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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM 10-Q
______________
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____ to _____
Commission File Number: 001-39778
______________
Airbnb, Inc.
(Exact Name of Registrant as Specified in Its Charter)
______________
Delaware26-3051428
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
888 Brannan Street
San Francisco, California 94103
(Address of Principal Executive Offices)(Zip Code)
(415) 510-4027
(Registrant’s Telephone Number, Including Area Code)
______________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Class A common stock, par value $0.0001 per share
ABNBThe Nasdaq Stock Market
______________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
As of October 15, 2021, 346,824,025 shares of the registrant's Class A common stock were outstanding 279,364,902 shares of the registrant's Class B common stock were outstanding, no shares of the registrant’s Class C common stock were outstanding, and 9,200,000 shares of the registrant’s Class H common stock were outstanding.



AIRBNB, INC.
Form 10-Q

TABLE OF CONTENTS
Pages
PART I. FINANCIAL INFORMATION
Item 1.
Item 3.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

the effects of the COVID-19 pandemic, including as a result of new strains or variants of the virus, on our business, the travel industry, travel trends, and the global economy generally;
our expectations regarding our financial performance, including our revenue, costs, Adjusted EBITDA, and Free Cash Flow;
our expectations regarding future operating performance, including Nights and Experiences Booked, Gross Booking Value (“GBV”), and GBV per Night and Experience Booked;
our ability to attract and retain hosts and guests;
our ability to compete in our industry;
our expectations regarding the resilience of our model, including in areas such as domestic travel, short-distance travel, travel outside of top cities, and long-term stays;
the effects of seasonal trends on our results of operations;
our expectations regarding the impact of the reduction in performance marketing spend to focus on brand marketing, and our ability to continue to attract guests and hosts to our platform through direct and unpaid channels;
our ability to successfully defend litigation brought against us;
our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates;
the increased expenses associated with being a public company;
anticipated trends, developments, and challenges in our industry, business, and the highly competitive markets in which we operate;
our ability to anticipate market needs or develop new or enhanced offerings and services to meet those needs;
our ability to manage expansion into international markets and new businesses;
our ability to stay in compliance with laws and regulations, including tax laws, that currently apply or may become applicable to our business both in the United States and internationally and our expectations regarding various laws and restrictions that relate to our business;
our expectations regarding our income tax liabilities and the adequacy of our reserves;
our ability to effectively manage our growth and expand our infrastructure and maintain our corporate culture;
our ability to identify, recruit, and retain skilled personnel, including key members of senior management;
the safety, affordability, and convenience of our platform and our offerings;
the sufficiency of our cash, cash equivalents, and investments to meet our liquidity needs;
our ability to maintain, protect, and enhance our intellectual property;
our ability to make required payments under our credit agreement and to comply with the various requirements of our indebtedness;
our plan to make distributions of our Host Endowment Fund; and
our intended use of the net proceeds from our initial public offering.
We caution you that the foregoing list does not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.
You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations, estimates, forecasts, and projections about future events and trends that we believe may affect our business, results of operations, financial condition, and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report on Form 10-Q, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur at all. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2020, and any subsequent filings, as well as those identified in this Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made available. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to
1

indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.
You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on Form 10-Q, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this Quarterly Report on Form 10-Q by these cautionary statements.




