Exhibit 99.1

Shareholder Letter Q4 2021

* A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter.

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Q4 2021 Shareholder Letter

Nearly two years into the pandemic, it’s now clear that we are undergoing the biggest change to travel since the advent of commercial flying. Remote work has untethered many people from the need to be in an office every day. As a result, people are spreading out to thousands of towns and cities, staying for weeks, months, or even entire seasons at a time. For the first time ever, millions of people can now live anywhere.

We see this happening on Airbnb. Nearly half of our nights booked in Q4 were for stays of a week or longer. One in five nights booked were for stays of a month or longer. And in the past year alone, Airbnb guests stayed in about 100,000 towns and cities around the world, with nearly 175,000 of them booking stays for three months or longer.

The reason we’ve been able to respond to this changing world of travel is because our model is inherently adaptable. We have millions of Airbnb Hosts who offer nearly every type of home in nearly every community around the world. But it’s not just our model—it’s also our culture of relentless innovation that’s allowed us to respond to this moment. In just the last year alone, we made more than 150 upgrades and innovations across every aspect of the Airbnb service. This explains why we had our best year in our company’s history, despite still being in the midst of a pandemic.

In 2021, we delivered $47 billion of GBV, 23% higher than the pre-pandemic year of 2019, and $6 billion in revenue, 25% higher than 2019. Meanwhile, our focus and discipline in managing the business resulted in $1.6 billion of Adjusted EBITDA, or 27% Adjusted EBITDA margin—a striking improvement from negative 5% Adjusted EBITDA margin in 2019.¹

But we’re not stopping there. In 2022, we will accelerate our pace of innovation as millions of people live in Airbnbs for weeks, months, or entire seasons at a time. Following in the footsteps of our community, CEO Brian Chesky recently announced that he’ll also be living on Airbnb, staying in a different town or city every couple of weeks. His journey started in Atlanta, and with 6 million active listings around the world the possibilities are endless–just like they are for millions of guests who can now live anywhere.

Q4 2021 and full-year 2021 financial results

Here is a snapshot of our Q4 2021 and full-year results:

¹ A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter.

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Business Highlights

Through the adaptability of our model and continued innovation, we were able to close out 2021 with our strongest Q4 ever. Despite the headwinds from Omicron, GBV was $11.3 billion in Q4, representing 32% growth compared to Q4 2019 attributable to nights booked recovering and strength in ADR.

Our strong 2021 performance was driven by a number of positive business trends:

² A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter.

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Wrapping up 2021

For 2021, our single priority was to prepare for the travel rebound. To do this, we worked on perfecting our existing product. Over the course of the year, we made significant improvements to the end-to-end experience of our core service for both Hosts and guests, focusing on the following areas:

Educating the world about Airbnb

Early in 2021, we launched our first large-scale marketing campaign in five years, Made possible by Hosts. Through the campaign, we highlighted the unique experience of being hosted on Airbnb, as well as inspiring more people to become Hosts. To continue the momentum of this campaign, we launched new ads for the fall season. In Q4, overall traffic to our platform increased almost 20% in the seven countries where we ran the campaign compared to Q4 2019—significantly ahead of non-campaign countries.

In Q4 2021, we also launched our latest ad campaign, Strangers, featuring three unusual-looking, shaggy “guests” in an Airbnb listing, demonstrating that strangers really aren’t that strange after all.

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Recruiting more Hosts

In order to continue raising awareness of hosting, last year we launched digital campaigns focused on recruiting new Hosts. In Q4 2021, traffic to our hosting landing page in campaign countries increased nearly 40% compared to Q4 2019.

In 2021, we made it easier for new Hosts to get started in 10 simple steps. Throughout the listing process, new Hosts can also connect with Airbnb Superhosts for answers to their questions or concerns. Through our Ask a Superhost program, prospective Hosts can now be paired with Superhosts based on their location, language and listing. In Q4 2021, the number of new active Hosts recruited through our Ask a Superhost program more than doubled compared to the prior quarter.

Once a Host lists their home, we want to do everything we can to protect it. As part of our Airbnb Winter Release in November 2021, we introduced AirCover—top-to-bottom protection, free for every Airbnb Host, only on Airbnb. AirCover includes $1 million liability insurance and $1 million damage protection with new coverage for pet damage, deep cleaning and more. Early Host reception to AirCover has been overwhelmingly positive.

