Okay. All right. Everybody hanging in, everyone has their coffee? We are making our way through day one. It is my pleasure to welcome back to the conference Brian Chesky, CEO of Airbnb. Brian has been one of the more engaging conversations over the last couple of years, so I always love the opportunity to sit down. Brian, thanks so much for being part of the conference again. Thank you for having me here. All right, so I am going to dust off my law degree and read the safe harbor. Airbnb would like to remind you that during the fireside chat today, they may make forward-looking statements which involve risks and uncertainties that may cause actual results to differ materially from those statements. The company may discuss or make reference to both GAAP and non-GAAP financial measures. Statements made today are effective only today, will not be updated to reflect subsequent events or circumstances that may arise. Let us- Well done. Thank you. I went all the way to law school to learn how to read. Let's start with the platform, because when I think of this company and I think of you, it always comes back to what are you building, what are you scaling, and how are you evolving the platform? The platform's been on quite a journey over the last couple of years. Talk a little bit about what has most excited you as the platform has changed and grown and evolved. Then we'll use that as a jumping-off point to get into a whole array of topics. Yeah. Airbnb was essentially, for a long time, kind of a one-hit wonder. Our brand is a noun and a verb. It means to stay in a house for a short period of time. For 15 years, we were just that. Imagine you're building a house, and the house is a one-story house, and now you want to add 10 floors to the house. Most ranch houses, you can't just add 10 floors to. You need to rebuild the house from the ground up. Around 2021, 2022, we realized, okay, this core business is going really, really well, but if Amazon had just sold books, they would've been a much smaller company. We felt like there was a lot of platform extension we could do. But to be able to do that, we had to basically rebuild the company from the ground up. Now, I'll be honest, if I was a professional CEO and I wasn't the founder, I might not have the courage to do that because we had to take some growth hits for a couple of years. It took a little longer than I thought, but we laid the foundation. We basically rebuilt the company from the ground up. Our vision was to become AI native, and our idea was we're going to go from homes to everything for travel, and eventually to living and beyond. Obviously, our core business is quite large. It's going to be approaching $100 billion in GBV. We have service and experiences. There really is no Amazon for services. There's really just two popular services in the world, food delivery and ride-sharing. What about the other 100 types of services? Why can't you hit a button and get those services to your home? We think that's a huge opportunity. Experiences. Concert tickets are more popular than ever. People want to have experiences. I like to think, do you want to bet on a trend or the opposite of trend? Artificial intelligence, the keyword's artificial. So the opposite of artificial is authentic, real. In the age of artificiality, people are going to want things that are real. Real experience, real people in the real world. Then we realized, wait a second. If we can do nearly $100 billion in a core business, there's this other business that's, like, 10x larger. It's called hotels. For years, our first tagline was "Forget hotels." I thought we'd never put hotels in Airbnb, but our customers asked for it, and at some point, I stopped being ideological. I started becoming practical, and I said, "Okay, they want hotels." Then I realized, actually, half the hotels in the world are independent hotels. They're small hotels. They're B&Bs, and they actually don't want to be part of this oligopoly. They want to actually come on Airbnb. We have a lower commission. We have younger travelers. We started going into hotels. Then we realized, wait a second. Airbnb has a lot of homes on the platform for short-term rentals. What if we could offer longer-term rentals? We could be the biggest housing platform in the world. We started realizing, like Amazon, they went from books to DVDs to CDs, but eventually they went to everything. We started realizing this platform is incredibly extensible, and that's the journey we've been on, from homes to everything for travel to eventually things beyond travel. With that in mind, what have you learned the most about the consumer landscape and the way the consumer sort of interacts with your company and your brand more broadly? Because I think there was a perception of the company around COVID, and then there was a perception coming out of COVID. As you sit here today, what are you learning the most about how consumers want to evolve with you as a company? It's a pretty different company. A lot of travel people start on Google and chatbots. The thing about Airbnb is, because it's a noun and a verb, a lot of people come directly to Airbnb. Nearly 90% of our traffic is