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Table of Contents
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 June 30, 2022
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 filer☒Accelerated filer
☐
Non-accelerated filer
☐
Smaller 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 July 18, 2022, 399,166,995 shares of the registrant's Class A common stock were outstanding, 240,331,603 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.


Table of Contents
AIRBNB, INC.
Form 10-Q

TABLE OF CONTENTS
Page
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.


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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;
•the effects of certain global events, such as current or future military conflict, including between Russia and Ukraine, terrorism, sanctions, rising energy prices, inflation, interest rates, the depth and duration of any recession, and other geopolitical events globally, 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;
•seasonality, including the return of pre-COVID-19 pandemic patterns of seasonality in 2022, and 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 effectively manage our exposure to fluctuations in foreign currency exchange rates;
•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, including anticipated increases in foreign taxes, 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 successfully defend litigation brought against us;
•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; and
•the increased expenses associated with being a public company.

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, 2021, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, 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
1
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forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to 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.


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PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements

Airbnb, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par value)
(unaudited)
As ofAs of
December 31,
2021		June 30,
2022
Assets
Current assets:
Cash and cash equivalents$6,067,438 $7,837,992 
Marketable securities2,255,038 2,057,487 
Restricted cash14,764 14,768 
Funds receivable and amounts held on behalf of customers3,715,471 7,465,510 
Prepaids and other current assets (including customer receivables of $142,519 and $204,559 and allowances of $30,870 and $34,071, respectively)
333,669 449,892 
Total current assets12,386,380 17,825,649 
Property and equipment, net156,585 118,056 
Operating lease right-of-use assets272,036 164,633 
Intangible assets, net52,308 42,426 
Goodwill652,602 649,418 
Other assets, noncurrent188,563 258,944 
Total assets$13,708,474 $19,059,126 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$118,361 $139,248 
Operating lease liabilities, current63,479 61,702 
Accrued expenses and other current liabilities1,558,243 1,639,842 
Funds payable and amounts payable to customers3,715,471 7,465,510 
Unearned fees903,728 1,980,863 
Total current liabilities6,359,282 11,287,165 
Long-term debt1,982,537 1,984,618 
Operating lease liabilities, noncurrent372,483 334,989 
Other liabilities, noncurrent218,459 207,329 
Total liabilities8,932,761 13,814,101 
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, 2021 and June 30, 2022; 364,500 and 398,763 shares of Class A common stock issued and outstanding as of December 31, 2021 and June 30, 2022, respectively; 710,000 shares of Class B common stock authorized as of December 31, 2021 and June 30, 2022; 269,024 and 240,729 shares of Class B common stock issued and outstanding as of December 31, 2021 and June 30, 2022, respectively; 2,000,000 shares of Class C common stock authorized as of December 31, 2021 and June 30, 2022, respectively; zero shares of Class C common stock issued and outstanding as of December 31, 2021 and June 30, 2022; 26,000 shares of Class H common stock authorized as of December 31, 2021 and June 30, 2022; 9,200 shares issued and zero shares of Class H common stock outstanding as of December 31, 2021 and June 30, 2022
63 64 
Additional paid-in capital11,140,284 11,266,683 
Accumulated other comprehensive loss(6,893)(24,030)
Accumulated deficit(6,357,741)(5,997,692)
Total stockholders’ equity4,775,713 5,245,025 
Total liabilities and stockholders’ equity$13,708,474 $19,059,126 


