Airbnb Inc (ABNB) 2021 Q3 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's Earnings Conference Call for the Third Quarter of 2021. As a reminder, this conference call is being recorded, and will be available for replay from the Investor Relations section of Airbnb's website following this call.

下午好，感謝您參加 Airbnb 的 2021 年第三季度收益電話會議。提醒一下，本次電話會議正在錄音中，本次電話會議後將在 Airbnb 網站的投資者關係部分重播。

I will now hand the call over to Ellie Mertz, Vice President of Finance. Please go ahead.

我現在將把電話轉給財務副總裁 Ellie Mertz。請繼續。

Good afternoon, and welcome to Airbnb's Third 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.

下午好，歡迎參加 Airbnb 2021 年第三季度財報電話會議。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戴夫斯蒂芬森。

Earlier today, we issued a shareholder letter with our financial results and commentary for our third quarter of 2021. These items were also posted on the Investor Relations section of Airbnb's website. During the call, we'll make brief opening remarks and spend the remainder of time on Q&A.

今天早些時候，我們發布了一封股東信，其中附有我們 2021 年第三季度的財務業績和評論。這些項目也發佈在 Airbnb 網站的投資者關係部分。在電話會議期間，我們將做簡短的開場白，剩下的時間用於問答環節。

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

在我把它交給布賴恩之前，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。

We urge you to consider these factors and remind you that we undertake no obligation to update the information contained on this call to reflect subsequent events or circumstances. You should be aware that these statements should be considered estimates only and are not a guarantee of future performance. Also, during this call, we will discuss some non-GAAP financial measures. We've provided reconciliations to the most directly comparable GAAP financial measures in the shareholder letter posted to our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

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。此外，在本次電話會議中，我們將討論一些非公認會計原則的財務措施。我們在發佈到我們的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。

And 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, Ellie, and good afternoon, everyone. Thanks for joining us today. I'm really excited to share our results with you. The travel rebound that began earlier this year accelerated in the third quarter. Q3 was Airbnb's best quarter yet. Revenue of $2.2 billion was our highest ever, surpassing 2019 by 36%. Net income of $834 million was our highest ever, nearly 4x larger than a year ago. Adjusted EBITDA exceeded $1 billion, also our best ever. Our EBITDA margin was 49%, an increase of 30%, or 3,000 basis points, compared to Q3 2019. Over the summer, we also reached a major milestone with 1 billion cumulative guest arrivals. This means that Airbnb has been used more than 1 billion times since we started. Now finally, I'm delighted to report that our hosts earned a record $12.8 billion in the quarter.

好的。謝謝你，艾莉，大家下午好。感謝您今天加入我們。我很高興與您分享我們的成果。今年早些時候開始的旅遊反彈在第三季度加速。第三季度是 Airbnb 迄今為止表現最好的一個季度。 22 億美元的收入是我們有史以來的最高水平，比 2019 年增長了 36%。淨收入 8.34 億美元是我們有史以來的最高水平，比一年前增加了近 4 倍。調整後的 EBITDA 超過 10 億美元，也是我們有史以來最好的。與 2019 年第三季度相比，我們的 EBITDA 利潤率為 49%，增加了 30% 或 3,000 個基點。在夏季，我們還達到了一個重要的里程碑，累計接待了 10 億客人。這意味著 Airbnb 自成立以來已被使用超過 10 億次。最後，我很高興地報告，我們的房東在本季度賺取了創紀錄的 128 億美元。

Our results show that the growing strength of the travel rebound is here despite the continued pandemic. We saw continued strength in North America and EMEA and an acceleration in Latin America despite sequential increase of cancellations.

我們的結果表明，儘管大流行持續存在，但旅行反彈的力量正在增強。儘管取消訂單連續增加，但我們看到北美和歐洲、中東和非洲地區的持續增長以及拉丁美洲的加速增長。

Now excluding APAC, our total global nights and experiences booked exceeded 2019 levels. Gross booking value of $11.9 billion shot above 2019's levels by 23%, driven by the strength of ADR.

現在不包括亞太地區，我們預訂的全球住宿晚數和體驗總數超過了 2019 年的水平。在 ADR 的強勁推動下，總預訂價值達到 119 億美元，比 2019 年的水平高出 23%。

But something bigger than a travel rebound that's happening. The world is undergoing a revolution in how we live and work. The pandemic has suddenly untethered tens of millions of people from the need to go into an office. Technologies like Zoom make it possible to work from home. Airbnb makes it possible to work from any home. And this newfound flexibility is bringing about a revolution in how we travel because for the first time ever, millions of people can now travel anytime, anywhere for any length and even live anywhere on Airbnb. And we believe that this trend towards more flexibility will only accelerate.

但比正在發生的旅行反彈更大的事情。世界正在經歷一場關於我們生活和工作方式的革命。大流行突然使數以千萬計的人擺脫了進入辦公室的需要。 Zoom 等技術使在家工作成為可能。 Airbnb 讓在家辦公成為可能。這種新發現的靈活性正在為我們的旅行方式帶來一場革命，因為有史以來第一次，數百萬人現在可以隨時隨地旅行，不限時長，甚至可以在 Airbnb 的任何地方生活。我們相信，這種更加靈活的趨勢只會加速。

In recent months, some of the world's largest companies, Procter & Gamble, Amazon, Ford, PricewaterhouseCoopers, have announced increased flexibility for employees to work remotely. And we expect many more companies to follow their lead. And so what we're seeing are several trends as a result of this travel revolution.

最近幾個月，一些全球最大的公司，如寶潔、亞馬遜、福特、普華永道，都宣布提高員工遠程工作的靈活性。我們預計會有更多的公司跟隨他們的腳步。因此，我們看到的是這場旅行革命帶來的幾個趨勢。

First, people can travel any time. Because many people don't have to be in the office at specific times, they have more flexibility on when they can travel. So families are increasingly traveling outside the traditional week -- weekend trip. And in fact, Mondays and Tuesdays are currently our highest growing days of the week to travel. This is really interesting.

首先，人們可以隨時旅行。因為許多人不必在特定時間在辦公室，所以他們在何時可以出差上有更大的靈活性。因此，越來越多的家庭開始在傳統的一周之外——週末旅行。事實上，週一和周二是我們一周中旅行增長最快的日子。這真的很有趣。

The second trend we're seeing is that people are traveling everywhere, literally everywhere. During the pandemic, over 100,000 cities have had at least 1 booking on Airbnb. And that includes 6,000 towns and cities that received their first booking ever on Airbnb.

我們看到的第二個趨勢是人們到處旅行，幾乎無處不在。在大流行期間，超過 100,000 個城市在 Airbnb 上至少進行了 1 次預訂。其中包括 6,000 個在 Airbnb 上首次預訂的城鎮。

The third trend we're seeing is people aren't just traveling in Airbnb, they're now living on Airbnb. Long-term stays, up 28 days or more, remained our fastest-growing category by trip length. People are traveling with Airbnb for extended vacations, relocation, temporary housing, student housing and many other reasons.

我們看到的第三個趨勢是人們不只是在 Airbnb 上旅行，他們現在住在 Airbnb 上。 28 天或更長時間的長期住宿仍然是我們旅行時長增長最快的類別。人們出於延長假期、搬遷、臨時住房、學生住房和許多其他原因而選擇愛彼迎旅行。

Now finally, more people were also interested in hosting than ever before. We ended Q3 with the most active listings ever, and there are 2 reasons for this. First, our demand is driving more supply. In fact, our highest supply growth is in our highest demand destinations, particularly in North America and EMEA. And second, our marketing and product initiatives to attract new hosts are working.

現在終於，比以往任何時候都更多的人也對託管感興趣。我們以有史以來最活躍的列表結束了第三季度，這有兩個原因。首先，我們的需求正在推動更多的供應。事實上，我們最高的供應增長出現在我們需求最高的目的地，尤其是在北美和歐洲、中東和非洲。其次，我們吸引新房東的營銷和產品計劃正在發揮作用。

Now we're constantly improving our service to meet this new way of traveling and the wave of guests it will bring. On May 24, we introduced the Airbnb 2021 Release, which included more than 100 upgrades across every aspect of the Airbnb service. On November 9, which is next Tuesday, we'll be announcing the Airbnb 2021 Winter Release. And this release will include another 50 upgrades and innovations that will make it easier to host and support the changing needs of guests. And you can watch it right on our homepage next Tuesday at 8 p.m. -- 8 a.m. Pacific Standard Time. So I hope you can tune in to see it. I'm really excited about what we have to share.

現在，我們正在不斷改進我們的服務，以滿足這種新的旅行方式和它將帶來的客人的浪潮。 5 月 24 日，我們推出了 Airbnb 2021 版本，其中包括 Airbnb 服務各個方面的 100 多項升級。 11 月 9 日，也就是下週二，我們將發布 Airbnb 2021 冬季版。此版本將包括另外 50 項升級和創新，這將使接待和支持客人不斷變化的需求變得更加容易。您可以在下週二晚上 8 點在我們的主頁上觀看。 ——太平洋標準時間上午 8 點。所以希望大家可以收看。我對我們必須分享的內容感到非常興奮。

So now let's turn to our progress on our 2021 plan. Now as a reminder, our single priority in 2021 has been to prepare for the travel rebound. To do this, we've been perfecting the end-to-end experience of our core service. And this includes educating the world about hosting, recruiting more hosts, simplifying the guest experience and delivering world-class service. So let me give you an update on each of these.

因此，現在讓我們談談我們 2021 年計劃的進展情況。現在提醒一下，我們在 2021 年的首要任務是為旅行反彈做準備。為此，我們一直在完善核心服務的端到端體驗。這包括向全世界宣傳託管、招募更多託管人、簡化客戶體驗和提供世界一流的服務。所以讓我給你一個關於這些的更新。

First, we are educating the world about what makes Airbnb different, and that is hosting. Earlier this year, we launched our first large-scale marketing campaign in 5 years, made possible by hosts. We're educating guests about the benefits of being hosted, and we're also inspiring more people to become hosts, and we continue to be encouraged by the results of this campaign.

首先，我們正在向全世界宣傳 Airbnb 的與眾不同之處，那就是託管。今年早些時候，我們發起了 5 年來的第一次大規模營銷活動，由房東促成。我們正在向客人介紹託管的好處，我們也在鼓勵更多的人成為託管人，我們繼續為這項活動的結果感到鼓舞。

Second, we're recruiting more hosts and setting them up for success. On May 24, we launched a completely redesigned host onboarding flow that makes it simpler for anyone to start hosting. Throughout the process, potential hosts can now be paired with Superhosts to answer their questions or concerns. We began Ask a Superhost in 9 countries, and we've since expanded the program to over 30 languages in 196 countries.

