Airbnb, Inc. · NASDAQ:ABNB
Airbnb — Q4 2024 Earnings Presentation
27 slides from Airbnb's earnings presentation, Feb 13, 2025
Slide 1: Q1 2025
Slide 2: Q1 2025 Highlights
Q1 2025 Highlights Key Financial Measures Revenue $2.3B 6% Y/Y 8% Y/Y (ex-FX) Net Income $154M 7% Net income margin Adjusted EBITDA* $417M 18% Adjusted EBITDA Margin Free Cash Flow (“FCF”)* $1.8B Trailing Twelve Month (“TTM”) FCF* $4.4B 39% TTM FCF Margin Key Business Metrics Gross Booking Value (“G
Slide 3: Q1 2025 Shareholder Letter
Q1 2025 Shareholder Letter We had a strong start to 2025. In Q1, guests spent nearly $25 billion on Airbnb. Our results show that no matter what’s happening in the world, people continue to choose Airbnb. That’s because our model is inherently adaptable. We’ve proven this time and time again, from o
Slide 4: Q1 2025 Financial Results and Outlook
Q1 2025 Financial Results Here’s a snapshot of our Q1 2025 results: • Q1 revenue was $2.3 billion, up 6% year-over-year. Revenue increased to $2.3 billion in Q1 2025 from $2.1 billion in Q1 2024, primarily driven by solid growth in nights stayed, partially offset by a slight decrease in Average Dail
Slide 5: Q2 2025 Outlook
a benefit of approximately two percentage points related to the timing of Easter in 2024, which creates a favorable year-over-year comparison during the quarter. As a result, we anticipate our implied take rate in Q2 2025 to be higher than in Q2 2024. • Q2 Nights Booked and ADR. In Q2 2025, we expec
Slide 6: Minor changes, major impact
A CLOSER LOOK Minor changes, major impact Even modest improvements can make a big difference to our users. Through thoughtful design and iteration, we developed algorithms to make filter recommendations to guests in the booking flow. We added contextualized tips to help travelers get even better val
Slide 7: Q1 2025 Business and Financial Performance
Q1 2025 Business and Financial Performance Q1 2025 143.1M $24.5B Nights & Experiences Booked Gross Booking Value 8% Y/Y 7% Y/Y 9% Y/Y (ex-FX) In Q1 2025, we delivered strong growth of Nights and Experiences Booked of 8% despite the unfavorable comparison to Q1 2024, which included Leap Day. Regional
Slide 8: Regional demand and ADR trends
compared to Q1 2024 (or 3% ex-FX), primarily driven by mix shift. Growth in short-term stays and entire homes continued to outpace long-term stays (trips of 28 days or more) and Airbnb rooms, respectively, helping to drive the mix shift. In Q1 2025, we continued to see demand grow year-over-year in
Slide 9: Supply growth and quality listings
• Targeted acquisition. Ensuring we have sufficient supply in supply constrained markets. • Calendar availability. Helping existing hosts to host more often. For instance, to make it even easier, we introduced Co-Host Network last year. Whether it’s setting up a listing, welcoming guests, or cleanin
Slide 10: Q1 2025 financial results
Q1 2025 $2.3B $154M $417M Revenue Net Income Adjusted EBITDA 6% Y/Y 7% Margin 18% Margin 8% Y/Y (ex-FX) $1.8B $1.8B $4.4B Net Cash Provided by Free Cash Flow TTM Free Cash Flow Operating Activities We generated $2.3 billion of revenue during Q1 2025, representing a year-over-year increase of 6%. As
Slide 11: Quarterly Revenue, Net Income and Adjusted EBITDA
Quarterly Revenue ($M) $3,000M Q1 2025 revenue of $2.3 billion increased 6% compared to Q1 2024. $3,000M Change Y/Y Change Y/Y 18% 6% 6% 18% $2,250M $2,250M $3,000M 20% 20% Y/Y Change $2,142 $2,142 $2,272 $2,272 6% $1,500M 18% $1,500M $2,250M $1,818 $1,818 20% $2,142 $2,272 $750M $750M $1,500M $1,81
Slide 12: Quarterly Operating Cash Flow and Free Cash Flow
Quarterly Net Cash Provided by Operating Activities ($M) In Q1 2025, net cash provided by operating activities was $1.8 billion. 90% 90% Net Net cash cash provided provided by by $2,000M 79% 79% operating $2,000M operating activities activities 87% 87% % % of of revenue revenue 90% $1,923 Net cash p
Slide 13: Shares (M)
