Slide 1: Shareholder Letter Q4 2021
airbnb Shareholder Letter Q4 2021
Slide 2: Q4 2021 and FY 2021 key metrics
Q4 2021 FY 2021 73.4M 300.6M Nights and Experiences Booked Airbnb saw continued strength in Nights and Experiences Booked in North America, EMEA and Latin America, all of 59% Y/Y 56% Y/Y which have driven significant year-over-year growth. (3)% Y/2Y (8)% Y/2Y $11.3B $46.9B Gross Booking Value (GBV)
Slide 3: Q4 2021 Shareholder Letter
Q4 2021 Shareholder Letter Nearly two years into the pandemic, it’s now clear that we are undergoing the biggest change to travel since the advent of commercial flying. Remote work has untethered many people from the need to be in an office every day. As a result, people are spreading out to thousan
Slide 4: Business Highlights
• Q4 Adjusted EBITDA of $333 million was our most profitable fourth quarter ever. Adjusted EBITDA in Q4 2021 of $333 million was our highest Q4 ever, increasing significantly from losses in both Q4 2020 and Q4 2019. Adjusted EBITDA margin was 22% for Q4 2021. For the full year 2021, Adjusted EBITDA
Slide 5: Wrapping up 2021
we simplified the process to become a Host and created Ask a Superhost—1:1 support from our Superhosts. In November, we launched AirCover, top-to-bottom protection, free for every Airbnb Host, only on Airbnb. • Our Host community is growing to meet the travel demand. Our Host community is larger tha
Slide 6: Recruiting more Hosts
Recruiting more Hosts In order to continue raising awareness of hosting, last year we launched digital campaigns focused on recruiting new Hosts. In Q4 2021, traffic to our hosting landing page in campaign countries increased nearly 40% compared to Q4 2019. In 2021, we made it easier for new Hosts t
Slide 7: Simplifying the guest journey
Simplifying the guest journey Beginning in 2020, we focused on making Airbnb easier to search and book for guests by simplifying the guest journey. In May 2021, we introduced I’m Flexible, a whole new way to search on Airbnb when guests are flexible about where or when they are traveling. In Novembe
Slide 8: Our priorities for 2022 and beyond
Delivering world-class service We’re committed to providing world-class support for our global community. In addition to protecting our Hosts through AirCover, in September, we launched dedicated Superhost support, giving our best Hosts priority access to our most experienced support agents. Since t
Slide 9: Host Spotlight: Stephanie and Peter, Chattanooga, Tennessee
H O ST S P OT L I G H T Stephanie and Peter—Chattanooga, Tennessee Stephanie and her husband Peter have traveled to two dozen countries together on Airbnb, and are Airbnb Superhosts themselves—first in London, then in Mumbai, and now in Chattanooga, Tennessee. Stephanie grew up in Chattanooga and wo
Slide 10: Host Spotlight: Live Anywhere project
H O ST S P OT L I G H T Yet despite Stephanie and Peter’s passion for travel, they had never had the chance to really live on Airbnb—until now. As participants in Airbnb’s Live Anywhere project, Stephanie, Peter and their toddler son Hays are spending a year living on Airbnb through a series of long
Slide 11: Q4 2021 and FY 2021 Business and Financial Performance
Q4 2021 and FY 2021 Business and Financial Performance Q4 2021 73.4M $11.3B Nights & Experiences Booked Gross Booking Value 59% Y/Y 91% Y/Y (3)% Y/2Y 93% Y/Y (ex-FX) 32% Y/2Y FY 2021 300.6M $46.9B Nights & Experiences Booked Gross Booking Value 56% Y/Y 96% Y/Y (8)% Y/2Y 92% Y/Y (ex-FX) 23% Y/2Y Q4 2
Slide 12: Regional performance and travel corridors
• In Latin America, Nights and Experiences Booked were 22% higher than Q4 2019 with continued resilience in certain countries, such as Brazil and Mexico, where both domestic and inbound cross-border travel continued to strengthen. • In Asia Pacific, Nights and Experiences Booked remained depressed c
Slide 13: ADR and supply
tend to have higher ADR. Price appreciation was driven by strong demand as well as hospitality sector-wide price appreciation. Supply We ended Q4 with our highest number of active listings yet. Growth was again strongest in non-urban areas, where guest demand was highest. Consistent with where we’ve
Slide 14: Q4 2021 and FY 2021 revenue, net income, Adjusted EBITDA
