Slide 1: Shareholder Letter Q2 2021
Shareholder Letter Q? 2021 airbnb
Slide 2: Q2 2021 key metrics
Q2 2021 83.1M Nights and Experiences Booked Airbnb’s business has continued to be highly resilient with Q2 2021 Nights and Experiences Booked nearly recovering to the 197% Y/Y same period pre-COVID levels (Q2 2019). (1)% Y/2Y $13.4B Gross Booking Value (GBV) Airbnb had over $13B of bookings in Q2 20
Slide 3: Q2 2021 Shareholder Letter
Q2 2021 Shareholder Letter The travel rebound is upon us and Airbnb is leading the way. For the past year, we’ve benefited from the adaptability of our business model, and we’ve focused on driving product innovations to meet the changing needs of our guests. The strength of our Q2 results indicate t
Slide 4: Business highlights
• Profitable on an Adjusted EBITDA Basis in Q2 2021. Adjusted EBITDA in Q2 2021 was $217 million, which had substantially improved from $(397) million in Q2 2020 and $(43) million in Q2 2019. Adjusted EBITDA margin was 16%, an increase of 20% (or 2000 bps) compared to Q2 2019. This substantial impro
Slide 5: Progress on our 2021 Plan
North America increased 8% from Q1 2021 to Q2 2021. We helped drive this growth through a simplified sign-up process for new Hosts and a marketing campaign to highlight the benefits of hosting. While it’s still early, the supply growth we’re seeing shows these initiatives are having a positive impac
Slide 6: Simplified hosting sign-up process
Prospective hosts will discover an even The simplified process includes clear Pre-filled suggestions help new Hosts simpler pathway to hosting. menus and prompts to help with listing. describe what makes their home special. also connect with Airbnb Superhosts for answers to their questions or concer
Slide 7: Host Spotlight: Yannis—Athens, Greece
H O ST S P OT L I G H T Yannis—Athens, Greece After traveling as a guest on Airbnb for four years, it occurred to Yannis that his cozy, idyllic apartment in the center of Athens might be the ideal space for travelers. Looking to make a little extra money, he cleaned up his flat and listed it on Airb
Slide 8: Host Spotlight continued
H O ST S P OT L I G H T He made it a goal to wow all of his guests—not only with his charming city flat that makes travelers feel like they’re staying in a small, countryside village, but also with personalized welcomes and frequent communication to ensure guests have a perfect stay. Those little to
Slide 9: Simplifying the guest journey
Simplifying the guest journey On May 24, we announced new product innovations to allow for more flexibility when searching for a place to stay, along with improvements that make the entire guest flow simpler and easier to use. Flexibility is at the heart of our improved guest experience and includes
Slide 10: Delivering world-class service
Beyond improving the guest booking flow, we’ve also taken our product innovations further to meet the changing needs of guests while they travel. As the flexibility to work and live from anywhere continues, knowing a listing’s wifi speed before booking is essential; wifi has been one of the top sear
Slide 11: Q2 2021 Business and Financial Performance
Q2 2021 Business and Financial Performance Q2 2021 83.1M $13.4B Nights & Experiences Booked Gross Booking Value 197% Y/Y 320% Y/Y (1)% Y/2Y 301% Y/Y (ex-FX) 37% Y/2Y Q2 2021 In Q2 2021, Nights and Experiences Booked of 83.1 million represented a significant increase from a year ago (+197% Y/Y) and n
Slide 12: Travel corridors and distance
Travel corridors and distance Domestic and short-distance travel continue to be more popular than pre-pandemic, but in Q2, we did see some recovery in both cross-border and longer-distance travel relative to Q1. Across all regions, domestic gross nights booked represented 73% of gross nights booked
Slide 13: Revenue, Net Loss and Adjusted EBITDA
Q2 2021 $1.3B $(68)M $217M Revenue Net Loss Adjusted EBITDA 299% Y/Y 284% Y/Y (ex. FX) 10% Y/2Y Q2 2021 In Q2 2021, revenue was $1.3 billion, representing a year-over-year increase of 299% (or 284% ex-FX). The increase in revenue was driven by the recovery in nights booked, combined with a higher AD
Slide 14: Quarterly Revenue, Net Loss and Adjusted EBITDA
