Q4
2023
Shareholder Letter
2
Q4 2023Key Financial Measures FY 2023
Revenue
Q4 revenue of $2.2 billion increased 17% from Q4 2022
driven by continued strength in travel demand as well
as a foreign exchange rate (“FX”) tailwind.
$2.2B
17% Y/Y
14% Y/Y (ex-FX)
100% Y/4Y
$9.9B
18% Y/Y
17% Y/Y (ex-FX)
106% Y/4Y
Net Income (Loss)
Q4 net loss of $349 million included non-recurring
tax withholding expenses and lodging tax reserves
of approximately $1 billion. Excluding these and after
applying our anticipated long-term tax rate of 21%,
Adjusted Net Income was $489 million. Net loss margin
was (16)% and Adjusted Net Income Margin was 22%.
Adjusted EBITDA*
Our Q4 Adjusted EBITDA of $738 million represented
a 46% increase from Q4 2022, demonstrating the
continued strength of the business and discipline

Free Cash Flow (“FCF”)*
We generated $63 million of net cash provided
by operating activities and $46 million of FCF

a 39% FCF Margin.
$(349)M
$(316)M (ex-FX)
$319M Q4 2022
$(351)M Q4 2019
$4.8B
$4.8B (ex-FX)
$1.9B FY 2022
$(674)M FY 2019
$738M
$707M (ex-FX)
$506M Q4 2022
$(276)M Q4 2019
$46M
$455M Q4 2022
$(216)M Q4 2019
$3.7B
$3.6B (ex-FX)
$2.9B FY 2022
$(253)M FY 2019
$3.8B
$3.4B FY 2022
$108M FY 2019
Nights and Experiences Booked


Gross Booking Value (“GBV”)
Strong growth in Nights and Experiences Booked
and a modest increase in ADR drove $15.5 billion

98.8M
12% Y/ Y
30% Y/4Y
448.2M
14% Y/Y
37% Y/4Y
$15.5B
15% Y/Y
13% Y/Y (ex-FX)
81% Y/4Y
$73.3B
16% Y/Y
16% Y/Y (ex-FX)
93% Y/4Y
Key Business Metrics

3
Q4 2023 Shareholder Letter
Airbnb ended 2023 with another strong quarter. In Q4, Nights and Experiences Booked totaled 99 million,
growing 12% year-over-year, and marking our highest fourth quarter ever. Revenue of $2.2 billion grew 17%
year-over-year (14% ex-FX). Q4 net loss was $349 million and excluding non-recurring tax items, Adjusted

represented a 33% Adjusted EBITDA Margin, up 6 percentage points from the year prior.


• Making hosting mainstream
Airbnb, and we believe our approach is working. In Q4, our Host community surpassed 5 million
Hosts around the globe. Active listings exceeded 7.7 million by the end of 2023, increasing
18% in Q4 2023 relative to Q4 2022, with sustained double-digit supply growth across all regions.
And in 2023 alone, Hosts earned more than $57 billion. In 2024, we’ll continue raising awareness
around hosting and improving the overall host experience.
• Perfecting the core service


decreased by 36% in Q4 2023 compared to the same period in 2022. And two-thirds of our Hosts now


• Expanding beyond the core
perfecting our core service, and now we’re ready to embark on our next chapter. To unlock more
opportunities for growth, we're investing in under-penetrated international markets, and we’re


Netherlands. We also believe that now is the time for us to expand beyond our core business and
reinvent Airbnb. While this will be a gradual, multi-year journey, we’re excited to share more about

Q4 and Full-Year 2023 Financial Results

• Q4 revenue was $2.2 billion, up 17% year-over-year. Revenue increased to $2.2 billion in Q4
2023 from $1.9 billion in Q4 2022, driven by solid growth in Nights and Experiences Booked,

• Q4 net loss was $349 million, including non-recurring tax items. In Q4 2023, net loss included
non-recurring tax withholding expenses and lodging tax reserves of approximately $1 billion.

our Adjusted Net Income was $489 million compared to $319 million of net income in Q4 2022.
Our Adjusted Net Income increased primarily due to our revenue growth, expense discipline and
4


• Q4 Adjusted EBITDA was $738 million, up 46% year-over-year. Adjusted EBITDA increased
to $738 million in Q4 2023 from $506 million in Q4 2022, which demonstrates the continued
strength of our business and discipline in managing our cost structure. Adjusted EBITDA

1
• Q4 Free Cash Flow was $46 million, including non-recurring tax items. In Q4 2023, net cash
provided by operating activities was $63 million compared to $463 million in Q4 2022. This
decrease in year-over-year cash flow was due to non-recurring tax items associated with host

Our full-year FCF was $3.8 billion, including these tax items, representing a FCF Margin of 39%.
2
• Q4 share repurchases of $750 million. Our strong cash flow enabled us to repurchase $750 million
of our Class A common stock in Q4 2023. Share repurchases during the full year 2023 totaled
$2.25 billion, and we reduced our fully diluted share count from 694 million at the end of Q4 2022


