Airbnb Inc (ABNB) 2021 Q1 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's earnings conference call for the first quarter of 2021.

下午好，感謝您參加 Airbnb 2021 年第一季度財報電話會議。

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.

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 Ian Lee, Airbnb's Head of Investor Relations.

現在，我將把電話轉給 Airbnb 的投資者關係主管 Ian Lee。

Please go ahead.

請繼續。

Good afternoon and welcome to Airbnb's First Quarter of 2021 Earnings Call.

下午好，歡迎參加 Airbnb 2021 年第一季度財報電話會議。

Thank you for joining us today.

感謝您今天加入我們。

On the call today, we have Airbnb's Cofounder and CEO, Brian Chesky; and our Chief Financial Officer, Dave Stephenson.

在今天的電話會議上，我們有 Airbnb 的聯合創始人兼首席執行官 Brian Chesky；和我們的首席財務官戴夫斯蒂芬森。

Earlier today, we issued a shareholder letter with our financial results and commentary for our first quarter of 2021.

今天早些時候，我們發布了一封股東信，其中附有我們 2021 年第一季度的財務業績和評論。

These items are also posted on the Investor Relations section of Airbnb's website.

這些項目也發佈在 Airbnb 網站的投資者關係部分。

During the call, we'll make brief opening remarks and then spend the remainder of the time on Q&A.

在電話會議期間，我們將做簡短的開場白，然後將剩餘的時間用於問答環節。

Before I turn it over to Brian, I'd like to remind everyone that we'll be making forward-looking statements on this call that involve a number of risks and uncertainties.

在我把它交給布賴恩之前，我想提醒大家，我們將在這次電話會議上做出涉及許多風險和不確定性的前瞻性陳述。

Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors.

由於多種因素，實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。

These factors are described under Forward-looking Statements in our shareholder letter and in our Form 10-K filed with the SEC on February 26, 2021.

這些因素在我們的股東信函中的前瞻性陳述和我們於 2021 年 2 月 26 日向 SEC 提交的 10-K 表格中進行了描述。

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.

我們敦促您考慮這些因素並提醒您，我們不承擔更新此電話中包含的信息以反映後續事件或情況的義務。

You should be aware that these statements should be considered estimates only and are not a guarantee of future performance.

您應該知道，這些陳述應僅被視為估計值，而不是對未來業績的保證。

Also, during this call, we will discuss some non-GAAP financial measures.

此外，在本次電話會議中，我們將討論一些非公認會計原則的財務措施。

We provided reconciliations to the most directly comparable GAAP financial measures in the shareholder letter posted to our Investor Relations website.

我們在發佈到我們投資者關係網站的股東信中提供了與最直接可比的 GAAP 財務指標的對賬。

These non-GAAP measures are not intended to be a substitute for our GAAP results.

這些非 GAAP 措施無意替代我們的 GAAP 結果。

And with that, I'll pass the call to Brian.

有了這個，我會把電話轉給布賴恩。

All right.

好的。

Thank you very much, Ian.

非常感謝你，伊恩。

And thank you, everyone, for joining us today.

感謝大家今天加入我們。

I want to start by acknowledging the state of the pandemic.

我想首先承認大流行的狀態。

COVID-19 cases continue to surge in parts of the world such as India.

在印度等世界部分地區，COVID-19 病例繼續激增。

And our thoughts go out to our hosts, guests and employees in India during this difficult time.

在這個困難時期，我們向印度的主人、客人和員工表達了我們的想法。

There is much more work to do to limit the spread of the pandemic, and many people are still hurting.

要限制大流行的傳播，還有很多工作要做，許多人仍在受傷。

And we know how lucky we are to be in the position we're in today.

我們知道我們有多麼幸運能夠處於今天的位置。

2020 was a year that none of us will ever forget.

2020年是我們誰都不會忘記的一年。

It was also a year when travel fundamentally changed forever.

這也是旅行發生根本性改變的一年。

Airbnb changed as well.

Airbnb 也發生了變化。

We sharpened our focus on our core business of hosting.

我們加強了對託管核心業務的關注。

And we got back to our roots, back to what is truly special by Airbnb: the everyday people who host their homes and offer experiences.

我們回到了我們的根源，回到了 Airbnb 真正特別的地方：每天都有自己的家和提供體驗的人。

And we emerged as a stronger and more efficient company.

我們成為了一家更強大、更高效的公司。

Our business rebounded faster than anyone expected, and it showed that as the world changes, we are able to adapt.

我們的業務反彈速度比任何人預期的都要快，這表明隨著世界的變化，我們能夠適應。

Now turning to our Q1 results.

現在轉向我們的第一季度業績。

Our business dramatically improved with the rollout of vaccines and the easing of some travel restrictions.

隨著疫苗的推出和一些旅行限制的放寬，我們的業務顯著改善。

While conditions aren't yet normal, they are improving.

雖然情況尚不正常，但正在改善。

People's desire to travel, combined with our tightly managed expenses, drove a return to our positive top line growth and materially improved adjusted EBITDA.

人們對旅行的渴望，加上我們嚴格管理的開支，推動我們恢復了正的收入增長，並顯著改善了調整後的 EBITDA。

In Q1, our revenue was $887 million.

第一季度，我們的收入為 8.87 億美元。

This was an increase of 5% year-over-year, and it exceeded Q1 2019 levels as well.

這同比增長 5%，也超過了 2019 年第一季度的水平。

But here is the most important fact: Our business improved without the recovery of 2 of our strongest historical segments: urban travel and cross-border travel.

但最重要的事實是：我們的業務有所改善，但沒有恢復我們最強勁的兩個歷史細分市場：城市旅行和跨境旅行。

We expect the return of urban and cross-border travel to be significant tailwinds over the coming quarters.

我們預計城市和跨境旅行的回歸將成為未來幾個季度的重要推動力。

Now as our top line recovers, we are maintaining our focus and our financial discipline to improve our profitability.

現在，隨著我們的收入恢復，我們將保持專注和財務紀律，以提高我們的盈利能力。

Our adjusted EBITDA loss was $59 million.

我們調整後的 EBITDA 虧損為 5900 萬美元。

This was approximately $190 million better than the same period in 2019, and it was $275 million better than a year ago on essentially the same revenue.

這比 2019 年同期高出約 1.9 億美元，在收入基本相同的情況下，比一年前高出 2.75 億美元。

Now these results show that we are improving our variable costs, we're being disciplined with our marketing and our fixed costs.

現在這些結果表明我們正在改善我們的可變成本，我們正在對我們的營銷和我們的固定成本進行紀律處分。

Our strong performance also indicates the beginning of the travel rebound.

我們的強勁表現也預示著旅行反彈的開始。

Just a few hours ago, the Director of the Centers for Disease Control said, "If you are fully vaccinated, you can start doing the things that you had stopped doing because of the pandemic."

就在幾個小時前，疾病控制中心主任說，“如果你完全接種了疫苗，你就可以開始做你因為大流行而停止做的事情。”

What we think this means is that more people will be comfortable traveling.

我們認為這意味著更多的人會舒適地旅行。

And it further strengthens our view that we are going to see a significant travel rebound.

它進一步強化了我們的觀點，即我們將看到旅遊大幅反彈。

In fact, we expect this rebound to be unlike anything that we have ever seen before, and we expect travel to be very different than before.

事實上，我們預計這次反彈將不同於我們以前見過的任何情況，我們預計旅行將與以前大不相同。

People are discovering that they don't have to be tethered to one location to live and work.

人們發現他們不必被束縛在一個地方來生活和工作。

And what this means is that people are more flexible about where and when they travel.

這意味著人們對旅行的地點和時間更加靈活。

People can now travel any time.

人們現在可以隨時旅行。

People are also traveling everywhere.

人們也到處旅行。

They're not just going to the same 20 or 30 cities.

他們不只是去同樣的 20 或 30 個城市。

They're visiting smaller cities, towns and rural communities.

他們正在訪問較小的城市、城鎮和農村社區。

And when people do travel, they're staying longer.

當人們旅行時，他們停留的時間更長。

24% of our nights booked in Q1 were for stays of 28 nights or longer.

我們在第一季度預訂的房晚中有 24% 是入住 28 晚或更長時間。

People are not just traveling in Airbnb, they're now living on Airbnb.

人們不只是在 Airbnb 上旅行，他們現在住在 Airbnb 上。

And these trends are not going away.

這些趨勢不會消失。

The world is never going back to the way it was, and that means that travel is never going back to the way it was either.

世界永遠不會回到原來的樣子，這意味著旅行也永遠不會回到原來的樣子。

So let me tell you about what we're doing to prepare for what's ahead.

所以讓我告訴你我們正在做些什麼來為未來做準備。

Our single priority in 2021 is to prepare for the coming travel rebound.

我們在 2021 年的首要任務是為即將到來的旅行反彈做準備。

To do this, we're professing the end-to-end experience of our core service.

為此，我們宣揚我們核心服務的端到端體驗。

This includes educating the world about hosting, recruiting more hosts, simplifying the guest experience, and delivering a world-class service.

這包括向全世界宣傳託管、招募更多託管人、簡化客戶體驗以及提供世界一流的服務。

Now I'm going to briefly share how we're executing against each of these areas.

現在我將簡要分享我們是如何針對這些領域執行的。

First, we are educating the world about what makes Airbnb different: hosting.

首先，我們正在向全世界宣傳 Airbnb 的與眾不同之處：託管服務。

In late February, we launched our first large-scale marketing campaign in 5 years, Made possible by Hosts.

2 月下旬，我們發起了 5 年來的第一次大規模營銷活動，“房東使成為可能”。

We're educating guests about the benefits of being hosted, and we're aspiring more people to become hosts.

我們正在教育客人了解託管的好處，並且我們希望更多的人成為託管人。

Now while it's still early, the campaign is being well received.

現在雖然還為時過早，但該活動受到了好評。

In markets where we're running the campaign, overall traffic is up, first-time bookers are up, traffic from prospective hosts is up, and our brand favorability is up.

在我們開展活動的市場，總體流量上升，首次預訂者上升，來自潛在房東的流量上升，我們的品牌好感度上升。

Second, we are recruiting more hosts, and we are setting them up for success.

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。

To build on the momentum of our marketing campaign, we launched an accompanying digital campaign that's focused on recruiting new hosts.

為了鞏固我們營銷活動的勢頭，我們推出了一項配套的數字活動，重點是招募新房東。

And we've completely redesigned the end-to-end experience of being a host on Airbnb.

我們已經完全重新設計了成為 Airbnb 房東的端到端體驗。

We're making it easier for anyone to start hosting.

我們讓任何人都可以更輕鬆地開始託管。

Third, we are simplifying every part in the guest experience.

第三，我們正在簡化客戶體驗的每個部分。

In February, we launched a Flexible Dates feature.

2 月，我們推出了靈活日期功能。

It allows guests to browse options while being flexible on the exact dates of their trip.

它允許客人瀏覽選項，同時靈活選擇旅行的確切日期。

Now since the feature launched, there have been more than 90 million Flexible Dates searches on Airbnb, 90 million searches since just February with Flexible Dates, this new feature we created.

現在，自該功能推出以來，Airbnb 上的靈活日期搜索量已超過 9000 萬次，自 2 月以來，我們創建的新功能靈活日期搜索量已達 9000 萬次。

And guests who used this feature have converted at a higher rate than guests who do not.

使用此功能的客人的轉化率高於未使用此功能的客人。

Now this is just one of many improvements that we are making to the guest experience.

