Slide 1: Q2 2022 Shareholder Letter
Shareholder Letter (Q) airbnb
Slide 2: Q2 2022 Nights and Experiences Booked, GBV, Revenue
Q2 2022 103.7M Nights and Experiences Booked In Q2 2022, Nights and Experiences Booked remained strong, showing strong growth over pre-pandemic levels, driven by 25% Y/Y North America, EMEA and Latin America. 24% Y/3Y $17.0B Gross Booking Value (GBV) Strong growth in Nights and Experiences Booked co
Slide 3: Q2 2022 Shareholder Letter
Q2 2022 Shareholder Letter Our Q2 results demonstrate that Airbnb has achieved growth and profitability at scale. From a growth perspective, we exceeded 103 million Nights and Experiences Booked, our largest quarterly number ever. We generated $2.1 billion in revenue, growing 58% year-over-year (or
Slide 4: Business Highlights
in Adjusted EBITDA demonstrates the continued strength of our business and discipline in managing our cost structure.1 • Q2 Free Cash Flow of $795 million was our highest Q2 ever. Q2 2022 net cash provided by operating activities was $800 million, up from $152 million in Q2 2019. The increase in cas
Slide 5: Airbnb 2022 Summer Release Results
Airbnb 2022 Summer Release Results Airbnb Categories On May 11, we introduced a new way to search designed around Airbnb Categories. Since launch, listings in Airbnb Categories have been viewed over 180 million times, and we’ve seen guests explore homes further apart in distance and search across lo
Slide 6: AirCover
AirCover Last year, we introduced AirCover for Hosts. Since then, we have received overwhelmingly positive feedback. For Hosts with an AirCover reimbursement request, the net promoter score has increased nearly 70 pts. AirCover for Hosts was so successful that on May 11, we introduced AirCover for g
Slide 7: Meet Ricardo.
Meet Ricardo. Hosting since 2019 Ricardo happily welcomes guests to his double decker Camper Bus in Leiria, Portugal—just one of the many OMG! Listings on Airbnb. 7
Slide 8: Ricardo transformed an abandoned bus into an Airbnb
After finding a rusty bus abandoned on a road, Ricardo and his family transformed it into a one-of-a-kind Airbnb that garners rave reviews. Everything in his Camper Bus, which opened in 2019, is handcrafted by Ricardo’s family. Ricardo, his brother-in-law, and his dad replaced the roof and interior
Slide 9: Q2 2022 Business and Financial Performance
Q2 2022 Business and Financial Performance Q2 2022 103.7M $17.0B Nights & Experiences Booked Gross Booking Value 25% Y/Y 27% Y/Y 24% Y/3Y 34% Y/Y (ex-FX) 73% Y/3Y During Q2 2022, we had our highest number of quarterly Nights and Experiences Booked of 103.7 million, representing a significant increas
Slide 10: Regional performance: Latin America, Asia Pacific, China
• In Latin America, Nights and Experiences Booked were 42% higher than Q2 2021 and 64% higher than Q2 2019, with continued resilience in certain countries, such as Brazil and Mexico, where both domestic and inbound cross-border travel continued to strengthen. • In Asia Pacific, Nights and Experience
Slide 11: Average daily rates and supply
Average daily rates ADR averaged $164 in Q2 2022, representing a 40% increase compared to the same period in 2019, and a 1% increase from Q2 2021 (or 7% ex-FX). The year-over-year increase from Q2 2021 was entirely driven by price appreciation, which more than offset some negative impact from mix as
Slide 12: Q2 2022 Revenue, Net Income, Adjusted EBITDA
Q2 2022 $2.1B $379M $711M Revenue Net Income Adjusted EBITDA 58% Y/Y $764M (ex-FX) 64% Y/Y (ex-FX) 73% Y/3Y $800M $795M Net Cash Provided by Free Cash Flow Operating Activities In Q2 2022, revenue was $2.1 billion, our strongest second quarter ever, representing a year-over-year increase of 58% (or
Slide 13: Net income and Adjusted EBITDA discussion
Net income in Q2 2022 was $379 million compared with net losses of $68 million in Q2 2021 and $297 million in Q2 2019. In Q2 2022, we recorded $89 million of impairment related to office space. Despite this expense in Q2 2022, we still experienced significant positive change in Q2 2022 compared to b
Slide 14: Quarterly Revenue, Net Income, Adjusted EBITDA
Quarterly Revenue ($M) Q2 2022 revenue of $2.1 billion grew nearly 60% year-over-year. $3,000M Y/Y Change $3,000M Y/Y Change 58% $2,000M 58% $2,104 $2,000M 34% 299% $2,104 34% 299% $1,000M $1,335 $1,214 $1,000M (72)% $1,335 $1,214 (72)% $335 $0M $335 $0M Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2019 Q2 20
Slide 15: Quarterly Operating Cash Flow and Free Cash Flow
Quarterly Net Cash Provided by (Used In) Operating Activities ($M) Q2 cash provided by operating activities was $800 million. 59% 38% $800M 59% 38% Net cash provided by Net(used cash in) operating provided $800M $800 $790 activities % of by (used in) operating $790 $800 revenue activities % of $400M
Slide 16: Balance Sheet and Cash Flows
