Airbnb, Inc. (ABNB) 2026 Q3 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's earnings conference call for the third 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 年第三季財報電話會議。提醒各位，本次電話會議將被錄音，會後可至 Airbnb 官網「投資人關係」專區收聽重播。

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

接下來我將把電話交給投資人關係副總裁 Andrew Slabin。請開始。

Good afternoon, and welcome to Airbnb's Third Quarter of 2026 Earnings Call. Thank you for joining us today. On the call with us, we have Airbnb's Co-Founder and CEO, Brian Chesky, and our Chief Financial Officer, Ellie Mertz. Earlier today, we issued a shareholder letter with our financial results and commentary for our third quarter of 2026. These items were also posted on the Investor Relations section of Airbnb's website. During the call, we will make brief opening remarks and then spend the remainder of time on Q&A.

下午好，歡迎參加 Airbnb 2026 年第三季財報電話會議。感謝各位今天加入。與會者包括 Airbnb 共同創辦人兼執行長 Brian Chesky，以及財務長 Ellie Mertz。今天稍早，我們已發布股東信，內容包含 2026 年第三季的財務結果與評論。這些資料也已張貼於 Airbnb 官網的投資人關係專區。在本次電話會議中，我們將先做簡短開場說明，之後把剩餘時間用於問答。

Before I turn it over to Brian, I'd 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. That being said, 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.

在我把電話交給 Brian 之前，我想提醒各位，我們在本次電話會議中將提出前瞻性陳述，這些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。這些因素已在我們的股東信「前瞻性陳述」段落，以及我們最近向美國證券交易委員會提交的文件中說明。基於上述原因，我們敦促各位考量這些因素，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。

You should be aware that these statements could be considered estimates only and are not a guarantee of future performance. Also during this call, we will discuss some non-GAAP financial measures. We've 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.

請注意，這些陳述可能僅可視為估計，並不保證未來表現。此外，在本次電話會議中，我們也將討論部分非 GAAP 財務衡量指標。我們已在張貼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 will turn the call over to Brian.

那麼，接下來我把電話交給 Brian。

All right. Hey, everyone. Thanks for joining. When you look back at our results, over the last several quarters, there is a clear story emerging. Airbnb is back in growth mode.

好的。各位好。感謝加入。回顧我們過去幾季的表現，可以看到一個清楚的趨勢正在形成。Airbnb 已重新回到成長模式。

It's rare for a marketplace of our size to reaccelerate growth, but that's exactly what we're doing. Q3 was our fastest revenue growth in more than three years. Revenue grew 19% year-over-year to $4.9 billion. Gross booking value grew 21% to $27.7 billion and nights and seats booked grew 16% to $155 million.

對於我們這種規模的市集平台而言，能夠讓成長再度加速是很罕見的，但我們正在做到這件事。第三季是我們三年多以來最快的營收成長。營收年增 19% 至 49 億美元。總訂單金額（Gross booking value）成長 21% 至 277 億美元，而預訂的晚數與座位數成長 16% 至 1.55 億。

We've also exceeded our outlook across every key metric, and we're seeing the acceleration across the business. In Q3, every region developed to deliver double-digit nights growth. Growth accelerated in all five of our core markets: US, France, UK, Canada, and Australia, nearly all of our expansion markets. In North America, nights booked grew at our fastest pace in four years.

我們也在每一項關鍵指標上都超越了先前展望，並且看到整體業務的加速。在第三季，各地區的晚數成長皆達到雙位數。我們五大核心市場——美國、法國、英國、加拿大與澳洲——以及幾乎所有拓展市場的成長都在加速。在北美，預訂晚數以四年來最快的速度成長。

We're also seeing more guests return to Airbnb and more people try it for the first time. First-time booker growth accelerated 13%, now this is the highest it's been since early 2022, and the fastest-growing segment is Gen Z. Our nights booked in our app grew 25% and now 66% of our total nights booked are in our app.

我們也看到更多旅客回到 Airbnb，並且有更多人首次嘗試。首次預訂者的成長加速至 13%；這是自 2022 年初以來的最高水準，而成長最快的族群是 Z 世代。我們在 App 端的預訂晚數成長 25%，目前我們總預訂晚數的 66% 來自 App。

Now I want to start by explaining what's driving this growth. This did not happen overnight. Airbnb grew incredibly fast when we started. But eventually, our technology and the way we operate couldn't keep up -- so a number of years ago, we started by rebuilding the foundation. This was immediately after our IPO.

接下來我想先說明是什麼在推動這波成長。這並非一夕之間發生。Airbnb 在創立初期成長非常快。但最終，我們的技術與營運方式無法跟上——因此在幾年前，我們開始重建基礎。這是在我們 IPO 之後不久開始的。

We spent years rebuilding our technology platform. We redesigned the app. We improved our core experience. And a lot of this was pretty thankless at the time because we had to trade in some near-term growth to make these very important investments. We did this for the long-term growth of the company. And technology alone was not enough.

我們花了好幾年重建技術平台。我們重新設計了 App。我們改善了核心體驗。當時這些工作很不討好，因為我們必須以部分短期成長作為交換，來進行這些非常重要的投資。我們這麼做是為了公司的長期成長。而且光靠技術還不夠。

We also had to fundamentally change how the company operates. We organized Airbnb meet around a single road map, we brought all these teams together, and we focused small teams on very specific problems. Then we developed an entirely new way to build products, and it was inspired by the original early days of Airbnb of my Co-Founder. And Project Hawaii, this -- what I've talked about in prior earnings calls was our first big bid point.

我們也必須從根本改變公司的運作方式。我們讓 Airbnb 圍繞單一產品路線圖來組織運作，把這些團隊整合在一起，並讓小型團隊聚焦於非常具體的問題。接著我們發展出一套全新的產品打造方式，靈感來自我與共同創辦人在 Airbnb 早期的做法。而「Hawaii 計畫」——我在先前的財報電話會議中談過——是我們第一個重要的轉折點。

I took a very small team I worked with them very nearly daily, we had one job, make it easier to find and book a home. And this team, they work relentlessly, and they ship hundreds of improvements that generated hundreds of millions of dollars of revenue. And so we're like, wow, that works.

我帶領一個非常小的團隊，幾乎每天與他們一起工作；我們只有一個任務：讓使用者更容易找到並預訂房源。這個團隊不懈努力，上線了數百項改進，帶來了數億美元的營收。於是我們想，哇，這方法有效。

Let's take this approach and we start applying it to other teams. So we took this and we applied it to the pricing team, and they were able to deliver hundreds of millions of dollars in incremental revenue. then we took it to international expansion. We gave them more autonomy moved really quickly, and we're seeing results of that team as well. For example, in Q3, nights booked by guests in our expansion markets grew at their fastest pace in nearly three years.

我們就把這種方法開始套用到其他團隊。我們把它用在定價團隊，他們也帶來了數億美元的增量營收。接著我們把它用在國際拓展。我們給予他們更大的自主權、推進速度更快，也看到了該團隊的成果。例如在第三季，來自我們拓展市場的旅客所預訂的晚數，以近三年來最快的速度成長。

Brazil grew more than 30%, and India grew more than 60%. We also began building new businesses, including hotels and services, and we broadened experienced leaders to help scale them.

巴西成長超過 30%，印度成長超過 60%。我們也開始打造新業務，包括飯店與服務，並延攬更有經驗的領導者來協助擴大規模。

And then AI change the speed of everything. We spent years laying the groundwork, but now AI is helping us build, test, and improve products faster than we've ever done before. In Q3 alone, we shipped more than 50 products and features. -- nearly 70% more than a year ago because of AI. So when you put it all together, that's what's driving our growth. We spent years changing how urban be operates. And now we're seeing the results.

接著，AI 改變了一切的速度。我們花了多年打底，但現在 AI 正在幫助我們以前所未有的速度打造、測試並改進產品。僅在第三季，我們就上線了超過 50 項產品與功能。——在 AI 的助力下，較一年前增加了將近 70%。把這些因素綜合起來，就是推動我們成長的原因。我們花了多年改變 urban be 的運作方式。而現在我們正在看到成果。

Now let me share a few updates in the quarter, starting with our fall update. When people book a trip, they don't just care about the home, they care about where it's located. In fact, 75% of our guests use every maps in deciding where to stay. That's why we introduced Neighborhood pages, which help guests get a better feel for an area before booking, including the best restaurant activities and more. Now we started these Neighborhoods pages in Paris, where we saw a really big meaningful increase in bookings.

接下來我分享本季幾項更新，先從我們的秋季更新開始。人們在預訂旅行時，不只在意房源本身，也在意它的位置。事實上，有 75% 的旅客會使用 every maps 來決定住在哪裡。因此我們推出「街區（Neighborhood）」頁面，協助旅客在預訂前更了解一個區域的氛圍，包括最佳餐廳、活動等更多資訊。我們先在巴黎推出這些街區頁面，並看到預訂量出現非常顯著的提升。

So now what we're doing is we're bringing the neighbor of pages to over 1,500 neighborhood around the world on Airbnb by the end of the year.

因此我們現在要做的是，在年底前把 neighbor of pages 擴展到全球超過 1,500 個街區，並在 Airbnb 上線。

Now this is going to be massive because when you stay in Airbnb, you're often staying in a neighborhood and how do you get that information, it's really hard to find in Google. And this is going to be really useful. We're also helping guests plan trips with recommendations from friends and family. We expanded connection, so guests can see where people they know stayed and what they recommend. And our new travel map brings those trips and recommendation together in one place.

這將會非常重要，因為當你住在 Airbnb 時，你往往是住在某個街區；而要取得這類資訊，在 Google 上其實很難找到。這會非常有用。我們也透過親友的推薦來協助旅客規劃行程。我們擴充了 connection，讓旅客可以看到認識的人曾住過哪裡，以及他們推薦什麼。而我們新的旅行地圖把這些行程與推薦整合在同一個地方。

Now for host, we designed our multi-listing calendar. It makes it easy to manage multiple listings, update pricing and fill up at night. And the first month of early access, nearly one in four eligible hosts opted in. We're also bringing in rural cost leaders to help drive our next phase of growth. In September, Pepijn Rivers joined us as Chief Business Officer.

現在針對房東，我們設計了多房源行事曆。它讓管理多個房源、更新定價以及在夜間補滿空房變得更容易。而在搶先體驗的第一個月，幾乎每四位符合資格的房東就有一位選擇加入。我們也引進鄉村地區的成本領導者，協助推動下一階段的成長。9 月，Pepijn Rivers 加入我們，擔任首席商務長。

Pepijn was one of the key leaders behind Booking.com's growth. He ran its entire accommodations business, including hotels and homes and led one of the largest performance marketing operations in the world. He now leads Airbus Homes and hotels businesses as well as our international expansion.

Pepijn 是 Booking.com 成長背後的關鍵領導者之一。他負責其整個住宿業務，包括飯店與住家，並領導全球規模最大的成效行銷營運之一。他現在領導 Airbnb 的住家與飯店業務，以及我們的國際擴張。

Now one of the biggest opportunities ahead of us is hotels. And we started small with a pilot in just four cities. Today, we have thousands of boutique and independent hotels in Airbnb across more than 60 top destinations, and hotel bookings accelerated again in Q3. Now what's even more exciting is that hotels are bringing new guests to Airbnb. In fact, approximately 35% of guests reversed whose first booking is a hotel.

