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).

下午好，感謝您參加 Airbnb 的 2021 年第四季度收益電話會議。（操作員說明）。

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

我現在將移交給財務副總裁 Ellie Mertz。請繼續。

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.

下午好，歡迎參加 Airbnb 2021 年第四季度財報電話會議。感謝您今天加入我們。在今天的電話會議上，我們有 Airbnb 的聯合創始人兼首席執行官 Brian Chesky 和我們的首席財務官 Dave Stephenson。今天早些時候，我們發布了一封股東信函，其中附有我們 2021 年第四季度和全年的財務業績和評論。這些項目也發佈在 Airbnb 網站的投資者關係部分。

During the call, we'll make brief opening remarks and then spend the remainder of time on Q&A. Before I turn it over to Brian, I would like to remind everyone that we will be making forward-looking statements on 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.

在電話會議期間，我們將做簡短的開場白，然後將剩餘時間用於問答。在我把它交給布賴恩之前，我想提醒大家，我們將在這次電話會議上做出涉及許多風險和不確定性的前瞻性陳述。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結果存在重大差異。這些因素在我們的股東信函和我們最近提交給證券交易委員會的文件中的前瞻性陳述中有所描述。我們敦促您考慮這些因素並提醒您，我們不承擔更新此電話中包含的信息以反映後續事件或情況的義務。您應該知道，這些陳述應僅被視為估計值，而不是對未來業績的保證。

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.

同樣在本次電話會議期間，我們將討論一些非公認會計原則的財務措施。我們在發佈到我們投資者關係網站的股東信中提供了與最直接可比的 GAAP 財務指標的對賬。這些非 GAAP 措施無意替代我們的 GAAP 結果。

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

有了這個，我會把電話轉給布賴恩。

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 Ellie，大家下午好。感謝您的加入。我很高興與您分享我們的第四季度業績。第四季度是另一個創紀錄的季度，而 2021 年是 Airbnb 歷史上最好的一年。第四季度，收入為 15 億美元，是我們有史以來最好的第四季度，比 2019 年增長 38%。與 2019 年的虧損相比，淨收入為 5500 萬美元，是我們有史以來最好的第四季度。調整後的 EBITDA 為 3.33 億美元，也是我們有史以來最好的第四季度。與 2019 年第四季度的負 25% 相比，我們調整後的 EBITDA 利潤率為正 22%。顯然，這是一個巨大的進步。現在在第四季度，GBV 為 110 億美元，比 2019 年的水平高出 32%，並受到強勁 ADR 的推動。

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.

現在，即使使用 Omicron，與 2019 年相比，第四季度預訂的住宿和體驗也僅下降了 3%，如果不包括亞太地區，它實際上增長了 8%。冬季結果表明，我們已經能夠應對這種不斷變化的旅行角色。大流行已過去近 2 年，很明顯，我們正在經歷自商業飛行出現以來最大的旅行變化。遠程工作使許多人不再需要呆在辦公室。結果，人們分散到數千個城鎮，一次停留數週、數月甚至整個季節。有史以來第一次，數百萬人現在可以生活在任何地方。我們已經能夠應對這些變化，因為我們的模型本質上是適應性強的。我們數以百萬計的房東在全球幾乎每個社區提供幾乎所有類型的房屋。但這不僅僅是我們的模型。這也是一種不斷創新的文化。

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.

僅在去年，我們就在 Airbnb 服務的各個方面進行了 150 多次升級和創新。這就解釋了為什麼儘管仍處於大流行之中，但我們還是度過了公司歷史上最好的一年。現在有許多業務趨勢一直在推動強勁的表現。首先，客人住在 Airbnb 上成千上萬的小人才或社區中。在整個大流行期間，我們看到對國內和非城市旅行的需求不斷增長。第四季度，非城市市場的總預訂晚數比 2019 年第四季度增長了近 45%。僅在過去一年，Airbnb 的客人就在全球近 100,000 個城鎮停留。

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.

其次，客人也在返回城市。在城市目的地預訂的第 4 季度住宿晚數已恢復到 - 幾乎恢復到 2019 年第 4 季度的水平，跨境旅行也將在 2021 年的每個季度繼續恢復和改善。儘管有變數和激增，客人仍計劃旅行。儘管在 12 月受到 Omicron 的影響，但總預訂夜數增加了 40%，取消率低於一年前。與 2019 年相比，在第一季度，我們已經看到夏季旅遊旺季的需求強勁。

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，客人不只是在 Airbnb 上旅行，他們現在住在 Airbnb 上。我們在第四季度預訂的房晚中有近一半是入住 1 週或更長時間。每 5 晚中有 1 晚入住 1 個月或更長時間。僅在過去的一年裡，就有近 175,000 名客人入住了 3 個月或更長時間。

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，我將跟隨我們社區的腳步。最近，我分享說我也將住在 Airbnb。現在，我正在邁阿密的 Airbnb 打這個電話，每隔幾週我就會住在不同的城鎮或城市。我一直想這樣做，但在大流行之前，我必須每天都在辦公室。現在，我擁有了數百萬其他客人在 Airbnb 上所做的靈活性。而且我還認為，作為 CEO，我深刻理解 Airb 的這個新用例將提供的細微差別和獨特機會，這一點很重要。所以現在我想回顧一下我們在去年的優先事項上的表現。您還記得，對於 2021 年，我們去年的首要任務是為即將到來的旅行反彈做準備。為此，我們專注於探索我們核心服務的端到端體驗。這意味著向全世界宣傳託管、招募更多的房東並為他們的成功做好準備、簡化賓客旅程並提供世界一流的服務。

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.