AirCover is top-to-bottom		With $1M damage protection,		AirCover is always included and
protection for every Host on Airbnb.		$1M liability insurance, and more.*		always free for all Airbnb Hosts.

* AirCover benefits compared to those offered for free by our top competitors.

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Simplifying the guest journey

Beginning in 2020, we focused on making Airbnb easier to search and book for guests by simplifying the guest journey. In May 2021, we introduced I’m Flexible, a whole new way to search on Airbnb when guests are flexible about where or when they are traveling. In November 2021, we expanded I’m Flexible with a date range of up to 12 months and nearly 30 categories of unique stays. Guests have used I’m Flexible nearly 800 million times.

As cross-border travel recovers, we wanted to improve the translations on Airbnb, so we created the Translation Engine, new technology that automatically translates listing descriptions and reviews.

Additionally, we created dozens of other product features for our guests including accessibility reviews to make Airbnb homes more accessible for our disability community and verified wifi service to inform guests of a listing’s wifi speed before they book. These are just a small sample of the many upgrades and innovations we made for guests in 2021.

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Delivering world-class service

We’re committed to providing world-class support for our global community. In addition to protecting our Hosts through AirCover, in September, we launched dedicated Superhost support, giving our best Hosts priority access to our most experienced support agents. Since then, we’ve expanded this support to all Superhosts globally, with support now offered in English, Spanish, French, Portuguese, Italian and German. Through our dedicated Superhost support, we’ve seen fewer escalations and faster resolution times, increasing overall Superhost satisfaction.

Our priorities for 2022 and beyond

Our single priority for 2021 was to prepare for the travel rebound by perfecting our core service. Over the course of last year, we made more than 150 upgrades and innovations across every aspect of the Airbnb service. We are now looking further out. In 2022 and beyond, we plan to accelerate our pace of innovation and focus on three key priorities:

Live anywhere on Airbnb

As a result of the pandemic, millions of people can now live anywhere. They’re using Airbnb to travel to thousands of towns and cities, staying for weeks, months, or even entire seasons at a time. We want to design for this new world by making it even easier for guests to live on Airbnb. We believe that living somewhere enables deeper connections to local communities and the people who live there.

Unlock the next generation of Hosts

With 4 million Hosts on Airbnb, we believe that we’ve just scratched the surface in growing our Host community. To unlock the next generation of Hosts, we’ve listened to thousands of people to understand what obstacles, myths, and misconceptions there are to becoming a Host. We will address these obstacles in order to attract the next generation of Hosts to Airbnb.

Airbnb becomes the ultimate Host

We believe that Airbnb can be more than a marketplace that merely connects guests to Hosts. Our goal is to provide the ultimate service for guests, anticipating their needs and going above and beyond—just like a good Host. By offering a more personalized service, we can dramatically improve the experience for millions of guests around the world.

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Q4 2021 and FY 2021 Business and Financial Performance

Q4 2021

In Q4 2021, Nights and Experiences Booked of 73.4 million represented a significant increase from a year ago (+59% Y/Y) and slight decrease compared to Q4 2019 levels (-3% Y/2Y). Excluding the impact of cancellations, gross nights booked in Q4 2021 exceeded both Q4 2020 and 2019 levels (+51% Y/Y and +4% Y/2Y) demonstrating people’s desire to travel. Continued strength in ADR drove even stronger GBV performance than Nights and Experiences Booked. In Q4 2021, GBV was $11.3 billion, representing a year-over-year increase of 91% (or 93% ex-FX) and an increase of 32% compared to Q4 2019.

Geographic mix

The trends in our recovery continue to vary by region due to a variety of factors, including the emergence of COVID variants such as Omicron, vaccination rates, COVID caseloads and associated travel restrictions. In Q4 2021, we saw continued strength in North America and significant growth in Latin America and Asia Pacific relative to Q3. Meanwhile, global cancellation rates remained higher than 2019 levels, but below 2020 levels. Here are some Q4 regional highlights:

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Travel corridors and distance

We saw recovery in both longer-distance and cross-border travel in 2021, while domestic and short-distance travel continued to be more popular than 2019 levels. Gross nights booked for cross-border travel recovered to 76% of 2019 levels in Q4 2021, up from only 33% of 2019 levels in Q1 2021. As more countries continue to reduce travel restrictions, we expect a continued, albeit choppy, recovery of cross-border travel to be a tailwind to future quarterly results.