direct or organic. We've learned that the brand has got a huge affinity for people. We've also realized people want more from Airbnb. A lot of people, their first way of trying Airbnb now is through a service or experience. In fact, one of the reasons we're doing hotels, we think it's a gateway to get all these people that never stay in Airbnb to be able to come back and book a home. One in three people who book a hotel on Airbnb come back to book a home. There are people that will only book hotels. We'll offer them a hotel, and there are people that'll come, and then they'll book other businesses. The other thing we've realized is Airbnb basically works equally well in every country in the world. It's one of the only businesses in the world where it works really well everywhere. It's a universality that people like to host, people like to travel. Brazil is our third-biggest market in the world. 70% of our business is in five countries. Yeah. Four of the five countries are accelerating. The weird thing is our mature business is not actually mature. We still have Asia, where we are basically no penetration, but it is a global network effect, so you would imagine Japan, Korea could be huge. India is growing 60% year-over-year, so we have a huge amount of opportunities. I think maybe the story is it is a story of a flywheel. Okay. The flywheel, as it gets stronger, its growth begets more growth, begets more growth. Okay. Maybe sticking with that theme of international, what do you see as the key investments you have to make to capitalize on the investment opportunity, how much of it is on the country-by-country management side of the equation, the supply growth side of the equation, making sure consumers know what you can offer in a given country? How do you execute against the international opportunity? It is just three things. You need to have the right supply, you need to localize the product, and you need to make sure people know about the product, essentially marketing. I think the first thing you got to do is localize your product. It does not take a lot to do that, but the app has to be 90% the same everywhere, and that last 10% is where you live and die. In Asia, people like more dense information, so you have to be more of a browse-based. In Japan, they do not use search as much. They use browse. You have to just know these nuances. The way you pay in India is really critical. You have to have local payment providers. Once you do that, now you have to know to get supply. If you want to get Chinese travelers, you need to ask, well, where are Chinese travelers going? Well, they're going to Japan. So now we need to basically connect all the corridors. You basically get the right supply in the right market at the right price based on where you get demand, and then you basically connect supply and demand. It's not that expensive. The great thing about our business, it's pretty capital light. We basically have remained pretty steady, 35% margins. It's really actually hard to invest a lot of money in this business because you're kind of building supply, building demand, building supply, building demand. There's no major capital expenditures. It's just really just keeping the pedal on the metal. Okay. You talked earlier about direct traffic, the level of app engagement you have with users. That's an enviable position relative to a lot of the industry that relies on search marketing, SEO, and traffic from a lot of other sources. How do you take that advantage around the app usage and direct traffic and turn it into more frequency, loyalty, scaled behavior on the user side of the equation? Yeah, this is a great question. Number one, the more things you offer, the more people will come to you. You're going to get more share of wallet. If you go from homes to hotels and service experiences, then you go into living under their verticals, you're going to get people to use the app more frequently. That's number one. Number two, we're not just a store. Most people take their app with them. They take their phone with them when they travel. They use their media to check in, right? They have their itinerary. What we're realizing is the moment you're on your trip is a great point of sale. We can sell you things when you arrive in your destination. It's not just like a chatbot where it's a demand generator. It's a companion on your trip. We have a messaging app that's one of the biggest messaging apps in the world. More than 5 billion messages are sent between our platform, between guest and host. We have one of the biggest calendar apps in the world. We have one of the biggest reservation apps. Airbnb's kind of like five or six apps in one. It's just this flywheel where we continue to crank the flywheel. Maybe I'll just say something about where I think travel search is going, because I get a lot of questions about, like, well, ChatGPT now can control your computer. It can book on behalf of you. What is your opinion on chatbots? What's your opinion on AI? What's your opinion on consumer? Maybe I can just share a couple thoughts. Go for it, yeah. I think that right now, most of the value is going to the stack and to enterprise. If you