{"id":20606,"date":"2026-07-06T05:10:05","date_gmt":"2026-07-05T20:10:05","guid":{"rendered":"https:\/\/tomorrowaccess.com\/?page_id=20606"},"modified":"2026-10-27T14:24:15","modified_gmt":"2026-10-27T05:24:15","slug":"airbnb-2020","status":"publish","type":"page","link":"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/airbnb-2020","title":{"rendered":"From Bookings Down 72% to a V-Shaped Recovery Without Leaning on Ads"},"content":{"rendered":"<style>@import url('https:\/\/fonts.googleapis.com\/css2?family=Newsreader:ital,opsz,wght@0,6..72,400;0,6..72,500;0,6..72,600;1,6..72,400&display=swap');html,body {max-width: 100vw !important;overflow-x: hidden !important;}main,main > .entry-content,main > .wp-block-post-content,main > .wp-block-post-content.is-layout-constrained,main > .wp-block-post-content.is-layout-constrained > *,main .wp-block-group,main .wp-block-post-content {max-width: 100% !important;padding-left: 0 !important;padding-right: 0 !important;margin-left: 0 !important;margin-right: 0 !important;}main#wp--skip-link--target {padding: 0 !important;margin-top: 0 !important;max-width: 100% !important;}.s1-figure-inline {display: block;width: 100%;max-width: 100%;margin: 60px 0;padding: 0;box-sizing: border-box;}.s1-figure-inline picture {display: block;width: 100%;}.s1-figure-inline img {display: block;width: 100%;max-width: 100%;height: auto;margin: 0;}@media (max-width: 720px) {.s1-hero-grid {grid-template-columns: 1fr !important;}.s1-hero-grid > div {border-right: none !important;border-bottom: 1px solid #e6e6e6 !important;padding: 24px 12px !important;}.s1-hero-grid > div:last-child {border-bottom: none !important;}.s1-hero-grid > div > div:first-child {font-size: 32px !important;white-space: normal !important;}.s1-body-table,.s1-body-table tbody,.s1-body-table tr,.s1-body-table td,.s1-body-table th {display: block !important;width: 100% !important;max-width: 100% !important;box-sizing: border-box !important;}.s1-body-table thead {display: none !important;}.s1-body-table tr {margin-bottom: 16px !important;padding: 8px 0 !important;border-top: 1px solid #1a1a1a !important;}.s1-body-table tr:last-child {border-bottom: 1px solid #1a1a1a !important;}.s1-body-table td {text-align: left !important;padding: 6px 8px !important;}.s1-body-table td::before {content: attr(data-label) \": \";font-weight: 700 !important;color: #000 !important;}.s1-body-table td:first-child::before,.s1-body-table td[data-label=\"\"]::before {display: none !important;}.s1-light-shadow {flex-direction: column !important;}.s1-light-shadow > div {border-left: 1px solid #1a1a1a !important;border-top: 0 !important;}.s1-light-shadow > div:first-child {border-top: 1px solid #1a1a1a !important;}h1 {font-size: clamp(26px, 7vw, 34px) !important;}h2 {font-size: clamp(22px, 5.5vw, 28px) !important;}.s1-article-cta-headline {font-size: 24px !important; line-height: 1.4 !important;}}@media (max-width: 480px) {.s1-article-cta-headline {font-size: 20px !important;}}main .wp-block-post-content>.alignfull{margin-left:calc(-1*var(--wp--style--root--padding-left,20px)) !important;margin-right:calc(-1*var(--wp--style--root--padding-right,20px)) !important;max-width:none !important;width:auto !important;}<\/style>\n<div class=\"alignfull\" style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty; font-size: 16px; -webkit-font-smoothing: antialiased; background: #fafafa; width: 100%;\">\n<div style=\"max-width: 1000px; margin: 0 auto; padding: 80px 20px 0; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\">\n  <a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/\" style=\"text-decoration: none; color: inherit; display: block;\"><\/p>\n<div style=\"text-align: left; margin-bottom: 40px;\">\n<div style=\"width: 100%; height: 5px; background: #1a1a1a;\"><\/div>\n<div style=\"margin-top: 26px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 32px; font-weight: 600; color: #1a1a1a; letter-spacing: 0.01em; line-height: 1; margin-bottom: 14px;\">S-1 <span style=\"color: #daa241;\">Journal<\/span><\/div>\n<div style=\"display: flex; align-items: center; flex-wrap: wrap; gap: 14px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; margin-bottom: 26px;\">\n        <span style=\"font-size: 11px; letter-spacing: 0.18em; color: #1a1a1a; font-weight: 700; text-transform: uppercase;\">The 10 Questions<\/span><br \/>\n        <span style=\"font-size: 11px; color: #ccc;\">|<\/span><br \/>\n        <span style=\"font-size: 12px; letter-spacing: 0.02em; color: #666; font-weight: 400;\">Every S-1, decoded through the same 10 questions.<\/span>\n      <\/div>\n<div style=\"width: 100%; height: 1px; background: #daa241;\"><\/div>\n<\/p><\/div>\n<p>  <\/a>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<div style=\"margin: 0 0 32px 0;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 30px; font-weight: 600; letter-spacing: 0; color: #daa241; margin: 0; line-height: 1.2;\">Airbnb<\/p>\n<\/div>\n<h1 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(32px, 6vw, 46px); font-weight: 600; line-height: 1.2; letter-spacing: -0.01em; color: #000; margin: 0 0 40px 0; text-wrap: pretty;\">From Bookings Down 72%<br \/>to a V-Shaped Recovery Without Leaning on Ads<\/h1>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.03em; color: #888; margin: 0 0 60px 0; border-bottom: 1px solid #e6e6e6; padding-bottom: 16px;\">Source: <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1559720\/000119312520294801\/d81668ds1.htm\" target=\"_blank\" rel=\"noopener\" style=\"color: #daa241; text-decoration: underline; text-underline-offset: 3px; text-decoration-thickness: 1px;\">Airbnb, Inc. S-1 (filed 2020-11-16) \u2197<\/a><\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In April 2020, Airbnb&rsquo;s bookings <strong style=\"font-weight: 700; color: #000;\">fell <span style=\"white-space:nowrap;\">72%<\/span> year over year<\/strong>. It was the month travel stopped across the world under COVID.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And yet &mdash; in the summer of 2020, Airbnb staged a <span style=\"white-space:nowrap;\">V-shaped<\/span> recovery. Even after <strong style=\"font-weight: 700; color: #000;\">sharply cutting marketing spend (brand + performance) from <span style=\"white-space:nowrap;\">$1.14B<\/span> in 2019<\/strong>, users came back on their own. And they came back differently &mdash; <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">long-term<\/span> stays (28 days or more) surged to <span style=\"white-space:nowrap;\">24%<\/span> of bookings<\/strong>, and travel shifted toward nearby, suburban, and outdoor destinations.