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

On the morning of February 15, Beijing time, Airbnb (Airbnb) today released the company's financial results for the fourth quarter and the whole year of fiscal 2022. According to the report, Airbnb's fourth-quarter revenue was $1.902 billion (currently about 12.972 billion yuan), an increase of 24% compared with $1.532 billion in the same period last year. Excluding the impact of exchange rate changes, it increased by 31% year-on-year, setting a single-quarter revenue record in the company's history. Net profit was $319 million (currently about 2.176 billion yuan). In the same period last year, net profit was $55 million, up 480% from a year earlier, setting a record for fourth-quarter net profit in the company's history. diluted net profit per share for class An and B common shareholders was $0.48, compared with $0.08 per share for class An and B common shareholders in the same period last year.

Airbnb's revenue and diluted net profit per share in the fourth quarter and full year of fiscal 2022 exceeded Wall Street analysts' expectations, and the outlook for revenue in the first quarter of fiscal 2023 also exceeded expectations, sending its shares up nearly 10 per cent in after-hours trading.

Summary of fourth quarter results: for the quarter ended December 31, 2022, Airbnb's revenue was $1.902 billion, up 24% from $1.532 billion in the same period last year, and 31% year-on-year, excluding exchange rate changes. it set a single-quarter revenue record in the company's history, a performance that exceeded analysts' expectations. On average, 30 analysts had expected Airbnb's fourth-quarter revenue to reach $1.86 billion, according to data provided by Yahoo Finance.

Airbnb's fourth-quarter net profit was $319 million, compared with $55 million in the same period last year, up 480% from a year earlier, setting a record for fourth-quarter net profit in the company's history. diluted net profit per share for Class An and B common shareholders was 48 cents per share, compared with $0.08 per share for Class An and B common shareholders in the same period last year, which also exceeded analysts' expectations. On average, 23 analysts had expected Airbnb's diluted net income per share to reach $0.25 in the fourth quarter, according to data provided by Yahoo Finance.

Airbnb's fourth-quarter operating profit was $235 million, compared with $76 million in the same period last year.

Airbnb's total costs and expenses in the fourth quarter were $1.667 billion, compared with $1.456 billion in the same period last year. Of this total, Airbnb's revenue and cost in the fourth quarter was $345 million, compared with $295 million in the same period last year; operating and support expenses were $260 million, compared with $225 million in the same period last year; product development expenditure was $397 million, compared with $368 million in the same period last year; sales and marketing expenditure was $409 million, compared with $350 million in the same period last year General and administrative expenses were $256 million, compared with $217 million in the same period last year, and restructuring costs were zero, compared with $1 million in the same period last year.

Excluding cancellations and rescheduling, Airbnb's "overnight and experience bookings" (Nights and Experiences Booked) for short-term rental accommodation in the fourth quarter was 88.2 million, up 20 per cent from 73.4 million in the same period last year. Excluding cancellations and rescheduling, Airbnb's total booking value (GBV) in the fourth quarter was $13.5 billion, up 20 per cent from $11.3 billion in the same period last year, while total booking value per "overnight and experience booking" was $152.81, down 1 per cent from $153.61 in the same period last year.

Airbnb's adjusted EBITDA (net profit before interest, tax, depreciation and amortization) was $506 million in the fourth quarter, accounting for 27% of revenue (that is, adjusted EBITDA profit margin). Airbnb's adjusted EBITDA was $333 million in the same period last year, accounting for 22% of revenue.

Airbnb's net cash from business operations was $463 million in the fourth quarter, compared with $382 million from business operations in the same period last year. Airbnb's free cash flow was $455 million in the fourth quarter, compared with $378 million in the same period last year.

As of December 31, 2022, Airbnb held a total of US $9.6 billion in cash and cash equivalents, marketable securities and restricted cash. In addition, Airbnb held $4.8 billion on behalf of clients as of the end of the fourth quarter of fiscal year 2022.

Summary of full-year results: for the entire fiscal year 2022, Airbnb's revenue was $8.4 billion, an increase of 40% compared with the previous fiscal year, and 46% year-on-year growth excluding exchange rate changes, which exceeded analysts' expectations. According to data provided by Yahoo Finance Channel, 38 analysts had expected Airbnb's annual revenue to reach 8.36 billion US dollars on average.

Airbnb's net profit for the 2023 fiscal year was $1.893 billion and the net loss for the previous fiscal year was $352 million. The net diluted profit per share for Class An and B common shareholders was $2.79. The net diluted loss per share for Class An and B common shareholders for the previous fiscal year was 57 cents, which also exceeded analysts' expectations. According to data provided by Yahoo Finance Channel, 26 analysts had expected Airbnb's full-year net income per share to reach 2.59 US dollars.

Excluding cancellations and rescheduling, Airbnb's "overnight and experience bookings" for short-term rental accommodation for the whole year were 393.7 million, compared with 300.6 million in the previous fiscal year. Excluding cancellations and rescheduling, Airbnb's total booking value for the whole year was $63.2 billion, compared with $46.9 billion in the previous fiscal year.

Airbnb's adjusted EBITDA for the whole year was $2.9 billion, and the adjusted EBITDA profit margin was 35%. In the previous fiscal year, the adjusted EBITDA was $1.6 billion, and the adjusted EBITDA profit margin was 27%.

In the past 12 months, Airbnb's net cash from business operations was $3.43 billion, compared with $2.313 billion in the same period last year. Over the past 12 months, Airbnb's free cash flow was $3.4 billion, up 49 per cent from a year earlier.

Performance outlook: performance outlook for the first quarter of fiscal 2023 Airbnb expects the company's revenue in the first quarter of fiscal 2023 to reach between $1.75 billion and $1.82 billion, an increase of 16% to 21% over the same period last year. Excluding the impact of exchange rate changes, the growth rate is 18% to 23%, which exceeds analysts' expectations. On average, 24 analysts expect Airbnb's revenue to reach $1.69 billion in the first quarter of fiscal 2023, according to data provided by Yahoo Finance Channel.

Airbnb also expects the year-on-year increase in the company's "overnight and experience bookings" in the first quarter of fiscal 2023 to be close to that in the fourth quarter of fiscal 2022, but the average daily room rate will decline slightly.

In addition, Airbnb expects adjusted EBITDA profit margins in the first quarter of 2023 to decline slightly compared with the first quarter of 2022, and expects sales and marketing expenses as a share of revenue to increase by about 150bp in the first quarter of 2023 compared with the same period last year.

Outlook for fiscal year 2023 for the entire fiscal year 2023, Airbnb expects the company to maintain the same strong adjusted EBITDA profit margin as in fiscal year 20222, as increasing variable cost efficiency and fixed cost discipline will offset the negative impact of the decline in average daily house prices.

Share price movements: Airbnb shares rose $4.45, or 3.82%, to close at $120.87 in regular trading on the Nasdaq. In after-hours trading as of 05:19 EDT on the 14th (06:19 Beijing time on the 15th), Dell Technology shares rose another $11.98, or 9.91%, to $132.85. In the past 52 weeks, Airbnb's price has been as high as $191.73 and as low as $81.91.

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