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 June 30,Six Months Ended June 30,
2021202220212022
Revenue$1,335,196 $2,104,107 $2,222,132 $3,613,044 
Costs and expenses:
Cost of revenue294,427 390,107 548,942 752,730 
Operations and support208,125 258,255 393,561 491,267 
Product development349,734 375,050 712,795 737,977 
Sales and marketing315,323 379,875 544,448 724,491 
General and administrative218,303 243,254 408,065 453,827 
Restructuring charges562 88,743 112,544 89,060 
Total costs and expenses1,386,474 1,735,284 2,720,355 3,249,352 
Income (loss) from operations(51,278)368,823 (498,223)363,692 
Interest income2,942 20,247 5,994 24,991 
Interest expense(6,520)(7,483)(428,431)(13,247)
Other income (expense), net(2,128)1,524 (302,226)(411)
Income (loss) before income taxes(56,984)383,111 (1,222,886)375,025 
Provision for income taxes11,233 4,270 17,542 14,976 
Net income (loss)$(68,217)$378,841 $(1,240,428)$360,049 
Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic$(0.11)$0.59 $(2.05)$0.57 
Diluted$(0.11)$0.56 $(2.05)$0.53 
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic611,739 638,407 606,380 636,869 
Diluted611,739 683,536 606,380 684,148 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Airbnb, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2021202220212022
Net income (loss)$(68,217)$378,841 $(1,240,428)$360,049 
Other comprehensive income (loss):
Net unrealized loss on available-for-sale marketable securities, net of tax(165)(2,108)(1,121)(6,662)
Foreign currency translation adjustments2,372 (9,507)(1,511)(10,475)
Other comprehensive income (loss)2,207 (11,615)(2,632)(17,137)
Comprehensive income (loss)$(66,010)$367,226 $(1,243,060)$342,912 


The accompanying notes are an integral part of these condensed consolidated financial statements.
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Airbnb, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands)
(unaudited)
Common StockAdditional
Paid-In
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Accumulated
Deficit		Total
Stockholders’ Equity
Shares
Amount
Balances as of March 31, 2021608,057 $61 $10,339,480 $(2,200)$(7,177,918)$3,159,423 
Net loss— — — — (68,217)(68,217)
Other comprehensive income— — — 2,207 — 2,207 
Exercise of common stock options5,848 1 36,061 — — 36,062 
Issuance of common stock upon settlement of RSUs, net of shares withheld4,635 — (7,738)— — (7,738)
Issuance of common stock under employee stock purchase plan, net of shares withheld466 — 25,464 — — 25,464 
Stock-based compensation— — 246,000 — — 246,000 
Balances as of June 30, 2021619,006 $62 $10,639,267 $7 $(7,246,135)$3,393,201 

Common StockAdditional
Paid-In
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Accumulated
Deficit		Total
Stockholders’ Equity
Shares
Amount
Balances as of March 31, 2022636,422 $64 $11,126,300 $(12,415)$(6,376,533)$4,737,416 
Net income— — — — 378,841 378,841 
Other comprehensive loss— — — (11,615)— (11,615)
Exercise of common stock options847 — 4,821 — — 4,821 
Issuance of common stock upon settlement of RSUs, net of shares withheld2,026 — (132,831)— — (132,831)
Issuance of common stock under employee stock purchase plan, net of shares withheld197 — 20,330 — — 20,330 
Stock-based compensation— — 248,063 — — 248,063 
Balances as of June 30, 2022639,492 $64 $11,266,683 $(24,030)$(5,997,692)$5,245,025 

The accompanying notes are an integral part of these condensed consolidated financial statements.




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Airbnb, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands)
(unaudited)
Common StockAdditional
Paid-In
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Accumulated
Deficit		Total
Stockholders’ Equity
Shares
Amount
Balances as of December 31, 2020599,197 $60 $8,904,791 $2,639 $(6,005,707)$2,901,783 
Net loss— — — — (1,240,428)(1,240,428)
Other comprehensive loss— — — (2,632)— (2,632)
Exercise of common stock options11,137 2 83,853 — — 83,855 
Issuance of common stock upon settlement of RSUs, net of shares withheld8,206 — (22,792)— — (22,792)
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 withheld466 — 25,464 — — 25,464 
Stock-based compensation— — 470,983 — — 470,983 
Balances as of June 30, 2021619,006 $62 $10,639,267 $7 $(7,246,135)$3,393,201 

