Airbnb, Inc. · NASDAQ:ABNB
Airbnb — Q1 2021 Earnings Presentation
31 slides from Airbnb's earnings presentation, May 13, 2021
Slide 1: Shareholder Letter Q1 2021
Shareholder Letter Q1 2021 airbnb
Slide 2: Q1 2021 key metrics
Q1 2021 64.4M Nights and Experiences Booked • More than a year after the start of the pandemic, Airbnb’s business has continued to prove highly resilient, with 13% Y/Y strength in North America, domestic travel, nearby travel, (21)% Y/2Y and long-term stays. $10.3B Gross Booking Value (GBV) • Airbnb
Slide 3: Q1 2021 Shareholder Letter
Q1 2021 Shareholder Letter 2020 was a year that none of us will ever forget. It was also a year when travel was fundamentally altered forever. Airbnb changed as well. In the depths of the crisis, we sharpened our focus on our core business of hosting. We got back to our roots, and back to what is tr
Slide 4: Business highlights
• Q1 2021 Adjusted EBITDA materially improved due to a reduction in operating expenses. In Q1 2021, our Adjusted EBITDA was $(59) million, compared to $(334) million in Q1 2020.1 Due to variable cost improvements, increased marketing efficiency, and disciplined fixed cost management, all operating e
Slide 5: 2021 Plan
2021 Plan Our priority is to prepare for the coming travel rebound. To do this, we are perfecting our existing product by improving the entire end-to-end experience of our core service for both Hosts and guests. We are focused on the following areas: • Educating the world about what makes Airbnb dif
Slide 6: Educating the world about Airbnb
Educating the world about Airbnb In late February 2021, we launched our first large-scale marketing campaign in five years, Made possible by Hosts. Through the campaign, we are educating guests about the benefits of being hosted and inspiring more people to become Hosts. By using real photos that gu
Slide 7: Recruiting more Hosts
on recruiting new Hosts. We’ve taken a targeted approach by investing in high-priority geographies in our largest markets. Since the campaign launched, we’ve seen an increase in traffic of prospective Hosts in these markets. When new Hosts list their homes on Airbnb, they typically get booked within
Slide 8: Host Spotlight: Misty, Superhost in Gatlinburg
H O ST S P OT L I G H T 55% 58% Hosts are women Superhosts are women The COVID-19 pandemic has had a disproportionate economic impact on women around the world, with millions of them losing their jobs or their livelihoods. Airbnb has long been an economic empowerment engine for women: 55% of our Hos
Slide 9: Host Spotlight: Misty's story
H O ST S P OT L I G H T In the midst of the pandemic in July 2020, Misty decided to go on a family vacation close to home to celebrate her birthday, staying at a listing just outside of Gatlinburg, Tennessee. She and her husband Bryan were so pleased with being hosted in such a spacious home, with p
Slide 10: Simplifying the guest journey; Delivering world class service
Simplifying the guest journey In February, we launched a flexible dates feature to support guests who have more flexibility about when they travel. Instead of having to narrow down exact dates for their trip, guests are able to search for a weekend getaway, a week-long vacation, or even a month-long
Slide 11: Q1 2021 Business and Financial Performance
Q1 2021 Business and Financial Performance Q1 2021 64.4M $10.3B Nights & Experiences Booked Gross Booking Value 13% Y/Y 52% Y/Y 48% Y/Y constant currency basis Q1 2021 In Q1 2021, Airbnb delivered 64.4 million Nights and Experiences Booked, representing a year-over-year increase of 13%. For the same
Slide 12: Travel demand trends in non-urban locations
to cancellations and alterations) where people traveled less than 50 miles to their destinations. The growth of nights booked (prior to cancellations and alterations) for people traveling between 50-300 miles was also relatively strong. Consistent with prior quarters, demand in Q1 2021 was supported
Slide 13: Revenue, Net Loss and Adjusted EBITDA
Q1 2021 $887M $(1,172)M $(59)M Revenue Net Loss Adjusted EBITDA 5% Y/Y 3% Y/Y constant currency basis Q1 2021 In Q1 2021, revenue was $887 million, representing a year-over-year increase of 5% (or 3% increase on a constant currency basis). The increase in revenue was driven by higher ADR during the
Slide 14: Quarterly Revenue, Net Loss and Adjusted EBITDA
