Airbnb, Inc. (ABNB) 2020 Q4 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's earnings conference call for the fourth quarter of fiscal 2020.

各位下午好，感謝您參加 Airbnb 2020 會計年度第四季的財報電話會議。

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.

提醒各位，本次電話會議將被錄音，並將於會議結束後在 Airbnb 官網「投資人關係」專區提供重播。

I will now hand the call over to Ian Lee, Airbnb's Head of Investor Relations. Please go ahead.

現在我將把電話交給 Airbnb 投資人關係主管 Ian Lee。請開始。

Thank you. Good afternoon, and welcome to Airbnb's Fourth Quarter of Fiscal 2020 Earnings Call. On the call today, we have Airbnb's Co-Founder and CEO, Brian Chesky; and our Chief Financial Officer, Dave Stephenson.

謝謝。各位下午好，歡迎參加 Airbnb 2020 會計年度第四季財報電話會議。今天與會者包括 Airbnb 共同創辦人兼執行長 Brian Chesky，以及我們的財務長 Dave Stephenson。

Earlier today, we issued a shareholder letter with our financial results and commentary for our fourth quarter of fiscal 2020. These items are also posted on the Investor Relations section of Airbnb's website. During the call, we'll make brief opening remarks and then spend the remaining time on Q&A.

今天稍早，我們已發布股東信，內容包含 2020 會計年度第四季的財務結果與評論。這些資料也已張貼於 Airbnb 官網的「投資人關係」專區。會議中，我們將先做簡短開場說明，接著把剩餘時間用於問答。

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. 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 our prospectus filed with the SEC on December 11, 2020. 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.

在我把電話交給 Brian 之前，我想提醒各位，我們在本次會議中將做出前瞻性陳述，這些陳述涉及多項風險與不確定性。由於各種因素，實際結果可能與前瞻性陳述中明示或暗示的內容存在重大差異。這些因素已在我們的股東信以及 2020 年 12 月 11 日向美國證券交易委員會（SEC）提交的招股說明書中「前瞻性陳述」章節加以說明。我們敦促您考量這些因素，並提醒您，我們不承擔更新本次會議所含資訊以反映後續事件或情況的任何義務。您應了解，這些陳述僅應視為估計，並不保證未來績效。

Also during this call, we will discuss some non-GAAP financial measures. We provided a reconciliation 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.

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

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

那麼，我把電話交給 Brian。

Thank you very much, Ian, and thank you all for joining today.

非常感謝你，Ian，也感謝各位今天的參與。

I am excited to share our results for the first time as a public company. I want to start by acknowledging that we are still in a pandemic, and a lot of people are hurting. So we know how lucky we are to be in the position we're in.

我很興奮能以上市公司身分首次分享我們的業績。我想先指出，我們仍處於疫情之中，許多人正在承受痛苦。因此，我們知道自己能處於目前的位置是多麼幸運。

Now before I go into our results, I want to share a theme that we'll run through each of our earnings calls.

在我深入談我們的業績之前，我想先分享一個主題，這個主題將貫穿我們每一次的財報電話會議。

When we started Airbnb, it was about more than just travel. In 2007, my roommate Joe and I inflated 3 airbeds one weekend and turned our apartment into an airbed and breakfast. We hosted 3 guests that weekend, Michael, Kat and Amol, and in doing so, became the first hosts. Our guests arrived as strangers, but they left as our friends. And the connections we made that weekend made us realize maybe there's a bigger idea here.

當我們創立 Airbnb 時，初衷不僅僅是旅行。2007 年，我和室友 Joe 在某個週末充了 3 張充氣床墊，把我們的公寓變成「充氣床與早餐」。那個週末我們接待了 3 位房客：Michael、Kat 和 Amol，也因此成為第一批房東。房客來時是陌生人，離開時卻成了朋友。那個週末建立的連結讓我們意識到，也許這裡有一個更大的想法。

Since then, we've grown from 2 hosts in San Francisco to 4 million hosts all around the world. The idea of Airbnb is only possible because of host. Without host, you're an outsider in the place that you visit, and without host, you have nowhere to stay but crowded tourist districts or resorts. A great host does more than share their space. They provide a deeper connection to the places you visit and the people who live there, and they set the stage for you to be able to spend meaningful time with the people you travel with. So this is why 14 years later, hosting is still at the center of Airbnb. As the world continues to change, people's fundamental need for connection and belonging will not. This is what we will remain focused on day in and day out, quarter after quarter.

從那時起，我們從舊金山的 2 位房東，成長到全球各地 400 萬位房東。Airbnb 的理念之所以可行，完全是因為房東的存在。沒有房東，你在造訪之地就只是外來者；沒有房東，你只能住在擁擠的觀光區或度假村。優秀的房東不只是分享空間，他們能讓你與所到之處及當地居民建立更深的連結，也為你與同行親友共度有意義的時光創造條件。因此，14 年後，「待客之道」仍是 Airbnb 的核心。即使世界持續改變，人們對連結與歸屬感的根本需求不會改變。這將是我們日復一日、季復一季持續專注的重點。

With that, let me talk about our results. 2020 was a year when nearly everything changed: the way we live, the way we work and the way we travel. Airbnb changed as well. We started 2020 by preparing for our IPO, only to have to put on hold once the world went into lockdown. But then, in the face of the biggest crisis the travel industry has ever seen, our business proved to be resilient and our model was able to adapt. Through the crisis, we also sharpened our focus. We made many difficult decisions while staying true to our core principles, and we became a stronger company as a result. And we succeeded in going public after all.

接下來我談談我們的業績。2020 年幾乎一切都改變了：我們的生活方式、工作方式與旅行方式。Airbnb 也同樣改變。我們在 2020 年初原本正為 IPO 做準備，但當世界進入封鎖後不得不暫緩。然而，面對旅遊業史上最大的危機，我們的業務證明具備韌性，我們的模式也能夠調整以適應。危機期間，我們也更加聚焦。我們在堅守核心原則的同時做出許多艱難決策，並因此成為一家更強大的公司。而且我們最終也成功上市。

Now despite a difficult year, we are encouraged by our resilient business performance. In the depths of the pandemic, we have forecasted that revenue in 2020 could be less than half of 2019 levels, yet we delivered $3.4 billion of full year revenue in 2020, down only 30% compared to the year earlier. In Q4, our revenue of $859 million was down only 22% year-over-year despite the second wave of COVID cases and widespread lockdowns.

儘管這一年充滿挑戰，我們仍對具韌性的營運表現感到鼓舞。在疫情最嚴峻之際，我們曾預測 2020 年營收可能不到 2019 年的一半，但我們在 2020 年全年仍達成 34 億美元營收，僅較前一年下降 30%。第四季營收為 8.59 億美元，儘管 COVID 病例第二波來襲且各地廣泛封鎖，年減也僅 22%。

In addition to this top line resilience, we also demonstrated focus and discipline to protect our profitability. Our adjusted EBITDA in 2020 was slightly better than 2019, and this was despite revenue being down $1.4 billion. Our adjusted EBITDA in Q4 2020 was nearly $250 million better than Q4 2019. This was despite revenue in Q4 2020 being $250 million lower than a year earlier. So we're able to achieve these results because of the adaptability of our business model and because of our focus and financial discipline. We believe these 2 factors set us up well for the coming travel rebound.

除了營收端的韌性之外，我們也展現出保護獲利能力的專注與紀律。2020 年的調整後 EBITDA 略優於 2019 年，這是在營收減少 14 億美元的情況下達成的。2020 年第四季的調整後 EBITDA 較 2019 年第四季改善近 2.5 億美元；而 2020 年第四季營收仍較前一年少 2.5 億美元。我們能取得這些成果，來自於商業模式的適應力，以及我們的專注與財務紀律。我們相信這兩項因素讓我們能為即將到來的旅遊復甦做好準備。

And travel is coming back. Nearly a year after lockdowns began, we believe people are yearning for what's been taken away from them, travel and human connection. When travel returns, it will be about connection. People want to spend meaningful time with their family and friends. And because of this, as restrictions lift and borders begin to open, we expect there will be a significant travel rebound.

而旅行正在回來。封鎖開始將近一年後，我們相信人們渴望找回被奪走的事物：旅行與人際連結。當旅行回歸時，核心將是連結。人們想與家人和朋友共度有意義的時光。因此，隨著限制解除、邊境逐步開放，我們預期將出現顯著的旅遊反彈。

So in 2021, our single priority is to prepare for the coming travel rebound. To do this, what we're going to do is perfect the entire end-to-end experience of our core service. First, we're going to educate the world about what makes Airbnb different, hosting. Through our marketing and communications, we will educate guests that being hosted is a better way to travel. In addition, we will inspire more people to become hosts.

因此在 2021 年，我們唯一的優先事項是為即將到來的旅遊反彈做好準備。為此，我們要做的是把核心服務從頭到尾的整體體驗做到極致。首先，我們要讓全世界了解 Airbnb 的不同之處：待客之道（hosting）。透過行銷與溝通，我們將讓旅客了解，被房東接待是一種更好的旅行方式。此外，我們也將激勵更多人成為房東。

Next, we will recruit more hosts and set them up for success. Once you've educated people about hosting, we'll simplify the onboarding process so it's easier for hosts to get started, and we are improving our tools and support to help them succeed. Third, to make it easier for guests to find the perfect stay, we are simplifying every part of the guest experience as well as improving our search functionality to support more flexible travel patterns.

接著，我們將招募更多房東並協助他們成功。在讓人們了解待客之道之後，我們會簡化新房東上線流程，讓房東更容易開始，並改善工具與支援以協助他們成功。第三，為了讓旅客更容易找到理想住宿，我們也將簡化旅客體驗的每個環節，並提升搜尋功能，以支援更彈性的旅行型態。

And finally, whenever our host or guests need us, we need to deliver world-class service. So we're actively fixing product issues that drive community contact, we're scaling our operations to meet the demand and continually enhancing our service. So that is our plan for 2021: educate the world about hosting, recruit more hosts and set them up for success, simplify the guest experience and deliver world-class service.

最後，無論房東或旅客何時需要我們，我們都必須提供世界級服務。因此我們正積極修復會導致社群聯繫（community contact）的產品問題，擴大營運規模以滿足需求，並持續強化服務。這就是我們 2021 年的計畫：讓全世界了解待客之道、招募更多房東並協助他們成功、簡化旅客體驗，以及提供世界級服務。

I want to end by just highlighting 2 things that we launched this week that I'm really proud of. On Monday, we launched our first large-scale marketing campaign in 5 years, Made possible by Host. Even though the brand of Airbnb as mainstream, the idea of hosting is not yet. Our goal with this campaign is to make a long-term investment in educating the world about our hosts. This campaign will help our guests to understand the benefits of being hosted and how this is unique to Airbnb. It will create more awareness around the idea of becoming a host by making it more mainstream and aspirational.

