Airbnb, Inc. · NASDAQ:ABNB
Airbnb — Q4 2022 Earnings Presentation
34 slides from Airbnb's earnings presentation, Feb 14, 2023
Slide 1: Q4 2022 Shareholder Letter
Shareholder Letter Arctic Q airbnb
Slide 2: Key Financial Measures Q4 2022 FY 2022
Key Financial Measures Q4 2022 FY 2022 $1.9B $8.4B Revenue Revenue of $1.9 billion increased 24% from Q4 2021 demonstrating continued strong travel demand. 24% Y/Y 40% Y/Y 31% Y/Y (ex-FX) 46% Y/Y (ex-FX) 72% Y/3Y 75% Y/3Y $319M $1.9B Net Income Our first full GAAP profitable year (23% net margin) in
Slide 3: Q4 2022 Shareholder Letter
Q4 2022 Shareholder Letter 2022 was another record year for Airbnb. Revenue of $8.4 billion grew 40% year over year (46% ex-FX). Net income was $1.9 billion—making 2022 our first profitable full year on a GAAP basis. Adjusted EBITDA was $2.9 billion while Free Cash Flow was $3.4 billion, growing 49%
Slide 4: Business Highlights
• Q4 Adjusted EBITDA of $506 million was a record fourth quarter. Adjusted EBITDA in Q4 2022 increased 52% compared to $333 million in Q4 2021. Adjusted EBITDA margin was 27% for Q4 2022, up from 22% in Q4 2021. For the full year 2022, Adjusted EBITDA margin was 35%, compared with 27% for full year
Slide 5: Hosting and product innovation
is often critical during times of inflation and recessionary concerns. Second, our product innovation is having an impact. Over the past two years, we’ve made it more attractive and easier to Host—including our most recent introduction of Airbnb Setup. And we’re not stopping there. We will continuou
Slide 6: Results from our 2022 Winter Release
Results from our 2022 Winter Release Airbnb Setup On November 16, 2022, we introduced Airbnb Setup to make it easy for millions of people to Airbnb their home. With Airbnb Setup, prospective Hosts can connect with Superhosts for free one-to-one guidance all the way through their first reservation. H
Slide 7: Airbnb-Friendly Apartments and Total Pricing Display
Airbnb-Friendly Apartments In Q4 2022, we announced Airbnb-Friendly Apartments, a program that helps long-term renters find apartments that they can host on Airbnb part-time. Renters interested in hosting a spare room, or their entire apartment when they’re out of town, can browse more than 175 Airb
Slide 8: Meet Fernando.
Meet Fernando. Hosting since 2017 Fernando shares his spacious, airy apartment in central Madrid with private room guests from all over the world. 8
Slide 9: Fernando's apartment story
His apartment is a study in meticulous detail. All of his furniture is vintage and the interior celebrates architectural trends of the 20th century. His stylish living room with high ceilings and balconies overlooking the street, contains bold artistic choices to the extent that guests compare his p
Slide 10: Q4 2022 Business and Financial Performance
Q4 2022 Business and Financial Performance Q4 2022 88.2M $13.5B Nights & Experiences Booked Gross Booking Value 20% Y/Y 20% Y/Y 16% Y/3Y 26% Y/Y (ex-FX) 58% Y/3Y FY 2022 393.7M $63.2B Nights & Experiences Booked Gross Booking Value 31% Y/Y 35% Y/Y 20% Y/3Y 42% Y/Y (ex-FX) 67% Y/3Y Q4 2022 During Q4
Slide 11: Regional performance
• North America remained strong with continued growth in Nights and Experiences Booked. During Q4 2022, revenue earned in the U.S. increased over 19% from Q4 2021 and represented 47% of total global revenue. While the majority of travel in North America, both pre-pandemic and now, is domestic, we sa
Slide 12: ADR and Supply
exchange and mix shift as urban destinations and other bookings that tend to have lower ADR rebounded, partially offset by price appreciation. On an FX-neutral basis, Q4 2022 ADR was up across all regions year-over-year. Supply In July 2022, all mainland China listings were taken down based on our d
Slide 13: Q4 2022 and FY 2022 financial results
Q4 2022 $1.9B $319M $506M Revenue Net Income Adjusted EBITDA 24% Y/Y $385M ex-FX $574M ex-FX 31% Y/Y (ex-FX) $55M Q4 2021 $333M Q4 2021 72% Y/3Y $(352)M Q4 2019 $(276)M Q4 2019 $463M $455M Net Cash Provided by Free Cash Flow Operating Activities 21% Y/Y 21% Y/Y 310% Y/3Y 343% Y/3Y FY 2022 $8.4B $1.9
Slide 14: Take rate and operating expenses
During Q4 2022, the implied take rate (defined as revenue divided by GBV) was 14.1%, which was slightly higher than Q4 2021 primarily due to the timing of when guests booked their travel and when guests stayed. Operating expenses in Q4 2022 included the impact of $254 million of stock-based compensa
Slide 15: Quarterly Revenue, Net Income and Adjusted EBITDA
Quarterly Revenue ($M) Q4 2022 revenue of $1.9 billion grew 24% year-over-year. $2,000M 24% Y/Y Change $2,000M 24% Y/Y Change $2,000M 78% 24% $1,902 Y/Y Change $1,500M 78% $1,902 $1,500M 32% 78% $1,532 $1,902 $1,500M $1,000M 32% $1,532 32% $1,107 $1,532 $1,000M $1,000M $1,107 $500M $1,107 $500M $500
