在擴大利潤率。

On the flip side, the early offsets that we're already realizing, one is obviously the improvement in our customer service costs. We called that out in the letter. The customer service cost per booking is down about 16% year over year in large part due to the AI agent.

另一方面，我們已經開始看到一些早期的抵銷效果：第一個很明顯是客服成本的改善。我們在股東信裡也特別提到。每筆訂單的客服成本年減約 16%，很大一部分是因為 AI 代理（AI agent）。

Second, what we're seeing is that we don't need to grow our headcount at levels that we did in the past because we're getting so much more output and speed from our existing workforce, which obviously also creates efficiencies over time.

第二，我們看到我們不需要像過去那樣以同等幅度增加人力，因為現有員工的產出與速度提升了很多，這也會隨時間帶來效率提升。

Kevin Kopelman, TD Cowen.

Kevin Kopelman，TD Cowen。

Great. Thanks a lot. Could you talk more about that 11% growth statistic that you called out for growth in first-time bookers? Anything you can call out that's particularly helping with these new customers?

很好。非常感謝。你能多談談你提到的「首次訂房者」成長 11% 這個數據嗎？有沒有什麼因素特別在幫助這些新客？

And with all the product improvements you've been rolling out, are you seeing anything you track like Net Promoter Score, for example, increasing through these new features?

另外，隨著你們推出各種產品改進，你們是否看到你們追蹤的指標（例如淨推薦值 NPS）因這些新功能而上升？

So on the acceleration of first-time bookers, similar to the broader narrative, it is not one single thing that is causing that acceleration, it's the compounding impact of the whole product road map.

關於首次訂房者加速成長，和更大的整體敘事一樣，並不是單一因素造成這個加速，而是整個產品路線圖的疊加效應。

A couple of specifics I would note. So first, obviously, we're seeing outsized growth in first-time bookers in our expansion markets. We called out a few in the letter. We're seeing really strong growth in places like India and Brazil, where we're introducing large growing numbers of new users every year.

我想指出幾個具體點。首先，很明顯我們在擴張市場看到首次訂房者的超額成長。我們在信中點名了幾個。我們在印度、巴西等地看到非常強勁的成長，因為我們每年都在引入大量且持續成長的新用戶。

Second. What is also supporting that number is the core markets. Obviously, the growth in recent years of a first-time booker in our core markets has been slower given the level of penetration we have across those markets. And yet in recent quarters, we've also seen an acceleration of first-time booker growth in effectively almost all of our core markets inclusive of the US.

第二。支撐這個數字的還有核心市場。很顯然，近年來我們在核心市場的首次訂房者成長較慢，因為我們在這些市場的滲透率已經很高。但在最近幾個季度，我們也看到幾乎所有核心市場（包含美國）的首次訂房者成長都在加速。

When you think about some of the specific product features that have helped, one is absolutely Reserve Now, Pay Later. We see that that is a really attractive payment option, in particular for people who have maybe aware of Airbnb, they're on the site, but they haven't booked with us yet. That gives them, frankly, a lot more confidence to book that future stay when they don't need to put down, a sizable credit card fee upfront. So I've called out as one.

談到一些有幫助的具體產品功能，其中之一絕對是「立即預訂、稍後付款」（Reserve Now, Pay Later）。我們看到這是一個非常有吸引力的付款選項，特別是對那些可能已經知道 Airbnb、也在網站上瀏覽，但還沒跟我們下單的人。這讓他們更有信心去預訂未來的住宿，因為他們不需要一開始就先刷一筆相當可觀的信用卡費用。所以我會把這點列為其中之一。

And then more broadly, a lot of our work just simply on sign-up, login, merchandising, search, all of these are additive in terms of getting that first-time user over the hump of trying to figure out what is right for them and having the confidence to go ahead and book.

更廣泛來說，我們在註冊、登入、商品呈現（merchandising）、搜尋等方面做了很多工作；這些都具有加乘效果，能幫助首次使用者跨過門檻，找出適合自己的選項，並建立信心進而完成預訂。

Connor Cunningham, Melius Research.

Connor Cunningham，Melius Research。

Hi, everyone, thank you. I'd like to get a little bit more detail, if you could just unpack the core growth expansion that you saw, I think, in the quarter. You talked about how everything's kind of accelerated, but just and Brian, I know you just said you didn't want to go down to one single product, but if you could just talk about the innovation in general and how that's playing out.