接下來我們面前最大的機會之一是飯店。我們從小規模開始，在僅四個城市進行試點。如今，我們在 Airbnb 上已於超過 60 個熱門目的地擁有數千家精品與獨立飯店，而第三季飯店預訂再次加速成長。更令人興奮的是，飯店正在為 Airbnb 帶來新客群。事實上，約 35% 的回流旅客，其首次預訂就是飯店。

They come back and they book a home within a year. The hotels aren't just a new business for Airbnb. They're also helping us grow our homes business. Services are also becoming a bigger part of Airbnb. We launched car rentals this summer, and they've quickly become one of our fastest growing services.

他們會回來，並在一年內預訂住家。飯店不只是 Airbnb 的一項新業務。它們也在幫助我們擴大住家業務。服務也正成為 Airbnb 更重要的一部分。我們在今年夏天推出租車服務，而且它很快成為我們成長最快的服務之一。

In Q3, we announced new services, including meal delivery, laundry, baby gear, and we also have local offerings like ski gear if you go in skiing or boat rentals, if you near an ocean or lake. And one of our biggest untapped growth opportunities is actually partnerships. Because for nearly 18 years, partnerships really weren't a major part of how we grew. It was mostly just organic. That's changing because we partner with airlines like Delta, Qantas, and TAP Air to reach millings travelers through companies they already use.

在第三季，我們宣布了新服務，包括餐點外送、洗衣、嬰幼兒用品；我們也有在地化的選項，例如去滑雪時的滑雪裝備，或若你靠近海洋或湖泊時的船隻租賃。而我們最大的未開發成長機會之一，其實是合作夥伴關係。因為在將近 18 年的時間裡，合作夥伴關係並不是我們成長方式中的主要部分。大多數成長主要來自自然流量。這正在改變，因為我們與達美航空、澳洲航空（Qantas）以及 TAP Air 等航空公司合作，透過旅客已在使用的公司來觸及數以百萬計的旅客。

In October, we launched our biggest partnership ever, an exclusive partnership with American Express, bringing more than 1 million Airbnb listings to Amex Travel. Now it's still early, but we're seeing thousands of bookings through Amex Travel with nearly a quarter of them coming from guests who are new to Airbnb and we're seeing share of lux booking, and we typically see on Airbnb. So of course, they're bringing in a really high-end segment of travelers that we haven't typically had as much access to.

10 月，我們推出了史上最大的一項合作：與美國運通（American Express）的獨家合作，將超過 100 萬個 Airbnb 房源帶到 Amex Travel。目前仍在早期階段，但我們已看到透過 Amex Travel 產生數千筆預訂，其中將近四分之一來自首次使用 Airbnb 的旅客；同時我們也看到奢華預訂占比，且通常在 Airbnb 上也會看到。因此，當然，這為我們帶來了一個我們過去較難觸及的高端旅客族群。

Now I want to spend a few minutes talking about AI. I believe AI is one of the best things to ever happen Airbnb. And I want to give you a few examples of what we're doing with it. In Q3, we brought AI into more of the guest and host experience. For guests, we introduced AI search, so they can describe we're looking for in their own words and find the right home service experiences for the trip.

接下來我想花幾分鐘談談 AI。我相信 AI 是 Airbnb 有史以來遇到過最棒的事情之一。我想舉幾個我們如何運用 AI 的例子。在第三季，我們把 AI 帶入更多旅客與房東的體驗中。對旅客而言，我們推出了 AI 搜尋，讓他們可以用自己的話描述想找的內容，並為旅程找到合適的住家、服務與體驗。

So if you want to see AI search, just go to our app or a website and you see the very top of the page, there's a toggle. If you open the toggle on you can basically type entire sentences like natural language, and then it will basically deselect all the filters. It's working really well. It's especially popular with Gen Z and younger travelers, they're very AI native.

如果你想看看 AI 搜尋，只要打開我們的 App 或網站，在頁面最上方你會看到一個切換鈕。把切換鈕打開後，你基本上可以用自然語言輸入完整句子，然後它會基本上取消選取所有篩選條件。效果非常好。它特別受到 Z 世代與更年輕旅客的歡迎，他們對 AI 非常熟悉。

AI can also suggest relevant social search filters I can summarize important details of homes and help guests compare places they're savings. For host, we're using AI to make it easier to create 3D floor plans. These are really cool. They can help you price your homes competitively and understand how the listings are performing.

AI 也能建議相關的社交搜尋篩選條件、彙整房源的重要細節，並協助旅客比較他們正在收藏的地點。對房東而言，我們正使用 AI 讓建立 3D 平面圖更容易。這些真的很酷。它們可以幫助你更具競爭力地定價，並了解房源表現如何。

Now we're all seeing AI to transform customer support. Our AI assistant is now available in more than 50 languages, and this next stat is really key. In Q3, -- approximately 40% of all customer support issues were resolved without a human agent. And this is up from one-third in Q2. So this has been huge for us.

我們也看到 AI 正在改造客服支援。我們的 AI 助理目前支援超過 50 種語言，而接下來這個數據非常關鍵。在第三季，約有 40% 的客服問題在沒有真人客服的情況下就獲得解決。而這個比例在第二季約為三分之一。這對我們來說影響非常大。

and we're expanding our assistant to voice support in the US, so guests and hosts can help get faster help over the phone. What this means is that customer support cost per booking has declined more than 17% and year-over-year, driven in large part by improvements to our AI assistant.

而且我們正在把助理擴展到美國的語音支援，讓旅客與房東能透過電話更快獲得協助。這代表每筆預訂的客服成本年增下降超過 17%，主要由 AI 助理的改善所帶動。

And if you're wondering, customer service NPS is as high as it's ever been. But these improvements are just the beginning. There's a lot of discussion about whether people will eventually use one AI agent to do everything. And if they do, what does that mean for Airbnb? Are we going to be cut out?

如果你在想，我們的客服 NPS 已達到歷史新高。但這些改善只是開始。目前有很多討論在談，人們是否最終會使用一個 AI 代理來做所有事情。如果真是如此，這對 Airbnb 意味著什麼？我們會不會被排除在外？

Well, I don't think people are going to use one AI agent for everything. You see today's AI agents like Muse and Instinct are good at simple routine tasks like making a restaurant reservation or scheduling an appointment. But planning a trip is different. Travel is aspirational, discovering where to go and where to stay as part of the experience.

我不認為人們會用一個 AI 代理來做所有事情。你看，今天的 AI 代理，例如 Muse 和 Instinct，擅長處理簡單的例行任務，例如訂餐廳或安排約會。但規劃旅行不一樣。旅行是一種嚮往；探索要去哪裡、住哪裡，本身就是體驗的一部分。

In fact, 80% of travelers say they enjoy spending time researching trips. People want to look at photos. They want to compare home. They want to make decisions with the people they're traveling with -- and I don't think the general purpose agents are the best to do that. So that is why we are building our own AI agent.

事實上，80% 的旅客表示他們喜歡花時間研究行程。人們想看照片。他們想比較房源。他們想和一起旅行的人共同做決定——而我不認為通用型代理最適合做這件事。所以這就是為什麼我們要打造自己的 AI 代理。

And we have three distinct advantages when we build our own agent. First, we understand the Airbnb marketplace better than anyone. For nearly 20 years, we've helped guests and host find places to stay with -- we help guests find places to stay with millions of host. Every home is different. Guests care about the home, the location, the reviews, and the person hosting them.

而在打造自有代理時，我們有三個明確優勢。第一，我們比任何人都更了解 Airbnb 的市集。將近 20 年來，我們協助旅客與房東找到住宿——我們協助旅客在數百萬名房東中找到住宿。每一間房源都不同。旅客在意房源本身、地點、評價，以及接待他們的房東。

And we spend years learning how guests make the decision and how us operate. So the understanding gives us a significant advantage in building the AI agent help people find the book the right place to stay. Second, we are part of the reservation itself.

我們花了多年學習旅客如何做決策，以及房東如何營運。因此，這種理解讓我們在打造 AI 代理、幫助人們找到並預訂合適住宿方面具有顯著優勢。第二，我們是預訂流程本身的一部分。

Now this is important because we know that travel doesn't end with the booking. In fact, that's when it starts. Because Airbnb handles reservations, payments to customer support, our agent is able to help guests throughout their trip. This means we can manage reservations. We can help you make changes to your plans and accessing Airbnb support and protection when they need them. These are things in outstate agents cannot do easily on their own.

這點很重要，因為我們知道旅行不會在完成預訂時結束。事實上，那才是開始。因為 Airbnb 處理預訂、付款到客服支援，我們的代理能在旅客整趟旅程中提供協助。這表示我們可以管理預訂。我們可以協助你變更行程，並在需要時取得 Airbnb 的支援與保障。這些是外部代理很難單靠自己做到的事情。

And third, and perhaps most importantly, we're building a new interface specifically for travel. We don't think the traditional chatbot is the right way to plan travel. It's the wrong interface. So what we are doing is developing a custom-designed, AI native experience to responds to what guests are looking for.

第三，而且或許最重要的是，我們正在打造一個專為旅行設計的新介面。我們不認為傳統聊天機器人是規劃旅行的正確方式。那是錯的介面。因此，我們正在開發一個客製設計、AI 原生的體驗，來回應旅客正在尋找的內容。

So instead of relying on traditional chat alone, which is very text heavy, which again is definitely not the way you should plan travel, -- our agent draws from a library of hundreds of travel-specific interface components, maps, photos, comparisons, calendars, itineraries and compose them in real time to match what they're looking for.

因此，我們的代理不再僅依賴傳統的純聊天方式（文字量很大，而這顯然不是你應該用來規劃旅行的方法），而是會從包含數百種旅遊專用介面元件的資料庫中取用內容，包括地圖、照片、比較、行事曆、行程規劃等，並即時組合成符合他們需求的呈現。

This is going to feel a little bit like generative UI in the sense that it's going to offer up the right interface at the right time for your specific travel needs. Now it's going to help guests explore options, make decisions with people they're traveling with and take action directly on Airbnb. And over time, we want our agent to help guests plan their entire trip on Airbnb all in one place. We're going to start rolling it out to guests in the first half of next year.

這在某種意義上會有點像生成式 UI，因為它會在正確的時間，為你的特定旅遊需求提供正確的介面。它將協助房客探索選項、與同行者一起做決策，並直接在 Airbnb 上採取行動。隨著時間推進，我們希望代理能協助房客在 Airbnb 上一站式規劃整趟旅程。我們將在明年上半年開始向房客逐步推出。

So I'm going to end where I started. Airbnb is back in growth mode. We're excited about what we're building and with the momentum we're seeing across the business, we're raising our full year outlook.

所以我會回到我一開始所說的。Airbnb 已回到成長模式。我們對正在打造的產品感到振奮，而隨著我們在整體業務上看到的動能，我們正在上調全年展望。

With that, I'm going to turn it over to Ellie.

接下來，我把時間交給 Ellie。

Thanks, Brian, and good afternoon, everyone. I'll start with Q3 results and then cover our outlook for Q4 and the full year 2026. As Brian shared, Q3 was a strong quarter with a meaningful acceleration across the business. Gross booking value was nearly $28 billion, up 21% year-over-year, a 5 percentage point acceleration from Q2. This is driven by strong growth in nights and seats booked and a moderate increase in ADR. Nights and seats booked grew 16% year-over-year, accelerating significantly from Q2, with strength across all major regions and market types.

