Slide 1: Q2 2024 Shareholder Letter
Shareholder Letter. (Q) airbnb. = J = Y g > oe ge ON NS \ Sy ‘
Slide 2: Key Financial Measures Q2 2024
Key Financial Measures Q2 2024 $2.75B Revenue Q2 revenue of $2.75 billion increased 11% compared to Q2 2023 primarily driven by the growth of nights stayed on the platform. 11% Y/Y 11% Y/Y (ex-FX) $555M Net Income We generated $555 million of net income during Q2 2024 and delivered a 20% net income
Slide 3: Q2 2024 Shareholder Letter
Q2 2024 Shareholder Letter Q2 marked another strong quarter for Airbnb. Revenue increased 11% year-over-year to $2.75 billion. Net income was $555 million, representing a net income margin of 20%. Adjusted EBITDA of $894 million increased 9% year-over-year and represented an Adjusted EBITDA Margin o
Slide 4: Business Highlights
• Q2 Adjusted EBITDA was $894 million, up 9% year-over-year. Adjusted EBITDA increased to $894 million in Q2 2024 from $819 million in Q2 2023, which demonstrates the continued strength of our business and discipline in managing our cost structure. Adjusted EBITDA Margin was 33% in Q2 2024, which wa
Slide 5: Results from our 2024 Summer Release
• Supply quality is improving on Airbnb. We’ve made huge strides with supply growth, but remain just as focused on supply quality. As we improve quality, we believe more people will try Airbnb, unlocking even more growth. We have two major initiatives underway to help us do this. First, we’re removi
Slide 6: Results from our 2023 Winter Release
Results from our 2023 Winter Release Our 2023 Winter Release was largely focused on quality. We introduced Guest Favorites—a collection of the most-loved homes on Airbnb based on ratings, reviews, and reliability data. Since launching in November 2023, we’ve had over 150 million nights booked for th
Slide 7: Innovation in every sense of the world
A CLOSER LOOK Innovation in every sense of the world We want every user in each of our 220+ countries and regions to feel right at home. To achieve this, we adapt our products to every corner of the globe. It’s why Airbnb was recently awarded for localization excellence— ranked as the #1 travel app
Slide 8: The most extraordinary experiences on Earth
A CLOSER LOOK The most extraordinary experiences on Earth Icons let you step into worlds you’ve only ever dreamed of—all over the world. These international experiences aren’t just making headlines, they’re inviting new audiences across the globe into the magic of Airbnb.* Janhvi Kapoor Musée d’Orsa
Slide 9: Q2 2024 Business and Financial Performance
Q2 2024 Business and Financial Performance Q2 2024 125.1M $21.2B Nights & Experiences Booked Gross Booking Value 9% Y/Y 11% Y/Y 12% Y/Y (ex-FX) During Q2 2024, we had 125.1 million Nights and Experiences Booked—our highest Q2 ever. We saw continued growth across all regions compared to Q2 2023, with
Slide 10: Latin America and Asia Pacific results
• Latin America: In Latin America, Nights and Experiences Booked grew 17% in Q2 2024 compared to Q2 2023. During the quarter, we saw continued strength in domestic travel with domestic gross nights booked in Latin America increasing 24% compared to the prior- year period. Consistent with recent quar
Slide 11: Q2 2024 financial results
Q2 2024 $2.75B $555M $894M Revenue Net Income Adjusted EBITDA 11% Y/Y (15%) Y/Y 9% Y/Y 11% Y/Y (ex-FX) (14%) Y/Y (ex-FX) 10% Y/Y (ex-FX) $1.1B $1.0B $4.3B Net Cash Provided by Free Cash Flow TTM Free Cash Flow Operating Activities 16% Y/Y 41% Margin 16% Y/Y In Q2 2024, revenue was $2.75 billion, rep
Slide 12: Adjusted EBITDA and Take Rate
Adjusted EBITDA of $894 million was our highest second quarter ever, up significantly compared to Adjusted EBITDA of $819 million in Q2 2023.5 The growth in our Q2 2024 Adjusted EBITDA reflects the continued strength of our business and cost discipline. Adjusted EBITDA Margin during Q2 2024 was 33%,
Slide 13: Quarterly Revenue, Net Income, Adjusted EBITDA
Quarterly Revenue ($M) Revenue increased 11% from Q2 2023 to $2.75 billion. $3,000M 11% Y/Y Change 18% $3,000M 11% Y/Y Change 58% 18% $2,748 $2,250M 58% $2,484 $3,000M 11% $2,748 Y/Y Change $2,250M $2,104 18% $2,484 $1,500M 58% $2,104 $2,748 $2,250M $1,500M $2,484 $750M $2,104 $1,500M $750M $0M $750
Slide 14: Quarterly Operating Cash Flow and Free Cash Flow
Quarterly Net Cash Provided by Operating Activities ($M) Q2 2024 net cash provided by operating activities was $1.1 billion. $1,200M 38% Net cash provided by $1,200M 37% 38% operating Net activitiesby cash provided $1,200M 38% Net % ofcash provided activitiesby revenue operating $900M 38% 37% $1,051
Slide 15: Shares (M)
Shares (M) We repurchased $749 million of Class A common stock during Q2 2024 to help manage the impact of share dilution. 800M Fully Diluted 705 686 673 Share Count 66 52 39 Stock Based Awards & 600M Warrants Outstanding 639 634 634 Common Shares Outstanding 400M 200M 0M Jun 2022 Jun 2023 Jun 2024
Slide 16: Balance Sheet and Cash Flows, Capital Allocation
Balance Sheet and Cash Flows For the three months ended June 30, 2024, we reported $1.1 billion of net cash provided by operating activities and $1.0 billion of FCF, compared to $909 million and $900 million, respectively, for the three months ended June 30, 2023.6 As of June 30, 2024, we had $11.3
Slide 17: Outlook and Earnings Webcast
For the full-year 2024, consistent with our prior guidance, we expect to grow Adjusted EBITDA on a nominal basis and to deliver an Adjusted EBITDA Margin of at least 35%, providing us flexibility to invest in incremental growth opportunities over the course of the year. We also expect to continue to
Slide 18: Forward-Looking Statements and Non-GAAP Financial Measures
expectations regarding marketing spend; the Company’s expectations with respect to stock-based compensation expense; the Company’s share repurchase program; the Company’s expectations for product and services growth and enhancements, including the ongoing impact and results from platform enhancement
Slide 19: Non-GAAP Financial Measures
consistency and comparability with past financial performance, and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, sho
Slide 20: Adjusted EBITDA limitations
the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect all cash requirements for such replacements or for new capital expenditure requirements; • Adjusted EBITDA excludes stock-based compensation expense, which has been, and will contin
Slide 21: Constant currency and share repurchases
income (loss), Adjusted EBITDA, and ADR for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe the presentation of results on a constant currency basis in addition to the U.S. GAAP presentation helps improve the ability to understand our per
Slide 22: Quarterly Summary
Quarterly Summary 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Nights and 102.1M 103.7M 99.7M 88.2M 121.1M 115.1M 113.2M 98.8M 132.6M 125.1M Experiences Booked Y/Y 59% 25% 25% 20% 19% 11% 14% 12% 9% 9% Gross Booking Value $17.2B $16.9B $15.6B $13.5B $20.4B $19.1B $18.3B $15.5B $22.9B $21.2B Y/Y 67%
Slide 23: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited (in millions, except per share amounts) Three Months Ended June 30 Six Months Ended June 30 2023 2024 2023 2024 Revenue $2,484 $2,748 $4,302 $4,890 Costs and expenses: Cost of revenue 432 506 860 986 Operations and support (1) 317 338 599 623
Slide 24: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in millions) December 31, 2023 June 30, 2024 Assets Current assets: Cash and cash equivalents $6,874 $7,882 Short-term investments 3,197 3,369 Funds receivable and amounts held on behalf of customers 5,869 10,342 Prepaids and other current assets 569
Slide 25: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in millions) Six Months Ended June 30 2023 2024 Cash flows from operating activities: Net income $767 $819 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 20 28 Stock-based compensa
Slide 26: Key Business Metrics
Key Business Metrics Three Months Ended June 30 Six Months Ended June 30 2023 2024 2023 2024 Nights and Experiences Booked 115.1M 125.1M 236.2M 257.7M Gross Booking Value $19.1B $21.2B $39.5B $44.1B We track certain key business metrics to measure our performance, identify trends, formulate financia
Slide 27: Adjusted EBITDA Reconciliation
Reconciliations of Non-GAAP Financial Measures The following is a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss). Adjusted EBITDA Reconciliation (in millions, except percentages) Three Months Ended Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Ma
Slide 28: Free Cash Flow Reconciliation
The following is a reconciliation of Free Cash Flow to the most comparable GAAP measure, net cash provided by operating activities. Free Cash Flow Reconciliation (in millions, except percentages) Three Months Ended Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 2022 2022 202
Slide 29: Reconciliation of Non-GAAP Operating Expenses
The following is a reconciliation of operating expense line items less stock-based compensation and acquisition-related impacts consisting of losses recognized on changes in the fair value of contingent consideration arrangements. Reconciliation of Non-GAAP Operating Expenses (in millions) Three Mon
Slide 30: Balancing form, function, and feeling
Balancing form, In everything we pursue at Airbnb, we consider the relationship between not just form and function, but also how you feel. At its function, and feeling best, great design is about how something looks, how something works, and ultimately, about how the experience can bring forth a sen
Slide 31: Cover image: Musée d'Orsay, an Icon on Airbnb
Cover image: Musée d’Orsay, an Icon on Airbnb