think about consumer, there has been almost no change to daily life in four years. AI has not changed the world, not even come close. Go to a random state, ask a random person from the time you wake up to the time you go to bed, how has your life changed because of AI? I use a chatbot once in a while. AI has not changed daily life at all. It has changed how companies do business. It has changed how investors invest. It has not changed the world at all. If technology doubles every year for 10 years, that is 1,000x. I believe we are at the beginning of a thousand-year journey. I also do not think there is a cycle. We are not in an AI cycle. We are in a thousand-year cycle. We are not in a window where you got to get into OpenAI or Anthropic and it is over. There is going to be 50 more Anthropic. There are going to be 50 more, maybe 100. This is the beginning of a cognitive revolution. Most of the money, I believe, is going to go to the consumer layer, not enterprise, not the GPU stack, not the data centers. It is going to be the consumer. We have not seen that revolution yet. If you open your phone and you look at all the apps on your home screen and ask what apps have changed since the launch of ChatGPT, including ours, almost no app has changed. You ask people how has daily life changed? It has not changed yet. This is me being bullish on AI. This is me saying that most of the value has not yet been created. I do not know when this consumer revolution happens. I think it is the next 18 months to 24 months. I think we are going to see a massive shift from enterprise to consumer. I will give you an example. I am on the board of Y Combinator. There are 175 companies in Y Combinator last batch, 159 were enterprise. No one wants to do consumer. Everyone is afraid to do consumer. It is hard. It is a hits-driven business. I think there is a clue here. Most of the public is against AI in the United States. They are against it. Most people are against data centers. It is not because of power, it is not because of water, it is because they are afraid it is going to replace them, not just their job, but their entire way of being. I think part of why we're getting it wrong is we're using stupid words like superintelligence, and we should never use that word. We should just stop saying the word superintelligence, because to an ordinary person, it sounds like an alien species. We should stop freaking saying that word. Actually, maybe we're underestimating how intelligent we are, and maybe this is a cognitive revolution where AI doesn't become smarter than us, that we actually ride AI, that we can actually ride this cognitive revolution. Also, maybe the other reason that people are against AI is because we are not creating applications that make their daily life better. We still have the opportunity for everyone to have a first-tier doctor, everyone have a great tutor. I mean, we could go down the list of ways AI can completely change people's lives, and it's starting to. ChatGPT is starting to scratch the surface. A chatbot is not the right interface for 90% of things. The problem with a chatbot, it is text-based. Here's a huge problem with AI. It's single player. You cannot collaborate with other people on Anthropic and OpenAI's models yet. It's very difficult. Most of the revolution's going to happen when it's multiplayer. They can do it, but that's a big thing. AI is still text-based LLM, large language model. The biggest revolution is going to be video generation, photo generation, and multimodal world models. I believe when these things converge, and in the future, we're not going to be typing, we're going to be speaking to computers. Yeah. Maybe not in a coffee shop. You might still be typing. But I think if you've ever seen "Iron Man," that's what computers will look like. You will speak to them. I think that all this suggests that we are in the first inning, and I believe that Airbnb is part of this first inning. We are not going to be a company that develops AI, but we're going to be a company that applies AI. My goal is for Airbnb to become an AI-native company that basically uses this once-in-a-generation opportunity to take this existential risk, that's an existential risk to everyone, that becomes therefore an existential opportunity. For us to use this to go into businesses we had no business going into before. Okay. I want to stick on that theme. So when you think about deploying AI and changing your own company outward-looking into users, how much of this is about eventually making AI conversational, as you talked about, and how much of it is about just improving discovery of what you even offer to consumers? It's all probably wrapped into one, just starting with AI. Nearly half our customer service tickets are now handled by AI. It's pretty amazing. It doesn't mean humans are being replaced. It means we're now taking those people, training them to do more premium customer service because the AI can do more self-serve. I don't think the chatbot is the right interface for Airbnb for four reasons. Number one, it's text-based. Number two, it's really hard to compare. AI, you have to go back into a thread. Number three, it's