Airbnb, Inc. (ABNB) 2024年第四季度收益电话会议纪要

Q4 2024 Earnings Call CORPORATE PARTICIPANTS Ellie MertzChief Financial Officer, Airbnb, Inc. Angela YangDirector-Investor Relations, Airbnb, Inc. Brian CheskyChairman, Chief Executive Officer & Co-Founder, Airbnb, Inc. OTHERPARTICIPANTS Stephen JuAnalyst, UBS Securities LLC Doug AnmuthAnalyst, JPMorgan Securities LLC Richard J. ClarkeAnalyst, Bernstein Autonomous LLP Lee HorowitzAnalyst, Deutsche Bank Securities,Inc. Eric J. SheridanAnalyst, Goldman Sachs & Co. LLC Justin PostAnalyst, BofA Securities, Inc. Kenneth James GawrelskiAnalyst, Wells Fargo & Co. Justin PattersonAnalyst, KeyBanc Capital Markets, Inc. Brian NowakAnalyst, MorganStanley & Co. LLC Kevin KopelmanAnalyst, TD Cowen Ronald JoseyAnalyst, Citigroup Global Markets, Inc. Naved KhanAnalyst, B. Riley Securities, Inc. Colin Alan SebastianAnalyst, Robert W. Baird & Co., Inc. James LeeAnalyst, Mizuho Securities USA LLC John ColantuoniAnalyst, Jefferies LLC Jed KellyAnalyst, Oppenheimer & Co., Inc. MANAGEMENT DISCUSSION SECTION Operator:Good afternoon, and thank you for joining Airbnb's Earnings Conference Call for the Fourth Quarter of2024. As a reminder, this conference call is being recorded, and willbe available for replay from the InvestorRelations section of Airbnb's website following this call. I will now hand the call over to Angela Yang, Director of Investor Relations. Please go ahead. Angela YangDirector-Investor Relations, Airbnb, Inc. Good afternoon, and welcome to Airbnb's fourth quarter of 2024 earnings call. Thank you for joining us today. Onthe call today we have Airbnb's Co-Founder and CEO, Brian Chesky; and our Chief Financial Officer, Ellie Mertz.Earlier today, we issued a shareholder letter with our financial results and commentary for our fourth quarter of2024. These items were also posted on the Investor Relations section of Airbnb's website. During the call, we'llmake brief opening remarks, and then spend the remainder oftime on Q&A. Before I turn it over to Brian, I wouldlike to remind everyone that we will be making forward-looking statements on this call that involve a number ofrisks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-lookingstatements due to a variety of factors. These factors are described under forward-looking statements in our shareholder letter and in our most recentfilings with the Securities and Exchange Commission. We urge you to consider these factors and remind you thatwe undertake no obligation to update the information contained on this call to reflect subsequent events orcircumstances. You should be aware that these statements should be considered estimates only and are not aguaranteeof future performance. Also, during the call, we will discuss some non-GAAP financial measures.We've provided reconciliation to the most directly comparable GAAP financial measures in the shareholder letterposted to our Investor Relations website. Thesenon-GAAP measures are not intended to be a substitute for ourGAAP results. With that, I'll pass the call to Brian. Brian CheskyChairman, Chief Executive Officer & Co-Founder, Airbnb, Inc. All right. Well, thank you very much. And hey everyone, thanks for joining us today. 2024, Airbnb outpaced thetravel industry's growth. We ended the year with Q4 revenue, nights booked and GBV all accelerating from Q3.Now, before we get into the results, I want to just quickly touch on some of the work that got ushere. Over thepast several years we've been preparing for Airbnb's next chapter, and we want to make sure that guests andhosts love our core service before we introduce something new. So we listened to their feedback, and we rolledout more than 535 features and upgrades to improve the experience. These upgrades include major reliabilityefforts like Guest Favorites. Guest Favorites make it easier for guests to find the best listing to Airbnb. We've also made it easier to host bylaunching the Co-Host Network, which is a really simple way to find the best local host to manage Airbnb. Now, injust four months, the Co-Host Network has grown to almost 100,000 listings. At the same time we've been drivinggrowth in a number of product optimizations. We madeit easier for guests to find a perfect stay with enhancedsearch functionality and better merchandising, and this includes things like suggested destinations, more detailed maps and a new welcome guide for guests. We also introduced flexible payment options and local paymentmethods in nearly two dozen countries, making it easier for people around the world to use Airbnb. And we're inthe process of rolling out a completely redesigned checkout experience that makes it even simpler to book anAirbnb. Now, as a result, we've seen higher conversion rates, and we expect these improvements to continue deliveringgrowth in 2025. By optimizing key parts of our product, like search, merchandising and payments, we're seeingstrong near-term results, and we're bu