Early Access

10-QPeriod: Q1 FY2024

Airbnb, Inc. Quarterly Report for Q1 Ended Mar 31, 2024

Filed May 8, 2024For Securities:ABNB

Summary

Airbnb, Inc. reported a strong first quarter for 2024, demonstrating robust growth and improved profitability. Revenue increased by 18% year-over-year to $2.1 billion, driven by a 9.5% rise in Nights and Experiences Booked and a 12% increase in Gross Booking Value (GBV). This growth was supported by continued strong travel demand and a modest increase in Average Daily Rate (ADR). The company also benefited from the earlier timing of Easter compared to the previous year. Profitability saw a significant boost, with net income surging 126% to $264 million and Adjusted EBITDA growing 62% to $424 million. This was attributed to revenue growth, higher interest income, and effective cost management. The company also generated strong operating cash flow of $1.9 billion and Free Cash Flow of $1.9 billion, indicating healthy operational efficiency and cash generation. During the quarter, Airbnb continued its commitment to shareholder returns by repurchasing $750 million of its Class A common stock, with $6.0 billion remaining under its repurchase program.

Financial Highlights

42 data points
Beta

Revenue

$2.14B

0.8% Gross Margin

Net Income

$264.00M

0.1% Net Margin

Total Assets

$24.54B

Cash & Equivalents

$7.83B

Free Cash Flow

$1.92B

Financial Statements
Beta
Revenue$2.14B
Cost of Revenue$480.00M
Gross Profit$1.66B
R&D Expenses$475.00M
Operating Expenses$2.04B
Operating Income$101.00M
Net Income$264.00M
Shares Outstanding (Basic)638.00M
Shares Outstanding (Diluted)654.00M

Key Highlights

  • 1Revenue increased 18% to $2.1 billion in Q1 2024, driven by a 9.5% rise in Nights and Experiences Booked and a 12% increase in Gross Booking Value (GBV).
  • 2Net income grew significantly by 126% to $264 million, showcasing improved profitability.
  • 3Adjusted EBITDA increased by 62% to $424 million, highlighting strong operational performance and margin expansion.
  • 4Net cash provided by operating activities was $1.9 billion, and Free Cash Flow was also $1.9 billion, demonstrating robust cash generation.
  • 5The company repurchased $750 million of its Class A common stock, underscoring its commitment to returning capital to shareholders.
  • 6Operating expenses, while increasing in absolute terms, grew at a slower pace than revenue, contributing to margin expansion, with notable increases in Product Development and Sales & Marketing expenses.
  • 7Interest income rose 38% to $202 million, benefiting from higher cash balances and increased interest rates.

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