其次，我們正在招募更多的房東，並為他們的成功做好準備。 5 月 24 日，我們推出了完全重新設計的主機入職流程，讓任何人都可以更輕鬆地開始託管。在整個過程中，潛在房東現在可以與超讚房東配對以回答他們的問題或疑慮。我們在 9 個國家/地區開始了 Ask a Superhost，此後我們將該計劃擴展到 196 個國家/地區的 30 多種語言。

Third, we're simplifying every part of the guest experience. Earlier this year, we introduced I'm Flexible, a whole new way to search on Airbnb when guests are flexible about where or when they're traveling. Now since launch, guests have used I'm Flexible more than 500 million times. Now due to the popularity of this feature, we're soon making it even more flexible by expanding the date range of this feature as well as adding more categories of unique space. We're really excited about the progress of this feature.

第三，我們正在簡化客戶體驗的每個部分。今年早些時候，我們推出了 I'm Flexible，這是一種全新的在 Airbnb 上搜索的方式，當客人可以靈活地選擇他們的旅行地點或時間時。自推出以來，客人已使用 I'm Flexible 超過 5 億次。現在由於此功能的流行，我們很快將通過擴展此功能的日期範圍以及添加更多類別的獨特空間來使其更加靈活。我們對該功能的進展感到非常興奮。

And finally, fourth, whenever a host or guest need us, we must deliver world-class service. In September, we launched dedicated Superhost support in North America, giving our most experienced hosts priority access to our most experienced support agents. We're expanding the support to all Superhosts globally by the end of the year. So that is our plan for 2021.

最後，第四，當主人或客人需要我們時，我們必須提供世界一流的服務。 9 月，我們在北美推出了專門的超讚房東支持服務，讓我們最有經驗的房東優先獲得我們最有經驗的支持代理。我們將在今年年底前擴大對全球所有超讚房東的支持。這就是我們2021年的計劃。

Now before I go to questions, I have one update that's bittersweet. Three years ago, Ann Mather became the second independent director to join our Board after Ken Chenault. Since then, our team has benefited from her guidance. Now Ann recently made the decision to reduce the number of Boards she sits on, and sadly for us that means she'll be departing our Board of Directors on December 15. Now Ann has been a critical member of our team as we transition from a private to a public company, and we appreciate everything she's done. We look forward to adding another independent director as soon as possible. And I know that being on the Airbnb Board in the midst of a global pandemic is no easy task, and I want to once again thank you, Ann, for everything you've done.

現在，在我提出問題之前，我有一個苦樂參半的更新。三年前，Ann Mather 成為繼 Ken Chenault 之後加入我們董事會的第二位獨立董事。從那時起，我們的團隊就受益於她的指導。現在，安最近決定減少她擔任的董事會數量，對我們來說可悲的是，這意味著她將於 12 月 15 日離開我們的董事會。現在，安一直是我們團隊的重要成員，因為我們從私有於一家上市公司，我們感謝她所做的一切。我們期待盡快增加另一位獨立董事。我知道在全球大流行中加入 Airbnb 董事會並非易事，我想再次感謝你，Ann，你所做的一切。

So to recap, Q3 was Airbnb's best quarter ever. Revenue, adjusted EBITDA and net income were our highest ever. Travel is undergoing a revolution. People are now taking longer trips, traveling to more locations and even living on Airbnb. As the world changes, we continue to innovate. We've made more than 150 upgrades and innovations this year alone.

回顧一下，第三季度是 Airbnb 有史以來最好的季度。收入、調整後的 EBITDA 和淨收入是我們有史以來最高的。旅行正在經歷一場革命。人們現在進行更長時間的旅行，前往更多地點，甚至住在 Airbnb。隨著世界的變化，我們不斷創新。僅今年一年，我們就進行了 150 多項升級和創新。

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 Eric Sheridan from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Eric Sheridan。

It's been a big year in terms of innovation and investing behind supply. Brian, would love to get a little bit more color on what you see as the key learnings from rolling some of those investments out into the marketplace. And how they can inform the way investors should be thinking about supply growth and innovation in the years ahead.

就創新和供應後投資而言，這是重要的一年。布賴恩（Brian）很想對您認為從將其中一些投資推向市場的關鍵學習有所了解。以及它們如何告知投資者應該如何思考未來幾年的供應增長和創新。

Yes. Thank you very much, Eric. So yes, this has been a really great year for supply growth. We have more active listings on Airbnb today than we ever have. And it's important to just share a few thoughts on supply.

是的。非常感謝你，埃里克。所以，是的，今年對於供應增長來說是非常好的一年。今天，我們在 Airbnb 上的活躍房源比以往任何時候都多。重要的是分享一些關於供應的想法。

Number one, we are quite different than our competitors. Airbnb, we have 4 million hosts, and 90% of our hosts are individual. So that means they could never have hosted if not for the tools that we provide. The vast majority are only listed on Airbnb. And we find that if we make hosting easier and as more people know about hosting and we give hosting more support, more people will become hosts. And so our strategy is a full life cycle. It starts with making sure more people know about hosting. You see, the Airbnb brand is very mainstream. Our brand is a noun and verb used all over the world, but hosting is not as mainstream. And so the first thing we're doing is we're raising awareness about hosting. This year, we did our first brand campaign in 5 years, Made Possible by Hosts. It uses real photos from real trips to highlight what makes Airbnb different in that host. The great thing about that ad is that also is able to attract more hosts to Airbnb as well.

第一，我們與競爭對手完全不同。 Airbnb，我們有 400 萬房東，我們 90% 的房東都是個人。因此，這意味著如果沒有我們提供的工具，他們將永遠無法託管。絕大多數僅在Airbnb上列出。我們發現，如果我們讓託管變得更容易，並且隨著更多人了解託管並且我們為託管提供更多支持，那麼更多人將成為託管人。所以我們的策略是一個完整的生命週期。首先要確保更多人了解託管。你看，Airbnb這個品牌非常主流。我們的品牌是世界各地使用的名詞和動詞，但託管不是主流。因此，我們要做的第一件事就是提高對託管的認識。今年，我們開展了 5 年來的第一次品牌宣傳活動，由 Hosts 打造成為可能。它使用真實旅行的真實照片來突出Airbnb在該房東中的不同之處。該廣告的好處在於，它還能夠吸引更多房東加入 Airbnb。

So once we're able to increase awareness of hosting, then the name of the game is making it easier to host. And on May 24, we showed a simple 10-step process to become a host where we've radically reduced the number of steps and made it easier to host and conversion rate for people starting to list the [space flow is up].

因此，一旦我們能夠提高託管意識，那麼遊戲的名稱就會讓託管變得更容易。在 5 月 24 日，我們展示了一個簡單的 10 步成為房東的流程，我們從根本上減少了步驟數量，並讓開始列出 [空間流量上升] 的人更容易舉辦和轉化率。

Third, if a host needs help, we're going to give them support. So we launched Ask a Superhost. Ask a Superhost pairs prospective hosts with our very best Superhosts on Airbnb. And since we launched this feature in May, more than 50,000 prospective hosts have used this, and we're now expanding this to 196 countries globally. And finally, we're continually investing more tools to allow hosts to expand their business. And what all this means is that you're going to see continued innovation from us. What we've seen is an increase in the trajectory of number of people becoming a host.

第三，如果主持人需要幫助，我們將給予他們支持。因此，我們推出了 Ask a Superhost。詢問超讚房東會將潛在房東與我們在 Airbnb 上最好的超讚房東配對。自從我們在 5 月推出此功能以來，已有超過 50,000 名潛在房東使用此功能，我們現在正在將其擴展到全球 196 個國家/地區。最後，我們不斷地投資更多的工具來讓房東擴展他們的業務。這一切意味著您將看到我們不斷創新。我們看到的是成為房東的人數在增加。

The other point, though, Eric, I just want to make is the following. On no night are we ever supply constrained globally on Airbnb. The vast majority of hosts only rent occasionally. And so the holy grail of travel is pointing demand to where we have supply. Before the pandemic, most people were very fixed in their search parameters. They had a destination in mind and they had dates in mind. But now, because many people don't have to go back to an office, they're more flexible. And this means that we can point them to where we have supply. And this is the power of I'm Flexible.

不過，埃里克，我只想說的另一點如下。在任何一個晚上，我們在 Airbnb 上的全球供應都不會受到限制。絕大多數房東只是偶爾出租。因此，旅行的聖杯將需求指向我們有供應的地方。在大流行之前，大多數人的搜索參數非常固定。他們心中有一個目的地，他們心中有日期。但現在，由於許多人不必回到辦公室，他們變得更加靈活。這意味著我們可以將它們指向我們有供應的地方。這就是我很靈活的力量。

Over 500 million searches have used flexibility. More than 40% of our searches, guests are flexible on where or when they're traveling. So this is what we're doing. We're focused on a full funnel approach to supply acquisition, and we're pointing demand to where we have supply. And I expect that we'll have plenty of supply for years to come.

超過 5 億次搜索使用了靈活性。在我們超過 40% 的搜索中，客人可以靈活選擇旅行的地點和時間。這就是我們正在做的事情。我們專注於供應獲取的完整漏斗方法，我們將需求指向我們有供應的地方。我預計未來幾年我們將有充足的供應。

Our next question comes from Mario Lu from Barclays.

我們的下一個問題來自巴克萊的 Mario Lu。

I have a couple on the long-term stays of 28 days or more. You guys mentioned that it was roughly 20% of room nights booked in 3Q. But I think in the first quarter, it was around 24%. Was this mostly due to seasonality that it declined slightly since then? And then at a higher level, any updated views on how large a TAM these longer stays could attract over time?

我有一對夫婦長期逗留 28 天或更長時間。你們提到這大約佔第三季度預訂的房晚的 20%。但我認為第一季度約為 24%。這主要是由於季節性原因，此後略有下降嗎？然後在更高的層面上，隨著時間的推移，這些長期停留會吸引多大的 TAM 的任何最新觀點？

Yes, Mario, why don't I give the mix shift to Dave and I can talk a little bit more broadly about the strategy. Dave?

