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.

各位下午好，感謝您加入 Airbnb 2022 年第一季財報電話會議。提醒您，本次電話會議將被錄音，並將於會後在 Airbnb 官網「投資人關係」專區提供重播。

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

現在我將把電話交給財務副總裁 Ellie Mertz。請開始。

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.

各位下午好，歡迎參加 Airbnb 2022 年第一季財報電話會議。感謝各位今天與會。今天的電話會議由 Airbnb 共同創辦人兼執行長 Brian Chesky，以及財務長 Dave Stephenson 出席。

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.

今天稍早，我們已發布股東信，內容包含 2022 年第一季的財務結果與評論。這些資料也已張貼於 Airbnb 官網「投資人關係」專區。

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.

在本次電話會議中，我們將先做簡短的開場說明，接著把剩餘時間用於問答。在我把電話交給 Brian 之前，我想提醒各位：我們在本次電話會議中將作出前瞻性陳述，這些陳述涉及多項風險與不確定性。由於各種因素，實際結果可能與前瞻性陳述中明示或暗示的內容存在重大差異。這些因素已在我們的股東信「前瞻性陳述」章節以及我們最近向美國證券交易委員會提交的文件中說明。我們敦促各位考量這些因素，並提醒各位：我們不承擔更新本次電話會議所含資訊以反映後續事件或情況的任何義務。

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.

您應注意，這些陳述僅應視為估計，並不保證未來表現。此外，在本次電話會議中，我們將討論部分非 GAAP 財務衡量指標。我們已在張貼於投資人關係網站的股東信中，提供與最直接可比的 GAAP 財務衡量指標之調節表。這些非 GAAP 指標並非用以取代我們的 GAAP 結果。

And with that, I will pass the call to Brian.

那麼，我將把電話交給 Brian。

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。非常感謝你，Ellie，各位下午好。感謝大家加入。我很高興與各位分享我們第一季的業績結果。

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.

儘管面臨疫情、烏克蘭戰爭以及總體經濟逆風，第一季仍是另一個令人驚豔的季度。我們首次達成「預訂的住宿晚數與體驗」超過 1 億。總預訂金額（GBV）為 170 億美元，較 2019 年第一季高出 73%。營收為 15 億美元，較 2019 年第一季高出 80%。淨虧損為 1,900 萬美元。相較於 2018 年與 2021 年同期，這是顯著改善。調整後 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.

這是我們在第一季首次實現調整後 EBITDA 為正，調整後 EBITDA 利潤率為正 15%。相較之下，一年前為負 7%，而 2019 年第一季為負 30%。最後，我們本季產生 12 億美元自由現金流，亦創下歷史新高。這些結果顯示，在疫情爆發兩年後，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？因為現在有數百萬人對居住地與工作地點更具彈性。因此，他們分散到數以千計的城鎮與城市，並一次停留數週、數月，甚至整個季節。透過我們的適應性創新，我們得以快速回應旅行角色的變化，而這些亮眼成果是由多項正向的業務趨勢所驅動。

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.

第一，房客的預訂量比以往任何時候都更高。第一季的總預訂晚數較 2019 年第一季成長 32%。即便面臨疫情、烏克蘭戰爭以及總體經濟逆風，仍然如此。同時，人們也更有信心提前更久預訂旅行，我們看到暑期及之後的預訂需求強勁。

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.

第二，房客正在回到城市並跨境旅行。因此，我們的房客仍持續進行國內旅行，也持續前往鄉村目的地；同時，我們也看到房客回到城市並跨境旅行，其水準已達到或甚至高於疫情前。

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，房客停留時間也更長，甚至把 Airbnb 當作居住之所。雖然 2022 年第一季短期住宿強勁反彈，但「一個月或更長」的住宿仍是我們成長最快的類別，較 2019 年成長至三倍。第一季我們近一半的預訂晚數來自「一週或更長」的住宿，而每 5 晚預訂中就有 1 晚屬於「一個月或更長」的住宿。

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，全球顯然正變得更能彈性看待人們可以在哪裡工作。為了領先這股趨勢，上週我們宣布 Airbnb 員工可以在任何地方生活與工作；我們也設計了一種方式，讓他們能在全球各地生活與工作，同時以高度協作的方式合作，並體驗讓 Airbnb 與眾不同的面對面連結。

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，我們的創新正啟發房客探索數以千計的新地方。2021 年，我們在服務的各個面向推出超過 150 項升級。其中一項升級是創新的「我很彈性（I'm Flexible）」功能。該功能至今已被使用超過 20 億次，20 億次。使用「我很彈性」的房客更可能預訂較不熱門地點的房源。這點非常重要，因為它讓我們能將需求導向我們有供給的地方，並有助於在全球各地社區更廣泛地分散房客。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.

在 5 月 11 日、也就是下週三，我們將發布 Airbnb 2022 年夏季更新。這是一個為全新旅行世界打造的全新 Airbnb。透過全新的搜尋方式，房客將能在 Airbnb 上發現數以百萬計、他們從未想過要搜尋的獨特房源。而當他們預訂時，房客也能放心，因為 Airbnb 會在每一步都支持他們。您可以在下週三美東時間上午 9:00（美東時間上午 9 點），直接在我們首頁觀看這項發布。我希望您能收看，因為我對我們將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，我們的社群——房東社群——持續擴大。我們看到需求最強的目的地，也呈現出最多的供給成長，非都會地區的有效房源在全球實際成長了 15%。隨著需求回到城市，我們也看到都會地區的總供給增加。我們相信，去年宣布的升級（包括全新的房東上線引導流程與 AirCover）正在支持這項成長，並協助新房東取得成功。

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.

總結來說：我們創下史上最佳第一季。「預訂的住宿晚數與體驗」以及 GBV 均創歷史新高。營收與調整後 EBITDA 皆為第一季紀錄，我們本季也產生超過 10 億美元的自由現金流。憑藉這些成果，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.

