Airbnb, Inc. (ABNB) Earnings Call Transcript & Summary

Okay. I know we're transitioning between sessions. So if people can find their seats, we're going to keep the conversation going. Our next conversation is with Airbnb. And thanks very much to Brian Chesky, CEO for being part of the conference for the second time in the last couple of years. Brian, it's great to see you.

Thank you for having me here.

Okay. So I do have to read the safe harbor before we start. So Airbnb would like to remind you that during the fireside chat today, they will looking statements, which involve risks and uncertainties that may cause actual results to differ materially from those statements. The company will also discuss both GAAP and non-GAAP financial measures. Statements made today are effective only today and will not be updated to reflect subsequent events or circumstances that may arise.

Okay. Thanks everyone for sticking with me through that. Brian, great to see you. You as a company have been on a really interesting journey over the last couple of years. I think one way I want to sort of level set the conversation is talk about your broader vision for what you're trying to build at Airbnb and then we could maybe back solve for how that sort of informs some of your strategic priorities?

Yes, it's a great question. First of all, thank you all for listening. When people see Airbnb, they mostly see vacation rental, homes you can get for typically a week at a time. But I think that our vision is so much greater than that. And we basically did this really big launch recently in May, and we launched the Services, and we launched Experiences and basically, this observation we had is Airbnb is so ubiquitous now that it's like a noun and a verb used all over the world. And when people say Airbnb, they mean they want to get a home to rent. And it's like kind of Kleenex. And what if Kleenex want to offer more than Kleenex? And so we had to basically do a complete rebrand where we said now you can be more than Airbnb. So the question is, well, what can you Airbnb? Well, of course, we relaunched Experiences. We can talk a little bit more about that. I think if you look on Instagram or TikTok, you're realizing that what young people really want aren't good they want experiences more than anything else. They want to be able to share them. So I think there's going to be an entire economy built around Experiences, it's just the beginning. Then services. there really is no Amazon of services and retail is huge. But increasingly, more and more, the economy is also shifting in the United States and around the world to services. And there is no one-stop shop for services, especially hospitality-based services. And we started with travel services, we think we can go much more. But we're not just limited to that. We have longer-term housing that we're going into. I mean housing like short-term rentals is a much smaller market than long-term rentals. And even if we don't get the same market share, there's a huge opportunity for longer-term stays. Hotels is a big opportunity for Airbnb, and we've been working on it for a time, but we're getting much more serious. We have a huge amount of traffic. Airbnb is accessed by 1.6 billion devices a year. And so that means there's a lot of opportunity. And these businesses are really just the beginning. I think what we've been trying to do over the last 5 years is rebuild the company from the ground up. I studied Amazon and they really started as a book reseller, a bookseller and they basically built the entire platform around ISBNs and how to build books. And at some point, they had to do was they had to abstract every part of Amazon. To abstract it to be able to sell everything from like clothing to diapers to like outdoor barbecue equipment, and what that's really what we had to do. we knew like this revolution on AI was coming. We knew that this was going to be a huge opportunity for us. And so our vision is to go from a short-term rental platform to a platform for everything you need to travel and live around the world, not just travel, but travel and live. And I think this can involve dozens of businesses that we can expand. We want to be the first true AI native application. We'll talk a little bit more about that, but ChatGPT is not an AI native application. It uses AI, but it's interface is the interface that would have existed before AI. So what we're doing is we're putting -- we've created the jet engine. We haven't created the airplane yet. So we want to create one of the first true AI native interfaces built to support these strong models. And the most important thing we're trying to do is not to be a marketplace, but be a community. One of the things I'm noticing in the world today is 1 or more kids are spending more and more of their life on the phone. I think the average Gen Z is spending between 4 and 5 hours a day on their phone on social media. That is correlated with, I don't know if it's a cause of but certainly correlated with people going out less, hanging out lots of friends, having record loneliness. And I think it's almost like people are looking in what's happening right around the world and as people are in home and they're like looking through the window at a party that they're not a part of. And I ultimately think that we're talking a lot about AI at this conference. But what are you going to actually do with AI? Like how are people's daily lives going to actually change? And are dailies going to be glued to a device? Is that we're all going to do? We're going to be staring at a device for 10 hours a day. And we're going to have to live in the real world. And so the real question is, how do you take AI and this revolution and actually use it to change the daily life of consumers, which I haven't seen. There's been a lot of development around the model. There's been 1 application with ChatGPT. There's been a lot of enterprise companies, but consumer applications, things that change daily life have not penetrated yet. And so what we want to do is build this community, this where we have 1 of the most robust profile of the Internet. We deeply understand you and we basically ask you who are you? What are your goals? And then the app is like the ultimate AI concierge that can give you anything you want to travel and live. So that's basically the idea, an Airbnb platform, a native AI app and this community where we deeply know everyone.

