Airbnb, Inc. (ABNB) 2021 Q2 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's earnings conference call for the second 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.

各位下午好，感謝您加入 Airbnb 2021 年第二季財報電話會議。提醒您，本次電話會議將被錄音，並將於會後在 Airbnb 官網「投資人關係」專區提供重播。

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

接下來我將把電話交給財務副總裁 Ellie Mertz。請開始。

Good afternoon, and welcome to Airbnb's Second 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.

各位下午好，歡迎參加 Airbnb 2021 年第二季財報電話會議。感謝各位今天與會。今天的電話會議中，出席者包括 Airbnb 共同創辦人暨執行長 Brian Chesky，以及我們的財務長 Dave Stephenson。

Earlier today, we issued a shareholder letter with our financial results and commentary for our second 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 then spend the remainder of time on Q&A.

今天稍早，我們已發布股東信，內容包含 2021 年第二季的財務結果與評論。這些資料也已張貼於 Airbnb 官網的「投資人關係」專區。會議中，我們將先做簡短開場說明，之後把剩餘時間用於問答。

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

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

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.

我們敦促您考量上述因素，並提醒您：我們不承擔更新本次電話會議所含資訊以反映後續事件或情況的義務。您應了解，這些陳述僅應視為估計，並不保證未來表現。

Also during this call, we will discuss some non-GAAP financial measures. We provided reconciliations to the most directly comparable GAAP financial measures in the shareholder letter posted to our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results. And with that, I will pass the call to Brian.

此外，在本次電話會議中，我們將討論部分非 GAAP 財務衡量指標。我們已在張貼於投資人關係網站的股東信中，提供與最直接可比的 GAAP 財務衡量指標之調節表。這些非 GAAP 指標並非用來取代我們的 GAAP 結果。接下來，我將把電話交給 Brian。

All right. Thank you, Ellie, and hey, everyone, thanks for joining us today. I'm dialing in from an Airbnb listing in Italy, and I'm very excited to share our Q2 results with you. Since the beginning of the year, we've been preparing for the travel rebound. After months of being stuck at home, millions of people have been yearning to travel, explore the world and connect with others. And we anticipated a travel rebound unlike any other in history.

好的。謝謝你，Ellie，也謝謝各位今天加入。我目前在義大利的一間 Airbnb 房源撥入電話，非常期待與各位分享我們第二季的成果。自年初以來，我們一直在為旅遊反彈做準備。在居家受限數月之後，數以百萬計的人渴望旅行、探索世界並與他人連結。我們也預期將出現史無前例的旅遊反彈。

And in Q1, we saw the start of this rebound. And now that Q2 is behind us, we can definitively say that the travel rebound is upon us, and Airbnb is leading the way. But as we predicted, travel is different than before. Airbnb has benefited from our adaptable business model, which is able to meet the changing needs of our guests. We haven't just been sitting passively around waiting for travel to return. For the past year, we've been relentlessly driving product innovations to meet this historic moment. And as a result, Airbnb has emerged from this crisis faster than others, and we're better positioned for the future of travel.

在第一季，我們看到了這波反彈的開端。如今第二季已結束，我們可以明確地說：旅遊反彈已經到來，而 Airbnb 正引領潮流。但正如我們所預測，旅遊已不同於以往。Airbnb 受惠於我們具備適應力的商業模式，能夠滿足房客不斷變化的需求。我們並非被動地等待旅遊回歸；過去一年，我們持續推動產品創新，以迎接這個歷史性時刻。因此，Airbnb 比其他業者更快走出危機，並在未來旅遊趨勢上具備更佳定位。

Now while we recognize the persistence of COVID and the Delta variant, we expect Q3 to be our strongest revenue quarter ever. The fact that we expect Q3 revenue to be our highest revenue quarter ever speaks to the inherent resiliency of our business.

雖然我們認知到 COVID 仍持續存在以及 Delta 變異株的影響，但我們預期第三季將成為我們史上營收最強的一季。我們預期第三季營收將創下歷史新高，顯示出我們業務本質上的韌性。

So now turning to our Q2 results. As vaccination rates increased and travel restrictions lifted in Q2, we saw consistent strength in North America, followed by significant recovery in Europe. One year ago in Q2, our business was significantly impacted with the onset of COVID. Now like many others, our year-over-year comparison to 2020 does show a dramatic improvement. But what is most notable are our results relative to pre-COVID levels. Across all key metrics, we nearly met or exceeded our Q2 2019 performance. Q2 nights and experiences booked nearly tripled from a year ago. More importantly, Q2 nights and experiences booked nearly matched pre-COVID levels in 2019.

接著談第二季的表現。隨著第二季疫苗接種率提高、旅遊限制放寬，我們在北美持續展現強勁動能，歐洲也出現顯著復甦。一年前的第二季，隨著 COVID 爆發，我們的業務受到重大衝擊。如今，和許多公司一樣，我們與 2020 年相比的年增率確實呈現大幅改善。但更值得注意的是，我們相較於疫情前水準的表現。在所有關鍵指標上，我們幾乎達到或超越 2019 年第二季的表現。第二季預訂的住宿晚數與體驗次數較去年同期接近成長三倍。更重要的是，第二季預訂的住宿晚數與體驗次數幾乎與 2019 年疫情前水準相當。

Gross booking value of $13.4 billion, more than quadrupled from a year ago and also shot up above 2019 levels by 37% based on the recovery of nights, combined with the strength of our ADR. Meanwhile, Q2 revenue of $1.335 billion, also nearly quadrupled from a year ago, and it exceeded 2019 levels by 10%. What this demonstrates is an acceleration in our recovery from Q1. Our Q2 results not only demonstrate our leadership in the travel rebound, but also our continued operating discipline.

總訂單金額（Gross booking value）為 134 億美元，較去年同期成長逾四倍；在住宿晚數復甦並結合我們 ADR（平均每日房價）的強勁表現下，也較 2019 年水準高出 37%。同時，第二季營收為 13.35 億美元，也較去年同期接近成長四倍，並較 2019 年水準高出 10%。這顯示我們自第一季以來的復甦正在加速。我們第二季的結果不僅展現我們在旅遊反彈中的領導地位，也展現我們持續的營運紀律。

Our adjusted EBITDA profit was $217 million. Now this represents a 16% EBITDA margin. This was more than $600 million of improvement in EBITDA from a year ago, and it represents 20% or 2,000 basis points margin expansion from 2019. And this is on a similar level of revenue. Now over the past year, as our top line recovered, we consistently focused on improving our profitability. For example, over the last 4 quarters, we've improved EBITDA margins on average more than 20% every quarter as compared to periods in 2019.

我們的調整後 EBITDA 利潤為 2.17 億美元，代表 EBITDA 利潤率為 16%。這較去年同期的 EBITDA 改善超過 6 億美元，並相較 2019 年利潤率擴張 20%（或 2,000 個基點）。而這是在相近的營收水準下達成的。過去一年，隨著營收回升，我們持續聚焦提升獲利能力。舉例來說，過去 4 個季度，我們相較 2019 年同期，平均每一季的 EBITDA 利潤率提升超過 20%。

Now that is a 2,000 basis point improvement on average, every single quarter. And we've done this by improving our variable cost by driving up marketing efficiency and by very tightly managing our fixed cost. Now I'm really proud of these results. And what they demonstrate is that we are emerging from this crisis as a stronger and more efficient company.

也就是說，平均每一季都改善了 2,000 個基點。我們透過改善變動成本、提升行銷效率，以及非常嚴格地管理固定成本來達成。我對這些成果感到非常自豪。這些成果顯示，我們正以更強大、更有效率的公司姿態走出這場危機。

Now turning to business highlights and travel trends. Despite the continued impact of COVID around the world, we have seen clear evidence that travel is recovering. We're incredibly encouraged by what we've seen in Q2. And what we've seen is an accelerating pace of global travel, particularly in Europe, as well as continued popularity of nonurban and domestic destinations.

接著談業務亮點與旅遊趨勢。儘管 COVID 仍在全球各地持續影響，我們已看到明確證據顯示旅遊正在復甦。我們對第二季所見到的情況感到非常振奮。我們看到全球旅遊加速回溫，尤其在歐洲；同時，非都會區與國內目的地仍持續受到歡迎。

In Q2, we had the highest number of gross nights booked of any quarter in our history. And we just had the biggest night on Airbnb since the pandemic began. Last Saturday night, more than 4 million guests from around the world, were staying in an Airbnb. That is more people than the entire population of Los Angeles. And we're also seeing travelers once again cross borders and business cities. These 2 categories of travel have been historic strengths of Airbnb, and we're really excited to see them begin to recover. But at the same time, the way that people travel and live continues to change.

第二季，我們的總預訂住宿晚數（gross nights booked）創下公司史上任何一季的最高紀錄。我們也剛創下自疫情開始以來 Airbnb 最大的一個夜晚：上週六晚上，全球有超過 400 萬名房客入住 Airbnb。這個人數比洛杉磯的總人口還多。我們也看到旅客再次跨境旅行並前往商務城市。這兩類旅遊一直是 Airbnb 的歷史強項，我們很高興看到它們開始復甦。但同時，人們旅行與生活的方式仍在持續改變。

We believe that many of the new booking trends that emerge over the past year are here to stay. People are traveling to many more destinations than before. And when they travel, they're staying longer. We believe these 2 categories of travel are in fact here to stay. And as a result, what we focused on are product innovations that support these new ways that people travel. You see many people have a greater freedom about where and when they travel, and we've improved our product to better meet their needs. Our new search products offer guests the flexibility that they want when planning and booking trips. And finally, we're seeing more people around the world consider hosting. We ended Q2 with the largest number of active listings in Airbnb's history.

我們相信，過去一年出現的許多新預訂趨勢將會延續。人們前往的目的地比以往更多；而且旅行時停留時間更長。我們認為這兩種旅遊型態確實會持續存在。因此，我們聚焦於能支持這些新旅行方式的產品創新。你會看到，許多人在何時、何地旅行方面擁有更大的自由度，我們也改善產品以更好地滿足他們的需求。我們新的搜尋產品為房客在規劃與預訂旅程時提供他們想要的彈性。最後，我們也看到全球有更多人考慮成為房東。第二季結束時，Airbnb 的活躍房源數量創下歷史新高。

Now there are a couple of reasons for this. First, our demand is driving supply. This is what's so powerful about our model. For example, in Q2, our highest supply growth was actually in high-demand destination. And second, our marketing and product initiatives have been really accelerating to support host recruitment, and they're working. So now let me go into a little more detail on what we've been doing to prepare for and support this travel recovery.