Urban vs. non-urban

As seen in prior quarters, growth for gross nights booked was strongest in non-urban areas during Q4 2021 compared to Q4 2019. While travel to top cities has not yet entirely recovered to 2019 levels, we are seeing signs of travelers returning to cities (historically one of the strongest areas of our business). Share of travel to high-density urban areas increased in Q4 2021 from the prior quarter, representing 49% of our gross nights booked in Q4 2021 compared to 46% in Q3 2021. Similar to cross-border travel, gross nights booked in high-density urban areas have seen a sequential acceleration every quarter in 2021.

Trip length

In Q4 2021, long-term stays of 28 days or more remained our fastest-growing category by trip length compared to 2019 as the way people travel and live continues to change. Long-term stays accounted for 22% of gross nights booked in Q4 2021, up from 16% in Q4 2019. Overall, 47% of gross nights booked were from stays of at least seven nights in Q4 2021.

Average daily rates

ADR averaged $154 in Q4 2021, representing a 20% increase compared to the same prior year period, and a 36% increase compared to the same period in 2019. Q4 ADR remained elevated and outperformed our expectations that it would be stable relative to Q3. The sequential increase in ADR from the prior quarter of $149 was primarily driven by continued strength in North America. Consistent with Q3, we saw an almost equal impact from mix shift and price appreciation on ADR. We continued to see significant mix shift towards bookings in North America, entire homes, and non-urban destinations, all of which tend to have higher ADR. Price appreciation was driven by strong demand as well as hospitality sector-wide price appreciation.

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Supply

We ended Q4 with our highest number of active listings yet. Growth was again strongest in non-urban areas, where guest demand was highest. Consistent with where we’ve generally seen bookings recover, we’ve seen the most active listings growth in Q4 2021 compared to Q4 2019 in Latin America, followed by North America and EMEA.

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Q4 2021

In Q4 2021, revenue was $1.5 billion, our strongest fourth quarter ever, representing a year-over-year increase of 78% (or 79% ex-FX). The increase in revenue was driven by the recovery in Nights and Experiences Booked, combined with a higher ADR. Compared to Q4 2019, revenue in Q4 2021 increased 38%, driven by higher ADR offsetting slightly fewer nights stayed.

Net income in Q4 2021 was $55 million, our strongest fourth quarter ever, compared with net loss of $3.9 billion in Q4 2020. This positive change was driven by several factors. First, we had substantially higher revenue in Q4 2021. Second, our net loss in Q4 2020 included certain one-time IPO-related costs, including $2.8 billion of stock-based compensation expense and $103 million of associated taxes. It also included adjustments to the carrying value of certain warrants totaling $827 million. The improvement in net income compared to 2019 was primarily due to higher revenue and our significantly better cost structure as discussed further below.

Adjusted EBITDA for Q4 2021 was $333 million, our strongest fourth quarter ever, which was substantially improved compared to Adjusted EBITDA in Q4 2020 of $(21) million.³ This improvement was primarily due to our significant revenue recovery. Relative to Q4 2019, Adjusted EBITDA margins increased 47% (from negative 25% Adjusted EBITDA margin in Q4 2019 to positive 22% Adjusted EBITDA margin in Q4 2021). This substantial improvement in Adjusted EBITDA demonstrates the strength of our revenue recovery, the benefit of strong ADRs, as well as our significantly improved cost structure, including: reduced variable costs, lower marketing expense and fixed cost management.

³ A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter.

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Quarterly Revenue ($M)

Q4 revenue of $1.5 billion was 38% higher than Q4 2019.

Quarterly Net Income (Loss) ($M)

Q4 net income of $55 million was a record for the fourth quarter.

Quarterly Adjusted EBITDA ($M)

Q4 Adjusted EBITDA of $333 million was our most profitable fourth quarter ever.

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Operating expenses in Q4 2021 included the impact of $226 million of stock-based compensation expense, which is excluded from Adjusted EBITDA. All operating expense line-items (excluding the impact of stock-based compensation expense), with the exception of sales and marketing, increased more slowly year-over-year than revenue, allowing for considerable margin expansion:⁴

For the years ended December 31, 2019 and 2021, we had revenue of $4.8 billion and $6.0 billion, respectively, and net losses of $674 million and $352 million, respectively. For the years ended December 31, 2019 and 2021, net loss margin was 14% and 6%, respectively.

