Airbnb (ABNB) 7 Nov 242024 Q3 Earnings call transcript

Good afternoon, and thank you for joining Airbnb's Earnings Conference Call for the Third Quarter of 2024.

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. I will now hand it over to Angela Yang, Director of Investor Relations. Please go ahead.

Good afternoon, and welcome to Airbnb's Third Quarter of 2024 Earnings Call. Thank you for joining us today.

our we Chief Co-Founder today, of Financial a letter today, Chesky; CEO, we XXXX. call commentary shareholder our and and Officer, with the have third and Airbnb's Brian issued for On our results quarter financial Ellie Mertz. [indiscernible] These website. posted of also were the Investor items section Relations on ABB's

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

shareholder this over Securities most filings remind no the making these differ we it or reflect turn Actual circumstances. letter to on and that factors on obligation everyone Exchange forward-looking under and of statements factors events forward-looking that we this update or I call are you described would uncertainties. to in in to with Brian, implied number Before and recent like our materially our a a factors. to the be that undertake will We statements and to expressed of variety call in involve forward-looking urge Commission. I you These the consider subsequent contained due remind our from risks those information to may statements results

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

to booking quarter. strong start throughout Booked into accelerated Despite each year, QX and quarter shorter for joining. lead And slower All generated right. $X.X Good double-digit representing income Experience Experiences Revenue $X.X times everyone, free compared afternoon, was last Airbnb billion. XXX had Nights steadily of year-over-year billion, bookings to the to of to a grew had billion grew million QX. due Net end and a flow. a to thanks the we growth third and XX%. Booked. $X.X return Nights and XX% income month by cash net of QX. We margin

billion, to on cash $X.X In fact, flow billion our of $X.X authorization. for total repurchase XX-month allowed the quarter. as us trailing shares free repurchase was $X.X the had QX, of which remaining billion in our And we end

QX, expanding service hosting we making during core across X to our mainstream, core. initiatives, Now continue beyond progress which and make our perfecting the strategic are

about Now I'm highlights each. going few to a share

hosting missing we're mainstream. First,

easy local network, our hosting types. To hosting ranging host. making have new growth most just way introduced with support on communicating regions managing an winter to and as as guests. listing million easier. and as are your setup our are all and Cohost of Airbnb. Cohost active host month, experienced find Last Today, popular retain from They to on personalized bookings we best the XXXX manage release, to some of provide making Airbnb. We part we hosts, we track with traveling focused over market X across listings, prioritize

Second, core our we're perfecting service.

and X new Over past upgrades XXX the launched years, Airbnb than more server. make better features a we've to

XXX,XXX guest listing recommended in meet XXXX also of improving fail guests, Since quality. focused that listings more We're app. This removed to expectations highlights. year, Our search guests to the days. a intuitive of included X listing for top destination, over over personalized and the features Airbnb upgrades guest and release make includes winter personalized and filters like invest we'll continue on XX that last quality we've issues for suggested

the and we're remain a we're part many of countries our markets market QX, core on global core our Nights of as than growth more that and regions our of we're markets. our underpenetrated, double and beyond expanding results. In expansion market, expansion booked Finally, rate core. focused strategy, are that of these seeing Outside markets in great there

growth in next accommodations, we're for more to markets, you'll chapter, addition about in our also and Now expansion year. which driving see take will this preparing Airbnb's us beyond next

business a saw in QX. also number highlights We of positive

quarter. First, guest demand accelerated throughout the

I a accelerated July, also Global earlier, QX. slower throughout lead month each As in mentioned in times after start quarter. normalized the bookings

part strategy. year-over-year driven on been of increased Now app booked app XX% this our QX. growth by has in Nights our

bookings XX% booked. of for nights account As now

we growth X is highest -- billion first-time this in excited on I'm period to of that And guest arrivals which the also travels. the up Airbnb. Now This And continued bookers, is with highest we same is last from exciting. the quite among really share young XX% year. saw surpassed growth recently

working. Second, our is global -- strategy our strategy market market

to drive continue underpenetrated in growth markets. by We investing

timing vary strategy level and places our consistent, make is in Airbnb will to and our by While local around world. investment market, more the relevant

we just Japanese use each focus And is and example, it's most which as market, finding and increasing travelers. want is to unfamiliar pretty on I to still in Japan. country X new Now fit, Japan, driving traffic. Airbnb brand pretty product in an market awareness

raise brand domestic launched campaign month last a that awareness, to travel. So we on is centered

around of also Japan, in to local offer and next XX payment year, options Beyond local are Denmark Vietnam, introducing world. countries And fact, Poland. world, like the payment in more by nearly we we around methods though, the spring expect