現在，這只是我們對客戶體驗所做的眾多改進之一。

And finally, whenever our guests or hosts need us, we must deliver world-class service.

最後，當我們的客人或主人需要我們時，我們必須提供世界一流的服務。

So to prepare for the travel rebound, we're improving our community support products, enhancing our safety protocols, and we're scaling our operation by ramping our third-party support.

因此，為了為旅行反彈做準備，我們正在改進我們的社區支持產品，加強我們的安全協議，並通過增加我們的第三方支持來擴大我們的運營。

Now I want to wrap by highlighting a major announcement that we have coming up in less than 2 weeks.

現在，我想強調一個重要的公告，我們將在不到 2 週的時間內發布。

On May 24, we will announce the most comprehensive update to the Airbnb service in 12 years.

5 月 24 日，我們將公佈 12 年來 Airbnb 服務最全面的更新。

As part of this special announcement, we're going to share insights on how travel is fundamentally changing, along with updates we've made to prepare for what's ahead.

作為本次特別公告的一部分，我們將分享有關旅行如何從根本上發生變化的見解，以及我們為應對未來所做的更新。

We're going to unveil a simpler and more inspiring guest experience.

我們將推出更簡單、更鼓舞人心的賓客體驗。

And we are going to show you upgrades that make it even easier to be a host on Airbnb.

我們將向您展示升級，讓您更容易成為 Airbnb 的房東。

So watch the announcement with the airbnb.com on Monday, May 24.

因此，請在 5 月 24 日星期一通過 airbnb.com 觀看公告。

So to summarize, we're pleased with the strong Q1 results.

總而言之，我們對第一季度的強勁業績感到滿意。

We are encouraged by the trends that we're seeing driving these results, and we are executing against our 2021 plan to prepare for the travel rebound.

我們看到推動這些結果的趨勢令我們感到鼓舞，我們正在執行我們的 2021 年計劃，為旅行反彈做準備。

And we think this travel rebound will be unlike anything we've seen before.

我們認為這次旅行反彈將不同於我們以前見過的任何情況。

We think this is the travel rebound of the century.

我們認為這是本世紀的旅遊反彈。

So travel is coming back, and Airbnb is ready.

所以旅行回來了，Airbnb已經準備好了。

And with that, Dave and I look forward to answer your questions.

有了這個，戴夫和我期待著回答你的問題。

(Operator Instructions) Your first question comes from Justin Post with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Justin Post。

I guess I really want to focus on behavior change, which could benefit the company, first hosts and also guests.

我想我真的很想專注於行為改變，這可能對公司、最初的主人和客人都有好處。

I think in the letter, it said post listings were stable with Q4, but it seems like you're really encouraged by what you're seeing.

我認為在信中，它說第四季度的帖子列表是穩定的，但看起來你真的對你所看到的感到鼓舞。

So maybe you could dive in there and tell us what is encouraging about what you're seeing with hosts and whether you see -- expect a lot of new listings to hit the market over the next year?

因此，也許您可以深入其中，告訴我們您在房東身上看到的令人鼓舞的地方以及您是否看到 - 預計明年會有很多新房源上市？

And then similarly on the guests side, how do you think this pandemic is going to increase willingness to use alternative accommodations?

然後同樣在客人方面，您認為這種流行病將如何增加使用替代住宿的意願？

Are you seeing some positive signs there?

你在那裡看到一些積極的跡象嗎？

Thank you very much, Justin.

非常感謝，賈斯汀。

So why don't I start?

那我為什麼不開始呢？

And Dave, feel free to add in after I go.

還有戴夫，我走後隨時補充。

So let's start with hosts, and then we'll go to guests.

因此，讓我們從主持人開始，然後我們會去客人。

So Justin, let's just start with we have 4 million hosts on Airbnb.

那麼賈斯汀，讓我們從 Airbnb 上的 400 萬房東開始吧。

And I think if you asked people a year ago, would we have had such a stable host community?

我想如果你在一年前問人們，我們會有這麼穩定的寄宿社區嗎？

They probably wouldn't have expected that.

他們可能不會想到這一點。

But what we have today are hosts that offer 5.6 million listing.

但我們今天擁有的是提供 560 萬個房源的主機。

And these 5.6 million listings more about 1 million more than we had this time in 2019.

這 560 萬個房源比 2019 年的這個時候多出約 100 萬個。

And what we've actually seen is a large growth in non-urban listing.

而我們實際看到的是非城市上市的大幅增長。

So we actually have a 30% growth in non-urban and vacation rental listings as well.

因此，我們的非城市和度假租賃房源實際上也增長了 30%。

Now it's important to note that 90% of our hosts, our everyday people, they're individuals.

現在重要的是要注意，我們 90% 的主人，我們的普通人，他們都是個人。

And the reason why is as we've made hosting on Airbnb easier, more and more hosts are coming to Airbnb as well.

原因在於我們讓 Airbnb 上的房東更容易，越來越多的房東也來到 Airbnb。

Now specific to what we're doing, we launched our first global campaign in 5 years, Made possible by Hosts.

現在具體到我們正在做的事情，我們發起了 5 年來的第一個全球活動，由房東實現。

As I said, we also have an accompanying host campaign.

正如我所說，我們還有一個伴隨的主持人活動。

Both of these campaigns, we are seeing significantly larger traffic of prospective hosts to the platform.

在這兩個活動中，我們都看到潛在主機到平台的流量顯著增加。

The next thing we're doing is we're making it even easier to become a host by reducing number of steps to become a host.

接下來我們要做的就是通過減少成為房東的步驟，讓成為房東變得更加容易。

And as we reduce the number of steps, conversion rate for hosts gets even easier.

隨著我們減少步驟數量，房東的轉化率變得更加容易。

We now are allowing hosts to be paired with other super hosts to help them get started, and we have webinars as well.

我們現在允許主持人與其他超級主持人配對以幫助他們入門，我們也有網絡研討會。

And then finally, we have new tools and services that's going to make it even easier for hosts to list and be successful.

最後，我們擁有新的工具和服務，這將使房東更容易上榜並取得成功。

I'll just end this in by saying on May 24 we will unveil a number of new tools and service that I think are going to make it much easier for hosts to get started.

最後，我將在 5 月 24 日說我們將推出一些新工具和服務，我認為這將使房東更容易上手。

And I want to point out that new hosts that join Airbnb, 50% of them get a booking within 4 days of activation.

我想指出的是，加入 Airbnb 的新房東，其中 50% 的人在激活後的 4 天內獲得了預訂。

And I think hosting is something at the perfect time for many people in the world.

我認為託管是世界上許多人的最佳時機。

Because Airbnb, we started actually after the Great Recession in 2008.

因為Airbnb，我們實際上是在2008年大蕭條之後開始的。

And at that time, there were many hosts, many people that were looking at Airbnb as a financial lifeline.

那時，有很多房東，很多人將 Airbnb 視為財務生命線。

I think if you think about the number of hosts on Airbnb, the top occupations of our hosts are health care workers, educators and people in food and hospitality.

我認為，如果您考慮 Airbnb 的房東數量，我們房東的主要職業是醫療保健工作者、教育工作者以及食品和酒店業人員。

These are industries that have been hit really, really hard.

這些行業受到了非常非常嚴重的打擊。

So our job is to tell the story of hosting, the fact that on Airbnb you can make USD 8,000 on average if you have one listing, which is 5x you can make what an average American got in the stimulus check.

因此，我們的工作是講述託管的故事，在 Airbnb 上，如果您有一個房源，您平均可以賺取 8,000 美元，這是普通美國人在刺激檢查中獲得的收入的 5 倍。

So these are some of the things we're getting going, and we are just getting started ramping.

所以這些是我們正在進行的一些事情，我們才剛剛開始加速。

And I expect us to get millions of more hosts in the coming years on Airbnb.

我預計未來幾年我們將在 Airbnb 上獲得數百萬的房東。

Now as far as trends for guests, Justin, I'll also cover this as well.

現在，就客人的趨勢而言，賈斯汀，我也將介紹這一點。

As I said before, I think 2 things are true.

正如我之前所說，我認為有兩件事是正確的。

Number one, this travel rebound that is starting that is unlike anything we've ever seen before.

第一，正在開始的旅行反彈與我們以前見過的任何情況都不一樣。

And I think the Q1 results kind of demonstrate this.

我認為第一季度的結果證明了這一點。

But the other thing that we're seeing is that travel is going to be very different than before.

但我們看到的另一件事是旅行將與以前大不相同。

Probably the biggest changes are the following: number one, I don't think business travel is ever coming back the way it was before the pandemic.

最大的變化可能如下：第一，我認為商務旅行不會像大流行之前那樣恢復。

It's at least not going to look like it did.

至少看起來不會像以前那樣。

I do think a new kind of business travel may emerge.

我確實認為可能會出現一種新的商務旅行方式。

Many employees are working remotely.

許多員工都在遠程工作。

They're going to need to go back to headquarters occasionally.

他們需要偶爾回總部。

You're going to see longer stays going in cities.

您將看到在城市中停留的時間更長。

And so we're seeing elevated bookings in urban markets for stays of longer than 28 days.

因此，我們看到城市市場中停留時間超過 28 天的預訂量有所增加。

But the bigger trend is going to be flexibility.

但更大的趨勢將是靈活性。

I think that all of us working around the world, most of us, if we're privileged enough to say this, are more flexible than we were before the pandemic.

我認為，我們在世界各地工作的所有人，我們中的大多數人，如果我們有幸這樣說，就會比大流行之前更加靈活。

Because of the world of Zoom means a world where we can work anywhere, it's a world where many people are also choosing to live anywhere.

因為 Zoom 的世界意味著我們可以在任何地方工作的世界，所以許多人也選擇住在任何地方。

And this has created 3 travel trends.

這創造了3個旅行趨勢。

Number one, people can travel anytime.

第一，人們可以隨時旅行。

This is why we have a Flexible Dates feature where instead of saying, "I want to travel from July 5 to July 10," you can say, "I want to go somewhere for a weekend, a week or a month anytime this summer." We've had over 90 million people use this feature.

這就是為什麼我們有一個靈活的日期功能，而不是說“我想從 7 月 5 日到 7 月 10 日旅行”，您可以說“我想在今年夏天的任何時候去某個地方度過一個週末、一周或一個月。 "我們已經有超過 9000 萬人使用此功能。

And as more people use this feature, conversion rate goes up.

隨著越來越多的人使用此功能，轉化率也會上升。

The second thing we're seeing is length of stay is increasing.

我們看到的第二件事是逗留時間在增加。

In 2019 at this period of time, 14% of our nights were longer than 28 days.

在 2019 年的這段時間裡，我們 14% 的夜晚超過 28 天。

Now 24% of our nights are longer than 28 days.

現在，我們 24% 的夜晚超過 28 天。

What that basically means is 1/4 of our business isn't travel, it's living.

這基本上意味著我們業務的 1/4 不是旅行，而是生活。

After 28 days, you're probably not traveling.

28 天后，您可能不再旅行。

And I think what this is a trend of is that traveling and living are going to begin to blur together.

我認為這是一種趨勢，旅行和生活將開始變得模糊不清。

So this is the second trend we're seeing.

所以這是我們看到的第二個趨勢。

And the third is people are now traveling everywhere.

第三是人們現在到處旅行。

If you look at the concentration of our revenue, it is much more distributed than it was a couple of years ago.

如果你看看我們的收入集中度，它比幾年前更加分散。

And this is because people aren't just going to the same 20 or 30 cities, they are getting in cars and they're traveling to small towns and rural communities, many of which don't even have a hotel.