31, 2023, we had $750 million remaining under our prior program and today, we're announcing


Business Highlights

• Guest demand remains strong—especially among rst-time bookers. Nights and Experiences
Booked grew 12% in Q4 2023 compared to a year ago. Following the volatility that impacted
our business in October, we saw an acceleration of nights booked growth throughout the rest

bookers during Q4 2023. In fact, we exited 2023 with the highest quarterly growth rate of the

with 55% of our gross nights booked in the Airbnb app during Q4 2023 compared to 50% in Q4

• Growth is accelerating in under-penetrated markets. As part of our international expansion
strategy, we’re investing in brand awareness and consideration in less mature markets. We’re also


doubled compared to the same period in 2019 and we anticipate rolling out our playbook to other


1, 2

5
• We’re driving aordability for guests. Throughout 2023, we introduced several features to help

transparency for guests. We’re encouraged by the results. Since launching these features, 1.4 million


remove or lower their cleaning fees. By the end of the year, nearly 40% of our active listings charged


2022. Also, while the average nightly price of a one-bedroom listing on Airbnb in December was
$114, down 2% from the prior-year period, hotel prices rose 7% to $149 over the same period.
3
• We’ve added nearly 1.2 million active listings over the last year. Airbnb has grown to more
than 5 million Hosts with over 7.7 million active listings around the world. In Q4 2023, our active
listings grew by 18% compared to Q4 2022. We continued to see double-digit supply growth

that also had the most year-over-year growth in Nights and Experiences Booked. Consistent
with the prior quarter, urban and non-urban supply grew at similar rates year-over-year.
We continued to see relatively similar growth among individual and professional Hosts and
believe the majority of new listings are exclusive to Airbnb.
Results from our 2023 Winter Release
As part of our November 2023 Winter Release, we introduced major upgrades to help guests understand

Guest Favorites
Airbnb has more than 7 million homes all over the world. Each home is one-of-a-kind, and this uniqueness
is what sets Airbnb apart. But guests have told us that with so much variety, it can be hard to know




ratings data, feedback left in guest reviews, Host cancellations, and the number of quality-related



The Listings tab
Managing a listing is one of the most essential parts of hosting because it’s how guests learn about



3


6
their listings. These tools include a redesigned interface making it easy for Hosts to add listing details,





7
A CLOSER LOOK


of the 2 million most loved homes on Airbnb, based on ratings, reviews,
and reliability from over half a billion trips.
Guest Favorites
A new badge
It’s easy to spot the top
homes on Airbnb according
to guests. Just look for the


More detailed ratings
All listings feature new
breakdowns of their ratings,

above 4.9 stars on average—
get a special callout.
Revamped reviews
Reviews now include more
relevant details—such as
trip type, length of stay, and
rating—making it easier for

8
Managing a listing is one of the most essential parts of being a Host.

powerful new tools to easily manage their listings and showcase what
makes their homes special.
The Listings tab
AI-powered photo tour

their photos by room with the
help of AI, giving guests a more
complete picture of their space.
All-new listing editor
A redesigned editor streamlines
how Hosts add information to their
listings, while providing tips on the
best ways to display the details.
Smart lock integration
Soon Hosts will be able to
connect their Airbnb accounts
with compatible smart locks to
automatically generate unique
door codes for every reservation.
9
Q4 and FY 2023 Business and Financial Performance
Q4 2023
FY 2023
98.8M
Nights & Experiences Booked
12% Y/Y
30% Y/4Y
$15.5B
Gross Booking Value
15% Y/Y
13% Y/Y (ex-FX)
81% Y/4Y
448.2M
Nights & Experiences Booked
14% Y/Y
37% Y/4Y
$73.3B
Gross Booking Value
16% Y/Y
16% Y/Y (ex-FX)
93% Y/4Y
During Q4 2023, we had 98.8 million Nights and Experiences Booked—our highest fourth quarter ever.
We saw strong growth across all regions compared to Q4 2022, with the strongest growth seen in Asia


representing a year-over-year increase of 15% (13% ex-FX).
Geographic mix
In Q4 2023, we saw continued growth in all regions relative to the same period in 2022. Q4 2023 regional

