Airbnb, Inc. Q1 FY2025 earnings call

• Brian noted a strong start to 2025 with guests spending nearly $25B in Q1, highlighting Airbnb's adaptability through past crises like the Great Recession and pandemic. - They've been perfecting core service with upgrades like Guest Favorites (over 350M nights booked at these listings) and total price display (rolled out globally last month). - The app has been rebuilt for new offerings, with the 2025 Summer Release to be unveiled on May 13th. - Ellie discussed Q1 financials: 143M nights/experiences booked, $2.3B revenue, $417M adjusted EBITDA (18% margin), $1.8B free cash flow in Q1. - Priorities include perfecting core service, accelerating growth in global markets (especially underpenetrated ones like Latin America and Asia Pacific), and launching/scaling new offerings starting May 13th.

In Q1, Airbnb had 143 million nights and experiences booked, up 8% year-over-year. Revenue was $2.3 billion, up 6% year-over-year. Excluding FX and calendar factors, revenue grew 11%. Adjusted EBITDA was $417 million, representing an 18% margin. Regionally, Latin America grew in the low-20%s, Asia Pacific in the mid-teens, Europe in the mid-single-digits, and North America in the low-single-digits. Revenue contribution by region isn't explicitly given in absolute %, but the growth rates per region are noted.

• Q2 revenue expected between $2.99 billion to $3.05 billion, 9% to 11% year-over-year growth, with a 2 percentage point benefit from Easter timing. - Nights and experiences booked growth in Q2 expected to moderate relative to Q1. - Full-year adjusted EBITDA margin expected to be at least 34.5% including $200 million to $250 million investment in new businesses launched in 2025, with impact on margins in the second half.

• Forward-looking statements involve risks and uncertainties due to factors like geopolitical and macroeconomic conditions, as described in shareholder letters and SEC filings. - Actual results may differ materially from forward-looking statements.

Q: Justin Post from Bank of America asked about travel corridor changes and US market share.

A: Ellie Mertz said inbound travel to US from foreign countries is a small portion of business, US market share is strong with no loss, and North America has been slowest grower.

Q: Richard Clarke from Bernstein asked about US guest behavior slowdown.

A: Ellie Mertz said higher-income travelers unimpacted, short lead time bookings strong, longer lead time softer, and no significant trading down.

Q: Mark Mahaney from Evercore ISI asked about reaccelerating units.

A: Brian Chesky talked about perfecting core service (ease of use, affordability, reliability), international growth as a driver, and expanding beyond core including hotels.