這背後有幾個原因。第一，需求正在帶動供給，這正是我們模式的強大之處。舉例來說，第二季我們供給成長最高的地區，實際上是在高需求目的地。第二，我們的行銷與產品計畫正在加速推動房東招募，而且確實奏效。接下來，我將更詳細說明我們為準備並支持這波旅遊復甦所做的工作。

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 4 themes: first, educating the world about hosting; second, recruiting more hosts; third, simplifying the guest journey; and finally, delivering world-class service. So let me just briefly give you an update on how we're executing on each of these 4 areas.

提醒各位，我們在 2021 年的唯一優先事項就是為旅遊反彈做準備。為此，我們一直在精進核心服務的端到端體驗，包含四大主題：第一，讓全世界了解房東；第二，招募更多房東；第三，簡化房客旅程；最後，提供世界級服務。接下來我將簡要更新我們在這四個領域的執行情況。

So first, educating the world about what makes Airbnb different, and that is hosting. In Q1, we launched our first large-scale marketing campaign in 5 years, Made Possible by Hosts, and we expanded this campaign in Q2. We're educating guests about the benefits of being hosted, and we're also inspiring more people to become hosts.

首先，向全世界說明 Airbnb 與眾不同之處，也就是「待客之道（hosting）」。在第一季，我們推出了 5 年來第一個大型行銷活動《Made Possible by Hosts》，並在第二季擴大推廣。我們正在讓房客了解被款待的好處，同時也激勵更多人加入成為房東。

Now we continue to be really encouraged by the result of this campaign in terms of traffic, first-time bookers, interest in hosting and brand favorability. Second, we are recruiting more hosts, and we are setting them up for success. On May 24, just a few months ago, we launched a completely redesigned host onboarding flow that makes it simpler for anyone to start hosting. This new flow has made it faster to become a host, which has helped drive our listings growth in Q2.

目前就流量、首次訂房者、成為房東的興趣以及品牌好感度而言，這項活動的成果持續讓我們深受鼓舞。第二，我們正在招募更多房東，並協助他們成功。就在幾個月前的 5 月 24 日，我們推出了全新改版的房東上線引導流程，讓任何人都能更簡單地開始當房東。這個新流程縮短了成為房東所需的時間，進而帶動我們第二季的房源成長。

Third, we are simplifying every part of the guest experience. On May 24, we expanded the tools for guests to offer more flexibility when they're searching for a place to stay. We announced flexible dates, flexible destinations and flexible matching. And all 3 of these features are to support the new ways that guests are looking to plan and book trips.

第三，我們正在簡化房客體驗的每一個環節。5 月 24 日，我們擴充了房客搜尋住宿時可用的工具，提供更高的彈性。我們宣布了彈性日期、彈性目的地與彈性配對。而這三項功能都是為了支援房客規劃與預訂旅程的新方式。

And finally, whenever our host or guests need us, we must deliver world-class service. So we recently launched a redesigned Help Center. We've more than tripled our supported languages, and we've updated our safety resources. And all of it is to ensure that we are supporting our guests and hosts whenever they need us.

最後，無論房東或房客何時需要我們，我們都必須提供世界級的服務。因此，我們最近推出了重新設計的說明中心（Help Center）。我們支援的語言數量已增加到原本的三倍以上，並更新了安全資源。所有這些都是為了確保在他們需要我們的任何時候，我們都能支援房客與房東。

So to summarize, travel is recovering and our Q2 results show that Airbnb's leading the way. For the past year, we've been preparing for this rebound. We've driven product innovation to support changes to the way people are traveling and living all over the world. And as a result, we've emerged from this crisis faster than others and as a stronger, more efficient company.

總結來說，旅遊正在復甦，而我們第二季的成果顯示 Airbnb 正引領潮流。過去一年，我們一直在為這波反彈做準備。我們推動產品創新，以因應全球人們旅行與生活方式的改變。因此，我們比其他公司更快走出這場危機，並成為一家更強大、更有效率的公司。

So with that, we look forward to answering your questions.

接下來，我們期待回答各位的問題。

(Operator Instructions) Your first question comes from the line of Mark Mahaney with Evercore ISI.

（接線員指示）第一個問題來自 Evercore ISI 的 Mark Mahaney。

Okay. You just talked about having this record day. I think you said last Saturday, and I think you're also maybe appropriately cautioning about third quarter trends and variance and Delta. So just kind of put those things together. Record day still sounds like things are good, but I'm sure there are some warnings out there. Can you be more specific about you're seeing that's causing you to be just a little more cautious about Q3 and the back half of the year?

好的。你剛剛提到有一個創紀錄的一天，我想你說的是上週六；同時你也（我覺得很恰當地）提醒大家第三季的趨勢、波動，以及 Delta 變異株的影響。把這些放在一起看，創紀錄的一天聽起來仍然代表情況不錯，但我確定也有一些警訊。你能否更具體說明一下，你們目前看到哪些情況，讓你們對第三季以及下半年變得稍微更謹慎？

Yes, Mark, thank you for the question. Before I hand it over to Dave, let me just say that, yes, we had a record night. There was more than 4 million guests staying with hosts all over the world. And we're really encouraged that this is the biggest night we've had since the pandemic began.

是的，Mark，謝謝你的提問。在我把問題交給 Dave 之前，我先說一下：是的，我們有一個創紀錄的夜晚。全球有超過 400 萬名房客入住房東的房源。我們非常受到鼓舞，因為這是自疫情開始以來我們規模最大的一個夜晚。

And the one other thing I'll just say is that we have an incredibly adaptable model. So however, travel changes, we'll be able to meet that demand. But Dave, why don't we talk about what we're seeing right now?

另外我還想補充的是，我們的商業模式具有極高的適應性。因此無論旅遊型態如何改變，我們都能滿足需求。不過 Dave，不如我們談談目前看到的情況？

A lot of the trends we're seeing in Q2 are consistent with some of the trends we saw in Q1 and Q4. People continue to be flexible. That's why we built all these flexible tools where because 40% of searchers are showing flexibility in either the data location and people are traveling to more destinations and people are staying longer.

我們在第二季看到的許多趨勢，與第一季和第四季看到的一些趨勢一致。人們仍然保持彈性。這也是為什麼我們打造了這些彈性工具，因為有 40% 的搜尋者在日期或地點上展現彈性；人們前往更多目的地，也停留更久。

And one of the elements is that we're seeing the trends of long-term stays, which we highlighted as a key strength in Q1, stays at 28 days or longer, remain being one of the largest and strongest growing parts of our business. So that was 19% of our nights booked in Q2, following being 24% in Q1, just as the mix of short-term stays kind of rebounded strongly in Q2.

其中一個面向是，我們看到長住趨勢——也就是我們在第一季強調的關鍵優勢：入住 28 天或更長的長期住宿——仍然是我們業務中規模最大、成長最強勁的部分之一。第二季長住占我們預訂晚數的 19%，第一季則是 24%；主要是因為第二季短住的組合占比強勁回升。

We've seen a strong increase in month-over-month performance across Q2. So April to May to June nights booked, all were strong leading in anticipation of the summer peak travel. Now in July, we've seen some of the pullback in demand, but it's likely due to summer peak and possibly partial to the Delta variant. But all of those lead to still being the Q3 revenue, the nights that people stay and the revenue that we recognize will be the strongest ever. And concurrently, our profit in Q3 will be the strongest ever.

我們在第二季各月的表現呈現強勁的月增。從 4 月到 5 月到 6 月，預訂晚數都很強勁，反映市場對夏季旅遊旺季的期待。到了 7 月，我們看到需求有些回落，但可能是因為夏季高峰期因素，也可能部分與 Delta 變異株有關。不過綜合來看，第三季的營收——也就是人們入住的晚數以及我們認列的營收——仍將創下歷史新高。同時，我們第三季的獲利也將是史上最強。

Your next question comes from the line of Stephen Ju with Credit Suisse.

下一個問題來自 Credit Suisse 的 Stephen Ju。

So Brian, as a follow-up to the product announcement that you had, I think this was late May when you hosted that session, and it seems like to me you're giving consumers broader recommendations. And if this is really successful, hopefully, it's something that they really didn't know that they even really wanted.

Brian，延續你先前的產品發布（我記得是在 5 月下旬你主持那場活動），我感覺你們正在給消費者更廣泛的推薦。如果這真的很成功，希望它會是那種「他們原本甚至不知道自己想要」的東西。

So I know it's probably really early, but anything you can share in terms of what their response has been? Are they delighted with what you're showing them? Or do you still think you have some tinkering that you need to do?

我知道現在可能還太早，但你能否分享一下他們的反應？他們對你們展示的內容感到驚喜、很滿意嗎？還是你仍覺得需要再做一些調整？

Yes, Stephen -- yes, Stephen, thanks. It's a great question. Let me like preface this by saying the following. There's been a major paradigm shift in how people search for travel on the Internet. Before the pandemic, the way search was on the Internet for travel was the vast, vast majority of people came to a website, a travel website, typically an OTA, and they would type in a location. They have a location in mind, and they go to date, and they check -- type a date to check-in, and a date to check-out.

是的，Stephen——是的，Stephen，謝謝。這是個很好的問題。我先做個前言。人們在網路上搜尋旅遊的方式，已經發生了重大的典範轉移。疫情之前，網路上的旅遊搜尋方式是：絕大多數的人會到一個旅遊網站（通常是 OTA），輸入一個地點。他們心中有一個目的地，接著選擇日期——輸入入住日期與退房日期。

So this is really fixed search. People know where they're going to go. With the pandemic, I think it's safe to say the world is never going back to the way it was, and that means travel isn't going back to the way it was. And the way travel is evolving is that people because they're able to work more remotely, they're more flexible.

這其實是一種非常固定的搜尋：人們知道自己要去哪裡。我認為可以很確定地說，疫情之後世界不會回到原本的樣子，也意味著旅遊不會回到原本的樣子。旅遊的演變方向是：因為人們能更遠端地工作，所以更有彈性。

And what we are seeing, Stephen, is that 40% of our guests have flexibility about where or when they travel. And to give you one example of one of the things we've done, flexible dates. We have a couple of flexible date features. We have a feature that you can tap, I'm flexible, and you can say I'm looking for a place for a weekend, a week or a month, sometime in the next few months. And what we have seen is with our flexible date feature, it's being used more than 500 million times. This is a feature that's been used 0.5 billion times since we launched this feature in the beginning of the year.

而我們看到的是，Stephen，我們有 40% 的房客在「去哪裡」或「何時出發」上具有彈性。舉一個例子：彈性日期。我們有幾個彈性日期功能，其中一個功能是你可以點選「我很彈性」，然後選擇你想找週末、一週或一個月的住宿，時間是在接下來幾個月的某個時段。我們看到彈性日期功能的使用次數已超過 5 億次。這個功能自今年年初推出以來，累計已被使用 5 億次。

We've also seen a very big uptick in the use of flexible destinations as well, where people -- if they're flexible about where they travel, we can recommend them to where to go. Now these features are really important. The reason they're really important isn't just because this is the paradigm shift and how people are searching for travel, but it's also important because this means that we can point demand to where we have supply. And this is a major, major shift for our business.

我們也看到彈性目的地的使用大幅提升；當人們對旅行地點有彈性時，我們可以推薦他們該去哪裡。這些功能非常重要。重要的原因不只是因為這反映了人們搜尋旅遊方式的典範轉移，也因為這代表我們可以把需求導向我們有供給的地方。這對我們的業務而言是一個非常、非常重大的轉變。

And so we are going to continue to tweak the products. When you have hundreds of millions of data points on a feature, you learn, and we're continually innovating. But I will also just say that this is just the very beginning because our team is not going to rest on their laurels. We are working really, really hard to continue to offer more flexibility to guests and continue to be able to inspire them and point them to where we have available supply.

因此我們會持續微調產品。當一個功能累積了數億個資料點，你就能學到很多，而我們也會持續創新。不過我也想說，這只是剛開始，因為我們的團隊不會自滿。我們正非常努力地持續為房客提供更多彈性，並持續激發他們的靈感，把他們導向我們有可用供給的地方。

Next question comes from the line of Jed Kelly with Oppenheimer.

下一個問題來自 Oppenheimer 的 Jed Kelly。

Great. Just on the work-from-anywhere trends you were just mentioning, Brian, can you survive anything you're seeing in sort of the shoulder season that kind of gives you confidence? Are you seeing any improvement there? And then on the yield management capabilities, you're providing the host of the new tools, any of that providing the ADR uplift?

很好。Brian，關於你剛提到的「隨處工作（work-from-anywhere）」趨勢，你能否分享一下你們在所謂的淡旺季交界（shoulder season）看到的情況，是否有任何讓你更有信心的跡象？那邊有看到改善嗎？另外關於收益管理（yield management）能力，你們為房東提供的新工具，是否有任何一部分正在帶動 ADR（平均每日房價）的提升？

Yes, Dave, actually, you want to take these questions?

是的，Dave，其實你想回答這些問題嗎？

Sure. Maybe I'll start with the yield management. The majority of the ADR uplift that we're seeing is being driven by mix. It continues to be mix. The strength of our rebound has been in North America and Europe. Those have higher ADRs. It's been in nonurban, which is higher ADR than urban and in larger kind of whole home, larger homes. So the majority of the ADR has been driven by that.

當然。也許我先從收益管理談起。我們看到的 ADR 提升大多是由組合（mix）所驅動。仍然是組合。我們反彈最強勁的地區在北美和歐洲。那些地區的 ADR 較高。也發生在非都會區，非都會區的 ADR 高於都會區，並且是在較大型、整棟房源、較大的房屋類型。因此，ADR 的大部分是由此所驅動。

To a lesser extent, a newer trend that we saw in Q2 was the impact of some pricing pressure in peak markets that are highly constrained for the summer, but that was still assuming the minority relative to the overall mix. So ADR is not really being driven by features.

在較小程度上，我們在第二季看到一個較新的趨勢：在夏季供給高度受限的熱門市場，出現了一些定價壓力的影響，但相對於整體組合而言仍屬少數。因此，ADR 並不是主要由功能（features）所驅動。

Over time, our ADR on a revenue to gross booking value adjusted basis where you line them up at the same time of booking has been very consistent. Over time, I think there are opportunities for us to increase our monetization through new opportunities, whether that be test travel insurance, maybe promoted listings or other things that we could do, but we don't see those as perishable opportunities as your kind of evergreen opportunities.

長期來看，以「收入對總預訂金額（gross booking value）」調整後、並在相同預訂時間點對齊的基礎來看，我們的 ADR 一直非常一致。隨著時間推進，我認為我們有機會透過新的方式提升變現能力，例如測試旅遊保險、也許是推廣房源（promoted listings）或其他我們可以做的事情，但我們不把這些視為像你所說那種會消逝的機會，而是更偏向長青（evergreen）的機會。

And instead, what we're focusing on right now, as Brian has talked about, is the travel rebound and making sure that we are addressing the needs of travelers today. And their needs today are the additional flexibility that they have in where and when they travel. So 40% of our searches in Q2 actually had flexible dates or flexible destinations, which is why we built those tools and capabilities and seeing that strength.

相反地，我們目前聚焦的是如 Brian 所談到的旅遊復甦，並確保我們正在滿足旅客當下的需求。而他們今天的需求，是在旅行的地點與時間上擁有更高的彈性。因此，我們在第二季有 40% 的搜尋其實包含彈性日期或彈性目的地，這也是我們打造這些工具與能力並看到其強勁表現的原因。

And so in terms of the work-from-anywhere trends, I think that we're seeing people are continuing to find Airbnb is the best place for them to be able to both live and work. And one of the things that we launched in Q2 is directly in response to people's demand there. It sounds small, but I think it's a really unique item, which is it allows hosts to measure the speed of their WiFi and then actually post it on their listing. And that's because guests were wanting to know how easy will it be for me to -- how good is the WiFi here? Can I work from this location? So I think that's kind of a unique small element that can just show us how we're innovating in order to kind of support these broader travel trends.

至於「隨處工作（work-from-anywhere）」的趨勢，我認為我們看到人們持續覺得 Airbnb 是他們能同時生活與工作的最佳選擇。我們在第二季推出的一項功能，就是直接回應人們的需求。聽起來很小，但我認為非常獨特：它讓房東可以測量自家 WiFi 的速度，並實際把它張貼在房源頁面上。因為房客想知道：我在這裡上網有多方便——這裡的 WiFi 有多好？我能不能在這個地點工作？所以我認為這是一個獨特的小元素，能展現我們如何透過創新來支持這些更廣泛的旅遊趨勢。

So what we do know is just that people are incrementally more flexible. If we can a take 1-hour Zoom call on a Thursday, you're likely to be able to do a longer weekend with the family than maybe historically you've been kind of struck in the office to kind of go do. And so we believe that all of these kind of trends will just continue to accrete to Airbnb and be tailwinds to our business going forward.

所以我們確實知道的是，人們正在逐步變得更有彈性。如果你能在週四安排一小時的 Zoom 會議，你就更可能和家人來一趟更長的週末行程，而不是像過去那樣被困在辦公室裡。因此，我們相信這些趨勢都會持續累積到 Airbnb 上，並在未來成為推動我們業務的順風。

And I'll just add one more really interesting fact. Not long ago, we did a contest online, on social, a contest that allowed people to apply to be able to live on Airbnb. And to be able to be part of this contest, you have to fill out an application and it takes a while to fill out. We got 315,000 applications for people wanting to live on Airbnb, 315,000. And I think what this says is that travel is never going to be the same again because it's completely opened up now.

我再補充一個非常有趣的事實。不久前，我們在網路與社群上辦了一個比賽，讓人們可以申請「住在 Airbnb 上」。要參加這個比賽，你必須填寫申請表，而且填起來需要一些時間。我們收到了 315,000 份申請，想要住在 Airbnb 上的人有 315,000 位。我認為這代表旅遊再也不會回到從前，因為它現在已經被徹底打開了。

When we started Airbnb, like stays of longer than a month really wasn't a major part of our business. It really wasn't a major use case for us to be able to serve. But flexibility is now a permanent part of travel. It's just a permanent part now because it's all we have to believe is that Zoom is here to stay. And if we believe that Zoom is here to stay, we believe that flexibility in remote living is here to stay. And therefore, it's pretty obvious that what would happen is that we are going to continue to see more and more longer-term stays. And I think this is going to help us smooth out our seasonality over the coming years to come.

當我們創立 Airbnb 時，入住超過一個月其實並不是我們業務的重要部分，也不是我們主要服務的使用情境。但彈性如今已成為旅遊的永久組成部分。它現在就是永久的一部分，因為我們相信 Zoom 會長期存在。而如果我們相信 Zoom 會長期存在，我們就相信遠距生活的彈性也會長期存在。因此，很明顯接下來會發生的是：我們將持續看到越來越多的長期住宿。我認為這將在未來幾年幫助我們平滑季節性波動。

Next question comes from the line of Naved Khan with Truist Securities.

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

So you guys mentioned some slowdown in the nights booked in the third quarter. Just wanted to get some color on how that looks like. Maybe can you talk about July and how it compared to the second quarter? And how does this look across different regions? Is it more pronounced in the U.S. versus Europe? Or are they about the same?

你們提到第三季的預訂晚數（nights booked）有些放緩。我想更了解一下具體情況。能否談談 7 月的表現以及與第二季相比如何？另外在不同地區的情況如何？在美國是否比歐洲更明顯？還是差不多？

Dave, do you want to take this one?

Dave，你要回答這題嗎？

Sure. I mean, again, what we saw in Q2 is very strong bookings growth in advance of the third quarter kind of pre-travel season. We saw this kind of in the depths of COVID in 2020 as well. People are wanting to travel. They want to get out of their homes, and they especially want to do that in the summer. And so we saw a lot of peak travel demand coming in Q2. So as we exit Q2 and come into Q3, we have a combination of fewer bookings for the fall, just given the nature of some of the seasonality and any kind of impact potentially on COVID concerns going into early Q3.

