Slide 1: Q1 2023 Shareholder Letter
Shareholder Letter (Q\ airbnb
Slide 2: Key Financial Measures Q1 2023
Key Financial Measures Q1 2023 $1.8B Revenue Revenue of $1.8 billion increased 20% from Q1 2022 demonstrating continued strong travel demand. 20% Y/Y 24% Y/Y (ex-FX) 117% Y/4Y $117M Net Income Our first GAAP profitable Q1 with $117 million of net income—a $136 million improvement from Q1 2022. $151M
Slide 3: Q1 2023 Shareholder Letter
Q1 2023 Shareholder Letter We had a strong start to 2023. In Q1, Nights and Experiences Booked hit a record high with over 120 million. Revenue of $1.8 billion grew 20% year-over-year (24% ex-FX). Net income was $117 million—our first profitable Q1 on a GAAP basis. Adjusted EBITDA was $262 million w
Slide 4: Business Highlights
demonstrates the continued strength of our business and discipline in managing our cost structure. Adjusted EBITDA margin was 14% for Q1 2023, relatively stable from 15% in Q1 2022.1 • Q1 Free Cash Flow of $1.6 billion was our highest ever. Q1 2023 net cash provided by operating activities was $1.6
Slide 5: 2023 Summer Release
2023 Summer Release We’re making the most extensive set of improvements ever to the Airbnb service, based on feedback from our community. To improve our service, we took a design-driven approach. We created a blueprint of the entire experience: including 150 screens across our app and website, 72 us
Slide 6: Host Passport
Host Passport Staying with a local is the original way to Airbnb. We made it easier to feel at home with your Host by helping you get to know them before you book. The insight The idea Sharing a home with a Host is a great way Help make guests feel comfortable staying to travel affordably and experi
Slide 7: Results from our 2022 Winter Innovations
Results from our 2022 Winter Innovations Airbnb Setup In November 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. In less than six months, Airbnb Setup generat
Slide 8: Meet Lena.
Meet Lena. Hackney, with a side of kimchi When Lena moved from Seattle to London in 2014, she found herself starting a new life from scratch. Making Korean dishes for guests in her Hackney loft became a foundation. “Being away from home can be tough, but preparing and eating traditional dishes remin
Slide 9: Q1 2023 Business and Financial Performance
Q1 2023 Business and Financial Performance Q1 2023 121.1M $20.4B Nights & Experiences Booked Gross Booking Value 19% Y/Y 19% Y/Y 49% Y/4Y 22% Y/Y (ex-FX) 105% Y/4Y Q1 2023 During Q1 2023, we had 121 million Nights and Experiences Booked—our highest quarter ever. While we saw strong growth across all
Slide 10: Airbnb's International Expansion
Airbnb’s International Expansion Airbnb is in over 220 countries and regions, and yet, we recognize that there is still a significant opportunity for growth in less mature markets. We have prioritized a number of markets and have been investing behind our brand to drive awareness and consideration.