大家好，謝謝。我想再多了解一些細節：你們在本季看到的核心成長擴張，能否請你們拆解一下？你們談到各方面都有所加速，但——Brian，我知道你剛才說不想把原因歸結到單一產品，但如果可以的話，能否談談整體創新，以及它是如何展開、如何反映在結果上？

And then just ADRs, I heard you talk a little bit about that, but if you could just talk about your like long-term pricing strategy. I know you're going to roll out some new ADR or pricing work to your host. So just anything there. The only reason why I flagged that is just the fact that you're seeing ADR is going to grow faster than hotels at this point. So just any thoughts there would be helpful. Thank you.

另外關於 ADR（平均每日房價），我聽到你稍微提到一些；但如果可以的話，能否談談你們長期的定價策略？我知道你們會向房東推出一些新的 ADR 或定價相關工具。所以這部分任何分享都可以。我之所以特別提出，是因為你們目前看到 ADR 的成長速度將會比飯店更快。所以想聽聽你們的看法。謝謝。

Yeah, I mean, like there's probably like -- in our shareholder letter, we -- I think we highlighted like 12 or 15 things. And those 12 or 15 things are 12 or 15 out of hundreds of things. But of course, and I won't list all over 15 right now, but let me give you a couple of examples.

是的，我的意思是，像是可能——在我們的股東信裡，我們——我想我們重點提到了大概 12 或 15 件事。而那 12 或 15 件事，只是數百件事情中的 12 或 15 件。但當然，我現在不會把超過 15 件全部列出來，不過我先給你幾個例子。

So on the guest side, we redesigned the homepage. The homepage is now much more personalized, so you see things that are going to be relevant to you and we're seeing more people engage the homepage and book right off the homepage. Our search results are much more and more personalized to you.

所以在房客端，我們重新設計了首頁。首頁現在更個人化，所以你會看到與你相關的內容，而我們也看到更多人會在首頁互動，並直接從首頁完成預訂。我們的搜尋結果也越來越能針對你做個人化。

Our maps, if you go to search result maps or especially maps on each listing, we now have landmarks, transportation, so the maps have really come alive. This seems like a small one, but we've completely redesigned login and signup.

我們的地圖，如果你去看搜尋結果地圖，或特別是每個房源頁面的地圖，我們現在加入了地標、交通資訊，所以地圖真的變得更有生命力。這看起來像是個小改動，但我們已經把登入和註冊徹底重新設計。

We have so much traffic, we were having -- it's like a few hundred thousand people failing to log in every day. This is like whether they forgot their email or just the friction, small optimizations are massive. We redesigned or set up our login on iOS, Android web, that increased a lot of conversion. We've added a lot of flexibility in login, just other ways to log in.

我們的流量非常大，我們之前每天大概有——像是幾十萬人登入失敗。這可能是他們忘了電子郵件，或只是流程摩擦；小幅優化在這種規模下影響非常巨大。我們在 iOS、Android、Web 端重新設計或建置了登入流程，轉換率提升了很多。我們也在登入上增加了更多彈性，提供其他登入方式。

On payments, I mean, in checkout, of course, there is Reserve Now, Pay Later. We've added it to more countries, more listings. We've made it more visible on the booking flow. But we've also had more flexible cancellation policies. Our checkout is completely updated. We've added interest rate installments. And those are just a few of the guest side features.

在付款方面，我是說，在結帳流程裡，當然有「立即預訂、稍後付款」（Reserve Now, Pay Later）。我們把它擴展到更多國家、更多房源。我們也讓它在預訂流程中更顯眼。但我們也提供了更彈性的取消政策。我們的結帳頁面已全面更新。我們新增了依利率計算的分期付款。而這些只是房客端功能的一小部分。

And then, of course, on the host side. The single service fee has meant prices have become more competitive because a whole bunch of API hosts were accidentally mispricing because they were pricing on other platforms, and our guest fee was going on top of that. So that's been really big. We've had major improvements to insights, dashboard.

然後，當然，在房東端也是如此。單一服務費（single service fee）讓價格變得更具競爭力，因為有一大批 API 房東之前不小心定價錯誤：他們是參考其他平台定價，而我們的房客費用又加在其上。所以這影響非常大。我們也大幅改善了洞察（insights）與儀表板（dashboard）。

Now, I'm kind of giving you a laundry list, so you get the idea. But again, there is no one thing. I would recommend you go to our shareholder letter. We have, I think, 12 or 15 things. We also have three graphics that show some of the features step by step, and so those will just give you a bit of the sense.