在進入提問之前，我想先花一分鐘談談我們在烏克蘭的努力。因為在過去幾個月中，戰爭摧毀了數百萬人的生活。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宿。已有超過 30,000 名房東報名，願意免費或以折扣向難民開放家園。但接著發生了更令人驚嘆的事：人們開始預訂房源來支持烏克蘭——他們預訂的是自己根本不打算入住的房源，只為提供救援資助。很快地，超過 170,000 人加入行動，他們在烏克蘭預訂了約 600,000 晚。由於我們免除了費用，2,000 萬美元直接支付給烏克蘭的房東。

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.

我認為這凸顯了我們社群的力量。這也提醒我們，即使在黑暗與破壞的世界裡，善意依然存在。因此，我對本季的業務成果感到非常自豪。我也為我們能夠幫助成千上萬有需要的人而感到自豪。

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

綜合以上，Dave 和我期待回答各位的問題。

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

（接線員指示）第一個問題來自 Baird 的 Colin Sebastian。

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.

恭喜本季表現強勁。我有幾個問題。首先，Brian，我想更深入了解一下疫情期間浮現的一些更廣泛的使用情境。整體來看，這些趨勢聽起來非常正面。我希望你能再多拆解一些：在復甦進度最前面的市場，辦公室正在重新開放、生活也逐步回到常態的情況下，較長住宿與其他使用情境的可持續性如何？如果可以的話，請再更細分說明一下。

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.

第二個問題是關於廣告與行銷計畫。你們看起來把它維持在營收的一定比例，因此行銷與廣告支出會略為提高。能談談這點嗎？這是因為所有產品更新、旅遊反彈，或是競爭態勢所致嗎？如果可以的話，請談談在廣告與行銷方面的策略。

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.

好的，很棒的問題，Colin。那我先從較高層次回答，Dave 也可以補充更具體的細節。先從你提到的一些更廣泛使用情境談起。我們先回顧一下：當我們創立 Airbnb 時，它其實只是讓人們一次預訂幾天的住家。但即使在疫情之前，實際上，長期住宿（1 個月或更久）已是我們成長最快的類別或分項，且以倍數成長。當中有些在疫情前就已經成長非常快。我認為疫情所做的，是加速了 Airbnb 長期住宿的採用，究竟加速了多少很難說，但肯定是以「年」為單位的加速。我也認為理解其背後原因很重要。

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.

目前發生的情況是，對數百萬人而言，他們不需要每週 5 天回到辦公室。而且絕大多數公司並未要求員工回到辦公室。許多公司已轉向混合或完全遠端的模式。我認為未來我們會看到越來越多的彈性，因為公司最終想要招募最優秀的人才，而最優秀的人才會分布在各地。因此，只要我們相信數百萬人不需要每週 5 天回到辦公室，我們就相信世界將更具彈性。

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.

只要我們相信人們會持續透過 Zoom 連線，我們同樣會相信世界將更具彈性。因此，我們認為未來幾年會持續看到並維持成長：住宿超過一個月，以及住宿超過一週。我不認為這是暫時現象。我認為一旦趨勢形成就回不去了，彈性將會長期存在。我也認為，除了薪酬之外，彈性很可能會成為雇主能提供的最重要福利。

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.

我分享一個小故事：上週四，我們宣布 Airbnb 員工可以在世界任何地方生活與工作。內部反應非常好，但外部反應更令人印象深刻，因為在該公告之後，我們的職涯頁面被瀏覽了 80 萬次。我認為這正說明了這個使用情境的持久性，而且我認為它會持續下去。

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.

至於廣告，我認為重要的是先簡要回顧我們如何看待行銷。Dave 也可以再補充更細的內容。Colin，我們在行銷與廣告上的做法，顯然與同業有些不同。我們採取全漏斗（full funnel）的行銷方式，結合公關、品牌行銷與成效行銷。我們並不著重於「買客戶」，而是主要投資在品牌，並教育市場了解 Airbnb 的獨特之處。因此我們把行銷主要視為教育。我想這也解釋了為什麼我們 90% 以上的流量是直接或非付費的。Airbnb 在全球各地都被當作名詞或動詞使用，而建立我們品牌的其實不是廣告，而是公關與口碑。

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.

再舉個例子——自疫情開始以來，已有超過 100 萬篇關於 Airbnb 的文章。過去包含「travel（旅遊）」一詞的文章中，有 55% 也同時包含「Airbnb」這個詞。所以——對我們而言，廣告其實是一種補充性的教育形式，並不是成長的核心驅動力。我們認為成長的核心驅動力是 Airbnb 的創新，也就是打造人們喜愛的產品。行銷的角色不是買客戶；對我們來說，行銷的角色是教育人們了解我們的新功能與新產品。Dave，你要不要——我不確定你是否想再更深入談談廣告。

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.

我認為你已經講得非常完整了。我們對這套行銷方法感到非常自豪。這種全漏斗的方法對我們來說運作得非常好。正如你所說，我們確實在增加行銷投入金額；我們只是把行銷費用占營收的比例維持在與 2021 年相對一致的水準，而我們認為這對我們非常有效。

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.

很好。我想先請教，供給與需求相對彼此的成長情況，與疫情前相比有何變化？也許可以談談使用率（utilization）的走勢：疫情前的趨勢如何、現在又如何？第二個問題是資本配置：本季自由現金流超過 10 億美元，資產負債表上有 90 億美元現金。能否提醒我們你們對資本配置的想法？例如是否會回饋股東、進行併購（M&A）、或持續投資產品等，很想聽聽你們的看法。

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.

很好，Bernie。那我這樣做：我先用較高層次談第一個問題，然後 Dave 再用更具體的層次回答兩個問題。先就供給與需求做高層次說明。第一，我認為今年夏天我們的供給會足以滿足需求。我們預期夏季需求會很強，但我們在全球層面一年中的任何一晚都不會受到供給限制，完全談不上。多數旅遊公司的挑戰在於，很多人會在同一天想去同一個地方、同一座城市，而城市——像是旅遊 OTA——通常會被訂滿。比如很多人想在跨年夜去紐約市，但紐約能住的地方就那麼多，所以往往會售罄。

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.