For the year ended December 31, 2021, we delivered 32% Adjusted EBITDA margin expansion relative to the same period in 2019 (from negative 5% for the year ended December 31, 2019 to positive 27% for the same period in 2021). This substantial year-over-year margin improvement was due to our top-line recovery, coupled with our disciplined spending. Overall, we estimate that approximately three fourths of this margin expansion was driven by our financial discipline and optimized marketing strategy, and the remaining one fourth driven by favorable unit economics related to our significantly higher ADR.

⁴ A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter.

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Balance Sheet and Cash Flows

In Q4 2021, we reported $381 million of net cash provided by operating activities and $376 million of Free Cash Flow.⁵ For the year ended December 31, 2021, we had $2.2 billion of both net cash provided by operating activities and Free Cash Flow.⁶

As of December 31, 2021, we had $8.3 billion of cash, cash equivalents, marketable securities, and restricted cash. We also had $3.7 billion of funds held on behalf of guests at the end of Q4 2021.

Unearned fees totaled $904 million at the end of Q4 2021, compared to $892 million at the end of Q3 2021 and $408 million at the end of Q4 2020.

Outlook

Nights and Experiences Booked and GBV

Thanks to our adaptability and relentless innovation, Airbnb has rebounded quickly from the impacts of the pandemic and returned to strong growth, unlike many others in travel.

We continue to be encouraged by what we are seeing year to date in 2022: the impact of Omicron has quickly dissipated and guests are confidently booking for the summer travel season early in the year. In the U.S. and Europe in particular, we are seeing lead-time for bookings made in Q1 2022 return to pre-pandemic levels. We are also seeing strong demand coming out of Latin America, while growth in APAC has not yet recovered to 2019 levels.

As such, for the first time since the pandemic began, we expect Q1 2022 Nights and Experiences Booked to significantly exceed Q1 2019 levels, which we believe will result in our strongest quarterly Nights and Experiences Booked on record.

We have also seen continued strength in ADR relative to Q1 2019. While we are starting to see the expected mix shift back towards lower ADR regions, cities, and listing types, we are also seeing a general increase in ADR for nearly all listing types due to strong demand as well as hospitality sector-wide price appreciation. We currently anticipate Q1 2022 ADR to be up approximately 4% from Q1 2021. Given our strong expectation for Nights and Experiences Booked and continued strength in ADR, we anticipate that GBV in Q1 2022 will be another record for Airbnb.

Looking to the rest of 2022, we are encouraged by the positive signs we are seeing quarter-to-date in Q1 2022, but forecasting several quarters out remains challenging given continued Covid-related uncertainties. For modeling purposes, we recommend indexing growth in 2022 to 2019 rather than 2021. In 2021, guests delayed booking for summer travel peak from Q1 to Q2, resulting in muted growth in Q1 followed by the significant acceleration in Q2 which was different than historical seasonality.

In 2022, with lead-times for bookings normalizing, we expect the seasonality of nights booked in Q1 and Q2 to be closer to what we saw in 2019. A meaningful recovery in Asia Pacific, which is still heavily impacted by travel restrictions, and / or a normalization in cancellations could be sources of sequential acceleration relative to 2019. We anticipate 2022 ADR to remain elevated compared to 2019, but below 2021 given the expected mix shift.

^5,6 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter.

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Revenue and EBITDA

We expect to deliver Q1 2022 revenue of between $1.41 billion and $1.48 billion, highlighting strong growth in nights stayed and ADR relative to both Q1 2021 and Q1 2019. Due to the seasonally long lead times for Q1 Nights and Experiences Booked, we expect revenue in Q1 2022 to decrease modestly on an absolute basis relative to Q4 2021 and revenue as a share of GBV in Q1 2022 to decrease relative to Q4 2021 (consistent with historical seasonality).

We are incredibly proud of the progress we’ve made over the last years in reducing variable costs, increasing marketing efficiency and tightly managing fixed expenses. This substantial improvement of our cost structure combined with higher ADRs has allowed us to deliver significant margin expansion. Due to these improvements, we expect to achieve our first positive Q1 Adjusted EBITDA in Airbnb history.

Full year revenue and Adjusted EBITDA will be highly sensitive to movements in ADR. Assuming some ADR pressure due to mix shift, we would expect Adjusted EBITDA margin to be directionally in-line with 2021 as sales and marketing expense as a percent of revenue is expected to remain relatively flat and incremental variable cost improvements and fixed cost discipline is potentially offset by lower ADR.