<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 80px auto; padding: 0 20px;\">\n<div class=\"s1-hero-grid\" style=\"border-top: 1px solid #1a1a1a; border-bottom: 1px solid #1a1a1a; padding: 50px 0; display: grid; grid-template-columns: repeat(3, 1fr); gap: 0; text-align: center; align-items: start;\">\n<div style=\"padding: 0 12px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">-72%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">APR 2020 BOOKINGS<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">bookings, April 2020<\/div>\n<\/p><\/div>\n<div style=\"padding: 0 12px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">91%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">ORGANIC TRAFFIC<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">organic traffic<\/div>\n<\/p><\/div>\n<div style=\"padding: 0 12px;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">+$501M<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">Q3 2020 ADJ EBITDA<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">Q3 2020 adjusted EBITDA<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 60px 0 1.5em 0;\">Airbnb has <strong style=\"font-weight: 700; color: #000;\">4 million hosts and operates in more than 220 countries<\/strong>, with 825 million cumulative guest arrivals since its founding. <strong style=\"font-weight: 700; color: #000;\">It owns not a single property<\/strong>. It is a company that supplies an enormous number of &ldquo;rooms&rdquo; in the form of hosts&rsquo; own homes.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What the <span style=\"white-space:nowrap;\">S-1<\/span> presents is the picture of a company whose bookings fell <span style=\"white-space:nowrap;\">72%<\/span>, that came back without leaning on advertising, and that went public on a <span style=\"white-space:nowrap;\">V-shaped<\/span> recovery.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.4em 0;\">Ten questions. We lay out only what the S-1 says.<\/p>\n<p><!--s1nltop--><\/p>\n<div class=\"s1-nl-top\" id=\"s1nltop-en\" style=\"max-width:680px;margin:56px auto 0;padding:20px;border:1px solid #e6e6e6;border-left:3px solid #daa241;background:#ffffff;font-family:'Helvetica Neue', Helvetica, Arial, 'Hiragino Kaku Gothic ProN', '\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3', 'Noto Sans JP', 'Yu Gothic', sans-serif;word-break:keep-all;line-break:strict;box-sizing:border-box;\">\n<p style=\"font-size:11px;letter-spacing:0.22em;font-weight:700;color:#daa241;margin:0 0 8px;\">S-1 JOURNAL NEWSLETTER<\/p>\n<p style=\"font-size:13.5px;line-height:1.7;color:#1a1a1a;margin:0 0 14px;\">Get the Ten Questions checklist (PDF) and the next S-1 reality check, free by email.<\/p>\n<form action=\"https:\/\/tomorrowaccess.com\/wp-json\/s1\/v1\/waitlist\" method=\"post\" onsubmit=\"return s1nlTopSubmit_en(this)\" style=\"display:flex;gap:8px;flex-wrap:wrap;margin:0;\"><input type=\"hidden\" name=\"source\" value=\"s1nltop-en-nojs\"><input type=\"email\" name=\"email\" required placeholder=\"Your email\" style=\"flex:1;min-width:180px;padding:10px 14px;font-size:14px;font-family:inherit;border:1px solid #e6e6e6;background:#fafafa;color:#000000;border-radius:0;box-sizing:border-box;\"><button type=\"submit\" style=\"background:#daa241;color:#ffffff;border:0;border-radius:0;padding:10px 22px;font-size:13px;font-weight:700;letter-spacing:0.08em;font-family:inherit;cursor:pointer;\">Subscribe<\/button><\/form>\n<p><script>function s1nlTopSubmit_en(f){var b=f.querySelector(\"button\");b.disabled=true;var em=(f.querySelector(\"input[type=email]\").value||\"\").trim();fetch(f.action,{method:\"POST\",headers:{\"Content-Type\":\"application\/json\"},body:JSON.stringify({email:em,source:location.pathname+\"#top\"})}).then(function(r){return r.json()}).then(function(j){if(j&&j.ok){document.getElementById(\"s1nltop-en\").innerHTML=\"<\/p>\n<p style=\\\"font-size:14px;font-weight:700;color:#1a1a1a;margin:0;\\\">\u2713 You're in \u2014 the checklist PDF is on its way to your inbox.<\/p>\n<p>\";}else{b.disabled=false;alert(\"Something went wrong. Please try again later.\");}}).catch(function(){b.disabled=false;alert(\"Something went wrong. Please try again later.\");});return false;}<\/script><\/div>\n<p><!--\/s1nltop--><\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 1<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What is this company, really?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Prospectus Summary (p.1+), Business (p.93+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><strong style=\"font-weight: 700; color: #000;\">A marketplace that connects hosts (people who rent out rooms) and guests (people who stay)<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The keyword the <span style=\"white-space:nowrap;\">S-1<\/span> returns to again and again is &ldquo;belonging.&rdquo; Chesky&rsquo;s letter places &ldquo;<strong style=\"font-weight: 700; color: #000;\">Connection and belonging<\/strong>&rdquo; at its center, and writes that the root of why people keep coming back to Airbnb is &ldquo;a greater sense of belonging.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The mechanism is simple. Hosts list their rooms and properties on Airbnb. Guests search and book properties around the world. <strong style=\"font-weight: 700; color: #000;\">Airbnb takes a service fee (it does not own the properties)<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And Airbnb <strong style=\"font-weight: 700; color: #000;\">owns not a single one<\/strong> of the enormous number of &ldquo;rooms&rdquo; it supplies this way.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Metric<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Figure<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Active hosts<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">4 million<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Countries \/ regions served<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">220+<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Cumulative guest arrivals (<span style=\"white-space:nowrap;\">check-ins<\/span>)<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">825 million<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Active listings<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">5.6 million+<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Experiences<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Cooking classes, outdoor activities, cultural tours, and more<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><strong style=\"font-weight: 700; color: #000;\">The world&rsquo;s largest lodging platform that owns no property<\/strong> &mdash; that is what Airbnb really is.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 2<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What does it compete on?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Business (Competitive Strengths, p.96+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Airbnb competes in three distinctive ways.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">People come even without ads<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The most striking number in the <span style=\"white-space:nowrap;\">S-1<\/span> is this one.