Airbnb2023Q3致股东信_FinalAirbnb_Q3-2023-Shareholder-Letter_Final-英-31页_4mb

Airbnb's Q3 2023 performance demonstrated strong financial and operational results. Revenue reached $3.4 billion, an 18% year-over-year increase, driven by travel demand and foreign exchange benefits, reaching $3.4B with 18% Y/Y growth (14% ex-FX). Net income was $4.4 billion, including a one-time tax benefit, while Adjusted Net Income stood at $1.6 billion after excluding the benefit. Adjusted EBITDA grew 26% to $1.8 billion, reflecting operational efficiency. Free Cash Flow improved significantly to $1.3 billion, a 37% increase, supporting share repurchases of $500 million and contributing to a 44% TTM Free Cash Flow margin.

Nights and Experiences Booked totaled 113.2 million, up 14% Y/Y, with Gross Booking Value reaching $18.3 billion (+17% Y/Y). Regional growth was strong, particularly in Asia Pacific (+32% Y/Y) and Latin America (+24% Y/Y over the year), with international markets showing momentum, such as a 54% increase in Korea compared to pre-pandemic levels. The business also saw a record summer travel season, with a shift toward longer stays and cross-border travel, including a 18% increase in guests traveling over 3,000 miles.

Product enhancements from the 2023 Summer Release boosted hosting efficiency, with improved pricing tools and filters for pet-friendly stays and king beds. The company plans the upcoming Winter Release to further enhance user experience and booking clarity. For Q4 2023, revenue is expected between $2.13B and $2.17B, with Adjusted EBITDA margin expected to exceed Q4 2022 levels, marking another record quarter. Overall, Airbnb continues to focus on expanding international reach, strengthening hosting participation, and improving profitability, with a net cash position of $11.0 billion as of September 2023.