Cash

In the past, we have sold employee shares on their behalf to raise funds in order to pay taxes related to vesting RSUs. Starting in Q1, we will begin using corporate cash to make required tax payments associated with the vesting of employee RSUS and withhold a corresponding number of shares from employees.

Earnings Webcast

Airbnb will host an audio webcast to discuss its fourth quarter and full year 2021 results at 2:30 p.m. PT / 5:30 p.m. ET on Tuesday, February 15, 2022. The link to the webcast will be made available on Airbnb’s Investor Relations website at https://investors.airbnb.com.

Interested parties can register for the call in advance by visiting https://www.incommglobalevents.com/registration/q4inc/9657/airbnb-q4-2021-earnings-call/ After registering, instructions will be shared on how to join the call.

Following the call, a replay of the webcast will be available at the same Investor Relations website. A telephonic replay will also be available for three weeks following the call at (866) 813-9403 or (226) 828-7578 using conference ID: 110169.

Investor Relations Contact

ir@airbnb.com

Press Contact

contact.press@airbnb.com

About Airbnb

Airbnb was born in 2007 when two Hosts welcomed three guests to their San Francisco home. It has since grown to 4 million Hosts who have welcomed more than 1 billion guest arrivals across over 220 countries and regions. Every day, Hosts offer unique stays and one-of-a-kind activities that make it possible for guests to experience the world in a more authentic, connected way.

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Forward-Looking Statements

This letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding the future performance of Airbnb, Inc. and its consolidated subsidiaries (the “Company”), including its financial outlook for the first quarter of 2022 and full year 2022; the Company’s expectations regarding the impact of the COVID-19 pandemic on its business, travel trends, and the travel industry; the Company’s expectations regarding travel trends and the travel industry generally; the Company’s plans to accelerate its pace of innovation and its focus on three key priorities; the Company’s expectations regarding the recovery of cross-border travel and cross-border travel’s impact on future quarterly results; the Company’s efforts to support the new way of traveling; the growth of the Host community to meet the travel demand; the impact of the lifting of travel restrictions and the progress of vaccinations; the expected impact of the Company’s product innovation and features and initiatives; the Company’s expectations regarding its financial performance, including its revenue, Adjusted EBITDA, including its expectation that it will achieve its first positive Q1 Adjusted EBITDA in the Company’s history, Adjusted EBITDA margin, expenses, costs, and capital expenditures; the Company’s expectations regarding future operating performance, including Nights and Experiences Booked and GBV; the Company’s expectations regarding ADR; the Company’s expectations regarding the resilience of its model; seasonality and the impact of seasonality on the Company’s business; the expected impact of the Company’s decision to use cash to make required tax payments associated with the vesting of employee RSUs and withhold a corresponding number of shares from employees; and the Company’s business strategy, plans, and objectives for future operations. In some cases, forward-looking statements can be identified by terms such as “may,” “will,” “appears,” “should,” “expects,” “plans,” “anticipates,” “could,” “outlook,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause the Company’s actual results, performance, or achievements to differ materially from results expressed or implied in this letter. Investors are cautioned not to place undue reliance on these statements, and reported results should not be considered as an indication of future performance.

Risks that contribute to the uncertain nature of the forward-looking statements include, among others, the effects of the COVID-19 pandemic on the Company’s business, including as a result of new strains or variants of the virus, the travel industry, travel trends, and the global economy generally; the Company’s ability to retain existing Hosts and guests and add new Hosts and guests; any further and continued decline or disruption in the travel and hospitality industries or economic downturn; the Company’s ability to compete successfully; changes to the laws and regulations that may limit the Company’s Hosts’ ability and willingness to provide their listings, and/or result in significant fines, liabilities, and penalties to the Company; the effect of extensive regulation and oversight, litigation, and other proceedings related to the Company’s business in a variety of areas; the Company’s ability to maintain its brand and reputation, and effectively drive traffic to its platform; the effectiveness of the Company’s strategy and business initiatives, including measures to improve trust and safety; the Company’s operations in international markets; the Company’s substantial level of indebtedness; and changes in political, business, and

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economic conditions; as well as other risks listed or described from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and any subsequent filings, which are or will be on file with the SEC and available on the investor relations page of the Company’s website. All forward looking statements are based on information and estimates available to the Company at the time of this letter and are not guarantees of future performance. Except as required by law, the Company assumes no obligation to update any of the statements in this letter.