Common StockAdditional
Paid-In
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Accumulated
Deficit		Total
Stockholders’ Equity
Shares
Amount
Balances as of December 31, 2021633,524 $63 $11,140,284 $(6,893)$(6,357,741)$4,775,713 
Net income— — — — 360,049 360,049 
Other comprehensive loss— — — (17,137)— (17,137)
Exercise of common stock options1,631 — 16,473 — — 16,473 
Issuance of common stock upon settlement of RSUs, net of shares withheld4,140 1 (357,190)— — (357,189)
Issuance of common stock under employee stock purchase plan, net of shares withheld197 — 20,330 — — 20,330 
Stock-based compensation— — 446,786 — — 446,786 
Balances as of June 30, 2022639,492 $64 $11,266,683 $(24,030)$(5,997,692)$5,245,025 

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)
Six Months Ended June 30,
20212022
Cash flows from operating activities:
Net income (loss)$(1,240,428)$360,049 
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization73,788 55,237 
Bad debt expense9,622 20,270 
Stock-based compensation expense462,337 442,028 
(Gain) loss on investments, net(10,847)2,852 
Change in fair value of warrant liability291,987 — 
Amortization of debt discount and debt issuance costs6,362 2,081 
Noncash interest expense, net4,879 4,979 
Foreign exchange (gain) loss(16,974)38,241 
Impairment of long-lived assets112,545 88,749 
Loss from extinguishment of debt377,248 — 
Other, net4,417 9,904 
Changes in operating assets and liabilities:
Prepaids and other assets(52,146)(186,718)
Operating lease right-of-use assets19,708 18,054 
Accounts payable18,109 23,266 
Accrued expenses and other liabilities281,607 71,237 
Operating lease liabilities(22,177)(26,811)
Unearned fees1,075,993 1,078,321 
Net cash provided by operating activities1,396,030 2,001,739 
Cash flows from investing activities:
Purchases of property and equipment(15,358)(11,007)
Purchases of marketable securities(2,807,829)(2,078,797)
Sales of marketable securities1,172,953 581,436 
Maturities of marketable securities803,464 1,682,246 
Other investing activities, net— (2,847)
Net cash provided by (used in) investing activities(846,770)171,031 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Airbnb, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June 30,
20212022
Cash flows from financing activities:
Taxes paid related to net share settlement of equity awards$(138,924)$(344,559)
Principal repayment of long-term debt(1,995,000)— 
Prepayment penalty on long-term debt(212,883)— 
Proceeds from issuance of convertible senior notes, net of issuance costs1,979,166 — 
Purchases of capped calls related to convertible senior notes(100,200)— 
Proceeds from exercise of stock options83,855 16,473 
Proceeds from the issuance of common stock under employee stock purchase plan25,464 20,330 
Change in funds payable and amounts payable to customers4,141,754 3,957,242 
Net cash provided by financing activities3,783,232 3,649,486 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(55,754)(307,885)
Net increase in cash, cash equivalents, and restricted cash4,276,738 5,514,371 
Cash, cash equivalents, and restricted cash, beginning of period7,668,252 9,727,289 
Cash, cash equivalents, and restricted cash, end of period$11,944,990 $15,241,660 
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds$11,744 $27,523 
Cash paid for interest$45,047 $6,179 
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 (“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. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in our Annual Report on Form 10-K, filed with the SEC on February 25, 2022. There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2021 that have had a material impact on our condensed consolidated financial statements and related notes. The results for the interim periods are not necessarily indicative of results for the full year.

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.

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 June 30, 2022, the Company’s consolidated VIEs were not material to the condensed consolidated financial statements.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company regularly evaluates its estimates, including those related to bad debt reserves, fair value of investments, useful lives of long-lived assets and intangible assets, valuation of goodwill and intangible assets from acquisitions, contingent liabilities, insurance reserves, revenue recognition, valuation of common stock, stock-based compensation, and income and non-income taxes, among others. Actual results could differ materially from these estimates.