所以讓我給你一個非常快速的更新。首先，我們一直在向全世界宣傳 Airbnb 的與眾不同之處，那就是託管。 2021 年，我們推出了 5 年來的首次大型營銷活動，旨在讓客人了解被招待的好處，並激勵更多的客人成為房東。有效。我們已經看到在我們開展活動的國家/地區訪問我們平台的流量有所增加，這大大領先於我們未開展活動的非活動國家/地區。其次，我們一直在招募更多的主持人，並為他們的成功做好準備。去年，我們重新設計了房東入職流程，讓新房東更容易上手。我們還推出了詢問超讚房東計劃，將潛在房東與超讚房東配對以回答他們的問題。最後，我們創建了 AirCover，自上而下的保護，對所有 Airbnb 房東免費，並且僅在 Airbnb 上提供。

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，我們一直在簡化客戶體驗的每個部分。去年，我們推出了 I’m Flexible，當客人可以靈活選擇旅行的地點和時間時，這是一種全新的 Airbnb 搜索方式。自從我們推出這些功能以來，客人們已經使用了近 8 億次 I'm Flexible。我們還改進了許多其他產品功能，以改善客戶體驗。最後，第四，我們一直專注於為我們的客人和房東提供世界一流的服務。

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，除了為我們的主機提供 AirCover 保護外，我們還推出了專門的 Superhost 支持。現在，專屬的超讚房東支持讓我們最有經驗的房東優先訪問我們最有經驗的支持代理。因此，我們看到升級的次數更少，解決時間更快，從而提高了超讚房東的整體滿意度。現在，我為我們在 2021 年為客人和主人提供的一切感到無比自豪，但重要的是要注意我們並沒有就此止步。因為在 2022 年及以後，我們要做的是加快創新步伐。我們將專注於 3 個關鍵優先事項：在 Airbnb 的任何地方生活；解鎖下一代主機；愛彼迎成為我們社區的終極房東。

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.

所以讓我給你一個快速的預覽。首先，住在 Airbnb 的任何地方。由於大流行，數百萬人現在可以生活在任何地方。他們現在使用 Airbnb 前往數千個城鎮，一次停留數週、數月甚至整個季節。像我這樣沒有家人的人，我可以每週或每月住在不同的 Airbnb 上過著有點游牧的生活。現在人們和家庭可能無法做到這一點，但我們看到有家庭的人，他們在夏天有更多的靈活性。我認為這就是為什麼今年夏天 1 月的預訂量（按預訂的夜數計算）比 2019 年的這個時候增長了 25%。而其他人只是會延長周末。關鍵是在Airbnb上的每一個住宿時間都在增加，無論是2晚、每週3晚、一個月還是一個季節，所有單晚的住宿時間都在增加。我們希望通過讓客人更輕鬆地在 Airbnb 上生活來為這個新世界進行設計。

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主機。 Airbnb 上有 400 萬房東，我們相信我們在發展房東社區方面才剛剛起步。所以我們所做的是，我們聽取了成千上萬的人的想法——他們正在考慮託管，以了解他們成為主持人有哪些障礙。我們要做的是系統地解決這些障礙，以便在 Airbnb 上跟踪下一代主機。

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 不僅僅是一個連接客人和房東的市場。我們的目標是為我們的客人提供終極服務，預測他們的需求，並像一位優秀的主人一樣超越自我。現在，通過提供更加個性化的服務，我們可以顯著改善全球數百萬客人的體驗。

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.

就是這樣，總結一下。第四季度是 Airbnb 有史以來最好的季度。收入、調整後的 EBITDA 和淨收入均創紀錄。我們正處於旅行革命之中，因為人們有了新的靈活性以及他們的生活和工作方式。我們適應性強的模型和不懈的創新使我們能夠應對這一時刻。 2022 年，我們將加快創新步伐，繼續支持這個全新的旅行世界。

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

因此，戴夫和我期待回答您的問題。

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

（操作員說明）。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.

我的兩個問題。我想首先，Brian，你最近在 Twitter 上發布了今年最受歡迎的平台新功能或服務請求。我認為加密支付可能是一個艱難的要求。但是，當您談到加快創新步伐時，我們應該從重點關注領域的角度考慮什麼，以及這將如何影響您在哪里花錢？其次，也許只是對全年 EBITDA 前景的一個澄清。我認為有關於平坦利潤率的評論。是季節性的背景 - 還是回歸季節性預訂趨勢和 ADR 正常化，或者如果這不正確，如果你可以添加一些背景。

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，科林。所以 - 我為什麼不回答第一個問題，顯然，戴夫，我認為你可以回答關於 EBITDA 的第二個問題。所以科林，關於創新的步伐，只是為了創造一個對比，去年，我們在創新上創造了 150 次升級。這是我們歷史上任何一年中實現的最大創新，我認為這解釋了為什麼這可能是我們公司歷史上最好的一年。但今年，我們打算為我們的產品創造更大的潛在客戶。

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.

只是為了讓您了解我們的想法。回到我們的優先事項。我們看到數百萬人不必每週 5 天回到辦公室。這意味著客人正在遍布世界各地的數千個社區，而且他們的停留時間也更長。所以我們想為這個世界設計，無論是住在 Airbnb 上的人，還是只是旅行和享受更多長假的人。去年我們還推出了“我很靈活”，該產品已被使用了 8 億次。現在這是一個非常關鍵的功能，因為自從互聯網出現以來，幾乎每個旅遊網站都會問你 2 個問題。你要去哪裡？你什麼時候旅行？當然，我很靈活讓我們更進一步。

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.

這使我們能夠從事靈感業務。對於 Airbnb 來說，這最終具有戰略意義，因為如果您可以靈活地決定旅行的地點和時間，我們可以將需求指向我們有供應的地方。所以我們將繼續升級我們的產品。我們將繼續更好地接待我們的客人和接待社區，為他們的每一步提供更好的世界級服務。因此，我們要做的是繼續投資於客戶體驗，以適應這些新行為，為他們提供世界一流的服務。然後再一次，我們想要解鎖下一代主機。所以我們有一個完整的路線圖，我們了解人們託管的每一個障礙，我們將在今年推出產品和功能，以解決這些障礙。而且我確信這將在 Airbnb 中創造大量的新供應。

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

戴夫，你想問第二個關於 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。我們為 2021 年在利潤率方面取得的進步感到非常自豪。我們將利潤率從 2019 年的負 5% 提高到 2021 年的 27%。因此，這顯然是一個巨大的進步，並且為我們所做的工作感到非常自豪我們已經全面完成了。我們還記得，我們在為增長而投資的同時管理盈利能力。我們仍然非常關注未來的增長模式投資，這對我們來說很關鍵。我們在 2021 年看到的是，我們的營銷費用發生了重大變化，整體營銷投資佔收入的百分比達到了一個新的水平。而且我們已經達到了新的基準，今年的營銷費用佔收入的百分比可能不會大幅提高。 .