我現在有點像在列清單，讓你有個概念。但再說一次，並沒有單一一件事。我會建議你去看我們的股東信。我們有，我想是 12 或 15 件事。我們也有三張圖表，逐步展示一些功能，所以你會更有感覺。

Maybe the only other thing I just want to say is we're getting momentum. In other words, a question might be, well, what's next? And the answer is there's a huge pipeline of things on the horizon.

也許我唯一還想補充的是，我們正在累積動能。換句話說，問題可能是：那接下來呢？答案是：前方有一個非常龐大的待辦管線（pipeline）。

I had this theory a few years ago that there'd be like, you get all the low hanging fruit and each new thing would be harder and harder. Actually, it's just the opposite. Project Hawaii taught us that you get momentum, that the team finds bigger and bigger opportunities. And so we're kind of layering on all these different features, all these different improvements. I think what you're going to have seeing is this is not a one-time boost in growth. This is durable growth.

幾年前我有個理論，覺得你會先把低垂的果實都摘完，之後每一個新項目都會越來越難。其實剛好相反。Hawaii 專案教會我們，一旦有了動能，團隊會找到越來越大的機會。所以我們正在把各種不同功能、各種不同改善一層一層疊上去。我想你會看到的是：這不是一次性的成長推升。這是可持續的成長。

Just a little bit about the pricing strategy. I would say just at a high level, our pricing strategy is to provide hosts with the tools to make them as price competitive as possible. We want to make sure that we are consistently delivering value for money to our guests and maximizing earnings for our hosts.

再稍微談一下定價策略。我會說，從高層次來看，我們的定價策略是提供房東工具，讓他們的價格盡可能具競爭力。我們希望確保能持續為房客提供物有所值的體驗，同時最大化房東的收益。

In many cases, that means we encourage our hosts to bring their prices down. And in some cases, it means we want to make sure that they're not leaving money on the table.

在很多情況下，這代表我們會鼓勵房東把價格調低。而在某些情況下，則代表我們要確保他們沒有把錢留在桌上（沒有把可得收益拱手讓出）。

I think one of the probably dismissed points over the last couple of years is that we have been aggressively pushing pricing tips and affordability across the platform, and you've seen yet the nominal ADRs rise over that period.

我想過去幾年有一點可能被忽略的是：我們一直在全平台積極推動定價建議與可負擔性（affordability），而你也看到在那段期間名目 ADR 仍然上升。

One thing we called out explicitly this quarter is the growth in underlying bedroom nights. One of the factors that has been driving ADR up in recent years has been the continued disproportionate popularity of larger homes. We know people come to Airbnb specifically because we are great for families for large groups, and that obviously involves larger homes with multiple bedrooms.

我們本季特別點出的一件事，是基礎「臥室晚數」（bedroom nights）的成長。近年推升 ADR 的因素之一，是較大房源持續呈現不成比例的高人氣。我們知道人們特別選擇 Airbnb，是因為我們非常適合家庭與大型團體，而這顯然會涉及多臥室的大型房源。

What we've seen is that the growth in what we call bedroom nights has, one, been at a higher level and also accelerated more on a year-over-year basis than our nights booked, which gives you a sense of, number one, what is differentiated and popular on our platform, but also that component of ADR appreciation that is durable and really a reflection of incremental value delivered, not just rising prices, which is important to note in terms of thinking about the long-term pricing strategy.

我們看到的是，我們所謂的「臥室晚數」成長，一方面水準更高，另一方面在年對年（YoY）基礎上加速的幅度也比「已預訂晚數」（nights booked）更快；這讓你理解到，第一，我們平台上差異化且受歡迎的是什麼；同時也顯示 ADR 上升中那個可持續的部分，確實反映的是所提供的增量價值，而不只是單純漲價——這點在思考長期定價策略時很重要。

Colin Sebastian, Baird.

Colin Sebastian，Baird。

Great. Good afternoon. Thanks for taking my questions. I guess, Brian, first, when we look at the expansion of the services platform outside of lodging, which of the newer categories would you say are signaling the strongest early traction and maybe even unit economics relative to expectations?

很好。下午好。謝謝讓我提問。我想，Brian，首先，當我們看住宿以外的服務平台擴張時，你會說哪些較新的類別在早期展現出最強的牽引力（traction），甚至在單位經濟（unit economics）上也優於或符合預期？

And then how are you pacing investment across that group as we look ahead over the next year or two, understanding that you have other new products in the pipeline? Thank you.

