01—Abstract
Summary
Summary of the 10-Q filed November 5, 2021. Cited figures are marked; the original filing is the authoritative source.
Airbnb, Inc.'s third quarter 2021 performance demonstrates a significant rebound, with substantial growth in revenue and bookings compared to the prior year.
Revenue for the three months ended September 30, 2021, surged by 67% year-over-year to $2.24 billiona, while Gross Booking Value (GBV) saw a 48% increase to $11.9 billion. This growth was primarily driven by a recovery in travel, particularly in North America and EMEA, and an acceleration in Latin America, benefiting from resilient domestic and short-distance travel trends. The company also showed marked improvement in profitability, with Net Income reaching $833.9 million, a significant turnaround from a net loss in the same period last year.
Adjusted EBITDA more than doubled year-over-year to $1.1 billionb, indicating strong operational efficiency and profitability. The company's balance sheet remains robust, with cash, cash equivalents, and marketable securities totaling $7.9 billion as of September 30, 2021, providing ample liquidity for future investments and operations.
02—Key points
Key Highlights
- Revenue increased by 67% year-over-year to $2.24 billion for the three months ended September 30, 2021.
- Gross Booking Value (GBV) grew by 48% year-over-year to $11.9 billion in Q3 2021.
- Nights and Experiences Booked increased by 29% year-over-year to 79.7 million in Q3 2021.
- Net income turned positive, reaching $833.9 million for the three months ended September 30, 2021, compared to a net loss in the prior year period.
- Adjusted EBITDA more than doubled year-over-year to $1.1 billion in Q3 2021.
- The company ended the quarter with a strong liquidity position, holding $7.9 billion in cash, cash equivalents, and marketable securities.
- The company successfully repaid $2.0 billion in term loans in March 2021, significantly reducing interest expenses.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2021, Airbnb, Inc. kept $0.37.
- Revenue$2.24B100.0%
- Cost of revenue−$311.6M13.9%
- Gross profit$1.93B86.1%
- Operating costs−$1.07B48.0%
- Operating income$852.0M38.1%
- Interest, other & tax−$18.1M0.8%
- Net income$833.9M37.3%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2021filed November 5, 2021Financial Statements
Q3 FY2021 against Q3 FY2020
| Line item | Q3 FY2021Q3 FY2020 | Change |
|---|---|---|
| Revenue | $2.24B$1.34B | +66.7% |
| Cost of Revenue | $311.58M$227.32M | +37.1% |
| Gross Profit | $1.93B$1.12B | +72.7% |
| R&D Expenses | $344.41M$213.92M | +61.0% |
| Operating Expenses | $1.39B$923.59M | +50.0% |
| Operating Income | $851.97M$418.74M | +103.5% |
| Net Income | $833.89M$219.33M | +280.2% |
| Shares Outstanding (Basic) | 621.01M265.14M | +134.2% |
| Shares Outstanding (Diluted) | 681.92M299.21M | +127.9% |
05—Questions
Frequently Asked Questions
What was Airbnb's revenue growth in the third quarter of 2021?
Airbnb's revenue for the three months ended September 30, 2021, increased by 67% year-over-year to $2.24 billion, driven by strong recovery in bookings and higher average daily rates.
How did Airbnb's profitability change in Q3 2021 compared to Q3 2020?
Airbnb demonstrated a significant improvement in profitability. Net income reached $833.9 million for the three months ended September 30, 2021, a substantial increase from a net loss in the same period of the prior year. Adjusted EBITDA more than doubled to $1.1 billion.
What is Airbnb's current cash position and how is it being managed?
As of September 30, 2021, Airbnb held $7.9 billion in cash, cash equivalents, and marketable securities. This strong liquidity provides flexibility for operations and strategic investments. The company also successfully repaid $2.0 billion in term loans in March 2021, which will reduce future interest expenses.
What factors contributed to Airbnb's revenue growth in the third quarter?
The revenue growth was primarily attributed to the recovery in travel, with a significant increase in Nights and Experiences Booked (up 29% year-over-year) and Gross Booking Value (up 48% year-over-year). This recovery was particularly strong in North America and EMEA, and accelerated in Latin America, benefiting from resilient domestic and short-distance travel trends.
06—Continue