Okay. I do want to get into a lot on the AI side, and we're going to get there. Maybe just looking at both sides of your business,first and starting with the consumer. Just going backwards before we go forwards. Obviously, the Airbnb consumer went on a bit of a journey from COVID, post COVID and where we are today. How has the consumer evolved as a user of your application in your platform? And how does some of what you want to do on the consumer-facing side, inform where you want to take consumer habits on Airbnb over the long term?

Yes, it's a great question. I mean we had one type of consumer base before the pandemic. They were typically younger. It was typically like a couple of travelers. There was a lot of cross-border travel. And then the pandemic totally changed everything. And when we know this is we started having larger groups traveling, that's why the average ADR on Airbnb is up is primarily because of the larger group sizes. We've seen a huge shift to families using Airbnb. I think that's partly because we've gotten a lot more vacation rentals, but also our young audience got a little older and started having families and they didn't leave Airbnb. They stuck with the platform. We started seeing a lot more domestic travel. We started seeing longer stays in Airbnb. So all of those trends from the pandemic have stayed. I mean they reverted a little bit from the very peak of the pandemic, but they've pretty much been consistent. So while travel has normalized and many of the trends we saw of larger group sizes, longer stays and more domestic travel have endured and stayed the same. I also think, though, that travel is totally changing. Travel used to be dominated by intent-based travel on Google. If you think about it before Google on the Internet, how do you travel? You go to a travel agent. And you go to the travel agent and the travel agent, you'd probably give you an idea where to travel to. And the travel -- I remember when I was a kid, I would go to a shopping mall, there was a travel agency. They had all these posters of different cities, and the travel agent would help you travel, figure out where to travel to. And you often had no idea. And then when Google came around, people basically started searching on Google, and it was very keyword-based and it was very high intent based. So people basically had to do research elsewhere and then go to Google to find where to stay. And what's happening now, especially with the younger generation is a lot of travel is being discovered on social media. And what that means is travel is becoming more aspirational. Younger people are valuing experiences. They're searching on social media. TikTok, Instagram and YouTube collectively will take over from Google Search as the predominant way that travel is starting. Some of it's on ChatGPT, but text is not a great rich interface for travel. So it's got some limits that's good for like itinerary ideas. And so this is what we're starting to see. People actually prioritizing experiences. They're looking for destinations to figure where to travel. One of the things we want to do is become a one-stop shop where you can come to Airbnb to figure out where to travel, not just what to do when you travel. So these are some of the trends that we're actually seeing for the consumer.

Okay. Great. Let's go to the other side of the business and supply. They're also on an evolutionary path with respect to supply, the type of supply growth you get, where you get it from. And I think from our perspective, I think supply dynamic also ties into widening out the experiences that are bookable on the platform. So talk about the evolution of supply and what some of your key priorities are there to open up the aperture of more types of supply that are available?