single player. It's not multiplayer. The average Airbnb is three guests. So you need to design AI to be collaborative. It's not been designed to be collaborative. That is maybe the biggest flaw of consumer AI right now. The fourth is there's really not this notion of messaging, have an identity. Everyone at Airbnb has to have a verified identity. They have to send messages. So what we think is there's something between our e-commerce paradigm and a chatbot, something that's much more visual, that is conversational, but it's not a chatbot. We haven't developed it yet. We're in pilot. I don't know if we'll be the one to do it, but I do think that that's going to be where AI goes. It's going to be very, very rich, very, very visual. Here's a question. Why is TikTok and Instagram more popular than Twitter? I think because photos and videos are more popular than words. I think literacy's going to go down. Fewer people are going to read. I'm not saying that's a good thing, but I think that's where it's going. I think young people want to be visual, so I think that photo and video is going to be where the future of AI is, not words. Okay. I think that early adopters at Silicon Valley are on Claude Code. I don't think that that is an indication of the late adopters. I think the late adopters are going to be doing much more visual stuff. Okay. Interesting. Just sticking on the theme of AI, you talked a little bit about the way you use it internally, as a company. Talk a little bit about what AI has done for your business, how it has created efficiencies, how possibly it has created elements of you being able to reinvest back in the business and capitalize on some of these growth initiatives. Yeah, it is kind of crazy. I did not know if AI would be good or bad for Airbnb. A lot of people thought it would be bad for Airbnb, and it was a totally reasonable expectation that it would be bad for us because could not you just go to a chatbot and search for every Airbnb and every hotel, then why do you need us? Are we just a data layer? That was a real risk. It was an existential risk to the company. My thought experiment was the following. If AI is an existential risk to Airbnb, then is not it kind of an existential risk to everyone? If it is an existential risk to everyone, it means it is an existential risk to our competitors and the business we have not gone into, therefore it could be an opportunity. The key other insight we had was ChatGPT and Anthropic and Google, we have access to the same technology they do because the models they develop, they sell. Yeah. We can use Astra, we can use Fable, we can use all their models. The question is, can we be better at specializing in one area that gives us a reason for people to come directly to Airbnb? We basically last year got very AI pilled, I guess is the name of the term. Everyone got on Claude Code, and we now ship 80% more features than a year ago. It is nearly double the output. We do not really care about how much code is shipped by AI. I do not care how many tokens we are using. I just care how many features we are developing. Pretty soon we are going to be shipping at twice the rate we used to. Customer service is being completely revolutionized. Customer service is really, really difficult. Imagine we have no SKUs, a guest and host speaks different languages. Yeah. It's all said and seen. They say they're locked out. They say there's an odor in the house. No photo can prove it, and you've got these seasonal workers trying to adjudicate, and they want this solution answered right now. AI can look at the last 10,000x an exact situation like that happened and can recommend to the agent how to solve it. A human could never have done that before. From a search standpoint, Airbnb search is really difficult. If you search on Google, you want one answer. You search for a home in Paris, you don't want one answer. There's 50,000, 100,000 homes. What's the right home for you? Now let's add all the other permutations. Oh, and by the way, let's add two other opinions on the trip and all the variables. There's literally billions of permutations for every type of trip if you're completely open-ended. No search algorithm can do that. You need AI. So we basically have 20, 25 features. It's basically across the board. I basically think I did a talk a few years ago that Paul Graham wrote an essay about. He called it Founder Mode. It basically meant acting like a founder, being in the details, being a change maker. I think in the age of AI, everyone has to be in Founder Mode, even professional managers, because we have to reinvent our business from the ground up. So it started with me. I basically said I have to be completely AI pilled. I basically downloaded a huge amount of context of my life onto Claude Code. I did it really securely, but I basically took 1 million emails and 50,000 Google documents and 8,000 Keynote slides, and I used it to train an AI to provide me context. One of the biggest challenges a CEO has is none of us know what the hell's going on in our company. We just don't. So we do these things called meetings to figure out what the hell's going on, and all of our executives, they're