最後我想特別強調本週推出、令我非常自豪的兩件事。第一，週一我們推出了 5 年來首個大型行銷活動：「Made possible by Host（由房東成就）」。雖然 Airbnb 的品牌已是主流，但「待客之道」這個概念仍未完全普及。這個活動的目標，是長期投資於讓全世界了解我們的房東。它將幫助旅客理解被房東接待的好處，以及這為何是 Airbnb 獨有的體驗。透過讓「成為房東」更主流、更具向往感，也將提升對成為房東這件事的認知。

By using real photos of real guests on real Airbnb trips, this campaign shows what the real experience of being hosted is like, and I think it speaks directly to the need for connection that people all over the world are feeling after nearly 1 year of isolation. So that is Made possible by Hosts.

透過使用真實旅客在真實 Airbnb 旅程中的真實照片，這個活動呈現了被房東接待的真實體驗。我認為，這也直接呼應了全球人們在近一年隔離之後所感受到的連結需求。這就是「Made possible by Hosts」。

And second, finally, Flexible Dates. On Tuesday, we launched a new feature that we call Flexible Dates. Today, more people are working from home, and that means more flexibility about when and where they travel. Because of this, we're seeing a shift in how people search on Airbnb.

第二，也是最後一項：彈性日期（Flexible Dates）。週二我們推出了一項新功能，稱為「彈性日期」。如今更多人在家工作，這意味著他們在何時、何地旅行方面更具彈性。基於此，我們看到人們在 Airbnb 上的搜尋方式正在轉變。

In 2021 to date, almost 40% of people searching on Airbnb have been flexible in terms of their date or their location of their stay. This is a huge change in the search paradigm and travel.

截至 2021 年目前為止，在 Airbnb 上搜尋的使用者中，將近 40% 在入住日期或地點方面具有彈性。這是搜尋模式與旅遊行為上的巨大轉變。

Flexible Dates allows guests to search for homes in a whole new way. Instead of having to select the exact dates for a trip, guests are able to do broader searches. Now you can search for a weekend getaway, a week-long vacation or even a monthlong stay sometime in the next few months. This allows our guests to browse more options while being flexible on the exact dates of their trip, and we think this will be a very popular feature coming this travel season.

「彈性日期」讓房客以全新的方式搜尋房源。房客不必選定旅程的確切日期，而是可以進行更廣泛的搜尋。現在你可以搜尋未來幾個月內某個時間的週末小旅行、一週度假，甚至是一個月的長住。這讓房客在不必鎖定精確出行日期的情況下瀏覽更多選項，我們認為這將會是本旅遊旺季非常受歡迎的功能。

So that's our plan for this year to prepare for the coming travel rebound. We're excited about the year ahead.

以上就是我們今年為迎接即將到來的旅遊反彈所做的規劃。我們對接下來的一年感到振奮。

And with that, I look forward to answering your questions today.

接下來，我期待今天回答各位的問題。

(Operator Instructions) Your first question comes from Brian Nowak with Morgan Stanley.

（接線員指示）第一個問題來自 Morgan Stanley 的 Brian Nowak。

I have two. The first one, Brian, I think you brought on quite a few new users to the platform throughout 2020. I was curious, are you seeing anything different from a retention perspective or any differences in user behavior of those people as 2021 booking season has started?

我有兩個問題。第一個，Brian，我認為你們在 2020 年為平台帶來了相當多的新使用者。我想了解的是，隨著 2021 年訂房旺季開始，從留存的角度來看，你們是否看到任何不同之處？或這些人的使用行為是否有任何差異？

And the second one, I think in the letter, you talked about 1Q '21 bookings being above 1Q '20. Is there any more detail on sort of which regions are driving that? Or is that pretty broad-based as people just sort of looking forward to travel on the back half around the globe?

第二個問題，我記得在股東信中你們提到 2021 年第一季的預訂量高於 2020 年第一季。能否再多提供一些細節，哪些地區在推動這個成長？還是說這是相當廣泛的現象，因為全球各地的人都在期待下半年出遊？

Yes, thank you for asking the questions. And I'll start and Dave, you can obviously -- feel free to elaborate. I'll just -- I'll start with the second question.

是的，謝謝你的提問。我先回答，Dave 你也可以——當然——隨時補充。我先從第二個問題開始。

We are seeing a lot of resiliency in certain geographies, especially North America and Europe. What we've generally found is that domestic travel globally is pretty strong, and that the primary challenge is cross-border travel, in addition to, of course, business travel, where we're not as affected by business travel reductions. And so countries with really strong domestic travel are seeing more resilience than countries that are not as affected by the cross-border travel. So that's the first thing that we're seeing. And I'm very encouraged to buy it.

我們在某些地區看到很強的韌性，特別是北美與歐洲。我們整體觀察到，全球的國內旅遊相當強勁，而主要挑戰在於跨境旅遊，另外當然還有商務旅遊；不過我們受到商務旅遊下滑的影響相對較小。因此，國內旅遊非常強勁的國家，所展現的韌性會比那些更受跨境旅遊影響的國家更高。這是我們看到的第一點，我對此非常受到鼓舞。

Now as far as retention of users that we got last year, we are seeing continued strong retention. There's no major changes. I think the retention of our user base has historically been strong, and it was very strong last year. I'll just highlight a couple of things.

至於我們去年獲得的新使用者留存，我們看到留存持續強勁，沒有重大變化。我認為我們使用者基礎的留存歷來就很強，而去年也非常強。我想強調幾點。

One of the reasons I think our retention is strong is because people are finding many new use cases to use Airbnb, in addition to all the old reasons they used us. So even though borders were closed and international travel was reduced, many people found longer-term stays in Airbnb. Because they were working from home, they were flexible. Many people want to get in cars and travel nearby, staying in a local community. And so we were able to beat back demand as well. And so there's a number of areas that I think that provide a lot of resiliency for our model. I think it's inherently adaptable. And as our model adapts, that means retention increases because there are more uses for our guests.

我認為留存強勁的原因之一，是人們在使用 Airbnb 上找到了許多新的使用情境，除了過去使用我們的各種理由之外。因此，即使邊境關閉、國際旅遊減少，仍有許多人在 Airbnb 上找到較長期的住宿。因為他們在家工作、時間更有彈性。也有許多人想開車到附近旅行，住在在地社區。因此我們也能夠支撐需求。我認為有多個面向為我們的模式提供了很強的韌性；它本質上具有適應性。而當我們的模式持續適應，留存就會提高，因為房客有更多使用我們的理由。

And your next question comes from Heath Terry with Goldman Sachs.

下一個問題來自 Goldman Sachs 的 Heath Terry。

Great. Brian, as we do look out to the recovery later this year and beyond, I'd be interested in what you're seeing so far in terms of a more flexible workforce using Airbnb for both sides of their travel, meaning they use Airbnb to monetize their home in one location to fund a longer-term stay somewhere else? And how you see the size of that opportunity as more mobility becomes possible for a workforce that's gotten a taste for it?

很好。Brian，當我們展望今年稍晚以及之後的復甦，我想了解你們目前看到的情況：更具彈性的勞動力是否正在使用 Airbnb 來支援他們旅程的兩端——也就是在一個地點把自住房源上架變現，以資助在另一個地方的長期住宿？以及隨著嘗到這種流動性甜頭的勞動力更有可能移動時，你如何看待這個機會的規模？

Yes. That's a really good question. I want to really underscore this point. The way -- let me kind of -- let me say this. Travel will come back. But when travel comes back, we believe it's going to look different than before. We don't think we're ever going back to the world of travel in 2019. It's going to change and it's going to be different. And probably the biggest difference we've seen is flexibility.

是的，這是個非常好的問題。我想特別強調這一點。讓我這樣說：旅遊會回來。但當旅遊回來時，我們相信它看起來會與以前不同。我們不認為會回到 2019 年的旅遊世界。它會改變，而且會不一樣。而我們看到最大的差異，可能就是「彈性」。

A world with Zoom is a world where more people can work from home. In a world where more people have the flexibility to work from home, we're seeing more people say they can work from any home on Airbnb. And so we've seen a number of new use cases.

在有 Zoom 的世界裡，更多人可以在家工作。在更多人具備在家工作的彈性之下，我們看到更多人表示，他們可以在 Airbnb 的任何一個家工作。因此我們看到許多新的使用情境。

People are living more nomadically. Some people are taking longer-term stays, 1 or 2 months at a time in Airbnb. People are taking extended 3-, 4-day weekends, like many weekends in a row because they don't have to be in the physical office. And many people are snowboarding. They're like potentially living at somewhere cold, and they want to go somewhere warm, they have the flexibility to do that.

人們的生活方式更像遊牧。有人一次在 Airbnb 住上 1 到 2 個月的長住。也有人連續好幾個週末安排延長的 3、4 天週末假期，因為他們不必到實體辦公室。還有很多人去滑雪——他們可能住在寒冷的地方，然後想去溫暖的地方，而他們有彈性可以這麼做。

The other thing you mentioned is new people hosting. One of the things we found is that many people like to start hosting at the beginning of a life change. Maybe somebody has kids and the kids moved out of the house. They got some extra bedrooms. Maybe they were recently unemployed. They recently lost their job or they're now living more remotely, and their home is more available.

你提到的另一點是新的房東加入。我們發現，很多人會在生命發生變化的起點開始當房東。也許有人有了孩子，而孩子搬離家裡，家中多了幾間空房。也許他們最近失業，剛失去工作；或是他們現在更常遠距工作，家裡更容易空出來。

So one of the things that we're really excited about is as we see more flexibility and more week- or month-long stays, there's more empty homes people are leaving behind. And our largest source of hosts in 2019 were prior guests. 23% of our hosts in 2019 were guests first, as we think there's big opportunities for us to continue to convert our guests to become host. And this new world of flexibility means more empty homes that could be shared.

因此，我們非常興奮的一點是：隨著彈性提高，以及更多一週或一個月的住宿需求出現，人們離開的空屋也會變多。而我們在 2019 年最大的房東來源是過去的房客。2019 年有 23% 的房東先是房客；我們認為，持續把房客轉化為房東，對我們而言有很大的機會。而這個彈性的新世界意味著有更多空屋可以被分享。

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

下一個問題來自 Deutsche Bank 的 Lloyd Walmsley。

Two, if I can. First, Brian, you guys talked about Made possible by Hosts. Can you just talk a little bit more broadly about the supply acquisition strategy and what you're doing kind of near-term to build up supply in markets close to cities as well as longer term to continue to sustain your growth?

如果可以的話我有兩個問題。第一個，Brian，你們提到「由房東成就」。能否更宏觀地談談供給端的獲取策略？以及你們短期內如何在靠近城市的市場擴充供給，長期又將如何持續支撐成長？

And is there an opportunity to get more productivity out of existing supplier? Or will most of the long-term growth come from new supply?

另外，是否有機會從既有供給端提升更多生產力？還是長期成長主要會來自新增供給？

And then the second question, as you guys prepare for the rebound in travel, how are you approaching performance marketing differently in terms of maybe scale and expected ROIs in 2021 versus, say, 2019 to 2020? The shareholder letter talks about materially increasing marketing efficiency. So if you could explain that a little bit more, that would be great.

第二個問題，當你們為旅遊反彈做準備時，在成效行銷方面，你們如何以不同方式來看待——例如規模與預期 ROI——相較於 2019 到 2020 年，2021 年會如何？股東信提到行銷效率有顯著提升；如果你能多解釋一些就太好了。

Yes. These are 2 really good questions. Thank you for them. I'll start with supply, then I'll go to performance marketing.

是的，這兩個問題都非常好，謝謝。我先談供給，再談成效行銷。

On supply, let's just start framing it. We have about 4 million hosts on Airbnb. 90% of our hosts are individual hosts. These are everyday people, typically school teachers, health care workers, students. 55% of them are women. And the vast majority of them come direct to Airbnb. So most of our hosts, we don't have to acquire per se. They come organically, often because they've heard of Airbnb, their friends have recommended it to them who are also hosts or because, as I mentioned before, 23% of our hosts in 2019 were prior guests.

在供給方面，我先做個框架說明。我們在 Airbnb 上大約有 400 萬名房東。90% 的房東是個人房東，也就是一般人，通常是老師、醫護人員、學生。其中 55% 是女性。而且絕大多數是直接來到 Airbnb 的。因此就某種意義而言，我們不需要去「獲取」大多數房東；他們是自然成長而來，往往因為聽過 Airbnb、朋友推薦（朋友本身也是房東），或如我先前提到的，2019 年有 23% 的房東原本是房客。

The second point I'd make is our model is pretty adaptable. So we have hosts in 100,000 communities. One of the things we're seeing is a change of travel patterns right now in the pandemic. People aren't just looking to go to the same 20 or 30 cities. They now want to get in cars and travel to local communities nearby. That means that travel, in a sense, is being redistributed to thousands of communities. This helps us smoothe out any supply/demand gaps that we might have. But we do have a number of levers to add supply.

第二點是，我們的模式相當具有適應性。我們在 10 萬個社區都有房東。我們在疫情期間看到旅遊型態正在改變：人們不再只想去同樣那 20 或 30 個城市；他們現在想開車到附近的在地社區旅行。這代表旅遊在某種意義上被重新分配到數千個社區。這有助於我們平滑可能出現的供需缺口。但我們也有多個槓桿可以增加供給。

Let me start by saying, yes, our existing hosts rent their homes only occasionally. So we see huge opportunities for productivity. The average host on Airbnb makes under $10,000 a year and they do that by renting out just occasionally. So we think there's a huge opportunity to increase productivity of the hosts that we already have.

我先說結論：是的，我們的既有房東通常只是偶爾出租自住房源。因此我們看到巨大的生產力提升機會。Airbnb 上的平均房東年收入不到 10,000 美元，而他們是透過偶爾出租來達成的。所以我們認為，提高既有房東的生產力有很大空間。

That being said, we also think now at the time that people are interested in hosting more than ever before. Airbnb, we started Airbnb in a recession. And during the recession of 2008, people were losing their jobs, losing their homes, and many people turned to Airbnb for income. We think now hosting is as appealing as ever before, given the economic circumstances happening in this country and around the world. And so we're doing a few things.

話雖如此，我們也認為現在正是人們比以往任何時候都更有興趣成為房東的時刻。Airbnb 是在景氣衰退中創立的。在 2008 年的衰退期間，人們失去工作、失去房子，許多人轉向 Airbnb 以取得收入。我們認為，鑑於這個國家以及全球正在發生的經濟情勢，現在當房東的吸引力不亞於以往。因此我們正在做幾件事。

Made possible by Hosts is a global campaign. It's, as I said, our first global campaign in 5 years. And we think if this campaign is successful, this can absolutely mainstream hosting and bring a lot of people to our platform. In addition, we're doing a companion campaign called Made possible by Hosting, and that's going to talk about all the benefits of hosting. And we're going to really target people that are going through a life transition, as I said, people that just renovated their home, bought a new house, lost their jobs, maybe they retired, maybe their kids moved out of the house. So we think this is a really great way to be able to target and recruit more hosts.

「Made possible by Hosts」是一項全球性行銷活動。就像我說的，這是我們 5 年來第一次的全球活動。我們認為如果這個活動成功，絕對可以讓「當房東」成為主流，並為我們的平台帶來很多人。此外，我們也在進行一個配套活動，叫做「Made possible by Hosting」，將會談到當房東的所有好處。我們會特別鎖定正處於人生轉換期的人，如我所說：剛整修完房子、買了新房、失業、可能退休、或孩子搬離家中的人。因此我們認為，這是一個能夠鎖定並招募更多房東的非常好的方式。

Once they come to Airbnb, we want to make it more -- we want to increase the conversion rate of people coming to Airbnb and then listing an active listing on Airbnb. Conversion rate is the name of the game. One of the things we've learned about conversion rate is the easier to make something and the more support you offer to somebody, the more likely they're going to get through the conversion funnel. So we're reducing the steps, we're going to allow you to become a host in less than 10 minutes, and if you need help, you can call customer service or we're going to match you to existing hosts to be able to support you along this journey. If we do these things, I think we'll be able to add a significant amount of more hosts because the average person around the world that they knew that they can make some extra money by meeting interesting people, a lot more people would do it.

一旦他們來到 Airbnb，我們希望讓流程更——我們希望提高從來到 Airbnb 到在 Airbnb 上刊登並啟用房源的轉換率。轉換率才是關鍵。我們對轉換率學到的一件事是：事情越容易完成、你提供給對方的支援越多，他們就越有可能走完整個轉換漏斗。因此我們正在減少步驟，讓你在不到 10 分鐘內就能成為房東；如果你需要協助，你可以致電客服，或我們會把你配對給既有房東，在這段旅程中支持你。如果我們做到這些，我認為我們將能新增相當多的房東，因為世界各地的一般人只要知道他們可以透過結識有趣的人來賺點外快，就會有更多人願意這麼做。

Now the next question is about marketing, performance marketing. And let me just also take a step back and talk a little bit more about our marketing strategy because I think this is very important to the corporate story.

接下來的問題是關於行銷、成效行銷（performance marketing）。我也想先退一步，談談我們的行銷策略，因為我認為這對公司的整體故事非常重要。

In 2019, we had elevated spending of performance marketing. And then 2020 occurred, our business drops by 80% in 8 weeks, and we pulled back all marketing, including performance marketing. But something remarkable happened. Even before we started resuming our marketing spend, our traffic levels came back to 95% of the traffic levels of 2019 without any marketing spend. And what this revealed is that our brand is inherently strong. It's a noun and a verb in pop culture. And so we don't intend to ever again spend the amount of money as a percentage of revenue on marketing in the future as we did in 2019.

2019 年，我們在成效行銷上的支出偏高。接著 2020 年發生了，我們的業務在 8 週內下滑 80%，我們把所有行銷都縮減了，包括成效行銷。但有件很了不起的事發生了：甚至在我們開始恢復行銷支出之前，我們的流量就回到 2019 年流量水準的 95%，而且完全沒有行銷支出。這揭示了我們的品牌本質上很強大；在流行文化中，它既是名詞也是動詞。因此，我們未來不打算再像 2019 年那樣，以營收百分比的角度投入那麼多行銷費用。

In Q4, 90% of our -- more than 90% of our traffic was direct or unpaid, and we think that will continue in the future. Our marketing plan, therefore, our strategy is the following: a full funnel marketing approach. The top of the funnel is actually PR. We got more than 0.5 million articles in last year, in 2020, and we had as much share of voice as most of the other major travel companies combined. And that's how we really built the brand of Airbnb more than anything, probably, is PR.

在第四季，我們超過 90% 的流量是直接或自然（未付費）流量，我們認為未來也會持續如此。因此，我們的行銷計畫、也就是策略如下：全漏斗行銷（full funnel marketing）方法。漏斗頂端其實是公關（PR）。去年（2020 年）我們獲得超過 50 萬篇報導，我們的聲量占比（share of voice）幾乎等同於其他主要旅遊公司加總。這也是我們建立 Airbnb 品牌最重要的方式之一，甚至可能是最重要的：公關。

Second is brand marketing. We think of brand marketing as education and an investment. And so Made Possible by Hosting -- by Hosts, is an investment in hosting. And then performance marketing, we don't treat performance marketing like other travel companies. We think of it as like a laser. It's not a way to arbitrage users. It's a way to laser in on where we want to acquire guest or host in key markets where we have a supplier demand mismatch. But make no mistake, our efficiencies, we're going to hold to a much higher level than 2019 or years prior.

第二是品牌行銷。我們把品牌行銷視為教育與投資。因此「Made Possible by Hosting——by Hosts」是對「當房東」的一項投資。接著是成效行銷，我們不會像其他旅遊公司那樣看待成效行銷。我們把它當作雷射：不是用來套利使用者，而是用來精準鎖定我們想在關鍵市場獲取旅客或房東的地方，尤其是在供需不匹配的市場。但請不要誤會，我們的效率要求會比 2019 年或更早的年份高得多。

I don't know, Dave, if you want to share anything else about that?

Dave，你還想補充什麼嗎？

Yes. I think you covered it really well. I'll just round it out by saying that we'll continue to use performance marketing where it makes economic sense to do so. It's absolutely an important lever, and we'll absolutely continue to do it. We're just going to have a higher rate of return expectation on that performance marketing spend and won't return to the levels that we saw in 2019.

是的。我覺得你已經講得很完整了。我補充收尾一下：我們會在符合經濟效益的情況下，持續使用成效行銷。這絕對是一個重要的槓桿，我們也一定會繼續做。我們只是會對這筆成效行銷支出設定更高的報酬率期待，不會回到 2019 年看到的水準。

Our sales and marketing expenses as a percentage of revenue in 2021 will be below that of 2019. The absolute dollars in 2021 will be below that of 2019.

2021 年我們的銷售與行銷費用占營收比重將低於 2019 年。2021 年的絕對金額也將低於 2019 年。

And I guess I'll round this off by saying that because of the marketing campaign the Made possible by Hosts is launching now in advance of the summer travel season, you're going to see sales and marketing as a percentage of revenue higher in the first half of this year than you will in the second half.

