Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| You've really had very, very strong supply growth, far better than we would have thought |
| And through both the repurchase program as well as our net settlement of RSUs, we've been very good stewards of our cap table and managing overall dilution |
| Our balance sheet and P&L are extremely strong with very strong EBITDA margins, great cash flow generation |
| EMEA, I would say also, we continue to see very nice stable growth |
| It has amazing cash flow generation |
| So, when I look at what we've accomplished, I think it's -- we have proven that this is a very strong business model |
| I think we, like everyone else, are very eager to see productivity gains on the product development side |
| As you're well aware, we've been focused on recovering from the pandemic, obviously meaningfully improving our overall financial structure |
| And so, what we decided was, why don't we reduce the fees for those longer-duration stays because it's more consistent with the value delivered? And so, we did that last summer and not surprisingly as designed, what we saw was a nice lift in the bookings for those long-duration listings, which told us that the value proposition was a little bit off, and so there was an opportunity for us to be more surgical with our fees |
| And what we saw was really nice differential growth for what we call Heartland base |
| And what I can say today in this seat is that we feel like we are, right now, in a huge position of strength |
| And I would say we feel very good about these supply levels because it allows us to continue to pull a lot of levers on demand without supply being a limiter to growth |
| And yet, the interesting thing about our business is that despite the scale of our business in Europe, what we see is that we've done extremely well in places like the U.K |
| We'll continue to focus on the bigger countries there, obviously, Brazil and Mexico, but we're also seeing really nice strength in places like Chile, Peru, Ecuador, which are all up about 2x since pre-COVID |
| And so, you should read that as us committed to strong profitability but also leaning into delivering continued strong growth |
| And so, coming into this seat today versus maybe the many years that I've been at Airbnb, I'm really excited about this point in time where we have the opportunity to transform from effectively what's been a one-revenue stream business into a business that in coming years, we hope to be layering on incremental services and products to continue to drive top line growth |
| And what we've seen is a massive acceleration in our overall supply growth |
| We improved our AirCover for hosts, which improved the assumption and the belief that Airbnb would be there for hosts when we needed them |
| Maybe I could host." And we saw a really nice acceleration in terms of traffic to all of our host landing pages |
| And what we saw was that we were able to speak to guests who said, "Oh, I've had a great experience as a guest on Airbnb, but I've never even considered hosting |
| So really nice growth trends there and the opportunity to really work around that continent and raise penetration |
| So, in North America, very steady growth |
| Excellent job |
| Latin America has been a real shining star over the last couple of years in terms of one, just starting from a very low level of penetration; and two, the success of our international expansion efforts |
| In terms of more broadly where we are on the pricing journey, I would say, we're very happy with the results of the things that we launched last year, but it is a multiyear journey where we know there are many incremental things we can offer to our hosts to make them more competitive, make sure that they are delivering the right value for the price |
| We've got a great team, and we feel like this is the point at which we really begin to dig in to expand beyond the core |
| Obviously, the overall industry in North America has slowed and yet, we believe on our numbers that we continue to grow faster than the broader industry as well as continue to take market share |
| And the reason I say that is if you look at Airbnb's overall consumer awareness, it's extremely high |
| And so, you'll continue to see incremental pricing improvements in years to come |
| And so that's an area that we've been really leaning into early to understand how can we leverage AI to bring the right information to bear quickly and efficiently so that we can resolve both our guest and host issues as quickly as possible and to deliver a much better experience to the entire marketplace |
| Statement |
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| If you rewind to the early days of the pandemic, like say '21, our supply completely stagnated |
| Prior to the IPO, we had negative 5% EBITDA margins |
| I think first and foremost, in this current environment where we've been focused on affordability, it makes no sense for us to, broadly speaking, raise our fees, decrease affordability and effectively limit our market share growth |
| And we sort of struggled to see how the margins fall from the 37% level in 2023 |
| Yes, I think a little over a year ago, we got a little more cautious on supply |
| One of the most common pushbacks to my cautious view on the stock, not the Company, the stock is around take-rate potential from the hosts |
| And what we recognize is that the guest doesn't actually realize that we do that relative to our competitors, and so there's a bit of a value delivered misalignment |
| We've been wrong on the supply numbers, to your point |
| So, supply was not growing |
| I think what is kind of the undertone right now with AI is the dream of all of these kind of productivity gains, but the real drag factor is what is the quality of the information |
| I think second, there's a time horizon ahead of us that's not tomorrow in terms of realizing those efficiencies |
| Over the last couple of years, we repeatedly get the question of why have you not raised take rates yet? And there's a couple of reasons why we have not been, I would say, aggressive on take rates |
| We're not delivering a ton of incremental value at that point |
| There are very successful businesses out there, and so we would have to think very carefully as to would we want to try to replicate something that consumers already have great popularity against |
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