Yes. I think there's been like basically 2 trends of supply in Airbnb. We have about 10 million listings in Airbnb and for most of our history, we had the great fortune of most of supply coming organically to Airbnb, and the vast majority of supply still comes organically. Now this is a great characteristic of our business. My friends at like Uber and other companies did not have that quite that great fortune so they had to really build out these supply machines and have a lot of like driver referral programs. At the same time, we want to grow supply much faster than organic nature. So we've done a number of things. I mean we've worked also on host referrals. We built this thing called the Co-Host Network. We observed something. We noticed there's a whole bunch of people that have homes. They would love for them to be rented out and make extra money, but they don't have time to host. There's a bunch of hosts that are making a lot of money, and they love to host more frequently, but they don't have the capital to get another home. And we thought we're basically existing in a very narrow Venn diagram of people that have time to host and have a home. So what if we actually created a marketplace to match those 2 together? We can unlock millions more listings. So we did that, and it's just early on. We've gotten 10 million nights booked through the Co-Host Network. So this has been a huge opportunity for us. We've also started really focusing a lot more on events. We just announced a partnership with the World Cup. The World Cup is coming here next year. It will, I think, be the largest event in human history. It's coming to U.S., Canada, Mexico. Events are how we started Airbnb, and it's the best way to get supply. And by the way, it's a great way to get supply, also a great way to normalize relationships with policymakers because this is the one time they're reaching out to you, and it's good news versus bad news. So we have a lot of work to do on supply, basically making it easier to host, matching people and building basically a whole ecosystem. What we imagine is the ecosystem where if you want to put your home on Airbnb, we can match you to somebody to manage your home, clean your place, do any type of service you need. And I think that can unlock tens of millions of more homes. And that can also be used for longer-term rentals as well.

Okay. Understood. So you teased out a little earlier how AI can continue to evolve the platform overall. What are you most excited about in terms of AI deployment externally from the company into the ecosystem?

Totally. It's a great question. And I come from a unique lens. I'm friends with a lot of the people at the AI companies, like -- but I'm a designer by training. And I'm more of an application person. So I'm a designer, product marketer like application person. So what I've noticed with AI is that the following. ChatGPT launched about 3 years ago. 3 years later, if you go to the App Store, the Apple App Store and just go to the top 50 app rankings, and these are consumer apps. And by the way, like consumer is what I'm focused on. There's been a lot of momentum on enterprise. You go to consumer apps. I want you to count how many apps are truly AI apps. And the rankings today, 1 through 50, I think it's 2. ChatGPT is #1 and then sometimes Grok is in the top 50, sometimes Gemini is in the top 50, not usually. Now yes, a whole bunch of other apps like TikTok and Instagram and us and others, we use AI. But if you stripped all the AI out of all of our apps, the experience to be 90% the same. So basically, the daily life of most people has not yet been affected by AI, except for people using ChatGPT, they're using it and they're using it very frequently. The thing about ChatGPT is the model we use. And there's many models that are very, very similar to ChatGPT-5. And so the kind of free or cheap open-source models are only months, not years behind the frontier model. Now whether the models in the intelligence becomes a commodity or not, I don't know. I think that it will. I think it will look more and more like a commodity, but it will be so big and ubiquitous it's still a great business, and you'll use frontier models for frontier-type purposes. I do not think for 95% of daily life, you need the very, very best model. And even ChatGPT is throttling the model based on the type of query you have. So I think my basic framework to think about this is that everyone's asking like when is AI going to pay back? In my view, is AI pays back when it starts to infiltrate the entire consumer application land. Whether it's apps or not, when it starts affecting the daily life of regular people is when AI truly pays back. Then the question is, well, when do those 50 apps become AI apps? And I think my instinct is over the next 2 or 3 years, there's going to be a major turnover, a major turnover where all these apps are going to have to be AI native apps. You can also argue we're going to live in a post app world. I think that is the next decade. I do not think we live in a post application world this decade because I think the phone is so ubiquitous and it's got such inertia that you would need a new device and a new operating system to live in a post application world. We will probably eventually do. But this decade, I still think we live in an application world. And I think every app that doesn't become an AI native app is probably at risk. And so all of us are scrambling not to put AI into our app, but to become a completely AI native app. And so the question is, what if apps never existed? What would they look like? I don't think they look anything like the apps today. I think ChatGPT is amazing, but I think it's incredibly limited. I do not think it's an AI interface. It's like pre-AI interface with a jet engine behind it. And so what we're looking at is what happens when every app has access to almost the same intelligence as ChatGPT? Suddenly, you're going to have a competition between these models getting vertically integrated, trying to do everything or applications and just put AI in their apps and really specialize. And I'm not in AI maximus that believes that just a few models are going to be able to do every kind of business. But I also think companies are going to have to be true technology companies to leverage AI. And so I think you're going to see a major shakeout of the consumer application landscape over the next 3 years. I think startups are going to disrupt. I think it's going to be 3 things: the AI companies are going to expand their footprint, start-ups are going to come in and disrupt and then some companies, we hope to be one of them, will turn over. The last thing I'll just say on this is I think everything is now back on the table. Businesses that Airbnb maybe had no business to get into because the industry is mature. It's now a fair game again because you can completely reimagine the interface. And I think like what I've learned working with AI now is the model is just the beginning. You can't do that much with just the model. It's about the architecture, often using many models, what's the architecture of the models, how do you tune the right data? For example, we did AI customer service. We tried to put Gemini or GPT-4 or some models like Alibaba's model in. And that was just the beginning. That was like 5% of the work. The real work was we had to tune 100,000 conversations and really refine the conversations, develop the right architecture, design the right tone of voice, have the right kind of context. So I think that's basically what's going to happen. And so we are going through this huge change inside the company of making it a truly AI-native company. And I hope this is going to coincide with us doing much more traveling, much more living and designing hopefully one of the first AI native applications.