2

PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
Airbnb, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par value)
(unaudited)
As of
December 31,
As of
September 30,
20202021
Assets
Current assets:
Cash and cash equivalents$5,480,557 $5,994,698 
Marketable securities910,700 1,926,005 
Restricted cash33,846 14,764 
Funds receivable and amounts held on behalf of customers2,181,329 3,940,494 
Prepaids and other current assets (including customer receivables of $189,753 and $148,753 and allowances of $90,547 and $35,004, respectively)
309,954 344,956 
Total current assets8,916,386 12,220,917 
Property and equipment, net270,194 173,876 
Operating lease right-of-use assets384,068 280,058 
Intangible assets, net75,886 57,981 
Goodwill655,801 653,639 
Other assets, noncurrent189,164 195,532 
Total assets$10,491,499 $13,582,003 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$79,898 $97,093 
Operating lease liabilities, current56,586 65,578 
Accrued expenses and other current liabilities2,414,071 1,563,734 
Funds payable and amounts payable to customers2,181,329 3,940,494 
Unearned fees407,895 892,415 
Total current liabilities5,139,779 6,559,314 
Long-term debt, net of current portion1,815,562 1,981,496 
Operating lease liabilities, noncurrent430,905 383,924 
Other liabilities, noncurrent203,470 208,335 
Total liabilities7,589,716 9,133,069 
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.0001 par value, 2,000,000 shares of Class A common stock authorized as of December 31, 2020 and September 30, 2021; 115,500 and 346,255 shares of Class A common stock issued and outstanding as of December 31, 2020 and September 30, 2021, respectively; 710,000 shares of Class B common stock authorized as of December 31, 2020 and September 30, 2021; 483,697 and 279,424 shares of Class B common stock issued and outstanding as of December 31, 2020 and September 30, 2021, respectively; 2,000,000 shares of Class C common stock authorized as of December 31, 2020 and September 30, 2021, respectively; zero shares of Class C common stock issued and outstanding as of December 31, 2020 and September 30, 2021; 26,000 shares of Class H common stock authorized as of December 31, 2020 and September 30, 2021; 9,200 shares issued and zero shares of Class H common stock outstanding as of December 31, 2020 and September 30, 2021
60 62 
Additional paid-in capital8,904,791 10,864,266 
Accumulated other comprehensive income (loss)2,639 (3,152)
Accumulated deficit(6,005,707)(6,412,242)
Total stockholders’ equity2,901,783 4,448,934 
Total liabilities and stockholders’ equity$10,491,499 $13,582,003 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Airbnb, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020202120202021
Revenue$1,342,331 $2,237,432 $2,518,935 $4,459,564 
Costs and expenses:
Cost of revenue227,325 311,580 666,295 860,522 
Operations and support166,106 228,330 548,369 621,891 
Product development213,920 344,410 690,677 1,057,205 
Sales and marketing113,494 290,856 545,510 835,304 
General and administrative180,021 210,748 421,082 618,813 
Restructuring charges22,728 (465)136,969 112,079 
Total costs and expenses923,594 1,385,459 3,008,902 4,105,814 
Income (loss) from operations418,737 851,973 (489,967)353,750 
Interest income4,325 2,962 23,830 8,956 
Interest expense(59,867)(6,649)(107,548)(435,080)
Other income (expense), net(56,143)2,172 (115,751)(300,054)
Income (loss) before income taxes307,052 850,458 (689,436)(372,428)
Provision for income taxes87,724 16,565 7,429 34,107 
Net income (loss)$219,328 $833,893 $(696,865)$(406,535)
Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic$ $1.34 $(2.64)$(0.67)
Diluted$ $1.22 $(2.64)$(0.67)
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic265,137 621,012 263,726 611,311 
Diluted299,206 681,916 263,726 611,311 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Airbnb, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020202120202021
Net income (loss)$219,328 $833,893 $(696,865)$(406,535)
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale marketable securities, net of tax(1,010)(468)2,935 (1,589)
Foreign currency translation adjustments5,388 (2,691)(1,392)(4,202)
Other comprehensive income (loss)4,378 (3,159)1,543 (5,791)
Comprehensive income (loss)$223,706 $830,734 $(695,322)$(412,326)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Airbnb, Inc.
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(in thousands)
(unaudited)
Redeemable
Convertible Preferred
Stock
Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Stockholders’ Equity (Deficit)
Shares
Amount
Shares
Amount
Balances as of June 30, 2020239,624 $3,231,502 266,336 $26 $697,758 $(7,245)$(2,337,184)$(1,646,645)
Net income— — — — — — 219,328 219,328 
Other comprehensive income— — — — — 4,378 — 4,378 
Capital contribution from founders— — — — 14,615 — — 14,615 
Exercise of common stock options— — 1,028 — 2,743 — — 2,743 
Issuance of common stock upon settlement of RSUs, net of shares withheld — — 70 — (63)— — (63)
Stock-based compensation — — — — 29,360 — — 29,360 
Balances as of September 30, 2020239,624 $3,231,502 267,434 $26 $744,413 $(2,867)$(2,117,856)$(1,376,284)