我想最後補充一下：由於「Made possible by Hosts」這個行銷活動正在夏季旅遊旺季前提前啟動，你會看到今年上半年銷售與行銷費用占營收比重會高於下半年。

Your next question comes from Justin Post with Bank of America.

下一個問題來自美國銀行（Bank of America）的 Justin Post。

A couple of questions. Obviously, a lot of cost discipline this year to get to close to breakeven by Q4, which is pretty remarkable. How are you thinking about balancing that? And do you have any margin targets in mind as we think about modeling '21?

我有幾個問題。今年顯然在成本紀律上做了很多努力，讓第四季接近損益兩平，這相當了不起。你們如何思考在這之間取得平衡？另外，當我們在建模 2021 年時，你們心中是否有任何利潤率目標？

And then secondly, very interesting, and I'm sure you have a lot of incentives get more hosts. Do you think there's a lot of latent host offerings that will come online once people get through the health issues? I guess another way of asking, do you think a lot of hosts have pulled their listings and will be back as soon as they feel more comfortable?

第二點也很有意思，我相信你們有很多誘因來增加房東。你認為一旦健康相關問題緩解，是否會有大量潛在的房東供給重新上線？換個方式問：你覺得很多房東是否把房源下架了，並且一旦覺得更安心就會回來？

Thank you very much, Justin. Why don't I start, and then I'll let Dave elaborate.

非常謝謝你，Justin。我先回答，然後再請 Dave 補充。

Let me just start at a high level about cost discipline. We would have, of course, like everyone else, never asked for last year's crisis, but I do think that crisis made us a much better company because the first thing that happened is we got more disciplined. When our business was precipitously falling, we knew we couldn't focus on everything, so we focused on what was most special about Airbnb. That was our individual host. It means we scaled back numerous investments.

我先從成本紀律的高層次談起。當然，跟所有人一樣，我們從未希望去年發生那場危機，但我確實認為那場危機讓我們成為一家更好的公司，因為第一件事就是我們變得更有紀律。當我們的業務急遽下滑時，我們知道不可能同時關注所有事情，所以我們聚焦在 Airbnb 最特別的地方——也就是我們的個人房東。這意味著我們縮減了許多投資。

But something else Justin we found was as we focused, what it really meant was we're taking our very best people and putting on the most important problem. And as we did that, they not only save money, actually drove more growth. I think that, in addition to the inherent adaptability of our model does explain why we're able to see a fairly strong recovery in the back half of last year.

但另外一件事，Justin，我們發現當我們聚焦時，真正代表的是：我們把最優秀的人才投入到最重要的問題上。當我們這麼做時，他們不僅省了錢，實際上還帶動了更多成長。我認為這點，再加上我們模式本身的高度適應性，確實解釋了為什麼我們能在去年下半年看到相當強勁的復甦。

I'll let Dave talk a little bit more about margin targets, but I'll just also get the host, and I'll hand over to Dave.

我會讓 Dave 再多談一些利潤率目標；不過我也先回答房東的問題，然後交給 Dave。

On latent host offerings and/or this question of did hosts pull back and do they intend to host again? What we know is this. In any given day, we have a certain number of hosts active and live in the platform. We know that when hosts deactivate, it's often not permanent. It's because they're taking a break from hosting. And we know many hosts are intending to host once again.

關於潛在房東供給，以及「房東是否縮手、是否打算再度開放接待」這個問題，我們知道的是：在任何一天，我們平台上都有一定數量的房東處於活躍、上線狀態。我們也知道，房東停用（deactivate）往往不是永久性的，而是因為他們暫時休息、不接待。並且我們知道，許多房東打算再次開放接待。

And so one of the things we're doing is I did a Q&A town hall with thousands of hosts. And I basically said to them, "Together, we have to be ready, and we want to be prepared for this travel season." And our goal, collectively with our hosts is to be ready before the rebound happens. We'd rather be early than late. And so we do expect a lot of host to be ready.

因此我們正在做的一件事是：我和數千名房東進行了一場 Q&A 市民大會（town hall）。我基本上對他們說：「我們必須一起做好準備，為這個旅遊季做好準備。」我們與房東共同的目標，是在反彈發生之前就準備就緒。我們寧可早一點，也不要晚一步。因此我們確實預期會有很多房東做好準備。

And one of the dynamics we basically found is one of the nice things about our business is as the host gets more booked up, they often either expand by adding a listing or more likely, they'll tell their friends who also become host. So as occupancy rises, it does have a nice benefit where word gets out that people are making money. And if we can fulfill that with and supplement that with our brand campaign, I think it could yield quite a few gains.

而我們基本上發現的一個動態是：我們業務的一個優點在於，當房東的預訂越來越滿時，他們通常會透過新增一個房源來擴張，或更常見的是，他們會告訴朋友，朋友也會成為房東。因此，當入住率上升時，會帶來一個很好的效益：口碑會傳開，大家知道有人在賺錢。如果我們能滿足這點，並再用品牌活動加以補強，我認為可能帶來相當可觀的成效。

Dave, do you want to cover either of these?

Dave，你要補充這兩個問題中的任何一個嗎？

Yes. I'll just round it out by saying the overall number of active listing to experiences was relatively stable in Q4 relative to Q3 at about 5.6 million. So we actually haven't seen a substantial amount of deactivations. It's been very stable. And for all the reasons that Brian said earlier, we're optimistic that we'll continue to be adding new hosts in the future, just given all of the tailwinds of the kind of macroeconomic factors that we have going around the world.

是的。我補充收尾一下：第四季活躍房源加上體驗（experiences）的整體數量，相較第三季大致穩定，約為 560 萬。因此我們其實沒有看到大量停用的情況；整體非常穩定。基於 Brian 先前提到的所有原因，我們對未來持續新增新房東感到樂觀，因為全球各地有許多宏觀經濟因素帶來的順風正在發生。

As far as margin targets, one of the things we're really proud of is the progress we've made on our profitability efficiency over 2020, right? We've made substantial reductions in our fixed costs. We will not be having to add back fixed cost to support a business that will again approach 2019 levels and beyond. And so our fixed cost discipline is great and will continue.

至於利潤率目標，我們非常自豪的一點是：在 2020 年，我們在獲利能力與效率方面取得了很大進展，對吧？我們大幅降低了固定成本。我們不需要把固定成本再加回來，才能支撐一個將再次接近 2019 年水準、甚至更高的業務規模。因此，我們在固定成本上的紀律表現很好，並且會持續下去。

And then we saw really great improvement in our variable cost efficiency across the P&L. And when you actually remove -- in Q4, remove the onetime impact on stock-based compensation relative to the IPO, our costs are down in every category across our P&L. And it's not discipline of variable expensive. Things like cost of payments, community support expenses, infrastructure expenses, all the way down that we're proud of. And what we would expect to achieve over time is 30% EBITDA margins or greater. And this has just accelerated our path towards those long-term margin targets.

接著我們看到整個損益表（P&L）上的變動成本效率有非常顯著的改善。而當你實際上把第四季（Q4）相較於 IPO 所帶來、一次性的以股票為基礎的薪酬影響剔除後，我們在損益表的每一個類別成本都在下降。而這不只是對變動費用的紀律。像是支付成本、社群支援費用、基礎設施費用等，一路往下我們都很自豪。我們預期隨著時間推進可以達到 30% 或更高的 EBITDA 利潤率。而這也只是加速了我們朝向那些長期利潤率目標的路徑。

I'd like to give you specific targets for 2021, but it's just too hard to know what our revenue is going to be and so therefore, kind of a flow-through to profitability. We're seeing that our revenue rates in Q1 will be better than the revenue growth rates in Q4, but we just don't have a lot of visibility in the back half of the year to give you a lot of guidance on profitability right now.

我很想給你 2021 年的具體目標，但實在太難預測我們的營收會是多少，因此也就很難推導到獲利表現。我們看到第一季（Q1）的營收成長率會優於第四季（Q4）的營收成長率，但我們對今年下半年的能見度不高，所以目前無法就獲利提供太多指引。

And your next question comes from Jed Kelly with Oppenheimer.

下一個問題來自 Oppenheimer 的 Jed Kelly。

Great. Two, if I may. Just one, can you provide any color on how your bookings for summer travel are trending relative to this time last year?

很好。我有兩個問題。第一個，你們能否提供一些資訊，說明今年夏季旅遊的預訂（bookings）相較於去年同期的趨勢如何？

And then, Brian, what do you think the Olympics could do just to give people's confidence in traveling, especially around international travel?

另外，Brian，你認為奧運會在提升人們對旅行的信心方面可能帶來什麼影響，特別是對國際旅行？

Thank you for the question. Dave, maybe you can take summer travel, and I'll take Olympics.

謝謝你的問題。Dave，也許你可以回答夏季旅遊的部分，我來回答奧運。

Sure. I don't have a lot of color that I can give you on summer travel bookings. I mean, one thing I can say is that people are booking in shorter windows. So the greatest growth we're seeing in the business right now are booking windows in less than 30 days. And typically, kind of pre-COVID, you're right, we'd be seeing much more of the bookings now ahead for the summer travel season, and that is delayed relative to kind of historic patterns.

好的。我對夏季旅遊預訂沒有太多可以補充的細節。我能說的一點是，人們的預訂窗口變短了。所以我們目前在業務上看到的最大成長，來自於少於 30 天的預訂窗口。一般來說，在 COVID 之前，你說得沒錯，我們會在這個時間點看到更多針對夏季旅遊旺季的提前預訂，而現在相較於歷史模式是延後的。

We're seeing some bright spots. We've seen a little bit of a bright spot in the U.K., driving some summer travel bookings here in Q1. But I don't have any more color that I can give to you on summer expectations. We just know that we want to be ready for the travel rebound when it occurs. We just don't know exactly when it will occur.

我們也看到一些亮點。我們在英國（U.K.）看到一點亮點，帶動了第一季（Q1）的一些夏季旅遊預訂。但對於夏季的預期，我沒有更多可以補充的資訊。我們只知道，當旅遊反彈發生時，我們希望能做好準備；只是我們不確定它會在何時發生。

And then on the question of the Olympics. Just -- we are a sponsor of the Olympics. And if the Olympics has fans, I think it would be a great boon to travel. But I don't think it's clear this year in Tokyo that we'll have fans. So we'll have to see how that goes. But I can just comment more broadly about what we're seeing with travel demand.

至於奧運的問題。我們是奧運的贊助商。如果奧運能有觀眾入場，我認為會對旅遊帶來很大的助益。但今年在東京是否會有觀眾，目前並不明朗，所以還得看情況。不過我可以更廣泛地談談我們看到的旅遊需求。

We did a survey recently of American travelers, and we found a couple of things. The first thing we found is that people miss traveling. That's not surprising, but we also found that people miss traveling more than any other out-of-home activity. People miss traveling more in America than going to restaurants, going to sports, live music or other activities. But they don't miss all kind of traveling. Generally, people don't miss traveling for business as much, and they generally don't miss mass tourism. They're generally not missing standing in a line with all these desks in front of a landmark, for example, or going to a crowded lobby.