Slide 16: Quarterly Operating Cash Flow and Free Cash Flow
Quarterly Net Cash Provided by (Used in) Operating Activities ($M) In 2022, we generated $463 million of net cash provided by operating activities in Q4 and $3.4 billion for the full year. $600M Net Net cash cash provided provided $600M 24% by by (used (used in) in) 24% operating 25% operating activ
Slide 17: Balance Sheet and Cash Flows; Outlook
Balance Sheet and Cash Flows For the three months ended December 31, 2022, we reported $463 million of net cash provided by operating activities and $455 million of FCF, compared to $382 million and $378 million, respectively, for the three months ended December 31, 2021.5 The year-over-year increas
Slide 18: Earnings Webcast; About Airbnb; Forward-Looking Statements
Earnings Webcast Airbnb will host an audio webcast to discuss its fourth quarter and full year results at 1:30 p.m. PT / 4:30 p.m. ET on Tuesday, February 14, 2023. The link to the webcast will be made available on Airbnb’s Investor Relations website at https://investors.airbnb.com. Interested parti
Slide 19: Forward-Looking and Non-GAAP Financial Measures
to the Company’s 2022 Winter Release; the results of the Company’s 2022 Summer Release; expectations for product and services growth and enhancements; and the Company’s business strategy, plans, and objectives for future operations. In some cases, forward-looking statements can be identified by term
Slide 20: Non-GAAP financial information
The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation of e
Slide 21: 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 22: Constant currency information
currency amounts and change rate information to provide a framework for assessing how our revenue, 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 in
Slide 23: Quarterly Summary
Quarterly Summary 2019 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Nights and 81.3M 83.9M 85.9M 75.8M 64.4M 83.1M 79.7M 73.4M 102.1M 103.7M 99.7M 88.2 M Experiences Booked Y/Y 13% 197% 29% 59% 59% 25% 25% 20% Y/2019 (21)% (1)% (7)% (3)% 26% 24% 16% 16% Gross Booking Value $10.0B $9.8B $9.7B $8.5B
Slide 24: Quarterly Summary Continued
Quarterly Summary Continued 2019 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenue $839M $1,214M $1,646M $1,107M $887M $1,335M $2,237M $1,532M $1,509M $2,104M $2,884M $1,902M Y/Y 31% 34% 30% 32% 5% 299% 67% 78% 70% 58% 29% 24% FX Neutral Y/Y 3% 284% 64% 79% 74% 64% 36% 31% Y/2019 6% 10% 36% 38%
Slide 25: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited (in millions, except per share amounts) Three Months Ended December 31 Year Ended December 31 2021 2022 2021 2022 Revenue $1,532 $1,902 $5,992 $8,399 Costs and expenses: Cost of revenue 295 345 1,156 1,499 Operations and support (1) 225 260 8
Slide 26: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in millions) December 31 2021 2022 Assets Current assets: Cash and cash equivalents $6,067 $7,378 Marketable securities 2,255 2,244 Funds receivable and amounts held on behalf of customers 3,715 4,783 Prepaids and other current assets 349 456 Total cu
Slide 27: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in millions) Year Ended December 31 20211 2022 Cash flows from operating activities: Net income (loss) $(352) $1,893 Adjustments to reconcile net income (loss) to cash provided by operating activities: Depreciation and amortization 138 81 Ba
Slide 28: Condensed Consolidated Statements of Cash Flows Continued
Condensed Consolidated Statements of Cash Flows Continued Unaudited (in millions) Year Ended December 31 20211 2022 Cash flows from financing activities: Taxes paid related to net share settlement of equity awards $(177) $(607) Proceeds from exercise of stock options 138 40 Proceeds from the issuanc
Slide 29: Key Business Metrics
Key Business Metrics Three Months Ended December 31 Year Ended December 31 2021 2022 2021 2022 Nights and Experiences Booked 73.4M 88.2M 300.6M 393.7M Gross Booking Value $11.3B $13.5B $46.9B $63.2B We track certain key business metrics to measure our performance, identify trends, formulate financia
Slide 30: 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 31: 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 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sep
Slide 32: 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 millions) T
Slide 33: Glossary
Glossary Active Booker An active booker is defined as a unique guest who has booked a stay or experience in a given period. Active Listing We consider a listing of a home or an experience to be an “active listing” if it is viewable on Airbnb and has been previously booked at least once on Airbnb (ex
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