Airbnb, Inc. (ABNB) 2021 Q4 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's Earnings Conference Call for the Fourth Quarter of 2021. (Operator Instructions).

各位下午好，感謝您參加 Airbnb 2021 年第四季財報電話會議。（接線員指示）

I'll now hand over to Ellie Mertz, Vice President of Finance. Please go ahead.

接下來我將把電話交給財務副總裁 Ellie Mertz。請開始。

Good afternoon, and welcome to Airbnb's Fourth Quarter of 2021 Earnings Call. Thank you for joining us today. On the call today, we have Airbnb's Co-Founder and CEO, Brian Chesky, and our Chief Financial Officer, Dave Stephenson. Earlier today, we issued a shareholder letter with our financial results and commentary for our fourth quarter and full year of 2021. These items were also posted on the Investor Relations section of Airbnb's website.

各位下午好，歡迎參加 Airbnb 2021 年第四季財報電話會議。感謝各位今天與會。今天的電話會議中，我們有 Airbnb 共同創辦人兼執行長 Brian Chesky，以及我們的財務長 Dave Stephenson。今天稍早，我們已發布致股東信，內容包含 2021 年第四季與全年財務結果及評論。這些資料也已張貼於 Airbnb 官網的投資人關係（Investor Relations）專區。

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

在本次電話會議中，我們將先做簡短開場致詞，接著把剩餘時間用於問答。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作出前瞻性陳述，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存在重大差異。這些因素已在我們致股東信的「前瞻性陳述」部分以及我們最近向美國證券交易委員會（SEC）提交的文件中說明。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任何義務。請注意，這些陳述僅應視為估計，並非對未來績效的保證。

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.

此外，在本次電話會議中，我們將討論一些非 GAAP 財務衡量指標。我們已在張貼於投資人關係網站的致股東信中，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。

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

接下來，我把電話交給 Brian。

All right. Thank you very much, Ellie, and good afternoon, everyone. Thanks for joining. I'm excited to share our Q4 results with you. Q4 was another record quarter, and 2021, was the best year in Airbnb's history. In Q4, revenue was $1.5 billion, our best fourth quarter ever and exceeded 2019 by 38%. Net income was $55 million, our best Q4 ever, compared to a loss in 2019. And adjusted EBITDA was $333 million, also our best Q4 ever. Our adjusted EBITDA margin was a positive 22% compared to a negative 25% in Q4 2019. This is a huge improvement, obviously. Now in Q4, GBV was $11 billion, which surpassed 2019 levels by 32% and was driven by strong ADR.

好的。非常感謝你，Ellie，各位下午好。感謝加入。我很高興與各位分享我們第四季的業績。第四季再度創下紀錄，而 2021 年是 Airbnb 歷史上表現最好的一年。第四季營收為 15 億美元，為我們史上最佳第四季，並較 2019 年高出 38%。淨利為 5,500 萬美元，為我們史上最佳第四季，相較 2019 年為虧損。調整後 EBITDA 為 3.33 億美元，同樣是我們史上最佳第四季。調整後 EBITDA 利潤率為正 22%，相較 2019 年第四季為負 25%。這顯然是巨大的改善。第四季 GBV 為 110 億美元，較 2019 年水準高出 32%，主要由強勁的 ADR 所帶動。

Now even with Omicron, Q4 nights and experiences booked were only down 3% compared to 2019, and when you exclude APAC, it was actually up 8%. Winter results show that we've been able to respond to this changing role of travel. Nearly 2 years into the pandemic, it's clear that we are undergoing the biggest change in travel since the advent of commercial flying. Remote work has untethered many people from the need to be in an office. And as a result, people are spreading out to thousands of towns and cities, staying for weeks, months or even entire seasons at a time. For the first time ever, millions of people can now live anywhere. And we've been able to respond to these changes because our model is inherently adaptable. Our millions of host offer nearly every type of home in nearly every community around the world. But it's not just our model. It's also a culture of relentless innovation.

即使面對 Omicron，第四季預訂的住宿晚數與體驗僅較 2019 年下降 3%；若排除亞太（APAC），實際上成長了 8%。冬季的結果顯示，我們已能因應旅遊角色的變化。疫情進入將近兩年後，很明顯我們正經歷自商業航空出現以來旅遊業最大的變革。遠端工作使許多人不再被綁定必須到辦公室上班。因此，人們分散到數以千計的城鎮與城市，停留數週、數月，甚至整個季節。史無前例地，數百萬人如今可以住在任何地方。我們之所以能回應這些變化，是因為我們的模式本質上具有高度適應性。我們數以百萬計的房東在全球幾乎每個社區提供幾乎各種類型的房源。但不只是我們的模式，還有一種持續不懈創新的文化。

In the last year alone, we made more than 150 upgrades and innovations across every aspect of the Airbnb service. This explains why we had our best year in our company's history despite still being in the midst of a pandemic. Now there are a number of business trends that have been driving the strong performance. First, guests are staying in thousands of small talents or communities on Airbnb. Throughout the pandemic, we've seen growing demand for domestic and nonurban travel. In Q4, gross nights booked in nonurban markets was up nearly 45% from Q4 2019. And in the past year alone, Airbnb guests stayed in nearly 100,000 towns and cities all around the world.

僅在過去一年，我們就在 Airbnb 服務的各個面向進行了超過 150 項升級與創新。這也解釋了為何即使仍處於疫情之中，我們仍創下公司史上最佳年度表現。當前有多項商業趨勢推動了強勁的表現。第一，旅客在 Airbnb 上入住數以千計的小鎮或社區。整個疫情期間，我們看到國內與非都會旅遊需求持續成長。第四季，非都會市場的總預訂晚數較 2019 年第四季增加近 45%。而僅在過去一年，Airbnb 旅客就入住了全球近 100,000 個城鎮與城市。

Second, guests are also returning to cities. Q4 nights booked at urban destinations have recovered to -- nearly recovered to Q4 2019 levels and cross-border travel also continues to recover and improved each quarter in 2021. Guests are planning to travel despite variants and surges. Despite the impact of Omicron in December, gross nights booked were up 40% and the cancellation rate was lower than a year ago. In Q1, we're already seeing strong demand for the summer travel season compared to 2019.

第二，旅客也正在回到城市。第四季都市目的地的預訂晚數已恢復到——幾乎恢復到 2019 年第四季水準；跨境旅遊也持續復甦，並在 2021 年每一季都有所改善。即使面對變異株與疫情升溫，旅客仍在規劃旅行。儘管 12 月受到 Omicron 影響，總預訂晚數仍成長 40%，且取消率低於一年前。第一季，我們已看到相較 2019 年，對夏季旅遊旺季的需求相當強勁。

And finally, guests are not just traveling on Airbnb, they are now living on Airbnb. Nearly half of our nights booked in Q4 were for stays of 1 week or longer. One in 5 nights were for stays of 1 month or longer. And in the past year alone, nearly 175,000 guests stayed for 3 months or longer.

最後，旅客不僅是在 Airbnb 上旅行，他們現在也在 Airbnb 上生活。第四季我們近一半的預訂晚數來自入住 1 週或更長的住宿；每 5 晚中就有 1 晚來自入住 1 個月或更長的住宿。而僅在過去一年，就有近 175,000 名旅客入住 3 個月或更久。

So I'm going to follow on the footsteps of our community. Recently, I shared that I, too, am going to live on Airbnb. Right now, I'm doing this call from the Airbnb in Miami, and I'll be staying in a different town or city every couple of weeks. I have always wanted to do this, but before the pandemic, I had to be in office every day. Now I have the flexibility that millions of other guests do on Airbnb. And I also think it's important that as CEO, I deeply understand the nuances and unique opportunities that this new use case on Airb will provide. So now I want to recap how we did on last year's priorities. As you recall, for 2021, our single priority last year was prepare for the incoming travel rebound. And to do this, we focused on prospecting the end-to-end experience of our core service. This meant educating the world about hosting, recruiting more hosts and setting them up for success, simplifying the guest journey and delivering world-class service.

因此，我也將追隨我們社群的腳步。最近我分享過，我也要在 Airbnb 上生活。現在，我正在邁阿密的一間 Airbnb 裡進行這通電話會議，接下來我將每隔幾週就住到不同的城鎮或城市。我一直都想這麼做，但在疫情之前，我每天都必須到辦公室。現在我擁有與 Airbnb 上數百萬名旅客相同的彈性。我也認為，身為執行長，我必須深入理解這種新使用情境在 Airbnb 上將帶來的細微差異與獨特機會。接下來我想回顧我們在去年優先事項上的執行情況。如各位所記得，2021 年我們唯一的優先事項是為即將到來的旅遊反彈做好準備。為此，我們專注於打磨核心服務的端到端體驗。這包括向世界宣導房東（hosting）的價值、招募更多房東並協助他們成功、簡化旅客旅程，以及提供世界級服務。

So let me just give you a really quick update on each. First, we've been educating the world at what makes Airbnb different, and that is hosting. In 2021, we launched our first large-scale marketing campaign in 5 years to educate guests about the benefits of being hosted and inspire more guests to become host. It worked. We've seen an increase in traffic to our platform in countries where we ran the campaign, and this is significantly ahead of non-campaign countries where we didn't run the campaign. Second, we've been recruiting more host and setting them up for success. Last year, we redesigned a host onboarding flow, making it easier for new host to get started. And we also introduced our Ask a Superhost program, pairing potential hosts with Superhosts to answer their questions. And finally, we created the AirCover, top-to-bottom protection, free for every Airbnb host and only offered on Airbnb.

我快速更新每一項進展。第一，我們一直在向世界宣導 Airbnb 的不同之處，也就是「房東接待（hosting）」。2021 年，我們推出 5 年來首個大型行銷活動，向旅客介紹被房東接待的好處，並激勵更多旅客成為房東。結果奏效。我們看到在投放活動的國家，平台流量有所增加，而且明顯領先於未投放活動的國家。第二，我們一直在招募更多房東並協助他們成功。去年我們重新設計了房東上線（onboarding）流程，讓新房東更容易開始。我們也推出「Ask a Superhost」計畫，讓潛在房東與超讚房東（Superhosts）配對，以解答他們的問題。最後，我們推出 AirCover，提供自上而下的全面保障，對每位 Airbnb 房東免費，且僅在 Airbnb 提供。

Third, we've been simplifying every part of the guest experience. Last year, we introduced I’m Flexible, a whole new way to search an Airbnb when guests are flexible about where and when they're traveling. And guests, since we've launched these features, have used I'm Flexible nearly 800 million times. We've also chipped dozens of other product features to improve the guest experience. And finally, fourth, we've been focused on delivering world-class service to our guests and our hosts.

第三，我們一直在簡化旅客體驗的每個環節。去年我們推出「I’m Flexible」，這是一種全新的搜尋 Airbnb 方式，適用於旅客在旅行地點與時間上較有彈性時使用。自推出以來，旅客使用「I'm Flexible」的次數已接近 8 億次。我們也推出了數十項其他產品功能，以改善旅客體驗。最後，第四，我們一直專注於為旅客與房東提供世界級服務。

Now in addition to providing protection for our host to AirCover, we launched dedicated Superhost support. Now dedicated Superhost support provides our most experienced host priority access to our most experienced support agents. And as a result, we've seen fewer escalations and faster resolution times, increasing overall Superhost satisfaction. Now I'm incredibly proud of everything we deliver to our guests and hosts in 2021, but it's important to note we are not stopping here. Because in 2022 and beyond, what we're going to do is accelerate our pace innovation. And we're going to focus on 3 key priorities: live anywhere on Airbnb; unlock the next generation of host; and Airbnb becoming the ultimate host to our community.