是的，馬里奧，我為什麼不把混合轉移給戴夫，我可以更廣泛地談談這個策略。戴夫？

Yes. The majority of the decrease is simply the increase of short-term stays kind of coming back. It still remains to be -- long-term stay has been one of the fastest-growing parts of our business pre-COVID. That is a trend that we are seeing in the pre-COVID era, it just continued to be strong during COVID, and it remains strong today. And so yes, the decrease is just the fact that short-term stays continue to come back. And in terms of the market opportunity of long-term stays -- market opportunity in long-term stays, we think this adds hundreds of billions of dollars to our overall long-term TAM opportunity with long-term stays.

是的。大部分的減少僅僅是短期停留的增加。它仍然是 - 長期逗留一直是我們在 COVID 之前的業務中增長最快的部分之一。這是我們在 COVID 之前的時代看到的趨勢，它在 COVID 期間繼續保持強勁，今天仍然保持強勁。所以是的，減少只是短期停留繼續回來的事實。就長期停留的市場機會——長期停留的市場機會而言，我們認為這為我們長期停留的整體長期 TAM 機會增加了數千億美元。

And I'll just share a few more thoughts, Mario. We've just seen a major paradigm shift in travel. Before the pandemic, short-term stays is really the primary business that we were in. What we actually saw was that long-term stays was our fastest-growing segment of business even before the pandemic.

我會再分享一些想法，馬里奧。我們剛剛看到了旅行的重大範式轉變。在大流行之前，短期住宿確實是我們從事的主要業務。我們實際上看到的是，即使在大流行之前，長期住宿也是我們增長最快的業務部分。

So I think what the pandemic did is it accelerated an inevitable trend. There was already this emerging category between classic traveling and really kind of permanent housing which was people seeking stays of weeks at a time or even months at a time. And I think what the pandemic has done has just accelerated this.

所以我認為大流行的作用是加速了一個不可避免的趨勢。在經典旅行和真正的永久性住房之間已經出現了這種新興類別，人們希望一次停留數週甚至數月。我認為大流行所做的只是加速了這一點。

We're going to see a lot more people going away as they have newfound flexibility. Even people with families who can't go away during the year, they may be able to travel a little bit longer during summers as well. So this is really exciting. And the only other thing I'd just add is nearly half of our business is for more than a week as well. So these are really exciting categories. I think there's a huge amount of growth going forward for these different segments.

我們將看到更多的人離開，因為他們有了新的靈活性。即使有家人不能在一年中離開的人，他們也可以在夏季旅行更長的時間。所以這真的很令人興奮。我要補充的唯一另一件事是我們近一半的業務也是一個多星期。所以這些都是非常令人興奮的類別。我認為這些不同的細分市場將會有巨大的增長。

Our next question comes from the line of Jen Shi from Bank of America.

我們的下一個問題來自美國銀行的 Jen Shi。

This is Jen on for Justin. Just wondering, so you guys mentioned that with the host initiatives, you're gaining supply in very popular areas like North America and Europe. Just wondering, are you seeing supply opening up in urban areas? And as the mix shift kind of comes back to urban and cross-border travel, how should we think about the impact on ADRs, take rate and maybe margins in future years?

這是賈斯汀的珍。只是想知道，所以你們提到通過主機計劃，你們正在北美和歐洲等非常受歡迎的地區獲得供應。只是想知道，您是否看到城市地區的供應開放？隨著混合轉變回到城市和跨境旅行，我們應該如何考慮對未來幾年的 ADR、收取率和利潤率的影響？

And then just one follow-up on marketing spend. Looking at marketing spend trends, obviously, this year has been super positive compared to pre-pandemic spending. You have a lot of leverage there. Just wondering, do you see a scenario where maybe you would have to be more aggressive on marketing if hotel travel was coming back?

然後只是對營銷支出的一項後續行動。從營銷支出趨勢來看，與大流行前的支出相比，今年顯然是非常積極的。你在那裡有很大的影響力。只是想知道，如果酒店旅行回來，您是否看到了一種情況，您可能不得不更加積極地進行營銷？

All right. So thank you, Jen. I heard 3 questions. One is about supply growth in urban. The next is mix shift, it's impact on ADR and then marketing spend. Dave, do you want to take these? I think these would be great for you to take.

好的。所以謝謝你，珍。我聽到了3個問題。一是關於城市供應增長。接下來是混合轉變，它對 ADR 和營銷支出的影響。戴夫，你想拿這些嗎？我認為這些對你來說會很棒。

Sure. In terms -- again, one of the things to remember is -- and the reason why we kind of highlighted on the call that the growth in our supply in the nonurban areas of North America and Europe is that we get the supply when we have the demand, and that's why it's gone up 15% since the beginning of the year because that's also where there's biggest demand. Now we're obviously seeing greater demand pickup in our more urban areas. So the percentage of nights in the urban area has started to increase, are now maybe 46% of our nights, which is still down from maybe 60% of our nights kind of pre-COVID.

當然。就條款而言 - 再次，要記住的一件事是 - 我們在呼籲中強調北美和歐洲非城市地區供應增長的原因是我們在有供應時獲得供應需求，這就是為什麼它自年初以來上漲了 15%，因為這也是需求最大的地方。現在，我們顯然在更多城市地區看到了更大的需求回升。因此，市區的夜晚百分比已經開始增加，現在可能占我們夜晚的 46%，這仍然低於我們在 COVID 之前的夜晚的 60%。

And so we'll continue to see listings growth in those more urban areas as the demand kind of keeps coming back. So until I think we're back to full demand, we actually don't need incremental growth because we're still below our nights that we had back in 2019. But again, the important part is that we get the supply when we need it because the supply will follow that demand and we'll continue to make it easier for new supply to come on board.

因此，隨著需求不斷回升，我們將繼續看到更多城市地區的房源增長。因此，在我認為我們恢復到全部需求之前，我們實際上不需要增量增長，因為我們仍然低於 2019 年的夜晚。但同樣重要的是，我們在需要時獲得供應這是因為供應將跟隨需求，我們將繼續讓新供應更容易上船。

In terms of forward-looking ADRs, the high average daily rate we've seen throughout this last year has been primarily driven by the mix of types of space and the location. So it's a mix of Europe and North America have higher average daily rates. Non-urban, whole home, larger homes, all those reasons have been driving up the rates overall.

就前瞻性 ADR 而言，我們在去年全年看到的高日均利率主要是由空間類型和位置的混合推動的。因此，歐洲和北美的平均日費率較高。非城市、整棟住宅、更大的住宅，所有這些原因都在推高房價。

And the other thing we started seeing a little bit more in Q3 was some price appreciation in high demand areas. And so it was a combination in Q3 of both the mix of types of stays and some of the price appreciation. And what we do anticipate is as urban comes back, and more markets like Asia and Latin America, which have lower average daily rates, we anticipate the overall ADR to moderate some but we also believe that some of the higher ADR will sustain for the future.

我們在第三季度開始看到更多的另一件事是高需求地區的價格上漲。因此，這是第三季度住宿類型的混合和一些價格上漲的結合。我們確實預計，隨著城市回歸，以及亞洲和拉丁美洲等更多平均日費率較低的市場，我們預計整體 ADR 會有所緩和，但我們也相信一些較高的 ADR 將在未來持續下去.

So in terms of -- and then what we did say also in our shareholder letter is that we anticipate that the ADRs in Q4 should be relatively consistent with the ADRs we had here in Q3.

因此，就 - 然後我們在股東信中所說的是，我們預計第四季度的美國存託憑證應該與我們在第三季度的美國存託憑證相對一致。

In terms of marketing, we're really happy with the adjusted marketing approach that we've taken. Now again, this was a pre-COVID change that we made, where we were -- began to invest in our strength. And our strength is the brand of Airbnb. And we modified that marketing approach pre-COVID. We reduced our reliance on search-engine marketing. And then in COVID, we have shifted even just more significantly more quickly, and we're really pleased with those results.

在營銷方面，我們對我們採用的調整後的營銷方法感到非常滿意。再說一次，這是我們在 COVID 之前所做的改變，我們在哪裡 - 開始投資於我們的力量。而我們的優勢是Airbnb的品牌。我們在 COVID 之前修改了這種營銷方式。我們減少了對搜索引擎營銷的依賴。然後在 COVID 中，我們的轉變速度更快，我們對這些結果感到非常滿意。

As Brian mentioned, this broader brand campaign, talking about Made Possible by Hosts, it gets to talk to both sides of our marketplace. It both recruits new hosts to Airbnb, and talks to guests about why you'd want to stay in Airbnb, and we're really happy with those results and plan to continue the strength of that.

正如布賴恩所提到的，這個更廣泛的品牌活動，談論由房東打造成為可能，它可以與我們市場的雙方進行交流。它既為 Airbnb 招募新房東，又與客人討論您為什麼想留在 Airbnb，我們對這些結果感到非常滿意，併計劃繼續保持這種優勢。

We've increased our relative marketing rate this year, just given the fact that our -- the business has been going quite well. And so -- but on a relative basis, our marketing expenses as a percentage of revenue are down from levels we had in 2019. And we should anticipate that this -- it will be in this kind of range for the foreseeable future.

鑑於我們的業務一直進展順利，我們今年提高了相對營銷率。所以——但相對而言，我們的營銷費用佔收入的百分比低於 2019 年的水平。我們應該預料到這一點——在可預見的未來，它將處於這種範圍內。

And I can just to share -- just to really recap briefly our marketing strategy, we take a really different approach than our competitors. It's a full funnel integrated marketing strategy. And it really starts with PR and word of mouth. And really word of mouth and PR is how we built the brand for the vast majority of the years before you even have enough money to have a marketing budget. And because of that, Airbnb is a really well-known brand that's a noun and a verb used all over the world. And because of this, more than 90% of our traffic was free or unpaid in Q3.

我可以分享一下——簡單回顧一下我們的營銷策略，我們採取了與競爭對手完全不同的方法。這是一個完整的漏斗整合營銷策略。它真的從公關和口口相傳開始。真正的口碑和公關是我們在絕大多數時間裡建立品牌的方式，甚至在你有足夠的錢來製定營銷預算之前。正因為如此，Airbnb 是一個非常知名的品牌，它既是一個名詞又是一個動詞，在世界各地都被使用。正因為如此，我們 90% 以上的流量在第三季度是免費或未付費的。

And so we think of marketing as really education. Brand marketing is really about educating people about our highly differentiated product. And then performance marketing for us isn't really a way to buy customers, it's the way to laser in on balancing supply and demand. So we think this is a really unique approach. And I think that it's just really all about continually investing in our brand. And over time, we think the amount of -- the loyalty to the brand will only increase.