• Continued solid growth of Nights and Experiences Booked in North America. ADR in North
America was flat in Q4 2023 compared to Q4 2022 and fell 2% for the same period when
excluding FX and mix shift. While the majority of travel in North America remains domestic,

quarter. In Q4 2023, gross nights booked to North America by guests outside the region
increased nearly 15% compared to Q4 2022.
• Stable growth of Nights and Experiences Booked compared to the prior quarter in EMEA.
Excluding the impact of FX, our ADR in EMEA increased 6% compared to Q4 2022, consistent
with the prior quarter. Relative to earlier in the year, we saw particular strength in domestic
travel in EMEA in Q4.
10
• Continued strength of Nights and Experiences Booked in Latin America
and Experiences Booked were 22% higher than Q4 2022, with continued strength in Mexico and

than double in Q4 2023 compared to Q4 2019. During each quarter in 2023, we saw the highest

compared to 2019.
• Strong growth of Nights and Experiences Booked in Asia Pacic as cross-border travel
continues to recover
over-year basis. This region has historically been reliant on cross-border travel and as this corridor

over-year. In addition, although the recovery has and continues to be gradual, we are encouraged
by the recovery of the outbound China business. In Q4 2023, nights booked in China on an origin
basis increased nearly 90% on a year-over-year basis.
Airbnb’s International Expansion
The overall lodging market is massive, and we’ve only scratched the surface. While we’re in over 220

markets are highly under-penetrated and we believe they represent huge growth opportunities. We
want our product to be local and relevant in each market. As such, we have implemented a playbook





Travel Corridors
In Q4 2023, domestic travel comprised the largest travel corridor in all regions. While domestic travel
remains strong, we continue to see cross-border travel increase relative to the peak of the pandemic.

nights booked, consistent with Q4 2022, but still slightly below 47% in Q4 2019.
Urban Destinations
Consistent with recent quarters, we continue to see strong demand for urban travel, historically one
of the strongest areas of our business. In Q4 2023, gross nights booked in high-density urban areas
grew by 11% year-over-year and represented 51% of our gross nights booked in Q4 2023, consistent
with Q4 2022, but still below 59% in Q4 2019.


than double a year ago. We believe Airbnb is crucial for accommodating the increased influx of visitors


11
Trip length
During Q4 2023, long-term stays of 28 days accounted for 19% of gross nights booked, up slightly from
the 18% level seen in Q3 2023. During our 2023 Summer Release, we announced that we would make

of our nights booked for long-term stays were for trip durations of three months or longer—with nights
booked for trips over three months increasing approximately 20% compared to Q4 2022.
Average daily rates
ADR was $157 in Q4 2023, representing a 3% increase from Q4 2022. Excluding the impact of FX, ADR
in Q4 2023 increased less than 1% from Q4 2022 partially due to mix shift. Excluding the impact of FX,

Supply
We ended Q4 2023 with our highest number of active listings yet. Active listings grew 18% in Q4 2023
compared to a year ago. We saw growth in supply across all market types in Q4 2023 compared to



Airbnb-Friendly Apartments
During Q4 2023, we celebrated the one year anniversary since announcing Airbnb-Friendly Apartments

time. When we launched AFA, we had approximately 175 buildings on the platform. We now have
more than 400 buildings and 125,000 units on the platform across over 40 markets including 127 cities
across 17 U.S. states—and these numbers continue to grow. Over the long term, we believe this will


Regulation

of each municipality while protecting our Hosts and still allowing our business to grow. That’s why we




options for guests, disperse travel to new destinations, and generate billions in economic activity and tax
revenue for local communities. As of December 31, 2023, we collected and remitted more than $10 billion
in tourism-related taxes to local governments on behalf of our global Host community. Overall, we believe
in transparent and equitable regulation and as of December 31, 2023, approximately 80% of our top 200
markets had some form of regulation in place.


12



York City has experienced higher hotel prices and a new analysis of publicly available data reveals

4

York City represented approximately 1% of Airbnb’s global revenue and, currently, no one city accounts
for more than 2% of Airbnb’s revenue on a global basis.
4


13
In Q4 2023, revenue was $2.2 billion, representing a year-over-year increase of 17% (14% ex-FX).


in non-USD currencies, while a minority of our recurring operating expenses were denominated

Q4 2023
$2.2B
Revenue
17% Y/Y
14% Y/Y (ex-FX)
100% Y/4Y
$(349)M
Net Income (Loss)
$489M Adjusted Net Income
$(316)M (ex-FX)
$319M Q4 2022
$(351)M Q4 2019
$738M
Adjusted EBITDA
$707M (ex-FX)
$506M Q4 2022
$(276)M Q4 2019
$9.9B
Revenue
18% Y/Y
17% Y/Y (ex-FX)
106% Y/4Y
$4.8B
Net Income (Loss)
$2.9B Adjusted Net Income
$4.8B (ex-FX)
$1.9B FY 2022
$(674)M FY 2019
$3.7B
Adjusted EBITDA
$3.6B (ex-FX)
$2.9B FY 2022
$(253)M FY 2019
$63M
Net Cash Provided by (Used In)
Operating Activities
$463M Q4 2022
$(190)M Q4 2019
$46M
Free Cash Flow
$455M Q4 2022
$(216)M Q4 2019
$3.9B
Net Cash Provided by
Operating Activities
$3.4B FY 2022
$233M FY 2019
$3.8B
Free Cash Flow
$3.4B FY 2022
$108M FY 2019
FY 2023
14
Operating expenses in Q4 2023 included the impact of $290 million of stock-based compensation
expense, which is excluded from Adjusted EBITDA. All operating expense line-items (excluding

increased more slowly year-over-year than revenue, allowing for considerable margin expansion.