現在，除了透過 AirCover 為我們的房東提供保障之外，我們也推出了專屬的超讚房東支援。專屬超讚房東支援讓我們最資深的房東，能以優先順序接觸到我們最資深的支援專員。因此，我們看到升級申訴更少、解決時間更快，整體超讚房東滿意度也隨之提升。我對我們在 2021 年為房客與房東所交付的一切感到無比自豪，但重要的是，我們不會就此止步。因為在 2022 年及未來，我們要做的是加速創新步伐。我們將聚焦 3 個關鍵優先事項：在 Airbnb 上隨處生活；解鎖下一代房東；以及讓 Airbnb 成為我們社群的終極房東。

So let me just give you a quick preview of each. First, live anywhere on Airbnb. As a result of pandemic, millions of people can now live anywhere. They're now using Airbnb to travel to thousands of towns and cities staying for weeks, months or even entire seasons at a time. Some people without families, like me, I can kind of live a bit nomadically staying in different Airbnbs every week or every month. Now people and families probably can't do that, but we're seeing people with families, they have a lot more flexibility over the summer. And I think this is why bookings in January for this summer, by nights booked, are up 25% from this time in 2019. And other people are just going to take more extended weekends. The key point is that every length of stay on Airbnb is going up, whether it's 2 nights, 3 nights a week, a month or a season, all length of stay for single nights are up Airbnb. And we want to design for this new world by making it even easier for guests to live on Airbnb.

我先快速預告一下各項重點。第一，在 Airbnb 上隨處生活。受疫情影響，數百萬人現在可以在任何地方生活。他們正使用 Airbnb 前往數千個城鎮與城市旅行，並一次入住數週、數月，甚至整個季節。有些沒有家庭的人，像我一樣，可以有點像遊牧般地生活，每週或每月住在不同的 Airbnb。當然，有家庭的人可能沒辦法這樣做，但我們看到有家庭的旅客在暑期有更大的彈性。我認為這也是為什麼今年 1 月針對今年夏天的預訂（以預訂晚數計）較 2019 年同期成長 25%。另外也有人只是會安排更多的長週末。關鍵在於，Airbnb 上各種住宿天數都在上升，不論是 2 晚、3 晚、一週、一個月或一個季節，除了單晚之外的所有住宿天數都在 Airbnb 上升。我們希望為這個新世界而設計，讓房客更容易在 Airbnb 上生活。

The second priority is we will unlock the next generation of hosts. With 4 million hosts on Airbnb, we believe we've just scratched the surface in growing our host community. So what we've done is we listened to thousands of people who think -- who are thinking about hosting to understand what obstacles there are for them to become a host. And what we're going to do is systematically address each of these obstacles in order to track the next generation of host on Airbnb.

第二個優先事項是，我們將解鎖下一代房東。Airbnb 上有 400 萬名房東，我們相信在擴大房東社群方面，我們才剛剛起步。因此，我們聆聽了數千位正在考慮成為房東的人，了解他們成為房東的障礙是什麼。我們接下來要做的是，有系統地逐一解決這些障礙，以便在 Airbnb 上帶動下一代房東。

And finally, Airbnb will become the ultimate host. We believe that Airbnb can be much more than a marketplace that merely connects guests and hosts. Our goal is to provide the ultimate service to our guests, anticipating their needs and going above and beyond just like a good host. Now by offering a more personalized service, we can dramatically improve the experience for millions of guests around the world.

最後，Airbnb 將成為終極房東。我們相信 Airbnb 可以遠不只是單純連結房客與房東的市集。我們的目標是為房客提供終極服務，預先洞察他們的需求，並像一位好房東一樣超越期待。透過提供更個人化的服務，我們可以大幅改善全球數百萬房客的體驗。

So that's it, just to summarize. Q4 was Airbnb's best quarter ever. Revenue, adjusted EBITDA and net income were all records. We're in the midst of a revolution in travel because people have newfound flexibility and how they live and work. Our adaptable model and our relentless innovation have allowed us to respond to this moment. And in 2022, we're going to accelerate our pace of innovation and continue to support this new world of travel.

以上就是重點，簡單總結一下。第四季是 Airbnb 有史以來表現最好的季度。營收、調整後 EBITDA 與淨利都創下新高。我們正處於旅遊革命之中，因為人們在生活與工作方式上獲得了新的彈性。我們具適應性的商業模式與不懈的創新，讓我們能回應這個時刻。而在 2022 年，我們將加速創新步伐，並持續支持這個全新的旅遊世界。

So with that, Dave and I look forward to answering your questions.

那麼，Dave 和我期待回答各位的問題。

(Operator Instructions). Our first question comes from Colin Sebastian from Baird.

（接線員指示）。我們的第一個問題來自 Baird 的 Colin Sebastian。

Two questions from me. I guess first off, Brian, you recently posted on Twitter the most popular requests for new functionality or services on the platform for this year. I think crypto payments might have been a tough request. But when you talked about acceleration in the pace of innovation, what should we think about in terms of the key areas of focus and how that impacts where you're spending money? And then secondly, maybe just one clarification on the EBITDA outlook for the full year. I think there was commentary on flat margins. Is the context for that a seasonal -- or return to seasonal booking trends and ADRs normalizing, or if that's not right, if you could add some context.

我有兩個問題。首先，Brian，你最近在 Twitter 上貼出今年平台上最受歡迎的新功能或服務需求。我想加密貨幣支付可能是個很難的需求。但當你談到加速創新步伐時，我們應該如何理解你們的重點聚焦領域，以及這會如何影響你們的資金投入方向？第二個問題，想請你們釐清一下全年 EBITDA 展望。我記得有提到利潤率持平。這背後的情境是季節性——或是回到季節性的訂房趨勢，以及 ADR（平均每日房價）正常化嗎？如果不是，能否補充一些背景。

Yes. Thanks very much, Colin. So -- why don't I take the first question and obviously, Dave, I think you could take the second question on EBITDA. So Colin, with regards to the pace of innovation, just to kind of create a contrast, last year, we created 150 upgrades in innovation. It was the most innovation we've ever delivered in any year of our history, and I think this explains why it was probably the best year in our company's history. But this year, we intend to create even bigger leads to our product.

是的。非常感謝你，Colin。關於——不如我先回答第一個問題，當然 Dave 可以回答第二個關於 EBITDA 的問題。Colin，談到創新步伐，為了做個對比，去年我們推出了 150 項產品升級與創新。那是我們公司歷史上任何一年交付最多創新的一年，我想這也解釋了為什麼那可能是我們公司史上最好的一年。但今年，我們打算在產品上做出更大的領先。

And just to give you a sense of how we're thinking about it. Going back to our priorities. We're seeing that millions of people are not tethered to have to go back to an office 5 days a week. And what this means is guests are spreading out to thousands of communities all over the world, and they're also staying longer. And so we want to design for this world, both people just living on Airbnb or just traveling and having more extended vacations. We also launched I'm Flexible last year, and that product has been used 800 million times. Now this is a really key feature because since the advent of the Internet, almost every travel website asked you 2 questions. Where are you going? And when are you traveling? And certainly, I'm Flexible gets us further up the funnel.

我也分享一下我們的思考方式，回到我們的優先事項。我們看到數百萬人不再被綁定必須每週 5 天回到辦公室。這代表房客正分散到全球各地數千個社區，而且停留時間也更長。因此，我們希望為這個世界而設計，不論是人們直接在 Airbnb 上生活，或是旅行並享受更長的假期。我們去年也推出了「我很彈性（I'm Flexible）」，這個產品已被使用 8 億次。這是一個非常關鍵的功能，因為自網際網路出現以來，幾乎每個旅遊網站都會問你兩個問題：你要去哪裡？你什麼時候旅行？而「我很彈性」確實讓我們能在漏斗更上游的位置觸及使用者。

This allows us to be in the inspiration business. And it's ultimately strategic for Airbnb because if you're flexible about where and when you can travel, we can point demand to where we have supply. So we're going to continue to upgrade our product. And we're going to continue to be better host to our guests and host community by providing even better world-class service for them each step of the way. So what we're going to do is continue to invest in the guest experience to adapt to these new behaviors, provide world-class service for them. And then once again, we want to unlock the next generation of host. So we have a whole road map where we understand each of the obstacles for people to host, and we're going to launch products and features this year that will unlock those obstacles. And I'm sure that's going to create a huge plethora of new supply in Airbnb.

這讓我們能進入「靈感」的生意。對 Airbnb 而言，這在策略上至關重要，因為如果你對目的地與時間更有彈性，我們就能把需求導向我們有供給的地方。因此，我們會持續升級產品。我們也會透過在每一步提供更好的世界級服務，成為房客與房東社群更好的房東。我們要做的是，持續投資房客體驗，以適應這些新行為，並為他們提供世界級服務。接著，我們再次希望解鎖下一代房東。因此我們有一整套路線圖，已理解人們成為房東的每一項障礙，而我們今年將推出產品與功能來解除這些障礙。我相信這將在 Airbnb 上創造大量的新供給。

Dave, do you want to get the second question on EBITDA?

Dave，你要回答第二個關於 EBITDA 的問題嗎？

Sure. Yes. We're very proud of the progress we've made in our margins in 2021. We increased them from minus 5%, back in 2019, to 27% in 2021. And so it's obviously a huge improvement and very proud of the work that we've done across the board. We also remember that we're managing for profitability while investing for growth. We're still very much in the growth mode investment for the future, and that's key for us. And what we saw in 2021 was that we had a step change in our marketing expenses and achieved a new level of overall marketing investment as a percentage of revenue. And we've already achieved that new baseline and likely not to achieve substantial improvement in the marketing expenses as a percentage of revenue this year. .

當然。是的。我們對 2021 年在利潤率方面取得的進展感到非常自豪。我們把利潤率從 2019 年的負 5%，提升到 2021 年的 27%。這顯然是巨大的改善，我們也為全方位所做的工作感到非常驕傲。我們也要記得，我們是在投資成長的同時管理獲利。我們仍然非常處於成長模式，為未來投資，這對我們很關鍵。我們在 2021 年看到行銷費用出現階躍式變化，並達到一個新的整體行銷投入水準（占營收比重）。我們已經達到這個新的基準，今年行銷費用占營收比重很可能不會再有顯著改善。.

And we also made a step change in our fixed costs and continue to improve in our variable costs. We'll continue to do that. We'll get more leverage on fixed and keep improving our variable costs. But that we also saw the tailwind of average daily rate which definitely helped our margins. And as ADRs may moderate this year and as the mix of our business changes, that will be an offset to some of the further improvements in our fixed cost leverage and variable costs. So if ADRs moderate a little bit less, there's room for some upside in EBITDA. That's why we've given the guidance we have.

