Airbnb : Q3 2023 Earnings Transcript

November 02, 2023 at 05:26 pm IST

Corrected Transcript

01-Nov-2023

Airbnb, Inc. (ABNB)

Q3 2023 Earnings Call

	Total Pages: 22
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Airbnb, Inc. (ABNB)	Corrected Transcript
Q3 2023 Earnings Call	01-Nov-2023

CORPORATE PARTICIPANTS

Ellie Mertz	David E. Stephenson
Vice President-Finance, Airbnb, Inc.	Chief Financial Officer & Head-Employee Experience, Airbnb, Inc.
Brian Chesky
Chairman, Chief Executive Officer & Co-Founder, Airbnb, Inc.

.....................................................................................................................................................................................................................................................................

OTHER PARTICIPANTS

Mark Mahaney	Ronald Josey
Analyst, Evercore ISI	Analyst, Citigroup Global Markets, Inc.
Eric J. Sheridan	Kevin Kopelman
Analyst, Goldman Sachs & Co. LLC	Analyst, TD Cowen
Brian Nowak	Justin Post
Analyst, Morgan Stanley & Co. LLC	Analyst, BofA Securities, Inc.
Lee Horowitz	James Lee
Analyst, Deutsche Bank Securities, Inc.	Analyst, Mizuho Securities USA LLC
Doug Anmuth	Lloyd Walmsley
Analyst, JPMorgan Securities LLC	Analyst, UBS Securities LLC
Jed Kelly	Kenneth James Gawrelski
Analyst, Oppenheimer & Co., Inc.	Analyst, Wells Fargo & Co.
Nicholas Jones	Conor Cunningham
Analyst, JMP Securities LLC	Analyst, Melius Research LLC

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Airbnb, Inc. (ABNB)	Corrected Transcript
Q3 2023 Earnings Call	01-Nov-2023

MANAGEMENT DISCUSSION SECTION

Operator: Good afternoon and thank you for joining Airbnb's Earnings Conference Call for the Third Quarter of 2023. As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of Airbnb's website following this call.

I will now hand the call over to Ellie Mertz, VP of Finance. Please go ahead.

Ellie Mertz

Vice President-Finance, Airbnb, Inc.

Thank you. Good afternoon and welcome to Airbnb's third quarter of 2023 earnings call. Thank you for joining us today. On the call today, we have Airbnb's Co-Founder and CEO, Brian Chesky; and our Chief Financial Officer, Dave Stephenson.

Earlier today, we issued a shareholder letter with our financial results and commentary for our third quarter of 2023. The guidance were also posted on the Investor Relations section of Airbnb's website.

During the call, we'll make brief opening remarks, and then spend the remainder of time on Q&A.

Before I turn it over to Brian, I would like to remind everyone that we'll be making forward-looking statements on this call that involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described under forward-looking statements in our shareholder letter and in our most recent filings with the Securities and Exchange Commission.

We urge you to consider these factors and remind you that we undertake no obligation to update the information contained on this call to reflect subsequent events or circumstances. You should be aware that these statements should be considered estimates only, and are not a guarantee of future performance.

Also, during this call, we will discuss some non-GAAP financial measures. We provided reconciliations to the most directly comparable GAAP financial measures in the shareholder letter posted to our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

With that, I'd like to pass the call to Brian.

Brian Chesky

Chairman, Chief Executive Officer & Co-Founder, Airbnb, Inc.

All right. Well, thank you, Ellie, and good afternoon, everyone. Thanks for joining. I'm excited to share results with you. Q3 was another strong quarter for Airbnb. We had over 113 million Nights and Experiences Booked. Revenue of $3.4 billion grew 18% year-over-year. Net income was $4.4 billion. Now, this includes a one-time income tax benefit from the release of a valuation allowance of $2.8 billion. But even excluding this tax benefit, adjusted net income was $1.6 billion, our highest ever, and represented adjusted net income margin of 47%.

