Exhibit 99.1

* 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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Q2 2022 Shareholder Letter

Our Q2 results demonstrate that Airbnb has achieved growth and profitability at scale.

From a growth perspective, we exceeded 103 million Nights and Experiences Booked, our largest quarterly number ever. We generated $2.1 billion in revenue, growing 58% year-over-year (or 64% excluding foreign exchange). Our revenue and GBV are 73% larger than in Q2 2019. Since the beginning of the pandemic, Airbnb has significantly outperformed the rest of the travel industry.

From a profitability perspective, we had our most profitable Q2 ever with net income of $379 million—a nearly $700 million improvement from Q2 2019. We generated $795 million of FCF in the quarter—a nearly $1.1 billion improvement from the $(263) million FCF from the depths of the pandemic two years ago. More importantly, over the last twelve months, we’ve generated $2.9 billion in FCF, bringing our total cash balance to nearly $10 billion.

What explains this massive transformation in our business?

First, our business model is adaptable. We have nearly every type of space in nearly every location, so however travel changes, we are able to adapt. And regardless of the economic environment, our guests come to Airbnb because they can find great value, and our Hosts can earn extra income.

Second, we’ve relentlessly innovated while also staying focused and disciplined. During the height of the pandemic, we made many difficult choices to reduce our spending, making us a leaner and more focused company. We’ve kept this discipline ever since, allowing our hiring and investment plans to remain unchanged since the beginning of the year. Airbnb is well positioned for whatever lies ahead.

In fact, we’re so confident in our long-term growth and profitability that today we are announcing a $2 billion share repurchase program.

Q2 2022 Financial Results

Here is a snapshot of our Q2 2022 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

Our strong performance in Q2 2022 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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Airbnb 2022 Summer Release Results

Airbnb Categories

On May 11, we introduced a new way to search designed around Airbnb Categories. Since launch, listings in Airbnb Categories have been viewed over 180 million times, and we’ve seen guests explore homes further apart in distance and search across longer date ranges than before. Overall, since our 2022 Summer Release, we have seen the highest daily number of visitors in Airbnb’s history as our innovations inspire guests to consider new destinations.

Airbnb Categories introduced a new way to search, enabling guests to discover new and unique homes they might otherwise miss.

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AirCover

Last year, we introduced AirCover for Hosts. Since then, we have received overwhelmingly positive feedback. For Hosts with an AirCover reimbursement request, the net promoter score has increased nearly 70 pts. AirCover for Hosts was so successful that on May 11, we introduced AirCover for guests, which protects them in the case where a Host cancels or the listing is not as described. Since launch, the net promoter score for guests that had an issue with their stay has already improved, and in the rare instance where a Host cancels, AirCover for guests has led to 10% more rebookings.

AirCover is free, comprehensive protection that gives guests the confidence of knowing that if something goes wrong, we have their backs.

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Hosting since 2019 Ricardo happily welcomes guests to his double decker Camper Bus in Leiria, Portugal—just one of the many OMG! Listings on Airbnb.

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Q2 2022 Business and Financial Performance

During Q2 2022, we had our highest number of quarterly Nights and Experiences Booked of 103.7 million, representing a significant increase from a year ago (25% Y/Y) as well as significant growth above pre-pandemic Q2 2019 levels (24% Y/3Y). We saw strong demand early in Q2 that exceeded our expectations as guests in Europe and North America booked earlier than they have historically. Lead times lengthened by 7% during the quarter compared to Q2 2019.

Guests also booked earlier in Q2 2022 as compared to Q2 2021 when guest demand ramped during the quarter. Given this earlier booking, growth rates (compared to last year) decelerated in May and June. Since the end of Q2, we’ve seen the growth in nights booked compared to last year re-accelerate from June to July as we enter peak travel season.

The combination of the increase in Nights and Experiences Booked, combined with continued strength in ADR, drove another quarter of significant GBV. In Q2 2022, GBV was $17.0 billion, representing a year-over-year increase of 27% (34% ex-FX) and an increase of 73% compared to Q2 2019 (77% ex-FX).