所以我們認為營銷是真正的教育。品牌營銷實際上是教育人們了解我們高度差異化的產品。然後對我們來說，績效營銷並不是真正購買客戶的方式，而是一種激光平衡供需的方式。所以我們認為這是一種非常獨特的方法。而且我認為這實際上就是不斷投資於我們的品牌。隨著時間的推移，我們認為對品牌的忠誠度只會增加。

Our next question comes from Kevin Kopelman from Canaccord.

我們的下一個問題來自 Canaccord 的 Kevin Kopelman。

It's Kevin from Cowen. Can you give us a sense of the booking trends in the fourth quarter, quarter to date? You mentioned acceleration in the shareholder letter, are you seeing that back to Q2 levels yet in terms of growth as compared to the same quarter in 2019, just given kind of the Delta slowdown? That would be helpful.

是考恩的凱文。您能否讓我們了解一下迄今為止第四季度的預訂趨勢？您在股東信中提到了加速，您是否看到與 2019 年同一季度相比，增長回到了第二季度的水平，只是考慮到三角洲的放緩？那會很有幫助。

Kevin, thanks for the question. Dave, do you want to take this?

凱文，謝謝你的問題。戴夫，你想拿這個嗎？

Sure. What we're seeing is continued strength in -- growing strength in the business as borders are starting to open up, people are more vaccinated, more willing to kind of travel. We're continuing to see bookings strength, and that's why we're going to be seeing gross booking -- rate of gross booking value growth increasing from Q3 to Q4. I don't have a specific percentage that we're sharing on the call today. There can be some variability on the overall growth, but it is accelerating. And that's what's included in our guidance estimate that we've shared.

當然。我們看到的是持續的實力——隨著邊境開始開放，業務的實力不斷增強，人們接種了更多疫苗，更願意去旅行。我們繼續看到預訂量強勁，這就是為什麼我們將看到總預訂量——總預訂價值增長率從第三季度到第四季度增加。我沒有我們今天在電話會議上分享的具體百分比。整體增長可能存在一些變化，但正在加速。這就是我們共享的指導估計中包含的內容。

Our next question comes from Stephen Ju from Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

Okay. Brian, I don't know if you have data -- this data, but I'll go ahead and ask anyway. But are you able to say perhaps what percentage of your registered users perhaps have younger children who until now were not able to get vaccinated? I'm just trying to get a sense for how much incremental pent-up demand you may have waiting for you as parents start to feel better about traveling more with their younger kids.

好的。布賴恩，我不知道你是否有數據——這些數據，但我還是會繼續問。但是，您能否說出您的註冊用戶中有多少比例的孩子到目前為止無法接種疫苗？我只是想了解你可能有多少被壓抑的增量需求在等著你，因為父母開始對與年幼的孩子一起旅行感覺更好。

Thanks for the question, Stephen. I don't think we have that data specifically, but I can just share a couple of high-level thoughts with you. I think that we're going to be entering a new golden age of travel. I tend to think that the last 18 months have been -- the world has been turned on its head. And I think that many people yearned for what was taken away from them. Now not everything that was taken away from us, do I think we all want back. But I think one of the things that was taken away from a lot of people they want back is the ability to travel and the ability to travel freely and be able to travel freely across borders.

謝謝你的問題，斯蒂芬。我認為我們沒有具體的數據，但我可以與您分享一些高層次的想法。我認為我們將進入一個新的旅遊黃金時代。我傾向於認為過去 18 個月是——世界已經發生了翻天覆地的變化。而且我認為很多人都渴望從他們身上奪走的東西。現在不是所有從我們身上奪走的東西，我認為我們都想要回來。但我認為，很多人想要找回的東西之一是旅行的能力，自由旅行的能力，能夠自由地跨境旅行。

And just to give you one anecdote or one data point, on October 15, I believe it was that date that President Biden announced the reopening of the borders for international travelers coming to the United States. Within 1 week of that announcement, we saw a 44% spike in nights booked for stays, crossing borders coming into United States on Airbnb for stays November 9 and later, which is when the borders would open.

只是給你一個軼事或一個數據點，在 10 月 15 日，我相信拜登總統宣布對前往美國的國際旅客重新開放邊境的日子是在這一天。在該公告發布後的 1 週內，我們看到 11 月 9 日及之後（即邊境開放時間）通過 Airbnb 跨境進入美國的住宿預訂夜數激增 44%。

So what we are seeing kind of across the board is evidence of pent-up demand. I think all the new emerging use cases that exist in Airbnb are here to stay because I think flexibility is here to stay. So I think a lot of the nearby destinations with people getting cars here to stay. I think the longer stays, people living in Airbnb [to stay]. But I think what I'm really excited about is the emergence of cross-border travel. Cross-border travel is now 80% of what it was at its peak in Airbnb. It used to be half of our business. It went down quite a bit. Now it's about 1/3 of our business and growing again. So yes, we are seeing a lot of pent-up demand. And Dave, I don't know if you want to add anything to this.

因此，我們全面看到的是需求被壓抑的證據。我認為 Airbnb 中存在的所有新興用例都將繼續存在，因為我認為靈活性將繼續存在。所以我認為附近的很多目的地都有人們在這裡停車。我認為住得越久，住在 Airbnb 的人[要留下來]。但我覺得真正讓我興奮的是跨境旅行的出現。跨境旅行現在是 Airbnb 高峰時的 80%。它曾經是我們業務的一半。它下降了很多。現在它約占我們業務的 1/3，並且再次增長。所以是的，我們看到了很多被壓抑的需求。戴夫，我不知道您是否想對此添加任何內容。

No, I think that's the key. Our cross-border travel, it's 33% here in Q3, but we're continuing to see strengthening here in October. More continued -- countries are reducing their travel restrictions and the travel trends continue to improve.

不，我認為這是關鍵。我們的跨境旅行在第三季度佔 33%，但我們在 10 月份繼續看到這裡的增長。更多繼續——各國正在減少旅行限制，旅行趨勢繼續改善。

Our next question comes from the line of Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Just on the cross-border, when you think of Europe and what you're seeing there, can you drill in and give us a sense of what's starting to happen inside the countries there?

就在跨境，當你想到歐洲和你在那裡看到的東西時，你能深入了解那裡的國家內部正在發生的事情嗎？

Dave, do you want to take this?

戴夫，你想拿這個嗎？

Sure. We're continuing to see sequential improvement in the net nights booked in October relative to September. So travel restrictions as they come off, we're continuing to see that sequential increase. We have more global net nights booked in October 21 than we did in 2019. So I think that's a really positive sign for Europe. And there are some week-to-week variations, but the trends continue to be up and to the right.

當然。相對於 9 月，我們繼續看到 10 月預訂的淨夜數連續改善。因此，隨著旅行限制的解除，我們將繼續看到這種連續增加。我們在 10 月 21 日預訂的全球淨晚數比 2019 年還要多。所以我認為這對歐洲來說是一個非常積極的信號。每週都有一些變化，但趨勢繼續向上和向右。

And as just a follow on, has there been anything surprising to you through this recovery in Europe that -- just anything that you've seen in underlying trends? Or is it just continued strengthening as you've been mentioning?

作為後續，在歐洲的這次復蘇中，有沒有什麼讓你感到驚訝的事情——只是你在潛在趨勢中看到的任何事情？或者它只是像你一直提到的那樣繼續加強？

Well, the reality is it tends to vary by country, right? Different countries will have different levels of restrictions and opening. There's obviously a lot of pent-up demand for kind of peak kind of travel. We saw that in Q3. It's a big part of the strength of our results in Q3 are Europeans wanting to get into their traditional kind of summer holidays in Spain and Italy and other places.

嗯，現實是它往往因國家而異，對吧？不同的國家會有不同程度的限制和開放。顯然，對於高峰期的旅行有很多被壓抑的需求。我們在第三季度看到了這一點。我們第三季度業績的很大一部分是歐洲人希望在西班牙、意大利和其他地方享受他們傳統的暑假。

And so there can be some variation by country throughout, but the strengthening of the business in Europe just kind of continues. We're seeing a nice uptick in bookings, especially even leading into 2022. So some of the bookings growth that we're seeing now is going to obviously be for travel in early next year and throughout 2022.

因此，整個國家/地區可能存在一些差異，但歐洲業務的加強仍在繼續。我們看到預訂量大幅上升，尤其是在 2022 年之前。因此，我們現在看到的一些預訂增長顯然將是明年初和整個 2022 年的旅行。

We now have a question from Doug Anmuth from JPMorgan.

我們現在有一個來自摩根大通的 Doug Anmuth 的問題。

This is Dae Lee on for Doug. The first one, so based on your conversations with your hosts, what do you think is the biggest friction point that prevented them from becoming a host for the first time? And along that line, among the initiatives that you've rolled out for them this year, what resonated the most? And as a follow-up, how are these newer host cohorts performing versus your historical cohorts who didn't have the upgrades that the new hosts have today?

這是道格的大李。第一個，所以根據您與主持人的對話，您認為阻止他們第一次成為主持人的最大摩擦點是什麼？沿著這條線，在你今年為他們推出的舉措中，最能引起共鳴的是什麼？作為後續，這些較新的主機群組與您的歷史群組相比，他們沒有獲得新主機今天的升級，表現如何？

All right. Thank you for the question, Dave -- Doug (sic) [Dae]. Why don't I take the first part of the question about what the biggest friction points for hosts are and then Dave can have the follow-on. Now a really, really great question. There's really 3 parts of the funnel. Number one, do people know about hosting? Number two, is it easy? And number three, can they get help? To me, those are the 3 parts of the funnel.

好的。謝謝你的問題，Dave -- Doug (sic) [Dae]。為什麼我不回答問題的第一部分，即主持人最大的摩擦點是什麼，然後 Dave 可以進行後續討論。現在是一個非常非常好的問題。漏斗實際上有 3 個部分。第一，人們知道託管嗎？第二，容易嗎？第三，他們能得到幫助嗎？對我來說，這些是漏斗的三個部分。

So number one, do people even know about hosting? Well, Airbnb's brand is very much mainstream. So we've seen a huge opportunity in people being able to host. I don't think most people realize that the average host can make $9,600, which is more than the stimulus check they've been getting in the United States and the amount of effort is surprisingly easy. And so the first thing we have to do is continue to tell story of hosting, and we've been doing that and that is working.