As the impact of the coronavirus disease (“COVID-19”) pandemic continues to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. These estimates and assumptions may change in future periods and will be recognized in the consolidated financial statements as new events occur and additional information becomes known. To the extent the Company’s actual results differ materially from those estimates and assumptions, the Company’s future consolidated financial statements could be affected.

Recently Adopted Accounting Standards

In May 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The Company adopted the standard during the first quarter of 2022, which did not have an impact on the Company's condensed consolidated financial statements.

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Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
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. The Company is evaluating the impact on the Company’s consolidated financial statements.

In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815), which clarifies the guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The standard is effective for public entities in fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted on any date on or after the issuance of ASU 2017-12. The Company is evaluating the impact on the Company’s consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance of equity securities that are subject to a contractual sale restriction as well as includes specific disclosure requirements for such equity securities. The standard is effective for public entities in fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and will be applied prospectively. Early adoption is permitted. The Company is evaluating the impact on the Company’s 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.

Revision of Previously Issued Financial Statements

The condensed consolidated statements of cash flows for the six months ended June 30, 2021 has been revised to correct for errors identified by management during the preparation of the financial statements for the three months ended March 31, 2022. The errors understated cash flows from operating activities by $110 million and overstated the cash flows from financing activities by $118 million for the six months ended June 30, 2021, and the ending balance of cash, cash equivalents, and restricted cash, by $8 million for the period ended June 30, 2021. Management has determined that these errors did not result in the previously issued financial statements being materially misstated. These errors primarily related to the timing of tax payments from the net settlement of equity awards at the initial public offering in December 2020. In particular, in 2020, the Company reported $1.7 billion of cash used in financing activities to cover taxes paid related to the net share settlement of its equity awards that vested upon the initial public offering. However, approximately $123 million of this amount was actually remitted to taxing authorities in foreign jurisdictions in 2021, of which $116 million was remitted during the six months ended June 30, 2021. This had no impact on the Company’s condensed consolidated financial statements outside of the presentation in the condensed consolidated statements of cash flow and did not affect the condensed consolidated balance sheets, condensed consolidated statements of operations or condensed consolidated statements of stockholders’ equity.

Note 3. Supplemental Financial Statement Information

Cash, Cash Equivalents, and Restricted Cash

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,
2021		June 30,
2022
Cash and cash equivalents$6,067,438 $7,837,992 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers3,645,087 7,388,900 
Restricted cash14,764 14,768 
Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows$9,727,289 $15,241,660 
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Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):
As of
December 31,
2021		June 30,
2022
Indirect taxes payable$309,616 $473,894 
Compensation and related benefits415,626 307,126 
Indirect tax reserves182,796 190,198 
Gift card liability98,129 102,187 
Other552,076 566,437 
Total accrued expenses and other current liabilities$1,558,243 $1,639,842 

Payments to Customers

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

The following table summarizes total payments made to customers (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2021202220212022
Reductions to revenue
$33,498 $67,341 $59,354 $112,293 
Charges to operations and support
12,689 22,311 27,498 44,041 
Charges to sales and marketing expense
12,342 14,635 22,117 25,108 
Total payments made to customers
$58,529 $104,287 $108,969 $181,442 

Note 4. 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, 2021Classification as of December 31, 2021
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value		Cash and
Cash
Equivalents		Marketable
Securities		Other
Assets,
Noncurrent
Certificates of deposit$395,351 $— $— $395,351 $31,117 $364,234 $— 
Government bonds(1)
850 13 — 863 — 863 — 
Commercial paper1,156,963 — — 1,156,963 163,959 993,004 — 
Corporate debt securities917,718 220 (3,147)914,791 41,439 862,901 10,451 
Mortgage-backed and asset-backed securities
34,019 338 (321)34,036 — 34,036 — 
Total
$2,504,901 $571 $(3,468)$2,502,004 $236,515 $2,255,038 $10,451 

