Airbnb, Inc. Quarterly Report for Q3 Ended Sep 30, 2021

Summary

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 billion, 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 billion, 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.

Key Highlights

• 1Revenue increased by 67% year-over-year to $2.24 billion for the three months ended September 30, 2021.
• 2Gross Booking Value (GBV) grew by 48% year-over-year to $11.9 billion in Q3 2021.
• 3Nights and Experiences Booked increased by 29% year-over-year to 79.7 million in Q3 2021.
• 4Net 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.
• 5Adjusted EBITDA more than doubled year-over-year to $1.1 billion in Q3 2021.
• 6The company ended the quarter with a strong liquidity position, holding $7.9 billion in cash, cash equivalents, and marketable securities.
• 7The company successfully repaid $2.0 billion in term loans in March 2021, significantly reducing interest expenses.

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