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">During the nine months ended September 30, 2020, approximately <span style=\"white-space:nowrap;\">91%<\/span> of all traffic to Airbnb came organically through direct or unpaid channels.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">AIRBNB S-1 (NOV 2020) \u2014 BUSINESS, OUR COMPETITIVE STRENGTHS<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In other words, <strong style=\"font-weight: 700; color: #000;\">only <span style=\"white-space:nowrap;\">9%<\/span> came through advertising<\/strong>. Users search for &ldquo;Airbnb&rdquo; directly or arrive from a bookmark. While Booking.com and Expedia pay enormous sums for Google ads, <strong style=\"font-weight: 700; color: #000;\">Airbnb&rsquo;s brand itself has become a distribution channel<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Even after sharply cutting marketing spend during COVID in 2020, users came back on their own by summer. It was the moment that proved customers come even without leaning on advertising.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">A network effect at global scale<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">As hosts grow, guests gather; as guests grow, more hosts join &mdash; the classic <span style=\"white-space:nowrap;\">two-sided<\/span> marketplace structure. In Airbnb&rsquo;s case, 4 million hosts are spread across more than 220 countries. Wherever you go, there is an Airbnb.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Replicating this network is extraordinarily hard for a new entrant. Airbnb&rsquo;s moat is neither code nor design, but <strong style=\"font-weight: 700; color: #000;\">the number and distribution of its hosts<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The flexibility of owning no property &mdash; proven by COVID<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The pandemic devastated urban hotel demand. But for Airbnb, bookings in suburban and outdoor areas surged.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">S-1<\/span> puts it this way: &ldquo;There are several areas of our business that have shown resilience, notably, domestic travel, <span style=\"white-space:nowrap;\">short-distance<\/span> travel, travel outside of our top 20 cities, and <span style=\"white-space:nowrap;\">long-term<\/span> stays.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A hotel chain holds fixed assets, so even when demand moves, the buildings do not. An Airbnb host can offer a property wherever demand exists. <strong style=\"font-weight: 700; color: #000;\">Precisely because it holds no fixed assets, Airbnb could follow demand<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A brand that needs no ads, a global network, and the flexibility of owning no property &mdash; three pillars.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 3<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">How big is the market?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Business (Market Opportunity, p.94+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The market Airbnb lays out comes down to three numbers.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Airbnb&rsquo;s 2019 <strong style=\"font-weight: 700; color: #000;\">GBV (Gross Booking Value) was <span style=\"white-space:nowrap;\">$38<\/span> billion<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In other words, <strong style=\"font-weight: 700; color: #000;\">in a <span style=\"white-space:nowrap;\">$3.4<\/span> trillion market, Airbnb is capturing just <span style=\"white-space:nowrap;\">1.1%<\/span><\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">S-1<\/span>&rsquo;s implication is clear: Airbnb <strong style=\"font-weight: 700; color: #000;\">stands at the very entrance (<span style=\"white-space:nowrap;\">1.1%<\/span> penetration)<\/strong> of <strong style=\"font-weight: 700; color: #000;\">this <span style=\"white-space:nowrap;\">$3.4<\/span> trillion market<\/strong>.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Market<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Size<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">Short-term<\/span> stays<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$1,800B<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">Long-term<\/span> stays<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$210B<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Experiences<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$1,400B<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">TAM (total market)<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">about <span style=\"white-space:nowrap;\">$3,400B<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It turned analog &ldquo;<strong style=\"font-weight: 700; color: #000;\">travel and lodging<\/strong>&rdquo; <strong style=\"font-weight: 700; color: #000;\">into a digital platform<\/strong>.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 4<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who actually uses it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Business (Community, p.97+), Key Metrics \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Airbnb&rsquo;s &ldquo;community&rdquo; is a <span style=\"white-space:nowrap;\">two-sided<\/span> marketplace.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The typical host is <strong style=\"font-weight: 700; color: #000;\">not a hotel operator but an individual<\/strong> &mdash; people renting out a spare room or a property they own. Airbnb writes that it has <strong style=\"font-weight: 700; color: #000;\">paid hosts over <span style=\"white-space:nowrap;\">$110B<\/span> since its founding<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Airbnb adapted naturally to <strong style=\"font-weight: 700; color: #000;\">shifts hotels could not handle<\/strong>. 4 million hosts and 825 million guests <strong style=\"font-weight: 700; color: #000;\">moved across the entire network<\/strong> as demand moved.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The shape of travel after COVID<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The data on &ldquo;new travel&rdquo; <strong style=\"font-weight: 700; color: #000;\">proves Airbnb&rsquo;s flexibility<\/strong>. The share of <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">long-term<\/span> stays (28 days or more) surged to about <span style=\"white-space:nowrap;\">24%<\/span> of bookings<\/strong>, <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">short-distance<\/span> travel (within 50 miles of the origin)<\/strong> recovered, <span style=\"white-space:nowrap;\">non-urban<\/span> bookings grew rapidly, and the average booking value rose as length of stay extended.