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Airbnb, Inc. (ABNB)	Corrected Transcript
Q3 2023 Earnings Call	01-Nov-2023

And free cash flow for the quarter was $1.3 billion. In fact, on a trailing 12-month basis, our free cash flow was $4.2 billion, which is also our highest ever. And because of our strong cash flow and balance sheet, we repurchased over $500 million of our stock.

Now, during the quarter, we saw a number of positive business highlights. First, we have added nearly 1 million active listings this year. Our supply grew 19% in Q3 compared to a year ago. We once again saw double-digit supply growth across all regions, with the highest growth in regions with the highest demand. Urban and non- urban supply increased at nearly the same rate, and we saw relatively similar supply growth among individual professional Hosts, with the majority of new listings exclusive to Airbnb.

Second, Q3 was a record travel season on Airbnb. Nights and Experiences Booked grew 14% in Q3 compared to a year ago. We saw an acceleration of Nights growth across all geographies, and we were particularly encouraged by the growth of first-time bookers during Q3. And we saw more Nights than ever booked in the Airbnb app, with 53% of gross Nights booked in the app compared to 48% in the same period last year.

And finally, international expansion markets are gaining momentum. Cross-border nights booked increased 17% in Q3 compared to a year ago. In Asia-Pacific, our business has fully recovered to pre-pandemic levels. And we're seeing significant growth in Asia-Pacific markets such as Taiwan, Thailand and Indonesia, all experiencing year- over-year nights growth above 30% on an origin basis.

Now, we've been able to achieve these results by continually making progress on our three strategic priorities. First, we're making hosting mainstream. We've been focused on making hosting as popular as traveling, and our Q3 results show that our approach is working. We ended the quarter with our highest number of active listings and we saw strong active listings growth across all regions and market types.

And Hosts are benefiting. During Q3 alone, Airbnb Hosts earned more than $19 billion. We'll continue growing supply by raising awareness around hosting, making it easier to get started, and improving the overall experience for Hosts.

Second, we're perfecting our core service. We requested millions of pieces of feedback on how to improve Airbnb, and two years ago, we started doing twice a year product releases to address this feedback. And since then, we've launched more than 350 new features and upgrades across our entire service. And in the past year alone, this has included things such as improved customer service, total price display and new tools to help Hosts set more competitive prices. These upgrades are paying off for both guests and Hosts.

For example, we redesigned our tool and we made it easier for Hosts to add discounts and promotions. And now, almost two-thirds of Hosts offer weekly or monthly discounts. We also added a new feature called Similar Listings that lets Hosts see listing prices in the area so they know what to charge. And since we launched the Similar Listings tool, nearly 1 million Hosts have used this feature.

And in September, we shared progress we've made to help lower cleaning fees, reduce prices, and improve search and reliability. We have even more improvements coming as part of our November 8 winter release next Wednesday, where we'll introduce dozens of new features aimed at making Airbnb more reliable.

And finally, our third strategic priority is expanding Airbnb beyond our core. Now, we made significant progress over the past few years in building a strong and profitable business. And in addition to laying the foundation for new services and offerings, we've been focused on international expansion. We are investing in underpenetrated international markets, and we're seeing great results. Following the success we've seen in recent quarters in

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Airbnb, Inc. (ABNB)	Corrected Transcript
Q3 2023 Earnings Call	01-Nov-2023

Germany and Brazil, Korea has now become one of our fastest-growing countries compared to 2019, with gross nights booked 54% higher than they were in Q3 2019 on an origin basis. As international travel continues to recover, we're building greater momentum for Airbnb in underpenetrated markets.

So, those are our results for Q3. With that, Dave and I look forward to answering your questions.

QUESTION AND ANSWER SECTION

Operator: Thank you. [Operator Instructions] We'll take our first question from Mark Mahaney at Evercore ISI.

Mark Mahaney

Analyst, Evercore ISI

Thanks. Can I throw two questions in? You talked about some of these improvements you're seen in markets like Germany, Brazil and Korea. Could you just spend a little bit more time on that opportunity going forward? And is it the expectation now that Germany and Brazil are already optimized so you just keep optimizing other ones or does it take a while to monetize those?