那麼第一，人們甚至知道託管嗎？嗯，Airbnb的品牌非常主流。因此，我們看到了人們能夠主持的巨大機會。我認為大多數人都沒有意識到，普通房東可以賺到 9,600 美元，這比他們在美國得到的刺激支票還多，而且付出的努力非常容易。因此，我們要做的第一件事就是繼續講述託管的故事，我們一直在這樣做並且正在發揮作用。

The next thing we have to do is make it easier to host. The easier we make something, the more people do it. Airbnb really innovated and built a lot of custom tools to make it easier to host than ever before. This was really the core innovation we had. We built a system of trust where we're continually making it easier to host. We obviously simplified the number of steps to become a host to 10 really simple basic steps. You can do it now quite quickly from your phone or a desktop device. And we have more innovations that are going to make it even easier that we're showing next Tuesday, November 9. So that's the second part, making it easier. As we do that, conversion rate goes up.

接下來我們要做的就是讓託管變得更容易。我們做的事情越容易，做的人就越多。 Airbnb 確實創新並構建了許多自定義工具，以使其比以往任何時候都更容易託管。這確實是我們的核心創新。我們建立了一個信任系統，我們不斷地讓託管變得更容易。我們顯然將成為主機的步驟數簡化為 10 個非常簡單的基本步驟。您現在可以通過手機或桌面設備快速完成。我們有更多的創新，這將使我們在 11 月 9 日下週二的展示變得更加容易。所以這是第二部分，讓它變得更容易。當我們這樣做時，轉化率就會上升。

And then finally, sometimes people like say, this is -- some people want to talk to other hosts. They want to know what it's like, what's it like to let a stranger in your home? How much should I charge? What are the local rules and regulations? And so having another host to talk to is really important. Now this is the power of the Airbnb model.

最後，有時人們喜歡說，這是-- 有些人想與其他主持人交談。他們想知道這是什麼感覺，讓陌生人進入您的家是什麼感覺？我應該收取多少費用？當地的規章制度是什麼？因此，與另一位主持人交談非常重要。這就是Airbnb模式的力量。

One of the things that makes Airbnb so special is we're a community. And we're a community where hosts tell other hosts about Airbnb and they bring them on to the platform. And so what I'm really excited about is the Ask a Superhost program. We've had more than 50,000 prospective hosts sign up to use that. And we're going to continue to scale that, and we're announcing on November 9 that we're going to be scaling the Ask a Superhost program.

讓 Airbnb 如此特別的原因之一是我們是一個社區。我們是一個社區，房東向其他房東介紹 Airbnb，然後他們將他們帶到平台上。所以我真正感到興奮的是 Ask a Superhost 計劃。我們已經有超過 50,000 名潛在主機註冊使用它。我們將繼續擴大規模，我們將在 11 月 9 日宣布我們將擴大 Ask a Superhost 計劃。

So these are 3 parts of the journey. We continue to focus on these, we're going to get a lot more hosts. Dave, you want to take the next part on the host retention?

所以這是旅程的三個部分。我們將繼續關注這些，我們將獲得更多主機。戴夫，你想參與下一個關於主機保留的部分嗎？

Sure. What we're seeing -- I can step back -- some of the new host acquisition that it makes it a little too early to tell exactly how the retention and things are going to work for all the new hosts. But let me step back and broadly share that overall, we're seeing churn rate of our hosts are -- has improved. It's lower than it had been historically that the actual success rate of new hosts is increasing, like 50% of new listings receiving a booking in 3 days. 75% of new listings are receiving a booking within 8 days. So they're actually more successful more quickly.

當然。我們所看到的 - 我可以退後一步 - 一些新的主機收購，這使得它有點為時過早確切地告訴所有新主機的保留和事情將如何工作。但讓我退後一步並廣泛分享這一點，我們看到我們的主機的流失率 - 有所改善。新房東的實際成功率正在增加，低於歷史水平，例如 50% 的新房源在 3 天內收到預訂。 75% 的新房源在 8 天內收到預訂。所以他們實際上更快更成功。

We're seeing of the new hosts that are coming on that they are -- the traditional hosts that have been successful in Airbnb, individual hosts that are largely -- have exclusive to Airbnb that may only have a property or 2, it's that core individual host. That's still the majority of the host that we're kind of bringing on. And the cross listing of our host is actually down from where it was in kind of pre-COVID times. So I think the overall health of our hosting community is quite strong, and the growth that we're seeing in new hosts is very consistent with the historic types of hosts that we've had in the past.

我們正在看到即將出現的新房東，他們是在 Airbnb 中取得成功的傳統房東，大部分是個人房東——擁有 Airbnb 獨有的可能只有一兩處房產，這是核心個人主機。這仍然是我們帶來的大多數主機。而且我們主機的交叉列表實際上比它在 COVID 之前的時間有所下降。所以我認為我們託管社區的整體健康狀況非常好，我們在新主機中看到的增長與我們過去擁有的歷史類型的主機非常一致。

Our next question comes from the line of Justin Patterson from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Justin Patterson。

Brian, you've clearly had a lot of success with flexible stays. What have your learnings been around that, the marketing of that feature to consumers? And what do you think the next steps are to make this a broader consumer behavior? Is that more brand marketing? Or is that something within the app? That's question one.

布賴恩，你顯然在靈活的住宿方面取得了很大的成功。你在這方面學到了什麼，向消費者推銷該功能？您認為下一步是如何讓這種行為成為更廣泛的消費者行為？那是更多的品牌營銷嗎？或者那是應用程序內的東西？那是問題一。

And then for Dave, question, two, how should I think about the pace of the urban recovery going forward?

然後對於戴夫，問題二，我應該如何看待未來城市復甦的步伐？

All right. Yes. Thank you very much for the question, Justin. I'm really excited with I'm Flexible. So just to recap what this feature is, on May 24, we announced I'm Flexible, a new search tool that allows people to search on Airbnb if they're flexible about where or when they're traveling. And so if you go to Airbnb's home page right now, actually, if you do it, you'll see a really big button, it says I'm flexible. If you click on that button, it now takes you to a whole new view of Airbnb where you can completely browse.

好的。是的。非常感謝你的問題，賈斯汀。我對我很靈活感到非常興奮。回顧一下這個功能是什麼，我們在 5 月 24 日宣布了我很靈活，這是一種新的搜索工具，如果人們可以靈活地選擇旅行的地點或時間，它可以讓人們在 Airbnb 上進行搜索。所以如果你現在去Airbnb的主頁，實際上，如果你這樣做，你會看到一個非常大的按鈕，它說我很靈活。如果您單擊該按鈕，它現在會將您帶到一個全新的 Airbnb 視圖，您可以在其中完全瀏覽。

Now this is a really special new product we built. We actually went through millions of listings, and we had to do this really extensive process of organizing our structured data, essentially getting an organized catalog of all of our inventory. If something says it's a tree house, is it a tree house? We made sure every photo is properly labeled. And this feature has been really, really successful.

現在這是我們打造的一款非常特別的新產品。我們實際上瀏覽了數百萬個列表，我們必須執行這個非常廣泛的過程來組織我們的結構化數據，本質上是獲得我們所有庫存的有組織的目錄。如果有東西說它是樹屋，它是樹屋嗎？我們確保每張照片都正確標記。這個功能非常非常成功。

We also have flexible dates. Flexible dates allows people -- they are flexible when they're traveling to say, I'm looking for a place for a weekend, a week or a month any time over the next 6 months. Well, that -- those features have been used more than 0.5 billion times. So what are our lessons?

我們也有靈活的日期。靈活的日期允許人們——他們在旅行時可以靈活地說，我正在尋找一個週末、一周或一個月的地方在接下來的 6 個月內的任何時間。好吧，那些功能已被使用超過 5 億次。那麼我們的教訓是什麼？

Well, the first lesson is conversion rate is up. The more people use I'm Flexible, the more likely they're going to book on Airbnb because they're more likely to find a property. Number two, what it's showing is we're able to point demand to where we have supply. There's a lot of really unique listings that are in locations that people wouldn't have thought to type in, right? It might be in a small town you never heard of. With I'm Flexible, it really levels the playing field and allows many more properties to be discovered.

嗯，第一課是轉化率上升。使用 I'm Flexible 的人越多，他們就越有可能在 Airbnb 上預訂，因為他們更有可能找到房產。第二，它表明我們能夠將需求指向我們有供應的地方。有很多非常獨特的列表位於人們不會想到輸入的位置，對嗎？它可能在一個你從未聽說過的小鎮。有了我很靈活，它真正平衡了競爭環境並允許發現更多屬性。

Maybe another way of thinking about it is I'm Flexible turns the home into the destination, so you don't have to type in the destination. And I'm really excited about this. So this tells us that we're on to something.

也許另一種思考方式是 I'm Flexible 將家變成目的地，因此您不必輸入目的地。我對此感到非常興奮。所以這告訴我們，我們正在做某事。

It also tells us that there's a new paradigm in travel. And so I think that this flexibility is here to stay. I think one of the holy grails in travel is to answer a question for a guest of where should I go and when should I go. And by having these new flexible features, we're able to really be able to do that.

它還告訴我們，旅行中有一種新的範式。所以我認為這種靈活性會一直存在。我認為旅行中的聖杯之一就是為客人回答我應該去哪里以及什麼時候去的問題。通過擁有這些新的靈活功能，我們能夠真正做到這一點。

So what's next for us is that we're going to continue to invest in this feature. On November 9, we're announcing 4 new categories of I'm Flexible. There's going to be some really cool features that we can show. So I hope you tune in. We're also expanding the flexible dates feature from 6 months to 12 months. So now you can see when these really incredible properties are available anytime in the next 12 months. And we're going to continue to invest in this feature. And I think down the road, this will be a major way that people are searching on Airbnb, and it's so important because, again, it allows us to balance supply and demand. Dave, do you want to take the second question?