我們的固定成本也出現階躍式變化，並持續改善變動成本。我們會繼續這麼做：在固定成本上取得更多槓桿，並持續改善變動成本。但我們也受惠於平均每日房價（ADR）的順風，這確實幫助了利潤率。若今年 ADR 可能趨於溫和、以及我們業務組合發生變化，這將抵銷部分固定成本槓桿與變動成本進一步改善所帶來的效益。因此，如果 ADR 溫和的幅度較小，EBITDA 仍有上行空間。這就是我們給出目前指引的原因。

Our next question comes from Naved Khan from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Naved Khan。

Yes. Two questions, one for Brian, one for Dave. So Brian, how are you thinking about growth in experiences for 2022 as travel comes back and people engage in more activities and experiences? And Dave, on the margin question, again, how should we think about the growth in other expenses outside of marketing and available costs, namely operations support and product development? Is there supposed to be a significant ramp up? Or is ADR the primary explanation for why margins can be flat year-on-year?

好的。有兩個問題，一個問 Brian，一個問 Dave。Brian，隨著旅遊回溫、人們參與更多活動與體驗，你如何看待 2022 年體驗（Experiences）業務的成長？Dave，關於利潤率的問題，再次請教：我們應該如何看待行銷與可變成本以外的其他費用成長，特別是營運支援與產品開發？是否預期會有顯著的加速增加？還是 ADR（平均每日房價）才是利潤率年對年可能持平的主要原因？

Yes. Naved, So I will take the first question and Dave, you can take the second question on expenses. With regards to experiences, we are very bullish on this product. It should be noted, for example, that the percentage of people that leave 5-star reviews for experiences is even higher for the percentage of people who leave 5-star reviews for homes. So what guests have told us is they love experiences, and I think host really depend on the economic income that it offers. Now in 2020, before the pandemic, we thought that year was going to be a breakout year for experiences. Instead, we have the pause, the product. But now we are going to be ramping the product back up -- it's going to be a multiyear journey, but I'm really excited about the potential for this product.

好的。Naved，我先回答第一個問題，Dave 你可以回答第二個關於費用的問題。就體驗而言，我們對這個產品非常看好。舉例來說，需要注意的是：在體驗留下 5 星評價的人占比，甚至高於在房源留下 5 星評價的人占比。也就是說，房客告訴我們他們很喜歡體驗，而我認為房東也非常依賴它所帶來的經濟收入。2020 年、疫情之前，我們原本以為那一年會是體驗業務的爆發年；但結果產品被迫暫停。現在我們將把產品重新加速推進——這會是一段多年旅程，但我對這個產品的潛力感到非常興奮。

And I think the reason is really simple. I think you can only, like, play so many video games to stay home and watch so many shows on Netflix before you want to get out of the house and you want to do an activity with other people, whether it's traveling even in your own area. And so we think this is going to be a great way to meet other people and also connect with people you care about or plan activity. Dave, do you want to talk about expenses?

而我認為原因其實很簡單。你不可能一直待在家裡玩那麼多電玩、看那麼多 Netflix 節目，總有一天你會想走出家門，想和其他人一起做些活動——不論是旅行，甚至只是在自己所在的區域內活動。因此我們認為，這會是結識新朋友的好方式，也能與你在乎的人建立連結或一起規劃活動。Dave，你要談談費用嗎？

Sure. So we -- like I said just a minute ago, we achieved a new baseline in our marketing expense as a percentage of revenue. We already achieved that in 2021. So there isn't as much opportunity for improvement in that particular line item going forward. On the operation support area, we're continuing to invest in the community and growth for the support of our guest and host community. So underlying, we're making improvements in the underlying rate of our operational support, but we still have other investments on top of that in order to drive those underlying improvements. And so that one will have a few -- would be relatively flat for this year.

當然。就像我剛才提到的，我們已在 2021 年把行銷費用占營收比重降到一個新的基準水準。因此，未來在這個特定科目上，改善空間就沒有那麼大了。至於營運支援方面，我們會持續投資社群與成長，以支援我們的房客與房東社群。也就是說，我們正在改善營運支援的基礎費率，但同時仍需要在其上投入其他投資，來推動這些基礎改善。因此，這一項今年大致會相對持平。

And on the product development expenses, again, we're growing our product development expenses more slowly than we're growing revenue. So we're going to continue to get leverage and discipline on our focused kind of product development efforts. Again, will just be a less of an improvement than what you saw in 2021. And then ADR is a little bit of a challenge to forecast. If ADRs remain higher and stronger, that's a tailwind to EBITDA if they -- as the business rebounds, more urban, more lower ADR regions and ADRs moderate some, that will be continued headwind for our margins.

至於產品開發費用，我們同樣會讓產品開發費用的成長速度低於營收成長速度。因此，我們會在聚焦的產品開發工作上持續取得槓桿效益並保持紀律。再次強調，改善幅度會小於你在 2021 年看到的情況。另外，ADR 的預測有點困難。如果 ADR 維持在較高且更強的水準，對 EBITDA 會是順風；但若隨著業務反彈，更多城市型、ADR 較低的地區回來，ADR 有所回落，那將會持續對我們的利潤率造成逆風。

Our next question comes from Stephen Ju from Crédit Suisse.

我們的下一個問題來自瑞士信貸（Crédit Suisse）的 Stephen Ju。

Okay. So Brian, I think you rightly called out the longer-term stays as your fastest-growing category, and you're going to be in the [hosting] as well. So thinking about the other side of the equation and, I guess, the supply side of the equation. So how are your host responding to the rise in this type of demand? And are there any sort of supply and demand and balance considerations we should be thinking about or worrying about? Because it seems like the pandemic has definitely taught the consumer that they can work and stay anywhere.

好的。Brian，我認為你很正確地指出長期住宿是你們成長最快的類別，而且你們也會在 [hosting] 方面有所布局。因此從等式的另一端、也就是供給端來思考：房東如何回應這類需求的上升？我們是否需要考量或擔心任何供需平衡的問題？因為看起來疫情確實讓消費者學到，他們可以在任何地方工作與居住。

Stephen, this is a really, really great question. And you are correct that there -- that just let me preface our supply question by saying that there's this entire acceleration in this new category of travel, which is that people are less tethered to an office, so they can now live anywhere. Not everyone but a lot of people. Additionally, we are really optimistic about cross-border travel rebounding and urban travel rebounding. So all of the original Airbnb use cases from pre-pandemic are going to come back, I think, in full throttle, probably better than before because of pent-up demand.

Stephen，這是一個非常、非常好的問題。你說得沒錯——在談供給之前，我先鋪陳一下：目前有一整個新的旅行類別正在加速成形，也就是人們不再那麼被辦公室綁住，因此現在可以住在任何地方。不是每個人都如此，但很多人是。另外，我們也非常樂觀地看待跨境旅行與城市旅行的回升。因此，疫情前 Airbnb 的所有原始使用情境，我認為都會全面回來，而且可能會以全速回歸，甚至比以前更好，因為有被壓抑的需求。

Now because of that, we need to make sure we have enough supply. So let's talk about how we get that. Well, the first thing I'd say is that one of the great things about our business is we have a global network. And so what that means is the #1 source of host on Airbnb are prior guests. In fact, in Q4, 33% of hosts were prior guests, and that number has been going up over the last couple of years. The other really interesting phenomenon we see is the markets, the fastest supply growth are also the markets that have a static demand growth. That's really interesting. And we think the reason why is most of our community are regular everyday people. They're teachers, they're health care workers or students and really everyday people. And as they make money and they get a lot of bookings, we think what's happening is they're telling their friends in their neighborhood and community, and they are also lifting and then some other people are expanding their business.

正因如此，我們必須確保有足夠的供給。那我們怎麼做到？首先我要說，我們業務的一大優勢是擁有全球網路。這代表 Airbnb 上房東的第一大來源是過去的房客。事實上，在第四季，33% 的房東曾經是房客，而且這個比例在過去幾年持續上升。另一個我們看到的有趣現象是：供給成長最快的市場，同時也是需求成長相對靜態的市場。這非常有意思。我們認為原因在於，我們社群中的多數人都是一般人——老師、醫護人員或學生，都是很日常的普通人。當他們賺到錢、接到很多訂單時，我們認為他們會把經驗分享給鄰里與社群的朋友；同時也會帶動其他人加入，並且有些人會擴大他們的業務。

So that's the first thing is our global network. Next, we have a full funnel approach to recruiting host. First, Stephen, we need to make sure that more people know about hosting. We want the brand of hosting to be as mainstream as the brand of Airbnb, which is now a noun and verb used all over the world. So we did 2 major host brand campaigns last year: Made Possible by Hosts hosting and the Strangers campaign. And both campaigns have driven a lot more traffic and a lot of prospects for people at Airbnb.

所以第一點是我們的全球網路。接著，我們採取全漏斗（full funnel）的房東招募方式。首先，Stephen，我們要確保更多人知道「當房東」這件事。我們希望「hosting」這個品牌能像 Airbnb 這個品牌一樣主流——Airbnb 現在已經成為全球通用的名詞與動詞。因此去年我們做了兩個大型房東品牌行銷活動：Made Possible by Hosts（由房東成就）以及 Strangers（陌生人）活動。兩個活動都帶來了更多流量，也讓更多人對在 Airbnb 當房東產生興趣。

Next, we want to make sure it's easier to become a host. So what we did last year is we reduced the number of steps down to 10 easy steps to become a host. One of the things we've learned over the course of starting Airbnb and growing Airbnb is the number of -- the less friction, the better the conversion funnel. And so as we make something easier, more people do it. And we also know that hosting is something that makes people have questions about. And what we wanted to do is match our very best prospective host with their very best Superhost, so they can ask questions and get their questions answered. And this has led to a higher conversion rate of people becoming host. And then finally, we want to start addressing the obstacles for people that are hosting. Now one of the most common obstacles we heard are people were nervous about their home being damaged when they rent it out to guests. And so we launched last year with AirCover, top-to-bottom protection, free for every host only in Airbnb, and this included $1 million damage protection and liability insurance.

接下來，我們希望讓成為房東更容易。去年我們把成為房東的步驟減少到 10 個簡單步驟。我們在創立並擴張 Airbnb 的過程中學到的一件事是：摩擦越少，轉換漏斗表現越好。因此，當我們把事情做得更容易，就會有更多人去做。我們也知道，hosting 會讓人產生很多疑問。我們想做的是，讓最優質的潛在房東，配對到最優質的超讚房東（Superhost），讓他們可以提問並獲得解答。這也帶來了更高的轉換率，讓更多人成為房東。最後，我們也要開始解決房東在 hosting 時遇到的障礙。其中最常見的障礙之一是：人們擔心把房子租給房客後會被損壞。因此我們去年推出了 AirCover——自上而下的全面保障，僅在 Airbnb 提供，且每位房東都可免費享有，其中包含 100 萬美元的損壞保障與責任保險。

The last thing I'd say, though, is in addition to our global network, in addition to our supply strategy, is this other real important point. This is kind of the Holy Grail, which is that because more people are flexible about where and when they're traveling, it means we're further up funnel. 800 million searches have I'm Flexible. And this means that we can start to point demand where we have supply because we are not supply-constrained globally on any night of the year. The challenge is just that too many people go to too few places at the same time. But as the world gets more flexible, we can balance supply/demand in addition to our other strategies. So that's the answer, global network, a full host of recruitment strategy and pointing demand to where we have supply.