Redeemable
Convertible Preferred
Stock
Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Stockholders’ Equity (Deficit)
Shares
Amount
Shares
Amount
Balances as of June 30, 2021 $ 619,006 $62 $10,639,267 $7 $(7,246,135)$3,393,201 
Net income — — — — — — 833,893 833,893 
Other comprehensive loss— — — — — (3,159)— (3,159)
Exercise of common stock options — — 3,002  20,733 — — 20,733 
Issuance of common stock upon settlement of RSUs, net of shares withheld— — 3,671 — (9,922)— — (9,922)
Stock-based compensation — — — — 214,188 — — 214,188 
Balances as of September 30, 2021 $ 625,679 $62 $10,864,266 $(3,152)$(6,412,242)$4,448,934 
The accompanying notes are an integral part of these condensed consolidated financial statements.


6

Airbnb, Inc.
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(in thousands)
(unaudited)
Redeemable
Convertible Preferred
Stock
Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Stockholders’ Equity (Deficit)
Shares
Amount
Shares
Amount
Balances as of December 31, 2019239,624 $3,231,502 263,814 $26 $617,690 $(4,410)$(1,420,991)$(807,685)
Net loss — — — — — — (696,865)(696,865)
Other comprehensive income— — — — — 1,543 — 1,543 
Capital contribution from founders— — — — 14,615 — — 14,615 
Cancellation of restricted stock awards— — (21)— — — — — 
Exercise of common stock options— — 3,266 — 5,411 — — 5,411 
Exercise of common stock warrants— — 238 — — — —  
Issuance of common stock upon settlement of RSUs, net of shares withheld — — 137 — (2,079)— — (2,079)
Stock-based compensation — — — — 108,776 — — 108,776 
Balances as of September 30, 2020239,624 $3,231,502 267,434 $26 $744,413 $(2,867)$(2,117,856)$(1,376,284)
Redeemable
Convertible Preferred
Stock
Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Stockholders’ Equity (Deficit)
Shares
Amount
Shares
Amount
Balances as of December 31, 2020 $ 599,197 $60 $8,904,791 $2,639 $(6,005,707)$2,901,783 
Net loss— — — — — — (406,535)(406,535)
Other comprehensive loss— — — — — (5,791)— (5,791)
Exercise of common stock options — — 14,139 2 104,586 — — 104,588 
Issuance of common stock upon settlement of RSUs, net of shares withheld— — 11,877 — (32,714)— — (32,714)
Reclassification of derivative warrant liability to equity— — — — 1,277,168 — — 1,277,168 
Purchase of capped calls— — — — (100,200)— — (100,200)
Issuance of common stock under employee stock purchase plan, net of shares withheld— — 466 — 25,464 — — 25,464 
Stock-based compensation — — — — 685,171 — — 685,171 
Balances as of September 30, 2021 $ 625,679 $62 $10,864,266 $(3,152)$(6,412,242)$4,448,934 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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Airbnb, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended September 30,
20202021
Cash flows from operating activities:
Net loss$(696,865)$(406,535)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Depreciation and amortization93,438 107,475 
Bad debt expense85,531 16,959 
Stock-based compensation expense108,776 673,126 
Impairment of investments82,125  
(Gain) loss on investments, net26,969 (9,581)
Change in fair value of warrant liability41,160 291,987 
Amortization of debt discount and debt issuance costs11,706 7,402 
Noncash interest expense, net17,365 7,471 
Foreign exchange (gain) loss(63,177)7,345 
Impairment of long-lived assets25,271 112,545 
Loss from extinguishment of debt 377,248 
Other, net(17,251)6,361 
Changes in operating assets and liabilities:
Prepaids and other assets(816)(57,168)
Operating lease right-of-use assets5,665 28,502 
Accounts payable(106,139)18,034 
Accrued expenses and other liabilities90,208 177,542 
Operating lease liabilities20,484 (34,365)
Unearned fees(215,072)484,497 
Net cash provided by (used in) operating activities(490,622)1,808,845 
Cash flows from investing activities:
Purchases of property and equipment(29,489)(20,864)
Purchases of marketable securities(1,999,663)(3,628,566)
Sales of marketable securities206,667 1,233,696 
Maturities of marketable securities1,005,881 1,393,215 
Other investing activities, net500  
Net cash used in investing activities(816,104)(1,022,519)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Airbnb, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended September 30,
20202021
Cash flows from financing activities:
Proceeds from issuance of long-term debt and warrants, net of issuance costs$1,928,880 $ 
Principal repayment of long-term debt(2,500)(1,995,000)
Prepayment penalty on long-term debt (212,883)
