Airbnb Inc (ABNB) 2022 Q1 法說會逐字稿

Good afternoon, and thank you for joining Airbnb's Earnings Conference Call for the First Quarter of 2022. As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of Airbnb's website following this call.

下午好，感謝您參加 Airbnb 的 2022 年第一季度收益電話會議。提醒一下，本次電話會議正在錄音中，可在本次電話會議後從 Airbnb 網站的投資者關係部分重播。

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

我現在將電話轉交給財務副總裁 Ellie Mertz。請繼續。

Good afternoon, and welcome to Airbnb's First Quarter of 2022 Earnings Call. Thank you for joining us today. On the call today, we have Airbnb's Co-Founder and CEO, Brian Chesky; and our Chief Financial Officer, Dave Stephenson.

下午好，歡迎參加 Airbnb 2022 年第一季度財報電話會議。感謝您今天加入我們。在今天的電話會議上，我們有 Airbnb 的聯合創始人兼首席執行官 Brian Chesky；和我們的首席財務官戴夫斯蒂芬森。

Earlier today, we issued a shareholder letter with our financial results and commentary for our first quarter of 2022. These items were also posted on the Investor Relations section of Airbnb's website.

今天早些時候，我們發布了一封股東信，其中包含我們 2022 年第一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。

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

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。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。這些因素在我們的股東信函和我們最近提交給證券交易委員會的文件中的前瞻性陳述中有所描述。我們敦促您考慮這些因素並提醒您，我們不承擔更新此電話中包含的信息以反映後續事件或情況的義務。

You should be aware that these statements should be considered estimates only and are not a guarantee of future performance. Also during this call, we will discuss some non-GAAP financial measures. We provided reconciliations to the most directly comparable GAAP financial measures in the shareholder letter posted to our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

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。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 will pass the call to Brian.

有了這個，我會把電話轉給布賴恩。

All right. Thank you very much, Ellie, and good afternoon, everyone. Thanks for joining. I'm excited to share our Q1 results with you.

好的。非常感謝 Ellie，大家下午好。感謝您的加入。我很高興與您分享我們的第一季度業績。

Now despite the pandemic, the war in Ukraine and macroeconomic headwinds, Q1 was another incredible quarter. We exceeded 100 million Nights and Experiences Booked for the first time ever. GBV was $17 billion, which was 73% above Q1 2019. Revenue was $1.5 billion, exceeding Q1 2019 by 80%. Net loss was $19 million. Now this is a significant improvement in the same periods in 2018 and 2021. Adjusted EBITDA was $229 million.

現在，儘管發生了大流行、烏克蘭戰爭和宏觀經濟逆風，但第一季度卻是另一個令人難以置信的季度。我們有史以來第一次超過 1 億次住宿和體驗預訂。 GBV 為 170 億美元，比 2019 年第一季度增長 73%。收入為 15 億美元，比 2019 年第一季度增長 80%。淨虧損為 1900 萬美元。現在這是 2018 年和 2021 年同期的顯著改善。調整後的 EBITDA 為 2.29 億美元。

Now this is our first positive adjusted EBITDA in Q1, and this represented adjusted EBITDA margin of a positive 15%. Now this is compared to a negative 7% a year ago and a negative 30% in Q1 2019. And finally, we generated $1.2 billion of free cash flow in the quarter. This was also an all-time high. And what these results show is that 2 years into the pandemic, Airbnb is stronger than ever before.

現在這是我們在第一季度的第一個正調整 EBITDA，這代表調整後 EBITDA 利潤率為正 15%。現在，這與一年前的負 7% 和 2019 年第一季度的負 30% 相比。最後，我們在本季度產生了 12 億美元的自由現金流。這也是歷史新高。這些結果表明，在疫情爆發 2 年後，Airbnb 比以往任何時候都更強大。

Now why is this? Well, millions of people are now more flexible about where they live and they work. And as a result, they're spreading out to thousands of towns and cities, and they're staying for weeks, months or even entire seasons at a time. Now through our adaptability innovation, we've been able to quickly respond to this changing role to travel, and these incredible results were driven by a number of positive business trends.

為什麼會這樣？好吧，數百萬人現在對他們的居住地和工作地更加靈活。結果，它們蔓延到數千個城鎮，一次停留數週、數月甚至整個季節。現在，通過我們的適應性創新，我們已經能夠快速應對這種不斷變化的旅行角色，而這些令人難以置信的成果是由許多積極的商業趨勢推動的。

First, guests are booking more than ever before. In Q1, gross nights booked grew 32% compared to Q1 2019. And this is despite the pandemic, the war in Ukraine and macroeconomic headwinds. And people are also more confident booking travel further in advance, and we're seeing strong demand for summer bookings and beyond.

首先，客人的預訂量比以往任何時候都多。與 2019 年第一季度相比，第一季度的總預訂夜數增長了 32%。儘管存在大流行、烏克蘭戰爭和宏觀經濟逆風，但仍然如此。人們也更有信心提前預訂旅行，我們看到夏季及以後的預訂需求強勁。

Second, guests are returning to cities and they're crossing borders. So our guests continue to travel domestically and continue to go to rural destinations at Airbnb, we are also seeing guests return to cities and cross borders at or even above pre-pandemic rates.

其次，客人正在返回城市，他們正在跨越國界。因此，我們的客人繼續在國內旅行並繼續在 Airbnb 前往農村目的地，我們也看到客人以甚至高於大流行前的速度返回城市和跨境。

Third, guests are also staying longer, even living on Airbnb. Now while short-term stays rebounded strongly in Q1 2022, stays of a month or longer continue to be our fastest-growing category by tripling compared to 2019. In nearly half of our nights booked in Q1 were for stays of a week or longer in 1 in 5 nights booked were for stays of a month or longer.

第三，客人的入住時間也更長，甚至住在 Airbnb。現在，雖然短期住宿在 2022 年第一季度強勁反彈，但一個月或更長時間的住宿仍然是我們增長最快的類別，與 2019 年相比增長了三倍。在我們第一季度預訂的房晚中，有近一半是一周或更長時間的住宿。預訂的 5 晚中有 1 晚入住一個月或更長時間。

So the world is clearly becoming more flexible about where people can work. And getting ahead of this trend, last week, we announced that Airbnb employees can live and work anywhere, and we've designed a way for them to live and work around the world while collaborating in a highly collaborative way and experiencing the in-person connection that makes Airbnb special.

因此，對於人們可以在哪里工作，這個世界顯然變得更加靈活。為了引領這一趨勢，上週，我們宣布 Airbnb 員工可以在任何地方生活和工作，我們為他們設計了一種在世界各地生活和工作的方式，同時以高度協作的方式進行協作並親身體驗使Airbnb與眾不同的聯繫。

Now fourth, our innovations are inspiring guests to discover thousands of new places. In 2021, we delivered more than 150 upgrades across every aspect of our service. And among these upgrades was the innovative I'm Flexible feature. Now the I'm Flexible feature has now been used more than 2 billion times, 2 billion. And guests who use I'm Flexible are more likely to book homes in less popular locations. This is really important because this allows us to point demand to where we have supply and it helps distribute guests more widely in communities all around the world. But we're not stopping there.

第四，我們的創新正在激勵客人發現成千上萬的新地方。 2021 年，我們在服務的各個方面進行了 150 多次升級。在這些升級中，創新的“我很靈活”功能。現在 I'm Flexible 功能已經被使用超過 20 億次，20 億次。使用 I'm Flexible 的客人更有可能在不太受歡迎的地點預訂房屋。這非常重要，因為這使我們能夠將需求指向我們有供應的地方，並有助於將客人更廣泛地分佈在世界各地的社區中。但我們不會止步於此。

On May 11, next Wednesday, we will be announcing the Airbnb 2022 summer release. This is a new Airbnb for a new world of travel. With a completely new way to search, guests will be able to discover millions of unique homes in Airbnb, they never thought to search for. And when they book, guests will have the confidence knowing that Airbnb has their back each step of the way. And so you can watch this announcement right on our home page, next Wednesday at 9:00 a.m. Eastern Standard Time, 9 a.m. Eastern Standard Time, next Wednesday, right on our home page. I hope you can tune in because I'm really excited about what we have to share.

5 月 11 日，下週三，我們將宣布 Airbnb 2022 夏季發布。這是一個全新的 Airbnb，為全新的旅行世界而生。借助全新的搜索方式，客人將能夠在 Airbnb 中發現數百萬個他們從未想過要搜索的獨特房屋。當他們預訂時，客人會充滿信心，因為他們知道 Airbnb 的每一步都支持他們。因此，您可以在我們的主頁上觀看此公告，即下週三東部標準時間上午 9:00，東部標準時間下週三上午 9:00，就在我們的主頁上。我希望你能收聽，因為我對我們必須分享的內容感到非常興奮。

And then finally, our community -- our host community continues to expand. We see destinations the strongest demand, showing this most supply growth with nonurban active listings actually growing 15% globally. And we're also showing an increase in total urban supply as demand returns to cities. And we believe that the upgrades we announced last year, including our new Host onboarding flow and AirCover, are supporting this growth and enabling success for a new Host.

最後，我們的社區——我們的東道主社區繼續擴大。我們認為目的地的需求最為強勁，顯示出這一最大的供應增長，非城市活躍房源在全球範圍內實際增長了 15%。隨著需求回歸城市，我們還顯示城市總供應量增加。我們相信，我們去年宣布的升級，包括我們新的 Host 入職流程和 AirCover，正在支持這一增長並為新 Host 帶來成功。

So to recap. We had our best Q1 ever. Nights and Experiences Booked and GBV were a highest ever. Revenue and adjusted EBITDA were records for Q1, and we generated more than $1 billion in free cash flow in the quarter. With these results, Airbnb is stronger than ever before.

所以回顧一下。我們有有史以來最好的第一季度。預訂的夜數和體驗以及 GBV 是有史以來最高的。收入和調整後的 EBITDA 是第一季度的記錄，我們在本季度產生了超過 10 億美元的自由現金流。有了這些結果，Airbnb 比以往任何時候都更強大。

Now before I go to questions, I just want to talk for a minute about our efforts in Ukraine. Because over the past few months, millions of lives have been devastated by the war. And when the crisis broke out, we knew that our platform can help refugees fleeing the crisis. And within 4 days of the invasion Ukraine, we announced that Airbnb.org would provide free housing for up to 100,000 refugees fleeing from Ukraine. And over 30,000 hosts have already signed up to open their homes to refugees for free or for a discount. But then something even more remarkable happened, people started booking homes for hosting Ukraine. Hosts, they never intend to stay with, just to provide relief aid. And soon, more than 170,000 people joined in, and they booked approximately 600,000 nights booked in Ukraine. And because we waived our fees, $20 million were directly to host in Ukraine.

