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.

下午好，感謝您參加 Airbnb 2020 財年第四季度財報電話會議。

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. Please go ahead.

現在，我將把電話轉給 Airbnb 的投資者關係主管 Ian Lee。請繼續。

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.

謝謝你。下午好，歡迎參加 Airbnb 2020 財年第四季度財報電話會議。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 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.

今天早些時候，我們發布了一封股東信，其中包含我們 2020 財年第四季度的財務業績和評論。這些項目也發佈在 Airbnb 網站的投資者關係部分。在電話會議期間，我們將做簡短的開場白，然後將剩餘時間用於問答。

Before I turn it over to Brian, I'd like to remind everyone that we'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.

在我把它交給布賴恩之前，我想提醒大家，我們將在這次電話會議上做出涉及許多風險和不確定性的前瞻性陳述。由於多種因素，實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。這些因素在我們於 2020 年 12 月 11 日提交給 SEC 的股東信和招股說明書中的前瞻性陳述中進行了描述。我們敦促您考慮這些因素並提醒您，我們不承擔更新本次電話會議中包含的信息的義務反映隨後的事件或情況。您應該知道，這些陳述應僅被視為估計值，而不是對未來業績的保證。

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.

同樣在本次電話會議期間，我們將討論一些非公認會計原則的財務措施。我們在發佈到我們投資者關係網站的股東信中提供了與最直接可比的 GAAP 財務指標的對賬。這些非 GAAP 措施無意替代我們的 GAAP 結果。

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

有了這個，我會把電話轉給布賴恩。

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

非常感謝伊恩，感謝大家今天的加入。

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.

作為一家上市公司，我很高興第一次分享我們的成果。我想首先承認我們仍處於大流行中，很多人正在受到傷害。所以我們知道我們是多麼幸運能夠處於我們所處的位置。

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

現在，在我進入我們的結果之前，我想分享一個主題，我們將貫穿我們的每個財報電話會議。

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.

當我們創辦 Airbnb 時，它不僅僅是旅行。 2007 年，我和室友喬在一個週末充氣了 3 張氣墊床，把我們的公寓變成了一張氣墊床和早餐。那個週末我們接待了 3 位客人，Michael、Kat 和 Amol，並因此成為了第一批主人。我們的客人作為陌生人抵達，但他們作為我們的朋友離開。那個週末我們建立的聯繫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，我們已經從舊金山的 2 家主機發展到全球 400 萬主機。 Airbnb的想法之所以成為可能，是因為房東。沒有主人，你在你所訪問的地方是一個局外人，沒有主人，你除了擁擠的旅遊區或度假村外無處可去。一個偉大的主人所做的不僅僅是分享他們的空間。它們為您訪問的地方和居住在那裡的人們提供了更深層次的聯繫，並為您與旅行的人共度有意義的時光奠定了基礎。所以這就是為什麼 14 年後，託管仍然是 Airbnb 的核心。隨著世界的不斷變化，人們對聯繫和歸屬感的基本需求不會改變。這就是我們將日復一日、一季又一季地繼續關注的內容。

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.

有了這個，讓我談談我們的結果。 2020 年幾乎是一切都發生了變化的一年：我們的生活方式、工作方式和旅行方式。 Airbnb 也發生了變化。我們從 2020 年開始準備 IPO，但一旦世界陷入封鎖，我們就不得不擱置。但隨後，面對旅遊業有史以來最大的危機，我們的業務被證明是有彈性的，我們的模式能夠適應。通過危機，我們也更加專注。我們在堅持核心原則的同時做出了許多艱難的決定，因此我們成為了一家更強大的公司。畢竟我們成功上市了。

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.

現在，儘管經歷了艱難的一年，但我們有彈性的業務表現令我們感到鼓舞。在疫情最嚴重的時候，我們曾預測 2020 年的收入可能不到 2019 年水平的一半，但我們在 2020 年實現了 34 億美元的全年收入，與去年同期相比僅下降了 30%。在第四季度，我們的收入為 8.59 億美元，同比僅下降 22%，儘管出現了第二波 COVID 病例和廣泛的封鎖。

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.

除了這種頂線彈性之外，我們還表現出專注和紀律來保護我們的盈利能力。儘管收入下降了 14 億美元，但我們在 2020 年調整後的 EBITDA 略好於 2019 年。我們在 2020 年第四季度調整後的 EBITDA 比 2019 年第四季度高出近 2.5 億美元。儘管 2020 年第四季度的收入比去年同期減少了 2.5 億美元。因此，由於我們業務模式的適應性以及我們的專注和財務紀律，我們能夠取得這些成果。我們相信這兩個因素為即將到來的旅遊反彈奠定了良好的基礎。

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.

旅行又回來了。在封鎖開始近一年後，我們相信人們渴望從他們身上帶走的東西、旅行和人際關係。當旅行回來時，這將是關於連接。人們希望與家人和朋友共度有意義的時光。正因為如此，隨著限制的解除和邊境的開始開放，我們預計旅行將出現顯著反彈。

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.

所以在 2021 年，我們的首要任務是為即將到來的旅行反彈做準備。為此，我們要做的是完善我們核心服務的整個端到端體驗。首先，我們將向全世界宣傳 Airbnb 的與眾不同之處，即託管服務。通過我們的營銷和溝通，我們將教育客人，被接待是一種更好的旅行方式。此外，我們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.