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Side<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Metric<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Figure<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Host side<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Active hosts<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">4 million+<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Host side<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Listings<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">5.6 million+<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Host side<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Cumulative host earnings<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$110B<\/span>+<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Guest side<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Cumulative guest arrivals<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">825 million<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Guest side<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">2019 Nights and Experiences Booked<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">327 million nights<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Guest side<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Geographic distribution<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">220+ countries and regions<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Airbnb adapted naturally to <strong style=\"font-weight: 700; color: #000;\">shifts hotels could not handle<\/strong>.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 5<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">How does it make money?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">MD&amp;A (p.54+), Business (p.99+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Airbnb&rsquo;s revenue source is simple.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Every time a stay is booked, Airbnb takes <strong style=\"font-weight: 700; color: #000;\">service fees from both the host and the guest<\/strong>. The fee rate varies by listing type, region, and booking duration.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Of the roughly <span style=\"white-space:nowrap;\">$38<\/span> billion in 2019 GBV, <strong style=\"font-weight: 700; color: #000;\">Airbnb&rsquo;s fee revenue was about <span style=\"white-space:nowrap;\">$4,805<\/span> million<\/strong> (<strong style=\"font-weight: 700; color: #000;\">a <span style=\"white-space:nowrap;\">12.6%<\/span> take rate<\/strong>). The GBV breaks down into <span style=\"white-space:nowrap;\">$31.3B<\/span> in host earnings, <span style=\"white-space:nowrap;\">$5.3B<\/span> in service fees for Airbnb, and <span style=\"white-space:nowrap;\">$1.4B<\/span> in taxes &mdash; closing to <span style=\"white-space:nowrap;\">$38.0B<\/span> (cleaning fees are included in the host&rsquo;s share).<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><strong style=\"font-weight: 700; color: #000;\">Airbnb owns no property<\/strong>. It incurs no construction or lease costs. The main variable cost items are <strong style=\"font-weight: 700; color: #000;\">only payment processing and customer support<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">This is why, even under COVID, it could return adjusted EBITDA to positive in the seasonally strong third quarter (detailed in Question 6). It is the textbook platform structure: <strong style=\"font-weight: 700; color: #000;\">fixed costs do not rise as bookings grow, and they can be cut when bookings fall<\/strong>.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Metric<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">2019<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">GBV (Gross Booking Value)<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$38B<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Revenue (fee income)<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$4,805M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Take rate<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">12.6%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Nights and Experiences Booked<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">327 million nights<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A structure where fixed costs do not rise as bookings grow, and can be cut when bookings fall.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 6<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Are the numbers healthy?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Selected Financial Data, MD&amp;A (p.54+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">You can see COVID&rsquo;s destructive power. But look at profit, and a different picture emerges.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Start by laying out the numbers.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What stands out is that <strong style=\"font-weight: 700; color: #000;\">adjusted EBITDA for the third quarter of 2020 (standalone) was a positive <span style=\"white-space:nowrap;\">$501M<\/span><\/strong> (versus <span style=\"white-space:nowrap;\">$314M<\/span> in the <span style=\"white-space:nowrap;\">prior-year<\/span> quarter).<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Anomaly: revenue down <span style=\"white-space:nowrap;\">32%<\/span>, yet why did profit turn positive?<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The reveal has three parts: <strong style=\"font-weight: 700; color: #000;\">it laid off about <span style=\"white-space:nowrap;\">25%<\/span> of employees (roughly 1,800 people)<\/strong>, <strong style=\"font-weight: 700; color: #000;\">sharply cut marketing spend (brand + performance) from <span style=\"white-space:nowrap;\">$1.14B<\/span> in 2019<\/strong>, and paused investment in new areas (transportation, content) while scaling back Hotels and the like.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In other words, it was a structure in which &ldquo;<strong style=\"font-weight: 700; color: #000;\">cut marketing and cut headcount, and you can return to the black in a seasonally strong quarter<\/strong>.&rdquo; COVID forced that to be proven.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">No <span style=\"white-space:nowrap;\">full-year<\/span> profit since founding<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">That said, the <span style=\"white-space:nowrap;\">S-1<\/span> states it plainly: &ldquo;<strong style=\"font-weight: 700; color: #000;\">We have incurred net losses in each year since inception, and we may not be able to achieve profitability.<\/strong>&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">But this is the figure for the third quarter alone, the most seasonally strong. For the nine months of 2020, cumulative adjusted EBITDA was &#8211;<span style=\"white-space:nowrap;\">$230M<\/span>. <strong style=\"font-weight: 700; color: #000;\">A <span style=\"white-space:nowrap;\">full-year<\/span> GAAP profit has not yet been achieved<\/strong>.