10-QPeriod: Q2 FY2021

Airbnb, Inc. Quarterly Report for Q2 Ended Jun 30, 2021

Filed August 13, 2021For Securities:ABNB

Summary

Airbnb, Inc. (ABNB) reported its second quarter 2021 financial results on August 12, 2021, showcasing a significant recovery driven by a rebound in travel. For the three months ended June 30, 2021, Airbnb reported revenue of $1.34 billion, a substantial increase of 299% compared to the same period in 2020. This growth was fueled by an 83% increase in Nights and Experiences Booked and a significant rise in Gross Booking Value (GBV) to $13.4 billion. The company achieved positive Adjusted EBITDA of $217.4 million, a dramatic improvement from a loss of $397.3 million in the prior year quarter, indicating operational leverage and effective cost management. Financially, Airbnb strengthened its balance sheet by issuing $2.0 billion in convertible senior notes and utilizing its cash reserves. The company ended the period with robust liquidity, including $5.7 billion in cash and cash equivalents and $1.7 billion in marketable securities. Despite the strong operational recovery and improved profitability metrics, the company continues to face uncertainties related to the ongoing COVID-19 pandemic and faces various legal and regulatory matters.

Financial Highlights

47 data points
Beta

Revenue

$1.34B

77.9% Gross Margin

Net Income

-$68.22M

-5.1% Net Margin

Total Assets

$15.48B

Cash & Equivalents

$5.67B

Free Cash Flow

$782.00M

Financial Statements
Beta
Revenue$1.34B
Cost of Revenue$294.43M
Gross Profit$1.04B
R&D Expenses$349.73M
Operating Expenses$1.39B
Operating Income-$51.28M
Net Income-$68.22M
Shares Outstanding (Basic)611.74M
Shares Outstanding (Diluted)611.74M

Key Highlights

  • 1Revenue surged by 299% year-over-year to $1.34 billion for Q2 2021, demonstrating a strong travel rebound.
  • 2Gross Booking Value (GBV) reached $13.4 billion, a 320% increase compared to Q2 2020, driven by increased travel demand.
  • 3Adjusted EBITDA turned positive at $217.4 million, a significant turnaround from a loss of $397.3 million in Q2 2020, highlighting operational efficiency.
  • 4Nights and Experiences Booked increased by 197% to 83.1 million in Q2 2021, indicating a substantial recovery in platform activity.
  • 5The company successfully issued $2.0 billion in 0% convertible senior notes in March 2021, strengthening its liquidity position.
  • 6Total assets grew significantly to $15.48 billion as of June 30, 2021, primarily due to an increase in cash and marketable securities.
  • 7Free Cash Flow improved dramatically to $783.6 million for the three months ended June 30, 2021, compared to a negative $262.6 million in the prior year period.

Frequently Asked Questions

For the three months ended June 30, 2021, Airbnb reported revenue of $1.34 billion, representing a significant increase of 299% compared to the same period in 2020. This growth was driven by a substantial increase in Nights and Experiences Booked and higher Average Daily Rates (ADRs).

Yes, Airbnb achieved positive Adjusted EBITDA of $217.4 million for the three months ended June 30, 2021, a substantial improvement from a loss of $397.3 million in the prior year quarter. This turnaround reflects the strong recovery in bookings and effective cost management.

Total assets increased to $15.48 billion as of June 30, 2021, up from $10.49 billion as of December 31, 2020. This increase was primarily driven by a significant rise in cash and cash equivalents and marketable securities, reflecting the proceeds from the convertible senior notes issuance and strong operating cash flow.

Airbnb acknowledges that the COVID-19 pandemic continues to pose uncertainties. While the company has seen a strong recovery in travel demand, it remains dependent on future developments such as the spread of new variants, government restrictions, and vaccine effectiveness. The company is preparing for continued travel demand as restrictions ease.