withholding expenses and lodging tax reserves.



of $319 million in Q4 2022. Adjusted Net Income increased primarily due to higher revenue, expense
discipline and interest income. Adjusted Net Income Margin increased 5 percentage points to 22%
in Q4 2023 compared to net income margin of 17% in Q4 2022.
Adjusted EBITDA in Q4 2023 was a record $738 million, an improvement compared to Adjusted EBITDA

5
The growth in our Q4 2023 Adjusted EBITDA reflects the continued strength

from 27% in Q4 2022 to 33% in Q4 2023, consistent with our expectations for Q4 2023 Adjusted EBITDA
Margin to exceed the prior year.

of the year as compared to 2022. We continue to see great results from our brand marketing across all

penetrated. For instance, we saw faster growth in bookings on an origin basis in low penetration states

in performance marketing that are resulting in high return on investments. In 2024, marketing spend

Take Rate

stable with Q4 2022.


fee to give us the ability to charge an additional amount for cross-currency bookings. It is common



as cross-currency transactions only make up a portion of cross border bookings. We intend to test and
evaluate the application of this increase in guest service fee when it is enabled on April 1, 2024.
Stock-Based Compensation
As anticipated, full-year 2023 stock-based compensation (“SBC”) expense was 20% higher than in full-
year 2022. The increase in SBC expense exceeded the headcount growth over the same time period
5

15
due to the accounting for our restricted stock unit (“RSU”) awards, which has changed over time.