現在，在我提問之前，我只想談談我們在烏克蘭所做的努力。因為在過去的幾個月裡，數百萬人的生命被戰爭摧毀了。當危機爆發時，我們知道我們的平台可以幫助逃離危機的難民。在入侵烏克蘭後的 4 天內，我們宣布 Airbnb.org 將為多達 100,000 名逃離烏克蘭的難民提供免費住房。超過 30,000 名東道主已經簽約免費或以折扣價向難民開放家園。但隨後發生了更引人注目的事情，人們開始為主辦烏克蘭預訂房屋。主人，他們從不打算留下來，只是為了提供救濟援助。很快，就有超過 170,000 人加入，他們預訂了大約 600,000 晚在烏克蘭的預訂。由於我們免除了費用，因此直接在烏克蘭舉辦了 2000 萬美元。

And I think this speaks to the power of our community. And they are a reminder that in the world of darkness and in a world of destruction, kindness still exist. And so I'm really proud of our business results this quarter. I'm also proud of how helpful we've been able to be to thousands of people in need.

我認為這說明了我們社區的力量。它們提醒人們，在黑暗的世界和毀滅的世界中，善良仍然存在。因此，我為我們本季度的業務成果感到非常自豪。我也為我們能夠為成千上萬有需要的人提供幫助而感到自豪。

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

有了這一切，戴夫和我期待著回答你的問題。

(Operator Instructions) The first question comes from Colin Sebastian with Baird.

（操作員說明）第一個問題來自 Colin Sebastian 和 Baird。

Congrats on the strong quarter. A couple of questions for me. I guess, first off, Brian, drilling down a bit on some of the broader use cases that emerged through the pandemic. At a high level, the trends clearly sounds very good. I'm hoping you could unpack that a little bit more in terms of the sustainability of longer stays and other use cases in markets that are furthest along in the recovery where offices are reopening and lives are sort of getting back to normal, if you could able to break that down a bit more.

祝賀強勁的季度。我有幾個問題。我想，首先，Brian 深入研究了大流行中出現的一些更廣泛的用例。在高層次上，趨勢顯然聽起來非常好。如果可以的話，我希望你能在長期停留的可持續性和市場中的其他用例方面更多地解開這一點能夠進一步分解。

And then secondly, on the plans for advertising and marketing, you're keeping that, it looks like fixed as a percentage of revenues, so a little bit higher spend on marketing and advertising. Can you talk about that? Is that with all the product updates, the rebound in travel, maybe the competitive landscape? If you could talk about the strategy with respect to the advertising and marketing.

其次，在廣告和營銷計劃上，你要保持這一點，它看起來佔收入的百分比是固定的，所以在營銷和廣告上的支出要高一些。你能談談嗎？是所有產品更新、旅遊反彈，還是競爭格局？如果你能談談關於廣告和營銷的策略。

Yes, excellent, Colin. So why don't I answer these at a high level? And Dave, feel free to jump in with some more specifics. So let's start with the question of, Colin, some of the broader use cases you talked about. And let's back up. So when we started Airbnb, it was really just a way for people to book a home for just a few days at a time. But even before the pandemic, actually, long-term stays of a month or longer were our fastest-growing category or segment of trip by tripling. Some of these were already growing very quickly before the pandemic. And I think what the pandemic did is, I think, it accelerated the adoption of longer-term stays in Airbnb by hard to say how many, but certainly by years. And I think it's important to understand why this is happening.

是的，很好，科林。那我為什麼不在高層次上回答這些呢？戴夫，請隨意加入更多細節。因此，讓我們從 Colin 的問題開始，您談到了一些更廣泛的用例。讓我們備份。因此，當我們創辦 Airbnb 時，它實際上只是人們一次只預訂幾天房屋的一種方式。但實際上，即使在大流行之前，一個月或更長時間的長期逗留是我們增長最快的旅行類別或部分，增長了三倍。其中一些在大流行之前已經迅速增長。而且我認為大流行的作用是，我認為它加速了 Airbnb 長期住宿的採用，很難說有多少，但肯定是幾年。我認為了解為什麼會發生這種情況很重要。

Right now, what's happened is that for millions of people, they don't need to go back to an office 5 days a week. And the vast majority of companies are not requiring employees to come back to an office. Many have moved to a hybrid or entirely remote model. And I think that what we're going to see going forward is we're going to see more and more flexibility because I think companies ultimately want to retract the very best people and the best people are going to be everywhere. And so, so long as we believe that people don't need to go back to an office 5 days a week, millions of people, then we believe in a world of more flexibility.

現在，發生的事情是，對於數百萬人來說，他們不需要每週 5 天回到辦公室。絕大多數公司不要求員工回到辦公室。許多人已經轉向混合模式或完全遠程模式。而且我認為我們將看到未來我們將看到越來越多的靈活性，因為我認為公司最終希望撤回最優秀的人才，而最優秀的人才將無處不在。因此，只要我們相信人們不需要每週 5 天回到辦公室，數以百萬計的人，那麼我們就相信一個更加靈活的世界。

So long as we believe in a world where people will continue to dial in on Zoom, we will, again, believe in a world of more flexibility. And so what we are going to continue to see, we think, over the coming years as continued and sustained growth for stays of longer than a month and stays of longer than a week. I don't think this is a temporary phenomenon. I think that the genie's out of the bottle and flexibility is here to stay. And I think flexibility after compensation will probably be the most important benefit that an employer can offer.

只要我們相信一個人們會繼續使用 Zoom 的世界，我們就會再次相信一個更加靈活的世界。因此，我們認為，在接下來的幾年中，我們將繼續看到停留時間超過一個月和停留時間超過一周的持續和持續增長。我不認為這是暫時的現象。我認為精靈已經從瓶子裡拿出來，靈活性會一直存在。而且我認為補償後的靈活性可能是雇主可以提供的最重要的好處。

And just to give you a small anecdote, last week, last Thursday, we announced that Airbnb employees can live and work anywhere in the world. The response internally was great, but even more impressive with the response externally because our career page was visited 800,000 times after that announcement. And so I think that this just speaks to the durability of this use case, and I think that it's going to continue.

給你講個小軼事，上週，上週四，我們宣布 Airbnb 員工可以在世界任何地方生活和工作。內部反應很好，但外部反應更令人印象深刻，因為我們的職業頁面在發布後被訪問了 800,000 次。所以我認為這只是說明了這個用例的持久性，我認為它會繼續下去。

Now with regards to advertising, I think it's just important that I share a little bit of a recap of how we think about marketing. And Dave, feel free to talk a little more detail. So we've, Colin, a little bit, obviously, different approach to marketing and advertising than our peers. We take a full funnel approach to marketing that combines PR, brand marketing and performance marketing. And we're not really focused on buying customers. We're focused primarily in investing in our brand and educating the world about what makes Airbnb unique. So we think of marketing primarily as education. And I think this explains why 90% of our traffic or more is direct or unpaid. Airbnb is a noun or verb used all over the world, and it was really not advertising, but PR and word-of-mouth that built our brand.

現在關於廣告，我認為重要的是我要分享一下我們對營銷的看法。還有戴夫，請隨意談談更多細節。因此，科林，很明顯，我們在營銷和廣告方面的方法與我們的同行有所不同。我們採取結合公關、品牌營銷和績效營銷的全渠道營銷方法。而且我們並沒有真正專注於購買客戶。我們主要專注於投資我們的品牌，並向全世界宣傳 Airbnb 的獨特之處。所以我們認為營銷主要是教育。我認為這解釋了為什麼我們 90% 或更多的流量是直接的或無償的。 Airbnb 是一個全世界都在使用的名詞或動詞，建立我們品牌的並不是廣告，而是公關和口碑。

And just to give you an example, and -- since the pandemic started, there have been more than 1 million articles written about Airbnb. 55% of articles that used to have the word travel in it, also have the word Airbnb in it. So it's pretty -- so advertising is really a form of supplemental education for us. It's not the core driver of growth. We think the core driver of growth, Airbnb is innovation. It's about building a product that people love. And the role of marketing isn't to buy customers. The role of marketing for us is to educate people about our new features and our new offerings. Dave, do you want to -- I don' know if you want to go into a little more detail about advertising.

舉個例子，自從大流行開始以來，關於 Airbnb 的文章已經超過 100 萬篇。 55% 的文章中曾經有旅行這個詞，現在也有 Airbnb 這個詞。所以它很漂亮——所以廣告對我們來說確實是一種補充教育。它不是增長的核心驅動力。我們認為，Airbnb 增長的核心驅動力是創新。這是關於構建人們喜愛的產品。營銷的作用不是購買客戶。營銷對我們的作用是讓人們了解我們的新功能和新產品。戴夫，你想不想——我不知道你是否想更詳細地介紹一下廣告。

I think you've covered it incredibly well. I mean we're very proud of the approach to marketing. This -- the full funnel approach is working probably well for us. As you said, we are actually increasing our marketing dollars. We're just keeping the marketing expenses as a percent of revenue relatively consistent to the level we had in 2021, and we think it's being really effective for us.

我認為你已經很好地涵蓋了它。我的意思是我們對營銷方法感到非常自豪。這——完整的漏斗方法可能對我們很有效。正如你所說，我們實際上正在增加我們的營銷費用。我們只是將營銷費用佔收入的百分比保持在與 2021 年的水平相對一致的水平，我們認為這對我們來說真的很有效。

The next question comes from Bernie McTernan with Needham & Company.

下一個問題來自Needham & Company 的Bernie McTernan。

Great. I guess, first, just wanted to get any insights on how supply and demand are growing relative to each other versus what was happening before the pandemic. So maybe even just utilization, how it's trending, how it was trending before the pandemic and how it's trending now? And then secondly, on capital allocation, with over $1 billion of free cash flow in the quarter, $9 billion of cash on the balance sheet. Can you remind us on just your thoughts on if there's any sort of capital allocation, whether it's returning it to shareholders, M&A, continuing to invest in the product, would love to hear your thoughts there.

偉大的。我想，首先，我只是想了解一下供需之間的相對增長與大流行之前發生的情況。因此，甚至可能只是利用率，它的趨勢如何，大流行之前的趨勢如何以及現在的趨勢如何？其次，在資本配置方面，本季度有超過 10 億美元的自由現金流，資產負債表上有 90 億美元的現金。您能否提醒我們您對是否有任何形式的資本分配的想法，無論是將其返還給股東，併購，繼續投資於產品，很想听聽您的想法。

Great, Bernie. So why don't I do this? Well, let me just talk at a high level about the first question. And then, Dave, why don't you take both questions at a more specific level. So let me just say at a high level around supply and demand. Number one, I think we're going to have plenty of supply this summer for the demand. We're expecting a lot of demand for the summer. But we are not supply constrained, any night of the year, not even close at a global level. The challenge of most travel companies is that a lot of people try to go to the same place, the same city on the same day and cities essentially like travel OTAs typically get sold out. So like a lot of people try to go to New York City on New Year's Eve and there's only so many places to stay in New York and so you tend to get sold out.

太好了，伯尼。那我為什麼不這樣做呢？好吧，讓我從高層次上談談第一個問題。然後，戴夫，你為什麼不把這兩個問題放在更具體的層面上。因此，讓我在供需的高水平上說一下。第一，我認為今年夏天我們將有充足的供應來滿足需求。我們預計夏天會有很多需求。但我們不受供應限制，一年中的任何一個晚上，甚至在全球範圍內都沒有。大多數旅遊公司面臨的挑戰是，很多人試圖在同一天去同一個地方、同一個城市，而本質上像旅遊 OTA 的城市通常會被搶購一空。所以就像很多人試圖在新年前夜去紐約市一樣，紐約只有這麼多地方可以住宿，所以你往往會被搶購一空。

Now key is Airbnb. We're in 100,000 towns and cities all over the world. And we see a couple of phenomenon. I think it's important to point out. The first thing we see is that fastest-growing supply markets are actually our fastest growing demand markets. So as the market experiences more demand, more supply gets unlocked. And I think the reason why is primarily because the vast majority of host of Airbnb are individuals.

