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.

下午好，感謝您參加 Airbnb 2021 年第二季度的財報電話會議。提醒一下，本次電話會議正在錄音中，可在本次電話會議後從 Airbnb 網站的投資者關係部分重播。

I will now hand the call over to Ellie Mertz, VP 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 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.

下午好，歡迎參加 Airbnb 2021 年第二季度財報電話會議。感謝您今天加入我們。在今天的電話會議上，我們有 Airbnb 的聯合創始人兼首席執行官 Brian Chesky 和我們的首席財務官 Dave Stephenson。

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.

今天早些時候，我們發布了一封股東信，其中包含我們 2021 年第二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，然後將剩餘時間用於問答。

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.

在我將它轉交給布賴恩之前，我想提醒大家，我們將就本次電話會議做出前瞻性陳述，其中涉及許多風險和不確定性。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美國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.

我們敦促您考慮這些因素，並提醒您我們沒有義務更新此電話中包含的信息以反映後續事件或情況。您應該知道，這些陳述應僅被視為估計值，而不是對未來表現的保證。

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

同樣在本次電話會議期間，我們將討論一些非 GAAP 財務指標。我們在投資者關係網站上發布的股東信函中提供了對最直接可比的 GAAP 財務指標的調節。這些非 GAAP 措施無意替代我們的 GAAP 結果。有了這個，我會把電話轉給布賴恩。

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，艾莉，嘿，大家，感謝今天加入我們。我從意大利的 Airbnb 房源撥入電話，很高興與您分享我們的第二季度業績。年初以來，我們一直在為旅遊反彈做準備。在被困在家中數月之後，數百萬人一直渴望旅行、探索世界並與他人聯繫。我們預計旅行會出現前所未有的反彈。

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.

在第一季度，我們看到了這種反彈的開始。現在第二季度已經過去了，我們可以肯定地說，旅行反彈即將來臨，而 Airbnb 正在引領潮流。但正如我們預測的那樣，旅行與以前不同。 Airbnb 受益於我們適應性強的商業模式，該模式能夠滿足客人不斷變化的需求。我們不僅僅是被動地坐在那裡等待旅行回來。在過去的一年裡，我們一直在不懈地推動產品創新，以迎接這一歷史性時刻。因此，Airbnb 比其他公司更快地擺脫了這場危機，我們為旅行的未來做好了準備。

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.

現在，雖然我們認識到 COVID 和 Delta 變體的持續存在，但我們預計第三季度將成為我們有史以來最強勁的收入季度。我們預計第三季度收入將成為我們有史以來收入最高的季度這一事實說明了我們業務的內在彈性。

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.

所以現在轉向我們的第二季度結果。隨著第二季度疫苗接種率的提高和旅行限制的取消，我們看到北美持續走強，隨後歐洲出現顯著復甦。一年前的第二季度，我們的業務受到 COVID 的嚴重影響。現在，與許多其他人一樣，我們與 2020 年的同比比較確實顯示出顯著改善。但最值得注意的是我們相對於 COVID 前水平的結果。在所有關鍵指標中，我們幾乎達到或超過了 2019 年第二季度的業績。第二季度的住宿和體驗預訂量幾乎是一年前的三倍。更重要的是，2019 年第二季度的夜宿和體驗幾乎與 COVID 之前的水平相匹配。

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.

總預訂價值為 134 億美元，比一年前增加了四倍多，並且基於夜景的恢復以及我們 ADR 的實力，也比 2019 年的水平猛增 37%。與此同時，第二季度的收入為 13.35 億美元，也比一年前增長了近四倍，比 2019 年的水平高出 10%。這表明我們從第一季度開始加速復蘇。我們的第二季度業績不僅證明了我們在旅行反彈方面的領先地位，還展示了我們持續的經營紀律。

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.

我們調整後的 EBITDA 利潤為 2.17 億美元。現在這代表 16% 的 EBITDA 利潤率。這比一年前的 EBITDA 提高了 6 億多美元，代表著 2019 年的 20% 或 2,000 個基點的利潤率增長。這與收入水平相似。現在在過去的一年裡，隨著我們的收入恢復，我們一直專注於提高我們的盈利能力。例如，在過去 4 個季度中，與 2019 年期間相比，我們每個季度的 EBITDA 利潤率平均提高了 20% 以上。

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.

現在每個季度平均提高 2,000 個基點。我們通過提高營銷效率和嚴格管理固定成本來改善可變成本。現在我真的為這些結果感到自豪。他們表明，我們正在擺脫這場危機，成為一家更強大、更高效的公司。

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.

現在轉向業務亮點和旅遊趨勢。儘管 COVID 在世界範圍內持續產生影響，但我們已經看到明確的證據表明旅行正在復蘇。我們對第二季度的情況感到非常鼓舞。我們看到的是全球旅行的步伐加快，尤其是在歐洲，以及非城市和國內目的地的持續流行。

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.

在第 2 季度，我們的總預訂夜數是歷史上任何季度中最高的。自大流行開始以來，我們剛剛在 Airbnb 度過了最重要的一晚。上週六晚上，來自世界各地的超過 400 萬客人入住了 Airbnb。這比洛杉磯的總人口還多。我們還看到旅行者再次跨越國界和商業城市。這兩類旅行一直是 Airbnb 的歷史優勢，我們很高興看到它們開始復蘇。但與此同時，人們出行和生活的方式也在不斷變化。

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的預訂趨勢將繼續存在。人們前往比以前更多的目的地。當他們旅行時，他們停留的時間更長。我們相信這兩類旅行實際上會繼續存在。因此，我們關注的是支持人們出行的這些新方式的產品創新。您會看到許多人在旅行的地點和時間方面擁有更大的自由，我們改進了我們的產品以更好地滿足他們的需求。我們的新搜索產品為客人提供了他們在計劃和預訂旅行時所需的靈活性。最後，我們看到世界各地越來越多的人考慮託管。我們以 Airbnb 歷史上最多的活躍房源結束了第二季度。

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.