Taxes






16
Excludes approximately
$1 billion of non-recurring
tax items
*
$3,000M
$1,500M
$2,250M
$750M
$0M
$1,107
$1,902
$2,218
Y/Y Change
Net income (loss)
% of revenue
Adjusted net income
(loss) % of revenue
Adjusted EBITDA
% of revenue
24%
32%
17%
$1,200M
$400M
$800M
$0M
$(400)M
$(276)
$506
$738
27%
(25)%
33%
$0M
$300M
$600M
$(300)M
$(600)M
$(351)
$319
$(349)
$489*
17%
(32)%
(16)%
22%
Q4 2022Q4 2019 Q4 2023
Q4 2022Q4 2019 Q4 2023
Q4 2022Q4 2019 Q4 2023
Excludes approximately
$1 billion of non-recurring
tax items
*
$3,000M
$1,500M
$2,250M
$750M
$0M
$1,107
$1,902
$2,218
Y/Y Change
Net income (loss)
% of revenue
Adjusted net income
(loss) % of revenue
Adjusted EBITDA
% of revenue
24%
32%
17%
$1,200M
$400M
$800M
$0M
$(400)M
$(276)
$506
$738
27%
(25)%
33%
$0M
$300M
$600M
$(300)M
$(600)M
$(351)
$319
$(349)
$489*
17%
(32)%
(16)%
22%
Q4 2022Q4 2019 Q4 2023
Q4 2022Q4 2019 Q4 2023
Q4 2022Q4 2019 Q4 2023
Quarterly Revenue ($M)
Revenue increased 17% from Q4 2022 to $2.2 billion, driven by continued strength in demand and an FX tailwind.
Quarterly Net Income (Loss) ($M)
Q4 net loss was $349 million, which included approximately $1 billion of non-recurring tax items.
Quarterly Adjusted EBITDA ($M)
Q4 Adjusted EBITDA was our highest fourth quarter ever, representing a 46% increase from Q4 2022.
Excludes approximately
$1 billion of non-recurring
tax items
*
$3,000M
$1,500M
$2,250M
$750M
$0M
$1,107
$1,902
$2,218
Y/Y Change
Net income (loss)
% of revenue
Adjusted net income
(loss) % of revenue
Adjusted EBITDA
% of revenue
24%
32%
17%
$1,200M
$400M
$800M
$0M
$(400)M
$(276)
$506
$738
27%
(25)%
33%
$0M
$300M
$600M
$(300)M
$(600)M
$(351)
$319
$(349)
$489*
17%
(32)%
(16)%
22%
Q4 2022Q4 2019 Q4 2023
Q4 2022Q4 2019 Q4 2023
Q4 2022Q4 2019 Q4 2023
17
Quarterly Net Cash Provided by (Used in) Operating Activities ($M)
Q4 2023 net cash provided by operating activities was $63 million, primarily lower year-over-year due to non-recurring tax items.
Quarterly Free Cash Flow ($M)
TTM Free Cash Flow ($M)
We generated $46 million of Free Cash Flow in Q4 2023, primarily lower year-over-year due to non-recurring tax items.
We generated $3.8 billion of TTM FCF in 2023, enabling us to repurchase $2.25 billion of our common stock in 2023.
*
Includes non-recurring tax
withholding expenses and
lodging tax reserves
*
Includes non-recurring tax
withholding expenses and
lodging tax reserves
*
$600M
$200M
$400M
$0M
$(200M)
$(190)
$463
$63*
$(216)
$455
$46*
Net cash provided by
(used in) operating
activities % of revenue
Free Cash Flow
% of revenue
24%
(17)%
3%
24%
(20)%
2%
$500M
$0M
$250M
$(250)M
$(500)M
TTM Free Cash Flow
% of TTM revenue
41%
2%
39%
$4,000M
$3,837*
$108
$3,405
$3,000M
$
1,000M
$0M
$2,000M
Includes non-recurring tax
withholding expenses and
lodging tax reserves
Q4 2022Q4 2019 Q4 2023
Q4 2022Q4 2019 Q4 2023
Q4 2022Q4 2019 Q4 2023
*
Includes non-recurring tax
withholding expenses and
lodging tax reserves
*
Includes non-recurring tax
withholding expenses and
lodging tax reserves
*
$600M
$200M
$400M
$0M
$(200M)
$(190)
$463
$63*
$(216)
$455
$46*
Net cash provided by
(used in) operating
activities % of revenue
Free Cash Flow
% of revenue
24%
(17)%
3%
24%
(20)%
2%
$500M
$0M
$250M
$(250)M
$(500)M
TTM Free Cash Flow
% of TTM revenue
41%
2%
39%
$4,000M
$3,837*
$108
$3,405
$3,000M
$
1,000M
$0M
$2,000M
Includes non-recurring tax
withholding expenses and
lodging tax reserves
Q4 2022Q4 2019 Q4 2023
Q4 2022Q4 2019 Q4 2023
Q4 2022Q4 2019 Q4 2023
*
Includes non-recurring tax
withholding expenses and
lodging tax reserves
*
Includes non-recurring tax
withholding expenses and
lodging tax reserves
*
$600M
$200M
$400M
$0M
$(200M)
$(190)
$463
$63*
$(216)
$455
$46*
Net cash provided by
(used in) operating
activities % of revenue
Free Cash Flow
% of revenue
24%
(17)%
3%
24%
(20)%
2%
$500M
$0M
$250M
$(250)M
$(500)M
TTM Free Cash Flow
% of TTM revenue
41%
2%
39%
$4,000M
$3,837*
$108
$3,405
$3,000M
$
1,000M
$0M
$2,000M
Includes non-recurring tax
withholding expenses and
lodging tax reserves
Q4 2022Q4 2019 Q4 2023
Q4 2022Q4 2019 Q4 2023
Q4 2022Q4 2019 Q4 2023
18
Shares (M)
We repurchased $2.25 billion of our shares during 2023, reducing our fully diluted share count to 676 million as of year-end.
600M
800M
400M
200M
0
M
Stock Based Awards &
Warrants Outstanding
Common Shares
Outstanding
638
631
634
68
63
38
694
702
676
Dec 2021 Dec 2022
Dec 2023
19
Balance Sheet and Cash Flows
For the three months ended December 31, 2023, we reported $63 million of net cash provided by
operating activities and $46 million of FCF, compared to $463 million and $455 million, respectively,
for the three months ended December 31, 2022.
6
The year-over-year decrease in net cash provided


As of December 31, 2023, we had $10.1 billion of cash and cash equivalents, short-term investments,

Capital Allocation
We’re announcing today that our Board of Directors has approved a share repurchase program with

The repurchase program continues to be executed as part of our broader capital allocation strategy


provides us the capital to do all three.

already using AI across our service, including large language models, computer vision models and machine

into Airbnb’s platform.
During Q4 2023, we repurchased $750 million of Class A common stock under our $2.5 billion


and withhold a corresponding number of shares from employees, rather than sell employee shares

dilution from our employee stock programs. In 2023, cash used for share repurchases and employee tax
obligations totaled $3.5 billion with an average share price of $121, ultimately reducing approximately
4.5% of our year-end 2023 outstanding shares of common stock.
Outlook
2024 started strong, with more than six million guests welcoming the New Year in an Airbnb. For Q1
2024, we expect to deliver revenue of $2.03 billion to $2.07 billion, which represents year-over-year




6

20
Due to particularly strong growth in Q1 2023 (19%), impacting year-over-year comparisons, we expect
the growth rate of nights booked in Q1 2024 to moderate relative to Q4 2023. We expect ADR for the
quarter to be flat to slightly up compared to Q1 2023.


four years to deliver a full-year Adjusted EBITDA Margin of 37% in 2023, up from negative 5% in 2019.
In 2024, we expect to continue to deliver Adjusted EBITDA growth on a nominal basis, for both Q1 and
the full-year. We expect Adjusted EBITDA Margin in Q1 2024 to expand relative to Q1 2023, primarily due
to the timing of expenses.

