Slide 1: Q1 2022 Shareholder Letter
Q1 2022 Schwartz House. Designed by Frank Lloyd Wright Shareholder Letter
Slide 2: Q1 2022 key results: Nights Booked, GBV, Revenue, Net Loss, Adjusted EBITDA
Q1 2022 102.1M Nights and Experiences Booked In Q1 2022, Nights and Experiences Booked surpassed pre-pandemic levels and exceeded 100 million for the first time 59% Y/Y ever, driven by North America, EMEA and Latin America. 26% Y/3Y $17.2B Gross Booking Value (GBV) Strong growth in Nights and Experi
Slide 3: Q1 2022 Shareholder Letter
Q1 2022 Shareholder Letter Two years since the pandemic began, a new world of travel has emerged. Millions of people are now more flexible about where they live and work. As a result, they’re spreading out to thousands of towns and cities, staying for weeks, months, or even entire seasons at a time.
Slide 4: Business Highlights and Q1 2022 Financial Results
Searching for travel online has worked the same way for the past 25 years: you enter a location and dates into a search box. But the world has changed. Millions of people are more flexible about where and when they can travel. With homes in over 100,000 towns and cities, Airbnb opens up a world of p
Slide 5: Ukraine: The power of our community
• Guests are booking more than ever before. In Q1 2022, gross nights booked grew 32% compared to Q1 2019 despite ongoing pandemic concerns, the war in Ukraine, and macroeconomic headwinds. People are becoming increasingly confident in booking travel further in advance, with lead times even surpassin
Slide 6: Airbnb.org response to Ukraine refugees
Over the last few months, Airbnb.org has received an overwhelmingly positive response from individuals looking to assist this effort. To date, more than 34,000 people have signed up to offer their homes to refugees through Airbnb.org, including more than 20,000 across Europe and more than 7,000 in t
Slide 7: Meet Jason.
Meet Jason. Jason Burrell, Host since 2011 Jason is proud to showcase the creativity of other artists in his Airbnb where he’s welcomed guests from all over the world, with some staying longer than a week and others arriving mid-week due to their increased flexibility. 7
Slide 8: Jason's Chicago-themed Airbnb
Jason, a lifelong Chicagoan, designed his Airbnb as homage to his hometown. All the books in his Airbnb are about Chicago or by local authors. He also placed record players in each of his Airbnb units and curated the vinyl records, which are all by Chicago artists. Even the art hanging on the walls
Slide 9: Q1 2022 Business and Financial Performance
Q1 2022 Business and Financial Performance Q1 2022 102.1M $17.2B Nights & Experiences Booked Gross Booking Value 59% Y/Y 67% Y/Y 26% Y/3Y 71% Y/Y (ex-FX) 73% Y/3Y Q1 2022 In Q1 2022, Nights and Experiences Booked of 102.1 million represented a significant increase from a year ago (59% Y/Y) and for t
Slide 10: Regional recovery and travel corridors
continue to open and pent-up demand in the region is realized, we expect a similar rebound in APAC as we have seen in other regions. We will be ready for this rebound, and expect APAC to represent a significant growth opportunity for Airbnb over the long-term. • Excluding Asia Pacific, global Nights
Slide 11: Supply
Supply We ended Q1 2022 with over 6 million active listings. Growth was again strongest in non-urban areas, where guest demand was highest. And as demand returns to cities, we are also seeing a return to growth in total urban supply. Consistent with where we’ve generally seen bookings recover, we’ve
Slide 12: Q1 2022 Revenue, Net Loss, Adjusted EBITDA
Q1 2022 $1.5B $(19)M $229M Revenue Net Loss Adjusted EBITDA4 70% Y/Y 74% Y/Y (ex-FX) 80% Y/3Y Q1 2022 In Q1 2022, revenue was $1.5 billion, our strongest first quarter ever, representing a year-over-year increase of 70% (or 74% ex-FX). The increase in revenue was driven by the recovery in Nights and
Slide 13: Adjusted EBITDA margins
Adjusted EBITDA margins increased 45 percentage points (from negative 30% in Q1 2019 to positive 15% in Q1 2022). Relative to Q1 2021, Adjusted EBITDA margins increased 22 percentage points (from negative 7% in Q1 2021 to positive 15% in Q1 2022). 13
Slide 14: Quarterly Revenue, Net Loss and Adjusted EBITDA
Quarterly Revenue ($M) Q1 revenue of $1.5 billion grew 70% year over year. Y/Y Change $2,000M 70% $2,000M Y/Y Y/Y Change Change $2,000M $1,500M 70% 70% $1,509 $1,500M $1,500M 31% 0% 5% $1,000M $1,509 $1,509 31% 0% 0% 5% 5% $1,000M $1,000M 31% $839 $842 $887 $500M $839 $842 $842 $887 $887 $500M $500M