現在有幾個原因。首先，我們的需求正在推動供應。這就是我們模型的強大之處。例如，在第二季度，我們最高的供應增長實際上是在高需求目的地。其次，我們的營銷和產品計劃已經真正加速以支持主持人招聘，並且他們正在發揮作用。所以現在讓我更詳細地介紹一下我們為準備和支持這次旅行恢復所做的工作。

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.

現在提醒一下，我們 2021 年的首要任務是為旅行反彈做好準備。為此，我們一直在完善核心服務的端到端體驗。這包括 4 個主題：第一，教育世界關於託管；第二，招募更多的主持人；第三，簡化客人旅程；最後，提供世界一流的服務。因此，讓我簡要介紹一下我們在這 4 個領域中的每一個方面的執行情況。

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，讓全世界了解 Airbnb 的不同之處，那就是託管。在第一季度，我們推出了 5 年來的第一次大規模營銷活動，讓房東成為可能，並在第二季度擴大了這一活動。我們正在向房客宣傳被託管的好處，同時我們也在鼓勵更多人成為房東。

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.

現在，在流量、首次預訂人數、託管興趣和品牌好感度方面，我們繼續對此次活動的結果感到鼓舞。其次，我們正在招募更多的房東，我們正在為他們的成功做好準備。就在幾個月前的 5 月 24 日，我們推出了一個完全重新設計的主機入門流程，讓任何人都可以更輕鬆地開始託管。這一新流程加快了成為房東的速度，這有助於推動我們在第二季度的房源增長。

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，我們正在簡化賓客體驗的每一部分。 5 月 24 日，我們為客人擴展了工具，以便在他們尋找住宿地點時提供更大的靈活性。我們宣布了靈活的日期、靈活的目的地和靈活的匹配。所有這 3 項功能都是為了支持客人尋求計劃和預訂旅行的新方式。

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，每當我們的主人或客人需要我們時，我們必須提供世界一流的服務。因此，我們最近推出了重新設計的幫助中心。我們將支持的語言增加了兩倍多，並且更新了我們的安全資源。所有這一切都是為了確保我們在客人和主人需要我們時為其提供支持。

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.

總而言之，旅行正在復蘇，我們的第二季度業績表明 Airbnb 處於領先地位。在過去的一年裡，我們一直在為這次反彈做準備。我們推動產品創新，以支持改變人們在世界各地旅行和生活的方式。因此，我們比其他公司更快地擺脫了這場危機，成為一家更強大、更高效的公司。

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

因此，我們期待回答您的問題。

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

（操作員說明）您的第一個問題來自 Mark Mahaney 與 Evercore ISI 的產品線。

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。你剛剛談到有這個記錄日。我想你上週六說過，我認為你也可能對第三季度的趨勢和方差以及 Delta 提出了適當的警告。所以把這些東西放在一起。記錄日聽起來仍然不錯，但我確定那裡有一些警告。您能否更具體地說明您所看到的導致您對第三季度和今年下半年更加謹慎的情況？

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，馬克，謝謝你的問題。在我把它交給戴夫之前，讓我說，是的，我們度過了一個創紀錄的夜晚。有超過 400 萬名客人與世界各地的房東同住。我們感到非常鼓舞，這是自大流行開始以來我們度過的最大的夜晚。

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?

我要說的另一件事是我們有一個非常靈活的模型。但是，旅行會發生變化，我們將能夠滿足這種需求。但是戴夫，我們為什麼不談談我們現在所看到的？

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.

我們在第二季度看到的許多趨勢與我們在第一季度和第四季度看到的一些趨勢一致。人們繼續保持靈活性。這就是我們構建所有這些靈活工具的原因，因為 40% 的搜索者在數據位置方面表現出靈活性，人們前往更多目的地並且人們停留的時間更長。

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.

其中一個要素是我們看到了長期停留的趨勢，我們在第一季度強調了長期停留的關鍵優勢，停留在 28 天或更長時間，仍然是我們業務中最大和最強勁增長的部分之一。因此，這是我們在第二季度預訂的夜數的 19%，繼第一季度的 24% 之後，正如短期住宿的組合在第二季度強勁反彈一樣。

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.

我們已經看到第二季度的月度表現強勁增長。所以 4 月到 5 月到 6 月的夜晚都被預訂了，在夏季旅遊高峰期的預期中都表現強勁。現在在 7 月，我們已經看到需求有所回落，但這可能是由於夏季高峰期，並且可能部分是由於 Delta 版本。但所有這些導致仍然是第三季度的收入，人們入住的夜數以及我們認為的收入將是有史以來最強勁的。同時，我們在第三季度的利潤將是有史以來最強勁的。

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

你的下一個問題來自瑞士信貸的斯蒂芬朱。

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.

所以Brian，作為您發布的產品公告的後續行動，我認為您主持該會議是在5 月下旬，在我看來，您正在向消費者提供更廣泛的建議。如果這真的成功，希望這是他們真的不知道他們甚至真正想要的東西。

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?

所以我知道現在可能真的很早，但是您可以分享一下他們的反應嗎？他們對你展示給他們的東西感到高興嗎？或者你仍然認為你需要做一些修補？

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，斯蒂芬——是的，斯蒂芬，謝謝。這是一個很好的問題。讓我先說以下內容。人們在互聯網上搜索旅行的方式發生了重大的範式轉變。在大流行之前，在互聯網上搜索旅行的方式是絕大多數人來到一個網站，一個旅遊網站，通常是 OTA，他們會輸入一個位置。他們有一個位置，他們會去約會，然後檢查——輸入一個入住日期和一個退房日期。

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.