謝謝你，Brian，各位下午好。我將先說明第三季（Q3）業績，接著談第四季（Q4）以及 2026 全年的展望。如 Brian 所分享，Q3 是強勁的一季，整體業務出現明顯加速。總預訂金額（Gross Booking Value, GBV）接近 280 億美元，年增 21%，較 Q2 加速 5 個百分點。這主要由預訂的住宿晚數與座位數強勁成長，以及平均每日房價（ADR）的溫和上升所帶動。預訂的住宿晚數與座位數年增 16%，相較 Q2 顯著加速，且所有主要地區與市場類型皆表現強勁。

Q3 nights benefited from a 3% net lift from the expansion of Reserve Now Pay Later. So excluding the impact of RNPL, nights and seats booked growth was approximately 13%, still accelerating from Q2. ADR was up 4% year-over-year or 5% excluding FX and who was up across all regions with notable strength in North America and Europe.

Q3 的住宿晚數受惠於「立即預訂、稍後付款」（Reserve Now Pay Later, RNPL）擴張帶來 3% 的淨提升。因此，若排除 RNPL 的影響，預訂的住宿晚數與座位數成長約為 13%，仍較 Q2 加速。ADR 年增 4%，若排除匯率（FX）影響則年增 5%，且各地區皆上升，其中北美與歐洲表現尤為突出。

On a regional basis, we saw low double-digit growth in North America, mid-teens growth in EMEA, over 20% growth in both Latin America and Asia Pacific. These results were an acceleration across all four regions relative to Q2.

以地區來看，北美呈現低雙位數成長，EMEA（歐洲、中東與非洲）為十位數中段成長，拉丁美洲與亞太地區皆超過 20% 成長。相較 Q2，這四個地區的表現皆出現加速。

Turning to our Q3 financial results. Revenue grew 19% year-over-year to $4.9 billion or 16% excluding FX. Significantly exceeding the high end of our outlook. Net income was $1.9 billion, a 39% net income margin. Net income benefited from a $135 million reduction in our provision for income taxes as the prior year included a $213 million valuation allowance related to CAMT Credit.

接著看我們 Q3 的財務結果。營收年增 19% 至 49 億美元；若排除匯率影響則年增 16%，顯著高於我們展望區間的上緣。淨利為 19 億美元，淨利率 39%。淨利受惠於所得稅準備金減少 1.35 億美元，因為去年包含與 CAMT 稅額抵減（CAMT Credit）相關的 2.13 億美元估值備抵（valuation allowance）。

Adjusted EBITDA grew 22% year-over-year to $2.5 billion, representing an adjusted EBITDA margin of 52%, up from 50% in Q3 of last year. Margin expansion in Q3 was driven by strong revenue growth and cost discipline, including operating leverage from AI-driven efficiencies and customer support as well as the shifting of certain marketing expenses to Q4.

調整後 EBITDA 年增 22% 至 25 億美元，調整後 EBITDA 利潤率為 52%，高於去年 Q3 的 50%。Q3 的利潤率擴張主要由強勁的營收成長與成本紀律所驅動，包括 AI 驅動效率與客服帶來的營運槓桿，以及將部分行銷費用移至 Q4。

Let me take a moment on monetization and take rates. Our implied take rate was 17.6% in the quarter, down slightly year-over-year. That was primarily due to the expansion and strength of Reserve Now Pay Later, where guests book further in advance, increasing GBV before we recognize the associated revenue and to a lesser extent, higher incentives and credits related to new business initiatives.

我想花一點時間談談變現與抽成率（take rate）。本季推算抽成率（implied take rate）為 17.6%，較去年同期略降。主要原因是「立即預訂、稍後付款」（RNPL）的擴張與強勁表現：房客會更早預訂，使得在我們認列相關營收之前，GBV 先行增加；此外，較高的獎勵與抵用額（credits）（與新業務計畫相關）也在較小程度上造成影響。

Partially offsetting these pressures to implied take rate are guest travel insurance, and our migration to single service fee. Guest travel insurance continues to build momentum. Revenue grew nearly 70% year-over-year with higher attach rates in every region.

部分抵銷推算抽成率壓力的因素包括房客旅遊保險，以及我們轉向單一服務費。房客旅遊保險持續累積動能。營收年增近 70%，且各地區的附加率（attach rate）皆提升。

Lastly, in October, we completed the final phase of our fee simplification initiative, whereby nearly all of our remaining hosts have now moved to a single 15.5% service fee. We've already seen that the single service fee helps hosts price more competitively and creates greater transparency for our guests.

最後，在 10 月，我們完成了費用簡化計畫的最後階段，幾乎所有剩餘的房東如今都已轉為單一 15.5% 的服務費。我們已經看到，單一服務費有助於房東更具競爭力地定價，並為房客帶來更高的透明度。

Next, our balance sheet and cash flow. We continue to benefit from our efficient and capitalized business model delivering $1.4 billion of free cash flow in Q3, up modestly year-over-year. We expect that free cash flow would have grown more in Q3 absent the impact of Reserve Now Pay Later bookings on working capital. RNPL defers guest payments from the time of booking closer to the date of stay impacting the seasonality of unearned needs.

接下來是資產負債表與現金流。我們持續受惠於高效率且資本充足的商業模式：Q3 產生 14 億美元自由現金流，年增幅度小幅提升。若非「立即預訂、稍後付款」（RNPL）預訂對營運資金的影響，我們預期 Q3 的自由現金流成長會更高。RNPL 會將房客付款時間從預訂時點延後至更接近入住日期，進而影響遞延收入（unearned）項目的季節性。

Free cash flow during Q3 was also impacted by a $75 million increase in purchases of property and equipment driven by our new office building in New York City. Over the trailing 12 months, we generated $4.9 billion of free cash flow, a 35% free cash flow margin.

Q3 的自由現金流也受到不動產與設備購置增加 7,500 萬美元的影響，主要由我們在紐約市的新辦公大樓所帶動。過去 12 個月，我們產生 49 億美元自由現金流，自由現金流利潤率為 35%。

Finally, during Q3, we repurchased $700 million of our common stock enabled by our strong balance sheet and significant cash flow generation, leaving $2.7 billion remaining under our existing authorization. And today, we're pleased to announce Board approval of a new $12 billion share repurchase program on top of this existing authorization. This reflects the continued confidence in our business performance, our ability to generate strong free cash flow as well as our commitment to returning capital to shareholders, which remains important to our capital allocation strategy.

最後，在 Q3，我們回購了 7 億美元普通股，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；在既有授權額度下仍剩餘 27 億美元可用。此外，我們今天很高興宣布，董事會已核准一項新的 120 億美元股票回購計畫，並在既有授權之上追加。這反映出我們對業務表現的持續信心、對強勁自由現金流創造能力的信心，以及我們致力於回饋股東的承諾；回饋股東仍是我們資本配置策略中的重要一環。

Now let's turn to Q4 and full year 2026 outlook. We're encouraged by the meaningful acceleration we've delivered as well as the momentum we're seeing into year-end. Although we're closely monitoring ongoing developments in Europe, underlying global travel demand remains healthy and our faster pace of product innovation continues to drive results, and our Q4 outlook reflects it. For Q4, we expect revenue of $3.22 billion to $3.28 billion, representing year-over-year growth of 16% to 18%. This include an approximate 2 percentage point FX tailwind after factoring in our hedging program.

現在來看 Q4 與 2026 全年展望。我們對已實現的明顯加速以及年底前持續展現的動能感到鼓舞。儘管我們正密切關注歐洲的持續發展情勢，全球旅遊需求的基本面仍然健康；同時，我們更快的產品創新節奏也持續帶動成果，而我們的 Q4 展望亦反映了這一點。對於 Q4，我們預期營收為 32.2 億至 32.8 億美元，年增 16% 至 18%。在納入我們的避險計畫後，這包含約 2 個百分點的匯率（FX）順風。

We expect our implied take rate to be up slightly year-over-year. We expect GBV growth in the mid-teens, driven by at least low double digit -- low double-digit growth in nights and seats booked and a modest increase in ADR.

我們預期推算抽成率將較去年同期小幅上升。我們預期 GBV 成長為十位數中段，主要由預訂的住宿晚數與座位數至少低雙位數成長，以及 ADR 的小幅上升所帶動。

In Q4, we are not assuming a material persistent impact related to the 10 in Europe, specifically France or the complex in the Middle East, but are closely monitoring trends in both regions. On profitability, we expect adjusted EBITDA to increase year-over-year and adjusted EBITDA margin to be slightly down compared to Q4 2025, partially due to the timing of marketing spend noted earlier.

在 Q4，我們不假設歐洲的「10」事件（特別是法國）或中東的衝突會帶來重大且持續的影響，但我們正密切監測兩個地區的趨勢。在獲利能力方面，我們預期調整後 EBITDA 將較去年同期增加，但調整後 EBITDA 利潤率將較 2025 年 Q4 略為下降，部分原因是前述行銷支出時點的影響。

Now for the full year, once again, we're raising our revenue and adjusted EBITDA margin outlook despite facing more difficult comparisons as we head into Q4. We now expect year-over-year revenue growth in the high teens up from at least mid-teens last quarter and our expectation at the beginning of the year of low double-digit growth. And we now expect full year adjusted EBITDA margin of approximately 36%, up from at least 35.5% last quarter.

至於全年，我們再次上調營收與調整後 EBITDA 利潤率展望，儘管在進入 Q4 時將面臨更具挑戰性的比較基期。我們目前預期全年營收年增為十位數高段，高於上一季所預期的至少十位數中段，也高於年初所預期的低雙位數成長。我們也預期全年調整後 EBITDA 利潤率約為 36%，高於上一季所預期的至少 35.5%。

During 2026, due to the expansion of Reserve Now Pay Later and its impact on the timing of working capital. We expect full year adjusted EBITDA margin to be modestly above our free cash flow margin. To close, Q3 demonstrates that the product and business changes we've made are translating into real financial outcomes, faster growth, and expanding margins. We're encouraged by the progress we've made so far and the durability of our results.

在 2026 年期間，由於「Reserve Now Pay Later」的擴張及其對營運資金時點的影響。我們預期全年調整後 EBITDA 利潤率將略高於我們的自由現金流利潤率。最後，第三季顯示我們所做的產品與業務變革正轉化為實際的財務成果、更快的成長，以及利潤率擴張。我們對目前取得的進展以及成果的持久性深受鼓舞。

Lastly, our product road map is robust and gives us a clear path to driving growth into the future. With that, I will open it up to Q&A.

最後，我們的產品路線圖相當扎實，為我們提供一條清晰的路徑，推動未來的成長。接下來，我將開放問答。

(Operator Instructions) Richard Clarke, Bernstein.

(接線員指示) Bernstein 的 Richard Clarke。

I guess, firstly, on dynamic pricing. I guess in Q2, Brian, you said you thought dynamic pricing was a bigger opportunity than Reserve Now Pay Later. You've been out with that product for about a month now, just early learnings, what is the sign-up you're getting from hosts? And do you still stick with that? And just very quickly Ellie, I think you said take rate up in Q4, why the reversal there? Is that because you're now lapping Reserve Now Pay Later? Or is there any other initiatives that are adding to the take rate in the fourth quarter?