Airbnb. supply on improving finally, quality is Now

removing places as are to host ago. moved year, have last guests on seeing and it so than we've this a made rates for make XXX,XXX stay over pay as find I the seeing already we're year best contact reducing off. cancellations, MPS low-quality guests much -- that lower well stay. to easier easier focused to are for has we service place Favorites. And and we're it Guest the have listings decreased, We XX% improved, Customer find which now almost with shared we're to supply guest also best

listings. All launching XXX right. a Favorite been Favorites Guest since have Guest fact, November, at ago, over year nights In last million booked

month was not want your for We Next, one is XXXX ways best XX. time Airbnb network. from has Cohost that to to the on highlights everyone hosting the our Starting home, with some briefly I know but to release, money the host. share make October winter of last which

introduced manage record, that's their everything people listing, find Cohost an from your and the we setting easy and Guest local manage host network, your bookings best super are with to are hosts So to chose find way to hire These to personalized support manage and best an why offer up Cohost Airbnb. experienced for super exceptional XX% with XX% the need, guests. Favorite. cost a communicating track for

cohorts countries. And on since launched XX launched, in we announced potential from this XX, with X we've This This weeks the XX,XXX the when we Cohosts. Now October is XX,XXX is received we huge. new interest Cohost already network across were also upgrades we make Cohost guests really app. making we than supply. And introduced more Network way for and us to allow high-quality But cohosting we that Airbnb bigger believe XX more easier, will we unlock personalized expecting. intuitive that a over even

And personalized a booking listing the guests, tap some first-time and when of tour for include side highlights. suggest for and we'll on guests history, destination welcome features the their the a app recommend bar, search of locations search

search, is like the the and guest just This a are to So of these. features there highlight dozens quite that personalized we will of literally beginning details views their when listing, relevant Airbnb. new a a are more

the I we Booked times. But double-digit growth returning throughout end about the shared, Nights of QX. lead quarter, shorter Last QX. to talked Experiences and accelerated turning as to quarter, by Now booking

to QX the last booked relative that anticipating know will will we of harder in nights back get comps While quarter, accelerate the the QX. from year in we are

So with that, Ellie to and forward answering I questions. your look

Richard with the [Operator Instructions] Our Bernstein. Clarke first of comes question line from

Just of growth, guess, the looks on It giving a because like you've stopped the I supply. of removal. question year-on-year sort us supply

through growth, whether the what's the additions seeing unlocking removals supply? whether any here. grow And then maybe towards that process co-listed maybe doing color or professional any supply hosts just this meaningful So you're co-hosting you're and and to you any on as shift is supply on is color happening doing go

due you Cohost, about initiative? but the are cohosting getting adding additional supply to talked You

Thanks, Yes. Richard.

a Let little me about supply. on seen talk we've what bit

have over noted, last morphed really around you XX the months. our As probably supply initiatives

see that We the features last the world important XX the that overall incident are, of introduction the then X contacts favorites is as focus guests. And these of the base, supply rating incrementally levels on on initiatives. In And goes but favorites high-quality ago. of focused supply hoped rates quality over obviously, continue seen we our you our our customer are very what making meet encouraging that down we and of And average particular, drive our use year we've our we to across seen believe a guest out we to down guests what growing do based thing second, expectations sure that quality is that our to the go guests. are see the those months. not sales up, is guest quality those listings called we go done down to interesting delivering well. and removals that on from we've taking or to service What we've have

So efforts, of mean we're seeing experience. the which one, which believe, we we quality guest improves impact intended those -- the

third, around Second, increases allows booking Airbnb. over rebooking time. And for broadly more confidence rates of improvements

couple So to by strong. exceed growth, the continues supply specific see in continue it growth to in happened supply QX, a be has terms we question what points. to And of demand of

incrementally again, Cohost But raising more Brian, talk recently quality be you you bar not to adding to on want been continues as it that take the do just the to me or well? So would more like has on to healthy. Airbnb, focus the platform. supply very about

Well, company Richard, going probably growth think demand growth scratching of of we're rate supply. Yes. become. great this line rate And the how question. Airbnb, I a of this is big that. take fall the to can in just is surface the could with I

questions how learned of listing? we things. in we millions lot so put listings more get of research, And X of of managed Airbnb? homes well, property the a do in we're and was, we obviously regular And millions just get everyday get doing how their people, asked and not we How had one millions to do Airbnb? Well, people we've do we

can and The that dollars It interested reason put very they don't a first is a extra already you asset. thousand have have. Why is don't learned of we time. makes They wouldn't in money They second year. are making lot home people people host tens the make people it the they thing because for thing pay in this sense. that say number of we on learned the want was Airbnb? But to the