最後我想補充的是，除了全球網路與供給策略之外，還有另一個非常重要的點，這有點像是「聖杯」。也就是說，因為更多人對旅行的地點與時間更有彈性，代表我們在漏斗更上游的位置。已有 8 億次搜尋使用「I'm Flexible（我很彈性）」功能。這意味著我們可以把需求導向我們有供給的地方，因為從全球任何一晚來看，我們並不受供給限制。真正的挑戰只是：太多人在同一時間去太少的地方。但隨著世界變得更有彈性，我們就能在其他策略之外，進一步平衡供需。因此答案是：全球網路、完整的房東招募策略，以及把需求導向我們有供給的地方。

We now turn to Bernie McTernan from Needham & Company.

我們現在把問題交給 Needham & Company 的 Bernie McTernan。

Great. Maybe just a follow-up on that with the supply and demand imbalance in the marketplace. Do you see the price appreciation as a problem for demand or an opportunity for the hosts?

很好。也許就市場供需失衡再追問一下。您認為價格上漲對需求而言是個問題，還是對房東而言是一個機會？

Dave, do you want to take this one?

Dave，你想回答這題嗎？

Well, I think you could see a bit of both. I mean if you go back to what we've seen for the average daily rate throughout 2021, early in the year, it was almost exclusively driven by mix. So it's the rebound of U.S. and European travel. It's been the rebound in non-urban whole home, larger homes. So the ADR was almost entirely mix. Through in the year, especially on the peak travel season around the summer, we started seeing some price appreciation in high-demand locations, ( so think fall ) or mid-summer. And so there was more price appreciation in those areas. And it was about equal price appreciation to mix, both in Q3 and that stabilized relatively in Q4.

我想兩者都有可能。我的意思是，如果回頭看我們在 2021 年整體看到的平均每日房價（ADR），年初幾乎完全是由組合（mix）所驅動。也就是美國與歐洲旅遊的回升、非都會區整棟房源與較大房型的回升。因此 ADR 幾乎完全是組合因素。到了年中，特別是在夏季的旅遊旺季，我們開始在需求很高的地點看到一些價格上漲（例如秋季，或是盛夏）。因此那些地區的價格上漲更明顯。而在第三季，價格上漲與組合因素對 ADR 的貢獻大致相當，第四季也相對穩定。

And so with the amount of demand for travel, the ADRs, we've not seen it take a significant tamper down on demand for people who travel. I think there's a lot of pent-up demand for people to get out of their homes to travel and live. And I think they're just constantly looking for the opportunity to kind of travel. In terms of the opportunity for host to earn more money, I mean, as there could be challenges in inflation driving up costs for individuals, we can certainly be empowered to be composed as a source of earning additional income. And so we see that Airbnb actually could be a sell for that. The Airbnb have had hosts earn $150 billion as host on Airbnb. And they continue to use us as a great way to earn additional income going forward.

因此，在旅遊需求的量能之下，就 ADR 而言，我們尚未看到它對人們的旅遊需求造成顯著的抑制。我認為很多人有很強的被壓抑需求，想走出家門去旅行、去生活，我想他們一直在尋找旅行的機會。至於房東多賺錢的機會，我的意思是，當通膨推升個人成本可能帶來挑戰時，我們當然可以成為一個讓人們獲得額外收入的來源，並因此受到鼓舞。所以我們看到 Airbnb 其實可以成為那樣的選擇。Airbnb 的房東透過 Airbnb 已經賺取了 1,500 億美元的收入。而他們未來也會持續把我們當作賺取額外收入的絕佳方式。

Our next question comes from Deepak Mathivanan from Wolfe.

下一個問題來自 Wolfe 的 Deepak Mathivanan。

Great. Two quick ones, one for Brian and one for Dave. Brian, you noted that Airbnb would want to become the ultimate host and offer a more personalized service for guests. Can you elaborate on some of those efforts? And what type of incremental opportunities do you envision kind of unlock from this in the next few years? And then, Dave, I just wanted to ask on the marketing spend. It seems like you noted that you found new baseline. But as some of these volume scales in the next few years, a lot of it is driven by kind of a macro recovery of the travel spend incrementally and then also in some of these use cases like long-term stays remaining strong, why shouldn't we kind of expect additional leverage on marketing? Or is this an effort by you to sort of step up investments so you can keep marketing spend relatively flat as a percent of revenues and bookings.

很好。兩個簡短問題，一個問 Brian，一個問 Dave。Brian，你提到 Airbnb 想成為「終極房東」，並為房客提供更個人化的服務。你能否進一步說明你們在這方面的一些作為？以及你預期在未來幾年，這將解鎖哪些類型的增量機會？另外，Dave，我想問一下行銷支出。看起來你提到你們找到了新的基準水準。但隨著未來幾年部分量能擴大，其中很多是由旅遊支出的宏觀復甦所帶動，並且像長住等使用情境也維持強勁，我們為什麼不應該預期行銷會有更多槓桿效益？還是說你們是打算提高投資，讓行銷支出占營收與預訂額的比例大致維持不變？

All right. Awesome. Well, thanks, Deepak. Obviously, I'll take the first question, Dave, then I'll let you take the second. So Airbnb becoming the ultimate host. What I would say, let me point you to 2 things that we're seeing, just to give you a sense of where we're going. Let me start by saying Airbnb is really a design-driven company at the very beginning. We have a unique design-driven approach, and I think that is a source of much of our innovation. And that's allowed us to create this new category of travel, and it's allowed us to make over 150 upgrades innovations in the last year. We had some really huge things that we're going to be launching in the coming months that I'm really excited about.

好。太棒了。謝謝你，Deepak。很明顯我先回答第一個問題，Dave，然後再讓你回答第二個。所以關於 Airbnb 成為「終極房東」。我想說，我先指出我們正在看到的兩件事，讓你了解我們要往哪裡走。先從一點開始：Airbnb 從一開始就是一家以設計驅動的公司。我們有一種獨特的設計驅動方法，我認為這是我們許多創新的來源。這讓我們創造出一個新的旅遊類別，也讓我們在過去一年推出了超過 150 項升級與創新。我們在接下來幾個月會推出一些非常重大的新東西，我對此非常興奮。

A couple of themes that we're thinking about. Number one, as I said, more and more guests are coming to Airbnb with flexibility, right? So typically, the way it used to work is people would come to an Airbnb or an OTA and they -- you'd ask them where are you traveling, and most people knew where they're traveling. You'd ask them, "When are you traveling?" They'd say, "I know where I'm traveling. So maybe I'm going to Miami this week." The more guests are flexible, the more you want to start learning more about why they're traveling and what they're interested in, so you can point demand where you have supply. So the first thing we want to do is provide a more personalized shopping experience.

我們正在思考幾個主題。第一，如我所說，越來越多房客帶著彈性來到 Airbnb，對吧？過去典型的運作方式是，人們來到 Airbnb 或 OTA，你會問他們要去哪裡旅行，而大多數人都知道目的地。你再問他們「什麼時候旅行？」他們會說「我知道我要去哪裡，所以也許我這週要去邁阿密。」但房客越有彈性，你就越希望更了解他們為什麼旅行、對什麼有興趣，這樣你就能把需求導向你有供給的地方。所以我們想做的第一件事，就是提供更個人化的瀏覽與選購體驗。

I think that we can go beyond the plastic e-commerce paradigm where anonymous customer comes to a website, they type something into search. They get a list of search results and then they book something. We think that we can provide an even more personalized service. And because we have a huge amount of repeat guest and we're a community and we know quite a lot about our guests, I think we can provide a deeply personal service. And that will increase conversion rates and really unlock a lot more opportunities for guests. That's just one example.

我認為我們可以超越那種制式的電商典範：匿名客戶來到網站，輸入搜尋字詞，得到一串搜尋結果，然後就下訂。我們認為我們可以提供更個人化的服務。而且因為我們有大量回訪房客、我們是一個社群、我們對房客也了解不少，我認為我們能提供非常深度的個人化服務。這將提高轉換率，並真正為房客解鎖更多機會。這只是其中一個例子。

One other example I'm going to give to you is on customer service. One of the things we noticed is when we offer dedicated super host support for Superhost and then AirCover, which is the industry first protection for host, it has massively increased host sentiment. And the -- we think this is critical. And we think we can do quite similar things for guests. We think that we can provide just the ultimate customer service to our guests and be there with them and go above and beyond each step of the way, just like a good host. And as far as does this offer an opportunity for incremental new offerings and services, the answer is absolutely yes. The more we know about our guests, the better service we provide, the more opportunities we have to promote new offerings to them as well. Dave, do you want to take marketing?

我再給你另一個例子：客戶服務。我們注意到，當我們為超讚房東（Superhost）提供專屬的超讚房東支援，以及推出 AirCover（這是業界首創、為房東提供的保障）時，房東的情緒與滿意度大幅提升。而且——我們認為這非常關鍵。我們也認為我們可以為房客做非常類似的事情。我們認為我們可以為房客提供真正「終極」的客戶服務，全程陪伴他們，在每一步都超越期待，就像一位好的房東一樣。至於這是否帶來增量的新產品與服務機會，答案絕對是肯定的。我們越了解房客、提供越好的服務，也就越有機會向他們推廣新的產品與服務。Dave，你要回答行銷的部分嗎？

Sure. Just to step back, remember that in 2019, kind of before the pandemic, we shifted our marketing strategy to be more brand-driven and even less dependent on search engine marketing. And so we made that shift and it kind of was proven to be the right shift to be made not only in 2019, but obviously in 2020 and 2021. And what we're currently seeing is still 90% of our traffic remaining to be direct and unpaid. And so we're continuing to focus more of our spend and brand marketing and less on the search engine marketing. And you are right that the brand marketing then should be more fixed, it's more of a fixed investment. But what we're seeing is great success in the brand marketing that we did last year, and we're going to be expanding it to more countries. And so to the extent that we expand into additional countries, there will be some incremental more brand marketing spend in this year.

當然。先退一步說，請記得在 2019 年、也就是疫情前，我們把行銷策略轉向更以品牌為驅動，並且更不依賴搜尋引擎行銷。因此我們做了這個轉變，而事後證明這不僅在 2019 年是正確的轉變，顯然在 2020 與 2021 年也是。我們目前看到的是，我們仍有 90% 的流量是直接且非付費的。因此我們會持續把更多支出放在品牌行銷上，並減少在搜尋引擎行銷上的投入。你說得對，品牌行銷應該更像是固定投入、比較固定的投資。但我們看到去年品牌行銷非常成功，我們也會把它擴展到更多國家。因此，只要我們擴展到更多國家，今年就會有一些額外的品牌行銷增量支出。

But you're right, once we are penetrated in most of the countries around the world, we can see more leverage because it becomes more of a fixed cost. And as you grow revenue, you can kind of grow revenue out above the marketing. I just -- we don't expect to see that additional leverage in 2022, but we could see it in 2023 and beyond.

但你說得對，一旦我們在全球大多數國家的滲透率提升後，我們就能看到更多槓桿效益，因為它會更像固定成本。當營收成長時，你就能讓營收成長幅度高於行銷支出。我只是——我們不預期在 2022 年看到那樣的額外槓桿，但在 2023 年及之後可能會看到。

We now turn to Mario Lu from Barclays.

