ABNB Q1 2023 Earnings

Call Details

• Call Title: Airbnb, Inc. Q1 2023 Earnings Call
• Date: May 9, 2023 at 8:30 PM UTC
• Management Team:
  • Ellie Mertz (VP of Finance)
  • Brian Chesky (Co-founder and CEO)
  • Dave Stephenson (Chief Financial Officer)

Call Summary

Financial Performance

• Revenue was $1.8B in Q1 2023, which represented 20% year-over-year growth.
• Revenue excluding foreign exchange grew 24% year-over-year.
• Nights and experiences booked exceeded 120 million in Q1 2023, which the company described as a record high.
• Net income was $117M on a GAAP basis, which was reported as the most profitable Q1 on a GAAP basis.
• Free cash flow for the quarter was $1.6B and trailing 12-month free cash flow was $3.8B.
• Trailing 12-month free cash flow represented a 44% free cash flow margin.
• Adjusted EBITDA was described as a Q1 record on a non-GAAP basis.

Supply & Demand Dynamics

• Nights and experiences booked increased 19% year-over-year in Q1 2023.
• Supply grew 18% year-over-year in Q1 2023, up from 16% in Q4 2022.
• Urban and non-urban supply each grew 18% year-over-year in Q1 2023.
• Cross-border gross nights booked increased 36% year-over-year in Q1 2023.
• Cross-border nights booked to North America grew 34% year-over-year in Q1 2023, compared to 31% in the prior quarter.
• High-density urban nights booked increased 20% year-over-year in Q1 2023.
• Long-term stays represented 18% of total gross nights booked in Q1 2023.