Shulou(Shulou.com)11/24 Report--

On the morning of November 2, Beijing time, Airbnb (Airbnb) today released the company's financial results for the third quarter of fiscal year 2022. According to the report, Airbnb's third-quarter revenue was $2.884 billion (currently about 21.053 billion yuan), up 29% from $2.237 billion a year earlier, and 36% year-on-year excluding exchange rate changes Net profit was $1.214 billion (currently about 8.862 billion yuan), the highest in the company's history, compared with $834 million in the same period last year, up 46% from a year earlier, and 61% year-on-year, excluding exchange rate changes. Diluted earnings per share belonging to Class An and B common shareholders were $1.79, compared with $1.22 a year earlier.

Airbnb's third-quarter revenue and earnings per share both beat Wall Street analysts' expectations, but the outlook for fourth-quarter revenue was slightly lower than expected, sending its shares down more than 7 per cent in after-hours trading.

Summary of third quarter results:

For the quarter ended September 30, 2022, Airbnb's revenue was $2.884 billion, up 29% from $2.237 billion a year earlier, and 36% year-on-year, excluding currency changes, slightly exceeding analysts' expectations. On average, 30 analysts had expected Airbnb's third-quarter revenue to reach $2.84 billion, according to Yahoo Finance.

Airbnb's third-quarter net profit was $1.214 billion, the highest in the company's history, compared with $834 million in the same period a year earlier, up 46% from a year earlier, or 61% year-on-year, excluding currency changes. Diluted earnings per share for class An and B common shareholders were $1.79, compared with $1.22 a year earlier, which also beat analysts' expectations. On average, 26 analysts had expected Airbnb to earn $1.47 a share in the third quarter, according to Yahoo Finance.

Airbnb's third-quarter operating profit was $1.203 billion, compared with $852 million a year earlier.

Airbnb's third-quarter interest income was $58.5 million, compared with $3 million a year earlier.

Airbnb's total costs and expenses were $1.681 billion in the third quarter, compared with $1.385 billion in the same period last year. Of this total, Airbnb's third quarter revenue cost was $401 million, compared with $312 million in the same period last year; operating and support expenses were $290 million, compared with $228 million in the same period last year; product development expenditure was $366 million, compared with $344 million in the same period last year; and sales and marketing expenses were $383 million, compared with $291 million in the same period last year. General and administrative expenses were $240 million, compared with $211 million in the same period last year, and restructuring costs were $50,000, compared with-$500000 in the same period last year.

Airbnb's "overnight and experience bookings" (Nights and Experiences Booked) of short-term rental accommodation in the third quarter was 99.7 million, up 25 per cent from 79.7 million in the same period last year. Airbnb's total booking value (GBV) in the third quarter was $15.6 billion, up 31% from 11.9 billion yuan in the same period last year.

Without GAAP, Airbnb's adjusted EBITDA (net income before interest, tax, depreciation and amortization) was $1.457 billion in the third quarter, compared with an adjusted EBITDA of $1.101 billion in the same period last year.

Airbnb's net cash from business operations was $966 million in the third quarter, compared with $535 million from business operations in the same period last year.

Airbnb's free cash flow was $960 million in the third quarter, compared with $529 million in the same period last year.

In the past 12 months, Airbnb had net cash from business operations of $3.349 billion, compared with $2.919 billion in the 12 months ended the previous quarter. Over the past 12 months, Airbnb had free cash flow of $3.328 billion, compared with $2.897 billion in the 12 months to the previous quarter.

Total cash and other current assets held by Airbnb as of September 30, 2022 were $9.629 billion, compared with $7.935 billion as of September 30, 2021.

Business Outlook:

Airbnb expects revenue to grow strongly again in the fourth quarter of fiscal 2022, to between $1.8 billion (currently about 13.14 billion yuan) and $1.88 billion (currently about 13.724 billion yuan), a year-on-year increase of between 17% and 23%. Excluding currency movements, this means year-on-year revenue growth of between 23 per cent and 29 per cent in the fourth quarter of Airbnb2022's fiscal year. The average outlook was $1.84 billion, slightly lower than Wall Street analysts had expected. On average, 30 analysts expect Airbnb's fourth-quarter revenue to reach $1.85 billion (currently about 13.505 billion yuan), according to Yahoo Finance.

Airbnb also expects revenue as a percentage of total booking value to decline in the fourth quarter of fiscal 2022 compared with the third quarter of fiscal 2022, in line with the seasonal trend in the company's history.

Four weeks after the quarter, Airbnb said it had seen a good trend in cross-border travel, renewed interest in urban accommodation, a stable number of cancellations and a strong backlog of future orders. Airbnb expects "overnight and experience bookings" to grow at a slightly slower rate than in the third quarter of fiscal 2022, while average house prices (ADR) will face negative effects from currency movements and some pressure from the business mix.

Airbnb expects its adjusted nominal EBITDA to grow significantly in the fourth quarter of fiscal 2022 compared with the fourth quarter of 2021, and expects adjusted EBITDA margins in that quarter to be slightly higher than last year's 22% margin.

Changes in stock prices:

Airbnb shares rose $2.14, or 2.00%, to $109.05 in regular trading on the Nasdaq. Airbnb shares fell $8.05, or 7.38 per cent, to $101.00 in after-hours trading as of 06:04 EDT on Tuesday (06:04 Beijing time on Wednesday). In the past 52 weeks, the highest price for Airbnb is $212.58 and the lowest price is $86.71.

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