And we so asked ourselves. that's why

millions in host people what of Airbnb. would rating alternative to the home. some would So time potentially third-party And average was want you significantly companies The be of than diagram with is average extra property have but the venn manager. part if third-party listings. this match have X-star And arbing management with unlock best and have higher all time, we if home an that the a of people don't more property don't could have cohost one of to for the rating best the

we So with network. that's what the Cohost did

start with we Now cohost. XX,XXX

to We would going more weeks to we're have coming XX,XXX since. And in the be question to in focusing directly, is apply to something only this on your the that that answer not supply. years come. this X unlock people But very be Richard, going

the think I going listings, to can of going list that Airbnb. -- on people of think years, they unlock in majority that are I this be them the everyday exclusively to coming are vast millions

comes Mahaney And line of your from with the next Mark ISI. Evercore question

Two questions, please.

well? And to relatively markets in kind of this a improvement seen in back others. from this materiality of a that does it out on -- Like Was come Europe do Or XX- markets maybe it faster rolled in you've or the while. period? than is material it? You nights geographic you've heard X- we room a you experience, recovering was to acceleration you in areas? had that where went that through We'd then long have small particular of How talked your XX-month out? Did come process? market those the on as to a was that markets this any just in growth as quarter. cohosting the experience series about XX-month more Has the like see through for take these rate become already this

Mark. Thanks,

was question to to you that a first the we acceleration of the time answer business. earnings the with there rewind call, times. the at was we to me last called related shared out in letter we softness Let of What regard where of were if the lead your back first bit that globally

to course out, lead September And Specifically, of to lead of what the over times. regions bookings, that were in August over and in that we were line what July, globally, of strength course back continued we that the longer the relative was shared we terms of the but almost you came normalized, and seeing saw last-minute quarter both we call the 'XX. was softness but times in where specific

the in I certainly pick was passed. But answer the the of most certainly more think, major that on that saw we saw that was Olympics bookings there. probably around the softness some some seeing across EMEA. think a you, you And think acceleration time were up broadly, cohosting, Brian expectations gave notably after X the in Olympics we to all lead of broad I regions. And related seen I in because distraction terms EMEA long then the

themselves. Obviously, that had in in pilots confidence launching seen going high-quality the are continue encouraging, out and had for will level One from broadly in of we'll in and of scale terms is last that we've on. our out reasons terms years, is build several cohost relative it to the current very is But scale to extremely incremental to listings what us attracting more that network France, the the here seen what we've from time to network the coho over of pilots particular, of take those is a that the business. we've meaningful themselves co-hosting we the

to question next with is come going the Brian your line of Morgan And Stanley. from Nowak

excuse I me. have X

out timing to of XX%, the that sort think there levels are investment one, you of off go implies sort of sort call guide philosophically quarter? year down level? And at we sort somewhere around how and about XX% then Is first the of of XXs, the the investment in a and philosophy do of margin into in the this sort the The of margin that driving think factors sort margins number I fourth next EBITDA XQ any around XX%.

Yes.

little relative to last about QX. a talking does several a Obviously, guide bit Brian, So QX. imply the margin compression points

most the efficiencies. terms heading marketing timing our continue that global also of relatively in is marketing, But year-over-year specifically we well where QX in modest. should markets line You our strategy bit a spend seeing we're development great the basis really of as item see also then comm around and of QX. little spend incremental difference some in of product invest into a performance marketing, level There's aggregate, icons from both on in as marketing. In expansion terms to in

think Your second the about around we question how 'XX. and of is philosophy level in investment do margins

in give today. will into our Let as head me you a little earnings bit just of little color in terms Obviously, we bit me the but let a give color talk of overall following about approach call, XXXX. we more approach the

delivering terms P&L, think disciplined XXX of of EBITDA over how expansion P&L our So I about went we've overall margin but aware managed been if important, extremely well public. We've XXXX. certainly points reflect I of you the since you're important been on think think managing how history, our since in to we it's it's we've well basis

XXXX are we offerings. as a a as expansion. But to in see there invest is negative consistently model last And with opportunity you that over in core our expect and consistent incredible extremely this world-class for of year. margin this. obviously where We I right profitable think the margins growth growth, and flow you our strong, business in term, these we've XXXX to And business rewind over our long extremely in demonstrated what Going about lot both it's our talked is we've XX%, new to has years several from levels opportunity outlook over further accommodations well investing can cash generation. now, that huge

into our lean we global will as into we growth around to products XXXX, expansions markets initiatives continue and new so optimizations, head and core And services.