所以這真的是固定搜索。人們知道他們要去哪裡。隨著大流行，我認為可以肯定地說世界永遠不會回到原來的樣子，這意味著旅行不會回到原來的樣子。旅行的發展方式是人們因為他們能夠遠程工作，所以他們更加靈活。

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.

我們看到，斯蒂芬，我們 40% 的客人可以靈活選擇旅行的地點和時間。並舉一個例子來說明我們所做的事情之一，靈活的日期。我們有幾個靈活的日期功能。我們有一個功能，你可以點擊，我很靈活，你可以說我正在尋找一個週末、一周或一個月的地方，未來幾個月的某個時間。我們看到的是靈活日期功能，它的使用次數已超過 5 億次。自從我們在年初推出這個功能以來，這個功能已經被使用了 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.

我們還看到，靈活目的地的使用也出現了非常大的增長，人們在哪裡 - 如果他們對旅行的地點靈活，我們可以推薦他們去哪裡。現在這些功能非常重要。它們真正重要的原因不僅是因為這是范式轉變以及人們尋找旅行的方式，而且還很重要，因為這意味著我們可以將需求指向我們有供應的地方。這對我們的業務來說是一個重大的重大轉變。

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，我們將繼續調整產品。當您在某個特徵上擁有數億個數據點時，您就會學習，而我們也在不斷創新。但我也想說這只是一個開始，因為我們的團隊不會滿足於現狀。我們正在非常非常努力地繼續為客人提供更多的靈活性，並繼續能夠激勵他們並將他們指向我們有可用供應的地方。

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

下一個問題來自奧本海默的傑德凱利。

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?

偉大的。就你剛才提到的隨時隨地工作的趨勢而言，布賴恩，你能在肩部賽季中看到任何給你信心的東西嗎？你看到那裡有任何改善嗎？然後在收益管理功能方面，您提供了大量新工具，其中有任何提供 ADR 提升的工具嗎？

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

是的，戴夫，實際上，你想回答這些問題？

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。也許我會從收益管理開始。我們看到的大部分 ADR 提升是由混合驅動的。它繼續混合。我們反彈的力量一直在北美和歐洲。那些有更高的 ADR。它出現在非城市地區，其 ADR 高於城市地區以及更大的整體房屋、更大的房屋。所以大部分 ADR 都是由這個驅動的。

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，我們在第二季度看到的一個新趨勢是高峰市場的一些定價壓力對夏季高度受限的影響，但這仍然假設相對於整體組合的少數。所以 ADR 並不是真正由功能驅動的。

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.

隨著時間的推移，我們在收入與總預訂價值調整的基礎上，您在預訂的同時排列它們的 ADR 一直非常一致。隨著時間的推移，我認為我們有機會通過新的機會來增加我們的貨幣化，無論是測試旅行保險，可能是促銷列表還是我們可以做的其他事情，但我們不認為這些機會像您一樣容易腐爛常青機會。

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，正如布萊恩所說，我們現在關注的是旅行反彈並確保我們滿足當今旅行者的需求。他們今天的需求是他們在旅行的地點和時間擁有額外的靈活性。因此，我們在第二季度 40% 的搜索實際上具有靈活的日期或靈活的目的地，這就是我們構建這些工具和功能並看到其優勢的原因。

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.

因此，就隨時隨地工作的趨勢而言，我認為我們看到人們繼續發現 Airbnb 是他們生活和工作的最佳場所。我們在第二季度推出的其中一項內容是直接響應人們的需求。這聽起來很小，但我認為這是一個非常獨特的項目，它允許房東測量他們的 WiFi 速度，然後實際將其發佈在他們的列表中。那是因為客人想知道我有多麼容易——這裡的 WiFi 有多好？我可以在這個位置工作嗎？所以我認為這是一個獨特的小元素，可以向我們展示我們如何創新以支持這些更廣泛的旅行趨勢。

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.

所以我們所知道的只是人們逐漸變得更加靈活。如果我們可以在星期四打一個 1 小時的 Zoom 電話，那麼您很可能可以與家人一起度過一個更長的周末，而不是過去您在辦公室裡受到的打擊。因此，我們相信所有這些趨勢都將繼續影響 Airbnb，並成為我們未來業務的順風。

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.

我將再添加一個非常有趣的事實。不久前，我們在社交網絡上舉辦了一場比賽，讓人們申請能夠在 Airbnb 上生活。為了能夠參加這個比賽，你必須填寫一份申請，填寫需要一段時間。我們收到了 315,000 份申請，供想要住在 Airbnb 上的人申請，即 315,000 份。我認為這意味著旅行再也不會和以前一樣了，因為它現在已經完全開放了。

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.

當我們開始 Airbnb 時，像逗留時間超過一個月真的不是我們業務的主要部分。對於我們來說，能夠提供服務確實不是一個主要用例。但靈活性現在已成為旅行的永久組成部分。現在它只是一個永久的部分，因為我們只需要相信 Zoom 會繼續存在。如果我們相信 Zoom 會繼續存在，那麼我們相信遠程生活的靈活性就會繼續存在。因此，很明顯，我們將繼續看到越來越多的長期住宿。我認為這將幫助我們在未來幾年內消除季節性。

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

下一個問題來自 Naved Khan 與 Truist Securities 的合作。

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?

所以你們提到了第三季度預訂的夜晚有所放緩。只是想獲得一些關於它的外觀的顏色。也許您能談談 7 月以及與第二季度相比如何？不同地區的情況如何？與歐洲相比，它在美國更明顯嗎？或者它們大致相同？

Dave, do you want to take this one?