well-intentioned, but they manage up, and they tell us what we want to hear. If we have really healthy cultures, they'll tell us bad news, but still, you're at the mercy of what they tell you. Now, with AI, you have an intelligence layer. You can just know what's going on before people tell you anything. You can still have meetings, but now those meetings are much more productive. This thing has become like a superpower. I can have more information 24/7. I can cut through the bullshit. It's a lot more fair. We know who the high performers are, who the low performers are. It's just been a total revolution how we operate, and AI is not distributed equally. I think the winners of AI aren't the people that are most advanced technically. They're most advanced culturally. I hope that makes sense. In other words, we all have access to the same technology. Like Airbnb and every one of our competitors and everyone that is on stage, especially in consumer, we all have the same model. The question is who has the culture to adapt quickly. AI becomes which companies can move at the speed of AI. That becomes a cultural thing, and that is probably the biggest thing is I cannot point to any one feature. I can only point to the culture of Airbnb being a culture of being AI native. Okay. Understood, and a lot of interesting stuff in there. Let me stick with the culture of Airbnb, because I think one of the more unique things the last couple of years, which you referenced, is you are pushing beyond the core Yeah. Of the product. The analogy you have used on earnings calls is Amazon. When you think about growing the supply side of your market and moving into new areas, as a leader, what do you think about in terms of the market opportunity relative to the incremental friction to get into a new area, whether it is experiences or hotels or things like that? How does that get factored into your management process? I think that we had a big debate years ago, should we stay focused on our core, or should we do vertical expansion? We ultimately realized that every time we add a category, it not only expands our business, but it makes the core stronger. That was a general thing we found. It took us a year and a half to develop service and experiences. It took us eight months to develop car rentals. It took us a few months to develop resort passes. Every new business, we are able to launch faster and faster because we can reuse components. I eventually want us to be able to launch dozens and dozens of categories. The supply acquisition is getting faster because every time we add a new supply type, we basically reuse the tools from a prior technology. For example, services, if you want to get a massage, there's a platter of three types of massages, and that page we reuse for hotels because a hotel has multiple rooms. Basically what we want to do is we want to reuse components on the back end, and AI can essentially create listings really, really easily. It can even source leads for you. It can help the salespeople. The big challenge becomes discovery. If we add 50 categories and people think about us as one thing, how do you discover everything? That's the thing I think we're still trying to crack. How do you basically merchandise a lot of things in a very narrow amount of real estate? I think the answer to this becomes personalization. We have to know much more about people. We've been living in a 30-year paradigm of e-commerce, essentially eBay, Amazon. What is the paradigm of e-commerce? Anonymous customer, you don't know much about them. All you know is the last thing they clicked or bought. They go to a search box. They type something in. They get results. They see a page. They book it. I think we're starting to live in a world where the AI knows a lot more about you, and everyone gets a very different experience. Some people will come to Airbnb, they'll only see hotels. They'll never see a home because they don't like homes. Some people hate hotels. You're never going to see a hotel on Airbnb. Some people only want to use Airbnb for car rentals. They'll see that. We need to really understand people. The more personalized we can be, the stronger the flywheel's going to be. Okay. When you look at the scope for where the platform can go over the next three, five plus years, are there any adjacencies you're intrigued by or areas that you're always interested in exploring as potential extensions of what you've built to date? Yeah. So for example, with travel, there is a lot of, we can imagine all the things we have done in travel. We launched car rentals. Car rentals is a fast-growing category in our business. It has been a huge boon and will probably be one of the biggest sellers of car rentals in the world at one point. There is a lot of other verticals of travel that I could point to, a lot of types of verticals of services. But I think there is a lot of opportunities in housing. I think longer-term rentals is a huge opportunity for us. We are probably one of the biggest housing platforms in the world. It is not that hard to go from short-term rentals to longer-term stays. It does not take a lot of incremental exposure to be able to do