現在關鍵是Airbnb。我們遍布全球 100,000 個城鎮。我們看到了一些現象。我認為指出這一點很重要。我們首先看到的是，增長最快的供應市場實際上是我們增長最快的需求市場。因此，隨著市場需求的增加，更多的供應就會被釋放。我認為原因主要是因為 Airbnb 的絕大多數房東都是個人。

The vast majority of new host get a booking within 3 days. And when a regular person gets a booking and the booking might be $300, $400, $500, they tend to tell their friends about it. And so as more people get booked, they create more word-of-mouth and this unlocks more supply. So we have a global network where demand in a sense stimulates more supply. Additionally, the I'm Flexible feature is critical because it allows us to point demand to where we have supply. So if somebody types in Paris on June 1 to 5, we are limited to the properties in Paris on those dates. But if somebody says, we're flexible, we can point them to other dates in Paris that are a little lower season or other towns around Paris that have available supply. So I think these are really important. But Dave, I don't know if you want to go into a little more specifics about either utilization and also kind of the capital allocation theory.

絕大多數新房東在 3 天內獲得預訂。當一個普通人得到一個預訂並且預訂可能是 300 美元、400 美元、500 美元時，他們往往會告訴他們的朋友。因此，隨著越來越多的人被預訂，他們創造了更多的口碑，從而釋放了更多的供應。所以我們有一個全球網絡，從某種意義上說，需求刺激了更多的供應。此外，I'm Flexible 功能至關重要，因為它允許我們將需求指向我們有供應的地方。因此，如果有人在 6 月 1 日至 5 日在巴黎打字，我們將僅限於那些日期在巴黎的房產。但是，如果有人說，我們很靈活，我們可以將他們指向巴黎淡季的其他日期或巴黎周邊有可用供應的其他城鎮。所以我認為這些真的很重要。但是戴夫，我不知道你是否想更詳細地介紹一下利用率和資本分配理論。

Yes. Just to double click on a couple of areas. I mean, one is we just have more supply than we've ever had in our history. And as Brian kind of mentioned on the call, the fact that we grow more supply in the areas that we have the greatest demand, like nonurban active listings grew 21% in North America and 15% globally, it's the area where it's kind of self-healing, where we have the demand is where we end up having the supply. And this redistribution is also incredibly important because we have listings in all types of markets. We're not globally constrained at any given night which is different than if you only had supply in 1 type of market. And then when demand spikes in that particular more narrowing market type like vacation rentals, you don't have anywhere else to distribute demand. But because we're all around the world, in every kind of community, we end up with the benefit of being able to redistribute demand to other places. So I think that's been incredibly strong for us.

是的。只需雙擊幾個區域。我的意思是，一個是我們的供應量比我們歷史上任何時候都多。正如布賴恩在電話會議上提到的那樣，我們在需求最大的地區增加了更多的供應，比如北美的非城市活躍房源增長了 21%，全球增長了 15%，這是一種自我的地區-癒合，我們有需求的地方就是我們最終有供應的地方。這種重新分配也非常重要，因為我們在所有類型的市場都有上市。我們在任何給定的夜晚都不受全球限制，這與您僅在一種類型的市場中供應不同。然後，當度假租賃等特定更狹窄的市場類型的需求激增時，您就沒有其他地方可以分配需求了。但是因為我們遍布世界各地，在各種社區中，我們最終獲得了能夠將需求重新分配到其他地方的好處。所以我認為這對我們來說非常強大。

Regarding the capital allocation, yes, we have $9.3 billion. I mean I think as a CFO and the continued pandemic having a strong balance sheet continues to allow us to sleep well at night. We have noted previously that we're going to use about $1 billion of our cash to pay for employee tax obligations as they exercise their shares. And so that will be a use of cash this year.

關於資本分配，是的，我們有 93 億美元。我的意思是，我認為作為一名首席財務官，以及持續的大流行擁有強大的資產負債表，繼續讓我們晚上睡得香。我們之前已經註意到，我們將使用大約 10 億美元的現金來支付員工行使股份時的納稅義務。所以這將是今年現金的使用。

And beyond that, we're continuing to be in growth mode. We will continue to have a balance sheet that enables us to be ready to invest, win and where we find it is appropriate. It does enable us to do M&A in the future if desired, although M&A is not our primary driver of growth, we still plan to grow organically as our primary means. But we'll continue to evaluate our balance sheet use and make sure that we are deploying capital appropriately.

除此之外，我們將繼續處於增長模式。我們將繼續擁有一個資產負債表，使我們能夠準備好投資、獲勝以及我們認為合適的地方。如果需要，它確實使我們能夠在未來進行併購，儘管併購不是我們增長的主要動力，但我們仍計劃將有機增長作為我們的主要手段。但我們將繼續評估我們的資產負債表使用情況，並確保我們適當地部署資本。

The next question comes from Mario Lu with Barclays.

下一個問題來自巴克萊銀行的馬里奧·盧。

Great. The first one is for Brian. It's a high-level strategic question. So now that the total room nights has fully recovered versus 2019, how do you decide when is the right time to extend the company's focus to other potential growth areas such as experiences, hotels and flights versus continuing to hone in on the core product?

偉大的。第一個是給布賴恩的。這是一個高層次的戰略問題。因此，既然與 2019 年相比，總間夜數已完全恢復，您如何決定何時才是將公司的重點擴展到體驗、酒店和航班等其他潛在增長領域的合適時機，而不是繼續專注於核心產品？

Great. Yes. So let me take that. So thanks, Mario. So basically, we learned some really important lessons during the pandemic. I started this company with my 2 friends when I was 26, I just turned 26 and I started this company. And we had this enormous amount of success. And one of the things that happens when you're a first time in your enormous amount of success is you do something well, and you think you can kind of do everything well. And we pursued a lot of things before the pandemic. And I remember growing up at a teacher said, you can do everything you want in your life, not at the same time, though. And I think that when the pandemic happened, there was a silver lining to the crisis for us, which is we got really focused. We took all of our best people, we paused a lot of new initiatives. And we put our very best people on the most important problem for the company, which was stimulating core business. But I think what we saw is not only did that happen, but the total addressable market for short-term stays is bigger than we ever imagined, and we are also able to extend it to long-term stays.

偉大的。是的。所以讓我接受。所以謝謝，馬里奧。所以基本上，我們在大流行期間學到了一些非常重要的教訓。我 26 歲時和我的 2 個朋友一起創辦了這家公司，我剛滿 26 歲，我創辦了這家公司。我們取得了巨大的成功。當你第一次獲得巨大成功時，會發生的一件事就是你把某件事做得很好，你認為你可以把所有事情都做得很好。我們在大流行之前做了很多事情。我記得在一位老師的成長過程中說，你可以在生活中做任何你想做的事情，但不能同時做。而且我認為，當大流行發生時，危機對我們來說有一線希望，那就是我們非常專注。我們召集了所有最優秀的人，我們暫停了很多新舉措。我們讓最優秀的人才解決公司最重要的問題，即刺激核心業務。但我認為我們看到的不僅是這種情況發生了，而且短期住宿的總潛在市場比我們想像的要大，而且我們還能夠將其擴展到長期住宿。

Our general approach now going forward is to be incredibly focused. We're going to absolutely be pursuing new opportunities, but we want to focus on the most perishable opportunities right now. And right now, the most perishable opportunity is this. Last year, we had what was probably the travel rebound in the century. Certainly, I've never seen travel rebound like last year since I started Airbnb. And I think this year is going to be even bigger than last year because last year, it was a little bit tempered by the Delta and other strains. And I think what you're going to see this year is the true pickup of demand and cross-border travel.

我們現在前進的一般方法是非常專注。我們絕對會追求新的機會，但我們現在想專注於最容易消失的機會。而現在，最容易消逝的機會就是這個。去年，我們經歷了可能是本世紀旅行的反彈。當然，自從我創辦 Airbnb 以來，我從未見過像去年這樣的旅遊業反彈。而且我認為今年將比去年更大，因為去年受到三角洲和其他壓力的影響。我認為今年你將看到的是需求和跨境旅行的真正回升。

So we're focused on this year is the perishable opportunity of trying to capture as much market share as possible and get as many people who haven't traveled a couple of years to try Airbnb because for many people, Airbnb is no longer an alternative way to travel, it's the default.

所以我們今年的重點是試圖抓住盡可能多的市場份額並讓盡可能多沒有旅行幾年的人嘗試Airbnb，因為對於許多人來說，Airbnb不再是一個選擇旅行的方式，這是默認的。

With that being said, we are absolutely looking at new opportunities and new services. Nothing we paused from the pandemic that is out of -- is off the table to resume. And Airbnb experiences, for example, is a big area of investment in the coming years. And so we're starting to ramp up that product this year, I think more -- even more next year, you're going to see some major new offerings around Airbnb experiences and a significant demand.

話雖如此，我們絕對在尋找新的機會和新的服務。我們從大流行中暫停的任何事情都無法恢復。例如，Airbnb 體驗是未來幾年的一大投資領域。所以我們今年開始增加這個產品，我想更多——甚至明年，你會看到一些圍繞 Airbnb 體驗的重要新產品和巨大的需求。

And I think that some of our best ideas are ahead of us. I'm 40, and I don't want to feel like the best ideas we had were in my 20s or 30s. So I think that there's some really big opportunities going forward. But the name of game is focused, just a few things at a time, the most perishable opportunities get as much scale as possible to get that scale into an ecosystem and then you can do a variety of line extensions for guest and for host.

而且我認為我們的一些最好的想法已經擺在我們面前。我已經 40 歲了，我不想覺得我們最好的想法是在我 20 多歲或 30 多歲的時候。所以我認為未來會有一些非常大的機會。但是遊戲的名稱是集中的，一次只做幾件事，最易腐爛的機會獲得盡可能多的規模，以將這種規模納入生態系統，然後您可以為客人和主人做各種線路擴展。

Great. And then just one on the travel demand post the summer months. I know you guys talked about the fourth quarter being a little bit higher than historical, but how do we compare that versus the 30% figure that you provided in terms of the summer travel season? Is it higher or lower? Anything you can say in terms of the demand for the summer?

偉大的。然後只有一個關於夏季後的旅行需求。我知道你們談到第四季度略高於歷史水平，但我們如何將其與你們提供的夏季旅遊旺季的 30% 數字進行比較？它是更高還是更低？關於夏天的需求，你有什麼想說的嗎？

Yes, Dave, I'll let you take that.

是的，戴夫，我會讓你接受的。

I'd say that with the 30% in the summer periods, we're seeing consistent -- that strong or stronger on a relative basis in Q4. I think that's the fact that people are willing to plan out into the fourth quarter that far in the higher rates than they've done in the past. It just shows the resilience that people have for traveling. So now the Q4 demand is as strong relative to the Q3 demand or stronger.