The information that can be accessed through hyperlinks or website addresses included herein is deemed not to be incorporated in or part of this letter.

Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), we review financial measures that are not calculated and presented in accordance with GAAP (“non-GAAP financial measures”). We believe our non-GAAP financial measures are useful in evaluating our operating performance. We use the following non-GAAP financial information, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance, and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP is provided below. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

Our non-GAAP financial measures include Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and trailing twelve months (“TTM”) Free Cash Flow.

Adjusted EBITDA is defined as net income or loss adjusted for (i) provision for (benefit from) income taxes; (ii) interest income, interest expense, and other income (expense), net; (iii) depreciation and amortization; (iv) stock-based compensation expense and stock-settlement obligations related to the IPO; (v) acquisition-related impacts consisting of gains (losses) recognized on changes in the fair value of contingent consideration arrangements; (vi) net changes to the reserves for lodging taxes for which management believes it is probable that we may be held jointly liable with Hosts for collecting and remitting such taxes; and (vii) restructuring charges.

The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. Reconciliations of expected Adjusted EBITDA and Adjusted EBITDA margins to corresponding net income (loss) and net income (loss) margins have not been provided because of the unpredictability of certain of the items excluded from Adjusted EBITDA and because we cannot determine their probable significance. We believe Adjusted EBITDA provides useful information to investors and others in understanding and

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evaluating our results of operations, as well as provides a useful measure for period-to-period comparisons of our business performance. Moreover, we have included Adjusted EBITDA in this letter because it is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluating performance, and performing strategic planning and annual budgeting. Adjusted EBITDA also excludes certain items related to transactional tax matters, for which management believes it is probable that we may be held jointly liable with Hosts in certain jurisdictions.

Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:

Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other financial performance measures, including net income (loss) and our other GAAP results.

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Free Cash Flow represents net cash provided by (used in) operating activities less purchases of property and equipment. We believe that Free Cash Flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business, growth through acquisitions, and strengthening our balance sheet. Our Free Cash Flow is impacted by the timing of GBV because we collect our service fees at the time of booking, which is generally before a stay or experience occurs. Funds held on behalf of our Hosts and guests and amounts payable to our Hosts and guests do not impact Free Cash Flow, except interest earned on these funds. We track our TTM Free Cash Flow to account for the timing difference in when we receive cash from service fees, which is at the time of booking. Free Cash Flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by (used in) operating activities. Free Cash Flow does not reflect our ability to meet future contractual commitments and may be calculated differently by other companies in our industry, limiting its usefulness as a comparative measure.

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Quarterly Summary

¹ Includes cash and cash equivalents, restricted cash, and marketable securities.

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Condensed Consolidated Statements of Operations

Unaudited (in thousands, except per share amounts)

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Condensed Consolidated Balance Sheets

Unaudited (in thousands)

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Condensed Consolidated Statements of Cash Flows

Unaudited (in thousands)

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Condensed Consolidated Statements of Cash Flows Continued

Unaudited (in thousands)

Key Business Metrics

(in millions)

We track certain key business metrics to measure our performance, identify trends, formulate financial projections, and make strategic decisions. Our key business metrics include GBV and Nights and Experiences Booked. GBV represents the dollar value of bookings on our platform in a period and is inclusive of Host earnings, service fees, cleaning fees, and taxes, net of cancellations and alterations that occurred during that period. Nights and Experiences Booked on our platform in a period represents the sum of the total number of nights booked for stays and the total number of seats booked for experiences, net of cancellations and alterations that occurred in that period. We are not aware of any uniform standards for calculating these key metrics, which may hinder comparability with other companies that may calculate similarly titled metrics in a different way.

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Reconciliations of Non-GAAP Financial Measures

The following is a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss).

Adjusted EBITDA Reconciliation

(in thousands)

¹ Excludes stock-based compensation related to restructuring, which is included in restructuring charges in the table above.

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The following is a reconciliation of Free Cash Flow to the most comparable GAAP measure, net cash provided by (used in) operating activities.

Free Cash Flow Reconciliation

(in thousands)

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The following is a reconciliation of operating expense line items less stock-based compensation and acquisition-related impacts consisting of gains (losses) recognized on changes in the fair value of contingent consideration arrangements.

Reconciliation of Non-GAAP Operating Expenses

(in thousands)