這是因為人們不只是去同樣的 20 或 30 個城市，他們乘坐汽車，前往小城鎮和農村社區，其中許多甚至沒有旅館。

So again, the big trend is flexibility.

同樣，大趨勢是靈活性。

People are traveling anytime, anywhere, and they're staying longer.

人們隨時隨地都在旅行，而且停留的時間更長。

We think all these trends are here to stay.

我們認為所有這些趨勢都將繼續存在。

And I'll just end by giving one more thought.

最後我再想一想。

I think there is a mass shift from mass travel to meaningful travel.

我認為從大眾旅行到有意義的旅行正在發生大規模的轉變。

Because people missed traveling.

因為人們錯過了旅行。

In fact in my surveys, people say the thing they miss the most that was taken away from the pandemic, at least from out of door activities, was travel.

事實上，在我的調查中，人們說他們最想念的東西是旅行，至少是從大流行中帶走的，至少是在戶外活動中。

But they don't miss business travel.

但他們不會錯過商務旅行。

They don't miss standing in line in front of a museum or a selfie -- a landmark getting a selfie stick -- getting a photo with a selfie stick.

他們不會錯過在博物館前排隊或自拍——獲得自拍杆的地標——用自拍杆拍照。

What they really miss is spending time with the people they care about.

他們真正懷念的是與他們關心的人共度時光。

And we call this meaningful travel.

我們稱之為有意義的旅行。

We have friends and families.

我們有朋友和家人。

We think Airbnb is really a great way to do that.

我們認為 Airbnb 確實是實現這一目標的好方法。

So those are the trends that we're seeing.

這些就是我們看到的趨勢。

The 2 trends I do think are going to inverse are we are going to see a recovery of urban travel and the recovery of cross-border.

我確實認為會逆轉的兩個趨勢是，我們將看到城市旅行的複蘇和跨境旅行的複蘇。

This has been our bread and butter before the pandemic, and I think those are significant tailwinds for us.

在大流行之前，這一直是我們的生計，我認為這對我們來說是重要的順風。

And your next question comes from Mario Lu with Barclays.

您的下一個問題來自巴克萊銀行的 Mario Lu。

The first one's on listings count.

第一個在列表中計數。

So you said you have similar levels to last quarter around 5.6 million.

所以你說你的水平與上一季度相似，約為 560 萬。

But with this hosting campaign that you guys are running, is there like a time line that we should expect to drive that number up?

但是對於你們正在運行的這個託管活動，是否有一個我們應該期望推動這個數字上升的時間表？

Or you mentioned in the past that 1/4 of guests eventually become hosts.

或者你過去提到過 1/4 的客人最終會成為主人。

When should we expect that number to increase?

我們應該期望這個數字什麼時候增加？

Yes.

是的。

Dave, why don't I give you this question?

戴夫，我為什麼不給你這個問題？

And it's a great question, Mario.

這是一個很好的問題，馬里奧。

And I'll also say that in Q1, 28% of our hosts were now prior guests as well.

我還要說，在第一季度，我們 28% 的房東現在也是之前的客人。

So that number is increasing.

所以這個數字正在增加。

But Dave, I'll hand it over to you.

但是戴夫，我會把它交給你。

Yes, to be clear on the stat, it's that of guests, 25%, about 24% were former -- new hosts were former guests.

是的，要清楚統計數據，這是客人的數據，25%，大約 24% 是前客人——新主人是前客人。

So just to be clear with the percentage.

所以只是為了清楚百分比。

It's early.

現在還早。

We're seeing strong listing count, 5.6 million.

我們看到了強勁的上市數量，560 萬。

It's been very stable.

一直很穩定。

I think, actually, one of the things that's been very impressive during this time is that our host churn in Q1 '21 is actually lower than our host churn in the same period in 2019.

我認為，實際上，這段時間令人印象深刻的一件事是，我們在 21 年第一季度的主機流失率實際上低於 2019 年同期的主機流失率。

And actually, our churn in 2020 was even lower than what it was in 2019.

實際上，我們在 2020 年的流失率甚至低於 2019 年。

So I just think it all just shows kind of that resiliency and the stability of our supply.

所以我只是認為這一切都表明了我們供應的彈性和穩定性。

And we're just optimistic that as things continue to rebound, as we continue to educate people about the benefits of hosting and all of the tailwinds that Brian just outlined, we'll continue to see a strong host growth going forward.

我們只是樂觀地認為，隨著事情繼續反彈，隨著我們繼續向人們宣傳託管的好處以及布賴恩剛剛概述的所有順風，我們將繼續看到強勁的主機增長。

Great, and then just one follow-up on domestic versus international.

太好了，然後只是國內與國際的後續行動。

So I'm not sure if you can see this in your data yet, but just curious to hear if you're seeing some substitution in terms of domestic bookings versus international as the vaccine rates increase?

所以我不確定您是否可以在您的數據中看到這一點，但只是想知道隨著疫苗接種率的增加，您是否看到國內預訂與國際預訂相比有所替代？

And do you think the domestic rates will remain above 2019 levels even after borders open up?

您是否認為即使在邊境開放後，國內利率仍將保持在 2019 年的水平之上？

Yes.

是的。

Dave, do you want to take this one as well?

戴夫，你也想要這個嗎？

Yes.

是的。

I mean just unsure exactly where everything will settle out for domestic versus international.

我的意思是不確定國內與國際的一切將如何解決。

Clearly, right now 80% of our nights in Q1 were domestic.

顯然，目前我們在第一季度的 80% 的夜晚是國內的。

So we've seen domestic travel being consistent, the strength all around the world.

所以我們已經看到國內旅行是一致的，在世界各地都有力量。

Historically, our strength has obviously been in urban areas cross-border.

從歷史上看，我們的實力顯然已經在城市地區跨界。

So prior to kind of pandemic, think about 50% of our nights were actually cross-border nights.

因此，在大流行之前，想想我們 50% 的夜晚實際上是跨境之夜。

And obviously with that not occurring, clearly there's going to be some substitution where people are going to stay domestically where they might have taken a cross-border trip.

顯然，如果沒有發生這種情況，顯然會有一些替代品，人們將留在國內，他們可能會進行跨境旅行。

But again, our urban cross-border has been our strength.

但同樣，我們的城市跨界一直是我們的強項。

We know that many of these trips will be -- are incremental and such that when travel rebounds to a more typical state, we'll have growth in overall travel.

我們知道，其中許多旅行將是漸進式的，因此當旅行反彈到更典型的狀態時，我們的整體旅行將有所增長。

Just hesitancy, right?

只是猶豫，對吧？

People are hesitant to travel right now if they aren't vaccinated, or maybe they can't travel due to do some of the lockdowns in borders.

如果人們沒有接種疫苗，或者由於邊境的一些封鎖而無法旅行，人們現在會猶豫是否要旅行。

So we know that many of the trips will be coming back and will be incremental to what we're seeing today.

所以我們知道許多旅行會回來，並且會增加我們今天所看到的。

And your next question comes from Colin Sebastian with Baird.

您的下一個問題來自 Colin Sebastian 和 Baird。

I have a couple of questions on investments and spending.

我有幾個關於投資和支出的問題。

I guess first off, what gives you the confidence that you can moderate sales and marketing spend in the second half without impacting bookings or listing levels?

我想首先，是什麼讓您有信心在下半年調整銷售和營銷支出而不影響預訂或上市水平？

Is that still the plan?

還是那個計劃嗎？

And then in terms of product development, obviously, Brian, you'll be making some announcements soon.

然後在產品開發方面，很明顯，Brian，你很快就會發布一些公告。

But how are you thinking about the pace of R&D or product development spend, now that business appears to be returning to normal, or whatever normal means now?

但是您如何看待研發或產品開發支出的步伐，既然業務似乎正在恢復正常，或者現在任何正常意味著什麼？

Is it perhaps time to look at reaccelerating hiring?

現在是時候考慮重新加速招聘了嗎？

Or what are your thoughts on that?

或者您對此有何看法？

Yes.

是的。

Thank you very much, Colin.

非常感謝，科林。

Dave, why don't I take this at a high level, and you can obviously go into more detailed analysis?

戴夫，我為什麼不把這個放在一個高層次上，你顯然可以進行更詳細的分析？

So Colin, a couple of things.

所以科林，有幾件事。

Let me just first start and talk about our marketing strategy, and then I'll answer your very specific question about H2 marketing.

讓我先開始談談我們的營銷策略，然後我會回答你關於 H2 營銷的非常具體的問題。

First of all, we take a very different approach to sales and marketing, I think, than our competition.

首先，我認為，與我們的競爭對手相比，我們對銷售和營銷採取了非常不同的方法。

What we have is a full funnel integrated approach to marketing.

我們擁有的是一個完整的渠道整合營銷方法。

And what we iterate is PR, brand marketing and performance marketing.

而我們迭代的是公關、品牌營銷和績效營銷。

And really PR, in addition to word of mouth, is the thing that really built our brand over the last 10 years.

真正的公關，除了口口相傳，是過去 10 年真正建立我們品牌的東西。

And because of that, Airbnb is a noun and a verb used all over the world.

正因為如此，Airbnb 是一個在世界範圍內使用的名詞和動詞。

And this has led to 90% of our traffic being unpaid or direct even as recently as Q1.

這導致我們 90% 的流量是無償或直接的，即使在第一季度也是如此。

And even in this past quarter, with elevated marketing, we have similar traffic levels in 2019 but we spent 50% less on marketing.

即使在上個季度，隨著營銷的提升，我們在 2019 年的流量水平也相似，但我們在營銷上的支出減少了 50%。

So we think that if you have a product that is unique and different, that the role of marketing isn't to buy customers, and the role of marketing is not sizzle.

所以我們認為，如果你有一個獨特而與眾不同的產品，那麼營銷的作用就不是購買客戶，營銷的作用也不是炒作。

The role of marketing is education.

營銷的作用是教育。

And so what we have done is we're doing our first brand -- we did our first brand marketing campaign at a global level in 5 years.

所以我們所做的是我們正在做我們的第一個品牌——我們在 5 年內在全球範圍內進行了第一個品牌營銷活動。

It was a campaign called Made possible by Hosts.

這是一個名為“主辦方使之成為可能”的活動。

And it's really just taking real photos from real guests on real trips to highlight what makes Airbnb different, which is hosts.

它實際上只是在真實旅行中拍攝真實客人的真實照片，以突出Airbnb與眾不同的地方，即房東。

We want our hosts to be as mainstream as the homes and spaces on Airbnb.

我們希望我們的房東能夠像 Airbnb 上的房屋和空間一樣成為主流。

Now while the results are still early, as I said, we have seen elevated traffic levels.

現在，正如我所說，雖然結果還為時過早，但我們已經看到交通水平有所提高。

And to answer your question on H1 versus H2, we decided to front load spending.

為了回答您關於 H1 與 H2 的問題，我們決定預先加載支出。

We were prepared for a travel rebound unlike any other so we didn't want to spread the money over the course of the year.

我們為旅行反彈做好了準備，因此我們不想在一年中分散資金。

So we disproportionately put the spending in H1 to really capture as much of this demand as possible.

因此，我們不成比例地將支出放在上半年，以盡可能多地捕捉這種需求。

And I think what we're seeing is that timing is going to bear out to be the right timing.

而且我認為我們所看到的是，時機將證明是正確的時機。

And then as far as -- why don't I also answer product development at a high level?

然後就 - 為什麼我不也回答高水平的產品開發？

And then Dave, you can also go in.