我們最近對美國旅客做了一項調查，發現幾件事。第一，人們想念旅行。這不令人意外，但我們也發現，人們想念旅行的程度勝過任何其他外出活動。在美國，人們想念旅行的程度高於去餐廳、看運動賽事、聽現場音樂或其他活動。但他們並不是想念所有類型的旅行。一般而言，人們不那麼想念商務旅行，也普遍不那麼想念大眾觀光。他們通常不會想念例如在地標前排隊、前面一堆人，或是去擁擠的大廳。

The kind of travel that people miss is spending meaningful time with the people they care about, their friends and their family. And so we found that the majority of people we surveyed said they do plan to travel this year. They will do it as soon as they feel safe to do so. So obviously, that's going to be pegged a little bit to the health crisis. But we see a lot of enthusiasm. And I think the kind of travel that we offer allows people to be able to connect with their friends and family because a home is a great way to be able to gather and spend a meaningful quality time. And that is very much what we're focused on.

人們想念的旅行，是與他們在乎的人——朋友與家人——共度有意義的時光。因此，我們發現受訪者中的多數表示他們計畫今年旅行，並且會在覺得安全時盡快出發。當然，這會在某種程度上取決於健康危機的發展。但我們看到很高的熱情。我認為我們所提供的旅行型態，能讓人們與朋友和家人連結，因為「住家」是一種很好的聚會方式，能共度有意義的高品質時間。而這正是我們非常專注的方向。

We think this is a huge window of opportunity, this travel rebound. And I think it's going to be disproportionately a travel rebound that's not going to be cross-border. It's not going to be business travel. People are going to getting in cars, they're going to travel to smaller communities, and they're also going to be staying in home. So we are prepared, and we're going to be prepared for that.

我們認為這次旅遊反彈是一個巨大的機會窗口。而我認為這次反彈將不成比例地不是跨境旅行，也不是商務旅行。人們會開車出行，他們會前往較小的社區，也會住在住家型住宿。因此我們已經準備好，也會為此做好準備。

And your next question comes from Brent Thill with Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Just if you could comment on the experience business and what you're seeing there and how important that is to the overall strategy right now?

能否請你評論一下體驗（experience）業務，你們在那裡看到的情況，以及它目前對整體策略的重要性？

And also, as we come back through this recovery, can you just talk to the other element of the stay, which could be the hotel. And I know you've invested there, how important will that be as we go back through the upswing of this travel cycle?

另外，隨著我們走過這次復甦，你能否談談住宿的另一個要素——也就是飯店。我知道你們在那方面有投資；當這一輪旅遊循環回到上升期時，那會有多重要？

Yes. Thanks for the question, Brent. So yes, I'll talk about experiences and hotels.

是的。謝謝你的問題，Brent。我會談談體驗和飯店。

So with experiences, this is a very important product for us. Experiences are one of the purest manifestations of hosting and connection that we have. I mean, in a sense, that is the entire product. You have an experience with a host, and you connect with other guests. So this is really important to us.

先談體驗，這對我們而言是一個非常重要的產品。體驗是我們所擁有、最純粹體現「待客」與「連結」的形式之一。某種意義上，那就是整個產品：你與房東一起參與一個體驗，並與其他旅客建立連結。所以這對我們非常重要。

And what we found statistically is that guests on Airbnb actually like experiences statistically more than homes. For example, more guests leave a 5-star review after their experience than they do after a home as a percentage of -- after the reservation.

而我們從統計上發現，Airbnb 的旅客在統計上其實更喜歡體驗勝過住家。例如，以預訂後的比例來看，完成體驗後留下五星評價的旅客比例，高於入住住家後留下五星評價的比例。

So we thought last year was going to be a breakout year for experiences, but the opposite happened. We had to put the product on hold with social differencing. So very quickly pivoted the product to create online experiences. Because people can gather in person, we created 1-hour activities that you could do from your computer. These were different than Instagram-like videos or YouTube videos. These are actually interactive. So you actually can connect with a host, and you can meet other guests. And people are using these because they're feeling more isolated, and they want to meet other people.

所以我們原本以為去年會是體驗的爆發年，但結果恰恰相反。因為社交距離，我們不得不暫停這個產品。因此我們很快調整方向，推出線上體驗。因為人們無法面對面聚會，我們打造了你可以在電腦上進行的 1 小時活動。這些不同於 Instagram 式影片或 YouTube 影片；它們是互動式的。你可以與房東連結，也能認識其他旅客。人們會使用這些，是因為他們感到更孤立，並且想要認識其他人。

And I think as the world starts opening back up, I think we're very bullish on experiences over the coming years. Because when people travel, they're going to want to do something interesting. And I don't think they're all going to desire to go back to getting on double decker buses and waiting in line in crowded lobbies or landmarks. They're going to want to do really interesting activities. And I think that's what our hosts have to offer.

我認為隨著世界重新開放，未來幾年我們對體驗非常看好。因為當人們旅行時，他們會想做一些有趣的事。我不認為大家都會想回到搭雙層巴士、在擁擠的大廳或地標前排隊等候。他們會想參與真正有趣的活動，而我認為這正是我們房東能提供的。

And then for people in their own city, I think you can only sit at home and watch so many shows on Netflix. People will want to get out of their home. And if they want an alternative to a restaurant, I think experiences are a great thing to do in their own city.

而對於待在自己城市的人來說，我想你不可能一直待在家裡看 Netflix 的節目。人們會想走出家門。如果他們想要餐廳以外的替代選項，我認為體驗是在自己城市裡很棒的活動。

So the short answer is that we're very focused on it. We had to take a bit of a pause last year, but they're coming back, and we're going to be focused on it because it's just another way of hosting. And this is one of many ways that we're going to continue to allow hosts to be able to share their world with others.

所以簡短的答案是：我們非常專注在這上面。去年我們不得不稍微暫停一下，但它們正在回來，我們也會持續聚焦，因為這只是另一種待客方式。而這也是我們將持續讓房東能與他人分享其世界的眾多方式之一。

Now with regards to hotels, this is a little bit of a different story. We made an acquisition of HotelTonight. I'm very proud of the acquisition. I'm very glad we made it. It's a great team, a great app. It's one of the most loved hotel booking apps in the world. And we were investing quite heavily in this product. Now when the crisis happened, we had to scale back certain investments. And one of the investments we scaled back was our investment in hotels. So scaled it back entirely. We still are investing in hotels, just not as much as before.

至於飯店，這就有點不同了。我們收購了 HotelTonight。我對這次收購非常自豪，也很高興我們做了這件事；那是一個很棒的團隊、很棒的 App，也是全球最受喜愛的飯店預訂 App 之一。我們原本在這個產品上投入相當多資源。但當危機發生時，我們必須縮減某些投資，其中之一就是我們在飯店上的投資，因此幾乎全面縮減。我們仍然在投資飯店，只是不像以前那麼多。

The way we think of hotels is the way essentially we think about property managers on Airbnb. Airbnb is a community of 4 million hosts. 90% are individuals, and they are who we prioritize because that's where our guests speak. Our guests want something that's one of a kind, and this is typically offered by our individual host.

我們看待飯店的方式，基本上就像我們看待 Airbnb 上的物業管理者（property managers）一樣。Airbnb 是一個擁有 400 萬名房東的社群，其中 90% 是個人房東；我們優先重視他們，因為那是我們旅客所偏好的。我們的旅客想要獨一無二的體驗，而這通常是由個人房東所提供。

But that being said, we never want Airbnb guests to come to Airbnb and not be able to find something they're looking for. So we think that hotels, in addition to property managers, are really important for our strategy in filling in our network gaps. Again, we don't want anyone to come to Airbnb and lease because they couldn't find a place to stay. So hotels are important. And as we know, most hotels around the world are below 50% occupancy, so we know they're in need of demand, and Airbnb certainly can provide that demand for them. So that's what we're doing with experiences and hotels, both part of our strategy in the future.

但話雖如此，我們絕不希望 Airbnb 房客來到 Airbnb，卻找不到他們想找的東西。因此我們認為，除了物業管理公司之外，飯店對於我們填補網路供給缺口的策略也非常重要。再次強調，我們不希望任何人因為找不到住宿而離開 Airbnb、轉而去租別的地方。所以飯店很重要。而且如我們所知，全球多數飯店的入住率都低於 50%，因此我們知道他們需要需求，而 Airbnb 當然可以為他們提供這些需求。這就是我們在體驗與飯店方面所做的事，兩者都是我們未來策略的一部分。

And your next question comes from Colin Sebastian with Baird.

下一個問題來自 Baird 的 Colin Sebastian。

Great. A couple of questions for me, really follow-ups. But given some of the expense rationalization last year, how confident are you at this point that you have the team and the infrastructure in place to handle more rapid rebound in travel, if that's what those transpired over the course of the year?

很好。我這邊有幾個問題，主要是追問。鑑於去年進行了一些費用合理化，你們目前對於是否已具備足夠的團隊與基礎設施，以因應今年內若出現更快速的旅遊反彈，有多大信心？

And then I know this may be a little bit difficult to answer at this point. You addressed it a little bit earlier, but some of the newer use cases such as long-term stays and shorter trips, do you have a view into whether those can be sustainable or incremental over what were normal use cases pre-pandemic?

另外我知道這個問題在此刻可能有點難回答。你先前稍微提到過，但像長期住宿與較短行程等一些較新的使用情境，你們是否能判斷這些情境相較於疫情前的正常使用情境，能否具備可持續性，或是否屬於增量需求？

Yes. Really good questions. So let me start with being able to handle the rebound in the face of reductions, and then I'll go to new use cases, and Dave will fill in as needed. With regards to the reductions, a lot of the reductions have just made us significantly more efficient and be able to handle the rebound. One of the big changes we made were -- really, there were 2 big changes we made.

是的，問題非常好。我先從在縮減之後如何應對反彈談起，接著再談新的使用情境，Dave 也會視需要補充。就縮減而言，許多縮減其實讓我們顯著更有效率，也更能應對反彈。我們做出的重大改變之一是——其實我們做了兩個重大改變。

The first big change we made is that we got much more focused. So it means we scaled back a lot of new investment areas and put our very best people on only a few problems, especially our core of hosting. But the other thing we did is because of that, we shifted from a divisional business unit structure to a functional organization. And this reduced lots of duplication of functions. Instead of having multiple marketing departments, multiple product departments, multiple operations group, we now have one technology group, one marketing group, one operations group. And this made us not only more efficient, being able to turn on a dime much more quickly.