guests we value say And so of variable deliver managing sides business for is our both how greater to that and costs. the some business, question our I'd goal incremental every efficiencies is, core be year across, will levels every efficient marketplace. find for in then on is we do the and exactly host. the and better the year service way more greater that into the particular, the P&L. make and invest to And of core

with terms expansion that in markets In be the of spending our business. marketing will provide XXXX and our expectations we next investments growth to on of relatively news level products we will The detail levers. We'll early in teams on addition well intend capital But handful 'XX, existing expansion and as to our markets. that, as our upcoming support we new year. call launching be these a is consistent light, we be for growth our greater investing and the members these in investments to adding investment exact our to will incremental spring core to release. be about growth of them with good next

question comes from with Patterson Justin KeyBanc. And your next the of line

Great. guest Brian, you the surpassed milestone. recently billion $X

You $X $X did your faster billion. than billion that next much first

the investments people types that you that are demographics you guest And next of look the do taking ready wave at really service what of When are on? attract releases at think today of how $X you you trips -- business make what what bring in? you under-index just today, customers to look you billion-plus to some Airbnb? As to these can do next

imagined. created we of you company approximately bigger it's guys a common the the think be new a why started have thing people people question. X great category. start that has is even Airbnb more the saying and where X to that is big, be travel think pattern I'll is the by I think Airbnb, know, remember stepping people remember like year. the future oil love I and investors, back. It's And the will size I And I used Maybe it, been guests. traveled in we Because we with be one pretty we approaching this billion billion Justin, it's will know there's you going a cover keep been I is telling that business it's traveling. thousands this it's X.X And than huge, a reason just industry day by crazy industry, booked it. And nights I about And past. is when use as

company is, X do a feel the well, question billion old. company order nights so I years Or of of decades to bigger how an year. do couple magnitude started And XX. get XX a I get got even day? Because I'm me. we And X at we be how a this like of I ahead to

that break And think think is the few it we company, history where do question so about the think from maybe here? I a into if you the chapters. go could you up of I

The and in we Joni had chapter, lost second business. about the in. And of next idea, this a rightsize our it the And company, chapter become Phase company. we're core really I pandemic really of and starting of XXXX chapter expanding customer and think the is to and is foundation beginning the was and [indiscernible], strengthen first rocketship, the on that profitable, crazy we XX% And Airbnb phase we next taking when business. we're say chapter which of Airbnb go the I our that's now I next public, think when then and listen was would kind next exiting, I because then really X. And May but the really for chapter feedback hypergrowth beyond the was we the the had of went to probably the

to our horizon. The with longest allow let's we that XXX approaching will -- horizon horizon we're X start I nights business. core the a actually going shortest us is are Again, just shortest so million And And the do areas room grow. year. booked to outline to

to I quality. going is not core going get could that way X a to horizon a to billion do think the to put nights to continue time it, increase our we're business but certainly year. I'm going on we're

in question an billion. That's Airbnb. hotel. other who to in how The get if of stay everyone on what is, staying stays people X just could X X For you Airbnb, to people we a those

so key part think a quality, of And management quality is we it.

usability really, I really and work think also on our to affordability are be critical. going

in countries: is So we're going market. huge global France, core A next X Australia, concentrated our in business the the U.S., business. The on to percent still continue rise Canada, to U.K. our of focus

But Italy to in So X Asia them those There's are our emerging Mexico what Spain. the big and Brazil. Germany, markets. focused and in are in Korea, countries, markets. X And India Japan, there opportunities on are massive that which we Europe, In call I'm of the and Americas, China. core it's it's

company what there can on be as describe for a is this I'd world to will way, you was a network. the think it the medium-term internationally, a if think to that horizon. And I in just zoom X second, global expand travel by out I bet

core I how as far Amazon amount X So by of big biggest the the only Amazon, opportunity there's the last books and selling today, for basically they the part, you can expanding And for Airbnb night. rentals, sold And here. imagine was would in homes vacation companies huge years, a if XX reminded is started become. have yet, And thing, the we, biggest they which most world, is only opportunity of by business. I'm the our an think online beyond of bookseller. X

was what they very buy even adjacency. have opportunity And a first enterprise. do business consumers did of a huge things expand and after went from sold so books everything beyond close then they and we accommodations. Amazon to and those. that sold to DVDs, eventually, to I And And CDs our they books. think that used They beyond core to do people

go will May. Airbnb coming we we to we its is we've are But new every going X have be reveal our reimagining verb go the will journey. and one on, and coming going things businesses own during I on to working the expect we're that release. of going now going think And X what was to launch to really or But nearest experiences to year over beyond or cool to We that for next the previewed adjacencies is years, be other you I basically of going year. I'm And that be going some revenue starting share to with the far those are most doing travel. billion even we're we're travel. to everything incrementally things to thing able decade, $X not a like more it's to generate be them around we're next doing.

