Paragraph 1 This quarter beat expectations, primarily driven by the cumulative effect of AI-powered product innovation and years of improvements, rather than any single initiative.

Paragraph 2 Revenue $3.6 billion, +17% YoY; GBV $27.2 billion, +16%; nights booked +10%, and first-time bookers +11%, a four-year high.

Paragraph 3 AI has significantly accelerated development and customer service, with support costs down 16% per booking; hotel night growth is roughly three times that of home listings; services such as car rentals and luggage storage are expanding, with experience supply up +80%.

Paragraph 4 Q3 revenue is expected to grow +15-17%; full-year revenue guidance raised to at least mid-teens; full-year EBITDA margin raised to above 35.5%.

Paragraph 5 Management's tone is highly optimistic, emphasizing AI as a source of durable growth momentum; core market growth is accelerating, and the impact of the Middle East conflict is less than expected.