戴夫，你要拿這個嗎？

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，我們在第二季度看到的是第三季度旅行前季節之前非常強勁的預訂增長。我們在 2020 年的 COVID 深處也看到了這種情況。人們想要旅行。他們想離開自己的家，他們特別想在夏天這樣做。因此，我們看到第二季度出現了很多高峰旅行需求。因此，當我們退出第二季度並進入第三季度時，考慮到某些季節性的性質以及對進入第三季度初的 COVID 問題的任何潛在影響，我們秋季的預訂量會減少。

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.

所以我們沒有看到大幅減速。展望中始終確定的是，鑑於我們在第二季度業務中看到的極度強勁，我們在第三季度預訂的住宿晚數和體驗將低於第二季度，但我們仍然非常看好該業務。正如我所說，我們第三季度的收入將是有史以來最高的，而利潤將是有史以來最高的。因此，該業務仍然非常強勁。

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.

我們所看到的是人們想要旅行，他們在尋找旅行方式方面真的很有彈性。我們在 Airbnb 上看到的好處之一是，您實際上不必總是跳上飛機或越過邊境才能與 Airbnb 一起旅行。我們實力的很大一部分是在少於 300 英里的夜晚，這仍然是我們業務中最強大的部分之一。

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.

然後在第二季度，我們看到增長速度更快的部分增長了 300 英里，並且我們看到預訂的城市夜數有所增加。因此，其中一些趨勢仍在繼續——開始上升到更多的歷史水平。因此，我非常看好我們整體業務的長期前景。

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?

知道了。也許只是對此進行澄清，也許隨著 Delta 變體 COVID 的傳播放緩，這是否可能是因為人們變得更加謹慎，並且可能擁有或想要選擇甚至在最後一分鐘取消。這是否可以將一些需求轉移到更像傳統的酒店類型，在那裡您可以像前一天一樣取消或類似的事情？

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.

同樣，我們認為 Airbnb 能夠提供世界各地人們渴望的住宿和體驗，它仍然非常強大。在整個大流行期間，我們一直是人們通過 Airbnb 旅行和生活的最佳方式。而且我認為我們談到的順風，靈活性的順風，人們逗留更長時間的順風，甚至人們未來出差旅行的順風總是他們更有可能與 Airbnb 一起旅行更長期。這些旅行趨勢直接支持了 Airbnb 的業務實力。

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

您的下一個問題來自富國銀行的布賴恩·菲茨杰拉德 (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?

我們想詢問您在 Hosts 中看到的增長，也許特別是 - 特別是高需求地區。有什麼方法可以描述即將上線的新主持人的特徵，也許是專業水平 - 專業化，也許是一個更好的詞 - 與其他基地相比？他們向您提供了多少日曆？

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

這些是專業人士還是正在考慮季節性或機會性地這樣做的人？只是想感受一下。

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，布賴恩，提出這個問題。戴夫，在我交給你之前，讓我簡單回顧一下我們的東道主社區的一些高級別的事情。第一，我們有超過 400 萬台主機。其中 90% 是個人，如果沒有我們提供的工具，他們中的大多數人都無法託管。

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.

我們在第二季度看到的是，我們在有需求的地方擁有最快的上市增長。原因是因為我們有單獨的房東，當他們被預訂時，口耳相傳通常會增加，他們經常告訴他們的朋友。但我們經常看到的另一件事是，隨著越來越多的客人變得靈活，我們能夠將需求指向您有供應的地方。

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?

現在具體到你關於我們在第二季度添加的主持人的性質的問題，以及他們是個人還是專業人士，戴夫，你想接受嗎？

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.

是的，我們繼續看到 90% 的房東都是個人房東，而且情況仍然如此。因此，隨著我們不斷增加新的個人，這就是我們關注的地方，我們專注於我們的工具和能力，以獨特的方式使個人房東能夠成功地託管 Airbnb。當他們加入 Airbnb 時，他們的絕大多數房源都是 Airbnb 獨有的，第二季度的情況仍然如此，我們加入的絕大多數新房東也是個人。

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.

這是我們的重點，但是 - 所以我們將構建工具和功能，而這些是我們將繼續看到的結果。

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

您的下一個問題來自 Colin Sebastian 與 Baird 的系列。

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?

偉大的。很高興看到列表增長的進展。但首先，僅就 ADR 的趨勢和信中的評論而言，這是否存在——是否有節制？這是您在預訂方面已經看到的嗎？或者，隨著暑假讓位於不同的旅行方式，這更像是一種季節性趨勢嗎？

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?

然後，其次，在 EBITDA 利潤率方面，我們是否應該考慮從這一點開始，在階梯函數更高的情況下這些利潤率的可持續性？或者，未來幾個季度是否還有其他投資可以緩和我們所看到的一些近期槓桿？

Dave, do you want to take one of these?

戴夫，你想拿其中之一嗎？

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。在 ADR 的趨勢上，絕大多數 ADR 都是由混合驅動的。因此，隨著向城市以及可能向拉丁美洲和亞洲的混合的其他部分發生變化並恢復到更歷史性的水平，我們將看到 ADR 溫和，但這將純粹是混合的一部分，並且隨著業務的其他部分回歸他們的總體 ADR 率較低。

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.

所以北美和歐洲的實力，我們相信會繼續保持強勁。然後隨著業務的其他部分回歸，混合就會出現並且 ADR 會緩和。這就是我們要表明的全部內容。

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.