但 Airbnb 的關鍵在於：我們遍布全球 10 萬個城鎮與城市。我們觀察到幾個現象，我認為值得指出。第一個是，供給成長最快的市場，實際上也是我們需求成長最快的市場。因此，當某個市場出現更多需求時，就會釋放出更多供給。我認為主要原因在於，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.

絕大多數的新房東在 3 天內就會獲得一筆預訂。而當一般人拿到一筆預訂，且這筆預訂可能是 300、400、500 美元時，他們往往會把這件事告訴朋友。於是，隨著更多人被預訂，他們會帶來更多口碑，進而解鎖更多供給。因此，我們擁有一個全球網路，在某種意義上，需求會刺激更多供給。此外，「我很彈性（I'm Flexible）」功能至關重要，因為它讓我們能把需求導向我們有供給的地方。若有人輸入 6 月 1 日到 5 日的巴黎，我們就只能提供巴黎在那些日期可訂的房源。但如果有人說他們很彈性，我們就能把他們導向巴黎其他較淡季的日期，或巴黎周邊其他有可用供給的城鎮。所以我認為這些都非常重要。不過 Dave，我不確定你是否想更具體談談使用率，以及資本配置理論的部分。

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。我想就幾個面向再深入一點。首先，我們的供給量是公司歷史上前所未有的高。正如 Brian 在電話會議中提到的，我們在需求最強的地區也增加了更多供給，例如北美的非都會區活躍房源成長 21%，全球成長 15%；這是一種「自我修復」的狀態——哪裡有需求，我們最後就會在哪裡有供給。而這種重新分配也非常重要，因為我們在各種類型的市場都有房源。我們不會在任何一個夜晚受到全球性的供給限制，這點不同於只在單一市場類型有供給的情況。若需求在某個更狹窄的市場類型（例如度假租賃）突然飆升，而你又沒有其他地方可以分散需求，就會受限。但因為我們遍布全球、在各種社區都有房源，我們就能把需求重新分配到其他地方。因此我認為這對我們非常有利。

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.

關於資本配置，是的，我們有 93 億美元。我想，作為 CFO，在疫情仍持續的情況下，擁有強健的資產負債表仍能讓我們晚上睡得安穩。我們先前也提到，將使用約 10 億美元現金來支付員工在行使股票時所產生的稅務義務。因此，這將是今年的一項現金用途。

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，我們仍處於成長模式。我們會持續維持一個能讓我們隨時準備好投資、取勝，並在我們認為合適之處投入的資產負債表。若未來有需要，這也使我們能進行併購（M&A），儘管併購並非我們成長的主要驅動力；我們仍計畫以有機成長作為主要方式。但我們會持續評估資產負債表的使用，並確保資本部署得當。

The next question comes from Mario Lu with Barclays.

下一個問題來自 Barclays 的 Mario Lu。

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?

很好。第一個問題給 Brian，屬於高層次的策略問題。既然總房晚數已相較 2019 年完全復甦，你們如何決定何時是把公司重心延伸到其他潛在成長領域（例如體驗、飯店與航班）的適當時機，而不是繼續精進核心產品？

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.

很好。是的，我來回答。謝謝你，Mario。基本上，我們在疫情期間學到了一些非常重要的教訓。我 26 歲時和兩位朋友創辦了這家公司，我剛滿 26 歲就創辦了這家公司。我們取得了巨大的成功。而當你第一次獲得巨大成功時，常會發生一件事：你把某件事做得很好，就會以為自己什麼都能做得很好。疫情前我們追逐了很多事情。我記得成長過程中有位老師說過：你一生中想做什麼都可以，但不能同時做所有事。我認為疫情發生後，對我們而言危機中有一線曙光，那就是我們變得非常聚焦。我們把最優秀的人才集中起來，暫停了許多新計畫，並把最頂尖的人放在公司最重要的問題上，也就是刺激核心業務。但我想我們看到的不只是如此；短期住宿的可服務市場（TAM）比我們想像的更大，而且我們也能把它延伸到長期住宿。

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.

我們接下來的整體做法是保持極度聚焦。我們當然會追求新機會，但我們想先聚焦在當下最「易逝」的機會。而現在最易逝的機會是這個：去年可能是本世紀的旅遊反彈。至少自從我創辦 Airbnb 以來，我從未見過像去年那樣的旅遊反彈。我認為今年會比去年更大，因為去年還受到 Delta 與其他變異株的影響而略有抑制。我想你們今年會看到需求真正回升，以及跨境旅遊的真正復甦。

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.

所以我們今年聚焦的是這個易逝的機會：盡可能搶下更多市占，並讓更多過去幾年沒旅行的人嘗試 Airbnb。因為對許多人而言，Airbnb 不再是一種替代性的旅行方式，而是預設選項。

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，我們也確實在看新的機會與新服務。疫情期間我們暫停的事情，沒有任何一項是——不在考慮範圍內、不能恢復的。例如 Airbnb 體驗（Airbnb experiences）就是未來幾年的重要投資領域。因此我們今年開始加速推進該產品，我認為——甚至明年你會看到更多，會有一些圍繞 Airbnb 體驗的重大新供給，以及顯著的需求。

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.

而且我認為我們最好的點子還在前方。我今年 40 歲，我不希望覺得我們最好的點子都發生在我 20 多歲或 30 多歲。我認為未來還有一些非常大的機會。但關鍵在於聚焦：一次只做少數幾件事；把最易逝的機會做到最大規模，把規模帶進一個生態系，然後你就能為旅客與房東做各種產品線延伸。

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?

很好。接著想問一個關於夏季之後的旅遊需求。我知道你們提到第四季會比歷史水準略高，但相較於你們提供的、關於夏季旅遊旺季的 30% 這個數字，第四季是更高還是更低？就夏季需求而言，你們有什麼可以分享的嗎？

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

是的，Dave，我讓你來回答。

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.

我會說，就夏季期間的 30% 而言，我們在第四季看到的相對表現同樣強勁——甚至更強。我認為人們願意以比過去更高的比例，把行程規劃到那麼遠的第四季，這顯示出大家對旅行的韌性。因此，目前第四季的需求相對於第三季的需求同樣強，或更強。

The next question come from Brian Nowak with Morgan Stanley.