And then, secondly, in terms of future services that you could offer to sellers, any update on when we could see those, particularly things like sponsored listings for sellers? Thank you - for Hosts, I mean. Thank you.

Brian Chesky

Chairman, Chief Executive Officer & Co-Founder, Airbnb, Inc.

Yeah. Hey, Mark, this is Brian. I'll take it. Let's first talk about international expansion. So, it's a great question. And as everyone recall that's probably aware, Airbnb is in 220 countries in the region. So on the one hand, we're one of the most global like companies in all of travel. We're a truly global travel network. At the same time, Mark, what we've seen is that our penetration nights stay is significantly higher than our penetration in many other countries. And we think there's a huge amount of growth if we could just get Airbnb to even a fraction of the percentage of penetration that we have in the United States.

So last year, we decided to roll out this updated playbook. We rolled it out in Germany and Brazil. It's kind of a full

like a fully four-pronged approach and involves some products optimization, PR, local marketing and just general optimization on the ground in these regions. And what we've seen in Brazil is now double the size as it was pre-pandemic. We rolled that same playbook out to Korea. It's now 54% higher than it was before. But what I would say is we've just scratched the surface of what we can do in Germany, Brazil and Korea.

I think those markets are on a good trajectory. They can be significantly larger. And we're now looking at Japan and India, China, around Asia-Pacific. We have some optimizations in Southeast Asia, continual growth in Mexico. There's a number of other countries, in addition to a number of areas in Europe, where we think we can see a lot more growth.

So I think the next 24 months, we're going to see a major acceleration in our penetration in a lot of these markets. There's about a dozen, dozen and a half markets around the world, as you know, that have large tourism opportunities, and we're really focused on that. And that's going to be one of our biggest near-term expansion opportunities.

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Airbnb, Inc. (ABNB)	Corrected Transcript
Q3 2023 Earnings Call	01-Nov-2023

With regards to future services to sellers, we don't have anything to announce right now. But what we've been doing is we've been building the foundation of our systems so that we can have these new tools and services, including sponsored listings. And we also, not recently, we've been rolling out a pilot for co-hosting.Co-hosting is a service where we match Hosts that don't have homes but have extra time with homeowners that have space but they don't have time to host. And we've been doing these pilots in France, we've rolled it out in parts of the United States, and this is turning into a popular service that we think can unlock a lot more supply.

So, we're going to - over the next couple years, I think you're going to see a number of new services roll out for Hosts.

Mark Mahaney

Analyst, Evercore ISI

Okay. Thank you, Brian.

Operator: We'll go next to Eric Sheridan at Goldman Sachs.

Eric J. Sheridan

Analyst, Goldman Sachs & Co. LLC

Thanks so much for taking the question. I just have one. Brian, in a number of interviews in the quarter, you talked about a potential for product roadmap over the longer term, different products that could probably expand elements of the platform, car rentals, maybe even long-term apartment rentals. How do you think about product evolution that's being offered to the consumers on the platform and thinking about investing behind those initiatives? Thanks.

Brian Chesky

Chairman, Chief Executive Officer & Co-Founder, Airbnb, Inc.

Yeah. Hey, Eric. I mean, just to step back, the last few years, I think we've really, really benefited by being focused. When the pandemic occurred, we felt like we had to hunker down, get really lean, get really focused. We went from basically a breakeven company to now a company doing obviously cash flow margins of around 44% of revenue. So, we've really benefited from this [indiscernible] (11:41) and really benefited from focusing on our core business.

To your point, Eric, I think we are now getting ready to re-expand Airbnb beyond its core. It was always our intention to do much more than just short-term housing for travelers. It was always our intention to do more of that. So, we're working on making Airbnb more of extensible platform. And I think ultimately, there are actually quite literally dozens of services for guests and hosts that we could build on top of the Airbnb system. I think a lot of it comes down to making the platform extensible so we can offer these services.