我們現在把問題交給 Barclays 的 Mario Lu。

The first one is on one of your top priorities for '22 and beyond. You mentioned unlocking the next-generation approach. So it's been pretty clear that your hosts have been growing in regions that are seeing the largest demand. So just curious if there's a certain demographic or host that you feel you're currently under-indexing and look to unlock. And then secondly, on service fees or take rate. I understand this is not reported, but with half of the elevated ADRs is due to pent-up demand, does that give you confidence that you could potentially increase the service fee at some point in the future?

第一個問題是關於你們在 2022 年及之後的其中一項首要任務。你提到要解鎖下一代的方法。因此很明顯，你們的房東在需求最大的地區成長得更快。我想了解的是，是否有某些你覺得目前滲透不足、希望去解鎖的特定族群或房東類型？第二個問題是關於服務費或抽成率（take rate）。我知道你們沒有揭露這項數據，但如果偏高的 ADR 有一半是由被壓抑需求所造成，這是否讓你更有信心，未來某個時間點可能提高服務費？

Yes. Mario, I can take both and then Dave, you can feel free to elaborate on anything I didn't get to, but I'll do both of these. All right. So let's talk about unlocking the next generation of hosts. And the question is, is there any area that we're under-indexing in? I don't know if I'd say there's an area we're under-indexing in, but I can tell you where I see the biggest opportunity. Airbnb, we started because my roommate and I were living in San Francisco, we couldn't afford to pay rent. So in other words, we weren't a small business. We weren't a vacation rental owner. We were just kind of everyday people. We run a property management company. And we started Airbnb, the real innovation was we created tools to allow everyday people to be able to come host for the very first time.

是的。Mario，我可以兩個都回答，然後 Dave，你也可以隨時補充我沒提到的部分，但我會把這兩個都回答。好。那我們來談談如何解鎖下一代房東。問題是：我們是否在某些領域投入不足？我不確定我會說有哪個領域是我們投入不足，但我可以告訴你我看到的最大機會在哪裡。Airbnb 的起點是因為我和室友住在舊金山，我們付不起房租。換句話說，我們不是小企業。我們不是度假出租屋的業主。我們只是一般人。我們經營一家物業管理公司。我們創立 Airbnb，真正的創新在於我們打造了工具，讓一般人也能夠第一次成為房東。

And because of that, nearly 90% of our hosts are individuals. They're school teachers, health care workers, students, our hosts have earned over $150 billion since we started and 55% of them are women.

也因為如此，我們將近 90% 的房東都是個人。他們是學校老師、醫護人員、學生；自我們創立以來，我們的房東已經賺取超過 1,500 億美元，而其中 55% 是女性。

So what we're going to do is continue to focus on individuals. We're going to continue to support property managers. We're continuing to invest in them. We also have hotels, but we think probably the biggest growth area is going to be individuals. And the reason why is because things like inflation are providing more pressure on families all over the world and they're going to require economic opportunity to be able to make it through this difficult time. And we saw that we started Airbnb during the 2008 recession, when many people were turning to Airbnb because of the economic empowerment provided. So I think that most people don't realize that they can make an incremental $9,000, $10,000 a year by hosting occasionally.

因此我們接下來會持續聚焦在個人房東。我們也會持續支持物業管理業者，並持續對他們投資。我們也有飯店房源，但我們認為最大的成長領域很可能仍是個人房東。原因在於，像通膨這類因素正在對全球家庭造成更大壓力，他們需要經濟機會才能度過這段艱難時期。我們在 2008 年經濟衰退期間創立 Airbnb，當時很多人因為 Airbnb 帶來的經濟賦能而轉向使用它。我認為多數人沒有意識到，他們偶爾當房東，一年可以增加 9,000 到 10,000 美元的收入。

And then there are a number of people that are incredibly successful. We see people renting unique properties that are making tens of thousands of dollars, even hundred thousand dollars a year. So we think just getting the message out to everyday people, they can become a host, making it easier and addressing the obstacle systematically is the key opportunity. And this is true in geographies, all of the world, from North America, Europe, Latin America, Africa and APAC. So that's what we're really seeing. And then on the service fees and take rate, let me just say this: there is no question that we have obviously the opportunity to increase take rate on the guest side and the host side.

而且也有不少人非常成功。我們看到有人出租獨特房源，一年能賺數萬美元，甚至十萬美元以上。因此我們認為，關鍵機會在於把訊息傳遞給一般人：他們也能成為房東；同時讓流程更容易，並以系統化方式解決障礙。這在全球各地都適用，從北美、歐洲、拉丁美洲、非洲到亞太地區（APAC）。這就是我們真正看到的趨勢。至於服務費與抽成率（take rate），我想先說：毫無疑問，我們確實有機會在旅客端與房東端提高抽成率。

Now we don't want to just increase the tax for the service. We want to make sure that we're going to increase our prices that -- or if we're going to increase fees, that's going to be because we're offering services that our guests or host want to pay for. We want to make sure that every single year, the value on listing or -- is increased. Right now, those opportunities to increase monetization efforts are not the most perishable opportunities right now. And the reason why is we think this is a once-in-a-generation opportunity for this huge travel rebound. We have these new use cases. People are living anywhere all over the world, but we also have the return of cross-border travel, the return of urban travel. So we are totally focused on responding to this travel market share as possible.

但我們不想只是提高服務的「稅」。我們希望確保，如果要提高價格——或者如果要提高費用——那是因為我們提供了旅客或房東願意付費的服務。我們希望確保每一年，對房源（listing）的價值——或——都在提升。就目前而言，提升變現（monetization）力度的機會並不是當下最迫切、最容易流失的機會。原因是我們認為，這是一個一代才會出現一次的巨大旅遊反彈機會。我們有新的使用情境：人們在世界各地「住在任何地方」；同時跨境旅遊回歸、城市旅遊回歸。因此我們完全專注於盡可能把握這波旅遊市場份額。

Now the bigger we get and the more scale we get, the more services we could potentially offer to guests and host. And what we've seen is there's a lot of services that you can offer to host. I think Alibaba, Amazon, Etsy, Shopify and others have proven that there's a huge opportunity in this area. It's just not the most perishable opportunity right now, so we're focused on market share.

而且我們規模越大、擴張越多，就越可能為旅客與房東提供更多服務。我們看到的是：可以提供給房東的服務其實很多。我認為阿里巴巴、亞馬遜、Etsy、Shopify 等公司已經證明，這個領域存在巨大的機會。只是這並不是當下最迫切、最容易流失的機會，所以我們目前聚焦在市場份額。

We now turn to Jed Kelly from Oppenheimer.

接下來我們請 Oppenheimer 的 Jed Kelly 提問。

Two, if I may. You said your listings were up 20% in non-urban North America. Is that coming from primarily individuals or property managers? And then as we think out to 2022 as more people return to urban destinations, how should we think about competition, specifically from hotels and more commoditized inventory?

如果可以的話我有兩個問題。你們說在北美非城市地區的房源數增加了 20%。這主要是來自個人房東還是物業管理業者？另外，當我們展望 2022 年、更多人回到城市目的地時，我們應該如何看待競爭，特別是來自飯店以及更商品化（commoditized）的庫存供給？

Great. Thanks, Jed. Why don't Dave, you take the first question, growth of individuals versus property managers in nonurban areas?

很好。謝謝你，Jed。Dave，要不你先回答第一個問題：在非城市地區，個人房東與物業管理業者的成長情況？

Yes. Broadly, what we're seeing is that our growth in new supply has been relatively consistent with the distribution of individual versus professional hosts that we've seen typically. Like the majority of our listings are unique to Airbnb and from our individual host community. And so we're continuing to see the growth in our overall number of listings to be consistent with the relative distribution that we've historically seen.

好的。整體而言，我們看到新增供給的成長，與我們通常觀察到的個人房東與專業房東分布相對一致。像我們大多數房源都是 Airbnb 獨有的，並且來自我們的個人房東社群。因此，我們整體房源數的成長，仍與我們歷史上看到的相對分布保持一致。

Non-urban North America?

北美非城市地區呢？

We don't specifically break out the individual versus professional host by geography. I'll just tell you that, broadly, we are continuing to see that we focus on the unique needs of the individual host into the host community. That's what we're focused on, and that's where we're continuing to see the growth. So the mix overall has remained relatively stable between individuals and professional hosts during this most recent period.

我們不會按地理區域特別拆分個人房東與專業房東的數據。我只能說，整體而言，我們持續專注於個人房東在房東社群中的獨特需求。這是我們的重點，也是我們持續看到成長的地方。因此在最近這段期間，個人房東與專業房東之間的整體組合（mix）相對保持穩定。

And then, Jed, why don't I take the question about competition, hotels and more commodity offerings. So I think the important thing -- I mean this is just one thing to think about. The longer you're away from a home, the more I think you want to be in a home. And if you actually look at the growth of Airbnb by length of stay, every length of stay segment, except for 1, grew from this time in 2019, Q4 2019. For example, 1 month stays grew, 1 week stays grew, 3 night stays grew, 5 nights stays grew. The only stay category that didn't grow were 1 night stays. Presumably, these are business travel stays. .

接著，Jed，關於競爭、飯店以及更商品化的供給，我來回答。我認為重要的一點——這只是其中一個思考角度——是：你離開家越久，我覺得你越想住在「家」的感覺裡。如果你看 Airbnb 依照入住天數（length of stay）的成長，除了 1 晚之外，所有入住天數區間相較於 2019 年同期、2019 年第四季（Q4 2019）都有成長。比如說，住 1 個月的成長了，住 1 週的成長了，住 3 晚的成長了，住 5 晚的也成長了。唯一沒有成長的住宿類別是 1 晚。推測這些是商務旅行住宿。.

I don't think that business travel is going to ever come back the way it was before the pandemic. It doesn't mean business is not going to come back. I just think it's going to be different because the way we work is different. And I think that the bar to get on an airplane to travel for a meeting will just be a little higher than before.

我不認為商務旅行會以疫情前的方式回來。這不代表商務不會回來，我只是覺得它會不一樣，因為我們工作的方式已經不同了。我也認為，為了一場會議而搭飛機出差的門檻，會比以前更高一些。

Now I do think that the travel market is so big that I think there's so much room for both Airbnb and hotels. And actually, I think many hotels are going to consider Airbnb a very important distribution platform for them. The bigger we get, the more important we actually are to them. I also think the hotels are going to have a really great opportunity with a lot of group travel conferences, like really large, like, events and offsites. So they're going to have their area where I think they're going to thrive and I think we are going to have ours as well. But I don't actually see like a massive overlap. I do think there are some very distinct used cases that are great for Airbnb and some others that are greater hotels and hotels exist on Airbnb.

不過我確實認為旅遊市場非常大，Airbnb 與飯店都還有很大的成長空間。事實上，我認為許多飯店會把 Airbnb 視為對他們非常重要的分銷平台。我們規模越大，對他們而言其實就越重要。我也認為飯店在很多團體旅遊與會議上會有很好的機會，例如非常大型的活動與 offsites（外出活動）。所以他們會有我認為能夠蓬勃發展的領域，而我們也會有我們的領域。但我其實不覺得會有非常巨大的重疊。我確實認為有一些非常明確的使用情境很適合 Airbnb，而另一些則更適合飯店；而且飯店也存在於 Airbnb 上。

We now turn to Brian Nowak from Morgan Stanley.