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Metric<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">2019<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">9M 2020<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Revenue<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$4,805M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$2,519M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Net loss<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$674M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$697M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Adjusted EBITDA<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$253M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">\u2212<span style=\"white-space:nowrap;\">$230M<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A company that holds both &ldquo;the muscle to turn a Q3 profit&rdquo; and &ldquo;no <span style=\"white-space:nowrap;\">full-year<\/span> profit&rdquo; at once.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 7<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who runs it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Management (p.137+), Brian Chesky&rsquo;s Letter \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Airbnb is run by three <span style=\"white-space:nowrap;\">co-founders<\/span>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Brian Chesky (CEO, <span style=\"white-space:nowrap;\">co-founder<\/span>)<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">An industrial designer and <strong style=\"font-weight: 700; color: #000;\">graduate of RISD (Rhode Island School of Design)<\/strong>. In 2007, unable to pay rent, he <strong style=\"font-weight: 700; color: #000;\">inflated three airbeds in his apartment and rented them to travelers<\/strong> &mdash; that was the origin.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The letter attached to the <span style=\"white-space:nowrap;\">S-1<\/span> from Chesky is extraordinarily candid for a CEO.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">We started writing this letter in March. Then the pandemic hit. When borders closed and travel stopped, our business declined by nearly <span style=\"white-space:nowrap;\">80%<\/span>. We had to put our IPO on hold, and I don&rsquo;t think many people expected us to go public this year.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">AIRBNB S-1 (NOV 2020) \u2014 CHESKY&rsquo;S LETTER<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">He delayed the IPO and, <strong style=\"font-weight: 700; color: #000;\">to survive, borrowed <span style=\"white-space:nowrap;\">$2.0<\/span> billion<\/strong> &mdash; a CEO who writes that candidly is rare.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Joe Gebbia (<span style=\"white-space:nowrap;\">co-founder<\/span>)<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A classmate of Chesky at RISD. He led the early product design. As of the <span style=\"white-space:nowrap;\">S-1<\/span>, he heads Airbnb.org (the <span style=\"white-space:nowrap;\">social-impact<\/span> arm) and Samara (an architecture design studio).<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Nathan Blecharczyk (<span style=\"white-space:nowrap;\">co-founder<\/span>, Chief Strategy Officer)<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><strong style=\"font-weight: 700; color: #000;\">A Harvard CS graduate and engineer<\/strong>. He <span style=\"white-space:nowrap;\">single-handedly<\/span> built the early site. He is the engineering linchpin.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The founding DNA<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Two of the three are designers (RISD), and one is an engineer (Harvard CS). A <span style=\"white-space:nowrap;\">founding-team<\/span> ratio of &ldquo;<strong style=\"font-weight: 700; color: #000;\">two designers + one engineer<\/strong>&rdquo; is unusual for a Silicon Valley startup. You can read <strong style=\"font-weight: 700; color: #000;\">an obsession with product detail<\/strong> as built into the founding DNA.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><strong style=\"font-weight: 700; color: #000;\">A company that started from three airbeds<\/strong> grew to 4 million hosts and 220 countries &mdash; and the three have kept directing that <span style=\"white-space:nowrap;\">scale-up<\/span>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">From three airbeds to 4 million hosts across 220 countries.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 8<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who controls it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Description of Capital Stock (p.172+), Principal Stockholders (p.164+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Airbnb has a <span style=\"white-space:nowrap;\">multi-class<\/span> share structure.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">Class B<\/span> carries 20 times the votes of <span style=\"white-space:nowrap;\">Class A<\/span><\/strong> &mdash; a <span style=\"white-space:nowrap;\">dual-class<\/span> design that concentrates voting power in the founders and early shareholders.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The three founders together hold about <span style=\"white-space:nowrap;\">43%<\/span> of the voting power. Broadened to insiders as a whole (directors, executive officers, and <span style=\"white-space:nowrap;\">5%<\/span> holders), <strong style=\"font-weight: 700; color: #000;\">the group controls <span style=\"white-space:nowrap;\">49.0%<\/span> of economics and <span style=\"white-space:nowrap;\">58.8%<\/span> of votes after the IPO<\/strong> (per the <span style=\"white-space:nowrap;\">S-1<\/span>\/A). The <span style=\"white-space:nowrap;\">high-vote<\/span> <span style=\"white-space:nowrap;\">Class B<\/span> is designed so that <strong style=\"font-weight: 700; color: #000;\">insiders keep a majority of the votes even after the IPO<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Class H (host stock) &mdash; unprecedented for a platform company<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">S-1<\/span> discloses that <strong style=\"font-weight: 700; color: #000;\">9.2 million Class H shares have already been issued to a Host Endowment Fund<\/strong> (contributed in November 2020). These are <span style=\"white-space:nowrap;\">non-voting<\/span> shares used for the economic support of hosts.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A platform company giving shares to its supply side (hosts) &mdash; this is a design with few precedents. Airbnb became a platform company that <strong style=\"font-weight: 700; color: #000;\">built its supply side, the hosts, into its capital structure<\/strong>.