Proceeds from issuance of convertible senior notes, net of issuance costs 1,979,166 
Purchases of capped calls related to convertible senior notes (100,200)
Proceeds from the issuance of common stock under employee stock purchase plan 25,464 
Proceeds from exercise of stock options5,411 104,588 
Change in funds payable and amounts payable to customers(769,029)1,809,225 
Other financing activities, net11,445 (32,714)
Net cash provided by financing activities1,174,207 1,577,646 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash35,210 (159,006)
Net increase (decrease) in cash, cash equivalents, and restricted cash(97,309)2,204,966 
Cash, cash equivalents, and restricted cash, beginning of period5,143,443 7,668,252 
Cash, cash equivalents, and restricted cash, end of period$5,046,134 $9,873,218 
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds$10,453 $14,299 
Cash paid for interest$77,576 $47,717 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1. Description of Business
Airbnb, Inc. (the “Company” or “Airbnb”) was incorporated in Delaware in June 2008 and is headquartered in San Francisco, California. The Company operates a global platform for unique stays and experiences. The Company’s marketplace model connects hosts and guests (collectively referred to as “customers”) online or through mobile devices to book spaces and experiences around the world.
Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial information. The accompanying unaudited condensed consolidated financial statements include accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations and cash flows for these interim periods.
COVID-19 Pandemic
During 2020, the coronavirus disease (“COVID-19”) pandemic severely restricted the level of economic activity globally and continues to have an unprecedented effect on the global travel and hospitality industry. The various government measures implemented to contain the COVID-19 pandemic, such as imposing restrictions on travel and business operations, led to unprecedented levels of booking cancellations. The extent and duration of the impact of the COVID-19 pandemic over the longer term remain uncertain and dependent on future developments that cannot be accurately predicted at this time, such as the severity and transmission rate of COVID-19, the introduction and spread of new variants of the virus, including, for example, the Delta variant which emerged in the first half of 2021, that may be resistant to currently approved vaccines and the continuation of existing or implementation of new government travel restrictions, the extent and effectiveness of containment actions taken, including mobility restrictions, the timing, availability, and effectiveness of vaccines, and the impact of these and other factors on travel behavior in general, and on our business in particular, which may result in a reduction in bookings and an increase in booking cancellations.
Principles of Consolidation
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and variable interest entities (“VIE”) in which the Company is the primary beneficiary in accordance with consolidation accounting guidance. All intercompany transactions have been eliminated in consolidation.
The Company determines, at the inception of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest in is considered a VIE. The Company consolidates a VIE when it is deemed to be the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to direct the activities that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary. If the Company is not deemed to be the primary beneficiary in a VIE, the Company accounts for the investment or other variable interest in a VIE in accordance with applicable U.S. GAAP. As of December 31, 2020 and September 30, 2021, the Company’s consolidated VIEs were not material to the consolidated financial statements.
Use of Estimates
The Company uses estimates and assumptions in the preparation of its unaudited condensed interim consolidated financial statements in accordance with U.S. GAAP. The significant estimates underlying the Company’s interim unaudited consolidated financial statements include bad debt reserves, fair value of investments, useful lives of long-lived assets and intangible assets, valuation of acquired goodwill and intangible assets from acquisitions, contingent liabilities, insurance reserves, revenue recognition, stock-based compensation, and income and non-income taxes, amongst others.