當然。我的意思是，再次強調，我們在第二季看到的是在第三季、也就是旅遊旺季前的非常強勁的提前預訂成長。我們在 2020 年 COVID 最嚴重的時期也看到過這種情況。人們想旅行。他們想離開家，尤其想在夏天這麼做。因此我們在第二季看到了大量的旺季旅遊需求湧入。所以當我們走出第二季進入第三季時，我們同時面臨：秋季的預訂較少（這與季節性本質有關），以及在第三季初期可能受到 COVID 疑慮影響的因素。

So we're not seeing a substantial deceleration. Always identified in the outlook is that our nights and experiences booked in Q3 will be lower than in Q2, given just the extreme strength that we saw in the business in Q2, but we continue to be very bullish on the business. As I said, the revenue that we're going to have in Q3 will be the highest ever, while the profits are going to be the highest ever. And so the business remains very strong.

因此我們並沒有看到顯著的減速。我們在展望中一向指出：由於第二季業務表現極為強勁，第三季的「預訂晚數與體驗（nights and experiences booked）」將低於第二季，但我們對業務仍然非常樂觀。如我所說，我們第三季的營收將創下歷史新高，而利潤也將創下歷史新高。因此業務依然非常強勁。

And what we've seen is that people want to travel, and they are really resilient in finding ways to travel. One of the benefits that we see with Airbnb is that you don't actually have to hop on a plane always or cross a border in order to travel with Airbnb. The big part of our strength has been in nights with less than 300 miles, that continues to be one of the strongest parts of our business.

我們看到的是，人們想旅行，而且他們在尋找旅行方式方面非常有韌性。我們在 Airbnb 看到的一個好處是：你不一定總要搭飛機或跨境，才能透過 Airbnb 旅行。我們強勁表現的一大部分來自於 300 英里以內的住宿晚數，這仍然是我們業務中最強的部分之一。

And then in Q2, we saw strengthening where the faster parts are growing was growing of 300 miles longer, and we saw an increase of urban nights booked. And so some of those trends have continue -- started to pick up to more kind of historic levels. So I'm very bullish on the long-term view of our business overall.

另外在第二季，我們看到成長較快的部分在增強：300 英里以上的長距離成長加速，同時都會地區的預訂晚數也增加。因此其中一些趨勢已經開始回升到更接近歷史常態的水準。所以我對我們整體業務的長期前景非常樂觀。

Got it. And maybe just a clarification on this, maybe slowdown with the Delta variant COVID spreading, is this possible that with people getting more cautious and maybe having or wanting to optionality to maybe cancel even last minute. Could that be delivering some demand away to maybe more like traditional hotel types where you could cancel like literally the day before or something like that?

了解。再確認一下，隨著 Delta 變異株 COVID 擴散而出現的放緩，是否可能是因為人們變得更謹慎，並且希望保有選擇權、甚至在最後一刻取消？這會不會把部分需求轉移到更傳統的飯店類型，因為那種通常可以在前一天之類的時間點取消？

Again, we feel like the ability for Airbnb to provide the kinds of stays and experiences that people desire all around the world, it remains incredibly strong. We've been the best way for people to kind of travel and live through Airbnb throughout the pandemic. And I think that the tailwinds that we've talked about, the tailwinds of flexibility, the tailwinds of people staying longer, the tailwinds of even how people are traveling for business in the future are always that they will travel more likely with Airbnb for the longer term. These travel trends are directly supporting the strength of Airbnb's business.

再次強調，我們認為 Airbnb 在全球提供人們所渴望的各類住宿與體驗的能力仍然非常強。我們一直是人們在疫情期間透過 Airbnb 旅行與生活的最佳方式。我認為我們談到的順風因素——彈性的順風、停留更久的順風、以及未來人們如何因公出行的順風——都意味著從長期來看，他們更可能透過 Airbnb 旅行。這些旅遊趨勢正直接支撐 Airbnb 業務的強勁表現。

Your next question comes from the line of Brian Fitzgerald with Wells Fargo.

下一個問題來自 Wells Fargo 的 Brian Fitzgerald。

We want to ask about the growth you're seeing in Hosts, maybe particularly -- in particular high-demand locations. Any way to characterize the new Hosts who are coming online, maybe the level of professionalism -- professionalization, maybe is a better word -- versus the rest of your base? And how much of their calendar they're making available to you?

我們想問你們在房東（Hosts）方面看到的成長，特別是——尤其是在高需求地點。能否描述一下新上線的房東類型？例如專業化程度——也許用「專業化」這個詞更貼切——相較於你們其他房東基礎如何？以及他們把多少行事曆（calendar）開放給你們？

Are these pros or are these people who are looking at doing this seasonally or opportunistically? Just trying to get a feel for that.

這些是專業房東，還是只是季節性或機會性想做的人？只是想了解一下。

Thank you, Brian, for the question. Dave, before I hand over to you, let me just kind of recap a couple of high-level things about our host community. Number one, we have more than 4 million Hosts. 90% of them are individuals, and most of them couldn't have hosted, if not for the tools we provide.

謝謝你，Brian，這個問題。Dave，在我交給你之前，我先簡要回顧幾點關於我們房東社群的高層次資訊。第一，我們有超過 400 萬名房東。其中 90% 是個人，而他們大多數若沒有我們提供的工具，是無法成為房東的。

And what we saw in Q2 was that we had the fastest listing growth where we had demand. And the reason why is because we have individual hosts, as they get booked, word of mouth typically increases and they often tell their friends. But the other thing that we've often seen is that as more guests become flexible, we're able to point demand where you have supply.

我們在第二季看到的是：在有需求的地方，我們的房源上架成長速度最快。原因在於我們的房東多為個人房東；當他們開始被預訂後，口碑通常會擴散，且他們常會告訴朋友。但我們也經常看到的另一點是，隨著更多房客變得更有彈性，我們就能把需求導向你有供給的地方。

Now specific to your question about the nature of the host that we did add in Q2 and whether they were individuals or professionals, Dave, do you want to take that?

現在，針對你關於第二季我們新增房東的性質、以及他們是個人還是專業房東的問題，Dave，你要回答嗎？

Yes, we continue to see 90% of our Hosts are individual Hosts, and that remains to be the case. So as we continue to add new individuals, and this is where we focus on, we focus our tools and capabilities to uniquely enable individual Hosts to be successful in hosting Airbnb. And when they come on Airbnb, the vast majority of their listings are unique to Airbnb, and that has remained the case in Q2 where the vast majority of our new Hosts coming on are also individuals.

好的。我們仍然看到 90% 的房東是個人房東，而且情況依舊如此。因此，當我們持續新增個人房東——這也是我們的重點——我們會把工具與能力聚焦在獨特地協助個人房東在 Airbnb 上成功經營。當他們加入 Airbnb 時，他們的房源絕大多數是 Airbnb 獨有的；第二季也同樣如此，我們新增的房東絕大多數也都是個人房東。

That's our focus, but -- so we're going to build the tools and capabilities, and those are the results that we're continuing to see.

這就是我們的重點，所以——我們會打造這些工具與能力，而這些也是我們持續看到的成果。

Your next question comes from the line of Colin Sebastian with Baird.

下一個問題來自 Baird 的 Colin Sebastian。

Great. And nice to see the progress on listings growth. But first off, just in terms of the trend in ADRs and the commentary in the letter, is that something -- is the moderation there? Is that something you're already seeing in terms of bookings? Or is this more of a seasonal trend you expect to happen as summer holidays give way to a different profile of travel?

很好。也很高興看到房源成長的進展。不過首先，就 ADR（平均每日房價）的趨勢以及信函中的評論而言，那個——所謂的放緩，是你們已經在預訂上看到的現象嗎？還是這更像是你們預期會發生的季節性趨勢，因為暑期假期過後，旅行型態會轉為不同的輪廓？

And then, secondly, on the EBITDA margins, should we think about the sustainability of those in context of a step function higher from this point? Or are there other investments in the quarters a year ahead that will moderate some of that near-term leverage we're seeing?

第二個問題，關於 EBITDA 利潤率：我們應該把它視為從現在起進入一個更高台階、且具可持續性嗎？還是未來一年內的其他投資，會讓我們目前看到的短期槓桿效益有所降溫？

Dave, do you want to take one of these?

Dave，你要回答其中一題嗎？

Sure. On the trend in ADR, again, the vast majority of the ADR has been driven by mix. And so as other parts of the mix towards urban and maybe towards Latin America and Asia changes and reverts to more historic levels, we will see ADRs moderate, but that will be purely as part of mix and as the other parts of the business come back and they have that lower overall kind of ADR rates.

當然。關於 ADR 的趨勢，再次強調，ADR 的絕大部分變動是由組合（mix）驅動的。因此，當組合中其他部分（例如更偏向都會、或拉丁美洲與亞洲）發生變化並回到較歷史性的水準時，我們會看到 ADR 放緩，但那純粹是組合因素；因為業務的其他部分回來後，其整體 ADR 水準相對較低。

So the strength of North America and Europe, we believe to continue to remain strong. And then as other parts of the business come back then the mix comes out and the ADRs moderate. So that's all we're kind of indicating.

所以北美與歐洲的強勁表現，我們相信會持續維持強勢。而當業務的其他部分回來後，組合就會改變，ADR 也會放緩。這就是我們想表達的。

And in terms of the EBITDA margins, I think we're all -- we're proud of the progress we're making in EBITDA and that accelerating towards our long term. We've stated that we could achieve 30% or more EBITDA margins over time. Clearly, we've accelerated our way there. I think that a piece of that is clearly the improvements we've done on fixed costs, marketing costs, improvements in our variable costs.

至於 EBITDA 利潤率，我想我們都——我們為 EBITDA 的進展感到自豪，並且正加速朝向我們的長期目標。我們曾表示，隨著時間推進，我們可以達到 30% 或更高的 EBITDA 利潤率。顯然，我們已加速達成。我認為其中一部分，明顯來自我們在固定成本、行銷成本，以及可變成本改善上的提升。

We also see some benefits on the higher ADR rates as well. And so over time, we will see some variation in our EBITDA margins kind of over time, but I think what we've demonstrated is the capability to dramatically expand those margins. And I think it just proves the point that we've kind of talked about more verbally, which is we can achieve this 30% margin or more. And now we're actually showing how we can do that.