As a result of the strengthening U.S. dollar in Q2 2022, especially in comparison to the Euro and the British Pound, metrics such as revenue and GBV, excluding the effects of foreign currency fluctuations, are significantly higher than amounts reported in our financial statements.

Geographic mix

The trends in our recovery continue to vary by region due to a variety of factors. In Q2 2022, we saw strength in all regions relative to the same period in 2021. Meanwhile, global cancellation rates in Q2 2022 remained slightly higher than 2019 levels, but below 2021 and 2020 levels. Q2 2022 regional highlights include:

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Travel corridors and distance

While domestic and short-distance travel continued to be more popular than in 2019, we saw even further improvement in both longer-distance and cross-border travel during Q2 2022 compared to the prior quarter. Gross nights booked for cross-border travel exceeded 2019 levels in Q2 2022, up from 56% of 2019 levels in Q2 2021. As the impact of the pandemic recedes but macro conditions persist, we expect a continued, albeit choppy, recovery of cross-border travel to be a further tailwind to future results.

Urban vs. non-urban

As seen in prior quarters, growth for gross nights booked was strongest in non-urban areas during Q2 2022 compared to Q2 2019. At the same time, we are now seeing strong signs of travelers returning to cities (historically one of the strongest areas of our business). Gross nights booked to high-density urban areas represented 47% of our gross nights booked in Q2 2022, even exceeding pre-pandemic (Q2 2019) levels.

Trip length

In Q2 2022, 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 19% of gross nights booked in Q2 2022, up from 13% in Q2 2019 and flat with Q2 2021. The percentage of long-term nights varies depending on short-term nights and the number of short-term nights booked in Q2 2022 was our highest ever (with over 100 million). Overall, 45% of gross nights booked were from stays of at least seven nights in Q2 2022.

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Average daily rates

ADR averaged $164 in Q2 2022, representing a 40% increase compared to the same period in 2019, and a 1% increase from Q2 2021 (or 7% ex-FX). The year-over-year increase from Q2 2021 was entirely driven by price appreciation, which more than offset some negative impact from mix as urban destinations and other bookings that tend to have lower ADR rebounded, as well as the impact of foreign exchange. On an FX neutral basis, Q2 2022 ADR was up across all major regions year-over-year.

Supply

We ended Q2 2022 with our highest supply ever. Growth in our supply was again strongest in non-urban areas, where guest demand was highest. And as demand returns to cities, we are also seeing a return to growth in total urban supply. Consistent with where we’ve generally seen bookings recover, we’ve seen the most active listings growth in Q2 2022 compared to Q2 2019 in Latin America, followed by North America and EMEA.

In July 2022, all mainland Chinese listings were taken down based on our decision to exit the domestic China business and today, we still have over 6 million active listings.

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In Q2 2022, revenue was $2.1 billion, our strongest second quarter ever, representing a year-over-year increase of 58% (or 64% ex-FX). The increase in revenue was driven by the solid growth in Nights and Experiences Booked, combined with a higher ADR. As a result of the strengthening U.S. dollar in Q2 2022, especially in comparison to the Euro, metrics such as revenue and GBV, excluding the effects of foreign currency fluctuations, are significantly higher than amounts reported in our financial statements.

During Q2 2022, the implied take rate (defined as revenue divided by GBV) was 12.4%, which was consistent with Q2 2019. In the first half of 2021, the impact of COVID and the introduction and spread of new variants, including the Delta variant, affected overall travel behavior, including how often and when guests book and cancel. As a result, the Q2 year-over-year comparison for take rate is not relevant.

Seasonal trends in our GBV and revenue impact the implied take rate. We historically achieve our highest GBV in the first and second quarters of the year with comparatively lower check-ins. In contrast, we historically have the highest revenue in the third quarter, our strongest seasonal quarter for check-ins. While we have seen COVID distort the historical patterns of seasonality in 2020 and to a lesser extent, the first half of 2021 as a result of travel restrictions and changing travel preferences relating to the pandemic, we are seeing pre-pandemic patterns of seasonality return in 2022.