The COVID-19 pandemic has created and is expected to continue to create significant uncertainty in macroeconomic conditions, which may cause further business disruptions and adversely impact the Company’s results of operations. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change materially in future periods.
Segment Information
Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The
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Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
Company’s CODM is its Chief Executive Officer. The Company has determined it has one operating and reportable segment as the CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.
Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents are held in checking and interest-bearing accounts and consist of cash and highly-liquid securities with an original maturity of 90 days or less. The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s condensed consolidated balance sheets to the total amount presented in the condensed consolidated statements of cash flows (in thousands):
As of
December 31,
2020
September 30,
2021
Cash and cash equivalents$5,480,557 $5,994,698 
Cash and cash equivalents included in Funds receivable and amounts held on behalf of customers2,153,849 3,863,756 
Restricted cash33,846 14,764 
Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows$7,668,252 $9,873,218 
Revenue Recognition
The Company generates substantially all of its revenue from facilitating guest stays at accommodations offered by hosts on the Company’s platform.
The Company considers both hosts and guests to be its customers. The customers agree to the Company’s Terms of Service (“ToS”) to use the Company’s platform. Upon confirmation of a booking made by a guest, the host agrees to provide the use of the property. At such time, the host and guest also agree upon the applicable booking value as well as host fees and guest fees (collectively “service fees”). The Company charges service fees in exchange for certain activities, including the use of the Company’s platform, customer support, and payment processing activities. These activities are not distinct from each other and are not separate performance obligations. As a result, the Company’s single performance obligation is to facilitate a stay, which occurs upon the completion of a check-in event (a “check-in”). The Company recognizes revenue upon check-in as its performance obligation is satisfied upon check-in and the Company has the right to receive payment for the fulfillment of the performance obligation.
The Company charges service fees to its customers as a percentage of the value of the booking, excluding taxes. The Company collects both the booking value from the guest on behalf of the host and the applicable guest fees owed to the Company using the guest’s pre-authorized payment method. After check-in, the Company disburses the booking value to the host, less the fees due from the host to the Company. The Company’s ToS stipulates that a host may cancel a confirmed booking at any time up to check-in. Therefore, the Company determined that for accounting purposes, each booking is a separate contract with the host and guest, and the contracts are not enforceable until check-in. Since an enforceable contract for accounting purposes is not established until check-in, there were no partially satisfied or unsatisfied performance obligations as of December 31, 2020 and September 30, 2021. The service fees collected from customers prior to check-in are recorded as unearned fees. Unearned fees are not considered contract balances because they are subject to refund in the event of a cancellation.
Guest stays of at least 28 nights are considered long-term stays. The Company charges service fees to facilitate long-term stays on a monthly basis. Such stays are generally cancelable within 48 hours of booking and 28 days before check-in with no penalty. Accordingly, long-term stays are treated as month-to-month contracts; each month is a separate contract with the host and guest, and the contracts are not enforceable until check-in for the initial month as well as subsequent monthly extensions. The Company’s performance obligation for long-term stays is the same as that for short-term stays. The Company recognizes revenue for the first month upon check-in, similar to short-term stays, and recognizes revenue for any subsequent months upon each month’s anniversary from initial check-in date.
The Company evaluates the presentation of revenue on a gross versus net basis based on whether or not it is the principal (gross) or the agent (net) in the transaction. As part of the evaluation, the Company considers whether it controls the right to use the property before control is transferred. Indicators of control that the Company considers include whether the Company is primarily responsible for fulfilling the promise associated with the rental of the property, whether it has inventory risk associated with the property, and whether it has discretion in establishing the prices for the property. The Company determined that it does not control the right to use the properties either before or after completion of its service. Accordingly, the Company has concluded that it is acting in an agent capacity and revenue is presented net reflecting the service fees received from guests and hosts to facilitate a stay.