Okay. Maybe a nuts-and-bolts question but just to close out this topic. When you think about the supply side of your marketplace, there's still a lot of friction generally and growing and scaling supply and travel. How can AI maybe solve for issues that hosts have in terms of managing their supply, listing their supply. How can there be elements of friction reduced there?

I mean it can completely transform everything. So for example, I'll just give you an example. We have thousands of professional photographers in our network. And then you can basically press a button, have a photographer show up and take photos of your home. But then the problem is you got to type out your listing and you got to add the number of bedrooms, describe your home. But now with AI and computer visioning, you can just basically take a bunch of photos and the photos can essentially -- well, you can do anything with them. The photos can basically tag all the amenities. If we send a photographer there, we can make sure the photos are verified. The photos can essentially generate a description of your home. We can use AI to essentially write the right description of your neighborhood in your location. By the way, the photos eventually will be able to change for time of year. So you can take a photo in Lake Tahoe in the summer, and then the photos eventually can become winter photos during the winter season. So all the listing process could be significantly more seamless. I think a lot of the revenue management, the pricing could be significantly better. But the other thing I'll just say about AI is this is another point about Airbnb that I'm kind of excited about is, we talk a lot about the jobs that won't exist because of AI. I doubt humans are driving cars at some point in the future. And so all those drivers that are driving for money, we'll probably have to do something else. And there's a lot of -- when you use ChatGPT, it's kind of clear that like a lot of things that humans were doing, humans won't do in the future. I think a lot of services and hospitality are not going to be disrupted for quite a long time through AI. I still think when people go to Bordeaux and they drink a bottle of wine, I don't think they want that to be an AI-driven experience. When they go to Lake Como, I don't think they want a robot like entering the door for them. So I do think that a lot of what we're doing with hosting, I never want to say something is impenetrable to AI over a 10- or 20-year period but certainly over a 5- to 10-year period, I think a lot of it's going to be still people-driven. And I hope that if AI displaces a lot of jobs, I hope we could be a place for at least some of those jobs to expand to. And I think a lot of people are going to come to us.