I think at the end of the day, we're really thinking about a couple big ideas. First, I think that we are thinking about generative AI as an opportunity to reimagine much of our product category and product catalogue. So if you think about how you can sell a lot of different types of products and new offerings, generative AI could be really, really powerful. It can match you in a way that you've never seen before. So, imagine Airbnb being almost like the ultimate travel agent as an app. We think this can unlock opportunities that we've never seen.

Additionally to that, there's a lot of opportunities on both the guest side and the Host side. And so, we're going to be thinking through a lot in there. So, you'll see hopefully some updates in the coming years.

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Airbnb, Inc. (ABNB)	Corrected Transcript
Q3 2023 Earnings Call	01-Nov-2023

Eric J. Sheridan

Analyst, Goldman Sachs & Co. LLC

Thank you.

Operator: We'll move to our next question from Brian Nowak at Morgan Stanley.

Brian Nowak

Analyst, Morgan Stanley & Co. LLC

Great. Thanks for taking my question. I have two. First one, maybe on the guide a little bit, I know there's a lot of moving pieces between the revenue comments and the ADR comments and the take rate. Just sort of wanted to confirm, are you guys sort of looking to guide room night growth in sort of the high-single,low-double digit range in 4Q? Is that the right way we should be thinking about with take rate and things?

And then, the second one, Brian, I know you have a lot of innovation. You have 350 features and upgrades, et cetera. Can you just sort of give us one or two of them that you think could be most impactful to accelerate that room night growth as we go into 2024 and 2025?

Brian Chesky

Chairman, Chief Executive Officer & Co-Founder, Airbnb, Inc.

And Brian, sorry, are you referring to things we've already shipped or things that we're working on that we haven't shipped?

Brian Nowak

Analyst, Morgan Stanley & Co. LLC

Well, either way you want to go. Yeah, yeah. If you have ones that have already shipped, that'd be great. If you have other ones that you want to tell us about next week, that'd be good, too. [indiscernible] (13:57).

Brian Chesky

Chairman, Chief Executive Officer & Co-Founder, Airbnb, Inc.

Yeah. So, let me - why don't I answer the innovation, and Dave, you can talk about the guide for going forward. So maybe let me talk about some things that we've already done, and I can give you a little bit of sense of how we're thinking about next week and beyond. So, we did over 50 upgrades last May. It was based on the idea that millions of customers have given us feedback, actually both guests and Hosts on how to improve Airbnb, [ph] and we listened (14:23). And if I were to just call out three things, Brian, I would just call out three things, would be total price display, pricing tools for Hosts and monthly stays. So, let me just go through three and what happened.

On total price display, we rolled out total price display before taxes. This is based on popular demand. We are now the only travel app of our kind that actually does this. Since we rolled this out, 260,000 listings have removed or reduced their cleaning fees. We now have 3 million listings in Airbnb that do not have a cleaning fee. So, we think this is working. We also think people are now being steered towards better total value on a total price inclusive of all costs basis.

The second are pricing tools. Since we rolled out new pricing tools, about half of new listings are now offering a monthly discount. We also have this new tool called Similar Listings where you can see where other people are charging around you. And this [indiscernible] (15:20) find has been the best way to make sure our Hosts have competitive prices. Because Hosts are usually surprised to discover the listings that get the most bookings around

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Airbnb, Inc. (ABNB)	Corrected Transcript
Q3 2023 Earnings Call	01-Nov-2023

them offer a better value. And it's always really hard to know what your home is worth and what you charge. And so, the best thing you can do is get people transparent data. 1 million people have used these tools.

And probably the thing I'd point to is while this time, year-over-year, in September data, hotel prices are up 10%. Airbnb prices globally are only up 1%. So, we are definitely moving in the right direction. Now in North America, on a mix shift and FX neutral basis, our price is actually down 3% in North America, while hotels are up towards double digits, I think.