下一個問題來自 Morgan Stanley 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?

Brian，我有幾個問題想問你。那 20 億次——20 億次——「我很彈性（I'm Flexible）」搜尋，相較上次的 8 億次增加了不少。我想了解的是，當人們使用「我很彈性」時，你們觀察到什麼？這是否帶來更高的轉換率？是否帶來更高的——在搜尋半徑或範圍內——的使用率？你們看到是什麼在推動這個產品如此快速的拐點？

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?

接著回到你先前提到你現在在 40 多歲的創新這點，在房東端你仍然看到哪些領域存在所謂「低垂的果實」機會，可以透過改善來帶動更多房東成長？

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，Brian，這些問題都很棒，也很高興再次和你交流。那我先從房客端開始，接著再談房東端。你說得沒錯。我想——我會先（聽不清）說，去年我們推出了「我很彈性（I'm Flexible）」。我們推出它的原因是，我們看到更多人變得更有彈性。而挑戰在於：過去 25 年，旅遊搜尋基本上都一樣。有一個搜尋框，而搜尋框會問你要去哪裡，並假設你知道自己要去哪裡。事實上，你必須帶著意圖來到這些網站。接著它會問你什麼時候要去？因此，多數 OTA 並不是在做「靈感啟發」的生意；他們是在把流量轉換成訂單。這很好，但我們一直認為——線上旅遊的「聖杯」是啟發人們該去哪裡。

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.

而「我很彈性」的成果超出我們的預期。它已被使用了 20 億次；對一個旅遊產品來說，被使用 20 億次，而人們通常一年只會用旅遊產品幾次，這是相當不尋常的。那我們看到什麼結果？我認為最主要的是，我們看到「我很彈性」帶來非常強的互動度；使用者會在更多市場看到更多房源。我們看到人們在許多熱門觀光目的地之外預訂房源，也看到我們有能力把旅遊需求重新分配到最熱門景點之外，例如羅馬、巴黎、拉斯維加斯、紐約、洛杉磯。這確實是「我很彈性」最重要能做到的事。

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.

「我很彈性」可以參與「靈感啟發」的競賽，並把需求導向你已經有供給的地方。因此，我們的成功衡量指標包括：人們多久會回到網站、他們把多少房源加入願望清單、他們在靈感端與需求端使用產品的互動頻率，以及你把需求導向我們有可用供給的地方做得有多好，而不是只是被動地受制於他們來到 Airbnb 時以為自己想去哪裡、以及想什麼時候去。也因此，我認為你在第一季的結果中看到的是：很明顯這個產品正在奏效，因為我認為「我很彈性」這個功能確實幫助帶動了相當一部分的成長。

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.

至於房東端，你說得對，我們持續在房東端創新非常重要。去年我們在產品的房東端做了多項改善。第一，我們的一般原則是：你把一件事做得越容易，就會有越多人去做。這是網際網路上一個非常基本的原則。你把事情變簡單，就能降低摩擦，讓人們更願意去做。

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.

在成為房東這件事上，我們做得越容易，就會有越多人變成房東。所以去年我們做的是：把成為房東的步驟減少到 10 個簡單步驟。我們新增了一個產品叫「詢問超讚房東（Ask a Superhost）」。我想已有 17 萬名潛在房東使用過這個產品；當他們有問題時，可以詢問我們最優秀的房東之一。然後可能最重要的是，Brian，去年我們為房東推出了 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 萬美元的財產損害保障、100 萬美元的人身責任保險，而且是免費的。我們不會在交易服務費之外額外收費；而且我們是旅遊業唯一一家免費向房東提供這整套功能的公司。

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.

展望今年，我們有多項讓我非常興奮的新創新。我不會把所有細節都說出來，我想先保留到我們正式宣布時再談，但我會先講高層次方向。我們正在研究能把更多人帶入房東生態系的功能。因此我們希望提供更多方式，讓房東更容易上架；我們希望提供更多支援，讓他們更容易接待；我們也希望提供更多「控制權」，讓人們可以決定誰能看到他們的房源、何時可訂等。

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.

所以我們在 5 月 11 日會有一些非常令人期待的公告。你會聽到一些即將推出的有趣功能。然後我們也會在今年稍晚、11 月再有一次產品發布。因此在這兩個面向上，我們會有幾次重大的更新。但再次強調，核心就是讓當房東更容易，並讓尚未成為房東的人更想成為房東。如果我們能做到這點，並讓當房東成為主流，這將能支撐我們未來多年的成長。

The next question comes from Naved Khan with Truist.

下一題來自 Truist 的 Naved Khan。

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?

這題問 Dave。Dave，上次你大致上把今年 ADR 會下滑的預期先講清楚了。你現在仍然是這樣預期嗎？另外，對於下週即將推出的這次新產品發布，你們在模型裡納入了哪些假設？

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.

好的。關於 ADR，我們過去展示過的是：相較於 2019 年，ADR 已大幅上升。三年累計上升了 37%。而我們在 2021 年整段期間看到的是：到了第四季，約有一半的 ADR 增幅是由「組合（mix）」所驅動。也就是區域組合，例如北美與歐洲，以及房源類型，例如非都會區的整套房源。因此，組合大約推動了一半的價格上升；另一半則是由價格本身的上漲所驅動。也就是 ADR 的驅動因素大致各半。

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，價格上漲在 ADR 驅動因素中的占比變得更高，而組合的占比則略低於一半，所以又稍微有些移動。我們將看到的情況——而我們也在展望中呈現——是今年第二季的 ADR 將與去年第二季大致持平。這會讓你理解到：ADR 仍維持在較高水準，原因同時來自組合與價格上漲。

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.

我們認為在今年下半年，ADR 可能會逐步趨於溫和，因為組合會持續往城市、更多跨境旅行調整，而這些通常有較低的平均每日房價；但價格上漲本身仍然偏高、也更具黏著性。因此我認為，ADR 的下滑幅度可能會比我們年初預期的還要小。

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.