believe we have meaningful growth opportunities ahead. For the full-year 2024, we expect to maintain
an Adjusted EBITDA Margin of at least 35%, providing us flexibility to invest in incremental growth
opportunities over the course of the year.
Earnings Webcast

on February, 13, 2024. The link to the webcast will be made available on the Investor Relations website


lEAWnjeF. After registering, instructions will be shared on how to join the call.

ir@airbnb.com

cont[email protected]om
About Airbnb
Airbnb was born in 2007 when two Hosts welcomed three guests to their San Francisco home, and has
since grown to over 5 million Hosts who have welcomed over 1.5 billion guest arrivals in almost every


Forward-Looking Statements

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 future performance of Airbnb, Inc. and


21


the Company’s expectations with respect to the demand for bookings, and expectations with respect














by terms such as “may,” “will,” “appears,” “should,” “expects,” “plans,” “anticipates,” “could,” “outlook,”
“intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,”

strategy, plans, or intentions. Such statements are subject to a number of known and unknown risks,
uncertainties, assumptions, and other factors that may cause the Company’s actual results, performance,

not to place undue reliance on these statements, and reported results should not be considered as an
indication of future performance.
Risks that contribute to the uncertain nature of the forward-looking statements include, among others,



to the laws and regulations that may limit the Company’s Hosts’ ability and willingness to provide their










Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023

page of the Company’s website. All forward looking statements 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.
22
The information that can be accessed through hyperlinks or website addresses included herein is deemed
not to be incorporated in or part of this letter.
Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in the



to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that











EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Margin, trailing twelve months (“TTM”)

exchange rates (“ex-FX”), net income ex-FX, and Adjusted EBITDA ex-FX.






the reserves for lodging taxes for which management believes it is probable that we may be held jointly
liable with Hosts for collecting and remitting such taxes, and the applicability of withholding taxes on

The above items are excluded from our Adjusted EBITDA measure because these items are non-cash


Reconciliations of expected Adjusted EBITDA and Adjusted EBITDA Margins to corresponding net
income (loss) and net income (loss) margins have not been provided because of the unpredictability




EBITDA in this letter because it is a key measurement used by our management internally to make
23
operating decisions, including those related to operating expenses, evaluating performance,




• Adjusted EBITDA does not reflect interest income (expense) and other income (expense),


• Adjusted EBITDA excludes certain recurring, non-cash charges, such as depreciation of property


EBITDA does not reflect all cash requirements for such replacements or for new capital

• Adjusted EBITDA excludes stock-based compensation expense, which has been, and will continue


• 
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

• Adjusted EBITDA does not reflect net changes to reserves for lodging taxes for which management
believes it is probable that we may be held jointly liable with Hosts for collecting and remitting such

• 
lease right-of-use assets and leasehold improvements.



Free Cash Flow represents net cash provided by (used in) operating activities less purchases of property
and equipment. We believe that Free Cash Flow is a meaningful indicator of liquidity that provides
information to management and investors about the amount of cash generated from operations that,
after purchases of property and equipment, can be used for strategic initiatives, including continuous
investment in our business, growth through acquisitions, and strengthening our balance sheet. Our Free

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 on these


24
the time of booking. Free Cash Flow has limitations as an analytical tool and should not be considered

by (used in) operating activities. Free Cash Flow does not reflect our ability to meet future contractual



In addition to the actual amount or percentage change, we disclose the amount or percentage change

corresponding prior period results by comparing results using constant currencies. We present constant
currency amounts and change rate information to provide a framework for assessing how our revenue,



to evaluate period-to-period comparisons. We believe the presentation of results on a constant currency


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 our share repurchase programs may be made through a variety of methods,
which may include open market purchases, privately negotiated transactions, block trades or accelerated
share repurchase transactions, or by any combination of such methods. Any such repurchases will be
made from time to time subject to market and economic conditions, applicable legal requirements and


25
Quarterly Summary
2019 2022 2023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Nights and
Experiences Booked
81.3M 83.9M 85.9M 75.8M 102.1M 103.7M 99.7M 88.2M 121.1M 115.1M 113.2M 98.8M
Y/Y
59% 25% 25% 20% 19% 11% 14% 12%
Y/2019
26% 24% 16% 16% 49% 37% 32% 30%

$9.9B $9.9B $9.6B $8.6B $17.2B $16.9B $15.6B $13.5B $20.4B $19.1B $18.3B $15.5B
Y/Y
67% 27% 31% 20% 19% 13% 17% 15%
Y/2019
73% 73% 62% 58% 105% 94% 89% 81%