your next the with Justin And Bank question line comes America. of of from Post

I just wanted ask markets. to new about the

give could big think so is the expansion you I If about the the Japan of some are, there. X us biggest know growth ones maybe of next can markets, how year? them. And they contribution then we

Yes.

me just Justin, some you kind in business. the of of concentration terms let context give our overall of

Australia, rest obviously the that larger. normalized kind So and be the the Canada, a of is again, the are core focused quarter. The remainder. about markets on world significantly of markets, then those XX% represent should expansion remember, if are we're and value X/X booking U.K., a they world, and of U.S., currently in But gross of approximately about we the our think France

product localize of brand introduced -- to was provided years that a you one strategy, the if on Brazil just localized destination deploying specific as We would see relevant. And actually incremental product. to our see you make our is to business more locally allows actually we particular campaigns, of that from pre-pandemic. funnel currently as focus you -- see very to larger success going proportion. these a methods first portions a we give because -- terms And more fit We've had give about you in was we payment our that what markets sense out us expansion markets. I'd marketing it just X significantly that thoughtful began just path perspective. market, if to to can scale kind call of being that would So expansion about and time, nights success we've if it you of full this large look of attention keep us you down over It encourage market, was Xx adding the the smaller Brazil like it paying about market a at to, ago.

eyes spectrum, On the out but Japan, the other I significantly a there. the our That's local large hand we of locally our travelers, the begin highlight commensurately. of in -- to introduce given we really letter, are domestically traveler and called campaign relatively use launch of big market, the business opportunity new to the Airbnb shareholder opportunity of have scale to Japanese in ourselves brand them of so the and that obviously obviously a our to which recency would understand

immediate today. is when markets Brian that results scale so And individual opportunity an terms in medium-term impact the this concentration you relative of scale characterize of increasing these think us today, we as I but because and are for a have these such will where time to about the opportunity our they large, it take markets consolidated global given the

Deutsche the Bank. comes your from line of with And Horowitz Lee next question

A to peers that like sort what long-term as growth of to of add should may be given they alternative you for could. their I that? your algorithm online think long-term travel able growth faster. any business? leverage bookings on new maybe mean core out follow-up, what your But you your see the as have that And to give And could. given what I color accommodations, to I guess grow verticals on presumptions can looks Maybe couple I if color X top then the if you get to

Maybe Ellie, before.

personalized getting considerations them book, the are more get more easily by it to easier platform both right and it as helping our get well as people they make through raising listing. frankly [indiscernible]

And to in continue to make should globally, and I more considerable optimizations will future generally so core focus continue in platform. a our dividends say, more future current, it's these growth across our because but we markets, on lever core we believe globally a it's that particularly

component terms about spoke just of second what Justin. is The responding I to in

over reflective the our of the necessarily and concentrated business commensurate globe. is core today opportunity not across is in business Our markets

single And that quarter. expansion of of the see gold to contribute think is should I this so businesses so growth that scale significantly. to the year that, couple to assuming successful, more our -- continue such just over we've the strategy next should And market need those those they every markets delivered contribution working. years, suggests you growth far grow see you results global We that is that to

driving you Great. outlook, that output interplay improving we kind really invest on nice is initiatives? margin the in guys the throw And into putting play how then those the acceleration some confidence the of are through over of terms and should should you fire your that behind of give sort you aggressively of this extent maybe to an the want. Does gains place investments term? to is that longer think XQ way And that the fuel more of about the

think X we've the areas seen success, optimization. I of core Well, where is

And we improvements. that those of around of road resources against the where because better we're terms set booking product improvements the quarter, challenges out built from is keep continue we success more so making in delivering to those every the that a so product flow, see product single gains we getting to map we're and stable have

line with next from And comes the of Mizuho. James Lee question your

quarter? to increased your an guys driving also, Questions you quality be and on some you've expect talk about bookings progress process? maybe And you when update initiatives the maybe customer on to transformation, working, service yet seen you can core of And the what's that's what's what's not, the give complete improved? here. affordability during that us do the we've Can made in

questions. great really it. this. excited I'm about these got are I James, Yes,

this, reliability, It's each customers So for I'll funny. affordability. affordability take and thank

it affordable had tagline the Airbnb to first tried people hotel, an and Airbnb. ever #X to every alternative that use was first reason was The a

that's use today, not reason the people Now Airbnb. I think main

of think They leave was affordability really they more travel don't we up, affordability. are I our much our I roots really, like supply, was in root. the want think it's neighborhoods there it ever home they the in And want I want think real drifted there we important and think space. they pandemic, demand, I local, that so that prices from equipped. because constrained went But use to

couple in a years affordable more very And got serious things. a did driving very, of So actually Airbnb. we about few we ago,

cleaning rising lot is fees a fees and excessive we did of first about The in thing heard Airbnb. complaints we

price So sounds introduced exactly it we what price total like. display display. is Total

since the listings removed see lowered You can the fee. and that, more cleaning we've toggle click or upfront. XXX,XXX than total done price a And have

been has So this huge.

