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Mar 31, 2021
Airbnb Q1 2021 Earnings Report
Airbnb's business proved highly resilient, with revenue up 5% year-over-year and improved Adjusted EBITDA.
Key Takeaways
Airbnb's Q1 2021 results showed resilience with a 5% increase in revenue year-over-year, driven by strength in North America and higher Average Daily Rates. The company's net loss was impacted by significant items, but Adjusted EBITDA materially improved due to cost efficiencies.
Q1 2021 revenue increased by 5% year-over-year and exceeded Q1 2019 levels.
Several significant items impacted Q1 2021 net loss, totaling $782 million.
Q1 2021 Adjusted EBITDA materially improved due to a reduction in operating expenses.
People are ready to travel, with increased bookings following easing of restrictions.
Forward Guidance
Airbnb anticipates that year-over-year comparisons for Nights and Experiences Booked and GBV will continue to be volatile and unreliable. They expect revenue in Q2 2021 to be significantly higher than that of Q2 2020 and to be at a similar level to that of Q2 2019.
Positive Outlook
- Expect Q2 2021 Nights and Experiences Booked to be significantly higher than Q2 2020.
- Expect GBV in Q2 2021 to be higher than that of Q2 2019.
- Expect revenue in Q2 2021 to be significantly higher than that of Q2 2020 and similar to Q2 2019.
- Expect Adjusted EBITDA margin will be at breakeven, to slightly positive in Q2 2021.
- Plan to continue to improve variable costs, materially increase marketing efficiency and tightly manage fixed expenses during the rest of 2021.
Challenges Ahead
- Year-over-year comparisons for Nights and Experiences Booked and GBV will continue to be volatile and unreliable.
- Q2 2021 Nights and Experiences Booked are expected to be below that of Q2 2019.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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