另外我想——我不太確定，你關於下週我們要談的新產品導入的問題，能不能再多說一點？我們會在 5 月提供那些細節。

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

主要是你們在「貢獻」方面做了哪些假設？不，就是貢獻——你們的展望是否已經把那些產品可能帶來的任何貢獻納入比較？

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，我們對第二季的展望顯然已經包含了我們迄今所做投資帶來的許多成果，而我們也非常看好這些持續改善將繼續推動你所看到的強勁表現。所以我們目前不會提供超出第二季以外的指引。

The next question comes from Stephen Ju with Crédit Suisse.

下一題來自 Crédit Suisse 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。Brian，消費者對長住需求的上升，是你們強調已久、屬於行為根本改變的一件事。所以——你能否跟我們分享一下，房東端對於接受長住、相較於更傳統的短期住宿，他們的意願與反應如何？因為我想問的是：為了讓你們現在擁有的 600 萬名房東能提供更長天期的供給，你們是否需要做任何額外的推動？還是如你所說，這只是需求端點燃供給端的問題？

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，第二點，我也理解現在情況相當低迷。但回到疫情前的世界，例如在亞洲有哪些較大的旅遊走廊，讓我們可以開始思考那邊復甦的樣貌會是什麼？

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，Stephen。那麼是的，我們先從長期住宿需求上升談起。房東的反應如何？我想這其實是最有趣的一點之一。因為當我們真正開始研究這個類別時，我原本的假設是會是不同類型的房東，對吧？有些房東想把房源以短期方式上架，另一些不同的房東則想把房產以長期方式上架。這就像你在 Craigslist 上看到的那樣，對吧？有短期住宿的分類，也有公寓的分類，而且不是同一群人。

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.

但 Airbnb 完全不同。Airbnb 上絕大多數原本以短期方式上架自家房源的房東，現在都加入了月租住宿折扣。這點非常關鍵。因此，有很大比例的人提供月租折扣，或是可用於接待長期住宿。我認為這是最重要的一點，也就是他們顯然對此有興趣。

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.

那為什麼房東會對此有興趣呢？原因有很多。其一是季節性。有些人住在季節性非常明顯的地區。在旺季，他們想按晚出租，因為收益率很高；但在淡季，入住率很低，所以就會轉向按月出租。在一些市場、尤其是城市市場，對於 30 天以下的短期出租晚數有一些限制，但對 30 天以上則沒有這些限制。

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，房東提供長期住宿，是為了提高全年入住率；他們通常希望按晚出租以獲得盡可能多的訂單，但在淡季或有晚數限制的地方，就會改為按月出租，而其實是同一批房東。當然也有一些房東只做短期，也有一些只做長期，但我們看到的是，多數房東普遍願意提供「整批／長期」的選項。我們產品很棒的一點是，你幾乎不需要做任何不同的事情就能提供長期住宿。提供長期折扣是關鍵。還有一些新的設施，例如若你要在某地居住，經過驗證的 Wi‑Fi 是（聽不清）很重要的。所以有一些戰術層面的事項。

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，總體而言，現有的產品不論用於短期或長期住宿都適用，絕大多數房東都願意接受。所以答案是：他們非常樂於接受。

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.

我想你的第二個問題是：亞洲最大的旅遊走廊是哪些？好的，那我們開始。亞洲是一個高度跨境的市場。我們把它拆開來看，亞太地區，或先從澳洲開始，當然澳洲也是亞太的一部分。澳洲主要是出境市場，而且非常偏跨境的國際市場，因為顯然澳洲在某種（聽不清）的範疇裡。因此我們看到澳洲需求端業務正在非常快速地復甦。

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.

日本歷來是入境市場，我們在日本的需求有很大一部分來自其他國家。這開始出現一些回升，但還需要一點時間。中國主要是出境市場。人們會去中國，但主要是他們從中國出發到其他地方旅行，尤其是到亞洲周邊的其他社群／地區。而我們在東南亞看到的，主要是這些市場同時是入境與出境市場，非常跨境。

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.

所以從高層次來看，亞太地區絕大多數市場都是跨境的。很多旅行是亞洲區內的旅行。當然也有相當一部分旅行是亞洲內外之間的往來。我對我們亞洲業務不僅能完全復甦、甚至能超越完全復甦的能力非常、非常樂觀，因為我們看到的是：人們越久不能旅行，累積的需求就越大。我不認為旅行會過時。人們會持續旅行。因此我認為我們非常、非常樂觀，亞洲將會沿著歐洲、北美與拉丁美洲的復甦曲線前進，只是時間尺度會有些不同。

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.

另外抱歉，補充第一個問題的幾個數據：Airbnb 上所有可用房源中，有 87% 接受長期住宿。52% 的房東提供月租折扣，而這些折扣涵蓋了我們長期住宿的 85%。

The next question comes from James Lee with Mizuho.

下一個問題來自 Mizuho 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?

這裡有兩個問題。想請教通膨是否正在影響消費者行為，例如消費者是否會從飯店轉向較便宜的住家型住宿？另外，就住家型住宿內的市占而言，當你們看到組合轉向城市市場，而你們在供給端具優勢時，這與可能更偏非城市市場的同業相比，表現如何？

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。Dave，不如這樣，我先從高層次回答第二個問題，因為我想先分享一點我們城市業務的觀察。然後你再深入說明通膨對消費者行為的影響，以及我們在城市市場與同業相比的情況。

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.

James，我想對我們業務要說的是：我認為我們的業務具有獨特的韌性，且我們的模式具有獨特的適應性。我們模式之所以能適應，是因為我們不只是美國業務，也不只是歐洲業務；我們是全球性業務，而且我們在歐洲、北美、亞洲、拉丁美洲、非洲都很強，我們是全球性的。我們遍及 220 個國家與地區，是世界上少數真正的全球公司之一。我們也不只是度假租賃業務、或只在度假租賃市場。我們的核心基本盤是城市。跨境旅行正是我們起家的方式。因此我們非常同時涵蓋城市、鄉村、度假租賃以及離網（off the grid）。我們甚至有完全離網的房源。

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、30 美元的房源，也有每晚數萬美元的房源。所以我們涵蓋所有價位。我們同時服務家庭與個人。因此我們幾乎在全球各地、各種空間類型、各種社群中，提供幾乎每一種房型、每一個價位點的選擇；我認為這讓我們能展現獨特的韌性。

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.