接下來我們請 Morgan Stanley 的 Brian Nowak 提問。

I have 2 on the bookers. You guys have had incredible bookings growth the last couple of years. I'd be curious to hear about what you know, what you've learned about the demographics of your bookers and how it's changed, age, income? What does the base of your bookers look like now as opposed to pre-pandemic? How has that sort of changed your view of the world? And then secondly, about all the new bookers that came to the platform in 2020, 2021, what can you tell us about their user behavior from a frequency or booking perspective at this point versus earlier cohorts? Just so we get sort of an idea of how these users may or may not be different from what you've added historically.

我有兩個關於訂房者（bookers）的问题。你們過去幾年的訂單（bookings）成長非常驚人。我想了解你們對訂房者的人口統計特徵（demographics）學到了什麼，以及它如何改變：年齡、收入？現在的訂房者基礎與疫情前相比是什麼樣子？這又如何改變你們對世界的看法？第二，關於 2020、2021 年加入平台的所有新訂房者，你們目前能否從使用頻率或訂房角度，談談他們的使用行為相較於更早期的用戶群（cohorts）如何？這樣我們可以大致了解，這些用戶可能與你們過去歷史新增的用戶有何不同或是否不同。

All right. Thank you very much, Brian. And Dave, why don't you take these. So I see the first question is bookings growth, what are the demographic of bookers, especially new bookers and new user behavior compared to earlier cohorts.

好的。非常感謝你，Brian。Dave，你來回答這些吧。我看到第一個問題是預訂量成長，預訂者的人口統計特徵是什麼，特別是新預訂者，以及新用戶行為相較於較早期的同批用戶有何不同。

I think broadly, the good news is that we're really not seeing a major shift in change overall. The demographics have been relatively consistent throughout this rebound and our new cohorts have -- it's early, but our new cohorts are still aging consistently with what we've seen new booking cohorts age in the past, the repeat booking rates and things. So I think that's a nice opportunity for us to introduce Airbnb to millions of new guests and it's great that those guests, at least in the early days, are having similar rebooking rates as what we've seen historically.

我想整體而言，好消息是我們其實沒有看到整體出現重大的轉變。這次復甦期間的人口統計特徵一直相對一致；而我們的新同批用戶——雖然還早，但我們的新同批用戶在成熟（演進）方式上，仍與過去我們看到的新預訂同批用戶成熟的方式一致，包括重複預訂率等。因此我認為，這對我們而言是個很好的機會，能把 Airbnb 介紹給數以百萬計的新旅客；而且很棒的是，至少在早期，這些旅客的再次預訂率與我們歷史上看到的相近。

And maybe I'll just -- maybe -- and maybe, Brian, I'll just say one other thing. I think the thing that's like really quite unique about Airbnb is we're not just a brand for young travelers or old travelers. We're not just a budget brand or a luxury brand. We are -- we're really -- we range from budget to luxury, young travelers to retirees. We're in U.S., we're also in Europe. We're in every continent in the world, and we're not just urban, we're urban and nonurban. And so I think the adaptability of our model and the incredible selection that we have really bring the kind of the whole world to Airbnb. And so we're seeing, and I think I continue to expect that really all demographics are going to continue on Airbnb. It's a pretty unique brand that can really flex in that way. And so I think it's one of the great points of our global network.

也許我再補充——也許——Brian，我再補充一點。我認為 Airbnb 真正非常獨特的一點是：我們不只是年輕旅客或年長旅客的品牌；我們不只是平價品牌或奢華品牌。我們——我們其實——涵蓋從平價到奢華、從年輕旅客到退休族。我們在美國，也在歐洲；我們遍及全球每一個大洲；而且我們不只在城市，我們同時涵蓋城市與非城市地區。因此我認為，我們模式的適應性以及我們令人驚豔的選擇，真的把整個世界帶到 Airbnb 上。所以我們看到，而且我也持續預期，所有人口族群都會持續使用 Airbnb。這是一個能以這種方式高度彈性的相當獨特品牌。我想這也是我們全球網路的一大優勢。

We now turn to Brian Fitzgerald from Wells Fargo.

接下來我們請 Wells Fargo 的 Brian Fitzgerald 提問。

A couple of questions on the length of stay. As you can continue to see the strong growth in longer stages. Just wondering if you could walk us through some of the take rate dynamics of that. And when you talk about addressing the key pain points of hosts, just wondering if you could share what some of the ongoing points of friction are there and preventing people from the hosting on the platform.

有兩個關於入住天數的問題。你們持續看到較長天數住宿的強勁成長。想請你們說明一下其中的抽成率（take rate）動態。以及當你們談到解決房東的關鍵痛點時，想請你們分享目前仍有哪些持續存在的摩擦點，導致人們不願意在平台上成為房東。

Yes. That's great. So Dave, why don't you take the length of stay, take rate dynamics and I can talk about the key obstacles people have for hosting.

是的。很好的問題。Dave，你來談談入住天數與抽成率動態，我來談談人們成為房東的主要障礙。

Sure. On the take rates, the long-term stays, they have a moderately lower take rate because the guest needs are a little bit lower. And the ADR or the average daily rates are staying for longer because hosts often offer a discount. But those lower take rates and ADRs are offset by the fact that they're longer than short-term stays and the cost actually support them. So lower customer support costs another -- and actually have a more nights booked. Those are benefit and become a tailwind and we generate similar contribution margins from a long-term stay booking relative to the short-term stay bookings. So the dynamics are a little bit different on the top, but the bottom line contribution is more similar.

好的。關於抽成率，長住的抽成率會中度偏低，因為房客的需求稍微低一些。而且 ADR（平均每日房價）在住得更久時會較低，因為房東通常會提供折扣。但這些較低的抽成率與 ADR，會被「入住天數比短住更長」以及「實際支援成本更低」所抵銷。所以客服支援成本更低——而且實際上也會有更多晚數被預訂。這些都是好處，並成為順風，我們從長住訂單所產生的貢獻毛利，與短住訂單相對接近。因此在營收端的動態有些不同，但最終的貢獻度更為相似。

And as far as addressing the obstacles, Brian, what we've seen is we've listened to thousands of hosts and we took a very systematic approach to the journey from people learning about Airbnb hosting to listing to going through the entire process. And the first thing we want to make sure is people know the benefits of hosting. Most people don't realize the economic opportunity the hosting provides. They don't realize that you can host in 10 easy steps. They don't realize that the vast majority of people get their first booking within 3 days. We want to make sure that if they have any problems they can get help they need, so we're going to continue to expand the Ask a Superhost program. we have some ideas to reduce the effort to hosting even further, and we want to continue to provide more protection like AirCover to get even more people a peace of mind.

至於解決障礙，Brian，我們看到的是：我們聽取了數千位房東的意見，並對人們從認識 Airbnb 房東機會、到上架、再到走完整個流程的旅程，採取非常系統化的方法。第一件事是要確保人們了解當房東的好處。多數人沒有意識到當房東所帶來的經濟機會；他們不知道你可以用 10 個簡單步驟開始當房東；他們也不知道絕大多數的人在 3 天內就能獲得第一筆預訂。我們也要確保，如果他們遇到任何問題，都能得到所需的協助，所以我們會持續擴大「Ask a Superhost」計畫。我們也有一些想法，能進一步降低當房東所需的投入與努力；並且我們希望持續提供更多像 AirCover 這樣的保障，讓更多人更安心。

I think the thing about Airbnb hosting that's pretty unique compared to other marketplaces is almost any type of person can be a host. Most of the people listening to this call could be a host. You could be renting your second home. We -- people rent their primary home. People can rent their homes when they're gone. And so I think there's something about hosting that can apply to people of all walks of life. And that's what we're going to be focused on.

我認為，Airbnb 的房東模式相較於其他市集平台相當獨特的一點是：幾乎任何類型的人都可以成為房東。現在收聽這通電話的大多數人都可以成為房東。你可以出租你的第二間房子。我們——人們也會出租自住房；人們也可以在外出不在家時出租自己的房子。因此我認為，當房東這件事可以適用於各行各業的人，而這也是我們將會聚焦的方向。

We now turn to Doug Anmuth from JPMorgan.

接下來我們請 JPMorgan 的 Doug Anmuth 提問。

I was just hoping you could talk a little bit more about ADRs and just what you're seeing so far for bookings in '22. And just curious as to your view if the degree of decline for this year has changed at all. And then, Dave, just on capital allocation, just curious if there's any changes or anything different to call out now just given, obviously, a lot more discipline in the business and a very different degree of profitability versus a couple of years ago.

我希望你們能再多談一點 ADR，以及你們目前看到 2022 年的預訂情況。也想請教你們對於今年下滑幅度的看法是否有任何改變。然後 Dave，關於資本配置，也想了解在目前顯然營運更自律、且相較於幾年前獲利能力大幅不同的情況下，是否有任何變動或需要特別指出的地方。

Yes. Obviously, Dave, why don't you take both of these, ADR in 2022 and capital allocation.

好的。很明顯，Dave，你來回答這兩題：2022 年的 ADR，以及資本配置。

Sure. Yes. Like I said earlier in the call, the average daily rate early in 2021 was almost exclusively driven by mix, country mix, urban versus nonurban, whole homes or whole home nonurban, Europe, U.S., just has a higher daily rate. And then towards the back half of the year, both in Q3 and Q4, we saw some price appreciation in high-demand markets and kind of peak periods. And so then it was more equally weighted between the 2. And so then what we've seen kind of coming in and we expect that as urban comes back, and we are continuing to see urban accelerate every quarter and some of our lower ADR markets start coming back, and we have seen places like Latin America now well above 2019 rates, so we would see some moderation in the ADRs. What we're seeing early in 2022 and included this in the letter as we anticipate about a 4% increase still year-over-year, so Q1 '22 over Q1 '21 in ADR.

好的。是的。正如我在電話會議前面提到的，2021 年初的平均每日房價幾乎完全由組合因素所驅動：國家組合、城市與非城市、整套房源或非城市的整套房源、歐洲、美國——這些地區的每日房價本來就較高。到了下半年，在第三季與第四季，我們在高需求市場以及某些尖峰期間看到一些價格上漲。因此那時候就變成兩者的權重更平均。接著我們看到目前的情況，並且我們預期，隨著城市回歸——我們確實看到城市每一季都在加速復甦——以及一些 ADR 較低的市場開始回來（例如拉丁美洲目前已遠高於 2019 年的水準），我們會看到 ADR 有所趨緩。我們在 2022 年初看到的情況，也在股東信中提到：我們預期 ADR 年增約 4%，也就是 2022 年第一季相較 2021 年第一季。

So we're still seeing strong ADR rates and anticipate that will be the case here early in the year. And what's tougher to forecast is the rate of return of those lower ADR segments and then how much of the price appreciation come in steps. But we would anticipate some moderation of ADRs through the back half of the year. We just don't know exactly how much.

所以我們仍看到強勁的 ADR，並預期在年初會維持這樣的情況。比較難預測的是：那些 ADR 較低的區隔回歸的速度，以及價格上漲會在多大程度上以階梯式出現。但我們預期在下半年 ADR 會有所趨緩，只是不確定幅度會是多少。

And then on the capital allocation, I do tell you that I sleep better at night now that we have $8 billion of cash in the bank relative to the position we were in -- prior to COVID or midst of COVID. And it enables us to have the flexibility to continue to invest in growth because that's what we're focused on, is to grow this business. And we can continue to use some of that cash in case we wanted to use it for any kind of acquisitions, although acquisition is not our primary kind of growth driver. And one change that we did announce here in the letter of this quarter is that we are planning to pay for our RSU tax obligations for employees with cash rather than selling to cover.