我想，首先談動態定價。我記得在第二季，Brian，你說你認為動態定價的機會比「Reserve Now Pay Later」更大。你們推出這個產品大約一個月了，就早期觀察而言，房東的報名/採用情況如何？你仍然維持原先的看法嗎？另外很快問一下 Ellie，我想你提到第四季抽成率（take rate）上升，為什麼會在那裡反轉？是因為你們現在開始與「Reserve Now Pay Later」的基期效應對比了嗎？還是第四季還有其他推動抽成率的措施？

Richard, so I'll take the first part. So yes, well, I think generally, pricing is probably one of the biggest levers we have, certainly dynamic pricing. Just to give you a quick anecdote. A couple of months ago, we hired the Pepijn Rijvers from Booking. He's our new Chief Booking Officer.

Richard，我先回答第一部分。是的，我認為整體而言，定價可能是我們手上最大的槓桿之一，尤其是動態定價。我分享一個小故事。幾個月前，我們從 Booking 聘請了 Pepijn Rijvers。他是我們新任的首席訂房長（Chief Booking Officer）。

And he was really instrumental in the early days of booking. And one of the things he said when he joined, he said, if you think Reserve Now, Pay Later say, is big, wait till, you see what we can do with pricing. It many Reserve Now Pay Later. And it actually kind of makes sense. If you sell a product, customers care about two things: how good is the product and what does it cost?

他在 Booking 早期階段扮演了非常關鍵的角色。他加入時說的一件事是：如果你覺得「Reserve Now, Pay Later」很大，那就等著看我們在定價上能做什麼。它會讓「Reserve Now Pay Later」相形見絀。這其實也說得通。如果你在賣一個產品，顧客在意兩件事：產品有多好，以及它要多少錢？

So it's really 50% of the buying equation and affordability is, it's fortunately important for Airbnb because we have a lot of young travelers.

所以價格其實占了購買決策的 50%，而可負擔性對 Airbnb 特別重要，因為我們有很多年輕旅客。

It's much more economic stay-home, we're very much Gen Z based. We don't have any need data to share today about dynamic pricing, but the adoption is really great.

這比起住在家裡更具經濟性，我們的用戶很偏向 Z 世代。今天我們沒有任何需要分享的動態定價數據，但採用情況非常好。

I think one of the things we've noticed, this is a really key point is that -- there is this win-win where dynamic pricing can generally lower prices across the marketplace. It still allow hosts to make more money. So some nights, they make more money other nights they make less. We were really able to find these sensitivities where if you just charge like $10 less, you'll make enough more bookings that you'll actually make a lot more in the long run because your occupancy is much higher -- and that is like not an intuitive thing and it's good for the guest because it makes it a little more affordable.

我認為我們注意到的一點——這是非常關鍵的一點——是：動態定價存在一種雙贏，通常可以在整個平台上降低價格。同時仍能讓房東賺到更多錢。所以有些夜晚他們賺得更多，其他夜晚賺得較少。我們真的能找出這些敏感度：如果你只把價格降低例如 10 美元，你會獲得足夠多的額外訂單，長期下來反而能賺更多，因為入住率大幅提高——這並不是直覺上容易想到的；而且對房客也有利，因為價格更可負擔一些。

And so it's a really huge lever. It's extremely early. This is something that like AI is really good at tunung, and the thing about AI is like you need to tune it and get more data. So I think in the coming quarters, we should be able to have some more results.

因此這是一個非常巨大的槓桿。目前仍非常早期。這類事情 AI 特別擅長做調校（tuning），而 AI 的特性是你需要持續調校並取得更多數據。所以我認為在接下來幾個季度，我們應該能有更多成果可以分享。

But again, I'll just kind of summarize by saying pricing is a massive lever, and actually dynamic pricing is one of many things we're doing around pricing.

不過我再總結一下：定價是一個巨大的槓桿，而動態定價只是我們在定價方面所做的眾多事情之一。

Great. And Richard, to answer your take rate question. about Q4, just to double-click on Q3 to explain the changing dynamic infrom quarter to quarter. In Q3, we got an outsized impact of Reserve Now Pay Later on the gross booking value in quarter whereas obviously, the revenue from those bookings is delayed. And so in Q3, you see the impact is Reserve Now Pay Later increases denominator. bringing down the implied take rate that is somewhat reserved versus in Q4, you should expect a modest increase in implied take rate.

很好。Richard，關於你問的抽成率問題。談到第四季，我先回頭補充第三季，以解釋季度之間變化的動態。在第三季，「Reserve Now Pay Later」對當季總訂單金額（gross booking value）的影響偏大，但這些訂單的收入認列會延後。因此在第三季，你會看到「Reserve Now Pay Later」拉高了分母。使得隱含抽成率（implied take rate）被拉低、看起來相對保守；而在第四季，你應該會看到隱含抽成率小幅上升。

More broadly, I would say from quarter-to-quarter, there are some small timing movements that do impact take rate. But I want to call out as a single service fee as well as guest insurance should provide over a longer time period, a modest increase in terms of the overall margin.

更廣泛來說，季度之間確實會有一些小的時點變動，會影響抽成率。但我也想指出，單一服務費（single service fee）以及旅客保險（guest insurance）在較長時間維度下，應能帶來整體利潤率的小幅提升。

Lloyd Walmsley, Mizuho.

Mizuho 的 Lloyd Walmsley。

A couple if I can. First, just on the hotel effort. Can you kind of give us an update of how growth here is performing relative to the core, maybe or any other helpful quantification? And where do you think this could be over the next few years as a tailwind?

我有兩個問題，如果可以的話。第一個是關於飯店業務的推進。你能否更新一下這部分的成長表現相對於核心業務如何，或提供任何有幫助的量化資訊？以及你認為未來幾年它作為順風（tailwind）可能會發展到什麼程度？

And then second one, I appreciate all the color about agents in the shareholder letter very helpful. Curious, Brian, do you see a path to your agent helping customers with travel sort of beyond the walls of Airbnb, or do you think it's more limited to taking action and managing services that you all provide yourselves? Like how do you see that evolving over time? I know it's early, but curious to get your vision on that as well.

第二個問題，我很感謝你們在股東信中對代理（agents）的說明，資訊很有幫助。Brian，我好奇你是否看到一條路徑，讓你們的代理能在 Airbnb 的範圍之外協助顧客處理旅行相關事務，還是你認為它會更侷限於執行動作並管理你們自己提供的服務？你怎麼看它隨時間演進？我知道還很早期，但也想聽聽你的願景。

Yes. Okay. So hotels and agents beyond the hotelswalls of Airbnb. Hotels are growing markedly faster than our core business. That's not to say our core business is growing slow, just hotels are a $900 billion market off of a very, very tiny base. I certainly don't want to put any like projections out there or forecast. But it's undoubtable that we will do multiple billions of dollars in revenue in hotels in the coming years. And we don't even need to like win this market to be a significant player and make billions of dollars.

是的。好。那就談飯店，以及代理是否會走出 Airbnb 的「圍牆」之外。飯店業務的成長明顯快於我們的核心業務。這並不是說核心業務成長很慢，只是飯店是一個 9,000 億美元的市場，而我們目前的基礎非常非常小。我當然不想在這裡提出任何預測或展望。但毫無疑問的是，在未來幾年，我們在飯店業務上將做到數十億美元的營收。而且我們甚至不需要贏下這個市場，就能成為重要玩家並賺到數十億美元。

And part of the reason why is we have a huge amount of traffic most people come to Airbnb are looking for a place to stay. If somebody doesn't find a place on Airbnb, they are probably going to another app or a website ans booking hotel. So -- we don't have to win. We just have to get the people in our store to buy some before they leave. And they know the -- we know they want something; they're in the store in the first place.

部分原因是我們有非常大量的流量；大多數人來 Airbnb 都是在找住宿的地方。如果有人在 Airbnb 找不到合適的住宿，他們很可能就會去另一個 App 或網站訂飯店。所以——我們不必「贏」。我們只需要讓進到我們店裡的人，在離開前買一些東西。而且他們知道——我們也知道——他們想要什麼；他們一開始就因為有需求才會進到店裡。

And the other thing is we're seeing -- this next thing was very surprising to me. every , when we started Airbnb, I was a little ideologically like not -- I was kind of against hotels. Let's be honest. My first half was forget hotels. And so we had a little animosity with the hotel industry, like in 2010, 2011, 2012, over the last six, seven years, really changed my tune approach.

另外一點是我們看到——接下來這件事讓我非常意外。當我們創立 Airbnb 時，我在理念上有點——我有點反對飯店。老實說。我前半段的想法是：忘了飯店吧。所以我們和飯店產業之間曾有一些敵意，比如在 2010、2011、2012 年；但在過去六、七年，我的看法和做法真的改變了。

I'd like to think of this as growing up a little bit and being practical. And our guests told us, hey, we love hotels.

我願意把這視為自己成熟了一點、也更務實。而我們的旅客告訴我們：嘿，我們喜歡飯店。

We bought hotels tonight before the pandemic. But we really decided to get serious about hotels a couple of years ago. And basically, one of the things we learned is that actually most people like staying in homes and hotels, it just depends on the type of trip. And that we don't have a campaign about why people stay at home, but if you're booking last minute for business travel, one night, hotels are really great. So we expect people to want to book hotels.

我們在疫情前的那個晚上買了飯店。但我們其實是在幾年前才真正決定要認真做飯店。基本上，我們學到的一件事是，其實大多數人喜歡住在民宿和飯店，差別只在於旅行的類型。我們不會做一個宣傳活動去解釋為什麼人們住在家裡，但如果你是臨時預訂的商務差旅、只住一晚，飯店真的很棒。所以我們預期人們會想要預訂飯店。

The thing I wasn't expecting was the reception from the hotel industry. And it was a complete 180 right Bank Hotel suddenly saw Airbnb a major ally. They really love the way they were merchandised. They love the fact that we were entirely new audience. We were disproportionately Gen Z.

我沒預料到的是飯店產業的反應。而且是完全 180 度大轉彎，對吧，飯店突然把 Airbnb 視為重要盟友。他們真的很喜歡我們呈現與銷售（merchandising）的方式。他們喜歡我們帶來的是全新的受眾。我們的用戶在 Z 世代的占比特別高。

We are not just really affordable travel. We're actually really high-end travel because we have really big bills, we are a much more global audience and they just like the factor is this for another channel.

我們不只是非常平價的旅行。我們其實也有非常高端的旅行，因為我們有很高的帳單金額，我們的受眾更全球化，而他們喜歡的因素就是：這是另一個通路。

So all that is to say, when we got really serious about hotels, it's not the only reason I hired Pine Rivers, but it was definitely a big thing. I told the Pine; this is a major opportunity for Airbnb. And it is going to be huge. And by the way, Pine Rivers ran the largest marketing organization ever at Booking.com. Now, I don't think performance marketing is a very important part of our core business, but I think with hotels. It's a commodity.

所以總結來說，當我們開始非常認真做飯店時，這不是我聘用 Pine Rivers 的唯一原因，但絕對是一個很大的因素。我跟 Pine 說：這對 Airbnb 來說是個重大機會。而且會非常巨大。順帶一提，Pine Rivers 曾在 Booking.com 領導過史上最大的行銷組織。現在，我不認為成效行銷是我們核心業務中非常重要的一部分，但我認為在飯店這塊。它是一種商品化（commodity）的市場。

I think we're going to be able to do performance in really efficient because hotels are so high ABR Booking.com shows it's very profitable. But the best thing is we don't need to do a lot of it because we have so much organic traffic already coming in. So all of which to say it's going to generate many billions of dollars of revenue. I don't know what the timeline is, but it's a huge opportunity. With regard to agents going outside the wall there yes, of course.