我想說的是，在夏季的 30% 中，我們看到的是一致的——在第四季度的相對基礎上，強勁或強勁。我認為這就是人們願意以遠高於過去的利率計劃進入第四季度的事實。它只是顯示了人們對旅行的適應力。因此，現在第四季度的需求與第三季度的需求一樣強勁或更強。

The next question come from Brian Nowak with Morgan Stanley.

下一個問題來自摩根士丹利的 Brian Nowak。

Brian, I have a couple for you. The $2 billion -- $2 billion -- the 2 billion I'm Flexible searches, that's up quite a bit from $800 million last time around. I guess I'd be curious to hear about what are you seeing when people use that I'm Flexible? Is that leading to higher conversion? Is that leading to higher utilization of some radius of the search? Sort of what are you seeing that sort of driving that quick inflection in that product?

布賴恩，我有一對給你。 20 億美元——20 億美元——20 億次我是靈活的搜索，這比上次的 8 億美元增加了不少。我想我很想知道當人們使用 I'm Flexible 時你看到了什麼？這會導致更高的轉化率嗎？這是否會導致某些搜索半徑的利用率更高？您認為是什麼推動了該產品的快速變化？

And then to go back to your earlier answers about your innovation in your 40s now, what are still the areas on the host front where you see sort of low-hanging fruit opportunities to improve it to drive more host growth?

然後回到您之前關於您在 40 多歲時進行的創新的回答，您在主機前沿的哪些領域仍然可以看到可以改進它以推動更多主機增長的低垂果實機會？

Yes, those are great questions, Brian, and good to talk to you again. So yes, let me start with guests and let me then go to host. So you're right. I think that -- I do (inaudible) by saying that last year, we launched I'm Flexible. The reason we launched it is we saw more people were flexible. And the challenge is this for 25 years, travel search has basically been the same. There's a search box. And the search box ask you where you're going and it presumes that you know where you're going. In fact, you have to come to these websites for intent. And then it ask you, when are you going? And so most the OTAs aren't really in the business inspiration. They're in business of converting traffic into bookings. And this is good, but we always thought this -- the Holy Grail of like online travel was to inspire people about where to go.

是的，這些都是很好的問題，Brian，很高興再次與您交談。所以是的，讓我從客人開始，然後讓我去主持。所以你是對的。我認為——我確實（聽不清）去年我們推出了“我很靈活”。我們推出它的原因是我們看到更多的人很靈活。而挑戰在於，這 25 年來，旅遊搜索基本上是一樣的。有一個搜索框。搜索框會問你要去哪裡，它假定你知道你要去哪裡。實際上，您必須訪問這些網站才能達到目的。然後它問你，你什麼時候去？因此，大多數 OTA 並沒有真正受到商業啟發。他們的業務是將流量轉化為預訂。這很好，但我們一直認為——在線旅行的聖杯是啟發人們去哪裡。

Now the results of I'm Flexible has exceeded our expectations. It's been used 2 billion times and for a travel product to be used 2 billion times and people only use the trial product typically a couple of times a year is pretty unusual. So what are we seeing the results? I think the primary thing we're seeing with I'm Flexible is we're seeing a very strong amount of engagement with I'm Flexible people see a lot more properties in a lot more markets. We're seeing people book properties outside of a lot of the popular tourist destinations, and we're seeing an ability to redistribute travel demand beyond the top popular hotspots like Rome, Paris, Las Vegas, New York, Los Angeles. So that's really the most important thing that I'm Flexible can do.

現在我很靈活的結果超出了我們的預期。它已經被使用了 20 億次，而一個旅遊產品被使用了 20 億次，而人們通常一年只使用幾次試用產品是非常不尋常的。那麼我們看到了什麼結果呢？我認為我們在 I'm Flexible 中看到的主要內容是，我們看到 I'm Flexible 的參與度非常高，人們在更多的市場中看到了更多的房產。我們看到人們在許多熱門旅遊目的地之外預訂房產，並且我們看到了將旅遊需求重新分配到羅馬、巴黎、拉斯維加斯、紐約、洛杉磯等熱門熱點之外的能力。所以這真的是我靈活能做的最重要的事情。

I'm Flexible can be in the inspiration game and point demands where you already have supply. And so our measures of success are how often do people come back to the website, how many properties do they wish list, how frequently they are engaged in the product on the inspiration side and on the demand side, how well are you pointing demand to where we have available supply rather than just kind of being at the mercy of wherever they think they want to go and when they want to go when they come to Airbnb. And so I think that what you're seeing in the Q1 results is that clearly, the product is working, because I think that I'm Flexible as a feature has helped drive a fair amount of that growth.

我很靈活可以在你已經有供應的地方進行靈感遊戲和點需求。因此，我們衡量成功的標準是人們返回網站的頻率、他們希望列出的屬性數量、他們在靈感方面和需求方面參與產品的頻率、您將需求指向的程度如何我們有可用的供應，而不僅僅是受制於他們想去的地方以及他們來到 Airbnb 時想去的時間。所以我認為你在第一季度的結果中看到的是，很明顯，該產品正在運行，因為我認為我的靈活性作為一項功能有助於推動相當大的增長。

Now with regards to the host front, you're right, it's very important that we continue to innovate on the host side. Last year, we made a number of improvements to the host side of our product. Number one, our general principle is the easier you make something, the more people do it. That's a really basic principle of the Internet. If you make something easy, you reduce friction where people do it.

現在關於主機方面，您是對的，我們繼續在主機方面進行創新非常重要。去年，我們對產品的主機端進行了多項改進。第一，我們的一般原則是你做的東西越容易，做的人就越多。這是互聯網的一個非常基本的原則。如果你讓事情變得簡單，你就會減少人們做這件事的摩擦。

In hosting, the easier we make it, the more people become a host. So what we did last year is we reduced the number of steps to being a host to 10 easy steps. We added a new product called Ask a Superhost. I think 170,000 perspective hosts have used the products so where they have a question, they can ask one of our very best host. And then probably most importantly, Brian, last year, we launched AirCover for host.

在託管方面，我們做得越容易，就越多的人成為主持人。所以我們去年所做的是將成為房東的步驟減少到 10 個簡單的步驟。我們添加了一個名為 Ask a Superhost 的新產品。我認為有 170,000 位有觀點的主持人使用了這些產品，所以他們有問題時，可以問我們最好的主持人之一。然後可能是最重要的，Brian，去年，我們為主機推出了 AirCover。

AirCover provides $1 million protection against property damage, $1 million personal liability coverage, and it's free. We do not charge anything incremental to our transaction fee, and we're the only company in travel that offers this for free, all these feature sets to our host.

AirCover 提供 100 萬美元的財產損失保護、100 萬美元的個人責任險，而且是免費的。我們不會對我們的交易費用收取任何增量費用，而且我們是唯一一家免費提供此服務的旅行公司，所有這些功能集都向我們的房東提供。

Now going forward this year, we have a number of new innovations that I'm really excited about. I'm not going to go into all the details, I'd like to kind of save it until we announce it, but I'll stay at a high level. We are looking at features that bring more people into hosting ecosystem. So we want to provide even more ways to make it easier for host to list. We want to provide more support for them to make it easier to host and we want to provide even more kind of control, so people can decide who sees their property, when it's available, things like that.

現在展望今年，我們有許多讓我非常興奮的新創新。我不會詳細介紹所有細節，我想在我們宣布之前保存它，但我會保持高水平。我們正在尋找能夠將更多人帶入託管生態系統的功能。所以我們想提供更多的方式讓主機更容易上架。我們希望為他們提供更多支持，以使其更容易託管，我們希望提供更多類型的控制，以便人們可以決定誰可以看到他們的財產，何時可用，諸如此類。

So we have some really exciting announcements on May 11. You'll hear some interesting features that are going to be launching. And then we're also going to have a product release later in the year in November as well. So we'll have a couple of big updates on those 2 fronts. But again, it's all about making hosting easier and making it even more appealing for people who aren't host to become host. And if we can do that and make cost a mainstream, that will fulfill our growth for years to come.

因此，我們在 5 月 11 日發布了一些非常激動人心的公告。您會聽到一些即將推出的有趣功能。然後我們也將在今年晚些時候在 11 月發布產品。因此，我們將在這兩個方面進行一些重大更新。但同樣，這一切都是為了讓託管變得更容易，並使其對非託管者成為託管者更具吸引力。如果我們能做到這一點並使成本成為主流，那將實現我們未來幾年的增長。

The next question comes from Naved Khan with Truist.

下一個問題來自 Naved Khan 和 Truist。

A question for Dave. So Dave, last time around you kind of set expectations for ADRs to be down for the year in aggregate. Is that still where you expect to be? And then what are you baking in, in terms of this new product release that's coming up next week?

給戴夫的一個問題。所以戴夫，你上次在你周圍設定了對 ADR 全年總體下降的預期。那仍然是您期望的地方嗎？那麼，就下週即將發布的新產品而言，您準備了什麼？

Right. On ADR, what we've shown in the past is that ADRs are up substantially from where they were back in 2019. So they were up 37% year over 3 years. And what we saw throughout the time in 2021 was that by Q4, about half of that ADR increase was driven by just mix. So regional mix, like North America and Europe, and the type of home, so non-urban whole home. And so mix was driving about half of the price appreciation. And then the other half was driven by price appreciation itself. So about half and half on the drivers or ADR.

對。在 ADR 方面，我們過去顯示的是，ADR 與 2019 年的水平相比大幅上升。因此，它們在 3 年內同比增長了 37%。我們在 2021 年整個時間看到的是，到第四季度，大約一半的 ADR 增長是由混合驅動的。所以區域混合，比如北美和歐洲，以及家庭類型，所以非城市整體家庭。因此，混合推動了大約一半的價格升值。然後另一半是由價格升值本身驅動的。所以大約一半一半在驅動程序或 ADR 上。

Here in Q1, price appreciation has become a larger percentage overall of the driver of ADR, and mix has been a little bit less than half. So it shifted even a little bit more. So what we're going to see, and we've shown this in the outlook is that Q2 of this year, ADRs will be relatively flat with Q2 of the prior year. And so that will give you a sense that ADRs were remaining elevated, both due to mix and due to price appreciation.

在第一季度，價格上漲已成為 ADR 驅動因素的整體比例較大，而混合比例略低於一半。所以它甚至移動了一點。所以我們將看到，我們已經在展望中表明，今年第二季度的美國存託憑證將與去年第二季度相對持平。因此，這會讓你感覺到 ADR 仍然處於高位，這既是由於混合，也是由於價格升值。

We think that they will likely moderate throughout the back half of the year as mix continues to adjust more towards cities, more cross border, which have lower average daily rates, but price appreciation has remained to be high and stickier. And so I think the level of decrease in ADR, I think, will be maybe lower than what we anticipated at the beginning of the year.

我們認為，隨著組合繼續向城市、更多跨境城市進行更多調整，這些城市的平均日利率較低，但價格升值仍然較高且更具粘性，我們認為它們可能會在整個下半年放緩。因此，我認為 ADR 的下降水平可能會低於我們在年初的預期。

And then I think -- I don't know, give me more on your question around new product introductions that we'll be talking about next week? We'll give you those details in May.

然後我想 - 我不知道，請給我更多關於我們將在下週討論的新產品介紹的問題？我們將在 5 月為您提供這些詳細信息。

Just what are you making in terms of contribution? No, just the contribution -- does your outlook can compare to any contribution from those products?