接下來，我們將招募更多的主機並設置它們以取得成功。一旦您對人們進行了有關託管的教育，我們將簡化入職流程，以便託管人更容易上手，並且我們正在改進我們的工具和支持以幫助他們取得成功。第三，為了讓客人更容易找到完美的住宿，我們正在簡化客人體驗的每個部分，並改進我們的搜索功能以支持更靈活的旅行模式。

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，當我們的主人或客人需要我們時，我們需要提供世界一流的服務。因此，我們正在積極解決推動社區聯繫的產品問題，我們正在擴大我們的運營以滿足需求並不斷增強我們的服務。這就是我們 2021 年的計劃：向全世界宣傳託管服務，招募更多託管服務商並為成功做好準備，簡化客戶體驗並提供世界一流的服務。

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，我想強調一下我們這週推出的 2 件讓我感到非常自豪的事情。週一，我們推出了 5 年來的第一次大規模營銷活動，由 Host 實現。儘管 Airbnb 的品牌是主流，但託管的想法還沒有。我們此次活動的目標是在向全世界宣傳我們的房東方面進行長期投資。該活動將幫助我們的客人了解託管的好處以及這對 Airbnb 有何獨特之處。它將通過使其更加主流和有抱負來提高人們對成為主持人的想法的認識。

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.

通過使用真實 Airbnb 旅行中真實客人的真實照片，該活動展示了被託管的真實體驗，我認為它直接說明了世界各地的人們在隔離近 1 年後感受到的聯繫需求.主機使之成為可能。

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，最後，靈活的日期。週二，我們推出了一項稱為靈活日期的新功能。今天，越來越多的人在家工作，這意味著他們在旅行的時間和地點方面更加靈活。正因為如此，我們看到人們在 Airbnb 上搜索的方式發生了轉變。

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.

到 2021 年為止，在 Airbnb 上搜索的人中，近 40% 的人在他們的日期或住宿地點方面都是靈活的。這是搜索範式和旅行的巨大變化。

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.

靈活的日期允許客人以全新的方式搜索房屋。客人不必選擇確切的旅行日期，而是可以進行更廣泛的搜索。現在，您可以在未來幾個月的某個時間搜索週末度假、為期一周的假期甚至是一個月的住宿。這使我們的客人可以瀏覽更多選項，同時靈活選擇旅行的確切日期，我們認為這將成為本旅遊季節非常受歡迎的功能。

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

這就是我們今年為即將到來的旅行反彈做準備的計劃。我們對未來的一年感到興奮。

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

有了這個，我期待著今天回答你的問題。

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

（操作員說明）您的第一個問題來自摩根士丹利的 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。第一個，Brian，我認為您在整個 2020 年為該平台帶來了相當多的新用戶。我很好奇，隨著 2021 年預訂季節的開始，您是否看到從保留的角度來看有什麼不同，或者這些人的用戶行為有什麼不同?

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，我認為在信中，您談到 1Q '21 的預訂量高於 1Q '20。是否有更多關於哪些地區正在推動這一點的詳細信息？還是因為人們只是期待在全球的後半部旅行，所以基礎非常廣泛？

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，感謝您提出問題。我將開始，戴夫，你顯然可以- 隨意詳細說明。我將——我將從第二個問題開始。

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了很多彈性，尤其是北美和歐洲。我們普遍發現，全球國內旅行非常強勁，主要挑戰是跨境旅行，當然還有商務旅行，我們不受商務旅行減少的影響。因此，國內旅行非常強勁的國家比不受跨境旅行影響的國家更具彈性。所以這是我們看到的第一件事。我非常鼓勵購買它。

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.

現在，就我們去年獲得的用戶保留而言，我們看到了持續強勁的保留。沒有大的變化。我認為我們的用戶群留存率歷來很強，去年也非常強勁。我只強調幾件事。

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.

我認為我們的留存率很高的原因之一是人們發現了許多使用 Airbnb 的新用例，除了他們使用我們的所有舊原因。因此，即使邊境關閉，國際旅行減少，許多人還是在 Airbnb 找到了更長期的住宿。因為他們在家工作，所以他們很靈活。許多人想在附近開車旅行，住在當地社區。因此，我們也能夠擊敗需求。因此，我認為有許多領域為我們的模型提供了很大的彈性。我認為它天生具有適應性。隨著我們的模式適應，這意味著留存率增加，因為我們的客人有更多用途。

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

你的下一個問題來自高盛的希思特里。

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?

偉大的。布賴恩，當我們期待今年晚些時候及以後的複蘇時，我很想知道你目前看到的情況，即更靈活的勞動力在旅行的雙方都使用 Airbnb，這意味著他們使用 Airbnb將他們在一個地方的房屋貨幣化以資助在其他地方長期住宿？您如何看待這種機會的規模，因為對於已經嚐到它的勞動力來說，更多的流動性成為可能？

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。這是一個非常好的問題。我想真正強調這一點。方式——讓我有點——讓我這麼說。旅行會回來的。但是當旅行回來時，我們相信它看起來會與以前不同。我們認為我們不會在 2019 年回到旅行世界。它會發生變化，而且會有所不同。我們看到的最大差異可能是靈活性。

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.

擁有 Zoom 的世界是一個讓更多人可以在家工作的世界。在一個越來越多的人可以靈活地在家工作的世界裡，我們看到越來越多的人說他們可以在愛彼迎的任何家中工作。因此，我們已經看到了許多新的用例。

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.

人們生活得更加游牧。有些人會在 Airbnb 中長期逗留 1 或 2 個月。人們正在延長 3 天、4 天的周末，就像連續的許多周末一樣，因為他們不必在實體辦公室。很多人都在滑雪。他們就像潛在地生活在寒冷的地方，他們想去溫暖的地方，他們有這樣做的靈活性。

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.

你提到的另一件事是新人託管。我們發現的一件事是，許多人喜歡在生活改變之初就開始託管。也許有人有孩子，孩子們搬出了房子。他們有一些額外的臥室。也許他們最近失業了。他們最近失去了工作，或者他們現在住在更偏遠的地方，而且他們的家更容易找到。

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，我們真正感到興奮的一件事是，隨著我們看到更多的靈活性和更多的一周或一個月的停留時間，人們留下的空房子越來越多。 2019 年我們最大的房東來源是之前的客人。 2019 年，我們 23% 的房東首先是房客，因為我們認為我們有很大的機會繼續將房客轉變為房東。這個靈活的新世界意味著更多可以共享的空置房屋。

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, 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?