(or ADR)
$122.36 $117.14 $112.39 $112.63 $168.07 $163.74 $156.44 $152.81 $168.43 $166.01 $161.38 $156.73
Y/Y
5% 1% 5% (1)% —% 1% 3% 3%
Y/2019
37% 40% 39% 36% 38% 42% 44% 39%
2019 2022 2023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Revenue
$839M $1,214M $1,645M $1,107M $1,509M $2,104M $2,884M $1,902M $1,818M $2,484M $3,397M $2,218M
Y/Y
31% 34% 30% 32% 70% 58% 29% 24% 20% 18% 18% 17%
FX Neutral Y/Y
74% 64% 36% 31% 24% 19% 14% 14%
Y/2019
80% 73% 75% 72% 117% 105 % 107 % 100 %
Net income (loss)
$(292)M $(297)M $266M $(351)M $(19)M $379M $1,214M $319M $117M $650M $4,374M $(349)M
Adjusted EBITDA
$(248)M $(42)M $313M $(276)M $229M $711M $1,457M $506M $262M $819M $1,834M $738M
Net cash provided

activities
$314M $152M $(43)M $(190)M $1,202M $801M $964M $463M $1,587M $909M $1,325M $63M
Free Cash Flow
$277M $122M $(75)M $(216)M $1,196M $796M $958M $455M $1,581M $900M $1,310M $46M
TTM Net cash provided

$591M $461M $321M $233M $2,909M $2,920M $3,349M $3,430M $3,815M $3,923M $4,284M $3,884M
TTM Free Cash Flow
$495M $349M $198M $108M $2,886M $2,899M $3,328M $3,405M $3,790M $3,894M $4,246M $3,837M
2019 2022 2023
Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31 Mar 31 Jun 30 Sept 30 Dec 31
Cash and other
liquid assets (1)
$3,480M $3,407M $3,350M $3,084M $9,337M $9,910M $9,629M $9,639M $10,624M $10,369M $10,986M $10,095M
Funds receivable
and amounts held on

$3,800M $4,432M $2,919M $3,145M $6,105M $7,466M $4,805M $4,783M $7,760M $9,144M $5,986M $5,869M
Unearned fees
$966M $1,050M $665M $675M $1,748M $1,981M $1,220M $1,182M $2,172M $2,347M $1,467M $1,427M
1
Includes cash and cash equivalents, restricted cash, and short-term investments.
26
Condensed Consolidated Statements of Operations
Unaudited (in millions, except per share amounts)

Three Months Ended
December 31
Year Ended
December 31
2022 2023 2022 2023
Revenue    

Cost of revenue    
Operations and support (1)    
    
Sales and marketing (1)    
    
Restructuring charges — —  —
Total costs and expenses    
Income (loss) from operations    
Interest income    
Interest expense    
Other income (expense), net    
Income (loss) before income taxes    
    
Net income (loss)    
Net income (loss) per share attributable to

Basic    
Diluted    
Weighted-average shares used in computing
net income (loss) per share attributable to

Basic    
Diluted    
Three Months Ended
December 31
Year Ended
December 31
2022 2023 2022 2023
Operations and support    
    
Sales and marketing    
    
Stock-based compensation expense    
27
Condensed Consolidated Balance Sheets
Unaudited (in millions)
December 31
2022 2023
Assets

Cash and cash equivalents  
Short-term investments  
Funds receivable and amounts held on behalf of customers  
  
Total current assets  
Deferred tax assets  
  
Other assets, noncurrent  
Total assets  
Liabilities and Stockholders’ Equity

Accrued expenses, accounts payables, and other current liabilities  
Funds payable and amounts payable to customers  
Unearned fees  
Total current liabilities  
  
Operating lease liabilities, noncurrent  
Other liabilities, noncurrent  
Total liabilities  

Common stock — —
Additional paid-in capital  
Accumulated other comprehensive loss  
  
Total stockholders’ equity  
Total liabilities and stockholders’ equity  
28
Condensed Consolidated Statements of Cash Flows
Unaudited (in millions)
Year Ended December 31
2022 2023
Cash flows from operating activities:
Net income  
Adjustments to reconcile net income

  
Stock-based compensation expense  
Deferred income taxes  
Impairment of long-lived assets  -
Other, net  

  
Accrued expenses and other liabilities  
Unearned fees  
Net cash provided by operating activities  
Cash flows from investing activities:
  
Sales and maturities of short-term investments  
Other investing activities, net  
Net cash used in investing activities  
Cash flows from nancing activities:
Taxes paid related to net share settlement of equity awards  

purchase plan
 
Repurchase of common stock  
Change in funds payable and amounts payable to customers  
  


 
Net increase in cash, cash equivalents, and restricted cash  
Cash, cash equivalents, and restricted cash, beginning of year  
Cash, cash equivalents, and restricted cash, end of year  
29
Key Business Metrics



inclusive of Host earnings, service fees, cleaning fees, and taxes, net of cancellations and alterations that
occurred during that period. Nights and Experiences Booked on our platform in a period represents the
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. We are not aware of any uniform
standards for calculating these key metrics, which may hinder comparability with other companies that

Three Months Ended
December 31
Year Ended
December 31
2022 2023 2022 2023
Nights and Experiences Booked    
    