你在貢獻方面做了什麼？不，只是貢獻——您的前景是否可以與這些產品的任何貢獻相提並論？

Yes. I mean our outlook for Q2 clearly includes a lot of the results from the investments we've made to date, and we're very bullish on these continued improvements to continue to drive the strong results that you've seen. So we're not giving kind of guidance out beyond Q2 at this time.

是的。我的意思是，我們對第二季度的展望顯然包含了我們迄今為止所做投資的許多結果，我們非常看好這些持續改進，以繼續推動您所看到的強勁結果。因此，我們目前不會在第二季度之後提供某種指導。

The next question comes from Stephen Ju with Crédit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

Okay. So Brian, the rising consumer demand for longer-term stays has been something you've been highlighting in terms of a fundamental change in behavior for some time now. So -- can you share with us how the reception from the host has been in terms of their willingness to accept longer-term stays versus the more traditional shorter burst because I guess what I'm trying to get at is whether there's any sort of extra push you guys may need to do in order to enable that longer duration supply with the 6 million hosts you have now? Or is this just a matter of demand, as you say, lighting up the supply?

好的。所以布賴恩，消費者對長期住宿的需求不斷增長，這是你一段時間以來一直在強調的行為的根本變化。所以——你能和我們分享一下主人對他們接受長期停留的意願和更傳統的短期爆發的接受度如何，因為我想我想要了解的是是否有任何形式的你們可能需要做額外的推動，以便為您現在擁有的 600 萬台主機提供更長時間的供應？或者，正如你所說，這只是需求問題，點燃了供應？

And I guess, second, I get that things are pretty depressed right now. But going back to the world pre-pandemic, like what were some of the bigger corridors of travel in Asia so we can start thinking about what the shape of the recovery there can be?

我想，第二，我知道現在情況很糟糕。但是回到大流行前的世界，比如亞洲有哪些更大的旅行走廊，所以我們可以開始思考復甦的形式可能是什麼？

Yes. Thank you very much, Stephen. Now yes, so let's start with rising demand for long-term stays. What has been the reception of host? Now, this is actually one of the most interesting point, I would say, which is I think when we really started looking at this category, my assumption was it would be a different type of host, right? Some host wanted to list their place for short-term basis and other different host wanted to list their properties for a long-term basis. And this is what you say -- see on Craigslist, right? There's a short-term stay category, and there's apartment categories and they're not the same people.

是的。非常感謝你，斯蒂芬。現在是的，所以讓我們從對長期住宿的不斷增長的需求開始。主持人的接待情況如何？現在，這實際上是最有趣的一點，我想說，我認為當我們真正開始研究這個類別時，我的假設是它會是不同類型的主機，對吧？一些房東想短期列出他們的房源，而其他不同的房東想長期列出他們的房產。這就是你所說的——在 Craigslist 上看到，對嗎？有短期住宿類別，也有公寓類別，他們不是同一個人。

And Airbnb is totally different. The vast majority of host on Airbnb, who initially list their homes for a short-term basis have now included a monthly stay discount. And that's critical. So we have a large percent of people to have a monthly stay discount or are available to host on a long-term basis. So I think that's the most important thing, I would say, which is that they obviously are interested in it.

而Airbnb則完全不同。 Airbnb 上的絕大多數房東，最初只是短期列出他們的房屋，現在已經包含了每月住宿折扣。這很關鍵。因此，我們有很大一部分人可以享受每月住宿折扣或可以長期託管。所以我認為這是最重要的事情，我想說的是，他們顯然對此很感興趣。

Now why are host interested in this? Well, there's a number of reasons. One is seasonality. Some people live in highly seasonal areas. Where on high season, they want to rent by the night because they have a really great yield, but during low season, they held low occupancy, so they'll move towards the month. In some markets, in urban markets, there are some restrictions on the number of nights you can rent on a short-term basis below 30 days, but they don't have restrictions on 30-plus days.

現在為什麼主持人對此感興趣？嗯，有很多原因。一是季節性。有些人生活在季節性很強的地區。在旺季，他們想在晚上租房，因為他們的收益非常好，但是在淡季，他們的入住率很低，所以他們會向月移動。在某些市場，在城市市場，您可以在 30 天以下的短期租用夜數有一些限制，但對 30 天以上沒有限制。

So for the most part, what hosts long-term stays as is a way to increase their annual occupancy, and they generally want to go nightly to get as many bookings as possible, but during low season or where there's limits they go to monthly and they're really the same host. Now there are some hosts that only do short term. There are some hosts that only do long term, but what we see as generally open-mindedness from most host to offer bulk. And the great thing about our product is you hardly had to do anything different to offer long-term stays. Having long-term discounts is key. There's some new amenities, having verified Wi-Fi is (inaudible) if you're going to live someplace. So there's a number of like tactical things.

因此，在大多數情況下，舉辦長期住宿是增加其年度入住率的一種方式，他們通常希望每晚都去以獲得盡可能多的預訂，但在淡季或有限制的情況下，他們每月和他們真的是同一個主人。現在有一些主機只做短期。有些房東只提供長期服務，但我們認為大多數房東普遍持開放態度，可以提供大量服務。我們產品的優點是您幾乎不需要做任何不同的事情來提供長期住宿。長期折扣是關鍵。有一些新的便利設施，如果您要住在某個地方，則已驗證 Wi-Fi 是（聽不清）。所以有很多類似的戰術。

But I think, generally speaking, the product as it exists, work for short-term or long-term stays, the vast majority of hosts are open to it. So the answer is they're very receptive.

但我認為，一般來說，現有的產品，無論是短期還是長期逗留，絕大多數房東都對它持開放態度。所以答案是他們很容易接受。

Now I think your second question was what were the biggest corridors in Asia? Well, yes, so let's start. Asia is a highly cross-border market. Let's kind of break it out, Asia Pacific or start actually with Australia, which is, of course, part of Asia Pacific. Australia is a primarily outbound market, and it's very much a cross-border international market because obviously, Australia is very much in the kind of (inaudible). And so we're seeing a real rapid recovery in our Australian demand business.

現在我想你的第二個問題是亞洲最大的走廊是什麼？嗯，是的，所以讓我們開始吧。亞洲是一個高度跨界的市場。讓我們先從亞太地區開始，或者從澳大利亞開始，當然，澳大利亞也是亞太地區的一部分。澳大利亞主要是一個出境市場，它在很大程度上是一個跨境國際市場，因為很明顯，澳大利亞非常屬於（聽不清）。因此，我們看到我們的澳大利亞需求業務真正迅速復蘇。

Japan has historically been an inbound business and a lot of our demand in Japan has come from other countries. That is starting to see some uptick, but that's going to take a little bit of time. China is primarily an outbound business. People go to China, but primarily, they travel in lead China and they go to other communities especially around Asia. And what we see in Southeast Asia, primarily is these are absolutely inbound and outbound markets. They're very much cross-border.

日本歷來是一個入境業務，我們在日本的很多需求都來自其他國家。這開始看到一些上升，但這需要一點時間。中國主要是對外業務。人們去中國，但主要是在中國旅行，他們去其他社區，尤其是亞洲各地。我們在東南亞看到的主要是這些絕對是入境和出境市場。他們非常跨界。

So I guess the high level is the vast majority of the markets in Asia Pacific are cross border. A lot of the travel is intra-Asia travel. There's a fair amount of travel, though, where it's inside and outside of Asia. And I'm very, very optimistic about the ability of our Asia business to more than fully recover because what we've seen is the longer people can travel, the more pent-up demand there is. I don't think travel ever is going to go out of style. People are going to continue to travel. And so I think that we're very, very optimistic that Asia is going to follow the recovery curves of Europe, North America and Latin America just on a little different time scale.

所以我猜高水平是亞太地區絕大多數市場都是跨境的。很多旅行是亞洲內部旅行。不過，在亞洲內外都有相當多的旅行。我對我們亞洲業務完全恢復的能力非常非常樂觀，因為我們看到人們旅行的時間越長，被壓抑的需求就越多。我認為旅行永遠不會過時。人們將繼續旅行。因此，我認為我們非常非常樂觀地認為，亞洲將跟隨歐洲、北美和拉丁美洲的複蘇曲線，只是時間尺度略有不同。

And sorry, just to give you one step, just to give you a couple of steps on the first question, 87% of all available listings on Airbnb except long-term stays. 52% of host offer a monthly discount, and these discounts are 85% of our long-term stays.

對不起，只是給你一步，就第一個問題給你幾個步驟，除了長期住宿之外，Airbnb 上所有可用房源的 87%。 52% 的房東提供每月折扣，這些折扣是我們長期住宿的 85%。

The next question comes from James Lee with Mizuho.

下一個問題來自瑞穗的 James Lee。

Two here. Just curious, is inflation having an impact on consumer behavior, maybe for example, consumer trading down from hotels to home accommodation? And also in terms of market share within home accommodation, as you see mix shift to urban markets, where you have strength in supply how that compared versus your peers who may be more nonurban focused?

這裡有兩個。只是好奇，通貨膨脹是否會對消費者行為產生影響，例如，消費者從酒店轉向家庭住宿？此外，就家庭住宿的市場份額而言，正如您所看到的，混合型向城市市場轉移，您在供應方面擁有優勢，與可能更關注非城市的同行相比，這如何？

Yes. Maybe why don't we do this, Dave, why don't I answer a high level of the second question because I just wanted to share a point about our urban business. And then maybe you can go into the details about both the inflation, impact on consumer behavior and kind of how we're comparing to our peers in urban markets.

是的。也許我們為什麼不這樣做，戴夫，我為什麼不回答第二個問題的高層次，因為我只是想分享一點關於我們城市業務的觀點。然後也許您可以詳細了解通貨膨脹、對消費者行為的影響以及我們如何與城市市場的同行進行比較。

James, the thing I would just say about our business is I think that our business is uniquely resilient in a uniquely adaptable model. And the reason our model is adaptable is because we're not just the U.S. business. We're not just a European business. We're a global business, and we're strong in Europe, North America, Asia, Latin America, Africa, we're global. We're in 220 countries and regions, one of those global companies in the world. We're not just a vacation rental business, more vacation rental markets. So our bread and butter is urban. Cross-border was really how we got our start. So we're very much a urban, a rural, a vacation rental and an off the grid. We even have homes totally off the grid.

詹姆斯，關於我們的業務，我只想說的是，我認為我們的業務在一個獨特的適應性模型中具有獨特的彈性。我們的模型具有適應性的原因是因為我們不僅僅是美國企業。我們不僅僅是一家歐洲企業。我們是一家全球企業，我們在歐洲、北美、亞洲、拉丁美洲、非洲都很強大，我們是全球性的。我們在220個國家和地區，是世界上那些全球性的公司之一。我們不僅僅是一家度假租賃企業，更多的是度假租賃市場。所以我們的麵包和黃油是城市的。跨境是我們真正開始的方式。所以我們在很大程度上是一個城市、一個農村、一個度假出租屋和一個離網的人。我們甚至有完全脫離電網的房屋。

We have homes that are $20, $30 a night and tens of thousands of dollars a night. So we're really at all price points. We had catered to families and individuals. So we have nearly every type of home at every price point in every type of space and nearly every type of community around the world, and so I think that we've been able to be uniquely resilient.