二，如果可以的話。首先，Brian，你們談到了由 Hosts 實現的可能性。您能否更廣泛地談談供應獲取策略以及您在短期內為在城市附近的市場建立供應以及在長期內繼續維持增長而採取的措施？

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?

是否有機會從現有供應商那裡獲得更高的生產力？還是大部分長期增長將來自新供應？

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.

然後是第二個問題，當你們為旅遊業的反彈做準備時，你們在 2021 年與 2019 年至 2020 年的規模和預期投資回報率方面有何不同？股東信中談到了大幅提高營銷效率。因此，如果您可以再解釋一下，那就太好了。

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。這是 2 個非常好的問題。謝謝你。我將從供應開始，然後我將進行績效營銷。

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.

在供應方面，讓我們開始構建它。我們在 Airbnb 上有大約 400 萬房東。我們 90% 的房東是個人房東。這些是普通人，通常是學校教師、衛生保健工作者、學生。其中 55% 是女性。他們中的絕大多數直接來到Airbnb。因此，我們的大多數主機，我們不必獲取本身。他們自然而然地來到這裡，通常是因為他們聽說過 Airbnb，他們的朋友也向他們推薦過 Airbnb，或者正如我之前提到的，2019 年我們 23% 的房東是之前的客人。

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.

我要說的第二點是我們的模型適應性很強。因此，我們在 100,000 個社區中擁有主機。我們看到的一件事是當前在大流行中旅行模式的變化。人們不只是想去同樣的 20 或 30 個城市。他們現在想乘車前往附近的當地社區。這意味著從某種意義上說，旅行正在被重新分配到成千上萬的社區。這有助於我們消除可能存在的任何供需缺口。但我們確實有許多槓桿來增加供應。

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.

首先讓我說，是的，我們現有的房東只是偶爾出租他們的房子。因此，我們看到了提高生產力的巨大機會。 Airbnb 上的房東平均年收入不到 10,000 美元，而且他們只是偶爾出租。所以我們認為有一個巨大的機會來提高我們已經擁有的主機的生產力。

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，我們現在還認為，人們比以往任何時候都更有興趣託管。 Airbnb，我們在經濟衰退時期創辦了 Airbnb。在 2008 年的經濟衰退期間，人們失去了工作，失去了家園，許多人轉向 Airbnb 尋求收入。鑑於這個國家和世界各地的經濟形勢，我們認為現在的託管服務與以往一樣具有吸引力。所以我們正在做一些事情。

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.

房東使成為可能是一項全球活動。正如我所說，這是我們 5 年來的第一次全球活動。而且我們認為如果這個活動成功了，這絕對可以成為主流託管並為我們的平台帶來很多人。此外，我們正在開展一項名為“託管使之成為可能”的配套活動，這將討論託管的所有好處。正如我所說，我們將真正針對正在經歷人生轉變的人，他們剛剛裝修了房子，買了新房子，失去了工作，也許他們退休了，也許他們的孩子搬出了房子。因此，我們認為這是一種能夠定位和招募更多房東的絕佳方式。

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，我們希望做得更多——我們希望提高人們來到 Airbnb 的轉化率，然後在 Airbnb 上列出一個活躍的列表。轉化率是遊戲的名稱。我們學到的關於轉化率的一件事是，做某事越容易，你為某人提供的支持越多，他們就越有可能通過轉化漏斗。所以我們正在減少步驟，我們將讓您在不到 10 分鐘的時間內成為房東，如果您需要幫助，您可以致電客戶服務，或者我們將為您匹配現有的房東以便能夠在這段旅程中為您提供支持。如果我們做這些事情，我認為我們將能夠增加大量的房東，因為世界上的普通人知道他們可以通過結識有趣的人來賺取額外的錢，更多的人會這樣做.

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.

現在下一個問題是關於營銷，績效營銷。讓我也退後一步，多談談我們的營銷策略，因為我認為這對公司故事非常重要。

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，我們增加了績效營銷的支出。然後到了 2020 年，我們的業務在 8 週內下降了 80%，我們撤回了所有營銷，包括績效營銷。但是發生了一些了不起的事情。甚至在我們開始恢復營銷支出之前，我們的流量水平就恢復到了 2019 年流量水平的 95%，而沒有任何營銷支出。這揭示了我們的品牌本質上是強大的。它是流行文化中的名詞和動詞。因此，我們不打算在未來像 2019 年那樣再次將佔收入百分比的資金用於營銷。

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.

在第四季度，我們 90% - 超過 90% 的流量是直接的或無償的，我們認為這種情況將在未來繼續存在。我們的營銷計劃，因此，我們的策略如下：全漏斗營銷方式。漏斗的頂部實際上是 PR。去年，到 2020 年，我們收到了超過 50 萬篇文章，我們的發言權份額與大多數其他主要旅遊公司的總和一樣多。這就是我們真正建立 Airbnb 品牌的方式，最重要的可能是公關。

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.

二是品牌營銷。我們將品牌營銷視為教育和投資。因此，託管成為可能- 託管，是對託管的投資。然後是績效營銷，我們不像其他旅遊公司那樣對待績效營銷。我們認為它就像激光一樣。這不是套利用戶的方式。這是一種在供應商需求不匹配的關鍵市場中深入了解我們想要在哪裡獲得客人或主人的方法。但毫無疑問，我們的效率將保持在比 2019 年或幾年前更高的水平。

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

我不知道，戴夫，你還想分享什麼嗎？

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。我認為你覆蓋得很好。我將通過說我們將繼續在具有經濟意義的情況下使用績效營銷來完成它。這絕對是一個重要的槓桿，我們絕對會繼續這樣做。我們只會對績效營銷支出有更高的回報率預期，不會回到我們在 2019 年看到的水平。

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年我們的銷售和營銷費用佔收入的百分比將低於2019年。2021年的絕對美元將低於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.