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.

我們還在固定成本方面做出了一步改變，並繼續改善我們的可變成本。我們將繼續這樣做。我們將在固定成本方面獲得更多槓桿，並不斷改善我們的可變成本。但我們也看到了平均每日費率的順風，這肯定有助於我們的利潤率。由於今年 ADR 可能會放緩，並且隨著我們業務組合的變化，這將抵消我們在固定成本槓桿和可變成本方面的一些進一步改善。因此，如果 ADR 稍微放緩一點，EBITDA 仍有上漲空間。這就是我們提供指導的原因。

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?

是的。兩個問題，一個給布賴恩，一個給戴夫。那麼布萊恩，你如何看待 2022 年隨著旅行的回歸和人們參與更多活動和體驗的體驗增長？戴夫，關於邊際問題，我們應該如何考慮營銷和可用成本之外的其他費用的增長，即運營支持和產品開發？是否應該有一個顯著的增長？或者，ADR 是否是利潤率同比持平的主要解釋？

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.

是的。 Naved，所以我會回答第一個問題，Dave，你可以回答關於費用的第二個問題。關於體驗，我們非常看好這款產品。應該注意的是，例如，為體驗留下 5 星評價的人的百分比甚至高於為房屋留下 5 星評價的人的百分比。所以客人告訴我們的是他們喜歡體驗，我認為主人真的取決於它提供的經濟收入。現在是 2020 年，在大流行之前，我們認為那一年將是體驗突破的一年。相反，我們有暫停，產品。但現在我們將重新推出產品——這將是一個多年的旅程，但我對這款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?

而且我認為原因很簡單。我認為你只能，比如，玩這麼多視頻遊戲，待在家裡，在 Netflix 上觀看這麼多節目，然後才想出門，想和其他人一起做活動，無論是旅行，還是自己旅行區域。因此，我們認為這將是結識其他人並與您關心的人聯繫或計劃活動的好方法。戴夫，你想談談費用嗎？

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。所以我們 - 就像我在一分鐘前所說的那樣，我們的營銷費用佔收入的百分比達到了一個新的基準。我們已經在 2021 年實現了這一目標。因此，該特定項目未來沒有太多改進的機會。在運營支持領域，我們將繼續投資於社區和發展，以支持我們的客人和主人社區。因此，我們正在提高運營支持的基本比率，但除此之外，我們還有其他投資，以推動這些潛在的改進。所以會有一些 - 今年會相對持平。

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.

在產品開發費用方面，我們的產品開發費用增長速度比收入增長速度要慢。因此，我們將繼續在我們專注的產品開發工作中獲得影響力和紀律。再一次，與您在 2021 年看到的相比，改善幅度較小。然後 ADR 對預測來說有點挑戰。如果 ADR 保持更高和更強，這對 EBITDA 來說是一個順風——隨著業務的反彈，更多城市、更多更低的 ADR 地區和 ADR 有所緩和，這將是我們利潤率的持續逆風。

Our next question comes from Stephen Ju from Crédit Suisse.

我們的下一個問題來自 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。所以布賴恩，我認為您正確地將長期住宿稱為您增長最快的類別，並且您也將成為[託管]。所以想想等式的另一邊，我猜，等式的供應側。那麼，您的房東如何應對此類需求的增長呢？有沒有我們應該考慮或擔心的供需和平衡考慮？因為似乎大流行確實教會了消費者他們可以在任何地方工作和逗留。

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.

斯蒂芬，這是一個非常非常好的問題。你說得對——讓我在我們的供應問題開始前說，這種新的旅行類別正在加速發展，也就是說，人們不再被束縛在辦公室，所以他們現在可以住在任何地方。不是所有人，而是很多人。此外，我們非常看好跨境旅遊的反彈和城市旅遊的反彈。因此，由於被壓抑的需求，我認為，大流行前的所有原始 Airbnb 用例都會全力以赴，可能比以前更好。

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.

現在正因為如此，我們需要確保我們有足夠的供應。所以讓我們談談我們是如何得到它的。嗯，我要說的第一件事是，我們業務的一大優點是我們擁有一個全球網絡。因此，這意味著 Airbnb 的第一大房東來源是之前的客人。事實上，在第四季度，33% 的房東是之前的客人，而且這個數字在過去幾年中一直在上升。我們看到的另一個真正有趣的現像是市場，供應增長最快的也是需求靜態增長的市場。這真的很有趣。我們認為我們社區的大多數人都是普通人的原因。他們是老師，他們是衛生保健工作者或學生，是真正的普通人。當他們賺錢並且獲得大量預訂時，我們認為正在發生的事情是他們正在告訴他們附近和社區的朋友，他們也在提升，然後其他一些人正在擴展他們的業務。

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.

所以首先是我們的全球網絡。接下來，我們有一個完整的渠道來招募主持人。首先，斯蒂芬，我們需要確保更多的人了解託管。我們希望託管品牌與 Airbnb 品牌一樣成為主流，Airbnb 現在是全世界都在使用的名詞和動詞。所以我們去年做了 2 個主要的主機品牌活動：由 Hosts hosting 和 Strangers 活動使成為可能。這兩個活動都為 Airbnb 的人們帶來了更多的流量和更多的前景。

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，我們要確保成為房東更容易。所以我們去年所做的是將成為房東的步驟減少到 10 個簡單的步驟。在創辦 Airbnb 和發展 Airbnb 的過程中，我們學到的一件事是數量——摩擦越少，轉化漏斗就越好。因此，當我們讓事情變得更容易時，更多的人會這樣做。而且我們也知道託管是讓人有疑問的東西。我們想要做的是將我們最好的潛在房東與他們最好的超讚房東匹配，這樣他們就可以提出問題並得到答案。這導致人們成為房東的轉化率更高。最後，我們想開始解決託管人的障礙。現在，我們聽到的最常見的障礙之一是人們在將房屋出租給客人時擔心房屋受到損壞。所以我們去年推出了 AirCover，自上而下的保護，僅對 Airbnb 的每位房東免費，其中包括 100 萬美元的損壞保護和責任保險。

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.