Slide 11: Q1 2023 Financial Performance
Q1 2023 $1.8B $117M $262M Revenue Net Income Adjusted EBITDA 20% Y/Y $151M ex-FX $295M ex-FX 24% Y/Y (ex-FX) $(19)M Q1 2022 $229M Q1 2022 117% Y/4Y $(292)M Q1 2019 $(248)M Q1 2019 $1.6B $1.6B Net Cash Provided by Free Cash Flow Operating Activities 32% Y/Y 32% Y/Y 471% Y/4Y 405% Y/4Y In Q1 2023, rev
Slide 12: Quarterly Revenue, Net Income and Adjusted EBITDA
Quarterly Revenue ($M) Q1 2023 revenue of $1.8 billion grew 20% year-over-year, while revenue ex-FX of $1.9 billion grew 24%. $2,000M 20% Y/Y Change 70% 20% Y/Y Change $2,000M $2,000M 20% $1,818 Y/Y Change $1,500M 70% 70% $1,509 $1,818 $1,500M $1,500M 30% $1,818 $1,000M $1,509 $1,509 $1,000M 30% 30%
Slide 13: Quarterly Operating Cash Flow and Free Cash Flow
Quarterly Net Cash Provided by Operating Activities ($M) Q1 2023 cash provided by operating activities was $1.6 billion. $2,000M Net cash provided by $2,000M 87% operating activities $2,000M Net cash provided by % ofcash Net revenue provided by 87% operating activities $1,500M 80% 87% operating acti
Slide 14: Shares (M)
Shares (M) We’re effectively managing share dilution and have repurchased $2B of our initial authorized share buyback program. 800M 69 70 66 Stock Based Awards & 94 83 76 65 63 67 Warrants Outstanding 600M Common Shares Outstanding 400M 608 619 626 634 636 639 633 631 630 200M 0M Mar Jun Sept Dec Ma
Slide 15: Balance Sheet and Cash Flows Outlook
Balance Sheet and Cash Flows For the three months ended March 31, 2023, we reported $1.6 billion of net cash provided by operating activities and $1.6 billion of FCF, compared to $1.2 billion and $1.2 billion, respectively, for the three months ended March 31, 2022.6 The year-over-year increase in F
Slide 16: Earnings Webcast, About Airbnb, Forward-Looking Statements
Earnings Webcast Airbnb will host an audio webcast to discuss its first quarter results at 1:30 p.m. PT / 4:30 p.m. ET on Tuesday, May 9, 2023. The link to the webcast will be made available on Airbnb’s Investor Relations website at https://investors.airbnb.com. Interested parties can register for t
Slide 17: Non-GAAP Financial Measures
“will,” “appears,” “should,” “expects,” “plans,” “anticipates,” “could,” “outlook,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, st
Slide 18: Non-GAAP Financial Measures Definitions
with GAAP is provided below. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. Our non-GAAP financial measures include Adjusted EBITDA, Adjusted EBITDA Margin,
Slide 19: Adjusted EBITDA Limitations
• Adjusted EBITDA excludes stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy; • Adjusted EBITDA excludes acquisition-related impacts consisting of ga
Slide 20: Share Repurchases
results. We calculate the percentage change in constant currency by determining the change in the current period over the prior comparable period where current period foreign currency amounts are translated using the exchange rates of the comparative period. Share Repurchases Share repurchases under
Slide 21: Quarterly Summary
Quarterly Summary 2019 2022 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nights and Experiences Booked 81.3M 83.9M 85.9M 75.8M 102.1M 103.7M 99.7M 88.2 M 121.1M Y/Y 59% 25% 25% 20% 19% Y/2019 26% 24% 16% 16% 49% Gross Booking Value $10.0B $9.8B $9.7B $8.5B $17.2B $17.0B $15.6B $13.5B $20.4B Y/Y 67% 27% 31% 20% 1
Slide 22: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited (in millions, except per share amounts) Three Months Ended March 31 2022 2023 Revenue $1,509 $1,818 Costs and expenses: Cost of revenue 363 428 Operations and support (1) 233 282 Product development (1) 363 420 Sales and marketing (1) 345 450
Slide 23: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in millions) December 31, 2022 March 31, 2023 Assets Current assets: Cash and cash equivalents $7,378 $8,166 Short-term investments 2,244 2,428 Funds receivable and amounts held on behalf of customers 4,783 7,760 Prepaids and other current assets 456
Slide 24: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in millions) Three Months Ended March 31 2022 2023 Cash flows from operating activities: Net income (loss) $(19) $117 Adjustments to reconcile net income (loss) to cash provided by operating activities: Depreciation and amortization 29 11 St
Slide 25: Key Business Metrics
Key Business Metrics Three Months Ended March 31 2022 2023 Nights and Experiences Booked 102.1M 121.1M Gross Booking Value $17.2B $20.4B We track certain key business metrics to measure our performance, identify trends, formulate financial projections, and make strategic decisions. Our key business
Slide 26: 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 27: 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 2019 2019
Slide 28: 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
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