就 EBITDA 利潤率而言，我認為我們都 - 我們為我們在 EBITDA 方面取得的進步感到自豪，並朝著我們的長期發展加速。我們已經聲明，隨著時間的推移，我們可以實現 30% 或更多的 EBITDA 利潤率。顯然，我們已經加快了步伐。我認為其中一部分顯然是我們在固定成本、營銷成本和可變成本方面所做的改進。

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.

我們也看到了較高的 ADR 率帶來的一些好處。因此，隨著時間的推移，我們會看到我們的 EBITDA 利潤率隨著時間的推移發生一些變化，但我認為我們已經證明了大幅擴大這些利潤率的能力。而且我認為這只是證明了我們在口頭上更多地討論的觀點，即我們可以實現 30% 或更多的利潤率。現在我們實際上正在展示我們如何做到這一點。

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.

我想我要補充的一件事——我要補充的一件事，我們業務的效率。我們在信中已經說過了。我在開場評論中也提到了這一點。但 COVID 對公司來說是一個嚴峻的時刻。在那一刻，這家公司，我們變得更加自律和高效。而且我認為我們都看到了令人難以置信的好處和重點，因為我們已經讓我們最好的人來解決公司最重要的問題。

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.

而且因為我們所看到的不僅利潤率有所提高，而且實際上，我們能夠更快地採取行動。我們可以調整，我認為這解釋了為什麼我們能夠在 IPO 之後及時宣布並推出 100 多項升級，以迎接旅遊旺季。所以我認為，由於我們的紀律和我們的專注，您將看到產品創新的持續加速。

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

這些都是我們永遠不會忘記的教訓。這些教訓將為這家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.

你的下一個問題來自賈斯汀帕特森與 KeyBanc Capital Markets 的合作。

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?

偉大的。隨著靈活日期的推出，預訂窗口有何變化？是否有更多最後一分鐘停留的情況發揮作用？然後是第二個問題，您今年為 Hosts 提供了更多價值。從概念上講，您如何考慮在適當的時候提高采用率背後的因素？

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.

感謝你的提問。那麼為什麼不——賈斯汀，為什麼不，戴夫，我回答關於房東接受率的第二個問題，然後你可以回答關於靈活日期以及這如何影響預訂窗口的第一個問題。

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.

因此，關於能夠提高接受率的因素，正如 - 我會說戴夫之前所說的，我們認為有 - 一個 - 我們的指導原則是我們希望確保每一年，我們為房東提供的價值比我們向他們收取的要多，因為遊戲的名稱是確保我們真正強大的商業模式繼續增長，這意味著房東覺得他們擁有最好的託管機會在愛彼迎上。我們希望他們總是覺得我們給他們的價值比我們拿走的要多——所以拿走。所以這是第一。

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，我確實認為我們有很多機會可以提高接受率。如果我們這樣做，我認為我們會考慮的方式是對我們可以為主機提供的一些增量服務收費。房東越是真正依賴 Airbnb 來繼續發展他們的業務，我們認為他們就越願意購買或參與新的服務和產品。但我們認為這是一個不易腐爛的機會。

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.

正如戴夫所說，我們還有很多年可以繼續研究提供新服務。但我們今年關注的是這種前所未有的旅行反彈。因此，我們真的非常努力地簡化了賓客體驗，為賓客提供了更多的靈活性，讓房東更容易進入平台，以便我們在旅遊旺季及時找到成千上萬的房東。

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

因此，我不知道戴夫，你是否想談談靈活日期的預訂窗口。

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.

是的。我們在第二季度看到的實際上是一個與 2019 年第二季度相當穩定的預訂新窗口。它實際上比今年第一季度的預訂窗口短一點，但這主要是由於季節性。

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，你是對的，在 COVID 期間，我們看到了預訂窗口的變化，而去年在 COVID 中，當人們感覺更多時，預訂窗口會縮短，只有當他們對留下來更有信心時才會預訂。但有趣的是，在第二季度，預訂窗口與更多的歷史水平保持一致。

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

你的下一個問題來自美國銀行的賈斯汀·波斯特。

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.

幾個問題。你提到了公司的許多積極趨勢。我想知道您是否對市場機會或替代住宿與酒店住宿的 TAM 有任何想法，這種情況會發生變化嗎？你認為替代住宿正在增長嗎？也許對您在酒店預訂中的機會也有任何想法。

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?

其次，我會在這方面有所作為。實際供應指標（如主機或活動列表）的任何更新？或者這是我們每年都會得到的東西？

Dave?

戴夫？

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，關於供應指標，我認為我們已經強調了真正重要的東西。請記住，我們不需要為收入增長一對一地增加供應。為什麼是這樣？這是因為我們在世界各地有數百萬個列表。我們需要做的是在合適的時間為合適的客人提供合適的房源。隨著人們越來越靈活地選擇旅行的時間和地點，我們會更好地將這些房東集中在他們心目中的靈活地點和日期上，我們將更好地利用我們在世界各地的供應.

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.

但我們強調的是，當特定地區的需求很大時，即在北美和歐洲的非城市地區，我們在供應增長方面非常有效，這就是我們在第二季度看到的情況。我們的供應增長最為強勁，特別是在需求最強勁的領域。我們通過 Brian 談到的所有行動有機地和無機地做到這一點，關於打造鼓舞人心的主人以及作為主人的好處，與他們談論如何讓他們更容易主持和然後擁有現有主機有助於新主機成功。所以這些都是我們將要推動它的所有方式。

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.

所以我認為我們將很少談論上市，因為它有助於指導業務的整體方向，但不會作為常規措施，因為它不是收入增長的主要驅動力。就替代品與酒店的 TAM 而言，如果您真的考慮 Airbnb，那就是——我們不僅僅是一家旅遊公司。我們 - 如果一切都與旅行和生活有關。真的，任何類型的住宿，任何類型的住宿，真的很短的全年租約都可以入住 Airbnb。這就是我們所看到的事實，即我們看到 28 天或更長時間的逗留如此強勁增長。那是第二季度 19% 的夜晚。

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.