Operating expenses in Q2 2022 included the impact of $247 million of stock-based compensation expense, which is excluded from Adjusted EBITDA. All recurring operating expense line-items (excluding the impact of stock-based compensation expense), increased more slowly year-over-year than revenue, allowing for considerable margin expansion.³ Restructuring charges in Q2 2022 included $89 million of impairment for operating lease assets and leasehold improvements related to office space that we deemed no longer necessary as a result of our recent Live and Work Anywhere policy, allowing employees to work remotely around the world. For the foreseeable future, we do not expect substantial restructuring charges. Our hiring plan to increase headcount is unchanged from the beginning of the year. We believe our Live and Work Anywhere policy is enabling us to recruit and retain the best people from around the world and further support our diversity and inclusion goals.

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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Net income in Q2 2022 was $379 million compared with net losses of $68 million in Q2 2021 and $297 million in Q2 2019. In Q2 2022, we recorded $89 million of impairment related to office space. Despite this expense in Q2 2022, we still experienced significant positive change in Q2 2022 compared to both prior periods driven by substantially higher revenue. Relative to Q2 2019, net profit margin increased 43 percentage points (from negative 25% in Q2 2019 to positive 18% in Q2 2022). Relative to Q2 2021, net profit margin increased 23 percentage points (from negative 5% in Q2 2021 to positive 18% in Q2 2022).

Adjusted EBITDA for Q2 2022 was $711 million, a substantial improvement compared to Adjusted EBITDA in Q2 2021 of $217 million and Q2 2019 of $(43) million.⁴ Our Q2 2022 Adjusted EBITDA demonstrated the continued strength of our revenue recovery and the benefit of strong ADRs, coupled with our disciplined spending. Relative to Q2 2019, Adjusted EBITDA margins increased 38 percentage points (from negative 4% in Q2 2019 to positive 34% in Q2 2022). Relative to Q2 2021, Adjusted EBITDA margins increased 18 percentage points (from 16% in Q2 2021 to 34% in Q2 2022).

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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Quarterly Revenue ($M)

Q2 2022 revenue of $2.1 billion grew nearly 60% year-over-year.

Quarterly Net Income (Loss) ($M)

Most profitable Q2 ever with $379 million of net income.

Quarterly Adjusted EBITDA ($M)

Q2 2022 Adjusted EBITDA of $711 million demonstrated the strength of the business and cost discipline.

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Quarterly Net Cash Provided by (Used in) Operating Activities ($M)

Q2 cash provided by operating activities was $800 million.

Quarterly Free Cash Flow ($M)

We generated $795 million of Free Cash Flow and $2.9 billion of TTM Free Cash Flow.

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Balance Sheet and Cash Flows

For the three months ended June 30, 2022, we reported $800 million of net cash provided by operating activities and $795 million of FCF.⁵ The year-over-year increase in FCF was driven by revenue growth and margin expansion, as well as bookings growth driving increased unearned fees.

Due to seasonality, Q2 2022 cash flow typically benefits from unearned fees that are generated by bookings in the quarter, but not recognized as revenue until future periods. Unearned fees totaled $2.0 billion at the end of Q2 2022, our highest ever, compared to $904 million at the end of Q4 2021 and $1.7 billion at the end of Q1 2022.

As of June 30, 2022, we had $9.9 billion of cash, cash equivalents, marketable securities, and restricted cash. We also had $7.5 billion of funds held on behalf of guests at the end of Q2 2022.

We’re announcing today that our Board of Directors has approved a share repurchase program with authorization to purchase up to $2 billion of our Class A common stock at management’s discretion. The repurchase program will be executed as part of our broader capital allocation strategy which prioritizes investments in organic growth, strategic acquisitions where relevant, and return of capital to shareholders, in that order. Our strong balance sheet and meaningful cash flow generation provides us the capital to do all three. The share repurchase program will enable us to offset dilution from our employee stock programs.

Share repurchases under our share repurchase program may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions, or by any combination of such methods. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements and other relevant factors. Our share repurchase program does not obligate us to repurchase any specific number of shares and may be modified, suspended, or terminated at any time at our discretion.

Outlook

Nights and Experiences Booked and GBV

We are in the midst of our strongest peak travel season yet. On July 4th, we recorded our highest single day revenue ever, signaling the strong summer season ahead.

Seasonality in the first half of 2021 was abnormal due to the beginning of the travel rebound. We saw trends begin to normalize in the second half of 2021. As a result, we believe comparisons to 2019 are still relevant for Q2 2022, but we see Q3 2022 as an inflection point whereby year-over-year comparisons will regain relevance.

In Q3 2022, we expect Nights and Experienced Booked year-over-year growth to be stable with the year-over-year growth in Q2 2022. In Q3 2022, we anticipate slightly higher ADRs than we had in Q3 2021 resulting in a modest acceleration in GBV growth.

⁵ 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

In Q3 2022, we anticipate the highest quarterly revenue in Airbnb history. We expect to deliver Q3 2022 revenue between $2.78 billion and $2.88 billion, representing year-over-year growth of between 24% and 29%, and a 69% to 75% increase relative to 2019. This revenue outlook includes a significant headwind from foreign exchange fluctuations relative to last year. We expect our revenue as a share of GBV to increase in Q3 2022 relative to Q2 2022, consistent with historical seasonality.

We remain focused on delivering strong profitability through improving variable unit costs, maintaining high marketing efficiency, and managing fixed expense growth. Similar to revenue, Adjusted EBITDA is strongest in Q3 due to the seasonality of our business. We expect Q3 2022 Adjusted EBITDA to be our strongest quarterly Adjusted EBITDA yet, up meaningfully on a nominal basis from last year’s high. We expect Q3 2022 Adjusted EBITDA margin to be at or slightly below last year’s all-time high margin of 49% primarily due to the timing of expenses.

We continue to forecast delivering Adjusted EBITDA margin expansion for the full-year 2022 relative to 2021.

Earnings Webcast

Airbnb will host an audio webcast to discuss its second quarter results at 1:30 p.m. PT / 4:30 p.m. ET on Tuesday, August 2, 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://conferencingportals.com/event/ UxGWzHKK. After registering, instructions will be shared on how to join the call.

Following the call, a replay of the webcast will be available on the Airbnb Investor Relations website. A telephonic replay will be also available for three weeks following the call at (800) 770-2030 using conference ID: 24053.

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, and has since grown to over 4 million Hosts who have welcomed more than 1 billion guest arrivals in almost every country across the globe. Every day, Hosts offer unique stays and experiences that make it possible for guests to connect with communities in a more authentic 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 third quarter of 2022 and full year 2022; the other expectations described under “Outlook” above; 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, including those relating to international travel, and the travel industry generally; the Company’s expectations with respect to the demand for bookings; the Company’s expectations regarding the recovery of cross-border travel and travel demand in cities; the impact of the lifting of travel restrictions; the growth of supply listings in cities; the Company’s expectations regarding its financial performance, including its revenue, Adjusted EBITDA, Adjusted EBITDA margin, expenses and costs, including restructuring charges in the foreseeable future; the Company’s expectations regarding future operating performance, including Nights and Experiences Booked and GBV; opportunities for acceleration in nights booked; the Company’s expectations regarding ADR; seasonality, including the return of pre-pandemic patterns of seasonality in 2022, and the impact of seasonality on the Company’s business; the Company’s share repurchase program; 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 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, 2021, the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, 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.

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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, Free Cash Flow Margin, and trailing twelve months (“TTM”) Free Cash Flow, and TTM Free Cash Flow Margin.

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 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.

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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.

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

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on these funds. Free Cash Flow Margin is defined as Free Cash Flow divided by revenue. 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. TTM Free Cash Flow Margin is defined as TTM Free Cash Flow divided by TTM revenue.

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Quarterly Summary

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Quarterly Summary Continued

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)

¹ 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, we 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 our 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.

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Condensed Consolidated Statements of Cash Flows Continued

Unaudited (in thousands)

¹ 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, we 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 our 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.

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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 millions, except percentages)

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 millions, except percentages)