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Share class<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Votes per share<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Voting rights<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Who holds it<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">Class A<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">1 vote<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Yes<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Public investors who buy at IPO<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">Class B<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">20 votes<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Yes<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Founders &amp; early shareholders<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Class H<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">No vote<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">None<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Host Endowment Fund<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Founder control persists after the IPO, with an unprecedented design that hands shares to hosts.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 9<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What is it afraid of?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Risk Factors (p.18+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Here are the five things Airbnb itself says it worries about most.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The next pandemic<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">&ldquo;The <span style=\"white-space:nowrap;\">COVID-19<\/span> pandemic &#8230; have materially adversely impacted and will continue to materially adversely impact our business, results of operations, and financial condition&rdquo; &mdash; placed at the very top of the <span style=\"white-space:nowrap;\">S-1<\/span>&rsquo;s risk factors.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Travel is <strong style=\"font-weight: 700; color: #000;\">the industry most vulnerable to <span style=\"white-space:nowrap;\">public-health<\/span> crises<\/strong>. If another wave comes before a vaccine spreads, it will again take a devastating hit.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\"><span style=\"white-space:nowrap;\">Short-term<\/span> rental regulation<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">&ldquo;<strong style=\"font-weight: 700; color: #000;\">Laws, regulations, and rules that affect the <span style=\"white-space:nowrap;\">short-term<\/span> rental and home sharing business<\/strong> may limit the ability or willingness&rdquo; (of hosts to rent) &mdash; <strong style=\"font-weight: 700; color: #000;\">New York, Paris, Barcelona, Tokyo<\/strong>. Cities around the world are beginning to regulate <span style=\"white-space:nowrap;\">Airbnb-style<\/span> <span style=\"white-space:nowrap;\">short-term<\/span> rentals.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The reasons are rising housing prices and neighborhood friction. A movement toward caps on rental days, registration requirements, and fines is spreading globally.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Brand risk from safety incidents<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The risk factors warn that &ldquo;negative publicity could damage our brand and thereby harm our ability to compete effectively.&rdquo; Airbnb&rsquo;s brand rests on &ldquo;trust.&rdquo; It is the risk that <strong style=\"font-weight: 700; color: #000;\">a single serious incident undermines trust in the whole<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Host attrition<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">&ldquo;If we fail to retain existing hosts or add new hosts &#8230; our business, results of operations, and financial condition would be materially adversely affected.&rdquo; The 4 million hosts are not Airbnb employees but <strong style=\"font-weight: 700; color: #000;\">independent individuals<\/strong>. Migration to other platforms, tighter regulation, or simply quitting because it is a hassle &mdash; any reason reduces supply.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Continuous losses since founding<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">&ldquo;We have incurred net losses in each year since inception, and we may not be able to achieve profitability.&rdquo; In the <span style=\"white-space:nowrap;\">S-1<\/span>, Airbnb itself states that <strong style=\"font-weight: 700; color: #000;\">it has not produced a <span style=\"white-space:nowrap;\">full-year<\/span> profit since founding<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Pandemic, regulation, safety incidents, host attrition, continuing losses &mdash; five fears.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 10<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What becomes of the money it raises?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Use of Proceeds (p.52+), Cover \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 1.6; color: #888; letter-spacing: 0.01em; margin: 0 0 1.5em 0; padding: 16px 20px; background: #f5f5f5; border-left: 3px solid #888;\">Note: This analysis draws only on the facts in the S-1. The final IPO price, the listing date, post-listing share performance and trading demand are not in the filing and fall outside its scope.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The IPO plan is this.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The <span style=\"white-space:nowrap;\">$2B<\/span> already borrowed at high interest<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The most dramatic number is the emergency borrowing of April 2020.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It borrowed <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$2.0<\/span> billion through a term loan<\/strong> led by Silver Lake and Sixth Street (First Lien + Second Lien), on the following terms:<\/p>\n<ul style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; padding-left: 24px; margin: 0 0 1.5em 0;\">\n<li style=\"margin-bottom: 0.6em;\">Interest at LIBOR + a spread (First Lien <span style=\"white-space:nowrap;\">7.5%<\/span> + LIBOR \/ Second Lien <span style=\"white-space:nowrap;\">10%<\/span> + LIBOR, <strong style=\"font-weight: 700; color: #000;\">roughly 7.5\u2013<span style=\"white-space:nowrap;\">11%<\/span> effective<\/strong>)<\/li>\n<li style=\"margin-bottom: 0.6em;\">With warrants attached (granting the lenders rights to acquire additional shares)<\/li>\n<li style=\"margin-bottom: 0.6em;\">Silver Lake and Sixth Street as the lenders<\/li>\n<\/ul>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It is <strong style=\"font-weight: 700; color: #000;\">an interest rate unthinkable for an ordinary loan<\/strong>. To survive COVID, Airbnb took on <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$2<\/span> billion of debt (of which the <span style=\"white-space:nowrap;\">$1<\/span> billion Second Lien carried an effective rate of about <span style=\"white-space:nowrap;\">11%<\/span>)<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">S-1<\/span> describes the backdrop in Chesky&rsquo;s letter: &ldquo;we significantly reduced our expenses and raised <span style=\"white-space:nowrap;\">$2<\/span> billion in debt,&rdquo; and the company was &ldquo;faced with the difficult decision to let many of our employees go.