that. And then I think there is a lot more around living. You can literally use Airbnb not just to travel, but to live, so there is a lot of verticals around that. Then I think eventually human connection. I think it is really hard for people to meet one another today. Okay. I think that a lot of people are using Airbnb to meet one another. So I think traveling, then living, then human connection, those are probably the three horizons. We are still mostly focused on travel. Yeah. I think that will be the big focus the next three to five years, but you are going to start to see us moving into living. Okay. Sticking with this idea of the supply side and lodging, as you get into short, long-term living, lodging broadly, and you bring hotels on the platform, what have you learned about how to bring supply into your ecosystem, like hotels, where there's both commoditized and non-commoditized inventory to also retain the uniqueness that Airbnb has as a platform? You're known for unique offerings that people can't find. How do you merge supply like hotels into that ecosystem and retain your brand around a unique That's a really good point. Well, first of all, we're starting with the most unique hotels. It turns out about half the hotels in the world are independents and boutiques, and we started really by going after them. Here's the interesting thing. The boutiques and independents are underserved. They pay a higher commission on Booking and Expedia than the chain. If you're Marriott, here's the dynamic that's happening in hotel industry. There's a lot of independent hotel owners. They want to stay independent. But Hilton and Marriott, in particular, are rolling up these independents, and a lot of these independents feel forced to sell because the Marriott and Hilton have loyalty programs, and also they can negotiate lower commission rates on Expedia and Booking. The independent hotels are having trouble competing. When we launched hotels, we had a huge number of independent hotels come to us. What is it? The enemy of your enemy is your friend? Yeah. They came to us because we had a lower commission. They weren't second-class citizens. They were unique, not commoditized, and that's what our brand stands for. They wanted younger travelers. Our first-time bookers, the fact that they've been in four years and 50% are Gen Z. So we're the brand of the new generation. The great thing about young people is more of them every year, so it's kind of a good trend to have on your side. So that's what we've learned. Start unique, but also be personalized. It doesn't mean we can't add commodity inventory. As long as Airbnb always has enough unique inventory to come to us direct, we can supplement with commodities, but our heart and soul will always be in unique inventory. But the great thing is the TAM, if you add commodities, is unlimited. Okay. I wanted to ask about the World Cup this summer. It is obviously one of the biggest global events that has ever happened. What were some of the key learnings out of that event, where there is a lot of people in the world coming to one country, and it is not just a lodging event, but it is also an experiential event that played out across social media and social influencers and things like that. What does a company like Airbnb learn from an event like the World Cup this past summer? Well, let me just back up for a second. Events are how Airbnb started. I was 26 years old, 25, turning 26. I was completely broke, living in San Francisco. A design conference and event was coming to San Francisco. All the hotels were sold out, and we said, "What if we turned our house into a bed and breakfast for the conference?" We did not have any beds. We pulled out three air beds. We called it AirBed & Breakfast, hence Airbnb. We launched the Democratic National Convention. We launched the inauguration in 2009. Here is the dynamic. Events built Airbnb. The reason why is many people, regular people, put their home on Airbnb with the intention of only hosting for one week for an event. And nearly half the people continue hosting. That is the secret of Airbnb. Events built Airbnb, and these people are regular people. They are not property managers. We realized that events shine Airbnb's strengths. A lot of cities think Airbnb is a problem. But when events happen, we become a solution to their problem because the hotels are sold out, they are gouging customers, so they are driving up rates, and we basically allow a city to expand their supply inventory. That improves our relations with cities. It attracts a lot more hosts, and it creates a very cultural experience with people staying. For example, the mission of the World Cup is to bring the world together through football, soccer. Our mission is essentially to try to bring the world together through travel. They are very adjacent. Just like the Olympics, these events are really big. So Paris, we had 600,000 people stay in Airbnbs for the Olympics. We had tens of thousands new supply types. Our relations in Paris were better after the Olympics, and we realized there are a lot of big events. There are also a lot of small events. What if we were to industrialize this event