weekly host monthly discount, than points Next, offer more X/X introduce -- now more and entry than the discounts. we introduced discounts monthly and now

and than a more our listings nights out of similar our monthly We discount, monthly stays. fact, In introduced of for a host half now booked are XX% tool. for

So nightly make were on was could we hosts especially they of new lot a overestimating what hope. a basis, what noticed

X So tool, listings they have used your realize million this you most when see competitive. hosts use for a we and And this tool need sure who built other they're to tool. they make neighborhood basically, in to that

line. And brings in prices so their it

can also release XX, couple post this price like their now on suggested view listings prices tips, different we October features based search over tips. past Now summer added in a more area on and

do goes can most to guest the important thing throughout demand supply offer as continue up increase we're help you about know marketplace tips stage. And almost that affordability we So just supply. relevant every and relative minute prices to find is probably to last going What come search, to drive down. to the them

Airbnb for so last the basis, been effort remained really out fairly while X net a if constant like-for-like a have shift on considerably. up prices And years, that's gone the In mix hotel you big results us. The have following. prices have

we've believe last that become a competitive from more actually hotels standpoint we to fairly year. relative So

So that's affordability.

there's more business. there's said, get no highlighting our bookings, that And a but things do best is, bullet is in quite to doing, reliability. nearly the the I'd is XXX drive the quality If top, thing we year guest a we're silver The lot X million the of things literally a most and Now do could reliability. And bullet, if nights the how X. at we just XXX in million closest are growth question But X million nights? important to pick core Reliability, I pick as silver listings Airbnb. the next thing dozens. I do favorites, probably in can we

We and the listing. also best highlight X%, XX% X%

million $XXX gas in mentioned, As booked favorites. Ellie nights done just we've

a of great? considered have to that Why to by Now up. means MPS would. I favorite than also is down, amazing. limb X million guest while is the way. from, up, choose and and that means this goes I'm up. importantly, Because believe combined, not are more I most have these as say is a rebooking was Because is That a listings we service Hilton per that Airbnb going booking up. nearly the Marriott, is, mean lot listings on one, our or X up, million basis people profitability MPS in staying on of but Airbnb is a is word now contacts wouldn't that this the out are rates go number inventory the customer average reliable average as hotel, mouth

to company, lot the year, weren't hosts We've sure than end, a people meeting X of just reward listings top any quality selection the need that the So bottom you removed also make deal there's last performing. here. At the years and aren't with performers of that standards. you the over you XXX,XXX last more like our

in we have service, are you think powered progress last So some on measured. is to on great we're seeing we some doing AI X these is about up be AI a service, is we brings the X way phase don't the transformation to I customer because exciting Phase service. been customer just things by in customer I earnings just think But call right now. phases. got reliability. The going X every through service. The CEOs we're the of customer are on want really AI-powered are of really And

chatting through like to to customer contacts we really to of phone want having that them. contacts the were first to be all, call. dial and the the -- AI personally of anticipate most I of going intercept. going chat getting app. can our get to context, most service years I to a don't aren't year. XX and coming be calling over They're in If be you most chat, million able customer we

we by and directly intercepted going handled majority are to of be so the our think And chats future, the vast in the AI agent.

phases And personalize general X rolling the to just pilot this. to questions. Phase personalization, X Phase a can so that questions. answer there's action. take questions. Phase answer is basic be able X is is We're really general basic to X out

example. you an I'll give So

give Let X example. just you me

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on check next with your is And mute? And your Kevin of Anmuth Securities. the could next Kopelman you moving JPMorgan. And line see comes question with line if to Doug our if forward from to TD from question Doug,

out to on question year. new the are come services A expected next that

is the driving the more rollout those So year? of -- are services growth XXXX you we some next gradual right revenue half for off bat drivers? revenue to second anticipating think more new

I can take let's bit are little The just answer up. a I And of to both. we is feel that. The Yes. free Ellie, way back add, -- mean Kevin.