所以我們接下來要做的是繼續投資這個功能。 11 月 9 日，我們將宣布 4 個新類別的“我很靈活”。我們可以展示一些非常酷的功能。所以我希望你能收聽。我們還將靈活的日期功能從 6 個月擴展到 12 個月。因此，現在您可以看到這些真正令人難以置信的房產在未來 12 個月內的任何時間可用。我們將繼續投資此功能。我認為在未來，這將是人們在 Airbnb 上搜索的主要方式，它非常重要，因為它再次讓我們能夠平衡供需。戴夫，你想回答第二個問題嗎？

Yes. I think one thing to kind of step back and remember is that Airbnb's strength has traditionally been cross-border and more urban. I mean that's traditionally where our business strength has been, right? Cross-border has been 50% of our business. The urban has been about 60% and yet our really strong Q3 results happened while even those 2 parts of the business are not yet returned to kind of pre-pandemic levels, right?

是的。我認為需要退後一步記住的一件事是，Airbnb 的優勢傳統上是跨界的，而且更加城市化。我的意思是傳統上我們的業務優勢一直在這，對吧？跨境業務已占我們業務的 50%。城市已經大約 60%，但我們真正強勁的第三季度業績卻發生了，即使這兩個業務部分還沒有恢復到大流行前的水平，對吧？

Cross-border is still at 33%, the urban -- high-density urban is at 46%. So it's not quite back, but it's growing nicely. So I think what you'd say about the pace of urban recovery is that that will continue to be additive to our business and the strength that we're seeing overall. I think what's also interesting about the pace of the urban recovery is that the nature of that is even a little bit different. Historically, our top 10 cities in the world contributed approximately 11% of revenue. And now the top 10 cities are kind of comprising about 6%.

跨境仍為33%，城市——高密度城市為46%。所以它還沒有完全恢復，但它正在很好地增長。因此，我認為您對城市復蘇步伐的看法是，這將繼續增強我們的業務以及我們整體看到的實力。我認為城市復蘇步伐的另一個有趣之處在於其性質甚至有點不同。從歷史上看，我們在全球排名前 10 的城市貢獻了大約 11% 的收入。現在排名前 10 的城市約佔 6%。

So it's just getting more diverse, more spread in terms of where our distribution of travel is. So as urban comes back, I think it's still going to be even a more broad spread version of the revenue across the world.

因此，就我們的旅行分佈而言，它變得更加多樣化，更加分散。因此，隨著城市的回歸，我認為它仍將是全球收入的更廣泛傳播版本。

Our next question comes from the line of Jed Kelly from Oppenheimer.

我們的下一個問題來自奧本海默的 Jed Kelly。

We've seen a couple larger, call them, property managers and urban accommodation providers, start to scale up inventory and will probably use your platform for bookings. So Brian, can you just provide us an update on how you're working with some of the larger property managers? And then in your opening remarks, you did call out some major companies on the work from anywhere trend. Is there any way for you to work closer to them and provide benefits to their workers?

我們已經看到一些更大的，稱為他們的物業經理和城市住宿供應商，開始擴大庫存，並可能會使用您的平台進行預訂。那麼布萊恩，您能否向我們介紹一下您是如何與一些較大的物業經理合作的？然後在你的開場白中，你確實提到了一些大公司的工作趨勢。您有什麼方法可以更貼近他們並為他們的工人提供福利？

Yes. Thank you for the questions, Jed. Yes, let me take both of these, large property managers and work from anywhere trends and how -- opportunities to work with companies. So on the first one, though our platform is 90% individuals, the 10% of our hosts who are professionals are very important to Airbnb, and we continue to build new tools for them. And so this just past year alone, we've had 150 upgrades and innovations and around half of those happened for a host. And many of the upgrades we have, have also applied to the more professional host as well. And so we're going to be showing off a number of features on November 9, and many of these are going to be innovations for professional hosts in addition to individual hosts.

是的。謝謝你的問題，傑德。是的，讓我把這兩個，大型物業經理和任何地方的趨勢和如何工作 - 與公司合作的機會。所以在第一個方面，雖然我們的平台是 90% 的個人，但我們 10% 的專業房東對 Airbnb 來說非常重要，我們會繼續為他們構建新的工具。因此，僅在過去的一年中，我們就進行了 150 次升級和創新，其中大約一半發生在主機上。我們的許多升級也適用於更專業的主機。因此，我們將在 11 月 9 日展示一些功能，其中許多將成為除個人主持人之外的專業主持人的創新。

So we're still very focused in this area, and I continue to believe that we're going to be growing really quickly. And just to give you an example, as Dave said, we've seen our fastest-growing areas of inventory in North America and Europe in nonurban areas. And certainly, professional hosts are a part of this. And I think they really love the amount of demand that we provide for them.

因此，我們仍然非常專注於這一領域，我仍然相信我們將真正快速增長。舉個例子，正如戴夫所說，我們在北美和歐洲的非城市地區看到了我們增長最快的庫存區域。當然，專業主持人也是其中的一部分。我認為他們真的很喜歡我們為他們提供的大量需求。

Now as far as the work from anywhere approach. Yes, I think this is a really exciting area. I mean, as we said, Amazon, Ford, PwC, Procter & Gamble are just the beginning of the number of companies that have offered a more remote policy. I think it's safe to say that very few companies that have office workers are going to be asking those workers to come back to an office 5 days a week. And all you have to believe is that people don't come back 5 days a week, maybe they come back 4 days a week, maybe they come back 3 days a week, maybe they have even more flexible policies. And all we have to do is believe that, to believe that Zoom is here to stay, to believe that work from anywhere is here to stay.

現在就任何地方的工作而言。是的，我認為這是一個非常令人興奮的領域。我的意思是，正如我們所說，亞馬遜、福特、普華永道、寶潔只是提供更遠程政策的公司數量的開始。我認為可以肯定地說，很少有有辦公室工作人員的公司會要求這些工作人員每週 5 天回到辦公室。而你所要相信的是，人們不會每週回來 5 天，也許他們每週回來 4 天，也許他們每週回來 3 天，也許他們有更靈活的政策。我們所要做的就是相信，相信 Zoom 會繼續存在，相信任何地方的工作都會繼續存在。

And so we're starting to see a lot of companies certainly reach out to us. We don't have anything to announce right now, but we are going to continually make it easier for people to be able to live anywhere and work anywhere on Airbnb. And integrating with companies, if that's what it takes, of course, it would be something that we continue to do more of.

所以我們開始看到很多公司肯定會聯繫我們。我們目前沒有任何要宣布的內容，但我們將繼續讓人們能夠更輕鬆地在 Airbnb 上的任何地方生活和工作。如果需要與公司整合，當然，這將是我們繼續做更多的事情。

Our next question comes from the line of Colin Sebastian from Baird.

我們的下一個問題來自 Baird 的 Colin Sebastian。

This is [Reece] on for Colin. I was just wondering if you could talk about kind of the trends you're seeing between the growth in nights booked versus adoption of experiences? And is there any difference in the trajectory of recovery there? And then maybe just how your relationships with communities are doing.

這是科林的[Reece]。我只是想知道您是否可以談談您在預訂夜數的增長與採用體驗之間所看到的趨勢？那裡的複蘇軌蹟有什麼不同嗎？然後也許就是你與社區的關係如何。

Yes. I can take these. So obviously, the growth of our core business of homes has been very, very strong. With experiences, I really expected last year to be a breakout year for Airbnb experiences. And of course, the opposite happened. The pandemic put that product on pause.

是的。我可以拿這些。很明顯，我們的核心住宅業務增長非常非常強勁。有了體驗，我真的預計去年會成為 Airbnb 體驗的突破年。當然，相反的事情發生了。大流行使該產品暫停了。

That being said, it's now been more than 1.5 years, and I feel like people can only stay home so many nights watching Netflix. And eventually, they want to get out of house. And I do think people want alternative things like restaurants, especially when they're traveling. And Airbnb experiences are very popular amongst our guests. They actually love even more than homes statistically from a 5-star standpoint. In other words, more guests leave a 5-star review for experiences in the homes after they stay. So I'm very bullish on this product.

話雖如此，現在已經超過 1.5 年了，我覺得人們只能呆在家裡這麼多晚上看 Netflix。最終，他們想離開家。而且我確實認為人們想要其他的東西，比如餐館，尤其是在他們旅行的時候。 Airbnb 的體驗在我們的客人中非常受歡迎。從 5 星級的角度來看，他們實際上甚至比房屋更愛。換句話說，更多的客人在入住後留下了 5 星評價。所以我非常看好這個產品。

It's been gradually ramping back up and reopening. We've seen strong growth over the last couple of quarters, and I'm expecting this to be a big area of growth over the coming 5 years or so. So that's what we're seeing with experiences.

它一直在逐漸恢復並重新開放。我們在過去幾個季度看到了強勁的增長，我預計這將是未來 5 年左右的一個很大的增長領域。這就是我們所看到的經驗。

Now with regards to our relationship with communities, let me just start by saying this. Even before the pandemic, we worked with thousands of cities all over the world. You see we created this new category of travel, and we had to work with cities to educate them and work collaboratively with them to be able to really make sure everybody works best for these communities.

現在關於我們與社區的關係，讓我先說一下。甚至在大流行之前，我們就與全球數千個城市合作。你看我們創造了這種新的旅行類別，我們必須與城市合作教育他們並與他們合作，才能真正確保每個人都為這些社區工作。

To give you a stat, we have to date, collected $4 billion in hotel occupancy tax or transient occupancy tax. You can't collect hotel tax without working with those cities and jurisdictions. So we've had really close relationships with them. And what I've seen in the last year is that the pandemic has actually been a bit of a reset for our relationship with cities. And reset probably in a good way because what we're seeing is a lot of cities that were concerned with tourism in their markets are having a different concern now. Now over tourism, a number of cities have concerns of under tourism. The reduction of business travel, fewer international travelers crossing borders going into big cities means that many of these cities and destinations have revenue shortfalls and just general travel shortfalls.

為了給你一個統計數據，到目前為止，我們已經徵收了 40 億美元的酒店入住稅或臨時入住稅。如果不與這些城市和司法管轄區合作，您將無法收取酒店稅。因此，我們與他們建立了非常密切的關係。我在去年看到的是，這場大流行實際上對我們與城市的關係進行了一些調整。並且可能以一種好的方式重置，因為我們看到的是許多關注其市場旅遊業的城市現在有不同的擔憂。現在旅游過度，一些城市有旅遊不足的擔憂。商務旅行減少，跨境進入大城市的國際旅客減少，這意味著這些城市和目的地中的許多都存在收入短缺，而且只是普遍的旅行短缺。

And so what's happened is we've had a lot of cities reaching out to us to collaborate. And in fact, we've done 100 partnerships with destination marketing organizations around the world. And I think our new I'm Flexible features where we can point demand to where we have supply also means we can point demand to cities that want it. And so I think this is a really exciting period for us to really renew a great relationship with cities all over the world.

所以發生的事情是我們已經有很多城市與我們聯繫以進行合作。事實上，我們已經與世界各地的目的地營銷組織建立了 100 個合作夥伴關係。而且我認為我們新的“我很靈活”功能可以將需求指向我們有供應的地方，這也意味著我們可以將需求指向需要它的城市。所以我認為這是一個非常激動人心的時期，我們可以真正與世界各地的城市重新建立良好的關係。

Our next question is from Brian Fitzgerald from Wells Fargo.

我們的下一個問題來自富國銀行的 Brian Fitzgerald。

On the cross-border traveling opening up, we're just wondering if you could comment on lengths of stay trends there. Our intuition is that if people are going to get on a plane in the current environment, they probably want to amortize that across a longer stay. But just wondering what you're seeing there.

關於跨境旅行的開放，我們只是想知道您是否可以評論那裡的停留時間趨勢。我們的直覺是，如果人們要在當前環境下搭乘飛機，他們可能希望在更長時間的逗留中分期償付。但只是想知道你在那裡看到了什麼。

And then second thing on about the length of stay more generally. You spoke to 28-days plus, and just wondering if you could talk to what you're seeing in terms of maybe a 7-day stay becoming a 14-day and any trends there? And any thoughts on how the competitiveness of Airbnb increases versus hotels as 1-week stays become 2-week stays.

然後是關於更普遍的停留時間的第二件事。你談到了 28 天以上，只是想知道你是否可以談談你所看到的可能是 7 天住宿變成 14 天以及那裡的任何趨勢？以及關於 Airbnb 的競爭力如何隨著 1 週住宿變為 2 週住宿而增加酒店的任何想法。

Yes. Why don't I start with that very last question, Brian. And then, Dave, I can hand it over to you. You could talk a little bit more about cross-border, its impact on length of stay and just the growth of maybe weekly stays is what I think Brian's asking. But let me start with this question of the competitiveness of long-term stays.

是的。為什麼我不從最後一個問題開始，布賴恩。然後，戴夫，我可以把它交給你。你可以多談談跨境，它對逗留時間的影響以及可能每週逗留的增長是我認為布賴恩所要求的。但讓我從長期住宿的競爭力這個問題開始。

It's really quite interesting to think about how we started Airbnb. I started the company when I was 26 years old with 2 of my friends, and the category we entered was hotels. That was the incumbent industry. An industry that most people liked, and travelers had a lot of other options.

想想我們是如何創辦 Airbnb 的，真的很有趣。我 26 歲的時候和我的兩個朋友一起創辦了這家公司，我們進入的類別是酒店。那是現有的行業。大多數人喜歡的行業，旅行者有很多其他選擇。

If you were to try to stay somewhere for 2 weeks, 3 weeks, a month or multiple months, and let's say you're staying somewhere other than the city you live, what are your current options? There's not a lot of players doing this. There's a lot of friction. So we think essentially, the longer the length of stay, the more compelling it is to stay in a home. It gets very expensive to stay in a hotel for weeks at a time. And the longer you're away from home, the more I think you want to be in a home. You want a kitchen, you might want a backyard, you want to be able to cook. You just want to feel like you're home and you're not like an outsider.

如果您要嘗試在某個地方停留 2 週、3 週、一個月或多個月，並且假設您要住在您居住的城市以外的其他地方，那麼您目前的選擇是什麼？這樣做的玩家並不多。有很多摩擦。所以我們從本質上認為，逗留時間越長，留在家中的吸引力就越大。一次在酒店住幾個星期是非常昂貴的。你離開家的時間越長，我認為你越想待在家裡。你想要一個廚房，你可能想要一個後院，你想要能夠做飯。你只是想感覺自己像在家一樣，而不是像局外人。

And so I think that this is going to be a really big opportunity for us. And this is partly why I'm really excited about long-term stays or even stays that are for a week or longer. Dave, do you want to talk about some of the stats we're seeing?

所以我認為這對我們來說將是一個非常大的機會。這就是為什麼我對長期逗留甚至一周或更長時間的逗留感到非常興奮的部分原因。戴夫，你想談談我們看到的一些統計數據嗎？

Yes. We highlighted on the shareholder letter that 45% of our nights were from stays of at least 7 nights. And this is the trend that we're seeing is that the length of stay continues to increase. The number of use cases that people find working with Airbnb in the same way that Brian just mentioned, it's just a better way to travel for longer. You're not going to want to stay in a hotel room for 28 nights, but those trends are continuing. And I don't have anything specific to say about cross-border and the length of stay directly related to that, but just more broadly that the length of stay continues to increase. And to the extent that it does, it accretes to Airbnb.

是的。我們在股東信中強調，我們 45% 的夜晚來自至少 7 晚的住宿。這是我們看到的趨勢，即停留時間持續增加。人們發現與 Airbnb 合作的用例數量與 Brian 剛剛提到的相同，這只是一種更好的旅行方式。你不會想在酒店房間裡住 28 晚，但這些趨勢仍在繼續。關於跨境和與此直接相關的逗留時間，我沒有任何具體的說法，但更廣泛地說，逗留時間繼續增加。在某種程度上，它融入了Airbnb。

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。

Two questions. Did you see any impact on the Apple iOS changes on your social ad campaigns? And then the second question I had is just around some news articles we saw that showed that you continue to work on technology to basically help onboard hotels. Maybe just talk about where it sits in your list of priorities.

兩個問題。您是否發現 Apple iOS 更改對您的社交廣告活動有任何影響？然後我的第二個問題是關於我們看到的一些新聞文章，這些文章表明您繼續致力於技術以基本上幫助船上酒店。也許只是談論它在您的優先事項列表中的位置。

Yes. I can take both of those, Naved. Number one, just in Apple, their iOS changes. No, we've not seen any impact on Airbnb, and that's not really the business we're in.

是的。我可以同時接受這兩個，Naved。第一，就在蘋果公司，他們的 iOS 發生了變化。不，我們沒有看到對 Airbnb 的任何影響，而這並不是我們真正從事的業務。

With regards to our efforts to invest in technology to onboard hotels, let's just talk a little bit about our strategy with hotels. Last year, we had to make some difficult decisions to put a number of initiatives on pause, like transportation, and scale back some others. And one of the initiatives that we had to scale back a bit was our investment in hotels. That being said, hotels are still a very important part of Airbnb's strategy. We believe that people come to Airbnb because we have something unique. We have unique hosts that offer something you can't get anywhere else. And so we think that the majority of people come to Airbnb direct to book individual hosts.

關於我們對機上酒店技術投資的努力，讓我們簡單談談我們與酒店的戰略。去年，我們不得不做出一些艱難的決定來暫停一些舉措，比如交通，並縮減其他一些舉措。我們不得不縮減的舉措之一是我們對酒店的投資。話雖如此，酒店仍然是 Airbnb 戰略中非常重要的一部分。我們相信人們來到 Airbnb 是因為我們擁有獨一無二的東西。我們有獨特的主機，提供您在其他任何地方都無法獲得的東西。因此，我們認為大多數人直接來到 Airbnb 是為了預訂個人房東。

That being said, we want to make sure that people come to Airbnb, they always find a place to stay. And sometimes we have network gaps. And we think that hotels are really great ways to fill a network gap. So when somebody comes to Airbnb, they can always find a place to stay. HotelTonight has been growing really steadily in the last couple of years. I'm very excited about the progress, and we're continually investing in this area. Now it's not as big a priority as our core business of supporting individual hosts, but we're continually supporting them. We're continually investing in this area.

話雖如此，我們希望確保人們來到 Airbnb，他們總能找到住處。有時我們有網絡缺口。我們認為酒店確實是填補網絡空白的好方法。因此，當有人來到 Airbnb 時，他們總能找到住處。 HotelTonight 在過去幾年裡一直在穩步增長。我對取得的進展感到非常興奮，並且我們不斷在這一領域進行投資。現在，它不像我們支持單個主機的核心業務那樣重要，但我們會繼續支持它們。我們一直在這個領域進行投資。

Maybe just to follow up on that, Brian, would we be seeing hotels on the core Airbnb anytime in the future or anytime soon?

也許只是為了跟進，布賴恩，我們會在未來的任何時候或很快在核心 Airbnb 上看到酒店嗎？

Will we be seeing what?

我們會看到什麼？

Would we see hotels on core Airbnb or...

我們會在核心 Airbnb 上看到酒店還是...

Yes. I mean, yes. And we have tens of thousands of hotels now on Airbnb, and I expect you to see more in the future for sure. And it's really just a matter of prioritization. Right now, we are focused on the most perishable opportunities. The most perishable opportunities right now are scaling as quickly as possible to get as many hosts ready to host as many guests as possible. And so our big priorities are recruiting hosts, simplifying the guest experience, educating the world about what makes Airbnb different, that's hosting, and getting world-class service to -- getting our service to be at a world-class level. Those are our major priorities, but we are continually investing in hotels.

是的。我的意思是，是的。我們現在在 Airbnb 上擁有數万家酒店，我希望您在未來能看到更多。這實際上只是優先級問題。目前，我們專注於最易腐爛的機會。目前最容易消失的機會是盡快擴大規模，讓盡可能多的房東準備好接待盡可能多的客人。因此，我們的首要任務是招募房東，簡化賓客體驗，向全世界宣傳 Airbnb 的與眾不同之處，即託管服務，以及提供世界一流的服務——讓我們的服務達到世界一流水平。這些是我們的主要優先事項，但我們不斷投資於酒店。

Our next question comes from the line of Deepak Mathivanan from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

This is Zack on for Deepak. Just first on ADRs, I know you kind of called out that the primary driver so far has been this kind of mix shift. But you also noted that you're starting to see some price appreciation in certain high-demand areas. Just curious if you can kind of parse this out a little further. And is that trend kind of concerning to you in the context of Airbnb's long-term growth?