不過，我要說的最後一件事是，除了我們的全球網絡之外，除了我們的供應戰略之外，這是另一個真正重要的點。這是一種聖杯，因為更多的人可以靈活地決定他們旅行的地點和時間，這意味著我們在漏斗上更進一步。 8 億次搜索讓我很靈活。這意味著我們可以開始將需求指向我們有供應的地方，因為我們在一年中的任何一個晚上都不會受到全球供應的限制。挑戰在於太多的人同時去太少的地方。但隨著世界變得更加靈活，除了我們的其他策略外，我們還可以平衡供需。這就是答案，全球網絡，一整套招聘策略，並將需求指向我們有供應的地方。

We now turn to Bernie McTernan from Needham & Company.

我們現在轉向 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?

偉大的。也許只是對市場供需失衡的跟進。您認為價格上漲是需求問題還是東道主的機會？

Dave, do you want to take this one?

戴夫，你要拿這個嗎？

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.

好吧，我想你可以看到兩者。我的意思是，如果你回到我們在整個 2021 年年初看到的平均每日費率，它幾乎完全是由混合驅動的。所以這是美國和歐洲旅行的反彈。這是非城市整體住宅、更大住宅的反彈。所以 ADR 幾乎是完全混合的。在這一年中，尤其是在夏季前後的旅遊旺季，我們開始看到需求量大的地區（秋季或仲夏）的價格有所上漲。因此，這些地區的價格上漲幅度更大。在第三季度和第四季度相對穩定的情況下，混合價格上漲幅度大致相同。

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，隨著旅行需求量的增加，ADR，我們並沒有看到它會顯著降低人們對旅行的需求。我認為人們有很多被壓抑的需求，讓他們走出家門去旅行和生活。而且我認為他們只是在不斷地尋找旅行的機會。就房東賺取更多收入的機會而言，我的意思是，由於通貨膨脹可能會增加個人成本，因此我們當然可以被授權成為賺取額外收入的來源。所以我們看到Airbnb實際上可以賣這個。 Airbnb 的房東作為 Airbnb 的房東賺取了 1500 億美元。他們繼續將我們用作未來賺取額外收入的好方法。

Our next question comes from Deepak Mathivanan from Wolfe.

我們的下一個問題來自 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.

偉大的。兩個快速的，一個給布賴恩，一個給戴夫。布賴恩，您提到 Airbnb 希望成為終極房東，並為客人提供更加個性化的服務。你能詳細說明其中的一些努力嗎？在接下來的幾年裡，您設想從中釋放出什麼樣的增量機會？然後，戴夫，我只是想問一下營銷支出。您似乎注意到您找到了新的基線。但隨著未來幾年這些數量的增長，其中很大一部分是由旅行支出的宏觀復甦推動的，然後在一些用例中，比如長期保持強勁，為什麼不應該？我們是否期望在營銷方面獲得額外的影響力？或者這是您為增加投資而做出的努力，以便您可以保持營銷支出佔收入和預訂的百分比相對平穩。

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.

好的。驚人的。好吧，謝謝，迪帕克。顯然，我會回答第一個問題，戴夫，然後我會讓你回答第二個問題。所以Airbnb成為了終極房東。我想說的是，讓我指出我們正在看到的兩件事，只是為了讓您了解我們的發展方向。首先讓我說 Airbnb 從一開始就是一家真正的設計驅動型公司。我們有一種獨特的設計驅動方法，我認為這是我們大部分創新的源泉。這使我們能夠創建這種新的旅行類別，並且使我們在去年進行了 150 多項升級創新。我們有一些非常大的東西，我們將在未來幾個月推出，我真的很興奮。

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.

我們正在考慮的幾個主題。第一，正如我所說，越來越多的客人靈活地來到 Airbnb，對嗎？所以通常情況下，它過去的工作方式是人們會來到 Airbnb 或 OTA，他們——你會問他們你要去哪裡旅行，大多數人都知道他們要去哪裡旅行。你會問他們，“你什麼時候旅行？”他們會說，“我知道我要去哪裡旅行。所以也許我這週要去邁阿密。”客人越靈活，您就越想開始更多地了解他們旅行的原因以及他們對什麼感興趣，這樣您就可以在有供應的地方指出需求。所以我們要做的第一件事就是提供更加個性化的購物體驗。

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匿名客戶訪問網站的塑料電子商務範式，他們在搜索中輸入一些內容。他們得到一個搜索結果列表，然後他們預訂了一些東西。我們認為我們可以提供更加個性化的服務。而且因為我們有大量的回頭客，而且我們是一個社區，而且我們對我們的客人了解很多，我認為我們可以提供非常個性化的服務。這將提高轉化率，並真正為客人帶來更多機會。這只是一個例子。

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?

我要給你的另一個例子是客戶服務。我們注意到的一件事是，當我們為 Superhost 和 AirCover 提供專門的超級主機支持時，這是業界首個主機保護，它大大提高了主機情緒。而且——我們認為這很關鍵。我們認為我們可以為客人做類似的事情。我們認為我們可以為客人提供終極客戶服務，並與他們在一起，超越每一步，就像一位好主人一樣。至於這是否為增量新產品和服務提供了機會，答案是肯定的。我們對客人的了解越多，我們提供的服務就越好，我們向他們推廣新產品的機會也就越多。戴夫，你想從事營銷工作嗎？

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。退後一步，請記住，在大流行之前的 2019 年，我們將營銷策略轉變為更加以品牌為導向，甚至更少依賴搜索引擎營銷。所以我們做出了這種轉變，它被證明是正確的轉變，不僅是在 2019 年，而且顯然是在 2020 年和 2021 年。我們目前看到的仍然是 90% 的流量仍然是直接的並且未付。因此，我們將繼續更多地關注我們的支出和品牌營銷，而不是搜索引擎營銷。你說得對，品牌營銷應該更加固定，它更像是一種固定的投資。但我們看到的是去年我們在品牌營銷方面取得的巨大成功，我們將把它擴展到更多國家。因此，如果我們擴展到更多國家，今年將會有更多的品牌營銷支出。

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.