Slide 15: Balance Sheet and Cash Flows; Outlook
Balance Sheet and Cash Flows For the three months ended March 31, 2022, we reported $1.2 billion of net cash provided by operating activities and $1.2 billion of Free Cash Flow, our highest ever.7 The year over year increase in free cash flow was driven by revenue growth and margin expansion, as wel
Slide 16: Outlook: Revenue and EBITDA
Revenue and EBITDA One year after the travel rebound of the century began, we are looking forward to another strong summer travel season. Specifically, we expect to deliver Q2 2022 revenue between $2.03 billion and $2.13 billion. As we approach peak travel months, we expect our revenue as a share of
Slide 17: 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 18: Non-GAAP Financial Measures
are based on information and estimates available to the Company at the time of this letter and are not guarantees of future performance. 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 hyperlink
Slide 19: Adjusted EBITDA limitations
Adjusted EBITDA also excludes certain items related to transactional tax matters, for which management believes it is probable that we may be held jointly liable with Hosts in certain jurisdictions. Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in natur
Slide 20: Free Cash Flow definition and limitations
Cash Flow is impacted by the timing of GBV because we collect our service fees at the time of booking, which is generally before a stay or experience occurs. Funds held on behalf of our Hosts and guests and amounts payable to our Hosts and guests do not impact Free Cash Flow, except interest earned
Slide 21: Quarterly Summary
Quarterly Summary 2019 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nights and Experiences 81.3M 83.9M 85.9M 75.8M 64.4M 83.1M 79.7M 73.4M 102.1M Booked Y/Y 13% 197% 29% 59% 59% Y/2019 (21)% (1)% (7)% (3)% 26% Gross Booking Value $10.0B $9.8B $9.7B $8.5B $10.3B $13.4B $11.9B $11.3B $17.2B Y/Y 52% 320% 48% 9
Slide 22: Quarterly Summary Continued
Quarterly Summary Continued 2019 2021 2022 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Cash and other $3,480M $3,407M $3,350M $3,084M $6,608M $7,459M $7,935M $8,337M $9,337M liquid assets (1) Funds receivable and amounts held on behalf $3,800M $4,432M $2,919M $3,145M $4,015M $6,
Slide 23: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited (in thousands, except per share amounts) Three Months Ended March 31 2021 2022 Revenue $886,936 $1,508,937 Costs and expenses: Cost of revenue 254,515 362,623 Operations and support (1) 185,436 233,012 Product development (1) 363,061 362,927
Slide 24: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in thousands) December 31, 2021 March 31, 2022 Assets Current assets: Cash and cash equivalents $6,067,438 $6,886,628 Marketable securities 2,255,038 2,435,661 Restricted cash 14,764 14,767 Funds receivable and amounts held on behalf of customers 3,71
Slide 25: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in thousands) Three Months Ended March 31 20211 2022 Cash flows from operating activities: Net loss $(1,172,211) $(18,792) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization 38,252 29,23
Slide 26: Condensed Consolidated Statements of Cash Flows Continued
Condensed Consolidated Statements of Cash Flows Continued Unaudited (in thousands) Three Months Ended March 31 20211 2022 Cash flows from financing activities: Taxes paid related to net share settlement of equity awards $(142,463) $(204,768) Principal repayment of long-term debt (1,995,000) - Prepay
Slide 27: Key Business Metrics
Key Business Metrics (in millions) Three Months Ended March 31 2021 2022 Nights and Experiences Booked 64.4 102.1 Gross Booking Value $10,289.7 $17,164.8 We track certain key business metrics to measure our performance, identify trends, formulate financial projections, and make strategic decisions.
Slide 28: 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) Three Months Ended Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30
Slide 29: 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) Three Months Ended Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 2
Slide 30: 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 31: 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 32: Frank Lloyd Wright intellectual property notice
®/™ Frank Lloyd Wright’s name and likeness are the intellectual property of the Frank Lloyd Wright Foundation. Used by permission.