strategy and really use this as our supply acquisition strategy? A big way we get homes in Airbnb is by promoting for events. A lot of people list one, about half the people continue hosting. Okay, interesting. When you think about where the business stands today, how should investors think about where there is the biggest opportunity to monetize all of the utility and activity that you are seeing on this platform? When you think about building continuous varied streams of revenue in the years ahead. From a growth standpoint, I think category expansion is where it is at from a top line, and international. I think from a margin standpoint, it is probably seller services. Yeah. If you think about Amazon, if you think about Alibaba, you think about Etsy, you think about many of these marketplaces, they take a huge margin on the supply side. I think there is a lot of different services we can sell to hosts. The obvious one that everyone talks about is sponsored listings, essentially an ad-based platform. That is a pretty easy straight shot to $1 billion incremental high margin revenue, based on what other brands have done. I think even that is just part of a platter of host services. So that is probably the obvious one. We have a very high margin insurance product, travel insurance, that does quite well. So that is obviously also going to grow a lot as well. Okay. We only have a few minutes left, and I always like to end on, and you have talked a lot about it, as you always do, and when we get an opportunity to speak, but talk a little bit about your vision for the company. Leave investors with what are your key strategic priorities, and what are you most focused on executing on for the company in the years ahead? There are three things that we're trying to do. The first thing we're trying to do, and I talked a lot about it, is go from providing homes for travelers to everything you need to travel and live and connect around the world. You're going to see a lot of vertical expansion, and every month you'll see an acceleration in new verticals launching. That's number one, category expansion. Number two, I think we're going to invest a lot more in the customer, in the community, in building out profiles. We're going to have some major announcements next year. I can't share too much except to say that I think I want to shift Airbnb from a marketplace to much more of a community. A community where people feel like they're a part of the brand. We know more about them. We have a deeper relationship. Maybe the analogy is kind of Amex, right? Amex is not just a credit card company. It feels like you have a membership. In fact, the former CEO of Amex, Ken Chenault, is on our board. So I think that's a real roadmap for where we can go. The third is just using AI to be completely native. The one thing I'll just say before I go is, somebody asked me recently, what's most surprised you about our company? What surprised me about our company is our mature business is not mature at all. Every time we keep thinking the growth is going to slow down, and it re-accelerates. I mean, our growth last year was 10%. The last quarter, I think it was nearly double. Almost every market is accelerating. Almost every country is accelerating. It's hard to explain why. One explanation is we're just executing really well. The other explanation is maybe the market was so much bigger than we ever thought. Every time I raised money, the question was, how big can this market be? I had no evidence. I'm like, well, the market's as big as we are, and it just kept growing and growing and growing. So I think our core business could probably be double the size, just our core business, before you enter into any other verticals. Then you have international expansion, you have all the different verticals. So I think the TLDR is just, it's very early. I was just interviewed before this, and someone said, "You've been running Airbnb for 19 years. You're like an OG." I'm like, man, am I that old? In the age of AI, I actually feel old if you're 45, you're old in this industry. But I still think it's really early, and I don't think Airbnb's a mature company, and I'd like to have this thought that we're getting younger every year because the road in front of us is longer than the road behind us. I like to think that we are more fired up than we've ever been. That's what Founder Mode is really about. It's about having the enthusiasm that you had the first day you started the company. A lot of people say founders set the vision. I think more importantly, founders set the pace. We set the pace because the vision is just something you discover day to day. I wake up every day with a sense of urgency, every day with a sense of we need to seize this moment. We have this once in a generation opportunity, and we are here to reinvent ourselves. I am just so excited. I do not think we have ever had more fun as a company. I think it is really early, and I think we went from the sixth inning back to the second inning, if that makes sense. Great. Well, Brian, thank you so much for being part of the conference. Well, thank you, guys. Please join me thanking Airbnb. Thank you. Thank you.