Airbnb, Inc. (NASDAQ:ABNB) Q2 2023 Earnings Call Transcript

Everyone of these questions depends on who you are. And so we’re not going to be building like large research labs to develop these large language models. Those are like infrastructure projects, building bridges, but we’re going to build the applications on top of the bridges, like the car. And I think Airbnb is best in class at designing interfaces. I think you’ve seen that over the last few years. And we can design, I think, a breakthrough interface for AI. I do not think that the AI interface is Chat. Chat, I do not think is the right interface, because you want to interface that’s multimodal. It’s text, it’s image, and it’s video. And you can, it’s much faster than typing to be able to see what you want. So we think there’s a whole new interface.

And also, I think it’s really important that we provide a lot of personalization, that we learn more about you, that you’re not just a unanimous customer. And that’s partly why we’re investing more and more on account profiles, personalization, really understanding the guests. We want to know more about every guest in Airbnb than any travel company knows about their customer in the world. And if we do that, we can provide much more personalized service and that our app can almost be like an AI concierge that can match you to local experiences, local homes, local places all over the world. And I think the last thing I’ll just say about AI is I think the companies that will best succeed in AI, well, think of it this way. Which company’s best adopted a mobile?

Which company’s best adopted the internet? It was the companies that were most innovative, the most product-led. And I think we are very much a product-led, design-led, technology-led company. And we always want to be on the frontier of new tech. So we’re working on that. And I think you’ll see some exciting things in the years to come.

Mark Mahaney: Thank you, Brian. Thank you, David.

Operator: And that does conclude the question and answer session. At this time, I’d like to turn the call back over to Brian Chesky for closing remarks.

Brian Chesky: All right, everyone. Well, thank you for joining us today. I just want to recap. Revenue was $2.5 billion, that’s 18% higher than a year ago. Net income and adjusted EBITDA were both Q2 records. And our trailing 12-month pre-cash flow was $3.9 billion. Now, this represents a free cash flow margin of 43%. We’ve made a tremendous amount of progress in the first half of the year, but in many ways we’re just getting started. In November, we will share a new set of features and upgrades as part of our 2023 winter release. I’m proud to be accomplishing you too. And I look forward to sharing more with you next quarter.

Operator: And this concludes today’s conference call. Thank you for your participation. You may now disconnect.