30
Reconciliations of Non-GAAP Financial Measures


Adjusted EBITDA Reconciliation
(in millions, except percentages)
Three Months Ended
Mar 31
2019
Jun 30
2019
Sept 30
2019
Dec 31
2019
Mar 31
2022
Jun 30
2022
Sept 30
2022
Dec 31
2022
Mar 31
2023
Jun 30
2023
Sept 30
2023
Dec 31
2023
Revenue $839 $1,214 $1,645 $1,107 $1,509 $2,104 $2,884 $1,902 $1,818 $2,484 $3,397 $2,218
Net income (loss) $(292) $(297) $266 $(351) $(19) $379 $1,214 $319 $117 $650 $4,374 $(349)
Adjusted to exclude


from) income taxes
13 226 14 10 11 4 56 25 13 26 (2,695) (34)
Other (income)

(7) (6) (29) 28 2 (2) (13) (12) 7 36 3 8
Interest expense 2 2 3 3 6 8 5 5 4 2 6 71
Interest income (22) (25) (22) (18) (5) (20) (59) (102) (146) (191) (192) (192)
Depreciation and

21 24 31 38 29 26 13 13 11 9 8 16
Stock-based
compensation expense
14 18 40 26 195 247 234 254 240 304 286 290
Acquisition-related
impacts
— — — — 11 (22) 1 (2) 12 (15) 3 (3)

and reserves for Host
withholding taxes
23 16 10 (12) (1) 2 6 6 4 (2) 41 931
Restructuring charges — — — — — 89 — — — — — —
Adjusted EBITDA $(248) $(42) $313 $(276) $229 $711 $1,457 $506 $262 $819 $1,834 $738
Net income

(35)% (24)% 16% (32)% (1)% 18% 42% 17% 6% 26% 129% (16)%
Adjusted EBITDA
Margin
(30)% (3)% 19% (25)% 15% 34% 51% 27% 14% 33% 54% 33%
31

provided by (used in) operating activities.
Free Cash Flow Reconciliation
(in millions, except percentages)
Three Months Ended
Mar 31
2019
Jun 30
2019
Sept 30
2019
Dec 31
2019
Mar 31
2022
Jun 30
2022
Sept 30
2022
Dec 31
2022
Mar 31
2023
Jun 30
2023
Sept 30
2023
Dec 31
2023
Revenue $839 $1,214 $1,645 $1,107 $1,509 $2,104 $2,884 $1,902 $1,818 $2,484 $3,397 $2,218
TTM Revenue $3,848 $4,159 $4,539 $4,805 $6,614 $7,383 $8,029 $8,399 $8,708 $9,088 $9,601 $9,917
Net cash provided by (used
in) operating activities
$314 $152 $(43) $(190) $1,202 $801 $964 $463 $1,587 $909 $1,325 $63


(37) (30) (32) (26) (6) (5) (6) (8) (6) (9) (15) (17)
Free Cash Flow $277 $122 $(75) $(216) $1,196 $796 $958 $455 $1,581 $900 $1,310 $46
Net cash provided by
(used in) operating
activities margin
37% 13% (3)% (17)% 80% 38% 33% 24% 87% 37% 39% 3%
Free Cash

33% 10% (5)% (20)% 79% 38% 33% 24% 87% 36% 39% 2%
TTM Net cash
provided by
operating activities
$591 $461 $321 $233 $2,909 $2,920 $3,349 $3,430 $3,815 $3,923 $4,284 $3,884
TTM Free Cash Flow $495 $349 $198 $108 $2,886 $2,899 $3,328 $3,405 $3,790 $3,894 $4,246 $3,837
TTM Net cash
provided by operating

15% 11% 7% 5% 44% 40% 42% 41% 44% 43% 45% 39%
TTM Free Cash

13% 8% 4% 2% 44% 39% 41% 41% 44% 43% 44% 39%
Other cash flow

Net cash provided by (used
in) investing activities
$42 $(110) $18 $(297) $(197) $368 $(56) $(143) $(183) $(20) $(364) $(475)
Net cash provided by (used

$1,480 $625 $(1,425) $165 $2,204 $1,445 $(3,574) $(764) $2,286 $167 $(3,712) $(1,171)
32
Reconciliation of Non-GAAP Operating Expenses
(in millions)
The following is a reconciliation of operating expense line items less stock-based compensation and

contingent consideration arrangements.
Three Months Ended
December 31
Year Ended
December 31
2022 2023 2022 2023
Operations and support
   

   
Operations and support excluding

   

   

   


   
Sales and marketing
   

   

   
Sales and marketing excluding stock-based
compensation and acquisition-related impacts
   

   

   


   
A list of rooms and spaces could have easily
been… a list. But to us, it was an opportunity—
to illustrate that whether it’s in your home
or in our app, when you care about every part
of the experience, it shows.
Here’s to big (and small) things in 2024.
Tiny details.
Big dierence.