我們在信中強調了一個事實，即使是 7 天或更長時間的夜晚也占我們夜晚的 50%。所以那不是酒店。酒店的平均價格要低得多，平均可能是 1 到 2 晚。我們將成為 4 歲以上的人，我們 50% 的夜晚是 7 天或更長時間。很明顯，在這段時間裡，我們從傳統住宿中獲得了份額。

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.

我認為我們在今天的電話會議上討論了很多這些變化，人們旅行和生活方式的靈活性增加，我認為這實際上增加了 Airbnb 能夠解決的整體 TAM，因為如果你' 住的時間會更長，如果你想擁有更多的靈活性，你更有可能希望住在託管的 Airbnb 中，與在酒店房間相比，你在 Airbnb 擁有的便利設施。

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，我只是稍微補充一下。除了長期住宿，這本質上是一個全新的類別，甚至不是真正的旅行，它是生活，我認為，它已被 COVID 顯著擴展，您還有許多其他動態發生。

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.

人們正在前往更多的地方。很多時候，人們現在旅行到甚至沒有酒店的地方。所以這可以解釋 TAM 在那裡的一些擴展。還有一個從商務旅行到休閒旅行的普遍轉變，因為我們認為隨著在家出差的人越來越少，他們將有更大的休閒旅行願望。 Airbnb 顯然是為旅行提供了不成比例的新產品。

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.

再一次，在大流行的過程中，許多人，實際上是數百萬人，第一次嘗試了 Airbnb。對於 Airbnb 而言，增長最重要的一點是您必須嘗試一下，因為我們的留存率非常高。

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.

我認為這意味著 Airbnb 不再是另一種旅行方式。我認為替代住宿這個詞可能是一個過時的詞，因為它可能在 10 年前是合適的。 10 年前，TAM 要小得多。如果您看到今天的情況，請想像一下 10 年後的情況。這就是我們關注的重點，就是通過不斷增加我們可以提供的更多旅行類別來不斷擴大市場，並確保更多人了解這種新的旅行方式。

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

您的下一個問題來自 James Lee 與 Mizuho 的路線。

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?

顯然，在 Hosts 收購方面，你們在那裡進行了大量升級，並且在本季度增加了房源數量方面做得非常出色。只是好奇，您還希望在 Hosts 收購的哪些其他領域進行改進？

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?

其次，在亞太地區，您更依賴跨境旅行，您如何在那裡進行任何調整以將您的需求轉移到這些國內州？

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，我將回答第一個問題，Dave 可以回答有關亞太地區的第二個問題。因此，關於主機收購，我們已經做了很多事情。您提到的其中一件事是讓託管變得更容易。正如我所說，我們所做的就是將成為主持人的步驟減少到 10 個非常簡單的步驟。這意味著現在能夠在 Airbnb 上列出所需的時間減少了一半。

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.

現在這是一件非常非常重要的事情，因為我們知道，你越容易建立一個轉化漏斗，越多的人通過這個漏斗。我們談論的是非常小的優化可以產生成千上萬的新主機。但除此之外，我們還一直在增加漏斗頂部。我們一直在做品牌營銷活動。該公司——我們的“由房東創造可能”活動，目標和招募更多房東，以及我們在開展此活動的 5 個國家/地區所看到的情況，房東的流量——成為房東頁面的次數增加了一倍多.所以這真的非常有效。

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 提到的一件事是，第一，我們必須確保我們在漏斗中找到一個主機。第二，我們必須減少步驟的數量。但是第三，如果有人對託管有任何疑問，我們希望確保提供幫助。

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?"

所以我們創建了一個主持人大使計劃。我們有許多超讚房東，他們現在能夠為新房東提供幫助。所以當他們通過漏斗時，他們通過轉換流成為主機。如果他們有問題，我們會說，“嘿，你想和超讚房東談談嗎？”

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，我們發現我們見過的最強大的因素之一，我們的房東招募其他房東。此外，我們發展得越大，客人群越大，我們得到的主人就越多，因為我們的許多客人也成為了主人。事實上，新主人的#1 來源是之前的客人。超過 30% 的房東是客人，而且這個數字還在不斷增加。

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?

所以這些是我們正在做的一些事情，以繼續增加世界各地的主機數量。顯然，我們將在未來幾年繼續做更多的事情。戴夫？

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。就亞太地區而言，我的意思是，國內業務在全球範圍內的彈性令人驚訝。因此，我們實際上看到所有地區的國內業務都表現強勁。我認為問題出在亞洲，而拉丁美洲通常更依賴出境和國際旅行回來。所以 - 但這些國家的國內業務實際上已經相當強大。所以我們對國內的表現很滿意。我們只需要為這些企業開放更多邊界，就可以恢復到大流行前的水平。

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

您的下一個問題將來自 Brent Thill 與 Jefferies 的合作。

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?

我很好奇您是否可以更詳細地談談歐洲，以及您在該地區看到的情況以及您對跨境的任何其他觀察？

Dave?

戴夫？

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，我們在過去幾個月中看到的是，人們不得不旅行的被壓抑的需求，由於這些國家/地區的旅行限製而有所不同。

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.

我們看到人們在第二季度的預訂意願有所增加，他們已經為夏季旅行做好了準備。我們在整個季度都看到了西班牙和法國地區的特殊優勢，因為人們希望在夏季進行某種旅行。因此，除了我們在這裡的信中所包含的內容之外，我對歐洲沒有更多要說的。

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?