The Company has elected to recognize the incremental costs of obtaining a contract, including the costs of certain referrer fees, as an expense when incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less. The Company has no significant financing components in its contracts with customers.

The Company has elected to exclude from revenue, taxes assessed by a governmental authority that are both imposed on and are concurrent with specific revenue producing transactions. Accordingly, such amounts are not included as a component of revenue or cost of revenue.


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Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
Payments to Customers

The Company makes payments to customers as part of its referral programs and marketing promotions, collectively referred to as the Company’s incentive programs, and refund activities. The payments are generally in the form of coupon credits to be applied toward future bookings or as cash refunds.

Incentive Programs

The Company encourages the use of its platform and attracts new customers through its incentive programs. Under the Company’s referral program, the referring party (the “referrer”) earns a coupon when the new guest or host (the “referee”) completes their first stay on the Company’s platform. Incentives earned by customers for referring new customers are paid in exchange for a distinct service and are accounted for as customer acquisition costs. The Company records the incentive as a liability at the time the incentive is earned by the referrer with the corresponding charge recorded to sales and marketing expense in the same way the Company accounts for other marketing services from third-party vendors. Any amounts paid in excess of the fair value of the referral service received are recorded as a reduction of revenue. Fair value of the service is established using amounts paid to vendors for similar services. Customer referral coupon credits generally expire within one year from issuance and the Company estimates the redemption rates using its historical experience. As of December 31, 2020 and September 30, 2021, the referral coupon liability was not material.

Through marketing promotions, the Company issues customer coupon credits to encourage the use of its platform. After a customer redeems such incentives, the Company records a reduction to revenue at the date it records the corresponding revenue transaction, as the Company does not receive a distinct good or service in exchange for the customer incentive payment.

Refunds

In certain instances, the Company issues refunds to customers as part of its customer support activities in the form of cash or credits to be applied toward a future booking. There is no legal obligation to issue such refunds to hosts or guests on behalf of its customers. The Company accounts for refunds, net of any recoveries, as variable consideration, which results in a reduction to revenue. The Company reduces the transaction price by the estimated amount of the payments by applying the most likely outcome method based on known facts and circumstances and historical experience. The estimate for variable consideration was not material as of December 31, 2020 and September 30, 2021.