let's Uber, take launched very I They've just When market. Eats, in they company. well. really And market X by they they gradual. that Uber city launch had done very, a Uber. city admire was and So

they're immediately We're not than We XXX more next around that. cities world. to more aggressive. When much offerings some launch available year, going going in going be are new to do the we to be

in little believe mature how to more a and we just given reach big are. quickly trying how scale So we

of learned from from a small you've expansion category to there be just that we've some to just Uber Amazon's we base, built step marketplaces can hit year I do think what will that, down and DoorDash, incremental financials. But revenue because Eats, back that also is like will So be from next want the from list the off some when say go patient. things we to got

will carefully. sure I that think not things want you that also Ellie, do they to part to We I to want reach a be introduced a revenue add of opportunities, make scale, reach number in And a network year. people there's multibuilding We really of just next them is won't a scale well done. effect horizon really But for a or multiple year X-year to of business. out -- anything? X. would point these or it it's that want to roll

The investment should you call. on color next the I'd revenue. so more give earnings you is obviously one detailed the anticipate run will add services those that is, But much year Kevin, new next will behind the what front --

those the you'll investments, offering? once those scale expenses at a year, beginning revenue we've to So will the released of begin whereas or say, to start new see the I should

And Truist. question Patrick your from next the with Scholes of line comes

back what was percentage unit go more you us to the little the terms to a it direct. I ask Great. growth in your maybe Can quarter? first in year-over-year asked want net question that was and provide

On supply?

Yes, supply. Correct.

Yes.

removals. which several the of growth down supply of as So on points we of XX% based the had is over QX, end

question comes Jefferies. Your Colantuoni line John of next from with the

to ask the experiences I about offering. wanted

about you you experiences. take to it of it. of your any make experiences investments relaunch sort build tech us will get the offering. But keep closer means like like also to the could the to of marketing that sort the for are in next and of year, know As behind scalability? relaunch I'm And plan around you'd longer sense how give or curious pace you expansion supply maybe a thinking that you if accommodations I to unique

Yes, John. Really good question.

going we scale. able to a sweet that's -- can and we're I offer unique will something reach are think where really I to we think spot really,

just again, to choice are that to do think not that you I there's we multiyear that being these a a going moderate want journeys need I make at journeys expectations Now choice. I be think scale. or between mean unique don't to

It's pretty hotel. that's I year pretty think business billion $XXX it's sales a that. -- way, a unique. I different in think and than proved the core by gross our business approaching A

going So that's world. to available certainly we around that to think size, that unique, experience something very very will we scalable, the I'm promise but not do have get

do anticipate many As the are to next significant not about far thing and businesses years very investments. great business need I is tech the as the marketing, in our X going

companies like major certainly technical lot are nothing major either other many capital a allocation marketing or where or even of they investments. We have investments

is an we've investments. make you done up, When Here's a huge X see offer not it way already it. just to homes amount the We've of technology of to the extensible the most saying platform. it to what make other the rebuild from of last ground the made stronger company years,

companies I big to people about One of the is Amazon. Apple. platform, again reference offer point. a and we that really reference -- know were a talk you I a from build build good platform like A to based to But They very IBM. be verticals. launches. store. talked because many of you as about call Initially, able on our of Apple book and lot abstract when platformizing they was had learned Apple those of Amazon They know, like the might lot they

take rentals like just want XX, that for every for the next platform like to works we vacation XXX decade it Amazon. for categories, so build different the and And

rebuilt do that. So line of put now the when be we're not able them, we've but going to to already, to it, a time most offer technology we

think in Now businesses. market and a house. X to there's We're idea everything X everything we have Airbnb. branded you to a X we're with marketing, the we're as these branded of We brand, marketing, brands app, of or going of want choices. like a really I stand-alone all to don't market We're ad. X Are house marketing house? In

a it. more how So we're to approach bit going little that's

like be get deep companies where be they of think be new ground. so course, have not clear, want other to to we And red go investing, reasons, but be I be will, going I off course to many for to the the these to investing. those business into of it's

with question line of Jed And the Oppenheimer. from next Kelly your comes

Great.

you markets, potentially going be talk then Can it talk New City, you about those performance where about difficult. lean leaning Can is how view in are driven? into Just as of you into and regulations And more X, will these brand marketing? as increasingly hotels? York you such some if grow I the to areas noncore may. becoming more Or we should more outside

this. Jed, I'll take Yes.

difference York. I about both decisions I between want talk Paris, City some to talk New cities let's tale cities. New like So and the talk to I want and to the recently, X Actually, made about distinguish because a of would York X. about cities: Airbnb X on major

New York very a City that's and has what crisis, real affordable as might thing. described the be housing

of a ban the Airbnb we've into the Airbnb, try Rent one what that market are come was was down. Well, Airbnb. year decided year-long And time, back gotten happens you a ago, prices city. study a will come not And longitudinal theory if Airbnb deal to ways of the York they down. so rental And banned. banning City they to ban the was in with for bunch homes prices if on a you that of New will and first

prices now the X%. fact, up hotel In by they're X.X%. are up And way,

there. to So after now travel live is York New expensive to And and Airbnb, a deal there, a tale think Airbnb. that to more year more it's I City even it's banning expensive how with cautionary of

started We City Paris. of were Now working Paris, the ago, Paris. a we years A the coming couple Olympics other France. Paris. the when side is knew of to with

sticking of have I problem, the thought with enough as as solution think a they housing their problems, Paris Instead going Airbnb are a the Olympics. they for of approach. which to Airbnb to weren't a that took different

who And went I'm X the in Paris. were of we in Olympic year, to stayed like in XXX,XXX Paris XXX,XXX over from announce the homes XXX,XXX. guests pleased that X And guest. homes in Olympics, XXX,XXX or course the Paris last It's so stadiums to the

because Can of the over been favorability New in to are has now coming Airbnb want us," saying, not not thousands Paris going and the "we are world. Our York. years, to around events help all Paris, there and in be higher you world cities

can the make and be New problem. York killed most that's X think we a and important So the to I are point Paris I solution cities, that would

constrained Do in Midtown maybe the New there are home specific in to stay the able pretty we optimistic Queens, part Bronx, your going that in Staten be in number to people of one, you're the answer and is Island, to York, of remain because only X to say be I'd a hotels able hotels a are hotels us York, I will to New you stay most in a We be York. there and on problem. But just will want path and not New Number hotels more Manhattan, tonight, way, Airbnb be things. By to Hiltons Airbnb they're enter that adding Brooklyn, and We to absolutely to of to yes. lose. hotel to don't on Airbnb, win, the hotels the We limited. And have to believe own hotels partner you we be other Airbnb. find welcome are for question, should part Because to and Airbnb. going Manhattan? and Manhattan.

Manhattan So will will New when on Airbnbs and Airbnb. in be, a the I some York be that York closer New there solution know are of New yes, optimistic in am I in at point lead the focused follow on workable Jersey don't say can that say, of future. they to And tahn parts Jersey, hotels City Manhattan. other focused City, we is actually on We're which Paris.

UBS. the [Operator Ju Instructions] from line comes The next with of Stephen question

overall going weekend, the that usage every an stay this experiences try you to in on angle frequency maybe weekend. guess, I but of or I'm again. an be I even increases I maybe for experience be raise Brian, engagement don't is Airbnb overall an something there because if wondering the where Airbnb the every could

will like wondering and shift your at product selection path just utilization I'm how growth. So development how the

mean XXX%. once incredibly month like every you like book a typically twice Airbnb this or I will like listen, book great very Very, is -- I this prolific Stephen. Experiences, air point, something people year. is unless you a few traveler.

from hand, average point where, struggled price like a little over And bit our so the on we've is the one $XXX. purchase

economics the are great. like So

going to to app annual an from the go not of one for the reason a of app. be, that new is will experiences or low even don't other hand, that to because why limited when we be some travel. the people frequency. the offerings can usage Most think, many frequency Airbnb travel make usage just monthly that weekly you are people And can of I increase frequently. Experiences On challenge have

Friday designing book Just problem, think travel, like experiences a will what hometown they I night, want with what If do to in Netflix. family you if and going that them and you things today, but Stay be are restaurant? do you Saturday are you do home there's your services on products, And a than when watch own have real great you like. you're a we which already could do been the do? new is your other a

of really I an a iPod I that think similar traveling game to do people is market there how for to And here it iPod. the think exposed to can them And only you iTunes When unique When the big didn't big think think launched, people do once local home. opportunity I became buy those Macintosh. of the those use will with to to iPod going available be compatible. a things. the But And can is really want back own try iPod sales for all the kind they're Mac a surged. experiences. it windows, and Windows was subset I

to road not ever is exclusive going be do to I travelers, it think there to it's foremost We're potential for to travelers. but going So do first a experiences. and that play And position are going I down to think to come the people frequently.

Chesky There back now to time. questions at call I the no to would this further are Brian over like turn

than All billion. billion, today. $X.X And to for is EBITDA right. year was billion. XX% $X was want which Well, cash free trailing recap, revenue everyone thank joining us $X.X and just higher flow our was I just Adjusted a to XX-month ago.

Now this cash XX%. margin free representing is a flow of

keeps so our stock getting Our what's to am better. for we're I of ahead. and for all excited to quarter accomplished just and strong of this enables proud Thank balance and joining. repurchase product continuing I'm billion innovate sheet you our common $X.X

today's conference concludes call. This

may disconnect. now You