第一個重大改變是我們變得更聚焦。也就是說，我們縮減了許多新的投資領域，並把最優秀的人才集中在少數幾個問題上，尤其是我們的核心：房東（hosting）。但我們做的另一件事是，因為這樣的聚焦，我們把組織從事業部制轉為職能型組織。這減少了大量職能重複。過去有多個行銷部門、多個產品部門、多個營運團隊；現在我們只有一個技術團隊、一個行銷團隊、一個營運團隊。這不僅讓我們更有效率，也能更快速地因應變化。

So we are preparing for this next rebound. I think that we are much more efficient. Those reductions, we'll be able to sustain. The one group that does have to scale a little more linearly is customer service. We are scaling that ahead of demand. But make no mistake, even that is going to be significantly more efficient.

因此我們正在為下一波反彈做準備。我認為我們的效率已大幅提升，而這些縮減也能夠持續。唯一需要較線性擴張的團隊是客服。我們會在需求出現之前就先擴編。但請不要誤會，即便如此，這部分也會顯著更有效率。

We hired a woman who running our operations in Tara Bench. She ran all customer service at Apple for many years. And she has built a great team, including new leaders for trust and community support. And we are focused on improving efficiency by reducing contact rates. We are very, very focused on reducing the need for people to call us or message us because they have a problem. If they do have to call us or message of, we are going to focus on making our agents significantly more efficient. So that's a really big focus area on the reduction.

我們聘請了 Tara Bench 來負責營運。她在 Apple 多年負責所有客服工作。她建立了一支很棒的團隊，也引進了信任與社群支援的新領導者。我們聚焦於透過降低聯絡率來提升效率。我們非常、非常專注於降低人們因為遇到問題而需要打電話或傳訊息給我們的情況。如果他們確實需要聯絡我們，我們也會專注於讓客服專員顯著更有效率。因此，這是縮減後的一個非常重要的聚焦領域。

Now on the new use cases, the short answer is, yes, we do believe these new use cases are sustainable. Though we can't predict the future, we do know a few things to be true. Many of the reasons why people are using Airbnb for new use cases is because technology has digitized so much of the world that we can now do things remotely we couldn't do before. So what this means is because more people can work from home on a laptop, it means they can work out of any home. And so we think in the future, fewer people are going to be tethered to a permanent destination. And even people who are, are going to take more 3-day weekends. They might be more likely to go away for the summer. And we think that in addition to the kind of short-term stays, these medium-length stays, a couple of weeks or even a couple of months, we think these are going to be a really big part of the story. I guess the headline is this. People aren't just traveling on Airbnb. They're now living on Airbnb, and I think that's here to stay.

至於新的使用情境，簡短的答案是：是的，我們確實相信這些新的使用情境具有可持續性。雖然我們無法預測未來，但我們知道幾件事是真的。人們之所以在 Airbnb 上出現新的使用情境，很多原因是科技已將世界大量數位化，使我們現在能遠端完成過去做不到的事。這代表更多人可以在家用筆電工作，也就意味著他們可以在任何一個家工作。因此我們認為未來會有更少的人被綁在固定的目的地。即便是被綁定的人，也會有更多三天連假；他們可能更願意在夏天外出一段時間。我們認為，除了短期住宿之外，這些中期住宿——幾週甚至幾個月——將會是故事中非常重要的一部分。我想重點是：人們不只是透過 Airbnb 旅行，他們現在是在 Airbnb 上生活，而我認為這將會持續下去。

Dave, I'll hand it over to you.

Dave，我把時間交給你。

Yes. I think the things I'd round out is that I'm very happy with the underlying progress we've made in our operations support area in terms of improving the efficiency there. We are making some investments in it in 2021 that's going to mask the underlying progress that we get to see internally. And the other thing that is happening is, as Brian said, we're making sure that we're ready for the rebound when it occurs, which means that we are going to be investing slightly more earlier in the year to make sure that we have all the support ready for a return to travel and being optimistic that it will return soon.

是的。我想我會補充的是，我對我們在營運支援領域所取得的底層進展感到非常滿意，特別是在提升效率方面。我們在 2021 年會對此進行一些投資，這會在表面上掩蓋我們內部看得到的底層進展。另一件正在發生的事是，如 Brian 所說，我們要確保在反彈發生時已準備就緒，這意味著我們會在年初稍微更早投入一些資源，以確保所有支援都已就位，迎接旅遊回歸，同時也樂觀地認為它會很快回來。

And so with the relatively lower revenue in the first half than the second half, our operation support expenses as a percent of revenue will be slightly -- will be a little bit higher in the first half than the second half.

因此，由於上半年營收相對低於下半年，我們的營運支援費用占營收比重在上半年會略微——會比下半年高一些。

Our next question comes from Michael Graham with Canaccord.

下一個問題來自 Canaccord 的 Michael Graham。

Two quick questions. One on pricing. You mentioned that your average daily rate was up in the shareholder letter because of mix shift towards North America, partially. But as demand is really robust in some of these areas, can you just talk about how hosts are reacting in terms of offsetting price? Are you seeing them get more opportunistic?

兩個快速問題。第一個關於定價。你們在致股東信中提到，平均每日房價（ADR）上升，部分原因是組合轉向北美。但由於某些地區需求非常強勁，你能否談談房東在調整價格方面的反應？你們是否看到他們變得更趨於把握機會、提高價格？

And then other one I wanted to ask was you talked a little bit about the steps you're taking to simplify host onboarding. Can you just talk about the steps you're also taking to simplify the guest experience?

第二個我想問的是，你們談到了一些簡化房東上架（onboarding）流程的措施。你能否也談談你們為了簡化房客體驗所採取的步驟？

Thank you, Michael. Why don't I start with simplifying the guest experience. And Dave, I can hand over to you for pricing.

謝謝你，Michael。我先從簡化房客體驗開始。至於定價，Dave，我可以把問題交給你。

So yes, as we said, to prepare for this travel rebound this summer, we're doing 4 things. We're going to educate the world in Airbnb. What makes them be different, that's hosting. We're going to simplify -- we're going to recruit more hosts. We're going to simplify the guest experience, so we're going to deliver world-class service.

所以是的，如我們所說，為了迎接今年夏天的旅遊反彈，我們會做四件事。我們要向全世界宣傳 Airbnb，讓大家了解我們的不同之處——也就是房東（hosting）。我們要簡化——我們要招募更多房東。我們要簡化房客體驗，因此我們要提供世界級服務。

So let's talk about your question, simplify the guest experience. One of the things we know is that as we make something easier, the conversion rate goes up. And so we have a goal to make it even easier to be able to book on Airbnb. So we're going to be reducing steps, significantly reducing steps to be able to log in, sign on, get verified, go through the key steps you need to be able to do and be able to find a place on Airbnb. So we're looking at the entire end-to-end experience that we're going to be doing a bit of a redesign of it over the coming months. So I think this is going to be great for the next travel season.

那我們來談談你問的：簡化房客體驗。我們知道，當我們把事情做得更容易，轉換率就會上升。因此我們的目標是讓在 Airbnb 上預訂變得更容易。我們將減少步驟，大幅減少登入、註冊、完成驗證，以及完成你需要做的關鍵步驟，並能在 Airbnb 上找到住宿的步驟。我們正在檢視整個端到端體驗，並會在接下來幾個月對其進行一些重新設計。我認為這對下一個旅遊旺季會非常有幫助。

But the other thing we're doing, and I want to highlight this because this is something that I highlighted in the very beginning is we're also changing how Airbnb works. Because the whole paradigm of how people search or travel has now changed. Because today, this year thus far, 40% of people come to Airbnb, and they either no longer know where they're going or when they're going. In other words, they're flexible. And this is a major change because every travel company has a search box because people -- they know where they're going. And so they ask, "Where are you going?" And they have dates and say, check in on this date, check out on this date. This whole new world that's much more flexible means that when people are more open-minded, we can direct demand to where we have supply. And we can actually elevate not just destinations, but unique homes that can become the destination.

但我們正在做的另一件事——我想特別強調，因為我在一開始就提到過——是我們也在改變 Airbnb 的運作方式。因為人們搜尋或旅行的整個典範已經改變。因為截至今年目前為止，有 40% 的人來到 Airbnb 時，他們要嘛不再知道自己要去哪裡，要嘛不再知道何時要去。換句話說，他們是彈性的。這是一個重大改變，因為每一家旅遊公司都有搜尋框，因為人們——他們知道自己要去哪裡。所以會問「你要去哪裡？」並且有日期，像是這天入住、那天退房。這個更具彈性的全新世界意味著，當人們更開放時，我們可以把需求導向我們有供給的地方。我們甚至可以不只提升目的地，也能凸顯那些獨特的房源，讓房源本身成為目的地。

So we think this is going to change how people search because it also means that people would be more likely to look for something that's unique and special. And I think that really that there can be up nicely. So that's what we're going to do to simplify the guest experience.

因此我們認為這將改變人們的搜尋方式，因為這也意味著人們更可能去尋找獨特且特別的選擇。我認為這點真的很契合。所以這就是我們將如何簡化房客體驗。

Dave, I'll hand over to you.

Dave，我把時間交給你。

Yes. In regards to ADR, we did see elevated rates of the average daily rate, and Q4 was up 13% year-over-year. We're seeing almost all of that as just a form of mix. It's a mix towards North America, which has higher ADR, entire homes and less urban areas, each of which are -- have higher average daily rates.

是的。關於 ADR（平均每日房價），我們確實看到平均每日房價處於較高水準，第四季年增 13%。我們看到幾乎全部都只是組合效應。也就是組合更偏向北美（其 ADR 較高）、整套房源以及較非都會地區，這些類別的平均每日房價都較高。

So we're actually not seeing new hosts increased the rate of inflation of the same-property year-over-year. I'm sure some are doing it, but we're not seeing a material level overall.

因此，我們其實沒有看到新房東把同物件（same-property）的年增通膨率推得更高。我相信有些人會這麼做，但整體而言我們沒有看到具實質影響的程度。

And your next question comes from Jason Bazinet with Citi.

下一個問題來自花旗（Citi）的 Jason Bazinet。

Maybe my numbers are wrong, but when I look back over the last 5 years, it seems as though you've actually widened the gap between yourself and your competitors in the alternative segment.

也許我的數字有誤，但當我回頭看過去 5 年，似乎你們其實在替代住宿這個區隔，進一步拉大了與競爭對手之間的差距。

And I just wonder now that it's sort of dawned on everyone as you say that the travel is going to change permanently, have you seen or do you anticipate sort of heightened competitive intensity relative to what the historical financials would suggest?