我們有每晚 20 美元、30 美元和數万美元的房屋。所以我們真的在所有的價格點。我們迎合了家庭和個人。因此，我們在世界各地幾乎所有類型的空間和幾乎所有類型的社區中都有每個價位的每種類型的房屋，所以我認為我們已經能夠具有獨特的彈性。

And the other thing I would just say about our urban market business is we're seeing record long-term stays. I'm doing this call, for example, from New York City and at Airbnb, where I have for a month. And we're seeing in New York City, for example, a huge uptick in long-term stays because a lot of people have to come here working remotely for months at a time. So that's just a little bit of how we think about it. But Dave, I'll hand it over to you and go into a little bit more detail.

關於我們的城市市場業務，我只想說的另一件事是我們看到了創紀錄的長期停留。例如，我在紐約市和 Airbnb 打了這個電話，我在那裡待了一個月。例如，我們在紐約市看到，長期逗留人數大幅增加，因為很多人不得不一次來這里遠程工作幾個月。所以這只是我們思考它的一點點。但是戴夫，我會把它交給你，然後再詳細一點。

Yes. I mean, we're just not seeing price appreciation impact our business negatively. We had our strongest quarter ever. We have even stronger demand for Q3 and Q4 than we've ever had. And I think Brian hit right on the head, because we have every type of home and every type of community, everything from budget, each shared homes to luxury homes, people can make a choice about what kind of property gets their particular budget and their needs. And so I think it's that strength of diversity of product that will continue to support our business going forward.

是的。我的意思是，我們只是沒有看到價格上漲對我們的業務產生負面影響。我們有有史以來最強勁的季度。我們對第三季度和第四季度的需求比以往任何時候都強。而且我認為布賴恩一針見血，因為我們有各種類型的房屋和各種類型的社區，從預算、共享房屋到豪宅，人們可以選擇什麼樣的房產可以獲得他們的特定預算和他們的需要。因此，我認為正是產品多樣性的優勢將繼續支持我們的業務向前發展。

And then I think you also hit on it, which is this mix shift to urban markets, which has traditionally been our strength at Airbnb. When you compare it to others, who don't have the same amount of supply and capabilities built in those cities, it's going to give us kind of a further tailwind. And really, what we're seeing right now is continued strength of the domestic business that was up 65% versus 2019, strength in our nonurban business that was up 80% versus 2019, Q1 '19, and that remains incredibly strong. And now we're seeing the mix shift towards urban markets back towards 2019 and the cross-border back to 2019. And so I think that tailwind is going to continue to help our business going forward.

然後我想你也碰上了它，這就是向城市市場的混合轉變，這一直是我們在 Airbnb 的優勢。當你將它與那些在這些城市沒有相同數量的供應和能力的其他人進行比較時，它會給我們帶來更多的順風。實際上，我們現在看到的是國內業務的持續實力與 2019 年相比增長了 65%，我們的非城市業務的實力與 2019 年第一季度相比增長了 80%，而且仍然非常強勁。現在，我們看到 2019 年開始向城市市場轉變，2019 年開始向跨境市場轉變。所以我認為順風將繼續幫助我們的業務向前發展。

The next question comes from Jed Kelly with Oppenheimer.

下一個問題來自 Jed Kelly 和 Oppenheimer。

Great. Just thinking about on how higher interest rates in like a potential recession, how do you think that would impact your supply and then just thinking about the top line for the back half of the year, with APAC opening up and more cross-border, more urban, do you think revenue or, I guess, bookings will be driven more by volume or by ADRs?

偉大的。想一想利率會如何像潛在的衰退一樣高，你認為這會如何影響你的供應，然後想一想今年下半年的收入，隨著亞太地區的開放和更多的跨境，更多城市，您認為收入或預訂量將更多地受到數量或 ADR 的推動嗎？

Yes. So why don't I take the first question about higher interest rates or recession's impact on supply, and Dave can take the second question.

是的。那麼，我為什麼不回答第一個關於更高利率或衰退對供應的影響的問題，而戴夫可以回答第二個問題。

Jed, no way to know for sure on your question, but I'm pretty sure I have a sense of it, Airbnb, we launched on August 11, 2008. And so you'll remember what the world was like in August 2008. And we really got going January, February, March of 2009 in the depths of the Great Recession. And the reason that Airbnb initially grew was that people were having trouble paying their rent, having trouble keeping their homes and people turned to Airbnb to list their homes. And what we generally see is in recession, people change their behavior. And they change their behavior based on kind of price considerations. And so we'll generally expect in a recession, if that were to happen, is that probably more people would turn to hosting. That will be number one. So that we would expect.

Jed，無法確定你的問題，但我很確定我有感覺，Airbnb，我們於 2008 年 8 月 11 日推出。所以你會記得 2008 年 8 月的世界是什麼樣的。我們真的在 2009 年 1 月、2 月和 3 月處於大衰退的最深處。 Airbnb 最初增長的原因是人們難以支付房租，難以保住房屋，人們轉向 Airbnb 來列出他們的房屋。我們通常看到的是在經濟衰退中，人們會改變他們的行為。他們會根據價格因素改變自己的行為。因此，我們通常預計，在經濟衰退期間，如果發生這種情況，可能會有更多的人轉向託管。那將是第一名。所以我們會期待。

And number two, travelers would probably become more budget conscious and that would probably have a benefit to Airbnb as well. Now the downside, of course, the recession is often times fewer people travel. But again, I think we're a pretty resistant business, whether its economy is good or bad, we're a pretty adaptable model. So that's what I would expect on the supply side. That the more difficult the economy is, the more people are going to need supplemental income and a handful of them will turn to hosting. Dave, I'll hand it over to you.

第二，旅行者可能會變得更加註重預算，這也可能對 Airbnb 有利。當然，現在不利的一面是，經濟衰退通常是旅行的人數減少了幾倍。但同樣，我認為我們是一個相當有抵抗力的企業，無論它的經濟好壞，我們都是一個適應性很強的模型。所以這就是我對供應方的期望。經濟越困難，需要額外收入的人就越多，其中少數人會轉向託管。戴夫，我會把它交給你的。

Yes. And just to double-click on that. I think in a recessionary environment, if people are more constrained on the dollars, they have to spend to travel, therefore will come back to Airbnb because we're a better value in that travel. And going back to the earlier point, we have all types of price points, budget deluxe and consumers can figure out what meets their best budget needs. And so I think it actually -- we are a better option than any other alternatives in recessionary environment.

是的。只需雙擊它。我認為在經濟衰退的環境中，如果人們對美元的限制更大，他們必須花錢去旅行，因此會回到 Airbnb，因為我們在旅行中更有價值。回到前面的點，我們有各種類型的價格點，預算豪華，消費者可以找出滿足他們最佳預算需求的東西。所以我認為它實際上 - 在衰退環境中，我們是比任何其他選擇更好的選擇。

And then in terms of the back half of the year expectations, the revenue will be driven more by volume than ADRs. We give our outlook on ADRs for Q2 of being flat year-over-year. They may moderate a little bit in the back half depending on mix. But I think that the biggest driver of revenue may be outperforming current expectations would be maybe further strengthening of the European business or acceleration of that maybe normalization of cancellation rates across the globe could also be a tailwind.

然後就下半年的預期而言，收入將更多地受銷量而非美國存託憑證的推動。我們對第二季度的美國存託憑證的展望與去年同期持平。根據混合情況，他們可能會在後半部分緩和一點。但我認為，收入的最大驅動力可能是超出當前預期，這可能是歐洲業務的進一步加強，或者全球取消率正常化的加速也可能是順風。

APAC coming back more strongly, more quickly will certainly help the results. But I don't think it will be the major driver this year. North America and European travel is still just such the large percentage of our business at the moment. APAC will be super important over the long term, but less of an immediate driver here in 2022.

亞太地區更強勁、更快地回歸肯定會對結果有所幫助。但我認為這不會是今年的主要驅動力。目前，北美和歐洲旅行仍然是我們業務的很大一部分。從長遠來看，亞太地區將非常重要，但在 2022 年將不再是直接驅動因素。

The next question comes from Mark Mahaney with Evercore.

下一個問題來自 Evercore 的 Mark Mahaney。

Brian, I want to applaud you, by the way, for your efforts with the Ukraine. You came up with a creative and direct way for people to help out. So I applaud you for that.

布萊恩，順便說一句，我想為你在烏克蘭方面所做的努力鼓掌。你想出了一種創造性和直接的方式讓人們幫忙。所以我為你鼓掌。

And then I also want to give you some comfort in terms of your thoughts on innovation and age. I think most studies show that peak innovation occurs when people reach 50. So if you can just make it through the next 10 years, you'll be good. And then finally, just because you touched on most of the questions I thought about where have already been asked, but let's get back to experiences. So it sounded like maybe your -- I know you got the core business, and that's what you're really focused on. But it sounds like you may start leaning in a little bit more to experiences. So just flesh that out a little bit. And I know relatively small versus the core opportunity now. But at some point, I assume you're going to lean more aggressively into experiences, and I assume that there'll be host demand to do that, because there's probably a lot of win-wins all around that. So just talk about the timing of when you think you may want to lean more aggressively into experiences.

然後我還想就你對創新和年齡的想法給你一些安慰。我認為大多數研究表明，當人們達到 50 歲時，會出現創新高峰。所以，如果你能撐過接下來的 10 年，那你就很好了。最後，因為你觸及了我想到的大部分問題，但讓我們回到經驗。所以聽起來可能是你的——我知道你有核心業務，這就是你真正關注的。但聽起來你可能會開始更傾向於體驗。所以稍微充實一下。我知道現在相對於核心機會相對較小。但在某些時候，我認為你會更積極地傾向於體驗，並且我認為會有房東要求這樣做，因為這可能會帶來很多雙贏。因此，只需談談您認為您可能想要更積極地投入體驗的時機。

All right. Well, thanks, Mark. It's great to hear from you again. First of all, yes, I'm 40. I hope I got a good 10 years in me, and I think I'm a pretty late bloomer, so maybe give me even more than 10 years.

好的。嗯，謝謝，馬克。很高興再次收到您的來信。首先，是的，我已經 40 歲了。我希望我能有一個好的 10 年，而且我認為我是一個大器晚成的人，所以也許給我 10 年以上的時間。

And so what do I want to do at that time? Well, one of the things I want to do is experiences. I think that experiences is a massive, massive opportunity. When we started Airbnb, homes took off. And I remember saying at the time, Mark, while will we monetize people's biggest asset already, which is their home, what do we do next? We go to the next largest asset. And it actually turns out your home is not your largest asset from a latency standpoint. I think it's your time for most people. Your time ultimately can generate more revenue for the average person than their property can. And so that's a bit of an insight of where experiences came.