我們也看到較高 ADR 水準帶來的一些好處。因此，隨著時間推進，我們的 EBITDA 利潤率可能會有一些波動，但我認為我們已經展示出大幅擴張利潤率的能力。我想這也印證了我們先前口頭談到的一點：我們可以達到 30% 或更高的利潤率，而現在我們實際上正在展示我們如何做到。

And I think the one thing I'll just add on -- the one thing I'd just add on, the efficiency of our business. And we've said this in the letter. I also mentioned this in the opening comments. But COVID was a crucible moment for the company. And in that moment, this company, we've gotten significantly more disciplined and much more efficient. And I think that we've all seen the incredible benefits and focus because we've put our very best people on the most important problems in the company.

我想我再補充一點——就是我們業務的效率。我們在信函中也提到，我在開場評論也說過：COVID 對公司而言是一個淬鍊時刻。在那個時刻，我們變得更有紀律、也更有效率。我想大家都看到了這種聚焦帶來的巨大效益，因為我們把最優秀的人才放在公司最重要的問題上。

And because what we've seen does not only have margins improved but actually, we're able to move much more quickly. We can pivot, and I think this explains why we were able to announce and launch more than 100 upgrades on the heels of our IPO in time for the travel season. And so I think that you're going to see a continued acceleration of product innovation because of our discipline and because of our focus.

而且我們看到的不只是利潤率改善；實際上，我們能更快速地行動、能夠轉向。我想這也解釋了為什麼我們能在 IPO 之後緊接著宣布並推出超過 100 項升級，並趕在旅遊旺季前上線。因此，我認為你們將會看到，因為我們的紀律與聚焦，產品創新會持續加速。

These are lessons that we will never ever forget. These are lessons that will leave indelible marks for this company.

這些教訓我們永遠不會忘記。這些教訓將在公司留下不可磨滅的印記。

And your next question comes from the line of Justin Patterson with KeyBanc Capital Markets.

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

Great. With flexible dates rolling out, how has the booking window changed? Are there more instances of last minute stays coming into play? And then the second question, you provided a lot more value to Hosts this year. Conceptually, how are you thinking about factors behind when the right time it is to increase take rate?

很好。隨著彈性日期功能推出，預訂提前期（booking window）有什麼變化？是否有更多臨時入住的情況出現？第二個問題，你們今年為房東提供了更多價值。從概念上來說，你們如何看待在什麼時點提高抽成率（take rate）才是合適的？

Thank you for the question. So why don't -- Justin, why don't, Dave, I take the second question around take rate for Hosts, and then you can take the first question about flexible dates and how that has affected the booking window.

謝謝你的問題。那我們——Justin，不如這樣：Dave，我來回答第二個關於房東抽成率的問題，然後你來回答第一個關於彈性日期以及它如何影響預訂提前期的問題。

So with regards to factors to be able to increase take rate, as -- and I'll kind of say what Dave said before, we think there's -- one -- our guiding principle is that we want to make sure that every single year, we are providing incrementally more value to hosts than we're charging them because the name of the game is to make sure that our really strong business model continues to grow, and that means that hosts feel like they have the very best opportunity to host on Airbnb. We want them to always feel like we're giving them more value than we're taking away -- so taking. So that's number one.

關於提高抽成率的因素——我也會呼應 Dave 先前說的——我們的指導原則之一是：我們要確保每一年我們提供給房東的增量價值，都要高於我們向他們收取的費用，因為關鍵在於確保我們非常強的商業模式能持續成長，而這意味著房東要覺得在 Airbnb 上經營有最好的機會。我們希望他們永遠覺得我們給的價值多於我們拿走的——也就是收取的。這是第一點。

Number two, I do think there's a lot of opportunities for us to be able to increase take rate. And if we do that, I think the way we would think about that is by charging for some incremental services that we can provide for hosts. And the more that hosts really rely on Airbnb to be able to continue to grow their business, the more we think they're going to be willing to be able to buy or participate in new services and offerings. But the way we think about this is a nonperishable opportunity.

第二點，我確實認為我們有很多提高抽成率的機會。如果要這麼做，我想我們會透過對房東提供的一些增量服務來收費。房東越依賴 Airbnb 來持續成長其業務，我們就越認為他們會願意購買或參與新的服務與方案。但我們看待這件事的方式是：這是一個不會消失的機會（nonperishable opportunity）。

So as Dave said, we have a number of years in front of us where we can continue to look at offering new services. But what we have focused on this year is this unprecedented travel rebound that's upon us. And so we've worked really, really hard to simplify the guest experience to introduce more flexibility for guests to make it much easier for hosts to come on the platform so that we get thousands and thousands more hosts in time for the travel season.

因此，如同 Dave 所說，我們未來還有好幾年可以持續推出新服務。但我們今年的重點，是眼前這波前所未有的旅遊反彈。因此我們非常、非常努力地簡化房客體驗、為房客引入更多彈性，並讓房東更容易加入平台，讓我們能在旅遊旺季前及時增加成千上萬名房東。

So with that, I don't know if, Dave, you want to talk about the booking window for flexible dates.

所以，關於這點，我不知道 Dave 你是否想談談彈性日期的預訂提前期。

Yes. What we saw in Q2 is actually a fairly stable booking new window in line with our Q2 of 2019. It was actually a little bit shorter booking window than Q1 of this year, but that's largely been due to seasonality.

好的。我們在第二季看到的是：預訂提前期其實相當穩定，與 2019 年第二季一致。它確實比今年第一季略短一些，但主要是季節性因素所致。

So yes, you're right, that during COVID, we've seen variations in booking windows where last year in COVID, the booking windows would shorten when people felt more only would book when they felt more confident in staying. But it's interesting, in Q2, the booking window has been consistent with more historic levels.

所以是的，你說得對，在 COVID 期間，我們看到預訂提前期出現波動；去年在 COVID 期間，當人們只有在更有信心入住時才會預訂，預訂提前期就會縮短。但有趣的是，在第二季，預訂提前期已與較歷史性的水準一致。

And your next question comes from the line of Justin Post with BofA.

下一個問題來自 BofA 的 Justin Post。

A couple of questions. You mentioned a lot of positive trends for the company. I wonder if you have any thoughts on the market opportunity or the TAM for alternative accommodations versus hotel nights, is that changing? And do you think alternative accommodations is growing? Maybe any thoughts also on your opportunity within hotel bookings.

我有幾個問題。你們提到公司有很多正向趨勢。我想知道你們對市場機會或 TAM（總可服務市場）——也就是替代型住宿相對於飯店住宿夜數——是否正在改變，有沒有任何看法？你們是否認為替代型住宿正在成長？也想聽聽你們對於在飯店預訂領域中的機會有何想法。

And then second, I'll take a swing at this. Any updates on actual supply metrics like Hosts or active listings? Or is that something we'll get once a year?

第二個問題，我也試著問一下：像房東數或活躍房源等實際供給指標，有沒有任何更新？還是這類資訊一年只會提供一次？

Dave?

Dave？

Sure. On the latter, on supply metrics, I think we've highlighted what's really important. Remember that we do not need to grow supply one-to-one for revenue growth. And why is that? It's because we have millions of listings all around the world. And what we need to do is have the right listing for the right guest at the right time. And as people continue to get more flexible on when and where they travel as we get better focusing those hosts on the flexible locations and dates that they have in mind, we're going to get better at utilizing the supply we have all around the world.

當然。關於後者、也就是供給指標方面，我認為我們已經強調了真正重要的事情。請記住，我們不需要讓供給與營收成長一比一同步成長。為什麼呢？因為我們在全球各地有數百萬個房源。我們需要做的是，在對的時間，為對的房客匹配到對的房源。隨著人們在何時、何地旅行變得更有彈性，而我們也更擅長把房東聚焦在他們心中那些彈性的地點與日期上，我們將能更有效地運用遍布全球的既有供給。

But what we have highlighted is that when there is great demand in specific areas, and that was in North America and Europe nonurban, we are very effective at growing at supply, and that's what we saw in Q2. We had some of the strongest growth of our supply specifically in the areas of our strongest areas of demand. And we do that both organically and then inorganically through all the actions that Brian talked about, about making inspiring hosts and what the benefits are being of hosted or being a host, talking to them about how they can make it easier for them to host and then having existing Hosts help new Hosts be successful. So those are all the ways that we'll be driving it.

但我們也強調過，當特定地區出現強勁需求時——例如北美與歐洲的非都會區——我們在擴增供給方面非常有效率，這也是我們在第二季看到的情況。我們的供給在需求最強的區域出現了最強勁的一些成長。我們透過自然成長，以及透過 Brian 提到的各項行動來推動非自然成長，包括打造「令人嚮往的房東」、說明成為房東或提供接待的好處、與他們溝通如何讓接待更容易，並讓既有房東協助新房東取得成功。以上這些都是我們將用來推動供給的方式。

So I think we will be talking about listing infrequently as it is helpful to guide the overall direction of the business, but not as a routine measure because it's not the primary driver of revenue growth. In terms of TAM for alternatives versus hotels, if you really think about Airbnb, it's -- we're not just a travel company. We're -- if it's all about travel and living. And really, any kind of stay, any kind of accommodation, really short of kind of a full year lease can be accommodated in Airbnb. And that's what we're seeing with the fact that we're seeing such strong growth in stays of 28 days or longer. And that, that was 19% of nights in Q2.

因此，我認為我們會在有助於引導整體業務方向時談到房源數，但不會把它當作例行性的衡量指標，因為它並非營收成長的主要驅動因素。至於替代住宿相對於飯店的 TAM（總可服務市場），如果你真正思考 Airbnb——我們不只是旅遊公司。我們——如果說一切都關於旅行與生活。實際上，任何類型的停留、任何類型的住宿，只要不是那種整年租約，幾乎都可以在 Airbnb 上被滿足。這也反映在我們看到 28 天或更長住宿的強勁成長。而在第二季，這類住宿占了 19% 的晚數。

And we highlighted in the letter the fact that even the nights of 7 days or longer were 50% of our nights. And so that is not hotels. Hotels average much lower, maybe 1 to 2 nights on average. We're going to be 4-plus, and 50% of our nights were of 7 days or longer. So clearly, during this time period, we have taken share from traditional accommodations.