但你是對的，一旦我們滲透到世界上大多數國家，我們就會看到更多的槓桿作用，因為它更多的是固定成本。隨著收入的增長，您可以將收入增長到營銷之外。我只是——我們不希望在 2022 年看到這種額外的槓桿作用，但我們可以在 2023 年及以後看到它。

We now turn to Mario Lu from Barclays.

我們現在轉向巴克萊的馬里奧·盧。

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?

第一個是您 22 年及以後的首要任務之一。您提到解鎖下一代方法。因此，很明顯，您的主機在需求最大的地區一直在增長。所以只是好奇是否有某個人口統計或主機，你覺得你目前的索引不足並希望解鎖。其次，關於服務費或收取率。我知道這沒有被報導，但是由於 ADR 的增加有一半是由於被壓抑的需求，這是否讓您有信心在未來的某個時候可能會增加服務費？

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。馬里奧，我可以兩者兼得，然後戴夫，你可以隨意詳細說明我沒有得到的任何東西，但我會做這兩個。好的。那麼我們來說說解鎖下一代主機。問題是，有沒有我們在索引不足的領域？我不知道我是否會說我們在某個領域的索引不足，但我可以告訴你我在哪裡看到了最大的機會。 Airbnb，我們開始是因為我和我的室友住在舊金山，我們付不起房租。所以換句話說，我們不是一家小企業。我們不是度假出租屋的所有者。我們只是普通人。我們經營一家物業管理公司。我們創辦了 Airbnb，真正的創新是我們創造了工具，讓普通人第一次能夠成為房東。

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.

正因為如此，我們近 90% 的房東都是個人。他們是學校教師、衛生保健工作者、學生，自我們創辦以來，我們的房東已經賺了超過 1500 億美元，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.

所以我們要做的是繼續關注個人。我們將繼續支持物業經理。我們將繼續對它們進行投資。我們也有酒店，但我們認為最大的增長領域可能是個人。原因是通貨膨脹之類的事情給全世界的家庭帶來了更大的壓力，他們需要經濟機會才能度過這個困難時期。我們看到我們在 2008 年經濟衰退期間創辦了 Airbnb，當時由於提供的經濟授權，許多人轉向 Airbnb。所以我認為大多數人沒有意識到他們可以通過偶爾託管每年增加 9,000 美元，10,000 美元。

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.

還有一些非常成功的人。我們看到人們租用獨特的房產，年收入數万美元，甚至數十萬美元。所以我們認為，只要把信息傳達給普通人，他們就可以成為主持人，讓事情變得更容易，系統地解決障礙是關鍵的機會。在北美、歐洲、拉丁美洲、非洲和亞太地區的世界各地都是如此。這就是我們真正看到的。然後關於服務費和收取率，我只想說：毫無疑問，我們顯然有機會提高客人方和主機方的收取率。

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.

現在我們不想僅僅增加服務稅。我們希望確保我們會提高我們的價格——或者如果我們要提高費用，那將是因為我們提供的服務是我們的客人或主人想要支付的。我們希望確保每一年，上市或 - 的價值都會增加。目前，那些增加貨幣化努力的機會並不是目前最容易消失的機會。我們之所以認為這是一次千載難逢的旅遊大反彈機會。我們有這些新的用例。人們生活在世界各地，但我們也有跨境旅行的回歸，城市旅行的回歸。因此，我們完全專注於盡可能應對這一旅遊市場份額。

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.

現在我們得到的規模越大，規模越大，我們可以為客人和主人提供的服務就越多。我們看到的是，您可以提供很多服務來託管。我認為阿里巴巴、亞馬遜、Etsy、Shopify 和其他公司已經證明，在這個領域存在巨大的機會。這不是現在最容易消失的機會，所以我們專注於市場份額。

We now turn to Jed Kelly from Oppenheimer.

我們現在轉向奧本海默的傑德凱利。

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?

二，如果可以的話。你說你的房源在北美非城市地區增加了 20%。這主要來自個人還是物業經理？然後當我們考慮到 2022 年，隨著越來越多的人返回城市目的地，我們應該如何看待競爭，特別是來自酒店和更加商品化的庫存？

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

偉大的。謝謝，傑德。為什麼不戴夫，你提出第一個問題，非城市地區的個人增長與物業經理？

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.

是的。從廣義上講，我們看到的是，我們的新供應增長與我們通常看到的個人和專業房東的分佈相對一致。就像我們的大多數房源一樣，Airbnb 和我們的個人房東社區都是獨一無二的。因此，我們繼續看到我們的列表總數的增長與我們歷史上看到的相對分佈一致。

Non-urban North America?

非城市的北美？

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.

我們沒有按地域具體區分個人與專業主持人。我只想告訴你，從廣義上講，我們將繼續看到我們專注於個人主機進入主機社區的獨特需求。這就是我們所關注的，也是我們繼續看到增長的地方。因此，在最近一段時間內，個人和專業主持人之間的總體組合保持相對穩定。

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. .

然後，傑德，我為什麼不回答有關競爭、酒店和更多商品的問題。所以我認為重要的事情——我的意思是這只是要考慮的一件事。你離開家的時間越長，我認為你越想待在家裡。如果你真的從住宿時間來看 Airbnb 的增長情況，除了 1 之外，每個住宿時間段都從 2019 年第四季度的這個時間開始增長。例如，1 個月的住宿時間增長，1 週的住宿時間增長，3 晚住宿增加，5 晚住宿增加。唯一沒有增長的住宿類別是 1 晚住宿。據推測，這些都是商務旅行住宿。 .

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.

我認為商務旅行不會像大流行之前那樣恢復。這並不意味著生意不會回來。我只是認為這會有所不同，因為我們的工作方式不同。而且我認為乘坐飛機出差參加會議的門檻會比以前高一點。

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.

現在我確實認為旅遊市場是如此之大，以至於我認為Airbnb和酒店都有很大的空間。實際上，我認為許多酒店都會將 Airbnb 視為對他們來說非常重要的分銷平台。我們越大，我們對他們來說就越重要。我還認為，酒店將有一個非常好的機會，舉辦很多團體旅行會議，比如非常大的活動和場外活動。因此，他們將擁有自己的領域，我認為他們會蓬勃發展，我認為我們也將擁有我們的領域。但我實際上並沒有看到大規模的重疊。我確實認為有一些非常獨特的用例對 Airbnb 來說非常有用，而其他一些更大的酒店和酒店也存在於 Airbnb 上。

We now turn to Brian Nowak from Morgan Stanley.