&rdquo;<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">What the IPO money is for<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The uses are general corporate purposes; working capital, operating expenses, capital expenditures; and potential acquisitions.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">No allocation to a specific project is spelled out. The posture is &ldquo;raise it for now, and the company decides how to use it.&rdquo;<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Not a stopgap, but a <span style=\"white-space:nowrap;\">recovery-proving<\/span> IPO<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Airbnb&rsquo;s IPO carries a strong sense of proving to the market that it &ldquo;came back without leaning on advertising, from bookings down <span style=\"white-space:nowrap;\">72%<\/span>.&rdquo; Unlike <span style=\"white-space:nowrap;\">loss-stage<\/span> companies for which raising money was urgent, Airbnb is a company that &ldquo;<strong style=\"font-weight: 700; color: #000;\">became able to go public precisely because it staged a <span style=\"white-space:nowrap;\">V-shaped<\/span> recovery<\/strong>.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Repaying the <span style=\"white-space:nowrap;\">high-interest<\/span> emergency borrowing and entering a real expansion phase &mdash; the moment that opened <span style=\"white-space:nowrap;\">capital-market<\/span> access for that was the December 2020 IPO.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Item<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Detail<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Listing<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Nasdaq Global Select Market (ticker: ABNB)<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Shares offered<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">50,000,000 shares (<span style=\"white-space:nowrap;\">Class A<\/span>, finalized at the <span style=\"white-space:nowrap;\">S-1<\/span>\/A stage)<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Assumed price<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$56<\/span>\u2013<span style=\"white-space:nowrap;\">$60<\/span> (<span style=\"white-space:nowrap;\">S-1<\/span>\/A, December 2020)<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Lead underwriters<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Morgan Stanley, Goldman Sachs, Allen &amp; Company, and others<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A company that &ldquo;<strong style=\"font-weight: 700; color: #000;\">became able to go public precisely because it staged a <span style=\"white-space:nowrap;\">V-shaped<\/span> recovery<\/strong>.&rdquo;<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.25em; font-weight: 700; color: #daa241; margin: 120px 0 12px 0; text-transform: uppercase;\">In closing<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 20px 0;\">Beyond the ten questions<\/h2>\n<div style=\"width: 140px; height: 4px; background: #daa241; margin: 0 0 40px 0;\"><\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What Airbnb is selling is not merely &ldquo;the world&rsquo;s largest lodging platform that owns no property.&rdquo; 4 million hosts, more than 220 countries, 825 million cumulative arrivals, <span style=\"white-space:nowrap;\">$110B<\/span> in cumulative host earnings &mdash; and with <span style=\"white-space:nowrap;\">91%<\/span> of traffic organic, the brand itself functions as a distribution channel. It is a company that supplies an enormous number of &ldquo;rooms&rdquo; while owning not a single one.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">But that company saw bookings fall <span style=\"white-space:nowrap;\">72%<\/span> year over year in April 2020, and it has not achieved a <span style=\"white-space:nowrap;\">full-year<\/span> profit since founding. To survive, it borrowed <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$2<\/span> billion at high interest<\/strong> and laid off about <span style=\"white-space:nowrap;\">25%<\/span> of its employees. As <span style=\"white-space:nowrap;\">short-term<\/span> rental regulation tightens in cities around the world, its 4 million hosts are independent individuals who could throttle supply at any time.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Even so, in the summer of 2020, with marketing spend cut sharply from <span style=\"white-space:nowrap;\">$1.14B<\/span> in 2019, it staged a <span style=\"white-space:nowrap;\">V-shaped<\/span> recovery, and standalone <span style=\"white-space:nowrap;\">third-quarter<\/span> adjusted EBITDA grew from <span style=\"white-space:nowrap;\">$314M<\/span> in the <span style=\"white-space:nowrap;\">prior-year<\/span> quarter to <span style=\"white-space:nowrap;\">$501M<\/span> (the <span style=\"white-space:nowrap;\">nine-month<\/span> cumulative was &#8211;<span style=\"white-space:nowrap;\">$230M<\/span>). COVID forcibly demonstrated a platform structure in which &ldquo;cut marketing and cut headcount, and you can <strong style=\"font-weight: 700; color: #000;\">return to the black in a seasonally strong quarter<\/strong>.&rdquo; These are the facts Airbnb lines up in its <span style=\"white-space:nowrap;\">S-1<\/span>.<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 80px auto; padding: 0 20px;\">\n<div class=\"s1-light-shadow\" style=\"display: flex; align-items: stretch;\">\n<div style=\"flex: 1 1 0; min-width: 0; box-sizing: border-box; border: 1px solid #1a1a1a; overflow-wrap: break-word; background: #ffffff; display: flex; flex-direction: column;\">\n<div style=\"background: #c4922e; padding: 20px 28px; text-align: center;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; letter-spacing: 0.25em; color: rgba(255,255,255,0.7); font-weight: 700; margin: 0 0 4px 0;\">LIGHT<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 600; color: #ffffff; margin: 0;\">The bull case<\/h3>\n<\/p><\/div>\n<div style=\"padding: 28px; background: #ffffff; flex: 1;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 1.65; color: #1a1a1a; margin: 0; overflow-wrap: break-word;\"><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; 4 million hosts, 220 countries, 825 million cumulative arrivals, $110B in cumulative host earnings.