然後戴夫，你也可以進去。

So at a high level for product development, here's what we've learned.

因此，在產品開發的高層次上，這就是我們所學到的。

Before the pandemic, we were a divisional structure.

在大流行之前，我們是一個部門結構。

We had our core business of homes.

我們的核心業務是房屋。

We also had a business travel.

我們還進行了一次商務旅行。

We had -- we were working on a number of other divisions.

我們有——我們正在研究其他一些部門。

We had many divisions.

我們有很多部門。

And because we have many divisions, we had multiple product development groups.

因為我們有很多部門，所以我們有多個產品開發組。

And what we did is when we became a functional organization, and we got much more focused on hosting, we realized that we could be much, much more efficient.

我們所做的是，當我們成為一個職能組織時，我們更加專注於託管，我們意識到我們可以變得更加高效。

It's one of the reasons our product development group is much smaller than it was 2 years ago.

這是我們的產品開發團隊比 2 年前小得多的原因之一。

And that's allowed us to move really, really fast.

這讓我們能夠非常非常快速地行動。

And I hope that you see on May 24 that even despite the team being smaller and more nimble, we've been able to increase the pace of development.

我希望您在 5 月 24 日看到，儘管團隊更小、更靈活，但我們仍然能夠加快開發速度。

I think people are going to be really impressed by what we're able to deliver.

我認為人們會對我們能夠提供的東西印象深刻。

So that's at a high level.

所以這是一個很高的水平。

But Dave, I don't know if you want to jump in and talk specifically about the numbers.

但是戴夫，我不知道你是否想跳進去具體談談數字。

Yes.

是的。

I mean our product development spend will increase at a lower rate than revenue.

我的意思是我們的產品開發支出將以低於收入的速度增長。

We're not going to have to add back significant number of fixed resources in order to accommodate the business that's back to the size of 2019 and beyond.

我們不必增加大量固定資源來適應回到 2019 年及以後規模的業務。

So we're just going to be very disciplined in any additions to our expenses.

因此，我們只會在增加開支時非常自律。

And then as Brian said, we're just seeing great success with our marketing strategy, which we actually started modifying prior to COVID, solidified during COVID and are continuing to see strength here in Q1.

然後正如布賴恩所說，我們剛剛看到我們的營銷策略取得了巨大的成功，我們實際上在 COVID 之前就開始修改，在 COVID 期間得到鞏固，並在第一季度繼續看到實力。

So marketing as a percentage of revenue will be higher early this first half of the year than it will be in the second half of the year, but we're very encouraged by the results.

因此，今年上半年營銷佔收入的百分比將高於下半年，但我們對結果感到非常鼓舞。

And your next question comes from Naved Khan with Truist Securities.

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

Brian, maybe give us your thoughts about the reopening of urban travel in terms of timing.

布賴恩，也許就時間方面的重新開放城市旅行給我們您的想法。

How are you thinking about it?

你是怎麼想的？

Is that something that you think might happen in the back half of this year?

您認為這會在今年下半年發生嗎？

Or do you think that's further out?

或者你認為那更遠？

Yes.

是的。

Thank you very much, Naved, for the question.

非常感謝 Naved 提出的問題。

Well, let me preface my answer with 2 comments.

好吧，讓我先用 2 條評論來回答我的問題。

Number one, I'll be -- I'll try to be careful with predictions, because anyone that was compelled to making predictions last year was humbled.

第一，我會——我會盡量小心預測，因為去年被迫做出預測的任何人都感到謙卑。

But something I'll say is no matter what happens with travel, I think one of the things we showed last year is that our model is inherently adaptable.

但我要說的是，無論旅行發生什麼，我認為我們去年展示的一件事是我們的模型本質上是適應性強的。

And so we are adaptable to any travel changes.

因此，我們能夠適應任何旅行變化。

With that being said, I do think we have quite a bit of data.

話雖如此，我確實認為我們有相當多的數據。

And so with the data we have and we're seeing, I think I can give you some indications, although it's going to be a little hard to pinpoint.

因此，根據我們擁有和正在看到的數據，我想我可以給你一些跡象，儘管這會有點難以確定。

We are seeing that as restrictions lift and cross-border begins, more people travel the cities.

我們看到，隨著限制的解除和跨境活動的開始，越來越多的人前往城市旅行。

We're also seeing that the nature of travel to cities is changing.

我們還看到城市旅行的性質正在發生變化。

For example, more and more people are booking longer-term stays in cities.

例如，越來越多的人預訂城市的長期住宿。

So the length of stay is going up.

所以逗留的時間越來越長。

And one of the things we know is that the longer you stay somewhere, the more you're inclined to stay in a home.

我們知道的一件事是，你在某個地方呆的時間越長，你就越傾向於呆在家裡。

So I think that as restrictions lift in countries, as vaccinations rise, we think this is a significant tailwind to both urban travel and cross-border travel.

所以我認為，隨著各國限制的解除，疫苗接種率的提高，我們認為這對城市旅行和跨境旅行都是一個重要的推動因素。

So we're very, very bullish.

所以我們非常非常看好。

It's a little hard to pinpoint, but I think the comments from the head of CDC today, the lifting of restrictions across Europe, these are all really, really good signs.

這有點難以確定，但我認為今天疾控中心負責人的評論，歐洲解除限制，這些都是非常非常好的跡象。

There's no reason this wouldn't be a huge tailwind to urban travel and cross-border.

沒有理由這對城市旅行和跨境旅行來說不是一個巨大的順風。

Yes, our urban travel growth rate has increased every month this year and continues to do so through April and early May.

是的，我們的城市旅遊增長率今年每個月都在增長，並且一直持續到 4 月和 5 月初。

So we're just seeing continued positive momentum.

因此，我們只是看到了持續的積極勢頭。

That's very helpful.

這很有幫助。

And maybe a quick follow-up, if I may.

如果可以的話，也許是一個快速的跟進。

So Brian, you talked about business travel maybe becoming a little different where people might just travel to headquarters and maybe rent maybe an Airbnb.

所以布萊恩，你談到商務旅行可能會變得有點不同，人們可能只是去總部旅行，也許租用 Airbnb。

Yes.

是的。

Is there a -- do you see a good opportunity to maybe take share in that segment versus previously just targeting business travelers going into cities?

與以前僅針對進入城市的商務旅行者相比，您是否看到了一個很好的機會來分享該細分市場？

Yes.

是的。

I mean in New York City, in Los Angeles, a number of these cities, we almost have as many nights booked for stays longer than 28 days as we do stays under 28 days.

我的意思是在紐約市、洛杉磯和其中一些城市，我們預訂的住宿時間超過 28 天的晚數幾乎與我們預訂的住宿時間少於 28 天的時間一樣多。

In New York City, actually, the majority is over 28 days now.

實際上，在紐約市，大多數人現在已經超過 28 天。

So I think that there's a huge opportunity.

所以我認為這是一個巨大的機會。

If you think about where business travel is going in the future, it seems completely intuitive to me that as companies offer more flexibility, more people are going to live around the world, but they're not all going to want to live remote.

如果您考慮未來商務旅行的發展方向，在我看來，隨著公司提供更多的靈活性，更多的人將生活在世界各地，但他們並不都想住在偏遠地區。

They're going to have to come back to visit.

他們將不得不回來參觀。

And so I think you're going to start to see longer stays.

所以我認為你會開始看到更長的停留時間。

I think in addition to longer stays, you may also see business travelers traveling together.

我想除了長住之外，你可能還會看到商務旅客一起旅行。

So let's say 3 different employees work in 3 different cities, and they have to come back to headquarters.

假設 3 個不同的員工在 3 個不同的城市工作，他們必須回到總部。

They may not all get 3 different hotel rooms at Airbnb.

他們可能不會都在 Airbnb 獲得 3 間不同的酒店房間。

They might get one house.

他們可能會得到一所房子。

They can split the cost.

他們可以分攤成本。

They can eat around the dinner -- the breakfast table in the morning.

他們可以在晚餐前後吃東西——早上的早餐桌。

So I think the things that benefit Airbnb at business travel is group travel and longer-stay travel.

因此，我認為在商務旅行中使 Airbnb 受益的是團體旅行和長期住宿旅行。

Those 2 things, I think, are disproportionately beneficial to doing home, and these are general tailwind for business travel.

我認為，這兩件事對回家非常有利，而且這些都是商務旅行的普遍順風。

Now I want to be clear.

現在我想清楚。

I mean people will, of course, travel for business again.

我的意思是，人們當然會再次出差。

I just think the bar to get on a plane to go to a meeting will be higher than before.

我只是覺得坐飛機去開會的門檻會比以前高。

And your next question comes from James Lee with Mizuho.

您的下一個問題來自瑞穗的 James Lee。

A couple of questions regarding the supply side.

關於供應方的幾個問題。

And can you guys talk about maybe supply and demand balance by region a little bit here?

你們能在這裡談談各地區的供需平衡嗎？

Where do you see surpluses?

你在哪裡看到過剩？

Where do you see deficits?

你在哪裡看到赤字？

And are you also looking to increase your supply by tapping into professional hosts.

您是否還希望通過利用專業房東來增加供應。

I know 90% are individual, or even hotel supply?

我知道90%是個人，甚至是酒店供應？

And also secondly, what are the key frictions that you're seeing right now for your hosts signing up and that you're looking to address with these new tools you're about to introduce?

其次，您現在看到的主機註冊的主要摩擦是什麼，並且您希望通過即將推出的這些新工具來解決這些問題？

Yes.

是的。

Dave, do you want to take supply and demand?

戴夫，你想拿供求關係嗎？

I can probably take the increase in pro hosts and key friction?

我大概可以接受增加職業主機和關鍵摩擦？

Sounds good, yes.

聽起來不錯，是的。

I mean on supply and demand, really, what we're seeing, because cross-border and urban travel has not yet fully rebounded, the places that we're seeing surpluses or deficits in demand or a surplus of supply would be more urban markets.

我的意思是關於供需，真的，我們所看到的，因為跨境和城市旅行還沒有完全反彈，我們看到需求過剩或短缺或供應過剩的地方將是更多的城市市場.

And where we can see some tightening of it, especially U.S. non-urban for the peak in the summer is clearly going to be the most constrained of our markets.

在我們可以看到一些收緊的地方，尤其是夏季高峰期的美國非城市地區，顯然將是我們市場中最受限制的地方。

So we're actively working against each of those areas.

因此，我們正在積極應對這些領域中的每一個。

But on each side, on the supply side, making sure that we are doing our best to recruit hosts and bring on as more supply as possible for peak periods in constrained markets.

但在每一方，在供應方，確保我們盡最大努力招募房東，並在受限制的市場高峰期盡可能多地提供供應。

And then we're also using -- go back to our marketing expenses before, where we use search engine marketing is in targeted approach, especially in markets where we have maybe surplus supply and not maybe enough demand, and so being kind of pointed at that.

然後我們也在使用 - 回到我們之前的營銷費用，我們使用搜索引擎營銷是有針對性的方法，特別是在我們可能供應過剩但需求不足的市場中，因此有點被指出那。

So we look at every individual market as different, and we will use different levers to try to manage that balance over time.

因此，我們將每個單獨的市場視為不同的，我們將使用不同的槓桿來嘗試隨著時間的推移管理這種平衡。

Yes.

是的。

And James, why don't I jump in and say this.

還有詹姆斯，我為什麼不跳進去說這個。

One of the things that Dave just said, I want to put out underline under, highlights.

戴夫剛剛說的其中一件事，我想在突出顯示下劃線。

Before the pandemic, most people came to Airbnb and they knew exactly where they were going and they knew when they were going.