我想我會通過這樣的說法來結束這點今年上半年你會比下半年。

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

您的下一個問題來自美國銀行的 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?

幾個問題。顯然，今年有很多成本紀律在第四季度接近盈虧平衡，這非常了不起。你是怎麼考慮平衡的？在我們考慮建模 '21 時，您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?

其次，非常有趣，我相信你有很多激勵措施來獲得更多的主機。你認為一旦人們解決了健康問題，會有很多潛在的主機產品上線嗎？我想換一種方式問，你認為很多房東都已經撤下了他們的房源，一旦他們覺得舒服了就會回來嗎？

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

非常感謝，賈斯汀。我為什麼不開始，然後讓戴夫詳細說明。

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.

讓我從高層次的成本紀律開始。當然，我們會像其他人一樣，從未要求過去年的危機，但我確實認為這場危機使我們成為一家更好的公司，因為發生的第一件事就是我們變得更有紀律。當我們的業務急劇下滑時，我們知道我們不能專注於所有事情，所以我們專注於 Airbnb 最特別的地方。那是我們的個人主持人。這意味著我們縮減了大量投資。

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.

但我們發現賈斯汀的另一件事是，當我們專注時，它的真正含義是我們正在挑選最優秀的人並解決最重要的問題。當我們這樣做時，他們不僅節省了資金，實際上還推動了更多的增長。我認為，除了我們模型固有的適應性之外，這確實解釋了為什麼我們能夠在去年下半年看到相當強勁的複蘇。

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 多談一點關於利潤目標的事情，但我也會找主持人，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.

關於潛在的主機產品和/或主機是否撤出並打算再次託管的問題？我們所知道的是這個。在任何一天，我們都有一定數量的主機活躍並居住在平台上。我們知道，當主機停用時，它通常不是永久性的。這是因為他們正在從託管中休息一下。而且我們知道許多主機打算再次主機。

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.

所以我們正在做的一件事是我做了一個有數千名主持人的問答市政廳。我基本上對他們說，“我們必須一起做好準備，我們要為這個旅遊旺季做好準備。”我們與東道主一起的目標是在反彈發生之前做好準備。我們寧願早到也不願遲到。所以我們確實希望有很多主機準備好。

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.

我們基本上發現的動態之一是我們業務的好處之一是，隨著房東預訂量增加，他們通常會通過添加房源來擴大規模，或者更有可能的是，他們會告訴也成為房東的朋友。因此，隨著入住率的上升，它確實有一個很好的好處，即人們正在賺錢的消息傳開。如果我們能夠通過我們的品牌活動來實現並補充這一點，我認為它可以產生相當多的收益。

Dave, do you want to cover either of these?

戴夫，你想涵蓋其中任何一個嗎？

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。我將通過說相對於第三季度的約 560 萬，第四季度的活躍列表體驗的總數相對穩定。所以我們實際上還沒有看到大量的停用。一直很穩定。鑑於布賴恩早些時候所說的所有原因，我們很樂觀地認為我們將在未來繼續增加新的主機，只是考慮到我們在全球範圍內的宏觀經濟因素的所有順風。

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.

就利潤率目標而言，我們真正引以為豪的一件事是我們在 2020 年的盈利效率方面取得的進展，對吧？我們大幅降低了固定成本。我們將不必增加固定成本來支持將再次接近 2019 年及以後水平的業務。因此，我們的固定成本紀律很好，並將繼續下去。

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.

然後我們看到整個損益表的可變成本效率有了很大的提高。而且，當您實際移除 - 在第四季度，移除與 IPO 相關的對基於股票的薪酬的一次性影響時，我們的損益表中每個類別的成本都下降了。而且它不是可變昂貴的紀律。諸如支付成本、社區支持費用、基礎設施費用之類的東西，一直是我們引以為豪的。我們期望隨著時間的推移實現 30% 的 EBITDA 利潤率或更高。這只是加速了我們實現這些長期利潤目標的道路。

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.

我想給你 2021 年的具體目標，但很難知道我們的收入將是多少，因此，這是一種盈利能力。我們看到我們在第一季度的收入率將好於第四季度的收入增長率，但我們只是在今年下半年沒有太多的能見度來給你很多關於盈利能力的指導.

And your next question comes from Jed Kelly with Oppenheimer.

您的下一個問題來自 Jed Kelly 和 Oppenheimer。

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?

偉大的。二，如果可以的話。只有一個，你能提供任何關於你的夏季旅行預訂相對於去年這個時候的趨勢嗎？

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

然後，布賴恩，你認為奧運會能做些什麼來增強人們對旅行的信心，尤其是在國際旅行方面？

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

感謝你的提問。戴夫，也許你可以參加夏季旅行，而我將參加奧運會。

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.

當然。在夏季旅行預訂時，我沒有太多可以給你的顏色。我的意思是，我可以說的一件事是人們在更短的窗口中預訂。因此，我們目前在業務中看到的最大增長是不到 30 天的預訂窗口。而且通常情況下，在 COVID 之前，你是對的，我們現在會看到更多的夏季旅遊旺季預訂，而這相對於歷史模式有所延遲。

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.

我們看到了一些亮點。我們在英國看到了一點亮點，在第一季度推動了一些夏季旅行預訂。但是我沒有更多的顏色可以給你夏天的期望。我們只知道我們希望為旅行反彈做好準備。我們只是不知道它何時會發生。

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.

然後是關於奧運會的問題。只是——我們是奧運會的讚助商。如果奧運會有球迷，我認為旅行將是一大福音。但我不認為今年在東京我們會有粉絲。所以我們必須看看情況如何。但我可以更廣泛地評論我們在旅行需求方面看到的情況。

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.