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; 91% of traffic in the nine months of 2020 was organic; the brand itself is a distribution channel.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; Supplies an enormous number of &ldquo;rooms&rdquo; while owning not a single one.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0;\">&middot; Even with revenue down 32% under COVID, standalone Q3 adjusted EBITDA grew from $314M to $501M (nine-month cumulative -$230M).<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div style=\"flex: 1 1 0; min-width: 0; box-sizing: border-box; border: 1px solid #1a1a1a; border-left: 0; overflow-wrap: break-word; background: #ffffff; display: flex; flex-direction: column;\">\n<div style=\"background: #1a1a1a; padding: 20px 28px; text-align: center;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; letter-spacing: 0.25em; color: rgba(255,255,255,0.5); font-weight: 700; margin: 0 0 4px 0;\">SHADOW<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 600; color: #ffffff; margin: 0;\">The bear case<\/h3>\n<\/p><\/div>\n<div style=\"padding: 28px; background: #ffffff; flex: 1;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 1.65; color: #1a1a1a; margin: 0; overflow-wrap: break-word;\"><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; Net losses every year since founding; no full-year profit.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; Bookings down 72% in April 2020; to survive, $2 billion in emergency borrowing ($1 billion of it at about 11% effective), and 25% of employees laid off.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; Short-term rental regulation tightening in NY\/Paris\/Barcelona\/Tokyo; Airbnb&rsquo;s brand carries the risk of damage from a single safety incident.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; With Class B at 20 votes per share, insiders keep a majority of the votes (58.8%, per the S-1\/A) even after the IPO.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0;\">&middot; The 4 million hosts are independent individuals, free to leave.<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0;\">The <span style=\"white-space:nowrap;\">S-1<\/span> returns again and again to &ldquo;Connection and belonging.&rdquo; The market expects &ldquo;a new shape of travel beyond COVID.&rdquo; At the intersection of the two, Airbnb sells stock. It is the moment a company that came back from bookings down <span style=\"white-space:nowrap;\">72%<\/span> goes public, proving its recovery.<\/p>\n<\/div>\n<p><!--s1nl--><\/p>\n<div class=\"s1-nl\" id=\"s1nl-en\" style=\"max-width:680px;margin:70px auto 0;padding:30px;border:1px solid #e6e6e6;background:#ffffff;font-family:'Helvetica Neue', Helvetica, Arial, 'Hiragino Kaku Gothic ProN', '\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3', 'Noto Sans JP', 'Yu Gothic', sans-serif;word-break:keep-all;line-break:strict;box-sizing:border-box;\">\n<p style=\"font-size:12px;letter-spacing:0.25em;font-weight:700;color:#daa241;margin:0 0 10px;\">S-1 JOURNAL NEWSLETTER<\/p>\n<div style=\"font-size:20px;font-weight:700;line-height:1.6;color:#1a1a1a;margin:0 0 10px;\">When the next S-1 drops, get the reality check.<\/div>\n<p style=\"font-size:14px;line-height:1.8;color:#333333;margin:0 0 20px;\">Event-driven S-1 breakdowns and new deep dives, delivered free by email. Subscriber bonus: the Ten Questions checklist (PDF). No spam. Unsubscribe anytime.<\/p>\n<form action=\"https:\/\/tomorrowaccess.com\/wp-json\/s1\/v1\/waitlist\" method=\"post\" onsubmit=\"return s1nlSubmit_en(this)\" style=\"display:flex;gap:10px;flex-wrap:wrap;margin:0;\"><input type=\"hidden\" name=\"source\" value=\"s1nl-en-nojs\"><input type=\"email\" name=\"email\" required placeholder=\"Your email\" style=\"flex:1;min-width:200px;padding:13px 16px;font-size:15px;font-family:inherit;border:1px solid #e6e6e6;background:#fafafa;color:#000000;border-radius:0;box-sizing:border-box;\"><button type=\"submit\" style=\"background:#daa241;color:#ffffff;border:0;border-radius:0;padding:13px 28px;font-size:14px;font-weight:700;letter-spacing:0.08em;font-family:inherit;cursor:pointer;\">Subscribe free<\/button><\/form>\n<p style=\"font-size:11px;color:#999999;line-height:1.7;margin:10px 0 0;\">By subscribing you agree to receive emails from S-1 Journal.<\/p>\n<p><script>function s1nlSubmit_en(f){var b=f.querySelector(\"button\");b.disabled=true;var em=(f.querySelector(\"input[type=email]\").value||\"\").trim();fetch(f.action,{method:\"POST\",headers:{\"Content-Type\":\"application\/json\"},body:JSON.stringify({email:em,source:location.pathname})}).then(function(r){return r.json()}).then(function(j){if(j&&j.ok){document.getElementById(\"s1nl-en\").innerHTML=\"<\/p>\n<p style=\\\"font-size:16px;font-weight:700;color:#1a1a1a;margin:0;\\\">\u2713 You're in. See you at the next S-1.<\/p>\n<p>\";}else{b.disabled=false;alert(\"Something went wrong. Please try again later.\");}}).catch(function(){b.disabled=false;alert(\"Something went wrong. Please try again later.\");});return false;}<\/script><\/div>\n<p><!--\/s1nl--><\/p>\n<div style=\"background: #000000; padding: 80px 40px; text-align: center; margin-top: 80px;\">\n<div class=\"s1-article-cta-headline\" style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 32px; font-weight: 400; color: #fafafa; line-height: 1.5; text-wrap: pretty;\">A great company, or a mediocre one?<br \/>That judgment is now in your hands.<\/div>\n<div style=\"width: 240px; height: 4px; background: #daa241; margin: 30px auto 0;\"><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 40px auto 0; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\">\n<p style=\"font-size: 12px; line-height: 1.7; color: #888; letter-spacing: 0.02em; margin: 0;\">Source: All facts are drawn from Airbnb, Inc.&#8217;s S-1 (accession 0001193125-20-294801, filed 2020-11-16), together with the company&#8217;s IPO roadshow presentation and factsheet where noted.<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 16px auto; padding: 0 20px;\"><a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/\" style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; font-weight: 700; color: #daa241; text-decoration: none; letter-spacing: 0.02em;\">\u2190 Back to S-1 Journal<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>S-1 Journal The 10 Questions | Every S-1, decoded through the same 10 questions. Airbnb From Bookings Down 72% [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":24377,"parent":20744,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"Airbnb S-1","_yoast_wpseo_title":"Airbnb S-1, Explained: Down 72%, Recovered Without Leaning on Ads %%sep%% %%sitename%%","_yoast_wpseo_metadesc":"Airbnb&rsquo;s S-1, decoded: bookings fell 72% in COVID then recovered V-shaped, 91% of traffic organic, 4M hosts across 220 countries, Q3 2020 adjusted EBITDA of 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