Okay. You talked earlier about the experiences and services push the company is making. Let's go backwards and then go forward. Talk a little bit about what some of the key investments that need to be made to scale, to get those experiences and some of those services onto the platform to where they're available to the consumer side what's that journey look like right now? And then how do we think about what it does for the business over the long term in terms of revenue or yield or output from that transition?

Yes. So maybe I'll start with the second question. I'll do the first, and I won't obviously put out any revenue projections for either businesses, but at least I can give you a framework. So let's start with Experiences. Experiences, there's really like to dig below the surface, there's really 3 audiences. We found the South. Like raise your hand if you've been to Paris. Most people, like half the room has been to Paris. So we found that there's about 3 audiences of people going to Paris. There's people for whom it's the first time they go to Paris. Then there's people who have gone to Paris, they're visiting, but they've been to Paris more than once or twice. They're kind of regular and people in this room would be that audience. And then there's locals, people that live in Paris. It turns out they all want to do different things. So it's your first time to Paris, you want to see the tower, you want to see Arcaro, you want to do love. And so that is basically get your guide Viator. These are nearly billion businesses. And I think that is a -- if you believe them, that's already $1 billion revenue opportunity and maybe it could be a significantly larger opportunity. And that is for first time to a city, essentially landmark driven travel. How do you see a landmark? Many of all the people in this room that have been to Paris and maybe you've seen the Eifel Tower, but you want to like do something a little bit more like cooler off the beaten path you're on a business trip. Do you want to do something kind of interesting like a history tour or see a cool show. And that's the second/third time. That's a little bit more authentic. And then you have the people that live in the city. So like here in San Francisco, for those living here, you probably don't want to go to Fisherman's Wharf. You might want to do like with your wife or kids a cooking class here. And if you have a first time in San Francisco, you're not going to do that. But if you live here, you will. I think each market is probably a similar size opportunity. So I think that each market first-time repeat and locals are probably at least $1 billion opportunities. I'm not saying that's how big they'll be and maybe they'll be much bigger. So that's what we're going to do. With Services, it's probably a much bigger market. Now it's probably a harder thing to execute because it's more new. But we launch with like what if you could launch like Airbnb or Uber of chefs and have a chef, you hit a buy-in and a chef comes and they make you food in your house? I mean, actually, a lot of people do this. A masseuse come to your house, give you a massage, have your nails done, your hair done, all this can come to your house, you can go to location. We were going through this, and it turns out there's dozens and dozens and dozens of services that you really can't easily book online. There's no review system. It's not like instantly bookable. You don't know what you're actually getting. And so it's interesting, the so-called sharing economy is mostly Airbnb's ridesharing and food delivery. But there's a whole economy that isn't ridesharing, food delivery and Airbnb, basically DoorDash, Airbnb, Uber. And I think that entire economy, we're not going to roll that all up and own it ourselves, but I think there's dozens and dozens of services. And what we've noticed a big surprise I've had is already 10% of bookings for services or locals without marketing and for our Airbnb originals, which are these like special experiences, 40% of bookings are local. So we're starting to see locals book fees even though we're not marketing to them, and I think that is a pretty big opportunity for us. Now what it takes to scale them? It doesn't take a lot of money. It's really about balancing supply and demand. And it's not like businesses were a huge capital investment. The way it is, it's kind of chicken and egg, you add a little bit of supply and you get the demand for supply. You'll add a little more supply getting a little more supply. So you have to kind of build the network imbalance. Because you're building the network imbalance, you're never making a single big onetime investment. You're kind of going city by city. And we think the vast majority of supply is going to be inbound supply that we vet. So we'll have to demarketing Airbnb but we're not going to do a lot of independent marketing of service and experiences. Like we're running an ad campaign now, where we're basically promoting home servicing experiences in 1 ad. So we're trying to basically do as much as we can as a platform. what we build for 1 business, we extend to all businesses. We market all businesses. So we're 1 app, we're 1 brand, we're 1 P&L, and we try to do everything as a platform. So that hopefully makes it much more capital light.