Shares (M) We repurchased $807 million of Class A common stock during Q1 2025 to help manage the impact of share dilution. 800M Fully Diluted 697 677 Share Count 660 67 41 41 Stock Based Awards & 600M Warrants Outstanding 630 636 619 Common Shares Outstanding 400M 200M 0M Mar 2023 Mar 2024 Mar 2025
Slide 14: Balance Sheet and Cash Flows; Capital Allocation
Balance Sheet and Cash Flows For the three months ended March 31, 2025, we reported $1.8 billion of net cash provided by operating activities and $1.8 billion of FCF, compared to $1.9 billion and $1.9 billion, respectively, for the three months ended March 31, 2024.4 As of March 31, 2025, we had $11
Slide 15: 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 16: Non-GAAP Financial Measures
“SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and any subsequent filings, which are or will be on file with the SEC and available on the investor relations page
Slide 17: Adjusted EBITDA definition and limitations
others in understanding and evaluating our results of operations, as well as provides a useful measure for period-to-period comparisons of our business performance. Moreover, we have included Adjusted EBITDA in this letter because it is a key measurement used by our management internally to make ope
Slide 18: Free Cash Flow definition
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 on these funds. Free Cash Flow Margin is defined as Free Cash Flow divided by revenue. We track our TTM Free Cas
Slide 19: Quarterly Summary
Quarterly Summary 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nights and 121.1M 115.1M 113.2M 98.8M 132.6M 125.1M 122.8M 111.0M 143.1M Experiences Booked Y/Y 19% 11% 14% 12% 9% 9% 8% 12% 8% Gross Booking Value $20.4B $19.1B $18.3B $15.5B $22.9B $21.2B $20.1B $17.6B $24.5B Y/Y 19% 13% 17% 15% 12% 11% 1
Slide 20: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited (in millions, except per share amounts) Three Months Ended March 31 2024 2025 Revenue $2,142 $2,272 Costs and expenses: Cost of revenue 480 506 Operations and support (1) 285 303 Product development (1) 475 568 Sales and marketing (1) 514 563
Slide 21: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in millions) December 31, 2024 March 31, 2025 Assets Current assets: Cash and cash equivalents $6,864 $7,600 Short-term investments 3,747 3,892 Funds receivable and amounts held on behalf of customers 5,931 9,175 Prepaids and other current assets 638
Slide 22: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in millions) Three Months Ended March 31 2024 2025 Cash flows from operating activities: Net income $264 $154 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 14 25 Stock-based compe
Slide 23: Key Business Metrics
Key Business Metrics Three Months Ended March 31 2024 2025 Nights and Experiences Booked 132.6M 143.1M Gross Booking Value $22.9B $24.5B We track certain key business metrics to measure our performance, identify trends, formulate financial projections, and make strategic decisions. Our key business
Slide 24: Adjusted EBITDA Reconciliation
Reconciliations of Non-GAAP Financial Measures The following is a reconciliation of net income (loss) to Adjusted EBITDA. Adjusted EBITDA Reconciliation (in millions, except percentages) Three Months Ended Mar31 Jun30 Sept30 Dec31 Mar31 Jun30 Sept30 Dec31 Mar31 2023 2023 2023 2023 2024 2024 2024 202
Slide 25: Free Cash Flow Reconciliation
The following is a reconciliation of net cash provided by operating activities to Free Cash Flow. 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 2023 2023 2023 2023 2024 2024 2024 2024 2025 Revenue $
Slide 26: Think outside the hotel
Think outside the hotel Our “Get an Airbnb” campaign focuses on showcasing the unique advantages of choosing an Airbnb over a traditional hotel. Our latest commercial taps into another one of those truths—in a hotel, the world beyond your room is limited to the lobby. But in an Airbnb, you can open
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