我認為我們能把成效行銷做得非常有效率，因為飯店的 ABR 很高，Booking.com 的數據顯示這非常有利可圖。但最棒的是，我們不需要做很多，因為我們已經有大量自然流量進來。所以總之，這將帶來數十億美元的營收。我不知道時間表會是什麼，但這是一個巨大的機會。至於代理走出圍牆之外，是的，當然。

We are going to be -- that will be through MCPs. We're going to be integrating a number of MCPs with our trip agent in the first half next year. I won't give away too much more. We like to do these product launches. We don't want to build a general agent.

我們會——那將透過 MCP 來實現。我們會在明年上半年把多個 MCP 與我們的旅行代理整合。我不會透露太多。我們喜歡做這種產品發表。我們不想打造一個通用型代理。

Just to double click for one second. The problem -- if I just want to double click on a second, one problem with a general agent is you have to create like a general interface because the agent has to be able to do everything. So the general interface generally becomes almost entirely text based, right? Because we can have about travel medical information deliveries, you can't know what they're going to add.

我再深入一點說明一下。問題是——如果我再深入一點說明，通用型代理的一個問題是，你必須建立一個通用介面，因為代理必須能做所有事情。所以通用介面通常幾乎會變成完全以文字為主，對吧？因為它可能涵蓋旅行、醫療資訊、外送，你無法預先知道他們會加入什麼。

As you get more specialized, you can develop a really custom interface that is perfectly bespoke for that type of use case. So with travel, working with the design these really custom components. If you want a car rental, the agent generates this little UI of a par and it's like beautifully in like a custom-generate interface. If you want to invite co-travels the agent helps you.

當你越專精，你就能開發一個非常客製化的介面，完全為那種使用情境量身打造。所以在旅行方面，我們會與設計團隊合作打造這些高度客製的元件。如果你想租車，代理會生成一個小型 UI 元件，像是一個卡片之類的，而且是漂亮的、以客製方式生成的介面。如果你想邀請同行旅伴，代理也會協助你。

So there's going to be, I think, an incredible user interface experience that what I would describe as a kind of post chat-based interface. It's going to have and element to it. And so that's what we're going to be doing. It will be able to go outside the walls of me, but it's going to stay within travel and expect in the first half of next year.

所以我認為會有一種令人驚豔的使用者介面體驗，我會把它形容為一種後聊天式（post chat-based）的介面。它會包含一些元素在其中。這就是我們要做的方向。它將能走出我們的圍牆之外，但仍會聚焦在旅行領域，並預計在明年上半年推出。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

I appreciate it. Brian, I appreciate the commentary and the prepared remarks in the shareholder letter around the agent launch -- could you talk a little bit more -- and you just kind of elaborated that it actually could leave the walls of Airbnb -- can you talk about -- are you talking about actually direct -- maybe direct integrations with airlines and et cetera, to kind of complete the full trip.

謝謝。Brian，感謝你在股東信中對代理上線的評論與事先準備的發言——你能再多談一點嗎——你剛才也稍微延伸到它其實可以走出 Airbnb 的圍牆——你能談談——你指的是實際上直接——也許是與航空公司等的直接整合，以完成整趟行程嗎？

Because I guess the question is for a vertical agent, if you don't have all supply, you don't have all attractions, you don't have all hotels. How do you think about the trade-offs for the customer between that horizontal general purpose agent, which may not be ideal for travel, but at least it sees everything. That's question one.

因為我想問題在於，對於一個垂直領域代理，如果你沒有完整的供給、沒有所有景點、沒有所有飯店。你如何看待客戶在你們這種垂直代理與那種橫向的通用型代理之間的取捨？後者可能不太適合旅行，但至少它能看到所有東西。這是第一個問題。

And two, the second one, please. if you don't mind, could you just -- and I apologize if I may have missed some of this. But could you talk a little bit just about the -- what you're seeing with RNPL as you continue to expand there. could you give us some confidence around cancellation rates and anything you knew you might be seeing there?

第二個問題，麻煩也回答一下。如果你不介意，你能不能——也抱歉如果我漏聽了部分內容。但你能談談你們在持續擴展 RNPL（先訂後付）時看到的情況嗎？你能否就取消率以及你們可能看到的任何趨勢，給我們一些信心？

All right. Yes, I'll do the AI agent, and then I'll hand over to Ellie for Reserve Now Pay Later. So the short answer is, yes, we are going to do integrations with a lot of providers. I don't want to give away too much again about our kind of product road map -- but I think it's safe to say we're going to do every part of travel. There's not one part of travel that we're not eventually going to do.

好的。是的，我先回答 AI 代理，然後把先訂後付交給 Ellie。簡短的答案是：是的，我們會與很多供應商做整合。我不想再次透露太多我們的產品路線圖——但我想可以很安全地說，我們會涵蓋旅行的每一個環節。旅行中沒有任何一個部分，是我們最終不會做的。

And every part of travel will have MCPs. We will have APIs -- and eventually, we do anticipate all bookings going through the app for every vertical and travel. I don't want to put a time on it. Just to give you an example, like say car rental. Right now, car rentals is done through a partnership called CarTrawler and it's what we call link off.

而且旅行的每個環節都會有 MCP。我們會有 API——並且最終，我們確實預期所有預訂都會在 App 內完成，涵蓋每個垂直領域與旅行。我不想給出時間點。舉例來說，像租車。目前租車是透過一個名為 CarTrawler 的合作夥伴完成，我們稱之為 link off（導出連結）。

So an API but as a link off. The next phase is to the reservation booking directly on Airbnb. And so that's what we're doing with a number of these partnerships. So the kind of way we're going to do a lot of these partnerships is to get mass scale. We're kind of doing like link off. The link offs appear to feel like Airbnb.

所以是 API，但以導出連結的方式。下一階段是把預訂直接在 Airbnb 上完成。這也是我們與多個合作夥伴正在做的事情。所以我們做很多合作的方式，是先取得大規模覆蓋。我們會先做類似 link off。而這些 link off 的體驗看起來會像 Airbnb。

So it's really in a -- like a web view that's designed in our customer interface, a with groceries -- this is with Legas storage, it's a car rental. And over time, we're going to develop a much more native booking integration. And obviously, the good of that is it's a little more seamless. You take a little bit greater cut of the revenue, but you also to handle customer service. So you have to be sure you're ready for that.

所以它其實是在——像是一個以我們客戶介面設計的 web view，例如雜貨——這是 Legas storage，這是租車。而隨著時間推進，我們會開發更原生（native）的預訂整合。很明顯，這樣做的好處是流程更無縫。你能拿到更高比例的收入分成，但你也必須處理客服。所以你得確保自己已經準備好了。

Now the great thing of it linkup is we can kind of decide and test what things we want to integrate when. But the end game is yes. The end game is eventually, we like all travel to be able to book natively through the app of Airbnb, but we're not going to put a timeline on it. And then the other part of your question was general versus horizontal, right? Okay.

現在，linkup 的好處是我們可以在什麼時候整合哪些項目上做決策與測試。但最終目標是肯定的。最終目標是，我們希望所有旅行都能在 Airbnb 的 App 內以原生方式完成預訂，但我們不會給出時間表。然後你問題的另一部分是通用型與橫向的差異，對吧？好的。

So with regards to general versus horizontal and trade-offs, I mean, listen, there is going to be a reason for general agents. I'm not saying that there won't be general agents, but I want to just give my view.

所以就一般型（general）與水平型（horizontal）以及取捨而言，我的意思是，聽著，一般型代理一定會有其存在的理由。我不是說不會有一般型代理，但我想先分享一下我的看法。

I don't think I think a lot of people are looking at general agents like and they're trying to connect it to Google. Like there was one home page of the Internet. It was called Google and you went there and everything started at Google. This is my opinion. I do not think that's going to happen with chatbot.

我覺得很多人看待一般型代理時，會試著把它跟 Google 連結在一起。就像以前網際網路只有一個首頁。它叫做 Google，你到那裡，所有事情都從 Google 開始。這是我的看法。我不認為聊天機器人會變成那樣。

I don't think there will be one chatbot that's like Google in the front page, and it is the orchestra conductor for every other app. I'll tell you a couple of reasons why that I don't think that will happen.

我不認為會有一個聊天機器人像 Google 那樣成為首頁，並且成為所有其他 App 的指揮家。我告訴你幾個我不認為那會發生的原因。

The first problem is if that were to exist, I think it would have to exist to say operating system level. It exists at the Android operating system level at the MAC iOS operating system level. The operating system is the right substrate to control your apps. You get one app was the home page. You're really saying an app is going to control all the other apps.

第一個問題是，如果那樣的東西要存在，我認為它必須存在於作業系統層級。它要在 Android 作業系統層級存在，也要在 Mac iOS 作業系統層級存在。作業系統才是控制你各個 App 的正確底層基礎。你說有一個 App 是首頁。你其實是在說，有一個 App 要去控制所有其他 App。

By the way, you really think Apple is going to allow an app to control their entire computer. So we're considering all the potential issues for privacy security and that they can actually cut out of their own like user experience. I'm actually quite skeptical of that. So I do think that general SAT agents are going to be successful in popular. I just don't think they're going to be do everything.

順帶一提，你真的覺得 Apple 會允許某個 App 控制他們整台電腦嗎？所以我們要考量所有潛在的隱私與安全問題，以及它實際上可能把 Apple 自己的使用者體驗給架空。我對此其實相當懷疑。所以我確實認為一般型 SAT 代理會成功、也會受歡迎。我只是不認為它們會「什麼都能做」。

And the burden of a general chat agent doing everything, they basically almost become an operating system. That is a lot to put into an app, and I just don't think that's going to happen. So I do think general Chase will be popular for single everyday things. I think as they get really, really complicated, specialization is going to win. -- now the changing can hand over to a specialized agent, but a lot of people are going to go direct to the specialized agent, just like they discover Airbnb on Google, and they come back direct. They don't just keep going through Google. That is generally my thought.

而一般型聊天代理要做所有事情的負擔，基本上會讓它幾乎變成一個作業系統。把這麼多東西塞進一個 App 裡，負擔很大，我就是不認為會發生。所以我確實認為一般型聊天會因為日常單一事項而受歡迎。我認為當事情變得非常、非常複雜時，專業化會勝出。——此時一般型的東西可以交接給專業代理，但很多人會直接去找專業代理，就像他們在 Google 上發現 Airbnb，之後就會直接回到 Airbnb。他們不會一直都透過 Google。這大致就是我的想法。

Now a general agent does have a bunch of data because you use the general agent more frequently, right? At the same time, we can connect MCPs of Gmail and Google Calendar. If you connected MCP of Google Calendar in Gmail or other MCPs, we can actually pull in what the users can send a ton of other data. So actually, there's many ways we can get as much data or nearly as much data or nearly as much data as a chat agent use every day. And this is just through ASIC MCP handoffs.

現在，一般型代理確實會有一大堆資料，因為你使用一般型代理的頻率更高，對吧？同時，我們也可以連接 Gmail 與 Google Calendar 的 MCP。如果你把 Google Calendar、Gmail 或其他 MCP 連上，我們其實可以把使用者能提供的大量其他資料拉進來。所以其實有很多方式，我們可以取得跟每天使用聊天代理一樣多、或幾乎一樣多的資料。而這只是透過 ASIC MCP 的交接。

So I think basically, the way to think about it is -- in order for specialization to win, it must not be 20% better. It must be like 2, 3, 5x better than a general agent at its task because you do have the inertia and the switching costs. So our job isn't to be 20% better, it's to be multiples better. And that's the bar we'll maintain, too. We'll see if we can get there, but I'm pretty confident.