Quarterly Revenue ($M) Q2 2021 revenue increased nearly 300% year-over-year, demonstrating the strength of our business. $1,500M 299% Y/Y Change 34% $1,500M $1,500M 299% 299% Y/Y Change Y/Y Change 34% 34% $1,335 $1,000M $1,214 $1,335 $1,335 $1,000M $1,000M $1,214 $1,214 $500M (72)% $500M $500M (72)%
Slide 15: Operating expenses
Operating expenses in Q2 2021 included the impact of $233 million of stock-based compensation expense, which is excluded from Adjusted EBITDA. All operating expense line-items (excluding the impact of stock- based compensation expense) grew less quickly year-over-year than revenue, allowing for cons
Slide 16: Outlook
Outlook We are proud of our Q2 performance, driven by both our ability to adapt, as well as our focus on innovation to support new ways of traveling. Looking forward, we believe Airbnb is well positioned for the continued travel recovery. In the near term, we anticipate that the impact of COVID-19 a
Slide 17: Earnings Webcast and Forward-Looking Statements
2021 in advance of the summer travel season. Similarly, we expect operations and support expense as a percentage of revenue to decline in the second half of 2021 compared to the first half. Q3 Adjusted EBITDA margins have historically benefited from the seasonality of our revenue, which typically pe
Slide 18: Non-GAAP Financial Measures
expenditures; the Company’s expectations regarding future operating performance, including Nights and Experiences Booked, and GBV; the Company’s expectations regarding the resilience of its model; and the Company’s business strategy, plans, and objectives for future operations. In some cases, forwar
Slide 19: 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 20: Adjusted EBITDA limitations
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 continue to be for the foreseeable future, a significant recurring expense i
Slide 21: Quarterly Summary
Quarterly Summary 2019 2020 2021 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 Booked Y/Y (30)% (67)% (28)% (39)% 13% 197% Y/2Y (21)% (1)% Gross Booking $10.0B $9.8B $9.7B $8.5B $6.8B $3.2B $8.0B $5.9B $10.3B $13.4B Value Y/Y (32)% (
Slide 22: Quarterly Summary Continued
Quarterly Summary Continued 2019 2020 2021 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Cash and cash equivalents, restricted cash, $3,480M $3,407M $3,346M $3,074M $2,484M $4,169M $4,551M $6,425M $6,589M $7,443M and marketable securities Funds receivable and amounts $3,800
Slide 23: 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 2020 2021 2020 2021 Revenue $334,774 $1,335,196 $1,176,604 $2,222,132 Costs and expenses: Cost of revenue 161,198 294,427 438,970 548,942 Operations
Slide 24: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in thousands) Dec 31, 2020 June 30, 2021 Assets Current assets: Cash and cash equivalents $5,480,557 $5,672,682 Marketable securities 910,700 1,755,257 Restricted cash 33,846 14,764 Funds receivable and amounts held on behalf of customers 2,181,329 6,
Slide 25: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in thousands) Six Months Ended June 30 2020 2021 Cash flows from operating activities: Net loss $(916,193) $(1,240,428) Adjustments to reconcile net loss to cash provided by (used in) operating activities: Depreciation and amortization 63,80
Slide 26: Cash Flows Continued and Key Business Metrics
Condensed Consolidated Statements of Cash Flows Continued Unaudited (in thousands) Six Months Ended June 30 2020 2021 Cash flows from financing activities: Proceeds from issuance of long-term debt and warrants, $1,928,880 $- net of issuance costs Principal repayment of long-term debt - (1,995,000) P
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 thousands) Three Months Ended Jun 30, 2019 Mar 31, 2020 Jun 30, 2020 Sept 30, 2020 Dec 31, 2020 Mar 31, 2021
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 (used in) operating activities. Free Cash Flow Reconciliation (in thousands) Three Months Ended Mar 31, 2020 Jun 30, 2020 Sept 30, 2020 Dec 31, 2020 Mar 31, 2021 Jun 30, 2021 Net cash provid
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 gains (losses) recognized on changes in the fair value of contingent consideration arrangements. Reconciliation of Non-GAAP Operating Expenses (in thousands)
Slide 30: 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
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