我們最近對美國旅行者進行了一項調查，我們發現了一些事情。我們發現的第一件事是人們懷念旅行。這並不奇怪，但我們也發現人們比任何其他戶外活動更懷念旅行。人們更懷念在美國旅行，而不是去餐館、參加運動、現場音樂或其他活動。但他們不會錯過所有類型的旅行。一般來說，人們不會錯過商務旅行，也不會錯過大眾旅遊。例如，他們通常不會錯過在地標前與所有這些辦公桌排成一列，或者去擁擠的大廳。

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.

人們懷念的那種旅行是與他們關心的人、他們的朋友和家人共度有意義的時光。因此我們發現，我們調查的大多數人表示他們確實計劃今年旅行。只要他們覺得安全，他們就會這樣做。很明顯，這將與健康危機掛鉤。但我們看到了很多熱情。我認為我們提供的那種旅行讓人們能夠與他們的朋友和家人聯繫，因為家是一個很好的方式來聚集和度過有意義的美好時光。這正是我們關注的重點。

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.

我們認為這是一個巨大的機會之窗，這次旅遊反彈。而且我認為這將是一個不成比例的旅行反彈，不會是跨境的。這不會是商務旅行。人們將上車，他們將前往較小的社區，他們也將待在家裡。所以我們準備好了，我們將為此做好準備。

And your next question comes from Brent Thill with Jefferies.

您的下一個問題來自 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?

如果您可以評論體驗業務以及您在那裡看到的內容以及這對目前的整體戰略有多重要？

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?

而且，當我們從這次復蘇中回來時，你能不能談談住宿的另一個方面，可能是酒店。而且我知道你已經在那裡投資了，當我們回到這個旅行週期的上升期時，這有多重要？

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

是的。謝謝你的問題，布倫特。所以是的，我會談談體驗和酒店。

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.

因此，憑藉經驗，這對我們來說是非常重要的產品。體驗是我們擁有的託管和連接最純粹的表現之一。我的意思是，從某種意義上說，這就是整個產品。您有與房東的體驗，並與其他客人建立聯繫。所以這對我們來說真的很重要。

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.

我們從統計數據上發現，Airbnb 上的客人實際上更喜歡體驗而不是房屋。例如，在預訂後留下 5 星評價的客人比入住房屋後留下的客人更多。

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.

所以我們認為去年將是體驗突破的一年，但事實恰恰相反。我們不得不通過社會差異來擱置產品。因此，很快將產品轉向創造在線體驗。因為人們可以親自聚會，所以我們創建了 1 小時的活動，您可以在計算機上進行。這些不同於類似 Instagram 的視頻或 YouTube 視頻。這些實際上是交互式的。因此，您實際上可以與主持人聯繫，並且可以結識其他客人。人們使用這些是因為他們感到更加孤立，他們想結識其他人。

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.

我認為隨著世界開始重新開放，我認為我們非常看好未來幾年的體驗。因為當人們旅行時，他們會想做一些有趣的事情。而且我認為他們都不會渴望回到乘坐雙層巴士並在擁擠的大堂或地標中排隊等候。他們會想做一些非常有趣的活動。我認為這就是我們的東道主必須提供的。

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.

然後對於他們自己城市的人來說，我認為你只能坐在家裡在 Netflix 上觀看這麼多節目。人們會想離開他們的家。如果他們想要替代餐廳，我認為在他們自己的城市體驗是一件很棒的事情。

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.

所以簡短的回答是我們非常關注它。去年我們不得不暫停一下，但他們又回來了，我們將專注於它，因為它只是另一種託管方式。這是我們將繼續允許房東與他人分享他們的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.

現在關於酒店，這是一個不同的故事。我們收購了HotelTonight。我為這次收購感到非常自豪。我很高興我們成功了。這是一個很棒的團隊，一個很棒的應用程序。它是世界上最受歡迎的酒店預訂應用程序之一。我們在這個產品上投入了大量資金。現在，當危機發生時，我們不得不縮減某些投資。我們縮減的投資之一是我們對酒店的投資。所以把它完全縮小了。我們仍在投資酒店，只是沒有以前那麼多。

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.

我們對酒店的看法本質上就是我們對 Airbnb 物業經理的看法。 Airbnb 是一個擁有 400 萬房東的社區。 90% 是個人，他們是我們優先考慮的人，因為那是我們的客人說話的地方。我們的客人想要獨一無二的東西，這通常由我們的個人主人提供。

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 的客人來到 Airbnb 卻找不到他們想要的東西。因此，我們認為，除了物業經理之外，酒店對於我們填補網絡空白的戰略非常重要。同樣，我們不希望任何人來 Airbnb 租賃，因為他們找不到住處。所以酒店很重要。正如我們所知，世界上大多數酒店的入住率都低於 50%，所以我們知道他們需要需求，而 Airbnb 肯定可以滿足他們的需求。這就是我們在體驗和酒店方面所做的事情，這兩者都是我們未來戰略的一部分。

And your next question comes from Colin Sebastian with Baird.

您的下一個問題來自 Colin Sebastian 和 Baird。

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?

偉大的。對我來說有幾個問題，真的是跟進。但是考慮到去年的一些費用合理化，您在這一點上對您擁有團隊和基礎設施來應對旅行的更快反彈有多大信心，如果這就是一年中所發生的事情嗎？

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?

然後我知道在這一點上這可能有點難以回答。您之前已經解決了一些問題，但是對於一些較新的用例，例如長期逗留和短途旅行，您是否了解這些用例是否可以比大流行前的正常用例可持續或增量？

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。真的很好的問題。因此，讓我從能夠應對減少的反彈開始，然後我將進入新的用例，Dave 將根據需要進行填充。關於裁員，很多裁員讓我們的效率顯著提高，並且能夠應對反彈。我們所做的重大改變之一是——實際上，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.

我們所做的第一個重大改變是我們更加專注。所以這意味著我們縮減了很多新的投資領域，只讓我們最優秀的人員解決少數問題，尤其是我們的託管核心。但我們做的另一件事是正因為如此，我們從部門業務單位結構轉變為職能組織。這減少了很多重複的功能。我們現在有一個技術組、一個營銷組、一個運營組，而不是多個營銷部門、多個產品部門、多個運營組。這不僅使我們更有效率，而且能夠更快地打開一角錢。

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.