我們現在轉向摩根士丹利的布賴恩諾瓦克。

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 2 個預訂者。在過去的幾年裡，你們的預訂量增長令人難以置信。我很想知道你知道什麼，你對預訂者的人口統計數據以及它是如何變化的、年齡、收入的了解？與大流行前相比，您的預訂者的基礎現在是什麼樣的？那是如何改變你對世界的看法的？其次，關於 2020 年和 2021 年進入該平台的所有新預訂者，您能告訴我們他們目前從頻率或預訂角度與早期群組相比的用戶行為嗎？這樣我們就可以了解這些用戶可能與您過去添加的用戶有什麼不同，也可能沒有什麼不同。

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，布賴恩。戴夫，你為什麼不拿這些。所以我看到第一個問題是預訂量增長，預訂者的人口統計數據是什麼，特別是與早期群組相比，新預訂者和新用戶行為。

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.

我認為從廣義上講，好消息是我們確實沒有看到整體變化的重大轉變。在整個反彈過程中，人口統計數據相對一致，我們的新群體也有——現在還早，但我們的新群體仍在老化，這與我們過去看到的新預訂群體的年齡、重複預訂率和其他事情一致。所以我認為這是我們向數百萬新客人介紹 Airbnb 的好機會，這些客人至少在早期的重新預訂率與我們以往看到的相似，這真是太好了。

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.

也許我會-也許-也許，布賴恩，我會說另一件事。我認為 Airbnb 的真正獨特之處在於，我們不只是為年輕旅行者或老年旅行者打造的品牌。我們不僅僅是一個廉價品牌或奢侈品牌。我們——我們真的——我們的範圍從預算到奢侈品，從年輕旅行者到退休人員。我們在美國，我們也在歐洲。我們遍布世界上的每個大陸，我們不僅是城市的，我們是城市的和非城市的。因此，我認為我們模型的適應性和我們擁有的令人難以置信的選擇確實為 Airbnb 帶來了整個世界。所以我們看到了，我認為我繼續期待所有的人口統計數據都會繼續在 Airbnb 上進行。這是一個非常獨特的品牌，可以真正以這種方式彎曲。所以我認為這是我們全球網絡的一大亮點。

We now turn to Brian Fitzgerald from Wells Fargo.

我們現在轉向富國銀行的 Brian Fitzgerald。

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.

關於逗留時間的幾個問題。正如您可以繼續看到較長階段的強勁增長。只是想知道您是否可以向我們介紹其中的一些採用率動態。當您談論解決主機的關鍵痛點時，只是想知道您是否可以分享一些持續存在的摩擦點並阻止人們在平台上託管。

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。那太棒了。所以戴夫，你為什麼不考慮停留時間，了解房價動態，我可以談談人們在託管方面遇到的主要障礙。

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.

當然。關於長期住宿的收取率，他們的收取率較低，因為客人的需求要低一些。由於房東經常提供折扣，ADR 或平均每日房價會停留更長時間。但是這些較低的收取率和 ADR 被它們比短期逗留時間更長並且成本實際上支持它們的事實所抵消。因此，較低的客戶支持成本是另一個 - 實際上預訂了更多的夜晚。這些都是好處並成為順風，我們從長期住宿預訂相對於短期住宿預訂產生類似的貢獻率。所以頂部的動態有點不同，但底線貢獻更相似。

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，我們所看到的是，我們已經聽取了數千名房東的意見，我們採取了非常系統的方法來處理從人們了解 Airbnb 託管到上市再到整個過程的整個過程。我們要確保的第一件事是人們知道託管的好處。大多數人沒有意識到託管提供的經濟機會。他們沒有意識到您可以通過 10 個簡單的步驟進行託管。他們沒有意識到絕大多數人會在 3 天內完成第一次預訂。我們希望確保他們在遇到任何問題時都能獲得所需的幫助，因此我們將繼續擴展“詢問超讚房東”計劃。我們有一些想法可以進一步減少託管工作，我們希望繼續提供像 AirCover 這樣的更多保護，讓更多人安心。

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.

我認為與其他市場相比，Airbnb 託管的獨特之處在於幾乎任何類型的人都可以成為房東。大多數聽這個電話的人可能是主持人。你可以租第二套房子。我們——人們出租他們的主要住所。人們離開時可以租用房屋。所以我認為託管可以適用於各行各業的人。這就是我們將要關注的。

We now turn to Doug Anmuth from JPMorgan.

我們現在轉向摩根大通的 Doug Anmuth。

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.

我只是希望您能多談談 ADR 以及到目前為止您所看到的 22 年預訂情況。只是好奇你對今年的下降程度是否發生了變化的看法。然後，戴夫，只是關於資本分配，只是好奇現在是否有任何變化或任何不同的地方，顯然，與幾年前相比，業務紀律和盈利程度大不相同。

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

是的。顯然，戴夫，你為什麼不同時考慮這兩個，2022 年的 ADR 和資本配置。

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.

當然。是的。就像我在電話會議早些時候所說的那樣，2021 年初的平均日費率幾乎完全由混合、國家組合、城市與非城市、全屋或全屋非城市、歐洲、美國的日費率驅動。然後在今年下半年，在第三季度和第四季度，我們看到高需求市場和高峰期出現了一些價格上漲。因此，它在兩者之間的權重更為相等。因此，我們所看到的某種進入，我們預計隨著城市的回歸，我們將繼續看到城市每季度加速發展，以及我們的一些較低的 ADR 市場開始回歸，我們已經看到像拉丁美洲這樣的地方現在遠高於 2019 年的利率，因此我們會看到 ADR 有所放緩。我們在 2022 年初看到的情況並將其包含在信中，因為我們預計仍將同比增長 4%，因此 ADR 的 22 年第一季度超過 21 年第一季度。

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.

因此，我們仍然看到強勁的 ADR 利率，並預計今年年初將出現這種情況。更難預測的是那些較低的 ADR 細分市場的回報率，以及價格上漲的幅度。但我們預計到今年下半年 ADR 會有所緩和。我們只是不知道到底有多少。

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.