Balance Sheet and Cash Flows For the three months ended June 30, 2022, we reported $800 million of net cash provided by operating activities and $795 million of FCF.5 The year-over-year increase in FCF was driven by revenue growth and margin expansion, as well as bookings growth driving increased un
Slide 17: Outlook
Revenue and EBITDA In Q3 2022, we anticipate the highest quarterly revenue in Airbnb history. We expect to deliver Q3 2022 revenue between $2.78 billion and $2.88 billion, representing year-over-year growth of between 24% and 29%, and a 69% to 75% increase relative to 2019. This revenue outlook incl
Slide 18: Forward-Looking Statements
Forward-Looking Statements This letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward- looking, including, but not limited to, statements regarding the fut
Slide 19: Non-GAAP Financial Measures
Except as required by law, the Company assumes no obligation to update any of the statements in this letter. The information that can be accessed through hyperlinks or website addresses included herein is deemed not to be incorporated in or part of this letter. Non-GAAP Financial Measures In additio
Slide 20: Adjusted EBITDA limitations
Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following: • Adjusted EBITDA does not reflect interest income
Slide 21: Free Cash Flow definition and limitations
on these funds. Free Cash Flow Margin is defined as Free Cash Flow divided by revenue. We track our TTM Free Cash Flow to account for the timing difference in when we receive cash from service fees, which is at the time of booking. Free Cash Flow has limitations as an analytical tool and should not
Slide 22: Quarterly Summary
Quarterly Summary 2019 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Nights and Experiences 81.3M 83.9M 85.9M 75.8M 57.1M 28.0M 61.8M 46.3M 64.4M 83.1M 79.7M 73.4M 102.1M 103.7M Booked Y/Y (30)% (67)% (28)% (39)% 13% 197% 29% 59% 59% 25% Y/2019 (21)% (1)% (7)% (3)% 26% 24% Gross Booking $
Slide 23: Quarterly Summary Continued
Quarterly Summary Continued 2019 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Revenue $839M $1,214M $1,646M $1,107M $842M $335M $1,342M $859M $887M $1,335M $2,237M $1,532M $1,509M $2,104M Y/Y 31% 34% 30% 32% 0% (72)% (18)% (22)% 5% 299% 67% 78% 70% 58% FX Neutral 2% (72)% (19)% (22)% 3%
Slide 24: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited (in thousands, except per share amounts) Three Months Ended June 30 Six Months Ended June 30 2021 2022 2021 2022 Revenue $1,335,196 $2,104,107 $2,222,132 $3,613,044 Costs and expenses: Cost of revenue 294,427 390,107 548,942 752,730 Operation
Slide 25: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in thousands) December 31, 2021 June 30, 2022 Assets Current assets: Cash and cash equivalents $6,067,438 $7,837,992 Marketable securities 2,255,038 2,057,487 Restricted cash 14,764 14,768 Funds receivable and amounts held on behalf of customers 3,715
Slide 26: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in thousands) Six Months Ended June 30 20211 2022 Cash flows from operating activities: Net income (loss) $(1,240,428) $360,049 Adjustments to reconcile net income (loss) to cash provided by operating activities: Depreciation and amortizatio
Slide 27: Condensed Consolidated Statements of Cash Flows Continued
Condensed Consolidated Statements of Cash Flows Continued Unaudited (in thousands) Six Months Ended June 30 20211 2022 Cash flows from financing activities: Taxes paid related to net share settlement of equity awards $(138,924) $(344,559) Principal repayment of long-term debt (1,995,000) - Prepaymen
Slide 28: Key Business Metrics
Key Business Metrics (in millions) Three Months Ended June 30 Six Months Ended June 30 2021 2022 2021 2022 Nights and Experiences Booked 83.1 103.7 147.5 205.8 Gross Booking Value $13,421.4 $16,980.6 $23,711.1 $34,145.4 We track certain key business metrics to measure our performance, identify trend
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 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Ju
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 (used in) operating activities. Free Cash Flow Reconciliation (in millions, except percentages) Three Months Ended Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 De
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 gains (losses) recognized on changes in the fair value of contingent consideration arrangements. Reconciliation of Non-GAAP Operating Expenses (in thousands)
Slide 32: Glossary
Glossary Nights and Nights and Experiences Booked on our platform in a period represents the Experiences Booked sum of the total number of nights booked for stays and the total number of seats booked for experiences, net of cancellations and alterations that occurred in that period. Gross Booking Va
Slide 33: Cover: Listings from Airbnb's OMG! category
Cover: Listings from Airbnb’s OMG! category.