至於資本配置，我可以告訴你，現在我們帳上有 80 億美元現金，相較於 COVID 之前或 COVID 期間的狀況，我晚上睡得更安穩。這讓我們有彈性可以持續投資成長，因為我們的重點就是把這個業務做大。我們也可以在需要時動用部分現金進行任何形式的併購，雖然併購並不是我們主要的成長驅動因素。我們在本季股東信中宣布的一項變更是：我們計畫以現金支付員工 RSU 的稅務義務，而不是透過賣股來支付（sell to cover）。

So we will be net-settling those shares, and that will be a use of about a little more than $1 billion of cash during the year. But I'm very proud about how grateful they are with our investment, so thank you.

因此我們將以淨額交割（net-settle）方式處理這些股份，這在今年將使用約略超過 10 億美元的現金。但我對於他們對我們投資的感激之情感到非常自豪，謝謝。

We now turn to Lloyd Walmsley from UBS.

接下來我們請 UBS 的 Lloyd Walmsley 提問。

I had a couple. First, just on the host supply, it sounds like you're seeing good traffic gains in regions where you're advertising, but the aggregate listings number is only up something like 7% from the last disclosure despite a pretty good environment. So just wondering what gives you the confidence that you can continue to grow supply to meet demand on kind of a multiyear basis. And is there -- do you have visibility into the backlog of hosts just going through that process that gives you that confidence it can accelerate? And then a second one on kind of ADRs, the shareholder letter mentioned having over 25% more nights booked for the summer than this time in 2019. Can you talk about what that looks like kind of on a gross bookings basis? And as we think about ADRs, if you put aside the geographical format mix shift, like where do you think like-for-like pricing is moving up for this year as it seems like some folks are pushing price?

我有兩個問題。第一個是關於房東供給：聽起來你們在投放廣告的地區看到不錯的流量成長，但整體房源數量相較上次披露僅增加約 7%，儘管環境相當不錯。想請問是什麼讓你們有信心能在多年的時間尺度上持續擴大供給以滿足需求？另外，你們是否能掌握正在走流程的房東待上架量（backlog），讓你們有信心供給能加速？第二個問題是關於 ADR：股東信提到，相較於 2019 年同一時間，你們今年夏季的預訂晚數多了超過 25%。你們能談談若以總預訂額（gross bookings）來看會是什麼樣子嗎？以及在思考 ADR 時，如果先撇除地理與房源形式的組合變動，你們認為今年同店（like-for-like）定價會如何變動，因為看起來有些業者正在推升價格？

Yes. Thanks very much, Lloyd. So Dave, I think you can take both of them, and I'm happy to round up the answers. The first one is what you see on host supply, how we're feeling about the environment on a multiyear basis in the backlog of host. And second, obviously summer demand what that means or GBB ADR.

是的。非常感謝你，Lloyd。所以 Dave，我想你可以一起回答這兩題，我也很樂意把答案做個總結。第一題是你們在房東供給端看到的情況：我們如何看待房東待辦量（backlog）在多年期的環境表現。第二題，顯然是暑期需求，這對 GBB ADR 意味著什麼。

Sure. As we kind of mentioned earlier, the key is that -- on the supply side, remember that we have 4 million hosts. The vast majority of those are individual hosts, 90% of those are individuals and the individual host hosting their own home or offer their second home. And so what we found kind of during the pandemic is people don't get rid of their own home or their second home just because there's a global pandemic and they're not having hosting. When people are ready to travel, they're ready to travel again. So actually, we've been quite proud of the fact and pleased that our actual supply has remained as stable as it has throughout this pandemic. And I think that's what you're seeing in regions outside of where we're seeing a lot of the rebounds, U.S. and Europe. While there could be softness or not as much growth there, that growth would be there when the demand comes back. And that's why we're highlighting the growth that we saw in the high-demand areas. We did grow 20% in the U.S. non-urban because that's where we're seeing a greater amount of demand.

當然。如同我們先前提到的，關鍵在於——在供給端，請記得我們有 400 萬名房東。其中絕大多數是個人房東，90% 都是個人，個人房東出租自己的住家或提供第二間房。疫情期間我們發現，人們不會因為全球大流行、暫時不接待，就把自己的房子或第二間房處理掉。當人們準備好旅行時，他們就會再次準備好旅行。所以我們其實對於在整個疫情期間，我們的實際供給能維持如此穩定感到相當自豪也很欣慰。我想這也是你在美國與歐洲等反彈較明顯地區以外所看到的情況。即使那裡可能有些疲軟或成長不那麼快，但當需求回來時，成長就會出現。這也是為什麼我們強調在高需求地區看到的成長。我們在美國非都會區成長了 20%，因為那裡的需求更強。

Airbnb is amazingly self-healing dynamic with the approach to how we add supply to our environment. So I think as the market comes back, we'll continue to do it. And then, yes, go ahead, Brian.

Airbnb 在我們為生態系新增供給的方式上，具有驚人的自我修復動態。所以我認為隨著市場回來，我們會持續這麼做。然後，是的，請繼續，Brian。

And again, maybe I'll just lay the ground out a little bit of his answer. I just wanted to just really underline this. We designed the Airbnb the very beginning so that guests retract host and hosts attract guests. And this is 14 years later, more than 1 billion guest arrivals later. It's working obviously pretty well. And again, I think one of the -- a couple of reasons. Number one, guests become host. And so as we get more host a percentage of them -- as we get more guests, a percentage of them become host. And we're going to continue to focus on converting as many guest host as possible. This is a really interesting flywheel.

再補充一下，也許我先把他的回答脈絡再鋪陳一下。我只是想特別強調這點：我們從一開始設計 Airbnb，就是讓旅客吸引房東、房東也吸引旅客。14 年後、累計超過 10 億次旅客入住之後，顯然運作得相當不錯。我認為原因有幾個。第一，旅客會變成房東。所以當我們有更多旅客時，其中一部分會成為房東。我們會持續專注於盡可能把旅客轉化為房東。這是一個非常有趣的飛輪。

Number two, the way we grow primarily is word of mouth. So as regular people get more bookings, they tend to tell other regular people about it. And if the hotel gets a lot of bookings, they're not going to tell the next hotel who's a competitor. Most regular people don't think of themselves that way, so word about starts to spread.

第二，我們主要的成長方式是口碑。所以當一般人獲得更多預訂時，他們往往會把這件事告訴其他一般人。但如果飯店獲得很多預訂，他們不會去告訴下一家競爭飯店。多數一般人不會用那種競爭者的角度看待自己，因此口碑就會開始擴散。

But the other thing, once again, I also want to underline is the Holy Grail of supply is also being able to point demand to where you have supply. And we are not even close to supply constrained any night of the year, if you take a global average of every city, all 100,000 cities around the world. And so what we want to do is as people are more flexible and we are moving top of funnel, we want to continue to point demand where we have supply. And all of that is in addition to our very specific efforts to continue to recruit host, which we're really focused on. So I think Dave nailed it. It's all about the global network.

但另外一點，我也想再次強調：供給的「聖杯」同樣在於，能把需求導向你有供給的地方。若以全球平均、涵蓋全球 10 萬個城市的每一座城市來看，我們一年中的任何一晚都遠未接近供給受限。因此，當人們更具彈性、而我們也在移動漏斗頂端（top of funnel）時，我們希望持續把需求導向我們有供給的地方。除此之外，我們也有非常明確的持續招募房東的努力，這是我們高度聚焦的重點。所以我認為 Dave 說得很到位：一切都在於全球網路。

And Dave, why don't you take the second question about summer demand.

Dave，你要不要回答第二題，關於暑期需求。

Yes, summer demand ADRs. I mean I think we're just seeing strong demand for travel. People are ready to travel this summer. We have 25% more nights booked for the summer travel season than we did in 2019. They're ready to get out and do that travel. And obviously, we are seeing that ADRs are higher. But as I mentioned earlier in the call, both in Q3 and Q4, a portion of that was mix and about an equal portion was due to price appreciation so that stayed relatively stable. In other words, we didn't see price appreciation go up higher as a driver in Q4. It was fairly stable. So that's kind of what we have currently forecasted for what we've shared in our guide here in Q1.

好的，關於暑期需求與 ADR。我認為我們看到的是強勁的旅遊需求。人們已經準備好在今年夏天旅行。我們在暑期旅遊季的預訂晚數比 2019 年多了 25%。大家準備出門旅行。當然，我們也看到 ADR 較高。但如同我在電話會議稍早提到的，在 Q3 與 Q4，其中一部分來自組合（mix），而差不多同等的一部分來自價格上漲（price appreciation），因此整體相對穩定。換句話說，我們沒有看到在 Q4 價格上漲作為驅動因素進一步加速；它相當穩定。這也就是我們目前對 Q1 指引中所分享內容的預測基礎。

We now turn to Andrew Boone from JMP Securities.

接下來我們請 JMP Securities 的 Andrew Boone 提問。

Two please. First, can you just talk about your progress with hotels on the platform? Brian, I think you mentioned that briefly earlier. And then secondly, going back to marketing. Do we start to think about brand marketing as being more connected to the supply side of the equation, meaning, that there's going to be continued pressure as you guys grow the network more broadly? But rather than focus on the demand side, focusing more on the listing side and thinking about that as it is connected to marketing.

兩個問題。第一，能否談談你們在平台上與飯店合作的進展？Brian，我想你稍早有簡短提到。第二，回到行銷：我們是否應該把品牌行銷視為與供給端更相關的一環？也就是說，隨著你們更廣泛地擴大網路，是否會持續面臨壓力？但與其聚焦需求端，不如更聚焦房源端，並把它視為與行銷相連的一部分。

Thanks, Andrew. Why don't we do this? Why don't I, Dave, take marketing, I'll start there because I wanted to just recap how we're thinking about marketing over the coming years. And then you can take our progress with hotels and the platform.

謝謝你，Andrew。我們這樣做好嗎？我先來談行銷，Dave，你再談飯店與平台的進展。我先從行銷開始，因為我想回顧一下我們未來幾年對行銷的思考方式。

Let me just back up and just talk about how we're thinking about marketing here. We have a pretty different marketing approach than our competitors because we take a full-funnel approach to marketing. And it combines PR with brand marketing and performance marketing, and PR is actually probably the most important channel to build the brand of Airbnb. And that is because Airbnb has got an offering that's really unique. And so because of that, people are deeply passionate about, they tell one another and Airbnb has become a noun and a verb used all over the world. We've got more than 0.5 million articles on Airbnb just last year alone. So it's been a very important part of our marketing strategy.