所以我們正在為下一次反彈做準備。我認為我們的效率要高得多。這些減少，我們將能夠維持。確實必須線性擴展的一組是客戶服務。我們正在超越需求進行擴展。但請不要誤會，即使這樣也會顯著提高效率。

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.

我們聘請了一位女士在 Tara Bench 經營我們的業務。她在 Apple 負責所有客戶服務多年。她建立了一個偉大的團隊，包括新的信任和社區支持的領導者。我們專注於通過降低聯繫率來提高效率。我們非常非常專注於減少人們因為遇到問題而給我們打電話或給我們發信息的需要。如果他們確實必須給我們打電話或發消息，我們將專注於讓我們的代理顯著提高效率。所以這是減少的一個非常重要的重點領域。

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.

現在關於新用例，簡短的回答是，是的，我們確實相信這些新用例是可持續的。雖然我們無法預測未來，但我們確實知道一些事情是真實的。人們將 Airbnb 用於新用例的許多原因是因為技術已經將世界的大部分地區數字化，以至於我們現在可以遠程完成以前無法完成的事情。這意味著更多的人可以在家中使用筆記本電腦工作，這意味著他們可以在任何家中工作。所以我們認為在未來，更少的人會被束縛在一個永久的目的地。即使是這樣的人，也會有更多的 3 天週末。他們可能更有可能在夏天離開。我們認為，除了短期停留，這些中等長度的停留，幾週甚至幾個月，我們認為這些將成為故事的重要組成部分。我想標題是這樣的。人們不只是在 Airbnb 上旅行。他們現在住在 Airbnb，我認為這將繼續存在。

Dave, I'll hand it over to you.

戴夫，我會把它交給你的。

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。我認為我要完成的事情是，我對我們在運營支持領域在提高效率方面取得的基本進展感到非常滿意。我們將在 2021 年對其進行一些投資，這將掩蓋我們在內部看到的潛在進展。正如布賴恩所說，正在發生的另一件事是，我們正在確保為反彈做好準備，這意味著我們將在今年早些時候稍微增加投資，以確保我們準備好所有支持以返回旅行，並樂觀地認為它將很快返回。

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，由於上半年收入比下半年相對較低，我們的運營支持費用佔收入的百分比將略高於上半年。

Our next question comes from Michael Graham with Canaccord.

我們的下一個問題來自 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?

兩個快速的問題。一是定價。您在股東信中提到您的平均每日費率上升，部分原因是混合轉向北美。但由於其中一些領域的需求確實很強勁，您能否談談房東在抵消價格方面的反應？你看到他們越來越投機取巧了嗎？

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?

然後我想問的另一個問題是您談到了您為簡化主機入職而採取的步驟。您能談談您為簡化客戶體驗而採取的措施嗎？

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，邁克爾。我為什麼不從簡化客戶體驗開始。戴夫，我可以交給你定價。

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，正如我們所說，為準備今年夏天的旅行反彈，我們正在做四件事。我們將在 Airbnb 中教育世界。是什麼讓它們與眾不同，那就是託管。我們要簡化——我們要招募更多的房東。我們將簡化客戶體驗，因此我們將提供世界一流的服務。

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.

所以讓我們談談你的問題，簡化客人體驗。我們知道的一件事是，當我們讓事情變得更容易時，轉化率就會上升。因此，我們的目標是讓在 Airbnb 上預訂變得更加容易。因此，我們將減少步驟，顯著減少步驟，以便能夠登錄、登錄、獲得驗證、完成您需要能夠執行的關鍵步驟並能夠在 Airbnb 上找到位置。因此，我們正在研究整個端到端體驗，我們將在未來幾個月內對其進行一些重新設計。所以我認為這對於下一個旅遊季節來說會很棒。

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，我想強調這一點，因為這是我一開始就強調的，我們也在改變 Airbnb 的運作方式。因為人們搜索或旅行的整個範式現在已經改變。因為今天，今年迄今為止，有 40% 的人來到 Airbnb，他們要么不再知道自己要去哪裡，也不知道什麼時候去。換句話說，它們是靈活的。這是一個重大變化，因為每個旅遊公司都有一個搜索框，因為人們——他們知道他們要去哪裡。於是他們問：“你要去哪裡？”他們有日期並說，在這個日期簽到，在這個日期簽出。這個更加靈活的全新世界意味著當人們更加開放時，我們可以將需求導向我們有供應的地方。實際上，我們不僅可以提升目的地，還可以提升可以成為目的地的獨特住宅。

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.

所以我們認為這將改變人們搜索的方式，因為這也意味著人們更有可能尋找獨特而特別的東西。而且我認為確實可以很好地發展。這就是我們要簡化客戶體驗的方法。

Dave, I'll hand over to you.

戴夫，我會交給你的。

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，我們確實看到日均利率有所上升，第四季度同比增長 13%。我們幾乎將所有這些都視為一種混合形式。這是北美的混合體，那裡的 ADR 更高，整個家庭和更少的城市地區，每個地區都有更高的平均日費率。

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，我們實際上並沒有看到新主機同比增加了同一物業的通貨膨脹率。我相信有些人正在這樣做，但我們沒有看到整體的物質水平。

And your next question comes from Jason Bazinet with Citi.

您的下一個問題來自花旗銀行的 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.

也許我的數字是錯誤的，但是當我回顧過去 5 年時，似乎您實際上已經擴大了自己與替代領域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?

我現在只是想知道，當你說旅行將永久改變時，每個人都有點恍然大悟，你是否看到或者你預計相對於歷史財務數據所暗示的競爭強度會加劇？

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，傑森。我只是- 是的，我將首先說幾件事。第一，旅遊業是世界上最大的產業之一，佔全球 GDP 的很大一部分。我相信，在大流行之前，旅遊業創造了十分之一的新工作崗位。所以我想說的第一件事就是這是一個如此大的市場。它的倍數比廣告行業大，只是給大家一個參考。所以我們認為很多公司都有空間。

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.

現在關於我們空間中的更多競爭，我的意思是，實際上，過去 5 年我們真的看到了這種競爭。我不認為它真的那麼不同。不過我發現的是，我認為從根本上說，Airbnb，我們所處的空間與我們的競爭對手有點不同。因為 Airbnb，我們主要關注個人房東。它們占我們 4 億台主機的 90%。 OTA 主要專注於專業主持人。

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.

我們也有專業的主持人。而且我們認為專業投票可能會在任何提供出色體驗並為他們提供高質量客人的網站上列出。我們當然會這樣做。但我們認為個別主機不太可能希望在多個平台上列出。我們是現在唯一擁有專為個人主機設計的定制平台的平台。

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.

我們看到了很多個人主機需要的真正困難的問題，比如信任系統。個別房東想知道他們的客人的質量。 70% 的房東在客人入住後留下點評。這意味著，例如，很多客人實際上都有評論。這只是我們為單個主機製作的定制平台的眾多示例之一。

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.

所以我不認為競爭有什麼不同，但我也認為我們有點像一個類別，因為我們真正專注於個人主機作為我們的主要機會領域。

And your next question comes from Justin Parison with KeyBanc.

您的下一個問題來自 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.

偉大的。我們已經談了很多關於發現以及旅行的變化方式。我很想知道您是如何考慮幫助個別房東提高他們的服務水平的，這樣您就可以確保在 Airbnb 上繼續進行特殊旅行。

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?

然後作為快速跟進。您的支付平台擁有巨大的資產。想听聽您如何看待這項投資的發展，以及您在哪些方面看到了更多為主人或客人提供價值的機會？

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.

偉大的。好問題。那麼我為什麼不從主機開始，然後我們會付款。我會讓戴夫詳細說明付款。

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.

因此，我們正在做的一件事是，除了今年招募更多房東之外，我們還希望確保我們的房東能夠成功。為了能夠為成功做好準備，他們必須提供出色的體驗，因為很明顯，他們會在入住後接受審查。所以我們正在開發一些工具。我們將開發更多的主機教育，以便能夠教育主機。

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，其中有來自 14 個國家/地區的 17 位房東，他們將就我們構建的功能向我們提供建議，以幫助我們的房東取得成功。我們正在投資許多工具：幫助他們為房源定價的定價工具、改進我們的日曆工具、為他們提供更多提示以提供更好的體驗。我們將更新收集和審查信息的方式，以便能夠向房東提供更多有用的反饋。

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.

我只想在更基本的層面上說，管理我們主辦組織的人是一位名叫凱瑟琳鮑威爾的女性。正如我所說，她是迪士尼的高管。她管理迪士尼演員。我認為他們創建了一所迪斯尼大學，在那裡他們進行了大量的教育。我們希望將很多這些知識用於教育我們的主人。我們不認為我們只是主機的分發平台。我們確實是一個支持平台，我們希望確保我們構建他們成功所需的所有工具、服務和教育材料。

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.

所以我要對我們的房東說的最後一件事是，我們還將為我們的房東提供更高水平的客戶服務。我們認為我們可以做到這一點，同時提高客戶服務成本的效率。這就是我們正在為主機做的事情。

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.

現在付款，我會開始，我會交給戴夫。僅供參考，在 2019 年，我們處理了大約 700 億美元的客人和主機交易。這是在 220 個國家和地區的 40 多種貨幣中。所以我們認為這是我們擁有的真正獨特的能力。我們甚至首先建立支付平台的原因是因為我們從個人主機開始。我們不是從酒店開始的。個人實際上並不能很容易地收到錢。我們是——因為我們是一個全球性的網絡，我們幾乎遍及世界上每個國家。我們實際上必須有一個真正定制的支付平台，才能在這些國家之間促進資金。

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.

所以這對這家公司來說非常具有戰略意義。我認為這是 Airbnb 最保守的秘密之一，我們的支付能力。

Dave, you want to elaborate on it?

戴夫，你想詳細說明一下嗎？

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，我們在 Airbnb 上處理 100% 的客人付款，這非常強大。如果我們不為我們處理這些付款，個人主機將無法託管。因此，如果您查看支付滲透率大大降低的競爭對手，這對個人來說無疑是一個痛點，因為他們無法靠自己做到這一點。

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.

隨著我們添加更多支付方式，我們還帶來了其他好處，正如布賴恩所說，全球有 140 種貨幣，我們一直在努力將這些支付方式本地化到所有不同的國家。巴西的支付方式和習俗與俄羅斯不同，或與法國不同，與美國不同。所以我們真的很想本地化這些支付方式。我們得到了雙重好處。

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.

一是我們經常通過更加本地化來降低成本。第二個往往是增加我們的轉化率。所以這些都是很大的好處。

(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瑞士信貸的 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?

那麼，Brian，您認為在美國等較為成熟的市場與您的一些新興地區之間，Airbnb 的知名度差距是多少？因此，您認為您認為可以關閉的發達地區與新興地區之間的相應活動差異是什麼？

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.

而且我想，其次，當您的房東仍在為需求減少而苦苦掙扎時，這可能不是最好的問題，但是您收取的費用似乎相當低，尤其是通過個人房東。

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，是否有更大的願望開始改變這一點——減輕消費者的負擔，也許隨著時間的推移逐漸消失？或者你覺得你想繼續走這條目前的道路，因為那裡可能有更多的供應，你可能想整合併鎖定Airbnb？

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

謝謝你的問題，斯蒂芬，我會回答第一個問題。我會讓戴夫回答第二個。

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.