在大流行之前，大多數人來到 Airbnb，他們確切地知道他們要去哪裡，他們知道他們什麼時候去。

So we asked the question in the search bar, "Where are you going?" And we asked, "When are you going?" You put in date.

所以我們在搜索欄中問了一個問題，“你要去哪裡？”我們問：“你什麼時候去？”你輸入日期。

The holy grail for matching supply and demand is to be able to also control where you can point demand.

匹配供需的聖杯是能夠控制你可以指向需求的地方。

But we can't point demand to where we have supply if guests aren't flexible, if they're predisposed to where they want to travel.

但是，如果客人不靈活，如果他們傾向於去他們想去的地方，我們就不能將需求指向我們有供應的地方。

Now that guests are telling us that they're much more flexible about where they travel, we can point demand to where we have supply.

既然客人告訴我們他們對旅行的地點更加靈活，我們可以將需求指向我們有供應的地方。

This is probably one of the most important things we have.

這可能是我們擁有的最重要的東西之一。

And it explains why when 90 million searches were used with the Flexible Dates feature, conversion rates went up.

它解釋了為什麼當使用靈活日期功能進行 9000 萬次搜索時，轉化率會上升。

So that is just another thing I want to underline.

這只是我想強調的另一件事。

Now regarding your next 2 questions, let's talk about pro hosts and hotels.

現在關於您接下來的兩個問題，讓我們談談專業房東和酒店。

Obviously, Airbnb created a new category in travel because we created tools that allowed everyday people and individuals become hosts.

顯然，Airbnb 創造了一個新的旅遊類別，因為我們創造了允許普通人和個人成為房東的工具。

And yes, out of 4 million hosts, 3.5 million are individuals.

是的，在 400 萬主機中，有 350 萬是個人。

That being said, we welcome all hospitality providers on Airbnb.

話雖如此，我們歡迎 Airbnb 上的所有酒店服務提供商。

And we have hundreds of thousands of professional hosts and professional hospitality providers.

我們擁有數十萬專業房東和專業酒店服務提供商。

The way we think about it is when a guest comes to Airbnb, they're looking for a place to stay.

我們的想法是，當客人來到 Airbnb 時，他們正在尋找住宿的地方。

And so we don't want them to leave without having found something they want.

所以我們不希望他們在沒有找到他們想要的東西的情況下離開。

Typically, they come to look for individual hosts, that's what we're known for.

通常，他們來尋找個人主機，這就是我們眾所周知的。

But we want to make sure that we have professional hosts and hotels to serve those customers and to fill in our network gaps.

但我們希望確保我們有專業的房東和酒店來服務這些客戶並填補我們的網絡空白。

So we're continuing to develop new tools and services over the coming years to continue to welcome these providers onto our platform.

因此，我們將在未來幾年繼續開發新的工具和服務，以繼續歡迎這些提供商加入我們的平台。

And I think they're going to obviously benefit from all the demand that we have.

我認為他們顯然會從我們的所有需求中受益。

Now as far as key friction to becoming a host, one of the things we've seen, probably the main learning we've had is as we make it easier, more people do it.

現在，就成為房東的關鍵摩擦而言，我們已經看到的一件事，可能是我們學到的主要知識是，當我們讓它變得更容易時，更多的人會這樣做。

That's the name of the game, make it easier and more people do it.

這就是遊戲的名稱，讓它更容易，更多的人這樣做。

Before Airbnb, it was really hard to rent your home on the Internet.

在 Airbnb 之前，在互聯網上租房真的很困難。

People did it, which is hard, and we made it easier.

人們做到了，這很難，我們讓它變得更容易。

And on May 24, we're going to show a number of tools, a number of offerings and innovations that we have that are going to make hosting even easier.

在 5 月 24 日，我們將展示一些工具、一些產品和我們擁有的創新，它們將使託管變得更加容易。

We're reducing the number of steps to become hosts.

我們正在減少成為房東的步驟。

We're making it even easier by providing more tools and support.

我們通過提供更多工具和支持使其變得更加容易。

And we're going to offer some better tools and services for hosts once they become host.

一旦他們成為主機，我們將為主機提供一些更好的工具和服務。

And so I think all these things will reduce the number of frictions as well.

所以我認為所有這些事情也會減少摩擦的數量。

If I can ask a follow-up question also on the hosts side, too.

如果我也可以在主持人方面提出後續問題。

Are you seeing increased competition for acquiring hosts and maybe potentially pressure on your take rate?

您是否看到獲取主機的競爭越來越激烈，並且可能對您的接受率造成壓力？

Dave, do you want to take this one?

戴夫，你要拿這個嗎？

Sure.

當然。

Right now what we're seeing is -- remember, it comes back to what our hosts are.

現在我們看到的是——記住，它回到了我們的主機。

We have 4 million hosts around the world.

我們在全球擁有 400 萬台主機。

The vast majority of those are individual -- so 3.5 million of those are individual hosts.

其中絕大多數是個人 - 所以其中 350 萬是個人主機。

And I think that's very different than what we see kind of competitive platforms are doing.

而且我認為這與我們看到的競爭平台正在做的事情非常不同。

And so what we end up seeing with the 4 million hosts that we have is -- give me the last part of the question, sorry, I lost my train of thought.

所以我們最終看到我們擁有的 400 萬台主機是 - 給我問題的最後一部分，抱歉，我失去了思路。

Yes, increased competition for hosts and maybe potentially pressure on take rates?

是的，對房東的競爭加劇，可能對收取率造成壓力？

Yes, no, pressure on the take rates.

是的，不，對採取率的壓力。

Right now, we're not seeing the pressure in take rates.

目前，我們沒有看到採取率的壓力。

We think that we have a really great value to the take rates that we give.

我們認為我們對我們給出的採取率非常有價值。

We charge rates that give good value to both our guests and our hosts.

我們收取的費率對我們的客人和房東都具有良好的價值。

And what we see on the take rate side is making sure that when we give value back to our hosts, that then we were able to take kind of appropriate revenue from that.

我們在收取率方面看到的是確保當我們將價值回饋給我們的房東時，我們能夠從中獲得適當的收入。

So we're not really seeing any pressure at that driving for increasing or decreasing the number of hosts that we have on Airbnb.

因此，在推動增加或減少我們在 Airbnb 上的房東數量方面，我們並沒有真正看到任何壓力。

(Operator Instructions) And your next question comes from Brian Nowak with Morgan Stanley.

（操作員說明）您的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one on the -- is on the 2020 new users that you added.

我有 2 個。-- 上的第一個是您添加的 2020 年新用戶。

It was a great year to sort of add a lot of new users to the platform.

這是為平台添加大量新用戶的好年頭。

I'd be curious to hear about what you're seeing from those new users from a retention or booking perspective now as you're into 2021, and how that compares to what you've seen in the user cohorts in the past?

我很想知道您在進入 2021 年時從保留或預訂的角度從這些新用戶那裡看到了什麼，以及與您過去在用戶群組中看到的相比如何？

Then the second one, to go a little bit more into the monetization of the take rate, can you just talk to us about any of the tests or experiments you've been doing around insurance or ancillary service sales or tiered take rates or sponsored listings, and ways we can think about that take rate potentially adjusting over time for more services to your hosts or guests?

然後是第二個，為了更深入地了解收取率的貨幣化，您能否與我們談談您圍繞保險或輔助服務銷售或分層收取率或贊助列表所做的任何測試或實驗，以及我們可以如何考慮該費用可能會隨著時間的推移而調整，以便為您的主人或客人提供更多服務？

Yes.

是的。

thank you very much, Brian.

非常感謝你，布賴恩。

Dave, why don't I take the second question on monetization and take rates?

戴夫，我為什麼不回答關於貨幣化的第二個問題併計算利率？

Why don't you take the question on new users, what are we seeing for new users from retention and booking?

你為什麼不回答關於新用戶的問題，我們從保留和預訂中看到了哪些新用戶？

Yes.

是的。

So what we're seeing for new users, it's early, but all of the early data for the new users that we've acquired here during 2020 is that the retention is very consistent with what we had for users in 2019 and before.

所以我們看到的新用戶還為時過早，但我們在 2020 年在這裡獲得的所有新用戶的早期數據是，留存率與我們在 2019 年及之前的用戶數據非常一致。

So I think one of the benefits that we've seen in 2020 is just we've actually did lower to barrier for entry for new guests to kind of come to Airbnb and try us out for the first time.

因此，我認為我們在 2020 年看到的其中一個好處是，我們實際上降低了新客人進入 Airbnb 並第一次嘗試我們的門檻。

You don't have to hop on a plane.

你不必跳上飛機。

You don't have to go across the border.

你不必越過邊界。

As we said, over 50% of our nights historically have been cross-border.

正如我們所說，歷史上我們超過 50% 的夜晚是跨境的。

You don't have to do that to try Airbnb.

您無需這樣做即可嘗試 Airbnb。

Now you can kind of drive just a couple of hours down the road and go check us out.

現在你可以在路上開車幾個小時去看看我們。

And what we're seeing from the early results is that the retention rates are very consistent with what we've seen in the past.

我們從早期結果中看到的是，保留率與我們過去看到的非常一致。

And then Brian, to your question about monetization and take rate, we absolutely see lots of opportunities to increase our monetization and take rate for both guests and hosts.

然後布賴恩，關於你關於貨幣化和收取率的問題，我們絕對看到了很多機會來增加我們的貨幣化和房客和房東的收取率。

For example, one of the things we've said is that many of these tools and services we've offered in the last 5 years, they're incremental, we haven't charged for.

例如，我們說過的一件事是，我們在過去 5 年中提供的許多這些工具和服務是增量的，我們沒有收費。

For example, unlike our competitors, we offer free protection of $1 million against theft, property damage and personal liability in countries all over the world.

例如，與我們的競爭對手不同，我們在世界各國免費提供 100 萬美元的防盜、財產損失和個人責任保護。

And as we added these services, we do not charge incrementally for these.

當我們添加這些服務時，我們不會為這些服務增加收費。

Our general principle is we always want to give away more value than we're taking, but we do think there's opportunities for us to do -- to offer some more tools and services to increase take rate.

我們的一般原則是，我們總是希望付出比獲得更多的價值，但我們確實認為我們有機會去做——提供更多的工具和服務來提高獲取率。

Now that being said, focus is critical.

話雖如此，重點是至關重要的。

And we are focused on the most perishable opportunity.

我們專注於最易腐爛的機會。

The most perishable opportunity right now is to capture as much travel demand as possible and be ready before anyone else is for this travel rebound.

目前最容易消失的機會是盡可能多地捕捉旅行需求，並在其他任何人為這次旅行反彈之前做好準備。

So we are making sure that we have enough hosts for this travel season.

所以我們要確保我們有足夠的主機來應對這個旅遊旺季。

We simplified the guests experience, and we're providing world-class support.

我們簡化了賓客體驗，並提供世界一流的支持。

So that's where we're focused on this year.

這就是我們今年關注的重點。

But make no mistake, we have many opportunities in the years ahead.

但請不要誤會，未來幾年我們有很多機會。

Our next question comes from Mark Mahaney with ISI.

我們的下一個問題來自 ISI 的 Mark Mahaney。

Okay, I'll stick with one question.

好的，我會堅持一個問題。

Just on the supply side, will you address the issue of whether increasing local restrictions is a factor that's limiting your supply in -- especially in some of the larger cities?