那麼那個時候我想做什麼呢？嗯，我想做的一件事就是體驗。我認為體驗是一個巨大的、巨大的機會。當我們創辦 Airbnb 時，房屋起飛了。我記得當時我說過，馬克，雖然我們已經將人們最大的資產貨幣化了，那就是他們的家，我們接下來要做什麼？我們轉到下一個最大的資產。事實上，從延遲的角度來看，你的家並不是你最大的資產。我認為對於大多數人來說，這是你的時間。您的時間最終可以為普通人帶來比他們的財產更多的收入。因此，這是對經驗來自何處的一些見解。

It also came from the fact that a lot of people look at me not just to save money, but to have a local travel experience. And I think experience is a great way to do that. And so I was expecting 2020 to be the breakout year for experiences, and we prepared for that. And of course, the opposite happened, the pandemic occurred and we put the product on hold. In the last 2 years, when people aren't really comfortable leaving their house, they have to have mask on. It's not really been the right conditions to double down on experiences.

這也是因為很多人看我不僅僅是為了省錢，而是為了獲得當地的旅行體驗。我認為經驗是做到這一點的好方法。所以我預計 2020 年將是體驗的突破年，我們為此做好了準備。當然，相反的情況發生了，大流行發生了，我們擱置了產品。在過去的 2 年裡，當人們離開家感到不舒服時，他們必須戴上口罩。這並不是加倍體驗的正確條件。

But now the light is at the end of the tunnel of the pandemic, we think people's first trips won't be to meet strangers and go on experiences. We think the first trips we want to have are to reunite with family, reunite with friends, get a big home together. And so we think that this summer, though people will book experiences, I think the summer is still a little more about homes just because people are getting comfortable getting out of their house.

但現在疫情隧道盡頭的曙光，我們認為人們的第一次旅行不會是與陌生人見面並繼續體驗。我們認為我們想要的第一次旅行是與家人團聚，與朋友團聚，一起擁有一個大家。所以我們認為今年夏天，雖然人們會預訂體驗，但我認為這個夏天仍然更多地是關於家庭的，因為人們離開家越來越舒服了。

That being said, I think this summer, you're going to start to see a ramp-up of experiences. And I think next year and beyond, it's going to be a massive opportunity, and I am incredibly excited about it. And one of the reasons I'm so excited about it is that our guests actually from a customer satisfactory standpoint, like experience more than homes, they actually leave a significantly higher 5-star rating as a percentage of the ratings for experiences at home, but people like homes. The retention is really good. So we think this is just scratching the surface.

話雖如此，我認為今年夏天，您將開始看到體驗的增加。我認為明年及以後，這將是一個巨大的機會，我對此感到非常興奮。我對此感到如此興奮的原因之一是，我們的客人實際上從客戶滿意的角度來看，比如體驗比家庭更多，他們實際上留下了顯著更高的 5 星評級，佔家庭體驗評級的百分比，但人們喜歡家。留存真的很好。所以我們認為這只是表面現象。

And so to answer your question definitively, we are going to be ramping up. We're going to be getting more aggressive experiences. It will be a slower on-ramp in this year. But by next year, we're going to be going full throttle and I'm really excited about this opportunity. And it's a little hard. I don't want to make too many predictions about how big it will become. But my general sense is it's kind of probably bigger than most of us imagined just because I think people are looking for interesting things to do with people. People are lonely. They want to meet one another. They want to do activities. They can only go to so many restaurants. They can only watch so many shows on Netflix and many physical communities are being digitized. And so people ultimately want to have real experience in the real world. I think travel is a great way to do that.

因此，為了明確回答您的問題，我們將加大力度。我們將獲得更具侵略性的體驗。今年將是一個較慢的入口。但到明年，我們將全力以赴，我對這個機會感到非常興奮。這有點難。我不想對它會有多大做太多的預測。但我的一般感覺是它可能比我們大多數人想像的要大，因為我認為人們正在尋找與人做的有趣事情。人們是孤獨的。他們想見見對方。他們想做活動。他們只能去這麼多的餐館。他們只能在 Netflix 上觀看這麼多節目，而且許多實體社區正在數字化。所以人們最終希望在現實世界中擁有真實的體驗。我認為旅行是一個很好的方式來做到這一點。

And the final thing I'd say, Mark, is increasingly, people aren't just booking homes in Paris. You go to Paris, you can see the Eiffel Tower, you can go to Louvre. But if you go to a small town in France, what do you do other than go to a restaurant, experience is a great way to do something interesting in nearly every community in the world, especially ones that don't have the Eiffel Tower. So those are just some of the reasons why I'm incredibly bullish about this product, but it's going to take some time to really ramp up.

馬克，我要說的最後一件事是，人們越來越不只是在巴黎預訂房屋。你去巴黎，你可以看到埃菲爾鐵塔，你可以去盧浮宮。但是如果你去法國的一個小鎮，除了去餐館你會做什麼，體驗是在世界上幾乎每個社區做一些有趣的事情的好方法，尤其是那些沒有埃菲爾鐵塔的社區。所以這些只是我非常看好這款產品的部分原因，但真正提升還需要一些時間。

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

下一個問題來自美國銀行的 Justin Post。

Lot of my questions have been answered, but on the urban supply side, I imagine you had some churn on health issues and other factors. What are you seeing in urban markets? And could you see a big uptick there as demand comes back? How are you thinking about that? And then maybe one follow-up.

我的很多問題都得到了解答，但在城市供應方面，我想你在健康問題和其他因素上有些混亂。你在城市市場看到了什麼？隨著需求的回升，你能看到那裡的大幅上升嗎？你是怎麼想的？然後也許是一個後續行動。

Yes, Dave, do you want to take this one?

是的，戴夫，你想要這個嗎？

Sure. I think one of the key things to remember about our supply is that the vast majority of our hosts are individual hosts. And they don't get rid of their home and they're using their own home or maybe a second home to host. And so even in the midst of a pandemic or other kind of recessionary environment, they're not getting rid of their own home or their second home, which means that they're ready for hosts and they'll be there when the demand is coming back. And that's what we're seeing now with our urban demand. So the urban demand is starting to come back. It's now back towards 2019 levels and our hosts are ready for them. And our growth in hosts in the urban markets has also increased. So we're seeing an increase in our listings for both our high-density and urban markets overall. And that's where we kind of continue to see as the demand comes back, the supply is there to meet it.

當然。我認為關於我們的供應要記住的關鍵之一是我們的絕大多數房東都是個人房東。他們並沒有擺脫自己的家，而是使用自己的家或第二個家來託管。因此，即使在大流行或其他類型的衰退環境中，他們也不會擺脫自己的家或第二個家，這意味著他們已經為房東做好了準備，他們會在需求出現時出現回來。這就是我們現在看到的城市需求。因此，城市需求開始回升。現在已經回到 2019 年的水平，我們的東道主已經為他們做好了準備。我們在城市市場的房東數量也有所增加。因此，我們看到我們的高密度和城市市場整體上市量都有所增加。這就是我們繼續看到需求回來的地方，供應在那裡滿足它。

Great. And then a follow-up on ADRs. I think you're saying around flat year-over-year. Can you just talk about the normal seasonality for ADRs? Why -- is it mix could that cause them to down? And how does it -- how do you think about the back half seasonality on ADRs?

偉大的。然後跟進 ADR。我想你說的是同比持平。您能談談 ADR 的正常季節性嗎？為什麼 - 是混合會導致他們失望嗎？它是怎麼做到的——你如何看待 ADR 的後半段季節性？

Yes, I think if you could -- again, we've been up 5% year-over-year in Q1. It's going to be flat relative on a year-over-year basis in Q2. You can kind of see a little bit of a decrease of seasonality for Q3 and Q4. You could maybe look at some of the seasonality back to '19, which will show you that Q3 and Q4 have moderately lower ADRs, not substantially. I think you could use that as a little bit of a guide. And then just know that the mix change is being offset a lot by strong price appreciation that is continuing to prop up the ADR overall. So I think it is a bit of the unknown for exactly where ADR is going to land in the back half of the year. What I can see is very clearly what's going to happen in Q2, which will be flat year-over-year.

是的，我想如果可以的話，我們在第一季度同比增長了 5%。在第二季度，它將與去年同期持平。您可以看到第三季度和第四季度的季節性有所下降。您也許可以查看 19 年的一些季節性因素，這將向您顯示第三季度和第四季度的 ADR 適度降低，而不是大幅降低。我認為您可以將其用作一些指南。然後只知道組合變化被強勁的價格升值抵消了很多，這繼續支撐著整體的 ADR。因此，我認為 ADR 將在今年下半年登陸的確切位置有點未知。我可以很清楚地看到第二季度會發生什麼，這將與去年同期持平。

The next question comes from Ron Josey with Citi.

下一個問題來自 Citi 的 Ron Josey。

I wanted to ask a little bit more about cross-border, just given the rebound that we saw this quarter and the rebound in fees, can you talk about the dynamics, maybe, Brian, on whether these cross-borders mostly, call it, North America users going overseas? Or are we seeing more EMEA users come into the U.S. or any sort of insights around there?

我想問更多關於跨境的問題，鑑於我們本季度看到的反彈和費用的反彈，你能談談動態嗎，也許，布賴恩，這些跨境是否主要，稱之為，北美用戶出海？或者我們是否看到更多的 EMEA 用戶進入美國或那裡有任何見解？

And then, Dave, on just overall EBITDA understood more leverage and margin expansion in the first half. But it's really impressive to see the continued, call it, leverage across most of your line items. Can you just remind us ops and support in gross margin, what's driving that?

然後，戴夫僅就整體 EBITDA 了解上半年更多的槓桿和利潤率擴張。但令人印象深刻的是，在您的大多數訂單項中繼續使用，稱之為槓桿。你能提醒我們毛利率的運營和支持，是什麼推動了這一點？

Ron, I can just start. The cross-border is, I would say, North America, Europe, Australia, Latin America, pretty much everywhere but Asia and it's really going in all directions. So people are coming into North America, people in North America are leaving. They're absolutely going to Europe. There's a lot of travel within Europe, and we're now also seeing Europeans come to the United States and go kind of in other locations as well. So the great thing is the network effect is kind of moving in multiple directions, whereas, say, last year, it was much more domestic and kind of really limited, the corridors are really starting to open. So Dave, I'll let you take the rest of the answer.

羅恩，我可以開始了。跨境是，我想說，北美，歐洲，澳大利亞，拉丁美洲，幾乎無處不在，除了亞洲，它真的在各個方向發展。所以人們正在進入北美，北美的人們正在離開。他們絕對要去歐洲。歐洲有很多旅行，我們現在也看到歐洲人來到美國，也去其他地方。所以偉大的事情是網絡效應正在向多個方向發展，而去年，它更加國內化並且非常有限，走廊真的開始開放。所以戴夫，我會讓你回答剩下的問題。

Yes. On the EBITDA, I'm really pleased and proud of the work that we've done to improve our overall profitability. We made some really difficult choices in the midst of the pandemic to reduce our overall workforce and focus on the core of our business. We think that actually that focus is enabling us to deliver even more. Like I think we've actually delivered more innovation and productivity as a company by being very deliberate and focused in a more narrow area versus trying to do everything all at once, and that's been really effective with us. We actually have 16% fewer people at the end of Q1 '22 than we did at the end of Q1 2020 before we had our layoffs. And yet we think we're being more productive than ever before.