So, the last thing I'd say is monthly stays. We obviously announced a bunch of updates on monthly stays, including you can pay by bank, we lower fees after 3 months, we have a whole new really cool interface, and stays for three months or longer are now growing nearly 20% year-over-year.

So, those are just three things we've seen. I think what we have learned is like as we listen to customers, we adapt quickly. We can drive incremental growth.

As far as what's next, obviously, we don't talk about too much before it will release. I will say, though, next Wednesday, we are focused on some pretty big opportunities around reliability.

So, this is the last thing I'll say about this. If you think about how big Airbnb is, for every person who stays in Airbnb, approximately nine people every night stay in a hotel or about nine bookings. The hotels are about an order of magnitude bigger. And when you ask people why do you book a hotel and not an Airbnb, the number and reason they come up with is usually reliability, that they know what they're going to get before they book. It kind of speaks to the strength and weakness of Airbnb that, on the one hand, it's one of a kind; other hand, that one of a kind offers variability that not every person wants. And so next week, we're going to have some new offerings that I think will make a pretty big [ph] dent (17:17) in this.

So, that's what I can say. I think I'm pretty optimistic about what you'll see next week. And of course, we're already working on stuff for next May and next October releases as well. So hopefully, stay tuned.

David E. Stephenson

Chief Financial Officer & Head-Employee Experience, Airbnb, Inc.

And then in terms of the guidance, Brian, for the fourth quarter, we have our revenue guide that's between $2.13 billion and $2.17 billion. So, that's revenue growth between 12% and 14%. And remember that in Q3, our revenue growth, excluding the impact of foreign exchange, was about 14%. So - and we're not anticipating the same level of FX impact on the fourth quarter. So broadly, our revenue growth is a relatively comparable between Q4 and Q3.

In terms of the nights guide, we're just seeing some variability in our nights demand here early in the quarter. And so, we're just being cautious with that guide. And so, we're not being specific on it, but anticipate nights to be a few points below - nights growth to be a few points below Q3.

Brian Nowak

Analyst, Morgan Stanley & Co. LLC

Thank you, both.

Operator: We'll move to our next question from Lee Horowitz at Deutsche Bank.

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Airbnb, Inc. (ABNB)	Corrected Transcript
Q3 2023 Earnings Call	01-Nov-2023

Lee Horowitz

Analyst, Deutsche Bank Securities, Inc.

Hey. Thanks so much. Can you maybe help us think about how you guys are tracking towards expectations on occupancy or utilization moving forward? As you guys extend beyond the core into newer markets, do those markets come with occupancy or utilization headwinds that we should be thinking about? And holistically, how you guys think about how occupancy or utilization may track next year?

And then maybe just one high level one, thinking beyond the current cycle, we've seen a lot of other online travel models sort of hit this low-teens to high-single digit growth rate and decelerate from there or not be able to reaccelerate their businesses in a meaningful way. Can you maybe take a step back and help us better understand how you think that maybe Airbnb may be a little bit different than prior iterations that we've seen and can perhaps sustain sort of that double-digit revenue cadence over a longer period of time than what we're used to in the market? Thanks so much.

[indiscernible] (19:22)

Brian Chesky

Chairman, Chief Executive Officer & Co-Founder, Airbnb, Inc.

Oh, yeah. Yeah, you start with occupancy and I'll take the second question.

David E. Stephenson

Chief Financial Officer & Head-Employee Experience, Airbnb, Inc.

Great. Yeah. In terms of occupancy, we've actually seen that be pretty stable in terms of kind of on a global basis. I mean, if you actually step back, you have to remember that the vast majority of our Hosts on Airbnb are individual Hosts. They're not looking to drive 100% occupancy of all their listings. And what they want to do is earn enough money to usually hit some certain amount of financial goal.