僅在供應方面，您是否會解決增加當地限制是否是限制您的供應的一個因素 - 特別是在一些大城市？

And I realize that travel hasn't really recovered there fully.

我意識到那裡的旅行並沒有真正完全恢復。

But just address the issue of whether how much of a constraint new local regulations on rentals, et cetera, is on your ability to expand supply?

但只要解決新的地方法規對租金等的限制是否對您擴大供應的能力有多大的限制？

Yes, I can take this at a high level.

是的，我可以在高水平上接受這個。

Dave, again, feel free to jump in as well.

再次，戴夫也可以隨意加入。

Mark, thanks for the question.

馬克，謝謝你的問題。

What we saw with COVID was actually a positive reset in our relationship with cities all over the world.

我們在 COVID 中看到的實際上是我們與世界各地城市關係的積極重置。

Now first, let me just start by saying we now collect/remit taxes in 30,000 jurisdictions.

現在首先，讓我先說我們現在在 30,000 個司法管轄區徵收/代繳稅款。

We collected and remitted to date $2.6 billion of transient occupancy taxes.

迄今為止，我們收集並彙繳了 26 億美元的臨時佔用稅。

What happened with COVID is 2 things: Number one, travel went from being concentrated in very few top cities to distributing everywhere, thousand cities around the world.

COVID 發生的事情有兩件事：第一，旅行從集中在少數幾個頂級城市到分佈在世界各地的數千個城市。

Though we do see an urban recovery, we don't see that trend completely reversing.

儘管我們確實看到了城市復蘇，但我們並沒有看到這種趨勢完全逆轉。

Because I think in a sense, you could say the genie's out of the bottle, a number of people have realized that there's all these really cool small towns, rural communities and small cities, many of which don't even have hotels.

因為我認為從某種意義上說，你可以說精靈已經從瓶子裡出來了，很多人已經意識到有所有這些非常酷的小鎮、農村社區和小城市，其中許多甚至沒有酒店。

And so they're really important destinations.

所以它們是非常重要的目的地。

The other thing that we've noticed, though, is that a lot of cities have been hit really hard by the devastating economic effects of the pandemic.

不過，我們注意到的另一件事是，許多城市受到大流行的毀滅性經濟影響的嚴重打擊。

So you'll see major cities have had major tourism shortfalls, major tax shortfalls.

因此，您會看到主要城市的旅遊業嚴重短缺，稅收嚴重短缺。

And because of this, what we're actually seen is a lot of cities reaching out to us.

正因為如此，我們實際上看到的是很多城市向我們伸出援手。

In fact, we struck over 100 partnerships over the course of just the pandemic with destination marketing organizations, which as you know are basically tourism bureaus and tourism arms.

實際上，僅在大流行期間，我們就與目的地營銷組織建立了 100 多個合作夥伴關係，如您所知，這些組織基本上是旅遊局和旅遊部門。

From Scotland to Portland, we've been doing partnerships with cities all over the world.

從蘇格蘭到波特蘭，我們一直在與世界各地的城市建立合作夥伴關係。

And to scale our partnerships to thousands of cities, we launched last year the City Portal as well.

為了將我們的合作夥伴關係擴展到數千個城市，我們去年還推出了城市門戶網站。

So this is what we're seeing.

這就是我們所看到的。

I don't know, Dave, if you want to add anything to that.

我不知道，戴夫，您是否想對此添加任何內容。

I think that's key.

我認為這是關鍵。

We also added this new capability last year of the City Portal, which is another tool to enable cities to understand what goes on with our business in each of their communities.

去年，我們還在城市門戶中添加了這項新功能，這是讓城市了解我們在每個社區的業務情況的另一個工具。

And we think that's been another positive tool for cities to feel like they can work with Airbnb to help their economies rebound.

我們認為這是讓城市感覺可以與 Airbnb 合作以幫助其經濟復甦的另一個積極工具。

And your next question comes from Jed Kelly with Oppenheimer.

您的下一個問題來自 Jed Kelly 和 Oppenheimer。

I guess, Brian, going back to business travel, I guess it's kind of like a 2-part question.

我想，Brian，回到商務旅行，我想這有點像一個兩部分的問題。

I guess number one would be, where are you in terms of talking to companies, talking to businesses sort of making the ability to work from anywhere through Airbnb and benefit?

我想第一個問題是，在與公司交談方面，您在哪裡，與企業交談有點讓您能夠通過 Airbnb 在任何地方工作並從中受益？

And then as, like, a follow-up, you mentioned work from anywhere.

然後，就像後續行動一樣，你提到了在任何地方工作。

Your company is, of course, based in San Francisco.

當然，您的公司位於舊金山。

So how do you see basically potentially using the work-from-anywhere trend to sort of save costs to make your business more efficient if you can have more employees working outside the Bay Area?

那麼，如果您可以讓更多員工在灣區以外工作，那麼您如何看待基本上可能使用隨時隨地工作的趨勢來節省成本以提高您的業務效率？

Yes, these are 2 really good questions.

是的，這是 2 個非常好的問題。

Let me start with the first one.

讓我從第一個開始。

So as you point out and as I said, one of the kind of -- one of the trends that has been pretty remarkable over the last year is as more people have more flexibility, they can work from home.

因此，正如你所指出的，正如我所說，去年非常顯著的趨勢之一是，隨著越來越多的人擁有更大的靈活性，他們可以在家工作。

And that means they can work from any home, often on Airbnb.

這意味著他們可以在任何家中工作，通常是在 Airbnb 上。

And so one of the things we're doing is we're continually trying to make it even easier for guests to be able to search anywhere around the world.

因此，我們正在做的一件事是，我們不斷努力讓客人能夠更輕鬆地在世界任何地方進行搜索。

And on May 24, we're going to show you some new tools and new ways to make the experience of searching on Airbnb, especially allowing you to search with more flexibility, even easier.

5 月 24 日，我們將向您展示一些新工具和新方法，以改善在 Airbnb 上的搜索體驗，尤其是讓您的搜索更靈活、更輕鬆。

Again, the type of flexibility we're looking at is people staying longer, booking any time and be able to go anywhere, not just to the same top destination.

同樣，我們正在關注的靈活性類型是人們停留更長時間，隨時預訂並且能夠去任何地方，而不僅僅是同一個首選目的地。

So we are going to continue to look at innovation in this area.

因此，我們將繼續關注這一領域的創新。

And I think the other thing I'll just point out is, again, in 2019, only 14% of our nights booked were longer than 28 days.

而且我想我要指出的另一件事是，在 2019 年，我們預訂的夜數中只有 14% 的天數超過了 28 天。

That's now 24%.

現在是 24%。

And so we think this is a huge growth area for us.

所以我們認為這對我們來說是一個巨大的增長領域。

We think basically, 1/4 of our business is not even travel anymore.

我們認為基本上，我們 1/4 的業務甚至不再是旅行了。

There's a lot of innovation opportunities for us.

我們有很多創新機會。

We're a design-led company at our heart.

我們的核心是一家以設計為主導的公司。

And I think they're going to offer a lot of really interesting opportunities.

我認為他們會提供很多非常有趣的機會。

Now specific to our San Francisco employee base, let me talk a little bit about what I told our employees a couple of weeks ago.

現在具體到我們舊金山的員工群，讓我談談幾週前我告訴我們的員工的話。

I told them there's 2 guiding principles.

我告訴他們有兩個指導原則。

Number one, we want to model the live anywhere lifestyle.

第一，我們想塑造隨處可見的生活方式。

So by modeling the live-anywhere lifestyle, we're going to allow more flexibility for our employees.

因此，通過模擬隨時隨地生活的生活方式，我們將為我們的員工提供更大的靈活性。

So I told our employees, they don't have to come back to the office until next September.

所以我告訴我們的員工，他們要到明年 9 月才能回到辦公室。

We're going to allow a lot of flexibility.

我們將允許很大的靈活性。

And even when we do ask people to come back, they're going to have a lot more flexibly before.

即使我們確實要求人們回來，他們以前也會更加靈活。

People aren't going to be expected to come back to the office 5 days week every week.

人們不會期望每週 5 天回到辦公室。

We think that is really not how most workplaces in the 21st century are going to operate.

我們認為這真的不是 21 世紀大多數工作場所的運作方式。

That being said, as an incredibly light company, we also do think that in-person collaboration is important.

話雖如此，作為一家令人難以置信的輕量級公司，我們也確實認為面對面的協作很重要。

So we want to find some balance between modeling the live-anywhere lifestyle and allowing for in-person creative collaboration.

因此，我們希望在模擬隨處生活的生活方式和允許面對面的創造性合作之間找到某種平衡。

And that's what we're designing.

這就是我們正在設計的。

We want to get it right.

我們想把它做好。

We don't want to rush into this.

我們不想急於解決這個問題。

So that's what we're going to be working on over the course of next year.

這就是我們將在明年開展的工作。

And your next question comes from Justin Patterson with KeyBanc.

您的下一個問題來自 KeyBanc 的 Justin Patterson。

Brian, just expanding on the prior question, it does sound like this platform experience update is really designed around inspiration and discovery.

Brian，只是擴展了之前的問題，聽起來這個平台體驗更新確實是圍繞靈感和發現而設計的。

Without spoiling your announcement on the 24th, I'm curious about how you think about the opportunity to broaden the funnel on Airbnb, provide inspiration for travelers as they think about places they can stay and things to do such that Airbnb really starts to drive natural inspiration for the much broader spectrum of the customer base than before.

在不破壞您 24 日宣布的情況下，我很好奇您如何看待擴大 Airbnb 渠道的機會，為旅行者提供靈感，因為他們考慮可以住宿的地方和可以做的事情，以使 Airbnb 真正開始推動自然發展為比以前更廣泛的客戶群提供靈感。

Thank you, Justin.

謝謝你，賈斯汀。

It was a little bit hard for me to hear you, but I think the question was what are we doing to drive more inspiration and discovery on Airbnb, inspiring where you can go and what you can do, correct?

聽到你的聲音對我來說有點困難，但我認為問題是我們正在做些什麼來在 Airbnb 上激發更多的靈感和發現，激發你可以去哪里以及可以做什麼，對嗎？

I just want to make sure I -- I couldn't the end of that last question.

我只是想確定我——我無法結束最後一個問題。

Okay.

好的。

I'll answer that.

我會回答的。

So yes, so inspiration is something that we're really focused on.

所以是的，所以靈感是我們真正關注的事情。

Actually if you go to airbnb.com right now, if you type Airbnb.com, you're going to notice on our top of our homepage, there's a big piece of art and it says, "the greatest outdoors." So we just launched wish lists that are curated by Airbnb.

事實上，如果你現在訪問 airbnb.com，如果你輸入 Airbnb.com，你會注意到我們主頁的頂部有一個很大的藝術品，上面寫著“最棒的戶外活動”。所以我們剛剛推出了由 Airbnb 策劃的願望清單。

And if you click on Get Inspired, you're going to see a number of wish lists.

如果您單擊“獲得靈感”，您將看到許多願望清單。

So this is just the beginning of a number of things we're doing to try to inspire more travel.

因此，這只是我們為激發更多旅行所做的許多事情的開始。

On the home page below that, you're going to see that we're now merchandising places you can go nearby.

在下面的主頁上，您會看到我們現在正在推銷您可以去附近的地方。

So between wish lists, nearby travel and then some of the updates we have on May 24, I think that's going to continue to drive more and more inspiration.

因此，在願望清單、附近的旅行以及我們 5 月 24 日的一些更新之間，我認為這將繼續激發越來越多的靈感。

On May 24, though, we are going to showcase some new exciting features that I think are going to inspire people around flexibility.