而且我們在信中也強調，7 天或更長的晚數占了我們總晚數的 50%。而那不是飯店的型態。飯店平均停留時間要低得多，可能平均 1 到 2 晚。我們會是 4 晚以上，而我們有 50% 的晚數是 7 天或更長。因此很明顯，在這段期間，我們從傳統住宿中取得了市占。

And I think that a lot of these changes that we've talked about on the call today, the increased flexibility of how people are traveling and living, I think that just actually increases the overall TAM of what Airbnb is able to address because if you're going to be staying longer, if you're going to have more flexibility, you're much more likely to want to stay in a hosted Airbnb with the amenities that you have in Airbnb versus being in a hotel room.

我認為我們今天在電話會議中談到的許多變化——人們旅行與生活方式的彈性提升——其實會擴大 Airbnb 能夠涵蓋的整體 TAM。因為如果你停留更久、彈性更高，你就更可能想住在具備 Airbnb 各種設施與配備的「有人接待」房源，而不是住在飯店房間。

Yes, and I'll just kind of just add to that just a little bit. In addition to long-term stays, which is essentially an entirely new category that is not even really traveling, it's living, which has, I think, been significantly expanded by COVID, you have a number of other dynamics happening.

是的，我再補充一點。除了長期住宿之外——那基本上是一個全新的類別，甚至不太算旅行，而是生活——我認為 COVID 讓這個類別顯著擴大；同時還有其他一些動態正在發生。

People are traveling to many more locations. And oftentimes, people are now traveling to places that don't even have hotels. So that would explain some expansion of TAM there. There's also a general shift from business travel to leisure travel because we think that as fewer people travel for business in their home, they're going to have a greater desire to travel for leisure. And Airbnb obviously is a disproportionately offering new to travel.

人們前往更多不同的地點旅行。而且很多時候，人們現在去的地方甚至沒有飯店。這就能解釋 TAM 在那方面的一些擴張。另外，整體上也出現從商務旅行轉向休閒旅行的趨勢，因為我們認為，當更少人因公出差時，他們會更渴望為了休閒而旅行。而 Airbnb 顯然在「新型旅行」的供給上占比更高。

And again, over the course of the pandemic, many people, millions of people, in fact, have tried Airbnb for the first time. And the most important thing about growth for Airbnb is you just got to try it because our retention is really strong.

而且同樣地，在疫情期間，許多人——事實上是數百萬人——第一次嘗試 Airbnb。對 Airbnb 而言，成長最重要的一點是：你只要試過一次就好，因為我們的留存率非常強。

And I think what this says is that Airbnb is no longer an alternative way to travel. I think the term alternative accommodations might be a dated term because maybe it was appropriate 10 years ago. 10 years ago, the TAM was significantly smaller. If you see what it is today, just imagine what it could be 10 years from now. And that's what we're focused on is continually increasing the market by continually adding more categories of travel we can offer and making sure that more people know about this, the new way of traveling.

我認為這代表 Airbnb 不再只是另一種替代性的旅行方式。我覺得「替代住宿」這個詞可能已經有點過時，因為也許 10 年前它還合適。10 年前，TAM 明顯更小。如果你看看今天的規模，再想像 10 年後可能會是什麼樣子。我們專注的就是持續擴大市場：不斷新增我們能提供的更多旅行類別，並確保更多人知道這種新的旅行方式。

Your next question comes from the line of James Lee with Mizuho.

你的下一個問題來自 Mizuho 的 James Lee。

On the Hosts acquisition side, obviously, you guys did a lot of upgrades there and did a great job ramping up listings in the quarter. And just curious, what other areas of Hosts acquisition are you looking to improve kind of going forward?

在房東獲取方面，很明顯你們做了很多升級，也在本季把房源數拉升得很出色。我想請教，未來你們還打算在哪些房東獲取的面向持續改善？

And also secondly, in APAC, where you are more dependent on cross-border travel, how are you making any adjustments there to shift your demand to these domestic states?

另外第二點，在亞太地區（APAC），你們更依賴跨境旅行，你們是否有做任何調整，把需求轉向這些國內住宿？

James, I'll answer the first question, and Dave can answer the second question about APAC. So with regards to host acquisition, there's a number of things we've done. One of the things you mentioned is making it easier to host. And so what we've done, as I said, is we've reduced the number of steps to 10 really simple steps to become a host. And this means that now the amount of time it takes to be able to list on Airbnb is reduced in half.

James，我先回答第一個問題，Dave 可以回答第二個關於亞太的問題。關於房東獲取，我們做了很多事情。你提到的一點是讓接待變得更容易。我之前說過，我們把成為房東的步驟減少到 10 個非常簡單的步驟。這代表現在在 Airbnb 上完成上架所需的時間縮短了一半。

Now this is a really, really big deal because the thing we know is that the easier you make a conversion funnel, the more people get through the funnel. And we're talking about very small optimizations could yield thousands and thousands of new hosts. But in addition to that, we've also been increasing the top of funnel. We've been doing a brand marketing campaign. The company -- our Made Possible by Hosts campaign, to target and recruit more Hosts and what we've seen in the 5 countries where we've run this campaign, traffic to the Hosts -- to become a host page has more than doubled. And so this has worked really, really well.

這是一件非常、非常重要的事，因為我們知道：你把轉換漏斗做得越容易，就會有越多人通過漏斗。我們談的是非常小的優化，就可能帶來成千上萬名新房東。除此之外，我們也在擴大漏斗頂端。我們進行了品牌行銷活動——我們的「Made Possible by Hosts」活動——用來鎖定並招募更多房東。我們看到在執行該活動的 5 個國家中，前往「成為房東」頁面的流量增加了一倍以上。因此這個活動效果非常、非常好。

And finally, one of the things that Dave mentioned is, number one, we got to make sure we get a host in the funnel. Number two, we have to reduce the number of steps. But three, we want to make sure that we provide help if anyone has any questions about hosting.

最後，Dave 提到的一點是：第一，我們必須確保把房東帶進漏斗；第二，我們要減少步驟；第三，我們希望確保如果有人對接待有任何問題，我們都能提供協助。

And so we've created is a host ambassador program. We have many of our Superhosts who now are able to provide assistance to a new host. So when they go through the funnel, they go through the conversion flow to become a host. If they have a question, we say, "Hey, would you like to talk to a Superhost?"

因此我們建立了房東大使計畫。我們有許多超讚房東（Superhosts）現在可以為新房東提供協助。當新房東走漏斗、走轉換流程成為房東時，如果他們有問題，我們會說：「嘿，你想和一位超讚房東聊聊嗎？」

And so we find that one of the strongest factors we've seen, our Hosts recruiting other Hosts. And this is in addition to the fact that the bigger we grow and the bigger our guest base, the more that we get host because many of our guests also become host. In fact, the #1 source of new host are prior guests. Over 30% of our Hosts were guests, and that number is continually increasing.

因此我們發現，我們看到的最強因素之一，是房東招募其他房東。除此之外，我們規模越大、房客基礎越大，就會有越多人成為房東，因為許多房客也會成為房東。事實上，新房東的第一大來源是過去的房客。超過 30% 的房東曾經是房客，而且這個比例還在持續上升。

So these are some of the things we're doing to continue to increase the number of Hosts around the world. And obviously, we're going to continue to do a lot more in the coming years ahead. Dave?

以上是我們為了持續增加全球房東數量所做的一些事情。當然，未來幾年我們也會持續做更多。Dave？

Yes. In regards to APAC, I mean it's amazing how resilient the domestic business has been all around the world. So we're actually seeing have seen strength in domestic business in all regions. I think the issue has been in Asia and Latin America have typically been more reliant on outbound and international travel to come back. And so -- but the domestic business is within those countries has actually been quite strong. So we're very happy with the performance of domestic. We just need more borders to open for those businesses to return to kind of pre-pandemic levels.

是的。關於亞太地區，我的意思是，全球各地的國內業務展現出驚人的韌性。所以我們其實在所有區域都看到、也一直看到國內業務的強勁表現。我認為問題在於，亞洲與拉丁美洲過去通常更依賴出境與國際旅行的回升。因此——不過這些國家內部的國內業務其實相當強勁。我們對國內業務的表現非常滿意。我們只是需要更多邊境開放，讓這些業務回到接近疫情前的水準。

And your next question will come from the line of Brent Thill with Jefferies.

你的下一個問題將來自 Jefferies 的 Brent Thill。

I was curious if you could just talk a little bit about Europe in more detail and kind of what you're seeing in that region and any other observations you have as it relates to cross-border?

我想更深入了解一下歐洲的情況，想請你多談一點你在該地區看到的狀況，以及任何你對跨境相關的其他觀察？

Dave?

Dave？

Yes. Europe, what we've seen over the last several months is that the pent-up demand that people have had to travel, it kind of varies a bit by the travel restrictions within those countries.

是的。歐洲方面，我們在過去幾個月看到的是，人們累積已久的旅行需求正在釋放，但這在某種程度上會因各國的旅行限制而有所不同。

We saw increase in the people's willingness to book in Q2, they were ready for their summer travel. And we saw a particular kind of strength in areas of Spain and France throughout the year, throughout the quarter as people want to kind of travel for the summer season. So I don't have much more to say about Europe than kind of what we've included in the letter here.

我們看到在第二季人們的預訂意願提升，他們已準備好進行夏季旅行。我們也看到西班牙與法國等地在全年、在本季期間呈現特別強勁的表現，因為大家想在夏季旺季出遊。所以關於歐洲，我能補充的大概就只有我們在這封信裡所提到的內容。

Dave, did you see -- when you're talking about all the decel, did you see EMEA drop off more or less? Was this consistent across regions when you saw a little bit of a pullback that you've been talking about?

Dave，你提到整體增速放緩時，你有看到 EMEA 的下滑幅度更大或更小嗎？當你說出現一些回撤時，各地區的情況是否一致？

Well, again, the pullback we're seeing has been -- is incredibly modest. I really don't want to overstate it. I mean what we're seeing is that Q2 was incredibly strong as people want to travel for Q3 and that our stays in Q3 are incredibly strong, which is driving our strength in revenue and why we articulated that Q3 revenue and profit will be the highest ever. So all that is incredibly strong.