另外我想談談我們城市市場業務的一點：我們看到長期住宿創下紀錄。我現在例如就是在紐約市打這通電話，我在 Airbnb 住了一個月。以紐約市為例，我們看到長期住宿大幅上升，因為很多人需要來這裡遠端工作、一次待上好幾個月。以上是我們思考方式的一小部分。Dave，我把時間交給你，請你再多談一些細節。

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，我們並沒有看到價格上漲對我們的業務造成負面影響。我們剛創下史上最強的一季。我們對 Q3 和 Q4 的需求甚至比以往任何時候都更強。我認為 Brian 說得很到位：因為我們有各種類型的房源與各種類型的社群，從平價、合住房源到豪華住宅，大家可以依自己的預算與需求選擇合適的房源。我認為正是這種產品多樣性的優勢，將會在未來持續支撐我們的業務。

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.

然後我想你也提到了這一點，也就是向都會市場的組合轉移，而這傳統上一直是我們在 Airbnb 的強項。當你把我們和其他人相比，那些在這些城市沒有同等供給量與能力建設的業者，這會為我們帶來某種額外的順風。實際上，我們目前看到的是：國內業務持續強勁，相較於 2019 年成長了 65%；非都會業務也很強，相較於 2019 年（2019 年第一季）成長了 80%，而且仍然非常強勁。現在我們也看到組合正朝都會市場回到 2019 年的水準，跨境旅行也回到 2019 年的水準。所以我認為這股順風將會持續在未來幫助我們的業務。

The next question comes from Jed Kelly with Oppenheimer.

下一個問題來自 Oppenheimer 的 Jed Kelly。

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?

很好。想請教一下，像是利率上升以及可能出現的衰退，你認為這會如何影響你們的供給端？另外再談到今年下半年營收端，隨著亞太地區（APAC）開放、跨境更多、都會更多，你認為營收或我想應該是預訂量，會更多由量（volume）驅動，還是由 ADR（平均每日房價）驅動？

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.

好的。那我先回答第一個關於利率上升或衰退對供給的影響，第二個問題讓 Dave 來回答。

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，你的問題沒有人能百分之百確定，但我很確定我大概有個感覺。Airbnb 是在 2008 年 8 月 11 日上線的。所以你會記得 2008 年 8 月世界是什麼樣子。我們真正開始起飛是在 2009 年 1、2、3 月，也就是大衰退最深的時候。Airbnb 一開始之所以成長，是因為人們付房租有困難、難以保住房子，於是轉向 Airbnb 來刊登他們的房源。我們一般看到的是，在衰退時人們會改變行為，而他們改變行為往往是基於價格考量。因此我們通常會預期，如果真的發生衰退，可能會有更多人轉向成為房東。這會是第一點，我們會這樣預期。

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，旅客可能會變得更在意預算，這也可能對 Airbnb 有利。當然，衰退的缺點是，很多時候旅行的人會變少。但我認為我們是一個相當具韌性的業務，不論景氣好壞，我們的模式都很有適應性。所以在供給端我會預期的是：經濟越困難，越多人需要補充收入，其中一部分人會轉向成為房東。Dave，交給你。

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。我再補充強調一下。我認為在衰退環境下，如果人們可用於旅行的金額更受限，他們就會回到 Airbnb，因為在旅行支出上我們的性價比更高。回到先前的重點，我們有各種價位帶，從平價到高端，消費者可以找到最符合其預算需求的選項。所以我認為在衰退環境下，相較任何其他替代方案，我們其實是更好的選擇。

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.

至於下半年的展望，營收將更多由量（volume）而非 ADR 驅動。我們對第二季的 ADR 展望是年對年持平。下半年可能會因為組合而略為降溫。但我認為，若營收要超出目前預期，最大的驅動因素可能是歐洲業務進一步走強，或是那邊的加速；另外，全球取消率回歸常態也可能成為一股順風。

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（APAC）更強、更快地回來，當然會有助於結果。但我不認為它會是今年的主要驅動因素。北美與歐洲旅行目前仍占我們業務非常大的比重。長期來看 APAC 會非常重要，但在 2022 年這裡，它較不是立即的主要驅動因素。

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.

Brian，順帶一提，我想稱讚你在烏克蘭議題上的努力。你想出了一個有創意且直接的方法讓大家能提供協助。所以我在此向你致意。

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.

另外，我也想在你對創新與年齡的看法上給你一些信心。我認為多數研究顯示，創新的高峰出現在人們到 50 歲左右。所以你只要撐過接下來 10 年就沒問題了。最後，因為你剛剛提到的大多數我想到的問題都已經被問過了，但我們回到體驗（experiences）。聽起來也許你們——我知道你們有核心業務，而且你們真的很專注在核心業務上。但聽起來你們可能會開始更投入一些在體驗上。能否再多談一點？我知道相較於核心機會，體驗目前規模還小。但在某個時間點，我想你們會更積極地投入體驗；而且我也假設房東端會有需求，因為這大概是各方共贏。所以請談談你認為何時會想更積極地加碼體驗。

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。謝謝你，Mark。很高興再次聽到你的聲音。首先，沒錯，我 40 歲。我希望我還有很棒的 10 年，而且我覺得我是大器晚成型，所以也許你可以給我不只 10 年。

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.

那我那段時間想做什麼？其中一件我想做的就是體驗。我認為體驗是一個非常非常巨大的機會。當我們創立 Airbnb 時，房源業務起飛。我記得當時我說過，Mark，我們已經把人們最大的資產——也就是他們的房子——變現了，那接下來要做什麼？我們去做下一個更大的資產。但事實上，從「閒置資產」（latent）角度來看，你的房子並不是你最大的資產。我認為對大多數人而言，你最大的資產其實是你的時間。對一般人來說，你的時間最終能創造的收入可能比你的不動產還多。這就是體驗從何而來的一個洞見。

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.

體驗也源自於這個事實：很多人找我們不只是為了省錢，而是為了獲得在地的旅行體驗。我認為體驗是達成這點的絕佳方式。所以我原本預期 2020 年會是體驗的爆發年，我們也為此做了準備。但當然，結果完全相反——疫情發生了，我們把產品先擱置。過去兩年，人們不太敢離開家、必須戴口罩，這並不是加碼投入體驗的合適條件。

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已經看到光了。我們認為人們的第一趟旅行不會是去認識陌生人、參加體驗。我們認為人們最先想做的旅行，是和家人團聚、和朋友重聚，大家一起訂一間大房子。所以我們認為今年夏天雖然人們會預訂體驗，但夏天可能仍更偏向房源，因為大家才剛開始習慣走出家門。

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.

即便如此，我認為今年夏天你會開始看到體驗的加速成長。我認為明年以及之後，這會是一個巨大的機會，我對此非常興奮。我之所以如此興奮，其中一個原因是：從客戶滿意度來看，我們的房客其實更喜歡體驗勝過房源；在體驗的評分中，留下 5 星評價的比例顯著更高。不過人們也喜歡房源，留存率非常好。所以我們認為這才只是觸及表面而已。

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，為了明確回答你的問題，我們將會加速推進。我們會推出更具進取性的體驗。這一年會是較慢的導入期。但到明年，我們將全速前進，我對這個機會感到非常興奮。而這也有點難——我不想對它會變得多大做太多預測。但我的整體感覺是，它可能比我們大多數人想像的還要大，因為我認為人們正在尋找能與他人一起做的有趣事情。人們很孤單。他們想彼此認識。他們想做活動。他們不可能一直去餐廳。他們在 Netflix 上也只能看那麼多節目，而且許多實體社群正在被數位化。因此，人們最終想要在真實世界中擁有真實的體驗。我認為旅行是做到這一點的絕佳方式。

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.

最後我想說的是，Mark，越來越多的人不只是預訂巴黎的房源。你去巴黎，可以看艾菲爾鐵塔，可以去羅浮宮。但如果你去法國的一個小鎮，除了去餐廳之外你還能做什麼？體驗是一種在世界上幾乎每個社區都能做些有趣事情的絕佳方式，尤其是那些沒有艾菲爾鐵塔的地方。所以，這些只是我對這個產品極度看多的一些原因，但它確實需要一些時間才能真正加速成長。

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

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

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.

我很多問題都已經被回答了，但在城市供給端，我想你們因健康問題和其他因素應該有一些流失。你們在城市市場看到了什麼？隨著需求回來，你們是否可能看到那裡出現大幅上升？你們怎麼看這件事？然後我可能還有一個追問。

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

是的，Dave，你要回答這題嗎？

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。我認為關於我們供給端需要記住的一個關鍵點是，我們絕大多數的房東都是個人房東。他們不會把自己的房子處理掉，他們用自己的房子或可能是第二套房來接待房客。因此，即使在疫情期間或其他類似衰退的環境中，他們也不會處理掉自己的房子或第二套房，這意味著他們已準備好接待房客，當需求回來時他們也會在那裡。而這正是我們現在在城市需求上看到的情況。因此，城市需求正在開始回升，現在已回到接近 2019 年的水準，而我們的房東也已準備好迎接他們。我們在城市市場的房東成長也有所提升。所以我們看到在高密度與整體城市市場的房源刊登量都在增加。也就是說，隨著需求回來，我們持續看到供給端能夠滿足需求。

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?

很好。接著追問一下 ADR。我想你說的是年對年大約持平。你能談談 ADR 一般的季節性嗎？為什麼——是組合因素可能導致它下降嗎？以及你如何看待下半年 ADR 的季節性？

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。我想如果你可以——再說一次，我們在第一季年對年上升了 5%。第二季在年對年的基礎上會持平。你大概會看到第三季和第四季有一點季節性的下降。你或許可以回頭看一下 2019 年的一些季節性，會顯示第三季和第四季的 ADR 略低一些，但不會大幅下降。我認為你可以把那當作一個小小的參考。然後要知道，組合變化在很大程度上被強勁的價格上漲所抵消，這仍在支撐整體 ADR。因此，我認為 ADR 在今年下半年最終落點會有一些不確定性。我能非常清楚看到的是第二季會發生什麼，也就是年對年持平。

The next question comes from Ron Josey with Citi.

下一個問題來自花旗（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?

我想再多問一點關於跨境的情況，考量到我們本季看到的反彈以及費用的回升，你能談談其中的動態嗎？也許 Brian，你能說說這些跨境主要是北美用戶出國嗎？還是我們看到更多 EMEA 用戶來到美國？或是任何相關洞見？

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，Dave，關於整體 EBITDA，我理解上半年有更多營運槓桿與利潤率擴張。但看到你們在大多數費用項目上持續展現所謂的槓桿效應，真的很令人印象深刻。你能再提醒我們一下，在毛利率中的營運與支援（ops and support），是什麼在驅動它？

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.

Ron，我先開始回答。跨境方面，我會說是北美、歐洲、澳洲、拉丁美洲，幾乎除了亞洲以外的所有地方，而且是往各個方向流動。所以有人進入北美，北美的人也在出境。他們確實在前往歐洲。歐洲境內也有大量旅行，而我們現在也看到歐洲人來到美國，並且也前往其他地點。很棒的是，網路效應正在多個方向上運作；而例如去年，更多是國內旅行且相當受限，現在這些走廊正開始重新開放。所以 Dave，我把剩下的部分交給你回答。

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。關於 EBITDA，我對我們為提升整體獲利能力所做的工作感到非常滿意也很自豪。我們在疫情期間做出了一些非常艱難的決定，縮減整體人力並聚焦於核心業務。我們認為，這種聚焦其實讓我們能交付更多成果。比如我認為，透過更審慎且專注於較窄的領域，而不是同時嘗試做所有事情，我們作為一家公司反而帶來了更多創新與生產力，而這對我們非常有效。實際上，在 2022 年第一季末，我們的人數比 2020 年第一季末（裁員前）少了 16%。然而我們認為我們的生產力比以往任何時候都更高。

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.

