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Mar 31, 2023
Airbnb Q1 2023 Earnings Report
Airbnb's Q1 2023 marked a strong start to the year with record Nights and Experiences Booked and first profitable Q1 on a GAAP basis.
Key Takeaways
Airbnb's Q1 2023 saw record Nights and Experiences Booked, reaching over 120 million. Revenue grew 20% year-over-year to $1.8 billion, and the company achieved its first profitable Q1 with a net income of $117 million. Free Cash Flow grew 32% year-over-year to $1.6 billion.
Nights and Experiences Booked hit a record high with over 120 million in Q1 2023.
Q1 revenue of $1.8 billion grew 20% year-over-year (24% ex-FX).
Q1 net income of $117 million marked the first profitable Q1 on a GAAP basis.
Free Cash Flow was $1.6 billion, growing 32% year-over-year.
Airbnb
Airbnb
Forward Guidance
Airbnb expects to deliver revenue of $2.35 billion to $2.45 billion in Q2 2023, representing year-over-year growth of between 12% and 16%.
Positive Outlook
- Implied take rate in Q2 2023 will be above Q2 2022.
- ADR continues to demonstrate greater than expected resilience, particularly in EMEA and North America.
- Continue to anticipate a full year Adjusted EBITDA margin that is broadly in-line with full-year 2022.
- Looking forward to another strong summer travel season.
- Deploying marketing earlier in the year than last year.
Challenges Ahead
- Nights and Experiences Booked will have unfavorable year-over-year comparisons in Q2 2023.
- Year-over-year growth in Nights and Experiences Booked in Q2 2023 is expected to be lower than revenue growth.
- Anticipate a slightly lower ADR in Q2 2023 than Q2 2022 driven by mix shifts and the introduction of new Host pricing tools.
- Expect Adjusted EBITDA to be similar to Adjusted EBITDA in Q2 2022 on a nominal basis, but lower on a margin basis.
- Anticipated year-over-year decline in Adjusted EBITDA margin is primarily driven by changes in the expected timing of marketing spend.