不過，在 5 月 24 日，我們將展示一些令人興奮的新功能，我認為這些功能會激發人們的靈活性。

Because one of the things we've seen is if you are more flexible about where you travel and when you travel, then what that kind of means for some people is the home becomes the destination, suddenly where you go is less important than the type of home you say in.

因為我們看到的一件事是，如果你對旅行的地點和時間更加靈活，那麼對某些人來說，家就成了目的地，突然之間，你去的地方不如類型重要你說的家。

And so this is how we're thinking about it, and hopefully, if you can tune in, we can show you some of the things we're working on.

這就是我們正在考慮的方式，希望如果你能收聽，我們可以向你展示我們正在做的一些事情。

And your next question comes from Lloyd Walmsley with Deutsche Bank.

您的下一個問題來自德意志銀行的 Lloyd Walmsley。

Two questions, if I can.

兩個問題，如果可以的話。

First, can you talk about how you think about occupancy rates or kind of room nights per active listing over the medium term?

首先，您能否談談您如何看待中期內每個活躍房源的入住率或房晚類型？

It seems like it's been pretty stable over the past few years.

在過去的幾年裡，它似乎一直很穩定。

But wondering if this notion of, like, blending of travel and living is kind of increasing shoulder season demand in a way where you can grow room nights in excess of listings, or getting more out of your existing listings?

但是想知道這種融合旅行和生活的概念是否會增加平季需求，從而使您可以增加房晚而不是房源，或者從現有房源中獲得更多收益？

And then the second one, the average booking value per night looked really high in 1Q.

然後是第二個，第一季度每晚的平均預訂價值看起來非常高。

If you peel back the onion and look within the same region, the same-property type, are you seeing pricing up?

如果你剝開洋蔥，看看同一個區域，同一個房產類型，你看到價格上漲了嗎？

Or is most of this just mix shift?

或者大部分只是混合轉變？

And how do you think about this as maybe as travel normalizes a bit?

您如何看待這可能是因為旅行正常化了一點？

How would that impact ADRs going forward?

這將如何影響 ADR 的發展？

Great, Lloyd.

太好了，勞埃德。

So I'll take the first question on occupancy rate.

所以我會回答第一個關於入住率的問題。

Dave, you can take the second one.

戴夫，你可以拿第二個。

The answer to your question is yes.

你的問題的答案是肯定的。

Occupancy rates, we think, average on global level will go up as we get better at matching supply and demand.

我們認為，隨著我們更好地匹配供需，全球平均入住率將會上升。

The basic name of the game is in classic travel a lot of people try to go to the same place on the same date.

遊戲的基本名稱是經典旅行中很多人試圖在同一天去同一個地方。

That's why kind of when you show up to Paris in the summer, and there's a whole bunch of people in line at a landmark is because they're going to the same place at the same time.

這就是為什麼當你在夏天出現在巴黎時，有一大群人在一個地標上排隊，因為他們會同時去同一個地方。

So to increase occupancy rates, there's 1 or 2 things we can do.

因此，為了提高入住率，我們可以做一兩件事。

We can add more hosts to the same places that everyone is going to, or we can point demand to other places.

我們可以將更多主機添加到每個人都會去的相同地方，或者我們可以將需求指向其他地方。

And as length of stay increases, as people shift from going to 20 or 30 cities to thousands of communities, and as people become more flexible when they travel, we can then show them deals.

隨著停留時間的增加，隨著人們從 20 或 30 個城市轉移到數千個社區，隨著人們在旅行時變得更加靈活，我們可以向他們展示優惠。

We can show them, for example, I know you want to go to -- we'll make up the place, France, in July.

我們可以向他們展示，例如，我知道你想去——我們將在 7 月彌補這個地方，法國。

But if you went in September, you could get -- you could save a lot of money because there's fewer people there.

但如果你在 9 月份去，你可以得到——你可以節省很多錢，因為那裡的人少。

Or we can point you instead of in Paris, we can point you to Brittany or some other community.

或者我們可以將您指向而不是在巴黎，我們可以將您指向布列塔尼或其他社區。

So there's a lot of opportunities for us, I think, to point demand to where we have available supply, which will allow us to steadily increase occupancy.

因此，我認為，我們有很多機會將需求指向我們有可用供應的地方，這將使我們能夠穩步增加入住率。

What it means is we don't need to increase supply linearly with increasing revenue.

這意味著我們不需要隨著收入的增加而線性增加供應。

We can get more productivity out of the supply that we have.

我們可以從現有的供應中獲得更多的生產力。

And Dave, I don't know if you want to take ADR.

還有戴夫，我不知道你是否想服用 ADR。

Yes.

是的。

And our ADRs in Q1 were up 35% year-over-year.

我們在第一季度的 ADR 同比增長 35%。

That was after being up 13% year-over-year in Q4.

這是在第四季度同比增長 13% 之後。

The significant majority driver of the ADR increase is driven by mix.

ADR 增加的主要驅動因素是混合驅動。

The rebound has been earlier in the U.S., which has a higher average daily rate.

美國的反彈較早，日均增長率較高。

It's been in non-urban whole home and even larger homes, and each one of those is just, on average, a higher ADR.

它出現在非城市的整個家庭甚至更大的家庭中，平均而言，每一個都只是更高的 ADR。

So the majority of the ADR that we're seeing is from mix.

所以我們看到的大部分 ADR 來自混合。

When you actually look at some highly constrained markets in a highly constrained time period, we're seeing some pricing pressure within there that will drive ADR rates up.

當您在高度受限的時間段內實際查看一些高度受限的市場時，我們會看到其中的一些定價壓力將推高 ADR 利率。

So the vast majority of it is just driven by mix.

所以絕大多數只是由混合驅動。

And the other thing I want to say, again, is -- yes, another thing I'll just say is as demand increases on Airbnb, that can also correspondingly increase supply.

我想說的另一件事是——是的，我要說的另一件事是隨著 Airbnb 的需求增加，這也可以相應地增加供應。

So again, one of the things we published in our S-1 was 23% of our new available hosts in 2019 were guests.

再說一次，我們在 S-1 中發布的內容之一是 2019 年我們新的可用房東中有 23% 是客人。

That increased to 28% in our new available hosts that started out as guests in Airbnb in 2020.

在 2020 年以客人身份加入 Airbnb 的新房東中，這一比例增加到了 28%。

So we also think there's a really interesting flywheel where we can point demand where we have supply.

所以我們也認為有一個非常有趣的飛輪，我們可以在我們有供應的地方指出需求。

We have a muscle to continue to add hosts, and but we can also convert guests to hosts.

我們有能力繼續添加主機，但我們也可以將客人轉換為主機。

And as that number keeps increasing, that's another big lever for us.

隨著這個數字不斷增加，這對我們來說是另一個重要的槓桿。

And your next question comes from Brent Thill with Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

Dave, I don't know any color you can add around the final unlock that comes over the next week of close to 500 million shares.

戴夫，我不知道你可以為下週接近 5 億股的最終解鎖添加任何顏色。

I know not all of those are eligible.

我知道並非所有人都有資格。

But is there any way you could just frame that?

但是有什麼辦法可以讓你把它框起來嗎？

There's been some fear of this unlock, and what it means.

有人擔心這種解鎖，以及它的含義。

Can you just -- any color around that you could give would be helpful.

你能不能——你能給的任何顏色都會有幫助。

Yes.

是的。

Dave, you want to take that?

戴夫，你想拿那個嗎？

Sure.

當然。

So clearly, our unlock comes on Monday.

很明顯，我們的解鎖時間是在星期一。

And the key thing that we're doing to try to make sure that we're ready for that unlock, is to do what we've been doing, which is deliver outstanding results, deliver outsized kind of gross booking value revenue and driving for profitability.

我們正在做的關鍵事情是確保我們為解鎖做好準備，就是做我們一直在做的事情，即提供出色的結果，提供超大的總預訂價值收入並推動盈利能力。

So there's not a lot more color I can give you on the unlock on Monday beyond that.

因此，除此之外，我無法在周一解鎖時為您提供更多顏色。

And your next question comes from Brian Fitzgerald with Wells Fargo.

您的下一個問題來自富國銀行的 Brian Fitzgerald。

We wanted to ask if you could tell us what you're seeing with respect to experiences, supply dynamics there, online versus offline, linkages to travel conversion rates there, anything with experiences?

我們想問您是否可以告訴我們您所看到的體驗、供應動態、在線與離線、與那裡的旅行轉化率的聯繫，以及任何與體驗有關的內容？

Yes.

是的。

Thank you very much for the question.

非常感謝您的提問。

So here's what I'd say about experiences.

所以這就是我要說的經驗。

When we came back in the beginning of 2020, I really thought experiences would be a breakout year last year.

當我們在 2020 年初回來時，我真的認為去年的體驗會是突破性的一年。

It turns out a pandemic was a very difficult year for experiences.

事實證明，大流行對經驗來說是非常困難的一年。

We had to put products on hold.

我們不得不擱置產品。

We remain very, very bullish about experiences over the long term.

從長遠來看，我們仍然非常非常看好經驗。

One of the reasons we remain bullish is because the percent of guests leaving a 5-start review with experiences is higher and remains higher than percent of guests who leave a 5-star review for homes.

我們保持樂觀的原因之一是，留下 5 星評價的客人百分比更高，並且仍然高於留下 5 星評價房屋的客人百分比。

But the pandemic was a difficult time for experiences.

但大流行是一段艱難的經歷。

So we launched online experiences, which is the way to have an experience without leaving your living room.

因此，我們推出了在線體驗，這是無需離開客廳即可體驗的方式。

And I am thinking that in the coming years, experiences will be successful because there's fewer alternatives.

我認為，在未來幾年，經驗將會成功，因為可供選擇的機會更少。

There's fewer mass tour operators, bars, lounges and restaurants that are going to be operating at full capacity.

將滿負荷運營的大眾旅遊經營者、酒吧、休息室和餐館越來越少。

So we do think there's a window, and we're playing the long game on this one.

所以我們確實認為有一個窗口，我們正在這個窗口上玩很長的遊戲。

(Operator Instructions) And your next question comes from Stephen Ju with Crédit Suisse.

（操作員說明）您的下一個問題來自 Crédit Suisse 的 Stephen Ju。

Okay.

好的。

So Brian, I asked the same question to one of your competitors last week.

布萊恩，上週我向你的一位競爭對手提出了同樣的問題。

So I'd be interested in your opinion what is probably more of a macro consideration.

因此，我會對您的意見感興趣，這可能更多是宏觀考慮。

So the consumer savings rate, at least in the United States, is probably at the highest level it's been since World War II.

因此，至少在美國，消費者的儲蓄率可能處於二戰以來的最高水平。

It will take some time for all of this to widen down to, I guess, normalized levels.

我想，所有這些都需要一些時間才能擴大到標準化水平。

Which brings up the scenario of consumer spend probably accelerating for the next several years.

這帶來了未來幾年消費者支出可能會加速增長的情景。

And hopefully, one of the likely destinations for all of these dollars is going to be in travel.

希望所有這些美元的可能目的地之一將是旅行。

So I know it's early days of the recovery, but what are you seeing in terms of, I guess, greater willingness to maybe, say, upgrade to the more expensive Airbnb, or just in general stepping up in the frequency as we recover here?

所以我知道現在還處於復甦的初期，但我猜你看到的情況是，更願意升級到更昂貴的 Airbnb，或者只是隨著我們這裡的複蘇而普遍提高頻率？

Very good question, Stephen.