另外，考量你們還有其他新產品在管線中，展望未來一到兩年，你們如何在這些類別之間安排投資節奏？謝謝。

I mean, car rentals are going to be the biggest one by far just because of how big the asset is. And I think the thing that we're surprised by in a good way is that the length of the reservation is long.

我的意思是，租車會是迄今為止最大的一項，因為這個資產類別的規模非常大。而我們感到驚喜（以好的方式）的一點是，預訂的天數很長。

In fact, it's longer than the average length of an Airbnb stay. We thought the average length of a car rental would be shorter than Airbnb stay, but actually longer. There's a variety of reasons why. It might be they want the car for longer than Airbnb stay. They might be staying somewhere else after they check out. But that was the big variable and we underestimate how long the reservations would be. And we're going to now expand this globally.

事實上，它比 Airbnb 住宿的平均停留天數還長。我們原本以為租車的平均天數會比 Airbnb 住宿更短，但結果反而更長。原因有很多。可能是他們想用車的時間比 Airbnb 住宿更久。也可能是他們退房後還會去別的地方住。但這是最大的變數，而我們低估了預訂會有多長。我們現在將把這項服務擴展到全球。

I think that's going to be really huge. But at the same time, luggage storage, what a sleeper hit. I went on stage. In this keynote, one, I talk about all these AI features, and the biggest cheer I got was luggage storage. And I finally felt cool on the internet. I posted on Instagram and people are like cheering for luggage storage.

我認為那會非常巨大。但同時，行李寄存真的是一個黑馬爆款（sleeper hit）。我上台時，在這場主題演講裡，我一方面談了所有這些 AI 功能，但我得到最大歡呼的是行李寄存。我終於覺得自己在網路上很酷。我在 Instagram 發文，大家都在為行李寄存歡呼。

So that's not the sexiest service I would say, but I will say that like what we've learned is that, every service in and of itself has value. Now, some are going to drive a lot more revenue like car rentals and luggage storage.

所以我會說那不是最性感的服務，但我想說，我們學到的是：每一項服務本身都有價值。當然，有些會帶來更多營收，例如租車和行李寄存。

But what all these services have in common is they make you more likely to want to book a home on Airbnb or a hotel on Airbnb. And so we have a pipeline of dozens of more services. Some are going to be really big, like groceries, where we're going to be doing international expansion, food delivery. And these are going to be partnerships.

但這些服務的共同點是：它們會讓你更可能想在 Airbnb 上預訂民宿或在 Airbnb 上預訂飯店。因此我們還有數十項更多服務的管線。有些會非常大，例如雜貨，我們會做國際擴張；還有外送。而這些將會以合作夥伴關係來推進。

We're not building a food delivery service, but it's going to be really integrated well into the app. A lot of people don't know what to do with food delivery or ride sharing or grocery service to use when they get to a country. It's not the same app everywhere. It's integrated. They have the address. We often offer deals and discounts. So they make the product really compelling. We're going to expand a lot more services, but we do not think that they'll incur a lot of costs because most of the big ones we're talking about are partnerships.

我們不是在打造外送服務，但它將會非常完善地整合進 App。很多人到了某個國家後，不知道該用哪個外送、共乘或雜貨配送服務。各地使用的 App 並不相同。而我們把它整合起來。他們有地址資訊。我們也經常提供優惠與折扣。因此讓產品變得非常有吸引力。我們會擴展更多服務，但我們不認為會產生很多成本，因為我們談的多數大型服務都是透過合作夥伴關係。

Partnerships mean the cost is incurred by the company fulfilling the service, not us. So we're essentially in lead generation for them. And so we do not see a big incurring of cost.

合作夥伴關係的意思是，成本由提供服務的公司承擔，而不是我們。所以我們本質上是在為他們做潛在客戶開發（lead generation）。因此我們不認為會有大量成本發生。

On the hosted services, what you might call first party services where they're host, we're kind of going not category by category, but by city by city. So like for example, like in Tulum, a lot of people go there and they want to relax, so no surprise massages are really popular in Tulum.

至於託管式服務，也就是你可能稱為第一方服務、由他們承接提供的那種，我們的推進方式不是按類別逐一推，而是按城市逐一推。例如在圖盧姆（Tulum），很多人去那裡是想放鬆，所以按摩在圖盧姆非常受歡迎也就不足為奇。

In Paris, massages aren't as popular. People aren't looking to relax there. They're looking at their photos. So therefore, photography is very popular. So we're going to be looking at both hosted services, first-party services, and partner services. A lot of the momentum will be partner services. We're going to be able to launch a lot of them, and we do not think there'll be much cost because they're partners.