我想問的是，既然如你所說，大家現在都意識到旅遊將永久改變，那麼相較於歷史財務數據所暗示的情況，你們是否已經看到或預期會出現更高的競爭強度？

Thank you very much for the question, Jason. I'll just -- yes, I'll start by saying a couple of things. Number one, travel is one of the largest industries in the world and makes up a significant amount of global GDP. I believe, 1 in 10 new jobs was created in the travel industry before the pandemic. So the first thing I want to just say is this is such a large market. Its multiple is larger than like the advertising industry, just to give you a point of reference. And so we think there's room for a lot of companies.

非常感謝你的問題，Jason。我先——是的，我先說幾點。第一，旅遊是全球最大的產業之一，並占全球 GDP 的相當大比重。我相信在疫情之前，每 10 個新工作中就有 1 個是由旅遊產業創造的。所以我首先想說的是，這是一個非常龐大的市場。就給你一個參考點，它的規模倍數甚至比廣告產業還大。因此我們認為這個市場容得下很多公司。

Now with regards to more competition in our space, I mean we've really been seeing this competition for like the last 5 years, actually. I don't think it's really that different. What I have found though is this, I think that fundamentally, Airbnb, we're in a bit of a different space than our competitors. Because Airbnb, we are focused primarily on individual hosts. They comprise 90% of our 400 million hosts. And OTAs are primarily focused on professional hosts.

至於我們領域中的更多競爭，我的意思是，過去大概 5 年我們其實一直都在看到這些競爭。我不覺得現在有什麼本質不同。不過我發現的是：從根本上來看，Airbnb 所處的空間與競爭對手有些不同。因為 Airbnb 主要聚焦在個人房東。他們占我們 4 億名房東的 90%。而 OTA 則主要聚焦在專業房東。

We have professional host as well. And we think professional vote will probably list on any site that provides a great experience and give them high-quality guests. And we, of course, will do that. But we think individual hosts are less likely to want to list on multiple platforms. We're the only platform now that has a custom-built platform designed specifically for individual host.

我們也有專業房東。我們認為專業房東可能會在任何能提供良好體驗、並帶來高品質房客的平台上架，當然我們也會做到。但我們認為個人房東較不傾向在多個平台同時上架。我們現在是唯一一個專為個人房東量身打造、客製化建置的平台。

We saw a lot of the really hard problems that individual host needs, like the system of trust. Individual hosts want to know the quality, for example, of their guests. 70% of the hosts leave a review of guests after their stay. And that means, for example, a lot of guests actually have reviews. That's just one of many examples of the kind of custom-built platform we've made for individual hosts.

我們解決了許多個人房東需要的棘手問題，例如信任系統。個人房東想知道房客的品質，例如，入住後有 70% 的房東會對房客留下評價。這表示很多房客其實都有評價紀錄。這只是我們為個人房東打造客製化平台的眾多例子之一。

And so I don't think competition is anything different, but I also think we're a bit a category of one in the sense that we are really focused on the individual host as our primary opportunity area.

因此我不認為競爭有什麼不同，但我也認為我們在某種意義上是一個「獨特類別」，因為我們真正把個人房東作為主要的機會領域。

And your next question comes from Justin Parison with KeyBanc.

下一個問題來自 KeyBanc 的 Justin Parison。

Great. We've spoken a lot on discovery and just how travel is changing. I'm curious to hear how you're thinking of helping individual hosts improve their level of service just so you can make sure that special trips keep happening on Airbnb.

很好。我們談了很多關於探索（discovery）以及旅遊如何改變。我想了解你們如何思考協助個人房東提升服務水準，以確保那些特別的旅程能持續在 Airbnb 上發生。

And then as a quick follow-up. You've got a great asset with your payments platform. Would love to hear about just how you see that investment evolving and where you see more opportunity to provide value, either to host or guests?

接著一個簡短追問：你們的支付平台是一項很棒的資產。也想聽聽你們如何看待這項投資的演進，以及你們在哪些方面看到更多機會能創造價值，不論是對房東或房客？

Great. Great questions. So why don't I start with host, and then we'll get to payment. And I'll let Dave elaborate on payments.

很好，都是很棒的問題。那我先從房東開始，接著談支付。我也會請 Dave 補充支付的部分。

So one of the things we're doing is, in addition to recruiting more hosts this year, we want to make sure our hosts are set up to succeed. And to be able to set up for success, they have to provide great experiences because they're reviewed after the stay, obviously. And so we're working on a number of tools. We're going to be developing a bit more host education to be able to educate a host.

我們正在做的一件事是：除了今年招募更多房東之外，我們也希望確保房東具備成功的條件。要能成功，他們必須提供很棒的體驗，因為入住後顯然會被評價。因此我們正在推動多項工具。我們會加強房東教育，讓房東能夠被培訓與學習。

We have a Host Advisory Board that has 17 hosts that come from 14 countries, and they're going to be advising us on features that we build to be able to help our host be successful. We have a number of tools we're investing in: pricing tools to help them price their listing, improving our calendar tools, giving them more tips to provide better experiences. We're going to be updating the way the information will be collected and review to be able to get more helpful feedback to host.

我們有一個房東諮詢委員會（Host Advisory Board），由來自 14 個國家的 17 位房東組成，他們將就我們要打造的功能提供建議，以協助房東成功。我們正在投資多項工具：定價工具協助他們為房源定價、改善行事曆工具、提供更多技巧以帶來更好的體驗。我們也會更新資訊蒐集與評價的方式，以便提供對房東更有幫助的回饋。

And I'll just say at a more fundamental level, the person managing our host organization is a woman named Catherine Powell. As I said, she is an executive from Disney. She managed Disney cast members. And I think they created a Disney University where they did a lot of education. And we want to bring a lot of those learnings to educating our host. We don't think we're just a distribution platform for our hosts. We're really an enablement platform, and we want to make sure we build all the tools and services and educational materials that they need to be able to be successful.

再從更根本的層面來說，負責我們房東組織的人是一位名叫 Catherine Powell 的女士。如我所說，她是來自迪士尼的高階主管，曾管理迪士尼的演職人員。我認為他們建立了迪士尼大學（Disney University），做了大量教育訓練。我們希望把這些經驗帶到房東教育上。我們不認為自己只是房東的分銷平台；我們更是一個賦能平台（enablement platform），並希望確保我們打造房東成功所需的所有工具、服務與教育材料。

So the last thing I'll just say with our hosts is we're also going to be providing elevated levels of customer service to our hosts. And we think we can do this while even becoming more efficient on the cost of customer service. So that is what we're doing for hosts.

最後關於房東我再補充一點：我們也將為房東提供更高等級的客服服務。我們認為即使如此，也能同時讓客服成本更有效率。因此，這就是我們為房東所做的事。

Now on payments, I'll start, and I'll hand over to Dave. Just to give a point of reference, in 2019, we processed approximately $70 billion of guests and host transactions. And this was in over 40 currencies across 220 countries and regions. So we think this is a really unique capability that we have. The reason we even built the payments platform in the first place is because we started with individual hosts. We didn't start with hotels. And individual people couldn't actually receive money very easily. And we were -- because we're such a global network, we're in nearly every country in the world. We actually have to have a really custom-built payment platform to be able to facilitate money between these countries.

接著談支付。我先說，然後交給 Dave。提供一個參考點：2019 年我們處理了約 700 億美元的房客與房東交易，涵蓋 220 個國家與地區、超過 40 種貨幣。因此我們認為這是一項非常獨特的能力。我們之所以一開始就建立支付平台，是因為我們從個人房東起步，而不是從飯店起步。個人其實不容易收款。而且因為我們是全球網路，幾乎遍及世界每個國家，我們必須有一個高度客製化的支付平台，才能促成各國之間的資金流轉。

So it's very strategic to this company. And I think it's one of the kind of best kept secret to Airbnb, our payments capability.

所以這對公司而言非常具策略性。我認為這也是 Airbnb 最「被低估的秘密」之一：我們的支付能力。

Dave, you want to elaborate on it?

Dave，你要補充說明嗎？

Yes. I mean, we process 100% of the guest payments on Airbnb, and that's super powerful. Individual hosts would not be able to host without us processing those payments for us. So if you look at competitors that have substantially lower penetration of payments, it is a definite pain point for individuals because it's not like they can do it on their own.

是的。我的意思是，我們處理 Airbnb 上 100% 的房客付款，這非常強大。若沒有我們代為處理付款，個人房東將無法經營。如果你看那些支付滲透率明顯較低的競爭對手，對個人而言這確實是一個痛點，因為他們不可能自己就把這件事做好。

And we also does other benefit as we add more payment methods, and as Brian said, 140 currencies across the globe, we keep working on ways to localize those payment methods in all the different countries. The payment methods and customs in Brazil are different than those of Russia or they're different than those in France and different than those in the United States. And so we really want to localize these payment methods. And we got a double benefit of that.

而且當我們新增更多支付方式時也會帶來其他好處。正如 Brian 所說，全球 140 種貨幣，我們持續努力在不同國家把支付方式做在地化。巴西的支付方式與習慣不同於俄羅斯，也不同於法國，更不同於美國。因此我們非常希望把這些支付方式在地化，而這會帶來雙重效益。

One is we often decrease our costs by being more local. And the second is often to increase our conversion. So those are all great benefits.

第一，我們常常能因為更在地化而降低成本；第二，也常常能提升轉換率（conversion）。這些都是很大的好處。

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

（接線員指示）下一個問題來自瑞士信貸（Crédit Suisse）的 Stephen Ju。

So Brian, what do you think is the gap in awareness of Airbnb between your more well-established markets like the U.S. and some of your emerging territories? And hence, what do you think the corresponding difference in activity that you see between the developed versus emerging territories that you can look to close?

Brian，你認為 Airbnb 在美國等較成熟市場與一些新興地區之間，品牌認知度的差距在哪裡？因此，你認為你們在已開發與新興地區之間所看到的活動程度差異是什麼，而你們可以努力去縮小這個差距？

And I guess, secondarily, this is probably not the best question to ask while your host is still struggling with less demand, but the fees that you are charging seem to be fairly minimal, especially through individual host.

另外，我想這可能不是在房東仍因需求較少而吃緊時最適合問的問題，但你們收取的費用看起來相當低，尤其是透過個人房東。

So is there a greater desire to start shifting that -- take away burden away from the consumer, perhaps gradually over time? Or do you feel like you want to continue on this current path is there's probably so much more supply out there that you might want to consolidate and lock on to Airbnb?

那麼，你們是否更希望開始把這個——把負擔從消費者身上移開，或許隨時間逐步調整？還是你們覺得想要延續目前的路徑，因為外部可能還有更多供給，你們可能想在 Airbnb 上加以整合並鎖定？

Thank you for the question, Stephen, and I'll answer the first question. I'll let Dave answer the second.