Okay. Understood. The other element of growth that you've talked very openly about is expanding into new markets, formalizing your approach to certain geographies. Talk a little bit about that road map. How should investors think about where you want to go in the world? Where do you want to build scale from a geographic footprint and what that looks like in the coming years?

Yes, kind of crazy, like we're a travel company. We're one of the most international companies in the world. We're in 220 countries in the regions and yet 70% of our businesses, basically is 5 countries, the U.S., Canada, U.K., France and Australia. So we've identified a whole bunch of countries we want to go really big in Mexico, Brazil, Spain, Germany, Italy, Korea, Japan. And so these are essentially growth markets in emerging markets. And what we've noticed is these growth in emerging markets are growing at twice the rate of our core markets. They've been growing at that rate for about 6 quarters. And basically, we're going to go double down on these markets. We think the company could be significantly larger if we now expand to these big geographies. Now how do you do that? Basically, it's 3 things. It's product, it's marketing and supply. So you got to localize the marketing. So last year, we rolled out basically -- so we started rolling out brand campaigns in Tokyo, in all over Japan. We noticed our awareness in Japan is very, very small, as much as Airbnb is ubiquitous in the United States. So we're doing a lot of localized marketing. The next thing is localized product. Like, for example, in Brazil, it's really hard to pay so we offer new payment instruments in Brazil and then the growth rate was very, very healthy because of that. And then making sure you have supply. So people in like Germany, like the travel to all sorts of areas of Europe and you need to make sure you have supply in the corridors. So we're developing a bit of a playbook going country by country. And I think over the next couple of years, you're going to see hopefully a lot of growth in these markets.

Okay. When it comes to the supply side or the host side, we get a lot of questions about when you might eventually launch promoted listings or ads or things like that. Let's put out the question for a little bit. In terms of the ask of you as a platform from a host, how are there elements of services you can do for host over time, maybe including promoted listings that are sort of on their wish list on the host side of things?

Yes. We have so many things they want us to do. I mean, like they want help with pricing. They want help with hosting. They want help with parts of hosting like help me register with the city, help me clean my apartment, help me get my place photographed. They want their house restocked with items that we could recommend to them. They want financial help with like doing their taxes and kind of doing essentially financial planning because these are essentially small businesses. And a lot of these people, they're not actually set up as businesses. They don't have accountants or CFOs. They're usually sole proprietors. So they need help with all those different things. They want to help to expand their business, add more properties. They want to help promote their listings. So essentially, what we're seeing is the opportunity to build an entire host ecosystem of services. I think this can manifest in what we might call monetization, right? The way we would charge for this is probably the equivalent of a larger take rate if you use these services. So I think promoted listings is really, really interesting. We've looked a lot at this. I don't think there's has to be a trade-off between ads and a great user experience. I think with AI, the whole paradigm of an ad has to change. I think the way Google did ads, and I think that's going to be different in a world of AI. Booking.com has done some really interesting things around the Genius program in loyalty, which essentially is a monetization program. So I think there's like this company is not only under monetized, it almost like isn't really monetized essentially. We have travel insurance that we offer but we keep every year offering services for hosts for free, and they're telling us they want to pay for premium services. So I think a host ecosystem is a massive opportunity for monetization in the future.

Maybe just one more on this. How do you think about the second order effect of reducing any churn among hosts or supply, that as you lay our services an advocate of the business, not only are you driving an extra layer of monetization but you also could reduce churn?

Yes. I mean the #1 -- take a guess what the #1 reason someone stops hosting us? It's too much work. So if you could help people host and reduce the burden of hosting that not only we create more hosts, the you'll monetize the listing better and there'll be less like either churn. And the churn is something that we is probably even more important than the supply acquisition. And so absolutely, as you add more services, more people come on the platform, they stick longer, they don't churn and they pay you more.