在巴黎，按摩就沒那麼受歡迎。人們去那裡不是為了放鬆。他們在看自己的照片。因此攝影非常受歡迎。所以我們會同時關注託管式服務、第一方服務，以及合作夥伴服務。很多動能會來自合作夥伴服務。我們能推出很多這類服務，而且我們不認為成本會很高，因為是合作夥伴。

Doug Anmuth from JP Morgan. Your line is open.

摩根大通（JP Morgan）的 Doug Anmuth。您的線路已開通。

Great. Thanks for taking the question. Brian, just given your AI-driven product innovation improvements and as you scale hotels more, just curious how you might think about a more formal B2B opportunity down the line? Thanks.

很好。謝謝讓我提問。Brian，考量到你們以 AI 驅動的產品創新改進，以及你們在飯店業務上的進一步擴張，我想請教你們未來是否會考慮更正式的 B2B 機會？謝謝。

Can you elaborate on the question?

你可以再詳細說明一下問題嗎？

Just whether you would. Something that would kind of go to market more toward a B2B opportunity and travel.

就是你們是否會。推出某種更偏向 B2B、面向旅遊市場的 go-to-market 機會。

Do you mean like what Expedia is doing by B2B? What do you mean by B2B?

你的意思是像 Expedia 在做的那種 B2B 嗎？你所說的 B2B 是指什麼？

Yeah, exactly. And something more specifically for enterprise businesses?

對，正是。以及更具體地，針對企業客戶的方案？

I think we're like a -- I think, how do I explain this? To use a computer analogy, BlackBerry was a very enterprise-first company. Apple was a very consumer-first company. And I think ultimately, consumer wins and the consumers kind of point the enterprises. So I think the enterprise is going to be really important for us.

我覺得我們有點像——我該怎麼解釋呢？用電腦產業來比喻，BlackBerry 是一家非常以企業優先的公司。Apple 則是非常以消費者優先的公司。而我認為最終是消費者勝出，消費者也會反過來影響企業的選擇。所以我認為企業市場對我們會非常重要。

B2B strategy is kind of emerging, but we think that the best strategy and it's the one that Apple pursued was to get the consumers to vote and then they tell the employer if they want to use your service and you make it really easy for them.

B2B 策略正在逐步成形，但我們認為最好的策略——也是 Apple 採取的策略——是先讓消費者用腳投票，然後他們會告訴雇主想用你的服務，而你要讓他們非常容易做到。

One thing I will say, I don't know if you're asking this question, but I don't really see us being in the white label business. I think that every brand is so strong and so powerful that the last thing we want to do is strip that brand away.

我想補充一點，我不確定你是不是在問這個，但我不太認為我們會做白標（white label）業務。我認為每個品牌都非常強大、非常有影響力，我們最不想做的就是把那個品牌拿掉。

So I don't know if either of those answered your question at all. Did they answer your question? Hopefully they did.

所以我不確定上述兩點是否有回答到你的問題。有回答到嗎？希望有。

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

以上為我們的問答環節。接下來我將把電話交回給 Brian Chesky，請他做最後的結語。

All right, well, thank you, all, for joining today. And I just wanted to say, we're really, really excited about the results this quarter. We delivered one of the strongest quarters in years. We exceeded our outlook and we're raising our full-year guidance.

好的，謝謝各位今天參與。我想說，我們對本季的成果感到非常、非常興奮。我們交出多年來最強勁的季度之一。我們超越了先前展望，並上調了全年指引。

But what excites me most isn't the quarter, it's we're seeing broad-based momentum across Airbnb. Growth is accelerating core markets, more people are booking Airbnb for the first time, and we're shipping faster than we've ever have before.

但最讓我興奮的不是這一季，而是我們看到 Airbnb 全面性的動能。核心市場的成長正在加速，更多人第一次預訂 Airbnb，而我們的產品交付速度比以往任何時候都更快。

And these results are not isolated. I think they're evidence that the changes we made over the last several years are working. And that's what gives us confidence that this momentum is here to stay.

而且這些成果並非孤立。我認為這證明了我們過去幾年所做的改變正在奏效。這也讓我們有信心，相信這股動能會持續下去。

I'm incredibly proud of our team that's worked incredibly hard to deliver the results that we've talked about today. And I want to thank you all for being investors and partners on the journey. We'll see you next quarter.

我為我們的團隊感到無比自豪，他們非常努力地交出了我們今天所談到的成果。也感謝各位一路以來作為投資人與合作夥伴的支持。我們下季見。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。