謝謝你的提問，Stephen，我會回答第一個問題。第二個問題我會請 Dave 來回答。

With regards to your question about the gap of awareness between mature markets and our new markets, yes. I mean, our brand is extremely strong in countries all over the world, but in particular, United States, France, U.K., Australia, Canada, English-speaking countries. And then France, I think, in particular, non-English-speaking country, but it's got an extremely strong kind of culture of using Airbnb over many years.

關於你提到成熟市場與我們新市場之間的認知落差，是的。我的意思是，我們的品牌在全球各國都非常強勢，但尤其是在美國、法國、英國、澳洲、加拿大等英語系國家。然後我認為法國特別值得一提，雖然是非英語系國家，但多年來使用 Airbnb 的文化非常強。

There is absolutely a gap between those and new emerging markets, but this is an exciting opportunity because the biggest gap is awareness. And what we found pretty universally is in nearly every country in the world once the awareness normalizes, the growth rates and the volume of business gets to be approximately similar. So the major thing we need to do is just increase awareness for Airbnb in our emerging markets.

成熟市場與新興市場之間確實存在落差，但這是一個令人振奮的機會，因為最大的落差在於認知度。而我們幾乎在全球各國普遍發現，一旦認知度趨於正常化，成長率與業務量大致會變得相近。因此，我們在新興市場最主要要做的，就是提升 Airbnb 的認知度。

We're starting this year with investing more in brand marketing. We're going to be doing digital advertising all over the world. And I expect in the coming years, we're going to be targeting key countries that are emerging opportunities for us. We've had a lot of success in Japan over the last few years. We've been on a really long journey to build that business. We've had great success in Mexico, Brazil, numerous countries and different countries all over the world. And I do think we are by far the most global network in all of travel. There is very few corners in the world where Airbnb doesn't have a strong community, but I do think that we have a very big opportunity to grow in other countries.

我們今年開始加大品牌行銷投資。我們將在全球進行數位廣告投放。我預期未來幾年，我們會鎖定對我們而言屬於新興機會的關鍵國家。過去幾年我們在日本取得了很大成功，我們走了很長一段路來建立那個業務。我們在墨西哥、巴西，以及全球許多不同國家也都取得了很好的成果。我確實認為，我們是旅遊業中迄今最全球化的網路。世界上很少有角落是 Airbnb 沒有強大社群的，但我也認為我們在其他國家仍有非常大的成長機會。

And I think, in particular, once cross-border travel reemerges, and it will, in the coming years because it's going to be a huge opportunity for us.

而且我認為，特別是當跨境旅遊重新回歸時——而且它會在未來幾年回歸——這將會是我們的一個巨大機會。

Dave, I'll hand to you the second question.

Dave，第二個問題我交給你。

Yes, great. On fees, it's just important that we charge a really fair price for stays in Airbnb, and we continue to have a great value. We believe that we do have a great value. You can have a whole home for the price of a typical hotel.

好的，太好了。關於費用，重要的是我們要為 Airbnb 的住宿收取非常公平的價格，並且持續提供很高的性價比。我們相信我們確實提供了很高的價值。你可以用一般飯店的價格住到整套房源。

So then when we look at our fees, we want to make sure that those fees are great value to both guests and to host. And we do have a mix of those fees. In some cases, we have a mix of a low host fee and a higher guest fee. And then for some of our professional hosts, we'll have a host-only fee, and all of it is on the hosts side.

因此，當我們檢視費用時，我們希望確保這些費用對房客與房東都具有很高的價值。我們的費用結構也有不同組合。在某些情況下，我們採用較低的房東費與較高的房客費的組合。對於部分專業房東，我們會採用僅向房東收費的模式，全部費用都在房東端。

And so we'll see the mix. The mix could change over time. We continue to test and evolve to see what works best for our guests or our hosts. And we'll just continue to evolve and iterate to make sure that we provide the best value to the overall community.

因此我們會看到不同的組合，而這個組合也可能隨時間改變。我們會持續測試並演進，看看對房客或房東而言什麼最有效。我們也會持續演進與迭代，確保為整體社群提供最佳價值。

Overall, we kind of -- the philosophy is as we give more back to the community in terms of services and capability, then we would -- could see opportunities for further increases of take rate. But we'd always want to give more back to the community before we would increase that take rate.

整體而言，我們的理念大致是：當我們以服務與能力的形式回饋社群更多時，我們就——可能會看到進一步提高抽成率（take rate）的機會。但在提高抽成率之前，我們總是希望先回饋社群更多。

And your next question comes from Mario Lu with Barclays.

下一個問題來自 Barclays 的 Mario Lu。

Great. In terms of the guest profile in 2020, just curious if the recent trends in travel, such as domestic, nonurban and whole homes, caught in a larger mix of new guests in 2020 versus 2019? And could that potentially drive further growth in future years?

很好。關於 2020 年的房客輪廓，我想了解一下，近期旅遊趨勢（例如國內旅遊、非都會區、整套房源）是否使得 2020 年新房客的占比相較 2019 年更高？這是否可能在未來幾年帶動進一步成長？

And then secondly, on occupancy, you mentioned that host generates less than $10,000 a year on average. And I believe the occupancy rates have been around 17% pre-COVID. So what would you say are the largest drivers in order to move that rate higher over time?

第二個問題是關於入住率（occupancy）。你提到房東平均每年創造的收入不到 10,000 美元。我也相信疫情前入住率大約在 17% 左右。那麼你認為，長期要把這個比率提高，最大的驅動因素會是什麼？

Dave, why don't I hand it to you?

Dave，要不我把問題交給你？

Sure. On the mix of new guests, it has been a great opportunity to introduce Airbnb to new guests. It's easier to go use Airbnb by driving 50 miles down the road or 300 miles down the road, nearby stay, domestic, than it is to hop on a plane, go halfway across the world and using Airbnb. So we do think that we've been able to expose it back to a number of new guests.

當然。關於新房客的組合，這一直是把 Airbnb 介紹給新房客的一個很好的機會。相較於搭飛機飛到半個地球之外再使用 Airbnb，開車 50 英里或 300 英里到附近、國內的住宿，使用 Airbnb 要容易得多。因此我們確實認為，我們得以讓不少新房客接觸到 Airbnb。

Now I would say that the rebound of our business has still been moderately back towards existing guests, guests that know all about Airbnb and all the benefits that we have. So we think it's been a great opportunity to expose it. But I wouldn't say that the -- it's disproportionately been new guests coming into Airbnb now. But at the same time, I think we have just become more of a mainstream opportunity for people that it's as we're no longer the alternative, we really are the default.

不過我會說，我們業務的回升仍然在一定程度上更多來自既有房客，也就是那些非常了解 Airbnb 以及我們所有優勢的房客。所以我們認為這是很好的曝光機會，但我不會說目前進入 Airbnb 的房客中，新房客占比有不成比例地提高。但同時，我認為我們已經變得更主流了；我們不再是替代選項，我們真的成為預設選擇。

On occupancy rates, occupancy, as kind of Brian mentioned earlier, is just an area that can flex over time that we can also drive up the occupancy of the existing property. So we don't need to necessarily increase the number of listings to drive incremental nights. But it is an opportunity that as we get more nights, we could also bring in people that are more flexible in the times. Like if they're traveling for a week, maybe they only use their home for a week. So occupancy is probably not the best measure of performance on Airbnb because if you're an individual host, it's not like you want to constantly drive up the use of your existing home. You just want to make sure that the home is available some part of the time during the year.

關於入住率，正如 Brian 先前提到的，入住率是一個會隨時間彈性變動的領域，我們也能提高既有房源的入住率。因此，我們不一定需要增加房源數量就能帶動新增的住宿晚數。但這也是一個機會：當我們獲得更多晚數時，也可以吸引時間安排更有彈性的人。例如他們旅行一週，可能一年只把自己的房子拿出來一週。因此，入住率可能不是衡量 Airbnb 表現的最佳指標，因為如果你是個人房東，你不一定想要不斷提高自住房的使用率；你只是希望一年中有部分時間房子是可供出租的。

And your next question comes from Kevin Kopelman with Cowen.

下一個問題來自 Cowen 的 Kevin Kopelman。

Great. So during the pandemic, you've seen kind of this "sun, skin, and suburban" properties do really well. As we've started to see some pickup here in booking activity with COVID cases falling, especially for the summer, can you talk about what you're seeing in some of the urban areas that have been hardest hit by the pandemic and also maybe the kind of big picture outlook for those urban properties as we emerge?

很好。在疫情期間，你們看到所謂「陽光、海灘與郊區」類型的房源表現非常好。隨著 COVID 病例下降，尤其是暑期，我們開始看到預訂活動回升。你能談談你們在一些受疫情衝擊最嚴重的都會區看到的情況嗎？以及當我們走出疫情時，對這些都會區房源的整體展望是什麼？

Yes. Dave, I think this would be great for you.

是的。Dave，我覺得這題很適合你回答。

Sure. Urban is still a really important part of our business. We have -- over 40% of our nights are -- still are urban. And it's just the nonurban and low-density urban is the place where we're seeing the greater growth right now. So it's still a really important part.

當然。都會區仍然是我們業務非常重要的一部分。我們有——超過 40% 的住宿晚數——仍然來自都會區。只是目前我們看到成長更快的是非都會區以及低密度都會區。因此，都會區仍然非常重要。

And as travel returns, I think what we're going to find is there are a number of hotels that actually aren't going to be coming back online anytime soon.

而且隨著旅遊回歸，我認為我們會發現有不少飯店其實短期內不會重新恢復營運。

Brian also talked about the redistribution of the bit of travel where people are going to go to some smaller communities that may not even have hotels. And so it's this mix that's going to be kind of changing over time. And as travel rebounds, I think we'll see -- continue to see nice growth in the nonurban and low-density urban. When urban comes back, it will just be another tailwind for us.

Brian 也談到旅遊的一部分正在重新分配，人們會前往一些較小的社區，而那些地方甚至可能沒有飯店。因此，這種組合會隨時間而改變。隨著旅遊反彈，我認為我們將——持續在非都會區與低密度都會區看到不錯的成長。當都會區回來時，對我們而言也只是另一股順風。

And that is all the time we have for questions. I will now turn the call back over to the company for closing remarks.

我們的提問時間就到這裡。接下來我將把電話會議交回公司進行結語。

Thank you, everyone, for joining us today for our first earnings call as a public company.

感謝各位今天參與我們作為上市公司後的第一場財報電話會議。

Before I end today, I just want to end by thanking all of you, our shareholders. To all our early shareholders, thank you for sticking with us. And to all of our new shareholders, thanks for joining us on this journey. It's just beginning. We look forward to sharing our progress this year with you. Thank you.

在我今天結束之前，我想先感謝各位股東。對所有早期股東，感謝你們一路支持我們。對所有新股東，感謝你們加入這段旅程。這才剛開始。我們期待在今年與各位分享我們的進展。謝謝。

This does conclude today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。