Okay. Understood. We only have a few minutes left before I got to let you go. But we've talked a lot about where the platform and where the company is going over the next couple of years. If you were to crystallize that into 1 answer, what are your key 2 to 3 strategic priorities that you're the most focused on executing on in the next couple of years that you think sets Airbnb up for its next sort of chapter as a company?

3 priorities: Number one, take Airbnb from a pre-AI app to the first or one of the first truly native AI applications. The second priority is to shift Airbnb for a marketplace for vacation rentals to a global community where you can travel and live anywhere. And the third one is basically to shift from vacation rentals to becoming this entire ecosystem like Amazon, where we can sell significantly more than vacation rentals; homes, services, experiences and many things we haven't yet announced. And just -- I'll round that to answer just a little bit more. With AI, we're not going to build foundation models. That's not our superpower, but I think that we have one of the best product design and application development teams in the world. So if you think about like the core back-end technology and then you have the front-end interface where Airbnb really shines is at the consumer level, the interface. And so I think that we can basically create the ultimate AI travel and living concierge. And we're going to use the models that we'll use the leading frontier models or the open source models. But as far as the consumer is concerned, the technology would be as strong as any chatbot, because we're going to use the same exact technology, but it's going to be designed and bespoke. And we're going to be launching AI search into our app next year, for example. We think we have one of the best AI customer service products already in the world, and we're continuing to improve that. So we're really developing this really rich interface. That's not a chatbot, but it's just this really rich user interface. So that's the first thing we're going to do. The second thing I said is to build a real community. It's actually -- this is a really funny thing, but Facebook, the original Facebook app that I used in 2005, when I was like just came out of college, with the social network. There may not be a social network today. I mean, maybe Facebook, but like a lot of younger people don't use Facebook. I would argue that social network is the most successful product in human history that was invented and then uninvented. Because in 2012, social networking became social media and your friends became your followers. Instead of connecting you started performing. So suddenly, there's really no social networks anymore. There's no way to connect with people. And we're not trying to build a social network. But I'd love to build something like a social network in the real world, where we can match you to people and communities all over the world to do all these products and services. So to do that, we'd have to build one of the most definitive profiles on the Internet, a really robust profile. We have 200 million verified identities. I think that's more than the U.S. passports in circulation at this moment, by the way. And we're going to build out this really rich community. So that's the second priority. And again, the third is pretty straightforward, a platform vacation rentals to a platform for everything. And that's why the last 5 years, we've done so much work and sometimes it feels like we've only launched a couple of things. Well, we had to essentially rebuild the company from the ground up, to take a vacation rental app to be able a platform to eventually do everything. And the final thing I just want to say is it's going to take time. This is not going to be something that happens over 2 or 3 years. This is something that is going to happen over the next decade. And so I'm really, really excited about it. And if we're truly successful, I think we're going to be one of the apps that people have the most emotional connection to. When you travel, when you live in a city, if you want to figure out how to get a service to your home, where to live for a night to a year, if you want to figure out something fun to do, and anything in between, if you want to find people to meet in a city to hang out with, people to travel with, people to live with, I think there's so many opportunities over the coming decade for Airbnb to be a defining part of people's lives. I think you can start to answer this question, what can we do with AI? There's so many things. But I think the most magical things we're going to do are going to be in the physical world because the real world is what we focus on, how do we take technology and make it a bridge a gateway to the physical world. And again, if we're truly successful, I hope we just make the world feel a little bit smaller. And I do not like -- remember the movie WALL-E, that Pixar movie, WALL-E, where like everyone was on the self-driving pods and they're like real blobs and they're looking at screens all day. I hope we also get off the screens and live in the real world, and that's what we're trying to do.

Well, Brian, I always appreciate when you take some time to come out of the conversation. It's going to be super exciting to watch in the years ahead. Hopefully, we have another chance in next year at the conference. Please join me in thanking Airbnb for being part of the conference.

Thank you.