是的。在 EBITDA 方面，我為我們為提高整體盈利能力所做的工作感到非常高興和自豪。在大流行期間，我們做出了一些非常艱難的選擇，以減少我們的整體勞動力並專注於我們的業務核心。我們認為，實際上這種關注使我們能夠提供更多。就像我認為我們通過非常慎重和專注於更狹窄的領域而不是試圖一次完成所有事情，實際上已經作為一家公司提供了更多的創新和生產力，這對我們來說真的很有效。實際上，與 2020 年第一季度末裁員前相比，我們在 22 年第一季度末的人數減少了 16%。然而，我們認為我們比以往任何時候都更有效率。

And then we're getting nice -- so on top of that fixed cost leverage, yes, we're gaining nice improvement in our variable costs and our ops and support, it was 15% of revenue here in the first quarter and seeing nice improvement versus our ops and support in the prior quarters, right? Ops and support will include largely our community support operations and our trust and safety activities. Those are the elements that are within ops and support. We're going to continue to invest in those areas because we think those are differentiators for us and then doing those really well. Supports our individual host community, but we're making nice strides and improvement in leverage so that we gain continued profitability.

然後我們變得很好——所以除了固定成本槓桿之外，是的，我們在可變成本、運營和支持方面取得了很大的進步，這是第一季度收入的 15%，而且看起來不錯與前幾個季度的運營和支持相比有所改善，對吧？運營和支持將主要包括我們的社區支持運營以及我們的信任和安全活動。這些是操作和支持中的元素。我們將繼續在這些領域進行投資，因為我們認為這些是我們的差異化因素，然後做得非常好。支持我們的個人主機社區，但我們正在取得長足進步並提高槓桿率，以便我們獲得持續的盈利能力。

And one of the things we noted in the letter is that we're expecting for the full year a modest expansion in our overall EBITDA margin rate. So that's nice to see versus 2021. And I'm really excited that in 2022, we'll have our first full year of net income profitability. So just on a full net income basis, to be profitable this year feels excellent.

我們在信中指出的一件事是，我們預計全年我們的整體 EBITDA 利潤率將適度擴大。所以很高興看到與 2021 年相比。我真的很興奮，在 2022 年，我們將有第一個全年的淨收入盈利能力。因此，僅以完整的淨收入為基礎，今年實現盈利感覺非常好。

The next question comes from Lee Horowitz with Deutsche Bank.

下一個問題來自德意志銀行的 Lee Horowitz。

Great. Two, if I could. High level, demand across the alternative accommodations industry has proved incredibly sticky through the front half of this recovery and your comments suggest even into the back half. So what do you kind of owe the stickiness in consumer patterns in terms of the way that they travel even as things open up and hotels perhaps gain a bit of share?

偉大的。二，如果可以的話。在本次復甦的前半部分，替代住宿行業的高水平需求已被證明具有難以置信的粘性，您的評論甚至暗示了後半部分。那麼，即使事情開放，酒店可能會獲得一些份額，消費者模式在他們旅行方式方面的粘性是什麼原因造成的？

And then maybe a bit on cost as well, wage inflation and the inability to kind of find talent has been cropping up across a lot of the names that we cover. You guys haven't necessarily commented too much here, but how is it all are you seeing wage inflation potentially place in the model as we move through 2022.

然後可能還有一點成本，工資膨脹和無法找到人才已經出現在我們報導的許多名字中。你們在這裡不一定要發表太多評論，但是隨著我們進入 2022 年，您如何看待工資通脹可能會出現在模型中。

All right. Dave, do you want to take this? Sorry, I'm sorry. I'm sorry, can I -- actually, can I ask a clarifying -- I don't quite understand the first question. Can you ask it again?

好的。戴夫，你想拿這個嗎？對不起，對不起。很抱歉，我可以——實際上，我可以澄清一下嗎——我不太明白第一個問題。你能再問一遍嗎？

Yes, In terms of the...

是的，就...而言

Can you clarify the first question?

你能澄清第一個問題嗎？

My first question is -- the industry -- Yes, for alternative combinations has proven incredibly sticky despite reopening more coming online, those sorts of things. I guess, to what do you owe this kind of stickiness in consumer travel patterns?

我的第一個問題是 - 行業 - 是的，儘管重新開放更多上線，但替代組合已被證明具有難以置信的粘性，諸如此類的事情。我想，您對消費者旅行模式的這種粘性有何貢獻？

Why is it sticky? So sorry, I just want to make sure I understand. Are you saying why like it was obvious why people were booking homes last year because people weren't traveling for business? They weren't going to urban markets. They weren't crossing borders, they were staying nearby, you're asking why when the markets reopening that...

為什麼會粘？很抱歉，我只是想確保我理解。你是說為什麼人們去年訂房的原因很明顯，因為人們不是出差？他們沒有去城市市場。他們沒有跨越國界，他們就住在附近，你會問為什麼當市場重新開放時...

They were traveling...

他們在旅行...

Why they're still sticky. Okay. Got it. Yes. Okay. I got it. And then let me do that, and then Dave, you can take the second question. So -- and I think it's important to just note Lee, that like we were growing really fast before the pandemic. And the reason we're growing fast is, number one, I think a lot of people want to have a local experience as they travel. Number two, they want to save money when they travel. Number three, Airbnb allows them to travel with groups and increasingly people are traveling in groups. Number four, Airbnb allows them to travel and stay nearly every community in the world, hotels or in limited markets around the world; and number five, the longer you're away from home, the more you want to be in a home and length of stay is going up.

為什麼它們仍然很粘。好的。知道了。是的。好的。我得到了它。然後讓我這樣做，然後是戴夫，你可以回答第二個問題。所以——我認為重要的是要注意李，就像我們在大流行之前增長得非常快一樣。我們快速增長的原因是，第一，我認為很多人希望在旅行時獲得當地體驗。第二，他們想在旅行時省錢。第三，Airbnb 允許他們跟團旅行，越來越多的人開始跟團旅行。第四，Airbnb 允許他們在世界上幾乎每個社區、酒店或有限的市場中旅行和住宿；第五，你離家的時間越長，你就越想待在家裡，而且逗留的時間也在增加。

So I think all those reasons explain the stickiness. Maybe said another way, here's another way of saying it. Rural demand increased during the pandemic and people are still traveling to rural areas. People are still traveling domestically, which was a very popular demand use case during the pandemic. People don't have to go back to the office 5 days a week. So people are still booking weekly stays and monthly stays. So again, domestic, nonurban and longer stays were 3 use cases that weren't really our original bread and butter.

所以我認為所有這些原因都解釋了粘性。也許換一種說法，這裡是另一種說法。大流行期間農村需求增加，人們仍在前往農村地區。人們仍在國內旅行，這是大流行期間非常受歡迎的需求用例。人們不必每週 5 天回到辦公室。所以人們仍在預訂每週住宿和每月住宿。再說一次，國內、非城市和長期逗留是 3 個用例，它們並不是我們最初的生計。

Our original bread and butter was urban cross-border short term. But these 3 trends are sustaining. They're still sustaining. And the reason why is, I think, the genie's out of the bottle, people have permanent flexibility and people now realize there's a lot of great places to go beyond the top 100 tourist destinations.

我們最初的麵包和黃油是城市跨境短期。但這三個趨勢正在持續。他們還在堅持。原因是，我認為，精靈已經從瓶子裡拿出來了，人們擁有永久的靈活性，人們現在意識到除了前 100 個旅遊目的地之外，還有很多很棒的地方。

That being said, what we're seeing is a recovery of cross-border in urban. It's actually both above 2019 levels. So in short, the old ways of -- the bread and butter of Airbnb, cross-border urban are back and the new use cases or the use cases that were accelerated a pandemic are here to stay. And the combination of those 2 things is why I think this business is so sticky. Maybe a more fundamental way of saying it is people love the experience they have. And so when people left them, they tend to do more of it. Dave, I'll hand over to you.

話雖如此，我們看到的是城市跨境的複蘇。它實際上都高於 2019 年的水平。簡而言之，Airbnb 的麵包和黃油、跨境城市的舊方式又回來了，新的用例或加速大流行的用例將繼續存在。這兩件事的結合就是我認為這項業務如此粘人的原因。也許更基本的說法是人們喜歡他們所擁有的經歷。因此，當人們離開他們時，他們往往會做更多的事情。戴夫，我會交給你的。

In terms of wage inflation, we did $1.5 billion of revenue in Q1 with just 6,200 people. And we don't need -- as I said, we actually have 16% fewer people than we did in Q1 of 2020. We don't need to add incremental people to have this business grow dramatically. We're significantly larger today as a business with significantly fewer people.

就工資通脹而言，我們在第一季度實現了 15 億美元的收入，而員工人數僅為 6,200 人。而且我們不需要——正如我所說，我們的人數實際上比 2020 年第一季度減少了 16%。我們不需要增加額外的人來讓這項業務大幅增長。我們今天的規模要大得多，因為公司的人數要少得多。

So really, wage inflation is not a major driver of costs. We are investing in our employees in order to enable them to live anywhere, move anywhere within the country. If they move someplace else, we're not going to alter their pay for being in a different part of the country. And we're going to support them to work 90 days in other countries around the world. So we think that kind of investment will benefit us by having lower attrition and being able to attract the best talent in the world. So we think that's going to be a great investment for the future to have the best talent to unlock all the innovation that Brian has talked about on the call today.

所以說真的，工資通脹並不是成本的主要驅動因素。我們正在對我們的員工進行投資，以使他們能夠生活在任何地方，在國內的任何地方移動。如果他們搬到其他地方，我們不會改變他們在該國不同地區的工資。我們將支持他們在世界其他國家工作 90 天。因此，我們認為這種投資將使我們受益，因為它降低了人員流失率，並能夠吸引世界上最優秀的人才。因此，我們認為這將是對未來的一項巨大投資，以擁有最優秀的人才來解鎖布賴恩今天在電話會議上談到的所有創新。

Thank you. That concludes the Q&A session. I would like to pass the conference back to Brian Chesky for additional remarks.

謝謝你。問答環節到此結束。我想將會議轉回給 Brian Chesky 以補充意見。

All right. Well, thank you all for joining us today. I'm incredibly proud of what we accomplished this quarter. We hit new records with Nights and Experiences Booked and GBV. We had our first positive Q1 adjusted EBITDA and our highest free cash flow ever, $1.2 billion free cash flow. But we're just getting started because we are going to be accelerating our pace of innovation. And I'm really excited to announce the biggest change to Airbnb in a decade. It's going to be next Wednesday, May 11, at 9:00 a.m. Eastern Standard time. You can watch a special event right from our homepage. Until then, thank you all see you soon.

好的。嗯，謝謝大家今天加入我們。我為我們本季度所取得的成就感到無比自豪。我們在 Nights and Experiences Booked 和 GBV 方面創造了新的記錄。我們的第一季度調整後 EBITDA 為正數，自由現金流為 12 億美元，是有史以來最高的。但我們才剛剛開始，因為我們將加快創新步伐。我很高興地宣布 Airbnb 十年來最大的變化。時間是 5 月 11 日下週三，東部標準時間上午 9:00。您可以直接從我們的主頁觀看特別活動。在那之前，謝謝大家很快見到你。

That concludes the Airbnb Q1 2022 Earnings Call. Thank you for your participation. You may now disconnect your lines.

Airbnb 2022 年第一季度財報電話會議到此結束。感謝您的參與。您現在可以斷開線路。