嗯，再次強調，我們看到的回撤非常、非常輕微。我真的不想把它講得太嚴重。我的意思是，我們看到第二季非常強勁，因為大家在為第三季旅行做準備；而我們第三季的住宿需求也非常強勁，這帶動了我們營收的強勢，也就是為什麼我們表示第三季的營收與利潤將創下歷史新高。所以這些都非常強勁。

And then it is -- we're kind of waiting and seeing to see what the rest of the impact of travel expectations are in Q3 for the back half of the year. So I don't really have much more that I can share.

接下來我們就是觀察、等待，看看第三季對下半年其餘時間的旅行預期影響會是什麼。所以我沒有太多可以再分享的。

And your next question comes from the line of Mario Lu with Barclays.

下一個問題來自 Barclays 的 Mario Lu。

The first one, on listings. You guys grew that sequentially this quarter. So just trying to think through where the scores of new license growth will come over the next few quarters. Is there a component of, say, like urban and cross-border listings that were deactivated during the pandemic that will be reactivated as mobile travel resumes? Any color there?

第一個問題關於房源。你們本季的房源數量較上一季成長。所以我想了解，未來幾季新增房源成長的來源會在哪裡？是否有一部分像是都市與跨境房源在疫情期間被停用，隨著行動旅行恢復而重新上架？能否提供一些說明？

Dave?

Dave？

Yes. I mean if you think about it, we have 4 million Hosts around the world. 90% of those are individual Hosts. Then the vast majority of those individual Hosts lists only on Airbnb. And most of their listings are their own personal property or maybe a second home that they have.

好的。你如果這樣想，我們在全球有 400 萬名房東，其中 90% 是個人房東。而這些個人房東中的絕大多數只在 Airbnb 上架。他們的房源多半是自己的自住房，或是他們擁有的第二住宅。

And so I think one of the benefits we have is that people don't get rid of their primary home and not always their secondary home just because of the near-term impacts of what we're seeing with COVID. And so I think that fact, that resilience of our individual hosts is what's leading to the fact that we have had stable overall listings growth. I think that's why we're quite proud about it in Q1 and then while we're seeing increases from Q1 to Q2 in the areas where we have the most demand.

因此我認為我們的一個優勢是，人們不會因為 COVID 的短期影響就把自己的主要住所賣掉，也不一定會處分第二住宅。我認為正是個人房東的這種韌性，讓我們的整體房源成長保持穩定。我想這也是為什麼我們對第一季的表現感到相當自豪；同時我們也看到從第一季到第二季，在需求最強的地區房源有所增加。

And so as people are ready to travel back to urban locations and as people are going back to the kind of the historic strengths of Airbnb, our Hosts are ready to and bring them back. And I think that's been the power. The inverse could have easily been true, where if you're more reliant on professional Hosts, they may be delisting, not ready for the travel rebound and not ready to accept our guests. That's not the case of Airbnb. Our Airbnb Hosts are ready to accept travelers whenever they're ready to travel.

所以當人們準備回到都市地點旅行、回到 Airbnb 過去的傳統強項時，我們的房東也已準備好把房源帶回來。我認為這就是力量所在。反過來也可能很容易發生：如果你更依賴專業房東，他們可能會下架，尚未準備好迎接旅行反彈，也尚未準備好接待我們的房客。但 Airbnb 並非如此。我們的 Airbnb 房東隨時準備好在旅客準備旅行時接待他們。

And I think the key point, again, is that we've seen, as demand in markets increase, supply in those markets correspondingly increase.

我認為關鍵點仍然是：我們看到當某些市場的需求增加時，這些市場的供給也會相應增加。

Got it. And just a quick follow-up. In terms of the Hosts campaign, you guys mentioned there's early signs of success there. Anything to talk about in terms of existing Hosts and whether there's any actions on your end to kind of retain them to prevent competitors from onboarding them to their platforms as well?

了解。再快速追問一下。關於房東行銷活動，你們提到已有初步成功跡象。就現有房東而言，有沒有什麼可以分享的？以及你們是否有採取任何行動來留住房東，避免競爭對手也把他們招募到自家平台？

Yes, I can just share and, Dave, if you're going to add as well. Number one, what we've seen is that the vast majority of Hosts on Airbnb, because they're individuals, what they really just want to do is make sure they get enough bookings to fill their calendar, and we found that we can get them enough bookings to fill their calendar. That's not been a problem this year.

是的，我可以先分享一下，Dave 也可以再補充。第一，我們看到 Airbnb 上的絕大多數房東因為是個人，他們真正想要的就是確保有足夠的訂單把行事曆填滿，而我們發現我們能為他們帶來足夠的訂單來填滿行事曆。今年這並不是問題。

And the other thing about our Hosts is they care about the quality of guest on Airbnb. Because these are mostly people's real homes, their primary home or their secondary home, they care a lot about who's in their home. And we provide a huge amount of trust and safety features and protocols to be able to give them peace of mind. And this is what they tell us. And we've really also worked on providing best-in-class customer service.

另外，我們的房東也很在意 Airbnb 上房客的品質。因為這些多半是人們真正的家，可能是主要住所或第二住宅，他們非常在意誰會住進他們家。我們提供大量的信任與安全功能與流程，讓他們能安心。這也是他們告訴我們的。我們也致力於提供同級最佳的客戶服務。

For example, on May 24, one of the things we announced is the dedicated Superhosts line. This is something that our very best host, our Superhosts, have been asking for. And I think the reception was very, very positive. And so in addition to investing in our hosts, one of the most important thing we can do is to continue and invest in our Superhosts. And if we continue to invest in our Superhosts, there will be no reason for them to list anywhere else.

例如，在 5 月 24 日，我們宣布了專屬的超讚房東（Superhosts）客服專線。這是我們最優秀的房東、也就是超讚房東一直在要求的功能。我認為反應非常、非常正面。因此，除了投資房東之外，我們能做的最重要的事情之一，就是持續投資我們的超讚房東。如果我們持續投資超讚房東，他們就沒有理由到其他地方上架。

Yes. The Superhosts program is really -- that is a loyalty program for Hosts, right? And that's why we continue to invest. Those are our best Hosts. We have over 800,000 around the world. I think that's really key. And then, actually, what we've seen with our Hosts churn has actually decreased from what we saw pre-COVID. So it was lower in 2020 than it was in 2019, and it's lower in 2021 than it was in 2020. So we'd be [overall can] certainly continue to actually decline right now.

是的。超讚房東計畫其實就是——這是一個面向房東的忠誠度計畫，對吧？所以我們才會持續投入。那些是我們最好的房東。我們在全球有超過 80 萬名。我認為這非常關鍵。而且實際上，我們看到房東流失率（churn）相較於 COVID 之前反而下降。也就是說，2020 年比 2019 年低，而 2021 年又比 2020 年更低。所以我們的整體流失率目前確實仍在持續下降。

And your next question line of Kevin Kopelman with Cowen and Company.

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

Great. A quick one. Can you just give us an update on where your revenue take rate is today as a percentage of GPV just given all the timing differences? It's hard to tell from the outside where that is.

我有個簡短問題。考量各種時間差異，從外部很難判斷。你們能否更新一下，目前你們的營收抽成率（take rate）占 GPV 的百分比大約是多少？

Kevin, Dave can take this.

Kevin，這題 Dave 可以回答。

Sure. Our take rate has actually been very consistent. So if you time adjust our revenue to gross booking value, the take rate is approximately 15%, and it's been very stable during -- so when you time adjust it.

當然。我們的抽成率其實一直非常一致。所以如果把營收相對於總預訂金額（gross booking value）做時間調整後，抽成率大約是 15%，而且在——在做時間調整後——一直都非常穩定。

(Operator Instructions) Your next question is from the line of Deepak Mathivanan with Wolfe.

（接線員指示）下一個問題來自 Wolfe 的 Deepak Mathivanan。

I wanted to ask about how you think about the travel demand trends. I know there's COVID uncertainty near term. But as you think about the sustained benefit of pent-up travel demand, there's still a lot of unspent travel dollars out there even in markets where we've seen good recovery like U.S. and parts of Europe.

我想問你們如何看待旅遊需求趨勢。我知道短期內仍有 COVID 的不確定性。但當你們思考累積已久的旅遊需求所帶來的持續性利多時，即使在像美國以及歐洲部分地區這些已看到良好復甦的市場，仍然有很多尚未花出去的旅遊支出。

So as you think about second half and then even into 2022, do you think this incremental benefit that we're seeing near term from pent-up travel demand likely to sustain? Or you think we'll go through a period where the activity rebound to normal travel levels and the recovery moderates to some extent? Not looking for any specific guidance, but curious to hear your thoughts on how you think about this.

所以當你們看下半年，甚至延伸到 2022 年，你們認為我們短期看到的這種由累積旅遊需求帶來的增量效益會持續嗎？還是你們認為會經歷一段活動回到正常旅遊水準、復甦在某種程度上放緩的時期？我不是要任何具體指引，只是想聽聽你們如何思考這件事。

Yes. Thank you very much, Deepak. I think I can maybe take this at a high level. And Dave, feel free to chime in as well. I think there's been a number of lessons from this pandemic. And I think one of the general lessons is we tend to appreciate things more when they're taken away from us. And I think that not everything that was taken away from us during the pandemic did people appreciate. But I think that travel was one of the things that people miss the most from the pandemic.

好的。非常感謝你，Deepak。我想我可以先從較高層次回答，Dave 也歡迎補充。我認為這場疫情帶來了許多教訓。其中一個普遍的教訓是：當某些事物被從我們身邊拿走時，我們往往會更珍惜它。我想在疫情期間被拿走的事物中，並不是每一項都讓人們更珍惜；但我認為旅行是人們最想念的事情之一。

In fact, we did surveys of travelers around the world, and travel was the out-of-home activity that people miss the most. They missed it more than going to sport events, more than going to restaurants, out-of-home dining and other opportunities. And we think that we've not even obviously tapped into the pent-up demand because, obviously, not everyone has been able to travel.