關於您關於成熟市場與我們的新市場之間的認知差距的問題，是的。我的意思是，我們的品牌在世界各國都非常強大，尤其是美國、法國、英國、澳大利亞、加拿大和英語國家。然後是法國，我認為，尤其是非英語國家，但多年來使用Airbnb的文化非常濃厚。

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.

這些與新興市場之間絕對存在差距，但這是一個令人興奮的機會，因為最大的差距是意識。我們普遍發現，一旦意識正常化，世界上幾乎每個國家的增長率和業務量都會大致相似。因此，我們需要做的主要事情就是提高 Airbnb 在新興市場的知名度。

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.

今年我們開始加大對品牌營銷的投資。我們將在世界各地進行數字廣告。我預計在未來幾年，我們將瞄準那些為我們帶來新機遇的關鍵國家。在過去的幾年裡，我們在日本取得了很大的成功。我們已經踏上了建立該業務的漫長旅程。我們在墨西哥、巴西、許多國家和世界各地的不同國家都取得了巨大的成功。我確實認為我們是迄今為止所有旅行中最全球化的網絡。世界上幾乎沒有 Airbnb 沒有強大社區的角落，但我確實認為我們在其他國家有很大的發展機會。

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.

我認為，特別是，一旦跨境旅行重新出現，並且在未來幾年內將再次出現，因為這對我們來說將是一個巨大的機會。

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

戴夫，我會把第二個問題交給你。

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.

對，很好。在費用方面，重要的是我們對在 Airbnb 的住宿收取一個真正公平的價格，而且我們繼續保持巨大的價值。我們相信我們確實有很大的價值。您可以以典型酒店的價格擁有一整棟房屋。

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，當我們查看我們的費用時，我們希望確保這些費用對客人和主人都很有價值。我們確實有這些費用的混合。在某些情況下，我們會同時收取較低的房東費用和較高的客人費用。然後對於我們的一些專業主持人，我們將收取僅限主持人的費用，所有費用都在主持人方面。

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.

所以我們會看到混合。混合可能會隨著時間而改變。我們將繼續測試和發展，以了解最適合我們的客人或主人的方法。我們將繼續發展和迭代，以確保我們為整個社區提供最佳價值。

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.

總的來說，我們的理念是，當我們在服務和能力方面更多地回饋社區時，我們會看到進一步提高接受率的機會。但在我們提高獲取率之前，我們總是想回饋社區更多。

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。

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?

偉大的。就 2020 年的客人概況而言，只是好奇最近的旅遊趨勢，如國內、非城市和整棟住宅，是否在 2020 年與 2019 年相比吸引了更多的新客人？這可能會推動未來幾年的進一步增長嗎？

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?

其次，在入住率方面，您提到房東平均每年的收入不到 10,000 美元。而且我相信入住率在 COVID 之前一直在 17% 左右。那麼，隨著時間的推移，為了提高這一比率，您認為最大的驅動因素是什麼？

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

戴夫，我為什麼不把它交給你？

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。關於新客人的組合，這是向新客人介紹Airbnb的絕佳機會。在路上開車 50 英里或 300 英里，附近的住宿，國內，使用 Airbnb 比跳上飛機，穿越半個地球並使用 Airbnb 更容易。所以我們確實認為我們已經能夠將它展示給許多新客人。

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.

現在我想說的是，我們業務的反彈仍然適度地回到了現有客人身上，這些客人都了解 Airbnb 以及我們擁有的所有好處。所以我們認為這是一個揭露它的好機會。但我不會這麼說 - 現在進入 Airbnb 的新客人不成比例。但與此同時，我認為我們剛剛成為人們的主流機會，因為我們不再是替代品，我們真的是默認的。

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，正如布賴恩之前提到的那樣，入住率只是一個可以隨著時間而變化的區域，我們也可以提高現有物業的入住率。因此，我們不一定需要增加房源數量來推動夜數增加。但這是一個機會，隨著我們獲得更多的夜晚，我們也可以引進在時代更加靈活的人。就像他們旅行一周，也許他們只使用他們的家一周。因此，入住率可能不是衡量 Airbnb 性能的最佳指標，因為如果您是個人房東，您並不希望不斷提高現有房屋的使用率。您只想確保房屋在一年中的某些時間段可用。

And your next question comes from Kevin Kopelman with Cowen.

您的下一個問題來自 Kevin Kopelman 和 Cowen。

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?

偉大的。因此，在大流行期間，您已經看到這種“陽光、皮膚和郊區”的房產表現得非常好。由於我們已經開始看到這裡的預訂活動有所回升，COVID 病例下降，尤其是在夏季，您能否談談您在一些受大流行打擊最嚴重的城市地區所看到的情況，也許還有隨著我們的出現，這些城市物業的大局前景如何？

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

是的。戴夫，我認為這對你來說會很棒。

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。 Urban仍然是我們業務中非常重要的一部分。我們有——超過 40% 的夜晚是——仍然是城市的。只是非城市和低密度城市是我們現在看到更大增長的地方。所以它仍然是一個非常重要的部分。

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.

隨著旅行的回歸，我認為我們會發現有許多酒店實際上不會很快重新上線。

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.

布賴恩還談到了人們去一些甚至可能沒有酒店的較小社區的旅行的重新分配。因此，隨著時間的推移，這種組合會發生變化。隨著旅遊業的反彈，我認為我們會看到 - 繼續看到非城市和低密度城市的良好增長。當城市回歸時，這對我們來說將是另一個順風。

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

這就是我們提出問題的所有時間。我現在將把電話轉回公司進行結束髮言。

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

感謝大家今天加入我們作為上市公司的第一次財報電話會議。

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，我只想感謝你們所有人，我們的股東。感謝我們所有的早期股東，感謝您一直以來的支持。對於我們所有的新股東，感謝您加入我們的旅程。這才剛剛開始。我們期待與您分享今年的進展。謝謝你。

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

這確實結束了今天的電話會議。您現在可以斷開連接。