So as we continue to grow our inventory, we're continuing to see strong occupancy levels overall. Clearly, we grew our inventory at 19%, which is ahead of kind of revenue growth in the current period. But if you actually step back and look over like a four-year period, go back all the way to 2019, the growth in our overall listings has actually been relatively similar to our overall growth in nights. So, that occupancy over an extended time period tends to be fairly stable, while in any short-term time period, it can have a little bit more volatility. But overall, again, we don't focus on occupancy as a primary driver, but we monitor it on locale by locale because what really matters is that we have great available listings in a specific market on a specific date.

Brian Chesky

Chairman, Chief Executive Officer & Co-Founder, Airbnb, Inc.

Hey, Lee. I'll take the second question. Yes, I think that as I said before, I think we're only scratching the surface of how this company becomes, and I absolutely think that we can get to really solid double-digit revenue growth for many, many years to come.

And there's three things that I'd point out. The first is our core business. I think our core business could be significantly larger than it is today even if we didn't do anything new. And the reason I believe this is the following. I believe that almost every single person who stays in a hotel could stay in an Airbnb if, number one, they knew about all the benefits of Airbnb, and number two, we made sure that our service was sufficiently reliable to be an alternative.

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Airbnb, Inc. (ABNB)	Corrected Transcript
Q3 2023 Earnings Call	01-Nov-2023

So, let me start with those two. We've done recently a new marketing campaign that's called Airbnb It, and it basically contrasts the benefits of an Airbnb versus a hotel. And based on our research, one of the things we've noticed is that a lot of people that stay in hotels don't understand some of the unique benefits of staying in an Airbnb and why it is better for certain types of trips.

And one type of trip that Airbnb is almost always better is when you're traveling with three or more people. If you're traveling with a family or you're traveling with a group, why do you want to stay in different rooms versus - different rooms separated or have them stay in the same [indiscernible] (22:04) go to bed all at the same time and then the only place you can meet is these crowded lobbies, when you can get a whole home all to yourself.

So, this is - we've been running these digital campaigns. It's the highest performing digital campaign we've ever done, and this is going to be the basis for a new major new marketing campaign next year.

Additional to that, as I mentioned before, if we just keep focusing on reliability, making sure that when you book, you know what you're going to get, and if there's ever a problem, you have an excellent customer service that is nearly as good as the front desk or as good as the front desk, than I think there could be in the years to come a tipping point where many people could choose Airbnb. So, that's just our core business.

Next is international. Even though we're in 220 countries and regions, there's only a couple countries where we even have penetration that rivals the United States. And those countries are Canada, Australia and France. After that - UK a little bit - it really starts to tip down. And so, we have like massive, massive opportunity just by bringing Airbnb's playbook to these other countries.

Obviously Germany, but not just Germany, like actually the entirety of Northern Europe, Eastern Europe, and even Italy and Spain, basically every country but France and UK, there's - they're at a step change lower penetration. Latin America is a completely new market for us, emerging. Asia-Pacific, I would argue, is a completely new market. We can be adding huge amounts of growth just by our expansion playbook.

And then, finally, yeah, I mean, I would say just on new products and services, though we're not disclosing anything that we're doing new right now, here's what I'd say. I think the biggest strength I have as the CEO is not driving profitability, even though we've done a really good job. I think it is literally inventing new products and services. It's why we've hired so many great technologists, designers, and I think this is going to be a sweet spot for us.

We're obviously not going to talk about new things before we ship them, but twice a year, every May and every November - October, November, we're going to be hopefully putting out going forward new ideas that I hope really increase the addressable market for Airbnb. And I think that we can do much more than just short-term housing. But again, I think short-term housing is still a huge opportunity for us.

Operator: We'll go to our next question from Doug Anmuth at JPMorgan.

Doug Anmuth

Analyst, JPMorgan Securities LLC

Thanks for taking the questions. First, you called out the greater volatility in early 4Q. Just curious if you have any view of whether that's more macro-driven or geopolitical. And then, curious if you have a sense of kind of visibility in any kind of bookings into 2024, and perhaps, maybe how that visibility compares now versus a year ago.

Thanks.

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Quarterly earnings - Rate of surprise

Sector Other Internet Services