然後在資本分配方面，我確實告訴你，現在我們在銀行里有 80 億美元的現金，相對於我們在 COVID 之前或 COVID 期間所處的位置，我晚上睡得更好。它使我們能夠靈活地繼續投資於增長，因為這就是我們關注的重點，就是發展這項業務。如果我們想將其用於任何類型的收購，我們可以繼續使用其中的一些現金，儘管收購不是我們的主要增長動力。我們在本季度的信中宣布的一項變化是，我們計劃用現金而不是出售來支付員工的 RSU 稅收義務。

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，我們將對這些股票進行淨額結算，這將在年內使用約 10 億美元多一點的現金。但我很自豪他們對我們的投資表示感謝，所以謝謝你。

We now turn to Lloyd Walmsley from UBS.

我們現在轉向瑞銀的勞埃德沃爾姆斯利。

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?

我有一對。首先，就主機供應而言，聽起來您在投放廣告的地區看到了良好的流量增長，但儘管環境非常好，但總房源數量僅比上次披露的增加了 7%。所以只是想知道是什麼讓你有信心繼續增加供應以滿足多年的需求。是否有 - 您是否可以看到正在經歷該過程的主機積壓，這讓您有信心它可以加速？然後是關於 ADR 的第二個，股東信中提到夏季預訂的晚數比 2019 年這個時候多 25% 以上。你能談談總預訂量的情況嗎？當我們考慮 ADR 時，如果你拋開地理格式組合的轉變，你認為今年同類定價在哪裡上漲，因為似乎有些人正在推高價格？

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，勞埃德。所以戴夫，我認為你可以同時接受它們，我很高興總結答案。第一個是您在主機供應方面看到的情況，我們對主機積壓多年的環境感覺如何。其次，顯然夏季需求意味著什麼或 GBB ADR。

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。正如我們之前提到的，關鍵是——在供應方面，請記住我們有 400 萬台主機。其中絕大多數是個人房東，其中 90% 是個人和個人房東，他們擁有自己的家或提供他們的第二個家。因此，我們在大流行期間發現的是，人們不會僅僅因為全球大流行而他們沒有託管就擺脫自己的家或第二個家。當人們準備好旅行時，他們就準備再次旅行。因此，實際上，我們為這一事實感到非常自豪，並且很高興我們的實際供應在整個大流行期間一直保持穩定。我認為這就是你在我們看到很多反彈之外的地區所看到的，美國和歐洲。雖然那裡可能會出現疲軟或增長不那麼快，但當需求恢復時，這種增長就會出現。這就是為什麼我們要強調我們在高需求領域看到的增長。我們在美國非城市地區確實增長了 20%，因為我們在那裡看到了更多的需求。

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 通過我們如何為環境增加供應的方法具有驚人的自我修復活力。所以我認為隨著市場的回歸，我們將繼續這樣做。然後，是的，繼續，布萊恩。

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.

再說一次，也許我會為他的回答奠定一點基礎。我只是想真正強調這一點。我們從一開始就設計了 Airbnb，以便客人收回主人並吸引客人。而這是 14 年後，超過 10 億賓客的到來。它顯然工作得很好。再說一次，我認為其中一個 - 幾個原因。第一，客人成為主人。因此，當我們得到更多的主人時，他們中的一部分——隨著我們得到更多的客人，他們中的一部分成為主人。我們將繼續專注於轉換盡可能多的來賓主機。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，我們的成長方式主要是口耳相傳。因此，隨著普通人獲得更多預訂，他們往往會告訴其他普通人。如果酒店獲得大量預訂，他們不會告訴下一家酒店誰是競爭對手。大多數普通人不這樣認為自己，所以有關的消息開始傳播。

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.

但另一件事，我還要再次強調的是，供應的聖杯也能夠將需求指向你有供應的地方。而且，如果你對每個城市、全球所有 100,000 個城市進行全球平均，我們甚至不會在一年中的任何一個晚上接近供應受限。因此，我們想要做的是，隨著人們變得更加靈活，並且我們正在向漏斗頂端移動，我們希望繼續將需求指向我們有供應的地方。所有這些都是我們為繼續招募主持人所做的非常具體的努力的補充，這是我們真正關注的。所以我認為戴夫成功了。這一切都與全球網絡有關。

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

戴夫，你為什麼不回答關於夏季需求的第二個問題。

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.

是的，夏季需求 ADR。我的意思是，我認為我們只是看到了對旅行的強勁需求。人們已經準備好在這個夏天旅行。與 2019 年相比，我們為夏季旅遊旺季預訂的住宿晚數增加了 25%。他們已準備好出去旅行。顯然，我們看到 ADR 更高。但正如我之前在電話會議中提到的，在第三季度和第四季度，其中一部分是混合的，大約相等的部分是由於價格上漲，因此保持相對穩定。換句話說，我們沒有看到第四季度價格升值作為驅動因素走高。這是相當穩定的。這就是我們目前對第一季度指南中分享的內容的預測。

We now turn to Andrew Boone from JMP Securities.

我們現在轉向 JMP 證券公司的 Andrew Boone。

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.

請給兩個。首先，你能談談你在平台上酒店的進展嗎？布賴恩，我想你之前簡單地提到了這一點。其次，回到營銷。我們是否開始認為品牌營銷與供應方的聯繫更加緊密，這意味著隨著你們更廣泛地發展網絡，將會有持續的壓力？但與其關注需求方面，不如關注上市方面並考慮它與營銷相關聯。

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，安德魯。我們為什麼不這樣做？戴夫，我為什麼不進行營銷，我將從那裡開始，因為我想回顧一下我們在未來幾年對營銷的看法。然後您可以了解我們在酒店和平台方面的進展。

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.

讓我備份一下，談談我們在這裡是如何考慮營銷的。我們的營銷方式與競爭對手截然不同，因為我們採用全渠道營銷方式。並且它把公關與品牌營銷和績效營銷結合起來，而公關實際上可能是打造Airbnb品牌最重要的渠道。那是因為 Airbnb 提供了非常獨特的產品。因此，人們對此充滿熱情，他們互相講述，Airbnb 已成為全世界使用的名詞和動詞。僅去年一年，我們在 Airbnb 上就有超過 50 萬篇文章。因此，這是我們營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.