The Company evaluates whether the cumulative amount of payments made to customers that are not in exchange for a distinct good or service received from customers exceeds the cumulative revenue earned since inception of the customer relationships. Any cumulative payments in excess of cumulative revenue are presented within operations and support or sales and marketing on the condensed consolidated statements of operations based on the nature of the payments made to customers.
The following table summarizes total payments made to customers (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2020202120202021
Reductions to revenue
$54,534 $50,230 $347,230 $109,584 
Charges to operations and support
24,368 20,838 63,015 48,336 
Charges to sales and marketing expense
7,435 13,337 50,381 35,454 
Total payments made to customers
$86,337 $84,405 $460,626 $193,374 
Recently Adopted Accounting Standards
In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815, which clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting under Topic 323, and the accounting for certain forward contracts and purchased options accounted for under Topic 815. For public companies, the guidance was effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption was permitted. The Company adopted the standard on January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplify the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. For public companies, the guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the standard on January 1, 2021 and applied this guidance to its convertible senior notes issued in March 2021. Refer to Note 6, Debt, for additional information.
In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables Nonrefundable Fees and Other Costs, which clarifies when an entity should assess whether a callable debt security is within the scope of accounting guidance, which impacts the amortization period for nonrefundable fees and other costs. For public companies, the guidance was effective for fiscal years
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Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
beginning after December 15, 2020, and interim periods within those fiscal years. Upon adoption, the amendments are to be applied on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. Early adoption was not permitted. The Company adopted the standard on January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.
Recently Issued Accounting Standards Not Yet Adopted
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions to contract modifications and hedging relationships that reference the London Interbank Offered Rate or another reference rate expected to be discontinued. The standard is effective upon issuance and may be applied at the beginning of the interim period that includes March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, which clarified the scope of Topic 848 to include derivatives that are affected by a change in the interest rate used for margining, discounting, or contract price alignment that do not also reference London Interbank Offered Rate or another reference rate that is expected to be discontinued as a result of the reference rate reform. The standard is effective upon issuance and may be applied retroactively as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively to any new modifications within an interim period including or subsequent to January 7, 2021, up to the date that the financial statements are available to be issued. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Topic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40), which clarifies existing guidance for freestanding written call options which are equity classified and remain so after they are modified or exchanged in order to reduce diversity in practice. The standard is effective for public entities in fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements.
There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its consolidated financial statements or disclosures.
Note 3. Investments
Debt Securities
The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in thousands):
As of December 31, 2020Classification as of December 31, 2020
Cost or
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Total
Estimated
Fair Value
Cash and
Cash
Equivalents
Marketable
Securities
Other
Assets,
Noncurrent
Funds
Receivable(2)
Certificates of deposit$421,272 $— $— $421,272 $278,281 $142,991 $ $ 
Government bonds(1)
1,924,988 65 (1)1,925,052 1,392,966 65,867  466,219 
Commercial paper1,021,150   1,021,150 779,527 241,623   
Corporate debt securities508,901 1,475 (1,635)508,741 229,633 267,618 11,490  
Mortgage-backed and asset-backed securities36,553 913 (113)37,353  37,353   
Total
$3,912,864 $2,453 $(1,749)$3,913,568 $2,680,407 $755,452 $11,490 $466,219 
(1)Includes U.S. government and government agency debt securities
(2)Funds receivable and amounts held on behalf of customers

13


Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
As of September 30, 2021Classification as of September 30, 2021
Cost or
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Total
Estimated
Fair Value
Cash and
Cash
Equivalents
Marketable
Securities
Other
Assets,
Noncurrent
Funds
Receivable(2)
Certificates of deposit
$367,619 $— $— $367,619 $28,000 $339,619 $ $ 
Government bonds(1)
467,158 20  467,178  870  466,308 
Commercial paper
1,478,883 2  1,478,885 504,997 973,888   
Corporate debt securities
634,161 516 (1,675)633,002 44,637 576,888 11,477  
Mortgage-backed and asset-backed securities
34,481 519 (260)34,740  34,740   
Total
$2,982,302 $1,057 $(1,935)$2,981,424 $577,634 $1,926,005 $11,477 $466,308 
(1)Includes U.S. government and government agency debt securities
(2)Funds receivable and amounts held on behalf of customers
As of September 30, 2021, the Company does not have any available-for-sale debt securities for which the Company has recorded credit related losses.
Before reclassifications of gains and losses from accumulated other comprehensive income on the condensed consolidated balance sheets to other income (expense), net in the condensed consolidated statements of operations, unrealized gains and losses, net of tax, for the three and nine months ended September 30, 2020 and 2021, were not material. Realized gains and losses reclassified from accumulated other comprehensive income to other income (expense), net were not material for the three and nine months ended September 30, 2020 and 2021.
Debt securities in an unrealized loss position had an estimated fair value of $229.7 million and unrealized losses of $1.7 million as of December 31, 2020, and an estimated fair value of $437.0 million and unrealized losses of $1.9 million as of September 30, 2021. An immaterial amount of securities were in a continuous unrealized loss position for more than twelve months as of both December 31, 2020 and September 30, 2021.
The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in thousands):
As of December 31, 2020As of September 30, 2021
Amortized
Cost 
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
Due within one year$3,805,934 $3,806,059 $2,940,060 $2,940,499 
Due in one year to five years98,828 99,255 28,315 27,140 
Due within five to ten years5,254