戴夫，你有沒有看到——當你談論所有的減速時，你是否看到歐洲、中東和非洲或多或少的下降？當你看到你一直在談論的一點點回調時，這在不同地區是否一致？

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.

好吧，再一次，我們看到的回調是非常溫和的。我真的不想誇大它。我的意思是我們看到的是，第二季度非常強勁，因為人們想要在第三季度旅行，而且我們在第三季度的表現非常強勁，這推動了我們的收入實力，以及為什麼我們明確表示第三季度的收入和利潤將是最高的曾經。所以這一切都非常強大。

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.

然後是 - 我們正在等待並觀察今年下半年第三季度旅行預期的其他影響。所以我真的沒有更多可以分享的了。

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

你的下一個問題來自巴克萊銀行的馬里奧·盧。

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，關於列表。你們本季度依次增長。因此，只是想一想在接下來的幾個季度中新許可證增長的分數將來自何處。例如，在大流行期間停用的城市和跨境列表是否有一部分將隨著移動旅行的恢復而重新激活？那裡有顏色嗎？

Dave?

戴夫？

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.

是的。我的意思是，如果您仔細想想，我們在全球擁有 400 萬台主機。其中 90% 是個人主機。然後，絕大多數這些個人主機僅在 Airbnb 上列出。他們的大部分房源都是他們自己的個人財產，或者他們擁有的第二個家。

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.

所以我認為我們的好處之一是人們不會僅僅因為我們所看到的 COVID 的近期影響而擺脫他們的主要家，而不是他們的次要家。所以我認為事實上，我們個人主機的彈性是導致我們整體上市穩定增長的原因。我認為這就是為什麼我們在第一季度對此感到非常自豪，然後我們看到在我們需求最大的領域從第一季度到第二季度有所增加。

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.

因此，隨著人們準備好返回城市地區，隨著人們回到 Airbnb 的歷史優勢，我們的房東已準備好將他們帶回來。我認為這就是力量。反過來也很容易成立，如果您更依賴專業的房東，他們可能會退市，沒有準備好迎接旅行反彈，也沒有準備好接受我們的客人。 Airbnb 的情況並非如此。我們的愛彼迎房東隨時準備接待準備旅行的旅客。

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

而且我認為關鍵點還是我們已經看到，隨著市場需求的增加，這些市場的供應也相應增加。

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?

知道了。並且只是快速跟進。在 Hosts 活動方面，你們提到那裡有成功的早期跡象。就現有主機而言，有什麼要談的，以及您是否有任何行動來保留他們以防止競爭對手也將他們加入他們的平台？

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，我可以分享，戴夫，如果你也想補充的話。第一，我們看到 Airbnb 上的絕大多數房東，因為他們是個人，他們真正想做的是確保他們有足夠的預訂來填滿他們的日曆，我們發現我們可以得到他們有足夠的預訂來填滿他們的日曆。今年這不是問題。

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.

關於我們的房東的另一件事是他們關心 Airbnb 上房客的質量。因為這些大多是人們真正的家，他們的主要家或次要家，他們非常關心誰在他們的家中。我們提供了大量的信任和安全功能和協議，讓他們高枕無憂。這就是他們告訴我們的。我們還致力於提供一流的客戶服務。

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，我們宣布的其中一項內容是專門的超讚房東系列。這是我們最好的房東，我們的超讚房東一直在要求的。我認為接待是非常非常積極的。因此，除了投資我們的房東，我們能做的最重要的事情之一就是繼續投資我們的超讚房東。如果我們繼續投資我們的超讚房東，他們就沒有理由在其他任何地方列出。

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。超讚房東計劃實際上是房東的忠誠度計劃，對嗎？這就是我們繼續投資的原因。他們是我們最好的房東。我們在全球擁有超過 800,000 名員工。我認為這真的很關鍵。然後，實際上，我們看到的主機流失實際上比我們在 COVID 之前看到的有所減少。因此，2020 年的價格低於 2019 年，而 2021 年的價格低於 2020 年。所以我們現在[總體上]肯定會繼續實際下降。

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

你的下一個問題是 Kevin Kopelman 與 Cowen and Company。

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.

偉大的。一個快速的。在考慮到所有時間差異的情況下，您能否向我們提供有關您今天的收入佔 GPV 百分比的最新情況？從外面很難說那是哪裡。

Kevin, Dave can take this.

凱文，戴夫可以接受這個。

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。我們的接受率實際上非常一致。因此，如果您將我們的收入調整為總預訂價值，則採用率約為 15%，並且在此期間非常穩定——所以當您調整它時。

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

（操作員說明）您的下一個問題來自 Deepak Mathivanan 與 Wolfe 的系列。

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.

我想問一下您如何看待旅行需求趨勢。我知道近期存在 COVID 不確定性。但是，當您考慮被壓抑的旅行需求的持續收益時，即使在我們看到美國和歐洲部分地區等複蘇良好的市場中，仍有大量未花費的旅行資金。

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.

因此，當您考慮下半年甚至到 2022 年時，您認為我們在短期內從被壓抑的旅行需求中看到的這種增量收益可能會持續嗎？或者您認為我們會經歷一段活動回升至正常旅行水平且複蘇在一定程度上放緩的時期？不尋求任何具體的指導，但很想听聽您對此事的看法。

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.

是的。非常感謝你，迪帕克。我想我也許可以在高層次上理解這一點。戴夫，也請隨意插話。我認為從這次大流行中吸取了很多教訓。而且我認為一個普遍的教訓是，當事物遠離我們時，我們往往會更加珍惜它們。而且我認為，在大流行期間從我們身邊奪走的一切並不是人們所欣賞的。但我認為旅行是人們在大流行中最懷念的事情之一。

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，我們對世界各地的旅行者進行了調查，旅行是人們最懷念的戶外活動。他們比去體育賽事、去餐館、戶外用餐和其他機會更想念它。而且我們認為我們甚至沒有明顯地利用被壓抑的需求，因為顯然不是每個人都能夠旅行。

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.