所以我認為基本上應該這樣想——要讓專業化勝出，它不能只是好 20%。它必須在其任務上比一般型代理好 2、3、5 倍，因為你確實有慣性與轉換成本。所以我們的工作不是只好 20%，而是要好幾倍。這也是我們會維持的門檻。我們看看能不能做到，但我相當有信心。

Great. Ken, let me tell you just a little bit more about what we're seeing on Reserve Now Pay Later. Just as a reminder, Reserve Now Pay Later, we began to launch a year ago in the U.S. We expanded amongst our plus moderate inflation policy listings at the end of the year to retool. And then most recently, at the beginning of Q3, we expanded eligibility of Reserve Now Pay Later to limited and firm penciling policies.

很好。Ken，我再多跟你說一點我們在「先預訂後付款」（Reserve Now Pay Later）上看到的情況。提醒一下，「先預訂後付款」我們在美國是一年前開始推出的。我們在年底於我們的 plus 中度通膨政策（moderate inflation policy）房源中擴大推行，以便重新調整。而最近一次是在第三季初，我們把「先預訂後付款」的適用資格擴大到有限與確定（limited and firm）劃線（penciling）政策。

. In doing so, it obviously grew materially the total eligibility of GBV on the platform for this product. As of Q3, it was over 40% of GDP was eligible to use -- in doing that expansion, we've seen a couple of things. First is a material lift to bookings. In particular, in Q3, we saw a full 3 points of net night lift associated with both the expansion and the PASeligibility offering.

。這麼做之後，顯然大幅提高了平台上此產品可適用的總 GBV（總交易額）範圍。截至第三季，超過 40% 的 GDP 都符合資格可以使用——在做了這次擴大後，我們看到幾件事。第一是預訂量明顯提升。特別是在第三季，我們看到與擴大適用範圍以及 PAS 適用資格（PAS eligibility）方案相關的淨晚數提升整整 3 個百分點。

This was an incremental point or more relative to the impact we saw in Q2. candidly, that the expansion in the summer was even better than we had tested in terms of the reception for consumers. I think it's probably pretty obvious, but this product make traveling more affordable, I need to pay upfront. And what we see is that people not only before they book earlier, so our lead times have expanded and they booked more expensive listings, which is one of the reasons that ADR is up.

相較於我們在第二季看到的影響，這又多了約 1 個百分點或更多。坦白說，夏季的擴大在消費者接受度方面甚至比我們測試時的結果更好。我想這可能很明顯，但這個產品讓旅行更可負擔，因為不需要先行全額付款。而我們看到的是，人們不只更早預訂，因此我們的提前期（lead times）拉長了，而且他們也預訂了更昂貴的房源，這也是 ADR（平均每日房價）上升的原因之一。

Specific to your question, cancellation rates in aggregate are up 200 to 300 basis points from a year ago. And this is -- if you think about the novel levels a year ago, our cancellation for order of magnitude about 16%, they're now about 19%, which we think is very healthy in the travel phase.

就你問的問題而言，整體取消率較一年前上升了 200 到 300 個基點。而這是——如果你回想一年前的水準，我們的取消率量級大約是 16%，現在大約是 19%，我們認為在旅遊產業中這是非常健康的水準。

The final comment I will make, and I'm sure we'll get questions on it later, is effect of NPL in Q4. I just want to remind everyone that we had called out last quarter that Q3 would be the peak in terms of net impact of our IPO on our numbers. that's because we get the growth benefit in terms of the list of bookings before we see the full cancellations. And so the net impact to Nights booked will come down sequentially in Q4.

我最後要補充的一點，而且我確定我們稍後會被問到，就是 NPL 在第四季的影響。我只想提醒大家，我們在上季已指出，第三季會是我們 IPO 對數字淨影響的高峰。那是因為我們先看到預訂清單帶來的成長效益，之後才會看到完整的取消情況。因此，對已預訂晚數（Nights booked）的淨影響在第四季會按季下降。

Justin Post, Bank of America.

Justin Post，美國銀行。

Maybe one for Brian and a quick one for Ellie. Can you remind us what percent of your inventory is really proprietary for Airbnb? And how have you thought about using that as an asset, maybe with agent negotiations? How do you really take advantage of that. And then Ellie, just quick on the insurance. Can you give us anything on what the penetration is of bookings? Or how much is contributing to take rates?

也許一題給 Brian，另一題快速問 Ellie。你能提醒我們，你們的房源庫存中，有多少比例對 Airbnb 來說是真正的專有（proprietary）嗎？以及你們如何把它當作一項資產來運用，例如在與代理方談判時？你們要如何真正利用這一點？然後 Ellie，保險的部分快速問一下。你能提供任何關於預訂中保險的滲透率（penetration）嗎？或它對抽成率（take rates）的貢獻有多少？

Yes. Over 60% of our inventory, we believe, is exclusive to Airbnb. And so that's the first part of the question. What's the other part of your question? It's the -- penetration of insurance products?

是的。我們相信超過 60% 的房源庫存是 Airbnb 獨家的。所以這是問題的第一部分。你問題的另一部分是什麼？是——保險產品的滲透率嗎？

Yes. Insurance products are growing quite nicely. It's a single-digit percent of bookings that have an attached that is up materially from a year ago. I think what excited on our insurance products is not only the growth, but also the opportunity to provide more insurance products. We're looking across a host of offerings that we could provide both guests and hosts, and I should note that the margins are great on the attached insurance product.

是的。保險產品成長得相當不錯。目前有附加保險的預訂占比是個位數百分比，且較一年前大幅提升。我認為我們對保險產品感到興奮的不只是成長，還有提供更多保險產品的機會。我們正在評估一系列我們可以同時提供給房客與房東的方案；我也要指出，這類附加型保險產品的毛利非常好。

Sorry, Justin, you said how does that factor into agent negotiations, exclusive inventory. Can you elaborate on that?

抱歉，Justin，你是問獨家庫存如何影響與代理方的談判嗎？你能再多說明一下嗎？

Yes. How are you thinking about that as an asset, either for your own internal agents or maybe in negotiations with external agents getting good financial terms? Or any strategic advantages there? Yes.

是的。你如何把這件事視為一項資產來思考——不論是用於你們內部的代理人，或是在與外部代理人談判以取得更好的財務條款時？或是有任何策略上的優勢嗎？是的。

I'm not sure yet. I mean I think it's really -- I think as far as speculating what the relationship is between unique inventory and like potentially leverage, negotiating with like other partners. I think it's really early, I don't know. But let me just tell you my philosophy on unique inventory. I don't pay a lot of attention looking at what percent of our inventory is unique anymore.

我還不確定。我的意思是，我覺得——就推測獨特庫存與可能的槓桿、以及與其他合作夥伴談判之間的關係而言。我覺得現在還太早了，我不知道。但我先跟你說說我對獨特庫存的理念。我現在不太再去關注我們的庫存中有多少百分比是獨特的了。

It's helpful, the more unique to better. There's no question. . The most important thing is as we go into categories, we are -- our philosophy is it's okay to have commodities, like hotels. It's okay to have some cross list at home.

當然有幫助，越獨特越好。毫無疑問。。最重要的是，當我們進入各個品類時，我們——我們的理念是：有一些大宗商品型的供給是可以的，比如飯店。在家居品類有一些交叉上架也沒問題。

-- as long as there are a lot of unique things that you can't get anywhere else. And I think the percentage is not as important. It's the absolute amount, right? So like if -- imagine there are two stores, they all have the same products except 1 store has a bunch of other stuff that other store doesn't have.

——只要同時也有很多你在其他地方買不到的獨特東西。而且我認為比例沒那麼重要。重要的是絕對數量，對吧？所以比如——想像有兩家店，除了其中一家店多了一堆另一家沒有的東西之外，兩家賣的產品都一樣。

The percentage of unique stuff in the store doesn't matter just how many things, the items are unique in that store, the other store didn't have. And so as a theoretical mental model, Imagine there's two stores and one they have almost all the same inventory, but one has just some more unique stuff. If you have 10% more up, you might get more than 10% more traffic because suddenly, it's a major difference. So we don't really look at the percent mix. I mean it's good to know.

店裡獨特商品的百分比不重要，重要的是那家店有多少項是獨特的、另一家沒有的。所以作為一個理論上的心智模型，想像有兩家店，幾乎所有庫存都一樣，但其中一家多了一些獨特的東西。如果你多了10%，你可能帶來的不只是多10%的流量，因為突然之間，差異就變得很大。所以我們不太看百分比的組合。我的意思是，知道一下也不錯。

Of course, we track it, but we are growing really, really quickly. by process of inventory and getting that really competitive nice. And actually, one of the things noted where now pay later, is this helped us become way more competitive like getting those nights. And then the hostile fee has been really competitive with us keeping more competitive prices. And so why I say this is just to finish off this point.

當然，我們會追蹤，但我們成長得非常、非常快。透過庫存的流程與取得，讓它變得非常有競爭力、很不錯。而且其實，有一件事值得注意：先住後付（buy now pay later）幫助我們在取得那些房晚時變得更有競爭力。然後，hostile fee（敵意費用）也讓我們在維持更具競爭力的價格方面非常有競爭力。所以我這麼說只是為了把這點收尾。

With services, a bunch of our inventory is commodity inventory, like car rents. You can get those cars elsewhere. But then we have a bunch of inventory you can't find anywhere else, like misuse, chefs, and photographers. As experiences, we're now offering ticket. You can get about those tickets on their website, but we also have exclusive experiences.

在服務方面，我們有一大部分庫存是大宗商品型的庫存，比如租車。那些車你在別處也能租到。但我們也有一大部分你在其他地方找不到的庫存，比如音樂人、主廚和攝影師。在體驗方面，我們現在也提供門票。你可以在他們的網站上買到那些票，但我們也有獨家體驗。

So kind of category by category, we'll get a bunch of the commodities. We always want to make sure that we have a unique stuff. And we have unique plus commodities, then we become the one-stop shop. You don't need to go or in or out.

所以基本上按品類來看，我們會有一部分是大宗商品。我們永遠都想確保我們也有獨特的東西。當你同時擁有獨特＋大宗商品時，我們就會成為一站式商店。你不需要再到處進進出出。

Benjamin Black, Deutsche Bank.

Benjamin Black，德意志銀行。

Great. So Brian, it seems that you're increasingly adding social and travel discovery elements through connections, through Travelmat through neighborhood pages even personalized recommendations. So how do these features change the role you guys play before guests is actually those destination or before they're ready to book. And could greater discovery eventually lead discovery element eventually lead to sort of a more natural opportunity for sponsored listings? And then secondly, as you add hotels, you expand a number of experiences, you add services, how does that change your thinking around loyalty more bodily.