(1)Includes U.S. government and government agency debt securities
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Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
As of June 30, 2022Classification as of June 30, 2022
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value		Cash and
Cash
Equivalents		Marketable
Securities		Other
Assets,
Noncurrent
Certificates of deposit
$571,218 $— $— $571,218 $11,500 $559,718 $— 
Government bonds(1)
850 — (24)826 — 826 — 
Commercial paper
1,057,708 — (5)1,057,703 288,510 769,193 — 
Corporate debt securities
746,904 6 (7,195)739,715 31,976 697,274 10,465 
Mortgage-backed and asset-backed securities
32,803 1 (2,328)30,476 — 30,476 — 
Total
$2,409,483 $7 $(9,552)$2,399,938 $331,986 $2,057,487 $10,465 

(1)Includes U.S. government and government agency debt securities

As of December 31, 2021 and June 30, 2022, 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 (loss) 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 six months ended June 30, 2021 and 2022, were not material. Realized gains and losses reclassified from accumulated other comprehensive income (loss) to other income (expense), net were not material for the three and six months ended June 30, 2021 and 2022.

Debt securities in an unrealized loss position had an estimated fair value of $801.5 million and unrealized losses of $3.5 million as of December 31, 2021, and an estimated fair value of $734.5 million and unrealized losses of $9.5 million as of June 30, 2022. An immaterial amount of securities were in a continuous unrealized loss position for more than twelve months as of December 31, 2021, and $46.2 million of securities were in a continuous unrealized loss position for more than twelve months as of June 30, 2022.

The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in thousands):

As of June 30, 2022
Amortized
Cost		Estimated
Fair Value
Due within one year$2,248,257 $2,244,780 
Due in one year to five years138,551 134,770 
Due within five to ten years20,332 18,110 
Due beyond ten years2,343 2,278 
Total$2,409,483 $2,399,938 

Equity Investments

Gains and Losses on Marketable Equity Investments

During the six months ended June 30, 2021, the marketable equity investments were sold, and the Company realized a net loss of $14.3 million in other income (expense), net on the condensed consolidated statements of operations.

Equity Investments Without Readily Determinable Fair Values

The Company holds investments in privately-held companies in the form of equity securities without readily determinable fair values and in which the Company does not have a controlling interest or significant influence. These investments had a net carrying value of $75.0 million as of both December 31, 2021 and June 30, 2022, and are classified within other assets, noncurrent on the condensed consolidated balance sheets. There were no upward or downward adjustments for observable price changes or impairment charges for the three and six months ended June 30, 2021 and 2022. As of December 31, 2021 and June 30, 2022, the cumulative downward adjustments for observable price changes and impairment were $56.2 million.

Investments Accounted for Under the Equity Method

As of December 31, 2021 and June 30, 2022, the carrying values of the Company’s equity method investments were $17.4 million and $14.6 million, respectively. The Company recorded unrealized losses of $1.3 million and $0.9 million for the three and six months ended June 30, 2021, respectively, and $1.6 million and $2.8 million for the three and six months ended June 30, 2022, respectively, within other income (expense), net in the condensed consolidated statements of operations, representing its proportionate share of net income or loss based on the investee’s financial results. The Company recorded no impairment charges related to the carrying value of equity method investments for the three and six months ended June 30, 2021 and 2022.

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Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
Note 5. Fair Value Measurements and Financial Instruments

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):
As of December 31, 2021
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$1,923,184 $— $— $1,923,184 
Certificates of deposit31,117 — — 31,117 
Commercial paper— 163,959 — 163,959 
Corporate debt securities— 41,439 — 41,439 
1,954,301 205,398 — 2,159,699 
Marketable securities:
Certificates of deposit364,234 — — 364,234 
U.S. government and government agency debt securities— 863 — 863 
Commercial paper— 993,004 — 993,004 
Corporate debt securities— 862,901 — 862,901 
Mortgage-backed and asset-backed securities— 34,036 — 34,036 
364,234 1,890,804 — 2,255,038 
Funds receivable and amounts held on behalf of customers:
Money market funds466,319 — — 466,319 
Prepaids and other current assets:
Foreign exchange derivative assets— 25,918 — 25,918 
Other assets, noncurrent: