Slide 1: Q1 2024 Shareholder Letter
Q1 2024 Shareholder Letter
Slide 2: Key Financial Measures Q1 2024
Key Financial Measures Q1 2024 $2.14B Revenue Q1 revenue of $2.14 billion increased 18% from Q1 2023 primarily driven by continued strength in travel demand and the timing of Easter. 18% Y/Y 18% Y/Y (ex-FX) $264M Net Income Our most profitable Q1 ever—net income of $264 million more than doubled fro
Slide 3: Q1 2024 Shareholder Letter
Q1 2024 Shareholder Letter Airbnb had a strong start to 2024. In Q1, Nights and Experiences Booked grew to 133 million. Revenue of $2.1 billion increased 18% year-over-year. Q1 net income was $264 million—our most profitable first quarter ever. Adjusted EBITDA of $424 million represented a 20% Adjus
Slide 4: Business Highlights
• Q1 net income was $264 million, up 126% year-over-year. Net income increased to $264 million in Q1 2024 from $117 million in Q1 2023 primarily due to revenue growth, interest income and cost discipline. In Q1 2024, we delivered a net income margin of 12%—our highest first quarter ever—up from 6% i
Slide 5: 2024 Summer Release
• Supply growth remains strong. In Q1 2024, our active listings grew 15% compared to Q1 2023. As part of our efforts around quality to ensure we offer the best possible experience for guests, we removed thousands of low-quality listings in Q1. Excluding the impact of these quality-driven removals du
Slide 6: Icons: extraordinary experiences hosted by the world's greatest names
© 2024 Disney/Pixar © 2024 Disney/Pixar Join a living room Spend the night in Drift off in Make core memories session with Doja the Ferrari Museum the Up house with Inside Out 2 Crash at the Go VIP with Wake up in the Game w X-Mansion © 2024 MARVEL Kevin Hart Musée d’Orsay Khaby La Extraordinary exp
Slide 7: Icons
A CLOSER LOOK Icons Now there’s a category for the world’s greatest icons, with new experiences dropping around the world throughout the year. Not to be missed People can view a countdown and receive notifications to see when Icons are going live or are sold out. A golden opportunity Guests can requ
Slide 8: Group trips
A CLOSER LOOK Group trips Over 80% of bookings on Airbnb are for 2 or more people, so we launched new features to make it easier to plan, collaborate, and communicate as a group. Shared wishlists Trip invitations Group messaging Guests can invite others to edit Now guests can invite people A new Mes
Slide 9: Results from our 2023 Winter Release and 2024 Spring Update
Results from our 2023 Winter Release Guest Favorites In November 2023, we introduced Guest Favorites to help guests better understand what to expect before they book. Since its launch, we’ve seen a shift in bookings towards Guest Favorites with over 100 million nights booked for these listings. With
Slide 10: Quality highlights
A CLOSER LOOK Quality highlights Guest Favorites was just the beginning. Now it’s even easier for guests to know a great stay when they see one with quality highlights—new recognition for the most-loved homes on Airbnb, according to guests. Golden laurels Homes in the top 10% of eligible listings wo
Slide 11: Q1 2024 Business and Financial Performance
Q1 2024 Business and Financial Performance Q1 2024 132.6M $22.9B Nights & Experiences Booked Gross Booking Value 9.5% Y/Y 12% Y/Y 12% Y/Y (ex-FX) During Q1 2024, we had 132.6 million Nights and Experiences Booked—our highest first quarter ever. We saw continued growth across all regions compared to
Slide 12: Regional trends and International Expansion
and continues to be gradual, we are encouraged by the recovery of the outbound China business. In Q1 2024, nights booked on an origin basis in China increased nearly 80% on a year-over-year basis. Airbnb’s International Expansion While Airbnb has achieved significant scale in a handful of core marke
Slide 13: Q1 2024 Financial Performance
Q1 2024 $2.1B $264M $424M Revenue Net Income Adjusted EBITDA 18% Y/Y 126% Y/Y 62% Y/Y 18% Y/Y (ex-FX) 124% Y/Y (ex-FX) 61% Y/Y (ex-FX) $1.9B $1.9B $4.2B Net Cash Provided by Free Cash Flow TTM Free Cash Flow Operating Activities 21% Y/Y 41% Margin 21% Y/Y In Q1 2024, revenue was $2.1 billion, repres
Slide 14: Marketing and Take Rate
growth in bookings on an origin basis in low penetration states in middle-America through our marketing efforts. We are also making continuous improvements in performance marketing that are resulting in high return on investments. Take Rate During Q1 2024, the implied take rate (defined as revenue d
Slide 15: Quarterly Revenue, Net Income and Adjusted EBITDA
Quarterly Revenue ($M) Revenue increased 18% from Q1 2023 to $2.1 billion, driven primarily by continued strength in demand and the timing of Easter. $3,000M Y/Y Change $3,000M Y/Y Change $3,000M 18% Y/Y Change $2,250M 18% 20% $2,250M 20% 18% $2,250M 70% $2,142 70% 20% $2,142 $1,500M $1,818 $1,500M
Slide 16: Operating Cash Flow and Free Cash Flow
Quarterly Net Cash Provided by Operating Activities ($M) Q1 2024 net cash provided by operating activities was $1.9 billion. 90% Net cash provided by $2,000M operating activities 87% 90% Net % ofcash provided by revenue $2,000M $1,923 operating activities $1,500M 87% % of revenue 80% $1,923 $1,587 $
Slide 17: Shares (M)
Shares (M) We repurchased $750M of Class A common stock during Q1 2024 to help manage the impact of share dilution. 800M Fully Diluted 706 697 677 Share Count 70 67 41 Stock Based Awards & 600M Warrants Outstanding 636 630 636 Common Shares Outstanding 400M 200M 0M Mar 2022 Mar 2023 Mar 2024 17
Slide 18: Balance Sheet and Cash Flows, Capital Allocation, Outlook
Balance Sheet and Cash Flows For the three months ended March 31, 2024, we reported $1.9 billion of net cash provided by operating activities and $1.9 billion of FCF, compared to $1.6 billion and $1.6 billion, respectively, for the three months ended March 31, 2023.5 The year-over-year increase in n
Slide 19: Outlook, Earnings Webcast, About Airbnb
In Q2 2024, we expect Adjusted EBITDA to be flat to up on a nominal basis, but down on an Adjusted EBITDA Margin basis, relative to Q2 2023. The margin compression is primarily driven by pressure from the timing of Easter (the benefit to margin in Q1 2024 will become a headwind in Q2 2024), one-time
Slide 20: Forward-Looking Statements
and cross-currency bookings; the Company's expectations regarding its financial performance, including its revenue, implied take rate, Adjusted EBITDA, and Adjusted EBITDA Margin; the Company's expectations regarding future operating performance, including Nights and Experiences Booked and GBV; the
Slide 21: Non-GAAP Financial Measures
evaluating our operating performance. We use the following non-GAAP financial information, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because
Slide 22: Adjusted EBITDA limitations
• Adjusted EBITDA excludes certain recurring, non-cash charges, such as depreciation of property and equipment and amortization of intangible assets, and although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does no
Slide 23: Constant currency and share repurchases
GBV, net income (loss), Adjusted EBITDA, and ADR performed excluding the effect of changes in foreign exchange rates. We use the amounts and percentage change in constant currency revenues, GBV, net income (loss), Adjusted EBITDA, and ADR for financial and operational decision-making and as a means
Slide 24: Quarterly Summary
Quarterly Summary 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nights and 102.1M 103.7M 99.7M 88.2M 121.1M 115.1M 113.2M 98.8M 132.6M Experiences Booked Y/Y 59% 25% 25% 20% 19% 11% 14% 12% 9% Gross Booking Value $17.2B $16.9B $15.6B $13.5B $20.4B $19.1B $18.3B $15.5B $22.9B Y/Y 67% 27% 31% 20% 19% 13%
Slide 25: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited (in millions, except per share amounts) Three Months Ended March 31 2023 2024 Revenue $1,818 $2,142 Costs and expenses: Cost of revenue 428 480 Operations and support (1) 282 285 Product development (1) 420 475 Sales and marketing (1) 450 514
Slide 26: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in millions) December 31, 2023 March 31, 2024 Assets Current assets: Cash and cash equivalents $6,874 $7,829 Short-term investments 3,197 3,264 Funds receivable and amounts held on behalf of customers 5,869 8,737 Prepaids and other current assets 569
Slide 27: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in millions) Three Months Ended March 31 2023 2024 Cash flows from operating activities: Net income $117 $264 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 11 14 Stock-based compe
Slide 28: Key Business Metrics
Key Business Metrics Three Months Ended March 31 2023 2024 Nights and Experiences Booked 121.1M 132.6M Gross Booking Value $20.4B $22.9B We track certain key business metrics to measure our performance, identify trends, formulate financial projections, and make strategic decisions. Our key business
Slide 29: 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 30: 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 2022 2022 2022 2022
Slide 31: 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 32: Imagination made real
Imagination As life becomes increasingly digital, Airbnb is focused on bringing more magic into the real world. Everything we do made real is in service of this idea. Every pixel we push, every product we launch, everything we create. With Icons, we’ve created the most extraordinary experiences on E
Slide 33: Cover image: The Ferrari Museum
Cover image: The Ferrari Museum, a new Icon on Airbnb.