我先退一步，談談我們如何看待行銷。我們的行銷方式和競爭對手很不一樣，因為我們採取全漏斗（full-funnel）的行銷策略，結合公關（PR）、品牌行銷與成效行銷（performance marketing）。而 PR 其實可能是建立 Airbnb 品牌最重要的渠道。這是因為 Airbnb 的產品供給非常獨特。也因此，人們對它充滿熱情，會彼此分享；Airbnb 也已成為全球通用的名詞與動詞。光是去年一年，就有超過 50 萬篇關於 Airbnb 的文章。所以這一直是我們行銷策略中非常重要的一部分。

And I think this explains why nearly 90% of our traffic remains direct and unpaid. Now we take brand marketing, we think of as really investment in educating the world about Airbnb. So it's not really about buying customers, about educating people what makes Airbnb special. And then we think of performance marketing as really a laser, to laser in on balancing supply and demand. Now with regards to brand marketing going forward, it's a great question. I think we're going to get focused on a couple of big areas.

我想這也解釋了為什麼我們將近 90% 的流量仍然是直接且非付費的。接著談品牌行銷：我們把它視為對「教育全世界認識 Airbnb」的投資。所以它不太是為了買客戶，而是教育人們 Airbnb 特別之處。至於成效行銷，我們把它視為一把雷射，用來精準平衡供給與需求。至於未來的品牌行銷，這是個好問題。我認為我們會聚焦在幾個大的方向。

Number one, yes. We think the area that needs a little more investment is the brand of hosting. The brand of Airbnb is a noun and verb used all over the world. And very few people, at this point, who travel regularly and book travel and Internet don't know about Airbnb. But we don't think enough people know about the incredible economic benefits to hosting and just the incredible -- like what it brings to people's lives, to be able to bring the world to their home.

第一，是的。我們認為需要多投入一些的領域，是「當房東（hosting）」這件事的品牌。Airbnb 的品牌已是全球通用的名詞與動詞。此時此刻，經常旅行、會訂旅遊產品、也使用網路的人，幾乎沒有不知道 Airbnb 的。但我們認為仍有不少人不了解當房東所帶來驚人的經濟效益，以及那種——它能為人們生活帶來的巨大價值：能把世界帶到自己家中。

But the other thing is we have a lot of really big innovations that we're going to be launching this year. And so we want to actually put some of our brand marketing dollars behind some of the new product innovations that I'm incredibly excited to reveal this year. And so those are 2 of the areas that we're going to continue to invest in. Again, we think of marketing as education, education in what we have that's unique and different. And we're going to educate the world about hosting, and we're going to educate the world about our new products and innovations this year.

另外，我們今年也將推出許多重大的創新。因此，我們希望把部分品牌行銷預算投入到一些新的產品創新上——我今年非常期待揭露這些內容。所以這兩個方向是我們會持續投資的領域。再次強調，我們把行銷視為教育：教育人們我們獨特且不同之處。我們會教育全世界認識當房東，也會教育全世界認識我們今年的新產品與創新。

With that, why don't I hand it over to Dave. Maybe the only other thing I'd say on hotels before we talk about how they're doing on our platform is, again, the core community or individual hosts. But the great thing of our platform is property managers and hotels are great ways to fill in the network gap. We think most people come to Airbnb to book something unique, one-of-a-kind stay from an everyday host. But we always want to make sure we never have any network gaps. We never want somebody to come to Airbnb and leave having not found a place to stay. And so we think hotels and property managers continue to be a very important part of our strategy. And the more demand we give them, the more they will continue to come on our platform. I don't know, Dave, do you want to talk a little bit about the progress of hotels on our platform?

接下來我把時間交給 Dave。在談飯店在我們平台上的表現之前，關於飯店我還想補充一點：我們的核心社群仍是個人房東。但我們平台很棒的一點是，物業管理公司與飯店是填補網路缺口的好方式。我們認為多數人來 Airbnb，是為了向一般房東預訂獨特、獨一無二的住宿。但我們也始終希望確保網路沒有任何缺口。我們不希望有人來到 Airbnb，最後卻找不到住處而離開。因此，我們認為飯店與物業管理公司仍是我們策略中非常重要的一部分。而我們給他們的需求越多，他們就越會持續加入我們的平台。我不知道，Dave，你要不要談談飯店在我們平台上的進展？

Well, really notice that in 2020 and 2021, we did scale back our investment in those areas. I mean it's key to have hotels still in the network gaps. But as cities are starting to return and we're getting urban coming back, that's when the time we will need to fill those network gaps with hotels. And so what we've seen in Q4 is that the nights remain depressed here for over 2 years, and they're slightly down kind of quarter-over-quarter due to Omicron. But our revenue is a little bit stronger relative to that due to a little bit higher ADRs, which we're seeing in hotels, similar to what we're seeing in other parts of the business. So we'll invest in hotels over the long term. It's just not our immediate focus.

嗯，確實要注意到在 2020 年和 2021 年，我們確實縮減了在那些領域的投資。我的意思是，讓飯店仍然補足網路缺口是關鍵。但隨著城市開始回歸、我們也看到都會需求回來，那就是我們需要用飯店來填補那些網路缺口的時候。因此我們在第四季看到的是，這裡的間夜數已經低迷超過兩年，且因 Omicron 的影響，按季比較略有下降。但相較於此，我們的營收稍微更強一些，原因是 ADR（平均每日房價）略高，我們在飯店端看到的情況，與我們在業務其他部分看到的類似。所以我們會長期投資飯店，只是不是我們眼前的重點。

We now turn to Mark Mahaney from Evercore ISI.

接下來我們請 Evercore ISI 的 Mark Mahaney 提問。

Okay. I just wanted to clarify something on marketing. It does sound like you've run a few campaigns towards hosts and towards, I think you called them, shaggy strangers that you were pretty happy about. So do you want to lean more into marketing when you talked about expenses levering or not leveraging -- or not leveraging in '22? Should we expect sales and marketing to show some deleverage as you kind of lean more into those marketing plans? And then could you also talk a little bit more about ADRs and, I forget, what the impact of the longer-term stays, what impact that's had on ADR? So forget about the urban, forget about the pricing just that impact itself of longer-term stays. Is that accretive or dilutive to ADRs, what kind of impact does that have?

好的。我只是想釐清一下行銷方面的事情。聽起來你們針對房東以及我想你們稱之為「shaggy strangers」的人群做了幾個活動，而且你們對成效相當滿意。所以當你們談到費用槓桿化或不槓桿化——或是在 2022 年不槓桿化——你們是否想在行銷上更用力？我們是否應該預期，當你們更積極推進那些行銷計畫時，銷售與行銷費用會出現一些去槓桿化？另外，你們也能否再多談一點 ADR？以及我忘了，長住（較長期住宿）對 ADR 的影響是什麼？先不談都會市場、也先不談定價，只談長住本身的影響。它對 ADR 是增厚還是稀釋？大概會帶來什麼樣的影響？

All right. Thanks very much, Mark, for those questions. Dave, I'll hand it over to you, sorry.

好的。非常感謝你，Mark，提出這些問題。Dave，我把問題交給你，不好意思。

On the marketing campaign. As I said earlier, we anticipate our marketing expense as a percentage of revenue in 2022 to be relatively consistent with that in 2021. So I'm not anticipating further deleverage and also not anticipating a lot of incremental leverage. As we're growing this year, we'll be expanding the investment to more countries, and as you noted, like our -- some of the brand marketing that we're doing in support of host.

關於行銷活動。如我先前所說，我們預期 2022 年行銷費用占營收的比例，將與 2021 年大致一致。所以我不預期會進一步去槓桿化，也不預期會有很多額外的槓桿化。隨著我們今年成長，我們會把投資擴展到更多國家；而且如你所提到的，例如我們正在進行的一些品牌行銷，是用來支持房東端的。

I think one of the powers, remember, of our marketing is that we can speak to both sides of the marketplace. So anytime we market Airbnb, we can actually talk to both guests and hosts. And as Brian mentioned earlier, one of our single largest sources of new hosts are our former guests. On the ADR, long-term stays are dilutive on the ADR as a percentage goes up. But it's kind of offset by some other -- the other factors that we talked about on the call today, both mix shift and price appreciation is what continues to buoy the ADR rates overall.

我想要記得，我們行銷的一個強項在於，我們可以同時對市場的兩端溝通。所以任何時候我們行銷 Airbnb，我們其實可以同時對房客與房東說話。而且如 Brian 先前提到的，我們新增房東的最大來源之一，就是我們過去的房客。至於 ADR，當長住占比上升時，長住會稀釋 ADR。但這會被我們今天電話會議中談到的其他因素部分抵銷，包括組合轉移（mix shift）與價格上漲，這些因素持續支撐整體 ADR 水準。

Our next question comes from Kevin Kopelman from Cowen and Company.

下一個問題來自 Cowen and Company 的 Kevin Kopelman。

Just have a follow-up on some of the recent booking trends you're seeing. So looking at the Q1 revenue guide at the midpoint there, it would be 70% higher than in Q1 '19. And that's higher than any of the GBV stats you've given out so far. So is that revenue growth all GBV-driven? Or are there other -- are there take rates or other components in there as well? And if so, what are they?

我想就你們最近看到的一些預訂趨勢追問一下。以第一季營收指引的中位數來看，會比 2019 年第一季高出 70%。而這高於你們目前為止提供過的任何 GBV（總預訂金額）統計數字。所以這個營收成長完全是由 GBV 驅動的嗎？還是其中也包含其他因素——例如抽成率（take rate）或其他組成項？如果有，是哪些？

Yes. The GBV is primarily driven by the relative -- tonight is driven by the increase in ADR. So our absolute kind of take rate on a percentage of GBV is actually remaining fairly stable.

是的。GBV 主要是由相對——間夜數主要是由 ADR 的提升所驅動。因此，我們以 GBV 百分比計算的絕對抽成率，其實仍然相當穩定。

We've come to the end of our Q&A. I will now hand back to Brian Chesky for his closing remarks.

我們的問答環節到此結束。接下來我把時間交回給 Brian Chesky 作結語。

All right. Well, thanks for joining us today, everyone. Just to summarize what we shared today, 2021 was a record year for Airbnb. We hit new highs with gross booking value, revenue, net income and adjusted EBITDA. We made more than 150 upgrade innovations across every aspect of our service. But we're not stopping there. In 2022 and beyond, the world will continue to change as millions of people choose to live anywhere. And Airbnb will relentlessly innovate to support this new world. We've now been a public company for more than a year, and I want to end today by thanking our employees who worked tirelessly to make all of this innovation possible.

好的。嗯，感謝各位今天加入我們。簡要總結一下我們今天分享的內容，2021 年是 Airbnb 的創紀錄一年。我們在總預訂金額、營收、淨利以及調整後 EBITDA 都創下新高。我們在服務的各個面向推出了超過 150 項升級創新。但我們不會就此止步。2022 年及之後，隨著數百萬人選擇「住在任何地方」，世界將持續改變，而 Airbnb 也將持續不懈地創新，以支持這個新世界。我們成為上市公司已經超過一年，我想在今天最後感謝我們的員工，他們不知疲倦地工作，讓所有這些創新得以實現。

And to our millions of guests and hosts around the world, I want to thank you for trusting us and helping build Airbnb into what it is today. Thank you all. And I'm going to speak to you again soon from a number of Airbnb somewhere around the world. See you.

也要對全球數百萬的房客與房東說聲謝謝，感謝你們信任我們，並幫助把 Airbnb 建造成今天的樣子。謝謝大家。我很快會再跟各位通話，地點會是在世界某處的某間 Airbnb。再會。

This concludes today's call. We thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話線。