此外，我們也獲得了不錯的——所以在固定成本槓桿之外，是的，我們在變動成本以及營運與支援方面也取得了良好的改善。第一季營運與支援占營收的 15%，相較於前幾季的營運與支援，我們看到不錯的改善，對吧？營運與支援主要包含我們的社群支援營運以及信任與安全相關活動。這些就是營運與支援所涵蓋的要素。我們會持續投資這些領域，因為我們認為這些是我們的差異化優勢，而把這些事情做得非常好，能支持我們的個人房東社群；但我們在槓桿改善方面正取得不錯的進展，讓我們能持續提升獲利能力。

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.

而且我們在信中提到的一點是，我們預期全年整體 EBITDA 利潤率將小幅擴張。相較於 2021 年，這是很好的趨勢。我也非常興奮，因為在 2022 年，我們將迎來第一個全年淨利為正的年度。也就是說，就全年淨利的角度來看，今年能夠獲利，感覺非常棒。

The next question comes from Lee Horowitz with Deutsche Bank.

下一個問題來自德意志銀行（Deutsche Bank）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?

很好。如果可以的話我有兩個問題。從高層次來看，替代住宿產業的需求在這波復甦的上半年展現出驚人的黏著度，而你的評論顯示甚至延續到下半年。那麼，當各項活動重新開放、飯店可能重新拿回一些市占時，你認為消費者旅遊型態之所以如此黏著，主要歸因於哪些因素？

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.

然後也許也談一下成本，薪資通膨以及某種程度上難以找到人才的情況，已經在我們所覆蓋的許多公司中不斷浮現。你們在這方面不一定評論很多，但隨著我們進入 2022 年，你們如何看待薪資通膨可能在模型中扮演的角色？

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。Dave，你想回答這題嗎？抱歉，我很抱歉。我很抱歉，我可以——其實，我可以先問一個釐清問題嗎——我不太理解第一個問題。你可以再問一次嗎？

Yes, In terms of the...

是的，就……的方面而言。

Can you clarify the first question?

你可以釐清第一個問題嗎？

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——這個產業——是的，替代性組合（alternative combinations）已被證明非常黏著（sticky），儘管重新開放、更多供給上線之類的情況正在發生。我想問的是，你們認為這種消費者旅行模式的黏著性主要歸因於什麼？

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...

為什麼會黏著？很抱歉，我只是想確認我理解正確。你的意思是，像去年人們預訂民宿很明顯是因為大家不出差？他們不去都會市場，不跨境，而是待在附近；你是在問為什麼當市場重新開放時，這種情況……

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.

為什麼他們仍然很黏著。好的。明白了。是的。好的。我懂了。那我先回答這個，然後 Dave 你可以回答第二個問題。所以——我想先指出很重要的一點，Lee，在疫情之前我們就成長得非常快。而我們成長快的原因是：第一，我認為很多人旅行時想要有在地體驗；第二，他們旅行時想省錢；第三，Airbnb 讓他們可以團體出遊，而且越來越多人是以團體方式旅行；第四，Airbnb 讓他們幾乎可以在世界上每一個社區旅行並住宿，而飯店在全球許多市場的覆蓋是有限的；第五，離家越久，你就越想住在像家的地方，而停留天數正在上升。

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黏著性。換個說法，也可以這樣講：疫情期間鄉村需求增加，而人們仍然在前往鄉村地區旅行。人們仍然在國內旅行，這在疫情期間是一個非常受歡迎的需求使用情境。人們不必每週 5 天回辦公室。因此，人們仍然在預訂每週住宿與每月住宿。再說一次，國內、非都會與長住，這三個使用情境其實並不是我們原本的核心。

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.

我們原本的核心是都會、跨境、短期。但這三個趨勢正在延續。它們仍在延續。我認為原因在於，一旦趨勢被引爆就回不去了（genie’s out of the bottle），人們擁有了永久性的彈性，而且人們現在也意識到，除了前 100 大觀光目的地之外，還有很多很棒的地方可以去。

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，我們看到跨境與都會市場正在復甦。實際上兩者都已高於 2019 年水準。簡而言之，Airbnb 的舊模式——也就是我們的核心：跨境、都會——回來了；而那些在疫情期間被加速的新使用情境，或說被加速的使用情境，也會持續存在。這兩者的結合，就是我認為這個業務如此黏著的原因。更根本的說法可能是：人們喜歡他們所獲得的體驗，所以當人們一旦體驗過，就傾向於做得更多。Dave，交給你。

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.

就薪資通膨而言，我們在第一季以僅 6,200 名員工就做到了 15 億美元的營收。而我們不需要——如我所說，我們實際上比 2020 年第一季少了 16% 的人力。我們不需要增加額外人力，就能讓這個業務大幅成長。以更少的人力，我們今天的業務規模顯著更大。

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.

所以嚴格來說，薪資通膨並不是成本的主要驅動因素。我們正在投資於員工，使他們能夠住在任何地方、在國內任何地方移動。如果他們搬到別的地方，我們不會因為他們在國內不同地區而調整薪酬。我們也會支持他們在全球其他國家工作 90 天。我們認為這類投資將使我們受益，因為能降低離職率，並吸引全球最優秀的人才。因此我們認為，這將是對未來的一項很棒的投資：擁有最優秀的人才，去釋放 Brian 今天在電話會議中談到的所有創新。

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

謝謝。問答環節到此結束。我想把會議交回給 Brian Chesky 進行補充說明。

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。非常感謝各位今天加入。我對我們本季的成果感到無比自豪。我們在預訂的住宿晚數與體驗（Nights and Experiences Booked）以及 GBV 上都創下新紀錄。我們在第一季首次實現調整後 EBITDA 轉正，並創下史上最高自由現金流——12 億美元自由現金流。但我們才剛開始，因為我們將加速創新步伐。我也非常興奮地宣布，這將是 Airbnb 十年來最大的改變。時間是在下週三，5 月 11 日，美東時間上午 9:00。你可以直接從我們的首頁觀看一場特別活動。在那之前，謝謝大家，我們很快再見。

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

Airbnb 2022 年第一季財報電話會議到此結束。感謝各位的參與。您現在可以掛斷線路。