Q4 2021 $1.5B $55M $333M Revenue Net Income (Loss) Adjusted EBITDA 78% Y/Y 79% Y/Y (ex-FX) 38% Y/2Y FY 2021 $6.0B $(352)M $1.6B Revenue Net Income (Loss) Adjusted EBITDA 77% Y/Y 74% Y/Y (ex-FX) 25% Y/2Y Q4 2021 In Q4 2021, revenue was $1.5 billion, our strongest fourth quarter ever, representing a y
Slide 15: Quarterly Revenue, Net Income and Adjusted EBITDA
Quarterly Revenue ($M) Q4 revenue of $1.5 billion was 38% higher than Q4 2019. 78% Y/Y Change $1,600M 78% $1,600M 78% Y/Y Change $1,600M Y/Y Change 32% $1,532 $1,200M 32% $1,532 $1,200M 32% (22)% $1,532 $1,200M $1,107 (22)% $800M $1,107 (22)% $800M $1,107 $859 $800M $859 $400M $859 $400M $400M $0M $
Slide 16: Operating expenses in Q4 2021
Operating expenses in Q4 2021 included the impact of $226 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), with the exception of sales and marketing, increased more slowly
Slide 17: Balance Sheet and Cash Flows; Outlook
Balance Sheet and Cash Flows In Q4 2021, we reported $381 million of net cash provided by operating activities and $376 million of Free Cash Flow. 5 For the year ended December 31, 2021, we had $2.2 billion of both net cash provided by operating activities and Free Cash Flow.6 As of December 31, 202
Slide 18: Outlook: Revenue and EBITDA
Revenue and EBITDA We expect to deliver Q1 2022 revenue of between $1.41 billion and $1.48 billion, highlighting strong growth in nights stayed and ADR relative to both Q1 2021 and Q1 2019. Due to the seasonally long lead times for Q1 Nights and Experiences Booked, we expect revenue in Q1 2022 to de
Slide 19: Forward-Looking Statements
220 countries and regions. Every day, Hosts offer unique stays and one-of-a-kind activities that make it possible for guests to experience the world in a more authentic, connected way. Forward-Looking Statements This letter contains forward-looking statements within the meaning of the Private Securi
Slide 20: Non-GAAP Financial Measures
economic conditions; as well as other risks listed or described from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and any subsequent filings, which are or
Slide 21: Adjusted EBITDA definition and limitations
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 operating decisions, including
Slide 22: Adjusted EBITDA Margin and Free Cash Flow definitions
Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other financial performance measures, including net income (loss) and our other GAAP results. Free Cash Flow represents net
Slide 23: Quarterly Summary
Quarterly Summary 2019 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Nights and Experiences 81.3M 83.9M 85.9M 75.8M 57.1M 28.0M 61.8M 46.3M 64.4M 83.1M 79.7M 73.4M Booked Y/Y (30)% (67)% (28)% (39)% 13% 197% 29% 59% Y/2Y (21)% (1)% (7)% (3)% Gross Booking Value $10.0B $9.8B $9.7B $8.5B $6.8B $3.2B $
Slide 24: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited (in thousands, except per share amounts) Three Months Ended December 31 Year Ended December 31 2020 2021 2020 2021 Revenue $859,264 $1,532,196 $3,378,199 $5,991,760 Costs and expenses: Cost of revenue 209,747 295,311 876,042 1,155,833 Operati
Slide 25: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited (in thousands) As of December 31 2020 2021 Assets Current assets: Cash and cash equivalents $5,480,557 $6,067,438 Marketable securities 910,700 2,255,038 Restricted cash 33,846 14,764 Funds receivable and amounts held on behalf of customers 2,181,329 3
Slide 26: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited (in thousands) Year Ended December 31 2020 2021 Cash flows from operating activities: Net loss $(4,584,716) $(352,034) Adjustments to reconcile net loss to cash provided by (used in) operating activities: Depreciation and amortization 125,876
Slide 27: Statements of Cash Flows Continued; Key Business Metrics
Condensed Consolidated Statements of Cash Flows Continued Unaudited (in thousands) Year Ended December 31 2020 2021 Cash flows from financing activities: Proceeds from issuance of common stock upon initial public offering, net of $3,650,870 $- underwriting discounts and offering costs Taxes paid rel
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 thousands) 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 thousands) 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 2019 20
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
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