我認為這解釋了為什麼我們近 90% 的流量仍然是直接的且無償的。現在我們進行品牌營銷，我們認為這是向全世界宣傳 Airbnb 的真正投資。因此，這並不是真正的購買客戶，而是教育人們是什麼讓 Airbnb 與眾不同。然後我們將績效營銷視為真正的激光，以激光平衡供需。現在關於未來的品牌營銷，這是一個很好的問題。我認為我們將專注於幾個大領域。

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。我們認為需要更多投資的領域是託管品牌。 Airbnb 的品牌是世界各地使用的名詞和動詞。在這一點上，經常旅行、預訂旅行和互聯網的人很少不知道 Airbnb。但是我們認為沒有足夠多的人知道託管所帶來的令人難以置信的經濟利益，而僅僅是令人難以置信的——比如它給人們的生活帶來了什麼，能夠將世界帶到他們的家中。

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.

但另一件事是，我們將在今年推出許多非常大的創新。因此，我們實際上希望將我們的一些品牌營銷資金投入到我今年非常興奮地展示的一些新產品創新上。所以這些是我們將繼續投資的兩個領域。同樣，我們將營銷視為教育，我們所擁有的獨特而不同的教育。我們將向全世界宣傳託管，今年我們將向全世界宣傳我們的新產品和創新。

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?

有了這個，我為什麼不把它交給戴夫。在我們談論酒店在我們平台上的表現之前，我唯一要對酒店說的另一件事可能是核心社區或個人房東。但我們平台的偉大之處在於物業經理和酒店是填補網絡空白的好方法。我們認為大多數人來 Airbnb 是為了從日常房東那裡預訂一些獨特的、獨一無二的住宿。但我們總是想確保我們永遠不會有任何網絡缺口。我們絕不希望有人來到 Airbnb 卻沒有找到住處就離開了。因此，我們認為酒店和物業經理仍然是我們戰略中非常重要的一部分。我們給他們的需求越多，他們就會越多地繼續出現在我們的平台上。我不知道，Dave，你想談談我們平台上酒店的進展嗎？

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.

好吧，請注意，在 2020 年和 2021 年，我們確實縮減了在這些領域的投資。我的意思是讓酒店仍然處於網絡缺口中是關鍵。但隨著城市開始回歸，我們正在回歸城市，那時我們需要用酒店填補這些網絡空白。所以我們在第四季度看到的是，這裡的夜晚仍然低迷了 2 年多，而且由於 Omicron，它們的季度環比略有下降。但我們的收入相對而言要強一些，因為我們在酒店看到的 ADR 有點高，這與我們在業務的其他部分看到的類似。所以我們會長期投資酒店。這不是我們的直接關注點。

We now turn to Mark Mahaney from Evercore ISI.

我們現在轉向 Evercore ISI 的 Mark Mahaney。

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。我只是想澄清一些關於營銷的事情。聽起來您確實針對房東開展了一些活動，並且我認為您稱他們為毛茸茸的陌生人，您對此很高興。那麼，當您談到 22 年的開支槓桿或不槓桿 - 或不槓桿時，您是否想更多地關注營銷？隨著您更傾向於這些營銷計劃，我們是否應該期望銷售和營銷會顯示出一些去槓桿化？然後你能不能多談談 ADR，我忘了，長期停留的影響是什麼，對 ADR 有什麼影響？所以忘記城市，忘記影響長期住宿本身的定價。這是對 ADR 的增值還是稀釋，這會產生什麼樣的影響？

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

好的。非常感謝，馬克，這些問題。戴夫，我會把它交給你，對不起。

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.

關於營銷活動。正如我之前所說，我們預計 2022 年我們的營銷費用佔收入的百分比將與 2021 年相對一致。所以我不預期會進一步去槓桿，也不預期會有很多增量槓桿。隨著我們今年的發展，我們將把投資擴大到更多的國家，正如你所指出的，就像我們為支持主機所做的一些品牌營銷一樣。

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.

記住，我認為我們營銷的力量之一是我們可以與市場的雙方對話。因此，無論何時我們推銷 Airbnb，我們實際上都可以與房客和房東交談。正如布賴恩之前提到的，我們最大的新房東來源之一是我們以前的客人。在 ADR 上，隨著百分比的上升，長期住宿會稀釋 ADR。但這有點被其他一些因素所抵消——我們今天在電話會議上談到的其他因素，混合轉變和價格升值都是繼續提振整體 ADR 利率的因素。

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

我們的下一個問題來自 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?

只需跟進您看到的一些近期預訂趨勢即可。因此，看看那裡的第一季度收入指南，它將比 19 年第一季度高出 70%。這比您迄今為止提供的任何 GBV 統計數據都要高。那麼，收入增長是否都是由 GBV 驅動的？或者還有其他——那裡也有收取率或其他組件嗎？如果是這樣，它們是什麼？

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 主要由相對驅動——今晚由 ADR 的增加驅動。因此，我們對 GBV 百分比的絕對採取率實際上保持相當穩定。

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

我們的問答已經結束。我現在將交回布賴恩·切斯基的閉幕詞。

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。好吧，謝謝大家今天加入我們。總結一下我們今天分享的內容，2021 年對 Airbnb 來說是創紀錄的一年。我們的總預訂價值、收入、淨收入和調整後的 EBITDA 均創下新高。我們在服務的各個方面進行了 150 多項升級創新。但我們不會止步於此。 2022 年及以後，隨著數百萬人選擇居住在任何地方，世界將繼續發生變化。 Airbnb 將不斷創新以支持這個新世界。我們現在已經成為一家上市公司一年多了，我想在今天結束時感謝我們的員工，他們孜孜不倦地工作，使所有這些創新成為可能。

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.

對於我們在世界各地的數百萬客人和房東，我要感謝您信任我們並幫助將 Airbnb 打造成為今天的樣子。謝謝你們。我很快將在世界各地的一些 Airbnb 上再次與您交談。再見。

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。我們感謝您的加入。您現在可以斷開線路。