這是迪帕克的紮克。首先在 ADR 上，我知道你曾經說過，到目前為止，主要驅動因素是這種混合轉變。但您也注意到，您開始看到某些高需求地區的價格有所上漲。只是好奇您是否可以進一步分析一下。在 Airbnb 的長期增長背景下，這種趨勢對你來說是不是有點擔心？

And then second, just related to COVID, I know it's very dynamic and hard to predict. But the restrictions seem to be generally easing, but we are seeing pockets of rising cases and some kind of impediments to travel demand. Do you see any kind of differences in the restrictions today and the impediment to demand behavior today versus 6 or 12 months ago?

其次，僅與 COVID 相關，我知道它非常動態且難以預測。但限制似乎普遍放鬆，但我們看到病例不斷增加，旅行需求受到某種阻礙。與 6 個月或 12 個月前相比，您是否看到今天的限制和阻礙需求行為的任何差異？

Dave, do you want to take these?

戴夫，你想拿這些嗎？

Sure. Let me start with the ADR. The trend that we saw in ADR late last year, the increase in ADR was almost exclusively driven by mix. And so that was the regional mix, urban, nonurban mix, size of home. And then what we saw earlier in the year is some price appreciation as a larger portion of the ADR increase. And that increased a little bit further here in Q3, kind of the peak kind of summer trial season. And then what we're seeing, as I said, in Q4 is our ADRs are relatively stable with what they were in Q3.

當然。讓我從 ADR 開始。我們在去年底的 ADR 中看到的趨勢是，ADR 的增長幾乎完全是由混合驅動的。這就是區域組合、城市、非城市組合、家庭規模。然後我們在今年早些時候看到的是價格上漲，因為 ADR 增加的很大一部分。在第三季度，這種情況進一步增加了一點，這是夏季試用期的高峰期。然後，正如我所說，我們在第四季度看到的是我們的 ADR 與第三季度相比相對穩定。

Even with these elevated ADRs, again, the majority of the increase has been just on a relative basis due to mix. So there's really no change in the price. Where there is some price appreciation, I think we still have a great value. We're still able to give people homes and stays that they find very valuable in terms of all the amenities they get. Maybe a larger place, more amenities, kitchen, more bedrooms, more space to be. And so we think we continue to give a great value. And so we'll continue to monitor it and be mindful of it. But I don't think it's an existential threat to us.

同樣，即使有這些升高的 ADR，由於混合，大部分增長只是相對基礎。所以價格真的沒有變化。在價格上漲的地方，我認為我們仍然具有很大的價值。我們仍然能夠為人們提供他們認為在他們獲得的所有便利設施方面非常有價值的房屋和住宿。也許更大的地方，更多的設施，廚房，更多的臥室，更多的空間。因此，我們認為我們會繼續提供巨大的價值。因此，我們將繼續對其進行監控並註意它。但我不認為這對我們構成生存威脅。

And then the second question is just rising cases, any differences versus earlier in the pandemic. I guess I think what we've seen is just a bit more resilience in guests being willing to travel around the world, right? There's a little bit of -- there could be pockets of variation depending on what governments frankly do in terms of opening up borders. And -- but the general trend has continued to be more positive, more up into the right and more consistent. And I think people, even in the face of various strains of COVID, continue to be wanting to travel, and they find that doing that on Airbnb is the best way to do it.

然後第二個問題只是病例增加，與大流行早期的任何差異。我想我認為我們所看到的只是願意環遊世界的客人更有彈性，對吧？有一點 - 可能會有一些變化，這取決於政府在開放邊界方面坦率地做了什麼。而且 - 但總體趨勢繼續更加積極，更加正確和更加一致。而且我認為人們，即使面對各種新冠病毒，仍然想要旅行，他們發現在 Airbnb 上旅行是最好的方式。

I'll just add one last comment. We're living in a really fast-changing world, and I don't think we've seen the end of big existential changes in the world. And if you can't predict the future, the best thing to do is adapt to it. And I think our business model is incredibly adaptable to whatever changes are to come.

我將添加最後一條評論。我們生活在一個瞬息萬變的世界中，我認為我們還沒有看到世界上存在的重大變化的終結。如果你無法預測未來，最好的辦法就是適應它。而且我認為我們的商業模式非常適合即將到來的任何變化。

Our next question comes from the line of Mark Mahaney from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

This is Ben on for Mark. So in the last 18 months, COVID has allowed Airbnb to really pivot their product priorities to refocus on the core business. As you look to next year, do you anticipate your investment priorities to change somewhat? Are you going to start focusing on stuff a little bit outside of your core business?

這是馬克的本。因此，在過去的 18 個月中，新冠疫情讓 Airbnb 能夠真正將他們的產品重點轉向核心業務。展望明年，您是否預計您的投資重點會有所改變？您是否要開始專注於您的核心業務之外的東西？

And then the second question if I could. Just in the letter you talked about in relation to APAC, just the short-term rental restrictions as being somewhat of a drag on the recovery in that region. Are those new restrictions versus 2019? And how significant are they? Do you expect them to be a permanent drag?

然後是第二個問題，如果可以的話。就在你談到亞太地區的信中，只是短期租金限制在某種程度上拖累了該地區的複蘇。與 2019 年相比，這些新限制是什麼？它們有多重要？你希望他們成為一個永久的拖累嗎？

Thanks for the question. Dave, do you want to take APAC and start with that and then I can maybe talk about new investments.

謝謝你的問題。戴夫，你想從亞太地區開始，然後我可以談談新的投資。

Yes. On APAC, we're not anticipating that any short-term rental regulation changes as being a major negative drag on our business over time. We're just mindful that there can be some variation in what governments are wanting to do, especially during this kind of COVID crisis time, and it varies by area. And we saw a little more restrictions in APAC than we did elsewhere.

是的。在亞太地區，我們預計短期租賃法規的變化不會隨著時間的推移對我們的業務造成重大負面拖累。我們只是注意到，政府想要做的事情可能會有所不同，尤其是在這種 COVID 危機時期，而且因地區而異。我們在亞太地區看到的限制比其他地方要多一些。

And then on your question of new investments. Here's what I would say. I mean we learned some very valuable lessons last year about focus. I remember once I was in college and my teachers told me, "Brian, you can do everything you want in your life, just not all at the same time." Yes, we certainly learned that lesson last year. We had to scale back initiatives. But one of the benefits of all that, we took our very best people and we focused them only on a few problems, including recruiting more hosts, simplifying the guest journey, improving our world-class service and educating the world about Airbnb.

然後是關於新投資的問題。這就是我要說的。我的意思是，我們去年學到了一些關於專注的非常寶貴的經驗。我記得有一次我上大學時，我的老師告訴我，“布賴恩，你可以在生活中做任何你想做的事，只是不能同時做。”是的，我們去年確實吸取了教訓。我們不得不縮減計劃。但所有這一切的好處之一是，我們聘請了最優秀的人才，只關注少數幾個問題，包括招募更多房東、簡化客人旅程、改善我們的世界級服務以及向全世界宣傳 Airbnb。

And as we've done that, we've not only reduced costs in the business, but we've actually been growing even faster. And so this year has been a year of a relentless innovation to perfect our core service, nearly one innovation every 48 hours on our core service. That being said, we are going to do new things at Airbnb. We created this category of travel. And I think there's a lot more categories that we can create in Airbnb.

當我們這樣做時，我們不僅降低了業務成本，而且實際上我們的增長速度更快。因此，今年是我們不斷創新完善核心服務的一年，我們的核心服務每 48 小時就有近一項創新。話雖如此，我們將在 Airbnb 做新的事情。我們創造了這種旅行類別。我認為我們可以在 Airbnb 中創建更多類別。

And so we've done 2 releases this year. We did one in May and one in November, and we're going to do a couple more again next year. And so November will not be the last time you hear from us. You'll hear from us again in the spring, where we'll introduce a summer -- a release for the summer, and we're going to have some really big new offerings as well. And again, the really big areas I'm excited about that we're currently doing, short-term stays. I think we're realizing that we are just scratching the surface of this incredibly huge opportunity as home sharing continues to grow. Long-term stays is an entirely new category of Airbnb.

所以我們今年發布了 2 個版本。我們在 5 月做了一次，在 11 月做了一次，明年我們還會再做幾次。因此，11 月不會是您最後一次收到我們的來信。您將在春季再次收到我們的消息，我們將在此推出夏季版本——夏季版本，我們還將推出一些非常大的新產品。再說一次，我對我們目前正在做的非常大的領域感到興奮，短期停留。我認為我們正在意識到，隨著家庭共享的持續增長，我們只是抓住了這個令人難以置信的巨大機會的表面。長住是Airbnb的一個全新類別。

And I think now that people are getting comfortable crossing borders and get outside and gathering with other people, experience will be a big opportunity. But this is just the beginning. We have many more innovations in front of us, and we will continue to use our creativity to design new possibilities for people.

而且我認為現在人們越過邊界，走出去與其他人聚會，體驗將是一個很大的機會。但這僅僅是開始。我們還有更多的創新擺在我們面前，我們將繼續用我們的創造力為人們設計新的可能性。

We currently have no further questions. I will now hand back over to Brian Chesky for any closing remarks.

我們目前沒有其他問題。我現在將交回布賴恩·切斯基（Brian Chesky）的任何結束語。

All right. Well, thank you all for joining us today. Just to recap everything. 2021 for Airbnb has been a year of relentless innovation. We launched more than 100 upgrades already this year. And next week, we're going to announce 50 more. That's 150 upgrade innovations this year. Our design-driven approach means that we're constantly improving our service to adapt to this changing world.

好的。嗯，謝謝大家今天加入我們。只是回顧一切。 2021 年對 Airbnb 來說是不斷創新的一年。今年我們已經推出了 100 多項升級。下週，我們將宣布另外 50 個。這是今年 150 項升級創新。我們以設計為導向的方法意味著我們不斷改進我們的服務以適應這個不斷變化的世界。

And the world will continue to change because for the first time ever, millions of people can now travel anytime, anywhere, for any length and even live anywhere on Airbnb. And this is a travel revolution. So we're just getting started. We have many more innovations to share with you, starting with some exciting announcements next Tuesday. So thank you all for joining today, and we'll see you next week.

世界將繼續發生變化，因為有史以來第一次，數百萬人現在可以隨時隨地旅行，甚至可以在 Airbnb 的任何地方生活。這是一場旅行革命。所以我們才剛剛開始。我們有更多的創新要與您分享，從下週二的一些激動人心的公告開始。謝謝大家今天的加入，我們下週見。

This concludes today's call. Thank you for joining, and I hope you have a lovely rest of your day. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入，希望您度過愉快的一天。您現在可以斷開線路。