Quarterly Revenue ($M) Q1 2021 revenue was up 5% year-over-year, demonstrating Airbnb’s resilience. $1,200M Y/Y Change $1,200M Y/Y Change $1,200M 31% 0% 5% Y/Y Change $800M 31% 0% 5% $839 $842 $887 $800M 31% 0% 5% $839 $842 $887 $800M $839 $842 $887 $400M $400M $400M $0M $0M Q1 2019 Q1 2020 Q1 2021
Slide 15: Operating expenses
Operating expenses in Q1 2021 included the impact of $229 million of stock-based compensation expense, which is excluded from Adjusted EBITDA. Excluding the impact of stock-based compensation expense and a reduction in reserve for certain lodging taxes recorded in Q1 2020, operating expenses decline
Slide 16: Outlook and convertible notes offering
amount of notes, which represents an initial conversion price of approximately $288.64 per share of Class A common stock. The initial conversion price represents a premium of approximately 60% over the last reported sale price of $180.40 per share of our Class A common stock on March 3, 2021. The ne
Slide 17: Q2 2021 revenue expectations
We expect revenue in Q2 2021 to be significantly higher than that of Q2 2020, given the impact of COVID- 19 on the prior year period, and to be at a similar level to that of Q2 2019. In Q2 2021, we expect the positive momentum of recovery experienced in Q1 2021 to be partially offset by the continue
Slide 18: Earnings Webcast, About Airbnb, Forward-Looking Statements
Earnings Webcast Airbnb will host an audio webcast to discuss its Q1 2021 results at 2 p.m. PT / 5 p.m. ET on Thursday, May 13, 2021. The link to the webcast, as well as an audio replay, will be made available on Airbnb’s Investor Relations website at https://investors.airbnb.com. Interested parties
Slide 19: Non-GAAP Financial Measures
the Company’s actual results, performance, or achievements to differ materially from results expressed or implied in this letter. Investors are cautioned not to place undue reliance on these statements, and reported results should not be considered as an indication of future performance. Risks that
Slide 20: Non-GAAP financial measures definitions
Our non-GAAP financial measures include Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow. Adjusted EBITDA is defined as net income or loss adjusted for (i) provision for income taxes; (ii) interest income, interest expense, and other income (expense), net; (iii) depreciation and amortizati
Slide 21: Adjusted EBITDA limitations
• Adjusted EBITDA excludes acquisition-related impacts consisting of gains (losses) recognized on changes in the fair value of contingent consideration arrangements. The contingent consideration, which was in the form of equity, was valued as of the acquisition date and is marked-to-market at each r
Slide 22: Quarterly Summary
Quarterly Summary 2019 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nights and 81.3M 83.9M 85.9M 75.8M 57.1M 28.0M 61.8M 46.3M 64.4M Experiences Booked Y/Y (30)% (67)% (28)% (39)% 13% Y/2Y (21)% Gross Booking Value $10.0B $9.8B $9.7B $8.5B $6.8B $3.2B $8.0B $5.9B $10.3B Y/Y (32)% (67)% (17)% (31)% 52% Y/2Y
Slide 23: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited (in thousands, except per share amounts) Three Months Ended March 31 2020 2021 Revenue $ 841,830 $ 886,936 Costs and expenses: Cost of revenue 277,772 254,515 Operations and support (1) 221,787 185,436 Product development (1) 258,819 363,061
Slide 24: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in thousands) Dec 31, 2020 March 31, 2021 Assets Current assets: Cash and cash equivalents $ 5,480,557 $ 4,482,641 Marketable securities 910,700 2,086,666 Restricted cash 33,846 19,914 Funds receivable and amounts held on behalf of customers 2,181,329
Slide 25: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in thousands) Three Months Ended March 31 2020 2021 Cash flows from operating activities: Net loss $ (340,605) $ (1,172,211) Adjustments to reconcile net loss to cash provided by (used in) operating activities: Depreciation and amortization
Slide 26: Statements of Cash Flows Continued
Condensed Consolidated Statements of Cash Flows Continued Unaudited (in thousands) Three Months Ended March 31 2020 2021 Cash flows from financing activities: Taxes paid related to net share settlement of equity awards $- $ (15,054) Principal repayment of long-term debt - (1,995,000) Prepayment pena
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 Mar 31, 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 Net cash provided by (used i
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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