Ben Gilbert: belief

Transcript context

…I mean they’re technically US-based. Uber’s large in Europe, but I think probably larger in the US. Do you have more? I do, yeah. Free cash flow is one. I don’t think I have anything new to say here. I think that's my last positive playbook one. This is kind of our bear and bull thing, but I do have some playbook items that are the playbook that they ran that don't necessarily have positive outcomes. But I'll turn it over to you first, in case you have others. Well, I’d actually maybe expand a little bit on the free cash flow point. I think part of the reason that Airbnb has such amazing free cash flow dynamics is—whether intentional or not—they started this new market, new idea. When you do that, you have an opportunity to set the terms of how the market operates. They set the terms that you pay us upfront and then we pay out the hosts when you book. Now that's different from hotels. On booking.com and others, usually, you make the booking on booking.com but you don't pay until you check-in at the front desk. Airbnb—just by virtue of being something new—they could set different terms, and they did and nobody then questioned it. I think it's interesting to note, whenever you're doing something like this, think through. I have the opportunity right now to set the terms.…

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