太好了。所以 Brian，看起來你們正透過人際連結、透過 Travelmat、透過社區頁面，甚至個人化推薦，逐步加入更多社交與旅遊探索（discovery）元素。那麼，這些功能如何改變你們在旅客真正到達目的地之前、或在他們準備預訂之前所扮演的角色？而更強的探索功能，最終是否可能帶來一種更自然的「贊助式列表」機會？第二個問題是，當你們加入飯店、擴大體驗數量、增加服務時，這如何改變你們對忠誠度（loyalty）更整體的思考？

Two good questions. So social and travel discovery, let me just like before I answer the question, let me back up. So I remember like 22 years ago when Facebook first came out, it came out in 2004. I couldn't use it right away because I just missed it. I just graduated from college right before Facebook launched in my college, I had to wait two years before they open up to everyone.

兩個好問題。關於社交與旅遊探索，在我回答之前，我先退一步說。我記得大概22年前 Facebook 剛出來的時候，是在2004年推出。我沒辦法立刻用，因為我剛好錯過了。我在 Facebook 在我大學上線前就剛畢業了，我得等兩年他們才對所有人開放。

So I remember Facebook would used to be a social network. And with basically your friends and you can keep in touch with people, and you can message them and see who they were doing. And that was around 2004 to 2006, 2007, 2008, let's call that the golden age of social networking.

所以我記得 Facebook 以前是一個社交網路。基本上就是你的朋友，你可以和人保持聯繫，你可以傳訊息給他們，也可以看看他們在做什麼。那大概是2004到2006、2007、2008年，我們就稱那段時間為社交網路的黃金時代。

And at some point, social networking morphed into social media. And our friends became our followers, and we stopped connecting and we started performing. And a very bizarre phenomenon happened where the social network in a sense was invented in kind of for a large part of the world, uninvented, like I no longer have a social graph.

然後在某個時間點，社交網路演變成了社交媒體。我們的朋友變成了追隨者，我們不再連結，而是開始表演。接著出現了一個非常怪異的現象：社交網路在某種意義上被發明出來，卻又在世界很大一部分地方被「反發明」了——就像我不再擁有一張社交關係圖譜（social graph）。

I no longer know whose birthdays; my friends are unless they're close friends. I no longer know when somebody -- like something happens in someone's life, I no longer know how to keep a touch with people, except I got to message them and with that for my messaging platform.

我不再知道朋友的生日是什麼時候，除非是很親近的朋友。我也不再知道某個人——比如某件事發生在某個人的生活裡，我不再知道要怎麼和人保持聯繫，除非我得去傳訊息給他們，而且還得透過我的訊息平台。

So there really aren't social grafts anymore. I mean, LinkedIn is kind of a resamegraph, but really, there's no social grafts anymore. And we thought what if we brought back the social graph, but instead of being an online social graph, -- it was a social graph in the real world of the deep you travel with and the people who meet along the way of your travels. And we thought this could be really interesting.

所以真的已經沒有社交圖譜了。我的意思是，LinkedIn 有點像履歷圖譜（resume graph），但真的，已經沒有社交圖譜了。我們就在想：如果我們把社交圖譜帶回來，但不是線上的社交圖譜——而是現實世界中的社交圖譜：你一起旅行的人，以及你在旅途中遇見的人。我們覺得這可能會非常有趣。

So we started building these social travel features this year. We launched them in May. We launched a travel map -- and we started realizing this might be the beginning of something massive. And we are going to be launching a lot more social features and social connected features next year. I think this is maybe one of the single most underestimated parts of our business.

所以我們今年開始打造這些社交旅行功能。我們在5月上線了它們。我們推出了旅行地圖——然後我們開始意識到，這可能是一個巨大事物的開端。而且我們明年會推出更多社交功能與社交連結功能。我認為這可能是我們業務中最被低估的部分之一。

I mean, it might be because we don't talk about them much, but that's okay. I don't want to give away too much of the road map, but I can just say a couple of things. Number one, it's a great proxy for trust. If I were a host, and I were to get a reservation for somebody, I don't know them, but I can see how they're connected to me, how many degrees away, that would be a really good proxy for trust. And as you build this social graph, you increase that as you can trust you potentially go into a lot of the businesses. I'll let your imagination run wild what's possible.

我的意思是，可能是因為我們不太談它們，但那也沒關係。我不想透露太多路線圖，但我可以說幾點。第一，它是信任的一個很好的代理指標（proxy）。如果我是房東，而我收到一個我不認識的人的預訂，但我能看到他和我之間如何連結、相隔幾度，那會是一個非常好的信任代理指標。而當你建立起這個社交圖譜，你就能提升信任；當你能信任時，你可能就能進入很多業務。我就讓你自由想像有哪些可能性。

You can also see where your friends have traveled and stayed. So you can see like my friends at Paris, now I can message them and ask what's going to do in Paris. I can eventually -- we can eventually bring that into search results. Right now, that's on the profile have, but we eventually are going to bring that into searches. So when you see the map, you'll be able to see where your friends have travel in search results in map.

你也可以看到你的朋友去過哪裡旅行、住過哪裡。所以你可以看到，比如我的朋友在巴黎，現在我就可以傳訊息問他們在巴黎該做什麼。而且我最終——我們最終可以把這些帶進搜尋結果。現在這是在個人檔案上有，但我們最終會把它帶進搜尋。所以當你看地圖時，你將能在搜尋結果的地圖中看到你的朋友去過哪裡旅行。

You'll be able to see listening to friends of stage. You'll be able to see who's been traveling there recently and where they're going. So there's going to be a lot of these features.

你將能看到舞台上正在聽你朋友分享的內容。你也將能看到最近有哪些人去過那裡、以及他們要去哪裡。因此會有很多這類功能。

These features are going to, a, make things more sticky, b, it's going to make group travel much more collaborative. -- see, it's going to make it much easier to get great recommendations that's going to increase trust in the platform. And the other thing I'll just say the last thing is, I've been doing -- I occasionally do these roundtables and with customers.

這些功能將會，a，讓產品更具黏著度；b，讓團體旅行變得更具協作性。——你看，這會讓取得優質推薦變得更容易，進而提升對平台的信任。另外我最後想說的是，我一直在做——我偶爾會和客戶舉辦這些圓桌會議。

And I recently did a Gen Z roundtable, basically kids that are like college age. And they were kind of like a little younger than the age I was when I started Airbnb. And I heard two things from Gen Z. And again, I'd just Gen Z is like the fastest-growing segment, and it's the prime advertising segment. They basically two things.

我最近辦了一場 Z 世代圓桌會議，基本上是一些大學年齡的孩子。他們的年紀大概比我創辦 Airbnb 時還小一點。我從 Z 世代那裡聽到兩件事。而且再說一次，Z 世代是成長最快的族群，也是最重要的廣告族群。他們基本上有兩點。

One, they want to save money. Young people always want to save money. -- but in age of rising cost of living with a lot of college debt with tuition going up, and the latter being pulled up a little bit with AI, a lot of entry-level jobs are harder to come by because AI can do them more than ever, they're looking for affordability.

第一，他們想省錢。年輕人一向都想省錢。——但在生活成本上升、背負大量大學學貸、學費上漲的時代，再加上 AI 讓門檻被拉高了一點，許多入門級工作更難找，因為 AI 比以往更能做這些工作，他們正在尋求更可負擔的選擇。

But even more so, we're hearing a lot of college and recent granting they want to meet people. And a lot of people, they meet people at work in school, search, Boeing alleys. Well, a lot of these things aren't around as much anymore. And a lot of kids if they don't have a job, they're not going to be some of the work. So we're starting to see that a lot of these social features are going to be especially popular with Gen Z.

但更重要的是，我們也聽到很多大學生和剛畢業的人說，他們想認識人。而很多人是在工作、學校、教會、保齡球館之類的地方認識朋友。但這些場域如今已不如以往常見。而且很多孩子如果沒有工作，就不會出現在一些工作相關的社交圈。所以我們開始看到，這些社交功能將特別受到 Z 世代歡迎。

But surprisingly, we're also seeing like on the other barbell empty nester, Kids are out of the house. They want to travel. They want to meet people. So there's a lot of opportunities here with the social features. With regards to sponsor listing, the relationship between them, I don't know.

但令人意外的是，我們也看到在另一端的「啞鈴型」族群——空巢族，孩子都離家了。他們想旅行。他們想認識人。所以社交功能在這裡有很多機會。至於贊助型列表（sponsor listing）以及它們之間的關係，我不太確定。

I think the thing I'll say about sponsor listings in particular is we are developing our AI agent, and we wanted -- we are developing sponsor listings, but they'll be developed in the context of the AI agent. So we first need to launch the agent.

我想我特別想說的是關於贊助型列表：我們正在開發我們的 AI 代理（AI agent），而我們也想——我們正在開發贊助型列表，但它們會在 AI 代理的脈絡下開發。所以我們首先需要先推出這個代理。

We need to refine it, and then we figure out how ads work in that new world. By the way, everyone's figuring is out at stinging this out. So I don't think it's a clear -- it's not clear what the implementation is -- but I think if anyone can figure out, I think our design team side. With regards to a loyalty program, I mean, I don't -- again, I want to not break any news, but we are absolutely looking at a loyalty program.

我們需要把它打磨好，然後再去思考在那個新世界裡廣告要怎麼運作。順帶一提，大家都在摸索、都在把這件事釐清。所以我不認為這有一個明確——目前還不清楚具體要怎麼落地——但我想如果有人能想出來，我相信我們的設計團隊可以。至於忠誠度計畫（loyalty program），我的意思是，我不——同樣地，我不想爆任何新聞，但我們確實正在評估忠誠度計畫。

We've been looking at it for a long time. I think I've said for a long time, the best loyalty program is plus customers loving your product. Disney and Apple for years. lap doesn't have a loyalty program. People love their products.

我們已經研究它很久了。我想我也說了很久：最好的忠誠度計畫，就是讓顧客愛上你的產品。迪士尼和蘋果多年來——它們沒有忠誠度計畫。人們就是喜歡它們的產品。

But at the same time, we're like the only travel major traveler in the world that doesn't have one.

但同時，我們大概是全球唯一一家沒有忠誠度計畫的大型旅遊業者。

And I think we have been at a disadvantage because we don't have a loyalty program. A lot of people want to use the say, I want to use you, but you don't have a program. So I almost feel like I can't use you. So we are absolutely looking at a loyalty program. I don't have anything announced, but I can say that as we add more verticals -- we just have a lot more to work with. So adding verticals make loyalty program more compelling.

我認為我們因為沒有忠誠度計畫而處於劣勢。很多人會說，我想用你們，但你們沒有計畫。所以我幾乎覺得我不能用你們。因此我們確實正在評估忠誠度計畫。我目前沒有任何可宣布的內容，但我可以說，隨著我們增加更多垂直品類——我們就有更多可以運用的資源。因此增加垂直品類會讓忠誠度計畫更有吸引力。

Jed Kelly, Oppenheimer.

Jed Kelly，Oppenheimer。

Just looking at the guidance, it looks like your EBITDA margins are going to be in that 36% range, so above 35%. But if I look at your growth, you're growing 12%. I think, Ryan, knowing you, you like faster growth. So can you just talk about how we should think about threading the needle between double-digit room night growth and maintaining margins above 35%, 36%?

我看你們的指引，似乎 EBITDA 利潤率會在 36% 左右，也就是高於 35%。但如果我看你們的成長，你們成長 12%。我想，Ryan，了解你的人都知道你喜歡更快的成長。所以你能否談談，我們應該如何看待在維持 35%、36% 以上利潤率的同時，兼顧雙位數的間夜（room night）成長？

Jenny, are you talking about Q4 or '27, what's the reference?