很好的問題，斯蒂芬。

Let me tell you what we're seeing so far.

讓我告訴你到目前為止我們所看到的。

One of the things is we did travel surveys in the beginning of the year.

其中一件事是我們在年初進行了旅行調查。

And we surveyed people in the United States.

我們對美國人進行了調查。

We also surveyed people around the world.

我們還對世界各地的人們進行了調查。

And in our surveys, what we found is that the out-of-home activity people missed the most, more than restaurants, more than bars, more than sporting events, more than concerts, was travel.

在我們的調查中，我們發現人們最想念的戶外活動是旅行，而不是餐館、酒吧、體育賽事、音樂會。

The kind of travel people missed was not business travel.

人們錯過的那種旅行不是商務旅行。

It was not mass travel, going to crowded destinations.

這不是大眾旅行，去擁擠的目的地。

It was really just spending time with people that they've not been able to see during the pandemic.

這實際上只是與他們在大流行期間無法見到的人共度時光。

I think that we generally just yearn for what was taken away from us.

我認為我們通常只是渴望從我們身上奪走的東西。

And travel and spending time with people was something that was taken away from us.

旅行和與人共度時光已經遠離了我們。

Now with regard to your question about are we seeing people upgrading?

現在關於您的問題，我們是否看到人們在升級？

We have seen, as we mentioned, a material increase in the average daily rate in the United States.

正如我們所提到的，我們已經看到美國的平均每日費率大幅增加。

And this does give us a sense of consumer willingness to spend.

這確實讓我們感受到了消費者的消費意願。

Maybe another way of saying it is maybe before the pandemic, people were booking studio apartments in cities.

也許換一種說法，也許是在大流行之前，人們在城市預訂一室公寓。

Now what we're seeing is a pretty big expansion of people booking entire homes, typically even more bedrooms, the number of guests per reservation has increased considerably.

現在我們看到的是預訂整棟房屋的人數大幅增加，通常甚至更多臥室，每次預訂的客人數量已大大增加。

And so correspondingly, people are spending more money.

相應地，人們花更多的錢。

I think that trend, of course, will get normalized over some period of time when other geographies recover and urban recovers.

我認為，當其他地區復蘇和城市復蘇時，這種趨勢當然會在一段時間內恢復正常。

But I do think that we are going to see sustained confidence, there's no question.

但我確實認為我們將看到持續的信心，這是毫無疑問的。

And your next question comes from Deepak Mathivanan with Wolfe Research.

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

Just a couple of quick ones.

只是幾個快速的。

So first, can you talk about the implications of booking window trends on second quarter and second half?

那麼首先，您能談談第二季度和下半年預訂窗口趨勢的影響嗎？

There's a lot of summer bookings happening right now already in markets like Europe and even in North America.

現在已經在歐洲甚至北美等市場進行了大量夏季預訂。

Is that earlier than usual?

比平時早嗎？

Or does that mean that the recovery is being pulled forward by some capacity?

或者這是否意味著復甦正在被某種能力所推動？

Just wondering if you can now provide some insights on that.

只是想知道您現在是否可以對此提供一些見解。

And then second question, not sure if this was asked already.

然後是第二個問題，不確定是否已經問過這個問題。

How are you thinking about the ROI on the targeted digital marketing programs in the hosts?

您如何看待主持人中目標數字營銷計劃的投資回報率？

Are these on performance channels?

這些在表演頻道上嗎？

Any color that you can add there would be great.

您可以添加的任何顏色都會很棒。

Yes.

是的。

Dave, why don't you take these 2 questions.

戴夫，你為什麼不回答這兩個問題。

Sure.

當然。

So regarding the booking window, we're seeing the booking window, obviously, in 2020 shrank dramatically, right?

所以關於預訂窗口，我們看到預訂窗口顯然在 2020 年急劇收縮，對吧？

People were hesitant to travel.

人們對旅行猶豫不決。

They only started booking when they had high confidence that they were going to travel.

他們只有在對旅行充滿信心時才開始預訂。

What we've seen here early in Q1 of '21 is the booking windows have expanded.

我們在 21 年第一季度初在這裡看到的是預訂窗口已經擴大。

And in March, we actually saw booking windows consistent with those from March of 2019.

而在 3 月份，我們實際上看到的預訂窗口與 2019 年 3 月的預訂窗口一致。

And so the windows are expanding.

所以窗戶正在擴大。

I think that what you're seeing is still even more confidence in the U.S. So that the willingness of travel and the booking window in the U.S. has expanded further than it has in Europe.

我認為你所看到的仍然是對美國更有信心，因此美國的旅行意願和預訂窗口比歐洲擴大了更多。

But we're starting to see some greater acceleration of our European business.

但我們開始看到我們的歐洲業務出現了更大的加速。

We're seeing the European nights increasing the rate of year-over-year growth every month of the year since the beginning of the year, including through April and May.

自年初以來，包括四月和五月，我們看到歐洲之夜每年的每個月都在增加同比增長率。

And we're seeing that as things like the lockdowns in France are removed.

我們看到，隨著法國的封鎖之類的事情被取消。

And after the U.K. Prime Minister announced plans to exit lockdown in February, we started seeing more acceleration in Europe.

在英國首相宣布計劃在 2 月解除封鎖後，我們開始看到歐洲出現了更多加速。

So the booking window trends are positive and give us encouragement for what we're going to see in the back half of the year.

因此，預訂窗口趨勢是積極的，並為我們將在今年下半年看到的情況提供了鼓勵。

But we'll just have to see what the lockdowns and other kind of travel restrictions look like for Europe for the back half.

但我們只需要看看歐洲後半部的封鎖和其他類型的旅行限制是什麼樣子的。

And then regarding the ROI and targeted digital marketing for hosts, this is one of the levers that we have.

然後關於主機的投資回報率和有針對性的數字營銷，這是我們擁有的槓桿之一。

When we do target digital marketing for hosts, it would be in specific areas that we know are more supply-constrained and where we want to focus on it.

當我們針對房東進行數字營銷時，將是在我們知道供應更加受限並且我們希望專注於它的特定領域。

We established a return on that investment for value of the hosts that we acquire through that channel.

我們為通過該渠道獲得的主機的價值建立了該投資的回報。

And it is one channel, but it's not the only one, and it's not the primary one.

它是一個頻道，但不是唯一的，也不是主要的。

Again, the most important thing is to kind of step back and educate people about the benefits of hosting, and then make it easier for them to host once they start considering it.

同樣，最重要的是退後一步，讓人們了解託管的好處，然後在他們開始考慮託管時讓他們更容易託管。

And your next question comes from Kevin Kopelman with Cowen.

您的下一個問題來自 Kevin Kopelman 和 Cowen。

A quick one, could you give us an update on cancellation rate trends this year compared to 2019 with I think the average listing being a little bit more flexible than it was in the past?

快點，您能否向我們介紹一下今年與 2019 年相比取消率趨勢的最新情況，我認為平均列表比過去更靈活一些？

You're welcome.

不客氣。

Dave, do you want to take this one for Kevin?

戴夫，你想拿這個給凱文嗎？

Sure.

當然。

So the cancellation rates obviously were substantially elevated in 2020 versus 2019.

因此，與 2019 年相比，2020 年的取消率顯然大幅上升。

They've begun to moderate so that they are sequentially below where they were at in 2020, but they're still moderately elevated versus the 2019 rate.

它們已經開始放緩，因此它們依次低於 2020 年的水平，但與 2019 年的比率相比，它們仍然適度升高。

So we're seeing a bit more returns than normal but it's not quite to historical level rates.

因此，我們看到的回報比正常水平高一些，但還沒有達到歷史水平。

And your next question comes from Tom White with D.A. Davidson.

你的下一個問題來自 Tom White 和 D.A.戴維森。

Just one from me to follow up on ADRs and specifically your expectations for the second half.

只有我一個人來跟進 ADR，特別是你對下半年的期望。

I know there's some color in the letter, but can you maybe unpack your thoughts on kind of all the different moving pieces there between the recovery and some of the kind of structurally lower ADR markets, recovery in urban and cross-border.

我知道這封信中有一些色彩，但是您能否對複蘇與某些結構性較低的 ADR 市場、城市和跨境復甦之間的所有不同移動因素展開思考。

Just curious to hear your thoughts on how it all kind of nets out, you think, in the back half?

只是想听聽你對後半場如何網的想法？

Thanks, Tom.

謝謝，湯姆。

Dave, I'll give you this one.

戴夫，我給你這個。

Sure.

當然。

Yes, I think that the best thing to do is actually kind of look at some of the guidance figures that we gave in the earnings call itself where we're basically expecting -- because it's harder to have visibility in the back half of the year.

是的，我認為最好的辦法實際上是看看我們在財報電話會議上給出的一些指導數據，這些數據是我們基本上預期的——因為在今年下半年更難看到.

We're highly confident in the rebound that it's going to be coming.

我們對即將到來的反彈充滿信心。

All the early indications are that it's there.

所有早期跡像都表明它就在那裡。

But it's hard to kind of precisely pin down what Q3 and Q4 are going to do.

但很難準確確定第三季度和第四季度將要做什麼。

So what we did do is give some perspective on what we expect out of Q2.

因此，我們所做的是對我們對第二季度的預期給出一些看法。

And that is that our gross booking value in Q2 of this year will be higher than in Q2 of 2019, and that our revenue rate in Q2 will be similar to that of 2019, and that our EBITDA will be -- our adjusted EBITDA will be breakeven to slightly positive in Q2 of this year.

那就是我們今年第二季度的總預訂價值將高於 2019 年第二季度，我們第二季度的收入率將與 2019 年相似，我們的 EBITDA 將是 - 我們調整後的 EBITDA 將是今年第二季度盈虧平衡略為正。

So I think those are kind of the key things.

所以我認為這些是關鍵的事情。

Because as you said, as rebound comes back, the pace at which it comes back in the geographies that come back will affect the mix on those ADRs.

因為正如你所說，隨著反彈回來，它在反彈的地區的反彈速度將影響這些 ADR 的組合。

And we do expect the ADRs to moderate, but it's hard to perfectly pinpoint down the specific of that mix.

我們確實預計 ADR 會緩和，但很難完美地確定該組合的具體情況。

I will now turn the call back over to the management team for closing remarks.

我現在將把電話轉回給管理團隊，以便結束髮言。

All right.

好的。

Well, thank you, everyone, for joining us today.

好吧，謝謝大家今天加入我們。

I just want to recap.

我只想回顧一下。

We are really proud of our strong Q1 results.

我們為我們強勁的第一季度業績感到非常自豪。

We believe they're a testament to our focus and the adaptability of our model.

我們相信它們證明了我們的重點和我們模型的適應性。

And we've shown over the past year that as the world changes, Airbnb can adapt.

在過去的一年裡，我們已經證明，隨著世界的變化，Airbnb 可以適應。

I think we're now well positioned for the travel rebound ahead.

我認為我們現在已經為未來的旅行反彈做好了準備。

As travel returns, Airbnb will be ready, and our hosts will be ready as well.

隨著旅行的回歸，Airbnb 將準備就緒，我們的房東也將準備就緒。

So I hope you'll join us on May 24, where we'll share insights on how travel is fundamentally changing and announce the most comprehensive update to Airbnb service in 12 years.

因此，我希望您能在 5 月 24 日加入我們，屆時我們將分享有關旅行如何從根本上發生變化的見解，並宣布 12 年來對 Airbnb 服務的最全面更新。

Thank you, and we'll see you then.

謝謝你，我們到時候見。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。