還要記住，在大流行之前，大約有 50 個——幾乎占我們業務的 50%，是跨境旅行和城市旅行。未來一年幾乎沒有可能出現跨境旅行複蘇。所以我認為我們將要看到的是你只能想像隨著即將到來的旅行季節事情得到更多控制，人們將再次更舒適地過境，但這次不同的是人們將擁有靈活性他們以前沒有。

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.

所以我認為我們非常非常看好跨境旅行的未來。很多人已經很長時間沒有離開他們的國家了，我們認為他們會希望這樣做。除此之外，還有許多新的機會可以遊覽這座城市。

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?

所以我認為有很多理由在未來幾年對旅行會發生什麼非常樂觀。很多事情可能無法恢復到大流行之前的水平。但我認為我們肯定知道的一件事是旅行會，而且可能會比以往任何時候都大。戴夫，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。我想我會補充一點，記住，我們不僅僅是一家旅遊公司。我們是關於任何類型的住宿。我想我們今天在電話會議上談了很多，28 天和更長，甚至 7 天或更長時間的趨勢，人們旅行時的靈活性，旅行和生活變得模糊的事實，我認為所有這些都是人們在 Airbnb 上旅行和旅行的增量方式。

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.

很明顯，有這種被壓抑的需求，人們渴望再次旅行。但我只是認為，從長遠來看，旅行趨勢的所有其他順風確實有利於我們的業務。

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

您的最後一個問題來自 Rob Sanderson 與 Loop Capital 的合作。

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?

偉大的。布萊恩的問題。所以今年，你的重點非常明確，當然，這是為了恢復。因此，當我們最終解決您的優先事項已經轉移和錯位的情況時，您基本上已經 2 年了。那麼，當我們回到這種新常態時，您希望如何轉移注意力？

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?

我知道體驗的開發真的很受阻礙並被擱置了。但是，您希望花時間研究哪些更重要的重點領域？或者是什麼——也許大流行如何將這些目標從原本的目標轉變為其他目標？

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.

這是一個很好的問題，羅布。我認為有4件事。第一，我認為大流行在我們即將到來的旅行複蘇中表明，我認為第一，我們核心業務的機會可能比大流行之前任何人真正想像的都要大。部分原因是，再一次，更多的人前往更多的地方，其中許多地方甚至沒有酒店，數百萬人被介紹到 Airbnb。我認為隨著跨境和城市旅行的複蘇，你會看到我們核心的巨大力量。

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，我們的核心有很多機會，我想確保我們的團隊真正專注。第二，正如我們所說，長期入住對我們的業務來說是一個巨大的福音。當喬、內特和我在 13 多年前創辦這家公司時，這是一個真正不存在的旅行類別。但我認為有一個全新的旅行類別，其中旅行和生活變得模糊，所以這將是第二個。

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.

三，你提到的經驗。我們認為去年可能是體驗突破的一年。顯然，相反的情況發生了。我們不得不暫停產品。但我認為人們會渴望體驗。原因很簡單。

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.

我認為人們渴望獲得有意義的體驗。我認為你只能坐在家裡連續幾個晚上看 Netflix 或流媒體服務，然後才能真正想走出家門做點什麼，和其他人在一起。而且我認為對於在世界各地擁有真實體驗的人來說，將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，第四點，我認為有很多機會可以解鎖更多託管服務。我們現在生活在一個世界各地仍然存在嚴重經濟困境的世界。舉一個例子，女性受到大流行的影響不成比例。我們的房東中有 55% 是世界各地的女性。因此，我們認為有一個巨大的機會可以繼續解鎖更多的託管服務。我們將從我們社區的創造力中獲得指導。

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.

當我們開始 Airbnb 時，它實際上只是一種出租您的客廳或臥室的方式，但我們的房東和他們的創造力開始列出整個房屋。他們不僅列出了整個房屋，還開始列出城堡、船隻和樹屋。因此，我們也將繼續從我們的託管社區那裡獲得指導，他們將繼續為我們指明方向，我們將繼續創新以解鎖更多託管服務。

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。好消息是它們並沒有真正的不同。這是我們一直關注的。我認為這只是重新關注我們的核心，這是圍繞長期住宿的驚人新機會。我們將繼續加倍體驗，我們將繼續解鎖託管。

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.

我們做所有這些事情。我認為我們將回顧過去，這仍然是一個更大的企業的早期階段。我們已經 13 歲了，但我認為——作為創始人，我說你不會把一個 13 歲的孩子培養成一個偉大的 14 歲孩子。許多年後，你將他們培養成一個偉大的成年人。而且我認為在接下來的十年裡我們有很多機會。

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

我現在將把電話轉回給布賴恩·切斯基（Brian Chesky）進行最後評論。

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.

嗯，謝謝大家今天加入我們。我只想說，再一次，我們對本季度的結果感到非常非常自豪。我認為這證明了第一點，我們的模型天生具有適應性。我們可以適應客人不斷變化的用例，這是因為我們託管了幾乎每個社區，提供幾乎所有價格點的任何類型的空間。

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，我們將繼續專注於產品創新。我們將繼續開發新產品。我認為，這兩件事表明，這種流行病對我們和世界各地的每個人來說都一樣艱難，它使我們成為一家更強大、更高效和更好的公司。我們已經為即將發生的事情、旅行的未來和生活的未來做好了準備。

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

因此，非常感謝大家今天加入我們。我們將在下個季度與您交談。

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。感謝您的參與。您現在可以斷開連接。