事實上，我們對全球旅客做了調查，旅行是人們最想念的「外出」活動。他們想念旅行勝過去看體育賽事，勝過去餐廳用餐、外出用餐以及其他活動。我們認為我們顯然還沒有真正完全釋放這股累積需求，因為很明顯，並不是每個人都已經能夠旅行。

And also remember that before the pandemic, about 50 -- just almost 50% of our business, was cross-border travel and urban travel. There hasn't been nearly the cross-border travel recovery yet that is possible in the coming year. So I think what we're going to see is you can only imagine that as things get more under control in the coming travel seasons, people will once again be more comfortable crossing borders, but will be different this time is that people will have flexibility they didn't have before.

另外也請記得，在疫情之前，我們大約有 50%——幾乎 50% 的業務，來自跨境旅行與城市旅行。跨境旅行的復甦，距離明年可能達到的水準仍相去甚遠。所以我認為我們將會看到的是：你可以想像，隨著接下來幾個旅行旺季情勢更受控，人們會再次更安心地跨越國境；但這次不同的是，人們將擁有以前沒有的彈性。

And so I think that we're very, very bullish about the future for cross-border travel. A lot of people haven't left their country in quite a long time, and we think they're going to desire to do so. And this is in addition to many new opportunities to be able to travel the city.

因此，我們對跨境旅行的未來非常、非常看多。很多人已經很久沒有離開自己的國家了，我們認為他們會渴望這麼做。而這還加上了許多能夠在城市旅行的全新機會。

So I think there's a lot of reason to be extremely optimistic in the coming years about what's going to happen to travel. There's many things that may not come back to levels before the pandemic. But one thing I think we know for certain is that travel will, and it will probably be bigger than ever. Dave, do you want to add anything else?

所以我認為，對於未來幾年旅行將會發生什麼，有很多理由可以非常樂觀。有許多事情可能無法回到疫情前的水準。但有一件事我想我們可以確定：旅行會回來，而且很可能比以往更大。Dave，你還想補充什麼嗎？

Yes. I guess I just will add that, remember, that we're not really just a travel company. We are about stays of any kind. And I think we talked about a lot on the call today, the fact of the trends of 28-day stays and longer, even 7 days and longer, the flexibility that people have when they travel, the fact that travel and living is blurring, I think all of these are kind of incremental ways in which people will travel and can travel on Airbnb.

是的。我想我只補充一點：請記得，我們不只是旅行公司。我們關注的是各種形式的住宿。我想我們今天在電話會議中談了很多：28 天及更長期住宿的趨勢，甚至 7 天及以上的住宿；人們旅行時擁有的彈性；以及旅行與生活之間的界線正在模糊。我認為這些都是人們將會旅行、也能在 Airbnb 上旅行的增量方式。

And so clearly, there's this pent-up demand, and people are yearning to travel again. But I just think all of these other tailwinds of travel trends are really benefiting our business over the long term.

因此，很明顯存在這種被壓抑的需求，人們渴望再次旅行。但我認為，所有這些旅行趨勢的順風，從長期來看都在真正地讓我們的業務受益。

And your final question comes from the line of Rob Sanderson with Loop Capital.

而你的最後一個問題來自 Loop Capital 的 Rob Sanderson。

Great. Question for Brian. So this year, you've been very clear in your focus and that's, of course, to position for recovery. So you'll basically be 2 years now when we finally get through this where your priorities have been shifted and dislocated. So how would you expect to focus to shift as we get back to this new normal?

好的。給 Brian 的問題。今年你一直非常清楚你的重點，當然就是為復甦做好定位。因此，當我們終於走過這段期間時，基本上將是兩年，你的優先事項都被轉移並且被打亂。那麼，當我們回到這個新常態時，你預期你的重點會如何轉變？

I know development of experiences was really hamstrung and put on hold. But what are some of the more important focus areas that you would like to be spending time on? Or what's -- and maybe how the pandemic may have shifted those goals from what they may have been otherwise?

我知道體驗（Experiences）的開發受到很大限制並且暫停。但你希望把時間花在哪些更重要的重點領域上？或者——也許疫情如何改變了這些目標，使其不同於原本可能的樣子？

It's a great question, Rob. I think there's 4 things. Number one, I think what the pandemic has shown in this travel recovery that is upon us is that I think the opportunity, number one, for our core business is probably greater than anyone ever really imagined before the pandemic. And part of this is just because, again, more people are traveling to more locations, many of which don't even have hotels, millions of people have been introduced to Airbnb. And I think as cross-border and urban travel recover, you're going to see the huge amount of strength in our core.

這是個很好的問題，Rob。我認為有四點。第一，我認為疫情在我們眼前的這波旅行復甦中所展現的是：我們核心業務的機會，可能比疫情前任何人想像的都更大。部分原因是，正如我再次提到的，更多人正在前往更多地點旅行，其中許多地方甚至沒有飯店；數以百萬計的人被介紹並開始使用 Airbnb。當跨境與城市旅行復甦時，你會看到我們核心業務展現出巨大的強勁動能。

So number one, we have a lot of opportunity in our core, and I want to make sure our team is really focused. Number two, as we said, long-term stays is a huge boon to our business. This is an entire category of travel that really wasn't -- didn't really exist when Joe, Nate and I started this company more than 13 years ago. But I think there's this entire new category of travel where travel and living is blurring, so that will be number two.

所以第一，我們的核心業務有很大的機會，我希望確保團隊真正聚焦。第二，正如我們所說，長期住宿對我們的業務是巨大的利多。這是一個完整的旅行類別——在 13 年多前 Joe、Nate 和我創立公司時，這個類別其實並不存在。但我認為現在出現了一個全新的旅行類別：旅行與生活正在模糊，因此這會是第二點。

Three, you mentioned experiences. We thought last year could be a breakout year for experiences. Obviously, the opposite happened. We had to put the product on pause. But I think that people are going to be yearning for experiences. And the reason why is a very simple one.

第三，你提到體驗。我們原本以為去年可能會是體驗的爆發年。顯然，結果正好相反。我們不得不暫停這個產品。但我認為人們會渴望體驗。而原因非常簡單。

I think people are yearning to have a meaningful experience. I think you can only sit at home and watch Netflix or streaming services for so many nights in a row before you actually want to get out of house and do something and be with other people. And I think there's going to be a huge amount of pent-up demand for people having authentic experiences all over the world.

我認為人們渴望擁有有意義的體驗。我想你不可能連續那麼多個晚上都待在家裡看 Netflix 或各種串流服務，最後你會真的想走出家門，做點事情，並且和其他人在一起。我認為，對於在全球各地獲得真實體驗，人們會有大量被壓抑的需求。

And then finally, number four, I think there's a huge number of opportunities to unlock more hosting. We are now living in a world where there's still great economic distress all over the world. And take one example, women have been disproportionately impacted by the pandemic. And 55% of our Hosts are women all over the world. And so we think there's a huge opportunity to continue to unlock more hosting. And we're going to take guidance from the creativity of our community.

最後第四，我認為有大量機會可以解鎖更多房東供給。現在我們生活在一個全球仍有嚴重經濟困境的世界。舉一個例子，女性受到疫情的衝擊不成比例地更大。而我們在全球的房東中，有 55% 是女性。因此我們認為，持續解鎖更多房東供給有巨大的機會。我們也會從社群的創意中獲得指引。

When we started the Airbnb, it was really just a way to rent your living room or your bedroom, but our Hosts and their creativity started listing entire homes. And not only did they list entire homes, they started listing castles and boats and tree houses. And so we're going to continue to take guidance from our host community as well, and they will continue to point the way towards where we go, and we're going to continue to innovate to unlock more hosting.

當我們創立 Airbnb 時，它其實只是把客廳或臥室出租的一種方式，但我們房東及其創意開始刊登整套房源。不僅如此，他們還開始刊登城堡、船屋和樹屋。因此我們也會持續從房東社群獲得指引；他們會繼續為我們指出前進方向，而我們也會持續創新，以解鎖更多房東供給。

So those are some of our priorities. The good news is they're not really different. It's what we've always been focused on. I think it's just a renewed focus on our core, this amazing new opportunity around long-term stays. We're continuing to double down on experiences, and we'll continue to unlock hosting.

所以這些是我們的一些優先事項。好消息是，它們其實沒有什麼不同——這一直是我們關注的重點。我認為只是重新聚焦於我們的核心、圍繞長期住宿這個令人驚豔的新機會；我們會持續加碼體驗，也會持續解鎖更多房東供給。

We do all those things. And I think we're going to look back on this is still the very early innings of a much, much bigger business. We're 13 years old, but I think -- as a Founder, I say you don't raise a 13-year old to be a great 14-year-old. You raise them to be a great adult many years from now. And I think that there's a lot of opportunities in this coming decade for us.

我們會把這些事情都做好。我認為回頭看，這仍然只是更大、更大業務的非常早期階段。我們已經 13 年了，但我認為——作為創辦人，我會說：你培養一個 13 歲的孩子，不是為了讓他成為很棒的 14 歲；你是為了讓他在多年後成為很棒的成年人。我認為在接下來十年，我們有很多機會。

And I will now turn the call back over to Brian Chesky for final remarks.

我現在把電話會議交回給 Brian Chesky 作最後結語。

Well, thank you, everyone, for joining us today. I just wanted to say, once again, it was -- we're very, very proud of the results for this quarter. I think what this proves is that number one, our model is inherently adaptable. We can adapt to the changing use cases of guests, and that's because we have hosted nearly every community offering nearly any type of space at every price point.

好的，感謝各位今天加入我們。我只想再說一次——我們對本季的成果感到非常、非常自豪。我認為這證明了第一，我們的模式本質上具有適應性。我們可以因應房客使用情境的變化而調整，這是因為我們擁有幾乎每個社區的房東，提供幾乎各種類型、各個價位帶的空間。

And number two, we're continuing to focus on product innovation. We're going to continue to build new products. And these 2 things, I think, have demonstrated that this pandemic, as hard as it's been for us and hard as it's been for everyone all around the world, it's made us a stronger, more efficient and a better company. And we are prepared for what's to come and for the future of travel and the future of living.

第二，我們會持續專注於產品創新。我們會繼續打造新產品。我認為這兩點已經證明：這場疫情——無論對我們多麼艱難、對全球每個人多麼艱難——都讓我們成為一家更強大、更有效率、也更好的公司。我們已為接下來的發展做好準備，迎接旅行的未來與生活的未來。

So with that, thank you all very much for joining us today. We'll talk to you next quarter.

所以，就此再次感謝各位今天加入我們。我們下個季度再聊。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。