AirBnB
Definition (short). You connect two sides (guests–hosts) and monetize via service fees. Core economics = Gross Booking Value (GBV) × implied take rate − operating costs. GBV is the dollar value of bookings (host earnings + fees + taxes, net of cancellations). (SEC)
Recent example. Q1’25: GBV $24.5B, Nights & Experiences 143.1M, ADR $171, Revenue $2.3B, Net income $154M (7% margin), Adj. EBITDA $417M (18%), TTM FCF $4.4B (39%). Implied take rate = ~9.3% for the quarter.
Historical example. Auction houses (Sotheby’s 1744, Christie’s 1766) long charged commissions to match buyers and sellers—Airbnb is the digital analog for lodging. (Airbnb Newsroom)
KPI Definitions
Gross Booking Value (GBV).
Pseudo: Σ booking_amounts (host earnings + fees + taxes − cancels)
Why it matters: Top-of-funnel $$ volume; everything downstream scales from here. (SEC)
Benchmark: $24.5B in Q1’25; $82B+ in 2024. (FourWeekMBA)
Nights & Experiences Booked (NEB).
Pseudo: COUNT(booked_units_net)
Why it matters: Core demand/usage driver of GBV.
Benchmark: 143.1M in Q1’25 (+8% YoY).
Average Daily Rate (ADR).
Pseudo: ADR = GBV / Nights & Experiences Booked
Why it matters: Price/mix lever (geo, FX, LOS, product type).
Benchmark: $171 in Q1’25 (−1% YoY; +1% ex-FX).
Implied Take Rate % (TR).
Pseudo: Revenue / GBV * 100
Why it matters: Monetization efficiency—how much value Airbnb captures. (SEC)
Benchmark: 9.3% in Q1’25; ~13.6% for FY 2024. (FourWeekMBA)
Revenue.
Pseudo: GBV × TR
Why it matters: Primary operating outcome they steer to before costs.
Benchmark: $2.3B in Q1’25 (+6% YoY; +8% ex-FX).
Adjusted EBITDA (and Margin).
Pseudo: Revenue − (Cash Opex + CoR) +/− adjustments
Why it matters: Management’s efficiency lens (ex some non-cash/one-offs).
Benchmark: $417M (18% margin) in Q1’25.
Net Income (and Margin).
Pseudo: GAAP bottom line
Why it matters: Ultimate profitability after SBC, taxes, interest.
Benchmark: $154M (7% margin) in Q1’25.
Free Cash Flow (TTM).
Pseudo: Operating Cash Flow − Capex
Why it matters: Real cash to fund buybacks/new bets; validates model durability.
Benchmark: $4.4B TTM (39% margin).
Active Listings / Supply Health (contextual driver).
Pseudo: Distinct live listings; removals of low-quality supply
Why it matters: Liquidity & match quality sustain NEB and ADR. (Airbnb Newsroom)
Benchmark: 7.7M active listings at YE 2023; 450k low-quality removed since 2023. (Airbnb Newsroom)
Let me know if you want this dropped into slides or a SQL/Python model.
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