Jenny，你指的是第四季還是 2027 年？你參考的是哪個？

Just balancing profit versus growth given that you're seeing accelerating growth and what your preference is?

就是在你們看到成長加速的情況下，如何在獲利與成長之間取得平衡，以及你們的偏好是什麼？

I mean I think Brian and I have been very clear over the last two years that we have very been prioritizing growth focused on driving growth in this business. And I think the results in the last couple of quarters show that we have been able to deliver that growth. behind that, we continue to invest in growth. But at the same time, in the last couple of years, what you've seen is that we've been capable of reinvesting upside in order to continue the momentum.

我的意思是，我想 Brian 和我在過去兩年已經講得很清楚：我們一直非常——一直把重點放在成長上，專注於推動這個業務的成長。而我認為過去幾季的結果顯示，我們確實有能力交付這樣的成長。在此基礎上，我們會持續投資成長。但同時，在過去幾年你看到的是，我們也有能力把超出預期的上行空間再投資回去，以延續動能。

We're obviously in the '27 planning right now. And the prioritization around continuing this momentum continues to be the top priority -- the good news is that this business is extremely profitable, has incredible cash flow dynamics that give us a lot of room to invest within a very strong profitability envelope.

我們現在顯然正在做 2027 年的規劃。而延續這股動能的優先順序仍然是最高優先事項——好消息是，這個業務極度獲利，現金流動態非常出色，讓我們在非常強的獲利框架之內，仍有很大的投資空間。

Matthew Cost, Morgan Stanley.

Matthew Cost，Morgan Stanley。

I guess, firstly, on the hotels and the people that are using the hotel product, -- are they generally new to Airbnb and bringing in incremental bookings? Are they a high-end or low-end consumer? How are they retaining? I guess, tell us a little bit more about the behavior of those people that are booking hotels?

我想先問飯店（hotels）以及使用飯店產品的人——他們通常是 Airbnb 的新用戶，並帶來增量訂單嗎？他們是高端還是低端的消費者？他們的留存如何？能否多跟我們說一些這些預訂飯店的人之行為特徵？

And then secondly, Brian, I was wondering if you could just respond to some of the data that's out there about early adoption of these agents that's showing agents like news and instinct that's showing that a lot of commercial activity happening there is travel related. Is that something you think strengthen the mix over time? Or how does that gel with your overall view of how people will use these horizontal tools?

第二個問題，Brian，我想請你回應一下外界一些關於這些代理（agents）早期採用的數據，顯示像 news 和 instinct 這類代理上的許多商業活動都與旅遊相關。你認為這會隨時間推移強化（改變）組合嗎？或者這與你對人們將如何使用這些橫向工具（horizontal tools）的整體看法如何契合？

Maybe I'll start with the second one and just to mind then Ellie you can go to the first one. So we're not seeing a lot of traffic in even fewer bookings from us and instinct, yet, we do have nearly 0.5 million bookings a day and a very nonmaterial number of bookings happen I'm using instinct. So we're talking very low numbers. So we're not seeing a lot of traffic today and it's not really increased over the last four weeks.

我先回答第二個，然後 Ellie 你可以回答第一個。所以我們目前沒有看到來自 news 和 instinct 的大量流量，訂單更少；我們每天大約有接近 50 萬筆訂單，而使用 instinct 產生的訂單數量非常不具實質性。所以我們談的是非常低的數字。因此我們今天沒有看到很多流量，而且過去四週也沒有真正增加。

So it kind of peaked in early October. It's been stable in the last four weeks. So we're kind of watching it. My general philosophy on agents are -- I'm generally excited about them. I don't see them as a threat.

它大概在 10 月初達到高峰。過去四週一直維持穩定。所以我們正在觀察。我對代理的一般看法是——我整體上對它們感到興奮。我不把它們視為威脅。

I see them kind of like Google as an opportunity for more people to discover Airbnb. So I think they'll be great handoff to us. There will be people that will want to book a one-off flight or something directly on an agent.

我把它們某種程度上視為像 Google 一樣的機會，讓更多人發現 Airbnb。所以我認為它們會很適合把流量導轉給我們。也會有人想要直接透過代理在上面預訂一次性的航班之類的。

So I'm not saying that will never happen. But travel is -- maybe this is like just a framework to think about. There's item-based retail some project-based retailers. So just as an analogy, -- you go to Walgreens. You don't go -- you don't like plan to go to Walgreens.

所以我不是說那永遠不會發生。但旅遊——也許這只是個思考框架。有以單品為主的零售商，也有以專案為主的零售商。打個比方——你會去 Walgreens。你不會——你不會特地計畫要去 Walgreens。

You need to get something to go to Walgreens. You go to IKEA or Home Depot, that's a project-based retailer, right? You have a whole project. You don't go to those places to get on it.

你是需要買個東西才會去 Walgreens。你去 IKEA 或 Home Depot，那就是以專案為主的零售商，對吧？你有一整個專案。你不會去那些地方只是為了隨便逛逛。

Airbnb we're really long term; we want to be in the midst of the entire trip. That's entire project. It involves where stay, what to do, how to get there all in place. It's highly logistical. Our guests typically travel in groups of three or more.

Airbnb 我們看得更長期；我們希望參與整趟旅程的全過程。那是一整個專案。包含住哪裡、做什麼、怎麼到那裡，全都在同一個地方。這非常講求後勤安排。我們的房客通常是三人或以上成團出行。

90% of people message the host. The host wants to know who's in their home, so they want to have a connection. They don't want to offload to an agent. If I'm hosting somebody, I want to talk to the person, not the agent on behalf of the person -- it's very visual.

90% 的人會傳訊息給房東。房東想知道誰會住進他們的家，所以他們希望建立連結。他們不想把這件事交給代理。如果我在接待某人，我想跟本人對話，而不是跟代表對方的代理——這是非常直觀、很看人的。

People typically look at multiple -- dozen listings or more. They look at 25 photos per listing often. So it's very visual. It's very collaborative. It's a very complicated experience. And the other thing I mentioned this in my opening remarks, is there's a lot of studies that show people enjoy anticipating travel more than actually traveling. Here's a fun fact.

人們通常會看多個——往往是數十個以上的房源。他們常常每個房源會看 25 張照片。所以這非常視覺化。也非常需要協作。這是一個非常複雜的體驗。另外一點，我在開場致詞也提過，有很多研究顯示，人們享受期待旅行的程度，甚至高於實際旅行。這裡有個有趣的事實。

Most of our traffic happens during 9 to 5 hours. These people are supposed to be working. And they're not. We have evidence. People are actually secretly using Airbnb.

我們的大部分流量發生在早上 9 點到下午 5 點。這些人本來應該在工作。但他們沒有。我們有證據。人們其實是在偷偷用 Airbnb。

Maybe they're trying to skip their job. But the idea is that it's highly aspirational. So I don't think a lot of people want to offload all that to an agent. I think they want to offer the things they don't enjoy not the things they do enjoy. So it's small.

也許他們想翹班。但重點是，這非常具有憧憬性。所以我不認為很多人想把這一切都交給代理。我認為他們想外包的是自己不享受的事情，而不是他們享受的事情。所以這個市場很小。

We're watching it, but we are definitely open to working with these agents. But I also just think they'll be really helpful handoffs to us. But I think that to do -- I'm not saying agents can't do travel, I don't get to focus on travel, and that's what we're going to do. We're going to focus on travel. And any want to focus on travel can probably solve it, but a general agent trying to solve travel and solve 50 other things. That's really hard.

我們會持續觀察，但我們當然也願意與這些代理合作。不過我也認為，他們會很有幫助地把需求導轉給我們。但我想要做到——我不是說代理不能做旅遊，我只是說我們會專注在旅遊上，這就是我們要做的事。我們會專注在旅遊。任何想專注在旅遊的人大概都能把它做好，但一個通用型代理同時想解決旅遊以及另外 50 件事。那真的很難。

To have some questions, I'll be quick, and then we're going on time. In terms of the mix of nevers versus past bookers, it's actually very consistent with our overall platform. We're seeing great demand on both segments. And -- and just to underscore why like that is in with our strategy. We're eager to get more travel share from our past guests and hotel spoken up new use cases that even our most loyal guests may be choosing hotels of the platform.

有幾個問題，我會很快回答，因為我們時間也差不多了。就從未預訂過的人與過去預訂者的組合來看，其實與我們整體平台的結構非常一致。我們在兩個族群都看到很強的需求。而且——也再次強調，這正符合我們的策略。我們希望從過去的房客取得更多旅遊份額，而飯店也開啟了新的使用情境，讓即使是最忠誠的房客，也可能在平台上選擇飯店。

Similarly on the first-time booker front hotels part of the trend. -- to onboard those guests that haven't yet tried for a home by operating them something they are familiar with, and we're seeing that as well. So great hotel demand on both sides of the marketplace.

同樣地，在首次預訂者方面，飯店也是這個趨勢的一部分。——透過提供他們熟悉的東西，來引導那些尚未嘗試住「家」的房客上手，我們也看到了這點。所以在市場兩端，飯店需求都很強勁。

And we have reached the end of our question-and-answer period. I will now turn the call back over to Brian Chesky for some final closing remarks.

我們的問答環節到此結束。接下來我把電話交回給 Brian Chesky，請他做最後的結語。

All right. Well, thank you, everyone, for joining. I just want to end where I started. Airbnb is back in growth mode and it's here to stay. This is a result of years of hard work to make every better.

好的。感謝各位今天加入。我想以我一開始說的作結。Airbnb 已經回到成長模式，而且會長久持續。這是多年努力的成果，讓每一件事都變得更好。

And as we build by to become an AI native company, I actually think the opportunity ahead of us is actually even bigger. I want to end most importantly, by thanking our incredible team. I get to I get -- we get to take the credit when we have good calls, but it's only because of the great work of the people.

而且當我們打造、成為一家以 AI 為原生基因的公司時，我其實認為我們面前的機會更大。我最想在最後說的，是感謝我們了不起的團隊。當我們的電話會議表現很好時，我——我可以——我們可以拿到功勞，但那完全是因為大家的出色工作。

And I think one of the superpowers of Airbnb, maybe the Super Power, this is old cliche, it's all about the people. But it really is, especially in Silicon Valley and tech because you're only as good as your most recent innovations, and that's only as good as our team. Our team tirelessly. -- they've been really, really burning the many oil a lot of times this year.

我認為 Airbnb 的一個超能力，也許就是那個超能力——這句老套的話——一切都關乎人。但確實如此，尤其在矽谷與科技業，因為你只能跟得上你最新的創新，而創新又取決於我們的團隊。我們的團隊不知疲倦地投入。——他們今年很多時候真的、真的常常熬夜苦幹。

And so I'm asked why are we growing so fast. I often say things like execution. Well, execution only happens from people teams. And I think that what these results really are beyond AI, beyond all these products, is this is a team that's really starting to get into flow. They're doing great.

所以有人問我，為什麼我們成長這麼快。我常會說是執行力。但執行力只會來自人、來自團隊。而我認為，這些成果真正代表的，除了 AI、除了所有這些產品之外，是這個團隊真的開始進入順流狀態。他們做得非常好。

So thank you all, team Airbnb. And thank you all for dialing in today. We are just getting started back in growth mode. Thank you.

所以謝謝你們，Airbnb 團隊。也謝謝各位今天撥入參與。我們才剛剛開始回到成長模式。謝謝。

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。感謝各位的參與。您現在可以掛線。